Allianz Variable Insurance Products Trust

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

As a shareholder of the AZL BlackRock Capital Appreciation Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

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

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


Shares			Fair Value
	Common Stocks (99.7%):
	Airlines (1.6%):
	65,136	Delta Air Lines, Inc.	$	2,675,787
	99,554	Spirit Airlines, Inc.*^		6,182,303

				8,858,090

	Auto Components (0.9%):
	60,092	Delphi Automotive plc		5,113,228

	Banks (1.9%):
	156,326	JPMorgan Chase & Co.^		10,592,650

	Beverages (1.5%):
	72,399	Constellation Brands, Inc., Class A		8,399,732

	Biotechnology (6.7%):
	108,806	United Therapeutics Corp.*^		18,926,803
	149,724	Vertex Pharmaceuticals, Inc.*		18,487,920

				37,414,723

	Chemicals (0.9%):
	44,597	Ecolab, Inc.^		5,042,583

	Consumer Finance (1.2%):
	121,010	Discover Financial Services		6,972,596

	Diversified Financial Services (3.5%):
	82,745	Berkshire Hathaway, Inc., Class B*		11,262,422
	77,977	Moody’s Corp.		8,418,397

				19,680,819

	Food & Staples Retailing (1.1%):
	56,649	CVS Health Corp.		5,941,347

	Health Care Providers & Services (4.7%):
	55,133	Humana, Inc.		10,545,840
	129,499	UnitedHealth Group, Inc.		15,798,878

				26,344,718

	Internet & Catalog Retail (8.7%):
	144,638	Alibaba Group Holding, Ltd., ADR*^		11,899,368
	19,619	Amazon.com, Inc.*		8,516,412
	21,304	Netflix, Inc.*		13,995,450
	167,492	TripAdvisor, Inc.*^		14,595,252

				49,006,482

	Internet Software & Services (15.2%):
	37,388	Baidu, Inc., ADR*		7,443,203
	324,044	Facebook, Inc., Class A*		27,791,635
	47,797	Google, Inc., Class A*		25,812,292
	37,569	LinkedIn Corp., Class A*		7,762,882
	494,100	Tencent Holdings, Ltd.^		9,838,144
	175,449	Yahoo!, Inc.*		6,893,391

				85,541,547

	IT Services (7.4%):
	44,365	Alliance Data Systems Corp.*^		12,951,918
	81,521	MasterCard, Inc., Class A		7,620,583
	313,510	Visa, Inc., Class A		21,052,197

				41,624,698

	Media (5.9%):
	259,601	Liberty Global plc, Class A*		14,036,626
	350,639	Twenty-First Century Fox, Inc.		11,411,546
	67,006	Walt Disney Co. (The)^		7,648,065

				33,096,237


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Multiline Retail (2.7%):
	197,623	Dollar General Corp.	$	15,363,212

	Oil, Gas & Consumable Fuels (3.1%):
	87,259	Concho Resources, Inc.*^		9,935,309
	841,419	Palantir Technologies, Inc.*(a)		7,244,618

				17,179,927

	Pharmaceuticals (12.4%):
	392,625	AbbVie, Inc.		26,380,474
	38,543	Allergan plc*		11,696,259
	50,845	Mallinckrodt plc*		5,985,473
	80,913	Perrigo Co. plc		14,955,150
	49,112	Valeant Pharmaceuticals International, Inc.*		10,910,230

				69,927,586

	Real Estate Investment Trusts (REITs) (1.0%):
	68,782	Crown Castle International Corp.		5,523,195

	Road & Rail (2.5%):
	144,269	Union Pacific Corp.		13,758,935

	Software (6.8%):
	75,068	Mobileye NV*^		3,991,366
	259,456	Oracle Corp.^		10,456,077
	240,968	Salesforce.com, Inc.*		16,778,602
	51,484	Splunk, Inc.*^		3,584,316
	41,426	Workday, Inc., Class A*^		3,164,532

				37,974,893

	Specialty Retail (2.8%):
	90,056	Home Depot, Inc. (The)		10,007,923
	55,741	Restoration Hardware Holdings, Inc.*^		5,441,994

				15,449,917

	Technology Hardware, Storage & Peripherals (5.0%):
	225,744	Apple, Inc.		28,313,941

	Textiles, Apparel & Luxury Goods (2.2%):
	76,575	Lululemon Athletica, Inc.*^		5,000,348
	67,356	Nike, Inc., Class B		7,275,795

				12,276,143

	Total Common Stocks (Cost $456,742,481)			559,397,199

	Securities Held as Collateral for Securities on Loan (14.3%):
$	80,140,297	Allianz Variable Insurance Products Securities Lending Collateral Trust(b)		80,140,297

	Total Securities Held as Collateral for Securities on Loan (Cost $80,140,297)			80,140,297

	Unaffiliated Investment Company (0.5%):
	2,679,801	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(c)		2,679,801

	Total Unaffiliated Investment Company (Cost $2,679,801)			2,679,801

	Total Investment Securities (Cost $539,562,579)(d) —114.5%			642,217,297
	Net other assets (liabilities) — (14.5)%			(81,386,390	)

	Net Assets — 100.0%		$	560,830,907

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	539,562,579

Investment securities, at value*	$	642,217,297
Interest and dividends receivable		100,978
Foreign currency, at value (cost $94)		94
Receivable for capital shares issued		4,286
Receivable for investments sold		1,121,593
Reclaims receivable		326
Prepaid expenses		853

Total Assets		643,445,427

Liabilities:
Payable for investments purchased		1,743,800
Payable for capital shares redeemed		230,100
Payable for collateral received on loaned securities		80,140,297
Manager fees payable		331,200
Administration fees payable		13,976
Distribution fees payable		118,285
Custodian fees payable		8,376
Administrative and compliance services fees payable		544
Trustee fees payable		3,664
Other accrued liabilities		24,278

Total Liabilities		82,614,520

Net Assets	$	560,830,907

Net Assets Consist of:
Capital	$	312,636,101
Accumulated net investment income/(loss)		(907,916	)
Accumulated net realized gains/(losses) from investment transactions		146,448,071
Net unrealized appreciation/(depreciation) on investments		102,654,651

Net Assets	$	560,830,907

Shares of beneficial interest (unlimited number of shares authorized, no par value)		28,445,544
Net Asset Value (offering and redemption price per share)	$	19.72

*	Includes securities on loan of $79,451,205.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	1,911,747
Income from securities lending		78,450
Foreign withholding tax		(3,022	)

Total Investment Income		1,987,175

Expenses:
Manager fees		2,313,411
Administration fees		74,869
Distribution fees		722,940
Custodian fees		15,892
Administrative and compliance services fees		3,743
Trustee fees		14,968
Professional fees		16,248
Shareholder reports		16,005
Other expenses		6,189

Total expenses before reductions		3,184,265
Less expenses voluntarily waived/reimbursed by the Manager		(289,174	)

Net expenses		2,895,091

Net Investment Income/(Loss)		(907,916	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		32,752,058
Change in net unrealized appreciation/depreciation on investments		1,833,397

Net Realized/Unrealized Gains/(Losses) on Investments		34,585,455

Change in Net Assets Resulting From Operations	$	33,677,539

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL BlackRock Capital Appreciation Fund (the “Fund”), and 35 are presented in separate reports.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies.

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

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain 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.

Investment transactions are recorded not later than on the business day following trade date. However, for financial reporting purposes, investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT.

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies. Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Funds accrue such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.

Dividends to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of dividends from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and post October losses) do not require reclassification. Dividends to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products and Allianz Variable Insurance Products Fund of Funds Trusts based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust and the Allianz Variable Insurance Products Fund of Funds Trust.

To generate additional income, the Fund may lend up to 33¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2015 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $93.4 million for the period ended June 30, 2015.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $7,748 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Capital Management, Inc. (“BlackRock Capital”), BlackRock Capital provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2015, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

In addition, the Manager may voluntarily waive or reimburse additional fees in order to maintain more competitive expense ratios. Any voluntary waivers or reimbursements are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations.

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. Prior to April 1, 2015, Citi also served as transfer agent for the Trust under the same agreement. The Administrator was entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. Beginning January 1, 2015, these reductions are no longer applicable to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund and receives 12b-1 fees directly from the Fund, plus a Trust-wide annual fee of $42,500, paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $3,141 was paid from the Fund relating to these fees and expenses.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles. For their service to the Trust and to the Allianz Variable Insurance Products Fund of Funds Trust, each non-interested Trustee receives a $163,000 annual Board retainer and the Lead Director receives an additional $24,450 annually. In addition, the Trustees are reimbursed for certain expenses associated with attending Board meetings. Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Fund of Funds Trust in proportion to the assets under management of each trust. During the period ended June 30, 2015, actual Trustee compensation was $466,180 in total for both trusts.

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The Fund determines transfers between fair value hierarchy levels at the reporting period end. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short term securities of sufficient credit quality with sixty days or less remaining until maturity may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Other assets and securities for which market quotations are not readily available, or are deemed unreliable are valued at fair value as determined in good faith by the Trustees or persons acting on the behalf of the Trustees. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with procedures adopted by the Trustees, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. Management identifies possible fluctuation in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Fund may use a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

A reconciliation of assets in which level 3 inputs are used in determining fair value, along with additional quantitative disclosures, are presented when there are significant level 3 instruments at the end of the period.

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of June 30, 2015 are identified below.

Foreign Securities and Currencies Risk: Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those securities.

It is the Fund’s policy to continue to comply with the requirements of the Internal Revenue Code under Subchapter M, applicable to regulated investment companies, and to distribute all of its taxable income, including any net realized gains on investments, to its shareholders. Therefore, no provision is made for federal income taxes.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost for federal income tax purposes at June 30, 2015 is $541,020,704. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings and any net capital loss carry forwards will be determined at the end of the current tax year ending December 31, 2015.

Management has evaluated events and transactions subsequent to period end through the date the financial statements were issued, for purposes of recognition or disclosure in these financial statements and there are no subsequent events to report.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (“Commission”) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Allianz Variable Insurance Products Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. Schedules of Portfolio Holdings for the Fund in this report are available without charge on the Commission’s website at http://www.sec.gov, or may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

As a shareholder of the AZL BlackRock Global Allocation Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Investments	Percent of Net Assets
Common Stocks		55.2	%
U.S. Treasury Obligations		21.2
Foreign Bonds		9.3
Securities Held as Collateral for Securities on Loan		5.5
Yankee Dollars		3.8
Corporate Bonds		3.3
Convertible Bond		2.0
Preferred Stocks		1.8
Floating Rate Loans		1.4
Exchange Traded Funds		0.8
Purchased Options		0.7
Convertible Preferred Stocks		0.5
U.S. Government Agency Mortgages		0.4
Private Placements		0.3
Money Market		0.1
Purchased Swaptions		—	^
Warrant		—	^
Right		—	^

Total Investment Securities		106.3
Net other assets (liabilities)		(6 .3	)

Net Assets		100.0	%

^	Represents less than 0.05%


Shares			Fair Value
	Common Stocks (55.2%):
	Aerospace & Defense (1.0%):
	989	Boeing Co. (The)	$	137,194
	748	Dassault Aviation SA		958,086
	25,636	European Aeronautic Defence & Space Co. NV		1,660,692
	1,444	General Dynamics Corp.		204,600
	1,519	Northrop Grumman Corp.		240,959
	7,624	Precision Castparts Corp.		1,523,809
	1,550	Raytheon Co.		148,304
	34,415	Safran SA		2,330,023
	14,482	United Technologies Corp.		1,606,489

				8,810,156

	Air Freight & Logistics (0.7%):
	12,373	Deutsche Post AG		361,412
	18,957	FedEx Corp.		3,230,272
	24,838	United Parcel Service, Inc., Class B		2,407,051

				5,998,735

	Airlines (0.5%):
	63,700	Japan Airlines Co., Ltd.		2,220,474
	33,303	United Continental Holdings, Inc.*		1,765,392

				3,985,866

	Auto Components (1.2%):
	22,200	Aisin Sieki Co., Ltd.		943,468
	14,307	BorgWarner, Inc.		813,210
	43,600	Bridgestone Corp.		1,611,782
	136,683	Cheng Shin Rubber Industry Co., Ltd.		302,843
	12,661	Delphi Automotive plc		1,077,324
	46,600	Denso Corp.		2,319,486
	2,100	Exedy Corp.		52,414
	25,900	Futaba Industrial Co., Ltd.^		125,843
	1,046	Goodyear Tire & Rubber Co.		31,537
	2,082	Hyundai Wia Corp.		191,986
	11,300	Koito Manufacturing Co., Ltd.		440,457
	2,098	Lear Corp.		235,521
	3,400	Stanley Electric Co., Ltd.		71,006
	43,700	Sumitomo Electric Industries, Ltd.		677,001
	39,300	Toyota Industries Corp.		2,239,422

				11,133,300

	Automobiles (1.6%):
	5,485	Bayerische Motoren Werke AG (BMW)^		600,024
	108,000	Dongfeng Motor Corp., Series H		144,218
	132,517	Ford Motor Co.		1,989,080
	102,600	Fuji Heavy Industries, Ltd.		3,769,045
	32,900	Honda Motor Co., Ltd.		1,063,710
	6,693	Hyundai Motor Co.		814,905
	61,100	Isuzu Motors, Ltd.		801,848
	9,302	Maruti Suzuki India, Ltd.		587,658
	4,138	Renault SA		432,103
	38,000	Suzuki Motor Corp.		1,282,805
	29,900	Toyota Motor Corp.		1,999,993
	270	Volkswagen AG^		62,453


Shares			Fair Value
	Common Stocks, continued
	Automobiles, continued
	168,770	Yulon Motor Co., Ltd.	$	195,138

				13,742,980

	Banks (4.6%):
	2,195	Australia & New Zealand Banking Group, Ltd.		54,380
	4,959	Banco Bilbao Vizcaya Argentaria SA		48,775
	3,699	Banco Popolare SC*		60,774
	11,204	Banco Santander SA		78,203
	276,551	Bank of America Corp.		4,706,897
	518	Bank of Montreal		30,699
	963	Bank of Nova Scotia		49,715
	24,000	Bank of Yokohama, Ltd. (The)		147,072
	152,125	Barclays plc		622,010
	788	BB&T Corp.		31,764
	14,218	BNP Paribas SA		857,135
	21,000	Chiba Bank, Ltd. (The)		159,969
	57,362	Citigroup, Inc.		3,168,677
	3,089	Citizens Financial Group, Inc.		84,361
	1,280	Commonwealth Bank of Australia		83,427
	3,984	Fifth Third Bancorp		82,947
	320,206	HSBC Holdings plc		2,866,262
	64,212	ING Groep NV		1,064,610
	379,055	Intesa Sanpaolo SpA		1,372,499
	82,032	JPMorgan Chase & Co.		5,558,487
	346,286	Lloyds Banking Group plc		464,776
	257,200	Mitsubishi UFJ Financial Group, Inc.		1,840,729
	294,400	Mizuho Financial Group, Inc.		634,900
	1,883	National Australia Bank, Ltd.		48,040
	2,529	Nordea Bank AB		31,506
	95,807	Regions Financial Corp.		992,561
	1,145	Royal Bank of Canada		70,031
	14,000	Shizuoka Bank, Ltd. (The)		146,154
	16,766	Societe Generale		782,110
	22,145	Standard Chartered plc		354,191
	37,600	Sumitomo Mitsui Financial Group, Inc.		1,670,940
	9,633	SunTrust Banks, Inc.		414,412
	24,105	Svenska Handelsbanken AB, A Shares		351,521
	28,070	Toronto-Dominion Bank (The)		1,192,212
	32,198	U.S. Bancorp		1,397,393
	8,706	UBI Banca — Unione di Banche Italiane SCPA		69,745
	60,802	UniCredit SpA		407,868
	79,040	Wells Fargo & Co.		4,445,210
	2,450	Westpac Banking Corp.		60,735

				36,503,697

	Beverages (1.0%):
	561	Anheuser-Busch InBev NV		67,511
	12,900	Asahi Breweries, Ltd.		410,056
	65,255	Coca-Cola Co. (The)		2,559,953
	1,881	Constellation Brands, Inc., Class A		218,234
	1,778	Diageo plc		51,529
	8,527	Diageo plc, ADR		989,473


Shares			Fair Value
	Common Stocks, continued
	Beverages, continued
	23,800	Kirin Holdings Co., Ltd.	$	327,637
	8,639	Molson Coors Brewing Co., Class B		603,089
	1,450	PepsiCo, Inc.		135,343
	55,890	SABMiller plc		2,897,060
	6,600	Suntory Beverage & Food, Ltd.		265,386

				8,525,271

	Biotechnology (1.1%):
	5,911	Alexion Pharmaceuticals, Inc.*		1,068,531
	1,325	Alkermes plc*		85,250
	278	Alkermes plc*		17,887
	13,677	Amgen, Inc.		2,099,694
	4,640	Biogen Idec, Inc.*		1,874,283
	7,852	Celgene Corp.*		908,751
	9,417	Gilead Sciences, Inc.		1,102,542
	508	Invitae Corp.*^		7,559
	63,198	Mesoblast, Ltd.*^		182,334
	1,107	Puma Biotechnology, Inc.*^		129,242
	1,199	Receptos, Inc.*		227,870
	717	Regeneron Pharmaceuticals, Inc.*		365,763
	3,084	Tesaro, Inc.*^		181,308
	7,803	Vertex Pharmaceuticals, Inc.*		963,514

				9,214,528

	Building Products (0.2%):
	15,110	Compagnie de Saint-Gobain SA		679,907
	13,400	Daikin Industries, Ltd.		963,701

				1,643,608

	Capital Markets (1.0%):
	1,250	Ameriprise Financial, Inc.		156,163
	21,314	Bank of New York Mellon Corp. (The)		894,549
	9,056	BHF Kleinwort Benson Group SA*^		44,290
	27,332	Charles Schwab Corp. (The)		892,390
	18,911	Credit Suisse Group AG		519,765
	28,680	Deutsche Bank AG, Registered Shares		861,264
	5,401	Goldman Sachs Group, Inc. (The)		1,127,675
	30,008	Morgan Stanley		1,164,009
	61,600	Nomura Holdings, Inc.		415,245
	457	State Street Corp.		35,189
	78,595	UBS Group AG		1,666,908

				7,777,447

	Chemicals (2.1%):
	2,326	Air Liquide SA		293,850
	1,797	Air Products & Chemicals, Inc.		245,884
	19,723	AkzoNobel NV		1,440,903
	6,217	Arkema, Inc.		447,897
	82,000	Asahi Kasei Corp.		671,802
	8,472	BASF SE		744,402
	2,730	CF Industries Holdings, Inc.		175,484
	10,471	Dow Chemical Co. (The)		535,801
	8,465	E.I. du Pont de Nemours & Co.		541,337
	2,523	Ecolab, Inc.		285,276


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	14,489	FMC Corp.	$	761,396
	34,100	Hitachi Chemical Co., Ltd.		614,499
	37,800	JSR Corp.		666,983
	9,572	Koninklijke DSM NV		556,381
	37,100	Kuraray Co., Ltd.		453,523
	2,200	Linde AG		416,517
	7,201	LyondellBasell Industries NV, Class A		745,448
	6,228	Monsanto Co.		663,843
	25,900	Nitto Denko Corp.		2,127,196
	9,349	Potash Corp. of Saskatchewan, Inc.		289,573
	3,493	PPG Industries, Inc.		400,717
	2,722	Praxair, Inc.		325,415
	29,600	Shin-Etsu Chemical Co., Ltd.		1,836,207
	4,923	Syngenta AG, Registered Shares		2,017,881
	271,000	Ube Industries, Ltd.		511,161

				17,769,376

	Commercial Services & Supplies (0.2%):
	2,086	Cintas Corp.		176,455
	1,800	SECOM Co., Ltd.		116,775
	4,600	Sohgo Security Services Co., Ltd.		180,964
	39,958	Tyco International plc		1,537,584

				2,011,778

	Communications Equipment (0.7%):
	21,138	Alcatel-Lucent*		77,149
	93,463	Cisco Systems, Inc.		2,566,493
	19,288	El Towers SpA		1,162,177
	1,891	Harris Corp.		145,437
	3,000	Hitachi Kokusai Electric, Inc.		45,594
	28,158	QUALCOMM, Inc.		1,763,536
	6,982	Telefonaktiebolaget LM Ericsson, B Shares		72,311

				5,832,697

	Construction & Engineering (0.2%):
	5,000	Chiyoda Corp.		44,262
	1,900	ComSys Holdings Corp.		28,277
	19,000	JGC Corp.		358,632
	7,000	Kinden Corp.		93,119
	3,000	Maeda Road Construction Co., Ltd.		55,349
	1,000	Nippo Corp.		17,125
	86,000	Okumura Corp.		438,925
	300	Sho-Bond Holdings Co., Ltd.		12,516
	101,000	Toda Corp.^		463,141

				1,511,346

	Consumer Finance (0.2%):
	974	American Express Co.		75,699
	11,364	Capital One Financial Corp.		999,691
	5,508	Discover Financial Services		317,371

				1,392,761

	Containers & Packaging (0.1%):
	7,508	Crown Holdings, Inc.*		397,248
	8,562	Sealed Air Corp.		439,916

				837,164


Shares			Fair Value
	Common Stocks, continued
	Distributors (0.0%):
	3,000	Canon Marketing Japan, Inc.	$	51,002

	Diversified Consumer Services (0.0%):
	900	Benesse Holdings, Inc.		22,521

	Diversified Financial Services (0.4%):
	18,652	Berkshire Hathaway, Inc., Class B*		2,538,723
	7,777	CME Group, Inc.		723,728
	123	IntercontinentalExchange Group, Inc.		27,504
	297	McGraw-Hill Cos., Inc. (The)		29,834

				3,319,789

	Diversified Telecommunication Services (1.1%):
	66,015	AT&T, Inc.^		2,344,853
	114,563	BT Group plc		811,218
	42,017	Deutsche Telekom AG, Registered Shares		723,241
	20,867	France Telecom SA		322,831
	22,200	Nippon Telegraph & Telephone Corp.		803,556
	234,000	Singapore Telecommunications, Ltd.		727,718
	23,018	TDC A/S		168,629
	32,883	Telecom Italia SpA^		33,474
	135,227	Telecom Italia SpA*		171,511
	139,100	Telekom Malaysia Berhad		241,070
	8,438	Verizon Communications, Inc.		392,778
	68,018	Verizon Communications, Inc.		3,170,319

				9,911,198

	Electric Utilities (0.6%):
	18,019	American Electric Power Co., Inc.		954,466
	52,000	Chubu Electric Power Co., Inc.		774,878
	134,308	Enel SpA		607,150
	8,700	Kansai Electric Power Co., Inc. (The)*		96,176
	25,300	Kyushu Electric Power Co., Inc.*		292,989
	11,296	NextEra Energy, Inc.		1,107,347
	9,034	PPL Corp.		266,232
	15,200	Tokyo Electric Power Co., Inc. (The)*		82,787

				4,182,025

	Electrical Equipment (0.9%):
	27,774	Eaton Corp. plc		1,874,467
	19,042	Emerson Electric Co.		1,055,498
	83,000	GS Yuasa Corp.^		326,968
	3,200	Mabuchi Motor Co., Ltd.		202,224
	120,000	Mitsubishi Electric Corp.		1,547,105
	11,107	Rockwell Automation, Inc.^		1,384,377
	9,159	Schneider Electric SA		631,619

				7,022,258

	Electronic Equipment, Instruments & Components (0.4%):
	4,131	Corning, Inc.		81,505
	4,800	Hitachi High-Technologies Corp.		135,809
	179,000	Hitachi, Ltd.		1,179,178
	30,000	Hon Hai Precision Industry Co., Ltd.		93,587
	500	Keyence Corp.		269,615
	15,600	Kyocera Corp.		810,705
	2,500	Murata Manufacturing Co., Ltd.		435,935


Shares			Fair Value
	Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	6,600	Omron Corp.	$	286,693
	1,312	TE Connectivity, Ltd.		84,362

				3,377,389

	Energy Equipment & Services (0.7%):
	1,497	Baker Hughes, Inc.		92,365
	1,384	Cameron International Corp.*		72,480
	95,700	Dropbox, Inc.*(a)		1,589,577
	2,931	Halliburton Co.		126,238
	1,698	Helmerich & Payne, Inc.^		119,573
	24,594	Ocean Rig UDW, Inc.^		126,167
	30,845	Oceaneering International, Inc.		1,437,069
	149,440	SBM Offshore NV*^		1,772,628
	4,451	Schlumberger, Ltd.		383,632

				5,719,729

	Food & Staples Retailing (0.5%):
	423	Costco Wholesale Corp.		57,130
	3,168	CVS Health Corp.		332,260
	10,700	FamilyMart Co., Ltd.		491,573
	3,754	Kroger Co. (The)		272,203
	10,588	Sysco Corp.^		382,227
	2,091	The Fresh Market, Inc.*^		67,205
	843	Walgreens Boots Alliance, Inc.		71,183
	29,006	Wal-Mart Stores, Inc.		2,057,395
	786	Wesfarmers, Ltd.		23,557

				3,754,733

	Food Products (0.5%):
	6,000	Ajinomoto Co., Inc.		129,886
	4,760	Archer-Daniels-Midland Co.		229,526
	9,102	Boulder Brands, Inc.*^		63,168
	45,987	Cosan, Ltd., A Shares		283,279
	392	Danone SA		25,322
	584	General Mills, Inc.		32,540
	569	Kraft Foods Group, Inc.		48,445
	1,625	Mondelez International, Inc., Class A		66,853
	49,679	Nestle SA, Registered Shares		3,592,034
	27,712	SLC Agricola SA		153,351
	1,959	Unilever NV		81,865

				4,706,269

	Gas Utilities (0.2%):
	298,000	Tokyo Gas Co., Ltd.		1,581,309

	Health Care Equipment & Supplies (0.3%):
	13,162	Abbott Laboratories		645,992
	5,479	Baxter International, Inc.		383,146
	2,008	Becton, Dickinson & Co.		284,433
	14,100	HOYA Corp.		564,694
	7,384	Medtronic plc		547,154
	1,091	Stryker Corp.		104,267

				2,529,686

	Health Care Providers & Services (2.3%):
	5,793	Acadia Healthcare Co., Inc.*^		453,766


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	15,284	Aetna, Inc.	$	1,948,099
	36,197	Al Noor Hospitals Group plc		536,781
	1,846	AmerisourceBergen Corp.		196,304
	2,431	Anthem, Inc.		399,024
	946,900	Bangkok Dusit Medical Services Public Co., Ltd., Class F		551,143
	68,200	Bumrungrad Hospital Public Co., Ltd.		378,049
	3,502	Cardinal Health, Inc.		292,942
	955	CIGNA Corp.		154,710
	1,320	Express Scripts Holding Co.*^		117,401
	21,641	HCA Holdings, Inc.*		1,963,272
	379,670	Healthscope, Ltd.		791,764
	14,198	Humana, Inc.		2,715,793
	565,600	IHH Healthcare Berhad*		848,893
	26,627	Integrated Diagnostics Holdings plc*		155,768
	81,339	Life Healthcare Group Holdings Pte, Ltd.		249,998
	6,829	McKesson, Inc.		1,535,227
	1,300	Medipal Holdings Corp.		21,159
	61,358	NMC Health plc		766,275
	382,799	PT Siloam International Hospital Tbk		413,183
	96,700	Raffles Medical Group, Ltd.		330,470
	10,900	Ship Healthcare Holdings, Inc.^		225,222
	250,258	Spire Healthcare Group plc		1,310,948
	1,400	Teladoc, Inc.*		26,600
	20,385	Tenet Healthcare Corp.*		1,179,884
	3,503	UnitedHealth Group, Inc.		427,366

				17,990,041

	Health Care Technology (0.2%):
	5,100	Evolent Health, Inc., Class A*^		99,450
	5,500	HTG Molecular Diagnostics, Inc.*		61,325
	48,724	Veeva Systems, Inc., Class A*^		1,365,734

				1,526,509

	Hotels, Restaurants & Leisure (0.3%):
	7,047	Las Vegas Sands Corp.^		370,461
	19,068	McDonald’s Corp.		1,812,794
	12,361	SeaWorld Entertainment, Inc.^		227,937
	1,889	Wyndham Worldwide Corp.		154,728

				2,565,920

	Household Durables (0.3%):
	4,300	Alpine Electronics, Inc.		82,855
	31,698	Cyrela Brazil Realty SA Empreendimentos e Participacoes		101,370
	164,000	Haier Electronics Group Co., Ltd.*		439,640
	1,906	MRV Engenharia e Participacoes SA		4,783
	54,300	Nikon Corp.^		627,720
	7,300	Rinnai Corp.		577,760
	13,700	Sony Corp.*		388,816
	2,268	Whirlpool Corp.		392,477

				2,615,421


Shares			Fair Value
	Common Stocks, continued
	Household Products (0.9%):
	15,976	Colgate-Palmolive Co.	$	1,044,990
	9,247	Kimberly-Clark Corp.		979,905
	67,751	Procter & Gamble Co. (The)		5,300,838
	453	Reckitt Benckiser Group plc		39,109

				7,364,842

	Independent Power and Renewable Electricity Producers (0.4%):
	41,264	AES Corp. (The)		547,161
	43,683	Calpine Corp.*		785,858
	7,700	Electric Power Development Co., Ltd.		271,816
	11,345	NextEra Energy Partners LP^(a)		449,489
	32,794	NRG Energy, Inc.		750,327
	5,590	NRG Yield, Inc., Class A^		122,924
	5,590	NRG Yield, Inc., Class A^		122,365
	1,128	Talen Energy Corp.*^		19,356
	9,032	TerraForm Power, Inc.		343,035
	6,976	TerraForm Power, Inc., Class A		264,948

				3,677,279

	Industrial Conglomerates (0.7%):
	1,009	3M Co.		155,689
	149,219	Beijing Enterprises Holdings, Ltd.		1,117,549
	8,096	Danaher Corp.		692,937
	92,684	General Electric Co.		2,462,613
	198,000	Keppel Corp., Ltd.		1,207,032
	21,926	Koninklijke Philips Electronics NV		559,543

				6,195,363

	Insurance (1.8%):
	1,430	ACE, Ltd.		145,402
	493	AFLAC, Inc.		30,665
	136,200	AIA Group, Ltd.		890,227
	14,662	Allstate Corp. (The)		951,124
	27,674	American International Group, Inc.		1,710,806
	312	Aon plc		31,100
	47,148	AXA SA		1,187,995
	3,088	Axis Capital Holdings, Ltd.		164,807
	8	Berkshire Hathaway, Inc., Class A*		1,638,799
	1,227	Chubb Corp. (The)		116,737
	3,301	CNA Financial Corp.		126,131
	122,908	Legal & General Group plc		480,179
	5,161	Lincoln National Corp.		305,634
	1,488	Manulife Financial Corp.		27,656
	17,282	Marsh & McLennan Cos., Inc.		979,889
	16,843	MetLife, Inc.		943,040
	12,800	MS&AD Insurance Group Holdings, Inc.		398,505
	11,400	NKSJ Holdings, Inc.		418,065
	6,876	Prudential Financial, Inc.		601,788
	55,182	Prudential plc		1,331,358
	1,725	Reinsurance Group of America, Inc.		163,651
	30,100	Sony Financial Holdings, Inc.		527,299
	24,400	Tokio Marine Holdings, Inc.		1,011,886
	363	Travelers Cos., Inc. (The)		35,088


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	15,932	XL Group plc	$	592,670
	1,425	Zurich Insurance Group AG		434,477

				15,244,978

	Internet & Catalog Retail (0.1%):
	9,903	Alibaba Group Holding, Ltd., ADR*^		814,719
	200	Askul Corp.		6,283
	1,817	Expedia, Inc.		198,689

				1,019,691

	Internet Software & Services (2.4%):
	18,200	DeNA Co., Ltd.		357,679
	32,443	eBay, Inc.*		1,954,366
	22,302	Facebook, Inc., Class A*		1,912,731
	11,300	GoDaddy, Inc., Class A*^		318,547
	4,920	Google, Inc., Class A*		2,656,997
	8,839	Google, Inc., Class C*		4,600,787
	74,000	Gree, Inc.^		432,215
	11,346	SINA Corp.*		607,748
	75,653	Twitter, Inc.*		2,740,152
	68,532	Uber Technologies, Inc.*(a)		2,742,836
	2,508	VeriSign, Inc.*^		154,794
	75,300	Yahoo! Japan Corp.		303,621
	2,841	Yahoo!, Inc.*		111,623

				18,894,096

	IT Services (0.9%):
	3,745	Accenture plc, Class A		362,441
	523	Alliance Data Systems Corp.*		152,685
	3,091	Amdocs, Ltd.		168,738
	8,597	Atos Origin SA		643,109
	1,553	Automatic Data Processing, Inc.		124,597
	1,963	Cognizant Technology Solutions Corp., Class A*		119,920
	2,890	Computer Sciences Corp.		189,700
	3,045	Fidelity National Information Services, Inc.		188,181
	4,296	International Business Machines Corp.		698,787
	18,213	MasterCard, Inc., Class A		1,702,551
	400	NS Solutions Corp.		13,339
	800	SCSK Corp.		24,381
	41,376	Visa, Inc., Class A^		2,778,398
	33,140	Worldline SA*		680,238

				7,847,065

	Leisure Products (0.1%):
	6,200	Namco Bandai Holdings, Inc.		119,741
	32,400	Sega Sammy Holdings, Inc.		423,434
	8,500	Yamaha Corp.		171,388

				714,563

	Life Sciences Tools & Services (0.3%):
	11,725	Agilent Technologies, Inc.		452,351
	14,275	Thermo Fisher Scientific, Inc.		1,852,324

				2,304,675


Shares			Fair Value
	Common Stocks, continued
	Machinery (1.1%):
	4,015	CNH Industrial NV	$	37,259
	29,901	Colfax Corp.*^		1,379,932
	822	Cummins India, Ltd.		11,542
	1,915	Dover Corp.		134,395
	3,700	Fanuc, Ltd.		755,432
	164,090	Haitian International Holdings, Ltd.		383,369
	110,000	IHI Corp.		512,791
	22,700	Komatsu, Ltd.		454,958
	31,000	Kubota Corp.		491,396
	172,000	Mitsubishi Heavy Industries, Ltd.		1,045,743
	8,100	Nabtesco Corp.		202,197
	11,668	PACCAR, Inc.^		744,535
	1,106	Parker Hannifin Corp.^		128,661
	1,100	SMC Corp.		330,965
	12,252	Stanley Black & Decker, Inc.		1,289,400
	3,500	THK Co., Ltd.		75,585
	6,438	WABCO Holdings, Inc.*		796,509

				8,774,669

	Media (0.8%):
	12,603	DISH Network Corp., Class A*		853,349
	18,716	Liberty Broadband Corp., Class C*		957,511
	7,085	Liberty Broadband Corp., Class A*^		361,122
	46,252	Liberty Media Corp., Class C*		1,660,447
	20,570	Liberty Media Corp.*		741,343
	107,568	RAI Way SpA		515,629
	817	RTL Group		73,973
	2,900	TV Asahi Holdings Corp.^		48,693
	57,542	Zon Multimedia Servicos de Telecommunicacoes e Multimedia SGPS SA		459,737

				5,671,804

	Metals & Mining (2.2%):
	201,652	Antofagasta plc		2,182,564
	64,441	Barrick Gold Corp., ADR		686,941
	54,205	Constellium NV*		641,245
	90,068	Eldorado Gold Corp.		373,600
	227,585	First Quantum Minerals, Ltd.		2,976,028
	164,264	Freeport-McMoRan Copper & Gold, Inc.		3,058,595
	115,936	Gerdau SA, ADR		279,406
	72,522	Glencore International plc		291,082
	77,742	Goldcorp, Inc.		1,259,420
	197,000	Nippon Steel Corp.		510,236
	216,347	Platinum Group Metals, Ltd.*		86,539
	353,956	Platinum Group Metals, Ltd.*		138,884
	64,183	Rio Tinto plc		2,639,356
	67,172	Southern Copper Corp.^		1,975,529
	57,952	Tahoe Resources, Inc.		702,589
	400	Yamato Kogyo Co., Ltd.		9,326

				17,811,340

	Multiline Retail (0.1%):
	2,175	Kohl’s Corp.^		136,177


Shares			Fair Value
	Common Stocks, continued
	Multiline Retail, continued
	2,073	Macy’s, Inc.	$	139,865
	2,600	Ryohin Keikaku Co., Ltd.		503,886

				779,928

	Multi-Utilities (0.5%):
	23,712	CenterPoint Energy, Inc.		451,239
	14,877	Dominion Resources, Inc.		994,825
	32,816	Engie Group		608,045
	60,315	National Grid plc		775,490
	11,858	Sempra Energy		1,173,231

				4,002,830

	Oil, Gas & Consumable Fuels (4.5%):
	60,614	Anadarko Petroleum Corp.		4,731,530
	115,052	Athabasca Oil Corp.*		187,945
	8,531	BG Group plc		141,938
	45,714	BP plc		301,620
	60,794	Cameco Corp.		868,138
	9,537	Chevron Corp.		920,034
	61,288	Coal India, Ltd.		404,923
	4,259	ConocoPhillips		261,545
	62,135	CONSOL Energy, Inc.^		1,350,815
	9,419	Diamondback Energy, Inc.*		710,004
	7,698	Eclipse Resources Corp.*^		40,491
	2,093	Enbridge, Inc.		97,896
	6,243	ENI SpA		110,725
	1,896	EOG Resources, Inc.		165,995
	4,852	EQT Corp.		394,662
	14,567	Exxon Mobil Corp.		1,211,974
	3,849	Gulfport Energy Corp.*		154,922
	149,700	INPEX Corp.		1,702,791
	55,800	JX Holdings, Inc.		241,515
	27,615	KazMunaiGas Exploration Production JSC, Registered Shares, GDR		273,796
	5,878	Kinder Morgan, Inc.		225,656
	5,547	Lookout, Inc.*(b)		64,702
	76,892	Lundin Petroleum AB*^		1,317,316
	37,352	Marathon Petroleum Corp.		1,953,883
	2,683	Occidental Petroleum Corp.		208,657
	155,805	Oil & Natural Gas Corp., Ltd.		756,998
	282,736	Ophir Energy plc*		501,809
	116,157	Palantir Technologies, Inc.*(a)		1,000,112
	71,761	Petroleo Brasileiro SA, ADR*		649,438
	26,077	Phillips 66		2,100,763
	10,243	Pioneer Natural Resources Co.^		1,420,602
	30,490	Reliance Industries, Ltd.		478,294
	19,901	Royal Dutch Shell plc, A Shares		566,708
	6,147	Royal Dutch Shell plc, B Shares		174,783
	23,922	Royal Dutch Shell plc, ADR		1,363,793
	9,865	Royal Dutch Shell plc, A Shares		277,301
	150,841	Statoil ASA		2,694,047
	15,358	Stone Energy Corp.*^		193,357
	3,654	Suncor Energy, Inc.		100,655


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	4,475	Suncor Energy, Inc.	$	123,152
	25,750	Total SA		1,252,764
	29,273	Total SA, ADR^		1,439,354
	47,701	TransCanada Corp.		1,938,904
	5,366	Valero Energy Corp.		335,912
	2,326	Williams Cos., Inc. (The)*		133,489

				35,545,708

	Paper & Forest Products (0.0%):
	3,070	International Paper Co.		146,101

	Personal Products (0.0%):
	167	L’Oreal SA		29,769

	Pharmaceuticals (4.3%):
	45,530	AbbVie, Inc.		3,059,160
	9,580	Allergan plc*		2,907,147
	31,800	Astellas Pharma, Inc.		453,180
	5,583	AstraZeneca plc, ADR		355,693
	35,593	AstraZeneca plc		2,262,825
	11,820	Bayer AG		1,653,728
	24,345	Bristol-Myers Squibb Co.		1,619,916
	35,900	Catalent, Inc.*		1,052,947
	4,800	Eisai Co., Ltd.		321,545
	6,744	Eli Lilly & Co.		563,057
	9,388	GlaxoSmithKline plc		195,389
	5,657	Horizon Pharma plc*^		196,524
	10,025	Johnson & Johnson Co.		977,037
	11,821	Merck & Co., Inc.		672,970
	20,115	Mylan NV*		1,365,004
	22,226	Novartis AG, Registered Shares		2,195,912
	5,201	Novo Nordisk A/S, B Shares		285,294
	13,000	Otsuka Holdings Co., Ltd.		413,288
	3,808	Perrigo Co. plc		703,833
	63,857	Pfizer, Inc.		2,141,125
	5,531	Roche Holding AG		1,553,263
	23,107	Sanofi-Aventis SA		2,279,373
	2,300	Sawai Pharmaceutical Co., Ltd.		134,669
	19,120	Shire plc		1,536,675
	284,000	Sino Biopharmaceutical, Ltd.		327,839
	2,100	Takeda Pharmacuetical Co., Ltd.		101,354
	51,244	Teva Pharmaceutical Industries, Ltd., ADR		3,028,520
	2,440	Valeant Pharmaceuticals International, Inc.*		542,046

				32,899,313

	Professional Services (0.0%):
	2,650	Qualicorp SA		16,702

	Real Estate Investment Trusts (REITs) (0.7%):
	10,016	American Capital Agency Corp.		183,994
	461	American Tower Corp.		43,007
	10,999	Crown Castle International Corp.		883,220
	397	Equity Residential Property Trust		27,857
	440,828	Fibra UNO Amdinistracion SA		1,048,549
	381	Health Care REIT, Inc.		25,005
	17,379	ProLogis, Inc.		644,761


Shares			Fair Value
	Common Stocks, continued
	Real Estate Investment Trusts (REITs), continued
	159	Public Storage, Inc.	$	29,315
	6,258	Simon Property Group, Inc.		1,082,759
	90,001	TF Administradora Industrial S de RL de CV		176,105
	2,204	Unibail-Rodamco SE		559,188

				4,703,760

	Real Estate Management & Development (1.7%):
	76,373	BR Malls Participacoes SA		361,200
	641,300	CapitaLand, Ltd.		1,665,037
	204,000	China Overseas Land & Investment, Ltd.		719,122
	196,000	China Resources Land, Ltd.		631,136
	40,000	Daikyo, Inc.		64,363
	4,900	Daito Trust Construction Co., Ltd.		506,649
	64,900	Dalian Wanda Commercial Properties Co., Ltd., H Shares		519,221
	32,475	Deutsche Annington Immobilien SE		915,344
	771,100	Global Logistic Properties, Ltd.		1,446,203
	42,000	Mitsubishi Estate Co., Ltd.		902,408
	138,666	Sun Hung Kai Properties, Ltd.		2,245,549
	67,467	The St. Joe Co.*^		1,047,763
	258,000	Wharf Holdings, Ltd. (The)		1,716,042

				12,740,037

	Road & Rail (0.9%):
	7,319	Canadian National Railway Co.		422,672
	192,325	CAR, Inc.*		405,769
	20,740	CSX Corp.		677,161
	26,000	East Japan Railway Co.		2,337,711
	3,875	J.B. Hunt Transport Services, Inc.		318,099
	6,890	Kansas City Southern		628,368
	36,000	Nippon Express Co., Ltd.		176,948
	9,500	Seino Holdings Co., Ltd.		106,311
	18,893	Union Pacific Corp.		1,801,825

				6,874,864

	Semiconductors & Semiconductor Equipment (0.7%):
	3,926	Applied Materials, Inc.		75,458
	814	Avago Technologies, Ltd.		108,205
	1,759	Broadcom Corp., Class A		90,571
	19,189	Intel Corp.		583,633
	5,757	KLA-Tencor Corp.		323,601
	22,813	Micron Technology, Inc.*		429,797
	21,000	ROHM Co., Ltd.		1,404,110
	519	Samsung Electronics Co., Ltd.		589,708
	13,619	SK Hynix, Inc.		517,746
	25,700	SUMCO Corp.		321,666
	212,000	Taiwan Semiconductor Manufacturing Co., Ltd.		955,322
	6,551	Texas Instruments, Inc.		337,442

				5,737,259

	Software (1.9%):
	68,905	Activision Blizzard, Inc.		1,668,190
	3,849	Adobe Systems, Inc.*		311,807


Shares			Fair Value
	Common Stocks, continued
	Software, continued
	2,045	Check Point Software Technologies, Ltd.*	$	162,680
	2,923	Electronic Arts, Inc.*		194,380
	90,700	Gungho Online Enetertainment, Inc.^		352,698
	2,695	Intuit, Inc.		271,575
	42,551	King Digital Entertainment plc^		606,352
	56,587	Microsoft Corp.		2,498,317
	68,360	Mobileye NV*^		3,634,701
	9,100	Nexon Co., Ltd.		125,105
	7,900	Nintendo Co., Ltd.		1,319,185
	20,493	Nuance Communications, Inc.*		358,832
	60,614	Oracle Corp.		2,442,744
	1,891	Salesforce.com, Inc.*		131,670
	6,726	SAP AG		468,607
	6,100	Trend Micro, Inc.		210,028
	33,610	UbiSoft Entertainment SA*		599,834

				15,356,705

	Specialty Retail (0.3%):
	2,600	Autobacs Seven Co., Ltd.^		43,460
	1,316	Home Depot, Inc. (The)		146,247
	2,044	Lowe’s Cos., Inc.		136,887
	22,500	Sanrio Co., Ltd.^		610,756
	900	Shimamura Co., Ltd.		94,382
	4,501	Tiffany & Co.		413,192
	156,400	Yamada Denki Co., Ltd.^		625,300
	222,760	Zhongsheng Group Holdings, Ltd.^		154,969

				2,225,193

	Technology Hardware, Storage & Peripherals (0.7%):
	26,632	Apple, Inc.		3,340,318
	6,559	EMC Corp.		173,092
	24,197	Hewlett-Packard Co.		726,152
	231,000	NEC Corp.		699,742
	1,630	Samsung SDI Co., Ltd.		161,981
	2,372	SanDisk Corp.		138,098
	2,543	Seagate Technology plc^		120,793
	1,685	Western Digital Corp.		132,138

				5,492,314

	Textiles, Apparel & Luxury Goods (0.1%):
	20,028	Coach, Inc.^		693,169

	Tobacco (0.4%):
	1,911	Altria Group, Inc.		93,467
	1,310	British American Tobacco plc		70,392
	677	Imperial Tobacco Group plc		32,679
	12,400	Japan Tobacco, Inc.		441,348
	25,847	Philip Morris International, Inc.		2,072,154
	100	Reynolds American, Inc.		7,450

				2,717,490

	Trading Companies & Distributors (0.7%):
	74,600	Mitsubishi Corp.		1,638,402
	156,400	Mitsui & Co., Ltd.		2,121,259
	74,200	Sumitomo Corp.		861,873


Shares			Fair Value
	Common Stocks, continued
	Trading Companies & Distributors, continued
	12,600	Toyota Tsushu Corp.	$	337,958
	31,900	Univar, Inc.*		830,357

				5,789,849

	Transportation Infrastructure (0.1%):
	615,711	Delta Topco, Ltd.(a)		352,802
	6,000	Kamigumi Co., Ltd.		56,231

				409,033

	Water Utilities (0.1%):
	14,420	American Water Works Co., Inc.		701,245

	Wireless Telecommunication Services (0.7%):
	369,574	America Movil SAB de C.V., Series L		395,085
	29,881	America Movil SAB de C.V., Series L, ADR		636,764
	310,000	Axiata Group Berhad		526,143
	79,563	Cellnex Telecom SAU*		1,345,857
	105,029	Far EasTone Telecommunications Co., Ltd.		253,872
	34,700	KDDI Corp.		834,633
	11,500	NTT DoCoMo, Inc.		220,068
	22,106	Vodafone Group plc, ADR		805,764
	155,032	Vodafone Group plc		565,238

				5,583,424

	Total Common Stocks (Cost $413,589,744)			445,531,567

	Preferred Stocks (1.8%):
	Automobiles (0.2%):
	8,360	Volkswagen AG, Preferred Shares^		1,937,734

	Banks (0.9%):
	26,482	Citigroup Capital XIII, Series A, Preferred Shares^		687,472
	176,000	Deutsche Bank Capital Funding Trust VII, Preferred Shares^(c)		176,880
	35,500	GMAC Capital Trust I, Series 2, Preferred Shares		922,289
	15,683	HSBC Holdings plc, Series 2, Preferred Shares		406,033
	38,941	Itau Unibanco Holding SA, Preferred Shares		429,101
	21,833	RBS Capital Fund Trust V, Series E, Preferred Shares^		529,014
	27,501	RBS Capital Funding Trust VII, Series G, Preferred Shares^		671,849
	14,719	Royal Bank of Scotland Group plc, Series T, Preferred Shares, ADR^		373,421
	12,375	Royal Bank of Scotland Group plc, Series M, Preferred Shares, ADR		308,261
	9,710	Royal Bank of Scotland Group plc, Series Q, Preferred Shares, ADR^		245,663
	7,409	U.S. Bancorp, Series G, Preferred Shares^		197,302
	14,159	U.S. Bancorp, Series F, Preferred Shares^		399,567
	576,000	USB Capital IX, Preferred Shares		475,488

				5,822,340

	Diversified Financial Services (0.0%):
	37,073	Fannie Mae, Series S, Preferred Shares		139,024


Shares			Fair Value
	Preferred Stocks, continued
	Food & Staples Retailing (0.0%):
	11,174	Companhia Brasileira de Destribuicao Grupo Pao de Acucar, Series A, Preferred Shares	$	263,909

	Health care providers & services (0.1%):
	19,062	Anthem, Inc., Preferred Shares		972,162

	Health Care Providers & Services (0.1%):
	143,925	Grand Rounds, Inc., Preferred Shares*(a)		404,329
	31,073	Invitae Corp.,, Series F, Preferred Shares(a)		439,247

				843,576

	Machinery (0.0%):
	2,123	Stanley Black & Decker, Inc., Preferred Shares^		256,437

	Multi-Utilities (0.0%):
	7,500	Dominion Resources, Inc., Preferred Shares		350,250

	Oil, Gas & Consumable Fuels (0.1%):
	63,925	Lookout, Inc.,, Preferred Shares*(a)		745,647

	Pharmaceuticals (0.0%):
	15	Allergan plc, Series A, Preferred Shares		15,639

	Real Estate Investment Trusts (REITs) (0.2%):
	3,376	American Tower Corp., Series A, Preferred Shares		340,343
	13,044	Health Care REIT, Inc., Series 2, Preferred Shares		779,379

				1,119,722

	Real Estate Management & Development (0.0%):
	15,600	Forestar Group, Inc., Preferred Shares		290,519

	Semiconductors & Semiconductor Equipment (0.2%):
	2,209	Samsung Electronics Co., Ltd., Preferred Shares		1,963,804

	Total Preferred Stocks (Cost $14,757,660)			14,720,763

	Warrant (0.0%):
	Paper & Forest Products (0.0%):
	157,250	TFS Corp., Ltd.*(c)		63,927

	Total Warrant (Cost $—)			63,927

	Convertible Preferred Stocks (0.5%):
	Aerospace & Defense (0.0%):
	5,063	United Technologies Corp., 0.52%		290,110

	Banks (0.0%):
	272	Wells Fargo & Co., Series L, Class A, 0.03%		319,600


	Financial Services (0.1%):
	118,467	Domo, Inc., Series E*(a)		998,866

	Metals & Mining (0.0%):
	11,422	Cliffs Natural Resources, Inc., Series A, 5.30%		50,828

	Pharmaceuticals (0.3%):
	1,366	Actavis plc, Series A		1,424,164

	Real Estate Investment Trusts (REITs) (0.1%):
	8,784	Crown Castle International Corp., Series A		906,509

	Total Convertible Preferred Stocks (Cost $4,104,556)			3,990,077


Shares, Contracts, Notional Amount or Principal Amount			Fair Value
	Private Placements (0.3%):
	Communications Equipment (0.3%):
	2,451,000	AliphCom, Inc.(a)	$	2,451,000

	Total Private Placements (Cost $2,451,000)			2,451,000

	Right (0.0%):
	Real Estate Management & Development (0.0%):
	16,002	Deutsche Annington Immobilien SE*		24,450

	Total Right (Cost $—)			24,450

	Convertible Bonds (2.0%):
	Automobiles (0.1%):
$	800,000	Volkswagen International Finance NV, 5.50%, 11/9/15+(c)		1,102,486

	Biotechnology (0.3%):
	178,000	BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18		274,342
	175,000	BioMarin Pharmaceutical, Inc., 1.50%, 10/15/20		278,688
	290,000	Gilead Sciences, Inc., Series D, 1.63%, 5/1/16		1,495,312

				2,048,342

	Diversified Telecommunication Services (0.0%):
	100,000	Telecom Italia SpA, Series TIT, 6.13%, 11/15/16+(c)		162,134

	Energy Equipment & Services (0.0%):
	191,000	Suzlon Energy, Ltd., Series SUEL, 3.25%, 7/16/19(c) (d)		265,729

	Food & Staples Retailing (0.1%):
	600,000	Olam International, Ltd., 6.00%, 10/15/16(c)		614,250

	Food Products (0.0%):
	400,000	REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14(a)(e)		20,000

	Health Care Providers & Services (0.0%):
	72,000	Brookdale Senior Living, Inc., 2.75%, 6/15/18		93,915

	Internet Software & Services (0.1%):
	430,000	SINA Corp., 1.00%, 12/1/18, Callable 12/1/16 @ 100		409,306
	375,000	Twitter, Inc., 1.00%, 9/15/21^(c)		328,359

				737,665

	Oil, Gas & Consumable Fuels (0.3%):
	886,000	Cobalt International Energy, Inc., 2.63%, 12/1/19		653,979
	1,111,000	Cobalt International Energy, Inc., 3.13%, 5/15/24^		806,169
	1,123,330	Dana Gas Sukuk, Ltd., 7.00%, 10/31/17(c)		904,281

				2,364,429

	Pharmaceuticals (0.2%):
	333,000	Mylan, Inc., 3.75%, 9/15/15		1,692,263

	Real Estate Management & Development (0.4%):
	750,000	CapitaLand, Ltd., 2.10%, 11/15/16, Callable 0 @ 100+(c)		556,303


Shares, Contracts, Notional Amount or Principal Amount			Fair Value
	Convertible Bonds, continued
	Real Estate Management & Development, continued
$	1,500,000	CapitaLand, Ltd., Series CAPL, 2.95%, 6/20/22, Callable 6/20/17 @ 100+	$	1,121,351
	500,000	CapitaLand, Ltd., 1.95%, 10/17/23, Callable 10/17/18 @ 100+(c)		386,094
	250,000	CapitaLand, Ltd., 1.95%, 10/17/23, Callable 10/17/18 @ 100+(c)		193,047
	406,000	Forest City Enterprises, Inc., 4.25%, 8/15/18		476,289

				2,733,084

	Semiconductors & Semiconductor Equipment (0.0%):
	246,000	Intel Corp., 3.25%, 8/1/39		374,228

	Software (0.1%):
	346,000	Take-Two Interactive Software, Inc., 1.75%, 12/1/16		514,243

	Technology Hardware, Storage & Peripherals (0.1%):
	401,000	SanDisk Corp., 1.50%, 8/15/17		518,544
	401,000	SanDisk Corp., 0.50%, 10/15/20^		388,719

				907,263

	Wireless Telecommunication Services (0.3%):
	500,000	Telecom Italia Finance SA, Registered Shares, 6.13%, 11/15/16+(c)		810,667
	300,000	Telefonica SA, Series TIT, 6.00%, 7/24/17+(c)		404,219
	900,000	Telefonica SA, Series TEF, 4.90%, 9/25/17+		1,091,016

				2,305,902

	Total Convertible Bonds (Cost $14,769,654)			15,935,933

	Floating Rate Loans (1.4%):
	Biotechnology (0.2%):
	1,281,782	Grifols Worldwide Operations USA, 3.18%, 3/3/21(d)		1,280,321

	Construction & Engineering (0.1%):
	304,147	Autobahn Tank & Rast Holding GmbH, 3.33%, 12/10/18(d)		338,505
	122,640	Autobahn Tank & Rast Holding GmbH, 3.52%, 12/10/19(d)		136,160

				474,665

	Energy Equipment & Services (0.1%):
	373,948	Drillships Financing Holdings, Inc., 6.00%, 3/31/21(d)		304,143
	442,236	Drillships Ocean Ventures, Inc., 5.50%, 7/9/21(d)		375,348
	405,533	Fieldwood Energy LLC, 8.38%, 9/20/20(d)		309,726
	1,293,150	Seadrill, Ltd., 4.00%, 2/21/21(d)		973,911

				1,963,128

	Financial Services (0.2%):
	665,000	ENDO Luxembourg Finance Co., 0.00%, 6/30/16(d)		664,169
	605,000	ENDO Luxembourg Finance Co., 0.00%, 6/30/22(d)		606,137

				1,270,306


Shares, Contracts, Notional Amount or Principal Amount			Fair Value
	Floating Rate Loans, continued
	Hotels, Restaurants & Leisure (0.2%):
$	1,659,434	Hilton Worldwide Finance LLC, 3.50%, 10/25/20(d)	$	1,659,700

	Independent Power and Renewable Electricity Producers (0.1%):
	605,000	Calpine Corp., 0.00%, 6/15/22(d)		599,101

	Investment Services (0.1%):
	1,048,000	Promontoria Blue Holding 2 BV, 0.00%, 4/17/20(d)		1,168,209

	Media (0.2%):
	292,000	AP One Channel Center Owner LP, Series 4814, 5.00%, 7/15/19(b)(d)		292,000
	389,246	Univision Communications, Inc., 4.00%, 3/1/20(d)		385,770
	716,265	Univision Communications, Inc., 4.00%, 3/1/20(d)		709,868

				1,387,638

	Metals-Processing & Fabrication (0.0%):
	350,000	Novelis, Inc., 0.00%, 6/15/22(d)		348,086

	Oil, Gas & Consumable Fuels (0.1%):
	103,544	Sheridan Production Partners, 4.25%, 12/2/20(b)(d)		91,118
	744,179	Sheridan Production Partners, 4.25%, 12/2/20(b)(d)		654,877
	38,726	Sheridan Production Partners, 4.25%, 12/2/20(b)(d)		34,079

				780,074

	Pharmaceuticals (0.0%):
	188,199	Mallinckrodt International Finance SA, 3.25%, 2/24/21(d)		187,205

	Trading Companies & Distributors (0.1%):
	585,000	Univar USA, Inc., 0.00%, 6/30/22(d)		584,087

	Total Floating Rate Loans (Cost $12,372,764)			11,702,520

	Corporate Bonds (3.3%):
	Air Freight & Logistics (0.1%):
	1,216,000	Global Logistic Properties, Ltd., 3.88%, 6/4/25(c)		1,190,192

	Automobiles (0.1%):
	620,000	General Motors Financial Co., Inc., 3.50%, 7/10/19^		633,124

	Banks (0.7%):
	307,000	Bank of America Corp., 1.35%, 3/22/18, MTN(d)		309,794
	385,000	Bank of America Corp., 2.60%, 1/15/19		389,193
	1,165,000	Citigroup, Inc., 1.80%, 2/5/18		1,162,192
	410,000	HSBC USA, Inc., 1.63%, 1/16/18		408,879
	323,000	JPMorgan Chase & Co., 4.35%, 8/15/21		345,736
	1,565,000	JPMorgan Chase & Co., Series X, 6.10%, 10/29/49, Callable 10/1/24 @ 100(d)		1,570,479
	778,000	JPMorgan Chase & Co., Series Q, 5.15%, 12/29/49, Callable 5/1/23 @ 100, Perpetual Bond^(d)		740,345

				4,926,618


Shares, Contracts, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Capital Markets (0.5%):
$	773,000	Ford Motor Credit Co. LLC, 1.72%, 12/6/17	$	768,986
	408,000	Ford Motor Credit Co. LLC, 2.38%, 1/16/18		411,793
	395,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18		424,660
	662,000	Goldman Sachs Group, Inc. (The), Series L, 5.70%, 12/29/49, Callable 5/10/19 @ 100(d)		664,383
	695,000	Goldman Sachs Group, Inc. (The), Series M, 5.37%, 12/31/49, Callable 5/10/20 @ 100(d)		685,270
	361,000	Merrill Lynch & Co., 6.88%, 4/25/18, MTN		407,815
	268,000	Morgan Stanley, Series G, 7.30%, 5/13/19		315,296
	489,000	Morgan Stanley, Series H, 5.45%, 7/29/49, Callable 7/15/19 @ 100(d)		485,333

				4,163,536

	Communications Equipment (0.2%):
	110,000	Hughes Satellite Systems Corp., 7.63%, 6/15/21		121,022
	1,350,000	QUALCOMM, Inc., 3.00%, 5/20/22		1,340,850

				1,461,872

	Consumer Finance (0.2%):
	578,000	Ally Financial, Inc., 2.75%, 1/30/17		575,398
	431,000	Ally Financial, Inc., 3.50%, 1/27/19^		427,768
	430,000	American Express Co., Series C, 4.90%, 12/29/49, Callable 3/15/20 @ 100(d)		416,584
	292,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100		294,222

				1,713,972

	Diversified Consumer Services (0.0%):
	255,000	Hyundai Capital America, 2.00%, 3/19/18(c)		255,091

	Diversified Financial Services (0.4%):
	558,000	Bank of America Corp., 2.00%, 1/11/18, MTN		559,829
	298,000	Citigroup, Inc., Series A, 5.95%, 12/29/49, Callable 1/30/23 @ 100(d)		293,530
	799,000	Citigroup, Inc., Series O, 5.87%, 12/29/49, Callable 3/27/20 @ 100^(d)		800,757
	307,000	General Electric Capital Corp., Series A, 5.55%, 5/4/20, MTN		350,071
	600,000	General Electric Capital Corp., Series B, 6.25%, 12/29/49, Callable 12/15/22 @ 100(d)		656,250
	460,000	General Electric Capital Corp., 6.38%, 11/15/67, Callable 11/15/17 @ 100(d)		494,500

				3,154,937

	Energy Equipment & Services (0.1%):
	562,000	Pemex Project FDG Master TR, 5.75%, 3/1/18		611,360

	Health Care Equipment & Supplies (0.1%):
	870,000	Medtronic, Inc., 3.15%, 3/15/22(c)		873,898

	IT Services (0.0%):
	130,000	SunGard Data Systems, Inc., 7.38%, 11/15/18, Callable 8/10/15 @ 103.69		134,615


Shares, Contracts, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Media (0.1%):
$	245,000	Cablevision Systems Corp., 5.88%, 9/15/22^	$	237,650
	200,000	NBCUniversal Enterprise, Inc., 5.25%, 12/31/99, Callable 3/19/21 @ 100(c)		212,750

				450,400

	Metals & Mining (0.0%):
	100,000	Glencore Funding LLC, 2.13%, 4/16/18(c)		99,248

	Oil, Gas & Consumable Fuels (0.1%):
	399,000	Chesapeake Energy Corp., 3.53%, 4/15/19, Callable 8/10/15 @ 101(d)		365,085
	270,000	Sabine Pass Liquefaction LLC, 5.63%, 4/15/23, Callable 1/15/23 @ 100		269,071

				634,156

	Pharmaceuticals (0.3%):
	834,000	AbbVie, Inc., 2.50%, 5/14/20, Callable 4/14/20 @ 100		825,444
	475,000	Forest Laboratories, Inc., 4.38%, 2/1/19(c)		502,715
	331,000	Forest Laboratories, Inc., 5.00%, 12/15/21, Callable 9/16/21 @ 100(c)		359,179
	513,000	Mylan, Inc., 2.55%, 3/28/19		508,539

				2,195,877

	Real Estate Investment Trusts (REITs) (0.0%):
	162,000	American Tower Corp., 3.40%, 2/15/19^		165,778

	Technology Hardware, Storage & Peripherals (0.0%):
	263,000	Xerox Corp., 6.35%, 5/15/18^		293,099

	Thrifts & Mortgage Finance (0.0%):
	365,000	Capital One Bank USA NA, Series BNKT, 2.15%, 11/21/18, Callable 10/21/18 @ 100		364,571

	Transportation Infrastructure (0.1%):
	567,978	Delta Topco, Ltd., 10.00%, 11/24/60(a)		568,375

	Wireless Telecommunication Services (0.3%):
	1,070,000	AT&T, Inc., 2.38%, 11/27/18		1,079,366
	1,620,000	AT&T, Inc., 3.00%, 6/30/22, Callable 4/30/22 @ 100		1,564,213

				2,643,579

	Total Corporate Bonds (Cost $26,576,132)			26,534,298

	Foreign Bonds (9.3%):
	Banks (0.2%):
	610,000	Lloyds TSB Bank plc, Series E, 13.00%, 1/29/49, Callable 1/21/29 @ 100+(d)		1,659,799

	Metals & Mining (0.0%):
	270,000	Constellium NV, 7.00%, 1/15/23, Callable 1/15/18 @ 105.25+(c)		301,722

	Sovereign Bonds (9.1%):
	6,080,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.32%, 1/1/17+(f)(g)		1,858,520
	6,593,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.83%, 1/1/21+(f)(g)		1,908,129
	1,005,000	Buoni del Tesoro Poliennali, 2.50%, 12/1/24+		1,142,436


Shares, Contracts, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	5,219,000	Buoni del Tesoro Poliennali, 1.50%, 6/1/25+	$	5,407,805
	159,750,000	Government of Japan, Series 350, 0.10%, 3/15/17+		1,307,705
	3,688,000	Government of Poland, 5.75%, 10/25/21+		1,137,487
	24,694,000,000	Indonesia Government, Series FR69, 7.88%, 4/15/19+		1,836,322
	2,862,000,000	Indonesia Government, Series FR70, 8.38%, 3/15/24+		214,792
	160,000,000	Japan Treasury Discount Bill, Series 505, 0.00%, 7/10/15+(f)		1,307,485
	160,000,000	Japan Treasury Discount Bill, Series 524, 0.00%, 7/13/15+(f)		1,307,507
	200,000,000	Japan Treasury Discount Bill, Series 529, 0.00%, 8/3/15+(f)		1,634,383
	200,000,000	Japan Treasury Discount Bill, Series 511, 0.00%, 8/10/15+(f)		1,634,383
	300,000,000	Japan Treasury Discount Bill, Series 535, 0.00%, 8/31/15+(f)		2,451,574
	290,000,000	Japan Treasury Discount Bill, Series 523, 0.00%, 10/13/15+(f)		2,369,857
	240,000,000	Japan Treasury Discount Bill, Series 531, 0.00%, 11/10/15+		1,961,265
	310,000,000	Japan Treasury Discount Bill, Series 537, 0.00%, 12/10/15+(f)		2,533,308
	40,096,700	Mexican Bonos Desarr, 8.00%, 12/7/23+(d) (h)		2,883,199
	96,881,800	Mexican Bonos Desarr, Series M 20, 10.00%, 12/5/24+(d) (h)		7,893,779
	327,876,600	Mexican Cetes, Series BI, 0.00%, 7/9/15+(h)		2,085,114
	279,878,000	Mexican Cetes, Series BI, 0.00%, 7/23/15+(h)		1,777,554
	318,460,000	Mexican Cetes, Series B, 0.00%, 8/6/15+(h)		2,020,164
	280,025,800	Mexican Cetes, Series BI, 0.00%, 8/20/15+(h)		1,774,038
	119,620,300	Mexican Cetes, Series BI, 0.00%, 9/3/15+(h)		756,761
	319,970,500	Mexican Cetes, Series BI, 0.00%, 9/17/15+(h)		2,022,253
	324,651,200	Mexican Cetes, Series BI, 0.00%, 10/1/15+(h)		2,049,377
	242,289,600	Mexican Cetes, Series BI, 0.00%, 10/15/15+(h)		1,527,507
	162,147,200	Mexican Cetes, Series BI, 0.00%, 10/29/15+(h)		1,020,539
	353,690,400	Mexican Cetes, Series BI, 0.00%, 11/12/15+(h)		2,224,069
	81,068,000	Mexican Cetes, Series BI, 0.00%, 11/26/15+(h)		508,893
	8,026,000	Nota do Tesouro Nacional, Series NTNF, 1.46%, 1/1/25+(f)(g)		2,234,611
	7,478,000	Poland Government Bond, Series 1020, 5.25%, 10/25/20+		2,233,212


Shares, Contracts, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	6,241,633	United Kingdom Treasury, 2.25%, 9/7/23+(c)	$	10,035,013

				73,059,041

	Total Foreign Bonds (Cost $79,587,440)			75,020,562

	Yankee Dollars (3.8%):
	Banks (1.3%):
	450,000	Banco Santander Chile SA, 2.15%, 6/7/18(c)(d)		456,750
	1,222,000	BNP Paribas SA, 2.40%, 12/12/18		1,236,267
	2,490,000	Credit Suisse AG, Series 0004, 7.88%, 1/15/16(c)		2,476,578
	253,000	Export-Import Bank of Korea, 2.88%, 9/17/18		260,304
	811,000	Export-Import Bank of Korea, 2.63%, 12/30/20		806,622
	1,275,000	HSBC Holdings plc, 6.38%, 12/29/49, Callable 9/17/24 @ 100(d)		1,278,188
	325,000	ING Groep NV, 6.00%, 12/31/49, Callable 4/16/20 @ 100^(d)		320,734
	221,000	Intesa Sanpaolo SpA, 3.88%, 1/16/18		228,146
	1,065,000	Intesa Sanpaolo SpA, 3.88%, 1/15/19		1,095,706
	835,000	Itau Unibanco Holding SA, 2.85%, 5/26/18(c)		828,320
	200,000	Lloyds Bank plc, 2.30%, 11/27/18		202,114
	250,000	Rabobank Nederland, 3.95%, 11/9/22		249,967
	455,000	Standard Chartered plc, 6.50%, 12/31/49, Callable 4/2/20 @ 100^(c)(d)		458,053
	321,000	State Bank of India, 3.62%, 4/17/19(c)		327,999
	460,000	Sumitomo Mitsui Banking Corp., 2.45%, 1/10/19		465,006
	366,000	UBS AG Stamford CT, 2.38%, 8/14/19		365,971

				11,056,725

	Capital Markets (0.1%):
	475,000	Deutsche Bank AG, 1.88%, 2/13/18		473,547

	Diversified Financial Services (0.1%):
	400,000	CSG Guernsey I, Ltd., Registered Shares, 7.87%, 2/24/41, Callable 8/24/16 @ 100(c) (d)		418,221
	400,000	Odebrecht Finance, Ltd., 4.38%, 4/25/25^(c)		305,880

				724,101

	Diversified Telecommunication Services (0.1%):
	529,000	Intelsat Jackson Holdings SA, 7.50%, 4/1/21, Callable 4/1/16 @ 103.75		523,049

	Electric Utilities (0.0%):
	85,000	Empresa Distribuidora Y Comercializadora Norte SA, 9.75%, 10/25/22, Callable 10/25/18 @ 104.88(c)		71,698

	Government (0.0%):
	178,000	Provincia de Buenos Aires, 10.88%, 1/26/21(c)		178,890


Shares, Contracts, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Industrial Conglomerates (0.1%):
$	400,000	Hutchison Whampoa International 11, Ltd., 3.50%, 1/13/17(c)	$	412,240

	Internet & Catalog Retail (0.2%):
	670,000	Alibaba Group Holding, Ltd., 3.13%, 11/28/21, Callable 9/28/21 @ 100(c)		661,734
	313,000	Alibaba Group Holding, Ltd., 3.60%, 11/28/24, Callable 8/28/24 @ 100(c)		301,803

				963,537

	Media (0.0%):
	200,000	Unitymedia Hessen, 5.50%, 1/15/23, Callable 1/15/18 @ 103(c)		203,875

	Oil, Gas & Consumable Fuels (0.6%):
	1,102,000	Petrobras Global Finance BV, 2.42%, 1/15/19(d)		1,018,799
	140,000	Petrobras Global Finance BV, 6.25%, 3/17/24		135,166
	229,000	Petrobras International Finance Co., 5.38%, 1/27/21		220,252
	750,000	Petroleos Mexicanos, 3.50%, 7/23/20^(c)		758,235
	802,000	Petronas Capital, Ltd., 3.50%, 3/18/25(c)		793,415
	469,000	YPF SA, 8.88%, 12/19/18(c)		498,313
	1,615,000	YPF Sociedad Anonima, 8.50%, 7/28/25(c)		1,598,849

				5,023,029

	Paper & Forest Products (0.1%):
	989,000	TFS Corp., Ltd., 11.00%, 7/15/18, Callable 7/15/15 @ 108(c)		1,013,725

	Pharmaceuticals (0.0%):
	675,000	Actavis Funding SCS, 3.00%, 3/12/20, Callable 2/12/20 @ 100		676,531

	Real Estate Investment Trusts (REITs) (0.0%):
	316,000	Trust F/1401, 5.25%, 12/15/24^(c)		328,640

	Real Estate Management & Development (0.0%):
	200,000	Sun Hung Kai Properties, Ltd., Series E, 4.50%, 2/14/22(c)		212,426

	Road & Rail (0.1%):
	495,000	Inversiones Alsacia SA, 0.00%, 8/18/18(a)(i)		—
	530,056	Inversiones Alsacia SA, 8.00%, 12/31/18, Callable 7/27/15 @ 100(c)		312,733
	435,000	Viterra, Inc., 5.95%, 8/1/20(c)		478,235

				790,968

	Sovereign Bonds (1.0%):
	388,000	City of Buenos Aires Agrentina, 8.95%, 2/19/21(c)		395,760
	516,000	Federal Republic of Brazil, 6.00%, 1/17/17		550,830
	243,000	Federal Republic of Brazil, 4.88%, 1/22/21		253,935
	347,947	Republic of Argentina, Series X, 1.37%, 4/17/17(f)		339,596
	1,437,451	Republic of Argentina, -0.49%, 5/7/24(f)		1,388,577
	781,000	Republic of Colombia, 7.38%, 1/27/17		849,728


Shares, Contracts, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Sovereign Bonds, continued
$	860,000	Republic of Hungary, 4.13%, 2/19/18	$	895,045
	480,000	Republic of Indonesia, 6.88%, 1/17/18(c)		537,230
	1,542,000	Republic of Turkey, 6.75%, 4/3/18		1,700,416

				6,911,117

	Wireless Telecommunication Services (0.1%):
	200,000	Colombia Telecomm SA ESP, 5.38%, 9/27/22, Callable 9/27/17 @ 102.69(c)		198,250
	572,000	Telecom Italia SpA, 5.30%, 5/30/24(c)		569,853

				768,103

	Total Yankee Dollars (Cost $30,564,160)			30,332,201

	U.S. Government Agency Mortgage (0.4%):
	2,837,000	Federal National Mortgage Association, 3.00%, 7/25/43		2,826,417

	Total U.S. Government Agency Mortgage (Cost $2,860,051)			2,826,417

	U.S. Treasury Obligations (21.2%):
	U.S. Treasury Bills (17.8%)
	20,000,000	0.03%, 7/9/15(f)		20,000,060
	2,500,000	0.04%, 7/16/15(f)		2,499,980
	5,000,000	0.06%, 7/23/15(f)		4,999,985
	9,000,000	0.03%, 7/30/15(f)		8,999,856
	8,000,000	0.02%, 8/13/15(f)		8,000,000
	30,500,000	0.02%, 8/20/15(f)		30,499,787
	11,500,000	0.03%, 8/27/15(f)		11,500,092
	21,500,000	0.02%, 9/3/15(f)		21,500,000
	6,000,000	0.03%, 9/10/15(f)		6,000,180
	2,000,000	0.01%, 9/17/15(f)		2,000,000
	1,000,000	0.02%, 10/8/15(f)		999,966
	3,000,000	0.02%, 10/15/15(f)		2,999,823
	1,000,000	0.02%, 10/22/15(f)		999,945
	1,000,000	0.03%, 10/29/15(f)		999,958
	12,025,000	0.05%, 11/5/15(f)		12,024,146
	5,000,000	0.04%, 11/12/15(f)		4,999,395
	3,500,000	0.06%, 11/19/15(f)		3,499,622

				142,522,795


Shares, Contracts, Notional Amount or Principal Amount			Fair Value
	U.S. Treasury Notes (3.5%)
$	1,940,000	0.25%, 7/31/15(j)	$	1,940,151
	510,000	0.25%, 10/31/15		510,425
	8,927,900	1.38%, 3/31/20		8,840,014
	3,230,500	1.75%, 3/31/22		3,171,947
	9,314,500	2.25%, 11/15/24		9,257,737
	2,424,200	2.00%, 2/15/25		2,355,261
	2,436,000	2.13%, 5/15/25		2,391,848

				28,467,383

	U.S. Treasury Inflation Index Notes (0.0%)
	319,600	0.25%, 1/15/25		313,144

	Total U.S. Treasury Obligations (Cost $171,627,098)			171,303,322

	Purchased Swaptions (0.0%):
	Total Purchased Swaptions (Cost $1,086,805)			419,908

	Purchased Options (0.7%):
	Total Purchased Options (Cost $8,172,956)			8,558,049

	Exchange Traded Funds (0.8%):
	4,667	ETFS Platinum Trust(j)		486,301
	5,528	ETFS Physical Palladium Shares(j)		360,149
	112,395	iShares Gold Trust(j)		1,274,559
	35,751	SPDR Gold Trust(j)		4,017,341

	Total Exchange Traded Fund (Cost $7,389,836)			6,138,350

	Securities Held as Collateral for Securities on Loan (5.5%):
	44,463,097	Allianz Variable Insurance Products Securities Lending Collateral Trust(k)		44,463,097

	Total Securities Held as Collateral for Securities on Loan (Cost $44,463,097)			44,463,097

	Unaffiliated Investment Company (0.1%):
	1,194,539	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(f)		1,194,539

	Total Unaffiliated Investment Company (Cost $1,194,539)			1,194,539

	Total Investment Securities (Cost $835,567,492)(l) — 106.3%			861,210,980
	Net other assets (liabilities) — (6.3)%			(53,881,889	)

	Net Assets — 100.0%		$	807,329,091

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:


Country	Percentage
Japan		11.0	%
Jersey		0.2	%
Kazakhstan		—	%^NM
Korea, Republic Of		0.3	%
Luxembourg		0.2	%
Malaysia		0.3	%
Mexico		3.7	%
Netherlands		1.4	%
Norway		0.3	%
Poland		0.4	%
Portugal		0.1	%
Republic of Korea (South)		0.2	%
Singapore		0.9	%
South Africa		—	%^NM
Spain		0.4	%
Sweden		0.2	%
Switzerland		1.5	%
Taiwan		0.2	%
Thailand		0.1	%
Turkey		0.2	%
United Arab Emirates		0.2	%
United Kingdom		5.1	%
United States		60.6	%

		100.0	%

Cash of $2,954,580 has been segregated to cover margin requirements for the following open contracts as of June 30, 2015:


Description	Type		Expiration Date		Number of Contracts			Notional Value			Unrealized Appreciation/ (Depreciation)
E-Mini MSCI Emerging Markets Index September Futures (U.S. Dollar)		Short		9/18/15		(42	)	$	(2,014,740	)	$	20,432
Russell 2000 Mini Index September Futures (U.S. Dollar)		Short		9/18/15		(27	)		(3,376,080	)		19,016
S&P 500 Index E-mini September Futures (U.S. Dollar)		Short		9/18/15		(426	)		(43,758,720	)		751,877
CAC 40 10 Euro September Futures (Euro)		Short		7/17/15		(3	)		(160,066	)		(463	)
Tokyo Price Index September Futures (Japanese Yen)		Long		9/10/15		10			1,332,434			(21,023	)
FTSE 100 Index September Futures (British Pounds)		Long		9/18/15		1			102,020			(2,095	)
ASX SPI 200 Index September Futures (Australian Dollar)		Long		9/17/15		1			104,081			(2,455	)
EURO STOXX 50 Index September Futures (Euro)		Long		9/18/15		206			7,890,046			(327,065	)
YEN NIKKEI 225 Index September Futures (Japanese Yen)		Long		9/10/15		9			743,197			(13,773	)
German Stock Index September Futures (Euro)		Long		9/18/15		18			5,518,532			(68,108	)
S&P/Toronto Stock Exchange 60 Index September Futures (Canadian Dollar)		Long		9/17/15		1			135,154			(1,477	)
NASDAQ 100 E-Mini September Futures (U.S. Dollar)		Long		9/18/15		4			351,220			(4,937	)

Total											$	349,929

Description

Counterparty

Put/
Call

Strike Price

Expiration
Date

Contracts

Fair
Value

Abbott Laboratories

Citibank

Call

USD

49.00

01/15/16

39,100

108,591

Activision Blizzard, Inc.

Deutsche Bank

Call

USD

19.00

01/15/16

40,927

233,712

Bank of America Corp.

Goldman Sachs

Call

USD

16.50

01/15/16

109,500

162,901

Bank of New York Mellon Corp. (The)

Deutsche Bank

Call

USD

46.00

05/20/16

59,789

92,001

Baxter International, Inc.

Goldman Sachs

Call

USD

72.75

03/18/16

15,855

36,801

Citigroup, Inc.

Goldman Sachs

Call

USD

50.50

01/15/16

50,800

345,309

Delta Air Lines, Inc.

Morgan Stanley

Call

USD

43.00

09/18/15

3,671

6,717

Euro Stoxx 50 Index

Goldman Sachs

Call

EUR

3500.00

03/16/18

424

153,823

Euro Stoxx 50 Index

Morgan Stanley

Call

EUR

3450.00

03/20/17

495

161,767

Euro Stoxx 50 Index

UBS Warburg

Call

EUR

3600.00

06/15/18

206

65,344

Euro Stoxx 50 Index

Citigroup Global Markets

Call

EUR

3500.00

06/16/17

462

135,905

Euro Stoxx 50 Index

Bank of America

Call

EUR

3600.00

09/15/17

477

132,301

Euro Stoxx 50 Index

Deutsche Bank

Call

EUR

3426.55

09/21/18

225

92,781

Euro Stoxx 50 Index

Barclays Bank

Call

EUR

3500.00

12/15/17

488

166,899

Euro Stoxx 50 Index

Goldman Sachs

Call

EUR

3293.01

12/16/16

1,161

452,202

Euro Stoxx 50 Index

JPMorgan Chase

Call

EUR

3675.00

12/18/15

1,214

135,328

Euro Stoxx 600 Index

Bank of America

Call

EUR

404.13

09/18/15

5,410

44,245

General Electric Co.

Deutsche Bank

Call

USD

28.50

01/15/16

79,276

37,818

Gilead Sciences, Inc.

Citigroup Global Markets

Call

USD

95.00

01/15/16

7,700

184,790

GLDR Gold Shares(a)

JPMorgan Chase

Call

USD

120.00

09/18/15

16,400

12,006

Goldman Sachs Group, Inc.

Deutsche Bank

Call

USD

220.00

01/15/16

5,500

44,051

Description

Counterparty

Put/
Call

Strike Price

Expiration
Date

Contracts

Fair
Value

Goldman Sachs Group, Inc.

Deutsche Bank

Call

USD

220.00

05/20/16

14,300

172,480

International Business Machines Corp.

Deutsche Bank

Call

USD

182.00

01/15/16

7,500

17,261

International Business Machines Corp.

Barclays Bank

Call

USD

182.00

01/15/16

7,500

17,261

Johnson & Johnson

Goldman Sachs

Call

USD

103.00

04/15/16

79,556

229,062

Johnson & Johnson

Deutsche Bank

Call

USD

110.00

07/17/15

76,700

302

JPMorgan Chase & Co.

Goldman Sachs

Call

USD

59.00

01/15/16

39,100

376,881

KeyCorp

Deutsche Bank

Call

USD

15.75

05/20/16

79,719

79,087

Merck & Co., Inc.

Goldman Sachs

Call

USD

59.00

01/15/16

78,450

159,532

MetLife, Inc.

Goldman Sachs

Call

USD

57.50

01/15/16

60,533

161,226

Morgan Stanley

Deutsche Bank

Call

USD

40.75

05/20/16

59,789

154,689

MS Japan Custom Index

Morgan Stanley

Call

JPY

131.28

12/11/15

1,352,770

272,469

MS Japan Custom Index

Morgan Stanley

Call

JPY

139.99

12/11/15

349,532

51,325

Nikkei 225

Goldman Sachs

Call

JPY

21968.28

03/09/18

16,713

215,590

Pfizer, Inc.

Citigroup Global Markets

Call

USD

33.00

01/15/16

151,300

265,752

Prudential Financial, Inc.

Citigroup Global Markets

Call

USD

90.00

01/15/16

46,970

226,730

S&P 500 Index

Credit Suisse First Boston

Call

USD

2350.00

08/21/15

8,427

1,199

Stoxx Europe 600 Index

Credit Suisse First Boston

Call

EUR

355.61

03/17/17

4,134

209,885

Stoxx Europe 600 Index

JPMorgan Chase

Call

EUR

372.06

09/15/17

3,057

124,920

Stoxx Europe 600 Index

JPMorgan Chase

Call

EUR

348.12

09/16/16

4,376

226,018

Stoxx Europe 600 Index

Credit Suisse First Boston

Call

EUR

400.00

12/16/16

8,646

204,415

SunTrust Banks, Inc.

Deutsche Bank

Call

USD

45.50

05/20/16

59,800

129,501

Taiwan Stock Exchange

Citibank

Call

TWD

9000.77

09/21/16

6,700

117,122

Taiwan Stock Exchange Weighted Index

Citigroup Global Markets

Call

TWD

9483.14

09/21/16

6,239

73,121

Taiwan Stock Exchange Weighted Index

Goldman Sachs

Call

TWD

9677.00

12/21/16

6,300

74,952

Teva Pharmaceutical Industries, Ltd.

Deutsche Bank

Call

USD

63.50

05/20/16

15,900

51,423

Tokyo Stock Exchange Index

Citigroup Global Markets

Call

JPY

1675.00

06/10/16

254,440

172,184

Tokyo Stock Exchange Price Index

Citibank

Call

JPY

1585.00

03/11/16

393,100

369,953

Tokyo Stock Exchange Price Index

Morgan Stanley

Call

JPY

1675.00

06/10/16

135,033

91,379

Tokyo Stock Exchange Price Index

Bank of America

Call

JPY

1525.00

12/11/15

263,891

298,063

Tokyo Stock Exchange Tokyo Price

BNP Paribas

Call

JPY

1600.00

09/11/15

126,888

73,318

Tokyo Stock Exchange Tokyo Price

Bank of America

Call

JPY

1615.00

09/11/15

196,900

99,274

Tokyo Stock Exchange Tokyo Price

UBS Warburg

Call

JPY

1675.00

09/11/15

138,500

37,073

Tokyo Stock Exchange Tokyo Price

Citibank

Call

JPY

1585.00

12/11/15

278,384

224,904

Wells Fargo & Co.

Goldman Sachs

Call

USD

60.00

01/15/16

18,400

23,297

Wells Fargo & Co.

Deutsche Bank

Call

USD

59.00

05/20/16

59,789

144,486

Ibovespa Brasil Sao Paulo Index

Bank of America

Put

BRL

47604.37

08/12/15

132

8,644

Russell 2000 Index

Bank of America

Put

USD

1215.00

08/21/15

3,301

73,366

Russell 2000 Index

UBS Warburg

Put

USD

1250.00

08/21/15

3,538

119,931

Russell 2000 Index

Morgan Stanley

Put

USD

1270.00

09/18/15

1,757

92,204

S&P 500 Index

Credit Suisse First Boston

Put

USD

2100.00

08/31/15

1,060

75,478

S&P 500 Index

Credit Suisse First Boston

Put

USD

2050.00

09/18/15

1,988

114,651

SPX Put Option

Morgan Stanley

Put

USD

2065.00

07/17/15

3,987

118,276

Total

8,553,976


Description	Counterparty	Put/ Call	Strike Price			Expiration Date		Contracts		Fair Value
Goldman Sachs Group, Inc.	Deutsche Bank	Call		USD	245.00		05/20/16		14,300	$	(68,724	)
Ibovespa Brasil Sao Paulo Index	Bank of America	Call		BRL	55416.37		08/12/15		132		(40,212	)
Johnson & Johnson	Goldman Sachs	Call		USD	113.00		04/15/16		79,556		(73,704	)
JPMorgan Chase & Co.	Goldman Sachs	Call		USD	66.00		01/15/16		39,100		(178,668	)
KeyCorp	Deutsche Bank	Call		USD	17.90		05/20/16		79,719		(32,711	)
Merck & Co., Inc.	Goldman Sachs	Call		USD	65.00		01/15/16		78,450		(47,936	)
MetLife, Inc.	Goldman Sachs	Call		USD	67.50		01/15/16		60,533		(28,164	)
Mobileye NV	Citigroup Global Markets	Call		USD	55.00		08/21/15		7,983		(18,812	)
Mobileye NV	Citigroup Global Markets	Call		USD	60.00		08/21/15		3,192		(3,261	)
Morgan Stanley	Deutsche Bank	Call		USD	46.00		05/20/16		59,789		(62,924	)
Pfizer, Inc.	Citigroup Global Markets	Call		USD	37.50		01/15/16		151,300		(51,189	)
Prudential Financial, Inc.	Citigroup Global Markets	Call		USD	105.00		01/15/16		46,970		(43,037	)
Russell 2000 Index	Bank of America	Call		USD	1315.00		08/21/15		3,301		(22,247	)
Russell 2000 Index	UBS Warburg	Call		USD	1350.00		08/21/15		3,538		(6,640	)
Russell 2000 Index	Morgan Stanley	Call		USD	1360.00		09/18/15		1,757		(6,372	)
S&P 500 Index	Credit Suisse First Boston	Call		USD	2185.00		09/18/15		1,988		(14,128	)
SunTrust Banks, Inc.	Deutsche Bank	Call		USD	51.75		05/20/16		59,800		(46,915	)
Tenet Healthcare Corp.	Goldman Sachs	Call		USD	49.00		08/21/15		9,341		(79,916	)
Teva Pharmaceutical Industries, Ltd.	Deutsche Bank	Call		USD	73.00		05/20/16		15,900		(16,198	)
Tiffany & Co.	Goldman Sachs	Call		USD	97.50		08/21/15		4,501		(4,406	)
Tokyo Stock Exchange Tokyo Price	UBS Warburg	Call		JPY	1825.00		09/11/15		138,500		(4,229	)
Tokyo Stock Exchange Tokyo Price	Citibank	Call		JPY	1800.00		12/11/15		278,384		(43,931	)
United Continental Holdings, Inc.	Citigroup Global Markets	Call		USD	60.00		01/15/16		7,117		(23,442	)
Valeant Pharmaceuticals International, Inc.	Barclays Bank	Call		USD	240.00		01/15/16		1,200		(20,839	)
Wells Fargo & Co.	Deutsche Bank	Call		USD	66.00		05/20/16		59,789		(48,035	)
Delta Air Lines, Inc.	Morgan Stanley	Put		USD	39.00		09/18/15		3,671		(6,449	)
Euro Stoxx 50 Index	Deutsche Bank	Put		EUR	2586.07		09/21/18		225		(57,721	)
Euro Stoxx 600 Index	Bank of America	Put		EUR	368.48		09/18/15		5,410		(69,386	)
Goodyear Tire & Rubber Co.	Morgan Stanley	Put		USD	28.00		10/16/15		19		(1,914	)
MS Japan Custom Index	Morgan Stanley	Put		JPY	128.68		12/11/15		1,352,770		(33,209	)
MS Japan Custom Index	Morgan Stanley	Put		JPY	137.22		12/11/15		349,532		(13,587	)
Nikkei 225	Goldman Sachs	Put		JPY	17974.04		03/09/18		16,713		(228,113	)
Russell 2000 Index	Bank of America	Put		USD	1115.00		08/21/15		3,301		(21,375	)
Russell 2000 Index	UBS Warburg	Put		USD	1200.00		08/21/15		3,538		(61,737	)
Russell 2000 Index	Morgan Stanley	Put		USD	1170.00		09/18/15		1,757		(35,478	)
S&P 500 Index	Credit Suisse First Boston	Put		USD	1900.00		08/31/15		1,060		(19,070	)
S&P 500 Index	Credit Suisse First Boston	Put		USD	1900.00		09/18/15		1,988		(46,188	)
Taiwan Stock Exchange	Citibank	Put		TWD	8100.70		09/21/16		6,700		(69,756	)
Taiwan Stock Exchange Weighted Index	Citigroup Global Markets	Put		TWD	8691.29		09/21/16		6,239		(111,782	)
Taiwan Stock Exchange Weighted Index	Goldman Sachs	Put		TWD	8868.97		12/21/16		6,300		(146,522	)
Teva Pharmaceutical Industries, Ltd.	Deutsche Bank	Put		USD	55.00		05/20/16		15,900		(55,262	)
Tokyo Stock Exchange Price Index	Citigroup Global Markets	Put		JPY	1435.00		03/11/16		393,100		(111,341	)
Tokyo Stock Exchange Price Index	Morgan Stanley	Put		JPY	1450.00		06/10/16		135,033		(56,500	)
Tokyo Stock Exchange Price Index	Citigroup Global Markets	Put		JPY	1475.00		06/10/16		127,220		(60,441	)
Tokyo Stock Exchange Price Index	Bank of America	Put		JPY	1425.00		12/11/15		263,891		(45,013	)
Tokyo Stock Exchange Tokyo Price	Bank of America	Put		JPY	1435.00		09/11/15		196,900		(12,576	)
Tokyo Stock Exchange Tokyo Price	Citibank	Put		JPY	1400.00		12/11/15		278,384		(39,680	)
Tokyo Stock Price Index	Citigroup Global Markets	Put		JPY	1500.00		06/10/16		127,220		(68,521	)

Total										$	(2,744,914	)

Over-the-counter interest rate swaptions purchased as of June 30, 2015 were as follows:

Over-the-counter interest rate swaptions written as of June 30, 2015 were as follows:


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
Australian Dollar	Morgan Stanley	7/31/15		651,000	$	498,373	$	501,244	$	(2,871	)
Australian Dollar	Credit Suisse First Boston	8/14/15		531,960		409,077		409,287		(210	)
Brazilian Real	BNP Paribas	7/13/15		5,170,687		1,678,903		1,655,581		23,322
Brazilian Real	Deutsche Bank	7/13/15		3,946,520		1,280,267		1,263,620		16,647
Brazilian Real	Morgan Stanley	7/13/15		4,683,262		1,524,450		1,499,515		24,935
British Pound	Deutsche Bank	7/16/15		551,000		844,683		865,516		(20,833	)
British Pound	BNP Paribas	7/30/15		1,306,000		2,039,090		2,051,266		(12,176	)
Canadian Dollar	BNP Paribas	7/10/15		986,654		805,409		789,974		15,435
Chilean Peso	Morgan Stanley	8/24/15		458,662,190		763,000		714,070		48,930
Chilean Peso	UBS Warburg	8/26/15		460,660,910		766,000		717,049		48,951
Chilean Peso	JPMorgan Chase	9/15/15		468,006,000		770,000		727,112		42,888
Chinese Renminbi	Morgan Stanley	8/7/15		5,027,277		787,000		808,550		(21,550	)
Chinese Renminbi	JPMorgan Chase	8/28/15		7,413,000		1,189,563		1,190,770		(1,207	)
European Euro	Deutsche Bank	7/9/15		718,000		814,348		800,453		13,895
Indonesian Rupiah	Credit Suisse First Boston	7/31/15		10,524,385,000		787,871		784,530		3,341
Japanese Yen	Deutsche Bank	7/2/15		475,268,000		3,969,100		3,883,860		85,240


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Japanese Yen	JPMorgan Chase	7/2/15		475,699,641	$	3,972,025	$	3,887,389	$	84,636
Japanese Yen	BNP Paribas	7/9/15		480,324,000		4,037,643		3,925,641		112,002
Japanese Yen	UBS Warburg	7/9/15		97,884,000		822,409		799,996		22,413
Japanese Yen	Credit Suisse First Boston	7/10/15		174,640,128		1,448,995		1,427,335		21,660
Japanese Yen	Credit Suisse First Boston	7/10/15		160,000,000		1,347,936		1,307,681		40,255
Japanese Yen	Deutsche Bank	7/10/15		174,802,944		1,450,936		1,428,666		22,270
Japanese Yen	Deutsche Bank	7/13/15		160,000,000		1,331,901		1,307,732		24,169
Japanese Yen	BNP Paribas	7/31/15		177,308,000		1,427,566		1,449,534		(21,968	)
Japanese Yen	JPMorgan Chase	8/3/15		200,000,000		1,684,636		1,635,101		49,535
Japanese Yen	Credit Suisse First Boston	8/6/15		50,265,000		406,093		410,955		(4,862	)
Japanese Yen	Morgan Stanley	8/6/15		294,654,000		2,377,555		2,409,024		(31,469	)
Japanese Yen	BNP Paribas	8/7/15		208,543,000		1,677,503		1,705,019		(27,516	)
Japanese Yen	HSBC Bank	8/7/15		164,623,000		1,329,370		1,345,935		(16,565	)
Japanese Yen	JPMorgan Chase	8/7/15		321,676,000		2,599,465		2,629,979		(30,514	)
Japanese Yen	Deutsche Bank	8/10/15		200,000,000		1,687,763		1,635,226		52,537
Japanese Yen	Credit Suisse First Boston	8/13/15		160,393,000		1,293,492		1,311,438		(17,946	)
Japanese Yen	JPMorgan Chase	8/13/15		384,964,000		3,103,935		3,147,620		(43,685	)
Japanese Yen	Morgan Stanley	8/14/15		417,714,000		3,367,833		3,415,435		(47,602	)
Japanese Yen	Morgan Stanley	8/31/15		300,000,000		2,416,471		2,453,449		(36,978	)
Japanese Yen	JPMorgan Chase	10/13/15		290,000,000		2,416,908		2,373,783		43,125
Japanese Yen	BNP Paribas	11/10/15		240,000,000		2,004,611		1,965,749		38,862
Japanese Yen	Credit Suisse First Boston	12/10/15		310,000,000		2,530,530		2,540,808		(10,278	)
Korean Won	Morgan Stanley	9/11/15		2,204,875,000		1,963,904		1,976,278		(12,374	)
Korean Won	Credit Suisse First Boston	10/27/15		1,746,403,000		1,626,074		1,565,308		60,766
Korean Won	Deutsche Bank	10/27/15		2,122,389,000		1,971,564		1,902,306		69,258
Mexican Peso	UBS Warburg	7/9/15		32,787,660		2,232,914		2,084,995		147,919
Mexican Peso	Credit Suisse First Boston	7/23/15		15,844,030		1,070,275		1,006,505		63,770
Mexican Peso	Deutsche Bank	7/23/15		12,143,770		803,399		771,443		31,956
Mexican Peso	Credit Suisse First Boston	8/6/15		31,846,000		2,134,093		2,021,011		113,082
Mexican Peso	Credit Suisse First Boston	8/7/15		23,182,000		1,488,096		1,471,073		17,023
Mexican Peso	BNP Paribas	8/13/15		11,672,000		751,795		740,364		11,431
Mexican Peso	Deutsche Bank	8/13/15		11,672,000		751,795		740,364		11,431
Mexican Peso	BNP Paribas	8/20/15		12,141,100		802,097		769,740		32,357
Mexican Peso	Deutsche Bank	8/20/15		15,861,480		1,038,497		1,005,610		32,887
Mexican Peso	BNP Paribas	9/3/15		11,962,030		755,465		757,650		(2,185	)
Mexican Peso	Morgan Stanley	9/17/15		31,997,050		2,078,829		2,024,713		54,116
Mexican Peso	Deutsche Bank	10/1/15		16,400,000		1,063,844		1,036,760		27,084
Mexican Peso	JPMorgan Chase	10/1/15		16,065,120		1,052,933		1,015,590		37,343
Mexican Peso	Deutsche Bank	10/15/15		24,228,960		1,555,382		1,530,101		25,281
Mexican Peso	Credit Suisse First Boston	10/29/15		16,214,820		1,022,501		1,022,934		(433	)
Mexican Peso	Deutsche Bank	11/12/15		35,369,040		2,293,563		2,228,993		64,570
Mexican Peso	Credit Suisse First Boston	11/27/15		8,106,800		510,093		510,331		(238	)
Singapore Dollar	Morgan Stanley	8/6/15		1,108,000		825,904		822,491		3,413
Swiss Franc	BNP Paribas	7/31/15		1,981,000		2,139,632		2,122,114		17,518

					$	93,595,359	$	92,302,566	$	1,292,793

Long Contracts:
Brazilian Real	Deutsche Bank	7/13/15		2,518,000	$	805,167	$	806,228	$	1,061
Canadian Dollar	BNP Paribas	7/10/15		986,654		800,543		789,974		(10,569	)


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Chilean Peso	Morgan Stanley	8/24/15		458,662,190	$	759,525	$	714,070	$	(45,455	)
Chilean Peso	UBS Warburg	8/26/15		460,660,910		737,779		717,049		(20,730	)
Chilean Peso	JPMorgan Chase	9/15/15		468,006,000		749,197		727,112		(22,085	)
European Euro	Deutsche Bank	7/9/15		718,000		797,834		800,453		2,619
European Euro	Credit Suisse First Boston	7/17/15		1,846,000		2,059,822		2,058,210		(1,612	)
European Euro	Deutsche Bank	8/20/15		1,834,000		2,054,465		2,045,809		(8,656	)
European Euro	Credit Suisse First Boston	8/21/15		2,171,200		2,430,496		2,421,987		(8,509	)
European Euro	JPMorgan Chase	8/21/15		1,497,800		1,678,268		1,670,805		(7,463	)
European Euro	Deutsche Bank	8/27/15		1,287,539		1,435,867		1,436,383		516
Indian Rupee	Credit Suisse First Boston	8/5/15		48,714,560		752,000		759,531		7,531
Indian Rupee	Credit Suisse First Boston	12/18/15		89,750,618		1,371,076		1,362,630		(8,446	)
Japanese Yen	BNP Paribas	7/2/15		254,260,000		2,045,321		2,077,797		32,476
Japanese Yen	Deutsche Bank	7/2/15		352,780,198		2,875,908		2,882,898		6,990
Japanese Yen	JPMorgan Chase	7/2/15		221,439,641		1,794,508		1,809,591		15,083
Japanese Yen	BNP Paribas	7/9/15		255,181,000		2,041,456		2,085,569		44,113
Japanese Yen	UBS Warburg	7/9/15		97,884,000		818,189		799,996		(18,193	)

					$	26,007,421	$	25,966,092	$	(41,329	)

At June 30, 2015, the Fund’s open centrally cleared credit default swap agreements were as follows:

At June 30, 2015, the Fund’s open over-the-counter interest rate swap agreements were as follows:

At June 30, 2015, the Fund’s open centrally cleared interest rate swap agreements were as follows:


Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate (%)	Expiration Date		Clearing Agent		Notional Amount (Local)		Premiums Paid/ Received ($)			Value ($)			Unrealized Appreciation/ (Depreciation) ($)
Pay	3-Month U.S. Dollar LIBOR BBA	1.029		3/11/17		JPMorgan Chase		20,300,000		USD	212		(148,271	)		(148,483	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.081		4/7/17		JPMorgan Chase		39,600,000		USD	429		(269,752	)		(270,181	)
Pay	3-Month U.S. Dollar LIBOR BBA	3.475		2/5/20		JPMorgan Chase		1,187,843		NZD	12		10,046			10,034
Pay	3-Month U.S. Dollar LIBOR BBA	3.590		2/9/20		JPMorgan Chase		2,032,000		NZD	21		24,970			24,949
Pay	3-Month U.S. Dollar LIBOR BBA	3.600		2/9/20		JPMorgan Chase		2,383,000		NZD	—		30,033			30,033
Pay	3-Month U.S. Dollar LIBOR BBA	1.878		3/11/20		JPMorgan Chase		8,260,000		USD	114		111,215			111,101
Pay	3-Month U.S. Dollar LIBOR BBA	2.888		6/12/20		JPMorgan Chase		963,198		AUD	11		5,198			5,187
Pay	3-Month U.S. Dollar LIBOR BBA	2.220		4/7/25		JPMorgan Chase		8,590,000		USD	145		(127,138	)		(127,283	)
Pay	3-Month U.S. Dollar LIBOR BBA	3.123		6/5/25		JPMorgan Chase		8,120,000		USD	121		(34,662	)		(34,783	)

													(398,361	)		(399,426	)

Counterparty

Receive/Pay
Total Return

Expiration
Date

Notional
Amount
(Local)

Unrealized
Appreciation/
(Depreciation)

BNP Paribas SA

EURO Stoxx 50 Index Dividends December Futures

12/21/18

179,040

USD

(3,360

)

BNP Paribas SA

EURO Stoxx 50 Index Dividends December Futures

12/15/17

357,346

USD

(6,116

)

BNP Paribas SA

EURO Stoxx 50 Index Dividends December Futures

12/15/17

365,440

USD

(2,880

)

BNP Paribas SA

EURO Stoxx 50 Index Dividends December Futures

12/21/18

363,120

USD

(11,760

)

BNP Paribas SA

EURO Stoxx 50 Index Dividends December Futures

12/21/18

192,100

USD

(5,440

)

BNP Paribas SA

NIKKEI 225 Dividend Index E-Mini March Futures

3/31/16

26,350,000

JPY

55,079

BNP Paribas SA

NIKKEI 225 Dividend Index E-Mini March Futures

3/31/16

26,800,000

JPY

51,401

BNP Paribas SA

NIKKEI 225 Dividend Index E-Mini March Futures

3/31/17

25,515,000

JPY

78,916

BNP Paribas SA

NIKKEI 225 Dividend Index E-Mini March Futures

3/31/17

27,850,000

JPY

91,771

Credit Suisse First Boston

PT Siloam International Hospitals Tbk

2/11/16

175,702

USD

19,070

266,681

Consolidated Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	835,567,492

Investment securities, at value*	$	861,210,980
Cash		196,528
Segregated cash for collateral		3,931,385
Deposits with brokers for securities sold short		338,064
Interest and dividends receivable		1,905,106
Foreign currency, at value (cost $334,874)		336,215
Unrealized appreciation on forward currency contracts		1,766,642
Unrealized appreciation on swap agreements		314,845
Receivable for capital shares issued		537,511
Receivable for investments sold		4,756,463
Reclaims receivable		177,404
Receivable for variation margin on swaps		12,134
Receivable for variation margin on futures contracts		964,734
Prepaid expenses		13,460

Total Assets		876,461,471

Liabilities:
Cash received as collateral for derivatives		5,880,000
Written options (Proceeds received $3,358,988)		2,898,173
Unrealized depreciation on forward currency contracts		515,178
Unrealized depreciation on swap agreements		40,567
Payable for collateral received on loaned securities		44,463,097
Payable for investments purchased		13,781,148
Securities sold short (Proceeds received $447,864)		411,826
Dividend payable on securities sold short		1,159
Payable for variation margin on futures contracts		274,084
Payable for variation margin on swaps		15,895
Manager fees payable		502,464
Administration fees payable		46,040
Distribution fees payable		167,488
Custodian fees payable		103,715
Administrative and compliance services fees payable		1,009
Trustee fees payable		6,405
Other accrued liabilities		24,132

Total Liabilities		69,132,380

Net Assets	$	807,329,091

Net Assets Consist of:
Capital	$	712,341,079
Accumulated net investment income/(loss)		17,568,226
Accumulated net realized gains/(losses) from investment transactions		49,908,070
Net unrealized appreciation/(depreciation) on investments		27,511,716

Net Assets	$	807,329,091

Shares of beneficial interest (unlimited number of shares authorized, no par value)		65,755,439
Net Asset Value (offering and redemption price per share)	$	12.28

*	Includes securities on loan of $39,189,464.

Consolidated Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	5,553,055
Interest		3,376,867
Income from securities lending		151,997
Foreign withholding tax		(333,923	)

Total Investment Income		8,747,996

Expenses:
Manager fees		2,975,782
Administration fees		185,596
Distribution fees		991,928
Custodian fees		169,208
Administrative and compliance services fees		5,199
Trustee fees		20,968
Professional fees		20,529
Shareholder reports		4,860
Broker fees and charges on short sales		870
Dividends on securities sold short		14,015
Other expenses		8,829

Net expenses		4,397,784

Net Investment Income/(Loss)		4,350,212

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains (losses) on securities transactions		6,870,189
Net realized gains (losses) on futures contracts		200,079
Net realized gains (losses) on options contracts		1,193,046
Net realized gains (losses) on swap agreements		927,323
Net realized gains (losses) on forward currency contracts		6,657,181
Change in net unrealized appreciation/depreciation on investments		(120,843	)

Net Realized/Unrealized Gains/(Losses) on Investments		15,726,975

Change in Net Assets Resulting From Operations	$	20,077,187

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL BlackRock Global Allocation Fund (the “Fund”), and 35 are presented in separate reports.

Investment transactions are recorded not later than on the business day following trade date. However, for financial reporting purposes, investment transactions are accounted for on trade date. Net realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

The Fund’s primary vehicle for gaining exposure to the commodities markets is through investment in the AZL Cayman Global Allocation Fund, Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary of the Fund formed in the Cayman Islands, which invests primarily in commodity-related instruments.

As of June 30, 2015, the Fund’s aggregate investment in the Subsidiary was $8,085,114, representing 1.00% of the Fund’s net assets. The Fund’s operations have been consolidated with the operations of the Subsidiary.

The Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. These loans are made by banks and other large financial institutions to various companies and are typically senior in the borrowing companies’ capital structure. Coupon rates are floating, not fixed and are tied to a benchmark lending rate. Loans involve a risk of loss in case of default or insolvency of the financial intermediaries who are parties to the transactions. A Fund records an investment when the borrower withdraws money and records the interest as earned.

To generate additional income, the Fund may lend up to 33¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2015 are presented on the Fund’s Consolidated Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $44.2 million for the period ended June 30, 2015.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $15,061 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Consolidated Statement of Operations.

All open derivative positions at period end are reflected on the Fund’s Consolidated Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

During the period ended June 30, 2015, the Fund entered into forward currency contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The contract amount of forward currency contracts outstanding was $119.6 million as of June 30, 2015. The monthly average amount for these contracts was $116.5 million for the period ended June 30, 2015.

During the period ended June 30, 2015, the Fund used futures contracts to gain exposure to, or economically hedge against changes in the value of equity securities. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Consolidated Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $65.5 million as of June 30, 2015. The monthly average notional amount for these contracts was $37.3 million for the period ended June 30, 2015. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Consolidated Statement of Operations.

The Fund may purchase or write put and call options on a security or an index of securities. During the period ended June 30, 2015, the Fund purchased and wrote call and put options to increase or decrease its exposure to underlying instruments (including equity risk, interest rate risk and/or foreign currency exchange rate risk) and/or, in the case of options written, to generate gains from options premiums.

Purchased Options Contracts — The Fund pays a premium which is included in “Investments, at value” on the Consolidated Statement of Assets and Liabilities and marked to market to reflect the current value of the option. Premiums paid for purchasing put options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing put options are offset against proceeds to determine the realized gain/loss on the transaction. The Fund bears the risk of loss of the premium and change in value should the counterparty not perform under the contract.

Written Options Contracts — The Fund receives a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Fund bears the market risk of an unfavorable change in the price of an underlying asset and is required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value.

Realized gains and losses, if any, are reported as “Net realized gains/(losses) on options contracts” on the Consolidated Statement of Operations.

The Fund had the following transactions in purchased call and put options during the period ended June 30, 2015:

The Fund had the following transactions in written call and put options during the period ended June 30, 2015:

The Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are privately negotiated in the over-the-counter (“OTC”) market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). The Fund may enter into swap agreements to manage its exposure to market, interest rate and credit risk. The value of swap agreements are equal to the Fund’s obligations (or rights) under swap agreements, which will generally be equal to the net amounts to be paid or received under the agreements based upon the relative values of the positions held by each party to the agreements. In connection with these arrangements, securities may be indentified as collateral in accordance with the terms of the swap agreements to provide assets of value and recourse in the event of default or bankruptcy by the counterparty.

Swaps are marked to market daily using pricing sources approved by the Trustees and the change in value, if any, is recorded as unrealized gain or loss. For OTC swaps, payments received or made at the beginning of the measurement period are recorded as realized gain or loss upon termination or maturity of the OTC swap. A liquidation payment received or made at the termination of the OTC swap is recorded as a realized gain or loss. Net periodic payments received or paid by the Fund are included as part of realized gains (losses). Upon entering a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or assets determined to be liquid (the amount is subject to the clearing organization that clears the trade). Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable, as applicable, for variation margin on centrally cleared swaps.

Swap agreements involve, to varying degrees, elements of market risk and exposure to loss. The primary risks associated with the use of swap agreements are imperfect correlation between movements in the notional amount and the price of the underlying instruments and the inability of counterparties or clearing house to perform. The counterparty risk for centrally cleared swap agreements is generally lower than for OTC swap agreements because generally a clearing organization becomes substituted for each counterparty to a centrally cleared swap agreement and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to a clearing house for performance of financial obligations. However, there can be no assurance that the clearing house, or its members will satisfy its obligations to the Fund.

The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement. The Fund bears the risk of loss of the amount expected to be received under a swap agreement (i.e., any unrealized appreciation) in the event of the default or bankruptcy of the swap agreement counterparty. The notional amount and related unrealized appreciation (depreciation) of each swap agreement at period end is disclosed in the swap tables in the Consolidated Schedule of Portfolio Investments. The Fund is party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties that govern transactions, such as OTC swap contracts, entered into by the Fund, through the Subsidiary, and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding OTC swap transactions under the applicable ISDA Master Agreement.

Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional amount and are subject to interest rate risk exposure. Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive. As of June 30, 2015, the Fund entered into OTC and centrally cleared interest rate swap agreements to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk). The gross notional amount of interest rate swaps outstanding was $91.9 million as of June 30, 2015. The monthly average gross notional amount for interest rate swaps was $147.2 million for the period ended June 30, 2015.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. The gross notional amount of total return swaps outstanding was $2.5 million as of June 30, 2015. The monthly average gross notional amount for total return swaps was $1.5 million to the period ended June 30, 2015.

Credit default swap agreements may have as reference obligations one or more securities that are not currently held by the Fund. The protection “buyer” in a credit default contract is generally obligated to pay the protection “seller” an upfront, periodic, or daily stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. A Fund may be either the buyer or seller in the transaction. If the Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

Credit default swap agreements involve greater risks than if a Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A Fund will enter into credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront, periodic, or daily payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. The Fund’s obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund). In connection with credit default swaps in which a Fund is the buyer, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into certain offsetting positions, with a value at least equal to the Fund’s exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty), on a marked-to-market basis. In connection with credit default swaps in which a Fund is the seller, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Fund). Such segregation or “earmarking” will ensure that the Fund has assets available to satisfy its obligations with respect to the transaction and will limit any potential leveraging of the Fund’s portfolio. Such segregation or “earmarking” will not limit the Fund’s exposure to loss. As of June 30, 2015, the Fund entered into OTC and centrally cleared credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk). The gross notional amount of OTC and centrally cleared credit default swaps outstanding was $1.9 million as of June 30, 2015. The monthly average gross notional amount for credit default swaps was $2.7 million for the period ended June 30, 2015.

The following is a summary of the fair values of derivative instruments on the Fund’s Consolidated Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015:

The following is a summary of the effect of derivative instruments on the Consolidated Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:

Effective January 1, 2013, the Fund adopted Financial Accounting Standards Board Accounting Standards Update (“ASU”) No. 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (“ASU 2013-01”) which amended Accounting Standards Codification Subtopic 210-20, Balance Sheet Offsetting. ASU 2013-01 clarified the scope of ASU No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements to enable users of that entity’s financial statements to understand the effect of those arrangements on its financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. ASU 2013-01 clarifies the scope of ASU 2011-11 as applying to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset either in accordance with other requirements of U.S. GAAP or subject to an enforceable master netting arrangement or similar agreement.

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Consolidated Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to reflect the master netting agreements at June 30, 2015. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Consolidated Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund’s Consolidated Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015.

As of June 30, 2015, the Fund’s derivative assets and liabilities by type are as follows:

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under a MNA and net of the related collateral received by the Fund as of June 30, 2015:

The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral pledged by the Fund as of June 30, 2015:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Consolidated Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Consolidated Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2015, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. Prior to April 1, 2015, Citi also served as transfer agent for the Trust under the same agreement. The Administrator was entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. Beginning January 1, 2015, these reductions are no longer applicable to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Consolidated Statement of Operations as “Administration fees.” Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $4,206 was paid from the Fund relating to these fees and expenses.

Security prices are generally provided by an independent third party pricing service approved by the Trust’s Board of Trustees (“Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used for long securities and the last quoted ask price is used for securities sold short. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy. Debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short term securities of sufficient credit quality with sixty days or less remaining until maturity may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy. Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

Options are generally valued at the average of the closing bid and ask quotations on the principal exchange on which the option is traded, which are then typically categorized as Level 1 in the fair value hierarchy. Forward currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

Non exchange-traded derivatives, such as swaps and certain options, are generally valued by approved independent pricing services utilizing techniques which take into account factors such as yields, quality, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes and are typically categorized as Level 2 in the fair value hierarchy.

instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

A reconciliation of assets in which Level 3 inputs are used in determining fair value, along with additional quantitative disclosures, are presented when there are significant Level 3 investments at the end of the period.

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

For the period ended June 30, 2015, purchases and sales on long-term U.S. government securities were as follows:

Commodities-Related Investment Risk: Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. The U.S. Commodities Futures Trading Commission has proposed changes to certain of its rules governing investment in commodities by mutual funds, such as the Fund. In the event these changes are adopted, or if there are changes in the tax treatment of the Fund’s direct and indirect investments in commodities, the Fund may be unable to obtain exposure to commodity markets, or may be limited in the extent to which or manner in which it can obtain such exposure.

Derivatives Risk: The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The counterparty to a derivatives contract could default. As required by applicable law, a Fund that invests in derivatives segregates cash or liquid securities, or both, to the extent that its obligations under the instrument are not covered through ownership of the underlying security, financial instrument, or currency.

Emerging Markets Risk: Emerging markets may have less developed trading markets and exchanges which may make it more difficult to sell securities at an acceptable price and their prices may be more volatile than securities of companies in more developed markets. Settlements of trades may be subject to greater delays so that the Fund may not receive the proceeds of a sale of a security on a timely basis. Emerging countries may also have less developed legal and accounting systems and investments may be subject to greater risks of government restrictions, nationalization, or confiscation.

could adversely affect the market for these securities and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose the value of its entire investment.

Cost for federal income tax purposes at June 30, 2015 is $839,159,459. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2015, the Fund had an individual shareholder account which is affiliated with the Investment Adviser representing ownership in excess of 90% of the Fund.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

As a shareholder of the AZL Boston Company Research Growth Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (98.1%):
	Aerospace & Defense (5.3%):
	61,664	Honeywell International, Inc.	$	6,287,879
	20,006	Precision Castparts Corp.		3,998,599
	30,028	Raytheon Co.		2,873,079
	35,756	United Technologies Corp.		3,966,413

				17,125,970

	Air Freight & Logistics (1.0%):
	19,738	FedEx Corp.		3,363,355

	Auto Components (0.9%):
	34,086	Delphi Automotive plc		2,900,378

	Automobiles (1.0%):
	11,933	Tesla Motors, Inc.*		3,201,147

	Beverages (4.0%):
	95,729	Coca-Cola Enterprises, Inc.		4,158,468
	92,240	PepsiCo, Inc.		8,609,681

				12,768,149

	Biotechnology (5.8%):
	21,709	Alexion Pharmaceuticals, Inc.*		3,924,336
	15,870	Biogen Idec, Inc.*		6,410,527
	8,530	Regeneron Pharmaceuticals, Inc.*		4,351,409
	31,064	Vertex Pharmaceuticals, Inc.*		3,835,783

				18,522,055

	Capital Markets (2.0%):
	23,791	Ameriprise Financial, Inc.		2,972,210
	10,481	BlackRock, Inc., Class A		3,626,217

				6,598,427

	Chemicals (1.0%):
	65,372	Dow Chemical Co. (The)		3,345,085

	Commercial Services & Supplies (1.2%):
	97,265	Tyco International plc		3,742,757

	Communications Equipment (1.3%):
	153,654	Cisco Systems, Inc.		4,219,339

	Construction Materials (1.0%):
	22,312	Martin Marietta Materials, Inc.		3,157,371

	Diversified Financial Services (1.3%):
	18,356	IntercontinentalExchange Group, Inc.		4,104,585

	Diversified Telecommunication Services (2.1%):
	145,016	Verizon Communications, Inc.		6,759,196

	Energy Equipment & Services (1.9%):
	70,713	Schlumberger, Ltd.		6,094,754

	Food & Staples Retailing (1.4%):
	42,963	CVS Health Corp.		4,505,959

	Food Products (4.0%):
	66,996	Archer-Daniels-Midland Co.		3,230,547
	101,744	ConAgra Foods, Inc.		4,448,248
	122,691	Mondelez International, Inc., Class A		5,047,508

				12,726,303

	Health Care Equipment & Supplies (1.0%):
	185,364	Boston Scientific Corp.*		3,280,943

	Health Care Providers & Services (2.7%):
	23,285	McKesson, Inc.		5,234,701
	26,920	UnitedHealth Group, Inc.		3,284,240

				8,518,941


Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure (1.3%):
	42,426	McDonald’s Corp.	$	4,033,440

	Industrial Conglomerates (1.2%):
	44,958	Danaher Corp.		3,847,955

	Insurance (1.3%):
	71,522	Marsh & McLennan Cos., Inc.		4,055,297

	Internet & Catalog Retail (4.2%):
	19,149	Amazon.com, Inc.*		8,312,390
	4,582	Priceline Group, Inc. (The)*		5,275,577

				13,587,967

	Internet Software & Services (8.6%):
	52,324	Akamai Technologies, Inc.*		3,653,262
	109,980	Facebook, Inc., Class A*		9,432,434
	10,943	Google, Inc., Class C*		5,695,941
	10,676	Google, Inc., Class A*		5,765,467
	13,851	LinkedIn Corp., Class A*		2,862,032

				27,409,136

	IT Services (3.8%):
	59,796	Cognizant Technology Solutions Corp., Class A*		3,652,938
	127,858	Visa, Inc., Class A		8,585,664

				12,238,602

	Life Sciences Tools & Services (1.2%):
	17,344	Illumina, Inc.*		3,787,236

	Media (4.6%):
	35,124	AMC Networks, Inc., Class A*		2,874,899
	67,493	CBS Corp., Class B		3,745,862
	89,929	Comcast Corp., Class A		5,408,330
	148,952	Interpublic Group of Cos., Inc. (The)		2,870,305

				14,899,396

	Multiline Retail (1.2%):
	46,770	Dollar Tree, Inc.*		3,694,362

	Oil, Gas & Consumable Fuels (1.3%):
	48,262	EOG Resources, Inc.		4,225,338

	Personal Products (1.5%):
	57,106	Estee Lauder Co., Inc. (The), Class A		4,948,806

	Pharmaceuticals (6.0%):
	81,890	AbbVie, Inc.		5,502,189
	19,696	Allergan plc*		5,976,948
	76,780	Bristol-Myers Squibb Co.		5,108,941
	25,604	Mallinckrodt plc*		3,014,103

				19,602,181

	Semiconductors & Semiconductor Equipment (1.1%):
	26,329	Avago Technologies, Ltd.		3,499,914

	Software (7.3%):
	44,330	Adobe Systems, Inc.*		3,591,173
	60,215	Fortinet, Inc.*		2,488,686
	37,814	Intuit, Inc.		3,810,517
	152,266	Oracle Corp.		6,136,320
	74,209	Salesforce.com, Inc.*		5,167,173
	33,086	Splunk, Inc.*		2,303,447

				23,497,316


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail (2.8%):
	47,280	Home Depot, Inc. (The)	$	5,254,226
	24,088	Ulta Salon, Cosmetics & Fragrance, Inc.*		3,720,392

				8,974,618

	Technology Hardware, Storage & Peripherals (7.7%):
	194,834	Apple, Inc.		24,437,054

	Textiles, Apparel & Luxury Goods (4.1%):
	95,681	Hanesbrands, Inc.		3,188,091
	39,923	Lululemon Athletica, Inc.*		2,606,972
	49,332	Nike, Inc., Class B		5,328,842
	24,618	Under Armour, Inc., Class A*		2,054,126

				13,178,031

	Total Common Stocks (Cost $232,255,064)			314,851,363

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	233,085,165
Investments in affiliates, at cost		3,324,258

Total Investment securities, at cost	$	236,409,423

Investments in non-affiliates, at value	$	315,681,464
Investments in affiliates, at value		3,324,258

Total Investment securities, at value	$	319,005,722
Cash		10,532
Interest and dividends receivable		164,655
Receivable for investments sold		5,022,365
Prepaid expenses		577

Total Assets		324,203,851

Liabilities:
Payable for investments purchased		2,671,009
Payable for capital shares redeemed		215,311
Manager fees payable		188,744
Administration fees payable		8,195
Distribution fees payable		67,409
Custodian fees payable		3,837
Administrative and compliance services fees payable		323
Trustee fees payable		2,209
Other accrued liabilities		13,712

Total Liabilities		3,170,749

Net Assets	$	321,033,102

Net Assets Consist of:
Capital	$	168,221,000
Accumulated net investment income/(loss)		982,805
Accumulated net realized gains/(losses) from investment transactions		69,232,998
Net unrealized appreciation/(depreciation) on investments		82,596,299

Net Assets	$	321,033,102

Shares of beneficial interest (unlimited number of shares authorized, no par value)		20,460,602
Net Asset Value (offering and redemption price per share)	$	15.69

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	2,044,825
Dividends from affiliates		1
Foreign withholding tax		(90	)

Total Investment Income		2,044,736

Expenses:
Manager fees		1,265,690
Administration fees		43,844
Distribution fees		415,698
Custodian fees		6,751
Administrative and compliance services fees		2,140
Trustee fees		8,542
Professional fees		9,322
Shareholder reports		7,791
Other expenses		3,397

Total expenses before reductions		1,763,175
Less expenses voluntarily waived/reimbursed by the Manager		(101,738	)

Net expenses		1,661,437

Net Investment Income/(Loss)		383,299

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		26,544,717
Change in net unrealized appreciation/depreciation on investments		(14,768,177	)

Net Realized/Unrealized Gains/(Losses) on Investments		11,776,540

Change in Net Assets Resulting From Operations	$	12,159,839

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Boston Company Research Growth Fund (formerly AZL Dreyfus Research Growth Fund) (the “Fund”), and 35 are presented in separate reports.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement effective April 27, 2015 with The Boston Company Asset Management LLC (“Boston Company”), Boston Company provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. Prior to April 27, 2015, the Fund was subadvised by The Dreyfus Corporation. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $1,813 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $236,642,522. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL DFA Emerging Markets Core Equity Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (89.9%):
	Aerospace & Defense (0.5%):
	20,000	AviChina Industry & Technology Co., Ltd.	$	19,326
	10,128	Embraer SA, ADR		306,777
	309	Korea Aerospace Industries, Ltd.		22,004
	703	Samsung Techwin Co., Ltd.*		18,438

				366,545

	Air Freight & Logistics (0.1%):
	31,000	Pos Malaysia Berhad		35,130
	26,000	Sinotrans, Ltd.		17,209

				52,339

	Airlines (0.7%):
	20,000	Air China, Ltd.		22,791
	98,300	AirAsia Berhad		40,110
	2,723	Asiana Airlines, Inc.*		15,378
	27,420	Cebu Air, Inc.		51,684
	443	China Southern Airlines Co., Ltd., ADR*		25,845
	1,000	Eva Airways Corp.*		687
	40,797	Grupo Aeromexico SAB de C.V.*		65,134
	19,902	Latam Airlines Group SA, ADR*^		140,110
	91,400	Thai Airways International Public Co., Ltd.*		35,409
	5,867	Turk Hava Yollari Anonim Ortakligi (THY)*		19,151

				416,299

	Apparel (0.1%):
	585	Hansae Co., Ltd.		20,003
	337	Youngone Corp.		16,701
	30	Youngone Holdings Co., Ltd.		2,359

				39,063

	Auto Components (0.1%):
	30,000	Chaowei Power Holdings, Ltd.*		19,461
	687	Hankook Tire Co., Ltd.		26,001
	422	Hyundai Wia Corp.		38,914
	10,537	Metair Investments, Ltd.		31,616
	10,000	Minth Group, Ltd.		22,358
	54,100	Sri Trang Agro-Industry Public Co., Ltd.		20,463

				158,813

	Auto Manufacturers (0.4%):
	13,050	Mahindra & Mahindra, Ltd., GDR		262,793

	Auto Parts & Equipment (0.0%):
	13,000	Kenda Rubber Industrial Co., Ltd.		20,150
	2,189	Kumho Tire Co., Inc.*		14,258
	177	Mando Corp.		19,719

				54,127

	Automobiles (0.4%):
	14,000	Brilliance China Automotive Holdings, Ltd.		21,747
	16,000	Dongfeng Motor Corp., Series H		21,366
	79,200	DRB-HICOM Berhad		33,397
	1,546	Ford Otomotiv Sanayi A.S.		20,595
	60,000	Geely Automobile Holdings, Ltd.		31,987
	9,500	Great Wall Motor Co.		46,549
	26,000	Guangzhou Automobile Group Co., Ltd.		24,085
	614	Hyundai Marine & Fire Insurance Co., Ltd.		16,261
	167	Hyundai Motor Co.		20,333
	73	Kia Motors Corp.		2,983


Shares			Fair Value
	Common Stocks, continued
	Automobiles, continued
	37,800	UMW Holdings Berhad	$	101,576

				340,879

	Banks (12.9%):
	16,900	Affin Holdings Berhad		12,101
	110,000	Agricultural Bank of China, Ltd.*		59,108
	53,400	Alliance Financial Group Berhad		62,252
	80,000	AMMB Holdings Berhad		127,922
	7,292	Axis Bank, Ltd.*		318,296
	86,847	Banco Bradesco SA, ADR		795,519
	1,589	Banco de Chile, ADR		104,683
	11,133	Banco Santander Chile, ADR		225,444
	3,651	Bancolombia SA, ADR^		156,993
	13,000	Bangkok Bank Public Co., Ltd.		68,356
	404,000	Bank of China, Ltd.		262,407
	20,000	Bank of Chongqing Co., Ltd., Class H		18,972
	29,000	Bank of Communications Co., Ltd., Class H		30,046
	32,660	Bank of the Philippine Islands		68,463
	273,600	Bank Rakyat Indonesia		211,345
	17,104	Banregio Grupo Financiero SAB de C.V.		99,586
	9,342	Barclays Africa Group, Ltd.		140,456
	48,360	BDO Unibank, Inc.		116,233
	32,700	BIMB Holdings Berhad		35,033
	1,527	BNK Financial Group, Inc.		19,323
	1,688	Capitec Bank Holdings, Ltd.		67,347
	42,000	China Citic Bank Co., Ltd.*		33,463
	612,000	China Construction Bank		555,971
	31,000	China Everbright Bank Co., Series H		18,582
	23,500	China Merchants Bank Co., Ltd.		68,392
	53,000	China Minsheng Banking Corp., Ltd.		69,380
	32,000	Chongqing Rural Commercial Bank Co., Ltd.		25,525
	30,762	Commercial International Bank Egypt SAE, GDR		226,106
	5,789	Corpbanca SA, ADR		95,576
	1,120	Credicorp, Ltd.		155,590
	1,851	DGB Financial Group, Inc.		19,397
	5,605	Grupo Aval Acciones y Valores SA, ADR		54,873
	3,498	Grupo Elektra, SAB de C.V.		76,797
	40,073	Grupo Financiero Banorte SAB de C.V.		220,367
	56,596	Grupo Financiero Inbursa SAB de C.V., Class O		128,388
	5,861	Grupo Financiero Santander Mexico SAB de C.V., Class B, ADR		53,628
	1,584	Hana Financial Holdings Group, Inc.		41,000
	12,400	Hong Leong Bank Berhad		44,031
	12,000	Hong Leong Financial Group Berhad		48,175
	42,000	Huishang Bank Corp., Ltd., Class H		21,832
	376,000	Industrial & Commercial Bank of China		297,402
	1,573	Industrial Bank of Korea (IBK)		20,350
	73,544	Itau Unibanco Banco Multiplo SA, ADR		805,306
	45,400	Kasikornbank Public Co., Ltd.		253,723
	35,400	Kiatnakin Bank Public Co., Ltd.		36,933
	2,000	King’s Town Bank		1,736
	125,400	Krung Thai Bank Public Co., Ltd.		63,315
	101,500	Malayan Banking Berhad		245,877
	14,680	Metropolitan Bank & Trust		30,623
	6,082	Nedcor, Ltd.		120,756


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	48,450	Philippine National Bank*	$	74,032
	121,400	PT Bank Central Asia Tbk		121,757
	86,000	PT Bank Danamon Indonesia Tbk		27,743
	131,700	PT Bank Mandiri Tbk		99,126
	74,200	PT Bank Negara Indonesia Tbk		29,539
	293,200	PT Bank Tabungan Negara Tbk		26,132
	54,700	Public Bank Berhad		271,544
	14,200	RHB Capital Berhad		27,737
	49,500	Rizal Commercial Banking Co.		44,030
	16,669	Sberbank of Russia, ADR		88,512
	44,430	Security Bank Corp.		159,805
	8,997	Shinhan Finnancial Group Co., Ltd., ADR		333,428
	33,600	Siam Commercial Bank Public Co., Ltd.		154,390
	13,292	Standard Bank Group, Ltd.		174,939
	3,827	State Bank of India, GDR		157,906
	50,600	Thanachart Capital Pcl		49,756
	25,200	Tisco Financial Group Public Co., Ltd.		34,338
	783,700	TMB Bank Public Co., Ltd.		54,127
	9,258	Turkiye Is Bankasi AS, Class C		19,337
	9,823	VTB Bank OJSC, GDR*		26,807
	2,163	Woori Bank		18,986

				8,826,950

	Beverages (2.6%):
	139,317	Ambev SA, ADR		849,834
	17,869	Arca Continental SAB de C.V.		101,493
	8,100	Carlsberg Brewery Malaysia Berhad		26,824
	1,036	Coca-Cola Femsa SAB de C.V., ADR		82,310
	2,828	Compania Cervecerias Unidas SA brews beer, ADR^		59,897
	3,825	Embotelladora Andina SA, Class B, ADR		76,271
	4,718	Fomento Economico Mexicano SAB de C.V., ADR		420,328
	7,400	Guinness Anchor Berhad		28,022
	179,900	LT Group, Inc.		55,561
	21,020	Organizacion Cultiba SAB de C.V.*		26,216
	2,000	Tsingtao Brewery Co., Ltd., Class H		12,077
	1,512	Vina Concha y Toro SA, ADR		53,222

				1,792,055

	Biotechnology (0.0%):
	24	Medy-Tox, Inc.		11,975

	Building Materials (0.0%):
	18,000	Asia Cement Corp.		21,299

	Building Products (0.0%):
	31,000	China Lesso Group Holdings, Ltd.		25,203
	234,400	Dynasty Ceramic Public Co., Ltd.		25,530

				50,733

	Capital Markets (0.3%):
	13,000	China Galaxy Securities Co.*		16,777
	4,500	Citic Securities Co., Ltd.^		16,195
	9,732	Coronation Fund Managers, Ltd.		65,923
	5,152	Grupo Financiero Interacciones SAB de C.V.*		31,390
	6,400	Haitong Securities Co., Ltd.		16,890
	7,429	Investec, Ltd.		66,697
	594	Kangwon Land, Inc.		19,694
	42,800	OSK Holdings Berhad		24,076


Shares			Fair Value
	Common Stocks, continued
	Capital Markets, continued
	635	Peregrine Holdings, Ltd.	$	1,612

				259,254

	Chemicals (1.4%):
	513	AECI, Ltd.		4,805
	35,613	Alpek SAB de C.V.^		52,008
	50,000	China BlueChemical, Ltd., Class H		18,204
	69,300	D&L Industries, Inc.		29,845
	2,000	Formosa Chemicals & Fibre Corp.		4,810
	27,000	Fufeng Group, Ltd.		20,030
	140	Hansol Chemical Co., Ltd.		12,385
	47,000	Huabao International Holdings, Ltd.		28,413
	86,400	Indorama Ventures Public Co., Ltd.		70,730
	315	Kolon Industries, Inc.		18,205
	81	LG Chem, Ltd.		20,192
	33	LG Hausys, Ltd.		4,383
	52,768	Mexichem SAB de C.V.		152,443
	282	OCI Co., Ltd.		22,787
	102	OCI Materials Co., Ltd.		11,786
	401	Omnia Holdings, Ltd.		5,955
	68,400	Petronas Chemicals Group Berhad		114,639
	55,200	PTT Global Chemical Public Co., Ltd.		113,047
	614	Samsung Fine Chemicals Co., Ltd.		19,059
	11,400	Scientex Berhad		20,830
	82,000	Sinofert Holdings, Ltd.		18,802
	418	Sinopec Shanghai Petrochemical Co., Ltd., ADR*		22,501
	178	SKC Co., Ltd.		5,863
	3,616	Sociedad Quimica y Minera de Chile SA, ADR		57,928
	6	Taekwang Industrial Co., Ltd.		7,288
	3,538	Uralkali PJSC, GDR		45,453
	27,500	Yingde Gases Group Co., Ltd.		18,792

				921,183

	Commercial Services & Supplies (0.3%):
	32,000	China Everbright International, Ltd.		57,016
	1,000	China Petrochemical Development Corp.*		310
	3,700	Ecorodovias Infraestrutura e Logistica SA		9,261
	1,145	Hanwha Chemical Corp.		19,154
	463	Hanwha Corp.		19,557
	314	Hyosung Corp.		40,451
	79	Lotte Chemical Corp.		20,456
	155	S1 Corp.		10,886

				177,091

	Construction & Engineering (1.7%):
	24,450	Aveng, Ltd.*		11,568
	1,000	Chicony Electronics Co., Ltd.		2,687
	15,000	China Communications Construction Co., Ltd.		22,406
	58,000	China Fiber Optic Network System Group, Ltd.*		19,630
	11,000	China Railway Contstruction Corp., Ltd.		16,977
	15,000	China Railway Group, Ltd.		16,320
	13,000	China Singyes Solar Technologies Holdings, Ltd.		16,667
	16,000	China State Construction International Holdings, Ltd.		28,622
	8,920	Consolidated Infrastructure Group, Ltd.*		23,332
	287	Daelim Industrial Co., Ltd.		21,069


Shares			Fair Value
	Common Stocks, continued
	Construction & Engineering, continued
	90,500	Dialog Group Berhad	$	38,120
	37,002	Empresas ICA SAB de C.V.*		28,702
	30,400	Gamuda Berhad		37,730
	9,894	Group Five, Ltd.		23,152
	772	GS Engineering & Construction Corp.*		18,507
	320	Hyandai Development Co.		18,930
	531	Hyundai Engineering & Construction Co., Ltd.		19,508
	65,300	IJM Corporation Berhad		112,743
	28,675	Impulsora del Desarrollo y el Empleo en America Latina SAB de C.V.*		56,200
	8,058	Larsen & Tourbo, Ltd., Class S, GDR		225,593
	126,900	Malaysian Resources Corp. Berhad		39,952
	42,000	Metallurgical Corporation of China, Ltd., Series H		18,170
	20,858	Murray & Roberts Holdings, Ltd.		22,084
	6,908	Promotora y Operadora de Infraestructura SAB de C.V.*		73,936
	92,100	PT Pembangunan Perumahan Persero Tbk		23,918
	211,300	PT Surya Semesta Internusa Tbk		15,321
	14,001	Raubex		23,330
	34,300	Sino Thai Engineering & Construction Public Co., Ltd.		23,638
	81	SK C&C Co., Ltd.		20,083
	2,990	Sunway Construction Group Berhad*(a)		1,269
	22,100	Uem Edgenta Berhad		20,200
	48,600	Unique Engineering & Construction Public Co., Ltd.		23,236
	62,822	WCT Holdings Berhad		23,657
	2,230	Wilson Bayly Holmes-Ovcon, Ltd.		18,124

				1,105,381

	Construction Materials (1.5%):
	13,500	Anhui Conch Cement Co., Ltd.		47,108
	18,500	BBMG Corp.		18,697
	37,273	Cemex SAB de C.V., ADR*		341,421
	70,000	China National Buildings Material Co., Ltd.		65,685
	63,000	China National Materials Co., Ltd., Class H		20,466
	50,000	China Resources Cement Holdings, Ltd.		27,882
	20,100	Lafarge Malaysia Berhad		45,096
	28,378	PPC, Ltd.		41,188
	14,900	PT Indocement Tunggal Prakarsa Tbk		23,353
	134,300	PT Semen Indonesia (Persero) Tbk		120,725
	8,300	Siam City Cement Public Co., Ltd.		91,256
	52,000	TCC International Holdings, Ltd.		15,688
	7,200	The Siam Cement Public Co., Ltd.		110,599
	114,000	West China Cement, Ltd.		22,043

				991,207

	Containers & Packaging (0.1%):
	37,000	Greatview Aspetic Packaging Co., Ltd.		20,976
	22,427	Nampak, Ltd.		62,014

				82,990

	Distributors (0.2%):
	447	Daewoo International Corp.		10,327
	10,958	Imperial Holdings, Ltd.		166,934
	23,000	MBM Resources Berhad		21,226

				198,487


Shares			Fair Value
	Common Stocks, continued
	Diversified (0.0%):
	12,065	Turkiye Vakiflar Bankasi T.A.O., Class D	$	19,229

	Diversified Consumer Services (0.0%):
	6,247	Advtech, Ltd.		5,877
	5,000	Kroton Educacional SA		19,111

				24,988

	Diversified Financial Services (1.3%):
	5,240	Ayala Corp.		91,788
	26,530	Bolsa Mexicana de Valores SA		45,918
	15,800	Bursa Malaysia Berhad		34,019
	53,000	China Development Financial Holding Corp.		20,182
	59,315	FirstRand, Ltd.		260,069
	2,441	JSE, Ltd. ^		25,805
	8,069	KB Financial Group, Inc., ADR		265,228
	203	Korea Investment Holdings Co., Ltd.		11,479
	3,191	Meritz Securities Co., Ltd.		20,335
	926,000	Metro Pacific Investments Corp.		97,123
	2,235	PSG Group, Ltd.		37,687

				909,633

	Diversified Telecommunication Services (2.4%):
	12,000	Alibaba Health Information Technology, Ltd.*		12,442
	70,282	Axtel SAB de C.V.*		21,780
	64,000	China Communications Services Corp., Ltd.		32,116
	637	China Telecom Corp., Ltd., ADR		37,602
	6,153	China Unicom (Hong Kong), Ltd., ADR^		96,602
	10,706	Chunghwa Telecom Co., Ltd., ADR		341,736
	313,800	Jasmine International Public Co., Ltd.		49,111
	9,052	KT Corp., ADR*		114,689
	18,528	Oi SA, ADR*		35,388
	8,724	PT Telekomunik Indonesia Persero Tbk, ADR		378,534
	2,225	Rostelecom, ADR		21,138
	33,300	Samart Telcoms Public Co., Ltd.		22,146
	11,254	Telefonica Brasil SA, ADR		156,769
	21,900	Telekom Malaysia Berhad		37,954
	14,405	Telkom SA SOC, Ltd.*		75,948
	41,000	Thaicom Pcl		42,427
	220,800	True Corporation Public Co., Ltd.*		74,231

				1,550,613

	Electric Utilities (1.8%):
	14,015	Centrais Electricas Brasileiras SA, ADR		37,700
	16,789	Centrais Electricas Brasileiras SA, ADR*		31,563
	47,586	Companhia Energetica de Minas Gerais — CEMIG, ADR		181,303
	6,905	Companhia Paranaense de Energia, ADR		75,955
	7,923	CPFL Energia SA, ADR		97,057
	262	Enea SA		1,110
	18,953	Enersis SA, ADR		300,026
	28,630	First Philippine Holdings Corp.		51,592
	14,457	Korea Electric Power Corp., ADR		294,345
	7,090	Manila Electric Co.		45,800
	51,700	Tenega Nasional Berhad		173,222

				1,289,673


Shares			Fair Value
	Common Stocks, continued
	Electrical Equipment (0.1%):
	26,000	China High Speed Transmission Equipment Group Co., Ltd.*	$	22,529
	26,000	Harbin Electric Co., Ltd.		20,385
	203	LG Innotek Co., Ltd.		18,282
	3,500	Zhuzhou CSR Times Electric Co., Ltd.		26,030

				87,226

	Electronic Equipment, Instruments & Components (2.3%):
	10,000	AAC Technologies Holdings, Inc.^		56,383
	72,888	AU Optronics Corp., ADR		325,080
	187,700	Cal-comp Electronics (Thailand) Public Co., Ltd., Class F		19,199
	114,000	China Aerospace International Holdings, Ltd.		26,717
	13,795	Datatec, Ltd.		73,102
	22,400	Delta Electronics (Thailand) Public Co., Ltd.		60,033
	21,700	Hana Microelectronics Public Co., Ltd.		25,953
	14,603	Hon Hai Precision Industry Co., Ltd., GDR		91,818
	22,300	Inari Amertron Berhad		19,219
	32,000	JU Teng International Holdings, Ltd.		15,397
	25,600	KCE Electronics Public Co., Ltd.		42,040
	18,000	Kingboard Chemical Holdings, Ltd.		31,089
	42,000	Kingboard Laminates Holdings, Ltd.		19,945
	1,000	Largan Precision Co., Ltd.		114,508
	37,518	LG Display Co., Ltd., ADR		434,835
	449	LS Corp.		17,468
	1,000	Pegatron Corp.		2,899
	36,200	Samart Corporation Public Co., Ltd.		30,197
	65	Samsung Electro-Mechanics Co., Ltd., Series L		2,975
	10,000	Sunny Optical Technology Group Co., Ltd.		21,995
	4,000	TPK Holding Co., Ltd.		23,139
	42,000	Truly International Holdings, Ltd., Series L		17,277
	1,000	Yageo Corp.		1,561

				1,472,829

	Energy Equipment & Services (0.3%):
	91,600	Bumi Armada Berhad		27,639
	10,000	China Oilfield Services, Ltd.		15,837
	30,000	Dayang Enterprise Holdings Berhad		17,882
	1,000	Flexium Interconnect, Inc.		4,014
	57,000	Perdana Petroleum Berhad		22,977
	237,400	Sapurakencana Petroleum Berhad		148,376
	33,200	UMW Oil & Gas Corp. Berhad		15,076

				251,801

	Financials (0.0%):
	418	Mirae Asset Securities Co., Ltd.		18,880

	Food & Staples Retailing (3.1%):
	18,700	Big C Supercenter Public Co., Ltd.		106,681
	18,510	Cencosud SA, ADR		133,457
	14,000	China Resources Enterprises, Ltd.		45,264
	15,242	Clicks Group, Ltd.		112,659
	9,831	Companhia Brasileira de Distribuicao Grupo Pao de Acucar, ADR		232,700
	25,927	Controladora Comercial Mexican SAB de C.V.		81,253
	287,100	Cosco Capital, Inc.		49,654
	112,100	CP ALL Pcl		153,194


Shares			Fair Value
	Common Stocks, continued
	Food & Staples Retailing, continued
	94	E-Mart Co., Ltd.	$	19,376
	32,292	Grupo Comercial Chedraui SAB de C.V.		91,789
	5,868	Massmart Holdings, Ltd.		72,026
	14,237	Organizacion Soriana SAB de C.V.*		31,807
	15,063	Pickn Pay Stores, Ltd.		71,242
	34,500	Puregold Price Club, Inc.		28,315
	1,600	Raia Drogasil SA		20,637
	17,910	Robinsons Retail Holdings, Inc.		29,660
	82	Shinsegae Department Store Co.		19,693
	16,999	Shoprite Holdings, Ltd.		242,368
	39,000	Sun Art Retail Group, Ltd.		35,106
	6,916	The Spar Group, Ltd.		107,808
	104,117	Wal-Mart de Mexico SAB de C.V.		254,343
	1,349	X5 Retail Group NV, GDR*		22,444

				1,961,476

	Food Products (3.2%):
	2,860	Astral Foods, Ltd.		37,872
	24,117	AVI, Ltd.		161,678
	4,500	Biostime International Holdings, Ltd.		13,166
	14,338	BRF SA, ADR		299,807
	190,000	C.P. Pokphand Co., Ltd.		29,364
	92,700	Charoen Pokphand Foods Public Co., Ltd.		65,724
	55,000	China Agri-Industries Holdings, Ltd.*		31,058
	8,000	China Mengniu Dairy Co., Ltd.		39,683
	52,000	China Modern Dairy Holdings, Ltd.		23,504
	61,000	China Yurun Food Group, Ltd.*		23,089
	53	CJ CheilJedang Corp.		20,936
	13,775	Clover Industries, Ltd.		19,918
	332	Daesang Corp.		10,573
	10,400	Genting Plantations Berhad		27,396
	59,100	GFPT Public Co., Ltd.		21,022
	9,969	Gruma, SAB de C.V., Class B		128,614
	44,050	Grupo Bimbo SAB de C.V., Series A*		113,831
	26,126	Grupo Herdez SAB de C.V.		66,549
	15,717	Illovo Sugar, Ltd.		19,069
	11,551	Industrias Bachoco, SAB de C.V.		51,819
	63,200	IOI Corp. Berhad		68,042
	181	Kernel Holding SA		1,817
	1,800	Klabin SA		11,015
	8,400	Kuala Lumpur Kepong Berhad		47,853
	29,500	Kulim Malaysia Behard		19,589
	310	Oceana Group, Ltd.		2,473
	42	Orion Corp.		39,471
	3,462	Pioneer Foods, Ltd.		52,463
	12,800	PPB Group Berhad		51,326
	20,200	PT Astra Agro Lestari Tbk		34,728
	91,000	PT Charoen Pokphand Indonesia Tbk		18,736
	206,900	PT Indofood Sukses Makmur Tbk		101,842
	21,400	QL Resources Berhad		22,415
	62,000	Shenguan Holdings Group, Ltd.		15,790
	85,700	Thai Union Frozen Products Public Co., Ltd.		55,257
	36,300	Thai Vegetable Oil Public Co., Ltd.		24,184
	7,152	Tiger Brands, Ltd.		166,688
	18,000	Tingyi (Caymen Is) Holding Corp.		36,585


Shares			Fair Value
	Common Stocks, continued
	Food Products, continued
	479	Tongaat Hulett, Ltd.	$	5,118
	34,200	TSH Resources Berhad		20,223
	28,000	Uni-President China Holdings, Ltd.		25,728
	2,000	Uni-President Enterprises Corp.		3,552
	25,540	Universal Robina Corp.		109,897
	51,000	Want Want China Holdings, Ltd.^		53,737

				2,193,201

	Gas Utilities (0.6%):
	24,000	China Gas Holdings, Ltd.		38,302
	176,000	China Oil & Gas Group, Ltd.*		16,484
	10,000	China Resources Gas Group, Ltd.		29,539
	10,000	ENN Energy Holdings, Ltd.		60,132
	2,424	GAIL India, Ltd., GDR		89,575
	11,510	Infraestructura Energetica Nova, SAB de C.V.		56,835
	501	Korea Gas Corp.		19,395
	13,700	Petronas Gas Berhad		77,213
	164,000	PT Perusahaan Gas Negara Tbk		53,002
	20,000	Towngas China Co., Ltd.		18,238

				458,715

	Health Care Equipment & Supplies (0.2%):
	14,500	Hartalega Holdings Berhad		32,656
	22,300	Kossan Rubber Industries Berhad		38,407
	348	Osstem Implant Co., Ltd.*		21,206
	35,400	Supermax Corp. Berhad		19,432
	29,900	Top Glove Corp. Berhad		52,730

				164,431

	Health Care Providers & Services (1.0%):
	80,200	Bangkok Chain Hospital Public Co., Ltd.		16,713
	139,100	Bangkok Dusit Medical Services Public Co., Ltd., Class F		80,964
	13,100	Bumrungrad Hospital Public Co., Ltd.		72,616
	24,100	IHH Healthcare Berhad*		36,171
	37,000	Jintian Pharmaceutical Group, Ltd.		19,713
	22,200	KPJ Healthcare Berhad		24,830
	40,218	Life Healthcare Group Holdings Pte, Ltd.		123,611
	7,877	Mediclinic International, Ltd.		66,318
	51,782	Netcare, Ltd.		162,467
	6,700	Shanghai Pharmaceuticals Holding Co., Ltd.		18,567
	8,400	Sinopharm Group Co., Series H		37,018

				658,988

	Hotels, Restaurants & Leisure (1.4%):
	35,695	Alsea SAB de C.V.		107,731
	34,200	Berjaya Sports Toto Berhard		29,735
	40,400	Central Plaza Hotel Public Co., Ltd.		44,642
	52,000	China Travel International Investment Hong Kong, Ltd.		23,070
	2,525	City Lodge Hotels, Ltd.		28,857
	5,214	Famous Brands, Ltd.		49,255
	74,200	Genting Berhard		158,604
	60,900	Genting Malaysia Berhad		67,549
	694	Grand Korea Leisure Co., Ltd.		19,363
	179	Hana Tour Service, Inc.		20,433
	23,640	Jollibee Foods Corp.		103,427


Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
	36,900	Magnum Berhad	$	25,930
	39,600	MINI International Public Co., Ltd.		35,130
	16,300	MK Restaurants Group Public Co., Ltd.		27,140
	275,000	Rexlot Holdings, Ltd.		15,290
	7,724	Sun International, Ltd.		70,150
	106,500	TA Enterprise Berhad		19,236
	153,200	Travellers International Hotel Group, Inc.		17,474
	15,271	Tsogo Sun Holdings, Ltd.		30,572

				893,588

	Household Durables (0.6%):
	73,698	Consorcio ARA SAB de C.V.*		28,278
	236	Coway Co., Ltd.		19,361
	12,000	Haier Electronics Group Co., Ltd.*		32,169
	85	Hanssem Co., Ltd.		21,405
	597	LG Electronics, Inc.		25,246
	5,844	PIK Group*		18,598
	30,000	Skyworth Digital Holdings, Ltd.		26,480
	48,258	Steinhoff International Holdings, Ltd.		304,769

				476,306

	Household Products (0.5%):
	90,330	Kimberl- Clark de Mexico SAB de C.V.		195,372
	60	LG Household & Health Care, Ltd.		41,282
	22,900	PT Unilever Indonesia Tbk		68,316
	4,383	Turkiye Sise ve Cam Fabrikalari AS (Sisecam)		5,896

				310,866

	Independent Power and Renewable Electricity Producers (1.3%):
	68,000	Aboitiz Power Corp.		68,618
	46,000	Beijing Jingneng Clean Energy Co., Ltd., Series H*		18,583
	37,000	China Longyuan Power Group Corp.		40,781
	59,000	China Power International Develpoment, Ltd.		44,728
	14,000	China Resources Power Holdings Co.		38,922
	197,000	CK Power Public Co., Ltd.		17,149
	34,000	Datang International Power Generation Co., Ltd.		17,391
	12,600	Electricity Generating Public Co., Ltd.		57,200
	3,992	Empresa Nacional de Electricidad SA, ADR		165,468
	711,300	Energy Development Corp.		117,897
	130,200	First Gen Corp.		77,959
	21,900	Glow Energy Public Co., Ltd.		55,081
	38,000	Huadian Fuxin Energy Corp., Class H		22,867
	20,000	Huadian Power International Corp., Ltd.		21,978
	708	Huaneng Power International, Inc., ADR		37,368
	78,000	Huaneng Renewables Corp., Ltd.		31,208
	237,500	Lopez Holdings Corp.		37,402
	34,800	Ratchaburi Electricity Generating Holding Pcl		58,927
	33,200	SPCG Public Co., Ltd.		25,775

				955,302

	Industrial Conglomerates (2.9%):
	89,590	Aboitiz Equity Ventures, Inc.		115,572
	127,747	Alfa SAB de C.V., Class A		244,842
	237,100	Alliance Global Group, Inc.		114,054
	6,000	Beijing Enterprises Holdings, Ltd.		44,936
	206,200	Berjaya Corp. Berhad		22,419
	47,600	Berli Jucker Public Co., Ltd.		52,713


Shares			Fair Value
	Common Stocks, continued
	Industrial Conglomerates, continued
	12,722	Bidvest Group, Ltd.	$	321,285
	17,100	Boustead Holdings Berhad		18,812
	21,000	Cahya Mata Sarawak Berhad		28,833
	50,000	Citic, Ltd.		89,592
	100	CJ Corp.		26,635
	275,900	DMCI Holdings, Inc.		80,940
	171	Doosan Corp.		16,696
	27,195	Grupo Carso SAB de C.V.		113,347
	21,847	GRUPO KUO SAB de C.V., Series B*		34,477
	30,800	Hap Seng Consolidated Berhad		42,471
	69,450	JG Summit Holdings, Inc.		110,890
	72,431	KAP Industrial Holdings, Ltd.		36,573
	93	LG Corp.		5,134
	59,800	MMC Corp. Berhad		39,803
	7,416	Reunert, Ltd.		40,411
	51,350	San Miguel Corp.		68,216
	13,000	Shanghai Industrial Holdings, Ltd.		44,150
	45,600	Sime Darby Berhad		103,032
	4,430	SM Investments Corp.		87,929

				1,903,762

	Insurance (1.6%):
	20,400	Bangkok Life Assurance Public Co., Ltd.		30,635
	12,000	Cathay Financial Holding Co., Ltd.		20,939
	1,000	China Life Insurance Co., Ltd.		1,026
	2,673	China Life Insurance Co., Ltd., ADR^		58,164
	6,000	China Pacific Insurance Group Co., Ltd., Class H		28,578
	5,000	China Taiping Insurance Holdings Co., Ltd.*		17,859
	17,800	Dhipaya Insurance plc		20,156
	11,985	Discovery, Ltd.		123,968
	101	Dongbu Insurance Co., Ltd.		5,114
	1,770	Korean Reinsurance Co.		19,558
	5,916	Liberty Holding, Ltd.		70,422
	416	LIG Insurance Co., Ltd.		10,759
	10,400	LPI Capital Berhad		38,279
	1,384	Meritz Fire & Marine Insurance Co., Ltd.		20,151
	44,515	MMI Holdings, Ltd.		110,335
	44,400	MPHB Capital Berhad*		20,017
	3,200	New China Life Insurance Co., Ltd.		19,080
	36,000	Picc Property & Casuality Co., Ltd., Class H		81,200
	18,000	Ping An Insurance Group Co. of China, Ltd.		241,476
	518,000	PT Panin Financial Tbk*		11,098
	74	Samsung Fire & Marine Insurance Co., Ltd.		19,384
	206	Samsung Life Insurance Co., Ltd.		19,853
	31,280	Sanlam, Ltd.		170,670
	588	Santam, Ltd.		10,422
	43,000	Tune Ins Holdings Berhad		18,747

				1,187,890

	Internet (0.1%):
	131	Com2uS Corp.*		14,522
	112	Ncsoft Corp.		19,919
	1,000	Pchome Online, Inc.		16,509

				50,950


Shares			Fair Value
	Common Stocks, continued
	Internet & Catalog Retail (0.1%):
	108	CJ O Shopping Co., Ltd.	$	19,875
	182	Hyundai Home Shopping Network Corp.		19,986

				39,861

	Internet Software & Services (0.9%):
	880	Mail.ru Group, Ltd., GDR*		18,312
	70	NHN Corp.		39,767
	26,800	Tencent Holdings, Ltd.		533,621

				591,700

	Investment Banking & Brokerage (0.1%):
	1,388	Daewoo Securities Co., Ltd.		18,898
	1,862	Hyundai Securities Co., Ltd.		15,095
	385	Samsung Securities Co., Ltd.		18,789

				52,782

	IT Services (1.7%):
	3,739	EOH Holdings, Ltd.		48,031
	68,960	Infosys Technologies-SP, ADR^		1,093,016
	36,900	MyEG Services Berhad		27,204
	13,000	Travelsky Technology, Ltd., Series H		18,916

				1,187,167

	Machinery (0.3%):
	28,600	Changsha Zoomlion Heavy Industry Science & Technology		18,642
	7,600	China International Marine Containers Group Co., Ltd.		19,352
	876	Doosan Heavy Industries & Construction Co., Ltd.		18,703
	2,187	Doosan Infracore Co., Ltd.*		19,180
	8,000	Haitian International Holdings, Ltd.		18,691
	188	Hyundai Heavy Industries Co.*		18,724
	92,000	Lonking Holdings, Ltd.		18,356
	27,300	PT United Tractors Tbk		41,501
	1,267	Samsung Heavy Industries Co., Ltd.		19,343
	29,500	Sinotruk Hong Kong, Ltd.*		17,810
	5,000	Weichai Power Co., Ltd., Class H		16,545
	38,000	Wellcall Holdings Berhad		19,148

				245,995

	Marine (0.2%):
	24,000	China Shipping Development Co., Ltd., Class H		18,007
	1,545	Daewoo Shipbuilding & Marine Engineering Co., Ltd.		18,422
	33,207	Grindrod, Ltd.		36,716
	16,500	MISC Berhad		33,725
	70,050	Precious Shipping Public Co., Ltd.(a)		18,622
	76,300	Thoresen Thai Agencies Public Co., Ltd.		29,103
	88	Trencor, Ltd.		463

				155,058

	Media (2.4%):
	52,700	Astro Malaysia Holdings Berhad		43,028
	53,900	BEC World Public Co., Ltd.		59,666
	188	CJ CGV Co., Ltd.		21,629
	301	CJ E&M Corp.*		21,120
	15,543	Grupo Televisa SA, ADR		603,380
	40,000	Major Cineplex Group Public Co., Ltd.		39,888


Shares			Fair Value
	Common Stocks, continued
	Media, continued
	54,738	Megacable Holdings SAB de C.V.	$	229,155
	2,233	Naspers, Ltd.		345,557
	327,000	PT Global MediaCom Tbk		28,632
	177,400	PT Media Nusantara Citra Tbk		25,803
	190,700	PT Surya Citra Media Tbk		40,662
	45,100	RS Public Co., Ltd.		18,101
	143,537	TV Azteca SAB de C.V.		34,525
	23,000	Wisdom Holdings Group		17,891

				1,529,037

	Metals & Mining (4.4%):
	4,055	African Rainbow Minerals, Ltd.		27,635
	26,000	Angang Steel Co., Ltd.		17,891
	1,552	Anglo American Platinum, Ltd.*		35,061
	28,886	AngloGold Ashanti, Ltd., ADR*		258,530
	2,033	Arcelormittal South Africa, Ltd.*		2,032
	2,498	Assore, Ltd.		21,193
	29,500	China Hongqiao Group, Ltd.		27,770
	222,000	China Precious Metal Resources Holdings Co., Ltd.*		19,754
	44,400	China Zhongwang Holdings, Ltd.^		22,777
	66,322	Companhia Siderurgica Nacional SA, ADR		109,431
	59,794	Gerdau SA, ADR		144,104
	49,970	Gold Field, Ltd., ADR		161,403
	111,664	Grupo Mexico SAB de C.V., Series B		336,018
	8,400	Grupo Simec SA de C.V., Series B*		24,641
	18,316	Impala Platinum Holdings, Ltd.*		81,663
	12,834	Industrias CH SA*		48,510
	8,738	Industrias Penoles SAB de C.V.		142,981
	15,000	Jiangxi Copper Co., Ltd.		24,976
	2,599	JSC MMC Norilsk Nickel, ADR		43,869
	41	Korea Zinc Co.		19,963
	1,922	Kumba Iron Ore, Ltd.		23,866
	52,000	Maanshan Iron & Steel Co., Ltd.*		17,846
	23,056	Minera Frisco SAB de C.V.*		17,077
	52,000	MMG, Ltd.*^		18,199
	26,513	Northam Platinum, Ltd.*		87,519
	8,319	POSCO, ADR		408,380
	26,800	Press Metal Berhad		18,528
	451,300	PT Hanson International Tbk*		25,064
	52,300	PT Vale Indonesia Tbk		10,663
	3,505	Royal Bafokeng Platinum, Ltd.*		13,365
	2,792	Severstal PAO, GDR		29,576
	88,000	Shougang Fushan Resources Group, Ltd.		20,496
	58,216	Sibanye Gold, Ltd.		93,347
	73,000	STP & I Public Co., Ltd.		36,865
	26,743	Tata Steel, Ltd., GDR		130,280
	35,335	Vale SA, ADR^		208,123
	18,714	Vedanta, Ltd., ADR^		202,112

				2,931,508

	Multiline Retail (0.7%):
	37,800	Aeon Co. (M) Berhad		31,075
	3,137	El Puerto de Liverpool SAb de C.V.		36,232
	15,000	Golden Eagle Retail Group, Ltd.^		20,092
	30,009	Grupo FAMSA SA*		19,439
	31,448	Grupo Sanborsn SAB de C.V.		47,367


Shares			Fair Value
	Common Stocks, continued
	Multiline Retail, continued
	197	Hotel Shilla Co., Ltd.	$	19,680
	147	Hyundai Department Store Co., Ltd.		19,250
	3,100	Lojas Americanas SA		13,345
	600	Lojas Renner SA		21,929
	41,022	Parkson Holdings Berhad*		16,730
	489,200	PT Multipolar Tbk		22,913
	14,200	Robinson Dept Store Public Co., Ltd.		18,782
	56,000	Springland International Holdings, Ltd.		19,400
	26,282	Woolworths Holdings, Ltd.		212,679

				518,913

	Multi-Utilities (0.2%):
	330,500	YTL Corporation Berhad		136,123
	65,800	YTL Power International Berhad		27,891

				164,014

	Oil, Gas & Consumable Fuels (6.6%):
	30,900	Bangchak Petroleum Public Co., Ltd.		31,939
	81,100	Banpu Public Co., Ltd.		61,064
	32,000	China Coal Energy Co., Ltd., Class H		19,206
	128,000	China Petroleum & Chemical Corp., Class H		110,056
	29,000	China Shenhua Energy Co., Ltd.		66,106
	80,000	China Suntien Green Energy Corp.		17,169
	1,798	CNOOC, Ltd., ADR^		255,172
	12,710	Ecopetrol SA, ADR^		168,535
	100,400	Energy Absolute Public Co., Ltd.		69,631
	101,800	Esso Thailand Public Co., Ltd.*		19,134
	8,460	Exxaro Resources, Ltd.^		60,385
	21,415	Gazprom OAO, ADR		110,483
	332	Grupa Lotos SA*		2,648
	438	GS Holdings		19,471
	458,300	IRPC Public Co., Ltd.		60,550
	64,000	Kunlun Energy Co., Ltd.		64,741
	2,806	LUKOIL, ADR		126,017
	1,207	PetroChina Co., Ltd., ADR		133,748
	31,328	Petroleo Brasileiro SA, ADR*		283,518
	42,133	Petroleo Brasileiro SA, ADR*		343,806
	214,800	Petron Corp.		42,149
	7,000	Petronas Dagangan Berhad		38,184
	490,000	PT Adaro Energy Tbk		27,885
	475,000	PT Sugih Energy Tbk*		13,961
	46,200	PT Tambang Batubara Bukit Asam Tbk		29,068
	95,000	PTT Exploration & Production Public Co., Ltd.		305,878
	50,500	PTT Public Co., Ltd.		536,348
	16,597	Reliance Industries, Ltd., GDR		521,315
	7,210	Rosneft Oil Co., GDR		29,747
	13,540	Sasol, Ltd., ADR		501,792
	22,200	Semirara Mining and Power Corp.		70,164
	176	SK Energy Co., Ltd.*		19,350
	309	S-Oil Corp.		18,800
	1,421	Tatneft, ADR		45,497
	24,400	Thai Oil Public Co., Ltd.		39,691
	13,904	Ultrapar Participacoes SA, ADR		292,262
	126,000	United Energy Group, Ltd.*		22,084
	2,362	Yanzhou Coal Mining Co., Ltd., ADR		18,306

				4,595,860


Shares			Fair Value
	Common Stocks, continued
	Paper & Forest Products (0.7%):
	12,201	Fibria Celulose SA, ADR	$	166,056
	5,858	Mondi, Ltd.		128,546
	43,000	Nine Dragons Paper Holdings, Ltd.		37,516
	41,128	Sappi, Ltd.*		146,028

				478,146

	Personal Products (0.3%):
	110	Amorepacific Corp.		41,181
	237	Amorepacific Group		39,711
	22	Cosmax, Inc.		3,970
	6,500	Hengan International Group Co., Ltd.		76,878
	2,700	Hypermarcas SA*		19,693
	24,800	Karex Berhad		20,195
	280	Korea Kolmar Co., Ltd.		25,458

				227,086

	Pharmaceuticals (1.2%):
	3,947	Aspen Pharmacare Holdings, Ltd.		116,866
	268	Celltrion, Inc.*		18,733
	1,900	Chia Tai Enterprises International, Ltd.*(a)		1,961
	21,000	China Medical System Holdings, Ltd.		29,399
	22,000	China Pharmaceutical Enterprise & Investment Corp.		21,644
	7,500	Dr. Reddy’s Laboratories, Ltd., ADR		414,900
	49	Hanmi Pharm Co., Ltd.*		20,536
	287,900	PT Kalbe Farma Tbk		36,135
	40,000	Sino Biopharmaceutical, Ltd.		46,175
	44,000	SSY Group, Ltd.^		15,850
	11,000	Tong Ren Tang Technologies Co., Ltd.		18,686

				740,885

	Real Estate Management & Development (3.5%):
	42,000	Agile Property Holdings, Ltd.		28,256
	43,100	Amata Corp. Public Co., Ltd.		19,133
	98,800	AP Thailand plc		21,032
	136,000	Ayala Land, Inc.		112,434
	816,700	Bangkok Land Public Co., Ltd.		38,142
	30,000	Beijing Capital Land, Ltd.		22,991
	546,000	Belle Corp.		39,964
	67,200	Central Pattana Public Co., Ltd.		94,361
	90,000	China Merchants Land, Ltd.		22,038
	38,000	China Overseas Grand Oceans Group, Ltd.		19,251
	36,000	China Overseas Land & Investment, Ltd.		126,903
	20,000	China Resources Land, Ltd.		64,402
	50,000	China South City Holdings, Ltd.		17,219
	13,900	China Vanke Co., Ltd., Class H		34,055
	47,417	Corporacion Inmobiliaria Vesta SAB de C.V.		77,242
	110,000	Country Garden Holdings Co., Ltd.		48,257
	39,000	Eastern & Oriental Berhad		17,652
	8,417	Etalon Group, Ltd.		15,527
	107,000	Evergrande Real Estate Group, Ltd.		63,304
	1,255,000	Filinvest Land, Inc.		51,770
	96,000	Franshion Properties China, Ltd.*^		34,131
	159,000	Glorious Property Holdings, Ltd.*		24,811
	10,000	Goldin Properties Holdings, Ltd.*		10,532
	26,800	Guangzhou R&F Properties Co., Ltd., Class H*		32,623
	20,000	Hopson Development Holdings, Ltd.*		20,148


Shares			Fair Value
	Common Stocks, continued
	Real Estate Management & Development, continued
	37,300	KSL Holdings Berhad	$	17,112
	31,500	KWG Property Holding, Ltd.		26,546
	36,400	L.P.N. Development Public Co., Ltd.		18,927
	98,700	Land & Houses Public Co., Ltd.		25,823
	18,500	Longfor Properties Co., Ltd.		29,269
	83,375	Mah Sing Group Berhad		36,480
	25,000	Matrix Concepts Holdings Berhad		20,540
	937,500	Megaworld Corp.		98,958
	59,000	Mingfa Group International Co., Ltd.*		14,597
	38,000	New World China Land, Ltd.		22,358
	53,000	Poly Property Group Co., Ltd.		25,415
	66,700	Pruksa Real Estate Public Co., Ltd.		49,968
	417,700	PT Alam Sutera Realty Tbk*		18,070
	292,900	PT Bumi Serpong Damai		36,628
	375,500	PT Ciputra Development Tbk		35,548
	397,700	PT Intiland Development Tbk		16,970
	23,200	PT Lippo Cikarang Tbk*		15,819
	745,800	PT Lippo Karawaci Tbk		65,979
	177,300	PT Modernland Realty Tbk		6,973
	711,400	PT Pakuwon Jati Tbk		22,907
	251,500	PT Summarecon Agung Tbk		30,773
	247,000	Quality Houses Pcl		18,409
	464,000	Renhe Commercial Holdings Co., Ltd.*		38,626
	158,800	Robinsons Land Corp.		103,115
	597,500	Sansiri Public Co., Ltd.		31,577
	191,700	SC Asset Corp. Public Co., Ltd.		18,494
	82,000	Shanghai Industrial Urban development Group, Ltd.		21,871
	62,000	Shenzhen Investment, Ltd.		30,546
	30,000	Shimao Property Holdings, Ltd.		59,072
	95,500	Shui On Land, Ltd.		26,876
	48,500	Sino-Ocean Land Holdings, Ltd.		36,631
	266,700	SM Prime Holdings, Inc.		118,101
	48,000	Soho China, Ltd.		31,265
	21,900	SP Setia Berhad		18,093
	26,000	Sunac China Holdings, Ltd.^		28,133
	29,900	Sunway Berhad		27,249
	77,000	Supalai Public Co., Ltd.		42,740
	83,000	UEM Sunrise Berhad		21,460
	35,600	UOA Development Berhad		19,952
	552,000	Vista Land & Lifescapes, Inc.		77,999
	180,000	Yuexiu Property Co., Ltd.		38,926

				2,500,973

	Road & Rail (0.0%):
	34,000	Guangshen Railway Co., Ltd.		18,693

	Semiconductors & Semiconductor Equipment (9.0%):
	43,122	Advanced Semiconductor Engineering, Inc., ADR		284,605
	4,000	Chipbond Technology Corp.		8,678
	237	EO Technics Co., Ltd.		19,855
	1,000	Epistar Corp.		1,328
	196,000	GCL-Poly Energy Holdings, Ltd.*		44,892
	13,200	Globetronics Technology Berhad		20,821
	3,000	Kinsus Interconnect Technology Corp.		8,259
	1,000	Macronix International Co., Ltd.*		193
	11,300	Malaysian Pacific Industries Berhad		19,962


Shares			Fair Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment, continued
	10,000	Powertech Technology, Inc.	$	21,506
	1,000	Realtek Semiconductor Corp.		2,566
	4,000	Richtek Technology Corp.		23,384
	4,031	Samsung Electronics co., Ltd., GDR		2,299,132
	10,057	Semiconductor Manufacturing International Corp., ADR*		54,408
	31,327	Siliconware Precision Industries Co., ADR		233,386
	5,000	Sino-American Silicon Products, Inc.		6,342
	502	SK Hynix, Inc.		19,084
	113,700	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		2,582,126
	35,700	Unisem (M) Berhad		22,058
	209,364	United Microelectronics Corp., ADR		429,196
	78,000	Winbond Electronics Corp.*		20,268
	1,464	WONIK IPS Co., Ltd.*		18,720

				6,140,769

	Specialty Retail (0.9%):
	35,500	Baoxin Auto Group, Ltd.*		22,263
	331	Cashbuild, Ltd.		8,192
	32,500	China Zhentong Auto Services Holdings, Ltd.		21,165
	175,000	GOME Electrical Appliances Holdings, Ltd.		38,132
	295,000	Home Product Center Public Co., Ltd.		58,867
	1,000	Hotai Motor Co., Ltd.		14,149
	6,696	Lewis Group, Ltd.		54,346
	6,092	Mr. Price Group, Ltd.		125,394
	55,000	Padini Holdings Berhad		19,399
	347,300	PT ACE Hardware Indonesia Tbk		16,826
	24,821	Super Group, Ltd.*		64,406
	8,543	The Foschini Group, Ltd.		111,615
	17,171	Truworths International, Ltd.		120,890
	26,500	Zhongsheng Group Holdings, Ltd.		18,435

				694,079

	Technology Hardware, Storage & Peripherals (0.2%):
	2,000	Acer, Inc.*		962
	80,000	Coolpad Group, Ltd.		28,113
	1,000	High Tech Computer Corp.*		2,320
	60,000	Lenovo Group, Ltd.		82,476
	1,000	Micro-Star International Co., Ltd.		1,011
	17,000	TCL Communicatin Technology Holdings, Ltd.		15,866
	10,000	Wistron Corp.		7,595

				138,343

	Textiles, Apparel & Luxury Goods (0.2%):
	11,000	Anta Sports Products, Ltd.		26,653
	48,000	Belle International Holdings, Ltd.		55,261
	150,000	Bosideng International Holdings, Ltd.		19,421
	2,000	Eclat Textile Co., Ltd.		32,799
	5,000	Shenzhou International Group		24,305
	2,000	Tainan Spinning Co., Ltd.		1,027

				159,466

	Tobacco (0.1%):
	4,600	British American Tobacco Malaysia Berhad		75,716
	88	KT&G Corp.		7,460
	7,000	PT Gudang Garam Tbk		23,645

				106,821


Shares			Fair Value
	Common Stocks, continued
	Trading Companies & Distributors (0.4%):
	15,919	Barloworld, Ltd.	$	126,262
	126,000	CITIC Resources Holdings, Ltd.*		34,759
	1,664	Hudaco Industries, Ltd.		17,799
	458	LG International Corp.		15,968
	2,473	SK Network Co., Ltd.		19,901

				214,689

	Transportation Infrastructure (1.3%):
	8,500	Airports of Thailand Public Co., Ltd.		76,217
	22,900	Bangkok Aviation Fuel Services Public Co., Ltd.		17,450
	31,100	Bangkok Expressway Public Co., Ltd.		36,303
	20,000	Beijing Capital International Airport Co., Ltd.		22,961
	14,000	China Merchants Holdings International Co., Ltd.		59,663
	48,000	Cosco Pacific, Ltd.		64,816
	8,915	Grupo Aeroportuario del Centro Norte, SAb de C.V.		43,817
	522	Grupo Aeroportuario del Sureste SAB de C.V., ADR		74,056
	14,894	Grupo Aeroporturaio del Pacifico SAB de C.V.		101,978
	42,500	Hopewell Highway Infrastructure, Ltd.		20,846
	103	Hyundai Glovis Co., Ltd.		18,630
	35,290	International Container Terminal Services, Inc.		86,243
	16,000	Jiangsu Expressway Co., Ltd., Series H		20,997
	36,400	Malaysia Airports Holdings Berhad		59,872
	24,684	OHL Mexico SAB de C.V.*		32,042
	41,400	PT Jasa Marga Persero Tbk		16,824
	20,000	Shenzhen Expressway Co., Ltd.		15,936
	29,000	Shenzhen International Holdings, Ltd.		50,224
	70,000	Tianjin Port Development Holdings, Ltd.		16,591
	29,300	Westports Holding Berhad		32,913
	30,000	Yuexiu Transport Infrastructure, Ltd.		21,524
	20,000	Zhejiang Expressway Co., Ltd.		27,767

				917,670

	Water Utilities (0.5%):
	22,000	Beijing Enterprises Water Group, Ltd.		17,916
	38,000	China Water Affairs Group, Ltd.^		20,522
	22,581	Companhia de Saneamento Basico do Estado de Sao Paulo, ADR		116,970
	16,000	CT Environmental Group, Ltd.		21,231
	30,000	Guangdong Investment, Ltd.		41,842
	134,100	Manila Water Co.		71,434
	95,500	TTW Public Co., Ltd.		31,902

				321,817

	Wireless Telecommunication Services (6.0%):
	34,300	Advanced Information Service plc		243,111
	35,123	America Movil SAB de C.V., Series L, ADR		748,472
	63,600	Axiata Group Berhad		107,943
	7,027	China Mobile, Ltd., ADR		450,360
	68,500	DIGI.com Berhad		97,333
	1,000	Far EasTone Telecommunications Co., Ltd.		2,417
	18,392	Global Telecom Holding, GDR*		30,492
	1,840	Globe Telecom, Inc.		102,314
	19,200	Intouch Holdings Public Co., Ltd.		44,304
	114	LG Uplus Corp.		1,007
	41,400	Maxis Berhad		69,711
	52,882	MTN Group, Ltd.		994,367


Shares			Fair Value
	Common Stocks, continued
	Wireless Telecommunication Services, continued
	6,625	Philippine Long Distance Telephone Co., ADR	$	412,737
	45,500	PT Tower Bersama Infrastructure Tbk*		31,302
	2,482	SK Telecom Co., Ltd., ADR		61,529
	6,589	Tim Participacoes SA, ADR		107,796
	42,500	Total Access Communication Public Co., Ltd.		104,815
	14,907	Turkcell Iletisim Hizmetleri AS, ADR		171,281
	8,400	Vimpelcom, Ltd., ADR		41,748
	6,240	Vodacom Group, Ltd.		71,080

				3,894,119

	Total Common Stocks (Cost $67,569,632)			61,535,261

	Preferred Stock (0.4%):
	Metals & Mining (0.4%):
	53,255	Vale SA, Preferred Shares, ADR		268,938

	Total Preferred Stock (Cost $337,370)			268,938

	Warrant (0.0%):
	Diversified Telecommunication Services (0.0%):
	153,823	Jasmine International*(a)		2,233

	Total Warrant (Cost $—)			2,233


Shares or Principal Amount			Fair Value
	Right (0.0%):
	Construction & Materials (0.0%):
	26,000	TCC International Holdings, Ltd.*	$	463

	Total Right (Cost $—)			463

	Mutual Funds (9.0%):
	127,278	iShares MSCI Taiwan ETF, 1.84%		2,008,447
	40,849	iShares MSCI South Korea Capped ETF, 1.20%		2,251,189
	88,435	WisdomTree India Earnings Fund, 0.77%		1,916,386

	Total Mutual Fund (Cost $6,546,233)			6,176,022

	Securities Held as Collateral for Securities on Loan (5.2%):
$	3,572,155	Allianz Variable Insurance Products Securities Lending Collateral Trust(b)		3,572,155

	Unaffiliated Investment Company (0.1%):
	49,521	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (c)		49,521

	Total Unaffiliated Investment Company (Cost $49,521)			49,521

	Total Securities Held as Collateral for Securities on Loan (Cost $3,572,155)			3,572,155

	Total Investment Securities (Cost $78,074,911)(d) — 104.6%			71,604,593
	Net other assets (liabilities) — (4.6)%			(3,129,867	)

	Net Assets — 100.0%		$	68,474,726

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	76,142,164
Investments in affiliates, at cost		1,932,747

Total Investment securities, at cost	$	78,074,911

Investment securities, at value	$	69,688,207
Investments securities, at value		1,916,386

Total Investment securities, at value*	$	71,604,593
Cash		13,215
Interest and dividends receivable		245,675
Foreign currency, at value (cost $111,170)		105,307
Receivable for capital shares issued		18,499
Receivable for investments sold		598,834

Total Assets		72,586,123


Liabilities:
Payable for investments purchased		438,200
Payable for collateral received on loaned securities		3,572,155
Manager fees payable		53,776
Administration fees payable		1,808
Distribution fees payable		14,152
Custodian fees payable		28,762
Administrative and compliance services fees payable		60
Trustee fees payable		235
Other accrued liabilities		2,249

Total Liabilities		4,111,394

Net Assets	$	68,474,726

Net Assets Consist of:
Capital	$	74,766,916
Accumulated net investment income/(loss)		269,397
Accumulated net realized gains/(losses) from investment transactions		(84,556	)
Net unrealized appreciation/(depreciation) on investments		(6,477,031	)

Net Assets	$	68,474,726

Shares of beneficial interest (unlimited number of shares authorized, no par value)		7,479,996
Net Asset Value (offering and redemption price per share)	$	9.15

*	Includes securities on loan of $2,958,975.

