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 (96.2%):
	Aerospace & Defense (2.0%):
	33,821	Honeywell International, Inc.	$	3,934,059
	19,113	TransDigm Group, Inc.*^		5,039,907

				8,973,966

	Beverages (6.3%):
	113,529	Anheuser-Busch InBev NV, ADR		14,949,499
	81,941	Constellation Brands, Inc., Class A		13,553,041

				28,502,540

	Biotechnology (3.6%):
	10,853	Alexion Pharmaceuticals, Inc.*		1,267,196
	37,746	Celgene Corp.*		3,722,888
	17,628	Regeneron Pharmaceuticals, Inc.*		6,156,227
	55,308	Vertex Pharmaceuticals, Inc.*		4,757,594

				15,903,905

	Chemicals (2.9%):
	39,115	Ecolab, Inc.		4,639,039
	28,356	Sherwin Williams Co.		8,327,307

				12,966,346

	Diversified Financial Services (2.8%):
	85,041	Berkshire Hathaway, Inc., Class B*		12,313,086

	Diversified Telecommunication Services (1.4%):
	59,631	SBA Communications Corp., Class A*		6,436,570

	Electrical Equipment (1.2%):
	21,266	Acuity Brands, Inc.^		5,273,117

	Food & Staples Retailing (3.4%):
	61,402	Costco Wholesale Corp.		9,642,570
	68,050	Walgreens Boots Alliance, Inc.		5,666,524

				15,309,094

	Food Products (0.6%):
	27,318	Mead Johnson Nutrition Co.^		2,479,109

	Health Care Equipment & Supplies (4.1%):
	42,844	Becton, Dickinson & Co.		7,265,914
	278,314	Boston Scientific Corp.*		6,504,198
	6,929	Intuitive Surgical, Inc.*		4,582,910

				18,353,022

	Health Care Providers & Services (4.6%):
	20,606	Humana, Inc.		3,706,607
	117,898	UnitedHealth Group, Inc.		16,647,198

				20,353,805

	Hotels, Restaurants & Leisure (2.6%):
	13,378	Chipotle Mexican Grill, Inc.*^		5,388,124
	27,834	Domino’s Pizza, Inc.^		3,656,831
	45,129	Starbucks Corp.		2,577,768

				11,622,723

	Internet & Catalog Retail (12.2%):
	42,034	Amazon.com, Inc.*		30,080,371
	108,423	Netflix, Inc.*^		9,918,536
	7,827	Priceline Group, Inc. (The)*		9,771,305
	72,027	TripAdvisor, Inc.*^		4,631,336

				54,401,548


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Internet Software & Services (15.9%):
	46,949	Alphabet, Inc., Class A*	$	33,030,030
	225,793	Facebook, Inc., Class A*		25,803,624
	547,300	Tencent Holdings, Ltd.		12,468,911

				71,302,565

	IT Services (9.2%):
	34,949	Fiserv, Inc.*		3,800,005
	69,375	FleetCor Technologies, Inc.*		9,929,644
	98,441	Global Payments, Inc.^		7,026,719
	274,152	Visa, Inc., Class A^		20,333,853

				41,090,221

	Life Sciences Tools & Services (2.1%):
	65,521	Illumina, Inc.*^		9,197,838

	Media (1.1%):
	145,925	Liberty Global plc, Class A*		4,240,580
	26,575	Liberty Global plc, Class A*		857,303

				5,097,883

	Oil, Gas & Consumable Fuels (2.2%):
	48,064	Concho Resources, Inc.*^		5,732,593
	48,206	EOG Resources, Inc.^		4,021,345

				9,753,938

	Pharmaceuticals (1.4%):
	27,620	Allergan plc*		6,382,706

	Real Estate Investment Trusts (REITs) (1.4%):
	62,475	Crown Castle International Corp.		6,336,839

	Road & Rail (1.5%):
	79,962	Norfolk Southern Corp.^		6,807,165

	Semiconductors & Semiconductor Equipment (0.5%):
	92,486	Applied Materials, Inc.		2,216,889

	Software (7.9%):
	276,680	Activision Blizzard, Inc.		10,964,828
	268,740	Microsoft Corp.		13,751,426
	136,046	Salesforce.com, Inc.*		10,803,413

				35,519,667

	Specialty Retail (2.1%):
	73,418	Home Depot, Inc. (The)		9,374,744

	Technology Hardware, Storage & Peripherals (1.3%):
	61,719	Apple, Inc.		5,900,336

	Textiles, Apparel & Luxury Goods (1.9%):
	157,887	Nike, Inc., Class B		8,715,362

	Total Common Stocks (Cost $365,449,958)			430,584,984

	Preferred Stock (1.4%):
	Internet Software & Services (1.4%):
	841,419	Palantir Technologies, Inc., Series I, 0.00%*(a)(b)		6,049,803

	Total Preferred Stock (Cost $5,157,898)			6,049,803

	Securities Held as Collateral for Securities on Loan (13.0%):
$	57,974,487	AZL BlackRock Capital Appreciation Fund Securities Lending Collateral Account(c)		57,974,487

	Total Securities Held as Collateral for Securities on Loan (Cost $57,974,487)			57,974,487

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	447,053,230

Investment securities, at value*	$	513,080,161
Interest and dividends receivable		62,081
Foreign currency, at value (cost $109)		109
Receivable for investments sold		157,138
Prepaid expenses		2,798

Total Assets		513,302,287

Liabilities:
Payable for investments purchased		7,378,348
Payable for capital shares redeemed		397,489
Payable for collateral received on loaned securities		57,974,487
Manager fees payable		259,479
Administration fees payable		12,562
Distribution fees payable		92,671
Custodian fees payable		7,013
Administrative and compliance services fees payable		240
Trustee fees payable		2,345
Other accrued liabilities		21,428

Total Liabilities		66,146,062

Net Assets	$	447,156,225

Net Assets Consist of:
Capital	$	337,726,122
Accumulated net investment income/(loss)		(325,167	)
Accumulated net realized gains/(losses) from investment transactions		43,728,339
Net unrealized appreciation/(depreciation) on investments		66,026,931

Net Assets	$	447,156,225

Shares of beneficial interest (unlimited number of shares authorized, no par value)		30,572,247
Net Asset Value (offering and redemption price per share)	$	14.63

*	Includes securities on loan of $56,271,302.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	1,897,244
Income from securities lending		95,675
Foreign withholding tax		(32,138	)

Total Investment Income		1,960,781

Expenses:
Manager fees		1,819,504
Administration fees		61,125
Distribution fees		568,596
Custodian fees		16,240
Administrative and compliance services fees		3,274
Trustee fees		11,877
Professional fees		13,168
Shareholder reports		13,695
Other expenses		5,904

Total expenses before reductions		2,513,383
Less expenses voluntarily waived/reimbursed by the Manager		(227,435	)

Net expenses		2,285,948

Net Investment Income/(Loss)		(325,167	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(1,527,454	)
Change in net unrealized appreciation/depreciation on investments		(22,958,732	)

Net Realized/Unrealized Gains/(Losses) on Investments		(24,486,186	)

Change in Net Assets Resulting From Operations	$	(24,811,353	)

(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. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

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, 2016 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $62 million for the period ended June 30, 2016.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $7,792 during the period ended June 30, 2016. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Certain Funds of the Trust participate in a commission recapture program. The Fund will utilize the recaptured commissions to pay for, in whole or part, certain expenses of the Fund, excluding investment advisory fees. Any amounts received by the Fund, if applicable, are disclosed as “Expenses paid indirectly” on the Statement of Operations. The Fund ceased participation in the program in June 2014.

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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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, 2016, 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.”

to a minimum annual fee. The Administrator is entitled to 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. 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 FIS SG 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.

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 Senior Counsel. During the period ended June 30, 2016, $2,732 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 $170,000 annual Board retainer and the Lead Director receives an additional $42,500 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, 2016, actual Trustee compensation was $503,200 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.

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.

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, 2016 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, 2016, 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, 2016 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, 2016 is $449,619,500. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, 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, 2016.

On June 14, 2016, the Board approved a reorganization whereby, subject to shareholder approval, the AZL Russell 1000 Growth Index Fund will acquire the assets and liabilities of the Fund. A meeting of shareholders to consider the proposal is scheduled for October 12, 2016 and, if approved, the reorganization is expected to occur approximately four weeks subsequent to that date.

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		53.9	%
U.S. Treasury Obligations		17.9
Foreign Bonds		13.9
Securities Held as Collateral for Securities on Loan		5.5
Corporate Bonds		3.8
Yankee Dollars		3.7
Exchange Traded Funds		3.2
Preferred Stocks		2.1
Money Markets		1.1
Convertible Bonds		0.9
Floating Rate Loans		0.8
U.S. Government Agency Mortgages		0.6
Convertible Preferred Stocks		0.5
Purchased Options		0.3
Private Placements		0.2
Collateralized Mortgage Obligation		0.1
Mutual Funds		0.1
Warrants		—	^
Purchased Swaptions		—	^

Total Investment Securities		108.6
Net other assets (liabilities)		(8.6	)

Net Assets		100.0	%


Shares			Fair Value
	Common Stocks (53.9%):
	Aerospace & Defense (1.3%):
	89,439	BAE Systems plc	$	627,024
	853	Boeing Co. (The)		110,779
	762	Dassault Aviation SA		764,894
	32,077	European Aeronautic Defence & Space Co. NV		1,862,400
	1,444	General Dynamics Corp.		201,063
	4,767	Hexcel Corp.^		198,498
	3,503	Northrop Grumman Corp.		778,647
	1,102	Raytheon Co.		149,817
	35,030	Safran SA		2,380,404
	39,974	Textron, Inc.		1,461,449
	8,511	United Technologies Corp.		872,803

				9,407,778

	Air Freight & Logistics (0.3%):
	12,541	Deutsche Post AG		350,078
	10,834	FedEx Corp.		1,644,384
	6,497	United Parcel Service, Inc., Class B		699,857

				2,694,319

	Airlines (0.5%):
	13,284	Delta Air Lines, Inc.		483,936
	58,200	Japan Airlines Co., Ltd.		1,868,288
	10,392	Southwest Airlines Co.		407,470
	33,024	United Continental Holdings, Inc.*		1,355,305

				4,114,999

	Auto Components (0.9%):
	19,500	Aisin Sieki Co., Ltd.		791,642
	34,500	Bridgestone Corp.		1,101,818
	138,683	Cheng Shin Rubber Industry Co., Ltd.		291,840
	831	Compagnie Generale des Establissements Michelin SCA, Class B		78,713
	17,685	Delphi Automotive plc		1,107,081
	37,000	Denso Corp.		1,300,036
	3,000	Exedy Corp.		64,041
	26,400	Futaba Industrial Co., Ltd.		123,937
	2,946	Goodyear Tire & Rubber Co.		75,594
	2,082	Hyundai Wia Corp.		162,200
	8,200	Koito Manufacturing Co., Ltd.		375,338
	2,098	Lear Corp.		213,492
	8,000	Stanley Electric Co., Ltd.		169,915
	38,300	Sumitomo Electric Industries, Ltd.		504,202
	44,200	Toyota Industries Corp.		1,748,320

				8,108,169

	Automobiles (1.3%):
	5,568	Bayerische Motoren Werke AG (BMW)		408,016
	242,000	Brilliance China Automotive Holdings, Ltd.^		250,496
	108,000	Dongfeng Motor Corp., Series H		113,639
	96,153	Ford Motor Co.		1,208,643
	69,900	Fuji Heavy Industries, Ltd.		2,393,177
	31,100	Honda Motor Co., Ltd.		785,354
	8,623	Hyundai Motor Co.		1,021,664
	67,100	Isuzu Motors, Ltd.		821,392


Shares			Fair Value
	Common Stocks, continued
	Automobiles, continued
	7,177	Maruti Suzuki India, Ltd.	$	446,945
	5,064	Renault SA		385,816
	52,900	Suzuki Motor Corp.		1,427,876
	11,500	Toyota Motor Corp.		575,047
	270	Volkswagen AG		36,273
	161,770	Yulon Motor Co., Ltd.		137,829

				10,012,167

	Banks (3.6%):
	265,490	Bank of America Corp.		3,523,052
	25,164	BNP Paribas SA		1,131,164
	56,496	Citigroup, Inc.		2,394,865
	11,319	Commonwealth Bank of Australia		635,029
	3,984	Fifth Third Bancorp		70,079
	92,000	Fukuoka Financial Group, Inc.		302,625
	518,138	HSBC Holdings plc		3,236,250
	113,475	ING Groep NV		1,179,274
	429,308	Intesa Sanpaolo SpA		823,351
	48,500	Japan Post Bank Co., Ltd.		568,397
	70,636	JPMorgan Chase & Co.		4,389,321
	196,600	Mitsubishi UFJ Financial Group, Inc.		876,438
	110,306	Royal Bank of Scotland Group plc*		259,737
	19,300	Sumitomo Mitsui Financial Group, Inc.		553,417
	15,276	SunTrust Banks, Inc.		627,538
	93,075	Svenska Handelsbanken AB, A Shares		1,126,294
	32,130	Toronto-Dominion Bank (The)		1,379,914
	40,164	U.S. Bancorp		1,619,814
	228,664	UniCredit SpA		510,366
	23,000	United Overseas Bank, Ltd.		317,673
	87,319	Wells Fargo & Co.		4,132,808
	42,965	Westpac Banking Corp.		953,868

				30,611,274

	Beverages (1.5%):
	11,275	Anheuser-Busch InBev NV		1,481,887
	20,600	Asahi Breweries, Ltd.		664,626
	22,942	Coca-Cola Co. (The)		1,039,961
	1,525	Coca-Cola European Partners plc		54,427
	1,579	Constellation Brands, Inc., Class A		261,167
	8,632	Diageo plc, ADR^		974,380
	1,183	Dr Pepper Snapple Group, Inc.		114,313
	25,524	PepsiCo, Inc.		2,704,012
	76,832	SABMiller plc		4,478,252
	8,000	Suntory Beverage & Food, Ltd.		360,054

				12,133,079

	Biotechnology (1.0%):
	11,733	AbbVie, Inc.		726,390
	7,521	Alexion Pharmaceuticals, Inc.*		878,152
	15,284	Amgen, Inc.		2,325,460
	4,988	Biogen Idec, Inc.*		1,206,198
	5,978	Celgene Corp.*		589,610
	582	Genmab A/S*		106,034
	15,680	Gilead Sciences, Inc.		1,308,026


Shares			Fair Value
	Common Stocks, continued
	Biotechnology, continued
	31,581	Invitae Corp.*	$	233,384
	2,762	Tesaro, Inc.*^		232,146

				7,605,400

	Building Products (0.3%):
	17,380	Compagnie de Saint-Gobain SA		665,236
	10,600	Daikin Industries, Ltd.		883,277
	8,111	Fortune Brands Home & Security, Inc.^		470,195
	14,583	Masco Corp.		451,198

				2,469,906

	Capital Markets (0.5%):
	650	Ameriprise Financial, Inc.		58,403
	27,345	Charles Schwab Corp. (The)		692,102
	63,000	Daiwa Securities Group, Inc.		331,189
	8,702	Goldman Sachs Group, Inc. (The)		1,292,943
	1,948	Morgan Stanley		50,609
	100,800	Nomura Holdings, Inc.		361,264
	80,706	UBS Group AG		1,044,544

				3,831,054

	Chemicals (2.1%):
	4,341	Air Products & Chemicals, Inc.		616,596
	43,827	AkzoNobel NV		2,756,906
	2,131	Arkema SA		164,425
	109,000	Asahi Kasei Corp.		755,431
	75,552	Axalta Coating Systems, Ltd.*		2,004,394
	10,815	BASF SE		824,929
	21,742	E.I. du Pont de Nemours & Co.		1,408,881
	15,335	Evonik Industries AG		456,379
	32,700	Hitachi Chemical Co., Ltd.		606,251
	33,500	JSR Corp.		440,869
	24,300	Kuraray Co., Ltd.		289,037
	6,773	Monsanto Co.		700,396
	19,600	Nitto Denko Corp.		1,236,136
	3,444	PPG Industries, Inc.		358,693
	40,700	Shin-Etsu Chemical Co., Ltd.		2,374,451
	256,000	Ube Industries, Ltd.		421,163
	9,047	Umicore SA		466,105

				15,881,042

	Commercial Services & Supplies (0.1%):
	21,222	Aggreko plc		364,420
	2,086	Cintas Corp.		204,699
	2,700	SECOM Co., Ltd.		199,320
	10,377	Tyco International plc		442,060

				1,210,499

	Communications Equipment (0.5%):
	64,570	Cisco Systems, Inc.		1,852,513
	24,031	El Towers SpA*		1,218,589
	112,245	Nokia Oyj^		638,581

				3,709,683


Shares			Fair Value
	Common Stocks, continued
	Construction & Engineering (0.3%):
	628	Brookfield Business Partners L.P.*	$	11,993
	44	Brookfield Business Partners L.P.*^		835
	18,000	Chiyoda Corp.		118,138
	7,100	ComSys Holdings Corp.		114,528
	31,000	JGC Corp.		440,575
	8,500	Kinden Corp.		91,509
	5,000	Maeda Road Construction Co., Ltd.		84,851
	7,000	Nippo Corp.		118,564
	84,000	Okumura Corp.		462,392
	1,600	Sho-Bond Holdings Co., Ltd.^		72,450
	88,000	Toda Corp.		378,209
	10,110	Vinci SA		719,951

				2,613,995

	Construction Materials (0.1%):
	20,580	CRH plc		605,876

	Consumer Finance (0.1%):
	2,213	Capital One Financial Corp.		140,548
	14,384	Discover Financial Services		770,838

				911,386

	Containers & Packaging (0.2%):
	759	Crown Holdings, Inc.*		38,459
	3,167	International Paper Co.		134,217
	1,561	Sealed Air Corp.		71,759
	30,480	WestRock Co.		1,184,758

				1,429,193

	Distributors (0.0%):
	5,900	Canon Marketing Japan, Inc.		107,526

	Diversified Financial Services (0.8%):
	11	Berkshire Hathaway, Inc., Class A*		2,386,725
	18,787	Berkshire Hathaway, Inc., Class B*		2,720,170
	9,945	CME Group, Inc.		968,643
	615,711	Delta Topco, Ltd.*(a)(b)		209,341
	3,600	Zenkoku Hosho Co., Ltd.		130,033

				6,414,912

	Diversified Telecommunication Services (1.3%):
	116,521	BT Group plc		643,295
	84,916	Cellnex Telecom SAU		1,331,782
	58,049	Deutsche Telekom AG, Registered Shares		987,538
	35,611	France Telecom SA^		581,589
	359,642	Koninklijke (Royal) KPN NV		1,304,291
	24,400	Nippon Telegraph & Telephone Corp.		1,145,588
	347,700	Singapore Telecommunications, Ltd.		1,075,478
	32,883	Telecom Italia SpA		21,153
	1,372,058	Telecom Italia SpA*		1,125,471
	620,022	Telesites SAB de C.V.*		383,310
	46,553	Verizon Communications, Inc.		2,599,520

				11,199,015

	Electric Utilities (0.8%):
	14,417	American Electric Power Co., Inc.		1,010,488
	35,500	Chubu Electric Power Co., Inc.		505,553


Shares			Fair Value
	Common Stocks, continued
	Electric Utilities, continued
	2,243	Edison International	$	174,214
	142,333	Enel SpA		632,937
	7,218	FirstEnergy Corp.		251,980
	68,308	Iberdrola SA		461,327
	7,600	Kansai Electric Power Co., Inc. (The)*		73,701
	33,200	Kyushu Electric Power Co., Inc.		330,918
	16,159	NextEra Energy, Inc.^		2,107,133

				5,548,251

	Electrical Equipment (0.6%):
	19,316	Eaton Corp. plc		1,153,744
	85,000	GS Yuasa Corp.		323,805
	13,574	Legrand SA		700,252
	3,600	Mabuchi Motor Co., Ltd.		151,162
	139,000	Mitsubishi Electric Corp.		1,648,386
	19,478	Prysmian SpA		426,930
	1,506	Rockwell Automation, Inc.		172,919

				4,577,198

	Electronic Equipment, Instruments & Components (0.4%):
	36,188	Fitbit, Inc., Class A*^		442,217
	1,200	Hirose Electric Co., Ltd.		146,717
	900	Keyence Corp.		607,096
	16,500	Kyocera Corp.		782,419
	5,500	Murata Manufacturing Co., Ltd.		617,071
	17,100	Omron Corp.		554,153

				3,149,673

	Energy Equipment & Services (0.3%):
	1,698	Helmerich & Payne, Inc.^		113,987
	111,757	SBM Offshore NV^		1,301,973
	15,618	Schlumberger, Ltd.		1,235,071

				2,651,031

	Food & Staples Retailing (0.7%):
	20,999	CVS Health Corp.		2,010,444
	8,900	FamilyMart Co., Ltd.		540,698
	15,131	Kroger Co. (The)		556,669
	17,600	Seven & I Holdings Co., Ltd.		734,895
	14,799	Walgreens Boots Alliance, Inc.		1,232,313
	12,750	Whole Foods Market, Inc.^		408,255

				5,483,274

	Food Products (1.2%):
	41,100	Ajinomoto Co., Inc.		964,945
	1,167	Archer-Daniels-Midland Co.		50,053
	17,596	Danone SA		1,240,567
	2,582	Hershey Co. (The)^		293,031
	39,990	Mondelez International, Inc., Class A		1,819,945
	60,704	Nestle SA, Registered Shares		4,683,884
	20,931	SLC Agricola SA		96,255
	5,129	WhiteWave Foods Co., Class A*		240,755

				9,389,435


Shares			Fair Value
	Common Stocks, continued
	Gas Utilities (0.3%):
	15,046	Gas Natural SDG SA^	$	298,336
	69,135	Snam SpA		413,553
	306,000	Tokyo Gas Co., Ltd.		1,256,377

				1,968,266

	Health Care Equipment & Supplies (0.7%):
	22,853	Abbott Laboratories		898,351
	33,609	Baxter International, Inc.		1,519,800
	20,800	HOYA Corp.		740,673
	5,259	Medtronic plc		456,323
	1,118	Stryker Corp.^		133,970
	12,131	Zimmer Holdings, Inc.		1,460,330

				5,209,447

	Health Care Providers & Services (1.7%):
	21,410	Aetna, Inc.		2,614,803
	15,408	Al Noor Hospitals Group plc		225,551
	7,000	Alfresa Holdings Corp.		145,799
	355	AmerisourceBergen Corp.^		28,159
	9,586	Anthem, Inc.		1,259,025
	2,323	Cardinal Health, Inc.		181,217
	9,961	DaVita, Inc.*		770,185
	2,022	Envision Healthcare Holdings, Inc.*		51,298
	974	HCA Holdings, Inc.*		75,008
	346,284	Healthscope, Ltd.		741,337
	26,627	Integrated Diagnostics Holdings plc		105,847
	14,966	McKesson Corp.		2,793,404
	8,000	Medipal Holdings Corp.		131,290
	61,358	NMC Health plc		1,059,884
	613,699	PT Siloam International Hospital Tbk*		539,033
	2,500	Ship Healthcare Holdings, Inc.		77,179
	208,615	Spire Healthcare Group plc		930,338
	3,500	Suzuken Co., Ltd.		110,045
	33,254	Tenet Healthcare Corp.*^		919,141
	992	UnitedHealth Group, Inc.		140,070

				12,898,613

	Health Care Technology (0.1%):
	3,497	HTG Molecular Diagnostics, Inc.*^		9,092
	22,714	Veeva Systems, Inc., Class A*^		775,002

				784,094

	Hotels, Restaurants & Leisure (0.4%):
	17,822	Accor SA		690,850
	1,930	Chipotle Mexican Grill, Inc.*^		777,327
	7,684	Las Vegas Sands Corp.^		334,177
	1,473	McDonald’s Corp.		177,261
	9,280	Norwegian Cruise Line Holdings, Ltd.*^		369,715
	6,500	Sodexo SA		700,057
	1,949	Wyndham Worldwide Corp.^		138,827

				3,188,214

	Household Durables (0.4%):
	4,900	Alpine Electronics, Inc.		47,684
	15,659	Berkeley Group Holdings plc (The)		532,967


Shares			Fair Value
	Common Stocks, continued
	Household Durables, continued
	213,000	Haier Electronics Group Co., Ltd.	$	326,409
	5,400	Rinnai Corp.		475,244
	29,100	Sekisui Chemical Co., Ltd.		356,748
	58,000	Techtronic Industries Co., Ltd.		242,810
	3,325	Whirlpool Corp.		554,078

				2,535,940

	Household Products (0.6%):
	3,745	Colgate-Palmolive Co.		274,134
	1,596	Kimberly-Clark Corp.		219,418
	43,703	Procter & Gamble Co. (The)		3,700,333

				4,193,885

	Independent Power and Renewable Electricity Producers (0.1%):
	26,868	Calpine Corp.*^		396,303
	7,800	Electric Power Development Co., Ltd.		181,321
	20,291	NextEra Energy Partners LP		616,441

				1,194,065

	Industrial Conglomerates (1.2%):
	1,009	3M Co., Class B		176,696
	151,219	Beijing Enterprises Holdings, Ltd.		860,364
	157,646	General Electric Co.^#		4,962,696
	179,900	Keppel Corp., Ltd.		738,953
	40,248	Koninklijke Philips Electronics NV		1,004,105
	7,026	Siemens AG, Registered Shares		719,629
	46,107	Smiths Group plc		710,045

				9,172,488

	Insurance (2.1%):
	151,400	AIA Group, Ltd.		912,350
	25,890	Allstate Corp. (The)		1,811,005
	21,750	American International Group, Inc.		1,150,358
	24,684	Aviva plc		132,635
	58,925	AXA SA		1,183,615
	3,088	Axis Capital Holdings, Ltd.		169,840
	14,645	Chubb, Ltd.		1,914,248
	12,074	Hartford Financial Services Group, Inc. (The)		535,844
	74,213	Legal & General Group plc		192,322
	1,417	Lincoln National Corp.		54,937
	20,350	Marsh & McLennan Cos., Inc.		1,393,161
	22,982	MetLife, Inc.		915,373
	23,500	MS&AD Insurance Group Holdings, Inc.		605,316
	15,700	NKSJ Holdings, Inc.		415,945
	4,823	Progressive Corp. (The)		161,571
	7,169	Prudential Financial, Inc.		511,436
	34,183	Prudential plc		582,229
	1,779	Reinsurance Group of America, Inc.		172,545
	48,000	Sony Financial Holdings, Inc.		538,854
	26,600	Tokio Marine Holdings, Inc.		880,037
	5,306	Travelers Cos., Inc. (The)		631,626
	21,483	UnumProvident Corp.		682,945
	28,380	XL Group plc		945,338
	1,324	Zurich Insurance Group AG		327,686

				16,821,216


Shares			Fair Value
	Common Stocks, continued
	Internet & Catalog Retail (0.2%):
	1,162	Amazon.com, Inc.*	$	831,551
	4,308	Expedia, Inc.		457,940

				1,289,491

	Internet Software & Services (2.3%):
	26,773	Alibaba Group Holding, Ltd., ADR*^		2,129,257
	2,923	Alphabet, Inc., Class A*		2,056,418
	10,169	Alphabet, Inc., Class C*		7,037,966
	95,700	Dropbox, Inc.*(a)(b)		1,073,754
	19,048	eBay, Inc.*		445,914
	35,173	Facebook, Inc., Class A*		4,019,570
	9,367	GoDaddy, Inc., Class A*^		292,157
	5,547	Lookout, Inc.*(a)(b)		50,861
	2,196	VeriSign, Inc.*^		189,866
	11,990	Yahoo!, Inc.*		450,344

				17,746,107

	IT Services (0.7%):
	2,021	Accenture plc, Class A		228,959
	431	Alliance Data Systems Corp.*		84,442
	3,091	Amdocs, Ltd.		178,413
	2,890	Computer Sciences Corp.		143,489
	1,632	Global Payments, Inc.		116,492
	4,545	International Business Machines Corp.		689,840
	20,028	MasterCard, Inc., Class A		1,763,666
	17,190	PayPal Holdings, Inc.*		627,607
	22,439	Square, Inc., Class A*^		203,073
	29,359	Visa, Inc., Class A^		2,177,556

				6,213,537

	Leisure Products (0.1%):
	40,300	Sega Sammy Holdings, Inc.		432,728
	8,900	Yamaha Corp.		239,234

				671,962

	Life Sciences Tools & Services (0.2%):
	6,798	Agilent Technologies, Inc.		301,559
	7,787	Thermo Fisher Scientific, Inc.		1,150,607

				1,452,166

	Machinery (0.9%):
	5,161	Caterpillar, Inc.^		391,255
	12,568	Colfax Corp.*		332,549
	708	Dover Corp.		49,079
	2,100	FANUC Corp.		339,969
	169,090	Haitian International Holdings, Ltd.		300,855
	12,300	Hino Motors, Ltd.		121,735
	751	Illinois Tool Works, Inc.		78,224
	14,342	Ingersoll-Rand plc		913,299
	40,900	Komatsu, Ltd.		710,615
	55,500	Kubota Corp.		743,441
	5,000	Kurita Water Industries, Ltd.		111,262
	4,700	Makita Corp.		309,958
	12,700	Nabtesco Corp.		303,300
	11,811	PACCAR, Inc.		612,637


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	90,729	SKF AB, B Shares	$	1,449,269
	1,800	SMC Corp.		439,140
	1,935	WABCO Holdings, Inc.*		177,188

				7,383,775

	Media (1.9%):
	5,323	Charter Communications, Inc., Class A*		1,217,044
	53,318	Comcast Corp., Class A		3,475,800
	14,584	DISH Network Corp., Class A*		764,202
	5,843	Liberty Broadband Corp., Class A*		347,074
	10,404	Liberty Broadband Corp., Class C*^		624,240
	18,161	Liberty Global plc, Class A*		527,759
	1,876	Liberty Global plc, Class A*		60,520
	9,826	Liberty Media Group, Class C*		186,399
	20,943	Liberty Siriusxm Group, Class A*		656,772
	39,306	Liberty Siriusxm Group, Class C*		1,213,376
	8,400	Nippon Television Holdings, Inc.		137,618
	60,809	Pearson plc		792,938
	21,192	Publicis Groupe SA		1,435,517
	118,373	RAI Way SpA		533,508
	827	RTL Group		67,441
	721	Scripps Networks Interactive, Class A^		44,897
	13,800	SKY Perfect JSAT Holdings, Inc.		63,478
	13,345	Time Warner, Inc.		981,391
	5,400	Toho Co., Ltd.		148,764
	5,000	TV Asahi Holdings Corp.		80,836
	76,147	Zon Multimedia Servicos de Telecommunicacoes e Multimedia SGPS SA		463,860

				13,823,434

	Metals & Mining (0.3%):
	39,580	Constellium NV*		185,630
	12,700	Nippon Steel Corp.		242,717
	90,742	Platinum Group Metals, Ltd.*^		307,616
	35,396	Platinum Group Metals, Ltd.*^		118,918
	18,786	Rio Tinto plc		580,572
	72,456	Tahoe Resources, Inc.		1,085,325
	3,700	Yamato Kogyo Co., Ltd.		83,747

				2,604,525

	Multiline Retail (0.2%):
	4,225	Kohl’s Corp.^		160,212
	4,925	Macy’s, Inc.		165,529
	20,011	Target Corp.^		1,397,168

				1,722,909

	Multi-Utilities (0.6%):
	12,018	Dominion Resources, Inc.^		936,563
	4,862	DTE Energy Co.		481,921
	34,304	Engie Group		553,537
	63,010	National Grid plc		926,426
	6,578	Public Service Enterprise Group, Inc.		306,601
	9,187	Sempra Energy		1,047,502
	13,629	Veolia Environnement SA		296,042

				4,548,592


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels (3.3%):
	76,987	Anadarko Petroleum Corp.	$	4,099,557
	56,520	BP plc, ADR^		2,007,025
	60,908	Cameco Corp.		668,161
	39,595	Cenovus Energy, Inc.		547,734
	631	Chevron Corp.		66,148
	156,037	Coal India, Ltd.		724,771
	254,067	Encana Corp.		1,979,181
	20,512	EQT Corp.		1,588,244
	13,915	Exxon Mobil Corp.		1,304,392
	129,100	INPEX Corp.		1,007,323
	148,311	Marathon Oil Corp.		2,226,147
	137,434	Marathon Petroleum Corp.		5,216,994
	1,725	Phillips 66^		136,862
	4,751	Pioneer Natural Resources Co.		718,399
	105,358	Reliance Industries, Ltd.		1,518,170
	39,460	Royal Dutch Shell plc, ADR		2,178,981
	24,424	Statoil ASA		423,167
	18,984	Total SA		915,313
	1,904	Total SA, ADR		91,582
	3,618	Valero Energy Corp.		184,518
	24,745	Whiting Petroleum Corp.*		229,139
	50,833	Williams Cos., Inc. (The)		1,099,518

				28,931,326

	Personal Products (0.7%):
	4,336	Beiersdorf AG		409,675
	24,421	Edgewell Personal Care Co.*^		2,061,377
	45,089	Unilever NV		2,101,713

				4,572,765

	Pharmaceuticals (4.0%):
	44,200	Astellas Pharma, Inc.		691,799
	33,638	AstraZeneca plc		2,002,074
	6,009	Bayer AG, Registered Shares		604,494
	19,504	Bristol-Myers Squibb Co.		1,434,519
	35,354	Catalent, Inc.*		812,788
	5,000	Eisai Co., Ltd.		277,846
	23,504	Eli Lilly & Co.		1,850,940
	76,373	GlaxoSmithKline plc		1,641,592
	31,057	Johnson & Johnson Co.		3,767,214
	26,173	Merck & Co., Inc.		1,507,827
	37,628	Mylan NV*		1,627,035
	18,165	Novartis AG, Registered Shares		1,494,780
	10,689	Novo Nordisk A/S, B Shares		574,913
	21,200	Otsuka Holdings Co., Ltd.		977,063
	5,904	Perrigo Co. plc^		535,316
	98,286	Pfizer, Inc.#		3,460,650
	6,181	Recordati SpA		185,814
	5,180	Roche Holding AG		1,368,099
	25,278	Sanofi-Aventis SA		2,124,519
	2,400	Sawai Pharmaceutical Co., Ltd.		184,952
	22,599	Shire plc		1,391,382
	47,500	Teva Pharmaceutical Industries, Ltd., ADR		2,385,925

				30,901,541


Shares			Fair Value
	Common Stocks, continued
	Professional Services (0.1%):
	13,417	Randstad Holding NV	$	540,318

	Real Estate Investment Trusts (REITs) (0.6%):
	2,169	American Tower Corp.		246,420
	2,475	Crown Castle International Corp.		251,039
	6,149	Equity Residential Property Trust		423,543
	447,647	Fibra UNO Amdinistracion SA		953,910
	8,059	General Growth Properties, Inc.		240,319
	9,819	Simon Property Group, Inc.		2,129,742
	4,144	Unibail-Rodamco SE		1,085,549

				5,330,522

	Real Estate Management & Development (1.5%):
	31,413	Brookfield Asset Management, Inc., Class A		1,038,828
	2,242	Brookfield Asset Management, Inc., Class A		74,178
	655,100	CapitaLand, Ltd.		1,505,220
	1,333,500	Global Logistic Properties, Ltd.		1,800,104
	95,000	Mitsubishi Estate Co., Ltd.		1,737,238
	22,000	Mitsui Fudosan Co., Ltd.		502,288
	6,036	Realogy Holdings Corp.*^		175,165
	116,666	Sun Hung Kai Properties, Ltd.		1,405,650
	67,467	The St. Joe Co.*^		1,195,515
	39,300	Vonovia SE		1,434,065

				10,868,251

	Road & Rail (0.8%):
	7,319	Canadian National Railway Co.		432,260
	15,081	CSX Corp.		393,312
	25,200	East Japan Railway Co.		2,322,344
	9,637	Kansas City Southern		868,198
	9,100	Seino Holdings Co., Ltd.		83,157
	9,467	Union Pacific Corp.		825,996
	8,300	West Japan Railway Co.		524,692

				5,449,959

	Semiconductors & Semiconductor Equipment (1.2%):
	33,165	ARM Holdings plc		502,225
	34,856	Intel Corp.		1,143,277
	1,630	KLA-Tencor Corp.		119,398
	76,187	Micron Technology, Inc.*		1,048,333
	42,370	QUALCOMM, Inc.		2,269,760
	21,600	ROHM Co., Ltd.		847,053
	21,994	SK Hynix, Inc.		625,248
	55,200	SUMCO Corp.^		351,121
	192,000	Taiwan Semiconductor Manufacturing Co., Ltd.		970,892

				7,877,307

	Software (1.7%):
	23,890	Activision Blizzard, Inc.		946,761
	6,338	Adobe Systems, Inc.*		607,117
	1,654	Electronic Arts, Inc.*		125,307
	5,869	Intuit, Inc.		655,039
	56,460	Microsoft Corp.		2,889,058
	900	Nexon Co., Ltd.		13,223
	6,700	Nintendo Co., Ltd.		956,129


Shares			Fair Value
	Common Stocks, continued
	Software, continued
	19,146	Nuance Communications, Inc.*	$	299,252
	62,456	Oracle Corp.		2,556,324
	6,600	Trend Micro, Inc.		235,098
	68,532	Uber Technologies, Inc.*(a)(b)		3,342,306
	10,635	UbiSoft Entertainment SA*^		391,270

				13,016,884

	Specialty Retail (0.5%):
	4,400	Autobacs Seven Co., Ltd.		62,145
	9,686	Bed Bath & Beyond, Inc.^		418,629
	1,550	Home Depot, Inc. (The)		197,920
	7,718	Lowe’s Cos., Inc.		611,033
	2,900	Nitori Co., Ltd.		347,998
	15,800	Sanrio Co., Ltd.^		280,781
	1,700	Shimamura Co., Ltd.		250,982
	8,440	Tiffany & Co.^		511,802
	16,597	Urban Outfitters, Inc.*^		456,418
	5,677	Williams-Sonoma, Inc.^		295,942
	102,000	Yamada Denki Co., Ltd.		536,077
	164,760	Zhongsheng Group Holdings, Ltd.		90,416

				4,060,143

	Technology Hardware, Storage & Peripherals (1.7%):
	114,461	Apple, Inc.#		10,942,474
	4,500	Fujifilm Holdings Corp.		173,921
	26,876	HP, Inc.		337,294
	258,000	Lenovo Group, Ltd.		155,887
	215,000	NEC Corp.		498,874
	59,406	Pure Storage, Inc., Class A*^		647,525
	13,535	Western Digital Corp.^		639,664

				13,395,639

	Textiles, Apparel & Luxury Goods (0.6%):
	3,554	Adidas AG		506,746
	30,060	Burberry Group plc		469,808
	11,671	Compagnie Financiere Richemont SA		684,890
	7,394	Hugo Boss AG		417,676
	4,351	Luxottica Group SpA		211,974
	5,077	LVMH Moet Hennessy Louis Vuitton SA		768,637
	21,219	Michael Kors Holdings, Ltd.*^		1,049,916
	4,492	Ralph Lauren Corp.^		402,573

				4,512,220

	Tobacco (0.2%):
	25,467	Altria Group, Inc.		1,756,204
	8,700	Japan Tobacco, Inc.		348,578

				2,104,782

	Trading Companies & Distributors (0.4%):
	13,155	HD Supply Holdings, Inc.*		458,057
	31,700	Mitsubishi Corp.		554,347
	58,300	Mitsui & Co., Ltd.		690,410
	42,700	Sumitomo Corp.		427,408
	11,000	Toyota Tsushu Corp.		236,005


Shares			Fair Value
	Common Stocks, continued
	Trading Companies & Distributors, continued
	16,162	United Rentals, Inc.*	$	1,084,470
	10,121	Univar, Inc.*^		191,388

				3,642,085

	Transportation Infrastructure (0.0%):
	2,406	Aeroports de Paris		266,076
	13,000	Kamigumi Co., Ltd.		119,469

				385,545

	Water Utilities (0.2%):
	17,235	American Water Works Co., Inc.^		1,456,530

	Wireless Telecommunication Services (0.7%):
	25,221	America Movil SAB de C.V., Series L, ADR		309,209
	375,531	America Movil SAB de C.V., Series L		230,928
	55,100	KDDI Corp.		1,677,560
	15,900	NTT DoCoMo, Inc.		427,898
	44,788	Vodafone Group plc, ADR^		1,383,502
	409,408	Vodafone Group plc		1,246,090

				5,275,187

	Total Common Stocks (Cost $410,430,231)			423,613,864

	Preferred Stocks (2.1%):
	Automobiles (0.1%):
	7,098	Volkswagen AG, 3.62%		852,942

	Banks (0.3%):
	26,982	Citigroup Capital XIII, Series A, 7.00%^		703,421
	15,683	HSBC Holdings plc, Series 2, 7.54%		416,070
	15,719	Royal Bank of Scotland Group plc, Series T, ADR, 7.19%^		396,276
	7,909	U.S. Bancorp, Series G, 5.74%		206,504
	15,159	U.S. Bancorp, Series F, 5.28%^		466,897
	576,000	USB Capital IX		470,880

				2,660,048

	Commercial Services & Supplies (0.1%):
	6,516	Stericycle, Inc., 4.73%^		542,001

	Consumer Finance (0.1%):
	36,300	GMAC Capital Trust I, Series 2, 7.77%^		900,966

	Health Care Providers & Services (0.3%):
	36,454	Anthem, Inc., 5.66%		1,625,119
	143,925	Grand Rounds, Inc.*(a)(b)		390,037

				2,015,156

	Internet Software & Services (0.2%):
	63,925	Lookout, Inc.*(a)(b)		586,135
	116,157	Palantir Technologies, Inc., Series I*(a)(b)		835,169

				1,421,304

	Multi-Utilities (0.0%):
	7,500	Dominion Resources, Inc., 6.15%^		388,800

	Pharmaceuticals (0.5%):
	1,806	Allergan plc, Series A, 6.60%		1,505,518
	2,955	Teva Pharmaceutical Industries, 4.42%		2,443,785

				3,949,303


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Preferred Stocks, continued
	Real Estate Investment Trusts (REITs) (0.2%):
	3,376	American Tower Corp., Series A, 4.00%	$	377,690
	13,344	Welltower, Inc., Series I, 4.79%		904,723

				1,282,413

	Real Estate Management & Development (0.0%):
	15,600	Forestar Group, Inc., 10.09%		239,148

	Technology Hardware, Storage & Peripherals (0.3%):
	1,991	Samsung Electronics Co., Ltd., 1.93%		2,055,919

	Total Preferred Stocks (Cost $16,924,207)			16,308,000

	Warrant (0.0%):
	Paper & Forest Products (0.0%):
	157,250	TFS Corp., Ltd.*		39,939

	Total Warrant (Cost $–)			39,939

	Convertible Preferred Stocks (0.5%):
	Banks (0.0%):
	272	Wells Fargo & Co., Series L, Class A, 5.77%		353,430

	Capital Markets (0.3%):
	13,297	Mandatory Exchange Trust, 5.75%(c)		1,357,757

	Internet Software & Services (0.1%):
	144,482	Domo, Inc., Series E*(a)(b)		1,089,394

