Hartford HLS Series Fund, Inc.

5 Radnor Corporate Center, Suite 300, 100 Matsonford Road, Radnor, Pennsylvania 19087

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calendar year of positive returns in 2014. From its financial-crisis low in March 2009, the S&P 500 Index¹ has grown more than 200%.

Returns have been modest so far in 2015, with the S&P 500 Index gaining 1.23% through June, yet the Index generally managed to stay in positive territory during the period.

A stronger U.S. dollar, a result of divergent domestic and foreign central-bank policies, and cheaper oil due to a supply glut unmatched by demand were market drivers during the period.

In addition, central banks around the globe continued to play an important role in influencing investor behavior and market movement.

On the domestic front, the U.S. Federal Reserve (Fed) ended its bond-buying quantitative-easing (QE) program in late 2014. Now, investor focus is centered on Fed meetings to determine the timeline for future rate hikes, which is dependent on the rate of economic growth, employment rates, and inflation expectations. Currently, Fed guidance suggests that rate increases are expected to take place in late 2015. When the Fed begins to raise rates, the shift is likely to be felt by fixed-income investors in particular, as bonds are generally more sensitive to shifting rates than equities.

Though QE ended in the U.S., it is still in use overseas. The Bank of Japan ramped up its existing QE program to stimulate growth by increasing the amount of purchases in its bond-buying program. The European Central Bank started its own program of bond purchases in early 2015 to lower borrowing costs in hopes of stimulating the sluggish economies in the eurozone.

As we enter the second half of the year, the continuing role of central banks and macroeconomic events in financial markets serves as an important reminder to maintain a strong relationship with a financial advisor who can help guide you through shifting markets with confidence. Whether you’re seeking growth, income, or a way to mitigate volatility with your investments, your financial advisor can help you find a fit within our family of more than 45 mutual funds that were designed with you, and your investment goals, in mind.

The views expressed in each Fund’s Manager Discussion under “Why did the Fund perform this way?” and “What is the outlook?” are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions. Each Fund’s Manager Discussion is for informational purposes only and does not represent an offer, recommendation or solicitation to buy, hold or sell any security. The specific securities identified and described, if any, do not represent all of the securities purchased or sold and you should not assume that investments in the securities identified and discussed will be profitable.

The chart above represents the hypothetical growth of a $10,000 investment in Class IA. Growth results in classes other than Class IA will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		5 Years		10 Years
Balanced IA		1.22%		4.90%		12.42%		6.80%
Balanced IB		1.09%		4.66%		12.14%		6.53%
Balanced HLS Fund Blended Index		0.74%		5.14%		11.66%		6.62%
Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index		0.01%		0.02%		0.08%		1.42%
Barclays Government/Credit Bond Index		-0.30%		1.69%		3.52%		4.38%
S&P 500 Index		1.23%		7.42%		17.34%		7.89%

¹	Not Annualized

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ 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 data current to the most recent month-end, please visit our website www.hartfordfunds.com.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on June 30, 2015, which may exclude investment transactions as of this date. All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses.

Balanced HLS Fund Blended Index is calculated by Hartford Funds Management Company, LLC and represents the weighted return of 60% S&P 500 Index, 35% Barclays Government/Credit Bond Index and 5% Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index.

Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged index that tracks the performance of U.S. dollar denominated U.S. Treasury bills publicly issued in the U.S. domestic markets with maturities of 90 days or less that assumes reinvestment of all income.

How did the Fund perform?

The Class IA shares of the Hartford Balanced HLS Fund returned 1.22% for the six-month period ended June 30, 2015, outperforming the Fund’s blended benchmark, 60% S&P 500 Index, 35% Barclays Government/Credit Bond Index, and 5% Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index, which returned 0.74% for the same period. The S&P 500, Barclays Government/Credit Bond, and Bank of America Merrill Lynch 3-Month U.S. Treasury Bill indices returned 1.23%, -0.30% and 0.01%, respectively. The Fund also underperformed the 1.63% average return of the Lipper Mixed-Asset Target Allocation Growth Funds peer group, a group of funds that hold between 60%-80% in equity securities, with the remainder invested in bonds, cash, and cash equivalents.

Why did the Fund perform this way?

U.S. equities, as measured by the S&P 500 Index, rose for the period, notwithstanding significant volatility. The S&P 500 Index finished 2014 with strong gains, retreated briefly, but then reached new all-time highs on March 2, April 24, and May 21. U.S. equities fell 1.9% in June despite promising data releases and an upbeat economic assessment by the U.S. Federal Reserve (Fed). Within the S&P 500 Index, five of the ten sectors posted positive gains. Healthcare (+10%), Consumer Discretionary (+7%), and Telecommunication Services (+3%) posted the largest gains while Utilities (-11%), Energy (-5%), and Industrials (-3%) lagged the broader index.

Fixed income markets were volatile over the six-month period as investors grappled with a mixed global economic backdrop, accommodative monetary policies, and the increased risk of a Greek exit from the Eurozone. Meanwhile, oil prices stabilized in the second quarter, having rebounded from record lows at the start of the year. After declining in the first quarter, government bond yields moved sharply higher in the second quarter as economic outlooks brightened in the U.S. and the Eurozone. Global deflation fears eased, and the Fed appeared on track to raise rates later this year. Greece took center stage at the end of the period after debt negotiations broke down and the country defaulted on its payment to the International Monetary Fund, triggering a risk-off tone throughout global financial markets. Most global government bond yields were

up over the six-month period and yield curves generally steepened led by the long-end of the curve. Absolute returns across the major fixed income sectors were mixed, with some sectors posting negative absolute returns amid rising interest rates. Spreads in the higher beta credit sectors like high yield and bank loans tightened, while investment grade corporate spreads widened. The Barclays Government/Credit Bond Index returned -0.30% for the period.

The Fund has three primary levers to generate investment performance: equity investments, fixed income investments, and asset allocation among stocks, bonds, and cash. During the period, the equity portion of the Fund outperformed the S&P 500 Index and the fixed income portion of the Fund slightly outperformed the Barclays Government/Credit Bond Index. Asset allocation had neutral impact during the period. The Fund was generally overweight equities and underweight fixed income and cash relative to the Barclays Government/Credit Bond Index.

Equity outperformance versus the S&P 500 Index was driven primarily by security selection. Selection was strongest in Consumer staples, Financials, and Utilities; this was partially offset by negative selection in Healthcare and Consumer Discretionary. Sector allocation, which is a result of our bottom-up stock selection process, contributed to performance relative to the S&P 500 Index over the period. An overweight to Healthcare and an underweight to Utilities aided results, while an underweight to Consumer Discretionary detracted during the period.

Top contributors to relative performance in the equity portion of the Fund during the period were Kraft Foods (Consumer Staples), Procter & Gamble (Consumer Staples), and Analog Devices (Information Technology). Kraft Foods, a packaged food company, outperformed following the news that the company would merge with Heinz in a deal led by 3G Capital and Berkshire Hathaway.

Not owning benchmark constituent Procter & Gamble, a U.S.-based global leader focused on providing consumer packaged goods, contributed to benchmark-relative results. The company’s stock declined due to weakness attributable to a strengthening U.S. Dollar negatively affecting exports and making future growth difficult.

Shares of Analog Devices, an analog semiconductor company focused on industrial, communications, and automotive end markets, rose after the company reported strong earnings that beat expectations on favorable revenue results from its industrial, auto, and consumer verticals. The Fund’s holdings in Apple (Information Technology) and Gilead Sciences (Healthcare) also contributed on an absolute basis.

Stocks that detracted the most from relative returns in the equity portion of the Fund during the period were Amazon.com (Consumer Discretionary), EMC (Information Technology), and Intel (Information Technology). Shares of Amazon.com, a U.S.-based global ecommerce company, rose after the company reported better-than-expected first-quarter results, particularly in Amazon Web Services (AMZ), the company’s cloud computing platform. Not owning benchmark constituent Amazon.com detracted from benchmark-relative results. Shares of EMC, the largest data storage provider in the U.S., fell due to concerns over potentially increasing competitive challenges. Shares of Intel, a U.S.-based designer and manufacturer of chips for PCs and servers with a growth strategy in mobile handsets, tablets, and the Internet of Things, fell as a result of a slowdown in demand for business desktop PCs, lower inventory levels in the PC supply chain, and negative macro and a strengthening U.S. Dollar negatively affecting exports in Europe. Union Pacific (Industrials) also detracted from absolute results during the period.

Outperformance of the fixed income portion of the Fund relative to the Barclays Government/Credit Bond Index during the period was driven by security selection in investment grade credit, particularly within Industrials. Out-of-benchmark allocations to Asset Backed Securities (ABS) and Commercial Mortgage Backed Securities (CMBS) also contributed to relative returns during the period. The Fund’s duration and yield curve positioning detracted from results relative to the Barclays Government/Credit Bond Index due to our overweight to 30-year portion of the curve, as long rates rose over the period.

Derivatives are not used in a significant manner in this Fund and did not have a material impact on performance during the period.

What is the outlook?

Looking forward to the second half of 2015, we perceive increased geopolitical uncertainty globally, with Greece and China being key recent examples. While we believe that conditions within the U.S. have been tracking positively, we remain diligent in applying our process to seek to find what we believe are quality companies with a combination of superior total return potential, stable dividends, and discounted valuations. We are monitoring developments and focusing on company specific catalysts as a basis for each position and believe our portfolio holdings are balanced and well-positioned to weather uncertainty in the markets. Healthcare and Industrials represented our largest sector overweight and underweight, respectively, in the equity portion of the Fund at the end of the period.

On the fixed income side we ended the period with a moderate bias towards economically sensitive securities, continuing to favor financial issuers within investment grade credit. Relative to the Barclays Government/Credit Bond Index, we continued to hold out-of-benchmark allocations to agency Mortgage Backed Security (MBS), CMBS, and ABS.

At the end of the period, the Fund’s equity exposure was at 64%, compared to 60% in the S&P 500 Index and at the upper end of the Fund’s 50-70% normal range.

Diversification by Security Type

as of June 30, 2015 (Unaudited)


Category	Percentage of Net Assets
Equity Securities
Common Stocks		64.0	%
Preferred Stocks		0.4

Total		64.4	%

Fixed Income Securities
Asset & Commercial Mortgage Backed Securities		1.6	%
Corporate Bonds		14.2
Foreign Government Obligations		0.1
Municipal Bonds		1.2
U.S. Government Agencies		1.5
U.S. Government Securities		15.4

Total		34.0	%

Short-Term Investments		1.8
Other Assets & Liabilities		(0.2	)

Total		100.0	%

Credit Exposure

as of June 30, 2015 (Unaudited)


Credit Rating*	Percentage of Net Assets
Aaa / AAA		18.0	%
Aa / AA		3.3
A		7.1
Baa / BBB		5.1
Not Rated		0.5
Non-Debt Securities and Other Short-Term Instruments		66.2
Other Assets & Liabilities		(0.2	)

Total		100.0	%

Credit exposure is the long-term credit ratings for the Fund’s holdings, as of the date noted, as provided by Standard and Poor’s (S&P) or Moody’s Investors Service (Moody’s) and typically range from AAA/Aaa (highest) to C/D (lowest). Presentation of S&P and Moody’s credit ratings in this report have been selected for informational purposes for shareholders, as well as the Fund’s consideration of industry practice. If Moody’s and S&P assign different ratings, the lower rating is used. Fixed income securities that are not rated by either agency are listed as “Not Rated.” Ratings do not apply to the Fund itself or to the Fund’s shares. Ratings may change.

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		5 Years		10 Years
Capital Appreciation IA		4.13%		5.85%		15.82%		9.11%
Capital Appreciation IB		4.00%		5.59%		15.53%		8.84%
Capital Appreciation IC		3.87%		5.33%		15.24%		8.57%
Russell 3000 Index		1.94%		7.29%		17.54%		8.15%
S&P 500 Index		1.23%		7.42%		17.34%		7.89%

¹	Not Annualized

Class IC shares commenced operations on April 30, 2014. Class IC shares performance prior to that date reflects Class IA shares performance adjusted to reflect the 12b-1 fee of 0.25% and the administrative services fee of 0.25% applicable to Class IC shares. The performance after such date reflects actual Class IC shares performance.

Russell 3000 Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

March 18 Federal Open Market Committee statement underlined the U.S. Federal Reserve’s (Fed) hesitation to raise rates as U.S. domestic inflation remained subdued and other major central banks maintained an easing bias. In April, the tech-heavy Nasdaq Composite topped the 5,000 mark for the first time since the dot-com bubble and broke its closing record from March 2000. Continued strong merger and acquisition (M&A) activity, a rebound in hiring, and solid housing data helped to fuel risk appetites. May marked the second-best month ever for M&A activity involving U.S. companies with $234 billion in announcements. Stocks ended the period on a sour note after negotiations between Greece and its creditors broke down in late June. U.S. equities fell 1.9% in June despite promising data releases and an upbeat economic assessment by the Fed.

Returns varied noticeably by market-cap, as small- and mid-cap stocks outperformed large-cap stocks. Within the Russell 3000 Index, six of ten sectors posted positive gains. Healthcare (+12%), Consumer Discretionary (+6%), and Telecommunication Services (+4%) led the index higher while Utilities (-11%), Energy (-4%), and Industrials (-2%) lagged on a relative basis.

The Fund outperformed the Russell 3000 Index due to security selection and sector allocation. Security selection was strongest within the Financials, Consumer Staples, and Energy sectors. This was partially offset by weak selection within the Consumer Discretionary and Industrials sectors. Sector allocation, a result of our bottom-up security selection process, also contributed to performance relative to the Russell 3000 Index during the period. An overweight to the Healthcare sector and an underweight to the Utilities sector contributed to returns relative to the Russell 3000 Index, which was partially offset by an underweight to Telecommunication Services.

The top contributors to performance relative to the Russell 3000 Index during the period included Bristol-Myers (Healthcare), NXP Semiconductors (Information technology) and Activision Blizzard (Information technology). Shares of Bristol-Myers, a U.S.-based pharmaceutical company, rose during the period due to reports of promising clinical trial data for skin cancer drug Opdivo (nivolumab), along with a positive U.S. Food and Drug Administration (FDA) announcement, sending the stock price higher. Shares of NXP Semiconductors, a Netherlands-based semiconductor company, outperformed following the announcement of a synergistic merger with semiconductor company Freescale, which would make the combined company one of the largest firms in the industry. Shares of Activision Blizzard, a U.S.-based electronic entertainment company, outperformed after it beat earnings forecasts. Apple (Information technology) and Amazon.com (Consumer Discretionary) were among top absolute contributors during the period.

The largest detractors from returns relative to the Russell 3000 Index over the period were Micron Technology (Information technology), Hertz Global Holding (Industrials), and Applied Materials (Information

technology). Shares of Micron Technology, a semiconductor manufacturer specializing in NAND Flash, DRAM, and NOR Flash memory devices, fell amid investor concerns about demand and pricing in the PC market. Hertz Global Holding, a U.S.-based global car and equipment rental company, fell after the current year earnings consensus moved lower over the period. Shares of Applied Materials, a U.S.-based manufacturer of equipment and software for the semiconductor industry underperformed after the company announced the termination of its $9.4 billion acquisition of Tokyo Electron Ltd. after facing a regulatory obstruction. Intel (Information technology) was among top absolute detractors during the period.

Derivatives are not used in a significant manner in this Fund and did not have a material impact on performance during the period.

What is the outlook?

We believe that the U.S. is still on a self-sustaining path to recovery. We believe economic fundamentals continue to strengthen and the growth outlook remains positive. We believe that recent events in Greece along with an expected hike in rates by the Fed should not derail the positive momentum we have seen over the last several quarters. While we believe equity valuations remain stretched, we are not overly concerned at this point. We believe that potential continued improvement in economic fundamentals should support equity valuations.

As a result of our bottom-up investment process, at the end of the period the Fund was most overweight the Information technology, Healthcare, and Consumer Discretionary sectors relative to the Russell 3000 Index. The Fund was most underweight the Consumer Staples, Energy, and Utilities sectors at the end of the period relative to the Russell 3000 Index.

Diversification by Sector

as of June 30, 2015 (Unaudited)


Sector	Percentage of Net Assets
Equity Securities
Consumer Discretionary		16.5	%
Consumer Staples		4.0
Energy		4.7
Financials		16.9
Health Care		19.0
Industrials		9.9
Information Technology		22.9
Materials		2.7
Telecommunication Services		0.6
Utilities		1.4

Total		98.6	%

Short-Term Investments		1.7
Other Assets & Liabilities		(0.3	)

Total		100.0	%

A sector may be comprised of several industries. For Fund compliance purposes, the Fund may not use the same classification system and these sector classifications are used for reporting ease.

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		5 Years		10 Years
Disciplined Equity IA		4.67%		13.68%		19.45%		8.53%
Disciplined Equity IB		4.60%		13.43%		19.16%		8.26%
S&P 500 Index		1.23%		7.42%		17.34%		7.89%

¹	Not Annualized

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

The index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

As shown in the Fund’s current prospectus dated May 1, 2015, the total annual fund operating expense ratios for Class IA and Class IB were 0.75% and 1.00%, respectively. Actual expenses may be higher. Please see the accompanying Financial Highlights for expense ratios for the six-month period ended June 30, 2015.

How did the Fund perform?

The Class IA shares of the Hartford Disciplined Equity HLS Fund returned 4.67% for the six-month period ended June 30, 2015, outperforming the Fund’s benchmark, the S&P 500 Index, which returned 1.23% for the same period. The Fund also outperformed the 1.00% average return of the Lipper Large-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities, as measured by the S&P 500 Index, rose for the period, notwithstanding significant volatility. The S&P 500 Index finished 2014 with strong gains, retreated briefly, but then reached new all-time highs on March 2, April 24, and May 21. Stocks fell in January, which was the worst monthly return for U.S. stocks in a year. Despite a positive overall scorecard, earnings sentiment was fairly negative among many investors, in part due to a strengthening U.S. Dollar negatively affecting exports and making future growth difficult, and some accompanying high-profile earnings guidance disappointments. Equities rebounded in February, posting their best monthly gain since October 2011. The market pulled back again in early March as soft manufacturing data, potentially negative currency- and oil-related earnings, and valuation concerns weighed on investors’ minds. However, risk appetites increased after the March 18 Federal Open Market Committee statement underlined the U.S. Federal Reserve’s (Fed) hesitation to raise rates as U.S. domestic inflation remained subdued and other major central banks maintained an easing bias. In April, the tech-heavy Nasdaq Composite topped the 5,000 mark for the first time since the dot-com bubble and broke its closing record from March 2000. Continued strong merger and acquisition activity (M&A), a rebound in hiring, and solid housing data helped to fuel risk appetites. May marked the second-best month ever for M&A activity involving U.S. companies with $234 billion in announcements. Stocks ended the period on a sour note after negotiations between Greece and its creditors broke down in late June. U.S. equities fell 1.9% in June despite promising data releases and an upbeat economic assessment by the Fed. Returns varied noticeably by market-cap, as small-cap stocks (+5%) and mid-cap stocks (+4%) outperformed large-cap stocks (+1%), as represented by the Russell 2000, S&P MidCap 400, and S&P 500 Indices respectively. During the six-month period, five of the ten sectors within the S&P 500 Index posted positive returns, led by Healthcare (+10%), Consumer Discretionary (+7%), and Telecommunication Services (+3%).

The Fund outperformed the S&P 500 Index during the period primarily due to strong security selection. Strong selection within

Consumer Staples, Healthcare, and Industrials more than offset weaker selection within Consumer Discretionary. Sector allocation, which is a fallout of our bottom-up stock selection process, also contributed to relative returns during the period. An overweight allocation to the Healthcare sector and an underweight allocation to the Energy sector more than offset the negative impact from an overweight to the Utilities sector.

The largest contributors to performance relative to the S&P 500 Index over the period were Aetna (Healthcare), Omnicare (Healthcare), and Coty (Consumer Staples). Shares of Aetna, a U.S.-based diversified health care company, rose during the period amid speculation that Aetna would acquire Humana. Earlier speculation that United Healthcare would acquire Aetna also positively affected the stock price, but that proved to be untrue. Shares of Omnicare, a U.S.-based healthcare services company offering long term and specialty care services, rose during the period after it was announced the company was going to be acquired by CVS. Shares of Coty, a U.S.-based cosmetics and personal care company, rose during the period on news that it reached an agreement with Proctor & Gamble (PG) to acquire PG’s fragrance, color cosmetics, and hair products business, a move viewed favorably by the market. Owning Eli Lily (Healthcare), a U.S.-based drug manufacturing business, also contributed to absolute returns during the period.

The largest detractors from performance relative to the S&P 500 Index over the period were Ralph Lauren (Consumer Discretionary), Amazon.com (Consumer Discretionary), and PVH (Consumer Discretionary). Shares of Ralph Lauren, a U.S.-based producer of apparel, accessories, fragrances, and home furnishings, fell during the period after the company lowered its fiscal-year 2015 revenues guidance. Shares of Amazon.com, a U.S.-based global ecommerce company, rose during the period, due largely to better-than-expected first-quarter results, particularly in Amazon Web Services, the company’s cloud computing program. Not owning the strong performing benchmark constituent detracted from relative returns during the period. Shares of PVH, a U.S.-based global apparel company, underperformed during the period due to worries about foreign currency translation amid the strong U.S. dollar. The company generates approximately 45% of revenue and 55% of profits outside of the U.S. so the strength of the dollar weighed on performance. Chevron (Energy), a U.S.-based integrated oil and gas company, also detracted on an absolute basis.

Derivatives are not used in a significant manner in this Fund and did not have a material impact on performance during the period.

What is the outlook?

We believe we are still in a period of moderate global economic growth and the U.S. expansion is increasingly driven by domestic factors. Consumption and housing are two key growth drivers of the U.S. economy. Real disposable income is growing around 4%, allowing a 3% consumption increase, even giving households some additional room to repair their balance sheets. The housing recovery is helped by demographic factors. We believe household formation is picking up, with the younger cohorts seeing some of the strongest employment gains. On the investment side, the decline in oil rigs appears to be nearing its end, reducing a drag on the economy in the earlier part of the year.

The second quarter of 2015 should mark the bottom of inflation, which appears to be a prerequisite for the Fed to start the rate normalization process later this year. There is now mounting evidence that wages are responding to an improving labor market, which may give the Fed the confidence that the U.S. economy is now on a sustainable expansion path. We believe the Fed will naturally remain sensitive to the financial and economic ramifications of the Greece crisis.

Overall, we continue to find what we consider to be attractively valued stocks with the characteristics we seek. We are cautiously optimistic about the outlook for the U.S. economy and for equity markets, and we continue to monitor policy decisions and economic trends which may impact our holdings. We remain consistent in adhering to our disciplined portfolio construction process that allows us to assess risk, weight individual positions accordingly, and in the process build a portfolio where stock selection is designed to be the primary driver of performance relative to the S&P 500 Index. Based on individual stock decisions, the Fund ended the period most overweight the Healthcare, Consumer Staples, and Utilities sectors, and most underweight Financials, Energy, and Telecommunication Services relative to the S&P 500 Index.

Diversification by Sector

as of June 30, 2015 (Unaudited)


Sector	Percentage of Net Assets
Equity Securities
Consumer Discretionary		12.9	%
Consumer Staples		13.7
Energy		4.7
Financials		11.4
Health Care		21.5
Industrials		8.2
Information Technology		18.9
Materials		3.4
Utilities		4.1

Total		98.8	%

Short-Term Investments		1.2
Other Assets & Liabilities		0.0

Total		100.0	%

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		5 Years		10 Years
Dividend and Growth IA		-0.04%		4.42%		15.92%		8.56%
Dividend and Growth IB		-0.15%		4.18%		15.63%		8.29%
Russell 1000 Value Index		-0.61%		4.13%		16.50%		7.05%
S&P 500 Index		1.23%		7.42%		17.34%		7.89%

¹	Not Annualized

Russell 1000 Value Index is an unmanaged index that measures the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies, based on total market capitalizations.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

How did the Fund perform?

The Class IA shares of the Hartford Dividend and Growth HLS Fund returned -0.04% for the six-month period ended June 30, 2015, underperforming the Fund’s benchmark, the S&P 500 Index, which returned 1.23% for the same period. The Fund outperformed the Russell 1000 Value Index, which returned -0.61% for the same period. The Fund also outperformed the -0.49% average return of the Lipper Equity Income Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities, as measured by the S&P 500 Index, rose for the period, notwithstanding significant volatility. The S&P 500 Index finished 2014 with strong gains, retreated briefly, but then reached new all-time highs on March 2, April 24, and May 21. Stocks fell in January, which was the worst monthly return for U.S. stocks in a year. Despite a positive overall scorecard, earnings sentiment was fairly negative among many investors, in part due to a strengthening U.S. Dollar negatively affecting exports and making future growth difficult, and some accompanying high-profile earnings guidance disappointments. Equities rebounded in February, posting their best monthly gain since October 2011. The market pulled back again in early March as soft manufacturing data, potentially negative currency- and oil-related earnings, and valuation concerns weighed on investors’ minds. However, risk appetites increased after the March 18 Federal Open Market Committee statement underlined the U.S. Federal Reserve’s (Fed) hesitation to raise rates as U.S. domestic inflation remained subdued and other major central banks maintained an easing bias. In April, the tech-heavy Nasdaq Composite topped the 5,000 mark for the first time since the dot-com bubble and broke its closing record from March 2000. Continued strong merger and acquisition (M&A) activity, a rebound in hiring, and solid housing data helped to fuel risk appetites. May marked the second-best month ever for M&A activity involving U.S. companies with $234 billion in announcements. Stocks ended the period on a sour note after negotiations between Greece and its creditors broke down in late June. U.S. equities fell 1.9% in June despite promising data releases and an upbeat economic assessment by the Fed. Returns varied noticeably by market-cap, as small-cap stocks (+5%) and mid-cap stocks (+4%) outperformed large-cap stocks

(+1%), as represented by the Russell 2000, the S&P MidCap 400, and the S&P 500, indices respectively. During the six-month period five of the ten sectors within the S&P 500 Index posted positive returns, led by Healthcare (+10%), Consumer Discretionary (+7%), and Telecommunication Services (+3%).

Security selection was the primary detractor from returns relative to the S&P 500 Index during the period. Weak selection within Healthcare, Consumer Discretionary, and Energy was only partially offset by strong selection within Financials and Industrials. Sector allocation, a result of our bottom up stock selection process, also detracted from relative returns during the period. An underweight to the Consumer Discretionary sector and an overweight to the Industrials sector offset the positive impact of an overweight to the Healthcare sector and an underweight to the Consumer Staples sector.

The Fund’s top detractors from returns relative to the S&P 500 Index were Amazon.com (Consumer Discretionary), Apple (Information Technology), and ACE (Financials). Shares of Amazon.com, a U.S.-based global ecommerce company, rose during the period, due largely to better-than-expected first-quarter results, particularly in Amazon Web Services, the company’s cloud computing program. Not owning the strong performing benchmark constituent detracted from relative returns during the period. Shares of Apple, a U.S.-based designer and manufacturer of consumer electronics, software, and computers, rose during the period after the company reported record numbers due to better than expected revenue and an increase in gross margins. Our underweight position in the strong performing S&P 500 Index constituent detracted from relative returns. Shares of ACE, a U.S.-based global insurance and reinsurance organization, fell during the period after reporting weak first quarter earnings. The company reported weaker than expected earnings per share due to the impact of a strong U.S. dollar. Intel (Information Technology) and Chevron (Energy) also detracted from absolute returns.

The Fund’s top contributors to performance relative to the S&P 500 Index during the period were Eli Lily (Healthcare), Celanese (Materials), and Equifax (Industrials). Shares of Eli Lily, a U.S.-based company engaged in the drug manufacturing business, rose during

the period as investors anticipated the company would announce positive long-term data on its Alzheimer’s drug. Shares of Celanese, a U.S.-based integrated producer of chemicals and advanced materials, rose during the period as the company reported better than expected earnings and raised guidance, citing improved productivity and lower costs. Shares of Equifax, a U.S.-based provider of information solutions and human resources business process outsourcing services, rose during the period after the company announced second quarter earnings estimates which were around analysts’ expectations. Investors viewed this news favorably and the stock rose as a result. Apple (Information Technology) and UnitedHealth Group (Healthcare) were among the top contributors to absolute performance.

Derivatives are not used in a significant manner in this Fund and did not have a material impact on performance during the period.

What is the outlook?

We believe we are well positioned for what we view as a tepid economic environment and we believe that we have a solid portfolio comprised of firms with strong management teams, good balance sheets, and a commitment to returning cash to shareholders via dividends and share repurchases. We continue to search for investment ideas that fit with our process and philosophy. We remain focused on the significance of dividends, positive capital stewardship, and franchise value. We believe we have a solid portfolio of undervalued market leaders, stocks in industries with improving supply/demand trends, and solid companies that are temporarily out of favor. At the end of the period, our largest overweights were to the Financials and Industrials sectors, while we remained underweight the Consumer Discretionary and Information Technology sectors, relative to the S&P 500 Index.

Diversification by Sector

as of June 30, 2015 (Unaudited)


Sector	Percentage of Net Assets
Equity Securities
Consumer Discretionary		6.6	%
Consumer Staples		7.6
Energy		9.3
Financials		22.2
Health Care		16.4
Industrials		13.5
Information Technology		15.5
Materials		1.7
Telecommunication Services		2.5
Utilities		3.5

Total		98.8	%

Short-Term Investments		0.9
Other Assets & Liabilities		0.3

Total		100.0	%

A sector may be comprised of several industries. For Fund compliance purposes, the Fund may not use the same classification system and these sector classifications are used for reporting ease.

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		5 Years		10 Years
Global Growth IA		7.25%		9.01%		16.62%		6.77%
Global Growth IB		7.09%		8.74%		16.33%		6.50%
MSCI World Growth Index		5.21%		6.19%		14.83%		7.78%

¹	Not Annualized

MSCI World Growth Index is a broad-based unmanaged market capitalization-weighted total return index which measures the performance of growth securities in 23 developed-country global equity markets including the United States, Canada, Europe, Australia, New Zealand and the Far East.

The index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

As shown in the Fund’s current prospectus dated May 1, 2015, the total annual fund operating expense ratios for Class IA and Class IB were 0.81% and 1.06%, respectively. Actual expenses may be higher. Please see the accompanying Financial Highlights for expense ratios for the six-month period ended June 30, 2015.

How did the Fund perform?

The Class IA shares of the Hartford Global Growth HLS Fund returned 7.25% for the six-month period ended June 30, 2015, outperforming its benchmark, the MSCI World Growth Index, which returned 5.21% for the same period. The Fund also outperformed the 4.80% average return of the Lipper Global Large-Cap Growth Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

The rally in stocks marched on as global equities rose for the overall period as measured by the MSCI World Index. However, there was no shortage of headlines for investors to fret over: Europe’s economy remained near stall speed, oil prices plunged, Chinese manufacturing data disappointed, and Greece’s future in the European Union is being questioned again. Despite the negative headlines, Europe was a bright spot during the beginning of the period due to further accommodative monetary policy and encouraging economic data, including positive trends in manufacturing, exports, and economic sentiment. The Bank of Japan expanded its quantitative easing policy, the People’s Bank of China surprised markets with further rate cuts, and the European Central Bank announced a €1.14 trillion open-ended sovereign quantitative easing program to combat record-low inflation and stimulate growth in Europe. Global equities fell modestly at the end of the period, declining for the first quarter in the past twelve quarters. In June, the Greek debt crisis took center stage. Negotiations between Greece and its creditors broke down and Greece missed its scheduled payment due to the International Monetary Fund on June 30th. Despite the Greek default and fears of contagion to the European peripheral countries as well as a significant sell off in the Chinese equity market in June, global economic data remained constructive with continued signs of a gradual recovery in the U.S. and Europe. A continued boom in corporate takeovers also fueled bullish sentiment. Global merger and acquisition activity remained robust, with 2015 on pace to be the second-highest year of deal volume, trailing only 2007. During the period, U.S. equities underperformed non-U.S. equities and emerging market equities underperformed their developed market counterparts.

For the semi-annual period, growth stocks (+5.2%) outperformed value stocks (+0.7%) as measured by the MSCI World Growth Index and the MSCI World Value Index, respectively. Within the MSCI World Growth Index, nine of ten sectors posted positive returns. Healthcare (+12%), Consumer Discretionary (+8%), and

Telecommunications Services (+6%) gained the most, while the Energy (-2%), Industrials (-1%), and Materials (-2%) sectors lagged the most on a relative basis.

The Fund’s outperformance versus the MSCI World Growth Index was driven primarily by security selection, which contributed positively to relative results within all but two sectors; selection within Consumer Staples and Financials was especially strong, more than offsetting weak selection within Energy and Utilities. Sector allocation also contributed to relative results over the period. Underweights to Industrials, Energy, and Materials offset overweights to Financials and Information Technology as well as an underweight to Consumer Discretionary which detracted from performance.

Top contributors to relative performance included Aetna (Healthcare), Largan Precision (Information Technology), and Pandora (Consumer Discretionary). Shares of Aetna, a U.S.-based diversified health care benefits company, rose amid robust mergers and acquisitions activity in the health care industry as speculation abounded that Aetna would acquire Humana, sending Aetna’s stock price higher. Aetna also benefited from earlier rumors that United Healthcare would acquire the company, although those rumors proved to be untrue. Shares of Taiwan-based Largan Precision, a manufacturer of camera lenses for smartphones, outperformed as the company continued to benefit from demand for complex lenses in camera phones. Shares of Denmark-based jewelry maker Pandora rose over the period. Pandora’s products, particularly bracelets and charms, benefited from repeat customer purchases. The company also experienced high organic revenue growth, which was driven by product expansion and store growth, particularly in underpenetrated regions. Top absolute contributors included shares of Apple (Information Technology) and Novo Nordisk (Healthcare).

The top detractors from the Fund’s relative performance were Baidu (Information Technology), Stratasys (Information Technology), and Alibaba (Information Technology). Baidu, a Chinese-language Internet search provider, underperformed due to lower than expected earnings and continued concern around its ability to crystalize margin expansion. Stratasys, a fast growing 3D printing company, accelerated its investments and pushed out its earnings model by a few years, dampening the stock price. Shares of Alibaba, a Chinese e-commerce company, declined due to the concern of more stock becoming ‘unlocked’ after the company’s initial public offering. Top absolute detractors also included American Express (Financials).

Derivatives are not used in a significant manner in this Fund and did not have a material impact on performance during the period.

What is the outlook?

While global equity performance finished relatively flat in the second quarter of 2015, underneath the seemingly benign performance was volatility intra quarter as well as dispersion of returns among regions. We expect volatility to continue and that it will not be isolated to any one region. The portfolio ended the period with an overweight in its exposure to the U.S., which continues to generate the strongest growth globally. We are cognizant of potential contagion risks as the Chinese economy was already slowing and we believe this could have further negative impacts both within China and the rest of the world. We are closely monitoring developments in Europe and whether or not Greece will remain in the European Union, which may add to fears of contagion risk. While the world at large continues to experience variability, we believe that in periods without large macro dislocations, fundamental stock picking can be recognized.

Our focus remains on stock selection that is driven by bottom-up, fundamental research, diligent meetings with the managements of high quality, leading companies globally, and leveraging the deep research capabilities of our firm. At the end of the period, our largest sector overweights continued to be to the Information Technology and Financials while we were most underweight Industrials, Consumer Discretionary, and Materials, relative to the MSCI World Growth Index.

Diversification by Country

as of June 30, 2015 (Unaudited)


Country	Percentage of Net Assets
Belgium		1.6	%
British Virgin Islands		0.0
China		3.9
Denmark		1.9
France		1.5
Germany		2.3
Hong Kong		1.0
India		0.5
Ireland		1.0
Israel		1.3
Italy		0.5
Japan		5.0
Netherlands		0.8
Spain		0.5
Sweden		0.7
Switzerland		5.6
Taiwan		1.4
United Kingdom		6.7
United States		62.8
Short-Term Investments		1.0
Other Assets & Liabilities		0.0

Total		100.0	%

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		5 Years		10 Years
Growth Opportunities IA		10.70%		18.23%		20.58%		10.60%
Growth Opportunities IB		10.57%		17.94%		20.27%		10.33%
Growth Opportunities IC		10.43%		17.66%		19.98%		10.06%
Russell 1000 Growth Index		3.96%		10.56%		18.59%		9.10%
Russell 3000 Growth Index		4.33%		10.69%		18.64%		9.17%

¹	Not Annualized

Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies based on total market capitalization.

How did the Fund perform?

The Class IA shares of the Hartford Growth Opportunities HLS Fund returned 10.70% for the six-month period ended June 30, 2015, outperforming the Fund’s benchmarks, the Russell 3000 Growth Index and the Russell 1000 Growth Index, which returned 4.33% and 3.96%, respectively, for the same period. The Fund also outperformed the 4.70% average return of the Lipper Multi-Cap Growth Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities, as measured by the S&P 500 Index, rose for the period, notwithstanding significant volatility. The S&P 500 Index finished 2014 with strong gains, retreated briefly, but then reached new all-time highs on March 2, April 24, and May 21. Stocks fell in January, which was the worst monthly return for U.S. stocks in a year. Despite a positive overall scorecard, earnings sentiment was fairly negative among many investors, in part due to a strengthening U.S. Dollar negatively affecting exports and making future growth difficult, and some accompanying high-profile earnings guidance disappointments. Equities rebounded in February, posting their best monthly gain since October 2011. The market pulled back again in early March as soft manufacturing data, potentially negative currency- and oil-related earnings, and valuation concerns weighed on investors’ minds. However, risk appetites increased after the March 18 Federal Open Market Committee statement underlined the U.S. Federal Reserve’s (Fed) hesitation to raise rates as U.S. domestic inflation remained subdued and other major central banks maintained an easing bias. In April, the tech-heavy Nasdaq Composite topped the 5,000 mark for the first time since the dot-com bubble and broke its closing record from March 2000. Continued strong merger and acquisition (M&A) activity, a rebound in hiring, and solid housing data helped to fuel risk appetites. May marked the second-best month ever for M&A activity involving U.S. companies with $234 billion in announcements. Stocks ended the period on a sour note after negotiations between Greece and its creditors broke down in late June. U.S. equities fell 1.9% in June despite promising data releases and an upbeat economic assessment by the Fed. Returns varied noticeably by market-cap, as small- and mid-cap stocks outperformed large-cap stocks.

Seven out of ten sectors in the Russell 3000 Growth Index rose during the period. The Healthcare (+12%), Consumer Discretionary (+8%), and Information Technology (+5%) sectors gained the most while Utilities (-10%) and Industrials (-4%) lagged on a relative basis.

Security selection was the main driver of outperformance relative to the Russell 3000 Growth Index during the period. Security selection was strongest in the Consumer Discretionary, Information Technology, and Industrials sectors. Sector allocation, a result of the bottom-up stock selection process, also contributed meaningfully to performance relative to the Russell 3000 Growth Index over the period, largely due to an overweight in Healthcare and underweight in Consumer Staples, which was only partially offset by the negative impact of an overweight to Financials.

The top contributors to performance relative to the Russell 3000 Growth Index during the period were Nomad Foods (Consumer Staples), Netflix (Consumer Discretionary), and Amazon.com (Consumer Discretionary). Shares of Nomad Foods, a UK-based special purpose acquisition company, recently completed a reverse merger of Iglo, a European frozen food company. The stock price increased once investors realized that the acquisition would generate considerable incremental earnings and free cash flow. We believe the global frozen food industry is in the early stages of consolidation, providing ample investing opportunities for the company to add value. Within the Consumer Discretionary sector, Netflix was the top contributor to relative returns over the period. The subscription-based internet streaming company had a brief period of earnings weakness that caused a bearish sentiment among investors towards the end of 2014. Relative performance has since recovered, primarily driven by a strong quarter of earnings both domestically and abroad. Shares of Amazon.com, a U.S.-based global ecommerce company, outperformed as investors reacted favorably to strong profitability and improved gross margins, sending the shares higher over the period. Apple (Information Technology) and Bristol-Myers Squibb (Healthcare) were also among other top absolute contributors to performance.

The top detractors from performance relative to the Russell 3000 Growth Index during the period included Alibaba (Information

Technology), GoPro (Consumer Discretionary) and Gilead Sciences (Healthcare). Shares of Alibaba, a China-based internet company that facilitates the vast majority of ecommerce in China, decreased amidst a controversy between the company and the Chinese government. Shares of GoPro, a U.S.-based company that produces mountable and wearable cameras and accessories, declined due to stretched valuations, conservative guidance, and concerns over the expiration of the stock’s lock up period. Shares of Gilead Sciences, a research-based biopharmaceutical company that discovers, develops and commercializes innovative medicines outperformed on better-than-expected first-quarter results, highlighted by strong sales of hepatitis C drugs Sovaldi and Harvoni. Not owning this benchmark constituent detracted from returns relative to the Russell 3000 Growth Index over the period. 21^st Century Fox (Consumer Discretionary) and Workday (Information Technology) were among other top detractors relative to the Russell 3000 Growth Index.

Derivatives are not used in a significant manner in this Fund and did not have a material impact on performance during the period.

What is your outlook?

We believe the portfolio is well positioned for what we view as future growth in 2015 and we believe that high quality growth companies within industries displaying positive secular growth trends will continue to be rewarded. We think the global macro environment’s impact on the U.S. economy, relatively high valuation levels, and the potential for rising domestic interest rates are all obstacles to be aware of and we will be monitoring the situation closely. While we cannot predict market outcomes, we can continue to seek to identify companies that we believe are attractively valued with accelerating revenues that we believe will add value to the portfolio in the long run.

At the end of the period, the Fund was most overweight the Information Technology and Healthcare sectors and most underweight the Consumer Staples and Materials sectors relative to the Russell 3000 Growth Index.

Diversification by Sector

as of June 30, 2015 (Unaudited)


Sector	Percentage of Net Assets
Equity Securities
Consumer Discretionary		19.1	%
Consumer Staples		4.7
Financials		6.6
Health Care		23.2
Industrials		11.1
Information Technology		33.9
Materials		1.2

Total		99.8	%

Short-Term Investments		1.3
Other Assets & Liabilities		(1.1	)

Total		100.0	%

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		5 Years		10 Years
Healthcare IA		15.39%		30.71%		27.27%		14.41%
Healthcare IB		15.26%		30.36%		26.95%		14.12%
S&P 500 Index		1.23%		7.42%		17.34%		7.89%
S&P North American Health Care Sector Index		11.99%		27.73%		25.22%		12.49%

¹	Not Annualized

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

S&P North American Health Care Sector Index is a modified capitalization-weighted index based on United States headquartered health care companies. Stocks in the index are weighted such that each stock is no more than 7.5% of the market capitalization as of the most recent reconstitution date. The companies included in the index must be common stocks and be traded on the NYSE MKT LLC, Nasdaq or the New York Stock Exchange and meet certain established market capitalization levels.

How did the Fund perform?

The Class IA shares of the Hartford Healthcare HLS Fund returned 15.39% for the six-month period ended June 30, 2015, outperforming the Fund’s benchmark, the S&P North American Health Care Sector Index, which returned 11.99% for the same period. The Fund outperformed the S&P 500 Index, which returned 1.23% for the same period. The Fund also outperformed the 13.95% average return of the Lipper Global Health and Biotechnology peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Health care stocks (+12%) outperformed both the broader U.S. market (+1%) and the global equity market (+3%) during the period, as measured by the S&P North American Health Care Sector Index, S&P 500 Index, and the MSCI World Index, respectively. Within the S&P North American Health Care Sector Index, small-cap biopharma returned +11%, mid-cap biopharma returned +22%, and large-cap biopharma returned +10%, while medical technology returned +7% and health services returned +18%.

The Fund outperformed the S&P North American Health Care Sector Index over the period due to a combination of strong stock selection and beneficial sector allocation. Security selection contributed to relative returns due to positive stock selection across all sub-sectors. An overweight allocation to mid-cap biopharma names as well as an underweight to large-cap biopharma names contributed to relative performance, which was partially offset by an overweight to medical technology. A modest cash position in an upward trending market environment detracted from relative results during the period.

Johnson & Johnson (biopharma large-cap), Anacor Pharmaceuticals (biopharma mid-cap), and Galapagos (biopharma small-cap) contributed most to results relative to the S&P North American Health Care Sector Index over the period. Shares of Johnson & Johnson, a U.S.-based multinational medical devices, pharmaceutical and consumer packaged goods manufacturer, underperformed after the

company lowered earnings guidance for 2015, reflecting further foreign exchange headwinds, dampening the stock price. Being significantly underweight to this benchmark component contributed to results relative to the S&P North American Health Care Sector Index. Shares of Anacor Pharmaceuticals, a U.S.-based biopharmaceutical company focused on discovering, developing and commercializing small-molecule therapeutics, rose in response to the recently approved (2014) topical treatment for nail fungus. Shares of Galapagos, a Belgium-based biotechnology company, rose as excitement builds for several candidates in their drug pipeline, which include treatments for rheumatoid arthritis and cystic fibrosis. Top contributors to absolute performance during the period also included Gilead Sciences (specialty pharmaceuticals) and Aetna (health care equipment & services).

Valeant (biopharma large-cap), Aerie Pharmaceutical (biopharma small-cap), and TriVascular (health care equipment & services) were the top detractors from performance relative to the S&P North American Health Care Sector Index. Shares of Valeant, a specialty pharmaceutical and medical device company, rose during the period after it was reported that the company was in talks to carry out a potential acquisition of Zoetis. Not owning the strong performing S&P North American Health Care Sector Index constituent weighed on relative returns. Shares of Aerie Pharmaceutical, a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapies for the treatment of patients with glaucoma, fell after the company released disappointing efficacy results from a phase 3 trial for a glaucoma treatment. Shares of TriVascular, a medical device company that develops and commercializes technologies to advance minimally invasive treatment of abdominal aortic aneurysms, fell after the management team lowered earnings guidance due to slower than expected U.S. volume growth. Top detractors from absolute performance during the period also included Achillion (biopharma small-cap) and AthenaHealth (biopharma large-cap).

Derivatives are not used in a significant manner in this Fund and did not have a material impact on performance during the period.

What is the outlook?

We remain optimistic about the Healthcare sector overall. We believe that biomedical innovation is as robust as it has ever been and should fuel a decade or more of strong earnings growth for the most successful biopharmaceutical companies. Evolving structures of healthcare markets globally may create clear performance separation between the best and the worst health care services companies. We believe that our approach of evaluating secular themes across a long time horizon will enable us to capitalize on these trends. As is our practice, we will aim to trim stocks on strength and to add on weakness in order to seek to generate favorable returns while minimizing risk.

Diversification by Sector

as of June 30, 2015 (Unaudited)


Sector	Percentage of Net Assets
Equity Securities
Consumer Staples		2.9	%
Health Care		94.5
Information Technology		0.5

Total		97.9	%

Short-Term Investments		2.4
Other Assets & Liabilities		(0.3	)

Total		100.0	%

A sector may be comprised of several industries. For Fund compliance purposes, the Fund may not use the same classification system and these sector classifications are used for reporting ease.

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		5 Years		10 Years
High Yield IA		2.37%		-0.47%		8.16%		7.36%
High Yield IB		2.28%		-0.67%		7.90%		7.09%
Barclays U.S. Corporate High Yield Bond Index		2.53%		-0.40%		8.61%		7.89%

¹	Not Annualized

Performance information includes performance under the Fund’s previous sub-adviser, Hartford Investment Management Company. As of March 5, 2012, Hartford Investment Management Company no longer served as the sub-adviser to the Fund.

Barclays U.S. Corporate High Yield Bond Index is an unmanaged broad-based market-value-weighted index that tracks the total return performance of non-investment grade, fixed-rate, publicly placed, dollar denominated and nonconvertible debt registered with the Securities and Exchange Commission.

The index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

How did the Fund perform?

The Class IA shares of the Hartford High Yield HLS Fund returned 2.37% for the six-month period ended June 30, 2015, underperforming its benchmark, the Barclays U.S. Corporate High Yield Bond Index, which returned 2.53% for the same period. The Fund outperformed the 2.29% average return of the Lipper High Yield Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Many central banks eased monetary policy during the period with some resorting to radical measures to counter falling inflation and stimulate growth. The European Central Bank (ECB) launched an open-ended government bond-buying program, which prompted other central banks to act to stop their currencies from appreciating. In China, the central bank entered into an aggressive monetary easing cycle to counter deflationary risks and slowing growth. Sub-trend growth and low inflation kept the Bank of England on the sidelines while the U.S. Federal Reserve (Fed) charted a course for the end of quantitative easing.

Growth in the major developed markets stabilized while emerging markets growth continued to languish driven by a slowdown in Asia. Data in the Eurozone improved and broadened out across countries; though the Greek debt crisis has muddied the outlook. First quarter gross domestic product (GDP) in China slowed to its weakest level since the global financial crisis. Meanwhile, U.S. economic activity picked up after a weak first quarter; consumer fundamentals improved, the housing market gained some momentum, and labor market trends remained favorable. However, the manufacturing sector continued to face some challenges from a strong dollar and lower oil prices.

negotiations broke down and the country defaulted on its payment to the International Monetary Fund (IMF), triggering a risk-off tone throughout global financial markets.

Most global government bond yields were up over the six-month period and yield curves generally steepened led by the long-end of the curve. Absolute returns across the major fixed income sectors were mixed, with some sectors posting negative absolute returns amid rising interest rates. Spreads in the high yield and bank loan sectors tightened, while investment grade corporate spreads widened.

The Barclays U.S. Corporate High Yield Bond Index returned 2.53% for the six-month period ended June 30, 2015 and underperformed duration equivalent treasuries by 1.79%. The Option-Adjusted Spread, the spread that incorporates options embedded in the securities of the Barclays U.S. Corporate High Yield Bond Index, was 4.76% on June 30, 2015, a decrease of 0.07% from December 31, 2014.

The Fund underperformed the Barclays U.S. Corporate High Yield Bond Index primarily as a result of sector allocation, in part due to an underweight allocation to Energy as oil prices rose during the period. Historically, energy companies have been voracious users of capital and we are concerned about the risks of financing uncertain oil exploration projects with debt. On the other hand being overweight the Environmental and underweight the Wireline sectors contributed to benchmark-relative returns. We have been underweight Wirelines for some time because we believe the sector is in secular decline, losing share to Cable. Furthermore, we believe potential mergers and acquisition (M&A) activity in the space would likely come at the expense of debt holders.

In aggregate, security selection contributed to benchmark-relative results during the period, with strongest selection coming from Pharmaceuticals, Financial Services, and Chemicals. Within Pharmaceuticals, we were overweight Salix Pharmaceuticals, which contributed strongly to relative performance when it was acquired by Valeant in a transaction that was favorable for bondholders. This was partially offset by our negative stock selection within Metals and Mining where the decline in commodity prices negatively impacted holdings like iron ore producer Fortescue and steel producer AK Steel, as well as Media Entertainment sectors.

Our underweight to BB-rated bonds, which underperformed their lower-rated counterparts contributed to performance relative to the Lipper High Yield Funds peer group during the period.

A modest cash position contributed to returns relative to the Barclays U.S. Corporate High Yield Bond Index during the period.

Our credit default swap positions on the CDX index, which are used to tactically adjust our exposure to the market, had minimal impact to performance relative to the Barclays U.S. Corporate High Yield Bond Index during the period.

What is the outlook?

We remain constructive on high yield, based on what we believe to be reasonable valuations, favorable company fundamentals, and a relatively benign default outlook. In our view, financial conditions remain broadly supportive of high yield spreads. While looser financial conditions resulted in elevated shareholder-friendly activity including M&A, we do not believe this is likely to affect high-yield default rates in the near to medium term. We expect the default rate to remain low overall; however, should low oil prices persist, we would expect default rates to pick up within the independent energy and oil-field-services subsectors, given their revenues are more directly tied to oil prices. Over the course of 2015, we expect that the global low-interest-rate environment will support continued demand for high-yield assets from investors seeking additional income.

Diversification by Security Type

as of June 30, 2015 (Unaudited)


Category	Percentage of Net Assets
Equity Securities
Common Stocks		0.2	%
Preferred Stocks		1.1

Total		1.3	%

Fixed Income Securities
Asset & Commercial Mortgage Backed Securities		0.0	%
Convertible Bonds		0.5
Corporate Bonds		92.7
Senior Floating Rate Interests		3.1

Total		96.3	%

Short-Term Investments		1.5
Other Assets & Liabilities		0.9

Total		100.0	%

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		5 Years		10 Years
International Opportunities IA		6.94%		-0.52%		10.69%		7.62%
International Opportunities IB		6.79%		-0.83%		10.41%		7.35%
MSCI All Country World ex USA Index		4.35%		-4.85%		8.23%		6.01%

¹	Not Annualized

MSCI All Country World ex USA Index is a broad-based, unmanaged, market capitalization weighted, total return index that measures the performance of both developed and emerging stock markets, excluding the U.S. The index is calculated to exclude companies and share classes which cannot be freely purchased by foreigners.

The index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

As shown in the Fund’s current prospectus dated May 1, 2015, the total annual fund operating expense ratios for Class IA and Class IB were 0.73% and 0.98%, respectively. Actual expenses may be higher. Please see the accompanying Financial Highlights for expense ratios for the six-month period ended June 30, 2015.

How did the Fund perform?

The Class IA shares of the Hartford International Opportunities HLS Fund returned 6.94% for the six-month period ended June 30, 2015, outperforming the Fund’s benchmark, the MSCI All Country World ex USA Index (“MSCI AC World ex USA Index”), which returned 4.35% for the same period. The Fund also outperformed the 6.36% average return of the Lipper International Multi-Cap Growth Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

The rally in stocks marched on as international equities rose for the overall period as measured by the MSCI AC World ex USA Index. However, there was no shortage of headlines for investors to fret over: Europe’s economy remained near stall speed, oil prices plunged, Chinese manufacturing data disappointed, and Greece’s future in the European Union is being questioned again. Despite the negative headlines, Europe was a bright spot during the beginning of the period due to further accommodative monetary policy and encouraging economic data, including positive trends in manufacturing, exports, and economic sentiment. The Bank of Japan expanded its quantitative easing policy, the People’s Bank of China surprised markets with further rate cuts, and the European Central Bank announced a €1.14 trillion open-ended sovereign quantitative easing program to combat record-low inflation and stimulate growth in Europe. Global equities fell modestly at the end of the period, declining for the first quarter in the past twelve quarters. In June, the Greek debt crisis took center stage. Negotiations between Greece and its creditors broke down and Greece missed its scheduled payment due to the International Monetary Fund on June 30th. Despite the Greek default and fears of contagion to the European peripheral countries as well as a significant sell off in the Chinese equity market in June, global economic data remained constructive with continued signs of a gradual recovery in the U.S. and Europe. A continued boom in corporate takeovers also fueled bullish sentiment. Global merger and acquisition (M&A) activity remained robust, with 2015 on pace to be the second-highest year of M&A volume, trailing only 2007. During the period, U.S. equities underperformed non-U.S. equities and emerging market equities underperformed their developed market counterparts.

Non-U.S. stocks, as measured by the MSCI AC World ex USA Index, rose during the period (+4.35%). Eight of ten sectors in the index posted positive returns; Healthcare (+10%), Consumer Discretionary

(+7%), and Telecommunication Services (+5%) led the index while Utilities (-3%), Energy (-1%), and Materials (+1%), lagged on a relative basis.

The Fund outperformed the MSCI AC World ex USA Index due to security selection and sector allocation. Security selection was strongest within the Financials, Consumer Discretionary, and Utilities sectors. This was partially offset by weak selection within the Information Technology and Energy sectors. Sector allocation, a result of our bottom-up security selection process, also contributed to performance relative to the MSCI AC World ex USA Index during the period. An overweight to the Healthcare sector and an underweight to the Energy and Materials sectors also contributed to benchmark relative returns, which was partially offset by an underweight to Telecommunication Services.

Top contributors to performance relative to the MSCI AC World ex USA Index during the period included Hong Kong Exchanges (Financials), Eisai (Healthcare), and Julius Baer (Financials). Shares of Hong Kong Exchanges, an operator of the only stock and futures exchange in Hong Kong and their related clearing houses, outperformed as further liberalization of the Chinese financial system drove a large increase in equity market trading volumes, which benefits the exchange’s profitability. Eisai, a Japanese pharmaceutical company, outperformed on promising drug trial news. Shares of Julius Baer, a Swiss-based private bank, rose amid speculation that Credit Suisse has interest in buying the Swiss private bank. Nippon (Telecommunication Services) also contributed to absolute performance.

The largest relative detractors from returns relative to the MSCI AC World ex USA Index included AstraZeneca (Healthcare), TransCanada (Energy), and ICICI Bank (Financials). Shares of AstraZeneca, a U.K.-based manufacturer of pharmaceutical products, declined after the company reported earnings in late April as some investors were concerned with earnings quality given the number of out-licensing deals. Shares of TransCanada, a developer and operator of a pipeline network and gas storage and related services, declined as uncertainty continues surrounding the U.S. government’s regulatory decisions about whether to permit the company’s Keystone XL pipeline. Shares of ICICI Bank, an India-based bank and financial services company, underperformed as non-performing loans came in modestly higher than market expectations. Alibaba (Information Technology) also detracted from absolute and relative performance.

Derivatives are not used in a significant manner in this Fund and did not have a material impact on performance during the period.

What is the outlook?

Our expectations for global growth remain modest, inflation levels appear to continue to be in check, and we believe monetary conditions throughout most of the global economy remain accommodative. Although our view remains cautiously optimistic for improving global financial conditions, we believe that growth will most likely be uneven. The unfolding situation in Greece is an example of this. We believe uncertainty around the impact of a Greek default or exit from the Eurozone and its potential effect on the European and global economy has resulted in what we view as heightened levels of volatility.

At the end of the period, relative to the MSCI AC World ex USA Index we were most overweight Healthcare, Consumer Discretionary, and Financials, and most underweight Energy, Materials, and Consumer Staples. On a regional basis, we ended the period with an overweight to Europe ex-U.K. and Japan. We ended the period underweight Asia Pacific ex-Japan and the U.K.

Currency Concentration of Securities

as of June 30, 2015 (Unaudited)


Description	Percentage of Net Assets
Brazilian Real		0.6	%
British Pound		11.2
Canadian Dollar		3.3
Danish Krone		0.2
Euro		31.8
Hong Kong Dollar		5.2
Indian Rupee		4.9
Japanese Yen		18.9
Mexican Peso		0.1
South Korea Won		1.4
Swedish Krona		3.1
Swiss Franc		9.7
Taiwanese Dollar		2.0
United States Dollar		6.9
Other Assets & Liabilities		0.7

Total		100.0	%

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		5 Years		10 Years
MidCap IA		5.61%		5.77%		17.67%		10.47%
MidCap IB		5.46%		5.49%		17.36%		10.19%
S&P MidCap 400 Index		4.20%		6.40%		17.82%		9.74%

¹	Not Annualized

S&P MidCap 400 Index is an unmanaged index of common stocks of companies chosen by S&P designed to represent price movements in the mid-cap U.S. equity market.

The index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

As shown in the Fund’s current prospectus dated May 1, 2015, the total annual fund operating expense ratios for Class IA and Class IB were 0.70% and 0.95%, respectively. Actual expenses may be higher. Please see the accompanying Financial Highlights for expense ratios for the six-month period ended June 30, 2015.

How did the Fund perform?

The Class IA shares of the Hartford MidCap HLS Fund returned 5.61% for the six-month period ended June 30, 2015, outperforming the Fund’s benchmark, the S&P MidCap 400 Index, which returned 4.20% for the same period. The Fund also outperformed the 3.09% average return of the Lipper Mid-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities, as measured by the S&P 500 Index, rose for the period, notwithstanding significant volatility. The S&P 500 Index finished 2014 with strong gains, retreated briefly, but then reached new all-time highs on March 2, April 24, and May 21. Stocks fell in January, which was the worst monthly return for U.S. stocks in a year. Despite a positive overall scorecard, earnings sentiment was fairly negative among many investors, in part due to a strengthening U.S. Dollar negatively affecting exports and making future growth difficult and some accompanying high-profile earnings guidance disappointments. Equities rebounded in February, posting their best monthly gain since October 2011. The market pulled back again in early March as soft manufacturing data, potentially negative currency- and oil-related earnings, and valuation concerns weighed on investors’ minds. However, risk appetites increased after the March 18 Federal Open Market Committee statement underlined the U.S. Federal Reserve’s (Fed) hesitation to raise rates as U.S. domestic inflation remained subdued and other major central banks maintained an easing bias. In April, the tech-heavy Nasdaq Composite topped the 5,000 mark for the first time since the dot-com bubble and broke its closing record from March 2000. Continued strong merger and acquisition (M&A) activity, a rebound in hiring, and solid housing data helped to fuel risk appetites. May marked the second-best month ever for M&A involving U.S. companies with $234 billion in announcements. Stocks ended the period on a sour note after negotiations between Greece and its creditors broke down in late June. U.S. equities fell 1.9% in June despite promising data releases and an upbeat economic assessment by the Fed. Returns varied noticeably by market-cap, as small-cap stocks (+5%) and mid-cap stocks (+4%) outperformed large-cap stocks (+1%), as represented by the Russell 2000, the S&P MidCap 400, and the S&P 500, indices respectively. Within the S&P MidCap 400 Index, six out of ten sectors posted positive returns during the six-month period. The Healthcare (+17.0%), Information Technology (+7.5%), and Consumer Discretionary (+5.1%) sectors performed best while the

Utilities (-11.5%), Energy (-2.7%), and Materials (-2.1%) sectors lagged the most on a relative and absolute basis.

The Fund’s outperformance relative to the S&P MidCap 400 Index during the period was driven by an overweight allocation to Healthcare, and underweights in the Utilities and Materials sectors. An overweight to Energy detracted from results during the period. Weak security selection in the Consumer Discretionary and Information Technology sectors offset strong selection in Financials, Healthcare, and Consumer Staples.

Top contributors to relative and absolute performance during the period were Incyte (Healthcare), Equifax (Industrials), and Universal Health Services (Healthcare). Shares of Incyte, a U.S.-based biotech company focused on cancer and inflammation-related diseases, rose on strong results and reports on their drug development pipeline. Shares of Equifax, a U.S.-based provider of information solutions and human resources business process outsourcing services, rose on strong revenues and earnings. Shares of Universal Health Services, a large U.S.-based hospital company that owns or operates 24 acute care hospitals and 217 behavioral health centers in 37 states, benefited under the Affordable Care Act as more Americans gain access to health insurance, a trend reinforced by a recent U.S. Supreme Court ruling.

Top detractors from performance relative to the S&P MidCap 400 Index during the period were Apollo Education (Consumer Discretionary), Harley-Davidson (Consumer Discretionary), and Allison Transmission (Industrials). Shares of Apollo Education, one of the world’s largest for-profit education companies based in the U.S., fell during the period due to disappointing enrollment levels. Shares of Harley-Davidson, a U.S.-based motorcycle manufacturer, fell as the strong U.S. dollar weighed on international sales and undermined overseas profits. Allison Transmission, a U.S.-based medium to heavy-duty vehicle transmission manufacturer, experienced soft demand in some of its markets, although their core North American on-highway business reported growth in sales.

Derivatives are not used in a significant manner in this Fund and did not have a material impact on performance during the period.

What is the outlook?

We believe that mid cap equities represent “the sweet spot” of the stock market, offering what we consider the stability and quality of

market leading companies, an advantage over small caps in our view, plus the opportunity for significant, dynamic growth in revenues and earnings that we believe many large cap companies lack. Our F/V/E framework, which incorporates fundamentals, valuation, and expectations in our assessment of each company we consider, enables us to create what we consider to be a balanced portfolio of quality businesses and broad diversification across market sectors, all while maintaining the “purity” of our mid cap equity approach.

The global economic cycle continues to advance at a moderate pace with a mix of stronger growth in the U.S. and more sluggish activity in Europe, Japan, and China. We believe the U.S. economy is on track for a self-sustaining expansion and should, due to a steadily improving labor market, experience rising wage inflation and a moderate increase in the Fed policy interest rates in coming quarters.

At the end of the period, our largest overweights relative to the S&P MidCap 400 Index were in the Healthcare and Information Technology sectors. Our largest underweights were in the Financials and Consumer Discretionary sectors.

Diversification by Sector

as of June 30, 2015 (Unaudited)


Sector	Percentage of Net Assets
Equity Securities
Consumer Discretionary		10.2	%
Consumer Staples		2.3
Energy		6.0
Financials		14.4
Health Care		18.2
Industrials		21.3
Information Technology		22.5
Materials		3.0
Utilities		1.9

Total		99.8	%

Short-Term Investments		0.2
Other Assets & Liabilities		0.0

Total		100.0	%

A sector may be comprised of several industries. For Fund compliance purposes, the Fund may not use the same classification system and these sector classifications are used for reporting ease.

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		5 Years		10 Years
MidCap Value IA		4.86%		4.27%		17.69%		9.37%
MidCap Value IB		4.83%		4.07%		17.40%		9.10%
Russell 2500 Value Index		1.71%		0.99%		16.24%		7.76%
Russell MidCap Value Index		0.41%		3.67%		17.73%		8.89%

¹	Not Annualized

Russell 2500 Value Index is an unmanaged index that measures the performance of those Russell 2500 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500 Index is an unmanaged index that measures the performance of the 2,500 smallest U.S. companies based on total market capitalization.

Russell MidCap Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell MidCap Index companies with lower price-to-book ratios and lower forecasted growth values.

The indices are unmanaged, and their results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

How did the Fund perform?

The Class IA shares of the Hartford MidCap Value HLS Fund returned 4.86% for the six-month period ended June 30, 2015, outperforming the Fund’s benchmark, the Russell 2500 Value Index, which returned 1.71% for the same period. The Fund also outperformed the Russell MidCap Value Index, which returned 0.41% for the same period. The Fund outperformed the 3.09% average return of the Lipper Mid-Cap Value Fund peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities, as measured by the S&P 500 Index, rose for the period, notwithstanding significant volatility. The S&P 500 Index finished 2014 with strong gains, retreated briefly, but then reached new all-time highs on March 2, April 24, and May 21. Stocks fell in January, which was the worst monthly return for U.S. stocks in a year. Despite a positive overall scorecard, earnings sentiment was fairly negative among many investors, in part due to a strengthening U.S. Dollar negatively affecting exports and making future growth difficult, and some accompanying high-profile earnings guidance disappointments. Equities rebounded in February, posting their best monthly gain since October 2011. The market pulled back again in early March as soft manufacturing data, potentially negative currency- and oil-related earnings, and valuation concerns weighed on investors’ minds. However, risk appetites increased after the March 18 Federal Open Market Committee statement underlined the U.S. Federal Reserve’s (Fed) hesitation to raise rates as U.S. domestic inflation remained subdued and other major central banks maintained an easing bias. In April, the tech-heavy Nasdaq Composite topped the 5,000 mark for the first time since the dot-com bubble and broke its closing record from March 2000. Continued strong merger and acquisition (M&A) activity, a rebound in hiring, and solid housing data helped to fuel risk appetites. May marked the second-best month ever for M&A activity involving U.S. companies with $234 billion in announcements. Stocks ended the period on a sour note after negotiations between Greece and its creditors broke down in late June. U.S. equities fell 1.9% in June despite promising data releases and an upbeat economic assessment by the Fed. Returns varied noticeably by market-cap, as small-cap stocks (+5%) and mid-cap stocks (+4%) outperformed large-cap stocks (+1%), as represented by the Russell 2000, the S&P MidCap 400, and the S&P 500, indices respectively. Within the Russell 2500 Value Index, seven out of ten sectors posted positive returns during the six-month period. The Healthcare (+17.6%), Consumer Staples (+4.6%), and Consumer Discretionary (+4.4%) sectors performed best while the Utilities (-10.6%), Materials (-5.6%), and Energy (-3.5) sectors lagged the broader index.

The Fund’s outperformance relative to the Russell 2500 Value Index was driven primarily by security selection. Strong stock selection within the Information Technology and Materials sectors more than offset weaker stock selection within Financials, Healthcare and Industrials. Sector allocation, a result of the bottom-up security selection process, also contributed to relative results, primarily due to an underweight to Utilities and an overweight to Healthcare. An overweight to Materials and Energy, as well a large underweight to the Financials sector detracted from performance relative to the Russell 2500 Value Index.

The largest contributors to absolute performance and performance relative to the Russell 2500 Value Index, included Methanex (Materials), NXP Semiconductors (Information Technology), and Microsemi (Information Technology). Shares of Methanex, a Canada-based producer of methanol, rose amid increasing methanol prices as industry capacity was curtailed, and demand continued on a healthy trend. Shares of NXP Semiconductors, a Netherlands-based semiconductor company, rose as the company announced an accretive merger with Freescale, which we believe will solidify the company’s position as a leading supplier to the automotive industry. We subsequently sold our position in NXP when our investment thesis played out and the stock reached our target price. Microsemi, a U.S.-based semiconductor manufacturer, also outperformed as the company began to close its historic valuation gap versus analog peers and management expressed some optimism about their defense end market.

The largest detractors from absolute performance and performance relative to the Russell 2500 Value Index included Generac Holdings (Industrials), Wesco (Industrials), and Esterline Tech (Industrials). Shares of Generac Holdings, a U.S.-based designer and manufacturer of power generation equipment and other engine powered products, declined as revenue and net income dropped on weak demand for power generators over the period. Wesco, a U.S.-based distributor of industrial cabling, electrical, datacom and lighting products, underperformed despite modest revenue growth. A weak oil and gas outlook offset solid trends in non-residential construction. Esterline, a U.S.-based manufacturer and end-market parts supplier for the aerospace and defense industry, also declined over the period due to a variety of short term headwinds that have slowed the pace of margin expansion. Delays in key aerospace programs and an adjacent market slowdown in European industrials have tempered near term growth prospects.

Derivatives are not used in a significant manner in this Fund and did not have a material impact on performance during the period.

What is the outlook?

The annual rebalancing of the Russell indices at the end of June resulted in a few significant changes in sector weightings. Energy almost doubled from 3.9% to 7.4% of the Russell 2500 Value Index. As a result, despite our net purchases during the last quarter, we ended the period slightly underweight in energy after having been slightly overweight versus the previous index sector weightings. We believe that oil prices have recently weakened due to: 1) fears that recent healthy demand growth may be impacted by macro uncertainty in China and Europe, 2) U.S. dollar strength, and 3) greater supply than expected from OPEC and anticipation of an Iranian deal. The Healthcare and Consumer Discretionary sectors have lower weights in the latest rebalancing. We enter the third quarter of 2015 roughly 10% overweight the more cyclical sectors, with the largest relative overweights in Consumer Discretionary, Materials, and Information Technology relative to the Russell 2500 Value Index.

We believe that global uncertainties are now dominating investor psychology. We remain confident in modest U.S. economic growth, with recently improved manufacturing, construction and consumer momentum. While we continue to expect the Fed to begin raising short-term interest rates higher later this year, we believe that its policy will be influenced by unfolding global events. We believe that the crises in Greece and the bursting of the equity bubble in China will not derail the global economic recovery, but we acknowledge the potential for increased contagion risks, the possibility of unanticipated stress within the global financial system, continued foreign exchange challenges from a stronger dollar, and potential hits to consumer and business confidence. We believe that some increased caution is warranted as we watch closely for any new data points that indicate more fall out on the real economy, and the earnings of the companies held by the Fund. But we also believe this volatility will present us with some strong buying opportunities if we are willing to look through a longer term lens.

Diversification by Sector

as of June 30, 2015 (Unaudited)


Sector	Percentage of Net Assets
Equity Securities
Consumer Discretionary		14.3	%
Consumer Staples		1.8
Energy		6.3
Financials		29.0
Health Care		6.4
Industrials		14.7
Information Technology		11.6
Materials		9.6
Utilities		4.8

Total		98.5	%

Short-Term Investments		1.4
Other Assets & Liabilities		0.1

Total		100.0	%

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		5 Years		10 Years
Small Company IA		5.62%		8.13%		18.59%		10.20%
Small Company IB		5.49%		7.88%		18.30%		9.93%
Russell 2000 Growth Index		8.74%		12.34%		19.33%		9.86%

¹	Not Annualized

Russell 2000 Growth Index is an unmanaged index of those Russell 2000 Index growth companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Index is a broad-based unmanaged index comprised of 2,000 of the smallest U.S.-domiciled company common stocks (on the basis of capitalization) that are traded in the United States on the New York Stock Exchange, NYSE MKT LLC and Nasdaq.

The index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

rose 6% in the first quarter from a year ago, but analysts were expecting 8% growth. Shares of Insulet, a diabetes medical device company, fell during the period after the company reported unexpectedly weak first-quarter earnings. However, management reiterated its full year revenue guidance. Shares of TrueCar, a data-driven car sales online platform operating on a common technology infrastructure, powered by data and analytics, fell during the period due to earnings results that fell below investor expectations. Tuesday Morning (Consumer Discretionary) detracted from absolute returns during the period.