Statement of Operations

For the Period Ended June 30, 2015 (a)

(Unaudited)


Investment Income:
Dividends	$	482,073
Income from securities lending		200
Foreign withholding tax		(23,192	)

Total Investment Income		459,081

Expenses:
Manager fees		158,070
Administration fees		4,615
Distribution fees		31,614
Custodian fees		30,511
Administrative and compliance services fees		64
Trustee fees		334
Professional fees		308
Shareholder reports		1,996
Other expenses		109

Total expenses before reductions		227,621
Less expenses voluntarily waived/reimbursed by the Manager		(37,937	)

Net expenses		189,684

Net Investment Income/(Loss)		269,397

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(84,556	)
Change in net unrealized appreciation/depreciation on investments		(6,477,031	)

Net Realized/Unrealized Gains/(Losses) on Investments		(6,561,587	)

Change in Net Assets Resulting From Operations	$	(6,292,190	)

(a)	For the period April 27, 2015 (commencement of operations) to June 30, 2015.

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA Emerging Markets Core Equity Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $227 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Dimensional Fund Advisors LP (“DFA”), DFA provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $56 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Emerging Markets Risk: Emerging markets may have less developed trading markets and exchanges which may make it more difficult to sell securities at an acceptable price and their prices may be more volatile than securities of companies in more developed markets. Settlements of trades may be subject to greater delays so that the Fund may not receive the proceeds of a sale of a security on a timely basis. Emerging countries may also have less developed legal and accounting systems and investments may be subject to greater risks of government restrictions, nationalization, or confiscation.

Cost for federal income tax purposes at June 30, 2015 is $78,074,911. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The Allianz Variable Insurance Products Trust (the “Trust”) is a manager-of-managers fund, which consists of 36 separate investment portfolios or series (together the “Funds,” and each individually a “Fund”). That means that the Trust’s Manager (Allianz Investment Management LLC) is responsible for monitoring the various Subadvisers that have day-to-day responsibility for the decisions made for each of the Funds of the Trust. The Trust’s Manager is responsible for determining, in the first instance, which investment advisers to consider recommending for selection as a Subadviser.

In reviewing the services provided by the Manager and the terms of the investment management agreement, the Board receives and reviews information related to the Manager’s experience and expertise in the variable insurance marketplace. Currently, the Funds are offered only through variable annuities and variable life insurance policies, and not in the retail fund market. In addition, the Board receives information regarding the Manager’s expertise with regard to portfolio diversification and asset allocation requirements within variable insurance products issued by Allianz Life Insurance Company of North America and its subsidiary, Allianz Life Insurance Company of New York. Currently, the Funds are offered only through Allianz Life and Allianz of New York variable products.

The Trust’s Manager has adopted policies and procedures to assist it in the process of analyzing each potential Subadviser with expertise in particular asset classes for purposes of making the recommendation that a specific investment adviser be selected. The Trust’s Board reviews and considers the information provided by the Manager in deciding which investment advisers to select. After an investment adviser becomes a Subadviser, a similarly rigorous process is instituted by the Manager to monitor the investment performance and other responsibilities of the Subadviser. The Manager reports to the Trust’s Board on its analysis at the regular meetings of the Board, which are held at least quarterly. Where warranted, the Manager will add or remove a particular Subadviser from a “watch” list that it maintains. Watch list criteria include, for example: (a) Fund performance over various time periods; (b) Fund risk issues, such as changes in key personnel involved with Fund management, changes in investment philosophy or process, or “capacity” concerns; and (c) organizational risk issues, such as regulatory, compliance or legal concerns, or changes in the ownership of the Subadviser. The Manager may place a Fund on the watch list for other reasons, and if so, will explain its rationale to the Trustees. Funds which are on the watch list are subject to special scrutiny of the Manager and the Board of Trustees. Funds may be removed from such watch list, if for example, performance improves or regulatory matters are satisfactorily resolved. However, in some situations where Funds have been on the watch list, the Manager has recommended the retention of a new Subadviser, and the Board of Trustees has subsequently approved new Subadvisory Agreements with such Subadvisers.

In assessing the Manager’s and Subadvisers’ (collectively, the “Advisory Organizations”), performance of their obligations, the Board considers whether there has occurred a circumstance or event that would constitute a reason for it to not renew an advisory contract. In this regard, the Board is mindful of the potential disruption of a Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew a contract.

As required by the Investment Company Act of 1940 (“1940 Act”), the Trust’s Board has reviewed and approved the Trust’s Investment Management Agreement with the Manager (the “Advisory Agreement”) and portfolio management agreements (the “Subadvisory Agreements”) with the Subadvisers. The Board’s decision to approve these contracts reflects the exercise of its business judgment on whether to approve new arrangements and continue the existing arrangements. During its review of these contracts, the Board considers many factors, among the most material of which are: the Fund’s investment objectives and long term performance; the Advisory Organizations’ management philosophy, personnel, and processes, including their compliance history and the adequacy of their compliance processes; the preferences and expectations of Fund shareholders (and underlying contract owners) and their relative sophistication; the continuing state of competition in the mutual fund industry; and comparable fees in the mutual fund industry.

The Board also considers the compensation and benefits received by the Advisory Organizations. This includes fees received for services provided to the Fund by affiliated persons of the Advisory Organizations and research services received by the Advisory Organizations from brokers that execute Fund trades, as well as advisory fees. The Board considered the fact that: (1) the Manager and the Trust are parties to an Administrative Service Agreement and a Compliance Services Agreement, under which the Manager is compensated by the Trust for performing certain administrative and compliance services including providing an employee of the Manager or one of its affiliates to act as the Trust’s Chief Compliance Officer; and (2) Allianz Life Financial Services, LLC, an affiliated person of the Manager, is a registered securities broker-dealer and receives (along with its affiliated persons) payments made by the Trust pursuant to Rule 12b-1.

The Board is aware that various courts have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an adviser’s compensation: the nature and quality of the services provided by the adviser, including the performance of the fund; the adviser’s cost of providing the services; the extent to which the adviser may realize “economies of scale” as the fund grows larger; any indirect benefits that may accrue to the adviser and its affiliates as a result of the adviser’s relationship with the fund; performance and expenses of comparable funds; and the extent to which the independent Board members are fully informed about all facts bearing on the adviser’s service and fee. The Trust’s Board is aware of these factors and takes them into account in its review of the Trust’s advisory contracts.

The Board considered and weighed these circumstances in light of its experience in governing the Trust and working with the Advisory Organizations on matters relating to the Funds, and is assisted in its deliberations by the advice of legal counsel to the Independent Trustees. In this regard, the Board requests and receives a significant amount of information about the Funds and the Advisory Organizations. Some of this information is provided at each regular meeting of the Board; additional information is provided in connection with the particular meeting or meetings at which the Board’s formal review of an advisory contract occurs. In between regularly scheduled meetings, the Board may receive information on particular matters as the need arises. Thus, the Board’s evaluation of an advisory contract is informed by reports covering such matters as: an Advisory Organization’s investment philosophy, personnel, and processes; the Fund’s short- and long-term performance (in absolute terms as well as in relationship to its benchmark(s), certain competitor or “peer group” funds and similar funds managed by the particular Subadviser), and comments on the reasons for performance; the Fund’s expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to similar and/or competing funds, with due regard for contractual or voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Fund’s portfolio securities; the nature and extent of the advisory and other services provided to the Fund by the Advisory Organizations and their affiliates; compliance and audit reports concerning the Funds and the companies that service them; and relevant developments in the mutual fund industry and how the Funds and/or Advisory Organizations are responding to them.

The Board also receives financial information about Advisory Organizations, including reports on the compensation and benefits the Advisory Organizations derive from their relationships with the Funds. These reports cover not only the fees under the advisory contracts, but also fees, if any, received for providing other services to the Funds. The reports also discuss any indirect or “fall out” benefits an Advisory Organization may derive from its relationship with the Funds.

At an “in-person” Board of Trustees meeting held June 11, 2014, the Board authorized the creation of five new series of the Trust, to be managed by Dimensional Fund Advisors LP: AZL DFA U.S. Core Equity Fund, AZL DFA U.S. Small Cap Fund, AZL DFA International Core Equity Fund, AZL DFA Emerging Markets Core Equity Fund, and AZL DFA Five-Year Global Fixed Income Fund (collectively, the “DFA Funds”). The Advisory and Subadvisory Agreements pertaining to the DFA Funds (collectively, the “Agreements”) were approved at the Board of Trustees meeting of June 11, 2014. (The Subadvisory Agreement is between the Manager and Dimensional Fund Advisors LP (“DFA”), the Subadviser to the DFA Funds.)

At such meeting the Board also approved an Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2016. In connection with such meeting, the Trustees requested and evaluated extensive materials from the Manager, including performance and expense information for other investment companies with similar investment objectives to that of the DFA Funds, derived from data compiled by an independent third party provider and other sources believed to be reliable by the

Manager. Prior to voting, the Trustees reviewed the proposed approval of the Agreements with management and with experienced counsel who are independent of the Manager. At least annually, the Board receives from experienced counsel who are independent of the Manager a memorandum discussing the legal standards for the Board’s consideration of proposed investment management agreements. The independent (“disinterested”) Trustees also discussed the proposed approvals in a private session with such counsel at which no representatives of the Manager were present. In reaching their determinations relating to the approval of the Agreements in respect of the DFA Funds, the Trustees considered all factors they believed relevant. The Board based its decision to approve the Agreements on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to every Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

An SEC Rule requires that shareholder reports include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The “factors” enumerated by the SEC are set forth below in italics, as well as the Board’s conclusions regarding such factors:

(1) The nature, extent and quality of services provided by the Manager and Subadvisers. The Trustees noted that the Manager, subject to the control of the Board of Trustees, administers each Fund’s business and other affairs. Under the Advisory Agreement, the Manager holds the sole and exclusive responsibility to provide, or arrange for other to provide, the management of the Funds’ assets and the placement of orders for the purchase and sale of the securities of the Funds. As the Trust is a manager of managers fund, the Manager is authorized, under the Advisory Agreement, to retain one or more Subadvisers for each Fund to handle day-to-day management of the Funds’ investment portfolios; the Manager is responsible for determining, in the first instance, which investment advisers to recommend to the Board of Trustees for selection as a Subadviser.

The Trustees were aware that, notwithstanding the retention of the Subadvisers to handle day-to-day portfolio management, the Manager remains responsible for substantial other matters, including continuously monitoring compliance by each Subadviser with the investment policies and restrictions of the respective Funds, with such other limitations or directions of the Board of Trustees, and with all legal requirements under federal or state law or regulation. The Manager also is responsible primarily to provide statistical information and other data to the Trustees regarding the Funds’ portfolio investments and to make available to the Funds’ administrator such information as is necessary for the conduct of its duties.

The Trustees also noted that the Manager provides the Trust and each Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by any others retained by the Trust on behalf of the Funds) and executive and other personnel as are necessary for the operation of the Trust and the Funds. Except for the Trust’s Chief Compliance Officer, the Manager pays all of the compensation of Trustees and officers of the Trust who are employees of the Manager or its affiliates.

The Trustees considered the scope and quality of services provided by the Manager and the Subadvisers and noted that the scope of such services provided had expanded as a result of recent regulatory and other developments. The Trustees noted that, for example, the Manager and Subadvisers are responsible for maintaining and monitoring their own compliance programs, and these compliance programs are continuously refined and enhanced in light of new regulatory requirements. The Trustees considered the capabilities and resources which the Manager has dedicated to performing services on behalf of the Trust and its Funds. The quality of administrative and other services, including the Manager’s role in coordinating the activities of the Trust’s other service providers, also were considered. The Trustees concluded at the June 11, 2014 meeting that, overall, they were satisfied with the nature, extent and quality of services expected to be provided to the Trust and to the DFA Funds under the Agreements.

(2) The investment performance of the Funds, the Manager and the Subadvisers. In connection with every in-person quarterly Board of Trustees meeting, Trustees receive extensive information on the performance results of each of the Funds. This includes, for example, performance information on all of the Funds for the previous quarter, and previous one, three and five-year periods, and since inception. (For Funds which have been in existence for less than five years, Trustees may receive performance information on comparable funds managed by the particular Subadviser for periods prior to the creation of a particular Fund.) Such performance information includes information on absolute total return, performance versus Subadvisers’ comparable fund(s), performance versus the appropriate benchmark(s), and performance versus peer groups. In connection with the Board of Trustees meeting held June 11, 2014, the Manager reported that for funds managed by DFA with investment objectives and policies similar to those of the DFA Funds, for various periods ended March 31, 2014, such funds’ total returns compared favorably to each fund’s benchmark and respective peer group. At the Board of Trustees meeting held June 11, 2014, the Trustees determined that the overall investment performance of such funds was acceptable.

(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds. The Manager supplied information to the Board of Trustees pertaining to the level of investment advisory fees to which the DFA Funds are subject. The Manager has agreed to temporarily “cap” Fund expenses at certain levels, and information was provided to Trustees setting forth management fees and total fees after taking expense caps into account. Based upon the information provided, the management fee payable by the DFA Funds to the Manager would range from the 5th percentile (AZL DFA Five-Year Global Fixed Income Fund) to the 28th percentile (AZL DFA International Core Equity Fund). The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Board has concluded that the advisory fee to be paid to the Manager by the DFA Funds is not unreasonable.

The Manager also supplied information to the Board of Trustees pertaining to total anticipated DFA Funds expenses (which includes advisory fees, the 25 basis point 12b-1 fee paid by each Fund, and other Fund expenses). As noted above, the Manager has agreed to “cap” Fund expenses at certain levels. Based upon the information provided, the overall total expense ratio ranking for the DFA Funds ranged from the 1st percentile (AZL DFA Five-Year Global Fixed Income Fund) to the 50th percentile (AZL DFA Emerging Markets Core Equity Fund).

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger. The Trustees concluded therefore that the anticipated total expense ratio for the DFA Funds was not unreasonable.

At Board of Trustees meetings held October 16, 2013 and October 22, 2013, the Manager provided information concerning the profitability of the Manager’s investment advisory activities for the period from 2011 through June 30, 2013. Subsequently, at an in-person meeting held on October 21, 2014, the Manager provided information concerning the profitability of the Manager’s investment advisory activities for the period from 2011 through June 30, 2014. (The DFA Funds did not commence operations until April 27, 2015.) The Trustees recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser’s capital structure and cost of capital. In considering profitability information, the Trustees considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Trustees focused on profitability of the Manager’s relationships with the Funds before taxes and distribution expenses. The Trustees recognized that the Manager should, in the abstract, be entitled to earn a reasonable level of profits for the services it provides to each Fund and, based on their review, concluded that they were satisfied that the Manager’s level of profitability from its relationship with the Funds was not excessive. It is expected that at Board of Trustees meetings to be held in October, 2015, the Trustees will receive information on the Manager’s level of profitability from its relationship with the DFA Funds.

The Manager, on behalf of the Board of Trustees, endeavors to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvises. The Manager is unable to obtain meaningful profitability information from some of the unaffiliated Subadvisers. The Manager assured the Board of Trustees that the Agreements with the Subadvisers which are not affiliated with it, including DFA, were negotiated on an “arm’s length” basis, so that arguably, such profitability information should be less relevant. At the June 11, 2014 meeting, the Trustees were provided with certain financial information bearing on the profitability of

DFA; information regarding the profitability to DFA of the DFA Funds was not available because those Funds had not yet commenced operations. Trustees recognized the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization.

Based upon the information provided, the Trustees determined that there was no evidence that the anticipated profitability to DFA from being the Subadviser to the DFA Funds was excessive.

(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale. The Trustees noted that the advisory fee schedule for the DFA Funds does not contain breakpoints that reduce the fee rate on assets above specified levels, although the Subadvisory Agreement has such “breakpoints.” The Trustees recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. However, they also recognized that there may not be a direct relationship between any economies of scale realized by Funds and those realized by the Manager as assets increase. The Trustees do not believe there is a uniform methodology for establishing breakpoints that give effect to Fund-specific service provided by the Manager. The Trustees noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager’s cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Trustees also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Trustees also noted that the DFA Funds had no assets as of June 11, 2014.

The Trustees noted that the Manager has agreed temporarily to reduce the management fee of each DFA Fund and to “cap” DFA Fund expenses at certain levels, each of which has the effect of reducing expenses as would the implementation of advisory fee breakpoints. The Manager has committed to continue to consider the continuation of fee reductions and expense “caps” and/or advisory fee breakpoints as the Funds grow larger. The Board receives quarterly reports on the level of Fund assets. It expects to consider whether or not to approve the Agreements at a meeting to be held prior to December 31, 2015, and will at that time, or prior thereto, consider: (a) the extent to which economies of scale can be realized, and (b) whether the advisory fee should be modified to reflect such economies of scale, if any.

Having taken these factors into account, the Trustees concluded at the June 11, 2014 meeting that the absence of breakpoints in the advisory fee rate schedule for the DFA Funds was acceptable under the circumstances.

As a shareholder of the AZL DFA Five-Year Global Fixed Income Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds (32.0%):
	Banks (3.0%):
$	17,000,000	U.S. Bank NA Cincinnati, Series BKNT, 2.13%, 10/28/19, Callable 9/28/19 @ 100^	$	17,019,312

	Communications Equipment (2.9%):
	15,000,000	Cisco Systems, Inc., 4.45%, 1/15/20		16,400,880

	Consumer Finance (3.0%):
	17,000,000	Toyota Motor Credit Corp., 2.15%, 3/12/20, MTN		16,994,781

	Diversified Financial Services (3.6%):
	4,250,000	Berkshire Hathaway, Inc., 2.10%, 8/14/19^		4,279,759
	16,114,000	General Electric Capital Corp., Series G, 2.20%, 1/9/20, Callable 12/9/19 @ 100, MTN		16,109,423

				20,389,182

	Industrial Conglomerates (1.1%):
	6,053,000	3M Co., 1.63%, 6/15/19, MTN		6,031,893

	IT Services (2.6%):
	15,000,000	IBM Corp., 1.95%, 2/12/19^		15,061,470

	Oil, Gas & Consumable Fuels (6.0%):
	17,000,000	Chevron Corp., 1.96%, 3/3/20, Callable 2/3/20 @ 100		16,860,617
	17,331,000	Exxon Mobil Corp., 1.91%, 3/6/20, Callable 2/6/20 @ 100^		17,227,464

				34,088,081

	Pharmaceuticals (5.5%):
	2,000,000	Merck & Co., Inc., 5.00%, 6/30/19		2,227,014
	13,500,000	Merck & Co., Inc., 1.85%, 2/10/20^		13,386,992
	16,000,000	Pfizer, Inc., 2.10%, 5/15/19		16,123,360

				31,737,366

	Software (1.7%):
	10,000,000	Microsoft Corp., 1.85%, 2/12/20, Callable 1/12/20 @ 100		10,005,760

	Technology Hardware, Storage & Peripherals (2.6%):
	15,000,000	Apple, Inc., 2.10%, 5/6/19		15,150,990

	Total Corporate Bonds (Cost $184,524,374)			182,879,715

	Yankee Dollars (63.0%):
	Banks (31.8%):
	5,250,000	Australia & New Zealand Banking Group, Ltd., 2.25%, 6/13/19		5,272,496
	8,000,000	Australia & New Zealand Banking Group, Ltd., Registered Shares, 5.10%, 1/13/20		8,945,416
	16,000,000	Bank Nederlandse Gemeenten NV, Registered Shares, 1.88%, 6/11/19		16,178,432
	4,568,000	Commonwealth Bank of Australia, 2.30%, 9/6/19		4,580,270
	12,000,000	Commonwealth Bank of Australia NY, Series G, 2.30%, 3/12/20		11,988,408
	16,650,000	Dexia Credit Local SA NY, Registered Shares, 1.88%, 1/29/20		16,450,666
	8,265,000	Japan Bank for International Cooperation, Series DTC, 1.75%, 5/29/19		8,298,407
	15,000,000	KFW, 1.88%, 4/1/19		15,258,615
	7,810,000	National Australia Bank Ltd., Registered Shares, 2.25%, 7/1/19		7,832,860


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Banks, continued
$	17,000,000	Nederlandse Waterschapsbank NV, Registed Shares, 1.75%, 9/5/19	$	17,072,726
	3,000,000	Nordea Bank AB, Registered, 4.88%, 1/27/20		3,332,403
	8,000,000	NRW.Bank, Series E, 2.00%, 9/23/19, MTN		8,079,536
	15,000,000	Oesterreichische Kontrollbank AG, 1.38%, 2/10/20		14,772,810
	8,000,000	Royal Bank of Canada, Series G, 2.15%, 3/15/19, MTN		8,053,168
	9,000,000	Royal Bank of Canada, Series G, 2.15%, 3/6/20		8,985,366
	10,630,000	Svenska Handelsbanken AB, 2.50%, 1/25/19		10,802,004
	5,000,000	Toronto-Dominion Bank (The), Series BKNT, 2.13%, 7/2/19		5,018,745
	8,411,000	Toronto-Dominion Bank (The), 2.25%, 11/5/19, MTN		8,444,922
	2,000,000	Westpac Banking Corp., 2.30%, 5/26/20		1,992,942

				181,360,192

	Diversified Financial Services (20.1%):
	15,000,000	Asian Development Bank, Series G, 1.75%, 3/21/19, MTN		15,181,485
	15,000,000	Council of Europe Development Bank, 1.75%, 11/14/19		15,083,130
	16,000,000	European Investment Bank, 1.75%, 6/17/19		16,127,568
	15,000,000	Japan Finance Organization for Municipalities, Registered Shares, 2.13%, 3/6/19		15,200,205
	13,150,000	Kommunalbanken AS, Registered Shares, 1.50%, 10/22/19		13,023,957
	15,000,000	Kommuninvest I Sverige AB, Registered Shares, 2.00%, 11/12/19		15,176,520
	10,000,000	Municipality Finance plc, Registered Shares, 1.75%, 5/21/19		10,083,020
	6,903,000	Shell International Finance BV, 4.30%, 9/22/19		7,523,359
	4,845,000	Shell International Finance BV, 4.38%, 3/25/20		5,304,170
	2,700,000	Shell International Finance BV, 2.13%, 5/11/20		2,694,203

				115,397,617

	Government (8.5%):
	17,000,000	Land Nordrhein-Westfalen, 1.63%, 1/22/20		16,828,555
	15,150,000	Province of Manitoba Canada, 1.75%, 5/30/19		15,289,259
	15,000,000	Province of Ontario, 4.00%, 10/7/19		16,388,070

				48,505,884

	Oil, Gas & Consumable Fuels (2.6%):
	15,000,000	Statoil ASA, 2.25%, 11/8/19		15,045,120

	Total Yankee Dollars (Cost $361,999,398)			360,308,813

	U.S. Government Agency Mortgages (3.8%):
	12,000,000	Federal Home Loan Mortgage Corporation, 1.25%, 10/2/19		11,839,788
	10,000,000	Federal National Mortgage Association, 1.75%, 9/12/19		10,080,120

				21,919,908

	Total U.S. Government Agency Mortgages (Cost $22,018,932)			21,919,908


Shares or Principal Amount			Fair Value
	Securities Held as Collateral for Securities on Loan (2.3%):
$	13,115,420	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)	$	13,115,420

	Total Securities Held as Collateral for Securities on Loan (Cost $13,115,420)			13,115,420

	Unaffiliated Investment Company (1.0%):
	5,879,296	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		5,879,296

	Total Unaffiliated Investment Company (Cost $5,879,296)			5,879,296

	Total Investment Securities (Cost $587,537,420)(c) — 102.1%			584,103,152
	Net other assets (liabilities) — (2.1)%			(12,031,044	)

	Net Assets — 100.0%		$	572,072,108

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	587,537,420

Investment securities, at value*	$	584,103,152
Interest and dividends receivable		3,473,899
Receivable for capital shares issued		1,430

Total Assets		587,578,481

Liabilities:
Payable for capital shares redeemed		2,006,885
Payable for collateral received on loaned securities		13,115,420
Manager fees payable		236,127
Administration fees payable		13,053
Distribution fees payable		118,063
Custodian fees payable		3,918
Administrative and compliance services fees payable		798
Trustee fees payable		3,154
Other accrued liabilities		8,955

Total Liabilities		15,506,373

Net Assets	$	572,072,108

Net Assets Consist of:
Capital	$	578,557,198
Accumulated net investment income/(loss)		780,064
Accumulated net realized gains/(losses) from investment transactions		(3,830,886	)
Net unrealized appreciation/(depreciation) on investments		(3,434,268	)

Net Assets	$	572,072,108

Shares of beneficial interest (unlimited number of shares authorized, no par value)		57,828,269
Net Asset Value (offering and redemption price per share)	$	9.89

*	Includes securities on loan of $12,744,345.

Statement of Operations

For the Period Ended June 30, 2015 (a)

(Unaudited)


Investment Income:
Interest	$	1,609,543
Income from securities lending		28

Total Investment Income		1,609,571

Expenses:
Manager fees		622,129
Administration fees		30,221
Distribution fees		259,219
Custodian fees		4,686
Administrative and compliance services fees		954
Trustee fees		4,975
Professional fees		4,591
Shareholder reports		4,990
Other expenses		1,429

Total expenses before reductions		933,194
Less expenses voluntarily waived/reimbursed by the Manager		(103,687	)

Net expenses		829,507

Net Investment Income/(Loss)		780,064

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(3,830,886	)
Change in net unrealized appreciation/depreciation on investments		(3,434,268	)

Net Realized/Unrealized Gains/(Losses) on Investments		(7,265,154	)

Change in Net Assets Resulting From Operations	$	(6,485,090	)

(a)	For the period April 27, 2015 (commencement of operations) to June 30, 2015.

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA Five-Year Global Fixed Income Fund (the “Fund”), and 35 are presented in separate reports.

losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2015 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $2.7 million for the period ended June 30, 2015.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $53 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Dimensional Fund Advisors LP (“DFA”), DFA provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $449 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $587,537,420. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

similar investment objectives to that of the DFA Funds, derived from data compiled by an independent third party provider and other sources believed to be reliable by the Manager. Prior to voting, the Trustees reviewed the proposed approval of the Agreements with management and with experienced counsel who are independent of the Manager. At least annually, the Board receives from experienced counsel who are independent of the Manager a memorandum discussing the legal standards for the Board’s consideration of proposed investment management agreements. The independent (“disinterested”) Trustees also discussed the proposed approvals in a private session with such counsel at which no representatives of the Manager were present. In reaching their determinations relating to the approval of the Agreements in respect of the DFA Funds, the Trustees considered all factors they believed relevant. The Board based its decision to approve the Agreements on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to every Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

profitability information should be less relevant. At the June 11, 2014 meeting, the Trustees were provided with certain financial information bearing on the profitability of DFA; information regarding the profitability to DFA of the DFA Funds was not available because those Funds had not yet commenced operations. Trustees recognized the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization.

Based upon the information provided, the Trustees determined that there was no evidence that the anticipated profitability to DFA from being the Subadviser to the DFA Funds was excessive.

As a shareholder of the AZL DFA International Core Equity Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (98.8%):
	Aerospace & Defense (1.1%):
	42,107	BAE Systems plc	$	298,789
	17,039	Bombardier, Inc.		30,700
	6,994	CAE, Inc.		83,280
	59,643	Cobham plc		246,269
	504	Elbit Systems, Ltd.		39,591
	3,429	European Aeronautic Defence & Space Co. NV		222,130
	7,205	Finmeccanica SpA*		90,488
	26,648	Meggitt plc		195,478
	1,077	Mtu Aero Engines AG		101,269
	12,760	QinetiQ Group plc		44,985
	17,470	Rolls-Royce Holdings plc		239,083
	2,744	Saab AB^		67,037
	1,274	Safran SA		86,255
	21,867	Senior plc		98,422
	17,700	Singapore Technologies Engineering, Ltd.		43,338
	1,426	Thales SA		86,257
	2,264	Ultra Electronics Holdings plc		62,977
	5,412	Zodiac Aerospace		176,106

				2,212,454

	Air Freight & Logistics (0.3%):
	9,986	Bollore		53,261
	1,363	BPOST SA		37,480
	7,375	Deutsche Post AG		215,422
	3,829	Mainfreight, Ltd.		40,800
	214	Norbert Dentressangle SA		51,912
	1,146	Oesterreichische Post AG		52,698
	354	Panalpina Welttransport Holdings		44,641
	15,641	PostNL NV*		69,775
	22,984	Royal Mail plc		185,672
	33,900	Singapore Post, Ltd.		47,709
	2,700	Yamato Holdings Co., Ltd.		52,095

				851,465

	Airlines (0.2%):
	4,229	Air France-KLM*		29,684
	26,921	Air New Zealand, Ltd.		46,484
	40,000	Cathay Pacific Airways, Ltd.		98,281
	4,597	Deutsche Lufthansa AG, Registered Shares*		59,249
	2,130	easyJet plc		51,685
	13,156	International Consolidated Airlines Group SA*		102,159
	30,556	Qantas Airways, Ltd.*		74,122
	6,500	Singapore Airlines, Ltd.		51,838

				513,502

	Auto Components (2.4%):
	6,300	Aisin Sieki Co., Ltd.		267,740
	167	Autoneum Holding AG		33,005
	910	Brembo SpA		38,786
	4,500	Bridgestone Corp.		166,354
	10,000	Calsonic Kansei Corp.		71,040
	2,467	CIE Automotive SA		40,085
	6,152	Compagnie Generale des Establissements Michelin SCA, Class B		645,742
	485	Continental AG		114,709
	4,100	Denso Corp.		204,075


Shares			Fair Value
	Common Stocks, continued
	Auto Components, continued
	1,800	Eagle Industry Co., Ltd.	$	41,847
	1,724	ElringKlinger AG		46,336
	1,700	Exedy Corp.		42,430
	2,283	Faurecia		93,800
	70,607	GKN plc		370,653
	874	Grammer AG		28,999
	2,500	Keihin Corp.		35,760
	1,600	Koito Manufacturing Co., Ltd.		62,366
	11,000	KYB Co., Ltd.		38,212
	1,768	Leoni AG		111,564
	919	Linamar Corp.		59,697
	2,972	Magna International, Inc., ADR		166,700
	2,966	Martinrea International, Inc.		31,707
	2,000	Mitsuba Corp.		52,464
	517	Montupet		37,248
	35,000	Nexteer Automotive Group, Ltd.		36,248
	2,300	NGK Spark Plug Co., Ltd.		63,648
	7,300	NHK SPRING Co., Ltd.		80,310
	1,800	Nifco, Inc./Japan		78,054
	2,900	Nissan Shatai Co., Ltd.		39,596
	2,500	Nissin Kogyo Co., Ltd.		41,267
	1,400	NOK Corp.		43,392
	7,019	Nokian Renkaat OYJ		219,845
	2,024	Plastic Omnium SA		51,539
	2,184	Saf-Holland SA		33,697
	8,000	Sanden Holdings Corp.		37,239
	2,500	Stanley Electric Co., Ltd.		52,210
	17,200	Sumitomo Electric Industries, Ltd.		266,462
	5,700	Sumitomo Rubber Industries, Ltd.		88,178
	6,500	The Yokohama Rubber Co., Ltd.		130,469
	2,500	Tokai Rika Co., Ltd.		62,304
	2,500	Topre Corp.		45,116
	4,600	Toyo Tire & Rubber Co., Ltd.		97,025
	3,200	Toyoda Gosei Co., Ltd.		76,945
	3,500	Toyota Boshoku Corp.		59,328
	1,500	TPR Co., Ltd.		45,068
	2,400	TS Tech Co., Ltd.		64,186
	2,000	Unipres Corp.		41,787
	767	Valeo SA		121,233
	82,000	Xinyi Glass Holdings, Ltd.		43,776

				4,720,241

	Automobiles (3.8%):
	5,703	Bayerische Motoren Werke AG (BMW)		623,871
	6,300	Daihatsu Motor Co., Ltd.		89,667
	13,547	Daimler AG, Registered Shares		1,232,317
	2,700	Fuji Heavy Industries, Ltd.		99,185
	21,900	Honda Motor Co., Ltd.		708,062
	8,600	Isuzu Motors, Ltd.		112,862
	17,300	Mazda Motor Corp.		340,438
	20,100	Mitsubishi Motors Corp.		171,067
	39,800	Nissan Motor Co., Ltd.		413,471
	10,721	PSA Peugeot Citroen SA*		219,993
	2,159	Renault SA		225,450
	5,000	Suzuki Motor Corp.		168,790


Shares			Fair Value
	Common Stocks, continued
	Automobiles, continued
	36,500	Toyota Motor Corp.	$	2,441,464
	557	Volkswagen AG		128,839
	3,300	Yamaha Motor Co., Ltd.		72,124

				7,047,600

	Banks (11.4%):
	14,000	77th Bank		85,402
	12,000	Aomori Bank, Ltd. (The)		39,596
	12,000	Aozora Bank, Ltd.		45,197
	21,355	Australia & New Zealand Banking Group, Ltd.		529,063
	12,000	Awa Bank, Ltd. (The)		76,427
	23,992	Banca Popolare dell’Emilia Romarna		213,714
	205,446	Banca Popolare di Milano SCARL(BPML)		216,399
	22,808	Banca Popolare di Sondrio SCARL		111,139
	44,153	Banco Bilbao Vizcaya Argentaria SA		434,273
	58,334	Banco de Sabadell SA (a)		140,694
	12,627	Banco Popolare SC*		207,459
	14,040	Banco Popular Espanol SA		68,301
	104,491	Banco Santander SA		729,334
	15,108	Bank Hapoalim BM		81,408
	18,886	Bank Leumi Le*		79,905
	23,843	Bank of East Asia, Ltd. (The)		104,252
	1,217	Bank of Georgia Holdings		37,271
	900	Bank of Iwate, Ltd. (The)		40,503
	6,000	Bank of Kyoto, Ltd. (The)		68,757
	5,014	Bank of Montreal		297,230
	9,000	Bank of Nagoya, Ltd. (The)		35,191
	9,926	Bank of Nova Scotia		512,479
	1,100	Bank of Okinawa, Ltd. (The)		46,999
	11,648	Bank of Queensland, Ltd.		113,946
	15,000	Bank of Yokohama, Ltd. (The)		91,920
	26,561	Bankia SA*		33,779
	20,189	Bankinter SA		149,658
	145	Banque Cantonale Vaudoise, Registered Shares		89,839
	22,878	Barclays, ADR		376,114
	14,491	Bendigo & Adelaide Bank, Ltd.		136,908
	206	Berner Kantonalbank AG		40,987
	11,251	BNP Paribas SA		678,268
	51,542	BOC Hong Kong Holdings, Ltd.		214,335
	1,553	Canadian Imperial Bank of Commerce		114,487
	2,853	Canadian Western Bank		65,728
	11,000	Chiba Bank, Ltd. (The)		83,793
	5,500	Chugoku Bank, Ltd. (The)		86,717
	25,000	Chuo Mitsui Trust Holdings, Inc.		114,401
	13,092	Commerzbank AG*		167,269
	8,496	Commonwealth Bank of Australia		553,742
	7,683	Credit Agricole SA		114,128
	4,185	Credito Emiliano SpA		34,464
	55,201	Credito Valtellinese SC*		73,146
	7,501	Criteria Caixacorp SA		34,861
	19,600	Dah Sing Banking Group, Ltd.		42,822
	6,800	Dah Sing Financial Holdings, Ltd.		44,548
	17,000	Daishi Bank, Ltd. (The)		71,779
	4,394	Danske Bank A/S		129,479
	6,700	DBS Group Holdings, Ltd.		102,831


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	3,214	DnB NOR ASA	$	53,571
	3,122	Erste Group Bank AG*		88,590
	2,598	First International Bank of IS		37,040
	13,000	Fukuoka Financial Group, Inc.		67,381
	15,000	Gunma Bank, Ltd. (The)		110,725
	8,000	Hachijuni Bank, Ltd. (The)		60,354
	2,805	Hang Seng Bank, Ltd.		54,818
	18,000	Hiroshima Bank, Ltd. (The)		107,540
	15,000	Hokkoku Bank, Ltd. (The)		55,002
	43,000	Hokuhoku Financial Group, Inc.		101,460
	7,538	HSBC Holdings plc, ADR		337,778
	13,000	Hyakugo Bank, Ltd. (The)		64,430
	13,000	Hyakujushi Bank, Ltd. (The)		46,494
	31,687	ING Groep NV		525,357
	72,699	Intesa Sanpaolo SpA		263,233
	33,767	Isreal Discount Bank*		64,827
	3,400	Iyo Bank, Ltd. (The)		41,746
	11,000	Joyo Bank, Ltd. (The)		61,611
	17,000	Juroku Bank, Ltd. (The)		69,542
	2,247	Jyske Bank A/S*		112,867
	9,000	Kagoshima Bank, Ltd. (The)		65,048
	3,747	KBC Groep NV		250,116
	13,000	Keiyo Bank, Ltd. (The)		68,352
	3,500	Kiyo Bank, Ltd. (The)		53,410
	836	Laurentian Bank of Canada		32,227
	107,794	Lloyds TSB Group plc, ADR		585,321
	95	Luzerner Kantonalbank AG^		35,791
	132,600	Mitsubishi UFJ Financial Group, Inc.		948,993
	8,000	Miyazaki Bank, Ltd. (The)		29,928
	3,289	Mizrahi Tefahot Bank, Ltd.		40,816
	305,700	Mizuho Financial Group, Inc.		659,270
	1,700	Musashino Bank, Ltd. (The)		67,103
	13,000	Nanto Bank, Ltd. (The)		46,496
	20,187	National Australia Bank, Ltd.		515,024
	4,237	National Bank of Canada		159,193
	12,974	Natixis		93,266
	25,000	Nishi-Nippon City Bank, Ltd. (The)		72,051
	24,822	Nordea Bank AB		309,233
	16,100	North Pacific Bank, Ltd.		71,708
	15,000	Ogaki Kyoritsu Bank, Ltd. (The)		54,767
	19,052	Oversea-Chinese Banking Corp., Ltd.		143,887
	2,199	Raiffeisen International Bank-Holding AG*		31,935
	29,500	Resona Holdings, Inc.		160,622
	169	Ringkjoebing Landbobank A/S		37,543
	8,062	Royal Bank of Canada		492,991
	6,584	Royal Bank of Scotland, ADR*		72,885
	10,200	Senshu Ikeda Holdings, Inc.		46,332
	7,100	Seven Bank, Ltd.		32,811
	13,000	Shiga Bank, Ltd. (The)		70,085
	25,000	Shinsei Bank, Ltd.		50,306
	10,000	Shizuoka Bank, Ltd. (The)		104,396
	17,110	Skandinaviska Enskilda Banken AB, Class A		218,644
	7,945	Societe Generale		370,623
	4,365	Spar Nord Bank A/S		48,229


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	121	St. Galler Kantonalbank AG	$	44,585
	16,538	Standard Chartered plc		264,512
	13,500	Sumitomo Mitsui Financial Group, Inc.		599,938
	11,115	Svenska Handelsbanken AB, A Shares		162,089
	6,472	Swedbank AB, A Shares		150,821
	3,167	Sydbank A/S		121,301
	12,000	Toho Bank, Ltd. (The)		53,612
	7,500	Tomony Holdings, Inc.		34,391
	10,079	Toronto-Dominion Bank (The)		428,458
	31,027	UBI Banca—Unione di Banche Italiane SCPA		248,562
	32,600	UniCredit SpA		218,685
	8,100	United Overseas Bank, Ltd.		138,630
	404	Valiant Holding AG		39,347
	9,809	Westpac Banking Corp.		243,164
	8,000	Yamagata Bank, Ltd. (The)		34,953
	9,000	Yamaguchi Financial Group, Inc.		112,068
	9,000	Yamanashi Chuo Bank, Ltd. (The)		42,555
	8	Zuger Kantonalbank AG		37,838

				19,300,219

	Beverages (1.4%):
	6,139	A.G.Barr plc		59,302
	3,231	Anheuser-Busch InBev NV		388,818
	2,300	Asahi Breweries, Ltd.		73,111
	8,796	Britvic plc		99,274
	8,711	C&C Group plc		34,127
	1,347	Carlsberg A/S, Class B		122,281
	5,367	Coca-Cola Amatil, Ltd.		37,679
	2,600	Coca-Cola East Japan Co., Ltd.^		47,989
	7,048	Coca-Cola HBC AG		151,260
	2,500	Coca-Cola West Co., Ltd.		45,127
	2,046	Cott Corp.		20,005
	4,973	Davide Campari—Milano SpA		37,803
	3,665	Diageo plc, ADR		425,287
	1,553	Heineken NV		118,218
	2,200	ITO EN, Ltd.		46,146
	10,600	Kirin Holdings Co., Ltd.		145,923
	495	Pernod Ricard SA		57,260
	1,755	Royal Unibrew A/S		60,154
	3,597	SABMiller plc		186,451
	20,000	Sapporo Breweries, Ltd.		74,333
	1,000	Suntory Beverage & Food, Ltd.		40,210
	5,700	Takara Holdings, Inc.		44,580
	21,206	Treasury Wine Estates, Ltd.		81,037

				2,396,375

	Biotechnology (0.2%):
	836	Actelion, Ltd., Registered Shares		122,627
	831	Bavarian Nordic A/S*^		38,838
	1,882	CSL, Ltd.		124,900
	495	Genmab A/S*		42,988
	1,727	Genus plc		38,677
	1,261	Grifols SA		50,927
	1,934	Sirtex Medical, Ltd.		42,890

				461,847


Shares			Fair Value
	Common Stocks, continued
	Building Products (1.0%):
	1,800	AICA Kogyo Co., Ltd.	$	41,753
	22,000	Asahi Glass Co., Ltd.		131,892
	3,786	Assa Abloy AB, Class B		71,330
	15	Belimo Holding AG, Registered Shares		35,753
	11,000	Central Glass Co., Ltd.		46,077
	15,660	Compagnie de Saint-Gobain SA		704,656
	1,500	Daikin Industries, Ltd.		107,877
	371	Geberit AG, Registered Shares		123,908
	8,263	Kingspan Group plc		199,285
	4,500	Lixil Group Corp.		89,260
	1,573	Nibe Industrier AB		42,697
	276	Rockwool International A/S		41,502
	11,100	Sanwa Holdings Corp.		93,324
	44	Schweiter Technologies AG		35,428
	3,000	Takara Standard Co., Ltd.		21,236
	5,000	TOTO, Ltd.		90,050
	2,051	Uponor OYJ		30,887

				1,906,915

	Capital Markets (2.4%):
	7,367	Aberdeen Asset Management plc		46,710
	11,432	Ashmore Group plc		51,893
	851	Avanza Bank Holding AB		30,905
	3,389	Azimut Holding SpA		99,026
	1,975	Banca Generali SpA		69,530
	7,356	BHF Kleinwort Benson Group SA*		35,976
	16,820	Brewin Dolphin Holdings plc		77,090
	2,455	CI Financial Corp.		66,054
	5,744	Close Brothers Group plc		138,044
	11,004	Credit Suisse Group AG		302,443
	15,000	Daiwa Securities Group, Inc.		112,059
	4,489	Deutsche Bank AG, Registered Shares		134,805
	6,978	Deutsche Bank AG, Registered Shares		210,457
	2,513	EFG International AG		35,625
	7,427	GAM Holding AG		156,077
	4,000	Guoco Group, Ltd.		48,220
	5,422	Hargreaves Lansdown plc		98,134
	30,449	Henderson Group plc		124,614
	25,228	ICAP plc		209,678
	1,056	IGM Financial, Inc.		33,638
	18,343	Investec plc		164,700
	4,534	IOOF Holdings, Ltd.		31,274
	3,026	Julius Baer Group, Ltd.		170,043
	11,382	Jupiter Fund Management plc		79,601
	3,369	Macquarie Group, Ltd.		211,636
	2,210	Magellan Financial Group, Ltd.		29,632
	63,933	Man Group plc		157,534
	21,715	Mediobanca SpA		212,598
	25,400	Nomura Holdings, Inc.		171,221
	172	Partners Group Holding AG		51,372
	1,109	Perpetual, Ltd.		41,075
	5,913	Platinum Asset Management, Ltd.		33,923
	9,785	Ratos AB, B Shares		63,115
	8,000	SBI Holdings, Inc.		110,095
	983	Schroders plc		49,009


Shares			Fair Value
	Common Stocks, continued
	Capital Markets, continued
	38,000	Sun Hung Kai Properties, Ltd.	$	34,107
	7,500	Tokai Tokyo Financial Holdings, Inc.		54,549
	14,284	Tullett Prebon plc		82,455
	3,019	UBS Group AG		64,003
	21,887	UBS Group AG		464,197
	1,234	Vontobel Holding AG		57,220

				4,414,337

	Chemicals (4.9%):
	3,000	Adeka Corp.		41,631
	705	Agrium, Inc.		74,695
	2,015	Air Liquide SA		254,561
	8,000	Air Water, Inc.		146,026
	4,623	AkzoNobel NV		337,742
	13,136	Alent plc		76,050
	2,433	Arkema, Inc.		175,283
	19,000	Asahi Kasei Corp.		155,661
	6,435	BASF SE		565,418
	1,529	Christian Hansen Holding A/S		74,764
	15,093	Clariant AG		309,021
	2,901	Croda International plc		125,343
	7,400	Daicel Chemical Industries, Ltd.		94,992
	41,000	Dainippon Ink & Chemicals, Inc.		102,429
	21,000	Denki Kagaku Kogyo Kabushiki Kaisha		93,306
	11,715	Duluxgroup, Ltd.		51,361
	88	Ems-Chemie Holding AG		37,106
	8,260	Essentra plc		128,668
	905	Frutarom Industries, Ltd.		37,978
	1,212	Fuchs Petrolub SE		51,173
	78	Givaudan SA, Registered Shares		135,208
	4,570	Hexpol AB		47,082
	2,000	Hitachi Chemical Co., Ltd.		36,041
	53,574	Incitec Pivot, Ltd.		158,101
	5,044	Israel Chemicals, Ltd.		35,261
	2,505	Johnson Matthey plc		119,557
	3,100	JSR Corp.		54,700
	6,047	K+S AG, Registered Shares		254,623
	12,000	Kaneka Corp.		88,471
	2,000	Kansai Paint Co., Ltd.		30,978
	5,351	Kemira OYJ^		60,902
	1,998	Koninklijke DSM NV		116,136
	1,518	Koninklijke Ten Cate NV		31,278
	5,700	Kuraray Co., Ltd.		69,679
	3,857	Lanxess AG		227,341
	1,595	Linde AG		301,974
	1,700	Lintec Corp.		38,830
	1,559	Methanex Corp.		86,774
	49,400	Mitsubishi Chemical Holdings Corp.		309,857
	15,000	Mitsubishi Gas Chemical Co., Inc.		83,968
	34,000	Mitsui Chemicals, Inc.		126,082
	3,600	Nihon Parkerizing Co., Ltd.		36,535
	8,000	Nippon Kayaku Co., Ltd.		86,242
	6,000	Nippon Shokubai Co., Ltd.		82,044
	8,000	Nippon Soda Co., Ltd.		51,413
	2,300	Nissan Chemical Industries, Ltd.		50,760


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	2,100	Nitto Denko Corp.	$	172,475
	7,000	NOF Corp.		56,195
	3,112	Novozymes A/S, B Shares		148,251
	7,758	Nufarm, Ltd./Australia		43,082
	13,729	Orica, Ltd.		224,975
	4,755	Potash Corp. of Saskatchewan, Inc.		147,262
	2,500	Shin-Etsu Chemical Co., Ltd.		155,085
	60,000	Showa Denko K.K.		79,361
	1,083	Solvay SA		148,841
	11,000	Sumitomo Bakelite Co., Ltd.		49,790
	68,000	Sumitomo Chemical Co., Ltd.		408,507
	1,299	Symrise AG		80,585
	1,106	Syngenta AG, Registered Shares		453,337
	16,458	Synthomer plc		80,566
	2,900	Taiyo Nippon Sanso Corp.		35,074
	48,000	Teijin, Ltd.		186,163
	1,223	Tessenderlo Chemie NV*		47,079
	6,500	Toagosei Co., Ltd.		54,189
	12,000	Tokai Carbon Co., Ltd.		37,628
	11,000	Toray Industries, Inc.		92,887
	27,000	Tosoh Corp.		167,502
	11,000	Toyo Ink SC Holdings Co., Ltd.		44,107
	46,000	Toyobo Co., Ltd.		73,267
	52,000	Ube Industries, Ltd.		98,083
	3,768	Umicore		178,551
	3,818	Victrex plc		115,586
	597	Wacker Chemie AG^		61,625
	678	Yara International ASA		35,389
	10,000	Zeon Corp.		92,298

				9,220,785

	Commercial Services & Supplies (1.6%):
	9,046	Aggreko plc		204,333
	8,204	Babcock International Group plc		139,066
	9,741	Berendsen plc		155,785
	2,530	Bilfinger Se		95,674
	1,670	Black Diamond Group, Ltd.		23,416
	14,490	Brambles, Ltd.		117,832
	3,615	Caverion Corp.		35,966
	10,000	Dai Nippon Printing Co., Ltd.		103,246
	4,203	De La Rue plc		34,638
	19,612	Downer EDI, Ltd.		71,865
	4,009	Edenred		99,033
	54,731	G4S plc		230,773
	1,369	Gategroup Holding AG		43,142
	15,678	HomeServe plc		105,939
	2,747	Intrum Justitia AB		83,163
	81	Kaba Holding AG		48,206
	3,900	Kokuyo Co., Ltd.		33,571
	2,256	Lassila & Tikanoja OYJ		38,783
	3,541	Loomis AB		99,377
	5,449	Mears Group plc		35,965
	7,616	Mineral Resources, Ltd.		38,327
	15,147	Mitie Group plc		74,874
	2,100	Nissha Printing		35,859


Shares			Fair Value
	Common Stocks, continued
	Commercial Services & Supplies, continued
	2,100	Park24 Co., Ltd.	$	35,955
	2,696	Paypoint plc		41,953
	1,400	Pilot Corp.		54,929
	4,268	Progressive Waste Solutions, Ltd.		114,596
	7,569	Prosegur Compania de Seguridad SA		41,590
	34,804	Regus plc		142,700
	58,477	Rentokil Initial plc		136,059
	9,539	RPS Group plc		33,751
	1,000	SECOM Co., Ltd.		64,875
	9,943	Securitas AB, B Shares		131,430
	22,019	Shanks Group plc		35,171
	468	Societe BIC SA		74,691
	2,900	Toppan Forms Co., Ltd.		39,929
	10,000	Toppan Printing Co., Ltd.		83,611
	3,070	Transcontinental, Inc.		37,834
	71,156	Transpacific Industries Group		42,008

				3,059,915

	Communications Equipment (0.2%):
	2,052	Ascom Holding AG		36,101
	4,000	Hitachi Kokusai Electric, Inc.		60,793
	3,860	Mitel Networks Corp.*		34,248
	21,948	Nokia Oyj		148,689
	26,263	Spirent Communications plc		37,357
	17,805	Telefonaktiebolaget LM Ericsson, B Shares		184,404
	3,500	VTech Holdings, Ltd.		46,460

				548,052

	Construction & Engineering (1.9%):
	10,450	Abengoa SA		32,891
	1,771	ACS, Actividades de Construccion y Servicios SA		57,135
	3,353	Aecon Group, Inc.		34,233
	3,006	Arcadis NV		82,601
	4,202	Astaldi SpA		38,969
	838	Badger Daylighting, Ltd.		17,575
	30,922	Balfour Beatty plc		117,513
	4,715	Bouygues SA		175,860
	7,304	Carillion plc		39,267
	337	CIE d’Entreprises CFE SA		41,867
	2,966	Cimic Group, Ltd.		49,462
	3,800	ComSys Holdings Corp.		56,553
	2,232	Eiffage SA		124,053
	2,028	Ferrovial SA		44,084
	2,220	FLSmidth & Co. A/S		107,124
	3,001	Fomento de Construcciones y Contratas SA*		30,509
	3,623	Galliford Try plc		98,938
	9,600	Hazama Ando Corp.		51,970
	1,132	Hochtief AG		87,662
	706	Implenia AG		39,466
	4,047	Interserve plc		41,942
	5,000	JGC Corp.		94,377
	11,000	Kajima Corp.		51,650
	6,000	Kandenko Co., Ltd.		37,577
	3,320	Keller Group plc		53,329
	6,038	Kier Group plc		134,983


Shares			Fair Value
	Common Stocks, continued
	Construction & Engineering, continued
	6,000	Kinden Corp.	$	79,817
	13,092	Koninklijke BAM Groep NV*		55,249
	1,313	Koninklijke Boskalis Westminster NV		64,448
	13,000	Kumagai Gumi Co., Ltd.		38,352
	3,300	Kyowa Exeo Corp.		38,407
	5,000	Maeda Corp.		34,632
	3,000	Maeda Road Construction Co., Ltd.		55,349
	3,300	Mirait Holdings Corp.		38,436
	5,275	Monadelphous Group, Ltd.		38,040
	2,759	NCC AB		84,190
	3,000	Nippo Corp.		51,374
	15,000	Nishimatsu Construction Co., Ltd.		56,239
	9,000	Obayashi Corp.		65,626
	1,621	Obrascon Huarte Lain SA		27,645
	10,000	Okumura Corp.		51,038
	5,593	Outotec OYJ^		36,054
	9,343	Peab AB		69,067
	9,700	Penta-Ocean Construction Co., Ltd.		40,172
	8,050	Sacyr SA*		30,562
	12,041	Salini Impregilo SpA		55,031
	8,000	Shimizu Corp.		67,354
	4,999	Skanska AB, Class B		101,363
	5,048	SNC-Lavalin Group, Inc.		169,615
	25,700	Sumitomo Mitsui Construction		33,535
	8,000	TAISEI Corp.		45,922
	11,000	Toda Corp.		50,441
	7,100	United Engineers, Ltd.		12,972
	3,316	Vinci SA		191,548
	2,228	WSP Global, Inc.		70,133
	5,431	YIT OYJ		38,774

				3,532,975

	Construction Materials (1.0%):
	20,647	Adelaide Brighton, Ltd.		68,230
	25,027	Boral, Ltd.		112,354
	3,157	Brickworks, Ltd.		33,604
	4,153	Buzzi Unicem SpA		59,047
	6,949	CRH plc, ADR		195,335
	22,791	CSR, Ltd.		64,379
	12,804	Fletcher Building, Ltd.		70,567
	1,996	HeidelbergCement AG		158,230
	3,414	Holcim, Ltd., Registered Shares		252,451
	1,121	Imerys SA		85,755
	9,660	Italcementi SpA^		63,748
	7,436	James Hardie Industries SE		99,232
	2,626	Lafarge SA		173,698
	20,000	Sumitomo Osaka Cement Co., Ltd.		73,974
	40,000	Taiheiyo Cement Corp.		116,954
	767	Vicat		52,539

				1,680,097

	Consumer Finance (0.0%):
	2,700	Hitachi Capital Corp.		71,346

	Containers & Packaging (0.6%):
	11,159	Amcor, Ltd.		117,885
	5,621	Billerudkorsnas AB		88,398


Shares			Fair Value
	Common Stocks, continued
	Containers & Packaging, continued
	356	CCL Industries, Inc.	$	43,673
	42,670	DS Smith plc		258,596
	1,400	FP Corp.		50,942
	1,100	Fuji Seal International, Inc.		32,433
	2,623	Huhtamaki OYJ		81,043
	2,589	Intertape Polymer Group, Inc.		38,810
	314	Mayr Melnhof Karton AG		35,472
	11,000	Rengo Co., Ltd.		45,759
	12,016	RPC Group plc		126,043
	10,558	Smurfit Kappa Group plc		290,209
	5,600	Toyo Seikan Kaisha, Ltd.		89,690
	120	Vidrala SA		5,915

				1,304,868

	Distributors (0.1%):
	2,000	Canon Marketing Japan, Inc.		34,001
	1,179	D’ieteren SA/NV		42,164
	8,231	Inchcape plc		104,732
	370	Uni-Select, Inc.		13,943

				194,840

	Diversified Consumer Services (0.0%):
	2,500	Benesse Holdings, Inc.		62,558
	1,861	Dignity plc		62,564
	3,169	EnerCare, Inc.		33,751
	3,457	InvoCare, Ltd.		32,081
	13,423	Slater & Gordon, Ltd.		36,801

				227,755

	Diversified Financial Services (0.7%):
	1,242	Ackermans & Van Haaren NV^		176,651
	1,083	ASX, Ltd.		33,219
	2,585	Bolsas y Mercados Espanoles		104,421
	2,300	Century Tokyo Leasing Corp.		74,197
	1,634	Deutsche Boerse AG		135,229
	122,000	First Pacific Co., Ltd.		102,803
	4,909	Hong Kong Exchanges & Clearing, Ltd.		173,010
	16,331	IG Group Holdings plc		191,317
	2,700	Japan Exchange Group, Inc.		87,588
	3,928	London Stock Exchange Group plc		146,511
	772	Onex Corp.		42,723
	9,000	Singapore Exchange, Ltd.		52,150
	1,125	TMX Group, Ltd.		47,881

				1,367,700

	Diversified Telecommunication Services (2.4%):
	974	BCE, Inc.		41,395
	5,708	Belgacom SA		201,283
	20,307	Bezeq Israeli Telecommunication Corp., Ltd. (The)		34,605
	29,763	BT Group plc		210,750
	174,601	Cable & Wireless Communications plc		182,865
	18,127	Chorus, Ltd.*		35,596
	94,000	CITIC Telecom International Holdings, Ltd.		43,636
	18,263	Colt Group SA*		54,305
	21,752	Deutsche Telekom AG, Registered Shares		374,418
	4,973	Elisa OYJ		157,460


Shares			Fair Value
	Common Stocks, continued
	Diversified Telecommunication Services, continued
	31,120	France Telecom SA	$	481,454
	88,000	Hutchison Telecommunications Holdings, Ltd.		36,553
	271	Iliad SA		59,943
	16,506	Inmarsat plc		237,110
	25,274	KCOM Group plc		37,109
	53,529	Koninklijke (Royal) KPN NV		205,412
	4,648	M2 Group, Ltd.		38,182
	1,947	Manitoba Telecom Services, Inc.		43,514
	3,000	Nippon Telegraph & Telephone Corp.		108,589
	149,553	PCCW, Ltd.		89,095
	37,800	Singapore Telecommunications, Ltd.		117,554
	230	Swisscom AG, Registered Shares		128,855
	18,712	Talktalk Telecom Group plc		112,561
	28,144	TDC A/S		206,182
	61,847	Telecom Corp. of New Zealand, Ltd.		117,016
	348,838	Telecom Italia SpA*		442,439
	8,067	Telefonica Deutschland Holding AG		46,579
	19,104	Telefonica SA		272,225
	3,069	Telenor ASA		67,343
	43,030	TeliaSonera AB		253,272
	17,092	Telstra Corp., Ltd.		80,526
	5,346	TPG Telecom, Ltd.		36,913

				4,554,739

	Electric Utilities (1.3%):
	1,357	Acciona SA*		102,359
	30,714	AusNet Services		33,020
	4,909	Cheung Kong Infrastructure Holdings, Ltd.		38,097
	4,700	Chubu Electric Power Co., Inc.		70,038
	2,800	Chugoku Electric Power Co., Inc. (The)		40,806
	8,064	CLP Holdings, Ltd.		68,759
	16,344	Contact Energy, Ltd.		55,475
	3,575	Electricite de France		79,673
	1,039	Elia System Operator SA/NV		42,022
	25,102	Enel SpA		113,476
	1,542	Fortis, Inc.		43,316
	4,466	Fortum OYJ		79,453
	53,000	HK Electric Investments, Ltd.		36,282
	4,200	Hokkaido Electric Power Co., Inc.*		47,842
	3,200	Hokuriku Electric Power Co.		47,632
	5,961	Hongkong Electric Holdings, Ltd.		54,305
	92,432	Iberdrola SA		624,285
	17,287	Infratil, Ltd.		36,943
	5,100	Kansai Electric Power Co., Inc. (The)*		56,379
	3,800	Kyushu Electric Power Co., Inc.*		44,006
	1,090	Red Electrica Corporacion SA		87,539
	6,899	Scottish & Southern Energy plc		166,729
	3,300	Shikoku Electric Power Co., Inc.		49,339
	39,538	Spark Infrastructure Group		59,342
	7,844	Terna SpA		34,627
	3,400	Tohoku Electric Power Co., Inc.		45,991
	10,200	Tokyo Electric Power Co., Inc. (The)*		55,555

				2,213,290


Shares			Fair Value
	Common Stocks, continued
	Electrical Equipment (1.4%):
	35,816	ABB, Ltd.	$	750,698
	22,000	Fuji Electric Holdings Co., Ltd.		94,555
	34,000	Furukawa Electric Co., Ltd. (The)		60,533
	11,535	Gamesa Corporacion Tecnologica SA*		181,453
	18,000	GS Yuasa Corp.		70,909
	784	Huber & Suhner AG		34,390
	19,000	Johnson Electric Holdings, Ltd.		60,880
	2,352	Legrand SA		131,931
	13,000	Mitsubishi Electric Corp.		167,602
	1,508	Nexans SA*		56,458
	1,000	Nidec Corp.		75,016
	2,914	OSRAM Licht AG		139,470
	7,024	Prysmian SpA		151,581
	1,104	Saft Groupe SA		43,062
	4,489	Schneider Electric SA		309,569
	2,158	TKH Group NV		90,322
	3,600	Ushio, Inc.		46,862
	3,491	Vestas Wind Systems A/S		174,773

				2,640,064

	Electronic Equipment, Instruments & Components (1.6%):
	1,900	ALPS Electric Co., Ltd.		58,526
	2,900	Amano Corp.		37,882
	5,400	Anritsu Corp.		36,427
	2,100	Azbil Corp.		54,283
	564	Barco NV		36,112
	393	Celestica, Inc.*		4,576
	9,300	Citizen Holdings Co., Ltd.		64,857
	28,281	Electrocomponents plc		93,959
	100,000	FIH Mobile, Ltd.^		60,358
	17,236	Halma plc		206,564
	1,951	Hexagon AB, B Shares		70,671
	2,400	Hitachi High-Technologies Corp.		67,904
	80,000	Hitachi, Ltd.		527,005
	1,600	Horiba, Ltd.		65,051
	4,900	IBIDEN Co., Ltd.		83,120
	929	Ingenico Group		109,304
	1,000	Japan Aviation Electronics Industry, Ltd.		27,165
	100	Keyence Corp.		53,923
	2,000	Kyocera Corp.		103,937
	12,062	Laird plc		69,626
	900	Murata Manufacturing Co., Ltd.		156,937
	15,000	Nippon Electric Glass Co., Ltd.		75,869
	28,000	OKI Electric Industry Co., Ltd.		58,727
	2,600	Omron Corp.		112,940
	2,587	Oxford Instruments plc		39,372
	13,225	Premier Farnell plc		35,894
	1,690	Renishaw plc		60,784
	1,700	Ryosan Co., Ltd.		44,696
	6,000	Shimadzu Corp.		81,381
	3,338	Spectris plc		110,561
	5,400	Taiyo Yuden Co., Ltd.		75,726
	2,200	TDK Corp.		169,355
	1,800	Topcon Corp.		43,771
	7,500	Venture Corp., Ltd.		42,984


Shares			Fair Value
	Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	4,000	Yaskawa Electric Corp.	$	51,112
	4,000	Yokogawa Electric Corp.		51,401

				3,042,760

	Energy Equipment & Services (0.9%):
	7,749	AMEC plc		99,440
	1,801	Calfrac Well Services, Ltd.		11,119
	6,691	Canadian Energy Services & Technology Corp.		38,577
	4,849	Compagnie Generale de Geophysique-Veritas*		27,141
	2,944	Enerflex, Ltd.		31,826
	3,107	Ensign Energy Services, Inc.		30,453
	82,100	Ezion Holdings, Ltd.		62,184
	4,058	Fugro NV*		88,808
	3,904	Hunting plc		37,452
	14,009	John Wood Group plc		141,747
	3,607	Mullen Group, Ltd.		58,952
	1,946	Pason Systems, Inc.		34,797
	6,044	Petrofac, Ltd.		87,950
	10,172	Petroleum Geo-Services ASA		54,697
	10,988	Precision Drilling Corp.		73,910
	11,173	Prosafe SE		38,748
	10,331	Saipem SpA*		109,212
	4,571	SBM Offshore NV*		54,220
	530	Schoeller-Blackman Oilfield Equipment AG		32,022
	5,099	Seadrill, Ltd.		53,045
	1,191	ShawCor, Ltd.		34,896
	3,500	Subsea 7 SA*		34,242
	1,995	Technip-Coflexip SA		123,554
	785	Tecnicas Reunidas SA		40,395
	2,233	Tenaris SA		30,138
	1,555	TGS NOPEC Geophysical Co. ASA		36,315
	4,080	Trican Well Service, Inc.		13,559
	4,122	Trinidad Drilling, Ltd.		13,335
	9,498	WorleyParsons, Ltd.		75,704

				1,568,438

	Food & Staples Retailing (2.6%):
	24,500	Aeon Co., Ltd.		347,576
	1,435	Alimentation Couche-Tard, Inc.		61,397
	1,309	Amsterdam Commodities NV		33,094
	1,700	Arcs Co., Ltd.		37,041
	1,200	Axial Retailing, Inc.		33,763
	17,428	Booker Group plc		46,173
	8,320	Carrefour SA^		266,129
	813	Casino Guichard-Perrachon SA		61,534
	4,130	Colruyt SA		184,763
	300	Cosmos Pharmaceutical Corp.		40,633
	4,670	Delhaize Group		385,209
	12,838	Distribuidora Internacional de Alimentacion SA		98,268
	445	Empire Co., Ltd., Class A		31,347
	1,100	FamilyMart Co., Ltd.		50,536
	6,172	Greggs plc		114,835
	1,600	Heiwado Co., Ltd.		39,672
	973	ICA Gruppen AB		34,518
	43,979	J Sainsbury plc		183,241
	819	Jean Coutu Group, Inc.		15,215


Shares			Fair Value
	Common Stocks, continued
	Food & Staples Retailing, continued
	932	Kesko OYJ, A Shares	$	30,626
	3,359	Kesko OYJ, B Shares		117,059
	12,531	Koninklijke Ahold NV		235,612
	900	LAWSON, Inc.		61,572
	1,111	Loblaw Companies, Ltd.		56,119
	1,500	Matsumotokiyoshi Holdings Co., Ltd.		69,191
	33,179	Metcash, Ltd.		28,254
	5,582	Metro AG		175,945
	1,658	Metro, Inc.		44,504
	201	North West Co., Inc. (The)		3,985
	947	Rallye SA		28,484
	4,300	Seven & I Holdings Co., Ltd.		184,673
	1,668	Sligro Food Group NV		60,241
	900	Sundrug Co., Ltd.		53,442
	116,876	Tesco plc		390,014
	800	Tsuruha Holdings, Inc.		62,256
	2,200	Valor Co., Ltd.		54,966
	5,821	Wesfarmers, Ltd.		174,457
	1,644	Weston (George), Ltd.		129,159
	73,884	William Morrison Supermarkets plc		209,704
	11,834	Woolworths, Ltd.^		244,843

				4,480,050

	Food Products (2.6%):
	823	AAK AB		48,733
	3,000	Ajinomoto Co., Inc.		64,943
	535	Aryzta AG		26,400
	1,293	Associated British Foods plc		58,403
	68	Barry Callebaut AG, Registered Shares		77,353
	1,100	Calbee, Inc.		46,248
	11,579	Cloetta AB*		35,073
	2,347	Corbion NV		46,521
	1,614	Cranswick plc		40,504
	7,971	Dairy Crest Group plc		66,655
	3,437	Danone SA		222,015
	10,087	Devro plc		47,996
	3,737	Ebro Foods SA		72,287
	111	Emmi AG		35,703
	16,300	First Resources, Ltd.		24,695
	2,500	Fuji Oil Co., Ltd./Osaka		44,122
	3,495	Glanbia plc		68,657
	108,900	Golden Agri-Resources, Ltd.		33,142
	8,318	GrainCorp, Ltd.		54,526
	19,304	Greencore Group plc		95,174
	2,100	House Foods Group, Inc.^		39,934
	1	Lindt & Spruengli AG, Registered Shares		62,484
	3,564	Maple Leaf Foods, Inc.		67,610
	4,006	Marine Harvest		45,900
	800	Meiji Holdings Co., Ltd.		103,203
	11,000	Morinaga Milk Industry Co., Ltd.		40,279
	26,398	Nestle SA, Registered Shares		1,908,705
	15,000	Nichirei Corp.		104,175
	4,000	Nippon Meat Packers, Inc.		91,065
	13,500	Nippon Suisan Kaisha, Ltd.		38,592
	6,600	Nisshin Seifun Group, Inc.		87,735


Shares			Fair Value
	Common Stocks, continued
	Food Products, continued
	4,531	Orkla ASA, Class A	$	35,603
	1,700	Petra Foods, Ltd.		4,413
	1,601	Saputo, Inc.		38,730
	2,649	Suedzucker AG		44,056
	17,940	Tate & Lyle plc		146,346
	7,963	Unilever NV, NYS		333,172
	6,052	Unilever plc, ADR		259,994
	432	Vilmorin & CIE SA		36,296
	1,207	Viscofan SA		73,174
	30,000	Vitasoy International Holdings, Ltd.		51,114
	15,600	Wilmar International, Ltd.		37,959
	600	Yakult Honsha Co., Ltd.		35,480
	2,000	Yamazaki Baking Co., Ltd.^		33,282

				4,928,451

	Gas Utilities (0.2%):
	7,536	APA Group		47,528
	6,219	Enagas		169,490
	1,852	Gas Natural SDG SA		42,088
	26,998	Hong Kong & China Gas Co., Ltd.		56,612
	15,000	Osaka Gas Co., Ltd.		59,201
	1,103	Rubis SA		75,503
	15,848	Snam Rete Gas SpA		75,299
	4,316	Superior Plus Corp.		43,409
	10,000	Toho Gas Co., Ltd.		59,207
	11,000	Tokyo Gas Co., Ltd.		58,370

				686,707

	Health Care Equipment & Supplies (1.0%):
	2,394	Ansell, Ltd.		44,321
	700	Asahi Intecc Co., Ltd.		47,965
	689	bioMerieux		73,368
	37,600	Biosensors International Group*		22,738
	1,396	Carl Zeiss Meditec AG		35,666
	1,072	Cochlear, Ltd.		65,964
	586	Coloplast A/S, Class B		38,538
	804	DiaSorin SpA		36,702
	297	Draegerwerk AG & Co. KGaA		31,806
	11,631	Elekta AB, B Shares		72,975
	1,726	Essilor International SA Compagnie Generale d’Optique		205,654
	13,820	Fisher & Paykel Healthcare Corp., Ltd.		64,139
	5,613	Getinge AB, B Shares		135,092
	4,359	GN Store Nord A/S		90,091
	2,000	HOYA Corp.		80,098
	6,000	JEOL, Ltd.		27,152
	1,500	Nihon Kohden Corp.		37,117
	4,000	Nikkiso Co., Ltd.		41,948
	6,500	Nipro Corp.		66,413
	1,300	Olympus Co., Ltd.		44,826
	298	Sartorius AG		55,377
	146	Sartorius Stedim Biotech SA		40,337
	253	Sonova Holding AG, Registered Shares		34,256
	268	Straumann Holding AG, Registered Shares		73,477
	1,700	Sysmex Corp.		101,206
	2,400	TeruFood Productsmo Corp.		57,704


Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies, continued
	661	William Demant Holding A/S*	$	50,373

				1,675,303

	Health Care Providers & Services (0.5%):
	5,500	Alfresa Holdings Corp.		85,496
	4,556	Ebos Group, Ltd.		31,627
	1,153	Fagron		47,580
	1,646	Fresenius Medical Care AG & Co., KGaA		135,801
	2,229	Fresenius SE & Co. KGaA		143,478
	1,779	Korian-Medica*		59,102
	1,404	Medical Facilities Corp.		17,033
	4,200	Medipal Holdings Corp.		68,359
	1,900	Miraca Holdings, Inc.		94,682
	22,099	Primary Health Care, Ltd.		85,393
	1,233	Ramsay Health Care, Ltd.		58,382
	1,312	Rhoen-Klinikum AG		35,184
	2,200	Ship Healthcare Holdings, Inc.		45,458
	53,793	Sigma Pharmaceuticals, Ltd.		31,689
	2,235	Sonic Healthcare, Ltd.		36,823
	2,500	Suzuken Co., Ltd.		79,896
	2,700	Toho Holdings Co., Ltd.		62,076
	5,813	UDG Healthcare plc		44,670

				1,162,729

	Health Care Technology (0.0%):
	14,160	AGFA-Gevaert NV*		39,446
	2,100	M3, Inc.		42,182

				81,628

	Hotels, Restaurants & Leisure (1.9%):
	2,718	Accor SA		137,456
	3,700	Accordia Golf Co., Ltd.		34,938
	21,328	Ardent Leisure Group		35,684
	8,600	Aristocrat Leisure, Ltd.		50,343
	4,254	Autogrill SpA*		35,574
	2,390	Betfair Group plc		90,241
	28,445	Bwin.Party Digital Entertainment plc		43,803
	14,000	Cafe de Coral Holdings, Ltd.		50,561
	1,098	Carnival plc, ADR		56,305
	7,672	Compass Group plc		127,064
	1,951	Domino’s Pizza Enterprises, Ltd.		53,270
	5,749	Domino’s Pizza Group plc		70,112
	25,381	Echo Entertainment Group, Ltd.		84,924
	20,405	Enterprise Inns plc*		39,724
	1,133	Flight Centre, Ltd.		29,763
	12,010	Galaxy Entertainment Group, Ltd.		47,838
	48,300	Genting Singapore plc		32,078
	1,257	Great Canadian Gaming Corp.*		24,168
	8,500	Greene King plc		112,669
	1,100	HIS Co., Ltd.		37,449
	31,000	Hongkong & Shanghai Hotels (The)		42,953
	1,796	InterContinental Hotels, ADR		72,666
	3,056	J D Wetherspoon plc		37,819
	186,000	Kingston Financial Group, Ltd.*		82,738
	169	Kuoni Reisen Holding^		43,941
	23,554	Ladbrokes plc		47,982


Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
	21,786	Marston’s plc	$	54,977
	20,912	Merlin Entertainments plc		140,200
	6,833	Millennium & Copthorne Hotels		61,584
	9,215	Mitchells & Butlers plc*		65,994
	78,000	NagaCorp, Ltd.		57,570
	900	Oriental Land Co., Ltd.		57,434
	1,472	Paddy Power plc		126,248
	12,439	Rank Group plc		43,076
	1,500	Resorttrust, Inc.		36,443
	12,657	Restaurant Group plc (The)		138,325
	1,200	Saint Marc Holdings Co., Ltd.		39,496
	11,220	Sands China, Ltd.		37,750
	64,000	Shangri-La Asia, Ltd.		89,027
	30,855	SJM Holdings, Ltd.		33,442
	26,336	Sky City Entertainment Group, Ltd.		75,114
	806	Sodexo, Inc.		76,473
	23,303	Tabcorp Holdings, Ltd.		81,240
	42,047	Tatts Group, Ltd.		119,987
	50,634	Thomas Cook Group plc*		108,882
	9,000	Tokyo Dome Corp.		37,408
	5,354	TUI AG		86,765
	857	Unibet Group plc		52,222
	2,213	Whitbread plc		172,151
	24,720	William Hill plc		156,750
	16,830	Wynn Macau, Ltd.		27,995
	5,600	Zensho Holdings Co., Ltd.*		53,296

				3,551,912

	Household Durables (2.2%):
	2,000	Alpine Electronics, Inc.		38,537
	38,918	Barratt Developments plc		375,529
	4,643	Bellway plc		172,829
	5,073	Berkeley Group Holdings plc		267,000
	5,074	Bovis Homes Group plc		88,657
	2,000	Casio Computer Co., Ltd.		39,430
	9,906	Crest Nicholson Holdings plc		87,250
	1,800	De’Longhi		41,236
	1,469	Dorel Industries, Inc.		39,301
	3,583	Electrolux AB, Series B		112,167
	63	Forbo Holding AG		74,857
	1,600	Foster Electric Co., Ltd.		35,952
	5,500	Haseko Corp.		64,853
	15,466	Husqvarna AB, B Shares		116,525
	2,800	Iida Group Holdings Co., Ltd.		44,576
	4,175	JM AB		113,847
	31,200	Man Wah Holdings, Ltd.		30,590
	3,900	Nikon Corp.		45,085
	6,591	Nobia AB		69,248
	14,500	Panasonic Corp.		198,704
	13,107	Persimmon plc*		407,268
	18,200	Pioneer Corp.*		33,146
	9,947	Redrow plc		69,289
	2,500	Sangetsu Co., Ltd.		38,098
	1,136	SEB SA		105,837
	13,000	Sekisui Chemical Co., Ltd.		159,193


Shares			Fair Value
	Common Stocks, continued
	Household Durables, continued
	9,100	Sekisui House, Ltd.	$	144,173
	55,000	Sharp Corp.*^		67,134
	9,500	Sony Corp.*		269,617
	2,200	Starts Corp., Inc.		34,233
	4,800	Sumitomo Forestry Co., Ltd.		59,184
	124,926	Taylor Wimpey plc		364,297
	20,687	Techtronic Industries Co., Ltd.		68,119
	4,830	Tomtom NV*		54,538

				3,930,299

	Household Products (0.4%):
	412	Henkel AG & Co. KGaA		39,369
	8,000	Lion Corp.		64,007
	6,605	PZ Cussons plc		37,491
	2,504	Reckitt Benckiser Group plc		216,180
	11,186	Svenska Cellulosa AB, B Shares		284,513
	1,800	Unicharm Corp.		42,774

				684,334

	Independent Power and Renewable Electricity Producers (0.1%):
	4,545	Algonquin Power & Utilities Corp.		34,066
	1,824	Capital Power Corp.		31,461
	5,914	Drax Group plc		32,315
	1,300	Electric Power Development Co., Ltd.		45,891
	18,416	Enel Green Power SpA		35,962
	3,741	Innergex Renewable Energy, Inc.		31,814
	2,649	Northland Power, Inc.		33,558
	9,048	Transalta Corp.		70,135

				315,202

	Industrial Conglomerates (1.0%):
	375	Daetwyler Holding AG^		44,543
	1,985	DCC plc		156,098
	20,000	Hopewell Holdings, Ltd.		73,134
	980	Indus Holding AG		49,346
	11,000	Keihan Electric Railway Co., Ltd.		64,544
	9,300	Keppel Corp., Ltd.		56,694
	1,483	Koninklijke philips Electronics NV, NY Shares, NYS		37,757
	2,535	Koninklijke Philips Electronics NV		64,692
	8,000	Nisshinbo Holdings, Inc.		89,428
	1,487	Nolato AB		33,999
	23,141	NWS Holdings, Ltd.		33,360
	1,414	Rheinmetall AG		71,695
	15,900	SembCorp Industries, Ltd.		45,915
	70,000	Shun Tak Holdings, Ltd.		38,555
	6,796	Siemens AG, Registered Shares		684,304
	3,641	Smiths Group plc		64,516
	67,000	Toshiba Corp.		229,614

				1,838,194

	Insurance (5.3%):
	4,407	Admiral Group plc		95,931
	28,884	AEGON NV		212,048
	8,296	Ageas NV		319,448
	67,040	AIA Group, Ltd.		438,185
	16,576	Amlin plc		123,989


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	39,825	AMP, Ltd.	$	183,170
	4,194	Assicurazioni Generali SpA		75,473
	12,693	Aviva plc, ADR		197,630
	13,553	AXA SA		341,497
	1,614	Baloise Holding AG, Registered Shares		196,728
	21,869	Beazley plc		101,593
	7,122	Chesnara plc		36,384
	3,618	CNP Assurances		60,389
	7,700	Dai-ichi Life Insurance Co., Ltd. (The)		151,240
	1,896	Delta Lloyd NV		31,186
	45,559	Direct Line Insurance Group plc		240,561
	11,141	Esure Group plc		44,462
	569	Euler Hermes Group		57,336
	536	Fairfax Financial Holdings, Ltd.		264,343
	1,983	Gjensidige Forsikring ASA		31,951
	1,405	Great-West Lifeco, Inc.		40,908
	2,030	Grupo Catalana Occidente SA		63,123
	846	Hannover Rueckversicherung AG, Registered Shares		82,027
	221	Helvetia Patria Holding AG		126,163
	9,358	Hiscox, Ltd.		123,477
	2,622	Industrial Alliance Insurance & Financial Services, Inc.		88,205
	83,409	Insurance Australia Group, Ltd.		358,478
	655	Intact Financial Corp.		45,522
	4,510	Jardine Lloyd Thompson Group plc		74,043
	7,511	Lancashire Holdings, Ltd.		72,814
	59,174	Legal & General Group plc		231,182
	13,895	Manulife Financial Corp.		258,308
	31,539	MAPFRE SA^		108,862
	26,388	Medibank Private, Ltd.*		40,876
	4,284	Mediolanum SpA		35,303
	3,700	MS&AD Insurance Group Holdings, Inc.		115,193
	1,291	Muenchener Rueckversicherungs-Gesellschaft AG		228,792
	12,188	NIB Holdings, Ltd.		31,573
	2,500	NKSJ Holdings, Inc.		91,681
	52,461	Old Mutual plc		165,906
	8,574	Phoenix Group Holdings		110,376
	6,958	Prudential plc, ADR		337,879
	17,328	QBE Insurance Group, Ltd.		181,746
	21,669	RSA Insurance Group plc		135,097
	2,720	Sampo OYJ, A Shares		128,357
	5,444	SCOR SA		191,878
	3,984	Societa Cattolica di Assicuraz		31,406
	3,000	Sony Financial Holdings, Inc.		52,555
	10,050	St. James Place plc		142,960
	20,910	Standard Life plc		145,707
	15,216	Storebrand ASA*		62,711
	4,456	Sun Life Financial, Inc.		148,830
	16,334	Suncorp-Metway, Ltd.		168,993
	1,205	Swiss Life Holding AG, Registered Shares		276,390
	2,675	Swiss Re AG^		236,674
	7,900	T&D Holdings, Inc.		117,695


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	1,863	Talanx AG	$	57,183
	3,900	Tokio Marine Holdings, Inc.		161,735
	3,403	Topdanmark A/S*		91,174
	1,585	Tryg A/S		33,002
	10,083	Unipol Gruppo Finanziario SpA (a)		51,193
	34,458	UnipolSai SpA		85,288
	3,622	Uniqa Insurance Group AG		32,633
	1,431	Vienna Insurance Group Weiner Staeditische Versicherung AG		49,068
	1,584	Zurich Insurance Group AG		482,956

				9,099,466

	Internet & Catalog Retail (0.2%):
	18,019	Home Retail Group plc		47,794
	7,431	N Brown Group plc		39,824
	13,793	Ocado Group plc*		96,739
	3,500	Rakuten, Inc.		56,380
	1,600	Start Today Co., Ltd.		44,973
	1,921	Takkt AG		35,142
	12,361	Trade Me Group, Ltd.		28,378
	1,761	Yoox SpA*		56,941

				406,171

	Internet Software & Services (0.3%):
	6,464	Carsales.com, Ltd.		50,477
	2,300	DeNA Co., Ltd.		45,202
	3,000	GMO Internet, Inc.		40,223
	6,300	Gree, Inc.		36,797
	2,100	Internet Initiative Japan, Inc.		36,847
	3,100	Kakaku.com, Inc.		45,002
	15,276	Moneysupermarket.com Group plc		69,802
	1,072	Netent AB*		41,643
	10,597	Telecity Group plc		171,090
	2,596	United Internet AG, Registered Shares		115,374
	8,400	Yahoo! Japan Corp.		33,870

				686,327

	IT Services (0.9%):
	1,450	Alten SA		67,330
	4,218	Altran Technologies SA		45,267
	4,419	Amadeus IT Holding SA		175,920
	3,551	Atea ASA		31,710
	3,030	Atos Origin SA		226,663
	626	Bechtle AG		47,434
	1,081	Cap Gemini SA		95,886
	1,045	CGI Group, Inc.*		40,839
	3,428	Computacenter plc		41,820
	7,580	Computershare, Ltd.		68,204
	1,168	DH Corp.		37,337
	4,312	Econocom Group SA/NV		35,439
	32,000	Fujitsu, Ltd.		178,446
	4,428	IRESS, Ltd.		34,406
	3,200	IT Holdings Corp.		68,002
	1,900	Itochu Techno-Solutions Corp.		47,277
	12,095	NCC Group plc		40,965
	3,900	Nihon Unisys, Ltd.		40,121


Shares			Fair Value
	Common Stocks, continued
	IT Services, continued
	1,200	Nomura Research Institute, Ltd.	$	46,905
	1,100	NTT Data Corp.		48,054
	1,500	SCSK Corp.		45,713
	462	Sopra Steria Group		41,591
	4,001	Tieto OYJ		93,512

				1,598,841

	Leisure Products (0.3%):
	6,131	Amer Sports OYJ		163,296
	2,200	Heiwa Corp.		43,936
	2,400	Namco Bandai Holdings, Inc.		46,352
	16,103	Photo-Me International plc		35,743
	1,700	Sankyo Co., Ltd.		60,123
	5,700	Sega Sammy Holdings, Inc.		74,493
	400	Shimano, Inc.		54,551
	5,200	Yamaha Corp.		104,849

				583,343

	Life Sciences Tools & Services (0.5%):
	306	Eurofins Scientific SE		93,317
	1,884	Gerresheimer AG		117,390
	2,546	Lonza Group AG, Registered Shares		340,955
	7,395	QIAGEN NV*		183,322
	250	Tecan Group AG		29,924

				764,908

	Machinery (4.0%):
	6,065	Aalberts Industries NV		180,709
	1,760	Alfa Laval AB		30,955
	10,500	AMADA Co., Ltd.		110,877
	1,528	Andritz AG		84,505
	2,900	Asahi Diamond Industrial Co., Ltd.		32,642
	3,026	Atlas Copco AB, A Shares		84,606
	1,756	Atlas Copco AB, B Shares		43,702
	1,558	Beijer Alma AB		33,753
	7,444	Bodycote plc		78,768
	316	Bucher Industries AG^		78,614
	87	Burckhardt Compression Holding^		32,939
	1,990	Cargotec OYJ		75,504
	9,994	CNH Industrial NV		91,065
	111	Construcciones y Auxiliar de Ferrocarriles SA		33,015
	52	Conzzeta AG		35,565
	3,600	DMG Mori Co., Ltd.		69,500
	878	Duerr AG		81,782
	18,000	Ebara Corp.		87,090
	800	Fanuc, Ltd.		163,337
	3,400	Fujitec Co., Ltd.		42,339
	2,307	GEA Group AG		102,863
	241	Georg Fischer AG		165,588
	2,000	Glory, Ltd.		59,202
	2,253	Haldex AB		29,748
	15,038	Heidelberger Druckmaschinen AG*		33,320
	3,900	Hino Motors, Ltd.		48,201
	3,100	Hitachi Construction Machinery Co., Ltd.		54,282
	6,700	Hitachi Zosen Corp.		38,198
	22,000	IHI Corp.		102,558


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	8,753	IMI plc	$	154,594
	2,147	Interpump Group SpA		34,615
	13,000	Japan Steel Works, Ltd. (The)		53,712
	6,700	JTEKT Corp.		126,745
	2,600	Juki Corp.		34,965
	975	Jungheinrich AG		66,067
	22,000	Kawasaki Heavy Industries, Ltd.		102,567
	2,997	Kion Group AG		143,527
	12,500	Komatsu, Ltd.		250,527
	3,618	Kone OYJ, B Shares		147,078
	1,652	Konecranes OYJ		48,182
	438	Krones AG		45,763
	8,000	Kubota Corp.		126,812
	478	Kuka AG		39,807
	3,200	Kurita Water Industries, Ltd.		74,442
	1,132	LiSi		31,812
	4,000	Makino Milling Machine Co., Ltd.		40,334
	1,100	Makita Corp.		59,609
	13,000	Meidensha Corp.		48,840
	32,985	Melrose Industries plc		128,171
	2,898	Metso Corp. OYJ		79,545
	4,926	Meyer Burger Technology AG*		42,292
	5,000	Minebea Co., Ltd.		82,454
	43,000	Mitsubishi Heavy Industries, Ltd.		261,435
	37,000	Mitsui Engineering & Shipbuilding Co., Ltd.		64,060
	9,923	Morgan Advanced Materials plc		50,809
	2,100	Nabtesco Corp.		52,421
	11,000	Nachi-Fujikoshi Corp.		64,847
	3,000	NGK Insulators, Ltd.		77,284
	1,099	NKT Holding A/S		63,007
	890	Norma Group SE		44,974
	6,900	NSK, Ltd.		106,513
	25,000	NTN Corp.		157,158
	8,914	OC Oerlikon Corp. AG		109,097
	5,000	Okuma Corp.^		56,449
	1,900	OSG Corp.		40,711
	118	Rational AG		43,328
	39,540	Rotork plc		144,279
	16,351	Sandvik AB		180,616
	214	Schindler Holding AG, Registered Shares		34,932
	15,600	SembCorp Marine, Ltd.		32,884
	767	Semperit AG		31,601
	4,000	Shinmaywa Industries, Ltd.		36,594
	5,919	SKF AB, B Shares		134,984
	2,119	Spirax-Sarco Engineering plc		112,841
	1,147	Sulzer AG, Registered Shares^		117,773
	11,000	Sumitomo Heavy Industries, Ltd.		63,957
	8,000	Tadano, Ltd.		119,505
	700	Takeuchi Manufacturing Co., Ltd.		40,105
	2,200	THK Co., Ltd.		47,510
	9,213	Trelleborg AB		170,295
	9,000	Tsubakimoto Chain Co.		87,979
	1,374	Vallourec SA		28,027
	5,691	Valmet Corp.		64,104


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	9,513	Vesuvius plc	$	63,585
	3,857	Volvo AB, A Shares		47,795
	19,425	Volvo AB, B Shares		240,934
	1,388	Wacker Neuson SE		29,090
	2,713	Wartsila Corp. OYJ, Class B		127,037
	6,011	Weir Group plc (The)		160,095
	3,584	Zardoya Otis SA		38,998

				7,415,300

	Marine (0.2%):
	75	A.P. Moeller — Maersk A/S, Class B		136,075
	42	A.P. Moller — Maersk A/S, Class A		73,648
	337	DFDS A/S		46,578
	7,971	Irish Continental Group		35,052
	37,000	Kawasaki Kisen Kaisha, Ltd.		87,317
	534	Kuehne & Nagel International AG, Registered Shares		70,952
	17,000	Mitsui O.S.K. Lines, Ltd.		54,326
	42,600	Neptune Orient Lines, Ltd.*		25,906
	34,000	Nippon Yusen Kabushiki Kaisha		94,638
	8,500	Orient Overseas International, Ltd.		43,293
	93,000	Pacific Basin Shipping, Ltd.		31,147

				698,932

	Media (2.4%):
	3,775	Amalgamated Holdings, Ltd.		36,511
	1,800	Asatsu-DK, Inc.		42,605
	2,296	Atresmedia Corp. de Medios		35,550
	2,500	Avex Group Holdings, Inc.		43,863
	1,273	Axel Springer AG		66,808
	11,174	British Sky Broadcasting Group plc		182,235
	912	Cineplex, Inc.		34,339
	8,601	Cineworld Group plc		62,331
	546	Cogeco Cable, Inc.		31,585
	2,595	Corus Entertainment, Inc.		34,640
	1,398	CTS Eventim AG & Co. KGaA		50,964
	1,200	Cyberagent, Inc.		56,827
	1,600	Daiichikosho Co., Ltd.		56,314
	8,644	Daily Mail & General Trust plc		125,992
	1,400	Dentsu, Inc.		73,007
	2,163	Euromoney Institutional Investor plc		41,221
	5,903	Eutelsat Communications SA		190,403
	969	GFK SE		42,422
	21,407	Informa plc		183,981
	1,711	Ipsos		44,192
	19,044	ITE Group plc		51,080
	40,885	ITV plc		168,907
	2,082	JCDecaux SA		86,753
	109,074	John Fairfax Holdings, Ltd.		68,100
	4,913	Lagardere SCA		143,141
	1,881	M6 Metropole Television		36,551
	3,072	Mediaset Espana Comunicacion SA		40,221
	15,032	Mediaset SpA		72,137
	1,809	Modern Times Group, Class B		48,524
	21,188	Nine Entertainment Co. Holdings, Ltd.		25,267
	9,746	Pearson plc, ADR		184,785


Shares			Fair Value
	Common Stocks, continued
	Media, continued
	1,402	Publicis Groupe SA	$	103,530
	909	Quebecor, Inc., Class B		22,725
	1,012	REA Group, Ltd.		30,386
	1,309	Reed Elsevier plc, ADR		85,085
	7,744	Relx NV		184,212
	3,213	Rightmove plc		165,272
	414	RTL Group		37,484
	3,111	SES Global, Class A		104,374
	33,424	Seven West Media, Ltd.		26,263
	4,910	Shaw Communications, Inc.		106,989
	11,700	Singapore Press Holdings, Ltd.		35,426
	18,618	Sky Network Television, Ltd.		75,773
	7,900	SKY Perfect JSAT Holdings, Inc.		42,331
	4,175	Societe Television Francaise 1		71,897
	983	Stroeer Media SE*		45,897
	9,443	Technicolor SA		61,565
	1,063	Telenet Group Holding NV*		57,896
	18,900	Television Broadcasts, Ltd.		112,346
	2,145	Thomson Reuters Corp.		81,660
	13,261	Trinity Mirror plc		31,255
	9,352	UBM plc		78,604
	6,920	Vivendi Universal SA		174,769
	10,595	Wolters Kluwer NV		315,844
	10,567	WPP plc		237,069

				4,649,908

	Metals & Mining (4.7%):
	8,736	Acacia Mining plc		41,390
	5,689	Acerinox SA		78,881
	2,655	Agnico Eagle Mines, Ltd.		75,322
	80,748	Alumina, Ltd.		94,727
	15,758	Anglo American plc		227,652
	10,506	Antofagasta plc		113,711
	2,604	Aperam*		105,057
	6,174	ArcelorMittal		60,104
	5,217	Aurico Gold, Inc.		14,914
	1,644	Aurubis AG		96,553
	42,552	B2Gold Corp.*		65,082
	15,001	Barrick Gold Corp.		160,364
	2,087	Bekaert NV		58,839
	64,783	BHP Billiton, Ltd.		1,316,596
	8,071	Billiton plc, ADR		319,289
	25,458	BlueScope Steel, Ltd.		58,236
	4,724	Boliden AB		86,063
	57,966	Centamin plc		56,263
	4,197	Centerra Gold, Inc.		23,862
	13,000	Daido Steel Co., Ltd.		54,141
	4,038	Dominion Diamond Corp.		56,572
	11,000	DOWA Mining Co.		103,830
	14,182	Eldorado Gold Corp.		58,827
	20,239	EVRAZ plc*		39,172
	7,322	First Majestic Silver Corp.*		35,473
	6,919	First Quantum Minerals, Ltd.		90,477
	31,774	Fortescue Metals Group, Ltd.		46,279
	3,312	Fresnillo plc		36,142


Shares			Fair Value
	Common Stocks, continued
	Metals & Mining, continued
	29,237	Glencore International plc	$	117,349
	13,172	Goldcorp, Inc.		213,385
	1,236,000	G-Resources Group, Ltd.		39,935
	3,883	Hill & Smith Holdings plc		41,317
	4,000	Hitachi Metals, Ltd.		61,359
	11,106	Hudbay Minerals, Inc.		92,490
	14,898	IAMGOLD Corp.*		29,825
	7,621	Iluka Resources, Ltd.		44,894
	11,479	Independence Group NL		36,659
	5,400	JFE Holdings, Inc.		119,774
	10,204	Kazakhmys plc*		32,610
	39,036	Kinross Gold Corp.*		90,963
	100,000	Kobe Steel, Ltd.		168,205
	17,675	Lonmin plc*		31,120
	4,862	Lucara Diamond Corp.		7,748
	20,527	Lundin Mining Corp.*		84,324
	32,000	Mitsubishi Materials Corp.		122,812
	29,000	Mitsui Mining & Smelting Co., Ltd.		78,345
	7,415	Nevsun Resources, Ltd.		27,907
	25,136	New Gold, Inc.*		67,429
	9,805	Newcrest Mining, Ltd.*		99,102
	23,200	Nippon Light Metal Holdings Co.		40,146
	143,000	Nippon Steel Corp.		370,376
	4,300	Nisshin Steel Co., Ltd.		53,332
	7,284	Norsk Hydro ASA		30,710
	19,938	Northern Star Resources, Ltd.		33,799
	15,054	Nyrstar NV*		53,876
	12,873	OceanaGold Corp.		31,853
	9,849	Outokumpu OYJ*		49,534
	13,670	OZ Minerals, Ltd.		41,843
	7,653	Pan American Silver Corp.		65,818
	15,045	Petra Diamonds, Ltd.*		35,199
	2,551	Randgold Resources, Ltd.		171,129
	8,331	Rio Tinto plc, Registered Shares, ADR		343,321
	8,792	Rio Tinto, Ltd.		362,479
	1,982	Salzgitter AG		70,814
	6,434	Semafo, Inc.*		17,311
	2,225	Silver Wheaton Corp.		38,582
	7,842	Sims Metal Management, Ltd.		62,707
	64,783	South32, Ltd.*		89,453
	3,228	South32, Ltd., ADR*		21,660
	6,834	SSAB AB, A Shares*^		35,668
	7,692	SSAB Svenskt Stal AB, Series B*		34,350
	9,000	Sumitomo Metal & Mining Co., Ltd.		136,870
	6,487	Teck Cominco, Ltd.		64,309
	4,752	ThyssenKrupp AG		123,618
	4,900	Tokyo Steel Manufacturing Co., Ltd.		35,914
	11,031	Turquoise Hill Resources, Ltd.*		41,958
	15,000	Uacj Corp.^		37,951
	4,032	Vedanta Resources plc		32,959
	3,453	Voestalpine AG^		143,435
	25,881	Yamana Gold, Inc.		77,925
	2,000	Yamato Kogyo Co., Ltd.		46,629

				7,976,898


Shares			Fair Value
	Common Stocks, continued
	Multiline Retail (0.7%):
	747	Canadian Tire Corp.	$	79,905
	53,885	Debenhams plc		75,630
	1,139	Dollarama, Inc.		69,044
	1,400	Don Quijote Co., Ltd.		59,416
	2,700	H2O Retailing Corp.		56,218
	16,147	Harvey Norman Holdings, Ltd.		55,857
	1,822	Hudson’s Bay Co.		40,487
	3,800	Isetan Mitsukoshi Holdings, Ltd.		67,887
	1,100	Izumi Co., Ltd.		46,325
	4,100	J. Front Retailing Co., Ltd.		77,141
	24,500	Lifestyle International Holdings, Ltd.		45,324
	29,029	Marks & Spencer Group plc		244,752
	6,400	MARUI GROUP Co., Ltd.		86,419
	33,671	Myer Holdings, Ltd.		31,809
	1,643	Next plc		192,470
	7,338	Poundland Group plc		37,282
	300	Ryohin Keikaku Co., Ltd.		58,141
	11,000	Takashimaya Co., Ltd.		99,702

				1,423,809

	Multi-Utilities (0.6%):
	4,534	AGL Energy, Ltd.		54,007
	393	Canadian Utilities, Ltd., Class A		11,320
	9,065	Centrica plc		37,628
	25,248	Duet Group		44,838
	9,632	E.ON AG		128,267
	10,828	Engie Group		200,631
	19,117	Hera SpA		47,791
	40,034	ITL AEM SpA		47,685
	1,215	National Grid plc, ADR		78,453
	1,345	RWE AG		28,904
	5,539	Suez Environnement Co.		102,886
	2,881	Telecom Plus plc^		44,758
	3,162	Veolia Environnement		64,410

				891,578

	Oil, Gas & Consumable Fuels (4.5%):
	6,810	Advantage Oil & Gas, Ltd.*		43,081
	1,678	AltaGas, Ltd.		51,114
	4,295	ARC Resources, Ltd.		73,601
	18,809	Athabasca Oil Corp.*		30,726
	6,102	Bankers Petroleum, Ltd.*		15,148
	2,064	Baytex Energy Corp.		32,157
	59,432	Beach Energy, Ltd.		47,848
	5,835	Bellatrix Exploration, Ltd.*		13,597
	2,726	Birchcliff Energy, Ltd.*		15,215
	5,828	Bonavista Energy Corp.		31,688
	1,208	Bonterra Energy Corp.		30,461
	117	Boulder Energy, Ltd.*		778
	8,418	BP plc, ADR		336,384
	5,227	Cameco Corp.		74,642
	14,899	Canadian Natural Resources, Ltd.		404,656
	15,656	Canadian Oil Sands, Ltd.		126,622
	11,375	Cenovus Energy, Inc.		182,114
	29,000	Cosmo Oil Co., Ltd.*		47,178
	8,781	Crescent Point Energy		179,835


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	8,223	Crew Energy, Inc.*	$	37,599
	123	Delek Group, Ltd.		36,277
	2,106	Enbridge Income Fund Holding		58,232
	3,199	Enbridge, Inc.		149,681
	1,055	EnCana Corp.		11,626
	21,893	EnCana Corp.		241,405
	11,833	Enerplus Corp.		103,851
	21,419	ENI SpA		379,885
	2,892	ERG SpA		34,689
	3,881	Etablissements Maurel et Prom*		28,785
	5,510	Euronav NV		80,888
	591	Gaztransport et Technigaz SA		37,363
	3,887	Gibson Energy, Inc.		70,189
	13,083	Gran Tierra Energy, Inc.*		39,182
	78	Granite Oil Corp.		393
	5,311	Husky Energy, Inc.		101,601
	3,200	Idemitsu Kosan Co., Ltd.		62,789
	1,254	Imperial Oil, Ltd.		48,429
	1,887	Inter Pipeline, Ltd.		43,367
	2,939	James Fisher & Sons plc		62,480
	30,100	JX Holdings, Inc.		130,280
	1,323	Keyera Corp.		44,178
	2,585	Koninklijke Vopak NV		130,669
	2,266	Lundin Petroleum AB*		38,821
	3,394	MEG Energy Corp.*		55,443
	5,186	Neste Oil OYJ		132,453
	64,000	NewOcean Energy Holdings, Ltd.		29,574
	14,721	Oil Search, Ltd.		80,360
	7,762	OMV AG		213,303
	14,047	Origin Energy, Ltd.		128,584
	11,301	Pacific Rubiales Energy Corp.		42,623
	3,130	Painted Pony Petroleum*		19,951
	4,812	Parex Resources, Inc.*		40,344
	1,888	Parkland Fuel Corp.		37,615
	260	Paz Oil Co., Ltd.		41,027
	1,805	Pembina Pipeline Corp.		58,302
	25,032	Pengrowth Energy Corp.		62,540
	1,690	Peyto Exploration & Development Corp.		41,316
	13,685	Premier Oil plc*		32,034
	14,231	Repsol SA		250,483
	1,121	Royal Dutch Shell plc, ADR		64,289
	3,305	Royal Dutch Shell plc, ADR		188,418
	8,413	Santos, Ltd.		50,523
	12,892	Soco International plc		35,621
	17,987	Statoil ASA		321,251
	15,434	Suncor Energy, Inc.		424,743
	11,456	Surge Energy, Inc.		32,475
	2,307	Torc Oil & Gas, Ltd.		16,072
	18,221	Total SA		886,470
	3,875	Tourmaline Oil Corp.*		116,424
	2,556	Transcanada Corp.		103,825
	2,255	Trilogy Energy Corp.*		10,202
	15,307	Tullow Oil plc		81,627
	1,755	Vermilion Energy, Inc.		75,798


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	9,195	Whitecap Resources, Inc.	$	97,045
	32,833	Whitehaven Coal, Ltd.*		33,311
	23,536	Woodside Petroleum, Ltd.		618,396

				8,131,946

	Paper & Forest Products (0.7%):
	2,029	Canfor Corp.*		44,193
	1,251	Canfor Pulp Products, Inc.		15,688
	6,000	Daio Paper Corp.		60,112
	6,700	Hokuetsu Kishu Paper Co., Ltd.		36,925
	2,560	Holmen ABN AB, B Shares		74,740
	636	Interfor Corp.*		10,435
	7,061	Metsa Board OYJ		43,797
	4,977	Mondi plc		107,041
	4,100	Nippon Paper Industries Co., Ltd.		71,861
	18,000	OYI Paper Co., Ltd.		78,198
	24,217	Stora Enso OYJ, Registered Shares		249,217
	16,610	UPM-Kymmene OYJ		294,729
	1,046	West Fraser Timber Co., Ltd.		57,485

				1,144,421

	Personal Products (0.2%):
	525	Beiersdorf AG		43,952
	2,300	Kao Corp.		106,916
	565	L’Oreal SA		100,716
	2,100	Shiseido Co., Ltd.		47,638

				299,222

	Pharmaceuticals (3.3%):
	2,968	Almirall SA		58,763
	4,700	Astellas Pharma, Inc.		66,979
	7,638	AstraZeneca plc, ADR		486,618
	3,059	Bayer AG		427,983
	314	Boiron SA		30,799
	7,000	Daiichi Sankyo Co., Ltd.		129,166
	5,108	Dechra Pharmaceuticals plc		78,898
	800	Eisai Co., Ltd.		53,591
	211	Galenica AG		220,377
	7,443	GlaxoSmithKline plc, ADR		310,001
	1,856	H. Lundbeck A/S*		35,729
	4,811	Hikma Pharmaceuticals plc		146,308
	1,661	Ipsen SA		91,596
	2,000	Kaken Pharmaceutical Co., Ltd.		69,648
	1,900	Kyorin Holdings, Inc.		38,742
	4,000	Kyowa Hakko Kogyo Co., Ltd.		52,287
	4,756	Meda AB		66,182
	457	Merck KGaA		45,513
	2,600	Mitsubishi Tanabe Pharma Corp.		38,898
	500	Mochida Pharmaceutical Co., Ltd.		28,469
	1,700	Nichi-Iko Pharmaceutical Co., Ltd.		46,023
	12,675	Novartis AG, Registered Shares		1,252,280
	8,066	Novo Nordisk A/S, B Shares		442,450
	1,259	Orion OYJ		44,235
	1,228	Orion OYJ, Class B		43,034
	3,400	Otsuka Holdings Co., Ltd.		108,091
	3,141	Recordati SpA		65,864


Shares			Fair Value
	Common Stocks, continued
	Pharmaceuticals, continued
	405	Roche Holding AG	$	113,736
	127	Roche Holding AG		34,689
	2,700	Rohto Pharmaceutical Co., Ltd.		44,579
	2,754	Sanofi-Aventis SA		271,666
	2,900	Santen Pharmaceutical Co., Ltd.		41,035
	1,200	Sawai Pharmaceutical Co., Ltd.		70,262
	1,359	Shire plc		109,223
	995	Stada Arzneimittel AG		33,553
	2,800	Takeda Pharmacuetical Co., Ltd.		135,138
	612	Teva Pharmaceutical Industries, Ltd., ADR		36,169
	3,961	Teva Pharmaceutical Industries, Ltd.		234,909
	600	Towa Pharmaceutical Co., Ltd.		38,575
	2,600	Tsumura & Co.		55,889
	694	UCB SA		49,755
	1,145	Valeant Pharmaceuticals International, Inc.*		254,362
	16,134	Vectura Group plc*		45,401
	144	Virbac SA		30,808

				6,078,273

	Professional Services (1.1%):
	4,530	Adecco SA, Registered Shares		368,606
	2,780	AF AB		37,817
	18,343	ALS, Ltd.		82,425
	5,622	Bureau Veritas SA		129,582
	2,111	Capita Group plc		41,112
	861	DKSH Holding, Ltd.^		62,228
	11,350	Experian plc		206,499
	48,992	Hays plc		125,668
	6,806	Intertek Group plc		261,736
	1,100	Meitec Corp.		40,963
	10,129	Michael Page International plc		86,663
	1,300	Nihon M&A Center, Inc.		53,749
	3,772	Randstad Holding NV		246,569
	1,785	Ricardo plc		24,180
	19	SGS SA, Registered Shares		34,716
	1,156	Stantec, Inc.		33,790
	1,726	Teleperformance		122,214
	2,626	USG People NV		38,875
	1,758	WS Atkins plc		41,822

				2,039,214

	Real Estate Management & Development (2.1%):
	643	Allreal Holding AG		88,732
	1,297	Azrieli Group		51,798
	3,256	Brookfield Asset Management, Inc., Class A		113,732
	1,960	BUWOG-Bauen Und Wohnen Gesellschaft mbH^		38,056
	20,500	CapitaLand, Ltd.		53,226
	4,935	Castellum AB		69,321
	13,430	Cheung Kong Property Holdings, Ltd.*		111,407
	12,500	Chinese Estates Holdings, Ltd.		45,553
	6,400	City Developments, Ltd.		46,333
	10,906	Citycon OYJ		27,220
	13,430	CK Hutchison Holdings, Ltd.		196,941
	799	Colliers International Group		30,746
	5,265	Countrywide plc		46,975
	900	Daito Trust Construction Co., Ltd.		93,058


Shares			Fair Value
	Common Stocks, continued
	Real Estate Management & Development, continued
	5,000	Daiwa House Industry Co., Ltd.	$	116,495
	6,255	Deutsche Wohnen AG		143,299
	4,223	Fabege AB		57,581
	388	First Capital Realty, Inc.		5,555
	799	FirstService Corp.		22,188
	25,200	Global Logistic Properties, Ltd.		47,263
	34,000	Hang Lung Group, Ltd.		149,222
	46,984	Hang Lung Properties, Ltd.		139,053
	3,964	Hemfosa Fastigheter AB		40,399
	10,800	Henderson Land Development Co., Ltd.		73,795
	4,800	Hongkong Land Holdings, Ltd.		39,266
	14,025	Hysan Development Co., Ltd.		60,595
	22,500	Kerry Properties, Ltd.		87,794
	4,945	Kungsleden AB		33,548
	1,711	LEG Immobilien AG		118,814
	5,565	Lend Lease Group		64,060
	9,700	Leopalace21 Corp.*		59,373
	4,644	LSL Property Services plc		28,433
	3,000	Mitsubishi Estate Co., Ltd.		64,458
	3,000	Mitsui Fudosan Co., Ltd.		83,768
	296	Mobimo Holding AG, Registered Shares		60,285
	109,396	New World Development Co., Ltd.		142,844
	1,341	Nexity SA		52,668
	2,200	Nomura Real Estate Holdings, Inc.		46,075
	52	Plazza AG*		11,516
	24,606	Quintain Estates & Development plc*		41,003
	400	Relo Holdings, Inc.		39,855
	4,579	Savills plc		68,015
	25,000	Sinarmas Land, Ltd.		11,403
	44,880	Sino Land Co., Ltd.		74,886
	7,089	St. Modwen Properties plc		50,507
	1,000	Sumitomo Realty & Development Co., Ltd.		35,056
	11,921	Sun Hung Kai Properties, Ltd.		193,047
	5,610	Swire Pacific, Ltd., Class A		70,354
	7,500	Tokyo Tatemono Co., Ltd.		103,899
	7,900	Tokyu Fudosan Holdings Corp.		61,147
	7,437	Unite Group plc		66,729
	7,300	UOL Group, Ltd.		37,467
	4,162	Wallenstam AB		29,586
	13,324	Wharf Holdings, Ltd. (The)		88,622
	14,726	Wheelock & Co., Ltd.		75,036
	20,700	Wing Tai Holdings, Ltd.		29,273

				3,837,330

	Road & Rail (1.7%):
	31,187	Asciano, Ltd.		159,713
	67,907	Aurizon Holdings, Ltd.		267,414
	5,353	Canadian National Railway Co.		309,136
	883	Canadian Pacific Railway, Ltd.		141,483
	800	Central Japan Railway Co.		144,407
	16,300	ComfortDelGro Corp., Ltd.		37,892
	6,138	DSV A/S		199,215
	1,400	East Japan Railway Co.		125,877
	28,257	FirstGroup plc*		53,115
	8,000	Fukuyama Transporting Co., Ltd.		44,300


Shares			Fair Value
	Common Stocks, continued
	Road & Rail, continued
	1,432	Go-Ahead Group plc	$	59,216
	20,000	Hankyu Hanshin Holdings, Inc.		118,071
	2,300	Hitachi Transport System, Ltd.		38,121
	5,000	Keihin Electric Express Railway Co., Ltd.		37,725
	6,000	Keio Corp.		42,920
	3,000	Keisei Electric Railway Co., Ltd.		35,666
	15,000	Kintetsu Corp.		51,076
	13,324	MTR Corp., Ltd.		61,829
	18,000	Nagoya Railroad Co., Ltd.		67,323
	12,000	Nankai Electric Railway Co., Ltd.		53,810
	21,910	National Express Group plc		105,919
	15,000	Nippon Express Co., Ltd.		73,728
	2,900	Nippon Konpo Unyu Soko Co., Ltd.		50,499
	13,000	Nishi-Nippon Railroad Co., Ltd.		59,666
	8,429	Northgate plc		76,149
	6,000	Odakyu Electric Railway Co., Ltd.		56,009
	15,000	Sankyu, Inc.		81,940
	5,000	Seino Holdings Co., Ltd.		55,953
	7,000	Senko Co., Ltd.		44,295
	730	Sixt SE		31,806
	1,025	Sixt SE		39,750
	10,000	Sotetsu Holdings, Inc.		52,106
	6,338	Stagecoach Group plc		40,163
	10,000	Tobu Railway Co., Ltd.		42,955
	10,000	Tokyu Corp.		66,962
	2,993	TransForce, Inc.		60,708
	20,000	Transport International Holdings, Ltd.		48,711
	1,400	West Japan Railway Co.		89,585

				3,125,213

	Semiconductors & Semiconductor Equipment (0.7%):
	4,797	Aixtron Se*		32,394
	1,817	AMS AG		79,493
	2,548	ARM Holdings plc, ADR		125,540
	2,024	ASM International NV		93,838
	5,119	ASM Pacific Technology, Ltd.		50,536
	1,629	ASML Holding NV, NYS		169,628
	1,837	BE Semiconductor Industries NV		51,384
	1,947	Dialog Semiconductor plc*		105,231
	400	Disco Corp.		33,080
	1,331	Ezchip Semiconductor, Ltd.*		21,243
	8,370	Infineon Technologies AG		103,849
	712	Melexis NV		41,261
	8,000	Sanken Electric Co., Ltd.		49,596
	8,000	Screen Holdings Co., Ltd.		50,781
	23,152	STMicroelectronics NV		189,502
	2,000	Tokyo Seimitsu Co., Ltd.		43,703
	191	U-Blox AG		38,525
	2,500	ULVAC, Inc.		38,424

				1,318,008

	Software (0.8%):
	1,917	Aveva Group plc		54,395
	2,500	Capcom Co., Ltd.		48,402
	2,326	Computer Modelling Group, Ltd.		23,580
	211	Constellation Software, Inc./Canada		83,782


Shares			Fair Value
	Common Stocks, continued
	Software, continued
	682	Dassault Systemes SA	$	49,571
	1,347	Fidessa Group plc		48,070
	3,217	Gemalto NV		287,116
	3,200	Konami Corp.		59,718
	5,169	Micro Focus International plc		110,366
	601	NICE Systems, Ltd.		38,277
	1,409	Open Text Corp.		57,107
	5,783	PlayTech plc		74,289
	19,513	Sage Group plc		157,081
	2,404	SAP AG		167,489
	2,151	SimCorp A/S		85,677
	2,217	Software AG		60,757
	1,900	Square Enix Holdings Co., Ltd.		42,044
	1,992	Temenos Group AG^		65,819
	1,300	Trend Micro, Inc.		44,760
	5,915	UbiSoft Entertainment SA*		105,565

				1,663,865

	Specialty Retail (1.5%):
	1,200	Adastria Co., Ltd.		42,897
	1,800	Aoyama Trading Co., Ltd.		72,748
	10,955	Automotive Holdings Group, Ltd.		33,686
	4,100	BIC Camera, Inc.^		51,632
	2,464	Bilia AB		43,876
	18,000	Chow Sang Sang Holdings Intern		35,994
	2,205	Clas Ohlson AB		38,721
	4,700	DCM Holdings Co., Ltd.		46,023
	32,869	Dixons Carphone plc		233,997
	990	Dufry AG, Registered Shares*		137,717
	3,195	Dunelm Group plc		45,504
	4,900	Edion Corp.		34,697
	63,300	Esprit Holdings, Ltd.		59,250
	400	Fast Retailing Co., Ltd.		181,462
	534	Fielmann AG		36,283
	76,000	Giordano International, Ltd.		40,981
	602	Groupe FNAC SA*		36,148
	5,232	Halfords Group plc		43,373
	4,280	Hennes & Mauritz AB, B Shares		164,626
	20,566	Howden Joinery Group plc		167,049
	3,933	Industria de Diseno Textil SA		128,242
	2,973	JB Hi-Fi, Ltd.		44,616
	4,170	JD Sports Fashion plc^		46,348
	25,013	Kingfisher plc		136,241
	1,600	Komeri Co., Ltd.		36,590
	2,100	K’s Holding Corp.		75,650
	13,250	L’occitane International SA		37,761
	19,046	Lookers plc		47,398
	21,000	Luk Fook Holdings International, Ltd.		61,579
	900	Nitori Co., Ltd.		73,203
	76,677	Pendragon plc		45,785
	3,895	Premier Investments, Ltd.		38,403
	2,779	Rona, Inc.		33,781
	1,500	Sanrio Co., Ltd.		40,717
	2,400	Shimachu Co., Ltd.		69,090
	1,000	Shimamura Co., Ltd.^		104,869


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	9,000	Sports Direct International*	$	101,476
	4,622	Super Retail Group, Ltd.		32,426
	2,528	Supergroup plc*		48,794
	2,400	USS Co., Ltd.		43,254
	155	Valora Holding AG		30,420
	2,800	VT Holdings Co., Ltd.		16,752
	4,080	WHSmith plc		97,880
	11,600	Yamada Denki Co., Ltd.		46,378

				2,984,317

	Technology Hardware, Storage & Peripherals (0.8%):
	10,460	BlackBerry, Ltd.*		85,519
	6,400	Brother Industries, Ltd.		90,553
	6,600	Canon, Inc.		214,192
	2,700	Fujifilm Holdings Corp.		96,419
	12,300	Konica Minolta Holdings, Inc.		143,979
	7,998	Logitech International SA		117,251
	84,000	NEC Corp.		254,452
	727	Neopost		31,269
	23,500	Ricoh Co., Ltd.		243,596
	8,300	Seiko Epson Corp.		147,053
	9,000	Toshiba Tec Corp.		48,620
	6,800	Wacom Co., Ltd./Japan		24,681
	873	Wincor Nixdorf AG		34,375

				1,531,959

	Textiles, Apparel & Luxury Goods (1.8%):
	2,364	Adidas AG		180,892
	4,816	Burberry Group plc		119,026
	381	Christian Dior SA		74,319
	7,012	Compagnie Financiere Richemont SA, Registered Shares		571,729
	1,059	Gerry Weber International AG		24,347
	1,311	Gildan Activewear, Inc.		43,578
	280,000	Global Brands Group Holdings, Ltd.*		58,747
	121	Hermes International SA		45,107
	1,437	Hugo Boss AG		160,532
	1,307	Kering		233,109
	88,358	Li & Fung, Ltd.		69,999
	643	Luxottica Group SpA		42,778
	1,520	LVMH Moet Hennessy Louis Vuitton SA		266,050
	7,000	Onward Holdings Co., Ltd.		48,188
	3,085	Pandora A/S		331,010
	6,400	Prada SpA		30,800
	1,139	Salvatore Ferragamo Italia SpA		34,185
	27,600	Samsonite International SA		95,558
	9,000	Seiko Holdings Corp.		45,565
	28,000	Stella International Holdings, Ltd.		66,667
	992	Swatch Group AG (The), Registered Shares		74,331
	546	Swatch Group AG (The)		212,997
	973	Ted Baker plc		44,551
	36,000	Texwinca Holdings, Ltd.		38,076
	404	Tod’s SpA		38,343
	6,000	Wacoal Holdings Corp.		70,123
	27,500	Yue Yuen Industrial Holdings, Ltd.		91,754

				3,112,361


Shares			Fair Value
	Common Stocks, continued
	Thrifts & Mortgage Finance (0.1%):
	2,931	Aareal Bank AG	$	115,034
	998	Genworth MI Canada, Inc.		26,213

				141,247

	Tobacco (0.5%):
	4,333	British American Tobacco plc, ADR		469,047
	4,473	Imperial Tobacco Group plc		215,912
	4,800	Japan Tobacco, Inc.		170,844
	2,105	Swedish Match AB, Class B		59,828

				915,631

	Trading Companies & Distributors (1.7%):
	2,637	Addtech AB		40,152
	21,185	Ashtead Group plc		366,310
	894	Baywa AG		30,293
	378	Bossard Holding AG		43,634
	5,890	Brammer plc		28,593
	2,932	Brenntag AG		168,028
	4,067	Bunzl plc		111,169
	1,879	Cramo OYJ		36,223
	6,511	Diploma plc		82,710
	6,630	Finning International, Inc.		124,711
	7,080	Grafton Group plc		86,257
	11,000	Hanwa Co., Ltd.		51,713
	1,200	Inaba Denki Sangyo Co., Ltd.		41,759
	1,100	Indutrade AB^		50,585
	11,200	ITOCHU Corp.		147,861
	13,000	Iwatani Corp.		82,274
	1,700	Kanamoto Co., Ltd.		43,065
	24,000	Kanematsu Corp.		41,877
	3,554	Kloeckner & Co. SE		32,131
	22,100	Marubeni Corp.		126,635
	5,100	Misumi Group, Inc.		72,331
	9,800	Mitsubishi Corp.		215,232
	12,100	Mitsui & Co., Ltd.		164,113
	4,700	Nagase & Co., Ltd.		64,742
	163,100	Noble Group, Ltd.		92,025
	4,540	Ramirent OYJ		33,105
	9,869	Rexel SA		159,316
	224	Richelieu Hardware, Ltd.		11,270
	1,801	Russel Metals, Inc.		32,781
	26,046	SIG plc		81,961
	41,600	Sojitz Corp.		100,881
	8,100	Sumitomo Corp.		94,086
	1,900	Toromont Industries, Ltd.		47,530
	8,700	Toyota Tsushu Corp.		233,353
	8,935	Travis Perkins plc		295,968
	3,215	Wolseley plc		204,986

				3,639,660

	Transportation Infrastructure (0.6%):
	4,320	Abertis Infraestructuras SA		70,772
	384	Aeroports de Paris		43,360
	4,450	Atlantia SpA		109,811
	27,490	Auckland International Airport, Ltd.		91,832
	17,210	BBA Aviation plc		81,496


Shares			Fair Value
	Common Stocks, continued
	Transportation Infrastructure, continued
	192	Flughafen Zuerich AG	$	148,358
	1,200	Fraport AG		75,340
	3,270	Groupe Eurotunnel SA		47,323
	1,679	Hamburger Hafen- Und Logistik AG		33,971
	129,000	Hutchison Port Holdings Trust		81,213
	9,000	Kamigumi Co., Ltd.		84,347
	5,000	Mitsubishi Logistics Corp.		65,655
	20,665	Qube Holdings, Ltd.		37,134
	15,500	SATS, Ltd.		42,476
	3,463	SIAS SpA		36,951
	8,000	Sumitomo Warehouse Co., Ltd. (The)		44,679
	8,572	Sydney Airport		32,765
	12,219	Transurban Group		87,182
	1,114	Westshore Terminals Investment Corp.		27,127

				1,241,792

	Water Utilities (0.2%):
	11,156	Pennon Group plc		141,975
	4,217	Severn Trent plc		137,761
	5,368	United Utilities Group plc		75,198

				354,934

	Wireless Telecommunication Services (1.1%):
	3,844	Freenet AG		129,426
	7,400	KDDI Corp.		177,991
	13,000	M1, Ltd./Singapore		31,277
	452	Millicom International Cellular SA, SDR		33,320
	2,104	Mobistar SA*		39,845
	23,100	NTT DoCoMo, Inc.		442,050
	1,708	Rogers Communications, Inc., Class B		60,685
	4,200	SoftBank Group Corp.		247,215
	10,900	StarHub, Ltd.		31,930
	12,183	Tele2 AB		141,495
	182,837	Vodafone Group plc		666,613

				2,001,847

	Total Common Stocks (Cost $188,892,395)			182,144,109

	Preferred Stocks (0.5%):
	Automobiles (0.5%):
	955	Bayerische Motoren Werke AG (BMW), Preferred Shares		80,808
	1,528	Porsche Automobil Holding SE, Preferred Shares		128,669
	3,007	Volkswagen AG, Preferred Shares		696,982

				906,459

	Household Products (0.0%):
	630	Henkel AG & Co. KGaA, Preferred Shares		70,642

	Total Preferred Stocks (Cost $1,063,231)			977,101

	Rights (0.0%):
	Construction & Engineering (0.0%):
	8,050	Sacyr SA*		915

	Machinery (0.0%):
	3,584	Zardoya Otis SA*		1,562

	Metals & Mining (0.0%):
	5,689	Acerinox SA*		2,531


Shares or Principal Amount			Fair Value
	Rights, continued
	Oil Gas & Consumable Fuels (0.0%):
	14,231	Repsol SA*	$	7,377

	Real Estate Management & Development (0.0%):
	10,906	Citycon OYJ*		1,197

	Total Rights (Cost $—)			13,582

	Securities Held as Collateral for Securities on Loan (1.3%):
$	2,463,761	Allianz Variable Insurance Products Securities Lending Collateral Trust(b)		2,463,761

	Total Securities Held as Collateral for Securities on Loan (Cost $2,463,761)			2,463,761

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	192,648,682

Investment securities, at value*	$	185,827,848
Cash		3,528
Interest and dividends receivable		338,228
Foreign currency, at value (cost $991,793)		991,848
Receivable for capital shares issued		28,351
Reclaims receivable		59,611

Total Assets		187,249,414

Liabilities:
Payable for collateral received on loaned securities		2,463,761
Manager fees payable		116,555
Administration fees payable		6,126
Distribution fees payable		38,852
Custodian fees payable		26,059
Administrative and compliance services fees payable		188
Trustee fees payable		746
Other accrued liabilities		3,474

Total Liabilities		2,655,761

Net Assets	$	184,593,653

Net Assets Consist of:
Capital	$	190,154,726
Accumulated net investment income/(loss)		1,099,710
Accumulated net realized gains/(losses) from investment transactions		161,920
Net unrealized appreciation/(depreciation) on investments		(6,822,703	)

Net Assets	$	184,593,653

Shares of beneficial interest (unlimited number of shares authorized, no par value)		19,017,961
Net Asset Value (offering and redemption price per share)	$	9.71

*	Includes securities on loan of $2,318,348.

Statement of Operations

For the Period Ended June 30, 2015 (a)

(Unaudited)


Investment Income:
Dividends	$	1,713,083
Income from securities lending		559
Foreign withholding tax		(221,720	)

Total Investment Income		1,491,922

Expenses:
Manager fees		324,002
Administration fees		17,761
Distribution fees		85,263
Custodian fees		28,290
Administrative and compliance services fees		204
Trustee fees		1,065
Professional fees		982
Shareholder reports		2,555
Other expenses		302

Total expenses before reductions		460,424
Less expenses voluntarily waived/reimbursed by the Manager		(68,212	)

Net expenses		392,212

Net Investment Income/(Loss)		1,099,710

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		161,920
Change in net unrealized appreciation/depreciation on investments		(6,822,703	)

Net Realized/Unrealized Gains/(Losses) on Investments		(6,660,783	)

Change in Net Assets Resulting From Operations	$	(5,561,073	)

(a)	For the period April 27, 2015 (commencement of operations) to June 30, 2015.

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA International Core Equity Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $225 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Dimensional Fund Advisors LP (“DFA”), DFA provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. Prior to April 1, 2015, Citi also served as transfer agent under the same agreement. The Administrator was entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. Beginning January 1, 2015, these reductions are no longer applicable to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $146 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $192,648,682. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Based upon the information provided, the Trustees determined that there was no evidence that the anticipated profitability to DFA from being the Subadviser to the DFA Funds was excessive.