	Real Estate Investment Trusts (REITs) (0.1%):
	8,984	Crown Castle International Corp., Series A		1,085,806

	Total Convertible Preferred Stocks (Cost $3,777,551)			3,886,387

	Private Placements (0.2%):
	Household Durables (0.2%):
$	3,065,000	AliphCom, Inc., 12.00%, 4/1/20(a)(b)(d)		1,195,350

	Oil, Gas & Consumable Fuels (0.0%):
	268,000	Project Samson BND Corp., 12.00%, 4/1/20(a)(b)(d)		104,520

	Total Private Placements (Cost $3,333,000)			1,299,870

	Convertible Bonds (0.9%):
	Biotechnology (0.1%):
	178,000	BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18^		197,691
	175,000	BioMarin Pharmaceutical, Inc., 1.50%, 10/15/20^		202,344

				400,035

	Diversified Financial Services (0.1%):
	100,000	Telecom Italia Finance SA, Registered Shares, 6.13%, 11/15/16+(c)		107,353
	500,000	Telecom Italia Finance SA, 6.13%, 11/15/16+(c)		535,729

				643,082

	Diversified Telecommunication Services (0.1%):
	300,000	Telefonica SA, Series TIT, 6.00%, 7/24/17+(c)		284,944
	900,000	Telefonica SA, Series TEF, 4.90%, 9/25/17		814,387

				1,099,331


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Convertible Bonds, continued
	Electrical Equipment (0.1%):
$	478,000	Suzlon Energy, Ltd., Series SUEL, 5.75%, 7/16/19(c)(d)	$	497,718

	Food Products (0.0%):
	400,000	REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14(a)(b)(e)		2,000

	Internet Software & Services (0.1%):
	430,000	SINA Corp., 1.00%, 12/1/18, Callable 12/1/16 @ 100		422,206

	Oil, Gas & Consumable Fuels (0.1%):
	936,000	Cobalt International Energy, Inc., 2.63%, 12/1/19		351,000
	1,146,000	Cobalt International Energy, Inc., 3.13%, 5/15/24		378,179
	1,123,330	Dana Gas Sukuk, Ltd., 7.00%, 10/31/17(c)		982,914

				1,712,093

	Real Estate Management & Development (0.1%):
	750,000	CapitaLand, Ltd., 2.10%, 11/15/16+(c)		553,395
	750,000	CapitaLand, Ltd., 1.95%, 10/17/23, Callable 10/17/18 @ 100+(c)		554,787

				1,108,182

	Semiconductors & Semiconductor Equipment (0.1%):
	246,000	Intel Corp., 3.25%, 8/1/39		399,904

	Software (0.1%):
	340,000	Take-Two Interactive Software, Inc., 1.75%, 12/1/16		674,263

	Total Convertible Bonds (Cost $9,188,515)			6,958,814

	Floating Rate Loans (0.8%):
	Capital Markets (0.1%):
	103,280	Sheridan Production Partners, 4.25%, 12/2/20(d)(f)		63,001
	38,528	Sheridan Production Partners, 4.25%, 12/16/20(d)(f)		23,502
	742,280	Sheridan Production Partners, 4.25%, 12/16/20(d)(f)		452,791

				539,294

	Energy Equipment & Services (0.1%):
	371,328	Drillships Financing Holdings, Inc., 5.50%, 3/31/21(d)		144,446
	1,280,055	Seadrill, Ltd., 4.00%, 2/21/21(d)		568,345

				712,791

	Hotels, Restaurants & Leisure (0.2%):
	1,460,648	Hilton Worldwide Finance LLC, 3.50%, 10/25/20(d)		1,460,647

	Independent Power and Renewable Electricity Producers (0.1%):
	600,463	Calpine Corp., 3.50%, 6/15/22(d)		593,455

	Marine (0.0%):
	470,818	Drillships Ocean Ventures, Inc., 3.50%, 7/9/21(d)		279,350


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Floating Rate Loans, continued
	Media (0.1%):
$	1,093,863	Univision Communications, Inc., 4.00%, 3/1/20(d)	$	1,086,830

	Metals & Mining (0.0%):
	347,375	Novelis, Inc., 0.00%, 6/15/22(d)		343,613

	Oil, Gas & Consumable Fuels (0.0%):
	405,533	Fieldwood Energy LLC, 8.38%, 9/20/20(d)		111,522

	Real Estate Management & Development (0.1%):
	880,182	Promontoria Blue Holding 2 BV, 0.00%, 4/17/20(b)(d)(f)		976,645

	Trading Companies & Distributors (0.1%):
	582,075	Univar USA, Inc., 0.00%, 6/30/22(d)		572,826

	Total Floating Rate Loans (Cost $8,394,715)			6,676,973

	Corporate Bonds (3.8%):
	Automobiles (0.1%):
	583,000	General Motors Financial Co., Inc., 3.50%, 7/10/19		603,257
	327,000	Volkswagen AG, Registered Shares, 2.45%, 11/20/19(c)		332,585

				935,842

	Banks (0.8%):
	391,000	Bank of America Corp., 2.00%, 1/11/18, MTN		393,500
	381,000	Bank of America Corp., 2.60%, 1/15/19		389,865
	365,000	Capital One Bank USA NA, Series BNKT, 2.15%, 11/21/18, Callable 10/21/18 @ 100		367,582
	1,101,000	Citigroup, Inc., 1.80%, 2/5/18		1,105,514
	298,000	Citigroup, Inc., Series A, 5.95%, 12/29/49, Callable 1/30/23 @ 100^(d)		294,461
	829,000	Citigroup, Inc., Series O, 5.88%, 12/29/49, Callable 1/15/18 @ 100^(d)		795,840
	319,000	JPMorgan Chase & Co., 4.35%, 8/15/21		350,943
	1,565,000	JPMorgan Chase & Co., Series X, 6.10%, 10/29/49, Callable 1/10/24 @ 100(d)		1,613,907
	778,000	JPMorgan Chase & Co., Series Q, 5.15%, 12/29/49, Callable 7/1/16 @ 100, Perpetual Bond^(d)		756,683
	379,000	Merrill Lynch & Co., 6.88%, 4/25/18, MTN		413,772

				6,482,067

	Beverages (0.2%):
	862,000	Anheuser-Busch InBev NV, 2.65%, 2/1/21, Callable 1/1/21 @ 100		893,907
	90,000	Molson Coors Brewing Co., 1.45%, 7/15/19		90,228
	235,000	Molson Coors Brewing Co., 2.10%, 7/15/21, Callable 6/15/21 @ 100		235,714

				1,219,849

	Biotechnology (0.2%):
	823,000	AbbVie, Inc., 2.50%, 5/14/20, Callable 4/14/20 @ 100		841,371
	660,000	AbbVie, Inc., 2.30%, 5/14/21, Callable 5/14/21 @ 100		668,022

				1,509,393


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Capital Markets (0.3%):
$	595,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18	$	630,423
	662,000	Goldman Sachs Group, Inc. (The), Series L, 5.70%, 12/29/49, Callable 10/5/19 @ 100^(d)		660,693
	695,000	Goldman Sachs Group, Inc. (The), Series M, 5.38%, 12/31/49, Callable 10/5/20 @ 100^(d)		683,741
	509,000	Morgan Stanley, Series H, 5.45%, 7/29/49, Callable 7/15/19 @ 100(d)		488,640

				2,463,497

	Communications Equipment (0.1%):
	534,000	Cisco Systems, Inc., 2.20%, 2/28/21		550,349

	Consumer Finance (0.3%):
	628,000	Ally Financial, Inc., 2.75%, 1/30/17^		630,935
	431,000	Ally Financial, Inc., 3.50%, 1/27/19^		428,306
	430,000	American Express Co., Series C, 5.01%, 12/29/49, Callable 3/15/20 @ 100^(d)		411,188
	200,000	Ford Motor Credit Co. LLC, 2.55%, 10/5/18		203,697
	254,000	General Motors Financial Co., Inc., 2.40%, 4/10/18^		255,995
	255,000	Hyundai Capital America, 2.00%, 3/19/18(c)		256,599
	198,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100		205,116

				2,391,836

	Diversified Financial Services (0.2%):
	538,000	Berkshire Hathaway, Inc., 2.75%, 3/15/23, Callable 1/15/23 @ 100		555,879
	624,776	Delta Topco, Ltd., 10.00%, 11/24/60(a)(b)		624,776
	88,000	General Electric Capital Corp., Series A, 5.55%, 5/4/20, MTN		101,343
	460,000	General Electric Capital Corp., 6.38%, 11/15/67, Callable 11/15/17 @ 100(d)		469,775

				1,751,773

	Diversified Telecommunication Services (0.3%):
	958,000	AT&T, Inc., 2.38%, 11/27/18		977,674
	1,583,000	AT&T, Inc., 3.00%, 6/30/22, Callable 4/30/22 @ 100		1,621,110
	110,000	Hughes Satellite Systems Corp., 7.63%, 6/15/21		118,374

				2,717,158

	Health Care Equipment & Supplies (0.1%):
	861,000	Medtronic, Inc., 3.15%, 3/15/22		918,833

	Industrial Conglomerates (0.1%):
	710,000	General Electric Co., Series D, 5.00%, 12/29/49, Callable 1/21/21 @ 100^(d)		753,310

	Internet Software & Services (0.1%):
	379,000	eBay, Inc., 3.80%, 3/9/22, Callable 9/2/22 @ 100		402,717

	Media (0.1%):
	245,000	Cablevision Systems Corp., 5.88%, 9/15/22^		219,520
	200,000	NBCUniversal Enterprise, Inc., 5.25%, 12/31/99, Callable 3/19/21 @ 100(c)		206,250

				425,770


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Metals & Mining (0.0%):
$	319,000	Freeport-McMoRan, Inc., 3.88%, 3/15/23, Callable 12/15/22 @ 100^	$	279,125

	Oil, Gas & Consumable Fuels (0.0%):
	111,961	Fieldwood Holdings LLC, 0.00%, 8/31/20(d)		92,181
	270,000	Sabine Pass Liquefaction LLC, 5.63%, 4/15/23, Callable 1/15/23 @ 100		271,012

				363,193

	Personal Products (0.1%):
	374,000	Edgewell Personal Care Co., 4.70%, 5/19/21		387,375
	342,000	Edgewell Personal Care Co., 4.70%, 5/24/22		351,405

				738,780

	Pharmaceuticals (0.2%):
	491,000	Forest Laboratories, Inc., 4.38%, 2/1/19, Callable 3/11/18 @ 100(c)		517,879
	346,000	Forest Laboratories, Inc., 5.00%, 12/15/21, Callable 9/16/21 @ 100(c)		387,220
	531,000	Mylan, Inc., 2.55%, 3/28/19		537,525

				1,442,624

	Real Estate Investment Trusts (REITs) (0.0%):
	162,000	American Tower Corp., 3.40%, 2/15/19		168,695

	Real Estate Management & Development (0.1%):
	1,016,000	Global Logistic Properties, Ltd., 3.88%, 6/4/25(b)(c)^		1,038,805

	Semiconductors & Semiconductor Equipment (0.1%):
	976,000	QUALCOMM, Inc., 3.00%, 5/20/22		1,029,977

	Software (0.3%):
	2,190,000	Oracle Corp., 1.90%, 9/15/21, Callable 1/8/21 @ 100		2,198,044

	Wireless Telecommunication Services (0.1%):
	440,000	T-Mobile USA, Inc., 6.00%, 4/15/24, Callable 4/15/19 @ 104.5^		455,400

	Total Corporate Bonds (Cost $29,565,995)			30,237,037

	Foreign Bonds (13.9%):
	Banks (0.2%):
	610,000	Lloyds TSB Bank plc, Series E, 13.00%, 1/29/49, Callable 1/21/29 @ 100+(d)		1,331,483

	Metals & Mining (0.0%):
	270,000	Constellium NV, 7.00%, 1/15/23, Callable 1/15/18 @ 105.25+(c)		241,919

	Sovereign Bonds (13.7%):
	4,181,000	Australian Government, Series 124, 5.75%, 5/15/21+		3,712,524
	7,534,000	Australian Government, Series 128, 5.75%, 7/15/22+		6,899,116
	2,152,000	Bonos y Oblig del Estado (Spanish Government), 1.95%, 4/30/26+		2,543,096
	6,729,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.56%, 1/1/21+(g)(h)		1,953,650


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	433,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 8/15/22+(h)	$	392,232
	4,545,000	Bundesobligation, Series 173, -0.56%, 4/9/21+		5,180,709
	4,071,000	Buoni del Tesoro Poliennali, 1.50%, 6/1/25+		4,644,634
	2,255,000	Canada Housing Trust, 1.25%, 6/15/21+(c)		1,764,636
	3,542,000	Canadian Government, 0.25%, 5/1/18+		2,728,530
	2,203,000	Canadian Government, 0.75%, 3/1/21+		1,719,186
	250,000	Federative Republic of Brazil, 2.88%, 4/1/21+		274,983
	4,109,000	Governemnt of France, 0.50%, 5/25/26+(c)		4,692,475
	159,750,000	Government of Japan, Series 350, 0.10%, 3/15/17+		1,551,517
	3,732,000	Government of Poland, 5.75%, 10/25/21+		1,111,821
	741,160,000	Hungary Government Bond, Series 25/B, 5.50%, 6/24/25+		3,096,726
	910,000,000	Japan Treasury Bill, Series 601, 0.00%, 7/19/16+(g)		8,813,859
	930,000,000	Japan Treasury Bill, Series 611, 0.00%, 9/5/16+(g)		9,011,282
	437,050,000	Japan Treasury Bill, Series 362, 0.10%, 3/15/18+		4,262,010
	910,000,000	Japan Treasury Discount Bill, Series 609, 0.00%, 8/22/16+(g)		8,816,582
	440,000,000	Japan Treasury Discount Bill, Series 593, 0.00%, 9/12/16+(g)		4,263,653
	920,000,000	Japan Treasury Discount Bill, Series 617, 0.00%, 10/3/16+(g)		8,917,273
	128,111,000	Mexican Bonos Desarr, Series M, 6.50%, 6/10/21+(d)(i)		7,324,453
	4,006,000	New Zealand Government, Series 0521, 6.00%, 5/15/21+		3,379,743
	4,418,000	Poland Government Bond, Series 1020, 5.25%, 10/25/20+		1,268,240
	5,137,000	Poland Government Bond, Series 0725, 3.25%, 7/25/25+		1,346,872
	2,239,000	Poland Government Bond, Series 0726, 2.50%, 7/25/26+		547,901
	725,000	Republic of Indonesia, 2.63%, 6/14/23+(c)		811,613
	3,713,858	United Kingdom Treasury, 1.50%, 1/22/21+		5,189,474
	124,495	United Kingdom Treasury, 2.00%, 9/7/25+		181,512
	639,873	United Kingdom Treasury, 3.50%, 1/22/45+(c)		1,185,795

				107,586,097

	Total Foreign Bonds (Cost $107,711,840)			109,159,499

	Yankee Dollars (3.7%):
	Banks (0.6%):
	1,150,000	BNP Paribas SA, 2.40%, 12/12/18		1,172,460
	1,275,000	HSBC Holdings plc, 6.38%, 12/29/49, Callable 9/17/24 @ 100^(d)		1,204,875
	325,000	ING Groep NV, 6.00%, 12/31/49, Callable 4/16/20 @ 100^(d)		305,500
	865,000	Intesa Sanpaolo SpA, 3.88%, 1/15/19		889,049
	200,000	Lloyds Bank plc, 2.30%, 11/27/18		201,126


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Banks, continued
$	250,000	Rabobank Nederland, 3.95%, 11/9/22	$	258,545
	455,000	Standard Chartered plc, 6.50%, 12/31/49, Callable 2/4/20 @ 100^(c)(d)		415,188
	460,000	Sumitomo Mitsui Banking Corp., 2.45%, 1/10/19		469,811
	366,000	UBS AG Stamford CT, 2.38%, 8/14/19		374,312

				5,290,866

	Capital Markets (0.2%):
	400,000	CSG Guernsey I, Ltd., Registered Shares, 7.88%, 2/24/41, Callable 8/24/16 @ 100(c)(d)		400,500
	446,000	Deutsche Bank AG, 1.88%, 2/13/18		443,208

				843,708

	Diversified Financial Services (0.1%):
	253,000	Export-Import Bank of Korea, 2.88%, 9/17/18		260,264
	811,000	Export-Import Bank of Korea, 2.63%, 12/30/20		835,646
	255,000	GE Capital International Holdings, Ltd., 2.34%, 11/15/20(c)		262,691

				1,358,601

	Diversified Telecommunication Services (0.1%):
	190,000	Intelsat Jackson Holdings SA, 8.00%, 2/15/24, Callable 2/15/19 @ 104^(c)		187,150
	572,000	Telecom Italia SpA, 5.30%, 5/30/24(c)		570,570

				757,720

	Electric Utilities (0.0%):
	527,380	Inversiones Alsacia SA, 8.00%, 12/31/18, Callable 7/25/16 @ 100(b)(c)		35,598

	Energy Equipment & Services (0.1%):
	562,000	Petroleos Mexicanos, 5.75%, 3/1/18		587,661

	Financial Services (0.1%):
	495,000	UBS Group AG, 4.13%, 9/24/25(c)		513,091

	Industrial Conglomerates (0.0%):
	400,000	Odebrecht Finance, Ltd., 4.38%, 4/25/25(c)		172,800

	Internet Software & Services (0.2%):
	670,000	Alibaba Group Holding, Ltd., 3.13%, 11/28/21, Callable 9/28/21 @ 100		685,179
	313,000	Alibaba Group Holding, Ltd., 3.60%, 11/28/24, Callable 8/28/24 @ 100^		319,626

				1,004,805

	Media (0.0%):
	200,000	Unitymedia Hessen, 5.50%, 1/15/23, Callable 1/15/18 @ 102.75(c)		201,000

	Metals & Mining (0.1%):
	306,000	First Quantum Minerals, Ltd., Registered Shares, 6.75%, 2/15/20, Callable 2/15/17 @ 103.38(c)		252,450
	883,000	First Quantum Minerals, Ltd., Registered Shares, 7.00%, 2/15/21, Callable 2/15/18 @ 103.5(c)		709,711

				962,161


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Oil, Gas & Consumable Fuels (0.4%):
$	775,000	Petroleous Mexicanos, 3.50%, 7/23/20	$	774,310
	870,000	Petroleos Mexicanos, 6.38%, 2/4/21(c)		945,951
	494,000	YPF SA, 8.88%, 12/19/18(c)		532,285
	1,259,000	YPF SA, 8.50%, 7/28/25(c)		1,330,133

				3,582,679

	Paper & Forest Products (0.2%):
	1,287,000	TFS Corp., Ltd., 11.00%, 7/15/18, Callable 8/8/16 @ 104(a)		1,287,000

	Pharmaceuticals (0.1%):
	669,000	Actavis Funding SCS, 3.00%, 3/12/20, Callable 12/2/20 @ 100		689,959

	Real Estate Investment Trusts (REITs) (0.0%):
	316,000	Trust F/1401, 5.25%, 12/15/24, Callable 9/15/24 @ 100(c)		323,110

	Real Estate Management & Development (0.0%):
	351,000	IRSA Propiedades Comerciales SA, 8.75%, 3/23/23, Callable 3/23/20 @ 104.38(c)		373,376
	200,000	Sun Hung Kai Properties, Ltd., Series E, 4.50%, 2/14/22(c)		222,517

				595,893

	Sovereign Bonds (1.5%):
	388,000	City of Buenos Aires Agrentina, 8.95%, 2/19/21^(c)		432,620
	487,000	Federal Republic of Brazil, 4.88%, 1/22/21^		513,055
	446,000	Provincia de Buenos Aires, 9.13%, 3/16/24(c)		490,600
	1,491,000	Republic of Argentina, 6.88%, 4/22/21(c)		1,590,151
	833,000	Republic of Argentina, 7.50%, 4/22/26(c)		900,473
	917,000	Republic of Argentina, 7.13%, 7/6/36(c)		917,000
	382,000	Republic of Argentina, 7.63%, 4/22/46^(c)		412,560
	448,000	Republic of Hungary, 6.25%, 1/29/20		496,811
	3,072,000	Republic of Hungary, 6.38%, 3/29/21		3,497,078
	480,000	Republic of Indonesia, 6.88%, 1/17/18(c)		515,638
	1,228,000	Republic of Turkey, 6.75%, 4/3/18		1,320,714

				11,086,700

	Total Yankee Dollars (Cost $29,277,957)			29,293,352

	U.S. Government Agency Mortgages (0.6%):
	4,497,000	Federal National Mortgages Association, 3.00%, 7/25/46		4,666,866

	Total U.S. Government Agency Mortgage (Cost $4,613,290)			4,666,866

	U.S. Treasury Obligations (17.9%):
	U.S. Treasury Bills (5.7%)
	10,564,000	0.12%, 7/14/16(g)		10,563,525
	4,657,000	0.17%, 7/21/16(g)		4,656,525
	4,000,000	0.17%, 7/28/16(g)		3,999,472
	11,000,000	0.21%, 8/4/16(g)		10,997,767
	6,435,000	0.20%, 8/11/16(g)		6,433,507
	4,870,000	0.22%, 8/18/16(g)		4,868,510
	2,000,000	0.22%, 8/25/16(g)		1,999,318
	1,870,000	0.24%, 9/22/16(g)		1,868,960

				45,387,584


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	U.S. Treasury Obligations, continued
	U.S. Treasury Inflation Index Bonds (0.2%)
$	1,113,300	1.00%, 2/15/46#	$	1,213,654

	U.S. Treasury Notes (7.5%)
	2,281,000	0.88%, 1/31/17(j)		2,286,682
	8,214,900	1.25%, 3/31/21		8,310,530
	39,858,700	1.38%, 4/30/21		40,546,901
	3,296,500	1.75%, 3/31/22		3,406,082
	1,824,100	2.00%, 8/15/25#		1,906,969
	1,639,300	1.63%, 2/15/26		1,657,742

				58,114,906

	U.S. Treasury Inflation Index Notes (4.5%)
	5,506,100	0.13%, 4/15/21		5,695,251
	5,035,900	0.38%, 7/15/25		5,231,711
	23,292,100	0.63%, 1/15/26		24,697,593

				35,624,555

	Total U.S. Treasury Obligations (Cost $138,118,832)			140,340,699

	Purchased Swaptions (0.0%):
	Total Purchased Swaptions (Cost $491,038)			199,693

	Collateralized Mortgage Obligation (0.1%):
	459,000	Logistics UK, Class F, Series 2015-1A, 0.66%, 8/20/25(a)(b)(d)		586,618

	Total Collateralized Mortgage Obligation (Cost $688,634)			586,618

	Purchased Options (0.3%):
	Total Purchased Options (Cost $5,830,457)			4,026,531

	Exchange Traded Funds (3.2%):
	4,667	ETFS Platinum Trust(j)		461,660
	5,528	ETFS Physical Palladium Shares(j)		318,468
	124,200	iShares Gold Trust(j)		1,584,792
	181,060	SPDR Gold Trust(j)#		22,907,711

	Total Exchange Traded Fund (Cost $24,431,286)			25,272,631

	Mutual Fund (0.1%):
	9,367	iShares Iboxx $ High Yield Corporate Bond Fund, 5.62%		793,291

	Total Mutual Fund (Cost $783,722)			793,291

	Securities Held as Collateral for Securities on Loan (5.5%):
$	43,189,075	AZL BlackRock Global Allocation Fund Securities Lending Collateral Account(k)		43,189,075

	Total Securities Held as Collateral for Securities on Loan (Cost $43,189,075)			43,189,075

	Unaffiliated Investment Company (0.8%):
	5,801,321	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(g)		5,801,321

	Total Unaffiliated Investment Company (Cost $5,801,321)			5,801,321

	Total Investment Securities (Cost $842,551,667)(l) — 108.6%			852,350,460
	Net other assets (liabilities) — (8.6)%			(66,600,930	)

	Net Assets — 100.0%		$	785,749,530

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, 2016:

Cash of $140,430 has been segregated to cover margin requirements for the following open contracts as of June 30, 2016:


Description	Type		Expiration Date		Number of Contracts			Notional Value			Unrealized Appreciation/ (Depreciation)
DJ EURO STOXX 50 September Futures (Euro)		Short		9/19/16		(39	)	$	(1,235,478	)	$	10,264
DJ EURO STOXX 600 September Futures (Euro)		Short		9/16/16		(65	)		(1,179,582	)		(26,887	)
MSCI Taiwan Index July Futures (U.S. Dollar)		Short		7/28/16		(1	)		(31,750	)		(978	)
NIKKEI 225 Index September Futures (Japanese Yen)		Short		9/8/16		(1	)		(76,223	)		2,665
CAC 40 10 Euro July Futures (Euro)		Short		7/15/16		(3	)		(140,941	)		(4,036	)
ASX SPI 200 Index September Futures (Australian Dollar)		Long		9/16/16		1			96,481			85
FTSE 100 Index September Futures (British Pounds)		Long		9/19/16		1			85,484			6,626
S&P 500 Index E-Mini September Futures (U.S. Dollar)		Long		9/19/16		5			522,550			8,821
German Stock Index September Futures (Euro)		Long		9/16/16		2			536,406			3,234
NASDAQ 100 E-Mini September Futures (U.S. Dollar)		Long		9/16/16		6			528,840			(1,378	)

Total											$	(1,584	)

Description

Counterparty

Put/Call

Strike Price

Expiration
Date

Contracts

Fair
Value

AFLAC, Inc.

Goldman Sachs

Call

85.00 USD

1/19/18

23,937

50,904

Allstate Corp.

Goldman Sachs

Call

80.00 USD

1/19/18

15,243

41,255

Apple, Inc.

Citigroup Global Markets

Call

100.00 USD

9/16/16

14,409

28,966

BB&T Corp.

Goldman Sachs

Call

40.00 USD

1/19/18

33,282

67,895

Capital One Financial Corp.

Goldman Sachs

Call

80.00 USD

1/19/18

34,070

108,268

CIT Group, Inc.

Goldman Sachs

Call

42.00 USD

1/19/18

20,475

36,757

Citigroup, Inc.

Goldman Sachs

Call

55.00 USD

1/19/18

46,690

110,669

CME Group, Inc.

Goldman Sachs

Call

115.00 USD

1/19/18

16,384

54,188

Comerica, Inc.

Goldman Sachs

Call

55.00 USD

1/19/18

28,632

55,483

E*Trade Financial Corp.

Goldman Sachs

Call

35.00 USD

1/19/18

42,404

47,565

Euro Stoxx 50 Index

Goldman Sachs

Call

3500.00 EUR

3/16/18

424

28,882

Euro Stoxx 50 Index

Morgan Stanley

Call

3025.00 EUR

3/17/17

144

20,080

Euro Stoxx 50 Index

Morgan Stanley

Call

3025.00 EUR

3/17/17

144

20,080

Euro Stoxx 50 Index

Morgan Stanley

Call

3450.00 EUR

3/20/17

248

6,696

Euro Stoxx 50 Index

UBS Warburg

Call

3600.00 EUR

6/15/18

206

11,412

Euro Stoxx 50 Index

Citigroup Global Markets

Call

3150.00 EUR

6/16/17

540

51,335

Euro Stoxx 50 Index

Bank of America

Call

3600.00 EUR

9/15/17

477

14,778

Euro Stoxx 50 Index

Deutsche Bank

Call

3426.55 EUR

9/21/18

225

20,696

Euro Stoxx 50 Index

Barclays Bank

Call

3500.00 EUR

12/15/17

488

27,143

Fifth Third BanCorp

Goldman Sachs

Call

25.00 USD

1/19/18

46,690

23,102

Franklin Resources, Inc.

Goldman Sachs

Call

45.00 USD

1/19/18

42,153

46,798

Description

Counterparty

Put/Call

Strike Price

Expiration
Date

Contracts

Fair
Value

JPMorgan Chase & Co.

Goldman Sachs

Call

70.00 USD

1/19/18

46,690

142,176

KeyCorp

Goldman Sachs

Call

15.00 USD

1/19/18

46,690

16,573

Lincoln National Corp.

Goldman Sachs

Call

55.00 USD

1/19/18

28,360

52,120

MetLife, Inc.

Goldman Sachs

Call

52.50 USD

1/19/18

46,690

60,314

MetLife, Inc.

UBS Warburg

Call

50.00 USD

1/20/17

12,874

5,164

MetLife, Inc.

UBS Warburg

Call

52.50 USD

1/20/17

11,800

3,013

Morgan Stanley

Goldman Sachs

Call

35.00 USD

1/19/18

46,690

46,752

MunuLife Financial Corp.

Goldman Sachs

Call

22.00 CAD

1/19/18

46,690

24,379

Nikkei 225

Goldman Sachs

Call

21968.28 JPY

3/09/18

16,713

31,995

Prudential Financial, Inc.

Morgan Stanley

Call

87.50 USD

1/20/17

14,400

12,543

Qualcomm, Inc.

Deutsche Bank

Call

52.50 USD

5/19/17

25,613

134,194

Regions Financial Corp.

Goldman Sachs

Call

12.00 USD

1/19/18

46,690

11,522

SPDR Gold Shares(a)

JPMorgan Stanley Chase

Call

100.00 USD

9/16/16

15,657

415,663

SPDR Gold Shares(a)

JPMorgan Stanley Chase

Call

120.00 USD

9/16/16

21,700

172,585

SPDR Gold Shares(a)

JPMorgan Stanley Chase

Call

125.00 USD

9/16/16

22,367

108,183

SPDR Gold Shares(a)

JPMorgan Stanley Chase

Call

127.00 USD

10/21/16

11,307

53,904

SPDR Gold Shares(a)

JPMorgan Stanley Chase

Call

100.00 USD

12/16/16

12,078

324,108

SPDR Gold Shares(a)

JPMorgan Stanley Chase

Call

125.00 USD

12/16/16

22,367

153,410

SPDR Gold Trust(a)

Societe Generale

Call

121.00 USD

1/20/17

22,476

216,029

State Street Corp.

Goldman Sachs

Call

72.50 USD

1/19/18

31,589

60,581

Stoxx Europe 600 Index

Credit Suisse

Call

355.61 EUR

3/17/17

4,134

43,899

Stoxx Europe 600 Index

JPMorgan Stanley Chase

Call

372.06 EUR

9/15/17

3,057

25,949

Stoxx Europe 600 Index

Credit Suisse

Call

345.00 EUR

9/16/16

3,474

21,431

SunTrust Banks, Inc.

Goldman Sachs

Call

55.00 USD

1/19/18

46,690

59,969

Synchrony Financial

Goldman Sachs

Call

35.00 USD

1/19/18

46,690

59,133

Taiwan Stock Exchange Weighted Index

Morgan Stanley

Call

9000.00 TWD

9/20/17

6,476

46,987

Taiwan Stock Exchange Weighted Index

Morgan Stanley

Call

9000.00 TWD

12/20/17

6,603

58,042

Taiwan Stock Exchange Weighted Index

Citibank

Call

9000.77 TWD

9/22/16

6,700

7,827

TD Ameritrade Holdg Corp.

Goldman Sachs

Call

40.00 USD

1/19/18

39,795

38,593

The Charles Schwab Corp.

Goldman Sachs

Call

40.00 USD

1/19/18

46,690

17,468

Travelers Companies, Inc.

Goldman Sachs

Call

135.00 USD

1/19/18

14,440

55,406

Wells Fargo & Co.

Goldman Sachs

Call

55.00 USD

1/19/18

46,690

83,708

Zions Bancorporation

Goldman Sachs

Call

35.00 USD

1/19/18

38,281

36,099

Euro Stoxx 50 Index

UBS Warburg

Put

2875.00 EUR

7/15/16

1,187

84,574

Gentex Corp.

Morgan Stanley

Put

12.50 USD

9/16/16

68,310

4,379

S&P 500 Index

Morgan Stanley

Put

2035.00 USD

7/15/16

8,685

59,785

Total

3,621,409

Description

Counterparty

Put/Call

Strike Price

Expiration
Date

Contracts

Fair
Value

Alexion Pharmaceuticals, Inc.

Credit Suisse

Call

125.00 USD

11/18/16

1,444

(10,717

)

Bank of America

Morgan Stanley

Call

14.00 USD

7/15/16

27,969

(3,623

)

Euro Stoxx 50 Index

UBS Warburg

Call

3075.00 EUR

7/15/16

1,187

(2,746

)

General Electric Co.

Deutsche Bank

Call

32.50 USD

1/20/17

65,566

(66,996

)

General Electric Co.

UBS Warburg

Call

31.00 USD

9/16/16

77,197

(91,105

)

Johnson & Johnson

Barclays Bank

Call

110.00 USD

1/20/17

21,498

(275,896

)

JPMorgan Chase & Co.

Credit Suisse

Call

58.50 USD

7/15/16

12,912

(47,407

)

Mylan NV

Barclays Bank

Call

45.00 USD

7/15/16

5,141

(2,940

)

Qualcomm, Inc.

Deutsche Bank

Call

70.00 USD

5/19/17

25,613

(13,307

)

SPDR Gold Shares(a)

Citigroup Global Markets

Call

150.00 USD

10/21/16

113

(7,295

)

Apple, Inc.

Citigroup Global Markets

Put

90.00 USD

9/16/16

14,409

(29,933

)

Euro Stoxx 50 Index

Morgan Stanley

Put

2375.00 EUR

3/17/17

144

(12,244

)

Euro Stoxx 50 Index

Morgan Stanley

Put

2375.00 EUR

3/17/17

144

(12,244

)

Euro Stoxx 50 Index

Citigroup Global Markets

Put

2350.00 EUR

6/16/17

540

(68,930

)

Description

Counterparty

Put/Call

Strike Price

Expiration
Date

Contracts

Fair
Value

Euro Stoxx 50 Index

UBS Warburg

Put

2650.00 EUR

7/15/16

1,187

(12,708

)

Euro Stoxx 50 Index

Deutsche Bank

Put

2586.07 EUR

9/21/18

225

(79,339

)

Johnson & Johnson

Barclays Bank

Put

97.50 USD

1/20/17

21,498

(21,330

)

MetLife, Inc.

UBS Warburg

Put

45.00 USD

1/20/17

6,437

(44,791

)

MetLife, Inc.

UBS Warburg

Put

46.00 USD

1/20/17

5,900

(45,808

)

Nikkei 225

Goldman Sachs

Put

17974.04 JPY

3/09/18

16,713

(596,798

)

Prudential Financial, Inc.

Morgan Stanley

Put

77.50 USD

1/20/17

7,200

(73,073

)

Qualcomm, Inc.

Deutsche Bank

Put

40.00 USD

5/19/17

25,613

(38,566

)

S&P 500 Index

Morgan Stanley

Put

1870.00 USD

7/15/16

8,685

(4,374

)

Taiwan Stock Exchange Weighted Index

Morgan Stanley

Put

8600.00 TWD

9/20/17

6,476

(195,201

)

Taiwan Stock Exchange Weighted Index

Citigroup Global Markets

Put

8100.70 TWD

9/21/16

6,700

(34,777

)

Taiwan Stock Exchange Weighted Index

Morgan Stanley

Put

8600.00 TWD

12/20/17

6,603

(213,155

)

Total

(2,005,303

)


Description	Put/Call	Strike Price		Expiration Date		Contracts		Fair Value
Altria Group, Inc.	Call		67.50 USD		9/16/16		90	$	(25,425	)
Altria Group, Inc.	Call		67.50 USD		12/16/16		90		(33,525	)
Hershey Foods Co.	Call		100.00 USD		8/19/16		25		(37,625	)
Mondelez International, Inc.	Call		43.00 USD		9/16/16		98		(38,465	)
Perrigo Co. plc	Call		110.00 USD		11/18/16		29		(8,048	)
SPDR Gold Shares(a)	Call		145.00 USD		1/20/17		225		(47,138	)
SPDR Gold Shares(a)	Call		137.00 USD		9/16/16		224		(28,000	)
SPDR Gold Shares(a)	Call		145.00 USD		12/16/16		224		(38,191	)
SPDR Gold Trust(a)	Call		136.00 USD		8/9/16		451		(37,433	)
SPDR Gold Trust(a)	Call		145.00 USD		9/30/16		218		(15,478	)
WhiteWave Foods Co.	Call		37.50 USD		7/15/16		46		(44,160	)
Whole Foods Market, Inc.	Call		34.00 USD		9/16/16		127		(12,692	)

Total								$	(366,180	)


Description	Counterparty	Strike Price		Expiration Date		Notional Amount			Fair Value
Australian Dollar Call Currency Option (USD/AUD)	Goldman Sachs		0.80 AUD		11/09/16		(26,350	)	$	(8,752	)
Australian Dollar Call Currency Option (USD/AUD)	Deutsche Bank		0.79 AUD		11/10/16		(26,840	)		(12,873	)
Japanese Yen Call Currency Option (USD/JPY)	JPMorgan Stanley Chase		117.00 USD		10/04/16		(43,938	)		(3,506	)
New Zealand Call Currency Option (USD/NZD)	Morgan Stanley		0.73 NZD		11/08/16		(28,600	)		(36,427	)
New Zealand Call Currency Option (USD/NZD)	JPMorgan Stanley Chase		0.73 NZD		11/10/16		(29,040	)		(42,843	)
Australian Dollar Put Currency Option (USD/AUD)	Goldman Sachs		0.69 AUD		11/09/16		(26,350	)		(14,653	)
Australian Dollar Put Currency Option (USD/AUD)	Deutsche Bank		0.67 AUD		11/10/16		(26,840	)		(10,272	)
Great Britain Pond Put Currency Option (USD/GBP)	Goldman Sachs		1.30 GBP		7/15/16		(44,682	)		(41,965	)
Japanese Yen Call Currency Option (USD/JPY)	Goldman Sachs		100.50 USD		9/08/16		(43,770	)		(57,256	)
Japanese Yen Call Currency Option (USD/JPY)	JPMorgan Stanley Chase		100.00 USD		10/04/16		(43,938	)		(64,969	)
Japanese Yen Call Currency Option (USD/JPY)	Morgan Stanley		101.00 USD		8/08/16		(43,780	)		(43,862	)
Japanese Yen Call Currency Option (USD/JPY)	Deutsche Bank		98.00 USD		11/15/16		(44,615	)		(63,368	)
Japanese Yen Call Currency Option (USD/JPY)	Deutsche Bank		115.00 USD		11/15/16		(44,615	)		(10,091	)
New Zealand Call Currency Option (USD/NZD)	Morgan Stanley		0.62 NZD		11/08/16		(28,600	)		(8,010	)
New Zealand Call Currency Option (USD/NZD)	JPMorgan Stanley Chase		0.62 NZD		11/10/16		(29,040	)		(7,454	)
South African Rand Call Currency Option (USD/ZAR)	Deutsche Bank		17.00 USD		8/22/16		(22,177	)		(7,570	)
South African Rand Call Currency Option (USD/ZAR)	Goldman Sachs		14.20 USD		8/22/16		(22,177	)		(24,733	)

Total									$	(458,604	)

Over-the-counter interest rate swaptions purchased as of June 30, 2016 were as follows:

Over-the-counter interest rate swaptions written as of June 30, 2016 were as follows:


Type of Contract	Counterparty		Delivery Date		Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
British Pound		Deutsche Bank		8/3/16		1,368,000	$	1,998,751	$	1,821,342	$	177,409
British Pound		Deutsche Bank		8/4/16		540,000		778,637		718,957		59,680
British Pound		HSBC Bank		9/1/16		1,373,000		1,968,947		1,828,460		140,487
British Pound		Goldman Sachs		9/2/16		1,373,000		1,977,958		1,828,481		149,477
British Pound		BNP Paribas		9/9/16		1,373,000		1,976,644		1,828,623		148,021
British Pound		JPMorgan Chase		9/15/16		1,372,000		1,939,322		1,827,413		111,909
British Pound		Morgan Stanley		9/16/16		1,338,000		1,965,415		1,782,147		183,268
British Pound		Credit Suisse First Boston		9/23/16		803,000		1,098,171		1,069,637		28,534
British Pound		Credit Suisse First Boston		9/30/16		803,000		1,101,218		1,069,726		31,492
British Pound		HSBC Bank		9/30/16		803,000		1,095,123		1,069,726		25,397
Chinese Renminbi		Deutsche Bank		11/4/16		12,566,000		1,933,796		1,883,682		50,114
Emirati Dirham		BNP Paribas		1/19/17		2,788,058		753,000		758,152		(5,152	)
Emirati Dirham		Goldman Sachs		1/19/17		2,790,242		753,000		758,746		(5,746	)
Emirati Dirham		BNP Paribas		1/25/17		2,766,290		747,000		752,162		(5,162	)
European Euro		Credit Lyonnais		7/1/16		1,757,851		1,961,990		1,950,502		11,488
European Euro		Morgan Stanley		7/1/16		654,149		739,392		725,841		13,551
European Euro		Morgan Stanley		7/28/16		1,401,000		1,586,282		1,556,154		30,128
European Euro		JPMorgan Chase		9/1/16		1,373,000		1,555,321		1,526,991		28,330
Japanese Yen		Morgan Stanley		7/19/16		910,000,000		8,371,203		8,818,997		(447,794	)
Japanese Yen		Goldman Sachs		7/28/16		86,173,826		786,774		835,372		(48,598	)
Japanese Yen		Goldman Sachs		8/9/16		5,056,065		46,903		49,033		(2,130	)
Japanese Yen		Goldman Sachs		8/10/16		4,785,238		43,832		46,408		(2,576	)
Japanese Yen		Goldman Sachs		8/19/16		509,700		4,661		4,945		(284	)
Japanese Yen		JPMorgan Chase		8/22/16		910,000,000		8,551,506		8,828,815		(277,309	)
Japanese Yen		Goldman Sachs		9/6/16		930,000,000		8,589,240		9,028,193		(438,953	)
Japanese Yen		Credit Suisse First Boston		9/12/16		440,000,000		3,893,805		4,272,562		(378,757	)
Japanese Yen		Deutsche Bank		10/3/16		920,000,000		8,964,851		8,941,897		22,954
Japanese Yen		HSBC Bank		2/13/17		3,510,006		32,399		34,311		(1,912	)
Korean Won		Credit Suisse First Boston		8/10/16		1,769,212,000		1,460,770		1,536,083		(75,313	)
Mexican Peso		Goldman Sachs		8/25/16		36,337,655		1,941,000		1,977,099		(36,099	)
Mexican Peso		JPMorgan Chase		8/25/16		25,507,708		1,364,000		1,387,851		(23,851	)
New Zealand Dollar		Morgan Stanley		11/8/16		2,860,000		1,935,391		2,028,002		(92,611	)
New Zealand Dollar		JPMorgan Chase		11/10/16		2,904,000		1,937,258		2,059,003		(121,745	)
Polish Zloty		JPMorgan Chase		7/13/16		7,627,688		1,889,000		1,933,619		(44,619	)
Taiwanese Dollar		Citibank		1/9/17		65,071,070		1,943,000		2,025,928		(82,928	)
Taiwanese Dollar		Goldman Sachs		1/9/17		65,604,850		1,945,000		2,042,547		(97,547	)
Taiwanese Dollar		JPMorgan Chase		1/9/17		64,779,873		1,943,000		2,016,862		(73,862	)
Taiwanese Dollar		Credit Suisse First Boston		1/11/17		64,579,900		1,925,000		2,010,731		(85,731	)
Taiwanese Dollar		Deutsche Bank		2/16/17		24,630,540		737,000		767,537		(30,537	)