Top contributors to relative performance during the period included Anacor Pharmaceuticals (Healthcare), SunEdison (Information Technology), and DexCom (Healthcare). Shares of Anacor Pharmaceuticals, a U.S.-based pharmaceutical company rose after it beat revenue and earnings estimates. Shares of SunEdison, a solar installation company, rose during the period after the company announced a positive full year 2015 outlook. Shares of DexCom, a health care equipment company, outperformed during the period after the company announced quarterly results that exceeded expectations on increasing patient additions and a tech upgrade cycle. Synageva (Healthcare) contributed to absolute returns during the period.

Derivatives are not used in a significant manner in this Fund and did not have a material impact on performance during the period.

What is the outlook?

We continue to maintain a cautiously optimistic view of the equity market. Despite what appears to be growing macro risk related to the potential default of Greece, and its implications for the future of the Euro, we believe the global economy showed signs of resuming growth during the second quarter. As macro factors abate, we believe that there is significant potential for growth within our market, which may translate into strong potential returns. We continue to find what we consider to be compelling investment opportunities across our investment universe.

As a result of our bottom-up, stock-by-stock investment decisions, the Fund ended the period most overweight the Information Technology, Financials, and Industrials, sectors relative to the Russell 2000 Growth Index. The Fund ended the period most underweight the Healthcare, Consumer Discretionary, and Consumer Staples sectors relative to the Russell 2000 Growth Index.

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		5 Years		10 Years
Small/Mid Cap Equity IA		3.59%		4.91%		17.27%		8.60%
Small/Mid Cap Equity IB		3.51%		4.67%		16.99%		8.33%
Russell 2500 Index		4.81%		5.92%		17.86%		9.09%

¹	Not Annualized

Performance information includes performance under the Fund’s previous sub-adviser, Hartford Investment Management Company. As of June 4, 2012, Hartford Investment Management Company no longer served as the sub-adviser to the Fund.

Includes the Fund’s performance when it invested, prior to February 1, 2010, at least 80% of its assets in common stocks of mid-capitalization companies.

Class IB shares commenced on March 31, 2008. Class IB shares performance prior to that date reflects Class IA shares performance adjusted to reflect the 12b-1 fee of 0.25% applicable to Class IB shares. The performance after such date reflects actual Class IB shares performance.

Russell 2500 Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500 Index is a subset of the Russell 3000 Index and includes approximately 2500 of the smallest

Managing Director, Co-Director, Quantitative Investments and Portfolio Manager

How did the Fund perform?

The Class IA shares of Hartford Small/Mid Cap Equity HLS Fund returned 3.59% for the six-month period ended June 30, 2015, underperforming the Fund’s benchmark, the Russell 2500 Index, which returned 4.81%. For the same period, the Fund outperformed the 3.09% average return of the Lipper Mid-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities, as measured by the S&P 500 Index, rose for the period, notwithstanding significant volatility. The S&P 500 Index finished 2014 with strong gains, retreated briefly, but then reached new all-time highs on March 2, April 24, and May 21. Stocks fell in January, which was the worst monthly return for U.S. stocks in a year. Despite a positive overall scorecard, earnings sentiment was fairly negative among many investors, in part due to a strengthening U.S. Dollar negatively affecting exports and making future growth difficult and some accompanying high-profile earnings guidance disappointments. Equities rebounded in February, posting their best monthly gain since October 2011. The market pulled back again in early March as soft manufacturing data, potentially negative currency- and oil-related earnings, and valuation concerns weighed on investors’ minds. However, risk appetites increased after the March 18 Federal Open Market Committee statement underlined the U.S. Federal Reserve’s (Fed) hesitation to raise rates as U.S. domestic inflation remained subdued and other major central banks maintained an easing bias. In April, the tech-heavy Nasdaq Composite topped the 5,000 mark for the first time since the dot-com bubble and broke its closing record from March 2000. Continued strong merger and acquisition (M&A) activity, a rebound in hiring, and solid housing data helped to fuel risk appetites. May marked the second-best month ever for M&A activity involving U.S. companies with $234 billion in announcements. Stocks ended the period on a sour note after negotiations between Greece and its creditors broke down in late June. U.S. equities fell 1.9% in June despite promising data releases and an upbeat economic assessment by the Fed.

Six of the ten sectors in the Russell 2500 Index posted positive absolute returns during the period. Strong performers included the Healthcare (+20.2%), Information Technology (+7.9%), and Consumer Discretionary (+5.6%) sectors, while the Utilities (-10.7%), Telecommunication Services (-9.2%) and Energy (-2.5%) sectors lagged on a relative basis.

The Fund’s underperformance relative to the Russell 2500 Index was driven by weak stock selection, particularly in the Financials, Consumer Discretionary, and Materials sectors. This was partially

offset by stronger stock selection in Information Technology, Industrials, and Healthcare sectors. Overall sector positioning modestly contributed to relative returns during the period due primarily to an underweight to the Healthcare sector; an overweight to Information Technology and an underweight to Materials contributed to results relative to the Russell 2500 Index.

The largest detractors from performance relative to the Russell 2500 Index during the period were Westar Energy (Utilities), Retail Properties of America (Financials), and Resolute Forest (Materials). Shares of Westar Energy, an electric utility in Kansas, fell due to management reports of lower margins and earnings than the same period last year. Real estate investment trust (REIT) Retail Properties of America owns and operates shopping centers in the United States. Shares of the company fell after delivering in-line earnings with soft 2015 guidance below consensus estimates. Resolute Forest is a global forest products company that owns and operates pulp and paper mills and wood products facilities in the United States, Canada and South Korea. Shares of the company fell over the period reflecting the impact of lower prices in the pulp and wood products businesses and a material increase in the company’s pension expense on earnings. Sonus Networks (Information Technology) and Phoenix Companies (Financials) detracted from performance on an absolute basis during the period.

The largest contributors to performance relative to the Russell 2500 Index during the period were Anacor Pharmaceuticals (Healthcare), Skechers (Consumer Discretionary), and Centene (Healthcare). Shares of Anacor, a biopharmaceutical company focused on discovering, developing and commercializing small-molecule therapeutics, rose in response to the recently approved (2014) topical treatment for nail fungus. Shares of branded footwear maker Skechers experienced strong earnings growth as expectations for growth in international sales pushed the stock price higher. Shares of Centene, a provider of programs and services to government sponsored Healthcare programs, outperformed amid a frenzy of anticipated mergers and acquisitions in the Healthcare industry. Skyworks Solutions (Information Technology) also contributed on an absolute basis.

Derivatives are not used in a significant manner in this Fund and did not have a material impact on performance during the period.

What is the outlook?

The Fund seeks to add value by utilizing Wellington Management’s proprietary quantitative research and investment tools in a highly disciplined framework. The Fund focuses on stock selection as the key driver of returns and uses quantitative portfolio optimization

techniques to seek to minimize unintended and uncompensated risks. Based on individual stock decisions, the Fund ended the period most overweight the Information Technology and Consumer Discretionary sectors and most underweight the Industrials and Materials sectors relative to the Russell 2500 Index.

Diversification by Sector

as of June 30, 2015 (Unaudited)


Sector	Percentage of Net Assets
Equity Securities
Consumer Discretionary		16.4	%
Consumer Staples		1.7
Energy		4.2
Financials		23.7
Health Care		12.9
Industrials		13.1
Information Technology		17.9
Materials		4.8
Telecommunication Services		0.7
Utilities		4.2

Total		99.6	%

Short-Term Investments		0.4
Other Assets & Liabilities		0.0

Total		100.0	%

A sector may be comprised of several industries. For Fund compliance purposes, the Fund may not use the same classification system and these sector classifications are used for reporting ease.

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		5 Years		10 Years
SmallCap Growth IA		8.09%		11.75%		21.82%		10.00%
SmallCap Growth IB		7.94%		11.50%		21.51%		9.72%
Russell 2000 Growth Index		8.74%		12.34%		19.33%		9.86%

¹	Not Annualized

The index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

As shown in the Fund’s current prospectus dated May 1, 2015, the total annual fund operating expense ratios for Class IA and Class IB were 0.65% and 0.90%,

Managing Director, Co-Director, Quantitative Investments and Portfolio Manager

How did the Fund perform?

The Class IA shares of the Hartford SmallCap Growth HLS Fund returned 8.09% before sales charge for the six-month period ended June 30, 2015, underperforming its benchmark, the Russell 2000 Growth Index, which returned 8.74%. For the same period, the Fund outperformed the 8.03% average return of the Lipper Small-Cap Growth Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities, as measured by the S&P 500 Index, rose for the period, notwithstanding significant volatility. The S&P 500 Index finished 2014 with strong gains, retreated briefly, but then reached new all-time highs on March 2, April 24, and May 21. Stocks fell in January, which was the worst monthly return for U.S. stocks in a year. Despite a positive overall scorecard, earnings sentiment was fairly negative among many investors, in part due to a strengthening U.S. Dollar negatively affecting exports and making future growth difficult, and some accompanying high-profile earnings guidance disappointments. Equities rebounded in February, posting their best monthly gain since October 2011. The market pulled back again in early March as soft manufacturing data, potentially negative currency- and oil-related earnings and valuation concerns weighed on investors’ minds. However, risk appetites increased after the March 18 Federal Open Market Committee statement underlined the U.S. Federal Reserve’s (Fed) hesitation to raise rates as U.S. domestic inflation remained subdued and other major central banks maintained an easing bias. In April, the tech-heavy Nasdaq Composite topped the 5,000 mark for the first time since the dot-com bubble and broke its closing record from March 2000. Continued strong merger and acquisition (M&A) activity, a rebound in hiring, and solid housing data helped to fuel risk appetites. May marked the second-best month ever for M&A activity involving U.S. companies with$234 billion in announcements. Stocks ended the period on a sour note after negotiations between Greece and its creditors broke down in late June. U.S. equities fell 1.9% in June despite promising data releases and an upbeat economic assessment by the Fed.

Small cap stocks (+5%) outperformed large cap stocks (+1%) during the period, as measured by the Russell 2000 and S&P 500 Indices, respectively. Growth stocks (+4%) outperformed value stocks (-1%) during the period, as measured by the Russell 3000 Growth and Russell 3000 Value Indices, respectively. Eight of the ten sectors in the Russell 2000 Growth Index had positive returns during the period.

Healthcare (+20%), Utilities (+20%), and Information Technology (+10%) performed best, while Consumer Staples (-4%) and Materials (-4%) lagged the broader index.

Sector allocation, which is a result of bottom-up security selection, was the primary driver of the Fund’s underperformance relative to the Russell 2000 Growth Index, particularly an underweight to Healthcare and overweights to Materials and Consumer Staples. Underweights to Telecommunications Services and Consumer Discretionary were modest contributors to performance relative to the Russell 2000 Growth Index. Security selection also contributed to benchmark-relative results over the period. Selection was strongest within the Information Technology, Financials, and Consumer Staples sectors and weakest within Consumer Discretionary and Healthcare sectors.

The top detractors from performance relative to the Russell 2000 Growth Index over the period were Vince (Consumer Discretionary), Synageva (Healthcare), and Kate Spade (Consumer Discretionary). Shares of Vince, an apparel vendor primarily focused on high-end department stores, fell after company management positioned 2015 performance below market expectations due to a slowdown in their wholesale business. Shares of Synageva, a biopharmaceutical firm focused on developing therapies for patients with rare “orphan” diseases, outperformed on news of a merger with Alexion; not holding this benchmark constituent detracted from results. Shares of Kate Spade, a U.S.-based designer and marketer of a range of accessories and apparel, fell during the period after the company reported in-store sales that missed expectations. Sales at the company’s brick-and-mortar stores rose 6% in the first quarter from a year ago, but analysts were expecting 8% growth. Sonus Networks (Information Technology) was a top detractor from absolute performance over the period.

Anacor (Healthcare), Hyperion (Healthcare), and Ultragenyx (Healthcare) were top relative contributors to results relative to the Russell 2000 Growth Index over the period. Shares of Anacor, a biopharmaceutical company focused on discovering, developing and commercializing small-molecule therapeutics, rose in response to the recently approved (2014) topical treatment for nail fungus. Shares of Hyperion Therapeutics, a biopharmaceutical company, surged after Horizon Pharma announced that it offered to buy Hyperion for a substantial premium. We eliminated the position as the stock price increased following the announcement. Shares of Ultragenyx, a clinical-stage biopharmaceutical company focused on the treatment

of rare and ultra-rare diseases, rose based on positive news on key products in the company’s pipeline. Top absolute contributors during the period also included Ellie Mae (Information Technology), and DexCom (Healthcare).

Derivatives are not used in a significant manner in this Fund and did not have a material impact on performance during the period.

What is the outlook?

Overall, we continue to find what we view as attractively valued stocks with the characteristics we seek. We are cautiously optimistic about the outlook for the U.S. economy and for equity markets, and we continue to monitor policy decisions and economic trends which may impact our holdings. We remain consistent in adhering to our disciplined portfolio construction process that we believe allows us to assess risk and weigh individual positions accordingly, and in the process build a portfolio that focuses largely on stock selection to seek to generate outperformance relative to the Russell 2000 Growth Index.

As a result of bottom-up stock selection, the Fund’s top overweights at the end of the period included Information Technology, Consumer Staples, and Materials. Healthcare, Consumer Discretionary, and Telecommunication Services constituted the greatest underweights relative to the Russell 2000 Growth Index at the end of the period.

Diversification by Sector

as of June 30, 2015 (Unaudited)


Sector	Percentage of Net Assets
Equity Securities
Consumer Discretionary		16.8	%
Consumer Staples		4.2
Energy		1.9
Financials		9.6
Health Care		23.0
Industrials		13.3
Information Technology		25.3
Materials		4.7
Telecommunication Services		0.4

Total		99.2	%

Short-Term Investments		0.8
Other Assets & Liabilities		0.0

Total		100.0	%

A sector may be comprised of several industries. For Fund compliance purposes, the Fund may not use the same classification system and these sector classifications are used for reporting ease.

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		5 Years		10 Years
Stock IA		-0.77%		6.19%		15.72%		7.38%
Stock IB		-0.91%		5.92%		15.43%		7.11%
Russell 1000 Index		1.71%		7.37%		17.58%		8.13%

¹	Not Annualized

Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies, based on total market capitalizations.

The index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

As shown in the Fund’s current prospectus dated May 1, 2015, the total annual fund operating expense ratios for Class IA and Class IB were 0.50% and 0.75%, respectively. Actual expenses may be higher. Please see the accompanying Financial Highlights for expense ratios for the six-month period ended June 30, 2015.

How did the Fund perform?

The Class IA shares of the Hartford Stock HLS Fund returned -0.77% for the six-month period ended June 30, 2015, underperforming the Russell 1000 Index, which returned 1.71% for the same period. The Fund also underperformed the 1.00% average return of the Lipper Large-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities, as measured by the S&P 500 Index, rose for the period, notwithstanding significant volatility. The S&P 500 Index finished 2014 with strong gains, retreated briefly, but then reached new all-time highs on March 2, April 24, and May 21. Stocks fell in January, which was the worst monthly return for U.S. stocks in a year. Despite a positive overall scorecard, earnings sentiment was fairly negative among many investors, in part due to a strengthening U.S. Dollar negatively affecting exports and making future growth difficult and some accompanying high-profile earnings guidance disappointments. Equities rebounded in February, posting their best monthly gain since October 2011. The market pulled back again in early March as soft manufacturing data, potentially negative currency- and oil-related earnings, and valuation concerns weighed on investors’ minds. However, risk appetites increased after the March 18 Federal Open Market Committee statement underlined the U.S. Federal Reserve’s (Fed) hesitation to raise rates as U.S. domestic inflation remained subdued and other major central banks maintained an easing bias. In April, the tech-heavy Nasdaq Composite topped the 5,000 mark for the first time since the dot-com bubble and broke its closing record from March 2000. Continued strong merger and acquisition (M&A) activity, a rebound in hiring, and solid housing data helped to fuel risk appetites. May marked the second-best month ever for M&A activity involving U.S. companies with $234 billion in announcements. Stocks ended the period on a sour note after negotiations between Greece and its creditors broke down in late June. U.S. equities fell 1.9% in June despite promising data releases and an upbeat economic assessment by the Fed. Returns varied noticeably by market-cap, as small- and mid-cap stocks outperformed large-cap stocks.

Overall equity market performance was positive for the period across all market capitalizations as large cap stocks (+2%), mid cap stocks (+4%), and small cap stocks (+5%) all rose, as represented by the Russell 1000, S&P MidCap 400, and Russell 2000 indices respectively. During the six-month period, six of the ten sectors rose within the Russell 1000 Index, led by Healthcare (+11%), and Consumer Discretionary (+6%), and Telecommunication Services (+4%). Utilities (-11%) and Energy (-4%) lagged on a relative basis.

The Fund’s underperformance versus the Russell 1000 Index was primarily driven by weak security selection within Healthcare, Consumer Staples, and Industrials, which offset stronger selection within Energy. Sector allocation, a residual of the bottom-up stock selection process, contributed to relative returns due primarily to overweight allocations to the Healthcare and underweight to Utilities. This was partially offset by an overweight to a weak performing Industrials sector.

Stocks that detracted the most from returns relative to the Russell 1000 Index during the period were Apple (Information Technology), Canadian National Railway (Industrials), and United Parcel Services (Industrials). Shares of Apple, a designer and manufacturer of consumer electronics, software, and computers, rose after the company posted better-than-expected revenue and an increase in gross margins. Not owning the strong performing benchmark constituent detracted from relative returns during the period. Shares of Canadian National Railway, Canada’s largest and only transcontinental railway, fell during the period. Railway stocks were hurt by concerns about coal, which created an opportunity for us to add to our position in Canadian National Railway. Shares of United Parcel Services, a package delivery company, underperformed during the period after the company reported disappointing quarterly earnings in late January 2015, in part due to overstaffing during the 2014 holiday season. Wal-Mart Stores (Consumer Staples) also detracted from performance on an absolute basis.

Top contributors to performance relative to the Russell 1000 Index during the period included UnitedHealth Group (Healthcare), BG Group (Energy), and Nike (Consumer Discretionary). Shares of UnitedHealth Group, a U.S.-based health care benefits and services provider, rose during the period after the company announced its plans to purchase Catamaran, a pharmacy-benefit manager company. Shares of BG Group, a UK-based natural gas-focused oil and gas exploration company, rose during the period after the Royal Dutch Shell company announced that it would acquire BG Group for approximately $70 billion. Shares of Nike, a U.S.-based manufacturer of athletic apparel and gear, rose during the period after the company posted a high-quality quarterly revenue and earnings beat and offered strong guidance for the 2016 fiscal year. Walt Disney (Consumer Discretionary) also contributed positively to performance on an absolute basis.

Derivatives are not used in a significant manner in this Fund and did not have a material impact on performance during the period.

What is the outlook?

It seemed hard to imagine that anything could knock M&A activity from the top of the headlines these days. Very large scale deals seemed to be announced daily, across all industries and geographies.

But we believe the ongoing events in both Greece and China have easily relieved M&A as the topic of greatest interest among investors. And while heightened M&A activity has clearly demonstrated impact on the portfolio, do the events in Greece and China matter nearly as much? Yes…and no, in our opinion.

In the case of Greece, we view the serious issues between the country and the Euro region a tempest in a teapot as it applies to our portfolio. While a Greek exit would likely create volatility that would affect markets broadly. We believe our current positioning and our focus on large multinational enterprises would have little direct reaction.

We believe the slowdown in China is of more concern. The world’s second largest economy appears to be going through a meaningful slowdown. That such a large and rapidly growing economy appears to be slowing from ~10% growth to something closer to 5% is neither surprising, nor unhealthy. China appears to be entering a period of transition from an export-dominated economy, to one more balanced between exports and internal consumption. In our view, such a transition will require a meaningful work-off of excesses in commodities, credit and the like. We expect that both the government and central bank will be hard-pressed to manage this slowdown without much pain.

We believe the pain of a transition in China will likely have more impact on the portfolio than any outcome in Greece. Indeed, many (though certainly not all) of the companies in the portfolio have exposure to China. That exposure is from both a sales perspective as well as sourcing perspective. There is also likely to be some related impact from weakness in Chinese equity markets. While the government is actively intervening in an attempt to manage the potential weakness in markets, it seems unlikely that downside volatility will vanish soon. We believe one should expect some knock on effects globally.

We view the events unfolding in both Greece and China with concern. But as to the question of likely impact on the portfolio, we believe that the potential effects are very different. As always, we will manage the portfolio with an eye toward long term wealth creation through the prism of dividend growth. We will attempt to use what we perceive as any sustained weakness in our holdings resulting from Greek or Chinese volatility as an opportunity to improve our position. Said another way, we don’t fear such volatility…we embrace it.

At the end of the period, our bottom-up investment approach resulted in overweight exposures in Consumer Staples, Industrials, and Healthcare as we continued to find what we consider to be attractive

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		5 Years		10 Years
Total Return Bond IA		-0.26%		0.73%		4.06%		4.14%
Total Return Bond IB		-0.35%		0.50%		3.81%		3.89%
Barclays U.S. Aggregate Bond Index		-0.10%		1.86%		3.35%		4.44%

¹	Not Annualized

Barclays U.S. Aggregate Bond Index is an unmanaged index and is composed of securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

How did the Fund perform?

The Class IA shares of the Hartford Total Return Bond HLS Fund returned -0.26%, for the six-month period ended June 30, 2015, underperforming its benchmark, the Barclays U.S. Aggregate Bond Index, which returned -0.10% for the same period. The Fund also underperformed the -0.02% average return of the Lipper Intermediate Investment Grade Debt Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

After declining in the first quarter, government bond yields moved sharply higher in the second quarter as economic outlooks brightened in the U.S. and the Eurozone, global deflation fears eased, and the Fed appeared on track to raise rates later this year. Greece took center stage at the end of the period after debt negotiations broke down and the country defaulted on its payment to the International Monetary Fund (IMF), triggering a risk-off tone throughout global financial markets.

Most global government bond yields were up over the six-month period and yield curves generally steepened led by the long-end of the curve. Absolute returns across the major fixed income sectors were mixed, with some sectors posting negative absolute returns amid rising interest rates. Spreads in the high yield and bank loans tightened, while investment grade corporate spreads widened.

The primary driver of the Fund’s underperformance relative to the Barclays U.S. Aggregate Bond Index over the period stemmed from its out-of-benchmark allocation to local currency emerging market (EM) debt; local EM debt lagged over the period as emerging markets currencies depreciated against the U.S. dollar. Additionally, the Fund’s inflation positioning detracted from relative results in the first quarter, as inflation expectations (measured by breakeven rates) were heavily influenced by low energy prices. The Fund’s out-of-benchmark allocation to bank loans contributed to benchmark-relative performance over the period. An allocation to Collateralized Loan Obligations (CLOs) and an overweight to Commercial Mortgage Backed Securities (CMBS) were also positive contributors to performance relative to the Barclays U.S. Aggregate Bond Index over the period.

Derivatives are used to manage the duration and risk positioning of the overall Fund. High yield credit default swap (CDS) index positions detracted from relative performance, but this was partially offset by positive results from an allocation to BB-rated high yield bonds.

What is the outlook?

At the end of the period, we maintained a moderately pro-cyclical risk stance in credit markets. We continue to expect positive economic momentum in the U.S., underpinned by consumption, housing, and

receding energy challenges. In our view, the labor market continues to improve and wage growth is starting to pick up. The Federal Open Market Committee appears on track to raise rates later in 2015, though we expect a slow lift-off. Risk factors will likely be driven by macroeconomic/geopolitical events outside the U.S.

At the end of the period, the Fund’s U.S. duration positioning was shorter than the Barclays U.S. Aggregate Bond Index. Additionally, we expect that capacity constraints will pressure inflation higher; therefore, at the end of the period, we were positioned for an increase in inflation expectations.

We maintain a positive view on credit overall, based on what we believe to be supportive monetary policy, positive credit fundamentals, and attractive valuations. We continue to favor bank loans based on what we consider attractive valuations and low default expectations. We also hold BB rated high yield bonds and contingent convertibles (CoCos) of large European banks. Within the securitized sectors, we continue to favor select non-agency Residential Mortgage-Backed Securities (RMBS) due to what appears to be an improving housing market and high quality CLOs because we believe their valuations are compelling versus other investment grade securities. Additionally, we continued to have an overweight to CMBS as well as an overweight to agency Mortgage Backed Securities (MBS) pass-throughs where we believe valuations look attractive versus U.S. Treasuries. We held a moderate allocation to local currency emerging market debt. At quarter end, we maintained an underweight to investment grade corporates overall, but continued to favor financials and communications issuers.

Diversification by Security Type

as of June 30, 2015 (Unaudited)


Category	Percentage of Net Assets
Equity Securities
Preferred Stocks		0.1	%

Total		0.1	%

Fixed Income Securities
Asset & Commercial Mortgage Backed Securities		32.6	%
Corporate Bonds		32.6
Foreign Government Obligations		4.3
Municipal Bonds		1.1
Senior Floating Rate Interests		5.8
U.S. Government Agencies		46.1
U.S. Government Securities		7.3

Total		129.8	%

Short-Term Investments		3.2
Purchased Options		0.0
Other Assets & Liabilities		(33.1	)

Total		100.0	%

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		Since Inception²
Ultrashort Bond IA		0.20%		0.10%		0.18%
Ultrashort Bond IB		0.10%		-0.20%		-0.06%
Barclays 9-12 Month U.S. Treasury Index		0.26%		0.31%		0.31%

¹	Not Annualized

²	On October 21, 2013, the Fund converted from a money market fund to an ultrashort bond fund. Total returns shown are from conversion date (October 21, 2013) to June 30, 2015.

Prior to October 21, 2013, the Fund was managed as a money market fund. Accordingly, performance of the Fund prior to October 21, 2013 is not shown. Past performance information for when the Fund was managed as a money market fund is available upon request by calling 1-888-843-7824.

Barclays 9-12 Month U.S. Treasury Index measures the performance of U.S. Treasury securities that have a remaining maturity between one and twelve months.

How did the Fund perform?

The Class IA shares of the Hartford Ultrashort Bond HLS Fund returned 0.20% for the six-month period ended June 30, 2015, performing in line with its benchmark, the Barclays 9-12 Month U.S. Treasury Index, which returned 0.26% for the same period. The Fund underperformed the 0.68% average return of the Lipper Short-Intermediate Investment Grade Debt Funds peer group, a group of funds that invest primarily in investment grade issues with dollar-weighted average maturities of one to five years.

Why did the Fund perform this way?

Most global government bond yields were up over the six-month period and yield curves generally steepened led by the long-end of the curve. Absolute returns across the major fixed income sectors were mixed, with some sectors posting negative absolute returns amid rising interest rates. Spreads in the higher beta credit sectors like high yield and bank loans tightened, while investment grade corporate spreads widened.

An out-of-benchmark allocation to investment grade corporate credit, particularly within financial institutions and industrials, contributed to performance relative to the Barclays 9-12 Month U.S. Treasury Index during the period. An out-of-benchmark allocation to Asset Backed Securities (ABS) was also additive, specifically within autos. Yield curve and duration positioning contributed to performance relative to the Barclays 9-12 Month U.S. Treasury Index during the period as we were shorter duration relative to the benchmark as rates rose during the period. We use Treasury futures and interest rate swaps to manage duration and yield curve exposure. The use of Treasury futures and interest rate swaps did not have a material impact on performance during the period.

What is the outlook?

U.S. economic momentum continues to be positive, and we expect moderately stronger U.S. growth in 2015. Challenges to the global growth outlook appear to have increased, however. On balance, we believe the Fund is positioned with a moderately pro-cyclical risk posture.

We continue to expect the Fed to raise the Fed Funds rate in late 2015; as a result, at the end of the period our duration positioning was shorter relative to the Barclays 9-12 Month U.S. Treasury Index. We believe that U.S. governments remain the most liquid sector, and continue to own select agencies maturing in 3 years or less. We expect that core inflation will likely dip and then rise later in 2015.

We continued to be positioned with out-of-benchmark allocations to investment grade corporates, ABS, and Commercial Mortgage Backed Securities (CMBS) at the end of the period. Within investment grade corporates, we favor U.S. financials, as financial companies appear to have de-levered significantly, and we have been looking to the new issue market to add exposure in fixed and floating rate issues. Within ABS, we favor auto, credit card and equipment issuers.

Diversification by Security Type

as of June 30, 2015 (Unaudited)


Category	Percentage of Net Assets
Fixed Income Securities
Asset & Commercial Mortgage Backed Securities		21.6	%
Corporate Bonds		47.6
Municipal Bonds		0.7
U.S. Government Agencies		14.3
U.S. Government Securities		13.9

Total		98.1	%

Short-Term Investments		1.9
Other Assets & Liabilities		0.0

Total		100.0	%

Credit Exposure

as of June 30, 2015 (Unaudited)


Credit Rating*	Percentage of Net Assets
Aaa / AAA		49.9	%
Aa / AA		10.1
A		29.1
Baa / BBB		8.6
Not Rated		0.4
Short-Term Instruments		1.9
Other Assets & Liabilities		0.0

Total		100.0	%

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		5 Years		10 Years
U.S. Government Securities IA		1.06%		1.83%		2.03%		2.56%
U.S. Government Securities IB		0.97%		1.51%		1.78%		2.30%
Barclays Intermediate Government Bond Index		0.82%		1.79%		2.06%		3.67%

¹	Not Annualized

Barclays Intermediate Government Bond Index is an unmanaged index of government bonds with maturities of between one and ten years.

The index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

How did the Fund perform?

The Class IA shares of the Hartford U.S. Government Securities HLS Fund returned 1.06% for the six-month period ended June 30, 2015, outperforming its benchmark, the Barclays Intermediate Government Bond Index, which returned 0.82% for the same period. The Fund also outperformed the 0.69% average return of the Lipper Intermediate U.S. Government Funds peer group, a group of funds that invest primarily in U.S. government and agency issues.

Why did the Fund perform this way?

Most global government bond yields were up over the six-month period and yield curves generally steepened led by the long-end of the curve. Absolute returns across the major fixed income sectors were mixed, with some sectors posting negative absolute returns amid rising interest rates. Spreads in the higher beta credit sectors like high yield and bank loans tightened, while investment grade corporate spreads widened.

Out-of-benchmark allocations to Mortgage Backed Securities (MBS), Asset Backed Securities (ABS), and Commercial Mortgage Backed Securities (CMBS) were the main drivers of outperformance relative to the Barclays Intermediate Government Bond Index over the period. Specifically within MBS, allocations to agency Collateralized Mortgage Obligations (CMOs) and non-agency Residential Mortgage-Backed Securities (RMBS) contributed to the Fund’s relative outperformance. Within ABS, exposure to Collateralized Loan Obligations (CLOs) was the primary driver of benchmark-relative returns over the period.

We use Treasury futures and interest rate swaps to manage duration and yield curve exposures; overall these components had a neutral impact on performance relative to the Barclays Intermediate Government Bond Index. On the other hand, the Fund’s duration and yield curve positioning detracted from returns relative to the Barclays Intermediate Government Bond Index over the period. The Fund was positioned with a flattening bias during the period (overweight the long-end of the curve and underweight the short-end), which detracted from performance relative to the Barclays Intermediate Government Bond Index, as rates rose and the yield curve steepened.

What is the outlook?

We continue to maintain our view that the Fed will begin raising short term interest rates later in 2015 based on what appears to be an improving domestic economy, which may put upward pressure on the front end of the yield curve. At the same time, demand for long-term U.S. bonds appears to remain strong from international buyers facing low local rates and looking for safety amid growth fears.

At the end of the period we remained overweight MBS relative to the Barclays Intermediate Government Bond Index. Further increases in volatility, brought on either by geopolitical events or uncertainty around the Fed, could continue to put pressure on spreads. We expect spread widening to be constrained, however, since over the longer term, we believe increases in the relative supply of Treasuries should create support for MBS. In addition, the U.S. rate structure appears to remain attractive compared to other developed markets which should drive demand from international buyers.

We remain positive on the non-agency RMBS sector, despite the fact that a strong market environment which supported its robust performance over the last few years appears to be lessening. Credit spreads have tightened substantially in the wake of the global financial crisis; however, we still believe the sector is attractively valued versus other credit markets, especially given our assessment of the relative risks. We continue to expect home-price appreciation to moderate to more normal levels this year, but we believe mid-single-digit gains should continue to support the sector. We believe mortgage-credit availability continues to gradually expand, and we believe looser credit standards should support the housing market.

Our outlook on CMBS has moved to neutral from positive, primarily due to changes in relative valuations. We believe that fundamentals remain positive, as the sector continues to be supported by what appears to be a recovering economy, limited supply across most sectors, and a manageable near-term loan-maturity schedule. Underwriting standards seem to continue to deteriorate, which requires us to be judicious in security selection, both within and across deals. The potential for rising interest rates is a risk factor that we continue to monitor.

Going forward, we are optimistic that continued economic improvement will benefit consumers, including subprime consumers, which we believe may be supportive for the ABS sector. In our view, the employment picture continues to improve, and falling energy prices should disproportionately benefit subprime borrowers, as well as support auto residual values. In addition, we also believe the economic environment should continue to be supportive for corporate credit and we are selectively invested in CLOs.

Diversification by Security Type

as of June 30, 2015 (Unaudited)


Category	Percentage of Net Assets
Fixed Income Securities
Asset & Commercial Mortgage Backed Securities		18.7	%
Municipal Bonds		0.6
U.S. Government Agencies		53.3
U.S. Government Securities		34.2

Total		106.8	%

Short-Term Investments		18.1
Other Assets & Liabilities		(24.9	)

Total		100.0	%

Average Annual Total Return (as of 6/30/15)


	6 Months¹		1 Year		5 Years		10 Years
Value IA		1.01%		5.75%		15.99%		8.52%
Value IB		0.83%		5.44%		15.70%		8.25%
Russell 1000 Value Index		-0.61%		4.13%		16.50%		7.05%

¹	Not Annualized

The index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

As shown in the Fund’s current prospectus dated May 1, 2015, the total annual fund operating expense ratios for Class IA and Class IB were 0.77% and 1.02%,

How did the Fund perform?

The Class IA shares of the Hartford Value HLS Fund returned 1.01% for the six-month period ended June 30, 2015, outperforming the benchmark, the Russell 1000 Value Index, which returned -0.61% for the same period. The Fund also outperformed the 0.40% average return of the Lipper Large Cap Value Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities, as measured by the S&P 500 Index, rose for the period, notwithstanding significant volatility. The S&P 500 Index finished 2014 with strong gains, retreated briefly, but then reached new all-time highs on March 2, April 24, and May 21. Stocks fell in January, which was the worst monthly return for U.S. stocks in a year. Despite a positive overall scorecard, earnings sentiment was fairly negative among many investors, in part due to a strengthening U.S. Dollar negatively affecting exports and making future growth difficult and some accompanying high-profile earnings guidance disappointments. Equities rebounded in February, posting their best monthly gain since October 2011. The market pulled back again in early March as soft manufacturing data, potentially negative currency- and oil-related earnings, and valuation concerns weighed on investors’ minds. However, risk appetites increased after the March 18 Federal Open Market Committee statement underlined the U.S. Federal Reserve’s (Fed) hesitation to raise rates as U.S. domestic inflation remained subdued and other major central banks maintained an easing bias. In April, the tech-heavy Nasdaq Composite topped the 5,000 mark for the first time since the dot-com bubble and broke its closing record from March 2000. Continued strong merger and acquisition (M&A) activity, a rebound in hiring, and solid housing data helped to fuel risk appetites. May marked the second-best month ever for M&A activity involving U.S. companies with $234 billion in announcements. Stocks ended the period on a sour note after negotiations between Greece and its creditors broke down in late June. U.S. equities fell 1.9% in June despite promising data releases and an upbeat economic assessment by the Fed. Returns varied noticeably by market-cap, as small- and mid-cap stocks outperformed large-cap stocks.

In this environment, five of the ten sectors within the Russell 1000 Value Index posted positive returns during the period. Healthcare (+10%), Telecommunication Services (+6%), and Consumer Discretionary (+2%) gained the most, while Utilities (-11%), Information Technology (-7%), and Energy (-7%) lagged on a relative basis.

The Fund’s outperformance versus the Russell 1000 Value Index during the period was primarily driven by positive security selection. Strong stock selection within the Consumer Staples, Financials, and Information Technology sectors more than offset weaker selection within the Healthcare and Telecommunication Services sectors. Sector allocation, a residual of the bottom-up stock selection process, also contributed to performance, largely due to an underweight allocation to Utilities and an overweight allocation to Consumer Discretionary which more than offset the negative impact of an overweight to Information Technology.

The largest contributors to returns relative to the Russell 1000 Value Index were Kraft Foods Group (Consumer Staples), Procter & Gamble (Consumer Staples), and Spirit AeroSystems (Industrials). Shares of Kraft Foods Group, a packaged food company, rose during the period on news of its merger with Heinz, a move that was viewed favorably by investors. Shares of Procter & Gamble, a U.S.-based global leader focused on providing consumer packaged goods, declined during the period after the company lowered fiscal-year 2015 organic sales estimates and announced it was closing a manufacturing plant in Puerto Rico. Not owning the weak-performing benchmark constituent contributed to relative returns during the period. Shares of Spirit AeroSystems, an aerospace original equipment manufacturer, rose during the period after the company reported better-than-expected first-quarter profits and revenue due to strong demand for commercial planes. Top absolute contributors during the period included UnitedHealth Group (Healthcare) and JPMorgan Chase (Financials).

Among the top detractors from returns relative to the Russell 1000 Value Index were EMC (Information Technology), Eli Lily (Healthcare), and AT&T (Telecommunication Services). Shares of EMC, the largest data storage provider in the U.S., fell during the

period due to concerns regarding weakness in demand from Europe and emerging markets, as well as softness in the U.S., which investors worried would continue to weigh on the stock price in the near term. Shares of Eli Lily, a U.S.-based company engaged in the drug manufacturing business, rose during the period as investors anticipated the company would announce positive long-term data on its Alzheimer’s drug. Not owning the strong performing benchmark-constituent detracted from returns during the period. Shares of AT&T, a U.S.-based telecommunications provider, rose during the period after the company reported better-than-expected first quarter earnings. Not owning the strong performing benchmark-constituent detracted returns during the period. Intel (Information Technology) and Chevron (Energy) also detracted on an absolute basis.

Derivatives are not used in a significant manner in this Fund and did not have a material impact on performance during the period.

What is the outlook?

Looking forward to the second half of 2015, we perceive increased geopolitical uncertainty globally, with Greece and China being key recent examples. While we believe that conditions within the U.S. have been tracking positively, we remain diligent in applying our process to seek to find quality companies with a combination of superior total return potential, stable dividends, and discounted valuations. We are monitoring developments and focusing on company specific catalysts as a basis for each position. We believe that the current portfolio includes a range of positions with company-specific drivers and the potential to add value across a number of economic environments. Based on individual stock decisions, the Fund ended the period most overweight the Consumer Discretionary, and Industrials sectors, and most underweight the Energy and Utilities sectors relative to the Russell 1000 Value Index.

Diversification by Sector

as of June 30, 2015 (Unaudited)


Sector	Percentage of Net Assets
Equity Securities
Consumer Discretionary		12.3	%
Consumer Staples		5.0
Energy		10.7
Financials		27.2
Health Care		12.9
Industrials		12.1
Information Technology		11.4
Materials		3.9
Telecommunication Services		1.5
Utilities		2.4

Total		99.4	%

Short-Term Investments		0.5
Other Assets & Liabilities		0.1

Total		100.0	%


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 64.0%
		Automobiles & Components - 0.5%
	929,750	Ford Motor Co.	$	13,955,548

		Banks - 6.7%
	589,480	Citigroup, Inc.		32,562,875
	798,550	JP Morgan Chase & Co.		54,109,748
	116,990	M&T Bank Corp.		14,615,561
	312,450	PNC Financial Services Group, Inc.		29,885,842
	946,520	Wells Fargo & Co.		53,232,285

				184,406,311

		Capital Goods - 4.4%
	218,410	3M Co.		33,700,663
	401,070	Eaton Corp. plc		27,068,214
	409,420	Fortune Brands Home & Security, Inc.		18,759,625
	335,060	Ingersoll-Rand plc		22,589,745
	163,760	United Technologies Corp.		18,165,897

				120,284,144

		Commercial & Professional Services - 0.4%
	245,700	Nielsen N.V.		10,999,989

		Consumer Durables & Apparel - 0.5%
	122,680	PVH Corp.		14,132,736

		Consumer Services - 0.9%
	94,200	McDonald’s Corp.		8,955,594
	270,500	Norwegian Cruise Line Holdings Ltd.*		15,158,820

				24,114,414

		Diversified Financials - 3.0%
	129,360	Ameriprise Financial, Inc.		16,160,945
	80,610	BlackRock, Inc.		27,889,448
	90,800	Goldman Sachs Group, Inc.		18,958,132
	532,930	Invesco Ltd.		19,979,545

				82,988,070

		Energy - 4.8%
	219,880	Anadarko Petroleum Corp.		17,163,833
	209,250	Chevron Corp.		20,186,347
	161,850	EOG Resources, Inc.		14,169,968
	343,710	Exxon Mobil Corp.		28,596,672
	378,050	Halliburton Co.		16,282,614
	604,000	Marathon Oil Corp.		16,030,160
	188,960	Occidental Petroleum Corp.		14,695,419
	246,710	Southwestern Energy Co.*		5,607,718

				132,732,731

		Food & Staples Retailing - 1.2%
	312,710	CVS Health Corp.		32,797,025

		Food, Beverage & Tobacco - 3.2%
	113,870	Anheuser-Busch InBev N.V. ADR		13,740,693
	333,945	British American Tobacco plc		17,980,434
	423,280	Coca-Cola Co.		16,605,274
	250,156	Kraft Foods Group, Inc.		21,298,282
	476,850	Mondelez International, Inc. Class A		19,617,609

				89,242,292

		Health Care Equipment & Services - 3.0%
	223,900	Baxter International, Inc.		15,657,327
	511,305	Medtronic plc		37,887,700
	248,540	UnitedHealth Group, Inc.		30,321,880

				83,866,907


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 64.0% - (continued)
		Household & Personal Products - 0.6%
	178,900	Estee Lauder Cos., Inc. Class A	$	15,503,474

		Insurance - 2.4%
	380,330	American International Group, Inc.		23,512,001
	574,580	Marsh & McLennan Cos., Inc.		32,578,686
	245,530	Unum Group		8,777,697

				64,868,384

		Materials - 1.7%
	422,530	Dow Chemical Co.		21,620,860
	346,960	International Paper Co.		16,511,827
	215,660	Nucor Corp.		9,504,136

				47,636,823

		Media - 2.5%
	271,750	CBS Corp. Class B		15,082,125
	322,920	Comcast Corp. Class A		19,420,409
	397,440	Thomson Reuters Corp.		15,130,541
	166,160	Walt Disney Co.		18,965,502

				68,598,577

		Pharmaceuticals, Biotechnology & Life Sciences - 9.0%
	264,560	Agilent Technologies, Inc.		10,206,725
	66,200	Allergan plc*		20,089,052
	153,970	Amgen, Inc.		23,637,474
	279,020	AstraZeneca plc ADR		17,776,364
	541,700	Bristol-Myers Squibb Co.		36,044,718
	270,610	Gilead Sciences, Inc.		31,683,019
	768,800	Merck & Co., Inc.		43,767,784
	72,835	Roche Holding AG		20,422,309
	335,399	UCB S.A.		24,116,929
	150,880	Vertex Pharmaceuticals, Inc.*		18,630,662

				246,375,036

		Real Estate - 0.2%
	264,270	Paramount Group, Inc. REIT		4,534,873

		Retailing - 2.7%
	11,702,200	Allstar Co.*⁽¹⁾⁽²⁾		12,287,310
	207,800	Dollar General Corp.		16,154,372
	256,450	Home Depot, Inc.		28,499,288
	219,330	Nordstrom, Inc.		16,340,085

				73,281,055

		Semiconductors & Semiconductor Equipment - 3.8%
	296,700	Analog Devices, Inc.		19,043,690
	974,870	Intel Corp.		29,650,671
	1,531,760	Marvell Technology Group Ltd.		20,196,256
	1,008,580	Maxim Integrated Products, Inc.		34,871,653

				103,762,270

		Software & Services - 6.3%
	272,900	Accenture plc Class A		26,411,262
	299,580	eBay, Inc.*		18,046,699
	73,785	Google, Inc. Class C*		38,405,830
	1,052,470	Microsoft Corp.		46,466,551
	481,410	Oracle Corp.		19,400,823
	1,009,110	Symantec Corp.		23,461,808

				172,192,973

		Technology Hardware & Equipment - 4.3%
	510,060	Apple, Inc.		63,974,275
	1,982,450	Cisco Systems, Inc.		54,438,077

				118,412,352


Shares or Principal Amount				Market Value^†
COMMON STOCKS - 64.0% - (continued)
			Telecommunication Services - 0.3%
	$	194,130	Verizon Communications, Inc.	$	9,048,399

			Transportation - 0.5%
		155,900	Union Pacific Corp.		14,868,183

			Utilities - 1.1%
		303,170	NextEra Energy, Inc.		29,719,755

			Total Common Stocks (cost $1,230,137,837)	$	1,758,322,321

ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 1.6%
			Asset-Backed - Automobile - 0.6%
	$	225,000	CarMax Automotive Owner Trust 1.95%, 09/16/2019	$	224,862
		1,245,000	Drive Auto Receivables Trust 2.12%, 06/17/2019⁽³⁾		1,244,851
		1,782,483	Exeter Automobile Receivables Trust 1.54%, 11/15/2019⁽³⁾		1,782,222
		1,625,000	First Investors Automotive Owner Trust 1.67%, 11/16/2020⁽³⁾		1,623,778
		515,000	Hyundai Automotive Receivables Trust 2.48%, 03/15/2019		528,378
		600,000	Prestige Automotive Receivables Trust 1.91%, 04/15/2020⁽³⁾		600,926
			Santander Drive Automotive Receivables Trust
		1,630,000	1.97%, 11/15/2019		1,635,441
		675,000	2.25%, 06/17/2019		683,153
		400,000	2.33%, 11/15/2019		405,030
		2,420,000	2.36%, 04/15/2020		2,436,507
		655,000	2.57%, 03/15/2019		664,118
			Westlake Automobile Receivables Trust
		1,585,059	0.97%, 10/16/2017⁽³⁾		1,584,678
		1,355,000	1.83%, 01/15/2021⁽³⁾		1,354,729

					14,768,673

			Asset-Backed - Finance & Insurance - 0.5%
			Ally Master Owner Trust
		4,885,000	1.54%, 09/15/2019		4,898,199
		4,890,000	1.60%, 10/15/2019		4,910,768
		430,000	Ford Credit Floorplan Master Owner Trust 2.09%, 03/15/2022⁽³⁾		427,371
		1,565,000	SBA Tower Trust 2.90%, 10/15/2044⁽³⁾⁽⁴⁾		1,572,836
			Springleaf Funding Trust
		1,765,000	3.16%, 11/15/2024⁽³⁾		1,785,938
		755,000	3.48%, 05/15/2028⁽³⁾		756,138

					14,351,250

			Asset-Backed - Home Equity - 0.0%
		7,906	New Century Home Equity Loan Trust 0.77%, 03/25/2035⁽⁴⁾		7,891

			Commercial Mortgage-Backed Securities - 0.5%
		1,765,000	Hilton USA Trust 2.66%, 11/05/2030⁽³⁾		1,753,829
		2,368,763	JP Morgan Chase Commercial Mortgage Securities Trust 5.89%, 02/12/2049⁽⁴⁾		2,513,490
		1,018,490	LB-UBS Commercial Mortgage Trust 6.32%, 04/15/2041⁽⁴⁾		1,106,315
		3,676,034	Merrill Lynch/Countrywide Commercial Mortgage Trust 5.81%, 06/12/2050⁽⁴⁾		3,915,130


Shares or Principal Amount				Market Value^†
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 1.6% - (continued)
			Commercial Mortgage-Backed Securities - 0.5% - (continued)
	$	2,500,000	SFAVE Commercial Mortgage Securities Trust 4.14%, 01/05/2035⁽³⁾⁽⁴⁾	$	2,391,623
		2,290,371	Wachovia Bank Commercial Mortgage Trust 5.31%, 11/15/2048		2,380,960

					14,061,347

			Asset-Backed - Home Equity - 0.0%
			Total Asset & Commercial Mortgage Backed Securities (cost $43,445,001)	$	43,189,161

CORPORATE BONDS - 14.2%
			Aerospace/Defense - 0.0%
		365,000	United Technologies Corp. 3.10%, 06/01/2022	$	367,902

			Agriculture - 0.3%
			Altria Group, Inc.
		1,950,000	4.50%, 05/02/2043		1,806,047
		1,995,000	4.75%, 05/05/2021		2,161,890
			BAT International Finance plc
		685,000	2.75%, 06/15/2020⁽³⁾		688,886
		2,775,000	3.25%, 06/07/2022⁽³⁾		2,752,608
		290,000	3.50%, 06/15/2022⁽³⁾		292,644
		270,000	Philip Morris International, Inc. 5.65%, 05/16/2018		299,847

					8,001,922

			Airlines - 0.4%
		3,347,232	Continental Airlines, Inc. 5.98%, 10/19/2023		3,732,164
			Southwest Airlines Co.
		2,700,000	5.75%, 12/15/2016		2,873,267
		2,514,639	6.15%, 02/01/2024		2,879,261

					9,484,692

			Auto Manufacturers - 0.3%
		5,600,000	Daimler Finance NA LLC 2.63%, 09/15/2016⁽³⁾		5,693,772
		2,985,000	Ford Motor Credit Co. LLC 2.38%, 03/12/2019		2,975,376
		580,000	Volkswagen Group of America Finance LLC 2.45%, 11/20/2019⁽³⁾		581,989

					9,251,137

			Beverages - 0.3%
		3,205,000	Anheuser-Busch InBev Worldwide, Inc. 7.75%, 01/15/2019		3,804,165
			Coca-Cola Femsa S.A.B. de C.V.
		1,176,000	2.38%, 11/26/2018		1,192,582
		1,300,000	3.88%, 11/26/2023		1,352,416
			Heineken N.V.
		1,330,000	2.75%, 04/01/2023⁽³⁾		1,288,217
		50,000	4.00%, 10/01/2042⁽³⁾		45,053
			Molson Coors Brewing Co.
		60,000	2.00%, 05/01/2017		60,629
		765,000	3.50%, 05/01/2022		771,851
		495,000	5.00%, 05/01/2042		481,888

					8,996,801

			Biotechnology - 0.1%
			Celgene Corp.
		230,000	2.25%, 05/15/2019		230,449
		535,000	3.63%, 05/15/2024		534,321


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 14.2% - (continued)
			Biotechnology - 0.1% - (continued)
			Gilead Sciences, Inc.
	$	935,000	3.50%, 02/01/2025	$	936,362
		930,000	3.70%, 04/01/2024		950,307
		405,000	4.50%, 02/01/2045		403,439

					3,054,878

			Chemicals - 0.1%
		1,145,000	LyondellBasell Industries 4.63%, 02/26/2055		1,008,336
		300,000	Monsanto Co. 4.70%, 07/15/2064		259,707

					1,268,043

			Commercial Banks - 3.8%
		6,350,000	American Express Centurion Bank 6.00%, 09/13/2017		6,942,004
			Bank of America Corp.
		3,400,000	4.20%, 08/26/2024		3,391,813
		1,655,000	5.00%, 05/13/2021		1,816,804
			Bank of New York Mellon Corp.
		2,020,000	2.15%, 02/24/2020		1,998,687
		925,000	3.00%, 02/24/2025		896,172
			Barclays Bank plc
		1,100,000	2.50%, 02/20/2019		1,107,337
		1,300,000	3.75%, 05/15/2024		1,305,660
		800,000	6.05%, 12/04/2017⁽³⁾		870,431
			BNP Paribas S.A.
		2,075,000	2.40%, 12/12/2018		2,099,226
		305,000	3.25%, 03/03/2023		302,713
			BPCE S.A.
		365,000	2.50%, 12/10/2018		370,336
		1,000,000	2.50%, 07/15/2019		1,008,062
		1,075,000	4.00%, 04/15/2024		1,085,255
		1,275,000	5.15%, 07/21/2024⁽³⁾		1,295,352
		2,875,000	Capital One Financial Corp. 3.75%, 04/24/2024		2,861,772
			Citigroup, Inc.
		1,220,000	2.50%, 07/29/2019		1,221,790
		1,000,000	4.95%, 11/07/2043		1,036,725
		690,000	5.30%, 05/06/2044		702,440
		2,700,000	6.13%, 05/15/2018		3,012,957
		520,000	8.13%, 07/15/2039		746,388
		505,000	Compass Bank 2.75%, 09/29/2019		503,752
			Credit Agricole S.A.
		1,950,000	2.50%, 04/15/2019⁽³⁾		1,955,095
		790,000	4.38%, 03/17/2025⁽³⁾		756,757
		1,100,000	Credit Suisse Group Funding Guernsey Ltd. 3.75%, 03/26/2025⁽³⁾		1,058,940
			Credit Suisse New York
		945,000	2.30%, 05/28/2019		943,359
		855,000	3.00%, 10/29/2021		848,333
		520,000	3.63%, 09/09/2024		516,911
		300,000	Fifth Third Bancorp 2.88%, 10/01/2021		297,050
			Goldman Sachs Group, Inc.
		3,335,000	2.38%, 01/22/2018		3,385,725
		2,975,000	5.63%, 01/15/2017		3,150,278
		1,700,000	6.15%, 04/01/2018		1,890,196
		2,590,000	6.25%, 02/01/2041		3,065,384


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 14.2% - (continued)
			Commercial Banks - 3.8% - (continued)
	$	3,010,000	HSBC Holdings plc 6.10%, 01/14/2042	$	3,643,265
			Huntington National Bank
		760,000	2.20%, 04/01/2019		755,479
		1,490,000	2.40%, 04/01/2020		1,473,351
		5,200,000	ING Bank N.V. 3.75%, 03/07/2017⁽³⁾		5,402,977
			JP Morgan Chase & Co.
		2,240,000	3.25%, 09/23/2022		2,225,469
		850,000	3.38%, 05/01/2023		825,366
		2,000,000	4.95%, 03/25/2020		2,204,550
		1,080,000	5.40%, 01/06/2042		1,193,292
		2,600,000	Korea Development Bank 2.50%, 03/11/2020		2,609,487
		470,000	Macquarie Bank Ltd. 2.40%, 01/21/2020⁽³⁾		467,961
			Merrill Lynch & Co., Inc.
		1,000,000	6.40%, 08/28/2017		1,096,438
		6,000,000	6.88%, 04/25/2018		6,778,086
			Morgan Stanley
		4,875,000	2.50%, 01/24/2019		4,920,216
		1,000,000	3.70%, 10/23/2024		995,951
		515,000	4.30%, 01/27/2045		481,214
		250,000	5.63%, 09/23/2019		280,149
		4,250,000	National City Corp. 6.88%, 05/15/2019		4,928,835
		4,795,000	Sovereign Bancorp, Inc. 8.75%, 05/30/2018		5,589,124
		780,000	U.S. Bancorp 3.70%, 01/30/2024		807,506
		235,000	UBS AG Stamford CT 5.88%, 12/20/2017		258,528
		1,000,000	Wachovia Corp. 5.75%, 06/15/2017		1,086,175
		4,344,000	Wells Fargo & Co. 4.48%, 01/16/2024		4,573,107

					105,040,230

			Commercial Services - 0.2%
		765,000	Catholic Health Initiatives 2.60%, 08/01/2018		777,886
			ERAC USA Finance Co.
		655,000	2.35%, 10/15/2019⁽³⁾		650,717
		340,000	2.75%, 03/15/2017⁽³⁾		348,287
		1,800,000	4.50%, 08/16/2021⁽³⁾		1,943,305
		1,500,000	5.63%, 03/15/2042⁽³⁾		1,607,529

					5,327,724

			Country Funds-Closed-end - 0.1%
		2,475,000	CDP Financial, Inc. 4.40%, 11/25/2019⁽³⁾		2,707,893

			Diversified Financial Services - 1.1%
		1,655,000	Capital One Bank 2.15%, 11/21/2018		1,653,057
		3,620,000	Discover Financial Services 6.45%, 06/12/2017		3,931,606
		614,000	Eaton Vance Corp. 6.50%, 10/02/2017		676,819
			General Electric Capital Corp.
		4,300,000	4.63%, 01/07/2021		4,734,313
		5,000,000	5.88%, 01/14/2038		5,980,150


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 14.2% - (continued)
			Diversified Financial Services - 1.1% - (continued)
	$	10,746,929	Postal Square L.P. 8.95%, 06/15/2022	$	13,025,998
			Synchrony Financial
		520,000	2.70%, 02/03/2020		513,664
		355,000	3.00%, 08/15/2019		357,527

					30,873,134

			Electric - 0.7%
		1,700,000	Berkshire Hathaway Energy Co. 4.50%, 02/01/2045		1,673,016
		2,605,000	Consolidated Edison Co. of New York, Inc. 5.30%, 12/01/2016		2,744,758
		2,850,000	Dominion Resources, Inc. 3.63%, 12/01/2024		2,826,049
			Electricitie De France
		385,000	4.88%, 01/22/2044⁽³⁾		401,612
		2,375,000	5.63%, 01/22/2024^(3)(4)(5)		2,415,375
		285,000	Eversource Energy 3.15%, 01/15/2025		275,372
		1,275,000	Indianapolis Power and Light 6.60%, 06/01/2037⁽³⁾		1,599,278
		340,000	NiSource Finance Corp. 4.80%, 02/15/2044		346,680
			Pacific Gas & Electric Co.
		695,000	3.85%, 11/15/2023		720,923
		435,000	5.13%, 11/15/2043		470,392
		4,000,000	Southern California Edison Co. 5.55%, 01/15/2037		4,652,008
		1,795,000	State Grid Overseas Investment 2.75%, 05/07/2019⁽³⁾		1,813,128

					19,938,591

			Food - 0.4%
		210,000	ConAgra Foods, Inc. 1.90%, 01/25/2018		206,871
		630,000	Grupo Bimbo S.A.B. de C.V. 3.88%, 06/27/2024⁽³⁾		627,902
		2,030,000	HJ Heinz Co. 3.50%, 07/15/2022⁽³⁾⁽⁶⁾		2,034,763
		555,000	Kraft Foods Group, Inc. 2.25%, 06/05/2017		562,571
			Kroger Co.
		620,000	3.30%, 01/15/2021		632,826
		1,065,000	4.00%, 02/01/2024		1,099,936
			Mondelez International, Inc.
		225,000	4.00%, 02/01/2024		233,038
		3,800,000	4.13%, 02/09/2016		3,872,189
			Sysco Corp.
		415,000	3.00%, 10/02/2021		419,150
		235,000	3.50%, 10/02/2024		237,350
		340,000	4.35%, 10/02/2034		343,400

					10,269,996

			Gas - 0.2%
		5,875,000	Atmos Energy Corp. 6.35%, 06/15/2017		6,446,961

			Healthcare-Products - 0.1%
			Medtronic, Inc.
		545,000	2.50%, 03/15/2020⁽³⁾		545,910
		775,000	3.15%, 03/15/2022⁽³⁾		778,472
		1,230,000	3.50%, 03/15/2025⁽³⁾		1,225,802


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 14.2% - (continued)
			Healthcare-Products - 0.1% - (continued)
	$	310,000	3.63%, 03/15/2024⁽³⁾	$	317,795
		205,000	4.38%, 03/15/2035⁽³⁾		203,427

					3,071,406

			Healthcare-Services - 0.2%
		421,000	Anthem, Inc. 3.30%, 01/15/2023		404,621
		2,125,000	Cigna Corp. 3.25%, 04/15/2025		2,038,342
			Dignity Health
		180,000	2.64%, 11/01/2019		181,800
		380,000	3.81%, 11/01/2024		389,158
			Kaiser Foundation Hospitals
		521,000	3.50%, 04/01/2022		527,498
		640,000	4.88%, 04/01/2042		669,563
		385,000	Memorial Sloan-Kettering Cancer Center 4.20%, 07/01/2055		347,659
		950,000	NewYork-Presbyterian Hospital 4.02%, 08/01/2045		866,598

					5,425,239

			Holding Companies-Diversified - 0.0%
		1,000,000	Hutchison Whampoa International Ltd. 3.63%, 10/31/2024⁽³⁾		983,763

			Household Products - 0.3%
		7,326,976	Procter & Gamble Co. 9.36%, 01/01/2021		8,905,375

			Insurance - 0.3%
		840,000	Ace INA Holdings, Inc. 3.35%, 05/15/2024		841,163
		1,570,000	American International Group, Inc. 3.88%, 01/15/2035		1,418,076
		200,000	Five Corners Funding Trust 4.42%, 11/15/2023⁽³⁾		206,592
		550,000	Liberty Mutual Group, Inc. 4.25%, 06/15/2023⁽³⁾		565,623
		835,000	Loews Corp. 2.63%, 05/15/2023		798,403
			MetLife, Inc.
		305,000	1.90%, 12/15/2017		306,340
		2,205,000	3.60%, 04/10/2024		2,223,674
		795,000	4.88%, 11/13/2043		825,095
		1,500,000	Prudential Financial, Inc. 3.50%, 05/15/2024		1,482,888
		505,000	Teachers Insurance & Annuity Association of America 4.90%, 09/15/2044⁽³⁾		514,979

					9,182,833

			Internet - 0.1%
		200,000	Alibaba Group Holding Ltd. 2.50%, 11/28/2019⁽³⁾		197,817
			Amazon.com, Inc.
		1,250,000	2.50%, 11/29/2022		1,183,911
		465,000	4.80%, 12/05/2034		461,881
		570,000	4.95%, 12/05/2044		555,462

					2,399,071


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 14.2% - (continued)
			IT Services - 0.2%
			Apple, Inc.
	$	1,500,000	2.85%, 05/06/2021	$	1,522,047
		1,360,000	3.45%, 05/06/2024		1,386,838
		175,000	4.45%, 05/06/2044		174,753
		1,851,000	EMC Corp. 1.88%, 06/01/2018		1,854,588

					4,938,226

			Machinery-Construction & Mining - 0.1%
		2,000,000	Caterpillar Financial Services Corp. 3.30%, 06/09/2024		2,015,160
			Caterpillar, Inc.
		835,000	3.40%, 05/15/2024		847,700
		450,000	4.30%, 05/15/2044		442,057

					3,304,917

			Media - 0.7%
			21st Century Fox America, Inc.
		385,000	4.00%, 10/01/2023		396,666
		1,275,000	4.50%, 02/15/2021		1,384,260
		2,450,000	Comcast Corp. 4.40%, 08/15/2035		2,432,781
		2,320,000	Cox Communications, Inc. 4.80%, 02/01/2035⁽³⁾		2,141,492
			DirecTV Holdings LLC
		355,000	3.95%, 01/15/2025		348,047
		2,185,000	4.45%, 04/01/2024		2,235,932
		280,000	Discovery Communications, Inc. 3.25%, 04/01/2023		269,542
		420,000	Grupo Televisa S.A.B. de C.V. 5.00%, 05/13/2045		400,680
			Sky plc
		1,265,000	2.63%, 09/16/2019⁽³⁾		1,256,436
		2,386,000	3.75%, 09/16/2024⁽³⁾		2,329,344
			Time Warner Cable, Inc.
		4,120,000	5.85%, 05/01/2017		4,399,616
		395,000	6.55%, 05/01/2037		411,205
		250,000	7.30%, 07/01/2038		281,677
		480,000	8.25%, 04/01/2019		564,526
		40,000	8.75%, 02/14/2019		47,506
		130,000	Time Warner Entertainment Co., L.P. 8.38%, 03/15/2023		161,605
		835,000	Viacom, Inc. 3.88%, 12/15/2021		847,047

					19,908,362

			Mining - 0.1%
		1,720,000	BHP Billiton Finance USA Ltd. 3.85%, 09/30/2023		1,766,210
		1,905,000	Rio Tinto Finance USA Ltd. 3.75%, 09/20/2021		1,974,191

					3,740,401

			Miscellaneous Manufacturing - 0.0%
		450,000	Parker-Hannifin Corp. 4.45%, 11/21/2044		453,388

			Oil & Gas - 1.0%
		2,450,000	BG Energy Capital plc 4.00%, 10/15/2021⁽³⁾		2,599,097
			BP Capital Markets plc
		655,000	2.32%, 02/13/2020		652,392
		1,640,000	3.51%, 03/17/2025		1,617,306


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 14.2% - (continued)
			Oil & Gas - 1.0% - (continued)
	$	140,000	3.99%, 09/26/2023	$	144,884
		2,850,000	4.75%, 03/10/2019		3,118,362
			ConocoPhillips Co.
		200,000	2.88%, 11/15/2021		201,737
		395,000	4.30%, 11/15/2044		377,627
			Devon Energy Corp.
		370,000	3.25%, 05/15/2022		365,695
		705,000	5.00%, 06/15/2045		695,986
		2,785,000	EnCana Corp. 6.50%, 05/15/2019		3,161,808
		360,000	Phillips 66 4.88%, 11/15/2044		343,848
		3,540,000	Pioneer Natural Resources Co. 7.50%, 01/15/2020		4,165,129
		500,000	Shell International Finance B.V. 4.38%, 03/25/2020		547,386
		3,950,000	Sinopec Group Overseas Development 2015 Ltd. 2.50%, 04/28/2020⁽³⁾		3,890,513
			Statoil ASA
		340,000	2.25%, 11/08/2019		341,023
		160,000	2.45%, 01/17/2023		154,196
		145,000	2.65%, 01/15/2024		138,760
		495,000	2.75%, 11/10/2021		494,355
		1,850,000	2.90%, 11/08/2020		1,895,438
		210,000	3.25%, 11/10/2024		208,797
		45,000	3.70%, 03/01/2024		46,510
		615,000	Suncor Energy, Inc. 3.60%, 12/01/2024		612,000
		1,375,000	Total Capital International S.A. 2.70%, 01/25/2023		1,335,357

					27,108,206

			Oil & Gas Services - 0.1%
		1,625,000	Schlumberger Investment S.A. 3.65%, 12/01/2023		1,679,307

			Pharmaceuticals - 0.9%
			AbbVie, Inc.
		435,000	2.50%, 05/14/2020		430,537
		270,000	3.20%, 11/06/2022		267,355
			Actavis Funding SCS
		1,035,000	3.00%, 03/12/2020		1,037,347
		1,400,000	3.45%, 03/15/2022		1,386,739
		655,000	3.80%, 03/15/2025		643,421
		1,200,000	4.85%, 06/15/2044		1,157,753
		710,000	Baxalta, Inc. 3.60%, 06/23/2022⁽³⁾		709,561
			Bayer US Finance LLC
		260,000	2.38%, 10/08/2019⁽³⁾		260,922
		1,215,000	3.00%, 10/08/2021⁽³⁾		1,223,840
		395,000	3.38%, 10/08/2024⁽³⁾		392,920
			Cardinal Health, Inc.
		990,000	2.40%, 11/15/2019		982,012
		880,000	3.50%, 11/15/2024		865,372
		1,035,000	4.50%, 11/15/2044		982,673
		450,000	Eli Lilly & Co. 2.75%, 06/01/2025		434,727
			EMD Finance LLC
		2,015,000	2.95%, 03/19/2022⁽³⁾		1,972,254
		3,000,000	3.25%, 03/19/2025⁽³⁾		2,911,797


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 14.2% - (continued)
			Pharmaceuticals - 0.9% - (continued)
			Express Scripts Holding Co.
	$	1,525,000	2.25%, 06/15/2019	$	1,512,652
		2,195,000	3.50%, 06/15/2024		2,146,829
		305,000	Forest Laboratories, Inc. 4.88%, 02/15/2021⁽³⁾		330,686
			McKesson Corp.
		100,000	2.85%, 03/15/2023		95,507
		990,000	3.80%, 03/15/2024		1,001,384
			Merck & Co., Inc.
		1,960,000	2.75%, 02/10/2025		1,879,513
		1,640,000	2.80%, 05/18/2023		1,613,575
		630,000	4.15%, 05/18/2043		612,376

					24,851,752

			Pipelines - 0.4%
		990,000	Columbia Pipeline Group, Inc. 2.45%, 06/01/2018⁽³⁾		997,645
		2,600,000	Energy Transfer Partners L.P. 5.15%, 03/15/2045		2,297,240
		2,850,000	Kinder Morgan Energy Partners L.P. 6.95%, 01/15/2038		3,062,855
		2,425,000	Phillips 66 Partners L.P. 3.61%, 02/15/2025		2,282,192
		2,470,000	Western Gas Partners L.P. 4.00%, 07/01/2022		2,478,561

					11,118,493

			Real Estate - 0.1%
			WEA Finance LLC / Westfield UK & Europe Finance plc
		480,000	1.75%, 09/15/2017⁽³⁾		481,339
		730,000	2.70%, 09/17/2019⁽³⁾		731,075

					1,212,414

			Real Estate Investment Trusts - 0.4%
		975,000	American Tower Corp. 3.45%, 09/15/2021		970,299
		760,000	Avalonbay Communities, Inc. 3.63%, 10/01/2020		791,821
		2,010,000	Brandywine Operating Partnership L.P. 6.00%, 04/01/2016		2,075,239
			HCP, Inc.
		2,960,000	4.00%, 06/01/2025		2,897,849
		2,030,000	6.00%, 01/30/2017		2,165,509
		1,735,000	Scentre Group 2.38%, 11/05/2019⁽³⁾		1,728,823

					10,629,540

			Retail - 0.3%
			AutoZone, Inc.
		900,000	3.13%, 07/15/2023		872,784
		1,908,000	3.70%, 04/15/2022		1,956,293
		2,100,000	CVS Health Corp. 4.00%, 12/05/2023		2,169,275
		325,000	Home Depot, Inc. 4.40%, 03/15/2045		324,532
		2,650,000	Lowe’s Cos., Inc. 4.63%, 04/15/2020		2,900,923

					8,223,807

			Savings & Loans - 0.1%
		1,610,000	Nationwide Building Society 2.35%, 01/21/2020⁽³⁾		1,604,363


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 14.2% - (continued)
			Telecommunications - 0.7%
			America Movil S.A.B. de C.V.
	$	635,000	3.13%, 07/16/2022	$	626,517
		530,000	4.38%, 07/16/2042		492,190
		1,000,000	AT&T, Inc. 6.80%, 05/15/2036		1,163,696
		715,000	GTP Acquisition Partners I LLC 2.35%, 06/15/2045⁽³⁾		712,771
		3,200,000	Orange S.A. 4.13%, 09/14/2021		3,384,851
			Verizon Communications, Inc.
		425,000	3.45%, 03/15/2021		433,214
		2,415,000	3.50%, 11/01/2021		2,448,247
		4,795,000	4.50%, 09/15/2020		5,172,534
		2,386,000	4.52%, 09/15/2048⁽³⁾		2,096,142
		715,000	4.75%, 11/01/2041		669,739
		263,000	6.40%, 09/15/2033		301,382

					17,501,283

			Transportation - 0.1%
			FedEx Corp.
		270,000	2.63%, 08/01/2022		261,719
		405,000	2.70%, 04/15/2023		388,674
		845,000	4.90%, 01/15/2034		876,002
		1,435,000	5.10%, 01/15/2044		1,480,307
					3,006,702

			Total Corporate Bonds (cost $375,352,068)	$	390,278,752

FOREIGN GOVERNMENT OBLIGATIONS - 0.1%
			Mexico - 0.1%
			Mexico Government International Bond
	$	1,674,000	3.50%, 01/21/2021		1,707,480
		2,375,000	3.60%, 01/30/2025		2,341,750

			Total Foreign Government Obligations (cost $4,022,208)	$	4,049,230

MUNICIPAL BONDS - 1.2%
			General - 0.0%
	$	495,000	Chicago Transit Auth. 6.90%, 12/01/2040	$	570,324

			General Obligation - 0.3%
		1,235,000	California State GO, Taxable 7.55%, 04/01/2039		1,785,279
		685,000	Chicago, IL, Metropolitan Water Reclamation GO 5.72%, 12/01/2038		809,314
		1,120,000	Illinois State, GO 5.10%, 06/01/2033		1,043,784
		4,300,000	Los Angeles, CA, USD GO 5.75%, 07/01/2034		5,159,183

					8,797,560

			Higher Education - 0.1%
		1,960,000	University of California, Build America Bonds Rev 5.77%, 05/15/2043		2,387,397

			Medical - 0.1%
		1,935,000	University of California, Regents MedCenter Pooled Rev 6.58%, 05/15/2049		2,422,968


Shares or Principal Amount				Market Value^†
MUNICIPAL BONDS - 1.2% - (continued)
			Power - 0.0%
	$	485,000	Utility Debt Securitization Auth, New York 3.44%, 12/15/2025	$	501,781

			Transportation - 0.6%
		3,100,000	Bay Area, CA, Toll Auth Bridge Rev 6.26%, 04/01/2049		4,006,812
		2,200,000	Dallas, TX, Area Rapid Transit Sales Tax Rev 6.00%, 12/01/2044		2,791,030
		1,875,000	Illinois State Toll Highway Auth, Taxable Rev 6.18%, 01/01/2034		2,336,512
		1,050,000	Maryland State Transportation Auth 5.89%, 07/01/2043		1,313,403
			New York and New Jersey PA, Taxable Rev
		975,000	5.86%, 12/01/2024		1,175,158
		570,000	6.04%, 12/01/2029		701,790
		3,000,000	North Texas Tollway Auth Rev 6.72%, 01/01/2049		4,136,430