As a shareholder of the AZL DFA U.S. Core Equity Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (99.6%):
	Aerospace & Defense (2.6%):
	1,674	AAR Corp.	$	53,350
	4,560	Aerojet Rocketdyne Holdings, Inc.*^		93,982
	1,321	AeroVironment, Inc.*		34,452
	418	American Science & Engineering, Inc.		18,313
	931	Astronics Corp.*		65,999
	3,020	BE Aerospace, Inc.		165,798
	18,295	Boeing Co. (The)		2,537,881
	1,002	Breeze-Eastern Corp.*		11,523
	685	CPI Aerostructures, Inc.*		6,857
	1,527	Cubic Corp.		72,655
	3,375	Curtiss-Wright Corp.		244,485
	5,683	DigitalGlobe, Inc.*		157,931
	1,181	Engility Holdings, Inc.*		29,714
	2,068	Esterline Technologies Corp.*		197,163
	6,630	General Dynamics Corp.		939,405
	2,423	HEICO Corp., Class A		123,016
	1,641	HEICO Corp.^		95,670
	6,300	Hexcel Corp.		313,362
	16,546	Honeywell International, Inc.		1,687,196
	2,439	Huntington Ingalls Industries, Inc.		274,607
	3,993	KLX, Inc.*		176,211
	4,471	Kratos Defense & Security Solutions, Inc.*		28,167
	3,721	L-3 Communications Holdings, Inc.		421,887
	1,019	LMI Aerospace, Inc.*^		10,200
	7,202	Lockheed Martin Corp.		1,338,852
	140	Moog, Inc., Class B*		9,771
	2,746	Moog, Inc., Class A*		194,087
	4,413	Northrop Grumman Corp.		700,034
	4,794	Orbital Atk, Inc.		351,688
	3,765	Precision Castparts Corp.		752,511
	7,236	Raytheon Co.		692,340
	5,248	Rockwell Collins, Inc.^		484,653
	3,691	Spirit AeroSystems Holdings, Inc., Class A*		203,411
	2,334	Teledyne Technologies, Inc.*		246,260
	10,903	Textron, Inc.		486,601
	1,412	TransDigm Group, Inc.*		317,234
	3,379	Triumph Group, Inc.		222,980
	20,178	United Technologies Corp.		2,238,345

				15,998,591

	Air Freight & Logistics (0.8%):
	4,941	Air Transport Services Group, Inc.*		51,831
	2,000	Atlas Air Worldwide Holdings, Inc.*		109,920
	5,902	C.H. Robinson Worldwide, Inc.		368,226
	1,026	Echo Global Logistics, Inc.*^		33,509
	5,128	Expeditors International of Washington, Inc.		236,426
	9,248	FedEx Corp.		1,575,859
	1,779	Forward Air Corp.		92,971
	2,393	Hub Group, Inc.*^		96,534
	1,058	Park-Ohio Holdings Corp.		51,271
	3,266	Radiant Logistics, Inc.*^		23,874
	18,987	United Parcel Service, Inc., Class B		1,840,030
	7,951	UTI Worldwide, Inc.*^		79,430
	4,593	XPO Logistics, Inc.*		207,512

				4,767,393


Shares			Fair Value
	Common Stocks, continued
	Airlines (0.7%):
	7,723	Alaska Air Group, Inc.	$	497,593
	998	Allegiant Travel Co.		177,524
	18,817	American Airlines Group, Inc.		751,457
	2,516	Copa Holdings SA, Class A^		207,796
	19,429	Delta Air Lines, Inc.		798,143
	5,008	Hawaiian Holdings, Inc.*^		118,940
	20,928	JetBlue Airways Corp.*^		434,465
	15,984	Southwest Airlines Co.		528,911
	5,511	Spirit Airlines, Inc.*		342,233
	10,884	United Continental Holdings, Inc.*		576,961

				4,434,023

	Auto Components (0.9%):
	4,688	American Axle & Manufacturing Holdings, Inc.*^		98,026
	3,449	Autoliv, Inc.^		402,671
	8,910	BorgWarner, Inc.		506,444
	5,300	Cooper Tire & Rubber Co.		179,299
	1,615	Cooper-Standard Holding, Inc.*^		99,274
	15,676	Dana Holding Corp.		322,612
	8,299	Delphi Automotive plc		706,162
	1,483	Drew Industries, Inc.		86,044
	6,922	Federal Mogul Holdings Corp.*		78,565
	2,274	Fox Factory Holding Corp.*		36,566
	1,458	Fuel Systems Solutions, Inc.*^		10,906
	15,509	Gentex Corp.		254,658
	2,720	Gentherm, Inc.*		149,355
	21,106	Goodyear Tire & Rubber Co.		636,346
	12,402	Johnson Controls, Inc.		614,271
	3,653	Lear Corp.		410,086
	3,637	Modine Manufacturing Co.*		39,025
	1,190	Motorcar Parts of America, Inc.*		35,807
	2,420	Remy International, Inc.		53,506
	2,574	Spartan Motors, Inc.^		11,789
	1,736	Standard Motor Products, Inc.		60,968
	1,582	Stoneridge, Inc.*		18,525
	275	Strattec Security Corp.		18,893
	3,446	Tenneco, Inc.*		197,938
	1,187	Tower International, Inc.*		30,921
	4,052	Visteon Corp.*		425,379

				5,484,036

	Automobiles (0.6%):
	123,486	Ford Motor Co.		1,853,524
	36,273	General Motors Co.		1,208,979
	7,133	Harley-Davidson, Inc.		401,945
	597	Tesla Motors, Inc.*		160,151
	3,270	Thor Industries, Inc.		184,036
	1,652	Winnebago Industries, Inc.^		38,971

				3,847,606

	Banks (6.2%):
	913	1st Constitution Bancorp*		10,490
	1,873	1st Source Corp.		63,907
	691	Access National Corp.		13,433
	504	ACNB Corp.^		10,488
	661	American National Bankshares, Inc.		15,738
	587	American River Bankshares*		5,471


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	2,147	Ameris Bancorp	$	54,298
	704	Ames National Corp.^		17,670
	840	Arrow Financial Corp.		22,705
	9,304	Associated Banc-Corp.^		188,592
	1,178	BancFirst Corp.		77,100
	7,916	BancorpSouth, Inc.		203,916
	198,718	Bank of America Corp.		3,382,179
	1,799	Bank of Commerce Holdings		10,308
	2,907	Bank of Hawaii Corp.^		193,839
	451	Bank of Marin Bancorp		22,942
	3,947	Bank of the Ozarks, Inc.^		180,575
	6,397	BankUnited, Inc.		229,844
	1,432	Banner Corp.		68,636
	459	Bar Harbor Bankshares		16,262
	826	Baylake Corp.		10,449
	13,940	BB&T Corp.		561,921
	6,899	BBCN Bancorp, Inc.		102,036
	842	BCB Bancorp, Inc.		10,289
	2,507	Berkshire Hills Bancorp, Inc.		71,399
	1,852	BNC Bancorp		35,799
	3,062	BOK Financial Corp.^		213,054
	7,445	Boston Private Financial Holdings, Inc.		99,837
	668	Bridge Bancorp, Inc.		17,829
	1,162	Bryn Mawr Bank Corp.		35,046
	689	BSB Bancorp, Inc.*		15,234
	74	C&F Financial Corp.		2,742
	562	Camden National Corp.		21,749
	2,300	Capital Bank Financial Corp.*		66,861
	1,309	Capital City Bank Group, Inc.^		19,988
	1,814	Cardinal Financial Corp.		39,527
	5,492	Cascade Bancorp*		28,449
	6,541	Cathay General Bancorp		212,255
	3,426	Centerstate Banks, Inc.		46,285
	3,302	Central Pacific Financial Corp.		78,423
	933	Central Valley Community Bancorp		11,037
	273	Century Bancorp, Inc.		11,100
	2,492	Chemical Financial Corp.		82,386
	377	Chemung Financial Corp.		9,983
	4,961	CIT Group, Inc.		230,637
	57,459	Citigroup, Inc.		3,174,035
	943	Citizens & Northern Corp.^		19,379
	552	Citizens Holding Co.		11,471
	1,304	City Holding Co.^		64,222
	938	Civista Bancshares, Inc.		10,130
	1,096	CNB Financial Corp.		20,166
	3,178	CoBiz Financial, Inc.		41,536
	69	Codorus Valley Bancorp, Inc.		1,396
	56	Colony Bankcorp, Inc.*		504
	4,847	Columbia Banking System, Inc.		157,721
	5,001	Comerica, Inc.		256,651
	6,795	Commerce Bancshares, Inc.^		317,802
	368	Community Bank shares of Indiana, Inc.		10,072
	3,075	Community Bank System, Inc.^		116,143
	2,277	Community Bankers Trust Corp.*		11,317
	1,325	Community Trust Bancorp, Inc.		46,203


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	1,798	CommunityOne Bancorp*^	$	19,364
	2,266	ConnectOne Bancorp, Inc.		48,787
	1,273	CU Bancorp*		28,210
	3,565	Cullen/Frost Bankers, Inc.^		280,138
	2,643	Customers Bancorp, Inc.*		71,070
	6,990	CVB Financial Corp.^		123,094
	408	DNB Financial Corp.		10,339
	1,882	Eagle Bancorp, Inc.*		82,733
	8,775	East West Bancorp, Inc.		393,296
	1,692	Eastern Virginia Bankshares, Inc.		10,677
	1,529	Enterprise Financial Services Corp.		34,815
	312	Evans Bancorp, Inc.		7,566
	14,308	F.N.B. Corp.		204,891
	569	Farmers Capital Bank Corp.*		16,177
	1,329	Farmers National Banc Corp.^		10,964
	1,636	Fidelity Southern Corp.		28,532
	34,213	Fifth Third Bancorp		712,315
	1,053	Financial Institutions, Inc.		26,157
	1,497	First Bancorp		24,970
	16,004	First Bancorp*		77,139
	814	First Bancorp, Inc.^		15,824
	6,605	First Busey Corp.		43,395
	332	First Business Financial Services, Inc.		15,564
	633	First Citizens BancShares, Inc., Class A^		166,504
	1,419	First Community Bankshares		25,854
	1,217	First Connecticut Bancorp, Inc.		19,314
	4,645	First Financial Bancorp		83,331
	967	First Financial Corp.		34,580
	14,360	First Horizon National Corp.^		225,021
	1,650	First Interstate BancSystem^		45,771
	2,874	First Merchants Corp.		70,988
	5,901	First Midwest Bancorp, Inc.		111,942
	1,043	First NBC Bank Holding Co.*		37,548
	21,539	First Niagara Financial Group, Inc.		203,328
	5,994	First Republic Bank		377,802
	1,283	First South Bancorp		10,136
	10,120	FirstMerit Corp.^		210,800
	2,253	Flushing Financial Corp.		47,336
	14,664	Fulton Financial Corp.		191,512
	877	German American Bancorp, Inc.^		25,828
	4,261	Glacier Bancorp, Inc.		125,359
	1,035	Great Southern Bancorp, Inc.		43,615
	1,174	Guaranty Bancorp		19,383
	6,125	Hancock Holding Co.^		195,449
	2,408	Hanmi Financial Corp.		59,815
	37	Hawthorn Bancshares, Inc.		536
	1,375	Heartland Financial USA, Inc.		51,178
	2,292	Heritage Financial Corp.		40,958
	2,568	Heritage Oaks Bancorp		20,210
	2,010	Hertiage Commerce Corp.		19,316
	7,010	Hilltop Holdings, Inc.*		168,871
	4,464	Home Bancshares, Inc.		163,204
	1,540	Hometrust Bancshares, Inc.*		25,810
	700	Horizon Bancorp		17,472


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	36,469	Huntington Bancshares, Inc.	$	412,464
	3,185	IBERIABANK Corp.		217,313
	1,483	Independent Bank Corp.		69,538
	1,288	Independent Bank Group, Inc.^		55,255
	5,028	International Bancshares Corp.		135,102
	20,845	Investors Bancorp, Inc.		256,394
	70,758	JPMorgan Chase & Co.		4,794,561
	23,078	KeyCorp		346,632
	2,859	Lakeland Bancorp, Inc.		33,994
	1,104	Lakeland Financial Corp.		47,880
	396	Landmark Bancorp, Inc.		9,607
	712	LCNB Corp.		11,538
	2,565	LegacyTexas Financial Group, Inc.		77,463
	3,751	M&T Bank Corp.		468,612
	2,571	Macatawa Bank Corp.		13,626
	918	Mackinac Financial Corp.^		9,667
	1,644	Mainsource Financial Group, Inc.		36,086
	5,783	MB Financial, Inc.		199,167
	1,869	MBT Financial Corp.*		10,728
	1,293	Mercantile Bank Corp.		27,683
	471	Merchants Bancshares, Inc.		15,576
	555	Middleburg Financial Corp.		9,990
	638	MidWestone Financial Group, Inc.		21,003
	825	Monarch Financial Holdings, Inc.		10,354
	570	MutualFirst Financial, Inc.		13,241
	2,758	National Bank Holdings Corp.		57,449
	514	National Bankshares, Inc.^		15,040
	10,583	National Penn Bancshares, Inc.		119,376
	3,330	NBT Bancorp, Inc.^		87,146
	2,744	Newbridge Bancorp		24,504
	1,094	Northeast Bancorp		10,885
	510	Northrim Bancorp, Inc.^		13,071
	341	Norwood Financial Corp.^		9,998
	3,309	OFG Bancorp^		35,307
	440	Ohio Valley Banc Corp.		9,957
	819	Old Line Bancshares, Inc.		13,014
	8,828	Old National Bancorp^		127,653
	676	Old Point Financial Corp.		10,566
	2,225	Old Second Bancorp, Inc.*		14,685
	638	Orrstown Financial Services, Inc.		10,323
	1,339	Pacific Continental Corp.		18,117
	1,205	Pacific Mercantile Bancorp*		9,146
	1,234	Pacific Premier Bancorp, Inc.*		20,929
	5,617	PacWest Bancorp		262,651
	757	Palmetto Bancshares, Inc.^		14,966
	3,377	Park Sterling Corp.		24,314
	816	Parke Bancorp, Inc.		10,469
	1,165	Peapack-Gladstone Financial Corp.		25,886
	364	Penns Woods Bancorp, Inc.		16,049
	553	Peoples Bancorp		10,142
	1,361	Peoples Bancorp, Inc.		31,766
	18,826	People’s United Financial, Inc.^		305,169
	2,028	Pinnacle Financial Partners, Inc.		110,262
	11,136	PNC Financial Services Group, Inc.		1,065,158


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	6,383	Popular, Inc.*	$	184,214
	878	Preferred Bank Los Angeles		26,384
	689	Premier Financial Bancorp, Inc.		10,645
	5,202	PrivateBancorp, Inc.		207,144
	3,966	Prosperity Bancshares, Inc.		228,997
	606	QCR Holdings, Inc.		13,187
	37,339	Regions Financial Corp.		386,832
	2,391	Renasant Co.^		77,947
	1,417	Republic Bancorp, Inc.		36,417
	2,622	S & T Bancorp, Inc.		77,585
	348	Salisbury Bancorp, Inc.		10,858
	1,898	Sandy Spring Bancorp, Inc.		53,106
	1,879	Seacoast Banking Corp.*		29,688
	1,252	Select Bancorp, Inc.*		8,889
	1,113	Shore Bancshares, Inc.*		10,496
	1,028	Sierra Bancorp		17,795
	1,267	Signature Bank*		185,476
	1,703	Simmons First National Corp., Class A		79,496
	1,569	South State Corp.^		119,228
	583	Southern First Bancshares, Inc.*		10,436
	935	Southern National Bancorp		10,360
	1,447	Southwest Bancorp		26,929
	2,709	State Bank Financial Corp.		58,785
	6,781	Sterling Bancorp		99,681
	955	Stock Yards Bancorp, Inc.^		36,089
	884	Suffolk Bancorp		22,683
	557	Summit Financial Group, Inc.		6,244
	1,426	Sun Bancorp, Inc.*		27,451
	10,469	SunTrust Banks, Inc.		450,376
	2,891	SVB Financial Group*		416,246
	8,266	Synovus Financial Corp.		254,758
	2,000	Talmer Bancorp, Inc., Class A		33,500
	13,618	TCF Financial Corp.		226,195
	3,015	Texas Capital Bancshares, Inc.*		187,654
	2,831	The Bancorp, Inc.*		26,272
	611	The First Bancshares, Inc.		10,173
	1,049	The First of Long Island Corp.		29,078
	1,121	Tompkins Financial Corp.		60,220
	3,917	TowneBank^		63,808
	1,726	TriCo Bancshares		41,510
	2,154	Tristate Capital Holdings, Inc.*^		27,851
	5,128	Trustmark Corp.^		128,097
	94	Two River Bancorp		859
	34,152	U.S. Bancorp		1,482,197
	3,455	UMB Financial Corp.^		197,004
	13,520	Umpqua Holdings Corp.^		243,225
	3,371	Union Bankshares Corp.^		78,342
	384	Union Bankshares, Inc.^		10,034
	5,619	United Bankshares, Inc.		226,052
	1,102	United Security Bancshares*^		5,554
	38	Unity Bancorp, Inc.		372
	1,521	Univest Corp.		30,968
	17,576	Valley National Bancorp^		181,209
	1,113	Washington Trust Bancorp		43,941


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	622	WashingtonFirst Bankshare, Inc.	$	10,456
	5,614	Webster Financial Corp.		222,034
	93,620	Wells Fargo & Co.		5,265,188
	2,903	WesBanco, Inc.^		98,760
	1,062	West Bancorp		21,070
	1,687	Westamerica Bancorp^		85,447
	3,990	Western Alliance Bancorp*		134,702
	5,952	Wilshire Bancorp, Inc.		75,174
	3,976	Wintrust Financial Corp.		212,239
	190	Xenith Bankshares, Inc.*		1,142
	2,344	Yadkin Financial Corp.*		49,107
	5,989	Zions Bancorp		190,061

				38,877,633

	Beverages (1.6%):
	466	Boston Beer Co., Inc. (The), Class A*		108,107
	2,734	Brown-Forman Corp., Class B		273,892
	840	Brown-Forman Corp., Class A^		93,593
	545	Coca-Cola Bottling Co. Consolidated^		82,333
	91,177	Coca-Cola Co. (The)		3,576,874
	9,466	Coca-Cola Enterprises, Inc.		411,203
	2,448	Constellation Brands, Inc., Class A		284,017
	6,432	Dr Pepper Snapple Group, Inc.		468,893
	1,327	MGP Ingredients, Inc.		22,320
	4,461	Molson Coors Brewing Co., Class B		311,422
	4,112	Monster Beverage Corp.*		551,090
	2,018	National Beverage Corp.*		45,385
	39,574	PepsiCo, Inc.		3,693,838

				9,922,967

	Biotechnology (2.6%):
	1,911	Acadia Pharmaceuticals, Inc.*^		80,033
	734	Agios Pharmaceuticals, Inc.*^		81,577
	3,079	Alexion Pharmaceuticals, Inc.*		556,508
	1,675	Alkermes plc*		107,770
	1,138	Alnylam Pharmaceuticals, Inc.*		136,412
	13,648	Amgen, Inc.		2,095,241
	5,547	Biogen Idec, Inc.*		2,240,655
	2,117	BioMarin Pharmaceutical, Inc.*		289,563
	271	Biospecifics Technologies Corp.*		13,984
	4,351	Biota Pharmaceuticals, Inc.*		9,007
	813	Bluebird Bio, Inc.*^		136,885
	17,875	Celgene Corp.*		2,068,763
	1,376	Cepheid, Inc.*^		84,142
	2,582	Dyax Corp.*		68,423
	2,168	Emergent Biosolutions, Inc.*		71,436
	1,701	Enanta Pharmaceuticals, Inc.*^		76,528
	39,338	Gilead Sciences, Inc.		4,605,693
	4,915	Incyte Corp.*		512,192
	327	Intercept Pharmaceuticals, Inc.*		78,931
	1,779	Intrexon Corp.^		86,815
	1,582	Isis Pharmaceuticals, Inc.*^		91,044
	1,126	Ligand Pharmaceuticals, Inc., Class B*^		113,613
	3,111	Medivation, Inc.*		355,276
	1,599	Neurocrine Biosciences, Inc.*		76,368


Shares			Fair Value
	Common Stocks, continued
	Biotechnology, continued
	12,904	OPKO Health, Inc.*^	$	207,496
	432	Puma Biotechnology, Inc.*^		50,436
	611	Receptos, Inc.*		116,121
	1,498	Regeneron Pharmaceuticals, Inc.*		764,175
	2,380	Seattle Genetics, Inc.*^		115,192
	4,436	Targacept, Inc.*		12,376
	2,907	Tenax Therapeutics, Inc.*		10,727
	1,549	United Therapeutics Corp.*		269,449
	1,986	Vertex Pharmaceuticals, Inc.*		245,231
	289	ZIOPHARM Oncology, Inc.*^		3,463

				15,831,525

	Building Products (0.4%):
	4,957	A.O. Smith Corp.		356,805
	3,058	AAON, Inc.		68,866
	1,273	American Woodmark Corp.*		69,824
	1,604	Apogee Enterprises, Inc.		84,435
	3,557	Armstrong World Industries, Inc.*		189,517
	5,631	Builders FirstSource, Inc.*^		72,302
	521	Continental Building Products, Inc.*		11,040
	4,496	Fortune Brands Home & Security, Inc.		206,007
	708	Gibraltar Industries, Inc.*		14,422
	1,209	Insteel Industries, Inc.		22,608
	2,494	Lennox International, Inc.		268,579
	13,672	Masco Corp.		364,633
	3,362	NCI Building Systems, Inc.*		50,665
	933	Nortek, Inc.*		77,560
	8,468	Owens Corning, Inc.		349,305
	1,426	Patrick Industries, Inc.*		54,259
	3,615	PGT, Inc.*		52,454
	3,674	Ply Gem Holdings, Inc.*^		43,316
	1,925	Quanex Building Products Corp.		41,253
	2,822	Simpson Manufacturing Co., Inc.		95,948
	1,844	Trex Co., Inc.*^		91,149
	5,393	USG Corp.*^		149,871

				2,734,818

	Capital Markets (2.1%):
	1,653	Affiliated Managers Group, Inc.*		361,346
	3,326	Ameriprise Financial, Inc.		415,517
	2,502	Artisan Partners Asset Management, Inc.		116,243
	21,817	Bank of New York Mellon Corp. (The)		915,659
	2,198	BlackRock, Inc., Class A		760,464
	15,655	Charles Schwab Corp. (The)		511,136
	190	Diamond Hill Investment Group		37,935
	8,642	ETRADE Financial Corp.		258,828
	6,689	Eaton Vance Corp.		261,741
	6,954	Federated Investors, Inc., Class B^		232,889
	7,698	Franklin Resources, Inc.		377,433
	388	GAMCO Investors, Inc., Class A		26,659
	9,362	Goldman Sachs Group, Inc. (The)		1,954,691
	1,743	Greenhill & Co., Inc.		72,038
	302	Hennessy Advisors, Inc.		5,693
	2,119	HFF, Inc., Class A		88,426
	5,199	Interactive Brokers Group, Inc., Class A		216,070
	1,643	INTL FCStone, Inc.*		54,613


Shares			Fair Value
	Common Stocks, continued
	Capital Markets, continued
	11,615	Invesco, Ltd.	$	435,446
	2,572	Investment Technology Group, Inc.		63,786
	10,661	Janus Capital Group, Inc.^		182,516
	8,977	KCG Holdings, Inc.*^		110,686
	10,552	Ladenburg Thalmann Financial Services, Inc.*^		36,932
	6,335	Legg Mason, Inc.		326,443
	7,804	LPL Financial Holdings, Inc.^		362,808
	28,031	Morgan Stanley		1,087,322
	9,712	Northern Trust Corp.		742,580
	3,638	NorthStar Asset Management Group, Inc.		67,267
	1,024	Oppenheimer Holdings, Class A		26,911
	1,113	Pzena Investment Management, Inc.		12,299
	6,074	Raymond James Financial, Inc.		361,889
	1,544	Safeguard Scientifics, Inc.*		30,046
	4,367	SEI Investments Co.		214,114
	660	Silvercrest Asset Management Group, Inc., Class A^		9,280
	5,822	State Street Corp.		448,294
	4,214	Stifel Financial Corp.*		243,316
	6,198	T. Rowe Price Group, Inc.		481,771
	5,347	TD Ameritrade Holding Corp.		196,877
	7,585	Waddell & Reed Financial, Inc., Class A		358,846
	631	Westwood Holdings, Inc.		37,589
	6,557	WisdomTree Investments, Inc.^		144,025

				12,648,424

	Chemicals (2.9%):
	2,215	A. Schulman, Inc.		96,840
	4,079	Air Products & Chemicals, Inc.		558,130
	4,616	Airgas, Inc.		488,280
	1,170	Albemarle Corp.		64,666
	2,318	American Vanguard Corp.^		31,988
	1,970	Ashland, Inc.		240,143
	4,053	Axiall Corp.		146,111
	1,435	Balchem Corp.		79,958
	5,058	Cabot Corp.		188,613
	4,019	Calgon Carbon Corp.		77,888
	6,123	Celanese Corp., Series A		440,121
	15,470	CF Industries Holdings, Inc.		994,411
	691	Chase Corp.^		27,467
	6,548	Chemtura Corp.*		185,374
	578	Core Molding Technologies, Inc.*		13,202
	4,606	Cytec Industries, Inc.		278,801
	27,128	Dow Chemical Co. (The)		1,388,139
	20,167	E.I. du Pont de Nemours & Co.		1,289,679
	8,309	Eastman Chemical Co.		679,842
	6,340	Ecolab, Inc.		716,864
	4,423	FMC Corp.		232,429
	3,222	Futurefuel Corp.		41,467
	2,893	H.B. Fuller Co.		117,514
	702	Hawkins, Inc.		28,354
	20,298	Huntsman Corp.		447,977
	1,620	Innophos Holdings, Inc.		85,277
	1,833	Innospec, Inc.		82,558
	2,701	International Flavor & Fragrances, Inc.		295,192


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	743	KMG Chemicals, Inc.	$	18,902
	2,348	Kraton Performance Polymers, Inc.*		56,070
	4,741	Kronos Worldwide, Inc.^		51,961
	1,233	LSB Industries, Inc.*		50,356
	11,476	LyondellBasell Industries NV, Class A		1,187,996
	2,350	Minerals Technologies, Inc.		160,106
	11,117	Monsanto Co.		1,184,960
	15,602	Mosaic Co. (The)		730,954
	703	NewMarket Corp.		312,055
	5,884	Olin Corp.^		158,574
	3,546	Omnova Solutions, Inc.*		26,560
	5,797	Platform Speciality Products Corp.*		148,287
	6,775	PolyOne Corp.		265,377
	6,290	PPG Industries, Inc.		721,589
	7,814	Praxair, Inc.		934,164
	906	Quaker Chemical Corp.		80,489
	4,461	RPM International, Inc.		218,455
	3,461	Scotts Miracle-Gro Co. (The)		204,926
	1,417	Sensient Technologies Corp.		96,838
	2,307	Sherwin Williams Co.		634,471
	1,689	Stepan Co.		91,392
	1,627	Trecora Resources*^		24,568
	4,906	Tronox, Ltd., Class A		71,775
	3,240	Valspar Corp. (The)^		265,097
	2,909	W.R. Grace & Co.*		291,773
	3,468	Westlake Chemical Corp.		237,870

				17,542,850

	Commercial Services & Supplies (1.2%):
	3,737	ABM Industries, Inc.		122,835
	10,293	ACCO Brands Corp.*		79,977
	14,927	ADT Corp. (The)^		501,099
	4,271	ARC Document Solutions, Inc.*		32,502
	2,727	Brady Corp., Class A^		67,466
	1,886	Casella Waste Systems, Inc.*		10,580
	2,003	CECO Environmental Corp.		22,694
	3,896	Cintas Corp.		329,563
	4,474	Clean Harbors, Inc.*^		240,433
	8,112	Copart, Inc.*		287,814
	7,746	Covanta Holding Corp.		164,138
	4,117	Deluxe Corp.		255,254
	1,220	G&K Services, Inc., Class A		84,351
	4,520	Herman Miller, Inc.		130,764
	2,671	HNI Corp.^		136,622
	4,002	Interface, Inc.		100,250
	8,571	KAR Auction Services, Inc.		320,555
	2,829	Kimball International, Inc., Class B		34,401
	3,654	Knoll, Inc.		91,460
	1,875	Matthews International Corp., Class A		99,638
	2,011	McGrath Rentcorp		61,195
	2,641	Mobile Mini, Inc.		111,028
	2,304	MSA Safety, Inc.		111,767
	1,003	Multi-Color Corp.		64,072
	1,552	NL Industries, Inc.*^		11,500
	11,428	Pitney Bowes, Inc.		237,817


Shares			Fair Value
	Common Stocks, continued
	Commercial Services & Supplies, continued
	2,606	Quad Graphics, Inc.	$	48,237
	11,336	R.R. Donnelley & Sons Co.		197,586
	17,116	Republic Services, Inc., Class A		670,433
	12,227	Rollins, Inc.		348,836
	1,467	SP Plus Corp.*		38,303
	5,403	Steelcase, Inc., Class A		102,171
	2,252	Stericycle, Inc.*		301,565
	1,572	Team, Inc.*		63,273
	4,683	Tetra Tech, Inc.		120,072
	3,409	The Brink’s Co.		100,327
	2,299	Trc Companies, Inc.*		23,335
	7,765	Tyco International plc		298,797
	1,022	UniFirst Corp.		114,311
	1,309	US Ecology, Inc.^		63,774
	9,952	Waste Connections, Inc.		468,938
	11,930	Waste Management, Inc.		552,955
	5,156	West Corp.		155,196

				7,377,884

	Communications Equipment (1.3%):
	3,394	ADTRAN, Inc.		55,153
	1,072	Alliance Fiber Optic Products, Inc.^		19,886
	12,243	Arris Group, Inc.*		374,636
	29,104	Brocade Communications Systems, Inc.		345,756
	1,318	CalAmp Corp.*^		24,067
	3,965	Calix, Inc.*		30,174
	7,195	Ciena Corp.*^		170,378
	105,076	Cisco Systems, Inc.		2,885,386
	15,261	CommScope Holding Co., Inc.*		465,612
	316	Communications Systems, Inc.		3,321
	2,952	EchoStar Corp., Class A*		143,703
	2,442	EMCORE Corp.*		14,701
	2,366	F5 Networks, Inc.*		284,748
	5,961	Finisar Corp.*^		106,523
	7,060	Harmonic, Inc.*		48,220
	4,123	Harris Corp.		317,100
	2,791	InterDigital, Inc.^		158,780
	4,483	Ixia*		55,769
	11,482	Juniper Networks, Inc.		298,188
	909	KVH Industries, Inc.*		12,226
	2,200	Motorola Solutions, Inc.		126,148
	2,590	NETGEAR, Inc.*		77,752
	1,082	Numerex Corp., Class A*^		9,240
	1,097	Palo Alto Networks, Inc.*^		191,646
	1,949	Plantronics, Inc.		109,748
	7,530	Polycom, Inc.*		86,143
	21,754	QUALCOMM, Inc.		1,362,452
	2,608	Ruckus Wireless, Inc.*^		26,967
	2,186	ViaSat, Inc.*^		131,728

				7,936,151

	Construction & Engineering (0.5%):
	8,556	Aecom Technology Corp.*^		283,032
	800	Aegion Corp.*		15,152
	2,172	Ameresco, Inc., Class A*^		16,616


Shares			Fair Value
	Common Stocks, continued
	Construction & Engineering, continued
	1,245	Argan, Inc.	$	50,211
	9,571	Chicago Bridge & Iron Co. NV^		478,933
	3,167	Comfort Systems USA, Inc.		72,683
	2,560	Dycom Industries, Inc.*^		150,656
	4,493	Emcor Group, Inc.		214,631
	6,962	Fluor Corp.		369,056
	2,615	Furmanite Corp.*		21,234
	2,241	Granite Construction, Inc.		79,578
	1,221	Integrated Electrical Services, Inc.*		8,669
	7,332	Jacobs Engineering Group, Inc.*^		297,826
	8,113	KBR, Inc.		158,041
	1,578	MYR Group, Inc.*		48,855
	574	NV5 Holdings, Inc.*		13,925
	2,101	Orion Marine Group, Inc.*		15,169
	11,687	Quanta Services, Inc.*		336,819

				2,631,086

	Construction Materials (0.2%):
	3,233	Eagle Materials, Inc.		246,775
	4,198	Headwaters, Inc.*		76,488
	1,929	Martin Marietta Materials, Inc.^		272,973
	353	U.S. Lime & Minerals, Inc.		20,516
	1,308	US Concrete, Inc.*		49,560
	3,797	Vulcan Materials Co.		318,682

				984,994

	Consumer Finance (0.9%):
	21,738	American Express Co.		1,689,477
	1,222	Asta Funding, Inc.*		10,240
	12,087	Capital One Financial Corp.		1,063,293
	2,740	Cash America International, Inc.		71,761
	1,912	Consumer Portfolio Services, Inc.*^		11,950
	1,440	Credit Acceptance Corp.*^		354,499
	15,168	Discover Financial Services		873,980
	1,968	Encore Capital Group, Inc.*^		84,112
	3,948	EZCORP, Inc., Class A*		29,334
	1,750	First Cash Financial Services, Inc.*		79,783
	28,462	Navient Corp.		518,293
	2,628	Nelnet, Inc.		113,819
	750	Nicholas Financial, Inc.*		9,540
	3,452	PRA Group, Inc.*^		215,094
	960	Regional Mgmt Corp.*		17,146
	3,911	Santander Consumer USA Holdings, Inc.*		100,004
	25,434	SLM Corp.*		251,034
	4,946	Springleaf Holdings, Inc.*		227,071

				5,720,430

	Containers & Packaging (0.8%):
	480	AEP Industries, Inc.*		26,496
	5,032	AptarGroup, Inc.		320,891
	8,497	Avery Dennison Corp.		517,807
	5,487	Ball Corp.		384,913
	8,105	Bemis Co., Inc.		364,806
	4,924	Berry Plastics Group, Inc.*		159,538
	3,728	Crown Holdings, Inc.*		197,248


Shares			Fair Value
	Common Stocks, continued
	Containers & Packaging, continued
	31,666	Graphic Packaging Holding Co.	$	441,107
	1,310	Greif, Inc., Class B^		53,055
	1,930	Greif, Inc., Class A^		69,191
	2,608	Myers Industries, Inc.		49,552
	14,800	Owens-Illinois, Inc.*		339,512
	5,763	Packaging Corp. of America		360,130
	8,366	Rock-Tenn Co., Class A		503,633
	8,276	Sealed Air Corp.		425,221
	5,736	Silgan Holdings, Inc.^		302,631
	8,155	Sonoco Products Co.		349,523
	538	UFP Technologies, Inc.*^		11,255

				4,876,509

	Distributors (0.2%):
	1,561	Core Markt Holdngs Co., Inc.		92,489
	5,041	Genuine Parts Co.		451,322
	12,475	LKQ Corp.*		377,306
	2,491	Pool Corp.		174,818
	1,621	VOXX International Corp.*		13,422
	811	Weyco Group, Inc.^		24,184

				1,133,541

	Diversified Consumer Services (0.3%):
	1,304	American Public Education, Inc.*		33,539
	3,117	Bright Horizons Family Solutions, Inc.*		180,163
	3,401	Cambium Learning Group, Inc.*		14,522
	918	Capella Education Co.		49,269
	5,222	Career Education Corp.*		17,233
	1,464	Carriage Services, Inc.		34,960
	506	Collectors Universe, Inc.		10,090
	270	Graham Holdings Co., Class B		290,264
	3,582	Grand Canyon Education, Inc.*		151,877
	10,916	H&R Block, Inc.		323,659
	8,124	Houghton Mifflin Harcourt Co.*		204,725
	2,988	K12, Inc.*		37,798
	895	Liberty Tax, Inc.		22,151
	2,211	National American University Holdings, Inc.		6,434
	16,159	Service Corp. International		475,558
	4,536	Sotheby’s^		205,209
	982	Steiner Leisure*		52,812
	622	Strayer Education, Inc.*		26,808
	1,696	Universal Technical Institute, Inc.		14,586

				2,151,657

	Diversified Financial Services (1.4%):
	35,399	Berkshire Hathaway, Inc., Class B*		4,818,158
	753	California First National Bancorp		10,158
	4,785	CBOE Holdings, Inc.		273,798
	6,484	CME Group, Inc.		603,401
	3,237	Gain Capital Holdings, Inc.^		30,946
	1,486	IntercontinentalExchange Group, Inc.		332,284
	10,465	Leucadia National Corp.		254,090
	1,798	MarketAxess Holdings, Inc.		166,800
	974	Marlin Business Services, Inc.		16,441
	7,751	McGraw-Hill Cos., Inc. (The)		778,588
	3,411	Moody’s Corp.		368,252


Shares			Fair Value
	Common Stocks, continued
	Diversified Financial Services, continued
	2,951	MSCI, Inc., Class A	$	181,634
	4,805	NASDAQ OMX Group, Inc. (The)		234,532
	3,621	Newstar Financial, Inc.*^		39,831
	1,763	PICO Holdings, Inc.*		25,951
	1,748	Resource America, Inc., Class A		14,701
	1,767	Tiptree Financial, Inc., Class A^		12,811
	6,436	Voya Financial, Inc.		299,081

				8,461,457

	Diversified Telecommunication Services (1.8%):
	117,486	AT&T, Inc.		4,173,103
	1,419	Atlantic Tele-Network, Inc.		98,025
	15,064	CenturyLink, Inc.		442,580
	12,621	Cincinnati Bell, Inc.*		48,212
	3,023	Cogent Communications Group, Inc.		102,298
	1,623	FairPoint Communications, Inc.*		29,571
	70,945	Frontier Communications Corp.		351,178
	3,714	General Communication, Inc., Class A*		63,175
	16,816	Globalstar, Inc.*		35,482
	815	Hawaiian Telcom Holdco, Inc.*		21,272
	1,994	IDT Corp.		36,052
	3,003	Inteliquent, Inc.		55,255
	4,444	Level 3 Communications, Inc.*		234,065
	1,975	Lumos Networks Corp.		29,210
	4,045	Orbcomm, Inc.*		27,304
	116,615	Verizon Communications, Inc.		5,435,425

				11,182,207

	Electric Utilities (1.2%):
	2,950	ALLETE, Inc.		136,851
	9,564	American Electric Power Co., Inc.		506,605
	12,398	Duke Energy Corp.		875,546
	6,122	Edison International		340,261
	2,442	El Paso Electric Co.		84,640
	2,643	Empire District Electric Co.^		57,617
	4,408	Entergy Corp.		310,764
	8,259	Eversource Energy		375,041
	16,319	Exelon Corp.		512,743
	9,988	FirstEnergy Corp.		325,109
	1,272	Genie Energy, Ltd., Class B		13,318
	9,652	Great Plains Energy, Inc.		233,192
	3,155	IDACORP, Inc.^		177,122
	9,481	ITC Holdings Corp.		305,099
	2,096	MGE Energy, Inc.^		81,178
	8,638	NextEra Energy, Inc.		846,782
	5,315	OGE Energy Corp.		151,850
	2,284	Otter Tail Power Co.^		60,754
	2,939	Pinnacle West Capital Corp.		167,200
	5,361	PNM Resources, Inc.		131,881
	5,276	Portland General Electric Co.^		174,952
	13,030	PPL Corp.		383,994
	15,845	Southern Co. (The)		663,906
	844	Unitil Corp.		27,869
	7,918	Westar Energy, Inc.		270,954

				7,215,228


Shares			Fair Value
	Common Stocks, continued
	Electrical Equipment (0.7%):
	1,157	Acuity Brands, Inc.	$	208,237
	926	Allied Motion Technologies, Inc.		20,798
	9,515	AMETEK, Inc.		521,232
	1,953	AZZ, Inc.		101,165
	3,229	Babcock & Wilcox Co. (The)		105,911
	6,460	Eaton Corp. plc		435,985
	15,630	Emerson Electric Co.		866,371
	1,574	Encore Wire Corp.		69,712
	3,345	EnerSys		235,120
	3,160	Franklin Electric Co., Inc.		102,163
	4,065	Generac Holdings, Inc.*^		161,584
	3,673	General Cable Corp.		72,468
	1,311	Global Power Equipment Group, Inc.^		10,173
	11,104	GrafTech International, Ltd.*		55,076
	215	Hubbell, Inc., Class A		23,177
	1,932	Hubbell, Inc., Class B		209,197
	1,831	LSI Industries, Inc.		17,102
	415	Power Solutions International, Inc.*		22,418
	1,248	Powersecure International, Inc.*		18,420
	400	Preformed Line Products Co.		15,088
	2,535	Regal-Beloit Corp.		184,016
	5,384	Rockwell Automation, Inc.^		671,062
	4,783	Sensata Technologies Holding NV*		252,255
	228	SL Industries, Inc.*		8,803
	1,790	Solarcity Corp.*^		95,855
	2,410	Thermon Group Holdings, Inc.*		58,009

				4,541,397

	Electronic Equipment, Instruments & Components (1.2%):
	10,547	Amphenol Corp., Class A		611,410
	2,510	Anixter International, Inc.*		163,527
	6,881	Arrow Electronics, Inc.*		383,960
	9,703	Avnet, Inc.		398,890
	12,048	AVX Corp.		162,166
	867	Badger Meter, Inc.^		55,046
	1,955	Belden CDT, Inc.		158,805
	8,162	CDW Corp.		279,793
	3,190	Checkpoint Systems, Inc.		32,474
	3,912	Cognex Corp.		188,167
	1,412	Coherent, Inc.*		89,634
	24,175	Corning, Inc.		476,973
	1,747	CUI Global, Inc.*^		8,840
	2,838	Daktronics, Inc.		33,659
	3,167	Dolby Laboratories, Inc., Class A		125,667
	516	DTS, Inc.*		15,733
	1,835	Electro Rent Corp.		19,928
	2,339	Electro Scientific Industries, Inc.		12,327
	2,696	Fabrinet*		50,496
	1,007	FARO Technologies, Inc.*		47,027
	1,256	FEI Co.		104,160
	7,218	FLIR Systems, Inc.		222,459
	640	Frequency Electronics, Inc.*		7,219
	1,955	GSI Group, Inc.*		29,384
	1,004	Identiv, Inc.*^		5,914
	4,641	II-VI, Inc.*		88,086


Shares			Fair Value
	Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	8,931	Ingram Micro, Inc., Class A*	$	223,543
	3,140	IPG Photonics Corp.*		267,450
	2,195	Itron, Inc.*		75,596
	14,490	Jabil Circuit, Inc.		308,492
	3,410	KEMET Corp.*		9,821
	11,265	Keysight Technologies, Inc.*		351,355
	1,036	Littlelfuse, Inc.		98,306
	2,613	Mercury Computer Systems, Inc.*		38,254
	214	Mesa Labs, Inc.^		19,025
	2,290	Methode Electronics, Inc., Class A		62,861
	567	MOCON, Inc.		9,044
	915	MTS Systems Corp.		63,089
	1,857	Multi-Fineline Electronix, Inc.*		40,594
	1,799	Napco Security Technologies, Inc.*		10,308
	5,833	National Instruments Corp.		171,840
	2,619	Newport Corp.*		49,656
	1,498	OSI Systems, Inc.*		106,043
	1,553	Park Electrochemical Corp.		29,755
	1,087	PCM, Inc.*		10,903
	772	Perceptron, Inc.*		8,152
	1,681	Planar Systems, Inc.*		7,329
	2,255	Plexus Corp.*		98,949
	4,858	RadiSys Corp.*		12,436
	2,153	Rofin-Sinar Technologies, Inc.*		59,423
	1,193	Rogers Corp.*		78,905
	6,195	Sanmina Corp.*		124,891
	2,157	ScanSource, Inc.*		82,095
	2,996	SYNNEX Corp.		219,277
	7,695	TE Connectivity, Ltd.		494,789
	11,016	Trimble Navigation, Ltd.*		258,435
	6,321	TTM Technologies, Inc.*		63,147
	585	Wayside Technology Group, Inc.		11,595
	1,769	Zebra Technologies Corp., Class A*		196,447

				7,433,549

	Energy Equipment & Services (1.0%):
	10,900	Cameron International Corp.*		570,833
	8,386	Diamond Offshore Drilling, Inc.^		216,443
	1,558	Era Group, Inc.*		31,908
	6,591	Forum Energy Technologies, Inc.*		133,665
	1,086	Gulf Island Fabrication, Inc.		12,131
	22,785	Halliburton Co.		981,350
	6,005	Helmerich & Payne, Inc.^		422,872
	1,750	Matrix Service Co.*		31,990
	935	Natural Gas Services Group*		21,337
	13,657	Noble Corp. plc		210,181
	8,208	Oceaneering International, Inc.		382,411
	9,357	Parker Drilling Co.*		31,065
	974	PHI, Inc.*		29,239
	6,920	Rowan Cos. plc, Class A		146,081
	13,318	RPC, Inc.^		184,188
	24,025	Schlumberger, Ltd.		2,070,715
	11,176	Superior Energy Services, Inc.		235,143

				5,711,552


Shares			Fair Value
	Common Stocks, continued
	Food & Staples Retailing (1.8%):
	3,779	Casey’s General Stores, Inc.	$	361,801
	1,143	Chefs’ Warehouse, Inc.*^		24,277
	10,463	Costco Wholesale Corp.		1,413,133
	20,762	CVS Health Corp.		2,177,519
	1,267	Ingles Markets, Inc., Class A		60,525
	13,560	Kroger Co. (The)		983,236
	1,720	Natural Grocers by Vitamin Cottage, Inc.*^		42,346
	1,852	PriceSmart, Inc.^		168,976
	27,665	Rite AID Corp.*		231,003
	674	SpartanNash Co.		21,932
	5,794	Sprouts Farmers Market, Inc.*^		156,322
	16,013	Supervalu, Inc.*		129,545
	14,041	Sysco Corp.		506,880
	3,347	United Natural Foods, Inc.*^		213,137
	738	Village Super Market, Inc.		23,387
	18,022	Walgreens Boots Alliance, Inc.		1,521,778
	38,438	Wal-Mart Stores, Inc.		2,726,408
	2,367	Weis Markets, Inc.		99,769
	9,659	Whole Foods Market, Inc.		380,951

				11,242,925

	Food Products (1.6%):
	13,576	Archer-Daniels-Midland Co.		654,635
	4,685	B&G Foods, Inc.^		133,663
	2,500	Boulder Brands, Inc.*^		17,350
	4,129	Bunge, Ltd.		362,526
	808	Calavo Growers, Inc.		41,959
	12,411	Campbell Soup Co.^		591,384
	7,455	ConAgra Foods, Inc.		325,933
	5,447	Dean Foods Co.		88,078
	2,089	Diamond Foods, Inc.*^		65,553
	1,004	Farmer Brothers Co.*		23,594
	13,535	Flowers Foods, Inc.^		286,265
	13,416	General Mills, Inc.		747,539
	2,962	Hain Celestial Group, Inc.*		195,077
	4,279	Hershey Co.		380,104
	5,968	Hormel Foods Corp.		336,416
	5,731	Ingredion, Inc.		457,391
	1,198	Inventure Foods, Inc.*^		12,160
	1,150	J & J Snack Foods Corp.		127,271
	5,227	J.M. Smucker Co. (The)		566,659
	300	John B Sanfilippo And Son, Inc.		15,570
	6,185	Kellogg Co.		387,800
	1,671	Lancaster Colony Corp.		151,810
	3,829	McCormick & Co.		309,958
	389	McCormick & Co., Inc.		31,536
	5,324	Mead Johnson Nutrition Co.		480,331
	22,092	Mondelez International, Inc., Class A		908,864
	4,778	Pilgrim’s Pride Corp.		109,751
	9,318	Pinnacle Foods, Inc.		424,342
	3,941	Post Holdings, Inc.*		212,538
	43	Seaboard Corp.*		154,757
	677	Seneca Foods Corp., Class A*		18,800
	4,064	Snyders-Lance, Inc.		131,145
	2,430	TreeHouse Foods, Inc.*		196,903


Shares			Fair Value
	Common Stocks, continued
	Food Products, continued
	12,982	Tyson Foods, Inc., Class A	$	553,423
	4,692	WhiteWave Foods Co., Class A*		229,345

				9,730,430

	Gas Utilities (0.5%):
	7,858	AGL Resources, Inc.		365,868
	6,637	Atmos Energy Corp.		340,345
	900	Chesapeake Utilities Corp.		48,465
	519	Delta Natural Gas Co., Inc.		10,432
	1,024	Gas Natural, Inc.		10,547
	5,114	National Fuel Gas Co.^		301,163
	5,713	New Jersey Resources Corp.		157,393
	1,671	Northwest Natural Gas Co.		70,483
	3,527	ONE Gas, Inc.^		150,109
	5,305	Piedmont Natural Gas Co., Inc.		187,320
	11,558	Questar Corp.		241,678
	155	RGC Resources, Inc.^		3,100
	4,168	South Jersey Industries, Inc.		103,075
	2,850	Southwest Gas Corp.		151,649
	2,633	The Laclede Group, Inc.^		137,074
	12,086	UGI Corp.		416,362
	3,316	WGL Holdings, Inc.		180,026

				2,875,089

	Health Care Equipment & Supplies (2.0%):
	1,143	Abaxis, Inc.^		58,842
	20,433	Abbott Laboratories		1,002,852
	5,108	Alere, Inc.*		269,447
	3,121	Align Technology, Inc.*		195,718
	703	Analogic Corp.		55,467
	2,726	AngioDynamics, Inc.*		44,706
	1,103	Anika Therapeutics, Inc.*		36,432
	115	Atrion Corp.		45,116
	12,134	Baxter International, Inc.		848,531
	4,022	Becton, Dickinson & Co.		569,716
	13,439	Boston Scientific Corp.*		237,870
	2,558	C.R. Bard, Inc.		436,651
	2,183	Cantel Medical Corp.		117,162
	300	CONMED Corp.		17,481
	1,366	Cooper Cos., Inc. (The)		243,107
	1,619	CryoLife, Inc.		18,262
	2,168	Cyberonics, Inc.*^		128,909
	1,230	Cynosure, Inc., Class A*		47,453
	3,960	DENTSPLY International, Inc.		204,138
	1,491	Derma Sciences, Inc.*^		10,676
	1,493	Dexcom, Inc.*		119,410
	4,274	Edwards Lifesciences Corp.*		608,746
	1,052	Exactech, Inc.*		21,913
	4,329	Globus Medical, Inc., Class A*		111,125
	1,444	Greatbatch, Inc.*		77,860
	2,946	Haemonetics Corp.*		121,847
	3,533	Halyard Health, Inc.*^		143,087
	3,413	Hill-Rom Holdings, Inc.		185,428
	15,973	Hologic, Inc.*		607,932
	497	ICU Medical, Inc.*		47,543


Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies, continued
	3,716	IDEXX Laboratories, Inc.*^	$	238,344
	1,874	Integra LifeSciences Holdings Corp.*		126,251
	755	Intuitive Surgical, Inc.*		365,798
	2,327	Invacare Corp.		50,333
	1,209	LeMaitre Vascular, Inc.		14,581
	3,945	Masimo Corp.*		152,829
	18,043	Medtronic plc		1,336,985
	3,164	Meridian Bioscience, Inc.		58,977
	2,425	Merit Medical Systems, Inc.*		52,235
	952	Natus Medical, Inc.*		40,517
	1,702	Neogen Corp.*		80,743
	1,459	NuVasive, Inc.*		69,127
	1,074	Orthofix International NV*		35,571
	3,726	ResMed, Inc.^		210,035
	3,310	RTI Surgical, Inc.*^		21,383
	2,924	Sirona Dental Systems, Inc.*^		293,628
	4,995	St. Jude Medical, Inc.		364,985
	3,912	STERIS Corp.^		252,089
	4,367	Stryker Corp.		417,354
	785	Surmodics, Inc.*		18,385
	2,356	Teleflex, Inc.		319,120
	1,676	Thoratec Corp.*		74,699
	227	Utah Medical Products, Inc.		13,536
	3,306	Varian Medical Systems, Inc.*		278,795
	691	Vascular Solutions, Inc.*		23,992
	4,404	West Pharmaceutical Services, Inc.		255,784
	4,717	Zimmer Holdings, Inc.		515,238

				12,314,741

	Health Care Providers & Services (3.4%):
	3,247	Acadia Healthcare Co., Inc.*^		254,338
	1,958	Aceto Corp.		48,226
	634	Addus HomeCare Corp.*		17,663
	9,600	Aetna, Inc.		1,223,615
	3,470	Air Methods Corp.*^		143,450
	666	Alliance HealthCare Services, Inc.*		12,448
	542	Almost Family, Inc.*		21,631
	1,915	Amedisys, Inc.*		76,083
	5,214	AmerisourceBergen Corp.		554,457
	3,501	AMN Healthcare Services, Inc.*		110,597
	3,240	AmSurg Corp.*		226,638
	6,478	Anthem, Inc.		1,063,299
	1,157	BioTelemetry, Inc.*		10,911
	5,253	Brookdale Senior Living, Inc.*		182,279
	1,321	Capital Senior Living Corp.*		32,365
	7,734	Cardinal Health, Inc.		646,949
	3,352	Centene Corp.*		269,501
	1,288	Chemed Corp.^		168,857
	4,923	CIGNA Corp.		797,526
	9,271	Community Health Systems, Inc.*		583,795
	1,871	CorVel Corp.*		59,909
	8,182	DaVita, Inc.*		650,224
	5,274	Envision Healthcare Holdings, Inc.*		208,218
	2,510	ExamWorks Group, Inc.*		98,141
	20,060	Express Scripts Holding Co.*		1,784,135


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	3,745	Five Star Quality Care, Inc.*	$	17,976
	2,639	Hanger Orthopedic Group, Inc.*^		61,858
	5,584	HCA Holdings, Inc.*		506,580
	4,439	Health Net, Inc.*		284,629
	4,930	HealthSouth Corp.		227,076
	2,040	Healthways, Inc.*		24,439
	2,255	Henry Schein, Inc.*		320,481
	4,142	Humana, Inc.		792,282
	2,629	InfuSystems Holdings, Inc.*		8,387
	1,149	IPC Healthcare, Inc.*		63,643
	2,769	Kindred Healthcare, Inc.		56,183
	3,322	Laboratory Corp. of America Holdings*		402,693
	1,626	LHC Group, Inc.*		62,195
	2,100	LifePoint Hospitals, Inc.*		182,595
	2,025	Magellan Health Services, Inc.*		141,892
	5,524	McKesson, Inc.		1,241,849
	2,729	MEDNAX, Inc.*		202,246
	3,066	Molina Healthcare, Inc.*^		215,540
	1,075	National Healthcare Corp.		69,864
	1,219	National Research Corp.		17,322
	4,252	Omnicare, Inc.		400,751
	4,172	Owens & Minor, Inc.^		141,848
	6,645	Patterson Cos., Inc.		323,279
	1,669	PharMerica Corp.*		55,578
	2,269	Premier, Inc., Class A*		87,266
	1,197	Providence Service Corp.*		53,003
	8,208	Quest Diagnostics, Inc.^		595,244
	2,518	RadNet, Inc.*		16,845
	9,791	Select Medical Holdings Corp.		158,614
	3,573	Surgical Care Affiliates, Inc.*		137,132
	4,086	Team Health Holdings, Inc.*		266,938
	5,676	Tenet Healthcare Corp.*		328,527
	1,529	The Ensign Group, Inc.		78,071
	1,840	Triple-S Management Corp., Class B*		47,214
	937	U.S. Physical Therapy, Inc.		51,310
	22,626	UnitedHealth Group, Inc.		2,760,371
	6,141	Universal American Financial Corp.*		62,147
	3,476	Universal Health Services, Inc., Class B		493,940
	3,789	VCA Antech, Inc.*		206,141
	2,512	WellCare Health Plans, Inc.*		213,093

				20,622,297

	Health Care Technology (0.2%):
	11,176	Allscripts Healthcare Solutions, Inc.*		152,888
	1,100	athenahealth, Inc.*^		126,038
	5,836	Cerner Corp.*		403,035
	639	Computer Programs & Systems, Inc.		34,135
	3,974	MedAssets, Inc.*		87,666
	5,545	Merge Healthcare, Inc.*		26,616
	1,095	Omnicell, Inc.*		41,292
	2,725	Quality Systems, Inc.		45,153
	1,747	Simulations Plus, Inc.		10,954
	1,663	Veeva Systems, Inc., Class A*^		46,614

				974,391


Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure (2.6%):
	11,656	Aramark Holdings Corp.	$	360,986
	7,927	Belmond, Ltd., Class A*		99,008
	159	Biglari Holdings, Inc.*		65,786
	1,927	BJ’s Restaurants, Inc.*		93,363
	11,520	Bloomin’ Brands, Inc.		245,952
	1,441	Bravo Brio Restaurant Group, Inc.*		19,526
	2,587	Brinker International, Inc.		149,141
	1,469	Buffalo Wild Wings, Inc.*^		230,178
	7,384	Carnival Corp.		364,696
	2,043	Carrols Restaurant Group, Inc.*		21,247
	1,723	Century Casinos, Inc.*		10,855
	795	Chipotle Mexican Grill, Inc.*		480,967
	3,453	Choice Hotels International, Inc.		187,325
	748	Chuy’s Holdings, Inc.*^		20,039
	3,651	ClubCorp Holdings, Inc.^		87,186
	2,397	Cracker Barrel Old Country Store, Inc.^		357,537
	2,581	Darden Restaurants, Inc.		183,457
	1,574	Del Frisco’s Restaurant Group, Inc.*		29,324
	4,856	Denny’s Corp.*		56,378
	4,306	Diamond Resorts International, Inc.*		135,854
	1,158	DineEquity, Inc.		114,746
	3,665	Domino’s Pizza, Inc.		415,611
	6,112	Dunkin’ Brands Group, Inc.^		336,160
	1,277	Fiesta Restaurant Group, Inc.*^		63,850
	386	Frisch’s Restaurants, Inc.		12,958
	5,639	Hilton Worldwide Holdings, Inc.*		155,354
	1,044	Hyatt Hotels Corp., Class A*		59,184
	3,435	Interval Leisure Group, Inc.		78,490
	2,174	Jack in the Box, Inc.		191,660
	671	Jamba, Inc.*^		10,394
	2,949	Krispy Kreme Doughnuts, Inc.*		56,798
	11,175	Las Vegas Sands Corp.		587,470
	2,136	Luby’s, Inc.*		10,360
	4,182	Marriott International, Inc., Class A		311,099
	2,136	Marriott Vacations Worldwide Corp.		195,978
	25,131	McDonald’s Corp.		2,389,203
	341	Nathans Famous, Inc.		12,637
	5,162	Norwegian Cruise Line Holdings, Ltd.*		289,278
	2,346	Panera Bread Co., Class A*^		410,010
	2,292	Papa John’s International, Inc.		173,298
	1,317	Popeyes Louisiana Kitchen, Inc.*		79,007
	886	RCI Hospitality Holdings, Inc.*		10,543
	1,501	Red Lion Hotels Corp.*		11,498
	878	Red Robin Gourmet Burgers*		75,350
	2,640	Restaurant Brands International, Inc.		100,874
	9,666	Royal Caribbean Cruises, Ltd.		760,618
	3,127	Ruth’s Hospitality Group, Inc.		50,407
	6,758	SeaWorld Entertainment, Inc.		124,618
	5,250	Six Flags Entertainment Corp.		235,463
	1,933	Sonic Corp.		55,670
	2,826	Speedway Motorsports, Inc.		64,009
	42,723	Starbucks Corp.		2,290,593
	6,861	Starwood Hotels & Resorts Worldwide, Inc.		556,358
	4,257	Texas Roadhouse, Inc.		159,340


Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
	4,028	The Cheesecake Factory, Inc.	$	219,667
	1,604	Town Sports International Holdings, Inc.*		4,652
	2,755	Vail Resorts, Inc.		300,846
	24,420	Wendy’s Co. (The)		275,458
	3,982	Wyndham Worldwide Corp.		326,166
	11,870	Yum! Brands, Inc.		1,069,250

				15,843,730

	Household Durables (0.8%):
	504	Cavco Industries, Inc.*		38,022
	9,991	D.R. Horton, Inc.		273,354
	1,910	Ethan Allen Interiors, Inc.^		50,309
	5,743	Garmin, Ltd.		252,290
	1,807	Harman International Industries, Inc.		214,925
	1,111	Helen of Troy, Ltd.*		108,311
	500	Hooker Furniture Corp.		12,555
	3,931	La-Z-Boy, Inc.		103,543
	5,279	Leggett & Platt, Inc.^		256,982
	670	Lennar Corp., Class B		28,890
	7,538	Lennar Corp., Class A^		384,740
	1,249	Libbey, Inc.		51,621
	1,017	Lifetime Brands, Inc.		15,021
	3,757	M.D.C. Holdings, Inc.^		112,597
	1,880	M/I Homes, Inc.*		46,380
	3,168	Meritage Corp.*		149,181
	3,077	Mohawk Industries, Inc.*		587,399
	7,131	Newell Rubbermaid, Inc.		293,155
	312	NVR, Inc.*		418,080
	10,679	PulteGroup, Inc.		215,182
	1,566	Skullcandy, Inc.*		12,011
	21,167	Standard Pacific Corp.*^		188,598
	1,545	Taylor Morrison Home Corp., Class A*		31,456
	3,400	Tempur-Pedic International, Inc.*		224,060
	1,137	The Dixie Group, Inc.*^		11,939
	5,454	Toll Brothers, Inc.*		208,288
	11,971	TRI Pointe Homes, Inc.*		183,156
	2,946	Tupperware Brands Corp.		190,135
	718	Universal Electronics, Inc.*		35,785
	2,999	Whirlpool Corp.		518,977
	2,147	William Lyon Homes, Class A*		55,113
	1,918	Zagg, Inc.*		15,191

				5,287,246

	Household Products (1.4%):
	3,686	Church & Dwight Co., Inc.		299,045
	5,232	Clorox Co. (The)		544,233
	24,416	Colgate-Palmolive Co.		1,597,051
	1,106	Energizer Holdings, Inc.		145,494
	15,273	HRG Group, Inc.*		198,549
	9,918	Kimberly-Clark Corp.		1,051,010
	333	Oil-Dri Corp.		10,117
	582	Orchids Paper Products Co.		14,009
	51,247	Procter & Gamble Co. (The)		4,009,564


Shares			Fair Value
	Common Stocks, continued
	Household Products, continued
	4,033	Spectrum Brands Holdings, Inc.	$	411,326
	698	WD-40 Co.		60,838

				8,341,236

	Independent Power and Renewable Electricity Producers (0.3%):
	18,368	AES Corp. (The)		243,560
	31,955	Calpine Corp.*		574,869
	7,034	Dynegy, Inc.*		205,745
	14,628	NRG Energy, Inc.		334,689
	2,123	NRG Yield, Inc., Class A		46,472
	2,123	NRG Yield, Inc., Class A^		46,685
	4,183	Pattern Energy Group, Inc.^		118,714
	1,627	Talen Energy Corp.*		27,919

				1,598,653

	Industrial Conglomerates (1.3%):
	16,212	3M Co.		2,501,512
	2,793	Carlisle Cos., Inc.		279,635
	13,175	Danaher Corp.		1,127,648
	136,010	General Electric Co.		3,613,785
	1,736	Raven Industries, Inc.		35,293
	2,845	Roper Industries, Inc.		490,649

				8,048,522

	Insurance (3.8%):
	6,370	ACE, Ltd.		647,701
	9,911	AFLAC, Inc.		616,464
	457	Alleghany Corp.*		214,223
	5,452	Allied World Assurance Co. Holdings AG		235,635
	9,076	Allstate Corp. (The)		588,760
	4,095	Ambac Financial Group, Inc.*		68,141
	6,319	American Equity Investment Life Holding Co.		170,487
	5,202	American Financial Group, Inc.		338,338
	25,911	American International Group, Inc.		1,601,819
	2,043	American National Insurance Co.		209,040
	1,543	Amerisafe, Inc.		72,614
	6,227	AmTrust Financial Services^		407,931
	5,048	Aon plc		503,185
	3,277	Arch Capital Group, Ltd.*		219,428
	7,028	Arthur J. Gallagher & Co.		332,424
	3,939	Aspen Insurance Holdings, Ltd.		188,678
	4,556	Assurant, Inc.		305,252
	12,605	Assured Guaranty, Ltd.		302,394
	10,102	Brown & Brown, Inc.		331,952
	5,173	Chubb Corp. (The)		492,159
	4,635	Cincinnati Financial Corp.		232,584
	1,199	CNA Financial Corp.		45,814
	2,354	Crawford & Co.		19,844
	2,915	Crawford & Co., Class A		22,183
	1,631	Donegal Group, Inc., Class A		24,840
	1,547	EMC Insurance Group, Inc.		38,771
	2,393	Employers Holdings, Inc.		54,513
	3,229	Endurance Specialty Holdings, Ltd.^		212,145
	1,007	Enstar Group, Ltd.*		156,035
	4,220	Erie Indemnity Co., Class A		346,335
	1,892	Everest Re Group, Ltd.		344,364
	1,054	Federated National Holding Co.		25,507


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	7,742	First American Financial Corp.^	$	288,080
	695	Global Indemnity plc*		19,516
	2,383	Greenlight Capital Re, Ltd.*		69,512
	1,469	Hallmark Financial Services, Inc.*		16,717
	2,378	Hanover Insurance Group, Inc. (The)		176,043
	18,780	Hartford Financial Services Group, Inc. (The)		780,685
	5,815	HCC Insurance Holdings, Inc.		446,825
	997	HCI Group, Inc.		44,077
	1,317	Independence Holding Co.		17,371
	153	Investors Title Co.		10,846
	821	Kansas City Life Insurance Co.		37,528
	700	Kemper Corp.^		26,985
	7,124	Lincoln National Corp.		421,883
	10,557	Loews Corp.		406,550
	5,556	Maiden Holdings, Ltd.		87,674
	399	Markel Corp.*^		319,471
	12,507	Marsh & McLennan Cos., Inc.		709,147
	3,416	Mercury General Corp.^		190,100
	21,461	MetLife, Inc.		1,201,601
	1,498	National Interstate Corp.^		40,925
	262	National Western Life Insurance Co., Class A		62,746
	15,982	Old Republic International Corp.		249,799
	1,796	Onebeacon Insurance Group, Ltd.		26,060
	4,021	Primerica, Inc.		183,719
	13,182	Principal Financial Group, Inc.		676,105
	4,240	ProAssurance Corp.		195,930
	34,117	Progressive Corp. (The)		949,476
	8,861	Prudential Financial, Inc.		775,515
	3,855	Reinsurance Group of America, Inc.		365,724
	3,030	RenaissanceRe Holdings, Ltd.		307,576
	2,855	RLI Corp.		146,718
	3,178	StanCorp Financial Group, Inc.		240,289
	3,118	State Auto Financial Corp.		74,676
	1,761	Stewart Information Services Corp.		70,088
	9,398	Symetra Financial Corp.		227,150
	3,501	Torchmark Corp.		203,828
	11,259	Travelers Cos., Inc. (The)		1,088,295
	1,616	United Insurance Holdings Co.^		25,113
	3,169	Universal Insurance Holdings, Inc.		76,690
	7,275	UnumProvident Corp.		260,081
	4,691	Validus Holdings, Ltd.		206,357
	5,735	W.R. Berkley Corp.		297,819
	342	White Mountains Insurance Group, Ltd.		223,989
	4,786	Willis Group Holdings plc		224,463
	7,339	XL Group plc		273,011

				22,112,313

	Internet & Catalog Retail (1.2%):
	2,093	1-800 Flowers.com, Inc., Class A*		21,893
	9,398	Amazon.com, Inc.*		4,079,577
	691	Blue Nile, Inc.*		20,999
	2,685	CafePress, Inc.*		12,083
	3,740	Expedia, Inc.		408,969
	1,483	Gaiam, Inc., Class A*^		9,699
	19,321	Groupon, Inc.*		97,185


Shares			Fair Value
	Common Stocks, continued
	Internet & Catalog Retail, continued
	3,311	HSN, Inc.	$	232,399
	5,384	Liberty TripAdvisor Holdings, Inc., Class A*		173,472
	822	Netflix, Inc.*		540,005
	1,637	Nutri/System, Inc.		40,729
	1,213	Priceline Group, Inc. (The)*		1,396,611
	2,141	Shutterfly, Inc.*		102,361
	4,247	TripAdvisor, Inc.*^		370,084

				7,506,066

	Internet Software & Services (1.8%):
	3,020	Actua Corp.*		43,065
	4,907	Akamai Technologies, Inc.*		342,607
	2,044	Cimpress NV*		172,023
	430	CoStar Group, Inc.*		86,542
	3,069	DealerTrack Holdings, Inc.*		192,703
	1,546	Demand Media, Inc.*^		9,833
	4,681	DHI Group, Inc.*		41,614
	9,400	EarthLink Holdings Corp.		70,406
	20,891	eBay, Inc.*		1,258,474
	990	Envestnet, Inc.*		40,026
	25,508	Facebook, Inc., Class A*		2,187,694
	4,092	Google, Inc., Class C*		2,129,927
	3,838	Google, Inc., Class A*		2,072,674
	1,270	GTT Communications, Inc.*		30,315
	5,129	IAC/InterActiveCorp		408,576
	3,284	Internap Network Services Corp.*		30,377
	3,214	Intralinks Holdings, Inc.*		38,279
	2,946	j2 Global, Inc.		200,151
	5,660	Limelight Networks, Inc.*		22,300
	834	LinkedIn Corp., Class A*		172,329
	2,502	Marchex, Inc.		12,385
	6,852	Monster Worldwide, Inc.*^		44,812
	3,759	NIC, Inc.		68,715
	2,520	QuinStreet, Inc.*		16,254
	752	Qumu Corp.*		6,196
	5,613	Rackspace Hosting, Inc.*		208,747
	2,745	RealNetworks, Inc.*		14,850
	401	Reis, Inc.		8,894
	1,895	TechTarget*		16,922
	1,344	Travelzoo, Inc.*		15,160
	3,390	Tremor Video, Inc.*^		9,865
	2,871	Twitter, Inc.*		103,988
	3,098	VeriSign, Inc.*^		191,209
	4,619	Web.com Group, Inc.*		111,872
	2,525	WebMD Health Corp.*		111,807
	17,225	Yahoo!, Inc.*		676,770
	641	Zillow Group, Inc., Class A*^		55,600

				11,223,961

	IT Services (3.9%):
	16,856	Accenture plc, Class A		1,631,323
	4,417	Acxiom Corp.*		77,651
	2,562	Alliance Data Systems Corp.*		747,950
	6,911	Amdocs, Ltd.		377,271
	10,694	Automatic Data Processing, Inc.		857,980
	1,535	Blackhawk Network Holdings, Inc.*		63,242


Shares			Fair Value
	Common Stocks, continued
	IT Services, continued
	8,907	Booz Allen Hamilton Holding Corp.	$	224,813
	5,121	Broadridge Financial Solutions, Inc.		256,101
	900	CACI International, Inc., Class A*		72,801
	4,434	Cardtronics, Inc.*^		164,280
	521	Cass Information Systems, Inc.		29,291
	5,879	CIBER, Inc.*		20,283
	11,608	Cognizant Technology Solutions Corp., Class A*		709,133
	3,769	Computer Sciences Corp.		247,397
	5,794	CoreLogic, Inc.*		229,964
	2,608	CSG Systems International, Inc.		82,569
	1,260	Datalink Corp.*		11,264
	3,048	DST Systems, Inc.		383,987
	1,394	Epam Systems, Inc.*		99,295
	2,917	Essendant, Inc.		114,492
	3,396	Euronet Worldwide, Inc.*		209,533
	1,896	Exlservice Holdings, Inc.*		65,564
	12,283	Fidelity National Information Services, Inc.		759,089
	7,889	Fiserv, Inc.*		653,446
	1,827	FleetCor Technologies, Inc.*		285,122
	825	Forrester Research, Inc.		29,717
	2,317	Gartner, Inc.*		198,752
	14,124	Genpact, Ltd.*		301,265
	4,871	Global Cash Access Holdings, Inc.*		37,702
	2,666	Global Payments, Inc.		275,798
	2,090	Heartland Payment Systems, Inc.		112,965
	3,433	Higher One Holdings, Inc.*		10,265
	3,845	iGATE Corp.*		183,368
	25,154	International Business Machines Corp.		4,091,549
	6,178	Jack Henry & Associates, Inc.		399,717
	4,003	Lionbridge Technologies, Inc.*		24,699
	1,840	ManTech International Corp., Class A		53,360
	26,787	MasterCard, Inc., Class A		2,504,048
	3,726	Maximus, Inc.		244,910
	3,966	ModusLink Global Solutions, Inc.*^		13,484
	1,007	NCI, Inc., Class A		10,402
	14,412	Paychex, Inc.^		675,635
	2,322	Perficient, Inc.*		44,675
	840	PFSweb, Inc.*		11,642
	2,591	Science Applications International Corp.		136,934
	6,403	Servicesource International, Inc.*		35,024
	1,241	StarTek, Inc.*		7,322
	3,283	Sykes Enterprises, Inc.*		79,613
	4,553	Syntel, Inc.*^		216,176
	3,701	TeleTech Holdings, Inc.		100,223
	10,951	Teradata Corp.*^		405,187
	1,357	The Hackett Group, Inc.		18,225
	6,995	Total System Services, Inc.		292,181
	3,021	Unisys Corp.*^		60,390
	5,853	Vantive, Inc., Class A*		223,526
	5,190	VeriFone Systems, Inc.*		176,252
	899	Virtusa Corp.*		46,209
	36,614	Visa, Inc., Class A		2,458,630
	20,683	Western Union Co.^		420,485


Shares			Fair Value
	Common Stocks, continued
	IT Services, continued
	2,362	Wex, Inc.*	$	269,197
	47,016	Xerox Corp.		500,250

				23,043,618

	Leisure Products (0.3%):
	864	Arctic Cat, Inc.		28,693
	5,928	Brunswick Corp.		301,498
	3,789	Callaway Golf Co.		33,874
	658	Escalade, Inc.^		12,101
	5,080	Hasbro, Inc.		379,933
	1,198	Marine Products Corp.		7,476
	12,323	Mattel, Inc.^		316,578
	1,932	Nautilus Group, Inc.*		41,557
	2,607	Polaris Industries, Inc.		386,123
	4,759	Vista Outdoor, Inc.*		213,679

				1,721,512

	Life Sciences Tools & Services (0.7%):
	2,368	Affymetrix, Inc.*^		25,859
	10,000	Agilent Technologies, Inc.		385,800
	1,365	Bio-Rad Laboratories, Inc., Class A*		205,583
	1,690	Bio-Techne Corp.		166,414
	7,817	Bruker Corp.*		159,545
	2,431	Cambrex Corp.*		106,818
	3,826	Charles River Laboratories International, Inc.*		269,121
	1,979	Harvard Bioscience, Inc.*		11,280
	3,178	Illumina, Inc.*		693,948
	2,457	Luminex Corp.*		42,408
	1,117	Mettler-Toledo International, Inc.*		381,411
	4,623	PAREXEL International Corp.*		297,305
	3,436	PerkinElmer, Inc.		180,871
	2,883	Quintiles Transnational Holdings, Inc.*		209,335
	7,334	Thermo Fisher Scientific, Inc.		951,659
	2,208	Waters Corp.*		283,463

				4,370,820

	Machinery (2.9%):
	4,467	Accuride Corp.*		17,198
	6,394	AGCO Corp.^		363,051
	2,170	Albany International Corp., Class A		86,366
	14,459	Allison Transmission Holdings, Inc.		423,070
	1,977	Altra Industrial Motion Corp.		53,735
	1,445	ARC Group Worldwide, Inc.*^		7,659
	2,035	Astec Industries, Inc.		85,104
	3,610	Barnes Group, Inc.		140,754
	4,549	Blount International, Inc.*		49,675
	13,810	Caterpillar, Inc.		1,171,365
	2,289	Chart Industries, Inc.*		81,832
	1,021	CIRCOR International, Inc.		55,675
	3,541	CLARCOR, Inc.		220,392
	5,831	Colfax Corp.*^		269,101
	1,526	Columbus McKinnon Corp.		38,150
	2,706	Commercial Vehicle Group, Inc.*		19,510
	3,811	Crane Co.		223,820
	4,259	Cummins, Inc.		558,738
	9,163	Deere & Co.^		889,269


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	11,159	Donaldson Co., Inc.^	$	399,492
	1,924	Douglas Dynamics, Inc.		41,328
	6,235	Dover Corp.		437,572
	1,316	EnPro Industries, Inc.		75,302
	1,981	ESCO Technologies, Inc.		74,109
	4,690	Federal Signal Corp.		69,928
	6,370	Flowserve Corp.		335,444
	694	FreightCar America, Inc.		14,491
	1,046	Gencor Industries, Inc.*		10,115
	1,203	Global Brass & Copper Holdings, Inc.		20,463
	3,341	Graco, Inc.		237,311
	995	Hardinge, Inc.		9,801
	7,203	Harsco Corp.^		118,850
	4,761	Hillenbrand, Inc.		146,163
	490	Hurco Cos, Inc.		16,964
	1,063	Hyster-Yale Materials Handling, Inc., Class A^		73,645
	5,043	IDEX Corp.		396,279
	8,094	Illinois Tool Works, Inc.		742,948
	10,352	Ingersoll-Rand plc		697,932
	5,449	ITT Corp.		227,986
	1,662	John Bean Technologies Corp.		62,475
	4,427	Kennametal, Inc.		151,049
	143	Key Technology, Inc.*		1,888
	787	L.B. Foster Co., Class A		27,238
	4,630	Lincoln Electric Holdings, Inc.		281,921
	1,213	Manitex International, Inc.*^		9,267
	5,860	Meritor, Inc.*		76,883
	3,505	Middleby Corp. (The)*		393,366
	3,785	Mueller Industries, Inc.		131,415
	15,582	Mueller Water Products, Inc., Class A		141,796
	1,258	NN, Inc.^		32,104
	4,854	Nordson Corp.^		378,078
	158	Omega Flex, Inc.		5,950
	6,301	Oshkosh Corp.^		267,036
	8,328	PACCAR, Inc.		531,410
	3,571	Pall Corp.		444,411
	6,949	Parker Hannifin Corp.		808,377
	7,837	Pentair, plc		538,794
	976	Proto Labs, Inc.*		65,860
	1,060	RBC Bearings, Inc.*		76,066
	9,209	Rexnord Corp.*		220,187
	2,202	Snap-On, Inc.		350,669
	2,342	SPX Corp.		169,537
	775	Standex International Corp.		61,946
	8,868	Stanley Black & Decker, Inc.		933,268
	2,010	Sun Hydraulics Corp.		76,601
	953	Supreme Industires, Inc., Class A		8,167
	1,121	Tennant Co.		73,246
	8,108	Terex Corp.^		188,511
	1,720	The Gorman-Rupp Co.^		48,298
	10,121	The Manitowoc Co., Inc.		198,372
	5,255	Timken Co.		192,175
	3,172	Toro Co.		214,998
	3,413	TriMas Corp.*		101,025


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	14,684	Trinity Industries, Inc.^	$	388,098
	5,806	Wabash National Corp.*		72,807
	2,288	WABCO Holdings, Inc.*		283,071
	2,486	Wabtec Corp.		234,281
	1,617	Watts Water Technologies, Inc., Class A		83,841
	4,666	Woodward, Inc.		256,583
	935	Xerium Technologies, Inc.*		17,017
	7,277	Xylem, Inc.		269,758

				17,768,427

	Marine (0.0%):
	3,233	Matson, Inc.		135,915

	Media (3.3%):
	1,468	A.H. Belo Corp, Class A^		8,221
	1,454	AMC Entertainment Holdings, Inc., Class A		44,609
	3,683	AMC Networks, Inc., Class A*		301,454
	13,518	Cablevision Systems Corp., Class A		323,621
	1,418	Carmike Cinemas, Inc.*		37,634
	10,884	CBS Corp., Class B		604,062
	182	CBS Corp., Class A		10,447
	2,057	Charter Communications, Inc., Class A*^		352,261
	7,978	Cinemark Holdings, Inc.		320,476
	1,661	Clear Channel Outdoor Holdings, Inc., Class A		16,826
	13,322	Comcast Corp., Class A		798,521
	72,779	Comcast Corp., Class A		4,376,929
	9,406	Crown Media Holdings, Inc.*^		42,515
	2,817	Discovery Communications, Inc., Class A*^		93,693
	5,135	Discovery Communications, Inc., Class C*		159,596
	5,853	DISH Network Corp., Class A*		396,307
	2,473	Entercom Communications Corp.*		28,242
	4,792	Entravision Communications Corp., Class A		39,438
	6,639	Gannett Co., Inc.*		92,873
	4,886	Gray Television, Inc.*		76,612
	4,727	Harte-Hanks, Inc.		28,173
	16,667	Interpublic Group of Cos., Inc. (The)		321,173
	192	John Wiley & Sons, Inc., Class B		10,406
	3,739	John Wiley & Sons, Inc., Class A		203,289
	1,514	Liberty Broadband Corp., Class A*^		77,169
	4,310	Liberty Broadband Corp., Class C*		220,500
	6,525	Liberty Media Corp., Class C*		234,248
	2,977	Liberty Media Corp.*		107,291
	4,292	Lions Gate Entertainment Corp.^		159,019
	9,171	Live Nation, Inc.*		252,111
	2,403	Madison Square Garden, Inc., Class A*		200,626
	9,820	Media General, Inc.*^		162,226
	2,849	Meredith Corp.^		148,575
	2,689	Morningstar, Inc.		213,910
	3,726	National CineMedia, Inc.		59,467
	4,904	News Corp., Class B*		69,833
	10,825	News Corp., Class A*		157,937
	1,755	Nexstar Broadcasting Group, Inc.		98,280
	9,679	Omnicom Group, Inc.		672,594
	1,419	Reading International, Inc., Class A*^		19,653
	8,109	Regal Entertainment Group, Class A		169,559
	3,817	Scripps Networks Interactive, Class A^		249,517


Shares			Fair Value
	Common Stocks, continued
	Media, continued
	63,403	Sirius XM Holdings, Inc.*^	$	236,493
	2,237	Sizmek, Inc.*		15,883
	5,277	Starz — Liberty Capital*		235,987
	13,277	Tegna, Inc.		425,793
	4,065	The E.W. Scripps Co., Class A		92,885
	5,102	The New York Times Co., Class A^		69,642
	2,901	Time Warner Cable, Inc., Class A		516,871
	16,968	Time Warner, Inc., Class A		1,483,173
	8,287	Time, Inc.		190,684
	25,130	Twenty-First Century Fox, Inc.		817,856
	8,290	Twenty-First Century Fox, Inc., Class B		267,104
	300	Viacom, Inc., Class A		19,461
	9,106	Viacom, Inc., Class B		588,612
	30,570	Walt Disney Co. (The)		3,489,260

				20,409,597

	Metals & Mining (0.6%):
	52,003	Alcoa, Inc.		579,833
	6,283	Allegheny Technologies, Inc.		189,747
	799	Ampco-Pittsburgh Corp.		12,081
	3,952	Carpenter Technology Corp.^		152,863
	9,476	Commercial Metals Co.^		152,374
	3,284	Compass Minerals International, Inc.		269,748
	3,430	Globe Specialty Metals, Inc.		60,711
	468	Handy & Harman, Ltd.*		16,216
	943	Haynes International, Inc.		46,509
	29,166	Hecla Mining Co.		76,707
	1,359	Materion Corp.		47,905
	22,005	Newmont Mining Corp.		514,037
	5,329	Noranda Aluminum Holding Corp.		4,530
	14,934	Nucor Corp.		658,140
	4,360	Reliance Steel & Aluminum Co.		263,693
	3,769	Royal Gold, Inc.		232,133
	3,772	Southern Copper Corp.^		110,935
	13,753	Steel Dynamics, Inc.		284,893
	7,009	Stillwater Mining Co.*^		81,234
	701	Synalloy Corp.		9,604
	548	Universal Stainless & Alloy Products, Inc.*^		10,768

				3,774,661

	Multiline Retail (0.9%):
	4,485	Big Lots, Inc.^		201,780
	4,578	Burlington Stores, Inc.*		234,394
	3,183	Dillard’s, Inc., Class A^		334,820
	7,215	Dollar General Corp.		560,894
	8,223	Dollar Tree, Inc.*		649,535
	1,212	Gordmans Stores, Inc.*		7,430
	14,751	Kohl’s Corp.^		923,559
	9,834	Macy’s, Inc.		663,500
	7,550	Nordstrom, Inc.		562,475
	4,464	Sears Holdings Corp.*^		119,189
	14,447	Target Corp.		1,179,308

				5,436,884


Shares			Fair Value
	Common Stocks, continued
	Multi-Utilities (1.0%):
	2,900	Alliant Energy Corp.	$	167,388
	6,827	Ameren Corp.		257,241
	3,774	Avista Corp.		115,673
	2,740	Black Hills Corp.		119,601
	9,831	CenterPoint Energy, Inc.		187,084
	7,809	CMS Energy Corp.		248,639
	7,661	Consolidated Edison, Inc.		443,418
	11,101	Dominion Resources, Inc.		742,323
	5,020	DTE Energy Co.		374,693
	11,771	MDU Resources Group, Inc.		229,888
	8,205	NiSource, Inc.		374,066
	2,865	NorthWestern Corp.		139,669
	9,105	PG&E Corp.		447,055
	9,863	Public Service Enterprise Group, Inc.		387,419
	3,804	SCANA Corp.		192,673
	4,145	Sempra Energy		410,106
	15,404	TECO Energy, Inc.		272,035
	5,394	Vectren Corp.		207,561
	5,278	WEC Energy Group, Inc.		237,352
	13,233	Xcel Energy, Inc.		425,838

				5,979,722

	Oil, Gas & Consumable Fuels (5.9%):
	9,197	Abraxas Petroleum Corp.*		27,131
	332	Adams Resources & Energy, Inc.		14,807
	6,084	Alon USA Energy, Inc.		114,988
	15,235	Anadarko Petroleum Corp.		1,189,244
	3,651	Antero Resources Corp.*^		125,375
	8,654	Apache Corp.		498,730
	7,486	Cabot Oil & Gas Corp.		236,108
	22,441	California Resources Corp.^		135,544
	6,635	Callon Petroleum Co.*		55,203
	4,358	Carrizo Oil & Gas, Inc.*		214,588
	6,161	Cheniere Energy, Inc.*		426,711
	40,868	Chevron Corp.		3,942,536
	4,132	Cimarex Energy Co.		455,801
	23,855	Cobalt International Energy, Inc.*^		231,632
	3,107	Concho Resources, Inc.*		353,763
	32,788	ConocoPhillips		2,013,511
	6,394	CONSOL Energy, Inc.^		139,006
	10,259	Continental Resources, Inc.*^		434,879
	3,623	CVR Energy, Inc.^		136,370
	10,290	Devon Energy Corp.		612,152
	8,860	DHT Holdings, Inc.		68,842
	4,152	Diamondback Energy, Inc.*		312,978
	4,317	Energen Corp.		294,851
	6,042	Enlink Midstream LLC		187,846
	14,408	EOG Resources, Inc.		1,261,420
	8,400	EP Energy Corp., Class A*^		106,932
	3,986	EQT Corp.		324,221
	110,717	Exxon Mobil Corp.		9,211,654
	4,505	Gaslog, Ltd.^		89,875
	6,091	Gastar Exploration, Inc.*		18,821
	5,749	Gulfport Energy Corp.*		231,397
	2,222	Hallador Energy Co.^		18,531


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	6,004	Hess Corp.	$	401,548
	5,485	HollyFrontier Corp.^		234,155
	158	Isramco, Inc.*^		21,807
	29,017	Kinder Morgan, Inc.		1,113,963
	19,908	Kosmos Energy LLC*		167,824
	15,266	Marathon Oil Corp.		405,160
	17,758	Marathon Petroleum Corp.		928,921
	5,710	Matador Resources Co.*^		142,750
	10,133	Murphy Oil Corp.		421,229
	12,093	Newfield Exploration Co.*		436,799
	8,825	Noble Energy, Inc.		376,651
	14,751	Occidental Petroleum Corp.		1,147,185
	8,157	ONEOK, Inc.		322,038
	1,401	Panhandle Oil & Gas, Inc., Class A^		28,987
	6,440	PBF Energy, Inc., Class A		183,025
	2,244	PDC Energy, Inc.*		120,368
	13,235	Phillips 66		1,066,212
	2,980	Pioneer Natural Resources Co.		413,296
	6	PrimeEnergy Corp.*		341
	10,000	QEP Resources, Inc.		185,100
	7,470	Range Resources Corp.^		368,869
	3,344	Renewable Energy Group, Inc.*		38,657
	7,647	Rice Energy, Inc.*		159,287
	6,330	RSP Permian, Inc.*^		177,936
	14,497	Scorpio Tankers, Inc.		146,275
	1,307	SemGroup Corp., Class A		103,880
	5,633	SM Energy Co.		259,794
	10,853	Spectra Energy Corp.		353,808
	6,282	Synergy Resources Corp.*^		71,803
	3,164	Targa Resources Corp.^		282,292
	6,407	Teekay Shipping Corp.		274,348
	9,185	Tesoro Corp.		775,306
	14,623	Valero Energy Corp.		915,400
	8,471	Western Refining, Inc.		369,505
	5,913	Williams Cos., Inc. (The)*		339,347
	4,391	World Fuel Services Corp.		210,548

				36,449,861

	Paper & Forest Products (0.3%):
	3,411	Boise Cascade Co.*		125,115
	1,659	Clearwater Paper Corp.*		95,061
	575	Deltic Timber Corp.		38,893
	4,768	Domtar Corp.		197,395
	10,411	International Paper Co.		495,459
	9,067	KapStone Paper & Packaging Corp.		209,629
	8,034	Louisiana-Pacific Corp.*^		136,819
	5,575	Mercer International, Inc.*		76,266
	1,274	Neenah Paper, Inc.		75,115
	7,266	Resolute Forest Products*^		81,743
	2,301	Schweitzer-Mauduit International, Inc.		91,764
	2,283	Wausau Paper Corp.		20,958

				1,644,217


Shares			Fair Value
	Common Stocks, continued
	Personal Products (0.3%):
	1,611	Coty, Inc., Class A	$	51,504
	6,576	Estee Lauder Co., Inc. (The), Class A		569,877
	5,611	Herbalife, Ltd.*		309,110
	1,755	Inter Parfums, Inc.		59,547
	923	Medifast, Inc.*		29,831
	1,236	Natures Sunshine Products, Inc.		16,995
	4,808	Nu Skin Enterprises, Inc., Class A		226,601
	723	Nutraceutical International Corp.*		17,887
	2,385	Revlon, Inc.*		87,553
	340	United-Guardian, Inc.		6,494

				1,375,399

	Pharmaceuticals (3.8%):
	42,387	AbbVie, Inc.^		2,847,983
	3,345	Akorn, Inc.*		146,043
	8,857	Allergan plc*		2,687,745
	21,399	Bristol-Myers Squibb Co.		1,423,889
	1,468	Cumberland Pharmaceuticals, Inc.*		10,496
	5,309	DepoMed, Inc.*^		113,931
	18,954	Eli Lilly & Co.		1,582,469
	2,386	Endo International plc*		190,045
	2,500	Horizon Pharma plc*		86,850
	2,184	Impax Laboratories, Inc.*^		100,289
	1,011	Jazz Pharmaceuticals plc*		178,007
	53,880	Johnson & Johnson Co.		5,251,144
	3,447	Lannett Co., Inc.*^		204,890
	3,376	Mallinckrodt plc*		397,423
	37,761	Merck & Co., Inc.		2,149,734
	126,225	Pfizer, Inc.		4,232,324
	1,490	Pozen, Inc.*^		15,362
	3,554	Prestige Brands Holdings, Inc.*		164,337
	2,270	Sciclone Pharmaceuticals, Inc.*		22,291
	1,667	Sucampo Pharmaceuticals, Inc.*^		27,389
	1,789	Supernus Pharmaceuticals, Inc.*		30,377
	2,282	Taro Pharmaceutical Industries, Ltd.*		327,901
	4,939	The Medicines Co.*^		141,305
	13,963	Zoetis, Inc.		673,296

				23,005,520

	Professional Services (0.7%):
	3,745	CBIZ, Inc.*		36,102
	1,503	CDI Corp.		19,539
	1,900	CEB, Inc.		165,414
	2,185	Dun & Bradstreet Corp.		266,570
	3,981	Equifax, Inc.		386,515
	1,564	Exponent, Inc.		70,036
	1,105	Franklin Covey Co.*		22,420
	3,151	FTI Consulting, Inc.*		129,947
	1,304	GP Strategies Corp.*		43,345
	1,205	Heidrick & Struggles International, Inc.		31,426
	3,834	Hill International, Inc.*		20,167
	1,763	Huron Consulting Group, Inc.*		123,569
	1,472	ICF International, Inc.*		51,314
	1,963	IHS, Inc., Class A*		252,501
	974	Insperity, Inc.		49,577
	2,263	Kforce, Inc.		51,755


Shares			Fair Value
	Common Stocks, continued
	Professional Services, continued
	3,332	Korn/Ferry International	$	115,854
	4,477	Manpower, Inc.		400,154
	1,887	Mistras Group, Inc.*		35,815
	3,651	Navigant Consulting, Inc.*		54,290
	10,891	Nielsen Holdings NV		487,590
	3,930	On Assignment, Inc.*		154,370
	2,125	Resources Connection, Inc.		34,191
	5,359	Robert Half International, Inc.		297,425
	4,146	RPX Corp.*		70,067
	846	The Advisory Board Co.*		46,251
	1,973	Towers Watson & Co., Class A		248,203
	2,713	Trueblue, Inc.*		81,119
	6,330	Verisk Analytics, Inc., Class A*		460,572
	840	Volt Information Sciences, Inc.*		8,156
	412	Vse Corp.		22,046
	633	Willdan Group, Inc.*		7,077

				4,243,377

	Real Estate Management & Development (0.3%):
	4,112	Alexander & Baldwin, Inc.		162,013
	11,461	CBRE Group, Inc.*		424,056
	339	Consolidated-Tomoka Land Co.		19,540
	2,547	Forestar Group, Inc.*^		33,519
	232	FRP Holdings, Inc.*		7,524
	318	Griffin Industrial Realty, Inc.		10,189
	2,287	Howard Hughes Corp. (The)*		328,275
	1,690	Jones Lang LaSalle, Inc.		288,990
	2,112	Marcus & Millichap, Inc.*		97,448
	6,116	Realogy Holdings Corp.*		285,740
	1,206	Tejon Ranch Co.*^		31,006

				1,688,300

	Road & Rail (1.2%):
	1,254	AMERCO, Inc.		409,945
	10,088	Avis Budget Group, Inc.*		444,679
	2,663	Celadon Group, Inc.		55,071
	4,940	Con-way, Inc.^		189,548
	1,699	Covenant Transportation Group, Inc., Class A*		42,577
	18,370	CSX Corp.		599,781
	2,892	Genesee & Wyoming, Inc., Class A*		220,313
	6,907	Heartland Express, Inc.^		139,729
	4,655	J.B. Hunt Transport Services, Inc.		382,129
	4,667	Kansas City Southern		425,630
	6,669	Knight Transportation, Inc.		178,329
	3,371	Landstar System, Inc.		225,419
	6,806	Norfolk Southern Corp.		594,572
	5,574	Old Dominion Freight Line, Inc.*		382,404
	560	Providence & Worcester Railroad Co.		9,710
	1,696	Quality Distribution, Inc.*		26,220
	2,916	Roadrunner Transportation System, Inc.*		75,233
	5,496	Ryder System, Inc.		480,186
	1,912	Saia, Inc.*		75,122
	8,442	Swift Transportation Co.*		191,380
	23,156	Union Pacific Corp.		2,208,388
	2,010	Universal Truckload Services, Inc.		44,140


Shares			Fair Value
	Common Stocks, continued
	Road & Rail, continued
	1,023	USA Truck, Inc.*	$	21,718
	6,273	Werner Enterprises, Inc.^		164,666
	1,829	YRC Worldwide, Inc.*		23,740

				7,610,629

	Semiconductors & Semiconductor Equipment (2.5%):
	2,301	Advanced Energy Industries, Inc.*		63,254
	2,031	Alpha & Omega Semiconductor, Ltd.*		17,751
	22,065	Amkor Technology, Inc.*		131,949
	4,628	Analog Devices, Inc.		297,048
	16,074	Applied Materials, Inc.		308,942
	14,580	Atmel Corp.		143,686
	1,761	Audience, Inc.*^		8,611
	5,859	Avago Technologies, Ltd.		778,837
	6,461	Axcelis Technologies, Inc.*		19,125
	1,701	AXT, Inc.*		4,287
	4,268	Broadcom Corp., Class A		219,759
	1,455	Cabot Microelectronics Corp.*		68,545
	1,087	Cascade Microtech, Inc.*		16,550
	1,238	Cavium, Inc.*		85,187
	3,276	Cirrus Logic, Inc.*		111,482
	1,955	Cohu, Inc.		25,865
	5,853	Cree, Inc.*^		152,354
	13,168	Cypress Semiconductor Corp.		154,856
	3,151	Diodes, Inc.*		75,971
	7,956	Entegris, Inc.*		115,919
	2,694	Exar Corp.*		26,347
	6,221	First Solar, Inc.*		292,263
	3,261	FormFactor, Inc.*		30,001
	1,914	GSI Technology, Inc.*		9,972
	4,477	Integrated Device Technology, Inc.*		97,151
	156,000	Intel Corp.		4,744,739
	7,454	Intersil Corp., Class A		93,250
	2,413	IXYS Corp.		36,919
	6,380	KLA-Tencor Corp.		358,620
	3,756	Kopin Corp.*		12,958
	5,824	Kulicke & Soffa Industries, Inc.*		68,199
	6,758	Lam Research Corp.		549,762
	6,641	Lattice Semiconductor Corp.*		39,115
	8,137	Linear Technology Corp.		359,900
	1,500	MA-COM Technology Solutions Holdings, Inc.*^		57,375
	14,845	Marvell Technology Group, Ltd.		195,731
	3,336	Mattson Technology, Inc.*		11,176
	5,668	Maxim Integrated Products, Inc.		195,971
	1,712	Micrel, Inc.		23,797
	7,635	Microchip Technology, Inc.^		362,090
	37,362	Micron Technology, Inc.*		703,899
	4,351	Microsemi Corp.*		152,067
	3,666	MKS Instruments, Inc.		139,088
	1,348	Nanometrics, Inc.*		21,730
	1,500	Neophotonics Corp.*		13,695
	150	NVE Corp.		11,760
	23,211	NVIDIA Corp.		466,773
	25,792	ON Semiconductor Corp.*		301,508
	1,438	PDF Solutions, Inc.*		23,008


Shares			Fair Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment, continued
	1,300	Pericom Semiconductor Corp.	$	17,095
	5,010	Photronics, Inc.*		47,645
	11,280	PMC-Sierra, Inc.*		96,557
	633	Power Integrations, Inc.		28,599
	5,177	Rambus, Inc.*^		75,015
	2,429	Rudolph Technologies, Inc.*		29,172
	1,920	Sigma Designs, Inc.*		22,906
	1,276	Silicon Laboratories, Inc.*^		68,917
	4,996	Skyworks Solutions, Inc.		520,084
	3,544	SunEdison, Inc.*^		106,001
	4,678	Sunpower Corp.*		132,902
	1,692	Synaptics, Inc.*^		146,756
	12,215	Teradyne, Inc.		235,627
	3,173	Tessera Technologies, Inc.		120,511
	28,221	Texas Instruments, Inc.		1,453,663
	2,037	Ultratech, Inc.*		37,807
	3,054	Veeco Instruments, Inc.*^		87,772
	3,038	Xcerra Corp.*		22,998
	6,925	Xilinx, Inc.		305,808

				15,754,677

	Software (3.5%):
	7,811	ACI Worldwide, Inc.*^		191,916
	31,639	Activision Blizzard, Inc.		765,980
	3,757	Adobe Systems, Inc.*		304,355
	1,009	American Software, Inc.		9,586
	2,553	Ansys, Inc.*		232,936
	3,423	Aspen Technology, Inc.*		155,918
	2,693	Autodesk, Inc.*		134,852
	3,601	Avg Technologies NV*		97,983
	2,272	Aware, Inc.		9,156
	868	Barracuda Networks, Inc.*^		34,390
	2,184	Blackbaud, Inc.		124,379
	25,743	CA, Inc.^		754,012
	13,802	Cadence Design Systems, Inc.*^		271,347
	3,207	CDK Global, Inc.		173,114
	4,211	Citrix Systems, Inc.*		295,444
	1,329	CommVault Systems, Inc.*		56,363
	10,164	Electronic Arts, Inc.*		675,906
	2,135	EPIQ Systems, Inc.		36,039
	1,083	Evolving Systems, Inc.		9,704
	1,660	FactSet Research Systems, Inc.^		269,767
	1,493	Fair Isaac Corp.		135,535
	1,784	FireEye, Inc.*^		87,255
	2,244	Fortinet, Inc.*		92,745
	2,143	Guidewire Software, Inc.*		113,429
	6,066	Intuit, Inc.		611,271
	4,396	Manhattan Associates, Inc.*		262,221
	7,565	Mentor Graphics Corp.		199,943
	174,189	Microsoft Corp.		7,690,443
	1,803	Monotype Imaging Holdings, Inc.		43,470
	716	NetSuite, Inc.*^		65,693
	18,394	Nuance Communications, Inc.*		322,079
	62,536	Oracle Corp.		2,520,200
	4,585	Pegasystems, Inc.		104,951


Shares			Fair Value
	Common Stocks, continued
	Software, continued
	3,354	Progress Software Corp.*	$	92,235
	5,078	PTC, Inc.*		208,300
	581	QAD, Inc.		15,356
	1,800	QLIK Technologies, Inc.*		62,928
	4,839	Red Hat, Inc.*		367,425
	1,240	Rosetta Stone, Inc.*^		9,895
	6,944	Rovi Corp.*^		110,757
	4,837	Salesforce.com, Inc.*		336,800
	2,393	SeaChange International, Inc.*		16,775
	1,994	ServiceNow, Inc.*		148,174
	2,152	Solarwinds, Inc.*		99,272
	5,377	Solera Holdings, Inc.		239,599
	1,618	Splunk, Inc.*		112,645
	3,974	SS&C Technologies Holdings, Inc.		248,375
	38,438	Symantec Corp.		893,684
	1,959	Synchronoss Technologies, Inc.*		89,585
	4,352	Synopsys, Inc.*		220,429
	657	Tableau Software, Inc., Class A*		75,752
	2,827	Take-Two Interactive Software, Inc.*		77,940
	3,615	Telecommunication Systems, Inc.*		11,966
	2,229	Telenav, Inc.*		17,943
	7,228	TiVo, Inc.*		73,292
	1,274	Tyler Technologies, Inc.*		164,830
	1,085	Ultimate Software Group, Inc. (The)*		178,309
	1,855	Verint Systems, Inc.*		112,682
	1,108	VMware, Inc., Class A*		95,000
	1,370	Workday, Inc., Class A*		104,654
	64,584	Zynga, Inc.*		184,710

				21,221,694

	Specialty Retail (3.4%):
	5,776	Aaron’s, Inc.		209,149
	2,444	Advance Auto Parts, Inc.^		389,305
	12,744	American Eagle Outfitters, Inc.^		219,452
	492	America’s Car Mart, Inc.*		24,265
	3,894	ANN, Inc.*		188,041
	2,609	Asbury Automotive Group, Inc.*		236,428
	13,411	Ascena Retail Group, Inc.*		223,360
	5,613	AutoNation, Inc.*		353,507
	600	AutoZone, Inc.*		400,140
	5,007	Barnes & Noble, Inc.*^		129,982
	6,137	Bebe Stores, Inc.		12,274
	7,109	Bed Bath & Beyond, Inc.*^		490,379
	23,835	Best Buy Co., Inc.^		777,259
	1,657	Big 5 Sporting Goods Corp.		23,546
	5,037	Cabela’s, Inc., Class A*^		251,749
	3,318	Caleres, Inc.		105,446
	5,783	CarMax, Inc.*^		382,892
	1,987	Cato Corp.		77,016
	11,622	Chico’s FAS, Inc.		193,274
	1,991	Christopher & Banks Corp.*		7,984
	881	Citi Trends, Inc.*		21,320
	7,047	CST Brands, Inc.		275,256
	1,097	Destination Maternity Corp.^		12,791
	2,864	Destination XL Group, Inc.*		14,349


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	5,400	Dick’s Sporting Goods, Inc.	$	279,558
	5,289	DSW, Inc., Class A		176,494
	6,313	Express, Inc.*		114,328
	3,099	Five Below, Inc.*^		122,503
	6,908	Foot Locker, Inc.^		462,905
	2,397	Francesca’s Holdings Corp.*		32,288
	9,167	GameStop Corp., Class A^		393,814
	14,426	Gap, Inc. (The)^		550,640
	1,571	Genesco, Inc.*		103,733
	7,035	GNC Holdings, Inc., Class A		312,917
	1,600	Group 1 Automotive, Inc.		145,328
	6,442	Guess?, Inc.		123,493
	1,166	Haverty Furniture Cos., Inc.		25,209
	1,874	Hibbett Sports, Inc.*^		87,291
	35,379	Home Depot, Inc. (The)		3,931,668
	1,036	Kirkland’s, Inc.		28,873
	4,361	L Brands, Inc.		373,869
	1,938	Lithia Motors, Inc., Class A		219,304
	25,957	Lowe’s Cos., Inc.		1,738,340
	1,427	MarineMax, Inc.*		33,549
	1,920	Monro Muffler Brake, Inc.		119,347
	4,166	Murphy USA, Inc.*		232,546
	4,842	New York & Co.*		12,977
	2,903	O’Reilly Automotive, Inc.*		656,020
	4,181	Pacific Sunwear of California, Inc.*		4,766
	7,245	Penske Automotive Group, Inc.		377,537
	1,500	Pep Boys—Manny, Moe & Jack*^		18,405
	1,904	Perfumania Holdings, Inc.*		10,815
	2,425	Restoration Hardware Holdings, Inc.*^		236,753
	11,782	Ross Stores, Inc.		572,723
	9,608	Sally Beauty Holdings, Inc.*		303,421
	2,956	Select Comfort Corp.*		88,887
	600	Shoe Carnival, Inc.		17,316
	2,201	Signet Jewelers, Ltd.		282,256
	3,293	Sonic Automotive, Inc., Class A		78,472
	18,382	Staples, Inc.		281,428
	3,378	Stein Mart, Inc.		35,368
	289	Tandy Leather Factory, Inc.		2,485
	1,389	The Children’s Place Retail Stores, Inc.		90,854
	3,465	The Finish Line, Inc., Class A		96,396
	2,754	The Men’s Wearhouse, Inc.		176,449
	4,460	Tiffany & Co.		409,428
	854	Tilly’s, Inc.*		8,258
	18,422	TJX Cos., Inc. (The)		1,218,984
	5,439	Tractor Supply Co.		489,184
	737	Trans World Entertainment Corp.*		2,697
	2,124	Ulta Salon, Cosmetics & Fragrance, Inc.*		328,052
	10,387	Urban Outfitters, Inc.*		363,545
	1,993	Vitamin Shoppe, Inc.*		74,279
	1,842	West Marine, Inc.*		17,757
	3,702	Williams-Sonoma, Inc.		304,564
	285	Winmark Corp.		28,073
	2,204	Zumiez, Inc.*		58,693

				21,274,003


Shares			Fair Value
	Common Stocks, continued
	Technology Hardware, Storage & Peripherals (4.0%):
	148,970	Apple, Inc.	$	18,684,561
	728	Astro-Med, Inc.		10,418
	2,354	Avid Technology, Inc.*^		31,402
	4,877	Diebold, Inc.		170,695
	1,702	Dot Hill Systems Corp.*		10,416
	2,635	Electronics for Imaging, Inc.*		114,649
	51,248	EMC Corp.		1,352,435
	59,827	Hewlett-Packard Co.		1,795,408
	3,277	Imation Corp.*		13,305
	4,528	Lexmark International, Inc., Class A^		200,138
	12,193	NCR Corp.*		367,009
	11,788	NetApp, Inc.		372,029
	4,828	QLogic Corp.*		68,509
	15,955	Quantum Corp.*		26,804
	13,127	Seagate Technology plc^		623,533
	2,313	Super Micro Computer, Inc.*		68,419
	5,795	Western Digital Corp.		454,444

				24,364,174

	Textiles, Apparel & Luxury Goods (1.2%):
	4,615	Carter’s, Inc.		490,575
	484	Cherokee, Inc.		13,639
	9,539	Coach, Inc.^		330,145
	3,156	Columbia Sportswear Co.^		190,812
	4,393	Crocs, Inc.*		64,621
	810	Culp, Inc.		25,110
	2,620	Deckers Outdoor Corp.*		188,561
	4,552	Fossil Group, Inc.*		315,727
	2,068	G-III Apparel Group, Ltd.*		145,484
	13,867	Hanesbrands, Inc.		462,048
	6,072	Kate Spade & Co.*		130,791
	4,434	Lululemon athletica, Inc.*^		289,540
	7,990	Michael Kors Holdings, Ltd.*		336,299
	15,106	Nike, Inc., Class B		1,631,750
	1,259	Oxford Industries, Inc.		110,100
	600	Perry Ellis International, Inc.*		14,262
	2,356	PVH Corp.		271,411
	2,324	Ralph Lauren Corp.		307,605
	570	Rocky Brands, Inc.		10,659
	1,867	Skechers U.S.A., Inc., Class A*		204,978
	3,826	Steven Madden, Ltd.*		163,676
	700	Superior Uniform Group, Inc.		11,578
	4,160	Tumi Holdings, Inc.*		85,363
	4,837	Under Armour, Inc., Class A*		403,599
	5,997	VF Corp.		418,231
	6,221	Wolverine World Wide, Inc.		177,174

				6,793,738

	Thrifts & Mortgage Finance (0.4%):
	493	ASB Bancorp, Inc.*		10,678
	8,629	Astoria Financial Corp.		118,994
	3,548	Bank Mutual Corp.		27,213
	1,591	BankFinancial Corp.		18,742
	6,285	Beneficial Bancorp, Inc.*		78,500
	1,121	BofI Holding, Inc.*^		118,501
	6,407	Brookline Bancorp, Inc.		72,335
	1,094	Cape Bancorp, Inc.		10,349


Shares			Fair Value
	Common Stocks, continued
	Thrifts & Mortgage Finance, continued
	11,921	Capitol Federal Financial, Inc.	$	143,529
	1,278	Charter Financial Corp.		15,860
	618	Chicopee Bancorp, Inc.^		10,191
	2,063	Clifton Bancorp, Inc.		28,861
	2,791	Dime Community Bancshares		47,280
	855	ESSA Bancorp, Inc.		10,995
	9,408	Everbank Financial Corp.		184,867
	403	Federal Agricultural Mortgage Corp.		11,711
	408	First Capital, Inc.^		11,045
	1,138	First Financial Northwest, Inc.^		14,179
	4,276	Flagstar Bancorp, Inc.*		79,020
	883	Fox Chase Bancorp, Inc.		14,940
	4	Greene County Bancorp, Inc.		114
	702	HF Financial Corp.		10,649
	155	Hingham Institution for Savings		17,842
	1,670	HomeStreet, Inc.*		38,109
	787	HopFed Bancorp, Inc.		9,310
	613	IF Bancorp, Inc.		10,133
	3,333	Kearny Financial Corp.*		37,196
	1,249	Kentucky First Federal Bancorp		10,467
	750	Lake Shore Bancorp, Inc.		10,073
	673	Lake Sunapee Bank Group		9,711
	767	LaPorte Bancorp, Inc.		10,393
	759	Malvern Bancorp, Inc.*		11,264
	4,170	Meridian Bancorp, Inc.*		55,920
	484	Meta Financial Group, Inc.		20,773
	12,610	New York Community Bancorp, Inc.^		231,772
	1,311	Northeast Community Bancorp, Inc.		9,780
	3,608	Northfield Bancorp, Inc.		54,300
	7,217	Northwest Bancshares, Inc.		92,522
	687	Ocean Shore Holding Co.^		10,192
	1,282	Oceanfirst Financial Corp.		23,909
	503	Oconee Federal Financial Corp.		8,984
	3,358	Oritani Financial Corp.		53,896
	1,218	PennyMac Financial Services, Inc., Class A*		22,070
	679	Provident Financial Holdings		11,366
	800	Provident Financial Services, Inc.		15,192
	925	Pulaski Financial Corp.		11,951
	420	Riverview Bancorp, Inc.		1,798
	967	SI Financial Group, Inc.		11,256
	561	Southern Missouri Bancorp, Inc.		10,575
	733	Territorial Bancorp, Inc.		17,783
	11,434	TFS Financial Corp.		192,320
	7,273	TrustCo Bank Corp.		51,129
	3,739	United Community Financial Corp.		20,004
	3,669	United Financial Bancorp, Inc.		49,348
	8,010	Washington Federal, Inc.^		187,034
	2,625	Waterstone Financial, Inc.^		34,650
	2,181	Wawlker & Dunlop, Inc.*		58,320
	2,142	WSFS Financial Corp.		58,584

				2,518,479


Shares			Fair Value
	Common Stocks, continued
	Tobacco (0.9%):
	52,537	Altria Group, Inc.	$	2,569,584
	28,027	Philip Morris International, Inc.		2,246,925
	9,036	Reynolds American, Inc.		674,628
	6,643	Vector Group, Ltd.		155,845

				5,646,982

	Trading Companies & Distributors (0.5%):
	7,861	Air Lease Corp.^		266,488
	3,111	Applied Industrial Technologies, Inc.		123,351
	3,540	Beacon Roofing Supply, Inc.*		117,599
	1,592	CAI International, Inc.*		32,779
	9,739	Fastenal Co.		410,791
	5,211	HD Supply Holdings, Inc.*		183,323
	2,907	Huttig Building Products, Inc.*		9,128
	2,054	Kaman Corp., Class A		86,145
	3,688	MSC Industrial Direct Co., Inc., Class A		257,312
	1,194	Stock Building Supply Holdings, Inc.*		23,343
	2,536	TAL International Group, Inc.^		80,138
	1,007	TransAct Technologies, Inc.*		9,516
	5,760	United Rentals, Inc.*		504,691
	1,184	Veritiv Corp.*		43,169
	2,272	W.W. Grainger, Inc.^		537,668
	2,481	Watsco, Inc.		306,999
	84	Watsco, Inc., Class B		10,382
	2,955	WESCO International, Inc.*^		202,831

				3,205,653

	Transportation Infrastructure (0.0%):
	7,384	WESCO Aircraft Holdings, Inc.*^		111,868

	Water Utilities (0.1%):
	2,327	American States Water Co.		87,007
	5,047	American Water Works Co., Inc.		245,436
	10,248	Aqua America, Inc.		250,974
	491	Artesian Resources Corp.		10,355
	2,891	California Water Service Group		66,059
	665	Connecticut Water Service, Inc.^		22,716
	979	Middlesex Water Co.		22,086
	669	Pure Cycle Corp.*^		3,479
	1,234	SJW Corp.		37,871
	772	The York Water Co.		16,104

				762,087


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Wireless Telecommunication Services (0.2%):
	2,055	Boingo Wireless, Inc.*	$	16,974
	3,617	SBA Communications Corp., Class A*		415,847
	2,077	Shenandoah Telecommunications Co.		71,096
	1,649	Spok Holdings, Inc.		27,769
	6,397	Telephone & Data Systems, Inc.		188,072
	6,899	T-Mobile US, Inc.*		267,474
	1,288	United States Cellular Corp.*		48,519

				1,035,751

	Total Common Stocks (Cost $622,551,004)			608,516,673

	Right (0.0%):
	Real Estate Investment Trusts (0.0%):
	4,464	Seritage Growth Properties*		—

	Total Right (Cost $—)			—

	Securities Held as Collateral for Securities on Loan (7.5%):
$	45,983,819	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		45,983,819

	Total Securities Held as Collateral for Securities on Loan (Cost $45,983,819)			45,983,819

	Unaffiliated Investment Company (0.4%):
	2,314,583	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		2,314,583

	Total Unaffiliated Investment Company (Cost $2,314,583)			2,314,583

	Total Investment Securities (Cost $670,849,406)(c) — 107.5%			656,815,075
	Net other assets (liabilities) — (7.5)%			(46,030,654	)

	Net Assets — 100.0%		$	610,784,421

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	670,849,406

Investment securities, at value*	$	656,815,075
Cash		2,912
Interest and dividends receivable		574,818
Receivable for capital shares issued		131,962
Receivable for investments sold		471,154
Reclaims receivable		854

Total Assets		657,996,775

Liabilities:
Payable for investments purchased		772,102
Payable for collateral received on loaned securities		45,983,819
Manager fees payable		277,253
Administration fees payable		15,864
Distribution fees payable		128,358
Custodian fees payable		20,911
Administrative and compliance services fees payable		888
Trustee fees payable		3,515
Other accrued liabilities		9,644

Total Liabilities		47,212,354

Net Assets	$	610,784,421

Net Assets Consist of:
Capital	$	623,268,497
Accumulated net investment income/(loss)		1,381,758
Accumulated net realized gains/(losses) from investment transactions		168,497
Net unrealized appreciation/(depreciation) on investments		(14,034,331	)

Net Assets	$	610,784,421

Shares of beneficial interest (unlimited number of shares authorized, no par value)		62,312,866
Net Asset Value (offering and redemption price per share)	$	9.80

*	Includes securities on loan of $45,139,390.

Statement of Operations

For the Period Ended June 30, 2015 (a)

(Unaudited)


Investment Income:
Dividends	$	2,348,864
Income from securities lending		2,792
Foreign withholding tax		(1,137	)

Total Investment Income		2,350,519

Expenses:
Manager fees		901,174
Administration fees		39,548
Distribution fees		281,616
Custodian fees		22,620
Administrative and compliance services fees		960
Trustee fees		5,001
Professional fees		4,616
Shareholder reports		4,760
Other expenses		1,348

Total expenses before reductions		1,261,643
Less expenses voluntarily waived/reimbursed by the Manager		(292,882	)

Net expenses		968,761

Net Investment Income/(Loss)		1,381,758

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		168,497
Change in net unrealized appreciation/depreciation on investments		(14,034,331	)

Net Realized/Unrealized Gains/(Losses) on Investments		(13,865,834	)

Change in Net Assets Resulting From Operations	$	(12,484,076	)

(a)	For the period April 27, 2015 (commencement of operations) to June 30, 2015.

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA U.S. Core Equity Fund (the “Fund”), and 35 are presented in separate reports.

liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2015 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $28.1 million for the period ended June 30, 2015.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $1,160 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Dimensional Fund Advisors LP (“DFA”), DFA provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. Prior to April 1, 2015, Citi also served as transfer agent under the same agreement. The Administrator was entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. Beginning January 1, 2015, these reductions are no longer applicable to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $482 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $670,849,406. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Based upon the information provided, the Trustees determined that there was no evidence that the anticipated profitability to DFA from being the Subadviser to the DFA Funds was excessive.

As a shareholder of the AZL DFA U.S. Small Cap Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (99.9%):
	Aerospace & Defense (1.6%):
	1,500	AAR Corp.	$	47,805
	13,216	Aerojet Rocketdyne Holdings, Inc.*^		272,382
	4,246	AeroVironment, Inc.*		110,736
	1,402	Air Industries Group^		14,230
	1,481	American Science & Engineering, Inc.		64,883
	5,128	Arotech Corp.*		12,358
	3,669	Astronics Corp.*		260,095
	3,937	Astrotech Corp.*^		10,669
	1,720	Breeze-Eastern Corp.*		19,780
	685	CPI Aerostructures, Inc.*		6,857
	4,688	Cubic Corp.		223,055
	14,847	DigitalGlobe, Inc.*		412,598
	3,591	Engility Holdings, Inc.*		90,350
	3,376	Innovative Solutions & Support, Inc.*^		11,141
	9,336	KLX, Inc.*		411,998
	11,895	Kratos Defense & Security Solutions, Inc.*		74,939
	2,710	LMI Aerospace, Inc.*^		27,127
	6,372	Moog, Inc., Class A*		450,373
	66	Moog, Inc., Class B*		4,606
	1,389	National Presto Industries, Inc.^		111,564
	10,722	TASER International, Inc.*^		357,150
	633	Tel-Instrument Electronics Corp.*		3,102
	7,544	The KEYW Holding Corp.*^		70,310
	8,022	Triumph Group, Inc.		529,371

				3,597,479

	Air Freight & Logistics (0.6%):
	492	Air T, Inc.*		10,312
	13,145	Air Transport Services Group, Inc.*		137,891
	2,000	Atlas Air Worldwide Holdings, Inc.*		109,920
	4,550	Echo Global Logistics, Inc.*^		148,603
	5,960	Forward Air Corp.		311,470
	7,031	Hub Group, Inc.*^		283,631
	2,501	Park-Ohio Holdings Corp.		121,198
	5,212	Radiant Logistics, Inc.*^		38,100
	20,084	UTI Worldwide, Inc.*^		200,639

				1,361,764

	Airlines (0.4%):
	3,655	Allegiant Travel Co.		650,151
	11,276	Hawaiian Holdings, Inc.*^		267,805

				917,956

	Auto Components (1.4%):
	16,245	American Axle & Manufacturing Holdings, Inc.*^		339,683
	12,162	Cooper Tire & Rubber Co.		411,440
	3,437	Cooper-Standard Holding, Inc.*^		211,272
	6,147	Dorman Products, Inc.*^		292,966
	4,932	Drew Industries, Inc.		286,155
	18,417	Federal Mogul Holdings Corp.*		209,033
	7,561	Fox Factory Holding Corp.*		121,581
	3,880	Fuel Systems Solutions, Inc.*^		29,022
	8,096	Gentherm, Inc.*		444,552
	9,677	Modine Manufacturing Co.*		103,834
	3,617	Motorcar Parts of America, Inc.*		108,836
	6,439	Remy International, Inc.		142,366


Shares			Fair Value
	Common Stocks, continued
	Auto Components, continued
	6,847	Spartan Motors, Inc.^	$	31,359
	4,319	Standard Motor Products, Inc.		151,683
	5,611	Stoneridge, Inc.*		65,705
	733	Strattec Security Corp.		50,357
	4,211	Tower International, Inc.*		109,697

				3,109,541

	Automobiles (0.1%):
	4,949	Winnebago Industries, Inc.^		116,747

	Banks (12.6%):
	1,509	1st Constitution Bancorp*		17,338
	4,983	1st Source Corp.		170,020
	2,101	Access National Corp.		40,843
	410	ACNB Corp.^		8,532
	636	Ameriana Bancorp		13,540
	1,757	American National Bankshares, Inc.		41,834
	346	American River Bankshares*		3,225
	6,527	Ameris Bancorp		165,068
	1,649	Ames National Corp.^		41,390
	294	Anchor Bancorp, Inc.*		6,612
	2,553	Arrow Financial Corp.		69,008
	31,013	Associated Banc-Corp.^		628,633
	13	Auburn National Bancorp, Inc.		336
	7,085	Banc of California, Inc.		97,419
	2,586	BancFirst Corp.		169,254
	736	Bancorp of New Jersey, Inc.		8,471
	20,515	BancorpSouth, Inc.		528,466
	2,653	Bank of Commerce Holdings		15,202
	8,604	Bank of Hawaii Corp.^		573,715
	1,200	Bank of Marin Bancorp		61,044
	401	Bank of South Carolina Corp.		6,637
	4,504	Banner Corp.		215,877
	1,220	Bar Harbor Bankshares		43,225
	1,367	Bay Bancorp, Inc.*		6,999
	837	Baylake Corp.		10,588
	16,299	BBCN Bancorp, Inc.		241,062
	595	BCB Bancorp, Inc.		7,271
	5,074	Berkshire Hills Bancorp, Inc.		144,508
	6,571	BNC Bancorp		127,017
	16,835	Boston Private Financial Holdings, Inc.		225,757
	2,370	Bridge Bancorp, Inc.		63,255
	3,533	Bryn Mawr Bank Corp.		106,555
	1,659	BSB Bancorp, Inc.*		36,680
	74	C&F Financial Corp.		2,742
	1,496	Camden National Corp.		57,895
	5,718	Capital Bank Financial Corp.*		166,222
	3,483	Capital City Bank Group, Inc.^		53,185
	5,943	Cardinal Financial Corp.		129,498
	694	Carolina Bank Holdings, Inc.*		8,408
	14,611	Cascade Bancorp*		75,685
	16,348	Cathay General Bancorp		530,493
	9,115	Centerstate Banks, Inc.		123,144
	7,528	Central Pacific Financial Corp.		178,790
	1,141	Central Valley Community Bancorp		13,498
	511	Century Bancorp, Inc.		20,777


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	6,584	Chemical Financial Corp.	$	217,667
	940	Chemung Financial Corp.		24,891
	2,509	Citizens & Northern Corp.^		51,560
	261	Citizens First Corp.*		3,263
	718	Citizens Holding Co.		14,920
	2,767	City Holding Co.^		136,275
	797	Civista Bancshares, Inc.		8,608
	2,916	CNB Financial Corp.		53,654
	993	Coastway Bancorp, Inc.*		11,191
	7,635	CoBiz Financial, Inc.		99,789
	69	Codorus Valley Bancorp, Inc.		1,396
	56	Colony Bankcorp, Inc.*		504
	12,090	Columbia Banking System, Inc.		393,409
	154	Community Bank shares of Indiana, Inc.		4,215
	7,905	Community Bank System, Inc.^		298,572
	3,296	Community Bankers Trust Corp.*		16,381
	3,524	Community Trust Bancorp, Inc.		122,882
	525	Community West Bancshares		3,465
	1,609	CommunityOne Bancorp*^		17,329
	6,029	ConnectOne Bancorp, Inc.		129,804
	3,386	CU Bancorp*		75,034
	5,436	Customers Bancorp, Inc.*		146,174
	21,679	CVB Financial Corp.^		381,767
	130	DNB Financial Corp.		3,294
	609	Eagle Bancorp Montana, Inc.		6,565
	6,675	Eagle Bancorp, Inc.*		293,433
	2,246	Eastern Virginia Bankshares, Inc.		14,172
	4,068	Enterprise Financial Services Corp.		92,628
	534	Evans Bancorp, Inc.		12,950
	33,855	F.N.B. Corp.		484,804
	1,185	Farmers Capital Bank Corp.*		33,690
	2,817	Farmers National Banc Corp.		23,240
	242	Fauquier Bankshares, Inc.		3,845
	4,354	Fidelity Southern Corp.		75,934
	2,803	Financial Institutions, Inc.		69,627
	3,983	First Bancorp		66,436
	40,945	First Bancorp*		197,355
	2,165	First Bancorp, Inc.^		42,088
	16,090	First Busey Corp.		105,711
	884	First Business Financial Services, Inc.		41,442
	57	First Capital Bancorp, Inc.		244
	2,247	First Citizens BancShares, Inc., Class A^		591,051
	2,100	First Commonwealth Financial Corp.		20,139
	3,775	First Community Bankshares		68,781
	3,237	First Connecticut Bancorp, Inc.		51,371
	11,758	First Financial Bancorp		210,939
	12,499	First Financial Bankshares, Inc.^		432,965
	2,573	First Financial Corp.		92,010
	3,959	First Interstate BancSystem		109,823
	7,162	First Merchants Corp.		176,901
	15,325	First Midwest Bancorp, Inc.		290,715
	3,698	First NBC Bank Holding Co.*		133,128
	2,085	First Niagara Financial Group, Inc.		19,682
	28	First Savings Financial Group		833


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	888	First South Bancorp	$	7,015
	208	First United Corp.*		1,801
	347	First West Virginia Bancorp		7,658
	5,995	Flushing Financial Corp.		125,955
	35,320	Fulton Financial Corp.		461,279
	2,665	German American Bancorp, Inc.^		78,484
	13,638	Glacier Bancorp, Inc.		401,230
	2,755	Great Southern Bancorp, Inc.		116,096
	4,164	Guaranty Bancorp		68,748
	13,653	Hancock Holding Co.^		435,667
	5,973	Hanmi Financial Corp.		148,369
	37	Hawthorn Bancshares, Inc.		536
	4,180	Heartland Financial USA, Inc.		155,580
	6,099	Heritage Financial Corp.		108,989
	6,833	Heritage Oaks Bancorp		53,776
	5,347	Hertiage Commerce Corp.		51,385
	19,578	Hilltop Holdings, Inc.*		471,634
	14,540	Home Bancshares, Inc.		531,582
	4,096	Hometrust Bancshares, Inc.*		68,649
	1,862	Horizon Bancorp		46,476
	6,722	IBERIABANK Corp.		458,642
	5,640	Independent Bank Corp.		264,460
	3,427	Independent Bank Group, Inc.^		147,018
	12,421	International Bancshares Corp.		333,752
	234	Jacksonville Bancorp, Inc.*^		3,054
	7,529	Lakeland Bancorp, Inc.		89,520
	3,357	Lakeland Financial Corp.		145,593
	677	Landmark Bancorp, Inc.		16,424
	1,512	LCNB Corp.		24,502
	8,718	LegacyTexas Financial Group, Inc.		263,284
	5,613	Macatawa Bank Corp.^		29,749
	1,048	Mackinac Financial Corp.^		11,035
	4,372	Mainsource Financial Group, Inc.		95,965
	15,664	MB Financial, Inc.		539,468
	1,565	MBT Financial Corp.*		8,983
	3,441	Mercantile Bank Corp.		73,672
	1,252	Merchants Bancshares, Inc.		41,404
	2,878	Metro Bancorp, Inc.		75,231
	303	Middleburg Financial Corp.		5,454
	1,548	MidWestone Financial Group, Inc.		50,960
	663	Monarch Financial Holdings, Inc.		8,321
	892	MutualFirst Financial, Inc.		20,721
	7,014	National Bank Holdings Corp.		146,102
	1,309	National Bankshares, Inc.		38,301
	28,072	National Penn Bancshares, Inc.		316,652
	8,052	NBT Bancorp, Inc.^		210,721
	7,298	Newbridge Bancorp		65,171
	1,136	Northeast Bancorp		11,303
	1,357	Northrim Bancorp, Inc.^		34,780
	406	Norwood Financial Corp.^		11,904
	8,023	OFG Bancorp^		85,605
	183	Ohio Valley Banc Corp.		4,141
	2,179	Old Line Bancshares, Inc.		34,624
	23,331	Old National Bancorp^		337,366


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	1,004	Old Point Financial Corp.	$	15,693
	3,314	Old Second Bancorp, Inc.*		21,872
	1,398	Orrstown Financial Services, Inc.		22,620
	3,562	Pacific Continental Corp.		48,194
	1,718	Pacific Mercantile Bancorp*		13,040
	4,379	Pacific Premier Bancorp, Inc.*		74,268
	1,200	Palmetto Bancshares, Inc.^		23,724
	3,060	Park National Corp.^		267,352
	8,984	Park Sterling Corp.		64,685
	1,119	Parke Bancorp, Inc.		14,357
	3,098	Peapack-Gladstone Financial Corp.		68,838
	968	Penns Woods Bancorp, Inc.		42,679
	395	Peoples Bancorp		7,244
	3,620	Peoples Bancorp, Inc.		84,491
	7,783	Pinnacle Financial Partners, Inc.		423,162
	5	Polonia Bancorp, Inc.*		63
	2,669	Preferred Bank Los Angeles		80,203
	869	Premier Financial Bancorp, Inc.		13,426
	15,116	PrivateBancorp, Inc.		601,919
	1,199	QCR Holdings, Inc.		26,090
	5,959	Renasant Co.^		194,263
	2,685	Republic Bancorp, Inc.		69,005
	7,724	Republic First Bancorp, Inc.*^		26,802
	6,576	S & T Bancorp, Inc.		194,584
	320	Salisbury Bancorp, Inc.		9,984
	4,544	Sandy Spring Bancorp, Inc.		127,141
	552	SB Financial Group, Inc.		5,846
	6,664	Seacoast Banking Corp.*		105,291
	1,252	Select Bancorp, Inc.*		8,889
	2,539	Shore Bancshares, Inc.*		23,943
	2,735	Sierra Bancorp		47,343
	6,039	Simmons First National Corp., Class A		281,901
	5,228	South State Corp.^		397,276
	1,376	Southcoast Financial Corp.*		11,118
	562	Southern First Bancshares, Inc.*		10,060
	892	Southern National Bancorp		9,883
	5,016	Southside Bancshares, Inc.^		146,618
	3,850	Southwest Bancorp		71,649
	88	Southwest Georgia Financial Corp.		1,232
	7,208	State Bank Financial Corp.		156,414
	17,714	Sterling Bancorp^		260,396
	690	Stewardship Financial Corp.		4,164
	2,904	Stock Yards Bancorp, Inc.^		109,742
	2,351	Suffolk Bancorp		60,327
	682	Summit Financial Group, Inc.		7,645
	963	Summit State Bank		12,630
	2,320	Sun Bancorp, Inc.*		44,660
	625	Sussex Bancorp		7,531
	4,481	Talmer Bancorp, Inc., Class A		75,057
	34,497	TCF Financial Corp.		572,995
	7,999	Texas Capital Bancshares, Inc.*		497,858
	7,531	The Bancorp, Inc.*		69,888
	965	The First Bancshares, Inc.		16,067
	2,791	The First of Long Island Corp.		77,367


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	2,982	Tompkins Financial Corp.	$	160,193
	10,421	TowneBank^		169,758
	4,592	TriCo Bancshares		110,438
	5,730	Tristate Capital Holdings, Inc.*^		74,089
	13,556	Trustmark Corp.^		338,629
	94	Two River Bancorp		859
	8,136	UMB Financial Corp.^		463,915
	8,368	Union Bankshares Corp.^		194,472
	249	Union Bankshares, Inc.		6,506
	450	United Bancshares, Inc.		7,052
	13,802	United Bankshares, Inc.		555,254
	3,015	United Community Banks, Inc.		62,923
	847	United Security Bancshares*		4,269
	908	United Security Bancshares, Inc.		7,309
	38	Unity Bancorp, Inc.		372
	4,045	Univest Corp.		82,356
	41,250	Valley National Bancorp^		425,288
	3,386	Washington Trust Bancorp		133,679
	435	WashingtonFirst Bankshare, Inc.		7,312
	127	Wellesley Bank		2,508
	7,424	WesBanco, Inc.^		252,564
	3,230	West Bancorp		64,083
	4,438	Westamerica Bancorp		224,785
	20,614	Western Alliance Bancorp*		695,928
	15,835	Wilshire Bancorp, Inc.		199,996
	9,711	Wintrust Financial Corp.		518,373
	190	Xenith Bankshares, Inc.*		1,142
	6,236	Yadkin Financial Corp.*		130,644

				29,103,240

	Beverages (0.2%):
	1,449	Coca-Cola Bottling Co. Consolidated^		218,900
	3,530	MGP Ingredients, Inc.		59,375
	5,334	National Beverage Corp.*		119,962
	985	Willamette Valley Vineyards, Inc.*		6,816

				405,053

	Biotechnology (1.1%):
	5,648	Anthera Pharmaceuticals, Inc.*		48,686
	1,372	Biospecifics Technologies Corp.*		70,795
	7,111	Biota Pharmaceuticals, Inc.*		14,720
	4,008	Celsion Corp.*		9,419
	7,692	Emergent Biosolutions, Inc.*		253,451
	3,411	Enanta Pharmaceuticals, Inc.*^		153,461
	7,434	Fortress Biotech, Inc.*^		24,978
	592	ImmuCell Corp.*		4,706
	14,148	Insys Therapeutics, Inc.*^		508,196
	4,164	Ligand Pharmaceuticals, Inc., Class B*^		420,148
	16,473	Myriad Genetics, Inc.*^		559,917
	5,759	Newlink Genetics Corp.*		254,951
	4,602	Oncogenex Pharmaceutical, Inc.*		10,723
	30,069	PDL BioPharma, Inc.^		193,344
	6,973	Targacept, Inc.*		19,455
	5,663	Tenax Therapeutics, Inc.*		20,896

				2,567,846


Shares			Fair Value
	Common Stocks, continued
	Building Products (1.3%):
	9,974	AAON, Inc.	$	224,614
	3,236	American Woodmark Corp.*		177,495
	6,299	Apogee Enterprises, Inc.		331,579
	6,453	Armstrong World Industries, Inc.*		343,817
	19,975	Builders FirstSource, Inc.*^		256,479
	308	Continental Materials Corp.*		4,666
	2,959	Insteel Industries, Inc.		55,333
	13,446	NCI Building Systems, Inc.*		202,631
	3,310	Nortek, Inc.*		275,160
	3,163	Patrick Industries, Inc.*		120,352
	9,618	PGT, Inc.*		139,557
	12,217	Ply Gem Holdings, Inc.*^		144,038
	6,579	Quanex Building Products Corp.		140,988
	10,108	Simpson Manufacturing Co., Inc.		343,673
	6,540	Trex Co., Inc.*^		323,272

				3,083,654

	Capital Markets (1.6%):
	8,841	Cohen & Steers, Inc.^		301,301
	674	Diamond Hill Investment Group		134,571
	10,388	Financial Engines, Inc.^		441,282
	1,290	GAMCO Investors, Inc., Class A		88,636
	5,280	Greenhill & Co., Inc.		218,222
	302	Hennessy Advisors, Inc.		5,693
	7,817	HFF, Inc., Class A		326,203
	11,065	Interactive Brokers Group, Inc., Class A		459,862
	3,702	INTL FCStone, Inc.*		123,054
	21,183	KCG Holdings, Inc.*^		261,186
	37,431	Ladenburg Thalmann Financial Services, Inc.*^		131,009
	2,724	Oppenheimer Holdings, Class A		71,587
	2,624	Pzena Investment Management, Inc.		28,995
	4,108	Safeguard Scientifics, Inc.*		79,942
	1,619	Silvercrest Asset Management Group, Inc., Class A^		22,763
	2,746	U.S. Global Investors, Inc., Class A^		7,634
	7,236	Walter Investment Management Corp.*^		165,487
	1,678	Westwood Holdings, Inc.		99,958
	30,503	WisdomTree Investments, Inc.^		669,999

				3,637,384

	Chemicals (2.5%):
	5,533	A. Schulman, Inc.		241,903
	6,167	American Vanguard Corp.^		85,105
	12,413	Axiall Corp.		447,489
	5,569	Balchem Corp.		310,305
	12,659	Cabot Corp.		472,053
	10,693	Calgon Carbon Corp.		207,230
	1,278	Chase Corp.^		50,801
	14,398	Chemtura Corp.*		407,607
	1,539	Core Molding Technologies, Inc.*		35,151
	8,570	Futurefuel Corp.		110,296
	10,258	H.B. Fuller Co.		416,680
	2,133	Hawkins, Inc.		86,152
	3,915	Innophos Holdings, Inc.		206,086
	4,476	Innospec, Inc.		201,599
	14,475	Intrepid Potash, Inc.*^		172,832


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	2,259	KMG Chemicals, Inc.^	$	57,469
	6,900	Kraton Performance Polymers, Inc.*		164,772
	14,416	Kronos Worldwide, Inc.^		157,999
	4,373	LSB Industries, Inc.*		178,593
	6,222	Minerals Technologies, Inc.		423,905
	893	Northern Technologies International Corp.*		14,377
	17,830	Olin Corp.^		480,518
	9,435	Omnova Solutions, Inc.*		70,668
	2,538	Quaker Chemical Corp.		225,476
	200	Sensient Technologies Corp.		13,668
	4,494	Stepan Co.		243,170
	279	TOR Minerals International, Inc.*		1,744
	4,945	Trecora Resources*		74,670
	11,730	Tronox, Ltd., Class A		171,610

				5,729,928

	Commercial Services & Supplies (3.1%):
	11,496	ABM Industries, Inc.		377,874
	20,950	ACCO Brands Corp.*		162,782
	675	Acme United Corp.		12,218
	1,580	AMREP Corp.*		8,058
	9,470	ARC Document Solutions, Inc.*		72,067
	9,672	Brady Corp., Class A^		239,285
	8,149	Casella Waste Systems, Inc.*		45,716
	5,329	CECO Environmental Corp.		60,378
	13,422	Cenveo, Inc.*		28,455
	325	CompX International, Inc.		3,705
	24,802	Covanta Holding Corp.		525,554
	535	Ecology and Environment, Inc., Class A		5,575
	4,057	G&K Services, Inc., Class A		280,501
	11,123	Herman Miller, Inc.		321,788
	9,540	HNI Corp.^		487,971
	13,810	Interface, Inc.		345,941
	4,059	Intersections, Inc.*		12,461
	7,526	Kimball International, Inc., Class B		91,516
	10,221	Knoll, Inc.		255,832
	5,746	Matthews International Corp., Class A		305,342
	4,949	McGrath Rentcorp		150,598
	8,332	Mobile Mini, Inc.		350,277
	6,959	MSA Safety, Inc.		337,581
	3,596	Multi-Color Corp.		229,712
	2,566	NL Industries, Inc.*		19,014
	2,198	Perma-Fix Environmental Services, Inc.*		8,374
	6,932	Quad Graphics, Inc.		128,311
	4,036	SP Plus Corp.*		105,380
	17,925	Steelcase, Inc., Class A		338,962
	3,787	Team, Inc.*		152,427
	10,769	Tetra Tech, Inc.		276,117
	10,001	The Brink’s Co.		294,329
	6,115	Trc Companies, Inc.*		62,067
	2,902	UniFirst Corp.		324,589
	4,727	US Ecology, Inc.^		230,299
	1,974	Versar, Inc.*		7,778
	3,364	Virco Manufacturing Co.*		9,587


Shares			Fair Value
	Common Stocks, continued
	Commercial Services & Supplies, continued
	16,399	West Corp.	$	493,610

				7,162,031

	Communications Equipment (1.8%):
	10,421	ADTRAN, Inc.		169,341
	3,564	Alliance Fiber Optic Products, Inc.^		66,112
	254	Bel Fuse, Inc., Class A		5,248
	5,844	CalAmp Corp.*^		106,711
	10,549	Calix, Inc.*		80,278
	24,124	Ciena Corp.*^		571,256
	1,808	ClearOne, Inc.^		23,332
	316	Communications Systems, Inc.		3,321
	6,496	EMCORE Corp.*		39,106
	22,610	Finisar Corp.*^		404,041
	16,449	Harmonic, Inc.*		112,347
	6,247	InterDigital, Inc.^		355,392
	15,902	Ixia*		197,821
	3,225	KVH Industries, Inc.*		43,376
	6,491	NETGEAR, Inc.*		194,860
	3,837	Numerex Corp., Class A*^		32,768
	131	Optical Cable Corp.		451
	7,906	Plantronics, Inc.		445,187
	27,301	Polycom, Inc.*		312,323
	900	RELM Wireless Corp.*		4,437
	16,249	Ruckus Wireless, Inc.*^		168,015
	11,725	Ubiquiti Networks, Inc.^		374,203
	8,776	ViaSat, Inc.*^		528,842

				4,238,768

	Construction & Engineering (1.1%):
	5,777	Ameresco, Inc., Class A*^		44,194
	2,944	Argan, Inc.		118,732
	8,169	Comfort Systems USA, Inc.		187,479
	7,616	Dycom Industries, Inc.*^		448,202
	11,205	Emcor Group, Inc.		535,262
	7,950	Furmanite Corp.*		64,554
	7,950	Granite Construction, Inc.		282,305
	2,141	Integrated Electrical Services, Inc.*		15,201
	27,929	KBR, Inc.		544,056
	4,198	MYR Group, Inc.*		129,970
	1,267	NV5 Holdings, Inc.*		30,737
	5,590	Orion Marine Group, Inc.*		40,360

				2,441,052

	Construction Materials (0.2%):
	15,892	Headwaters, Inc.*		289,552
	771	U.S. Lime & Minerals, Inc.		44,811
	2,901	US Concrete, Inc.*		109,919

				444,282

	Consumer Finance (0.8%):
	1,660	Asta Funding, Inc.*		13,911
	2,191	Atlanticus Holdings Corp.*		7,734
	5,694	Cash America International, Inc.		149,126
	5,088	Consumer Portfolio Services, Inc.*^		31,800
	4,740	Encore Capital Group, Inc.*^		202,588
	10,502	EZCORP, Inc., Class A*		78,030


Shares			Fair Value
	Common Stocks, continued
	Consumer Finance, continued
	4,963	First Cash Financial Services, Inc.*	$	226,263
	5,380	Imperial Holdings, Inc.*		31,150
	6,892	Nelnet, Inc.		298,493
	1,556	Nicholas Financial, Inc.*		19,792
	8,412	PRA Group, Inc.*^		524,151
	2,057	QC Holdings, Inc.		3,847
	2,553	Regional Mgmt Corp.*		45,597
	2,325	The First Marblehead Corp.*^		13,392
	1,920	World Acceptance Corp.*^		118,099

				1,763,973

	Containers & Packaging (0.2%):
	1,065	AEP Industries, Inc.*		58,788
	1,383	Greif, Inc., Class B		56,012
	4,389	Greif, Inc., Class A^		157,345
	6,167	Myers Industries, Inc.		117,173
	1,431	UFP Technologies, Inc.*^		29,937

				419,255

	Distributors (0.4%):
	12	AMCON Distributing Co.		955
	4,263	Core Markt Holdngs Co., Inc.		252,582
	813	Educational Development Corp.		3,862
	8,789	Pool Corp.		616,811
	710	The Coast Distribution System, Inc.*		2,592
	4,313	VOXX International Corp.*		35,712
	2,157	Weyco Group, Inc.^		64,322

				976,836

	Diversified Consumer Services (0.9%):
	3,469	American Public Education, Inc.*		89,223
	9,431	Cambium Learning Group, Inc.*		40,270
	2,216	Capella Education Co.		118,933
	13,892	Career Education Corp.*		45,844
	4,450	Carriage Services, Inc.		106,266
	1,795	Collectors Universe, Inc.		35,792
	9,229	Grand Canyon Education, Inc.*		391,309
	7,950	K12, Inc.*		100,568
	2,382	Liberty Tax, Inc.		58,955
	1,526	National American University Holdings, Inc.		4,441
	14,222	Sotheby’s^		643,402
	2,612	Steiner Leisure*		140,473
	2,208	Strayer Education, Inc.*		95,165
	5,156	Universal Technical Institute, Inc.		44,342

				1,914,983

	Diversified Financial Services (0.2%):
	1,274	California First National Bancorp		17,186
	8,611	Gain Capital Holdings, Inc.^		82,321
	500	MarketAxess Holdings, Inc.		46,385
	2,591	Marlin Business Services, Inc.		43,736
	6,056	Newstar Financial, Inc.*		66,616
	4,690	PICO Holdings, Inc.*		69,037
	4,650	Resource America, Inc., Class A		39,107
	2,849	Tiptree Financial, Inc., Class A^		20,655

				385,043


Shares			Fair Value
	Common Stocks, continued
	Diversified Telecommunication Services (0.7%):
	3,043	Atlantic Tele-Network, Inc.	$	210,210
	38,567	Cincinnati Bell, Inc.*		147,326
	8,904	Cogent Communications Group, Inc.		301,311
	5,399	FairPoint Communications, Inc.*		98,370
	1,495	Fusion Telecommunications International, Inc.*		3,184
	7,905	General Communication, Inc., Class A*		134,464
	2,168	Hawaiian Telcom Holdco, Inc.*		56,585
	4,421	IDT Corp.		79,932
	6,657	Inteliquent, Inc.		122,489
	19,966	Iridium Communications, Inc.*^		181,491
	4,669	Lumos Networks Corp.		69,055
	14,348	Orbcomm, Inc.*		96,849

				1,501,266

	Electric Utilities (1.0%):
	8,605	ALLETE, Inc.		399,186
	7,820	El Paso Electric Co.		271,041
	8,314	Empire District Electric Co.^		181,245
	3,043	Genie Energy, Ltd., Class B		31,860
	1,728	IDACORP, Inc.^		97,010
	6,312	MGE Energy, Inc.^		244,464
	7,596	Otter Tail Power Co.^		202,054
	16,161	PNM Resources, Inc.		397,561
	14,977	Portland General Electric Co.^		496,637
	2,808	Unitil Corp.		92,720

				2,413,778

	Electrical Equipment (1.0%):
	1,815	Allied Motion Technologies, Inc.		40,765
	547	American Electric Technologies, Inc.*		2,790
	5,308	AZZ, Inc.		274,954
	4,188	Encore Wire Corp.		185,487
	8,133	EnerSys		571,668
	411	Espey Manufacturing & Electronics Corp.		10,686
	9,178	Franklin Electric Co., Inc.^		296,724
	9,772	General Cable Corp.		192,802
	3,487	Global Power Equipment Group, Inc.^		27,059
	29,540	GrafTech International, Ltd.*		146,518
	4,871	LSI Industries, Inc.		45,495
	53	Pioneer Power Solutions, Inc.*		379
	2,209	Power Solutions International, Inc.*		119,330
	4,427	Powersecure International, Inc.*		65,343
	1,064	Preformed Line Products Co.		40,134
	75	Servotronics, Inc.		489
	515	SL Industries, Inc.*		19,884
	5,936	Thermon Group Holdings, Inc.*		142,880
	3,104	Ultralife Corp.*		13,006

				2,196,393

	Electronic Equipment, Instruments & Components (3.1%):
	2,011	ADDvantage Technologies Group, Inc.*		4,686
	6,004	Anixter International, Inc.*		391,161
	29,976	AVX Corp.		403,476
	2,620	Badger Meter, Inc.^		166,344
	8,487	Checkpoint Systems, Inc.		86,398
	4,622	Coherent, Inc.*		293,405


Shares			Fair Value
	Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	4,974	Control4 Corp.*^	$	44,219
	4,147	CUI Global, Inc.*^		20,984
	8,630	Daktronics, Inc.		102,352
	1,365	Data I/O Corp.*		4,668
	3,765	DTS, Inc.*		114,795
	4,881	Electro Rent Corp.		53,008
	6,222	Electro Scientific Industries, Inc.		32,790
	7,067	Fabrinet*		132,365
	3,308	FARO Technologies, Inc.*		154,484
	4,726	FEI Co.		391,927
	640	Frequency Electronics, Inc.*		7,219
	6,936	GSI Group, Inc.*		104,248
	2,274	Identiv, Inc.*^		13,394
	646	IEC Electronics Corp.*		2,907
	12,345	II-VI, Inc.*		234,308
	199	IntriCon Corp.*		1,457
	7,287	Itron, Inc.*^		250,964
	9,073	KEMET Corp.*		26,130
	17,046	Knowles Corp.*^		308,533
	4,518	Littlelfuse, Inc.		428,712
	2,151	LRAD Corp.*		4,280
	6,951	Mercury Computer Systems, Inc.*		101,763
	710	Mesa Labs, Inc.^		63,119
	7,970	Methode Electronics, Inc., Class A		218,777
	604	MOCON, Inc.		9,634
	2,841	MTS Systems Corp.		195,887
	4,940	Multi-Fineline Electronix, Inc.*		107,988
	2,608	Napco Security Technologies, Inc.*		14,944
	7,964	Newport Corp.*		150,997
	4,239	OSI Systems, Inc.*		300,079
	3,068	PAR Technology Corp.*		15,064
	4,132	Park Electrochemical Corp.		79,169
	1,176	PCM, Inc.*		11,795
	1,875	Perceptron, Inc.*		19,800
	4,197	Planar Systems, Inc.*		18,299
	6,457	Plexus Corp.*		283,333
	7,482	RadiSys Corp.*		19,154
	1,727	RF Industries, Ltd.		7,340
	5,365	Rofin-Sinar Technologies, Inc.*		148,074
	3,621	Rogers Corp.*		239,493
	14,481	Sanmina Corp.*		291,937
	5,440	ScanSource, Inc.*		207,046
	706	Sutron Corp.*		5,966
	7,020	SYNNEX Corp.		513,793
	300	Tech Data Corp.*		17,268
	17,962	TTM Technologies, Inc.*		179,440
	989	Wayside Technology Group, Inc.		19,602
	3,952	Wireless Telecom Group, Inc.*		8,576

				7,027,551

	Energy Equipment & Services (0.6%):
	4,145	Era Group, Inc.*		84,890
	483	Exterran Holdings, Inc.		15,770
	16,065	Forum Energy Technologies, Inc.*		325,798
	2,888	Gulf Island Fabrication, Inc.		32,259


Shares			Fair Value
	Common Stocks, continued
	Energy Equipment & Services, continued
	5,319	Matrix Service Co.*	$	97,231
	53,080	McDermott International, Inc.*^		283,447
	2,488	Natural Gas Services Group*		56,776
	24,893	Parker Drilling Co.*		82,645
	2,591	PHI, Inc.*		77,782
	22,013	Rowan Cos. plc, Class A		464,694

				1,521,292

	Food & Staples Retailing (0.8%):
	5,068	Chefs’ Warehouse, Inc.*^		107,644
	5,892	Fairway Group Holdings Corp.*^		20,976
	2,697	Ingles Markets, Inc., Class A		128,836
	10,518	Liberator Medical Holdings, Inc.		23,876
	4,576	Natural Grocers by Vitamin Cottage, Inc.*^		112,661
	5,604	PriceSmart, Inc.^		511,308
	200	SpartanNash Co.		6,508
	58,157	Supervalu, Inc.*		470,490
	8,542	The Fresh Market, Inc.*^		274,540
	1,964	Village Super Market, Inc.		62,239
	5,498	Weis Markets, Inc.		231,741

				1,950,819

	Food Products (1.8%):
	9,772	B&G Foods, Inc.^		278,795
	3,316	Calavo Growers, Inc.		172,200
	8,616	Cal-Maine Foods, Inc.		449,755
	1,318	Coffee Holding Co., Inc.*		6,564
	19,645	Dean Foods Co.		317,660
	5,914	Diamond Foods, Inc.*^		185,581
	3,338	Farmer Brothers Co.*		78,443
	300	Fresh Del Monte Produce, Inc.		11,598
	122	Golden Enterprises, Inc.		498
	3,984	Inventure Foods, Inc.*^		40,438
	3,823	J & J Snack Foods Corp.		423,091
	5,357	Lancaster Colony Corp.		486,683
	2,855	Limoneira Co.^		63,467
	9,889	Post Holdings, Inc.*^		533,315
	1,220	Rocky Mountain Chocolate Factory, Inc.		16,067
	3,983	Sanderson Farms, Inc.^		299,362
	12	Seneca Foods Corp, Class B*		357
	1,801	Seneca Foods Corp., Class A*		50,014
	13,338	Snyders-Lance, Inc.		430,417
	6,833	Tootsie Roll Industries, Inc.^		220,774

				4,065,079

	Gas Utilities (1.5%):
	2,993	Chesapeake Utilities Corp.		161,173
	1,008	Delta Natural Gas Co., Inc.		20,261
	2,109	Gas Natural, Inc.		21,723
	16,484	New Jersey Resources Corp.		454,134
	5,313	Northwest Natural Gas Co.		224,102
	9,305	ONE Gas, Inc.^		396,021
	15,594	Piedmont Natural Gas Co., Inc.		550,624
	79	RGC Resources, Inc.		1,580
	12,453	South Jersey Industries, Inc.		307,963
	8,894	Southwest Gas Corp.		473,250


Shares			Fair Value
	Common Stocks, continued
	Gas Utilities, continued
	7,750	The Laclede Group, Inc.^	$	403,465
	9,681	WGL Holdings, Inc.		525,581

				3,539,877

	Health Care Equipment & Supplies (3.4%):
	4,119	Abaxis, Inc.^		212,046
	2,680	Analogic Corp.		211,452
	7,252	AngioDynamics, Inc.*		118,933
	2,934	Anika Therapeutics, Inc.*		96,910
	354	Atrion Corp.		138,878
	2,493	BioLife Solutions, Inc.*^		4,861
	8,629	Cantel Medical Corp.		463,118
	1,944	Chembio Diagnostics, Inc.*		9,545
	283	CONMED Corp.		16,490
	5,741	CryoLife, Inc.		64,758
	5,124	Cyberonics, Inc.*		304,673
	4,362	Cynosure, Inc., Class A*		168,286
	5,289	Derma Sciences, Inc.*^		37,869
	1,118	Elctromed, Inc.*		2,068
	2,798	Exactech, Inc.*		58,282
	14,587	Globus Medical, Inc., Class A*		374,448
	4,562	Greatbatch, Inc.*		245,983
	10,229	Haemonetics Corp.*		423,071
	8,629	Halyard Health, Inc.*^		349,475
	11,449	Hill-Rom Holdings, Inc.		622,025
	2,860	ICU Medical, Inc.*		273,588
	7,090	Integra LifeSciences Holdings Corp.*		477,653
	6,191	Invacare Corp.		133,911
	2,006	IRIDEX Corp.*		16,550
	249	Kewaunee Scientific CP		4,094
	3,577	LeMaitre Vascular, Inc.		43,139
	10,495	Masimo Corp.*		406,576
	7,819	Meridian Bioscience, Inc.		145,746
	9,510	Merit Medical Systems, Inc.*		204,845
	6,702	Natus Medical, Inc.*		285,237
	7,599	Neogen Corp.*		360,497
	9,424	NuVasive, Inc.*		446,509
	3,810	Orthofix International NV*		126,187
	11,743	RTI Surgical, Inc.*		75,860
	561	Span-America Medical System, Inc.		10,334
	2,611	Surmodics, Inc.*		61,150
	11,148	Thoratec Corp.*		496,867
	754	Utah Medical Products, Inc.		44,961
	3,061	Vascular Solutions, Inc.*		106,278

				7,643,153

	Health Care Providers & Services (2.6%):
	5,952	Aceto Corp.		146,598
	3,936	AdCare Health Systems, Inc.		13,619
	2,250	Addus HomeCare Corp.*		62,685
	6,742	Air Methods Corp.*^		278,714
	2,215	Alliance HealthCare Services, Inc.*		41,398
	1,924	Almost Family, Inc.*		76,787
	7,211	Amedisys, Inc.*		286,493
	9,648	AMN Healthcare Services, Inc.*		304,780
	5,570	Bio-Reference Laboratories, Inc.*		229,763


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	13,756	BioScrip, Inc.*^	$	49,934
	5,519	BioTelemetry, Inc.*		52,044
	6,359	Capital Senior Living Corp.*		155,796
	2,965	Chemed Corp.^		388,712
	4,148	CorVel Corp.*		132,819
	7,772	ExamWorks Group, Inc.*		303,885
	9,962	Five Star Quality Care, Inc.*		47,818
	6,921	Hanger Orthopedic Group, Inc.*^		162,228
	6,560	Healthways, Inc.*		78,589
	3,529	InfuSystems Holdings, Inc.*		11,258
	3,166	IPC Healthcare, Inc.*		175,365
	3,640	LHC Group, Inc.*		139,230
	440	LifePoint Hospitals, Inc.*		38,258
	5,769	Magellan Health Services, Inc.*		404,234
	2,314	National Healthcare Corp.		150,387
	680	National Research Corp., Class B		22,977
	2,076	National Research Corp.		29,500
	12,624	Owens & Minor, Inc.^		429,215
	5,921	PharMerica Corp.*		197,169
	3,184	Providence Service Corp.*		140,988
	1,080	Psychemedics Corp.		16,016
	8,932	RadNet, Inc.*		59,755
	24,503	Select Medical Holdings Corp.		396,949
	7,920	Surgical Care Affiliates, Inc.*		303,970
	5,085	The Ensign Group, Inc.		259,640
	4,896	Triple-S Management Corp., Class B*		125,631
	2,494	U.S. Physical Therapy, Inc.		136,571
	16,336	Universal American Financial Corp.*		165,320
	25	USMD Holdings, Inc.*		212

				6,015,307

	Health Care Technology (0.6%):
	33,773	Allscripts Healthcare Solutions, Inc.*		462,015
	558	Arrhythmia Research Technology, Inc.*		3,499
	2,265	Computer Programs & Systems, Inc.		120,996
	10,487	MedAssets, Inc.*		231,343
	19,671	Merge Healthcare, Inc.*		94,421
	7,444	Omnicell, Inc.*		280,713
	12,253	Quality Systems, Inc.		203,032
	3,415	Simulations Plus, Inc.		21,412

				1,417,431

	Hotels, Restaurants & Leisure (3.7%):
	19,237	Belmond, Ltd., Class A*		240,270
	422	Biglari Holdings, Inc.*		174,603
	5,212	BJ’s Restaurants, Inc.*		252,521
	25,040	Bloomin’ Brands, Inc.		534,604
	4,423	Bob Evans Farms, Inc.		225,794
	3,066	Bravo Brio Restaurant Group, Inc.*		41,544
	3,778	Buffalo Wild Wings, Inc.*		591,975
	7,247	Carrols Restaurant Group, Inc.*		75,369
	4,585	Century Casinos, Inc.*		28,886
	3,316	Chuy’s Holdings, Inc.*^		88,836
	13,086	ClubCorp Holdings, Inc.		312,494
	4,785	Del Frisco’s Restaurant Group, Inc.*		89,145
	17,503	Denny’s Corp.*		203,210


Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
	15,900	Diamond Resorts International, Inc.*^	$	501,645
	3,946	DineEquity, Inc.		391,009
	3,712	Dover Motorsports, Inc.		8,204
	1,421	Famous Dave’s of America, Inc.*^		28,491
	4,681	Fiesta Restaurant Group, Inc.*^		234,050
	378	Flanigan’s Enterprises, Inc.^		9,337
	567	Frisch’s Restaurants, Inc.		19,034
	11,024	Interval Leisure Group, Inc.		251,898
	3,569	Jamba, Inc.*^		55,284
	11,400	Krispy Kreme Doughnuts, Inc.*		219,564
	5,681	Luby’s, Inc.*		27,553
	6,852	Marriott Vacations Worldwide Corp.		628,671
	416	Minor International, ADR		8,773
	906	Nathans Famous, Inc.		33,576
	5,627	Noodles & Co.*^		82,154
	9,230	Papa John’s International, Inc.		697,880
	4,612	Popeyes Louisiana Kitchen, Inc.*		276,674
	2,069	RCI Hospitality Holdings, Inc.*		24,621
	3,993	Red Lion Hotels Corp.*		30,586
	2,920	Red Robin Gourmet Burgers*		250,594
	6,932	Ruth’s Hospitality Group, Inc.		111,744
	17,979	SeaWorld Entertainment, Inc.		331,533
	10,875	Sonic Corp.		313,200
	7,036	Speedway Motorsports, Inc.		159,365
	14,784	Texas Roadhouse, Inc.		553,365
	8,965	The Cheesecake Factory, Inc.		488,906
	4,346	Town Sports International Holdings, Inc.*		12,603

				8,609,565

	Household Durables (1.8%):
	1,790	Cavco Industries, Inc.*		135,038
	5,391	Ethan Allen Interiors, Inc.^		141,999
	300	Helen of Troy, Ltd.*		29,247
	27,174	Hovnanian Enterprises, Inc., Class A*		72,283
	5,530	iRobot Corp.*^		176,296
	18,017	KB Home^		299,082
	1,138	Koss Corp.*		2,629
	10,610	La-Z-Boy, Inc.		279,467
	4,723	Libbey, Inc.		195,202
	2,704	Lifetime Brands, Inc.		39,938
	8,939	M.D.C. Holdings, Inc.^		267,902
	5,003	M/I Homes, Inc.*		123,424
	8,542	Meritage Corp.*		402,243
	723	P & F Industries, Inc., Class A*		6,174
	5,555	Skullcandy, Inc.*		42,607
	1,301	Skyline Corp.*		3,825
	52,612	Standard Pacific Corp.*		468,773
	3,040	Stanley Furniture Co., Inc.*		9,029
	6,650	Taylor Morrison Home Corp., Class A*		135,394
	3,024	The Dixie Group, Inc.*^		31,752
	10,188	The Ryland Group, Inc.^		472,417
	28,470	TRI Pointe Homes, Inc.*		435,591
	2,986	Universal Electronics, Inc.*		148,822
	5,711	William Lyon Homes, Class A*		146,601
	5,830	Zagg, Inc.*		46,174

				4,111,909


Shares			Fair Value
	Common Stocks, continued
	Household Products (0.4%):
	38,032	HRG Group, Inc.*	$	494,416
	1,767	Ocean Bio-Chem, Inc.*		6,308
	1,013	Oil-Dri Corp.		30,775
	1,770	Orchids Paper Products Co.		42,604
	2,773	WD-40 Co.		241,695

				815,798

	Independent Power and Renewable Electricity Producers (0.4%):
	24,688	Atlantic Power Corp.		76,039
	9,784	Ormat Technologies, Inc.^		368,661
	13,511	Pattern Energy Group, Inc.^		383,442

				828,142

	Industrial Conglomerates (0.1%):
	7,539	Raven Industries, Inc.		153,268

	Insurance (3.4%):
	8,603	Ambac Financial Group, Inc.*		143,154
	15,887	American Equity Investment Life Holding Co.		428,631
	5,143	American National Insurance Co.		526,232
	3,531	Amerisafe, Inc.		166,169
	12,573	Aspen Insurance Holdings, Ltd.		602,247
	180	Baldwin & Lyons, Inc., Class A		4,140
	10,012	Citizens, Inc.*^		74,690
	4,636	Crawford & Co., Class A		35,280
	3,701	Crawford & Co.		31,199
	2,891	Donegal Group, Inc., Class A		44,030
	3,537	EMC Insurance Group, Inc.		88,673
	6,923	Employers Holdings, Inc.		157,706
	9,194	Endurance Specialty Holdings, Ltd.^		604,046
	3,110	Enstar Group, Ltd.*		481,895
	2,805	Federated National Holding Co.		67,881
	4,344	First Acceptance Corp.*		13,901
	1,050	Global Indemnity plc*		29,484
	5,938	Greenlight Capital Re, Ltd.*		173,211
	3,907	Hallmark Financial Services, Inc.*		44,462
	2,122	HCI Group, Inc.		93,814
	3,033	Independence Holding Co.		40,005
	407	Investors Title Co.		28,852
	1,954	Kansas City Life Insurance Co.		89,317
	1,473	Kingstone Co., Inc.		11,195
	14,105	Maiden Holdings, Ltd.		222,577
	33,471	MBIA, Inc.*		201,161
	1,171	Mercury General Corp.^		65,166
	2,707	National Interstate Corp.^		73,955
	630	National Western Life Insurance Co., Class A		150,879
	4,777	Onebeacon Insurance Group, Ltd.		69,314
	9,433	Primerica, Inc.		430,994
	10,527	ProAssurance Corp.		486,453
	7,978	RLI Corp.		409,989
	7,764	StanCorp Financial Group, Inc.		587,035
	5,641	State Auto Financial Corp.		135,102
	4,387	Stewart Information Services Corp.		174,603
	21,301	Symetra Financial Corp.		514,845
	204	The National Security Group, Inc.		3,160
	4,299	United Insurance Holdings Co.^		66,806
	7,025	Universal Insurance Holdings, Inc.		170,005

				7,742,258


Shares			Fair Value
	Common Stocks, continued
	Internet & Catalog Retail (0.6%):
	5,568	1-800 Flowers.com, Inc., Class A*	$	58,241
	2,452	Blue Nile, Inc.*		74,516
	3,666	CafePress, Inc.*		16,497
	3,872	Gaiam, Inc., Class A*^		25,323
	1,377	Geeknet, Inc.*		27,457
	14,324	Liberty TripAdvisor Holdings, Inc., Class A*		461,520
	5,809	Nutri/System, Inc.		144,528
	4,500	Overstock.com, Inc.*^		101,430
	4,061	PetMed Express, Inc.^		70,133
	7,148	Shutterfly, Inc.*		341,746

				1,321,391

	Internet Software & Services (2.1%):
	8,035	Actua Corp.*		114,579
	6,561	Cimpress NV*		552,174
	10,225	DealerTrack Holdings, Inc.*		642,029
	3,938	Demand Media, Inc.*^		25,046
	22,941	EarthLink Holdings Corp.		171,828
	30,381	Endurance International Group Holdings, Inc.*		627,672
	6,136	Envestnet, Inc.*		248,079
	6,758	GTT Communications, Inc.*^		161,313
	12,029	Internap Network Services Corp.*		111,268
	1,072	Internet Patents Corp.*		3,237
	11,399	Intralinks Holdings, Inc.*		135,762
	4,991	Inuvo, Inc.*		15,272
	20,076	Limelight Networks, Inc.*		79,099
	6,655	Marchex, Inc.		32,942
	18,228	Monster Worldwide, Inc.*^		119,211
	12,232	NIC, Inc.		223,601
	8,938	QuinStreet, Inc.*		57,650
	1,839	Qumu Corp.*		15,153
	7,302	RealNetworks, Inc.*		39,504
	2,319	Reis, Inc.		51,435
	12,212	RetailMeNot, Inc.*		217,740
	6,137	Shutterstock, Inc.*^		359,875
	5,449	Synacor, Inc.*		8,773
	6,723	TechTarget*		60,036
	2,980	Travelzoo, Inc.*		33,614
	8,928	Tremor Video, Inc.*^		25,980
	10,240	Web.com Group, Inc.*		248,013
	7,261	WebMD Health Corp.*		321,518
	7,728	Xoom Corp.*^		162,713
	6,743	YuMe, Inc.*^		36,547

				4,901,663

	IT Services (2.4%):
	13,666	Acxiom Corp.*		240,248
	9,220	Blackhawk Network Holdings, Inc.*		379,864
	300	CACI International, Inc., Class A*		24,267
	8,610	Cardtronics, Inc.*^		319,001
	368	Cartesian, Inc.*		1,244
	2,101	Cass Information Systems, Inc.		118,118
	12,401	CIBER, Inc.*		42,783
	6,937	CSG Systems International, Inc.		219,625
	758	CSP, Inc.		5,264
	4,471	Datalink Corp.*		39,971


Shares			Fair Value
	Common Stocks, continued
	IT Services, continued
	6,861	Essendant, Inc.	$	269,294
	10,280	Euronet Worldwide, Inc.*		634,275
	6,724	Exlservice Holdings, Inc.*		232,516
	3,658	Forrester Research, Inc.		131,761
	12,959	Global Cash Access Holdings, Inc.*		100,303
	6,299	Heartland Payment Systems, Inc.		340,461
	3,433	Higher One Holdings, Inc.*		10,265
	2,498	Innodata, Inc.*		6,570
	2,231	JetPay Corp.*		6,091
	13,312	Lionbridge Technologies, Inc.*		82,135
	4,432	ManTech International Corp., Class A		128,528
	10,553	ModusLink Global Solutions, Inc.*^		35,880
	1,690	NCI, Inc., Class A		17,458
	10,760	NeuStar, Inc., Class A*^		314,300
	7,061	Perficient, Inc.*		135,854
	3,459	PFSweb, Inc.*		47,942
	8,772	Science Applications International Corp.		463,600
	17,035	Servicesource International, Inc.*		93,181
	719	StarTek, Inc.*		4,242
	8,310	Sykes Enterprises, Inc.*		201,518
	9,446	TeleTech Holdings, Inc.		255,798
	6,015	The Hackett Group, Inc.		80,781
	9,346	Unisys Corp.*^		186,827
	5,980	Virtusa Corp.*		307,372

				5,477,337

	Leisure Products (0.6%):
	2,626	Arctic Cat, Inc.		87,209
	2,916	Escalade, Inc.^		53,625
	1,779	Marine Products Corp.		11,101
	6,427	Nautilus Group, Inc.*		138,245
	12,347	Smith & Wesson Holding Corp.*		204,837
	3,759	Sturm, Ruger & Co., Inc.^		215,955
	3,712	Summer Infant, Inc.*		7,498
	12,661	Vista Outdoor, Inc.*		568,479

				1,286,949

	Life Sciences Tools & Services (0.3%):
	17,848	Affymetrix, Inc.*^		194,900
	173	Bioanalytical Systems, Inc.*^		348
	6,754	Cambrex Corp.*		296,770
	7,018	Harvard Bioscience, Inc.*		40,003
	8,017	Luminex Corp.*		138,373
	6,014	pSivida Corp.*		22,673

				693,067

	Machinery (4.2%):
	9,507	Accuride Corp.*		36,602
	5,474	Albany International Corp., Class A		217,865
	4,780	Altra Industrial Motion Corp.		129,920
	1,974	ARC Group Worldwide, Inc.*		10,462
	806	Art’s-Way Manufacturing Co.		3,772
	4,615	Astec Industries, Inc.		192,999
	10,769	Barnes Group, Inc.		419,883
	9,682	Blount International, Inc.*		105,727
	5,532	Chart Industries, Inc.*		197,769


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	3,222	CIRCOR International, Inc.	$	175,696
	928	CLARCOR, Inc.		57,759
	4,061	Columbus McKinnon Corp.		101,525
	5,999	Commercial Vehicle Group, Inc.*		43,253
	4,549	Douglas Dynamics, Inc.		97,713
	5,136	EnPro Industries, Inc.		293,882
	4,907	ESCO Technologies, Inc.		183,571
	13,278	Federal Signal Corp.		197,975
	2,463	FreightCar America, Inc.		51,427
	1,177	Gencor Industries, Inc.*		11,382
	4,267	Global Brass & Copper Holdings, Inc.		72,582
	5,126	Greenbrier Cos, Inc.		240,153
	2,648	Hardinge, Inc.		26,083
	14,768	Harsco Corp.		243,672
	12,001	Hillenbrand, Inc.		368,431
	1,304	Hurco Cos, Inc.		45,144
	2,514	Hyster-Yale Materials Handling, Inc., Class A		174,170
	5,895	John Bean Technologies Corp.		221,593
	15,005	Kennametal, Inc.		511,970
	143	Key Technology, Inc.*		1,888
	2,094	L.B. Foster Co., Class A		72,473
	2,164	Lindsay Corp.^		190,237
	3,228	Manitex International, Inc.*^		24,662
	20,017	Meritor, Inc.*		262,623
	11,220	Mueller Industries, Inc.		389,558
	32,910	Mueller Water Products, Inc., Class A		299,481
	3,826	NN, Inc.		97,640
	158	Omega Flex, Inc.		5,950
	4,130	PMFG, Inc.*		26,556
	5,359	Proto Labs, Inc.*		361,625
	4,258	RBC Bearings, Inc.*		305,554
	18,885	Rexnord Corp.*		451,540
	2,576	Standex International Corp.		205,900
	4,988	Sun Hydraulics Corp.		190,093
	1,746	Supreme Industires, Inc., Class A		14,963
	466	Taylor Devices, Inc.*		5,844
	3,131	Tecumseh Products Co.*		7,734
	3,528	Tennant Co.		230,520
	17,714	Terex Corp.^		411,851
	5,229	The Gorman-Rupp Co.^		146,830
	23,280	The Manitowoc Co., Inc.		456,288
	12,067	Titan International, Inc.^		129,600
	8,325	TriMas Corp.*		246,420
	4,007	Valmont Industries, Inc.^		476,311
	15,131	Wabash National Corp.*		189,743
	4,945	Watts Water Technologies, Inc., Class A		256,398
	572	WSI Industries, Inc.		3,678
	3,110	Xerium Technologies, Inc.*		56,602

				9,951,542

	Marine (0.2%):
	9,208	Matson, Inc.		387,104

	Media (1.9%):
	3,904	A.H. Belo Corp, Class A^		21,862
	3,570	AMC Entertainment Holdings, Inc., Class A		109,528


Shares			Fair Value
	Common Stocks, continued
	Media, continued
	2,527	Ballantyne Strong, Inc.*	$	11,852
	478	Beasley Broadcast Group, Inc., Class A		2,213
	5,030	Carmike Cinemas, Inc.*		133,496
	27,534	Central Eurpoean Media Enterprises*		60,024
	20,852	Crown Media Holdings, Inc.*		94,251
	229	Daily Journal Corp.*^		45,001
	16,597	DreamWorks Animation SKG, Inc., Class A*^		437,829
	6,578	Entercom Communications Corp.*		75,121
	12,748	Entravision Communications Corp., Class A		104,916
	12,998	Gray Television, Inc.*		203,809
	12,577	Harte-Hanks, Inc.		74,959
	3,107	Hemisphere Media Group*		36,973
	2,441	Insignia Systems, Inc.*		6,664
	11,327	Lee Enterprises, Inc.*^		37,719
	23,524	Media General, Inc.*^		388,616
	6,983	Meredith Corp.^		364,163
	13,351	National CineMedia, Inc.		213,082
	5,349	Nexstar Broadcasting Group, Inc.		299,544
	8,158	Radio One, Inc., Class D*^		25,861
	4,315	Reading International, Inc., Class A*^		59,763
	15,202	Sinclair Broadcast Group, Inc., Class A^		424,288
	5,951	Sizmek, Inc.*		42,252
	860	Spanish Broadcasting System, Inc., Class A*		5,805
	14,420	The E.W. Scripps Co., Class A		329,497
	32,739	The New York Times Co., Class A^		446,887
	19,926	Time, Inc.		458,497
	207	Value Line, Inc.		2,149

				4,516,621

	Metals & Mining (1.2%):
	2,124	Ampco-Pittsburgh Corp.		32,115
	9,101	Carpenter Technology Corp.^		352,027
	28,144	Coeur d’Alene Mines Corp.*^		160,702
	19,950	Commercial Metals Co.		320,796
	7,012	Compass Minerals International, Inc.		575,967
	14,656	Globe Specialty Metals, Inc.		259,411
	1,659	Handy & Harman, Ltd.*		57,484
	2,509	Haynes International, Inc.		123,744
	77,591	Hecla Mining Co.		204,064
	11,542	Horsehead Holding Corp.*^		135,272
	4,433	Materion Corp.		156,263
	14,177	Noranda Aluminum Holding Corp.		12,050
	21,462	Stillwater Mining Co.*^		248,745
	1,789	Synalloy Corp.		24,509
	1,458	Universal Stainless & Alloy Products, Inc.*^		28,650

				2,691,799

	Multiline Retail (0.5%):
	10,701	Big Lots, Inc.^		481,438
	800	Fred’s, Inc.^		15,432
	4,032	Gordmans Stores, Inc.*^		24,716
	67,868	J.C. Penney Co., Inc.*		574,842

				1,096,428

	Multi-Utilities (0.5%):
	11,208	Avista Corp.		343,525
	7,967	Black Hills Corp.		347,760


Shares			Fair Value
	Common Stocks, continued
	Multi-Utilities, continued
	8,085	NorthWestern Corp.	$	394,144

				1,085,429

	Oil, Gas & Consumable Fuels (2.3%):
	21,749	Abraxas Petroleum Corp.*		64,160
	885	Adams Resources & Energy, Inc.		39,471
	13,791	Alon USA Energy, Inc.^		260,650
	901	Barnwell Industries, Inc.*		2,135
	12,862	Callon Petroleum Co.*		107,012
	9,708	Carrizo Oil & Gas, Inc.*		478,022
	18,173	Clean Energy Fuel Corp.*		102,132
	4,250	Delek US Holdings, Inc.		156,485
	17,477	DHT Holdings, Inc.		135,796
	15,405	Gaslog, Ltd.^		307,330
	16,205	Gastar Exploration, Inc.*		50,073
	5,913	Hallador Energy Co.^		49,314
	72	Isramco, Inc.*^		9,937
	15,192	Matador Resources Co.*^		379,800
	19,881	Nordic American Tankers, Ltd.		282,907
	5,278	Pacific Ethanol, Inc.*^		54,469
	3,313	Panhandle Oil & Gas, Inc., Class A^		68,546
	18,217	PBF Energy, Inc., Class A		517,728
	7,959	PDC Energy, Inc.*		426,921
	14,765	Penn Virginia Corp.*^		64,671
	6	PrimeEnergy Corp.*		341
	8,896	Renewable Energy Group, Inc.*		102,838
	23,969	Rice Energy, Inc.*		499,275
	16,077	RSP Permian, Inc.*^		451,924
	30,817	Scorpio Tankers, Inc.		310,944
	17,223	Ship Finance International^		281,079
	19,990	Synergy Resources Corp.*^		228,486
	20,316	Teekay Tankers, Ltd.^		134,289

				5,566,735

	Paper & Forest Products (1.3%):
	8,404	Boise Cascade Co.*		308,259
	3,920	Clearwater Paper Corp.*		224,616
	2,743	Deltic Timber Corp.		185,537
	11,817	Domtar Corp.		489,223
	17,018	KapStone Paper & Packaging Corp.		393,456
	32,496	Louisiana-Pacific Corp.*^		553,406
	12,185	Mercer International, Inc.*		166,691
	3,188	Neenah Paper, Inc.		187,964
	800	P.H. Glatfelter Co.		17,592
	19,331	Resolute Forest Products*^		217,474
	6,120	Schweitzer-Mauduit International, Inc.		244,066
	10,121	Wausau Paper Corp.		92,911

				3,081,195

	Personal Products (0.5%):
	1,214	CCA Industries, Inc.*		3,824
	6,057	Elizabeth Arden, Inc.*^		86,373
	6,225	Inter Parfums, Inc.		211,214
	537	Mannatech, Inc.*		9,612
	2,454	Medifast, Inc.*		79,313
	1,387	Natural Alternatives International, Inc.*		7,857


Shares			Fair Value
	Common Stocks, continued
	Personal Products, continued
	3,757	Natures Sunshine Products, Inc.	$	51,659
	1,924	Nutraceutical International Corp.*		47,600
	7,643	Revlon, Inc.*		280,575
	340	United-Guardian, Inc.		6,494
	2,498	Usana Health Sciences, Inc.*^		341,377

				1,125,898

	Pharmaceuticals (0.9%):
	3,415	Cumberland Pharmaceuticals, Inc.*		24,417
	13,834	DepoMed, Inc.*^		296,878
	8,459	Endocyte, Inc.*^		43,902
	2,063	Juniper Pharmaceuticals, Inc.*		18,876
	7,262	Lannett Co., Inc.*^		431,653
	2,617	Lipocine, Inc.*		22,454
	6,341	Pozen, Inc.*^		65,376
	10,807	Prestige Brands Holdings, Inc.*		499,716
	10,064	Sciclone Pharmaceuticals, Inc.*		98,828
	8,872	Sucampo Pharmaceuticals, Inc.*^		145,767
	9,517	Supernus Pharmaceuticals, Inc.*		161,599
	12,528	The Medicines Co.*^		358,426

				2,167,892

	Professional Services (2.0%):
	9,962	CBIZ, Inc.*		96,034
	3,999	CDI Corp.		51,987
	6,695	CEB, Inc.		582,867
	5,264	Exponent, Inc.		235,722
	3,358	Franklin Covey Co.*		68,134
	7,585	FTI Consulting, Inc.*		312,805
	3,469	GP Strategies Corp.*		115,310
	3,665	Heidrick & Struggles International, Inc.		95,583
	10,200	Hill International, Inc.*		53,652
	4,139	Huron Consulting Group, Inc.*		290,103
	3,916	ICF International, Inc.*		136,512
	5,180	Insperity, Inc.		263,662
	6,020	Kforce, Inc.		137,677
	10,428	Korn/Ferry International		362,582
	666	Mastech Holdings, Inc.*		5,934
	5,737	Mistras Group, Inc.*		108,888
	8,912	Navigant Consulting, Inc.*		132,521
	10,729	On Assignment, Inc.*		421,435
	7,538	Resources Connection, Inc.		121,286
	11,029	RPX Corp.*		186,390
	8,536	The Advisory Board Co.*		466,663
	8,247	Trueblue, Inc.*		246,585
	4,212	Volt Information Sciences, Inc.*		40,899
	1,098	Vse Corp.		58,754
	1,576	Willdan Group, Inc.*		17,620

				4,609,605

	Real Estate Management & Development (0.6%):
	9,258	Alexander & Baldwin, Inc.		364,764
	395	CKX Lands, Inc.		5,577
	1,201	Consolidated-Tomoka Land Co.		69,226
	6,777	Forestar Group, Inc.*^		89,185
	232	FRP Holdings, Inc.*		7,524


Shares			Fair Value
	Common Stocks, continued
	Real Estate Management & Development, continued
	376	Griffin Industrial Realty, Inc.	$	12,047
	10	J.W. Mays, Inc.*		530
	7,491	Marcus & Millichap, Inc.*		345,635
	1,035	Maui Land & Pineapple Co.*		5,879
	308	Stratus Properties, Inc.*		4,411
	4,276	Tejon Ranch Co.*^		109,936
	16,200	The St. Joe Co.*^		251,586
	256	Transcontinental Realty Investors, Inc.*		2,880

				1,269,180

	Road & Rail (1.3%):
	4,878	Celadon Group, Inc.		100,877
	10,521	Con-way, Inc.^		403,691
	3,190	Covenant Transportation Group, Inc., Class A*		79,941
	15,909	Heartland Express, Inc.^		321,839
	15,032	Knight Transportation, Inc.		401,956
	7,452	Landstar System, Inc.		498,316
	927	Providence & Worcester Railroad Co.		16,074
	5,639	Quality Distribution, Inc.*		87,179
	7,758	Roadrunner Transportation System, Inc.*		200,156
	4,517	Saia, Inc.*		177,473
	4,455	Universal Truckload Services, Inc.		97,832
	2,419	USA Truck, Inc.*		51,355
	14,837	Werner Enterprises, Inc.^		389,471
	6,083	YRC Worldwide, Inc.*		78,957

				2,905,117

	Semiconductors & Semiconductor Equipment (3.4%):
	8,642	Advanced Energy Industries, Inc.*		237,569
	5,402	Alpha & Omega Semiconductor, Ltd.*		47,213
	46,961	Amkor Technology, Inc.*		280,827
	4,684	Audience, Inc.*^		22,905
	12,388	Axcelis Technologies, Inc.*		36,668
	2,342	AXT, Inc.*		5,902
	4,923	Cabot Microelectronics Corp.*		231,923
	3,306	Cascade Microtech, Inc.*		50,334
	1,570	CEVA, Inc.*		30,505
	13,315	Cirrus Logic, Inc.*		453,108
	5,200	Cohu, Inc.		68,796
	9,165	Diodes, Inc.*		220,968
	4,487	DSP Group, Inc.*		46,351
	29,989	Entegris, Inc.*		436,940
	9,555	Exar Corp.*		93,448
	11,568	FormFactor, Inc.*		106,426
	4,679	GSI Technology, Inc.*		24,378
	26,616	Integrated Device Technology, Inc.*		577,566
	28,319	Intersil Corp., Class A		354,271
	1,349	inTest Corp.*		5,882
	6,419	IXYS Corp.		98,211
	13,324	Kopin Corp.*		45,968
	14,663	Kulicke & Soffa Industries, Inc.*		171,704
	23,909	Lattice Semiconductor Corp.*		140,824
	11,407	MA-COM Technology Solutions Holdings, Inc.*^		436,318
	14,794	Mattson Technology, Inc.*		49,560
	11,387	Micrel, Inc.		158,279
	9,410	MKS Instruments, Inc.		357,015


Shares			Fair Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment, continued
	4,780	Nanometrics, Inc.*	$	77,054
	6,621	Neophotonics Corp.*		60,450
	977	NVE Corp.		76,597
	6,377	PDF Solutions, Inc.*		102,032
	13,328	Photronics, Inc.*		126,749
	40,602	PMC-Sierra, Inc.*		347,553
	6,096	Power Integrations, Inc.		275,417
	24,793	Rambus, Inc.*		359,251
	5,208	Rubicon Technology, Inc.*^		12,655
	6,462	Rudolph Technologies, Inc.*		77,609
	740	Sevcon, Inc.*		7,504
	6,811	Sigma Designs, Inc.*		81,255
	8,344	Silicon Laboratories, Inc.*^		450,658
	3,100	Synaptics, Inc.*^		268,879
	11,751	Tessera Technologies, Inc.		446,302
	5,417	Ultratech, Inc.*		100,540
	7,356	Veeco Instruments, Inc.*		211,411
	10,777	Xcerra Corp.*		81,582

				7,953,357

	Software (3.2%):
	24,306	ACI Worldwide, Inc.*^		597,197
	5,151	American Software, Inc.		48,935
	11,265	Avg Technologies NV*		306,521
	2,785	Aware, Inc.		11,224
	9,555	Barracuda Networks, Inc.*^		378,569
	10,209	Blackbaud, Inc.		581,402
	2,350	BSQUARE Corp.*		15,933
	8,996	CommVault Systems, Inc.*		381,520
	6,916	Ebix, Inc.		225,531
	7,572	EPIQ Systems, Inc.		127,815
	2,049	Evolving Systems, Inc.		18,359
	6,648	Fair Isaac Corp.		603,504
	4,113	GlobalSCAPE, Inc.		13,532
	26,478	Mentor Graphics Corp.		699,813
	7,496	Monotype Imaging Holdings, Inc.		180,729
	8,242	NetScout Systems, Inc.*		302,234
	14,948	Pegasystems, Inc.		342,160
	10,797	Progress Software Corp.*		296,918
	15	QAD, Inc., Class B		324
	3,092	QAD, Inc.		81,722
	4,358	Rosetta Stone, Inc.*^		34,777
	15,730	Rovi Corp.*^		250,894
	6,367	SeaChange International, Inc.*		44,633
	8,399	Synchronoss Technologies, Inc.*		384,086
	16,684	Take-Two Interactive Software, Inc.*		459,977
	10,992	Telecommunication Systems, Inc.*		36,384
	7,906	Telenav, Inc.*		63,643
	17,128	TiVo, Inc.*		173,678
	7,598	VASCO Data Security International, Inc.*^		229,384
	155,589	Zynga, Inc.*		444,985

				7,336,383

	Specialty Retail (4.7%):
	14,303	Aaron’s, Inc.		517,912
	1,746	America’s Car Mart, Inc.*		86,113


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	9,749	ANN, Inc.*	$	470,779
	4,766	Asbury Automotive Group, Inc.*		431,895
	33,017	Ascena Retail Group, Inc.*		549,898
	12,419	Barnes & Noble, Inc.*^		322,397
	16,326	Bebe Stores, Inc.		32,652
	4,407	Big 5 Sporting Goods Corp.		62,623
	9,601	Caleres, Inc.		305,120
	5,462	Cato Corp.		211,707
	32,987	Chico’s FAS, Inc.		548,574
	7,062	Christopher & Banks Corp.*		28,319
	3,126	Citi Trends, Inc.*		75,649
	7,852	Conn’s, Inc.*		311,724
	2,917	Destination Maternity Corp.^		34,012
	10,159	Destination XL Group, Inc.*		50,897
	2,510	DSW, Inc., Class A		83,759
	17,004	Express, Inc.*		307,942
	9,642	Five Below, Inc.*^		381,148
	8,504	Francesca’s Holdings Corp.*		114,549
	4,262	Genesco, Inc.*		281,420
	744	Group 1 Automotive, Inc.		67,578
	14,990	Guess?, Inc.		287,358
	4,137	Haverty Furniture Cos., Inc.		89,442
	5,671	hhgregg, Inc.*^		18,941
	4,521	Hibbett Sports, Inc.*^		210,588
	3,444	Kirkland’s, Inc.		95,984
	5,111	Lithia Motors, Inc., Class A		578,361
	5,062	MarineMax, Inc.*		119,008
	6,126	Mattress Firm Holding Corp.*^		373,380
	6,751	Monro Muffler Brake, Inc.		419,642
	12,880	New York & Co.*		34,518
	3,283	Outerwall, Inc.		249,869
	14,231	Pacific Sunwear of California, Inc.*		16,223
	1,138	Pep Boys — Manny, Moe & Jack*		13,963
	441	Perfumania Holdings, Inc.*		2,505
	18,625	Pier 1 Imports, Inc.^		235,234
	10,939	Select Comfort Corp.*		328,936
	8,058	Sonic Automotive, Inc., Class A		192,022
	8,986	Stein Mart, Inc.		94,083
	289	Tandy Leather Factory, Inc.		2,485
	9,614	The Buckle, Inc.^		440,033
	4,022	The Children’s Place Retail Stores, Inc.		263,079
	9,179	The Container Store Group, Inc.*^		154,850
	9,277	The Finish Line, Inc., Class A		258,086
	10,445	The Men’s Wearhouse, Inc.		669,211
	10,599	The Tile Shop Holdings, Inc.*		150,400
	2,271	Tilly’s, Inc.*		21,961
	737	Trans World Entertainment Corp.*		2,697
	5,026	Vitamin Shoppe, Inc.*		187,319
	4,901	West Marine, Inc.*		47,246
	1,010	Winmark Corp.		99,485
	5,963	Zumiez, Inc.*		158,795

				11,092,371

	Technology Hardware, Storage & Peripherals (1.0%):
	1,308	Astro-Med, Inc.		18,717
	7,830	Avid Technology, Inc.*^		104,452


Shares			Fair Value
	Common Stocks, continued
	Technology Hardware, Storage & Peripherals, continued
	1,901	Concurrent Computer Corp.	$	11,786
	11,446	Diebold, Inc.		400,610
	12,075	Dot Hill Systems Corp.*		73,899
	8,656	Eastman Kodak Co.*		145,421
	9,346	Electronics for Imaging, Inc.*		406,644
	8,718	Imation Corp.*		35,395
	11,474	Lexmark International, Inc., Class A^		507,152
	17,874	QLogic Corp.*		253,632
	53,057	Quantum Corp.*		89,136
	8,348	Super Micro Computer, Inc.*		246,934
	1,590	TransAct Technologies, Inc.		10,621
	7,142	USA Technologies, Inc.*^		19,283

				2,323,682

	Textiles, Apparel & Luxury Goods (1.2%):
	1,716	Cherokee, Inc.		48,357
	15,584	Crocs, Inc.*		229,241
	2,461	Culp, Inc.		76,291
	5,790	Deckers Outdoor Corp.*		416,706
	9,732	G-III Apparel Group, Ltd.*		684,645
	3,570	Oxford Industries, Inc.		312,197
	1,515	Rocky Brands, Inc.		28,331
	7,466	Sequential Brands Group, Inc.*^		114,155
	13,793	Steven Madden, Ltd.*		590,065
	12,125	Tumi Holdings, Inc.*		248,805
	844	Wolverine World Wide, Inc.		24,037

				2,772,830

	Thrifts & Mortgage Finance (2.2%):
	885	ASB Bancorp, Inc.*		19,169
	22,103	Astoria Financial Corp.		304,800
	1,803	Atlantic Coast Financial Corp.*		8,023
	9,437	Bank Mutual Corp.		72,382
	4,231	BankFinancial Corp.		49,841
	3,050	Bear State Financial, Inc.*		28,487
	14,798	Beneficial Bancorp, Inc.*		184,827
	3,331	BofI Holding, Inc.*^		352,120
	14,118	Brookline Bancorp, Inc.		159,392
	2,307	Cape Bancorp, Inc.		21,824
	27,426	Capitol Federal Financial, Inc.		330,209
	3,400	Charter Financial Corp.		42,194
	202	Chicopee Bancorp, Inc.		3,331
	280	Citizens Community Bancorp, Inc.		2,565
	5,487	Clifton Bancorp, Inc.		76,763
	7,424	Dime Community Bancshares		125,763
	1,537	ESSA Bancorp, Inc.		19,766
	22,161	Everbank Financial Corp.		435,464
	242	First Capital, Inc.		6,551
	808	First Federal of Northern Michigan Bancorp, Inc.		5,163
	3,028	First Financial Northwest, Inc.^		37,729
	11,375	Flagstar Bancorp, Inc.*		210,210
	2,348	Fox Chase Bancorp, Inc.		39,728
	574	FS Bancorp, Inc.		12,381
	195	Guaranty Federal Bankshares, Inc.		2,870
	681	Hamilton Bancorp, Inc.*		9,377
	1,425	HF Financial Corp.		21,617


Shares			Fair Value
	Common Stocks, continued
	Thrifts & Mortgage Finance, continued
	245	Hingham Institution for Savings	$	28,202
	629	HMN Financial, Inc.*		7,416
	1,064	Home Bancorp, Inc.^		26,855
	43	Home Federal Bancorp, Inc.		863
	4,444	HomeStreet, Inc.*		101,412
	1,446	HopFed Bancorp, Inc.		17,106
	869	IF Bancorp, Inc.		14,365
	8,274	Kearny Financial Corp.*		92,338
	390	Kentucky First Federal Bancorp		3,268
	832	Lake Sunapee Bank Group		12,006
	812	LaPorte Bancorp, Inc.		11,003
	594	Madison County Financial, Inc.		12,468
	940	Malvern Bancorp, Inc.*		13,950
	11,095	Meridian Bancorp, Inc.*		148,784
	1,286	Meta Financial Group, Inc.		55,195
	594	MSB Financial Corp.*		7,865
	716	Naugatuck Valley Financial Corp.*		7,604
	2,499	Northeast Community Bancorp, Inc.		18,643
	8,836	Northfield Bancorp, Inc.		132,982
	17,169	Northwest Bancshares, Inc.		220,107
	1,278	Ocean Shore Holding Co.^		18,959
	3,412	Oceanfirst Financial Corp.		63,634
	198	Oconee Federal Financial Corp.		3,536
	8,223	Oritani Financial Corp.		131,979
	4,321	PennyMac Financial Services, Inc., Class A*		78,297
	1,806	Provident Financial Holdings		30,232
	1,683	Prudential Bancorp, Inc.		24,404
	2,120	Pulaski Financial Corp.		27,390
	430	River Valley Bancorp		9,933
	420	Riverview Bancorp, Inc.		1,798
	2,488	Security National Financial Corp., Class A*		16,744
	671	Severn Bancorp, Inc.*		3,228
	1,709	SI Financial Group, Inc.		19,893
	707	Southern Missouri Bancorp, Inc.		13,327
	1,949	Territorial Bancorp, Inc.		47,283
	17,842	TrustCo Bank Corp.		125,429
	25	United Community Bancorp		345
	9,946	United Community Financial Corp.		53,211
	8,899	United Financial Bancorp, Inc.		119,692
	19,266	Washington Federal, Inc.		449,860
	6,983	Waterstone Financial, Inc.^		92,176
	5,802	Wawlker & Dunlop, Inc.*		155,145
	580	Wayne Savings Bancshares, Inc.		7,766
	12	Wolverine Bancorp, Inc.		303
	5,302	WSFS Financial Corp.		145,010
	35	WVS Financial Corp.		415

				5,154,967

	Tobacco (0.2%):
	21,830	Vector Group, Ltd.		512,132

	Trading Companies & Distributors (0.7%):
	311	AeroCentury Corp.*		2,637
	6,962	Applied Industrial Technologies, Inc.		276,043
	8,776	Beacon Roofing Supply, Inc.*		291,538
	4,236	CAI International, Inc.*		87,219


Shares			Fair Value
	Common Stocks, continued
	Trading Companies & Distributors, continued
	1,463	Envirostar, Inc.	$	6,540
	5,238	Huttig Building Products, Inc.*		16,447
	5,554	Kaman Corp., Class A		232,935
	5,292	Stock Building Supply Holdings, Inc.*		103,459
	6,157	TAL International Group, Inc.		194,561
	10,705	Textainer Group Holdings, Ltd.^		278,437
	4,279	Titan Machinery, Inc.*		63,030
	577	TransAct Technologies, Inc.*		5,453
	2,875	Veritiv Corp.*		104,823

				1,663,122

	Transportation Infrastructure (0.1%):
	18,401	WESCO Aircraft Holdings, Inc.*^		278,775

	Water Utilities (0.4%):
	7,960	American States Water Co.		297,623
	1,634	Artesian Resources Corp.		34,461
	10,190	California Water Service Group		232,842
	2,211	Connecticut Water Service, Inc.^		75,528
	2,985	Consolidated Water Co., Ltd.		37,611
	3,255	Middlesex Water Co.		73,433
	669	Pure Cycle Corp.*^		3,479
	3,711	SJW Corp.		113,891
	2,569	The York Water Co.		53,589

				922,457


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Wireless Telecommunication Services (0.4%):
	7,288	Boingo Wireless, Inc.*	$	60,199
	4,912	Shenandoah Telecommunications Co.		168,138
	4,387	Spok Holdings, Inc.		73,877
	18,257	Telephone & Data Systems, Inc.		536,756

				838,970

	Total Common Stocks (Cost $230,502,778)			229,913,699

	Right (0.0%):
	Health Care Providers & Services (0.0%):
	13,756	BioScrip, Inc.*(a)		49,934

	Total Right (Cost $—)			49,934

	Securities Held as Collateral for Securities on Loan (20.1%):
$	46,243,178	Allianz Variable Insurance Products Securities Lending Collateral Trust(b)		46,243,178

	Total Securities Held as Collateral for Securities on Loan (Cost $46,243,178)			46,243,178

	Total Investment Securities (Cost $276,745,956)(c) — 120.0%			276,206,811
	Net other assets (liabilities) — (20.0)%			(46,046,961	)

	Net Assets — 100.0%		$	230,159,850

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	276,745,956

Investment securities, at value*	$	276,206,811
Interest and dividends receivable		157,118
Receivable for capital shares issued		41,230
Receivable for investments sold		838,869

Total Assets		277,244,028

Liabilities:
Cash overdraft		600,626
Payable for collateral received on loaned securities		46,243,178
Manager fees payable		136,244
Administration fees payable		5,329
Distribution fees payable		48,658
Custodian fees payable		32,638
Administrative and compliance services fees payable		820
Trustee fees payable		3,262
Other accrued liabilities		13,423

Total Liabilities		47,084,178

Net Assets	$	230,159,850

Net Assets Consist of:
Capital	$	230,536,676
Accumulated net investment income/(loss)		175,451
Accumulated net realized gains/(losses) from investment transactions		(13,132	)
Net unrealized appreciation/(depreciation) on investments		(539,145	)

Net Assets	$	230,159,850

Shares of beneficial interest (unlimited number of shares authorized, no par value)		23,053,218
Net Asset Value (offering and redemption price per share)	$	9.98

*	Includes securities on loan of $45,353,487.