							$	91,506,574	$	93,078,234	$	(1,571,660	)

Long Contracts:
Brazilian Real		Morgan Stanley		7/13/16		1,524,292		393,833		472,657		78,824
Brazilian Real		Goldman Sachs		8/25/16		2,640,000		787,496		807,618		20,122
Brazilian Real		Deutsche Bank		12/2/16		2,993,000		840,046		889,570		49,524
British Pound		Deutsche Bank		8/3/16		1,368,000		1,979,705		1,821,342		(158,363	)
British Pound		Deutsche Bank		8/4/16		540,000		775,894		718,957		(56,937	)
Canadian Dollar		Deutsche Bank		8/24/16		2,529,000		1,933,545		1,958,067		24,522
Canadian Dollar		JPMorgan Chase		9/2/16		2,517,000		1,961,273		1,948,778		(12,495	)
Chinese Renminbi		Deutsche Bank		11/4/16		12,566,000		1,913,070		1,883,682		(29,388	)
European Euro		Credit Suisse First Boston		7/1/16		2,412,000		2,757,254		2,676,342		(80,912	)
European Euro		Morgan Stanley		7/28/16		2,406,000		2,733,830		2,672,453		(61,377	)
European Euro		Deutsche Bank		7/29/16		1,144,000		1,292,812		1,270,739		(22,073	)
European Euro		Credit Suisse First Boston		8/24/16		1,373,000		1,520,790		1,526,537		5,747
European Euro		JPMorgan Chase		9/1/16		1,373,000		1,539,147		1,526,991		(12,156	)
European Euro		HSBC Bank		9/23/16		1,730,000		1,954,346		1,925,696		(28,650	)


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Japanese Yen	Citibank	7/15/16		78,392,000	$	714,929	$	759,614	$	44,685
Japanese Yen	Morgan Stanley	7/28/16		219,388,000		2,017,825		2,126,755		108,930
Japanese Yen	Goldman Sachs	8/4/16		204,724,860		1,884,000		1,985,065		101,065
Korean Won	Credit Suisse First Boston	8/10/16		900,726,354		775,152		782,038		6,886
Korean Won	Credit Suisse First Boston	8/10/16		868,485,646		758,503		754,045		(4,458	)
Polish Zloty	JPMorgan Chase	7/13/16		7,627,688		2,019,050		1,933,619		(85,431	)
South African Rand	Citibank	8/26/16		12,335,390		765,000		829,470		64,470
Taiwanese Dollar	Deutsche Bank	8/3/16		102,288,797		3,176,000		3,173,622		(2,378	)
Taiwanese Dollar	Goldman Sachs	8/3/16		38,308,515		1,191,000		1,188,564		(2,436	)
Taiwanese Dollar	Citibank	1/9/17		65,071,070		1,992,927		2,025,928		33,001
Taiwanese Dollar	Credit Suisse First Boston	1/9/17		65,585,400		2,012,439		2,041,941		29,502
Taiwanese Dollar	JPMorgan Chase	1/9/17		64,779,873		1,985,255		2,016,862		31,607
Taiwanese Dollar	Credit Suisse First Boston	1/11/17		64,579,900		1,982,316		2,010,731		28,415
Taiwanese Dollar	Deutsche Bank	2/16/17		24,630,540		768,743		767,537		(1,206	)

					$	44,426,180	$	44,495,220	$	69,040

At June 30, 2016, 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)
European Euro/Japanese Yen	Deutsche Bank		978,000 EUR		120,169,011 JPY	$	1,114,243	$	1,035,641	$	(78,602	)
European Euro/Japanese Yen	Deutsche Bank		1,699,000 EUR		210,390,568 JPY		1,925,921		1,773,567		(152,354	)
European Euro/Japanese Yen	HSBC Bank		668,000 EUR		83,094,190 JPY		762,378		697,823		(64,555	)
Japanese Yen/European Euro	Deutsche Bank		210,900,268 JPY		1,699,000 EUR		1,879,605		2,036,904		157,299
Japanese Yen/European Euro	Deutsche Bank		125,225,076 JPY		978,000 EUR		1,112,194		1,239,829		127,635
Japanese Yen/European Euro	HSBC Bank		86,604,196 JPY		668,000 EUR		764,503		863,369		98,866
Japanese Yen/European Euro	Morgan Stanley		209,222,906 JPY		1,643,000 EUR		1,874,356		2,077,625		203,269
European Euro/Japanese Yen	Morgan Stanley		1,643,000 EUR		204,437,668 JPY		1,861,232		1,704,372		(156,860	)

						$	11,294,432	$	11,429,130	$	134,698

At June 30, 2016, the Fund’s open centrally cleared credit default swap agreements were as follows:


Underlying Instrument	Counterparty	Expiration Date	Implied Credit Spread at June 30, 2016 (%)(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 26	JPMorgan Chase	6/20/21		4.23		3,002,920		5.00		96,656		86,362		10,294
CDX North America Investment Grade Index Swap Agreement with JPMorgan Chase Bank, N.A., Series 26	JPMorgan Chase	6/20/21		0.77		15,562,152		1.00		163,986		170,549		(6,563	)
iTraxx Crossover Swap Agreement with JPMorgan Chase Bank, N.A., Series 25	JPMorgan Chase	6/20/21		3.66		5,442,778		5.00		343,708		523,310		(179,602	)
iTraxx Crossover Swap Agreement with JPMorgan Chase Bank, N.A., Series 25	JPMorgan Chase	6/20/21		0.84		3,380,000		1.00		28,132		51,306		(23,174	)

										632,482		831,527		(199,045	)

At June 30, 2016, the Fund’s open over-the-counter currency swap agreements were as follows:

At June 30, 2016, the Fund’s open centrally cleared interest rate swap agreements were as follows:

Pay/ Receive

Reference Entity

Expiration
Date

Counterparty

Notional
Amount
(Local)

Unrealized
Appreciation/
(Depreciation)

Pay

EURO Stoxx 50 Index Dividends December Futures

12/21/18

BNP Paribas SA

179,040 EUR

(12,480

)

Pay

EURO Stoxx 50 Index Dividends December Futures

12/15/17

BNP Paribas SA

357,346 EUR

(9,836

)

Pay

EURO Stoxx 50 Index Dividends December Futures

12/15/17

BNP Paribas SA

365,440 EUR

(6,720

)

Pay

EURO Stoxx 50 Index Dividends December Futures

12/21/18

BNP Paribas SA

363,120 EUR

(30,000

)

Pay

EURO Stoxx 50 Index Dividends December Futures

12/21/18

BNP Paribas SA

192,100 EUR

(15,130

)

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/31/17

BNP Paribas SA

27,850,000 JPY

46,973

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/31/17

BNP Paribas SA

25,515,000 JPY

37,918

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/30/18

BNP Paribas SA

42,966,300 JPY

(4,419

)

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/30/18

BNP Paribas SA

43,387,500 JPY

(8,499

)

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/29/19

BNP Paribas SA

24,640,000 JPY

(16,678

)

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/29/19

BNP Paribas SA

44,447,000 JPY

(18,257

)

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/29/19

BNP Paribas SA

20,625,000 JPY

(9,501

)

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/31/20

BNP Paribas SA

20,976,000 JPY

(13,831

)

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/31/20

BNP Paribas SA

37,400,000 JPY

(15,128

)

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/31/20

BNP Paribas SA

31,410,000 JPY

(20,223

)

Pay

S&P 500 Index Dividends December Futures

12/21/18

BNP Paribas SA

514,250 USD

7,700

Pay

S&P 500 Index Dividends December Futures

12/17/20

Goldman Sachs

215,888 USD

3,713

Pay

S&P 500 Index Dividends December Futures

12/17/21

BNP Paribas SA

267,025 USD

6,600

(77,798

)

Consolidated Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	842,551,667

Investment securities, at value*	$	852,350,460
Cash		53,160
Segregated cash for collateral		1,259,315
Deposits with brokers for securities sold short		2,628,268
Interest and dividends receivable		2,783,559
Foreign currency, at value (cost $341,547)		341,922
Unrealized appreciation on forward currency contracts		2,426,608
Unrealized appreciation on swap contracts		102,904
Receivable for capital shares issued		3,600
Receivable for investments sold		4,077,586
Reclaims receivable		154,757
Receivable for variation margin on swaps		72,426
Receivable for variation margin on futures contracts		41,334
Prepaid expenses		12,632

Total Assets		866,308,531

Liabilities:
Cash received as collateral for derivatives		1,340,000
Written options (Proceeds received $2,961,408)		2,974,832
Unrealized depreciation on forward currency contracts		3,794,530
Unrealized depreciation on swap agreements		766,553
Payable for collateral received on loaned securities		43,189,075
Payable for investments purchased		25,200,165
Securities sold short (Proceeds received $2,522,793)		2,456,182
Dividend payable on securities sold short		2,135
Payable for variation margin on futures contracts		13,755
Payable for variation margin on swaps		30
Manager fees payable		481,718
Administration fees payable		23,909
Distribution fees payable		160,573
Custodian fees payable		102,218
Administrative and compliance services fees payable		904
Trustee fees payable		9,370
Other accrued liabilities		43,052

Total Liabilities		80,559,001

Net Assets	$	785,749,530

Net Assets Consist of:
Capital		774,448,195
Accumulated net investment income/(loss)		5,453,680
Accumulated net realized gains/(losses) from investment transactions		(1,703,576	)
Net unrealized appreciation/(depreciation) on investments		7,551,231

Net Assets	$	785,749,530

Shares of beneficial interest (unlimited number of shares authorized, no par value)		71,405,554
Net Asset Value (offering and redemption price per share)	$	11.00

*	Includes securities on loan of $42,357,242.

Consolidated Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	6,512,783
Interest		3,203,737
Income from securities lending		184,946
Foreign withholding tax		(430,505	)

Total Investment Income		9,470,961

Expenses:
Manager fees		2,881,800
Administration fees		132,038
Distribution fees		960,600
Custodian fees		152,577
Administrative and compliance services fees		7,596
Trustee fees		27,062
Professional fees		32,213
Shareholder reports		7,059
Dividends on securities sold short		25,956
Other expenses		54,191

Net expenses		4,281,092

Net Investment Income/(Loss)		5,189,869

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains (losses) on securities transactions		(9,237,306	)
Net realized gains (losses) on futures contracts		(830,189	)
Net realized gains (losses) on options contracts		(2,993,895	)
Net realized gains (losses) on securities transactions held short		200,974
Net realized gains (losses) on swap agreements		1,066,250
Net realized gains (losses) on forward currency contracts		(5,434,394	)
Change in net unrealized appreciation/depreciation on investments		12,997,736

Net Realized/Unrealized Gains/(Losses) on Investments		(4,230,824	)

Change in Net Assets Resulting From Operations	$	959,045

(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, 2016, the Fund’s aggregate investment in the Subsidiary was $28,336,601, representing 3.61% 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 variable 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.

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.

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, 2016 are presented on the Fund’s Consolidated Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $38 million for the period ended June 30, 2016.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $15,550 during the period ended June 30, 2016. These fees have been netted against “Income from securities lending” on the Consolidated Statement of Operations.

Certain Funds of the Trust participate in a commission recapture program. The Fund will utilize the recaptured commissions to pay for, in whole or part, certain expenses of the Fund, excluding investment advisory fees. Any amounts received by the Fund, if applicable, are disclosed as “Expenses paid indirectly” on the Consolidated Statement of Operations. The Fund ceased participation in the program in June 2014.

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the adviser and sub-adviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period, the Fund engaged in such affiliated transactions at the current market price.

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, 2016, 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 $147 million as of June 30, 2016. The monthly average amount for these contracts was $133 million for the period ended June 30, 2016.

During the period ended June 30, 2016, 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 $4.4 million as of June 30, 2016. The monthly average notional amount for these contracts was $11.4 million for the period ended June 30, 2016. 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, 2016, 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, 2016:

The Fund had the following transactions in written call and put options during the period ended June 30, 2016:

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, foreign currencies 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, 2016, 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 $19.5 million as of June 30, 2016. The monthly average gross notional amount for interest rate swaps was $39.7 for the period ended June 30, 2016.

Currency swaps are interest rate swaps in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Currency swaps may also involve an exchange of notional amounts at the start, during and/or at expiration of the contract, either at the current spot rate or another specified rate.The gross notional amount of currency swaps outstanding was $4.2 million as of June 30, 2016. The monthly average gross notional amount for currency swaps was $4.1 million for the period ended June 30, 2016.

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 $5.7 million as of June 30, 2016. The monthly average gross notional amount for total return swaps was $3.9 for the period ended June 30, 2016.

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 owed 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, 2016, 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 $26.5 million as of June 30, 2016. The monthly average gross notional amount for credit default swaps was $17.5 million for the period ended June 30, 2016.

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, 2016:

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, 2016:

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 transact net amounts in accordance with the master netting agreements at June 30, 2016. 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, 2016.

As of June 30, 2016, 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, 2016:

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, 2016:

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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Consolidated 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 Senior Counsel. During the period ended June 30, 2016, $4,514 was paid from the Fund relating to these fees and expenses.

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.

The following is a summary of the valuation inputs used as of June 30, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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. The Trust defines a significant transfer as aggregate transfers that are greater than 2% of a Fund’s net assets. There were significant total transfers between Level 1 and Level 2 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, 2016, 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, 2016, purchases and sales of 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.

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”) and 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, 2016 is $849,829,585. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, 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, 2016, the Fund had an individual shareholder account which is affiliated with the Investment Adviser representing ownership in excess of 90% of the Fund.

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.

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 (99.0%):
	Aerospace & Defense (5.4%):
	60,714	Honeywell International, Inc.	$	7,062,253
	33,677	Raytheon Co.		4,578,388
	32,577	United Technologies Corp.		3,340,771

				14,981,412

	Auto Components (0.8%):
	36,525	Delphi Automotive plc		2,286,465

	Automobiles (0.9%):
	11,232	Tesla Motors, Inc.*		2,384,329

	Beverages (4.4%):
	166,661	Coca-Cola Co. (The)		7,554,743
	45,278	Molson Coors Brewing Co., Class B		4,578,964

				12,133,707

	Biotechnology (4.5%):
	99,777	AbbVie, Inc.		6,177,194
	33,935	BioMarin Pharmaceutical, Inc.*		2,640,143
	40,513	Vertex Pharmaceuticals, Inc.*		3,484,928

				12,302,265

	Capital Markets (1.5%):
	11,669	BlackRock, Inc., Class A		3,996,983

	Chemicals (2.5%):
	71,411	Dow Chemical Co. (The)		3,549,840
	12,068	Sherwin Williams Co.		3,544,010

				7,093,850

	Communications Equipment (1.5%):
	141,427	Cisco Systems, Inc.		4,057,541

	Construction Materials (1.1%):
	24,200	Vulcan Materials Co.		2,912,712

	Consumer Finance (1.0%):
	108,614	Synchrony Financial*		2,745,762

	Diversified Financial Services (1.6%):
	17,660	Intercontinental Exchange, Inc.		4,520,253

	Energy Equipment & Services (1.1%):
	20,189	Schlumberger, Ltd.		1,596,546
	77,681	Superior Energy Services, Inc.		1,430,107

				3,026,653

	Food & Staples Retailing (1.5%):
	26,948	Costco Wholesale Corp.		4,231,914

	Food Products (2.7%):
	113,519	ConAgra Foods, Inc.		5,427,344
	44,277	Mondelez International, Inc., Class A		2,015,046

				7,442,390

	Health Care Equipment & Supplies (4.7%):
	218,209	Boston Scientific Corp.*		5,099,544
	53,105	DENTSPLY SIRONA, Inc.		3,294,634
	51,393	Medtronic plc		4,459,371

				12,853,549

	Health Care Providers & Services (4.6%):
	40,486	Cardinal Health, Inc.		3,158,313
	55,819	Centene Corp.*		3,983,802
	39,536	UnitedHealth Group, Inc.		5,582,483

				12,724,598


Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure (2.2%):
	50,123	McDonald’s Corp.	$	6,031,802

	Industrial Conglomerates (1.8%):
	49,301	Danaher Corp.		4,979,401

	Insurance (1.3%):
	103,755	Progressive Corp. (The)		3,475,793

	Internet & Catalog Retail (5.4%):
	15,461	Amazon.com, Inc.*		11,064,201
	2,964	Priceline Group, Inc. (The)*		3,700,287

				14,764,488

	Internet Software & Services (9.4%):
	8,852	Alphabet, Inc., Class A*		6,227,648
	12,094	Alphabet, Inc., Class C*		8,370,257
	97,065	Facebook, Inc., Class A*		11,092,587

				25,690,492

	IT Services (5.0%):
	49,580	Cognizant Technology Solutions Corp., Class A*		2,837,959
	50,124	Paychex, Inc.		2,982,378
	108,362	Visa, Inc., Class A		8,037,210

				13,857,547

	Media (6.2%):
	69,313	CBS Corp., Class B		3,773,400
	15,170	Charter Communications, Inc., Class A*		3,468,415
	97,394	Comcast Corp., Class A		6,349,114
	157,688	Interpublic Group of Cos., Inc. (The)		3,642,593

				17,233,522

	Oil, Gas & Consumable Fuels (0.7%):
	13,052	Pioneer Natural Resources Co.		1,973,593

	Personal Products (1.6%):
	47,349	Estee Lauder Co., Inc. (The), Class A		4,309,706

	Pharmaceuticals (3.6%):
	80,018	Bristol-Myers Squibb Co.		5,885,324
	51,956	Eli Lilly & Co.		4,091,535

				9,976,859

	Road & Rail (2.3%):
	72,271	Union Pacific Corp.		6,305,645

	Semiconductors & Semiconductor Equipment (4.5%):
	30,354	Broadcom, Ltd.		4,717,012
	31,614	Skyworks Solutions, Inc.		2,000,534
	92,319	Texas Instruments, Inc.		5,783,785

				12,501,331

	Software (9.0%):
	45,459	Citrix Systems, Inc.*		3,640,811
	37,349	Intuit, Inc.		4,168,522
	155,108	Oracle Corp.		6,348,571
	60,315	Salesforce.com, Inc.*		4,789,614
	48,819	Splunk, Inc.*		2,645,013
	37,598	Workday, Inc., Class A*		2,807,443

				24,399,974

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	220,112,854
Investments in affiliates, at cost		3,844,240

Total Investment securities, at cost	$	223,957,094

Investments in non-affiliates, at value	$	272,269,974
Investments in affiliates, at value		3,844,240

Total Investment securities, at value		276,114,214
Cash		15,177
Interest and dividends receivable		219,291
Receivable for investments sold		1,768,854
Prepaid expenses		1,652

Total Assets		278,119,188

Liabilities:
Payable for investments purchased		2,385,359
Payable for capital shares redeemed		340,919
Manager fees payable		159,647
Administration fees payable		7,859
Distribution fees payable		57,017
Custodian fees payable		3,155
Administrative and compliance services fees payable		147
Trustee fees payable		1,459
Other accrued liabilities		11,398

Total Liabilities		2,966,960

Net Assets	$	275,152,228

Net Assets Consist of:
Capital	$	161,668,533
Accumulated net investment income/(loss)		1,311,156
Accumulated net realized gains/(losses) from investment transactions		60,015,419
Net unrealized appreciation/(depreciation) on investments		52,157,120

Net Assets	$	275,152,228

Shares of beneficial interest (unlimited number of shares authorized, no par value)		20,165,303
Net Asset Value (offering and redemption price per share)	$	13.64

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	1,933,140
Dividends from affiliates		1,326

Total Investment Income		1,934,466

Expenses:
Manager fees		1,052,820
Administration fees		37,924
Distribution fees		344,724
Custodian fees		7,567
Administrative and compliance services fees		2,002
Trustee fees		7,211
Professional fees		7,990
Shareholder reports		6,872
Other expenses		3,389

Total expenses before reductions		1,470,499
Less expenses voluntarily waived/reimbursed by the Manager		(87,591	)

Net expenses		1,382,908

Net Investment Income/(Loss)		551,558

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		17,076,539
Change in net unrealized appreciation/depreciation on investments		(18,996,017	)

Net Realized/Unrealized Gains/(Losses) on Investments		(1,919,478	)

Change in Net Assets Resulting From Operations	$	(1,367,920	)

(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 (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 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. 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $1,640 was paid from the Fund relating to these fees and expenses.

During the period ended June 30, 2016, the Fund paid approximately $329 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, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $224,218,279. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, 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 (99.0%):
Aerospace & Defense (0.3%):
	1,236	Aselsan Elektronik Sanayi Ve Ticaret AS	$	4,051
	20,000	AviChina Industry & Technology Co., Ltd.		13,969
	6,207	Embraer SA, ADR		134,816
	650	Korea Aerospace Industries, Ltd.		41,677
	174	S&T Dynamics Co., Ltd.		1,463

				195,976

	Air Freight & Logistics (0.1%):
	39	Blue Dart Express, Ltd.		3,455
	287	Hanjin Transportation Co., Ltd.		8,017
	247	Hyundai Glovis Co., Ltd.		36,802
	31,000	Pos Malaysia Berhad		21,709
	26,000	Sinotrans, Ltd.		11,696

				81,679

	Airlines (1.0%):
	20,000	Air China, Ltd.		13,725
	60,200	AirAsia Berhad		39,017
	92,600	Asia Aviation pcl		16,497
	3,987	Asiana Airlines, Inc.*		15,192
	18,570	Cebu Air, Inc.		38,693
	70,000	China Airlines, Ltd.*		21,085
	10,000	China Eastern Airlines Corp., Ltd., H Shares*		5,021
	443	China Southern Airlines Co., Ltd., ADR		12,621
	18,000	China Southern Airlines Co., Ltd., Class H		10,223
	14,200	Controladora Vuela Compania de Aviacion SAB de C.V., Class A*		26,678
	46,000	Eva Airways Corp.*		21,123
	26,797	Grupo Aeromexico SAB de C.V.*		55,388
	1,054	Korean Air Lines Co., Ltd.*		23,960
	19,902	Latam Airlines Group SA, ADR*		131,353
	37,400	Thai Airways International Public Co., Ltd.*		25,698
	23,346	Turk Hava Yollari Anonim Ortakligi*		46,797

				503,071

	Auto Components (1.1%):
	6,717	Apollo Tyres, Ltd.		15,090
	396	Balkrishna Industries, Ltd.		3,893
	1,996	Bharat Forge, Ltd.		22,658
	1,215	Ceat, Ltd.		15,145
	22,000	Chaowei Power Holdings, Ltd.		13,712
	28,000	Cheng Shin Rubber Industry Co., Ltd.		58,922
	9,000	Depo Auto Parts Industries Co., Ltd.		27,407
	6,474	Exide Industries, Ltd.		16,296
	49	Global & Yuasa Battery Co., Ltd.		1,613
	1,436	Hankook Tire Co., Ltd.		63,925
	9,000	Hota Industrial Manufacturing Co., Ltd.		42,264
	7,000	Hu Lane Associate, Inc.		30,282
	423	Hyundai Mobis Co., Ltd.		92,631
	434	Hyundai Wia Corp.		33,811
	13,650	Kenda Rubber Industrial Co., Ltd.		21,645
	3,107	Kumho Tire Co., Inc.*		25,797
	408	Mando Corp.		77,209
	133	Mando Corp.		7,050
	10,537	Metair Investments, Ltd.		14,682
	6,237	Motherson Sumi Systems, Ltd.		26,824


Shares			Fair Value
Common Stocks, continued
	Auto Components, continued
	33	Mrf, Ltd.	$	16,217
	13,000	Nan Kang Rubber Tire Co., Ltd.		11,301
	446	Nexen Tire Corp.		5,114
	25,000	Nexteer Automotive Group, Ltd.		22,829
	209	S&T Motiv Co., Ltd.		11,834
	18,200	Sri Trang Agro-Industry Public Co., Ltd.		6,556
	24,000	Tianneng Power International, Ltd.		16,297
	10,000	Tong Yang Industry Co., Ltd.		14,929
	1,581	Tube Investments of India, Ltd.		11,375
	26	WABCO India, Ltd.		2,245

				729,553

	Automobiles (2.2%):
	1,846	Bajaj Auto, Ltd.		73,644
	38,000	Brilliance China Automotive Holdings, Ltd.		39,334
	6,000	BYD Co., Ltd., Class H*		36,099
	32,000	Dongfeng Motor Corp., Series H		33,671
	46,000	DRB-HICOM Berhad		10,335
	2,890	Ford Otomotiv Sanayi AS		31,066
	60,000	Geely Automobile Holdings, Ltd.		32,715
	28,500	Great Wall Motor Co.		23,865
	530	Hero MotoCorp, Ltd.		24,991
	1,493	Hyundai Motor Co.		176,892
	2,261	Kia Motors Corp.		85,174
	13,050	Mahindra & Mahindra, Ltd., GDR		276,478
	1,232	Maruti Suzuki India, Ltd.		76,722
	83,800	PT Astra International TbK		47,246
	10,000	Sanyang Industry Co., Ltd.*		6,421
	29,039	Tata Motors, Ltd.*		199,506
	4,675	Tofas Turk Otomobil Fabrikasi AS		38,598
	4,665	Tvs Motor Co., Ltd.		21,449
	23,500	UMW Holdings Berhad		33,564
	18,000	Yulon Motor Co., Ltd.		15,336

				1,283,106

	Banks (11.9%):
	16,900	Affin Holdings Berhad		8,915
	173,000	Agricultural Bank of China, Ltd.		63,620
	21,127	Akbank T.A.S.		61,220
	1,674	Alior Bank SA*		22,277
	51,800	Alliance Financial Group Berhad		51,774
	58,200	AMMB Holdings Berhad		64,163
	5,707	Axis Bank, Ltd.		221,431
	4,290	Banco Bradesco SA		36,131
	28,393	Banco Bradesco SA, ADR		221,749
	424	Banco de Chile, ADR		27,195
	555	Banco de Credito e Inversiones		24,060
	11,100	Banco do Brasil SA		58,752
	5,800	Banco do Esrado do Rio Grande do Sul SA, Class B		15,350
	1,391	Banco Santander Brasil SA		7,882
	2,733	Banco Santander Chile, ADR		52,938
	3,651	Bancolombia SA, ADR^		127,493
	444	Bank Handlowy w Warszawie SA		8,072
	11,490	Bank Millennium SA*		13,709
	8,715	Bank of Baroda*		20,060


Shares			Fair Value
Common Stocks, continued
	Banks, continued
	546,000	Bank of China, Ltd.	$	218,407
	20,000	Bank of Chongqing Co., Ltd., H Shares		15,397
	71,000	Bank of Communications Co., Ltd., Class H		45,296
	12,400	Bank of the Philippine Islands		25,712
	502	Bank Pekao SA		17,576
	341	Bank Zachodni WBK SA		22,832
	12,604	Banregio Grupo Financiero SAB de C.V.		72,749
	8,434	Barclays Africa Group, Ltd.		83,416
	11,990	BDO Unibank, Inc.		28,639
	33,800	BIMB Holdings Berhad		32,772
	7,896	BNK Financial Group, Inc.		55,616
	6,971	Canara Bank, Ltd.*		22,718
	1,055	Capitec Bank Holdings, Ltd.^		42,838
	49,220	Chang Hwa Commercial Bank		25,644
	61,000	China Citic Bank Co., Ltd.		37,184
	938,000	China Construction Bank		623,373
	159,000	China Development Financial Holding Corp.		38,544
	31,000	China Everbright Bank Co., Series H*		14,212
	34,000	China Merchants Bank Co., Ltd.		76,549
	53,000	China Minsheng Banking Corp., Ltd.		51,602
	148,097	Chinatrust Financial Holding Co., Ltd.		77,540
	32,000	Chongqing Rural Commercial Bank Co., Ltd.		16,248
	22,435	Commercial International Bank Egypt SAE, GDR		79,916
	1,120	Credicorp, Ltd.		172,850
	5,072	DGB Financial Group, Inc.		38,361
	54,129	E.Sun Financial Holding Co., Ltd.		32,038
	9,000	EnTie Commercial Bank		3,840
	76,920	Far Eastern International Bank		21,836
	25,419	Federal Bank, Ltd.*		21,801
	93,205	First Financial Holdings Co., Ltd.		48,996
	4,076	Grupo Aval Acciones y Valores SA, ADR		32,812
	1,028	Grupo Elektra, SAB de C.V.		14,300
	27,280	Grupo Financiero Banorte SAB de C.V.		152,502
	27,019	Grupo Financiero Inbursa SAB de C.V., Class O		45,957
	2,961	Grupo Financiero Santander Mexico SAB de C.V., Class B, ADR		26,915
	39,050	Grupo Security SA		12,686
	2,866	Hana Financial Holdings Group, Inc.		58,230
	7,684	Hong Leong Bank Berhad		25,209
	13,080	Hong Leong Financial Group Berhad		47,713
	94,518	Hua Nan Financial Holdings Co., Ltd.		49,115
	42,000	Huishang Bank Corp., Ltd., Class H		19,036
	33,503	ICICI Bank, Ltd.		119,746
	3,235	IndusInd Bank, Ltd.		53,550
	659,000	Industrial & Commercial Bank of China		366,094
	3,544	Industrial Bank of Korea (IBK)		34,559
	869	ING Bank Slaski SA		27,180
	5,789	Itau Corpbanca, ADR^		73,925
	35,998	Itau Unibanco Banco Multiplo SA, ADR		339,821
	3,600	Itau Unibanco Holding SA		29,243
	112	JB Financial Group Co., Ltd.		554
	18,800	Kasikornbank Public Co., Ltd.		91,346


Shares			Fair Value
Common Stocks, continued
	Banks, continued
	4,083	KB Financial Group, Inc., ADR^	$	116,202
	23,200	Kiatnakin Bank Public Co., Ltd.		28,790
	25,000	King’s Town Bank		16,585
	620	Komercni Banka AS		23,246
	3,158	Kotak Mahindra Bank, Ltd.*		35,862
	54,800	Krung Thai Bank Public Co., Ltd.		25,520
	124,300	LH Financial Group pcl		6,195
	75,676	Malayan Banking Berhad		153,266
	234	mBank SA*		18,474
	64,871	Mega Financial Holdings Co., Ltd.		49,057
	5,612	Nedcor, Ltd.		71,523
	1,922	OTP Bank Nyrt		43,120
	30,390	Philippine National Bank*		37,228
	8,861	Powszechna Kasa Oszczednosci Bank Polski SA		52,697
	101,000	PT Bank Central Asia Tbk		102,201
	86,000	PT Bank Danamon Indonesia Tbk		23,081
	72,800	PT Bank Mandiri Tbk		52,785
	130,600	PT Bank Negara Indonesia Tbk		51,644
	80,800	PT Bank Pan Indonesia Tbk*		4,737
	223,900	PT Bank Rakyat Indonesia Tbk		183,925
	293,200	PT Bank Tabungan Negara Tbk		38,340
	39,700	Public Bank Berhad		191,383
	18,519	RHB Capital Berhad(a)		23,540
	16,669	Sberbank of Russia, ADR		145,520
	17,000	Security Bank Corp.		69,420
	22,831	Sekerbank T.A.S*		10,404
	4,630	Shinhan Finnancial Group Co., Ltd., ADR		151,586
	20,000	Siam Commercial Bank Public Co., Ltd.		79,213
	63,238	SinoPac Financial Holdings Co., Ltd.		18,742
	6,355	South Indian Bank, Ltd.		1,847
	13,292	Standard Bank Group, Ltd.		116,793
	1,013	State Bank of India, GDR		30,998
	78,736	Taichung Commercial Bank Co., Ltd.		22,058
	83,000	Taishin Financial Holding Co., Ltd.		32,026
	107,300	Taiwan Business Bank*		27,293
	64,000	Taiwan Cooperative Financial Holding Co., Ltd.		28,275
	20,600	Thanachart Capital Pcl		20,550
	3,859	The Jammu & Kashmir Bank, Ltd.		3,939
	18,300	Tisco Financial Group Public Co., Ltd.		25,839
	304,300	TMB Bank Public Co., Ltd.		18,772
	35,188	Turkiye Garanti Bankasi AS		93,940
	10,334	Turkiye Halk Bankasi AS		31,119
	19,903	Turkiye Is Bankasi AS, Class C		31,921
	62,576	Turkiye Sinai Kalkinma Bankasi AS		29,226
	17,464	Turkiye Vakiflar Bankasi T.A.O., Class D		27,783
	10,503	Union Bank of India		20,120
	27,560	Union Bank of Taiwan		7,529
	15,477	VTB Bank OJSC, GDR		32,006
	5,313	Woori Bank		44,178
	11,245	Yapi ve Kredi Bankasi AS*		15,781
	1,918	Yes Bank, Ltd.		31,630

				7,309,695


Shares			Fair Value
Common Stocks, continued
	Beverages (2.1%):
	85,917	Ambev SA, ADR	$	507,769
	2,470	Anadolu Efes Biracilik ve Malt Sanayii AS		16,702
	13,640	Arca Continental SAB de C.V.		97,914
	8,100	Carlsberg Brewery Malaysia Berhad		26,616
	22,000	China Resources Enterprises, Ltd.		48,198
	692	Coca-Cola Femsa SAB de C.V., ADR		57,408
	2,108	Coca-Cola Icecek AS		25,853
	1,728	Compania Cervecerias Unidas SA, ADR		40,332
	3,825	Embotelladora Andina SA, Class B, ADR		81,090
	2,506	Fomento Economico Mexicano SAB de C.V., ADR		231,780
	7,400	Guinness Anchor Berhad		27,799
	3	Lotte Chilsung Beverage Co., Ltd.		4,661
	106	Muhak Co., Ltd.		2,251
	21,020	Organizacion Cultiba SAB de C.V.		25,300
	2,000	Tsingtao Brewery Co., Ltd., Class H		6,946
	515	United Spirits, Ltd.*		19,115
	1,512	Vina Concha y Toro SA, ADR		47,991

				1,267,725

	Biotechnology (0.2%):
	2,125	Biocon, Ltd.		23,387
	37	Cell Biotech Co., Ltd.		1,919
	629	Celltrion, Inc.*		52,971
	55	Green Cross Corp.		8,988
	130	Medy-Tox, Inc.		49,147

				136,412

	Building Products (0.1%):
	31,000	China Lesso Group Holdings, Ltd.		16,516
	234,400	Dynasty Ceramic Public Co., Ltd.		28,008
	714	IS Dongseo Co., Ltd.		37,635
	451	Kajaria Ceramics, Ltd.		8,078
	55	KCC Corp.		18,243
	241	LG Hausys, Ltd.		26,805
	17,885	Sintex Industries, Ltd.		21,672
	27,000	Taiwan Glass Industry Corp.*		11,570
	28,851	Trakya Cam Sanayii AS		23,067

				191,594

	Capital Markets (1.0%):
	79,000	Capital Securities Corp.		20,224
	20,000	Central China Securities Co., Ltd., H shares		8,653
	38,000	China Bills Finance Corp.		14,316
	17,000	China Cinda Asset Management Co., Ltd., H Shares		5,741
	18,000	China Everbright, Ltd.		34,909
	39,500	China Galaxy Securities Co.		35,688
	16,000	Citic Securities Co., Ltd.		35,242
	9,732	Coronation Fund Managers, Ltd.^		44,275
	1,388	Daewoo Securities Co., Ltd.		9,518
	1,533	Daishin Securities Co., Ltd.		13,448
	10,902	Edelweiss Financial Services, Ltd.		12,299
	5,152	Grupo Financiero Interacciones SAB de C.V.		25,156
	16,800	Haitong Securities Co., Ltd.		28,603
	1,430	Hanwha Investment & Securities Co., Ltd.*		3,377


Shares			Fair Value
Common Stocks, continued
	Capital Markets, continued
	4,000	Huatai Securities Co., Ltd., Class H(b)	$	8,617
	3,695	Hyundai Securities Co., Ltd.		20,317
	4,088	IIFL Holdings, Ltd.		13,519
	7,272	Investec, Ltd.		44,566
	35,915	Jih Sun Financial Holdings Co., Ltd.		7,584
	454	KIWOOM Securities Co., Ltd.		28,402
	877	Korea Investment Holdings Co., Ltd.		32,427
	5,845	Macquarie Korea Infrastructure Fund		44,484
	37,000	MasterLink Securities Corp.		9,936
	6,404	Meritz Securities Co., Ltd.		18,121
	1,018	Mirae Asset Securities Co., Ltd.		20,700
	2,377	NH Investment & Securities Co., Ltd.		19,104
	42,800	OSK Holdings Berhad		16,918
	11,682	Peregrine Holdings, Ltd.		23,284
	5,000	President Securities Corp.		1,847
	751	Samsung Securities Co., Ltd.		23,344
	22	Shinyoung Securities Co., Ltd.		954
	19,851	SK Securities Co., Ltd.*		18,614
	22,000	Waterland Financial Holdings Co., Ltd.		5,449
	47,965	Yuanta Financial Holding Co., Ltd.		15,547
	1,321	Yuanta Securities Korea Co., Ltd.*		3,896

				669,079

	Chemicals (2.8%):
	2,422	AECI, Ltd.		13,671
	202	AK Holdings, Inc.		11,623
	22,113	Alpek SAB de C.V.		36,282
	4,280	Asian Paints, Ltd.		63,727
	2,276	Castrol (India), Ltd.		12,797
	50,000	China BlueChemical, Ltd., Class H		8,836
	53,000	China Petrochemical Development Corp.*		11,918
	3,000	China Steel Chemical Corp.		9,957
	28,340	China Synthetic Rubber Corp.		20,398
	1,811	Coromandel International, Ltd.		7,130
	138,600	D&L Industries, Inc.		29,483
	2,582	Dongjin Semichem Co., Ltd.		20,995
	52,000	Dongyue Group, Ltd.*(a)		9,183
	22,000	Eternal Materials Co., Ltd.		22,759
	23,000	Formosa Chemicals & Fibre Corp.		57,864
	25,000	Formosa Plastics Corp.		60,394
	9,000	Formosan Rubber Group, Inc.		4,225
	27,000	Fufeng Group, Ltd.		7,471
	22,000	Grand Pacific Petrochemical Corp.		10,702
	1,098	Grupa Azoty SA, ADR		19,250
	5,289	Gubre Fabrikalari T.A.S.		10,530
	140	Hansol Chemical Co., Ltd.		9,260
	3,650	Hanwha Chemical Corp.		76,380
	47,000	Huabao International Holdings, Ltd.*		16,677
	191	Huchems Fine Chemical Corp.		3,518
	655	Hyosung Corp.		71,539
	47,600	Indorama Ventures Public Co., Ltd.		39,581
	478	Kolon Industries, Inc.		30,107
	74	Korea Petrochemical Industry Co., Ltd.		15,552
	179	Kumho Petrochemical Co., Ltd.		9,363
	31,000	LCY Chemical Corp.*		39,080


Shares			Fair Value
Common Stocks, continued
	Chemicals, continued
	342	LG Chem, Ltd.	$	78,235
	175	Lotte Chemical Corp.		43,619
	42,668	Mexichem SAB de C.V.		89,966
	30,000	Nan Ya Plastics Corp.		57,147
	589	OCI Co., Ltd.*		46,912
	200	OCI Materials Co., Ltd.		21,462
	2,670	Omnia Holdings, Ltd.^		26,628
	9,000	Oriental Union Chemical Corp.		5,463
	18,756	Petkim Petrokimya Holding AS		25,172
	53,300	Petronas Chemicals Group Berhad		87,547
	831	PI Industries, Ltd.		8,935
	931	Pidilite Industries, Ltd.		9,969
	18,400	PTT Global Chemical Public Co., Ltd.		31,252
	614	Samsung Fine Chemicals Co., Ltd.		16,672
	5,800	Scientex Berhad		17,922
	24,000	Shinkong Synthetic Fibers Corp.		6,410
	82,000	Sinofert Holdings, Ltd.		10,095
	418	Sinopec Shanghai Petrochemical Co., Ltd., ADR^		19,174
	1,114	SKC Co., Ltd.		26,344
	1,616	Sociedad Quimica y Minera de Chile SA, ADR		39,948
	483	Soulbrain Co., Ltd.		23,414
	1,005	Supreme Industries, Ltd.		13,627
	1,000	Swancor Ind Co., Ltd.		4,059
	18,165	Synthos SA		16,647
	22	Taekwang Industrial Co., Ltd.		16,588
	14,000	Taiwan Fertilizer Co., Ltd.		18,648
	22,000	TSRC Corp.		20,351
	7,103	UPL, Ltd.		58,141
	33,000	USI Corp.		12,865
	27,500	Yingde Gases Group Co., Ltd.		10,064

				1,623,528

	Commercial Services & Supplies (0.2%):
	32,000	China Everbright International, Ltd.		35,872
	275	KEPCO Plant Service & Engineering Co., Ltd.		15,564
	155	S1 Corp.		14,537
	9,000	Taiwan Secom Co., Ltd.		25,951
	8,000	Taiwan-Sogo ShinKong Security Corp.		10,038
	1,800	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		15,244

				117,206

	Communications Equipment (0.1%):
	17,000	BYD Electronic International Co., Ltd.*		9,628
	69,600	China Fiber Optic Network System Group, Ltd.*		5,945
	42,000	D-Link Corp.*		14,090
	13,000	Sercomm Corp.*		29,167
	7,140	Wistron NeWeb Corp.		18,224
	9,600	ZTE Corp., Class H		12,193

				89,247

	Construction & Engineering (1.4%):
	971	Ashoka Buildcon, Ltd.		2,284
	24,450	Aveng, Ltd.*		5,854


Shares			Fair Value
Common Stocks, continued
	Construction & Engineering, continued
	28,000	BES Engineering Corp.	$	4,557
	515	Budimex SA		22,497
	39,000	China Communications Construction Co., Ltd.		42,319
	21,000	China Machinery Engineering Corp.		13,734
	16,500	China Railway Contstruction Corp., Ltd.*		20,796
	15,000	China Railway Group, Ltd.*		11,293
	13,000	China Singyes Solar Technologies Holdings, Ltd.		4,502
	16,000	China State Construction International Holdings, Ltd.		21,204
	16,000	CTCI Corp.		23,432
	700	Daelim Industrial Co., Ltd.		46,680
	90,500	Dialog Group Berhad		34,620
	37,002	Empresas ICA SAB de C.V.*		6,660
	30,400	Gamuda Berhad		36,680
	9,894	Group Five, Ltd.		13,616
	1,205	GS Engineering & Construction Corp.*		29,372
	320	Hyandai Development Co.		11,080
	1,628	Hyundai Engineering & Construction Co., Ltd.		47,639
	103,800	IJM Corporation Berhad		89,938
	28,675	Impulsora del Desarrollo y el Empleo en America Latina SAB de C.V.*		41,919
	3,941	IRB Infrastructure Developers, Ltd.		12,471
	8,058	Larsen & Tourbo, Ltd., Class S, GDR		178,663
	79,700	Malaysian Resources Corp. Berhad		21,034
	42,000	Metallurgical Corporation of China, Ltd., Series H		12,951
	20,858	Murray & Roberts Holdings, Ltd.^		16,911
	5,084	NCC, Ltd.		5,633
	120,300	PT Adhi Karya Persero Tbk		25,481
	92,100	PT Pembangunan Perumahan Persero Tbk		27,309
	211,300	PT Surya Semesta Internusa Tbk		10,003
	14,001	Raubex		18,492
	2,990	Sunway Construction Group Berhad		1,188
	1,031	Taeyoung Engineering & Construction*		5,371
	12,658	Tekfen Holding AS		32,493
	22,100	Uem Edgenta Berhad		19,763
	24,900	Unique Engineering & Construction Public Co., Ltd.		12,148
	27,595	WCT Holdings Berhad		10,274
	2,230	Wilson Bayly Holmes-Ovcon, Ltd.		19,100