					16,461,135

			Utility - Electric - 0.1%
		775,000	Municipal Elec Auth Georgia 6.64%, 04/01/2057		939,060


			Total Municipal Bonds (cost $26,342,486)	$	32,080,225

U.S. GOVERNMENT AGENCIES - 1.5%
			FHLMC - 0.4%
	$	76,102	2.36%, 04/01/2029⁽⁴⁾	$	78,916
		46,166	4.00%, 03/01/2041		48,986
		1,234,320	4.50%, 08/01/2033		1,338,153
		464,089	4.50%, 09/01/2033		502,747
		27,324	4.50%, 12/01/2034		29,643
		60,762	4.50%, 05/01/2035		65,686
		13,781	4.50%, 09/01/2035		14,944
		54,965	4.50%, 09/01/2035		59,556
		67,948	4.50%, 12/01/2035		73,326
		1,144,183	4.50%, 10/01/2039		1,238,540
		335,505	4.50%, 10/01/2039		363,304
		195,705	4.50%, 01/01/2040		211,911
		9,951	4.50%, 04/01/2040		10,746
		47,338	4.50%, 09/01/2040		51,807
		386,764	4.50%, 02/01/2041		418,924
		659,570	4.50%, 10/01/2041		712,476
		114,744	4.50%, 11/01/2043		124,469
		4,421,906	4.50%, 01/01/2044		4,782,030

					10,126,164

			FNMA - 0.8%
		10,000,000	3.00%, 07/01/2045⁽⁶⁾⁽⁷⁾		9,962,695
		156,222	4.50%, 11/01/2023		168,893
		242,591	4.50%, 03/01/2038		262,987
		160,800	4.50%, 11/01/2039		174,109
		221,916	4.50%, 04/01/2040		239,951
		86,361	4.50%, 04/01/2040		94,293
		232,547	4.50%, 05/01/2040		251,961
		334,470	4.50%, 08/01/2040		362,663
		246,574	4.50%, 08/01/2040		267,247
		154,537	4.50%, 11/01/2040		167,496
		86,890	4.50%, 02/01/2041		94,140
		84,187	4.50%, 03/01/2041		91,261
		157,357	4.50%, 03/01/2041		170,370


Shares or Principal Amount				Market Value^†
U.S. GOVERNMENT AGENCIES - 1.5% - (continued)
			FNMA - 0.8% - (continued)
	$	355,760	4.50%, 04/01/2041	$	385,590
		556,278	4.50%, 04/01/2041		602,867
		13,265	4.50%, 04/01/2041		14,382
		572,844	4.50%, 04/01/2041		620,615
		118,972	4.50%, 05/01/2041		128,621
		791,859	4.50%, 06/01/2041		858,839
		1,041,285	4.50%, 07/01/2041		1,128,977
		400,482	4.50%, 09/01/2041		434,364
		24,046	4.50%, 11/01/2043		25,997
		555,839	4.50%, 06/01/2044		602,513
		281,577	4.50%, 07/01/2044		305,092
		5,800,000	4.50%, 07/01/2045⁽⁶⁾⁽⁷⁾		6,270,344
		6,013	5.00%, 02/01/2019		6,303
		62,176	5.00%, 04/01/2019		65,445

					23,758,015

			GNMA - 0.3%
		195,428	5.00%, 07/15/2037		217,499
		3,957	6.00%, 06/15/2024		4,484
		24,304	6.00%, 06/15/2024		27,777
		7,107	6.00%, 07/15/2026		8,051
		13,193	6.00%, 01/15/2028		14,944
		3,313	6.00%, 03/15/2028		3,866
		23,510	6.00%, 04/15/2028		26,882
		2,340	6.00%, 04/15/2028		2,651
		13,962	6.00%, 04/15/2028		15,819
		506	6.00%, 04/15/2028		573
		44,422	6.00%, 04/15/2028		50,366
		10,572	6.00%, 04/15/2028		11,990
		7,968	6.00%, 04/15/2028		9,312
		12,882	6.00%, 05/15/2028		14,603
		30,450	6.00%, 05/15/2028		34,499
		69,383	6.00%, 05/15/2028		78,589
		5,855	6.00%, 05/15/2028		6,632
		876	6.00%, 06/15/2028		993
		3,847	6.00%, 06/15/2028		4,359
		25,849	6.00%, 06/15/2028		29,304
		40,677	6.00%, 07/15/2028		46,075
		63,221	6.00%, 07/15/2028		72,252
		8,155	6.00%, 08/15/2028		9,238
		20,557	6.00%, 08/15/2028		23,605
		34,370	6.00%, 09/15/2028		39,456
		35,777	6.00%, 09/15/2028		40,524
		29,142	6.00%, 09/15/2028		33,037
		4,079	6.00%, 09/15/2028		4,621
		36,476	6.00%, 10/15/2028		41,666
		7,317	6.00%, 10/15/2028		8,288
		26,825	6.00%, 10/15/2028		31,015
		36,024	6.00%, 10/15/2028		40,813
		29,276	6.00%, 10/15/2028		33,160
		14,048	6.00%, 10/15/2028		15,916
		72,979	6.00%, 10/15/2028		82,769
		4,957	6.00%, 10/15/2028		5,616
		43,496	6.00%, 11/15/2028		49,756
		40,449	6.00%, 11/15/2028		45,843
		8,701	6.00%, 11/15/2028		9,868
		105,803	6.00%, 11/15/2028		119,898
		21,983	6.00%, 11/15/2028		24,910
		157,281	6.00%, 11/15/2028		178,230
		19,238	6.00%, 11/15/2028		22,364
		63,831	6.00%, 11/15/2028		72,327


Shares or Principal Amount				Market Value^†
U.S. GOVERNMENT AGENCIES - 1.5% - (continued)
			GNMA - 0.3% - (continued)
	$	1,355	6.00%, 12/15/2028	$	1,562
		7,455	6.00%, 12/15/2028		8,450
		26,205	6.00%, 12/15/2028		29,959
		8,873	6.00%, 12/15/2028		10,051
		18,145	6.00%, 12/15/2028		20,575
		14,605	6.00%, 12/15/2028		16,910
		10,803	6.00%, 12/15/2028		12,242
		35,976	6.00%, 12/15/2028		40,749
		51,443	6.00%, 12/15/2028		58,275
		2,586	6.00%, 12/15/2031		3,021
		2,433	6.00%, 12/15/2031		2,839
		1,728	6.00%, 12/15/2031		1,967
		43,351	6.00%, 09/15/2032		51,308
		13,755	6.00%, 11/15/2032		16,129
		21,406	6.00%, 01/15/2033		24,274
		6,169	6.00%, 04/15/2033		6,997
		162,589	6.00%, 06/15/2033		189,479
		61,170	6.00%, 10/15/2033		71,449
		8,334	6.00%, 11/15/2033		9,735
		159,128	6.00%, 10/15/2034		185,455
		64,953	6.00%, 01/15/2035		73,664
		8,418	6.00%, 05/15/2035		9,538
		26,837	6.00%, 06/15/2035		31,272
		1,258	6.50%, 03/15/2026		1,435
		756	6.50%, 04/15/2026		862
		3,198	6.50%, 01/15/2028		3,649
		3,326	6.50%, 01/15/2028		3,795
		494	6.50%, 02/15/2028		563
		32,512	6.50%, 03/15/2028		37,089
		9,213	6.50%, 03/15/2028		10,510
		2,514	6.50%, 03/15/2028		2,867
		3,758	6.50%, 03/15/2028		4,287
		11,456	6.50%, 03/15/2028		13,069
		36,809	6.50%, 03/15/2028		41,991
		702	6.50%, 03/15/2028		801
		5,923	6.50%, 04/15/2028		6,757
		9,092	6.50%, 04/15/2028		10,372
		11,924	6.50%, 04/15/2028		13,602
		9,517	6.50%, 04/15/2028		10,857
		34,564	6.50%, 04/15/2028		39,430
		5,548	6.50%, 04/15/2028		6,329
		19,671	6.50%, 04/15/2028		22,441
		13,808	6.50%, 04/15/2028		15,751
		29,951	6.50%, 04/15/2028		34,167
		4,599	6.50%, 04/15/2028		5,247
		18,725	6.50%, 04/15/2028		21,361
		2,298	6.50%, 04/15/2028		2,622
		5,946	6.50%, 04/15/2028		6,784
		10,425	6.50%, 04/15/2028		11,893
		15,628	6.50%, 05/15/2028		17,828
		47,048	6.50%, 05/15/2028		53,672
		860	6.50%, 05/15/2028		981
		48,373	6.50%, 06/15/2028		55,184
		10,763	6.50%, 06/15/2028		12,279
		380	6.50%, 06/15/2028		433
		21,698	6.50%, 06/15/2028		24,752
		13,138	6.50%, 06/15/2028		14,988
		4,220	6.50%, 06/15/2028		4,814
		12,942	6.50%, 06/15/2028		14,764
		143,062	6.50%, 06/15/2028		163,203
		8,721	6.50%, 06/15/2028		9,949
		15,285	6.50%, 10/15/2028		17,437


Shares or Principal Amount				Market Value^†
U.S. GOVERNMENT AGENCIES - 1.5% - (continued)
			GNMA - 0.3% - (continued)
	$	5,579	6.50%, 02/15/2035	$	6,587
		38,548	7.00%, 11/15/2031		44,883
		18,393	7.00%, 03/15/2032		21,404
		1,927,489	7.00%, 11/15/2032		2,327,366
		281,386	7.00%, 01/15/2033		334,449
		308,997	7.00%, 05/15/2033		372,483
		61,038	7.00%, 07/15/2033		72,554
		373,370	7.00%, 11/15/2033		447,561
		25,031	7.50%, 09/16/2035		28,333
		7,973	7.50%, 09/16/2035		9,332
		114,940	7.50%, 09/16/2035		133,379
		265	8.00%, 09/15/2026		301
		169	8.00%, 11/15/2026		191
		17,093	8.00%, 12/15/2026		20,776
		186	8.00%, 09/15/2027		200
		11,445	8.00%, 07/15/2029		14,087
		5,677	8.00%, 10/15/2029		5,768
		4,567	8.00%, 11/15/2029		4,587
		2,764	8.00%, 12/15/2029		2,799
		862	8.00%, 12/15/2029		925
		528	8.00%, 12/15/2029		543
		19,202	8.00%, 12/15/2029		20,625
		3,814	8.00%, 12/15/2029		4,307
		446	8.00%, 01/15/2030		466
		3,769	8.00%, 01/15/2030		3,911
		1,398	8.00%, 01/15/2030		1,627
		5,294	8.00%, 02/15/2030		5,558
		1,993	8.00%, 02/15/2030		2,038
		1,027	8.00%, 03/15/2030		1,052
		444	8.00%, 03/15/2030		462
		6,441	8.00%, 03/15/2030		6,669
		179	8.00%, 03/15/2030		183
		130	8.00%, 04/15/2030		131
		13,550	8.00%, 04/15/2030		13,749
		34,900	8.00%, 04/15/2030		35,622
		13,805	8.00%, 04/15/2030		14,233
		1,217	8.00%, 04/15/2030		1,244
		7,205	8.00%, 05/15/2030		8,381
		1,598	8.00%, 05/15/2030		1,681
		5,857	8.00%, 05/15/2030		6,039
		13,648	8.00%, 06/15/2030		13,820
		16,599	8.00%, 06/15/2030		19,333
		8,412	8.00%, 06/15/2030		8,686
		4,606	8.00%, 06/15/2030		4,688
		233	8.00%, 06/15/2030		239
		157	8.00%, 06/15/2030		167
		227	8.00%, 06/15/2030		237
		402	8.00%, 06/15/2030		411
		7,985	8.00%, 06/15/2030		8,703
		2,082	8.00%, 07/15/2030		2,428
		411	8.00%, 07/15/2030		425
		943	8.00%, 07/15/2030		971
		646	8.00%, 07/15/2030		775
		155	8.00%, 08/15/2030		158
		20,586	8.00%, 08/15/2030		21,281
		35,361	8.00%, 08/15/2030		36,083
		3,383	8.00%, 08/15/2030		3,398
		1,036	8.00%, 08/15/2030		1,050
		14,713	8.00%, 08/15/2030		16,117
		7,205	8.00%, 08/15/2030		7,375
		1,979	8.00%, 08/15/2030		2,307
		5,403	8.00%, 08/15/2030		5,557


Shares or Principal Amount					Market Value^†
U.S. GOVERNMENT AGENCIES - 1.5% - (continued)
				GNMA - 0.3% - (continued)
	$		30,585	8.00%, 09/15/2030	$	33,326
			65,465	8.00%, 09/15/2030		70,412
			11,098	8.00%, 11/15/2030		11,487
			8,734	8.00%, 12/15/2030		9,019
			192,247	8.00%, 12/15/2030		225,794
			13,416	8.00%, 12/15/2030		13,891
			5,313	8.00%, 12/15/2030		5,520
			288	8.00%, 02/15/2031		301
			4,677	9.00%, 07/20/2016		4,697
			11,166	9.00%, 06/15/2022		11,379

						7,725,676


				Total U.S. Government Agencies (cost $40,308,814)	$	41,609,855

		U.S. GOVERNMENT SECURITIES - 15.4%
				U.S. Treasury Securities - 15.4%
				U.S. Treasury Bonds - 2.5%
	$		2,000,000	2.50%, 02/15/2045	$	1,760,160
			17,645,800	2.88%, 05/15/2043		16,815,901
			1,735,000	3.00%, 11/15/2044		1,697,182
			361,500	3.13%, 02/15/2043		362,008
			10,570,000	3.13%, 08/15/2044		10,587,346
			8,850,000	3.38%, 05/15/2044		9,295,960
			22,000,000	4.38%, 02/15/2038⁽⁸⁾		27,053,136
			1,750,000	6.00%, 02/15/2026		2,350,605

						69,922,298

				U.S. Treasury Notes - 12.9%
			80,000,000	0.50%, 08/31/2016		80,112,480
			22,475,000	0.63%, 12/31/2016		22,522,400
			8,300,000	0.63%, 05/31/2017		8,298,705
			25,000,000	0.63%, 08/31/2017		24,957,025
			5,343,000	0.88%, 01/31/2017		5,372,637
			11,800,000	1.00%, 09/15/2017		11,868,216
			2,000,000	1.00%, 05/31/2018		2,000,624
			8,300,000	1.25%, 11/30/2018		8,320,750
			36,835,000	1.38%, 09/30/2018		37,140,031
			37,000,000	1.63%, 07/31/2019		37,315,092
			17,835,000	1.75%, 09/30/2019		18,049,573
			17,030,000	2.25%, 11/15/2024		16,926,219
			13,095,000	2.38%, 08/15/2024		13,165,595
			23,000,000	2.75%, 02/15/2019		24,221,875
			9,450,000	2.75%, 11/15/2023		9,823,568
			7,150,000	2.75%, 02/15/2024		7,423,151
			24,575,000	3.88%, 05/15/2018		26,608,188

						354,126,129

				Total U.S. Government Securities (cost $412,851,804)	$	424,048,427

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.

The following is a rollforward of the Fund’s investments that were valued using unobservable inputs (Level 3) for the six-month period ended June 30, 2015:

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at June 30, 2015 was $994,653.


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 96.9%
		Automobiles & Components - 2.0%
	490,673	Delphi Automotive plc	$	41,751,366
	402,225	Fiat Chrysler Automobiles N.V.*		5,900,699
	1,637,910	Goodyear Tire & Rubber Co.		49,382,986
	258,447	Harley-Davidson, Inc.		14,563,488
	274,600	Honda Motor Co., Ltd.		8,875,026
	24,957	Tesla Motors, Inc.*		6,694,965
	155,600	Thor Industries, Inc.		8,757,168

				135,925,698

		Banks - 6.0%
	1,257,715	Bank of America Corp.		21,406,309
	152,234	BNP Paribas S.A.		9,237,973
	1,114,553	CaixaBank S.A.		5,186,347
	7,389,000	China Construction Bank Class H		6,739,917
	1,516,334	Citigroup, Inc.		83,762,290
	1,219,588	ICICI Bank Ltd. ADR		12,708,107
	1,791,766	JP Morgan Chase & Co.		121,410,064
	114,375	M&T Bank Corp.		14,288,869
	1,685,100	Mitsubishi UFJ Financial Group, Inc.		12,123,387
	8,589,800	Mizuho Financial Group, Inc.		18,586,030
	702,055	PNC Financial Services Group, Inc.		67,151,561
	71,713	South State Corp.		5,449,471
	152,000	Sumitomo Mitsui Financial Group, Inc.		6,766,916
	504,905	Wells Fargo & Co.		28,395,857

				413,213,098

		Capital Goods - 5.7%
	43,336	3M Co.		6,686,745
	26,897	Acuity Brands, Inc.		4,840,922
	1,022,576	AECOM*		33,826,814
	304,460	AerCap Holdings N.V.*		13,941,223
	143,723	Airbus Group N.V.		9,361,727
	5,659,131	Capstone Turbine Corp.*		2,324,205
	52,394	Danaher Corp.		4,484,403
	98,307	DigitalGlobe, Inc.*		2,731,952
	690,410	DMG Mori Seiki Co., Ltd.		13,314,194
	461,569	Eaton Corp. plc		31,151,292
	132,149	Fastenal Co.		5,574,045
	104,077	Fortune Brands Home & Security, Inc.		4,768,808
	215,995	Generac Holdings, Inc.*		8,585,801
	644,986	General Electric Co.		17,137,278
	117,533	HD Supply Holdings, Inc.*		4,134,811
	350,600	HF Global, Inc. ⁽¹⁾⁽²⁾		4,242,246
	192,130	Honeywell International, Inc.		19,591,496
	112,231	KLX, Inc.*		4,952,754
	102,681	Lockheed Martin Corp.		19,088,398
	110,075	Northrop Grumman Corp.		17,461,197
	149,367	Owens Corning		6,161,389
	285,524	Raytheon Co.		27,318,936
	230,893	Rexel S.A.		3,725,833
	380,272	Safran S.A.		25,843,044
	114,479	Schneider Electric S.A.		7,926,410
	32,814	Sulzer AG		3,375,305
	54,071	Teledyne Technologies, Inc.*		5,705,031
	108,845	Textron, Inc.		4,857,752
	140,560	TransDigm Group, Inc.*		31,579,615
	392,448	United Technologies Corp.		43,534,257
	128,532	WESCO International, Inc.*		8,822,437

				397,050,320


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 96.9% - (continued)
		Commercial & Professional Services - 0.7%
	83,435	Clean Harbors, Inc.*	$	4,483,797
	151,602	Equifax, Inc.		14,719,038
	251,800	Herman Miller, Inc.		7,284,574
	155,851	Knoll, Inc.		3,900,951
	83,100	ManpowerGroup, Inc.		7,427,478
	92,769	Robert Half International, Inc.		5,148,679
	60,664	Verisk Analytics, Inc. Class A*		4,413,913

				47,378,430

		Consumer Durables & Apparel - 3.1%
	240,800	Asics Corp.		6,220,631
	649,911	D.R. Horton, Inc.		17,781,565
	517,186	Electrolux AB Series B		16,205,060
	16,186,000	Global Brands Group Holding Ltd.*		3,401,586
	243,079	GoPro, Inc. Class A*		12,815,125
	233,162	Harman International Industries, Inc.		27,732,288
	109,806	iRobot Corp.*		3,500,615
	428,971	Kate Spade & Co.*		9,240,035
	135,877	Luxottica Group S.p.A.		9,038,248
	160	Michael Kors Holdings Ltd.*		6,734
	2,410,730	PulteGroup, Inc.		48,576,210
	85,680	PVH Corp.		9,870,336
	1,465,400	Sony Corp.*		41,612,756
	267,234	Vera Bradley, Inc.*		3,011,727
	26,021	Whirlpool Corp.		4,502,934

				213,515,850

		Consumer Services - 3.3%
	400,803	American Public Education, Inc.*		10,308,653
	13,521	Chipotle Mexican Grill, Inc.*		8,180,070
	96,550	Dunkin’ Brands Group, Inc.		5,310,250
	353,600	Grand Canyon Education, Inc.*		14,992,640
	911,940	Hilton Worldwide Holdings, Inc.*		25,123,947
	485,363	Las Vegas Sands Corp.		25,515,533
	184,705	LifeLock, Inc.*		3,029,162
	331,270	McDonald’s Corp.		31,493,839
	150,500	Melco Crown Entertainment Ltd. ADR		2,954,315
	675,400	Norwegian Cruise Line Holdings Ltd.*		37,849,416
	34,744	Panera Bread Co. Class A*		6,072,209
	726,000	Sands China Ltd.		2,439,940
	64,415	Starbucks Corp.		3,453,610
	537,361	Wyndham Worldwide Corp.		44,015,239
	46,449	Wynn Resorts Ltd.		4,583,123

				225,321,946

		Diversified Financials - 4.5%
	80,770	Ameriprise Financial, Inc.		10,090,596
	203,637	Banca Generali S.p.A.		7,169,438
	142,414	BlackRock, Inc.		49,272,396
	1,180,900	Blackstone Group L.P.		48,263,383
	43,500	Goldman Sachs Group, Inc.		9,082,365
	117,527	Hong Kong Exchanges and Clearing Ltd.		4,141,010
	24,900	Intercontinental Exchange, Inc.		5,567,889
	480,436	Julius Baer Group Ltd.*		26,959,163
	171,856	Legg Mason, Inc.		8,855,740
	279,600	McGraw Hill Financial, Inc.		28,085,820
	433,251	MSCI, Inc.		26,666,599
	149,707	Northern Trust Corp.		11,446,597
	146,224	Platform Specialty Products Corp.*		3,740,410
	107,360	Platform Specialty Products Corp.*		2,746,269
	205,350	PRA Group, Inc.*		12,795,358
	176,669	Raymond James Financial, Inc.		10,525,939


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 96.9% - (continued)
		Diversified Financials - 4.5% - (continued)
	74,700	Solar Cayman Ltd.*⁽¹⁾⁽²⁾	$	5,229
	666,967	Springleaf Holdings, Inc.*		30,620,455
	278,338	Waddell & Reed Financial, Inc. Class A		13,168,171
	284,900	Zegona Communications plc*		586,420

				309,789,247

		Energy - 4.7%
	253,518	Atwood Oceanics, Inc.		6,703,016
	53,793	Baker Hughes, Inc.		3,319,028
	424,719	BG Group plc		7,073,610
	227,200	Cameco Corp.		3,250,652
	295,641	Canadian Natural Resources Ltd.		8,029,610
	115,106	Chevron Corp.		11,104,276
	1,828,000	Cobalt International Energy, Inc.*		17,749,880
	48,270	Energen Corp.		3,296,841
	270,000	Ensco plc Class A		6,012,900
	97,134	Exxon Mobil Corp.		8,081,549
	1,594,943	Halliburton Co.		68,694,195
	44,765	Helmerich & Payne, Inc.		3,152,351
	147,371	HollyFrontier Corp.		6,291,268
	694,189	Imperial Oil Ltd.		26,809,579
	3,296,103	Karoon Gas Australia Ltd.*		5,717,565
	672,246	Laredo Petroleum, Inc.*		8,456,855
	346,400	Marathon Oil Corp.		9,193,456
	1,215,647	McDermott International, Inc.*		6,491,555
	121,024	National Oilwell Varco, Inc.		5,843,039
	108,704	Occidental Petroleum Corp.		8,453,910
	147,538	Patterson-UTI Energy, Inc.		2,775,927
	285,499	Pioneer Natural Resources Co.		39,595,856
	179,799	QEP Resources, Inc.		3,328,080
	32,576	Rice Energy, Inc.*		678,558
	239,933	Royal Dutch Shell plc Class B		6,831,014
	874,503	Southwestern Energy Co.*		19,877,453
	388,508	Suncor Energy, Inc.		10,691,740
	1,959,125	Trican Well Service Ltd.		6,509,503
	869,827	Tsakos Energy Navigation Ltd.		8,289,451
	137,874	Whiting Petroleum Corp.*		4,632,566

				326,935,283

		Food & Staples Retailing - 0.6%
	249,343	CVS Health Corp.		26,151,094
	201,745	Seven & I Holdings Co., Ltd.		8,660,028
	118,676	Whole Foods Market, Inc.		4,680,581

				39,491,703

		Food, Beverage & Tobacco - 3.3%
	152,223	Anheuser-Busch InBev N.V.		18,318,567
	179,621	Anheuser-Busch InBev N.V. ADR		21,674,866
	276,704	British American Tobacco plc		14,898,435
	1,171,184	Coca-Cola Co.		45,945,548
	217,539	Diageo plc		6,299,880
	659,601	Freshpet, Inc.*		12,268,579
	166,007	Imperial Tobacco Group plc		7,995,260
	231,669	Kraft Foods Group, Inc.		19,724,299
	1,134,837	Mondelez International, Inc. Class A		46,687,194
	222,920	Monster Beverage Corp.*		29,875,738
	120,705	Post Holdings, Inc.*		6,509,621

				230,197,987

		Health Care Equipment & Services - 4.5%
	122,961	Acadia Healthcare Co., Inc.*		9,631,535
	104,933	Aetna, Inc.		13,374,760


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 96.9% - (continued)
		Health Care Equipment & Services - 4.5% - (continued)
	58,100	Anthem, Inc.	$	9,536,534
	319,078	Becton Dickinson and Co.		45,197,399
	262,343	Cardinal Health, Inc.		21,944,992
	10,082,792	CareView Communications, Inc.*		3,629,805
	84,798	Cerner Corp.*		5,856,150
	114,834	DexCom, Inc.*		9,184,423
	145,430	Edwards Lifesciences Corp.*		20,713,595
	115,917	Envision Healthcare Holdings, Inc.*		4,576,403
	238,500	Express Scripts Holding Co.*		21,212,190
	276,075	HCA Holdings, Inc.*		25,045,524
	51,527	HeartWare International, Inc.*		3,745,498
	154,307	Hologic, Inc.*		5,872,924
	500,887	IMS Health Holdings, Inc.*		15,352,187
	25,068	Intuitive Surgical, Inc.*		12,145,446
	80,900	McKesson Corp.		18,187,129
	343,529	Medtronic plc		25,455,499
	10,000	Teladoc, Inc.*⁽²⁾		190,000
	213,017	UnitedHealth Group, Inc.		25,988,074
	59,682	Universal Health Services, Inc. Class B		8,480,812
	195,177	Veeva Systems, Inc. Class A*		5,470,811
	24,400	Zimmer Holdings, Inc.		2,665,212

				313,456,902

		Household & Personal Products - 0.1%
	933,400	Avon Products, Inc.		5,843,084
	95,155	Svenska Cellulosa AB SCA Class B		2,419,618

				8,262,702

		Insurance - 5.2%
	411,341	ACE Ltd.		41,825,153
	1,497,229	American International Group, Inc.		92,558,697
	165,143	Arthur J Gallagher & Co.		7,811,264
	428,594	Assicurazioni Generali S.p.A.		7,724,880
	177,517	Assured Guaranty Ltd.		4,258,633
	472,758	Delta Lloyd N.V.		7,760,871
	19,680	Fairfax Financial Holdings Ltd.		9,704,178
	207,520	Lincoln National Corp.		12,289,334
	17,857	Markel Corp.*		14,297,743
	578,684	Marsh & McLennan Cos., Inc.		32,811,383
	714,846	MetLife, Inc.		40,024,227
	286,242	Principal Financial Group, Inc.		14,681,352
	533,300	Prudential Financial, Inc.		46,674,416
	154,200	Tokio Marine Holdings, Inc.		6,413,035
	161,962	Torchmark Corp.		9,429,428
	192,926	Unum Group		6,897,104
	21,962	Zurich Insurance Group AG		6,685,883

				361,847,581

		Materials - 2.6%
	102,049	Akzo Nobel N.V.		7,450,501
	138,000	Barrick Gold Corp.		1,471,080
	85,900	Bemis Co., Inc.		3,866,359
	81,626	Cabot Corp.		3,043,833
	160,133	Celanese Corp. Series A		11,510,360
	277,494	Constellium N.V. Class A*		3,282,754
	167,724	Dow Chemical Co.		8,582,437
	1,713,190	Fortescue Metals Group Ltd.		2,523,108
	210,253	Huntsman Corp.		4,640,284
	103,170	International Paper Co.		4,909,860
	8,663,700	Ivanhoe Mines Ltd. Class A*		6,242,858
	425,207	Louisiana-Pacific Corp.*		7,241,275
	261,198	Methanex Corp.		14,538,281


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 96.9% - (continued)
		Materials - 2.6% - (continued)
	498,428	Norbord, Inc.	$	10,459,406
	294,530	Packaging Corp. of America		18,405,180
	240,292	Praxair, Inc.		28,726,909
	220,849	Reliance Steel & Aluminum Co.		13,356,947
	135,231	Rio Tinto plc ADR		5,572,869
	250,325	Wacker Chemie AG		25,864,337

				181,688,638

		Media - 1.8%
	331,630	CBS Corp. Class B		18,405,465
	28,762	DISH Network Corp. Class A*		1,947,475
	111,363	IMAX Corp.*		4,484,588
	220,125	Markit, Ltd.*		5,628,596
	107,778	ProSiebenSat.1 Media AG		5,323,598
	257,900	Quebecor, Inc. Class B		6,446,468
	2,553,484	Sky plc		41,590,218
	95,322	Tribune Media Co. Class A		5,089,242
	1,179,547	Twenty-First Century Fox, Inc. Class A		38,388,357

				127,304,007

		Pharmaceuticals, Biotechnology & Life Sciences - 14.3%
	271,232	Alkermes plc*		17,451,067
	494,168	Allergan plc*		149,960,221
	68,400	Amgen, Inc.		10,500,768
	1,700,196	Arena Pharmaceuticals, Inc.*		7,888,910
	73,472	AstraZeneca plc ADR		4,680,901
	401,243	AstraZeneca plc		25,394,765
	209,195	Biogen, Inc.*		84,502,228
	91,154	BioMarin Pharmaceutical, Inc.*		12,468,044
	3,205,226	Bristol-Myers Squibb Co.		213,275,738
	127,905	Celgene Corp.*		14,803,085
	384,985	Eisai Co., Ltd.		25,811,166
	275,307	Gilead Sciences, Inc.		32,232,944
	262,600	ICON plc*		17,672,980
	32,870	Illumina, Inc.*		7,177,493
	129,682	Incyte Corp.*		13,514,161
	34,887	Isis Pharmaceuticals, Inc.*		2,007,747
	316,977	Johnson & Johnson		30,892,578
	54,200	Mallinckrodt plc*		6,380,424
	2,822,473	Merck & Co., Inc.		160,683,388
	342,870	Mylan N.V.*		23,267,158
	325,585	Pfizer, Inc.		10,916,865
	285,904	Portola Pharmaceuticals, Inc.*		13,022,927
	50,216	Regeneron Pharmaceuticals, Inc.*		25,616,688
	35,832	Regulus Therapeutics, Inc.*		392,719
	93,398	Roche Holding AG		26,187,998
	54,600	TESARO, Inc.*		3,209,934
	4,480,781	TherapeuticsMD, Inc.*		35,218,939
	135,367	Vertex Pharmaceuticals, Inc.*		16,715,117

				991,846,953

		Real Estate - 0.8%
	150,208	American Tower Corp. REIT		14,012,904
	58,995	AvalonBay Communities, Inc. REIT		9,431,531
	229,630	CBRE Group, Inc. Class A*		8,496,310
	279,570	Columbia Property Trust, Inc. REIT		6,863,443
	377,326	Deutsche Annington Immobilien SE		10,647,371
	20,379	Equinix, Inc. REIT		5,176,266
	133,993	Weyerhaeuser Co. REIT		4,220,780

				58,848,605


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 96.9% - (continued)
		Retailing - 6.1%
	427,005	Advance Auto Parts, Inc.	$	68,017,627
	8,451,700	Allstar Co.*⁽¹⁾⁽²⁾		8,874,285
	144,378	Amazon.com, Inc.*		62,673,046
	210,440	CarMax, Inc.*		13,933,232
	862,300	Chico’s FAS, Inc.		14,340,049
	121,565	Dollar Tree, Inc.*		9,602,419
	142,342	GNC Holdings, Inc. Class A		6,331,372
	1,672,880	Groupon, Inc.*		8,414,586
	271,370	Home Depot, Inc.		30,157,348
	131,050	L Brands, Inc.		11,234,917
	391,154	Lowe’s Cos., Inc.		26,195,583
	495,600	Michaels Cos., Inc.*		13,336,596
	28,277	Netflix, Inc.*		18,576,292
	8,500	Priceline Group, Inc.*		9,786,645
	250,427	Signet Jewelers Ltd.		32,114,759
	778,091	TJX Cos., Inc.		51,486,282
	146,874	TripAdvisor, Inc.*		12,798,600
	1,028,200	Vipshop Holdings Ltd. ADR*		22,877,450

				420,751,088

		Semiconductors & Semiconductor Equipment - 4.7%
	728,160	Cypress Semiconductor Corp.		8,563,161
	101,121	First Solar, Inc.*		4,750,664
	22,479,720	GCL-Poly Energy Holdings Ltd.*		5,179,951
	2,674,337	Intel Corp.		81,339,960
	667,730	Marvell Technology Group Ltd.		8,804,020
	810,495	Maxim Integrated Products, Inc.		28,022,865
	1,098,186	Micron Technology, Inc.*		20,689,824
	708,290	NXP Semiconductors N.V.*		69,554,078
	190,433	SK Hynix, Inc.		7,217,699
	1,214,355	Sumco Corp.		15,187,944
	345,332	SunEdison Semiconductor Ltd.*		5,963,884
	826,624	SunEdison, Inc.*		24,724,324
	1,586,543	SunPower Corp.*		45,073,687

				325,072,061

		Software & Services - 12.1%
	357,361	Accenture plc Class A		34,585,398
	3,022,390	Activision Blizzard, Inc.		73,172,062
	548,518	Adobe Systems, Inc.*		44,435,443
	271,928	Akamai Technologies, Inc.*		18,986,013
	434,004	Alibaba Group Holding Ltd. ADR*		35,705,509
	156,196	Automatic Data Processing, Inc.		12,531,605
	317,676	Baidu, Inc. ADR*		63,242,938
	162,900	Blackhawk Network Holdings, Inc.*		6,711,480
	179,200	Cognizant Technology Solutions Corp. Class A*		10,947,328
	130,596	CoStar Group, Inc.*		26,283,751
	994,230	Coupons.com, Inc.*		10,727,742
	184,967	Dropbox, Inc. Class B*⁽¹⁾⁽²⁾		3,179,783
	843,190	Enernoc, Inc.*		8,178,943
	77,970	Envestnet, Inc.*		3,152,327
	424,800	Everyday Health, Inc.*		5,428,944
	999,598	Facebook, Inc. Class A*		85,730,522
	647,543	Genpact Ltd.*		13,812,092
	495,444	Gogo, Inc.*		10,617,365
	21,200	Google, Inc. Class A*		11,448,848
	179,875	Google, Inc. Class C*		93,626,736
	2,272,283	Microsoft Corp.		100,321,294
	107,331	Mobileye N.V.*		5,706,789
	1,440,334	Monster Worldwide, Inc.*		9,419,784
	33,412	New Relic, Inc. PIPE*		1,175,768


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 96.9% - (continued)
		Software & Services - 12.1% - (continued)
	80,000	Nintendo Co., Ltd.	$	13,346,203
	3,503,547	Optimal Payments plc*		12,880,571
	291,717	Pandora Media, Inc.*		4,533,282
	177,650	Salesforce.com, Inc.*		12,369,770
	65,199	ServiceNow, Inc.*		4,844,938
	91,660	Shutterstock, Inc.*		5,374,942
	271,840	Symantec Corp.		6,320,280
	265,107	Tangoe, Inc.*		3,335,046
	31,951	Tyler Technologies Corp.*		4,133,820
	210,887	Verint Systems, Inc.*		12,810,331
	200,906	VeriSign, Inc.*		12,399,918
	922,917	Web.com Group, Inc.*		22,353,050
	278,951	Workday, Inc. Class A*		21,309,067
	115,225	Yelp, Inc.*		4,958,132
	144,217	Zillow Group, Inc. Class A*		12,509,383

				842,607,197

		Technology Hardware & Equipment - 5.4%
	469,300	Alps Electric Co., Ltd.		14,472,970
	259,610	Amphenol Corp. Class A		15,049,592
	1,023,614	Apple, Inc.		128,386,786
	85,966	Arista Networks, Inc.*		7,026,861
	435,256	ARRIS Group, Inc.*		13,318,834
	313,837	Belden, Inc.		25,492,979
	446,800	CDW Corp. of Delaware		15,316,304
	2,887,308	Cisco Systems, Inc.		79,285,478
	120,942	Cognex Corp.		5,817,310
	114,224	F5 Networks, Inc.*		13,746,858
	139,787	Hewlett-Packard Co.		4,195,008
	3,411,000	NEC Corp.		10,322,193
	4,920,773	ParkerVision, Inc.*		1,845,782
	5,403	Samsung Electronics Co., Ltd.		6,130,164
	208,509	Stratasys Ltd.*		7,283,219
	413,923	Trimble Navigation Ltd.*		9,710,634
	183,165	Western Digital Corp.		14,363,799

				371,764,771

		Telecommunication Services - 0.6%
	300,200	Nippon Telegraph & Telephone Corp.		10,871,965
	60,240	SoftBank Corp.		3,548,316
	131,056	T-Mobile US, Inc.*		5,081,041
	263,873	Telenor ASA		5,785,375
	415,435	Verizon Communications, Inc.		19,363,425

				44,650,122

		Transportation - 3.4%
	19,783,800	AirAsia Bhd		8,075,021
	332,320	American Airlines Group, Inc.		13,271,199
	219,400	Canadian National Railway Co.		12,658,098
	762,900	CSX Corp.		24,908,685
	207,600	FedEx Corp.		35,375,040
	2,600,885	Hertz Global Holdings, Inc.*		47,128,036
	53,217	Kansas City Southern		4,853,390
	190,683	Landstar System, Inc.		12,750,972
	1,387,325	Scorpio Bulkers, Inc.*		2,261,340
	763,029	Swift Transportation Co.*		17,297,868
	100,900	Union Pacific Corp.		9,622,833
	119,297	United Continental Holdings, Inc.*		6,323,934
	400,408	United Parcel Service, Inc. Class B		38,803,539

				233,329,955


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 96.9% - (continued)
		Utilities - 1.4%
	1,310,365	Centrica plc	$	5,437,333
	13,383,000	China Longyuan Power Group Corp. Ltd. Class H		14,854,468
	252,741	Duke Energy Corp.		17,848,569
	1,064,000	ENN Energy Holdings Ltd.		6,398,192
	377,816	Exelon Corp.		11,870,979
	419,100	Kyushu Electric Power Co., Inc.*		4,859,008
	493,223	National Grid plc		6,348,187
	280,901	PG&E Corp.		13,792,239
	443,599	Xcel Energy, Inc.		14,275,016

				95,683,991


		Total Common Stocks (cost $6,204,437,099)	$	6,715,934,135


EXCHANGE TRADED FUNDS - 0.5%
		Other Investment Pools & Funds - 0.5%
	166,666	SPDR S&P 500 ETF Trust	$	34,308,196


		Total Exchange Traded Funds (cost $34,978,193)	$	34,308,196


PREFERRED STOCKS - 1.2%
		Consumer Durables & Apparel - 0.0%
	127,917	One Kings Lane, Inc.⁽¹⁾⁽²⁾	$	1,848,401

		Consumer Services - 0.0%
	16,619	Airbnb, Inc.⁽¹⁾⁽²⁾		1,392,422

		Health Care Equipment & Services - 0.2%
	2,512,533	Corindus Vascular Robotics, Inc.⁽²⁾		8,818,991

		Media - 0.0%
	29,800	Harvey Weinstein Co. Holdings⁽¹⁾⁽²⁾		—

		Retailing - 0.3%
	17,385	Honest Co.⁽¹⁾⁽²⁾		753,988
	280,504	Tory Burch LLC*⁽¹⁾⁽²⁾		17,962,042

				18,716,030

		Software & Services - 0.6%
	56,702	Cloudera, Inc.⁽¹⁾⁽²⁾		1,684,049
	50,200	Nanigans, Inc.⁽¹⁾⁽²⁾		493,298
	158,682	Pinterest, Inc. Series G⁽¹⁾⁽²⁾		5,126,367
	20,891	Sharecare⁽¹⁾⁽²⁾		4,698,031
	815,160	Uber Technologies, Inc.⁽¹⁾⁽²⁾		29,080,588
	293,655	Zuora, Inc. Series F⁽¹⁾⁽²⁾		1,004,115

				42,086,448

		Technology Hardware & Equipment - 0.1%
	466,941	Pure Storage, Inc.*⁽¹⁾⁽²⁾		8,115,435

		Telecommunication Services - 0.0%
	3,739	DocuSign, Inc. Series B⁽¹⁾⁽²⁾		64,250
	1,120	DocuSign, Inc. Series B-1⁽¹⁾⁽²⁾		19,246
	2,687	DocuSign, Inc. Series D⁽¹⁾⁽²⁾		46,173
	69,493	DocuSign, Inc. Series E⁽¹⁾⁽²⁾		1,194,153
	10,835	DocuSign, Inc. Series F⁽¹⁾⁽²⁾		186,186

				1,510,008


		Total Preferred Stocks (cost $94,819,435)	$	82,487,735

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.

The following is a rollforward of the Fund’s investments that were valued using unobservable inputs (Level 3) for the six-month period ended June 30, 2015:

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at June 30, 2015 was $ 6,631,501.


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 98.8%
		Banks - 6.6%
	619,720	EverBank Financial Corp.	$	12,177,498
	349,356	JP Morgan Chase & Co.		23,672,363
	164,380	PNC Financial Services Group, Inc.		15,722,947

				51,572,808

		Capital Goods - 3.6%
	139,017	AMETEK, Inc.		7,615,351
	109,785	Honeywell International, Inc.		11,194,777
	99,975	Illinois Tool Works, Inc.		9,176,705

				27,986,833

		Commercial & Professional Services - 3.7%
	128,620	Equifax, Inc.		12,487,716
	150,985	Nielsen N.V.		6,759,598
	134,945	Verisk Analytics, Inc. Class A^*		9,818,598

				29,065,912

		Consumer Durables & Apparel - 0.5%
	35,001	PVH Corp.		4,032,115

		Consumer Services - 1.9%
	14,045	Chipotle Mexican Grill, Inc.^*		8,497,085
	82,111	Starwood Hotels & Resorts Worldwide, Inc.		6,658,381

				15,155,466

		Energy - 4.7%
	105,235	Anadarko Petroleum Corp.		8,214,644
	140,075	Chevron Corp.		13,513,035
	85,435	EOG Resources, Inc.		7,479,834
	173,165	Halliburton Co.		7,458,217

				36,665,730

		Food & Staples Retailing - 6.1%
	120,920	Costco Wholesale Corp.		16,331,455
	208,750	CVS Health Corp.		21,893,700
	136,014	Kroger Co.		9,862,375

				48,087,530

		Food, Beverage & Tobacco - 5.1%
	261,370	Altria Group, Inc.		12,783,607
	429,910	Mondelez International, Inc. Class A		17,686,497
	72,736	Monster Beverage Corp.*		9,748,079

				40,218,183

		Health Care Equipment & Services - 11.1%
	112,192	Aetna, Inc.		14,299,993
	145,885	Cerner Corp.*		10,074,818
	215,375	Envision Healthcare Holdings, Inc.*		8,503,005
	80,065	McKesson Corp.		17,999,413
	100,061	Omnicare, Inc.		9,430,749
	144,244	UnitedHealth Group, Inc.		17,597,768
	87,240	Zimmer Holdings, Inc.		9,529,225

				87,434,971

		Household & Personal Products - 2.5%
	153,670	Coty, Inc. Class A		4,912,830
	172,293	Estee Lauder Cos., Inc. Class A		14,930,911

				19,843,741

		Insurance - 4.8%
	146,951	ACE Ltd.		14,941,978
	214,040	American International Group, Inc.		13,231,953
	261,792	XL Group plc		9,738,662

				37,912,593


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 98.8% - (continued)
		Materials - 3.4%
	63,720	Airgas, Inc.	$	6,740,301
	171,325	Crown Holdings, Inc.*		9,064,806
	39,295	Sherwin-Williams Co.		10,806,911

				26,612,018

		Media - 1.9%
	243,525	Comcast Corp. Class A		14,596,888

		Pharmaceuticals, Biotechnology & Life Sciences - 10.4%
	56,150	Allergan plc*		17,039,279
	19,230	Biogen, Inc.*		7,767,766
	251,720	Bristol-Myers Squibb Co.		16,749,449
	211,605	Eli Lilly & Co.		17,666,902
	57,480	Gilead Sciences, Inc.		6,729,758
	279,723	Merck & Co., Inc.		15,924,630

				81,877,784

		Retailing - 8.6%
	28,365	AutoZone, Inc.*		18,916,618
	118,008	Dollar Tree, Inc.*		9,321,452
	218,770	Lowe’s Cos., Inc.		14,651,027
	263,024	Ross Stores, Inc.		12,785,597
	183,135	TJX Cos., Inc.		12,118,043

				67,792,737

		Software & Services - 14.6%
	118,265	Accenture plc Class A		11,445,687
	323,540	Activision Blizzard, Inc.		7,832,903
	130,425	Automatic Data Processing, Inc.		10,463,998
	79,350	Fiserv, Inc.*		6,572,561
	353,860	Genpact Ltd.*		7,547,834
	24,935	Google, Inc. Class A*		13,465,897
	18,506	Google, Inc. Class C*		9,632,558
	73,497	Intuit, Inc.		7,406,293
	151,079	Jack Henry & Associates, Inc.		9,774,811
	108,775	Mastercard, Inc. Class A		10,168,287
	409,889	Microsoft Corp.		18,096,599
	63,000	PTC, Inc.*		2,584,260

				114,991,688

		Technology Hardware & Equipment - 4.3%
	182,242	Apple, Inc.		22,857,703
	385,882	Cisco Systems, Inc.		10,596,320

				33,454,023

		Transportation - 0.9%
	41,750	FedEx Corp.		7,114,200

		Utilities - 4.1%
	219,860	American Electric Power Co., Inc.		11,645,984
	131,415	NextEra Energy, Inc.		12,882,613
	138,545	Pinnacle West Capital Corp.		7,881,825

				32,410,422


		Total Common Stocks (cost $584,047,919)	$	776,825,642


		Total Long-Term Investments (cost $584,047,919)	$	776,825,642

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 98.8%
		Automobiles & Components - 1.3%
	3,352,446	Ford Motor Co.	$	50,320,213

		Banks - 12.8%
	2,913,350	Bank of America Corp.		49,585,217
	464,769	Bank of Nova Scotia		23,996,023
	805,924	Citigroup, Inc.		44,519,242
	1,510,210	JP Morgan Chase & Co.		102,331,829
	700,644	PNC Financial Services Group, Inc.		67,016,599
	395,739	US Bancorp		17,175,073
	3,099,724	Wells Fargo & Co.		174,328,478

				478,952,461

		Capital Goods - 7.1%
	393,650	Caterpillar, Inc.		33,389,393
	539,011	Eaton Corp. plc		36,377,852
	1,453,148	General Electric Co.		38,610,142
	511,212	Honeywell International, Inc.		52,128,288
	124,276	Lockheed Martin Corp.		23,102,908
	190,994	Raytheon Co.		18,274,306
	499,921	Textron, Inc.		22,311,474
	396,765	United Technologies Corp.		44,013,142

				268,207,505

		Commercial & Professional Services - 2.0%
	269,814	Equifax, Inc.		26,196,241
	1,063,190	Nielsen N.V.		47,599,017

				73,795,258

		Consumer Services - 0.7%
	219,883	Las Vegas Sands Corp.		11,559,249
	186,430	Starwood Hotels & Resorts Worldwide, Inc.		15,117,609

				26,676,858

		Diversified Financials - 2.4%
	134,717	Ameriprise Financial, Inc.		16,830,195
	158,970	BlackRock, Inc.		55,000,440
	219,700	Northern Trust Corp.		16,798,262

				88,628,897

		Energy - 9.3%
	434,755	Anadarko Petroleum Corp.		33,936,975
	616,560	Canadian Natural Resources Ltd.		16,745,770
	869,126	Chevron Corp.		83,844,585
	185,330	EOG Resources, Inc.		16,225,642
	922,277	Exxon Mobil Corp.		76,733,446
	369,890	Hess Corp.		24,738,243
	676,380	Imperial Oil Ltd.		26,121,796
	1,141,200	Marathon Oil Corp.		30,287,448
	240,982	Schlumberger Ltd.		20,770,239
	382,590	Total S.A. ADR		18,811,950

				348,216,094

		Food & Staples Retailing - 3.5%
	784,571	CVS Health Corp.		82,285,807
	456,184	Wal-Mart Stores, Inc.		32,357,131
	212,096	Walgreens Boots Alliance, Inc.		17,909,386

				132,552,324

		Food, Beverage & Tobacco - 3.5%
	967,310	Coca-Cola Co.		37,947,571
	823,419	Mondelez International, Inc. Class A		33,875,458
	276,940	PepsiCo, Inc.		25,849,580
	404,312	Philip Morris International, Inc.		32,413,693

				130,086,302


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 98.8% - (continued)
		Health Care Equipment & Services - 4.2%
	587,769	Cardinal Health, Inc.	$	49,166,877
	860,539	Medtronic plc		63,765,940
	360,378	UnitedHealth Group, Inc.		43,966,116

				156,898,933

		Household & Personal Products - 0.6%
	291,461	Procter & Gamble Co.		22,803,909

		Insurance - 7.0%
	695,478	ACE Ltd.		70,716,203
	600,445	Marsh & McLennan Cos., Inc.		34,045,231
	700,441	MetLife, Inc.		39,217,692
	916,210	Principal Financial Group, Inc.		46,992,411
	815,766	Prudential Financial, Inc.		71,395,840

				262,367,377

		Materials - 1.7%
	449,060	Celanese Corp. Series A		32,278,433
	697,049	International Paper Co.		33,172,562

				65,450,995

		Media - 3.3%
	1,679,373	Comcast Corp. Class A		100,997,492
	681,160	Twenty-First Century Fox, Inc. Class A		22,168,352

				123,165,844

		Pharmaceuticals, Biotechnology & Life Sciences - 12.2%
	774,543	AstraZeneca plc ADR		49,346,135
	1,092,226	Bristol-Myers Squibb Co.		72,676,718
	734,082	Eli Lilly & Co.		61,288,506
	726,215	Johnson & Johnson		70,776,914
	2,393,073	Merck & Co., Inc.		136,237,646
	2,047,902	Pfizer, Inc.		68,666,154

				458,992,073

		Retailing - 1.3%
	751,981	Lowe’s Cos., Inc.		50,360,168

		Semiconductors & Semiconductor Equipment - 3.2%
	380,229	Analog Devices, Inc.		24,404,998
	2,276,241	Intel Corp.		69,231,870
	502,225	Texas Instruments, Inc.		25,869,610

				119,506,478

		Software & Services - 7.3%
	582,764	Accenture plc Class A		56,399,900
	124,870	Google, Inc. Class A*		67,434,795
	2,465,152	Microsoft Corp.		108,836,460
	783,987	Oracle Corp.		31,594,676
	759,220	Xerox Corp.		8,078,101

				272,343,932

		Technology Hardware & Equipment - 5.0%
	595,615	Apple, Inc.		74,705,011
	405,890	Avnet, Inc.		16,686,138
	2,138,634	Cisco Systems, Inc.		58,726,890
	278,677	Qualcomm, Inc.		17,453,540
	242,530	Western Digital Corp.		19,019,203

				186,590,782

		Telecommunication Services - 2.5%
	2,006,159	Verizon Communications, Inc.		93,507,071

		Transportation - 4.4%
	163,340	Canadian National Railway Co.		9,432,885
	962,032	CSX Corp.		31,410,345


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 98.8% - (continued)
		Transportation - 4.4% - (continued)
	674,557	Delta Air Lines, Inc.	$	27,710,801
	214,907	FedEx Corp.		36,620,153
	621,858	United Parcel Service, Inc. Class B		60,264,259

				165,438,443

		Utilities - 3.5%
	501,616	Dominion Resources, Inc.		33,543,062
	168,590	Edison International		9,370,232
	888,322	Exelon Corp.		27,911,077
	470,338	NextEra Energy, Inc.		46,107,234
	670,170	NRG Energy, Inc.		15,333,490

				132,265,095


		Total Common Stocks (cost $2,646,593,153)	$	3,707,127,012


		Total Long-Term Investments (cost $2,646,593,153)	$	3,707,127,012


SHORT-TERM INVESTMENTS - 0.9%
		Other Investment Pools & Funds - 0.9%
	32,452,587	Fidelity Money Market Class 1		32,452,587


		Total Short-Term Investments (cost $32,452,587)		32,452,587


Total Investments (cost $2,679,045,740)^	99.7	%	$	3,739,579,599
Other Assets and Liabilities	0.3	%		12,586,465

Total Net Assets	100.0	%	$	3,752,166,064

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 99.0%
		Automobiles & Components - 1.4%
	47,000	Delphi Automotive plc	$	3,999,230
	12,091	Volkswagen AG (Preference Shares)		2,806,063

				6,805,293

		Banks - 4.7%
	256,151	Banco Bilbao Vizcaya Argentaria S.A.		2,524,099
	123,252	Bank of America Corp.		2,097,749
	6,342,412	Bank of Ireland*		2,567,385
	40,444	BNP Paribas S.A.		2,454,252
	5,734,000	China Construction Bank Class H		5,230,300
	248,783	ICICI Bank Ltd. ADR		2,592,319
	435,860	Mitsubishi UFJ Financial Group, Inc.		3,135,778
	314,100	Unione di Banche Italiane SCpA		2,520,390

				23,122,272

		Capital Goods - 4.5%
	133,422	ABB Ltd.		2,796,301
	449,000	Mitsubishi Heavy Industries Ltd.		2,729,449
	15,891	Northrop Grumman Corp.		2,520,789
	46,660	Safran S.A.		3,170,984
	30,400	Schneider Electric S.A.		2,104,865
	7,922	SMC Corp.		2,383,881
	69,982	Textron, Inc.		3,123,297
	25,879	Wabco Holdings, Inc.*		3,201,750

				22,031,316

		Commercial & Professional Services - 0.5%
	28,040	Equifax, Inc.		2,722,404

		Consumer Durables & Apparel - 4.0%
	104,209	Electrolux AB Series B		3,265,195
	45,100	GoPro, Inc. Class A*		2,377,672
	20,700	Harman International Industries, Inc.		2,462,058
	37,298	Pandora A/S		4,002,231
	98,535	Persimmon plc		3,057,142
	155,600	Sony Corp.*		4,418,551

				19,582,849

		Consumer Services - 1.9%
	4,136	Chipotle Mexican Grill, Inc.*		2,502,239
	111,833	MGM Resorts International*		2,040,952
	595,662	Sands China Ltd.		2,001,900
	51,108	Starbucks Corp.		2,740,156

				9,285,247

		Diversified Financials - 8.8%
	20,650	Ameriprise Financial, Inc.		2,579,805
	18,890	BlackRock, Inc.		6,535,562
	57,153	Discover Financial Services		3,293,156
	80,500	Hong Kong Exchanges and Clearing Ltd.		2,836,380
	229,670	IG Group Holdings plc		2,692,055
	67,347	Julius Baer Group Ltd.*		3,779,106
	55,350	Legg Mason, Inc.		2,852,186
	39,485	Moody’s Corp.		4,262,801
	61,970	MSCI, Inc.		3,814,253
	9,952	Partners Group Holding AG		2,974,529
	58,870	SEI Investments Co.		2,886,396
	209,330	UBS Group AG		4,441,245

				42,947,474

		Energy - 1.2%
	28,123	EOG Resources, Inc.		2,462,169
	23,867	Pioneer Natural Resources Co.		3,310,114

				5,772,283


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 99.0% - (continued)
		Food & Staples Retailing - 2.3%
	74,411	CVS Health Corp.	$	7,804,226
	78,725	Seven & I Holdings Co., Ltd.		3,379,319

				11,183,545

		Food, Beverage & Tobacco - 5.0%
	49,505	Altria Group, Inc.		2,421,290
	39,899	Anheuser-Busch InBev N.V.		4,801,459
	47,204	British American Tobacco plc		2,541,581
	393,000	China Mengniu Dairy Co., Ltd.		1,959,537
	56,277	Imperial Tobacco Group plc		2,710,423
	102,600	Mondelez International, Inc. Class A		4,220,964
	23,550	Monster Beverage Corp.*		3,156,171
	34,771	Reynolds American, Inc.		2,596,003

				24,407,428

		Health Care Equipment & Services - 3.3%
	53,363	Aetna, Inc.		6,801,648
	15,900	Edwards Lifesciences Corp.*		2,264,637
	33,015	Medtronic plc		2,446,411
	38,980	UnitedHealth Group, Inc.		4,755,560

				16,268,256

		Household & Personal Products - 0.5%
	29,600	Estee Lauder Cos., Inc. Class A		2,565,136

		Insurance - 5.8%
	30,740	ACE Ltd.		3,125,643
	111,866	American International Group, Inc.		6,915,556
	37,739	Aon plc		3,761,824
	134,955	Assured Guaranty Ltd.		3,237,570
	1,286,480	PICC Property & Casualty Co., Ltd. Class H		2,928,540
	53,544	Principal Financial Group, Inc.		2,746,272
	215,888	St James’s Place plc		3,069,833
	67,008	XL Group plc		2,492,698

				28,277,936

		Materials - 1.8%
	52,905	CF Industries Holdings, Inc.		3,400,733
	33,295	HeidelbergCement AG		2,638,856
	198,209	James Hardie Industries plc		2,638,201

				8,677,790

		Media - 2.8%
	51,543	Comcast Corp. Class A		3,099,796
	56,581	ProSiebenSat.1 Media AG		2,794,768
	86,152	Twenty-First Century Fox, Inc. Class A		2,803,817
	23,170	Walt Disney Co.		2,644,624
	110,015	WPP plc		2,469,415

				13,812,420

		Pharmaceuticals, Biotechnology & Life Sciences - 12.8%
	11,635	Allergan plc*		3,530,757
	40,775	AstraZeneca plc		2,580,660
	8,614	Biogen, Inc.*		3,479,539
	152,173	Bristol-Myers Squibb Co.		10,125,592
	35,145	Celgene Corp.*		4,067,507
	39,400	Eisai Co., Ltd.		2,641,557
	37,800	Eli Lilly & Co.		3,155,922
	44,314	Gilead Sciences, Inc.		5,188,283
	114,840	Merck & Co., Inc.		6,537,841
	59,148	Novartis AG		5,817,824
	96,285	Novo Nordisk A/S Class B		5,283,626
	6,977	Regeneron Pharmaceuticals, Inc.*		3,559,177


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 99.0% - (continued)
		Pharmaceuticals, Biotechnology & Life Sciences - 12.8% - (continued)
	14,816	Roche Holding AG	$	4,154,279
	37,519	UCB S.A.		2,697,811

				62,820,375

		Real Estate - 1.7%
	34,613	American Tower Corp. REIT		3,229,047
	85,000	Mitsui Fudosan Co., Ltd.		2,378,546
	14,538	Public Storage REIT		2,680,371

				8,287,964

		Retailing - 4.7%
	9,710	Amazon.com, Inc.*		4,215,014
	30,238	Expedia, Inc.		3,306,525
	41,130	Home Depot, Inc.		4,570,777
	124,182	Lowe’s Cos., Inc.		8,316,469
	3,950	Netflix, Inc.*		2,594,913

				23,003,698

		Semiconductors & Semiconductor Equipment - 2.5%
	187,835	ARM Holdings plc		3,073,708
	199,367	Infineon Technologies AG		2,474,063
	36,410	NXP Semiconductors N.V.*		3,575,462
	665,000	Taiwan Semiconductor Manufacturing Co., Ltd.		3,024,831

				12,148,064

		Software & Services - 20.5%
	42,505	Accenture plc Class A		4,113,634
	159,477	Activision Blizzard, Inc.		3,860,938
	45,099	Adobe Systems, Inc.*		3,653,470
	35,454	Akamai Technologies, Inc.*		2,475,398
	36,639	Alibaba Group Holding Ltd. ADR*		3,014,291
	36,346	Automatic Data Processing, Inc.		2,916,040
	28,908	Baidu, Inc. ADR*		5,755,005
	38,007	Check Point Software Technologies Ltd. ADR*		3,023,457
	56,487	Cognizant Technology Solutions Corp. Class A*		3,450,791
	3,575	Dropbox, Inc. Class B*⁽¹⁾⁽²⁾		61,458
	59,096	Facebook, Inc. Class A*		5,068,368
	17,538	Factset Research Systems, Inc.		2,850,100
	42,105	Fiserv, Inc.*		3,487,557
	44,104	Gartner, Inc. Class A*		3,783,241
	8,891	Google, Inc. Class C*		4,627,854
	53,970	Intuit, Inc.		5,438,557
	55,980	Jack Henry & Associates, Inc.		3,621,906
	89,505	Mastercard, Inc. Class A		8,366,927
	71,220	Microsoft Corp.		3,144,363
	61,987	Mobileye N.V.*		3,295,849
	17,100	Nintendo Co., Ltd.		2,852,751
	111,615	Oracle Corp.		4,498,085
	50,323	Salesforce.com, Inc.*		3,503,990
	64,956	Vantiv, Inc. Class A*		2,480,670
	54,000	VeriSign, Inc.*		3,332,880
	72,016	Visa, Inc. Class A		4,835,874
	31,000	Zillow Group, Inc. Class A*		2,688,940

				100,202,394

		Technology Hardware & Equipment - 6.5%
	172,497	Apple, Inc.		21,635,436
	89,345	Cisco Systems, Inc.		2,453,414
	30,135	F5 Networks, Inc.*		3,626,747
	34,700	Largan Precision Co., Ltd.		3,961,031

				31,676,628


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 99.0% - (continued)
		Telecommunication Services - 0.7%
	92,881	T-Mobile US, Inc.*	$	3,600,996

		Transportation - 1.1%
	17,222	FedEx Corp.		2,934,629
	50,453	United Continental Holdings, Inc.*		2,674,513

				5,609,142


		Total Common Stocks (cost $394,436,078)	$	484,810,910

PREFERRED STOCKS - 0.0%
		Technology Hardware & Equipment - 0.0%
	2,372	Pure Storage, Inc.*⁽¹⁾⁽²⁾	$	41,225


		Total Preferred Stocks (cost $37,302)	$	41,225

WARRANTS - 0.0%
		Diversified Financials - 0.0%
	16,228	Atlas Mara Ltd.*	$	2,840
	1,035	Imperial Holdings, Inc.*⁽¹⁾		—


		Total Warrants (cost $162)	$	2,840


		Total Long-Term Investments (cost $394,473,542)	$	484,854,975


SHORT-TERM INVESTMENTS - 1.0%
		Other Investment Pools & Funds - 1.0%
	4,930,394	Fidelity Money Market Class 1	$	4,930,394


		Total Short-Term Investments (cost $4,930,394)	$	4,930,394



Total Investments (cost $399,403,936)^{^}	100.0	%		489,785,369
Other Assets and Liabilities	0.0	%		(166,864	)

Total Net Assets	100.0	%	$	489,618,505

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.

The following is a rollforward of the Fund’s investments that were valued using unobservable inputs (Level 3) for the six-month period ended June 30, 2015:

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at June 30, 2015 was $7,653.


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 92.7%
		Automobiles & Components - 0.9%
	46,102	Tesla Motors, Inc.*	$	12,367,323

		Capital Goods - 9.2%
	90,900	Acuity Brands, Inc.		16,360,182
	432,537	AECOM*		14,308,324
	348,239	AMETEK, Inc.		19,076,533
	242,048	Danaher Corp.		20,716,888
	362,905	DigitalGlobe, Inc.*		10,085,130
	417,099	Fortune Brands Home & Security, Inc.		19,111,476
	275,545	HD Supply Holdings, Inc.*		9,693,673
	1,458,400	Lithium Technology Corp.*⁽¹⁾⁽²⁾		8,035,784
	318,195	Textron, Inc.		14,201,043

				131,589,033

		Consumer Durables & Apparel - 2.8%
	131,843	Harman International Industries, Inc.		15,681,407
	3,812,030	Samsonite International S.A.		13,161,316
	66,559	Whirlpool Corp.		11,518,035

				40,360,758

		Consumer Services - 6.0%
	39,765	Chipotle Mexican Grill, Inc.*		24,057,427
	551,762	Diamond Resorts International, Inc.*		17,408,091
	576,317	Hilton Worldwide Holdings, Inc.*		15,877,533
	185,262	Starbucks Corp.		9,932,822
	219,938	Wyndham Worldwide Corp.		18,015,122

				85,290,995

		Diversified Financials - 3.6%
	43,074	BlackRock, Inc.		14,902,743
	247,766	Northern Trust Corp.		18,944,188
	656,028	Platform Specialty Products Corp.*		16,781,196

				50,628,127

		Food, Beverage & Tobacco - 3.4%
	140,682	Monster Beverage Corp.*		18,854,201
	1,368,497	Nomad Holdings Ltd.*		29,764,810

				48,619,011

		Health Care Equipment & Services - 8.9%
	88,986	athenahealth, Inc.*		10,196,016
	120,763	Becton Dickinson and Co.		17,106,079
	1,012,750	Boston Scientific Corp.*		17,925,675
	269,599	Cerner Corp.*		18,618,507
	88,319	DexCom, Inc.*		7,063,754
	294,653	Envision Healthcare Holdings, Inc.*		11,632,900
	411,715	Hologic, Inc.*		15,669,873
	59,288	Intuitive Surgical, Inc.*		28,725,036
	9,800	Teladoc, Inc.*		186,200

				127,124,040

		Household & Personal Products - 1.3%
	205,534	Estee Lauder Cos., Inc. Class A		17,811,576

		Insurance - 1.2%
	284,554	American International Group, Inc.		17,591,128

		Media - 1.1%
	475,874	Twenty-First Century Fox, Inc. Class A		15,487,319

		Pharmaceuticals, Biotechnology & Life Sciences - 14.1%
	88,185	Allergan plc*		26,760,620
	38,388	Alnylam Pharmaceuticals, Inc.*		4,601,570
	37,099	Biogen, Inc.*		14,985,770
	768,614	Bristol-Myers Squibb Co.		51,143,576


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 92.7% - (continued)
		Pharmaceuticals, Biotechnology & Life Sciences - 14.1% - (continued)
	86,970	Celgene Corp.*	$	10,065,473
	154,300	Eisai Co., Ltd.		10,344,982
	52,768	Illumina, Inc.*		11,522,420
	43,894	Incyte Corp.*		4,574,194
	246,167	Merck & Co., Inc.		14,014,287
	331,774	Mylan N.V.*		22,514,184
	149,330	Novartis AG		14,688,166
	31,802	Regeneron Pharmaceuticals, Inc.*		16,223,154

				201,438,396

		Real Estate - 2.9%
	274,922	American Tower Corp. REIT		25,647,473
	390,112	CBRE Group, Inc. Class A*		14,434,144
	29,318	WeWork Companies, Inc. Class A⁽¹⁾⁽²⁾		867,831

				40,949,448

		Retailing - 6.9%
	126,617	Advance Auto Parts, Inc.		20,168,822
	106,178	Amazon.com, Inc.*		46,090,808
	41,578	JAND Inc. Class A⁽¹⁾⁽²⁾		429,782
	161,269	Lowe’s Cos., Inc.		10,800,185
	32,528	Netflix, Inc.*		21,368,944

				98,858,541

		Semiconductors & Semiconductor Equipment - 1.0%
	151,564	NXP Semiconductors N.V.*		14,883,585

		Software & Services - 18.2%
	187,134	Akamai Technologies, Inc.*		13,065,696
	192,028	Alibaba Group Holding Ltd. ADR*		15,798,143
	44,200	Apigee Corp.*		438,906
	90,034	Baidu, Inc. ADR*		17,923,969
	254,280	Cognizant Technology Solutions Corp. Class A*		15,533,965
	103,673	CoStar Group, Inc.*		20,865,228
	572,587	Facebook, Inc. Class A*		49,107,924
	56,678	Google, Inc. Class A*		30,608,387
	28,244	Google, Inc. Class C*		14,701,284
	297,784	Mobileye N.V.*		15,833,175
	65,284	New Relic, Inc. PIPE*		2,297,344
	179,260	ServiceNow, Inc.*		13,320,811
	510,800	Tencent Holdings Ltd.		10,214,220
	286,522	Workday, Inc. Class A*		21,887,416
	213,481	Zillow Group, Inc. Class A*		18,517,342

				260,113,810

		Technology Hardware & Equipment - 9.9%
	763,985	Apple, Inc.		95,822,819
	213,966	Arista Networks, Inc.*		17,489,581
	436,942	CDW Corp. of Delaware		14,978,372
	207,555	TE Connectivity Ltd.		13,345,786

				141,636,558

		Transportation - 1.3%
	183,880	United Parcel Service, Inc. Class B		17,819,811


		Total Common Stocks (cost $1,150,984,590)	$	1,322,569,459


PREFERRED STOCKS - 6.8%
		Consumer Services - 0.1%
	874,073	Draftkings, Inc.⁽¹⁾⁽²⁾	$	1,417,007


Shares or Principal Amount			Market Value^†
PREFERRED STOCKS - 6.8% - (continued)
		Health Care Equipment & Services - 0.2%
	313,640	ConforMIS, Inc.⁽¹⁾⁽²⁾	$	2,117,070

		Real Estate - 0.7%
	879,569	Redfin Corp. Series G⁽¹⁾⁽²⁾		2,610,499
	145,709	WeWork Companies, Inc. Class D-1⁽¹⁾⁽²⁾		4,313,074
	114,486	WeWork Companies, Inc. Class D-2⁽¹⁾⁽²⁾		3,388,854

				10,312,427

		Retailing - 1.1%
	160,575	Forward Ventures, Inc.⁽¹⁾⁽²⁾		6,418,022
	43,732	Honest Co.⁽¹⁾⁽²⁾		1,896,657
	92,843	JAND Inc. Series D⁽¹⁾⁽²⁾		959,697
	94,537	Tory Burch LLC*⁽¹⁾⁽²⁾		6,053,670

				15,328,046

		Software & Services - 4.2%
	186,006	Apigee Corp. PIPE⁽¹⁾⁽²⁾		1,731,087
	535,139	Birst, Inc. Series F⁽¹⁾⁽²⁾		2,813,119
	1,871,878	Essence Group Holdings Corporation⁽¹⁾⁽²⁾		3,425,537
	287,204	Lookout, Inc. Series F⁽¹⁾⁽²⁾		3,047,234
	366,944	MarkLogic Corp. Series F⁽¹⁾⁽²⁾		3,835,585
	227,914	Nutanix, Inc.⁽¹⁾⁽²⁾		4,282,504
	97,758	Pinterest, Inc. Series G⁽¹⁾⁽²⁾		3,158,162
	759,876	Uber Technologies, Inc.⁽¹⁾⁽²⁾		27,108,348
	210,735	Veracode, Inc.⁽¹⁾⁽²⁾		6,461,135
	1,160,072	Zuora, Inc. Series F⁽¹⁾⁽²⁾		3,966,715

				59,829,426

		Technology Hardware & Equipment - 0.3%
	268,363	Pure Storage, Inc.*⁽¹⁾⁽²⁾		4,664,149

		Telecommunication Services - 0.2%
	7,944	DocuSign, Inc. Series B⁽¹⁾⁽²⁾		136,508
	2,379	DocuSign, Inc. Series B-1⁽¹⁾⁽²⁾		40,880
	5,708	DocuSign, Inc. Series D⁽¹⁾⁽²⁾		98,085
	147,634	DocuSign, Inc. Series E⁽¹⁾⁽²⁾		2,536,912
	25,098	DocuSign, Inc. Series F⁽¹⁾⁽²⁾		431,279

				3,243,664


		Total Preferred Stocks (cost $77,069,669)	$	96,911,789


CONVERTIBLE PREFERRED STOCKS - 0.3%
		Retailing - 0.3%
	102,040	Honest Co. Series C⁽¹⁾⁽²⁾	$	4,425,475


		Total Convertible Preferred Stocks (cost $2,760,927)	$	4,425,475


		Total Long-Term Investments (cost $1,230,815,186)	$	1,423,906,723

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.

The following is a rollforward of the Fund’s investments that were valued using unobservable inputs (Level 3) for the six-month period ended June 30, 2015:

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at June 30, 2015 was $13,428,103.