Statement of Operations

For the Period Ended June 30, 2015 (a)

(Unaudited)


Investment Income:
Dividends	$	636,549
Income from securities lending		4,751
Foreign withholding tax		(77	)

Total Investment Income		641,223

Expenses:
Manager fees		359,915
Administration fees		10,927
Distribution fees		105,857
Custodian fees		33,408
Administrative and compliance services fees		839
Trustee fees		4,355
Professional fees		4,016
Shareholder reports		8,607
Other expenses		1,362

Total expenses before reductions		529,286
Less expenses voluntarily waived/reimbursed by the Manager		(63,514	)

Net expenses		465,772

Net Investment Income/(Loss)		175,451

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(13,132	)
Change in net unrealized appreciation/depreciation on investments		(539,145	)

Net Realized/Unrealized Gains/(Losses) on Investments		(552,277	)

Change in Net Assets Resulting From Operations	$	(376,826	)

(a)	For the period April 27, 2015 (commencement of operations) to June 30, 2015.

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA U.S. Small Cap Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $2,355 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Dimensional Fund Advisors LP (“DFA”), DFA provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. Prior to April 1, 2015, Citi also served as transfer agent under the same agreement. The Administrator was entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. Beginning January 1, 2015, these reductions are no longer applicable to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $179 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $276,745,956. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Based upon the information provided, the Trustees determined that there was no evidence that the anticipated profitability to DFA from being the Subadviser to the DFA Funds was excessive.

As a shareholder of the AZL Enhanced Bond Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Principal Amount			Fair Value
	Asset Backed Securities (10.9%):
$	2,608,182	American Homes 4 Rent LLC, Class A, Series 2014-SFR3, 3.68%, 12/17/36(a)	$	2,664,026
	81,778	Auto ABS Compartiment, Class A, Series 2012-2, 2.80%, 4/27/25(a)		91,530
	2,157,211	Chrysler Capital Auto Receivables Trust, Class A3, Series 2013-BA, 0.85%, 5/15/18(a)		2,159,032
	1,270,000	Chrysler Capital Auto Receivables Trust, Class B, Series 2013-BA, 1.78%, 6/17/19(a)		1,270,359
	2,210,000	Citibank Credit Card Issuance Trust, Class A1, Series 2014-A1, 2.88%, 1/23/23		2,275,836
	1,029,103	CNH Equipment Trust, Class A3, Series 2013-A, 0.69%, 6/15/18		1,029,767
	1,640,000	Colony American Homes, Class A, Series 2015-1A, 1.39%, 7/17/32(a) (b)		1,631,359
	2,840,000	Credit Acceptance Auto Loan Trust, Class A, Series 2014-1A, 1.55%, 10/15/21(a)		2,840,676
	3,190,000	Credit Acceptance Auto Loan Trust, Class A, Series 2014-2A, 1.88%, 3/15/22(a)		3,200,489
	268,485	First Investors Auto Owner Trust, Class A2, Series 2013-1A, 0.90%, 10/15/18(a)		268,408
	620,633	Ford Credit Auto Owner Trust, Class A3, Series 2013-A, 0.55%, 7/15/17		620,740
	2,025,000	Ford Credit Floorplan Master Owner Trust, Class A, Series 2012-2, 1.92%, 1/15/19		2,050,730
	3,290,000	Golden Credit Card Trust, Class A, Series 2014-1A, 0.53%, 3/15/19(a) (b)		3,286,428
	2,190,000	GoldenTree Loan Opportunities VII, Ltd., Class A, Series 2013-7A, 1.41%, 4/25/25(a) (b)		2,164,049
	2,340,000	Invitation Homes Trust, Class A, Series 2014-SFR2, 1.29%, 9/17/31(a) (b)		2,316,261
	2,140,000	Nextgear Floorplan Master Owner Trust, Class A, Series 2014-1A, 1.92%, 10/15/19(a)		2,147,244
	1,830,000	Nissan Master Owner Trust Receivables, Class A, Series 2013-A, 0.49%, 2/15/18(b)		1,830,000
	2,205,000	Nomad CLO, Ltd., Class A1, Series 2013-1A, 1.45%, 1/15/25(a) (b)		2,190,467
	2,975,000	OneMain Financial Issuance Trust, Class A, Series 2014-2A, 2.47%, 9/18/24(a)		2,990,797
	1,875,000	OneMain Financial Issuance Trust, Class A, Series 2015-1A, 3.19%, 3/18/26(a)		1,901,644
	1,735,000	PFS Financing Corp., Class A, Series 2013-AA, 0.74%, 2/15/18(a) (b)		1,733,352
	190,843	Prestige Auto Receivables Trust, Class A2, Series 2013-1A, 1.09%, 2/15/18(a)		190,928
	2,300,000	Prestige Auto Receivables Trust, Class C, Series 2014-1A, 2.39%, 5/15/20(a)		2,306,721
	2,470,000	Progress Residential Trust, Class A, Series 2015-SFR1, 1.59%, 2/17/32(a) (b)		2,471,093
	2,075,000	Progress Residential Trust, Class A, Series 2015-SFR2, 2.74%, 6/12/32		2,059,108
	14,736	Santander Drive Auto Receivables Trust, Class C, Series 2011-3, 3.09%, 5/15/17		14,749
	283,090	Santander Drive Auto Receivables Trust, Class B, Series 2012-5, 1.56%, 8/15/18		283,387
	2,605,000	Santander Drive Auto Receivables Trust, Class E, Series 2012-2A, 5.95%, 4/15/19(a)		2,715,957


Principal Amount			Fair Value
	Asset Backed Securities, continued
$	1,200,000	Santander Drive Auto Receivables Trust, Class C, Series 2012-6, 1.94%, 4/16/18	$	1,205,304
	1,785,000	Santander Drive Auto Receivables Trust, Class B, Series 2013-2, 1.33%, 3/15/18		1,787,158
	1,900,000	Santander Drive Auto Receivables Trust, Class C, Series 2013-4, 3.25%, 1/15/20		1,944,620
	2,075,000	Santander Drive Auto Receivables Trust, Class B, Series 2013-A, 1.89%, 10/15/19(a)		2,088,537
	688,270	Santander Drive Auto Receivables Trust, Class R, Series 2014-S6, 1.43%, 12/16/19(a)		689,936
	3,330,203	Silver Bay Realty 2014-1 Trust, Class A, Series 2014-1, 1.18%, 9/17/31(a) (b)		3,289,617
	253,275	SLM Student Loan Trust, Class A2, Series 2004-B, 0.49%, 6/15/21(b)		251,920
	1,676,245	SLM Student Loan Trust, Class A4, Series 2006-A, 0.48%, 12/15/23(b)		1,658,396
	440,750	SLM Student Loan Trust, Class A1, Series 2012-A, 1.59%, 4/15/16(a) (b)		444,421
	2,190,000	Springleaf Funding Trust, Class A, Series 2015-AA, 3.16%, 11/15/24(a)		2,216,691
	2,121,381	Sway Residential Trust, Class A, Series 2014-1, 1.48%, 1/17/20(a) (b)		2,113,090
	3,970,000	Synchrony Credit Card Master Note Trust, Class A, Series 2015-1, 2.37%, 3/15/23		4,003,804

	Total Asset Backed Securities (Cost $72,156,595)			72,398,631

	Collateralized Mortgage Obligations (7.5%):
	1,307,846	Banc of America Commercial Mortgage, Inc., Class A1A, Series 2007-3, 5.58%, 6/10/49(b)		1,396,219
	79,557	Banc of America Large Loan, Class A4B, Series 2010-UB4, 5.11%, 12/20/41(a) (b)		79,476
	50,000	Bear Stearns Commercial Mortgage Securities, Inc., Class AM, Series 2005-PW10, 5.45%, 12/15/15(b)		50,752
	1,569,986	Bear Stearns Commercial Mortgage Securities, Inc., Class A1A, Series 2006-PW14, 5.19%, 12/11/38		1,640,604
	2,802,868	Bear Stearns Commercial Mortgage Securities, Inc., Class A1A, Series 2007-PW15, 5.32%, 2/11/44		2,942,829
	625,000	Bear Stearns Commercial Mortgage Securities, Inc., Class AM, Series 2007-PW16, 5.71%, 6/1/40(b)		669,330
	2,540,000	BHMS Mortgage Trust, Class AFL, Series 2014-ATLS, 1.68%, 7/5/33(a) (b)		2,524,625
	1,170,000	Citigroup Commercial Mortgage Trust, Class A, Series 2014-388G, 0.94%, 6/15/33(a) (b)		1,163,671
	32,159,035	Comm 2015-CCRE23 Mortgage Trust, 3.51%, 5/10/48(b)		2,185,978
	2,017,070	Commercial Mortgage Loan Trust, Class A1A, Series 2008-LS1, 6.04%, 12/10/49(b)		2,174,609
	590,000	Commercial Mortgage Pass-Through Certificates, Class AM, Series 2006-C8, 5.35%, 12/10/16		620,741
	575,000	Commercial Mortgage Trust, Class A4, Series 2014-UBS3, 3.82%, 6/10/47		599,213


Principal Amount			Fair Value
	Collateralized Mortgage Obligations, continued
$	1,205,000	Commercial Mortgage Trust, Class A3, Series 2014-CR21, 3.53%, 12/10/47	$	1,232,783
	428,000	Commercial Mortgage Trust, Class B, Series 2012-LTRT, 3.80%, 10/5/30(a)		430,278
	1,893,346	Commercial Mortgage Trust, Class A, Series 2013-FL3, 1.70%, 10/13/28(a) (b)		1,893,028
	1,510,000	Commercial Mortgage Trust, Class C, Series 2014-CR17, 4.74%, 5/10/47(b)		1,557,816
	1,975,000	Commercial Mortgage Trust, Class A, Series 2014-TWC, 1.04%, 2/13/32(a) (b)		1,968,931
	2,245,000	Commerical Mortgage Trust, Class B, Series 2014-FL5, 2.34%, 10/15/31(a) (b)		2,245,015
	855,000	Credit Suisse Commercial Mortgage Trust, Class AM, Series 2006-C5, 5.34%, 12/15/39		897,305
	100,000	Credit Suisse Mortgage Capital Certificates, Class AM, Series 2006-C3, 5.81%, 6/15/16(b)		103,825
	1,940	Credit Suisse Mortgage Capital Certificates, Class A2, Series 2007-C2, 5.45%, 1/15/49(b)		1,942
	1,806,336	DBRR Trust, Class A, Series 2013-EZ3, 1.64%, 12/18/49(a) (b)		1,814,804
	3,595,000	GAHR Commercial Mortgage Trust, Class AFL1, Series 2015-NRF, 1.49%, 12/15/16(a) (b)		3,594,456
	10,626,304	GS Mortgage Securities Trust, Class XA, Series 2013-GC10, 1.72%, 2/10/46(b)		965,283
	1,100,000	GS Mortgage Securities Trust, Class A, Series 2012-SHOP, 2.93%, 6/5/31(a)		1,129,905
	8,834	GS Mortgage Securities Trust, Class XA, Series 2014-GC20, 1.37%, 4/10/47(b)		636
	1,065,000	GS Mortgage Securities Trust, Class B, Series 2014-GC22, 4.39%, 6/10/47		1,098,750
	1,500,000	Hilton USA Trust, Class AFX, Series 2013-HLT, 2.66%, 11/5/30(a)		1,490,507
	1,580,000	JPMBB Commercial Mortgage Securities Trust, Class A4, Series 2014-C22, 3.80%, 9/15/47		1,638,732
	599,108	JPMorgan Chase Commercial Mortgage Securities Corp., Class A, Series 2012-WLDN, 3.90%, 5/5/30(a)		621,607
	16,412	JPMorgan Chase Commercial Mortgage Securities Corp., Class XA, Series 2013-LC11, 1.56%, 4/15/46(b)		1,327
	969,851	Lanark Master Issuer plc, Class 1A, Series 2012-2A, 1.68%, 12/22/54(a) (b)		974,572
	1,200,000	LB Commercial Conduit Mortgage Trust, Class AM, Series 2007-C3, 5.90%, 7/15/44(b)		1,295,536
	1,458,352	Merrill Lynch Mortgage Trust, Class A1A, Series 2007-C1, 5.84%, 6/12/50(b)		1,522,978
	546,048	ML-CFC Commercial Mortgage Trust, Class A1A, Series 2006-4, 5.17%, 12/12/49(b)		570,044
	1,395,000	Morgan Stanley BAML Trust, Class C, Series 2013-C13, 4.89%, 11/15/46(b)		1,466,053
	1,170,712	Morgan Stanley Capital I Trust, Class A1A, Series 2007-IQ13, 5.31%, 3/15/44		1,227,552
	483,645	Morgan Stanley Re-REMIC Trust, Class A, Series 2012-XA, 2.00%, 7/28/49(a)		483,403


Principal Amount			Fair Value
	Collateralized Mortgage Obligations, continued
$	605,912	RBSCF Trust, Class WBTA, Series 2010-RR3, 5.95%, 4/16/17(a) (b)	$	624,111
	1,220,000	Sfave Commercial Mortgage Securities Trust, Class A2A, Series 2015-5AVE, 3.66%, 1/5/35(a) (b)		1,147,221
	298,911	STRIPS, Class A, Series 2012-1A, 1.50%, 12/25/44(a)		295,922
	18,293,553	WF-RBS Commercial Mortgage Trust, Class XA, Series 2014-C20, 1.23%, 5/15/47(b)		1,282,707

	Total Collateralized Mortgage Obligations (Cost $50,231,811)			49,625,076

	Corporate Bonds (21.5%):
	Aerospace & Defense (0.3%):
	345,000	Boeing Co. (The), 2.85%, 10/30/24, Callable 7/30/24 @ 100		337,744
	80,000	Boeing Co. (The), 3.30%, 3/1/35, Callable 9/1/34 @ 100		72,645
	40,000	Boeing Co. (The), 3.50%, 3/1/45, Callable 9/1/44 @ 100		35,378
	280,000	Lockheed Martin Corp., 2.90%, 3/1/25, Callable 12/1/24 @ 100		268,967
	185,000	Lockheed Martin Corp., 3.60%, 3/1/35, Callable 9/1/34 @ 100^		171,096
	135,000	Lockheed Martin Corp., 3.80%, 3/1/45, Callable 9/1/44 @ 100		120,347
	300,000	Northrop Grumman Corp., 3.85%, 4/15/45, Callable 10/15/44 @ 100		263,963
	960,000	United Technologies Corp., 1.78%, 5/4/18(b)		962,952

				2,233,092

	Air Freight & Logistics (0.1%):
	500,000	FedEx Corp., 3.88%, 8/1/42^		432,809

	Airlines (0.1%):
	695,000	American Airlines 15-1, Series A, 3.38%, 5/1/27		686,313

	Banks (4.3%):
	1,650,000	Bank of America Corp., 1.50%, 10/9/15^		1,653,787
	430,000	Bank of America Corp., Series 1, 3.75%, 7/12/16		440,810
	1,315,000	Bank of America Corp., 0.54%, 10/14/16(b)		1,310,141
	820,000	Bank of America Corp., 5.63%, 10/14/16		864,321
	1,050,000	Bank of America Corp., Series L, 1.35%, 11/21/16^		1,049,786
	1,065,000	Bank of America Corp., 1.35%, 3/22/18, MTN(b)		1,074,694
	747,000	Bank of America Corp., 2.60%, 1/15/19		755,135
	1,709,000	Bank of America Corp., Series L, 2.25%, 4/21/20, MTN^		1,677,895
	585,000	Bank of America Corp., 4.00%, 1/22/25, MTN^		569,962
	1,020,000	Bank of America Corp., Series L, 3.95%, 4/21/25^		982,454
	345,000	Bank of America Corp., 5.00%, 1/21/44, MTN		358,208
	455,000	BB&T Corp., 2.63%, 6/29/20, Callable 5/29/20 @ 100, MTN^		456,010
	1,185,000	Capital One NA, Series BKNT, 1.65%, 2/5/18, Callable 1/5/18 @ 100^		1,175,913


Principal Amount			Fair Value
	Corporate Bonds, continued
	Banks, continued
$	1,260,000	Citigroup, Inc., 1.30%, 4/1/16	$	1,262,974
	2,580,000	Citigroup, Inc., 1.80%, 2/5/18		2,573,781
	1,230,000	Citigroup, Inc., 2.40%, 2/18/20^		1,214,770
	170,000	Citigroup, Inc., 4.95%, 11/7/43		176,243
	330,000	Discover Bank, Series BKNT, 3.10%, 6/4/20, Callable 5/4/20 @ 100		329,672
	1,205,000	HSBC USA, Inc., 1.70%, 3/5/18^		1,201,685
	2,290,000	HSBC USA, Inc., 2.35%, 3/5/20		2,271,274
	1,350,000	JPMorgan Chase & Co., Series G, 0.90%, 2/26/16^(b)		1,351,843
	1,095,000	JPMorgan Chase & Co., 2.20%, 10/22/19^		1,085,352
	1,180,000	JPMorgan Chase & Co., 2.25%, 1/23/20, Callable 12/23/19 @ 100		1,159,567
	125,000	JPMorgan Chase & Co., 4.50%, 1/24/22		133,959
	260,000	JPMorgan Chase & Co., 4.95%, 6/1/45		252,737
	1,565,000	Wells Fargo & Co., 1.25%, 7/20/16		1,571,632
	1,105,000	Wells Fargo & Co., 3.00%, 2/19/25^		1,058,302
	535,000	Wells Fargo & Co., 3.90%, 5/1/45		481,475

				28,494,382

	Biotechnology (0.4%):
	559,000	Amgen, Inc., 2.13%, 5/1/20, Callable 5/1/20 @ 100^		547,369
	450,000	Amgen, Inc., 3.63%, 5/15/22, Callable 2/15/22 @ 100		458,482
	320,000	Amgen, Inc., 3.13%, 5/1/25, Callable 2/1/25 @ 100		302,765
	395,000	Amgen, Inc., 5.38%, 5/15/43, Callable 11/15/42 @ 100		419,164
	255,000	Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100		234,979
	385,000	Celgene Corp., 3.25%, 8/15/22		380,737
	230,000	Gilead Sciences, Inc., 4.80%, 4/1/44, Callable 10/1/43 @ 100		236,721

				2,580,217

	Capital Markets (2.2%):
	205,000	Bank of New York Mellon Corp. (The), Series G, 3.00%, 2/24/25, Callable 7/17/15 @ 100		198,611
	630,000	Bank of New York Mellon Corp. (The), Series E, 4.95%, 12/29/49, Callable 6/20/20 @ 100(b)		625,275
	1,045,000	Ford Motor Credit Co. LLC, 1.72%, 12/6/17		1,039,574
	370,000	General Electric Capital Corp., 4.38%, 9/16/20		402,897
	905,000	Goldman Sachs Group, Inc. (The), 0.73%, 3/22/16^(b)		904,418
	1,175,000	Goldman Sachs Group, Inc. (The), 2.38%, 1/22/18		1,192,872
	915,000	Goldman Sachs Group, Inc. (The), 1.48%, 4/30/18(b)		924,652
	1,962,000	Goldman Sachs Group, Inc. (The), 2.90%, 7/19/18		2,008,161
	192,000	Goldman Sachs Group, Inc. (The), 2.63%, 1/31/19^		194,376


Principal Amount			Fair Value
	Corporate Bonds, continued
	Capital Markets, continued
$	610,000	Goldman Sachs Group, Inc. (The), 2.60%, 4/23/20, Callable 3/23/20 @ 100^	$	606,943
	705,000	Goldman Sachs Group, Inc. (The), 3.75%, 5/22/25, Callable 2/22/25 @ 100		695,724
	360,000	Goldman Sachs Group, Inc. (The), 4.80%, 7/8/44, Callable 1/8/44 @ 100		355,368
	225,000	Goldman Sachs Group, Inc. (The), 5.15%, 5/22/45		217,064
	311,000	Morgan Stanley, 1.88%, 1/5/18		311,825
	414,000	Morgan Stanley, 2.13%, 4/25/18		416,798
	1,460,000	Morgan Stanley, 2.80%, 6/16/20^		1,461,552
	870,000	Morgan Stanley, 3.75%, 2/25/23		879,692
	515,000	Morgan Stanley, 4.30%, 1/27/45		481,214
	1,740,000	State Street Capital Trust IV, 1.29%, 6/15/37, Callable 8/10/15 @ 100^(b)		1,518,149
	256,980	SteelRiver Transmission Co. LLC, 4.71%, 6/30/17(a)		267,459

				14,702,624

	Chemicals (0.2%):
	233,000	Dow Chemical Co. (The), 4.25%, 10/1/34, Callable 4/1/34 @ 100		218,866
	265,000	Dow Chemical Co. (The), 4.38%, 11/15/42, Callable 5/15/42 @ 100		241,416
	555,000	Eastman Chemical Co., 2.40%, 6/1/17		564,137
	410,000	Eastman Chemical Co., 2.70%, 1/15/20, Callable 12/15/19 @ 100		408,670
	70,000	Eastman Chemical Co., 4.65%, 10/15/44, Callable 4/15/44 @ 100		66,317

				1,499,406

	Commercial Services & Supplies (0.1%):
	535,000	Republic Services, Inc., 3.20%, 3/15/25, Callable 12/15/24 @ 100		514,566
	140,000	Waste Management, Inc., 3.90%, 3/1/35, Callable 9/1/34 @ 100		128,367

				642,933

	Communications Equipment (0.3%):
	770,000	Cisco Systems, Inc., 2.45%, 6/15/20		775,482
	135,000	Harris Corp., 2.70%, 4/27/20, Callable 3/27/20 @ 100		133,276
	740,000	QUALCOMM, Inc., 3.45%, 5/20/25, Callable 2/20/25 @ 100		721,117

				1,629,875

	Consumer Finance (0.5%):
	1,135,000	American Express Credit Corp., 1.13%, 6/5/17^		1,130,726
	280,000	American Express Credit Corp., 2.38%, 5/26/20, Callable 4/25/20 @ 100		277,992
	975,000	Capital One Bank USA NA, Series BKNT, 1.15%, 11/21/16, Callable 10/21/16 @ 100		971,552
	290,000	Capital One Bank USA NA, 1.30%, 6/5/17, Callable 5/5/17 @ 100		288,202
	265,000	Santander Holdings USA, 2.65%, 4/17/20, Callable 3/17/20 @ 100		260,524


Principal Amount			Fair Value
	Corporate Bonds, continued
	Consumer Finance, continued
$	125,000	Synchrony Financial, 2.70%, 2/3/20, Callable 1/3/20 @ 100	$	123,477

				3,052,473

	Diversified Financial Services (0.7%):
	1,090,000	Daimler Finance NA LLC, 1.88%, 1/11/18^(a)		1,092,375
	685,000	Daimler Finance NA LLC, 2.45%, 5/18/20(a)		680,576
	1,090,000	General Electric Capital Corp., 0.98%, 4/2/18^(b)		1,103,366
	1,510,000	JPMorgan Chase & Co., 2.75%, 6/23/20, Callable 5/23/20 @ 100^		1,511,609

				4,387,926

	Diversified Telecommunication Services (1.1%):
	860,000	AT&T, Inc., 0.90%, 2/12/16^		860,040
	317,000	AT&T, Inc., 2.30%, 3/11/19		317,256
	3,000,000	AT&T, Inc., 3.74%, 11/27/22, Callable 5/27/16 @ 73.11(a)(c)		2,284,164
	750,000	Verizon Communications, Inc., 2.63%, 2/21/20		748,314
	550,000	Verizon Communications, Inc., 2.45%, 11/1/22, Callable 8/1/22 @ 100		516,331
	1,195,000	Verizon Communications, Inc., 5.15%, 9/15/23		1,308,335
	1,005,000	Verizon Communications, Inc., 4.40%, 11/1/34, Callable 5/1/34 @ 100		930,388
	525,000	Verizon Communications, Inc., 5.01%, 8/21/54		481,733

				7,446,561

	Education (0.1%):
	700,000	Massachusetts Institute of Technology, 4.68%, 7/1/14		703,656

	Electric Utilities (0.6%):
	125,000	Alabama Power Co., 2.80%, 4/1/25, Callable 1/1/25 @ 100		119,814
	425,000	Alabama Power Co., 4.15%, 8/15/44, Callable 2/15/44 @ 100		406,737
	430,000	Carolina Power & Light Co., 4.10%, 3/15/43, Callable 9/15/42 @ 100		411,209
	355,000	DTE Electric Co., Series A, 4.00%, 4/1/43, Callable 10/1/42 @ 100		337,085
	195,000	DTE Electric Co., 3.70%, 3/15/45, Callable 9/15/44 @ 100		176,280
	900,000	DTE Energy Co., Series F, 3.85%, 12/1/23, Callable 9/1/23 @ 100		933,737
	135,000	Exelon Corp., 2.85%, 6/15/20, Callable 5/15/20 @ 100		135,783
	180,000	Oncor Electric Delivery Co. LLC, 7.00%, 9/1/22		221,451
	350,000	PPL Capital Funding, Inc., 5.00%, 3/15/44, Callable 9/15/43 @ 100		367,785
	220,000	Southern California Edison Co., Series 06-E, 5.55%, 1/15/37		255,860
	185,000	Virginia Electric & Power Co., Series A, 6.00%, 5/15/37		224,703
	25,000	Virginia Electric & Power Co., 6.35%, 11/30/37		31,884
	200,000	Virginia Electric & Power Co., 4.00%, 1/15/43, Callable 7/15/42 @ 100		186,898


Principal Amount			Fair Value
	Corporate Bonds, continued
	Electric Utilities, continued
$	245,000	Virginia Electric & Power Co., Series B, 4.20%, 5/15/45, Callable 11/15/44 @ 100^	$	236,753

				4,045,979

	Electrical Equipment (0.4%):
	840,000	Eaton Corp., 1.50%, 11/2/17		839,426
	255,000	Eaton Corp., 4.00%, 11/2/32		246,820
	1,720,000	General Electric Co., 2.70%, 10/9/22		1,681,412

				2,767,658

	Electronic Equipment, Instruments & Components (0.0%):
	111,000	Agilent Technologies, Inc., 6.50%, 11/1/17		122,556

	Food & Staples Retailing (0.1%):
	130,000	CVS Health Corp., 5.30%, 12/5/43, Callable 6/5/43 @ 100^		141,659
	305,000	Wal-Mart Stores, Inc., 4.00%, 4/11/43, Callable 10/11/42 @ 100		291,026

				432,685

	Food Products (0.2%):
	1,425,000	Wm. Wrigley Jr. Co., 1.40%, 10/21/16(a)		1,428,647

	Health Care Equipment & Supplies (0.4%):
	210,000	Baxter International, Inc., 3.20%, 6/15/23, Callable 8/10/15 @ 100		214,880
	170,000	Becton, Dickinson & Co., 1.80%, 12/15/17		170,021
	125,000	Becton, Dickinson & Co., 2.68%, 12/15/19		125,095
	270,000	Becton, Dickinson & Co., 3.88%, 5/15/24, Callable 2/15/24 @ 100		271,051
	180,000	Becton, Dickinson & Co., 3.73%, 12/15/24, Callable 9/15/24 @ 100		179,394
	165,000	Boston Scientific Corp., 2.85%, 5/15/20		163,836
	525,000	Boston Scientific Corp., 3.85%, 5/15/25		509,382
	245,000	Medtronic, Inc., 3.50%, 3/15/25(a)		244,164
	665,000	Medtronic, Inc., 4.63%, 3/15/45(a)		673,211

				2,551,034

	Health Care Providers & Services (0.5%):
	380,000	Aetna, Inc., 4.13%, 11/15/42, Callable 5/15/42 @ 100		336,731
	410,000	CIGNA Corp., 3.25%, 4/15/25, Callable 1/15/25 @ 100		393,280
	325,000	Memorial Sloan-Kettering, Series 2015, 4.20%, 7/1/55		293,478
	725,000	UnitedHealth Group, Inc., 1.40%, 10/15/17		725,811
	410,000	UnitedHealth Group, Inc., 4.25%, 3/15/43, Callable 9/15/42 @ 100^		387,426
	325,000	WellPoint, Inc., 3.30%, 1/15/23		312,356
	455,000	WellPoint, Inc., 3.50%, 8/15/24, Callable 5/15/24 @ 100		437,040
	300,000	WellPoint, Inc., 5.10%, 1/15/44		293,231

				3,179,353

	Hotels, Restaurant & Leisure (0.0%):
	120,000	McDonald’s Corp., 4.60%, 5/26/45		117,073

	Household Products (0.0%):
	160,000	Kimberly-Clark Corp., 2.65%, 3/1/25		154,661


Principal Amount			Fair Value
	Corporate Bonds, continued
	Independent Power and Renewable Electricity Producers (0.8%):
$	220,000	Carolina Power & Light Co., 5.70%, 4/1/35	$	258,545
	65,000	Florida Power & Light Co., 5.95%, 2/1/38		79,391
	845,000	Florida Power Corp., 6.40%, 6/15/38		1,087,054
	40,000	MidAmerican Energy Holdings Co., 5.95%, 5/15/37		46,281
	450,000	MidAmerican Energy Holdings Co., 6.50%, 9/15/37		552,060
	850,000	PacifiCorp, 5.65%, 7/15/18		948,694
	395,000	PacifiCorp, 5.75%, 4/1/37		465,822
	630,000	PacifiCorp, 4.10%, 2/1/42, Callable 8/1/41 @ 100		603,076
	350,000	Progress Energy Carolinas, Inc., 5.30%, 1/15/19^		390,049
	865,000	Public Service Electric & Gas Co., 2.38%, 5/15/23, Callable 2/15/23 @ 100		824,373

				5,255,345

	Insurance (0.8%):
	410,000	ACE INA Holdings, Inc., 4.15%, 3/13/43^		390,297
	690,000	American International Group, Inc., 4.13%, 2/15/24		715,995
	526,000	American International Group, Inc., 4.38%, 1/15/55, Callable 7/15/54 @ 100		468,475
	410,000	Hartford Financial Services Group, Inc. (The), 4.30%, 4/15/43		388,127
	1,125,000	MetLife, Inc., 6.75%, 6/1/16^		1,183,507
	310,000	MetLife, Inc., 4.05%, 3/1/45		284,732
	445,000	MetLife, Inc., Series C, 5.25%, 12/31/49, Callable 6/15/20 @ 100(b)		441,106
	905,000	New York Life Global Funding, 1.65%, 5/15/17(a)		914,216
	90,000	Prudential Financial, Inc., Series D, 4.75%, 9/17/15, MTN		90,696
	720,000	Prudential Financial, Inc., 3.50%, 5/15/24^		711,786

				5,588,937

	IT Services (0.1%):
	450,000	MasterCard, Inc., 3.38%, 4/1/24		459,342

	Machinery (0.1%):
	605,000	Deere & Co., 2.60%, 6/8/22, Callable 3/8/22 @ 100^		595,310

	Media (1.0%):
	195,000	Comcast Corp., 3.38%, 8/15/25, Callable 5/15/25 @ 100		192,427
	875,000	Comcast Corp., 4.20%, 8/15/34, Callable 2/15/34 @ 100		843,905
	145,000	Comcast Corp., 4.40%, 8/15/35, Callable 2/15/35 @ 100^		143,981
	200,000	Comcast Corp., 6.50%, 11/15/35		248,847
	283,000	Comcast Corp., 4.60%, 8/15/45, Callable 2/15/45 @ 100		280,571
	575,000	Cox Communications, Inc., 4.70%, 12/15/42(a)		491,902
	575,000	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 3.50%, 3/1/16		583,958


Principal Amount			Fair Value
	Corporate Bonds, continued
	Media, continued
$	150,000	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 4.45%, 4/1/24, Callable 1/1/24 @ 100	$	153,497
	185,000	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 3.95%, 1/15/25, Callable 10/15/24 @ 100		181,377
	66,000	Discovery Communications, Inc., 4.88%, 4/1/43		59,869
	1,135,000	NBCUniversal Enterprise, Inc., 0.96%, 4/15/18(a) (b)		1,140,154
	280,000	NBCUniversal Media LLC, 5.15%, 4/30/20		314,457
	816,000	NBCUniversal Media LLC, 4.45%, 1/15/43		784,254
	525,000	Omnicom Group, Inc., 5.90%, 4/15/16		544,167
	813,000	Scripps Networks Interactive, Inc., 2.70%, 12/15/16		829,234

				6,792,600

	Metals & Mining (0.2%):
	470,000	Freeport-McMoRan, Inc., 4.00%, 11/14/21^		461,528
	340,000	Freeport-McMoRan, Inc., 5.40%, 11/14/34, Callable 5/14/34 @ 100^		293,300
	625,000	Southern Copper Corp., 5.88%, 4/23/45		594,500

				1,349,328

	Multi-Utilities (0.1%):
	555,000	Duke Energy Carolinas LLC, 3.75%, 6/1/45, Callable 12/1/44 @ 100^		506,126
	470,000	Northwest Florida Timber Finance LLC, 4.75%, 3/4/29(a)		422,513

				928,639

	Oil, Gas & Consumable Fuels (2.3%):
	2,025,000	Anadarko Petroleum Corp., 6.38%, 9/15/17		2,222,242
	225,000	Continental Resources, Inc., 4.90%, 6/1/44, Callable 12/1/43 @ 100		189,497
	690,000	El Paso Pipeline Partners LP, 5.00%, 10/1/21, Callable 7/1/21 @ 100		730,119
	216,000	El Paso Pipeline Partners Operating Co. LLC, 6.50%, 4/1/20		245,961
	220,000	El Paso Pipeline Partners Operating Co. LLC, 4.30%, 5/1/24, Callable 2/1/24 @ 100		217,106
	1,390,000	Energy Transfer Partners LP, 6.50%, 2/1/42, Callable 8/1/41 @ 100		1,431,903
	500,000	Enterprise Products Operating LLC, 3.90%, 2/15/24, Callable 11/15/23 @ 100^		502,077
	370,000	Enterprise Products Operating LLC, 3.75%, 2/15/25, Callable 11/15/24 @ 100		362,627
	200,000	Enterprise Products Operating LLC, 4.85%, 8/15/42, Callable 2/15/42 @ 100		190,059
	430,000	Enterprise Products Operating LLC, 5.10%, 2/15/45, Callable 8/15/44 @ 100		418,236
	1,415,000	Enterprise Products Operating LLC, Series A, 8.38%, 8/1/66, Callable 8/1/16 @ 100		1,482,212
	125,000	Enterprise Products Operating LP, 1.65%, 5/7/18		124,875


Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
$	135,000	Enterprise Products Operating LP, 4.90%, 5/15/46, Callable 0 @ 100	$	127,152
	530,000	EOG Resources, Inc., 2.45%, 4/1/20, Callable 3/1/20 @ 100		533,680
	520,000	EOG Resources, Inc., 3.90%, 4/1/35, Callable 10/1/34 @ 100		492,257
	925,000	Kinder Morgan (Delaware), Inc., 3.05%, 12/1/19, Callable 11/1/19 @ 100		923,976
	165,000	Kinder Morgan Energy Partners LP, 3.95%, 9/1/22, Callable 6/1/22 @ 100		161,355
	60,000	Kinder Morgan Energy Partners LP, 3.50%, 9/1/23, Callable 6/1/23 @ 100^		55,935
	220,000	Kinder Morgan Energy Partners LP, 4.15%, 2/1/24^		213,480
	445,000	Kinder Morgan Energy Partners LP, 5.40%, 9/1/44, Callable 5/15/24 @ 100		404,245
	668,000	Marathon Petroleum Corp., 4.75%, 9/15/44, Callable 3/15/44 @ 100		609,681
	515,000	Noble Energy, Inc., 5.25%, 11/15/43, Callable 5/15/43 @ 100		501,744
	620,000	Phillips 66, 4.65%, 11/15/34, Callable 5/15/34 @ 100		606,535
	335,000	Plains All American Pipeline LP, 4.90%, 2/15/45, Callable 8/15/44 @ 100^		315,845
	380,000	Sunoco Logistics Partner LP, 3.45%, 1/15/23, Callable 10/15/22 @ 100		359,618
	260,000	Sunoco Logistics Partner LP, 5.35%, 5/15/45, Callable 11/15/44 @ 100		237,357
	520,000	Williams Partners LP, 4.00%, 11/15/21		524,869
	870,000	Williams Partners LP, 3.60%, 3/15/22, Callable 1/15/22 @ 100		844,724
	220,000	Williams Partners LP, 4.50%, 11/15/23, Callable 8/15/23 @ 100		221,016
	120,000	Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100		118,022

				15,368,405

	Paper & Forest Products (0.2%):
	821,000	International Paper Co., 3.65%, 6/15/24, Callable 3/15/24 @ 100^		809,184
	191,000	International Paper Co., 4.80%, 6/15/44, Callable 12/15/43 @ 100^		177,115

				986,299

	Pharmaceuticals (1.0%):
	795,000	Abbvie, Inc., 2.00%, 11/6/18		795,351
	535,000	Abbvie, Inc., 4.40%, 11/6/42		506,208
	480,000	AbbVie, Inc., 2.50%, 5/14/20, Callable 4/14/20 @ 100		475,076
	40,000	AbbVie, Inc., 2.90%, 11/6/22		38,732
	190,000	AbbVie, Inc., 3.60%, 5/14/25, Callable 2/14/25 @ 100		187,795
	425,000	AbbVie, Inc., 4.50%, 5/14/35, Callable 11/14/34 @ 100		415,779
	120,000	AbbVie, Inc., 4.70%, 5/14/45, Callable 11/14/44 @ 100		118,036


Principal Amount			Fair Value
	Corporate Bonds, continued
	Pharmaceuticals, continued
$	325,000	Baxalta, Inc., 4.00%, 6/23/25, Callable 3/23/25 @ 100(a)	$	322,583
	205,000	Eli Lilly & Co., 3.70%, 3/1/45, Callable 9/1/44 @ 100		185,977
	1,020,000	Merck & Co., Inc., 0.64%, 5/18/18(b)		1,023,472
	160,000	Merck & Co., Inc., 2.35%, 2/10/22		154,751
	450,000	Merck & Co., Inc., 3.70%, 2/10/45, Callable 8/10/44 @ 100		402,016
	265,000	Mylan, Inc., 5.40%, 11/29/43, Callable 5/29/43 @ 100^		271,031
	710,000	Pfizer, Inc., 3.40%, 5/15/24^		715,588
	125,000	Pfizer, Inc., 4.30%, 6/15/43		122,144
	995,000	Watson Pharmaceuticals, Inc., 1.88%, 10/1/17		996,190

				6,730,729

	Property & Casualty Insurance (0.1%):
	325,000	ACE INA Holdings, Inc., 3.35%, 5/15/24		325,450

	Real Estate Investment Trusts (REITs) (0.4%):
	315,000	American Tower Corp., 4.00%, 6/1/25		307,880
	130,000	ERP Operating LP, 3.38%, 6/1/25, Callable 3/1/25 @ 100^		127,294
	380,000	ERP Operating LP, 4.50%, 7/1/44, Callable 1/1/44 @ 100		370,182
	115,000	ERP Operating LP, 4.50%, 6/1/45, Callable 12/1/44 @ 100^		111,705
	1,225,000	HCP, Inc., 3.88%, 8/15/24, Callable 5/15/24 @ 100		1,195,403
	385,000	Simon Property Group LP, 3.38%, 3/15/22, Callable 12/15/21 @ 100		390,776
	295,000	Simon Property Group LP, 3.38%, 10/1/24, Callable 7/1/24 @ 100^		293,103

				2,796,343

	Road & Rail (0.2%):
	445,000	Burlington North Santa Fe LLC, 4.90%, 4/1/44, Callable 10/1/43 @ 100		460,718
	130,000	Burlington North Santa Fe LLC, 4.15%, 4/1/45, Callable 10/1/44 @ 100		119,900
	95,000	Union Pacific Corp., 3.38%, 2/1/35, Callable 8/1/34 @ 100		84,454
	484,000	Union Pacific Corp., 3.88%, 2/1/55, Callable 8/1/54 @ 100		425,621
	487,629	Union Pacific Railroad Co., Series 14-1, 3.23%, 5/14/26		491,835

				1,582,528

	Software (0.3%):
	260,000	Microsoft Corp., 3.50%, 2/12/35, Callable 8/12/34 @ 100		237,691
	280,000	Microsoft Corp., 3.75%, 2/12/45, Callable 8/12/44 @ 100^		252,459
	401,000	Oracle Corp., 3.40%, 7/8/24, Callable 4/8/24 @ 100		402,023
	635,000	Oracle Corp., 4.30%, 7/8/34, Callable 1/8/34 @ 100		626,200


Principal Amount			Fair Value
	Corporate Bonds, continued
	Software, continued
$	195,000	Oracle Corp., 4.50%, 7/8/44, Callable 1/8/44 @ 100	$	193,332
	450,000	Oracle Corp., 4.38%, 5/15/55, Callable 11/15/54 @ 100		418,139

				2,129,844

	Specialty Retail (0.1%):
	215,000	Home Depot, Inc. (The), 4.40%, 3/15/45, Callable 9/15/44 @ 100		214,690
	155,000	Home Depot, Inc. (The), 4.25%, 4/1/46, Callable 10/1/45 @ 100		150,510
	510,000	Lowe’s Cos., Inc., 5.00%, 9/15/43, Callable 3/15/43 @ 100		550,244

				915,444

	Technology (0.1%):
	405,000	California Institute of Technology, 4.32%, 8/1/45		404,842

	Technology Hardware, Storage & Peripherals (0.3%):
	875,000	Apple, Inc., 2.00%, 5/6/20^		869,929
	410,000	Apple, Inc., 3.45%, 5/6/24		418,091
	230,000	Apple, Inc., 2.50%, 2/9/25		215,671
	340,000	Apple, Inc., 3.45%, 2/9/45		288,158

				1,791,849

	Tobacco (0.3%):
	330,000	Altria Group, Inc., 5.38%, 1/31/44		349,042
	445,000	Lorillard, Inc., 3.75%, 5/20/23, Callable 2/20/23 @ 100		432,508
	155,000	Philip Morris International, Inc., 4.50%, 3/20/42		151,029
	20,000	Philip Morris International, Inc., 3.88%, 8/21/42		17,755
	425,000	Philip Morris International, Inc., 4.88%, 11/15/43		439,725
	170,000	Reynolds American, Inc., 3.25%, 6/12/20		172,193
	390,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100		397,340
	90,000	Reynolds American, Inc., 5.85%, 8/15/45, Callable 2/12/45 @ 100		94,401

				2,053,993

	Trading Companies & Distributors (0.1%):
	825,000	GATX Corp., 2.50%, 7/30/19		817,056

	Wireless Telecommunication (0.1%):
	720,000	AT&T, Inc., 2.45%, 6/30/20, Callable 5/30/20 @ 100		705,794

	Wireless Telecommunication Services (0.3%):
	316,000	AT&T, Inc., 2.38%, 11/27/18		318,766
	665,000	AT&T, Inc., 3.00%, 6/30/22, Callable 4/30/22 @ 100		642,100
	170,000	AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100		156,279
	122,000	AT&T, Inc., 5.35%, 9/1/40		120,111
	310,000	AT&T, Inc., 4.75%, 5/15/46, Callable 5/15/46 @ 100		282,092


Principal Amount			Fair Value
	Corporate Bonds, continued
	Wireless Telecommunication Services, continued
$	535,000	Crown Castle Towers LLC, 6.11%, 1/15/20(a)	$	609,158

				2,128,506

	Total Corporate Bonds (Cost $144,848,852)			142,998,496

	Preferred Stock(0.1%):
	Diversified Financial Services (0.1%):
	590,000	JPMorgan Chase Capital XXI, Series U, 1.23%, 2/2/37, Callable 8/10/15 @ 100, MTN(b)		491,913

	Total Preferred Stock (Cost $493,899)			491,913

	Yankee Dollars (9.7%):
	Banks (4.0%):
	1,965,000	Asian Development Bank, Series G, 0.75%, 1/11/17		1,968,340
	1,045,000	Barclays Bank plc, 2.75%, 11/8/19		1,037,472
	210,000	Barclays Bank plc, 5.14%, 10/14/20^		228,265
	790,000	Barclays Bank plc, 3.75%, 5/15/24		793,440
	675,000	BPCE SA, 5.70%, 10/22/23(a)		711,528
	430,000	BPCE SA, 4.50%, 3/15/25(a)		415,814
	790,000	Caixa Economica Federal, 2.38%, 11/6/17(a)		760,375
	645,000	Commonwealth Bank of Australia NY, Series G, 2.30%, 3/12/20		644,377
	565,000	Credit Agricole SA, 4.38%, 3/17/25(a)		541,225
	710,000	HSBC Holdings plc, 5.25%, 3/14/44		736,462
	1,115,000	ING Bank NV, 3.75%, 3/7/17(a)		1,158,523
	630,000	ING Bank NV, 1.80%, 3/16/18(a)		630,391
	314,000	ING Bank NV, 5.80%, 9/25/23(a)		342,858
	1,914,000	KFW, 0.50%, 7/15/16		1,914,553
	1,856,000	Kommunalbanken AS, 0.41%, 10/31/16(a) (b)		1,857,005
	805,000	Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, Series G, 1.50%, 2/12/18(a)		810,578
	1,185,000	Nordea Bank AB, 2.38%, 4/4/19(a)		1,196,165
	555,000	Nordea Eiendomskreditt AS, 2.13%, 9/22/16(a)		563,203
	2,610,000	Oesterreichische Kontrollbank AG, Series G, 1.13%, 7/6/15		2,610,000
	386,000	Oriental Republic of Uruguay, 4.50%, 8/14/24		405,300
	1,020,000	Rabobank Nederland NY, 2.25%, 1/14/20		1,014,923
	2,670,000	Royal Bank of Canada, 2.20%, 9/23/19		2,689,649
	305,000	Societe Generale SA, 4.25%, 4/14/25(a)		286,779
	1,010,000	Standard Chartered plc, 2.25%, 4/17/20(a)		992,032
	650,000	Swedbank AB, 2.20%, 3/4/20(a)		645,659
	420,000	UBS AG Stamford CT, 2.35%, 3/26/20		417,077
	1,490,000	Westpac Banking Corp., 2.45%, 11/28/16^(a)		1,521,355

				26,893,348

	Capital Markets (0.9%):
	470,000	Credit Agricole SA, 2.75%, 6/10/20(a)		469,694
	770,000	Credit Suisse AG, 1.70%, 4/27/18		764,634
	1,035,000	Credit Suisse Group AG, 2.75%, 3/26/20(a)		1,022,014
	530,000	Credit Suisse Group Funding, Ltd., 4.88%, 5/15/45(a)		509,952
	1,355,000	Credit Suisse Guernsey, Ltd., 2.60%, 5/27/16(a)		1,376,703
	1,155,000	Deutsche Bank AG, 1.88%, 2/13/18		1,151,466
	330,000	Deutsche Bank AG, 3.70%, 5/30/24^		325,887

				5,620,350


Principal Amount			Fair Value
	Yankee Dollars, continued
	Chemicals (0.0%):
$	145,000	Agrium, Inc., 4.13%, 3/15/35, Callable 9/15/34 @ 100^	$	129,655

	Diversified Financial Services (1.0%):
	2,190,000	CDP Financial, Inc., 4.40%, 11/25/19(a)		2,396,075
	3,685,000	NRAM plc, 5.63%, 6/22/17(a)		3,992,975
	215,000	Shell International Finance BV, 2.13%, 5/11/20^		214,538

				6,603,588

	Government (0.1%):
	689,000	Province of Manitoba Canada, 3.05%, 5/14/24		708,383

	Hotels, Restaurants & Leisure (0.2%):
	1,595,000	Carnival Corp., 1.20%, 2/5/16		1,597,000

	Insurance (0.1%):
	185,000	Aon plc, 4.60%, 6/14/44, Callable 3/14/44 @ 100		176,502
	310,000	Manulife Financial Corp., 3.40%, 9/17/15		311,587

				488,089

	Internet & Catalog Retail (0.1%):
	885,000	Alibaba Group Holding, Ltd., 2.50%, 11/28/19, Callable 10/28/19 @ 100^(a)		875,339

	Machinery (0.0%):
	106,000	Ingersoll-Rand Luxembourg Finance SA, 3.55%, 11/1/24, Callable 8/1/24 @ 100		103,717

	Media (0.1%):
	370,000	British Sky Broadcasting Group plc, 3.75%, 9/16/24(a)		361,214

	Multi-National (0.7%):
	1,885,000	African Development Bank, 0.75%, 10/18/16		1,888,840
	2,790,000	FMS Wertmanagement, 1.63%, 11/20/18		2,815,788

				4,704,628

	Oil, Gas & Consumable Fuels (1.4%):
	945,000	BP Capital Markets plc, 0.79%, 5/10/18(b)		941,808
	575,000	BP Capital Markets plc, 4.74%, 3/11/21		634,491
	555,000	Ecopetrol SA, 4.13%, 1/16/25		512,154
	525,000	Ensco plc, 4.50%, 10/1/24, Callable 7/1/24 @ 100^		501,562
	55,000	Ensco plc, 5.75%, 10/1/44, Callable 4/1/44 @ 100^		49,014
	774,000	Petrobras Global Finance BV, 6.25%, 3/17/24^		747,275
	1,080,000	Petrobras International Finance Co., 3.88%, 1/27/16^		1,084,611
	50,000	Petroleos Mexicanos, 8.00%, 5/3/19		58,580
	107,000	Petroleos Mexicanos, 6.00%, 3/5/20^		119,573
	490,000	Petroleos Mexicanos, 6.50%, 6/2/41		509,600
	473,000	Petroleos Mexicanos, 5.63%, 1/23/46(a)		441,640
	280,000	Shell International Finance BV, 4.13%, 5/11/35		274,097
	295,000	Shell International Finance BV, 4.55%, 8/12/43		301,441
	465,000	Shell International Finance BV, 4.38%, 5/11/45^		458,988
	800,000	Statoil ASA, 2.45%, 1/17/23		770,982
	1,100,000	Statoil ASA, 3.70%, 3/1/24^		1,136,918


Principal Amount			Fair Value
	Yankee Dollars, continued
	Oil, Gas & Consumable Fuels, continued
$	175,000	TransCanada Pipelines, Ltd., 4.63%, 3/1/34, Callable 12/1/33 @ 100	$	173,513
	175,000	Transocean, Inc., 3.80%, 10/15/22, Callable 7/15/22 @ 100		131,688

				8,847,935

	Personal Products (0.1%):
	670,000	Takeda Pharmaceutical Co., Ltd., 1.63%, 3/17/17(a)		674,551

	Pharmaceuticals (0.4%):
	675,000	Actavis Funding SCS, 3.00%, 3/12/20, Callable 2/12/20 @ 100		676,530
	185,000	Actavis Funding SCS, 3.85%, 6/15/24, Callable 3/15/24 @ 100		182,770
	625,000	Actavis Funding SCS, 4.55%, 3/15/35, Callable 9/15/34 @ 100		594,233
	345,000	Actavis Funding SCS, 4.85%, 6/15/44, Callable 12/15/43 @ 100		332,854
	160,000	Actavis Funding SCS, 4.75%, 3/15/45, Callable 9/15/44 @ 100		152,329
	600,000	Teva Pharmaceutical Finance BV, 2.95%, 12/18/22^		579,608

				2,518,324

	Sovereign Bonds (0.6%):
	620,000	Canada Government, 1.63%, 2/27/19		625,641
	1,039,000	Federal Republic of Brazil, 4.88%, 1/22/21		1,085,755
	868,000	Republic of Colombia, 4.00%, 2/26/24^		863,660
	281,000	Republic of Peru, 5.63%, 11/18/50		313,315
	869,000	Republic of Turkey, 4.25%, 4/14/26		828,296
	262,000	United Mexican States, 3.50%, 1/21/21^		267,240

				3,983,907

	Total Yankee Dollars (Cost $64,321,068)			64,110,028

	Municipal Bonds (1.5%):
	California (0.3%):
	557,000	University of California Revenue, 4.77%, 5/15/15		505,433
	170,000	University of California Revenue, 4.86%, 5/15/12		156,585
	360,000	California State Health Facilities Financing Authority Revenue, Series A, 5.00%, 8/15/52, Callable 8/15/23 @ 100		384,448
	700,000	California State, GO, 5.00%, 9/1/42, Callable 9/1/22 @ 100		778,540

				1,825,006

	Illinois (0.2%):
	1,320,000	Illinois State, GO, 5.50%, 7/1/24, Callable 7/1/23 @ 100		1,452,317

	Nevada (0.2%):
	1,100,000	Las Vegas Valley Nevada Water District, GO, 5.00%, 6/1/39, Callable 12/1/24 @ 100		1,219,108

	Massachusetts (0.1%):
	450,000	Massachusetts State School Building Authority Sales Tax Revenue, Series B, 5.00%, 10/15/41, Callable 10/15/21 @ 100		495,968


Principal Amount			Fair Value
	Municipal Bonds, continued
	Missouri (0.1%):
$	460,000	Metropolitan Saint Louis Sewer District West Water System Revenue, Series A, 5.00%, 5/1/42, Callable 5/1/22 @ 100	$	506,202

	New Jersey (0.3%):
	2,005,000	New Jersey State Transportation Trust Fund Authority Revenue, Series AA, 5.00%, 6/15/36, Callable 6/15/23 @ 100		2,025,891
	420,000	New Jersey State Health Care Facilities Financing Authority Revenue, 5.00%, 7/1/44		445,901

				2,471,792

	New York (0.3%):
	895,000	New York State Urban Development Corp. Revenue, Series E, 5.00%, 3/15/24, Callable 3/15/23 @ 100		1,065,829
	670,000	New York City Municipal Finance Authority Water & Sewer System Revenue, Series EE, 5.00%, 6/15/47, Callable 6/15/23 @ 100		733,791

				1,799,620

	Total Municipal Bonds (Cost $9,845,284)			9,770,013

	U.S. Government Agency Mortgages (35.6%):
	Federal Farm Credit Bank (0.3%)
	2,120,000	2.35%, 4/24/23, Callable 7/17/15 @ 100		2,073,163

	Federal Home Loan Mortgage Corporation (7.4%)
	1,299,000	1.00%, 9/27/17		1,303,089
	871,804	Class BW, Series 3738, 3.50%, 10/15/28		901,774
	591,000	4.47%, 9/15/29(c)		360,152
	190,000	6.75%, 3/15/31		272,360
	197,000	4.74%, 3/15/31(c)		111,059
	185,246	5.00%, 7/1/35, Pool #G01838		205,895
	139,837	5.00%, 7/1/35, Pool #G01840		155,523
	445,858	6.00%, 4/1/39, Pool #G07613		507,605
	92,314	4.50%, 7/1/40, Pool #A93010		99,930
	82,980	4.00%, 10/1/40, Pool #A95923		88,440
	91,287	4.00%, 11/1/40, Pool #A95144		97,289
	79,483	4.00%, 11/1/40, Pool #A94977		84,159
	87,015	4.00%, 11/1/40, Pool #A94779		92,724
	122,111	3.08%, 3/1/41, Pool #1B8062(b)		129,082
	1,661,168	5.50%, 6/1/41, Pool #G07553		1,858,530
	81,279	4.00%, 10/1/41, Pool #Q03841		86,636
	300,718	5.00%, 10/1/41, Pool #G07642		332,947
	166,257	4.00%, 10/1/41, Pool #Q04022		177,207
	2,870,131	5.00%, 11/1/41, Pool #G07962		3,177,122
	1,478,593	Class BU, Series 4150, 4.00%, 2/15/42		1,592,814
	513,486	3.50%, 4/1/42, Pool #C03811		530,453
	260,634	2.03%, 7/1/42, Pool #2B0646(b)		269,061
	1,100,000	3.00%, 7/15/42		1,110,313
	537,892	3.00%, 1/1/43, Pool #Q14866		536,419
	91,983	3.50%, 2/1/43, Pool #Q15442		95,169
	356,056	3.00%, 3/1/43, Pool #Q16403		355,083
	527,342	3.00%, 3/1/43, Pool #Q16673		525,769
	616,307	3.00%, 3/1/43, Pool #Q16567		614,559
	171,897	3.00%, 4/1/43, Pool #Q17095		171,405
	365,273	3.50%, 7/1/43, Pool #Q20021		377,928
	356,496	3.50%, 7/1/43, Pool #Q20206		368,293


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal Home Loan Mortgage Corporation, continued
$	2,100,000	3.50%, 7/15/43	$	2,178,586
	819,994	3.50%, 8/1/43, Pool #V80355		848,403
	1,962,751	3.00%, 8/1/43, Pool #G07550		1,957,131
	7,400,000	3.50%, 8/15/43		7,592,948
	162,701	4.00%, 9/1/43, Pool #Q21579		173,615
	764,205	4.50%, 12/1/43, Pool #Q23779		826,558
	44,509	3.50%, 1/1/44, Pool #Q24368		45,985
	34,796	3.50%, 4/1/44, Pool #Q25812		35,950
	290,113	4.00%, 4/1/44, Pool #Q25643		309,230
	91,025	3.50%, 5/1/44, Pool #Q26362		94,044
	32,674	3.50%, 5/1/44, Pool #Q26452		33,756
	50,581	3.50%, 5/1/44, Pool #Q26218		52,336
	23,576	3.50%, 5/1/44, Pool #Q25988		24,358
	47,062	3.50%, 6/1/44, Pool #Q26707		48,619
	40,827	3.50%, 7/1/44, Pool #Q27319		42,241
	332,707	4.50%, 7/1/44, Pool #Q27375		359,703
	2,800,000	4.00%, 7/15/44		2,979,375
	3,300,000	4.50%, 7/15/44		3,563,536
	700,000	5.50%, 7/15/44		784,492
	190,452	3.50%, 8/1/44, Pool #Q27843		196,764
	1,007,949	4.00%, 8/1/44, Pool #G07786		1,076,703
	2,975,000	4.00%, 8/15/44		3,139,380
	85,414	3.50%, 9/1/44, Pool #Q28604		88,379
	184,940	3.50%, 9/1/44, Pool #Q28605		191,073
	220,866	4.50%, 10/1/44, Pool #Q29187		239,609
	28,736	4.00%, 2/1/45, Pool #Q31128		30,460
	70,375	4.00%, 2/1/45, Pool #Q31338		74,531
	1,325,000	3.00%, 7/15/45		1,317,081
	4,030,000	3.50%, 7/15/45		4,145,862

				49,039,497

	Federal National Mortgage Association (23.8%)
	177,762	5.50%, 1/1/18, Pool #680928		183,681
	149,452	4.00%, 7/1/19, Pool #AE0968		156,660
	18,523	Class NT, Series 2009-70, 4.00%, 8/25/19		19,092
	166,457	5.50%, 3/1/20, Pool #888557		173,972
	332,955	4.00%, 7/1/24, Pool #AL1938		355,772
	559,118	5.50%, 5/1/25, Pool #AE0378		586,356
	382,398	5.50%, 7/1/25, Pool #AE0096		429,050
	104,411	5.50%, 9/1/25, Pool #AL4903		109,355
	3,142,090	3.50%, 12/1/25, Pool #AH1359		3,331,681
	440,146	4.00%, 9/1/26, Pool #AL2683		470,461
	4,407,338	4.00%, 5/1/27, Pool #AL5956		4,664,534
	1,700,000	2.00%, 7/25/28		1,672,185
	2,779,408	3.50%, 9/1/28, Pool #AL4245		2,946,803
	865,109	3.50%, 10/1/28, Pool #AV0198		912,617
	1,120,547	3.50%, 11/1/28, Pool #AV1360		1,187,719
	680,940	Class CD, Series 2011-56, 3.50%, 1/25/29		701,459
	784,267	3.50%, 2/1/29, Pool #AL4922		831,355
	895,040	3.00%, 4/1/29, Pool #AW0937		930,162
	645,161	3.00%, 5/1/29, Pool #AW2544		670,851
	1,177,763	3.00%, 6/1/29, Pool #AS2676		1,224,050
	100,000	4.50%, 7/25/29		104,183
	1,100,000	5.00%, 7/25/29		1,149,627
	2,666,744	3.50%, 8/1/29, Pool #AL5884		2,827,121


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	858,849	3.50%, 9/1/29, Pool #AL5806	$	910,474
	580,596	3.50%, 9/1/29, Pool #AX0105		612,480
	830,472	3.00%, 9/1/29, Pool #AS3220		863,159
	97,580	3.50%, 10/1/29, Pool #AX2741		103,459
	3,748,731	3.50%, 12/1/29, Pool #AL6161		3,979,677
	2,605,000	5.67%, 1/15/30(c)		1,551,262
	3,901,000	5.20%, 5/15/30(c)		2,305,986
	3,675,000	3.00%, 7/25/30		3,807,329
	10,800,000	2.50%, 7/25/30		10,930,829
	331,886	5.50%, 1/1/33, Pool #676661		374,372
	223,127	5.50%, 5/1/33, Pool #555424		251,599
	453,299	5.00%, 7/1/33, Pool #709212		501,902
	153,168	5.00%, 7/1/34, Pool #725589		169,888
	519,389	5.50%, 2/1/35, Pool #735989		585,519
	44,261	6.00%, 4/1/35, Pool #735504		50,637
	1,224,994	5.50%, 9/1/36, Pool #995113		1,381,181
	95,258	5.50%, 2/1/38, Pool #961545		106,798
	43,204	6.00%, 3/1/38, Pool #889529		49,441
	234,125	5.50%, 5/1/38, Pool #889441		262,699
	137,534	6.00%, 5/1/38, Pool #889466		157,775
	324,464	5.50%, 5/1/38, Pool #889692		363,897
	224,317	5.50%, 6/1/38, Pool #995018		251,547
	61,501	5.50%, 9/1/38, Pool #889995		68,951
	152,558	6.00%, 10/1/38, Pool #889983		173,525
	269,149	4.50%, 4/1/39, Pool #930922		293,084
	278,819	4.50%, 5/1/39, Pool #AL1472		304,902
	155,587	5.50%, 10/1/39, Pool #AD0362		175,077
	157,172	5.50%, 12/1/39, Pool #AD0571		177,676
	987,610	6.00%, 4/1/40, Pool #AL4141		1,122,097
	93,320	4.50%, 4/1/40, Pool #AD4038		101,884
	195,756	6.50%, 5/1/40, Pool #AL1704		224,809
	487,390	4.50%, 7/1/40, Pool #AD7127		527,102
	229,493	4.50%, 7/1/40, Pool #AB1226		248,675
	109,412	6.00%, 9/1/40, Pool #AE0823		124,064
	2,680,000	Class CY, Series 2010-136, 4.00%, 12/25/40		2,830,699
	151,111	2.90%, 2/1/41, Pool #AH6958(b)		159,131
	217,308	6.00%, 6/1/41, Pool #AL4142		247,068
	119,523	4.50%, 7/1/41, Pool #AB3314		129,479
	279,519	3.27%, 7/1/41, Pool #AL0533(b)		297,807
	96,150	4.50%, 9/1/41, Pool #AI8961		105,481
	88,917	3.50%, 1/1/42, Pool #AK2073		91,737
	161,904	4.00%, 5/1/42, Pool #AT6144		173,471
	77,555	3.50%, 6/1/42, Pool #AL2168		80,265
	74,533	3.50%, 6/1/42, Pool #AO3107		77,085
	337,706	2.02%, 7/1/42, Pool #AP0006(b)		349,949
	81,945	2.24%, 7/1/42, Pool #AO6482(b)		84,889
	797,397	4.50%, 9/1/42, Pool #AL2482		863,498
	100,237	4.00%, 9/1/42, Pool #AX3706		106,725
	92,700	3.50%, 10/1/42, Pool #AQ0393		96,134
	311,092	3.00%, 12/1/42, Pool #AB7425		311,606
	368,227	3.00%, 12/1/42, Pool #AB7271		368,835
	934,768	3.00%, 1/1/43, Pool #AB7458		936,311
	993,584	3.00%, 1/1/43, Pool #AB7567		995,221
	628,469	3.00%, 1/1/43, Pool #AB7755		629,506
	907,892	3.00%, 1/1/43, Pool #AB7497		909,246


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	456,185	3.50%, 2/1/43, Pool #AL2935	$	472,007
	350,176	3.00%, 2/1/43, Pool #AB7762		350,754
	347,970	3.00%, 2/1/43, Pool #AB8558		348,490
	676,954	3.00%, 3/1/43, Pool #AR9194		678,068
	638,017	3.00%, 3/1/43, Pool #AB8701		638,972
	143,335	3.00%, 3/1/43, Pool #AR7568		143,438
	241,489	3.00%, 3/1/43, Pool #AR9218		241,775
	168,735	3.00%, 3/1/43, Pool #AR7576		168,857
	83,912	3.00%, 3/1/43, Pool #AB8712		84,051
	222,624	3.00%, 3/1/43, Pool #AB8830		222,956
	267,917	3.00%, 4/1/43, Pool #AR8630		268,110
	108,626	3.00%, 4/1/43, Pool #AT2037		108,738
	82,908	3.00%, 4/1/43, Pool #AB9033		83,007
	179,924	3.00%, 4/1/43, Pool #AT2043		180,081
	323,463	3.00%, 4/1/43, Pool #AT2040		323,796
	170,435	3.00%, 4/1/43, Pool #AB8924		170,611
	178,278	3.00%, 4/1/43, Pool #AB8923		178,434
	591,737	3.00%, 4/1/43, Pool #AB9016		592,531
	308,080	3.00%, 5/1/43, Pool #AB9462		308,398
	258,190	3.00%, 5/1/43, Pool #AT6654		258,536
	436,960	3.00%, 5/1/43, Pool #AB9173		437,479
	684,667	3.00%, 5/1/43, Pool #AT2719		685,480
	261,452	3.00%, 5/1/43, Pool #AL3759		261,843
	23,408	3.00%, 6/1/43, Pool #AB9564		23,432
	368,566	3.00%, 6/1/43, Pool #AB9662		368,946
	122,069	3.00%, 6/1/43, Pool #AT7676		122,138
	330,123	3.50%, 7/1/43, Pool #AT8464		341,739
	775,204	3.50%, 7/1/43, Pool #AL4010		801,711
	952,358	3.50%, 7/1/43, Pool #AT7940		987,637
	311,898	3.50%, 7/1/43, Pool #AT4327		323,452
	1,200,000	2.50%, 7/25/43		1,151,220
	181,177	3.50%, 8/1/43, Pool #AU0613		187,350
	22,029	3.50%, 8/1/43, Pool #AU3032		22,804
	89,438	3.50%, 8/1/43, Pool #AU3270		92,500
	91,178	3.50%, 8/1/43, Pool #AU3267		94,544
	181,539	3.50%, 8/1/43, Pool #AU0570		187,742
	879,402	3.50%, 8/1/43, Pool #AS0209		909,453
	22,357	3.50%, 8/1/43, Pool #AT7333		23,143
	35,474	3.50%, 9/1/43, Pool #AT7267		36,720
	38,381	3.50%, 10/1/43, Pool #AU7247		39,802
	899,980	3.50%, 12/1/43, Pool #AL4682		933,248
	166,489	3.50%, 1/1/44, Pool #AS1539		172,308
	2,283,105	2.92%, 1/1/44, Pool #AV7743(b)		2,364,768
	164,152	3.50%, 1/1/44, Pool #AS1703		169,923
	103,396	3.50%, 1/1/44, Pool #AS1453		107,216
	199,158	4.00%, 3/1/44, Pool #AV6577		212,668
	350,142	4.00%, 5/1/44, Pool #AW1007		373,138
	222,668	4.00%, 5/1/44, Pool #AS2488		237,271
	47,030	3.50%, 6/1/44, Pool #AW6405		48,682
	22,066	3.50%, 6/1/44, Pool #AS2591		22,844
	34,222	3.50%, 6/1/44, Pool #AV8080		35,424
	51,763	3.50%, 7/1/44, Pool #AW9544		53,582
	49,047	4.00%, 7/1/44, Pool #AW7055		52,014
	5,300,000	5.00%, 7/25/44		5,854,843
	9,300,000	4.50%, 7/25/44		10,054,171


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	31,100,000	4.00%, 7/25/44	$	32,949,839
	216,313	3.50%, 8/1/44, Pool #AS3034		224,331
	347,844	3.50%, 8/1/44, Pool #AS3031		360,093
	2,870,902	4.00%, 8/1/44, Pool #AL5601		3,077,159
	23,663	3.50%, 8/1/44, Pool #AW4287		24,413
	21,584	3.50%, 8/1/44, Pool #AW9207		22,269
	46,750	3.50%, 9/1/44, Pool #AW8188		48,485
	46,512	3.50%, 9/1/44, Pool #AW8191		48,152
	105,523	3.50%, 9/1/44, Pool #AX0830		109,440
	28,762	4.00%, 12/1/44, Pool #AX6255		30,829
	298,769	4.00%, 12/1/44, Pool #AX9372		319,499
	29,035	4.00%, 12/1/44, Pool #AY0299		31,121
	300,750	4.00%, 1/1/45, Pool #AY0367		321,617
	97,275	4.00%, 1/1/45, Pool #AX8713		104,025
	39,050	4.00%, 2/1/45, Pool #AY1866		41,856
	197,310	4.00%, 2/1/45, Pool #AY2693		209,406
	50,656	4.00%, 5/1/45, Pool #AY8218		53,776
	99,844	4.00%, 5/1/45, Pool #AY9770		107,019
	9,102,500	3.50%, 7/25/45		9,380,552
	2,300,000	6.00%, 7/25/45		2,612,241
	5,300,000	4.00%, 8/25/45		5,602,823

				157,888,435

	Government National Mortgage Association (4.1%)
	48,611	4.50%, 9/15/33, Pool #615516		53,236
	170,603	5.00%, 12/15/33, Pool #783571		190,311
	50,559	6.50%, 8/20/38, Pool #4223		58,784
	58,195	6.50%, 10/15/38, Pool #673213		67,511
	28,920	6.50%, 11/20/38, Pool #4292		33,708
	57,317	6.50%, 12/15/38, Pool #782510		68,159
	540,954	5.00%, 1/15/39, Pool #782557		599,853
	379,615	5.00%, 4/15/39, Pool #782619		421,398
	37,201	5.00%, 6/15/39, Pool #782696		41,594
	305,265	5.00%, 10/20/39, Pool #4559		339,985
	80,735	4.50%, 1/15/40, Pool #728627		87,713
	212,722	5.00%, 5/15/40, Pool #782958		235,787
	237,057	4.50%, 7/15/40, Pool #745793		257,574
	44,184	4.00%, 9/20/40, Pool #G24800		47,344
	405,231	4.50%, 10/15/40, Pool #783609		440,443
	82,555	4.00%, 10/20/40, Pool #G24833		88,459
	1,153,170	4.00%, 12/20/40, Pool #G24882		1,235,642
	866,348	4.00%, 1/20/41, Pool #004922		928,308
	122,747	4.50%, 2/15/41, Pool #738019		133,527
	14,818	4.00%, 2/20/41, Pool #4945		15,876
	21,996	5.00%, 4/20/41, Pool #5018		24,499
	48,367	5.00%, 6/20/41, Pool #5083		53,871
	371,342	4.50%, 6/20/41, Pool #783590		405,198
	24,670	5.00%, 7/20/41, Pool #5116		27,477
	837,573	4.50%, 7/20/41, Pool #5115		913,937
	248,522	4.50%, 7/20/41, Pool #783584		271,180
	263,521	4.50%, 11/15/41, Pool #783610		286,338
	170,397	3.50%, 10/20/42, Pool #MA0462		177,356
	170,005	3.50%, 1/20/43, Pool #MA0699		176,957
	80,536	4.00%, 7/20/43, Pool #MA1158		85,751
	500,000	5.00%, 7/15/44		553,269


Shares or Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Government National Mortgage Association, continued
$	400,000	4.50%, 7/15/44	$	434,312
	56,595	4.00%, 8/20/44, Pool #AJ2723		60,756
	28,242	4.00%, 8/20/44, Pool #AJ4687		30,320
	24,602	4.00%, 8/20/44, Pool #AI4166		26,527
	75,676	4.00%, 8/20/44, Pool #AI4167		81,257
	8,083,659	3.50%, 5/20/45, Pool #MA2826		8,433,112
	200,000	3.50%, 7/20/45		207,570
	6,400,000	3.00%, 7/20/45		6,460,499
	1,800,000	4.00%, 7/20/45		1,907,543
	900,000	4.50%, 7/20/45		970,453

				26,933,394

	Total U.S. Government Agency Mortgages (Cost $235,198,069)			235,934,489

	U.S. Treasury Obligations (15.7%):
	U.S. Treasury Bonds (2.2%)
	5,285,000	4.75%, 2/15/37^		6,847,790
	15,000	2.50%, 2/15/45		13,201
	7,660,000	3.00%, 5/15/45^		7,506,800

				14,367,791

	U.S. Treasury Inflation Index Notes (0.5%)
	3,375,000	0.25%, 1/15/25		3,306,824

	U.S. Treasury Notes (13.0%)
	6,075,000	0.63%, 5/31/17^		6,074,052
	5,235,000	0.63%, 6/30/17		5,232,953
	4,170,000	0.63%, 11/30/17^		4,152,082
	4,390,000	2.63%, 1/31/18^		4,587,892
	1,890,000	1.13%, 6/15/18^		1,897,088
	2,460,000	1.38%, 12/31/18^		2,474,029
	6,385,000	1.50%, 12/31/18		6,447,854
	14,145,000	1.63%, 6/30/20		14,143,897
	10,765,000	1.88%, 5/31/22		10,645,573
	15,980,000	2.13%, 6/30/22		16,047,420
	10,575,000	2.13%, 5/15/25^		10,383,326
	3,490,000	4.25%, 5/15/39^		4,211,449

				86,297,615

	Total U.S. Treasury Obligations (Cost $104,868,009)			103,972,230

	Securities Held as Collateral for Securities on Loan (8.5%):
	56,612,623	Allianz Variable Insurance Products Securities Lending Collateral Trust(d)		56,612,623

	Total Securities Held as Collateral for Securities on Loan (Cost $56,612,623)			56,612,623

	Unaffiliated Investment Company (15.5%):
	102,932,019	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(c)		102,932,019

	Total Unaffiliated Investment Company (Cost $102,932,019)			102,932,019

	Total Investment Securities (Cost $841,508,229)(e) — 126.5%			838,845,518
	Net other assets (liabilities) — (26.5)%			(175,618,653	)

	Net Assets — 100.0%		$	663,226,867


Security Description	Coupon Rate	Maturity Date	Par Amount			Proceeds Received			Fair Value			Unrealized Appreciation/ Deprecation
Federal Home Loan Mortgage Corporation	5.00%	7/15/44	$	(700,000	)	$	(775,905	)	$	(770,765	)	$	5,140
Federal Home Loan Mortgage Corporation	5.00%	8/15/44		(2,200,000	)		(2,417,938	)		(2,420,688	)		(2,750	)
Federal National Mortgage Association	5.50%	8/25/44		(1,400,000	)		(1,569,203	)		(1,571,062	)		(1,859	)
Federal National Mortgage Association	3.00%	7/25/43		(300,000	)		(298,523	)		(298,880	)		(357	)
Federal National Mortgage Association	3.50%	7/25/30		(14,700,000	)		(15,482,017	)		(15,503,218	)		(21,201	)
Federal National Mortgage Association	4.00%	7/25/29		(2,100,000	)		(2,203,359	)		(2,202,703	)		656
Federal National Mortgage Association	5.50%	7/25/45		(500,000	)		(565,078	)		(561,563	)		3,515

						$	(23,312,023	)	$	(23,328,879	)	$	(16,856	)

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	841,508,229

Investment securities, at value*	$	838,845,518
Cash		7,007
Interest and dividends receivable		2,986,326
Receivable for investments sold		122,064,468
Receivable for variation margin on futures contracts		2,324,761
Prepaid expenses		1,356

Total Assets		966,229,436

Liabilities:
Foreign currency, at value (cost $2,206,585)		2,203,983
Payable for investments purchased		220,463,337
Payable for capital shares redeemed		10,557
Payable for collateral received on loaned securities		56,612,623
Securities sold short (Proceeds received $23,312,023)		23,328,879
Payable for variation margin on futures contracts		15,021
Manager fees payable		188,934
Administration fees payable		20,863
Distribution fees payable		134,953
Custodian fees payable		9,113
Administrative and compliance services fees payable		9
Trustee fees payable		1,452
Other accrued liabilities		12,845

Total Liabilities		303,002,569

Net Assets	$	663,226,867

Net Assets Consist of:
Capital	$	627,283,737
Accumulated net investment income/(loss)		21,452,899
Accumulated net realized gains/(losses) from investment transactions		17,485,728
Net unrealized appreciation/(depreciation) on investments		(2,995,497	)

Net Assets	$	663,226,867

Shares of beneficial interest (unlimited number of shares authorized, no par value)		59,669,922
Net Asset Value (offering and redemption price per share)	$	11.11

*	Includes securities on loan of $55,004,897.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Interest	$	9,971,320
Dividends		17
Income from securities lending		127,381

Total Investment Income		10,098,718

Expenses:
Manager fees		1,496,442
Administration fees		164,339
Distribution fees		1,068,889
Custodian fees		25,075
Administrative and compliance services fees		5,115
Trustee fees		19,732
Professional fees		21,638
Shareholder reports		4,217
Other expenses		10,495

Total expenses		2,815,942

Net Investment Income/(Loss)		7,282,776

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		8,070,084
Net realized gains/(losses) on futures contracts		2,301,147
Net realized gains/(losses) on forward currency contracts		34,876
Change in net unrealized appreciation/depreciation on investments		(12,914,593	)

Net Realized/Unrealized Gains/(Losses) on Investments		(2,508,486	)

Change in Net Assets Resulting From Operations	$	4,774,290

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Enhanced Bond Index Fund (the “Fund”), and 35 are presented in separate reports.

The Fund may purchase securities on a when-issued basis. When-issued securities are securities purchased for delivery beyond the normal settlement date at a stated price and yield and thereby involve risk that the yield obtained in the transaction will be less than that available in the market when the delivery takes place. A Fund will not pay for such securities or start earning interest on them until they are received. When a Fund agrees to purchase securities on a when-issued basis, the Fund will segregate or designate cash or liquid assets equal to the amount of the commitment. Securities purchased on a when-issued basis are recorded as an asset and are subject to changes in the value based upon changes in the general level of interest rates. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

The Fund may engage in short sales against the box (i.e., where the Fund owns or has an unconditional right to acquire at no additional cost a security substantially similar to the security sold short) for hedging purposes to limit exposure to a possible market decline in the value of its portfolio securities. In a short sale, the Fund sells a borrowed security and has a corresponding obligation to the lender to return the identical security. The Fund may also incur an interest expense if a security that has been sold short has an interest payment. When a Fund engages in a short sale, the Fund records a liability for securities sold short and records an asset equal to the proceeds received. The amount of the liability is subsequently marked to market to reflect the market value of the securities sold short. To borrow the security, a Fund also may be required to pay a premium, which would increase the cost of the security sold.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $12,449 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

All open derivative positions at period end are reflected on the Fund’s Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

During the period ended June 30, 2015, the Fund entered into forward currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The Fund had no open forward currency contracts as of June 30, 2015.

During the period ended June 30, 2015, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $60.2 million as of June 30, 2015. The monthly average notional amount for these contracts was $68.7 million for the period ended June 30, 2015. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to reflect the master netting agreements at June 30, 2015. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015.

As of June 30, 2015, the Fund’s derivative assets and liabilities by type are as follows:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Financial Management, Inc. (“BlackRock Financial”), BlackRock Financial provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The

Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $5,110 was paid from the Fund relating to these fees and expenses.

long securities and the last quoted ask price is used for securities sold short. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

Forward currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

For the period ended June 30, 2015, purchases and sales on long-term U.S. government securities were as follows:

Mortgage-Related and Other Asset-Backed Risk: The Fund may invest in a variety of mortgage-related and other asset-backed securities, which are subject to certain additional risks. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a Fund that holds mortgage-related securities may exhibit additional volatility. This is known as extension risk. In addition, adjustable and fixed rate mortgage-related securities are subject to call risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a Fund because the Fund will have to reinvest that money at the lower prevailing interest rates. If a Fund purchases mortgage-backed or asset-backed securities that are subordinated to other interests in the same mortgage pool, the Fund may receive payments only after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless. An unexpectedly high or low rate of prepayments on a pool’s underlying mortgages may have a similar effect on subordinated securities. A mortgage pool may issue securities subject to various levels of subordination. The risk of non-payment affects securities at each level, although the risk is greater in the case of more highly subordinated securities. A Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

Cost for federal income tax purposes at June 30, 2015 is $842,314,056. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Federated Clover Small Value Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value

	Common Stocks (96.5%):
	Aerospace & Defense (2.1%):
	55,625	Curtiss-Wright Corp.^	$	4,029,475
	70,225	Hexcel Corp.^		3,492,992

				7,522,467

	Auto Components (1.5%):
	107,950	Remy International, Inc.		2,386,775
	50,375	Tenneco, Inc.*^		2,893,540

				5,280,315

	Banks (15.5%):
	42,525	Ameris Bancorp^		1,075,457
	107,868	Capital Bank Financial Corp.*^		3,135,723
	198,953	Flushing Financial Corp.^		4,180,003
	287,325	Great Western Bancorp, Inc.^		6,927,405
	293,400	Hilltop Holdings, Inc.*^		7,068,005
	433,823	Investors Bancorp, Inc.^		5,336,023
	91,800	Opus Bank^		3,321,324
	213,325	Popular, Inc.*		6,156,560
	219,428	Synovus Financial Corp.		6,762,771
	163,625	Talmer Bancorp, Inc., Class A		2,740,719
	325,125	TCF Financial Corp.^		5,400,326
	224,350	Umpqua Holdings Corp.^		4,036,057

				56,140,373

	Chemicals (1.0%):
	207,450	Ferro Corp.*^		3,481,011

	Commercial Services & Supplies (2.6%):
	46,300	Mobile Mini, Inc.^		1,946,452
	252,150	R.R. Donnelley & Sons Co.^		4,394,975
	26,500	UniFirst Corp.^		2,964,025

				9,305,452

	Communications Equipment (1.9%):
	167,925	Ciena Corp.*^		3,976,464
	49,350	ViaSat, Inc.*^		2,973,831

				6,950,295

	Construction & Engineering (0.9%):
	168,425	KBR, Inc.^		3,280,919

	Containers & Packaging (0.8%):
	91,000	Berry Plastics Group, Inc.*^		2,948,400

	Diversified Consumer Services (0.4%):
	160,125	Bridgepoint Education, Inc.*^		1,530,795

	Diversified Financial Services (1.0%):
	137,925	PHH Corp.*^		3,590,188

	Electric Utilities (1.4%):
	151,650	Portland General Electric Co.^		5,028,714

	Electrical Equipment (0.8%):
	143,200	General Cable Corp.^		2,825,336

	Electronic Equipment, Instruments & Components (0.6%):
	34,050	Anixter International, Inc.*		2,218,358

	Energy Equipment & Services (1.9%):
	76,250	Exterran Holdings, Inc.^		2,489,563
	828,500	McDermott International, Inc.*^		4,424,190

				6,913,753


Shares			Fair Value

	Common Stocks, continued
	Food & Staples Retailing (1.5%):
	345,575	Rite AID Corp.*	$	2,885,551
	39,800	United Natural Foods, Inc.*^		2,534,464

				5,420,015

	Gas Utilities (1.6%):
	114,225	Atmos Energy Corp.		5,857,458

	Health Care Equipment & Supplies (3.0%):
	67,100	Alere, Inc.*		3,539,525
	63,325	Hill-Rom Holdings, Inc.^		3,440,447
	143,975	Wright Medical Group, Inc.*^		3,780,784

				10,760,756

	Health Care Providers & Services (3.9%):
	97,675	Capital Senior Living Corp.*^		2,393,038
	53,150	IPC Healthcare, Inc.*^		2,943,979
	57,025	Magellan Health Services, Inc.*^		3,995,741
	53,375	Owens & Minor, Inc.^		1,814,750
	36,475	WellCare Health Plans, Inc.*^		3,094,173

				14,241,681

	Hotels, Restaurants & Leisure (1.5%):
	240,450	Belmond, Ltd., Class A*		3,003,220
	77,850	Diamond Resorts International, Inc.*^		2,456,168

				5,459,388

	Household Durables (1.9%):
	78,475	La-Z-Boy, Inc.		2,067,032
	25,275	Tempur-Pedic International, Inc.*^		1,665,623
	214,125	TRI Pointe Homes, Inc.*		3,276,112

				7,008,767

	Household Products (0.7%):
	25,775	Spectrum Brands Holdings, Inc.^		2,628,792

	Insurance (7.5%):
	109,675	American Equity Investment Life Holding Co.^		2,959,032
	76,604	Argo Group International Holdings, Ltd.		4,266,842
	338,050	CNO Financial Group, Inc.^		6,203,217
	155,975	Fidelity & Guaranty Life^		3,685,689
	84,900	First American Financial Corp.^		3,159,129
	50,900	Hanover Insurance Group, Inc. (The)^		3,768,127
	176,325	Maiden Holdings, Ltd.^		2,782,409

				26,824,445

	IT Services (1.2%):
	76,575	Evertec, Inc.		1,626,453
	127,400	Unisys Corp.*^		2,546,726

				4,173,179

	Machinery (3.1%):
	87,475	Barnes Group, Inc.^		3,410,650
	195,000	Mueller Water Products, Inc., Class A^		1,774,500
	113,450	The Manitowoc Co., Inc.^		2,223,620
	68,925	Woodward, Inc.^		3,790,186

				11,198,956

	Media (2.6%):
	62,875	Carmike Cinemas, Inc.*^		1,668,702
	103,075	Eros International Plc*^		2,589,244
	99,975	Lions Gate Entertainment Corp.^		3,704,074


Shares			Fair Value

	Common Stocks, continued
	Media, continued
	59,125	Sinclair Broadcast Group, Inc., Class A^	$	1,650,179

				9,612,199

	Metals & Mining (0.5%):
	160,275	Stillwater Mining Co.*^		1,857,587

	Multiline Retail (0.7%):
	56,425	Big Lots, Inc.^		2,538,561

	Multi-Utilities (0.9%):
	187,900	TECO Energy, Inc.^		3,318,314

	Oil, Gas & Consumable Fuels (3.5%):
	129,350	Newfield Exploration Co.*^		4,672,122
	69,000	PDC Energy, Inc.*^		3,701,160
	104,450	Teekay Shipping Corp.		4,472,549

				12,845,831

	Paper & Forest Products (0.7%):
	43,550	Clearwater Paper Corp.*^		2,495,415

	Pharmaceuticals (0.6%):
	72,800	The Medicines Co.*^		2,082,808

	Professional Services (1.6%):
	24,750	Dun & Bradstreet Corp.^		3,019,500
	63,450	FTI Consulting, Inc.*^		2,616,678

				5,636,178

	Real Estate Investment Trusts (0.6%):
	109,575	STAG Industrial, Inc.^		2,191,500

	Real Estate Investment Trusts (REITs) (11.4%):
	227,675	Colony Financial, Inc.^		5,156,838
	69,750	EPR Properties^		3,820,905
	212,175	FelCor Lodging Trust, Inc.		2,096,289
	238,325	First Potomac Realty Trust^		2,454,748
	107,875	LaSalle Hotel Properties^		3,825,248
	456,400	Lexington Realty Trust^		3,870,272
	260,387	New Residential Investment Corp.		3,968,297
	352,562	NorthStar Realty Finance Corp.		5,605,735
	172,700	Starwood Property Trust, Inc.^		3,725,139
	117,385	Starwood Waypoint Residential Trust^		2,789,068
	61,675	Sun Communities, Inc.^		3,813,365

				41,125,904

	Road & Rail (0.6%):
	98,900	Swift Transportation Co.*^		2,242,063

	Semiconductors & Semiconductor Equipment (3.4%):
	302,300	Atmel Corp.^		2,979,166
	277,175	Brooks Automation, Inc.^		3,173,653


Shares or Principal Amount			Fair Value

	Common Stocks, continued
	Semiconductors & Semiconductor Equipment, continued
	98,675	Fairchild Semiconductor International, Inc.*^	$	1,714,972
	59,725	MKS Instruments, Inc.^		2,265,967
	69,325	Veeco Instruments, Inc.*^		1,992,401

				12,126,159

	Software (0.6%):
	35,475	Verint Systems, Inc.*^		2,154,929

	Specialty Retail (2.0%):
	180,950	Ascena Retail Group, Inc.*^		3,013,722
	63,500	The Men’s Wearhouse, Inc.^		4,068,445

				7,082,167

	Technology Hardware, Storage & Peripherals (0.5%):
	1,077,266	Quantum Corp.*		1,809,807

	Textiles, Apparel & Luxury Goods (0.8%):
	40,875	Deckers Outdoor Corp.*		2,941,774

	Thrifts & Mortgage Finance (4.4%):
	230,525	Provident Financial Services, Inc.^		4,377,670
	343,300	Radian Group, Inc.^		6,440,307
	188,675	WSFS Financial Corp.^		5,160,261

				15,978,238

	Tobacco (0.9%):
	134,012	Vector Group, Ltd.^		3,143,922

	Trading Companies & Distributors (0.7%):
	35,825	WESCO International, Inc.*^		2,459,028

	Water Utilities (1.2%):
	172,150	Aqua America, Inc.		4,215,954

	Total Common Stocks (Cost $309,041,887)			348,448,151

	Securities Held as Collateral for Securities on Loan (29.0%):
$	104,653,840	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		104,653,840

	Total Securities Held as Collateral for Securities on Loan (Cost $104,653,840)			104,653,840

	Unaffiliated Investment Company (3.6%):
	13,093,142	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		13,093,142

	Total Unaffiliated Investment Company (Cost $13,093,142)			13,093,142

	Total Investment Securities (Cost $426,788,869)(c) — 129.1%			466,195,133
	Net other assets (liabilities) — (29.1)%			(105,168,702	)

	Net Assets — 100.0%		$	361,026,431

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	426,788,869

Investment securities, at value*	$	466,195,133
Interest and dividends receivable		700,887
Prepaid expenses		796

Total Assets		466,896,816

Liabilities:
Cash overdraft		2
Payable for investments purchased		638,336
Payable for capital shares redeemed		253,215
Payable for collateral received on loaned securities		104,653,840
Manager fees payable		228,695
Administration fees payable		8,480
Distribution fees payable		76,232
Custodian fees payable		2,111
Administrative and compliance services fees payable		132
Trustee fees payable		950
Other accrued liabilities		8,392

Total Liabilities		105,870,385

Net Assets	$	361,026,431

Net Assets Consist of:
Capital	$	252,830,686
Accumulated net investment income/(loss)		7,763,923
Accumulated net realized gains/(losses) from investment transactions		61,025,558
Net unrealized appreciation/(depreciation) on investments		39,406,264

Net Assets	$	361,026,431

Shares of beneficial interest (unlimited number of shares authorized, no par value)		16,099,335
Net Asset Value (offering and redemption price per share)	$	22.42

*	Includes securities on loan of $102,331,134.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	4,783,945
Income from securities lending		147,523
Foreign withholding tax		(1,176	)

Total Investment Income		4,930,292

Expenses:
Manager fees		1,474,446
Administration fees		49,946
Distribution fees		491,482
Custodian fees		3,915
Administrative and compliance services fees		1,095
Trustee fees		4,363
Professional fees		5,267
Shareholder reports		5,638
Other expenses		3,026

Total expenses		2,039,178

Net Investment Income/(Loss)		2,891,114

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		10,840,106
Change in net unrealized appreciation/depreciation on investments		(9,003,994	)

Net Realized/Unrealized Gains/(Losses) on Investments		1,836,112

Change in Net Assets Resulting From Operations	$	4,727,226

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Federated Clover Small Value Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $14,485 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Federated Global Investment Management Corp. (“Federated”), Federated provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

” Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $2,200 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $428,204,142. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Franklin Templeton Founding Strategy Plus Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (59.1%):
	Aerospace & Defense (1.0%):
	91,580	BAE Systems plc	$	649,850
	19,530	BE Aerospace, Inc.^		1,072,197
	6,360	Boeing Co. (The)		882,259
	15,858	Huntington Ingalls Industries, Inc.		1,785,452
	9,765	KLX, Inc.*		430,929
	7,200	Lockheed Martin Corp.		1,338,480
	10,370	Raytheon Co.		992,202
	2,000	United Technologies Corp.		221,860

				7,373,229

	Air Freight & Logistics (0.1%):
	7,860	United Parcel Service, Inc., Class B		761,713

	Airlines (0.3%):
	205,190	Deutsche Lufthansa AG, Registered Shares*		2,644,626

	Auto Components (0.3%):
	22,441	Compagnie Generale des Establissements Michelin SCA, Class B		2,355,512

	Automobiles (1.5%):
	37,000	Ford Motor Co.		555,370
	137,382	General Motors Co.		4,578,942
	12,609	Hero MotoCorp, Ltd.		499,407
	14,526	Hyundai Motor Co.		1,768,611
	276,700	Nissan Motor Co., Ltd.		2,874,560
	14,200	Toyota Motor Corp.		949,830

				11,226,720

	Banks (7.3%):
	85,800	Bangkok Bank Public Co., Ltd.		451,153
	31,000	Bank of America Corp.		527,620
	492,980	Barclays plc		2,015,702
	39,100	BNP Paribas SA		2,357,150
	40,792	CIT Group, Inc.		1,896,420
	124,720	Citigroup, Inc.		6,889,533
	69,953	Citizens Financial Group, Inc.		1,910,416
	9,886	Columbia Banking System, Inc.		321,690
	51,180	Commerzbank AG*		653,898
	159,870	Credit Agricole SA		2,374,806
	115,800	DBS Group Holdings, Ltd.		1,777,291
	260,152	HSBC Holdings plc		2,349,267
	266,059	ING Groep NV		4,411,153
	106,460	JPMorgan Chase & Co.		7,213,730
	76,126	KB Financial Group, Inc.		2,503,918
	47,762	PNC Financial Services Group, Inc.		4,568,435
	9,100	Royal Bank of Canada		556,581
	7,304	Societe Generale		340,721
	60,150	Standard Chartered plc		962,050
	97,963	SunTrust Banks, Inc.		4,214,368
	380,159	UniCredit SpA		2,550,157
	60,611	Wells Fargo & Co.		3,408,763

				54,254,822

	Beverages (0.5%):
	42,014	PepsiCo, Inc.		3,921,587


Shares			Fair Value
	Common Stocks, continued
	Biotechnology (0.6%):
	24,280	Amgen, Inc.	$	3,727,465
	1,251	FCB Financial Holdings, Inc., Class A*		39,782
	5,470	Gilead Sciences, Inc.		640,428

				4,407,675

	Capital Markets (0.7%):
	101,907	Credit Suisse Group AG		2,800,895
	67,040	Morgan Stanley		2,600,482

				5,401,377

	Chemicals (1.5%):
	12,000	Agrium, Inc.^		1,271,399
	25,368	AkzoNobel NV		1,853,310
	10,000	BASF SE		878,662
	66,470	Dow Chemical Co. (The)		3,401,270
	35,000	E.I. du Pont de Nemours & Co.		2,238,250
	15,000	LyondellBasell Industries NV, Class A		1,552,800
	16,000	Mosaic Co. (The)		749,600

				11,945,291

	Commercial Services & Supplies (0.3%):
	230	CEVA Group plc*		169,941
	28,550	Republic Services, Inc., Class A		1,118,303
	432,608	Serco Group plc		800,876
	16,210	Waste Management, Inc.		751,334

				2,840,454

	Communications Equipment (1.4%):
	240,929	Cisco Systems, Inc.		6,615,910
	176,604	Nokia Oyj		1,196,420
	48,386	Nokia Oyj, ADR		331,444
	92,786	Nokia Oyj, ADR		635,584
	7,000	QUALCOMM, Inc.		438,410
	145,920	Telefonaktiebolaget LM Ericsson, B Shares		1,511,270

				10,729,038

	Construction & Engineering (0.2%):
	32,800	FLSmidth & Co. A/S		1,582,731

	Construction Materials (0.7%):
	120,048	CRH plc		3,385,056
	21,112	Holcim, Ltd., Registered Shares		1,561,146

				4,946,202

	Consumer Finance (0.3%):
	44,980	Ally Financial, Inc.*		1,008,901
	17,260	Capital One Financial Corp.		1,518,363

				2,527,264

	Containers & Packaging (0.3%):
	47,384	MeadWestvaco Corp.		2,236,051

	Diversified Consumer Services (0.0%):
	7,063	Cengage Learning Holdings II LP*		195,998

	Diversified Telecommunication Services (1.8%):
	61,170	AT&T, Inc.^		2,172,758
	10,000	CenturyLink, Inc.		293,800
	28,592	China Telecom Corp., Ltd., ADR^		1,687,786


Shares			Fair Value
	Common Stocks, continued
	Diversified Telecommunication Services, continued
	403,330	Koninklijke (Royal) KPN NV	$	1,547,738
	572,220	Singapore Telecommunications, Ltd.		1,779,551
	227,929	Telefonica SA		3,247,907
	84,310	Telstra Corp., Ltd.		397,212
	56,133	Verizon Communications, Inc.		2,616,360

				13,743,112

	Electric Utilities (1.5%):
	15,000	American Electric Power Co., Inc.		794,550
	30,897	Duke Energy Corp.		2,181,946
	85,050	Exelon Corp.^		2,672,271
	16,000	FirstEnergy Corp.		520,800
	16,670	NextEra Energy, Inc.		1,634,160
	22,920	PPL Corp.		675,452
	65,960	Southern Co. (The)^		2,763,725

				11,242,904

	Electronic Equipment, Instruments & Components (0.1%):
	49,730	Flextronics International, Ltd.*		562,446

	Energy Equipment & Services (1.0%):
	73,039	Baker Hughes, Inc.		4,506,506
	26,413	Halliburton Co.		1,137,608
	57,450	Noble Corp. plc^		884,156
	12,000	Schlumberger, Ltd.		1,034,280
	15,040	Technip-Coflexip SA		931,453

				8,494,003

	Food & Staples Retailing (1.9%):
	40,406	CVS Health Corp.		4,237,781
	30,053	Kroger Co. (The)^		2,179,143
	57,540	Metro AG		1,813,660
	579,804	Tesco plc		1,934,798
	49,823	Walgreens Boots Alliance, Inc.		4,207,054

				14,372,436

	Gas Utilities (0.0%):
	2,870	AGL Resources, Inc.		133,627

	Health Care Equipment & Supplies (1.9%):
	105,040	Getinge AB, B Shares^		2,528,065
	125,800	Medtronic plc		9,321,780
	29,241	Stryker Corp.		2,794,562

				14,644,407

	Health Care Providers & Services (0.1%):
	6,936	CIGNA Corp.		1,123,632

	Hotels, Restaurants & Leisure (0.0%):
	5,000	Las Vegas Sands Corp.^		262,850

	Household Products (0.2%):
	9,153	Energizer Holdings, Inc.		1,204,077

	Independent Power and Renewable Electricity Producers (0.2%):
	14,547	Dynegy, Inc.*		425,500
	61,463	NRG Energy, Inc.^		1,406,273

				1,831,773


Shares			Fair Value
	Common Stocks, continued
	Industrial Conglomerates (0.5%):
	99,820	General Electric Co.	$	2,652,217
	14,360	Siemens AG, Registered Shares		1,445,939

				4,098,156

	Insurance (3.8%):
	27,677	ACE, Ltd.		2,814,197
	186,850	AEGON NV		1,371,736
	5,223	Alleghany Corp.*		2,448,333
	34,703	Allstate Corp. (The)		2,251,184
	136,796	American International Group, Inc.		8,456,729
	137,936	Aviva plc		1,068,956
	90,313	AXA SA		2,275,630
	67,211	MetLife, Inc.		3,763,144
	23,740	Swiss Re AG^		2,100,429
	980	White Mountains Insurance Group, Ltd.		641,841
	72,510	XL Group plc		2,697,372
	500	XL Group plc		18,600

				29,908,151

	Internet Software & Services (0.2%):
	2,670	Google, Inc., Class A*		1,441,907

	IT Services (0.3%):
	220,535	Xerox Corp.		2,346,492

	Life Sciences Tools & Services (0.1%):
	34,300	QIAGEN NV*		845,226

	Machinery (0.5%):
	26,948	Caterpillar, Inc.		2,285,730
	123,064	CNH Industrial NV		1,121,359
	3,788	Federal Signal Corp.		56,479
	41,856	Navistar International Corp.*^		947,201

				4,410,769

	Marine (0.3%):
	1,295	A.P. Moeller — Maersk A/S, Class B		2,349,548

	Media (3.7%):
	145,107	British Sky Broadcasting Group plc		2,366,530
	47,115	CBS Corp., Class B		2,614,883
	71,930	Comcast Corp., Class A^		4,311,484
	35,690	DIRECTV, Inc., Class A*		3,311,675
	83,860	News Corp., Class A*		1,223,517
	162,339	Reed Elsevier plc		2,642,785
	24,571	Time Warner Cable, Inc., Class A		4,377,814
	19,939	Time Warner, Inc., Class A		1,742,868
	5,216	Tribune Co.#*(a) (b)		—
	407	Tribune Media Co., Class A		21,730
	709	Tribune Publishing Co.		11,018
	66,690	Twenty-First Century Fox, Inc.		2,170,426
	118,424	Twenty-First Century Fox, Inc., Class B		3,815,621

				28,610,351

	Metals & Mining (1.5%):
	65,240	BHP Billiton plc		1,281,270
	127,985	Freeport-McMoRan Copper & Gold, Inc.^		2,383,081
	33,460	Goldcorp, Inc.		542,052


Shares			Fair Value
	Common Stocks, continued
	Metals & Mining, continued
	105,428	Mining and Metallurgical Co. Norilsk Nickel, ADR	$	1,787,005
	9,185	POSCO		1,822,460
	67,180	Rio Tinto plc, Registered Shares, ADR^		2,768,487
	65,240	South32, Ltd.*		88,143
	53,005	ThyssenKrupp AG		1,378,866

				12,051,364

	Multiline Retail (0.9%):
	24,178	Macy’s, Inc.^		1,631,290
	163,380	Marks & Spencer Group plc		1,377,506
	48,740	Target Corp.		3,978,646

				6,987,442

	Multi-Utilities (0.9%):
	20,000	Dominion Resources, Inc.^		1,337,400
	55,430	PG&E Corp.		2,721,613
	22,060	Public Service Enterprise Group, Inc.		866,517
	11,070	Sempra Energy		1,095,266
	3,650	TECO Energy, Inc.		64,459
	27,390	Xcel Energy, Inc.		881,410

				6,966,665

	Oil, Gas & Consumable Fuels (5.4%):
	13,280	Anadarko Petroleum Corp.		1,036,637
	60,704	Apache Corp.		3,498,372
	83,779	BG Group plc		1,393,905
	418,075	BP plc		2,758,453
	80,765	BP plc, ADR		3,227,369
	29,300	Canadian Oil Sands, Ltd.		236,972
	126,830	Chesapeake Energy Corp.^		1,416,691
	30,620	Chevron Corp.		2,953,911
	33,229	CONSOL Energy, Inc.^		722,398
	7,500	Devon Energy Corp.		446,175
	108,249	ENI SpA		1,919,894
	6,800	Exxon Mobil Corp.		565,760
	155,100	Galp Energia SGPS SA		1,817,270
	1,899,100	Kunlun Energy Co., Ltd.		1,921,099
	84,406	Marathon Oil Corp.		2,240,135
	22,280	Murphy Oil Corp.^		926,180
	5,000	Occidental Petroleum Corp.		388,850
	202,726	Petroleo Brasileiro SA, ADR*^		1,654,244
	54,908	Royal Dutch Shell plc, B Shares		1,561,247
	460	Royal Dutch Shell plc, A Shares		12,930
	56,209	Royal Dutch Shell plc, ADR		3,204,475
	91,883	Royal Dutch Shell plc, A Shares		2,616,491
	22,490	Spectra Energy Corp.		733,174
	5,000	Suncor Energy, Inc.		137,732
	54,930	Total SA		2,672,402
	23,740	Total SA, ADR^		1,167,296
	28,663	Whiting Petroleum Corp.*^		963,077
	20,000	Williams Cos., Inc. (The)*		1,147,800

				43,340,939


Shares			Fair Value
	Common Stocks, continued
	Paper & Forest Products (0.4%):
	58,048	International Paper Co.	$	2,762,504

	Personal Products (0.0%):
	60,193	Avon Products, Inc.^		376,808

	Pharmaceuticals (6.1%):
	5,957	Allergan plc*		1,807,711
	8,000	Bristol-Myers Squibb Co.		532,320
	85,531	Eli Lilly & Co.		7,140,983
	134,712	GlaxoSmithKline plc		2,803,715
	37,001	Hospira, Inc.*		3,282,359
	10,000	Johnson & Johnson Co.		974,600
	136,114	Merck & Co., Inc.		7,748,969
	21,830	Merck KGaA		2,174,058
	162,360	Pfizer, Inc.		5,443,931
	11,900	Roche Holding AG		3,341,860
	22,400	Sanofi-Aventis SA		2,209,632
	35,000	Sanofi-Aventis SA, ADR		1,733,550
	134,618	Teva Pharmaceutical Industries, Ltd., ADR		7,955,924

				47,149,612

	Real Estate Investment Trusts (REITs) (0.1%):
	2,556	Alexander’s, Inc.^		1,047,960

	Real Estate Management & Development (0.0%):
	2,292	Forestar Group, Inc.*^		30,163

	Semiconductors & Semiconductor Equipment (1.5%):
	15,757	Altera Corp.		806,758
	49,140	Intel Corp.		1,494,594
	6,733	Samsung Electronics Co., Ltd.		7,650,291
	19,910	Texas Instruments, Inc.		1,025,564

				10,977,207

	Software (2.5%):
	68,648	CA, Inc.^		2,010,700
	287,388	Microsoft Corp.		12,688,180
	14,870	Oracle Corp.		599,261
	12,060	SAP AG		840,231
	140,618	Symantec Corp.		3,269,369

				19,407,741

	Specialty Retail (0.6%):
	28,252	Best Buy Co., Inc.^		921,298
	525,554	Kingfisher plc		2,862,599
	75,597	Office Depot, Inc.*		654,670

				4,438,567

	Technology Hardware, Storage & Peripherals (1.4%):
	33,069	Apple, Inc.		4,147,679
	148,880	Hewlett-Packard Co.		4,467,889
	166,600	Konica Minolta Holdings, Inc.		1,950,158

				10,565,726

	Textiles, Apparel & Luxury Goods (0.2%):
	35,410	Michael Kors Holdings, Ltd.*		1,490,407


Shares			Fair Value
	Common Stocks, continued
	Tobacco (1.4%):
	44,997	Altria Group, Inc.	$	2,200,803
	62,277	British American Tobacco plc		3,346,413
	48,728	Imperial Tobacco Group plc		2,352,103
	13,457	Philip Morris International, Inc.		1,078,848
	24,060	Reynolds American, Inc.		1,796,320

				10,774,487

	Wireless Telecommunication Services (1.1%):
	49,000	China Mobile, Ltd.		626,689
	16,700	SoftBank Group Corp.		982,974
	172,550	Turkcell Iletisim Hizmetleri AS, ADR		1,982,600
	1,227,719	Vodafone Group plc		4,476,193

				8,068,456

	Total Common Stocks (Cost $399,684,269)			457,412,205

	Preferred Stocks (0.6%):
	Automobiles (0.2%):
	5,955	Volkswagen AG, Preferred Shares^		1,380,288

	Banks (0.1%):
	32,000	Goldman Sachs Group, Inc.(c)		852,288

	Capital Markets (0.0%):
	10,000	Morgan Stanley, Series I		254,600

	Diversified Financial Services (0.1%):
	85,000	Citigroup, Inc.(c)		1,286,050

	Metals & Mining (0.1%):
	20,000	Alcoa, Inc., Series 1^		790,600

	Multi-Utilities (0.1%):
	9,300	Dominion Resources, Inc.^		434,310

	Total Preferred Stocks (Cost $5,432,185)			4,998,136

	Convertible Preferred Stocks (0.3%):
	Banks (0.2%):
	800	Bank of America Corp., Series L		889,600
	416	Wells Fargo & Co., Series L, Class A, 0.03%		488,800

				1,378,400

	Commercial Services & Supplies (0.0%):
	6	CEVA Group plc, Series A-1		6,000
	49	CEVA Group plc, Series A-2		35,927

				41,927

	Multi-Utilities (0.0%):
	2,500	Dominion Resources, Inc., Series B		134,450
	2,500	Dominion Resources, Inc., Series A		133,900

				268,350

	Pharmaceuticals (0.1%):
	500	Actavis plc, Series A		521,290

	Real Estate Investment Trusts (REITs) (0.0%):
	2,500	FelCor Lodging Trust, Inc., Series A, 30.78%^		63,360

	Total Convertible Preferred Stocks (Cost $1,923,266)			2,273,327


Notional Amount or Principal Amount			Fair Value
	Convertible Bonds (0.6%):
	Automobiles (0.4%):
$	1,000,000	Fiat Chrysler Automobiles NV, Series FCAU, 7.88%, 12/15/16	$	1,261,250
	1,500,000	Volkswagen International Finance NV, 5.50%, 11/9/15+(c)		2,067,161

				3,328,411

	Oil, Gas & Consumable Fuels (0.2%):
	2,000,000	Cobalt International Energy, Inc., 3.13%, 5/15/24^		1,451,250

	Total Convertible Bonds (Cost $4,922,091)			4,779,661

	Floating Rate Loans (0.6%):
	Diversified Financial Services (0.1%):
	3,860,813	Lehman Brothers Holdings, Inc., 0.00%, 12/31/49(d)		509,627

	Electric Utilities (0.0%):
	149,307	Texas Competitive Electric Holdings Co. LLC, 4.65%, 10/10/17(d)^^		85,598

	Hotels, Restaurants & Leisure (0.1%):
	367,155	Caesars Entertainment Operating Co., Inc., 9.75%, 3/1/17(d)^^		318,507
	89,801	Caesars Entertainment Operating Co., Inc., 4.45%, 1/28/18(d)^^		79,609
	429,156	Caesars Entertainment Operating Co., Inc., 5.45%, 1/28/18(d)^^		383,871

				781,987

	Machinery (0.1%):
	483,718	Navistar International Corp., 5.75%, 8/17/17(d)		484,022

	Media (0.1%):
	43,560	Cengage Learning Acquisitions, Inc., 7.00%, 3/31/20(d)		43,560
	430,631	iHeartcommunications, Inc., 6.91%, 1/30/19(d)		397,063
	138,444	iHeartcommunications, Inc., 7.66%, 7/30/19(d)		129,194

				569,817

	Oil, Gas & Consumable Fuels (0.1%):
	1,000,000	Fieldwood Energy LLC, 8.38%, 9/30/20(d)		763,751
	25,502	NGPL PipeCo LLC, 6.75%, 9/15/17(d)		24,341
	459,113	Walter Energy, Inc., 7.25%, 4/1/18(d)^^		245,538

				1,033,630

	Specialty Retail (0.1%):
	58,125	Toys “R” US, 7.25%, 10/24/19(d)		57,980
	46,875	Toys “R” US, 0.00%, 10/24/19(d)		46,758
	879,383	Toys “R” US, 9.75%, 4/24/20(d)		825,521

				930,259

	Total Floating Rate Loans (Cost $6,162,365)			4,394,940


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds (6.6%):
	Aerospace & Defense (0.0%):
$	100,000	TransDigm Group, Inc., 6.00%, 7/15/22, Callable 7/15/17 @ 105	$	98,750
	100,000	TransDigm Group, Inc., 6.50%, 7/15/24, Callable 7/15/19 @ 103		98,750

				197,500

	Auto Components (0.2%):
	1,600,000	Goodyear Tire & Rubber Co., 6.50%, 3/1/21, Callable 3/1/16 @ 104.88		1,694,000

	Automobiles (0.1%):
	400,000	Chrysler GP / Chrysler CG Co. Issuer, 8.25%, 6/15/21, Callable 6/15/16 @ 104		436,000

	Banks (0.2%):
	500,000	Bank of America Corp., Series AA, 6.10%, 12/29/49, Callable 3/17/25 @ 100^(d)		493,750
	250,000	JPMorgan Chase & Co., Series 1, 7.90%, 4/29/49, Callable 4/30/18 @ 100(d)		264,438
	1,000,000	JPMorgan Chase & Co., Series Q, 5.15%, 12/29/49, Callable 5/1/23 @ 100, Perpetual Bond(d)		951,600
	200,000	Wells Fargo & Co., Series S, 5.90%, 12/31/49, Callable 6/15/24 @ 100(d)		200,500

				1,910,288

	Capital Markets (0.1%):
	400,000	Morgan Stanley, Series J, 5.55%, 12/29/49, Callable 7/15/20 @ 100(d)		397,100

	Consumer Finance (0.1%):
	500,000	OneMain Financial Holdings, Inc., 7.25%, 12/15/21, Callable 12/15/17 @ 103.63(c)		518,125

	Diversified Financial Services (0.2%):
	1,500,000	Citigroup, Inc., Series O, 5.87%, 12/29/49, Callable 3/27/20 @ 100^(d)		1,503,300

	Diversified Telecommunication Services (0.2%):
	1,700,000	Verizon Communications, Inc., 5.15%, 9/15/23		1,861,230

	Electric Utilities (0.1%):
	330,000	NGL Energy Partners LP, 6.88%, 10/15/21, Callable 10/15/16 @ 105.16^		343,200
	200,000	NRG Yield Operating LLC, 5.38%, 8/15/24, Callable 8/15/19 @ 103^(c)		201,500

				544,700

	Food & Staples Retailing (0.2%):
	500,000	Cott Beverages, Inc., 5.38%, 7/1/22, Callable 7/1/17 @ 104.03		485,000
	300,000	JBS USA LLC / JBS USA Finance Corp., 8.25%, 2/1/20, Callable 8/1/15 @ 106(c)		318,000
	161,000	JBS USA LLC / JBS USA Finance Corp., 7.25%, 6/1/21, Callable 8/1/15 @ 105.44(c)		169,654


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Food & Staples Retailing, continued
$	200,000	US Foods, Inc., 8.50%, 6/30/19, Callable 8/1/15 @ 106	$	208,500

				1,181,154

	Health Care Providers & Services (0.4%):
	100,000	Community Health Systems, Inc., 5.13%, 8/1/21, Callable 2/1/17 @ 104		101,875
	300,000	Community Health Systems, Inc., 6.88%, 2/1/22, Callable 2/1/18 @ 103^		316,500
	800,000	HCA, Inc., 7.50%, 2/15/22		919,000
	500,000	HCA, Inc., 5.88%, 5/1/23		531,250
	1,400,000	Tenet Healthcare Corp., 8.13%, 4/1/22		1,530,900

				3,399,525

	Hotels, Restaurants & Leisure (0.1%):
	500,000	MGM Resorts International, 10.00%, 11/1/16^		545,000
	200,000	MGM Resorts International, 6.75%, 10/1/20^		212,000

				757,000

	Household Products (0.2%):
	300,000	Reynolds Group Issuer LLC / Reynolds Group Issuer, Inc., 7.88%, 8/15/19, Callable 8/15/15 @ 104^		312,375
	200,000	Reynolds Group Issuer LLC / Reynolds Group Issuer, Inc., 9.88%, 8/15/19, Callable 8/15/15 @ 105		210,000
	500,000	Reynolds Group Issuer LLC / Reynolds Group Issuer, Inc., 5.75%, 10/15/20, Callable 10/15/15 @ 104		512,500
	600,000	Reynolds Group Issuer LLC / Reynolds Group Issuer, Inc., 8.25%, 2/15/21, Callable 2/15/16 @ 104		622,500

				1,657,375

	Independent Power and Renewable Electricity Producers (0.6%):
	1,000,000	AES Corp., 4.88%, 5/15/23, Callable 5/15/18 @ 102^		940,000
	350,000	Calpine Corp., 7.88%, 1/15/23, Callable 1/15/17 @ 103.94(c)		378,000
	500,000	Calpine Corp., 5.38%, 1/15/23, Callable 10/15/18 @ 103^		491,250
	500,000	Calpine Corp., 5.75%, 1/15/25, Callable 10/15/19 @ 103^		486,250
	1,000,000	Dynegy, Inc., 6.75%, 11/1/19, Callable 5/1/17 @ 103.38(c)		1,040,500
	2,581,000	Texas Competitive Electric Holdings Co. LLC, 11.50%, 10/1/20, Callable 4/1/16 @ 106(c)^^		1,574,409

				4,910,409

	Machinery (0.0%):
	400,000	Navistar International Corp., 8.25%, 11/1/21, Callable 8/1/15 @ 104^		380,000


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Media (1.1%):
$	325,000	Cablevision Systems Corp., 8.63%, 9/15/17	$	354,250
	100,000	Cablevision Systems Corp., 7.75%, 4/15/18^		108,000
	500,000	CCO Holdings LLC / CCO Holdings Capital Corp., 6.50%, 4/30/21, Callable 8/10/15 @ 104.88		523,125
	700,000	CSC Holdings LLC, 6.75%, 11/15/21		738,500
	175,000	Cumulus Media Holdings, Inc., 7.75%, 5/1/19, Callable 8/1/15 @ 104^		160,563
	1,000,000	Dish DBS Corp., 5.88%, 7/15/22		980,000
	500,000	Dish DBS Corp., 5.00%, 3/15/23		462,500
	2,048,000	iHeartcommunications, Inc., 9.00%, 12/15/19, Callable 7/15/15 @ 105^		1,951,743
	1,000,000	iHeartcommunications, Inc., 9.00%, 3/1/21, Callable 3/1/16 @ 105		905,000
	1,500,000	iHeartCommunications, Inc., 9.00%, 9/15/22, Callable 9/15/22 @ 106.75		1,353,750
	200,000	Sirius XM Radio, Inc., 6.00%, 7/15/24, Callable 7/15/19 @ 103^(c)		202,000
	1,000,000	Univision Communications, Inc., 5.13%, 5/15/23, Callable 5/15/18 @ 102.56(c)		970,000
	100,000	Visant Corp., 10.00%, 10/1/17, Callable 8/1/15 @ 105^		79,700

				8,789,131

	Multiline Retail (0.2%):
	800,000	Family Tree Escrow LLC, 5.75%, 3/1/23, Callable 3/1/18 @ 104.31(c)		836,000
	431,853	J.C. Penney Co., Inc., 6.00%, 5/22/18(d)		430,618

				1,266,618

	Oil Gas & Consumable Fuels (0.1%):
	500,000	Energy Transfer Equity, 5.50%, 6/1/27, Callable 3/1/27 @ 100^		498,750

	Oil, Gas & Consumable Fuels (1.3%):
	200,000	Alpha Natural Resources, Inc., 7.50%, 8/1/20, Callable 8/1/16 @ 106(c)		50,000
	200,000	Antero Resources Finance Corp., 5.38%, 11/1/21, Callable 11/1/16 @ 104		192,000
	250,000	Arch Coal, Inc., 7.00%, 6/15/19, Callable 8/1/15 @ 104^		36,250
	750,000	Arch Coal, Inc., 7.25%, 6/15/21, Callable 6/15/16 @ 104		105,000
	500,000	Bill Barrett Corp., 7.00%, 10/15/22, Callable 10/15/17 @ 103.5^		452,500
	800,000	California Resources Corp., 6.00%, 11/15/24, Callable 8/15/24 @ 100		688,000
	245,000	Chesapeake Energy Corp., 6.50%, 8/15/17^		250,819
	200,000	Chesapeake Energy Corp., 7.25%, 12/15/18^		206,000
	1,700,000	Chesapeake Energy Corp., 5.75%, 3/15/23^		1,538,499
	500,000	CONSOL Energy, Inc., 5.88%, 4/15/22, Callable 4/15/17 @ 104.41		425,000
	350,000	Denbury Resources, Inc., 5.50%, 5/1/22, Callable 5/1/17 @ 104		312,375


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
$	500,000	Energy XXI Gulf Coast, Inc., 9.25%, 12/15/17, Callable 8/1/15 @ 105	$	266,250
	400,000	Energy XXI Gulf Coast, Inc., 11.00%, 3/15/20, Callable 3/15/20 @ 100^(c)		350,000
	500,000	Halcon Resources Corp., 9.75%, 7/15/20, Callable 7/15/16 @ 105^		336,250
	400,000	Halcon Resources Corp., 8.88%, 5/15/21, Callable 11/15/16 @ 104^		263,000
	1,300,000	Kinder Morgan (Delaware), Inc., 5.63%, 11/15/23, Callable 8/15/23 @ 100(c)		1,382,860
	100,000	Linn Energy LLC / Linn Energy Finance Corp., 8.63%, 4/15/20, Callable 8/1/15 @ 104.31^		82,021
	225,000	Midstates Petroleum Co., Inc. / Midstates Petroleum Co. LLC, 10.75%, 10/1/20, Callable 10/1/16 @ 105^		94,500
	469,000	NGPL PipeCo LLC, 9.63%, 6/1/19, Callable 8/1/15 @ 107^(c)		474,863
	200,000	Peabody Energy Corp., 6.25%, 11/15/21^		68,000
	1,000,000	Peabody Energy Corp., 10.00%, 3/15/22, Callable 3/15/18 @ 107.5^(c)		620,000
	100,000	Rice Energy, Inc., 6.25%, 5/1/22, Callable 5/1/17 @ 104.69^		99,250
	300,000	Sabine Pass Liquefaction LLC, 5.75%, 5/15/24, Callable 2/15/24 @ 100^		298,875
	713,000	Samson Investment Co., 9.75%, 2/15/20, Callable 2/15/16 @ 105		40,998
	900,000	Sanchez Energy Corp., 7.75%, 6/15/21, Callable 6/15/17 @ 104^		895,499
	500,000	SandRidge Energy, Inc., 8.75%, 1/15/20, Callable 8/1/15 @ 104.38		270,000
	300,000	SandRidge Energy, Inc., 7.50%, 3/15/21, Callable 3/15/16 @ 103.75^		131,250
	400,000	W&T Offshore, Inc., 8.50%, 6/15/19, Callable 8/1/15 @ 104		277,500
	256,000	Walter Energy, Inc., 9.50%, 10/15/19, Callable 10/15/16 @ 107^(c)^^		138,240
	223,510	Walter Energy, Inc., 11.00%, 4/1/20, Callable 4/1/17 @ 106(c)^^		11,176

				10,356,975

	Real Estate Investment Trusts (REITs) (0.2%):
	1,000,000	iStar Financial, Inc., 5.00%, 7/1/19, Callable 7/1/16 @ 102.5		986,250
	100,000	Outfront Media Capital LLC, 5.25%, 2/15/22, Callable 2/15/17 @ 103.94		101,250
	100,000	Outfront Media Capital LLC, 5.63%, 2/15/24, Callable 2/15/19 @ 102.81		102,250

				1,189,750

	Semiconductors & Semiconductor Equipment (0.0%):
	320,000	Freescale Semiconductor, Inc., 10.75%, 8/1/20, Callable 8/1/15 @ 105^		338,400


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Software (0.4%):
$	500,000	BMC Software Finance, Inc., 8.13%, 7/15/21, Callable 7/15/16 @ 106(c)	$	405,000
	1,389,000	First Data Corp., 8.25%, 1/15/21, Callable 1/15/16 @ 104(c)		1,465,395
	600,000	First Data Corp., 12.63%, 1/15/21, Callable 1/15/16 @ 113^		693,000
	141,000	First Data Corp., 8.75%, 1/15/22, Callable 1/15/16 @ 104(c)		149,901

				2,713,296

	Specialty Retail (0.1%):
	400,000	Academy, Ltd., 9.25%, 8/1/19, Callable 8/1/15 @ 106.94(c)		420,280

	Trading Companies & Distributors (0.0%):
	250,000	HD Supply, Inc., 5.25%, 12/15/21, Callable 12/15/17 @ 104(c)		253,438

	Wireless Telecommunication Services (0.5%):
	333,483	Avaya, Inc., 4.67%, 10/26/17(d)		330,565
	82,013	Avaya, Inc., 6.50%, 3/31/18(d)		81,512
	339,000	Avaya, Inc., 7.00%, 4/1/19, Callable 8/1/15 @ 104(c)		331,373
	1,326,000	Avaya, Inc., 10.50%, 3/1/21, Callable 3/1/17 @ 108(c)		1,093,949
	100,000	Frontier Communications Corp., 8.50%, 4/15/20		104,550
	500,000	Sprint Communications, Inc., 9.00%, 11/15/18(c)		564,630
	500,000	Sprint Nextel Corp., 11.50%, 11/15/21		588,750
	900,000	T-Mobile USA, Inc., 6.54%, 4/28/20, Callable 4/28/16 @ 103.27		942,291

				4,037,620

	Total Corporate Bonds (Cost $54,150,599)			51,211,964

	Equity-Linked Securities (1.0%):
	Banks (0.4%):
	7,000	Barclays Bank plc, 6.00%(c)		553,910
	6,000	Credit Suisse NY, 0.00%(c)		350,280
	13,000	Deutsche AG, Series 0006, 8.00%(c)		440,960
	60,000	Goldman Sachs Group, Inc. (The), 0.00%(c)		1,021,920
	8,000	JPMorgan Chase & Co., 7.00%(c)		647,680

				3,014,750

	Capital Markets (0.1%):
	27,000	Bank of America Corp., 7.00%(c)		704,079

	Diversified Financial Services (0.4%):
	20,000	Citigroup, Inc., 6.00%(c)		641,600
	13,000	Citigroup, Inc., 7.00%(c)		512,460
	13,000	Citigroup, Inc., 1.75%*(c)		1,630,720

				2,784,780

	Semiconductors & Semiconductor Equipment (0.1%):
	30,000	Bank of America Corp., 0.00%(c)		910,200

	Total Equity-Linked Securities (Cost $7,681,221)			7,413,809


Notional Amount or Principal Amount			Fair Value
	Foreign Bonds (14.0%):
	Chemicals (0.0%):
$	100,000	Kerling plc, 10.63%, 2/1/17, Callable 2/1/17 @ 103+(c)	$	113,978

	Sovereign Bonds (14.0%):
	4,840,000	Bank Negara Monetary Notes, Series 3314, 3.07%, 7/16/15+(e)		1,281,867
	1,290,000	Bank Negara Monetary Notes, Series 3314, 2.83%, 7/16/15+(e)		341,655
	540,000	Bank Negara Monetary Notes, Series 3514, 3.01%, 8/4/15+(e)		142,790
	510,000	Bank Negara Monetary Notes, Series 3714, 3.26%, 8/11/15+(e)		134,779
	2,510,000	Bank Negara Monetary Notes, Series 3714, 2.95%, 8/11/15+(e)		663,325
	560,000	Bank Negara Monetary Notes, Series 4014, 3.16%, 8/18/15+(e)		147,906
	370,000	Bank Negara Monetary Notes, Series 4314, 3.32%, 9/8/15+(e)		97,552
	320,000	Bank Negara Monetary Notes, Series 4714, 3.15%, 9/22/15+(e)		84,271
	400,000	Bank Negara Monetary Notes, Series 5014, 3.19%, 10/1/15+(e)		105,259
	120,000	Bank Negara Monetary Notes, Series 5414, 3.23%, 10/27/15+(e)		31,509
	520,000	Bank Negara Monetary Notes, Series 5714, 3.20%, 11/3/15+(e)		136,458
	870,000	Bank Negara Monetary Notes, Series 6014, 3.04%, 11/12/15+(e)		228,167
	250,000	Bank Negara Monetary Notes, Series 6214, 3.19%, 11/24/15+(e)		65,498
	75,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 8/15/16+(f)		64,853
	3,790,000	Brazil Nota do Tesouro Nacional, Series NTNF, 3.43%, 1/1/17+(e)(f)		1,158,518
	230,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 8/15/18+(f)		197,892
	4,910,000	Brazil Nota do Tesouro Nacional, Series NTNF, 2.27%, 1/1/19+(f)		1,459,445
	630,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.93%, 1/1/21+(e)(f)		182,333
	910,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 8/15/22+(f)		780,376
	1,790,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.69%, 1/1/23+(f)		507,402
	140,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 5/15/45+(f)		119,239
	141,790,000	Hungary Government Bond, Series 18/B, 4.00%, 4/25/18+		526,760
	333,880,000	Hungary Government Bond, Series 18/A, 5.50%, 12/20/18+		1,305,511
	204,600,000	Hungary Government Bond, Series 19/A, 6.50%, 6/24/19+		828,195


Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	9,040,000	Hungary Government Bond, Series 20/A, 7.50%, 11/12/20+	$	38,967
	19,760,000	Hungary Government Bond, Series 22/A, 7.00%, 6/24/22+		84,102
	387,060,000	Hungary Government Bond, Series 23/A, 6.00%, 11/24/23+		1,579,844
	15,660,000	Hungary Government Bond, Series 25/B, 5.50%, 6/24/25+		62,379
	1,985,000,000	Indonesia Goverment, Series FR43, 10.25%, 7/15/22+		163,675
	17,651,000,000	Indonesia Government, Series FR69, 7.88%, 4/15/19+		1,312,583
	462,000,000	Indonesia Government, Series FR36, 11.50%, 9/15/19+		38,564
	1,896,000,000	Indonesia Government, Series FR31, 11.00%, 11/15/20+		158,567
	9,951,000,000	Indonesia Government, Series FR34, 12.80%, 6/15/21+		900,211
	2,105,000,000	Indonesia Government, Series FR53, 8.25%, 7/15/21+		157,461
	5,092,000,000	Indonesia Government, Series FR16, 7.00%, 5/15/22+		355,443
	6,160,000,000	Indonesia Government, Series FR63, 5.63%, 5/15/23+		390,321
	36,093,000,000	Indonesia Government, Series FR70, 8.38%, 3/15/24+		2,708,763
	3,200,000,000	Indonesia Government, Series FR44, 10.00%, 9/15/24+		264,289
	248,000,000	Indonesia Government, Series FR56, 8.38%, 9/15/26+		18,615
	3,300,000,000	Indonesia Government, Series FR47, 10.00%, 2/15/28+		277,079
	1,012,000,000	Indonesia Government, Series FR71, 9.00%, 3/15/29+		80,019
	16,550,000,000	Indonesia Government, Series FR68, 8.38%, 3/15/34+		1,238,456
	5,150,000,000	Indonesia Treasury Bill, Series 112, 6.35%, 1/7/16+(e)		374,211
	3,177,000,000	Indonesia Treasury Bill, Series 114, 6.15%, 2/4/16+(e)		229,726
	812,240	Irish Government, 5.40%, 3/13/25+		1,205,838
	144,500,000	Korea Monetary Stab Bond, Series JU07, 1.60%, 7/7/15+(e)		129,540
	489,000,000	Korea Monetary Stab Bond, Series 0721, 1.93%, 7/21/15+(e)		438,085
	2,757,580,000	Korea Monetary Stab Bond, Series 1508, 2.80%, 8/2/15+		2,475,430
	161,520,000	Korea Monetary Stab Bond, Series 0804, 1.95%, 8/4/15+(e)		144,623
	336,600,000	Korea Monetary Stab Bond, Series 0908, 1.54%, 9/8/15+(e)		300,937


Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	6,041,000,000	Korea Monetary Stab Bond, Series 1510, 2.81%, 10/2/15+	$	5,434,034
	111,100,000	Korea Monetary Stab Bond, Series 1006, 1.64%, 10/6/15+(e)		99,208
	508,900,000	Korea Monetary Stab Bond, Series 1510, 2.13%, 10/8/15+		459,250
	2,862,700,000	Korea Monetary Stab Bond, Series 1512, 2.90%, 12/2/15+		2,581,297
	527,900,000	Korea Monetary Stab Bond, Series 1215, 1.49%, 12/15/15+(e)		469,962
	211,700,000	Korea Monetary Stab Bond, Series 1602, 2.78%, 2/2/16+		191,154
	3,507,350,000	Korea Monetary Stab Bond, Series 1604, 2.80%, 4/2/16+		3,173,330
	242,100,000	Korea Monetary Stab Bond, Series 1605, 1.74%, 5/9/16+		217,634
	1,246,900,000	Korea Monetary Stab Bond, Series 1606, 2.79%, 6/2/16+		1,130,066
	202,000,000	Korea Monetary Stab Bond, Series 1606, 1.62%, 6/9/16+		181,134
	1,750,600,000	Korea Monetary Stab Bond, Series 1608, 2.46%, 8/2/16+		1,583,499
	426,200,000	Korea Monetary Stab Bond, Series 1610, 2.22%, 10/2/16+		384,769
	982,700,000	Korea Monetary Stab Bond, Series 1612, 2.07%, 12/2/16+		886,122
	350,300,000	Korea Monetary Stab Bond, Series 1702, 1.96%, 2/2/17+		315,500
	2,224,930,000	Korea Treasury Bond, Series 1512, 2.75%, 12/10/15+		2,005,398
	1,695,200,000	Korea Treasury Bond, Series 1606, 2.75%, 6/10/16+		1,536,132
	1,335,910,000	Korea Treasury Bond, Series 1612, 3.00%, 12/10/16+		1,220,439
	160,000	Letra do Tesouro Nacional, Series LTN, 11.32%, 10/1/15+(e)(f)		49,730
	2,050,000	Letra do Tesouro Nacional, Series LTN, 11.91%, 1/1/16+(e)(f)		616,001
	2,140,000	Letra do Tesouro Nacional, Series LTN, 12.92%, 7/1/16+(e)(f)		602,045
	150,000	Letra do Tesouro Nacional, Series LTN, 12.15%, 10/1/16+(e)(f)		40,820
	3,160,000	Letra do Tesouro Nacional, Series LTN, 13.41%, 1/1/17+(e)(f)		834,768
	1,820,000	Letra do Tesouro Nacional, Series LTN, 14.77%, 1/1/18+(e)(f)		428,843
	2,710,000	Malaysia Government, Series 1/06, 4.26%, 9/15/16+		728,371
	2,080,000	Malaysia Government, Series 0207, 3.81%, 2/15/17+		557,540
	4,930,000	Malaysia Government, Series 0214, 3.39%, 3/15/17+		1,313,278


Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	210,000	Malaysia Treasury Bill, Series 1715, 2.96%, 7/10/15+(e)	$	55,650
	130,000	Malaysia Treasury Bill, Series 3114, 2.94%, 7/24/15+(e)		34,410
	240,000	Malaysia Treasury Bill, Series 1915, 2.91%, 7/24/15+(e)		63,525
	270,000	Malaysia Treasury Bill, Series 0615, 2.95%, 7/31/15+(e)		71,419
	430,000	Malaysia Treasury Bill, Series 0915, 3.14%, 8/14/15+(e)		113,617
	340,000	Malaysia Treasury Bill, Series 0915, 2.90%, 8/14/15+(e)		89,837
	40,000	Malaysia Treasury Bill, Series 1215, 2.91%, 9/4/15+(e)		10,551
	790,000	Malaysia Treasury Bill, Series 2315, 2.76%, 9/4/15+(e)		208,377
	140,000	Malaysia Treasury Bill, Series 1315, 2.96%, 9/11/15+(e)		36,901
	280,000	Malaysia Treasury Bill, Series 1615, 2.97%, 9/25/15+(e)		73,722
	270,000	Malaysia Treasury Bill, Series 1815, 2.96%, 10/9/15+(e)		71,012
	310,000	Malaysia Treasury Bill, Series 2015, 2.91%, 10/23/15+(e)		81,437
	710,000	Malaysia Treasury Bill, Series 182D, 2.77%, 12/11/15+(e)		185,773
	50,000	Malaysia Treasury Bill, Series 0515, 3.21%, 1/22/16+(e)		13,030
	170,000	Malaysia Treasury Bill, Series 1415, 2.93%, 3/18/16+(e)		44,081
	500,000	Malaysia Treasury Bill, Series 2115, 2.93%, 4/29/16+(e)		129,293
	130,000	Malaysia Treasury Bill, Series 2315, 2.76%, 5/27/16+(e)		33,539
	11,975,000	Malaysian Government, Series 0110, 3.84%, 8/12/15+		3,178,516
	3,805,000	Malaysian Government, Series 2/05, 4.72%, 9/30/15+		1,012,778
	22,640,000	Malaysian Government, Series 0312, 3.20%, 10/15/15+		6,010,437
	26,226,000	Malaysian Government, Series 0113, 3.17%, 7/15/16+		6,964,271
	12,010,000	Mexican Cetes, Series BI, 0.00%, 7/23/15+(g)		76,278
	55,210,000	Mexican Cetes, Series BI, 0.00%, 9/17/15+(g)		348,934
	24,829,000	Mexican Cetes, Series BI, 0.00%, 9/24/15+(g)		156,793
	43,457,000	Mexican Cetes, Series BI, 0.00%, 10/1/15+(g)		274,325
	13,312,000	Mexican Cetes, Series BI, 0.00%, 10/15/15+(g)		83,925


Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	2,778,000	Mexican Cetes, Series BI, 0.00%, 10/29/15+(g)	$	17,484
	21,820,000	Mexican Cetes, Series BI, 0.00%, 11/12/15+(g)		137,208
	31,031,000	Mexican Cetes, Series BI, 0.00%, 11/26/15+(g)		194,793
	60,708,000	Mexican Cetes, Series BI, 0.00%, 12/10/15+(g)		380,735
	18,438,000	Mexican Cetes, Series BI, 0.00%, 1/7/16+(g)		115,345
	4,107,000	Mexican Cetes, Series BI, 0.00%, 2/4/16+(g)		25,606
	41,533,000	Mexican Cetes, Series BI, 0.00%, 3/3/16+(g)		258,395
	188,500,000	Mexican Cetes, Series BI, 0.00%, 3/31/16+(g)		1,168,288
	24,383,000	Mexican Cetes, Series BI, 0.00%, 4/14/16+(g)		151,047
	28,768,000	Mexican Cetes, Series BI, 0.00%, 4/28/16+(g)		177,805
	67,619,000	Mexican Cetes, Series BI, 0.00%, 5/26/16+(g)		416,724
	66,997,000	Mexican Cetes, Series BI, 983.92%, 6/23/16+(g)		411,654
	1,913,734	Mexican Udibonos, 5.00%, 6/16/16+(d) (g)		127,658
	1,627,810	Mexican Udibonos, 3.50%, 12/14/17+(d) (g)		110,138
	983,028	Mexican Udibonos, 4.00%, 6/13/19+(d) (g)		67,770
	792,765	Mexican Udibonos, 2.50%, 12/10/20+(d) (g)		51,165
	21,310,000	Mexico Bonos Desarr, Series M 10, 8.00%, 12/17/15+(d) (g)		1,385,480
	30,746,000	Mexico Bonos Desarr, Series M, 6.25%, 6/16/16+(d) (g)		2,008,248
	8,717,000	Mexico Bonos Desarr, Series M 10, 7.25%, 12/15/16+(d) (g)		581,260
	1,010,000	Monetary Authority of Singapore Bill, Series 84, 0.99%, 7/3/15+(e)		750,066
	490,000	Monetary Authority of Singapore Bill, Series 84, 0.59%, 7/10/15+(e)		363,846
	50,000	Monetary Authority of Singapore Bill, Series 87, 0.66%, 7/20/15+(e)		37,120
	2,640,000	Monetary Authority of Singapore Bill, Series 84, 0.98%, 7/31/15+(e)		1,959,463
	2,290,000	Monetary Authority of Singapore Bill, Series 84, 0.89%, 8/14/15+(e)		1,699,132
	1,690,000	Monetary Authority of Singapore Bill, Series 84, 0.89%, 8/21/15+(e)		1,253,750
	10,000	Nota do Tesouro Nacional, Series NTNB, 0.00%, 5/15/19+(f)		8,438
	720,000	Nota do Tesouro Nacional, Series NTNB, 0.00%, 5/15/23+(f)		606,030
	86,310,000	Philippine Government International Bond, Series 7-48, 7.00%, 1/27/16+		1,960,852
	46,170,000	Philippine Government International Bond, Series 3-20, 1.63%, 4/25/16+		1,017,354


Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	1,830,000	Philippine Government International Bond, Series 1042, 9.13%, 9/4/16+	$	43,526
	440,000	Philippine Treasury Bill, Series 364, 1.43%, 7/8/15+(e)		9,757
	16,300,000	Philippine Treasury Bill, Series 364, 1.57%, 8/5/15+(e)		360,613
	520,000	Philippine Treasury Bill, Series 364, 1.28%, 8/5/15+(e)		11,511
	1,800,000	Philippine Treasury Bill, Series 364, 1.49%, 9/2/15+(e)		39,781
	3,580,000	Philippine Treasury Bill, 1.49%, 10/7/15+(e)		78,949
	1,120,000	Philippine Treasury Bill, Series 364, 1.36%, 11/4/15+(e)		24,665
	2,780,000	Philippine Treasury Bill, Series 364, 1.43%, 12/2/15+(e)		61,079
	2,850,000	Philippine Treasury Bill, Series 364, 1.43%, 2/3/16+(e)		62,481
	2,250,000	Philippine Treasury Bill, Series 364, 1.43%, 3/2/16+(e)		49,264
	1,146,000	Poland Government Bond, Series 0715, 2.91%, 7/25/15+(e)		304,616
	15,863,000	Poland Government Bond, Series 1015, 6.25%, 10/24/15+		4,281,036
	7,419,000	Poland Government Bond, Series 0116, 2.95%, 1/25/16+(e)		1,956,457
	3,145,000	Poland Government Bond, Series 0416, 5.00%, 4/25/16+		858,800
	6,340,000	Poland Government Bond, Series 0716, 2.88%, 7/25/16+(e)		1,655,154
	12,465,000	Poland Government Bond, Series 1016, 4.75%, 10/25/16+		3,441,708
	3,343,000	Poland Government Bond, Series 0117, 2.01%, 1/25/17+(d)		889,118
	160,000	Poland Government Bond, Series 0417, 4.75%, 4/25/17+		44,679
	3,391,000	Poland Government Bond, Series 0121, 2.01%, 1/25/21+(d)		889,704
	15,500	Portugal Obrigacoes do Tesouro, 4.95%, 10/25/23+(c)		20,234
	38,700	Portugal Obrigacoes do Tesouro, 5.65%, 2/15/24+(c)		52,577
	2,250,000	Portugal Obrigacoes do Tesouro, 3.88%, 2/15/30+(c)		2,643,769
	158,000	Republic of Hungary, 4.38%, 7/4/17+(c)		187,444
	260,000	Republic of Hungary, 5.75%, 6/11/18+(c)		327,256
	70,000	Republic of Hungary, 6.00%, 1/11/19+		90,077
	350,000	Singapore Government, 1.13%, 4/1/16+		260,349
	100,000	Ukraine Government, 4.95%, 10/13/15+(c)		57,407

				108,326,908

	Total Foreign Bonds (Cost $119,487,388)			108,440,886


Notional Amount or Principal Amount			Fair Value
	Yankee Dollars (4.1%):
	Aerospace & Defense (0.0%):
$	300,000	Bombardier, Inc., 7.50%, 3/15/25, Callable 3/15/20 @ 103.75^(c)	$	272,250

	Construction & Engineering (0.1%):
	400,000	Abengoa Finance SAU, 8.88%, 11/1/17^(c)		416,000

	Construction Materials (0.1%):
	300,000	Cemex SAB de C.V., 5.88%, 3/25/19, Callable 3/25/16 @ 103^(c)		307,410
	500,000	Cemex SAB de C.V., 7.25%, 1/15/21, Callable 1/15/18 @ 104(c)		527,600

				835,010

	Containers & Packaging (0.2%):
	700,000	Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 6.25%, 1/31/19, Callable 1/31/16 @ 103(c)		712,250
	800,000	Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 6.75%, 1/31/21, Callable 1/31/17 @ 103(c)		818,000

				1,530,250

	Diversified Telecommunication Services (0.0%):
	400,000	Intelsat Jackson Holding SA, 5.50%, 8/1/23, Callable 8/1/18 @ 102.75		354,200

	Energy Equipment & Services (0.0%):
	300,000	CGGVeritas, 6.50%, 6/1/21, Callable 6/1/16 @ 103		249,000

	Hotels Restaurants & Leisure (0.5%):
	2,600,000	International Game Technology, 6.25%, 2/15/22, Callable 8/15/21 @ 100(c)		2,482,999
	2,600,000	International Game Technology, 6.50%, 2/15/25, Callable 8/15/24 @ 100(c)		2,405,000

				4,887,999

	Independent Power and Renewable Electricity Producers (0.1%):
	1,000,000	InterGen NV, 7.00%, 6/30/23, Callable 6/30/18 @ 103.5(c)		890,000

	Marine (0.1%):
	200,000	Stena AB, 7.00%, 2/1/24(c)		193,000
	400,000	Stena International SA, 5.75%, 3/1/24^(c)		372,000

				565,000

	Media (0.3%):
	500,000	Altice Financing SA, 6.63%, 2/15/23, Callable 2/15/18 @ 103.75(c)		496,400
	300,000	Altice SA, 7.75%, 5/15/22, Callable 5/15/17 @ 106(c)		290,250
	500,000	Altice SA, 7.63%, 2/15/25, Callable 2/15/20 @ 103.81(c)		470,000
	500,000	Numericable Group SA, 6.00%, 5/15/22, Callable 5/15/17 @ 105(c)		492,813

				1,749,463


Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Metals & Mining (0.2%):
$	230,000	First Quantum Minerals, Ltd., 6.75%, 2/15/20, Callable 2/15/17 @ 103^(c)	$	222,525
	230,000	First Quantum Minerals, Ltd., 7.00%, 2/15/21, Callable 2/15/18 @ 103.5(c)		219,938
	1,000,000	FMG Resources Pty, Ltd., 9.75%, 3/1/22, Callable 3/1/18 @ 109.75^(c)		1,032,500

				1,474,963

	Oil, Gas & Consumable Fuels (0.0%):
	200,000	Niska Gas Storage Canada ULC / Niska Gas Storage Canada Finance Corp., 6.50%, 4/1/19, Callable 10/1/16 @ 103.25^		188,000

	Pharmaceuticals (0.2%):
	800,000	VRX Escrow Corp., 5.88%, 5/15/23, Callable 5/15/23 @ 102.94(c)		820,000
	600,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 4/15/20 @ 103(c)		617,250

				1,437,250

	Real Estate Investment Trusts (REITs) (0.1%):
	500,000	Algeco Scotsman Global Finance plc, 8.50%, 10/15/18, Callable 10/15/15 @ 104^(c)		482,500

	Sovereign Bonds (1.9%):
	200,000	Financing of Infrastructure, 7.40%, 4/20/18(c)		97,500
	394,000	Republic of Hungary, 4.13%, 2/19/18		410,056
	1,077,000	Republic of Hungary, 6.25%, 1/29/20		1,206,240
	542,000	Republic of Hungary, 6.38%, 3/29/21		614,899
	800,000	Republic of Hungary, 5.38%, 2/21/23		865,360
	240,000	Republic of Iceland, 5.88%, 5/11/22(c)		270,991
	100,000	Republic of Lithuania, 7.38%, 2/11/20(c)		118,830
	230,000	Republic of Lithuania, 7.38%, 2/11/20(c)		273,309
	150,000	Republic of Lithuania, 6.13%, 3/9/21(c)		172,628
	1,550,000	Republic of Portugal, 5.13%, 10/15/24(c)		1,581,124
	200,000	Republic of Serbia, 5.25%, 11/21/17(c)		206,620
	300,000	Republic of Serbia, 4.88%, 2/25/20(c)		302,820
	320,000	Republic of Serbia, 7.25%, 9/28/21(c)		358,400
	1,400,000	Republic of Slovenia, 5.50%, 10/26/22(c)		1,552,530
	1,025,000	Republic of Slovenia, 5.85%, 5/10/23(c)		1,159,736
	200,000	Ukraine Government, 6.25%, 6/17/16(c)		99,000
	100,000	Ukraine Government, 6.58%, 11/21/16(c)		49,500
	3,340,000	Ukraine Government, 9.25%, 7/24/17(c)		1,606,539
	1,400,000	Ukraine Government, 6.75%, 11/14/17(c)		688,800
	620,000	Ukraine Government, 7.75%, 9/23/20(c)		305,350
	1,430,000	Ukraine Government, 7.95%, 2/23/21(c)		743,600
	1,240,000	Ukraine Government, 7.80%, 11/28/22(c)		638,600
	2,400,000	Ukraine Government, 7.50%, 4/17/23(c)		1,248,000

				14,570,432

	Wireless Telecommunication Services (0.3%):
	500,000	Telecom Italia SpA, 5.30%, 5/30/24(c)		498,125
	1,000,000	Virgin Media Secured Finance plc, 5.50%, 1/15/25, Callable 1/15/19 @ 103(c)		1,003,750


Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Wireless Telecommunication Services continued
$	500,000	Wind Acquisition Finance SA, 7.38%, 4/23/21, Callable 4/23/17 @ 104(c)	$	505,626

				2,007,501

	Total Yankee Dollars (Cost $35,119,804)			31,909,818

	Municipal Bond (0.1%):
	Puerto Rico (0.1%):
	869,000	Puerto Rico Commonwealth, GO, Series A, 8.00%, 7/1/35, Callable 7/1/20 @ 100		586,575

	Total Municipal Bond (Cost $738,296)			586,575

	U.S. Treasury Obligations (1.4%):
	U.S. Treasury Bills (1.4%)
	1,000,000	0.11%, 7/2/15(e)		999,999
	1,000,000	0.09%, 7/9/15^(e)		1,000,003
	1,000,000	0.08%, 7/23/15(e)		999,997
	1,000,000	0.06%, 8/6/15^(e)		1,000,000
	2,000,000	0.07%, 8/27/15^(e)		2,000,016
	1,000,000	0.10%, 10/8/15^(e)		999,966
	3,000,000	0.08%, 11/19/15(e)		2,999,676
	1,000,000	0.09%, 11/27/15^(e)		999,855

				10,999,512

	Total U.S. Treasury Obligations (Cost $10,998,169)			10,999,512

	U.S. Government Agency Mortgages (3.6%):
	28,000,000	Federal Home Loan Bank, 0.00%, 7/1/15(e)		28,000,000

	Total U.S. Government Agency Mortgages (Cost $28,000,000)			28,000,000

	Securities Held as Collateral for Securities on Loan (8.2%):
	63,072,534	Allianz Variable Insurance Products Securities Lending Collateral Trust(h)		63,072,534

	Total Securities Held as Collateral for Securities on Loan (Cost $63,072,534)			63,072,534

	Unaffiliated Investment Company (5.8%):
	45,043,255	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (e)		45,043,255

	Total Unaffiliated Investment Company (Cost $45,043,255)			45,043,255

	Total Investment Securities (Cost $782,415,441)(i) — 106.0%			820,536,622
	Net other assets (liabilities) — (6.0)%			(46,775,824	)

	Net Assets — 100.0%		$	773,760,798

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:


Country	Percentage
Malaysia		3.0	%
Mauritania		—	%^NM
Mexico		1.2	%
Netherlands		2.2	%
Philippines		0.5	%
Poland		1.7	%
Portugal		0.7	%
Republic of Korea (South)		3.6	%
Russian Federation		0.2	%
Serbia (Republic of)		0.1	%
Singapore		1.3	%
Slovenia		0.3	%
Spain		0.5	%
Sweden		0.6	%
Switzerland		1.5	%
Thailand		0.1	%
Turkey		0.2	%
Ukraine		0.6	%
United Kingdom		7.2	%
United States		59.9	%