				959,961

	Construction Materials (1.2%):
	669	ACC, Ltd.		16,066
	3,011	Akcansa Cimento AS		14,327
	6,802	Ambuja Cements, Ltd.		25,774
	13,500	Anhui Conch Cement Co., Ltd.		32,909
	35,000	Asia Cement Corp.		30,432
	37,000	BBMG Corp.		11,150
	6,902	Cemex Latam Holdings SA*		29,783
	20,142	Cemex SAB de C.V., ADR*		124,276
	70,000	China National Buildings Material Co., Ltd.		30,871
	63,000	China National Materials Co., Ltd., H Shares		13,843
	50,000	China Resources Cement Holdings, Ltd.		16,140


Shares			Fair Value
Common Stocks, continued
	Construction Materials, continued
	2,324	Cimsa Cimento Sanayi ve Ticaret AS	$	12,358
	568	Dalmia Bharat, Ltd.		10,084
	63,000	Goldsun Building Materials Co., Ltd.		16,128
	30	Hanil Cement Co., Ltd.		2,136
	22	Hyundai Cement Co.*		677
	17,770	India Cements, Ltd.*		29,963
	9,900	Lafarge Malaysia Berhad		19,247
	28,378	PPC, Ltd.		15,521
	20,300	PT Indocement Tunggal Prakarsa Tbk		26,020
	63,300	PT Semen Indonesia (Persero) Tbk		44,991
	4,800	Siam City Cement Public Co., Ltd.		40,470
	802	Ssangyong Cement Industrial Co., Ltd.*		13,044
	36,000	Taiwan Cement Corp.		35,964
	78,000	TCC International Holdings, Ltd.		12,859
	1,782	The Ramco Cements, Ltd.		14,705
	5,700	The Siam Cement Public Co., Ltd.		77,660
	7,780	Tongyang, Inc.		21,939
	11,000	Universal Cement Corp.		7,486
	114,000	West China Cement, Ltd.*		15,866

				762,689

	Consumer Finance (0.2%):
	72	Bajaj Finance, Ltd.		8,555
	297	Cholamandalam Investment And Finance Co., Ltd.		4,182
	13,000	Gentera SAB de C.V.		23,293
	909	Kruk SA*		46,659
	3,109	Mahindra & Mahindra Financial Services		15,422
	9,321	Manappuram Finance, Ltd.		9,569
	209	Samsung Card Co., Ltd.		7,534
	313	Shriram Transport Finance		5,592
	103	Sundaram Finance, Ltd.		2,334
	5,000	Taiwan Acceptance Corp.		11,494

				134,634

	Containers & Packaging (0.1%):
	37,000	Greatview Aspetic Packaging Co., Ltd.		17,689
	5,100	Klabin SA		24,327
	5,100	Mpact, Ltd.		10,402
	22,427	Nampak, Ltd.		29,188
	15,000	Taiwan Hon Chuan Enterprise Co., Ltd.		22,387

				103,993

	Distributors (0.1%):
	49,000	Dah Chong Hong Holdings, Ltd.		23,185
	2,811	Dogus Otomotiv Servis VE Tic		10,395
	9,229	Imperial Holdings, Ltd.		95,005
	23,000	MBM Resources Berhad		11,468
	8,000	Xinhua Winshare Publishing And Media Co., Ltd., Class H*		8,653

				148,706

	Diversified Consumer Services (0.1%):
	7,283	Advtech, Ltd.		7,333
	6,218	Estacio Participacoes SA		32,738
	34,000	Fu Shou Yuan International Group, Ltd.		24,034
	14,587	Kroton Educacional SA		61,630

				125,735


Shares			Fair Value
Common Stocks, continued
	Diversified Financial Services (0.9%):
	1,970	Ayala Corp.	$	35,774
	133	Bajaj Holdings And Investment, Ltd.		3,281
	7,997	BM&F Bovespa SA		44,370
	18,116	Bolsa Mexicana de Valores SA		27,920
	15,800	Bursa Malaysia Berhad		33,623
	18,680	Chailease Holding Co., Ltd.*		30,209
	264	Crisil, Ltd.		7,894
	30,000	Far East Horizon, Ltd.		23,506
	65,414	FirstRand, Ltd.		201,434
	75,000	Fubon Financial Holdings Co., Ltd.		88,324
	7,641	IFCI, Ltd.		3,031
	2,441	JSE, Ltd.		30,564
	17,967	L&t Finance Holdings, Ltd.		21,098
	348	Meritz Financial Group, Inc.		3,554
	232,500	Metro Pacific Investments Corp.		34,566
	422	NICE Holdings Co., Ltd.		7,626
	1,950	Nice Information Service Co., Ltd.		11,696
	2,235	PSG Group, Ltd.		29,598
	3,693	Reliance Capital, Ltd.		21,986
	6,069	Rural Electrification Corp., Ltd.		15,657
	2,402	SREI Infrastucture Finance, Ltd.		2,580

				678,291

	Diversified Telecommunication Services (1.8%):
	12,000	Alibaba Health Information Technology, Ltd.*		8,808
	33,142	Axtel SAB de C.V.*		11,278
	64,000	China Communications Services Corp., Ltd.		33,607
	637	China Telecom Corp., Ltd., ADR		28,659
	18,000	China Telecom Corp., Ltd., Class H		8,056
	56,000	China Unicom (Hong Kong), Ltd.		58,117
	6,153	China Unicom (Hong Kong), Ltd., ADR		64,052
	5,352	Chunghwa Telecom Co., Ltd., ADR		194,278
	70,754	Jasmine International Public Co., Ltd.		11,394
	7,052	KT Corp., ADR		100,562
	4,168	LG Uplus Corp.		39,457
	3,992	Magyar Telekom Telecommunications plc		6,274
	25,012	Netia SA		26,344
	1,985	O2 Czech Republic AS		17,713
	27,003	Orange Polska SA		34,864
	3,788	PT Telekomunik Indonesia Persero Tbk, ADR		232,810
	2,225	Rostelecom, ADR		19,046
	5,200	Samart Telcoms Public Co., Ltd.		2,507
	939	Tata Communications, Ltd.		6,698
	6,654	Telefonica Brasil SA, ADR		90,494
	21,900	Telekom Malaysia Berhad		36,865
	27,916	Telesites SAB de C.V.*		17,258
	14,405	Telkom SA SOC, Ltd.		65,254
	33,400	Thaicom Pcl		20,499
	124,946	True Corp. pcl		25,627

				1,160,521

	Electric Utilities (2.4%):
	14,015	Centrais Electricas Brasileiras SA, ADR*		75,120
	16,789	Centrais Electricas Brasileiras SA, ADR*		66,149
	1,597	CESC, Ltd.		14,160
	1,023	CEZ		17,486


Shares			Fair Value
Common Stocks, continued
	Electric Utilities, continued
	47,586	Companhia Energetica de Minas Gerais, ADR, ADR	$	105,165
	6,905	Companhia Paranaense de Energia, ADR		62,007
	5,969	CPFL Energia SA, ADR		76,761
	17,871	E.CL SA		30,379
	10,066	EDP – Energias do Brasil SA		42,686
	9,559	Enea SA		24,122
	4,132	Energa SA*		9,948
	15,097	Enersis Chile SA, ADR		88,016
	15,097	Enersis SA, ADR		129,531
	4,700	Equatorial Energia SA		71,309
	20,840	First Philippine Holdings Corp.		30,140
	8,067	Interconexion Electrica SA ESP		24,698
	6,623	Korea Electric Power Corp., ADR		171,734
	3,800	Manila Electric Co.		25,118
	22,486	PGE SA		67,255
	16,884	Power Grid Corp. of India, Ltd.		40,930
	3,165	Reliance Infrastructure, Ltd.		25,737
	9,156	Tata Power Co., Ltd.		9,986
	56,027	Tauron Polska Energia SA		40,255
	45,100	Tenega Nasional Berhad		157,908
	2,361	Torrent Power, Ltd.		6,169
	4,240	Transmissora Alianca de Energia Eletrica SA		25,558

				1,438,327

	Electrical Equipment (0.4%):
	947	Amara Raja Batteries, Ltd.		12,192
	15,000	Boer Power Holdings, Ltd.		6,637
	26,000	China High Speed Transmission Equipment Group Co., Ltd.		21,022
	10,196	Crompton Greaves, Ltd.*		11,261
	1,407	Doosan Heavy Industries & Construction Co., Ltd.		26,180
	705	Finolex Cables, Ltd.		3,824
	26,000	Harbin Electric Co., Ltd.		9,654
	2,971	Havells India, Ltd.		15,893
	6,000	Jiangnan Group, Ltd.		964
	156	Korea Electric Terminal Co., Ltd.		12,200
	451	LG Industrial Systems Co., Ltd.		18,764
	738	LS Corp.		36,141
	1,000	Shihlin Electric & Engineering Corp.		1,248
	24,000	Teco Electric & Machinery Co., Ltd.		20,278
	90,000	Walsin Lihwa Corp.*		24,513
	5,000	Zhuzhou CSR Times Electric Co., Ltd.		27,747

				248,518

	Electronic Equipment, Instruments & Components (4.3%):
	13,500	AAC Technologies Holdings, Inc.		116,031
	51,029	AU Optronics Corp., ADR		178,090
	187,700	Cal-comp Electronics (Thailand) Public Co., Ltd., Class F		14,346
	3,000	Career Technology(MFG.) Co., Ltd.		1,559
	13,000	Cheng Uei Precision Industry Co., Ltd.		16,927
	114,000	China Aerospace International Holdings, Ltd.		14,148
	13,000	Chin-Poon Industrial Co., Ltd.		27,978
	40,000	Compeq Manufacturing Co., Ltd.		21,383


Shares			Fair Value
Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	31,000	Coretronic Corp.	$	28,428
	296	Daeduck Electronics Co., Ltd.		1,861
	13,795	Datatec, Ltd.^		41,268
	10,600	Delta Electronics (Thailand) Public Co., Ltd.		20,704
	13,682	Delta Electronics, Inc.		66,837
	28,000	Digital China Holdings, Ltd.		21,177
	63,000	E Ink Holdings, Inc.*		35,161
	11,000	Elite Material Co., Ltd.		25,780
	13,248	Flexium Interconnect, Inc.		34,507
	6,000	Flytech Technology Co., Ltd.		19,048
	14,500	Hana Microelectronics Public Co., Ltd.		12,211
	39,000	HannStar Display Corp.*		6,088
	15,333	Hon Hai Precision Industry Co., Ltd., GDR		76,052
	168,000	Hon Hai Precision Industry Co., Ltd.		432,294
	27,875	Inari Amertron Berhad		20,573
	32,000	JU Teng International Holdings, Ltd.		12,878
	13,500	KCE Electronics Public Co., Ltd.		32,030
	18,000	Kingboard Chemical Holdings, Ltd.		35,876
	42,000	Kingboard Laminates Holdings, Ltd.		25,753
	2,000	Largan Precision Co., Ltd.		185,626
	26,318	LG Display Co., Ltd., ADR		305,025
	413	LG Innotek Co., Ltd.		28,457
	2,000	Merry Electronics Co., Ltd.		4,358
	11,000	Min Aik Technology Co., Ltd.		14,827
	25,000	Nan Ya Printed Circuit Board Corp.		22,707
	1,213	PARTRON Co., Ltd.		11,182
	10,000	PAX Global Technology, Ltd.^		8,762
	3,261	Redington India, Ltd.		5,013
	36,200	Samart Corporation Public Co., Ltd.		17,435
	1,112	Samsung Electro-Mechanics Co., Ltd., Series L		48,689
	612	Samsung SDI Co., Ltd.		57,874
	7	Samsung SDS Co., Ltd.		873
	260	Sfa Engineering Corp.		11,265
	2,000	Simplo Technology Co., Ltd.		6,994
	10,000	Sinbon Electronics Co., Ltd.		22,544
	19,000	Sunny Optical Technology Group Co., Ltd.		66,796
	22,000	Synnex Technology International Corp.		23,858
	13,000	Taiwan PCB Techvest Co., Ltd.		12,201
	2,000	Test Research, Inc.		2,664
	9,000	Tong Hsing Electronic Industries, Ltd.		31,697
	190,000	Tongda Group Holdings, Ltd.		37,428
	12,000	TPK Holding Co., Ltd.		23,369
	13,000	Tripod Technology Corp.		25,314
	42,000	Truly International Holdings, Ltd., Series L		20,266
	4,000	TXC Corp.		5,591
	35,000	Unimicron Technology Corp.		15,397
	69,600	V.S. Industry Berhad		20,396
	11,000	Wah Lee Industrial Corp.		16,025
	2,000	Waison Group Holdings, Ltd.		1,070
	25,000	Walsin Technology Corp.		22,838
	1,275	Wisol Co., Ltd.		16,304
	27,000	WPG Holdings, Ltd.		31,445
	20,900	WT Microelectronics Co., Ltd.		26,406


Shares			Fair Value
Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	19,000	Yageo Corp.	$	31,485
	9,000	Zhen Ding Technology Holding, Ltd.		16,273

				2,537,442

	Energy Equipment & Services (0.1%):
	91,600	Bumi Armada Berhad*		16,529
	28,000	China Oilfield Services, Ltd.		21,657
	30,000	Dayang Enterprise Holdings Berhad*		8,101
	160,000	Sapurakencana Petroleum Berhad		58,775
	33,200	UMW Oil & Gas Corp. Berhad*		7,717

				112,779

	Food & Staples Retailing (2.7%):
	10,712	Bid Corp., Ltd.*		201,217
	4,165	BIM Birlesik Magazalar AS		81,775
	14,710	Cencosud SA, ADR		131,655
	91	CJ Freshway Corp.		3,733
	14,454	Clicks Group, Ltd.^		121,004
	7,542	Companhia Brasileira de Distribuicao Grupo Pao de Acucar, ADR, ADR		109,736
	258,900	Cosco Capital, Inc.		42,930
	59,100	CP ALL Public Co., Ltd.		84,799
	183	E-Mart Co., Ltd.		27,504
	2,923	Eurocash SA		34,249
	12,811	Grupo Comercial Chedraui SAB de C.V.		31,946
	245	GS Retail Co., Ltd.		11,668
	25,927	La comer,SAB de C.V.*		25,405
	5,868	Massmart Holdings, Ltd.		50,499
	2,386	Migros Ticaret AS*		13,798
	9,708	Organizacion Soriana SAB de C.V.*		23,199
	13,353	Pickn Pay Stores, Ltd.		65,244
	8,000	President Chain Store Corp.		62,592
	34,500	Puregold Price Club, Inc.		30,962
	1,963	Raia Drogasil SA		38,798
	17,910	Robinsons Retail Holdings, Inc.		32,806
	15,136	Shoprite Holdings, Ltd.		171,721
	39,000	Sun Art Retail Group, Ltd.		27,507
	16,000	Taiwan Tea Corp.		7,413
	6,066	The Spar Group, Ltd.		83,488
	68,611	Wal-Mart de Mexico SAB de C.V.		165,087
	1,349	X5 Retail Group NV, GDR*		26,783

				1,707,518

	Food Products (3.5%):
	2,860	Astral Foods, Ltd.		24,723
	17,614	AVI, Ltd.		99,526
	14,338	BRF SA, ADR		199,728
	190,000	C.P. Pokphand Co., Ltd.		19,893
	48,200	Charoen Pokphand Foods Public Co., Ltd.		39,548
	55,000	China Agri-Industries Holdings, Ltd.*^		18,207
	36,000	China Huiyuan Juice Group, Ltd.*		12,533
	16,000	China Mengniu Dairy Co., Ltd.		28,035
	52,000	China Modern Dairy Holdings, Ltd.*		8,840
	2,557	China Ocean Resources Co., Ltd.*(a)		4,541
	61,000	China Yurun Food Group, Ltd.*		9,260
	198	CJ CheilJedang Corp.		66,823


Shares			Fair Value
Common Stocks, continued
	Food Products, continued
	13,775	Clover Industries, Ltd.	$	17,407
	1,059	Daesang Corp.		25,252
	716	Daesang Holdings Co., Ltd.		8,309
	37	Dongwon F&B Co., Ltd.		9,112
	53,700	GFPT Public Co., Ltd.		16,714
	26,000	Great Wall Enterprise Co., Ltd.		23,776
	9,082	Gruma, SAB de C.V., Class B		130,678
	24,650	Grupo Bimbo SAB de C.V., Series A		77,328
	18,075	Grupo Herdez SAB de C.V.		39,713
	1,920	Grupo Nutresa SA		16,504
	11,551	Industrias Bachoco, SAB de C.V.		47,618
	63,200	IOI Corp. Berhad		68,120
	6,400	JBS SA		19,927
	2,092	Kernel Holding SA		28,105
	4,500	Kuala Lumpur Kepong Berhad		26,039
	29,500	Kulim Malaysia Behard*(a)		30,027
	18,720	Lien Hwa Industrial Corp.		12,235
	8	Lotte Food Co., Ltd.		5,933
	600	M Dias Branco SA		19,477
	19,100	Marfrig Global Foods SA*		33,124
	1,000	Namchow Chemical Industrial Co., Ltd.		2,094
	113	Nestle India, Ltd.		10,894
	50	NongShim Co., Ltd.		16,253
	353	Oceana Group, Ltd.		2,724
	53	Orion Corp.		43,372
	3,462	Pioneer Foods, Ltd.		40,783
	11,800	PPB Group Berhad		48,474
	24,688	PT Astra Agro Lestari Tbk*		27,522
	96,300	PT Charoen Pokphand Indonesia Tbk		27,464
	1,000	PT Indofood CBP Sukses Makmur Tbk		1,308
	147,200	PT Indofood Sukses Makmur Tbk		81,005
	163,300	PT Japfa Comfeed Indonesia Tbk		13,831
	212,100	PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		22,313
	600	PT Sawit Sumbermas Sarana TbK		86
	1,800	Qinqin Foodstuffs Group*(a)		2,552
	21,400	QL Resources Berhad		23,237
	32	Samyang Holdings Corp.		4,079
	1,300	Sao Martinho SA		21,383
	62,000	Shenguan Holdings Group, Ltd.		5,367
	6,600	Standard Foods Corp.		16,184
	10,893	Tata Global Beverages, Ltd.		21,184
	48,000	Thai Union Group pcl		30,096
	36,300	Thai Vegetable Oil Public Co., Ltd.		33,076
	4,804	Tiger Brands, Ltd.^		118,824
	34,000	Tingyi (Caymen Is) Holding Corp.		32,309
	1,918	Tongaat Hulett, Ltd.		15,346
	34,200	TSH Resources Berhad		15,747
	5,919	Ulker Biskuvi Sanayi AS		43,366
	28,000	Uni-President China Holdings, Ltd.		23,605
	67,600	Uni-President Enterprises Corp.		133,366
	12,130	Universal Robina Corp.		53,706
	51,000	Want Want China Holdings, Ltd.		36,716

				2,155,321


Shares			Fair Value
Common Stocks, continued
	Gas Utilities (0.6%):
	24,000	China Gas Holdings, Ltd.	$	36,606
	176,000	China Oil & Gas Group, Ltd.*		13,424
	20,000	China Resources Gas Group, Ltd.		60,756
	400	Cia de Gas de Sao Paulo		5,896
	10,000	ENN Energy Holdings, Ltd.		49,365
	2,424	GAIL India, Ltd., GDR		82,993
	1,851	Gujarat State Petronet, Ltd.		3,942
	7,465	Infraestructura Energetica Nova, SAB de C.V.		31,468
	501	Korea Gas Corp.		17,303
	10,000	Petronas Gas Berhad		54,598
	217,400	PT Perusahaan Gas Negara Tbk		38,751
	20,000	Towngas China Co., Ltd.		11,385

				406,487

	Gold (0.0%):
	72,000	Zijin Mining Group Co., Ltd.		24,085

	Health Care Equipment & Supplies (0.2%):
	44	Dio Corp.*		1,833
	29,000	Hartalega Holdings Berhad		31,229
	580	Inbody Co., Ltd.		20,613
	22,300	Kossan Rubber Industries Berhad		37,966
	348	Osstem Implant Co., Ltd.*		23,618
	36,000	Shandong Weigao Group Medical Polymer Co., Ltd., H Shares		20,570
	1,000	St.Shine Optical Co., Ltd.		22,451
	21,600	Top Glove Corp. Berhad		24,703
	357	Vieworks Co., Ltd.		15,518

				198,501

	Health Care Providers & Services (0.8%):
	768	Apollo Hospitals Enterprise, Ltd.		15,001
	80,200	Bangkok Chain Hospital Public Co., Ltd.		28,382
	39,600	Bangkok Dusit Medical Services Public Co., Ltd., Class F		27,009
	5,800	Bumrungrad Hospital Public Co., Ltd.		30,178
	93,300	Chularat Hospital Public Co., Ltd.		8,236
	18,400	IHH Healthcare Berhad		30,155
	22,200	KPJ Healthcare Berhad		23,345
	36,132	Life Healthcare Group Holdings Pte, Ltd.		89,194
	5,553	Mediclinic International plc		80,126
	39,623	Netcare, Ltd.		83,780
	6,700	OdontoPrev SA		27,682
	3,566	Qualicorp SA		20,751
	6,700	Shanghai Pharmaceuticals Holding Co., Ltd.*		14,869
	8,400	Sinopharm Group Co., Series H		40,475
	37,000	Universal Health International Group Holding, Ltd.		2,141

				521,324

	Hotels, Restaurants & Leisure (1.1%):
	29,095	Alsea SAB de C.V.		110,788
	541	AmRest Holdings SE*		30,040
	34,444	Berjaya Sports Toto Berhard		25,989
	33,400	Central Plaza Hotel Public Co., Ltd.		35,589
	112,000	China Travel International Investment Hong Kong, Ltd.		32,576


Shares			Fair Value
Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
	2,525	City Lodge Hotels, Ltd.	$	26,757
	3,400	Cvc Brasil Operadora E Agenc*		24,242
	5,214	Famous Brands, Ltd.		45,068
	51,200	Genting Berhard		104,288
	41,400	Genting Malaysia Berhad		45,767
	694	Grand Korea Leisure Co., Ltd.		16,122
	179	Hana Tour Service, Inc.		13,113
	9,410	Jollibee Foods Corp.		48,454
	884	Kangwon Land, Inc.		32,082
	36,900	Magnum Berhad		21,089
	28,900	MINI International Public Co., Ltd.		33,166
	8,900	MK Restaurants Group Public Co., Ltd.		12,421
	197	Modetour Network, Inc.		4,774
	14,674	Net Holding AS*		15,057
	275,000	Rexlot Holdings, Ltd.(c)		5,459
	7,724	Sun International, Ltd.		45,566
	153,200	Travellers International Hotel Group, Inc.		11,063
	15,271	Tsogo Sun Holdings, Ltd.		27,717

				767,187

	Household Durables (1.2%):
	384	Amica Wronki SA		17,675
	11,000	Amtran Technology Co., Ltd.		6,876
	6,055	Arcelik AS		39,959
	589	Coway Co., Ltd.		53,548
	10,196	Crompton Greaves Consumer Electricals, Ltd.*(c)		21,717
	12,000	Cyrela Brazil Realty SA Empreendimentos e Participacoes		38,073
	12,000	Even Construtora e Incorporadora SA		14,235
	544	Fabryki Mebli “Forte” SA		9,026
	18,000	Gafisa SA		11,545
	29,000	Haier Electronics Group Co., Ltd.		44,441
	121	Hanssem Co., Ltd.		16,707
	49	Hyundai Livart Furniture Co., Ltd.		1,101
	27,000	Kinpo Electronics, Inc.*		10,207
	3,396	LG Electronics, Inc.		160,020
	8,200	MRV Engenharia e Participacoes SA		27,292
	5,844	PIK Group*		22,856
	44,771	Skyworth Digital Holdings, Ltd.		37,060
	49,215	Steinhoff International Holdings NV		282,603
	55,000	Tatung Co., Ltd.*		8,754
	363	Whirlpool of India, Ltd.*		4,467
	3,000	Zeng Hsing Industrial Co., Ltd.		13,930

				842,092

	Household Products (0.5%):
	9,507	Hindustan Unilever, Ltd.		126,853
	55,571	Kimberl- Clark de Mexico SAB de C.V.		131,309
	24,400	PT Unilever Indonesia Tbk		83,350

				341,512

	Independent Power and Renewable Electricity Producers (1.1%):
	40,100	Aboitiz Power Corp.		39,499
	10,952	Adani Power, Ltd.*		4,970
	6,900	AES Tiete Energia SA		31,688


Shares			Fair Value
Common Stocks, continued
	Independent Power and Renewable Electricity Producers, continued
	46,000	Beijing Jingneng Clean Energy Co., Ltd., Series H	$	15,062
	37,000	China Longyuan Power Group Corp.		30,827
	59,000	China Power International Develpoment, Ltd.		21,788
	28,000	China Power New Energy Development Co., Ltd.		16,402
	14,000	China Resources Power Holdings Co.		20,959
	118,755	Colbun SA		28,763
	34,000	Datang International Power Generation Co., Ltd.		9,523
	3,700	Electricity Generating Public Co., Ltd.		19,763
	2,428	Empresa Nacional de Electricidad SA, ADR		67,329
	2,428	Endesa Americas SA, ADR		33,409
	446,900	Energy Development Corp.		52,625
	68,600	First Gen Corp.		36,519
	18,100	Glow Energy Public Co., Ltd.		44,313
	38,000	Huadian Fuxin Energy Corp., Class H		9,805
	20,000	Huadian Power International Corp., Ltd.		9,538
	708	Huaneng Power International, Inc., ADR		17,679
	132,000	Huaneng Renewables Corp., Ltd.		44,244
	10,150	JSW Energy, Ltd.		12,691
	208,800	Lopez Holdings Corp.		34,451
	11,558	NTPC, Ltd.		26,832
	9,799	PTC India, Ltd.		11,230
	11,263	Reliance Power, Ltd.		8,611
	33,200	SPCG Public Co., Ltd.		19,302
	6,000	Taiwan Cogeneration Corp.		4,629
	2,800	Tractebel Energia SA		33,407

				705,858

	Industrial Conglomerates (2.3%):
	32,510	Aboitiz Equity Ventures, Inc.		54,342
	906	Aditya Birla Nuvo, Ltd.		16,451
	114,747	Alfa SAB de C.V., Class A		197,310
	119,100	Alliance Global Group, Inc.		37,606
	6,000	Beijing Enterprises Holdings, Ltd.		34,137
	36,100	Berli Jucker Public Co., Ltd.		41,981
	10,712	Bidvest Group, Ltd.		101,157
	23,940	Boustead Holdings Berhad		16,097
	21,000	Cahya Mata Sarawak Berhad		18,703
	62,000	Citic, Ltd.		90,506
	239	CJ Corp.		42,134
	167,000	DMCI Holdings, Inc.		45,011
	431	Doosan Corp.		35,115
	4,536	Enka Insaat ve Sanayi AS		6,982
	31,620	Far Eastern New Century Corp.		23,651
	15,000	Fosun International, Ltd.		19,509
	10,759	Grupo Carso SAB de C.V.		46,313
	21,847	GRUPO KUO SAB de C.V., Series B		43,029
	699	Hanwha Corp.		21,780
	30,800	Hap Seng Consolidated Berhad		59,024
	47,440	JG Summit Holdings, Inc.		87,348
	72,431	KAP Industrial Holdings, Ltd.		30,954
	10,575	KOC Holdings AS		48,352
	770	LG Corp.		42,619


Shares			Fair Value
Common Stocks, continued
	Industrial Conglomerates, continued
	115,300	LT Group, Inc.	$	39,058
	59,800	MMC Corp. Berhad		29,818
	7,416	Reunert, Ltd.		31,636
	703	Samsung Techwin Co., Ltd.		29,803
	30,840	San Miguel Corp.		51,386
	13,000	Shanghai Industrial Holdings, Ltd.		29,711
	21,400	Sime Darby Berhad		40,326
	81	SK C&C Co., Ltd.		14,271
	860	SM Investments Corp.		17,757
	24,023	Turkiye Sise ve Cam Fabrikalari AS		29,744

				1,473,621

	Insurance (2.6%):
	145	Bajaj Finserv, Ltd.		5,000
	7,200	Bangkok Life Assurance Public Co., Ltd.		7,640
	6,175	BB Seguridade Participacoes SA		53,659
	71,000	Cathay Financial Holding Co., Ltd.		77,645
	2,673	China Life Insurance Co., Ltd., ADR^		28,761
	11,000	China Life Insurance Co., Ltd.		23,704
	57,200	China Life Insurance Co., Ltd.		44,370
	12,800	China Pacific Insurance Group Co., Ltd., H Shares		43,698
	26,000	China Taiping Insurance Holdings Co., Ltd.*		48,914
	10,800	Dhipaya Insurance Public Co., Ltd.		11,141
	8,993	Discovery, Ltd.		75,220
	1,507	Dongbu Insurance Co., Ltd.		90,742
	2,194	Hanwha General Insurance Co., Ltd.		13,920
	3,119	Hanwha Life Insurance Co., Ltd.		15,692
	2,150	Hyundai Marine & Fire Insurance Co., Ltd.		54,612
	2,724	Korean Reinsurance Co.		28,886
	5,916	Liberty Holding, Ltd.		48,795
	1,558	LIG Insurance Co., Ltd.		37,982
	10,400	LPI Capital Berhad		40,996
	1,787	Max Financial Services, Ltd.		14,144
	3,300	Mercuries Life Insurance Co., Ltd.		1,477
	1,882	Meritz Fire & Marine Insurance Co., Ltd.		24,034
	28,993	MMI Holdings, Ltd.		44,816
	44,400	MPHB Capital Berhad*		14,728
	7,900	New China Life Insurance Co., Ltd.		28,203
	83,000	People’s Insurance Co. Group of China, Ltd.		32,153
	44,000	Picc Property & Casuality Co., Ltd., Class H		69,550
	47,500	Ping An Insurance Group Co. of China, Ltd.		210,161
	2,500	Porto Seguro SA		20,643
	7,140	Powszechny Zaklad Ubezpieczen SA		51,961
	518,000	PT Panin Financial Tbk*		8,266
	360	Samsung Fire & Marine Insurance Co., Ltd.		82,411
	520	Samsung Life Insurance Co., Ltd.		45,551
	31,280	Sanlam, Ltd.		128,968
	2,365	Santam, Ltd.		37,179
	232,105	Shin Kong Financial Holdings Co., Ltd.		45,490
	5,289	Sul America SA		25,706
	675	Tongyang Life Insurance		5,967

				1,642,785


Shares			Fair Value
Common Stocks, continued
	Internet & Catalog Retail (0.1%):
	108	CJ O Shopping Co., Ltd.	$	16,518
	91	GS Home Shopping, Inc.		13,550
	182	Hyundai Home Shopping Network Corp.		20,040
	1,712	Interpark Holdings Corp.		8,894

				59,002

	Internet Software & Services (1.7%):
	1,139	Daou Technology, Inc.		23,250
	194	Daum Kakao Corp.		15,772
	874	Mail.ru Group, Ltd., GDR*		15,895
	234	NHN Corp.		145,532
	2,268	Pchome Online, Inc.		25,104
	37,400	Tencent Holdings, Ltd.		852,070

				1,077,623

	IT Services (2.3%):
	10,000	Chinasoft International, Ltd.*		3,931
	5,280	Cielo SA		55,483
	655	eClerx Services, Ltd.		14,051
	3,739	EOH Holdings, Ltd.^		35,482
	7,851	HCL Technologies, Ltd.		85,278
	2,719	Hexaware Technologies, Ltd.		9,261
	39,860	Infosys, Ltd., ADR^		711,502
	463	KCP Co., Ltd.		8,351
	3,450	Mindtree, Ltd.		34,036
	1,344	Mphasis, Ltd.		11,461
	73,800	MyEG Services Berhad		36,139
	954	Persistent Systems, Ltd.		9,882
	12,199	Sonda SA		22,212
	7,763	Tata Consultancy Services, Ltd.		293,826
	2,928	Tech Mahindra, Ltd.		22,062
	5,423	Vakrangee, Ltd.		15,139

				1,368,096

	Leisure Products (0.1%):
	6,000	Giant Manufacturing Co., Ltd.		37,313
	6,000	Merida Industry Co., Ltd.		25,349

				62,662

	Life Sciences Tools & Services (0.0%):
	537	Divi’s Laboratories, Ltd.		8,861

	Machinery (0.9%):
	816	AIA Engineering, Ltd.		12,480
	3,000	AirTac International Group*		22,471
	28,600	Changsha Zoomlion Heavy Industry Science & Technology		9,965
	10,500	China Conch Venture Holdings, Ltd.		20,821
	7,600	China International Marine Containers Group Co., Ltd.		9,424
	29,000	CRRC Corp., Ltd., Class H		26,098
	26,000	CSBC Corp. Taiwan		12,313
	3,522	Daewoo Shipbuilding & Marine Engineering Co., Ltd.*		13,134
	4,412	Doosan Infracore Co., Ltd.*		26,483
	176	Eicher Motors, Ltd.		50,340
	8,000	Haitian International Holdings, Ltd.		14,234


Shares			Fair Value
Common Stocks, continued
	Machinery, continued
	4,853	Hanjin Heavy Industries & Contruction Co., Ltd.*	$	16,982
	4,120	Hiwin Technologies Corp.		19,191
	167	Hyundai Elevator Co., Ltd.*		9,050
	468	Hyundai Heavy Industries Co.*		43,808
	337	Hyundai Mipo Dockyard Co., Ltd.*		20,427
	50	Hyundai Rotem Co., Ltd.*		779
	3,800	Iochpe-Maxion SA		16,232
	1,000	King Slide Works Co., Ltd.		11,708
	92,000	Lonking Holdings, Ltd.		13,496
	808	Otokar Otomotiv Ve Savunma Sanayi AS		27,315
	49,500	PT United Tractors Tbk		55,751
	3,844	Samsung Heavy Industries Co., Ltd.*		31,233
	2,000	Shin Zu Shing Co., Ltd.		6,566
	29,500	Sinotruk Hong Kong, Ltd.		12,862
	837	Turk Traktor ve Ziraat Makineleri AS		24,479
	2,346	WEG SA		10,029
	10,000	Weichai Power Co., Ltd., Class H		10,347
	11,000	Yungtay Engineering Co., Ltd.		15,584

				563,602

	Marine (0.1%):
	24,000	China Shipping Development Co., Ltd., Class H		13,612
	38,380	Evergreen Marine Corp. (Taiwan), Ltd.		14,240
	33,207	Grindrod, Ltd.		25,974
	5,112	Hanjin Shipping Co., Ltd.*		8,925
	16,500	MISC Berhad		30,588
	57,400	Thoresen Thai Agencies Public Co., Ltd.		14,868
	88	Trencor, Ltd.		235
	4,000	U-Ming Marine Transport Corp.		3,095
	21,000	Wisdom Marine Lines Co., Ltd.		22,454
	37,000	Yang Ming Marine Transport*		9,066

				143,057

	Media (1.6%):
	30,000	Alibaba Pictures Group, Ltd.*		7,009
	52,700	Astro Malaysia Holdings Berhad		38,331
	47,000	BEC World Public Co., Ltd.		30,515
	748	Cheil Worldwide, Inc.		10,979
	408	CJ CGV Co., Ltd.		36,696
	301	CJ E&M Corp.		18,214
	546	CJ Hellovision Co., Ltd.		5,336
	4,478	Cyfrowy Polsat SA*		25,122
	13,912	Dish Tv India Ltd.*		20,239
	9,743	Grupo Televisa SA, ADR		253,707
	940	KT Skylife Co., Ltd.		13,267
	193	Loen Entertainment, Inc.*		12,313
	27,800	Major Cineplex Group Public Co., Ltd.		26,208
	23,590	Megacable Holdings SAB de C.V.		95,763
	800	Multiplus SA		8,800
	1,400	Naspers, Ltd.		215,028
	327,000	PT Global MediaCom Tbk		24,515
	177,400	PT Media Nusantara Citra Tbk		29,536
	190,700	PT Surya Citra Media Tbk		47,838
	63	PVR, Ltd.		945


Shares			Fair Value
Common Stocks, continued
	Media, continued
	25,700	RS pcl	$	8,492
	413	S.M.Entertainment Co.*		13,103
	800	Smiles SA		11,951
	4,534	Sun Tv Network, Ltd.		24,521
	20,498	Tv18 Broadcast, Ltd.*		13,748
	81,100	Vgi Global Media plc		13,910
	23,000	Wisdom Holdings Group*		7,021
	1,107	ZEE Entertainment Enterprises, Ltd.		7,518

				1,020,625

	Metals & Mining (4.7%):
	4,055	African Rainbow Minerals, Ltd.		25,510
	26,000	Angang Steel Co., Ltd.*		11,692
	1,552	Anglo American Platinum, Ltd.*		38,847
	24,823	AngloGold Ashanti, Ltd., ADR*		448,303
	2,033	ArcelorMittal South Africa, Ltd.*		1,167
	2,498	Assore, Ltd.		31,018
	29,500	China Hongqiao Group, Ltd.		19,873
	3,000	China Metal Products Co., Ltd.		3,589
	222,000	China Precious Metal Resources Holdings Co., Ltd.*		7,017
	56,000	China Steel Corp.		36,489
	44,400	China Zhongwang Holdings, Ltd.		19,814
	62,122	Companhia Siderurgica Nacional SA, ADR*		152,199
	4,348	Dongkuk Steel Mill Co., Ltd.*		30,758
	14,863	Eregli Demir ve Celik Fabrikalari T.A.S.		21,120
	21,000	Feng Hsin Steel Co., Ltd.		26,542
	45,694	Gerdau SA, ADR		83,163
	49,970	Gold Field, Ltd., ADR		244,853
	471	Grupa Kety SA		38,147
	107,195	Grupo Mexico SAB de C.V., Series B		251,240
	4,210	Grupo Simec SA de C.V., Series B*		10,258
	19,883	Hindalco Industries, Ltd.		36,511
	1,195	Hyundai Steel Co.		48,163
	18,316	Impala Platinum Holdings, Ltd.*		59,050
	7,412	Industrias CH SA*(a)		30,539
	5,801	Industrias Penoles SAB de C.V.		138,529
	15,000	Jiangxi Copper Co., Ltd.		16,847
	20,933	Jindal Steel & Power, Ltd.		21,221
	2,531	JSW Steel, Ltd.		55,071
	43,143	Kardemir Karabuk Demir Celik Sanayi VE Ticaret AS, Class D		19,350
	40	KISWIRE, Ltd.		1,289
	115	Korea Zinc Co.		50,745
	1,878	Koza Altin Isletmeleri AS*		8,359
	1,922	Kumba Iron Ore, Ltd.*		14,610
	166	Kumkang Kind Co., Ltd.		6,724
	52,000	Maanshan Iron & Steel Co., Ltd.*		11,247
	23,056	Minera Frisco SAB de C.V.*		15,591
	3,766	MMC Norilsk Nickel PJSC, ADR		50,352
	52,000	MMG, Ltd.*		12,920
	4,660	National Aluminum Co., Ltd.		2,978
	18,667	Northam Platinum, Ltd.*^		54,918
	2,692	Novolipetsk Steel OJSC, Registered Shares, GDR		35,156


Shares			Fair Value
Common Stocks, continued
	Metals & Mining, continued
	2,030	POSCO, ADR^	$	90,335
	26,800	Press Metal Berhad		24,530
	764,200	PT Aneka Tambang Persero Tbk*		42,142
	71,800	PT Vale Indonesia Tbk*		10,000
	3,505	Royal Bafokeng Platinum, Ltd.*^		10,621
	697	Seah Besteel Corp.		15,123
	2,792	Severstal PAO, GDR		30,691
	88,000	Shougang Fushan Resources Group, Ltd.		15,706
	49,251	Sibanye Gold, Ltd.		168,900
	73,000	STP & I Public Co., Ltd.		20,838
	26,743	Tata Steel, Ltd., GDR		125,078
	7,000	Ton Yi Industrial Corp.		3,125
	22,000	Tung Ho Steel Enterprise Corp.		13,047
	17,991	Vale SA, ADR		91,034
	18,714	Vedanta, Ltd., ADR		147,278
	3,000	Yeong Guan Energy Technology Group Co., Ltd.		19,095
	36,050	Yieh Phui Enterprise Co., Ltd.		8,921
	3,500	Zhaojin Mining Industry Co., Ltd.		3,705

				3,031,938

	Multiline Retail (0.8%):
	37,800	Aeon Co. (M) Berhad		24,516
	3,137	El Puerto de Liverpool SAb de C.V.		33,199
	59,000	Far Eastern Department Stores, Ltd.		31,840
	15,000	Golden Eagle Retail Group, Ltd.		16,825
	23,569	Grupo Sanborsn SAB de C.V.		31,566
	295	Hyundai Department Store Co., Ltd.		33,050
	23,500	Intime Retail Group Co., Ltd.		19,580
	7,200	Lojas Americanas SA		25,444
	9,886	Lojas Renner SA		73,164
	214	Lotte Shopping Co., Ltd.		37,664
	3,030	Poya International Co., Ltd.		33,657
	8,500	PT Matahari Department Store Tbk		12,908
	489,200	PT Multipolar Tbk		13,736
	39,838	Ripley Corp SA		19,805
	130	Shinsegae Department Store Co.		22,052
	56,000	Springland International Holdings, Ltd.		7,220
	20,564	Woolworths Holdings, Ltd.		117,946

				554,172

	Multi-Utilities (0.2%):
	198,500	YTL Corporation Berhad		82,289
	65,800	YTL Power International Berhad		22,981

				105,270

	Oil Gas & Consumable Fuels (0.0%):
	7,700	PT Indo Tambangraya Megah Tbk		5,521

	Oil, Gas & Consumable Fuels (6.2%):
	30,900	Bangchak Petroleum Public Co., Ltd.		28,168
	108,150	Banpu Public Co., Ltd.		45,336
	1,621	Bharat Pertoleum Corp., Ltd.		25,912
	5,402	Cairn India, Ltd.		11,279
	32,000	China Coal Energy Co., Ltd., Class H*		16,703
	182,000	China Petroleum & Chemical Corp., H Shares		131,301
	29,000	China Shenhua Energy Co., Ltd.		53,607