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 97.9%
		Biotechnology - 26.9%
	188,020	Achillion Pharmaceuticals, Inc.*	$	1,665,857
	34,690	Acorda Therapeutics, Inc.*		1,156,218
	155,732	Alkermes plc*		10,019,797
	48,030	Alnylam Pharmaceuticals, Inc.*		5,757,356
	74,907	Anacor Pharmaceuticals, Inc.*		5,800,049
	652,570	Arena Pharmaceuticals, Inc.*		3,027,925
	207,470	BioCryst Pharmaceuticals, Inc.*		3,097,527
	7,832	Biogen, Inc.*		3,163,658
	3,600	Blueprint Medicines Corp.*		95,364
	69,170	Cepheid*		4,229,745
	148,207	Dicerna Pharmaceuticals, Inc.*		2,067,488
	75,290	Five Prime Therapeutics, Inc.*		1,870,204
	111,681	Galapagos N.V.*		5,701,822
	190,200	Gilead Sciences, Inc.		22,268,616
	138,860	GlycoMimetics, Inc.*		1,103,937
	67,613	Incyte Corp.*		7,045,951
	44,381	Innate Pharma S.A.*		649,245
	134,483	Ironwood Pharmaceuticals, Inc.*		1,621,865
	30,556	Nivalis Therapeutics, Inc.*		462,923
	136,770	Otonomy, Inc.*		3,144,342
	57,265	Portola Pharmaceuticals, Inc.*		2,608,421
	25,680	PTC Therapeutics, Inc.*		1,235,978
	26,616	Regeneron Pharmaceuticals, Inc.*		13,577,620
	126,720	Regulus Therapeutics, Inc.*		1,388,851
	249,500	Rigel Pharmaceuticals, Inc.*		800,895
	21,402	Seattle Genetics, Inc.*		1,035,857
	53,640	T2 Biosystems, Inc.*		870,577
	94,345	TESARO, Inc.*		5,546,543
	118,720	Trevana, Inc.*		743,187
	42,691	Vertex Pharmaceuticals, Inc.*		5,271,485

				117,029,303

		Drug Retail - 2.9%
	75,070	CVS Health Corp.		7,873,342
	57,250	Walgreens Boots Alliance, Inc.		4,834,190

				12,707,532

		Health Care Services - 1.1%
	122,740	Envision Healthcare Holdings, Inc.*		4,845,775
	3,000	Teladoc, Inc.*		57,000

				4,902,775

		Health Care Distributors - 4.6%
	81,790	Cardinal Health, Inc.		6,841,734
	59,220	McKesson Corp.		13,313,248

				20,154,982

		Health Care Equipment - 20.0%
	204,610	Abbott Laboratories		10,042,259
	88,680	AtriCure, Inc.*		2,185,075
	36,300	Baxter International, Inc.*		1,379,400
	99,731	Baxter International, Inc.		6,974,189
	38,418	Becton Dickinson and Co.		5,441,910
	392,980	Boston Scientific Corp.*		6,955,746
	25,500	EndoChoice Holdings, Inc.*		416,925
	800	Glaukos Corp.*		23,184
	87,602	Globus Medical, Inc. Class A*		2,248,743
	26,630	HeartWare International, Inc.*		1,935,735
	38,175	Invuity, Inc.*		536,741
	177,670	K2M Group Holdings, Inc.*		4,267,633
	269,232	Medtronic plc		19,950,091
	116,568	St. Jude Medical, Inc.		8,517,624


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 97.9% - (continued)
		Health Care Equipment - 20.0% - (continued)
	68,230	Stryker Corp.	$	6,520,741
	24,655	Teleflex, Inc.		3,339,520
	189,107	TriVascular Techonologies, Inc.*		1,011,722
	46,763	Zimmer Holdings, Inc.		5,107,922

				86,855,160

		Health Care Facilities - 5.0%
	28,890	Acadia Healthcare Co., Inc.*		2,262,954
	146,471	Al Noor Hospitals Group plc		2,174,847
	126,780	HCA Holdings, Inc.*		11,501,482
	91,726	NMC Health plc		1,145,789
	32,340	Universal Health Services, Inc. Class B		4,595,514

				21,680,586

		Health Care Supplies - 1.2%
	83,684	Dentsply International, Inc.		4,313,910
	59,730	Endologix, Inc.*		916,258

				5,230,168

		Health Care Technology - 1.9%
	90,240	Allscripts Healthcare Solutions, Inc.*		1,234,483
	35,940	athenahealth, Inc.*		4,118,006
	70,340	IMS Health Holdings, Inc.*		2,155,921
	29,100	Inovalon Holdings, Inc. Class A*		811,890

				8,320,300

		Internet Software & Services - 0.5%
	178,126	Everyday Health, Inc.*		2,276,450

		Life Sciences Tools & Services - 4.7%
	85,240	Agilent Technologies, Inc.		3,288,559
	21,890	Illumina, Inc.*		4,779,901
	11,871	MorphoSys AG*		852,029
	60,290	PRA Health Sciences, Inc.*		2,190,336
	28,120	Quintiles Transnational Holdings, Inc.*		2,041,793
	37,930	Thermo Fisher Scientific, Inc.		4,921,797
	56,290	WuXi PharmaTech Cayman, Inc. ADR*		2,378,815

				20,453,230

		Managed Health Care - 6.8%
	115,240	Aetna, Inc.		14,688,490
	54,510	Cigna Corp.		8,830,620
	69,900	Qualicorp S.A.		443,128
	46,370	UnitedHealth Group, Inc.		5,657,140

				29,619,378

		Pharmaceuticals - 22.3%
	139,760	Aerie Pharmaceuticals, Inc.*		2,466,764
	36,350	Allergan plc*		11,030,771
	38,629	Almirall S.A.		765,665
	87,450	AstraZeneca plc ADR		5,571,440
	381,240	Bristol-Myers Squibb Co.		25,367,710
	101,600	Daiichi Sankyo Co., Ltd.		1,877,624
	49,870	Eisai Co., Ltd.		3,343,514
	91,660	Eli Lilly & Co.		7,652,693
	21,520	Johnson & Johnson		2,097,339
	107,500	Medicines Co.*		3,075,575
	85,240	MediWound Ltd.*		602,647
	101,200	Merck & Co., Inc.		5,761,316
	80,400	Mylan N.V.*		5,455,944
	46,420	Ocular Therapeutix, Inc.*		976,213
	16,400	Ono Pharmaceutical Co., Ltd.		1,789,977
	190,170	Shionogi & Co., Ltd.		7,369,699

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.


Shares or Principal Amount				Market Value^†
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 0.0%
			Asset-Backed - Finance & Insurance - 0.0%
	$	2,490,000	Soundview NIM Trust 8.25%, 12/25/2036^(1)(2)(3)	$	—


			Total Asset & Commercial Mortgage Backed Securities (cost $2,478,958)	$	—

CORPORATE BONDS - 92.7%
			Advertising - 0.2%
	$	1,630,000	Getty Images, Inc. 7.00%, 10/15/2020⁽¹⁾	$	741,650

			Auto Manufacturers - 1.8%
		3,085,000	FCA US LLC / CG Co-Issuer, Inc. 8.25%, 06/15/2021		3,362,650
			General Motors Co.
		2,510,000	4.88%, 10/02/2023		2,646,225
		915,000	6.25%, 10/02/2043		1,020,733

					7,029,608

			Auto Parts & Equipment - 0.4%
			ZF North America Capital, Inc.
		515,000	4.50%, 04/29/2022⁽¹⁾		504,468
		1,220,000	4.75%, 04/29/2025⁽¹⁾		1,181,119

					1,685,587

			Chemicals - 1.6%
			Ineos Group Holdings plc
		4,160,000	5.88%, 02/15/2019⁽¹⁾		4,180,800
		2,040,000	6.13%, 08/15/2018⁽¹⁾		2,083,350

					6,264,150

			Commercial Banks - 5.1%
	EUR	3,600,000	Banco Bilbao Vizcaya Argentaria S.A. 7.00%, 02/19/2019^(4)(5)(6)		4,018,475
	$	3,640,000	Barclays Bank plc 8.25%, 12/15/2018⁽⁴⁾⁽⁶⁾		3,843,694
		2,261,000	CIT Group, Inc. 5.25%, 03/15/2018		2,337,309
		1,015,000	Credit Agricole S.A. 7.88%, 01/23/2024^(1)(4)(6)		1,043,438
		1,400,000	Credit Suisse Group AG 7.50%, 12/11/2023^(1)(4)(6)		1,457,680
			ING Groep N.V.
		720,000	6.00%, 04/16/2020⁽⁴⁾⁽⁶⁾		710,550
		570,000	6.50%, 04/16/2025⁽⁴⁾⁽⁶⁾		549,694
			Royal Bank of Scotland Group plc
		2,520,000	6.99%, 10/05/2017^(1)(4)(6)		2,961,000
		1,000,000	7.64%, 09/30/2017⁽⁴⁾⁽⁶⁾		1,068,500
			Societe Generale S.A.
		1,805,000	7.88%, 12/18/2023^(1)(4)(6)		1,814,025
		640,000	8.25%, 11/29/2018^(4)(5)(6)		671,072

					20,475,437

			Commercial Services - 1.1%
		2,385,000	Quad/Graphics, Inc. 7.00%, 05/01/2022		2,319,412
		2,091,000	Servicemaster Co. 7.00%, 08/15/2020		2,208,619

					4,528,031

			Construction Materials - 4.1%
		1,005,000	Associated Materials LLC 9.13%, 11/01/2017		834,150


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 92.7% - (continued)
			Construction Materials - 4.1% - (continued)
	$	3,945,000	Building Materials Corp. of America 5.38%, 11/15/2024⁽¹⁾	$	3,873,398
		2,580,000	Cemex Finance LLC 6.00%, 04/01/2024⁽¹⁾		2,553,426
			Cemex S.A.B. de C.V.
		1,800,000	5.70%, 01/11/2025⁽¹⁾		1,716,660
		760,000	6.13%, 05/05/2025⁽¹⁾		749,892
		320,000	Masco Corp. 7.13%, 03/15/2020		371,200
		2,060,000	Nortek, Inc. 8.50%, 04/15/2021		2,199,050
		4,000,000	Ply Gem Industries, Inc. 6.50%, 02/01/2022		3,950,000

					16,247,776

			Diversified Financial Services - 3.0%
			International Lease Finance Corp.
		6,766,000	5.88%, 04/01/2019		7,213,909
		665,000	5.88%, 08/15/2022		718,200
		970,000	6.25%, 05/15/2019		1,048,812
		3,115,000	Nationstar Mortgage LLC/Nationstar Capital Corp. 6.50%, 07/01/2021		2,900,844

					11,881,765

			Electric - 2.7%
		2,655,000	DPL, Inc. 7.25%, 10/15/2021		2,801,025
			Dynegy, Inc.
		2,055,000	5.88%, 06/01/2023		2,008,763
		1,070,000	7.38%, 11/01/2022⁽¹⁾		1,120,825
		460,000	7.63%, 11/01/2024⁽¹⁾		486,450
			GenOn Americas Generation LLC
		1,825,000	8.50%, 10/01/2021		1,733,750
		1,670,000	9.13%, 05/01/2031		1,553,100
		1,640,000	Texas Competitive Electric Holdings Co. LLC 11.50%, 10/01/2020⁽¹⁾⁽⁷⁾		1,000,400

					10,704,313

			Engineering & Construction - 1.1%
			Abengoa Finance
	EUR	855,000	6.00%, 03/31/2021⁽¹⁾		881,726
		665,000	6.00%, 03/31/2021⁽⁵⁾		685,786
	$	560,000	7.75%, 02/01/2020⁽¹⁾		554,400
		2,310,000	Abengoa Greenfield S.A. 6.50%, 10/01/2019⁽¹⁾		2,148,300

					4,270,212

			Entertainment - 0.3%
		1,350,000	Carmike Cinemas, Inc. 6.00%, 06/15/2023⁽¹⁾		1,363,500

			Food - 0.2%
		719,000	Albertson’s Holdings LLC 7.75%, 10/15/2022⁽¹⁾		763,938

			Food Service - 0.6%
		2,245,000	Aramark Services, Inc. 5.75%, 03/15/2020		2,343,780

			Forest Products & Paper - 0.8%
		3,380,000	Tembec Industries, Inc. 9.00%, 12/15/2019⁽¹⁾		3,211,000


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 92.7% - (continued)
			Healthcare-Products - 2.0%
			Alere, Inc.
	$	1,830,000	6.38%, 07/01/2023⁽¹⁾	$	1,862,025
		3,115,000	6.50%, 06/15/2020		3,208,450
		2,895,000	Sterigenics-Nordion Holdings LLC 6.50%, 05/15/2023⁽¹⁾		2,938,425

					8,008,900

			Healthcare-Services - 7.9%
		2,575,000	Amsurg Corp. 5.63%, 07/15/2022		2,597,531
			Community Health Systems, Inc.
		1,296,000	5.13%, 08/15/2018		1,328,400
		4,480,000	6.88%, 02/01/2022		4,726,400
		2,935,000	7.13%, 07/15/2020		3,109,632
		1,040,000	Envision Healthcare Corp. 5.13%, 07/01/2022⁽¹⁾		1,047,800
		1,835,000	HCA Holdings, Inc. 6.25%, 02/15/2021		1,977,213
			HCA, Inc.
		1,085,000	5.38%, 02/01/2025		1,102,686
		4,209,000	7.50%, 11/15/2095		4,166,910
		535,000	inVentiv Health, Inc. 9.00%, 01/15/2018⁽¹⁾		557,738
		1,785,000	MPH Acquisition Holdings LLC 6.63%, 04/01/2022⁽¹⁾		1,822,931
			Tenet Healthcare Corp.
		3,305,000	5.00%, 03/01/2019⁽¹⁾		3,305,000
		500,000	6.75%, 06/15/2023⁽¹⁾		510,000
		3,425,000	8.13%, 04/01/2022		3,745,237
		1,645,000	Wellcare Health Plans, Inc. 5.75%, 11/15/2020		1,710,800

					31,708,278

			Holding Companies-Diversified - 0.3%
		1,260,000	Argos Merger Sub, Inc. 7.13%, 03/15/2023⁽¹⁾		1,319,850

			Home Builders - 1.9%
			KB Home
		2,206,000	7.50%, 09/15/2022		2,294,240
		2,930,000	8.00%, 03/15/2020		3,223,000
			Lennar Corp.
		1,015,000	4.75%, 12/15/2017		1,055,600
		1,155,000	4.75%, 11/15/2022		1,134,788

					7,707,628

			Household Products/Wares - 0.8%
		3,530,000	Sun Products Corp. 7.75%, 03/15/2021⁽¹⁾		3,185,825

			Insurance - 0.3%
			CNO Financial Group, Inc.
		340,000	4.50%, 05/30/2020		345,100
		835,000	5.25%, 05/30/2025		848,527

					1,193,627

			Internet - 0.9%
			Zayo Group LLC / Zayo Capital, Inc.
		2,670,000	6.00%, 04/01/2023⁽¹⁾		2,637,159
		1,165,000	6.38%, 05/15/2025⁽¹⁾		1,130,050

					3,767,209

			Iron/Steel - 2.8%
			AK Steel Corp.
		2,400,000	7.63%, 05/15/2020		1,998,000


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 92.7% - (continued)
			Iron/Steel - 2.8% - (continued)
	$	2,055,000	7.63%, 10/01/2021	$	1,674,825
		1,285,000	8.38%, 04/01/2022		1,053,700
			ArcelorMittal
		790,000	7.50%, 03/01/2041		774,200
		1,320,000	7.75%, 10/15/2039		1,313,400
		1,130,000	Steel Dynamics, Inc. 5.50%, 10/01/2024		1,130,000
		3,026,000	United States Steel Corp. 7.38%, 04/01/2020		3,162,170

					11,106,295

			IT Services - 1.0%
			SunGard Data Systems, Inc.
		490,000	6.63%, 11/01/2019		505,925
		1,808,000	7.38%, 11/15/2018		1,872,184
		1,520,000	7.63%, 11/15/2020		1,588,400

					3,966,509

			Machinery-Diversified - 0.6%
		2,386,000	Case New Holland Industrial, Inc. 7.88%, 12/01/2017		2,612,670

			Media - 8.3%
			CCO Holdings LLC
		120,000	5.13%, 02/15/2023		117,000
		95,000	5.25%, 09/30/2022		93,575
		545,000	5.75%, 09/01/2023		546,022
		3,077,000	7.38%, 06/01/2020		3,250,081
			Cequel Communications Holdings I LLC
		745,000	5.13%, 12/15/2021⁽¹⁾		676,553
		3,560,000	5.13%, 12/15/2021⁽¹⁾		3,232,925
			DISH DBS Corp.
		2,170,000	5.00%, 03/15/2023		2,007,250
		2,150,000	5.88%, 07/15/2022		2,107,000
		945,000	6.75%, 06/01/2021		985,163
		2,866,000	7.88%, 09/01/2019		3,178,394
			Gannett Co., Inc.
		1,515,000	4.88%, 09/15/2021⁽¹⁾		1,503,637
		4,390,000	5.13%, 10/15/2019		4,521,700
		250,000	5.50%, 09/15/2024⁽¹⁾		247,500
		750,000	6.38%, 10/15/2023		780,938
		996,000	Gray Television, Inc. 7.50%, 10/01/2020		1,055,760
		2,180,000	NBCUniversal Enterprise, Inc. 5.25%, 03/29/2049⁽¹⁾⁽⁴⁾		2,318,975
		1,955,000	Sirius XM Radio, Inc. 4.63%, 05/15/2023⁽¹⁾		1,835,256
		1,805,000	Tribune Media Co. 5.88%, 07/15/2022⁽¹⁾		1,818,537
		2,555,000	Unitymedia Hessen GmbH & Co. 5.50%, 01/15/2023⁽¹⁾		2,604,503
		249,000	Videotron Ltd. 9.13%, 04/15/2018		253,358

					33,134,127

			Mining - 1.6%
			Constellium N.V.
		535,000	5.75%, 05/15/2024⁽¹⁾		476,150
		1,170,000	8.00%, 01/15/2023⁽¹⁾		1,199,250
			FMG Resources August 2006 Pty Ltd.
		6,390,000	6.88%, 04/01/2022⁽¹⁾		4,480,987
		125,000	9.75%, 03/01/2022⁽¹⁾		129,063

					6,285,450


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 92.7% - (continued)
			Office/Business Equipment - 0.9%
			CDW LLC / CDW Finance Corp.
	$	885,000	5.00%, 09/01/2023	$	869,513
		970,000	5.50%, 12/01/2024		960,300
		1,780,000	6.00%, 08/15/2022		1,837,850

					3,667,663

			Oil & Gas - 8.1%
			Antero Resources Corp.
		810,000	5.63%, 06/01/2023⁽¹⁾		782,663
		2,700,000	6.00%, 12/01/2020		2,713,500
		1,085,000	Blue Racer Midstream LLC 6.13%, 11/15/2022⁽¹⁾		1,117,550
		1,940,000	Bonanza Creek Energy, Inc. 6.75%, 04/15/2021		1,838,150
		1,020,000	Concho Resources, Inc. 5.50%, 10/01/2022		1,014,900
		2,485,000	Diamondback Energy, Inc. 7.63%, 10/01/2021		2,658,950
		2,642,000	Everest Acquisition LLC 9.38%, 05/01/2020		2,823,505
			Laredo Petroleum, Inc.
		740,000	5.63%, 01/15/2022		732,600
		1,360,000	6.25%, 03/15/2023		1,383,800
		600,000	7.38%, 05/01/2022		631,500
		380,000	Matador Resources Co. 6.88%, 04/15/2023⁽¹⁾		388,075
		1,940,000	MEG Energy Corp. 7.00%, 03/31/2024⁽¹⁾		1,859,975
		3,510,000	Paragon Offshore plc 6.75%, 07/15/2022⁽¹⁾		1,158,300
			QEP Resources, Inc.
		35,000	5.25%, 05/01/2023		33,513
		205,000	5.38%, 10/01/2022		197,969
		245,000	6.80%, 03/01/2020		252,656
		500,000	Range Resources Corp. 5.00%, 08/15/2022		490,000
		515,000	Rice Energy, Inc. 7.25%, 05/01/2023⁽¹⁾		527,875
			Rosetta Resources, Inc.
		1,875,000	5.63%, 05/01/2021		1,992,187
		1,860,000	5.88%, 06/01/2022		1,985,550
		1,595,000	Seadrill Ltd. 6.13%, 09/15/2017⁽¹⁾		1,399,612
			Tullow Oil plc
		1,725,000	6.00%, 11/01/2020⁽¹⁾		1,563,281
		2,865,000	6.25%, 04/15/2022⁽¹⁾		2,535,525
			WPX Energy, Inc.
		1,420,000	5.25%, 09/15/2024		1,308,175
		950,000	6.00%, 01/15/2022		938,125

					32,327,936

			Packaging & Containers - 1.1%
		1,290,297	Ardagh Finance Holdings S.A. 8.63%, 06/15/2019⁽¹⁾⁽⁸⁾		1,335,457
			Ardagh Packaging Finance plc
		2,065,000	6.00%, 06/30/2021⁽¹⁾		2,059,838
		277,941	7.00%, 11/15/2020⁽¹⁾		283,500
		511,000	9.13%, 10/15/2020⁽¹⁾		539,105

					4,217,900

			Pharmaceuticals - 3.3%
			Endo Finance LLC / Endo Ltd. / Endo Finco, Inc.
		561,000	6.00%, 07/15/2023⁽¹⁾⁽⁹⁾		573,623
		3,075,000	6.00%, 02/01/2025⁽¹⁾		3,124,969


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 92.7% - (continued)
			Pharmaceuticals - 3.3% - (continued)
	$	1,155,000	Grifols Worldwide Operations Ltd. 5.25%, 04/01/2022	$	1,157,887
		1,908,000	PRA Holdings, Inc. 9.50%, 10/01/2023⁽¹⁾		2,132,190
		840,000	Quintiles Transnational Corp. 4.88%, 05/15/2023⁽¹⁾		844,200
		980,000	Valeant Pharmaceuticals International, Inc. 6.13%, 04/15/2025⁽¹⁾		1,008,175
		4,340,000	VRX Escrow Corp. 5.88%, 05/15/2023⁽¹⁾		4,448,500

					13,289,544

			Pipelines - 1.3%
			Energy Transfer Equity L.P.
		2,745,000	5.50%, 06/01/2027		2,738,137
		1,773,000	7.50%, 10/15/2020		1,999,058
		450,000	Kinder Morgan Finance Co. 6.00%, 01/15/2018⁽¹⁾		487,546

					5,224,741

			Retail - 2.5%
		2,260,000	99 Cents Only Stores 11.00%, 12/15/2019		2,045,300
		1,595,000	CEC Entertainment, Inc. 8.00%, 02/15/2022		1,583,038
		1,465,000	Chinos Intermediate Holdings A, Inc. 7.75%, 05/01/2019⁽¹⁾⁽⁸⁾		1,179,325
			Family Tree Escrow LLC
		240,000	5.25%, 03/01/2020⁽¹⁾		251,100
		1,175,000	5.75%, 03/01/2023⁽¹⁾		1,227,875
		2,315,000	Michaels Stores, Inc. 5.88%, 12/15/2020⁽¹⁾		2,424,962
		1,080,000	Party City Holdings, Inc. 8.88%, 08/01/2020		1,152,900

					9,864,500

			Semiconductors - 2.6%
		3,040,000	Entegris, Inc. 6.00%, 04/01/2022⁽¹⁾		3,123,600
		4,895,000	Freescale Semiconductor, Inc. 6.00%, 01/15/2022⁽¹⁾		5,188,700
			Sensata Technologies B.V.
		1,185,000	5.00%, 10/01/2025⁽¹⁾		1,153,894
		775,000	5.63%, 11/01/2024⁽¹⁾		802,125

					10,268,319

			Software - 7.4%
			Activision Blizzard, Inc.
		6,152,000	5.63%, 09/15/2021⁽¹⁾		6,444,220
		910,000	6.13%, 09/15/2023⁽¹⁾		975,975
		3,440,000	Audatex North America, Inc. 6.00%, 06/15/2021⁽¹⁾		3,534,600
		1,640,000	Emdeon, Inc. 11.00%, 12/31/2019		1,779,400
			First Data Corp.
		1,169,000	6.75%, 11/01/2020⁽¹⁾		1,235,493
		2,895,000	7.38%, 06/15/2019⁽¹⁾		3,009,352
		4,130,000	8.25%, 01/15/2021⁽¹⁾		4,357,150
		3,710,000	Infor Software Parent LLC 7.13%, 05/01/2021⁽¹⁾⁽⁸⁾		3,719,275
		2,450,000	Infor US, Inc. 6.50%, 05/15/2022⁽¹⁾		2,492,875
		1,680,000	MSCI, Inc. 5.25%, 11/15/2024⁽¹⁾		1,701,000


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 92.7% - (continued)
			Software - 7.4% - (continued)
	$	450,000	SS&C Technologies Holdings Inc. 5.88%, 07/15/2023⁽¹⁾	$	454,500

					29,703,840

			Telecommunications - 14.1%
			Alcatel-Lucent USA, Inc.
		2,681,000	6.45%, 03/15/2029		2,768,132
		765,000	6.50%, 01/15/2028		787,950
		2,430,000	6.75%, 11/15/2020⁽¹⁾		2,569,725
			Altice Financing S.A.
		885,000	6.50%, 01/15/2022⁽¹⁾		885,000
		380,000	6.63%, 02/15/2023⁽¹⁾		377,264
		1,500,000	7.88%, 12/15/2019⁽¹⁾		1,578,750
		295,000	8.13%, 01/15/2024⁽¹⁾		297,950
		1,080,000	9.88%, 12/15/2020⁽¹⁾		1,188,000
		2,305,000	DigitalGlobe, Inc. 5.25%, 02/01/2021⁽¹⁾		2,256,019
		1,960,000	Intelsat Jackson Holdings S.A. 6.63%, 12/15/2022		1,783,600
			Level 3 Financing, Inc.
		1,995,000	5.13%, 05/01/2023⁽¹⁾		1,945,125
		2,515,000	5.38%, 08/15/2022		2,540,150
		1,250,000	5.63%, 02/01/2023⁽¹⁾		1,262,500
		970,000	6.13%, 01/15/2021		1,017,239
		2,825,000	SoftBank Corp. 4.50%, 04/15/2020⁽¹⁾		2,835,594
			Sprint Communications, Inc.
		507,000	7.00%, 03/01/2020⁽¹⁾		551,464
		3,092,000	9.00%, 11/15/2018⁽¹⁾		3,491,672
			Sprint Corp.
		5,150,000	7.25%, 09/15/2021		5,021,250
		4,305,000	7.88%, 09/15/2023		4,198,666
		3,470,000	Syniverse Holdings, Inc. 9.13%, 01/15/2019		3,053,600
			T-Mobile USA, Inc.
		330,000	6.13%, 01/15/2022		340,725
		2,490,000	6.46%, 04/28/2019		2,564,700
		490,000	6.50%, 01/15/2024		505,925
		1,425,000	6.63%, 11/15/2020		1,482,000
		635,000	6.63%, 04/28/2021		658,813
		2,865,000	6.73%, 04/28/2022		2,986,762
		405,000	6.84%, 04/28/2023		425,756
		1,660,500	UPCB Finance VI Ltd. 6.88%, 01/15/2022⁽¹⁾		1,768,433
			Wind Acquisition Finance S.A.
	EUR	3,565,000	4.00%, 07/15/2020⁽¹⁾		3,964,503
	$	1,145,000	6.50%, 04/30/2020⁽¹⁾		1,196,525

					56,303,792


			Total Corporate Bonds (cost $375,090,685)	$	370,375,350



SENIOR FLOATING RATE INTERESTS - 3.1%⁽¹⁰⁾
			Coal - 0.4%
	$	2,241,019	Arch Coal, Inc. 6.25%, 05/16/2018	$	1,525,305

			Electric - 0.7%
		4,525,000	Texas Competitive Electric Holdings Co. LLC 4.67%, 10/10/2017⁽³⁾		2,594,183


Shares or Principal Amount				Market Value^†
SENIOR FLOATING RATE INTERESTS - 3.1%⁽¹⁰⁾ - (continued)
			Insurance - 0.2%
	$	945,000	Asurion LLC 8.50%, 03/03/2021	$	958,882

			Internet - 0.3%
		1,292,727	Lands’ End, Inc. 4.25%, 04/04/2021		1,234,555

			Machinery-Diversified - 0.7%
		2,962,238	Gardner Denver, Inc. 4.25%, 07/30/2020		2,885,308

			Retail - 0.5%
		2,187,399	Neiman Marcus Group, Inc. 4.25%, 10/25/2020		2,172,371

			Semiconductors - 0.3%
		1,115,981	Freescale Semiconductor, Inc. 5.00%, 01/15/2021		1,119,005


			Total Senior Floating Rate Interests (cost $13,991,852)	$	12,489,609

CONVERTIBLE BONDS - 0.5%
			Home Builders - 0.2%
	$	566,000	M/I Homes, Inc. 3.00%, 03/01/2018	$	561,401

			Oil & Gas - 0.3%
		1,790,000	Cobalt International Energy, Inc. 2.63%, 12/01/2019		1,321,244


			Total Convertible Bonds (cost $2,513,457)	$	1,882,645

COMMON STOCKS - 0.2%
			Energy - 0.2%
		206,275,142	KCA Deutag^(2)(11)	$	822,419


			Total Common Stocks (cost $2,795,441)	$	822,419

PREFERRED STOCKS - 1.1%
			Diversified Financials - 1.1%
		300	Citigroup Capital	$	7,788
		170,700	GMAC Capital Trust I Series 2		4,434,786


			Total Preferred Stocks (cost $4,028,627)	$	4,442,574


			Total Long-Term Investments (cost $400,899,020)	$	390,012,597


SHORT-TERM INVESTMENTS - 1.5%
			Other Investment Pools & Funds - 1.5%
		6,036,644	Fidelity Money Market Class 1	$	6,036,644


			Total Short-Term Investments (cost $6,036,644)	$	6,036,644



Total Investments (cost $406,935,664)^	99.1	%	$	396,049,241
Other Assets and Liabilities	0.9	%		3,413,735

Total Net Assets	100.0	%	$	399,462,976

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.

The following is a rollforward of the Fund’s investments that were valued using unobservable inputs (Level 3) for the six-month period ended June 30, 2015:

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at June 30, 2015 was $398,730.


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 97.5%
		Belgium - 3.1%
	379,568	Anheuser-Busch InBev N.V.	$	45,677,341

		Brazil - 0.9%
	396,210	BB Seguridade Participacoes S.A.		4,345,553
	778,500	BR Malls Participacoes S.A.		3,645,737
	489,978	Petroleo Brasileiro S.A. ADR*		4,434,301

				12,425,591

		Canada - 3.3%
	464,265	Canadian National Railway Co.		26,785,377
	398,010	Imperial Oil Ltd.		15,375,487
	158,080	TransCanada Corp.		6,424,452

				48,585,316

		China - 7.1%
	245,365	Alibaba Group Holding Ltd. ADR*		20,186,179
	82,836	Baidu, Inc. ADR*		16,490,991
	21,443,000	China Construction Bank Class H		19,559,350
	3,324,000	China Life Insurance Co., Ltd. Class H		14,426,957
	2,585,260	ENN Energy Holdings Ltd.		15,546,044
	182,000	Hollysys Automation Technologies Ltd.		4,373,460
	658,400	Huatai Securities Co., Ltd. Class H*⁽¹⁾		1,860,139
	4,914,000	PICC Property & Casualty Co., Ltd. Class H		11,186,216

				103,629,336

		Denmark - 0.2%
	159,464	H. Lundbeck A/S*		3,068,168

		Finland - 0.6%
	217,962	Kone Oyj Class B		8,847,082

		France - 12.6%
	169,688	Air Liquide		21,531,793
	396,752	Airbus Group N.V.		25,843,352
	474,524	BNP Paribas S.A.		28,795,408
	184,274	Essilor International S.A.		22,076,102
	271,294	Groupe Eurotunnel S.A.		3,933,547
	257,038	Legrand S.A.		14,466,582
	1,020,411	Orange S.A.		15,769,784
	181,539	Schneider Electric S.A.		12,569,577
	356,558	Total S.A.		17,489,506
	82,434	Unibail-Rodamco SE REIT		20,938,618

				183,414,269

		Germany - 5.6%
	230,513	Beiersdorf AG		19,314,739
	159,420	Brenntag AG		9,147,739
	81,900	Continental AG		19,392,062
	966,784	Deutsche Annington Immobilien SE		27,280,675
	29,870	Volkswagen AG (Preference Shares)		6,932,189

				82,067,404

		Hong Kong - 0.9%
	370,707	Hong Kong Exchanges and Clearing Ltd.		13,061,690

		India - 5.3%
	1,365,241	Bharti Infratel Ltd.		9,583,271
	215,426	Container Corp. Of India Ltd.		5,666,083
	157,950	Divi’s Laboratories Ltd.		4,662,086
	86,990	HDFC Bank Ltd. ADR		5,265,505
	61,100	ICICI Bank Ltd. ADR		636,662
	5,031,082	ICICI Bank Ltd.		24,414,636
	88,317	Maruti Suzuki India Ltd.		5,575,760
	994,294	Power Grid Corp. of India Ltd.		2,171,022
	764,711	Punjab National Bank		1,666,801


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 97.5% - (continued)
		India - 5.3% - (continued)
	2,159,599	State Bank of India	$	8,898,869
	209,968	Tata Consultancy Services Ltd.		8,411,085

				76,951,780

		Ireland - 1.9%
	11,120,014	Bank of Ireland*		4,501,341
	829,696	CRH plc		23,278,542

				27,779,883

		Italy - 6.3%
	781,401	Assicurazioni Generali S.p.A.		14,083,791
	265,411	Banca Generali S.p.A.		9,344,312
	1,106,930	FinecoBank Banca Fineco S.p.A.		8,198,863
	5,122,170	Intesa Sanpaolo S.p.A.		18,601,074
	410,423	Luxottica Group S.p.A.		27,300,463
	3,097,482	Snam S.p.A.		14,740,978

				92,269,481

		Japan - 18.9%
	213,820	Asahi Group Holdings Ltd.		6,790,532
	503,060	Asics Corp.		12,995,642
	182,280	Daito Trust Construction Co., Ltd.		18,865,116
	293,045	Daiwa House Industry Co., Ltd.		6,827,348
	239,510	Eisai Co., Ltd.		16,057,852
	743,500	Honda Motor Co., Ltd.		24,029,795
	452,547	Isuzu Motors Ltd.		5,937,216
	320,400	Kansai Electric Power Co., Inc.*		3,546,998
	331,400	Kyushu Electric Power Co., Inc.*		3,842,222
	428,410	M3, Inc.		8,611,656
	990,650	Mitsubishi UFJ Financial Group, Inc.		7,127,193
	291,192	Mitsui Fudosan Co., Ltd.		8,148,396
	3,273,000	NEC Corp.		9,904,585
	548,170	Nippon Telegraph & Telephone Corp.		19,852,381
	312,105	Olympus Corp.		10,775,427
	233,045	Ono Pharmaceutical Co., Ltd.		25,435,675
	546,520	Seven & I Holdings Co., Ltd.		23,459,707
	235,600	Shikoku Electric Power Co., Inc.		3,526,897
	295,400	Sumco Corp.		3,694,569
	375,300	Sumitomo Mitsui Financial Group, Inc.		16,708,050
	640,650	T&D Holdings, Inc.		9,550,499
	287,805	Takeda Pharmaceutical Co., Ltd.		13,891,959
	348,600	Tokio Marine Holdings, Inc.		14,497,952

				274,077,667

		Luxembourg - 0.2%
	17,462	Altice S.A.*		2,405,210

		Mexico - 0.8%
	1,035,500	Cemex S.A.B. de C.V. ADR*		9,485,180
	846,127	Corp. Inmobiliaria Vesta S.A.B. de C.V.		1,378,136

				10,863,316

		Netherlands - 2.6%
	1,268,099	ING Groep N.V.		21,057,246
	782,737	Koninklijke KPN N.V.		3,000,886
	136,814	NXP Semiconductors N.V.*		13,435,135

				37,493,267

		South Korea - 1.4%
	81,599	Korea Electric Power Corp.		3,335,367
	453,410	SK Hynix, Inc.		17,184,925

				20,520,292


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 97.5% - (continued)
		Spain - 1.4%
	626,994	Inditex S.A.	$	20,450,850

		Sweden - 3.1%
	620,675	Assa Abloy AB Class B		11,684,700
	653,085	Electrolux AB Series B		20,463,201
	339,647	Hennes & Mauritz AB Class B		13,072,574

				45,220,475

		Switzerland - 9.7%
	156,443	Adecco S.A.		12,696,512
	94,758	Cie Financiere Richemont S.A.		7,701,722
	522,709	Julius Baer Group Ltd.*		29,331,268
	471,874	Novartis AG		46,413,741
	79,535	Roche Holding AG		22,300,932
	1,045,300	UBS Group AG		22,177,583

				140,621,758

		Taiwan - 2.0%
	6,458,035	Taiwan Semiconductor Manufacturing Co., Ltd.		29,375,129

		United Kingdom - 9.6%
	577,947	AstraZeneca plc		36,578,403
	69,864	Derwent London plc REIT		3,731,816
	457,544	Diageo plc		13,250,370
	445,369	Direct Line Insurance Group plc		2,349,881
	144,201	Hikma Pharmaceuticals plc		4,380,201
	743,398	International Consolidated Airlines Group S.A.*		5,777,019
	216,539	Schroders plc		10,804,594
	2,022,335	Sky plc		32,939,057
	913,816	Smith & Nephew plc		15,459,278
	182,258	Standard Chartered plc		2,918,752
	473,941	WPP plc		10,638,162

				138,827,533


		Total Common Stocks (cost $1,310,569,926)	$	1,417,632,838


		Total Long-Term Investments (cost $1,310,569,926)	$	1,417,632,838


SHORT-TERM INVESTMENTS - 1.8%
		Other Investment Pools & Funds - 1.8%
	25,994,686	BlackRock Liquidity Funds TempFund Portfolio	$	25,994,686

		Total Short-Term Investments (cost $25,994,686)	$	25,994,686



Total Investments (cost $1,336,564,612)^	99.3	%	$	1,443,627,524
Other Assets and Liabilities	0.7	%		10,365,282

Total Net Assets	100.0	%	$	1,453,992,806

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 99.8%
		Automobiles & Components - 1.2%
	388,422	Harley-Davidson, Inc.	$	21,887,580

		Banks - 3.8%
	93,275	Cullen/Frost Bankers, Inc.		7,329,550
	199,653	East West Bancorp, Inc.		8,948,447
	341,040	First Republic Bank		21,495,751
	267,696	M&T Bank Corp.		33,443,261

				71,217,009

		Capital Goods - 7.6%
	685,370	Allison Transmission Holdings, Inc.		20,053,926
	211,239	Colfax Corp.*		9,748,680
	259,571	IDEX Corp.		20,397,089
	356,730	Jacobs Engineering Group, Inc.*		14,490,373
	278,592	Lennox International, Inc.		30,001,572
	275,740	MSC Industrial Direct Co., Inc. Class A		19,238,380
	276,081	PACCAR, Inc.		17,616,729
	85,503	Pall Corp.		10,640,848

				142,187,597

		Commercial & Professional Services - 9.9%
	343,668	Clean Harbors, Inc.*		18,468,718
	466,255	Equifax, Inc.		45,268,698
	422,044	ManpowerGroup, Inc.		37,722,293
	731,085	Robert Half International, Inc.		40,575,218
	327,704	TransUnion*		8,225,370
	325,184	TriNet Group, Inc.*		8,243,415
	563,310	Waste Connections, Inc.		26,543,167

				185,046,879

		Consumer Durables & Apparel - 3.0%
	155,378	Harman International Industries, Inc.		18,480,659
	23,301	NVR, Inc.*		31,223,340
	89,772	Tempur Sealy International, Inc.*		5,915,975

				55,619,974

		Diversified Financials - 4.7%
	271,056	Invesco Ltd.		10,161,889
	160,196	Moody’s Corp.		17,294,760
	284,584	MSCI, Inc.		17,516,145
	285,123	Northern Trust Corp.		21,800,505
	434,330	SEI Investments Co.		21,295,200

				88,068,499

		Energy - 6.0%
	99,069	Cimarex Energy Co.		10,928,302
	1,183,161	Cobalt International Energy, Inc.*		11,488,493
	124,183	Diamondback Energy, Inc.*		9,360,915
	243,714	Energen Corp.		16,645,666
	270,792	Gulfport Energy Corp.*		10,899,378
	222,759	Laredo Petroleum, Inc.*		2,802,308
	592,606	Memorial Resource Development Corp.*		11,241,736
	560,148	Patterson-UTI Energy, Inc.		10,539,185
	64,897	Pioneer Natural Resources Co.		9,000,565
	516,828	QEP Resources, Inc.		9,566,486
	196,116	World Fuel Services Corp.		9,403,762

				111,876,796

		Food & Staples Retailing - 0.7%
	153,463	PriceSmart, Inc.		14,001,964

		Food, Beverage & Tobacco - 1.6%
	227,840	Monster Beverage Corp.*		30,535,117


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 99.8% - (continued)
		Health Care Equipment & Services - 9.9%
	616,052	Envision Healthcare Holdings, Inc.*	$	24,321,733
	785,520	IMS Health Holdings, Inc.*		24,076,188
	276,932	MEDNAX, Inc.*		20,523,430
	472,428	Patterson Cos., Inc.		22,983,622
	238,047	Sirona Dental Systems, Inc.*		23,904,680
	329,833	Team Health Holdings, Inc.*		21,547,990
	235,839	Universal Health Services, Inc. Class B		33,512,722
	175,611	Varian Medical Systems, Inc.*		14,809,276

				185,679,641

		Insurance - 5.9%
	47,173	Alleghany Corp.*		22,112,815
	40,245	Fairfax Financial Holdings Ltd.		19,844,748
	47,795	Markel Corp.*		38,268,501
	22,998	White Mountains Insurance Group Ltd.		15,062,310
	288,375	WR Berkley Corp.		14,975,314

				110,263,688

		Materials - 3.0%
	196,498	Ball Corp.		13,784,335
	221,685	Packaging Corp. of America		13,853,095
	49,083	Sherwin-Williams Co.		13,498,807
	279,922	Silgan Holdings, Inc.		14,768,685

				55,904,922

		Pharmaceuticals, Biotechnology & Life Sciences - 8.3%
	133,392	Agios Pharmaceuticals, Inc.*		14,825,187
	470,634	Alkermes plc*		30,280,592
	116,342	Alnylam Pharmaceuticals, Inc.*		13,945,916
	141,100	Incyte Corp.*		14,704,031
	799,721	Ironwood Pharmaceuticals, Inc.*		9,644,635
	107,407	Jazz Pharmaceuticals plc*		18,911,150
	58,853	Medivation, Inc.*		6,721,013
	68,818	Mettler-Toledo International, Inc.*		23,498,594
	176,666	Waters Corp.*		22,680,381

				155,211,499

		Retailing - 6.0%
	295,955	Advance Auto Parts, Inc.		47,142,672
	491,235	CarMax, Inc.*		32,524,669
	124,841	Tiffany & Co.		11,460,404
	233,734	TripAdvisor, Inc.*		20,367,581

				111,495,326

		Semiconductors & Semiconductor Equipment - 0.9%
	168,619	First Solar, Inc.*		7,921,721
	297,432	SunPower Corp.*		8,450,043

				16,371,764

		Software & Services - 14.0%
	479,665	Akamai Technologies, Inc.*		33,490,210
	156,716	Factset Research Systems, Inc.		25,467,917
	2,098,536	Genpact Ltd.*		44,761,773
	98,868	Global Payments, Inc.		10,227,895
	163,872	Guidewire Software, Inc.*		8,673,745
	729,429	HomeAway, Inc.*		22,699,830
	356,700	Pandora Media, Inc.*		5,543,118
	314,876	Solera Holdings, Inc.		14,030,875
	1,043,552	Vantiv, Inc. Class A*		39,853,251
	291,222	VeriSign, Inc.*		17,974,222
	223,855	WEX, Inc.*		25,512,754
	145,329	Zillow Group, Inc. Class A*		12,605,837

				260,841,427


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 99.8% - (continued)
		Technology Hardware & Equipment - 7.6%
	401,370	Amphenol Corp. Class A	$	23,267,419
	48,014	Arista Networks, Inc.*		3,924,664
	490,981	CDW Corp. of Delaware		16,830,829
	159,684	F5 Networks, Inc.*		19,217,969
	155,968	FEI Co.		12,934,426
	915,521	National Instruments Corp.		26,971,249
	631,678	Nimble Storage, Inc.*		17,724,885
	892,462	Trimble Navigation Ltd.*		20,937,158

				141,808,599

		Transportation - 3.8%
	36,194	AMERCO		11,832,181
	299,895	Genesee & Wyoming, Inc. Class A*		22,846,001
	265,615	J.B. Hunt Transport Services, Inc.		21,804,335
	749,059	JetBlue Airways Corp.*		15,550,465

				72,032,982

		Utilities - 1.9%
	138,006	Eversource Energy		6,266,852
	623,575	UGI Corp.		21,482,159
	175,071	WEC Energy Group, Inc.		7,872,943

				35,621,954


		Total Common Stocks (cost $1,470,475,341)	$	1,865,673,217


		Total Long-Term Investments (cost $1,470,475,341)	$	1,865,673,217


SHORT-TERM INVESTMENTS - 0.2%
		Other Investment Pools & Funds - 0.2%
	3,577,468	Fidelity Money Market Class 1	$	3,577,468


		Total Short-Term Investments (cost $3,577,468)	$	3,577,468



Total Investments (cost $1,474,052,809)^	100.0	%	$	1,869,250,685
Other Assets and Liabilities	0.0	%		(552,291	)

Total Net Assets	100.0	%	$	1,868,698,394

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.


Shares or Principal Amount			Market Value^†
Common Stocks - 98.5%
		Automobiles & Components - 0.7%
	101,700	Goodyear Tire & Rubber Co.	$	3,066,255

		Banks - 10.7%
	211,858	BankUnited, Inc.		7,612,058
	115,400	CIT Group, Inc.		5,364,946
	174,236	Comerica, Inc.		8,941,792
	109,865	EverBank Financial Corp.		2,158,847
	108,537	IBERIABANK Corp.		7,405,479
	66,300	South State Corp.		5,038,137
	322,730	Zions Bancorporation		10,241,837

				46,763,096

		Capital Goods - 14.7%
	213,531	Barnes Group, Inc.		8,325,574
	65,800	Curtiss-Wright Corp.		4,766,552
	60,681	Esterline Technologies Corp.*		5,785,326
	131,600	Generac Holdings, Inc.*		5,231,100
	68,979	Hubbell, Inc. Class B		7,469,046
	102,400	Moog, Inc. Class A*		7,237,632
	88,096	Orbital ATK, Inc.		6,462,722
	203,226	Rexel S.A.		3,279,381
	381,000	Sanwa Holdings Corp.		3,205,211
	108,500	Sensata Technologies Holding N.V.*		5,722,290
	99,500	WESCO International, Inc.*		6,829,680

				64,314,514

		Consumer Durables & Apparel - 8.5%
	151,500	D.R. Horton, Inc.		4,145,040
	11,328,000	Global Brands Group Holding Ltd.*		2,380,648
	148,593	Lennar Corp. Class A		7,584,187
	229,386	Newell Rubbermaid, Inc.		9,430,058
	331,900	Performance Sports Group Ltd.*		5,974,200
	528,900	Samsonite International S.A.		1,826,066
	151,900	Toll Brothers, Inc.*		5,801,061

				37,141,260

		Consumer Services - 1.8%
	139,151	Norwegian Cruise Line Holdings Ltd.*		7,798,022

		Diversified Financials - 1.7%
	67,000	LPL Financial Holdings, Inc.		3,114,830
	67,500	MSCI, Inc.		4,154,625
	451,900	Solar Cayman Ltd.*^(1)(2)(3)		31,633

				7,301,088

		Energy - 6.3%
	397,800	Cobalt International Energy, Inc.*		3,862,638
	100,586	Diamondback Energy, Inc.*		7,582,172
	44,349	Energen Corp.		3,029,037
	73,500	HollyFrontier Corp.		3,137,715
	129,700	Laredo Petroleum, Inc.*		1,631,626
	134,800	Newfield Exploration Co.*		4,868,976
	136,500	QEP Resources, Inc.		2,526,615
	267,000	Trican Well Service Ltd.		887,150

				27,525,929

		Food, Beverage & Tobacco - 1.8%
	36,437	Ebro Foods S.A.		705,941
	72,200	Ingredion, Inc.		5,762,282
	366,015	Treasury Wine Estates Ltd.		1,405,614

				7,873,837

		Health Care Equipment & Services - 1.8%
	224,178	Brookdale Senior Living, Inc.*		7,778,977


Shares or Principal Amount			Market Value^†
Common Stocks - 98.5% - (continued)
		Insurance - 8.7%
	87,110	Argo Group International Holdings Ltd.	$	4,852,027
	185,300	CNO Financial Group, Inc.		3,400,255
	64,800	Hanover Insurance Group, Inc.		4,797,144
	95,032	Reinsurance Group of America, Inc.		9,015,686
	257,426	Unum Group		9,202,979
	191,600	XL Group plc		7,127,520

				38,395,611

		Materials - 9.6%
	73,100	Bemis Co., Inc.		3,290,231
	123,900	Cabot Corp.		4,620,231
	101,282	Celanese Corp. Series A		7,280,150
	216,500	Huntsman Corp.		4,778,155
	409,500	Louisiana-Pacific Corp.*		6,973,785
	194,803	Methanex Corp.		10,842,735
	37,600	Packaging Corp. of America		2,349,624
	31,100	Reliance Steel & Aluminum Co.		1,880,928

				42,015,839

		Media - 2.0%
	33,300	AMC Entertainment Holdings, Inc. Class A		1,021,644
	223,800	Interpublic Group of Cos., Inc.		4,312,626
	148,100	Quebecor, Inc. Class B		3,701,907

				9,036,177

		Pharmaceuticals, Biotechnology & Life Sciences - 4.6%
	377,974	Almirall S.A.*		7,491,821
	70,000	Ono Pharmaceutical Co., Ltd.		7,640,144
	23,825	UCB S.A.		1,713,141
	82,000	WuXi PharmaTech Cayman, Inc. ADR*		3,465,320

				20,310,426

		Real Estate - 7.9%
	141,219	American Assets Trust, Inc. REIT		5,537,197
	208,200	Blackstone Mortgage Trust, Inc. Class A REIT		5,792,124
	128,300	Equity LifeStyle Properties, Inc. REIT		6,746,014
	100,100	Extra Space Storage, Inc. REIT		6,528,522
	246,000	Forest City Enterprises, Inc. Class A*		5,436,600
	40,700	SL Green Realty Corp. REIT		4,472,523

				34,512,980

		Retailing - 1.3%
	178,500	DSW, Inc. Class A		5,956,545

		Semiconductors & Semiconductor Equipment - 4.5%
	259,218	Microsemi Corp.*		9,059,669
	92,088	Qorvo, Inc.*		7,391,904
	40,100	Synaptics, Inc.*		3,478,073

				19,929,646

		Software & Services - 3.6%
	179,600	Booz Allen Hamilton Holding Corp.		4,533,104
	34,200	Check Point Software Technologies Ltd. ADR*		2,720,610
	138,455	Verint Systems, Inc.*		8,410,449

				15,664,163

		Technology Hardware & Equipment - 3.5%
	221,000	ARRIS Group, Inc.*		6,762,600
	151,526	Arrow Electronics, Inc.*		8,455,151

				15,217,751

		Utilities - 4.8%
	36,700	Alliant Energy Corp.		2,118,324
	147,700	Great Plains Energy, Inc.		3,568,432


Shares or Principal Amount			Market Value^†
Common Stocks - 98.5% - (continued)
		Utilities - 4.8% - (continued)
	143,400	Portland General Electric Co.	$	4,755,144
	207,419	UGI Corp.		7,145,585
	103,100	Westar Energy, Inc.		3,528,082

				21,115,567


		Total Common Stocks (cost $338,551,120)	$	431,717,683


		Total Long-Term Investments (cost $338,551,120)	$	431,717,683


SHORT-TERM INVESTMENTS - 1.4%
		Other Investment Pools & Funds - 1.4%
	6,438,822	Federated Prime Obligations Fund	$	6,438,822


		Total Short-Term Investments (cost $6,438,822)	$	6,438,822



Total Investments (cost $344,989,942)^	99.9	%	$	438,156,505
Other Assets and Liabilities	0.1	%		264,383

Total Net Assets	100.0	%	$	438,420,888

At June 30, 2015, the aggregate value of these securities were $31,633, which represents 0.0% of total net assets.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.

The following is a rollforward of the Fund’s investments that were valued using unobservable inputs (Level 3) for the six-month period ended June 30, 2015:

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at June 30, 2015 was $(0).


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 93.7%
		Automobiles & Components - 0.5%
	5,169	Dana Holding Corp.	$	106,378
	109,662	Gentherm, Inc.*		6,021,540
	5,852	Standard Motor Products, Inc.		205,522
	11,468	Tenneco Automotive, Inc.*		658,722
	622	Tesla Motors, Inc.*		166,858
	15,900	Winnebago Industries, Inc.		375,081

				7,534,101

		Banks - 2.9%
	708,852	Associated Banc-Corp		14,368,430
	5,874	Bank of Marin Bancorp		298,810
	26,270	Blue Hills Bancorp, Inc.*		367,780
	446,840	EverBank Financial Corp.		8,780,406
	2,800	FCB Financial Holdings, Inc. Class A*		89,040
	19,766	First Merchants Corp.		488,220
	22,164	Flushing Financial Corp.		465,666
	9,833	Great Western Bancorp, Inc.		237,074
	16,021	Heritage Financial Corp. of Washington		286,295
	35,351	MGIC Investment Corp.*		402,294
	321,211	PrivateBancorp, Inc.		12,790,622
	7,550	Sandy Spring Bancorp, Inc.		211,249
	13,548	TriCo Bancshares		325,829
	110,373	United Community Banks, Inc.		2,303,485
	5,568	Wintrust Financial Corp.		297,220
	11,969	WSFS Financial Corp.		327,352

				42,039,772

		Capital Goods - 9.9%
	6,171	A.O. Smith Corp.		444,189
	15,511	AAON, Inc.		349,308
	86,596	Acuity Brands, Inc.		15,585,548
	460,054	Advanced Drainage Systems, Inc.		13,493,384
	314,805	AECOM^*		10,413,749
	4,599	Alamo Group, Inc.		251,289
	359,798	Altra Industrial Motion Corp.		9,779,310
	110,335	Applied Industrial Technologies, Inc.		4,374,783
	97,238	Astronics Corp.*		6,893,202
	1,790	Astronics Corp. Class B*		126,195
	8,275	AZZ, Inc.		428,645
	11,812	CAI International, Inc.*		243,209
	1,777	Carlisle Cos., Inc.		177,913
	4,937	Crane Co.		289,950
	419,982	DigitalGlobe, Inc.*		11,671,300
	6,206	EMCOR Group, Inc.		296,461
	3,339	Esterline Technologies Corp.*		318,340
	381,382	Generac Holdings, Inc.*		15,159,934
	15,609	H & E Equipment Services, Inc.		311,712
	430,154	HD Supply Holdings, Inc.*		15,132,818
	10,550	Heico Corp. Class A		535,623
	17,257	Insteel Industries, Inc.		322,706
	5,537	Lennox International, Inc.		596,279
	26,222	Luxfer Holdings plc ADR		340,886
	10,430	Lydall, Inc.*		308,311
	328,163	Masonite International Corp.*		23,007,508
	6,475	Moog, Inc. Class A*		457,653
	17,500	NN, Inc.		446,600
	31,743	Teledyne Technologies, Inc.*		3,349,204
	9,512	Textainer Group Holdings Ltd.		247,407
	29,672	Titan International, Inc.		318,677
	7,224	Toro Co.		489,643
	162,711	Watts Water Technologies, Inc. Class A		8,436,565

				144,598,301


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 93.7% - (continued)
		Commercial & Professional Services - 1.5%
	14,013	Advisory Board Co.*	$	766,091
	34,579	CECO Environmental Corp.		391,780
	7,628	Deluxe Corp.		472,936
	13,120	Exponent, Inc.		587,513
	3,400	Franklin Covey Co.*		68,986
	10,982	Gategroup Holding AG		346,637
	11,974	GP Strategies Corp.*		398,016
	23,491	Heritage Crystal Clean, Inc.*		345,318
	11,945	On Assignment, Inc.*		469,200
	416,348	TriNet Group, Inc.*		10,554,422
	179,903	WageWorks, Inc.*		7,277,076

				21,677,975

		Consumer Durables & Apparel - 5.0%
	9,889	Arctic Cat, Inc.		328,414
	533,634	Crocs, Inc.*		7,849,756
	7,252	G-III Apparel Group Ltd.*		510,178
	300,043	GoPro, Inc. Class A*		15,818,267
	9,443	iRobot Corp.*		301,043
	375,850	Kate Spade & Co.*		8,095,809
	12,545	M/I Schottenstein Homes, Inc.*		309,485
	21,787	New Home Co., Inc.*		375,390
	6,077	Oxford Industries, Inc.		531,434
	2,513,980	Samsonite International S.A.		8,679,702
	107,476	Skechers USA, Inc. Class A*		11,799,790
	403,035	Steven Madden Ltd.*		17,241,837
	13,395	Taylor Morrison Home Corp. Class A*		272,722
	23,701	Vince Holding Corp.*		283,938
	7,320	Vista Outdoor, Inc.*		328,668
	5,629	William Lyon Homes Class A*		144,497

				72,870,930

		Consumer Services - 5.6%
	32,783	Bloomin’ Brands, Inc.		699,917
	8,253	Brinker International, Inc.		475,785
	38,789	Buffalo Wild Wings, Inc.*		6,077,848
	368,862	ClubCorp Holdings, Inc.		8,808,425
	37,706	Del Frisco’s Restaurant Group, Inc.*		702,463
	825,963	Diamond Resorts International, Inc.*		26,059,133
	151,570	Jack in the Box, Inc.		13,362,411
	27,777	La Quinta Holdings, Inc.*		634,705
	7,105	Marriott Vacations Worldwide Corp.		651,884
	53,572	Panera Bread Co. Class A*		9,362,778
	3,141	Red Robin Gourmet Burgers, Inc.*		269,561
	23,026	Ruth’s Hospitality Group, Inc.		371,179
	355,791	Texas Roadhouse, Inc.		13,317,257
	4,900	Wingstop, Inc.*		139,160

				80,932,506

		Diversified Financials - 3.2%
	13,069	Alaris Royalty Corp.		319,034
	7,875	Evercore Partners, Inc. Class A		424,935
	143,592	Financial Engines, Inc.		6,099,788
	331,519	HFF, Inc. Class A		13,834,288
	118,598	MarketAxess Holdings, Inc.		11,002,336
	229,741	Platform Specialty Products Corp.*		5,876,775
	23,285	Regional Management Corp.*		415,870
	1,529	Westwood Holdings Group, Inc.		91,083
	367,378	Wisdomtree Investments, Inc.		8,069,458

				46,133,567


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 93.7% - (continued)
		Energy - 1.9%
	101,336	Abraxas Petroleum Corp.*	$	298,941
	9,000	Aspen Aerogels, Inc.^*		59,580
	29,929	Bill Barrett Corp.*		257,090
	129,036	Diamondback Energy, Inc.*		9,726,734
	9,660	Forum Energy Technologies, Inc.*		195,905
	16,810	Hornbeck Offshore Services, Inc.*		345,109
	153,027	Karoon Gas Australia Ltd.*		265,447
	588,240	RSP Permian, Inc.*		16,535,427
	29,742	Superior Drilling Products I*		82,088
	18,765	Synergy Resources Corp.*		214,484

				27,980,805

		Food & Staples Retailing - 0.1%
	9,236	Casey’s General Stores, Inc.		884,254
	18,608	Natural Grocers by Vitamin Cottage, Inc.*		458,129
	6,482	PriceSmart, Inc.		591,418

				1,933,801

		Food, Beverage & Tobacco - 1.7%
	18,690	Darling Ingredients, Inc.*		273,995
	392,629	Freshpet, Inc.*		7,302,900
	356,620	Nomad Holdings Ltd.*		7,756,485
	8,042	Post Holdings, Inc.*		433,705
	774,837	SunOpta, Inc.*		8,314,001
	8,807	TreeHouse Foods, Inc.*		713,631

				24,794,717

		Health Care Equipment & Services - 11.2%
	274,525	Acadia Healthcare Co., Inc.*		21,503,543
	12,072	Aceto Corp.		297,333
	78,003	Adeptus Health, Inc. Class A*		7,409,505
	9,529	Anika Therapeutics, Inc.*		314,743
	1,128	Atrion Corp.		442,526
	170,384	Cardiovascular Systems, Inc.*		4,506,657
	5,394	Cyberonics, Inc.*		320,727
	9,730	Cynosure, Inc. Class A*		375,383
	313,759	DexCom, Inc.*		25,094,445
	12,800	EndoChoice Holdings, Inc.*		209,280
	568,463	Endologix, Inc.*		8,720,223
	7,215	Ensign Group, Inc.		368,398
	370,821	Envision Healthcare Holdings, Inc.*		14,640,013
	34,404	Globus Medical, Inc. Class A*		883,151
	16,705	HealthSouth Corp.		769,432
	193,678	HeartWare International, Inc.*		14,078,454
	5,553	ICU Medical, Inc.*		531,200
	625,059	Insulet Corp.*		19,367,453
	334,467	LDR Holding Corp.*		14,465,698
	47,000	LifePoint Hospitals, Inc.*		4,086,650
	3,648	MEDNAX, Inc.*		270,353
	13,881	Omnicell, Inc.*		523,453
	10,591	Team Health Holdings, Inc.*		691,910
	9,800	Teladoc, Inc.^*(1)		186,200
	10,489	U.S. Physical Therapy, Inc.		574,378
	16,370	Vascular Solutions, Inc.*		568,366
	740,503	Veeva Systems, Inc. Class A*		20,756,299
	5,886	WellCare Health Plans, Inc.*		499,309

				162,455,082

		Insurance - 1.0%
	11,633	AMERISAFE, Inc.		547,449
	413,276	Assured Guaranty Ltd.		9,914,491
	115,478	First American Financial Corp.		4,296,936


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 93.7% - (continued)
		Insurance - 1.0% - (continued)
	22,597	James River Group Holdings Ltd.	$	584,585

				15,343,461

		Materials - 3.4%
	10,680	Advanced Emissions Solutions, Inc.*		138,840
	13,366	Boise Cascade Co.*		490,265
	4,179	Cabot Corp.		155,835
	1,002,707	Graphic Packaging Holding Co.		13,967,709
	1,313,690	Headwaters, Inc.*		23,935,432
	374,184	KapStone Paper & Packaging Corp.		8,651,134
	20,380	Myers Industries, Inc.		387,220
	39,933	OMNOVA Solutions, Inc.*		299,098
	16,651	Orion Engineered Carbons S.A.		307,377
	15,925	PolyOne Corp.		623,782
	8,341	Silgan Holdings, Inc.		440,071

				49,396,763

		Media - 1.6%
	567,460	IMAX Corp.*		22,851,614


		Pharmaceuticals, Biotechnology & Life Sciences - 11.0%
	446,223	Achillion Pharmaceuticals, Inc.*		3,953,536
	11,350	Acorda Therapeutics, Inc.*		378,295
	224,096	Aerie Pharmaceuticals, Inc.*		3,955,294
	83,054	Agios Pharmaceuticals, Inc.*		9,230,622
	16,010	Albany Molecular Research, Inc.*		323,722
	7,357	Alkermes plc*		473,349
	49,629	Alnylam Pharmaceuticals, Inc.*		5,949,028
	21,410	Amicus Therapeutics, Inc.*		302,952
	209,063	Anacor Pharmaceuticals, Inc.*		16,187,748
	74,665	Arena Pharmaceuticals, Inc.*		346,446
	585,499	BioCryst Pharmaceuticals, Inc.*		8,741,500
	32,300	Cara Therapeutics, Inc.*		392,445
	124,900	Cepheid*		7,637,635
	25,338	Dicerna Pharmaceuticals, Inc.*		353,465
	12,219	Five Prime Therapeutics, Inc.*		303,520
	3,834	Flexion Therapeutics, Inc.*		83,926
	12,534	GlycoMimetics, Inc.*		99,645
	257,636	Intersect ENT, Inc.*		7,376,119
	403,013	Ironwood Pharmaceuticals, Inc.*		4,860,337
	18,560	KemPharm, Inc.*		340,947
	5,706	KYTHERA Biopharmaceuticals, Inc.*		429,719
	15,740	Medicines Co.*		450,321
	896,136	Novavax, Inc.*		9,982,955
	232,919	Otonomy, Inc.*		5,354,808
	9,183	PAREXEL International Corp.*		590,559
	344,681	Portola Pharmaceuticals, Inc.*		15,700,220
	200,318	PTC Therapeutics, Inc.*		9,641,305
	2,188	Puma Biotechnology, Inc.*		255,449
	296,453	Regulus Therapeutics, Inc.*		3,249,125
	226,869	Relypsa, Inc.*		7,507,095
	226,908	TESARO, Inc.*		13,339,921
	214,820	Tetraphase Pharmaceuticals, Inc.*		10,191,061
	39,899	Trevana, Inc.*		249,768
	99,453	Ultragenyx Pharmaceutical, Inc.*		10,182,993
	89,188	XenoPort, Inc.*		546,722
	19,047	Zafgen, Inc.*		659,598

				159,622,150

		Real Estate - 2.6%
	46,738	Arbor Realty Trust, Inc. REIT		315,949
	22,774	Armada Hoffler Properties, Inc. REIT		227,512


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 93.7% - (continued)
		Real Estate - 2.6% - (continued)
	21,503	CareTrust, Inc. REIT	$	272,443
	9,618	Coresite Realty Corp. REIT		437,042
	15,520	Easterly Government Properties, Inc. REIT		247,078
	386,831	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		7,755,962
	599,527	Kennedy-Wilson Holdings, Inc.		14,742,369
	19,097	Medical Properties Trust, Inc. REIT		250,362
	292,177	Pebblebrook Hotel Trust REIT		12,528,550
	17,675	STAG Industrial, Inc. REIT		353,500
	21,253	Summit Hotel Properties, Inc. REIT		276,501
	30,644	Sunstone Hotel Investors, Inc. REIT		459,966

				37,867,234

		Retailing - 3.3%
	5,016,400	Allstar Co.*⁽¹⁾⁽²⁾		5,267,220
	13,049	Burlington Stores, Inc.*		668,109
	9,185	Core-Mark Holding Co., Inc.		544,211
	288,098	CST Brands, Inc.		11,253,108
	16,128	DSW, Inc. Class A		538,191
	15,275	Five Below, Inc.*		603,821
	147,183	HSN, Inc.		10,330,775
	14,908	Party City Holdco, Inc.*		302,185
	23,088	Pier 1 Imports, Inc.		291,602
	358,270	Rent-A-Center, Inc.		10,156,955
	10,721	Shoe Carnival, Inc.		309,408
	599,111	Tuesday Morning Corp.*		6,748,985
	9,574	Wayfair, Inc. Class A*		360,365
	14,193	zulily, Inc. Class A*		185,077

				47,560,012

		Semiconductors & Semiconductor Equipment - 4.7%
	65,103	Ambarella, Inc.*		6,685,427
	343,787	Entegris, Inc.*		5,008,977
	42,955	Exar Corp.*		420,100
	441,144	Inphi Corp.*		10,084,552
	337,300	Mellanox Technologies Ltd.*		16,389,407
	9,070	MKS Instruments, Inc.		344,116
	13,882	Power Integrations, Inc.		627,189
	6,029	Qorvo, Inc.*		483,948
	21,484	Rambus, Inc.*		311,303
	355,631	SunEdison Semiconductor Ltd.*		6,141,747
	407,227	SunEdison, Inc.*		12,180,159
	352,411	SunPower Corp.*		10,011,996

				68,688,921

		Software & Services - 16.0%
	212,943	Apigee Corp.*		2,114,524
	12,965	Aspen Technology, Inc.*		590,556
	3,597	CACI International, Inc. Class A*		290,961
	9,140	Cardtronics, Inc.*		338,637
	8,511	Cass Information Systems, Inc.		478,488
	10,538	comScore, Inc.*		561,254
	122,691	Constant Contact, Inc.*		3,528,593
	120,679	CoStar Group, Inc.*		24,287,856
	10,094	CSG Systems International, Inc.		319,576
	116,271	Demandware, Inc.*		8,264,543
	5,570	Ellie Mae, Inc.*		388,730
	160,839	Envestnet, Inc.*		6,502,721
	6,310	EPAM Systems, Inc.*		449,461
	47,590	ePlus, Inc.*		3,647,774
	23,739	Everyday Health, Inc.*		303,384
	25,407	Exlservice Holdings, Inc.*		878,574


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 93.7% - (continued)
		Software & Services - 16.0% - (continued)
	77,974	Fair Isaac Corp.	$	7,078,480
	41,568	Five9, Inc.*		217,401
	244,262	Fleetmatics Group Ltd.*		11,438,789
	48,823	Global Cash Access, Inc.*		377,890
	161,391	Heartland Payment Systems, Inc.		8,723,184
	329,630	HubSpot, Inc.*		16,343,055
	12,146	j2 Global, Inc.		825,199
	9,715	Manhattan Associates, Inc.*		579,500
	58,528	Marchex, Inc. Class B		289,714
	283,118	Marketo, Inc.*		7,944,291
	193,113	MAXIMUS, Inc.		12,693,317
	23,183	Model N, Inc.*		276,110
	12,418	NetScout Systems, Inc.*		455,368
	12,755	Nuance Communications, Inc.*		223,340
	20,265	Perficient, Inc.*		389,899
	16,281	PTC, Inc.*		667,847
	10,433	Q2 Holdings, Inc.*		294,732
	7,827	Qualys, Inc.*		315,819
	36,687	Sapiens International Corp. N.V.		380,811
	249,875	Shutterstock, Inc.*		14,652,670
	22,755	Silver Spring Networks, Inc.*		282,390
	6,555	Solera Holdings, Inc.		292,091
	30,917	Tangoe, Inc.*		388,936
	1,069,389	Telogis, Inc.⁽¹⁾⁽²⁾		1,857,529
	8,712	Textura Corp.*		242,455
	134,943	Tyler Technologies Corp.*		17,458,925
	234,418	Verint Systems, Inc.*		14,239,721
	330,447	Virtusa Corp.*		16,984,976
	9,305	WebMD Health Corp.*		412,025
	111,219	WEX, Inc.*		12,675,629
	762,453	WNS Holdings Ltd. ADR*		20,395,618
	121,710	Zillow Group, Inc. Class A*		10,557,125
	40,401	Zix Corp.*		208,873

				233,109,341

		Technology Hardware & Equipment - 3.4%
	182,244	Arista Networks, Inc.*		14,896,625
	19,636	CalAmp Corp.*		358,553
	9,279	CDW Corp. of Delaware		318,084
	298,156	Ciena Corp.*		7,060,334
	345,185	Cognex Corp.		16,603,398
	11,244	Control4 Corp.*		99,959
	3,374	FEI Co.		279,806
	50,571	Mitel Networks Corp.*		446,542
	16,200	Newport Corp.*		307,152
	275,688	Nimble Storage, Inc.*		7,735,805
	180,624	ParkerVision, Inc.*		67,752
	13,040	Radware Ltd.*		289,488
	6,540	Rogers Corp.*		432,556
	17,331	Sonus Networks, Inc.*		119,931

				49,015,985

		Telecommunication Services - 0.0%
	24,600	Vonage Holdings Corp.*		120,786


		Transportation - 3.1%
	25,323	Celadon Group, Inc.		523,680
	325,418	Landstar System, Inc.		21,760,702
	10,733	Marten Transport Ltd.		232,906
	6,663	Park-Ohio Holdings Corp.		322,889
	653,764	Swift Transportation Co.*		14,820,830


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 93.7% - (continued)
		Transportation - 3.1% - (continued)
	158,107	XPO Logistics, Inc.*	$	7,143,274

				44,804,281

		Utilities - 0.1%
	5,502	ALLETE, Inc.		255,238
	9,558	Pattern Energy Group, Inc.		271,256
	18,500	Spark Energy, Inc. Class A		291,560

				818,054


		Total Common Stocks (cost $1,200,005,338)	$	1,362,150,159


PREFERRED STOCKS - 2.9%
		Pharmaceuticals, Biotechnology & Life Sciences - 0.0%
	92,420	Sancilio & Co., Inc.⁽¹⁾⁽²⁾	$	561,914


		Retailing - 0.5%
	104,986	Tory Burch LLC^*(1)(2)		6,722,762


		Software & Services - 2.0%
	190,094	Apigee Corp. PIPE⁽¹⁾⁽²⁾		1,769,132
	169,989	Cloudera, Inc.⁽¹⁾⁽²⁾		5,048,673
	410,300	MarkLogic Corp. Series F⁽¹⁾⁽²⁾		4,288,776
	206,888	Nutanix, Inc.⁽¹⁾⁽²⁾		3,887,425
	1,456,330	Telogis, Inc.⁽¹⁾⁽²⁾		5,819,495
	157,023	Veracode, Inc.⁽¹⁾⁽²⁾		4,814,325
	1,026,132	Zuora, Inc. Series F⁽¹⁾⁽²⁾		3,508,725

				29,136,551

		Technology Hardware & Equipment - 0.2%
	197,006	Pure Storage, Inc.*⁽¹⁾⁽²⁾		3,423,964


		Telecommunication Services - 0.2%
	6,478	DocuSign, Inc. Series B⁽¹⁾⁽²⁾		111,317
	1,940	DocuSign, Inc. Series B-1⁽¹⁾⁽²⁾		33,337
	4,655	DocuSign, Inc. Series D⁽¹⁾⁽²⁾		79,990
	120,393	DocuSign, Inc. Series E⁽¹⁾⁽²⁾		2,068,808
	21,928	DocuSign, Inc. Series F⁽¹⁾⁽²⁾		376,806

				2,670,258


		Total Preferred Stocks (cost $37,918,822)	$	42,515,449


CONVERTIBLE PREFERRED STOCKS - 0.0%
		Capital Goods - 0.0%
	1,993	William Lyon Homes, Inc., 6.50%	$	252,364


		Total Convertible Preferred Stocks (cost $231,432)	$	252,364

At June 30, 2015, the aggregate value of these securities were $49,640,198, which represents 3.4% of total net assets.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.