		100.0	%


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
British Pound	Bank of America	8/19/15		3,784,226	$	5,782,030	$	5,942,816	$	(160,786	)
British Pound	Barclays Bank	8/19/15		43,796		67,642		68,778		(1,136	)
British Pound	Credit Suisse First Boston	8/19/15		2,568,042		3,929,473		4,032,899		(103,426	)
British Pound	Deutsche Bank	8/19/15		168,403		252,731		264,463		(11,732	)
British Pound	HSBC Bank	8/19/15		2,603,250		3,984,413		4,088,189		(103,776	)
British Pound	State Street	8/19/15		272,192		406,903		427,456		(20,553	)
Chilean Peso	Deutsche Bank	7/6/15		59,668,000		94,262		93,319		943
Chilean Peso	Morgan Stanley	7/6/15		12,570,000		19,866		19,659		207
Chilean Peso	Deutsche Bank	7/7/15		9,164,000		14,477		14,331		146
European Euro	Barclays Bank	7/16/15		82,000		112,001		91,425		20,576
European Euro	Morgan Stanley	7/16/15		277,000		378,205		308,839		69,366
European Euro	Deutsche Bank	7/17/15		514,000		698,912		573,088		125,824
European Euro	Bank of America	7/20/15		643,897		714,098		717,946		(3,848	)
European Euro	Bank of America	7/20/15		10,350		11,263		11,540		(277	)
European Euro	Bank of America	7/20/15		56,821		64,827		63,355		1,472
European Euro	Barclays Bank	7/20/15		181,182		233,599		202,018		31,581
European Euro	Credit Suisse First Boston	7/20/15		9,555		10,750		10,654		96
European Euro	Credit Suisse First Boston	7/20/15		22,843		26,101		25,470		631
European Euro	Credit Suisse First Boston	7/20/15		121,024		130,015		134,942		(4,927	)
European Euro	Credit Suisse First Boston	7/20/15		463,150		519,259		516,413		2,846
European Euro	Credit Suisse First Boston	7/20/15		46,043		52,555		51,338		1,217
European Euro	Deutsche Bank	7/20/15		12,345		13,886		13,765		121
European Euro	Deutsche Bank	7/20/15		1,997,668		2,354,060		2,227,402		126,658
European Euro	HSBC Bank	7/20/15		12,344		13,904		13,764		140
European Euro	HSBC Bank	7/20/15		9,554		10,744		10,653		91
European Euro	HSBC Bank	7/20/15		906,459		1,013,817		1,010,703		3,114
European Euro	HSBC Bank	7/20/15		10,350		11,252		11,540		(288	)
European Euro	JPMorgan Chase	7/20/15		910,000		1,233,568		1,014,651		218,917
European Euro	State Street	7/20/15		28,411		32,386		31,678		708
European Euro	State Street	7/20/15		12,344		13,892		13,764		128
European Euro	State Street	7/20/15		31,235		33,614		34,827		(1,213	)
European Euro	State Street	7/20/15		91,177		97,925		101,662		(3,737	)
European Euro	State Street	7/20/15		1,718,731		1,977,043		1,916,388		60,655
European Euro	Deutsche Bank	7/21/15		470,000		637,250		524,058		113,192
European Euro	Deutsche Bank	7/22/15		71,000		96,269		79,167		17,102
European Euro	Morgan Stanley	7/22/15		366,000		495,469		408,101		87,368
European Euro	Deutsche Bank	7/23/15		93,795		127,062		104,586		22,476
European Euro	Deutsche Bank	7/27/15		207,975		280,467		231,914		48,553
European Euro	Goldman Sachs	7/27/15		197,000		265,783		219,676		46,107
European Euro	Citibank	7/28/15		60,360		81,421		67,309		14,112
European Euro	Barclays Bank	7/29/15		19,995		26,919		22,297		4,622
European Euro	Deutsche Bank	7/29/15		9,978		13,442		11,127		2,315
European Euro	JPMorgan Chase	7/31/15		380,000		510,895		423,763		87,132


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
European Euro	Barclays Bank	8/4/15		97,592	$	130,904	$	108,838	$	22,066
European Euro	HSBC Bank	8/4/15		380,000		509,970		423,788		86,182
European Euro	UBS Warburg	8/4/15		380,000		509,960		423,788		86,172
European Euro	Barclays Bank	8/5/15		229,000		307,839		255,392		52,447
European Euro	JPMorgan Chase	8/5/15		269,500		362,305		300,559		61,746
European Euro	Citibank	8/10/15		44,168		59,067		49,262		9,805
European Euro	Deutsche Bank	8/11/15		180,000		241,192		200,762		40,430
European Euro	JPMorgan Chase	8/11/15		239,500		320,780		267,125		53,655
European Euro	Goldman Sachs	8/12/15		61,000		81,907		68,037		13,870
European Euro	Morgan Stanley	8/14/15		66,000		82,431		73,616		8,815
European Euro	Morgan Stanley	8/17/15		66,000		88,607		73,619		14,988
European Euro	Barclays Bank	8/18/15		237,000		318,058		264,363		53,695
European Euro	Deutsche Bank	8/20/15		133,000		178,396		148,360		30,036
European Euro	JPMorgan Chase	8/20/15		263,000		352,913		293,374		59,539
European Euro	Barclays Bank	8/26/15		75,988		101,112		84,771		16,341
European Euro	Deutsche Bank	8/31/15		28,980		38,330		32,332		5,998
European Euro	Deutsche Bank	9/2/15		49,000		64,753		54,669		10,084
European Euro	Deutsche Bank	9/8/15		137,800		181,789		153,758		28,031
European Euro	JPMorgan Chase	9/8/15		1,125,000		1,463,738		1,255,282		208,456
European Euro	Barclays Bank	9/21/15		19,406		25,254		21,658		3,596
European Euro	Deutsche Bank	9/23/15		229,000		295,742		255,578		40,164
European Euro	Barclays Bank	9/24/15		45,864		59,136		51,188		7,948
European Euro	Citibank	9/28/15		13,451		17,348		15,013		2,335
European Euro	Deutsche Bank	9/28/15		107,000		137,798		119,428		18,370
European Euro	Barclays Bank	9/29/15		200,000		255,361		223,233		32,128
European Euro	HSBC Bank	9/30/15		180,000		229,362		200,914		28,448
European Euro	Deutsche Bank	10/8/15		192,660		209,797		215,077		(5,280	)
European Euro	Deutsche Bank	10/9/15		420,000		532,791		468,877		63,914
European Euro	HSBC Bank	10/13/15		73,000		79,202		81,501		(2,299	)
European Euro	Barclays Bank	10/14/15		1,688,000		2,156,167		1,884,613		271,554
European Euro	JPMorgan Chase	10/14/15		3,156,000		4,032,528		3,523,601		508,927
European Euro	Deutsche Bank	10/15/15		320,000		406,096		357,279		48,817
European Euro	Barclays Bank	10/16/15		1,172,000		1,494,886		1,308,559		186,327
European Euro	Barclays Bank	10/22/15		3,724,000		4,771,244		4,158,375		612,869
European Euro	Deutsche Bank	10/26/15		319,000		404,923		356,235		48,688
European Euro	Barclays Bank	10/27/15		175,515		222,899		196,006		26,893
European Euro	Deutsche Bank	11/3/15		7,376		9,342		8,238		1,104
European Euro	Barclays Bank	11/6/15		49,418		62,081		55,198		6,883
European Euro	Citibank	11/9/15		1,793,000		2,245,060		2,002,806		242,254
European Euro	Goldman Sachs	11/9/15		317,570		357,536		354,730		2,806
European Euro	Citibank	11/12/15		1,801,000		2,257,337		2,011,854		245,483
European Euro	JPMorgan Chase	11/12/15		278,508		348,984		311,115		37,869
European Euro	Citibank	11/13/15		136,787		153,171		152,804		367
European Euro	Goldman Sachs	11/13/15		142,000		158,618		158,628		(10	)
European Euro	New York Global Securities	11/13/15		56,000		62,609		62,557		52
European Euro	Deutsche Bank	11/16/15		335,703		420,116		375,033		45,083
European Euro	Goldman Sachs	11/16/15		87,000		98,057		97,193		864
European Euro	Bank of America	11/18/15		1,792,687		2,042,248		2,002,790		39,458
European Euro	Citibank	11/18/15		19,606		22,475		21,904		571
European Euro	Credit Suisse First Boston	11/18/15		34,500		38,733		38,543		190
European Euro	Credit Suisse First Boston	11/18/15		69,147		75,463		77,251		(1,788	)
European Euro	Deutsche Bank	11/18/15		312,096		349,126		348,674		452
European Euro	Deutsche Bank	11/18/15		138,294		150,805		154,502		(3,697	)
European Euro	Deutsche Bank	11/18/15		941,004		1,072,189		1,051,289		20,900
European Euro	HSBC Bank	11/18/15		58,436		65,237		65,285		(48	)
European Euro	HSBC Bank	11/18/15		1,019,805		1,160,747		1,139,326		21,421


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
European Euro	State Street	11/18/15		259,692	$	291,072	$	290,128	$	944
European Euro	State Street	11/18/15		28,003		30,984		31,285		(301	)
European Euro	Deutsche Bank	11/19/15		93,863		117,333		104,866		12,467
European Euro	Deutsche Bank	11/20/15		1,113,000		1,396,993		1,243,489		153,504
European Euro	JPMorgan Chase	11/23/15		289,000		324,403		322,901		1,502
European Euro	Goldman Sachs	12/1/15		760,000		830,361		849,276		(18,915	)
European Euro	Deutsche Bank	12/4/15		100,000		124,770		111,753		13,017
European Euro	Scotia McLeod	12/9/15		76,800		94,873		85,834		9,039
European Euro	Bank of America	12/15/15		433,000		538,414		483,989		54,425
European Euro	JPMorgan Chase	12/15/15		97,000		121,088		108,422		12,666
European Euro	Deutsche Bank	12/17/15		525,093		655,631		586,948		68,683
European Euro	Deutsche Bank	1/7/16		312,372		374,665		349,337		25,328
European Euro	Barclays Bank	1/21/16		97,000		113,209		108,520		4,689
European Euro	Deutsche Bank	1/26/16		992,000		1,143,677		1,109,959		33,718
European Euro	HSBC Bank	1/28/16		3,401,418		3,851,000		3,806,085		44,915
European Euro	Deutsche Bank	1/29/16		2,630,000		3,000,699		2,942,971		57,728
European Euro	Deutsche Bank	2/3/16		2,280,000		2,590,764		2,551,664		39,100
European Euro	Deutsche Bank	2/9/16		1,411,000		1,623,920		1,579,377		44,543
European Euro	Goldman Sachs	2/9/16		181,000		208,060		202,599		5,461
European Euro	Goldman Sachs	2/17/16		17,000		19,532		19,033		499
European Euro	JPMorgan Chase	2/17/16		30,000		34,442		33,587		855
European Euro	Barclays Bank	2/22/16		210,000		240,696		235,142		5,554
European Euro	Bank of America	2/26/16		76,694		87,572		85,885		1,687
European Euro	Barclays Bank	2/26/16		170,862		194,976		191,339		3,637
European Euro	Deutsche Bank	2/26/16		277,730		316,418		311,014		5,404
European Euro	Deutsche Bank	3/7/16		43,000		48,452		48,166		286
European Euro	Barclays Bank	3/9/16		141,063		157,150		158,020		(870	)
European Euro	Deutsche Bank	3/9/16		660,000		733,689		739,336		(5,647	)
European Euro	HSBC Bank	3/9/16		15,000		16,679		16,803		(124	)
European Euro	Citibank	3/10/16		1,704,605		1,870,463		1,909,560		(39,097	)
European Euro	Morgan Stanley	3/10/16		43,000		47,134		48,170		(1,036	)
European Euro	Deutsche Bank	3/14/16		134,000		142,851		150,128		(7,277	)
European Euro	Barclays Bank	3/16/16		10,012		10,714		11,218		(504	)
European Euro	Citibank	3/16/16		10,643		11,404		11,925		(521	)
European Euro	JPMorgan Chase	3/16/16		15,000		16,063		16,806		(743	)
European Euro	Barclays Bank	3/23/16		9,076		9,751		10,171		(420	)
European Euro	Deutsche Bank	3/23/16		173,000		185,906		193,869		(7,963	)
European Euro	Deutsche Bank	3/29/16		8,760,075		9,644,927		9,818,371		(173,444	)
European Euro	Barclays Bank	3/30/16		200,000		221,057		224,168		(3,111	)
European Euro	Deutsche Bank	3/31/16		4,566		5,012		5,118		(106	)
European Euro	Goldman Sachs	3/31/16		130,000		142,792		145,713		(2,921	)
European Euro	Barclays Bank	4/1/16		17,912		19,559		20,078		(519	)
European Euro	Deutsche Bank	4/13/16		77,961		84,419		87,415		(2,996	)
European Euro	New York Global Securities	4/13/16		37,000		39,709		41,487		(1,778	)
European Euro	JPMorgan Chase	4/14/16		99,000		105,793		111,008		(5,215	)
European Euro	Deutsche Bank	4/15/16		370,000		393,606		414,889		(21,283	)
European Euro	HSBC Bank	4/18/16		78,849		84,014		88,422		(4,408	)
European Euro	JPMorgan Chase	4/21/16		5,188		5,652		5,818		(166	)
European Euro	Barclays Bank	4/22/16		16,935		18,336		18,993		(657	)
European Euro	Barclays Bank	4/29/16		11,783		12,878		13,218		(340	)
European Euro	State Street	4/29/16		380,000		418,494		426,262		(7,768	)
European Euro	Barclays Bank	5/5/16		228,900		257,415		256,808		607
European Euro	Barclays Bank	5/9/16		112,000		125,485		125,669		(184	)
European Euro	Barclays Bank	5/18/16		266,076		305,615		298,621		6,994
European Euro	JPMorgan Chase	5/20/16		327,027		375,334		367,047		8,287
European Euro	Barclays Bank	5/23/16		363,741		407,945		408,287		(342	)


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
European Euro	Deutsche Bank	5/23/16		130,000	$	145,668	$	145,921	$	(253	)
European Euro	JPMorgan Chase	5/26/16		172,504		193,380		193,646		(266	)
European Euro	Barclays Bank	5/31/16		72,758		79,353		81,686		(2,333	)
European Euro	Barclays Bank	6/6/16		237,868		264,610		267,099		(2,489	)
European Euro	HSBC Bank	6/6/16		1,113,075		1,261,826		1,249,859		11,967
European Euro	Deutsche Bank	6/13/16		285,500		323,443		320,645		2,798
European Euro	Deutsche Bank	6/15/16		124,000		141,303		139,272		2,031
European Euro	Barclays Bank	6/22/16		28,929		33,221		32,498		723
European Euro	Deutsche Bank	6/22/16		420,000		482,328		471,816		10,512
Japanese Yen	Deutsche Bank	7/13/15		26,073,000		257,181		213,103		44,078
Japanese Yen	HSBC Bank	7/16/15		5,640,000		48,587		46,099		2,488
Japanese Yen	Standard Charter	7/16/15		7,340,000		62,966		59,995		2,971
Japanese Yen	Deutsche Bank	7/21/15		38,540,000		331,427		315,033		16,394
Japanese Yen	Morgan Stanley	7/23/15		50,187,445		497,122		410,252		86,870
Japanese Yen	Citibank	7/24/15		74,785,000		739,991		611,330		128,661
Japanese Yen	JPMorgan Chase	7/24/15		115,000,000		1,137,319		940,068		197,251
Japanese Yen	JPMorgan Chase	7/27/15		40,100,000		396,794		327,810		68,984
Japanese Yen	Barclays Bank	7/29/15		8,700,000		85,754		71,123		14,631
Japanese Yen	Citibank	8/5/15		46,922,100		458,559		383,620		74,939
Japanese Yen	Barclays Bank	8/11/15		2,240,000		21,980		18,315		3,665
Japanese Yen	Citibank	8/11/15		2,240,000		21,988		18,315		3,673
Japanese Yen	Deutsche Bank	8/12/15		2,240,000		22,072		18,315		3,757
Japanese Yen	Citibank	8/17/15		35,630,000		298,967		291,338		7,629
Japanese Yen	JPMorgan Chase	8/26/15		4,000,000		33,557		32,710		847
Japanese Yen	JPMorgan Chase	8/31/15		22,800,000		220,423		186,462		33,961
Japanese Yen	Barclays Bank	9/18/15		2,251,755		21,121		18,422		2,699
Japanese Yen	JPMorgan Chase	9/29/15		2,255,332		20,760		18,455		2,305
Japanese Yen	Deutsche Bank	10/7/15		399,565,980		3,656,016		3,270,188		385,828
Japanese Yen	Standard Charter	10/7/15		329,300,000		3,039,926		2,695,106		344,820
Japanese Yen	HSBC Bank	10/9/15		163,800,000		1,520,221		1,340,657		179,564
Japanese Yen	Barclays Bank	10/13/15		82,900,000		769,901		678,574		91,327
Japanese Yen	Deutsche Bank	10/13/15		81,800,000		760,152		669,570		90,582
Japanese Yen	Morgan Stanley	10/16/15		68,447,040		572,577		560,308		12,269
Japanese Yen	JPMorgan Chase	10/19/15		33,615,000		318,032		275,191		42,841
Japanese Yen	JPMorgan Chase	10/20/15		63,490,000		600,520		519,777		80,743
Japanese Yen	Barclays Bank	10/22/15		26,770,000		251,574		219,169		32,405
Japanese Yen	Deutsche Bank	10/28/15		20,662,500		192,523		169,189		23,334
Japanese Yen	JPMorgan Chase	11/5/15		91,650,000		825,862		750,586		75,276
Japanese Yen	Barclays Bank	11/6/15		536,000,000		4,752,193		4,389,777		362,416
Japanese Yen	Citibank	11/12/15		99,753,000		870,469		817,076		53,393
Japanese Yen	HSBC Bank	11/12/15		3,336,000		29,243		27,325		1,918
Japanese Yen	JPMorgan Chase	11/12/15		36,450,000		320,265		298,562		21,703
Japanese Yen	Goldman Sachs	11/13/15		7,475,000		62,465		61,229		1,236
Japanese Yen	New York Global Securities	11/13/15		5,588,000		46,692		45,772		920
Japanese Yen	Citibank	11/16/15		5,587,000		46,687		45,767		920
Japanese Yen	Deutsche Bank	11/16/15		45,848,000		399,738		375,574		24,164
Japanese Yen	Bank of America	11/18/15		84,777,550		714,283		694,506		19,777
Japanese Yen	Deutsche Bank	11/18/15		6,194,000		53,406		50,742		2,664
Japanese Yen	Citibank	11/19/15		7,667,000		66,206		62,810		3,396
Japanese Yen	Citibank	11/20/15		8,613,000		74,314		70,562		3,752
Japanese Yen	HSBC Bank	11/24/15		1,616,000		13,824		13,240		584
Japanese Yen	Goldman Sachs	12/1/15		48,990,000		395,537		401,448		(5,911	)
Japanese Yen	HSBC Bank	12/9/15		76,900,000		614,193		630,270		(16,077	)
Japanese Yen	Morgan Stanley	12/16/15		41,392,500		350,514		339,305		11,209
Japanese Yen	Deutsche Bank	12/21/15		69,210,000		592,450		567,396		25,054
Japanese Yen	HSBC Bank	12/21/15		69,320,000		592,732		568,298		24,434


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Japanese Yen	Barclays Bank	12/22/15		34,730,000	$	293,720	$	284,729	$	8,991
Japanese Yen	Citibank	12/22/15		54,180,000		458,841		444,188		14,653
Japanese Yen	Deutsche Bank	1/7/16		5,989,000		50,284		49,121		1,163
Japanese Yen	Goldman Sachs	1/8/16		23,997,000		202,652		196,826		5,826
Japanese Yen	Citibank	1/14/16		1,520,000		12,821		12,469		352
Japanese Yen	Standard Charter	1/14/16		4,550,000		38,618		37,326		1,292
Japanese Yen	Barclays Bank	1/15/16		101,530,000		864,137		832,926		31,211
Japanese Yen	JPMorgan Chase	1/15/16		66,000,000		559,626		541,447		18,179
Japanese Yen	JPMorgan Chase	1/20/16		33,615,000		289,314		275,808		13,506
Japanese Yen	Goldman Sachs	1/27/16		7,610,000		65,057		62,452		2,605
Japanese Yen	HSBC Bank	1/28/16		9,353,364		79,931		76,761		3,170
Japanese Yen	Deutsche Bank	1/29/16		128,714,781		1,100,179		1,056,364		43,815
Japanese Yen	JPMorgan Chase	2/8/16		100,100,000		858,086		821,757		36,329
Japanese Yen	Societe Generale	2/8/16		100,170,000		858,539		822,331		36,208
Japanese Yen	Barclays Bank	2/9/16		100,180,000		858,617		822,437		36,180
Japanese Yen	Citibank	2/9/16		5,590,000		47,924		45,892		2,032
Japanese Yen	JPMorgan Chase	2/9/16		100,400,000		860,215		824,243		35,972
Japanese Yen	Goldman Sachs	2/12/16		3,771,000		32,000		30,961		1,039
Japanese Yen	HSBC Bank	2/12/16		53,860,000		457,220		442,206		15,014
Japanese Yen	JPMorgan Chase	2/12/16		53,831,000		456,983		441,968		15,015
Japanese Yen	Citibank	2/16/16		71,350,000		600,140		585,871		14,269
Japanese Yen	JPMorgan Chase	2/16/16		35,730,000		301,525		293,387		8,138
Japanese Yen	Goldman Sachs	2/17/16		36,744,860		311,585		301,729		9,856
Japanese Yen	JPMorgan Chase	2/17/16		37,560,000		317,932		308,423		9,509
Japanese Yen	Barclays Bank	2/25/16		17,870,000		151,412		146,772		4,640
Japanese Yen	HSBC Bank	2/25/16		4,020,000		34,078		33,018		1,060
Japanese Yen	Barclays Bank	2/26/16		35,700,000		300,771		293,225		7,546
Japanese Yen	Deutsche Bank	2/29/16		11,991,000		101,498		98,497		3,001
Japanese Yen	JPMorgan Chase	3/3/16		9,700,000		81,858		79,685		2,173
Japanese Yen	HSBC Bank	3/4/16		4,600,000		38,696		37,790		906
Japanese Yen	Barclays Bank	3/9/16		64,145,400		537,835		527,043		10,792
Japanese Yen	Citibank	3/16/16		2,260,084		18,815		18,573		242
Japanese Yen	JPMorgan Chase	3/16/16		44,142,850		367,618		362,767		4,851
Japanese Yen	Citibank	3/22/16		46,322,000		385,131		380,740		4,391
Japanese Yen	Morgan Stanley	3/22/16		7,060,000		58,690		58,029		661
Japanese Yen	Deutsche Bank	3/24/16		20,538,000		171,050		168,820		2,230
Japanese Yen	Barclays Bank	3/28/16		25,522,830		215,463		209,819		5,644
Japanese Yen	Citibank	4/13/16		3,500,000		29,298		28,786		512
Japanese Yen	Barclays Bank	4/18/16		32,710,000		276,232		269,064		7,168
Japanese Yen	JPMorgan Chase	4/21/16		44,080,000		373,825		362,622		11,203
Japanese Yen	Citibank	5/18/16		84,652,200		715,935		696,923		19,012
Japanese Yen	Bank of America	5/19/16		84,522,875		710,670		695,878		14,792
Japanese Yen	Barclays Bank	5/19/16		84,752,500		712,445		697,768		14,677
Japanese Yen	HSBC Bank	5/19/16		84,820,600		716,481		698,329		18,152
Japanese Yen	JPMorgan Chase	5/20/16		5,564,000		46,848		45,810		1,038
Japanese Yen	Citibank	6/8/16		51,300,000		416,411		422,594		(6,183	)
Japanese Yen	Barclays Bank	6/10/16		60,420,000		486,567		497,750		(11,183	)
Japanese Yen	Citibank	6/10/16		95,140,000		766,794		783,779		(16,985	)
Japanese Yen	HSBC Bank	6/10/16		64,350,000		519,098		530,126		(11,028	)
Japanese Yen	Deutsche Bank	6/13/16		21,300,000		172,965		175,488		(2,523	)
Japanese Yen	JPMorgan Chase	6/13/16		59,620,000		483,668		491,201		(7,533	)
Japanese Yen	Citibank	6/16/16		2,416,000		19,698		19,907		(209	)
Japanese Yen	JPMorgan Chase	6/16/16		25,100,000		204,551		206,813		(2,262	)
Japanese Yen	Deutsche Bank	6/22/16		69,330,000		567,349		571,347		(3,998	)
Japanese Yen	Barclays Bank	6/30/16		16,411,000		133,844		135,292		(1,448	)
Korean Won	Bank of America	8/12/15		716,530,426		645,506		642,233		3,273


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Korean Won	Credit Suisse First Boston	8/12/15		10,068,033	$	9,127	$	9,024	$	103
Korean Won	Credit Suisse First Boston	8/12/15		855,228,811		768,906		766,549		2,357
Korean Won	HSBC Bank	8/12/15		49,524,147		44,436		44,389		47
Korean Won	HSBC Bank	8/12/15		46,239,652		41,699		41,445		254
Korean Won	HSBC Bank	8/12/15		100,343,694		89,401		89,939		(538	)
Korean Won	HSBC Bank	8/12/15		102,874,173		91,852		92,207		(355	)
Korean Won	HSBC Bank	8/12/15		147,595,089		131,927		132,291		(364	)
Korean Won	HSBC Bank	8/12/15		49,309,178		44,499		44,196		303
Korean Won	HSBC Bank	8/12/15		914,119,273		821,923		819,333		2,590
Korean Won	HSBC Bank	8/12/15		91,864,518		83,068		82,339		729
Korean Won	HSBC Bank	9/30/15		317,000,000		290,754		284,174		6,580
Malaysian Ringgit	JPMorgan Chase	7/2/15		988,250		302,873		262,066		40,807
Malaysian Ringgit	Deutsche Bank	7/3/15		177,180		54,303		46,973		7,330
Phillipine Peso	JPMorgan Chase	7/1/15		9,520,000		211,556		211,180		376
Phillipine Peso	Deutsche Bank	7/20/15		28,970,800		642,867		641,913		954
Phillipine Peso	JPMorgan Chase	9/25/15		3,020,000		66,822		66,684		138

					$	147,200,093	$	139,671,243	$	7,528,850

Long Contracts:
Brazilian Real	Deutsche Bank	10/30/15		435,000		159,985		134,027		(25,958	)
British Pound	Bank of America	8/19/15		260,606		403,193		409,260		6,067
British Pound	Credit Suisse First Boston	8/19/15		44,464		68,115		69,827		1,712
British Pound	Credit Suisse First Boston	8/19/15		730,011		1,087,400		1,146,422		59,022
British Pound	Deutsche Bank	8/19/15		53,014		83,314		83,254		(60	)
British Pound	HSBC Bank	8/19/15		202,504		306,165		318,016		11,851
British Pound	State Street	8/19/15		112,939		178,228		177,361		(867	)
Chilean Peso	Deutsche Bank	7/6/15		59,668,000		95,246		93,319		(1,927	)
Chilean Peso	Morgan Stanley	7/6/15		12,570,000		20,174		19,659		(515	)
Chilean Peso	Deutsche Bank	7/7/15		9,164,000		14,529		14,331		(198	)
Chilean Peso	Deutsche Bank	7/8/15		38,397,000		60,962		60,041		(921	)
Chilean Peso	Deutsche Bank	7/10/15		162,750,000		285,652		254,442		(31,210	)
Chilean Peso	Morgan Stanley	7/17/15		6,450,000		10,154		10,077		(77	)
Chilean Peso	Barclays Bank	7/20/15		153,759,000		240,530		240,161		(369	)
Chilean Peso	Deutsche Bank	7/20/15		4,400,000		7,072		6,873		(199	)
Chilean Peso	Morgan Stanley	7/20/15		316,787,200		550,219		494,800		(55,419	)
Chilean Peso	Morgan Stanley	7/28/15		8,010,000		13,782		12,502		(1,280	)
Chilean Peso	Barclays Bank	8/5/15		4,400,000		7,135		6,862		(273	)
Chilean Peso	Deutsche Bank	8/6/15		25,345,000		41,153		39,525		(1,628	)
Chilean Peso	Morgan Stanley	8/11/15		11,190,000		18,155		17,442		(713	)
Chilean Peso	Deutsche Bank	8/12/15		4,400,000		7,435		6,858		(577	)
Chilean Peso	Citibank	8/17/15		497,000		823		774		(49	)
Chilean Peso	JPMorgan Chase	8/17/15		493,000		817		768		(49	)
Chilean Peso	Morgan Stanley	8/18/15		4,010,000		6,757		6,246		(511	)
Chilean Peso	JPMorgan Chase	8/20/15		2,150,000		3,624		3,348		(276	)
Chilean Peso	Deutsche Bank	8/24/15		1,530,000		2,516		2,382		(134	)
Chilean Peso	Deutsche Bank	8/27/15		4,970,000		8,214		7,735		(479	)
Chilean Peso	JPMorgan Chase	8/28/15		3,900,000		6,509		6,069		(440	)
Chilean Peso	Deutsche Bank	8/31/15		111,647,000		179,419		173,705		(5,714	)
Chilean Peso	Barclays Bank	9/3/15		12,000,000		19,212		18,665		(547	)
Chilean Peso	Morgan Stanley	9/3/15		2,500,000		4,003		3,888		(115	)
Chilean Peso	Deutsche Bank	9/4/15		31,948,000		50,711		49,687		(1,024	)
Chilean Peso	Deutsche Bank	9/8/15		39,097,000		61,786		60,783		(1,003	)
Chilean Peso	JPMorgan Chase	9/10/15		990,530,400		1,548,309		1,539,653		(8,656	)
Chilean Peso	Deutsche Bank	9/17/15		990,000		1,553		1,538		(15	)
Chilean Peso	Deutsche Bank	9/21/15		975,000		1,523		1,514		(9	)
Chilean Peso	JPMorgan Chase	9/22/15		7,300,000		11,351		11,334		(17	)
Chilean Peso	Morgan Stanley	9/24/15		12,570,000		19,728		19,513		(215	)


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Chilean Peso	Deutsche Bank	9/28/15		59,668,000	$	93,609	$	92,589	$	(1,020	)
Chilean Peso	Deutsche Bank	10/7/15		9,164,000		14,360		14,209		(151	)
European Euro	Bank of America	7/20/15		58,803		66,055		65,565		(490	)
European Euro	Credit Suisse First Boston	7/20/15		14,226		15,856		15,862		6
European Euro	Deutsche Bank	7/20/15		34,270		38,194		38,211		17
European Euro	State Street	7/20/15		317,260		355,827		353,745		(2,082	)
European Euro	Barclays Bank	10/16/15		1,110,000		1,317,259		1,239,335		(77,924	)
Indian Rupee	Deutsche Bank	7/6/15		7,933,333		123,983		124,440		457
Indian Rupee	Deutsche Bank	7/20/15		8,080,848		127,529		126,396		(1,133	)
Indian Rupee	Deutsche Bank	7/27/15		4,760,000		74,103		74,348		245
Indian Rupee	JPMorgan Chase	7/27/15		26,253,400		408,963		410,059		1,096
Indian Rupee	Deutsche Bank	7/31/15		8,499,417		131,844		132,648		804
Indian Rupee	JPMorgan Chase	8/12/15		5,537,000		85,834		86,212		378
Indian Rupee	HSBC Bank	8/13/15		8,549,600		131,736		133,092		1,356
Indian Rupee	JPMorgan Chase	8/19/15		26,253,400		404,284		408,209		3,925
Indian Rupee	JPMorgan Chase	9/10/15		5,537,000		85,224		85,705		481
Indian Rupee	Citibank	9/11/15		25,456,000		388,819		393,939		5,120
Indian Rupee	HSBC Bank	9/21/15		8,645,260		133,077		133,502		425
Indian Rupee	Deutsche Bank	9/30/15		7,367,249		112,714		113,553		839
Indian Rupee	HSBC Bank	10/8/15		258,409,000		3,949,999		3,976,863		26,864
Indian Rupee	JPMorgan Chase	10/19/15		5,537,000		84,844		85,035		191
Indian Rupee	JPMorgan Chase	10/29/15		14,490,000		223,569		222,109		(1,460	)
Indian Rupee	Deutsche Bank	11/6/15		7,933,333		121,883		121,420		(463	)
Korean Won	Bank of America	8/12/15		45,167,527		41,579		40,484		(1,095	)
Korean Won	Bank of America	8/12/15		171,312,964		157,222		153,549		(3,673	)
Korean Won	Credit Suisse First Boston	8/12/15		146,142,160		131,014		130,989		(25	)
Korean Won	HSBC Bank	8/12/15		177,092,449		161,908		158,730		(3,178	)
Korean Won	HSBC Bank	9/30/15		317,000,000		301,445		284,174		(17,271	)
Malaysian Ringgit	JPMorgan Chase	7/2/15		988,250		301,719		262,066		(39,653	)
Malaysian Ringgit	Deutsche Bank	7/3/15		177,180		54,167		46,973		(7,194	)
Mexican Peso	Citibank	7/10/15		3,689,235		277,115		234,584		(42,531	)
Mexican Peso	Citibank	7/13/15		3,813,785		257,486		242,451		(15,035	)
Mexican Peso	HSBC Bank	9/4/15		11,644,900		866,275		737,514		(128,761	)
Mexican Peso	Deutsche Bank	10/14/15		19,592,000		1,432,583		1,237,360		(195,223	)
Mexican Peso	Citibank	10/22/15		6,418,829		463,554		405,150		(58,404	)
Mexican Peso	HSBC Bank	11/9/15		27,672,950		1,991,003		1,744,365		(246,638	)
Mexican Peso	Citibank	12/11/15		6,074,470		400,212		381,997		(18,215	)
Mexican Peso	Citibank	12/15/15		2,384,400		151,931		149,900		(2,031	)
Mexican Peso	Citibank	12/17/15		9,827,000		650,552		617,702		(32,850	)
Mexican Peso	HSBC Bank	12/17/15		5,003,000		331,000		314,477		(16,523	)
Mexican Peso	Citibank	12/18/15		4,161,750		275,479		261,578		(13,901	)
Mexican Peso	HSBC Bank	12/18/15		3,143,000		207,504		197,547		(9,957	)
Mexican Peso	Citibank	1/20/16		2,130,000		143,434		133,532		(9,902	)
Mexican Peso	HSBC Bank	1/28/16		99,680,000		6,673,584		6,245,060		(428,524	)
Mexican Peso	Citibank	3/11/16		1,070,200		67,218		66,819		(399	)
Mexican Peso	HSBC Bank	3/11/16		10,223,640		642,754		638,326		(4,428	)
Mexican Peso	Citibank	3/14/16		5,352,400		333,452		334,104		652
Mexican Peso	JPMorgan Chase	3/14/16		28,297,935		1,763,001		1,766,394		3,393
Mexican Peso	Citibank	3/18/16		4,998,700		313,713		311,926		(1,787	)
Mexican Peso	Citibank	3/23/16		2,637,800		168,240		164,536		(3,704	)
Mexican Peso	HSBC Bank	5/20/16		51,197,819		3,310,775		3,178,701		(132,074	)
Mexican Peso	Citibank	6/6/16		2,731,280		171,752		169,344		(2,408	)
Mexican Peso	Citibank	6/8/16		2,728,000		170,772		169,114		(1,658	)
Mexican Peso	Citibank	6/13/16		2,789,560		175,853		172,860		(2,993	)
Mexican Peso	Citibank	6/22/16		2,146,000		137,063		132,884		(4,179	)
Phillipine Peso	JPMorgan Chase	7/1/15		9,520,000		217,630		211,180		(6,450	)


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Phillipine Peso	Deutsche Bank	7/20/15		28,970,800	$	661,796	$	641,913	$	(19,883	)
Phillipine Peso	JPMorgan Chase	9/25/15		3,020,000		67,216		66,684		(532	)
Singapore Dollar	JPMorgan Chase	7/23/15		348,966		261,065		259,094		(1,971	)
Singapore Dollar	HSBC Bank	8/11/15		123,000		91,104		91,298		194
Singapore Dollar	Barclays Bank	8/12/15		34,819		25,693		25,844		151
Singapore Dollar	Deutsche Bank	8/12/15		246,000		181,463		182,594		1,131
Singapore Dollar	Barclays Bank	8/17/15		103,000		75,976		76,446		470
Singapore Dollar	HSBC Bank	8/17/15		77,000		56,698		57,149		451
Singapore Dollar	HSBC Bank	8/18/15		77,000		56,698		57,148		450
Singapore Dollar	Deutsche Bank	8/24/15		77,000		56,468		57,143		675
Singapore Dollar	Deutsche Bank	8/26/15		172,000		126,359		127,639		1,280
Singapore Dollar	HSBC Bank	9/14/15		499,540		358,360		370,632		12,272
Singapore Dollar	HSBC Bank	9/16/15		215,700		154,735		160,035		5,300
Singapore Dollar	HSBC Bank	9/21/15		252,000		199,683		186,958		(12,725	)
Singapore Dollar	JPMorgan Chase	10/27/15		1,750,000		1,294,436		1,297,882		3,446
Singapore Dollar	HSBC Bank	11/9/15		3,474,156		2,597,306		2,576,280		(21,026	)
Singapore Dollar	Citibank	11/16/15		260,154		194,479		192,906		(1,573	)
Singapore Dollar	JPMorgan Chase	11/16/15		290,846		217,626		215,664		(1,962	)
Singapore Dollar	Deutsche Bank	11/19/15		77,000		58,069		57,094		(975	)
Singapore Dollar	HSBC Bank	11/19/15		167,000		126,057		123,828		(2,229	)
Singapore Dollar	Deutsche Bank	11/30/15		132,000		98,244		97,866		(378	)
Singapore Dollar	JPMorgan Chase	12/14/15		156,000		115,933		115,644		(289	)
Singapore Dollar	HSBC Bank	12/22/15		190,000		140,769		140,838		69

					$	44,034,240	$	42,444,656	$	(1,589,584	)

At June 30, 2015, the Fund’s open forward cross currency contracts were as follows:


Purchase/Sale	Counterparty	Amount Purchased		Amount Sold		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Indian Rupee/European Euro	JPMorgan Chase		123,553,500 INR		1,700,113 EUR	$	1,895,418	$	1,890,639	$	(4,779	)
Indonesian Rupiah/Australian Dollar	JPMorgan Chase		25,980,000,000 IDR		2,361,818 AUD		1,800,416		1,811,868		11,452
Indonesian Rupiah/Australian Dollar	JPMorgan Chase		11,380,000,000 IDR		1,036,713 AUD		789,455		792,695		3,240
Korean Won/European Euro	Deutsche Bank		316,000,000 KRW		253,408 EUR		284,836		283,969		(867	)
Korean Won/European Euro	HSBC Bank		317,000,000 KRW		244,608 EUR		292,650		303,795		11,145
Korean Won/European Euro	JPMorgan Chase		787,640,500 KRW		608,734 EUR		727,092		753,475		26,383
Korean Won/European Euro	JPMorgan Chase		2,061,529,000 KRW		1,600,641 EUR		1,901,867		1,958,358		56,491
Malaysian Ringgit/European Euro	JPMorgan Chase		1,580,000 MYR		385,648 EUR		431,027		418,987		(12,040	)
Malaysian Ringgit/European Euro	JPMorgan Chase		8,549,000 MYR		1,947,824 EUR		2,322,151		2,380,864		58,713

						$	10,444,912	$	10,594,650	$	149,738

At June 30, 2015, the Fund’s open over-the-counter interest rate swap agreements were as follows:

At June 30, 2015, the Fund’s open centrally cleared interest rate swap agreements were as follows:

Pay/Receive

Floating Rate

Floating Rate Index

Fixed
Rate (%)

Expiration
Date

Clearing Agent

Notional
Amount
(Local)

Value

($)

Unrealized
Appreciation/
(Depreciation)

($)

Pay

3-Month U.S. Dollar LIBOR BBA

0.926

10/17/17

Citibank

9,940,000 USD

17,505

Pay

3-Month U.S. Dollar LIBOR BBA

2.731

7/7/24

Citibank

1,840,000 USD

(20,679

)

(20,679

)

Pay

3-Month U.S. Dollar LIBOR BBA

1.914

1/22/25

JPMorgan Chase

3,430,000 USD

147,138

Pay

3-Month U.S. Dollar LIBOR BBA

1.970

1/23/25

Citibank

4,290,000 USD

163,440

Pay

3-Month U.S. Dollar LIBOR BBA

1.973

1/27/25

Citibank

2,530,000 USD

95,996

Pay

3-Month U.S. Dollar LIBOR BBA

1.937

1/29/25

Citibank

640,000 USD

26,309

Pay

3-Month U.S. Dollar LIBOR BBA

1.942

1/30/25

Citibank

540,000 USD

22,011

Pay

3-Month U.S. Dollar LIBOR BBA

1.817

2/3/25

Citibank

840,000 USD

43,531

Pay

3-Month U.S. Dollar LIBOR BBA

1.985

3/27/25

Citibank

600,000 USD

23,145

Pay

3-Month U.S. Dollar LIBOR BBA

1.978

3/27/25

Citibank

600,000 USD

23,531

541,927

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	782,415,441

Investment securities, at value*	$	820,536,622
Cash		172,315
Segregated cash for collateral		889,938
Interest and dividends receivable		3,889,305
Foreign currency, at value (cost $5,420,577)		5,436,615
Unrealized appreciation on forward currency contracts		8,676,477
Receivable for capital shares issued		174,937
Receivable for investments sold		5,515,427
Receivable for variation margin on swap agreements		9,561
Reclaims receivable		222,817
Prepaid expenses		1,312

Total Assets		845,525,326

Liabilities:
Unrealized depreciation on forward currency contracts		2,587,473
Payable for investments purchased		4,085,318
Payable for capital shares redeemed		446,356
Unrealized depreciation on swap agreements		699,321
Payable for collateral received on loaned securities		63,072,534
Securities sold short (Proceeds received $109,332)		106,232
Payable for variation margin on swap agreements		1,123
Manager fees payable		454,030
Administration fees payable		25,559
Distribution fees payable		162,153
Custodian fees payable		85,675
Administrative and compliance services fees payable		854
Trustee fees payable		5,595
Other accrued liabilities		32,305

Total Liabilities		71,764,528

Net Assets	$	773,760,798

Net Assets Consist of:
Capital	$	665,310,900
Accumulated net investment income/(loss)		30,171,423
Accumulated net realized gains/(losses) from investment transactions		34,205,001
Net unrealized appreciation/(depreciation) on investments		44,073,474

Net Assets	$	773,760,798

Shares of beneficial interest (unlimited number of shares authorized, no par value)		56,084,015
Net Asset Value (offering and redemption price per share)	$	13.80

*	Includes securities on loan of $59,693,615.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	8,200,533
Interest		6,271,483
Income from securities lending		237,471
Foreign withholding tax		(508,172	)

Total Investment Income		14,201,315

Expenses:
Manager fees		2,763,955
Administration fees		142,380
Distribution fees		987,124
Custodian fees		143,892
Administrative and compliance services fees		4,969
Trustee fees		19,965
Professional fees		18,695
Shareholder reports		16,483
Other expenses		8,292

Total expenses		4,105,755

Net Investment Income/(Loss)		10,095,560

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		4,628,843
Net realized gains/(losses) on swap agreements		(266,335	)
Net realized gains/(losses) on forward currency contracts		10,774,282
Change in net unrealized appreciation/depreciation on investments		(20,263,616	)

Net Realized/Unrealized Gains/(Losses) on Investments		(5,126,826	)

Change in Net Assets Resulting From Operations	$	4,968,734

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Franklin Templeton Founding Strategy Plus Fund (the “Fund”), and 35 are presented in separate reports.

The Fund may invest in structured notes, the values of which are based on the price movements of a reference security or index. Structured notes are derivative debt securities, the interest rate or principal of which is determined by an unrelated indicator. The terms of the structured notes may provide that in certain circumstances no principal is due at maturity and therefore, may result in a loss of invested capital. Structured notes may be positively or negatively indexed, so that appreciation of the reference may produce an increase or a decrease in the interest rate or the value of the structured note at maturity may be calculated as a specified multiple of the change in the value of the reference; therefore, the value of such security may be very volatile. Structured notes may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference. Structured notes may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities.

Dividends to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of dividends from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, and reclassification of certain distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and post October losses) do not require reclassification. Dividends to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $23,528 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2015, the Fund entered into forward currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The contract amount of forward currency contracts outstanding was $201.8 million as of June 30, 2015. The monthly average amount for these contracts was $207.1 million for the period ended June 30, 2015.

The Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are privately negotiated in the over-the-counter (“OTC”) market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). The Fund may enter into swap agreements to manage its exposure to market, interest rate and credit risk. The value of swap agreements are equal to the Fund’s obligations (or rights) under swap agreements, which will generally be equal to the net amounts to be paid or received under the agreements based upon the relative values of the positions held by each party to the agreements. In connection with these arrangements, securities may be identified as collateral in accordance with the terms of the swap agreements to provide assets of value and recourse in the event of default or bankruptcy by the counterparty.

The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement. The Fund bears the risk of loss of the amount expected to be received under a swap agreement (i.e., any unrealized appreciation) in the event of the default or bankruptcy of the swap agreement counterparty. The notional amount and related unrealized appreciation (depreciation) of each swap agreement at period end is disclosed in the swap tables in the Schedule of Portfolio Investments. The Fund is party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties that govern transactions, such as OTC swap contracts, entered into by the Fund, through the Subsidiary, and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding OTC swap transactions under the applicable ISDA Master Agreement.

Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional amount and are subject to interest rate risk exposure. Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive. As of June 30, 2015, the Fund entered into interest rate swap agreements to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk). The gross notional amount of interest rate swaps outstanding was $31.4 million as of June 30, 2015. The monthly average gross notional amount of interest rate swaps was $30.9 million for the period ended June 30, 2015.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to reflect the master netting agreements at June 30, 2015. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015.

As of June 30, 2015, the Fund’s derivative assets and liabilities by type are as follows:

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under a MNA and net of the related collateral received by the Fund as of June 30, 2015:

The Manager provides investment advisory and management services for the Fund. The Manager has retained three independent money management organizations (the “Subadviser”), Franklin Advisers, Inc. (“Advisers”), Franklin Mutual Advisers, LLC (“Franklin Mutual”) and Templeton Global Advisors Limited (“Global Advisors”) to make investment decisions on behalf of the Fund. Pursuant to subadvisory agreements with the Manager and Advisers, the Manager and Franklin Mutual, and the Manager and Global Advisors, and the Trust, Advisers, Franklin Mutual and Global Advisors provide investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $4,256 was paid from the Fund relating to these fees and expenses.

Forward currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Security Quality Risk (also known as “High Yield Risk”): The Fund may invest in high yield, high risk debt securities and unrated securities of similar credit quality (commonly known as “junk bonds”) may be subject to greater levels of credit and liquidity risk than funds that do not invest in such securities. These securities are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose the value of its entire investment.

Cost for federal income tax purposes at June 30, 2015 is $783,043,649. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Gateway Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks+ (97.7%):
	Aerospace & Defense (2.2%):
	9,759	Boeing Co. (The)	$	1,353,768
	13,400	Honeywell International, Inc.		1,366,399
	7,320	Raytheon Co.		700,378
	402	TransDigm Group, Inc.*		90,317
	11,210	United Technologies Corp.		1,243,525

				4,754,387

	Air Freight & Logistics (0.7%):
	15,195	United Parcel Service, Inc., Class B		1,472,547

	Airlines (0.5%):
	15,406	American Airlines Group, Inc.		615,239
	7,192	United Continental Holdings, Inc.*		381,248

				996,487

	Auto Components (0.1%):
	1,467	Autoliv, Inc.		171,272
	3,921	Cooper Tire & Rubber Co.		132,647
	616	Remy International, Inc.		13,620

				317,539

	Automobiles (0.5%):
	54,578	Ford Motor Co.		819,215
	833	Tesla Motors, Inc.*		223,461

				1,042,676

	Banks (5.7%):
	7,645	Associated Banc-Corp.		154,964
	132,325	Bank of America Corp.		2,252,172
	38,688	Citigroup, Inc.		2,137,125
	2,290	FirstMerit Corp.		47,701
	41,682	JPMorgan Chase & Co.		2,824,372
	2,940	Old National Bancorp		42,512
	31,640	U.S. Bancorp		1,373,176
	60,390	Wells Fargo & Co.		3,396,333

				12,228,355

	Beverages (2.2%):
	51,150	Coca-Cola Co. (The)		2,006,615
	3,643	Monster Beverage Corp.*		488,235
	24,440	PepsiCo, Inc.		2,281,229

				4,776,079

	Biotechnology (3.5%):
	3,045	Alexion Pharmaceuticals, Inc.*		550,445
	10,465	Amgen, Inc.		1,606,587
	2,994	Biogen Idec, Inc.*		1,209,396
	12,050	Celgene Corp.*		1,394,607
	19,329	Gilead Sciences, Inc.		2,263,039
	3,396	Vertex Pharmaceuticals, Inc.*		419,338

				7,443,412

	Capital Markets (2.3%):
	2,400	Affiliated Managers Group, Inc.*		524,640
	25,980	Charles Schwab Corp. (The)		848,247
	8,600	Eaton Vance Corp.		336,518
	5,864	Goldman Sachs Group, Inc. (The)		1,224,345
	9,270	Legg Mason, Inc.		477,683
	23,805	Morgan Stanley		923,396
	9,420	TD Ameritrade Holding Corp.		346,844


Shares			Fair Value
	Common Stocks+, continued
	Capital Markets, continued
	3,600	Waddell & Reed Financial, Inc., Class A	$	170,316

				4,851,989

	Chemicals (2.3%):
	1,010	Ashland, Inc.		123,119
	17,513	Dow Chemical Co. (The)		896,140
	15,570	E.I. du Pont de Nemours & Co.		995,701
	5,685	Eastman Chemical Co.		465,147
	7,842	LyondellBasell Industries NV, Class A		811,804
	8,835	Monsanto Co.		941,723
	7,875	Olin Corp.		212,231
	2,965	Potash Corp. of Saskatchewan, Inc.		91,826
	9,510	RPM International, Inc.		465,705

				5,003,396

	Commercial Services & Supplies (0.6%):
	4,360	ADT Corp. (The)		146,365
	270	R.R. Donnelley & Sons Co.		4,706
	15,254	Tyco International plc		586,973
	12,015	Waste Management, Inc.		556,896

				1,294,940

	Communications Equipment (1.6%):
	64,631	Cisco Systems, Inc.		1,774,768
	6,354	Motorola Solutions, Inc.		364,338
	21,562	QUALCOMM, Inc.		1,350,428
	62	Telefonaktiebolaget LM Ericsson, ADR		647

				3,490,181

	Consumer Finance (0.8%):
	14,326	American Express Co.		1,113,417
	11,000	Discover Financial Services		633,820

				1,747,237

	Containers & Packaging (0.5%):
	5,475	Avery Dennison Corp.		333,647
	10,700	MeadWestvaco Corp.		504,933
	3,090	Sonoco Products Co.		132,437

				971,017

	Distributors (0.3%):
	6,850	Genuine Parts Co.		613,281

	Diversified Financial Services (2.3%):
	27,332	Berkshire Hathaway, Inc., Class B*		3,720,159
	6,555	CME Group, Inc.		610,008
	3,448	FNFV Group*		53,030
	2,220	IntercontinentalExchange, Inc.		496,414

				4,879,611

	Diversified Telecommunication Services (1.8%):
	43,765	AT&T, Inc.		1,554,533
	24,259	Frontier Communications Corp.		120,082
	47,136	Verizon Communications, Inc.		2,197,009

				3,871,624

	Electric Utilities (1.3%):
	15,125	American Electric Power Co., Inc.		801,171
	16,703	Duke Energy Corp.		1,179,567
	2,580	Hawaiian Electric Industries, Inc.		76,703
	11,885	OGE Energy Corp.		339,554


Shares			Fair Value
	Common Stocks+, continued
	Electric Utilities, continued
	12,395	Pepco Holdings, Inc.	$	333,921

				2,730,916

	Electrical Equipment (0.6%):
	7,695	Eaton Corp. plc		519,336
	10,660	Emerson Electric Co.		590,884
	2,505	Hubbell, Inc., Class B		271,241

				1,381,461

	Electronic Equipment, Instruments & Components (0.4%):
	23,645	Corning, Inc.		466,516
	7,235	TE Connectivity, Ltd.		465,211

				931,727

	Energy Equipment & Services (1.6%):
	9,506	Baker Hughes, Inc.		586,520
	1,121	CARBO Ceramics, Inc.		46,667
	118	Diamond Offshore Drilling, Inc.		3,046
	19,470	Halliburton Co.		838,573
	3,643	Patterson-UTI Energy, Inc.		68,543
	21,872	Schlumberger, Ltd.		1,885,147
	1,885	Seventy Seven Energy, Inc.*		8,087

				3,436,583

	Food & Staples Retailing (2.3%):
	20,994	CVS Health Corp.		2,201,851
	14,770	Walgreens Boots Alliance, Inc.		1,247,179
	21,455	Wal-Mart Stores, Inc.		1,521,803

				4,970,833

	Food Products (1.4%):
	2,081	Bunge, Ltd.		182,712
	14,175	ConAgra Foods, Inc.		619,731
	10,464	Kraft Foods Group, Inc.		890,905
	33,525	Mondelez International, Inc., Class A		1,379,218

				3,072,566

	Gas Utilities (0.2%):
	2,161	AGL Resources, Inc.		100,616
	3,605	National Fuel Gas Co.		212,299
	761	ONE Gas, Inc.		32,388
	3,090	WGL Holdings, Inc.		167,756

				513,059

	Health Care Equipment & Supplies (2.2%):
	25,375	Abbott Laboratories		1,245,405
	9,155	Baxter International, Inc.		640,209
	27,424	Boston Scientific Corp.*		485,405
	620	Intuitive Surgical, Inc.*		300,390
	26,202	Medtronic plc		1,941,568
	2,150	ResMed, Inc.		121,196

				4,734,173

	Health Care Providers & Services (3.0%):
	8,584	Aetna, Inc.		1,094,117
	4,584	Anthem, Inc.		752,418
	12,425	Express Scripts Holding Co.*		1,105,080
	6,286	HCA Holdings, Inc.*		570,266
	4,120	Patterson Cos., Inc.		200,438
	4,360	Quest Diagnostics, Inc.		316,187


Shares			Fair Value
	Common Stocks+, continued
	Health Care Providers & Services, continued
	14,835	UnitedHealth Group, Inc.	$	1,809,869
	3,965	Universal Health Services, Inc., Class B		563,427

				6,411,802

	Hotels, Restaurants & Leisure (1.1%):
	2,190	Las Vegas Sands Corp.		115,128
	16,782	McDonald’s Corp.		1,595,466
	2,085	Melco Crown Entertainment, Ltd., ADR		40,929
	9,645	MGM Resorts International*		176,021
	3,354	Restaurant Brands International, Inc.		128,156
	24,726	Wendy’s Co. (The)		278,909

				2,334,609

	Household Durables (1.0%):
	13,305	Leggett & Platt, Inc.		647,686
	14,735	Newell Rubbermaid, Inc.		605,756
	10,887	Toll Brothers, Inc.*		415,775
	1,085	Tupperware Brands Corp.		70,026
	2,095	Whirlpool Corp.		362,540

				2,101,783

	Household Products (1.9%):
	1,569	Church & Dwight Co., Inc.		127,293
	14,265	Colgate-Palmolive Co.		933,074
	5,820	Kimberly-Clark Corp.		616,745
	31,127	Procter & Gamble Co. (The)		2,435,377

				4,112,489

	Industrial Conglomerates (2.2%):
	11,996	3M Co.		1,850,983
	104,814	General Electric Co.		2,784,908

				4,635,891

	Insurance (3.0%):
	6,580	Aflac, Inc.		409,276
	12,325	Allstate Corp. (The)		799,523
	19,007	American International Group, Inc.		1,175,013
	6,685	Aon plc		666,361
	6,020	Arthur J. Gallagher & Co.		284,746
	7,165	FNF Group		265,033
	9,580	Lincoln National Corp.		567,328
	17,570	Marsh & McLennan Cos., Inc.		996,219
	9,905	Principal Financial Group, Inc.		508,027
	6,120	Travelers Cos., Inc. (The)		591,559
	7,040	XL Group plc		261,888

				6,524,973

	Internet & Catalog Retail (1.5%):
	5,028	Amazon.com, Inc.*		2,182,605
	577	Lands’ End, Inc.*		14,327
	833	Priceline Group, Inc. (The)*		959,091

				3,156,023

	Internet Software & Services (4.0%):
	5,245	Akamai Technologies, Inc.*		366,206
	690	Baidu, Inc., ADR*		137,365
	15,750	eBay, Inc.*		948,780
	26,440	Facebook, Inc., Class A*		2,267,626
	4,195	Google, Inc., Class A*		2,265,467
	2,978	Google, Inc., Class C*		1,550,079


Shares			Fair Value
	Common Stocks+, continued
	Internet Software & Services, continued
	625	LinkedIn Corp., Class A*	$	129,144
	6,285	VeriSign, Inc.*		387,910
	13,215	Yahoo!, Inc.*		519,217

				8,571,794

	IT Services (3.4%):
	13,720	Automatic Data Processing, Inc.		1,100,756
	5,915	Broadridge Financial Solutions, Inc.		295,809
	11,935	Cognizant Technology Solutions Corp., Class A*		729,109
	9,350	Fidelity National Information Services, Inc.		577,830
	682	FleetCor Technologies, Inc.*		106,433
	10,023	International Business Machines Corp.		1,630,341
	12,770	Paychex, Inc.		598,658
	27,595	Visa, Inc., Class A		1,853,004
	15,190	Western Union Co.		308,813

				7,200,753

	Leisure Products (0.1%):
	8,412	Mattel, Inc.		216,104

	Life Sciences Tools & Services (0.1%):
	890	Illumina, Inc.*		194,340

	Machinery (2.1%):
	9,441	Caterpillar, Inc.		800,786
	4,710	Cummins, Inc.		617,905
	5,600	Deere & Co.		543,480
	4,780	Parker Hannifin Corp.		556,057
	5,649	Pentair, plc		388,369
	3,910	Snap-On, Inc.		622,668
	2,595	SPX Corp.		187,852
	5,980	Stanley Black & Decker, Inc.		629,335
	3,225	Timken Co.		117,938

				4,464,390

	Media (3.7%):
	37,200	Comcast Corp., Class A		2,237,209
	2,719	Liberty Global plc, Class A*		147,016
	2,048	Liberty Global plc, Series C*		103,690
	7,651	News Corp., Class B*		108,950
	8,555	Omnicom Group, Inc.		594,487
	78,395	Sirius XM Holdings, Inc.*		292,413
	3,302	Time Warner Cable, Inc.		588,317
	13,703	Time Warner, Inc.		1,197,779
	2,823	Time, Inc.		64,957
	22,144	Walt Disney Co. (The)		2,527,517

				7,862,335

	Metals & Mining (0.5%):
	10,505	Freeport-McMoRan Copper & Gold, Inc.		195,603
	10,475	Nucor Corp.		461,633
	4,239	Southern Copper Corp.		124,669
	10,369	Steel Dynamics, Inc.		214,794
	1,587	TimkenSteel Corp.		42,833
	2,295	Worthington Industries, Inc.		68,988

				1,108,520

	Multiline Retail (0.9%):
	8,295	Macy’s, Inc.		559,664
	7,440	Nordstrom, Inc.		554,280


Shares			Fair Value
	Common Stocks+, continued
	Multiline Retail, continued
	1,555	Sears Holdings Corp.*	$	41,519
	9,615	Target Corp.		784,872

				1,940,335

	Multi-Utilities (1.3%):
	732	Alliant Energy Corp.		42,251
	15,300	Ameren Corp.		576,504
	24,020	CenterPoint Energy, Inc.		457,101
	13,092	Consolidated Edison, Inc.		757,765
	21,100	Public Service Enterprise Group, Inc.		828,807
	3,886	WEC Energy Group, Inc.		174,752

				2,837,180

	Oil, Gas & Consumable Fuels (5.9%):
	5,109	California Resources Corp.		30,858
	6,020	Cheniere Energy, Inc.*		416,945
	25,598	Chevron Corp.		2,469,438
	5,394	Concho Resources, Inc.*		614,161
	23,356	ConocoPhillips		1,434,292
	10,740	CONSOL Energy, Inc.		233,488
	7,227	Continental Resources, Inc.*		306,353
	51,793	Exxon Mobil Corp.		4,309,177
	5,253	Gulfport Energy Corp.*		211,433
	13,874	Occidental Petroleum Corp.		1,078,981
	5,210	ONEOK, Inc.		205,691
	13,519	Phillips 66		1,089,091
	15,145	Southwestern Energy Co.*		344,246
	2,115	Statoil ASA, ADR		37,859

				12,782,013

	Personal Products (0.0%):
	497	Herbalife, Ltd.*		27,380

	Pharmaceuticals (6.3%):
	22,000	AbbVie, Inc.		1,478,180
	5,687	Allergan plc*		1,725,777
	23,360	Bristol-Myers Squibb Co.		1,554,374
	12,426	Eli Lilly & Co.		1,037,447
	20	GlaxoSmithKline plc, ADR		833
	31,981	Johnson & Johnson Co.		3,116,868
	35,645	Merck & Co., Inc.		2,029,270
	76,178	Pfizer, Inc.		2,554,248

				13,496,997

	Professional Services (0.2%):
	2,080	Dun & Bradstreet Corp.		253,760
	2,893	Verisk Analytics, Inc.*		210,495

				464,255

	Real Estate Investment Trusts (REITs) (1.5%):
	16,980	American Capital Agency Corp.		311,923
	32,556	Annaly Capital Management, Inc.		299,190
	35,228	Duke Realty Corp.		654,183
	7,895	Hatteras Financial Corp.		128,689
	5,250	Healthcare Realty Trust, Inc.		122,115
	11,610	Liberty Property Trust		374,074
	5,837	Mack-Cali Realty Corp.		107,576
	19,300	Senior Housing Properties Trust		338,715
	13,363	Ventas, Inc.		829,708

				3,166,173


Shares			Fair Value
	Common Stocks+, continued
	Road & Rail (0.6%):
	3,700	Avis Budget Group, Inc.*	$	163,096
	1,610	Canadian Pacific Railway, Ltd.		257,971
	24,996	CSX Corp.		816,120
	5,729	Hertz Global Holdings, Inc.*		103,809

				1,340,996

	Semiconductors & Semiconductor Equipment (2.5%):
	14,645	Advanced Micro Devices, Inc.*		35,148
	6,247	Altera Corp.		319,846
	4,965	Analog Devices, Inc.		318,679
	25,740	Applied Materials, Inc.		494,723
	56,741	Intel Corp.		1,725,777
	8,210	Linear Technology Corp.		363,128
	4,725	Microchip Technology, Inc.		224,083
	12,250	Micron Technology, Inc.*		230,790
	11,215	NVIDIA Corp.		225,534
	4,693	Skyworks Solutions, Inc.		488,541
	12,080	Texas Instruments, Inc.		622,241
	6,355	Xilinx, Inc.		280,637

				5,329,127

	Software (3.6%):
	8,241	Activision Blizzard, Inc.		199,515
	10,005	Adobe Systems, Inc.*		810,505
	1,156	ANSYS, Inc.*		105,473
	7,065	Autodesk, Inc.*		353,780
	98,053	Microsoft Corp.		4,329,039
	4,650	Nuance Communications, Inc.*		81,422
	40,371	Oracle Corp.		1,626,951
	14,155	Symantec Corp.		329,104

				7,835,789

	Specialty Retail (2.6%):
	370	Abercrombie & Fitch Co., Class A		7,959
	6,547	American Eagle Outfitters, Inc.		112,739
	5,770	Foot Locker, Inc.		386,648
	5,690	Gap, Inc. (The)		217,187
	19,014	Home Depot, Inc. (The)		2,113,026
	5,365	L Brands, Inc.		459,941
	19,815	Lowe’s Cos., Inc.		1,327,011


Shares or Contracts			Fair Value
	Common Stocks+, continued
	Specialty Retail, continued
	4,325	Tiffany & Co.	$	397,035
	10,045	TJX Cos., Inc. (The)		664,678

				5,686,224

	Technology Hardware, Storage & Peripherals (4.8%):
	68,972	Apple, Inc.		8,650,812
	26,205	EMC Corp.		691,550
	22,856	Hewlett-Packard Co.		685,909
	5,525	Seagate Technology plc		262,438

				10,290,709

	Textiles, Apparel & Luxury Goods (0.2%):
	8,753	Michael Kors Holdings, Ltd.*		368,413

	Thrifts & Mortgage Finance (0.1%):
	15,148	New York Community Bancorp, Inc.		278,420

	Tobacco (1.4%):
	25,562	Altria Group, Inc.		1,250,238
	14,353	Philip Morris International, Inc.		1,150,680
	7,138	Reynolds American, Inc.		532,923
	3,522	Vector Group, Ltd.		82,627

				3,016,468

	Trading Companies & Distributors (0.1%):
	2,845	GATX Corp.		151,212

	Wireless Telecommunication Services (0.2%):
	3,590	SBA Communications Corp., Class A*		412,742

	Total Common Stocks (Cost $151,680,542)			209,846,315

	Purchased Options (0.5%):
	Total Purchased Options (Cost $1,078,659)			1,180,865

	Unaffiliated Investment Company (2.7%):
	5,781,624	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)		5,781,624

	Total Unaffiliated Investment Company (Cost $5,781,624 )			5,781,624

	Total Investment Securities (Cost $158,540,825)(b) — 100.9%			216,808,804
	Net other assets (liabilities) — (0.9)%			(1,967,975	)

	Net Assets — 100.0%		$	214,840,829

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	158,540,825

Investment securities, at value	$	216,808,804
Cash		64,007
Interest and dividends receivable		254,647
Receivable for investments sold		41,085
Reclaims receivable		2,355
Prepaid expenses		351

Total Assets		217,171,249

Liabilities:
Payable for investments purchased		149,815
Payable for capital shares redeemed		245,894
Written Options (Premiums received $3,976,279)		1,729,685
Manager fees payable		143,223
Administration fees payable		5,887
Distribution fees payable		44,757
Custodian fees payable		2,737
Administrative and compliance services fees payable		221
Trustee fees payable		1,437
Other accrued liabilities		6,764

Total Liabilities		2,330,420

Net Assets	$	214,840,829

Net Assets Consist of:
Capital	$	190,640,031
Accumulated net investment income/(loss)		3,619,023
Accumulated net realized gains/(losses) from investment transactions		(39,932,795	)
Net unrealized appreciation/(depreciation) on investments		60,514,570

Net Assets	$	214,840,829

Shares of beneficial interest (unlimited number of shares authorized, no par value)		17,745,318
Net Asset Value (offering and redemption price per share)	$	12.11

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	2,326,112
Foreign withholding tax		(519	)

Total Investment Income		2,325,593

Expenses:
Manager fees		864,440
Administration fees		32,252
Distribution fees		270,137
Custodian fees		5,106
Administrative and compliance services fees		1,476
Trustee fees		5,929
Professional fees		5,924
Shareholder reports		3,299
Other expenses		2,294

Total expenses		1,190,857

Net Investment Income/(Loss)		1,134,736

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		2,018,117
Net realized gains/(losses) on options contracts		571,604
Change in net unrealized appreciation/depreciation on investments		635,938

Net Realized/Unrealized Gains/(Losses) on Investments		3,225,659

Change in Net Assets Resulting From Operations	$	4,360,395

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Gateway Fund (the “Fund”), and 35 are presented in separate reports.

The Fund may purchase or write put and call options on a security or an index of securities. During the period ended June 30, 2015, the Fund used purchased and written put and call options to hedge against security prices (equity risk).A stock index fluctuates with changes in the fair values of the stocks included in the index, and therefore options on stock indexes and options on stocks involve elements of equity price risk.

Purchased Options Contracts — The Fund pays a premium which is included in “Investments, at value” on the Statement of Assets and Liabilities and marked to market to reflect the current value of the option. Premiums paid for purchasing put options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing put options are offset against proceeds to determine the realized gain/loss on the transaction. The Fund bears the risk of loss of the premium and change in value should the counterparty not perform under the contract.

Realized gains and losses, if any, are reported as “Net realized gains/(losses) on options contracts” on the Statement of Operations.

The Fund had the following transactions in purchased call and put options during the period ended June 30, 2015:

The Fund had the following transactions in written call and put options during the period ended June 30, 2015:

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Gateway Investment Advisers, LLC (“Gateway”), Gateway provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $1,161 was paid from the Fund relating to these fees and expenses.

The Fund generally values index options at the average of the closing bid and ask quotations on the principal exchange on which the option is traded and are typically categorized as Level 1 in the fair value hierarchy. For options where market quotations are not readily available, fair value procedures as described below may be applied. Other assets and securities for which market quotations are not readily available, or are deemed unreliable are valued at fair value as determined in good faith by the Trustees or persons acting on the behalf of the Trustees. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

circumstances. The counterparty to a derivatives contract could default. As required by applicable law, a Fund that invests in derivatives segregates cash or liquid securities, or both, to the extent that its obligations under the instrument are not covered through ownership of the underlying security, financial instrument, or currency.

Cost for federal income tax purposes at June 30, 2015 is $159,049,949. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

As of the end of its tax year ended December 31, 2014, the Fund has capital loss carry forwards (“CLCFs”) as summarized in the tables below. CLCFs subject to expiration are applied as short-term capital loss regardless of whether the originating capital loss was short-term or long-term. CLCFs that are not subject to expiration must be utilized before those that are subject to expiration. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset or expires.

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL International Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value

	Common Stocks (97.4%):
	Aerospace & Defense (0.9%):
	137,694	BAE Systems plc	$	977,073
	47,975	Cobham plc		198,091
	25,542	European Aeronautic Defence & Space Co. NV		1,654,603
	16,535	Finmeccanica SpA*		207,664
	35,667	Meggitt plc		261,638
	80,137	Rolls-Royce Holdings plc		1,096,703
	12,437	Safran SA		842,031
	74,800	Singapore Technologies Engineering, Ltd.		183,148
	4,546	Thales SA		274,983
	8,663	Zodiac Aerospace		281,893

				5,977,827

	Air Freight & Logistics (0.2%):
	37,424	Bollore		199,604
	42,031	Deutsche Post AG		1,227,715
	34,556	Royal Mail plc		279,154
	21,397	TNT Express NV		181,382
	14,300	Yamato Holdings Co., Ltd.		275,912

				2,163,767

	Airlines (0.1%):
	47,000	All Nippon Airways Co., Ltd.		127,486
	44,000	Cathay Pacific Airways, Ltd.		108,109
	10,558	Deutsche Lufthansa AG, Registered Shares*		136,079
	7,065	easyJet plc		171,435
	35,080	International Consolidated Airlines Group SA*		273,789
	5,370	Japan Airlines Co., Ltd.		187,189
	24,606	Qantas Airways, Ltd.*		59,689
	1,400	Ryanair Holdings plc, ADR		99,890
	27,200	Singapore Airlines, Ltd.		216,922

				1,380,588

	Auto Components (1.2%):
	8,000	Aisin Sieki Co., Ltd.		339,989
	27,700	Bridgestone Corp.		1,023,998
	8,055	Compagnie Generale des Establissements Michelin SCA, Class B		845,490
	4,791	Continental AG		1,133,137
	20,700	Denso Corp.		1,030,329
	72,386	GKN plc		379,992
	4,200	Koito Manufacturing Co., Ltd.		163,710
	7,600	NGK Spark Plug Co., Ltd.		210,314
	6,000	NHK SPRING Co., Ltd.		66,008
	4,400	NOK Corp.		136,376
	5,373	Nokian Renkaat OYJ		168,290
	11,404	Pirelli & C. SpA		192,058
	5,700	Stanley Electric Co., Ltd.		119,039
	33,200	Sumitomo Electric Industries, Ltd.		514,335
	6,800	Sumitomo Rubber Industries, Ltd.		105,195
	4,500	The Yokohama Rubber Co., Ltd.^		90,325
	3,300	Toyoda Gosei Co., Ltd.		79,350
	6,900	Toyota Industries Corp.		393,181
	3,394	Valeo SA		536,459

				7,527,575

	Automobiles (3.7%):
	14,395	Bayerische Motoren Werke AG (BMW)^		1,574,719
	7,600	Daihatsu Motor Co., Ltd.		108,170


Shares			Fair Value

	Common Stocks, continued
	Automobiles, continued
	41,451	Daimler AG, Registered Shares	$	3,770,633
	38,241	Fiat Chrysler Automobiles NV*		559,573
	25,000	Fuji Heavy Industries, Ltd.		918,383
	70,800	Honda Motor Co., Ltd.		2,289,077
	25,000	Isuzu Motors, Ltd.		328,089
	23,500	Mazda Motor Corp.		462,445
	27,000	Mitsubishi Motors Corp.		229,791
	108,500	Nissan Motor Co., Ltd.		1,127,176
	18,544	PSA Peugeot Citroen SA*		380,520
	8,323	Renault SA		869,114
	15,600	Suzuki Motor Corp.		526,625
	118,100	Toyota Motor Corp.		7,899,638
	1,518	Volkswagen AG^		351,127
	10,700	Yamaha Motor Co., Ltd.		233,856

				21,628,936

	Banks (14.2%):
	49,000	Aozora Bank, Ltd.		184,554
	119,760	Australia & New Zealand Banking Group, Ltd.		2,967,013
	9,434	Banca Monte dei Paschi di Siena SpA*		18,352
	268,574	Banco Bilbao Vizcaya Argentaria SA		2,641,595
	1,835,632	Banco Commercial Portugues SA*		159,378
	212,395	Banco de Sabadell SA		512,272
	15,088	Banco Popolare SC*		247,893
	77,057	Banco Popular Espanol SA		374,860
	599,202	Banco Santander SA		4,182,362
	43,785	Bank Hapoalim BM		235,929
	63,223	Bank Leumi Le*		267,492
	54,800	Bank of East Asia, Ltd. (The)^		239,610
	1,187,306	Bank of Ireland*		479,273
	16,000	Bank of Kyoto, Ltd. (The)		183,351
	15,688	Bank of Queensland, Ltd.		153,467
	47,000	Bank of Yokohama, Ltd. (The)		288,016
	196,123	Bankia SA*		249,423
	29,008	Bankinter SA		215,032
	714,687	Barclays plc		2,922,220
	21,061	Bendigo & Adelaide Bank, Ltd.		198,980
	46,044	BNP Paribas SA		2,775,769
	161,000	BOC Hong Kong Holdings, Ltd.		669,509
	29,000	Chiba Bank, Ltd. (The)		220,910
	7,800	Chugoku Bank, Ltd. (The)		122,980
	142,030	Chuo Mitsui Trust Holdings, Inc.		649,934
	45,445	Commerzbank AG*		580,625
	70,224	Commonwealth Bank of Australia		4,576,980
	44,516	Credit Agricole SA		661,268
	97,612	Criteria Caixacorp SA		453,659
	31,055	Danske Bank A/S		915,107
	73,700	DBS Group Holdings, Ltd.		1,131,142
	42,391	DnB NOR ASA		706,578
	11,791	Erste Group Bank AG*		334,579
	31,000	Fukuoka Financial Group, Inc.		160,677
	16,000	Gunma Bank, Ltd. (The)		118,106
	18,000	Hachijuni Bank, Ltd. (The)		135,797
	33,300	Hang Seng Bank, Ltd.		650,786
	21,000	Hiroshima Bank, Ltd. (The)		125,463
	53,000	Hokuhoku Financial Group, Inc.		125,055


Shares			Fair Value

	Common Stocks, continued
	Banks, continued
	830,185	HSBC Holdings plc	$	7,431,240
	167,576	ING Groep NV		2,778,344
	56,198	Intesa Sanpaolo		179,141
	537,621	Intesa Sanpaolo SpA		1,946,642
	11,000	Iyo Bank, Ltd. (The)		135,062
	28,000	Joyo Bank, Ltd. (The)		156,828
	10,830	KBC Groep NV		722,914
	2,466,388	Lloyds Banking Group plc		3,310,320
	550,800	Mitsubishi UFJ Financial Group, Inc.		3,941,966
	5,321	Mizrahi Tefahot Bank, Ltd.		66,033
	1,011,139	Mizuho Financial Group, Inc.		2,180,612
	112,865	National Australia Bank, Ltd.		2,879,485
	41,721	Natixis		299,921
	131,588	Nordea Bank AB		1,639,328
	125,899	Oversea-Chinese Banking Corp., Ltd.		950,829
	5,297	Raiffeisen International Bank-Holding AG*^		76,927
	99,487	Resona Holdings, Inc.		541,688
	109,354	Royal Bank of Scotland Group plc*		604,125
	26,200	Seven Bank, Ltd.		121,077
	79,000	Shinsei Bank, Ltd.		158,968
	22,000	Shizuoka Bank, Ltd. (The)		229,671
	66,804	Skandinaviska Enskilda Banken AB, Class A		853,671
	31,349	Societe Generale		1,462,386
	106,690	Standard Chartered plc		1,706,418
	55,169	Sumitomo Mitsui Financial Group, Inc.		2,451,705
	7,200	Suruga Bank, Ltd.		154,396
	66,165	Svenska Handelsbanken AB, A Shares		964,876
	39,677	Swedbank AB, A Shares		924,616
	36,738	UBI Banca—Unione di Banche Italiane SCPA		294,314
	186,590	UniCredit SpA		1,251,671
	55,473	United Overseas Bank, Ltd.		949,409
	134,395	Westpac Banking Corp.		3,331,642
	9,000	Yamaguchi Financial Group, Inc.		112,068

				76,644,289

	Beverages (2.5%):
	34,783	Anheuser-Busch InBev NV		4,185,776
	16,700	Asahi Breweries, Ltd.		530,849
	4,441	Carlsberg A/S, Class B		403,158
	26,462	Coca-Cola Amatil, Ltd.		185,776
	8,531	Coca-Cola HBC AG		183,087
	108,048	Diageo plc		3,131,409
	4,154	Heineken Holding NV		292,389
	10,024	Heineken NV		763,049
	35,300	Kirin Holdings Co., Ltd.		485,948
	9,255	Pernod Ricard SA		1,070,591
	1,111	Remy Cointreau SA		79,947
	42,166	SABMiller plc		2,185,676
	5,700	Suntory Beverage & Food, Ltd.		229,197
	29,142	Treasury Wine Estates, Ltd.		111,364

				13,838,216

	Biotechnology (0.3%):
	4,483	Actelion, Ltd., Registered Shares		657,579
	20,559	CSL, Ltd.		1,364,413
	6,330	Grifols SA		255,643

				2,277,635


Shares			Fair Value

	Common Stocks, continued
	Building Products (0.7%):
	42,000	Asahi Glass Co., Ltd.	$	251,794
	43,836	Assa Abloy AB, Class B		825,884
	20,341	Compagnie de Saint-Gobain SA		915,288
	10,100	Daikin Industries, Ltd.		726,372
	1,639	Geberit AG, Registered Shares		547,400
	11,500	Lixil Group Corp.		228,109
	13,000	TOTO, Ltd.		234,131

				3,728,978

	Capital Markets (2.0%):
	40,065	3i Group plc		324,795
	38,917	Aberdeen Asset Management plc		246,751
	65,851	Credit Suisse Group AG		1,809,902
	70,300	Daiwa Securities Group, Inc.		525,182
	59,501	Deutsche Bank AG, Registered Shares		1,786,823
	11,503	Hargreaves Lansdown plc		208,196
	24,251	ICAP plc		201,558
	25,402	Investec plc		228,082
	9,814	Julius Baer Group, Ltd.		551,487
	12,673	Macquarie Group, Ltd.		796,100
	24,404	Mediobanca SpA		238,925
	154,200	Nomura Holdings, Inc.		1,039,461
	697	Partners Group Holding AG		208,176
	10,205	Platinum Asset Management, Ltd.		58,546
	9,090	SBI Holdings, Inc.		125,096
	5,557	Schroders plc		277,053
	157,004	UBS Group AG		3,329,872

				11,956,005

	Chemicals (3.6%):
	14,902	Air Liquide SA		1,882,614
	8,000	Air Water, Inc.		146,026
	10,426	AkzoNobel NV		761,692
	2,834	Arkema, Inc.		204,172
	53,000	Asahi Kasei Corp.		434,214
	39,679	BASF SE		3,486,441
	5,724	Croda International plc		247,316
	14,000	Daicel Chemical Industries, Ltd.		179,714
	358	Ems-Chemie Holding AG		150,955
	4,059	Evonik Industries AG		154,751
	2,843	Fuchs Petrolub SE		120,036
	402	Givaudan SA, Registered Shares		696,843
	4,200	Hitachi Chemical Co., Ltd.		75,686
	68,680	Incitec Pivot, Ltd.		202,680
	21,865	Israel Chemicals, Ltd.		152,853
	103	Israel Corp., Ltd. (The)		36,346
	8,985	Johnson Matthey plc		428,830
	8,800	JSR Corp.		155,276
	8,270	K+S AG, Registered Shares		348,227
	10,000	Kaneka Corp.		73,726
	10,000	Kansai Paint Co., Ltd.		154,892
	7,763	Koninklijke DSM NV		451,232
	14,100	Kuraray Co., Ltd.		172,363
	3,952	Lanxess AG		232,940
	8,030	Linde AG		1,520,287
	57,600	Mitsubishi Chemical Holdings Corp.		361,290


Shares			Fair Value

	Common Stocks, continued
	Chemicals, continued
	16,000	Mitsubishi Gas Chemical Co., Inc.	$	89,566
	35,000	Mitsui Chemicals, Inc.		129,791
	6,600	Nippon Paint Holdings Co., Ltd.^		186,171
	7,000	Nitto Denko Corp.		574,918
	10,265	Novozymes A/S, B Shares		489,007
	15,601	Orica, Ltd.^		255,652
	17,500	Shin-Etsu Chemical Co., Ltd.		1,085,595
	97	Sika AG, Bearer Shares		341,937
	2,723	Solvay SA		374,233
	64,000	Sumitomo Chemical Co., Ltd.		384,478
	5,287	Symrise AG		327,984
	4,015	Syngenta AG, Registered Shares		1,645,702
	6,300	Taiyo Nippon Sanso Corp.^		76,194
	39,000	Teijin, Ltd.		151,258
	67,000	Toray Industries, Inc.		565,764
	4,424	Umicore		209,637
	7,577	Yara International ASA		395,494

				20,114,783

	Commercial Services & Supplies (0.5%):
	11,031	Aggreko plc		249,171
	10,277	Babcock International Group plc		174,206
	66,228	Brambles, Ltd.		538,566
	23,000	Dai Nippon Printing Co., Ltd.		237,463
	8,715	Edenred		215,284
	65,671	G4S plc		276,899
	6,413	ISS A/S		211,295
	4,200	Park24 Co., Ltd.		71,911
	9,000	SECOM Co., Ltd.		583,877
	13,436	Securitas AB, B Shares		177,601
	1,176	Societe BIC SA		187,686
	23,000	Toppan Printing Co., Ltd.		192,305

				3,116,264

	Communications Equipment (0.5%):
	117,235	Alcatel-Lucent*		427,883
	159,845	Nokia Oyj^		1,082,883
	131,668	Telefonaktiebolaget LM Ericsson, B Shares		1,363,665

				2,874,431

	Construction & Engineering (0.7%):
	8,507	ACS, Actividades de Construccion y Servicios SA		274,447
	8,652	Bouygues SA		322,703
	6,000	Chiyoda Corp.		53,115
	4,350	Cimic Group, Ltd.		72,541
	19,626	Ferrovial SA		426,627
	9,000	JGC Corp.		169,878
	37,000	Kajima Corp.		173,732
	3,737	Koninklijke Boskalis Westminster NV^		183,427
	29,000	Obayashi Corp.		211,461
	3,657	OCI NV		103,666
	24,000	Shimizu Corp.		202,061
	15,612	Skanska AB, Class B		316,557
	43,000	TAISEI Corp.		246,832
	20,514	Vinci SA		1,184,980

				3,942,027


Shares			Fair Value

	Common Stocks, continued
	Construction Materials (0.6%):
	33,601	Boral, Ltd.	$	150,845
	34,590	CRH plc		975,352
	32,082	Fletcher Building, Ltd.		176,815
	6,040	HeidelbergCement AG		478,813
	9,932	Holcim, Ltd., Registered Shares		734,431
	1,398	Imerys SA		106,945
	18,616	James Hardie Industries SE		248,427
	8,237	Lafarge SA		544,843
	49,000	Taiheiyo Cement Corp.		143,269

				3,559,740

	Consumer Finance (0.1%):
	18,900	ACOM Co., Ltd.*^		72,367
	4,900	Aeon Credit Service Co., Ltd.		136,010
	6,600	Credit Saison Co., Ltd.		141,974

				350,351

	Containers & Packaging (0.1%):
	53,001	Amcor, Ltd.		559,908
	29,346	Rexam plc		254,635
	6,400	Toyo Seikan Kaisha, Ltd.		102,502

				917,045

	Distributors (0.0%):
	4,400	Jardine Cycle & Carriage, Ltd.		108,015

	Diversified Consumer Services (0.0%):
	3,100	Benesse Holdings, Inc.		77,572

	Diversified Financial Services (0.9%):
	7,909	ASX, Ltd.		242,596
	8,470	Deutsche Boerse AG		700,975
	1,692	Eurazeo		111,877
	4,081	EXOR SpA^		194,622
	93,750	First Pacific Co., Ltd.		78,998
	3,376	Groupe Bruxelles Lambert SA		271,651
	47,900	Hong Kong Exchanges & Clearing, Ltd.		1,688,159
	7,850	Industrivarden AB, C Shares		147,842
	19,762	Investor AB, B Shares		735,739
	11,800	Japan Exchange Group, Inc.		382,790
	9,680	Kinnevik Investment AB, Class B		305,903
	13,349	London Stock Exchange Group plc		497,906
	21,900	Mitsubishi UFJ Lease & Finance Co., Ltd.		119,771
	56,300	ORIX Corp.		840,663
	1,526	Pargesa Holding SA		102,483
	34,000	Singapore Exchange, Ltd.		197,010

				6,618,985

	Diversified Telecommunication Services (2.9%):
	6,419	Belgacom SA		226,356
	89,571	Bezeq Israeli Telecommunication Corp., Ltd. (The)		152,638
	361,509	BT Group plc		2,559,837
	136,605	Deutsche Telekom AG, Registered Shares		2,351,389
	6,107	Elisa OYJ		193,366
	80,538	France Telecom SA^		1,245,995
	110,820	HKT Trust & HKT, Ltd.		130,333
	1,172	Iliad SA		259,237
	19,887	Inmarsat plc		285,679


Shares			Fair Value

	Common Stocks, continued
	Diversified Telecommunication Services, continued
	139,931	Koninklijke (Royal) KPN NV	$	536,971
	33,152	Nippon Telegraph & Telephone Corp.		1,199,977
	175,000	PCCW, Ltd.		104,255
	353,700	Singapore Telecommunications, Ltd.		1,099,973
	1,106	Swisscom AG, Registered Shares^		619,623
	34,301	TDC A/S		251,287
	78,865	Telecom Corp. of New Zealand, Ltd.		149,215
	273,349	Telecom Italia SpA^		278,259
	429,926	Telecom Italia SpA*		545,284
	24,007	Telefonica Deutschland Holding AG^		138,616
	191,790	Telefonica SA		2,732,939
	31,690	Telenor ASA		695,374
	113,660	TeliaSonera AB		668,996
	181,710	Telstra Corp., Ltd.		856,096
	11,577	TPG Telecom, Ltd.		79,936

				17,361,631

	Electric Utilities (1.8%):
	72,399	AusNet Services		77,835
	26,000	Cheung Kong Infrastructure Holdings, Ltd.		201,778
	29,100	Chubu Electric Power Co., Inc.		433,633
	13,700	Chugoku Electric Power Co., Inc. (The)		199,660
	82,500	CLP Holdings, Ltd.		703,445
	19,776	Contact Energy, Ltd.		67,124
	93,919	EDP - Energias de Portugal SA		356,329
	10,741	Electricite de France		239,376
	13,903	Endesa SA^		266,467
	304,634	Enel SpA		1,377,121
	18,976	Fortum OYJ		337,594
	7,100	Hokuriku Electric Power Co.		105,683
	59,000	Hongkong Electric Holdings, Ltd.		537,492
	232,006	Iberdrola SA		1,566,968
	29,500	Kansai Electric Power Co., Inc. (The)*		326,115
	18,100	Kyushu Electric Power Co., Inc.*		209,609
	31,280	Mighty River Power, Ltd.		59,097
	3,926	Red Electrica Corporacion SA^		315,302
	43,075	Scottish & Southern Energy plc		1,040,999
	7,500	Shikoku Electric Power Co., Inc.		112,135
	70,604	Terna SpA		311,680
	19,500	Tohoku Electric Power Co., Inc.		263,774
	62,100	Tokyo Electric Power Co., Inc. (The)*		338,229

				9,447,445

	Electrical Equipment (1.2%):
	95,397	ABB, Ltd.		1,999,508
	8,973	Alstom SA*		254,396
	23,000	Fuji Electric Holdings Co., Ltd.		98,853
	11,257	Legrand SA		631,442
	2,100	Mabuchi Motor Co., Ltd.		132,709
	84,000	Mitsubishi Electric Corp.		1,082,973
	9,400	Nidec Corp.		705,148
	3,810	OSRAM Licht AG		182,355
	9,399	Prysmian SpA		202,834
	24,006	Schneider Electric SA		1,655,492
	9,547	Vestas Wind Systems A/S		477,961

				7,423,671


Shares			Fair Value

	Common Stocks, continued
	Electronic Equipment, Instruments & Components (1.2%):
	9,200	Citizen Holdings Co., Ltd.	$	64,159
	6,000	Hamamatsu Photonics K.K.		176,451
	10,687	Hexagon AB, B Shares		387,115
	1,295	Hirose Electric Co., Ltd.		185,323
	3,200	Hitachi High-Technologies Corp.		90,539
	210,100	Hitachi, Ltd.		1,384,051
	4,800	IBIDEN Co., Ltd.		81,424
	14,900	Japan Display, Inc.*		55,965
	1,970	Keyence Corp.		1,062,284
	13,800	Kyocera Corp.		717,162
	8,900	Murata Manufacturing Co., Ltd.		1,551,928
	16,000	Nippon Electric Glass Co., Ltd.		80,927
	8,400	Omron Corp.		364,883
	11,000	Shimadzu Corp.		149,199
	5,300	TDK Corp.		407,990
	8,600	Yaskawa Electric Corp.^		109,890
	9,500	Yokogawa Electric Corp.		122,077

				6,991,367

	Energy Equipment & Services (0.2%):
	16,640	AMEC plc		213,534
	11,969	Petrofac, Ltd.		174,169
	11,126	Saipem SpA*^		117,616
	15,214	Seadrill, Ltd.^		158,272
	11,410	Subsea 7 SA*^		111,628
	4,210	Technip-Coflexip SA		260,732
	21,314	Tenaris SA		287,672
	15,161	Transocean, Ltd.^		246,048
	9,028	WorleyParsons, Ltd.		71,958

				1,641,629

	Food & Staples Retailing (1.6%):
	29,000	Aeon Co., Ltd.		411,417
	23,415	Carrefour SA^		748,967
	2,351	Casino Guichard-Perrachon SA		177,942
	3,083	Colruyt SA		137,924
	4,359	Delhaize Group		359,555
	26,252	Distribuidora Internacional de Alimentacion SA^		200,945
	2,300	FamilyMart Co., Ltd.		105,665
	3,375	ICA Gruppen AB		119,730
	59,361	J Sainsbury plc		247,331
	12,095	Jeronimo Martins SGPS SA		155,323
	37,998	Koninklijke Ahold NV		714,450
	2,800	LAWSON, Inc.		191,558
	6,972	Metro AG		219,757
	32,700	Seven & I Holdings Co., Ltd.		1,404,376
	344,734	Tesco plc		1,150,373
	48,550	Wesfarmers, Ltd.		1,455,058
	93,885	William Morrison Supermarkets plc		266,472
	54,975	Woolworths, Ltd.		1,137,421

				9,204,264

	Food Products (4.0%):
	24,000	Ajinomoto Co., Inc.		519,545
	3,899	Aryzta AG^		192,398
	15,409	Associated British Foods plc		696,007


Shares			Fair Value

	Common Stocks, continued
	Food Products, continued
	92	Barry Callebaut AG, Registered Shares	$	104,654
	3,300	Calbee, Inc.		138,743
	25,028	Danone SA		1,616,702
	288,782	Golden Agri-Resources, Ltd.		87,887
	6,948	Kerry Group plc, Class A		514,604
	6,000	Kikkoman Corp.		187,333
	43	Lindt & Spruengli AG		227,270
	4	Lindt & Spruengli AG, Registered Shares		249,936
	2,626	Meiji Holdings Co., Ltd.		338,766
	139,296	Nestle SA, Registered Shares		10,071,779
	9,000	Nippon Meat Packers, Inc.		204,896
	9,645	Nisshin Seifun Group, Inc.		128,212
	2,600	Nissin Foods Holdings Co., Ltd.		114,029
	36,333	Orkla ASA, Class A		285,489
	19,587	Tate & Lyle plc		159,781
	3,800	Toyo Suisan Kaisha, Ltd.		138,265
	70,096	Unilever NV		2,929,246
	55,139	Unilever plc		2,369,793
	301,000	WH Group, Ltd.*		204,084
	82,500	Wilmar International, Ltd.		200,745
	3,800	Yakult Honsha Co., Ltd.		224,707
	5,000	Yamazaki Baking Co., Ltd.^		83,205

				21,988,076

	Gas Utilities (0.6%):
	47,414	APA Group		299,028
	6,986	Enagas^		190,393
	16,215	Gas Natural SDG SA^		368,500
	305,212	Hong Kong & China Gas Co., Ltd.		639,993
	80,000	Osaka Gas Co., Ltd.		315,738
	97,701	Snam Rete Gas SpA		464,212
	18,000	Toho Gas Co., Ltd.		106,572
	101,000	Tokyo Gas Co., Ltd.		535,947

				2,920,383

	Health Care Equipment & Supplies (0.9%):
	2,467	Cochlear, Ltd.		151,802
	4,936	Coloplast A/S, Class B		324,611
	17,070	Elekta AB, B Shares^		107,100
	8,914	Essilor International SA Compagnie Generale d’Optique		1,062,112
	8,480	Getinge AB, B Shares^		204,094
	18,400	HOYA Corp.		736,905
	11,500	Olympus Co., Ltd.		396,536
	38,958	Smith & Nephew plc		658,179
	2,183	Sonova Holding AG, Registered Shares		295,580
	6,200	Sysmex Corp.		369,104
	12,700	Terumo Corp.^		305,350
	1,254	William Demant Holding A/S*^		95,564

				4,706,937

	Health Care Providers & Services (0.5%):
	6,800	Alfresa Holdings Corp.		105,704
	9,422	Fresenius Medical Care AG & Co., KGaA		777,348
	16,550	Fresenius SE & Co. KGaA		1,065,309
	49,452	Healthscope, Ltd.		103,127


Shares			Fair Value

	Common Stocks, continued
	Health Care Providers & Services, continued
	6,500	Medipal Holdings Corp.	$	105,793
	2,100	Miraca Holdings, Inc.		104,649
	6,119	Ramsay Health Care, Ltd.		289,730
	13,306	Ryman Healthcare, Ltd.		71,546
	17,423	Sonic Healthcare, Ltd.		287,057
	3,270	Suzuken Co., Ltd.		104,504

				3,014,767

	Health Care Technology (0.0%):
	7,700	M3, Inc.		154,669

	Hotels, Restaurants & Leisure (1.1%):
	8,969	Accor SA		453,585
	23,475	Aristocrat Leisure, Ltd.		137,420
	7,696	Carnival plc		393,571
	72,419	Compass Group plc		1,199,408
	15,340	Crown, Ltd.		143,426
	2,307	Flight Centre, Ltd.^		60,604
	99,000	Galaxy Entertainment Group, Ltd.		394,337
	256,857	Genting Singapore plc		170,589
	10,487	InterContinental Hotels Group plc		423,014
	2,929	McDonald’s Holdings Co., Ltd.^		61,862
	30,653	Merlin Entertainments plc		205,507
	38,000	MGM China Holdings, Ltd.		62,029
	8,700	Oriental Land Co., Ltd.		555,205
	108,900	Sands China, Ltd.		366,396
	51,333	Shangri-La Asia, Ltd.		71,407
	86,000	SJM Holdings, Ltd.^		93,210
	4,020	Sodexo, Inc.		381,414
	33,961	Tabcorp Holdings, Ltd.		118,397
	66,313	Tatts Group, Ltd.		189,232
	19,351	TUI AG		313,594
	7,973	Whitbread plc		620,222
	39,539	William Hill plc		250,718
	65,200	Wynn Macau, Ltd.		108,453

				6,773,600

	Household Durables (1.0%):
	42,498	Barratt Developments plc		410,073
	8,600	Casio Computer Co., Ltd.^		169,547
	10,232	Electrolux AB, Series B		320,318
	16,881	Husqvarna AB, B Shares^		127,185
	6,800	Iida Group Holdings Co., Ltd.		108,256
	14,600	Nikon Corp.^		168,779
	95,800	Panasonic Corp.		1,312,818
	13,519	Persimmon plc*		420,070
	1,700	Rinnai Corp.		134,547
	17,000	Sekisui Chemical Co., Ltd.		208,175
	25,100	Sekisui House, Ltd.		397,663
	66,000	Sharp Corp.*^		80,561
	50,600	Sony Corp.*		1,436,067
	139,373	Taylor Wimpey plc		406,426
	63,500	Techtronic Industries Co., Ltd.		209,096

				5,909,581


Shares			Fair Value

	Common Stocks, continued
	Household Products (0.7%):
	4,404	Henkel AG & Co. KGaA	$	420,832
	27,736	Reckitt Benckiser Group plc		2,394,547
	25,867	Svenska Cellulosa AB, B Shares		657,921
	15,500	Unicharm Corp.		368,328

				3,841,628

	Independent Power and Renewable Electricity Producers (0.0%):
	6,100	Electric Power Development Co., Ltd.		215,335
	77,089	Enel Green Power SpA		150,534
	56,029	Meridian Energy, Ltd.*		81,923

				447,792

	Industrial Conglomerates (1.1%):
	22,000	Keihan Electric Railway Co., Ltd.		129,089
	61,800	Keppel Corp., Ltd.		376,740
	40,748	Koninklijke Philips Electronics NV		1,039,874
	66,390	NWS Holdings, Ltd.		95,709
	4,800	Seibu Holdings, Inc.		111,506
	49,600	SembCorp Industries, Ltd.		143,233
	34,139	Siemens AG, Registered Shares		3,437,530
	16,833	Smiths Group plc		298,271
	175,000	Toshiba Corp.		599,736
	1,293	Wendel		158,416

				6,390,104

	Insurance (5.5%):
	9,593	Admiral Group plc		208,818
	79,958	AEGON NV		587,002
	8,700	Ageas NV		335,004
	520,600	AIA Group, Ltd.		3,402,734
	19,741	Allianz SE, Registered Shares +		3,073,106
	130,254	AMP, Ltd.		599,088
	50,811	Assicurazioni Generali SpA		914,371
	173,397	Aviva plc		1,343,764
	84,396	AXA SA		2,126,538
	2,231	Baloise Holding AG, Registered Shares		271,933
	6,995	CNP Assurances		116,755
	46,500	Dai-ichi Life Insurance Co., Ltd. (The)		913,330
	10,252	Delta Lloyd NV		168,626
	58,106	Direct Line Insurance Group plc		306,808
	8,863	Gjensidige Forsikring ASA		142,803
	2,639	Hannover Rueckversicherung AG, Registered Shares		255,873
	97,467	Insurance Australia Group, Ltd.		418,896
	259,321	Legal & General Group plc		1,013,120
	48,364	MAPFRE SA^		166,937
	116,605	Medibank Private, Ltd.*		180,624
	21,911	MS&AD Insurance Group Holdings, Inc.		682,160
	7,495	Muenchener Rueckversicherungs-Gesellschaft AG		1,328,272
	14,125	NKSJ Holdings, Inc.		517,997
	8,316	NN Group NV		233,538
	213,885	Old Mutual plc		676,402
	110,316	Prudential plc		2,661,557
	59,892	QBE Insurance Group, Ltd.		628,183
	41,087	RSA Insurance Group plc		256,160
	18,984	Sampo OYJ, A Shares		895,860
	6,720	SCOR SA		236,852


Shares			Fair Value

	Common Stocks, continued
	Insurance, continued
	7,100	Sony Financial Holdings, Inc.	$	124,379
	84,786	Standard Life plc		590,810
	57,978	Suncorp-Metway, Ltd.		599,845
	1,372	Swiss Life Holding AG, Registered Shares		314,695
	15,261	Swiss Re AG^		1,350,238
	24,536	T&D Holdings, Inc.		365,539
	30,200	Tokio Marine Holdings, Inc.		1,252,417
	4,685	Tryg A/S		97,548
	44,025	UnipolSai SpA		108,968
	6,432	Zurich Insurance Group AG		1,961,092

				31,428,642

	Internet & Catalog Retail (0.1%):
	33,300	Rakuten, Inc.		536,412

	Internet Software & Services (0.1%):
	7,200	Kakaku.com, Inc.		104,521
	1,600	mixi, Inc.^		79,426
	5,181	United Internet AG, Registered Shares		230,259
	60,200	Yahoo! Japan Corp.		242,736

				656,942

	IT Services (0.4%):
	19,654	Amadeus IT Holding SA		782,425
	3,584	Atos Origin SA		268,106
	6,637	Cap Gemini SA		588,709
	18,969	Computershare, Ltd.		170,681
	81,000	Fujitsu, Ltd.		451,691
	2,600	Itochu Techno-Solutions Corp.		64,696
	4,600	Nomura Research Institute, Ltd.		179,801
	5,400	NTT Data Corp.		235,901
	2,400	Otsuka Corp.		112,088

				2,854,098

	Leisure Products (0.2%):
	7,100	Namco Bandai Holdings, Inc.		137,123
	2,000	Sankyo Co., Ltd.		70,733
	7,400	Sega Sammy Holdings, Inc.		96,710
	3,600	Shimano, Inc.		490,959
	7,400	Yamaha Corp.		149,208

				944,733

	Life Sciences Tools & Services (0.1%):
	2,229	Lonza Group AG, Registered Shares		298,504
	9,909	QIAGEN NV*		244,179

				542,683

	Machinery (2.5%):
	13,395	Alfa Laval AB^		235,595
	14,500	AMADA Co., Ltd.		153,116
	3,484	Andritz AG		192,680
	16,262	Atlas Copco AB, B Shares		404,712
	28,512	Atlas Copco AB, A Shares		797,184
	42,241	CNH Industrial NV		384,900
	8,800	Fanuc, Ltd.		1,796,704
	8,127	GEA Group AG		362,361
	11,000	Hino Motors, Ltd.		135,952
	4,300	Hitachi Construction Machinery Co., Ltd.		75,294


Shares			Fair Value

	Common Stocks, continued
	Machinery, continued
	62,000	IHI Corp.	$	289,028
	12,298	IMI plc		217,205
	8,300	JTEKT Corp.		157,012
	60,000	Kawasaki Heavy Industries, Ltd.		279,727
	39,700	Komatsu, Ltd.		795,676
	13,810	Kone OYJ, B Shares^		561,399
	49,000	Kubota Corp.		776,723
	5,100	Kurita Water Industries, Ltd.		118,642
	5,300	Makita Corp.		287,205
	1,549	MAN AG^		159,538
	42,654	Melrose Industries plc		165,742
	4,769	Metso Corp. OYJ^		130,901
	15,000	Minebea Co., Ltd.		247,362
	130,000	Mitsubishi Heavy Industries, Ltd.		790,387
	5,000	Nabtesco Corp.		124,813
	11,000	NGK Insulators, Ltd.		283,375
	19,500	NSK, Ltd.		301,015
	45,368	Sandvik AB		501,142
	923	Schindler Holding AG, Registered Shares		150,663
	1,929	Schindler Holding AG^		315,962
	41,200	SembCorp Marine, Ltd.^		86,848
	16,883	SKF AB, B Shares		385,020
	2,300	SMC Corp.		692,018
	1,052	Sulzer AG, Registered Shares^		108,019
	23,000	Sumitomo Heavy Industries, Ltd.		133,728
	5,600	THK Co., Ltd.		120,935
	4,324	Vallourec SA		88,202
	67,605	Volvo AB, B Shares		838,526
	6,237	Wartsila Corp. OYJ, Class B		292,048
	9,660	Weir Group plc (The)		257,281
	84,550	Yangzijiang Shipbuilding Holdings, Ltd.		88,857
	7,826	Zardoya Otis SA		85,157

				14,368,654

	Marine (0.3%):
	304	A.P. Moeller - Maersk A/S, Class B^		551,554
	170	A.P. Moller - Maersk A/S, Class A		298,101
	2,235	Kuehne & Nagel International AG, Registered Shares^		296,961
	52,000	Mitsui O.S.K. Lines, Ltd.		166,174
	74,000	Nippon Yusen Kabushiki Kaisha		205,975

				1,518,765

	Media (1.9%):
	3,855	Altice SA*		534,068
	1,780	Axel Springer AG^		93,416
	43,867	British Sky Broadcasting Group plc		715,421
	9,377	Dentsu, Inc.		488,991
	7,412	Eutelsat Communications SA		239,076
	9,700	Hakuhodo DY Holdings, Inc.		103,581
	166,838	ITV plc		689,251
	3,488	JCDecaux SA		145,338
	954	Kabel Deutschland Holding AG*^		127,590
	5,258	Lagardere SCA		153,192
	4,077	Numericable-SFR*		216,490
	35,945	Pearson plc		681,069


Shares			Fair Value

	Common Stocks, continued
	Media, continued
	9,389	ProSiebenSat.1 Media AG, Registered Share	$	463,484
	7,981	Publicis Groupe SA		589,354
	2,344	REA Group, Ltd.		70,380
	49,508	Reed Elsevier plc		805,962
	28,075	Relx NV		667,841
	1,679	RTL Group		152,020
	13,715	SES Global, Class A		460,135
	62,268	Singapore Press Holdings, Ltd.^		188,537
	2,187	Telenet Group Holding NV*		119,114
	4,700	Toho Co., Ltd.		117,478
	49,847	Vivendi Universal SA		1,258,921
	13,411	Wolters Kluwer NV		399,790
	57,088	WPP plc		1,280,761

				10,761,260

	Metals & Mining (2.8%):
	105,355	Alumina, Ltd.		123,594
	61,183	Anglo American plc		883,898
	17,365	Antofagasta plc		187,949
	46,041	ArcelorMittal^		448,211
	91,071	BHP Billiton plc		1,788,573
	139,021	BHP Billiton, Ltd.		2,825,349
	11,164	Boliden AB		203,388
	63,851	Fortescue Metals Group, Ltd.^		92,999
	9,184	Fresnillo plc		100,221
	480,423	Glencore International plc		1,928,276
	9,000	Hitachi Metals, Ltd.		138,059
	17,217	Iluka Resources, Ltd.		101,422
	21,500	JFE Holdings, Inc.		476,877
	127,000	Kobe Steel, Ltd.		213,621
	1	Lonmin plc*		2
	1,600	Maruichi Steel Tube, Ltd.		39,726
	52,000	Mitsubishi Materials Corp.		199,570
	33,984	Newcrest Mining, Ltd.*		343,486
	323,480	Nippon Steel Corp.		837,823
	56,771	Norsk Hydro ASA		239,350
	4,087	Randgold Resources, Ltd.		274,168
	54,748	Rio Tinto plc		2,251,365
	18,509	Rio Tinto, Ltd.		763,095
	89,554	South32, Ltd.*		120,992
	136,122	South32, Ltd.*		187,959
	21,000	Sumitomo Metal & Mining Co., Ltd.		319,364
	15,588	ThyssenKrupp AG		405,504
	4,828	Voestalpine AG^		200,552

				15,695,393

	Multiline Retail (0.4%):
	5,000	Don Quijote Co., Ltd.		212,199
	23,568	Harvey Norman Holdings, Ltd.^		81,528
	15,500	Isetan Mitsukoshi Holdings, Ltd.		276,907
	10,100	J. Front Retailing Co., Ltd.		190,031
	70,756	Marks & Spencer Group plc		596,565
	11,000	MARUI GROUP Co., Ltd.		148,533
	6,124	Next plc		717,398
	11,000	Takashimaya Co., Ltd.		99,702

				2,322,863


Shares			Fair Value

	Common Stocks, continued
	Multi-Utilities (1.2%):
	30,045	AGL Energy, Ltd.	$	357,880
	215,770	Centrica plc		895,651
	86,866	E.ON AG		1,156,771
	62,924	Engie Group		1,165,914
	162,382	National Grid plc		2,087,800
	21,150	RWE AG		454,509
	12,462	Suez Environnement Co.		231,479
	19,513	Veolia Environnement		397,479

				6,747,483

	Oil, Gas & Consumable Fuels (4.9%):
	146,692	BG Group plc		2,440,644
	788,001	BP plc		5,199,220
	12,092	Caltex Australia, Ltd.		295,922
	207	Delek Group, Ltd.		61,052
	109,973	ENI SpA		1,950,470
	16,434	Galp Energia SGPS SA		192,553
	3,800	Idemitsu Kosan Co., Ltd.		74,562
	40,200	INPEX Corp.		457,262
	93,770	JX Holdings, Inc.		405,858
	3,064	Koninklijke Vopak NV		154,882
	8,745	Lundin Petroleum AB*^		149,820
	5,333	Neste Oil OYJ		136,208
	6,366	OMV AG		174,940
	48,478	Origin Energy, Ltd.		443,758
	44,273	Repsol SA		779,258
	168,227	Royal Dutch Shell plc, A Shares		4,728,790
	104,930	Royal Dutch Shell plc, B Shares		2,983,565
	41,342	Santos, Ltd.		248,273
	7,400	Showa Shell Sekiyu K.K.		64,621
	49,184	Statoil ASA		878,435
	12,000	TonenGeneral Sekiyu K.K.		111,931
	92,252	Total SA		4,488,155
	37,817	Tullow Oil plc		201,665
	32,535	Woodside Petroleum, Ltd.		854,840

				27,476,684

	Paper & Forest Products (0.2%):
	15,746	Mondi plc		338,652
	37,000	OYI Paper Co., Ltd.		160,739
	23,095	Stora Enso OYJ, Registered Shares		237,671
	23,668	UPM-Kymmene OYJ		419,964

				1,157,026

	Personal Products (0.6%):
	4,328	Beiersdorf AG		362,333
	22,300	Kao Corp.		1,036,623
	10,906	L’Oreal SA		1,944,089
	15,600	Shiseido Co., Ltd.		353,882

				3,696,927

	Pharmaceuticals (9.6%):
	93,100	Astellas Pharma, Inc.		1,326,764
	54,612	AstraZeneca plc		3,471,958
	35,759	Bayer AG		5,003,020
	9,400	Chugai Pharmaceutical Co., Ltd.		324,273
	28,200	Daiichi Sankyo Co., Ltd.		520,357


Shares			Fair Value

	Common Stocks, continued
	Pharmaceuticals, continued
	6,600	Dainippon Sumitomo Pharma Co., Ltd.	$	73,022
	11,100	Eisai Co., Ltd.		743,572
	210,137	GlaxoSmithKline plc		4,373,511
	2,500	Hisamitsu Pharmaceutical Co., Inc.		96,826
	9,000	Kyowa Hakko Kogyo Co., Ltd.		117,645
	5,676	Merck KGaA		565,275
	9,600	Mitsubishi Tanabe Pharma Corp.		143,623
	99,360	Novartis AG, Registered Shares		9,816,695
	82,180	Novo Nordisk A/S, B Shares		4,507,872
	3,600	Ono Pharmaceutical Co., Ltd.		392,660
	4,284	Orion OYJ, Class B		150,127
	16,400	Otsuka Holdings Co., Ltd.		521,378
	30,348	Roche Holding AG		8,522,585
	51,335	Sanofi-Aventis SA		5,063,903
	16,400	Santen Pharmaceutical Co., Ltd.		232,058
	12,500	Shionogi & Co., Ltd.		484,242
	25,366	Shire plc		2,038,666
	1,300	Taisho Pharmaceutical Holdings Co., Ltd.		87,619
	34,100	Takeda Pharmacuetical Co., Ltd.		1,645,796
	36,968	Teva Pharmaceutical Industries, Ltd.		2,192,403
	5,632	UCB SA		403,776

				52,819,626

	Professional Services (0.5%):
	7,454	Adecco SA, Registered Shares		606,532
	11,419	Bureau Veritas SA		263,197
	28,955	Capita Group plc		563,904
	42,844	Experian plc		779,492
	6,708	Intertek Group plc		257,967
	5,334	Randstad Holding NV		348,674
	5,900	Recruit Holdings Co., Ltd.		179,939
	232	SGS SA, Registered Shares^		423,903

				3,423,608

	Real Estate Investment Trusts (REITs) (1.5%):
	83,800	Ascendas Real Estate Investment Trust		152,926
	42,533	British Land Co. plc		530,858
	85,100	CapitaCommercial Trust		98,452
	98,900	CapitaMall Trust		157,561
	39,111	Dexus Property Group		218,782
	142,673	Federation Centres		320,823
	1,091	Fonciere des Regions SA		92,892
	1,564	Gecina SA		193,079
	72,556	GPT Group (a)		237,969
	33,596	Hammerson plc		325,277
	1,483	ICADE		105,870
	33	Japan Prime Realty Investment Corp.		102,776
	62	Japan Real Estate Investment Corp.		281,391
	106	Japan Retail Fund Investment Corp.		212,014
	7,527	Klepierre		330,763
	34,650	Land Securities Group plc		654,945
	37,322	Liberty International plc		180,251
	95,500	Link REIT (The)		558,658
	77,428	Macquarie Goodman Group		373,547
	169,047	Mirvac Group		240,807
	69	Nippon Building Fund, Inc.		301,919


Shares			Fair Value

	Common Stocks, continued
	Real Estate Investment Trusts (REITs), continued
	69	Nippon Prologis REIT, Inc.	$	127,039
	232,178	Scentre Group		670,443
	30,546	SERGO plc		194,501
	98,941	Stockland Trust Group		310,896
	102,700	Suntec REIT		131,305
	4,275	Unibail-Rodamco SE		1,084,632
	108	United Urban Investment Corp.		152,678
	86,959	Westfield Corp.		606,989

				8,950,043

	Real Estate Management & Development (2.1%):
	4,560	AEON Mall Co., Ltd.		85,709
	2,494	Azrieli Group		99,603
	74,028	BGP Holdings plc*(b)		—
	109,000	CapitaLand, Ltd.		283,001
	121,244	Cheung Kong Property Holdings, Ltd.*		1,005,765
	20,400	City Developments, Ltd.		147,686
	116,744	CK Hutchison Holdings, Ltd.		1,711,961
	3,100	Daito Trust Construction Co., Ltd.		320,533
	25,800	Daiwa House Industry Co., Ltd.		601,116
	15,198	Deutsche Annington Immobilien SE		428,372
	14,532	Deutsche Wohnen AG		332,928
	132,900	Global Logistic Properties, Ltd.		249,255
	92,000	Hang Lung Properties, Ltd.		272,281
	51,843	Henderson Land Development Co., Ltd.		354,245
	12,300	Hulic Co., Ltd.		109,433
	27,000	Hysan Development Co., Ltd.		116,653
	7,136	IMMOEAST AG NPV(BR)*(a)		–
	31,500	Kerry Properties, Ltd.		122,911
	23,524	Lend Lease Group		270,792
	55,000	Mitsubishi Estate Co., Ltd.		1,181,725
	41,000	Mitsui Fudosan Co., Ltd.		1,144,834
	232,623	New World Development Co., Ltd.		303,748
	5,100	Nomura Real Estate Holdings, Inc.		106,810
	6,100	NTT Urban Development Corp.		60,667
	119,600	Sino Land Co., Ltd.		199,562
	16,000	Sumitomo Realty & Development Co., Ltd.		560,890
	72,000	Sun Hung Kai Properties, Ltd.		1,165,964
	23,500	Swire Pacific, Ltd., Class A		294,710
	51,600	Swire Properties, Ltd.		164,088
	2,407	Swiss Prime Site AG		182,683
	9,000	Tokyo Tatemono Co., Ltd.		124,679
	22,800	Tokyu Fudosan Holdings Corp.		176,474
	20,196	UOL Group, Ltd.		103,657
	58,300	Wharf Holdings, Ltd. (The)		387,773
	38,000	Wheelock & Co., Ltd.		193,628

				12,864,136

	Road & Rail (1.1%):
	45,040	Asciano, Ltd.		230,656
	88,175	Aurizon Holdings, Ltd.		347,228
	6,300	Central Japan Railway Co.		1,137,216
	89,500	ComfortDelGro Corp., Ltd.		208,058
	7,727	DSV A/S		250,788
	14,613	East Japan Railway Co.		1,313,884
	49,000	Hankyu Hanshin Holdings, Inc.		289,274


Shares			Fair Value

	Common Stocks, continued
	Road & Rail, continued
	20,000	Keihin Electric Express Railway Co., Ltd.	$	150,899
	24,000	Keio Corp.		171,679
	13,000	Keisei Electric Railway Co., Ltd.		154,554
	79,000	Kintetsu Corp.		269,002
	64,500	MTR Corp., Ltd.		299,309
	40,000	Nagoya Railroad Co., Ltd.		149,606
	39,000	Nippon Express Co., Ltd.		191,694
	26,000	Odakyu Electric Railway Co., Ltd.		242,705
	43,000	Tobu Railway Co., Ltd.		184,708
	47,000	Tokyu Corp.		314,719
	7,000	West Japan Railway Co.		447,923

				6,353,902

	Semiconductors & Semiconductor Equipment (0.7%):
	6,800	Advantest Corp.^		70,716
	60,948	ARM Holdings plc		997,282
	11,000	ASM Pacific Technology, Ltd.		108,594
	14,976	ASML Holding NV		1,554,679
	49,142	Infineon Technologies AG		609,721
	4,700	ROHM Co., Ltd.		314,253
	26,926	STMicroelectronics NV		220,393
	7,500	Tokyo Electron, Ltd.		473,586

				4,349,224

	Software (1.0%):
	2,200	Colopl, Inc.^		44,433
	5,641	Dassault Systemes SA		410,017
	3,591	Gemalto NV		320,495
	17,700	Gungho Online Enetertainment, Inc.^		68,829
	4,300	Konami Corp.		80,247
	5,900	Nexon Co., Ltd.		81,112
	2,676	NICE Systems, Ltd.		170,431
	4,600	Nintendo Co., Ltd.		768,133
	1,700	Oracle Corp.		70,997
	46,102	Sage Group plc		371,124
	42,178	SAP AG		2,938,580
	4,700	Trend Micro, Inc.		161,825

				5,486,223

	Specialty Retail (1.1%):
	1,300	ABC-Mart, Inc.		79,458
	41,606	Dixons Carphone plc		296,197
	1,152	Dufry AG, Registered Shares*		160,253
	2,300	Fast Retailing Co., Ltd.		1,043,414
	41,011	Hennes & Mauritz AB, B Shares^		1,577,450
	800	Hikari Tsushin, Inc.		53,851
	47,171	Industria de Diseno Textil SA		1,538,083
	98,227	Kingfisher plc		535,025
	3,300	Nitori Co., Ltd.		268,411
	2,600	Sanrio Co., Ltd.^		70,576
	1,000	Shimamura Co., Ltd.		104,869
	11,797	Sports Direct International*		133,012
	10,000	USS Co., Ltd.		180,226
	28,700	Yamada Denki Co., Ltd.^		114,745

				6,155,570


Shares			Fair Value

	Common Stocks, continued
	Technology Hardware, Storage & Peripherals (0.6%):
	9,400	Brother Industries, Ltd.	$	133,000
	46,200	Canon, Inc.		1,499,346
	19,700	Fujifilm Holdings Corp.		703,497
	20,200	Konica Minolta Holdings, Inc.		236,454
	110,000	NEC Corp.		333,211
	29,900	Ricoh Co., Ltd.		309,937
	14,287	Seek, Ltd.		154,122
	12,600	Seiko Epson Corp.		223,238

				3,592,805

	Textiles, Apparel & Luxury Goods (1.6%):
	8,891	Adidas AG		680,338
	6,600	ASICS Corp.		171,565
	19,569	Burberry Group plc		483,641
	2,375	Christian Dior SA		463,277
	22,531	Compagnie Financiere Richemont SA, Registered Shares		1,837,085
	1,123	Hermes International SA		418,639
	2,871	Hugo Boss AG		320,728
	3,358	Kering		598,913
	244,000	Li & Fung, Ltd.^		193,302
	7,393	Luxottica Group SpA		491,845
	12,106	LVMH Moet Hennessy Louis Vuitton SA		2,118,948
	5,063	Pandora A/S		543,243
	1,355	Swatch Group AG (The)^		528,591
	2,187	Swatch Group AG (The), Registered Shares		163,872
	36,000	Yue Yuen Industrial Holdings, Ltd.		120,116

				9,134,103

	Tobacco (1.4%):
	80,521	British American Tobacco plc		4,326,743
	41,200	Imperial Tobacco Group plc		1,988,726
	47,600	Japan Tobacco, Inc.		1,694,207
	8,749	Swedish Match AB, Class B		248,664

				8,258,340

	Trading Companies & Distributors (1.2%):
	21,555	Ashtead Group plc		372,707
	6,530	Brenntag AG		374,224
	14,586	Bunzl plc		398,700
	68,800	ITOCHU Corp.		908,290
	73,300	Marubeni Corp.		420,015
	59,900	Mitsubishi Corp.		1,315,552
	74,700	Mitsui & Co., Ltd.		1,013,159
	185,290	Noble Group, Ltd.		104,545
	12,472	Rexel SA		201,336
	47,900	Sumitomo Corp.		556,385
	9,100	Toyota Tsushu Corp.		244,081
	10,458	Travis Perkins plc		346,417
	11,236	Wolseley plc		716,400

				6,971,811

	Transportation Infrastructure (0.4%):
	20,242	Abertis Infraestructuras SA		331,636
	2,926	Aena SA*		306,521
	1,387	Aeroports de Paris^		156,616
	18,704	Atlantia SpA		461,554


Shares or Principal Amount			Fair Value

	Common Stocks, continued
	Transportation Infrastructure, continued
	38,527	Auckland International Airport, Ltd.	$	128,702
	1,655	Fraport AG		103,907
	19,780	Groupe Eurotunnel SA		286,251
	239,400	Hutchison Port Holdings Trust		150,716
	1,600	Japan Airport Terminal Co., Ltd.^		87,093
	10,000	Kamigumi Co., Ltd.		93,718
	5,000	Mitsubishi Logistics Corp.		65,655
	44,031	Sydney Airport		168,303
	81,683	Transurban Group		582,807

				2,923,479

	Water Utilities (0.1%):
	10,249	Severn Trent plc		334,815
	30,898	United Utilities Group plc		432,837

				767,652

	Wireless Telecommunication Services (1.7%):
	75,600	KDDI Corp.		1,818,392
	2,760	Millicom International Cellular SA, SDR		203,458
	66,500	NTT DoCoMo, Inc.		1,272,568
	41,700	SoftBank Group Corp.		2,454,492
	26,002	StarHub, Ltd.		76,170
	13,115	Tele2 AB		152,320
	1,145,155	Vodafone Group plc		4,175,171

				10,152,571

	Total Common Stocks (Cost $435,993,927)			559,932,231

	Preferred Stocks (0.6%):
	Automobiles (0.4%):
	2,298	Bayerische Motoren Werke AG (BMW), Preferred Shares		194,447
	6,735	Porsche Automobil Holding SE, Preferred Shares		567,139
	7,113	Volkswagen AG, Preferred Shares^		1,648,697

				2,410,283

	Household Products (0.2%):
	7,811	Henkel AG & Co. KGaA, Preferred Shares		875,846

	Total Preferred Stocks (Cost $2,088,736)			3,286,129

	Rights (0.0%):
	Aerospace & Defense (0.0%):
	18,477,627	Rolls-Royce Holdings plc*		—

	Distributors (0.0%):
	488	Jardine Cycle & Carriage, Ltd.*		2,573

	Machinery (0.0%):
	7,826	Zardoya Otis SA*		3,411

	Oil Gas & Consumable Fuels (0.0%):
	44,273	Repsol SA*^		22,949

	Real Estate Management & Development (0.0%):
	14,179	Deutsche Annington Immobilien SE*		21,664

	Total Rights (Cost $—)			50,597

	Securities Held as Collateral for Securities on Loan (2.9%):
$	16,791,315	Allianz Variable Insurance Products Securities Lending Collateral Trust(c)		16,791,315

	Total Securities Held as Collateral for Securities on Loan (Cost $16,791,315)			16,791,315

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	452,974,289
Investments in affiliates, at cost		2,227,656

Total Investment securities, at cost	$	455,201,945

Investments in non-affiliates, at value	$	577,315,133
Investments in affiliates, at value		3,073,106

Total Investment securities, at value^*	$	580,388,239
Cash		1,753
Segregated cash for collateral		553,443
Interest and dividends receivable		1,479,676
Foreign currency, at value (cost $8,568,981)		8,558,735
Receivable for capital shares issued		149,168
Receivable for investments sold		224,359
Receivable for variation margin on futures contracts		21,012
Reclaims receivable		901,408
Prepaid expenses		1,405

Total Assets		592,279,198

Liabilities:
Payable for investments purchased		210,063
Payable for capital shares redeemed		3,224
Payable for collateral received on loaned securities		16,791,315
Payable for variation margin on futures contracts		68,113
Manager fees payable		168,638
Administration fees payable		22,917
Distribution fees payable		120,456
Custodian fees payable		66,765
Trustee fees payable		1,372
Other accrued liabilities		152,186

Total Liabilities		17,605,049

Net Assets	$	574,674,149

Net Assets Consist of:
Capital	$	493,727,798
Accumulated net investment income/(loss)		33,774,252
Accumulated net realized gains/(losses) from investment transactions		(77,936,069	)
Net unrealized appreciation/(depreciation) on investments		125,108,168

Net Assets	$	574,674,149

Shares of beneficial interest (unlimited number of shares authorized, no par value)		35,482,685
Net Asset Value (offering and redemption price per share)	$	16.20

*	Includes securities on loan of $14,332,111.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	16,916,859
Dividends from affiliates		149,468
Income from securities lending		278,501
Foreign withholding tax		(2,052,387	)

Total Investment Income		15,292,441

Expenses:
Manager fees		1,373,008
Administration fees		179,986
Distribution fees		980,722
Custodian fees		160,755
Administrative and compliance services fees		4,987
Trustee fees		19,101
Professional fees		19,684
Shareholder reports		8,129
Other expenses		119,142

Total expenses		2,865,514

Net Investment Income/(Loss)		12,426,927

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		25,983,899
Net realized gains/(losses) on futures contracts		1,021,138
Change in net unrealized appreciation/depreciation on investments		28,107,322

Net Realized/Unrealized Gains/(Losses) on Investments		55,112,359

Change in Net Assets Resulting From Operations	$	67,539,286

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL International Index Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $27,575 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2015, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $10.3 million as of June 30, 2015. The monthly average notional amount for these contracts was $9.3 million for the period ended June 30, 2015. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $4,746 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $461,564,490. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Invesco Equity and Income Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (64.1%):
	Aerospace & Defense (1.0%):
	91,224	General Dynamics Corp.	$	12,925,529

	Automobiles (0.7%):
	294,966	General Motors Co.		9,831,217

	Banks (12.6%):
	1,333,559	Bank of America Corp.		22,697,173
	195,476	BB&T Corp.^		7,879,638
	768,873	Citigroup, Inc.		42,472,544
	422,590	Citizens Financial Group, Inc.		11,540,933
	189,684	Comerica, Inc.		9,734,583
	439,688	Fifth Third Bancorp		9,154,304
	392,359	First Horizon National Corp.^		6,148,266
	628,476	JPMorgan Chase & Co.		42,585,533
	173,224	PNC Financial Services Group, Inc.		16,568,876

				168,781,850

	Biotechnology (0.5%):
	42,126	Amgen, Inc.		6,467,184

	Capital Markets (5.1%):
	323,334	Charles Schwab Corp. (The)		10,556,855
	50,944	Goldman Sachs Group, Inc. (The)		10,636,598
	569,550	Morgan Stanley		22,092,844
	130,269	Northern Trust Corp.		9,960,368
	175,196	State Street Corp.		13,490,091

				66,736,756

	Chemicals (0.7%):
	95,302	Dow Chemical Co. (The)		4,876,603
	105,383	Mosaic Co. (The)		4,937,194

				9,813,797

	Commercial Services & Supplies (0.7%):
	231,410	Tyco International plc		8,904,657

	Communications Equipment (1.0%):
	507,830	Cisco Systems, Inc.		13,945,012

	Diversified Financial Services (1.5%):
	65,390	CME Group, Inc.		6,085,193
	297,669	Voya Financial, Inc.		13,832,679

				19,917,872

	Diversified Telecommunication Services (1.1%):
	141,663	France Telecom SA^		2,191,653
	633,723	Koninklijke (Royal) KPN NV		2,431,847
	1,323,477	Telecom Italia SpA*^		1,678,594
	100,559	Telefonica SA		1,432,930
	149,540	Verizon Communications, Inc.		6,970,059

				14,705,083

	Electric Utilities (0.3%):
	139,669	FirstEnergy Corp.		4,546,226

	Electronic Equipment, Instruments & Components (0.6%):
	416,879	Corning, Inc.		8,225,023

	Energy Equipment & Services (1.0%):
	148,855	Baker Hughes, Inc.		9,184,354


Shares			Fair Value
	Common Stocks, continued
	Energy Equipment & Services, continued
	182,217	Ensco plc, Class A, ADR^	$	4,057,973

				13,242,327

	Food & Staples Retailing (0.9%):
	172,977	Wal-Mart Stores, Inc.		12,269,259

	Food Products (1.5%):
	204,078	Archer-Daniels-Midland Co.		9,840,641
	262,604	Mondelez International, Inc., Class A		10,803,529

				20,644,170

	Health Care Equipment & Supplies (1.5%):
	119,009	Baxter International, Inc.		8,322,299
	153,333	Medtronic plc		11,361,976

				19,684,275

	Health Care Providers & Services (1.7%):
	55,513	Anthem, Inc.		9,111,904
	83,036	Express Scripts Holding Co.*^		7,385,222
	57,635	UnitedHealth Group, Inc.		7,031,470

				23,528,596

	Hotels, Restaurants & Leisure (1.1%):
	312,956	Carnival Corp.		15,456,897

	Household Products (0.7%):
	124,646	Procter & Gamble Co. (The)		9,752,303

	Industrial Conglomerates (2.0%):
	1,017,978	General Electric Co.		27,047,675

	Insurance (2.0%):
	97,296	Aon plc		9,698,465
	170,891	Marsh & McLennan Cos., Inc.		9,689,520
	172,786	Willis Group Holdings plc		8,103,663

				27,491,648

	Internet Software & Services (1.1%):
	246,610	eBay, Inc.*		14,855,786

	IT Services (0.8%):
	193,034	Amdocs, Ltd.		10,537,726

	Machinery (1.3%):
	78,242	Caterpillar, Inc.^		6,636,486
	166,731	Ingersoll-Rand plc		11,241,004

				17,877,490

	Media (3.4%):
	41,302	CBS Corp., Class B		2,292,261
	257,542	Comcast Corp., Class A		15,488,575
	181,733	Thomson Reuters Corp.		6,921,222
	57,073	Time Warner Cable, Inc., Class A		10,168,696
	64,899	Time Warner, Inc., Class A		5,672,822
	86,599	Viacom, Inc., Class B		5,597,759

				46,141,335

	Multiline Retail (1.3%):
	211,789	Target Corp.^		17,288,336

	Multi-Utilities (0.4%):
	113,066	PG&E Corp.		5,551,541


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels (5.0%):
	75,244	Anadarko Petroleum Corp.	$	5,873,547
	175,242	Apache Corp.		10,099,196
	266,069	Canadian Natural Resources, Ltd.		7,226,986
	94,670	Exxon Mobil Corp.		7,876,544
	98,140	Occidental Petroleum Corp.		7,632,348
	654,813	Royal Dutch Shell plc, A Shares		18,406,515
	208,075	Total SA		10,123,067

				67,238,203

	Pharmaceuticals (5.1%):
	137,426	Eli Lilly & Co.^		11,473,697
	272,685	Merck & Co., Inc.		15,523,957
	122,953	Novartis AG, Registered Shares		12,147,665
	5,907	Novartis AG, ADR		580,894
	272,994	Pfizer, Inc.		9,153,489
	95,981	Sanofi-Aventis SA		9,467,976
	182,030	Teva Pharmaceutical Industries, Ltd., ADR		10,757,973

				69,105,651

	Road & Rail (0.7%):
	284,250	CSX Corp.		9,280,763

	Semiconductors & Semiconductor Equipment (2.0%):
	500,594	Applied Materials, Inc.		9,621,417
	138,573	Broadcom Corp., Class A		7,135,124
	335,094	Intel Corp.		10,191,883

				26,948,424

	Software (2.7%):
	93,418	Adobe Systems, Inc.*		7,567,792
	105,928	Citrix Systems, Inc.*		7,431,908
	220,837	Microsoft Corp.		9,749,954
	468,879	Symantec Corp.		10,901,437

				35,651,091

	Technology Hardware, Storage & Peripherals (0.5%):
	221,695	NetApp, Inc.		6,996,694

	Tobacco (0.9%):
	143,472	Philip Morris International, Inc.		11,502,150

	Wireless Telecommunication Services (0.7%):
	252,806	Vodafone Group plc, ADR		9,214,779

	Total Common Stocks (Cost $684,836,486)			862,107,325

	Convertible Preferred Stocks (0.6%):
	Banks (0.2%):
	13,608	KeyCorp, Series A		1,782,648
	10,000	Wells Fargo & Co.		255,000

				2,037,648

	Capital Markets (0.3%):
	60,000	AMG Capital Trust II, 1.07%^		3,611,250
	17,135	State Street Corp., Series D, 0.92%^		439,855

				4,051,105

	Oil, Gas & Consumable Fuels (0.1%):
	27,346	El Paso Energy Capital Trust I		1,525,393

	Total Convertible Preferred Stocks (Cost $6,666,972)			7,614,146


Notional Amount or Principal Amount			Fair Value
	Convertible Bonds (7.0%):
	Air Freight & Logistics (0.2%):
$	2,839,000	UTI Worldwide, Inc., 4.50%, 3/1/19	$	2,899,329

	Biotechnology (0.3%):
	2,822,000	BioMarin Pharmaceutical, Inc., 1.50%, 10/15/20		4,494,035

	Capital Markets (0.7%):
	1,200,000	Goldman Sachs Group, Inc. (The), 1.00%, 3/15/17(a)		1,738,488
	4,530,000	Goldman Sachs Group, Inc. (The), 1.00%, 9/28/20(a)		4,814,166
	2,932,000	Jefferies Group, 3.88%, 11/1/29, Callable 11/1/17 @ 100		2,992,473

				9,545,127

	Communications Equipment (0.4%):
	1,340,000	Ciena Corp., 4.00%, 12/15/20(a)		1,883,538
	4,025,000	JDS Uniphase Corp., 0.63%, 8/15/33, Callable 8/20/18 @ 200^		3,952,046

				5,835,584

	Energy Equipment & Services (0.2%):
	2,258,000	Helix Energy Solutions Group, Inc., 3.25%, Callable 3/20/18 @ 200^+		2,139,455

	Health Care Equipment & Supplies (0.3%):
	1,899,000	NuVasive, Inc., 2.75%, 7/1/17		2,411,730
	2,003,000	Wright Medical Group, Inc., 2.00%, 2/15/20(a)		2,125,684

				4,537,414

	Health Care Providers & Services (0.5%):
	2,281,000	Brookdale Senior Living, Inc., 2.75%, 6/15/18^		2,975,280
	2,875,000	HealthSouth Corp., 2.00%, 12/1/43, Callable 12/1/18 @ 100^		3,656,640

				6,631,920

	Insurance (0.5%):
	1,761,000	Old Republic International Corp., 3.75%, 3/15/18		2,079,081
	1,295,000	Radian Group, Inc., 3.00%, 11/15/17^		2,151,318
	1,141,000	Radian Group, Inc., 2.25%, 3/1/19		2,024,562

				6,254,961

	Internet & Catalog Retail (0.3%):
	2,189,000	Liberty Interactive LLC, 0.75%, 3/30/43, Callable 4/5/23 @ 200		3,484,614

	Media (0.5%):
	5,810,000	Liberty Media Corp., 1.38%, 10/15/23^(a)		5,519,500
	1,073,000	Live National Entertainment, Inc., 2.50%, 5/15/19		1,155,487

				6,674,987

	Oil, Gas & Consumable Fuels (0.4%):
	3,514,000	Cobalt International Energy, Inc., 2.63%, 12/1/19		2,593,771


Notional Amount or Principal Amount			Fair Value
	Convertible Bonds, continued
	Oil, Gas & Consumable Fuels, continued
$	3,337,000	Stone Energy Corp., 1.75%, 3/1/17^	$	3,047,098

				5,640,869

	Pharmaceuticals (0.1%):
	1,327,000	Jazz Pharmaceuticals, Inc., 1.88%, 8/15/21^(a)		1,543,467

	Semiconductors (0.2%):
	1,760,000	Microchip Technology, Inc., 1.63%, 2/15/25(a)		1,775,400
	1,516,000	ON Semiconductor Corp., 1.00%, 12/1/20^(a)		1,499,893

				3,275,293

	Semiconductors & Semiconductor Equipment (0.9%):
	2,824,000	Lam Research Corp., 1.25%, 5/15/18^		4,004,786
	2,730,000	Micron Technology, Inc., Series G, 3.00%, Callable 11/20/18 @ 166.08^		2,465,531
	4,377,000	NVIDIA Corp., 1.00%, 12/1/18^(a)		5,014,401

				11,484,718

	Software (0.7%):
	5,444,000	Citrix Systems, Inc., 0.50%, 4/15/19^		5,750,225
	450,000	FireEye, Inc., Series A, 1.00%, 6/1/35, Callable 6/1/20 @ 100(a)		480,375
	394,000	FireEye, Inc., Series B, 1.63%, 6/1/35, Callable 6/1/22 @ 100(a)		420,103
	2,055,000	NetSuite, Inc., 0.25%, 6/1/18		2,139,768

				8,790,471

	Technology Hardware, Storage & Peripherals (0.3%):
	4,379,000	SanDisk Corp., 0.50%, 10/15/20^		4,244,893

	Thrifts & Mortgage Finance (0.5%):
	3,438,000	MGIC Investment Corp., 5.00%, 5/1/17		3,930,064
	1,557,000	MGIC Investment Corp., 2.00%, 4/1/20^		2,592,405

				6,522,469

	Total Convertible Bonds (Cost $87,432,743)			93,999,606

	Corporate Bonds (9.7%):
	Aerospace & Defense (0.1%):
	655,000	Boeing Capital Corp., 2.13%, 8/15/16, Callable 7/15/16 @ 100		665,355
	380,000	L-3 Communications Holdings Corp., 3.95%, 5/28/24, Callable 2/28/24 @ 100^		369,381
	185,000	Northrop Grumman Corp., 3.85%, 4/15/45, Callable 10/15/44 @ 100		162,777
	200,000	Precision Castparts Corp., 2.50%, 1/15/23, Callable 10/15/22 @ 100		191,721

				1,389,234

	Air Freight & Logistics (0.1%):
	360,000	FedEx Corp., 4.90%, 1/15/34		373,208
	745,000	FedEx Corp., 5.10%, 1/15/44		768,522

				1,141,730

	Airlines (0.1%):
	397,984	American Airlines 14-1, Series A, 3.70%, 10/1/26		393,009


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Airlines, continued
$	83,925	Continental Airlines 2010-A, Series A, 4.75%, 1/12/21	$	89,170
	270,469	Continental Airlines 2012-A, Series A, 4.15%, 4/11/24		279,259
	55,665	Delta Air Lines, Inc., 6.20%, 7/2/18		60,257
	490,000	United Airlines 2014-2, Series A, 3.75%, 3/3/28		485,100

				1,306,795

	Automobiles (0.0%):
	550,000	Ford Motor Co., 4.75%, 1/15/43^		533,281

	Banks (0.9%):
	330,000	Bank of America Corp., 1.25%, 1/11/16, MTN		330,808
	295,000	Bank of America Corp., 5.75%, 12/1/17		321,367
	175,000	Bank of America Corp., 5.65%, 5/1/18, MTN		192,239
	795,000	BB&T Corp., 3.20%, 3/15/16, Callable 2/16/16 @ 100, MTN^		806,882
	2,665,000	Fifth Third BanCorp, 3.63%, 1/25/16		2,704,278
	215,000	JPMorgan Chase & Co., 4.50%, 1/24/22		230,410
	995,000	JPMorgan Chase & Co., Series X, 6.10%, 10/29/49, Callable 10/1/24 @ 100^(b)		998,483
	570,000	JPMorgan Chase & Co., Series V, 5.00%, 12/29/49, Callable 7/1/19 @ 100		557,888
	680,000	JPMorgan Chase & Co., Series Z, 5.30%, 12/31/49, Callable 5/1/20 @ 100(b)		674,968
	1,570,000	PNC Bank NA, Series BKNT, 1.30%, 10/3/16, Callable 9/3/16 @ 100		1,576,603
	250,000	U.S. Bank NA, 2.28%, 4/29/20, Callable 7/29/15 @ 100(b)		250,257
	110,000	Wells Fargo & Co., 1.50%, 1/16/18^		109,794
	405,000	Wells Fargo & Co., 4.10%, 6/3/26^		406,707
	1,200,000	Wells Fargo & Co., 4.65%, 11/4/44		1,150,188
	1,385,000	Wells Fargo & Co., 3.90%, 5/1/45		1,246,435

				11,557,307

	Beverages (0.3%):
	175,000	Anheuser-Busch InBev NV Worldwide, Inc., 0.80%, 7/15/15		175,019
	175,000	Brown-Forman Corp., 2.25%, 1/15/23, Callable 10/15/22 @ 100		164,842
	500,000	Coca-Cola Co. (The), 1.80%, 9/1/16		506,044
	2,460,000	PepsiCo, Inc., 2.50%, 5/10/16		2,498,587
	486,000	PepsiCo, Inc., 3.60%, 3/1/24, Callable 12/1/23 @ 100		499,989

				3,844,481

	Biotechnology (0.2%):
	335,000	Celgene Corp., 4.00%, 8/15/23		342,648
	1,220,000	Celgene Corp., 4.63%, 5/15/44, Callable 11/15/43 @ 100		1,164,155
	560,000	Gilead Sciences, Inc., 2.05%, 4/1/19^		563,178

				2,069,981


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Capital Markets (0.3%):
$	380,000	Apollo Management Holdings LP, 4.00%, 5/30/24(a)	$	380,511
	120,000	Bear Stearns Co., Inc., 7.25%, 2/1/18		135,939
	1,040,000	Ford Motor Credit Co. LLC, 2.50%, 1/15/16		1,048,404
	115,000	Goldman Sachs Group, Inc. (The), 6.15%, 4/1/18		127,866
	520,000	Goldman Sachs Group, Inc. (The), 2.63%, 1/31/19^		526,436
	175,000	Goldman Sachs Group, Inc. (The), 5.25%, 7/27/21		194,341
	140,000	Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37		164,213
	298,000	KKR Group Finance Co. III LLC, 5.13%, 6/1/44, Callable 1/1/44 @ 100(a)		285,708
	235,000	Morgan Stanley, 4.00%, 7/24/15		235,393
	295,000	Morgan Stanley, 3.45%, 11/2/15		297,675
	365,000	Morgan Stanley, 6.38%, 7/24/42		448,144
	90,000	National Rural Utilities Cooperative Finance Corp., 3.05%, 2/15/22, Callable 11/15/21 @ 100		91,050

				3,935,680

	Chemicals (0.1%):
	749,000	Eastman Chemical Co., 2.70%, 1/15/20, Callable 12/15/19 @ 100		746,570
	275,000	Monsanto Co., 2.13%, 7/15/19		273,035
	190,000	Monsanto Co., 3.38%, 7/15/24, Callable 4/15/24 @ 100^		181,473

				1,201,078

	Commercial Services & Supplies (0.1%):
	430,000	Pitney Bowes, Inc., 4.63%, 3/15/24, Callable 12/15/23 @ 100		433,689
	457,000	Waste Management, Inc., 3.90%, 3/1/35, Callable 9/1/34 @ 100		419,026

				852,715

	Communications Equipment (0.0%):
	448,000	QUALCOMM, Inc., 3.00%, 5/20/22		444,963

	Consumer Finance (0.5%):
	318,000	American Express Co., 3.63%, 12/5/24, Callable 11/4/24 @ 100		309,408
	2,130,000	American Express Credit Corp., 2.75%, 9/15/15		2,138,243
	1,710,000	Capital One Financial Corp., 1.00%, 11/6/15		1,707,420
	500,000	HSBC Finance Corp., 5.50%, 1/19/16		512,130
	1,112,000	Lazard Group LLC, 3.75%, 2/13/25		1,058,229
	1,275,000	Santander Holdings USA, 3.00%, 9/24/15, Callable 8/24/15 @ 100		1,278,519

				7,003,949

	Containers & Packaging (0.1%):
	831,000	Packaging Corp. of America, 4.50%, 11/1/23, Callable 8/1/23 @ 100		857,007


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Diversified Financial Services (0.2%):
$	551,000	Bayer US Finance LLC, 3.00%, 10/8/21(a)	$	555,009
	595,000	Citigroup, Inc., 6.68%, 9/13/43^		720,628
	220,000	Citigroup, Inc., 5.30%, 5/6/44^		223,966
	65,000	JPMorgan Chase & Co., 6.30%, 4/23/19		74,466
	185,000	JPMorgan Chase & Co., Series S, 6.75%, 12/31/49, Callable 2/1/24 @ 100, Perpetual Bond^(b)		197,660
	785,000	Moody’s Corp., 4.50%, 9/1/22, Callable 6/1/22 @ 100		836,163
	500,000	Moody’s Corp., 4.88%, 2/15/24, Callable 11/15/23 @ 100^		537,019

				3,144,911

	Diversified Telecommunication Services (0.2%):
	405,000	Verizon Communications, Inc., 5.15%, 9/15/23		443,411
	1,075,000	Verizon Communications, Inc., 6.40%, 9/15/33		1,231,885
	305,000	Verizon Communications, Inc., 4.40%, 11/1/34, Callable 5/1/34 @ 100		282,357
	498,000	Verizon Communications, Inc., 5.01%, 8/21/54(a)		456,958

				2,414,611

	Electric Utilities (0.2%):
	955,000	Southern Co. (The), Series A, 2.38%, 9/15/15		958,376
	1,035,000	Spectra Energy Partners LP, 2.95%, 6/15/16, Callable 5/15/16 @ 100		1,049,536
	522,000	Spectra Energy Partners LP, 4.50%, 3/15/45, Callable 9/15/44 @ 100^		462,440

				2,470,352

	Electrical Equipment (0.0%):
	405,000	Eaton Corp., 0.95%, 11/2/15		405,263

	Energy Equipment & Services (0.1%):
	351,000	Rowan Cos., Inc., 5.40%, 12/1/42, Callable 6/1/42 @ 100		286,070
	609,000	Rowan Cos., Inc., 5.85%, 1/15/44, Callable 7/15/43 @ 100^		515,550

				801,620

	Food & Beverage (0.2%):
	885,000	General Mills, Inc., 0.88%, 1/29/16		885,735
	795,000	General Mills, Inc., 2.20%, 10/21/19^		790,416
	1,054,000	HJ Heinz Co., 1.60%, 6/30/17(a)		1,054,107

				2,730,258

	Food & Staples Retailing (0.1%):
	85,000	Corn Products International, Inc., 6.63%, 4/15/37		101,092
	335,000	CVS Caremark Corp., 3.38%, 8/12/24, Callable 5/12/24 @ 100		329,150
	1,170,000	Kraft Foods, Inc., 4.13%, 2/9/16		1,192,226


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Food & Staples Retailing, continued
$	315,000	Wal-Mart Stores, Inc., 3.30%, 4/22/24, Callable 1/22/24 @ 100	$	318,715

				1,941,183

	Food Products (0.2%):
	2,185,000	Bunge, Ltd. Finance Corp., 5.10%, 7/15/15		2,186,968
	193,000	Tyson Foods, Inc., 4.88%, 8/15/34, Callable 2/15/34 @ 100		194,205
	199,000	Tyson Foods, Inc., 5.15%, 8/15/44, Callable 2/15/43 @ 100^		204,631

				2,585,804

	Health Care Equipment & Supplies (0.3%):
	297,000	Becton, Dickinson & Co., 2.68%, 12/15/19		297,225
	465,000	Becton, Dickinson & Co., 3.88%, 5/15/24, Callable 2/15/24 @ 100		466,810
	370,000	Becton, Dickinson & Co., 4.88%, 5/15/44, Callable 11/15/43 @ 100		368,931
	525,000	Edwards Lifesciences Corp., 2.88%, 10/15/18		537,200
	1,017,000	Medtronic, Inc., 3.15%, 3/15/22(a)		1,021,556
	361,000	Medtronic, Inc., 4.38%, 3/15/35(a)		358,229
	290,000	Medtronic, Inc., 4.00%, 4/1/43, Callable 10/1/42 @ 100^		267,641
	465,000	Medtronic, Inc., 4.63%, 3/15/44, Callable 9/15/43 @ 100		468,751

				3,786,343

	Health Care Providers & Services (0.4%):
	220,000	Aetna, Inc., 3.95%, 9/1/20		233,237
	840,000	Express Scripts Holding Co., 2.25%, 6/15/19^		833,199
	585,000	Laboratory Corp. of America, 3.20%, 2/1/22		576,748
	256,000	Laboratory Corp. of America, 4.70%, 2/1/45, Callable 8/1/44 @ 100		234,485
	950,000	McKesson Corp., 2.28%, 3/15/19^		949,726
	1,910,000	WellPoint, Inc., 1.25%, 9/10/15		1,911,054

				4,738,449

	Hotels, Restaurants & Leisure (0.0%):
	305,000	Wyndham Worldwide Corp., 2.95%, 3/1/17, Callable 2/1/17 @ 100		309,604

	Household Durables (0.0%):
	635,000	MDC Holdings, Inc., 6.00%, 1/15/43, Callable 10/15/42 @ 100		533,400

	Household Products (0.1%):
	695,000	Tupperware Brands Corp., 4.75%, 6/1/21, Callable 6/1/21 @ 100		733,149

	Independent Power and Renewable Electricity Producers (0.2%):
	175,000	Louisville Gas & Electric Co., 1.63%, 11/15/15		175,564
	1,270,000	NextEra Energy, Inc., 2.60%, 9/1/15		1,273,584
	520,000	Oglethorpe Power Corp., 4.55%, 6/1/44		512,294
	125,000	Ohio Power Co., Series M, 5.38%, 10/1/21		142,522

				2,103,964


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Industrial Conglomerates (0.1%):
$	1,760,000	General Electric Co., 0.85%, 10/9/15	$	1,762,575

	Insurance (0.5%):
	1,000,000	American Financial Group, Inc., 9.88%, 6/15/19		1,253,850
	345,000	American International Group, Inc., 2.30%, 7/16/19, Callable 6/16/19 @ 100^		344,384
	695,000	American International Group, Inc., 4.38%, 1/15/55, Callable 7/15/54 @ 100		618,992
	205,000	Berkley (WR) Corp., 4.63%, 3/15/22^		217,963
	115,000	CNA Financial Corp., 5.88%, 8/15/20		131,012
	870,000	Farmers Exchange Capital III, 5.45%, 10/15/54, Callable 10/15/34 @ 100^(a)(b)		850,425
	660,000	Liberty Mutual Group, Inc., 4.85%, 8/1/44(a)		637,687
	210,000	Markel Corp., 5.00%, 3/30/43		206,474
	295,000	Marsh & McLennan Cos., Inc., 4.05%, 10/15/23, Callable 7/15/23 @ 100		307,913
	860,000	Nationwide Financial Services, Inc., 5.30%, 11/18/44(a)		844,437
	80,000	Prudential Financial, Inc., Series D, 4.75%, 9/17/15, MTN		80,619
	35,000	Prudential Financial, Inc., 6.63%, 12/1/37, MTN		42,218
	280,000	Prudential Financial, Inc., 5.10%, 8/15/43, MTN		287,902
	560,000	Reinsurance Group of America, Inc., 4.70%, 9/15/23		594,296
	440,000	Travelers Cos., Inc. (The), 4.60%, 8/1/43		455,291

				6,873,463

	Internet & Catalog Retail (0.2%):
	1,395,000	Amazon.com, Inc., 0.65%, 11/27/15		1,395,045
	795,000	QVC, Inc., 5.45%, 8/15/34, Callable 2/15/34 @ 100		721,418

				2,116,463

	IT Services (0.0%):
	315,000	Computer Sciences Corp., 4.45%, 9/15/22		323,342

	Machinery (0.0%):
	655,000	Deere & Co., 2.60%, 6/8/22, Callable 3/8/22 @ 100^		644,509

	Media (0.6%):
	135,000	Comcast Corp., 5.70%, 5/15/18		150,177
	415,000	Comcast Corp., 4.25%, 1/15/33^		405,294
	705,000	Comcast Corp., 4.40%, 8/15/35, Callable 2/15/35 @ 100		700,045
	245,000	Comcast Corp., 6.45%, 3/15/37		302,770
	1,520,000	Cox Communications, Inc., 8.38%, 3/1/39(a)		1,937,702
	240,000	Cox Communications, Inc., 4.70%, 12/15/42(a)		205,315
	2,185,000	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.15%, 3/15/42		2,055,652
	200,000	Interpublic Group of Cos., Inc., 2.25%, 11/15/17		201,675


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Media, continued
$	65,000	NBCUniversal Media LLC, 5.15%, 4/30/20	$	72,999
	75,000	NBCUniversal Media LLC, 5.95%, 4/1/41		87,866
	2,000,000	Time Warner Cable, Inc., 5.00%, 2/1/20		2,159,227
	328,000	Viacom, Inc., 4.85%, 12/15/34, Callable 6/15/34 @ 100		303,337

				8,582,059

	Metals & Mining (0.0%):
	72,000	Southern Copper Corp., 5.25%, 11/8/42		62,484

	Multiline Retail (0.0%):
	330,000	Dollar General Corp., 3.25%, 4/15/23, Callable 1/15/23 @ 100^		314,408

	Oil, Gas & Consumable Fuels (1.1%):
	1,390,000	Chevron Corp., 1.37%, 3/2/18		1,389,418
	335,000	Chevron Corp., 1.72%, 6/24/18, Callable 5/24/18 @ 100		336,998
	808,000	ConocoPhillips Co., 2.88%, 11/15/21, Callable 9/15/21 @ 100		815,017
	867,000	ConocoPhillips Co., 4.15%, 11/15/34, Callable 5/15/34 @ 100^		838,538
	405,000	Devon Energy Corp., 2.25%, 12/15/18, Callable 11/15/18 @ 100		406,098
	148,000	Devon Energy Corp., 3.25%, 5/15/22, Callable 2/15/22 @ 100		146,278
	385,000	Enable Midstream Partners LP, 2.40%, 5/15/19, Callable 4/15/19 @ 100(a)		372,029
	347,000	Energy Transfer Partners LP, 4.90%, 3/15/35, Callable 9/15/34 @ 100^		313,101
	2,095,000	Enterprise Products Operating LLC, 3.20%, 2/1/16		2,120,529
	55,000	Enterprise Products Operating LLC, 5.25%, 1/31/20		61,086
	75,000	Enterprise Products Partners LP, 6.50%, 1/31/19		85,508
	350,000	Enterprise Products Partners LP, 2.55%, 10/15/19, Callable 9/15/19 @ 100		349,900
	503,000	Kinder Morgan (Delaware), Inc., 5.30%, 12/1/34, Callable 6/1/34 @ 100		467,636
	2,020,000	Marathon Oil Corp., 0.90%, 11/1/15		2,019,496
	640,000	Noble Energy, Inc., 5.25%, 11/15/43, Callable 5/15/43 @ 100		623,526
	175,000	Plains All American Pipeline LP, 3.65%, 6/1/22, Callable 3/1/22 @ 100		176,148
	248,000	Southwestern Energy Co., 4.10%, 3/15/22, Callable 12/15/21 @ 100		243,271
	45,000	Spectra Energy Capital Corp., 7.50%, 9/15/38		51,092
	470,000	Sunoco Logistics Partners LP, 5.50%, 2/15/20		519,663
	710,000	Sunoco Logistics Partners LP, 5.30%, 4/1/44, Callable 10/1/43 @ 100		646,446
	45,000	Texas East Transmission, 7.00%, 7/15/32		55,851
	215,000	Valmont Industries, Inc., 5.00%, 10/1/44, Callable 4/1/44 @ 100		194,717


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
$	400,000	Valmont Industries, Inc., 5.25%, 10/1/54, Callable 4/1/54 @ 100	$	358,536
	830,000	Western Gas Partners LP, 5.45%, 4/1/44, Callable 10/1/43 @ 100		827,127
	755,000	Williams Partners LP, 5.40%, 3/4/44, Callable 9/4/43 @ 100		690,099
	858,000	Williams Partners LP, 5.10%, 9/15/45, Callable 3/15/45 @ 100^		758,017

				14,866,125

	Paper & Forest Products (0.0%):
	125,000	International Paper Co., 6.00%, 11/15/41, Callable 5/15/41 @ 100		134,766

	Pharmaceuticals (0.8%):
	2,055,000	AbbVie, Inc., 1.20%, 11/6/15		2,056,877
	701,000	AbbVie, Inc., 4.50%, 5/14/35, Callable 11/14/34 @ 100		685,790
	880,000	Allergan, Inc., 5.75%, 4/1/16		911,805
	1,370,000	Express Scripts, Inc., 3.13%, 5/15/16		1,392,506
	85,000	GlaxoSmithKline plc, 5.65%, 5/15/18		94,867
	75,000	Medco Health Solutions, Inc., 2.75%, 9/15/15		75,309
	1,880,000	Merck & Co., Inc., 0.70%, 5/18/16		1,879,944
	95,000	Merck & Co., Inc., 5.00%, 6/30/19		105,783
	567,000	Walgreens Boots Alliance, Inc., 3.30%, 11/18/21, Callable 9/18/21 @ 100		563,066
	418,000	Walgreens Boots Alliance, Inc., 4.50%, 11/18/34, Callable 5/18/34 @ 100^		393,060
	2,480,000	Zoetis, Inc., 1.15%, 2/1/16		2,480,547
	213,000	Zoetis, Inc., 4.70%, 2/1/43, Callable 8/1/42 @ 100		203,077

				10,842,631

	Professional Services (0.0%):
	490,000	Verisk Analytics, Inc., 5.50%, 6/15/45		481,914

	Real Estate Investment Trusts (REITs) (0.1%):
	410,000	HCP, Inc., 4.20%, 3/1/24, Callable 12/1/23 @ 100		410,819
	475,000	HCP, Inc., 3.88%, 8/15/24, Callable 5/15/24 @ 100		463,523
	125,000	Realty Income Corp., 2.00%, 1/31/18, Callable 12/31/17 @ 100		125,890
	185,000	Senior Housing Properties Trust, 4.30%, 1/15/16, Callable 10/15/15 @ 100		186,346
	95,000	Ventas Realty LP / Capital Corp., 4.25%, 3/1/22^		98,363
	155,000	Ventas Realty LP / Capital Corp., 5.70%, 9/30/43, Callable 3/30/43 @ 100		166,458

				1,451,399

	Real Estate Management & Development (0.0%):
	510,000	Piedmont Operating Partnership LP, 4.45%, 3/15/24, Callable 12/15/23 @ 100		512,437


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Road & Rail (0.3%):
$	1,370,000	Burlington Northern Santa Fe LLC, 5.15%, 9/1/43, Callable 3/1/43 @ 100	$	1,472,910
	140,000	CSX Corp., 5.50%, 4/15/41, Callable 10/15/40 @ 100		155,649
	845,000	ERAC USA Finance LLC, 2.35%, 10/15/19(a)		839,475
	18,000	Union Pacific Corp., 3.65%, 2/15/24, Callable 11/15/23 @ 100		18,529
	465,000	Union Pacific Corp., 4.85%, 6/15/44, Callable 12/15/43 @ 100^		496,128
	400,000	Union Pacific Corp., 4.15%, 1/15/45, Callable 7/15/44 @ 100		382,702

				3,365,393

	Semiconductors & Semiconductor Equipment (0.0%):
	585,000	Lam Research Corp., 3.80%, 3/15/25, Callable 12/15/24 @ 100		569,386

	Software (0.1%):
	75,000	Adobe Systems, Inc., 4.75%, 2/1/20^		82,582
	395,000	Microsoft Corp., 3.50%, 2/12/35, Callable 8/12/34 @ 100		361,107
	545,000	Oracle Corp., 4.30%, 7/8/34, Callable 1/8/34 @ 100		537,448

				981,137

	Specialty Retail (0.4%):
	520,000	Advance Auto Parts, Inc., 4.50%, 12/1/23, Callable 9/1/23 @ 100		536,790
	623,602	CVS Pass-Through Trust, 6.04%, 12/10/28		709,704
	1,400,000	O’Reilly Automotive, Inc., 4.88%, 1/14/21, Callable 10/14/20 @ 100		1,533,548
	365,000	Penske Truck Leasing Co. LP, 2.50%, 3/15/16(a)		367,552
	337,000	Ross Stores, Inc., 3.38%, 9/15/24, Callable 6/15/24 @ 100		332,620
	1,400,000	Target Corp., 5.88%, 7/15/16		1,475,093
	355,000	Target Corp., 2.90%, 1/15/22^		359,083
	15,000	Wal-Mart Stores, Inc., 6.50%, 8/15/37		19,277

				5,333,667

	Technology Hardware, Storage & Peripherals (0.1%):
	696,000	Apple, Inc., 2.15%, 2/9/22^		664,878
	694,000	Xerox Corp., 4.80%, 3/1/35^		656,490

				1,321,368

	Textiles, Apparel & Luxury Goods (0.0%):
	195,000	Cintas Corp., 2.85%, 6/1/16		197,493

	Tobacco (0.1%):
	410,000	Altria Group, Inc., 4.13%, 9/11/15		412,312
	310,000	Philip Morris International, Inc., 3.60%, 11/15/23^		314,661
	925,000	Philip Morris International, Inc., 4.88%, 11/15/43		957,046

				1,684,019


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Trading Companies & Distributors (0.0%):
$	395,000	Air Lease Corp., 4.25%, 9/15/24, Callable 6/15/24 @ 100^	$	392,038

	Utilities (0.1%):
	855,000	Georgia Power Co., 3.00%, 4/15/16		870,081

	Wireless Telecommunication Services (0.2%):
	510,000	AT&T, Inc., 3.00%, 6/30/22, Callable 4/30/22 @ 100		492,438
	535,000	AT&T, Inc., 3.40%, 5/15/25, Callable 2/15/25 @ 100		510,234
	1,000	AT&T, Inc., 8.00%, 11/15/31		1,357
	454,000	AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100		417,356
	28,000	AT&T, Inc., 5.35%, 9/1/40		27,566
	730,000	Crown Castle Towers LLC, 6.11%, 1/15/20(a)		831,188
	25,000	SBC Communications, Inc., 6.15%, 9/15/34		27,543
	120,000	Verizon Communications, Inc., 6.40%, 2/15/38		136,689

				2,444,371

	Total Corporate Bonds (Cost $131,648,964)			130,964,640

	Yankee Dollars (2.0%):
	Airlines (0.1%):
	760,901	Virgin Australia Holdings, Ltd., 5.00%, 10/23/23(a)		793,239

	Banks (0.9%):
	2,125,000	Abbey National Treasury Services, 4.00%, 4/27/16^		2,174,429
	1,910,000	ABN AMRO Bank NV, 1.38%, 1/22/16(a)		1,915,518
	930,000	Australia & New Zealand Banking Group, Ltd., 0.90%, 2/12/16		931,835
	430,000	Banco Inbursa SA, 4.13%, 6/6/24(a)		413,015
	175,000	Barclays Bank plc, 6.75%, 5/22/19		202,939
	615,000	BBVA Bancomer SA, 4.38%, 4/10/24(a)		622,380
	490,000	BNP Paribas, 4.25%, 10/15/24^		483,269
	564,000	Credit Suisse AG, 6.50%, 8/8/23(a)		616,797
	105,000	HBOS plc, Series G, 6.75%, 5/21/18(a)		116,419
	435,000	Lloyds Bank plc, 2.30%, 11/27/18		439,598
	2,000,000	Mizuho Finance Group (Cayman) 3, Ltd., 4.60%, 3/27/24^(a)		2,056,132
	995,000	Societe Generale SA, 5.00%, 1/17/24(a)		996,349
	545,000	Standard Chartered plc, 5.70%, 3/26/44^(a)		564,986
	35,000	UBS AG Stamford CT, Series BKNT, 5.88%, 12/20/17		38,504

				11,572,170

	Chemicals (0.1%):
	650,000	Montell Finance Co. BV, 8.10%, 3/15/27(a)		858,668

	Diversified Financial Services (0.0%):
	409,000	BP Capital Markets plc, 2.24%, 5/10/19^		412,087

	Diversified Telecommunication Services (0.0%):
	465,000	British Telecommunications plc, 1.25%, 2/14/17		464,263


Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Diversified Telecommunication Services, continued
$	320,000	Telefonica Emisiones SAU, 7.05%, 6/20/36	$	393,005

				857,268

	Electric Utilities (0.2%):
	50,000	Electricite de France SA, 4.60%, 1/27/20^(a)		54,982
	765,000	Electricite de France SA, 4.88%, 1/22/44(a)		798,009
	785,000	Electricite de France SA, 5.62%, 12/31/49, Callable 1/22/24 @ 100, Perpetual Bond(a)(b)		798,344

				1,651,335

	Food Products (0.1%):
	685,000	Grupo Bimbo SAB de C.V., 3.88%, 6/27/24(a)		682,719

	Industrial Conglomerates (0.0%):
	350,000	Pentair Finance SA, 5.00%, 5/15/21, Callable 2/15/21 @ 100		382,845

	Insurance (0.1%):
	1,005,000	AEGON NV, 4.63%, 12/1/15		1,020,492

	Media (0.0%):
	400,000	Grupo Televisa SAB, 5.00%, 5/13/45		381,600

	Metals & Mining (0.0%):
	205,000	ArcelorMittal, 4.25%, 8/5/15		205,063
	145,000	ArcelorMittal, 9.85%, 6/1/19		173,638
	30,000	ArcelorMittal, 7.50%, 3/1/41^		29,400
	100,000	Rio Tinto Finance (USA), Ltd., 9.00%, 5/1/19		124,827
	110,000	Rio Tinto Finance (USA), Ltd., 7.13%, 7/15/28		139,332
	380,000	Vale Overseas, Ltd., 5.63%, 9/15/19^		410,985
	230,000	Xstrata Finance Canada, 1.80%, 10/23/15(a)		230,589
	230,000	Xstrata Finance Canada, 2.70%, 10/25/17(a)		232,385

				1,546,219

	Oil, Gas & Consumable Fuels (0.0%):
	150,000	Husky Energy, Inc., 3.95%, 4/15/22, Callable 1/15/22 @ 100		150,414
	70,000	Noble Holding International, Ltd., 2.50%, 3/15/17		69,913
	315,000	Suncor Energy, Inc., 3.60%, 12/1/24, Callable 9/1/24 @ 100^		313,464

				533,791

	Pharmaceuticals (0.3%):
	885,000	Actavis Funding SCS, 1.85%, 3/1/17		889,320
	264,000	Actavis Funding SCS, 4.55%, 3/15/35, Callable 9/15/34 @ 100		251,004
	850,000	Actavis Funding SCS, 4.85%, 6/15/44, Callable 12/15/43 @ 100		820,075


Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Pharmaceuticals, continued
$	310,000	Perrigo Co. plc, 2.30%, 11/8/18	$	310,334
	750,000	Sanofi-Aventis SA, 2.63%, 3/29/16		761,843

				3,032,576

	Real Estate Management & Development (0.1%):
	730,000	Brookfield Asset Management, Inc., 4.00%, 1/15/25, Callable 10/15/24 @ 100		722,499

	Technology Hardware, Storage & Peripherals (0.0%):
	665,000	Seagate HDD Cayman, 5.75%, 12/1/34, Callable 6/1/34 @ 100(a)		654,773

	Tobacco (0.1%):
	704,000	B.A.T. International Finance Plc, 3.95%, 6/15/25(a)		710,252

	Wireless Telecommunication Services (0.0%):
	200,000	America Movil SAB de C.V., 2.38%, 9/8/16		202,524
	335,000	America Movil SAB de C.V., 4.38%, 7/16/42^		311,101
	75,000	Deutsche Telekom International Finance BV, 6.00%, 7/8/19		85,841
	355,000	Rogers Communications, Inc., 4.50%, 3/15/43, Callable 9/15/42 @ 100		325,367

				924,833

	Total Yankee Dollars (Cost $26,515,845)			26,737,366

	U.S. Government Agency Mortgages (0.1%):
	950,000	Federal Home Loan Mortgage Corporation, 4.88%, 6/13/18^		1,055,101
	185,000	Federal National Mortgage Association, 6.63%, 11/15/30		261,445
	540,000	Federal National Mortgage Association, 4.38%, 10/15/15		546,503

				1,863,049

	Total U.S. Government Agency Mortgages (Cost $1,734,666)			1,863,049

	U.S. Treasury Obligations (10.5%):
	U.S. Treasury Bonds (0.1%)
	957,900	2.50%, 2/15/45^		843,029

	U.S. Treasury Notes (10.4%)
	8,000,000	0.75%, 6/30/17^		8,015,624
	22,079,000	0.63%, 6/30/17		22,070,367
	13,200,000	0.75%, 2/28/18^		13,147,411
	43,495,000	1.13%, 6/15/18^		43,658,107
	6,200,000	1.25%, 1/31/19^		6,201,934
	6,000	3.63%, 2/15/20		6,553
	26,345,200	1.63%, 6/30/20		26,343,145
	400,000	2.63%, 11/15/20		417,781
	20,323,200	2.13%, 5/15/25^		19,954,842

				139,815,764

	Total U.S. Treasury Obligations (Cost $140,698,601)			140,658,793


Shares or Principal Amount			Fair Value
	Securities Held as Collateral for Securities on Loan (12.5%):
$	168,579,779	Allianz Variable Insurance Products Securities Lending Collateral Trust(c)	$	168,579,779

	Total Securities Held as Collateral for Securities on Loan (Cost $168,579,779)			168,579,779

	Unaffiliated Investment Company (6.1%):
	81,845,438	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (d)		81,845,438

	Total Unaffiliated Investment Company (Cost $81,845,438)			81,845,438

	Total Investment Securities (Cost $1,329,959,494)(e) — 112.6%			1,514,370,142

	Net other assets (liabilities) — (12.6)%			(169,204,231	)

	Net Assets — 100.0%		$	1,345,165,911

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
British Pound	Bank of New York Mellon	7/24/15		6,789,492	$	10,621,176	$	10,664,369	$	(43,193	)
British Pound	State Street	7/24/15		6,798,738		10,635,981		10,678,892		(42,911	)
Canadian Dollar	Bank of New York Mellon	7/24/15		6,807,558		5,524,494		5,449,499		74,995
Canadian Dollar	State Street	7/24/15		6,820,332		5,533,778		5,459,725		74,053
European Euro	Bank of New York Mellon	7/24/15		9,192,752		10,337,985		10,250,479		87,506
European Euro	State Street	7/24/15		9,206,814		10,353,845		10,266,159		87,686
Israeli Shekel	Bank of New York Mellon	7/24/15		14,851,720		3,866,125		3,938,550		(72,425	)
Israeli Shekel	State Street	7/24/15		14,851,723		3,864,607		3,938,551		(73,944	)
Swiss Franc	Bank of New York Mellon	7/24/15		4,542,191		4,878,306		4,864,348		13,958
Swiss Franc	State Street	7/24/15		4,556,837		4,894,062		4,880,033		14,029

					$	70,510,359	$	70,390,605	$	119,754

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	1,329,959,494

Investment securities, at value*	$	1,514,370,142
Interest and dividends receivable		3,989,915
Foreign currency, at value (cost $318,749)		317,180
Unrealized appreciation on forward currency contracts		352,227
Receivable for capital shares issued		509,157
Receivable for investments sold		696,373
Reclaims receivable		133,460
Prepaid expenses		1,927

Total Assets		1,520,370,381

Liabilities:
Unrealized depreciation on forward currency contracts		232,473
Payable for investments purchased		4,190,285
Payable for capital shares redeemed		1,080,349
Payable for collateral received on loaned securities		168,579,779
Manager fees payable		735,326
Administration fees payable		35,987
Distribution fees payable		280,447
Custodian fees payable		15,761
Administrative and compliance services fees payable		1,372
Trustee fees payable		8,882
Other accrued liabilities		43,809

Total Liabilities		175,204,470

Net Assets	$	1,345,165,911

Net Assets Consist of:
Capital	$	1,040,908,489
Accumulated net investment income/(loss)		34,962,530
Accumulated net realized gains/(losses) from investment transactions		84,768,774
Net unrealized appreciation/(depreciation) on investments		184,526,118

Net Assets	$	1,345,165,911

Shares of beneficial interest (unlimited number of shares authorized, no par value)		80,463,192
Net Asset Value (offering and redemption price per share)	$	16.72

*	Includes securities on loan of $164,324,396.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	10,562,862
Interest		4,135,040
Income from securities lending		347,895
Foreign withholding tax		(292,655	)

Total Investment Income		14,753,142

Expenses:
Manager fees		5,001,137
Administration fees		199,288
Distribution fees		1,667,046
Custodian fees		32,585
Administrative and compliance services fees		9,385
Trustee fees		37,696
Professional fees		40,100
Shareholder reports		24,542
Other expenses		14,975

Total expenses before reductions		7,026,754
Less expenses voluntarily waived/reimbursed by the Manager		(629,623	)

Net expenses		6,397,131

Net Investment Income/(Loss)		8,356,011

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		31,075,809
Net realized gains/(losses) on forward currency contracts		1,004,450
Change in net unrealized appreciation/depreciation on investments		(22,277,074	)

Net Realized/Unrealized Gains/(Losses) on Investments		9,803,185

Change in Net Assets Resulting From Operations	$	18,159,196

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Invesco Equity and Income Fund (the “Fund”), and 35 are presented in separate reports.