Shares			Fair Value
Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	80,000	China Suntien Green Energy Corp.^	$	8,276
	58,000	CNOOC, Ltd.		72,339
	1,141	CNOOC, Ltd., ADR		142,238
	1,750	Cosan sa industria e Comercio		18,139
	9,789	Ecopetrol SA, ADR*		93,583
	1,700	Empresas Copec SA		14,899
	81,200	Energy Absolute Public Co., Ltd.		49,263
	8,460	Exxaro Resources, Ltd.		39,049
	6,000	Formosa Petrochemical Corp.		16,360
	33,119	Gazprom OAO, ADR		143,028
	6,547	Grupa Lotos SA*		50,599
	1,737	GS Holdings		72,347
	20	Hankook Shell Oil Co., Ltd.		7,733
	7,768	Indian Oil Corp., Ltd.		50,858
	279,900	IRPC Public Co., Ltd.		38,017
	64,000	Kunlun Energy Co., Ltd.		53,473
	340	Lubelski Wegiel Bogdanka SA		3,118
	3,328	LUKOIL PJSC, ADR		139,284
	331	MOL Hungarian Oil & Gas plc		19,152
	54	NovaTek OAO, Registered Shares, GDR		5,519
	5,088	Oil & Natural Gas Corp., Ltd.		16,347
	1,207	PetroChina Co., Ltd., ADR		81,979
	48,000	PetroChina Co., Ltd., Class H		32,648
	32,757	Petroleo Brasileiro SA, ADR*		190,318
	23,128	Petroleo Brasileiro SA, ADR*		165,596
	214,800	Petron Corp.		51,011
	7,000	Petronas Dagangan Berhad		40,698
	1,428	Petronet LNG, Ltd.		6,241
	8,880	Polski Koncern Naftowy Orlen SA		155,450
	25,218	Polskie Gornictwo Naftowe i Gazownictwo SA		36,004
	490,000	PT Adaro Energy Tbk		31,747
	475,000	PT Sugih Energy Tbk*		11,509
	45,300	PTT Exploration & Production Public Co., Ltd.		108,099
	34,600	PTT Public Co., Ltd.		309,076
	11,175	Reliance Industries, Ltd., GDR(b)		320,921
	10,622	Rosneft Oil Co., Registered Shares, GDR, GDR		54,505
	7,388	Sasol, Ltd., ADR		200,362
	15,980	Semirara Mining and Power Corp.		42,513
	899	SK Energy Co., Ltd.		110,721
	349	SK Gas, Ltd.		26,235
	309	S-Oil Corp.		20,453
	51,200	Tambang Batubara Bukit Asam Tbk PT		30,195
	3,368	Tatneft Pjsc, ADR		104,872
	22,600	Thai Oil Public Co., Ltd.		38,716
	2,548	Tupras-Turkiye Petrol Rafine		56,625
	11,402	Ultrapar Participacoes SA, ADR		250,957
	126,000	United Energy Group, Ltd.*		5,375
	2,362	Yanzhou Coal Mining Co., Ltd., ADR^		14,763

				3,863,516

	Paper & Forest Products (0.7%):
	7,803	Duratex SA		20,626
	5,996	Empresas CMPC SA		12,422


Shares			Fair Value
Common Stocks, continued
	Paper & Forest Products, continued
	10,650	Fibria Celulose SA, ADR	$	71,994
	1,954	Hansol Holdings Co., Ltd.*		12,274
	125	Hansol Paper Co., Ltd.		2,351
	19,000	Lee & Man Paper Manufacturing, Ltd.		14,128
	4,549	Mondi, Ltd.		83,283
	43,000	Nine Dragons Paper Holdings, Ltd.		32,809
	37,206	Sappi, Ltd.*		173,953
	6,600	Suzano Papel e Celulose SA, Class A		23,303
	47,000	YFY, Inc.		14,186

				461,329

	Personal Products (1.0%):
	267	Amorepacific Corp.		100,647
	384	Amorepacific Group		56,213
	945	Colgate-Palmolive India, Ltd.		12,852
	159	Cosmax, Inc.		23,775
	5,123	Dabur India, Ltd.		23,477
	13,140	Eis Eczacibasi Ilac Sanayi VE Finansal Yatirimlar		15,306
	232	Emami, Ltd.		3,788
	101	Gillette India, Ltd.		6,867
	1,015	Godrej Consumer Products, Ltd.		24,260
	3,000	Grape King BIO, Ltd.		19,587
	9,000	Hengan International Group Co., Ltd.		75,725
	2,700	Hypermarcas SA		19,545
	499	Korea Kolmar Co., Ltd.		43,506
	127	LG Household & Health Care, Ltd.		123,212
	8,551	Marico, Ltd.		33,465
	4,000	Natura Cosmeticos SA		31,746
	12	Procter & Gamble Hygiene & Healthcare, Ltd.		1,115
	261	Sansung Life & Science Co., Ltd.*		6,030

				621,116

	Pharmaceuticals (1.7%):
	510	Ajanta Pharma, Ltd.		11,396
	840	Alembic Pharmaceuticals, Ltd.		7,164
	3,947	Aspen Pharmacare Holdings, Ltd.		97,943
	5,576	Aurobindo Pharma, Ltd.		61,315
	3,311	Cadila Healthcare, Ltd.		16,132
	21,000	China Medical System Holdings, Ltd.		32,188
	22,000	China Pharmaceutical Enterprise & Investment Corp.		19,641
	3,000	China Shineway Pharmaceutical Group, Ltd.		3,295
	2,000	China Traditional Chinese Medicine Co., Ltd.*		792
	181	Chong Kun Dang Pharmaceutical Corp.		17,528
	2,742	Cipla, Ltd.		20,399
	12,000	Dawnrays Pharmaceutical Holdings, Ltd.		9,185
	4,938	Dr. Reddy’s Laboratories, Ltd., ADR		252,975
	8	Glaxosmithkline Pharmaceuticals, Ltd.		413
	3,004	Glenmark Pharmaceuticals, Ltd.		35,579
	49	Hanmi Pharm Co., Ltd.		30,296
	204,000	Hua Han Bio-Pharmaceutical Holdings, Ltd.		18,330
	66	Huons Co., Ltd.*		5,456
	62	Huons Co., Ltd.		3,265
	2,206	Jubilant Life Sciences, Ltd.		10,306


Shares			Fair Value
Common Stocks, continued
	Pharmaceuticals, continued
	1,201	Jw Holdings Corp.	$	13,254
	17	Kolon Life Science, Inc.		2,331
	318	LG Life Sciences, Ltd.*		20,010
	3,131	Lupin, Ltd.		71,599
	149	Piramal Enterprises, Ltd.		3,183
	287,900	PT Kalbe Farma Tbk		33,432
	697	Richter Gedeon Nyrt		13,854
	792	Samjin Pharmaceutical Co., Ltd.		24,400
	57	Sanofi India, Ltd.		3,758
	91,000	Sihuan Pharmaceutical Holdings Group, Ltd.		17,473
	60,000	Sino Biopharmaceutical, Ltd.		39,304
	40,172	SSY Group, Ltd.		12,967
	5,115	Sun Pharmaceutical Industries, Ltd.		57,851
	11,000	Tong Ren Tang Technologies Co., Ltd.		18,249
	695	Torrent Pharmaceuticals, Ltd.		14,132
	5,000	TTY Biopharm Co., Ltd.		17,718
	1,348	Wockhardt, Ltd.*		18,763
	87	Yuhan Corp.		23,134

				1,059,010

	Professional Services (0.0%):
	5,096	Sporton International, Inc.		26,301

	Real Estate Management & Development (3.5%):
	42,000	Agile Property Holdings, Ltd.		22,397
	2,900	Aliansce Shopping Centers SA		12,623
	43,100	Amata Corp. Public Co., Ltd.		15,718
	98,800	AP Thailand plc		20,733
	38,800	Ayala Land, Inc.		32,109
	438,000	Bangkok Land Public Co., Ltd.		20,343
	30,000	Beijing Capital Land, Ltd.		11,018
	443,000	Belle Corp.		31,896
	16,890	BR Malls Participacoes SA*		67,943
	62,000	C C Land Holdings, Ltd.		16,422
	22,000	Cathay Real Estate Development Co., Ltd.		9,961
	35,000	Central Pattana Public Co., Ltd.		59,712
	90,000	China Merchants Land, Ltd.		12,709
	38,000	China Overseas Grand Oceans Group, Ltd.*		11,230
	36,000	China Overseas Land & Investment, Ltd.		114,893
	12,000	China Overseas Property Holdings, Ltd.		1,779
	30,000	China Resources Land, Ltd.		70,336
	78,000	China Sce Property Holdings, Ltd.		16,913
	50,000	China South City Holdings, Ltd.		9,770
	13,900	China Vanke Co., Ltd., H Shares		27,516
	8,400	Chong Hong Construction Co., Ltd.		16,591
	144,000	CIFI Holdings Group Co., Ltd.		35,480
	22,208	Corporacion Inmobiliaria Vesta SAB de C.V.		34,445
	110,000	Country Garden Holdings Co., Ltd.		46,404
	39,780	Eastern & Oriental Berhad*		16,407
	8,417	Etalon Group, Ltd.		20,603
	107,000	Evergrande Real Estate Group, Ltd.		65,757
	16,000	Farglory Land Development Co., Ltd.		18,517
	754,000	Filinvest Land, Inc.		32,043
	96,000	Franshion Properties China, Ltd.		27,095
	159,000	Glorious Property Holdings, Ltd.*		14,359
	16,000	Greenland Hong Kong Holdings, Ltd.*		5,563


Shares			Fair Value
Common Stocks, continued
	Real Estate Management & Development, continued
	12,500	Greentown China Holdings, Ltd.*	$	8,781
	26,800	Guangzhou R&F Properties Co., Ltd., Class H		33,995
	15,600	Highwealth Construction Corp.		25,835
	20,000	Hopson Development Holdings, Ltd.		17,713
	18,760	Housing Development & Infrastructure, Ltd.*		28,937
	4,000	Huaku Development Co., Ltd.		6,849
	19,000	Hung Sheng Construction, Ltd.		9,775
	14,324	Indiabulls Real Estate, Ltd.*		19,939
	38,561	KSL Holdings Berhad		10,742
	31,500	KWG Property Holding, Ltd.		18,415
	36,400	L.P.N. Development Public Co., Ltd.		13,407
	18,500	Longfor Properties Co., Ltd.		24,083
	83,375	Mah Sing Group Berhad		30,483
	29,166	Matrix Concepts Holdings Berhad		17,972
	378,500	Megaworld Corp.		37,657
	59,000	Mingfa Group International Co., Ltd.*(a)		14,374
	1,200	Multiplan Empreendimentos Imobiliarios SA		22,492
	1,554	New Europe Property Investment plc		17,794
	938	Oberoi Realty, Ltd.		3,789
	15,342	Parque Arauco SA		30,995
	53,000	Poly Property Group Co., Ltd.*^		13,626
	1,252	Prestige Estates Projects, Ltd.		3,469
	33,000	Prince Housing & Development Corp.		12,261
	49,600	Pruksa Real Estate Public Co., Ltd.		35,686
	417,700	PT Alam Sutera Realty Tbk		15,252
	292,900	PT Bumi Serpong Damai		47,039
	431,581	PT Ciputra Development Tbk		47,522
	451,300	PT Hanson International Tbk*		26,803
	397,700	PT Intiland Development Tbk		17,620
	23,200	PT Lippo Cikarang Tbk*		13,653
	577,600	PT Lippo Karawaci Tbk		50,197
	177,300	PT Modernland Realty Tbk*		5,925
	817,900	PT Pakuwon Jati Tbk		38,312
	251,500	PT Summarecon Agung Tbk		34,688
	53,040	Radium Life Tech Co., Ltd.		17,193
	10,000	Redco Properties Group, Ltd.*(b)		6,968
	464,000	Renhe Commercial Holdings Co., Ltd.*		12,020
	61,200	Robinsons Land Corp.		38,459
	13,000	Ruentex Development Co., Ltd.		15,114
	191,700	SC Asset Corp. Public Co., Ltd.		17,945
	82,000	Shanghai Industrial Urban development Group, Ltd.		16,543
	116,000	Shenzhen Investment, Ltd.		46,530
	41,500	Shimao Property Holdings, Ltd.		52,566
	95,500	Shui On Land, Ltd.		24,271
	48,500	Sino-Ocean Land Holdings, Ltd.		21,102
	65,700	SM Prime Holdings, Inc.		38,377
	707	Sobha, Ltd.		3,436
	98,000	Soho China, Ltd.		47,354
	58,000	Sunac China Holdings, Ltd.		36,156
	29,900	Sunway Berhad		22,292
	51,800	Supalai Public Co., Ltd.		35,356
	83,000	UEM Sunrise Berhad		21,244
	38,000	UOA Development Berhad		20,668
	349,500	Vista Land & Lifescapes, Inc.		39,839


Shares			Fair Value
Common Stocks, continued
	Real Estate Management & Development, continued
	236,000	Yuexiu Property Co., Ltd.	$	28,991
	24,000	Yuzhou Properties Co., Ltd.		6,706

				2,244,495

	Road & Rail (0.1%):
	34,000	Guangshen Railway Co., Ltd.		16,161
	3,800	Localiza Rent a Car SA		40,641
	821	PKP Cargo SA*		6,904

				63,706

	Semiconductors & Semiconductor Equipment (6.3%):
	31,933	Advanced Semiconductor Engineering, Inc., ADR		178,185
	5,000	Advanced Wireless Semiconductor Co.		9,775
	5,050	Ardentec Corp.		2,966
	27,000	Chipbond Technology Corp.		34,596
	483	Dongbu Hitek Co., Ltd.*		7,764
	7,000	Elite Advanced Laser Corp.		33,211
	15,000	Elite Semiconductor Memory Technology, Inc.		13,726
	2,000	eMemory Technology, Inc.		19,768
	237	EO Technics Co., Ltd.		20,117
	23,000	Epistar Corp.		16,310
	20,000	Everlight Electronics Co., Ltd.		32,650
	369,000	GCL-Poly Energy Holdings, Ltd.		48,278
	9,000	Gigastorage Corp.*		7,109
	14,000	Gintech Energy Corp.*		11,479
	13,200	Globetronics Technology Berhad		10,943
	2,000	Greatek Electronics, Inc.		2,345
	11,000	Holtek Semiconductor, Inc.		18,341
	32,000	Inotera Memories, Inc.*		24,942
	227	Jusung Engineering Co., Ltd.*		1,664
	737	KC Tech Co., Ltd.		9,567
	31,000	King Yuan Electronics Co., Ltd.		27,519
	9,000	Kinsus Interconnect Technology Corp.		19,773
	121	LEENO Industrial, Inc.		4,298
	70,000	Macronix International Co., Ltd.*		6,163
	10,000	MediaTek, Inc.		76,360
	10,000	Motech Industries, Inc.*		10,499
	25,424	Nanya Technology Corp.		31,140
	26,430	Neo Solar Power Corp.		14,717
	9,000	Novatek Microelectronics Corp.		33,656
	48,000	Orient Semiconductor Electronics, Ltd.*		18,204
	3,000	Parade Technologies, Ltd.		28,717
	3,000	Phison Electronics Corp.		25,948
	15,000	Powertech Technology, Inc.		33,269
	9,000	Radiant Opto-Electronics Corp.		14,117
	12,000	Realtek Semiconductor Corp.		37,338
	10,057	Semiconductor Manufacturing International Corp., ADR*^		40,731
	1,476	Seoul Semiconductor Co., Ltd.		19,137
	24,000	Shunfeng International Clean Energy, Ltd.*		3,155
	4,000	Sigurd Microelectronics Corp.		2,931
	10,138	Siliconware Precision Industries Co., ADR		77,656
	14,000	Sino-American Silicon Products, Inc.		15,772
	11,000	Sitronix Technology Corp.		35,865


Shares			Fair Value
Common Stocks, continued
	Semiconductors & Semiconductor Equipment, continued
	7,483	SK Hynix, Inc.	$	212,729
	81,431	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		2,135,935
	14,000	Taiwan Surface Mounting Technology Corp.		11,998
	35,700	Unisem (M) Berhad		21,255
	120,570	United Microelectronics Corp., ADR		239,933
	20,000	Vanguard International Semiconductor Corp.		33,019
	7,000	Visual Photonics Epitaxy Co., Ltd.		10,712
	21,807	Win Semiconductors Corp.*		44,593
	157,000	Winbond Electronics Corp.*		43,669
	750	Wonik Ips Co., Ltd.*		14,881
	713	WONIK IPS Co., Ltd.*(c)		4,014
	74,000	Xinyi Solar Holdings, Ltd.		29,299

				3,882,738

	Software (0.3%):
	4,677	CD Projekt SA*		32,610
	244	Com2uS Corp.*		27,921
	517	Cyient, Ltd.		3,757
	333	DuzonBIzon Co., Ltd.		6,813
	11,000	Kingsoft Corp., Ltd.		21,254
	4,341	Kpit Technologies, Ltd.		11,941
	171	Ncsoft Corp.		35,064
	522	NHN Entertainment Corp.*		29,283
	548	NIIT Technologies, Ltd.		4,184
	2,500	Totvs SA		23,593
	989	Webzen, Inc.*		16,073

				212,493

	Specialty Retail (1.0%):
	331	Cashbuild, Ltd.		7,996
	11,000	China Harmony New Energy Auto Holding, Ltd.		5,946
	32,500	China Zhentong Auto Services Holdings, Ltd.		12,068
	2,900	Cia. Hering		13,381
	255,000	GOME Electrical Appliances Holdings, Ltd.^		30,486
	147,000	Home Product Center Public Co., Ltd.		41,572
	1,000	Hotai Motor Co., Ltd.		9,792
	729	Hotel Shilla Co., Ltd.		43,514
	6,696	Lewis Group, Ltd.^		20,096
	291	Lotte Himart Co., Ltd.		11,679
	6,092	Mr.Price Group, Ltd.		85,794
	16,800	Padini Holdings Berhad		9,881
	347,300	PT ACE Hardware Indonesia Tbk		24,373
	172,000	PT Tiphone Mobile Indonesia Tbk		8,819
	25,597	Super Group, Ltd.*		68,836
	8,777	The Foschini Group, Ltd.		83,860
	17,694	Truworths International, Ltd.		103,504
	26,500	Zhongsheng Group Holdings, Ltd.		14,543

				596,140

	Technology Hardware, Storage & Peripherals (5.5%):
	57,000	Acer, Inc.*		26,920
	4,000	Advantech Co., Ltd.		30,503
	13,000	Asia Vital Components Co., Ltd.		9,828
	8,000	Asustek Computer, Inc.		66,106


Shares			Fair Value
Common Stocks, continued
	Technology Hardware, Storage & Peripherals, continued
	3,000	Casetek Holdings, Ltd.	$	10,517
	9,000	Catcher Technology Co., Ltd.		67,187
	8,005	Chicony Electronics Co., Ltd.		18,025
	14,000	Clevo Co.		11,823
	99,967	CMC Magnetics Corp.*		11,682
	87,000	Compal Electronics, Inc.		54,939
	92,000	Coolpad Group, Ltd.*		17,216
	16,060	Foxconn Technology Co., Ltd.		37,854
	37,000	Getac Technology Corp.		26,068
	11,000	Gigabyte Technology Co., Ltd.		13,072
	17,000	High Tech Computer Corp.		54,714
	20,000	Inventec Corp.		14,298
	352	Kona I Co., Ltd.		5,155
	122,000	Lenovo Group, Ltd.		73,714
	46,230	Lite-On Technology Corp.		63,538
	26,000	Micro-Star International Co., Ltd.		47,956
	37,000	Pegatron Corp.		78,424
	82,000	Qisda Corp.		29,126
	22,000	Quanta Computer, Inc.		41,892
	73,000	Ritek Corp.*		6,310
	4,031	Samsung Electronics Co., Ltd., GDR		2,515,882
	22	Samsung Electronics Co., Ltd.		27,393
	17,000	TCL Communicatin Technology Holdings, Ltd.		15,720
	2,000	Tsc Auto Id Technology Co., Ltd.		16,078
	39,168	Wistron Corp.		27,453

				3,419,393

	Textiles (0.0%):
	16,000	Weiqiao Textile Co., Ltd.		12,147

	Textiles, Apparel & Luxury Goods (0.8%):
	6,255	Aksa Akrilik Kimya Sanayii AS		16,773
	4,500	Alpargatas SA		14,599
	16,000	Anta Sports Products, Ltd.		32,146
	3,289	Arvind, Ltd.		16,117
	90,000	Belle International Holdings, Ltd.		53,048
	150,000	Bosideng International Holdings, Ltd.		12,780
	970	CCC SA		39,473
	76,000	China Dongxiang Group Co., Ltd.		13,450
	23,000	China Lilang, Ltd.		14,646
	10,000	Cosmo Lady China Holdings Co., Ltd.(b)		5,125
	2,045	Eclat Textile Co., Ltd.		19,731
	7,210	Feng Tay Enterprise Co., Ltd.		29,932
	213	Fila Korea, Ltd.		16,817
	585	Hansae Co., Ltd.		19,156
	51	Ilshin Spinning Co., Ltd.		5,518
	263	Indo Count Industries, Ltd.*		3,782
	459	LF Corp.		8,460
	4	LPP SA		5,128
	3,104	Makalot Industrial Co., Ltd.		14,521
	48	Page Industries, Ltd.		9,985
	20,000	Pou Chen Corp.		26,906
	776,900	PT Sri Rejeki Isman Tbk		15,369
	2,940	Rajesh Exports, Ltd.		18,864
	7,000	Shenzhou International Group		33,854
	126	SRF, Ltd.		2,462


Shares			Fair Value
Common Stocks, continued
	Textiles, Apparel & Luxury Goods, continued
	34,140	Tainan Spinning Co., Ltd.	$	13,029
	13,000	Taiwan Paiho, Ltd.		34,902
	5,586	Welspun India, Ltd.		9,058
	337	Youngone Corp.		12,152
	264	Youngone Holdings Co., Ltd.		14,382

				532,165

	Thrifts & Mortgage Finance (0.2%):
	5,015	Dewan Housing Finance Corp., Ltd.		15,202
	786	Gruh Finance, Ltd.		3,346
	2,058	Housing Development Finance Corp., Ltd.		38,403
	2,182	Indiabulls Housing Finance, Ltd.		21,789
	7,284	LIC Housing Finance, Ltd.		53,624

				132,364

	Tobacco (0.6%):
	3,300	British American Tobacco Malaysia Berhad		43,208
	28,399	ITC, Ltd.		154,697
	1,326	KT&G Corp.		157,209
	39	Philip Morris CR AS		19,754
	7,000	PT Gudang Garam Tbk		36,610

				411,478

	Trading Companies & Distributors (0.2%):
	709	Adani Enterprises, Ltd.		918
	13,546	Barloworld, Ltd.		68,100
	447	Daewoo International Corp.		9,775
	1,664	Hudaco Industries, Ltd.		11,952
	590	LG International Corp.		19,307
	47,200	PT AkR Corporindo Tbk		22,961
	2,473	SK Network Co., Ltd.		12,821

				145,834

	Transportation Infrastructure (1.4%):
	11,046	Adani Ports & Special Economic Zone, Ltd.		34,028
	6,100	Airports of Thailand Public Co., Ltd.		67,709
	13,600	Bangkok Aviation Fuel Services Public Co., Ltd.		13,711
	269,182	Bangkok Exressway & Metro Public Co., Ltd.		53,047
	20,000	Beijing Capital International Airport Co., Ltd.		21,697
	20,000	China Merchants Holdings International Co., Ltd.		53,616
	11,900	Companhia de Concessoes Rodoviarias		62,246
	48,000	Cosco Pacific, Ltd.		48,176
	3,700	Ecorodovias Infraestrutura e Logistica SA*		9,619
	1,854	Gateway Distriparks, Ltd.		8,570
	8,915	Grupo Aeroportuario del Centro Norte, SAb de C.V.		53,139
	522	Grupo Aeroportuario del Sureste SAB de C.V., ADR		83,285
	11,605	Grupo Aeroporturaio del Pacifico SAB de C.V.		119,331
	42,500	Hopewell Highway Infrastructure, Ltd.^		21,158
	19,750	International Container Terminal Services, Inc.		26,017
	16,000	Jiangsu Expressway Co., Ltd., Series H		22,256
	12,000	Malaysia Airports Holdings Berhad		18,221
	24,684	OHL Mexico SAB de C.V.*		30,250


Shares			Fair Value
Common Stocks, continued
	Transportation Infrastructure, continued
	54,300	PT Jasa Marga Persero Tbk	$	21,740
	20,000	Shenzhen Expressway Co., Ltd.		18,287
	22,000	Shenzhen International Holdings, Ltd.		31,968
	58,253	Sociedad Matriz SAAM SA		4,313
	6,974	TAV Havalimanlari Holding AS		30,023
	70,000	Tianjin Port Development Holdings, Ltd.		10,120
	29,300	Westports Holding Berhad		30,689
	30,000	Yuexiu Transport Infrastructure, Ltd.		19,287
	20,000	Zhejiang Expressway Co., Ltd.		19,060

				931,563

	Water Utilities (0.6%):
	36,941	Aguas Andinas SA, Class A		21,211
	22,000	Beijing Enterprises Water Group, Ltd.		13,340
	38,000	China Water Affairs Group, Ltd.		21,997
	13,912	Companhia de Saneamento Basico do Estado de Sao Paulo, ADR, ADR		124,652
	1,200	Companhia de Saneamento de Minas Gerais- Copasa MG		11,044
	64,000	CT Environmental Group, Ltd.		18,700
	22,000	Guangdong Investment, Ltd.		33,607
	16,068	Inversiones Aguas Metropolitanas SA		25,591
	84,700	Manila Water Co.		48,853
	95,500	TTW Public Co., Ltd.		30,467

				349,462

	Wireless Telecommunication Services (3.7%):
	15,900	Advanced Information Service plc		71,885
	24,516	America Movil SAB de C.V., Series L, ADR		300,566
	53,272	Axiata Group Berhad		74,624
	7,027	China Mobile, Ltd., ADR		406,863
	19,500	China Mobile, Ltd.		225,235
	68,500	DIGI.com Berhad		81,414
	2,331	Empresa Nacional de Telecomunicaciones SA*		21,133
	18,000	Far EasTone Telecommunications Co., Ltd.		43,499
	18,392	Global Telecom Holding, GDR*		33,036
	980	Globe Telecom, Inc.		49,443
	574	Idea Cellular, Ltd.		910
	30,200	Maxis Berhad		44,301
	2,220	MegaFon PJSC, Registered Shares, GDR		23,151
	50,253	MTN Group, Ltd.		492,602
	1,712	Philippine Long Distance Telephone Co., ADR		76,304
	30,600	PT Indosat Tbk*		14,765
	45,500	PT Tower Bersama Infrastructure Tbk		22,671
	68,700	PT XL Axiata Tbk*		19,101
	25,752	Reliance Communications, Ltd.*		19,566
	1,682	SK Telecom Co., Ltd., ADR		35,187
	14,000	Taiwan Mobile Co., Ltd.		49,004
	6,589	Tim Participacoes SA, ADR		69,514
	34,600	Total Access Communication Public Co., Ltd.		31,924
	5,607	Turkcell Iletisim Hizmetleri AS, ADR*		51,304
	11,621	Vimpelcom, Ltd., ADR^		45,090
	6,240	Vodacom Group, Ltd.		71,536

				2,374,628

	Total Common Stocks (Cost $71,894,821)			62,736,065


Shares or Principal Amount			Fair Value
	Preferred Stocks (0.3%):
	Chemicals (0.0%):
	2,900	Braskem SA, Class A, 2.20%	$	17,155

	Electric Utilities (0.1%):
	1,923	Companhia de Transmissao de Energia, 1.05%		37,588

	Independent Power and Renewable Electricity Producers (0.0%):
	4,100	Companhia Energetica de Sao Paulo, Class B, 0.70%		15,063

	Machinery (0.0%):
	17,000	Marcopolo SA, 4.46%		12,703

	Metals & Mining (0.2%):
	48,600	Usinas Siderurgicas de Minas Gerais SA, A Shares, 1.66%*		29,204
	20,481	Vale SA, ADR, 11.61%		82,130

				111,334

	Multiline Retail (0.0%):
	3,600	Lojas Americanas SA, 0.09%		17,990

	Total Preferred Stocks (Cost $235,886)			211,833

	Rights (0.0%):
	Construction & Engineering (0.0%):
	2,600	China Singyes Solar Technologies Holdings, Ltd., Expires on 7/12/16*		49

	Construction Materials (0.0%):
	182	Ssangyong Cement Industrial Co., Ltd., Expires on 7/05/16*(a)		189

	Industrial Conglomerates (0.0%):
	36,100	Berli Jucker Public Co.,Ltd., Expires on 7/22/16*(a)		5,909

	Paper & Forest Products (0.0%):
	21	Hansol Paper Co., Ltd., Expires on 8/01/16*(a)		47

	Wireless Telecommunication Services (0.0%):
	638	Empresa Nacional de Telecomunicaciones SA, Expires on 7/25/16*		617

	Total Rights (Cost $—)			6,811

	Securities Held as Collateral for Securities on Loan (2.5%):
$	1,573,516	AZL DFA Emerging Markets Core Equity Fund Securities Lending Collateral Account(d)		1,573,516

	Total Securities Held as Collateral for Securities on Loan (Cost $1,573,516)			1,573,516

	Unaffiliated Investment Company (0.1%):
	542	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(e)		542

	Total Unaffiliated Investment Company (Cost $542)			542

	Total Investment Securities (Cost $73,704,765)(f) — 101.9%			64,528,767
	Net other assets (liabilities) — (1.9)%			(1,159,466	)

	Net Assets — 100.0%		$	63,369,301

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, 2016:

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	73,704,765

Investment securities, at value*	$	64,528,767
Interest and dividends receivable		295,351
Foreign currency, at value (cost $225,690)		227,098
Receivable for investments sold		29,275
Prepaid expenses		367

Total Assets		65,080,858

Liabilities:
Payable for investments purchased		29,606
Payable for collateral received on loaned securities		1,573,516
Manager fees payable		43,021
Administration fees payable		3,519
Distribution fees payable		12,836
Custodian fees payable		51,058
Administrative and compliance services fees payable		87
Trustee fees payable		1,073
Other accrued liabilities		(3,159	)

Total Liabilities		1,711,557

Net Assets	$	63,369,301

Net Assets Consist of:
Capital	$	75,785,634
Accumulated net investment income/(loss)		929,182
Accumulated net realized gains/(losses) from investment transactions		(4,170,939	)
Net unrealized appreciation/(depreciation) on investments		(9,174,576	)

Net Assets	$	63,369,301

Shares of beneficial interest (unlimited number of shares authorized, no par value)		7,608,178
Net Asset Value (offering and redemption price per share)	$	8.33

*	Includes securities on loan of $1,526,321.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	941,979
Income from securities lending		8,319
Foreign withholding tax		(77,757	)

Total Investment Income		872,541

Expenses:
Manager fees		385,318
Administration fees		80,246
Distribution fees		77,064
Custodian fees		37,295
Administrative and compliance services fees		427
Trustee fees		1,503
Professional fees		4,638
Shareholder reports		394
Other expenses		682

Total expenses before reductions		587,567
Less expenses voluntarily waived/reimbursed by the Manager		(92,476	)
Less expense contractually waived/reimbursed by the Manager		(32,739	)

Net expenses		462,352

Net Investment Income/(Loss)		410,189

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(2,049,270	)
Change in net unrealized appreciation/depreciation on investments		8,130,660

Net Realized/Unrealized Gains/(Losses) on Investments		6,081,390

Change in Net Assets Resulting From Operations	$	6,491,579

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $721 during the period ended June 30, 2016. 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 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, the annual rate due to the Manager and the annual expense limit were as follows:

At June 30, 2016, the reimbursements that are subject to repayment by the Fund in subsequent years were as follows:

and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $363 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $73,710,117. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the end of its tax year ended December 31, 2015, the Fund has capital loss carry forwards (“CLCFs”) as summarized in the table 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.

As of the latest tax year end December 31, 2015, the components of accumulated earnings on a tax basis were as follows:

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 (35.4%):
	Banks (2.7%):
$	13,000,000	U.S. Bank NA Cincinnati, Series BKNT, 2.13%, 10/28/19, Callable 9/28/19 @ 100	$	13,325,429

	Beverages (1.5%):
	7,000,000	Coca-Cola Co. (The), 1.88%, 10/27/20		7,154,287

	Communications Equipment (3.0%):
	13,000,000	Cisco Systems, Inc., 4.45%, 1/15/20		14,359,267

	Consumer Finance (3.0%):
	14,000,000	Toyota Motor Credit Corp., 2.15%, 3/12/20		14,390,558

	Diversified Financial Services (2.2%):
	3,750,000	Berkshire Hathaway, Inc., 2.10%, 8/14/19		3,863,730
	6,810,000	Berkshire Hathaway, Inc., 2.20%, 3/15/21, Callable 2/15/21 @ 100^		7,025,128

				10,888,858

	Food & Staples Retailing (0.9%):
	3,922,000	Wal-Mart Stores, Inc., 3.25%, 10/25/20^		4,242,839

	Household Products (0.7%):
	3,450,000	Procter & Gamble Co. (The), 1.85%, 2/2/21^		3,536,547

	IT Services (3.9%):
	10,500,000	Automatic Data Processing, Inc., 2.25%, 9/15/20, Callable 8/15/20 @ 100		10,909,206
	7,000,000	IBM Corp., 1.95%, 2/12/19^		7,172,116
	1,000,000	IBM Corp., 2.25%, 2/19/21		1,031,154

				19,112,476

	Oil, Gas & Consumable Fuels (5.7%):
	14,000,000	Chevron Corp., 1.96%, 3/3/20, Callable 3/2/20 @ 100		14,179,088
	13,331,000	Exxon Mobil Corp., 1.91%, 3/6/20, Callable 6/2/20 @ 100		13,581,276

				27,760,364

	Pharmaceuticals (6.4%):
	4,900,000	Johnson & Johnson Co., 1.65%, 3/1/21, Callable 1/2/21 @ 100		4,984,162
	11,500,000	Merck & Co., Inc., 1.85%, 2/10/20^		11,740,546
	8,000,000	Pfizer, Inc., 2.10%, 5/15/19		8,189,640
	6,000,000	Pfizer, Inc., 1.95%, 6/3/21		6,081,276

				30,995,624

	Software (2.9%):
	9,000,000	Microsoft Corp., 1.85%, 2/12/20, Callable 12/1/20 @ 100		9,198,333
	4,000,000	Microsoft Corp., 3.00%, 10/1/20		4,273,380
	700,000	Microsoft Corp., 2.00%, 11/3/20, Callable 3/10/20 @ 100^		717,865

				14,189,578

	Technology Hardware, Storage & Peripherals (2.5%):
	3,000,000	Apple, Inc., 2.10%, 5/6/19^		3,087,336
	8,745,000	Apple, Inc., 2.25%, 2/23/21, Callable 1/23/21 @ 100^		8,997,538

				12,084,874

	Total Corporate Bonds (Cost $169,296,074)			172,040,701


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds (3.2%):
	Banks (0.2%):
$	600,000	Neder Waterschapsbank, Series E, 1.00%, 12/9/19+	$	802,438

	Diversified Financial Services (0.5%):
	1,024,000	GE Capital UK Funding, Series E, 5.88%, 11/4/20+		1,621,777
	5,000,000	Kommuninvest I Sverige AB, Series 2012, 2.50%, 12/1/20+		646,704
	225,000	Landwirtsch. Rentenbank, Series E, 1.38%, 12/15/20+		307,864

				2,576,345

	Sovereign Bonds (2.5%):
	2,783,000	United Kingdom Treasury, 2.00%, 7/22/20+		3,953,637
	5,910,000	United Kingdom Treasury, 1.50%, 1/22/21+		8,258,206

				12,211,843

	Total Foreign Bonds (Cost $16,386,326)			15,590,626

	Yankee Dollars (60.1%):
	Banks (24.8%):
	5,250,000	Australia & New Zealand Banking Group, Ltd., Regisetred Shares, 2.25%, 6/13/19		5,362,361
	8,000,000	Australia & New Zealand Banking Group, Ltd., Registered Shares, 5.10%, 1/13/20		8,903,944
	4,000,000	BK Nederlandse Gemeenten, Registered Shares, 1.63%, 4/19/21		4,058,240
	1,568,000	Commonwealth Bank of Australia NY, 2.30%, 9/6/19		1,604,796
	12,000,000	Commonwealth Bank of Australia NY, Series G, 2.30%, 3/12/20		12,228,516
	2,000,000	KFW, Series G, 2.75%, 9/8/20		2,128,286
	7,810,000	National Australia Bank Ltd., Registered Shares, 2.25%, 7/1/19		7,948,893
	3,000,000	Nordea Bank AB, Registered Shares, 4.88%, 1/27/20^		3,336,798
	2,000,000	Nordea Bank AB, Registered Shares, 2.50%, 9/17/20(a)		2,050,750
	8,000,000	NRW.Bank, Series E, 2.00%, 9/23/19		8,185,752
	10,000,000	Oesterreichische Kontrollbank AG, 1.38%, 2/10/20		10,069,020
	4,000,000	Oesterreichische Kontrollbank AG, 1.88%, 1/20/21		4,097,652
	3,000,000	Royal Bank of Canada, Series G, 2.15%, 3/15/19^		3,064,926
	6,500,000	Royal Bank of Canada, Series G, 2.15%, 3/6/20^		6,612,098
	2,500,000	Royal Bank of Canada, 2.50%, 1/19/21		2,583,150
	4,630,000	Svenska Handelsbanken AB, 2.50%, 1/25/19		4,767,576
	9,327,000	Svenska Handelsbanken AB, Series G, 2.40%, 10/1/20		9,557,526
	4,000,000	Toronto-Dominion Bank (The), Series BKNT, 2.13%, 7/2/19		4,094,304
	3,411,000	Toronto-Dominion Bank (The), 2.25%, 11/5/19		3,500,303
	1,700,000	Toronto-Dominion Bank (The), Series G, 2.50%, 12/14/20		1,758,402


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Banks, continued
$	5,000,000	Toronto-Dominion Bank (The), 2.13%, 4/7/21	$	5,088,395
	2,000,000	Westpac Banking Corp., 2.30%, 5/26/20^		2,038,878
	7,500,000	Westpac Banking Corp., 2.60%, 11/23/20		7,752,180

				120,792,746

	Diversified Financial Services (21.9%):
	1,978,000	Agence Francaise Develop, 1.63%, 1/21/20		2,000,407
	334,000	Asian Development Bank, Series G, 1.63%, 3/16/21		340,303
	13,000,000	Council of Europe Development Bank, 1.75%, 11/14/19		13,269,529
	13,650,000	Dexia Credit Local SA NY, Registered Shares, 1.88%, 1/29/20		13,764,564
	11,500,000	European Investment Bank, 2.88%, 9/15/20		12,268,752
	11,706,000	GE Capital International Holdings, Ltd., 2.34%, 11/15/20(a)		12,059,065
	1,000,000	Inter-American Development Bank, 2.13%, 11/9/20		1,040,145
	3,000,000	Japan Finance Organization for Municipalities, Registered Shares, 2.13%, 3/6/19		3,046,176
	13,150,000	Kommunalbanken AS, Registered Shares, 1.50%, 10/22/19		13,287,036
	13,000,000	Kommuninvest I Sverige AB, Registered Shares, 2.00%, 11/12/19		13,355,082
	8,612,000	Nederlandse Waterschapsbank NV, Registed Shares, 1.75%, 9/5/19		8,765,544
	4,903,000	Shell International Finance BV, 4.30%, 9/22/19		5,340,161


Principal Amount			Fair Value
	Yankee Dollars, continued
	Diversified Financial Services, continued
$	4,845,000	Shell International Finance BV, 4.38%, 3/25/20	$	5,324,965
	2,700,000	Shell International Finance BV, 2.13%, 5/11/20		2,755,690

				106,617,419

	Oil, Gas & Consumable Fuels (3.0%):
	14,000,000	Statoil ASA, 2.25%, 11/8/19		14,358,190

	Sovereign Bonds (10.4%):
	14,000,000	Land Nordrhein-Westfalen, 1.63%, 1/22/20		14,157,612
	2,000,000	Province of Manitoba, 2.05%, 11/30/20^		2,054,850
	11,000,000	Province of Ontario, 4.00%, 10/7/19		11,976,272
	8,700,000	Province of Quebec, 3.50%, 7/29/20		9,436,316
	2,000,000	Swedish Export Credit Corp., Series G, 1.75%, 8/28/20		2,033,094
	11,000,000	Swedish Export Credit Corp., Series G, 1.75%, 3/10/21		11,208,736

				50,866,880

	Total Yankee Dollars (Cost $288,178,369)			292,635,235

	Securities Held as Collateral for Securities on Loan (4.4%):
	21,338,303	AZL DFA Five-Year Global Fixed Income Fund Securities Lending Collateral Account(b)		21,338,303

	Total Securities Held as Collateral for Securities on Loan (Cost $21,338,303)			21,338,303

	Total Investment Securities (Cost $495,199,072)(c) — 103.1%			501,604,865
	Net other assets (liabilities) — (3.1)%			(15,107,076	)

	Net Assets — 100.0%		$	486,497,789

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, 2016:


Type of Contract	Counterparty		Delivery Date		Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
British Pound		Barclays Bank		7/1/16		9,720,073	$	13,793,245	$	12,937,500	$	855,745
British Pound		State Street		7/1/16		1,558,838		2,215,626		2,074,827		140,799
British Pound		Bank of America		9/29/16		11,296,501		15,225,626		15,048,562		177,064
Swedish Krona		State Street		8/9/16		57,905,223		7,136,758		6,859,460		277,298

							$	38,371,255	$	36,920,349	$	1,450,906

Long Contracts:
British Pound		Bank of America		7/1/16		147,921	$	213,088	$	196,884	$	(16,204	)
Swedish Krona		State Street		8/9/16		52,362,245		6,329,364		6,202,839		(126,525	)

							$	6,542,452	$	6,399,723	$	(142,729	)

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	495,199,072

Investment securities, at value*	$	501,604,865
Cash		2,060,861
Interest and dividends receivable		3,335,614
Foreign currency, at value (cost $32)		31
Unrealized appreciation on forward currency contracts		1,450,906
Receivable for capital shares issued		940,101
Receivable for investments sold		14,088,544
Prepaid expenses		2,995

Total Assets		523,483,917

Liabilities:
Unrealized depreciation on forward currency contracts		142,729
Payable for investments purchased		15,159,272
Payable for collateral received on loaned securities		21,338,303
Manager fees payable		201,214
Administration fees payable		13,571
Distribution fees payable		100,607
Custodian fees payable		8,454
Administrative and compliance services fees payable		359
Trustee fees payable		3,608
Other accrued liabilities		18,011

Total Liabilities		36,986,128

Net Assets	$	486,497,789

Net Assets Consist of:
Capital	$	475,892,946
Accumulated net investment income/(loss)		6,140,873
Accumulated net realized gains/(losses) from investment transactions		(3,057,265	)
Net unrealized appreciation/(depreciation) on investments		7,521,235

Net Assets	$	486,497,789

Shares of beneficial interest (unlimited number of shares authorized, no par value)		47,566,246
Net Asset Value (offering and redemption price per share)	$	10.23

*	Includes securities on loan of $20,717,718.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Interest	$	4,310,388
Dividends		3,200
Income from securities lending		59,160

Total Investment Income		4,372,748

Expenses:
Manager fees		1,464,620
Administration fees		69,104
Distribution fees		610,260
Custodian fees		13,209
Administrative and compliance services fees		3,255
Trustee fees		11,698
Professional fees		13,085
Shareholder reports		3,010
Other expenses		5,659

Total expenses before reductions		2,193,900
Less expenses voluntarily waived/reimbursed by the Manager		(244,100	)

Net expenses		1,949,800

Net Investment Income/(Loss)		2,422,948

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		802,229
Net realized gains/(losses) on forward currency contracts		(155,214	)
Change in net unrealized appreciation/depreciation on investments		12,469,899

Net Realized/Unrealized Gains/(Losses) on Investments		13,116,914

Change in Net Assets Resulting From Operations	$	15,539,862

(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.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $4,757 during the period ended June 30, 2016. 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, 2016, 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 $45 million as of June 30, 2016. The monthly average amount for these contracts was $16 million for the period ended June 30, 2016.