The following is a rollforward of the Fund’s investments that were valued using unobservable inputs (Level 3) for the six-month period ended June 30, 2015:


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 99.6%
		Automobiles & Components - 2.1%
	9,440	American Axle & Manufacturing Holdings, Inc.*	$	197,391
	7,510	Cooper Tire & Rubber Co.		254,063
	24,241	Goodyear Tire & Rubber Co.		730,866
	5,700	Lear Corp.		639,882
	10,164	Thor Industries, Inc.		572,030

				2,394,232

		Banks - 4.3%
	15,283	Banco Latinoamericano de Comercio Exterior S.A. ADR		491,807
	8,463	Berkshire Hills Bancorp, Inc.		241,026
	21,201	Essent Group Ltd.*		579,847
	45,763	Fifth Third Bancorp		952,786
	38,263	First BanCorp*		184,428
	15,349	HomeStreet, Inc.*		350,264
	21,500	Huntington Bancshares, Inc.		243,165
	30,509	KeyCorp		458,245
	7,903	MainSource Financial Group, Inc.		173,471
	26,198	Popular, Inc.*		756,074
	21,840	Walker & Dunlop, Inc.*		584,002

				5,015,115

		Capital Goods - 7.5%
	13,376	AGCO Corp.		759,489
	9,300	American Woodmark Corp.*		510,105
	10,500	Argan, Inc.		423,465
	3,237	Astronics Corp.*		229,471
	10,900	Douglas Dynamics, Inc.		234,132
	5,540	Dycom Industries, Inc.*		326,029
	11,541	Fluor Corp.		611,789
	16,617	General Cable Corp.		327,853
	2,900	Huntington Ingalls Industries, Inc.		326,511
	4,300	Hyster-Yale Materials Handling, Inc.		297,904
	27,871	KBR, Inc.		542,927
	8,651	Lydall, Inc.*		255,724
	48,800	Meritor, Inc.*		640,256
	1,900	Moog, Inc. Class A*		134,292
	9,993	Spirit Aerosystems Holdings, Inc. Class A*		550,714
	17,387	Taser International, Inc.*		579,161
	2,400	Teledyne Technologies, Inc.*		253,224
	5,600	Timken Co.		204,792
	13,100	Trex Co., Inc.*		647,533
	4,100	Triumph Group, Inc.		270,559
	1,581	Wabco Holdings, Inc.*		195,601
	6,699	Woodward, Inc.		368,378

				8,689,909

		Commercial & Professional Services - 3.3%
	3,787	Brink’s Co.		111,452
	7,700	Deluxe Corp.		477,400
	4,747	HNI Corp.		242,809
	5,400	Insperity, Inc.		274,860
	8,300	Korn/Ferry International		288,591
	3,574	Multi-Color Corp.		228,307
	24,100	Pitney Bowes, Inc.		501,521
	12,100	Quad/Graphics, Inc.		223,971
	25,700	R.R. Donnelley & Sons Co.		447,951
	19,100	RPX Corp.*		322,790
	6,669	TriNet Group, Inc.*		169,059
	3,400	UniFirst Corp.		380,290
	5,476	WageWorks, Inc.*		221,504

				3,890,505


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 99.6% - (continued)
		Consumer Durables & Apparel - 2.8%
	5,497	Carter’s, Inc.	$	584,331
	5,097	CSS Industries, Inc.		154,184
	8,887	Helen of Troy Ltd.*		866,394
	23,600	Nautilus, Inc.*		507,636
	4,297	Polaris Industries, Inc.		636,429
	120,100	Quiksilver, Inc.*		79,602
	1,284	Skechers USA, Inc. Class A*		140,971
	19,638	Vince Holding Corp.*		235,263

				3,204,810

		Consumer Services - 4.3%
	8,500	American Public Education, Inc.*		218,620
	14,328	Apollo Education Group, Inc.*		184,545
	20,000	Bridgepoint Education, Inc.*		191,200
	16,600	Brinker International, Inc.		956,990
	2,120	Buffalo Wild Wings, Inc.*		332,183
	3,984	Capella Education Co.		213,821
	4,606	Choice Hotels International, Inc.		249,876
	10,420	Domino’s Pizza, Inc.		1,181,628
	5,521	Grand Canyon Education, Inc.*		234,090
	5,708	International Speedway Corp. Class A		209,312
	18,300	LifeLock, Inc.*		300,120
	4,700	Marriott Vacations Worldwide Corp.		431,225
	4,200	Strayer Education, Inc.*		181,020
	32,729	Weight Watchers International, Inc.*		158,736

				5,043,366

		Diversified Financials - 3.2%
	106,001	Apollo Investment Corp.		750,487
	23,195	Ezcorp, Inc. Class A*		172,339
	7,825	Investment Technology Group, Inc.		194,060
	31,219	Janus Capital Group, Inc.		534,469
	9,090	Nelnet, Inc. Class A		393,688
	20,000	Solar Capital Ltd.		360,000
	9,450	Springleaf Holdings, Inc.*		433,850
	26,255	Wisdomtree Investments, Inc.		576,691
	4,500	World Acceptance Corp.*		276,795

				3,692,379

		Energy - 4.2%
	6,500	CVR Energy, Inc.		244,660
	6,800	Delek US Holdings, Inc.		250,376
	19,308	Frank’s International N.V.		363,763
	107,087	Frontline Ltd.*		261,292
	16,632	Gulfmark Offshore, Inc. Class A		192,931
	6,200	Matrix Service Co.*		113,336
	12,648	Oceaneering International, Inc.		589,270
	15,343	Oil States International, Inc.*		571,220
	33,661	Pioneer Energy Services Corp.*		213,411
	12,773	QEP Resources, Inc.		236,428
	2,400	REX American Resources Corp.*		152,736
	10,610	Superior Energy Services, Inc.		223,235
	18,450	Valero Energy Corp.		1,154,970
	8,173	Western Refining, Inc.		356,506

				4,924,134

		Food & Staples Retailing - 0.2%
	7,986	Fresh Market, Inc.*		256,670


		Food, Beverage & Tobacco - 0.9%
	1,600	Ingredion, Inc.		127,696
	31,200	Pilgrim’s Pride Corp.		716,664


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 99.6% - (continued)
		Food, Beverage & Tobacco - 0.9% - (continued)
	2,928	Sanderson Farms, Inc.	$	220,068

				1,064,428

		Health Care Equipment & Services - 4.1%
	7,140	ABIOMED, Inc.*		469,312
	3,282	Aetna, Inc.		418,324
	12,400	Centene Corp.*		996,960
	5,796	Cyberonics, Inc.*		344,630
	7,200	Ensign Group, Inc.		367,632
	10,100	Health Net, Inc.*		647,612
	3,938	Orthofix International N.V.*		130,427
	44,212	Quality Systems, Inc.		732,593
	10,537	Triple-S Management Corp., Class B*		270,379
	6,092	VCA, Inc.*		331,435

				4,709,304

		Household & Personal Products - 0.6%
	7,537	Medifast, Inc.*		243,596
	3,500	Usana Health Sciences, Inc.*		478,310

				721,906

		Insurance - 5.0%
	9,688	Ambac Financial Group, Inc.*		161,208
	5,900	AmTrust Financial Services, Inc.		386,509
	8,898	Assured Guaranty Ltd.		213,463
	8,025	Axis Capital Holdings Ltd.		428,294
	9,700	Endurance Specialty Holdings Ltd.		637,290
	5,594	Everest Re Group Ltd.		1,018,164
	10,636	Fidelity & Guaranty Life		251,329
	18,400	Greenlight Capital Re Ltd. Class A*		536,728
	5,242	HCI Group, Inc.		231,749
	29,000	MBIA, Inc.*		174,290
	2,740	Reinsurance Group of America, Inc.		259,944
	26,454	Symetra Financial Corp.		639,393
	17,242	Third Point Reinsurance Ltd.*		254,320
	16,400	United Insurance Holdings Corp.		254,856
	7,500	Validus Holdings Ltd.		329,925

				5,777,462

		Materials - 4.8%
	7,232	Berry Plastics Group, Inc.*		234,317
	9,300	Boise Cascade Co.*		341,124
	8,696	Clearwater Paper Corp.*		498,281
	11,800	Domtar Corp.		488,520
	36,710	Graphic Packaging Holding Co.		511,370
	10,180	Innospec, Inc.		458,507
	9,900	PolyOne Corp.		387,783
	30,600	Resolute Forest Products, Inc.*		344,250
	9,038	Rock-Tenn Co. Class A		544,088
	17,609	Sealed Air Corp.		904,750
	7,881	Stepan Co.		426,441
	33,348	Stillwater Mining Co.*		386,503

				5,525,934

		Pharmaceuticals, Biotechnology & Life Sciences - 8.8%
	31,800	Affymetrix, Inc.*		347,256
	15,500	Anacor Pharmaceuticals, Inc.*		1,200,165
	5,600	Bio-Rad Laboratories, Inc. Class A*		843,416
	2,563	BioSpecifics Technologies Corp.*		132,251
	9,200	Cambrex Corp.*		404,248
	61,891	Geron Corp.*		264,893
	18,000	Infinity Pharmaceuticals, Inc.*		197,100


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 99.6% - (continued)
		Pharmaceuticals, Biotechnology & Life Sciences - 8.8% - (continued)
	8,684	Insys Therapeutics, Inc.*	$	311,929
	8,600	Isis Pharmaceuticals, Inc.*		494,930
	6,500	Lannett Co., Inc.*		386,360
	15,280	Luminex Corp.*		263,733
	3,096	Medivation, Inc.*		353,563
	33,800	Merrimack Pharmaceuticals, Inc.*		417,937
	2,630	NewLink Genetics Corp.*		116,430
	8,054	Ophthotech Corp.*		419,291
	25,371	OPKO Health, Inc.*		407,966
	8,106	PAREXEL International Corp.*		521,297
	98,244	PDL Biopharma, Inc.		631,709
	11,123	Quintiles Transnational Holdings, Inc.*		807,641
	24,900	Sciclone Pharmaceuticals, Inc.*		244,518
	16,200	Sucampo Pharmaceuticals, Inc. Class A*		266,166
	6,800	United Therapeutics Corp.*		1,182,860

				10,215,659

		Real Estate - 11.2%
	14,900	AG Mortgage Investment Trust, Inc. REIT		257,472
	34,920	American Capital Mortgage Investment Corp. REIT		558,371
	14,129	Apollo Commercial Real Estate Finance, Inc. REIT		232,139
	55,800	Brandywine Realty Trust REIT		741,024
	64,200	Capstead Mortgage Corp. REIT		712,620
	13,976	CBL & Associates Properties, Inc. REIT		226,411
	57,900	Chambers Street Properties REIT		460,305
	9,255	Colony Capital, Inc. Class A, REIT		209,626
	6,927	Coresite Realty Corp. REIT		314,763
	10,600	Franklin Street Properties Corp. REIT		119,886
	29,375	Hatteras Financial Corp. REIT		478,813
	8,100	Hospitality Properties Trust REIT		233,442
	6,260	Jones Lang LaSalle, Inc.		1,070,460
	62,710	Mack-Cali Realty Corp. REIT		1,155,745
	7,900	Marcus & Millichap, Inc.*		364,506
	28,370	MFA Financial, Inc. REIT		209,654
	20,050	New Residential Investment Corp. REIT		305,562
	31,160	New York Mortgage Trust, Inc. REIT		233,077
	26,200	Pennsylvania REIT		559,108
	11,316	PennyMac Mortgage Investment Trust REIT		197,238
	25,333	Physicians Realty Trust REIT		389,115
	79,200	Piedmont Office Realty Trust, Inc. Class A, REIT		1,393,128
	12,700	Redwood Trust, Inc. REIT		199,390
	100,100	Resource Capital Corp. REIT		387,387
	52,251	Retail Properties of America, Inc. Class A, REIT		727,856
	26,297	Select Income REIT		542,770
	47,300	Two Harbors Investment Corp. REIT		460,702
	16,400	Western Asset Mortgage Capital Corp. REIT		242,228

				12,982,798

		Retailing - 7.2%
	14,024	American Eagle Outfitters, Inc.		241,493
	11,800	Big Lots, Inc.		530,882
	12,100	Buckle, Inc.		553,817
	9,468	Burlington Stores, Inc.*		484,761
	10,000	Cato Corp. Class A		387,600
	19,630	Chico’s FAS, Inc.		326,447
	7,800	Dillard’s, Inc. Class A		820,482
	6,740	DSW, Inc. Class A		224,914
	13,690	Foot Locker, Inc.		917,367


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 99.6% - (continued)
		Retailing - 7.2% - (continued)
	26,200	Francescas Holding Corp.*	$	352,914
	2,692	GNC Holdings, Inc. Class A		119,740
	4,981	Hibbett Sports, Inc.*		232,015
	25,374	Nutrisystem, Inc.		631,305
	5,000	Outerwall, Inc.		380,550
	24,900	Overstock.com, Inc.*		561,246
	14,200	Select Comfort Corp.*		426,994
	11,037	Tilly’s, Inc. Class A*		106,728
	5,624	Ulta Salon Cosmetics & Fragrance, Inc.*		868,627
	18,300	zulily, Inc. Class A*		238,632

				8,406,514

		Semiconductors & Semiconductor Equipment - 2.8%
	9,200	Advanced Energy Industries, Inc.*		252,908
	4,700	Ambarella, Inc.*		482,643
	51,600	Amkor Technology, Inc.*		308,568
	15,600	Integrated Device Technology, Inc.*		338,520
	15,817	Rambus, Inc.*		229,188
	14,000	Skyworks Solutions, Inc.		1,457,400
	6,000	Tessera Technologies, Inc.		227,880

				3,297,107

		Software & Services - 11.5%
	14,460	Amdocs Ltd.		789,371
	20,130	Aspen Technology, Inc.*		916,922
	34,200	AVG Technologies N.V.*		930,582
	7,514	Barracuda Networks, Inc.*		297,705
	6,476	Cardtronics, Inc.*		239,936
	4,210	Cimpress N.V.*		354,314
	25,600	Convergys Corp.		652,544
	1,090	DST Systems, Inc.		137,318
	6,700	EPAM Systems, Inc.*		477,241
	3,572	ePlus, Inc.*		273,794
	9,800	Fleetmatics Group Ltd.*		458,934
	8,047	Global Sources Ltd.*		55,927
	14,500	Guidewire Software, Inc.*		767,485
	4,336	Imperva, Inc.*		293,547
	8,812	Infoblox, Inc.*		230,963
	8,800	Logmein, Inc.*		567,512
	9,642	Manhattan Associates, Inc.*		575,145
	7,200	MAXIMUS, Inc.		473,256
	35,903	Mentor Graphics Corp.		948,916
	6,368	Paycom Software, Inc.*		217,467
	10,270	Rackspace Hosting, Inc.*		381,941
	4,700	Science Applications International Corp.		248,395
	13,290	SolarWinds, Inc.*		613,068
	6,970	SS&C Technologies Holdings, Inc.		435,625
	13,913	Synopsys, Inc.*		704,693
	4,650	Tableau Software, Inc. Class A*		536,145
	12,954	VASCO Data Security International, Inc.*		391,081
	6,238	Verint Systems, Inc.*		378,927

				13,348,754

		Technology Hardware & Equipment - 3.6%
	13,489	Alliance Fiber Optic Products, Inc.		250,221
	11,900	Avnet, Inc.		489,209
	64,735	Brocade Communications Systems, Inc.		769,052
	2,073	InterDigital, Inc.		117,933
	11,000	Jabil Circuit, Inc.		234,190
	15,300	Lexmark International, Inc. Class A		676,260
	6,700	Methode Electronics, Inc.		183,915
	4,701	Palo Alto Networks, Inc.*		821,265


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 99.6% - (continued)
		Technology Hardware & Equipment - 3.6% - (continued)
	18,200	Polycom, Inc.*	$	208,208
	12,308	Sanmina Corp.*		248,129
	4,050	Tech Data Corp.*		233,118

				4,231,500

		Telecommunication Services - 0.7%
	18,100	Inteliquent, Inc.		333,040
	17,796	Telephone & Data Systems, Inc.		523,202

				856,242

		Transportation - 2.3%
	25,779	Alaska Air Group, Inc.		1,660,941
	11,005	JetBlue Airways Corp.*		228,464
	20,831	Swift Transportation Co.*		472,239
	10,100	Werner Enterprises, Inc.		265,125

				2,626,769

		Utilities - 4.2%
	38,448	Atlantic Power Corp.		118,420
	40,300	Great Plains Energy, Inc.		973,648
	4,241	IDACORP, Inc.		238,090
	23,000	New Jersey Resources Corp.		633,650
	7,447	ONE Gas, Inc.		316,944
	13,700	Pinnacle West Capital Corp.		779,393
	15,680	UGI Corp.		540,176
	38,711	Westar Energy, Inc.		1,324,690

				4,925,011


		Total Common Stocks (cost $99,809,534)	$	115,800,508


		Total Long-Term Investments (cost $99,809,534)	$	115,800,508


SHORT-TERM INVESTMENTS - 0.4%
		Other Investment Pools & Funds - 0.4%
	464,496	Federated Prime Obligations Fund	$	464,496


		Total Short-Term Investments (cost $464,496)	$	464,496



Total Investments (cost $100,274,030)^	100.0	%	$	116,265,004
Other Assets and Liabilities	0.0	%		(4,734	)

Total Net Assets	100.0	%	$	116,260,270

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 97.3%
		Automobiles & Components - 1.1%
	42,488	American Axle & Manufacturing Holdings, Inc.*	$	888,424
	19,877	Cooper Tire & Rubber Co.		672,439
	54,447	Dana Holding Corp.		1,120,519
	119,628	Tenneco Automotive, Inc.*		6,871,433

				9,552,815

		Banks - 2.8%
	247,293	EverBank Financial Corp.		4,859,307
	28,100	FCB Financial Holdings, Inc. Class A*		893,580
	200,897	First Merchants Corp.		4,962,156
	102,083	Flushing Financial Corp.		2,144,764
	99,985	Great Western Bancorp, Inc.		2,410,638
	315,470	MGIC Investment Corp.*		3,590,049
	76,801	Sandy Spring Bancorp, Inc.		2,148,892
	57,928	Wintrust Financial Corp.		3,092,197

				24,101,583

		Capital Goods - 8.1%
	62,448	A.O. Smith Corp.		4,495,007
	160,630	AAON, Inc.		3,617,388
	16,000	Aegion Corp.*		303,040
	19,891	Aerojet Rocketdyne Holdings, Inc.*		409,954
	139,168	Altra Industrial Motion Corp.		3,782,586
	7,700	American Railcar Industries, Inc.		374,528
	9,983	American Woodmark Corp.*		547,568
	17,100	Argan, Inc.		689,643
	75,575	Astronics Corp.*		5,357,512
	112,013	AZZ, Inc.		5,802,273
	6,700	Cubic Corp.		318,786
	11,800	Douglas Dynamics, Inc.		253,464
	7,100	DXP Enterprises, Inc.*		330,150
	8,358	Dycom Industries, Inc.*		491,868
	7,200	Encore Wire Corp.		318,888
	34,619	Esterline Technologies Corp.*		3,300,576
	161,063	Generac Holdings, Inc.*		6,402,254
	110,120	Heico Corp. Class A		5,590,792
	20,400	Hyster-Yale Materials Handling, Inc.		1,413,312
	57,816	Lennox International, Inc.		6,226,205
	12,500	Lydall, Inc.*		369,500
	90,118	Meritor, Inc.*		1,182,348
	64,869	Moog, Inc. Class A*		4,584,941
	5,700	Proto Labs, Inc.*		384,636
	44,763	Taser International, Inc.*		1,491,056
	52,642	Teledyne Technologies, Inc.*		5,554,257
	73,422	Toro Co.		4,976,543
	20,300	Trex Co., Inc.*		1,003,429
	22,300	Wabash National Corp.*		279,642
	16,974	Woodward, Inc.		933,400

				70,785,546

		Commercial & Professional Services - 3.4%
	8,046	Brink’s Co.		236,794
	14,925	CEB, Inc.		1,299,370
	93,132	Deluxe Corp.		5,774,184
	136,874	Exponent, Inc.		6,129,218
	124,169	GP Strategies Corp.*		4,127,377
	15,800	HNI Corp.		808,170
	13,903	Insperity, Inc.		707,663
	10,383	Korn/Ferry International		361,017
	6,003	Multi-Color Corp.		383,472
	120,191	On Assignment, Inc.*		4,721,102
	49,418	RPX Corp.*		835,164


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 97.3% - (continued)
		Commercial & Professional Services - 3.4% - (continued)
	20,119	TriNet Group, Inc.*	$	510,017
	6,776	UniFirst Corp.		757,896
	82,716	WageWorks, Inc.*		3,345,862

				29,997,306

		Consumer Durables & Apparel - 4.5%
	102,383	Arctic Cat, Inc.		3,400,140
	8,451	Ethan Allen Interiors, Inc.		222,599
	75,902	G-III Apparel Group Ltd.*		5,339,706
	11,604	Helen of Troy Ltd.*		1,131,274
	236,167	Kate Spade & Co.*		5,087,037
	11,600	Movado Group, Inc.		315,056
	38,719	Nautilus, Inc.*		832,846
	61,947	Oxford Industries, Inc.		5,417,265
	1,610	Polaris Industries, Inc.		238,457
	198,200	Quiksilver, Inc.*		131,367
	4,735	Skechers USA, Inc. Class A*		519,856
	174,317	Steven Madden Ltd.*		7,457,281
	5,900	Sturm Ruger & Co., Inc.		338,955
	135,130	Taylor Morrison Home Corp. Class A*		2,751,247
	4,932	Universal Electronics, Inc.*		245,811
	221,230	Vince Holding Corp.*		2,650,335
	75,050	Vista Outdoor, Inc.*		3,369,745
	11,744	Wolverine World Wide, Inc.		334,469

				39,783,446

		Consumer Services - 4.9%
	13,300	American Public Education, Inc.*		342,076
	14,700	BJ’s Restaurants, Inc.*		712,215
	343,930	Bloomin’ Brands, Inc.		7,342,905
	30,811	Boyd Gaming Corp.*		460,624
	85,697	Brinker International, Inc.		4,940,432
	27,083	Buffalo Wild Wings, Inc.*		4,243,635
	12,230	Capella Education Co.		656,384
	207,550	Del Frisco’s Restaurant Group, Inc.*		3,866,657
	12,740	Domino’s Pizza, Inc.		1,444,716
	5,458	Fiesta Restaurant Group, Inc.*		272,900
	33,777	Grand Canyon Education, Inc.*		1,432,145
	291,281	La Quinta Holdings, Inc.*		6,655,771
	56,812	LifeLock, Inc.*		931,717
	74,158	Marriott Vacations Worldwide Corp.		6,803,997
	15,700	Strayer Education, Inc.*		676,670
	15,400	Texas Roadhouse, Inc.		576,422
	91,874	Weight Watchers International, Inc.*		445,589
	49,000	Wingstop, Inc.*		1,391,600

				43,196,455

		Diversified Financials - 1.9%
	7,129	Credit Acceptance Corp.*		1,755,017
	80,043	Evercore Partners, Inc. Class A		4,319,120
	111,887	HFF, Inc. Class A		4,669,045
	35,387	MarketAxess Holdings, Inc.		3,282,852
	78,144	Wisdomtree Investments, Inc.		1,716,433
	7,400	World Acceptance Corp.*		455,174

				16,197,641

		Energy - 1.9%
	53,472	Alon USA Energy, Inc.		1,010,621
	14,300	CVR Energy, Inc.		538,252
	26,867	Delek US Holdings, Inc.		989,243
	97,392	Forum Energy Technologies, Inc.*		1,975,110
	7,858	Green Plains, Inc.		216,488


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 97.3% - (continued)
		Energy - 1.9% - (continued)
	166,180	Hornbeck Offshore Services, Inc.*	$	3,411,675
	91,900	ION Geophysical Corp.*		98,333
	11,737	Matrix Service Co.*		214,552
	48,858	Pioneer Energy Services Corp.*		309,760
	14,415	REX American Resources Corp.*		917,370
	191,929	RSP Permian, Inc.*		5,395,124
	55,100	W&T Offshore, Inc.		301,948
	31,551	Western Refining, Inc.		1,376,255

				16,754,731

		Food & Staples Retailing - 2.4%
	99,144	Casey’s General Stores, Inc.		9,492,046
	22,612	Fresh Market, Inc.*		726,750
	194,906	Natural Grocers by Vitamin Cottage, Inc.*		4,798,586
	67,509	PriceSmart, Inc.		6,159,521

				21,176,903

		Food, Beverage & Tobacco - 1.7%
	22,400	Cal-Maine Foods, Inc.		1,169,280
	39,200	Pilgrim’s Pride Corp.		900,424
	83,283	Post Holdings, Inc.*		4,491,452
	13,700	Sanderson Farms, Inc.		1,029,692
	91,335	TreeHouse Foods, Inc.*		7,400,875

				14,991,723

		Health Care Equipment & Services - 10.5%
	22,596	ABIOMED, Inc.*		1,485,235
	90,085	Acadia Healthcare Co., Inc.*		7,056,358
	3,900	Align Technology, Inc.*		244,569
	11,524	Atrion Corp.		4,520,980
	27,422	Centene Corp.*		2,204,729
	4,902	Computer Programs & Systems, Inc.		261,865
	78,457	Cyberonics, Inc.*		4,665,053
	99,420	Cynosure, Inc. Class A*		3,835,624
	96,646	DexCom, Inc.*		7,729,747
	6,464	Ensign Group, Inc.		330,052
	269,824	Globus Medical, Inc. Class A*		6,926,382
	16,266	HealthEquity, Inc.*		521,325
	177,440	HealthSouth Corp.		8,172,886
	29,669	HeartWare International, Inc.*		2,156,640
	58,949	ICU Medical, Inc.*		5,639,061
	20,900	Magellan Health, Inc.*		1,464,463
	5,989	Medidata Solutions, Inc.*		325,322
	142,347	Merge Healthcare, Inc.*		683,266
	15,700	Meridian Bioscience, Inc.		292,648
	18,423	Molina Healthcare, Inc.*		1,295,137
	5,900	Natus Medical, Inc.*		251,104
	143,676	Omnicell, Inc.*		5,418,022
	17,590	Orthofix International N.V.*		582,581
	71,244	Quality Systems, Inc.		1,180,513
	110,555	Team Health Holdings, Inc.*		7,222,558
	4,800	Teladoc, Inc.*⁽¹⁾		91,200
	30,500	Triple-S Management Corp., Class B*		782,630
	109,247	U.S. Physical Therapy, Inc.		5,982,366
	170,765	Vascular Solutions, Inc.*		5,928,961
	59,828	WellCare Health Plans, Inc.*		5,075,209

				92,326,486

		Household & Personal Products - 0.1%
	11,600	Medifast, Inc.*		374,912
	5,700	Usana Health Sciences, Inc.*		778,962

				1,153,874


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 97.3% - (continued)
		Insurance - 1.5%
	121,345	AMERISAFE, Inc.	$	5,710,496
	10,500	AmTrust Financial Services, Inc.		687,855
	9,300	Federated National Holding Co.		225,060
	13,938	Greenlight Capital Re Ltd. Class A*		406,571
	6,547	HCI Group, Inc.		289,443
	16,418	Heritage Insurance Holdings, Inc.*		377,450
	120,091	James River Group Holdings Ltd.		3,106,754
	81,800	Maiden Holdings Ltd.		1,290,804
	42,012	United Insurance Holdings Corp.		652,866
	31,000	Universal Insurance Holdings, Inc.		750,200

				13,497,499

		Materials - 4.7%
	15,712	Berry Plastics Group, Inc.*		509,069
	148,473	Boise Cascade Co.*		5,445,990
	42,071	Cabot Corp.		1,568,827
	20,090	Clearwater Paper Corp.*		1,151,157
	59,700	Gold Resource Corp.		164,772
	650,866	Graphic Packaging Holding Co.		9,066,563
	363,875	Headwaters, Inc.*		6,629,802
	6,500	Innospec, Inc.		292,760
	16,019	KapStone Paper & Packaging Corp.		370,359
	402,884	OMNOVA Solutions, Inc.*		3,017,601
	185,799	PolyOne Corp.		7,277,747
	84,701	Silgan Holdings, Inc.		4,468,825
	15,517	Stepan Co.		839,625
	45,318	Stillwater Mining Co.*		525,236

				41,328,333

		Media - 0.1%
	39,400	McClatchy Co. Class A*		42,552
	24,357	World Wrestling Entertainment, Inc. Class A		401,891

				444,443

		Pharmaceuticals, Biotechnology & Life Sciences - 12.5%
	260,246	Achillion Pharmaceuticals, Inc.*		2,305,780
	118,465	Acorda Therapeutics, Inc.*		3,948,438
	108,009	Aerie Pharmaceuticals, Inc.*		1,906,359
	82,615	Affymetrix, Inc.*		902,156
	37,349	Agios Pharmaceuticals, Inc.*		4,150,968
	76,631	Alkermes plc*		4,930,439
	15,945	Alnylam Pharmaceuticals, Inc.*		1,911,327
	225,920	Amicus Therapeutics, Inc.*		3,196,768
	109,089	Anacor Pharmaceuticals, Inc.*		8,446,761
	45,178	Array BioPharma, Inc.*		325,733
	242,125	BioCryst Pharmaceuticals, Inc.*		3,614,926
	1,701	Bluebird Bio, Inc.*		286,397
	25,400	Cambrex Corp.*		1,116,076
	13,948	Cempra, Inc.*		479,253
	18,140	Dyax Corp.*		480,710
	49,500	Emergent Biosolutions, Inc.*		1,631,025
	165,759	Five Prime Therapeutics, Inc.*		4,117,454
	41,100	Flexion Therapeutics, Inc.*		899,679
	79,785	GlycoMimetics, Inc.*		634,291
	5,444	Impax Laboratories, Inc.*		249,988
	8,907	INC Research Holdings, Inc. Class A*		357,349
	87,458	Infinity Pharmaceuticals, Inc.*		957,665
	33,460	Insys Therapeutics, Inc.*		1,201,883
	90,829	Ironwood Pharmaceuticals, Inc.*		1,095,398
	20,992	Isis Pharmaceuticals, Inc.*		1,208,090
	7,724	Kite Pharma, Inc.*		470,932
	56,871	KYTHERA Biopharmaceuticals, Inc.*		4,282,955


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 97.3% - (continued)
		Pharmaceuticals, Biotechnology & Life Sciences - 12.5% - (continued)
	15,100	Lannett Co., Inc.*	$	897,544
	3,891	Ligand Pharmaceuticals, Inc.*		392,602
	36,850	Luminex Corp.*		636,031
	10,614	MacroGenics, Inc.*		403,014
	137,637	Medicines Co.*		3,937,795
	128,143	Merrimack Pharmaceuticals, Inc.*		1,584,488
	65,700	MiMedx Group, Inc.*		761,463
	20,255	NewLink Genetics Corp.*		896,689
	28,922	Ophthotech Corp.*		1,505,679
	121,736	Orexigen Therapeutics, Inc.*		602,593
	95,878	Otonomy, Inc.*		2,204,235
	119,918	PAREXEL International Corp.*		7,711,927
	277,475	PDL Biopharma, Inc.		1,784,164
	114,207	Portola Pharmaceuticals, Inc.*		5,202,129
	64,400	Progenics Pharmaceuticals, Inc.*		480,424
	70,020	PTC Therapeutics, Inc.*		3,370,063
	22,639	Puma Biotechnology, Inc.*		2,643,103
	79,350	Relypsa, Inc.*		2,625,692
	151,830	Sciclone Pharmaceuticals, Inc.*		1,490,971
	48,200	Sucampo Pharmaceuticals, Inc. Class A*		791,926
	85,274	TESARO, Inc.*		5,013,258
	39,649	Ultragenyx Pharmaceutical, Inc.*		4,059,661
	236,001	XenoPort, Inc.*		1,446,686
	100,550	Zafgen, Inc.*		3,482,046

				109,032,983

		Real Estate - 1.5%
	11,300	Altisource Portfolio Solutions S.A.*		347,927
	90,381	Apollo Residential Mortgage, Inc. REIT		1,327,697
	97,779	Coresite Realty Corp. REIT		4,443,078
	17,438	Marcus & Millichap, Inc.*		804,589
	12,960	Omega Healthcare Investors, Inc. REIT		444,917
	32,767	Sabra Healthcare, Inc. REIT		843,423
	311,437	Sunstone Hotel Investors, Inc. REIT		4,674,669

				12,886,300

		Retailing - 6.2%
	33,621	Buckle, Inc.		1,538,833
	30,689	Build-A-Bear Workshop, Inc.*		490,717
	159,753	Burlington Stores, Inc.*		8,179,354
	26,825	Cato Corp. Class A		1,039,737
	93,251	Core-Mark Holding Co., Inc.		5,525,122
	166,882	DSW, Inc. Class A		5,568,852
	155,568	Five Below, Inc.*		6,149,603
	74,400	Francescas Holding Corp.*		1,002,168
	18,586	Hibbett Sports, Inc.*		865,736
	103,800	HSN, Inc.		7,285,722
	65,862	Nutrisystem, Inc.		1,638,646
	19,400	Outerwall, Inc.		1,476,534
	26,063	Overstock.com, Inc.*		587,460
	151,111	Party City Holdco, Inc.*		3,063,020
	230,220	Pier 1 Imports, Inc.		2,907,679
	29,900	Select Comfort Corp.*		899,093
	27,711	Tile Shop Holdings, Inc.*		393,219
	98,069	Wayfair, Inc. Class A*		3,691,317
	139,643	zulily, Inc. Class A*		1,820,945
	9,000	Zumiez, Inc.*		239,670

				54,363,427


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 97.3% - (continued)
		Semiconductors & Semiconductor Equipment - 3.0%
	10,800	Advanced Energy Industries, Inc.*	$	296,892
	24,773	Ambarella, Inc.*		2,543,939
	74,167	Amkor Technology, Inc.*		443,519
	78,178	Integrated Device Technology, Inc.*		1,696,463
	106,550	Kulicke & Soffa Industries, Inc.*		1,247,700
	92,730	MKS Instruments, Inc.		3,518,176
	62,310	Qorvo, Inc.*		5,001,624
	81,920	Rambus, Inc.*		1,187,021
	106,382	SunEdison Semiconductor Ltd.*		1,837,217
	122,268	SunEdison, Inc.*		3,657,036
	123,668	SunPower Corp.*		3,513,408
	22,400	Tessera Technologies, Inc.		850,752

				25,793,747

		Software & Services - 19.7%
	185,956	Aspen Technology, Inc.*		8,470,296
	64,200	AVG Technologies N.V.*		1,746,882
	24,071	Barracuda Networks, Inc.*		953,693
	9,400	BroadSoft, Inc.*		324,958
	37,302	CACI International, Inc. Class A*		3,017,359
	93,730	Cardtronics, Inc.*		3,472,696
	86,527	Cass Information Systems, Inc.		4,864,548
	16,544	Cimpress N.V.*		1,392,343
	109,903	comScore, Inc.*		5,853,434
	11,151	Constant Contact, Inc.*		320,703
	58,700	CSG Systems International, Inc.		1,858,442
	39,667	Demandware, Inc.*		2,819,530
	68,831	Ellie Mae, Inc.*		4,803,715
	84,675	EPAM Systems, Inc.*		6,031,400
	58,834	ePlus, Inc.*		4,509,626
	4,500	Euronet Worldwide, Inc.*		277,650
	239,409	Everyday Health, Inc.*		3,059,647
	160,916	Exlservice Holdings, Inc.*		5,564,475
	93,174	Fair Isaac Corp.		8,458,336
	404,784	Five9, Inc.*		2,117,020
	173,368	Fleetmatics Group Ltd.*		8,118,823
	48,329	Guidewire Software, Inc.*		2,558,054
	134,231	Heartland Payment Systems, Inc.		7,255,186
	85,039	HubSpot, Inc.*		4,216,234
	19,893	Imperva, Inc.*		1,346,756
	50,841	Infoblox, Inc.*		1,332,543
	90,100	j2 Global, Inc.		6,121,394
	26,091	Logmein, Inc.*		1,682,609
	6,757	Luxoft Holding, Inc.*		382,108
	147,313	Manhattan Associates, Inc.*		8,787,220
	97,152	Marketo, Inc.*		2,726,085
	83,056	MAXIMUS, Inc.		5,459,271
	228,096	Model N, Inc.*		2,716,623
	140,725	NetScout Systems, Inc.*		5,160,386
	12,525	NeuStar, Inc. Class A*		365,855
	13,225	Pegasystems, Inc.		302,720
	169,886	PTC, Inc.*		6,968,724
	105,271	Q2 Holdings, Inc.*		2,973,906
	80,811	Qualys, Inc.*		3,260,724
	20,923	Science Applications International Corp.		1,105,781
	64,584	Solera Holdings, Inc.		2,877,863
	35,499	SS&C Technologies Holdings, Inc.		2,218,687
	25,016	Sykes Enterprises, Inc.*		606,638
	69,754	Tyler Technologies Corp.*		9,024,773
	42,119	VASCO Data Security International, Inc.*		1,271,573
	89,279	Verint Systems, Inc.*		5,423,253


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 97.3% - (continued)
		Software & Services - 19.7% - (continued)
	96,362	WebMD Health Corp.*	$	4,266,909
	35,830	WEX, Inc.*		4,083,545

				172,530,996

		Technology Hardware & Equipment - 2.6%
	20,400	Alliance Fiber Optic Products, Inc.		378,420
	91,436	CDW Corp. of Delaware		3,134,426
	109,861	Ciena Corp.*		2,601,509
	95,040	Cognex Corp.		4,571,424
	5,223	Comtech Telecommunications Corp.		151,728
	24,308	DTS, Inc.*		741,151
	34,055	FEI Co.		2,824,181
	17,400	Infinera Corp.*		365,052
	27,031	InterDigital, Inc.		1,537,794
	26,387	Methode Electronics, Inc.		724,323
	20,100	Polycom, Inc.*		229,944
	148,400	Quantum Corp.*		249,312
	65,700	Rogers Corp.*		4,345,398
	174,846	Sonus Networks, Inc.*		1,209,934

				23,064,596

		Telecommunication Services - 0.4%
	84,900	Cincinnati Bell, Inc.*		324,318
	36,800	IDT Corp. Class B		665,344
	43,819	Inteliquent, Inc.		806,270
	294,800	Vonage Holdings Corp.*		1,447,468

				3,243,400

		Transportation - 1.8%
	10,500	Alaska Air Group, Inc.		676,515
	1,600	Allegiant Travel Co.		284,608
	13,600	ArcBest Corp.		432,480
	144,862	Celadon Group, Inc.		2,995,746
	54,900	Hawaiian Holdings, Inc.*		1,303,875
	21,200	JetBlue Airways Corp.*		440,112
	105,522	Marten Transport Ltd.		2,289,827
	7,975	Matson, Inc.		335,269
	4,068	Spirit Airlines, Inc.*		252,623
	265,618	Swift Transportation Co.*		6,021,560
	22,100	Werner Enterprises, Inc.		580,125

				15,612,740


		Total Common Stocks (cost $744,885,119)	$	851,816,973


WARRANTS - 0.0%
		Diversified Financials - 0.0%
	891	Imperial Holdings, Inc.*⁽²⁾	$	—


		Total Warrants (cost $—)	$	—

At June 30, 2015, the aggregate value of these securities were $0, which represents 0.0% of total net assets.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.

The following is a rollforward of the Fund’s investments that were valued using unobservable inputs (Level 3) for the six-month period ended June 30, 2015:


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 98.7%
		Banks - 4.1%
	342,312	PNC Financial Services Group, Inc.	$	32,742,143
	577,564	Wells Fargo & Co.		32,482,199

				65,224,342

		Capital Goods - 10.8%
	154,317	General Dynamics Corp.		21,865,176
	430,502	Honeywell International, Inc.		43,898,289
	210,102	Lockheed Martin Corp.		39,057,962
	184,164	Northrop Grumman Corp.		29,213,935
	346,696	United Technologies Corp.		38,458,987

				172,494,349

		Consumer Durables & Apparel - 2.7%
	392,795	NIKE, Inc. Class B		42,429,716

		Consumer Services - 2.3%
	383,112	McDonald’s Corp.		36,422,458

		Diversified Financials - 1.7%
	78,835	BlackRock, Inc.		27,275,333

		Energy - 6.6%
	386,061	Chevron Corp.		37,243,304
	447,909	Exxon Mobil Corp.		37,266,029
	360,936	Schlumberger Ltd.		31,109,074

				105,618,407

		Food & Staples Retailing - 7.3%
	202,359	Costco Wholesale Corp.		27,330,607
	284,871	CVS Health Corp.		29,877,271
	438,897	Wal-Mart Stores, Inc.		31,130,964
	335,119	Walgreens Boots Alliance, Inc.		28,297,448

				116,636,290

		Food, Beverage & Tobacco - 5.9%
	200,347	Anheuser-Busch InBev N.V.		24,109,825
	1,045,519	Coca-Cola Co.		41,015,710
	1,034,614	Diageo plc		29,962,187

				95,087,722

		Health Care Equipment & Services - 7.6%
	468,277	Cardinal Health, Inc.		39,171,371
	490,705	Medtronic plc		36,361,240
	381,876	UnitedHealth Group, Inc.		46,588,872

				122,121,483

		Household & Personal Products - 3.8%
	501,334	Colgate-Palmolive Co.		32,792,257
	367,553	Procter & Gamble Co.		28,757,347

				61,549,604

		Insurance - 6.6%
	420,223	ACE Ltd.		42,728,275
	292,092	Chubb Corp.		27,789,633
	631,038	Marsh & McLennan Cos., Inc.		35,779,854

				106,297,762

		Materials - 4.3%
	248,319	Ecolab, Inc.		28,077,430
	334,526	Praxair, Inc.		39,992,583

				68,070,013

		Media - 1.6%
	221,756	Walt Disney Co.		25,311,230


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 98.7% - (continued)
		Pharmaceuticals, Biotechnology & Life Sciences - 9.9%
	177,687	Amgen, Inc.	$	27,278,509
	410,598	Johnson & Johnson		40,016,881
	680,371	Merck & Co., Inc.		38,733,521
	609,019	Pfizer, Inc.		20,420,407
	110,960	Roche Holding AG		31,112,232

				157,561,550

		Real Estate - 1.4%
	118,728	Public Storage REIT		21,889,881

		Retailing - 5.4%
	9,440,100	Allstar Co.^*(1)(2)		9,912,105
	465,241	Lowe’s Cos., Inc.		31,157,190
	684,573	TJX Cos., Inc.		45,298,195

				86,367,490

		Software & Services - 10.0%
	439,602	Accenture plc Class A		42,544,682
	467,526	Automatic Data Processing, Inc.		37,509,611
	1,052,397	Microsoft Corp.		46,463,327
	840,986	Oracle Corp.		33,891,736

				160,409,356

		Transportation - 6.7%
	624,860	Canadian National Railway Co.		36,050,770
	201,430	Union Pacific Corp.		19,210,379
	530,947	United Parcel Service, Inc. Class B		51,454,074

				106,715,223


		Total Common Stocks (cost $1,250,088,272)	$	1,577,482,209


		Total Long-Term Investments (cost $1,250,088,272)	$	1,577,482,209


SHORT-TERM INVESTMENTS - 1.2%
		Other Investment Pools & Funds - 1.2%
	18,505,124	Fidelity Money Market Class 1	$	18,505,124


		Total Short-Term Investments (cost $18,505,124)	$	18,505,124



Total Investments (cost $1,268,593,396)^	99.9	%	$	1,595,987,333
Other Assets and Liabilities	0.1	%		1,574,522

Total Net Assets	100.0	%	$	1,597,561,855

At June 30, 2015, the aggregate value of these securities were $9,912,105, which represents 0.6% of total net assets.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.

The following is a rollforward of the Fund’s investments that were valued using unobservable inputs (Level 3) for the six-month period ended June 30, 2015:

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at June 30, 2015 was $157,650.


Shares or Principal Amount				Market Value^†
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 32.6%
			Asset-Backed-Automobile - 1.9%
	$	3,800,000	AmeriCredit Automobile Receivables Trust 2.72%, 09/09/2019	$	3,881,822
		188,839	CPS Automotive Trust 5.01%, 06/17/2019⁽¹⁾		192,390
			Credit Acceptance Automotive Loan Trust
		8,005,000	1.88%, 03/15/2022⁽¹⁾		8,031,320
		1,860,000	2.21%, 09/15/2020⁽¹⁾		1,868,221
			First Investors Automotive Owner Trust
		2,665,000	1.49%, 01/15/2020⁽¹⁾		2,668,822
		6,495,000	1.67%, 11/16/2020⁽¹⁾		6,490,116
		1,295,000	1.81%, 10/15/2018⁽¹⁾		1,299,953
		1,750,000	2.39%, 11/16/2020⁽¹⁾		1,751,554
		1,260,000	GM Financial Automobile Leasing Trust 1.96%, 03/20/2018⁽¹⁾		1,267,527
			Santander Drive Automotive Receivables Trust
		4,790,000	1.55%, 10/15/2018		4,814,142
		1,920,000	1.82%, 05/15/2019		1,922,556
		7,530,000	1.83%, 01/15/2020		7,514,292
		1,385,000	2.25%, 06/17/2019		1,401,729
		4,500,000	2.36%, 04/15/2020		4,530,695
		8,275,000	Westlake Automobile Receivables Trust 1.58%, 04/15/2020⁽¹⁾		8,292,328

					55,927,467

			Asset-Backed-Finance & Insurance - 13.6%
		9,180,000	American Money Management Corp 1.73%, 07/27/2026⁽¹⁾⁽²⁾		9,171,738
		2,555,000	Apidos CDO 2.13%, 07/15/2023⁽¹⁾⁽²⁾		2,551,934
		6,015,000	Apidos CLO 1.73%, 01/19/2025⁽¹⁾⁽²⁾		6,009,587
			Ares CLO Ltd.
		8,212,924	1.13%, 04/20/2023⁽¹⁾⁽²⁾		8,190,750
		10,350,000	1.80%, 04/17/2026⁽¹⁾⁽²⁾		10,351,035
			Atlas Senior Loan Fund Ltd.
		7,610,000	1.82%, 10/15/2026⁽¹⁾⁽²⁾		7,606,195
		4,200,000	1.83%, 07/16/2026⁽¹⁾⁽²⁾		4,200,000
		3,535,000	Atrium CDO Corp. 2.03%, 11/16/2022⁽¹⁾⁽²⁾		3,509,195
		790,000	Atrium X 1.40%, 07/16/2025⁽¹⁾⁽²⁾		778,782
		3,980,000	Avalon IV Capital Ltd. 2.12%, 04/17/2023⁽¹⁾⁽²⁾		3,975,224
		10,050,000	Avery Point CLO Ltd. 1.80%, 04/25/2026⁽¹⁾⁽²⁾		10,048,995
		2,330,000	Babson CLO Ltd. 1.77%, 07/20/2025⁽¹⁾⁽²⁾		2,329,301
		1,499,667	Cal Funding II Ltd. 3.47%, 10/25/2027⁽¹⁾		1,502,156
		7,890,000	Carlyle Global Market Strategies 1.74%, 04/27/2027⁽¹⁾⁽²⁾		7,890,789
			Cent CLO Ltd.
		9,345,000	1.76%, 01/25/2026⁽¹⁾⁽²⁾		9,342,196
		8,090,000	1.77%, 04/17/2026⁽¹⁾⁽²⁾		8,112,652
		6,305,000	1.77%, 07/27/2026⁽¹⁾⁽²⁾		6,303,739
		3,115,000	2.33%, 04/17/2026⁽¹⁾⁽²⁾		3,105,344
			CIFC Funding Ltd.
		8,965,000	1.76%, 05/24/2026⁽¹⁾⁽²⁾		8,948,863
		7,240,000	2.38%, 08/14/2024⁽¹⁾⁽²⁾		7,295,024


Shares or Principal Amount				Market Value^†
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 32.6% - (continued)
			Asset-Backed-Finance & Insurance - 13.6% - (continued)
	$	1,985,929	Consumer Credit Origination Loan Trust 2.82%, 03/15/2021⁽¹⁾	$	1,997,674
			Dryden Senior Loan Fund
		10,915,000	1.63%, 04/18/2026⁽¹⁾⁽²⁾		10,877,889
		6,710,000	1.70%, 07/15/2027⁽¹⁾⁽²⁾		6,652,965
		10,870,000	1.76%, 07/15/2026⁽¹⁾⁽²⁾		10,871,087
		1,803,739	Fieldstone Mortgage Investment Corp. 0.46%, 05/25/2036⁽²⁾		1,188,228
		3,267,261	First Franklin Mortgage Loan Trust 0.43%, 04/25/2036⁽²⁾		2,117,652
		2,210,000	Flatiron CLO Ltd. 2.17%, 07/17/2026⁽¹⁾⁽²⁾		2,207,127
		8,670,000	Gramercy Park CLO Ltd. 1.57%, 07/17/2023⁽¹⁾⁽²⁾		8,666,532
		4,581,530	GSAMP Trust 0.28%, 01/25/2037⁽²⁾		2,728,136
			ING Investment Management CLO Ltd.
		4,776,931	1.48%, 03/14/2022⁽¹⁾⁽²⁾		4,774,542
		10,895,000	1.78%, 04/18/2026⁽¹⁾⁽²⁾		10,890,642
		3,335,000	2.14%, 03/14/2022⁽¹⁾⁽²⁾		3,330,665
		1,345,000	LCM Ltd. 2.17%, 04/15/2022⁽¹⁾⁽²⁾		1,343,386
		11,335,000	Limerock CLO 1.78%, 04/18/2026⁽¹⁾⁽²⁾		11,330,466
			Madison Park Funding Ltd.
		6,520,000	1.73%, 01/19/2025⁽¹⁾⁽²⁾		6,504,352
		9,860,000	1.78%, 07/20/2026⁽¹⁾⁽²⁾		9,858,028
			Magnetite CLO Ltd.
		8,310,000	1.70%, 07/25/2026⁽¹⁾⁽²⁾		8,291,718
		6,540,000	1.76%, 04/15/2026⁽¹⁾⁽²⁾		6,540,000
		5,835,000	1.82%, 04/15/2027⁽¹⁾⁽²⁾		5,835,000
		6,695,000	2.23%, 07/25/2026⁽¹⁾⁽²⁾		6,686,297
			Neuberger Berman CLO Ltd.
		8,335,000	1.75%, 04/15/2026⁽¹⁾⁽²⁾		8,331,666
		8,265,000	1.75%, 08/04/2025⁽¹⁾⁽²⁾		8,260,867
		7,885,000	Oaktree EIF II Ltd. 1.91%, 02/15/2026⁽¹⁾⁽²⁾		7,888,154
		6,780,000	OCP CLO Ltd. 1.80%, 04/17/2027⁽¹⁾⁽²⁾		6,777,966
		3,030,000	OHA Credit Partners Ltd. 1.75%, 07/20/2026⁽¹⁾⁽²⁾		3,025,758
		9,445,000	OHA Loan Funding Ltd. 1.77%, 02/15/2027⁽¹⁾⁽²⁾		9,435,555
			OZLM Funding Ltd.
		7,495,000	1.74%, 04/30/2027⁽¹⁾⁽²⁾		7,470,266
		10,530,000	1.82%, 04/17/2026⁽¹⁾⁽²⁾		10,528,947
		9,700,000	Race Point IX CLO Ltd. 1.77%, 04/15/2027⁽¹⁾⁽²⁾		9,747,530
		5,250,000	SBA Tower Trust 2.90%, 10/15/2044⁽¹⁾		5,276,287
		545,196	Securitized Asset Backed Receivables LLC 0.28%, 07/25/2036⁽²⁾		271,136
		7,360,000	Seneca Park CLO Ltd. 1.75%, 07/17/2026⁽¹⁾⁽²⁾		7,368,096
		7,325,000	Shackleton CLO Ltd. 1.75%, 07/17/2026⁽¹⁾⁽²⁾		7,324,267
			Sound Point CLO Ltd.
		6,354,000	1.65%, 01/21/2026⁽¹⁾⁽²⁾		6,318,418
		7,680,000	1.79%, 04/15/2027⁽¹⁾⁽²⁾		7,687,680


Shares or Principal Amount				Market Value^†
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 32.6% - (continued)
			Asset-Backed-Finance & Insurance - 13.6% - (continued)
	$	6,403,951	SpringCastle America Funding LLC 2.70%, 05/25/2023⁽¹⁾	$	6,443,591
		7,805,000	Springleaf Funding Trust 2.41%, 12/15/2022⁽¹⁾		7,814,756
		8,030,000	Symphony CLO L.P. 2.00%, 01/09/2023⁽¹⁾⁽²⁾		7,996,274
		8,660,000	Symphony CLO Ltd. 1.75%, 07/14/2026⁽¹⁾⁽²⁾		8,666,928
		7,955,000	Tremen Park Ltd. 1.76%, 04/20/2027⁽¹⁾⁽²⁾		7,958,977
		7,915,000	Venture CLO Ltd. 1.58%, 11/14/2022⁽¹⁾⁽²⁾		7,911,042
			Voya CLO Ltd.
		2,915,000	1.73%, 07/17/2026⁽¹⁾⁽²⁾		2,913,251
		7,550,000	1.76%, 04/18/2027⁽¹⁾⁽²⁾		7,552,265
		2,670,000	2.38%, 04/18/2027⁽¹⁾⁽²⁾		2,671,602

					409,557,164

			Asset-Backed-Home Equity - 0.7%
			GSAA Home Equity Trust
		13,962,870	0.27%, 02/25/2037⁽²⁾		7,439,208
		7,048,881	0.29%, 03/25/2037⁽²⁾		3,764,469
		5,036,924	0.37%, 11/25/2036⁽²⁾		2,723,933
		1,808,778	0.42%, 04/25/2047⁽²⁾		1,194,721
		169,906	0.43%, 11/25/2036⁽²⁾		103,856
		1,425,695	0.49%, 03/25/2036⁽²⁾		1,013,471
		802,448	5.88%, 09/25/2036		459,538
		727,605	Morgan Stanley Asset-Backed Securities Capital I 0.34%, 06/25/2036⁽²⁾		661,971
		1,815,174	Morgan Stanley Mortgage Loan Trust 0.36%, 11/25/2036⁽²⁾		910,573
		439,539	Renaissance Home Equity Loan Trust 5.91%, 04/25/2037		248,402
			Soundview Home Loan Trust
		3,225,000	0.37%, 07/25/2037⁽²⁾		2,005,989
		1,090,000	0.44%, 11/25/2036⁽²⁾		752,099

					21,278,230

			Collateralized-Mortgage Obligations - 0.0%
		594,085	National Credit Union Administration 1.84%, 10/07/2020		596,201

			Commercial Mortgage-Backed Securities - 12.2%
		3,276,652	Banc of America Commercial Mortgage Trust 5.49%, 02/10/2051		3,459,459
		3,496,181	Banc of America Commercial Mortgage, Inc. 5.33%, 09/10/2047⁽²⁾		3,513,875
			Bear Stearns Commercial Mortgage Securities, Inc.
		1,105,000	5.26%, 10/12/2042⁽²⁾		1,104,632
		2,450,179	5.33%, 02/11/2044		2,577,375
		5,452,832	5.41%, 12/11/2040⁽²⁾		5,484,164
		1,936,484	5.47%, 01/12/2045⁽²⁾		2,042,894
		5,502,129	5.69%, 06/11/2050⁽²⁾		5,865,275
		510,000	5.77%, 04/12/2038⁽²⁾		524,491
			Citigroup Commercial Mortgage Trust
		25,559,804	1.29%, 07/10/2047⁽²⁾⁽³⁾		1,899,732
		27,493,480	1.32%, 04/10/2048⁽²⁾⁽³⁾		2,215,947
		4,135,000	4.02%, 03/10/2047		4,382,666
		1,175,000	4.56%, 03/10/2047⁽¹⁾⁽²⁾		923,027
		445,000	5.06%, 03/10/2047⁽¹⁾⁽²⁾		415,787


Shares or Principal Amount				Market Value^†
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 32.6% - (continued)
			Commercial Mortgage-Backed Securities - 12.2% - (continued)
			Citigroup/Deutsche Bank Commercial Mortgage Trust
	$	9,595,000	5.32%, 12/11/2049	$	9,997,433
		4,789,275	5.48%, 01/15/2046⁽²⁾		4,824,304
		1,100,000	Cobalt CMBS Commercial Mortgage Trust 5.25%, 08/15/2048		1,128,173
		10,757,947	Commercial Mortgage Loan Trust 6.24%, 12/10/2049⁽²⁾		11,395,635
			Commercial Mortgage Pass-Through Certificates
		10,075,721	1.03%, 02/10/2047⁽²⁾⁽³⁾		455,140
		16,370,414	2.40%, 07/10/2046^(1)(2)(3)		848,135
		650,000	2.85%, 10/15/2045		647,311
		4,375,000	3.96%, 03/10/2047		4,619,974
		3,555,000	4.02%, 07/10/2045		3,803,989
		5,200,000	4.05%, 04/10/2047		5,528,962
		1,315,000	4.75%, 10/15/2045⁽¹⁾⁽²⁾		1,028,961
		4,210,298	5.94%, 06/10/2046⁽²⁾		4,309,505
			Commercial Mortgage Trust
		6,780,000	3.42%, 03/10/2031⁽¹⁾		6,858,363
		1,092,379	5.44%, 03/10/2039		1,148,461
		8,355,000	5.74%, 12/10/2049		8,866,944
		337,851	6.01%, 07/10/2038⁽²⁾		345,346
			Community or Commercial Mortgage Trust
		2,400,000	3.69%, 08/10/2047		2,465,285
		3,155,000	4.01%, 04/10/2047		3,344,382
		4,515,000	4.38%, 07/10/2045⁽²⁾		4,908,098
			Credit Suisse Commercial Mortgage Trust
		352,617	5.89%, 06/15/2039⁽²⁾		371,678
		1,975,000	6.17%, 02/15/2041⁽²⁾		2,136,905
		5,892,825	Credit Suisse Mortgage Capital Certificates 5.47%, 09/15/2039		6,087,064
			CS First Boston Mortgage Securities Corp.
		326,900	4.77%, 07/15/2037		326,783
		4,968,476	4.88%, 04/15/2037		4,973,842
		66,127,081	CSAIL Commercial Mortgage Trust 1.06%, 06/15/2057⁽²⁾⁽³⁾		4,106,624
		24,530,030	DBUBS Mortgage Trust 1.53%, 11/10/2046^(1)(2)(3)		455,792
		3,175,000	Four Times Square Trust 5.40%, 12/13/2028⁽¹⁾		3,561,442
			FREMF Mortgage Trust
		4,680,000	3.08%, 10/25/2047⁽¹⁾⁽²⁾		4,713,191
		5,485,000	5.41%, 09/25/2043⁽¹⁾⁽²⁾		6,097,071
		3,720,453	GE Business Loan Trust 1.19%, 05/15/2034⁽¹⁾⁽²⁾		3,070,397
		2,215,877	GE Capital Commercial Mortgage Corp. 5.50%, 11/10/2045⁽²⁾		2,221,006
		1,020,000	GE Commercial Mortgage Corp. Series 5.61%, 12/10/2049⁽²⁾		1,064,199
		2,205,659	GMAC Commercial Mortgage Securities, Inc. 5.24%, 11/10/2045⁽²⁾		2,217,201
			GS Mortgage Securities Trust
		52,837,309	0.34%, 07/10/2046⁽²⁾⁽³⁾		535,876
		10,712,415	1.82%, 08/10/2044^(1)(2)(3)		551,636
		4,340,000	2.95%, 11/05/2034⁽¹⁾		4,280,433
		1,060,000	3.58%, 06/10/2047⁽¹⁾		761,322
		1,580,166	3.67%, 04/10/2047⁽¹⁾		1,110,920
		4,510,000	3.68%, 04/10/2047		4,724,690
		6,235,000	3.86%, 06/10/2047		6,517,782
		4,110,000	4.00%, 04/10/2047		4,347,940
		2,960,000	5.03%, 04/10/2047⁽¹⁾⁽²⁾		2,735,309


Shares or Principal Amount				Market Value^†
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 32.6% - (continued)
			Commercial Mortgage-Backed Securities - 12.2% - (continued)
			Hilton USA Trust
	$	5,985,000	2.66%, 11/05/2030	$	5,947,121
		1,182,558	2.93%, 11/05/2030⁽¹⁾⁽²⁾		1,182,558
			JP Morgan Chase Commercial Mortgage Securities Corp.
		1,675,924	4.57%, 12/15/2047⁽¹⁾⁽²⁾		1,484,981
		3,582,754	5.41%, 12/15/2044⁽²⁾		3,590,797
			JP Morgan Chase Commercial Mortgage Securities Trust
		8,800,578	1.69%, 02/12/2051⁽²⁾		8,669,731
		2,185,000	2.73%, 10/15/2045⁽¹⁾⁽²⁾		1,450,993
		3,544,721	3.91%, 05/05/2030⁽¹⁾		3,677,843
		1,075,000	4.82%, 10/15/2045⁽¹⁾⁽²⁾		1,037,204
		9,240,456	5.34%, 05/15/2047		9,647,673
		5,596,592	5.42%, 01/12/2043⁽²⁾		5,604,769
		1,826,737	5.72%, 02/15/2051		1,949,180
		8,424,819	5.89%, 02/12/2049⁽²⁾		8,939,558
			JPMBB Commercial Mortgage Securities Trust
		8,395,000	0.97%, 05/15/2048⁽²⁾⁽³⁾		452,491
		30,016,421	1.03%, 09/15/2047⁽²⁾⁽³⁾		1,440,698
		3,225,000	3.80%, 09/15/2047		3,342,193
			LB-UBS Commercial Mortgage Trust
		10,566,845	5.86%, 07/15/2040⁽²⁾		11,129,741
		1,396,864	6.32%, 04/15/2041⁽²⁾		1,517,316
		972,833	Lehman Brothers Small Balance Commercial 5.52%, 09/25/2030⁽¹⁾⁽²⁾		973,981
		1,835,059	Merrill Lynch Mortgage Investors Trust 5.14%, 07/12/2038⁽²⁾		1,835,143
			Merrill Lynch/Countrywide Commercial Mortgage Trust
		8,927,636	5.38%, 08/12/2048		9,305,275
		2,285,000	5.42%, 08/12/2048		2,394,237
		4,830,000	5.70%, 09/12/2049		5,145,558
		6,376,693	5.81%, 06/12/2050⁽²⁾		6,791,446
			Morgan Stanley Bank of America Merrill Lynch Trust
		16,330,825	1.32%, 12/15/2047⁽²⁾⁽³⁾		1,157,872
		4,320,000	3.74%, 08/15/2047		4,465,653
		1,530,000	4.06%, 02/15/2047		1,623,220
		1,605,000	4.50%, 08/15/2045⁽¹⁾		1,224,443
			Morgan Stanley Capital I Trust
		80,393,798	1.06%, 09/15/2047^(1)(2)(3)		1,153,169
		4,920,000	3.47%, 08/11/2029⁽¹⁾		5,072,938
		1,460,000	5.36%, 07/15/2049⁽¹⁾⁽²⁾		1,300,133
		972,305	5.36%, 11/14/2042⁽²⁾		972,660
		545,000	5.55%, 10/12/2052⁽¹⁾⁽²⁾		549,811
		375,000	5.55%, 10/12/2052⁽¹⁾⁽²⁾		374,555
		535,000	5.57%, 12/15/2044		567,711
		10,889,000	5.69%, 04/15/2049⁽²⁾		11,515,597
		4,647,588	5.81%, 12/12/2049		4,987,782
		558,312	5.85%, 10/15/2042⁽²⁾		562,305
		1,050,000	6.46%, 01/11/2043⁽¹⁾⁽²⁾		1,088,471
			Morgan Stanley Re-Remic Trust
		4,229,296	5.99%, 08/12/2045⁽¹⁾⁽²⁾		4,478,312
		2,279,621	5.99%, 08/15/2045⁽¹⁾⁽²⁾		2,413,842
			UBS-Barclays Commercial Mortgage Trust
		4,680,000	3.19%, 03/10/2046		4,723,880
		985,000	4.23%, 03/10/2046⁽¹⁾⁽²⁾		804,225


Shares or Principal Amount				Market Value^†
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 32.6% - (continued)
			Commercial Mortgage-Backed Securities - 12.2% - (continued)
			Wachovia Bank Commercial Mortgage Trust
	$	982,951	5.31%, 11/15/2048	$	1,021,829
		2,130,000	5.70%, 03/15/2042⁽¹⁾⁽²⁾		2,125,159
			Wells Fargo Commercial Mortgage Trust
		21,877,920	1.35%, 05/15/2048⁽²⁾⁽³⁾		1,754,478
		6,965,000	2.92%, 10/15/2045		7,006,915
		3,220,000	3.82%, 08/15/2050		3,358,228
		665,000	4.24%, 05/15/2048⁽²⁾		575,450
			WF-RBS Commercial Mortgage Trust
		2,410,233	2.92%, 08/15/2047		2,488,313
		175,000	3.44%, 04/15/2045		182,223
		6,700,000	3.68%, 08/15/2047		6,921,797
		120,000	3.88%, 08/15/2046		127,362
		3,850,000	4.00%, 05/15/2047		4,086,394
		6,150,000	4.05%, 03/15/2047		6,572,019
		3,173,865	4.10%, 03/15/2047		3,404,707
		315,000	4.50%, 03/15/2048⁽¹⁾⁽²⁾		297,055
		550,000	4.90%, 06/15/2044⁽¹⁾⁽²⁾		615,582
		710,000	5.00%, 06/15/2044⁽¹⁾⁽²⁾		663,692
		815,000	5.00%, 04/15/2045⁽¹⁾⁽²⁾		647,114
		1,045,000	5.75%, 04/15/2045⁽¹⁾⁽²⁾		1,075,625

					367,373,836

			Whole Loan Collateral CMO - 4.2%
			Adjustable Rate Mortgage Trust
		1,568,701	0.45%, 01/25/2036⁽²⁾		1,313,361
		1,015,174	0.46%, 11/25/2035⁽²⁾		925,811
		1,403,798	0.69%, 01/25/2036⁽²⁾		1,214,422
			American Home Mortgage Assets Trust
		1,324,935	0.38%, 09/25/2046⁽²⁾		974,526
		2,239,852	1.10%, 10/25/2046⁽²⁾		1,655,244
			Banc of America Funding Corp.
		320,460	0.38%, 10/20/2036⁽²⁾		239,170
		783,431	0.42%, 02/20/2047⁽²⁾		679,640
		6,068,367	0.49%, 05/20/2047⁽²⁾		5,039,548
		7,321,796	5.77%, 05/25/2037⁽²⁾		6,486,269
		334,242	5.85%, 01/25/2037		281,172
			BCAP LLC Trust
		1,283,250	0.36%, 01/25/2037⁽²⁾		1,019,855
		3,337,299	0.37%, 03/25/2037⁽²⁾		2,847,587
		1,124,642	Bear Stearns Adjustable Rate Mortgage Trust 2.41%, 10/25/2035⁽²⁾		1,106,120
			Bear Stearns Alt-A Trust
		671,755	0.57%, 05/25/2036⁽²⁾		542,281
		3,869,939	0.69%, 01/25/2036⁽²⁾		3,182,909
		2,151,909	Bear Stearns Mortgage Funding Trust 0.37%, 10/25/2036⁽²⁾		1,715,610
		693,979	CHL Mortgage Pass-Through Trust 2.48%, 03/20/2036⁽²⁾		606,324
			Connecticut Avenue Securities Series
		610,000	2.79%, 05/25/2024⁽²⁾		556,551
		2,605,000	3.09%, 07/25/2024⁽²⁾		2,410,651
		3,515,000	3.19%, 07/25/2024⁽²⁾		3,263,203
		1,575,000	5.09%, 11/25/2024⁽²⁾		1,624,883
			Countrywide Alternative Loan Trust
		360,254	0.46%, 01/25/2036⁽²⁾		320,464
		3,245,451	0.51%, 11/25/2035⁽²⁾		2,654,234
		2,719,530	5.75%, 05/25/2036		2,404,527


Shares or Principal Amount				Market Value^†
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 32.6% - (continued)
			Whole Loan Collateral CMO - 4.2% - (continued)
			Countrywide Home Loans, Inc.
	$	5,755,476	2.55%, 09/25/2047⁽²⁾	$	5,125,637
		1,029,468	2.72%, 04/20/2036⁽²⁾		740,624
		994,011	4.74%, 11/20/2035⁽²⁾		885,957
		2,951,206	5.75%, 08/25/2037		2,796,040
		4,005,834	CS First Boston Mortgage Securities Corp. 5.50%, 06/25/2035		3,796,530
		2,447,301	Downey S & L Association Mortgage Loan Trust 1.07%, 03/19/2046⁽²⁾		1,840,150
			GMAC Mortgage Corp. Loan Trust
		4,607,281	2.96%, 09/19/2035⁽²⁾		4,300,790
		75,928	3.03%, 04/19/2036⁽²⁾		67,857
		8,072,466	GSR Mortgage Loan Trust 2.70%, 01/25/2036⁽²⁾		7,283,753
			HarborView Mortgage Loan Trust
		3,112,529	0.38%, 01/19/2038⁽²⁾		2,624,584
		9,286,256	0.43%, 12/19/2036⁽²⁾		6,319,075
		1,282,488	0.89%, 01/19/2035⁽²⁾		884,003
			IndyMac Index Mortgage Loan Trust
		4,009,774	0.47%, 07/25/2035⁽²⁾		3,326,693
		649,211	0.48%, 01/25/2036⁽²⁾		445,650
		6,408,028	0.59%, 07/25/2046⁽²⁾		3,579,448
		2,280,532	2.43%, 01/25/2036⁽²⁾		2,105,025
		1,560,633	2.59%, 08/25/2035⁽²⁾		1,248,472
		3,474,098	2.62%, 03/25/2036⁽²⁾		2,724,694
			JP Morgan Mortgage Trust
		660,637	2.57%, 04/25/2037⁽²⁾		591,568
		486,547	2.77%, 05/25/2036⁽²⁾		431,433
		1,131,454	2.77%, 05/25/2036⁽²⁾		1,032,006
		2,690,449	3.07%, 09/25/2035⁽²⁾		2,560,960
		2,464,852	Lehman XS Trust 0.40%, 07/25/2046⁽²⁾		1,955,582
			Luminent Mortgage Trust
		353,453	0.39%, 10/25/2046⁽²⁾		301,903
		1,667,491	0.45%, 11/25/2035⁽²⁾		1,501,595
			Merrill Lynch Mortgage Investors Trust
		138,712	2.52%, 12/25/2035⁽²⁾		130,222
		1,445,407	2.61%, 07/25/2035⁽²⁾		1,170,009
		234,397	Morgan Stanley Mortgage Loan Trust 2.65%, 05/25/2036⁽²⁾		170,507
		126,723	Nomura Asset Acceptance Corp. Alternative Loan Trust 3.59%, 06/25/2036⁽²⁾		97,038
		3,032,703	RBSGC Mortgage Pass-Through Certificates 6.25%, 01/25/2037		2,772,154
			Residential Accredit Loans, Inc.
		413,173	0.41%, 02/25/2046⁽²⁾		192,680
		809,903	0.49%, 04/25/2036⁽²⁾		580,292
		874,095	0.96%, 09/25/2046⁽²⁾		588,688
		8,187,295	1.39%, 11/25/2037⁽²⁾		5,232,730
		1,617,419	6.00%, 12/25/2035		1,444,201
			Residential Asset Securitization Trust
		2,990,622	0.64%, 03/25/2035⁽²⁾		2,421,952
		1,593,438	6.25%, 11/25/2036		1,164,069
		798,763	Sequoia Mortgage Trust 2.53%, 07/20/2037⁽²⁾		679,923
		6,285,000	Springleaf Mortgage Loan Trust 3.52%, 12/25/2065⁽¹⁾⁽²⁾		6,400,455
		1,485,973	Structured Adjustable Rate Mortgage Loan Trust 0.49%, 09/25/2034⁽²⁾		1,309,204