Dividends to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of dividends from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, and reclassification of certain distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and post October losses) do not require reclassification. Dividends to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $34,346 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2015, the Fund entered into forward currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The contract amount of forward currency contracts outstanding was $70.5 million as of June 30, 2015. The monthly average amount for these contracts was $76.5 million for the period ended June 30, 2015.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Invesco Advisers, Inc. (“Invesco”), Invesco provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2015, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. Prior to April 1, 2015, Citi also served as transfer agent for the Trust under the same agreement. The Administrator was the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. Beginning January 1, 2015, these reductions are no longer applicable to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $7,079 was paid from the Fund relating to these fees and expenses.

Forward currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

For the period ended June 30, 2015, purchases and sales on long-term U.S. government securities were as follows:

Cost for federal income tax purposes at June 30, 2015 is $1,333,207,853. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Invesco Growth and Income Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (97.3%):
	Aerospace & Defense (1.4%):
	39,971	General Dynamics Corp.	$	5,663,491

	Automobiles (1.1%):
	130,991	General Motors Co.		4,365,930

	Banks (18.7%):
	577,263	Bank of America Corp.		9,825,016
	88,914	BB&T Corp.^		3,584,123
	334,833	Citigroup, Inc.		18,496,175
	183,840	Citizens Financial Group, Inc.		5,020,670
	87,104	Comerica, Inc.		4,470,177
	191,540	Fifth Third Bancorp^		3,987,863
	170,867	First Horizon National Corp.^		2,677,486
	274,771	JPMorgan Chase & Co.		18,618,483
	77,926	PNC Financial Services Group, Inc.		7,453,622

				74,133,615

	Biotechnology (0.7%):
	19,395	Amgen, Inc.		2,977,520

	Capital Markets (7.7%):
	140,771	Charles Schwab Corp. (The)		4,596,173
	22,915	Goldman Sachs Group, Inc. (The)		4,784,423
	277,909	Morgan Stanley		10,780,089
	62,962	Northern Trust Corp.^		4,814,075
	76,674	State Street Corp.		5,903,898

				30,878,658

	Chemicals (1.1%):
	42,556	Dow Chemical Co. (The)		2,177,591
	45,731	Mosaic Co. (The)		2,142,497

				4,320,088

	Commercial Services & Supplies (1.0%):
	99,421	Tyco International plc		3,825,720

	Communications Equipment (1.5%):
	220,930	Cisco Systems, Inc.		6,066,738

	Diversified Financial Services (2.2%):
	28,138	CME Group, Inc.		2,618,522
	130,405	Voya Financial, Inc.		6,059,921

				8,678,443

	Diversified Telecommunication Services (1.7%):
	62,212	France Telecom SA		962,475
	281,272	Koninklijke (Royal) KPN NV		1,079,353
	581,197	Telecom Italia SpA*^		737,145
	49,104	Telefonica SA		699,714
	64,707	Verizon Communications, Inc.		3,015,993

				6,494,680

	Electric Utilities (0.5%):
	63,004	FirstEnergy Corp.^		2,050,780

	Electronic Equipment, Instruments & Components (0.9%):
	181,604	Corning, Inc.		3,583,047

	Energy Equipment & Services (1.6%):
	74,904	Baker Hughes, Inc.		4,621,577
	79,190	Ensco plc, Class A, ADR		1,763,561

				6,385,138


Shares			Fair Value
	Common Stocks, continued
	Food & Staples Retailing (1.3%):
	75,143	Wal-Mart Stores, Inc.	$	5,329,893

	Food Products (2.2%):
	89,152	Archer-Daniels-Midland Co.		4,298,909
	112,899	Mondelez International, Inc., Class A		4,644,665

				8,943,574

	Health Care Equipment & Supplies (2.2%):
	52,066	Baxter International, Inc.^		3,640,975
	68,922	Medtronic plc		5,107,121

				8,748,096

	Health Care Providers & Services (2.7%):
	24,647	Anthem, Inc.		4,045,559
	36,960	Express Scripts Holding Co.*^		3,287,222
	28,522	UnitedHealth Group, Inc.		3,479,684

				10,812,465

	Hotels, Restaurants & Leisure (1.9%):
	152,552	Carnival Corp.		7,534,543

	Household Products (1.1%):
	55,540	Procter & Gamble Co. (The)		4,345,450

	Industrial Conglomerates (3.1%):
	459,436	General Electric Co.		12,207,215

	Insurance (3.1%):
	42,956	Aon plc		4,281,854
	75,099	Marsh & McLennan Cos., Inc.		4,258,113
	75,781	Willis Group Holdings plc		3,554,129

				12,094,096

	Internet Software & Services (1.7%):
	112,490	eBay, Inc.*		6,776,398

	IT Services (1.2%):
	89,466	Amdocs, Ltd.		4,883,949

	Machinery (1.9%):
	34,678	Caterpillar, Inc.^		2,941,388
	73,167	Ingersoll-Rand plc		4,932,919

				7,874,307

	Media (5.3%):
	18,011	CBS Corp., Class B		999,611
	115,857	Comcast Corp., Class A		6,967,640
	79,186	Thomson Reuters Corp.		3,015,764
	24,722	Time Warner Cable, Inc., Class A		4,404,719
	33,725	Time Warner, Inc., Class A		2,947,902
	38,908	Viacom, Inc., Class B		2,515,013

				20,850,649

	Multiline Retail (1.9%):
	93,886	Target Corp.		7,663,914

	Multi-Utilities (0.6%):
	52,591	PG&E Corp.^		2,582,218

	Oil, Gas & Consumable Fuels (8.2%):
	36,713	Anadarko Petroleum Corp.		2,865,817
	82,751	Apache Corp.		4,768,940
	137,558	Canadian Natural Resources, Ltd.		3,736,361
	43,520	Exxon Mobil Corp.		3,620,864


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	47,949	Occidental Petroleum Corp.	$	3,728,994
	309,579	Royal Dutch Shell plc, A Shares		8,702,135
	98,256	Total SA		4,780,257

				32,203,368

	Pharmaceuticals (7.8%):
	60,075	Eli Lilly & Co.		5,015,662
	119,203	Merck & Co., Inc.		6,786,227
	61,809	Novartis AG, Registered Shares		6,106,683
	4,399	Novartis AG, ADR^		432,598
	123,283	Pfizer, Inc.		4,133,679
	42,151	Sanofi-Aventis SA		4,157,955
	80,303	Teva Pharmaceutical Industries, Ltd., ADR		4,745,907

				31,378,711

	Road & Rail (1.0%):
	124,105	CSX Corp.		4,052,028

	Semiconductors & Semiconductor Equipment (3.0%):
	218,074	Applied Materials, Inc.		4,191,382
	60,554	Broadcom Corp., Class A		3,117,925
	148,513	Intel Corp.		4,517,024

				11,826,331

	Software (4.0%):
	40,823	Adobe Systems, Inc.*		3,307,071
	46,118	Citrix Systems, Inc.*		3,235,639
	96,202	Microsoft Corp.		4,247,318
	227,472	Symantec Corp.		5,288,724

				16,078,752

	Technology Hardware, Storage & Peripherals (0.8%):
	96,081	NetApp, Inc.		3,032,316

	Tobacco (1.2%):
	62,031	Philip Morris International, Inc.		4,973,025

	Wireless Telecommunication Services (1.0%):
	110,772	Vodafone Group plc, ADR		4,037,639

	Total Common Stocks (Cost $282,075,083)			387,652,785


Shares or Principal Amount			Fair Value
	Securities Held as Collateral for Securities on Loan (3.9%):
$	15,705,757	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)	$	15,705,757

	Total Securities Held as Collateral for Securities on Loan (Cost $15,705,757)			15,705,757

	Unaffiliated Investment Company (2.9%):
	11,701,829	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		11,701,829

	Total Unaffiliated Investment Company (Cost $11,701,829)			11,701,829

	Total Investment Securities (Cost $309,482,669)(c) — 104.1%			415,060,371
	Net other assets (liabilities) — (4.1)%			(16,270,021	)

	Net Assets — 100.0%		$	398,790,350

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
British Pound	Bank of New York Mellon	7/24/15		3,107,823	$	4,861,738	$	4,881,510	$	(19,772	)
British Pound	State Street	7/24/15		3,112,056		4,868,516		4,888,158		(19,642	)
Canadian Dollar	Bank of New York Mellon	7/24/15		3,224,743		2,616,955		2,581,430		35,525
Canadian Dollar	State Street	7/24/15		3,230,795		2,621,354		2,586,275		35,079
European Euro	Bank of New York Mellon	7/24/15		4,146,596		4,663,179		4,623,707		39,472
European Euro	State Street	7/24/15		4,152,939		4,670,333		4,630,780		39,553
Israeli Shekel	Bank of New York Mellon	7/24/15		6,498,009		1,691,529		1,723,217		(31,688	)
Israeli Shekel	State Street	7/24/15		6,498,011		1,690,865		1,723,217		(32,352	)
Swiss Franc	Bank of New York Mellon	7/24/15		2,314,692		2,485,976		2,478,863		7,113
Swiss Franc	State Street	7/24/15		2,322,155		2,494,004		2,486,855		7,149

					$	32,664,449	$	32,604,012	$	60,437

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	309,482,669

Investment securities, at value*	$	415,060,371
Interest and dividends receivable		811,922
Foreign currency, at value (cost $172,015)		152,970
Unrealized appreciation on forward currency contracts		163,891
Receivable for capital shares issued		2,954
Reclaims receivable		77,369
Prepaid expenses		684

Total Assets		416,270,161

Liabilities:
Unrealized depreciation on forward currency contracts		103,454
Payable for investments purchased		1,049,212
Payable for capital shares redeemed		277,753
Payable for collateral received on loaned securities		15,705,757
Manager fees payable		220,279
Administration fees payable		11,402
Distribution fees payable		83,932
Custodian fees payable		7,380
Administrative and compliance services fees payable		444
Trustee fees payable		2,900
Other accrued liabilities		17,298

Total Liabilities		17,479,811

Net Assets	$	398,790,350

Net Assets Consist of:
Capital	$	221,274,625
Accumulated net investment income/(loss)		13,870,179
Accumulated net realized gains/(losses) from investment transactions		58,028,092
Net unrealized appreciation/(depreciation) on investments		105,617,454

Net Assets	$	398,790,350

Shares of beneficial interest (unlimited number of shares authorized, no par value)		23,915,818
Net Asset Value (offering and redemption price per share)	$	16.67

*	Includes securities on loan of $15,260,810.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	4,818,738
Income from securities lending		42,149
Foreign withholding tax		(115,606	)

Total Investment Income		4,745,281

Expenses:
Manager fees		1,523,363
Administration fees		63,441
Distribution fees		510,334
Custodian fees		14,069
Administrative and compliance services fees		2,970
Trustee fees		11,925
Professional fees		13,021
Shareholder reports		10,588
Other expenses		4,557

Total expenses before reductions		2,154,268
Less expenses voluntarily waived/reimbursed by the Manager		(184,094	)

Net expenses		1,970,174

Net Investment Income/(Loss)		2,775,107

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		17,915,073
Net realized gains/(losses) on forward currency contracts		557,119
Change in net unrealized appreciation/depreciation on investments		(13,326,815	)

Net Realized/Unrealized Gains/(Losses) on Investments		5,145,377

Change in Net Assets Resulting From Operations	$	7,920,484

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Invesco Growth and Income Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $4,156 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2015, the Fund entered into forward currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The contract amount of forward currency contracts outstanding was $32.7 million as of June 30, 2015. The monthly average amount for these contracts was $36.4 million for the period ended June 30, 2015.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Invesco Advisers, Inc. (“Invesco”), Invesco provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. Prior to April 1, 2015, Citi also served as transfer agent under the same agreement. The Administrator was entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

Administrator are subject to certain reductions associated with services provided to new funds. Beginning January 1, 2015, these reductions are no longer applicable to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $2,218 was paid from the Fund relating to these fees and expenses.

Forward currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $310,359,569. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

As a shareholder of the AZL Invesco International Equity Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (93.1%):
	Air Freight & Logistics (0.7%):
	126,176	Deutsche Post AG	$	3,685,568

	Auto Components (0.5%):
	52,500	Denso Corp.		2,613,155

	Automobiles (2.7%):
	1,296,000	Great Wall Motor Co.		6,350,400
	115,600	Toyota Motor Corp.		7,732,416

				14,082,816

	Banks (8.4%):
	1,738,398	Akbank T.A.S.		4,988,190
	896,214	Banco Bradesco SA, ADR		8,209,320
	7,903,000	Industrial & Commercial Bank of China		6,250,982
	1,533,800	Kasikornbank Public Co., Ltd.		8,571,800
	4,665,225	Lloyds Banking Group plc		6,261,540
	503,852	United Overseas Bank, Ltd.		8,623,320

				42,905,152

	Beverages (3.5%):
	52,471	Anheuser-Busch InBev NV		6,314,346
	93,809	Carlsberg A/S, Class B		8,516,063
	37,783	Fomento Economico Mexicano SAB de C.V., ADR		3,366,087

				18,196,496

	Biotechnology (0.7%):
	55,274	CSL, Ltd.		3,668,299

	Capital Markets (4.5%):
	877,555	Aberdeen Asset Management plc		5,564,096
	141,367	Julius Baer Group, Ltd.		7,943,969
	430,519	UBS Group AG		9,130,805

				22,638,870

	Chemicals (1.7%):
	21,230	Syngenta AG, Registered Shares		8,701,934

	Commercial Services & Supplies (1.0%):
	631,654	Brambles, Ltd.		5,136,611

	Communications Equipment (1.3%):
	661,365	Telefonaktiebolaget LM Ericsson, B Shares		6,849,652

	Containers & Packaging (1.7%):
	845,297	Amcor, Ltd.		8,929,807

	Diversified Financial Services (5.1%):
	2,343,956	Bm&f Bovespa SA		8,845,829
	113,881	Deutsche Boerse AG		9,424,762
	214,808	Investor AB, B Shares		7,997,299

				26,267,890

	Electrical Equipment (2.6%):
	327,218	ABB, Ltd.		6,858,443
	93,981	Schneider Electric SA		6,481,082
	217	Schneider Electric SE		14,972

				13,354,497

	Electronic Equipment, Instruments & Components (0.7%):
	6,385	Keyence Corp.		3,442,986

	Food Products (1.9%):
	189,048	BRF-Brasil Foods SA		3,994,811
	139,425	Unilever NV		5,826,438

				9,821,249


Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies (1.5%):
	112,819	Getinge AB, B Shares ^	$	2,715,287
	306,014	Smith & Nephew plc		5,169,980

				7,885,267

	Hotels, Restaurants & Leisure (2.7%):
	497,603	Compass Group plc		8,241,340
	1,420,000	Galaxy Entertainment Group, Ltd.		5,656,137

				13,897,477

	Insurance (1.8%):
	11,082	Fairfax Financial Holdings, Ltd.		5,465,392
	139,401	Great-West Lifeco, Inc.		4,058,793

				9,524,185

	Internet Software & Services (2.9%):
	45,293	Baidu, Inc., ADR*		9,016,930
	1,555,700	Yahoo! Japan Corp.^		6,272,827

				15,289,757

	IT Services (1.0%):
	135,983	Amadeus IT Holding SA		5,413,479

	Life Sciences Tools & Services (0.0%):
	160,422	Art Advanced Research Technologies, Inc.*(a)		—
	165,100	Art Advanced Research Technologies, Inc.*(a)		—
	50,591	Art Advanced Research Technologies, Inc.*(a)		—

				—

	Machinery (1.4%):
	11,300	Fanuc, Ltd.		2,307,131
	235,600	Komatsu, Ltd.		4,721,945

				7,029,076

	Media (13.7%):
	1,064,671	British Sky Broadcasting Group plc		17,363,568
	209,360	Grupo Televisa SA, ADR		8,127,356
	520,987	Informa plc		4,477,574
	150,318	ProSiebenSat.1 Media AG, Registered Shares		7,420,395
	139,846	Publicis Groupe SA		10,326,871
	677,038	Reed Elsevier plc		11,021,787
	566,218	WPP plc		12,703,014

				71,440,565

	Multiline Retail (1.0%):
	44,995	Next plc		5,270,956

	Multi-Utilities (0.7%):
	846,313	Centrica plc		3,513,005

	Oil, Gas & Consumable Fuels (4.7%):
	146,478	Cenovus Energy, Inc.		2,342,381
	1,526,000	CNOOC, Ltd.		2,164,643
	448,806	EnCana Corp.		4,948,798
	240,562	Royal Dutch Shell plc, B Shares		6,840,107
	291,399	Suncor Energy, Inc.		8,027,007

				24,322,936

	Pharmaceuticals (5.8%):
	39,665	Novartis AG, Registered Shares		3,918,872
	108,428	Novo Nordisk A/S, B Shares		5,947,671


Shares			Fair Value
	Common Stocks, continued
	Pharmaceuticals, continued
	28,410	Roche Holding AG	$	7,978,340
	214,857	Teva Pharmaceutical Industries, Ltd., ADR		12,698,049

				30,542,932

	Real Estate Management & Development (2.2%):
	760,212	CK Hutchison Holdings, Ltd.		11,147,924

	Road & Rail (1.6%):
	1,025,266	Aurizon Holdings, Ltd.		4,037,436
	71,335	Canadian National Railway Co.		4,116,272

				8,153,708

	Semiconductors & Semiconductor Equipment (5.1%):
	73,056	Avago Technologies, Ltd.		9,711,334
	7,914	Samsung Electronics Co., Ltd.		8,992,188
	355,251	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		8,067,750

				26,771,272

	Software (3.3%):
	226,940	CGI Group, Inc., Class A*		8,877,337
	116,761	SAP AG		8,134,846

				17,012,183

	Specialty Retail (1.5%):
	1,416,311	Kingfisher plc		7,714,394

	Textiles, Apparel & Luxury Goods (1.4%):
	45,698	Adidas AG		3,496,804
	9,243	Swatch Group AG (The)^		3,605,730

				7,102,534

	Tobacco (3.9%):
	208,628	British American Tobacco plc		11,210,489
	265,200	Japan Tobacco, Inc.		9,439,151

				20,649,640

	Total Common Stocks (Cost $380,142,333)			482,976,272


Shares or Principal Amount			Fair Value
	Securities Held as Collateral for Securities on Loan (3.5%):
$	18,356,822	Allianz Variable Insurance Products Securities Lending Collateral Trust(b)	$	18,356,822

	Total Securities Held as Collateral for Securities on Loan (Cost $18,356,822)			18,356,822

	Unaffiliated Investment Company (6.4%):
	33,395,615	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(c)		33,395,615

	Total Unaffiliated Investment Company (Cost $33,395,615)			33,395,615

	Total Investment Securities (Cost $431,894,770)(d) — 103.0%			534,728,709
	Net other assets (liabilities) — (3.0)%			(15,775,066	)

	Net Assets — 100.0%		$	518,953,643

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	431,894,770

Investment securities, at value*	$	534,728,709
Cash		29,223
Interest and dividends receivable		1,210,253
Foreign currency, at value (cost $2,213,965)		2,213,313
Receivable for investments sold		297,110
Reclaims receivable		468,103
Prepaid expenses		827

Total Assets		538,947,538

Liabilities:
Payable for investments purchased		595,871
Payable for capital shares redeemed		452,397
Payable for collateral received on loaned securities		18,356,822
Manager fees payable		373,733
Administration fees payable		15,383
Distribution fees payable		109,921
Custodian fees payable		58,639
Administrative and compliance services fees payable		612
Trustee fees payable		4,134
Other accrued liabilities		26,383

Total Liabilities		19,993,895

Net Assets	$	518,953,643

Net Assets Consist of:
Capital	$	347,843,449
Accumulated net investment income/(loss)		10,623,059
Accumulated net realized gains/(losses) from investment transactions		57,655,166
Net unrealized appreciation/(depreciation) on investments		102,831,969

Net Assets	$	518,953,643

Shares of beneficial interest (unlimited number of shares authorized, no par value)		27,280,655
Net Asset Value (offering and redemption price per share)	$	19.02

*	Includes securities on loan of $17,428,074.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	9,198,829
Income from securities lending		118,869
Foreign withholding tax		(814,354	)

Total Investment Income		8,503,344

Expenses:
Manager fees		2,457,540
Administration fees		81,977
Distribution fees		682,649
Custodian fees		88,406
Administrative and compliance services fees		3,427
Trustee fees		13,732
Professional fees		15,035
Shareholder reports		11,402
Other expenses		8,404

Total expenses before reductions		3,362,572
Less expenses voluntarily waived/reimbursed by the Manager		(136,534	)

Net expenses		3,226,038

Net Investment Income/(Loss)		5,277,306

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		31,304,509
Change in net unrealized appreciation/depreciation on investments		(16,368,806	)

Net Realized/Unrealized Gains/(Losses) on Investments		14,935,703

Change in Net Assets Resulting From Operations	$	20,213,009

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Invesco International Equity Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $11,765 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Invesco Advisers, Inc. (“Invesco”), Invesco provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $2,963 was paid from the Fund relating to these fees and expenses.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, there have been no significant changes to the Funds’ fair valuation methodologies. Changes in valuation techniques may result in transfers out of an investment’s assigned level within the hierarchy during the reporting period. There were significant total transfers from Level 1 to Level 2 and from Level 2 to Level 1 during the reporting period. Level 1 securities were valued using quoted prices from stock exchanges. Level 2 securities were valued using fair valuation methodologies. These transfers were as follows:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $437,994,213. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the year ended December 31, 2014, the Fund utilized $14,146,699 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

As a shareholder of the AZL JPMorgan International Opportunities Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (97.5%):
	Aerospace & Defense (2.2%):
	103,349	European Aeronautic Defence & Space Co. NV	$	6,694,917
	93,923	Thales SA		5,681,315

				12,376,232

	Air Freight & Logistics (0.8%):
	246,400	Yamato Holdings Co., Ltd.		4,754,172

	Airlines (1.3%):
	205,800	Japan Airlines Co., Ltd.		7,173,839

	Auto Components (2.1%):
	16,432	Continental AG		3,886,391
	51,753	Valeo SA		8,180,131

				12,066,522

	Automobiles (4.0%):
	108,433	Daimler AG, Registered Shares		9,863,720
	322,600	Mazda Motor Corp.^		6,348,282
	65,914	Renault SA		6,882,949

				23,094,951

	Banks (12.1%):
	392,741	Australia & New Zealand Banking Group, Ltd.		9,730,023
	79,655	HDFC Bank, Ltd., ADR^		4,821,517
	1,203,370	HSBC Holdings plc		10,771,733
	622,947	ING Groep NV		10,328,215
	2,369,802	Intesa Sanpaolo SpA		8,580,686
	6,853,128	Lloyds Banking Group plc		9,198,084
	1,397,800	Mitsubishi UFJ Financial Group, Inc.		10,003,775
	141,972	Sumitomo Mitsui Financial Group, Inc.		6,309,219

				69,743,252

	Beverages (2.0%):
	153,721	SABMiller plc		7,968,132
	89,100	Suntory Beverage & Food, Ltd.		3,582,704

				11,550,836

	Building Products (1.3%):
	100,000	Daikin Industries, Ltd.		7,191,799

	Capital Markets (1.8%):
	490,352	UBS Group AG		10,399,792

	Chemicals (2.4%):
	73,282	Air Liquide SA		9,257,929
	84,034	Christian Hansen Holding A/S		4,109,057

				13,366,986

	Construction & Engineering (0.8%):
	960,000	Kajima Corp.		4,507,635

	Diversified Financial Services (1.5%):
	554,600	ORIX Corp.		8,281,200

	Diversified Telecommunication Services (0.8%):
	123,000	Nippon Telegraph & Telephone Corp.		4,452,136

	Electric Utilities (1.2%):
	1,528,363	Enel SpA		6,909,081

	Electronic Equipment, Instruments & Components (2.3%):
	830,000	Hitachi, Ltd.		5,467,692
	14,700	Keyence Corp.		7,926,686

				13,394,378


Shares			Fair Value
	Common Stocks , continued
	Food & Staples Retailing (2.2%):
	459,110	Distribuidora Internacional de Alimentacion SA ^	$	3,514,239
	164,700	Seven & I Holdings Co., Ltd.		7,073,413
	2,447,500	Sun Art Retail Group, Ltd.^		2,203,153

				12,790,805

	Food Products (4.2%):
	71,599	Associated British Foods plc		3,234,047
	227,025	Nestle SA, Registered Shares		16,415,013
	173,000	Nippon Meat Packers, Inc.		3,938,549

				23,587,609

	Gas Utilities (0.9%):
	864,000	ENN Energy Holdings, Ltd.		5,195,395

	Health Care Equipment & Supplies (1.2%):
	393,128	Smith & Nephew plc		6,641,735

	Hotels, Restaurants & Leisure (0.7%):
	105,345	InterContinental Hotels Group plc		4,249,297

	Household Durables (1.5%):
	266,372	Electrolux AB, Series B		8,338,900

	Household Products (1.5%):
	98,612	Reckitt Benckiser Group plc		8,513,522

	Insurance (5.7%):
	865,539	Aviva plc		6,707,626
	280,286	AXA SA		7,062,407
	158,900	NKSJ Holdings, Inc.		5,827,238
	346,732	Prudential plc		8,365,484
	59,527	Swiss Re AG^		5,266,733

				33,229,488

	Machinery (1.0%):
	286,300	DMG Mori Co., Ltd.^		5,527,195

	Marine (0.5%):
	836,000	Mitsui O.S.K. Lines, Ltd.^		2,671,569

	Media (2.4%):
	172,000	Dentsu, Inc.		8,969,436
	538,956	UBM plc		4,529,949

				13,499,385

	Metals & Mining (3.0%):
	1,693,000	Nippon Steel Corp.		4,384,925
	1,217,120	Norsk Hydro ASA		5,131,450
	184,639	Rio Tinto plc		7,592,790

				17,109,165

	Multi-Utilities (1.9%):
	390,270	E.ON AG		5,197,120
	441,975	National Grid plc		5,682,621

				10,879,741

	Oil, Gas & Consumable Fuels (3.7%):
	443,012	BG Group plc		7,370,781
	624,536	Oil Search, Ltd.		3,409,269
	260,680	Royal Dutch Shell plc, A Shares		7,423,211
	147,264	Statoil ASA		2,630,161

				20,833,422


Shares			Fair Value
	Common Stocks , continued
	Paper & Forest Products (1.0%):
	188,802	Stora Enso OYJ, Registered Shares	$	1,942,962
	217,136	UPM-Kymmene OYJ		3,852,859

				5,795,821

	Pharmaceuticals (11.3%):
	136,565	AstraZeneca plc		8,682,121
	90,763	Bayer AG		12,698,597
	180,606	Novartis AG, Registered Shares		17,843,738
	60,178	Roche Holding AG		16,899,702
	89,883	Shire plc		7,223,900

				63,348,058

	Real Estate Management & Development (5.1%):
	1,446,000	China Overseas Land & Investment, Ltd. ^		5,097,303
	580,888	CK Hutchison Holdings, Ltd.		8,518,275
	296,900	Daiwa House Industry Co., Ltd.		6,917,497
	322,000	Mitsui Fudosan Co., Ltd.		8,991,136

				29,524,211

	Semiconductors & Semiconductor Equipment (2.1%):
	77,984	ASML Holding NV		8,095,628
	343,180	Infineon Technologies AG		4,257,946

				12,353,574

	Software (1.4%):
	113,565	SAP AG		7,912,178

	Specialty Retail (1.9%):
	621,133	Dixons Carphone plc		4,421,897
	1,160,521	Kingfisher plc		6,321,151

				10,743,048

	Textiles, Apparel & Luxury Goods (0.9%):
	65,609	Compagnie Financiere Richemont SA, Registered Shares		5,349,489


Shares or Principal Amount			Fair Value
	Common Stocks , continued
	Tobacco (2.0%):
	174,135	British American Tobacco plc	$	9,357,030
	60,500	Japan Tobacco, Inc.		2,153,351

				11,510,381

	Trading Companies & Distributors (1.5%):
	136,148	Wolseley plc		8,680,710

	Water Utilities (0.6%):
	283,563	Pennon Group plc		3,608,720

	Wireless Telecommunication Services (2.7%):
	37,600	SoftBank Group Corp.		2,213,163
	3,594,196	Vodafone Group plc		13,104,234

				15,317,397

	Total Common Stocks (Cost $492,449,685)			556,473,626

	Preferred Stock (1.5%):
	Household Products (1.5%):
	76,072	Henkel AG & Co. KGaA, Preferred Shares		8,529,939

	Total Preferred Stock (Cost $5,438,350)			8,529,939

	Securities Held as Collateral for Securities on Loan (2.3%):
$	13,127,516	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		13,127,516

	Total Securities Held as Collateral for Securities on Loan (Cost $13,127,516)			13,127,516

	Unaffiliated Investment Company (0.2%):
	1,251,584	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		1,251,584

	Total Unaffiliated Investment Company (Cost $1,251,584 )			1,251,584

	Total Investment Securities (Cost $512,267,135)(c) — 101.5%			579,382,665
	Net other assets (liabilities) — (1.5)%			(8,312,317	)

	Net Assets — 100.0%		$	571,070,348

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
Australian Dollar	Barclays Bank	9/17/15		2,670,578	$	2,043,807	$	2,051,010	$	(7,203	)
British Pound	State Street	9/17/15		27,706,070		42,773,683		43,500,421		(726,738	)
Danish Krone	Royal Alliance	9/17/15		7,606,386		1,157,967		1,139,767		18,200
European Euro	HSBC Bank	9/17/15		1,575,777		1,768,846		1,758,503		10,343
European Euro	State Street	9/17/15		3,304,099		3,725,484		3,687,238		38,246
European Euro	UBS Warburg	9/17/15		2,967,225		3,326,671		3,311,301		15,370
Hong Kong Dollar	HSBC Bank	9/17/15		52,708,418		6,798,063		6,799,513		(1,450	)
Japanese Yen	HSBC Bank	9/17/15		180,589,997		1,470,656		1,477,391		(6,735	)
Japanese Yen	Morgan Stanley	9/17/15		1,399,146,740		11,316,735		11,446,295		(129,560	)
Japanese Yen	Societe Generale	9/17/15		219,130,714		1,750,934		1,792,689		(41,755	)
Norwegian Krone	Societe Generale	9/17/15		45,651,660		5,844,915		5,814,705		30,210
Swedish Krona	BNP Paribas	9/17/15		15,969,557		1,952,396		1,930,732		21,664
Swiss Franc	Credit Suisse First Boston	9/17/15		18,950,739		20,310,943		20,340,067		(29,124	)

					$	104,241,100	$	105,049,632	$	(808,532	)

Long Contracts:
Australian Dollar	Societe Generale	9/17/15		37,856,017	$	29,108,658	$	29,073,513	$	(35,145	)
British Pound	Morgan Stanley	9/17/15		1,282,383		2,015,444		2,013,428		(2,016	)
British Pound	Morgan Stanley	9/17/15		1,089,509		1,693,029		1,710,604		17,575
British Pound	State Street	9/17/15		916,647		1,439,486		1,439,199		(287	)
Danish Krone	Goldman Sachs	9/17/15		44,880,254		6,791,967		6,725,012		(66,955	)
European Euro	Credit Suisse First Boston	9/17/15		2,898,211		3,257,250		3,234,284		(22,966	)
European Euro	Goldman Sachs	9/17/15		27,886,435		31,447,521		31,120,117		(327,404	)
Hong Kong Dollar	State Street	9/17/15		15,062,581		1,942,809		1,943,109		300
Japanese Yen	RBC Dominion Securities	9/17/15		285,229,381		2,303,841		2,333,436		29,595
Japanese Yen	State Street	9/17/15		747,532,669		6,045,046		6,115,498		70,452
Norwegian Krone	Citigroup Global Markets	9/17/15		9,614,679		1,228,347		1,224,633		(3,714	)
Norwegian Krone	Merrill Lynch	9/17/15		10,089,876		1,294,738		1,285,159		(9,579	)
Singapore Dollar	State Street	9/17/15		12,439,280		9,217,422		9,229,019		11,597
Swedish Krona	State Street	9/17/15		79,685,982		9,714,663		9,634,099		(80,564	)

					$	107,500,221	$	107,081,110	$	(419,111	)

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	512,267,135

Investment securities, at value*	$	579,382,665
Interest and dividends receivable		1,567,054
Foreign currency, at value (cost $923,620)		925,854
Unrealized appreciation on forward currency contracts		263,552
Receivable for investments sold		9,651,384
Reclaims receivable		471,375
Prepaid expenses		912

Total Assets		592,262,796

Liabilities:
Unrealized depreciation on forward currency contracts		1,491,195
Payable for investments purchased		5,669,889
Payable for capital shares redeemed		247,744
Payable for collateral received on loaned securities		13,127,516
Manager fees payable		411,198
Administration fees payable		17,788
Distribution fees payable		120,940
Custodian fees payable		75,111
Trustee fees payable		1,448
Other accrued liabilities		29,619

Total Liabilities		21,192,448

Net Assets	$	571,070,348

Net Assets Consist of:
Capital	$	472,610,889
Accumulated net investment income/(loss)		19,454,493
Accumulated net realized gains/(losses) from investment transactions		13,114,700
Net unrealized appreciation/(depreciation) on investments		65,890,266

Net Assets	$	571,070,348

Shares of beneficial interest (unlimited number of shares authorized, no par value)		31,366,259
Net Asset Value (offering and redemption price per share)	$	18.21

*	Includes securities on loan of $12,520,343.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	11,801,479
Income from securities lending		164,380
Foreign withholding tax		(1,320,864	)

Total Investment Income		10,644,995

Expenses:
Manager fees		2,791,816
Administration fees		88,141
Distribution fees		734,686
Custodian fees		83,794
Administrative and compliance services fees		2,982
Trustee fees		11,532
Professional fees		12,407
Shareholder reports		12,505
Other expenses		5,568

Total expenses before reductions		3,743,431
Less expenses voluntarily waived/reimbursed by the Manager		(293,873	)

Net expenses		3,449,558

Net Investment Income/(Loss)		7,195,437

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		8,313,883
Net realized gains/(losses) on forward currency contracts		(2,664,969	)
Change in net unrealized appreciation/depreciation on investments		25,406,150

Net Realized/Unrealized Gains/(Losses) on Investments		31,055,064

Change in Net Assets Resulting From Operations	$	38,250,501

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL JPMorgan International Opportunities Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $16,234 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2015, the Fund entered into forward currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The contract amount of forward currency contracts outstanding was $211.7 million as of June 30, 2015. The monthly average amount for these contracts was $198.7 million for the period ended June 30, 2015.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with J.P. Morgan Investment Management Inc. (“JPMIM”), JPMIM provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $3,161 was paid from the Fund relating to these fees and expenses.

Forward currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $514,603,662. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the year ended December 31, 2014, the Fund utilized $24,525,058 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

(a) The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to tax deferral of losses on wash sales.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

As a shareholder of the AZL JPMorgan U.S. Equity Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (99.4%):
	Aerospace & Defense (3.7%):
	99,736	Honeywell International, Inc.	$	10,170,080
	4,163	L-3 Communications Holdings, Inc.		472,001
	55,224	United Technologies Corp.		6,125,998

				16,768,079

	Airlines (1.6%):
	79,374	Delta Air Lines, Inc.		3,260,684
	73,961	United Continental Holdings, Inc.*		3,920,673

				7,181,357

	Auto Components (0.4%):
	29,592	Johnson Controls, Inc.		1,465,692
	8,388	Magna International, Inc., ADR		470,483

				1,936,175

	Automobiles (2.5%):
	340,135	General Motors Co.		11,336,700

	Banks (6.1%):
	387,929	Bank of America Corp.		6,602,552
	89,822	Citigroup, Inc.		4,961,767
	16,617	SunTrust Banks, Inc.		714,863
	7,172	SVB Financial Group*		1,032,625
	263,833	Wells Fargo & Co.		14,837,967

				28,149,774

	Beverages (1.4%):
	69,053	Coca-Cola Co. (The)		2,708,949
	37,802	PepsiCo, Inc.		3,528,439

				6,237,388

	Biotechnology (3.7%):
	4,896	Alexion Pharmaceuticals, Inc.*		885,050
	15,981	Biogen Idec, Inc.*		6,455,365
	36,249	Celgene Corp.*		4,195,278
	17,977	Gilead Sciences, Inc.		2,104,747
	26,220	Vertex Pharmaceuticals, Inc.*		3,237,646

				16,878,086

	Building Products (0.8%):
	45,358	Fortune Brands Home & Security, Inc.		2,078,304
	57,594	Masco Corp.^		1,536,032

				3,614,336

	Capital Markets (5.7%):
	23,496	Ameriprise Financial, Inc.		2,935,355
	12,847	BlackRock, Inc., Class A		4,444,805
	39,050	Charles Schwab Corp. (The)		1,274,983
	30,543	Goldman Sachs Group, Inc. (The)		6,377,073
	62,556	Invesco, Ltd.		2,345,224
	202,345	Morgan Stanley		7,848,962
	11,647	TD Ameritrade Holding Corp.^		428,843

				25,655,245

	Chemicals (2.2%):
	14,791	Axiall Corp. ^		533,216
	80,439	Dow Chemical Co. (The)		4,116,063
	38,307	E.I. du Pont de Nemours & Co.		2,449,733
	56,863	Mosaic Co. (The)		2,664,031

				9,763,043


Shares			Fair Value
	Common Stocks, continued
	Construction & Engineering (0.4%):
	21,907	Fluor Corp.	$	1,161,290
	21,143	Jacobs Engineering Group, Inc.*^		858,829

				2,020,119

	Construction Materials (0.1%):
	2,011	Martin Marietta Materials, Inc.^		284,577

	Consumer Finance (0.3%):
	23,577	Discover Financial Services		1,358,507

	Containers & Packaging (0.8%):
	67,494	Crown Holdings, Inc.*		3,571,108

	Diversified Financial Services (0.6%):
	12,337	IntercontinentalExchange Group, Inc.		2,758,677

	Diversified Telecommunication Services (1.0%):
	65,950	AT&T, Inc.^		2,342,544
	44,994	Verizon Communications, Inc.		2,097,170

				4,439,714

	Electric Utilities (1.2%):
	27,222	Edison International		1,512,999
	52,542	Exelon Corp.^		1,650,870
	21,765	NextEra Energy, Inc.		2,133,622

				5,297,491

	Electronic Equipment, Instruments & Components (0.8%):
	54,117	TE Connectivity, Ltd.		3,479,723

	Energy Equipment & Services (1.0%):
	10,884	Baker Hughes, Inc.		671,543
	44,226	Schlumberger, Ltd.		3,811,839

				4,483,382

	Food & Staples Retailing (0.2%):
	5,285	Costco Wholesale Corp.		713,792

	Food Products (0.8%):
	15,856	Hershey Co.		1,408,488
	55,802	Mondelez International, Inc., Class A		2,295,695

				3,704,183

	Health Care Equipment & Supplies (1.3%):
	61,850	Abbott Laboratories		3,035,599
	119,272	Boston Scientific Corp.*		2,111,114
	7,655	Stryker Corp.		731,588

				5,878,301

	Health Care Providers & Services (5.6%):
	22,132	Aetna, Inc.		2,820,945
	30,372	Humana, Inc.		5,809,556
	32,475	McKesson, Inc.		7,300,705
	76,656	UnitedHealth Group, Inc.		9,352,032

				25,283,238

	Hotels, Restaurants & Leisure (1.5%):
	16,012	Carnival Corp.		790,833
	1,060	Chipotle Mexican Grill, Inc.*		641,289
	34,498	Royal Caribbean Cruises, Ltd.		2,714,648
	42,775	Starbucks Corp.		2,293,382

				6,440,152


Shares			Fair Value
	Common Stocks, continued
	Household Durables (1.6%):
	35,236	D.R. Horton, Inc.	$	964,057
	24,930	Harman International Industries, Inc.		2,965,174
	41,597	PulteGroup, Inc.^		838,180
	66,512	Toll Brothers, Inc.*		2,540,093

				7,307,504

	Household Products (1.0%):
	18,850	Colgate-Palmolive Co.		1,232,979
	43,297	Procter & Gamble Co. (The)		3,387,557

				4,620,536

	Industrial Conglomerates (0.1%):
	16,848	General Electric Co.		447,651

	Insurance (4.9%):
	94,997	ACE, Ltd.		9,659,295
	32,258	American International Group, Inc.		1,994,190
	94,373	Marsh & McLennan Cos., Inc.		5,350,948
	84,239	MetLife, Inc.		4,716,542
	12,785	XL Group plc		475,602

				22,196,577

	Internet & Catalog Retail (1.3%):
	12,445	Amazon.com, Inc.*		5,402,250
	217	Priceline Group, Inc. (The)*		249,847

				5,652,097

	Internet Software & Services (3.6%):
	75,165	Facebook, Inc., Class A*		6,446,526
	11,413	Google, Inc., Class C*		5,940,581
	7,376	Google, Inc., Class A*		3,983,335

				16,370,442

	IT Services (3.5%):
	42,720	Accenture plc, Class A		4,134,442
	5,282	Alliance Data Systems Corp.*		1,542,027
	21,786	Cognizant Technology Solutions Corp., Class A*		1,330,907
	35,485	Fidelity National Information Services, Inc.		2,192,973
	25,616	MasterCard, Inc., Class A		2,394,584
	54,725	Visa, Inc., Class A^		3,674,783

				15,269,716

	Life Sciences Tools & Services (0.1%):
	2,230	Illumina, Inc.*		486,943

	Machinery (1.0%):
	59,402	PACCAR, Inc.^		3,790,441
	7,620	SPX Corp.		551,612

				4,342,053

	Media (5.8%):
	36,717	CBS Corp., Class B		2,037,794
	17,237	Charter Communications, Inc., Class A*^		2,951,836
	62,427	Comcast Corp., Class A		3,754,360
	30,917	DISH Network Corp., Class A*		2,093,390
	93,166	Time Warner, Inc., Class A		8,143,640
	37,606	Twenty-First Century Fox, Inc., Class B		1,211,665
	177,292	Twenty-First Century Fox, Inc.		5,769,968

				25,962,653


Shares			Fair Value
	Common Stocks, continued
	Metals & Mining (0.3%):
	4,720	Alcoa, Inc.	$	52,628
	59,926	United States Steel Corp.^		1,235,674

				1,288,302

	Multi-Utilities (0.6%):
	16,698	CenterPoint Energy, Inc.		317,763
	26,380	CMS Energy Corp.		839,939
	17,930	NiSource, Inc.		817,429
	11,943	PG&E Corp.		586,401

				2,561,532

	Oil, Gas & Consumable Fuels (6.0%):
	36,247	Anadarko Petroleum Corp.		2,829,441
	39,633	Cabot Oil & Gas Corp.^		1,250,025
	7,063	Concho Resources, Inc.*^		804,193
	21,032	EOG Resources, Inc.		1,841,352
	15,398	EQT Corp.		1,252,473
	24,355	Exxon Mobil Corp.		2,026,336
	26,380	Marathon Oil Corp.		700,125
	22,264	Marathon Petroleum Corp.		1,164,630
	162,812	Occidental Petroleum Corp.		12,661,888
	19,317	Phillips 66		1,556,178
	7,489	Pioneer Natural Resources Co.^		1,038,649

				27,125,290

	Pharmaceuticals (6.2%):
	12,641	Allergan plc*		3,836,038
	96,275	Bristol-Myers Squibb Co.		6,406,138
	29,787	Eli Lilly & Co.^		2,486,917
	64,760	Johnson & Johnson Co.		6,311,509
	69,131	Merck & Co., Inc.		3,935,628
	3,359	Perrigo Co. plc		620,844
	146,073	Pfizer, Inc.		4,897,827

				28,494,901

	Real Estate Investment Trusts (REITs) (0.8%):
	21,215	American Tower Corp.		1,979,147
	3,399	Boston Properties, Inc.		411,415
	20,767	ProLogis, Inc.		770,456
	3,945	Vornado Realty Trust		374,499

				3,535,517

	Road & Rail (0.6%):
	2,968	Kansas City Southern		270,682
	26,344	Union Pacific Corp.		2,512,427

				2,783,109

	Semiconductors & Semiconductor Equipment (5.7%):
	64,766	Avago Technologies, Ltd.		8,609,344
	63,172	Broadcom Corp., Class A		3,252,726
	11,615	Freescale Semiconductor Holdings I, Ltd.*		464,252
	70,154	KLA-Tencor Corp.		3,943,356
	84,760	Lam Research Corp.		6,895,227
	8,316	NXP Semiconductors NV*		816,631
	11,010	NXP Semiconductors NV*		1,081,182
	16,542	Texas Instruments, Inc.		852,078

				25,914,796


Shares			Fair Value
	Common Stocks, continued
	Software (4.0%):
	39,723	Adobe Systems, Inc.*	$	3,217,960
	290,915	Microsoft Corp.		12,843,898
	44,251	Oracle Corp.		1,783,315

				17,845,173

	Specialty Retail (3.3%):
	9,900	Home Depot, Inc. (The)		1,100,187
	133,479	Lowe’s Cos., Inc.		8,939,089
	12,333	Tiffany & Co.		1,132,169
	52,714	TJX Cos., Inc. (The)		3,488,085

				14,659,530

	Technology Hardware, Storage & Peripherals (3.9%):
	140,945	Apple, Inc.		17,678,027

	Textiles, Apparel & Luxury Goods (0.6%):
	8,560	Lululemon Athletica, Inc.*^		558,968
	9,495	PVH Corp.		1,093,824
	5,036	Ralph Lauren Corp.		666,565
	9,885	VF Corp.		689,380

				3,008,737


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Tobacco (0.6%):
	31,385	Philip Morris International, Inc.	$	2,516,135

	Wireless Telecommunication Services (0.2%):
	9,757	SBA Communications Corp., Class A*		1,121,763

	Total Common Stocks (Cost $360,688,344)			448,422,131

	Securities Held as Collateral for Securities on Loan (4.9%):
$	21,975,509	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		21,975,509

	Total Securities Held as Collateral for Securities on Loan (Cost $21,975,509)			21,975,509

	Unaffiliated Investment Company (0.9%):
	3,867,273	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		3,867,273

	Total Unaffiliated Investment Company (Cost $3,867,273)			3,867,273

	Total Investment Securities (Cost $386,531,126)(c) — 105.2%			474,264,913
	Net other assets (liabilities) — (5.2)%			(23,500,213	)

	Net Assets — 100.0%		$	450,764,700

Cash of $115,000 has been segregated to cover margin requirements for the following open contracts as of June 30, 2015:

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	386,531,126

Investment securities, at value*	$	474,264,913
Cash		25,904
Segregated cash for collateral		115,000
Interest and dividends receivable		469,834
Receivable for investments sold		1,401,928
Reclaims receivable		12,730
Prepaid expenses		859

Total Assets		476,291,168

Liabilities:
Payable for investments purchased		2,462,177
Payable for capital shares redeemed		672,447
Payable for collateral received on loaned securities		21,975,509
Payable for variation margin on futures contracts		1,755
Manager fees payable		269,696
Administration fees payable		11,838
Distribution fees payable		94,852
Custodian fees payable		12,345
Administrative and compliance services fees payable		768
Trustee fees payable		4,627
Other accrued liabilities		20,454

Total Liabilities		25,526,468

Net Assets	$	450,764,700

Net Assets Consist of:
Capital	$	346,061,805
Accumulated net investment income/(loss)		6,321,430
Accumulated net realized gains/(losses) from investment transactions		10,618,514
Net unrealized appreciation/(depreciation) on investments		87,762,951

Net Assets	$	450,764,700

Shares of beneficial interest (unlimited number of shares authorized, no par value)		26,912,626
Net Asset Value (offering and redemption price per share)	$	16.75

*	Includes securities on loan of $21,532,321.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	3,767,016
Interest		50
Income from securities lending		28,379
Foreign withholding tax		(9,829	)

Total Investment Income		3,785,616

Expenses:
Manager fees		1,957,605
Administration fees		65,345
Distribution fees		611,750
Custodian fees		23,126
Administrative and compliance services fees		3,704
Trustee fees		14,957
Professional fees		15,926
Shareholder reports		10,307
Other expenses		6,196

Total expenses before reductions		2,708,916
Less expenses voluntarily waived/reimbursed by the Manager		(219,905	)

Net expenses		2,489,011

Net Investment Income/(Loss)		1,296,605

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		31,327,259
Net realized gains/(losses) on futures contracts		60,422
Change in net unrealized appreciation/depreciation on investments		(23,325,229	)

Net Realized/Unrealized Gains/(Losses) on Investments		8,062,452

Change in Net Assets Resulting From Operations	$	9,359,057

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL JPMorgan U.S. Equity Fund (the “Fund”), and 35 are presented in separate reports.

To generate additional income, the Fund may lend up to 33 ¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2015 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $30.4 million for the period ended June 30, 2015.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $2,799 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2015, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $0.9 million as of June 30, 2015. The monthly average notional amount for these contracts was $0.8 million for the period ended June 30, 2015.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with J.P. Morgan Investment Management Inc. (“JPMIM”), JPMIM provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $2,721 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $390,649,448. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the year ended December 31, 2014, the Fund utilized $82,147,971 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

As a shareholder of the AZL MetWest Total Return Bond Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Principal Amount			Fair Value
	Asset Backed Securities (9.7%):
$	1,050,000	Betony CLO, Ltd., Class A, Series 2015-1A, 1.77%, 4/15/27(a) (b)	$	1,050,407
	1,040,000	Dryden Senior Loan Fund LLC, Class A, Series 2015-37A, 1.75%, 4/15/27(a) (b)		1,040,311
	955,000	Flagship CLO, Class A1, Series 2013-7A, 1.75%, 1/20/26(a) (b)		950,952
	1,874,505	Goal Capital Funding Trust, Class A3, Series 2005-2, 0.45%, 5/28/30(a)		1,857,261
	1,000,000	Limerock CLO, Class A1, Series 2014-3A, 1.79%, 10/20/26(a) (b)		999,723
	1,000,000	Magnetite CLO, Ltd., Class A1, Series 2014-9A, 1.70%, 7/25/26(a) (b)		997,859
	1,000,000	Magnetite CLO, Ltd., Class A1, Series 2014-11A, 1.69%, 1/18/27(a) (b)		999,867
	1,040,000	Magnetite CLO, Ltd., Class A, Series 2015-12A, 1.82%, 4/15/27(a) (b)		1,040,534
	908,412	Navient Student Loan Trust, Class A, Series 2014-2, 0.82%, 3/25/43(a)		901,314
	870,454	Navient Student Loan Trust, Class A, Series 2014-3, 0.80%, 3/25/43(a)		863,283
	589,533	Navient Student Loan Trust, Class A, Series 2014-4, 0.80%, 3/25/43(a)		584,166
	2,080,000	Navient Student Loan Trust, Class A3, Series 2014-8, 0.78%, 5/27/31(a)		2,084,091
	1,830,000	Nelnet Student Loan Trust, Class A2, Series 2015-2A, 0.79%, 9/25/42(a) (b)		1,830,000
	2,615,000	SLC Student Loan Trust, Class A6, Series 2006-1, 0.45%, 12/15/38(a)		2,320,871
	1,872,000	SLC Student Loan Trust, Class A4A, Series 2008-1, 1.89%, 12/15/32(a)		1,936,064
	1,049,931	SLM Student Loan Trust, Class B, Series 2003-7, 0.86%, 9/15/39(a)		941,558
	1,585,153	SLM Student Loan Trust, Class A5, Series 2003-11, 0.34%, 12/15/22(a) (b)		1,579,075
	1,588,096	SLM Student Loan Trust, Class A5B, Series 2004-10, 0.68%, 4/25/23(a) (b)		1,588,633
	219,123	SLM Student Loan Trust, Class B, Series 2005-6, 0.57%, 1/25/44(a)		197,807
	225,652	SLM Student Loan Trust, Class B, Series 2006-10, 0.50%, 3/25/44(a)		195,395
	221,097	SLM Student Loan Trust, Class B, Series 2007-1, 0.50%, 1/27/42(a)		196,018
	1,220,000	SLM Student Loan Trust, Class B, Series 2008-5, 2.13%, 7/25/29(a)		1,237,248
	1,926,651	SLM Student Loan Trust, Class A, Series 2008-9, 1.78%, 4/25/23(a)		1,976,519
	240,000	SLM Student Loan Trust, Class B, Series 2008-9, 2.53%, 10/25/29(a)		250,031
	2,002,859	SLM Student Loan Trust, Class A, Series 2009-3, 0.94%, 1/25/45(a) (b)		2,004,652
	1,860,872	SLM Student Loan Trust, Class A, Series 2012-2, 0.89%, 1/25/29(a)		1,866,717
	1,150,394	SLM Student Loan Trust, Class A, Series 2012-3, 0.84%, 12/26/25(a)		1,148,208
	1,858,207	SLM Student Loan Trust, Class A, Series 2013-4, 0.73%, 6/25/27(a)		1,864,357


Principal Amount			Fair Value
	Asset Backed Securities, continued
$	2,100,000	SLM Student Loan Trust, Class A2, Series 2014-2, 0.54%, 10/25/21(a)	$	2,094,899
	830,000	SLM Student Loan Trust, Class A5, Series 2006-5, 0.39%, 1/25/27(a)		813,763
	1,040,000	Voya CLO, Ltd., Class A1, Series 2015-1A, 1.74%, 4/18/27(a) (b)		1,039,917
	1,970,000	Wachovia Student Loan Trust, Class A6, Series 2006-1, 0.45%, 4/25/40(a) (b)		1,794,918

	Total Asset Backed Securities (Cost $40,299,829)			40,246,418

	Collateralized Mortgage Obligations (18.0%):
	1,150,000	Ameriquest Mortgage Securities, Inc., Class M2, Series 2005-R5, 0.65%, 7/25/35(a)		1,098,827
	1,976,664	Ameriquest Mortgage Securities, Inc., Class M2, Series 2005-R5, 0.67%, 4/25/35(a)		1,958,469
	210,000	Babson CLO, Ltd., Class A, Series 2015-IA, 1.71%, 4/20/27(a) (b)		209,970
	1,608,720	Bank of America Mortgage Securities, Inc., Class 2A3, Series 2005-F, 2.65%, 7/25/35(a)		1,537,772
	1,027,170	CD Commercial Mortgage Trust, Class A1A, Series 2007-CD4, 5.29%, 12/11/49(a)		1,075,786
	1,924,103	Centex Home Equity, Class M1, Series 2005-D, 0.62%, 10/25/35(a)		1,917,436
	2,093,892	Citigroup Mortgage Loan Trust, Inc., Class A4, Series 2006-WFH3, 0.43%, 10/25/36(a)		2,020,593
	2,226,041	Citigroup Mortgage Loan Trust, Inc., Class 1A1A, Series 2007-AR5, 2.69%, 4/25/37(a)		2,012,800
	1,489,922	Credit Suisse Mortgage Capital Certificates, Class A2E, Series 2007-CB2, 4.56%, 2/25/37(a)		1,104,353
	1,074,637	Credit Suisse Mortgage Capital Certificates, Class AAB, Series 2007-C1, 5.34%, 2/15/40		1,093,834
	790,216	Federal Home Loan Mortgage Corp., Class A, Series KF01, 0.53%, 4/25/19(a)		786,995
	825,007	Federal Home Loan Mortgage Corp., Class A, Series KF04, 0.49%, 6/25/21(a)		826,261
	2,067,184	Federal Home Loan Mortgage Corp., Class A, Series KF05, 0.53%, 9/25/21(a)		2,070,814
	2,025,000	Federal Home Loan Mortgage Corp., Class A2, Series K041, 3.17%, 10/25/24		2,066,909
	565,000	Federal Home Loan Mortgage Corp., Class A2, Series KSCT, 4.28%, 1/25/20		622,199
	1,500,659	Federal National Mortgage Association, Class FA, Series 2013-M14, 0.54%, 8/25/18(a)		1,503,193
	2,016,771	Federal National Mortgage Association, Class A1, Series 2015-M5, 2.87%, 6/25/25(a)		2,020,068
	1,650,393	Federal National Mortgage Association, Class A3, Series 2015-M2, 3.06%, 12/25/24(a)		1,677,521
	1,405,000	Federal National Mortgage Association, Class 1, Series 141, 2.97%, 5/1/27(a)		1,386,343
	1,526,352	First Franklin Mortgage Loan Trust, Class M1, Series 2005-FFH3, 0.70%, 9/25/35(a)		1,518,291
	2,095,302	First Franklin Mortgage Loan Trust, Class M1, Series 2005-FF8, 0.68%, 9/25/35(a)		2,039,494
	2,195,368	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 05-AA12, 2.29%, 2/25/36(a)		1,776,162


Principal Amount			Fair Value
	Collateralized Mortgage Obligations, continued
$	1,593,994	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2005-AR3, 2.68%, 8/25/35(a)	$	1,439,701
	2,253,568	First Horizon Alternative Mortgage Securities Trust, Class 1A1, Series 2006-AA1, 2.27%, 3/25/36(a)		1,874,349
	1,987,557	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2006-AA1, 2.26%, 4/25/36(a)		1,658,560
	2,053,140	GMAC Mortgage Corp. Loan Trust, Class 1A1, Series 2006-AR1, 2.99%, 4/19/36(a)		1,834,912
	1,905,266	GMAC Mortgage Corp. Loan Trust, Class 3A1, Series 2005-AR5, 2.95%, 9/19/35(a)		1,824,369
	610,702	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4, Series 2005-CB13, 5.25%, 1/12/43(a)		611,594
	906,860	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4, Series 2005-LDP5, 5.24%, 11/15/15(a)		908,896
	2,005,932	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4, Series 2006-LDP7, 5.91%, 4/15/45(a)		2,051,617
	95,448	JPMorgan Chase Commercial Mortgage Securities Corp., Class A1, Series 2010-C1, 3.85%, 6/15/43(b)		95,369
	391,838	JPMorgan Chase Commercial Mortgage Securities Corp., Class A2, Series 2011-C3, 3.67%, 1/15/18(b)		399,292
	1,292,424	LB-UBS Commercial Mortgage Trust, Class A2, Series 2006-C7, 5.30%, 11/15/38		1,302,542
	1,291,824	LB-UBS Commercial Mortgage Trust, Class G, Series 2004-C7, 5.03%, 10/15/36(a) (b)		1,295,185
	1,260,970	Merrill Lynch First Franklin Mortgage Loan Trust, Class 2A2, Series 2007-4, 0.31%, 7/25/37(a)		804,566
	2,176,935	Merrill Lynch Mortgage Trust, Class A1A, Series 2007-C1, 5.84%, 6/12/50(a)		2,273,403
	2,125,000	Morgan Stanley Capital I Trust, Class A3, Series 2011-C1, 4.70%, 9/15/47(b)		2,296,333
	1,524,985	Morgan Stanley Mortgage Loan Trust, Class 1A2, Series 2005-6AR, 0.46%, 11/25/35(a)		1,517,822
	1,962,868	Morgan Stanley Remic Trust, Class 3A, Series 2014-R8, 0.89%, 6/26/47(a) (b)		1,887,092
	1,865,437	MortgageIT Trust, Class 2A, Series 2005-2, 1.83%, 5/25/35(a)		1,834,924
	1,950,172	Newcastle Mortgage Securities Trust, Class A4, Series 2006-1, 0.47%, 3/25/36(a)		1,902,402
	1,638,714	Nomura Asset Acceptance Corp., Class 3A1, Series 2005-AR3, 2.95%, 7/25/35(a)		1,556,700
	2,497,822	Residential Accredit Loans, Inc., Class A2, Series 2006-QA10, 0.37%, 12/25/36(a)		1,931,911
	832,788	Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2005-C22, 5.45%, 12/15/44(a)		833,824
	1,644,998	WaMu Mortgage Pass-Through Certificates, Class 2A1A, Series 2005-AR6, 0.42%, 4/25/45(a)		1,550,893


Principal Amount			Fair Value
	Collateralized Mortgage Obligations, continued
$	1,918,104	WaMu Mortgage Pass-Through Certificates, Class 2A1A, Series 2005-AR8, 0.48%, 7/25/45(a)	$	1,759,784
	2,010,663	WaMu Mortgage Pass-Through Certificates, Class 4A1, Series 2007-HY1, 2.38%, 2/25/37(a)		1,758,274
	1,885,156	WaMu Mortgage Pass-Through Certificates, Class A2, Series 2005-AR3, 2.44%, 3/25/35(a)		1,884,947
	1,826,860	Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2006-AR2, 2.62%, 3/25/36(a)		1,818,062
	1,843,340	Wells Fargo Mortgage Backed Securities Trust, Class 1A1, Series 2006-AR12, 2.50%, 9/25/36(a)		1,714,776

	Total Collateralized Mortgage Obligations (Cost $75,656,944)			74,946,189

	Corporate Bonds (16.9%):
	Airlines (0.9%):
	1,570,486	Continental Airlines 2009-2, Series A, 7.25%, 11/10/19		1,817,838
	560,552	U.S. Airways 2001-1G PTT, Class G, Series 2001, 7.08%, 9/20/22		608,199
	1,038,471	U.S. Airways 2010-1A PTT, Series A, 6.25%, 10/22/24		1,168,279

				3,594,316

	Auto Components (0.1%):
	200,000	ZF NA Capital, 4.50%, 4/29/22(b)		195,910

	Automobiles (0.2%):
	400,000	General Motors Co., 5.20%, 4/1/45		396,176
	600,000	General Motors Financial Co., Inc., 3.45%, 4/10/22, Callable 2/10/22 @ 100^		587,911

				984,087

	Banks (1.5%):
	2,500,000	Bank of America NA, 5.30%, 3/15/17		2,647,910
	350,000	Bank of America NA, Series BKNT, 6.10%, 6/15/17		379,084
	1,000,000	JPMorgan Chase & Co., 1.10%, 10/15/15		1,000,906
	800,000	JPMorgan Chase & Co., 2.60%, 1/15/16		806,347
	1,000,000	U.S. Bank NA, 2.28%, 4/29/20, Callable 7/29/15 @ 100(a)		1,001,028
	550,000	Wells Fargo & Co., 3.30%, 9/9/24^		541,563

				6,376,838

	Capital Markets (1.8%):
	2,000,000	Bear Stearns Co., Inc., 7.25%, 2/1/18		2,265,651
	750,000	Goldman Sachs Group, Inc., 1.60%, 11/23/15, MTN		752,590
	1,500,000	Goldman Sachs Group, Inc., 5.95%, 1/18/18		1,648,926
	500,000	Goldman Sachs Group, Inc., 1.88%, 11/29/23, MTN^(a)		508,182
	400,000	Morgan Stanley, 4.75%, 3/22/17		421,978
	1,750,000	Morgan Stanley, 1.01%, 1/5/18(a)		1,751,572

				7,348,899

	Commercial Services & Supplies (0.2%):
	800,000	International Lease Finance Corp., 7.13%, 9/1/18(b)		892,000


Principal Amount			Fair Value
	Corporate Bonds, continued
	Consumer Finance (0.9%):
$	1,250,000	Capital One Financial Corp., 1.00%, 11/6/15	$	1,248,114
	400,000	DS Services Holdings, Inc., 10.00%, 9/1/21, Callable 9/1/17 @ 105(b)		468,000
	1,660,000	Ford Motor Credit Co. LLC, 8.00%, 12/15/16		1,808,419

				3,524,533

	Diversified Financial Services (1.3%):
	575,000	Berkshire Hathaway, Inc., 4.50%, 2/11/43		576,480
	2,000,000	Citigroup, Inc., 0.98%, 11/24/17(a)		1,998,901
	700,000	Citigroup, Inc., 5.50%, 9/13/25		756,558
	250,000	General Electric Capital Corp., 5.88%, 1/14/38, MTN		299,008
	700,000	General Electric Capital Corp., Series G, 6.88%, 1/10/39, MTN		939,872
	800,000	ZFS Finance USA Trust II, 6.45%, 12/15/65, Callable 6/15/16 @ 100(a) (b)		818,216

				5,389,035

	Diversified Telecommunication Services (0.3%):
	1,500,000	Verizon Communications, Inc., 4.86%, 8/21/46		1,403,874

	Electric Utilities (2.4%):
	780,000	American Transmission Systems, Inc., 5.00%, 9/1/44, Callable 3/1/44 @ 100(b)		792,689
	500,000	Appalachian Power Co., Series H, 5.95%, 5/15/33		575,372
	1,000,000	CenterPoint Energy Houston Electric LLC, 4.50%, 4/1/44, Callable 10/1/43 @ 100		1,028,579
	800,000	Cleco Power LLC, 6.00%, 12/1/40		917,678
	1,000,000	Duke Energy Progress, Inc., 4.15%, 12/1/44, Callable 6/1/44 @ 100		966,412
	936,000	Duquesne Light Holdings, Inc., 6.40%, 9/15/20(b)		1,084,468
	750,000	El Paso Electric Co., 5.00%, 12/1/44, Callable 6/1/44 @ 100		740,183
	400,000	IPALCO Enterprises, Inc., 7.25%, 4/1/16		418,488
	1,000,000	IPALCO Enterprises, Inc., 5.00%, 5/1/18, Callable 4/1/18 @ 100		1,055,000
	750,000	Jersey Central Power & Light Co., 6.40%, 5/15/36		830,761
	1,500,000	Oncor Electric Delivery Co. LLC, 4.10%, 6/1/22, Callable 3/1/22 @ 100		1,580,169
	450,000	Spectra Energy Partners LP, 4.50%, 3/15/45, Callable 9/15/44 @ 100^		398,655

				10,388,454

	Food & Beverage (0.2%):
	630,000	HJ Heinz Co., 1.60%, 6/30/17(b)		630,064

	Health Care Providers & Services (0.7%):
	1,000,000	Catholic Health Initiatives, 4.35%, 11/1/42		914,474
	800,000	CHS/Community Health Systems, Inc., 5.13%, 8/15/18, Callable 8/15/15 @ 102.6		820,000
	420,000	DaVita Healthcare Partners, Inc., 5.00%, 5/1/25, Callable 5/1/20 @ 102.5		404,250
	750,000	HCA, Inc., 6.50%, 2/15/20^		838,125

				2,976,849


Principal Amount			Fair Value
	Corporate Bonds, continued
	Household Products (0.2%):
$	800,000	Reynolds Group Issuer LLC / Reynolds Group Issuer, Inc., 5.75%, 10/15/20, Callable 10/15/15 @ 104^	$	820,000

	Industrial Conglomerates (0.1%):
	500,000	General Electric Co., 4.50%, 3/11/44		507,795

	Insurance (0.8%):
	400,000	Berkshire Hathaway Finance Corp., 4.30%, 5/15/43		387,139
	1,900,000	Farmers Exchange Capital III, 5.45%, 10/15/54, Callable 10/15/34 @ 100(a) (b)		1,857,249
	900,000	Nationwide Financial Services, Inc., 5.30%, 11/18/44(b)		883,714

				3,128,102

	Media (0.6%):
	830,000	Altice US Finance I Corp., 5.38%, 7/15/23, Callable 7/15/18 @ 104.03(b)		809,250
	1,575,000	CCO Holdings LLC / CCO Holdings Capital Corp., 6.50%, 4/30/21, Callable 8/10/15 @ 104.88		1,647,844

				2,457,094

	Multi-Utilities (0.2%):
	625,000	Berkshire Hathaway Energy Co., 4.50%, 2/1/45, Callable 8/1/44 @ 100		615,079

	Oil, Gas & Consumable Fuels (1.8%):
	350,000	Anadarko Petroleum Corp., 4.50%, 7/15/44, Callable 1/15/44 @ 100^		321,668
	1,100,000	Boardwalk Pipeline Partners LP, 4.95%, 12/15/24, Callable 9/15/24 @ 100		1,078,729
	775,000	Chesapeake Energy Corp., 6.63%, 8/15/20^		755,625
	1,400,000	Energy Transfer Partners LP, 5.95%, 10/1/43, Callable 4/1/43 @ 100		1,372,022
	425,000	Exxon Mobil Corp., 3.57%, 3/6/45, Callable 9/6/44 @ 100		384,721
	850,000	KeySpan Gas East Corp., 5.82%, 4/1/41(b)		1,016,392
	400,000	MarkWest Energy Partners LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100		391,000
	475,000	Noble Energy, Inc., 5.05%, 11/15/44, Callable 5/15/44 @ 100^		455,110
	780,000	Rockies Express Pipeline LLC, 6.85%, 7/15/18(b)		831,675
	250,000	Rockies Express Pipeline LLC, 6.00%, 1/15/19(b)		260,625
	775,000	Sabine Pass Liquefcation LLC, 6.25%, 3/15/22		802,125

				7,669,692

	Real Estate Investment Trusts (REITs) (2.1%):
	875,000	HCP, Inc., 5.38%, 2/1/21, Callable 11/3/20 @ 100		965,330
	400,000	HCP, Inc., 3.88%, 8/15/24, Callable 5/15/24 @ 100		390,336
	175,000	HCP, Inc., 3.40%, 2/1/25, Callable 11/1/24 @ 100		164,301
	1,600,000	Health Care REIT, Inc., 5.25%, 1/15/22, Callable 10/15/21 @ 100^		1,750,179


Principal Amount			Fair Value
	Corporate Bonds, continued
	Real Estate Investment Trusts (REITs), continued
$	1,000,000	Mid-America Apartment Communities, Inc., 5.50%, 10/1/15	$	1,010,633
	1,150,000	SL Green Realty Corp., 5.00%, 8/15/18, Callable 6/15/18 @ 100		1,231,259
	2,000,000	Ventas Realty LP / Capital Corp., 3.13%, 11/30/15		2,016,123
	1,500,000	WEA Finance LLC, 2.70%, 9/17/19, Callable 8/17/19 @ 100(b)		1,502,210

				9,030,371

	Road & Rail (0.1%):
	425,000	Burlington North Santa Fe LLC, 4.15%, 4/1/45, Callable 10/1/44 @ 100		391,980

	Software (0.1%):
	640,000	Microsoft Corp., 3.75%, 2/12/45, Callable 8/12/44 @ 100		577,050

	Wireless Telecommunication Services (0.4%):
	835,000	AT&T, Inc., 4.75%, 5/15/46, Callable 5/15/46 @ 100		759,828
	725,000	Sprint Communications, Inc., 9.00%, 11/15/18(b)		818,714

				1,578,542

	Total Corporate Bonds (Cost $71,682,619)			70,480,564

	Yankee Dollars (1.8%):
	Banks (1.2%):
	2,000,000	Credit Suisse, NY, 0.69%, 12/7/15(a)		2,000,364
	1,100,000	HBOS plc, Series G, 6.75%, 5/21/18(b)		1,219,628
	1,250,000	Royal Bank of Scotland Group plc, 2.55%, 9/18/15		1,253,495
	1,000,000	Royal Bank of Scotland Group plc, 4.38%, 3/16/16		1,022,087

				5,495,574

	Oil, Gas & Consumable Fuels (0.2%):
	700,000	Shell International Finance BV, 4.38%, 5/11/45		690,950

	Pharmaceuticals (0.3%):
	800,000	VRX Escrow Corp., 5.88%, 5/15/23, Callable 5/15/23 @ 102.94(b)		820,000
	425,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 4/15/20 @ 103(b)		437,219

				1,257,219

	Semiconductors (0.1%):
	200,000	NXP BV/NXP Funding LLC, 4.63%, 6/15/22(b)		197,250

	Total Yankee Dollars (Cost $7,627,436)			7,640,993

	Municipal Bonds (0.5%):
	New York (0.5%):
	1,125,000	New York NY, Build America Bonds, GO, 5.05%, 10/1/24		1,279,879
	750,000	New York City Municipal Finance Authority Water & Sewer System Revenue, 5.95%, 6/15/42		947,250

				2,227,129

	Total Municipal Bonds (Cost $2,263,447)			2,227,129


Principal Amount			Fair Value
	U.S. Government Agency Mortgages (37.1%):
	Federal Home Loan Bank (11.2%)
$	10,640,000	0.07%, 7/6/15(c)	$	10,639,968
	8,885,000	0.07%, 7/15/15(c)		8,884,929
	7,200,000	0.07%, 7/29/15(c)		7,199,885
	10,125,000	0.06%, 7/31/15(c)		10,124,828
	3,015,000	0.07%, 8/19/15(c)		3,014,837
	5,100,000	0.07%, 8/21/15(c)		5,099,709
	2,095,000	1.25%, 6/28/30, Callable 0 @ 100(a)		2,095,886

				47,060,042

	Federal Home Loan Mortgage Corporation (5.3%)
	3,837,019	3.50%, 4/1/44, Pool #G07848		3,978,056
	3,885,822	3.50%, 1/1/45, Pool #G07924		4,011,062
	1,819,514	3.50%, 3/1/45, Pool #G08632		1,873,936
	3,988,216	3.50%, 4/1/45, Pool #G60023		4,121,706
	3,697,819	3.50%, 4/1/45, Pool #G08636		3,808,544
	4,054,899	3.50%, 6/1/45, Pool #G60080		4,188,104

				21,981,408

	Federal National Mortgage Association (17.0%)
	1,446,676	4.60%, 4/1/20, Pool #AD0910		1,591,811
	1,133,313	4.12%, 4/1/20, Pool #464959		1,231,939
	996,626	3.43%, 10/1/20, Pool #466386		1,056,709
	1,697,660	3.67%, 10/1/20, Pool #AE0918		1,823,375
	1,967,216	3.42%, 10/1/20, Pool #FN0009		2,081,925
	2,644,622	3.76%, 12/1/20, Pool #FN0001		2,847,631
	1,000,000	3.94%, 1/1/21, Pool #466969		1,083,853
	1,130,394	4.62%, 4/1/21, Pool #467731		1,264,247
	982,481	3.93%, 7/1/21, Pool #468518		1,059,421
	1,245,000	3.06%, 5/1/22, Pool #471258		1,290,091
	1,050,000	2.80%, 6/1/25, Pool #AM9004		1,039,213
	1,000,000	3.00%, 7/25/30		1,036,008
	2,000,000	2.50%, 7/25/30		2,024,228
	1,000,000	3.50%, 7/25/30		1,054,641
	1,809,614	3.50%, 1/1/32, Pool #AB4262		1,891,993
	973,742	3.00%, 10/1/33, Pool #MA1676		993,430
	1,998,451	3.50%, 4/1/43, Pool #MA1404		2,062,722
	3,822,434	3.50%, 6/1/43, Pool #MA1463		3,945,278
	14,215,000	3.00%, 7/25/43		14,161,971
	7,995,000	4.00%, 7/25/44		8,470,546
	3,640,000	4.50%, 7/25/44		3,935,181
	14,635,000	3.50%, 7/25/45		15,082,054

				71,028,267

	Government National Mortgage Association (3.6%)
	1,968,475	3.50%, 4/20/45, Pool #MA2754		2,053,570
	1,985,985	3.50%, 5/20/45, Pool #MA2826		2,071,839
	2,670,000	3.00%, 7/20/45		2,695,240
	1,000,000	4.50%, 7/20/45		1,078,281
	4,850,000	3.50%, 7/20/45		5,033,581
	1,955,000	4.00%, 7/20/45		2,071,804

				15,004,315

	Total U.S. Government Agency Mortgages (Cost $155,675,628)			155,074,032


Principal Amount			Fair Value
	U.S. Treasury Obligations (25.4%):
	U.S. Treasury Bills (0.1%)
$	8,000	0.08%, 7/23/15(c)	$	8,000
	205,000	0.03%, 9/3/15(c)		205,000

				213,000

	U.S. Treasury Bonds (1.7%)
	7,220,000	3.00%, 5/15/45		7,075,600

	U.S. Treasury Inflation Index Bonds (2.1%)
	1,155,000	0.63%, 2/15/43		1,053,767
	5,830,000	1.38%, 2/15/44		6,318,060
	1,500,000	0.75%, 2/15/45		1,376,665

				8,748,492

	U.S. Treasury Inflation Index Notes (2.2%)
	1,690,000	0.13%, 4/15/16		1,819,986
	3,660,000	0.13%, 7/15/24		3,556,614
	3,850,000	0.25%, 1/15/25		3,772,229

				9,148,829

	U.S. Treasury Notes (19.3%)
	10,200,000	0.63%, 5/31/17		10,198,409
	24,825,000	0.63%, 6/30/17		24,815,294
	7,410,000	1.50%, 5/31/20		7,369,475
	20,340,000	1.63%, 6/30/20		20,338,413
	18,095,000	2.13%, 5/15/25		17,767,028

				80,488,619

	Total U.S. Treasury Obligations (Cost $105,949,697)			105,674,540


Shares or Principal Amount			Fair Value
	Commercial Paper (1.0%):
$	3,950,000	Macquarie Bank, Ltd., 0.25%(b) (c)	$	3,948,775

	Total Commercial Paper (Cost $3,948,465)			3,948,775

	Securities Held as Collateral for Securities on Loan (1.5%):
	6,038,201	Allianz Variable Insurance Products Securities Lending Collateral Trust(d)		6,038,201

	Total Securities Held as Collateral for Securities on Loan (Cost $6,038,201)			6,038,201

	Unaffiliated Investment Company (4.2%):
	17,541,700	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(c)		17,541,700

	Total Unaffiliated Investment Company (Cost $17,541,700)			17,541,700

	Total Investment Securities (Cost $486,683,966)(e) — 116.1%			483,818,541
	Net other assets (liabilities) — (16.1)%			(66,977,941	)

	Net Assets — 100.0%		$	416,840,600

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	486,683,966

Investment securities, at value*	$	483,818,541
Interest and dividends receivable		1,095,186
Receivable for investments sold		5,199,929
Prepaid expenses		1,249

Total Assets		490,114,905

Liabilities:
Payable for investments purchased		65,732,628
Payable for capital shares redeemed		1,190,456
Payable for collateral received on loaned securities		6,038,201
Payable for variation margin on futures contracts		4,719
Manager fees payable		188,442
Administration fees payable		11,290
Distribution fees payable		85,655
Custodian fees payable		5,256
Administrative and compliance services fees payable		558
Trustee fees payable		3,858
Other accrued liabilities		13,242

Total Liabilities		73,274,305

Net Assets	$	416,840,600

Net Assets Consist of:
Capital	$	414,766,025
Accumulated net investment income/(loss)		2,414,956
Accumulated net realized gains/(losses) from investment transactions		2,618,066
Net unrealized appreciation/(depreciation) on investments		(2,958,447	)

Net Assets	$	416,840,600

Shares of beneficial interest (unlimited number of shares authorized, no par value)		41,487,620
Net Asset Value (offering and redemption price per share)	$	10.05

*	Includes securities on loan of $5,804,764.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Interest	$	3,727,388
Dividends		3
Income from securities lending		1,342

Total Investment Income		3,728,733

Expenses:
Manager fees		1,241,624
Administration fees		23,614
Distribution fees		517,341
Custodian fees		7,281
Administrative and compliance services fees		2,604
Trustee fees		10,240
Professional fees		10,554
Shareholder reports		2,413
Other expenses		3,447

Total expenses before reductions		1,819,118
Less expenses voluntarily waived/reimbursed by the Manager		(103,471	)

Net expenses		1,715,647

Net Investment Income/(Loss)		2,013,086

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		1,595,615
Net realized gains/(losses) on futures contracts		(139,988	)
Change in net unrealized appreciation/depreciation on investments		(4,394,745	)
Net Realized/Unrealized Gains/(Losses) on Investments		(2,939,118	)

Change in Net Assets Resulting From Operations	$	(926,032	)

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL MetWest Total Return Bond Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $135 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2015, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $19.1 million as of June 30, 2015. The monthly average notional amount for these contracts was $8.6 million for the period ended June 30, 2015. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Metropolitan West Asset Management, LLC (“MetWest”), MetWest provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

* The Manager voluntarily reduced the management fee to 0.55% on all assets. The Manager reserves the right to increase the management fee to the amount shown in the table above at any time.

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

For the period ended June 30, 2015, purchases and sales on long-term U.S. government securities were as follows:

adjustable and fixed rate mortgage-related securities are subject to call risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a Fund because the Fund will have to reinvest that money at the lower prevailing interest rates. If a Fund purchases mortgage-backed or asset-backed securities that are subordinated to other interests in the same mortgage pool, the Fund may receive payments only after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless. An unexpectedly high or low rate of prepayments on a pool’s underlying mortgages may have a similar effect on subordinated securities. A mortgage pool may issue securities subject to various levels of subordination. The risk of non-payment affects securities at each level, although the risk is greater in the case of more highly subordinated securities. A Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

Cost for federal income tax purposes at June 30, 2015 is $486,806,571. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL MFS Investors Trust Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value

	Common Stocks (99.6%):
	Aerospace & Defense (4.8%):
	57,993	Honeywell International, Inc.	$	5,913,546
	19,581	Precision Castparts Corp.		3,913,654
	60,328	United Technologies Corp.		6,692,186

				16,519,386

	Air Freight & Logistics (0.6%):
	22,618	United Parcel Service, Inc., Class B		2,191,910

	Auto Components (0.2%):
	8,238	Delphi Automotive plc		700,971

	Banks (7.3%):
	23,229	Bank of America Corp.		395,358
	351,104	Bank of America Corp.		5,975,790
	166,389	JPMorgan Chase & Co.		11,274,518
	125,950	Wells Fargo & Co.		7,083,428

				24,729,094

	Beverages (1.8%):
	85,097	Diageo plc		2,466,252
	32,345	Pernod Ricard SA		3,741,573

				6,207,825

	Capital Markets (5.2%):
	15,583	BlackRock, Inc., Class A		5,391,406
	33,332	Goldman Sachs Group, Inc. (The)		6,959,389
	83,817	Morgan Stanley		3,251,261
	27,180	State Street Corp.		2,092,860

				17,694,916

	Chemicals (3.7%):
	25,891	Monsanto Co.		2,759,722
	21,393	Praxair, Inc.^		2,557,533
	13,496	Sherwin Williams Co.^		3,711,669
	35,212	W.R. Grace & Co.*		3,531,764

				12,560,688

	Construction & Engineering (0.5%):
	35,434	Fluor Corp.		1,878,356

	Consumer Finance (1.9%):
	82,138	American Express Co.		6,383,765

	Containers & Packaging (1.2%):
	78,711	Crown Holdings, Inc.*		4,164,599

	Diversified Financial Services (1.2%):
	4,684	American Express Co.		364,040
	77,617	NASDAQ OMX Group, Inc. (The)		3,788,486

				4,152,526

	Electric Utilities (0.6%):
	39,289	American Electric Power Co., Inc.		2,081,138

	Energy Equipment & Services (2.5%):
	47,869	Cameron International Corp.*^		2,506,900
	36,029	National-Oilwell Varco, Inc.^		1,739,480
	53,059	Schlumberger, Ltd.		4,573,155

				8,819,535

	Food Products (3.0%):
	59,841	Danone SA		3,865,472
	25,714	General Mills, Inc.		1,432,784
	127,061	Mondelez International, Inc., Class A		5,227,290

				10,525,546


Shares			Fair Value

	Common Stocks, continued
	Health Care Equipment & Supplies (3.5%):
	70,368	Abbott Laboratories	$	3,453,662
	32,900	Medtronic plc		2,437,890
	37,785	St. Jude Medical, Inc.^		2,760,950
	34,074	Stryker Corp.		3,256,452

				11,908,954

	Health Care Providers & Services (1.2%):
	18,861	McKesson, Inc.		4,240,141

	Hotels, Restaurants & Leisure (0.8%):
	29,232	McDonald’s Corp.		2,779,086

	Household Durables (1.5%):
	128,626	Newell Rubbermaid, Inc.		5,287,815

	Household Products (2.0%):
	48,962	Colgate-Palmolive Co.		3,202,604
	47,396	Procter & Gamble Co. (The)		3,708,263

				6,910,867

	Industrial Conglomerates (2.6%):
	104,892	Danaher Corp.		8,977,706

	Insurance (0.8%):
	25,895	ACE, Ltd.		2,633,004

	Internet Software & Services (2.9%):
	8,334	Google, Inc., Class C*		4,337,930
	10,381	Google, Inc., Class A*		5,606,156

				9,944,086

	IT Services (9.8%):
	59,678	Accenture plc, Class A		5,775,637
	100,651	Cognizant Technology Solutions Corp., Class A*		6,148,770
	88,131	Fidelity National Information Services, Inc.		5,446,496
	10,749	Gartner, Inc.*		922,049
	61,657	MasterCard, Inc., Class A		5,763,696
	135,072	Visa, Inc., Class A^		9,070,086

				33,126,734

	Life Sciences Tools & Services (1.9%):
	49,795	Thermo Fisher Scientific, Inc.		6,461,399

	Media (7.1%):
	109,493	Comcast Corp., Class A		6,584,909
	71,358	Time Warner, Inc., Class A		6,237,403
	136,322	Twenty-First Century Fox, Inc.		4,436,599
	61,388	Walt Disney Co. (The)^		7,006,826

				24,265,737

	Multiline Retail (2.2%):
	61,936	Kohl’s Corp.^		3,877,813
	42,887	Target Corp.		3,500,866

				7,378,679

	Multi-Utilities (0.7%):
	76,513	CMS Energy Corp.		2,436,174

	Oil, Gas & Consumable Fuels (2.8%):
	62,069	EOG Resources, Inc.		5,434,141
	69,400	Noble Energy, Inc.		2,961,992
	17,360	Occidental Petroleum Corp.		1,350,087

				9,746,220


Shares			Fair Value

	Common Stocks, continued
	Pharmaceuticals (8.4%):
	12,910	Allergan plc*	$	3,917,669
	60,243	Bristol-Myers Squibb Co.		4,008,569
	51,466	Eli Lilly & Co.		4,296,896
	42,572	Endo International plc*		3,390,860
	70,001	Johnson & Johnson Co.		6,822,298
	27,322	Valeant Pharmaceuticals International, Inc.*		6,069,582

				28,505,874

	Real Estate Investment Trusts (REITs) (1.8%):
	66,407	American Tower Corp.		6,195,109

	Road & Rail (1.2%):
	73,725	Canadian National Railway Co.		4,257,619

	Semiconductors & Semiconductor Equipment (1.9%):
	14,796	Avago Technologies, Ltd.		1,966,832
	95,318	Microchip Technology, Inc.		4,520,456

				6,487,288

	Software (0.8%):
	17,806	Adobe Systems, Inc.*		1,442,464
	18,598	Citrix Systems, Inc.*		1,304,836

				2,747,300

	Specialty Retail (3.5%):
	4,335	AutoZone, Inc.*		2,891,012
	49,952	Bed Bath & Beyond, Inc.*^		3,445,689
	25,135	L Brands, Inc.		2,154,824
	75,126	Ross Stores, Inc.		3,651,874

				12,143,399

	Technology Hardware, Storage & Peripherals (3.9%):
	32,848	Apple, Inc.		4,119,960
	254,553	EMC Corp.		6,717,654
	86,068	Hewlett-Packard Co.		2,582,901

				13,420,515


Shares or Principal Amount			Fair Value

	Common Stocks, continued
	Textiles, Apparel & Luxury Goods (2.6%):
	19,277	LVMH Moet Hennessy Louis Vuitton SA	$	3,374,111
	20,406	Nike, Inc., Class B		2,204,256
	44,730	VF Corp.		3,119,470

				8,697,837

	Trading Companies & Distributors (1.2%):
	17,369	W.W. Grainger, Inc.^		4,110,374

	Total Common Stocks (Cost $223,036,700)			341,272,172

	Preferred Stock (0.2%):
	Electric Utilities (0.2%):
	17,417	Exelon Corp., Preferred Shares^		790,035

	Total Preferred Stock (Cost $878,329)			790,035

	Securities Held as Collateral for Securities on Loan (9.9%):
$	33,874,271	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		33,874,271

	Total Securities Held as Collateral for Securities on Loan (Cost $33,874,271)			33,874,271

	Unaffiliated Investment Company (0.2%):
	649,398	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		649,398

	Total Unaffiliated Investment Company (Cost $649,398)			649,398

	Total Investment Securities (Cost $258,438,698)(c) — 109.9%			376,585,876
	Net other assets (liabilities) — (9.9)%			(34,058,299	)

	Net Assets — 100.0%		$	342,527,577

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	258,438,698

Investment securities, at value*	$	376,585,876
Cash		5,918
Interest and dividends receivable		312,876
Foreign currency, at value (cost $872)		864
Reclaims receivable		3,829
Prepaid expenses		526

Total Assets		376,909,889

Liabilities:
Payable for capital shares redeemed		195,275
Payable for collateral received on loaned securities		33,874,271
Manager fees payable		205,800
Administration fees payable		8,888
Distribution fees payable		72,032
Custodian fees payable		7,433
Administrative and compliance services fees payable		376
Trustee fees payable		2,504
Other accrued liabilities		15,733

Total Liabilities		34,382,312

Net Assets	$	342,527,577

Net Assets Consist of:
Capital	$	159,135,654
Accumulated net investment income/(loss)		3,637,488
Accumulated net realized gains/(losses) from investment transactions		61,607,331
Net unrealized appreciation/(depreciation) on investments		118,147,104

Net Assets	$	342,527,577

Shares of beneficial interest (unlimited number of shares authorized, no par value)		14,716,940
Net Asset Value (offering and redemption price per share)	$	23.27

*	Includes securities on loan of $33,237,128.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	2,876,199
Income from securities lending		34,594
Foreign withholding tax		(31,751	)

Total Investment Income		2,879,042

Expenses:
Manager fees		1,331,128
Administration fees		47,110
Distribution fees		443,709
Custodian fees		12,169
Administrative and compliance services fees		2,252
Trustee fees		9,031
Professional fees		9,866
Shareholder reports		8,414
Other expenses		3,597

Total expenses before reductions		1,867,276
Less expenses voluntarily waived/reimbursed by the Manager		(63,949	)

Net expenses		1,803,327

Net Investment Income/(Loss)		1,075,715

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		17,845,871
Change in net unrealized appreciation/depreciation on investments		(13,752,614	)

Net Realized/Unrealized Gains/(Losses) on Investments		4,093,257

Change in Net Assets Resulting From Operations	$	5,168,972

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL MFS Investors Trust Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $3,418 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Massachusetts Financial Services Company (“MFS”), MFS provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $1,938 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $259,951,982. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL MFS Mid Cap Value Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value

	Common Stocks (98.3%):
	Aerospace & Defense (2.0%):
	14,526	L-3 Communications Holdings, Inc.	$	1,646,958
	10,575	Mtu Aero Engines AG		994,358
	17,204	Rockwell Collins, Inc.^		1,588,789

				4,230,105

	Air Freight & Logistics (0.2%):
	47,109	UTI Worldwide, Inc.*^		470,619

	Airlines (1.1%):
	17,516	Alaska Air Group, Inc.^		1,128,556
	31,017	Delta Air Lines, Inc.		1,274,178

				2,402,734

	Auto Components (1.4%):
	26,311	BorgWarner, Inc.		1,495,517
	18,420	Delphi Automotive plc		1,567,358

				3,062,875

	Automobiles (0.7%):
	26,004	Harley-Davidson, Inc.		1,465,325

	Banks (8.1%):
	50,386	BB&T Corp.		2,031,061
	66,546	Citizens Financial Group, Inc.		1,817,371
	25,965	Comerica, Inc.		1,332,524
	131,703	Fifth Third Bancorp		2,742,057
	170,369	Huntington Bancshares, Inc.		1,926,873
	113,904	KeyCorp		1,710,838
	9,885	M&T Bank Corp.		1,234,933
	47,783	PrivateBancorp, Inc.		1,902,719
	28,763	SunTrust Banks, Inc.		1,237,384
	91,665	TCF Financial Corp.		1,522,556

				17,458,316

	Beverages (1.8%):
	46,193	Coca-Cola Enterprises, Inc.		2,006,624
	27,899	Molson Coors Brewing Co., Class B		1,947,629

				3,954,253

	Biotechnology (0.3%):
	10,285	AMAG Pharmaceuticals, Inc.*^		710,282

	Building Products (1.8%):
	27,958	Armstrong World Industries, Inc.*		1,489,602
	30,140	Fortune Brands Home & Security, Inc.		1,381,015
	26,202	Owens Corning, Inc.		1,080,833

				3,951,450

	Capital Markets (1.7%):
	6,075	Affiliated Managers Group, Inc.*		1,327,996
	15,464	Northern Trust Corp.		1,182,377
	31,399	TD Ameritrade Holding Corp.		1,156,111

				3,666,484

	Chemicals (4.9%):
	19,362	AkzoNobel NV		1,414,530
	27,634	Albemarle Corp.		1,527,331
	58,754	Axalta Coating Systems, Ltd.*		1,943,583
	23,517	Celanese Corp., Series A		1,690,402
	33,565	H.B. Fuller Co.^		1,363,410
	19,963	Sensient Technologies Corp.^		1,364,271
	18,124	Valspar Corp. (The)^		1,482,906

				10,786,433


Shares			Fair Value

	Common Stocks, continued
	Commercial Services & Supplies (0.7%):
	40,246	Tyco International plc	$	1,548,666

	Consumer Finance (1.0%):
	37,302	Discover Financial Services		2,149,341

	Containers & Packaging (1.4%):
	82,787	Graphic Packaging Holding Co.		1,153,223
	20,832	Greif, Inc., Class A^		746,827
	48,144	Owens-Illinois, Inc.*		1,104,423

				3,004,473

	Distributors (0.7%):
	46,985	LKQ Corp.*		1,421,061

	Diversified Consumer Services (0.4%):
	33,087	Houghton Mifflin Harcourt Co.*^		833,792

	Diversified Financial Services (1.2%):
	55,675	NASDAQ OMX Group, Inc. (The)		2,717,497

	Diversified Telecommunication Services (0.5%):
	226,953	Frontier Communications Corp.^		1,123,417

	Electric Utilities (1.8%):
	30,712	Eversource Energy		1,394,632
	27,218	OGE Energy Corp.		777,618
	32,175	Pinnacle West Capital Corp.		1,830,436

				4,002,686

	Electrical Equipment (1.3%):
	26,672	Eaton Corp. plc		1,800,093
	15,326	Regal-Beloit Corp.		1,112,514

				2,912,607

	Electronic Equipment, Instruments & Components (1.3%):
	63,877	Ingram Micro, Inc., Class A*		1,598,842
	39,828	Keysight Technologies, Inc.*		1,242,235

				2,841,077

	Energy Equipment & Services (1.3%):
	22,601	Cameron International Corp.*^		1,183,615
	45,316	Forum Energy Technologies, Inc.*^		919,008
	39,883	Frank’s International NV^		751,396

				2,854,019

	Food & Staples Retailing (0.8%):
	13,566	Empire Co., Ltd., Class A		955,638
	117,276	Rite AID Corp.*		979,255

				1,934,893

	Food Products (5.7%):
	19,468	Bunge, Ltd.		1,709,290
	47,548	Flowers Foods, Inc.^		1,005,640
	21,139	Ingredion, Inc.		1,687,104
	13,226	J.M. Smucker Co. (The)^		1,433,831
	21,390	Kellogg Co.		1,341,153
	17,230	McCormick & Co.^		1,394,769
	44,587	Pinnacle Foods, Inc.		2,030,491
	29,404	Snyders-Lance, Inc.^		948,867
	21,312	Tyson Foods, Inc., Class A^		908,531

				12,459,676


Shares			Fair Value

	Common Stocks, continued
	Health Care Equipment & Supplies (4.2%):
	6,146	Cooper Cos., Inc. (The)	$	1,093,804
	30,866	DENTSPLY International, Inc.		1,591,142
	17,296	Masimo Corp.*		670,047
	24,777	St. Jude Medical, Inc.		1,810,455
	13,681	STERIS Corp.^		881,604
	12,360	Teleflex, Inc.^		1,674,162
	13,802	Zimmer Holdings, Inc.		1,507,591

				9,228,805

	Health Care Providers & Services (2.7%):
	12,493	CIGNA Corp.		2,023,866
	19,492	Owens & Minor, Inc.^		662,728
	22,529	Quest Diagnostics, Inc.^		1,633,803
	11,003	Universal Health Services, Inc., Class B		1,563,526

				5,883,923

	Health Care Technology (0.8%):
	38,697	IMS Health Holdings, Inc.*		1,186,063
	25,148	MedAssets, Inc.*^		554,765

				1,740,828

	Hotels, Restaurants & Leisure (1.1%):
	42,593	Aramark Holdings Corp.		1,319,105
	10,095	DineEquity, Inc.		1,000,314

				2,319,419

	Household Durables (1.4%):
	73,127	Newell Rubbermaid, Inc.		3,006,251

	Independent Power and Renewable Electricity Producers (1.8%):
	154,643	AES Corp. (The)		2,050,566
	25,657	Dynegy, Inc.*		750,467
	53,844	NRG Energy, Inc.^		1,231,951

				4,032,984

	Insurance (7.1%):
	33,336	Arthur J. Gallagher & Co.		1,576,793
	9,861	Everest Re Group, Ltd.		1,794,801
	14,965	Hanover Insurance Group, Inc. (The)		1,107,859
	44,832	Hartford Financial Services Group, Inc. (The)		1,863,666
	32,781	Lincoln National Corp.		1,941,290
	61,974	Symetra Financial Corp.		1,497,912
	60,364	Third Point Reinsurance, Ltd.*		890,369
	51,481	UnumProvident Corp.		1,840,446
	34,575	Validus Holdings, Ltd.		1,520,954
	40,065	XL Group plc		1,490,418

				15,524,508

	IT Services (3.2%):
	24,598	Amdocs, Ltd.		1,342,805
	31,734	Fidelity National Information Services, Inc.		1,961,161
	70,002	Sabre Corp.^		1,666,048
	189,207	Xerox Corp.		2,013,162

				6,983,176

	Life Sciences Tools & Services (1.7%):
	33,159	Agilent Technologies, Inc.		1,279,274
	46,094	PerkinElmer, Inc.^		2,426,388

				3,705,662


Shares			Fair Value

	Common Stocks, continued
	Machinery (4.0%):
	82,234	Allison Transmission Holdings, Inc.	$	2,406,166
	15,766	Joy Global, Inc.^		570,729
	20,234	Oshkosh Corp.^		857,517
	23,357	Pentair, plc		1,605,794
	14,984	SPX Corp.		1,084,692
	21,803	Stanley Black & Decker, Inc.		2,294,548

				8,819,446

	Media (1.0%):
	62,037	Interpublic Group of Cos., Inc. (The)		1,195,453
	39,451	Quebecor, Inc., Class B		986,275

				2,181,728

	Metals & Mining (0.2%):
	24,772	United States Steel Corp.^		510,799

	Multiline Retail (0.6%):
	21,390	Kohl’s Corp.^		1,339,228

	Multi-Utilities (3.6%):
	43,675	CMS Energy Corp.		1,390,612
	23,111	DTE Energy Co.		1,725,004
	36,156	NiSource, Inc.		1,648,352
	28,914	NorthWestern Corp.^		1,409,558
	41,971	Public Service Enterprise Group, Inc.		1,648,621

				7,822,147

	Oil, Gas & Consumable Fuels (5.9%):
	10,181	Cimarex Energy Co.		1,123,066
	30,242	CONSOL Energy, Inc.^		657,461
	22,641	Energen Corp.		1,546,380
	16,761	EQT Corp.		1,363,340
	25,924	Hess Corp.^		1,733,798
	25,755	HollyFrontier Corp.		1,099,481
	52,054	Memorial Resource Development Corp.*		987,464
	21,550	Noble Energy, Inc.		919,754
	18,051	PDC Energy, Inc.*^		968,256
	30,625	Plains GP Holdings, LP*		791,350
	20,616	SM Energy Co.^		950,810
	24,481	Spectra Energy Corp.		798,081

				12,939,241

	Pharmaceuticals (1.3%):
	21,263	Endo International plc*		1,693,598
	22,524	Impax Laboratories, Inc.*^		1,034,302

				2,727,900

	Professional Services (1.3%):
	11,153	Equifax, Inc.		1,082,845
	33,653	Nielsen Holdings NV		1,506,644

				2,589,489

	Real Estate Investment Trusts (REITs) (4.3%):
	63,138	Annaly Capital Management, Inc.		580,238
	52,384	Corporate Office Properties Trust		1,233,119
	62,174	DDR Corp.		961,210
	25,489	EPR Properties^		1,396,287
	19,071	Equity Lifestyle Properties, Inc.		1,002,753
	125,334	Medical Properties Trust, Inc.^		1,643,130
	18,278	Mid-America Apartment Communities, Inc.		1,330,821


Shares			Fair Value

	Common Stocks, continued
	Real Estate Investment Trusts (REITs), continued
	31,075	Plum Creek Timber Co., Inc.	$	1,260,713

				9,408,271

	Real Estate Management & Development (0.7%):
	32,132	Realogy Holdings Corp.*^		1,501,207

	Semiconductors & Semiconductor Equipment (2.4%):
	25,116	Analog Devices, Inc.		1,612,071
	5,536	Avago Technologies, Ltd.		735,900
	22,044	Freescale Semiconductor Holdings I, Ltd.*		881,099
	30,064	Microchip Technology, Inc.^		1,425,785
	35,817	NVIDIA Corp.^		720,280

				5,375,135

	Software (1.0%):
	16,686	NICE Systems, Ltd., ADR		1,061,063
	47,300	Symantec Corp.		1,099,725

				2,160,788

	Specialty Retail (2.6%):
	2,740	AutoZone, Inc.*		1,827,306
	19,979	Bed Bath & Beyond, Inc.*^		1,378,151
	17,374	Gap, Inc. (The)^		663,166
	54,128	Sally Beauty Holdings, Inc.*		1,709,362

				5,577,985

	Technology Hardware, Storage & Peripherals (0.9%):
	31,778	NCR Corp.*		956,518
	13,545	Western Digital Corp.		1,062,199

				2,018,717


Shares or Principal Amount			Fair Value

	Common Stocks, continued
	Textiles, Apparel & Luxury Goods (1.2%):
	13,640	PVH Corp.	$	1,571,328
	7,534	Ralph Lauren Corp.		997,200

				2,568,528

	Trading Companies & Distributors (1.2%):
	18,889	Brenntag AG		1,082,499
	19,114	Univar, Inc.*		497,537
	16,577	WESCO International, Inc.*^		1,137,846

				2,717,882

	Total Common Stocks (Cost $194,606,794)			214,646,128

	Preferred Stock (0.6%):
	Diversified Telecommunication Services (0.6%):
	13,410	Frontier Communications Corp., Class A		1,339,659

	Total Preferred Stock (Cost $1,341,000)			1,339,659

	Securities Held as Collateral for Securities on Loan (17.8%):
$	38,839,736	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		38,839,736

	Total Securities Held as Collateral for Securities on Loan (Cost $38,839,736)			38,839,736

	Unaffiliated Investment Company (1.5%):
	3,329,344	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		3,329,344

	Total Unaffiliated Investment Company (Cost $3,329,344)			3,329,344

	Total Investment Securities (Cost $238,116,874)(c) — 118.2%			258,154,867
	Net other assets (liabilities) — (18.2)%			(39,807,771	)

	Net Assets — 100.0%		$	218,347,096

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	238,116,874

Investment securities, at value*	$	258,154,867
Interest and dividends receivable		264,685
Receivable for capital shares issued		14,146
Receivable for investments sold		1,254,564
Reclaims receivable		8,158
Prepaid expenses		355

Total Assets		259,696,775

Liabilities:
Payable for investments purchased		2,152,082
Payable for capital shares redeemed		157,273
Payable for collateral received on loaned securities		38,839,736
Manager fees payable		137,916
Administration fees payable		5,484
Distribution fees payable		45,972
Custodian fees payable		3,655
Administrative and compliance services fees payable		148
Trustee fees payable		978
Other accrued liabilities		6,435

Total Liabilities		41,349,679

Net Assets	$	218,347,096

Net Assets Consist of:
Capital	$	129,145,289
Accumulated net investment income/(loss)		2,575,431
Accumulated net realized gains/(losses) from investment transactions		66,589,227
Net unrealized appreciation/(depreciation) on investments		20,037,149

Net Assets	$	218,347,096

Shares of beneficial interest (unlimited number of shares authorized, no par value)		16,879,972
Net Asset Value (offering and redemption price per share)	$	12.94

*	Includes securities on loan of $37,970,329.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	2,036,723
Income from securities lending		40,493
Foreign withholding tax		(11,852	)

Total Investment Income		2,065,364

Expenses:
Manager fees		845,031
Administration fees		32,210
Distribution fees		281,677
Custodian fees		11,567
Administrative and compliance services fees		1,621
Trustee fees		6,505
Professional fees		7,075
Shareholder reports		6,852
Other expenses		2,494

Total expenses		1,195,032

Net Investment Income/(Loss)		870,332

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		7,744,406
Change in net unrealized appreciation/depreciation on investments		(1,516,047	)

Net Realized/Unrealized Gains/(Losses) on Investments		6,228,359

Change in Net Assets Resulting From Operations	$	7,098,691

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL MFS Mid Cap Value Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $3,990 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Columbia Management Investment Advisers, LLC (“CMIA”), CMIA provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $1,223 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $238,622,194. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL MFS Value Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (98.8%):
	Aerospace & Defense (7.0%):
	106,100	Honeywell International, Inc.	$	10,819,017
	49,898	Lockheed Martin Corp.		9,276,038
	26,834	Northrop Grumman Corp.		4,256,677
	88,076	United Technologies Corp.		9,770,271

				34,122,003

	Air Freight & Logistics (1.3%):
	67,022	United Parcel Service, Inc., Class B		6,495,102

	Auto Components (1.8%):
	48,599	Delphi Automotive plc		4,135,289
	97,651	Johnson Controls, Inc.		4,836,654

				8,971,943

	Banks (11.1%):
	32,683	Citigroup, Inc.		1,805,409
	345,180	JPMorgan Chase & Co.		23,389,397
	43,629	PNC Financial Services Group, Inc.		4,173,114
	214,043	U.S. Bancorp		9,289,466
	295,933	Wells Fargo & Co.		16,643,272

				55,300,658

	Beverages (1.3%):
	228,061	Diageo plc		6,609,584

	Capital Markets (6.4%):
	150,936	Bank of New York Mellon Corp. (The)		6,334,784
	13,534	BlackRock, Inc., Class A		4,682,493
	120,574	Franklin Resources, Inc.		5,911,743
	49,046	Goldman Sachs Group, Inc. (The)		10,240,315
	60,353	State Street Corp.		4,647,181

				31,816,516

	Chemicals (2.2%):
	23,310	E.I. du Pont de Nemours & Co.		1,490,675
	3,960	Monsanto Co.		422,096
	75,450	PPG Industries, Inc.		8,655,624

				10,568,395

	Commercial Services & Supplies (1.2%):
	158,370	Tyco International plc		6,094,078

	Consumer Finance (0.8%):
	50,339	American Express Co.		3,912,347

	Containers & Packaging (0.5%):
	48,502	Crown Holdings, Inc.*		2,566,241

	Diversified Financial Services (1.0%):
	14,413	McGraw-Hill Cos., Inc. (The)		1,447,786
	76,558	NASDAQ OMX Group, Inc. (The)		3,736,796

				5,184,582

	Diversified Telecommunication Services (1.9%):
	40,029	AT&T, Inc.^		1,421,830
	173,659	Verizon Communications, Inc.		8,094,246

				9,516,076

	Electric Utilities (0.7%):
	50,631	Duke Energy Corp.		3,575,561

	Electrical Equipment (0.8%):
	60,754	Eaton Corp. plc		4,100,287


Shares			Fair Value
	Common Stocks, continued
	Energy Equipment & Services (0.7%):
	7,336	Baker Hughes, Inc.	$	452,631
	36,963	Schlumberger, Ltd.		3,185,841

				3,638,472

	Food & Staples Retailing (2.0%):
	93,995	CVS Health Corp.		9,858,196

	Food Products (4.2%):
	21,032	Archer-Daniels-Midland Co.		1,014,163
	53,685	Danone SA		3,467,822
	134,923	General Mills, Inc.^		7,517,910
	21,433	Kellogg Co.^		1,343,849
	105,234	Nestle SA, Registered Shares		7,608,930

				20,952,674

	Health Care Equipment & Supplies (4.0%):
	133,164	Abbott Laboratories		6,535,689
	125,791	Medtronic plc		9,321,113
	51,359	St. Jude Medical, Inc.		3,752,802

				19,609,604

	Health Care Providers & Services (1.1%):
	61,104	Express Scripts Holding Co.*^		5,434,590

	Hotels, Restaurants & Leisure (0.7%):
	36,056	McDonald’s Corp.		3,427,844

	Household Durables (0.2%):
	25,835	Newell Rubbermaid, Inc.		1,062,077

	Household Products (0.5%):
	29,392	Procter & Gamble Co. (The)		2,299,630

	Industrial Conglomerates (3.3%):
	62,038	3M Co.		9,572,464
	74,029	Danaher Corp.		6,336,142

				15,908,606

	Insurance (7.6%):
	47,897	ACE, Ltd.		4,870,167
	60,698	Aon plc		6,050,377
	36,695	Chubb Corp. (The)		3,491,162
	171,801	MetLife, Inc.		9,619,138
	55,235	Prudential Financial, Inc.		4,834,167
	90,211	Travelers Cos., Inc. (The)		8,719,795

				37,584,806

	IT Services (5.4%):
	132,622	Accenture plc, Class A		12,835,157
	48,156	Fidelity National Information Services, Inc.		2,976,041
	48,156	Fiserv, Inc.*^		3,988,761
	42,029	International Business Machines Corp.		6,836,437

				26,636,396

	Leisure Products (0.6%):
	40,286	Hasbro, Inc.^		3,012,990

	Life Sciences Tools & Services (1.1%):
	42,177	Thermo Fisher Scientific, Inc.		5,472,888

	Machinery (2.0%):
	16,216	Deere & Co.^		1,573,763
	36,198	Illinois Tool Works, Inc.		3,322,614


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	38,550	Pentair, plc^	$	2,650,313
	23,685	Stanley Black & Decker, Inc.		2,492,609

				10,039,299

	Media (4.4%):
	99,556	Comcast Corp., Class A^		5,967,386
	74,467	Omnicom Group, Inc.^		5,174,712
	49,383	Time Warner, Inc., Class A		4,316,568
	5,281	Time, Inc.^		121,516
	44,758	Viacom, Inc., Class B		2,893,157
	29,794	Walt Disney Co. (The)		3,400,687

				21,874,026

	Multiline Retail (1.8%):
	13,018	Kohl’s Corp.^		815,057
	97,690	Target Corp.		7,974,435

				8,789,492

	Oil, Gas & Consumable Fuels (4.5%):
	64,513	Chevron Corp.		6,223,569
	25,270	EOG Resources, Inc.		2,212,389
	101,647	Exxon Mobil Corp.		8,457,030
	64,756	Occidental Petroleum Corp.		5,036,074

				21,929,062

	Pharmaceuticals (8.0%):
	164,626	Johnson & Johnson Co.		16,044,450
	115,436	Merck & Co., Inc.		6,571,771
	16,745	Novartis AG, Registered Shares		1,654,394
	430,897	Pfizer, Inc.		14,447,976
	4,804	Roche Holding AG		1,349,100

				40,067,691

	Professional Services (0.2%):
	12,651	Equifax, Inc.		1,228,286

	Road & Rail (0.8%):
	43,330	Canadian National Railway Co.		2,502,307
	17,134	Union Pacific Corp.		1,634,070

				4,136,377


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment (1.3%):
	24,160	NVIDIA Corp.^	$	485,858
	114,604	Texas Instruments, Inc.		5,903,252

				6,389,110

	Software (0.9%):
	112,806	Oracle Corp.		4,546,082

	Specialty Retail (0.6%):
	9,960	Advance Auto Parts, Inc.^		1,586,529
	17,238	Bed Bath & Beyond, Inc.*^		1,189,077

				2,775,606

	Tobacco (4.3%):
	55,980	Altria Group, Inc.		2,737,982
	22,485	Imperial Tobacco Group plc		1,085,352
	188,238	Philip Morris International, Inc.		15,091,040
	29,942	Reynolds American, Inc.		2,235,438

				21,149,812

	Wireless Telecommunication Services (0.6%):
	798,355	Vodafone Group plc		2,910,757

	Total Common Stocks (Cost $347,675,179)			489,567,746

	Convertible Preferred Stock (0.1%):
	Aerospace & Defense (0.1%):
	7,000	United Technologies Corp., 0.52%		401,100

	Total Convertible Preferred Stock (Cost $403,403)			401,100

	Securities Held as Collateral for Securities on Loan (6.2%):
$	30,639,297	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		30,639,297

	Total Securities Held as Collateral for Securities on Loan (Cost $30,639,297)			30,639,297

	Unaffiliated Investment Company (0.3%):
	1,375,843	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		1,375,843

	Total Unaffiliated Investment Company (Cost $1,375,843)			1,375,843

	Total Investment Securities (Cost $380,093,722)(c) — 105.4%			521,983,986
	Net other assets (liabilities) — (5.4)%			(26,921,364	)

	Net Assets — 100.0%		$	495,362,622

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	380,093,722

Investment securities, at value*	$	521,983,986
Cash		9,491
Interest and dividends receivable		809,771
Foreign currency, at value (cost $7,765)		7,764
Receivable for capital shares issued		15,221
Receivable for investments sold		4,319,769
Reclaims receivable		155,619
Prepaid expenses		828

Total Assets		527,302,450

Liabilities:
Payable for investments purchased		628,056
Payable for capital shares redeemed		222,724
Payable for collateral received on loaned securities		30,639,297
Manager fees payable		295,802
Administration fees payable		13,830
Distribution fees payable		104,289
Custodian fees payable		9,612
Administrative and compliance services fees payable		544
Trustee fees payable		3,613
Other accrued liabilities		22,061

Total Liabilities		31,939,828

Net Assets	$	495,362,622

Net Assets Consist of:
Capital	$	352,465,330
Accumulated net investment income/(loss)		14,363,236
Accumulated net realized gains/(losses) from investment transactions		(13,355,272	)
Net unrealized appreciation/(depreciation) on investments		141,889,328

Net Assets	$	495,362,622

Shares of beneficial interest (unlimited number of shares authorized, no par value)		37,590,524
Net Asset Value (offering and redemption price per share)	$	13.18

*	Includes securities on loan of $30,117,549.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	6,449,887
Income from securities lending		38,466
Foreign withholding tax		(96,920	)

Total Investment Income		6,391,433

Expenses:
Manager fees		1,890,978
Administration fees		73,511
Distribution fees		638,378
Custodian fees		16,025
Administrative and compliance services fees		3,269
Trustee fees		13,100
Professional fees		14,299
Shareholder reports		11,899
Other expenses		5,418

Total expenses before reductions		2,666,877
Less expenses voluntarily waived/reimbursed by the Manager		(82,434	)

Net expenses		2,584,443

Net Investment Income/(Loss)		3,806,990

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		20,022,306
Change in net unrealized appreciation/depreciation on investments		(17,728,341	)

Net Realized/Unrealized Gains/(Losses) on Investments		2,293,965

Change in Net Assets Resulting From Operations	$	6,100,955

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL MFS Value Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $3,796 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Massachusetts Financial Services Company (“MFS”), MFS provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $2,775 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $382,691,544. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

As a shareholder of the AZL Mid Cap Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (96.7%):
	Aerospace & Defense (1.7%):
	26,628	BE Aerospace, Inc.	$	1,461,878
	7,728	Esterline Technologies Corp.*		736,788
	12,199	Huntington Ingalls Industries, Inc.		1,373,485
	13,231	KLX, Inc.*		583,884
	14,906	Orbital Atk, Inc.		1,093,504
	8,863	Teledyne Technologies, Inc.*		935,135
	12,376	Triumph Group, Inc.		816,692

				7,001,366

	Airlines (0.8%):
	32,515	Alaska Air Group, Inc.		2,094,941
	66,001	JetBlue Airways Corp.*^		1,370,181

				3,465,122

	Auto Components (0.5%):
	40,917	Dana Holding Corp.^		842,072
	73,789	Gentex Corp.		1,211,615

				2,053,687

	Automobiles (0.2%):
	11,467	Thor Industries, Inc.		645,363

	Banks (5.6%):
	38,255	Associated Banc-Corp.		775,429
	21,552	BancorpSouth, Inc.^		555,180
	10,940	Bank of Hawaii Corp.^		729,479
	17,630	Bank of the Ozarks, Inc.^		806,573
	18,641	Cathay General Bancorp		604,900
	12,134	City National Corp.		1,096,792
	20,953	Commerce Bancshares, Inc.^		979,972
	13,787	Cullen/Frost Bankers, Inc.^		1,083,382
	36,309	East West Bancorp, Inc.		1,627,369
	58,566	First Horizon National Corp.^		917,729
	88,366	First Niagara Financial Group, Inc.		834,175
	41,583	FirstMerit Corp.		866,174
	44,317	Fulton Financial Corp.		578,780
	19,537	Hancock Holding Co.		623,426
	14,494	International Bancshares Corp.		389,454
	24,553	PacWest Bancorp		1,148,098
	15,109	Prosperity Bancshares, Inc.		872,394
	12,750	Signature Bank*		1,866,472
	12,852	SVB Financial Group*		1,850,430
	33,518	Synovus Financial Corp.		1,033,025
	42,369	TCF Financial Corp.		703,749
	16,945	Trustmark Corp.^		423,286
	55,320	Umpqua Holdings Corp.^		995,207
	55,405	Valley National Bancorp^		571,226
	22,770	Webster Financial Corp.		900,554

				22,833,255

	Beverages (0.1%):
	2,288	Boston Beer Co., Inc. (The), Class A*^		530,793

	Biotechnology (0.5%):
	11,593	United Therapeutics Corp.*		2,016,602

	Building Products (1.0%):
	18,794	A.O. Smith Corp.		1,352,792
	39,986	Fortune Brands Home & Security, Inc.		1,832,159


Shares			Fair Value
	Common Stocks, continued
	Building Products, continued
	10,383	Lennox International, Inc.	$	1,118,145

				4,303,096

	Capital Markets (2.1%):
	29,581	Eaton Vance Corp.^		1,157,505
	23,966	Federated Investors, Inc., Class B^		802,621
	37,111	Janus Capital Group, Inc.^		635,340
	32,110	Raymond James Financial, Inc.		1,913,114
	32,504	SEI Investments Co.		1,593,671
	17,026	Stifel Financial Corp.*		983,081
	21,139	Waddell & Reed Financial, Inc., Class A		1,000,086
	28,184	WisdomTree Investments, Inc.^		619,062

				8,704,480

	Chemicals (3.3%):
	28,139	Albemarle Corp.		1,555,243
	15,621	Ashland, Inc.		1,904,200
	15,919	Cabot Corp.		593,620
	45,601	Chemours Co. (The)*		692,040
	17,908	Cytec Industries, Inc.		1,083,971
	8,712	Minerals Technologies, Inc.		593,549
	2,653	NewMarket Corp.^		1,177,640
	19,442	Olin Corp.^		523,962
	22,371	PolyOne Corp.		876,272
	33,415	RPM International, Inc.		1,636,333
	11,216	Scotts Miracle-Gro Co. (The)		664,099
	11,722	Sensient Technologies Corp.		801,081
	18,749	Valspar Corp. (The)^		1,534,043

				13,636,053

	Commercial Services & Supplies (1.9%):
	13,391	Clean Harbors, Inc.*^		719,632
	28,561	Copart, Inc.*		1,013,344
	29,352	Corrections Corp. of America		970,964
	12,524	Deluxe Corp.		776,488
	14,963	Herman Miller, Inc.		432,880
	11,158	HNI Corp.^		570,732
	7,897	MSA Safety, Inc.		383,083
	52,321	R.R. Donnelley & Sons Co.		911,955
	24,131	Rollins, Inc.		688,457
	31,068	Waste Connections, Inc.		1,463,925

				7,931,460

	Communications Equipment (0.9%):
	33,277	Arris Group, Inc.*		1,018,276
	29,520	Ciena Corp.*^		699,034
	9,047	InterDigital, Inc.^		514,684
	58,728	JDS Uniphase Corp.*		680,070
	9,823	Plantronics, Inc.		553,133
	33,874	Polycom, Inc.*		387,519

				3,852,716

	Construction & Engineering (0.5%):
	37,718	Aecom Technology Corp.*^		1,247,712
	9,120	Granite Construction, Inc.		323,851
	36,181	KBR, Inc.		704,806

				2,276,369


Shares			Fair Value
	Common Stocks, continued
	Construction Materials (0.2%):
	12,600	Eagle Materials, Inc.	$	961,758

	Consumer Finance (0.3%):
	106,769	SLM Corp.*		1,053,810

	Containers & Packaging (1.3%):
	15,702	AptarGroup, Inc.		1,001,317
	24,440	Bemis Co., Inc.		1,100,044
	8,517	Greif, Inc., Class A^		305,334
	24,849	Packaging Corp. of America		1,552,815
	10,473	Silgan Holdings, Inc.^		552,555
	25,308	Sonoco Products Co.		1,084,701

				5,596,766

	Distributors (0.6%):
	76,296	LKQ Corp.*		2,307,573

	Diversified Consumer Services (1.0%):
	24,193	Apollo Group, Inc., Class A*		311,606
	14,384	DeVry, Inc.^		431,232
	1,112	Graham Holdings Co., Class B		1,195,456
	50,687	Service Corp. International		1,491,718
	15,512	Sotheby’s^		701,763

				4,131,775

	Diversified Financial Services (0.7%):
	20,937	CBOE Holdings, Inc.		1,198,015
	28,198	MSCI, Inc., Class A		1,735,587

				2,933,602

	Electric Utilities (1.5%):
	15,170	Cleco Corp.		816,905
	38,759	Great Plains Energy, Inc.		936,417
	26,943	Hawaiian Electric Industries, Inc.		801,015
	12,628	IDACORP, Inc.^		708,936
	50,057	OGE Energy Corp.		1,430,129
	19,969	PNM Resources, Inc.		491,237
	33,168	Westar Energy, Inc.		1,135,009

				6,319,648

	Electrical Equipment (1.0%):
	10,894	Acuity Brands, Inc.		1,960,702
	13,351	Hubbell, Inc., Class B		1,445,646
	11,239	Regal-Beloit Corp.		815,839

				4,222,187

	Electronic Equipment, Instruments & Components (3.5%):
	23,999	Arrow Electronics, Inc.*		1,339,144
	34,067	Avnet, Inc.		1,400,494
	10,698	Belden CDT, Inc.		868,999
	21,854	Cognex Corp.		1,051,177
	10,424	FEI Co.		864,462
	39,192	Ingram Micro, Inc., Class A*		980,976
	8,977	IPG Photonics Corp.*^		764,616
	48,599	Jabil Circuit, Inc.		1,034,673
	42,473	Keysight Technologies, Inc.*		1,324,733
	21,348	Knowles Corp.*^		386,399
	25,393	National Instruments Corp.		748,078
	9,216	Tech Data Corp.*		530,473
	65,077	Trimble Navigation, Ltd.*		1,526,706


Shares			Fair Value
	Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	34,052	Vishay Intertechnology, Inc.^	$	397,727
	12,974	Zebra Technologies Corp., Class A*		1,440,763

				14,659,420

	Energy Equipment & Services (2.1%):
	15,080	Atwood Oceanics, Inc.^		398,715
	19,296	Dresser-Rand Group, Inc.*		1,643,634
	9,769	Dril-Quip, Inc.*		735,117
	24,706	Helix Energy Solutions Group, Inc.*		312,037
	73,131	Nabors Industries, Ltd.		1,055,280
	24,767	Oceaneering International, Inc.		1,153,895
	12,941	Oil States International, Inc.*		481,793
	37,092	Patterson-UTI Energy, Inc.		697,886
	31,293	Rowan Cos. plc, Class A		660,595
	37,736	Superior Energy Services, Inc.		793,965
	11,796	Tidewater, Inc.^		268,123
	11,757	Unit Corp.*^		318,850

				8,519,890

	Food & Staples Retailing (0.5%):
	9,710	Casey’s General Stores, Inc.		929,635
	51,873	Supervalu, Inc.*		419,653
	12,560	United Natural Foods, Inc.*^		799,821

				2,149,109

	Food Products (2.1%):
	23,667	Dean Foods Co.		382,695
	46,368	Flowers Foods, Inc.^		980,683
	25,734	Hain Celestial Group, Inc.*^		1,694,841
	17,946	Ingredion, Inc.		1,432,270
	4,872	Lancaster Colony Corp.		442,621
	13,756	Post Holdings, Inc.*^		741,861
	5,160	Tootsie Roll Industries, Inc.^		166,720
	10,754	TreeHouse Foods, Inc.*		871,397
	43,923	WhiteWave Foods Co., Class A*		2,146,957

				8,860,045

	Gas Utilities (1.5%):
	25,338	Atmos Energy Corp.		1,299,333
	21,174	National Fuel Gas Co.^		1,246,937
	13,192	ONE Gas, Inc.^		561,452
	44,071	Questar Corp.		921,525
	43,266	UGI Corp.		1,490,513
	12,473	WGL Holdings, Inc.		677,159

				6,196,919

	Health Care Equipment & Supplies (3.6%):
	18,229	Align Technology, Inc.*		1,143,141
	12,188	Cooper Cos., Inc. (The)		2,169,098
	11,672	Halyard Health, Inc.*^		472,716
	14,212	Hill-Rom Holdings, Inc.		772,138
	61,311	Hologic, Inc.*		2,333,496
	23,475	IDEXX Laboratories, Inc.*^		1,505,687
	35,346	ResMed, Inc.^		1,992,454
	13,935	Sirona Dental Systems, Inc.*		1,399,353
	14,980	STERIS Corp.^		965,311
	10,417	Teleflex, Inc.^		1,410,983


Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies, continued
	13,595	Thoratec Corp.*	$	605,929

				14,770,306

	Health Care Providers & Services (3.4%):
	29,811	Centene Corp.*		2,396,805
	29,605	Community Health Systems, Inc.*		1,864,227
	19,348	Health Net, Inc.*		1,240,594
	22,208	HMS Holdings Corp.*^		381,311
	11,114	LifePoint Hospitals, Inc.*		966,362
	23,459	MEDNAX, Inc.*		1,738,546
	10,053	Molina Healthcare, Inc.*		706,726
	24,301	Omnicare, Inc.		2,290,370
	15,836	Owens & Minor, Inc.^		538,424
	20,608	VCA Antech, Inc.*		1,121,178
	11,047	WellCare Health Plans, Inc.*		937,117

				14,181,660

	Health Care Technology (0.1%):
	42,646	Allscripts Healthcare Solutions, Inc.*		583,397

	Hotels, Restaurants & Leisure (1.8%):
	15,334	Brinker International, Inc.^		884,005
	4,765	Buffalo Wild Wings, Inc.*		746,628
	13,844	Domino’s Pizza, Inc.		1,569,909
	24,138	Dunkin’ Brands Group, Inc.^		1,327,590
	7,011	International Speedway Corp., Class A		257,093
	6,363	Panera Bread Co., Class A*^		1,112,062
	11,400	The Cheesecake Factory, Inc.^		621,699
	68,317	Wendy’s Co. (The)		770,616

				7,289,602

	Household Durables (1.8%):
	44,918	Jarden Corp.*		2,324,507
	22,834	KB Home^		379,044
	9,803	M.D.C. Holdings, Inc.^		293,796
	969	NVR, Inc.*		1,298,460
	15,307	Tempur-Pedic International, Inc.*		1,008,731
	40,195	Toll Brothers, Inc.*		1,535,047
	12,502	Tupperware Brands Corp.^		806,879

				7,646,464

	Household Products (1.1%):
	32,826	Church & Dwight Co., Inc.		2,663,173
	15,598	Energizer Holdings, Inc.		2,051,917

				4,715,090

	Independent Power and Renewable Electricity Producers (0.1%):
	20,911	Talen Energy Corp.*		358,833

	Industrial Conglomerates (0.4%):
	16,387	Carlisle Cos., Inc.		1,640,666

	Insurance (4.9%):
	4,029	Alleghany Corp.*		1,888,634
	18,522	American Financial Group, Inc.		1,204,671
	42,125	Arthur J. Gallagher & Co.		1,992,512
	15,455	Aspen Insurance Holdings, Ltd.		740,295
	28,986	Brown & Brown, Inc.		952,480
	49,396	CNO Financial Group, Inc.^		906,417
	11,144	Everest Re Group, Ltd.		2,028,319


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	27,188	First American Financial Corp.^	$	1,011,665
	11,091	Hanover Insurance Group, Inc. (The)		821,067
	24,004	HCC Insurance Holdings, Inc.		1,844,467
	12,389	Kemper Corp.^		477,596
	7,109	Mercury General Corp.^		395,616
	60,504	Old Republic International Corp.		945,678
	12,957	Primerica, Inc.		592,005
	16,604	Reinsurance Group of America, Inc.		1,575,221
	11,551	RenaissanceRe Holdings, Ltd.		1,172,542
	10,587	StanCorp Financial Group, Inc.		800,483
	25,050	W.R. Berkley Corp.		1,300,847

				20,650,515

	Internet & Catalog Retail (0.1%):
	8,160	HSN, Inc.		572,750

	Internet Software & Services (0.3%):
	29,732	Rackspace Hosting, Inc.*		1,105,733

	IT Services (3.3%):
	19,608	Acxiom Corp.*		344,709
	30,067	Broadridge Financial Solutions, Inc.		1,503,651
	24,789	Convergys Corp.		631,872
	22,627	CoreLogic, Inc.*		898,066
	7,088	DST Systems, Inc.		892,946
	20,825	Gartner, Inc.*		1,786,368
	16,669	Global Payments, Inc.		1,724,407
	20,511	Jack Henry & Associates, Inc.		1,327,062
	15,674	Leidos Holdings, Inc.		632,759
	16,527	Maximus, Inc.		1,086,320
	12,323	NeuStar, Inc., Class A*		359,955
	9,929	Science Applications International Corp.		524,748
	28,667	VeriFone Systems, Inc.*		973,531
	9,694	Wex, Inc.*		1,104,825

				13,791,219

	Leisure Products (1.0%):
	23,251	Brunswick Corp.		1,182,546
	15,336	Polaris Industries, Inc.^		2,271,415
	15,956	Vista Outdoor, Inc.*		716,424

				4,170,385

	Life Sciences Tools & Services (1.2%):
	5,189	Bio-Rad Laboratories, Inc., Class A*		781,515
	9,319	Bio-Techne Corp.		917,642
	11,879	Charles River Laboratories International, Inc.*		835,569
	7,015	Mettler-Toledo International, Inc.*		2,395,342

				4,930,068

	Machinery (4.3%):
	20,098	AGCO Corp.^		1,141,164
	12,581	CLARCOR, Inc.		783,041
	12,220	Crane Co.		717,681
	31,713	Donaldson Co., Inc.^		1,135,325
	14,718	Graco, Inc.		1,045,420
	19,550	IDEX Corp.		1,536,240
	22,417	ITT Corp.		937,927
	19,884	Kennametal, Inc.		678,442
	18,959	Lincoln Electric Holdings, Inc.		1,154,414


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	14,190	Nordson Corp.	$	1,105,259
	19,617	Oshkosh Corp.^		831,368
	10,290	SPX Corp.		744,893
	26,361	Terex Corp.		612,893
	18,274	Timken Co.		668,280
	38,863	Trinity Industries, Inc.^		1,027,149
	5,920	Valmont Industries, Inc.^		703,710
	24,233	Wabtec Corp.		2,283,719
	14,582	Woodward, Inc.		801,864

				17,908,789

	Marine (0.3%):
	13,994	Kirby Corp.*		1,072,780

	Media (1.7%):
	14,867	AMC Networks, Inc., Class A*		1,216,863
	26,356	Cinemark Holdings, Inc.		1,058,721
	18,301	DreamWorks Animation SKG, Inc., Class A*^		482,780
	11,635	John Wiley & Sons, Inc., Class A		632,595
	20,294	Lamar Advertising Co., Class A		1,166,499
	36,600	Live Nation, Inc.*		1,006,134
	9,171	Meredith Corp.^		478,268
	32,901	The New York Times Co., Class A^		449,099
	27,470	Time, Inc.		632,085

				7,123,044

	Metals & Mining (1.5%):
	12,643	Carpenter Technology Corp.^		489,031
	29,075	Commercial Metals Co.		467,526
	8,444	Compass Minerals International, Inc.		693,590
	18,633	Reliance Steel & Aluminum Co.		1,126,924
	16,352	Royal Gold, Inc.		1,007,120
	60,649	Steel Dynamics, Inc.		1,256,344
	9,431	TimkenSteel Corp.		254,543
	36,539	United States Steel Corp.^		753,434
	12,132	Worthington Industries, Inc.		364,688

				6,413,200

	Multiline Retail (0.3%):
	13,527	Big Lots, Inc.^		608,580
	76,607	J.C. Penney Co., Inc.*		648,861

				1,257,441

	Multi-Utilities (0.9%):
	28,337	Alliant Energy Corp.		1,635,611
	11,243	Black Hills Corp.		490,757
	48,852	MDU Resources Group, Inc.		954,080
	20,725	Vectren Corp.		797,498

				3,877,946

	Oil, Gas & Consumable Fuels (2.4%):
	77,453	California Resources Corp.		467,816
	89,446	Denbury Resources, Inc.		568,877
	19,761	Energen Corp.		1,349,676
	26,752	Gulfport Energy Corp.*		1,076,768
	49,159	HollyFrontier Corp.^		2,098,597
	40,667	QEP Resources, Inc.		752,746
	18,986	Rosetta Resources, Inc.*^		439,336


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	16,922	SM Energy Co.	$	780,443
	17,729	Western Refining, Inc.		773,339
	18,106	World Fuel Services Corp.		868,183
	51,353	WPX Energy, Inc.*^		630,615

				9,806,396

	Paper & Forest Products (0.3%):
	16,055	Domtar Corp.		664,677
	35,729	Louisiana-Pacific Corp.*^		608,465

				1,273,142

	Personal Products (0.2%):
	109,126	Avon Products, Inc.^		683,129

	Pharmaceuticals (0.2%):
	19,805	Akorn, Inc.*^		864,686

	Professional Services (1.2%):
	8,393	CEB, Inc.		730,695
	10,434	FTI Consulting, Inc.*		430,298
	19,620	Manpower, Inc.		1,753,636
	17,388	Towers Watson & Co., Class A		2,187,410

				5,102,039

	Real Estate Investment Trusts (REITs) (8.3%):
	18,069	Alexandria Real Estate Equities, Inc.		1,580,315
	28,170	American Campus Communities, Inc.		1,061,727
	51,049	BioMed Realty Trust, Inc.		987,288
	21,782	Camden Property Trust		1,617,967
	30,064	Communications Sales & Leasing, Inc.^		743,182
	23,712	Corporate Office Properties Trust		558,180
	34,372	Douglas Emmett, Inc.		925,982
	86,544	Duke Realty Corp.		1,607,122
	20,132	Equity One, Inc.		469,881
	27,863	Extra Space Storage, Inc.		1,817,225
	17,227	Federal Realty Investment Trust		2,206,605
	23,590	Highwoods Properties, Inc.^		942,421
	14,527	Home Properties, Inc.		1,061,197
	35,691	Hospitality Properties Trust		1,028,615
	22,085	Kilroy Realty Corp.		1,483,008
	28,333	LaSalle Hotel Properties^		1,004,688
	37,490	Liberty Property Trust		1,207,928
	21,014	Mack-Cali Realty Corp.		387,288
	18,899	Mid-America Apartment Communities, Inc.		1,376,036
	33,612	National Retail Properties, Inc.^		1,176,756
	40,331	Omega Healthcare Investors, Inc.		1,384,563
	10,203	Potlatch Corp.		360,370
	31,850	Rayonier, Inc.		813,768
	23,658	Regency Centers Corp.		1,395,349
	58,915	Senior Housing Properties Trust		1,033,958
	24,038	Tanger Factory Outlet Centers, Inc.		762,005
	15,204	Taubman Centers, Inc.		1,056,678
	64,958	UDR, Inc.		2,080,605
	23,142	Urban Edge Properties		481,122
	28,592	Weingarten Realty Investors		934,672
	46,426	WP Glimcher, Inc.		628,144

				34,174,645


Shares			Fair Value
	Common Stocks, continued
	Real Estate Management & Development (0.6%):
	11,396	Alexander & Baldwin, Inc.	$	449,002
	11,252	Jones Lang LaSalle, Inc.		1,924,092

				2,373,094

	Road & Rail (0.9%):
	14,455	Con-way, Inc.		554,638
	12,872	Genesee & Wyoming, Inc., Class A*		980,589
	11,139	Landstar System, Inc.		744,865
	16,994	Old Dominion Freight Line, Inc.*		1,165,873
	11,178	Werner Enterprises, Inc.^		293,423

				3,739,388

	Semiconductors & Semiconductor Equipment (2.1%):
	158,072	Advanced Micro Devices, Inc.*^		379,373
	104,686	Atmel Corp.		1,031,681
	27,377	Cree, Inc.*^		712,623
	83,249	Cypress Semiconductor Corp.		979,008
	29,204	Fairchild Semiconductor International, Inc.*		507,566
	37,210	Integrated Device Technology, Inc.*		807,457
	33,065	Intersil Corp., Class A		413,643
	9,963	Silicon Laboratories, Inc.*^		538,102
	73,117	SunEdison, Inc.*^		2,186,929
	53,811	Teradyne, Inc.		1,038,014

				8,594,396

	Software (5.3%):
	29,283	ACI Worldwide, Inc.*		719,483
	11,366	Advent Software, Inc.^		502,491
	22,517	Ansys, Inc.*		2,054,452
	73,408	Cadence Design Systems, Inc.*^		1,443,201
	40,210	CDK Global, Inc.		2,170,537
	10,664	CommVault Systems, Inc.*		452,260
	9,743	FactSet Research Systems, Inc.		1,583,335
	7,789	Fair Isaac Corp.		707,085
	35,725	Fortinet, Inc.*		1,476,514
	26,264	Informatica Corp.*		1,273,016
	18,506	Manhattan Associates, Inc.*		1,103,883
	24,786	Mentor Graphics Corp.		655,094
	28,842	PTC, Inc.*		1,183,099
	22,177	Rovi Corp.*^		353,723
	16,669	Solarwinds, Inc.*		768,941
	16,835	Solera Holdings, Inc.		750,168
	38,899	Synopsys, Inc.*		1,970,234
	8,446	Tyler Technologies, Inc.*		1,092,743
	7,169	Ultimate Software Group, Inc. (The)*		1,178,153

				21,438,412

	Specialty Retail (4.3%):
	16,201	Aaron’s, Inc.		586,638
	17,450	Abercrombie & Fitch Co., Class A^		375,350
	18,355	Advance Auto Parts, Inc.^		2,923,769
	44,114	American Eagle Outfitters, Inc.^		759,643
	11,536	ANN, Inc.*		557,073
	33,114	Ascena Retail Group, Inc.*		551,514
	12,030	Cabela’s, Inc., Class A*^		601,259
	35,956	Chico’s FAS, Inc.		597,948
	19,324	CST Brands, Inc.		754,795


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	24,363	Dick’s Sporting Goods, Inc.	$	1,261,273
	35,078	Foot Locker, Inc.^		2,350,577
	16,120	Guess?, Inc.		309,020
	10,672	Murphy USA, Inc.*		595,711
	123,636	Office Depot, Inc.*		1,070,688
	13,301	Rent-A-Center, Inc.^		377,083
	20,098	Signet Jewelers, Ltd.		2,577,368
	21,377	Williams-Sonoma, Inc.		1,758,686

				18,008,395

	Technology Hardware, Storage & Peripherals (0.7%):
	26,359	3D Systems Corp.*^		514,528
	16,265	Diebold, Inc.^		569,275
	15,375	Lexmark International, Inc., Class A^		679,575
	42,514	NCR Corp.*		1,279,671

				3,043,049

	Textiles, Apparel & Luxury Goods (0.9%):
	13,178	Carter’s, Inc.		1,400,822
	8,352	Deckers Outdoor Corp.*		601,093
	32,019	Kate Spade & Co.*		689,689
	10,238	Skechers U.S.A., Inc., Class A*		1,124,030

				3,815,634

	Thrifts & Mortgage Finance (0.6%):
	111,432	New York Community Bancorp, Inc.^		2,048,120
	23,786	Washington Federal, Inc.^		555,403

				2,603,523

	Trading Companies & Distributors (0.7%):
	11,011	GATX Corp.^		585,235
	12,689	MSC Industrial Direct Co., Inc., Class A^		885,311
	26,883	NOW, Inc.*^		535,241
	6,887	Watsco, Inc.		852,197

				2,857,984

	Water Utilities (0.3%):
	44,412	Aqua America, Inc.		1,087,650

	Wireless Telecommunication Services (0.2%):
	24,660	Telephone & Data Systems, Inc.		725,004

	Total Common Stocks (Cost $277,897,177)			401,413,318

	Securities Held as Collateral for Securities on Loan (15.6%):
$	64,666,340	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		64,666,340

	Total Securities Held as Collateral for Securities on Loan (Cost $64,666,340)			64,666,340

	Unaffiliated Investment Company (2.5%):
	10,217,512	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		10,217,512

	Total Unaffiliated Investment Company (Cost $10,217,512)			10,217,512

	Total Investment Securities (Cost $352,781,029)(c) — 114.8%			476,297,170
	Net other assets (liabilities) — (14.8)%			(61,242,123	)

	Net Assets — 100.0%		$	415,055,047

Cash of $522,600 has been segregated to cover margin requirements for the following open contracts as of June 30, 2015:

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	352,781,029

Investment securities, at value*	$	476,297,170
Cash		982,500
Segregated cash for collateral		522,600
Interest and dividends receivable		390,904
Receivable for investments sold		5,171,071
Receivable for variation margin on futures contracts		13,719
Prepaid expenses		857

Total Assets		483,378,821

Liabilities:
Payable for investments purchased		3,410,207
Payable for capital shares redeemed		26,761
Payable for collateral received on loaned securities		64,666,340
Manager fees payable		86,846
Administration fees payable		10,063
Distribution fees payable		86,846
Custodian fees payable		2,640
Administrative and compliance services fees payable		61
Trustee fees payable		797
Other accrued liabilities		33,213

Total Liabilities		68,323,774

Net Assets	$	415,055,047

Net Assets Consist of:
Capital	$	211,831,308
Accumulated net investment income/(loss)		7,544,705
Accumulated net realized gains/(losses) from investment transactions		72,382,471
Net unrealized appreciation/(depreciation) on investments		123,296,563

Net Assets	$	415,055,047

Shares of beneficial interest (unlimited number of shares authorized, no par value)		17,004,936
Net Asset Value (offering and redemption price per share)	$	24.41

*	Includes securities on loan of $63,448,791.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	4,290,156
Income from securities lending		143,660

Total Investment Income		4,433,816

Expenses:
Manager fees		635,021
Administration fees		70,820
Distribution fees		635,021
Custodian fees		10,779
Administrative and compliance services fees		3,098
Trustee fees		12,068
Professional fees		11,408
Shareholder reports		7,730
Other expenses		63,212

Total expenses		1,449,157

Net Investment Income/(Loss)		2,984,659

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		47,569,413
Net realized gains/(losses) on futures contracts		2,018,790
Change in net unrealized appreciation/depreciation on investments		(28,215,590	)

Net Realized/Unrealized Gains/(Losses) on Investments		21,372,613

Change in Net Assets Resulting From Operations	$	24,357,272

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Mid Cap Index Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $14,178 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2015, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $13.8 million as of June 30, 2015. The monthly average notional amount for these contracts was $19.1 million for the period ended June 30, 2015.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $2,971 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $356,147,305. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

(a) The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to tax deferral of losses on wash sales.

As a shareholder of the AZL Money Market Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Principal Amount			Fair Value
	Certificates of Deposit (24.3%):
	Banks (23.5%)
$	8,000,000	Bank of Montreal Chicago, 0.26%, 7/16/15(a)	$	8,000,000
	8,000,000	Bank of Nova Scotia, 0.27%, 11/9/15(a)		8,000,000
	5,000,000	Bank of Nova Scotia, 0.73%, 9/11/15(a)		5,004,042
	19,000,000	Bank of Tokyo-Mitsubishi UFJ, NY, 0.33%, 9/11/15(a)		19,000,000
	4,000,000	Bank of Tokyo-Mitsubishi UFJ, NY, 0.33%, 10/28/15(a)		4,000,000
	14,000,000	Citibank NA, 0.29%, 7/6/15		14,000,000
	10,000,000	Credit Agricole CIB, NY, 0.29%, 9/3/15		10,000,000
	8,000,000	National Bank of Canada, NY, 0.34%, 12/24/15(a)		8,000,000
	5,000,000	National Bank of Canada, NY, 0.30%, 10/20/15(a)		5,000,000
	8,000,000	Norinchukin Bank, NY, 0.34%, 10/20/15(a)		8,000,000
	8,000,000	Rabobank Nederland NV, NY, 0.30%, 11/2/15		8,000,000
	11,000,000	Rabobank Nederland NV, NY, 0.33%, 9/16/15(a)		11,000,000
	8,000,000	Skandinav Enskilda Bank, NY, 0.26%, 7/23/15		8,000,000
	3,000,000	State Street Bank & Trust Co., 0.28%, 10/23/15(a)		3,000,000
	10,000,000	State Street Bank & Trust Co., 0.28%, 10/1/15(a)		10,000,000
	7,000,000	Sumitomo Mitsui Bank, NY, 0.30%, 7/20/15		7,000,000
	12,000,000	Toronto Dominion Bank, NY, 0.27%, 10/6/15(a)		12,000,000
	8,000,000	Toronto Dominion Bank, NY, 0.30%, 7/15/15		8,000,000

				156,004,042

	Diversified Financial Services (0.8%)
	5,000,000	Credit Industriel Et Commercial, NY, 0.30%, 8/3/15		5,000,000

	Total Certificates of Deposit (Cost $161,004,042)			161,004,042

	Commercial Paper (58.9%):
	Banks (20.2%)
	15,000,000	BNP Paribas Fortis SA, NY, 0.03%, 7/1/15(b)		15,000,000
	12,000,000	BNP Paribas, NY, 0.30%, 9/15/15(b)		11,992,400
	10,000,000	Commonwealth Bank of Australia, 0.30%, 3/29/16(a)(c)		9,999,300
	15,000,000	Credit Suisse, NY, 0.27%, 9/1/15(b)		14,993,025
	8,000,000	DNB Bank ASA, 0.32%, 8/24/15(b)(c)		7,996,220
	7,000,000	HSBC Bank PLC, 0.28%, 10/23/15(a)(c)		7,000,000
	9,000,000	Macquarie Bank Ltd., 0.41%, 10/26/15(b)(c)		8,988,008
	20,000,000	NRW.Bank, 0.10%, 7/7/15(b)(c)		19,999,667
	18,000,000	Skandinav Enskilda Bank, NY, 0.30%, 8/25/15(b)(c)		17,991,750
	10,000,000	Sumitomo Mitsui Bank, NY, 0.12%, 7/6/15(b)(c)		9,999,833
	10,000,000	Westpac Banking Corp., NY, 0.30%, 4/4/16(a)(c)		10,000,000

				133,960,203

	Diversified Financial Services (38.7%)
	14,000,000	Antalis US Funding Corp., 0.14%, 7/6/15(b)(c)		13,999,728
	10,000,000	Antalis US Funding Corp., 0.14%, 7/2/15(b)(c)		9,999,961
	5,000,000	Bedford Row Funding Corp., 0.31%, 11/20/15(a)(c)		5,000,000
	20,000,000	Caisse Centrale Desjardins du Quebec, 0.13%, 7/2/15(b)(c)		19,999,927
	10,000,000	Chariot Funding LLC, 0.33%, 11/23/15(b)(c)		9,986,708
	3,000,000	Chariot Funding LLC, 0.26%, 8/13/15(b)(c)		2,999,068
	10,300,000	Chariot Funding LLC, 0.33%, 11/6/15(b)(c)		10,287,915


Principal Amount			Fair Value
	Commercial Paper, continued
	Diversified Financial Services, continued
$	10,000,000	Charta LLC, 0.30%, 8/14/15(b)	$	9,996,333
	5,000,000	Charta LLC, 0.34%, 11/24/15(b)		4,993,106
	10,000,000	CIESCO LLC, 0.34%, 12/1/15(b)		9,985,550
	20,000,000	Collateralized CP Co. LLC, 0.32%, 10/26/15(b)		19,979,199
	5,400,000	CRC Funding LLC, 0.34%, 11/2/15(b)		5,393,676
	19,000,000	General Electric Capital Corp., 0.24%, 10/19/15(a)(b)		19,000,000
	10,000,000	Kells Funding LLC, 0.27%, 9/22/15(a)(c)		9,999,754
	15,000,000	LMA Americas LLC, 0.11%, 7/1/15(b)(c)		15,000,000
	7,412,000	Mont Blanc Capital Corp., 0.29%, 9/15/15(b)(c)		7,407,462
	15,000,000	Nederlandse Waterschapsbank NV, 0.26%, 10/1/15(a)(c)		15,000,000
	13,000,000	Nieuw Amsterdam Receivables Corp., 0.30%, 8/4/15(b)(c)		12,996,317
	5,000,000	Nieuw Amsterdam Receivables Corp., 0.30%, 7/27/15(b)(c)		4,998,917
	27,467,000	Victory Receivables Corp., 0.11%, 7/1/15(b)(c)		27,466,999
	8,000,000	Working Capital Management, 0.13%, 7/8/15(b)(c)		7,999,798
	15,000,000	Working Capital Management, 0.15%, 7/6/15(b)(c)		14,999,688

				257,490,106

	Total Commercial Paper (Cost $391,450,309)			391,450,309

	Corporate Bond (1.2%):
	Hotels, Restaurants & Leisure (1.2%)
	8,000,000	Jets Stadium Development LLC, Series A-4C, 0.14%, 4/1/47, Callable 9/4/15 @ 100.00(a)		8,000,000

	Total Corporate Bond (Cost $8,000,000)			8,000,000

	U.S. Government Agency Mortgages (6.2%):
	11,000,000	0.00%, 7/17/15(b)		10,999,658
	30,000,000	0.07%, 7/24/15(b)		29,998,658

				40,998,316

	Total U.S. Government Agency Mortgages (Cost $40,998,316)			40,998,316

	U.S. Treasury Obligations (2.4%):
	U.S. Treasury Bills (0.9%)
	6,000,000	0.29%, 6/23/16(b)		5,982,667

	U.S. Treasury Notes (1.5%)
	10,000,000	0.08%, 4/30/16(a)		10,000,000

	Total U.S. Treasury Obligations (Cost $15,982,667)			15,982,667

	Yankee Dollars (7.0%):
	Banks (7.0%)
	10,000,000	ING Bank NV, 2.00%, 9/25/15(c)		10,035,977
	10,000,000	Norinchukin Bank, NY, 0.34%, 11/12/15(a)		10,000,000
	15,000,000	Sumitomo Mitsui Bank, NY, 0.33%, 7/8/15(a)		15,000,000
	6,100,000	Svenska Handelsbanken AB, 0.36%, 11/13/15(a)(c)		6,100,000
	5,310,000	Westpac Banking Corp., 1.38%, 7/17/15(c)		5,312,355

				46,448,332

	Total Yankee Dollars (Cost $46,448,332)			46,448,332

	Total Investment Securities (Cost $663,883,666)(d) — 100.0%			663,883,666
	Net other assets (liabilities) — 0.0%			38,430

	Net Assets — 100.0%		$	663,922,096

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	663,883,666

Investment securities, at value	$	663,883,666
Cash		720
Interest receivable		201,490
Receivable from Manager		26,406
Prepaid expenses		1,030

Total Assets		664,113,312

Liabilities:
Administration fees payable		16,068
Distribution fees payable		132,667
Custodian fees payable		7,746
Administrative and compliance services fees payable		750
Trustee fees payable		4,818
Other accrued liabilities		29,167

Total Liabilities		191,216

Net Assets	$	663,922,096

Net Assets Consist of:
Capital	$	663,844,699
Accumulated net realized gains/(losses) from investment transactions		77,397

Net Assets	$	663,922,096

Shares of beneficial interest (unlimited number of shares authorized, no par value)		663,845,341
Net Asset Value (offering and redemption price per share)	$	1.00

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Interest	$	756,206

Total Investment Income		756,206

Expenses:
Manager fees		1,136,364
Administration fees		84,517
Distribution fees		811,691
Custodian fees		12,335
Administrative and compliance services fees		4,273
Trustee fees		17,263
Professional fees		19,183
Shareholder reports		14,062
Other expenses		7,382

Total expenses before reductions		2,107,070
Less expenses voluntarily waived/reimbursed by the Manager		(1,350,864	)

Net expenses		756,206

Net Investment Income/(Loss)		—

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		29,878

Net Realized/Unrealized Gains/(Losses) on Investments		29,878

Change in Net Assets Resulting From Operations	$	29,878

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Money Market Fund (the “Fund”), and 35 are presented in separate reports.

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below. Investments of the Fund are valued, in accordance with Rule 2a-7 of the 1940 Act, at amortized cost, which approximates fair value. Under the amortized cost method, discounts or premiums are amortized on a constant basis to the maturity of the security.

Dividends from net investment income are declared daily and paid monthly from the Fund. The net realized gains, if any, are declared and paid at least annually by the Fund. The amount of dividends from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and post October losses) do not require reclassification. Dividends to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

In July 2014, the United States Securities and Exchange Commission (“SEC”) issued final rules that will alter and increase the regulations to which money market funds, including the AZL Money Market Fund, are subject. The SEC’s new rules have varying implementation dates, ranging from July 2015 to October 2016 and are intended to give investors additional protection during rare periods of market stress, when redemptions in some money market mutual funds may increase significantly. The new rules will also replace much of the current Rule 2a-7 under the Investment Company Act of 1940 and add new Rule 30b1-8 (“Form N-CR”). Additionally, Forms N-MFP and N-PF, along with the instructions to Form N-1A, have been revised as part of this reform.

Certain government and U.S. treasury money market funds will not be subject to many of the new structural changes. The AZL Money Market Funds’ management has been reviewing and assessing the effect of the new rules and speaking with investors in order to properly align the interests of investors with implementation of the reforms. Further information regarding the money market mutual fund regulatory changes may be found at the SEC’s website, www.sec.gov. For further information relating to changes to the Fund, please see Note 6 of the Notes to the Financial Statements.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Advisors, LLC (“BlackRock Advisors”), BlackRock Advisors provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

The Manager has voluntarily agreed to waive, reimburse, or pay Fund expenses to the extent necessary in order to maintain a minimum daily net investment income for the Fund of 0.00%. The Distributor may waive its Rule 12b-1 fees. The amount waived, reimbursed, or paid by the Manager and/or the Distributor will be repaid to the Manager and/or the Distributor subject to the following limitations:

The ability of the Manager and/or Distributor to receive such payments could negatively affect the Fund’s future yield. Amounts waived under this agreement during the period ended June 30, 2015 are reflected on the Statement of Operations as “Expenses voluntarily waived/reimbursed by the Manager.”

Any amounts waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.”

At June 30, 2015, the reimbursements that are subject to repayment by the Fund in subsequent years were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $3,557 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

At its meeting on June 16, 2015, the Board of Trustees considered the likely effects of the Money Market Reform rule changes on the AZL Money Market Fund and approved changes proposed by the Fund’s Manager, Allianz Investment Management LLC, to the name and principal investment strategies of the Fund. As a result of these changes, the Fund will become a government money market fund and will be called the AZL Government Money Market Fund. As a “government” money market fund, the Fund will be permitted, subject to the revised regulations, to continue to use a stable net asset value ($1.00), and the Fund will not be required to impose fees on shareholder redemptions or to temporarily suspend redemptions in the event that the Fund’s weekly liquid assets fall below a certain threshold. The Board believes that this result is in the best interests of the Fund and its shareholders.

The changes to the Fund are expected to be fully implemented by May 1, 2016, prior to the final compliance dates for the new rules; however, it is anticipated that the Fund’s subadviser, BlackRock Advisors, LLC, will begin immediately to gradually implement changes to the Fund’s portfolio in order to provide the most efficient transition. As a result, it is expected that the Fund gradually will allocate a larger percentage of its assets to government securities over time until it reaches its new allocation on or about May 1, 2016. Because the yields on government securities generally may be expected to be lower than the yields on comparable non-government securities, it should be expected that the Fund’s yield will decrease as more assets are invested in government securities.