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 transact net amounts in accordance with the master netting agreements at June 30, 2016. 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, 2016.

As of June 30, 2016, 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, 2016:

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 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, the annual rate due to the Manager and the annual expense limit were as follows:

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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $2,896 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016, purchases and sales of long-term U.S. government securities were as follows:

Cost for federal income tax purposes at June 30, 2016 is $495,201,378. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the latest tax year end December 31, 2015, 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 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 (98.2%):
	Aerospace & Defense (1.2%):
	42,107	BAE Systems plc	$	295,196
	6,994	CAE, Inc.		84,515
	89,464	Cobham plc		187,655
	504	Elbit Systems, Ltd.		45,688
	3,429	European Aeronautic Defence & Space Co. NV		199,089
	7,205	Finmeccanica SpA*		73,193
	1,132	LiSi		28,797
	26,648	Meggitt plc		144,530
	1,077	MTU Aero Engines AG		100,738
	12,760	QinetiQ Group plc		38,216
	17,470	Rolls-Royce Holdings plc		165,861
	2,744	Saab AB		85,411
	1,274	Safran SA		86,572
	21,867	Senior plc		60,056
	17,700	Singapore Technologies Engineering, Ltd.		41,793
	1,426	Thales SA		119,663
	2,264	Ultra Electronics Holdings plc		52,650
	1,616	Zodiac Aerospace		38,020

				1,847,643

	Air Freight & Logistics (0.2%):
	9,986	Bollore, Inc.		34,063
	1,363	BPOST SA		34,692
	7,375	Deutsche Post AG		205,871
	3,829	Mainfreight, Ltd.		45,499
	1,146	Oesterreichische Post AG		37,002
	354	Panalpina Welttransport Holdings^		42,329
	15,641	PostNL NV*		64,374
	22,984	Royal Mail plc		155,786
	33,900	Singapore Post, Ltd.		37,102
	2,700	Yamato Holdings Co., Ltd.		61,849

				718,567

	Airlines (0.0%):
	4,229	Air France-KLM*		27,087
	26,921	Air New Zealand, Ltd.		40,448
	40,000	Cathay Pacific Airways, Ltd.		58,684
	5,432	Deutsche Lufthansa AG, Registered Shares		63,231
	2,130	easyJet plc		30,935
	13,156	International Consolidated Airlines Group SA		65,845
	28,692	Qantas Airways, Ltd.		60,479
	6,500	Singapore Airlines, Ltd.		51,564

				398,273

	Auto Components (2.3%):
	6,300	Aisin Sieki Co., Ltd.		255,762
	167	Autoneum Holding AG		39,037
	910	Brembo SpA		50,036
	4,500	Bridgestone Corp.		143,715
	10,000	Calsonic Kansei Corp.		75,800
	2,467	CIE Automotive SA		41,250
	6,152	Compagnie Generale des Establissements Michelin SCA, Class B		582,726
	485	Continental AG		91,133
	4,100	Denso Corp.		144,058
	1,800	Eagle Industry Co., Ltd.		20,848
	1,724	ElringKlinger AG		33,747


Shares			Fair Value
Common Stocks, continued
	Auto Components, continued
	1,700	Exedy Corp.	$	36,290
	2,283	Faurecia		73,309
	70,607	GKN plc		254,099
	874	Grammer AG		35,194
	2,500	Keihin Corp.		38,414
	1,600	Koito Manufacturing Co., Ltd.		73,237
	11,000	KYB Co., Ltd.		35,403
	1,768	Leoni AG		48,222
	919	Linamar Corp.		32,739
	2,972	Magna International, Inc., ADR		104,228
	2,966	Martinrea International, Inc.		18,368
	2,000	Mitsuba Corp.		21,419
	2,300	NGK Spark Plug Co., Ltd.		34,612
	7,300	NHK SPRING Co., Ltd.		58,917
	1,800	Nifco, Inc./Japan		93,717
	2,500	Nissin Kogyo Co., Ltd.		31,931
	1,400	NOK Corp.		23,665
	7,019	Nokian Renkaat OYJ		250,686
	2,024	Plastic Omnium SA		56,898
	2,184	Saf-Holland SA		24,141
	8,000	Sanden Holdings Corp.		21,544
	2,500	Stanley Electric Co., Ltd.		53,098
	17,200	Sumitomo Electric Industries, Ltd.		226,430
	5,700	Sumitomo Rubber Industries, Ltd.		75,918
	2,500	Tokai Rika Co., Ltd.		36,756
	2,500	Topre Corp.		53,046
	4,600	Toyo Tire & Rubber Co., Ltd.		50,041
	3,200	Toyoda Gosei Co., Ltd.		56,885
	3,500	Toyota Boshoku Corp.		72,669
	1,500	TPR Co., Ltd.		28,836
	2,400	TS Tech Co., Ltd.		58,457
	2,000	Unipres Corp.		32,076
	2,301	Valeo SA		102,754
	10,250	Xinyi Automobile Glass Hong*(a)		3,594
	82,000	Xinyi Glass Holdings, Ltd.		60,459
	6,500	Yokohama Rubber Co., Ltd. (The)		81,046

				3,837,210

	Automobiles (3.4%):
	5,703	Bayerische Motoren Werke AG (BMW)		417,909
	6,300	Daihatsu Motor Co., Ltd.		81,837
	13,547	Daimler AG, Registered Shares		807,771
	2,700	Fuji Heavy Industries, Ltd.		92,440
	21,900	Honda Motor Co., Ltd.		553,030
	8,600	Isuzu Motors, Ltd.		105,275
	17,300	Mazda Motor Corp.		231,744
	20,100	Mitsubishi Motors Corp.		91,335
	39,800	Nissan Motor Co., Ltd.		358,690
	2,900	Nissan Shatai Co., Ltd.		28,946
	10,721	PSA Peugeot Citroen SA*		130,569
	2,159	Renault SA		164,490
	5,000	Suzuki Motor Corp.		134,960
	36,500	Toyota Motor Corp.		1,825,149
	557	Volkswagen AG		74,829
	3,300	Yamaha Motor Co., Ltd.		49,980

				5,148,954


Shares			Fair Value
	Common Stocks, continued
	Banks (9.2%):
	14,000	77th Bank	$	48,736
	12,000	Aomori Bank, Ltd. (The)		33,258
	12,000	Aozora Bank, Ltd.		41,467
	21,973	Australia & New Zealand Banking Group, Ltd.		400,527
	12,000	Awa Bank, Ltd. (The)		62,513
	23,992	Banca Popolare dell’Emilia Romarna		88,128
	205,446	Banca Popolare di Milano SCARL(BPML)		85,811
	22,808	Banca Popolare di Sondrio SCARL		58,777
	45,602	Banco Bilbao Vizcaya Argentaria SA		261,289
	61,772	Banco de Sabadell SA		82,525
	28,854	Banco Popolare SC		70,384
	23,927	Banco Popular Espanol SA		31,171
	105,505	Banco Santander SA		410,716
	15,108	Bank Hapoalim BM		76,287
	18,886	Bank Leumi Le-Israel Corp.*		66,614
	24,317	Bank of East Asia, Ltd. (The)		94,505
	1,217	Bank of Georgia Holdings*		43,055
	426,400	Bank of Ireland*		88,846
	900	Bank of Iwate, Ltd. (The)		33,915
	6,000	Bank of Kyoto, Ltd. (The)		36,636
	5,014	Bank of Montreal		317,837
	9,000	Bank of Nagoya, Ltd. (The)		27,978
	9,926	Bank of Nova Scotia		486,473
	1,320	Bank of Okinawa, Ltd. (The)		38,613
	11,648	Bank of Queensland, Ltd.		92,764
	26,561	Bankia SA		19,412
	20,189	Bankinter SA		129,835
	145	Banque Cantonale Vaudoise,Registered Shares Registered Shares		97,019
	19,002	Barclays plc, ADR		144,415
	14,940	Bendigo & Adelaide Bank, Ltd.		108,333
	206	Berner Kantonalbank AG		39,575
	8,314	BNP Paribas SA		373,728
	51,542	BOC Hong Kong Holdings, Ltd.		155,477
	1,553	Canadian Imperial Bank of Commerce		116,584
	2,853	Canadian Western Bank		54,441
	11,000	Chiba Bank, Ltd. (The)		51,891
	5,500	Chugoku Bank, Ltd. (The)		55,941
	25,000	Chuo Mitsui Trust Holdings, Inc.		80,919
	13,092	Commerzbank AG		84,903
	8,865	Commonwealth Bank of Australia		497,351
	15,000	Concordia Financial Group, Ltd.*		58,704
	8,275	Credit Agricole SA		70,083
	4,185	Credito Emiliano SpA		25,528
	55,201	Credito Valtellinese SC		25,332
	24,187	Criteria Caixacorp SA		53,234
	5,046	CYBG plc*		15,936
	19,600	Dah Sing Banking Group, Ltd.		36,400
	6,800	Dah Sing Financial Holdings, Ltd.		41,963
	17,000	Daishi Bank, Ltd. (The)		54,046
	4,394	Danske Bank A/S		116,453
	6,700	DBS Group Holdings, Ltd.		78,958
	3,214	DnB NOR ASA		38,881
	3,122	Erste Group Bank AG		71,385
	2,598	First International Bank of Israel		31,885
	13,000	Fukuoka Financial Group, Inc.		42,762


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	15,000	Gunma Bank, Ltd. (The)	$	54,390
	8,000	Hachijuni Bank, Ltd. (The)		34,754
	2,805	Hang Seng Bank, Ltd.		48,151
	18,000	Hiroshima Bank, Ltd. (The)		59,939
	15,000	Hokkoku Bank, Ltd. (The)		40,412
	43,000	Hokuhoku Financial Group, Inc.		48,892
	11,107	HSBC Holdings plc, ADR		347,760
	13,000	Hyakugo Bank, Ltd. (The)		44,758
	13,000	Hyakujushi Bank, Ltd. (The)		37,764
	31,687	ING Groep NV		329,303
	72,699	Intesa Sanpaolo SpA		139,427
	33,767	Isreal Discount Bank*		58,272
	3,400	Iyo Bank, Ltd. (The)		20,743
	11,000	Joyo Bank, Ltd. (The)		41,009
	17,000	Juroku Bank, Ltd. (The)		44,932
	2,247	Jyske Bank A/S		85,749
	3,747	KBC Groep NV*		183,672
	13,000	Keiyo Bank, Ltd. (The)		48,662
	3,500	Kiyo Bank, Ltd. (The)		43,250
	9,990	Kyushu Financial Group, Inc.		49,544
	836	Laurentian Bank of Canada		31,219
	71,223	Lloyds TSB Group plc, ADR^		211,532
	95	Luzerner Kantonalbank AG		40,128
	109,500	Mitsubishi UFJ Financial Group, Inc.		488,148
	8,000	Miyazaki Bank, Ltd. (The)		19,859
	3,289	Mizrahi Tefahot Bank, Ltd.		38,015
	219,100	Mizuho Financial Group, Inc.		313,725
	1,700	Musashino Bank, Ltd. (The)		38,438
	13,000	Nanto Bank, Ltd. (The)		41,380
	20,187	National Australia Bank, Ltd.		387,696
	4,237	National Bank of Canada		144,940
	12,974	Natixis		49,823
	25,000	Nishi-Nippon City Bank, Ltd. (The)		43,830
	24,822	Nordea Bank AB		209,742
	16,100	North Pacific Bank, Ltd.		43,630
	15,000	Ogaki Kyoritsu Bank, Ltd. (The)		41,413
	19,052	Oversea-Chinese Banking Corp., Ltd.		124,194
	2,199	Raiffeisen International Bank-Holding AG*		27,673
	29,500	Resona Holdings, Inc.		107,476
	169	Ringkjoebing Landbobank A/S		34,657
	8,062	Royal Bank of Canada		476,384
	6,584	Royal Bank of Scotland, ADR*^		30,945
	10,200	Senshu Ikeda Holdings, Inc.		37,991
	7,100	Seven Bank, Ltd.		21,925
	13,000	Shiga Bank, Ltd. (The)		55,503
	25,000	Shinsei Bank, Ltd.		36,087
	10,000	Shizuoka Bank, Ltd. (The)		70,278
	17,110	Skandinaviska Enskilda Banken AB, Class A		148,753
	7,945	Societe Generale		251,049
	4,365	Spar Nord Bank A/S		35,149
	121	St. Galler Kantonalbank AG		46,701
	27,260	Standard Chartered plc		207,314
	12,600	Sumitomo Mitsui Financial Group, Inc.		361,297
	11,115	Svenska Handelsbanken AB, A Shares		134,502
	6,472	Swedbank AB, A Shares		135,430
	3,167	Sydbank A/S		79,834


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	12,000	Toho Bank, Ltd. (The)	$	37,040
	7,500	Tomony Holdings, Inc.		22,516
	10,079	Toronto-Dominion Bank (The)		432,691
	31,027	UBI Banca – Unione di Banche Italiane SCPA		87,012
	34,017	UniCredit SpA		75,924
	8,100	United Overseas Bank, Ltd.		111,876
	404	Valiant Holding AG		38,684
	10,534	Westpac Banking Corp.		233,866
	8,000	Yamagata Bank, Ltd. (The)		31,232
	9,000	Yamaguchi Financial Group, Inc.		84,745
	9,000	Yamanashi Chuo Bank, Ltd. (The)		31,588
	8	Zuger Kantonalbank AG		40,145

				13,405,561

	Beverages (1.7%):
	6,139	A.G. Barr plc^		39,667
	3,231	Anheuser-Busch InBev NV		424,655
	2,300	Asahi Breweries, Ltd.		74,206
	8,796	Britvic plc		68,755
	8,711	C&C Group plc		34,122
	1,347	Carlsberg A/S, Class B		127,851
	5,367	Coca-Cola Amatil, Ltd.		33,113
	2,600	Coca-Cola East Japan Co., Ltd.		49,642
	7,048	Coca-Cola HBC AG		142,126
	2,500	Coca-Cola West Co., Ltd.		70,512
	2,046	Cott Corp.		28,604
	4,973	Davide Campari – Milano SpA		49,264
	4,154	Diageo plc, ADR		468,903
	1,553	Heineken NV		143,482
	2,200	ITO EN, Ltd.		84,721
	10,600	Kirin Holdings Co., Ltd.		178,191
	495	Pernod Ricard SA		55,129
	1,755	Royal Unibrew A/S		78,368
	3,597	SABMiller plc		209,656
	4,000	Sapporo Breweries, Ltd.		115,413
	1,000	Suntory Beverage & Food, Ltd.		45,007
	5,300	Takara Holdings, Inc.		48,551
	24,033	Treasury Wine Estates, Ltd.		166,205

				2,736,143

	Biotechnology (0.3%):
	836	Actelion, Ltd., Registered Shares		140,321
	831	Bavarian Nordic A/S*		29,066
	1,882	CSL, Ltd.		158,200
	495	Genmab A/S*		90,183
	1,727	Genus plc		36,192
	2,522	Grifols SA		56,945
	1,934	Sirtex Medical, Ltd.		37,018

				547,925

	Building Products (0.9%):
	1,800	AICA Kogyo Co., Ltd.		40,947
	22,000	Asahi Glass Co., Ltd.		118,916
	3,786	Assa Abloy AB, Class B		77,630
	15	Belimo Holding AG, Registered Shares		44,672
	11,000	Central Glass Co., Ltd.		47,151
	6,658	Compagnie de Saint-Gobain SA		254,841
	1,500	Daikin Industries, Ltd.		124,992


Shares			Fair Value
	Common Stocks, continued
	Building Products, continued
	371	Geberit AG, Registered Shares	$	140,190
	8,263	Kingspan Group plc		178,782
	4,500	Lixil Group Corp.		73,992
	6,292	Nibe Industrier AB, Class B		52,108
	276	Rockwool International A/S		49,974
	11,100	Sanwa Holdings Corp.		100,334
	44	Schweiter Technologies AG		41,958
	3,000	Takara Standard Co., Ltd.		27,107
	2,500	TOTO, Ltd.		99,075
	2,051	Uponor OYJ		32,291

				1,504,960

	Capital Markets (1.9%):
	22,738	Aberdeen Asset Management plc		87,854
	11,432	Ashmore Group plc		46,275
	851	Avanza Bank Holding AB		32,593
	3,389	Azimut Holding SpA		55,222
	1,975	Banca Generali SpA		39,532
	16,820	Brewin Dolphin Holdings plc		54,029
	2,455	CI Financial Corp.		51,217
	5,744	Close Brothers Group plc		86,807
	13,408	Credit Suisse Group AG		142,925
	15,000	Daiwa Securities Group, Inc.		78,855
	4,489	Deutsche Bank AG, Registered Shares*		61,073
	6,978	Deutsche Bank AG, Registered Shares*		95,808
	2,513	EFG International AG		9,589
	7,427	GAM Holding AG		79,422
	4,000	Guoco Group, Ltd.		42,327
	5,422	Hargreaves Lansdown plc		90,210
	30,449	Henderson Group plc		86,786
	23,365	ICAP plc		131,312
	1,056	IGM Financial, Inc.		28,750
	18,343	Investec plc		115,600
	4,534	IOOF Holdings, Ltd.		26,687
	3,026	Julius Baer Group, Ltd.		121,642
	11,382	Jupiter Fund Management plc		56,104
	186,000	Kingston Financial Group, Ltd.*		84,011
	3,369	Macquarie Group, Ltd.		175,165
	2,210	Magellan Financial Group, Ltd.		37,039
	63,933	Man Group plc		99,066
	21,715	Mediobanca SpA		126,136
	1,300	Nihon M&A Center, Inc.		83,858
	25,400	Nomura Holdings, Inc.		91,032
	172	Partners Group Holding AG		73,775
	1,109	Perpetual, Ltd.		34,309
	5,913	Platinum Asset Management, Ltd.		25,617
	9,785	Ratos AB, B Shares		47,555
	8,000	SBI Holdings, Inc.		79,112
	983	Schroders plc		31,034
	7,500	Tokai Tokyo Financial Holdings, Inc.		31,824
	14,284	Tullett Prebon plc		57,552
	3,019	UBS Group AG		39,126
	21,887	UBS Group AG		283,274
	1,234	Vontobel Holding AG		53,098

				3,073,202


Shares			Fair Value
	Common Stocks, continued
	Chemicals (5.2%):
	3,000	Adeka Corp.	$	36,214
	705	Agrium, Inc.		63,746
	2,015	Air Liquide SA		211,145
	8,000	Air Water, Inc.		117,147
	4,647	AkzoNobel NV		292,315
	2,506	Arkema SA		193,359
	19,000	Asahi Kasei Corp.		131,681
	6,435	BASF SE		490,839
	1,529	Christian Hansen Holding A/S		100,417
	15,093	Clariant AG		255,208
	2,347	Corbion NV		56,553
	2,800	Croda International plc		117,339
	7,400	Daicel Chemical Industries, Ltd.		76,547
	4,100	Dainippon Ink & Chemicals, Inc.		85,359
	21,000	Denka Co., Ltd.		84,448
	11,715	DuluxGroup, Ltd.		55,366
	88	EMS-Chemie Holding AG		45,521
	8,260	Essentra plc		56,689
	905	Frutarom Industries, Ltd.		41,883
	1,212	Fuchs Petrolub SE		47,594
	78	Givaudan SA, Registered Shares		156,784
	4,570	Hexpol AB		46,663
	2,000	Hitachi Chemical Co., Ltd.		37,080
	53,574	Incitec Pivot, Ltd.		120,098
	5,044	Israel Chemicals, Ltd.		19,707
	2,365	Johnson Matthey plc		89,510
	3,100	JSR Corp.		40,797
	6,047	K+S AG, Registered Shares		124,052
	12,000	Kaneka Corp.		79,499
	2,000	Kansai Paint Co., Ltd.		40,294
	5,351	Kemira OYJ		63,926
	2,887	Koninklijke DSM NV		167,255
	5,700	Kuraray Co., Ltd.		67,799
	3,857	Lanxess AG		168,522
	1,595	Linde AG		221,966
	1,700	Lintec Corp.		33,231
	1,559	Methanex Corp.		45,367
	49,400	Mitsubishi Chemical Holdings Corp.		225,341
	15,000	Mitsubishi Gas Chemical Co., Inc.		77,817
	34,000	Mitsui Chemicals, Inc.		124,019
	3,600	Nihon Parkerizing Co., Ltd.		37,704
	8,000	Nippon Kayaku Co., Ltd.		78,901
	1,200	Nippon Shokubai Co., Ltd.		68,481
	8,000	Nippon Soda Co., Ltd.		32,056
	2,300	Nissan Chemical Industries, Ltd.		66,815
	2,100	Nitto Denko Corp.		132,443
	7,000	NOF Corp.		57,812
	3,112	Novozymes A/S, B Shares		149,993
	7,758	Nufarm, Ltd./Australia		43,028
	13,729	Orica, Ltd.		127,159
	4,755	Potash Corp. of Saskatchewan, Inc.		77,221
	2,500	Shin-Etsu Chemical Co., Ltd.		145,851
	6,000	Showa Denko K.K.		56,324
	1,083	Solvay SA		100,659


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	11,000	Sumitomo Bakelite Co., Ltd.	$	50,905
	68,000	Sumitomo Chemical Co., Ltd.		278,899
	1,299	Symrise AG		88,502
	1,106	Syngenta AG		425,252
	16,458	Synthomer plc		70,715
	2,900	Taiyo Nippon Sanso Corp.		26,513
	48,000	Teijin, Ltd.		158,120
	1,223	Tessenderlo Chemie NV*		41,654
	6,500	Toagosei Co., Ltd.		59,627
	12,000	Tokai Carbon Co., Ltd.		29,959
	11,000	Toray Industries, Inc.		93,501
	27,000	Tosoh Corp.		123,874
	11,000	Toyo Ink SC Holdings Co., Ltd.		45,973
	46,000	Toyobo Co., Ltd.		86,679
	52,000	Ube Industries, Ltd.		85,549
	3,768	Umicore SA		194,128
	3,818	Victrex plc		76,989
	597	Wacker Chemie AG		52,148
	678	Yara International ASA		21,538
	10,000	Zeon Corp.		64,486

				7,758,555

	Commercial Services & Supplies (1.7%):
	9,046	Aggreko plc		155,336
	8,204	Babcock International Group plc		99,292
	9,741	Berendsen plc		158,668
	1,644	Bilfinger SE*		48,177
	1,670	Black Diamond Group, Ltd.		6,968
	14,490	Brambles, Ltd.		134,419
	3,615	Caverion Corp.^		23,158
	71,156	Cleanaway Waste Management, Ltd.		42,804
	10,000	Dai Nippon Printing Co., Ltd.		111,082
	4,203	De La Rue plc		28,664
	81	dorma+kaba Holding AG		56,529
	19,612	Downer EDI, Ltd.		56,276
	4,009	Edenred		82,707
	54,731	G4S plc		135,458
	1,369	Gategroup Holding AG		72,129
	14,558	HomeServe plc		103,028
	2,747	Intrum Justitia AB		85,871
	3,900	Kokuyo Co., Ltd.		55,254
	2,256	Lassila & Tikanoja OYJ		41,642
	3,541	Loomis AB		86,119
	5,449	Mears Group plc		28,633
	7,616	Mineral Resources, Ltd.		47,879
	15,147	Mitie Group plc		50,668
	2,100	Nissha Printing		38,639
	2,100	Park24 Co., Ltd.		71,933
	2,696	PayPoint plc		32,611
	1,400	Pilot Corp.		60,273
	7,569	Prosegur Compania de Seguridad SA		45,820
	34,804	Regus plc		134,230
	58,477	Rentokil Initial plc		150,784
	9,539	RPS Group plc		21,971
	1,000	SECOM Co., Ltd.		73,822


Shares			Fair Value
	Common Stocks, continued
	Commercial Services & Supplies, continued
	9,943	Securitas AB, B Shares	$	152,875
	22,019	Shanks Group plc(a)		23,593
	468	Societe BIC SA		66,168
	2,900	Toppan Forms Co., Ltd.		29,847
	10,000	Toppan Printing Co., Ltd.		85,740
	3,070	Transcontinental, Inc.		41,613
	2,055	Waste Connections, Inc.		148,066

				2,888,746

	Communications Equipment (0.2%):
	2,052	Ascom Holding AG		32,603
	4,000	Hitachi Kokusai Electric, Inc.		66,441
	3,860	Mitel Networks Corp.*		24,233
	21,948	Nokia Oyj		124,866
	26,263	Spirent Communications plc		28,571
	17,805	Telefonaktiebolaget LM Ericsson, B Shares		136,146
	3,500	VTech Holdings, Ltd.		36,923

				449,783

	Construction & Engineering (1.8%):
	1,845	ACS, Actividades de Construccion y Servicios SA		50,548
	3,353	Aecon Group, Inc.		45,631
	3,006	Arcadis NV		45,723
	4,202	Astaldi SpA^		17,151
	838	Badger Daylighting, Ltd.		14,596
	30,922	Balfour Beatty plc*		88,883
	4,715	Bouygues SA		136,255
	65	Brookfield Business Partners L.P.*		1,243
	7,304	Carillion plc		23,017
	337	CIE d’Entreprises CFE SA		30,715
	2,966	Cimic Group, Ltd.		79,413
	3,800	ComSys Holdings Corp.		61,297
	2,232	Eiffage SA		159,373
	2,098	Ferrovial SA		40,758
	2,220	FLSmidth & Co. A/S		79,067
	4,361	Fomento de Construcciones y Contratas SA*		36,706
	3,623	Galliford Try plc		44,063
	9,600	Hazama Ando Corp.		52,969
	1,132	Hochtief AG		145,799
	706	Implenia AG		46,602
	4,047	Interserve plc		14,060
	3,000	JGC Corp.		42,636
	2,000	Kajima Corp.		13,815
	6,000	Kandenko Co., Ltd.		48,795
	3,320	Keller Group plc		40,155
	6,038	Kier Group plc		84,977
	6,000	Kinden Corp.		64,594
	13,092	Koninklijke BAM Groep NV		47,898
	2,065	Koninklijke Boskalis Westminster NV		71,217
	13,000	Kumagai Gumi Co., Ltd.		36,598
	3,300	Kyowa Exeo Corp.		40,982
	5,000	Maeda Corp.		38,925
	3,000	Maeda Road Construction Co., Ltd.		50,911
	3,300	Mirait Holdings Corp.		32,379
	5,275	Monadelphous Group, Ltd.		29,588
	2,759	NCC AB		63,905


Shares			Fair Value
	Common Stocks, continued
	Construction & Engineering, continued
	3,000	Nippo Corp.	$	50,813
	15,000	Nishimatsu Construction Co., Ltd.		69,580
	9,000	Obayashi Corp.		95,301
	4,863	Obrascon Huarte Lain SA*		17,051
	10,000	Okumura Corp.		55,047
	5,593	Outotec OYJ*		25,283
	9,343	Peab AB		70,734
	9,700	Penta-Ocean Construction Co., Ltd.		51,003
	8,293	Sacyr SA		13,693
	12,041	Salini Impregilo SpA		34,059
	8,000	Shimizu Corp.		74,484
	4,999	Skanska AB, Class B		104,295
	4,548	SNC-Lavalin Group, Inc.		191,031
	25,700	Sumitomo Mitsui Construction		21,609
	8,000	TAISEI Corp.		65,246
	11,000	Toda Corp.		47,276
	7,100	United Engineers, Ltd.		11,582
	3,316	Vinci SA		236,138
	2,228	WSP Global, Inc.		68,161
	5,431	YIT OYJ		39,012

				3,262,642

	Construction Materials (1.1%):
	20,647	Adelaide Brighton, Ltd.		86,241
	25,027	Boral, Ltd.		117,246
	3,157	Brickworks, Ltd.		33,968
	4,153	Buzzi Unicem SpA		72,639
	6,949	CRH plc, ADR		205,552
	22,791	CSR, Ltd.		62,435
	12,804	Fletcher Building, Ltd.		78,699
	1,996	HeidelbergCement AG		149,640
	873	Imerys SA		55,769
	9,660	Italcementi SpA*		113,256
	7,436	James Hardie Industries SE		113,871
	2,481	LafargeHolcim, Ltd., Registered Shares		102,717
	3,584	LafargeHolcim, Ltd., Registered Shares		149,755
	20,000	Sumitomo Osaka Cement Co., Ltd.		85,542
	40,000	Taiheiyo Cement Corp.		94,288
	767	Vicat		43,480

				1,565,098

	Consumer Finance (0.0%):
	2,700	Hitachi Capital Corp.		53,398
	38,000	Sun Hung Kai Properties, Ltd.		22,389

				75,787

	Containers & Packaging (0.9%):
	11,159	Amcor, Ltd.		124,766
	5,621	BillerudKorsnas AB		83,677
	356	CCL Industries, Inc.		61,963
	42,670	DS Smith plc		220,306
	1,400	FP Corp.		67,594
	1,100	Fuji Seal International, Inc.		38,661
	2,623	Huhtamaki OYJ		109,011
	2,589	Intertape Polymer Group, Inc.		42,248
	314	Mayr Melnhof Karton AG		34,212


Shares			Fair Value
	Common Stocks, continued
	Containers & Packaging, continued
	11,000	Rengo Co., Ltd.	$	71,116
	14,419	RPC Group plc		151,016
	10,558	Smurfit Kappa Group plc		233,996
	5,300	Toyo Seikan Kaisha, Ltd.		100,777
	120	Vidrala SA		6,966

				1,346,309

	Distributors (0.0%):
	2,000	Canon Marketing Japan, Inc.		36,450
	1,179	D’ieteren SA/NV		51,160
	9,411	Inchcape plc		78,980

				166,590

	Diversified Consumer Services (0.0%):
	1,100	Benesse Holdings, Inc.		25,706
	1,861	Dignity plc		63,954
	3,169	EnerCare, Inc.		41,949
	3,457	InvoCare, Ltd.		34,041
	13,423	Slater & Gordon, Ltd.		3,934

				169,584

	Diversified Financial Services (0.8%):
	1,242	Ackermans & Van Haaren NV		152,159
	1,083	ASX, Ltd.		37,075
	4,284	Banca Mediolanum SpA		29,345
	2,585	Bolsas y Mercados Espanoles		72,240
	2,300	Century Tokyo Leasing Corp.		73,844
	10,311	Challenger, Ltd.		66,918
	1,634	Deutsche Boerse AG		133,768
	122,000	First Pacific Co., Ltd.		88,841
	4,990	Hong Kong Exchanges & Clearing, Ltd.		121,676
	16,331	IG Group Holdings plc		176,558
	5,400	Japan Exchange Group, Inc.		61,784
	3,928	London Stock Exchange Group plc		133,033
	772	Onex Corp.		47,211
	9,000	Singapore Exchange, Ltd.		51,282
	1,125	TMX Group, Ltd.		46,810

				1,292,544

	Diversified Telecommunication Services (2.7%):
	974	BCE, Inc.		46,080
	5,708	Belgacom SA		180,730
	20,307	Bezeq Israeli Telecommunication Corp., Ltd. (The)		40,350
	29,763	BT Group plc		164,316
	18,127	Chorus, Ltd.		54,616
	94,000	CITIC Telecom International Holdings, Ltd.		35,475
	21,752	Deutsche Telekom AG, Registered Shares		370,048
	4,973	Elisa OYJ		191,036
	31,120	France Telecom SA		508,243
	88,000	Hutchison Telecommunications Holdings, Ltd.		29,830
	271	Iliad SA		55,080
	16,506	Inmarsat plc		177,135
	25,274	KCOM Group plc		35,519
	53,529	Koninklijke (Royal) KPN NV		194,130
	1,947	Manitoba Telecom Services, Inc.		57,168
	3,000	Nippon Telegraph & Telephone Corp.		140,851
	275,553	PCCW, Ltd.		184,921


Shares			Fair Value
	Common Stocks, continued
	Diversified Telecommunication Services, continued
	37,800	Singapore Telecommunications, Ltd.	$	116,920
	230	Swisscom AG, Registered Shares		114,289
	18,712	Talktalk Telecom Group plc		54,831
	28,144	TDC A/S		137,779
	61,847	Telecom Corp. of New Zealand, Ltd.		156,703
	199,047	Telecom Italia SpA*		163,274
	8,067	Telefonica Deutschland Holding AG		33,218
	19,665	Telefonica SA		187,943
	3,069	Telenor ASA		50,722
	43,030	Telia Co AB		203,071
	17,092	Telstra Corp., Ltd.		71,112
	5,536	TPG Telecom, Ltd.		49,241
	7,553	Vocus Communications, Ltd.		49,242

				3,853,873

	Electric Utilities (1.2%):
	1,357	Acciona SA		98,590
	30,714	AusNet Services		37,677
	4,700	Chubu Electric Power Co., Inc.		66,932
	2,800	Chugoku Electric Power Co., Inc. (The)		35,449
	8,064	CLP Holdings, Ltd.		82,447
	16,344	Contact Energy, Ltd.		60,550
	3,575	Electricite de France		43,938
	1,039	Elia System Operator SA/NV		58,092
	34,052	Enel SpA		151,425
	1,542	Fortis, Inc.		52,128
	4,466	Fortum OYJ		71,543
	53,000	HK Electric Investments, Ltd.(b)		49,524
	4,200	Hokkaido Electric Power Co., Inc.		33,834
	3,200	Hokuriku Electric Power Co.		39,519
	5,961	Hongkong Electric Holdings, Ltd.		54,729
	71,629	Iberdrola SA		483,756
	17,287	Infratil, Ltd.		39,506
	5,100	Kansai Electric Power Co., Inc. (The)*		49,457
	3,800	Kyushu Electric Power Co., Inc.		37,876
	1,090	Red Electrica Corporacion SA		97,165
	8,543	Scottish & Southern Energy plc		178,601
	3,300	Shikoku Electric Power Co., Inc.		38,864
	45,352	Spark Infrastructure Group		82,819
	7,844	Terna SpA		43,701
	3,400	Tohoku Electric Power Co., Inc.		42,644
	10,200	Tokyo Electric Power Co., Inc. (The)*		43,019

				2,073,785

	Electrical Equipment (1.6%):
	35,816	ABB, Ltd.		705,667
	22,000	Fuji Electric Holdings Co., Ltd.		92,387
	34,000	Furukawa Electric Co., Ltd. (The)		78,402
	11,535	Gamesa Corporacion Tecnologica SA		227,770
	18,000	GS Yuasa Corp.		68,570
	784	Huber & Suhner AG		42,220
	19,000	Johnson Electric Holdings, Ltd.		42,466
	2,352	Legrand SA		121,334
	13,000	Mitsubishi Electric Corp.		154,167
	1,508	Nexans SA*		63,524
	1,000	Nidec Corp.		75,491


Shares			Fair Value
	Common Stocks, continued
	Electrical Equipment, continued
	2,914	OSRAM Licht AG	$	150,574
	7,024	Prysmian SpA		153,956
	1,124	Saft Groupe SA		45,537
	2,907	Schneider Electric SA		172,016
	2,158	TKH Group NV		72,983
	3,600	Ushio, Inc.		42,033
	3,491	Vestas Wind Systems A/S		236,952

				2,546,049

	Electronic Equipment, Instruments & Components (1.5%):
	1,900	ALPS Electric Co., Ltd.		35,795
	2,900	Amano Corp.		50,147
	5,400	Anritsu Corp.		31,036
	2,100	Azbil Corp.		61,629
	564	Barco NV		36,848
	2,893	Celestica, Inc.*		26,919
	9,300	Citizen Holdings Co., Ltd.		45,090
	28,281	Electrocomponents plc		98,286
	100,000	FIH Mobile, Ltd.		32,191
	17,236	Halma plc		233,883
	1,951	Hexagon AB, B Shares		71,043
	2,400	Hitachi High-Technologies Corp.		65,382
	80,000	Hitachi, Ltd.		332,601
	1,600	Horiba, Ltd.		69,969
	4,900	IBIDEN Co., Ltd.		55,073
	942	Ingenico Group		110,357
	1,000	Japan Aviation Electronics Industry, Ltd.		13,583
	100	Keyence Corp.		67,455
	2,000	Kyocera Corp.		94,839
	12,062	Laird plc		52,624
	900	Murata Manufacturing Co., Ltd.		100,975
	15,000	Nippon Electric Glass Co., Ltd.		62,580
	28,000	OKI Electric Industry Co., Ltd.		37,247
	2,600	Omron Corp.		84,257
	2,587	Oxford Instruments plc		24,539
	13,225	Premier Farnell plc		29,010
	1,690	Renishaw plc		49,923
	1,700	Ryosan Co., Ltd.		40,501
	6,000	Shimadzu Corp.		89,311
	3,338	Spectris plc		81,260
	5,400	Taiyo Yuden Co., Ltd.		46,992
	2,200	TDK Corp.		122,603
	1,800	Topcon Corp.		17,658
	7,500	Venture Corp., Ltd.		46,098
	4,000	Yaskawa Electric Corp.		51,827
	4,000	Yokogawa Electric Corp.		44,920

				2,514,451

	Energy Equipment & Services (0.6%):
	15,319	AMEC plc		100,244
	1,801	Calfrac Well Services, Ltd.		5,409
	6,691	Canadian Energy Services & Technology Corp.		21,081
	19,396	Compagnie Generale de Geophysique-Veritas*^		13,859
	2,944	Enerflex, Ltd.		24,340
	3,107	Ensign Energy Services, Inc.		17,437
	82,100	Ezion Holdings, Ltd.*		31,825


Shares			Fair Value
	Common Stocks, continued
	Energy Equipment & Services, continued
	4,058	Fugro NV*	$	71,551
	3,904	Hunting plc		25,055
	14,009	John Wood Group plc		128,414
	3,607	Mullen Group, Ltd.		39,370
	1,946	Pason Systems, Inc.		26,905
	6,280	Petrofac, Ltd.		65,256
	10,172	Petroleum Geo-Services ASA*^		24,215
	10,988	Precision Drilling Corp.		58,266
	11,173	ProSafe SE^		1,123
	237,613	Saipem SpA*		95,861
	4,571	SBM Offshore NV		53,252
	356	Schoeller-Blackman Oilfield Equipment AG		21,543
	5,099	Seadrill, Ltd.*^		16,726
	1,191	ShawCor, Ltd.		29,531
	3,500	Subsea 7 SA*		34,278
	2,088	Technip-Coflexip SA		113,544
	785	Tecnicas Reunidas SA		23,442
	2,233	Tenaris SA		32,288
	1,555	TGS NOPEC Geophysical Co. ASA		25,443
	4,080	Trican Well Service, Inc.*		7,801
	4,122	Trinidad Drilling, Ltd.		8,105
	3,566	Vallourec SA*		12,961
	9,498	WorleyParsons, Ltd.		52,337

				1,181,462

	Food & Staples Retailing (2.8%):
	24,500	Aeon Co., Ltd.		379,619
	1,435	Alimentation Couche-Tard, Inc.		61,630
	1,309	Amsterdam Commodities NV		31,929
	1,700	Arcs Co., Ltd.		40,308
	1,200	Axial Retailing, Inc.		41,427
	17,428	Booker Group plc		40,316
	8,586	Carrefour SA		212,387
	813	Casino Guichard-Perrachon SA		45,423
	4,130	Colruyt SA		227,907
	300	Cosmos Pharmaceutical Corp.		60,179
	4,670	Delhaize Group		493,381
	12,838	Distribuidora Internacional de Alimentacion SA		75,399
	2,826	Empire Co., Ltd., Class A		42,025
	1,100	FamilyMart Co., Ltd.		66,828
	6,172	Greggs plc		79,998
	1,600	Heiwado Co., Ltd.		30,993
	973	ICA Gruppen AB		32,524
	43,979	J Sainsbury plc		136,364
	819	Jean Coutu Group, Inc.		12,680
	932	Kesko OYJ, A Shares		36,736
	3,359	Kesko OYJ, B Shares		142,951
	12,531	Koninklijke Ahold NV		278,627
	900	LAWSON, Inc.		71,361
	1,111	Loblaw Cos., Ltd.		59,437
	1,500	Matsumotokiyoshi Holdings Co., Ltd.		72,860
	33,179	Metcash, Ltd.*		47,356
	5,582	Metro AG		170,736
	1,658	Metro, Inc.		57,769
	201	North West Co., Inc. (The)		4,584


Shares			Fair Value
	Common Stocks, continued
	Food & Staples Retailing, continued
	947	Rallye SA	$	16,408
	4,300	Seven & I Holdings Co., Ltd.		179,548
	1,668	Sligro Food Group NV		64,202
	900	Sundrug Co., Ltd.		83,692
	84,631	Tesco plc*		197,959
	800	Tsuruha Holdings, Inc.		96,101
	2,200	Valor Co., Ltd.		58,317
	5,821	Wesfarmers, Ltd.		175,270
	1,644	Weston (George), Ltd.		142,295
	73,884	William Morrison Supermarkets plc		185,296
	11,834	Woolworths, Ltd.		185,745