Shares or Principal Amount				Market Value^†
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 32.6% - (continued)
			Whole Loan Collateral CMO - 4.2% - (continued)
			WaMu Mortgage Pass-Through Certificates Trust
	$	1,258,715	0.61%, 06/25/2044⁽²⁾	$	1,165,317
		675,020	2.19%, 11/25/2046⁽²⁾		607,696

					127,661,528


			Total Asset & Commercial Mortgage Backed Securities (cost $974,540,349)	$	982,394,426



CORPORATE BONDS - 32.6%
			Aerospace/Defense - 0.2%
	$	4,965,000	HLM 1.27%, 05/05/2027⁽¹⁾	$	4,944,643
		1,115,000	Triumph Group, Inc. 5.25%, 06/01/2022		1,101,063

					6,045,706

			Agriculture - 0.4%
		903,000	Altria Group, Inc. 10.20%, 02/06/2039		1,486,997
		2,805,000	BAT International Finance plc 2.75%, 06/15/2020⁽¹⁾		2,820,913
		7,315,000	Reynolds American, Inc. 3.25%, 06/12/2020		7,409,378

					11,717,288

			Apparel - 0.1%
		1,770,000	William Carter Co. 5.25%, 08/15/2021		1,814,250

			Auto Manufacturers - 1.5%
		9,000,000	Daimler Finance NA LLC 1.65%, 03/02/2018⁽¹⁾		8,961,381
			Ford Motor Credit Co. LLC
		10,805,000	1.46%, 03/27/2017		10,756,691
		745,000	2.24%, 06/15/2018		745,504
		775,000	4.21%, 04/15/2016		792,620
		2,475,000	4.25%, 02/03/2017		2,572,461
			General Motors Financial Co., Inc.
		3,150,000	2.40%, 04/10/2018		3,157,831
		4,985,000	3.50%, 07/10/2019		5,090,522
		7,560,000	4.75%, 08/15/2017		7,978,174
		4,600,000	Volkswagen Group of America Finance LLC 1.60%, 11/20/2017⁽¹⁾		4,604,273

					44,659,457

			Auto Parts & Equipment - 0.0%
			ZF North America Capital, Inc.
		180,000	4.50%, 04/29/2022⁽¹⁾		176,319
		330,000	4.75%, 04/29/2025⁽¹⁾		319,483

					495,802

			Biotechnology - 0.1%
		4,410,000	Celgene Corp. 4.63%, 05/15/2044		4,208,137

			Chemicals - 0.3%
			CF Industries Holdings, Inc.
		2,700,000	4.95%, 06/01/2043		2,526,322
		5,220,000	5.15%, 03/15/2034		5,155,820
		1,350,000	Dow Chemical Co. 8.55%, 05/15/2019		1,645,965

					9,328,107


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 32.6% - (continued)
			Coal - 0.0%
	$	2,385,000	Peabody Energy Corp. 6.50%, 09/15/2020	$	810,900

			Commercial Banks - 10.0%
		4,000,000	ABN Amro Bank N.V. 2.45%, 06/04/2020⁽¹⁾		3,976,676
			Banco Bilbao Vizcaya Argentaria S.A.
	EUR	6,000,000	7.00%, 02/19/2019^(2)(4)(5)		6,697,459
	$	4,200,000	9.00%, 05/09/2018^(2)(4)(5)		4,515,000
		1,730,000	Banco do Brasil S.A. 6.25%, 04/15/2024^(2)(4)(5)		1,217,488
			Banco Santander S.A.
	EUR	8,700,000	6.25%, 03/12/2019^(2)(4)(5)		9,505,207
		1,000,000	6.25%, 09/11/2021^(2)(4)(5)		1,084,191
			Bank of America Corp.
	$	4,000,000	4.00%, 01/22/2025		3,897,176
		8,235,000	4.20%, 08/26/2024		8,215,170
			Barclays Bank plc
		12,005,000	6.05%, 12/04/2017⁽¹⁾		13,061,908
	EUR	1,010,000	6.50%, 09/15/2019⁽²⁾⁽⁵⁾		1,121,945
		1,420,000	8.00%, 12/15/2020⁽²⁾⁽⁵⁾		1,678,072
	$	3,245,000	8.25%, 12/15/2018⁽²⁾⁽⁵⁾		3,426,590
			BPCE S.A.
		1,500,000	4.00%, 04/15/2024		1,514,310
		3,760,000	5.15%, 07/21/2024⁽¹⁾		3,820,017
		4,430,000	5.70%, 10/22/2023⁽¹⁾		4,669,734
		3,300,000	Capital One Financial Corp. 6.15%, 09/01/2016		3,483,104
		11,400,000	Capital One NA 1.65%, 02/05/2018		11,312,585
		3,063,000	CIT Group, Inc. 5.50%, 02/15/2019⁽¹⁾		3,193,178
			Citigroup, Inc.
		6,525,000	1.85%, 11/24/2017		6,540,921
		2,200,000	2.50%, 09/26/2018		2,224,776
		1,550,000	4.30%, 11/20/2026		1,515,624
		2,450,000	4.40%, 06/10/2025		2,440,869
		1,101,000	6.13%, 08/25/2036		1,257,754
		7,330,000	6.68%, 09/13/2043		8,877,649
		1,349,000	8.50%, 05/22/2019		1,645,371
			Credit Agricole S.A.
		3,385,000	4.38%, 03/17/2025⁽¹⁾		3,242,559
	EUR	2,940,000	6.50%, 06/23/2021^(2)(4)(5)		3,294,046
	$	1,710,000	6.63%, 09/23/2019^(1)(2)(5)		1,668,960
			Credit Suisse Group AG
	EUR	1,650,000	5.75%, 09/18/2025⁽²⁾⁽⁴⁾		2,041,444
	$	2,015,000	6.25%, 12/18/2024^(1)(2)(5)		1,931,881
		1,640,000	7.88%, 02/24/2041⁽²⁾⁽⁴⁾		1,714,705
		5,365,000	Deutsche Bank AG 4.50%, 04/01/2025		5,107,539
		1,644,000	Export-Import Bank of India 2.75%, 08/12/2020⁽⁴⁾		1,607,092
			Goldman Sachs Group, Inc.
		550,000	1.44%, 04/23/2020⁽²⁾		555,371
		2,000,000	2.38%, 01/22/2018		2,030,420
		2,785,000	2.60%, 04/23/2020		2,771,044
		3,490,000	5.15%, 05/22/2045		3,359,160
		4,737,000	6.00%, 06/15/2020		5,413,093
		2,655,000	6.25%, 02/01/2041		3,142,315
		4,400,000	6.45%, 05/01/2036		4,965,008
		5,710,000	6.75%, 10/01/2037		6,697,533


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 32.6% - (continued)
			Commercial Banks - 10.0% - (continued)
			HSBC Holdings plc
	EUR	1,275,000	5.25%, 09/16/2022^(2)(4)(5)	$	1,419,799
	$	1,800,000	5.25%, 03/14/2044		1,867,086
		2,100,000	5.63%, 01/17/2020⁽²⁾⁽⁵⁾		2,102,625
		550,000	6.10%, 01/14/2042		665,713
		1,865,000	6.38%, 09/17/2024⁽²⁾⁽⁵⁾		1,869,663
		1,765,000	6.50%, 09/15/2037		2,129,864
		2,050,000	6.80%, 06/01/2038		2,545,374
			ING Groep N.V.
		1,990,000	6.00%, 04/16/2020⁽²⁾⁽⁵⁾		1,963,881
		1,330,000	6.50%, 04/16/2025⁽²⁾⁽⁵⁾		1,282,619
			JP Morgan Chase & Co.
		1,050,000	2.60%, 01/15/2016		1,058,331
		3,820,000	4.35%, 08/15/2021		4,088,894
		760,000	5.60%, 07/15/2041		861,658
		9,885,000	5.63%, 08/16/2043		10,541,967
		3,500,000	6.00%, 01/15/2018		3,855,236
	EUR	1,290,000	KBC Groep N.V. 5.63%, 03/19/2019^(2)(4)(5)		1,407,595
			Lloyds Banking Group plc
		4,115,000	6.38%, 06/27/2020^(2)(4)(5)		4,725,234
	GBP	2,345,000	7.00%, 06/27/2019^(2)(4)(5)		3,696,202
			Merrill Lynch & Co., Inc.
	$	3,006,000	5.70%, 05/02/2017		3,207,062
		10,420,000	6.05%, 05/16/2016		10,820,086
		4,905,000	7.75%, 05/14/2038		6,530,939
			Morgan Stanley
		6,575,000	3.95%, 04/23/2027		6,199,489
		4,890,000	4.30%, 01/27/2045		4,569,201
		2,915,000	4.35%, 09/08/2026		2,856,350
		1,130,000	4.88%, 11/01/2022		1,201,990
		5,925,000	5.55%, 04/27/2017		6,349,757
		6,000,000	6.25%, 08/28/2017		6,575,772
		1,600,000	7.30%, 05/13/2019		1,882,365
		1,574,000	PNC Bank NA 6.88%, 04/01/2018		1,779,075
			Royal Bank of Scotland Group plc
		3,070,000	5.13%, 05/28/2024		3,066,264
		1,815,000	6.13%, 12/15/2022		1,954,359
			Societe Generale S.A.
	EUR	3,105,000	6.75%, 04/07/2021^(2)(4)(5)		3,448,627
	$	7,610,000	8.25%, 11/29/2018^(2)(4)(5)		7,979,466
		4,100,000	Standard Chartered plc 6.50%, 04/02/2020^(1)(2)(5)		4,135,371
		345,000	Sumitomo Mitsui Financial Group, Inc. 4.44%, 04/02/2024⁽¹⁾		352,368
		5,195,000	SunTrust Banks, Inc. 3.50%, 01/20/2017		5,349,785
		1,600,000	UBS AG 7.63%, 08/17/2022		1,875,198
		1,500,000	UniCredit S.p.A. 8.00%, 06/03/2024^(2)(4)(5)		1,470,000
			Wells Fargo & Co.
		2,230,000	3.00%, 02/19/2025		2,135,758
		4,455,000	4.10%, 06/03/2026		4,473,778
		170,000	4.65%, 11/04/2044		162,943
		74,000	5.38%, 11/02/2043		79,011
		5,350,000	5.61%, 01/15/2044		5,875,852

					300,847,551


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 32.6% - (continued)
			Commercial Services - 0.2%
	$	2,045,000	ADT Corp. 6.25%, 10/15/2021	$	2,147,250
		1,430,000	Cardtronics, Inc. 5.13%, 08/01/2022⁽¹⁾		1,397,825
		2,390,000	Sotheby’s 5.25%, 10/01/2022⁽¹⁾		2,342,200
			United Rentals North America, Inc.
		470,000	4.63%, 07/15/2023		460,882
		600,000	5.50%, 07/15/2025		579,750

					6,927,907

			Construction Materials - 0.2%
			Building Materials Corp. of America
		1,130,000	5.38%, 11/15/2024⁽¹⁾		1,109,490
		219,000	6.75%, 05/01/2021⁽¹⁾		228,308
	EUR	730,000	Cemex S.A.B. de C.V. 4.38%, 03/05/2023⁽¹⁾		782,304
	$	3,000,000	CRH America, Inc. 5.13%, 05/18/2045⁽¹⁾		2,966,595
		1,015,000	Norbord, Inc. 6.25%, 04/15/2023⁽¹⁾		1,027,687
		35,000	USG Corp. 5.50%, 03/01/2025⁽¹⁾		34,869
		550,000	West China Cement Ltd. 6.50%, 09/11/2019⁽⁴⁾		553,803

					6,703,056

			Diversified Financial Services - 0.8%
		255,000	Aircastle Ltd. 5.50%, 02/15/2022		260,261
		1,200,000	American Express Co. 3.63%, 12/05/2024		1,167,578
		3,992,000	Bear Stearns & Co., Inc. 5.55%, 01/22/2017		4,234,534
			General Electric Capital Corp.
		1,050,000	5.30%, 02/11/2021		1,180,654
		535,000	5.88%, 01/14/2038		639,876
		3,900,000	6.25%, 12/15/2022⁽²⁾⁽⁵⁾		4,265,625
		1,355,000	6.88%, 01/10/2039		1,819,323
		1,675,000	Intercorp Peru Ltd. 5.88%, 02/12/2025⁽¹⁾		1,680,695
			International Lease Finance Corp.
		3,920,000	5.88%, 04/01/2019		4,179,504
		2,500,000	6.75%, 09/01/2016⁽¹⁾		2,629,687
			Navient Corp.
		1,590,000	5.50%, 01/15/2019		1,621,196
		1,005,000	7.25%, 01/25/2022		1,060,275

					24,739,208

			Electric - 0.5%
		460,000	AES Corp. 5.50%, 03/15/2024		442,750
		2,190,000	DPL, Inc. 7.25%, 10/15/2021		2,310,450
		2,660,000	Duke Energy Carolinas LLC 4.25%, 12/15/2041		2,616,988
		3,465,000	Duke Energy Progress, Inc. 4.38%, 03/30/2044		3,485,326
		585,000	Empresa Electrica Angamos S.A. 4.88%, 05/25/2029⁽¹⁾		575,318
		1,245,000	Eskom Holdings Ltd. 5.75%, 01/26/2021⁽¹⁾		1,220,100


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 32.6% - (continued)
			Electric - 0.5% - (continued)
	$	3,070,000	Exelon Corp. 2.85%, 06/15/2020	$	3,087,815
		1,100,000	Pacific Gas & Electric Co. 8.25%, 10/15/2018		1,318,801

					15,057,548

			Electrical Components & Equipment - 0.0%
		945,000	EnerSys 5.00%, 04/30/2023⁽¹⁾		934,662

			Engineering & Construction - 0.4%
			SBA Tower Trust
		5,620,000	2.93%, 12/15/2042⁽¹⁾		5,702,968
		7,645,000	3.60%, 04/15/2043⁽¹⁾		7,620,926

					13,323,894

			Environmental Control - 0.1%
			Clean Harbors, Inc.
		345,000	5.13%, 06/01/2021		341,550
		1,385,000	5.25%, 08/01/2020		1,405,775

					1,747,325

			Food - 0.7%
			HJ Heinz Co.
		12,375,000	2.00%, 07/02/2018⁽¹⁾⁽⁶⁾		12,371,089
		3,360,000	2.80%, 07/02/2020⁽¹⁾⁽⁶⁾		3,362,614
		3,825,000	Marfrig Holding Europe B.V. 6.88%, 06/24/2019⁽⁴⁾		3,643,313
			Minerva Luxembourg S.A.
		1,645,000	7.75%, 01/31/2023⁽¹⁾		1,657,338
		885,000	8.75%, 04/03/2019^(2)(4)(5)		885,000

					21,919,354

			Forest Products & Paper - 0.1%
			Cascades, Inc.
		335,000	5.50%, 07/15/2022⁽¹⁾		324,113
		560,000	5.75%, 07/15/2023⁽¹⁾		541,800
		1,415,000	Clearwater Paper Corp. 5.38%, 02/01/2025⁽¹⁾		1,386,700

					2,252,613

			Gas - 0.0%
		160,000	Southern Star Central Corp. 5.13%, 07/15/2022⁽¹⁾		162,400

			Healthcare-Products - 0.7%
		280,000	Hologic, Inc. 5.25%, 07/15/2022⁽¹⁾⁽⁶⁾		285,950
			Medtronic, Inc.
		5,395,000	2.50%, 03/15/2020⁽¹⁾		5,404,010
		2,205,000	3.15%, 03/15/2022⁽¹⁾		2,214,878
		3,500,000	4.38%, 03/15/2035⁽¹⁾		3,473,138
		2,350,000	4.63%, 03/15/2045⁽¹⁾		2,379,020
		6,290,000	Zimmer Holdings, Inc. 1.45%, 04/01/2017		6,292,126

					20,049,122

			Healthcare-Services - 0.9%
			Anthem, Inc.
		6,600,000	3.50%, 08/15/2024		6,339,485
		2,450,000	4.63%, 05/15/2042		2,239,442
		805,000	Community Health Systems, Inc. 5.13%, 08/01/2021		820,094


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 32.6% - (continued)
			Healthcare-Services - 0.9% - (continued)
	$	3,660,000	HCA, Inc. 6.50%, 02/15/2020	$	4,090,050
		1,905,000	Laboratory Corp. of America Holdings 3.20%, 02/01/2022		1,878,128
		4,545,000	Roche Holdings, Inc. 3.35%, 09/30/2024⁽¹⁾		4,588,450
		3,695,000	Tenet Healthcare Corp. 6.00%, 10/01/2020		3,939,794
		3,775,000	UnitedHealth Group, Inc. 1.40%, 10/15/2017		3,779,216
		825,000	Wellcare Health Plans, Inc. 5.75%, 11/15/2020		858,000

					28,532,659

			Holding Companies-Diversified - 0.3%
	EUR	2,670,000	Hutchison Whampoa Europe Finance Ltd. 3.75%, 05/10/2018^(2)(4)(5)		3,021,298
			Hutchison Whampoa International Ltd.
	$	525,000	1.63%, 10/31/2017⁽¹⁾		523,425
		7,000,000	2.00%, 11/08/2017⁽¹⁾		7,036,050

					10,580,773

			Home Builders - 0.1%
		920,000	Agile Property Holdings Ltd. 8.88%, 04/28/2017⁽⁴⁾		929,200
		1,805,000	Lennar Corp. 4.50%, 06/15/2019		1,841,100
		1,050,000	Meritage Homes Corp. 6.00%, 06/01/2025⁽¹⁾		1,055,250

					3,825,550

			Insurance - 0.6%
		480,000	American International Group, Inc. 4.50%, 07/16/2044		456,597
			CNO Financial Group, Inc.
		55,000	4.50%, 05/30/2020		55,825
		240,000	5.25%, 05/30/2025		243,888
			Marsh & McLennan Cos., Inc.
		1,140,000	2.55%, 10/15/2018		1,160,492
		2,360,000	3.50%, 03/10/2025		2,330,991
		2,818,000	Massachusetts Mutual Life Insurance Co. 8.88%, 06/01/2039⁽¹⁾		4,223,720
		5,420,000	Nationwide Mutual Insurance Co. 9.38%, 08/15/2039⁽¹⁾		8,112,239
		325,000	Pacific Life Insurance Co. 9.25%, 06/15/2039⁽¹⁾		485,341

					17,069,093

			Internet - 0.0%
		200,000	Alibaba Group Holding Ltd. 3.60%, 11/28/2024⁽⁴⁾		192,845

			Iron/Steel - 0.2%
		320,000	ArcelorMittal 6.13%, 06/01/2025		319,000
		3,480,000	Glencore Funding LLC 1.70%, 05/27/2016⁽¹⁾		3,483,912
			Steel Dynamics, Inc.
		240,000	5.13%, 10/01/2021		240,480
		255,000	5.50%, 10/01/2024		255,000
		1,265,000	United States Steel Corp. 7.38%, 04/01/2020		1,321,925

					5,620,317


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 32.6% - (continued)
			IT Services - 0.2%
	$	6,525,000	Apple, Inc. 3.45%, 02/09/2045	$	5,530,094

			Machinery-Construction & Mining - 0.0%
		525,000	Oshkosh Corp. 5.38%, 03/01/2025		525,000

			Machinery-Diversified - 0.0%
		1,301,000	Case New Holland Industrial, Inc. 7.88%, 12/01/2017		1,424,595

			Media - 2.2%
			21st Century Fox America, Inc.
		3,500,000	6.15%, 03/01/2037		4,047,029
		1,675,000	6.20%, 12/15/2034		1,943,995
		1,955,000	8.00%, 10/17/2016		2,121,898
			CCO Holdings LLC
		80,000	5.13%, 02/15/2023		78,000
		65,000	5.25%, 09/30/2022		64,025
		385,000	5.75%, 09/01/2023		385,722
			Comcast Corp.
		7,960,000	3.38%, 08/15/2025		7,854,984
		3,295,000	4.75%, 03/01/2044		3,344,899
		425,000	5.70%, 07/01/2019		483,269
			Cox Communications, Inc.
		20,000	2.95%, 06/30/2023⁽¹⁾		18,433
		2,905,000	3.85%, 02/01/2025⁽¹⁾		2,791,847
		2,700,000	DIRECTV Holdings LLC 5.00%, 03/01/2021		2,923,725
			DISH DBS Corp.
		860,000	5.88%, 11/15/2024		826,138
		1,785,000	7.88%, 09/01/2019		1,979,565
			Gannett Co., Inc.
		4,005,000	5.13%, 10/15/2019		4,125,150
		565,000	5.13%, 07/15/2020		579,125
		1,720,000	Liberty Interactive LLC 8.25%, 02/01/2030		1,806,000
		1,715,000	NBC Universal Media LLC 5.95%, 04/01/2041		2,009,203
		645,000	Numericable-SFR SAS 4.88%, 05/15/2019⁽¹⁾		638,550
			Sky plc
		1,395,000	2.63%, 09/16/2019⁽¹⁾		1,385,556
		3,130,000	3.13%, 11/26/2022⁽¹⁾		3,045,831
			Time Warner Cable, Inc.
		2,110,000	4.50%, 09/15/2042		1,721,131
		225,000	6.75%, 06/15/2039		240,221
		325,000	7.30%, 07/01/2038		366,180
		1,350,000	8.75%, 02/14/2019		1,603,330
			Time Warner Entertainment Co., L.P.
		80,000	8.38%, 03/15/2023		99,450
		8,175,000	8.38%, 07/15/2033		10,034,159
			Time Warner, Inc.
		2,475,000	3.60%, 07/15/2025		2,407,385
		2,725,000	6.10%, 07/15/2040		3,064,658
		1,900,000	6.50%, 11/15/2036		2,231,582
		650,000	Unitymedia Hessen GmbH & Co. 5.50%, 01/15/2023⁽¹⁾		662,594

					64,883,634

			Mining - 0.3%
		800,000	Arcelormittal 5.13%, 06/01/2020		811,000
		1,380,000	FMG Resources August 2006 Pty Ltd. 6.88%, 04/01/2022⁽¹⁾		967,725


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 32.6% - (continued)
			Mining - 0.3% - (continued)
			Freeport-McMoRan, Inc.
	$	3,220,000	4.00%, 11/14/2021	$	3,161,959
		85,000	5.40%, 11/14/2034		73,325
		575,000	5.45%, 03/15/2043		480,043
			Southern Copper Corp.
		1,175,000	5.25%, 11/08/2042		1,019,712
		2,065,000	5.88%, 04/23/2045		1,964,228

					8,477,992

			Oil & Gas - 2.6%
		2,590,000	Anadarko Petroleum Corp. 6.38%, 09/15/2017		2,842,276
		435,000	Antero Resources Corp. 5.63%, 06/01/2023⁽¹⁾		420,319
		2,340,000	BP Capital Markets plc 2.52%, 01/15/2020		2,356,408
		2,515,000	Cenovus Energy, Inc. 5.20%, 09/15/2043		2,375,246
		6,110,000	CNPC General Capital 1.45%, 04/16/2016⁽¹⁾		6,119,165
			ConocoPhillips Co.
		3,520,000	1.50%, 05/15/2018		3,517,441
		3,295,000	3.35%, 11/15/2024		3,260,561
		1,075,000	3.35%, 05/15/2025		1,063,264
		1,465,000	Continental Resources, Inc. 5.00%, 09/15/2022		1,436,624
		3,225,000	Ecopetrol S.A. 5.88%, 05/28/2045		2,846,062
		4,850,000	EnCana Corp. 6.50%, 05/15/2019		5,506,200
		1,695,000	Harvest Operations Corp. 6.88%, 10/01/2017		1,563,637
		1,145,000	Hess Corp. 5.60%, 02/15/2041		1,172,740
		3,550,000	Kerr-McGee Corp. 6.95%, 07/01/2024		4,279,923
		5,225,000	Lukoil International Finance B.V. 3.42%, 04/24/2018⁽¹⁾		5,010,775
		3,070,000	Marathon Oil Corp. 2.70%, 06/01/2020		3,045,345
			Nexen Energy ULC
		385,000	5.88%, 03/10/2035		425,393
		2,050,000	6.40%, 05/15/2037		2,456,251
		4,105,000	Pemex Project Funding Master Trust 6.63%, 06/15/2035		4,382,087
			Petrobras Global Finance B.V.
	GBP	1,735,000	5.38%, 10/01/2029		2,206,193
	$	3,230,000	6.75%, 01/27/2041		2,828,608
			Petroleos Mexicanos
		445,000	3.50%, 07/23/2020⁽¹⁾		449,886
	MXN	70,000,000	7.47%, 11/12/2026		4,221,155
			Pioneer Natural Resources Co.
	$	660,000	6.65%, 03/15/2017		713,742
		2,090,000	7.50%, 01/15/2020		2,459,073
			QEP Resources, Inc.
		10,000	5.25%, 05/01/2023		9,575
		45,000	5.38%, 10/01/2022		43,457
		55,000	6.80%, 03/01/2020		56,719
		255,000	SM Energy Co. 6.13%, 11/15/2022⁽¹⁾		262,063


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 32.6% - (continued)
			Oil & Gas - 2.6% - (continued)
			Statoil ASA
	$	550,000	3.70%, 03/01/2024	$	568,459
		3,400,000	3.95%, 05/15/2043		3,158,964
		250,000	Tesoro Corp. 5.13%, 04/01/2024		251,250
		3,691,000	Valero Energy Corp. 9.38%, 03/15/2019		4,542,462
		190,000	WPX Energy, Inc. 5.25%, 09/15/2024		175,038
		1,365,000	Zhaikmunai LLP 7.13%, 11/13/2019⁽⁴⁾		1,291,631

					77,317,992

			Oil & Gas Services - 0.1%
			Plains Exploration & Production Co.
		1,150,000	6.63%, 05/01/2021		1,208,075
		712,000	6.88%, 02/15/2023		763,620

					1,971,695

			Packaging & Containers - 0.0%
		1,020,000	Graphic Packaging International, Inc. 4.88%, 11/15/2022		1,025,100

			Pharmaceuticals - 2.0%
			AbbVie, Inc.
		5,275,000	1.80%, 05/14/2018		5,259,497
		1,755,000	2.50%, 05/14/2020		1,736,996
		2,855,000	4.50%, 05/14/2035		2,793,055
			Actavis Funding SCS
		11,650,000	2.35%, 03/12/2018		11,711,500
		7,870,000	3.00%, 03/12/2020		7,887,849
		6,630,000	3.80%, 03/15/2025		6,512,795
		230,000	4.75%, 03/15/2045		218,972
		4,570,000	Bayer US Finance LLC 3.00%, 10/08/2021⁽¹⁾		4,603,251
			Cardinal Health, Inc.
		1,350,000	1.95%, 06/15/2018		1,352,271
		5,900,000	3.50%, 11/15/2024		5,801,924
		3,825,000	EMD Finance LLC 2.95%, 03/19/2022⁽¹⁾		3,743,857
		6,190,000	Merck & Co., Inc. 0.65%, 02/10/2020⁽²⁾		6,157,595
		2,120,000	Perrigo Co. Ltd. 1.30%, 11/08/2016		2,111,026
		395,000	Quintiles Transnational Corp. 4.88%, 05/15/2023⁽¹⁾		396,975

					60,287,563

			Pipelines - 1.3%
		430,000	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp. 6.25%, 04/01/2023⁽¹⁾		447,200
			DCP Midstream LLC
		120,000	5.35%, 03/15/2020⁽¹⁾		123,358
		145,000	9.75%, 03/15/2019⁽¹⁾		168,261
			DCP Midstream Operating L.P.
		226,000	4.95%, 04/01/2022		222,877
		215,000	5.60%, 04/01/2044		191,758
			Energy Transfer Equity L.P.
		9,305,000	5.95%, 10/01/2043		9,119,049
		3,137,000	7.50%, 10/15/2020		3,536,967


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 32.6% - (continued)
			Pipelines - 1.3% - (continued)
	$	1,600,000	Energy Transfer Partners L.P. 4.15%, 10/01/2020	$	1,644,416
		3,510,000	Kinder Morgan Energy Partners L.P. 5.50%, 03/01/2044		3,249,158
			Kinder Morgan, Inc.
		1,240,000	3.05%, 12/01/2019		1,238,627
		3,500,000	5.05%, 02/15/2046		3,034,895
			MarkWest Energy Partners L.P.
		480,000	4.88%, 12/01/2024		469,200
		495,000	4.88%, 06/01/2025		483,863
		2,555,000	Sunoco Logistics Partners Operations L.P. 4.25%, 04/01/2024		2,481,000
			Tesoro Logistics L.P.
		605,000	5.50%, 10/15/2019⁽¹⁾		627,687
		905,000	6.25%, 10/15/2022⁽¹⁾		936,675
			Williams Partners L.P.
		7,150,000	3.60%, 03/15/2022		6,942,271
		3,685,000	4.30%, 03/04/2024		3,624,264

					38,541,526

			Real Estate-0.2%
		7,435,000	ProLogis L.P. 3.35%, 02/01/2021		7,594,681

			Real Estate Investment Trusts - 1.4%
			American Tower Corp.
		3,765,000	3.40%, 02/15/2019		3,852,792
		2,135,000	4.50%, 01/15/2018		2,259,227
		4,700,000	Brandywine Operating Partnership L.P. 3.95%, 02/15/2023		4,662,875
			Duke Realty L.P.
		3,100,000	3.63%, 04/15/2023		3,064,372
		1,480,000	3.75%, 12/01/2024		1,470,515
			HCP, Inc.
		3,500,000	4.00%, 06/01/2025		3,426,510
		2,810,000	4.25%, 11/15/2023		2,832,738
		5,400,000	Health Care REIT, Inc. 4.50%, 01/15/2024		5,606,674
		5,075,000	Kimco Realty Corp. 3.13%, 06/01/2023		4,859,186
			Liberty Property L.P.
		2,165,000	3.38%, 06/15/2023		2,091,373
		1,430,000	4.13%, 06/15/2022		1,456,019
		2,766,000	Realty Income Corp. 3.25%, 10/15/2022		2,685,169
		1,395,000	UDR, Inc. 3.70%, 10/01/2020		1,447,029
		1,275,000	Ventas Realty L.P. 3.25%, 08/15/2022		1,231,409

					40,945,888

			Retail - 0.3%
		1,710,989	CVS Health Corp. 8.35%, 07/10/2031⁽¹⁾		2,270,110
		550,000	Family Tree Escrow LLC 5.75%, 03/01/2023⁽¹⁾		574,750
		600,000	Group 1 Automotive, Inc. 5.00%, 06/01/2022		597,000
			Home Depot, Inc.
		2,550,000	2.63%, 06/01/2022		2,507,958
		265,000	4.20%, 04/01/2043		254,759
		2,750,000	4.25%, 04/01/2046		2,670,335

					8,874,912


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 32.6% - (continued)
			Savings & Loans - 0.3%
			Nationwide Building Society
	$	1,025,000	2.35%, 01/21/2020⁽¹⁾	$	1,021,412
	GBP	4,535,000	6.88%, 06/20/2019^(2)(4)(5)		7,036,548

					8,057,960

			Semiconductors - 0.3%
			NXP B.V. / NXP Funding LLC
	$	420,000	4.13%, 06/15/2020⁽¹⁾		423,150
		500,000	4.63%, 06/15/2022⁽¹⁾		493,125
		4,700,000	QUALCOMM, Inc. 3.45%, 05/20/2025		4,580,066
		525,000	Sensata Technologies B.V. 5.00%, 10/01/2025⁽¹⁾		511,219
		3,761,000	TSMC Global Ltd. 1.63%, 04/03/2018⁽¹⁾		3,717,970

					9,725,530

			Software - 0.5%
		3,915,000	Activision Blizzard, Inc. 5.63%, 09/15/2021⁽¹⁾		4,100,962
		1,850,000	Audatex North America, Inc. 6.00%, 06/15/2021⁽¹⁾		1,900,875
		162,000	First Data Corp. 6.75%, 11/01/2020⁽¹⁾		171,215
		340,000	MSCI, Inc. 5.25%, 11/15/2024⁽¹⁾		344,250
		350,000	Open Text Corp. 5.63%, 01/15/2023⁽¹⁾		346,500
		8,200,000	Oracle Corp. 2.50%, 05/15/2022		7,962,266

					14,826,068

			Telecommunications - 1.9%
		345,000	Altice Financing S.A. 6.63%, 02/15/2023⁽¹⁾		342,516
	MXN	47,000,000	America Movil S.A.B. de C.V. 7.13%, 12/09/2024		2,899,990
			AT&T, Inc.
	$	2,000,000	3.00%, 06/30/2022		1,931,128
		1,245,000	4.50%, 05/15/2035		1,144,512
		3,095,000	4.75%, 05/15/2046		2,816,370
		205,000	5.80%, 02/15/2019		229,200
		1,545,000	Bharti Airtel Ltd. 4.38%, 06/10/2025⁽¹⁾		1,522,157
		610,000	CommScope, Inc. 4.38%, 06/15/2020⁽¹⁾		616,100
		3,005,000	Digicel Group Ltd. 7.13%, 04/01/2022⁽⁴⁾		2,853,849
		7,400,000	GTP Acquisition Partners I LLC 3.48%, 06/16/2025⁽¹⁾		7,295,290
		890,000	Inmarsat Finance plc 4.88%, 05/15/2022⁽¹⁾		858,850
			Sprint Communications, Inc.
		2,370,000	7.00%, 03/01/2020⁽¹⁾		2,577,849
		1,766,000	9.00%, 11/15/2018⁽¹⁾		1,994,273
			T-Mobile USA, Inc.
		1,995,000	6.46%, 04/28/2019		2,054,850
		860,000	6.63%, 04/28/2021		892,250
			Verizon Communications, Inc.
		1,631,000	2.63%, 02/21/2020		1,627,334
		6,623,000	4.27%, 01/15/2036⁽¹⁾		5,974,403
		3,185,000	4.40%, 11/01/2034		2,948,542


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 32.6% - (continued)
			Telecommunications - 1.9% - (continued)
	$	6,501,000	4.52%, 09/15/2048⁽¹⁾	$	5,711,239
		8,814,000	4.67%, 03/15/2055⁽¹⁾		7,667,775
		1,723,000	5.01%, 08/21/2054		1,581,002
		1,240,000	Wind Acquisition Finance S.A. 4.75%, 07/15/2020⁽¹⁾		1,221,400

					56,760,879

			Transportation - 0.6%
		1,180,000	Canadian Pacific Railway Co. 9.45%, 08/01/2021		1,581,034
		6,525,000	Kansas City Southern de Mexico S.A. de C.V. 3.00%, 05/15/2023		6,266,949
			Penske Truck Leasing Co.
		970,000	2.50%, 06/15/2019⁽¹⁾		960,745
		6,150,000	2.88%, 07/17/2018⁽¹⁾		6,264,519
		1,490,000	4.88%, 07/11/2022⁽¹⁾		1,574,507
		1,860,000	Ryder System, Inc. 2.55%, 06/01/2019		1,863,250

					18,511,004


			Total Corporate Bonds (cost $998,269,498)	$	984,847,637



FOREIGN GOVERNMENT OBLIGATIONS - 4.3%
			Argentina - 0.0%
	$	1,365,045	Provinca de Buenos Aires 9.95%, 06/09/2021	$	1,334,331

			Brazil - 0.9%
	BRL	7,544,000	Brazil Letras do Tesouro Nacional 13.22%, 01/01/2016		2,266,226
		49,334,338	Brazil Notas do Tesouro Nacional Series B 6.00%, 08/15/2016⁽⁷⁾		15,663,561
			Brazilian Government International Bond
	$	5,525,000	4.88%, 01/22/2021		5,773,625
		4,875,000	5.63%, 01/07/2041		4,655,625

					28,359,037

			Chile - 0.0%
	CLP	337,269,960	Bonos de la Tesoreria de la Republica 3.00%, 01/01/2040⁽⁷⁾		625,501

			Colombia - 0.2%
			Colombian TES
	COP	7,372,719,120	3.00%, 03/25/2033⁽⁷⁾		2,429,955
		5,379,304,898	3.50%, 03/10/2021⁽⁷⁾		2,045,770

					4,475,725

			Costa Rica - 0.1%
	CRC	860,100,000	Costa Rica Government International Bond 9.20%, 03/27/2019⁽¹⁾		1,645,398

			Dominican Republic - 0.1%
	$	2,990,000	Dominican Republic International Bond 5.50%, 01/27/2025⁽¹⁾		2,997,475

			Indonesia - 0.3%
			Indonesia Treasury Bond
	IDR$	40,928,000,000	7.88%, 04/15/2019		3,042,962
		68,786,000,000	8.38%, 03/15/2024		5,161,388

					8,204,350


Shares or Principal Amount				Market Value^†
FOREIGN GOVERNMENT OBLIGATIONS - 4.3% - (continued)
			Mexico - 1.1%
			Bonos de Desarrollo del Gobierno Federal
	MXN	184,118,900	3.00%, 05/28/2020⁽²⁾	$	11,618,204
		107,230,000	3.04%, 12/29/2016⁽²⁾		6,812,439
		64,660,509	Mexican Udibonos 4.00%, 11/15/2040⁽⁷⁾		4,421,647
			Mexico Government International Bond
	EUR	1,845,000	3.00%, 03/06/2045		1,787,650
	$	3,100,000	4.60%, 01/23/2046		2,867,500
		1,684,000	4.75%, 03/08/2044		1,599,800
	GBP	1,835,000	5.63%, 03/19/2114		2,765,031

					31,872,271

			Montenegro - 0.1%
	EUR	3,635,000	Montenegro Government International Bond 3.88%, 03/18/2020⁽¹⁾		3,738,711

			Nigeria - 0.1%
	NGN	459,230,000	Nigeria Government Bond 12.15%, 07/18/2034		1,905,903

			Poland - 0.1%
	PLN	17,495,000	Poland Government Bond 0.01%, 07/25/2017		4,469,577

			Romania - 0.1%
	RON	7,390,000	Romania Government Bond 5.85%, 04/26/2023		2,059,258

			Russia - 0.1%
	RUB	144,670,000	Russian Federal Bond - OFZ 7.50%, 02/27/2019		2,358,080

			South Africa - 0.5%
			South Africa Government Bond
	ZAR	66,230,000	7.75%, 02/28/2023		5,321,917
		40,050,000	8.00%, 01/31/2030		3,106,140
		90,420,000	8.50%, 01/31/2037		7,131,742

					15,559,799

			Turkey - 0.3%
			Turkey Government Bond
	TRY	11,987,207	2.50%, 05/04/2016⁽⁷⁾		4,434,654
		7,451,000	9.00%, 01/27/2016		2,766,219
	$	3,235,000	Turkey Government International Bond 4.88%, 04/16/2043		2,943,721

					10,144,594

			Uruguay - 0.3%
			Uruguay Government International Bond
	UYU	94,378,051	3.70%, 06/26/2037⁽⁷⁾		2,946,046
		153,394,281	4.25%, 04/05/2027⁽⁷⁾		5,411,582
		33,963,243	4.38%, 12/15/2028⁽⁷⁾		1,206,969

					9,564,597


			Total Foreign Government Obligations (cost $137,289,222)	$	129,314,607



MUNICIPAL BONDS - 1.1%
			Development - 0.0%
			State of California
	$	790,000	7.60%, 11/01/2040	$	1,154,332
		175,000	7.63%, 03/01/2040		256,310

					1,410,642


Shares or Principal Amount				Market Value^†
MUNICIPAL BONDS - 1.1% - (continued)
			General - 0.4%
	$	4,500,000	Chicago Transit Auth. 6.90%, 12/01/2040	$	5,183,444
		275,000	Industry, CA, Urban Development Agency 6.10%, 05/01/2024		278,163
			Puerto Rico Commonwealth Gov’t Employees Retirement System
		3,325,000	6.15%, 07/01/2038		1,305,295
		1,575,000	6.20%, 07/01/2039		618,282
		7,965,000	6.30%, 07/01/2043		3,126,581
		1,995,000	6.55%, 07/01/2058		783,057

					11,294,822

			General Obligation - 0.4%
		6,650,000	California State GO, Taxable 7.55%, 04/01/2039		9,613,040
		2,300,000	Illinois State, GO 5.10%, 06/01/2033		2,143,485

					11,756,525

			Higher Education - 0.2%
		5,580,000	University of California 4.60%, 05/15/2031		5,906,542

			Utility - Electric - 0.1%
		1,485,000	Municipal Elec Auth Georgia 6.64%, 04/01/2057		1,799,360


			Total Municipal Bonds (cost $34,136,761)	$	32,167,891



SENIOR FLOATING RATE INTERESTS - 5.8%⁽⁸⁾
			Aerospace/Defense - 0.1%
	$	1,865,625	BE Aerospace, Inc. 4.00%, 12/16/2021	$	1,873,199
		791,775	DigitalGlobe, Inc. 3.75%, 01/31/2020		791,031
		997,620	Transdigm, Inc. 3.50%, 05/14/2022		983,484

					3,647,714

			Agriculture - 0.0%
		875,351	Pinnacle Operating Corp. 4.75%, 11/15/2018		874,809

			Airlines - 0.0%
		945,750	Delta Air Lines, Inc. 3.25%, 10/18/2018		942,799

			Auto Manufacturers - 0.1%
			Chrysler Group LLC
		1,523,213	3.25%, 12/31/2018		1,517,927
		2,648,431	3.50%, 05/24/2017		2,641,519

					4,159,446

			Auto Parts & Equipment - 0.1%
		535,867	Affinia Group Intermediate Holdings, Inc. 4.75%, 04/27/2020		535,867
		772,200	CS Intermediate Holdco 2 LLC 4.00%, 04/04/2021		770,076
		558,297	MPG Holdco I Inc. 3.75%, 10/20/2021		556,461
		1,636,038	Tower Automotive Holdings USA LLC 4.00%, 04/23/2020		1,631,948

					3,494,352


Shares or Principal Amount				Market Value^†
SENIOR FLOATING RATE INTERESTS - 5.8%⁽⁸⁾ - (continued)
			Chemicals - 0.2%
	$	470,873	AIlnex (Luxembourg) & Cy SCA 4.50%, 10/03/2019	$	470,873
		244,314	AIlnex USA, Inc. 4.50%, 10/03/2019		244,314
			Ineos U.S. Finance LLC
		3,453,316	3.75%, 05/04/2018		3,439,986
		234,412	4.25%, 03/31/2022		234,295
		704,846	Minerals Technologies, Inc. 4.00%, 05/09/2021		704,261
		636,988	Nexeo Solutions LLC 5.00%, 09/08/2017		626,834
			Univar Inc.
		400,000	0.00%, 07/01/2022⁽⁹⁾		399,376
		369,211	5.01%, 06/30/2017		368,724

					6,488,663

			Coal - 0.1%
		540,000	American Energy - Marcellus LLC 5.25%, 08/04/2020		416,815
		3,757,878	Arch Coal, Inc. 6.25%, 05/16/2018		2,557,725

					2,974,540

			Commercial Services - 0.2%
		980,075	Acosta Holdco, Inc. 4.25%, 09/26/2021		976,096
		836,550	Interactive Data Corp. 4.75%, 05/02/2021		838,641
		994,232	Moneygram International, Inc. 4.25%, 03/27/2020		943,695
		717,576	ON Assignment, Inc. 3.75%, 05/19/2022		717,396
		1,269,278	ServiceMaster Co. 4.25%, 07/01/2021		1,268,288
		2,547,570	Weight Watchers International, Inc. 4.00%, 04/02/2020		1,220,872

					5,964,988

			Distribution/Wholesale - 0.0%
		923,550	ABC Supply Co., Inc. 3.50%, 04/16/2020		918,701

			Diversified Financial Services - 0.1%
		765,000	Delos Finance S.a.r.l. 3.50%, 03/06/2021		762,514
		1,125,366	Walter Investment Management Corp. 4.75%, 12/19/2020		1,062,773

					1,825,287

			Electric - 0.2%
		1,373,997	Calpine Corp. 3.25%, 01/31/2022		1,352,356
		625,000	Chief Exploration & Development LLC 7.50%, 05/12/2021		586,250
		600,000	Energy Future Intermediate Holding Co. LLC 4.25%, 06/19/2016		599,748
		2,139,067	Seadrill Partners Finco LLC 4.00%, 02/21/2021		1,610,996
		2,050,969	Star West Generation LLC 4.25%, 03/13/2020		2,048,405
		800,000	Texas Competitive Electric Holdings Co. LLC 4.67%, 10/10/2017		458,640

					6,656,395


Shares or Principal Amount				Market Value^†
SENIOR FLOATING RATE INTERESTS - 5.8%⁽⁸⁾ - (continued)
			Electronics - 0.1%
	$	2,824,993	CDW LLC 3.25%, 04/29/2020	$	2,799,229

			Entertainment - 0.0%
		582,075	Scientific Games Corp. 6.00%, 10/01/2021		581,423

			Food - 0.2%
		802,988	Albertson’s Holdings LLC 5.50%, 08/25/2021		806,071
		1,004,775	Aramark Services, Inc. 3.25%, 02/24/2021		999,570
		2,355,912	H.J. Heinz Co. 3.25%, 06/05/2020		2,354,734
		250,938	Hostess Brands, Inc. 6.75%, 04/09/2020		254,074
		623,547	Roundy’s Supermarkets, Inc. 5.75%, 03/03/2021		601,723
		1,129,915	U.S. Foods, Inc. 4.50%, 03/31/2019		1,130,852

					6,147,024

			Food Service - 0.0%
		594,000	Hearthside Food Solutions 4.50%, 06/02/2021		594,493

			Forest Products & Paper - 0.0%
		838,855	Wilsonart LLC 4.00%, 10/31/2019		829,418

			Healthcare-Products - 0.1%
		1,505,938	Mallinckrodt International Finance S.A. 3.25%, 03/19/2021		1,497,986
		435,000	Sterigenics-Nordion Holdings LLC 4.25%, 05/15/2022		433,913

					1,931,899

			Healthcare-Services - 0.4%
		1,182,376	American Renal Holdings, Inc. 4.50%, 09/22/2019		1,180,898
		202,950	Catalent Pharma Solutions, Inc. 4.25%, 05/20/2021		202,950
		1,155,000	Chemours Co. (The) 3.75%, 05/22/2022		1,149,225
			Community Health Systems, Inc.
		1,695,750	3.53%, 12/31/2018		1,694,275
		493,755	3.75%, 12/31/2019		493,612
		908,495	4.00%, 01/27/2021		909,422
		1,826,550	DaVita HealthCare Partners, Inc. 3.50%, 06/24/2021		1,824,961
		2,146,763	HCA, Inc. 3.03%, 05/01/2018		2,145,303
		372,188	Healogics, Inc. 5.25%, 07/01/2021		371,026
		1,013,769	IMS Health, Inc. 3.50%, 03/17/2021		1,007,433
		430,223	Opal Acquisition, Inc. 5.00%, 11/27/2020		422,966
		1,593,900	Ortho-Clinical Diagnostics, Inc. 4.75%, 06/30/2021		1,560,890
		517,400	Surgery Center Holdings, Inc. 5.25%, 11/03/2020		516,753

					13,479,714


Shares or Principal Amount				Market Value^†
SENIOR FLOATING RATE INTERESTS - 5.8%⁽⁸⁾ - (continued)
			Home Furnishings - 0.0%
	$	795,000	Tempur-Pedic International, Inc. 3.50%, 03/18/2020	$	794,404

			Insurance - 0.5%
			Asurion LLC
		1,209,159	5.00%, 05/24/2019		1,211,179
		1,615,000	8.50%, 03/03/2021		1,638,724
		798,700	CGSC of Delaware Holdings Corp. 5.00%, 04/16/2020		734,804
		4,627,538	Evertec Group LLC 3.50%, 04/17/2020		4,546,556
		415,256	National Financial Partners Corp. 4.50%, 07/01/2020		414,089
			Sedgwick Claims Management Services, Inc.
		3,709,288	3.75%, 03/01/2021		3,647,009
		1,250,000	6.75%, 02/28/2022		1,224,612
		1,080,043	USI, Inc. 4.25%, 12/27/2019		1,077,796

					14,494,769

			Internet - 0.1%
		735,189	Lands’ End, Inc. 4.25%, 04/04/2021		702,105
		1,811,136	Zayo Group LLC / Zayo Capital, Inc. 3.75%, 05/06/2021		1,794,274

					2,496,379

			Leisure Time - 0.2%
		1,103,923	Aristocrat Leisure Ltd. 4.75%, 10/20/2021		1,107,467
			Delta 2 (LUX) S.a.r.l.
		2,675,000	4.75%, 07/30/2021		2,657,318
		1,390,000	7.75%, 07/31/2022		1,386,525

					5,151,310

			Lodging - 0.3%
		3,460,431	Caesars Entertainment Operating Co. 11.00%, 03/01/2017		3,095,286
		787,050	Caesars Growth Properties Holdings LLC 6.25%, 05/08/2021		665,711
		1,101,322	Hilton Worldwide Finance LLC 3.50%, 10/26/2020		1,101,498
		1,192,635	La Quinta Intermediate Holdings LLC 4.00%, 04/14/2021		1,190,404
		1,350,375	MGM Resorts International 3.50%, 12/20/2019		1,339,910
		366,252	Station Casinos LLC 4.25%, 03/02/2020		365,794

					7,758,603

			Machinery-Construction & Mining - 0.1%
		1,430,550	American Rock Salt Holdings LLC 4.75%, 05/20/2021		1,425,443
		608,122	Neff Rental LLC 7.25%, 06/09/2021		601,663

					2,027,106

			Machinery-Diversified - 0.1%
		1,885,750	Gates Global, Inc. 4.25%, 07/05/2021		1,855,107

			Media - 0.3%
		943,619	Advantage Sales & Marketing, Inc. 4.25%, 07/23/2021		938,373


Shares or Principal Amount				Market Value^†
SENIOR FLOATING RATE INTERESTS - 5.8%⁽⁸⁾ - (continued)
			Media - 0.3% - (continued)
	$	1,788,023	AVSC Holding Corp. 4.50%, 01/24/2021	$	1,782,659
			Charter Communications Operating LLC
		3,013,500	3.00%, 07/01/2020		2,977,097
		1,082,900	3.00%, 01/03/2021		1,068,595
		441,905	Media General, Inc. 4.00%, 07/31/2020		441,490
			Numericable U.S. LLC
		479,988	4.50%, 05/21/2020		481,015
		554,812	4.50%, 05/21/2020		555,999
		1,825,695	Tribune Media Co. 3.75%, 12/27/2020		1,825,129

					10,070,357

			Metal Fabricate/Hardware - 0.1%
		1,989,563	Rexnord LLC 4.00%, 08/21/2020		1,982,102

			Mining - 0.2%
		124,685	American Rock Salt Holdings LLC 4.75%, 05/20/2021		124,062
		464,125	Ardagh Holdings USA, Inc. 4.00%, 12/17/2019		462,528
		2,577,589	FMG Resources August 2006 Pty Ltd. 3.75%, 06/30/2019		2,283,512
		3,668,016	Novelis, Inc. 4.00%, 06/02/2022		3,647,952

					6,518,054

			Miscellaneous Manufacturing - 0.0%
		216,390	Husky Injection Molding Systems Ltd. 4.25%, 06/30/2021		215,083

			Oil & Gas - 0.1%
		535,950	Drillships Ocean Ventures, Inc. 5.50%, 07/25/2021		454,888
		1,521,780	Fieldwood Energy LLC 3.88%, 09/28/2018		1,447,121
		600,000	Templar Energy LLC 8.50%, 11/25/2020		440,400

					2,342,409

			Packaging & Containers - 0.3%
		3,299,063	Berry Plastics Holding Corp. 3.50%, 02/08/2020		3,281,445
		1,234,101	BWAY Holding Co., Inc. 5.50%, 08/14/2020		1,234,101
		518,768	CD&R Millenium Holding Co. 4.50%, 07/31/2021		517,150
		1,846,731	Reynolds Group Holdings, Inc. 4.50%, 12/01/2018		1,851,735
		816,500	Signode Industrial Group U.S., Inc. 3.75%, 05/01/2021		806,294

					7,690,725

			Pharmaceuticals - 0.1%
		1,400,000	Endo Luxembourg Finance Company I S.a r.l. 0.00%, 06/11/2022⁽⁹⁾		1,402,632
		1,431,413	Valeant Pharmaceuticals International 4.00%, 04/01/2022		1,429,022

					2,831,654


Shares or Principal Amount				Market Value^†
SENIOR FLOATING RATE INTERESTS - 5.8%⁽⁸⁾ - (continued)
			Pipelines - 0.1%
	$	738,882	Energy Transfer Equity L.P. 4.00%, 12/02/2019	$	738,144
		1,404,375	EP Energy LLC 4.50%, 04/30/2019		1,399,993
		811,325	Philadelphia Energy Solutions LLC 6.25%, 04/04/2018		805,240

					2,943,377

			Real Estate - 0.0%
			DTZ U.S. Borrower LLC
		761,656	5.50%, 11/04/2021		764,040
		415,000	9.25%, 11/04/2022		415,000

					1,179,040

			Retail - 0.2%
		513,713	Bass Pro Group LLC 4.00%, 06/05/2020		513,163
		676,709	Dollar Tree, Inc. 3.50%, 07/06/2022		676,147
		1,146,338	Michaels Stores, Inc. 4.00%, 01/28/2020		1,146,578
		1,563,645	Neiman Marcus Group, Inc. 4.25%, 10/25/2020		1,552,902
		1,825,000	PetSmart, Inc. 4.25%, 03/11/2022		1,819,981
		607,182	Restaurant Bands 3.75%, 12/10/2021		606,339
		250,000	Rite Aid Corp. 5.75%, 08/21/2020		252,345
		570,000	Staples, Inc. 0.00%, 04/07/2021⁽⁹⁾		568,695

					7,136,150

			Semiconductors - 0.2%
		1,291,525	Avago Technologies Cayman Ltd. 3.75%, 05/06/2021		1,292,675
			Freescale Semiconductor, Inc.
		1,021,708	4.25%, 02/28/2020		1,021,994
		1,378,947	5.00%, 01/15/2021		1,382,684
		972,563	Lattice Semiconductor Corp. 5.25%, 03/10/2021		973,778
		1,050,620	NXP B.V. 3.25%, 01/11/2020		1,046,029

					5,717,160

			Software - 0.6%
		360,000	Epicor Software Corp. 4.75%, 05/08/2022		358,715
			First Data Corp.
		5,740,000	3.69%, 03/24/2018		5,716,409
		845,000	4.19%, 03/24/2021		845,879
		839,180	Hyland Software, Inc. 4.75%, 02/19/2021		839,600
		2,236,929	Infor U.S., Inc. 3.75%, 06/03/2020		2,204,314
			Kronos, Inc.
		2,701,422	4.50%, 10/30/2019		2,698,721
		593,762	9.75%, 04/30/2020		611,575
			SS&C Technologies Holdings, Inc.
		1,150,000	0.00%, 07/08/2022⁽⁹⁾		1,149,287
		260,000	0.00%, 07/08/2022⁽⁹⁾		259,839


Shares or Principal Amount				Market Value^†
SENIOR FLOATING RATE INTERESTS - 5.8%⁽⁸⁾ - (continued)
			Software - 0.6% - (continued)
	$	293,525	TransFirst, Inc. 4.75%, 11/12/2021	$	292,791
		1,675,504	Verint Systems, Inc. 3.50%, 09/06/2019		1,671,734

					16,648,864

			Telecommunications - 0.4%
		575,000	Altice Financing S.A. 5.25%, 02/04/2022		575,960
		305,000	CommScope, Inc. 0.00%, 12/29/2022⁽⁹⁾		304,366
		2,020,000	Level 3 Financing, Inc. 3.50%, 05/31/2022		2,004,426
		2,336,400	SBA Senior Finance II LLC 3.25%, 03/24/2021		2,311,985
		1,008,302	Syniverse Holdings, Inc. 4.00%, 04/23/2019		948,228
		205,000	TransFirst Holding, Inc. 9.00%, 11/12/2022		205,307
		1,952,632	Virgin Media Investment Holdings Ltd. 3.50%, 06/30/2023		1,931,484
			Ziggo Financing Partnership
		970,691	3.50%, 01/15/2022		958,072
		625,532	3.50%, 01/15/2022		617,400
		1,028,777	3.50%, 01/15/2022		1,015,403

					10,872,631

			Trucking & Leasing - 0.0%
		1,167,000	Consolidated Container Co. 5.00%, 07/03/2019		1,139,774


			Total Senior Floating Rate Interests (cost $180,774,226)	$	176,175,952



U.S. GOVERNMENT AGENCIES - 46.1%
			FHLMC - 8.9%
	$	67,017,962	0.50%, 10/25/2020⁽²⁾⁽³⁾	$	780,022
		31,381,398	2.13%, 08/25/2018⁽²⁾⁽³⁾		1,641,843
		5,177,857	3.00%, 08/01/2029		5,381,464
		17,600,000	3.00%, 07/01/2030⁽¹⁰⁾		18,220,400
		30,200,000	3.00%, 07/01/2045⁽¹⁰⁾		30,019,507
		9,200,000	3.50%, 07/01/2030⁽¹⁰⁾		9,694,000
		10,109,659	3.50%, 08/01/2034		10,561,361
		59,300,000	3.50%, 07/01/2045⁽¹⁰⁾		61,004,875
		11,230,537	4.00%, 08/01/2025		11,975,724
		8,064,808	4.00%, 05/01/2042		8,551,537
		2,202,725	4.00%, 08/01/2042		2,339,200
		3,480,639	4.00%, 09/01/2042		3,696,294
		1,051,574	4.00%, 07/01/2044		1,113,917
		497,290	4.00%, 06/01/2045		527,918
		35,600,000	4.00%, 07/01/2045⁽¹⁰⁾		37,647,694
		1,549,221	4.50%, 03/15/2041		1,762,665
		22,800,000	4.50%, 07/01/2045⁽¹⁰⁾		24,620,794
		3,769	5.50%, 10/01/2018		3,948
		119,103	5.50%, 03/01/2028		133,291
		235,875	5.50%, 04/01/2033		265,462
		2,121,993	5.50%, 05/01/2034		2,390,629
		4,078	5.50%, 11/01/2035		4,569
		60,093	5.50%, 05/01/2037		67,233
		139,042	5.50%, 11/01/2037		155,668
		242,339	5.50%, 02/01/2038		271,131


Shares or Principal Amount				Market Value^†
U.S. GOVERNMENT AGENCIES - 46.1% - (continued)
			FHLMC - 8.9% - (continued)
	$	102,350	5.50%, 04/01/2038	$	114,511
		124,568	5.50%, 06/01/2038		139,399
		14,144,530	5.50%, 08/01/2038		15,826,089
		1,343,241	5.50%, 09/01/2038		1,502,831
		27,059	5.50%, 12/01/2039		30,274
		357,943	5.50%, 02/01/2040		400,586
		1,117,756	5.50%, 05/01/2040		1,250,568
		1,171,797	5.50%, 08/01/2040		1,311,017
		4,237,668	5.50%, 06/01/2041		4,741,142
		142	6.00%, 04/01/2017		146
		152	6.00%, 05/01/2017		156
		264	6.00%, 07/01/2017		270
		1,845	6.00%, 07/01/2029		2,087
		533,906	6.00%, 10/01/2032		611,646
		616,867	6.00%, 11/01/2032		706,388
		645,764	6.00%, 12/01/2032		739,316
		38,929	6.00%, 11/01/2033		44,544
		66,336	6.00%, 01/01/2034		75,990
		41,575	6.00%, 02/01/2034		47,430
		522,747	6.00%, 08/01/2034		597,970
		582,961	6.00%, 09/01/2034		666,118
		7,141	6.00%, 09/01/2034		8,173
		454,635	6.00%, 01/01/2035		518,651
		4,897,515	6.00%, 11/01/2037		5,537,078
		1,100,000	6.00%, 07/01/2045⁽¹⁰⁾		1,246,050
		288	6.50%, 07/01/2031		330
		383	6.50%, 08/01/2032		439
		367,979	6.50%, 12/01/2037		421,433
		332	7.50%, 09/01/2029		359
		3,440	7.50%, 11/01/2031		3,989

					269,376,126

			FNMA - 29.6%
		7,422,638	2.14%, 11/01/2022		7,298,883
		10,301,019	2.15%, 10/01/2022		10,148,956
		4,971,195	2.20%, 12/01/2022		4,905,437
		2,899,319	2.28%, 11/01/2022		2,870,238
		2,463,174	2.34%, 11/01/2022		2,446,787
		2,278,961	2.40%, 10/01/2022		2,275,553
		1,010,822	2.42%, 10/01/2022		1,011,178
		1,935,240	2.42%, 11/01/2022		1,935,060
		135,000	2.44%, 01/01/2023		133,903
		113,943	2.45%, 08/01/2022		114,288
		1,991,474	2.47%, 11/01/2022		1,996,782
		7,225,000	2.50%, 07/01/2030⁽¹⁰⁾		7,312,523
		319,217	2.50%, 01/01/2043		306,607
		1,210,790	2.50%, 02/01/2043		1,162,961
		5,453,840	2.50%, 02/01/2043		5,238,763
		2,801,839	2.50%, 03/01/2043		2,691,512
		5,441,803	2.50%, 05/01/2043		5,227,154
		3,314,892	2.50%, 06/01/2043		3,183,669
		2,400,000	2.50%, 07/01/2045⁽¹⁰⁾		2,302,439
		1,891,671	2.64%, 03/01/2027		1,819,127
		129,299	2.66%, 09/01/2022		131,086
		1,150,000	2.76%, 05/01/2021		1,180,398
		179,108	2.78%, 04/01/2022		183,377
		4,115,000	2.78%, 02/01/2027		4,002,261
		3,674,000	2.78%, 03/01/2027		3,555,290
		4,705,000	2.85%, 02/01/2027		4,594,215
		5,320,000	2.97%, 06/01/2027		5,237,000
		7,071,000	2.97%, 06/01/2030		6,725,578


Shares or Principal Amount				Market Value^†
U.S. GOVERNMENT AGENCIES - 46.1% - (continued)
			FNMA - 29.6% - (continued)
	$	178,969	2.98%, 01/01/2022	$	184,893
		600,000	3.00%, 07/01/2030⁽¹⁰⁾		621,605
		105,000,000	3.00%, 07/01/2045⁽¹⁰⁾		104,608,297
		2,333,000	3.13%, 02/01/2027		2,330,719
		540,000	3.16%, 12/01/2026		542,052
		138,298	3.20%, 04/01/2022		144,494
		1,055,000	3.21%, 05/01/2023		1,096,035
		505,200	3.24%, 12/01/2026		511,710
		1,465,965	3.26%, 05/01/2024		1,518,805
		575,000	3.34%, 04/01/2024		599,122
		218,634	3.45%, 01/01/2024		229,398
		230,457	3.47%, 01/01/2024		242,128
		471,975,000	3.50%, 07/01/2045⁽¹⁰⁾		486,392,373
		575,933	3.67%, 08/01/2023		614,466
		155,000	3.70%, 10/01/2023		165,203
		2,068,807	3.74%, 06/01/2026		2,187,531
		210,000	3.76%, 03/01/2024		224,707
		315,000	3.86%, 12/01/2025		336,182
		165,000	3.86%, 11/01/2023		177,809
		546,897	3.87%, 10/01/2025		584,515
		697,690	3.89%, 05/01/2030		740,971
		730,286	3.93%, 10/01/2023		798,539
		305,578	3.96%, 05/01/2034		328,159
		195,000	3.97%, 05/01/2029		208,592
		5,529,266	4.00%, 06/01/2025		5,909,303
		1,550,455	4.00%, 10/01/2025		1,656,797
		1,241,836	4.00%, 08/01/2042		1,321,033
		1,632,652	4.00%, 04/01/2045		1,734,100
		2,010,488	4.00%, 05/01/2045		2,135,723
		1,504,249	4.00%, 06/01/2045		1,598,183
		25,189,000	4.00%, 07/01/2045⁽¹⁰⁾		26,687,252
		1,563,946	4.02%, 11/01/2028		1,680,536
		1,309,805	4.02%, 11/01/2028		1,407,449
		458,991	4.06%, 10/01/2028		501,628
		1,813,407	4.50%, 04/01/2025		1,946,120
		2,429,783	4.50%, 08/01/2040		2,656,719
		4,001,553	4.50%, 08/01/2040		4,354,480
		2,352,657	4.50%, 08/01/2040		2,560,067
		65,600,000	4.50%, 07/01/2045⁽¹⁰⁾		70,919,753
		6,123	5.00%, 02/01/2018		6,409
		127,604	5.00%, 04/01/2018		133,578
		686,997	5.00%, 05/01/2018		719,158
		142,412	5.00%, 05/01/2018		149,079
		319,737	5.00%, 06/01/2018		334,705
		145,036	5.00%, 06/01/2018		151,826
		133,371	5.00%, 06/01/2018		139,614
		150,002	5.00%, 06/01/2018		157,024
		214,735	5.00%, 06/01/2018		224,788
		22,546	5.00%, 07/01/2018		23,601
		280,747	5.00%, 09/01/2018		293,890
		638,630	5.00%, 01/01/2020		675,690
		1,889,013	5.00%, 06/01/2022		2,048,649
		672,934	5.00%, 06/01/2025		737,392
		1,754,338	5.00%, 04/25/2038		1,904,683
		22,500,000	5.00%, 07/01/2045⁽¹⁰⁾		24,855,469
		12,741	5.50%, 01/01/2017		13,059
		22,992	5.50%, 02/01/2018		23,797
		134,858	5.50%, 02/01/2018		139,614
		3,850	5.50%, 06/01/2018		4,034
		24,885	5.50%, 11/01/2018		25,871
		100,616	5.50%, 08/01/2019		107,236


Shares or Principal Amount				Market Value^†
U.S. GOVERNMENT AGENCIES - 46.1% - (continued)
			FNMA - 29.6% - (continued)
	$	173,672	5.50%, 09/01/2019	$	183,377
		34,350	5.50%, 09/01/2019		36,345
		21,305	5.50%, 10/01/2019		22,499
		32,266	5.50%, 10/01/2019		34,135
		25,926	5.50%, 01/01/2020		27,375
		8,945	5.50%, 03/01/2020		9,482
		6,906	5.50%, 03/01/2020		7,270
		1,041,819	5.50%, 05/01/2020		1,118,984
		431,845	5.50%, 06/01/2022		473,931
		539,472	5.50%, 06/01/2033		608,300
		468,815	5.50%, 08/01/2033		528,797
		2,539,499	5.50%, 09/01/2033		2,860,697
		2,467,365	5.50%, 12/01/2033		2,815,185
		2,113,650	5.50%, 01/01/2034		2,381,234
		9,098,513	5.50%, 11/01/2035		10,251,708
		2,960,898	5.50%, 04/01/2036		3,320,629
		2,186,614	5.50%, 09/01/2036		2,462,600
		251,518	5.50%, 01/01/2037		281,989
		5,892,867	5.50%, 06/25/2042⁽³⁾		1,021,454
		18,677	6.00%, 04/01/2016		18,847
		7,454	6.00%, 06/01/2016		7,469
		808	6.00%, 06/01/2016		813
		3,645	6.00%, 06/01/2016		3,693
		5,510	6.00%, 06/01/2016		5,591
		32	6.00%, 06/01/2016		32
		5,448	6.00%, 06/01/2016		5,522
		24,708	6.00%, 07/01/2016		25,041
		406	6.00%, 10/01/2016		414
		6,017	6.00%, 03/01/2022		6,699
		644,077	6.00%, 12/01/2032		740,136
		201,262	6.00%, 12/01/2032		228,292
		1,046,638	6.00%, 01/01/2033		1,197,454
		171,915	6.00%, 02/01/2033		196,194
		676,555	6.00%, 03/01/2033		774,348
		536,913	6.00%, 03/01/2033		611,844
		2,751,091	6.00%, 02/01/2037		3,130,299
		51	6.50%, 07/01/2016		52
		777	6.50%, 05/01/2017		799
		2,112	6.50%, 05/01/2031		2,425
		474	6.50%, 09/01/2031		545
		1,191	6.50%, 09/01/2031		1,395
		3,224	6.50%, 07/01/2032		3,727
		32	7.00%, 02/01/2016		33
		2,829	7.00%, 07/01/2029		3,352
		106	7.00%, 12/01/2030		110
		993	7.00%, 02/01/2032		1,101
		468	7.00%, 03/01/2032		566
		2,300	7.00%, 09/01/2032		2,496
		138,165	7.00%, 10/01/2037		145,204
		1	7.50%, 11/01/2015		1
		5,300	7.50%, 10/01/2022		6,022
		2,813	7.50%, 06/01/2027		3,401
		3,367	7.50%, 10/01/2029		3,560
		28,617	7.50%, 03/01/2030		33,377
		15,159	7.50%, 04/01/2030		17,418
		1,838	7.50%, 06/01/2030		2,038
		3,565	7.50%, 07/01/2030		3,943
		832	7.50%, 08/01/2030		985
		6,596	7.50%, 10/01/2030		6,743
		8,854	7.50%, 01/01/2031		9,132
		5,093	7.50%, 02/01/2031		5,319


Shares or Principal Amount				Market Value^†
U.S. GOVERNMENT AGENCIES - 46.1% - (continued)
			FNMA - 29.6% - (continued)
	$	40,000	7.50%, 05/01/2031	$	49,449
		24,204	7.50%, 06/01/2031		27,819
		3,104	7.50%, 08/01/2031		3,654
		262	7.50%, 09/01/2031		262
		16,104	7.50%, 09/01/2031		18,523
		33,134	7.50%, 09/01/2031		34,443
		458	7.50%, 05/01/2032		548
		435	8.00%, 04/01/2032		439

					891,105,199

			GNMA - 7.6%
		21,500,000	3.00%, 07/01/2045⁽¹⁰⁾		21,701,563
		1,600,000	3.00%, 07/01/2045⁽¹⁰⁾		1,615,125
		648,142	3.50%, 11/15/2042		677,470
		21,432	3.50%, 12/15/2042		22,299
		508,262	3.50%, 02/15/2043		528,748
		20,269	3.50%, 03/15/2043		21,088
		2,637,573	3.50%, 04/15/2043		2,739,931
		70,239	3.50%, 04/15/2043		73,119
		723,804	3.50%, 05/15/2043		751,893
		3,931,593	3.50%, 05/15/2043		4,084,169
		5,256,551	3.50%, 05/15/2043		5,469,030
		859,728	3.50%, 05/15/2043		897,122
		36,000,000	3.50%, 07/01/2045⁽¹⁰⁾		37,362,661
		12,998,123	4.00%, 07/20/2040		13,798,802
		14,178,988	4.00%, 09/20/2040		15,193,040
		1,634,561	4.00%, 10/20/2040		1,738,800
		19,321,004	4.00%, 10/20/2040		20,702,793
		2,781,957	4.00%, 12/20/2040		2,963,060
		924,139	4.00%, 05/16/2042⁽³⁾		155,207
		7,400,000	4.00%, 07/01/2045⁽¹⁰⁾		7,874,063
		5,400,000	4.00%, 07/01/2045⁽¹⁰⁾		5,722,628
		9,100,000	4.00%, 08/01/2045⁽¹⁰⁾		9,664,484
		516,996	4.50%, 11/15/2039		562,042
		4,592,813	4.50%, 05/15/2040		5,019,982
		15,822,011	4.50%, 05/20/2040		17,264,388
		580,859	4.50%, 06/15/2041		631,090
		583,919	4.50%, 07/15/2041		640,430
		2,300,000	4.50%, 07/01/2045⁽¹⁰⁾		2,480,047
		1,629,046	5.00%, 05/20/2040		1,814,327
		4,016,448	5.00%, 06/15/2041		4,455,562
		4,635,531	5.00%, 10/16/2041⁽³⁾		847,062
		6,520,195	5.00%, 03/15/2044		7,233,153
		5,600,000	5.00%, 07/01/2045⁽¹⁰⁾		6,196,615
		934,056	5.50%, 03/15/2033		1,061,803
		1,393,915	5.50%, 04/15/2033		1,610,242
		1,421,652	5.50%, 05/15/2033		1,640,079
		2,519,453	5.50%, 10/20/2034		2,865,445
		2,421	6.00%, 12/15/2023		2,742
		1,804	6.00%, 01/15/2029		2,064
		2,684	6.00%, 04/15/2029		3,135
		107,388	6.00%, 12/15/2031		123,674
		1,548	6.00%, 10/15/2032		1,808
		37,885	6.00%, 06/15/2033		44,276
		5,022	6.00%, 03/15/2034		5,866
		91,977	6.00%, 08/15/2034		104,943
		207,730	6.00%, 09/15/2034		242,391
		74,352	6.00%, 02/15/2035		84,289
		452,724	6.00%, 12/15/2035		526,320
		130,060	6.00%, 02/15/2036		150,429
		135,165	6.00%, 03/15/2036		157,381