As a shareholder of the AZL Morgan Stanley Global Real Estate Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (99.0%):
	Diversified Real Estate Activities (14.4%):
	428,900	CapitaLand, Ltd.	$	1,113,572
	129,000	Hang Lung Properties, Ltd.		381,785
	109,104	Henderson Land Development Co., Ltd.		745,509
	103,303	Kerry Properties, Ltd.		403,083
	228,000	Mitsubishi Estate Co., Ltd.		4,898,783
	176,000	Mitsui Fudosan Co., Ltd.		4,914,409
	246	Mobimo Holding AG, Registered Shares^		50,102
	787,423	New World Development Co., Ltd.		1,028,179
	73,000	Sumitomo Realty & Development Co., Ltd.		2,559,063
	361,544	Sun Hung Kai Properties, Ltd.		5,854,823
	34,500	Tokyo Tatemono Co., Ltd.		477,937
	90,310	UOL Group, Ltd.^		463,519
	255,035	Wharf Holdings, Ltd. (The)		1,696,322

				24,587,086

	Diversified REITs (12.3%):
	55	Activia Properties, Inc.		465,844
	194,107	British Land Co. plc		2,422,667
	79,318	Cousins Properties, Inc.^		823,321
	21,255	Crombie REIT		212,244
	84,768	Dexus Property Group		474,182
	33,541	Duke Realty Corp.		622,856
	2,032	Fonciere des Regions SA		173,013
	4,208	Gecina SA		519,485
	256,582	GPT Group		841,537
	76,055	Green REIT plc		124,387
	207,530	Hibernia REIT plc		291,348
	17	Hulic REIT, Inc.		24,204
	7,662	ICADE		546,983
	10	Kenedix Office Investment Corp.		50,145
	144,596	Land Securities Group plc		2,733,113
	753	Lexington Realty Trust^		6,385
	26,100	Liberty Property Trust		840,942
	418,941	Mirvac Group		596,781
	11	Premier Investment Corp.^		60,518
	19,880	Shaftesbury plc		271,001
	275,880	Stockland Trust Group		866,880
	49,351	STORE Capital Corp.^		991,955
	43	Tokyu REIT, Inc.		53,175
	432	United Urban Investment Corp.		610,713
	63,481	Vornado Realty Trust		6,026,251
	7,385	Wereldhave NV^		420,396

				21,070,326

	Health Care Facilities (0.1%):
	23,060	Extendicare, Inc.		139,786

	Health Care REITs (3.3%):
	11,876	HCP, Inc.		433,118
	19,450	Health Care REIT, Inc.		1,276,504
	12,706	Healthcare Realty Trust, Inc.		295,542
	59,734	Senior Housing Properties Trust		1,048,332
	42,107	Ventas, Inc.		2,614,424

				5,667,920

	Hotel & Resort REITs (3.8%):
	42,532	Chesapeake Lodging Trust		1,296,375


Shares			Fair Value
	Common Stocks, continued
	Hotel & Resort REITs, continued
	264,150	Host Hotels & Resorts, Inc.^	$	5,238,095

				6,534,470

	Hotels, Resorts & Cruise Lines (2.4%):
	47,281	Hilton Worldwide Holdings, Inc.*		1,302,592
	34,396	Starwood Hotels & Resorts Worldwide, Inc.		2,789,171

				4,091,763

	Industrial REITs (3.0%):
	165,900	Ascendas Real Estate Investment Trust		302,751
	3,175	DCT Industrial Trust, Inc.		99,822
	404	GLP J-REIT^		385,711
	251,458	Macquarie Goodman Group		1,213,144
	212	Nippon Prologis REIT, Inc.		390,323
	49,934	ProLogis, Inc.		1,852,551
	19,324	Rexford Industrial Realty, Inc.^		281,744
	97,446	SERGO plc		620,485

				5,146,531

	Office REITs (9.1%):
	6,290	Alexandria Real Estate Equities, Inc.		550,123
	284,075	Beni Stabili SpA^		210,707
	32,320	BioMed Realty Trust, Inc.		625,069
	37,137	Boston Properties, Inc.		4,495,062
	17,057	Brookfield Canada Office Properties		369,195
	65,000	CapitaCommercial Trust		75,198
	181,000	Champion REIT		99,332
	13,840	Corporate Office Properties Trust		325,794
	41	Daiwa Office Investment Corp.^		196,222
	18,584	Derwent Valley Holdings plc		992,168
	56,330	Douglas Emmett, Inc.^		1,517,530
	82,250	Great Portland Estates plc		1,003,940
	34,498	Hudson Pacific Properties, Inc.^		978,708
	204	Japan Real Estate Investment Corp.		925,867
	53,368	Mack-Cali Realty Corp.		983,572
	337	Mori Hills REIT Investment Corp., C Shares		435,961
	207	Nippon Building Fund, Inc.		905,756
	267	ORIX JREIT, Inc.		384,464
	24,668	Paramount Group, Inc.		423,303
	6,755	Workspace Group plc		95,279

				15,593,250

	Real Estate Development (0.6%):
	2,485,087	BGP Holdings plc*(a) (b)		—
	8,000	China Resources Land, Ltd.		25,761
	3,200	Dalian Wanda Commercial Properties Co., Ltd., H Shares		25,601
	176	Helical Bar plc		1,116
	185,418	Sino Land Co., Ltd.		309,384
	30,708	St. Modwen Properties plc		218,785
	103,422	Urban & Civic plc		410,223

				990,870

	Real Estate Operating Companies (11.3%):
	46,058	Atrium European Real Estate, Ltd.		212,027
	20,178	Atrium Ljungberg AB, B Shares^		264,205
	62,508	BR Malls Participacoes SA		295,627
	64,800	BR Properties SA		218,905


Shares			Fair Value
	Common Stocks, continued
	Real Estate Operating Companies, continued
	4,211	BUWOG-Bauen Und Wohnen Gesellschaft mbH^	$	81,763
	53,849	Capital & Counties Properties plc		367,802
	497,118	Capital & Regional plc		449,027
	10,353	Castellum AB		145,426
	177,456	Citycon OYJ^		442,909
	4,600	Daibiru Corp.		42,467
	29,802	Deutsche Annington Immobilien SE		840,003
	4,648	Deutsche Euroshop AG		204,021
	29,068	Deutsche Wohnen AG		665,948
	45,931	Entra ASA		427,856
	19,230	Fabege AB		262,201
	35,034	First Capital Realty, Inc.		501,608
	20,636	Forest City Enterprises, Inc., Class A*		456,056
	564,500	Global Logistic Properties, Ltd.		1,058,724
	42,769	Grainger Trust plc		153,601
	34,800	Hongkong Land Holdings, Ltd.		284,675
	457,500	Hongkong Land Holdings, Ltd.		3,742,497
	67,959	Hufvudstaden AB		826,683
	16,300	Hulic Co., Ltd.		145,022
	393,346	Hysan Development Co., Ltd.		1,699,437
	47,438	Iguatemi Empresa de Shopping Centers SA		379,876
	62,299	Investa Office Fund		181,480
	5,180	LEG Immobilien AG		359,706
	329,899	LXB Retail Properties plc		455,504
	72,388	Norwegian Property ASA*		89,648
	10,800	NTT Urban Development Corp.		107,410
	21,783	Prime Office AG		103,687
	14,741	PSP Swiss Property AG^		1,259,859
	269,098	Quintain Estates & Development plc*		448,415
	95,643	Sponda Oyj		353,353
	399,050	Swire Properties, Ltd.		1,268,980
	1,734	Swiss Prime Site AG		131,605
	43,889	Unite Group plc		393,798

				19,321,811

	Residential REITs (12.1%):
	96	Advance Residence Investment^		235,067
	31,916	AvalonBay Communities, Inc.^		5,102,411
	12,457	Boardwalk REIT		564,894
	42,361	Camden Property Trust		3,146,575
	3,504	Canadian Apartment Properties REIT		77,443
	22,084	Equity Lifestyle Properties, Inc.		1,161,177
	101,519	Equity Residential Property Trust		7,123,589
	5,588	Essex Property Trust, Inc.		1,187,450
	13,127	Mid-America Apartment Communities, Inc.		955,777
	88,630	WP Glimcher, Inc.		1,199,164

				20,753,547

	Retail REITs (23.2%):
	13,084	Acadia Realty Trust		380,875
	7,203	Calloway REIT		166,809
	163,200	CapitaMall Trust		260,000
	6,720	DDR Corp.		103,891
	8,402	Equity One, Inc.^		196,103
	14,825	Eurocommercial Properties NV		619,716
	2,377	Federal Realty Investment Trust		304,470


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Retail REITs, continued
	173,752	Federation Centres	$	390,708
	13	Frontier Real Estate Investment Corp.		58,162
	125,107	General Growth Properties, Inc.		3,210,246
	118,315	Hammerson plc		1,145,527
	201	Japan Retail Fund Investment Corp.		402,027
	97,650	Kimco Realty Corp.		2,201,031
	16,449	Klepierre		722,828
	126,922	Liberty International plc		612,984
	346,715	Link REIT (The)		2,028,220
	12,600	Macerich Co. (The)		939,960
	1,200	Mercialys SA		26,775
	31,913	National Retail Properties, Inc.^		1,117,274
	6,077	Realty Income Corp.^		269,758
	45,653	Regency Centers Corp.		2,692,614
	72,897	RioCan REIT		1,562,661
	764,672	Scentre Group		2,208,083
	34,200	Shopping Centres Australasia Property Group*		56,194
	62,757	Simon Property Group, Inc.		10,858,217
	146,900	SPH REIT		113,982
	56,072	Tanger Factory Outlet Centers, Inc.		1,777,482
	11,430	Unibail-Rodamco SE		2,899,962
	17,866	Urban Edge Properties		371,434
	297,262	Westfield Corp.		2,074,941

				39,772,934

	Specialized REITs (3.4%):
	11,990	CubeSmart		277,688
	12,076	LaSalle Hotel Properties^		428,215
	23,887	Public Storage, Inc.		4,404,046
	29,056	Safestore Holdings, Ltd.		128,893
	6,408	Sovran Self Storage, Inc.		556,919
	1	Sunstone Hotel Investors, Inc.		15

				5,795,776

	Total Common Stocks (Cost $122,902,103)			169,466,070

	Rights (0.0%):
	Real Estate Operating Companies (0.0%):
	163,170	Citycon OYJ*		17,916
	25,092	Deutsche Annington Immobilien SE*		38,338

				56,254

	Total Rights (Cost $—)			56,254

	Securities Held as Collateral for Securities on Loan (7.8%):
$	13,255,043	Allianz Variable Insurance Products Securities Lending Collateral Trust(c)		13,255,043

	Total Securities Held as Collateral for Securities on Loan (Cost $13,255,043)			13,255,043

	Unaffiliated Investment Company (0.5%):
	839,415	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(d)		839,415

	Total Unaffiliated Investment Company (Cost $839,415)			839,415

	Total Investment Securities (Cost $136,996,561)(e) — 107.3%			183,616,782
	Net other assets (liabilities) — (7.3%)			(12,502,687	)

	Net Assets — 100.0%		$	171,114,095

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	136,996,561

Investment securities, at value*	$	183,616,782
Interest and dividends receivable		556,936
Foreign currency, at value (cost $623,404)		621,621
Receivable for investments sold		289,885
Reclaims receivable		25,004
Prepaid expenses		296

Total Assets		185,110,524

Liabilities:
Payable for investments purchased		433,913
Payable for capital shares redeemed		84,071
Payable for collateral received on loaned securities		13,255,043
Manager fees payable		129,839
Administration fees payable		6,775
Distribution fees payable		36,066
Custodian fees payable		41,259
Administrative and compliance services fees payable		165
Trustee fees payable		1,096
Other accrued liabilities		8,202

Total Liabilities		13,996,429

Net Assets	$	171,114,095

Net Assets Consist of:
Capital	$	146,927,413
Accumulated net investment income/(loss)		7,500,960
Accumulated net realized gains/(losses) from investment transactions		(29,932,318	)
Net unrealized appreciation/(depreciation) on investments		46,618,040

Net Assets	$	171,114,095

Shares of beneficial interest (unlimited number of shares authorized, no par value)		15,748,203
Net Asset Value (offering and redemption price per share)	$	10.87

*	Includes securities on loan of $12,888,349.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	4,226,709
Income from securities lending		22,128
Foreign withholding tax		(116,609	)

Total Investment Income		4,132,228

Expenses:
Manager fees		823,793
Administration fees		38,693
Distribution fees		228,831
Custodian fees		66,746
Administrative and compliance services fees		1,021
Trustee fees		4,117
Professional fees		4,496
Shareholder reports		4,336
Other expenses		2,170

Total expenses		1,174,203

Net Investment Income/(Loss)		2,958,025

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		6,185,670
Change in net unrealized appreciation/depreciation on investments		(12,556,428	)

Net Realized/Unrealized Gains/(Losses) on Investments		(6,370,758	)

Change in Net Assets Resulting From Operations	$	(3,412,733	)

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Morgan Stanley Global Real Estate Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $2,180 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Morgan Stanley Investment Management Inc. (“MSIM”), MSIM provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $1,003 was paid from the Fund relating to these fees and expenses.

During the period ended June 30, 2015, the Fund paid approximately $226 to affiliated broker/dealers of the Subadvisor on the execution of purchases and sales of the Fund’s portfolio investments.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

A reconciliation of assets in which Level 3 inputs are used in determining fair value, along with additional quantitative disclosures are presented when there are significant Level 3 investments at the end of the period.

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $149,268,267. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the year ended December 31, 2014, the Fund utilized $5,673,295 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Morgan Stanley Mid Cap Growth Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (90.9%):
	Aerospace & Defense (1.0%):
	20,418	TransDigm Group, Inc.*^	$	4,587,312

	Air Freight & Logistics (0.5%):
	46,442	XPO Logistics, Inc.*		2,098,250

	Automobiles (4.6%):
	75,902	Tesla Motors, Inc.*^		20,361,471

	Beverages (1.1%):
	37,618	Monster Beverage Corp.*		5,041,564

	Biotechnology (1.7%):
	23,458	Alnylam Pharmaceuticals, Inc.*		2,811,911
	2,959	Intercept Pharmaceuticals, Inc.*		714,243
	201,532	Ironwood Pharmaceuticals, Inc.*^		2,430,476
	29,580	Seattle Genetics, Inc.*^		1,431,672

				7,388,302

	Commercial Services & Supplies (1.0%):
	33,287	Stericycle, Inc.*^		4,457,462

	Communications Equipment (1.1%):
	28,537	Palo Alto Networks, Inc.*^		4,985,414

	Diversified Financial Services (5.8%):
	126,829	McGraw-Hill Cos., Inc. (The)		12,739,973
	214,181	MSCI, Inc., Class A^		13,182,841

				25,922,814

	Electrical Equipment (0.5%):
	39,962	Solarcity Corp.*^		2,139,965

	Food Products (4.6%):
	97,815	Keurig Green Mountain, Inc.^		7,495,563
	141,232	Mead Johnson Nutrition Co.^		12,741,951

				20,237,514

	Health Care Equipment & Supplies (3.9%):
	35,788	Intuitive Surgical, Inc.*^		17,339,286

	Health Care Technology (2.6%):
	101,034	athenahealth, Inc.*^		11,576,476

	Hotels, Restaurants & Leisure (5.3%):
	3,045	Chipotle Mexican Grill, Inc.*^		1,842,195
	214,468	Dunkin’ Brands Group, Inc.^		11,795,740
	55,548	Panera Bread Co., Class A*^		9,708,124

				23,346,059

	Internet & Catalog Retail (3.0%):
	344,213	Groupon, Inc.*^		1,731,391
	28,467	TripAdvisor, Inc.*^		2,480,615
	176,342	Vipshop Holdings, Ltd., ADR*^		3,923,610
	90,934	Zalando SE*		3,035,797
	154,098	zulily, Inc., Class A*^		2,009,438

				13,180,851

	Internet Software & Services (14.6%):
	97,244	Autohome, Inc., ADR*^		4,914,711
	261,270	LendingClub Corp.*^		3,853,733
	88,560	LinkedIn Corp., Class A*		18,299,152
	33,668	MercadoLibre, Inc.^		4,770,756
	454,539	Twitter, Inc.*^		16,463,403
	50,900	Yelp, Inc.*^		2,190,227
	201,020	Youku.com, Inc., ADR*^		4,931,021


Shares			Fair Value
	Common Stocks, continued
	Internet Software & Services, continued
	105,387	Zillow Group, Inc., Class A*^	$	9,141,268

				64,564,271

	IT Services (4.7%):
	67,800	FleetCor Technologies, Inc.*^		10,580,868
	119,654	Gartner, Inc.*^		10,263,920

				20,844,788

	Life Sciences Tools & Services (5.7%):
	115,951	Illumina, Inc.*^		25,319,060

	Machinery (0.9%):
	89,797	Colfax Corp.*^		4,144,132

	Media (0.7%):
	206,211	Pandora Media, Inc.*^		3,204,519

	Pharmaceuticals (5.9%):
	159,029	Endo International plc*		12,666,660
	276,615	Zoetis, Inc.		13,338,375

				26,005,035

	Professional Services (4.8%):
	77,512	IHS, Inc., Class A*^		9,970,369
	153,323	Verisk Analytics, Inc., Class A*^		11,155,781

				21,126,150

	Software (13.2%):
	226,884	FireEye, Inc.*^		11,096,896
	38,692	NetSuite, Inc.*^		3,549,991
	146,866	ServiceNow, Inc.*^		10,913,612
	213,870	Splunk, Inc.*^		14,889,629
	45,107	Tableau Software, Inc., Class A*^		5,200,837
	151,155	Workday, Inc., Class A*^		11,546,730
	535,853	Zynga, Inc.*^		1,532,540

				58,730,235

	Technology Hardware, Storage & Peripherals (0.5%):
	59,216	3D Systems Corp.*^		1,155,896
	20,586	Stratasys, Ltd.*^		719,069

				1,874,965

	Textiles, Apparel & Luxury Goods (3.2%):
	90,746	Lululemon athletica, Inc.*^		5,925,714
	140,425	Michael Kors Holdings, Ltd.*^		5,910,488
	31,596	Under Armour, Inc., Class A*		2,636,370

				14,472,572

	Total Common Stocks (Cost $314,969,054)			402,948,467

	Private Placements (4.7%):
	Internet & Catalog Retail (1.2%):
	37,815	Flipkart, Preferred Series D(a)(b)		5,378,806
	33,446	Peixe Urbano, Inc.*(a)(b)		14,382

				5,393,188

	Internet Software & Services (3.5%):
	76,914	Airbnb, Inc., Series D Preferred(a)(b)		6,513,077
	245,606	Dropbox, Inc.*(a)(b)		4,079,516
	229,712	Palantir Technologies, Inc., Series G Preferred*(a)(b)		1,977,820
	67,672	Palantir Technologies, Inc., Series H Preferred(a)(b)		582,656


Shares or Principal Amount			Fair Value
	Securities Held as Collateral for Securities on Loan (26.6%):
$	117,789,136	Allianz Variable Insurance Products Securities Lending Collateral Trust(c)	$	117,789,136

	Total Securities Held as Collateral for Securities on Loan (Cost $117,789,136)			117,789,136

	Unaffiliated Investment Company (4.6%):
	20,539,439	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(d)		20,539,439

	Total Unaffiliated Investment Company (Cost $20,539,439)			20,539,439

	Total Investment Securities (Cost $465,768,209)(e) — 126.8%			562,323,902
	Net other assets (liabilities) — (26.8)%			(118,915,647	)

	Net Assets — 100.0%		$	443,408,255

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	465,768,209

Investment securities, at value*	$	562,323,902
Interest and dividends receivable		128,571
Prepaid expenses		707

Total Assets		562,453,180

Liabilities:
Payable for capital shares redeemed		819,387
Payable for collateral received on loaned securities		117,789,136
Manager fees payable		298,898
Administration fees payable		11,374
Distribution fees payable		93,436
Custodian fees payable		5,040
Administrative and compliance services fees payable		504
Trustee fees payable		3,380
Other accrued liabilities		23,770

Total Liabilities		119,044,925

Net Assets	$	443,408,255

Net Assets Consist of:
Capital	$	272,264,341
Accumulated net investment income/(loss)		(1,685,881	)
Accumulated net realized gains/(losses) from investment transactions		76,274,102
Net unrealized appreciation/(depreciation) on investments		96,555,693

Net Assets	$	443,408,255

Shares of beneficial interest (unlimited number of shares authorized, no par value)		25,576,572
Net Asset Value (offering and redemption price per share)	$	17.34

*	Includes securities on loan of $116,649,126.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	548,527
Interest		43
Income from securities lending		309,738
Foreign tax reclaims received		111

Total Investment Income		858,419

Expenses:
Manager fees		1,844,138
Administration fees		60,576
Distribution fees		576,886
Custodian fees		9,329
Administrative and compliance services fees		3,424
Trustee fees		13,717
Professional fees		15,017
Shareholder reports		15,999
Other expenses		5,214

Total expenses		2,544,300

Net Investment Income/(Loss)		(1,685,881	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		12,888,118
Change in net unrealized appreciation/depreciation on investments		379,869

Net Realized/Unrealized Gains/(Losses) on Investments		13,267,987

Change in Net Assets Resulting From Operations	$	11,582,106

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Morgan Stanley Mid Cap Growth Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $30,611 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Morgan Stanley Investment Management Inc. (“MSIM”), MSIM provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $2,520 was paid from the Fund relating to these fees and expenses.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $471,598,210. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

At its meeting on June 16, 2015, the Board of Trustees considered and approved changes proposed by the Fund’s Manager, Allianz Investment Management LLC, to the name and principal investment strategies of the AZL Morgan Stanley Mid Cap Growth Fund. As a result of these changes, the Fund will add a second subadviser and be re-named the AZL Multi-Manager Mid Cap Growth Fund. Accordingly, the following changes will be made to the Fund’s prospectus, effective on or about November 20, 2015:

The Fund seeks to achieve its goal by investing in a combination of two subportfolios, or strategies, one of which is subadvised by J.P. Morgan Investment Management Inc., and the other of which is subadvised by Morgan Stanley Investment Management, Inc. The Manager generally makes equal allocations (approximately 50%) of the Fund’s assets to each of the strategies. The investment results of the individual strategies will vary. The percentage allocations to the strategies will be monitored daily by the Manager and will generally not exceed plus or minus 3% of 50%. The Manager may recommend additional or different strategies for investment, without seeking the approval of shareholders.

As a shareholder of the AZL NFJ International Value Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (94.7%):
	Aerospace & Defense (2.1%):
	101,550	BAE Systems plc, ADR	$	2,880,974

	Auto Components (1.2%):
	29,600	Magna International, Inc., ADR		1,660,264

	Automobiles (3.2%):
	216,850	Isuzu Motors, Ltd.		2,845,840
	40,100	Tata Motors, Ltd., ADR		1,382,247

				4,228,087

	Banks (17.9%):
	90,300	Australia & New Zealand Banking Group, Ltd., ADR ^		2,235,828
	227,904	Banco Bradesco SA, ADR		2,087,601
	1,613,100	Bank Rakyat Indonesia		1,246,056
	791,100	BOC Hong Kong Holdings, Ltd.		3,289,747
	3,222,000	China Construction Bank		2,927,020
	93,397	DnB NOR ASA		1,556,751
	118,900	ICICI Bank, Ltd., ADR		1,238,938
	661,400	Mizuho Financial Group, Inc.		1,426,368
	220,000	Nordea Bank AB		2,740,767
	54,400	Toronto-Dominion Bank (The)^		2,312,544
	75,500	United Overseas Bank, Ltd., ADR		2,599,843

				23,661,463

	Capital Markets (0.9%):
	514,346	Man Group plc		1,267,371

	Chemicals (1.7%):
	131,400	Israel Chemicals, Ltd.		918,587
	24,000	Methanex Corp.		1,335,840

				2,254,427

	Construction Materials (1.9%):
	750,000	Anhui Conch Cement Co., Ltd.		2,617,118

	Containers & Packaging (1.2%):
	59,797	Smurfit Kappa Group plc		1,643,648

	Diversified Telecommunication Services (1.0%):
	226,000	TeliaSonera AB		1,330,223

	Electric Utilities (2.1%):
	140,404	Korea Electric Power Corp., ADR^		2,858,625

	Electronic Equipment, Instruments & Components (1.5%):
	454,100	AU Optronics Corp., ADR^		2,025,286

	Energy Equipment & Services (0.8%):
	16,736	Technip-Coflexip SA		1,036,489

	Household Durables (2.8%):
	118,615	Persimmon plc*		3,685,679

	Household Products (1.0%):
	54,600	Svenska Cellulosa AB, ADR^		1,395,576

	Industrial Conglomerates (5.0%):
	423,700	Keppel Corp., Ltd.		2,582,926
	121,160	Koc Holding AS, ADR		2,819,393
	12,866	Siemens AG, Registered Shares		1,295,505

				6,697,824

	Insurance (11.3%):
	362,811	AEGON NV		2,663,532
	109,118	AXA SA		2,749,462


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	25,900	Axis Capital Holdings, Ltd.	$	1,382,283
	154,800	Manulife Financial Corp.^		2,877,732
	101,300	T&D Holdings, Inc.		1,509,174
	131,000	Zurich Insurance Group AG, ADR		3,982,400

				15,164,583

	IT Services (1.0%):
	17,981	Atos Origin SA		1,345,091

	Machinery (0.9%):
	60,200	Komatsu, Ltd.		1,206,541

	Media (1.2%):
	100,821	British Sky Broadcasting Group plc		1,644,275

	Metals & Mining (6.2%):
	794,000	Kobe Steel, Ltd.		1,335,549
	516,100	Norsk Hydro ASA		2,175,908
	48,500	Rio Tinto plc, Registered Shares, ADR^		1,998,685
	180,000	Sumitomo Metal & Mining Co., Ltd.		2,737,408

				8,247,550

	Multiline Retail (2.4%):
	187,650	Marks & Spencer Group plc, ADR		3,167,532

	Multi-Utilities (1.6%):
	525,900	Centrica plc		2,182,986

	Oil, Gas & Consumable Fuels (6.7%):
	1,037,418	Beach Energy, Ltd.		835,210
	44,300	LUKOIL, ADR		1,989,513
	58,500	Royal Dutch Shell plc, ADR		3,335,085
	77,000	Sasol, Ltd., ADR		2,853,620

				9,013,428

	Pharmaceuticals (5.0%):
	27,600	Sanofi-Aventis SA		2,722,582
	69,400	Teva Pharmaceutical Industries, Ltd., ADR		4,101,540

				6,824,122

	Real Estate Management & Development (1.5%):
	143,500	CK Hutchison Holdings, Ltd.		2,104,317

	Semiconductors & Semiconductor Equipment (2.3%):
	133,800	Taiwan Semiconductor Manufacturing Co., Ltd., ADR^		3,038,598

	Software (0.8%):
	25,600	Open Text Corp.		1,037,568

	Textiles, Apparel & Luxury Goods (1.0%):
	1,113,000	Belle International Holdings, Ltd.		1,281,356

	Tobacco (2.3%):
	64,700	Imperial Tobacco Group plc		3,123,072

	Trading Companies & Distributors (1.7%):
	8,600	Mitsui & Co., Ltd., ADR		2,337,050

	Wireless Telecommunication Services (4.6%):
	113,200	America Movil SAB de C.V., Series L, ADR^		2,412,292
	222,800	China Mobile, Ltd.		2,849,515
	41,400	KDDI Corp.		995,786

				6,257,593

	Total Common Stocks (Cost $119,424,460)			127,218,716


Shares or Principal Amount			Fair Value
	Preferred Stock (2.1%):
	Automobiles (2.1%):
	12,200	Volkswagen AG, Preferred Shares^	$	2,827,793

	Total Preferred Stock (Cost $2,504,340)			2,827,793

	Securities Held as Collateral for Securities on Loan (12.1%):
$	16,251,469	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		16,251,469

	Total Securities Held as Collateral for Securities on Loan (Cost $16,251,469)			16,251,469

	Unaffiliated Investment Company (3.3%):
	4,497,598	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		4,497,598

	Total Unaffiliated Investment Company (Cost $4,497,598)			4,497,598

	Total Investment Securities (Cost $142,677,867)(c) — 112.3%			150,795,576
	Net other assets (liabilities) — (12.3)%			(16,463,479	)

	Net Assets — 100.0%		$	134,332,097

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	142,677,867

Investment securities, at value*	$	150,795,576
Cash		5,779
Interest and dividends receivable		412,677
Foreign currency, at value (cost $27,152)		27,510
Receivable for capital shares issued		9,191
Reclaims receivable		46,163
Prepaid expenses		227

Total Assets		151,297,123

Liabilities:
Payable for investments purchased		564,075
Payable for capital shares redeemed		66
Payable for collateral received on loaned securities		16,251,469
Manager fees payable		101,589
Administration fees payable		4,614
Distribution fees payable		28,219
Custodian fees payable		10,039
Administrative and compliance services fees payable		95
Trustee fees payable		691
Other accrued liabilities		4,169

Total Liabilities		16,965,026

Net Assets	$	134,332,097

Net Assets Consist of:
Capital	$	117,421,037
Accumulated net investment income/(loss)		6,203,911
Accumulated net realized gains/(losses) from investment transactions		2,587,714
Net unrealized appreciation/(depreciation) on investments		8,119,435

Net Assets	$	134,332,097

Shares of beneficial interest (unlimited number of shares authorized, no par value)		11,474,324
Net Asset Value (offering and redemption price per share)	$	11.71

*	Includes securities on loan of $13,041,560.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	3,592,515
Income from securities lending		90,118
Foreign withholding tax		(174,072	)

Total Investment Income		3,508,561

Expenses:
Manager fees		654,828
Administration fees		28,831
Distribution fees		181,897
Custodian fees		20,265
Administrative and compliance services fees		846
Trustee fees		3,376
Professional fees		6,561
Shareholder reports		783
Other expenses		1,758

Total expenses		899,145

Net Investment Income/(Loss)		2,609,416

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		2,103,276
Change in net unrealized appreciation/depreciation on investments		(1,097,410	)

Net Realized/Unrealized Gains/(Losses) on Investments		1,005,866

Change in Net Assets Resulting From Operations	$	3,615,282

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL NFJ International Value Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $8,890 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an affiliated money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with NFJ Investment Group LLC (“NFJ”), NFJ provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $801 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $142,775,618. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Oppenheimer Discovery Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (97.3%):
	Aerospace & Defense (0.7%):
	26,270	Curtiss-Wright Corp.^	$	1,902,999

	Air Freight & Logistics (0.9%):
	53,040	XPO Logistics, Inc.*^		2,396,347

	Airlines (1.0%):
	15,727	Allegiant Travel Co.^		2,797,519

	Banks (4.5%):
	66,830	Bank of the Ozarks, Inc.^		3,057,473
	13,830	Pinnacle Financial Partners, Inc.		751,937
	48,090	PrivateBancorp, Inc.^		1,914,944
	22,580	Signature Bank*^		3,305,486
	104,990	Western Alliance Bancorp*		3,544,462

				12,574,302

	Beverages (0.5%):
	5,870	Boston Beer Co., Inc. (The), Class A*^		1,361,781

	Biotechnology (5.2%):
	6,780	Bluebird Bio, Inc.*^		1,141,549
	47,620	Celldex Theraputics, Inc.*^		1,200,976
	40,170	Cepheid, Inc.*^		2,456,396
	25,710	Dyax Corp.*^		681,315
	34,050	Neurocrine Biosciences, Inc.*^		1,626,228
	24,380	PTC Therapeutics, Inc.*^		1,173,409
	7,950	Receptos, Inc.*^		1,510,898
	47,400	Repligen Corp.*^		1,956,198
	26,080	Ultragenyx Pharmaceutical, Inc.*^		2,670,331

				14,417,300

	Building Products (4.9%):
	80,120	A.O. Smith Corp.^		5,767,038
	36,960	Apogee Enterprises, Inc.^		1,945,574
	62,120	Continental Building Products, Inc.*		1,316,323
	25,760	Lennox International, Inc.^		2,774,094
	25,760	Masonite International Corp.*		1,806,034

				13,609,063

	Capital Markets (0.6%):
	39,954	HFF, Inc., Class A^		1,667,280

	Commercial Services & Supplies (1.1%):
	74,820	Mobile Mini, Inc.^		3,145,433

	Construction Materials (1.1%):
	26,120	CaesarStone Sdot-Yam, Ltd.		1,790,265
	61,210	Headwaters, Inc.*^		1,115,246

				2,905,511

	Containers & Packaging (0.7%):
	63,370	Berry Plastics Group, Inc.*^		2,053,188

	Diversified Consumer Services (1.6%):
	76,004	Bright Horizons Family Solutions, Inc.*^		4,393,031

	Diversified Financial Services (1.2%):
	35,420	MarketAxess Holdings, Inc.^		3,285,913

	Electronic Equipment, Instruments & Components (1.7%):
	52,160	Cognex Corp.^		2,508,895
	5,050	Fitbit, Inc., Class A*^		193,062
	22,700	IPG Photonics Corp.*^		1,933,473

				4,635,430


Shares			Fair Value
	Common Stocks, continued
	Energy Equipment & Services (0.6%):
	95,120	Patterson-UTI Energy, Inc.^	$	1,789,683

	Food & Staples Retailing (0.5%):
	33,440	Diplomat Pharmacy, Inc.*^		1,496,440

	Food Products (2.1%):
	41,850	Freshpet, Inc.*^		778,410
	53,340	Hain Celestial Group, Inc.*^		3,512,973
	12,648	J & J Snack Foods Corp.^		1,399,754

				5,691,137

	Health Care Equipment & Supplies (6.1%):
	47,850	Cantel Medical Corp.^		2,568,109
	39,550	Cardiovascular Systems, Inc.*^		1,046,098
	70,008	Dexcom, Inc.*^		5,599,239
	37,900	Inogen, Inc.*^		1,690,340
	68,230	K2M Group Holdings, Inc.*		1,638,885
	68,700	Merit Medical Systems, Inc.*^		1,479,798
	53,180	Spectranetics Corp. (The)*^		1,223,672
	28,350	West Pharmaceutical Services, Inc.^		1,646,568

				16,892,709

	Health Care Providers & Services (9.0%):
	71,250	Acadia Healthcare Co., Inc.*^		5,581,012
	53,090	Centene Corp.*^		4,268,436
	57,420	ExamWorks Group, Inc.*^		2,245,122
	54,260	HealthEquity, Inc.*		1,739,033
	27,376	LifePoint Hospitals, Inc.*		2,380,343
	71,820	Team Health Holdings, Inc.*		4,692,001
	19,530	Teladoc, Inc.*		371,070
	70,760	VCA Antech, Inc.*		3,849,698

				25,126,715

	Health Care Technology (1.6%):
	58,210	Omnicell, Inc.*^		2,195,099
	19,940	Press Ganey Holdings, Inc.*		571,680
	55,900	Veeva Systems, Inc., Class A*^		1,566,877

				4,333,656

	Hotels Restaurants & Leisure (0.6%):
	46,340	Dave & Buster’s Entertainment, Inc.*^		1,672,411

	Hotels, Restaurants & Leisure (7.0%):
	10,060	Bojangles’, Inc.*		240,032
	18,890	Buffalo Wild Wings, Inc.*^		2,959,874
	28,030	Fiesta Restaurant Group, Inc.*^		1,401,500
	40,730	Jack in the Box, Inc.^		3,590,756
	104,580	La Quinta Holdings, Inc.*^		2,389,653
	36,200	Papa John’s International, Inc.^		2,737,082
	56,980	Popeyes Louisiana Kitchen, Inc.*^		3,418,230
	23,970	Wingstop, Inc.*		680,748
	55,100	Zoe’s Kitchen, Inc.*^		2,255,794

				19,673,669

	Internet & Catalog Retail (1.1%):
	41,510	HSN, Inc.^		2,913,587

	Internet Software & Services (3.5%):
	19,920	comScore, Inc.*^		1,060,939
	27,050	CoStar Group, Inc.*^		5,444,083
	25,570	Demandware, Inc.*^		1,817,516


Shares			Fair Value
	Common Stocks, continued
	Internet Software & Services, continued
	25,020	Shutterstock, Inc.*^	$	1,467,173

				9,789,711

	Life Sciences Tools & Services (1.0%):
	30,040	ICON plc*^		2,021,692
	20,810	INC Research Holdings, Inc., Class A*		834,897

				2,856,589

	Machinery (3.2%):
	50,020	Middleby Corp. (The)*		5,613,744
	34,690	Wabtec Corp.^		3,269,186

				8,882,930

	Multiline Retail (1.4%):
	74,360	Burlington Stores, Inc.*		3,807,232

	Oil, Gas & Consumable Fuels (2.1%):
	41,830	Diamondback Energy, Inc.*^		3,153,145
	42,590	Matador Resources Co.*^		1,064,750
	25,900	PDC Energy, Inc.*^		1,389,276

				5,607,171

	Pharmaceuticals (1.3%):
	32,760	Akorn, Inc.*^		1,430,302
	45,840	DepoMed, Inc.*^		983,726
	24,000	Tetraphase Pharmaceuticals, Inc.*		1,138,560

				3,552,588

	Real Estate Management & Development (0.6%):
	38,750	Marcus & Millichap, Inc.*^		1,787,925

	Semiconductors & Semiconductor Equipment (5.8%):
	25,990	Ambarella, Inc.*		2,668,913
	70,630	Cavium, Inc.*^		4,860,050
	45,080	MA-COM Technology Solutions Holdings, Inc.*^		1,724,310
	40,870	Microsemi Corp.*		1,428,407
	105,600	Monolithic Power Systems, Inc.^		5,354,976

				16,036,656

	Software (15.8%):
	18,010	CyberArk Software, Ltd.*		1,131,388
	25,020	Ellie Mae, Inc.*^		1,746,146
	8,900	Globant SA*^		270,827
	77,140	Guidewire Software, Inc.*^		4,083,020
	61,140	HubSpot, Inc.*^		3,031,321


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Software, continued
	35,210	Manhattan Associates, Inc.*^	$	2,100,277
	90,230	Paylocity Holding Corp.*^		3,234,746
	89,980	Proofpoint, Inc.*^		5,729,026
	47,860	ServiceNow, Inc.*^		3,556,477
	43,820	Tableau Software, Inc., Class A*		5,052,446
	43,660	Tyler Technologies, Inc.*		5,648,730
	33,440	Ultimate Software Group, Inc. (The)*^		5,495,529
	41,550	Verint Systems, Inc.*^		2,523,955

				43,603,888

	Specialty Retail (2.4%):
	2,830	Asbury Automotive Group, Inc.*		256,455
	7,440	DAVIDsTEA, Inc.*		159,886
	32,120	Lithia Motors, Inc., Class A^		3,634,699
	96,920	Michaels Cos., Inc. (The)*^		2,608,117

				6,659,157

	Textiles, Apparel & Luxury Goods (5.3%):
	32,670	Carter’s, Inc.		3,472,821
	22,500	Columbia Sportswear Co.^		1,360,350
	75,290	G-III Apparel Group, Ltd.*^		5,296,652
	32,510	Skechers U.S.A., Inc., Class A*		3,569,273
	24,190	Steven Madden, Ltd.*		1,034,848

				14,733,944

	Thirfts & Mortgage Finance (0.6%):
	58,570	Essent Group, Ltd.*^		1,601,890

	Total Common Stocks (Cost $205,299,917)			269,654,785

	Securities Held as Collateral for Securities on Loan (27.6%):
$	76,649,320	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		76,649,320

	Total Securities Held as Collateral for Securities on Loan (Cost $76,649,320)			76,649,320

	Unaffiliated Investment Company (2.9%):
	7,973,243	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		7,973,243

	Total Unaffiliated Investment Company (Cost $7,973,243)			7,973,243

	Total Investment Securities (Cost $289,922,480)(c) — 127.8%			354,277,348
	Net other assets (liabilities) — (27.8)%			(77,020,216	)

	Net Assets — 100.0%		$	277,257,132

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	289,922,480

Investment securities, at value*	$	354,277,348
Interest and dividends receivable		60,961
Receivable for capital shares issued		620,566
Receivable for investments sold		2,000,257
Prepaid expenses		436

Total Assets		356,959,568

Liabilities:
Payable for investments purchased		2,764,374
Payable for collateral received on loaned securities		76,649,320
Manager fees payable		195,676
Administration fees payable		7,375
Distribution fees payable		57,552
Custodian fees payable		10,484
Administrative and compliance services fees payable		300
Trustee fees payable		2,132
Other accrued liabilities		15,223

Total Liabilities		79,702,436

Net Assets	$	277,257,132

Net Assets Consist of:
Capital	$	154,529,296
Accumulated net investment income/(loss)		(677,782	)
Accumulated net realized gains/(losses) from investment transactions		59,050,750
Net unrealized appreciation/(depreciation) on investments		64,354,868

Net Assets	$	277,257,132

Shares of beneficial interest (unlimited number of shares authorized, no par value)		17,288,341
Net Asset Value (offering and redemption price per share)	$	16.04

*	Includes securities on loan of $76,079,622.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	841,848
Interest		7
Income from securities lending		175,762

Total Investment Income		1,017,617

Expenses:
Manager fees		1,241,713
Administration fees		39,628
Distribution fees		365,208
Custodian fees		17,278
Administrative and compliance services fees		2,092
Trustee fees		8,340
Professional fees		9,133
Shareholder reports		8,783
Other expenses		3,224

Total expenses		1,695,399

Net Investment Income/(Loss)		(677,782	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		24,350,248
Change in net unrealized appreciation/depreciation on investments		8,424,552

Net Realized/Unrealized Gains/(Losses) on Investments		32,774,800

Change in Net Assets Resulting From Operations	$	32,097,018

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Oppenheimer Discovery Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $17,309 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Oppenheimer Funds, Inc. (“Oppenheimer”), Oppenheimer provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $1,628 was paid from the Fund relating to these fees and expenses.

During the period ended June 30, 2015, the Fund paid approximately 2,130 to affiliated broker/dealers of the Subadvisor on the execution of purchases and sales of the Fund’s portfolio investments.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $290,849,981. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Pyramis Total Bond Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Principal Amount			Fair Value
	Asset Backed Securities (3.6%):
$	1,155,000	AmeriCredit Automobile Receivables Trust, Class D, Series 2012-5, 2.35%, 12/10/18	$	1,171,592
	900,000	AmeriCredit Automobile Receivables Trust, Class D, Series 2013-3, 3.00%, 7/8/19		917,253
	1,750,000	AmeriCredit Automobile Receivables Trust, Class C, Series 2013-4, 2.72%, 9/9/19		1,787,681
	1,750,000	AmeriCredit Automobile Receivables Trust, Class D, Series 2013-4, 3.31%, 10/8/19		1,795,722
	992	CFC LLC, Class A, Series 2013-1A, 1.65%, 7/17/17(a)		992
	4,220,000	CFC LLC, Class B, Series 2013-1A, 2.75%, 11/15/18(a)		4,248,384
	107,684	Countrywide Asset-Backed Certificates Trust, Class AF5, Series 2004-7, 5.87%, 1/25/35(b)		112,096
	213,000	Invitation Homes Trust, Class E, Series 2015-SFR3, 3.93%, 8/17/32(a) (b)		212,513
	387,000	Santander Drive Auto Receivables Trust, Class C, Series 2014-2, 2.33%, 11/15/19		390,832
	959,000	Santander Drive Auto Receivables Trust, Class B, Series 2014-3, 1.45%, 5/15/19		960,415
	963,000	Santander Drive Auto Receivables Trust, Class C, Series 2014-3, 2.13%, 8/17/20		971,120
	4,220,000	Santander Drive Auto Receivables Trust, Class C, Series 2014-4, 2.60%, 11/16/20		4,279,004

	Total Asset Backed Securities (Cost $16,705,992)			16,847,604

	Collateralized Mortgage Obligations (10.0%):
	99,827	Banc of America Commercial Mortgage Trust, Class A4, Series 2007-1, 5.45%, 1/15/49		105,159
	2,072,018	Banc of America Commercial Mortgage Trust, Class A4, Series 2006-3, 5.89%, 7/10/44(b)		2,134,133
	638,000	Banc of America Commercial Mortgage Trust, Class A4, Series 2007-2, 5.61%, 4/10/49(b)		667,458
	189,000	CDGJ Commercial Mortgage Trust, Class DPA, Series 2014-BXCH, 3.19%, 12/15/27(a) (b)		188,486
	162,451	Citigroup Mortgage Loan Trust, Class A, Series 2012-A, 2.50%, 6/25/51(a)		159,723
	88,000	Credit Suisse Mortgage Trust, Class B, Series 2015-TOWN, 2.08%, 3/15/17(a) (b)		87,575
	85,000	Credit Suisse Mortgage Trust, Class C, Series 2015-TOWN, 2.43%, 3/15/17(a) (b)		84,631
	129,000	Credit Suisse Mortgage Trust, Class D, Series 2015-TOWN, 3.38%, 3/15/17(a) (b)		128,288
	581,000	Credit Suisse Mortgage Trust, Class E, Series 2015-TOWN, 4.33%, 3/15/17(a) (b)		578,582
	55,757	Extended Stay America Trust, Class BFL, Series 2013-ESFL, 1.28%, 12/5/31(a) (b)		55,445
	40,075	Extended Stay America Trust, Class CFL, Series 2013-ESFL, 1.69%, 12/5/31(a) (b)		39,919
	460,000	GAHR Commercial Mortgage Trust, Class BFX, Series 2015-NRF, 3.38%, 12/15/19(a)		467,432
	390,000	GAHR Commercial Mortgage Trust, Class CFX, Series 2015-NRF, 3.38%, 12/15/19(a)		389,115
	330,000	GAHR Commercial Mortgage Trust, Class DFX, Series 2015-NRF, 3.38%, 12/15/19(a)		325,929


Principal Amount			Fair Value
	Collateralized Mortgage Obligations, continued
$	5,070,000	GE Capital Commercial Mortgage Corp., Class A4, Series 2007-C1, 5.54%, 12/10/49	$	5,292,238
	3,700,000	Granite Master Issuer plc, Class M2, Series 2006-1A, 0.77%, 12/20/54(a) (b)		3,619,656
	3,750,000	Granite Master Issuer plc, Class M2, Series 2006-3, 0.75%, 12/20/54(b)		3,666,025
	624,309	Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust, Class A4, Series 2007-GG9, 5.82%, 7/10/38(b)		638,159
	815,885	Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust, Class A4, Series 2007-GG9, 5.44%, 3/10/39		857,772
	297,000	GS Mortgage Securities Trust, Class A4, Series 2006-GG6, 5.55%, 4/10/38(b)		298,685
	256,346	GS Mortgage Securities Trust, Class A4, Series 2006-GG8, 5.56%, 11/10/39		265,759
	4,112,000	Hilton USA Trust, Class DFX, Series 2013-HLT, 4.41%, 11/5/30(a)		4,147,680
	318,182	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4, Series 2006-LDP7, 5.91%, 4/15/45(b)		325,429
	73,728	JPMorgan Chase Commercial Mortgage Securities Corp., Class A1A, Series 2006-LDP8, 5.40%, 5/15/45		76,378
	664,453	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4, Series 2007-CB18, 5.44%, 6/12/47		696,666
	5,157,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4, Series 2007-LD11, 5.96%, 6/15/49(b)		5,460,269
	127,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class C, Series 2014-BXH, 1.84%, 4/15/27(a) (b)		126,859
	271,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class D, Series 2014-BXH, 2.44%, 4/15/27(a) (b)		270,505
	3,890,329	LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C7, 5.87%, 9/15/45(b)		4,209,068
	1,390,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Class A4, Series 2007-6, 5.48%, 3/12/51(b)		1,468,712
	444,316	Merrill Lynch/Countrywide Commercial Mortgage Trust, Class A4, Series 2007-5, 5.38%, 8/12/48		463,111
	2,575,825	Morgan Stanley Capital I, Class A4, Series 2007-IQ15, 5.91%, 7/11/17(b)		2,750,196
	1,970,000	Morgan Stanley Capital I, Class A4, Series 2007-IQ14, 5.69%, 4/15/49(b)		2,083,362
	318,751	Wachovia Bank Commercial Mortgage Trust, Class A1A, Series 2006-C26, 6.01%, 6/15/45(b)		329,583
	1,008,373	Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2007-C33, 5.95%, 7/15/17(b)		1,059,861
	1,843,000	Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2007-C31, 5.51%, 4/15/47		1,928,231
	322,000	Wachovia Bank Commercial Mortgage Trust, Class A5, Series 2007-C31, 5.50%, 4/15/47		342,273


Principal Amount			Fair Value
	Collateralized Mortgage Obligations, continued
$	1,058,000	Wachovia Bank Commercial Mortgage Trust, Class A3, Series 2007-C32, 5.72%, 6/15/49(b)	$	1,118,685

	Total Collateralized Mortgage Obligations (Cost $48,341,624)			46,907,037

	Corporate Bonds (42.1%):
	Airlines (0.3%):
	1,000,000	American Airlines Group, Inc., 5.50%, 10/1/19^(a)		1,007,500
	133,041	Continental Airlines 1998-1, Class A, Series 981, 6.65%, 9/15/17		137,271
	224,000	Corporate Office Properties Trust, 5.00%, 7/1/25, Callable 4/1/25 @ 100		224,495

				1,369,266

	Automobiles (0.2%):
	330,000	General Motors Co., 3.50%, 10/2/18		340,728
	453,000	General Motors Co., 6.25%, 10/2/43^		505,347

				846,075

	Banks (5.4%):
	320,000	Bank of America Corp., Series L, 1.35%, 11/21/16		319,935
	113,000	Bank of America Corp., 3.88%, 3/22/17		117,484
	1,200,000	Bank of America Corp., 2.00%, 1/11/18, MTN		1,203,932
	3,677,000	Bank of America Corp., 2.60%, 1/15/19		3,717,043
	872,000	Bank of America Corp., Series L, 2.65%, 4/1/19		882,331
	466,000	Bank of America Corp., 4.20%, 8/26/24		464,878
	600,000	Bank of America Corp., Series L, 3.95%, 4/21/25^		577,914
	397,000	Bank of America Corp., 4.25%, 10/22/26		388,902
	534,000	Capital One NA, Series BNKT, 2.95%, 7/23/21		528,341
	250,000	Discover Bank, 7.00%, 4/15/20		290,960
	590,000	Discover Bank, Series BKNT, 3.20%, 8/9/21, Callable 7/9/21 @ 100		581,602
	4,000,000	First Tennessee Bank, 2.95%, 12/1/19, Callable 11/1/19 @ 100		3,998,012
	2,400,000	Huntington National Bank (The), 2.00%, 6/30/18		2,402,354
	400,000	Huntington National Bank (The), 2.20%, 4/1/19, Callable 3/1/19 @ 100		396,911
	2,221,000	JPMorgan Chase & Co., 3.88%, 9/10/24		2,185,255
	3,682,000	JPMorgan Chase & Co., 4.13%, 12/15/26		3,620,422
	28,000	M&I Marshall & Ilsley Bank, Series BKNT, 5.00%, 1/17/17		29,382
	1,278,000	Regions Bank, Series BKNT, 7.50%, 5/15/18, MTN		1,466,924
	500,000	Regions Bank, 6.45%, 6/26/37		592,760
	88,000	Regions Financial Corp., 2.00%, 5/15/18, Callable 4/15/18 @ 100		87,941
	800,000	Wells Fargo & Co., 4.10%, 6/3/26^		803,372

				24,656,655

	Biotechnology (0.4%):
	1,937,000	Amgen, Inc., 2.20%, 5/22/19, Callable 4/22/19 @ 100		1,931,489

	Capital Markets (3.1%):
	147,000	Affiliated Managers Group, Inc., 4.25%, 2/15/24		151,470
	524,000	Affiliated Managers Group, Inc., 3.50%, 8/1/25		507,462
	1,355,000	Goldman Sachs Group, Inc. (The), 6.25%, 9/1/17		1,483,394


Principal Amount			Fair Value
	Corporate Bonds, continued
	Capital Markets, continued
$	400,000	Goldman Sachs Group, Inc. (The), 1.75%, 9/15/17	$	399,444
	1,000,000	Goldman Sachs Group, Inc. (The), 6.15%, 4/1/18		1,111,880
	1,842,000	Goldman Sachs Group, Inc. (The), 2.90%, 7/19/18		1,885,339
	1,142,000	Goldman Sachs Group, Inc. (The), 2.63%, 1/31/19		1,156,133
	399,000	Goldman Sachs Group, Inc. (The), 2.55%, 10/23/19^		399,935
	490,000	Morgan Stanley, Series G, 5.45%, 1/9/17, MTN		519,253
	458,000	Morgan Stanley, 1.88%, 1/5/18		459,215
	1,300,000	Morgan Stanley, Series F, 6.63%, 4/1/18, MTN		1,458,673
	1,380,000	Morgan Stanley, 2.13%, 4/25/18		1,389,326
	2,060,000	Morgan Stanley, 2.50%, 1/24/19		2,079,107
	784,000	Morgan Stanley, Series G, 2.38%, 7/23/19		778,851
	523,000	Morgan Stanley, 4.88%, 11/1/22		556,319
	68,000	Retail Opportunity Investments Corp., 5.00%, 12/15/23, Callable 9/15/23 @ 100		71,348
	104,000	Retail Opportunity Investments Corp., 4.00%, 12/15/24, Callable 9/15/24 @ 100		102,899

				14,510,048

	Construction Materials (0.2%):
	800,000	Building Materials Corp., 5.38%, 11/15/24, Callable 11/15/19 @ 102.39(a)		785,480

	Consumer Finance (3.1%):
	1,150,000	Ally Financial, Inc., 3.25%, 2/13/18^		1,142,813
	2,750,000	Ally Financial, Inc., 3.75%, 11/18/19		2,729,375
	900,000	APX Group, Inc., 6.38%, 12/1/19, Callable 12/1/15 @ 105		873,000
	320,000	Capital One Financial Corp., 2.45%, 4/24/19, Callable 3/24/19 @ 100		320,033
	1,000,000	Ford Motor Credit Co. LLC, 2.50%, 1/15/16^		1,008,080
	1,140,000	Ford Motor Credit Co. LLC, 1.50%, 1/17/17		1,138,688
	324,000	Ford Motor Credit Co. LLC, 3.00%, 6/12/17		331,416
	600,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18		645,053
	533,000	Ford Motor Credit Co. LLC, 2.24%, 6/15/18		533,360
	600,000	Ford Motor Credit Co. LLC, 2.88%, 10/1/18		609,637
	1,100,000	Ford Motor Credit Co. LLC, 2.38%, 3/12/19		1,096,454
	1,000,000	Ford Motor Credit Co. LLC, 2.60%, 11/4/19		992,702
	751,000	Ford Motor Credit Co. LLC, 5.88%, 8/2/21		854,980
	12,000	Lazard Group LLC, 6.85%, 6/15/17		13,109
	311,000	Lazard Group LLC, 4.25%, 11/14/20		327,004
	900,000	SLM Corp., 5.50%, 1/15/19		917,658
	94,000	Synchrony Financial, 1.88%, 8/15/17, Callable 7/15/17 @ 100		93,961
	138,000	Synchrony Financial, 3.00%, 8/15/19, Callable 7/15/19 @ 100^		138,982
	510,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100		513,880
	210,000	Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100		210,902

				14,491,087


Principal Amount			Fair Value
	Corporate Bonds, continued
	Diversified Financial Services (4.6%):
$	270,000	Bank of America NA, Series BKNT, 5.30%, 3/15/17	$	285,974
	642,000	Bank of America NA, Series BKNT, 1.65%, 3/26/18		641,043
	570,000	Citigroup, Inc., 1.30%, 11/15/16		569,693
	900,000	Citigroup, Inc., 6.00%, 8/15/17		978,919
	910,000	Citigroup, Inc., 1.85%, 11/24/17		912,220
	1,043,000	Citigroup, Inc., 1.80%, 2/5/18		1,040,486
	470,000	Citigroup, Inc., 1.70%, 4/27/18		466,979
	1,200,000	Citigroup, Inc., 2.50%, 9/26/18		1,213,514
	1,271,000	Citigroup, Inc., 2.55%, 4/8/19		1,281,586
	1,573,000	Citigroup, Inc., 2.50%, 7/29/19^		1,575,308
	730,000	Citigroup, Inc., 4.05%, 7/30/22		747,505
	1,000,000	Citigroup, Inc., 4.30%, 11/20/26		977,822
	1,000,000	Discover Financial Services, 5.20%, 4/27/22		1,063,269
	110,000	General Motors Financial Co., Inc., 2.63%, 7/10/17		111,197
	180,000	General Motors Financial Co., Inc., 4.75%, 8/15/17		189,957
	242,000	General Motors Financial Co., Inc., 3.00%, 9/25/17		246,722
	175,000	General Motors Financial Co., Inc., 3.25%, 5/15/18^		178,980
	383,000	General Motors Financial Co., Inc., 3.50%, 7/10/19^		391,107
	5,763,000	General Motors Financial Co., Inc., 4.38%, 9/25/21		5,981,419
	200,000	General Motors Financial Co., Inc., 4.25%, 5/15/23		202,372
	378,000	Hyundai Capital America, Inc., 1.45%, 2/6/17(a)		376,794
	124,000	Hyundai Capital America, Inc., 2.13%, 10/2/17(a)		125,236
	161,000	Hyundai Capital America, Inc., 2.88%, 8/9/18(a)		164,807
	378,000	Hyundai Capital America, Inc., 2.55%, 2/6/19(a)		380,949
	500,000	MSCI, Inc., 5.25%, 11/15/24, Callable 11/15/19 @ 102.65(a)		506,250
	500,000	Peachtree Funding Trust, 3.98%, 2/15/25^(c)		495,834
	161,000	Tanger Properties LP, 3.88%, 12/1/23, Callable 9/1/23 @ 100		162,612
	275,000	Tanger Properties LP, 3.75%, 12/1/24, Callable 9/1/24 @ 100^		271,740

				21,540,294

	Diversified Telecommunication Services (1.9%):
	322,000	AT&T, Inc., 2.45%, 6/30/20, Callable 5/30/20 @ 100		315,647
	820,000	CenturyLink, Inc., Series N, 6.00%, 4/1/17		854,850
	28,000	CenturyLink, Inc., Series R, 5.15%, 6/15/17		29,050
	62,000	CenturyLink, Inc., Series Q, 6.15%, 9/15/19		65,255
	582,000	Verizon Communications, Inc., 2.63%, 2/21/20		580,692
	3,751,000	Verizon Communications, Inc., 4.50%, 9/15/20		4,046,334
	346,000	Verizon Communications, Inc., 6.40%, 9/15/33		396,495
	500,000	Verizon Communications, Inc., 6.25%, 4/1/37		564,775
	851,000	Verizon Communications, Inc., 6.55%, 9/15/43		995,461
	930,000	Verizon Communications, Inc., 5.01%, 8/21/54		853,356

				8,701,915


Principal Amount			Fair Value
	Corporate Bonds, continued
	Electric Utilities (2.1%):
$	146,000	American Transmission Systems, Inc., 5.00%, 9/1/44, Callable 3/1/44 @ 100(a)	$	148,375
	500,000	Entergy Corp., 4.00%, 7/15/22, Callable 5/15/22 @ 100		503,845
	93,000	Exelon Corp., 1.55%, 6/9/17		93,132
	436,000	Exelon Corp., 3.95%, 6/15/25, Callable 3/15/25 @ 100		438,572
	651,000	FirstEnergy Corp., Series A, 2.75%, 3/15/18, Callable 2/15/18 @ 100		660,655
	1,544,000	FirstEnergy Corp., Series B, 4.25%, 3/15/23, Callable 12/15/22 @ 100^		1,553,638
	3,602,000	FirstEnergy Corp., Series C, 7.38%, 11/15/31		4,388,687
	34,000	Ingersoll-Rand Global Holding Co., Ltd., 2.88%, 1/15/19		34,570
	763,000	IPALCO Enterprises, Inc., 3.45%, 7/15/20, Callable 6/15/20 @ 100(a)		759,185
	117,000	NV Energy, Inc., 6.25%, 11/15/20		135,520
	49,000	Puget Energy, Inc., 6.00%, 9/1/21		56,142
	1,000,000	West Penn Power Co., 5.95%, 12/15/17(a)		1,095,296

				9,867,617

	Energy Equipment & Services (0.2%):
	985,000	Pemex Proj FDG Master TR, 5.75%, 3/1/18		1,071,513

	Food & Staples Retailing (0.4%):
	370,000	Kroger Co. (The), 3.30%, 1/15/21, Callable 12/15/20 @ 100		377,654
	1,000,000	Post Holdings, Inc., 6.75%, 12/1/21, Callable 12/1/17 @ 103^(a)		1,000,000
	271,000	Walgreens Boots Alliance, Inc., 3.30%, 11/18/21, Callable 9/18/21 @ 100		269,120

				1,646,774

	Food Products (0.0%):
	130,000	ConAgra Foods, Inc., 1.90%, 1/25/18		128,063

	Health Care Providers & Services (1.2%):
	137,000	Cardinal Health, Inc., 1.95%, 6/15/18		137,230
	1,000,000	Community Health System, Inc., 6.88%, 2/1/22, Callable 2/1/18 @ 103^		1,055,000
	500,000	Express Scripts Holding Co., 4.75%, 11/15/21		542,553
	1,600,000	Express Scripts Holding Co., 3.90%, 2/15/22		1,642,990
	300,000	McKesson Corp., 2.28%, 3/15/19		299,914
	1,900,000	Tenet Healthcare Corp., 8.13%, 4/1/22		2,077,650

				5,755,337

	Health Care Services (0.8%):
	355,000	HCA, Inc., 3.75%, 3/15/19		357,663
	1,900,000	HCA, Inc., 6.50%, 2/15/20^		2,123,249
	25,000	HCA, Inc., 5.88%, 3/15/22		27,188
	20,000	HCA, Inc., 4.75%, 5/1/23^		20,250
	1,400,000	HCA, Inc., 5.38%, 2/1/25		1,422,820

				3,951,170

	Hotels Restaurants & Leisure (0.2%):
	900,000	Scientific Games International, Inc., Registered Shares, 6.63%, 5/15/21, Callable 5/15/17 @ 105		697,500

	Household Durables (0.2%):
	900,000	William Lyon Homes, Inc., 8.50%, 11/15/20, Callable 11/15/16 @ 104		972,000


Principal Amount			Fair Value
	Corporate Bonds, continued
	Independent Power and Renewable Electricity Producers (1.2%):
	900,000	AES Corp., 4.88%, 5/15/23, Callable 3/15/18 @ 102^	$	846,000
	1,371,000	Dominion Resources, Inc., Series 06-B, 2.58%, 9/30/66, Callable 9/30/66 @ 100(b)		1,231,372
	1,000,000	Dynegy, Inc., 7.38%, 11/1/22, Callable 11/1/18 @ 103.69(a)		1,047,500
	1,400,000	NRG Energy, Inc., 6.25%, 5/1/24, Callable 5/1/19 @ 103^		1,389,500
	843,552	NSG Holdings, LLC/NSG Holdings, Inc., 7.75%, 12/15/25(a)		930,016

				5,444,388

	Insurance (1.8%):
	600,000	Aon plc, 5.00%, 9/30/20		661,951
	1,100,000	Five Corners Funding Trust, 4.42%, 11/15/23(a)		1,134,605
	700,000	Liberty Mutual Group, Inc., 5.00%, 6/1/21(a)		763,881
	180,000	Liberty Mutual Group, Inc., 4.25%, 6/15/23(a)		185,113
	978,000	Marsh & McLennan Cos., Inc., 4.80%, 7/15/21, Callable 4/15/21 @ 100		1,081,063
	300,000	Northwestern Mutual Life Insurance Co. (The), 6.06%, 3/30/40(a)		358,736
	1,077,000	Pacific Life Corp., 6.00%, 2/10/20(a)		1,216,783
	500,000	Pacific Life Corp., 9.25%, 6/15/39(a)		746,678
	436,000	Pacific Life Corp., 5.13%, 1/30/43(a)		439,304
	65,000	Symetra Financial Corp., 6.13%, 4/1/16(a)		66,935
	497,000	Teachers Insurance & Annuity Association of America, 4.90%, 9/15/44(a)		506,821
	114,000	Tiaa Asset Management Finance LLC, 2.95%, 11/1/19(a)		114,797
	165,000	Tiaa Asset Management Finance LLC, 4.13%, 11/1/24(a)		166,181
	854,000	Unum Group, 5.75%, 8/15/42		931,888

				8,374,736

	Life Sciences Tools & Services (0.0%):
	66,000	Thermo Fisher Scientific, Inc., 2.40%, 2/1/19		65,928

	Media (1.5%):
	395,000	21st Century Fox, Inc., 7.75%, 12/1/45		537,820
	900,000	iHeartCommunications, Inc., 5.50%, 12/15/16^		837,000
	800,000	McGraw-Hill Global Education Holdings, LLC, 9.75%, 4/1/21, Callable 4/16/21 @ 107.31		880,000
	101,000	Time Warner Cable, Inc., 5.85%, 5/1/17		107,855
	716,000	Time Warner Cable, Inc., 8.25%, 4/1/19		842,084
	1,000,000	Time Warner Cable, Inc., 4.13%, 2/15/21, Callable 11/15/20 @ 100		1,032,445
	623,000	Time Warner Cable, Inc., 4.00%, 9/1/21, Callable 6/1/21 @ 100		639,594
	155,000	Time Warner Cable, Inc., 6.55%, 5/1/37		161,359
	280,000	Time Warner Cable, Inc., 7.30%, 7/1/38		315,478
	1,500,000	Time Warner Cable, Inc., 6.75%, 6/15/39^		1,601,475
	69,000	Time Warner Cable, Inc., 5.50%, 9/1/41, Callable 3/1/41 @ 100		64,354
	46,000	Viacom, Inc., 2.50%, 9/1/18		46,479

				7,065,943


Principal Amount			Fair Value
	Corporate Bonds, continued
	Metals & Mining (0.1%):
$	274,000	Alcoa, Inc., 5.13%, 10/1/24, Callable 7/1/24 @ 100	$	277,425

	Multi-Utilities (0.1%):
	305,000	FirstEnergy Solutions Co., 6.05%, 8/15/21^		334,147
	56,000	PG&E Corp., 2.40%, 3/1/19, Callable 2/1/19 @ 100		56,073

				390,220

	Oil, Gas & Consumable Fuels (4.1%):
	800,000	Access Midstream Partner, 4.88%, 3/15/24, Callable 3/15/19 @ 102		786,000
	3,900,000	Anadarko Petroleum Corp., 6.38%, 9/15/17		4,279,875
	1,000,000	Chesapeake Energy Corp., 6.13%, 2/15/21		940,000
	1,000,000	Chesapeake Energy Corp., 5.75%, 3/15/23^		905,000
	88,000	Columbia Pipeline Group, Inc., 2.45%, 6/1/18(a)		88,680
	434,000	Columbia Pipeline Group, Inc., 3.30%, 6/1/20, Callable 5/1/20 @ 100(a)		435,693
	132,000	Columbia Pipeline Group, Inc., 4.50%, 6/1/25, Callable 3/1/25 @ 100(a)		129,854
	166,000	DCP Midstream Operating LLC, 2.50%, 12/1/17, Callable 11/1/17 @ 100^		160,672
	302,000	DCP Midstream Operating LLC, 2.70%, 4/1/19, Callable 3/1/19 @ 100		284,511
	500,000	DCP Midstream Operating LLC, 5.35%, 3/15/20(a)		513,993
	1,300,000	DCP Midstream Operating LLC, 4.75%, 9/30/21(a)		1,284,534
	163,000	DCP Midstream Operating LLC, 3.88%, 3/15/23, Callable 12/15/22 @ 100		150,599
	124,000	DCP Midstream Operating LLC, 5.60%, 4/1/44, Callable 10/1/43 @ 100		110,595
	1,000,000	El Paso Pipeline Partners LP, 5.00%, 10/1/21, Callable 7/1/21 @ 100		1,058,143
	117,000	Enable Midstream Partners LP, 2.40%, 5/15/19, Callable 4/15/19 @ 100(a)		113,058
	124,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100(a)		114,904
	1,995,000	Ep Energy LLC, 9.38%, 5/1/20, Callable 5/1/16 @ 105^		2,132,056
	5,000	Ep Energy LLC, 7.75%, 9/1/22, Callable 9/1/17 @ 104^		5,250
	168,000	Kinder Morgan (Delaware), Inc., 2.00%, 12/1/17		167,490
	157,000	Kinder Morgan Energy Partners LP, 2.65%, 2/1/19		155,693
	600,000	Marathon Petroleum Corp., 5.13%, 3/1/21		658,913
	70,000	MPLX LP, 4.00%, 2/15/25, Callable 11/15/24 @ 100		68,297
	2,100,000	Peabody Energy Corp., 6.00%, 11/15/18^		1,008,000
	38,000	Phillips 66 Partners LP, 2.65%, 2/15/20, Callable 1/15/20 @ 100		37,382
	346,000	Southeast Supply Header LLC, 4.25%, 6/15/24, Callable 3/15/24 @ 100(a)		341,398
	180,000	Southwestern Energy Co., 3.30%, 1/23/18		184,580
	327,000	Southwestern Energy Co., 4.05%, 1/23/20, Callable 12/23/19 @ 100		336,056


Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
$	647,000	Western Gas Partners LP, 5.38%, 6/1/21, Callable 3/1/21 @ 100	$	698,373
	299,000	Williams Cos., Inc., 3.70%, 1/15/23, Callable 10/15/22 @ 100		278,402
	1,466,000	Williams Cos., Inc., 4.55%, 6/24/24, Callable 3/24/24 @ 100		1,420,677
	285,000	Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100^		280,303

				19,128,981

	Pharmaceuticals (0.2%):
	473,000	Abbvie, Inc., 3.60%, 5/14/25, Callable 2/14/25 @ 100		467,510
	121,000	Mylan, Inc., 1.35%, 11/29/16^		120,633
	117,000	Watson Pharmaceuticals, Inc., 1.88%, 10/1/17		117,140
	57,000	Zoetis, Inc., 1.88%, 2/1/18		56,842

				762,125

	Real Estate Investment Trusts (REITs) (5.1%):
	82,000	Alexandria Real Estate Equities, Inc., 2.75%, 1/15/20, Callable 12/15/19 @ 100		81,166
	102,000	American Campus Communities, Inc., 3.75%, 4/15/23, Callable 1/15/23 @ 100		100,162
	500,000	American Tower Corp., 2.80%, 6/1/20, Callable 5/1/20 @ 100		493,052
	161,000	AvalonBay Communities, Inc., 3.63%, 10/1/20, Callable 7/1/20 @ 100		167,741
	1,159,000	BioMed Realty LP, 3.85%, 4/15/16, Callable 3/15/16 @ 100		1,180,785
	215,000	BioMed Realty LP, 2.63%, 5/1/19, Callable 4/1/19 @ 100		214,091
	500,000	BioMed Realty LP, 4.25%, 7/15/22, Callable 4/15/22 @ 100		506,437
	151,000	Brandywine Operating Partners LP, 6.00%, 4/1/16		155,901
	279,000	Brandywine Operating Partners LP, 4.95%, 4/15/18, Callable 3/15/18 @ 100		297,391
	357,000	Brandywine Operating Partners LP, 3.95%, 2/15/23, Callable 11/15/22 @ 100		354,180
	394,000	Brandywine Operating Partners LP, 4.10%, 10/1/24, Callable 7/1/24 @ 100		388,571
	394,000	Brandywine Operating Partners LP, 4.55%, 10/1/29, Callable 7/1/29 @ 100		392,689
	134,000	Camden Property Trust, 2.95%, 12/15/22		127,668
	1,625,000	CBRE Services, Inc., 5.00%, 3/15/23, Callable 3/15/18 @ 103		1,641,250
	255,000	Corporate Office Properties Trust, 3.70%, 6/15/21, Callable 4/15/21 @ 100		252,624
	1,000,000	DDR Corp., 7.50%, 4/1/17		1,096,148
	1,114,000	DDR Corp., 4.63%, 7/15/22, Callable 4/15/22 @ 100		1,169,738
	218,000	DDR Corp., 3.63%, 2/1/25, Callable 11/1/24 @ 100		209,340
	315,000	Digital Realty Trust LP, 3.95%, 7/1/22^		314,347
	700,000	Duke Realty Corp., 4.38%, 6/15/22, Callable 3/15/22 @ 100		731,423


Principal Amount			Fair Value
	Corporate Bonds, continued
	Real Estate Investment Trusts (REITs), continued
$	256,000	Duke Realty Corp., 3.88%, 10/15/22, Callable 7/15/22 @ 100	$	259,198
	183,000	Duke Realty Corp., 3.63%, 4/15/23, Callable 1/15/23 @ 100		180,897
	146,000	Duke Realty LP, 3.75%, 12/1/24, Callable 9/1/24 @ 100		145,064
	70,000	Equity Commonwealth, 5.88%, 9/15/20, Callable 3/15/20 @ 100		76,882
	500,000	Equity One, Inc., 3.75%, 11/15/22, Callable 8/15/22 @ 100		494,397
	62,000	Essex Portfolio LP, 5.50%, 3/15/17		65,971
	1,000,000	Government Properties Income Trust, 3.75%, 8/15/19, Callable 7/5/19 @ 100		1,028,636
	500,000	HCP, Inc., 3.15%, 8/1/22, Callable 5/1/22 @ 100		481,468
	800,000	HCP, Inc., 3.88%, 8/15/24, Callable 5/15/24 @ 100		780,671
	48,000	Health Care REIT, Inc., 4.70%, 9/15/17		51,067
	143,000	Health Care REIT, Inc., 2.25%, 3/15/18		144,058
	500,000	Health Care REIT, Inc., 4.13%, 4/1/19, Callable 1/1/19 @ 100		529,238
	135,000	Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100		135,586
	1,000,000	Liberty Property LP, 4.13%, 6/15/22, Callable 3/15/22 @ 100		1,018,195
	184,000	Liberty Property LP, 3.38%, 6/15/23, Callable 3/15/23 @ 100		177,743
	303,000	Mack-Cali Realty LP, 5.80%, 1/15/16		308,910
	250,000	Mack-Cali Realty LP, 2.50%, 12/15/17		250,957
	500,000	Mack-Cali Realty LP, 4.50%, 4/18/22, Callable 1/18/22 @ 100		494,240
	401,000	Mack-Cali Realty LP, 3.15%, 5/15/23, Callable 2/15/23 @ 100^		354,782
	1,573,000	Mid-America Apartments LP, 4.30%, 10/15/23, Callable 7/15/23 @ 100		1,630,089
	126,000	Omega Healthcare Investors, Inc., 4.95%, 4/1/24, Callable 1/1/24 @ 100^		128,876
	128,000	Omega Healthcare Investors, Inc., 4.50%, 1/15/25, Callable 10/15/24 @ 100(a)		125,938
	1,628,000	Omega Healthcare Investors, Inc., 4.50%, 4/1/27, Callable 1/1/27 @ 100(a)		1,561,628
	70,000	Post Apartment Homes LP, 3.38%, 12/1/22, Callable 9/1/22 @ 100		67,605
	80,000	PPF Funding, Inc., 5.70%, 4/15/17(a)		84,136
	116,000	Reckson Operating Partnership LP, 6.00%, 3/31/16		119,812
	2,200,000	Sabra Healthcare REIT, Inc., 5.50%, 2/1/21, Callable 2/1/17 @ 104		2,276,999
	63,000	Ventas Realty LP/Capital Corp., 1.55%, 9/26/16		63,232
	225,000	Ventas Realty LP/Capital Corp., 2.00%, 2/15/18, Callable 1/15/18 @ 100		226,378
	111,000	Ventas Realty LP/Capital Corp., 4.00%, 4/30/19, Callable 1/30/19 @ 100		117,287
	133,000	Ventas Realty LP/Capital Corp., 3.50%, 2/1/25, Callable 11/1/24 @ 100^		127,840


Principal Amount			Fair Value
	Corporate Bonds, continued
	Real Estate Investment Trusts (REITs), continued
$	79,000	Ventas Realty LP/Capital Corp., 4.38%, 2/1/45, Callable 8/1/44 @ 100	$	70,317
	67,000	Weingarten Realty Investors, 3.38%, 10/15/22, Callable 7/15/22 @ 100		65,136
	545,000	WP Carey, Inc., 4.00%, 2/1/25, Callable 12/1/24 @ 100^		521,878

				24,039,815

	Retail (0.3%):
	1,500,000	J.C. Penney Corp., Inc., 8.13%, 10/1/19^		1,485,000

	Road & Rail (0.3%):
	1,000,000	Hertz Corp., 6.75%, 4/15/19, Callable 4/15/15 @ 103		1,031,900
	450,000	Party City Holdings, Inc., 8.88%, 8/1/20, Callable 8/1/15 @ 107		480,375

				1,512,275

	Steel (0.2%):
	1,000,000	JMC Steel Group, 8.25%, 3/15/18, Callable 5/7/15 @ 104.13^(a)		915,000

	Tobacco (1.1%):
	1,000,000	Altria Group, Inc., 2.63%, 1/14/20, Callable 12/14/19 @ 100^		996,114
	212,000	Altria Group, Inc., 4.00%, 1/31/24		215,281
	209,000	Reynolds American, Inc., 2.30%, 6/12/18^		210,562
	173,000	Reynolds American, Inc., 3.25%, 6/12/20		175,232
	320,000	Reynolds American, Inc., 4.00%, 6/12/22		326,869
	186,000	Reynolds American, Inc., 3.25%, 11/1/22		179,147
	704,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100		717,250
	120,000	Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100		124,424
	600,000	Reynolds American, Inc., 7.25%, 6/15/37		719,552
	400,000	Reynolds American, Inc., 4.75%, 11/1/42		362,873
	923,000	Reynolds American, Inc., 5.85%, 8/15/45, Callable 2/12/45 @ 100		968,130

				4,995,434

	Trading Companies & Distributors (0.6%):
	200,000	Air Lease Corp., 2.13%, 1/15/18		198,000
	334,000	Air Lease Corp., 4.75%, 3/1/20^		354,875
	379,000	Air Lease Corp., 3.88%, 4/1/21, Callable 3/1/21 @ 100		382,790
	471,000	Air Lease Corp., 3.75%, 2/1/22, Callable 12/1/21 @ 100		470,717
	1,331,000	Air Lease Corp., 4.25%, 9/15/24, Callable 6/15/24 @ 100^		1,321,018

				2,727,400

	Wireless Telecommunication Services (1.5%):
	2,100,000	Alcatel-Lucent USA, Inc., 6.75%, 11/15/20, Callable 11/15/16 @ 103(a)		2,220,750
	233,000	Embarq Corp., 7.08%, 6/1/16		242,303
	2,990,000	Embarq Corp., 8.00%, 6/1/36		3,315,013
	1,000,000	Level 3 Financing, Inc., 7.00%, 6/1/20, Callable 6/1/16 @ 104		1,061,250

				6,839,316

	Total Corporate Bonds (Cost $197,521,447)			196,946,269


Principal Amount			Fair Value
	Yankee Dollars (16.8%):
	Airlines (0.5%):
$	1,000,000	Air Canada, 6.75%, 10/1/19, Callable 10/1/16 @ 103(a)	$	1,060,000
	1,100,000	Air Canada, 7.75%, 4/15/21^(a)		1,174,249

				2,234,249

	Banks (4.2%):
	365,000	Banco Nacional de Desenvolvimento Economico, 3.38%, 9/26/16(a)		367,738
	754,000	Banco Nacional de Desenvolvimento Economico, 6.37%, 6/16/18(a)		806,780
	1,820,000	Banco Nacional de Desenvolvimento Economico, 4.00%, 4/14/19(a)		1,838,199
	126,000	Banco Nacional de Desenvolvimento Economico, 6.50%, 6/10/19(a)		135,923
	966,000	Banco Nacional de Desenvolvimento Economico, 5.50%, 7/12/20(a)		1,004,640
	334,000	Banco Nacional de Desenvolvimento Economico, 5.75%, 9/26/23^(a)		340,914
	470,000	Credit Suisse Group AG, 2.75%, 3/26/20(a)		464,103
	470,000	Credit Suisse Group AG, 3.75%, 3/26/25(a)		452,456
	42,000	Credit Suisse, NY, 6.00%, 2/15/18		46,095
	779,000	Deutsche Bank AG, 4.50%, 4/1/25		741,617
	205,000	HSBC Holdings plc, 4.25%, 3/14/24		207,047
	1,161,000	Intesa Sanpaolo SpA, 3.13%, 1/15/16		1,169,850
	2,700,000	Intesa Sanpaolo SpA, 2.38%, 1/13/17		2,713,269
	2,550,000	Royal Bank of Scotland Group plc, 6.13%, 12/15/22		2,745,793
	452,000	Royal Bank of Scotland Group plc, 6.10%, 6/10/23		480,583
	1,659,000	Royal Bank of Scotland Group plc, 6.00%, 12/19/23		1,756,768
	2,212,000	Royal Bank of Scotland Group plc, 5.13%, 5/28/24^		2,209,308
	1,000,000	Sumitomo Mitsui Banking Corp., 1.30%, 1/10/17		1,000,825
	354,000	UBS AG Stamford CT, 1.38%, 6/1/17		353,172
	694,000	UBS AG Stamford CT, 1.80%, 3/26/18		692,967

				19,528,047

	Commercial Services & Supplies (0.2%):
	1,000,000	GardaWorld Security Corp., 7.25%, 11/15/21, Callable 11/15/16 @ 105(a)		960,000

	Containers & Packaging (0.2%):
	800,000	Ardagh Finance Holdings SA, Registered Shares, 8.63%, 6/15/19, Callable 6/15/16 @ 104(a)		828,000

	Diversified Financial Services (0.7%):
	1,450,000	Aercap Ireland Capital, Ltd./ and AerCap Global Aviation Trust, 4.63%, 7/1/22		1,453,625
	900,000	AerCap Ireland Capital, Ltd./ and AerCap Global Aviation Trust, 5.00%, 10/1/21(a)		925,875
	900,000	BP Capital Markets plc, 4.74%, 3/11/21		993,117

				3,372,617

	Food & Staples Retailing (0.5%):
	2,150,000	JBS Investments GMBH, 7.75%, 10/28/20, Callable 10/28/17 @ 104^(a)		2,338,125


Principal Amount			Fair Value
	Yankee Dollars, continued
	Insurance (0.0%):
$	200,000	AIA Group, Ltd., 2.25%, 3/11/19(a)	$	198,685

	Media (0.3%):
	1,000,000	Columbus International, Inc., 7.38%, 3/30/21, Callable 3/30/18 @ 104(a)		1,075,000
	314,000	Thomson Reuters Corp., 3.85%, 9/29/24, Callable 6/29/24 @ 100^		312,025

				1,387,025

	Metals & Mining (0.6%):
	200,000	Codelco, Inc., 4.88%, 11/4/44(a)		191,029
	1,500,000	Codelco, Inc., Registered Shares, 4.88%, 11/4/44(a)		1,432,719
	1,000,000	Vale Overseas, Ltd., 6.25%, 1/11/16^		1,025,050

				2,648,798

	Miscellaneous Manufacturing (0.0%):
	107,000	Ingersoll-Rand Lux Financial Holding, 2.63%, 5/1/20, Callable 4/1/20 @ 100		106,533

	Oil, Gas & Consumable Fuels (4.8%):
	164,000	Canadian Natural Resources, Ltd., 1.75%, 1/15/18		162,891
	676,000	Canadian Natural Resources, Ltd., 3.90%, 2/1/25, Callable 11/1/24 @ 100^		667,929
	489,000	Cenovus Energy, Inc., 5.70%, 10/15/19		546,227
	330,000	Empresa Nacional del Petroleo, 4.38%, 10/30/24(a)		329,858
	34,000	Noble Holding International, Ltd., 4.00%, 3/16/18		34,810
	219,000	Noble Holding International, Ltd., 5.95%, 4/1/25, Callable 1/1/25 @ 100^		215,929
	212,000	Noble Holding International, Ltd., 6.95%, 4/1/45, Callable 10/1/44 @ 100^		195,252
	385,000	Petrobras Global Finance BV, 1.90%, 5/20/16(b)		379,298
	1,166,000	Petrobras Global Finance BV, 3.25%, 3/17/17		1,149,804
	1,080,000	Petrobras Global Finance BV, 3.00%, 1/15/19		998,093
	2,613,000	Petrobras Global Finance BV, 4.88%, 3/17/20^		2,484,545
	234,000	Petrobras Global Finance BV, 4.38%, 5/20/23		203,863
	823,000	Petrobras Global Finance BV, 5.63%, 5/20/43		636,097
	1,793,000	Petrobras Global Finance BV, 7.25%, 3/17/44^		1,664,549
	1,000,000	Petrobras International Finance Co., 3.50%, 2/6/17^		989,230
	206,000	Petrobras International Finance Co., 5.88%, 3/1/18		210,120
	1,087,000	Petrobras International Finance Co., 5.75%, 1/20/20		1,077,043
	3,241,000	Petrobras International Finance Co., 5.38%, 1/27/21		3,117,193
	450,000	Petroleos Mexicanos, 3.50%, 7/18/18		463,815
	237,000	Petroleos Mexicanos, 8.00%, 5/3/19		277,669
	151,000	Petroleos Mexicanos, 6.00%, 3/5/20^		168,743
	515,000	Petroleos Mexicanos, 3.50%, 7/23/20^(a)		520,655
	285,000	Petroleos Mexicanos, 3.50%, 1/30/23		270,380
	1,169,000	Petroleos Mexicanos, 4.88%, 1/18/24		1,198,225
	694,000	Petroleos Mexicanos, 4.50%, 1/23/26(a)		678,316
	696,000	Petroleos Mexicanos, 6.50%, 6/2/41		723,840


Principal Amount			Fair Value
	Yankee Dollars, continued
	Oil, Gas & Consumable Fuels, continued
$	1,761,000	Petroleos Mexicanos, 5.50%, 6/27/44	$	1,620,119
	673,000	Petroleos Mexicanos, 5.63%, 1/23/46(a)		628,380
	1,000,000	Transocean, Inc., 5.05%, 12/15/16		1,034,970

				22,647,843

	Paper & Forest Products (0.2%):
	1,100,000	Sappi, Ltd., 6.63%, 4/15/21(a)		1,141,250

	Pharmaceuticals (0.9%):
	774,000	Actavis Funding SCS, 1.30%, 6/15/17		768,774
	230,000	Actavis Funding SCS, 2.45%, 6/15/19		229,083
	504,000	Actavis Funding SCS, 3.80%, 3/15/25, Callable 12/15/24 @ 100		495,090
	731,000	Actavis Funding SCS, 4.75%, 3/15/45, Callable 9/15/44 @ 100		695,951
	200,000	Perrigo Co. plc, 2.30%, 11/8/18		200,215
	200,000	Perrigo Finance plc, 3.50%, 12/15/21, Callable 10/15/21 @ 100		200,389
	200,000	Perrigo Finance plc, 3.90%, 12/15/24, Callable 9/15/24 @ 100		197,484
	1,210,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 4/15/20 @ 103^(a)		1,244,788

				4,031,774

	Sovereign Bonds (2.1%):
	900,000	Dominican Republic, 5.50%, 1/27/25(a)		902,250
	255,000	Italy Government International Bond, 5.38%, 6/12/17		274,286
	1,170,000	Republic of Argentina, 3.93%, 10/3/15		1,185,210
	4,500,000	Republic of Argentina, 1.78%, 4/17/17(d)		4,392,000
	1,500,000	Republic of Belarus, 8.95%, 1/26/18(a)		1,431,375
	2,000,000	Republic of Venezuela, 5.75%, 2/26/16(a)		1,652,500

				9,837,621

	Thrifts & Mortgage Finance (0.0%):
	200,000	RBS Citizens Financial Group, Inc., 4.15%, 9/28/22(a)		204,233

	Transportation & Shipping (0.2%):
	900,000	Navios Maritime Holdings/Finance, 7.38%, 1/15/22, Callable 1/15/17 @ 106(a)		779,625

	Wireless Telecommunication Services (1.4%):
	1,000,000	Altice SA, 9.88%, 12/15/20(a)		1,100,000
	3,500,000	Altice SA, 7.75%, 5/15/22, Callable 5/15/17 @ 106^(a)		3,386,250
	2,100,000	Digicel Group, Ltd., 8.25%, 9/30/20, Callable 9/30/16 @ 104(a)		2,105,250

				6,591,500

	Total Yankee Dollars (Cost $80,274,575)			78,835,925

	Municipal Bonds (4.8%):
	California (1.5%):
	10,000	California State, Build America Bonds, GO, 7.35%, 11/1/39		14,038
	15,000	California State, Build America Bonds, GO, 7.63%, 3/1/40		21,969
	2,825,000	California State, Build America Bonds, GO, 7.60%, 11/1/40		4,127,835


Principal Amount			Fair Value
	Municipal Bonds, continued
	California, continued
$	400,000	California State, Build America Bonds, GO, 7.50%, 4/1/34	$	555,824
	1,125,000	California State, Build America Bonds, GO, 7.55%, 4/1/39		1,626,266
	460,000	California State, Build America Bonds, GO, 7.30%, 10/1/39		650,633

				6,996,565

	Illinois (3.3%):
	5,665,000	Illinois State, GO, 5.10%, 6/1/33		5,279,498
	35,000	Illinois State, GO, 4.96%, 3/1/16		35,823
	240,000	Illinois State, GO, 4.35%, 6/1/18		246,552
	105,000	Illinois State, GO, 4.95%, 6/1/23		106,156
	15,000	Illinois State, GO, 5.37%, 3/1/17		15,656
	455,000	Illinois State, GO, 1.28%, 12/1/15		455,478
	420,000	Illinois State, GO, 4.00%, 12/1/20		415,863
	645,000	Illinois State, GO, 5.67%, 3/1/18		690,111
	1,340,000	Illinois State, GO, 5.88%, 3/1/19		1,444,922
	1,935,000	Illinois State, Build America Bonds, GO, 7.35%, 7/1/35		2,141,910
	105,000	Chicago Illinois, Taxable Project, GO, Series B, 5.43%, 1/1/42		86,775
	770,000	Chicago Illinois, Taxable Project, GO, Series B, 6.31%, 1/1/44		683,036
	80,000	Chicago Illinois, GO, Series B, 5.63%, 1/1/22		78,572
	395,000	Chicago Illinois, Taxable Project, GO, Series C1, 7.78%, 1/1/35		413,178
	2,500,000	Illinois State Finance Authority Revenue, Series A, 4.55%, 10/1/18		2,555,925
	10,000	Illinois State, Build America Bonds, GO, Series 3, 5.55%, 4/1/19		10,603
	185,000	Illinois State, Build America Bonds, GO, 6.20%, 7/1/21		199,145
	315,000	Illinois State, Build America Bonds, GO, 6.63%, 2/1/35		327,962
	315,000	Illinois State, Build America Bonds, GO, Series 3, 6.73%, 4/1/35		333,840

				15,521,005

	Total Municipal Bonds (Cost $22,721,284)			22,517,570

	U.S. Government Agency Mortgages (10.6%):
	Federal Home Loan Mortgage Corporation (2.1%)
	648,483	4.00%, 6/1/33, Pool #G30718		692,417
	1,320,837	4.00%, 2/1/41, Pool #A96807		1,401,370
	165,925	4.50%, 3/1/41, Pool #A97673		179,679
	268,357	4.50%, 4/1/41, Pool #A97942		290,579
	686,862	5.00%, 6/1/41, Pool #G06596		771,834
	117,883	3.50%, 8/1/42, Pool #Q10164		121,566
	92,749	3.50%, 8/1/42, Pool #Q10392		95,637
	114,588	3.50%, 8/1/42, Pool #Q10434		118,153
	124,191	3.50%, 8/1/42, Pool #Q10047		128,071
	127,628	3.50%, 9/1/42, Pool #Q11244		131,615
	91,720	4.00%, 11/1/42, Pool #Q13121		97,771
	76,527	3.50%, 11/1/42, Pool #G07231		78,816
	850,342	3.50%, 4/1/43, Pool #Q17209		876,707
	1,073,256	3.50%, 4/1/43, Pool #G07921		1,107,411


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal Home Loan Mortgage Corporation, continued
$	181,642	4.00%, 5/1/43, Pool #Q18481	$	193,548
	87,483	4.00%, 7/1/43, Pool #Q19597		93,217
	94,063	4.00%, 10/1/43, Pool #Q22499		100,229
	957,086	3.00%, 10/1/43, Pool #G08553		953,566
	559,976	4.00%, 11/1/43, Pool #Q23023		595,479
	187,704	4.00%, 1/1/44, Pool #V80950		200,074
	538,485	3.50%, 5/1/45, Pool #Q33547		554,922
	88,510	3.50%, 6/1/45, Pool #Q33791		91,212
	572,815	3.50%, 6/1/45, Pool #Q34164		590,300
	64,490	4.00%, 6/1/45, Pool #Q34467		68,541
	135,585	4.00%, 7/1/45, Pool #Q34458		144,102

				9,676,816

	Federal National Mortgage Association (6.4%)
	266,849	5.00%, 9/1/23, Pool #254908		294,352
	94,978	2.50%, 10/1/28, Pool #AU2669		96,725
	779,085	2.50%, 8/1/29, Pool #AW0052		791,037
	207,148	3.50%, 1/1/34, Pool #AS1612		216,753
	95,959	3.50%, 1/1/34, Pool #AS1406		100,458
	41,844	3.50%, 1/1/34, Pool #AS1614		43,789
	288,381	3.50%, 1/1/34, Pool #AS1611		301,792
	69,491	6.00%, 10/1/34, Pool #AL2130		80,119
	508,246	5.50%, 11/1/34, Pool #725946		572,988
	248,063	5.50%, 1/1/35, Pool #735141		279,579
	126,262	5.50%, 9/1/36, Pool #AD0500		142,401
	868,675	6.00%, 1/1/37, Pool #932030		988,338
	184,025	6.00%, 3/1/37, Pool #889506		209,277
	228,560	6.00%, 1/1/38, Pool #889371		263,460
	78,338	6.00%, 3/1/38, Pool #889219		89,979
	44,755	6.00%, 7/1/38, Pool #889733		51,241
	307,913	6.00%, 5/1/40, Pool #AL2129		355,011
	159,571	4.00%, 12/1/40, Pool #AA4757		169,077
	73,620	4.00%, 12/1/40, Pool #AE7856		78,047
	209,981	4.50%, 8/1/41, Pool #AI8715		228,979
	800,578	4.00%, 10/1/41, Pool #AL2512		853,608
	29,465	6.00%, 1/1/42, Pool #AL2128		34,114
	45,710	4.00%, 4/1/42, Pool #AK6908		48,649
	147,546	4.00%, 4/1/42, Pool #AK5549		157,055
	220,958	4.50%, 4/1/42, Pool #AK8453		239,154
	231,662	4.50%, 4/1/42, Pool #AO0186		251,533
	180,457	4.50%, 6/1/42, Pool #AO6381		195,887
	198,141	4.50%, 7/1/42, Pool #AO5544		215,107
	247,866	4.50%, 10/1/42, Pool #AP9743		269,020
	468,180	2.50%, 2/1/43, Pool #AB8465		449,868
	377,361	3.00%, 6/1/43, Pool #AT5691		377,692
	369,759	3.00%, 6/1/43, Pool #AR7110		369,968
	143,948	3.00%, 6/1/43, Pool #AU5339		144,052
	344,716	3.00%, 7/1/43, Pool #AU2555		344,910
	10,700,000	3.00%, 7/25/43		10,660,085
	1,300,000	4.50%, 6/25/44		1,405,443
	300,000	5.00%, 7/25/44		331,406
	1,100,000	4.00%, 7/25/44		1,165,428
	55,930	4.00%, 12/1/44, Pool #AY0045		59,361
	70,803	4.00%, 12/1/44, Pool #AW9502		75,073
	900,629	4.00%, 3/1/45, Pool #AL6541		958,948


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	99,838	4.00%, 5/1/45, Pool #AZ1876	$	106,179
	5,800,000	3.50%, 7/25/45		5,977,173

				30,043,115

	Government National Mortgage Association (2.1%)
	25,471	5.00%, 6/15/34, Pool #629493		28,271
	451,876	5.50%, 6/15/35, Pool #783800		510,747
	20,694	5.00%, 3/15/38, Pool #676766		22,925
	15,988	5.00%, 4/15/38, Pool #672672		17,747
	50,399	5.00%, 8/15/38, Pool #687818		55,940
	509,839	5.00%, 1/15/39, Pool #705997		565,964
	442,709	5.00%, 3/15/39, Pool #646746		489,889
	4,018	5.00%, 3/15/39, Pool #697946		4,457
	649,269	4.00%, 10/15/40, Pool #783143		692,010
	1,471,971	4.50%, 3/20/41, Pool #4978		1,606,169
	531,955	4.50%, 5/20/41, Pool #005055		580,454
	1,041,903	4.00%, 5/20/41, Pool #5054		1,116,105
	349,452	4.50%, 6/20/41, Pool #005082		381,313
	199,948	3.50%, 7/20/42, Pool #MA0220		208,083
	78,401	3.50%, 4/20/43, Pool #MA0934		81,611
	693,729	3.00%, 3/20/45, Pool #MA2677		701,397
	1,391,851	3.50%, 4/20/45, Pool #MA2754		1,452,019
	200,000	3.50%, 7/20/45		207,570
	1,000,000	4.00%, 7/20/45		1,059,746

				9,782,417

	Total U.S. Government Agency Mortgages (Cost $49,388,705)			49,502,348


Principal Amount or Shares			Fair Value
	U.S. Treasury Obligations (12.3%):
	U.S. Treasury Bonds (2.0%)
$	9,575,000	3.00%, 5/15/45	$	9,383,500

	U.S. Treasury Inflation Index Bonds (3.0%)
	2,700,000	0.25%, 1/15/25		2,645,459
	4,930,000	1.38%, 2/15/44		5,342,717
	6,447,000	0.75%, 2/15/45		5,916,907

				13,905,083

	U.S. Treasury Notes (7.3%)
	1,758,000	1.50%, 7/31/16		1,779,427
	7,320,000	0.50%, 4/30/17		7,307,988
	13,468,000	0.63%, 5/31/17		13,465,900
	2,655,000	2.00%, 2/15/25		2,579,497
	9,141,000	2.13%, 5/15/25		8,975,319

				34,108,131

	Total U.S. Treasury Obligations (Cost $58,491,049)			57,396,714

	Securities Held as Collateral for Securities on Loan (7.9%):
	37,008,815	Allianz Variable Insurance Products Securities Lending Collateral Trust(e)		37,008,815

	Total Securities Held as Collateral for Securities on Loan (Cost $37,008,815)			37,008,815

	Unaffiliated Investment Company (3.1%):
	14,657,022	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(d)		14,657,022

	Total Unaffiliated Investment Company (Cost $14,657,022)			14,657,022

	Total Investment Securities (Cost $525,110,513)(f) — 111.2%			520,619,304
	Net other assets (liabilities) — (11.2)%			(52,528,770	)

	Net Assets — 100.0%		$	468,090,534

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:


Country	Percentage
Argentina		1.1	%
Austria		0.7	%
Barbados		0.2	%
Belarus		0.3	%
Bermuda		0.4	%
Brazil		0.9	%
Canada		1.2	%
Cayman Islands		1.4	%
Chile		0.4	%
Dominican Republic		0.2	%
Germany		0.1	%
Guernsey		0.2	%
Hong Kong		—	%^NM
Ireland		0.6	%
Italy		0.8	%
Japan		0.2	%
Luxembourg		1.5	%
Marshall Islands		0.2	%
Mexico		1.3	%
Netherlands		1.4	%
Switzerland		0.2	%
United Kingdom		1.6	%
United States		84.8	%
Venezuela		0.3	%

		100.0	%

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	525,110,513

Investment securities, at value*	$	520,619,304
Interest and dividends receivable		3,933,713
Receivable for investments sold		9,429,846
Prepaid expenses		594

Total Assets		533,983,457

Liabilities:
Payable for investments purchased		26,588,838
Payable for capital shares redeemed		736,696
Payable for collateral received on loaned securities		37,008,815
Securities sold short (Proceeds received $1,233,000)		1,234,500
Interest payable on securities sold short		1,517
Manager fees payable		192,906
Administration fees payable		15,438
Distribution fees payable		96,453
Custodian fees payable		4,243
Administrative and compliance services fees payable		393
Trustee fees payable		2,541
Other accrued liabilities		10,583

Total Liabilities		65,892,923

Net Assets	$	468,090,534

Net Assets Consist of:
Capital	$	457,461,920
Accumulated net investment income/(loss)		15,452,902
Accumulated net realized gains/(losses) from investment transactions		(331,579	)
Net unrealized appreciation/(depreciation) on investments		(4,492,709	)

Net Assets	$	468,090,534

Shares of beneficial interest (unlimited number of shares authorized, no par value)		45,871,511
Net Asset Value (offering and redemption price per share)	$	10.20

*	Includes securities on loan of $35,591,306.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Interest	$	8,464,090
Dividends		19,032
Income from securities lending		45,685

Total Investment Income		8,528,807

Expenses:
Manager fees		1,160,980
Administration fees		97,544
Distribution fees		580,490
Custodian fees		9,561
Administrative and compliance services fees		2,953
Trustee fees		11,889
Professional fees		14,436
Shareholder reports		3,576
Interest on securities sold short		6,125
Other expenses		4,565

Total expenses		1,892,119

Net Investment Income/(Loss)		6,636,688

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		560,547
Net realized gains/(losses) on futures contracts		128,325
Change in net unrealized appreciation/depreciation on investments		(4,581,031	)

Net Realized/Unrealized Gains/(Losses) on Investments		(3,892,159	)

Change in Net Assets Resulting From Operations	$	2,744,529

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Pyramis Total Bond Fund (formerly AZL Pyramis Core Bond Fund) (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $4,537 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2015, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. There were no futures contracts outstanding as of June 30, 2015. The monthly average notional amount for these contracts was $1.9 million for the period ended June 30, 2015. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Pyramis Global Advisors, LLC (“Pyramis”), Pyramis provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC

The Trust has adopted a distribution and service plan in conformance with Rule 12b-1 of the 1940 Act. Pursuant to this plan, the Fund is authorized to pay certain fees for the sale and distribution of its shares and services provided to its shareholders at an annual rate not to exceed 0.25% of the Fund’s average daily net assets. These fees are reflected on the Statement of Operations as “Distribution fees.” In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $2,471 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as level 1 in the fair value hierarchy.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

For the period ended June 30, 2015, purchases and sales on long-term U.S. government securities were as follows:

Cost for federal income tax purposes at June 30, 2015 is $525,293,619. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the year ended December 31, 2014, the Fund utilized $5,550,252 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Russell 1000 Growth Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (97.3%):
	Aerospace & Defense (2.7%):
	1,030	BE Aerospace, Inc.	$	56,547
	6,708	Boeing Co. (The)		930,534
	866	General Dynamics Corp.		122,704
	921	Hexcel Corp.^		45,811
	7,582	Honeywell International, Inc.		773,137
	472	Huntington Ingalls Industries, Inc.		53,142
	1,890	Lockheed Martin Corp.		351,351
	572	Northrop Grumman Corp.		90,736
	257	Precision Castparts Corp.		51,367
	1,283	Rockwell Collins, Inc.^		118,485
	1,268	Spirit AeroSystems Holdings, Inc., Class A*		69,879
	612	Textron, Inc.		27,314
	517	TransDigm Group, Inc.*		116,154
	795	United Technologies Corp.		88,189

				2,895,350

	Air Freight & Logistics (0.9%):
	1,399	C.H. Robinson Worldwide, Inc.^		87,284
	1,860	Expeditors International of Washington, Inc.		85,755
	997	FedEx Corp.		169,889
	6,805	United Parcel Service, Inc., Class B		659,472

				1,002,400

	Airlines (1.1%):
	1,258	Alaska Air Group, Inc.^		81,053
	6,720	American Airlines Group, Inc.		268,363
	7,918	Delta Air Lines, Inc.		325,272
	1,134	JetBlue Airways Corp.*		23,542
	6,482	Southwest Airlines Co.		214,489
	708	Spirit Airlines, Inc.*^		43,967
	3,706	United Continental Holdings, Inc.*		196,455

				1,153,141

	Auto Components (0.5%):
	2,195	BorgWarner, Inc.		124,765
	2,801	Delphi Automotive plc		238,337
	1,427	Gentex Corp.		23,431
	1,391	Johnson Controls, Inc.		68,896
	571	Lear Corp.		64,100
	433	Visteon Corp.*		45,456

				564,985

	Automobiles (0.3%):
	1,105	Harley-Davidson, Inc.		62,267
	946	Tesla Motors, Inc.*^		253,774
	433	Thor Industries, Inc.		24,369

				340,410

	Banks (0.1%):
	451	Signature Bank*		66,022
	313	SVB Financial Group*		45,066

				111,088

	Beverages (3.4%):
	1,138	Brown-Forman Corp., Class B		114,005
	247	Brown-Forman Corp., Class A		27,521
	38,033	Coca-Cola Co. (The)		1,492,034
	2,260	Coca-Cola Enterprises, Inc.		98,174


Shares			Fair Value
	Common Stocks, continued
	Beverages, continued
	1,587	Constellation Brands, Inc., Class A	$	184,124
	1,851	Dr Pepper Snapple Group, Inc.		134,938
	1,452	Monster Beverage Corp.*		194,597
	14,317	PepsiCo, Inc.		1,336,349

				3,581,742

	Biotechnology (6.5%):
	251	Agios Pharmaceuticals, Inc.*		27,896
	2,093	Alexion Pharmaceuticals, Inc.*		378,352
	1,166	Alkermes plc*		75,020
	28	Alkermes plc*		1,802
	589	Alnylam Pharmaceuticals, Inc.*		70,603
	7,375	Amgen, Inc.		1,132,210
	2,282	Biogen Idec, Inc.*		921,791
	1,556	BioMarin Pharmaceutical, Inc.*		212,830
	319	Bluebird Bio, Inc.*		53,710
	7,693	Celgene Corp.*		890,349
	14,254	Gilead Sciences, Inc.		1,668,859
	1,518	Incyte Corp.*		158,191
	155	Intercept Pharmaceuticals, Inc.*		37,414
	449	Intrexon Corp.		21,911
	1,162	Isis Pharmaceuticals, Inc.*		66,873
	116	Juno Therapeutics, Inc.*^		6,186
	764	Medivation, Inc.*		87,249
	2,278	OPKO Health, Inc.*		36,630
	243	Puma Biotechnology, Inc.*		28,370
	307	Receptos, Inc.*		58,345
	761	Regeneron Pharmaceuticals, Inc.*		388,209
	921	Seattle Genetics, Inc.*^		44,576
	452	United Therapeutics Corp.*^		78,625
	2,365	Vertex Pharmaceuticals, Inc.*		292,030

				6,738,031

	Building Products (0.3%):
	721	A.O. Smith Corp.		51,898
	909	Allegion plc		54,667
	239	Armstrong World Industries, Inc.*		12,734
	542	Fortune Brands Home & Security, Inc.		24,834
	393	Lennox International, Inc.		42,322
	3,360	Masco Corp.		89,611
	876	USG Corp.*^		24,344

				300,410

	Capital Markets (1.3%):
	531	Affiliated Managers Group, Inc.*		116,077
	1,466	Ameriprise Financial, Inc.		183,147
	345	Artisan Partners Asset Management, Inc.^		16,029
	1,175	Bank of New York Mellon Corp. (The)		49,315
	387	BlackRock, Inc., Class A+		133,894
	7,857	Charles Schwab Corp. (The)		256,532
	1,133	Eaton Vance Corp.^		44,334
	910	Federated Investors, Inc., Class B^		30,476
	49	Interactive Brokers Group, Inc., Class A		2,036
	523	Invesco, Ltd.		19,607
	1,223	Lazard, Ltd., Class A		68,781
	310	Legg Mason, Inc.		15,974


Shares			Fair Value
	Common Stocks, continued
	Capital Markets, continued
	800	LPL Financial Holdings, Inc.^	$	37,192
	1,881	NorthStar Asset Management Group, Inc.		34,780
	1,352	SEI Investments Co.		66,289
	2,528	T. Rowe Price Group, Inc.		196,501
	2,216	TD Ameritrade Holding Corp.		81,593
	767	Waddell & Reed Financial, Inc., Class A		36,287

				1,388,844

	Chemicals (3.1%):
	1,715	Air Products & Chemicals, Inc.		234,663
	149	Airgas, Inc.		15,761
	63	Ashland, Inc.		7,680
	979	Axalta Coating Systems, Ltd.*		32,385
	106	Celanese Corp., Series A		7,619
	2,283	CF Industries Holdings, Inc.		146,751
	61	Cytec Industries, Inc.		3,692
	1,465	Dow Chemical Co. (The)		74,964
	4,057	E.I. du Pont de Nemours & Co.		259,445
	360	Eastman Chemical Co.		29,455
	2,561	Ecolab, Inc.		289,572
	938	FMC Corp.		49,292
	1,260	Huntsman Corp.		27,808
	785	International Flavor & Fragrances, Inc.		85,793
	3,734	LyondellBasell Industries NV, Class A		386,544
	4,618	Monsanto Co.		492,232
	85	NewMarket Corp.^		37,731
	191	Platform Speciality Products Corp.*		4,886
	2,637	PPG Industries, Inc.		302,517
	2,330	Praxair, Inc.		278,552
	1,293	RPM International, Inc.		63,318
	393	Scotts Miracle-Gro Co. (The)		23,270
	786	Sherwin Williams Co.^		216,166
	452	Sigma Aldrich Corp.		62,986
	797	Valspar Corp. (The)^		65,211
	706	W.R. Grace & Co.*		70,812

				3,269,105

	Commercial Services & Supplies (0.5%):
	926	Cintas Corp.		78,330
	385	Clean Harbors, Inc.*^		20,690
	1,228	Copart, Inc.*		43,569
	1,110	Covanta Holding Corp.^		23,521
	801	Iron Mountain, Inc.^		24,831
	462	KAR Auction Services, Inc.		17,279
	758	Pitney Bowes, Inc.		15,774
	1,063	R.R. Donnelley & Sons Co.		18,528
	896	Rollins, Inc.		25,563
	825	Stericycle, Inc.*		110,476
	3,570	Tyco International plc		137,374
	373	Waste Management, Inc.		17,289

				533,224

	Communications Equipment (0.5%):
	327	Arista Networks, Inc.*^		26,729
	221	Arris Group, Inc.*		6,763
	453	CommScope Holding Co., Inc.*		13,821


Shares			Fair Value
	Common Stocks, continued
	Communications Equipment, continued
	698	F5 Networks, Inc.*	$	84,004
	205	Harris Corp.		15,767
	678	Juniper Networks, Inc.		17,608
	2,046	Motorola Solutions, Inc.		117,318
	704	Palo Alto Networks, Inc.*^		122,988
	2,404	QUALCOMM, Inc.		150,562

				555,560

	Construction & Engineering (0.0%):
	193	Aecom Technology Corp.*		6,384
	393	Quanta Services, Inc.*		11,327

				17,711

	Construction Materials (0.1%):
	471	Eagle Materials, Inc.		35,952
	92	Martin Marietta Materials, Inc.^		13,019
	169	Vulcan Materials Co.		14,184

				63,155

	Consumer Finance (0.2%):
	346	Ally Financial, Inc.*		7,761
	1,627	American Express Co.		126,450
	83	Credit Acceptance Corp.*		20,433
	70	Santander Consumer USA Holdings, Inc.*		1,790
	3,799	SLM Corp.*		37,496

				193,930

	Containers & Packaging (0.4%):
	113	AptarGroup, Inc.^		7,206
	822	Avery Dennison Corp.		50,093
	1,338	Ball Corp.		93,861
	104	Bemis Co., Inc.		4,681
	595	Crown Holdings, Inc.*		31,481
	1,841	Graphic Packaging Holding Co.		25,645
	99	Owens-Illinois, Inc.*		2,271
	950	Packaging Corp. of America		59,366
	261	Rock-Tenn Co., Class A		15,712
	2,035	Sealed Air Corp.		104,558
	411	Silgan Holdings, Inc.^		21,684

				416,558

	Distributors (0.2%):
	1,372	Genuine Parts Co.		122,835
	2,951	LKQ Corp.*		89,253

				212,088

	Diversified Consumer Services (0.2%):
	2,497	H&R Block, Inc.		74,037
	1,961	Service Corp. International^		57,712
	997	ServiceMaster Global Holdings, Inc.*		36,061

				167,810

	Diversified Financial Services (0.8%):
	1,173	Berkshire Hathaway, Inc., Class B*		159,657
	810	CBOE Holdings, Inc.		46,348
	385	IntercontinentalExchange Group, Inc.		86,090
	428	Leucadia National Corp.^		10,392
	2,655	McGraw-Hill Cos., Inc. (The)		266,695
	1,722	Moody’s Corp.		185,907


Shares			Fair Value
	Common Stocks, continued
	Diversified Financial Services, continued
	1,091	MSCI, Inc., Class A	$	67,151

				822,240

	Diversified Telecommunication Services (1.7%):
	334	Level 3 Communications, Inc.*		17,592
	36,710	Verizon Communications, Inc.		1,711,053
	1	Windstream Holdings, Inc.		3
	1,205	Zayo Group Holdings, Inc.*^		30,993

				1,759,641

	Electric Utilities (0.0%):
	556	ITC Holdings Corp.		17,892

	Electrical Equipment (0.6%):
	422	Acuity Brands, Inc.		75,952
	2,343	AMETEK, Inc.		128,350
	207	Babcock & Wilcox Co. (The)		6,790
	4,467	Emerson Electric Co.		247,605
	75	Hubbell, Inc., Class B		8,121
	24	Regal-Beloit Corp.		1,742
	1,305	Rockwell Automation, Inc.^		162,655
	574	Solarcity Corp.*^		30,738

				661,953

	Electronic Equipment, Instruments & Components (0.4%):
	2,997	Amphenol Corp., Class A		173,735
	1,280	CDW Corp.		43,878
	846	Cognex Corp.		40,693
	858	FLIR Systems, Inc.		26,444
	85	Ingram Micro, Inc., Class A*		2,128
	336	IPG Photonics Corp.*^		28,619
	350	Jabil Circuit, Inc.		7,452
	1,379	Keysight Technologies, Inc.*		43,011
	240	National Instruments Corp.		7,070
	134	Trimble Navigation, Ltd.*		3,144
	502	Zebra Technologies Corp., Class A*		55,747

				431,921

	Energy Equipment & Services (0.2%):
	747	Dresser-Rand Group, Inc.*		63,630
	1,459	FMC Technologies, Inc.*		60,534
	168	Oceaneering International, Inc.		7,827
	70	RPC, Inc.^		968
	1,491	Schlumberger, Ltd.		128,509

				261,468

	Entertainment (0.0%):
	615	International Game Technology plc*		10,922

	Food & Staples Retailing (2.2%):
	4,268	Costco Wholesale Corp.		576,436
	10,145	CVS Health Corp.		1,064,008
	4,755	Kroger Co. (The)		344,785
	5,697	Rite AID Corp.*		47,570
	1,488	Sprouts Farmers Market, Inc.*^		40,146
	1,797	Sysco Corp.^		64,872
	1,260	Walgreens Boots Alliance, Inc.		106,394
	3,184	Whole Foods Market, Inc.		125,577

				2,369,788


Shares			Fair Value
	Common Stocks, continued
	Food Products (1.7%):
	995	Campbell Soup Co.^	$	47,412
	564	ConAgra Foods, Inc.		24,658
	1,504	Flowers Foods, Inc.^		31,810
	5,793	General Mills, Inc.^		322,786
	996	Hain Celestial Group, Inc.*^		65,597
	1,409	Hershey Co.		125,161
	1,298	Hormel Foods Corp.		73,168
	86	Ingredion, Inc.		6,864
	2,180	Kellogg Co.^		136,686
	1,254	Keurig Green Mountain, Inc.^		96,094
	5,742	Kraft Foods Group, Inc.		488,873
	1,230	McCormick & Co.^		99,569
	1,965	Mead Johnson Nutrition Co.		177,282
	104	Pilgrim’s Pride Corp.^		2,389
	137	Tyson Foods, Inc., Class A^		5,840
	1,699	WhiteWave Foods Co., Class A*		83,047

				1,787,236

	Health Care Equipment & Supplies (1.8%):
	531	Alere, Inc.*		28,010
	769	Align Technology, Inc.*		48,224
	3,353	Baxter International, Inc.		234,475
	2,031	Becton, Dickinson & Co.		287,691
	1,015	Boston Scientific Corp.*		17,966
	719	C.R. Bard, Inc.		122,733
	320	Cooper Cos., Inc. (The)		56,950
	348	DENTSPLY International, Inc.		17,939
	770	Dexcom, Inc.*		61,585
	1,044	Edwards Lifesciences Corp.*		148,697
	506	Hill-Rom Holdings, Inc.		27,491
	2,385	Hologic, Inc.*		90,773
	898	IDEXX Laboratories, Inc.*^		57,598
	358	Intuitive Surgical, Inc.*		173,451
	1,367	ResMed, Inc.^		77,058
	539	Sirona Dental Systems, Inc.*^		54,126
	1,539	St. Jude Medical, Inc.		112,455
	1,661	Stryker Corp.		158,742
	968	Varian Medical Systems, Inc.*		81,631
	103	Zimmer Holdings, Inc.		11,251

				1,868,846

	Health Care Providers & Services (3.9%):
	502	Acadia Healthcare Co., Inc.*		39,322
	834	Aetna, Inc.		106,302
	2,129	AmerisourceBergen Corp.		226,398
	509	Anthem, Inc.		83,547
	386	Brookdale Senior Living, Inc.*		13,394
	2,901	Cardinal Health, Inc.		242,669
	1,142	Catamaran Corp.*		69,753
	1,153	Centene Corp.*		92,701
	2,497	CIGNA Corp.		404,514
	493	DaVita, Inc.*		39,179
	1,801	Envision Healthcare Holdings, Inc.*		71,103
	5,942	Express Scripts Holding Co.*^		528,481
	243	HCA Holdings, Inc.*		22,045
	124	Health Net, Inc.*		7,951


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	805	Henry Schein, Inc.*	$	114,407
	1,346	Humana, Inc.		257,463
	323	Laboratory Corp. of America Holdings*		39,154
	43	LifePoint Hospitals, Inc.*		3,739
	2,246	McKesson, Inc.		504,923
	524	MEDNAX, Inc.*^		38,834
	319	Omnicare, Inc.		30,066
	457	Patterson Cos., Inc.		22,233
	365	Premier, Inc., Class A*		14,038
	963	Tenet Healthcare Corp.*		55,738
	8,771	UnitedHealth Group, Inc.		1,070,061
	161	Universal Health Services, Inc., Class B		22,878
	752	VCA Antech, Inc.*		40,913

				4,161,806

	Health Care Technology (0.3%):
	546	Allscripts Healthcare Solutions, Inc.*^		7,469
	374	athenahealth, Inc.*^		42,853
	2,907	Cerner Corp.*		200,758
	1,297	IMS Health Holdings, Inc.*		39,753
	246	Inovalon Holdings, Inc., Class A*		6,863
	689	Veeva Systems, Inc., Class A*^		19,313

				317,009

	Hotels, Restaurants & Leisure (3.2%):
	1,716	Aramark Holdings Corp.		53,145
	593	Brinker International, Inc.^		34,186
	302	Chipotle Mexican Grill, Inc.*		182,707
	344	Choice Hotels International, Inc.^		18,662
	243	Darden Restaurants, Inc.		17,272
	536	Domino’s Pizza, Inc.^		60,782
	919	Dunkin’ Brands Group, Inc.		50,545
	580	Extended Stay America, Inc.		10,887
	5,038	Hilton Worldwide Holdings, Inc.*		138,797
	3,545	Las Vegas Sands Corp.^		186,361
	2,033	Marriott International, Inc., Class A^		151,235
	9,297	McDonald’s Corp.		883,865
	279	MGM Resorts International*		5,092
	1,172	Norwegian Cruise Line Holdings, Ltd.*		65,679
	246	Panera Bread Co., Class A*^		42,993
	686	Six Flags Entertainment Corp.^		30,767
	14,554	Starbucks Corp.		780,313
	1,658	Starwood Hotels & Resorts Worldwide, Inc.		134,447
	1,165	Wyndham Worldwide Corp.		95,425
	698	Wynn Resorts, Ltd.^		68,872
	4,194	Yum! Brands, Inc.		377,796

				3,389,828

	Household Durables (0.6%):
	1,319	D.R. Horton, Inc.		36,088
	866	GoPro, Inc., Class A*^		45,656
	691	Harman International Industries, Inc.		82,188
	1,868	Jarden Corp.*		96,668
	1,337	Leggett & Platt, Inc.^		65,085
	37	Lennar Corp., Class B		1,595
	662	Lennar Corp., Class A^		33,788


Shares			Fair Value
	Common Stocks, continued
	Household Durables, continued
	421	Mohawk Industries, Inc.*	$	80,369
	1,314	Newell Rubbermaid, Inc.		54,019
	40	NVR, Inc.*		53,600
	572	Tempur-Pedic International, Inc.*^		37,695
	595	Toll Brothers, Inc.*		22,723
	458	Tupperware Brands Corp.^		29,559
	58	Whirlpool Corp.		10,037

				649,070

	Household Products (1.0%):
	1,281	Church & Dwight Co., Inc.		103,928
	1,005	Clorox Co. (The)^		104,540
	7,695	Colgate-Palmolive Co.		503,329
	2,801	Kimberly-Clark Corp.		296,822
	246	Spectrum Brands Holdings, Inc.		25,090

				1,033,709

	Independent Power and Renewable Electricity Producers (0.0%):
	419	Calpine Corp.*		7,538

	Industrial Conglomerates (1.1%):
	6,153	3M Co.		949,407
	138	Carlisle Cos., Inc.		13,817
	1,159	Danaher Corp.		99,199
	374	Roper Industries, Inc.		64,500

				1,126,923

	Insurance (0.5%):
	21	AmTrust Financial Services		1,376
	2,734	Aon plc		272,525
	905	Arthur J. Gallagher & Co.		42,807
	230	Erie Indemnity Co., Class A		18,876
	14	Markel Corp.*		11,210
	3,120	Marsh & McLennan Cos., Inc.		176,903

				523,697

	Internet & Catalog Retail (2.8%):
	3,698	Amazon.com, Inc.*		1,605,264
	953	Expedia, Inc.^		104,211
	4,804	Groupon, Inc.*^		24,164
	296	HomeAway, Inc.*		9,212
	1,953	Liberty Media Corp. — Interactive, Class A*		54,196
	1,352	Liberty Ventures, Inc., Series A*		53,093
	588	Netflix, Inc.*		386,281
	503	Priceline Group, Inc. (The)*		579,139
	1,088	TripAdvisor, Inc.*^		94,808

				2,910,368

	Internet Software & Services (6.2%):
	1,732	Akamai Technologies, Inc.*		120,928
	315	CoStar Group, Inc.*^		63,397
	11,783	eBay, Inc.*		709,808
	553	Equinix, Inc.		140,462
	20,990	Facebook, Inc., Class A*		1,800,206
	229	GoDaddy, Inc., Class A*		6,456
	2,854	Google, Inc., Class C*		1,485,536
	2,796	Google, Inc., Class A*		1,509,952
	713	IAC/InterActiveCorp		56,798


Shares			Fair Value
	Common Stocks, continued
	Internet Software & Services, continued
	648	LendingClub Corp.*	$	9,558
	1,062	LinkedIn Corp., Class A*		219,441
	1,195	Rackspace Hosting, Inc.*		44,442
	5,482	Twitter, Inc.*^		198,558
	1,004	VeriSign, Inc.*^		61,967
	630	Yelp, Inc.*^		27,109
	256	Zillow Group, Inc., Class A*^		22,205

				6,476,823

	IT Services (5.3%):
	6,093	Accenture plc, Class A		589,680
	602	Alliance Data Systems Corp.*		175,748
	3,657	Automatic Data Processing, Inc.		293,401
	177	Black Knight Financial Services, Inc., Class A*		5,464
	914	Booz Allen Hamilton Holding Corp.		23,069
	1,137	Broadridge Financial Solutions, Inc.		56,861
	5,922	Cognizant Technology Solutions Corp., Class A*		361,775
	393	CoreLogic, Inc.*		15,598
	276	DST Systems, Inc.		34,770
	1,185	Fidelity National Information Services, Inc.		73,233
	2,297	Fiserv, Inc.*		190,261
	891	FleetCor Technologies, Inc.*		139,049
	806	Gartner, Inc.*		69,139
	1,543	Genpact, Ltd.*		32,912
	642	Global Payments, Inc.		66,415
	4,888	International Business Machines Corp.		795,082
	797	Jack Henry & Associates, Inc.		51,566
	56	Leidos Holdings, Inc.		2,261
	9,696	MasterCard, Inc., Class A		906,382
	2,734	Paychex, Inc.^		128,170
	1,103	Sabre Corp.^		26,251
	1,024	Teradata Corp.*^		37,888
	1,603	Total System Services, Inc.		66,957
	1,391	Vantive, Inc., Class A*		53,122
	1,104	VeriFone Systems, Inc.*		37,492
	18,986	Visa, Inc., Class A^		1,274,911
	5,008	Western Union Co.^		101,813
	375	Wex, Inc.*		42,739

				5,652,009

	Leisure Products (0.2%):
	663	Brunswick Corp.		33,720
	878	Hasbro, Inc.^		65,666
	645	Polaris Industries, Inc.^		95,531
	81	Vista Outdoor, Inc.*		3,637

				198,554

	Life Sciences Tools & Services (0.8%):
	149	Bio-Techne Corp.		14,672
	1,036	Bruker Corp.*		21,145
	460	Charles River Laboratories International, Inc.*		32,356
	1,398	Illumina, Inc.*		305,267
	272	Mettler-Toledo International, Inc.*		92,877
	171	PerkinElmer, Inc.^		9,001
	728	Quintiles Transnational Holdings, Inc.*		52,860
	1,302	Thermo Fisher Scientific, Inc.		168,948


Shares			Fair Value
	Common Stocks, continued
	Life Sciences Tools & Services, continued
	151	VWR Corp.*^	$	4,036
	799	Waters Corp.*		102,576

				803,738

	Machinery (1.5%):
	947	Allison Transmission Holdings, Inc.		27,709
	1,019	Caterpillar, Inc.^		86,432
	1,309	Cummins, Inc.		171,728
	583	Deere & Co.^		56,580
	1,192	Donaldson Co., Inc.^		42,674
	608	Flowserve Corp.		32,017
	571	Graco, Inc.^		40,558
	701	IDEX Corp.		55,085
	2,903	Illinois Tool Works, Inc.		266,466
	180	Ingersoll-Rand plc		12,136
	676	Lincoln Electric Holdings, Inc.		41,162
	557	Middleby Corp. (The)*		62,512
	591	Nordson Corp.^		46,033
	3,111	PACCAR, Inc.^		198,513
	1,035	Pall Corp.		128,806
	610	Parker Hannifin Corp.^		70,961
	564	Snap-On, Inc.		89,817
	138	Stanley Black & Decker, Inc.		14,523
	531	Toro Co.		35,991
	21	Valmont Industries, Inc.^		2,496
	534	WABCO Holdings, Inc.*^		66,066
	938	Wabtec Corp.		88,397

				1,636,662

	Media (6.0%):
	581	AMC Networks, Inc., Class A*		47,555
	283	Cablevision Systems Corp., Class A		6,775
	4,774	CBS Corp., Class B		264,957
	728	Charter Communications, Inc., Class A*^		124,670
	1,124	Cinemark Holdings, Inc.		45,151
	232	Clear Channel Outdoor Holdings, Inc., Class A		2,350
	3,339	Comcast Corp., Class A		200,140
	18,593	Comcast Corp., Class A		1,118,182
	4,585	DIRECTV, Inc., Class A*		425,442
	2,420	Discovery Communications, Inc., Class C*		75,214
	1,375	Discovery Communications, Inc., Class A*^		45,733
	1,421	DISH Network Corp., Class A*		96,216
	3,992	Interpublic Group of Cos., Inc. (The)		76,926
	786	Lamar Advertising Co., Class A		45,179
	921	Lions Gate Entertainment Corp.^		34,123
	1,413	Live Nation, Inc.*		38,843
	597	Madison Square Garden, Inc., Class A*		49,844
	182	Morningstar, Inc.^		14,478
	2,370	Omnicom Group, Inc.^		164,691
	2,051	Pandora Media, Inc.*^		31,873
	803	Regal Entertainment Group, Class A^		16,791
	887	Scripps Networks Interactive, Class A^		57,983
	22,293	Sirius XM Holdings, Inc.*^		83,153
	837	Starz — Liberty Capital*^		37,431
	2,742	Time Warner Cable, Inc., Class A		488,541
	4,119	Time Warner, Inc., Class A		360,042


Shares			Fair Value
	Common Stocks, continued
	Media, continued
	8,267	Twenty-First Century Fox, Inc.	$	269,050
	3,176	Twenty-First Century Fox, Inc., Class B		102,331
	101	Viacom, Inc., Class A		6,552
	3,362	Viacom, Inc., Class B		217,320
	16,458	Walt Disney Co. (The)^		1,878,515

				6,426,051

	Metals & Mining (0.0%):
	316	Compass Minerals International, Inc.		25,956
	34	Royal Gold, Inc.		2,094
	362	Southern Copper Corp.^		10,646
	261	Steel Dynamics, Inc.		5,407
	128	Tahoe Resources, Inc.		1,553

				45,656

	Multiline Retail (0.7%):
	28	Dillard’s, Inc., Class A^		2,945
	2,946	Dollar General Corp.		229,022
	2,000	Dollar Tree, Inc.*		157,980
	880	Family Dollar Stores, Inc.		69,353
	2,389	Macy’s, Inc.		161,186
	1,362	Nordstrom, Inc.^		101,469
	14	Sears Holdings Corp.*^		374
	514	Target Corp.		41,958

				764,287

	Multi-Utilities (0.0%):
	288	Dominion Resources, Inc.^		19,259

	Oil, Gas & Consumable Fuels (0.7%):
	4,012	Cabot Oil & Gas Corp.		126,538
	274	Continental Resources, Inc.*^		11,615
	78	CVR Energy, Inc.^		2,936
	458	EOG Resources, Inc.		40,098
	282	HollyFrontier Corp.		12,039
	396	Marathon Petroleum Corp.		20,715
	801	Memorial Resource Development Corp.*		15,195
	912	ONEOK, Inc.		36,006
	109	Range Resources Corp.^		5,382
	266	Targa Resources Corp.^		23,733
	196	Teekay Shipping Corp.		8,393
	75	Tesoro Corp.		6,331
	7,265	Williams Cos., Inc. (The)		416,937
	130	World Fuel Services Corp.		6,234

				732,152

	Paper & Forest Products (0.2%):
	3,879	International Paper Co.		184,602

	Personal Products (0.2%):
	807	Coty, Inc., Class A		25,800
	2,035	Estee Lauder Co., Inc. (The), Class A		176,352
	606	Herbalife, Ltd.*^		33,385
	120	Nu Skin Enterprises, Inc., Class A^		5,656

				241,193

	Pharmaceuticals (4.7%):
	16,974	AbbVie, Inc.		1,140,483
	761	Akorn, Inc.*		33,225


Shares			Fair Value
	Common Stocks, continued
	Pharmaceuticals, continued
	1,721	Allergan plc*	$	522,255
	16,169	Bristol-Myers Squibb Co.		1,075,885
	9,491	Eli Lilly & Co.		792,404
	626	Endo International plc*		49,861
	1,308	Hospira, Inc.*		116,033
	560	Jazz Pharmaceuticals plc*		98,599
	33	Jazz Pharmaceuticals plc*		5,810
	3,470	Johnson & Johnson Co.		338,186
	448	Mallinckrodt plc*		52,739
	3,124	Merck & Co., Inc.		177,849
	3,457	Mylan NV*		234,592
	263	Perrigo Co. plc		48,610
	4,850	Zoetis, Inc.		233,867

				4,920,398

	Professional Services (0.5%):
	104	Dun & Bradstreet Corp.		12,688
	1,155	Equifax, Inc.		112,139
	572	IHS, Inc., Class A*		73,576
	2,460	Nielsen Holdings NV		110,134
	1,296	Robert Half International, Inc.		71,928
	120	Towers Watson & Co., Class A		15,096
	1,640	Verisk Analytics, Inc., Class A*		119,327

				514,888

	Real Estate Investment Trusts (REITs) (1.9%):
	4,104	American Tower Corp.		382,863
	1,359	Boston Properties, Inc.		164,493
	140	Columbia Property Trust, Inc.		3,437
	302	Communications Sales & Leasing, Inc.		7,465
	3,238	Crown Castle International Corp.		260,011
	757	Digital Realty Trust, Inc.		50,477
	509	Empire State Realty Trust, Inc., Class A		8,684
	818	Equity Lifestyle Properties, Inc.		43,010
	1,130	Extra Space Storage, Inc.		73,699
	667	Federal Realty Investment Trust^		85,436
	106	Gaming & Leisure Properties, Inc.		3,886
	1,534	Health Care REIT, Inc.		100,676
	119	Healthcare Trust of America, Inc., Class A		2,850
	483	Omega Healthcare Investors, Inc.		16,581
	699	Plum Creek Timber Co., Inc.		28,358
	179	Post Properties, Inc.		9,732
	1,283	Public Storage, Inc.		236,547
	3,020	Simon Property Group, Inc.		522,521
	930	Tanger Factory Outlet Centers, Inc.		29,481
	223	Taubman Centers, Inc.		15,499
	432	Weyerhaeuser Co.		13,608

				2,059,314

	Real Estate Management & Development (0.2%):
	2,775	CBRE Group, Inc.*		102,675
	156	Howard Hughes Corp. (The)*		22,392
	317	Jones Lang LaSalle, Inc.		54,207
	518	Realogy Holdings Corp.*^		24,201

				203,475


Shares			Fair Value
	Common Stocks, continued
	Road & Rail (1.1%):
	34	AMERCO, Inc.	$	11,115
	1,027	Avis Budget Group, Inc.*		45,270
	2,473	CSX Corp.		80,744
	201	Genesee & Wyoming, Inc., Class A*		15,312
	3,937	Hertz Global Holdings, Inc.*^		71,338
	893	J.B. Hunt Transport Services, Inc.		73,306
	423	Landstar System, Inc.		28,286
	677	Old Dominion Freight Line, Inc.*		46,446
	8,493	Union Pacific Corp.		809,978

				1,181,795

	Semiconductors & Semiconductor Equipment (2.1%):
	909	Altera Corp.		46,541
	2,783	Analog Devices, Inc.		178,627
	7,072	Applied Materials, Inc.		135,924
	3,963	Atmel Corp.		39,055
	2,489	Avago Technologies, Ltd.		330,863
	392	Broadcom Corp., Class A		20,184
	913	Freescale Semiconductor Holdings I, Ltd.*		36,493
	70	Freescale Semiconductor, Ltd.*		2,798
	3,221	Intel Corp.		97,967
	1,552	KLA-Tencor Corp.		87,238
	1,097	Lam Research Corp.		89,241
	2,323	Linear Technology Corp.		102,746
	951	Maxim Integrated Products, Inc.		32,881
	1,963	Microchip Technology, Inc.^		93,095
	829	Micron Technology, Inc.*		15,618
	3,843	ON Semiconductor Corp.*		44,925
	1,450	Qorvo, Inc.*		116,392
	1,854	Skyworks Solutions, Inc.		193,001
	2,431	SunEdison, Inc.*^		72,711
	64	Sunpower Corp.*^		1,818
	10,091	Texas Instruments, Inc.		519,788
	580	Xilinx, Inc.		25,613

				2,283,519

	Software (5.1%):
	4,853	Adobe Systems, Inc.*		393,142
	165	Ansys, Inc.*^		15,055
	1,641	Autodesk, Inc.*		82,173
	2,839	Cadence Design Systems, Inc.*^		55,815
	1,555	CDK Global, Inc.		83,939
	1,555	Citrix Systems, Inc.*		109,099
	3,052	Electronic Arts, Inc.*		202,958
	399	FactSet Research Systems, Inc.^		64,841
	1,338	FireEye, Inc.*		65,442
	1,386	Fortinet, Inc.*		57,283
	1,016	Informatica Corp.*		49,246
	2,676	Intuit, Inc.		269,661
	780	King Digital Entertainment plc		11,115
	44,488	Microsoft Corp.		1,964,144
	391	NetSuite, Inc.*^		35,874
	18,439	Oracle Corp.		743,091
	1,117	PTC, Inc.*		45,819
	1,785	Red Hat, Inc.*		135,535
	6,363	Salesforce.com, Inc.*		443,056


Shares			Fair Value
	Common Stocks, continued
	Software, continued
	1,492	ServiceNow, Inc.*^	$	110,871
	619	Solarwinds, Inc.*		28,554
	648	Solera Holdings, Inc.		28,875
	1,216	Splunk, Inc.*^		84,658
	621	SS&C Technologies Holdings, Inc.		38,813
	110	Synopsys, Inc.*		5,572
	481	Tableau Software, Inc., Class A*		55,459
	278	Ultimate Software Group, Inc. (The)*		45,687
	795	VMware, Inc., Class A*		68,163
	1,029	Workday, Inc., Class A*^		78,605

				5,372,545

	Specialty Retail (4.3%):
	94	Aaron’s, Inc.		3,404
	710	Advance Auto Parts, Inc.^		113,096
	707	AutoNation, Inc.*		44,527
	303	AutoZone, Inc.*		202,071
	1,662	Bed Bath & Beyond, Inc.*^		114,645
	47	Cabela’s, Inc., Class A*^		2,349
	2,030	CarMax, Inc.*^		134,406
	607	CST Brands, Inc.		23,709
	615	Dick’s Sporting Goods, Inc.		31,839
	43	DSW, Inc., Class A		1,435
	1,174	Foot Locker, Inc.^		78,670
	2,312	Gap, Inc. (The)^		88,249
	857	GNC Holdings, Inc., Class A		38,119
	12,599	Home Depot, Inc. (The)		1,400,128
	2,401	L Brands, Inc.		205,838
	9,231	Lowe’s Cos., Inc.		618,200
	608	Michaels Cos., Inc. (The)*^		16,361
	27	Murphy USA, Inc.*		1,507
	940	Office Depot, Inc.*		8,140
	980	O’Reilly Automotive, Inc.*^		221,460
	155	Penske Automotive Group, Inc.		8,077
	4,004	Ross Stores, Inc.		194,634
	1,530	Sally Beauty Holdings, Inc.*		48,317
	779	Signet Jewelers, Ltd.		99,899
	827	Tiffany & Co.		75,919
	6,602	TJX Cos., Inc. (The)		436,854
	1,324	Tractor Supply Co.		119,081
	624	Ulta Salon, Cosmetics & Fragrance, Inc.*		96,377
	949	Urban Outfitters, Inc.*^		33,215
	887	Williams-Sonoma, Inc.		72,973

				4,533,499

	Technology Hardware, Storage & Peripherals (6.8%):
	398	3D Systems Corp.*^		7,769
	55,877	Apple, Inc.		7,008,372
	1,545	EMC Corp.		40,773
	908	NetApp, Inc.		28,656

				7,085,570

	Textiles, Apparel & Luxury Goods (1.5%):
	506	Carter’s, Inc.		53,788
	376	Coach, Inc.^		13,013
	334	Fossil Group, Inc.*		23,166


Shares			Fair Value
	Common Stocks, continued
	Textiles, Apparel & Luxury Goods, continued
	3,896	Hanesbrands, Inc.	$	129,815
	1,192	Kate Spade & Co.*^		25,676
	1,082	Lululemon athletica, Inc.*		70,654
	1,925	Michael Kors Holdings, Ltd.*		81,023
	6,585	Nike, Inc., Class B		711,311
	32	Ralph Lauren Corp.		4,236
	397	Skechers U.S.A., Inc., Class A*		43,587
	1,733	Under Armour, Inc., Class A*		144,602
	3,279	VF Corp.		228,677

				1,529,548

	Tobacco (1.7%):
	17,949	Altria Group, Inc.		877,886
	7,483	Philip Morris International, Inc.		599,912
	4,005	Reynolds American, Inc.		299,013

				1,776,811

	Trading Companies & Distributors (0.4%):
	53	Air Lease Corp.^		1,797
	2,852	Fastenal Co.^		120,297
	1,654	HD Supply Holdings, Inc.*		58,188
	142	MSC Industrial Direct Co., Inc., Class A		9,907
	941	United Rentals, Inc.*		82,450


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Trading Companies & Distributors, continued
	650	W.W. Grainger, Inc.^	$	153,823
	253	Watsco, Inc.		31,306

				457,768

	Wireless Telecommunication Services (0.1%):
	619	SBA Communications Corp., Class A*		71,167

	Total Common Stocks (Cost $61,498,685)			102,788,680

	Securities Held as Collateral for Securities on Loan (8.5%):
$	9,020,802	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		9,020,802

	Total Securities Held as Collateral for Securities on Loan (Cost $9,020,802)			9,020,802

	Unaffiliated Investment Company (2.7%):
	2,856,372	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		2,856,372

	Total Unaffiliated Investment Company (Cost $2,856,372)			2,856,372

	Total Investment Securities (Cost $73,375,859)(c) — 108.5%			114,665,854
	Net other assets (liabilities) — (8.5)%			(8,944,821	)

	Net Assets — 100.0%		$	105,721,033

Cash of $124,400 has been segregated to cover margin requirements for the following open contracts as of June 30, 2015:

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	73,304,513
Investments in affiliates, at cost		71,346

Total Investment securities, at cost	$	73,375,859

Investments in non-affiliates, at value	$	114,531,960
Investments in affiliates, at value		133,894

Total Investment securities, at value*	$	114,665,854
Cash		997
Segregated cash for collateral		124,400
Interest and dividends receivable		91,120
Receivable for capital shares issued		191,671
Receivable for investments sold		14,052,569
Receivable for variation margin on futures contracts		6,020
Prepaid expenses		209

Total Assets		129,132,840

Liabilities:
Payable for investments purchased		14,300,343
Payable for capital shares redeemed		2,470
Payable for collateral received on loaned securities		9,020,802
Manager fees payable		38,967
Administration fees payable		3,715
Distribution fees payable		22,140
Custodian fees payable		2,200
Administrative and compliance services fees payable		45
Trustee fees payable		431
Other accrued liabilities		20,694

Total Liabilities		23,411,807

Net Assets	$	105,721,033

Net Assets Consist of:
Capital	$	31,592,704
Accumulated net investment income/(loss)		1,595,366
Accumulated net realized gains/(losses) from investment transactions		31,300,610
Net unrealized appreciation/(depreciation) on investments		41,232,353

Net Assets	$	105,721,033

Shares of beneficial interest (unlimited number of shares authorized, no par value)		5,967,974
Net Asset Value (offering and redemption price per share)	$	17.71

*	Includes securities on loan of $8,879,931.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	945,519
Dividends from affiliates		2,267
Income from securities lending		14,912
Foreign withholding tax		(292	)

Total Investment Income		962,406

Expenses:
Manager fees		269,558
Administration fees		23,348
Distribution fees		153,158
Custodian fees		4,273
Administrative and compliance services fees		614
Trustee fees		2,409
Professional fees		3,030
Shareholder reports		657
Other expenses		15,664

Total expenses		472,711

Net Investment Income/(Loss)		489,695

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		17,911,696
Net realized gains/(losses) on futures contracts		60,696
Change in net unrealized appreciation/depreciation on investments		(13,139,138	)

Net Realized/Unrealized Gains/(Losses) on Investments		4,833,254

Change in Net Assets Resulting From Operations	$	5,322,949

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Russell 1000 Growth Index Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $1,454 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2015, the Fund used futures contracts to provide equity exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $2.7 million as of June 30, 2015. The monthly average notional amount for these contracts was $2.7 million for the period ended June 30, 2015. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $699 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $73,528,980. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Russell 1000 Value Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (97.7%):
	Aerospace & Defense (2.2%):
	3,916	General Dynamics Corp.	$	554,858
	1,594	L-3 Communications Holdings, Inc.		180,728
	1,481	Lockheed Martin Corp.		275,318
	2,611	Northrop Grumman Corp.		414,183
	1,179	Orbital Atk, Inc.		86,491
	2,165	Precision Castparts Corp.		432,719
	5,906	Raytheon Co.		565,086
	212	Spirit AeroSystems Holdings, Inc., Class A*		11,683
	4,154	Textron, Inc.		185,393
	954	Triumph Group, Inc.		62,954
	15,644	United Technologies Corp.		1,735,389

				4,504,802

	Air Freight & Logistics (0.3%):
	3,504	FedEx Corp.		597,082

	Airlines (0.0%):
	638	Copa Holdings SA, Class A^		52,692
	3,802	JetBlue Airways Corp.*		78,930

				131,622

	Auto Components (0.4%):
	2,847	Gentex Corp.		46,748
	5,224	Goodyear Tire & Rubber Co.		157,504
	9,898	Johnson Controls, Inc.		490,247
	366	Lear Corp.		41,087

				735,586

	Automobiles (1.1%):
	75,565	Ford Motor Co.		1,134,230
	31,105	General Motors Co.		1,036,730
	1,825	Harley-Davidson, Inc.		102,839

				2,273,799

	Banks (11.4%):
	2,969	Associated Banc-Corp.^		60,182
	203,251	Bank of America Corp.		3,459,331
	845	Bank of Hawaii Corp.^		56,345
	2,029	BankUnited, Inc.		72,902
	14,122	BB&T Corp.		569,258
	529	BOK Financial Corp.^		36,808
	3,369	CIT Group, Inc.		156,625
	58,721	Citigroup, Inc.		3,243,747
	6,036	Citizens Financial Group, Inc.		164,843
	931	City National Corp.		84,153
	3,446	Comerica, Inc.		176,849
	1,594	Commerce Bancshares, Inc.^		74,551
	1,057	Cullen/Frost Bankers, Inc.^		83,059
	2,784	East West Bancorp, Inc.		124,779
	15,675	Fifth Third Bancorp		326,354
	4,519	First Horizon National Corp.^		70,813
	6,872	First Niagara Financial Group, Inc.^		64,872
	2,747	First Republic Bank		173,143
	15,648	Huntington Bancshares, Inc.		176,979
	71,822	JPMorgan Chase & Co.		4,866,658
	16,418	KeyCorp		246,598
	2,574	M&T Bank Corp.		321,570
	1,972	PacWest Bancorp^		92,211


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	5,983	People’s United Financial, Inc.^	$	96,984
	10,024	PNC Financial Services Group, Inc.		958,796
	2,004	Popular, Inc.*		57,835
	25,941	Regions Financial Corp.		268,749
	75	Signature Bank*		10,979
	9,991	SunTrust Banks, Inc.		429,813
	369	SVB Financial Group*		53,129
	2,578	Synovus Financial Corp.		79,454
	3,286	TCF Financial Corp.		54,580
	32,421	U.S. Bancorp		1,407,071
	90,165	Wells Fargo & Co.		5,070,879
	3,933	Zions Bancorp		124,814

				23,315,713

	Beverages (0.1%):
	171	Brown-Forman Corp., Class B		17,131
	38	Brown-Forman Corp., Class A		4,234
	2,669	Molson Coors Brewing Co., Class B		186,323

				207,688

	Biotechnology (0.0%):
	420	Alkermes plc*		27,022
	75	Alkermes plc*		4,826
	262	Alnylam Pharmaceuticals, Inc.*		31,406

				63,254

	Building Products (0.1%):
	282	Armstrong World Industries, Inc.*		15,025
	2,006	Fortune Brands Home & Security, Inc.		91,915
	2,284	Owens Corning, Inc.		94,215

				201,155

	Capital Markets (3.3%):
	587	Ameriprise Financial, Inc.		73,334
	19,361	Bank of New York Mellon Corp. (The)		812,581
	1,655	BlackRock, Inc., Class A+		572,597
	6,497	Charles Schwab Corp. (The)		212,127
	5,611	ETRADE Financial Corp.		168,049
	7,507	Franklin Resources, Inc.		368,068
	8,361	Goldman Sachs Group, Inc. (The)		1,745,694
	1,018	Interactive Brokers Group, Inc., Class A^		42,308
	7,313	Invesco, Ltd.		274,164
	1,260	Legg Mason, Inc.		64,928
	29,668	Morgan Stanley		1,150,822
	4,517	Northern Trust Corp.		345,370
	2,473	Raymond James Financial, Inc.		147,341
	7,968	State Street Corp.		613,536
	765	TD Ameritrade Holding Corp.		28,167
	102	Waddell & Reed Financial, Inc., Class A		4,826

				6,623,912

	Chemicals (1.6%):
	736	Air Products & Chemicals, Inc.		100,707
	1,020	Airgas, Inc.		107,896
	2,172	Albemarle Corp.		120,046
	1,184	Ashland, Inc.		144,330
	1,204	Cabot Corp.		44,897
	2,756	Celanese Corp., Series A		198,101


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	1,260	Cytec Industries, Inc.	$	76,268
	19,390	Dow Chemical Co. (The)		992,185
	9,426	E.I. du Pont de Nemours & Co.		602,792
	2,161	Eastman Chemical Co.		176,813
	714	FMC Corp.		37,521
	1,452	Huntsman Corp.		32,046
	6,743	Mosaic Co. (The)		315,910
	1,955	Platform Speciality Products Corp.*		50,009
	932	Praxair, Inc.		111,421
	90	Scotts Miracle-Gro Co. (The)		5,329
	1,415	Sigma Aldrich Corp.		197,180
	779	Westlake Chemical Corp.		53,432

				3,366,883

	Commercial Services & Supplies (0.5%):
	3,316	ADT Corp. (The)^		111,318
	368	Clean Harbors, Inc.*^		19,776
	2,265	Corrections Corp. of America^		74,926
	2,478	Iron Mountain, Inc.^		76,818
	1,822	KAR Auction Services, Inc.		68,143
	2,393	Pitney Bowes, Inc.		49,798
	1,918	R.R. Donnelley & Sons Co.		33,431
	4,693	Republic Services, Inc., Class A		183,825
	1,027	Tyco International plc		39,519
	2,398	Waste Connections, Inc.		112,994
	8,117	Waste Management, Inc.		376,223

				1,146,771

	Communications Equipment (2.4%):
	2,193	Arris Group, Inc.*		67,106
	8,088	Brocade Communications Systems, Inc.		96,085
	98,429	Cisco Systems, Inc.		2,702,860
	1,135	CommScope Holding Co., Inc.*		34,629
	854	EchoStar Corp., Class A*		41,573
	1,992	Harris Corp.		153,205
	4,608	JDS Uniphase Corp.*^		53,361
	6,289	Juniper Networks, Inc.		163,325
	26,754	QUALCOMM, Inc.		1,675,603

				4,987,747

	Construction & Engineering (0.2%):
	2,527	Aecom Technology Corp.*^		83,593
	1,896	Chicago Bridge & Iron Co. NV		94,876
	2,837	Fluor Corp.		150,389
	2,431	Jacobs Engineering Group, Inc.*^		98,747
	2,792	KBR, Inc.^		54,388
	3,175	Quanta Services, Inc.*		91,504

				573,497

	Construction Materials (0.2%):
	1,124	Martin Marietta Materials, Inc.		159,057
	2,232	Vulcan Materials Co.		187,332

				346,389

	Consumer Finance (1.4%):
	8,630	Ally Financial, Inc.*		193,571
	13,480	American Express Co.		1,047,665
	10,576	Capital One Financial Corp.		930,371


Shares			Fair Value
	Common Stocks, continued
	Consumer Finance, continued
	8,564	Discover Financial Services	$	493,458
	7,529	Navient Corp.		137,103
	1,591	Santander Consumer USA Holdings, Inc.*		40,682
	660	SLM Corp.*		6,514
	1,009	Springleaf Holdings, Inc.*		46,323
	2,486	Synchrony Financial*^		81,864

				2,977,551

	Containers & Packaging (0.3%):
	988	AptarGroup, Inc.^		63,005
	124	Avery Dennison Corp.		7,557
	1,681	Bemis Co., Inc.^		75,662
	1,509	Crown Holdings, Inc.*		79,841
	2,693	Graphic Packaging Holding Co.		37,513
	3,248	MeadWestvaco Corp.		153,272
	2,925	Owens-Illinois, Inc.*		67,100
	2,205	Rock-Tenn Co., Class A		132,741
	1,953	Sonoco Products Co.		83,706

				700,397

	Distributors (0.0%):
	196	Genuine Parts Co.		17,548

	Diversified Consumer Services (0.0%):
	68	Graham Holdings Co., Class B		73,103
	347	H&R Block, Inc.		10,289

				83,392

	Diversified Financial Services (2.9%):
	33,655	Berkshire Hathaway, Inc., Class B*		4,580,782
	6,205	CME Group, Inc.		577,437
	1,388	IntercontinentalExchange Group, Inc.		310,371
	5,507	Leucadia National Corp.^		133,710
	2,241	NASDAQ OMX Group, Inc. (The)		109,383
	4,432	Voya Financial, Inc.		205,955

				5,917,638

	Diversified Telecommunication Services (2.2%):
	100,502	AT&T, Inc.^		3,569,832
	10,911	CenturyLink, Inc.		320,565
	19,418	Frontier Communications Corp.^		96,119
	4,932	Level 3 Communications, Inc.*		259,768
	5,684	Verizon Communications, Inc.		264,931
	376	Zayo Group Holdings, Inc.*^		9,671

				4,520,886

	Electric Utilities (2.8%):
	9,482	American Electric Power Co., Inc.		502,262
	13,384	Duke Energy Corp.		945,177
	6,306	Edison International		350,487
	3,475	Entergy Corp.		244,988
	6,148	Eversource Energy		279,181
	16,668	Exelon Corp.^		523,709
	8,168	FirstEnergy Corp.		265,868
	2,986	Great Plains Energy, Inc.^		72,142
	2,079	Hawaiian Electric Industries, Inc.^		61,809
	1,896	ITC Holdings Corp.		61,013
	8,596	NextEra Energy, Inc.		842,666


Shares			Fair Value
	Common Stocks, continued
	Electric Utilities, continued
	3,863	OGE Energy Corp.	$	110,366
	4,898	Pepco Holdings, Inc.		131,952
	2,144	Pinnacle West Capital Corp.		121,972
	12,931	PPL Corp.		381,077
	17,578	Southern Co. (The)^		736,518
	2,573	Westar Energy, Inc.		88,048

				5,719,235

	Electrical Equipment (0.5%):
	1,659	Babcock & Wilcox Co. (The)		54,415
	9,040	Eaton Corp. plc		610,110
	4,023	Emerson Electric Co.		222,995
	972	Hubbell, Inc., Class B		105,248
	822	Regal-Beloit Corp.		59,669

				1,052,437

	Electronic Equipment, Instruments & Components (0.5%):
	1,852	Arrow Electronics, Inc.*		103,342
	2,629	Avnet, Inc.		108,078
	24,358	Corning, Inc.		480,583
	950	Dolby Laboratories, Inc., Class A		37,696
	1,001	FLIR Systems, Inc.		30,851
	2,855	Ingram Micro, Inc., Class A*		71,461
	3,053	Jabil Circuit, Inc.		64,998
	521	Keysight Technologies, Inc.*		16,250
	1,698	National Instruments Corp.		50,023
	4,756	Trimble Navigation, Ltd.*		111,576

				1,074,858

	Energy Equipment & Services (2.3%):
	8,413	Baker Hughes, Inc.		519,082
	3,705	Cameron International Corp.*^		194,031
	1,243	Diamond Offshore Drilling, Inc.^		32,082
	754	Dril-Quip, Inc.*		56,739
	4,535	Ensco plc, Class A, ADR		100,995
	1,560	FMC Technologies, Inc.*		64,724
	553	Frank’s International NV		10,419
	117	Frank’s International NV		2,204
	16,468	Halliburton Co.		709,277
	1,867	Helmerich & Payne, Inc.^		131,474
	6,394	Nabors Industries, Ltd.		92,265
	7,507	National-Oilwell Varco, Inc.^		362,438
	4,683	Noble Corp. plc		72,071
	1,577	Oceaneering International, Inc.		73,472
	2,842	Patterson-UTI Energy, Inc.		53,472
	2,415	Rowan Cos. plc, Class A		50,981
	974	RPC, Inc.		13,470
	21,601	Schlumberger, Ltd.		1,861,790
	7,232	Seadrill, Ltd.^		74,779
	2,914	Superior Energy Services, Inc.^		61,311

				4,537,076

	Entertainment (0.0%):
	596	International Game Technology plc*		10,585

	Food & Staples Retailing (1.9%):
	1,595	CVS Health Corp.		167,284
	7,770	Rite AID Corp.*		64,880


Shares			Fair Value
	Common Stocks, continued
	Food & Staples Retailing, continued
	7,906	Sysco Corp.^	$	285,407
	14,126	Walgreens Boots Alliance, Inc.		1,192,799
	30,571	Wal-Mart Stores, Inc.		2,168,400
	583	Whole Foods Market, Inc.		22,994

				3,901,764

	Food Products (1.6%):
	12,007	Archer-Daniels-Midland Co.		578,978
	2,780	Bunge, Ltd.		244,084
	1,385	Campbell Soup Co.^		65,995
	7,141	ConAgra Foods, Inc.		312,205
	368	Flowers Foods, Inc.		7,783
	1,210	Ingredion, Inc.		96,570
	2,316	J.M. Smucker Co. (The)^		251,078
	464	Kellogg Co.^		29,093
	31,481	Mondelez International, Inc., Class A		1,295,127
	1,140	Pilgrim’s Pride Corp.^		26,186
	2,256	Pinnacle Foods, Inc.		102,738
	5,420	Tyson Foods, Inc., Class A^		231,055

				3,240,892

	Gas Utilities (0.2%):
	2,322	AGL Resources, Inc.		108,112
	1,956	Atmos Energy Corp.		100,304
	1,634	National Fuel Gas Co.^		96,226
	3,401	Questar Corp.		71,115
	3,339	UGI Corp.		115,029

				490,786

	Health Care Equipment & Supplies (2.6%):
	28,813	Abbott Laboratories		1,414,142
	590	Alere, Inc.*		31,123
	3,845	Baxter International, Inc.		268,881
	23,887	Boston Scientific Corp.*		422,800
	298	Cooper Cos., Inc. (The)		53,035
	2,014	DENTSPLY International, Inc.		103,822
	89	Hill-Rom Holdings, Inc.		4,835
	27,580	Medtronic plc		2,043,677
	2,373	St. Jude Medical, Inc.		173,395
	3,223	Stryker Corp.		308,022
	804	Teleflex, Inc.^		108,902
	3,098	Zimmer Holdings, Inc.		338,395

				5,271,029

	Health Care Providers & Services (1.8%):
	5,096	Aetna, Inc.		649,536
	4,084	Anthem, Inc.		670,347
	3,603	Apple Hospitality REIT, Inc.		67,989
	2,795	Brookdale Senior Living, Inc.*		96,987
	615	Cardinal Health, Inc.		51,445
	1,748	Catamaran Corp.*		106,768
	2,301	Community Health Systems, Inc.*		144,894
	2,432	DaVita, Inc.*		193,271
	2,259	Express Scripts Holding Co.*^		200,915
	5,721	HCA Holdings, Inc.*		519,009
	1,247	Health Net, Inc.*		79,958
	215	Humana, Inc.		41,125


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	1,300	Laboratory Corp. of America Holdings*	$	157,586
	774	LifePoint Hospitals, Inc.*		67,299
	766	MEDNAX, Inc.*^		56,768
	1,240	Omnicare, Inc.^		116,870
	755	Patterson Cos., Inc.		36,731
	2,780	Quest Diagnostics, Inc.^		201,606
	922	UnitedHealth Group, Inc.		112,484
	1,458	Universal Health Services, Inc., Class B		207,182
	91	VCA Antech, Inc.*		4,951

				3,783,721

	Health Care Technology (0.0%):
	2,412	Allscripts Healthcare Solutions, Inc.*^		32,996

	Hotels, Restaurants & Leisure (0.5%):
	318	Aramark Holdings Corp.		9,848
	8,221	Carnival Corp.		406,036
	1,951	Darden Restaurants, Inc.		138,678
	660	Hyatt Hotels Corp., Class A*^		37,415
	8,016	MGM Resorts International*		146,293
	206	Norwegian Cruise Line Holdings, Ltd.*		11,544
	3,314	Royal Caribbean Cruises, Ltd.		260,779
	5,269	Wendy’s Co. (The)^		59,434
	181	Wynn Resorts, Ltd.		17,859

				1,087,886

	Household Durables (0.4%):
	3,723	D.R. Horton, Inc.		101,861
	2,293	Garmin, Ltd.		100,731
	2,047	Lennar Corp., Class A^		104,479
	115	Lennar Corp., Class B		4,959
	357	Mohawk Industries, Inc.*		68,151
	2,580	Newell Rubbermaid, Inc.		106,064
	7,057	PulteGroup, Inc.^		142,199
	2,213	Toll Brothers, Inc.*		84,514
	53	Tupperware Brands Corp.		3,421
	1,409	Whirlpool Corp.		243,827

				960,206

	Household Products (2.2%):
	526	Clorox Co. (The)^		54,715
	2,154	Colgate-Palmolive Co.		140,893
	1,204	Energizer Holdings, Inc.		158,386
	1,459	Kimberly-Clark Corp.		154,610
	52,506	Procter & Gamble Co. (The)		4,108,070

				4,616,674

	Independent Power and Renewable Electricity Producers (0.2%):
	13,208	AES Corp. (The)		175,139
	6,371	Calpine Corp.*		114,614
	6,455	NRG Energy, Inc.		147,690
	939	TerraForm Power, Inc., Class A		35,663

				473,106

	Industrial Conglomerates (3.2%):
	986	Carlisle Cos., Inc.		98,718
	9,670	Danaher Corp.		827,655
	195,003	General Electric Co.		5,181,231


Shares			Fair Value
	Common Stocks, continued
	Industrial Conglomerates, continued
	1,201	Roper Industries, Inc.	$	207,124

				6,314,728

	Insurance (5.4%):
	6,321	ACE, Ltd.		642,719
	8,398	AFLAC, Inc.		522,356
	310	Alleghany Corp.*		145,316
	1,848	Allied World Assurance Co. Holdings AG		79,871
	7,916	Allstate Corp. (The)		513,511
	1,335	American Financial Group, Inc.		86,828
	25,806	American International Group, Inc.		1,595,327
	139	American National Insurance Co.		14,222
	702	AmTrust Financial Services		45,988
	2,401	Arch Capital Group, Ltd.*		160,770
	1,447	Arthur J. Gallagher & Co.		68,443
	1,193	Aspen Insurance Holdings, Ltd.		57,145
	1,315	Assurant, Inc.		88,105
	2,921	Assured Guaranty, Ltd.		70,075
	1,954	Axis Capital Holdings, Ltd.		104,285
	2,269	Brown & Brown, Inc.^		74,559
	4,447	Chubb Corp. (The)		423,088
	3,181	Cincinnati Financial Corp.		159,623
	526	CNA Financial Corp.		20,098
	874	Endurance Specialty Holdings, Ltd.^		57,422
	860	Everest Re Group, Ltd.		156,529
	5,428	FNF Group		200,782
	9,627	Genworth Financial, Inc., Class A*		72,876
	856	Hanover Insurance Group, Inc. (The)		63,370
	8,128	Hartford Financial Services Group, Inc. (The)		337,881
	1,853	HCC Insurance Holdings, Inc.		142,385
	4,897	Lincoln National Corp.		290,000
	6,026	Loews Corp.		232,061
	243	Markel Corp.*^		194,565
	4,167	Marsh & McLennan Cos., Inc.		236,269
	537	Mercury General Corp.^		29,884
	18,130	MetLife, Inc.		1,015,099
	5,055	Old Republic International Corp.^		79,010
	924	PartnerRe, Ltd.		118,734
	5,698	Principal Financial Group, Inc.		292,250
	1,065	ProAssurance Corp.		49,214
	11,356	Progressive Corp. (The)		316,037
	8,768	Prudential Financial, Inc.		767,375
	1,282	Reinsurance Group of America, Inc.		121,623
	892	RenaissanceRe Holdings, Ltd.		90,547
	817	StanCorp Financial Group, Inc.		61,773
	2,441	Torchmark Corp.^		142,115
	6,168	Travelers Cos., Inc. (The)		596,199
	4,829	UnumProvident Corp.		172,637
	1,637	Validus Holdings, Ltd.		72,012
	1,882	W.R. Berkley Corp.		97,732
	116	White Mountains Insurance Group, Ltd.		75,973
	5,935	XL Group plc		220,782

				11,175,465


Shares			Fair Value
	Common Stocks, continued
	Internet & Catalog Retail (0.1%):
	1,248	HomeAway, Inc.*	$	38,838
	5,250	Liberty Media Corp. — Interactive, Class A*		145,687

				184,525

	Internet Software & Services (0.4%):
	18,162	Yahoo!, Inc.*		713,585
	343	Zillow Group, Inc., Class A*		29,752

				743,337

	IT Services (1.2%):
	2,993	Amdocs, Ltd.		163,388
	1,791	Automatic Data Processing, Inc.		143,692
	50	Black Knight Financial Services, Inc., Class A*		1,544
	130	Booz Allen Hamilton Holding Corp.		3,281
	2,686	Computer Sciences Corp.		176,309
	962	CoreLogic, Inc.*		38,182
	162	DST Systems, Inc.		20,409
	3,122	Fidelity National Information Services, Inc.		192,940
	7,821	International Business Machines Corp.		1,272,163
	1,181	Leidos Holdings, Inc.^		47,677
	804	Paychex, Inc.^		37,692
	707	Teradata Corp.*^		26,159
	21,365	Xerox Corp.		227,323

				2,350,759

	Leisure Products (0.1%):
	472	Brunswick Corp.		24,006
	406	Hasbro, Inc.^		30,365
	6,548	Mattel, Inc.^		168,218
	1,076	Vista Outdoor, Inc.*		48,312

				270,901

	Life Sciences Tools & Services (0.7%):
	6,445	Agilent Technologies, Inc.		248,648
	400	Bio-Rad Laboratories, Inc., Class A*		60,244
	423	Bio-Techne Corp.		41,653
	1,833	PerkinElmer, Inc.^		96,489
	4,491	QIAGEN NV*^		111,332
	82	Quintiles Transnational Holdings, Inc.*		5,954
	5,108	Thermo Fisher Scientific, Inc.		662,814
	225	VWR Corp.*^		6,014

				1,233,148

	Machinery (1.9%):
	1,468	AGCO Corp.^		83,353
	1,590	Allison Transmission Holdings, Inc.		46,523
	9,650	Caterpillar, Inc.^		818,512
	1,944	Colfax Corp.*		89,716
	932	Crane Co.		54,736
	899	Cummins, Inc.		117,940
	5,299	Deere & Co.^		514,268
	249	Donaldson Co., Inc.^		8,914
	3,104	Dover Corp.		217,839
	1,390	Flowserve Corp.		73,197
	119	IDEX Corp.		9,351
	4,765	Ingersoll-Rand plc		321,256
	1,727	ITT Corp.		72,258
	1,885	Joy Global, Inc.^		68,237


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	1,535	Kennametal, Inc.^	$	52,374
	116	Lincoln Electric Holdings, Inc.		7,063
	1,514	Oshkosh Corp.^		64,163
	660	PACCAR, Inc.^		42,115
	1,469	Parker Hannifin Corp.^		170,889
	3,477	Pentair, plc		239,044
	794	SPX Corp.		57,478
	2,702	Stanley Black & Decker, Inc.		284,358
	2,035	Terex Corp.^		47,314
	2,635	The Manitowoc Co., Inc.		51,646
	1,522	Timken Co.		55,660
	2,999	Trinity Industries, Inc.^		79,264
	432	Valmont Industries, Inc.^		51,352
	3,511	Xylem, Inc.		130,153

				3,828,973

	Marine (0.0%):
	1,080	Kirby Corp.*		82,793

	Media (1.2%):
	3,355	Cablevision Systems Corp., Class A		80,319
	518	Clear Channel Outdoor Holdings, Inc., Class A^		5,247
	716	Comcast Corp., Class A		42,917
	3,986	Comcast Corp., Class A		239,718
	477	Discovery Communications, Inc., Class C*		14,825
	271	Discovery Communications, Inc., Class A*		9,013
	1,378	DISH Network Corp., Class A*		93,304
	2,196	Gannett Co., Inc.*^		30,715
	881	John Wiley & Sons, Inc., Class A		47,900
	506	Liberty Broadband Corp., Class A*^		25,791
	1,285	Liberty Broadband Corp., Class C*		65,741
	2,024	Liberty Media Corp.*^		72,945
	3,881	Liberty Media Corp., Class C*		139,328
	2,340	News Corp., Class B*		33,322
	7,424	News Corp., Class A*		108,316
	4,391	Tegna, Inc.		140,819
	6,380	Thomson Reuters Corp.		242,886
	7,740	Time Warner, Inc., Class A		676,554
	1,561	Tribune Media Co., Class A		83,342
	7,870	Twenty-First Century Fox, Inc.		256,129
	3,024	Twenty-First Century Fox, Inc., Class B		97,433

				2,506,564

	Metals & Mining (0.8%):
	23,658	Alcoa, Inc.		263,787
	2,114	Allegheny Technologies, Inc.^		63,843
	20,129	Freeport-McMoRan Copper & Gold, Inc.^		374,802
	9,674	Newmont Mining Corp.		225,985
	6,177	Nucor Corp.^		272,220
	1,438	Reliance Steel & Aluminum Co.		86,970
	1,188	Royal Gold, Inc.		73,169
	1,487	Southern Copper Corp.		43,733
	4,161	Steel Dynamics, Inc.		86,195
	2,706	Tahoe Resources, Inc.		32,824
	2,820	United States Steel Corp.^		58,148

				1,581,676


Shares			Fair Value
	Common Stocks, continued
	Multiline Retail (0.7%):
	407	Dillard’s, Inc., Class A^	$	42,812
	119	Family Dollar Stores, Inc.		9,378
	5,906	J.C. Penney Co., Inc.*		50,024
	3,933	Kohl’s Corp.^		246,245
	1,845	Macy’s, Inc.		124,482
	230	Sears Holdings Corp.*^		6,141
	11,332	Target Corp.		925,032