				4,438,567

	Food Products (2.9%):
	823	AAK AB		58,482
	3,000	Ajinomoto Co., Inc.		70,434
	535	Aryzta AG		19,665
	1,293	Associated British Foods plc		46,873
	68	Barry Callebaut AG, Registered Shares		83,542
	1,100	Calbee, Inc.		45,670
	1	Chocoladefabriken Lindt & Spruengli AG, Registered Shares		71,386
	11,579	Cloetta AB		39,788
	1,614	Cranswick plc		44,958
	7,971	Dairy Crest Group plc		57,080
	3,437	Danone SA		242,318
	10,087	Devro plc		34,813
	3,219	Ebro Foods SA		73,975
	111	Emmi AG		67,633
	16,300	First Resources, Ltd.		19,026
	2,500	Fuji Oil Co., Ltd./Osaka		46,261
	3,495	Glanbia plc		65,941
	108,900	Golden Agri-Resources, Ltd.		28,559
	8,318	GrainCorp, Ltd.		53,831
	19,304	Greencore Group plc		79,192
	2,100	House Foods Group, Inc.		48,473
	1,567	Kerry Group plc, Class A		139,206
	3,564	Maple Leaf Foods, Inc.		76,119
	4,006	Marine Harvest		67,425
	1,600	Meiji Holdings Co., Ltd.		162,473
	11,000	Morinaga Milk Industry Co., Ltd.		76,256
	25,816	Nestle SA, Registered Shares		1,991,948
	15,000	Nichirei Corp.		137,104
	4,000	Nippon Meat Packers, Inc.		97,197
	13,500	Nippon Suisan Kaisha, Ltd.		68,975
	1,000	Nisshin Seifun Group, Inc.		15,987
	1,700	Petra Foods, Ltd.		3,675
	1,601	Saputo, Inc.		47,554
	2,649	Suedzucker AG		58,267
	17,940	Tate & Lyle plc		159,935
	432	Vilmorin & CIE SA		27,992
	1,207	Viscofan SA		66,837
	30,000	Vitasoy International Holdings, Ltd.		54,543
	600	Yakult Honsha Co., Ltd.		30,890
	2,000	Yamazaki Baking Co., Ltd.		55,473

				4,635,756


Shares			Fair Value
	Common Stocks, continued
	Gas Utilities (0.5%):
	7,536	APA Group	$	52,186
	6,219	Enagas SA		189,174
	1,852	Gas Natural SDG SA^		36,722
	29,697	Hong Kong & China Gas Co., Ltd.		54,246
	15,000	Osaka Gas Co., Ltd.		57,447
	1,145	Rubis SA		87,783
	15,848	Snam SpA		94,800
	4,316	Superior Plus Corp.		35,616
	10,000	Toho Gas Co., Ltd.		81,371
	11,000	Tokyo Gas Co., Ltd.		45,164

				734,509

	Health Care Equipment & Supplies (1.2%):
	2,394	Ansell, Ltd.		32,711
	1,400	Asahi Intecc Co., Ltd.		67,912
	689	bioMerieux		93,564
	1,114	Carl Zeiss Meditec AG		45,043
	1,072	Cochlear, Ltd.		97,206
	586	Coloplast A/S, Class B		43,750
	804	DiaSorin SpA		49,328
	297	Draegerwerk AG & Co. KGaA		18,142
	11,631	Elekta AB, B Shares^		93,885
	1,745	Essilor International SA Compagnie Generale d’Optique		232,215
	13,820	Fisher & Paykel Healthcare Corp., Ltd.		99,172
	5,613	Getinge AB, B Shares		115,322
	4,359	GN Store Nord A/S		78,771
	2,000	HOYA Corp.		71,219
	6,000	JEOL, Ltd.		22,900
	1,500	Nihon Kohden Corp.		42,036
	4,000	Nikkiso Co., Ltd.		25,735
	6,500	Nipro Corp.		80,352
	1,300	Olympus Co., Ltd.		48,372
	1,192	Sartorius AG		87,360
	876	Sartorius Stedim Biotech		59,438
	1,314	Smith & Nephew plc		22,281
	253	Sonova Holding AG, Registered Shares		33,625
	268	Straumann Holding AG, Registered Shares		105,931
	1,700	Sysmex Corp.		116,221
	2,400	Terumo Corp.		101,778
	3,305	William Demant Holding A/S*		64,284

				1,948,553

	Health Care Providers & Services (0.6%):
	2,200	Alfresa Holdings Corp.		45,822
	4,556	Ebos Group, Ltd.		53,239
	1,153	Fagron*		10,183
	1,646	Fresenius Medical Care AG & Co., KGaA		142,401
	2,229	Fresenius SE & Co. KGaA		164,222
	1,779	Korian-Medica		57,599
	1,404	Medical Facilities Corp.		20,629
	4,000	Medipal Holdings Corp.		65,645
	1,900	Miraca Holdings, Inc.		81,890
	22,099	Primary Health Care, Ltd.		65,465
	1,233	Ramsay Health Care, Ltd.		66,285
	1,312	Rhoen-Klinikum AG		38,496


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	2,200	Ship Healthcare Holdings, Inc.	$	67,917
	53,793	Sigma Pharmaceuticals, Ltd.		45,584
	2,235	Sonic Healthcare, Ltd.		36,119
	2,500	Suzuken Co., Ltd.		78,604
	2,700	Toho Holdings Co., Ltd.		64,853
	5,813	UDG Healthcare plc		45,769

				1,150,722

	Health Care Technology (0.0%):
	14,160	AGFA-Gevaert NV*		46,331
	2,100	M3, Inc.		72,740

				119,071

	Hotels, Restaurants & Leisure (1.8%):
	2,757	Accor SA		106,872
	3,700	Accordia Golf Co., Ltd.		38,604
	21,328	Ardent Leisure Group		30,072
	8,600	Aristocrat Leisure, Ltd.		88,839
	4,254	Autogrill SpA		34,386
	14,000	Cafe de Coral Holdings, Ltd.		43,871
	875	Carnival plc, ADR		39,191
	7,672	Compass Group plc		146,214
	1,951	Domino’s Pizza Enterprises, Ltd.		99,711
	17,247	Domino’s Pizza Group PLC		76,751
	20,405	Enterprise Inns plc*		21,968
	1,133	Flight Centre, Ltd.		26,871
	12,010	Galaxy Entertainment Group, Ltd.		35,785
	48,300	Genting Singapore plc		26,366
	1,257	Great Canadian Gaming Corp.*		17,486
	8,500	Greene King plc		88,712
	6,570	GVC Holdings plc		49,484
	1,100	HIS Co., Ltd.		35,426
	31,000	Hongkong & Shanghai Hotels (The)		31,445
	1,138	Intercontinental Hotels Group plc, ADR*		42,686
	3,056	JD Wetherspoon plc		28,920
	23,554	Ladbrokes plc		35,272
	21,786	Marston’s plc		39,180
	20,912	Merlin Entertainments plc		124,183
	6,833	Millennium & Copthorne Hotels		36,280
	9,215	Mitchells & Butlers plc		28,659
	78,000	NagaCorp, Ltd.		51,966
	900	Oriental Land Co., Ltd.		58,051
	1,016	Paddy Power Betfair plc		107,245
	1,472	Paddy Power plc		154,803
	12,439	Rank Group plc		35,835
	1,500	Resorttrust, Inc.		32,262
	12,657	Restaurant Group plc (The)		48,778
	1,200	Saint Marc Holdings Co., Ltd.		36,220
	11,220	Sands China, Ltd.		37,988
	64,000	Shangri-La Asia, Ltd.		64,535
	30,855	SJM Holdings, Ltd.		18,907
	28,970	Sky City Entertainment Group, Ltd.		94,696
	806	Sodexo SA		86,807
	5,401	Ssp Group PLC		20,127
	25,381	Star Entertainment Group, Ltd. (The)		102,615
	23,303	Tabcorp Holdings, Ltd.		79,653


Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
	42,047	Tatts Group, Ltd.	$	120,273
	50,634	Thomas Cook Group plc*		42,679
	9,000	Tokyo Dome Corp.		40,551
	5,354	TUI AG		60,773
	6,856	Unibet Group plc		62,743
	2,213	Whitbread plc		103,416
	24,720	William Hill plc		85,606
	16,830	Wynn Macau, Ltd.		24,436
	5,600	Zensho Holdings Co., Ltd.		81,686

				3,025,885

	Household Durables (2.1%):
	2,000	Alpine Electronics, Inc.		19,463
	38,918	Barratt Developments plc		213,087
	4,643	Bellway plc		117,368
	5,073	Berkeley Group Holdings plc (The)		172,664
	2,759	Bonava AB*		33,274
	5,074	Bovis Homes Group plc		50,035
	2,000	Casio Computer Co., Ltd.		28,584
	9,906	Crest Nicholson Holdings plc		47,132
	1,800	De’Longhi		42,850
	1,469	Dorel Industries, Inc.		39,096
	3,583	Electrolux AB, Series B		97,351
	63	Forbo Holding AG		74,858
	1,600	Foster Electric Co., Ltd.		25,135
	5,500	Haseko Corp.		54,900
	15,466	Husqvarna AB, B Shares		114,777
	2,800	Iida Group Holdings Co., Ltd.		57,039
	4,175	JM AB		104,637
	31,200	Man Wah Holdings, Ltd.		45,001
	3,900	Nikon Corp.		52,709
	6,591	Nobia AB		57,224
	14,500	Panasonic Corp.		125,480
	13,107	Persimmon plc		255,727
	18,200	Pioneer Corp.*		31,638
	9,947	Redrow plc		42,640
	2,500	Sangetsu Co., Ltd.		46,699
	1,136	SEB SA		136,932
	13,000	Sekisui Chemical Co., Ltd.		159,372
	9,100	Sekisui House, Ltd.		158,377
	55,000	Sharp Corp.*		58,932
	9,500	Sony Corp.		278,069
	2,200	Starts Corp., Inc.		43,494
	4,800	Sumitomo Forestry Co., Ltd.		64,760
	124,926	Taylor Wimpey plc		223,163
	20,687	Techtronic Industries Co., Ltd.		86,604
	4,830	Tomtom NV*		37,481

				3,196,552

	Household Products (0.6%):
	412	Henkel AG & Co. KGaA		44,266
	630	Henkel AG & Co. KGaA		76,597
	6,000	Lion Corp.		98,339
	6,605	PZ Cussons plc		29,020
	2,504	Reckitt Benckiser Group plc		251,870
	11,186	Svenska Cellulosa AB, B Shares		356,843


Shares			Fair Value
	Common Stocks, continued
	Household Products, continued
	1,800	Unicharm Corp.	$	40,101

				897,036

	Independent Power and Renewable Electricity Producers (0.1%):
	4,545	Algonquin Power & Utilities Corp.		41,833
	1,824	Capital Power Corp.		27,223
	5,914	Drax Group plc		25,769
	1,300	Electric Power Development Co., Ltd.		30,220
	3,741	Innergex Renewable Energy, Inc.		41,962
	2,649	Northland Power, Inc.		45,524
	9,048	Transalta Corp.		47,069

				259,600

	Industrial Conglomerates (1.0%):
	13,430	CK Hutchison Holdings, Ltd.		147,803
	375	Daetwyler Holding AG		50,059
	1,985	DCC plc		174,501
	20,000	Hopewell Holdings, Ltd.		63,623
	980	Indus Holding AG		45,499
	11,000	Keihan Electric Railway Co., Ltd.		76,005
	9,300	Keppel Corp., Ltd.		38,200
	1,483	Koninklijke philips Electronics NV, NY Shares		36,986
	2,622	Koninklijke Philips Electronics NV		65,414
	8,000	Nisshinbo Holdings, Inc.		72,216
	1,487	Nolato AB		38,957
	24,540	NWS Holdings, Ltd.		38,986
	1,414	Rheinmetall AG		83,497
	15,900	SembCorp Industries, Ltd.		33,496
	70,000	Shun Tak Holdings, Ltd.		22,193
	5,565	Siemens AG, Registered Shares		569,987
	3,641	Smiths Group plc		56,071
	9,000	Toshiba Corp.*		24,594

				1,638,087

	Insurance (5.1%):
	4,407	Admiral Group plc		120,265
	29,525	AEGON NV		117,755
	8,296	Ageas NV		286,582
	67,040	AIA Group, Ltd.		403,990
	39,825	AMP, Ltd.		154,543
	4,194	Assicurazioni Generali SpA		49,376
	11,390	Aviva plc, ADR		121,759
	13,553	AXA SA		272,236
	1,614	Baloise Holding AG, Registered Shares		180,051
	21,869	Beazley plc		106,228
	7,122	Chesnara plc		25,822
	3,618	CNP Assurances SA		53,617
	7,700	Dai-ichi Life Insurance Co., Ltd. (The)		85,384
	3,792	Delta Lloyd NV		13,467
	45,559	Direct Line Insurance Group plc		210,649
	11,141	Esure Group plc		42,282
	569	Euler Hermes Group		47,858
	436	Fairfax Financial Holdings, Ltd.		234,853
	1,983	Gjensidige Forsikring ASA		32,940
	1,405	Great-West Lifeco, Inc.		37,066
	2,030	Grupo Catalana Occidente SA		56,489


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	846	Hannover Rueck SE	$	88,385
	221	Helvetia Patria Holding AG		115,355
	9,358	Hiscox, Ltd.		129,022
	2,622	Industrial Alliance Insurance & Financial Services, Inc.		82,427
	45,041	Insurance Australia Group, Ltd.		184,940
	655	Intact Financial Corp.		46,795
	4,510	Jardine Lloyd Thompson Group plc		56,721
	7,511	Lancashire Holdings, Ltd.		58,825
	79,174	Legal & General Group plc		205,179
	13,895	Manulife Financial Corp.		189,945
	31,539	MAPFRE SA		69,734
	26,388	Medibank Private, Ltd.		58,192
	3,700	MS&AD Insurance Group Holdings, Inc.		95,305
	1,291	Muenchener Rueckversicherungs-Gesellschaft AG		215,732
	12,188	NIB Holdings, Ltd.		38,460
	2,500	NKSJ Holdings, Inc.		66,233
	52,461	Old Mutual plc		141,383
	8,574	Phoenix Group Holdings		92,238
	3,796	Prudential plc, ADR		129,102
	17,328	QBE Insurance Group, Ltd.		135,961
	21,669	RSA Insurance Group plc		144,685
	2,720	Sampo OYJ, A Shares		111,112
	5,444	SCOR SA		163,979
	3,984	Societa Cattolica di Assicuraz		25,291
	3,000	Sony Financial Holdings, Inc.		33,678
	11,933	St. James Place plc		127,793
	20,910	Standard Life plc		82,163
	15,216	Storebrand ASA*		57,431
	4,456	Sun Life Financial, Inc.		146,290
	16,334	Suncorp-Metway, Ltd.		149,585
	1,205	Swiss Life Holding AG, Registered Shares		278,456
	2,675	Swiss Re AG		233,937
	7,900	T&D Holdings, Inc.		66,709
	1,863	Talanx AG		55,221
	3,900	Tokio Marine Holdings, Inc.		129,029
	3,403	Topdanmark A/S*		81,185
	2,732	Tryg A/S		48,769
	10,083	Unipol Gruppo Finanziario SpA		23,710
	34,458	UnipolSai SpA		51,789
	3,622	Uniqa Insurance Group AG		21,817
	1,431	Vienna Insurance Group Weiner Staeditische Versicherung AG		27,126
	1,394	Zurich Insurance Group AG		345,011

				7,257,912

	Internet & Catalog Retail (0.2%):
	18,019	Home Retail Group plc		36,587
	7,431	N Brown Group plc		17,542
	13,793	Ocado Group plc*		42,494
	3,500	Rakuten, Inc.		37,755
	1,600	Start Today Co., Ltd.		85,031
	1,921	Takkt AG		37,805
	12,361	Trade Me Group, Ltd.		40,928
	1,761	Yoox SpA*		40,873

				339,015


Shares			Fair Value
	Common Stocks, continued
	Internet Software & Services (0.4%):
	6,464	Carsales.com, Ltd.	$	59,689
	2,300	DeNA Co., Ltd.		53,371
	3,000	GMO Internet, Inc.		31,081
	6,300	Gree, Inc.		35,515
	2,100	Internet Initiative Japan, Inc.		42,716
	3,100	Kakaku.com, Inc.		61,118
	15,276	Moneysupermarket.com Group plc		55,224
	5,422	Netent AB*		53,650
	3,213	Rightmove plc		156,606
	2,596	United Internet AG, Registered Shares		107,097
	8,400	Yahoo! Japan Corp.		36,998

				693,065

	IT Services (0.9%):
	1,450	Alten SA		85,697
	4,218	Altran Technologies SA		56,592
	4,419	Amadeus IT Holding SA		193,563
	3,551	Atea ASA		33,899
	3,113	Atos Origin SA		259,987
	626	Bechtle AG		65,740
	1,081	Cap Gemini SA		94,328
	1,045	CGI Group, Inc.*		44,632
	3,428	Computacenter plc		33,982
	7,580	Computershare, Ltd.		52,198
	1,168	DH Corp.		29,033
	4,312	Econocom Group SA/NV*		49,654
	32,000	Fujitsu, Ltd.		117,281
	4,428	IRESS, Ltd.		36,228
	3,200	IT Holdings Corp.		73,483
	1,900	Itochu Techno-Solutions Corp.		40,841
	10,956	NCC Group plc		38,316
	3,900	Nihon Unisys, Ltd.		47,989
	1,320	Nomura Research Institute, Ltd.		48,082
	1,100	NTT Data Corp.		51,843
	1,500	SCSK Corp.		55,735
	462	Sopra Steria Group		47,943
	4,001	Tieto OYJ		109,658

				1,666,704

	Leisure Products (0.3%):
	6,131	Amer Sports OYJ		168,358
	2,200	Heiwa Corp.		44,390
	2,400	Namco Bandai Holdings, Inc.		61,678
	16,103	Photo-Me International plc		29,600
	1,700	Sankyo Co., Ltd.		63,388
	5,700	Sega Sammy Holdings, Inc.		61,205
	400	Shimano, Inc.		60,631
	3,800	Yamaha Corp.		102,144

				591,394

	Life Sciences Tools & Services (0.6%):
	823	AddLife AB*^		9,958
	306	Eurofins Scientific SE		113,736
	1,884	Gerresheimer AG		144,698
	2,438	Lonza Group AG, Registered Shares		404,133
	1,908	QIAGEN NV*		41,321


Shares			Fair Value
	Common Stocks, continued
	Life Sciences Tools & Services, continued
	7,395	QIAGEN NV*	$	161,285
	250	Tecan Group AG		38,948

				914,079

	Machinery (3.8%):
	6,065	Aalberts Industries NV		182,923
	1,760	Alfa Laval AB		27,636
	8,600	AMADA Co., Ltd.		86,970
	1,528	Andritz AG		72,594
	2,900	Asahi Diamond Industrial Co., Ltd.		22,349
	3,026	Atlas Copco AB, A Shares		78,383
	1,756	Atlas Copco AB, B Shares		41,474
	1,558	Beijer Alma AB		34,909
	7,444	Bodycote plc		51,225
	316	Bucher Industries AG		74,106
	87	Burckhardt Compression Holding		27,070
	1,990	Cargotec OYJ		80,493
	9,994	CNH Industrial NV		72,650
	111	Construcciones y Auxiliar de Ferrocarriles SA		37,902
	52	Conzzeta AG		33,249
	3,600	DMG Mori Co., Ltd.		34,412
	878	Duerr AG		66,722
	18,000	Ebara Corp.		98,913
	800	FANUC Corp.		129,513
	3,400	Fujitec Co., Ltd.		29,204
	2,307	GEA Group AG		108,418
	241	Georg Fischer AG		192,318
	2,000	Glory, Ltd.		54,010
	2,253	Haldex AB^		21,520
	15,038	Heidelberger Druckmaschinen AG*		41,581
	3,900	Hino Motors, Ltd.		38,599
	3,100	Hitachi Construction Machinery Co., Ltd.		44,889
	6,700	Hitachi Zosen Corp.		32,194
	22,000	IHI Corp.		58,934
	8,753	IMI plc		113,086
	2,147	Interpump Group SpA		33,743
	13,000	Japan Steel Works, Ltd. (The)		58,992
	6,700	JTEKT Corp.		75,550
	2,600	Juki Corp.		23,153
	2,925	Jungheinrich AG		88,210
	22,000	Kawasaki Heavy Industries, Ltd.		61,569
	2,997	Kion Group AG		144,944
	12,500	Komatsu, Ltd.		217,182
	3,618	Kone OYJ, B Shares		167,028
	1,652	Konecranes OYJ		41,630
	438	Krones AG		46,318
	8,000	Kubota Corp.		107,163
	478	Kuka AG		56,598
	3,200	Kurita Water Industries, Ltd.		71,208
	4,000	Makino Milling Machine Co., Ltd.		20,282
	1,100	Makita Corp.		72,543
	13,000	Meidensha Corp.		42,009
	4,810	Melrose Industries plc		27,301
	2,898	Metso Corp. OYJ		68,467
	5,000	Minebea Co., Ltd.		33,658


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	43,000	Mitsubishi Heavy Industries, Ltd.	$	171,675
	37,000	Mitsui Engineering & Shipbuilding Co., Ltd.		50,792
	9,923	Morgan Advanced Materials plc		30,783
	2,100	Nabtesco Corp.		50,152
	11,000	Nachi-Fujikoshi Corp.		33,382
	3,000	NGK Insulators, Ltd.		60,243
	1,099	NKT Holding A/S		55,707
	890	Norma Group SE		42,009
	6,900	NSK, Ltd.		51,042
	25,000	NTN Corp.		66,881
	8,914	OC Oerlikon Corp. AG		78,164
	5,000	Okuma Corp.		32,670
	1,900	OSG Corp.		31,460
	118	Rational AG		54,450
	39,540	Rotork plc		113,491
	16,351	Sandvik AB		163,034
	214	Schindler Holding AG, Registered Shares		38,963
	15,600	SembCorp Marine, Ltd.		18,215
	767	Semperit AG		25,515
	4,000	Shinmaywa Industries, Ltd.		24,707
	5,919	SKF AB, B Shares		94,548
	2,119	Spirax-Sarco Engineering plc		105,757
	1,147	Sulzer AG, Registered Shares		99,737
	11,000	Sumitomo Heavy Industries, Ltd.		48,016
	8,000	Tadano, Ltd.		66,535
	2,100	Takeuchi Manufacturing Co., Ltd.		27,044
	2,200	THK Co., Ltd.		37,335
	8,465	Trelleborg AB		149,511
	9,000	Tsubakimoto Chain Co.		55,222
	5,691	Valmet Corp.		75,744
	9,513	Vesuvius plc		36,692
	3,857	Volvo AB, A Shares		38,052
	19,425	Volvo AB, B Shares		191,897
	1,388	Wacker Neuson SE		21,429
	2,713	Wartsila Corp. OYJ, Class B		111,011
	6,011	Weir Group plc (The)		116,048
	3,727	Zardoya Otis SA		34,921

				5,948,628

	Marine (0.2%):
	42	A.P. Moeller – Maersk A/S, Class A		53,452
	75	A.P. Moeller – Maersk A/S, Class B		98,903
	1,685	DFDS A/S		73,333
	7,971	Irish Continental Group		37,291
	37,000	Kawasaki Kisen Kaisha, Ltd.^		86,896
	534	Kuehne & Nagel International AG, Registered Shares		74,681
	17,000	Mitsui O.S.K. Lines, Ltd.		36,044
	42,600	Neptune Orient Lines, Ltd.*		41,109
	34,000	Nippon Yusen Kabushiki Kaisha		59,620
	8,500	Orient Overseas International, Ltd.		29,262
	93,000	Pacific Basin Shipping, Ltd.*		8,787

				599,378


Shares			Fair Value
	Common Stocks, continued
	Media (2.4%):
	1,800	Asatsu-DK, Inc.	$	42,402
	2,296	Atresmedia Corp. de Medios de Comuicacion SA		22,323
	2,500	Avex Group Holdings, Inc.		28,196
	1,273	Axel Springer AG		66,702
	912	Cineplex, Inc.		36,415
	8,601	Cineworld Group plc		62,713
	546	Cogeco Communications, Inc.		28,657
	2,595	Corus Entertainment, Inc.		26,758
	1,398	CTS Eventim AG & Co. KGaA		42,525
	1,200	Cyberagent, Inc.		72,048
	1,600	Daiichikosho Co., Ltd.		66,988
	8,644	Daily Mail & General Trust plc		68,890
	700	Dentsu, Inc.		32,710
	2,163	Euromoney Institutional Investor plc		27,203
	6,151	Eutelsat Communications SA		117,214
	3,775	Event Hospitality And Entertainment, Ltd.		40,947
	969	GFK SE		38,713
	21,407	Informa plc		209,609
	1,711	Ipsos		48,610
	19,044	ITE Group plc		36,294
	40,885	ITV plc		98,745
	1,949	JCDecaux SA		66,126
	109,074	John Fairfax Holdings, Ltd.		76,390
	4,913	Lagardere SCA		107,818
	3,548	Liberty Global plc, Series C*		101,650
	1,449	Liberty Global plc, Class A*		42,108
	181	Liberty Global plc, Class A*		5,834
	443	Liberty Global plc, Class C*		14,386
	1,881	M6 Metropole Television SA		31,385
	3,072	Mediaset Espana Comunicacion SA		34,394
	15,032	Mediaset SpA		52,905
	1,809	Modern Times Group, Class B		47,826
	21,188	Nine Entertainment Co. Holdings, Ltd.		16,712
	7,175	Pearson plc, ADR		93,203
	1,402	Publicis Groupe SA		94,970
	909	Quebecor, Inc., Class B		26,050
	1,012	REA Group, Ltd.		45,046
	11,910	RELX NV		207,818
	5,236	RELX plc, ADR		97,913
	414	RTL Group		33,761
	3,111	SES Global, Class A		67,191
	33,424	Seven West Media, Ltd.		26,673
	4,910	Shaw Communications, Inc.		94,271
	11,700	Singapore Press Holdings, Ltd.		34,552
	18,618	Sky Network Television, Ltd.		63,378
	7,900	SKY Perfect JSAT Holdings, Inc.		36,339
	17,119	Sky plc		194,270
	4,175	Societe Television Francaise 1		44,675
	983	Stroeer Media SE		44,985
	9,443	Technicolor SA		58,576
	1,063	Telenet Group Holding NV*		48,513
	18,900	Television Broadcasts, Ltd.		64,909
	2,145	Thomson Reuters Corp.		86,701
	13,261	Trinity Mirror plc		15,575
	8,312	Ubm plc		71,147


Shares			Fair Value
	Common Stocks, continued
	Media, continued
	6,920	Vivendi Universal SA	$	131,096
	10,595	Wolters Kluwer NV		432,908
	10,567	WPP plc		219,360

				4,146,076

	Metals & Mining (4.5%):
	8,736	Acacia Mining plc		52,412
	4,775	Acerinox SA		52,888
	2,655	Agnico Eagle Mines, Ltd.		142,043
	2,800	Agnico Eagle Mines, Ltd.		149,862
	2,632	Alamos Gold, Inc., Class A		22,636
	80,748	Alumina, Ltd.^		78,937
	15,758	Anglo American plc		152,998
	13,786	Antofagasta plc		85,627
	2,604	Aperam SA		91,761
	10,493	ArcelorMittal*		48,304
	1,158	AuRico Metals, Inc.*		914
	1,644	Aurubis AG		74,493
	42,552	B2Gold Corp.*		106,726
	4,701	Barrick Gold Corp.		100,367
	2,087	Bekaert NV		90,078
	62,786	BHP Billiton, Ltd.		894,015
	7,270	Billiton plc, ADR		184,513
	25,458	BlueScope Steel, Ltd.		122,041
	9,186	Boliden AB		178,520
	57,966	Centamin plc		101,952
	4,197	Centerra Gold, Inc.		25,017
	13,000	Daido Steel Co., Ltd.		44,329
	4,038	Dominion Diamond Corp.		35,696
	11,000	DOWA Mining Co.		56,297
	14,182	Eldorado Gold Corp.		63,785
	20,239	EVRAZ plc*		36,874
	7,322	First Majestic Silver Corp.*		99,474
	13,662	First Quantum Minerals, Ltd.		95,924
	31,774	Fortescue Metals Group, Ltd.		85,497
	3,312	Fresnillo plc		73,179
	29,237	Glencore International plc		59,724
	6,771	Goldcorp, Inc.		129,529
	1,236,000	G-Resources Group, Ltd.		23,596
	3,883	Hill & Smith Holdings plc		46,054
	4,000	Hitachi Metals, Ltd.		40,476
	11,106	Hudbay Minerals, Inc.		53,045
	14,898	IAMGOLD Corp.*		61,700
	7,621	Iluka Resources, Ltd.		37,272
	11,479	Independence Group NL		28,366
	5,400	JFE Holdings, Inc.		69,888
	10,204	Kazakhmys plc*		18,562
	39,036	Kinross Gold Corp.*		191,585
	100,000	Kobe Steel, Ltd.		81,429
	4,862	Lucara Diamond Corp.		13,098
	20,527	Lundin Mining Corp.*		69,281
	32,000	Mitsubishi Materials Corp.		76,232
	29,000	Mitsui Mining & Smelting Co., Ltd.		48,020
	7,415	Nevsun Resources, Ltd.		21,755
	25,136	New Gold, Inc.*		109,938


Shares			Fair Value
	Common Stocks, continued
	Metals & Mining, continued
	9,805	Newcrest Mining, Ltd.*	$	168,559
	23,200	Nippon Light Metal Holdings Co.		51,203
	14,300	Nippon Steel Corp.		273,297
	4,300	Nisshin Steel Co., Ltd.		54,613
	19,210	Norsk Hydro ASA		70,251
	19,938	Northern Star Resources, Ltd.		73,603
	4,300	Nyrstar NV*		40,826
	12,873	OceanaGold Corp.		49,128
	9,849	Outokumpu OYJ*		41,278
	13,670	OZ Minerals, Ltd.		58,116
	7,653	Pan American Silver Corp.		126,069
	15,045	Petra Diamonds, Ltd.		23,376
	2,072	Randgold Resources, Ltd.		232,603
	9,330	Rio Tinto plc, Registered Shares, ADR		292,029
	8,792	Rio Tinto, Ltd.		302,689
	1,982	Salzgitter AG		52,218
	6,434	Semafo, Inc.*		30,880
	2,225	Silver Wheaton Corp.		52,354
	7,842	Sims Metal Management, Ltd.		46,281
	3,228	South32, Ltd., ADR*		18,948
	64,783	South32, Ltd.*		75,686
	6,834	SSAB AB, A Shares*^		15,845
	7,692	SSAB Svenskt Stal AB, Series B*		14,628
	9,000	Sumitomo Metal & Mining Co., Ltd.		90,854
	6,487	Teck Cominco, Ltd.		85,419
	2,430	ThyssenKrupp AG		48,497
	4,900	Tokyo Steel Manufacturing Co., Ltd.		26,723
	11,031	Turquoise Hill Resources, Ltd.*		37,317
	15,000	UACJ Corp.		35,362
	4,032	Vedanta Resources plc		22,431
	3,453	Voestalpine AG		115,530
	25,881	Yamana Gold, Inc.		134,634
	2,000	Yamato Kogyo Co., Ltd.		45,268

				7,333,224

	Multiline Retail (0.6%):
	747	Canadian Tire Corp.		81,390
	53,885	Debenhams plc		39,983
	1,139	Dollarama, Inc.		79,531
	1,400	Don Quijote Co., Ltd.		51,731
	2,700	H2O Retailing Corp.		36,314
	16,147	Harvey Norman Holdings, Ltd.		55,967
	1,822	Hudson’s Bay Co.		21,989
	3,800	Isetan Mitsukoshi Holdings, Ltd.		33,709
	1,100	Izumi Co., Ltd.		42,572
	4,100	J. Front Retailing Co., Ltd.		42,348
	24,500	Lifestyle International Holdings, Ltd.		41,094
	29,029	Marks & Spencer Group plc		123,403
	800	MARUI GROUP Co., Ltd.		10,737
	47,139	Myer Holdings, Ltd.		39,637
	1,643	Next plc		109,899
	7,338	Poundland Group plc		20,221
	300	Ryohin Keikaku Co., Ltd.		72,796
	11,000	Takashimaya Co., Ltd.		78,546

				981,867


Shares			Fair Value
	Common Stocks, continued
	Multi-Utilities (0.7%):
	4,534	AGL Energy, Ltd.	$	65,412
	393	Canadian Utilities, Ltd., Class A		11,387
	9,065	Centrica plc		27,363
	40,777	Duet Group(c)		76,298
	21,702	E.ON AG		217,091
	10,828	Engie Group		174,724
	19,117	Hera SpA		52,287
	40,034	ITL AEM SpA		52,886
	972	National Grid plc, ADR		72,249
	5,249	RWE AG*		82,935
	5,539	Suez Environnement Co.		87,227
	2,881	Telecom Plus plc		40,196
	3,162	Veolia Environnement SA		68,683

				1,028,738

	Oil, Gas & Consumable Fuels (4.5%):
	6,810	Advantage Oil & Gas, Ltd.*		38,062
	1,678	AltaGas, Ltd.		40,787
	4,305	ARC Resources, Ltd.		73,683
	18,809	Athabasca Oil Corp.*		20,821
	6,102	Bankers Petroleum, Ltd.*		9,731
	2,064	Baytex Energy Corp.		11,951
	59,432	Beach Energy, Ltd.		27,477
	5,835	Bellatrix Exploration, Ltd.*		5,737
	2,726	Birchcliff Energy, Ltd.*		14,518
	5,828	Bonavista Energy Corp.		14,888
	1,208	Bonterra Energy Corp.		24,884
	7,051	BP plc, ADR		250,363
	5,227	Cameco Corp.		57,340
	13,726	Canadian Natural Resources, Ltd.		423,172
	991	Cenovus Energy, Inc.		13,709
	11,375	Cenovus Energy, Inc.		157,202
	2,900	Cosmo Energy Holdings Co., Ltd.		35,374
	8,781	Crescent Point Energy		138,652
	8,223	Crew Energy, Inc.*		36,984
	123	Delek Group, Ltd.		24,054
	2,106	Enbridge Income Fund Holding		52,267
	3,199	Enbridge, Inc.		135,510
	1,055	Encana Corp.		8,218
	21,893	EnCana Corp.		170,323
	6,933	Enerplus Corp.		45,673
	21,419	ENI SpA		345,754
	2,892	ERG SpA		32,950
	3,881	Etablissements Maurel et Prom SA*		12,552
	5,510	Euronav NV		50,827
	591	Gaztransport et Technigaz SA		18,159
	3,887	Gibson Energy, Inc.		45,105
	13,083	Gran Tierra Energy, Inc.*		43,954
	78	Granite Oil Corp.		480
	5,424	Husky Energy, Inc.		66,215
	3,200	Idemitsu Kosan Co., Ltd.		69,010
	1,254	Imperial Oil, Ltd.		39,576
	1,887	Inter Pipeline, Ltd.		40,025
	2,939	James Fisher & Sons plc		54,415
	30,100	JX Holdings, Inc.		116,981


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	1,323	Keyera Corp.	$	40,475
	2,585	Koninklijke Vopak NV		129,460
	2,266	Lundin Petroleum AB*		40,983
	3,394	MEG Energy Corp.*		17,787
	5,186	Neste Oil OYJ		185,782
	64,000	NewOcean Energy Holdings, Ltd.		21,077
	14,721	Oil Search, Ltd.		74,008
	7,762	OMV AG		217,413
	22,074	Origin Energy, Ltd.		96,389
	3,130	Painted Pony Petroleum*		18,366
	4,012	Parex Resources, Inc.*		38,853
	1,888	Parkland Fuel Corp.		32,870
	260	Paz Oil Co., Ltd.		41,877
	1,805	Pembina Pipeline Corp.		54,764
	25,032	Pengrowth Energy Corp.		45,731
	1,690	Peyto Exploration & Development Corp.		45,370
	297	Prairiesky Royalty, Ltd.		5,547
	13,685	Premier Oil plc*		13,859
	15,314	Repsol SA		194,247
	1,121	Royal Dutch Shell plc, ADR		62,776
	3,562	Royal Dutch Shell plc, ADR		196,689
	13,362	Santos, Ltd.		47,137
	12,892	Soco International plc		24,418
	18,173	Statoil ASA		314,862
	4,384	Suncor Energy, Inc.		121,631
	10,674	Suncor Energy, Inc.		295,989
	11,456	Surge Energy, Inc.		22,614
	2,307	Torc Oil & Gas, Ltd.		14,644
	19,718	Total SA		950,703
	3,875	Tourmaline Oil Corp.*		102,019
	2,556	Transcanada Corp.		115,582
	2,255	Trilogy Energy Corp.*		9,549
	20,967	Tullow Oil plc*		73,347
	1,423	Vermilion Energy, Inc.		45,280
	9,195	Whitecap Resources, Inc.		70,326
	32,833	Whitehaven Coal, Ltd.*		26,822
	23,536	Woodside Petroleum, Ltd.		476,954

				7,053,583

	Paper & Forest Products (0.8%):
	2,029	Canfor Corp.*		20,497
	1,251	Canfor Pulp Products, Inc.		10,004
	6,000	Daio Paper Corp.		65,078
	6,700	Hokuetsu Kishu Paper Co., Ltd.		45,998
	2,560	Holmen ABN AB, B Shares		81,870
	636	Interfor Corp.*		5,450
	7,061	Metsa Board OYJ		35,784
	4,977	Mondi plc		92,738
	4,100	Nippon Paper Industries Co., Ltd.		71,459
	18,000	OYI Paper Co., Ltd.		69,040
	24,217	Stora Enso OYJ, Registered Shares		195,104
	16,610	UPM-Kymmene OYJ		304,451
	1,046	West Fraser Timber Co., Ltd.		30,583

				1,028,056


Shares			Fair Value
	Common Stocks, continued
	Personal Products (0.5%):
	525	Beiersdorf AG	$	49,603
	2,300	Kao Corp.		132,750
	565	L’Oreal SA		108,061
	1,098	Ontex Group NV		34,703
	2,100	Shiseido Co., Ltd.		54,154
	7,963	Unilever NV, NYS		373,783
	4,976	Unilever plc, ADR		238,400

				991,454

	Pharmaceuticals (3.4%):
	1,732	Almirall SA		25,821
	4,700	Astellas Pharma, Inc.		73,562
	14,853	AstraZeneca plc, ADR		448,411
	3,059	Bayer AG, Registered Shares		307,729
	314	Boiron SA		24,547
	5,108	Dechra Pharmaceuticals plc		79,780
	500	Eisai Co., Ltd.		27,785
	211	Galenica AG		284,323
	7,443	GlaxoSmithKline plc, ADR		322,580
	1,856	H. Lundbeck A/S*		69,479
	4,811	Hikma Pharmaceuticals plc		158,621
	1,661	Ipsen SA		102,373
	1,000	Kaken Pharmaceutical Co., Ltd.		65,216
	1,900	Kyorin Holdings, Inc.		37,088
	4,756	Meda AB		86,156
	457	Merck KGaA		46,520
	2,600	Mitsubishi Tanabe Pharma Corp.		46,642
	1,700	Nichi-Iko Pharmaceutical Co., Ltd.		34,462
	12,675	Novartis AG, Registered Shares		1,043,014
	8,066	Novo Nordisk A/S, B Shares		433,835
	1,259	Orion OYJ		47,294
	1,228	Orion OYJ, Class B		47,697
	300	Otsuka Holdings Co., Ltd.		13,826
	3,141	Recordati SpA		94,425
	405	Roche Holding AG		106,965
	127	Roche Holding AG		33,730
	2,700	Rohto Pharmaceutical Co., Ltd.		40,935
	2,754	Sanofi-Aventis SA		231,463
	2,900	Santen Pharmaceutical Co., Ltd.		45,232
	1,200	Sawai Pharmaceutical Co., Ltd.		92,476
	1,359	Shire plc		83,671
	995	Stada Arzneimittel AG*		51,285
	1,700	Takeda Pharmacuetical Co., Ltd.		73,390
	490	Teva Pharmaceutical Industries, Ltd., ADR		24,613
	3,961	Teva Pharmaceutical Industries, Ltd.		200,564
	600	Towa Pharmaceutical Co., Ltd.		31,145
	2,600	Tsumura & Co.		70,192
	694	UCB SA		51,886
	1,145	Valeant Pharmaceuticals International, Inc.*		23,060
	16,134	Vectura Group plc*		34,781
	144	Virbac SA*		26,198

				5,142,772

	Professional Services (1.0%):
	4,530	Adecco SA, Registered Shares		228,272
	2,780	AF AB		46,086


Shares			Fair Value
	Common Stocks, continued
	Professional Services, continued
	22,710	ALS, Ltd.	$	83,901
	5,622	Bureau Veritas SA		118,682
	2,111	Capita Group plc		27,109
	861	DKSH Holding, Ltd.^		56,382
	11,350	Experian plc		215,549
	48,992	Hays plc		63,899
	6,806	Intertek Group plc		317,762
	1,100	Meitec Corp.		37,179
	10,129	Michael Page International plc		40,755
	3,772	Randstad Holding NV		151,903
	1,785	Ricardo plc		17,592
	19	SGS SA, Registered Shares		43,580
	1,156	Stantec, Inc.		28,010
	1,726	Teleperformance		148,895
	1,758	WS Atkins plc		31,256

				1,656,812

	Real Estate Management & Development (2.1%):
	643	Allreal Holding AG		88,981
	802	Azrieli Group		34,145
	3,256	Brookfield Asset Management, Inc., Class A		107,676
	1,960	BUWOG-Bauen Und Wohnen Gesellschaft mbH		45,253
	20,500	CapitaLand, Ltd.		47,102
	7,402	Castellum AB		105,404
	13,430	Cheung Kong Property Holdings, Ltd.		84,540
	12,500	Chinese Estates Holdings, Ltd.		26,511
	6,400	City Developments, Ltd.		39,003
	16,359	Citycon OYJ		37,222
	799	Colliers International Group		27,278
	5,265	Countrywide plc		17,269
	900	Daito Trust Construction Co., Ltd.		145,908
	5,000	Daiwa House Industry Co., Ltd.		145,919
	6,254	Deutsche Wohnen AG		212,213
	4,223	Fabege AB		71,474
	388	First Capital Realty, Inc.		6,656
	799	FirstService Corp.		36,618
	25,200	Global Logistic Properties, Ltd.		34,018
	34,000	Hang Lung Group, Ltd.		102,433
	46,984	Hang Lung Properties, Ltd.		95,393
	4,756	Hemfosa Fastigheter AB		48,821
	11,878	Henderson Land Development Co., Ltd.		67,310
	4,800	Hongkong Land Holdings, Ltd.		29,338
	14,025	Hysan Development Co., Ltd.		62,543
	22,500	Kerry Properties, Ltd.		55,511
	4,945	Kungsleden AB		32,079
	1,711	LEG Immobilien AG		159,893
	5,565	Lend Lease Group		52,761
	9,700	Leopalace21 Corp.		67,769
	4,644	LSL Property Services plc		15,119
	3,000	Mitsubishi Estate Co., Ltd.		54,860
	2,000	Mitsui Fudosan Co., Ltd.		45,663
	296	Mobimo Holding AG, Registered Shares		67,415
	111,316	New World Development Co., Ltd.		113,083
	1,341	Nexity SA		68,343
	2,200	Nomura Real Estate Holdings, Inc.		38,284


Shares			Fair Value
	Common Stocks, continued
	Real Estate Management & Development, continued
	52	Plazza AG	$	12,111
	400	Relo Holdings, Inc.		70,114
	4,579	Savills plc		37,460
	25,000	Sinarmas Land, Ltd.		8,643
	44,880	Sino Land Co., Ltd.		74,030
	7,089	St. Modwen Properties plc		25,439
	1,000	Sumitomo Realty & Development Co., Ltd.		26,990
	11,921	Sun Hung Kai Properties, Ltd.		143,630
	5,610	Swire Pacific, Ltd., Class A		63,771
	7,500	Tokyo Tatemono Co., Ltd.		89,604
	7,900	Tokyu Fudosan Holdings Corp.		49,009
	7,437	Unite Group plc		61,630
	7,300	UOL Group, Ltd.		29,785
	4,162	Wallenstam AB		33,828
	13,324	Wharf Holdings, Ltd. (The)		81,518
	14,726	Wheelock & Co., Ltd.		69,364
	20,700	Wing Tai Holdings, Ltd.		25,133