Shares or Principal Amount				Market Value^†
U.S. GOVERNMENT AGENCIES - 46.1% - (continued)
			GNMA - 7.6% - (continued)
	$	267,948	6.00%, 03/15/2036	$	312,749
		53,696	6.00%, 04/15/2036		60,846
		277,160	6.00%, 05/15/2036		321,006
		6,064	6.00%, 05/15/2036		6,972
		3,600	6.00%, 05/15/2036		4,118
		413,266	6.00%, 06/15/2036		478,461
		244,553	6.00%, 06/15/2036		284,884
		304,557	6.00%, 07/15/2036		352,132
		107,232	6.00%, 07/15/2036		125,036
		91,655	6.00%, 08/15/2036		106,748
		1,514	6.00%, 08/15/2036		1,767
		382,956	6.00%, 02/15/2037		445,906
		8,874	6.00%, 02/15/2037		10,060
		2,634	6.00%, 05/15/2037		3,009
		47,658	6.00%, 06/15/2037		55,279
		210,293	6.00%, 06/15/2037		243,472
		515,754	6.00%, 06/15/2037		600,538
		59,566	6.00%, 06/15/2037		68,436
		373,812	6.00%, 07/15/2037		427,070
		378,653	6.00%, 07/15/2037		432,607
		151,675	6.00%, 08/15/2037		176,944
		1,882	6.00%, 08/15/2037		2,134
		712	6.00%, 08/15/2037		806
		94,787	6.00%, 09/15/2037		107,435
		205,380	6.00%, 10/15/2037		234,634
		245,060	6.00%, 11/15/2037		279,972
		5,602	6.00%, 11/15/2037		6,348
		221,548	6.00%, 12/15/2037		257,589
		270,088	6.00%, 01/15/2038		314,485
		125,363	6.00%, 01/15/2038		142,058
		42,658	6.00%, 02/15/2038		48,759
		62,091	6.00%, 05/15/2038		70,936
		16,181	6.00%, 06/15/2038		18,487
		45,153	6.00%, 08/15/2038		51,188
		73,019	6.00%, 08/15/2038		83,500
		160,070	6.00%, 08/15/2038		182,901
		8,163	6.00%, 08/15/2038		9,404
		12,374	6.00%, 08/15/2038		14,138
		17,828	6.00%, 08/15/2038		20,372
		16,804	6.00%, 09/15/2038		19,039
		328,248	6.00%, 09/15/2038		375,035
		273,210	6.00%, 10/15/2038		317,303
		634,176	6.00%, 11/15/2038		725,556
		139,504	6.00%, 12/15/2038		161,389
		228,374	6.00%, 12/15/2038		260,924
		1,379	6.00%, 01/15/2039		1,576
		2,777	6.00%, 01/15/2039		3,172
		58,922	6.00%, 08/15/2039		66,821
		5,247	6.00%, 08/15/2039		5,943
		220,357	6.00%, 11/15/2039		251,750
		116,421	6.00%, 02/15/2040		131,980
		28,689	6.00%, 02/15/2040		32,530
		2,162,043	6.00%, 06/15/2040		2,470,208
		420,643	6.00%, 07/15/2040		480,566
		432,310	6.00%, 06/15/2041		493,886
		379,873	6.00%, 06/15/2041		434,063
		1,423,195	6.00%, 06/15/2041		1,625,943
		30,560	6.50%, 06/15/2028		34,863
		1,017	6.50%, 07/15/2028		1,160
		1,093	6.50%, 08/15/2028		1,247
		3,801	6.50%, 08/15/2028		4,336


Shares or Principal Amount				Market Value^†
U.S. GOVERNMENT AGENCIES - 46.1% - (continued)
			GNMA - 7.6% - (continued)
	$	2,703	6.50%, 09/15/2028	$	3,084
		2,343	6.50%, 09/15/2028		2,673
		12,940	6.50%, 09/15/2028		14,762
		5,546	6.50%, 09/15/2028		6,327
		17,378	6.50%, 10/15/2028		19,824
		3,582	6.50%, 10/15/2028		4,087
		994	6.50%, 11/15/2028		1,134
		6,072	6.50%, 11/15/2028		6,927
		5,984	6.50%, 12/15/2028		6,826
		8,103	6.50%, 12/15/2028		9,243
		7,325	6.50%, 01/15/2029		8,356
		7,858	6.50%, 01/15/2029		8,965
		7,196	6.50%, 01/15/2029		8,209
		4,502	6.50%, 02/15/2029		5,161
		12,797	6.50%, 02/15/2029		14,687
		3,309	6.50%, 02/15/2029		3,775
		24,572	6.50%, 02/15/2029		28,031
		23,689	6.50%, 03/15/2029		27,025
		363,782	6.50%, 03/15/2029		414,998
		11,974	6.50%, 03/15/2029		13,660
		4,134	6.50%, 03/15/2029		4,716
		4,990	6.50%, 03/15/2029		5,701
		2,013	6.50%, 03/15/2029		2,297
		5,342	6.50%, 03/15/2029		6,094
		35,738	6.50%, 04/15/2029		40,769
		13,003	6.50%, 04/15/2029		14,834
		6,524	6.50%, 04/15/2029		7,443
		2,568	6.50%, 05/15/2029		2,929
		10,660	6.50%, 05/15/2029		12,160
		16,141	6.50%, 05/15/2029		18,414
		6,215	6.50%, 05/15/2029		7,099
		32,437	6.50%, 06/15/2029		37,004
		13,240	6.50%, 06/15/2029		15,104
		175,125	6.50%, 06/15/2029		199,780
		12,120	6.50%, 06/15/2029		13,826
		10,254	6.50%, 07/15/2029		11,697
		11,680	6.50%, 07/15/2029		13,324
		683	6.50%, 03/15/2031		784
		46,075	6.50%, 04/15/2031		52,562
		15,127	6.50%, 04/15/2031		17,256
		3,481	6.50%, 04/15/2031		3,971
		3,779	6.50%, 04/15/2031		4,322
		12,343	6.50%, 04/15/2031		14,081
		83,717	6.50%, 04/15/2031		95,503
		159,965	6.50%, 04/15/2031		182,486
		29,813	6.50%, 05/15/2031		34,010
		1,755	6.50%, 05/15/2031		2,002
		72,218	6.50%, 05/15/2031		85,202
		4,670	6.50%, 06/15/2031		5,327
		7,906	6.50%, 06/15/2031		9,265
		7,413	6.50%, 06/15/2031		8,456
		82,328	6.50%, 07/15/2031		93,955
		13,917	6.50%, 07/15/2031		15,876
		46,825	6.50%, 07/15/2031		53,417
		65,880	6.50%, 07/15/2031		75,155
		5,664	6.50%, 07/15/2031		6,461
		6,863	6.50%, 07/15/2031		7,829
		32,825	6.50%, 07/15/2031		37,446
		103,774	6.50%, 07/15/2031		118,384
		53,010	6.50%, 07/15/2031		61,259
		50,696	6.50%, 08/15/2031		57,833


Shares or Principal Amount				Market Value^†
U.S. GOVERNMENT AGENCIES - 46.1% - (continued)
			GNMA - 7.6% - (continued)
	$	6,411	6.50%, 08/15/2031	$	7,314
		32,610	6.50%, 08/15/2031		37,201
		17,080	6.50%, 08/15/2031		19,485
		2,847	6.50%, 08/15/2031		3,248
		114,530	6.50%, 08/15/2031		130,654
		4,015	6.50%, 09/15/2031		4,580
		37,826	6.50%, 09/15/2031		43,151
		26,499	6.50%, 09/15/2031		30,229
		2,018	6.50%, 09/15/2031		2,302
		54,148	6.50%, 09/15/2031		62,542
		71,798	6.50%, 09/15/2031		81,906
		12,835	6.50%, 09/15/2031		14,642
		4,660	6.50%, 10/15/2031		5,316
		4,296	6.50%, 10/15/2031		4,901
		171,342	6.50%, 10/15/2031		195,464
		1,143	6.50%, 11/15/2031		1,304
		5,597	6.50%, 11/15/2031		6,385
		31,592	6.50%, 11/15/2031		36,155
		153,689	6.50%, 11/15/2031		175,326
		180	6.50%, 11/15/2031		206
		344,391	6.50%, 11/15/2031		392,876
		108,079	6.50%, 11/15/2031		123,295
		56,867	6.50%, 12/15/2031		64,873
		32,368	6.50%, 12/15/2031		36,925
		13,881	6.50%, 12/15/2031		15,836
		4,298	6.50%, 01/15/2032		4,903
		3,933	6.50%, 01/15/2032		4,487
		25,807	6.50%, 01/15/2032		29,440
		30,671	6.50%, 01/15/2032		34,989
		228,390	6.50%, 01/15/2032		262,914
		16,383	6.50%, 01/15/2032		18,690
		132,531	6.50%, 01/15/2032		151,190
		4,884	6.50%, 01/15/2032		5,571
		8,362	6.50%, 01/15/2032		9,539
		5,329	6.50%, 01/15/2032		6,079
		80,943	6.50%, 02/15/2032		96,671
		25,899	6.50%, 02/15/2032		30,770
		89,439	6.50%, 03/15/2032		102,282
		4,268	6.50%, 04/15/2032		4,869
		88,215	6.50%, 04/15/2032		100,634
		237,818	6.50%, 04/15/2032		275,665
		1,138	6.50%, 05/15/2032		1,298
		83,085	6.50%, 06/15/2032		94,851
		1,499	6.50%, 09/15/2032		1,763
		12,486	7.00%, 06/20/2030		13,872
		1,294	7.00%, 02/15/2031		1,471
		220	7.00%, 06/15/2031		239
		242	7.00%, 08/15/2031		281
		930	8.50%, 11/15/2024		934

					228,604,461


			Total U.S. Government Agencies (cost $1,377,292,232)	$	1,389,085,786



U.S. GOVERNMENT SECURITIES - 7.3%
			U.S. Treasury Securities - 7.3%
			Treasury Inflation Protected Security - 3.7%
	$	114,878,889	0.25%, 01/15/2025⁽⁷⁾	$	112,679,992

					112,679,992


GLOSSARY: (abbreviations used in preceding Schedule of Investments)

Counterparty Abbreviations:
BCLY		Barclays
BNP		BNP Paribas Securities Services
BOA		Banc of America Securities LLC
CBA		Commonwealth Bank of Australia
CBK		Citibank NA
CSI		Credit Suisse International
DEUT		Deutsche Bank Securities, Inc.
GSC		Goldman Sachs & Co.
HSBC		HSBC Bank USA
JPM		JP Morgan Chase & Co.
MSC		Morgan Stanley
RBC		RBC Dominion Securities, Inc.
SCB		Standard Chartered Bank
SSG		State Street Global Markets LLC
UBS		UBS AG


Currency Abbreviations:
BRL		Brazilian Real
CLP		Chilean Peso
COP		Colombian Peso
CRC		Costa Rican Colon
CZK		Czech Koruna
EUR		Euro
GBP		British Pound
GHS		Ghana Cedi
HKD		Hong Kong Dollar
IDR		Indonesian Rupiah
KES		Kenyan Shilling
MXN		Mexican Peso
MYR		Malaysian Ringgit
NGN		Nigerian Naira
PLN		Polish Zloty
RON		New Romanian Leu
RSD		Serbian Dinar


Currency Abbreviations:
RUB		Russian Ruble
TRY		Turkish Lira
UYU		Uruguayan Peso
ZAR		South African Rand


Index Abbreviations:
ABX.HE		Markit Asset Backed Security Home Equity
CDX.EM		Credit Derivatives Emerging Markets
CDX.NA.HY		Credit Derivatives North American High Yield
CDX.NA.IG		Credit Derivatives North American Investment Grade
CMBX.NA		Markit Commercial Mortgage Backed North American
ITRAXX.EUR		Markit i Traxx - Europe
ITRAXX.XOV		Markit i Traxx Index - Europe Crossover
PrimeX.ARM		Markit PrimeX Adjustable Rate Mortgage Backed Security


Other Abbreviations:
CDO		Collateralized Debt Obligation
CLO		Collateralized Loan Obligation
CME		Chicago Mercantile Index
CMO		Collateralized Mortgage Obligation
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
FX		Foreign Exchange
GNMA		Government National Mortgage Association
LIBOR		London Interbank Offered Rate
OTC		Over-the-Counter
REIT		Real Estate Investment Trust
TBA		To Be Announced


Municipal Abbreviations:
GO		General Obligation

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.

The following is a rollforward of the Fund’s investments that were valued using unobservable inputs (Level 3) for the six-month period ended June 30, 2015:

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at June 30, 2015 was $0.


Shares or Principal Amount				Market Value^†
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 21.6%
			Asset-Backed - Automobile - 6.6%
	$	1,724,784	Ally Automotive Receivables Trust 0.63%, 05/15/2017	$	1,724,924
		1,885,000	0.75%, 02/21/2017		1,884,772
		126,913	AmeriCredit Automobile Receivables Trust 0.56%, 03/08/2017⁽¹⁾		126,911
		1,568,817	ARI Fleet Lease Trust 0.49%, 01/15/2021⁽¹⁾⁽²⁾		1,566,361
		574,208	Capital Automotive Receivables Asset Trust 0.68%, 05/20/2016		574,209
		2,000,000	0.99%, 10/20/2017		1,999,922
		211,246	CarMax Automotive Owner Trust 0.52%, 11/15/2016		211,239
		1,788,411	Chesapeake Funding LLC 0.60%, 03/07/2026⁽¹⁾⁽²⁾		1,782,955
		1,985,000	Credit Acceptance Automotive Loan Trust 1.50%, 04/15/2021⁽²⁾		1,992,140
		4,894	DT Automotive Owner Trust 0.66%, 07/17/2017⁽²⁾		4,894
		1,506,848	Enterprise Fleet Financing LLC 0.68%, 09/20/2018⁽²⁾		1,506,611
		899,764	0.87%, 09/20/2019⁽²⁾		899,035
		1,284,484	1.06%, 03/20/2019⁽²⁾		1,286,222
		139,066	First Investors Automotive Owner Trust 0.89%, 09/15/2017⁽²⁾		139,062
		2,703,045	1.06%, 11/15/2018⁽²⁾		2,702,466
			Ford Credit Automotive Owner Trust
		262,704	0.48%, 11/15/2016		262,700
		1,611,862	0.57%, 10/15/2017		1,611,388
		1,144,806	0.76%, 09/15/2016		1,145,321
			M&T Bank Automotive Receivables Trust
		4,332,665	1.06%, 11/15/2017⁽²⁾		4,340,243
		4,250,000	1.57%, 08/15/2018⁽²⁾		4,279,503
			Mercedes-Benz Automotive Lease Trust
		3,980,000	0.61%, 12/17/2018		3,979,415
		1,831,680	0.62%, 07/15/2016		1,831,213
			Nissan Automotive Lease Trust
		584,985	0.61%, 04/15/2016		585,002
		855,338	0.75%, 06/15/2016		855,431
		4,000,000	1.04%, 10/15/2019		4,001,088
		1,070,877	Prestige Automotive Receivables Trust 0.97%, 03/15/2018⁽²⁾		1,071,711
		154,872	Santander Drive Automotive Receivables Trust 0.66%, 06/15/2017		154,854
			Westlake Automobile Receivables Trust
		1,174,340	0.70%, 05/15/2017⁽²⁾		1,173,607
		2,525,000	1.28%, 07/16/2018⁽²⁾		2,524,748
		567,724	Wheels SPV LLC 0.84%, 03/20/2023⁽²⁾		567,113
		4,250,000	World Omni Automobile Lease Securitization Trust 1.40%, 02/15/2019		4,269,852

					51,054,912

			Asset-Backed - Credit Card - 6.2%
			American Express Credit Account Master Trust
		1,520,000	0.98%, 05/15/2019		1,521,172
		1,485,000	1.26%, 01/15/2020		1,486,926
		2,995,000	Bank of America Credit Card Trust 0.57%, 06/15/2021⁽¹⁾		2,993,209


Shares or Principal Amount				Market Value^†
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 21.6% - (continued)
			Asset-Backed - Credit Card - 6.2% - (continued)
	$	1,085,000	Cabela’s Master Credit Card Trust 0.54%, 03/16/2020⁽¹⁾	$	1,085,380
		3,605,000	Capital One Multi-Asset Execution Trust 0.96%, 09/16/2019		3,604,456
			Chase Issuance Trust
		6,850,000	0.59%, 08/15/2017		6,850,020
		6,000,000	0.61%, 11/16/2020⁽¹⁾		6,010,818
			Citibank Credit Card Issuance Trust
		3,660,000	0.51%, 11/07/2018⁽¹⁾		3,658,159
		2,045,000	1.02%, 02/22/2019		2,044,053
		4,965,000	1.32%, 09/07/2018		4,989,999
			Golden Credit Card Trust
		4,465,000	0.44%, 02/15/2018⁽¹⁾⁽²⁾		4,462,973
		3,125,000	0.53%, 03/15/2019⁽¹⁾⁽²⁾		3,116,971
		3,275,000	0.79%, 09/15/2017⁽²⁾		3,276,451
		3,500,000	Synchrony Credit Card Master Note Trust 1.61%, 11/15/2020		3,511,875

					48,612,462

			Asset-Backed - Finance & Insurance - 5.0%
			Ally Master Owner Trust
		4,410,000	0.56%, 01/16/2018⁽¹⁾		4,405,621
		4,380,000	0.66%, 01/15/2019⁽¹⁾		4,379,128
		2,500,000	0.68%, 10/15/2019⁽¹⁾		2,505,208
			CNH Equipment Trust
		193,433	0.49%, 03/15/2017		193,434
		164,236	0.86%, 09/15/2017		164,254
			Ford Credit Floorplan Master Owner Trust
		2,105,000	0.59%, 02/15/2019⁽¹⁾		2,105,070
		2,450,000	0.85%, 01/15/2018		2,451,864
		6,500,000	GE Dealer Floorplan Master Note Trust 0.63%, 10/20/2017⁽¹⁾		6,500,637
		1,150,000	GMF Floorplan Owner Revolving Trust 0.69%, 05/15/2020⁽¹⁾⁽²⁾		1,150,478
			John Deere Owner Trust
		6,000,000	0.69%, 01/15/2019		6,003,624
		4,110,653	0.87%, 08/15/2017		4,116,034
		1,290,000	MMAF Equipment Finance LLC 0.96%, 09/18/2017⁽²⁾		1,290,654
		394,371	New York City Tax Lien 1.03%, 11/10/2027⁽²⁾		394,016
		690,000	Ocwen Freddie Advance Funding 2.06%, 11/15/2045⁽²⁾		690,000
		2,230,000	Volvo Financial Equipment LLC 0.82%, 04/16/2018⁽²⁾		2,226,664

					38,576,686

			Commercial Mortgage-Backed Securities - 3.3%
		1,456,846	Banc of America Commercial Mortgage, Inc. 5.33%, 09/10/2047⁽¹⁾		1,464,219
			Bear Stearns Commercial Mortgage Securities, Inc.
		343,080	4.87%, 09/11/2042		342,809
		1,586,067	5.26%, 10/12/2042⁽¹⁾		1,589,120
		2,700,860	5.54%, 09/11/2041		2,789,176
		2,459,819	5.90%, 09/11/2038⁽¹⁾		2,522,126
			Citigroup/Deutsche Bank Commercial Mortgage Trust
		2,355,116	5.38%, 07/15/2044⁽¹⁾		2,356,970
		1,634,210	5.48%, 01/15/2046⁽¹⁾		1,646,163
		2,454,894	Cobalt CMBS Commercial Mortgage Trust 5.22%, 08/15/2048		2,553,230


Shares or Principal Amount				Market Value^†
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 21.6% - (continued)
			Commercial Mortgage-Backed Securities - 3.3% - (continued)
			Community or Commercial Mortgage Trust
	$	1,130,000	0.99%, 03/15/2029⁽¹⁾⁽²⁾	$	1,128,715
		1,500,000	2.37%, 02/10/2029⁽²⁾		1,524,097
		2,595,152	Credit Suisse Mortgage Capital Certificates 5.47%, 09/15/2039		2,680,693
		1,857,602	Hilton USA Trust 1.19%, 11/05/2030⁽¹⁾⁽²⁾		1,857,602
			JP Morgan Chase Commercial Mortgage Securities Corp.
		49,431	3.85%, 06/15/2043⁽²⁾		49,391
		1,101,647	4.92%, 10/15/2042⁽¹⁾		1,102,341
		1,000,660	6.10%, 04/15/2045⁽¹⁾		1,023,450
		711,303	Morgan Stanley Capital I Trust 5.36%, 11/14/2042⁽¹⁾		711,562

					25,341,664

			Machinery - Construction & Mining - 0.1%
		622,662	Kubota Credit Owner Trust 0.58%, 02/15/2017⁽²⁾		622,401

			Transportation - 0.4%
			GE Equipment Transportation LLC
		226,387	0.61%, 06/24/2016		226,398
		3,000,000	0.92%, 09/25/2017		2,999,496

					3,225,894

			Total Asset & Commercial Mortgage Backed Securities (cost $167,661,120)	$	167,434,019



CORPORATE BONDS - 47.6%
			Aerospace/Defense - 0.3%
	$	2,300,000	Rockwell Collins, Inc. 0.64%, 12/15/2016⁽¹⁾	$	2,299,135

			Agriculture - 1.2%
		2,000,000	BAT International Finance plc 0.80%, 06/15/2018⁽¹⁾⁽²⁾		1,998,822
		6,000,000	Philip Morris International, Inc. 2.50%, 05/16/2016		6,102,816
		1,425,000	Reynolds American, Inc. 2.30%, 06/12/2018		1,435,653

					9,537,291

			Auto Manufacturers - 4.6%
		6,000,000	American Honda Finance Corp. 0.77%, 10/07/2016⁽¹⁾		6,023,322
		2,000,000	Daimler Finance NA LLC 0.70%, 03/02/2018⁽¹⁾⁽²⁾		1,996,762
		2,000,000	Daimler Finance North America LLC 1.65%, 05/18/2018⁽²⁾		1,989,094
			Ford Motor Credit Co. LLC
		2,150,000	1.05%, 01/17/2017⁽¹⁾		2,149,572
		2,500,000	1.12%, 03/12/2019⁽¹⁾		2,480,907
		2,000,000	1.72%, 12/06/2017		1,989,616
		2,600,000	Harley-Davidson Financial Services, Inc. 3.88%, 03/15/2016⁽²⁾		2,652,988
			Nissan Motor Acceptance Corp.
		1,375,000	0.83%, 03/03/2017⁽¹⁾⁽²⁾		1,380,002
		1,975,000	0.98%, 09/26/2016⁽¹⁾⁽²⁾		1,984,439
		2,000,000	1.50%, 03/02/2018⁽²⁾		1,995,018
		1,000,000	PACCAR Financial Corp. 1.40%, 05/18/2018		998,431


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 47.6% - (continued)
			Auto Manufacturers - 4.6% - (continued)
	$	1,500,000	PACCAR Financial Services Corp. 0.88%, 12/06/2018⁽¹⁾	$	1,505,966
			Toyota Motor Credit Corp.
		2,000,000	0.57%, 05/17/2016⁽¹⁾		2,003,258
		1,850,000	0.60%, 01/12/2018⁽¹⁾		1,850,448
		2,000,000	1.13%, 05/16/2017		2,004,424
		3,000,000	Volkswagen Group of America Finance LLC 0.75%, 05/22/2018⁽¹⁾⁽²⁾		2,999,091

					36,003,338

			Beverages - 1.4%
		5,000,000	Anheuser-Busch InBev Worldwide, Inc. 0.68%, 02/01/2019⁽¹⁾		4,936,720
		6,000,000	SABMiller Holdings, Inc. 0.97%, 08/01/2018⁽¹⁾⁽²⁾		6,016,224

					10,952,944

			Chemicals - 0.2%
		2,000,000	Monsanto Co. 1.15%, 06/30/2017		1,987,932

			Commercial Banks - 23.2%
			Abbey National Treasury Services plc
		1,500,000	0.69%, 09/29/2017⁽¹⁾		1,495,490
		3,000,000	0.80%, 03/13/2017⁽¹⁾		2,996,658
		2,150,000	ABN Amro Bank N.V. 0.69%, 06/06/2016⁽¹⁾⁽²⁾		2,150,189
		3,000,000	Australia & New Zealand Banking Group Ltd. 0.65%, 01/10/2017⁽¹⁾⁽²⁾		3,003,603
			Bank of America Corp.
		2,000,000	1.32%, 01/15/2019⁽¹⁾		2,017,962
		2,000,000	1.35%, 03/22/2018⁽¹⁾		2,018,204
		2,000,000	1.70%, 08/25/2017		2,002,298
		1,280,000	2.00%, 01/11/2018		1,284,195
		720,000	5.65%, 05/01/2018		790,926
			Bank of Montreal
		4,000,000	0.80%, 07/15/2016⁽¹⁾		4,015,232
		2,000,000	1.40%, 04/10/2018		1,987,834
		6,000,000	Bank of Nova Scotia 0.80%, 07/15/2016⁽¹⁾		6,022,848
		2,000,000	Bank of Tokyo-Mitsubishi UFJ Ltd. 0.59%, 09/08/2017⁽¹⁾⁽²⁾		1,993,756
		2,815,000	Barclays Bank plc 0.86%, 02/17/2017⁽¹⁾		2,805,347
		2,500,000	BB&T Corp. 0.94%, 02/01/2019⁽¹⁾		2,498,150
		5,000,000	BNP Paribas S.A. 0.88%, 12/12/2016⁽¹⁾		5,009,710
		6,000,000	BPCE S.A. 1.13%, 02/10/2017⁽¹⁾		6,033,066
		2,500,000	Branch Banking & Trust Co. 0.71%, 12/01/2016⁽¹⁾		2,502,612
		6,000,000	Canadian Imperial Bank of Commerce 0.80%, 07/18/2016⁽¹⁾		6,021,156
			Citigroup, Inc.
		2,500,000	0.95%, 11/15/2016⁽¹⁾		2,504,037
		4,000,000	1.04%, 04/08/2019⁽¹⁾		3,991,136
		2,000,000	Commonwealth Bank of Australia 0.78%, 09/20/2016⁽¹⁾⁽²⁾		2,007,116
			Credit Agricole S.A.
		3,000,000	1.13%, 10/03/2016⁽¹⁾⁽²⁾		3,014,919
		2,500,000	1.25%, 06/10/2020⁽¹⁾⁽²⁾		2,496,550


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 47.6% - (continued)
			Commercial Banks - 23.2% - (continued)
			Credit Suisse New York
	$	2,250,000	0.96%, 04/27/2018⁽¹⁾	$	2,249,993
		1,700,000	1.38%, 05/26/2017		1,698,739
		2,250,000	1.70%, 04/27/2018		2,234,320
			Deutsche Bank AG London
		2,000,000	0.89%, 02/13/2017⁽¹⁾		1,997,008
		2,000,000	1.35%, 05/30/2017		1,986,598
			Fifth Third Bancorp
		2,500,000	0.79%, 11/18/2016⁽¹⁾		2,503,557
		2,500,000	1.35%, 06/01/2017		2,492,515
			Goldman Sachs Group, Inc.
		2,000,000	1.37%, 11/15/2018⁽¹⁾		2,017,716
		2,000,000	1.44%, 04/23/2020⁽¹⁾		2,019,530
		3,000,000	1.48%, 04/30/2018⁽¹⁾		3,031,647
		3,000,000	HSBC Bank plc 0.91%, 05/15/2018⁽¹⁾⁽²⁾		3,012,699
		3,000,000	Huntington National Bank 0.70%, 04/24/2017⁽¹⁾		2,992,656
			ING Bank N.V.
		2,300,000	0.84%, 03/16/2018⁽¹⁾⁽²⁾		2,301,783
		3,000,000	1.92%, 09/25/2015⁽¹⁾⁽²⁾		3,010,146
			JP Morgan Chase & Co.
		1,500,000	0.79%, 03/01/2018⁽¹⁾		1,495,536
		1,500,000	0.90%, 02/26/2016⁽¹⁾		1,502,048
		3,000,000	0.91%, 01/28/2019⁽¹⁾		2,994,651
		1,600,000	Key Bank NA 0.80%, 06/01/2018⁽¹⁾		1,600,912
		2,000,000	Lloyds Bank plc 0.81%, 03/16/2018⁽¹⁾		1,999,412
			Manufacturers & Traders Trust Co.
		3,000,000	0.65%, 01/30/2017⁽¹⁾		2,993,112
		1,500,000	1.40%, 07/25/2017		1,497,885
			Morgan Stanley
		3,000,000	1.13%, 01/24/2019⁽¹⁾		2,998,878
		1,525,000	1.53%, 02/25/2016⁽¹⁾		1,533,244
		1,275,000	5.95%, 12/28/2017		1,401,499
			Nordea Bank AB
		3,000,000	0.64%, 04/04/2017⁽¹⁾⁽²⁾		3,002,085
		3,000,000	0.74%, 05/13/2016⁽¹⁾⁽²⁾		3,010,302
		7,500,000	PNC Bank NA 1.15%, 11/01/2016		7,509,675
			Royal Bank of Canada
		3,000,000	0.61%, 01/23/2017⁽¹⁾		3,001,785
		3,000,000	0.65%, 03/08/2016⁽¹⁾		3,006,495
		2,000,000	Santander Bank NA 1.21%, 01/12/2018⁽¹⁾		1,997,998
		3,000,000	Societe Generale S.A. 1.36%, 10/01/2018⁽¹⁾		3,046,008
		2,000,000	Standard Chartered plc 0.91%, 04/17/2018⁽¹⁾⁽²⁾		1,998,898
		3,000,000	Sumitomo Mitsui Banking Corp. 0.70%, 01/10/2017⁽¹⁾		2,999,976
		3,000,000	SunTrust Banks, Inc. 0.71%, 02/15/2017⁽¹⁾		2,997,036
		6,000,000	Svenska Handelsbanken AB 0.75%, 09/23/2016⁽¹⁾		6,019,956
			Toronto-Dominion Bank
		3,000,000	0.52%, 05/02/2017⁽¹⁾		2,998,233
		3,000,000	0.74%, 09/09/2016⁽¹⁾		3,010,488


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 47.6% - (continued)
			Commercial Banks - 23.2% - (continued)
	$	875,000	U.S. Bancorp 0.76%, 11/15/2018⁽¹⁾	$	877,574
		6,000,000	UBS AG Stamford CT 5.88%, 12/20/2017		6,600,708
		2,000,000	Wells Fargo & Co. 1.15%, 06/02/2017		1,994,938
		1,450,000	Wells Fargo Bank NA 0.43%, 06/02/2016⁽¹⁾		1,450,518

					179,751,751

			Diversified Financial Services - 3.1%
			American Express Credit Corp.
		1,500,000	0.79%, 07/29/2016⁽¹⁾		1,502,217
		2,500,000	0.84%, 03/18/2019⁽¹⁾		2,490,622
		1,500,000	1.13%, 06/05/2017		1,494,352
			Capital One Bank
		2,500,000	1.15%, 11/21/2016		2,491,160
		1,500,000	1.30%, 06/05/2017		1,490,699
			General Electric Capital Corp.
		2,000,000	0.55%, 05/15/2017⁽¹⁾		2,003,196
		3,000,000	0.99%, 04/02/2018⁽¹⁾		3,036,786
		3,750,000	Macquarie Bank Ltd. 1.28%, 01/31/2017⁽¹⁾⁽²⁾		3,767,434
		4,000,000	National Rural Utilities Cooperative Finance Corp. 0.58%, 11/23/2016⁽¹⁾		4,004,668
		1,700,000	Synchrony Financial 1.51%, 02/03/2020⁽¹⁾		1,707,485

					23,988,619

			Electric - 1.3%
		6,000,000	Duke Energy Indiana, Inc. 0.63%, 07/11/2016⁽¹⁾		6,004,260
		905,000	Exelon Corp. 1.55%, 06/09/2017		906,286
		3,165,000	NSTAR Electric Co. 0.52%, 05/17/2016⁽¹⁾		3,158,078

					10,068,624

			Electronics - 0.2%
		1,450,000	Thermo Fisher Scientific, Inc. 1.30%, 02/01/2017		1,447,592

			Gas - 0.5%
		4,000,000	Dominion Gas Holdings LLC 1.05%, 11/01/2016		3,993,716

			Healthcare-Products - 0.5%
		1,820,000	Medtronic, Inc. 1.50%, 03/15/2018⁽²⁾		1,815,883
		1,750,000	Zimmer Holdings, Inc. 1.45%, 04/01/2017		1,750,592

					3,566,475

			Home Furnishings - 0.3%
		2,645,000	Whirlpool Corp. 1.35%, 03/01/2017		2,652,782

			Insurance - 1.9%
		3,500,000	New York Life Global Funding 1.13%, 03/01/2017⁽²⁾		3,497,148
		3,500,000	Pricoa Global Funding I 1.15%, 11/25/2016⁽²⁾		3,499,037


Shares or Principal Amount				Market Value^†
CORPORATE BONDS - 47.6% - (continued)
			Insurance - 1.9% - (continued)
			Principal Life Global Funding II
	$	2,000,000	1.13%, 02/24/2017⁽²⁾	$	1,997,254
		1,450,000	1.20%, 05/19/2017⁽²⁾		1,449,198
		4,000,000	Prudential Financial, Inc. 1.05%, 08/15/2018⁽¹⁾		4,025,696

					14,468,333

			IT Services - 0.4%
		3,000,000	Hewlett-Packard Co. 1.22%, 01/14/2019⁽¹⁾		2,957,844

			Machinery - Construction & Mining - 0.3%
		2,175,000	Caterpillar Financial Services Corp. 0.51%, 03/03/2017⁽¹⁾		2,178,093

			Media - 0.9%
		3,000,000	NBCUniversal Enterprise, Inc. 0.96%, 04/15/2018⁽¹⁾⁽²⁾		3,013,623
			Thomson Reuters Corp.
		700,000	0.88%, 05/23/2016		698,582
		3,000,000	1.30%, 02/23/2017		2,993,016

					6,705,221

			Oil & Gas - 2.5%
			BP Capital Markets plc
		3,000,000	0.70%, 11/07/2016⁽¹⁾		2,999,070
		4,000,000	0.91%, 09/26/2018⁽¹⁾		4,009,884
		2,345,000	1.67%, 02/13/2018		2,353,219
		3,000,000	ConocoPhillips Co. 0.61%, 05/15/2018⁽¹⁾		2,999,100
		4,250,000	Devon Energy Corp. 0.83%, 12/15/2016⁽¹⁾		4,200,985
		3,000,000	Statoil ASA 0.74%, 11/08/2018⁽¹⁾		2,995,914

					19,558,172

			Pharmaceuticals - 2.1%
			Actavis Funding SCS
		2,000,000	1.30%, 06/15/2017		1,986,494
		4,700,000	1.37%, 03/12/2018⁽¹⁾		4,719,679
		1,750,000	Baxalta, Inc. 1.06%, 06/22/2018⁽¹⁾⁽²⁾		1,749,477
		2,000,000	Bayer US Finance LLC 0.56%, 10/06/2017⁽¹⁾⁽²⁾		1,995,954
		1,500,000	Express Scripts Holding Co. 1.25%, 06/02/2017		1,492,972
		3,300,000	McKesson Corp. 1.29%, 03/10/2017		3,295,189
		935,000	Perrigo Co. Ltd. 1.30%, 11/08/2016		931,042

					16,170,807

			Pipelines - 0.5%
			Enbridge, Inc.
		1,800,000	0.73%, 06/02/2017⁽¹⁾		1,778,450
		2,000,000	0.93%, 10/01/2016⁽¹⁾		1,996,790

					3,775,240

			Real Estate Investment Trusts - 0.6%
			Ventas Realty L.P.
		570,000	1.25%, 04/17/2017		568,598
		4,000,000	1.55%, 09/26/2016		4,014,744

					4,583,342


Shares or Principal Amount					Market Value^†
CORPORATE BONDS - 47.6% - (continued)
				Retail - 0.3%
	$		2,585,000	CVS Health Corp. 1.20%, 12/05/2016	$	2,588,622

				Software - 0.1%
			405,000	Fidelity National Information Services, Inc. 1.45%, 06/05/2017		404,086

				Telecommunications - 1.1%
				British Telecommunications plc
			1,190,000	1.25%, 02/14/2017		1,188,113

			3,135,000	1.63%, 06/28/2016		3,150,929

			4,000,000	Verizon Communications, Inc. 2.04%, 09/14/2018⁽¹⁾		4,138,180

						8,477,222

				Trucking & Leasing - 0.1%
			1,145,000	GATX Corp. 1.25%, 03/04/2017		1,141,622


				Total Corporate Bonds (cost $369,311,101)	$	369,258,803



		MUNICIPAL BONDS - 0.7%
				Education - 0.2%
			2,000,000	New Jersey State Econ DA 1.10%, 06/15/2016	$	1,987,420

				General - 0.2%
			1,750,000	State of Illinois 5.13%, 07/01/2017		1,833,142

				Transportation - 0.3%
			2,000,000	New Jersey Transit Corp. 0.80%, 09/15/2015		2,000,280


				Total Municipal Bonds (cost $5,864,129)	$	5,820,842



U.S. GOVERNMENT AGENCIES - 14.3%
				FFCB - 10.5%
	$		20,000,000	0.45%, 04/18/2016	$	20,020,420
			27,000,000	0.45%, 09/08/2016		27,008,721
			34,150,000	0.50%, 06/27/2016		34,198,220
						81,227,361
				FHLMC - 0.9%
			7,165,000	0.63%, 11/01/2016		7,178,614

				FNMA - 2.9%
			10,049,000	0.50%, 09/28/2015		10,047,131
			12,500,000	0.50%, 03/30/2016		12,517,337

						22,564,468


				Total U.S. Government Agencies (cost $110,933,079)	$	110,970,443



U.S. GOVERNMENT SECURITIES - 13.9%
				Other Direct Federal Obligations - 13.9%
				FHLB - 13.9%
	$		23,000,000	0.34%, 01/25/2016	$	23,013,731
			5,580,000	0.33%, 06/17/2016		5,573,845
			22,250,000	0.32%, 03/18/2016		22,272,139
			12,500,000	1.00%, 03/11/2016		12,553,950
			38,660,000	0.38%, 06/24/2016		38,657,371

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.

The following is a rollforward of the Fund’s investments that were valued using unobservable inputs (Level 3) for the six-month period ended June 30, 2015:

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at June 30, 2015 was $(0).


Shares or Principal Amount				Market Value^†
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 18.7%
			Asset-Backed - Automobile - 2.7%
	$	2,595,000	Capital Automotive Receivables Asset Trust 2.22%, 01/22/2019	$	2,620,423
		30,603	Carfinance Capital Automotive Trust 1.65%, 07/17/2017⁽¹⁾		30,612
		3,595,000	Credit Acceptance Automotive Loan Trust 2.21%, 09/15/2020⁽¹⁾		3,610,890
		3,430,000	Drive Auto Receivables Trust 2.12%, 06/17/2019⁽¹⁾		3,429,588
		1,240,000	Huntington Automotive Trust 1.07%, 02/15/2018		1,237,572
		3,350,000	Westlake Automobile Receivables Trust 3.40%, 01/15/2021⁽¹⁾		3,349,665

					14,278,750

			Asset-Backed - Credit Card - 0.8%
		4,180,000	Cabela’s Master Credit Card Trust 0.64%, 07/15/2022⁽²⁾		4,171,636

			Asset-Backed - Finance & Insurance - 10.0%
		3,385,000	Apidos CLO 1.77%, 04/17/2026⁽¹⁾⁽²⁾		3,381,953
			Ares CLO Ltd.
		4,755,000	1.73%, 04/20/2023⁽¹⁾⁽²⁾		4,700,793
		3,135,000	1.80%, 04/17/2026⁽¹⁾⁽²⁾		3,135,314
		1,205,000	Avalon IV Capital Ltd. 2.12%, 04/17/2023⁽¹⁾⁽²⁾		1,203,554
		3,710,667	Cal Funding II Ltd. 3.47%, 10/25/2027⁽¹⁾		3,716,826
		4,085,000	Dryden Senior Loan Fund 1.63%, 04/18/2026⁽¹⁾⁽²⁾		4,071,111
		2,000,000	Flatiron CLO Ltd. 2.17%, 07/17/2026⁽¹⁾⁽²⁾		1,997,400
		695,000	Ford Credit Floorplan Master Owner Trust 2.32%, 01/15/2019		705,161
		3,400,000	ING Investment Management CLO Ltd. 2.14%, 03/14/2022⁽¹⁾⁽²⁾		3,395,580
		3,400,000	Limerock CLO 1.78%, 04/18/2026⁽¹⁾⁽²⁾		3,398,640
		2,990,000	Magnetite CLO Ltd. 2.23%, 07/25/2026⁽¹⁾⁽²⁾		2,986,113
		1,815,000	Nationstar Agency Advance Funding Trust 1.89%, 02/18/2048⁽¹⁾		1,783,056
		1,885,000	Ocwen Freddie Advance Funding 2.06%, 11/15/2045⁽¹⁾		1,885,000
		3,395,809	SpringCastle America Funding LLC 2.70%, 05/25/2023⁽¹⁾		3,416,829
			Springleaf Funding Trust
		2,890,000	2.41%, 12/15/2022⁽¹⁾		2,893,613
		4,720,000	3.16%, 11/15/2024⁽¹⁾		4,775,993
		1,350,053	Structured Asset Securities Corp. 1.69%, 02/25/2033⁽²⁾		1,345,981
		3,473,000	TAL Advantage LLC 2.83%, 02/22/2038⁽¹⁾		3,455,649
		1,370,000	Voya CLO Ltd. 1.73%, 07/17/2026⁽¹⁾⁽²⁾		1,369,178

					53,617,744

			Asset-Backed - Home Equity - 0.2%
		157,052	Master Asset Backed Securities Trust 2.89%, 05/25/2033⁽²⁾		152,987
		1,193,522	Morgan Stanley Asset Backed Securities Capital I 1.69%, 11/25/2032⁽²⁾		1,177,443

					1,330,430


Shares or Principal Amount				Market Value^†
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 18.7% - (continued)
			Commercial Mortgage-Backed Securities - 0.4%
	$	2,050,000	FREMF Mortgage Trust 3.95%, 06/25/2047⁽¹⁾⁽²⁾	$	2,127,505

			Whole Loan Collateral CMO - 4.6%
		4,834,212	LSTAR Securities Investment Trust 2.18%, 05/01/2020⁽¹⁾⁽²⁾		4,787,378
		2,636,617	Morgan Stanley Dean Witter Capital I 1.70%, 03/25/2033⁽²⁾		2,467,470
		2,337,481	Sequoia Mortgage Trust 0.42%, 02/20/2035⁽²⁾		2,196,678
			Springleaf Mortgage Loan Trust
		2,543,578	1.27%, 06/25/2058⁽¹⁾⁽²⁾		2,540,449
		2,311,996	1.57%, 12/25/2059⁽¹⁾⁽²⁾		2,316,569
		3,157,419	Thornburg Mortgage Securities Trust 2.23%, 04/25/2045⁽²⁾		3,172,142
			WaMu Mortgage Pass-Through Certificates
		2,227,915	2.16%, 03/25/2033⁽²⁾		2,230,179
		2,592,133	2.33%, 10/25/2035⁽²⁾		2,492,232
		2,463,199	Wells Fargo Mortgage Backed Securities Trust 2.51%, 09/25/2033⁽²⁾		2,456,267

					24,659,364

			Total Asset & Commercial Mortgage Backed Securities (cost $99,474,622)	$	100,185,429



MUNICIPAL BONDS - 0.6%
			Power - 0.6%
	$	2,920,000	Utility Debt Securitization Auth, New York 3.44%, 12/15/2025	$	3,021,032

			Total Municipal Bonds (cost $2,919,836)	$	3,021,032



U.S. GOVERNMENT AGENCIES - 53.3%
			FHLMC - 8.9%
	$	5,887,702	0.56%, 04/25/2020⁽²⁾	$	5,914,279
		11,559,136	1.57%, 01/25/2022		11,490,544
		4,709,923	2.55%, 06/01/2042⁽²⁾		4,887,795
		6,000,000	3.50%, 11/15/2025		6,386,436
		1,600,000	3.50%, 07/01/2045⁽³⁾		1,646,000
		112,671	4.50%, 12/01/2018		117,343
		9,260	5.50%, 06/01/2034		10,418
		73,611	5.50%, 10/01/2035		82,526
		125,206	5.50%, 04/01/2037		140,118
		1,593,359	5.50%, 12/01/2037		1,783,460
		547,535	5.50%, 04/01/2038		612,626
		37,742	5.50%, 05/01/2038		42,257
		3,147,204	5.50%, 08/01/2038		3,521,357
		15,418	5.50%, 08/01/2038		17,467
		6,174	5.50%, 12/01/2039		6,908
		78,978	6.00%, 10/01/2021		89,297
		103,331	6.00%, 10/01/2022		116,908
		119,488	6.00%, 01/01/2028		136,081
		43,513	6.00%, 04/15/2028		49,301
		77,155	6.00%, 05/15/2028⁽⁴⁾		87,840
		7,170	6.00%, 11/15/2028		8,180
		82,690	6.00%, 11/15/2028		94,091
		168,417	6.00%, 12/15/2028		191,597
		235,214	6.00%, 01/15/2029		267,136
		118,105	6.00%, 01/15/2029		135,091


Shares or Principal Amount				Market Value^†
U.S. GOVERNMENT AGENCIES - 53.3% - (continued)
			FHLMC - 8.9% - (continued)
	$	48,505	6.00%, 02/15/2029	$	55,422
		34,659	6.00%, 02/15/2029		39,495
		91,678	6.00%, 03/15/2029		103,980
		56,292	6.00%, 05/15/2029		64,245
		15,009	6.00%, 06/15/2029		17,157
		3,872	6.00%, 03/15/2031		4,421
		147,955	6.00%, 04/15/2031		168,238
		16,967	6.00%, 04/15/2031		19,305
		79,283	6.00%, 10/15/2031		90,462
		93,062	6.00%, 12/01/2031		106,194
		592,647	6.00%, 12/15/2031⁽⁴⁾		675,234
		734,679	6.00%, 12/15/2031		836,148
		30,117	6.00%, 05/15/2032		34,119
		1,683,157	6.00%, 06/15/2032		1,909,712
		41,839	6.00%, 09/15/2032		47,728
		1,362,542	6.00%, 09/15/2032		1,537,980
		127,328	6.00%, 10/15/2032		145,907
		1,019	6.00%, 11/01/2032		1,167
		93,859	6.00%, 11/15/2032		106,998
		16,603	6.00%, 04/01/2033		18,795
		30,673	6.00%, 09/01/2034		34,827
		23,449	6.50%, 02/01/2017		24,218
		11,878	6.50%, 04/01/2028		13,604
		528,962	6.50%, 08/15/2028		590,756
		1,501,056	6.50%, 05/15/2032		1,748,007
		175,652	6.50%, 08/01/2032		202,924
		28,773	6.50%, 09/01/2032		32,953
		379,022	6.50%, 09/01/2032		446,935
		29,607	7.00%, 10/01/2026		31,170
		3,670	7.00%, 03/01/2027		4,066
		4,004	7.00%, 03/01/2027		4,706
		4,805	7.00%, 12/01/2027		4,989
		1,632	7.00%, 02/01/2029		1,946
		1,267	7.00%, 05/01/2029		1,475
		2,194	7.00%, 09/01/2029		2,474
		844	7.00%, 02/01/2031		1,011
		139,060	7.00%, 04/01/2032		164,292
		64,569	7.00%, 05/01/2032		66,650
		94,757	7.00%, 06/01/2032		111,679
		151,569	7.00%, 11/01/2032		178,967
		5,105	7.50%, 05/01/2024		5,986
		896	7.50%, 06/01/2024		912
		2,269	7.50%, 06/01/2025		2,431
		514	8.00%, 08/01/2024		576
		758	8.00%, 08/01/2024		851
		265	8.00%, 08/01/2024		272
		5,015	8.00%, 08/01/2024		5,171
		6,085	8.00%, 09/01/2024		6,433
		235	8.00%, 10/01/2024		266
		950	8.00%, 10/01/2024		965
		8,644	8.00%, 10/01/2024		9,186
		571	8.50%, 10/01/2024		573
		6,093	10.00%, 11/01/2020		6,178

					47,525,212

			FNMA - 34.9%
		8,232,875	1.49%, 03/01/2018		8,266,763
		3,545,000	2.22%, 10/01/2022		3,500,681
		1,809,645	2.25%, 10/01/2022		1,787,710
		6,376,023	2.25%, 10/01/2022		6,289,030
		3,570,000	2.31%, 10/01/2022		3,538,569


Shares or Principal Amount				Market Value^†
U.S. GOVERNMENT AGENCIES - 53.3% - (continued)
			FNMA - 34.9% - (continued)
	$	920,000	2.36%, 06/01/2019	$	940,465
		1,080,000	2.52%, 10/01/2022		1,085,284
		2,061,839	2.56%, 01/01/2019		2,123,176
		1,560,023	2.65%, 07/01/2019		1,605,964
		1,285,303	2.72%, 05/01/2021		1,318,937
		271,050	2.83%, 05/01/2021		280,163
		3,805,319	3.00%, 03/01/2043		3,810,415
		2,124,412	3.00%, 08/01/2043		2,125,283
		11,929,486	3.00%, 08/01/2043		11,934,394
		26,300,000	3.00%, 07/01/2045⁽³⁾		26,201,888
		63,488	3.05%, 10/01/2020		66,348
		7,847,278	3.11%, 10/01/2021		8,200,264
		629,123	3.25%, 04/01/2021		663,366
		961,034	3.25%, 11/01/2021		1,007,666
		300,022	3.27%, 05/01/2021		316,637
		329,996	3.39%, 11/01/2020		349,372
		277,905	3.41%, 11/01/2020		294,467
		6,716,487	3.50%, 10/01/2020		7,145,256
		232,406	3.50%, 11/01/2020		247,264
		948,625	3.50%, 11/01/2021		1,008,238
		4,100,000	3.50%, 07/01/2030⁽³⁾		4,324,026
		12,250,000	3.50%, 07/01/2045⁽³⁾		12,624,200
		7,636,120	3.74%, 06/01/2018		8,088,333
		11,000,000	4.00%, 07/01/2045⁽³⁾		11,654,284
		16,900,000	4.50%, 07/01/2045⁽³⁾		18,270,485
		128,196	5.00%, 08/01/2018		134,198
		356,766	5.00%, 10/01/2018		373,468
		274,797	5.00%, 06/01/2025		301,119
		16,700,000	5.00%, 07/01/2045⁽³⁾		18,448,281
		2	5.50%, 08/01/2015		2
		59,832	5.50%, 11/01/2016		60,948
		45,074	5.50%, 10/01/2017		46,796
		36,503	5.50%, 12/01/2017		37,914
		193,097	5.50%, 04/01/2018		201,155
		118,549	5.50%, 06/01/2018		122,874
		10,458	5.50%, 07/01/2018		10,990
		1,344,273	5.50%, 08/01/2019		1,432,648
		412,415	6.00%, 10/01/2023		467,568
		51,870	6.00%, 10/25/2028		58,913
		18,957	6.00%, 11/25/2028		21,591
		78,454	6.00%, 04/25/2029		89,169
		1,135	6.00%, 05/01/2029		1,302
		63,820	6.00%, 05/25/2029		72,475
		53,646	6.00%, 06/25/2029		60,994
		67,334	6.00%, 07/25/2029		76,568
		42,332	6.00%, 07/25/2029		48,149
		116,336	6.00%, 05/25/2031⁽⁴⁾		132,402
		491,831	6.00%, 05/25/2031⁽⁴⁾		562,736
		200,795	6.00%, 09/25/2031		230,045
		38,525	6.00%, 11/25/2031		43,837
		9,030	6.00%, 11/25/2031		10,295
		293,765	6.00%, 12/25/2031		333,404
		443,467	6.00%, 12/25/2031		500,703
		433,022	6.00%, 01/01/2032		496,026
		467	6.00%, 04/01/2032		531
		627	6.00%, 05/01/2032		716
		3,062	6.00%, 09/25/2032		3,351
		157,271	6.00%, 11/01/2032		178,466
		75,168	6.00%, 02/01/2033		85,992
		440,554	6.00%, 03/01/2033		504,233


Shares or Principal Amount				Market Value^†
U.S. GOVERNMENT AGENCIES - 53.3% - (continued)
			FNMA - 34.9% - (continued)
	$	1,024,902	6.00%, 05/01/2033	$	1,174,948
		411,245	6.00%, 05/01/2033		470,748
		19,883	6.00%, 08/01/2034		22,582
		276,975	6.00%, 01/01/2035		316,541
		4,917,297	6.00%, 02/01/2037		5,595,092
		61	6.50%, 04/01/2024		70
		241	6.50%, 04/01/2027		277
		19,646	6.50%, 04/01/2028		22,562
		338	6.50%, 05/01/2028		389
		8,295	6.50%, 10/01/2028		9,568
		4,367	6.50%, 10/01/2028		5,015
		132,676	6.50%, 11/01/2028		154,015
		84,462	6.50%, 11/01/2028		96,998
		26,319	6.50%, 11/01/2028		30,225
		124,574	6.50%, 12/01/2028		144,322
		629,596	6.50%, 06/25/2029⁽⁴⁾		699,106
		438,410	6.50%, 08/01/2029		503,475
		27	6.50%, 09/01/2029		31
		996	6.50%, 11/01/2030		1,144
		8,945	6.50%, 05/01/2031		10,272
		325,520	6.50%, 10/25/2031		366,638
		268,025	6.50%, 08/01/2032		307,803
		1,685,978	6.50%, 08/01/2032		1,936,197
		72,318	6.50%, 09/01/2032		83,051
		92	7.00%, 10/01/2015		92
		677	7.00%, 03/01/2016		685
		323	7.00%, 04/01/2016		328
		210	7.00%, 08/01/2016		214
		28,880	7.00%, 06/01/2017		29,246
		431	7.00%, 06/01/2017		438
		1,250	7.00%, 11/01/2031		1,367
		400	7.00%, 12/01/2031		418
		246,654	7.00%, 02/01/2032		294,645
		81,893	7.00%, 02/01/2032		89,144
		13,900	7.50%, 06/01/2023		15,784
		3,094	8.00%, 10/01/2029		3,538
		11,486	8.00%, 03/01/2030		11,593
		251	8.00%, 03/01/2030		286
		10,049	8.00%, 04/01/2030		12,418
		80	8.00%, 04/01/2030		93
		37	8.00%, 06/01/2030		37
		26,065	8.00%, 10/01/2030		31,650
		29,165	8.00%, 12/01/2030		34,032
		765	8.50%, 04/01/2017		795
		308	9.00%, 08/01/2020		339
		775	9.00%, 09/01/2021		866
		23,144	9.00%, 09/01/2021		23,481

					186,721,345

			GNMA - 9.5%
		13,700,000	3.50%, 07/01/2045⁽³⁾		14,218,568
		25,900,000	4.00%, 07/01/2045⁽³⁾		27,447,427
		1,503,730	5.00%, 01/20/2034		1,684,675
		1,709,054	5.50%, 09/20/2033		1,877,838
		744,985	6.00%, 01/15/2033		868,266
		183,095	6.00%, 02/15/2033		213,976
		318,328	6.00%, 02/15/2033		372,092
		64,912	6.50%, 12/15/2028		75,369
		47,203	6.50%, 05/15/2029		55,664
		726,743	6.50%, 05/16/2031		849,881
		62,389	6.50%, 09/15/2031		71,172


Shares or Principal Amount				Market Value^†
U.S. GOVERNMENT AGENCIES - 53.3% - (continued)
			GNMA - 9.5% - (continued)
	$	273,117	6.50%, 10/15/2031	$	311,568
		305,748	6.50%, 11/15/2031		348,792
		43,115	6.50%, 11/15/2031		49,212
		110,068	6.50%, 11/15/2031		125,564
		199,981	6.50%, 01/15/2032		228,370
		217,475	6.50%, 01/15/2032		253,022
		23,074	7.00%, 06/20/2030		25,634
		23,956	7.00%, 05/15/2032		28,499
		49,714	7.00%, 07/15/2032		56,390
		91,833	7.00%, 09/15/2032		97,504
		39,307	7.00%, 09/15/2032		45,387
		806,093	7.00%, 10/15/2032		949,109
		2,633	7.50%, 04/15/2022		2,643
		4,670	7.50%, 01/15/2023		4,735
		331	7.50%, 05/15/2023		355
		752	7.50%, 05/15/2023		834
		6,986	7.50%, 06/15/2023		7,704
		848	7.50%, 07/15/2023		856
		1,122	7.50%, 07/15/2023		1,127
		997	7.50%, 08/15/2023		1,102
		1,295	7.50%, 08/15/2023		1,341
		3,929	7.50%, 08/15/2023		3,945
		199	7.50%, 08/15/2023		210
		11,055	7.50%, 08/15/2023		11,099
		2,580	7.50%, 08/15/2023		2,830
		8,175	7.50%, 09/15/2023		8,268
		5,687	7.50%, 10/15/2023		6,304
		10,667	7.50%, 10/15/2023		11,118
		23,775	7.50%, 11/15/2023		26,127
		4,086	7.50%, 11/15/2023		4,166
		327	7.50%, 11/15/2023		332
		2,409	7.50%, 12/15/2023		2,439
		8,189	7.50%, 12/15/2023		8,621
		10,991	7.50%, 02/15/2024		11,517
		3,278	7.50%, 04/15/2024		3,352
		238	7.50%, 05/15/2024		263
		3,794	7.50%, 05/15/2024		3,861
		109,134	7.50%, 07/15/2027		125,024
		67,252	7.50%, 04/20/2030		82,784
		136	8.50%, 09/15/2019		137
		10,734	8.50%, 09/15/2024		12,234
		1,322	8.50%, 06/15/2029		1,421
		206	8.50%, 09/15/2029		208
		6,743	8.50%, 10/15/2029		7,367
		2,951	8.50%, 01/15/2030		3,438
		9,088	8.50%, 02/15/2030		9,230
		1,003	8.50%, 03/15/2030		1,095

					50,622,066


			Total U.S. Government Agencies (cost $281,176,433)	$	284,868,623



U.S. GOVERNMENT SECURITIES - 34.2%
			Other Direct Federal Obligations - 23.0%
			FHLB - 23.0%
	$	16,335,000	1.75%, 12/14/2018	$	16,615,815
		4,825,000	1.88%, 08/01/2019		4,827,268
		20,665,000	4.13%, 03/13/2020		22,943,233
		26,000,000	5.25%, 12/09/2022		30,864,626
		45,500,000	5.38%, 05/18/2016		47,497,268

					122,748,210

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.

The following is a rollforward of the Fund’s investments that were valued using unobservable inputs (Level 3) for the six-month period ended June 30, 2015:

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at June 30, 2015 was $0.


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 99.4%
		Banks - 14.2%
	270,295	Citigroup, Inc.	$	14,931,096
	343,712	JP Morgan Chase & Co.		23,289,925
	57,380	M&T Bank Corp.		7,168,483
	137,650	PNC Financial Services Group, Inc.		13,166,223
	430,575	Wells Fargo & Co.		24,215,538

				82,771,265

		Capital Goods - 10.2%
	40,645	3M Co.		6,271,523
	142,435	Eaton Corp. plc		9,612,938
	167,700	Fortune Brands Home & Security, Inc.		7,684,014
	388,530	General Electric Co.		10,323,242
	56,330	Illinois Tool Works, Inc.		5,170,531
	87,285	Ingersoll-Rand plc		5,884,755
	98,620	Spirit Aerosystems Holdings, Inc. Class A^*		5,434,948
	83,920	United Technologies Corp.		9,309,246

				59,691,197

		Commercial & Professional Services - 1.1%
	140,900	Nielsen N.V.		6,308,093

		Consumer Durables & Apparel - 3.0%
	139,080	Newell Rubbermaid, Inc.		5,717,579
	286,515	PulteGroup, Inc.		5,773,277
	53,265	PVH Corp.		6,136,128

				17,626,984

		Consumer Services - 2.0%
	218,820	Hilton Worldwide Holdings, Inc.^*		6,028,491
	102,490	Norwegian Cruise Line Holdings Ltd.^*		5,743,540

				11,772,031

		Diversified Financials - 6.4%
	62,730	Ameriprise Financial, Inc.		7,836,859
	27,075	BlackRock, Inc.		9,367,408
	35,000	Goldman Sachs Group, Inc.		7,307,650
	34,195	Intercontinental Exchange, Inc.		7,646,344
	144,400	Invesco Ltd.		5,413,556
	230,200	Solar Cayman Ltd.^*(1)(2)(3)		16,114

				37,587,931

		Energy - 10.7%
	59,935	Anadarko Petroleum Corp.		4,678,526
	118,735	Chevron Corp.		11,454,365
	84,230	EOG Resources, Inc.		7,374,336
	109,565	Exxon Mobil Corp.		9,115,808
	180,695	Halliburton Co.		7,782,534
	317,840	Marathon Oil Corp.		8,435,473
	61,710	Occidental Petroleum Corp.		4,799,187
	32,340	Pioneer Natural Resources Co.		4,485,235
	186,560	Southwestern Energy Co.^*		4,240,509

				62,365,973

		Food & Staples Retailing - 1.3%
	70,620	CVS Health Corp.		7,406,626

		Food, Beverage & Tobacco - 3.7%
	53,640	Anheuser-Busch InBev N.V. ADR		6,472,739
	87,840	British American Tobacco plc		4,729,525
	28,555	Diageo plc ADR		3,313,522
	82,983	Kraft Foods Group, Inc.		7,065,173

				21,580,959


Shares or Principal Amount			Market Value^†
COMMON STOCKS - 99.4% - (continued)
		Health Care Equipment & Services - 3.8%
	73,920	Baxter International, Inc.	$	5,169,226
	122,716	Medtronic plc		9,093,255
	66,305	UnitedHealth Group, Inc.		8,089,210

				22,351,691

		Insurance - 6.3%
	78,840	ACE Ltd.		8,016,451
	102,845	American International Group, Inc.		6,357,878
	111,360	Marsh & McLennan Cos., Inc.		6,314,112
	146,790	MetLife, Inc.		8,218,772
	89,875	Principal Financial Group, Inc.		4,609,689
	95,355	Unum Group		3,408,941

				36,925,843

		Materials - 3.9%
	110,700	Axalta Coating Systems Ltd.^*		3,661,956
	142,900	Dow Chemical Co.		7,312,193
	103,795	International Paper Co.		4,939,604
	60,085	Nucor Corp.		2,647,946
	213,205	Steel Dynamics, Inc.		4,416,542

				22,978,241

		Media - 3.2%
	103,370	CBS Corp. Class B		5,737,035
	124,105	Comcast Corp. Class A		7,463,674
	136,910	Thomson Reuters Corp.		5,212,164

				18,412,873

		Pharmaceuticals, Biotechnology & Life Sciences - 9.1%
	37,840	Amgen, Inc.		5,809,197
	94,715	AstraZeneca plc ADR		6,034,293
	129,960	Bristol-Myers Squibb Co.		8,647,538
	45,620	Gilead Sciences, Inc.		5,341,189
	261,800	Merck & Co., Inc.		14,904,274
	146,794	Pfizer, Inc.		4,922,003
	27,311	Roche Holding AG		7,657,770

				53,316,264

		Real Estate - 0.3%
	88,510	Paramount Group, Inc. REIT		1,518,832

		Retailing - 4.1%
	81,100	Dollar General Corp.		6,304,714
	66,770	Home Depot, Inc.		7,420,150
	85,400	Lowe’s Cos., Inc.		5,719,238
	63,110	Nordstrom, Inc.		4,701,695

				24,145,797

		Semiconductors & Semiconductor Equipment - 5.5%
	89,850	Analog Devices, Inc.		5,767,022
	358,420	Intel Corp.		10,901,344
	461,470	Marvell Technology Group Ltd.		6,084,482
	264,905	Maxim Integrated Products, Inc.		9,159,091

				31,911,939

		Software & Services - 2.7%
	180,355	Microsoft Corp.		7,962,673
	323,775	Symantec Corp.		7,527,769

				15,490,442

		Technology Hardware & Equipment - 3.2%
	687,030	Cisco Systems, Inc.		18,865,844

The following is a summary of the fair valuations according to the inputs used as of June 30, 2015 in valuing the Fund’s investments.

The following is a rollforward of the Fund’s investments that were valued using unobservable inputs (Level 3) for the six-month period ended June 30, 2015:

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at June 30, 2015 was $0.

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment management fees, distribution and/or service (12b-1) fees, if any, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund 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 of January 1, 2015 through June 30, 2015.

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this row, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on a 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 the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or fees which may be applied at the variable life insurance, variable annuity, or qualified retirement plan product level. Therefore, the second set of columns of the table is 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 be higher. Expenses are equal to the Fund’s annualized expense ratios multiplied by average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Hartford Series Fund, Inc. and Hartford HLS Series Fund II, Inc. (collectively, the “Companies” and each a “Company”) are each an open-end registered management investment company comprised of fifteen and four series, respectively, as of June 30, 2015. Each Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Financial statements for each series of each Company (individually, a “Fund” and collectively, the “Funds”), listed below are included in this report.

Hartford Capital Appreciation HLS Fund (the “Capital Appreciation HLS Fund”)

Hartford International Opportunities HLS Fund (the “International Opportunities HLS Fund”)

Hartford Growth Opportunities HLS Fund (the “Growth Opportunities HLS Fund”)

Hartford Small/Mid Cap Equity HLS Fund (the “Small/Mid Cap Equity HLS Fund”)

Hartford U.S. Government Securities HLS Fund (the “U.S. Government Securities HLS Fund”)

Each Fund serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. Each Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Funds if permitted by their plans.

The Global Growth HLS Fund’s portfolio managers are Matthew D. Hudson (50%) and John A. Boselli (50%). The SmallCap Growth HLS Fund’s portfolio managers are Mammen Chally (80%) and David J. Elliot (20%). The Small Company HLS Fund’s portfolio managers are Steven C. Angeli (91%), Mammen Chally (7%) and Jamie A. Rome (2%). The Small Company HLS Fund portfolio management team also includes Mario E. Abularach and Stephen Mortimer.

Each Fund is a diversified open-end management investment company. Each Fund applies specialized accounting and reporting under Accounting Standards and Codification Topic 946, Financial Services – Investment Companies.

Each Fund, except Balanced HLS Fund, Capital Appreciation HLS Fund, Dividend and Growth HLS Fund, Global Growth HLS Fund, Growth Opportunities HLS Fund, International Opportunities HLS Fund, MidCap HLS Fund, Small/Mid Cap Equity HLS Fund and Stock HLS Fund, is divided into Class IA and Class IB shares. Balanced HLS Fund, Capital Appreciation HLS Fund, Dividend and Growth HLS Fund, Global Growth HLS Fund, Growth Opportunities HLS Fund, International Opportunities HLS Fund, MidCap HLS Fund, Small/Mid Cap Equity HLS Fund and Stock HLS Fund are divided into Class IA, Class IB and Class IC shares. Class IC shares have not commenced operations for Balanced HLS Fund, Dividend and Growth HLS Fund, Global Growth HLS Fund, International Opportunities HLS Fund, MidCap HLS Fund, and Small/Mid Cap Equity HLS Fund and Stock HLS Fund as of the date of this report. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to

distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act and Class IC shares are subject to distribution fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act and are also subject to an administrative service fee.

The following is a summary of significant accounting policies of each Fund in the preparation of its financial statements, which are in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Fixed income investments (other than short-term obligations), non-exchange traded derivatives and centrally cleared swaps held by a Fund are normally valued on the basis of quotes obtained from independent pricing services or brokers and dealers in accordance with procedures established by each Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values through accepted market modeling, trading and pricing conventions. Inputs to the models may include, but are not limited to, prepayment speeds, pricing spread, yield, trade information, dealer quotes, market color, cash flow models and the investment’s terms and conditions. Generally, a Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Senior floating rate interests generally trade in over-the-counter (“OTC”) markets and are priced through an independent pricing service utilizing independent market quotations from loan dealers or financial institutions. A composite bid price is used, which is an average of the dealer marks and dealer runs. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days, which approximates fair value.

Exchange traded options, futures and options on futures are valued at the settlement price or last trade price determined by the relevant exchange as of the NYSE Close. If the last trade price for exchange traded options does not fall between the bid and ask prices, the value will be the mean of the bid and ask prices as of the NYSE Close. If a last trade price is not available, the value will be the mean of the bid and ask prices as of the NYSE Close. If a mean of the bid and ask prices cannot be calculated for the day, the

value will be the bid price as of the NYSE Close. In the case of over-the-counter (“OTC”) options and such instruments that do not trade on an exchange, values may be supplied by a pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other special adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of certain Funds’ shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Funds.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by each Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of each Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

The Board of Directors of each Company generally reviews and approves the “Procedures for Valuation of Portfolio Investments” at least once a year. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Voting members of the Valuation Committee include each Company’s Treasurer or designee and a Vice President of the investment manager or designee. A Vice President of each Company with legal expertise or designee is also included on the Valuation Committee as a non-voting advisory member. In addition, each Company’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a

quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of each Fund’s subadviser, as applicable, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of each Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “lookback” test). The Board of Directors of each Company then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Fair Valuation Summary and the Level 3 roll-forward reconciliation, if applicable, which follows each Fund’s Schedule of Investments.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

Dividend income from domestic securities is accrued on the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, certain Funds will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium, accretion of discounts, inflation adjustments and additional principal received in-kind in lieu of cash, is accrued on a daily basis. Paydown gains and losses on mortgage related and other asset backed securities are included in interest income in the Statements of Operations, as applicable.

The Funds do not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

Orders for the purchase of a Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Funds are not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by each Company’s Board of Directors. Dividends and/or distributions to shareholders are recorded on ex-date. The policy of each Fund is to pay dividends from net investment income and realized gains, if any, at least once a year.

Income dividends and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing (see the Federal Income Taxes: Distributions and Components of Distributable Earnings and Reclassification of Capital Accounts notes).

In connection with each Fund’s ability to purchase investments on a when-issued or forward commitment basis, a Fund may enter into to-be announced (“TBA”) commitments. TBA commitments are forward agreements for the purchase or sale of mortgage backed

securities for a fixed price, with payment and delivery on an agreed-upon future settlement date. The specific securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate and mortgage terms. Although a Fund may enter into TBA commitments with the intention of acquiring or delivering securities for its portfolio, the Fund can extend the settlement date, roll the transaction, or dispose of a commitment prior to settlement if deemed appropriate to do so. If the TBA commitment is closed through the acquisition of an offsetting TBA commitment, the Fund realizes a gain or loss. In a TBA roll transaction, a Fund generally purchases or sells the initial TBA commitment prior to the agreed upon settlement date and enters into a new TBA commitment for future delivery or receipt of the mortgage backed securities. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date.

Each Fund may enter into “dollar rolls” in which a Fund sells securities and contracts with the same counterparty to repurchase substantially similar securities (for example, same issuer, coupon and maturity) on a specified future date at an agreed upon price. A Fund gives up the right to receive interest paid on the investments sold. The Fund would benefit to the extent of any differences between the price received for the security and the lower forward price for the future purchase. Dollar rolls involve the risk that the market value of the securities that a Fund is required to purchase may decline below the agreed upon repurchase price of those securities. A Fund records dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions are excluded from the Funds’ portfolio turnover rate. See each Fund’s Schedule of Investments, if applicable, for open dollar roll transactions as of June 30, 2015.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated. See each Fund’s Schedule of Investments, if applicable, for outstanding senior floating rate interests as of June 30, 2015.

The following disclosures contain information on how and why the Funds use derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect a Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statements of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedules of Investments, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statements of Operations.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. See each Fund’s Schedule of Investments, if applicable, for outstanding foreign currency contracts as of June 30, 2015.

See each Fund’s Schedule of Investments, if applicable, for outstanding purchased and written option contracts as of June 30, 2015. Transactions involving written option contracts during the six-month period ended June 30, 2015, are summarized below:

Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by each Company’s Board of Directors. Changes in market value, if any, are reflected as a component of net changes in unrealized appreciation or depreciation on the Statements of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value (“variation margin”) on the Statements of Assets and Liabilities. Realized gains or losses on centrally cleared swaps are recorded upon the termination of the swap. OTC swap payments received or paid at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap contract to compensate for differences between the stated terms of the swap contract and prevailing market conditions

(credit spreads, currency exchange rates, interest rates and other relevant factors). These upfront premiums are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination or maturity of the swap is recorded as a realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations.

Entering into these contracts involves, to varying degrees, elements of liquidation, counterparty, credit and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contracts may default on its obligation to perform or disagree as to the meaning of contractual terms in the contracts, and that there may be unfavorable changes in market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors).

A Fund’s maximum risk of loss from counterparty risk for OTC swaps is the net value of the discounted cash flows to be received from the counterparty over the contract’s remaining life, and current market value, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between a Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to a Fund to cover the Fund’s exposure to the counterparty. In a centrally cleared swap, while a Fund enters into an agreement with a clearing broker to execute contracts with a counterparty, the performance of the swap is guaranteed by the central clearinghouse, which reduces the Fund’s exposure to counterparty risk. The Fund is still exposed to the counterparty risk through the clearing broker and clearinghouse. The clearinghouse attempts to minimize this risk to its participants through the use of mandatory margin requirements, daily cash settlements and other procedures. Likewise, the clearing broker reduces its risk through margin requirements and required segregation of customer balances.