				1,404,114

	Multi-Utilities (2.2%):
	2,187	Alliant Energy Corp.^		126,234
	4,696	Ameren Corp.		176,945
	8,326	CenterPoint Energy, Inc.		158,444
	5,378	CMS Energy Corp.		171,236
	5,669	Consolidated Edison, Inc.^		328,122
	10,898	Dominion Resources, Inc.^		728,750
	3,471	DTE Energy Co.		259,075
	3,770	MDU Resources Group, Inc.^		73,628
	6,143	NiSource, Inc.		280,059
	9,274	PG&E Corp.		455,353
	9,791	Public Service Enterprise Group, Inc.		384,590
	2,766	SCANA Corp.		140,098
	4,792	Sempra Energy		474,120
	4,551	TECO Energy, Inc.		80,371
	1,600	Vectren Corp.		61,568
	6,111	WEC Energy Group, Inc.		274,818
	9,811	Xcel Energy, Inc.		315,718

				4,489,129

	Oil & Gas Equipment and Services (0.1%):
	14,995	Weatherford International plc*		183,989

	Oil, Gas & Consumable Fuels (11.7%):
	9,831	Anadarko Petroleum Corp.		767,408
	1,350	Antero Resources Corp.*		46,359
	7,299	Apache Corp.		420,641
	6,086	California Resources Corp.		36,759
	4,579	Cheniere Energy, Inc.*		317,142
	11,354	Chesapeake Energy Corp.^		126,824
	36,394	Chevron Corp.		3,510,928
	1,831	Cimarex Energy Co.		201,978
	7,097	Cobalt International Energy, Inc.*^		68,912
	2,323	Concho Resources, Inc.*		264,497
	23,862	ConocoPhillips^		1,465,365
	4,429	CONSOL Energy, Inc.^		96,286
	1,114	Continental Resources, Inc.*		47,222
	204	CVR Energy, Inc.^		7,679
	7,022	Denbury Resources, Inc.^		44,660
	7,957	Devon Energy Corp.		473,362
	1,220	Diamondback Energy, Inc.*		91,964
	1,415	Energen Corp.		96,645
	9,711	EOG Resources, Inc.		850,198
	729	EP Energy Corp., Class A*^		9,280
	2,949	EQT Corp.		239,872
	80,919	Exxon Mobil Corp.		6,732,460
	1,741	Golar LNG, Ltd.^		81,479
	1,871	Gulfport Energy Corp.*		75,308


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	4,880	Hess Corp.^	$	326,374
	3,207	HollyFrontier Corp.^		136,907
	34,557	Kinder Morgan, Inc.^		1,326,643
	3,052	Kosmos Energy, Ltd.*		25,728
	2,384	Laredo Petroleum Holdings, Inc.*^		29,991
	13,063	Marathon Oil Corp.		346,692
	9,726	Marathon Petroleum Corp.		508,767
	3,445	Murphy Oil Corp.^		143,209
	3,151	Newfield Exploration Co.*		113,814
	7,511	Noble Energy, Inc.		320,569
	14,866	Occidental Petroleum Corp.		1,156,129
	2,223	ONEOK, Inc.		87,764
	1,666	PBF Energy, Inc., Class A		47,348
	10,483	Phillips 66		844,510
	2,890	Pioneer Natural Resources Co.		400,814
	3,419	QEP Resources, Inc.		63,286
	3,057	Range Resources Corp.		150,955
	1,306	SM Energy Co.		60,233
	7,443	Southwestern Energy Co.*		169,179
	12,993	Spectra Energy Corp.^		423,572
	556	Targa Resources Corp.		49,606
	553	Teekay Shipping Corp.		23,679
	2,287	Tesoro Corp.		193,046
	9,844	Valero Energy Corp.		616,234
	3,951	Whiting Petroleum Corp.*		132,754
	1,119	World Fuel Services Corp.		53,656
	4,037	WPX Energy, Inc.*^		49,574

				23,874,261

	Paper & Forest Products (0.0%):
	1,233	Domtar Corp.		51,046
	408	International Paper Co.		19,417

				70,463

	Personal Products (0.0%):
	8,421	Avon Products, Inc.^		52,715
	209	Herbalife, Ltd.*		11,514
	897	Nu Skin Enterprises, Inc., Class A		42,276

				106,505

	Pharmaceuticals (6.6%):
	4,163	Allergan plc*		1,263,304
	2,211	Endo International plc*		176,106
	736	Hospira, Inc.*		65,291
	46,745	Johnson & Johnson Co.		4,555,767
	1,372	Mallinckrodt plc*		161,512
	48,445	Merck & Co., Inc.		2,757,974
	1,237	Mylan NV*		83,943
	2,308	Perrigo Co. plc		426,588
	119,172	Pfizer, Inc.		3,995,836

				13,486,321

	Professional Services (0.2%):
	491	Dun & Bradstreet Corp.		59,902
	192	IHS, Inc., Class A*		24,697
	1,514	Manpower, Inc.		135,321
	2,216	Nielsen Holdings NV		99,210


Shares			Fair Value
	Common Stocks, continued
	Professional Services, continued
	1,103	Towers Watson & Co., Class A^	$	138,758

				457,888

	Real Estate Investment Trusts (REITs) (4.3%):
	1,395	Alexandria Real Estate Equities, Inc.		122,007
	2,174	American Campus Communities, Inc.		81,938
	6,828	American Capital Agency Corp.		125,430
	3,207	American Homes 4 Rent, Class A^		51,440
	17,519	American Realty Capital Properties, Inc.		142,429
	18,342	Annaly Capital Management, Inc.		168,563
	3,025	Apartment Investment & Management Co., Class A		111,713
	2,559	AvalonBay Communities, Inc.^		409,108
	3,940	BioMed Realty Trust, Inc.		76,200
	259	Boston Properties, Inc.		31,349
	3,514	Brandywine Realty Trust		46,666
	3,349	Brixmor Property Group, Inc.		77,462
	1,681	Camden Property Trust^		124,865
	3,232	CBL & Associates Properties, Inc.		52,358
	3,979	Chimera Investment Corp.		54,552
	2,121	Columbia Property Trust, Inc.		52,071
	2,384	Communications Sales & Leasing, Inc.^		58,932
	1,846	Corporate Office Properties Trust		43,455
	5,862	DDR Corp.		90,627
	1,120	Digital Realty Trust, Inc.^		74,682
	2,823	Douglas Emmett, Inc.^		76,052
	6,678	Duke Realty Corp.		124,010
	1,141	Empire State Realty Trust, Inc., Class A		19,465
	2,511	Equity Commonwealth*		64,457
	7,045	Equity Residential Property Trust		494,349
	1,265	Essex Property Trust, Inc.		268,813
	1,476	Gaming & Leisure Properties, Inc.^		54,110
	11,168	General Growth Properties, Inc.		286,571
	8,935	HCP, Inc.		325,859
	3,726	Health Care REIT, Inc.		244,537
	2,199	Healthcare Trust of America, Inc., Class A		52,666
	1,121	Home Properties, Inc.		81,889
	2,903	Hospitality Properties Trust		83,664
	14,664	Host Hotels & Resorts, Inc.^		290,787
	1,705	Kilroy Realty Corp.^		114,491
	7,989	Kimco Realty Corp.		180,072
	2,893	Liberty Property Trust		93,212
	3,063	Macerich Co. (The)		228,500
	7,169	MFA Financial, Inc.^		52,979
	1,459	Mid-America Apartment Communities, Inc.		106,230
	2,594	National Retail Properties, Inc.^		90,816
	6,713	NorthStar Realty Finance Corp.		106,737
	2,575	Omega Healthcare Investors, Inc.		88,400
	2,660	Outfront Media, Inc.		67,138
	3,457	Paramount Group, Inc.		59,322
	2,988	Piedmont Office Realty Trust, Inc., Class A		52,559
	2,006	Plum Creek Timber Co., Inc.		81,383
	701	Post Properties, Inc.		38,113
	10,143	ProLogis, Inc.		376,305
	244	Public Storage, Inc.		44,986


Shares			Fair Value
	Common Stocks, continued
	Real Estate Investment Trusts (REITs), continued
	2,456	Rayonier, Inc.	$	62,751
	4,501	Realty Income Corp.^		199,799
	1,826	Regency Centers Corp.		107,697
	4,591	Retail Properties of America, Inc., Class A		63,953
	4,549	Senior Housing Properties Trust		79,835
	1,928	SL Green Realty Corp.^		211,868
	8,544	Spirit Realty Capital, Inc.		82,620
	4,609	Starwood Property Trust, Inc.^		99,416
	702	Taubman Centers, Inc.		48,789
	7,095	Two Harbors Investment Corp.		69,105
	5,018	UDR, Inc.		160,727
	6,137	Ventas, Inc.		381,047
	3,644	Vornado Realty Trust		345,925
	2,398	Weingarten Realty Investors^		78,391
	9,159	Weyerhaeuser Co.		288,509
	2,020	WP Carey, Inc.^		119,059
	3,586	WP Glimcher, Inc.		48,519

				8,692,329

	Real Estate Management & Development (0.1%):
	4,227	Forest City Enterprises, Inc., Class A*		93,416
	459	Howard Hughes Corp. (The)*		65,885
	237	Jones Lang LaSalle, Inc.		40,527
	1,804	Realogy Holdings Corp.*^		84,283

				284,111

	Road & Rail (0.6%):
	74	AMERCO, Inc.		24,191
	14,188	CSX Corp.		463,238
	627	Genesee & Wyoming, Inc., Class A*		47,765
	2,140	Kansas City Southern		195,168
	5,900	Norfolk Southern Corp.		515,424
	1,032	Ryder System, Inc.		90,166

				1,335,952

	Semiconductors & Semiconductor Equipment (2.4%):
	4,015	Altera Corp.		205,568
	516	Analog Devices, Inc.		33,119
	9,725	Applied Materials, Inc.		186,915
	9,912	Broadcom Corp., Class A		510,369
	2,112	Cree, Inc.*^		54,975
	6,424	Cypress Semiconductor Corp.		75,546
	1,463	First Solar, Inc.*^		68,732
	84	Freescale Semiconductor Holdings I, Ltd.*		3,357
	93	Freescale Semiconductor, Ltd.*		3,717
	85,386	Intel Corp.		2,597,015
	877	Lam Research Corp.		71,344
	8,768	Marvell Technology Group, Ltd.		115,607
	3,601	Maxim Integrated Products, Inc.		124,505
	19,278	Micron Technology, Inc.*		363,198
	10,413	NVIDIA Corp.^		209,405
	640	ON Semiconductor Corp.*		7,482
	422	SunEdison, Inc.*^		12,622
	979	Sunpower Corp.*^		27,813
	4,153	Teradyne, Inc.		80,111
	3,850	Xilinx, Inc.		170,016

				4,921,416


Shares			Fair Value
	Common Stocks, continued
	Software (2.5%):
	9,766	Activision Blizzard, Inc.	$	236,435
	1,410	Ansys, Inc.*^		128,648
	1,133	Autodesk, Inc.*		56,735
	6,112	CA, Inc.^		179,020
	67,791	Microsoft Corp.		2,992,974
	4,899	Nuance Communications, Inc.*		85,781
	24,528	Oracle Corp.		988,478
	144	SS&C Technologies Holdings, Inc.		9,000
	13,175	Symantec Corp.		306,319
	2,783	Synopsys, Inc.*		140,959
	14,869	Zynga, Inc.*		42,525

				5,166,874

	Specialty Retail (0.4%):
	1,081	Aaron’s, Inc.		39,143
	5,874	Best Buy Co., Inc.^		191,551
	883	Cabela’s, Inc., Class A*^		44,132
	241	CST Brands, Inc.		9,413
	554	Dick’s Sporting Goods, Inc.		28,681
	1,335	DSW, Inc., Class A		44,549
	366	Foot Locker, Inc.^		24,526
	2,054	GameStop Corp., Class A^		88,240
	823	Murphy USA, Inc.*		45,940
	8,720	Office Depot, Inc.*		75,515
	515	Penske Automotive Group, Inc.		26,837
	12,399	Staples, Inc.		189,829
	538	Tiffany & Co.		49,388

				857,744

	Technology Hardware, Storage & Peripherals (1.4%):
	1,370	3D Systems Corp.*		26,742
	34,504	EMC Corp.		910,561
	35,176	Hewlett-Packard Co.		1,055,633
	1,187	Lexmark International, Inc., Class A^		52,465
	3,281	NCR Corp.*		98,758
	4,224	NetApp, Inc.		133,309
	4,024	SanDisk Corp.^		234,277
	4,349	Western Digital Corp.		341,049

				2,852,794

	Textiles, Apparel & Luxury Goods (0.2%):
	4,599	Coach, Inc.		159,171
	150	Fossil Group, Inc.*		10,404
	1,600	PVH Corp.		184,321
	1,095	Ralph Lauren Corp.		144,934

				498,830


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Thrifts & Mortgage Finance (0.1%):
	10,249	Hudson City Bancorp, Inc.	$	101,260
	8,599	New York Community Bancorp, Inc.^		158,050
	1,278	TFS Financial Corp.^		21,496

				280,806

	Tobacco (0.6%):
	2,246	Altria Group, Inc.		109,852
	15,051	Philip Morris International, Inc.		1,206,639

				1,316,491

	Trading Companies & Distributors (0.1%):
	1,904	Air Lease Corp.^		64,545
	850	GATX Corp.^		45,178
	639	MSC Industrial Direct Co., Inc., Class A		44,583
	2,075	NOW, Inc.*^		41,313
	856	WESCO International, Inc.*^		58,756

				254,375

	Transportation Infrastructure (0.1%):
	1,338	Macquarie Infrastructure Corp.		110,560

	Water Utilities (0.1%):
	3,483	American Water Works Co., Inc.		169,379
	3,427	Aqua America, Inc.		83,927

				253,306

	Wireless Telecommunication Services (0.2%):
	1,271	SBA Communications Corp., Class A*		146,127
	14,543	Sprint Corp.*		66,316
	1,820	Telephone & Data Systems, Inc.		53,508
	5,299	T-Mobile US, Inc.*		205,441
	246	United States Cellular Corp.*^		9,267

				480,659

	Total Common Stocks (Cost $153,411,774)			201,198,349

	Securities Held as Collateral for Securities on Loan (9.2%):
$	19,039,164	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		19,039,164

	Total Securities Held as Collateral for Securities on Loan (Cost $19,039,164)			19,039,164

	Unaffiliated Investment Company (1.9%):
	3,998,703	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		3,998,703

	Total Unaffiliated Investment Company (Cost $3,998,703)			3,998,703

	Total Investment Securities (Cost $176,449,641)(c) — 108.8%			224,236,215
	Net other assets (liabilities) — (8.8)%			(18,086,711	)

	Net Assets — 100.0%		$	206,149,504

Cash of $234,600 has been segregated to cover margin requirements for the following open contracts as of June 30, 2015:

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	176,099,512
Investments in affiliates, at cost		350,129

Total Investment securities, at cost	$	176,449,641

Investments in non-affiliates, at value	$	223,663,618
Investments in affiliates, at value		572,597

Total Investment securities, at value*	$	224,236,215
Cash		1,601
Segregated cash for collateral		234,600
Interest and dividends receivable		300,952
Receivable for capital shares issued		142,708
Receivable for investments sold		28,208,318
Receivable for variation margin on futures contracts		9,605
Reclaims receivable		903
Prepaid expenses		352

Total Assets		253,135,254

Liabilities:
Payable for investments purchased		27,803,613
Payable for collateral received on loaned securities		19,039,164
Manager fees payable		76,277
Administration fees payable		5,548
Distribution fees payable		43,339
Custodian fees payable		1,603
Administrative and compliance services fees payable		103
Trustee fees payable		697
Other accrued liabilities		15,406

Total Liabilities		46,985,750

Net Assets	$	206,149,504

Net Assets Consist of:
Capital	$	124,673,414
Accumulated net investment income/(loss)		5,093,566
Accumulated net realized gains/(losses) from investment transactions		28,696,812
Net unrealized appreciation/(depreciation) on investments		47,685,712

Net Assets	$	206,149,504

Shares of beneficial interest (unlimited number of shares authorized, no par value)		14,040,369
Net Asset Value (offering and redemption price per share)	$	14.68

*	Includes securities on loan of $18,410,851.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	2,495,660
Dividends from affiliates		7,011
Income from securities lending		30,566
Foreign withholding tax		(1,584	)

Total Investment Income		2,531,653

Expenses:
Manager fees		472,537
Administration fees		37,642
Distribution fees		268,486
Custodian fees		5,672
Administrative and compliance services fees		1,423
Trustee fees		5,697
Professional fees		9,854
Shareholder reports		1,459
Other expenses		23,485

Total expenses		826,255

Net Investment Income/(Loss)		1,705,398

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		15,295,947
Net realized gains/(losses) on futures contracts		210,792
Change in net unrealized appreciation/depreciation on investments		(19,040,486	)

Net Realized/Unrealized Gains/(Losses) on Investments		(3,533,747	)

Change in Net Assets Resulting From Operations	$	(1,828,349	)

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Russell 1000 Value Index Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $2,995 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2015, the Fund used futures contracts to provide equity exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $4.8 million as of June 30, 2015. The monthly average notional amount for these contracts was $5.4 million for the period ended June 30, 2015. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $1,170 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $176,816,015. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL S&P 500 Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (97.4%):
	Aerospace & Defense (2.6%):
	42,865	Boeing Co. (The)	$	5,946,233
	20,810	General Dynamics Corp.		2,948,569
	52,010	Honeywell International, Inc.		5,303,460
	5,486	L-3 Communications Holdings, Inc.		622,003
	17,826	Lockheed Martin Corp.		3,313,853
	12,913	Northrop Grumman Corp.		2,048,389
	9,208	Precision Castparts Corp.		1,840,403
	20,423	Raytheon Co.		1,954,073
	8,836	Rockwell Collins, Inc.^		816,005
	18,399	Textron, Inc.		821,147
	55,182	United Technologies Corp.		6,121,338

				31,735,473

	Air Freight & Logistics (0.7%):
	9,726	C.H. Robinson Worldwide, Inc.^		606,805
	12,745	Expeditors International of Washington, Inc.		587,608
	17,510	FedEx Corp.		2,983,704
	46,182	United Parcel Service, Inc., Class B		4,475,498

				8,653,615

	Airlines (0.4%):
	46,162	American Airlines Group, Inc.		1,843,479
	54,777	Delta Air Lines, Inc.		2,250,239
	44,530	Southwest Airlines Co.		1,473,498

				5,567,216

	Auto Components (0.4%):
	15,049	BorgWarner, Inc.		855,385
	19,291	Delphi Automotive plc		1,641,471
	17,996	Goodyear Tire & Rubber Co.		542,579
	43,681	Johnson Controls, Inc.		2,163,521

				5,202,956

	Automobiles (0.6%):
	264,884	Ford Motor Co.		3,975,909
	89,893	General Motors Co.		2,996,134
	14,058	Harley-Davidson, Inc.		792,168

				7,764,211

	Banks (5.9%):
	699,787	Bank of America Corp.		11,910,375
	48,686	BB&T Corp.		1,962,533
	202,159	Citigroup, Inc.		11,167,263
	11,855	Comerica, Inc.		608,399
	54,149	Fifth Third Bancorp		1,127,382
	53,841	Huntington Bancshares, Inc.		608,942
	247,260	JPMorgan Chase & Co.		16,754,338
	56,847	KeyCorp		853,842
	8,834	M&T Bank Corp.		1,103,632
	20,491	People’s United Financial, Inc.^		332,159
	34,600	PNC Financial Services Group, Inc.		3,309,490
	89,251	Regions Financial Corp.		924,640
	34,412	SunTrust Banks, Inc.		1,480,404
	118,365	U.S. Bancorp		5,137,041
	312,305	Wells Fargo & Co.		17,564,032
	13,490	Zions Bancorp		428,105

				75,272,577


Shares			Fair Value
	Common Stocks, continued
	Beverages (2.0%):
	10,356	Brown-Forman Corp., Class B^	$	1,037,464
	261,130	Coca-Cola Co. (The)		10,244,130
	14,422	Coca-Cola Enterprises, Inc.		626,492
	11,294	Constellation Brands, Inc., Class A		1,310,330
	12,824	Dr Pepper Snapple Group, Inc.^		934,870
	10,625	Molson Coors Brewing Co., Class B		741,731
	9,763	Monster Beverage Corp.*		1,308,437
	98,506	PepsiCo, Inc.		9,194,550

				25,398,004

	Biotechnology (3.1%):
	14,916	Alexion Pharmaceuticals, Inc.*		2,696,365
	50,644	Amgen, Inc.		7,774,867
	15,668	Biogen Idec, Inc.*		6,328,932
	52,851	Celgene Corp.*		6,116,710
	97,930	Gilead Sciences, Inc.		11,465,645
	5,024	Regeneron Pharmaceuticals, Inc.*		2,562,893
	16,239	Vertex Pharmaceuticals, Inc.*		2,005,192

				38,950,604

	Building Products (0.1%):
	6,382	Allegion plc		383,813
	23,233	Masco Corp.		619,625

				1,003,438

	Capital Markets (2.3%):
	3,629	Affiliated Managers Group, Inc.*		793,299
	12,130	Ameriprise Financial, Inc.		1,515,401
	74,763	Bank of New York Mellon Corp. (The)		3,137,803
	8,430	BlackRock, Inc., Class A+		2,916,611
	76,671	Charles Schwab Corp. (The)		2,503,308
	19,197	ETRADE Financial Corp.^		574,950
	26,035	Franklin Resources, Inc.		1,276,496
	26,769	Goldman Sachs Group, Inc. (The)		5,589,100
	28,526	Invesco, Ltd.		1,069,440
	6,523	Legg Mason, Inc.		336,130
	102,455	Morgan Stanley		3,974,229
	14,586	Northern Trust Corp.		1,115,246
	27,398	State Street Corp.		2,109,646
	17,508	T. Rowe Price Group, Inc.^		1,360,897

				28,272,556

	Chemicals (2.4%):
	12,816	Air Products & Chemicals, Inc.		1,753,613
	4,494	Airgas, Inc.		475,375
	15,925	CF Industries Holdings, Inc.		1,023,659
	72,317	Dow Chemical Co. (The)		3,700,461
	60,167	E.I. du Pont de Nemours & Co.		3,847,679
	9,880	Eastman Chemical Co.		808,382
	17,899	Ecolab, Inc.		2,023,840
	8,861	FMC Corp.		465,646
	5,367	International Flavor & Fragrances, Inc.^		586,559
	26,176	LyondellBasell Industries NV, Class A		2,709,740
	31,736	Monsanto Co.		3,382,740
	20,667	Mosaic Co. (The)		968,249
	18,084	PPG Industries, Inc.		2,074,596
	19,192	Praxair, Inc.		2,294,404


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	5,278	Sherwin Williams Co.	$	1,451,556
	7,938	Sigma Aldrich Corp.		1,106,160

				28,672,659

	Commercial Services & Supplies (0.4%):
	11,396	ADT Corp. (The)^		382,564
	6,327	Cintas Corp.		535,201
	12,428	Iron Mountain, Inc.^		385,268
	13,404	Pitney Bowes, Inc.		278,937
	16,661	Republic Services, Inc., Class A		652,611
	5,646	Stericycle, Inc.*		756,056
	27,916	Tyco International plc		1,074,208
	28,377	Waste Management, Inc.		1,315,274

				5,380,119

	Communications Equipment (1.5%):
	339,219	Cisco Systems, Inc.		9,314,953
	4,817	F5 Networks, Inc.*		579,726
	8,211	Harris Corp.		631,508
	23,415	Juniper Networks, Inc.^		608,088
	12,364	Motorola Solutions, Inc.		708,952
	108,619	QUALCOMM, Inc.		6,802,808

				18,646,035

	Construction & Engineering (0.1%):
	9,823	Fluor Corp.		520,717
	8,589	Jacobs Engineering Group, Inc.*^		348,885
	14,056	Quanta Services, Inc.*		405,094

				1,274,696

	Construction Materials (0.1%):
	4,110	Martin Marietta Materials, Inc.^		581,606
	8,780	Vulcan Materials Co.		736,906

				1,318,512

	Consumer Finance (0.8%):
	58,245	American Express Co.		4,526,801
	36,421	Capital One Financial Corp.		3,203,955
	29,485	Discover Financial Services		1,698,926
	25,922	Navient Corp.		472,040

				9,901,722

	Containers & Packaging (0.2%):
	6,032	Avery Dennison Corp.		367,590
	9,129	Ball Corp.		640,399
	22,254	MeadWestvaco Corp.		1,050,167
	10,744	Owens-Illinois, Inc.*^		246,467
	13,968	Sealed Air Corp.		717,676

				3,022,299

	Distributors (0.1%):
	10,149	Genuine Parts Co.		908,640

	Diversified Consumer Services (0.0%):
	18,295	H&R Block, Inc.		542,447

	Diversified Financial Services (1.9%):
	121,557	Berkshire Hathaway, Inc., Class B*		16,545,124
	21,073	CME Group, Inc.		1,961,053
	7,444	IntercontinentalExchange Group, Inc.		1,664,553


Shares			Fair Value
	Common Stocks, continued
	Diversified Financial Services, continued
	20,959	Leucadia National Corp.^	$	508,885
	18,176	McGraw-Hill Cos., Inc. (The)		1,825,779
	11,817	Moody’s Corp.		1,275,763
	7,856	NASDAQ OMX Group, Inc. (The)		383,451

				24,164,608

	Diversified Telecommunication Services (2.2%):
	346,006	AT&T, Inc.^		12,290,133
	37,647	CenturyLink, Inc.		1,106,069
	76,837	Frontier Communications Corp.^		380,343
	19,609	Level 3 Communications, Inc.*		1,032,806
	271,752	Verizon Communications, Inc.^		12,666,361

				27,475,712

	Electric Utilities (1.5%):
	32,538	American Electric Power Co., Inc.		1,723,538
	46,100	Duke Energy Corp.		3,255,581
	21,653	Edison International		1,203,474
	11,995	Entergy Corp.		845,648
	21,054	Eversource Energy^		956,062
	57,141	Exelon Corp.^		1,795,370
	27,992	FirstEnergy Corp.		911,140
	29,602	NextEra Energy, Inc.		2,901,883
	16,805	Pepco Holdings, Inc.		452,727
	7,350	Pinnacle West Capital Corp.		418,142
	44,325	PPL Corp.^		1,306,258
	60,465	Southern Co. (The)^		2,533,484

				18,303,307

	Electrical Equipment (0.5%):
	16,022	AMETEK, Inc.		877,685
	31,113	Eaton Corp. plc		2,099,816
	44,538	Emerson Electric Co.^		2,468,742
	9,006	Rockwell Automation, Inc.^		1,122,508

				6,568,751

	Electronic Equipment, Instruments & Components (0.4%):
	20,615	Amphenol Corp., Class A		1,195,052
	83,884	Corning, Inc.		1,655,031
	9,294	FLIR Systems, Inc.		286,441
	26,996	TE Connectivity, Ltd.		1,735,843

				4,872,367

	Energy Equipment & Services (1.3%):
	28,877	Baker Hughes, Inc.		1,781,711
	12,876	Cameron International Corp.*^		674,316
	4,551	Diamond Offshore Drilling, Inc.^		117,461
	15,576	Ensco plc, Class A, ADR		346,878
	15,383	FMC Technologies, Inc.*		638,241
	56,464	Halliburton Co.^		2,431,904
	7,155	Helmerich & Payne, Inc.^		503,855
	25,836	National-Oilwell Varco, Inc.^		1,247,362
	16,178	Noble Corp. plc		248,979
	0	Paragon Offshore plc		—
	84,572	Schlumberger, Ltd.		7,289,261
	22,639	Transocean, Ltd.		364,941

				15,644,909


Shares			Fair Value
	Common Stocks, continued
	Food & Staples Retailing (2.4%):
	29,238	Costco Wholesale Corp.	$	3,948,884
	75,179	CVS Health Corp.		7,884,774
	32,651	Kroger Co. (The)		2,367,524
	39,366	Sysco Corp.^		1,421,113
	58,170	Walgreens Boots Alliance, Inc.		4,911,875
	105,166	Wal-Mart Stores, Inc.		7,459,424
	23,976	Whole Foods Market, Inc.		945,613

				28,939,207

	Food Products (1.6%):
	41,358	Archer-Daniels-Midland Co.		1,994,283
	11,813	Campbell Soup Co.^		562,889
	28,306	ConAgra Foods, Inc.		1,237,538
	39,703	General Mills, Inc.		2,212,251
	9,833	Hershey Co.		873,465
	8,952	Hormel Foods Corp.		504,624
	6,462	J.M. Smucker Co. (The)^		700,545
	16,825	Kellogg Co.		1,054,928
	7,694	Keurig Green Mountain, Inc.^		589,591
	39,470	Kraft Foods Group, Inc.		3,360,476
	8,525	McCormick & Co.^		690,099
	13,445	Mead Johnson Nutrition Co.		1,213,008
	108,373	Mondelez International, Inc., Class A		4,458,466
	19,419	Tyson Foods, Inc., Class A^		827,832

				20,279,995

	Gas Utilities (0.0%):
	7,954	AGL Resources, Inc.		370,338

	Health Care Equipment & Supplies (2.1%):
	99,168	Abbott Laboratories		4,867,165
	36,282	Baxter International, Inc.		2,537,200
	13,875	Becton, Dickinson & Co.		1,965,394
	89,315	Boston Scientific Corp.*		1,580,876
	4,936	C.R. Bard, Inc.		842,575
	9,329	DENTSPLY International, Inc.		480,910
	7,168	Edwards Lifesciences Corp.*		1,020,938
	2,433	Intuitive Surgical, Inc.*		1,178,789
	94,951	Medtronic plc		7,035,868
	18,693	St. Jude Medical, Inc.		1,365,898
	19,884	Stryker Corp.		1,900,314
	6,651	Varian Medical Systems, Inc.*^		560,879
	11,292	Zimmer Holdings, Inc.		1,233,425

				26,570,231

	Health Care Providers & Services (2.9%):
	23,372	Aetna, Inc.		2,978,995
	13,865	AmerisourceBergen Corp.		1,474,404
	17,619	Anthem, Inc.		2,891,983
	21,939	Cardinal Health, Inc.		1,835,197
	17,175	CIGNA Corp.		2,782,350
	11,474	DaVita, Inc.*		911,839
	48,595	Express Scripts Holding Co.*^		4,322,039
	19,324	HCA Holdings, Inc.*		1,753,073
	5,570	Henry Schein, Inc.*^		791,608
	9,942	Humana, Inc.		1,901,706
	6,667	Laboratory Corp. of America Holdings*		808,174


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	15,474	McKesson, Inc.	$	3,478,710
	5,766	Patterson Cos., Inc.		280,516
	9,592	Quest Diagnostics, Inc.^		695,612
	6,548	Tenet Healthcare Corp.*^		378,998
	63,376	UnitedHealth Group, Inc.		7,731,873
	6,051	Universal Health Services, Inc., Class B		859,847

				35,876,924

	Health Care Technology (0.1%):
	20,263	Cerner Corp.*^		1,399,363

	Hotels, Restaurants & Leisure (1.7%):
	29,936	Carnival Corp.		1,478,539
	2,062	Chipotle Mexican Grill, Inc.*		1,247,489
	8,245	Darden Restaurants, Inc.		586,055
	13,784	Marriott International, Inc., Class A^		1,025,392
	63,869	McDonald’s Corp.		6,072,025
	10,948	Royal Caribbean Cruises, Ltd.		861,498
	99,966	Starbucks Corp.		5,359,677
	11,411	Starwood Hotels & Resorts Worldwide, Inc.		925,318
	8,013	Wyndham Worldwide Corp.		656,345
	5,385	Wynn Resorts, Ltd.^		531,338
	28,783	Yum! Brands, Inc.		2,592,773

				21,336,449

	Household Durables (0.4%):
	22,102	D.R. Horton, Inc.		604,711
	8,033	Garmin, Ltd.		352,890
	4,741	Harman International Industries, Inc.		563,895
	9,196	Leggett & Platt, Inc.^		447,661
	11,866	Lennar Corp., Class A^		605,641
	4,125	Mohawk Industries, Inc.*		787,462
	18,019	Newell Rubbermaid, Inc.		740,761
	22,028	PulteGroup, Inc.^		443,864
	5,191	Whirlpool Corp.		898,302

				5,445,187

	Household Products (1.7%):
	8,718	Clorox Co. (The)		906,846
	56,662	Colgate-Palmolive Co.		3,706,261
	24,288	Kimberly-Clark Corp.		2,573,799
	180,784	Procter & Gamble Co. (The)		14,144,541

				21,331,447

	Independent Power and Renewable Electricity Producers (0.1%):
	45,473	AES Corp. (The)		602,972
	22,446	NRG Energy, Inc.^		513,564

				1,116,536

	Industrial Conglomerates (2.3%):
	42,273	3M Co.		6,522,724
	41,046	Danaher Corp.		3,513,127
	671,472	General Electric Co.		17,841,011
	6,670	Roper Industries, Inc.		1,150,308

				29,027,170

	Insurance (2.7%):
	21,752	ACE, Ltd.		2,211,743
	28,902	AFLAC, Inc.		1,797,704


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	27,253	Allstate Corp. (The)	$	1,767,902
	88,865	American International Group, Inc.		5,493,635
	18,771	Aon plc		1,871,093
	4,559	Assurant, Inc.		305,453
	15,342	Chubb Corp. (The)		1,459,638
	9,821	Cincinnati Financial Corp.		492,818
	33,022	Genworth Financial, Inc., Class A*		249,977
	27,976	Hartford Financial Services Group, Inc. (The)		1,162,962
	17,040	Lincoln National Corp.		1,009,109
	19,842	Loews Corp.		764,115
	35,805	Marsh & McLennan Cos., Inc.		2,030,144
	74,258	MetLife, Inc.		4,157,706
	18,179	Principal Financial Group, Inc.		932,401
	35,618	Progressive Corp. (The)		991,249
	30,170	Prudential Financial, Inc.		2,640,478
	8,504	Torchmark Corp.		495,103
	21,229	Travelers Cos., Inc. (The)		2,051,995
	16,711	UnumProvident Corp.		597,418
	20,425	XL Group plc		759,810

				33,242,453

	Internet & Catalog Retail (1.5%):
	25,435	Amazon.com, Inc.*		11,041,079
	6,570	Expedia, Inc.^		718,430
	4,021	Netflix, Inc.*		2,641,556
	3,452	Priceline Group, Inc. (The)*		3,974,529
	7,410	TripAdvisor, Inc.*^		645,707

				19,021,301

	Internet Software & Services (3.3%):
	11,886	Akamai Technologies, Inc.*		829,881
	73,664	eBay, Inc.*		4,437,519
	3,754	Equinix, Inc.^		953,516
	140,333	Facebook, Inc., Class A*		12,035,659
	19,140	Google, Inc., Class C*		9,962,398
	19,065	Google, Inc., Class A*		10,295,863
	6,993	VeriSign, Inc.*^		431,608
	57,855	Yahoo!, Inc.*		2,273,123

				41,219,567

	IT Services (3.3%):
	41,741	Accenture plc, Class A		4,039,694
	4,174	Alliance Data Systems Corp.*		1,218,558
	31,298	Automatic Data Processing, Inc.		2,511,039
	40,512	Cognizant Technology Solutions Corp., Class A*		2,474,878
	9,175	Computer Sciences Corp.		602,247
	18,945	Fidelity National Information Services, Inc.		1,170,801
	15,863	Fiserv, Inc.*		1,313,932
	61,085	International Business Machines Corp.		9,936,086
	64,610	MasterCard, Inc., Class A		6,039,743
	21,721	Paychex, Inc.^		1,018,280
	9,649	Teradata Corp.*^		357,013
	10,948	Total System Services, Inc.		457,298
	128,912	Visa, Inc., Class A^		8,656,441
	34,658	Western Union Co.^		704,597
	69,480	Xerox Corp.		739,267

				41,239,874


Shares			Fair Value
	Common Stocks, continued
	Leisure Products (0.1%):
	7,437	Hasbro, Inc.^	$	556,213
	22,482	Mattel, Inc.^		577,563

				1,133,776

	Life Sciences Tools & Services (0.4%):
	22,318	Agilent Technologies, Inc.		861,028
	7,513	PerkinElmer, Inc.^		395,484
	26,515	Thermo Fisher Scientific, Inc.		3,440,587
	5,519	Waters Corp.*		708,529

				5,405,628

	Machinery (1.5%):
	40,282	Caterpillar, Inc.		3,416,718
	11,193	Cummins, Inc.		1,468,410
	22,245	Deere & Co.^		2,158,877
	10,836	Dover Corp.^		760,470
	8,954	Flowserve Corp.		471,518
	22,533	Illinois Tool Works, Inc.		2,068,304
	17,500	Ingersoll-Rand plc		1,179,850
	6,490	Joy Global, Inc.^		234,938
	23,560	PACCAR, Inc.^		1,503,364
	7,088	Pall Corp.		882,102
	9,242	Parker Hannifin Corp.^		1,075,122
	12,126	Pentair, plc		833,663
	3,864	Snap-On, Inc.		615,342
	10,240	Stanley Black & Decker, Inc.		1,077,658
	12,119	Xylem, Inc.		449,251

				18,195,587

	Media (3.6%):
	14,585	Cablevision Systems Corp., Class A		349,165
	30,168	CBS Corp., Class B		1,674,324
	167,463	Comcast Corp., Class A		10,071,225
	33,413	DIRECTV, Inc., Class A*		3,100,392
	17,404	Discovery Communications, Inc., Class C*		540,916
	9,877	Discovery Communications, Inc., Class A*^		328,509
	1	Gannett Co., Inc.*^		7
	27,466	Interpublic Group of Cos., Inc. (The)		529,270
	33,196	News Corp., Class A*		484,330
	16,397	Omnicom Group, Inc.^		1,139,428
	6,476	Scripps Networks Interactive, Class A^		423,336
	15,079	Tegna, Inc.		483,584
	18,844	Time Warner Cable, Inc., Class A		3,357,435
	54,972	Time Warner, Inc., Class A		4,805,103
	117,898	Twenty-First Century Fox, Inc.		3,836,990
	23,802	Viacom, Inc., Class B		1,538,561
	103,904	Walt Disney Co. (The)^		11,859,602

				44,522,177

	Metals & Mining (0.3%):
	81,230	Alcoa, Inc.		905,715
	7,302	Allegheny Technologies, Inc.^		220,520
	69,106	Freeport-McMoRan Copper & Gold, Inc.^		1,286,753
	35,235	Newmont Mining Corp.		823,090
	21,204	Nucor Corp.^		934,460

				4,170,538


Shares			Fair Value
	Common Stocks, continued
	Multiline Retail (0.8%):
	19,799	Dollar General Corp.	$	1,539,174
	13,668	Dollar Tree, Inc.*		1,079,635
	6,390	Family Dollar Stores, Inc.		503,596
	13,183	Kohl’s Corp.^		825,388
	22,415	Macy’s, Inc.		1,512,340
	9,350	Nordstrom, Inc.		696,575
	42,546	Target Corp.^		3,473,030

				9,629,738

	Multi-Utilities (1.2%):
	16,127	Ameren Corp.		607,665
	28,568	CenterPoint Energy, Inc.		543,649
	18,309	CMS Energy Corp.		582,959
	19,465	Consolidated Edison, Inc.^		1,126,634
	39,544	Dominion Resources, Inc.^		2,644,307
	11,948	DTE Energy Co.		891,799
	21,016	NiSource, Inc.		958,119
	31,990	PG&E Corp.		1,570,709
	33,639	Public Service Enterprise Group, Inc.		1,321,340
	9,500	SCANA Corp.		481,175
	15,388	Sempra Energy		1,522,489
	15,659	TECO Energy, Inc.		276,538
	20,962	WEC Energy Group, Inc.		942,656
	33,627	Xcel Energy, Inc.		1,082,117

				14,552,156

	Oil, Gas & Consumable Fuels (6.3%):
	33,845	Anadarko Petroleum Corp.		2,641,941
	25,042	Apache Corp.		1,443,170
	27,460	Cabot Oil & Gas Corp.		866,088
	34,391	Chesapeake Energy Corp.^		384,147
	125,360	Chevron Corp.		12,093,480
	6,242	Cimarex Energy Co.		688,555
	82,145	ConocoPhillips^		5,044,525
	15,306	CONSOL Energy, Inc.^		332,752
	25,681	Devon Energy Corp.		1,527,763
	36,446	EOG Resources, Inc.		3,190,847
	10,095	EQT Corp.		821,127
	278,470	Exxon Mobil Corp.		23,168,705
	16,147	Hess Corp.^		1,079,911
	115,614	Kinder Morgan, Inc.		4,438,421
	44,855	Marathon Oil Corp.		1,190,452
	36,294	Marathon Petroleum Corp.		1,898,539
	11,090	Murphy Oil Corp.^		461,011
	10,688	Newfield Exploration Co.*		386,051
	25,703	Noble Energy, Inc.		1,097,004
	51,206	Occidental Petroleum Corp.		3,982,291
	13,851	ONEOK, Inc.		546,837
	36,118	Phillips 66		2,909,666
	9,900	Pioneer Natural Resources Co.^		1,373,031
	11,060	Range Resources Corp.^		546,143
	25,554	Southwestern Energy Co.*^		580,842
	44,598	Spectra Energy Corp.^		1,453,895
	8,301	Tesoro Corp.		700,687
	33,886	Valero Energy Corp.		2,121,264
	44,731	Williams Cos., Inc. (The)*		2,567,112

				79,536,257


Shares			Fair Value
	Common Stocks, continued
	Paper & Forest Products (0.1%):
	28,101	International Paper Co.	$	1,337,327

	Personal Products (0.1%):
	14,824	Estee Lauder Co., Inc. (The), Class A		1,284,648

	Pharmaceuticals (6.4%):
	114,603	AbbVie, Inc.		7,700,176
	26,161	Allergan plc*		7,938,817
	111,120	Bristol-Myers Squibb Co.		7,393,925
	64,976	Eli Lilly & Co.		5,424,846
	13,390	Endo International plc*		1,066,514
	11,392	Hospira, Inc.*		1,010,584
	184,767	Johnson & Johnson Co.		18,007,391
	7,742	Mallinckrodt plc*		911,388
	188,303	Merck & Co., Inc.		10,720,090
	27,436	Mylan NV*		1,861,807
	9,750	Perrigo Co. plc^		1,802,093
	410,294	Pfizer, Inc.		13,757,157
	33,281	Zoetis, Inc.		1,604,810

				79,199,598

	Professional Services (0.2%):
	2,402	Dun & Bradstreet Corp.		293,044
	7,941	Equifax, Inc.		770,992
	24,667	Nielsen Holdings NV		1,104,341
	8,983	Robert Half International, Inc.		498,557

				2,666,934

	Real Estate Investment Trusts (REITs) (2.3%):
	28,081	American Tower Corp.		2,619,676
	10,389	Apartment Investment & Management Co., Class A		383,666
	8,775	AvalonBay Communities, Inc.^		1,402,859
	10,181	Boston Properties, Inc.		1,232,308
	22,487	Crown Castle International Corp.		1,805,706
	24,177	Equity Residential Property Trust		1,696,500
	4,329	Essex Property Trust, Inc.		919,913
	41,755	General Growth Properties, Inc.		1,071,433
	30,622	HCP, Inc.		1,116,784
	23,224	Health Care REIT, Inc.		1,524,191
	50,345	Host Hotels & Resorts, Inc.^		998,341
	27,422	Kimco Realty Corp.		618,092
	9,356	Macerich Co. (The)		697,958
	11,703	Plum Creek Timber Co., Inc.^		474,791
	34,927	ProLogis, Inc.		1,295,792
	9,647	Public Storage, Inc.		1,778,617
	15,496	Realty Income Corp.^		687,867
	20,734	Simon Property Group, Inc.		3,587,398
	6,555	SL Green Realty Corp.^		720,329
	20,568	Ventas, Inc.		1,277,067
	11,613	Vornado Realty Trust		1,102,422
	34,500	Weyerhaeuser Co.		1,086,750

				28,098,460

	Real Estate Management & Development (0.1%):
	18,593	CBRE Group, Inc.*		687,941


Shares			Fair Value
	Common Stocks, continued
	Road & Rail (0.9%):
	65,828	CSX Corp.	$	2,149,284
	6,130	J.B. Hunt Transport Services, Inc.		503,212
	7,338	Kansas City Southern		669,226
	20,429	Norfolk Southern Corp.		1,784,677
	3,523	Ryder System, Inc.		307,805
	58,341	Union Pacific Corp.		5,563,981

				10,978,185

	Semiconductors & Semiconductor Equipment (2.3%):
	19,998	Altera Corp.		1,023,898
	20,896	Analog Devices, Inc.		1,341,210
	81,655	Applied Materials, Inc.		1,569,409
	17,052	Avago Technologies, Ltd.		2,266,722
	36,225	Broadcom Corp., Class A		1,865,225
	5,001	First Solar, Inc.*^		234,947
	316,100	Intel Corp.^		9,614,182
	10,812	KLA-Tencor Corp.		607,743
	10,589	Lam Research Corp.		861,415
	15,898	Linear Technology Corp.		703,169
	13,389	Microchip Technology, Inc.^		634,973
	71,593	Micron Technology, Inc.*		1,348,812
	34,319	NVIDIA Corp.^		690,155
	9,868	Qorvo, Inc.*		792,104
	12,682	Skyworks Solutions, Inc.		1,320,196
	69,586	Texas Instruments, Inc.		3,584,375
	17,376	Xilinx, Inc.		767,324

				29,225,859

	Software (3.7%):
	31,624	Adobe Systems, Inc.*		2,561,860
	15,067	Autodesk, Inc.*		754,480
	21,190	CA, Inc.^		620,655
	0	CDK Global, Inc.		0
	10,623	Citrix Systems, Inc.*		745,310
	20,664	Electronic Arts, Inc.*^		1,374,156
	18,390	Intuit, Inc.		1,853,160
	538,771	Microsoft Corp.		23,786,739
	212,401	Oracle Corp.		8,559,760
	12,190	Red Hat, Inc.*		925,587
	40,617	Salesforce.com, Inc.*		2,828,162
	45,350	Symantec Corp.		1,054,388

				45,064,257

	Specialty Retail (2.3%):
	4,984	AutoNation, Inc.*		313,892
	2,120	AutoZone, Inc.*		1,413,828
	11,412	Bed Bath & Beyond, Inc.*^		787,200
	19,350	Best Buy Co., Inc.^		631,004
	13,958	CarMax, Inc.*^		924,159
	7,234	GameStop Corp., Class A^		310,773
	17,628	Gap, Inc. (The)^		672,861
	86,561	Home Depot, Inc. (The)		9,619,523
	16,339	L Brands, Inc.		1,400,742
	62,136	Lowe’s Cos., Inc.		4,161,248
	6,756	O’Reilly Automotive, Inc.*^		1,526,721
	27,512	Ross Stores, Inc.		1,337,358
	42,570	Staples, Inc.		651,747
	7,480	Tiffany & Co.		686,664


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	45,368	TJX Cos., Inc. (The)	$	3,002,001
	9,052	Tractor Supply Co.		814,137
	6,509	Urban Outfitters, Inc.*^		227,815

				28,481,673

	Technology Hardware, Storage & Peripherals (4.8%):
	383,706	Apple, Inc.		48,126,324
	129,409	EMC Corp.		3,415,104
	120,364	Hewlett-Packard Co.		3,612,124
	20,720	NetApp, Inc.		653,923
	13,853	SanDisk Corp.		806,522
	21,147	Seagate Technology plc^		1,004,483
	14,433	Western Digital Corp.		1,131,836

				58,750,316

	Textiles, Apparel & Luxury Goods (0.9%):
	18,333	Coach, Inc.^		634,505
	2,890	Fossil Group, Inc.*^		200,450
	26,638	Hanesbrands, Inc.		887,578
	13,343	Michael Kors Holdings, Ltd.*		561,607
	46,503	Nike, Inc., Class B		5,023,255
	5,480	PVH Corp.		631,296
	4,005	Ralph Lauren Corp.		530,102
	11,089	Under Armour, Inc., Class A*		925,266
	22,752	VF Corp.		1,586,724

				10,980,783

	Thrifts & Mortgage Finance (0.0%):
	32,000	Hudson City Bancorp, Inc.		316,160

	Tobacco (1.3%):
	130,866	Altria Group, Inc.		6,400,656
	103,189	Philip Morris International, Inc.		8,272,661
	27,688	Reynolds American, Inc.		2,067,186

				16,740,503

	Trading Companies & Distributors (0.2%):
	18,068	Fastenal Co.^		762,108
	6,415	United Rentals, Inc.*^		562,082
	3,990	W.W. Grainger, Inc.^		944,234

				2,268,424

	Total Common Stocks (Cost $652,479,931)			1,214,160,400

	Securities Held as Collateral for Securities on Loan (8.8%):
$	109,900,850	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		109,900,850

	Total Securities Held as Collateral for Securities on Loan (Cost $109,900,850)			109,900,850

	Unaffiliated Investment Company (2.5%):
	31,780,427	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		31,780,427

	Total Unaffiliated Investment Company (Cost $31,780,427)			31,780,427

	Total Investment Securities (Cost $794,161,208)(c) — 108.7%			1,355,841,677
	Net other assets (liabilities) — (8.7)%			(108,754,832	)

	Net Assets — 100.0%		$	1,247,086,845

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	793,798,920
Investments in affiliates, at cost		1,662,288

Total Investment securities, at cost	$	794,161,208

Investments in non-affiliates, at value	$	1,352,925,066
Investments in affiliates, at value		2,916,611

Total Investment securities, at value*	$	1,355,841,677
Cash		4,178
Interest and dividends receivable		1,413,094
Receivable for capital shares issued		1,122,082
Receivable for investments sold		568,104
Receivable for variation margin on futures contracts		62,936
Reclaims receivable		7,722
Prepaid expenses		2,890

Total Assets		1,359,022,684

Liabilities:
Payable for investments purchased		1,034,470
Payable for capital shares redeemed		162,699
Payable for collateral received on loaned securities		109,900,850
Securities sold short (Proceeds received $259,833)		249,980
Manager fees payable		177,260
Administration fees payable		30,364
Distribution fees payable		256,283
Custodian fees payable		8,399
Administrative and compliance services fees payable		118
Trustee fees payable		2,803
Other accrued liabilities		112,613

Total Liabilities		111,935,839

Net Assets	$	1,247,086,845

Net Assets Consist of:
Capital	$	550,837,126
Accumulated net investment income/(loss)		37,541,842
Accumulated net realized gains/(losses) from investment transactions		97,696,526
Net unrealized appreciation/(depreciation) on investments		561,011,351

Net Assets	$	1,247,086,845

Class 1
Net Assets	$	20,876,270
Shares of beneficial interest (unlimited number of shares authorized, no par value)		1,423,788
Net Asset Value (offering and redemption price per share)	$	14.66

Class 2
Net Assets	$	1,226,210,575
Shares of beneficial interest (unlimited number of shares authorized, no par value)		84,301,880
Net Asset Value (offering and redemption price per share)	$	14.55

*	Includes securities on loan of $107,237,775.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	15,806,471
Dividends from affiliates		44,677
Income from securities lending		166,675
Foreign tax reclaims received		395

Total Investment Income		16,018,218

Expenses:
Manager fees		1,358,240
Administration fees		212,043
Distribution fees — Class 2		1,970,785
Custodian fees		29,047
Administrative and compliance services fees		10,891
Trustee fees		42,192
Professional fees		47,023
Shareholder reports		22,783
Other expenses		177,271

Total expenses		3,870,275

Net Investment Income/(Loss)		12,147,943

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		166,570,140
Net realized gains/(losses) on futures contracts		2,436,077
Change in net unrealized appreciation/depreciation on investments		(149,785,973	)

Net Realized/Unrealized Gains/(Losses) on Investments		19,220,244

Change in Net Assets Resulting From Operations	$	31,368,187

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL S&P 500 Index Fund (the “Fund”), and 35 are presented in separate reports.

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products and Allianz Variable Insurance Products Fund of Funds Trusts based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust and the Allianz Variable Insurance Products Fund of Funds Trust.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $16,438 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2015, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $32.5 million as of June 30, 2015. The monthly average notional amount for these contracts was $55.2 million for the period ended June 30, 2015. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $9,509 was paid from the Fund relating to these fees and expenses.

certain expenses associated with attending Board meetings. Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Fund of Funds Trust in proportion to the assets under management of each trust. During the period ended June 30, 2015, actual Trustee compensation was $466,180 in total for both trusts.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $806,223,478. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the year ended December 31, 2014, the Fund utilized $14,962,755 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Schroder Emerging Markets Equity Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value

	Common Stocks (98.5%):
	Aerospace & Defense (0.5%):
	38,300	Embraer SA, ADR	$	1,160,107

	Auto Components (0.3%):
	4,006	Hyundai Mobis Co., Ltd.		763,693

	Automobiles (4.9%):
	1,258,000	Brilliance China Automotive Holdings, Ltd.		1,954,136
	426,200	Chongqing Changan Automobile Co., Ltd., Class B		1,086,011
	28,188	Hyundai Motor Co.		3,432,027
	53,127	Maruti Suzuki India, Ltd.		3,356,320
	951,480	PT Astra International TbK		505,059
	217,308	Tata Motors, Ltd.		1,478,328

				11,811,881

	Banks (21.8%):
	868,249	Akbank T.A.S.		2,491,368
	475,587	Axis Bank, Ltd.*		4,163,854
	115,571	Banco Bradesco SA, ADR		1,058,630
	11,361,832	China Construction Bank		10,321,636
	3,884,597	Chinatrust Financial Holding Co., Ltd.		3,059,309
	44,017	Commercial International Bank Egypt SAE, GDR		323,533
	150,045	Commercial International Bank Egypt SAE		1,110,119
	137,477	DGB Financial Group, Inc.		1,440,659
	180,151	Grupo Financiero Banorte SAB de C.V.		990,674
	83,317	Hana Financial Holdings Group, Inc.		2,156,575
	273,790	HDFC Bank, Ltd.*		4,587,976
	3,140,385	Industrial & Commercial Bank of China		2,483,929
	327,855	Itau Unibanco Banco Multiplo SA, ADR		3,590,012
	526,500	Kasikornbank Public Co., Ltd.		2,942,400
	2,380	Komercni Banka AS		528,015
	349,092	National Bank of Greece SA*		442,207
	331,792	National Bank of Kuwait		944,238
	98,022	OTP Bank Nyrt		1,939,422
	114,665	Powszechna Kasa Oszczednosci Bank Polski SA		948,896
	1,514,500	PT Bank Mandiri Tbk		1,139,911
	20,052	Qatar National Bank		1,060,981
	253,642	Sberbank of Russia, ADR		1,346,839
	11,387	Shinhan Financial Group Co., Ltd.		423,727
	540,521	Turkiye Garanti Bankasi AS		1,682,733
	561,884	Turkiye Is Bankasi AS, Class C		1,173,616

				52,351,259

	Beverages (1.0%):
	334,365	Ambev SA, ADR		2,039,627
	5,317	Fomento Economico Mexicano SAB de C.V., ADR		473,692

				2,513,319

	Chemicals (1.7%):
	12,347	LG Chem, Ltd.		3,077,875
	15,058	Samsung C&T Corp.		892,888

				3,970,763

	Commercial Services & Supplies (0.3%):
	11,363	S1 Corp.		798,082

	Distributors (0.1%):
	3,533	Ultra Tech Cement, Ltd.		165,832


Shares			Fair Value

	Common Stocks, continued
	Diversified Financial Services (1.6%):
	38,941	Bank Pekao SA	$	1,864,291
	453,061	FirstRand, Ltd.		1,986,462

				3,850,753

	Diversified Telecommunication Services (0.9%):
	718,000	China Unicom (Hong Kong), Ltd.		1,125,361
	37,356	Hellenic Telecommunications Organization SA (OTE)		335,770
	47,900	Telefonica Brasil SA, ADR		667,247

				2,128,378

	Electric Utilities (1.1%):
	89,700	Enersis SA, ADR		1,419,951
	26,680	Korea Electric Power Corp., Ltd.		1,091,437

				2,511,388

	Electrical Equipment (0.6%):
	186,000	Zhuzhou CSR Times Electric Co., Ltd.		1,383,336

	Electronic Equipment, Instruments & Components (2.5%):
	1,898,480	Hon Hai Precision Industry Co., Ltd.		5,922,416

	Food & Staples Retailing (0.5%):
	20,648	Magnit PJSC, Registered Shares, GDR		1,150,362

	Food Products (0.3%):
	692	Orion Corp.		650,327
	56,000	Tingyi (Caymen Is) Holding Corp.		113,821

				764,148

	Health Care Equipment & Supplies (0.6%):
	47,347	Mindray Medical International, Ltd., ADR		1,349,390

	Hotels, Restaurants & Leisure (1.6%):
	1,156,660	MINI International Public Co., Ltd.		1,026,107
	32,648	Yum! Brands, Inc.		2,940,932

				3,967,039

	Household Durables (0.8%):
	23,119	Coway Co., Ltd.		1,896,615

	Independent Power and Renewable Electricity Producers (0.7%):
	1,496,000	China Longyuan Power Group Corp.		1,648,886

	Industrial Conglomerates (1.9%):
	486,808	KOC Holdings AS		2,252,203
	18,803	LG Corp.		1,037,925
	78,110	SM Investments Corp.		1,550,367

				4,840,495

	Insurance (8.1%):
	897,600	AIA Group, Ltd.		5,866,873
	164,700	BB Seguridade Participacoes SA		1,814,339
	2,031,781	Cathay Financial Holding Co., Ltd.		3,545,247
	854,000	China Life Insurance Co., Ltd.		3,686,255
	887,000	China Pacific Insurance Group Co., Ltd., Class H		4,224,853
	1,288	Powszechny Zaklad Ubezpieczen SA		148,131

				19,285,698

	Internet Software & Services (7.1%):
	7,913	Baidu, Inc., ADR*		1,575,320
	4,817	NHN Corp.		2,736,566
	640,000	Tencent Holdings, Ltd.		12,743,194

				17,055,080


Shares			Fair Value

	Common Stocks, continued
	IT Services (3.5%):
	141,800	Cielo SA	$	2,005,054
	47,365	Infosys Technologies-SP, ADR^		750,735
	140,168	Infosys, Ltd.		2,168,305
	89,982	Tata Consultancy Services, Ltd.		3,597,411

				8,521,505

	Machinery (0.8%):
	189,000	WEG SA		1,163,236
	206,799	Weichai Power Co., Ltd., Class H		684,290

				1,847,526

	Media (1.5%):
	22,929	Naspers, Ltd.		3,548,264

	Metals & Mining (1.3%):
	19,903	KGHM Polska Miedz SA		564,191
	77,278	Mining and Metallurgical Co. Norilsk Nickel, ADR		1,309,862
	4,212	POSCO		835,732
	120,600	Vale SA, ADR^		710,334

				3,420,119

	Multiline Retail (1.4%):
	9,279	Hotel Shilla Co., Ltd.		926,935
	9,925	Hyundai Department Store Co., Ltd.		1,299,698
	151,413	Woolworths Holdings, Ltd.		1,225,263

				3,451,896

	Oil, Gas & Consumable Fuels (6.2%):
	8,606,400	China Petroleum & Chemical Corp., Class H		7,399,868
	34,735	LUKOIL, ADR		1,559,948
	7,400	NovaTek OAO, Registered Shares, GDR		754,222
	173,900	PTT pcl		1,846,957
	3,312	SK Energy Co., Ltd.*		364,139
	57,432	Tupras-Turkiye Petrol Rafine*		1,454,673
	71,042	Ultrapar Participacoes SA		1,501,431

				14,881,238

	Personal Products (0.9%):
	6,663	Amorepacific Corp.		2,494,439

	Pharmaceuticals (1.4%):
	47,062	Aspen Pharmacare Holdings, Ltd.		1,393,453
	65,640	Lupin, Ltd.		1,943,872

				3,337,325

	Real Estate Management & Development (2.6%):
	1,910,500	Ayala Land, Inc.		1,579,446
	2,115,471	Emaar Properties PJSC		4,519,431

				6,098,877


Shares or Principal Amount			Fair Value

	Common Stocks, continued
	Semiconductors & Semiconductor Equipment (10.9%):
	2,159,000	Advanced Semiconductor Engineering, Inc.	$	2,899,237
	10,449	Samsung Electronics Co., Ltd.		11,872,552
	71,811	SK Hynix, Inc.		2,730,001
	1,887,110	Taiwan Semiconductor Manufacturing Co., Ltd.		8,503,757

				26,005,547

	Technology Hardware, Storage & Peripherals (1.5%):
	285,000	Catcher Technology Co., Ltd.		3,564,749

	Textiles, Apparel & Luxury Goods (0.9%):
	1,404,000	Belle International Holdings, Ltd.		1,616,373
	41,960	Eclat Textile Co., Ltd.		688,117

				2,304,490

	Transportation Infrastructure (0.6%):
	278,956	Companhia de Concessoes Rodoviarias		1,343,534

	Wireless Telecommunication Services (6.1%):
	371,800	Advanced Info Service pcl		2,635,235
	547,000	China Mobile, Ltd.		6,995,893
	7,247	SK Telecom Co., Ltd.		1,623,251
	670,000	Taiwan Mobile Co., Ltd.		2,236,645
	274,063	Turkcell Iletisim Hizmetleri AS		1,258,821

				14,749,845

	Total Common Stocks (Cost $192,045,956)			236,858,274

	Preferred Stocks (0.4%):
	Food & Staples Retailing (0.2%):
	22,900	Companhia Brasileira de Destribuicao Grupo Pao de Acucar, Series A, Preferred Shares		540,856

	Multiline Retail (0.2%):
	80,800	Lojas Americanas SA		453,626

	Total Preferred Stocks (Cost $1,470,663)			994,482

	Securities Held as Collateral for Securities on Loan (0.6%):
	$1,439,870	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		1,439,870

	Total Securities Held as Collateral for Securities on Loan (Cost $1,439,870)			1,439,870

	Unaffiliated Investment Company (0.8%):
	1,948,592	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		1,948,592

	Total Unaffiliated Investment Company (Cost $1,948,592)			1,948,592

	Total Investment Securities (Cost $196,905,081)(c) — 100.3%			241,241,218
	Net other assets (liabilities) — (0.3)%			(804,984	)

	Net Assets — 100.0%		$	240,436,234

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:


Country	Percentage
Brazil		7.5	%
Cayman Islands		1.9	%
Chile		0.6	%
China		15.9	%
Czech Republic		0.2	%
Egypt		0.6	%
Greece		0.3	%
Hong Kong		7.9	%
Hungary		0.8	%
India		9.2	%
Indonesia		0.7	%
Korea, Republic Of		3.6	%
Kuwait		0.4	%
Mexico		0.6	%
Philippines		1.3	%
Poland		1.5	%
Qatar		0.4	%
Republic of Korea (South)		14.0	%
Russian Federation		2.5	%
South Africa		3.4	%
Switzerland		1.8	%
Taiwan		12.6	%
Thailand		3.5	%
Turkey		4.3	%
United Arab Emirates		1.9	%
United States		2.6	%

		100.0	%

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	196,905,081

Investment securities, at value*	$	241,241,218
Interest and dividends receivable		1,295,187
Foreign currency, at value (cost $177,098)		177,249
Receivable for investments sold		486,024
Reclaims receivable		9,751
Prepaid expenses		510

Total Assets		243,209,939

Liabilities:
Payable for investments purchased		543,285
Payable for capital shares redeemed		340,198
Payable for collateral received on loaned securities		1,439,870
Manager fees payable		215,782
Administration fees payable		8,490
Distribution fees payable		44,614
Custodian fees payable		163,092
Administrative and compliance services fees payable		265
Trustee fees payable		1,699
Other accrued liabilities		16,410

Total Liabilities		2,773,705

Net Assets	$	240,436,234

Net Assets Consist of:
Capital	$	187,118,890
Accumulated net investment income/(loss)		3,410,319
Accumulated net realized gains/(losses) from investment transactions		5,574,205
Net unrealized appreciation/(depreciation) on investments		44,332,820

Net Assets	$	240,436,234

Class 1
Net Assets	$	25,800,179
Shares of beneficial interest (unlimited number of shares authorized, no par value)		3,414,878
Net Asset Value (offering and redemption price per share)	$	7.56

Class 2
Net Assets	$	214,636,055
Shares of beneficial interest (unlimited number of shares authorized, no par value)		28,479,871
Net Asset Value (offering and redemption price per share)	$	7.54

*	Includes securities on loan of $1,013,713.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	3,396,487
Income from securities lending		20,507
Foreign withholding tax		(384,314	)

Total Investment Income		3,032,680

Expenses:
Manager fees		1,543,634
Administration fees		47,384
Distribution fees — Class 2		280,641
Custodian fees		259,892
Administrative and compliance services fees		1,551
Trustee fees		6,295
Professional fees		6,987
Shareholder reports		10,604
Other expenses		3,298

Total expenses before reductions		2,160,286
Less expenses voluntarily waived/reimbursed by the Manager		(188,249	)

Net expenses		1,972,037

Net Investment Income/(Loss)		1,060,643

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(1,104,180	)
Change in net unrealized appreciation/depreciation on investments		6,950,090

Net Realized/Unrealized Gains/(Losses) on Investments		5,845,910

Change in Net Assets Resulting From Operations	$	6,906,553

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Schroder Emerging Markets Equity Fund (the “Fund”), and 35 are presented in separate reports.

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products and Allianz Variable Insurance Products Fund of Funds Trusts based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust and the Allianz Variable Insurance Products Fund of Funds Trust.

securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2015 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $5.5 million for the period ended June 30, 2015.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $2,022 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Schroder Investment Management North America Inc. (“Schroder”), Schroder provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $1,363 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $198,965,351. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Small Cap Stock Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
Common Stocks (99.2%):
Aerospace & Defense (1.9%):
	14,640	AAR Corp.^	$	466,577
	27,193	Aerojet Rocketdyne Holdings, Inc.*^		560,448
	8,755	AeroVironment, Inc.*		228,330
	3,183	American Science & Engineering, Inc.		139,447
	9,458	Cubic Corp.^		450,012
	20,637	Curtiss-Wright Corp.		1,494,944
	7,540	Engility Holdings, Inc.*		189,706
	16,798	Moog, Inc., Class A*		1,187,283
	2,140	National Presto Industries, Inc.^		171,885
	23,209	TASER International, Inc.*^		773,092

				5,661,724

	Air Freight & Logistics (0.9%):
	10,794	Atlas Air Worldwide Holdings, Inc.*^		593,238
	10,269	Echo Global Logistics, Inc.*^		335,386
	13,393	Forward Air Corp.^		699,917
	14,878	Hub Group, Inc.*^		600,179
	39,628	UTI Worldwide, Inc.*^		395,884

				2,624,604

	Airlines (0.7%):
	5,840	Allegiant Travel Co.^		1,038,819
	23,733	Hawaiian Holdings, Inc.*^		563,659
	21,488	Republic Airways Holdings, Inc.*^		197,260
	21,895	SkyWest, Inc.^		329,301

				2,129,039

	Auto Components (0.8%):
	13,174	Dorman Products, Inc.*^		627,873
	10,350	Drew Industries, Inc.		600,507
	15,441	Gentherm, Inc.*^		847,866
	8,928	Standard Motor Products, Inc.^		313,551
	9,624	Superior Industries International, Inc.^		176,215

				2,566,012

	Automobiles (0.1%):
	11,779	Winnebago Industries, Inc.^		277,867

	Banks (8.4%):
	8,328	Banner Corp.		399,161
	34,476	BBCN Bancorp, Inc.^		509,900
	36,066	Boston Private Financial Holdings, Inc.		483,645
	13,908	Cardinal Financial Corp.^		303,055
	11,651	Central Pacific Financial Corp.		276,711
	6,597	City Holding Co.^		324,902
	23,159	Columbia Banking System, Inc.^		753,594
	17,904	Community Bank System, Inc.^		676,234
	42,023	CVB Financial Corp.^		740,025
	75,814	F.N.B. Corp.^		1,085,656
	45,164	First Bancorp*		217,690
	39,105	First Commonwealth Financial Corp.		375,017
	26,703	First Financial Bancorp		479,052
	27,917	First Financial Bankshares, Inc.^		967,045
	33,846	First Midwest Bancorp, Inc.		642,059
	32,768	Glacier Bancorp, Inc.^		964,035
	13,938	Hanmi Financial Corp.		346,220
	25,459	Home Bancshares, Inc.^		930,781
	11,412	Independent Bank Corp.		535,109


Shares			Fair Value
Common Stocks, continued
Banks, continued
	15,828	LegacyTexas Financial Group, Inc.	$	478,006
	27,901	MB Financial, Inc.^		960,910
	60,860	National Penn Bancshares, Inc.		686,501
	19,157	NBT Bancorp, Inc.^		501,339
	19,757	OFG Bancorp^		210,807
	46,604	Old National Bancorp^		673,894
	14,415	Pinnacle Financial Partners, Inc.^		783,744
	30,681	PrivateBancorp, Inc.		1,221,717
	12,290	S & T Bancorp, Inc.		363,661
	6,799	Simmons First National Corp., Class A^		317,377
	10,211	Southside Bancshares, Inc.^		298,463
	39,554	Sterling Bancorp^		581,444
	78,837	Susquehanna Bancshares, Inc.		1,113,178
	25,269	Talmer Bancorp, Inc., Class A		423,256
	19,906	Texas Capital Bancshares, Inc.*		1,238,949
	5,183	Tompkins Financial Corp.^		278,431
	17,772	UMB Financial Corp.^		1,013,359
	27,689	United Bankshares, Inc.^		1,113,928
	19,546	United Community Banks, Inc.		407,925
	11,259	Westamerica Bancorp^		570,268
	30,566	Wilshire Bancorp, Inc.		386,049
	20,678	Wintrust Financial Corp.^		1,103,792

				25,736,889

	Biotechnology (1.2%):
	18,641	Acorda Therapeutics, Inc.*^		621,305
	12,992	Emergent Biosolutions, Inc.*^		428,086
	7,748	Ligand Pharmaceuticals, Inc., Class B*^		781,773
	41,435	Mimedx Group, Inc.*		480,232
	25,749	Momenta Pharmaceuticals, Inc.*		587,335
	13,352	Repligen Corp.*^		551,037
	25,811	Spectrum Pharmaceuticals, Inc.*^		176,547

				3,626,315

	Building Products (1.2%):
	17,758	AAON, Inc.^		399,910
	5,404	American Woodmark Corp.*		296,409
	12,578	Apogee Enterprises, Inc.		662,106
	12,330	Gibraltar Industries, Inc.*		251,162
	17,605	Griffon Corp.^		280,272
	20,620	PGT, Inc.*		299,196
	14,830	Quanex Building Products Corp.		317,807
	18,057	Simpson Manufacturing Co., Inc.^		613,938
	8,522	Universal Forest Products, Inc.^		443,400

				3,564,200

	Capital Markets (1.4%):
	8,620	Calamos Asset Management, Inc., A		105,595
	22,851	Financial Engines, Inc.^		970,710
	12,304	Greenhill & Co., Inc.^		508,524
	14,367	HFF, Inc., Class A^		599,535
	25,661	Interactive Brokers Group, Inc., Class A^		1,066,471
	15,392	Investment Technology Group, Inc.		381,722
	7,229	Piper Jaffray Cos., Inc.*		315,474
	3,119	Virtus Investment Partners, Inc.^		412,488

				4,360,519


Shares			Fair Value
Common Stocks, continued
	Chemicals (2.2%):
	12,680	A. Schulman, Inc.^	$	554,370
	11,220	American Vanguard Corp.^		154,836
	13,471	Balchem Corp.^		750,604
	23,068	Calgon Carbon Corp.^		447,058
	21,658	Flotek Industries, Inc.*^		271,375
	9,621	Futurefuel Corp.		123,822
	22,022	H.B. Fuller Co.^		894,534
	4,085	Hawkins, Inc.^		164,993
	9,122	Innophos Holdings, Inc.		480,182
	24,902	Intrepid Potash, Inc.*^		297,330
	8,917	Koppers Holdings, Inc.		220,428
	13,722	Kraton Performance Polymers, Inc.*		327,681
	8,451	LSB Industries, Inc.*		345,139
	13,187	OM Group, Inc.		443,083
	5,799	Quaker Chemical Corp.^		515,183
	18,752	Rayonier Advanced Materials, Inc.^		304,908
	8,337	Stepan Co.		451,115
	10,962	Tredegar Corp.		242,370

				6,989,011

	Commercial Services & Supplies (2.6%):
	22,597	ABM Industries, Inc.^		742,763
	20,755	Brady Corp., Class A^		513,479
	8,577	G&K Services, Inc., Class A^		593,014
	30,824	Healthcare Services Group, Inc.^		1,018,733
	28,702	Interface, Inc.^		718,985
	12,764	Matthews International Corp., Class A		678,279
	19,964	Mobile Mini, Inc.		839,287
	26,250	Tetra Tech, Inc.^		673,050
	21,117	The Brink’s Co.^		621,473
	6,811	UniFirst Corp.		761,810
	9,436	US Ecology, Inc.^		459,722
	8,462	Viad Corp.		229,405

				7,850,000

	Communications Equipment (1.1%):
	23,396	ADTRAN, Inc.		380,185
	4,573	Bel Fuse, Inc., B		93,838
	6,611	Black Box Corp.^		132,220
	15,733	CalAmp Corp.*^		287,285
	7,032	Comtech Telecommunications Corp.		204,280
	10,417	Digi International, Inc.*		99,482
	38,334	Harmonic, Inc.*		261,821
	25,696	Ixia*^		319,658
	15,088	NETGEAR, Inc.*^		452,942
	19,011	ViaSat, Inc.*^		1,145,603

				3,377,314

	Construction & Engineering (1.0%):
	16,133	Aegion Corp.*		305,559
	16,091	Comfort Systems USA, Inc.		369,288
	14,724	Dycom Industries, Inc.*^		866,507
	27,199	Emcor Group, Inc.		1,299,296
	9,062	MYR Group, Inc.*		280,560
	11,913	Orion Marine Group, Inc.*		86,012

				3,207,222


Shares			Fair Value
Common Stocks, continued
	Construction Materials (0.2%):
	31,979	Headwaters, Inc.*	$	582,657

	Consumer Finance (1.1%):
	12,059	Cash America International, Inc.^		315,825
	10,526	Encore Capital Group, Inc.*^		449,881
	11,764	Enova International, Inc.*^		219,752
	21,064	EZCORP, Inc., Class A*		156,506
	12,335	First Cash Financial Services, Inc.*		562,353
	21,054	PRA Group, Inc.*^		1,311,874
	3,808	World Acceptance Corp.*^		234,230

				3,250,421

	Containers & Packaging (0.1%):
	10,637	Myers Industries, Inc.^		202,103

	Distributors (0.5%):
	18,862	Pool Corp.^		1,323,735
	8,278	VOXX International Corp.*		68,542

				1,392,277

	Diversified Consumer Services (0.4%):
	7,471	American Public Education, Inc.*		192,154
	4,719	Capella Education Co.		253,269
	25,805	Career Education Corp.*		85,157
	19,140	Regis Corp.*^		301,645
	4,821	Strayer Education, Inc.*^		207,785
	9,346	Universal Technical Institute, Inc.^		80,376

				1,120,386

	Diversified Financial Services (0.6%):
	17,924	Green Dot Corp., A*^		342,707
	16,313	MarketAxess Holdings, Inc.^		1,513,357

				1,856,064

	Diversified Telecommunication Services (0.6%):
	38,115	8x8, Inc.*^		341,510
	4,376	Atlantic Tele-Network, Inc.^		302,294
	91,789	Cincinnati Bell, Inc.*^		350,634
	20,103	Consolidated Communications Holdings, Inc.^		422,364
	12,906	General Communication, Inc., Class A*		219,531
	34,721	Iridium Communications, Inc.*^		315,614
	8,787	Lumos Networks Corp.		129,960

				2,081,907

	Electric Utilities (0.9%):
	19,516	ALLETE, Inc.		905,347
	17,503	El Paso Electric Co.		606,654
	24,553	UIL Holdings Corp.		1,125,019

				2,637,020

	Electrical Equipment (1.1%):
	11,239	AZZ, Inc.		582,180
	8,100	Encore Wire Corp.		358,749
	19,196	EnerSys^		1,349,287
	17,314	Franklin Electric Co., Inc.^		559,762
	21,366	General Cable Corp.		421,551
	4,041	Powell Industries, Inc.		142,122
	7,054	Vicor Corp.*		85,988

				3,499,639


Shares			Fair Value
Common Stocks, continued
	Electronic Equipment, Instruments & Components (4.1%):
	6,360	Agilysys, Inc.*^	$	58,385
	11,895	Anixter International, Inc.*		774,959
	6,232	Badger Meter, Inc.^		395,670
	22,850	Benchmark Electronics, Inc.*		497,673
	18,273	Checkpoint Systems, Inc.		186,019
	10,369	Coherent, Inc.*		658,224
	14,435	CTS Corp.^		278,162
	16,694	Daktronics, Inc.		197,991
	7,629	DTS, Inc.*		232,608
	11,298	Electro Scientific Industries, Inc.^		59,540
	12,859	Fabrinet*		240,849
	7,560	FARO Technologies, Inc.*		353,052
	22,381	II-VI, Inc.*		424,791
	16,701	Insight Enterprises, Inc.*^		499,527
	16,667	Itron, Inc.*		574,011
	9,812	Littlelfuse, Inc.		931,062
	14,019	Mercury Computer Systems, Inc.*		205,238
	16,682	Methode Electronics, Inc., Class A		457,921
	6,511	MTS Systems Corp.^		448,933
	17,150	Newport Corp.*		325,164
	8,092	OSI Systems, Inc.*^		572,833
	9,052	Park Electrochemical Corp.^		173,436
	14,582	Plexus Corp.*		639,858
	12,151	Rofin-Sinar Technologies, Inc.*		335,368
	8,098	Rogers Corp.*		535,602
	35,764	Sanmina Corp.*		721,002
	12,395	ScanSource, Inc.*^		471,754
	12,139	SYNNEX Corp.^		888,453
	27,029	TTM Technologies, Inc.*^		270,020

				12,408,105

	Energy Equipment & Services (1.5%):
	15,325	Basic Energy Services, Inc.*^		115,704
	15,049	Bristow Group, Inc.^		802,112
	8,777	CARBO Ceramics, Inc.		365,387
	8,435	Era Group, Inc.*^		172,749
	29,984	Exterran Holdings, Inc.^		978,977
	5,786	Geospace Technologies Corp.*^		133,367
	4,923	Gulf Island Fabrication, Inc.^		54,990
	11,024	Gulfmark Offshore, Inc., A^		127,878
	13,953	Hornbeck Offshore Services, Inc.*^		286,455
	56,071	ION Geophysical Corp.*		59,996
	11,548	Matrix Service Co.*		211,097
	36,393	Newpark Resources, Inc.*^		295,875
	7,491	SEACOR Holdings, Inc.*^		531,412
	15,023	Tesco Corp.		163,751
	34,432	TETRA Technologies, Inc.*		219,676

				4,519,426

	Food & Staples Retailing (0.3%):
	11,569	Andersons, Inc. (The)^		451,191
	15,981	SpartanNash Co.		520,022

				971,213

	Food Products (1.8%):
	25,188	B&G Foods, Inc.^		718,614
	6,639	Calavo Growers, Inc.^		344,763


Shares			Fair Value
Common Stocks, continued
Food Products, continued
	13,006	Cal-Maine Foods, Inc.^	$	678,913
	71,692	Darling International, Inc.*^		1,051,005
	11,539	Diamond Foods, Inc.*^		362,094
	6,496	J & J Snack Foods Corp.		718,912
	8,782	Sanderson Farms, Inc.^		660,055
	2,625	Seneca Foods Corp., Class A*		72,896
	22,502	Snyders-Lance, Inc.^		726,140

				5,333,392

	Gas Utilities (1.7%):
	37,024	New Jersey Resources Corp.^		1,020,011
	11,831	Northwest Natural Gas Co.^		499,032
	34,177	Piedmont Natural Gas Co., Inc.^		1,206,790
	29,696	South Jersey Industries, Inc.		734,382
	20,216	Southwest Gas Corp.		1,075,693
	18,876	The Laclede Group, Inc.^		982,685

				5,518,593

	Health Care Equipment & Supplies (4.6%):
	9,262	Abaxis, Inc.^		476,808
	16,232	ABIOMED, Inc.*		1,066,930
	5,409	Analogic Corp.^		426,770
	11,125	AngioDynamics, Inc.*^		182,450
	6,487	Anika Therapeutics, Inc.*^		214,266
	15,306	Cantel Medical Corp.^		821,473
	12,001	CONMED Corp.		699,298
	11,134	CryoLife, Inc.^		125,592
	11,364	Cyberonics, Inc.*^		675,703
	9,564	Cynosure, Inc., Class A*		368,979
	11,125	Greatbatch, Inc.*		599,860
	22,503	Haemonetics Corp.*		930,724
	6,022	ICU Medical, Inc.*		576,065
	10,977	Integra LifeSciences Holdings Corp.*^		739,520
	12,675	Invacare Corp.		274,160
	20,716	Masimo Corp.*^		802,538
	18,230	Meridian Bioscience, Inc.^		339,807
	19,021	Merit Medical Systems, Inc.*		409,712
	14,258	Natus Medical, Inc.*		606,820
	16,055	Neogen Corp.*^		761,649
	20,988	NuVasive, Inc.*		994,412
	5,647	Surmodics, Inc.*		132,253
	6,852	Vascular Solutions, Inc.*		237,901
	31,202	West Pharmaceutical Services, Inc.^		1,812,213

				14,275,903

	Health Care Providers & Services (3.7%):
	11,804	Aceto Corp.		290,733
	15,607	Air Methods Corp.*^		645,193
	3,374	Almost Family, Inc.*		134,656
	14,597	Amedisys, Inc.*^		579,939
	20,582	AMN Healthcare Services, Inc.*^		650,185
	20,945	AmSurg Corp.*^		1,465,103
	10,769	Bio-Reference Laboratories, Inc.*^		444,221
	7,447	Chemed Corp.^		976,302
	3,954	CorVel Corp.*		126,607
	12,813	Cross Country Healthcare, Inc.*		162,469


Shares			Fair Value
Common Stocks, continued
Health Care Providers & Services, continued
	15,258	ExamWorks Group, Inc.*^	$	596,588
	15,420	Hanger Orthopedic Group, Inc.*^		361,445
	14,704	HealthEquity, Inc.*		471,263
	15,434	Healthways, Inc.*^		184,899
	7,552	IPC Healthcare, Inc.*		418,305
	36,271	Kindred Healthcare, Inc.		735,939
	4,218	Landauer, Inc.^		150,330
	5,296	LHC Group, Inc.*		202,572
	11,824	Magellan Health Services, Inc.*		828,508
	13,184	PharMerica Corp.*		439,027
	5,198	Providence Service Corp.*		230,167
	42,204	Select Medical Holdings Corp.^		683,705
	9,841	The Ensign Group, Inc.^		502,481

				11,280,637

	Health Care Technology (1.1%):
	4,563	Computer Programs & Systems, Inc.^		243,755
	10,257	HealthStream, Inc.*		312,018
	26,087	MedAssets, Inc.*^		575,479
	23,858	Medidata Solutions, Inc.*^		1,295,968
	15,678	Omnicell, Inc.*		591,217
	19,078	Quality Systems, Inc.		316,122

				3,334,559

	Hotels, Restaurants & Leisure (4.1%):
	738	Biglari Holdings, Inc.*^		305,348
	9,417	BJ’s Restaurants, Inc.*^		456,254
	10,282	Bob Evans Farms, Inc.		524,896
	34,803	Boyd Gaming Corp.*^		520,305
	10,358	Cracker Barrel Old Country Store, Inc.^		1,545,000
	7,198	DineEquity, Inc.		713,250
	16,976	Interval Leisure Group, Inc.^		387,902
	16,176	Jack in the Box, Inc.		1,426,076
	7,986	Marcus Corp.		153,171
	11,996	Marriott Vacations Worldwide Corp.		1,100,633
	4,320	Monarch Casino & Resort, Inc.*		88,819
	12,669	Papa John’s International, Inc.^		957,903
	25,944	Pinnacle Entertainment, Inc.*^		967,192
	9,965	Popeyes Louisiana Kitchen, Inc.*		597,800
	6,084	Red Robin Gourmet Burgers*^		522,129
	26,611	Ruby Tuesday, Inc.*^		166,851
	14,840	Ruth’s Hospitality Group, Inc.^		239,221
	21,446	Scientific Games Corp., A*^		333,271
	21,378	Sonic Corp.^		615,686
	27,167	Texas Roadhouse, Inc.^		1,016,861

				12,638,568

	Household Durables (1.9%):
	11,385	Ethan Allen Interiors, Inc.^		299,881
	11,562	Helen of Troy, Ltd.*		1,127,178
	12,972	iRobot Corp.*^		413,547
	22,278	La-Z-Boy, Inc.		586,803
	10,692	M/I Homes, Inc.*^		263,772
	16,385	Meritage Corp.*^		771,570
	64,716	Standard Pacific Corp.*^		576,620
	20,420	The Ryland Group, Inc.^		946,875


Shares			Fair Value
Common Stocks, continued
Household Durables, continued
	16,717	TopBuild Corp.*	$	484,793
	6,857	Universal Electronics, Inc.*		341,753

				5,812,792

	Household Products (0.2%):
	17,617	Central Garden & Pet Co., A*		201,010
	5,935	WD-40 Co.^		517,295

				718,305

	Insurance (2.7%):
	33,216	American Equity Investment Life Holding Co.^		896,168
	8,244	Amerisafe, Inc.		387,963
	8,203	eHealth, Inc.*		104,096
	13,735	Employers Holdings, Inc.		312,883
	4,021	HCI Group, Inc.^		177,768
	17,777	Horace Mann Educators Corp.		646,727
	5,003	Infinity Property & Casualty Corp.		379,428
	20,357	Meadowbrook Insurance Group, Inc.^		175,070
	16,484	Montpelier Re Holdings, Ltd.		651,118
	4,787	Navigators Group, Inc.*		371,280
	24,120	ProAssurance Corp.		1,114,586
	16,230	RLI Corp.^		834,060
	5,520	Safety Insurance Group, Inc.		318,559
	24,669	Selective Insurance Group, Inc.^		691,965
	9,624	Stewart Information Services Corp.		383,035
	8,990	United Fire Group, Inc.		294,512
	7,387	United Insurance Holdings Co.^		114,794
	13,323	Universal Insurance Holdings, Inc.^		322,417

				8,176,429

	Internet & Catalog Retail (0.3%):
	5,220	Blue Nile, Inc.*^		158,636
	8,239	FTD Cos., Inc.*^		232,257
	12,723	Nutri/System, Inc.^		316,548
	8,826	PetMed Express, Inc.^		152,425

				859,866

	Internet Software & Services (2.1%):
	17,995	Blucora, Inc.*^		290,619
	14,647	comScore, Inc.*		780,099
	19,427	DealerTrack Holdings, Inc.*^		1,219,822
	16,872	DHI Group, Inc.*^		149,992
	19,912	j2 Global, Inc.^		1,352,822
	10,991	Liquidity Services, Inc.*^		105,843
	22,637	LivePerson, Inc.*		222,069
	10,652	LogMeIn, Inc.*		686,947
	39,936	Monster Worldwide, Inc.*^		261,181
	26,545	NIC, Inc.^		485,243
	14,975	QuinStreet, Inc.*		96,589
	6,532	Stamps.com, Inc.*		480,559
	10,472	XO Group, Inc.*		171,217

				6,303,002

	IT Services (2.2%):
	10,447	CACI International, Inc., Class A*		845,057
	19,312	Cardtronics, Inc.*^		715,510
	29,830	CIBER, Inc.*		102,914


Shares			Fair Value
Common Stocks, continued
IT Services, continued
	14,028	CSG Systems International, Inc.^	$	444,126
	16,506	Essendant, Inc.^		647,861
	13,621	Exlservice Holdings, Inc.*		471,014
	4,604	Forrester Research, Inc.		165,836
	15,810	Heartland Payment Systems, Inc.^		854,530
	15,333	iGATE Corp.*^		731,231
	10,040	ManTech International Corp., Class A		291,160
	15,346	Perficient, Inc.*		295,257
	16,676	Sykes Enterprises, Inc.*		404,393
	7,344	TeleTech Holdings, Inc.		198,876
	11,567	Virtusa Corp.*		594,544

				6,762,309

	Leisure Products (0.3%):
	5,597	Arctic Cat, Inc.		185,876
	33,799	Callaway Golf Co.^		302,163
	8,229	Sturm, Ruger & Co., Inc.^		472,756

				960,795

	Life Sciences Tools & Services (1.0%):
	33,412	Affymetrix, Inc.*^		364,859
	10,496	Albany Molecular Research, Inc.*^		212,229
	13,597	Cambrex Corp.*		597,452
	16,634	Luminex Corp.*		287,103
	23,817	PAREXEL International Corp.*^		1,531,671

				2,993,314

	Machinery (3.7%):
	25,982	Actuant Corp., A^		599,924
	12,356	Albany International Corp., Class A		491,769
	8,096	Astec Industries, Inc.		338,575
	21,274	Barnes Group, Inc.^		829,473
	19,276	Briggs & Stratton Corp.^		371,256
	7,483	CIRCOR International, Inc.^		408,048
	9,889	EnPro Industries, Inc.^		565,849
	11,366	ESCO Technologies, Inc.^		425,202
	27,205	Federal Signal Corp.		405,627
	34,714	Harsco Corp.		572,781
	27,399	Hillenbrand, Inc.^		841,149
	12,576	John Bean Technologies Corp.		472,732
	5,159	Lindsay Corp.^		453,528
	7,423	Lydall, Inc.*^		219,424
	24,419	Mueller Industries, Inc.^		847,828
	5,489	Standex International Corp.^		438,736
	7,995	Tennant Co.^		522,393
	23,352	Titan International, Inc.^		250,800
	23,996	Toro Co.^		1,626,449
	12,218	Watts Water Technologies, Inc., Class A		633,503

				11,315,046

	Marine (0.3%):
	18,827	Matson, Inc.^		791,487

	Media (0.6%):
	48,931	Gannett Co., Inc.*		684,544
	18,160	Harte-Hanks, Inc.		108,234
	11,614	Scholastic Corp.^		512,526


Shares			Fair Value
Common Stocks, continued
Media, continued
	8,837	Sizmek, Inc.*	$	62,743
	22,952	The E.W. Scripps Co., Class A^		524,453

				1,892,500

	Metals & Mining (1.4%):
	7,541	A.M. Castle & Co.*^		46,528
	77,751	AK Steel Holding Corp.*^		300,896
	21,792	Century Aluminum Co.*^		227,291
	27,607	Globe Specialty Metals, Inc.^		488,644
	5,304	Haynes International, Inc.		261,593
	7,448	Kaiser Aluminum Corp.^		618,780
	8,637	Materion Corp.		304,454
	3,638	Olympic Steel, Inc.^		63,447
	13,347	RTI International Metals, Inc.*^		420,697
	52,435	Stillwater Mining Co.*^		607,722
	28,289	SunCoke Energy, Inc.		367,757
	23,289	US Silica Holdings, Inc.^		683,765

				4,391,574

	Multiline Retail (0.2%):
	14,896	Fred’s, Inc.^		287,343
	19,217	Tuesday Morning Corp.*^		216,480

				503,823

	Multi-Utilities (0.6%):
	24,906	Avista Corp.^		763,369
	20,438	NorthWestern Corp.^		996,352

				1,759,721

	Oil, Gas & Consumable Fuels (1.5%):
	16,161	Approach Resources, Inc.*^		110,703
	22,124	Bill Barrett Corp.*^		190,045
	16,952	Bonanza Creek Energy, Inc.*^		309,374
	20,473	Carrizo Oil & Gas, Inc.*^		1,008,090
	27,758	Cloud Peak Energy, Inc.*^		129,352
	19,536	Comstock Resources, Inc.^		65,055
	6,769	Contango Oil & Gas Co.*		83,056
	15,109	Green Plains Renewable Energy, Inc.		416,253
	25,351	Northern Oil & Gas, Inc.*^		171,626
	17,320	PDC Energy, Inc.*^		929,045
	31,368	Penn Virginia Corp.*^		137,392
	25,440	PetroQuest Energy, Inc.*		50,371
	27,751	Pioneer Energy Services Corp.*^		175,941
	21,889	Rex Energy Corp.*^		122,360
	24,904	Stone Energy Corp.*^		313,541
	19,492	Swift Energy Co.*^		39,569
	39,149	Synergy Resources Corp.*^		447,473

				4,699,246

	Paper & Forest Products (1.3%):
	17,125	Boise Cascade Co.*		628,145
	8,257	Clearwater Paper Corp.*		473,126
	4,827	Deltic Timber Corp.^		326,498
	36,781	KapStone Paper & Packaging Corp.^		850,377
	7,189	Neenah Paper, Inc.^		423,863
	18,647	P.H. Glatfelter Co.		410,048


Shares			Fair Value
Common Stocks, continued
Paper & Forest Products, continued
	13,176	Schweitzer-Mauduit International, Inc.^	$	525,459
	21,769	Wausau Paper Corp.^		199,839

				3,837,355

	Personal Products (0.1%):
	7,313	Inter Parfums, Inc.^		248,130
	4,898	Medifast, Inc.*^		158,303

				406,433

	Pharmaceuticals (1.9%):
	3,592	ANI Pharmaceuticals, Inc.*^		222,884
	26,033	DepoMed, Inc.*^		558,668
	28,873	Impax Laboratories, Inc.*^		1,325,848
	11,725	Lannett Co., Inc.*^		696,934
	56,637	Nektar Therapeutics*^		708,529
	22,717	Prestige Brands Holdings, Inc.*^		1,050,434
	9,851	Sagent Pharmaceuticals, Inc.*^		239,478
	12,364	Supernus Pharmaceuticals, Inc.*^		209,941
	28,763	The Medicines Co.*^		822,909

				5,835,625

	Professional Services (1.5%):
	5,842	CDI Corp.		75,946
	11,062	Exponent, Inc.		495,356
	7,014	Heidrick & Struggles International, Inc.		182,925
	9,765	Insperity, Inc.^		497,039
	12,441	Kelly Services, Inc., A		190,969
	21,920	Korn/Ferry International		762,158
	20,746	Navigant Consulting, Inc.*^		308,493
	20,159	On Assignment, Inc.*		791,846
	16,019	Resources Connection, Inc.^		257,746
	18,172	Trueblue, Inc.*^		543,343
	14,416	Wageworks, Inc.*^		583,127

				4,688,948

	Real Estate Investment Trusts (REITs) (7.7%):
	29,842	Acadia Realty Trust^		868,701
	7,707	Agree Realty Corp.		224,813
	14,582	American Assets Trust, Inc.		571,760
	25,365	Associated Estates Realty Corp.		726,200
	42,138	Capstead Mortgage Corp.^		467,732
	12,051	CareTrust REIT, Inc.^		152,686
	32,046	Cedar Shopping Centers, Inc.		205,094
	25,848	Chesapeake Lodging Trust		787,847
	11,387	Coresite Realty Corp.^		517,425
	89,384	Cousins Properties, Inc.^		927,806
	87,760	DiamondRock Hospitality, Co.^		1,124,206
	14,103	EastGroup Properties, Inc.^		793,012
	21,019	Education Realty Trust, Inc.		659,156
	24,874	EPR Properties^		1,362,597
	38,367	Franklin Street Properties Corp.^		433,931
	32,286	Geo Group, Inc. (The)		1,102,890
	11,340	Getty Realty Corp.^		185,522
	30,376	Government Properties Income Trust^		563,475
	43,572	Healthcare Realty Trust, Inc.		1,013,485
	38,714	Inland Real Estate Corp.		364,686
	36,301	Kite Realty Group Trust		888,285


Shares			Fair Value
Common Stocks, continued
Real Estate Investment Trusts (REITs), continued
	93,020	Lexington Realty Trust	$	788,810
	15,534	LTC Properties, Inc.^		646,214
	91,378	Medical Properties Trust, Inc.		1,197,966
	36,927	Parkway Properties, Inc.		644,007
	30,309	Pennsylvania Real Estate Investment Trust^		646,794
	23,882	Post Properties, Inc.		1,298,464
	8,457	PS Business Parks, Inc.		610,173
	40,308	Retail Opportunity Investments Corp.^		629,611
	25,628	Sabra Health Care REIT, Inc.		659,665
	4,949	Saul Centers, Inc.		243,441
	15,575	Sovran Self Storage, Inc.		1,353,623
	37,515	Summit Hotel Properties, Inc.^		488,070
	5,335	Universal Health Realty Income Trust		247,864
	11,098	Urstadt Biddle Properties, Inc., A		207,311

				23,603,322

	Real Estate Management & Development (0.1%):
	14,531	Forestar Group, Inc.*^		191,228

	Road & Rail (0.8%):
	10,473	ArcBest Corp.		333,041
	11,854	Celadon Group, Inc.		245,141
	24,058	Heartland Express, Inc.^		486,693
	26,989	Knight Transportation, Inc.^		721,686
	12,049	Roadrunner Transportation System, Inc.*^		310,864
	10,868	Saia, Inc.*^		427,004

				2,524,429

	Semiconductors & Semiconductor Equipment (3.8%):
	16,586	Advanced Energy Industries, Inc.*^		455,949
	29,019	Brooks Automation, Inc.		332,268
	10,693	Cabot Microelectronics Corp.*		503,747
	8,880	CEVA, Inc.*		172,538
	27,495	Cirrus Logic, Inc.*		935,655
	10,999	Cohu, Inc.		145,517
	15,983	Diodes, Inc.*		385,350
	9,220	DSP Group, Inc.*		95,243
	20,624	Exar Corp.*		201,703
	26,129	Kopin Corp.*^		90,145
	33,330	Kulicke & Soffa Industries, Inc.*		390,294
	19,487	Micrel, Inc.		270,869
	41,163	Microsemi Corp.*		1,438,648
	23,031	MKS Instruments, Inc.^		873,796
	15,889	Monolithic Power Systems, Inc.		805,731
	10,456	Nanometrics, Inc.*^		168,551
	8,607	Pericom Semiconductor Corp.^		113,182
	12,773	Power Integrations, Inc.^		577,084
	14,009	Rudolph Technologies, Inc.*^		168,248
	28,797	Semtech Corp.*		571,620
	15,991	Synaptics, Inc.*^		1,386,979
	20,291	Tessera Technologies, Inc.		770,652
	11,931	Ultratech, Inc.*		221,439
	17,598	Veeco Instruments, Inc.*^		505,767

				11,580,975


Shares			Fair Value
Common Stocks, continued
	Software (2.3%):
	20,181	Blackbaud, Inc.^	$	1,149,308
	16,407	Bottomline Technologies, Inc.*^		456,279
	12,079	Ebix, Inc.		393,896
	13,633	EPIQ Systems, Inc.		230,125
	7,460	Interactive Intelligence Group*^		331,746
	3,926	MicroStrategy, Inc., A*^		667,734
	17,222	Monotype Imaging Holdings, Inc.		415,222
	16,097	NetScout Systems, Inc.*^		590,277
	21,934	Progress Software Corp.*		603,185
	15,905	Synchronoss Technologies, Inc.*^		727,336
	36,651	Take-Two Interactive Software, Inc.*^		1,010,468
	15,813	Tangoe, Inc.*		198,928
	12,723	VASCO Data Security International, Inc.*^		384,107

				7,158,611

	Specialty Retail (4.2%):
	19,744	Barnes & Noble, Inc.*^		512,554
	7,735	Big 5 Sporting Goods Corp.		109,914
	18,857	Caleres, Inc.^		599,275
	11,151	Cato Corp.^		432,213
	16,072	Christopher & Banks Corp.*		64,449
	18,423	Francesca’s Holdings Corp.*		248,158
	10,485	Genesco, Inc.*^		692,325
	9,284	Group 1 Automotive, Inc.^		843,266
	8,992	Haverty Furniture Cos., Inc.		194,407
	10,809	Hibbett Sports, Inc.*^		503,483
	6,382	Kirkland’s, Inc.		177,866
	9,889	Lithia Motors, Inc., Class A^		1,119,040
	12,038	Lumber Liquidators Holdings, Inc.*^		249,307
	10,905	MarineMax, Inc.*^		256,377
	13,782	Monro Muffler Brake, Inc.^		856,690
	8,090	Outerwall, Inc.^		615,730
	23,151	Pep Boys—Manny, Moe & Jack*		284,063
	22,717	Select Comfort Corp.*^		683,100
	14,328	Sonic Automotive, Inc., Class A^		341,436
	14,038	Stage Store, Inc.^		246,086
	11,989	Stein Mart, Inc.		125,525
	12,420	The Buckle, Inc.^		568,463
	9,028	The Children’s Place Retail Stores, Inc.^		590,521
	20,188	The Finish Line, Inc., Class A^		561,630
	19,943	The Men’s Wearhouse, Inc.^		1,277,749
	13,146	Vitamin Shoppe, Inc.*^		489,951
	9,345	Zumiez, Inc.*^		248,857

				12,892,435

	Technology Hardware, Storage & Peripherals (0.6%):
	20,359	Electronics for Imaging, Inc.*^		885,820
	37,946	QLogic Corp.*		538,454
	15,552	Super Micro Computer, Inc.*^		460,028

				1,884,302

	Textiles, Apparel & Luxury Goods (1.8%):
	33,302	Crocs, Inc.*^		489,872
	16,455	G-III Apparel Group, Ltd.*		1,157,609
	20,788	Iconix Brand Group, Inc.*^		519,076
	7,505	Movado Group, Inc.^		203,836


Shares or Principal Amount			Fair Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
	6,276	Oxford Industries, Inc.	$	548,836
	5,020	Perry Ellis International, Inc.*		119,325
	24,110	Steven Madden, Ltd.*^		1,031,426
	6,120	Unifi, Inc.*		205,020
	44,671	Wolverine World Wide, Inc.^		1,272,231

				5,547,231

	Thrifts & Mortgage Finance (1.2%):
	39,151	Astoria Financial Corp.^		539,892
	18,477	Bank Mutual Corp.^		141,719
	5,944	BofI Holding, Inc.*^		628,341
	30,386	Brookline Bancorp, Inc.^		343,058
	13,309	Dime Community Bancshares		225,454
	41,566	Northwest Bancshares, Inc.^		532,876
	16,583	Oritani Financial Corp.		266,157
	23,615	Provident Financial Services, Inc.^		448,449
	40,890	TrustCo Bank Corp.		287,457
	11,626	Wawlker & Dunlop, Inc.*		310,879

				3,724,282

	Tobacco (0.2%):
	9,775	Universal Corp.^		560,303

	Trading Companies & Distributors (0.5%):
	17,368	Applied Industrial Technologies, Inc.^		688,640
	5,589	Dxp Enterprises, Inc.*^		259,889
	11,691	Kaman Corp., Class A^		490,321
	3,409	Veritiv Corp.*		124,292

				1,563,142

	Water Utilities (0.2%):
	16,439	American States Water Co.^		614,654

	Wireless Telecommunication Services (0.1%):
	9,649	Spok Holdings, Inc.		162,489

	Total Common Stocks (Cost $192,208,032)			303,589,559

	Right (0.0%):
	Electronic Equipment, Instruments & Components (0.0%):
	10,537	Gerber Scientific, Inc.*		—

	Total Right (Cost $—)			—

	Securities Held as Collateral for Securities on Loan (29.0%):
	$88,737,457	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		88,737,457

	Total Securities Held as Collateral for Securities on Loan (Cost $88,737,457)			88,737,457

	Unaffiliated Investment Company (0.9%):
	2,606,363	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		2,606,363

	Total Unaffiliated Investment Company (Cost $2,606,363)			2,606,363

	Total Investment Securities (Cost $283,551,852)(c) — 129.1%			394,933,379
	Net other assets (liabilities) — (29.1)%			(88,954,228	)

	Net Assets — 100.0%		$	305,979,151

Cash of $112,200 has been segregated to cover margin requirements for the following open contracts as of June 30, 2015:

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	283,551,852

Investment securities, at value*	$	394,933,379
Interest and dividends receivable		339,510
Receivable for investments sold		3,588,453
Receivable for variation margin on futures contracts		9,339
Prepaid expenses		584

Total Assets		398,871,265

Liabilities:
Cash overdraft		984
Cash received as collateral for derivatives		88,480
Payable for investments purchased		3,687,267
Payable for capital shares redeemed		211,355
Payable for collateral received on loaned securities		88,737,457
Manager fees payable		66,591
Administration fees payable		7,840
Distribution fees payable		64,029
Custodian fees payable		3,948
Administrative and compliance services fees payable		88
Trustee fees payable		845
Other accrued liabilities		23,230

Total Liabilities		92,892,114

Net Assets	$	305,979,151

Net Assets Consist of:
Capital	$	144,150,885
Accumulated net investment income/(loss)		5,177,266
Accumulated net realized gains/(losses) from investment transactions		45,288,221
Net unrealized appreciation/(depreciation) on investments		111,362,779

Net Assets	$	305,979,151

Shares of beneficial interest (unlimited number of shares authorized, no par value)		19,091,531
Net Asset Value (offering and redemption price per share)	$	16.03

*	Includes securities on loan of $86,998,989.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	2,968,423
Interest		28,242
Income from securities lending		205,636
Foreign withholding tax		(379	)

Total Investment Income		3,201,922

Expenses:
Manager fees		460,983
Administration fees		53,806
Distribution fees		443,251
Custodian fees		12,983
Administrative and compliance services fees		2,243
Trustee fees		8,787
Professional fees		9,663
Shareholder reports		9,992
Other expenses		37,164

Total expenses		1,038,872

Net Investment Income/(Loss)		2,163,050

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		27,450,574
Net realized gains/(losses) on futures contracts		497,446
Change in net unrealized appreciation/depreciation on investments		(14,742,853	)

Net Realized/Unrealized Gains/(Losses) on Investments		13,205,167

Change in Net Assets Resulting From Operations	$	15,368,217

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Small Cap Stock Index Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $20,255 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2015, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $2.8 million as of June 30, 2015. The monthly average notional amount for these contracts was $4.4 million for the period ended June 30, 2015. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $2,028 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $290,613,374. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL T. Rowe Price Capital Appreciation Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (60.9%):
	Aerospace & Defense (0.7%):
	52,500	Boeing Co. (The)	$	7,282,800

	Auto Components (1.3%):
	251,800	Johnson Controls, Inc.		12,471,654

	Beverages (0.9%):
	89,600	PepsiCo, Inc.		8,363,264
	28,244	SABMiller plc		1,464,028

				9,827,292

	Capital Markets (3.3%):
	20,800	Affiliated Managers Group, Inc.*		4,546,880
	681,000	Bank of New York Mellon Corp. (The)		28,581,570

				33,128,450

	Chemicals (0.8%):
	126,000	Cytec Industries, Inc.		7,626,780

	Commercial Services & Supplies (2.3%):
	273,313	Iron Mountain, Inc.^		8,472,703
	353,800	Tyco International plc		13,614,224

				22,086,927

	Electric Utilities (1.0%):
	299,700	FirstEnergy Corp.^		9,755,235

	Electrical Equipment (1.7%):
	257,900	AMETEK, Inc.		14,127,762
	54,400	Sensata Technologies Holding NV*		2,869,056

				16,996,818

	Food & Staples Retailing (0.9%):
	80,400	CVS Health Corp.		8,432,352

	Food Products (2.2%):
	141,000	General Mills, Inc.		7,856,520
	28,200	Kraft Foods Group, Inc.		2,400,948
	276,200	Mondelez International, Inc., Class A		11,362,868

				21,620,336

	Health Care Equipment & Supplies (3.3%):
	242,300	Abbott Laboratories^		11,892,084
	145,897	Becton, Dickinson & Co.		20,666,310

				32,558,394

	Health Care Providers & Services (2.3%):
	82,400	CIGNA Corp.		13,348,800
	9,800	Henry Schein, Inc.*		1,392,776
	65,300	UnitedHealth Group, Inc.		7,966,600

				22,708,176

	Industrial Conglomerates (5.8%):
	572,500	Danaher Corp.		49,000,276
	53,000	Roper Industries, Inc.		9,140,380

				58,140,656

	Insurance (3.6%):
	634,500	Marsh & McLennan Cos., Inc.		35,976,150

	Internet Software & Services (1.1%):
	49,200	eBay, Inc.*		2,963,808


Shares			Fair Value
	Common Stocks, continued
	Internet Software & Services, continued
	12,730	Google, Inc., Class C*	$	6,626,092
	2,800	Google, Inc., Class A*		1,512,112

				11,102,012

	IT Services (4.8%):
	91,700	Fidelity National Information Services, Inc.		5,667,060
	345,400	Fiserv, Inc.*^		28,609,482
	200,600	Visa, Inc., Class A		13,470,290

				47,746,832

	Life Sciences Tools & Services (3.5%):
	14,000	Agilent Technologies, Inc.		540,120
	130,500	PerkinElmer, Inc.^		6,869,520
	206,800	Thermo Fisher Scientific, Inc.		26,834,368

				34,244,008

	Machinery (1.2%):
	80,400	IDEX Corp.^		6,317,832
	85,600	Pentair, plc^		5,885,000

				12,202,832

	Media (1.1%):
	39,200	Comcast Corp., Class A		2,357,488
	31,800	Liberty Global plc, Class A*		1,719,426
	84,100	Liberty Global plc, Series C*		4,257,983
	14,200	Time Warner Cable, Inc., Class A		2,530,014

				10,864,911

	Multi-Utilities (2.8%):
	437,900	PG&E Corp.		21,500,890
	206,500	Xcel Energy, Inc.		6,645,170

				28,146,060

	Oil, Gas & Consumable Fuels (1.8%):
	578,900	Canadian Natural Resources, Ltd.		15,722,924
	31,400	Occidental Petroleum Corp.		2,441,978

				18,164,902

	Paper & Forest Products (0.0%):
	488,000	Sino-Forest Corp.#*(a)		—

	Pharmaceuticals (5.6%):
	75,774	Allergan plc*		22,994,378
	111,600	Eli Lilly & Co.^		9,317,484
	384,000	Pfizer, Inc.		12,875,520
	204,100	Zoetis, Inc.		9,841,702

				55,029,084

	Professional Services (0.4%):
	34,500	IHS, Inc., Class A*		4,437,735

	Real Estate Investment Trusts (REITs) (1.6%):
	141,600	American Tower Corp.		13,209,864
	27,400	Crown Castle International Corp.		2,200,220

				15,410,084

	Semiconductors & Semiconductor Equipment (0.3%):
	58,400	Texas Instruments, Inc.^		3,008,184


Shares Notional Amount or Principal Amount			Fair Value
	Common Stocks, continued
	Software (1.7%):
	298,600	Microsoft Corp.	$	13,183,190
	53,700	SS&C Technologies Holdings, Inc.^		3,356,250

				16,539,440

	Specialty Retail (3.5%):
	39,400	AutoZone, Inc.*		26,275,860
	105,800	Lowe’s Cos., Inc.		7,085,426
	5,300	O’Reilly Automotive, Inc.*^		1,197,694

				34,558,980

	Tobacco (1.0%):
	88,500	Altria Group, Inc.		4,328,535
	70,000	Philip Morris International, Inc.		5,611,900

				9,940,435

	Wireless Telecommunication Services (0.4%):
	35,500	SBA Communications Corp., Class A*		4,081,436

	Total Common Stocks (Cost $549,269,449)			604,088,955

	Preferred Stocks (0.2%):
	Banks (0.1%):
	9,874	U.S. Bancorp, Series F, Preferred Shares^		278,644
	25,000	U.S. Bancorp, Series G, Preferred Shares^		665,750

				944,394

	Capital Markets (0.1%):
	21,000	State Street Corp., Preferred Shares		525,630

	Pharmaceuticals (0.0%):
	300	Allergan plc, Preferred Shares, Series A		312,774

	Total Preferred Stocks (Cost $1,776,676)			1,782,798

	Convertible Preferred Stocks (2.2%):
	Electric Utilities (0.1%):
	16,700	SCE Trust I, 0.93%, Perpetual Bond^		402,136
	2,930	SCE Trust II, 0.89%, Perpetual Bond^		66,892
	32,472	SCE Trust III, 0.86%, Perpetual Bond^		864,405

				1,333,433

	Pharmaceuticals (1.3%):
	12,033	Actavis plc, Series A		12,545,364

	Real Estate Investment Trusts (REITs) (0.6%):
	54,871	American Tower Corp.^		5,487,100

	Wireless Telecommunication Services (0.2%):
	31,099	T-Mobile US, Inc., Series A		2,099,183

	Total Convertible Preferred Stocks (Cost $20,445,760)			21,465,080

	Asset Backed Securities (0.1%):
$	384,038	DB Master Finance LLC, Class A2I, Series 2015-1A, 3.26%, 2/20/45(b)		385,492

	960,000	Wendys Funding LLC, Class A2I, Series 2015-1A, 3.37%, 6/15/45(b)		958,557

	Total Asset Backed Securities (Cost $1,344,038)			1,344,049

	Convertible Bonds (0.1%):
	Media (0.1%):
	662,000	Priceline Group, Inc. (The), 0.35%, 6/15/20^		733,993

	Total Convertible Bonds (Cost $715,658)			733,993


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds (22.4%):
	Advertising (0.1%):
$	1,350,000	CCO Holdings LLC/CCO Holdings Capital Corp., 7.38%, 6/1/20, Callable 12/1/15 @ 103.69^	$	1,425,938

	Aerospace & Defense (0.0%):
	200,000	Moog, Inc., 5.25%, 12/1/22, Callable 12/1/17 @ 103.94(b)		203,500

	Airlines (0.1%):
	556,324	U.S. Airways 2010-1A PTT, Series A, 6.25%, 10/22/24		625,864

	Automobiles (0.4%):
	850,000	American Honda Finance Corp., 0.95%, 5/5/17, MTN^		849,310
	3,100,000	Toyota Motor Credit Corp., 0.66%, 3/12/20, MTN^(c)		3,101,355

				3,950,665

	Banks (0.5%):
	2,705,000	JPMorgan Chase & Co., Series Z, 5.30%, 12/31/49, Callable 5/1/20 @ 100(c)		2,684,983
	1,601,860	Pinnacle Foods Finance LLC, 3.00%, 4/29/20(c)		1,593,626
	492,500	Pinnacle Foods Finance LLC, 3.00%, 4/29/20(c)		489,900

				4,768,509

	Beverages (0.0%):
	450,000	PepsiCo, Inc., 1.25%, 4/30/18		448,128

	Capital Markets (2.1%):
	1,575,000	Bank of New York Mellon Corp. (The), Series E, 4.95%, 12/29/49, Callable 6/20/20 @ 100(c)		1,563,188
	250,000	Ford Motor Credit Co. LLC, 4.25%, 2/3/17		259,845
	3,440,000	Ford Motor Credit Co. LLC, 0.91%, 3/27/17^(c)		3,429,865
	3,415,000	Ford Motor Credit Co. LLC, 1.46%, 3/27/17		3,399,731
	500,000	Ford Motor Credit Co. LLC, 6.63%, 8/15/17		548,542
	1,000,000	Ford Motor Credit Co. LLC, 0.80%, 9/8/17^(c)		994,184
	1,800,000	Ford Motor Credit Co. LLC, 0.85%, 12/6/17(c)		1,787,127
	475,000	Ford Motor Credit Co. LLC, 1.72%, 12/6/17		472,534
	960,000	Ford Motor Credit Co. LLC, 2.15%, 1/9/18^		963,952
	1,625,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18		1,747,018
	1,975,000	Ford Motor Credit Co. LLC, 2.38%, 3/12/19		1,968,632
	1,400,000	Ford Motor Credit Co. LLC, 2.60%, 11/4/19		1,389,783
	310,000	National Rural Utilities Cooperative Finance Corp., 0.95%, 4/24/17, MTN		309,477
	1,535,000	State Street Corp., Series F, 5.25%, 12/31/49, Callable 9/15/20 @ 100(c)		1,536,919

				20,370,797

	Chemicals (0.3%):
	905,000	Cytec Industries, Inc., 3.95%, 5/1/25, Callable 2/1/25 @ 100		890,377
	1,033,602	Kronos, Inc., 4.50%, 10/30/19(c)		1,032,569
	1,249,020	Kronos, Inc., 9.75%, 4/30/20(c)		1,286,491

				3,209,437


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Commercial Services & Supplies (0.1%):
$	500,000	International Lease Finance Corp., 2.24%, 6/15/16(c)	$	499,375
	450,000	Iron Mountain, Inc., 7.75%, 10/1/19, Callable 10/1/15 @ 104		470,250

				969,625

	Communications Equipment (0.3%):
	2,500,000	Echostar DBS Corp., 7.13%, 2/1/16		2,565,625
	365,000	Harris Corp., 2.00%, 4/27/18		363,937

				2,929,562

	Consumer Finance (0.0%):
	250,000	First Data Corp., 3.68%, 3/24/18(c)		249,063

	Diversified Financial Services (1.2%):
	970,000	Caterpillar Financial Services Corp., 2.25%, 12/1/19, MTN		978,462
	50,000	CNH Industrial Capital LLC, 3.88%, 11/1/15		50,125
	2,300,000	CNH Industrial Capital LLC, 6.25%, 11/1/16		2,386,250
	775,000	CNH Industrial Capital LLC, 3.25%, 2/1/17^		772,094
	1,075,000	CNH Industrial Capital LLC, 3.63%, 4/15/18^		1,075,000
	6,300,000	UPC Financing Partnership, 3.25%, 6/30/21(c)		6,202,098

				11,464,029

	Diversified Telecommunication Services (1.6%):
	13,600,000	Intelsat Jackson Holding SA, 3.75%, 6/30/19(c)		13,483,855
	1,969,849	Telesat Canada, 3.50%, 3/28/19(c)		1,961,635

				15,445,490

	Electric Utilities (0.0%):
	253,960	Texas Competitive Electric Holdings Co. LLC, 3.75%, 5/5/16(c)		253,960

	Electrical Equipment (0.0%):
	210,000	Amphenol Corp., 1.55%, 9/15/17		210,226

	Food & Staples Retailing (0.8%):
	2,275,000	Rite Aid Corp., 9.25%, 3/15/20, Callable 3/15/16 @ 104.63		2,465,531
	5,675,000	Rite Aid Corp., 8.00%, 8/15/20, Callable 8/15/15 @ 104		5,916,188

				8,381,719

	Food Products (0.7%):
	250,000	B&G Foods, Inc., 4.63%, 6/1/21, Callable 6/1/16 @ 103.47		246,250
	6,828,644	H.J. Heinz Co., 3.50%, 6/5/20(c)		6,825,230

				7,071,480

	Gas Utilities (0.1%):
	950,000	Southern Calif Gas Co., 3.20%, 6/15/25, Callable 3/15/25 @ 100		952,260

	Health Care Equipment & Supplies (0.5%):
	2,325,000	Becton, Dickinson & Co., 1.80%, 12/15/17		2,325,284
	630,000	Becton, Dickinson & Co., 2.68%, 12/15/19		630,476
	1,000,000	Medtronic, Inc., 1.50%, 3/15/18(b)		997,738
	795,000	Medtronic, Inc., 2.50%, 3/15/20(b)		796,328

				4,749,826


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Health Care Providers & Services (2.1%):
$	750,000	CHS/Community Health Systems, Inc., 5.13%, 8/15/18, Callable 8/15/15 @ 102.6	$	768,750
	2,836,980	DaVita Healthcare Partners, Inc., 3.50%, 6/24/21(c)		2,834,511
	1,350,000	DaVita Healthcare Partners, Inc., 5.00%, 5/1/25, Callable 5/1/20 @ 102.5		1,299,375
	3,700,000	DaVita HealthCare Partners, Inc., 5.13%, 7/15/24, Callable 7/15/19 @ 102.56		3,637,563
	4,675,000	DaVita, Inc., 5.75%, 8/15/22, Callable 8/15/17 @ 102.88^		4,955,500
	7,009,810	HCA, Inc., 2.94%, 3/31/17(c)		7,009,809
	325,000	HCA, Inc., 8.00%, 10/1/18^		377,000
	350,000	Omnicare, Inc., 5.00%, 12/1/24, Callable 9/1/24 @ 100		376,250
	470,000	UnitedHealth Group, Inc., 1.40%, 12/15/17		469,160
	200,000	WellCare Health Plans, Inc., 5.75%, 11/15/20, Callable 11/15/16 @ 102.88^		208,000

				21,935,918

	Health Care Services (0.2%):
	1,417,000	Fresenius Medical Care, 5.63%, 7/31/19^(b)		1,533,903
	725,000	Fresenius Medical Care, 5.88%, 1/31/22(b)		768,500

				2,302,403

	Health Care Technology (0.0%):
	325,000	IMS Health, Inc., 6.00%, 11/1/20, Callable 11/1/15 @ 103^(b)		334,750

	Hotels, Restaurants & Leisure (0.4%):
	200,000	Cedar Fair LP, 5.25%, 3/15/21, Callable 3/15/16 @ 103.94		205,500
	783,333	Hilton Worldwide Finance LLC, 3.50%, 10/25/20(c)		783,459
	2,150,000	Hilton Worldwide Finance LLC, 5.63%, 10/15/21, Callable 10/15/16 @ 102.81		2,233,205
	750,000	Wendy’s International LLC, 3.25%, 5/15/19(c)		750,000

				3,972,164

	Insurance (0.1%):
	740,000	Marsh & McLennan Cos., Inc., 2.35%, 3/6/20, Callable 2/6/20 @ 100		737,010

	Internet & Catalog Retail (0.2%):
	1,305,000	Amazon.com, Inc., 2.60%, 12/5/19, Callable 11/5/19 @ 100		1,313,174
	650,000	Amazon.com, Inc., 3.80%, 12/5/24, Callable 9/5/24 @ 100		652,432

				1,965,606

	IT Services (0.1%):
	810,000	Fiserv, Inc., 2.70%, 6/1/20, Callable 5/1/20 @ 100		808,446

	Machinery (0.1%):
	125,000	Case New Holland, Inc., 7.88%, 12/1/17		136,875
	550,000	Xylem, Inc., 3.55%, 9/20/16		564,213

				701,088


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Media (1.4%):
$	600,000	Cablevision Systems Corp., 7.75%, 4/15/18^	$	648,000
	1,400,000	Cequel Communications Holdings I LLC, 6.38%, 9/15/20, Callable 9/15/20 @ 105^(b)		1,390,550
	500,000	Charter Communications Operating LLC, 0.00%, 7/1/20(c)		494,107
	250,000	Dish DBS Corp., 4.63%, 7/15/17^		257,500
	250,000	Lamar Media Corp., 5.88%, 2/1/22, Callable 2/1/17 @ 102.94		258,750
	270,000	Lamar Media Corp., 5.00%, 5/1/23, Callable 5/1/18 @ 102.5		266,625
	1,751,000	Metropcs Wireless, Inc., 6.63%, 11/15/20, Callable 11/15/15 @ 103.31		1,821,040
	74,803	Univision Communications, Inc., 4.00%, 3/1/20(c)		74,336
	1,600,000	Univision Communications, Inc., 8.50%, 5/15/21, Callable 5/15/21 @ 104.25(b)		1,684,000
	4,709,000	Univision Communications, Inc., 6.75%, 9/15/22, Callable 9/15/17 @ 103.38(b)		4,979,767
	1,700,000	Univision Communications, Inc., 5.13%, 5/15/23, Callable 5/15/18 @ 102.56(b)		1,649,000

				13,523,675

	Multiline Retail (0.1%):
	75,000	Amerigas Finance Corp. LLC, 6.75%, 5/20/20, Callable 5/20/16 @ 103.38		78,938
	525,000	Amerigas Finance Corp. LLC, 7.00%, 5/20/22, Callable 5/20/17 @ 103.5		556,500

				635,438

	Multi-Utilities (0.2%):
	725,000	Berkshire Hathaway Energy Co., 2.40%, 2/1/20, Callable 1/1/20 @ 100		721,826
	750,000	Berkshire Hathaway Energy Co., 3.50%, 2/1/25, Callable 11/1/24 @ 100^		746,867
	450,000	CMS Energy Corp., 8.75%, 6/15/19		554,594

				2,023,287

	Oil, Gas & Consumable Fuels (6.0%):
	500,000	Chesapeake Energy Corp., 3.25%, 3/15/16, Callable 8/10/15 @ 100^		498,125
	525,000	Chesapeake Energy Corp., 3.53%, 4/15/19, Callable 8/10/15 @ 101(c)		480,375
	1,435,000	Chevron Corp., 1.37%, 3/2/18		1,434,399
	170,000	Chevron Corp., 0.45%, 3/2/18(c)		169,410
	4,100,000	Concho Resources, Inc., 7.00%, 1/15/21, Callable 1/15/16 @ 103.5		4,289,625
	1,625,000	Concho Resources, Inc., 6.50%, 1/15/22, Callable 1/15/17 @ 103.25^		1,694,063
	550,000	Concho Resources, Inc., 5.50%, 10/1/22, Callable 10/1/17 @ 102.75^		547,250
	1,375,000	Concho Resources, Inc., 5.50%, 4/1/23, Callable 10/1/17 @ 102.75		1,375,000
	700,000	CONSOL Energy, Inc., 5.88%, 4/15/22, Callable 4/15/17 @ 104.41		595,000


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
$	750,000	Diamondback Energy, Inc., 7.63%, 10/1/21, Callable 10/1/16 @ 105.72	$	802,500
	500,000	Energy Transfer Partners LP, 4.15%, 10/1/20, Callable 8/1/20 @ 100		513,880
	550,000	Energy Transfer Partners LP, 4.90%, 2/1/24, Callable 11/1/23 @ 100^		559,349
	210,000	EQT Corp., 6.50%, 4/1/18		230,167
	350,000	EQT Corp., 8.13%, 6/1/19		409,686
	2,475,000	EQT Corp., 4.88%, 11/15/21		2,608,007
	5,740,000	Exxon Mobil Corp., 0.33%, 3/1/18(c)		5,730,654
	4,175,000	MarkWest Energy Partners LP, 5.50%, 2/15/23, Callable 8/15/17 @ 102.75		4,284,594
	4,975,000	MarkWest Energy Partners LP, 4.50%, 7/15/23, Callable 4/15/23 @ 100		4,875,499
	2,725,000	MarkWest Energy Partners LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100		2,663,688
	2,350,000	Range Resources Corp., 6.75%, 8/1/20, Callable 8/1/15 @ 103.38^		2,426,375
	4,625,000	Range Resources Corp., 5.75%, 6/1/21, Callable 6/1/16 @ 102.88^		4,752,188
	5,250,000	Range Resources Corp., 5.00%, 8/15/22, Callable 2/15/17 @ 102.5^		5,144,999
	5,925,000	Range Resources Corp., 5.00%, 3/15/23, Callable 3/15/18 @ 102.5^		5,806,499
	875,000	SM Energy Co., 6.50%, 11/15/21, Callable 11/15/16 @ 103.25^		912,188
	1,950,000	Targa Resources Partners LP, 5.00%, 1/15/18, Callable 10/15/17 @ 100(b)		1,993,875
	375,000	Targa Resources Partners LP, 4.13%, 11/15/19, Callable 11/15/16 @ 102.06(b)		371,250
	1,350,000	Targa Resources Partners LP, 6.88%, 2/1/21, Callable 2/1/16 @ 103.44		1,400,625
	1,050,000	Targa Resources Partners LP, 5.25%, 5/1/23, Callable 11/1/17 @ 102.63		1,039,500
	2,100,000	Targa Resources Partners LP, 4.25%, 11/15/23, Callable 5/15/18 @ 102.13		1,942,500
	725,000	WPX Energy, Inc., 5.25%, 1/15/17		741,313

				60,292,583

	Pharmaceuticals (0.5%):
	785,000	Eli Lilly & Co., 1.25%, 3/1/18		782,837
	405,000	Johnson & Johnson, 1.13%, 11/21/17		405,002
	305,000	Johnson & Johnson, 3.38%, 12/5/23		316,518
	705,000	Merck & Co., Inc., 0.40%, 2/10/17(c)		705,367
	1,490,000	Merck & Co., Inc., 0.65%, 2/10/20(c)		1,482,199
	200,000	Novartis Capital Corp., 3.40%, 5/6/24		202,951
	830,000	Roche Holding, Inc., 3.35%, 9/30/24, Callable 6/30/24 @ 100(b)		837,935

				4,732,809

	Real Estate Investment Trusts (REITs) (0.4%):
	525,000	American Tower Corp., 5.00%, 2/15/24		554,999
	500,000	DE Master Blenders, 4.25%, 7/2/21		558,165
	2,725,000	DE Master Blenders, 4.25%, 7/2/21		2,711,375

				3,824,539


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Real Estate Management & Development (0.1%):
$	750,000	CBRE Services, Inc., 5.00%, 3/15/23, Callable 3/15/18 @ 103	$	757,500

	Specialty Retail (0.5%):
	390,000	AutoZone, Inc., 2.50%, 4/15/21, Callable 3/15/21 @ 100		382,124
	125,000	Group 1 Automotive, Inc., 5.00%, 6/1/22, Callable 6/1/17 @ 103.75		124,375
	1,775,000	L Brands, Inc., 6.90%, 7/15/17		1,934,749
	250,000	L Brands, Inc., 8.50%, 6/15/19		294,843
	250,000	L Brands, Inc., 7.00%, 5/1/20^		283,125
	500,000	L Brands, Inc., 6.63%, 4/1/21		549,690
	525,000	L Brands, Inc., 5.63%, 2/15/22		552,563
	350,000	Penske Automotive Group, Inc., 5.38%, 12/1/24, Callable 12/1/19 @ 102.69		354,375

				4,475,844

	Textiles, Apparel & Luxury Goods (0.2%):
	1,095,000	Hanesbrands, Inc., 6.38%, 12/15/20, Callable 12/15/15 @ 103.19		1,144,275
	725,000	Levi Strauss & Co., 6.88%, 5/1/22, Callable 5/1/17 @ 103.44		773,938

				1,918,213

	Wireless Telecommunication Services (1.0%):
	1,050,000	Crown Castle International Corp., 4.88%, 4/15/22^		1,060,500
	725,000	Crown Castle International Corp., 5.25%, 1/15/23		730,256
	750,000	SBA Communications Corp., 5.63%, 10/1/19, Callable 10/1/16 @ 102.81		780,000
	1,850,000	SBA Communications Corp., 5.75%, 7/15/20, Callable 7/15/16 @ 102.88		1,919,375
	750,000	Sprint Communications, Inc., 9.00%, 11/15/18^(b)		846,945
	4,085,000	T-Mobile USA, Inc., 6.54%, 4/28/20, Callable 4/28/16 @ 103.27		4,276,954

				9,614,030

	Total Corporate Bonds (Cost $224,343,209)			222,235,381

	Foreign Bonds (0.2%):
	Containers & Packaging (0.0%):
	750,000	Rexam plc, 6.75%, 6/29/67, Callable 6/29/17 @ 100+(c)		846,478

	Wireless Telecommunication Services (0.2%):
	381,225	Lynx I Corp., 6.00%, 4/15/21, Callable 4/15/17 @ 103+		622,858
	500,000	UPC Holding BV, 6.38%, 9/15/22, Callable 9/15/17 @ 103.19+(b)		597,759

				1,220,617

	Total Foreign Bonds (Cost $2,240,169)			2,067,095


Notional Amount or Principal Amount			Fair Value
	Yankee Dollars (2.4%):
	Banks (0.1%):
$	1,225,000	KFW, Series G, 0.50%, 4/19/16	$	1,225,845

	Diversified Telecommunication Services (0.1%):
	530,000	Telesat Canada, 6.00%, 5/15/17, Callable 8/10/15 @ 101.5(b)		538,613

	Media (0.2%):
	650,000	Unitymedia Hessen, 5.50%, 1/15/23, Callable 1/15/18 @ 103(b)		662,594
	950,000	Unitymedia Kabelbw GMBH, 6.13%, 1/15/25, Callable 1/15/20 @ 103.06(b)		992,750

				1,655,344

	Oil, Gas & Consumable Fuels (0.2%):
	360,000	Canadian Natural Resources, 1.75%, 1/15/18		357,566
	2,295,000	Shell International Finance BV, 0.73%, 5/11/20(c)		2,285,145

				2,642,711

	Semiconductors & Semiconductor Equipment (0.6%):
	2,575,000	NXP Funding BV/NXP Funding LLC, 3.75%, 6/1/18(b)		2,594,313
	1,150,000	NXP Funding BV/NXP Funding LLC, 5.75%, 2/15/21, Callable 2/15/17 @ 102.88(b)		1,196,000
	1,400,000	NXP Funding BV/NXP Funding LLC, 5.75%, 3/15/23, Callable 3/15/18 @ 100(b)		1,456,000

				5,246,313

	Wireless Telecommunication Services (1.2%):
	3,960,000	UPCB Finance V, Ltd., 7.25%, 11/15/21, Callable 11/15/16 @ 103.63(b)		4,276,800
	6,030,000	UPCB Finance VI, Ltd., 6.88%, 1/15/22, Callable 1/15/17 @ 103.44(b)		6,421,949
	1,260,000	Virgin Media Secured Finance plc, 5.38%, 4/15/21, Callable 4/15/17 @ 103(b)		1,297,800
	Wireless Telecommunication Services, continued
	275,000	Virgin Media Secured Finance plc, 5.25%, 1/15/26, Callable 1/15/26 @ 102.63(b)		265,719

				12,262,268

	Total Yankee Dollars (Cost $23,564,388)			23,571,094

	Securities Held as Collateral for Securities on Loan (7.5%):
	74,171,367	Allianz Variable Insurance Products Securities Lending Collateral Trust(d)		74,171,367

	Total Securities Held as Collateral for Securities on Loan (Cost $74,171,367)			74,171,367


Description	Counterparty	Put/ Call	Strike Price			Expiration Date		Contracts		Fair Value
Altria Group, Inc.	Citibank	Call		USD	55.00		01/15/16		653	$	(45,029	)
American Tower Corp.	Citibank	Call		USD	105.00		01/15/16		36		(5,061	)
American Tower Corp.	Citibank	Call		USD	110.00		01/15/16		61		(4,776	)
American Tower Corp.	Citibank	Call		USD	115.00		01/15/16		73		(3,171	)
Comcast Corp.	Citibank	Call		USD	65.00		01/15/16		198		(31,710	)
Comcast Corp.	Citibank	Call		USD	70.00		01/15/16		148		(8,554	)
CVS Health Corp.	Morgan Stanley	Call		USD	90.00		01/15/16		126		(199,538	)
CVS Health Corp.	Morgan Stanley	Call		USD	95.00		01/15/16		126		(147,809	)
CVS Health Corp.	Citibank	Call		USD	110.00		01/15/16		236		(68,062	)
Lowe’s Cos., Inc.	Morgan Stanley	Call		USD	60.00		01/15/16		315		(268,962	)
Lowe’s Cos., Inc.	Morgan Stanley	Call		USD	75.00		01/15/16		119		(15,740	)
Mondelez International, Inc.	Citibank	Call		USD	45.00		01/15/16		194		(17,909	)
Pentair plc	Citibank	Call		USD	70.00		11/20/15		24		(8,261	)
PepsiCo, Inc.	Morgan Stanley	Call		USD	100.00		01/15/16		177		(26,439	)
PepsiCo, Inc.	Morgan Stanley	Call		USD	105.00		01/15/16		108		(7,010	)
PepsiCo, Inc.	Morgan Stanley	Call		USD	110.00		01/15/16		184		(5,091	)
Pfizer, Inc.	Citibank	Call		USD	30.00		01/15/16		721		(280,181	)
The Boeing Co.	Citibank	Call		USD	140.00		01/15/16		16		(11,371	)
Thermo Fisher Scientific, Inc.	Citibank	Call		USD	150.00		01/15/16		143		(21,666	)
Time Warner Cable, Inc.	Citibank	Call		USD	180.00		01/15/16		25		(20,375	)
UnitedHealth Group, Inc.	Citibank	Call		USD	100.00		01/15/16		102		(243,499	)
UnitedHealth Group, Inc.	Citibank	Call		USD	105.00		01/15/16		102		(201,115	)
Visa, Inc.	Citibank	Call		USD	75.00		01/15/16		357		(47,481	)

Total										$	(1,688,810	)

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	1,016,690,505

Investment securities, at value*	$	1,070,279,604
Interest and dividends receivable		3,698,462
Receivable for capital shares issued		1,149,885
Receivable for investments sold		1,397,967
Reclaims receivable		54,283
Prepaid expenses		1,111

Total Assets		1,076,581,312

Liabilities:
Cash overdraft		1
Payable for investments purchased		8,284,780
Payable for capital shares redeemed		320,321
Written Options (Premiums received $1,091,353)		1,832,865
Payable for collateral received on loaned securities		74,171,367
Manager fees payable		568,556
Administration fees payable		25,419
Distribution fees payable		203,056
Custodian fees payable		13,396
Administrative and compliance services fees payable		1,172
Trustee fees payable		7,423
Other accrued liabilities		39,605

Total Liabilities		85,467,961

Net Assets	$	991,113,351

Net Assets Consist of:
Capital	$	868,836,004
Accumulated net investment income/(loss)		9,943,177
Accumulated net realized gains/(losses) from investment transactions		59,485,020
Net unrealized appreciation/(depreciation) on investments		52,849,150

Net Assets	$	991,113,351

Shares of beneficial interest (unlimited number of shares authorized, no par value)		60,225,698
Net Asset Value (offering and redemption price per share)	$	16.46

*	Includes securities on loan of $72,654,226.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Interest	$	4,219,885
Dividends		4,208,026
Income from securities lending		77,052
Foreign withholding tax		(21,043	)

Total Investment Income		8,483,920

Expenses:
Manager fees		3,385,279
Administration fees		128,826
Distribution fees		1,128,426
Custodian fees		24,281
Administrative and compliance services fees		6,036
Trustee fees		24,228
Professional fees		24,701
Shareholder reports		21,907
Other expenses		12,055

Total expenses before reductions		4,755,739
Less expenses voluntarily waived/reimbursed by the Manager		(225,692	)

Net expenses		4,530,047

Net Investment Income/(Loss)		3,953,873

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		21,924,469
Net realized gains/(losses) on futures contracts		2,696,659
Net realized gains/(losses) on options contracts		1,012,142
Net realized gains/(losses) on forward currency contracts		167,078
Change in net unrealized appreciation/depreciation on investments		(559,077	)

Net Realized/Unrealized Gains/(Losses) on Investments		25,241,271

Change in Net Assets Resulting From Operations	$	29,195,144

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL T. Rowe Price Capital Appreciation Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $7,632 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2015, the Fund entered into forward currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The Fund had no forward currency contracts outstanding as of June 30, 2015. The monthly average amount for these contracts was $2.3 million for the period ended June 30, 2015.

During the period ended June 30, 2015, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The Fund had no futures contracts outstanding as of June 30, 2015. The monthly average notional amount for these contracts was $5.8 million for the period ended June 30, 2015. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Realized gains and losses, if any, are reported as “Net realized gains/(losses) on options contracts” on the Statement of Operations.

The Fund had the following transactions in purchased call and put options during the period ended June 30, 2015:

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to reflect the master netting agreements at June 30, 2015. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2015.

As of June 30, 2015, the Fund’s derivative assets and liabilities by type are as follows:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to an amended and restated subadvisory agreement, effective November 15, 2013, with T. Rowe Price Associates, Inc. (“T. Rowe Price”), T. Rowe Price provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. Prior to November 15, 2013, the Fund was subadvised by Davis Selected Advisors, L.P. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $4,522 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $1,017,230,978. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Allianz Variable Insurance Products Fund of Funds Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

As a shareholder of the AZL Wells Fargo Large Cap Growth Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (99.0%):
	Aerospace & Defense (2.1%):
	8,230	Boeing Co. (The)	$	1,141,666
	8,210	United Technologies Corp.		910,735

				2,052,401

	Airlines (0.7%):
	21,330	Southwest Airlines Co.		705,810

	Auto Components (0.7%):
	7,900	Delphi Automotive plc		672,211

	Biotechnology (10.3%):
	13,840	Alexion Pharmaceuticals, Inc.*		2,501,856
	4,500	Biogen Idec, Inc.*		1,817,730
	13,250	Celgene Corp.*		1,533,489
	13,990	Gilead Sciences, Inc.		1,637,949
	3,030	Medivation, Inc.*		346,026
	3,890	Regeneron Pharmaceuticals, Inc.*		1,984,405

				9,821,455

	Capital Markets (2.5%):
	6,520	Ameriprise Financial, Inc.		814,544
	42,450	TD Ameritrade Holding Corp.		1,563,009

				2,377,553

	Chemicals (3.8%):
	12,260	Ecolab, Inc.		1,386,238
	5,430	Monsanto Co.		578,784
	14,300	Praxair, Inc.		1,709,565

				3,674,587

	Communications Equipment (0.5%):
	7,560	QUALCOMM, Inc.		473,483

	Consumer Finance (1.1%):
	18,200	Discover Financial Services		1,048,684

	Energy Equipment & Services (0.5%):
	5,690	Schlumberger, Ltd.		490,421

	Food & Staples Retailing (2.7%):
	14,070	Costco Wholesale Corp.		1,900,295
	6,380	CVS Health Corp.		669,134

				2,569,429

	Health Care Equipment & Supplies (1.6%):
	1,170	Intuitive Surgical, Inc.*		566,865
	13,510	Medtronic plc		1,001,091

				1,567,956

	Health Care Providers & Services (1.3%):
	12,070	AmerisourceBergen Corp.		1,283,524

	Health Care Technology (1.4%):
	19,210	Cerner Corp.*		1,326,643

	Hotels, Restaurants & Leisure (5.8%):
	2,620	Chipotle Mexican Grill, Inc.*		1,585,074
	25,550	Hilton Worldwide Holdings, Inc.*		703,903
	17,410	Marriott International, Inc., Class A^		1,295,130
	36,300	Starbucks Corp.		1,946,224

				5,530,331

	Household Products (0.6%):
	8,850	Colgate-Palmolive Co.		578,879


Shares			Fair Value
	Common Stocks, continued
	Industrial Conglomerates (2.1%):
	8,370	3M Co.	$	1,291,491
	8,570	Danaher Corp.		733,506

				2,024,997

	Internet & Catalog Retail (3.0%):
	3,700	Amazon.com, Inc.*		1,606,133
	700	Netflix, Inc.*		459,858
	740	Priceline Group, Inc. (The)*		852,014

				2,918,005

	Internet Software & Services (8.4%):
	12,160	Akamai Technologies, Inc.*		849,011
	35,410	Facebook, Inc., Class A*		3,036,938
	3,750	Google, Inc., Class C*		1,951,913
	3,990	Google, Inc., Class A*		2,154,759

				7,992,621

	IT Services (7.2%):
	8,980	Accenture plc, Class A		869,084
	7,110	Alliance Data Systems Corp.*		2,075,693
	24,310	MasterCard, Inc., Class A		2,272,499
	24,500	Visa, Inc., Class A		1,645,175

				6,862,451

	Life Sciences Tools & Services (0.4%):
	5,360	Quintiles Transnational Holdings, Inc.*		389,190

	Media (2.9%):
	16,920	CBS Corp., Class B		939,060
	16,280	Walt Disney Co. (The)		1,858,199

				2,797,259

	Multiline Retail (3.7%):
	28,230	Dollar Tree, Inc.*		2,229,888
	17,460	Nordstrom, Inc.		1,300,770

				3,530,658

	Oil, Gas & Consumable Fuels (2.0%):
	12,880	Concho Resources, Inc.*		1,466,517
	2,970	Pioneer Natural Resources Co.		411,909

				1,878,426

	Personal Products (1.3%):
	13,920	Estee Lauder Co., Inc. (The), Class A		1,206,307

	Pharmaceuticals (3.2%):
	4,491	Allergan plc*		1,362,839
	4,380	Mylan NV*		297,227
	7,600	Perrigo Co. plc		1,404,709

				3,064,775

	Real Estate Investment Trusts (REITs) (0.5%):
	4,920	American Tower Corp.		458,987

	Road & Rail (3.9%):
	2,680	Canadian Pacific Railway, Ltd.		429,416
	8,980	Kansas City Southern		818,976
	7,640	Norfolk Southern Corp.		667,430
	19,950	Union Pacific Corp.		1,902,632

				3,818,454


Shares			Fair Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment (3.6%):
	19,560	ARM Holdings plc, ADR	$	963,721
	29,090	Microchip Technology, Inc.^		1,379,593
	20,910	Texas Instruments, Inc.		1,077,074

				3,420,388

	Software (7.1%):
	12,590	Adobe Systems, Inc.*		1,019,915
	47,660	Microsoft Corp.		2,104,189
	21,160	Salesforce.com, Inc.*		1,473,371
	15,030	ServiceNow, Inc.*^		1,116,879
	11,180	Splunk, Inc.*^		778,352
	2,410	VMware, Inc., Class A*		206,633

				6,699,339

	Specialty Retail (5.3%):
	25,160	CarMax, Inc.*^		1,665,844
	7,570	O’Reilly Automotive, Inc.*		1,710,669
	19,480	Tractor Supply Co.		1,752,030

				5,128,543

	Technology Hardware, Storage & Peripherals (3.6%):
	27,640	Apple, Inc.		3,466,747


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Textiles, Apparel & Luxury Goods (4.0%):
	19,480	Nike, Inc., Class B	$	2,104,229
	25,440	VF Corp.		1,774,186

				3,878,415

	Trading Companies & Distributors (1.2%):
	4,870	W.W. Grainger, Inc.^		1,152,486

	Total Common Stocks (Cost $79,834,360)			94,861,415

	Securities Held as Collateral for Securities on Loan (6.2%):
$	5,980,739	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		5,980,739

	Total Securities Held as Collateral for Securities on Loan (Cost $5,980,739)			5,980,739

	Unaffiliated Investment Company (1.3%):
	1,228,807	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		1,228,807

	Total Unaffiliated Investment Company (Cost $1,228,807)			1,228,807

	Total Investment Securities (Cost $87,043,906)(c) — 106.5%			102,070,961
	Net other assets (liabilities) — (6.5)%			(6,207,665	)

	Net Assets — 100.0%		$	95,863,296

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	87,043,906

Investment securities, at value*	$	102,070,961
Interest and dividends receivable		33,549
Receivable for investments sold		882,627
Prepaid expenses		174

Total Assets		102,987,311

Liabilities:
Payable for investments purchased		1,053,729
Payable for collateral received on loaned securities		5,980,739
Manager fees payable		56,300
Administration fees payable		3,027
Distribution fees payable		20,107
Custodian fees payable		3,182
Administrative and compliance services fees payable		159
Trustee fees payable		1,063
Other accrued liabilities		5,709

Total Liabilities		7,124,015

Net Assets	$	95,863,296

Net Assets Consist of:
Capital	$	80,961,686
Accumulated net investment income/(loss)		129,121
Accumulated net realized gains/(losses) from investment transactions		(254,562	)
Net unrealized appreciation/(depreciation) on investments		15,027,051

Net Assets	$	95,863,296

Shares of beneficial interest (unlimited number of shares authorized, no par value)		8,246,845
Net Asset Value (offering and redemption price per share)	$	11.62

*	Includes securities on loan of $5,874,069.

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	555,091
Income from securities lending		2,562
Foreign withholding tax		(219	)

Total Investment Income		557,434

Expenses:
Manager fees		394,730
Administration fees		14,464
Distribution fees		123,353
Custodian fees		3,890
Administrative and compliance services fees		694
Trustee fees		2,782
Professional fees		3,036
Shareholder reports		636
Other expenses		2,635

Total expenses before reductions		546,220
Less expenses voluntarily waived/reimbursed by the Manager		(49,341	)

Net expenses		496,879

Net Investment Income/(Loss)		60,555

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(14,619	)
Change in net unrealized appreciation/depreciation on investments		3,195,562

Net Realized/Unrealized Gains/(Losses) on Investments		3,180,943

Change in Net Assets Resulting From Operations	$	3,241,498

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 36 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Wells Fargo Large Cap Growth Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $253 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Wells Capital Management Incorporated (“Wells Capital”), Wells Capital provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2016.

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2015, $539 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2015 is $87,063,737. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

As of the latest tax year end December 31, 2014, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9)

of the 1940 Act. As of June 30, 2015, the Fund had an individual shareholder account which is affiliated with the Investment Adviser representing ownership in excess of 50%

(a) The Schedule of Investments as of the close of the reporting period are included as part of the report to shareholders filed under Item 1 of the Form N-CSR.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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.


5701 Golden Hills Drive, Minneapolis, MN		55416-1297
(Address of principal executive offices)		(Zip code)


	Beginning Account Value 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
AZL BlackRock Capital Appreciation Fund		$	1,000.00		$	1,058.50		$	5.10		1.00	%


	Beginning Account Value 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
AZL BlackRock Capital Appreciation Fund		$	1,000.00		$	1,019.84		$	5.01		1.00	%


	AZL BlackRock Capital Appreciation Fund
	For the Six Months Ended June 30, 2015				For the Year Ended December 31, 2014
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(907,916	)		$	(2,079,421	)
Net realized gains/(losses) on investment transactions			32,752,058				116,923,544
Change in unrealized appreciation/depreciation on investments			1,833,397				(67,502,717	)

Change in net assets resulting from operations			33,677,539				47,341,406

Dividends to Shareholders:
From net realized gains			—				(59,367,203	)

Change in net assets resulting from dividends to shareholders			—				(59,367,203	)

Capital Transactions:
Proceeds from shares issued			7,813,296				15,715,895
Proceeds from dividends reinvested			—				59,367,203
Value of shares redeemed			(72,805,763	)			(182,044,463	)

Change in net assets resulting from capital transactions			(64,992,467	)			(106,961,365	)

Change in net assets			(31,314,928	)			(118,987,162	)
Net Assets:
Beginning of period			592,145,835				711,132,997

End of period		$	560,830,907			$	592,145,835

Accumulated net investment income/(loss)		$	(907,916	)		$	—

Share Transactions:
Shares issued			401,700				850,880
Dividends reinvested			—				3,348,404
Shares redeemed			(3,743,998	)			(9,905,890	)

Change in shares			(3,342,298	)			(5,706,606	)


	Six Months Ended June 30, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010
	(Unaudited)
Net Asset Value, Beginning of Period		$	18.63			$	18.97			$	14.29			$	12.57			$	13.83			$	11.73

Investment Activities:
Net Investment Income/(Loss)			(0.03	)			(0.07	)			(0.03	)			0.09				0.01				(0.01	)
Net Realized and Unrealized Gains/(Losses) on Investments			1.12				1.70				4.80				1.64				(1.27	)			2.24

Total from Investment Activities			1.09				1.63				4.77				1.73				(1.26	)			2.23

Dividends to Shareholders From:
Net Investment Income			—				—				(0.09	)			(0.01	)			—				(0.01	)
Net Realized Gains			—				(1.97	)			—				—				—				(0.12	)
Return of Capital			—				—				—				—				—				—	*

Total Dividends			—				(1.97	)			(0.09	)			(0.01	)			—				(0.13	)

Net Asset Value, End of Period		$	19.72			$	18.63			$	18.97			$	14.29			$	12.57			$	13.83

Total Return(a)			5.85	%(b)			9.11	%			33.44	%			13.73	%			(9.11	)%			19.20	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	560,831			$	592,146			$	711,133			$	557,823			$	477,619			$	562,801
Net Investment Income/(Loss)(c)			(0.31	)%			(0.34	)%			(0.22	)%			0.62	%			0.05	%			(0.06	)%
Expenses Before Reductions(c) (d)			1.10	%			1.10	%			1.11	%			1.11	%			1.13	%			1.13	%
Expenses Net of Reductions(c)			1.00	%			1.00	%			1.00	%			1.01	%			1.02	%			1.00	%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(c) (e)			1.00	%			1.00	%			1.01	%			1.01	%			1.02	%			1.00	%
Portfolio Turnover Rate(f)			32	%(b)			101	%			161	%			62	%			81	%			80	%(g)


Investments	Percent of Net Assets
Information Technology		36.5	%
Health Care		23.8
Consumer Discretionary		21.1
Financials		7.6
Industrials		4.1
Energy		3.1
Consumer Staples		2.6
Materials		0.9

Total Common Stocks		99.7
Securities Held as Collateral for Securities on Loan		14.3
Money Market		0.5

Total Investment Securities		114.5
Net other assets (liabilities)		(14.5	)

Net Assets		100.0	%


	Annual Rate*			Annual Expense Limit
AZL BlackRock Capital Appreciation Fund		0.80	%		1.20	%


Investment Securities:	Level 1			Level 2			Level 3			Total

Common Stocks
Internet Software & Services		$	75,703,403		$	9,838,144		$	—		$	85,541,547
Oil, Gas & Consumable Fuels			9,935,309			—			7,244,618			17,179,927
All Other Common Stocks+			456,675,725			—			—			456,675,725
Securities Held as Collateral for Securities on Loan			—			80,140,297			—			80,140,297
Unaffiliated Investment Company			2,679,801			—			—			2,679,801

Total Investment Securities		$	544,994,238		$	89,978,441		$	7,244,618		$	642,217,297


	Purchases			Sales
AZL BlackRock Capital Appreciation Fund		$	181,548,661		$	246,361,258


Unrealized appreciation	$	104,404,283
Unrealized depreciation		(3,207,690	)

Net unrealized appreciation/(depreciation)	$	101,196,593


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL BlackRock Capital Appreciation Fund		$	—		$	59,367,203		$	59,367,203


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0615 8/15


Underlying Instrument	Clearing Agent	Expiration Date	Implied Credit Spread at June 30, 2015 (%)(c)		Notional Amount ($)(d)		Fixed Rate (%)		Value ($)			Premiums Paid/ (Received) ($)			Unrealized Appreciation/ (Depreciation) ($)
CDX North America High Yield Index Swap Agreement with JPMorgan Chase Bank, N.A., Series 24	JPMorgan Chase	6/20/20		3.56		663,806		5.00		(41,824	)		(45,514	)		3,690

										(41,824	)	$	(45,514	)		3,690


	AZL BlackRock Global Allocation Fund
	For the Six Months Ended June 30, 2015				For the Year Ended December 31, 2014
	(Unaudited)
Change in Net Assets:
Operations:
Net investment income/(loss)		$	4,350,212			$	8,314,781
Net realized gains/(losses) on investment transactions			15,847,818				39,803,587
Change in unrealized appreciation/depreciation on investments			(120,843	)			(34,975,914	)

Change in net assets resulting from operations			20,077,187				13,142,454

Dividends to Shareholders:
From net investment income			—				(4,674,726	)
From net realized gains			—				(15,060,387	)

Change in net assets resulting from dividends to shareholders			—				(19,735,113	)

Capital Transactions:
Proceeds from shares issued			23,533,392				125,520,079
Proceeds from dividends reinvested			—				19,735,113
Value of shares redeemed			(14,024,870	)			(7,607,923	)

Change in net assets resulting from capital transactions			9,508,522				137,647,269

Change in net assets			29,585,709				131,054,610
Net Assets:
Beginning of period			777,743,382				646,688,772

End of period		$	807,329,091			$	777,743,382

Accumulated net investment income/(loss)		$	17,568,226			$	13,218,014

Share Transactions:
Shares issued			1,907,151				10,340,877
Dividends reinvested			—				1,622,953
Shares redeemed			(1,142,551	)			(629,704	)

Change in shares			764,600				11,334,126


	Number of Contracts			Notional Amount(a)			Cost
Options outstanding at December 31, 2014		4,549,398			3,664,669			$	8,743,630
Options purchased		4,072,761			80,132				9,895,322
Options exercised		(129,653	)		—				(666,949	)
Options expired		(459,105	)		(259,476	)			(2,820,152	)
Options closed		(3,169,190	)		(482,283	)			(5,892,090	)

Options outstanding at June 30, 2015		4,864,211			3,003,042			$	9,259,761


	Number of Contracts			Notional Amount(a)			Premiums Received
Options outstanding at December 31, 2014		(4,751,478	)		(3,100	)		$	(3,023,316	)
Options written		(4,311,707	)		(14,003	)			(4,000,964	)
Options exercised		172,962			—				406,336
Options expired		169,283			—				495,157
Options closed		3,805,453			13,052				2,763,799

Options outstanding at June 30, 2015		(4,915,487	)		(4,051	)		$	(3,358,988	)


	Realized Gain (Loss) on Derivatives Recognized as a Result from Operations												Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result from Operations
	Net Realized Gains (Losses) on Futures Contracts			Net Realized Gains (Losses) on Swap Agreements			Net Realized Gains (Losses) on Option Contracts			Net Realized Gains (Losses) on Forward Currency Contracts			Change in Net Unrealized Appreciation/Depreciation on Investments
Equity Risk Exposure		$	200,079		$	—		$	1,038,504		$	—		$	543,685
Credit Risk Exposure			—			31,280			—			—			(300,533	)
Interest Rate Risk Exposure			—			896,043			154,542			—			(1,128,583	)
Foreign Exchange Rate Risk Exposure			—			—			—			6,657,181			(2,145,338	)


	Assets				Liabilities
Derivative Financial Instruments:
Futures contracts		$	16,179			$	274,084
Forward currency contracts			1,766,642				515,178
Option contracts*			8,977,957				2,898,173
Swap agreements			326,979				56,462

Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities			11,087,757				3,743,897
Derivatives not subject to a master netting agreement or similar agreement (“MNA”)			(32,386	)			(322,504	)

Total assets and liabilities subject to a MNA		$	11,055,371			$	3,421,393


Counterparty	Derivative Assets Subject to a MNA by Counterparty			Derivatives Available for Offset				Non-cash Collateral Received*				Cash Collateral Received*				Net Amount of Derivative Assets
Bank of America		$	674,501		$	(210,807	)		$	—			$	(463,694	)		$	—
Barclays Bank			184,161			(20,839	)			—				(163,322	)			—
BNP Paribas			678,001			(103,970	)			—				—				574,031
Citibank			1,879,051			(711,060	)			—				(1,167,991	)			—
Credit Suisse First Boston			952,125			(131,921	)			(510,000	)			—				310,204
Deutsche Bank			1,822,330			(556,558	)			—				(700,000	)			565,772
Goldman Sachs			2,727,159			(1,100,046	)			—				(1,627,113	)			—
JPMorgan Chase			770,881			(104,954	)			—				(510,000	)			155,927
Morgan Stanley			925,531			(353,145	)			—				(520,000	)			52,386
UBS Warburg			441,631			(111,528	)			—				—				330,103

Total		$	11,055,371		$	(3,404,828	)		$	(510,000	)		$	(5,152,120	)		$	1,988,423


Counterparty	Derivative Liabilities Subject to a MNA by Counterparty			Derivatives Available for Offset				Non-cash Collateral Pledged*			Cash Collateral Pledged*			Net Amount of Derivative Liabilities
Bank of America		$	210,807		$	(210,807	)		$	—		$	—		$	—
Barclays Bank			20,839			(20,839	)			—			—			—
BNP Paribas			103,970			(103,970	)			—			—			—
Citibank			711,060			(711,060	)			—			—			—
Credit Suisse First Boston			131,921			(131,921	)			—			—			—
Deutsche Bank			556,558			(556,558	)			—			—			—
Goldman Sachs			1,100,046			(1,100,046	)			—			—			—
HSBC			16,565			—				—			—			16,565
JPMorgan Chase			104,954			(104,954	)			—			—			—
Morgan Stanley			353,145			(353,145	)			—			—			—
UBS Warburg			111,528			(111,528	)			—			—			—

Total		$	3,421,393		$	(3,404,828	)		$	—		$	—		$	16,565


	Annual Rate			Annual Expense Limit
AZL BlackRock Global Allocation Fund		0.75	%		1.19	%


Security	Acquisition Date(a)		Acquisition Cost			Shares or Principal Amount			Fair Value			Percentage of Net Assets
AliphCom, Inc., 4/1/20		4/27/15		$	2,451,000		$	2,451,000		$	2,451,000		0.30	%
AP One Channel Center Owner LP, Series 4814, 5.00%, 7/15/19		7/15/14			292,000			292,000			292,000		0.04	%
Delta Topco, Ltd.		5/2/12			379,997			615,711			352,802		0.04	%
Delta Topco, Ltd., 10.00%, 11/24/60		5/2/12			701,862			567,978			568,375		0.07	%
Domo, Inc., Series E		4/1/15			998,866			118,467			998,866		0.12	%
Dropbox, Inc.		1/28/14			1,827,985			95,700			1,589,577		0.20	%
Grand Rounds, Inc., Preferred Shares		3/31/15			399,608			143,925			404,329		0.05	%
Invitae Corp.,, Series F, Preferred Shares		10/8/14			372,878			31,073			439,248		0.05	%
Lookout, Inc.		3/4/15			63,364			5,547			64,702		0.01	%
Lookout, Inc.,, Preferred Shares		9/19/14			730,222			63,925			745,647		0.09	%
NextEra Energy Partners LP, 1.78%		6/26/14			404,113			11,345			449,489		0.06	%
Palantir Technologies, Inc.		3/27/14			712,042			116,157			1,000,112		0.12	%
REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14		2/7/12			300,000			400,000			20,000		0.00	%
Sheridan Production Partners, 4.25%, 12/2/20		12/13/13			41,132			38,726			34,079		0.00	%
Sheridan Production Partners, 4.25%, 12/2/20		12/13/13			757,767			744,179			654,877		0.08	%
Sheridan Production Partners, 4.25%, 12/2/20		12/13/13			105,434			103,544			91,118		0.01	%
Uber Technologies, Inc.		3/21/14			1,063,120			68,532			2,742,836		0.34	%


Unrealized appreciation	$	62,239,519
Unrealized depreciation		(40,187,998	)

Net unrealized appreciation/(depreciation)	$	22,051,521


Shares			Fair Value
	Affiliated Investment Company (1.3%):
	4,154,359	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)	$	4,154,359

	Total Affiliated Investment Company (Cost $4,154,359)			4,154,359

	Total Investment Securities (Cost $236,409,423)(b) — 99.4%			319,005,722
	Net other assets (liabilities) — 0.6%			2,027,380

	Net Assets — 100.0%		$	321,033,102


	AZL Boston Company Research Growth Fund
	For the Six Months Ended June 30, 2015				For the Year Ended December 31, 2014
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	383,299			$	599,522
Net realized gains/(losses) on investment transactions			26,544,717				42,895,777
Change in unrealized appreciation/depreciation on investments			(14,768,177	)			(15,932,685	)

Change in net assets resulting from operations			12,159,839				27,562,614

Dividends to Shareholders:
From net investment income			—				(536,742	)
From net realized gains			—				(17,640,893	)

Change in net assets resulting from dividends to shareholders			—				(18,177,635	)

Capital Transactions:
Proceeds from shares issued			1,021,809				16,458,753
Proceeds from dividends reinvested			—				18,177,635
Value of shares redeemed			(33,627,154	)			(63,316,636	)

Change in net assets resulting from capital transactions			(32,605,345	)			(28,680,248	)

Change in net assets			(20,445,506	)			(19,295,269	)
Net Assets:
Beginning of period			341,478,608				360,773,877

End of period		$	321,033,102			$	341,478,608

Accumulated net investment income/(loss)		$	982,805			$	599,506

Share Transactions:
Shares issued			65,263				1,097,285
Dividends reinvested			—				1,238,259
Shares redeemed			(2,149,709	)			(4,252,112	)

Change in shares			(2,084,446	)			(1,916,568	)


	Annual Rate			Annual Expense Limit
AZL Boston Company Research Growth Fund		1.00	%		1.20	%


Unrealized appreciation	$	85,811,114
Unrealized depreciation		(3,447,914	)

Net unrealized appreciation/(depreciation)	$	82,363,200


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL Boston Company Research Growth Fund		$	599,506		$	42,911,893		$	—		$	97,140,864		$	140,652,263


	Beginning Account Value 4/27/15			Ending Account Value 6/30/15			Expenses Paid During Period 4/27/15 - 6/30/15*			Annualized Expense Ratio During Period 4/27/15 - 6/30/15
AZL DFA Emerging Markets Core Equity Fund		$	1,000.00		$	915.00		$	2.56		$	1.50


	AZL DFA Emerging Markets Core Equity Fund
	April 27, 2015 to June 30, 2015 (a)
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	269,397
Net realized gains/(losses) on investment transactions			(84,556	)
Change in unrealized appreciation/depreciation on investments			(6,477,031	)

Change in net assets resulting from operations			(6,292,190	)

Capital Transactions:
Proceeds from shares issued			77,027,535
Value of shares redeemed			(2,260,619	)

Change in net assets resulting from capital transactions			74,766,916

Change in net assets			68,474,726
Net Assets:
Beginning of period			—

End of period		$	68,474,726

Accumulated net investment income/(loss)		$	269,397

Share Transactions:
Shares issued			7,709,542
Shares redeemed			(229,546	)

Change in shares			7,479,996


	April 27, 2015 to June 30, 2015 (a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.04
Net Realized and Unrealized Gains/(Losses) on Investments			(0.89	)

Total from Investment Activities			(0.85	)

Net Asset Value, End of Period		$	9.15

Total Return(b)			(8.50	)%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	68,475
Net Investment Income/(Loss)(d)			2.13	%
Expenses Before Reductions(d) (e)			1.80	%
Expenses Net of Reductions(d)			1.50	%
Portfolio Turnover Rate			2	%(c)


Unrealized appreciation	$	425,655
Unrealized depreciation		(6,895,973	)

Net unrealized appreciation/(depreciation)	$	(6,470,318	)


Country	Percentage
Australia		7.0	%
Austria		2.5	%
Canada		10.7	%
Finland		1.7	%
France		2.8	%
Germany		6.9	%
Japan		4.0	%
Netherlands		8.4	%
Norway		4.8	%
SNAT		7.9	%
Sweden		5.0	%
United States		38.3	%

		100.0	%


	AZL DFA Five-Year Global Fixed Income Fund
	April 27, 2015 to June 30, 2015 (a)
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	780,064
Net realized gains/(losses) on investment transactions			(3,830,886	)
Change in unrealized appreciation/depreciation on investments			(3,434,268	)

Change in net assets resulting from operations			(6,485,090	)

Capital Transactions:
Proceeds from shares issued			613,279,073
Value of shares redeemed			(34,721,875	)

Change in net assets resulting from capital transactions			578,557,198

Change in net assets			572,072,108
Net Assets:
Beginning of period			—

End of period		$	572,072,108

Accumulated net investment income/(loss)		$	780,064

Share Transactions:
Shares issued			61,329,580
Shares redeemed			(3,501,311	)

Change in shares			57,828,269


	Annual Rate*			Annual Expense Limit
AZL DFA Five-Year Global Fixed Income Fund		0.60	%		0.95	%