Credit Default Swap Contracts – The credit default swap market allows a Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign government issues or U.S. municipal issues as of six-month period-end are disclosed in the notes to the Schedules of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and there may also be upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. See each Fund’s Schedule of Investments, if applicable, for outstanding credit default swap contracts as of June 30, 2015.

Interest Rate Swap Contracts – Certain Funds are subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because certain Funds holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap contracts. In a

typical interest rate swap, one party agrees to make regular payments equal to a floating interest rate, based on a specified interest rate or benchmark (e.g. London Interbank Offered Rate (“LIBOR”)), multiplied by a notional amount, in return for payments equal to a fixed rate multiplied by the same amount, for a specific period of time. The net interest received or paid on interest rate swap contracts is recorded as a realized gain or loss. Interest rate swaps are marked to market daily and the change, if any, is recorded as an unrealized gain or loss in the Statements of Operations. When the interest rate swap contract is terminated early, a Fund records a realized gain or loss equal to the difference between the current market value and the upfront premium or cost.

If an interest rate swap contract provides for payments in different currencies, the parties might agree to exchange the notional amount as well. Interest rate swaps may also depend on other prices or rates, such as the value of an index. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the contract. A Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. See each Fund’s Schedule of Investments, if applicable, for outstanding interest rate swap contracts as of June 30, 2015.

Spreadlock Swap Contracts – Certain Funds may invest in spreadlock swap contracts. These contracts involve commitments to pay or receive a settlement amount calculated as the spread difference between two interest rate curves and a fixed spread at a specific forward date determined at the beginning of the contract. Settlement amounts paid or received are recorded as a realized gain or loss on the Statements of Operations at the determination date. See each Fund’s Schedule of Investments, if applicable, for outstanding speadlock swap contracts as of June 30, 2015.

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2015:


	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on futures contracts⁽¹⁾	$	1,918	$	—	$	—	$	—	$	—	$	—	$	1,918

Total	$	1,918	$	—	$	—	$	—	$	—	$	—	$	1,918

Liabilities:
Unrealized depreciation on futures contracts⁽¹⁾	$	57,704	$	—	$	—	$	—	$	—	$	—	$	57,704

Total	$	57,704	$	—	$	—	$	—	$	—	$	—	$	57,704

The volume of derivatives that is presented in the Schedules of Investments is consistent with the Fund’s derivatives activity during the six-month period ended June 30, 2015.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended June 30, 2015


	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain on Derivatives Recognized as a Result of Operations:
Net realized gain (loss) on futures	$	(318,529	)	$	—	$	—	$	—	$	—	$	—	$	(318,529	)

Total	$	(318,529	)	$	—	$	—	$	—	$	—	$	—	$	(318,529	)


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation (depreciation) of futures	$	(118,417	)	$	—	$	—	$	—	$	—	$	—	$	(118,417	)

Total	$	(118,417	)	$	—	$	—	$	—	$	—	$	—	$	(118,417	)

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2015:


	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	546,981	$	—	$	—	$	—	$	—	$	546,981

Total	$	—	$	546,981	$	—	$	—	$	—	$	—	$	546,981


Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	140,293	$	—	$	—	$	—	$	—	$	140,293

Total	$	—	$	140,293	$	—	$	—	$	—	$	—	$	140,293

The volume of derivatives that is presented in the Schedules of Investments is consistent with the Fund’s derivatives activity during the six-month period ended June 30, 2015.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended June 30, 2015


	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts			Commodity Contracts		Other Contracts		Total
Realized Gain on Derivatives Recognized as a Result of Operations:
Net realized gain (loss) on purchased options	$	—	$	—		$	—	$	(19,529	)	$	—	$	—	$	(19,529	)
Net realized gain (loss) on foreign currency contracts		—		10,860,076			—		—			—		—		10,860,076

Total	$	—	$	10,860,076		$	—	$	(19,529	)	$	—	$	—	$	10,840,547


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation (depreciation) of foreign currency	$	—	$	(3,684,446	)	$	—	$	—		$	—	$	—	$	(3,684,446	)

Total	$	—	$	(3,684,446	)	$	—	$	—		$	—	$	—	$	(3,684,446	)

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended June 30, 2015


	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation (depreciation) of foreign currency	$	—	$	(848	)	$	—	$	—	$	—	$	—	$	(848	)

Total	$	—	$	(848	)	$	—	$	—	$	—	$	—	$	(848	)

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended June 30, 2015


	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain on Derivatives Recognized as a Result of Operations:
Net realized gain (loss) on foreign currency contracts	$	—	$	(28,402	)	$	—	$	—	$	—	$	—	$	(28,402	)

Total	$	—	$	(28,402	)	$	—	$	—	$	—	$	—	$	(28,402	)


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation (depreciation) of foreign currency	$	—	$	(3,944	)	$	—	$	—	$	—	$	—	$	(3,944	)

Total	$	—	$	(3,944	)	$	—	$	—	$	—	$	—	$	(3,944	)

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2015:


	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts			Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	55,582	$	—		$	—	$	—	$	—	$	55,582

Total	$	—	$	55,582	$	—		$	—	$	—	$	—	$	55,582


Liabilities:
Unrealized depreciation on swap contracts⁽¹⁾	$	—	$	—	$	(1,577	)	$	—	$	—	$	—	$	(1,577	)

Total	$	—	$	—	$	(1,577	)	$	—	$	—	$	—	$	(1,577	)

The volume of derivatives that is presented in the Schedules of Investments is consistent with the Fund’s derivatives activity during the six-month period ended June 30, 2015.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended June 30, 2015


	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts			Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain on Derivatives Recognized as a Result of Operations:
Net realized gain (loss) on swap contracts	$	—	$	—		$	(10,702	)	$	—	$	—	$	—	$	(10,702	)
Net realized gain (loss) on foreign currency contracts		—		1,097,009			—			—		—		—		1,097,009

Total	$	—	$	1,097,009		$	(10,702	)	$	—	$	—	$	—	$	1,086,307


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation (depreciation) of swap contracts	$	—	$	—		$	449		$	—	$	—	$	—	$	449
Net change in unrealized appreciation (depreciation) of foreign currency		—		(226,514	)		—			—		—		—		(226,514	)

Total	$	—	$	(226,514	)	$	449		$	—	$	—	$	—	$	(226,065	)

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended June 30, 2015


	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation (depreciation) of foreign currency	$	—	$	(13,288	)	$	—	$	—	$	—	$	—	$	(13,288	)

Total	$	—	$	(13,288	)	$	—	$	—	$	—	$	—	$	(13,288	)

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended June 30, 2015


	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation (depreciation) of foreign currency	$	—	$	538	$	—	$	—	$	—	$	—	$	538

Total	$	—	$	538	$	—	$	—	$	—	$	—	$	538

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended June 30, 2015

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2015:


	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Investments in securities, at value (purchased options), market value	$	—	$	50,331	$	—	$	—	$	—	$	—	$	50,331
Unrealized appreciation on futures contracts⁽¹⁾		3,681,861		—		—		—		—		—		3,681,861
Unrealized appreciation on foreign currency contracts		—		1,303,464		—		—		—		—		1,303,464
Unrealized appreciation on swap contracts⁽²⁾		434,876		—		2,827,201		—		—		—		3,262,077

Total	$	4,116,737	$	1,353,795	$	2,827,201	$	—	$	—	$	—	$	8,297,733


Liabilities:
Unrealized depreciation on futures contracts⁽¹⁾	$	1,529,076	$	—	$	—	$	—	$	—	$	—	$	1,529,076
Unrealized depreciation on foreign currency contracts		—		2,632,385		—		—		—		—		2,632,385
Unrealized depreciation on swap contracts⁽²⁾		391,784		—		6,799,611		—		—		—		7,191,395

Total	$	1,920,860	$	2,632,385	$	6,799,611	$	—	$	—	$	—	$	11,352,856

The volume of derivatives that is presented in the Schedules of Investments is consistent with the Fund’s derivatives activity during the six-month period ended June 30, 2015.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended June 30, 2015


	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain on Derivatives Recognized as a Result of Operations:
Net realized gain (loss) on purchased options	$	(1,033,094	)	$	(687,625	)	$	—		$	—	$	—	$	—	$	(1,720,719	)
Net realized gain (loss) on futures		6,474,525			—			—			—		—		—		6,474,525
Net realized gain (loss) on written options		1,487,524			—			—			—		—		—		1,487,524
Net realized gain (loss) on swap contracts		(148,206	)		—			(8,747,214	)		—		—		—		(8,895,420	)
Net realized gain (loss) on foreign currency contracts		—			6,608,902			—			—		—		—		6,608,902

Total	$	6,780,749		$	5,921,277		$	(8,747,214	)	$	—	$	—	$	—	$	3,954,812


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation (depreciation) of investments in purchased options	$	883,975		$	151,393		$	—		$	—	$	—	$	—	$	1,035,368
Net change in unrealized appreciation (depreciation) of futures		1,892,986			—			—			—		—		—		1,892,986
Net change in unrealized appreciation (depreciation) of swap contracts		44,908			—			2,055,210			—		—		—		2,100,118
Net change in unrealized appreciation (depreciation) of foreign currency		—			(2,479,407	)		—			—		—		—		(2,479,407	)

Total	$	2,821,869		$	(2,328,014	)	$	2,055,210		$	—	$	—	$	—	$	2,549,065

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2015:


	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on futures contracts⁽¹⁾	$	121,967	$	—	$	—	$	—	$	—	$	—	$	121,967

Total	$	121,967	$	—	$	—	$	—	$	—	$	—	$	121,967


Liabilities:
Unrealized depreciation on futures contracts⁽¹⁾		280,786		—		—		—		—		—		280,786

Total	$	280,786	$	—	$	—	$	—	$	—	$	—	$	280,786

The volume of derivatives that is presented in the Schedules of Investments is consistent with the Fund’s derivatives activity during the six-month period ended June 30, 2015.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended June 30, 2015


	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain on Derivatives Recognized as a Result of Operations:
Net realized gain (loss) on futures	$	(724,869	)	$	—	$	—	$	—	$	—	$	—	$	(724,869	)

Total	$	(724,869	)	$	—	$	—	$	—	$	—	$	—	$	(724,869	)


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation (depreciation) of futures	$	(423,045	)	$	—	$	—	$	—	$	—	$	—	$	(423,045	)

Total	$	(423,045	)	$	—	$	—	$	—	$	—	$	—	$	(423,045	)

The following tables present the Funds’ derivative assets and liabilities, presented on a gross basis as no amounts are netted within the Statements of Assets and Liabilities, by counterparty net of amounts available for offset under a master netting agreement or similar agreement (“MNA”) and net of the related collateral received/pledged by the Funds as of June 30, 2015:


Total Return Bond HLS Fund
Counterparty	Gross Amount of Assets ($)		Financial Instruments and Derivatives Available for Offset ($)			Non-cash Collateral Received ($)*		Cash Collateral Received ($)*			Net Amount of Assets ($)
Bank of America Securities LLC		3,612,137		(2,429,402	)		—		(1,182,735	)		—
Barclays		623,519		(331,700	)		—		—			291,819
Citibank NA		7,960,741		(1,090,026	)		—		(6,870,715	)		—
Credit Suisse International		4,363,449		(1,708,958	)		—		(2,029,000	)		625,491
Deutsche Bank Securities, Inc.		989,291		(424,428	)		—		(564,863	)		—
Goldman Sachs & Co.		3,806,177		(948,822	)		—		—			2,857,355
HSBC Bank USA		191,883		(39,998	)		—		—			151,885
JP Morgan Chase & Co.		615,890		(172,711	)		—		(443,179	)		—
Morgan Stanley		3,879,557		(1,549,926	)		—		(2,329,631	)		—
RBC Dominion Securities, Inc.		231,429		—			—		—			231,429
Standard Chartered Bank		31,197		(31,197	)		—		—			—
State Street Global Markets LLC		459,338		(459,338	)		—		—			—
UBS AG		18,826		(18,826	)		—		—			—

Total		26,783,434		(9,205,332	)		—		(13,420,123	)		4,157,979


Counterparty	Gross Amount of Liabilities ($)			Financial Instruments and Derivatives Available for Offset ($)		Non-cash Collateral Pledged ($)*		Cash Collateral Pledged ($)*		Net Amount of Liabilities ($)
Bank of America Securities LLC		(2,429,402	)		2,429,402		—		—		—
Barclays		(331,700	)		331,700		—		—		—
BNP Paribas Securities Services		(440,059	)		—		—		—		(440,059	)
Citibank NA		(1,090,026	)		1,090,026		—		—		—
Commonwealth Bank of Australia		(11,434	)		—		—		—		(11,434	)
Credit Suisse International		(1,708,958	)		1,708,958		—		—		—
Deutsche Bank Securities, Inc.		(424,428	)		424,428		—		—		—
Goldman Sachs & Co.		(948,822	)		948,822		—		—		—
HSBC Bank USA		(39,998	)		39,998		—		—		—
JP Morgan Chase & Co.		(172,711	)		172,711		—		—		—
Morgan Stanley		(1,549,926	)		1,549,926		—		—		—
Standard Chartered Bank		(48,027	)		31,197		—		—		(16,830	)
State Street Global Markets LLC		(979,752	)		459,338		—		—		(520,414	)
UBS AG		(295,625	)		18,826		—		—		(276,799	)

Total		(10,470,868	)		9,205,332		—		—		(1,265,536	)

The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which a Fund has unsettled or open transactions will default.

Certain investments by a Fund expose the Fund to various risks which may include, but are not limited to, interest rate, prepayment, extension and foreign currency risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by a Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage backed securities, senior floating rate interests and certain asset backed securities. For certain asset backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity.

If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency (U.S. dollars) of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns, if applicable, of the Fund.


Fund	Ordinary Income 2014		Long-Term Capital Gains 2014		Ordinary Income 2013		Long-Term Capital Gains 2013
Balanced HLS Fund	$	50,751,999	$	—	$	45,654,095	$	—
Capital Appreciation HLS Fund	$	461,903,895	$	656,128,494	$	85,541,091	$	—
Disciplined Equity HLS Fund	$	13,399,464	$	—	$	8,169,321	$	—
Dividend & Growth HLS Fund	$	122,936,965	$	449,915,369	$	79,900,341	$	117,037,480
Global Growth HLS Fund	$	2,048,503	$	—	$	2,851,001	$	—
Growth Opportunities HLS Fund	$	79,075,442	$	142,877,866	$	90,288	$	—
Healthcare HLS Fund	$	4,611,295	$	22,145,365	$	1,226,201	$	16,434,949
High Yield HLS Fund	$	35,154,599	$	—	$	43,989,017	$	—
International Opportunities HLS Fund	$	32,481,494	$	—	$	32,189,003	$	—
MidCap HLS Fund	$	27,985,188	$	174,255,206	$	13,250,242	$	45,381,031
MidCap Value HLS Fund	$	2,882,001	$	60,291,875	$	5,561,790	$	—
Small Company HLS Fund	$	92,815,184	$	157,551,966	$	1,351,411	$	98,734,228
Small/Mid Cap Equity HLS Fund	$	17,387,669	$	8,210,898	$	8,399,318	$	2,799,782
SmallCap Growth HLS Fund	$	37,071,356	$	90,138,781	$	1,711,498	$	63,210,540
Stock HLS Fund	$	30,998,185	$	—	$	33,233,298	$	—
Total Return Bond HLS Fund	$	108,767,110	$	—	$	150,660,143	$	—
Ultrashort Bond HLS Fund	$	—	$	—	$	—	$	—
U.S. Government Securities HLS Fund	$	13,850,021	$	—	$	18,548,007	$	—
Value HLS Fund	$	8,937,977	$	—	$	10,588,624	$	—

As of December 31, 2014, the components of distributable earnings (deficit) for each Fund on a tax basis are as follows:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation) on Investments			Total Accumulated Earnings (Deficit)
Balanced HLS Fund	$	12,146,180	$	—	$	(410,577,471	)	$	681,870,105		$	283,438,814
Capital Appreciation HLS Fund	$	331,819,375	$	940,311,001	$	—		$	597,560,414		$	1,869,690,790
Disciplined Equity HLS Fund	$	12,996,247	$	226,565,234	$	—		$	196,456,566		$	436,018,047
Dividend & Growth HLS Fund	$	8,614,532	$	497,141,773	$	—		$	1,320,057,620		$	1,825,813,925
Global Growth HLS Fund	$	2,330,460	$	21,959,704	$	—		$	82,610,089		$	106,900,253
Growth Opportunities HLS Fund	$	75,794,631	$	207,664,264	$	—		$	159,802,062		$	443,260,957
Healthcare HLS Fund	$	3,015,261	$	46,392,427	$	—		$	125,737,201		$	175,144,889
High Yield HLS Fund	$	24,914,441	$	—	$	(9,709,378	)	$	(9,051,612	)	$	6,153,451
International Opportunities HLS Fund	$	20,055,999	$	—	$	(420,204,645)		$	49,673,266		$	(350,475,380	)
MidCap HLS Fund	$	13,049,160	$	197,609,151	$	—		$	408,366,785		$	619,025,096
MidCap Value HLS Fund	$	6,029,763	$	55,017,083	$	—		$	99,219,216		$	160,266,062
Small Company HLS Fund	$	48,169,711	$	208,930,849	$	—		$	186,707,657		$	443,808,217
Small/Mid Cap Equity HLS Fund	$	3,380,788	$	15,888,842	$	—		$	15,879,441		$	35,149,071
SmallCap Growth HLS Fund	$	17,250,863	$	81,753,100	$	—		$	81,826,644		$	180,830,607
Stock HLS Fund	$	1,119,394	$	—	$	(415,868,442	)	$	430,931,910		$	16,182,862
Total Return Bond HLS Fund	$	137,524,449	$	23,735,134	$	—		$	30,998,436		$	192,258,019
Ultrashort Bond HLS Fund	$	2,121,947	$	32,791	$	—		$	(666,605	)	$	1,488,133
U.S. Government Securities HLS Fund	$	9,323,809	$	—	$	(119,061,647	)	$	10,360,561		$	(99,377,277	)
Value HLS Fund	$	855,425	$	15,653,428	$	—		$	193,035,509		$	209,544,362


Fund	Capital Stock and Paid-in-Capital			Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)
Balanced HLS Fund		—			1,136,471			(1,136,471	)
Capital Appreciation HLS Fund		26			(2,942,458	)		2,942,432
Disciplined Equity HLS Fund		—			18,987			(18,987	)
Dividend & Growth HLS Fund		—			(148,820	)		148,820
Global Growth HLS Fund		5,637			(4,557	)		(1,080	)
Growth Opportunities HLS Fund		(26,064	)		(134,749	)		160,813
Healthcare HLS Fund		—			41,636			(41,636	)
High Yield HLS Fund		—			64,594			(64,594	)
International Opportunities HLS Fund		—			3,693,058			(3,693,058	)
MidCap HLS Fund		—			(66,892	)		66,892
MidCap Value HLS Fund		—			(213,026	)		213,026
Small Company HLS Fund		—			5,567,966			(5,567,966	)
Small/Mid Cap Equity HLS Fund		—			(250,986	)		250,986
SmallCap Growth HLS Fund		—			(228,196	)		228,196
Stock HLS Fund		—			25,909			(25,909	)
Total Return Bond HLS Fund		—			(6,125,757	)		6,125,757
Ultrashort Bond HLS Fund		—			130,853			(130,853	)
U.S. Government Securities HLS Fund		(15,888,105	)		668,785			15,219,320
Value HLS Fund		—			96,326			(96,326	)

At December 31, 2014 (tax year end), the capital loss carryforwards for U.S. federal income tax purposes were as follows:


	Year of Expiration						Unlimited Short-Term Capital Loss Carryforward		Unlimited Long-Term Capital Loss Carryforward
Fund	2016		2017		2018		Unlimited Short-Term Capital Loss Carryforward		Unlimited Long-Term Capital Loss Carryforward
Balanced HLS Fund	$	—	$	410,577,471	$	—	$	—	$	—
Capital Appreciation HLS Fund	$	—	$	—	$	—	$	—	$	—
Disciplined Equity HLS Fund	$	—	$	—	$	—	$	—	$	—
Dividend & Growth HLS Fund	$	—	$	—	$	—	$	—	$	—
Global Growth HLS Fund	$	—	$	—	$	—	$	—	$	—
Growth Opportunities HLS Fund	$	—	$	—	$	—	$	—	$	—
Healthcare HLS Fund	$	—	$	—	$	—	$	—	$	—
High Yield HLS Fund	$	—	$	9,709,378	$	—	$	—	$	—
International Opportunities HLS Fund	$	132,604,525	$	287,600,120	$	—	$	—	$	—
MidCap HLS Fund	$	—	$	—	$	—	$	—	$	—
MidCap Value HLS Fund	$	—	$	—	$	—	$	—	$	—
Small Company HLS Fund	$	—	$	—	$	—	$	—	$	—
Small/Mid Cap Equity HLS Fund	$	—	$	—	$	—	$	—	$	—
SmallCap Growth HLS Fund	$	—	$	—	$	—	$	—	$	—
Stock HLS Fund	$	—	$	415,868,442	$	—	$	—	$	—
Total Return Bond HLS Fund	$	—	$	—	$	—	$	—	$	—
Ultrashort Bond HLS Fund	$	—	$	—	$	—	$	—	$	—
U.S. Government Securities HLS Fund	$	—	$	25,163,377	$	58,149,395	$	1,202,413	$	34,546,462
Value HLS Fund	$	—	$	—	$	—	$	—	$	—

During the year ended December 31, 2014, the Balanced HLS Fund, Disciplined Equity HLS Fund, Global Growth HLS Fund, Growth Opportunities HLS Fund, High Yield HLS Fund, International Opportunities HLS Fund, MidCap Value HLS Fund, Stock HLS Fund, Total Return Bond HLS Fund and Value HLS Fund utilized $272,971,998, $1,254,587, $58,773,459 $1,911,334, $9,548,329, $136,388,091, $836,717, $145,786,907, $28,282,412 and $50,781,023 of prior year capital loss carryforwards, respectively.

The Ultrashort Bond HLS Fund and the U.S. Government Securities HLS Fund utilized $4,103 and $3,555,709 of prior year short term capital loss carryforwards, respectively.

During the year ended December 31, 2014, the U.S. Government Securities Fund had $15,888,105 in expired capital loss carryforwards.

The schedule below reflects the rates of compensation paid to the investment manager for investment management services rendered as of June 30, 2015; the rates are accrued daily and paid monthly based on each Fund’s average daily net assets, at the following annual rates:

Effective January 1, 2015, the investment manager has contractually agreed to waive investment management fees of 0.02% of average daily net assets until December 31, 2015, for the Balanced HLS Fund.

Effective January 1, 2015, HFMC has delegated certain accounting and administrative services functions to State Street Bank and Trust Company (“State Street”). The costs and expenses of such delegation are borne by HFMC, not by the Funds, and HFMC compensates State Street for its services out of its own resources.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio after waivers reflecting the reduction for fees paid indirectly for the period is as follows:

Pursuant to the Class IB Plan, each Fund may pay the Distributor a fee of up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for distribution financing activities and shareholder account servicing activities. The entire amount of the fee may be used for shareholder servicing expenses and/or distribution expenses. Pursuant to the Class IC Plan, certain Funds may pay the Distributor a fee of up to 0.25% of the average daily net assets of the Fund attributable to its Class IC shares for distribution financing activities.

Each Board has the authority to suspend or reduce these payments at any point in time. The distribution fees paid during the period can be found on the Statements of Operations. These fees are accrued daily and paid monthly or at such other intervals as each Company’s Board of Directors may determine.

As of June 30, 2015, affiliates of The Hartford had ownership of shares in each Fund as follows:

For the six-month period ended June 30, 2015, the cost of purchases and proceeds from sales of investment securities (excluding short-term investments) were as follows:


Fund	Cost of Purchases Excluding U.S. Government Obligations		Sales Proceeds Excluding U.S. Government Obligations
Balanced HLS Fund	$	265,280,080	$	375,555,722
Capital Appreciation HLS Fund	$	2,534,796,263	$	3,091,226,949
Disciplined Equity HLS Fund	$	77,065,316	$	168,519,519
Dividend & Growth HLS Fund	$	378,892,607	$	620,429,100
Global Growth HLS Fund	$	128,906,022	$	152,567,090
Growth Opportunities HLS Fund	$	714,830,662	$	795,650,536
Healthcare HLS Fund	$	82,785,088	$	55,680,435
High Yield HLS Fund	$	62,196,737	$	67,873,290
International Opportunities HLS Fund	$	551,172,073	$	628,413,493
MidCap HLS Fund	$	317,755,135	$	375,937,315
MidCap Value HLS Fund	$	59,894,286	$	98,458,740
Small Company HLS Fund	$	703,323,706	$	734,371,511
Small/Mid Cap Equity HLS Fund	$	46,104,735	$	53,954,391
SmallCap Growth HLS Fund	$	412,362,693	$	264,048,220
Stock HLS Fund	$	209,534,486	$	327,757,967
Total Return Bond HLS Fund	$	952,725,675	$	777,631,756
Ultrashort Bond HLS Fund	$	89,077,155	$	199,978,888
U.S. Government Securities HLS Fund	$	18,327,126	$	41,989,846
Value HLS Fund	$	65,058,601	$	98,411,340


Fund	Total Cost of Purchases		Total Sales Proceeds
Balanced HLS Fund	$	310,807,583	$	511,030,976
Capital Appreciation HLS Fund	$	2,534,796,263	$	3,091,226,949
Disciplined Equity HLS Fund	$	77,065,316	$	168,519,519
Dividend & Growth HLS Fund	$	378,892,607	$	620,429,100
Global Growth HLS Fund	$	128,906,022	$	152,567,090
Growth Opportunities HLS Fund	$	714,830,662	$	795,650,536
Healthcare HLS Fund	$	82,785,088	$	55,680,435
High Yield HLS Fund	$	62,196,737	$	67,873,290
International Opportunities HLS Fund	$	551,172,073	$	628,413,493
MidCap HLS Fund	$	317,755,135	$	375,937,315
MidCap Value HLS Fund	$	59,894,286	$	98,458,740
Small Company HLS Fund	$	703,323,706	$	734,371,511
Small/Mid Cap Equity HLS Fund	$	46,104,735	$	53,954,391
SmallCap Growth HLS Fund	$	412,362,693	$	264,048,220
Stock HLS Fund	$	209,534,486	$	327,757,967
Total Return Bond HLS Fund	$	1,652,791,306	$	1,507,038,365
Ultrashort Bond HLS Fund	$	188,625,722	$	289,285,886
U.S. Government Securities HLS Fund	$	58,092,440	$	142,633,532
Value HLS Fund	$	65,058,601	$	98,411,340

The following information is for the six-month period ended June 30, 2015, and the year ended December 31, 2014:


Balanced HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		261,818		$	7,228,587			1,016,227		$	26,555,626
Shares Issued for Reinvested Dividends		—			—			1,665,575			45,323,982
Shares Redeemed		(6,881,811	)		(189,567,617	)		(18,917,889	)		(493,775,737	)

Net Increase (Decrease)		(6,619,993	)		(182,339,030	)		(16,236,087	)		(421,896,129	)

Class IB
Shares Sold		56,020		$	1,559,533			126,694		$	3,392,605
Shares Issued for Reinvested Dividends		—			—			197,051			5,428,017
Shares Redeemed		(1,149,758	)		(32,081,691	)		(2,837,831	)		(74,968,148	)

Net Increase (Decrease)		(1,093,738	)		(30,522,158	)		(2,514,086	)		(66,147,526	)

Total Net Increase (Decrease)		(7,713,731	)	$	(212,861,188	)		(18,750,173	)	$	(488,043,655	)


Capital Appreciation HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		1,514,995		$	84,377,504			6,700,296		$	401,262,092
Shares Issued for Reinvested Dividends		—			—			18,007,312			997,893,277
Shares Redeemed		(10,883,091	)		(615,484,233	)		(24,279,839	)		(1,433,686,002	)

Net Increase (Decrease)		(9,368,096	)		(531,106,729	)		427,767			(34,530,633	)

Class IB
Shares Sold		58,322		$	3,269,680			188,821		$	10,782,159
Shares Issued for Reinvested Dividends		—			—			2,189,104			120,021,913
Shares Redeemed		(1,351,964	)		(75,944,876	)		(4,656,944	)		(272,505,170	)

Net Increase (Decrease)		(1,293,642	)		(72,675,196	)		(2,279,019	)		(141,701,098	)

Class IC
Shares Sold		121,612		$	6,902,251			61,928		$	3,444,399
Shares Issued for Reinvested Dividends		—			—			2,122			117,200
Shares Redeemed		(6,222	)		(354,839	)		(794	)		(43,794	)

Net Increase (Decrease)		115,390			6,547,412			63,256			3,517,805

Total Net Increase (Decrease)		(10,546,348	)	$	(597,234,513	)		(1,787,996	)	$	172,713,926

Disciplined Equity HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		149,719		$	3,228,374			403,695		$	8,011,289
Shares Issued for Reinvested Dividends		—			—			564,317			11,917,305
Shares Redeemed		(3,779,875	)		(81,443,804	)		(10,159,438	)		(196,512,486	)

Net Increase (Decrease)		(3,630,156	)		(78,215,430	)		(9,191,426	)		(176,583,892	)

Class IB
Shares Sold		44,443		$	954,173			178,285		$	3,578,777
Shares Issued for Reinvested Dividends		—			—			70,541			1,482,159
Shares Redeemed		(726,413	)		(15,607,650	)		(1,587,375	)		(30,468,557	)

Net Increase (Decrease)		(681,970	)		(14,653,477	)		(1,338,549	)		(25,407,621	)

Total Net Increase (Decrease)		(4,312,126	)	$	(92,868,907	)		(10,529,975	)	$	(201,991,513	)


Dividend & Growth HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		1,417,593		$	37,365,263			2,824,776		$	77,988,414
Shares Issued for Reinvested Dividends		—			—			18,649,934			492,460,367
Shares Redeemed		(10,644,445	)		(283,662,766	)		(28,061,477	)		(774,792,328	)

Net Increase (Decrease)		(9,226,852	)		(246,297,503	)		(6,586,767	)		(204,343,547	)

Class IB
Shares Sold		145,122		$	3,862,162			393,364		$	10,839,363
Shares Issued for Reinvested Dividends		—			—			3,058,738			80,391,967
Shares Redeemed		(2,052,284	)		(54,729,137	)		(5,789,235	)		(156,635,532	)

Net Increase (Decrease)		(1,907,162	)		(50,866,975	)		(2,337,133	)		(65,404,202	)

Total Net Increase (Decrease)		(11,134,014	)	$	(297,164,478	)		(8,923,900	)	$	(269,747,749	)

Global Growth HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		373,217		$	9,380,358			647,760		$	12,573,961
Issued in Merger		—			—			2,474,082			60,232,275
Shares Issued for Reinvested Dividends		—			—			76,202			1,805,993
Shares Redeemed		(1,050,873	)		(26,166,213	)		(2,961,963	)		(67,948,275	)

Net Increase (Decrease)		(677,656	)		(16,785,855	)		236,081			6,663,954

Class IB
Shares Sold		81,532		$	2,029,551			178,451		$	4,066,109
Issued in Merger		—			—			1,052,659			24,367,487
Shares Issued for Reinvested Dividends		—			—			10,302			242,510
Shares Redeemed		(451,639	)		(11,181,548	)		(896,014	)		(20,396,513	)

Net Increase (Decrease)		(370,107	)		(9,151,997	)		345,398			8,279,593

Total Net Increase (Decrease)		(1,047,763	)	$	(25,937,852)			581,479		$	14,943,547


Growth Opportunities HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		365,003		$	15,225,978			495,381		$	18,295,216
Issued in Merger		—			—			3,721,842			160,101,000
Shares Issued for Reinvested Dividends		—			—			5,256,708			194,393,056
Shares Redeemed		(2,268,548	)		(93,687,971	)		(5,564,784	)		(224,530,390)

Net Increase (Decrease)		(1,903,545	)		(78,461,993	)		3,909,147			148,258,882

Class IB
Shares Sold		202,556		$	8,246,708			244,740		$	11,340,021
Issued in Merger		—			—			1,470,452			61,940,000
Shares Issued for Reinvested Dividends		—			—			761,955			27,514,208
Shares Redeemed		(412,529	)		(16,626,580	)		(1,053,911	)		(40,690,411	)

Net Increase (Decrease)		(209,973	)		(8,379,872	)		1,423,236			60,103,818

Class IC
Shares Sold		169,872		$	7,087,664			44,659		$	1,714,981
Shares Issued for Reinvested Dividends		—			—			1,247			46,044
Shares Redeemed		(8,999	)		(369,767	)		(1,589	)		(61,812	)

Net Increase (Decrease)		160,873			6,717,897			44,317			1,699,213

Total Net Increase (Decrease)		(1,952,645	)	$	(80,123,968	)		5,376,700		$	210,061,913

Healthcare HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		1,776,367		$	57,909,494			3,202,296		$	90,156,793
Shares Issued for Reinvested Dividends		—			—			809,581			21,923,466
Shares Redeemed		(1,250,136	)		(41,275,257	)		(3,456,814	)		(96,028,202	)

Net Increase (Decrease)		526,231			16,634,237			555,063			16,052,057

Class IB
Shares Sold		166,443		$	5,213,403			168,747		$	4,602,942
Shares Issued for Reinvested Dividends		—			—			183,076			4,833,194
Shares Redeemed		(176,699	)		(5,647,087	)		(566,277	)		(15,305,987	)

Net Increase (Decrease)		(10,256	)		(433,684	)		(214,454	)		(5,869,851	)

Total Net Increase (Decrease)		515,975		$	16,200,553			340,609		$	10,182,206


High Yield HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		1,503,140		$	12,883,986			2,977,735		$	26,543,410
Shares Issued for Reinvested Dividends		—			—			3,066,972			26,651,985
Shares Redeemed		(4,635,637	)		(40,024,477	)		(11,724,021	)		(104,813,899)

Net Increase (Decrease)		(3,132,497	)		(27,140,491	)		(5,679,314	)		(51,618,504	)

Class IB
Shares Sold		253,690		$	2,150,147			611,335		$	5,349,431
Shares Issued for Reinvested Dividends		—			—			993,296			8,502,614
Shares Redeemed		(1,528,239	)		(12,966,988	)		(3,248,414	)		(28,595,208	)

Net Increase (Decrease)		(1,274,549	)		(10,816,841	)		(1,643,783	)		(14,743,163	)

Total Net Increase (Decrease)		(4,407,046	)	$	(37,957,332	)		(7,323,097	)	$	(66,361,667	)

International Opportunities HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		2,457,926		$	36,342,481			11,515,523		$	169,765,678
Shares Issued for Reinvested Dividends		—			—			1,907,208			28,436,476
Shares Redeemed		(6,323,637	)		(94,655,060	)		(22,388,196	)		(331,505,772	)

Net Increase (Decrease)		(3,865,711	)		(58,312,579	)		(8,965,465	)		(133,303,618	)

Class IB
Shares Sold		399,379		$	5,844,776			2,024,127		$	31,232,954
Shares Issued for Reinvested Dividends		—			—			268,060			4,045,018
Shares Redeemed		(1,415,059	)		(21,468,552	)		(3,236,566	)		(48,501,079	)

Net Increase (Decrease)		(1,015,680	)		(15,623,776	)		(944,379	)		(13,223,107	)

Total Net Increase (Decrease)		(4,881,391	)	$	(73,936,355	)		(9,909,844	)	$	(146,526,725	)

MidCap HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		4,381,105		$	170,258,279			8,940,775		$	344,106,456
Shares Issued for Reinvested Dividends		—			—			5,167,625			192,240,024
Shares Redeemed		(4,536,318	)		(174,528,213	)		(8,509,678	)		(329,178,774	)

Net Increase (Decrease)		(155,213	)		(4,269,934	)		5,598,722			207,167,706

Class IB
Shares Sold		1,304,692		$	49,053,405			157,530		$	6,043,616
Shares Issued for Reinvested Dividends		—			—			271,843			10,000,370
Shares Redeemed		(691,772	)		(27,263,173	)		(359,225	)		(13,716,831	)

Net Increase (Decrease)		612,920			21,790,232			70,148			2,327,155

Total Net Increase (Decrease)		457,707		$	17,520,298			5,668,870		$	209,494,861


MidCap Value HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		193,087		$	2,956,125			730,211		$	11,362,850
Shares Issued for Reinvested Dividends		—			—			3,278,942			47,938,129
Shares Redeemed		(2,289,397	)		(35,083,280	)		(4,694,976	)		(72,058,642	)

Net Increase (Decrease)		(2,096,310	)		(32,127,155	)		(685,823	)		(12,757,663	)

Class IB
Shares Sold		97,315		$	1,482,572			209,789		$	3,313,647
Shares Issued for Reinvested Dividends		—			—			1,047,851			15,235,747
Shares Redeemed		(598,110	)		(9,064,643	)		(1,650,658	)		(25,363,125	)

Net Increase (Decrease)		(500,795	)		(7,582,071	)		(393,018	)		(6,813,731	)

Total Net Increase (Decrease)		(2,597,105	)	$	(39,709,226	)		(1,078,841	)	$	(19,571,394	)

Small Company HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		3,639,063		$	88,217,871			6,960,505		$	174,344,804
Shares Issued for Reinvested Dividends		—			—			10,086,594			226,746,631
Shares Redeemed		(4,601,985	)		(110,840,437	)		(13,471,628	)		(335,078,168	)

Net Increase (Decrease)		(962,922	)		(22,622,566	)		3,575,471			66,013,267

Class IB
Shares Sold		379,514		$	8,811,010			673,404		$	16,295,371
Shares Issued for Reinvested Dividends		—			—			1,101,190			23,620,519
Shares Redeemed		(535,206	)		(12,363,289	)		(1,776,759	)		(42,502,375	)

Net Increase (Decrease)		(155,692	)		(3,552,279	)		(2,165	)		(2,586,485	)

Total Net Increase (Decrease)		(1,118,614	)	$	(26,174,845	)		3,573,306		$	63,426,782

Small/Mid Cap Equity HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		166,332		$	1,626,306			397,984		$	4,270,334
Shares Issued for Reinvested Dividends		—			—			2,261,931			21,171,669
Shares Redeemed		(910,177	)		(8,919,468	)		(2,707,830	)		(28,637,339	)

Net Increase (Decrease)		(743,845	)		(7,293,162	)		(47,916	)		(3,195,336	)

Class IB
Shares Sold		108,021		$	1,069,206			483,494		$	4,653,030
Shares Issued for Reinvested Dividends		—			—			475,499			4,426,898
Shares Redeemed		(316,737	)		(3,070,250	)		(839,380	)		(8,908,741	)

Net Increase (Decrease)		(208,716	)		(2,001,044	)		119,613			171,187

Total Net Increase (Decrease)		(952,561	)	$	(9,294,206	)		71,697		$	(3,024,149	)


SmallCap Growth HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		7,451,791		$	220,691,805			7,741,148		$	234,726,639
Shares Issued for Reinvested Dividends		—			—			3,962,872			104,738,700
Shares Redeemed		(2,888,410	)		(84,744,058	)		(6,070,533	)		(177,423,983	)

Net Increase (Decrease)		4,563,381			135,947,747			5,633,487			162,041,356

Class IB
Shares Sold		903,555		$	25,608,616			795,616		$	24,308,467
Shares Issued for Reinvested Dividends		—			—			865,284			22,471,437
Shares Redeemed		(514,962	)		(14,697,592	)		(1,315,429	)		(38,885,617	)

Net Increase (Decrease)		388,593			10,911,024			345,471			7,894,287

Total Net Increase (Decrease)		4,951,974		$	146,858,771			5,978,958		$	169,935,643

Stock HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		61,172		$	3,940,211			381,671		$	22,943,602
Shares Issued for Reinvested Dividends		—			—			438,709			28,166,569
Shares Redeemed		(1,772,914	)		(113,634,657	)		(5,074,382	)		(304,217,724	)

Net Increase (Decrease)		(1,711,742	)		(109,694,446	)		(4,254,002	)		(253,107,553	)

Class IB
Shares Sold		14,461		$	924,595			23,110		$	1,411,089
Shares Issued for Reinvested Dividends		—			—			44,140			2,831,617
Shares Redeemed		(264,686	)		(16,949,808	)		(719,520	)		(42,953,479	)

Net Increase (Decrease)		(250,225	)		(16,025,213	)		(652,270	)		(38,710,773	)

Total Net Increase (Decrease)		(1,961,967	)	$	(125,719,659	)		(4,906,272	)	$	(291,818,326	)

Total Return Bond HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		5,598,086		$	65,802,290			13,906,174		$	161,254,744
Shares Issued for Reinvested Dividends		—			—			8,429,403			97,443,902
Shares Redeemed		(21,727,247	)		(254,700,396	)		(64,593,363	)		(753,674,817	)

Net Increase (Decrease)		(16,129,161	)		(188,898,106	)		(42,257,786	)		(494,976,171	)

Class IB
Shares Sold		463,653		$	5,411,960			1,037,597		$	11,943,691
Shares Issued for Reinvested Dividends		—			—			984,627			11,323,208
Shares Redeemed		(3,016,435	)		(35,148,137	)		(7,667,399	)		(88,688,467	)

Net Increase (Decrease)		(2,552,782	)		(29,736,177	)		(5,645,175	)		(65,421,568	)

Total Net Increase (Decrease)		(18,681,943	)	$	(218,634,283	)		(47,902,961	)	$	(560,397,739	)


Ultrashort Bond HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		2,050,983		$	20,572,225			4,545,298		$	45,540,750
Shares Redeemed		(9,917,631	)		(99,463,744	)		(31,429,195	)		(314,815,438	)

Net Increase (Decrease)		(7,866,648	)		(78,891,519	)		(26,883,897	)		(269,274,688	)

Class IB
Shares Sold		512,471		$	5,120,814			1,239,006		$	12,389,812
Shares Redeemed		(1,865,390	)		(18,639,562	)		(5,421,181	)		(54,208,090	)

Net Increase (Decrease)		(1,352,919	)		(13,518,748	)		(4,182,175	)		(41,818,278	)

Total Net Increase (Decrease)		(9,219,567	)	$	(92,410,267	)		(31,066,072	)	$	(311,092,966	)

U.S. Government Securities HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		1,287,714		$	13,566,104			2,857,524		$	29,752,648
Shares Issued for Reinvested Dividends		—			—			1,128,686			11,648,041
Shares Redeemed		(4,655,669	)		(48,872,742	)		(12,688,761	)		(132,029,460	)

Net Increase (Decrease)		(3,367,955	)		(35,306,638	)		(8,702,551	)		(90,628,771	)

Class IB
Shares Sold		201,638		$	2,120,134			591,060		$	6,139,192
Shares Issued for Reinvested Dividends		—			—			213,784			2,201,980
Shares Redeemed		(942,333	)		(9,861,691	)		(2,974,164	)		(30,852,008	)

Net Increase (Decrease)		(740,695	)		(7,741,557	)		(2,169,320	)		(22,510,836	)

Total Net Increase (Decrease)		(4,108,650	)	$	(43,048,195	)		(10,871,871	)	$	(113,139,607	)

Value HLS Fund
	For the Six-Month Period Ended June 30, 2015						For the Year Ended December 31, 2014
	Shares			Amount			Shares			Amount
Class IA
Shares Sold		889,889		$	15,363,440			2,123,997		$	33,647,816
Shares Issued for Reinvested Dividends		—			—			454,297			7,727,803
Shares Redeemed		(2,998,770	)		(51,317,551	)		(7,403,103	)		(118,335,543	)

Net Increase (Decrease)		(2,108,881	)		(35,954,111	)		(4,824,809	)		(76,959,924	)

Class IB
Shares Sold		42,945		$	730,454			139,305		$	2,240,846
Shares Issued for Reinvested Dividends		—			—			71,208			1,210,174
Shares Redeemed		(495,087	)		(8,484,335	)		(1,473,615	)		(23,487,470	)

Net Increase (Decrease)		(452,142	)		(7,753,881	)		(1,263,102	)		(20,036,450	)

Total Net Increase (Decrease)		(2,561,023	)	$	(43,707,992	)		(6,087,911	)	$	(96,996,374	)

Each Fund, together with certain other Hartford Funds, participates in a $350 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended June 30, 2015, none of the Funds had borrowings under this facility.

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against Hartford Investment Financial Services, LLC (“HIFSCO”) (now known as HFD) on behalf of six Hartford retail mutual funds in the United States District Court for the District of New Jersey, alleging that HIFSCO received excessive advisory and distribution fees in violation of its statutory fiduciary duty under Section 36(b) of the 1940 Act when serving as investment manager and principal underwriter, respectively, to the Hartford retail mutual funds. Although this action was purportedly filed on behalf of certain of the Hartford Funds, none of the Hartford Funds is itself a defendant to the suit. HIFSCO moved to dismiss and, in September 2011, the motion was granted in part and denied in part, with leave to amend the complaint. In November 2011, plaintiffs filed an amended complaint on behalf of certain Hartford retail mutual funds, The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund), and The Hartford Capital Appreciation Fund. Plaintiffs seek to rescind the investment management agreements and distribution plans between HIFSCO and these funds and to recover the total fees charged thereunder or, in the alternative, to recover any improper compensation HIFSCO received, in addition to lost earnings. HIFSCO filed a partial motion to dismiss the amended complaint and, in December 2012, the court dismissed without prejudice the claims regarding distribution fees and denied the motion with respect to the advisory fees claims. In March 2014, the plaintiffs filed a new complaint that added as new plaintiffs The Hartford Floating Rate Fund and The Hartford Small Company Fund and named as a defendant HFMC, which assumed the role as investment manager to the funds as of January 2013. In March 2015, the plaintiffs filed a new complaint that removed The Hartford Small Company Fund as a plaintiff. HFMC and HIFSCO dispute the allegations and have filed a motion for summary judgment. Plaintiff has filed a motion for summary judgment.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Funds because the Funds are not party to the suit.

On October 21, 2013 for the Ultrashort Bond HLS Fund, a reverse stock split was declared for the Class IA and Class IB shares at a ten to one ratio. The effect of the reverse stock split was to divide the number of outstanding shares by the reverse split factor, with a corresponding increase in the net asset value per share. The split was executed at the closing rounded NAV as of the prior business day. This transaction did not change the net assets of the Fund and the total value of a shareholder’s investment in the Fund did not change as a result of the reverse stock split. Prior year values represented in the Statement of Changes in Net Assets have not been adjusted. Data presented in the Financial Highlights has been adjusted retroactively to account for the reverse stock split.

Under each Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, each Company, on behalf of its respective Funds, may enter into contracts that contain a variety of indemnifications. Each Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, each Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, modifying Accounting Standards

Codification Topic 860. The amended guidance changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements. The guidance also requires new disclosures for certain transfers accounted for as sales and collateral supporting transactions that are accounted for as secured borrowings. ASU 2014-11 is effective for annual and interim periods beginning after December 15, 2014, except for the disclosures related to secured borrowings, which are effective for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The adoption of ASU 2014-11 is not expected to have a material impact on the Funds’ results of operations or financial positions, but may impact the Funds’ disclosures.

HOW TO OBTAIN A COPY OF THE FUNDS’ PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities and information about how each Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

Each Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

The main risks of investing in each Fund are described below. Each Fund’s Prospectus contains further information on the risks applicable to that Fund.

Active Trading Risk: (Capital Appreciation HLS Fund, Disciplined Equity HLS Fund, Global Growth HLS Fund, Growth Opportunities HLS Fund, High Yield HLS Fund, International Opportunities HLS Fund, Small Company HLS Fund, Small/Mid Cap Equity HLS Fund, SmallCap Growth HLS Fund, Total Return Bond HLS Fund and U.S. Government Securities HLS Fund only) Actively trading investments may result in higher costs (thus affecting performance).

Asset Allocation Strategy Risk: (Balanced HLS Fund and Capital Appreciation HLS Fund only) The portfolio managers’ asset allocation strategy may not always work as intended, and asset allocation does not guarantee better performance or reduce the risk of investment loss.

Derivatives Risk: (High Yield HLS Fund, Total Return Bond HLS Fund, U.S. Government Securities HLS Fund and Ultrashort Bond HLS Fund) Investments in derivatives can be volatile. Potential risks include currency risk, leverage risk (the risk that small market movements may result in large changes in the value of an investment), liquidity risk, index risk, pricing risk, and counterparty risk (the risk that the counterparty may be unwilling or unable to honor its obligations).

Dividend Paying Security Investment Risk: (Dividend and Growth HLS Fund only) Dividends are not guaranteed and are subject to change. Dividend paying securities as a group can fall out of favor with the market, causing a Fund to underperform.

Fixed Income Risk: (Balanced HLS Fund, High Yield HLS Fund, Total Return Bond HLS Fund, U.S. Government Securities HLS Fund and Ultrashort Bond HLS Fund) A Fund is subject to interest rate risk (the risk that the value of an investment decreases when interest rates rise), credit risk (the risk that the issuing company of a security is unable to pay interest and principal when due) and call risk (the risk that an investment may be redeemed early). These risks also apply to investments in U.S. government securities, which may not be guaranteed by the U.S. government.

Foreign Investment Risk: (Disciplined Equity HLS Fund, Dividend and Growth HLS Fund, Growth Opportunities HLS Fund, High Yield HLS Fund, MidCap HLS Fund, MidCap Value HLS Fund, Small Company HLS Fund, Small/Mid Cap Equity HLS Fund, SmallCap Growth HLS Fund, Stock HLS Fund and Value HLS Fund) Investments in foreign securities may be riskier than investments in U.S. securities. Potential risks include the risks of illiquidity, increased price volatility, less government regulation, less extensive and less frequent accounting and other reporting requirements, unfavorable changes in currency exchange rates, and economic and political disruptions.

Foreign Investment and Emerging Markets Risk: (Capital Appreciation HLS Fund, Global Growth HLS Fund, Healthcare HLS Fund, International Opportunities HLS Fund and Total Return Bond HLS Fund) Investments in foreign securities may be riskier than investments in U.S. securities. Potential risks include the risks of illiquidity, increased price volatility, less government regulation, less extensive and less frequent accounting and other reporting requirements, unfavorable changes in currency exchange rates, and economic and political disruptions. These risks are generally greater for investments in emerging markets.

Growth Investing Risk: (Global Growth HLS Fund, Growth Opportunities HLS Fund, Small Company HLS Fund and SmallCap Growth HLS Fund only) Growth investments can be volatile, and may fail to increase earnings or grow as quickly as anticipated. Growth-style investing falls in and out of favor, which may result in periods of underperformance.

Health Sector Risk: (Healthcare HLS Fund only) Risks of focusing investments on the health care sector include regulatory and legal developments, patent considerations, intense competitive pressures, rapid technological changes and potential product obsolescence, and liquidity risk.

Junk Bond Risk: (High Yield HLS Fund only) Investments in junk bonds involve greater risk of price volatility, illiquidity, and default than higher-rated debt securities.

Market, Selection and Strategy Risk: (All funds) A Fund’s share price may fluctuate due to market risk and/or security selections that may underperform the market or relevant benchmarks. If the sub-adviser’s investment strategy does not perform as expected, a Fund could underperform its peers or lose money. There is no guarantee a Fund will achieve its stated objective. With respect to the Capital Appreciation HLS Fund, Small Company HLS Fund, and SmallCap Growth HLS Fund, the investment styles employed by the portfolio managers may not be complementary, which could adversely affect the performance of the Fund.

Mid-Cap Stock Risk: (Global Growth HLS Fund, Growth Opportunities HLS Fund, International Opportunities HLS Fund, MidCap HLS Fund and MidCap Value HLS Fund) Mid-cap stocks are generally more volatile and risky and may be less liquid than large-cap stocks because they may have limited operating histories, narrow product lines, and focus on niche markets.

Mortgage-Backed Securities Risk: (Balanced HLS Fund, Total Return Bond HLS Fund, U.S. Government Securities HLS Fund and Ultrashort Bond HLS Fund) Mortgage-backed securities are subject to interest rate risk, credit risk, prepayment risk, extension risk, and the risk that an investment’s value may be reduced or become worthless if it receives interest or income payments only after other investments in the same pool.

Quantitative Analysis Risk: (Disciplined Equity HLS Fund and Small/Mid Cap Equity HLS Fund only) Securities selected using quantitative analysis may perform differently from the broader stock market.

Reverse Repurchase Agreements and Dollar Rolls Risk: (Ultrashort Bond HLS Fund only) Reverse repurchase agreements and dollar rolls involve the risk that the market value of the securities that a Fund is committed to buy may decline below the repurchase price. These investments may also subject a Fund to the risk that the counterparty will not fulfill its obligations.

Small-Cap Stock Risk: (Small Company HLS Fund and SmallCap Growth HLS Fund only) Small-cap stocks are generally more volatile and risky and may be less liquid than large-cap stocks because they may have limited operating histories, narrow product lines, and focus on niche markets.

Small/Mid-Cap Stock Risk: (Capital Appreciation HLS Fund, Healthcare HLS Fund and Small/Mid Cap Equity HLS Fund) Small- and mid-cap stocks are generally more volatile and risky and may be less liquid than large-cap stocks because they may have limited operating histories, narrow product lines, and focus on niche markets.

To Be Announced (TBA) Securities Risk: (Balanced HLS Fund, Total Return Bond HLS Fund and U.S. Government Securities HLS Fund) TBA securities include when-issued and delayed delivery securities and forward commitments. TBA securities involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the 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.

Value Investing Risk: (MidCap Value HLS Fund and Value HLS Fund only) Value investments are considered to be undervalued, but they may never attain their potential value. Value-style investing falls in and out of favor, which may result in periods of underperformance.

Privacy Policy and Practices of The Hartford Financial Services Group, Inc. and its Affiliates

We value your trust. We are committed to the responsible:

a) management;

b) use; and

c) protection;

of Personal Information.

This notice describes how we collect, disclose, and protect Personal Information.

We collect Personal Information to:

a) service your Transactions with us; and

b) support our business functions.

We may obtain Personal Information from:

a) You;

b) your Transactions with us; and

c) third parties such as a consumer-reporting agency.

Based on the type of product or service You apply for or get from us, Personal Information such as:

a) your name;

b) your address;

c) your income;

d) your payment; or

e) your credit history;

may be gathered from sources such as applications,

Transactions, and consumer reports.

To serve You and service our business, we may share certain Personal Information. We will share Personal Information, only as allowed by law, with affiliates such as:

a) our insurance companies;

b) our employee agents;

c) our brokerage firms; and

d) our administrators.

As allowed by law, we may share Personal Financial Information with our affiliates to:

a) market our products; or

b) market our services;

to You without providing You with an option to prevent these disclosures.

We may also share Personal Information, only as allowed by law, with unaffiliated third parties including:

a) independent agents;

b) brokerage firms;

c) insurance companies;

d) administrators; and

e) service providers;

who help us serve You and service our business.

When allowed by law, we may share certain Personal Financial Information with other unaffiliated third parties who assist us by performing services or functions such as:

a) taking surveys;

b) marketing our products or services; or

c) offering financial products or services under a joint agreement between us and one or more financial institutions.

We, and third parties we partner with, may track some of the pages You visit through the use of:

a) cookies;

b) pixel tagging; or

c) other technologies;

and currently do not process or comply with any web browser’s “do not track” signal or other similar mechanism that indicates a request to disable online tracking of individual users who visit our websites or use our services.

We will not sell or share your Personal Financial Information with anyone for purposes unrelated to our business functions without offering You the opportunity to:

a) “opt-out;” or

b) “opt-in;”

as required by law.

We only disclose Personal Health Information with:

a) your proper written authorization; or

b) as otherwise allowed or required by law.

Our employees have access to Personal Information in the course of doing their jobs, such as:

a) underwriting policies;

b) paying claims;

c) developing new products; or

d) advising customers of our products and services.

We use manual and electronic security procedures to maintain:

a) the confidentiality; and

b) the integrity of;

Personal Information that we have. We use these procedures to guard against unauthorized access.

Some techniques we use to protect Personal

Information include:

a) secured files;

b) user authentication;

c) encryption;

d) firewall technology; and

e) the use of detection software.

This Privacy Policy is being provided on behalf of the following affiliates of The Hartford Financial Services Group, Inc.:

1stAGChoice, Inc.; Access CoverageCorp, Inc.; Access CoverageCorp Technologies, Inc.; American Maturity Life Insurance Company; Archway 60 R, LLC; Business Management Group, Inc.; DMS R, LLC; First State Insurance Company; Fountain Investors I LLC; Fountain Investors II LLC; Fountain Investors III LLC; Fountain Investors IV LLC; FTC Resolution Company LLC; Hart Re Group L.L.C.; Hartford Accident and Indemnity Company; Hartford Administrative Services Company; Hartford Casualty General Agency, Inc.; Hartford Casualty Insurance Company; Hartford Financial Services, LLC; Hartford Fire General Agency, Inc.; Hartford Fire Insurance Company; Hartford Funds Distributors, LLC; Hartford Funds Management Company, LLC; Hartford Funds Management Group, Inc.; Hartford Holdings, Inc.; Hartford HLS Series Fund II, Inc.; Hartford Insurance Company of Illinois; Hartford Insurance Company of the Midwest; Hartford Insurance Company of the Southeast; Hartford Integrated Technologies, Inc.; Hartford International Life Reassurance Corporation; Hartford Investment Management Company; Hartford Life and Accident Insurance Company; Hartford Life and Annuity Insurance Company; Hartford Life Insurance Company; Hartford Life, Inc.; Hartford Life International Holding Company; Hartford Life Private Placement, LLC; Hartford Lloyd’s Corporation; Hartford Lloyd’s Insurance Company; Hartford of Texas General Agency, Inc.; Hartford Residual Market, L.C.C.; Hartford Securities Distribution Company, Inc.; Hartford Series Fund, Inc.; Hartford Specialty Insurance Services of Texas, LLC; Hartford Strategic Investments, LLC; Hartford Underwriters General Agency, Inc.; Hartford Underwriters Insurance Company; Hartford-Comprehensive Employee Benefit Service Company; HDC R, LLC .; Heritage Holdings, Inc.; HIMCO Distribution Services Company; HIMCO Variable Insurance Trust; HLA LLC; HL Investment Advisors, LLC; Horizon Management Group, LLC; HRA Brokerage Services, Inc.; Lanidex Class B, LLC; New England Insurance Company; New England Reinsurance Corporation; Nutmeg Insurance Agency, Inc.; Nutmeg Insurance Company; Pacific Insurance Company, Limited; Planco, LLC; Property and Casualty Insurance Company of Hartford; Revere R, LLC; RVR R, LLC; Sentinel Insurance Company, Ltd.; Sunstone R, LLC; Symphony R, LLC; The Evergreen Group Incorporated; The Hartford Alternative Strategies Fund; The Hartford Mutual Funds, Inc.; The Hartford Mutual Funds II, Inc.; Trumbull Flood Management, L.L.C.; Trumbull Insurance Company; Twin City Fire Insurance Company.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors since registrant last provided disclosure in response to this requirement.

(a)(2) Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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

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



Fund Performance and Manager Discussions			2

Financial Statements:

Schedules of Investments:

Hartford Balanced HLS Fund			59

Hartford Capital Appreciation HLS Fund			72

Hartford Disciplined Equity HLS Fund			81

Hartford Dividend and Growth HLS Fund			85

Hartford Global Growth HLS Fund			89

Hartford Growth Opportunities HLS Fund			93

Hartford Healthcare HLS Fund			98

Hartford High Yield HLS Fund			102

Hartford International Opportunities HLS Fund			109

Hartford MidCap HLS Fund			113

Hartford MidCap Value HLS Fund			117

Hartford Small Company HLS Fund			121

Hartford Small/Mid Cap Equity HLS Fund			128

Hartford SmallCap Growth HLS Fund			133

Hartford Stock HLS Fund			139

Hartford Total Return Bond HLS Fund			142

Hartford Ultrashort Bond HLS Fund			168

Hartford U.S. Government Securities HLS Fund			175

Hartford Value HLS Fund			181

Expense Examples			185

Statements of Assets and Liabilities			192

Statements of Operations			196

Statements of Changes in Net Assets			200

Financial Highlights			208

Notes to Financial Statements			218

How to Obtain a Copy of the Funds’ Proxy Voting Policies and Voting Records			256

Quarterly Portfolio Holdings Information			256

Main Risks			257


(sub-advised by Wellington Management Company LLP)		Investment objective – The Fund seeks long-term total return.


Credit Rating*	Percentage of Net Assets
Baa/BBB		1.8	%
Ba/BB		35.7
B		46.0
Caa/CCC or Lower		10.5
Not Rated		2.3
Non-Debt Securities and Other Short-Term Instruments		2.8
Other Assets & Liabilities		0.9

Total		100.0	%


PREFERRED STOCKS - 0.4%
		Retailing - 0.4%
	163,241	Tory Burch LLC*⁽¹⁾⁽²⁾			$	10,453,109

		Total Preferred Stocks (cost $12,794,224)			$	10,453,109

		Total Long-Term Investments (cost $2,145,254,442)			$	2,704,031,080

SHORT-TERM INVESTMENTS - 1.8%
		Other Investment Pools & Funds - 1.8%
	47,776,143	Federated Prime Obligations Fund			$	47,776,143

		Total Short-Term Investments (cost $47,776,143)			$	47,776,143


		Total Investments (cost $2,193,030,585)^	100.2	%	$	2,751,807,223
		Other Assets and Liabilities	(0.2	)%		(4,494,898	)

		Total Net Assets	100.0	%	$	2,747,312,325


Unrealized Appreciation	$	574,127,187
Unrealized Depreciation		(25,794,064	)

Net Unrealized Appreciation	$	548,333,123


Period Acquired	Shares/Par		Security	Cost
08/2011		11,702,200	Allstar Co.	$	5,090,681
11/2013		163,241	Tory Burch LLC Preferred		12,794,224

				$	17,884,905


Description	Number of Contracts		Expiration Date		Notional Amount		Market Value^†		Unrealized Appreciation/ (Depreciation)
Long position contracts:
U.S. Treasury CME Ultra Long Term Bond Future		2		09/21/2015	$	318,144	$	308,125	$	(10,019	)
Short position contracts:
U.S. Treasury 10-Year Note Future		318		09/21/2015	$	40,074,971	$	40,122,656	$	(47,685)
U.S. Treasury 5-Year Note Future		161		09/30/2015		19,202,426		19,200,508		1,918

Total									$	(45,767	)

Total futures contracts									$	(55,786	)


Description	Principal Amount		Maturity Date		Market Value^†		Unrealized Appreciation/ (Depreciation)
FHLMC, 4.50%	$	5,000,000		07/01/2045	$	5,399,297	$	8,281


GLOSSARY: (abbreviations used in preceding Schedule of Investments)

Other Abbreviations:
ADR		American Depositary Receipt
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
REIT		Real Estate Investment Trust
TBA		To Be Announced

Municipal Abbreviations:
GO		General Obligation
PA		Port Authority
Rev		Revenue
USD		United School District


	Total			Level 1⁽¹⁾			Level 2⁽¹⁾			Level 3
Assets
Common Stocks
Automobiles & Components	$	13,955,548		$	13,955,548		$	—		$	—
Banks		184,406,311			184,406,311			—			—
Capital Goods		120,284,144			120,284,144			—			—
Commercial & Professional Services		10,999,989			10,999,989			—			—
Consumer Durables & Apparel		14,132,736			14,132,736			—			—
Consumer Services		24,114,414			24,114,414			—			—
Diversified Financials		82,988,070			82,988,070			—			—
Energy		132,732,731			132,732,731			—			—
Food & Staples Retailing		32,797,025			32,797,025			—			—
Food, Beverage & Tobacco		89,242,292			71,261,858			17,980,434			—
Health Care Equipment & Services		83,866,907			83,866,907			—			—
Household & Personal Products		15,503,474			15,503,474			—			—
Insurance		64,868,384			64,868,384			—			—
Materials		47,636,823			47,636,823			—			—
Media		68,598,577			68,598,577			—			—
Pharmaceuticals, Biotechnology & Life Sciences		246,375,036			201,835,798			44,539,238			—
Real Estate		4,534,873			4,534,873			—			—
Retailing		73,281,055			60,993,745			—			12,287,310
Semiconductors & Semiconductor Equipment		103,762,270			103,762,270			—			—
Software & Services		172,192,973			172,192,973			—			—
Technology Hardware & Equipment		118,412,352			118,412,352			—			—
Telecommunication Services		9,048,399			9,048,399			—			—
Transportation		14,868,183			14,868,183			—			—
Utilities		29,719,755			29,719,755			—			—
Asset & Commercial Mortgage Backed Securities		43,189,161			—			43,189,161			—
Corporate Bonds		390,278,752			—			390,278,752			—
Foreign Government Obligations		4,049,230			—			4,049,230			—
Municipal Bonds		32,080,225			—			32,080,225			—
U.S. Government Agencies		41,609,855			—			41,609,855			—
U.S. Government Securities		424,048,427			—			424,048,427			—
Preferred Stocks		10,453,109			—			—			10,453,109
Short-Term Investments		47,776,143			47,776,143			—			—
Futures Contracts⁽²⁾		1,918			1,918			—			—

Total	$	2,751,809,141		$	1,731,293,400		$	997,775,322		$	22,740,419

Liabilities
Futures Contracts⁽²⁾	$	(57,704	)	$	(57,704	)	$	—		$	—
TBA Sale Commitments		(5,399,297	)		—			(5,399,297	)		—

Total	$	(5,457,001	)	$	(57,704	)	$	(5,399,297	)	$	—


	Asset & Commercial Mortgage Backed Securities			Common Stocks		Corporate Bonds			Preferred Stocks		Total
Beginning balance	$	7,898		$	12,091,883	$	20,629,007		$	9,653,883	$	42,382,671
Purchases		—			—		—			—		—
Sales		—			—		—			—		—
Accrued discounts/(premiums)		—			—		—			—		—
Total realized gain/(loss)		—			—		—			—		—
Net change in unrealized appreciation/depreciation		—			195,427		—			799,226		994,653
Transfers into Level 3⁽¹⁾		—			—		—			—		—
Transfers out of Level 3⁽¹⁾		(7,898	)		—		(20,629,007	)		—		(20,636,905	)

Ending balance	$	—		$	12,287,310	$	—		$	10,453,109	$	22,740,419



Total Investments (cost $6,455,307,238)^	100.3	%	$	6,954,464,318
Other Assets and Liabilities	(0.3	)%		(18,558,731	)

Total Net Assets	100.0	%	$	6,935,905,587


Unrealized Appreciation	$	833,450,336
Unrealized Depreciation		(363,557,671	)

Net Unrealized Appreciation	$	469,892,665


Period Acquired	Shares/Par		Security	Cost
06/2015		16,619	Airbnb, Inc. Preferred	$	1,547,136
08/2011		8,451,700	Allstar Co.		3,676,649
02/2014		56,702	Cloudera, Inc. Preferred		825,581
02/2014		3,739	DocuSign, Inc. Series B Preferred		49,102
02/2014		1,120	DocuSign, Inc. Series B-1 Preferred		14,708
02/2014		2,687	DocuSign, Inc. Series D Preferred		35,287
02/2014		69,493	DocuSign, Inc. Series E Preferred		912,610
04/2015		10,835	DocuSign, Inc. Series F Preferred		206,874
05/2012		184,967	Dropbox, Inc.		1,674,267
06/2015		350,600	HF Global, Inc.		4,713,607
10/2005		29,800	Harvey Weinstein Co. Holdings Preferred		27,950,957
08/2014		17,385	Honest Co. Preferred		470,391
08/2014		40,566	Honest Co. Series C Convertible Preferred		1,097,607
03/2015		50,200	Nanigans, Inc. Preferred		548,109
01/2014		127,917	One Kings Lane, Inc. Preferred		1,972,096
03/2015		158,682	Pinterest, Inc. Series G Preferred		5,695,963
04/2014		466,941	Pure Storage, Inc. Preferred		7,343,067
03/2015		20,891	Sharecare Preferred		5,220,034
03/2007		74,700	Solar Cayman Ltd.		21,894
11/2013		280,504	Tory Burch LLC Preferred		21,984,886
06/2014		815,160	Uber Technologies, Inc. Preferred		12,645,618
01/2015		293,655	Zuora, Inc. Series F Preferred		1,115,684

				$	99,722,127


Foreign Currency Contracts Outstanding at June 30, 2015
Currency	Buy/Sell		Delivery Date		Counterparty		Contract Amount		Market Value^†		Unrealized Appreciation/ (Depreciation)
EUR		Sell		09/16/15		JPM	$	65,671,675	$	65,124,694	$	546,981
GBP		Sell		09/16/15		BOA		8,465,323		8,605,616		(140,293	)

Total											$	406,688


Other Abbreviations:
ADR		American Depositary Receipt
ETF		Exchange Traded Fund
PIPE		Private Investment in Public Equity
REIT		Real Estate Investment Trust
SPDR		Standard & Poor’s Depositary Receipt


	Common Stocks			Preferred Stocks			Convertible Preferred Stocks		Total
Beginning balance	$	11,918,153		$	81,811,280		$	1,107,452	$	94,836,885
Purchases		4,713,607			14,333,799			—		19,047,406
Sales		—			(7,472,269	)		—		(7,472,269	)
Accrued discounts/(premiums)		—			—			—		—
Total realized gain/(loss)		—			3,544,578			—		3,544,578
Net change in unrealized appreciation/depreciation		(330,217	)		(8,146,757	)		651,896		(7,825,078	)
Transfers into Level 3⁽¹⁾		—			—			—		—
Transfers out of Level 3⁽¹⁾		—			(10,401,887	)		—		(10,401,887	)

Ending balance	$	16,301,543		$	73,668,744		$	1,759,348	$	91,729,635



Total Investments (cost $593,405,767)^	100.0	%	$	786,183,490
Other Assets and Liabilities	0.0	%		267,814

Total Net Assets	100.0	%	$	786,451,304


Unrealized Appreciation	$	197,897,854
Unrealized Depreciation		(5,633,476	)

Net Unrealized Appreciation	$	192,264,378


Unrealized Appreciation	$	1,123,836,851
Unrealized Depreciation		(66,778,118	)

Net Unrealized Appreciation	$	1,057,058,733


Unrealized Appreciation	$	95,811,856
Unrealized Depreciation		(5,891,098	)

Net Unrealized Appreciation	$	89,920,758


	Common Stocks		Preferred Stocks		Total
Beginning balance	$	61,458	$	33,572	$	95,030
Purchases		—		—		—
Sales		—		—		—
Accrued discounts/(premiums)		—		—		—
Total realized gain/(loss)		—		—		—
Net change in unrealized appreciation/depreciation		—		7,653		7,653
Transfers into Level 3⁽¹⁾		—		—		—
Transfers out of Level 3⁽¹⁾		—		—		—

Ending balance	$	61,458	$	41,225	$	102,683


Shares or Principal Amount			Market Value^†
SHORT-TERM INVESTMENTS - 1.3%
		Other Investment Pools & Funds - 1.3%
	19,340,491	Federated Prime Obligations Fund	$	19,340,491


		Total Short-Term Investments (cost $19,340,491)	$	19,340,491



Total Investments (cost $1,250,155,677)^	101.1%	$	1,443,247,214
Other Assets and Liabilities	(1.1)%		(16,065,893	)

Total Net Assets	100.0%	$	1,427,181,321


Unrealized Appreciation	$	215,382,853
Unrealized Depreciation		(27,098,593	)

Net Unrealized Appreciation	$	188,284,260


	Common Stocks		Preferred Stocks			Convertible Preferred Stocks		Total
Beginning balance	$	8,387,640	$	77,828,628		$	2,785,692	$	89,001,960
Purchases		477,536		16,849,513			—		17,327,049
Sales		—		(9,896,156	)		—		(9,896,156	)
Accrued discounts/(premiums)		—		—			—		—
Total realized gain/(loss)		—		3,267,872					3,267,872
Net change in unrealized appreciation/depreciation		468,221		8,861,932			1,639,783		10,969,936
Transfers into Level 3⁽¹⁾		—		—			—		—
Transfers out of Level 3⁽¹⁾		—		—			—		—

Ending balance	$	9,333,397	$	96,911,789		$	4,425,475	$	110,670,661



Total Investments (cost $286,346,087)^	100.3	%	$	436,917,845
Other Assets and Liabilities	(0.3	)%		(1,379,853	)

Total Net Assets	100.0	%	$	435,537,992


Unrealized Appreciation	$	156,796,258
Unrealized Depreciation		(7,343,443	)

Net Unrealized Appreciation	$	149,452,815


Unrealized Appreciation	$	9,902,248
Unrealized Depreciation		(20,841,352	)

Net Unrealized Depreciation	$	(10,939,104	)


Reference Entity		Notional Amount^(a)		(Pay)/Receive Fixed Rate			Expiration Date		Cost Basis		Market Value^†		Unrealized Appreciation/ (Depreciation)
Credit default swaps on indices:
Sell protection:
CDX.NA.HY.24	USD		3,494,700		5.00	%		06/20/20	$	223,650	$	222,073	$	(1,577	)

Total									$	223,650	$	222,073	$	(1,577	)