				3,391,867

	Road & Rail (1.9%):
	31,187	Asciano, Ltd.		206,449
	34,339	Aurizon Holdings, Ltd.		124,356
	5,353	Canadian National Railway Co.		316,148
	883	Canadian Pacific Railway, Ltd.		113,722
	800	Central Japan Railway Co.		141,617
	16,300	ComfortDelGro Corp., Ltd.		33,416
	6,138	DSV A/S		258,110
	1,400	East Japan Railway Co.		129,019
	28,257	FirstGroup plc*		38,131
	8,000	Fukuyama Transporting Co., Ltd.		42,061
	1,432	Go-Ahead Group plc		37,500
	20,000	Hankyu Hanshin Holdings, Inc.		148,879
	2,300	Hitachi Transport System, Ltd.		37,627
	5,000	Keihin Electric Express Railway Co., Ltd.		50,089
	6,000	Keio Corp.		56,391
	3,000	Keisei Electric Railway Co., Ltd.		38,482
	15,000	Kintetsu Corp.		64,023
	13,324	MTR Corp., Ltd.		67,614
	18,000	Nagoya Railroad Co., Ltd.		100,996
	12,000	Nankai Electric Railway Co., Ltd.		67,454
	21,910	National Express Group plc		86,374
	15,000	Nippon Express Co., Ltd.		68,382
	2,900	Nippon Konpo Unyu Soko Co., Ltd.		51,864
	13,000	Nishi-Nippon Railroad Co., Ltd.		67,333
	8,429	Northgate plc		36,666
	3,000	Odakyu Electric Railway Co., Ltd.		35,018
	15,000	Sankyu, Inc.		80,181
	5,000	Seino Holdings Co., Ltd.		45,691
	7,000	Senko Co., Ltd.		42,041
	1,025	Sixt SE		40,244
	730	Sixt SE		37,613
	10,000	Sotetsu Holdings, Inc.		55,925
	6,338	Stagecoach Group plc		19,534
	10,000	Tobu Railway Co., Ltd.		54,728
	10,000	Tokyu Corp.		87,460


Shares			Fair Value
	Common Stocks, continued
	Road & Rail, continued
	2,993	TransForce, Inc.	$	55,583
	20,000	Transport International Holdings, Ltd.		52,438
	1,400	West Japan Railway Co.		88,502

				3,077,661

	Semiconductors & Semiconductor Equipment (0.8%):
	4,797	Aixtron SE*		29,114
	1,817	AMS AG		50,314
	2,047	ARM Holdings plc, ADR		93,159
	2,024	ASM International NV		78,968
	5,119	ASM Pacific Technology, Ltd.		36,801
	1,629	ASML Holding NV, NYS		161,613
	1,837	BE Semiconductor Industries NV		50,061
	1,947	Dialog Semiconductor plc*		58,593
	400	Disco Corp.		35,934
	1,331	EZchip Semiconductor, Ltd.*(a)		33,927
	8,370	Infineon Technologies AG		120,265
	712	Melexis NV		44,617
	4,926	Meyer Burger Technology AG*^		17,742
	8,000	Sanken Electric Co., Ltd.		24,661
	8,000	Screen Holdings Co., Ltd.		86,786
	23,152	STMicroelectronics NV		136,413
	2,000	Tokyo Seimitsu Co., Ltd.		46,345
	191	U-Blox AG		41,011
	2,500	ULVAC, Inc.		76,154

				1,222,478

	Software (1.3%):
	1,917	Aveva Group plc		43,265
	2,500	Capcom Co., Ltd.		57,469
	2,326	Computer Modelling Group, Ltd.		18,618
	211	Constellation Software, Inc./Canada		81,671
	682	Dassault Systemes SA		52,070
	1,347	Fidessa Group plc		35,651
	3,217	Gemalto NV		197,004
	3,200	Konami Corp.		121,186
	5,169	Micro Focus International plc		111,790
	601	NICE Systems, Ltd.		37,751
	1,409	Open Text Corp.		83,356
	5,783	PlayTech plc		61,472
	19,513	Sage Group plc		169,660
	2,404	SAP AG		179,668
	2,151	SimCorp A/S		105,565
	2,217	Software AG		75,205
	1,900	Square Enix Holdings Co., Ltd.		61,226
	1,992	Temenos Group AG		99,258
	1,300	Trend Micro, Inc.		46,307
	5,915	UbiSoft Entertainment SA*		217,618

				1,855,810

	Specialty Retail (1.4%):
	2,400	Adastria Co., Ltd.		94,528
	1,800	Aoyama Trading Co., Ltd.		65,906
	10,955	Automotive Holdings Group, Ltd.		30,889
	4,100	BIC Camera, Inc.		37,604
	2,464	Bilia AB		60,496


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	18,000	Chow Sang Sang Holdings International, Ltd.	$	31,920
	2,205	Clas Ohlson AB		37,761
	4,700	DCM Holdings Co., Ltd.		40,043
	32,869	Dixons Carphone plc		142,668
	1,143	Dufry AG, Registered Shares*		137,226
	3,195	Dunelm Group plc		33,724
	4,900	Edion Corp.		40,231
	63,300	Esprit Holdings, Ltd.*		47,191
	400	Fast Retailing Co., Ltd.		107,255
	534	Fielmann AG		39,027
	76,000	Giordano International, Ltd.		35,267
	602	Groupe FNAC SA*		32,684
	5,232	Halfords Group plc		22,876
	4,280	Hennes & Mauritz AB, B Shares		125,475
	20,566	Howden Joinery Group plc		107,246
	3,933	Industria de Diseno Textil SA		131,137
	2,973	JB Hi-Fi, Ltd.		53,740
	4,170	JD Sports Fashion plc		64,243
	25,013	Kingfisher plc		107,949
	1,600	Komeri Co., Ltd.		41,575
	4,200	K’s Holding Corp.		78,088
	13,250	L’occitane International SA		27,092
	19,046	Lookers plc		27,656
	21,000	Luk Fook Holdings International, Ltd.		46,586
	900	Nitori Co., Ltd.		108,000
	76,677	Pendragon plc		28,831
	3,895	Premier Investments, Ltd.		41,631
	1,500	Sanrio Co., Ltd.		26,656
	2,400	Shimachu Co., Ltd.		52,114
	500	Shimamura Co., Ltd.		73,818
	9,000	Sports Direct International*		39,420
	4,622	Super Retail Group, Ltd.		30,418
	2,528	Supergroup plc		42,731
	2,400	USS Co., Ltd.		39,369
	155	Valora Holding AG		43,186
	2,800	VT Holdings Co., Ltd.		12,763
	4,080	WHSmith plc		86,550
	10,900	Yamada Denki Co., Ltd.		57,287

				2,530,857

	Technology Hardware, Storage & Peripherals (0.7%):
	10,460	BlackBerry, Ltd.*		70,203
	6,400	Brother Industries, Ltd.		68,299
	6,600	Canon, Inc.		188,356
	2,700	Fujifilm Holdings Corp.		104,353
	12,300	Konica Minolta Holdings, Inc.		89,211
	6,508	Logitech International SA		105,950
	84,000	NEC Corp.		194,909
	727	Neopost		16,840
	23,500	Ricoh Co., Ltd.		203,101
	8,300	Seiko Epson Corp.		132,656
	9,000	Toshiba Tec Corp.*		31,844
	6,800	Wacom Co., Ltd./Japan		26,356
	873	Wincor Nixdorf AG*		46,700

				1,278,778


Shares			Fair Value
	Common Stocks, continued
	Textiles, Apparel & Luxury Goods (1.6%):
	2,028	Adidas AG	$	289,162
	4,816	Burberry Group plc		75,269
	381	Christian Dior SA		61,711
	5,805	Compagnie Financiere Richemont SA		340,655
	1,059	Gerry Weber International AG		12,337
	1,311	Gildan Activewear, Inc.		38,452
	280,000	Global Brands Group Holdings, Ltd.*		24,591
	121	Hermes International SA		45,595
	1,437	Hugo Boss AG		81,174
	452	Kering		73,705
	88,358	Li & Fung, Ltd.		43,021
	643	Luxottica Group SpA		31,327
	1,520	LVMH Moet Hennessy Louis Vuitton SA		230,121
	7,000	Onward Holdings Co., Ltd.		43,376
	2,842	Pandora A/S		385,847
	6,400	Prada SpA		19,825
	1,139	Salvatore Ferragamo Italia SpA		23,140
	27,600	Samsonite International SA		76,503
	9,000	Seiko Holdings Corp.		26,909
	28,000	Stella International Holdings, Ltd.		49,487
	439	Swatch Group AG (The)		127,657
	819	Swatch Group AG (The), Registered Shares		46,993
	973	Ted Baker plc		31,509
	36,000	Texwinca Holdings, Ltd.		26,659
	404	Tod’s SpA		21,665
	6,000	Wacoal Holdings Corp.		59,003
	27,500	Yue Yuen Industrial Holdings, Ltd.		108,992

				2,394,685

	Thrifts & Mortgage Finance (0.1%):
	2,931	Aareal Bank AG		92,379
	998	Genworth MI Canada, Inc.		25,603

				117,982

	Tobacco (0.6%):
	3,956	British American Tobacco plc, ADR		512,223
	4,473	Imperial Tobacco Group plc		242,772
	4,800	Japan Tobacco, Inc.		192,319
	2,105	Swedish Match AB, Class B		73,180

				1,020,494

	Trading Companies & Distributors (1.7%):
	2,637	AddTech AB, B Shares		33,103
	21,185	Ashtead Group plc		303,973
	894	Baywa AG		26,832
	378	Bossard Holding AG		40,139
	5,890	Brammer plc		4,666
	2,932	Brenntag AG		141,668
	4,067	Bunzl plc		125,772
	1,879	Cramo OYJ		38,918
	6,511	Diploma plc		72,482
	6,630	Finning International, Inc.		107,985
	7,080	Grafton Group plc		46,911
	11,000	Hanwa Co., Ltd.		57,047
	1,200	Inaba Denki Sangyo Co., Ltd.		40,925
	3,300	Indutrade AB		65,126


Shares			Fair Value
	Common Stocks, continued
	Trading Companies & Distributors, continued
	7,200	ITOCHU Corp.	$	87,496
	13,000	Iwatani Corp.		73,488
	1,700	Kanamoto Co., Ltd.		33,001
	24,000	Kanematsu Corp.		37,740
	3,554	Kloeckner & Co. SE*		39,246
	22,100	Marubeni Corp.		99,222
	5,100	Misumi Group, Inc.		91,348
	9,800	Mitsubishi Corp.		171,376
	12,100	Mitsui & Co., Ltd.		143,293
	4,700	Nagase & Co., Ltd.		51,725
	163,100	Noble Group, Ltd.*		24,535
	4,540	Ramirent OYJ		34,816
	10,389	Rexel SA*		131,143
	672	Richelieu Hardware, Ltd.		13,187
	1,801	Russel Metals, Inc.		31,899
	26,046	SIG plc		39,153
	41,600	Sojitz Corp.		98,076
	8,100	Sumitomo Corp.		81,077
	1,900	Toromont Industries, Ltd.		55,362
	8,700	Toyota Tsushu Corp.		186,658
	7,856	Travis Perkins plc		157,135
	3,215	Wolseley plc		166,588

				2,953,111

	Transportation Infrastructure (0.7%):
	3,484	Abertis Infraestructuras SA		51,197
	384	Aeroports de Paris		42,466
	4,450	Atlantia SpA		110,974
	10,062	Auckland International Airport, Ltd.		46,757
	37,862	BBA Aviation plc		112,133
	960	Flughafen Zuerich AG		169,922
	1,200	Fraport AG		64,102
	3,270	Groupe Eurotunnel SA		34,796
	1,679	Hamburger Hafen und Logistik AG		25,067
	129,000	Hutchison Port Holdings Trust		59,259
	9,000	Kamigumi Co., Ltd.		82,709
	5,000	Mitsubishi Logistics Corp.		69,711
	25,362	Qube Holdings, Ltd.		41,976
	15,500	SATS, Ltd.		47,364
	3,463	SIAS SpA		29,842
	8,000	Sumitomo Warehouse Co., Ltd. (The)		39,659
	8,572	Sydney Airport		44,528
	7,350	Transurban Group		65,904
	1,114	Westshore Terminals Investment Corp.		16,135

				1,154,501

	Water Utilities (0.2%):
	11,156	Pennon Group plc		140,828
	4,217	Severn Trent plc		137,732
	5,368	United Utilities Group plc		74,734

				353,294

	Wireless Telecommunication Services (1.2%):
	3,844	Freenet AG		98,906
	7,400	KDDI Corp.		225,299
	13,000	M1, Ltd./Singapore		26,388


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Wireless Telecommunication Services, continued
	452	Millicom International Cellular SA, SDR	$	27,654
	2,104	Mobistar SA*		48,558
	23,100	NTT DoCoMo, Inc.		621,663
	1,708	Rogers Communications, Inc., Class B		69,003
	4,200	SoftBank Group Corp.		237,649
	10,900	StarHub, Ltd.		30,708
	12,183	Tele2 AB		106,613
	182,837	Vodafone Group plc		556,490

				2,048,931

	Total Common Stocks (Cost $184,574,353)			157,181,240

	Preferred Stocks (0.3%):
	Automobiles (0.3%):
	955	Bayerische Motoren Werke AG (BMW), 5.53%		60,529
	1,528	Porsche Automobil Holding SE, 2.36%		70,387
	3,007	Volkswagen AG, 0.15%		361,341

				492,257

	Total Preferred Stocks (Cost $989,101)			492,257

	Rights (0.0%):
	Aerospace & Defense (0.0%):
	1,240,370	Rolls-Royce Holdings plc, Expires on 7/01/16*(a)		1,651

	Construction & Engineering (0.0%):
	1,845	ACS, Actividades de Construccion y Servicios SA, Expires on 7/12/16*		1,296

	Health Care Providers & Services (0.0%):
	1,153	Fagron, Expires on 7/05/16*		1,105

	Metals & Mining (0.0%):
	4,775	Acerinox SA, Expires on 7/07/16*		2,405

	Oil, Gas & Consumable Fuels (0.0%):
	15,314	Repsol SA, Expires on 7/05/16*		4,979

	Trading Companies & Distributors (0.0%):
	163,100	Noble Group, Ltd., Expires on 7/21/16*(a)		10,900

	Total Rights (Cost $30,169)			22,336

	Securities Held as Collateral for Securities on Loan (0.5%):
$	723,004	AZL DFA International Core Equity Fund Securities Lending Collateral Account(d)		723,004

	Total Securities Held as Collateral for Securities on Loan (Cost $723,004)			723,004

	Unaffiliated Investment Company (0.0%):
	10,527	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(e)		10,527

	Total Unaffiliated Investment Company (Cost $10,527)			10,527

	Total Investment Securities (Cost $186,327,154)(f) — 99.0%			158,429,364
	Net other assets (liabilities) — 1.0%			1,569,843

	Net Assets — 100.0%		$	159,999,207

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, 2016:

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	186,327,154

Investment securities, at value*	$	158,429,364
Cash		3,180
Interest and dividends receivable		396,629
Foreign currency, at value (cost $410,109)		411,038
Receivable for capital shares issued		1,713,395
Receivable for investments sold		15,773
Reclaims receivable		248,491
Prepaid expenses		978

Total Assets		161,218,848

Liabilities:
Payable for capital shares redeemed		323,130
Payable for collateral received on loaned securities		723,004
Manager fees payable		100,064
Administration fees payable		6,221
Distribution fees payable		33,355
Custodian fees payable		19,696
Administrative and compliance services fees payable		240
Trustee fees payable		2,433
Other accrued liabilities		11,498

Total Liabilities		1,219,641

Net Assets	$	159,999,207

Net Assets Consist of:
Capital	$	184,178,103
Accumulated net investment income/(loss)		4,194,458
Accumulated net realized gains/(losses) from investment transactions		(467,789	)
Net unrealized appreciation/(depreciation) on investments		(27,905,565	)

Net Assets	$	159,999,207

Shares of beneficial interest (unlimited number of shares authorized, no par value)		18,382,084
Net Asset Value (offering and redemption price per share)	$	8.70

*	Includes securities on loan of $680,017.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	3,639,442
Income from securities lending		22,333
Foreign withholding tax		(384,154	)

Total Investment Income		3,277,621

Expenses:
Manager fees		769,739
Administration fees		104,252
Distribution fees		202,563
Custodian fees		14,984
Administrative and compliance services fees		1,011
Trustee fees		3,615
Professional fees		4,007
Shareholder reports		941
Other expenses		1,725

Total expenses before reductions		1,102,837
Less expenses voluntarily waived/reimbursed by the Manager		(162,051	)

Net expenses		940,786

Net Investment Income/(Loss)		2,336,835

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(191,293	)
Change in net unrealized appreciation/depreciation on investments		(8,016,721	)

Net Realized/Unrealized Gains/(Losses) on Investments		(8,208,014	)

Change in Net Assets Resulting From Operations	$	(5,871,179	)

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $1,961 during the period ended June 30, 2016. 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 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $959 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $186,467,486. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the latest tax year end December 31, 2015, 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 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 (2.8%):
	1,674	AAR Corp.	$	39,071
	4,560	Aerojet Rocketdyne Holdings, Inc.*		83,357
	1,321	AeroVironment, Inc.*		36,724
	418	American Science & Engineering, Inc.		15,637
	1,124	Astronics Corp.*		37,384
	168	Astronics Corp., Class B*^		5,564
	3,020	BE Aerospace, Inc.		139,449
	17,722	Boeing Co. (The)		2,301,556
	4,229	BWX Technologies, Inc.		151,271
	685	CPI Aerostructures, Inc.*		4,213
	1,527	Cubic Corp.		61,324
	3,375	Curtiss-Wright Corp.		284,344
	5,683	DigitalGlobe, Inc.*		121,559
	1,181	Engility Holdings, Inc.*		24,943
	2,068	Esterline Technologies Corp.*		128,299
	6,630	General Dynamics Corp.		923,161
	1,641	HEICO Corp.		109,635
	2,423	HEICO Corp., Class A		129,994
	6,300	Hexcel Corp.		262,332
	16,546	Honeywell International, Inc.		1,924,631
	2,439	Huntington Ingalls Industries, Inc.		409,825
	3,993	KLX, Inc.*		123,783
	4,471	Kratos Defense & Security Solutions, Inc.*^		18,331
	1,921	L-3 Communications Holdings, Inc.		281,791
	1,019	LMI Aerospace, Inc.*		8,193
	7,202	Lockheed Martin Corp.		1,787,320
	2,746	Moog, Inc., Class A*		148,064
	140	Moog, Inc., Class B*		7,525
	4,413	Northrop Grumman Corp.		980,922
	3,494	Orbital ATK, Inc.		297,479
	5,648	Raytheon Co.		767,846
	5,248	Rockwell Collins, Inc.^		446,815
	3,691	Spirit AeroSystems Holdings, Inc., Class A*		158,713
	114	TASER International, Inc.*		2,836
	2,334	Teledyne Technologies, Inc.*		231,183
	10,903	Textron, Inc.		398,614
	1,412	TransDigm Group, Inc.*^		372,330
	3,379	Triumph Group, Inc.^		119,955
	16,070	United Technologies Corp.		1,647,979

				14,993,952

	Air Freight & Logistics (0.7%):
	4,941	Air Transport Services Group, Inc.*		64,035
	2,000	Atlas Air Worldwide Holdings, Inc.*		82,840
	5,902	C.H. Robinson Worldwide, Inc.^		438,224
	1,026	Echo Global Logistics, Inc.*		23,003
	5,128	Expeditors International of Washington, Inc.		251,477
	5,089	FedEx Corp.		772,408
	1,779	Forward Air Corp.		79,219
	2,393	Hub Group, Inc.*		91,819
	1,058	Park-Ohio Holdings Corp.		29,920
	3,266	Radiant Logistics, Inc.*^		9,798
	18,987	United Parcel Service, Inc., Class B		2,045,281
	4,593	XPO Logistics, Inc.*^		120,612

				4,008,636


Shares			Fair Value
	Common Stocks, continued
	Airlines (0.7%):
	7,723	Alaska Air Group, Inc.	$	450,174
	998	Allegiant Travel Co.		151,197
	17,817	American Airlines Group, Inc.		504,399
	2,216	Copa Holdings SA, Class A^		115,808
	19,429	Delta Air Lines, Inc.		707,798
	5,008	Hawaiian Holdings, Inc.*		190,104
	20,928	JetBlue Airways Corp.*^		346,568
	17,047	Southwest Airlines Co.		668,413
	5,511	Spirit Airlines, Inc.*		247,279
	11,284	United Continental Holdings, Inc.*		463,095

				3,844,835

	Auto Components (0.8%):
	4,688	American Axle & Manufacturing Holdings, Inc.*		67,882
	3,449	Autoliv, Inc.		370,595
	8,910	BorgWarner, Inc.		263,023
	5,300	Cooper Tire & Rubber Co.		158,046
	1,615	Cooper-Standard Holding, Inc.*		127,569
	13,476	Dana Holding Corp.		142,307
	7,899	Delphi Automotive plc		494,477
	1,483	Drew Industries, Inc.		125,818
	6,922	Federal Mogul Holdings Corp.*		57,522
	2,274	Fox Factory Holding Corp.*^		39,499
	17,179	Gentex Corp.^		265,416
	2,720	Gentherm, Inc.*		93,160
	21,106	Goodyear Tire & Rubber Co.		541,580
	1,365	Horizon Global Corp.*^		15,493
	12,402	Johnson Controls, Inc.		548,912
	3,653	Lear Corp.		371,729
	3,637	Modine Manufacturing Co.*		32,006
	1,190	Motorcar Parts of America, Inc.*		32,344
	2,574	Spartan Motors, Inc.		16,113
	1,736	Standard Motor Products, Inc.		69,058
	1,582	Stoneridge, Inc.*		23,635
	275	Strattec Security Corp.^		11,212
	3,646	Tenneco, Inc.*		169,940
	1,187	Tower International, Inc.		24,428
	2,847	Visteon Corp.		187,361

				4,249,125

	Automobiles (0.6%):
	123,486	Ford Motor Co.		1,552,219
	36,273	General Motors Co.		1,026,526
	7,133	Harley-Davidson, Inc.^		323,125
	597	Tesla Motors, Inc.*^		126,731
	3,270	Thor Industries, Inc.^		211,700
	1,652	Winnebago Industries, Inc.		37,864

				3,278,165

	Banks (5.8%):
	958	1st Constitution Bancorp*		11,515
	2,060	1st Source Corp.		66,723
	691	Access National Corp.		13,481
	504	ACNB Corp.^		12,655
	661	American National Bankshares, Inc.		16,644
	587	American River Bankshares*		5,958


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	2,047	Ameris Bancorp	$	60,796
	704	Ames National Corp.		18,881
	856	Arrow Financial Corp.		25,928
	7,268	Associated Banc-Corp.		124,646
	1,178	BancFirst Corp.		71,057
	2,831	Bancorp, Inc. (The)*		17,043
	3,994	BancorpSouth, Inc.		90,624
	164,098	Bank of America Corp.		2,177,580
	899	Bank of Commerce Holdings		5,933
	2,107	Bank of Hawaii Corp.^		144,962
	451	Bank of Marin Bancorp		21,815
	3,947	Bank of the Ozarks, Inc.^		148,091
	5,053	BankUnited, Inc.		155,228
	1,432	Banner Corp.		60,917
	459	Bar Harbor Bankshares		16,111
	12,833	BB&T Corp.		456,983
	6,899	BBCN Bancorp, Inc.^		102,933
	842	BCB Bancorp, Inc.		8,622
	2,507	Berkshire Hills Bancorp, Inc.		67,488
	1,852	BNC Bancorp^		42,059
	2,562	BOK Financial Corp.		160,637
	7,445	Boston Private Financial Holdings, Inc.		87,702
	668	Bridge Bancorp, Inc.^		18,971
	5,707	Brookline Bancorp, Inc.		62,948
	1,162	Bryn Mawr Bank Corp.^		33,930
	74	C&F Financial Corp.		3,312
	753	California First National Bancorp		11,122
	562	Camden National Corp.		23,604
	2,203	Capital Bank Financial Corp., Class A		63,446
	1,309	Capital City Bank Group, Inc.		18,221
	1,814	Cardinal Financial Corp.		39,799
	5,492	Cascade Bancorp*		30,426
	3,767	Cathay General Bancorp		106,229
	3,426	Centerstate Banks, Inc.		53,960
	2,402	Central Pacific Financial Corp.		56,687
	933	Central Valley Community Bancorp		13,062
	273	Century Bancorp, Inc.		11,556
	2,492	Chemical Financial Corp.^		92,927
	377	Chemung Financial Corp.		11,065
	4,961	CIT Group, Inc.		158,306
	45,498	Citigroup, Inc.		1,928,660
	943	Citizens & Northern Corp.		19,067
	2,000	Citizens Financial Group, Inc.		39,960
	552	Citizens Holding Co.		12,105
	1,304	City Holding Co.		59,293
	938	Civista Bancshares, Inc.		12,288
	1,096	CNB Financial Corp.		19,509
	3,178	CoBiz Financial, Inc.		37,183
	72	Codorus Valley Bancorp, Inc.		1,467
	56	Colony Bankcorp, Inc.*		533
	3,847	Columbia Banking System, Inc.		107,947
	3,601	Comerica, Inc.		148,109
	6,534	Commerce Bancshares, Inc.^		312,979
	2,720	Community Bank System, Inc.		111,765


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	2,277	Community Bankers Trust Corp.*	$	11,795
	1,325	Community Trust Bancorp, Inc.		45,925
	1,798	CommunityOne Bancorp*^		22,727
	2,266	ConnectOne Bancorp, Inc.		35,554
	1,273	CU Bancorp*		28,935
	2,965	Cullen/Frost Bankers, Inc.^		188,959
	2,643	Customers Bancorp, Inc.*^		66,419
	6,990	CVB Financial Corp.^		114,566
	408	DNB Financial Corp.		9,629
	1,882	Eagle Bancorp, Inc.*^		90,543
	6,075	East West Bancorp, Inc.		207,644
	1,692	Eastern Virginia Bankshares, Inc.		12,775
	1,529	Enterprise Financial Services Corp.		42,644
	312	Evans Bancorp, Inc.		7,688
	9,908	F.N.B. Corp.		124,246
	569	Farmers Capital Bank Corp.^		15,562
	1,329	Farmers National Banc Corp.		11,695
	100	FCB Financial Holdings, Inc., Class A*		3,400
	1,636	Fidelity Southern Corp.		25,636
	23,320	Fifth Third Bancorp		410,199
	1,053	Financial Institutions, Inc.		27,452
	1,497	First Bancorp		26,317
	16,004	First Bancorp*		63,536
	814	First Bancorp, Inc.		17,534
	611	First Bancshares, Inc. (The)		10,552
	2,931	First Busey Corp.		62,694
	664	First Business Financial Services, Inc.		15,584
	633	First Citizens BancShares, Inc., Class A		163,890
	1,419	First Community Bankshares		31,842
	1,217	First Connecticut Bancorp, Inc.		20,154
	4,645	First Financial Bancorp		90,345
	967	First Financial Corp.		35,412
	11,112	First Horizon National Corp.		153,123
	1,650	First Interstate BancSystem, Class A^		46,365
	2,874	First Merchants Corp.		71,649
	5,901	First Midwest Bancorp, Inc.		103,622
	1,043	First NBC Bank Holding Co.*		17,512
	21,539	First Niagara Financial Group, Inc.		209,790
	1,049	First of Long Island Corp. (The)		30,075
	5,994	First Republic Bank		419,520
	1,283	First South Bancorp		11,983
	8,620	FirstMerit Corp.		174,727
	2,253	Flushing Financial Corp.		44,790
	9,023	Fulton Financial Corp.^		121,811
	877	German American Bancorp, Inc.		28,038
	4,261	Glacier Bancorp, Inc.		113,257
	1,035	Great Southern Bancorp, Inc.		38,264
	456	Great Western Bancorp, Inc.		14,382
	1,174	Guaranty Bancorp		19,606
	5,046	Hancock Holding Co.		131,751
	2,408	Hanmi Financial Corp.		56,564
	38	Hawthorn Bancshares, Inc.		531
	1,375	Heartland Financial USA, Inc.		48,524
	2,292	Heritage Financial Corp.		40,293


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	2,568	Heritage Oaks Bancorp	$	20,390
	2,010	Hertiage Commerce Corp.^		21,165
	7,010	Hilltop Holdings, Inc.*		147,140
	8,728	Home Bancshares, Inc.		172,727
	1,540	Hometrust Bancshares, Inc.*		28,490
	700	Horizon Bancorp^		17,598
	33,869	Huntington Bancshares, Inc.^		302,789
	2,106	IBERIABANK Corp.		125,791
	1,483	Independent Bank Corp.		67,773
	1,288	Independent Bank Group, Inc.^		55,268
	5,028	International Bancshares Corp.		131,181
	15,735	Investors Bancorp, Inc.		174,344
	69,004	JPMorgan Chase & Co.		4,287,909
	18,778	KeyCorp		207,497
	2,859	Lakeland Bancorp, Inc.		32,535
	1,104	Lakeland Financial Corp.		51,899
	415	Landmark Bancorp, Inc.		10,512
	712	LCNB Corp.		11,250
	2,565	LegacyTexas Financial Group, Inc.^		69,024
	2,279	M&T Bank Corp.		269,446
	2,571	Macatawa Bank Corp.		19,077
	918	Mackinac Financial Corp.^		10,107
	1,644	Mainsource Financial Group, Inc.^		36,250
	3,343	MB Financial, Inc.		121,284
	1,869	MBT Financial Corp.		14,952
	1,293	Mercantile Bank Corp.		30,851
	471	Merchants Bancshares, Inc.		14,356
	555	Middleburg Financial Corp.		15,096
	638	MidWestone Financial Group, Inc.		18,221
	570	MutualFirst Financial, Inc.		15,590
	1,805	National Bank Holdings Corp.		36,750
	514	National Bankshares, Inc.		17,949
	3,330	NBT Bancorp, Inc.		95,338
	373	Nicolet Bankshares, Inc.*		14,204
	1,094	Northeast Bancorp		12,308
	510	Northrim Bancorp, Inc.		13,408
	341	Norwood Financial Corp.		9,548
	3,309	OFG Bancorp		27,465
	440	Ohio Valley Banc Corp.		9,618
	819	Old Line Bancshares, Inc.		14,742
	8,828	Old National Bancorp		110,615
	676	Old Point Financial Corp.		12,966
	2,225	Old Second Bancorp, Inc.		15,197
	16	Opus Bank^		541
	638	Orrstown Financial Services, Inc.		11,516
	1,339	Pacific Continental Corp.		21,036
	1,205	Pacific Mercantile Bancorp*		8,556
	1,234	Pacific Premier Bancorp, Inc.*		29,616
	5,552	PacWest Bancorp		220,859
	3,377	Park Sterling Corp.		23,943
	897	Parke Bancorp, Inc.		11,589
	1,165	Peapack-Gladstone Financial Corp.		21,564
	364	Penns Woods Bancorp, Inc.		15,284
	553	Peoples Bancorp		10,844


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	1,361	Peoples Bancorp, Inc.^	$	29,656
	13,498	People’s United Financial, Inc.		197,881
	2,028	Pinnacle Financial Partners, Inc.		99,068
	9,060	PNC Financial Services Group, Inc.		737,393
	4,717	Popular, Inc.		138,208
	878	Preferred Bank Los Angeles		25,352
	689	Premier Financial Bancorp, Inc.		11,610
	5,202	PrivateBancorp, Inc.		229,044
	3,366	Prosperity Bancshares, Inc.^		171,632
	606	QCR Holdings, Inc.		16,477
	28,339	Regions Financial Corp.		241,165
	2,391	Renasant Co.		77,301
	1,417	Republic Bancorp, Inc., Class A		39,152
	2,622	S & T Bancorp, Inc.		64,108
	348	Salisbury Bancorp, Inc.		10,363
	1,898	Sandy Spring Bancorp, Inc.		55,156
	1,879	Seacoast Banking Corp.*		30,515
	1,252	Select Bancorp, Inc.*		10,116
	65	ServisFirst Bancshares, Inc.^		3,210
	1,113	Shore Bancshares, Inc.		13,078
	1,028	Sierra Bancorp		17,157
	1,267	Signature Bank*		158,274
	1,703	Simmons First National Corp., Class A		78,653
	1,569	South State Corp.^		106,770
	583	Southern First Bancshares, Inc.*		14,050
	935	Southern National Bancorp		11,360
	1,447	Southwest Bancorp		24,498
	2,709	State Bank Financial Corp.		55,128
	6,781	Sterling Bancorp		106,462
	1,432	Stock Yards Bancorp, Inc.		40,425
	884	Suffolk Bancorp		27,678
	557	Summit Financial Group, Inc.^		9,748
	1,426	Sun Bancorp, Inc.*^		29,461
	7,669	SunTrust Banks, Inc.		315,043
	1,991	SVB Financial Group*		189,464
	6,166	Synovus Financial Corp.		178,752
	2,000	Talmer Bancorp, Inc., Class A		38,340
	13,618	TCF Financial Corp.		172,268
	2,115	Texas Capital Bancshares, Inc.*		98,897
	1,121	Tompkins Financial Corp.		72,865
	4,718	TowneBank^		102,142
	1,726	TriCo Bancshares		47,638
	2,154	Tristate Capital Holdings, Inc.*		29,574
	5,128	Trustmark Corp.^		127,431
	94	Two River Bancorp		1,021
	31,487	U.S. Bancorp		1,269,871
	2,255	UMB Financial Corp.^		119,989
	9,964	Umpqua Holdings Corp.		154,143
	3,371	Union Bankshares Corp.		83,297
	384	Union Bankshares, Inc.^		13,962
	3,329	United Bankshares, Inc.		124,871
	545	United Community Banks, Inc.		9,968
	1,146	United Security Bancshares*^		7,357
	38	Unity Bancorp, Inc.		483


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	1,521	Univest Corp.	$	31,971
	11,676	Valley National Bancorp		106,485
	1,113	Washington Trust Bancorp^		42,205
	622	WashingtonFirst Bankshare, Inc.^		13,441
	4,533	Webster Financial Corp.^		153,895
	104,324	Wells Fargo & Co.		4,937,654
	2,903	WesBanco, Inc.^		90,138
	1,062	West Bancorp		19,743
	1,687	Westamerica Bancorp		83,102
	4,463	Western Alliance Bancorp*		145,717
	5,952	Wilshire Bancorp, Inc.		62,020
	2,446	Wintrust Financial Corp.		124,746
	190	Xenith Bankshares, Inc.*		1,511
	2,516	Yadkin Financial Corp.^		63,126
	368	Your Community Bankshares, Inc.		13,675
	5,005	Zions Bancorp		125,776

				31,070,176

	Beverages (2.0%):
	466	Boston Beer Co., Inc. (The), Class A*^		79,700
	840	Brown-Forman Corp., Class A^		90,745
	2,734	Brown-Forman Corp., Class B^		272,744
	545	Coca-Cola Bottling Co. Consolidated^		80,371
	91,177	Coca-Cola Co. (The)		4,133,053
	9,466	Coca-Cola European Partners plc		337,842
	2,448	Constellation Brands, Inc., Class A		404,899
	5,810	Dr Pepper Snapple Group, Inc.		561,420
	1,327	MGP Ingredients, Inc.		50,731
	2,021	Molson Coors Brewing Co., Class B		204,384
	1,112	Monster Beverage Corp.*		178,710
	2,018	National Beverage Corp.*^		126,751
	36,165	PepsiCo, Inc.		3,831,320

				10,352,670

	Biotechnology (2.4%):
	42,387	AbbVie, Inc.		2,624,179
	1,507	Acadia Pharmaceuticals, Inc.*^		48,917
	600	Acorda Therapeutics, Inc.*^		15,303
	1,278	Alexion Pharmaceuticals, Inc.*		149,219
	1,263	Alkermes plc*		54,587
	838	Alnylam Pharmaceuticals, Inc.*^		46,501
	13,648	Amgen, Inc.		2,076,543
	4,351	Aviragen Therapeutics, Inc.*		6,091
	5,547	Biogen Idec, Inc.*		1,341,376
	1,217	BioMarin Pharmaceutical, Inc.*		94,683
	271	Biospecifics Technologies Corp.*		10,824
	813	Bluebird Bio, Inc.*^		35,195
	633	Catalyst Biosciences, Inc.*		962
	14,276	Celgene Corp.*		1,408,042
	101	Clovis Oncology, Inc.*		1,386
	2,168	Emergent Biosolutions, Inc.*^		60,964
	1,701	Enanta Pharmaceuticals, Inc.*		37,507
	41	Five Prime Therapeutics, Inc.*^		1,695
	37,338	Gilead Sciences, Inc.		3,114,735
	1,721	Incyte Corp.*		137,646
	160	Inovio Pharmaceuticals, Inc.*^		1,478


Shares			Fair Value
	Common Stocks, continued
	Biotechnology, continued
	83	Insys Therapeutics, Inc.*^	$	1,074
	477	Intercept Pharmaceuticals, Inc.*^		68,058
	526	Ligand Pharmaceuticals, Inc., Class B*^		62,736
	6,222	Medivation, Inc.*		375,187
	2,033	Myriad Genetics, Inc.*		62,210
	1,067	Neurocrine Biosciences, Inc.*^		48,495
	8,035	OPKO Health, Inc.*^		75,047
	1,498	Regeneron Pharmaceuticals, Inc.*		523,147
	1,210	Seattle Genetics, Inc.*^		48,896
	1	Shire plc*		113
	2,907	Tenax Therapeutics, Inc.*		7,442
	1,549	United Therapeutics Corp.*^		164,070
	1,286	Vertex Pharmaceuticals, Inc.*		110,622

				12,814,930

	Building Products (0.5%):
	2,079	A.O. Smith Corp.		183,181
	3,058	AAON, Inc.^		84,126
	2,156	Allegion plc		149,691
	1,273	American Woodmark Corp.*		84,502
	1,604	Apogee Enterprises, Inc.^		74,345
	1,778	Armstrong Flooring, Inc.*		30,137
	3,557	Armstrong World Industries, Inc.*^		139,257
	5,631	Builders FirstSource, Inc.*		63,349
	521	Continental Building Products, Inc.*		11,582
	4,496	Fortune Brands Home & Security, Inc.^		260,633
	1,252	Gibraltar Industries, Inc.*		39,526
	1,209	Insteel Industries, Inc.		34,565
	1,394	Lennox International, Inc.^		198,784
	9,772	Masco Corp.		302,346
	3,362	NCI Building Systems, Inc.*		53,758
	833	Nortek, Inc.*		49,405
	7,118	Owens Corning, Inc.		366,719
	1,426	Patrick Industries, Inc.*		85,974
	3,615	PGT, Inc.*		37,235
	3,674	Ply Gem Holdings, Inc.*		53,530
	1,925	Quanex Building Products Corp.		35,786
	2,822	Simpson Manufacturing Co., Inc.		112,795
	1,844	Trex Co., Inc.*^		82,832
	6,043	USG Corp.*^		162,919

				2,696,977

	Capital Markets (1.6%):
	1,453	Affiliated Managers Group, Inc.*		204,539
	5,551	Ameriprise Financial, Inc.		498,757
	2,502	Artisan Partners Asset Management, Inc., Class A		69,255
	388	Associated Capital Group, Inc., Class A		11,128
	17,515	Bank of New York Mellon Corp. (The)		680,458
	10,735	BGC Partners, Inc., Class A		93,502
	1,233	BlackRock, Inc., Class A		422,339
	14,750	Charles Schwab Corp. (The)		373,323
	1,100	Cohen & Steers, Inc.		44,484
	190	Diamond Hill Investment Group		35,800
	6,342	ETRADE Financial Corp.		148,974
	8,089	Eaton Vance Corp.^		285,865
	6,954	Federated Investors, Inc., Class B		200,136
	7,698	Franklin Resources, Inc.		256,882


Shares			Fair Value
	Common Stocks, continued
	Capital Markets, continued
	388	GAMCO Investors, Inc., Class A	$	12,715
	5,733	Goldman Sachs Group, Inc. (The)		851,810
	1,743	Greenhill & Co., Inc.^		28,062
	141	Hennessy Advisors, Inc.		4,719
	2,119	HFF, Inc., Class A		61,197
	5,199	Interactive Brokers Group, Inc., Class A^		184,045
	1,643	INTL FCStone, Inc.*		44,837
	11,615	Invesco, Ltd.		296,647
	2,572	Investment Technology Group, Inc.		43,004
	8,761	Janus Capital Group, Inc.^		121,953
	6,688	KCG Holdings, Inc.*		88,950
	10,552	Ladenburg Thalmann Financial Services, Inc.*		24,903
	5,035	Legg Mason, Inc.		148,482
	7,804	LPL Financial Holdings, Inc.		175,824
	600	Moelis & Co., Class A		13,500
	22,925	Morgan Stanley		595,592
	9,212	Northern Trust Corp.		610,387
	3,638	NorthStar Asset Management Group, Inc.		37,144
	1,147	Om Asset Management plc		15,312
	1,024	Oppenheimer Holdings, Class A^		15,831
	1,113	Pzena Investment Management, Inc.^		8,470
	6,074	Raymond James Financial, Inc.		299,448
	1,544	Safeguard Scientifics, Inc.*		19,285
	4,367	SEI Investments Co.		210,096
	660	Silvercrest Asset Management Group, Inc., Class A		8,078
	6,013	State Street Corp.		324,221
	3,314	Stifel Financial Corp.*^		104,225
	6,518	T. Rowe Price Group, Inc.		475,618
	6,340	TD Ameritrade Holding Corp.		180,532
	7,585	Waddell & Reed Financial, Inc., Class A		130,614
	631	Westwood Holdings, Inc.		32,686
	6,557	WisdomTree Investments, Inc.^		64,193

				8,557,822

	Chemicals (2.6%):
	2,215	A. Schulman, Inc.		54,090
	3,779	Air Products & Chemicals, Inc.		536,769
	1,798	Albemarle Corp.		142,599
	2,318	American Vanguard Corp.		35,025
	2,194	Ashland, Inc.		251,805
	4,053	Axiall Corp.		132,168
	1,435	Balchem Corp.		85,598
	3,781	Cabot Corp.		172,640
	4,019	Calgon Carbon Corp.		52,850
	4,449	Celanese Corp., Series A		291,187
	11,520	CF Industries Holdings, Inc.		277,632
	691	Chase Corp.		40,817
	4,033	Chemours Co. (The)^		33,232
	3,228	Chemtura Corp.*		85,155
	578	Core Molding Technologies, Inc.*		7,890
	23,516	Dow Chemical Co. (The)		1,168,980
	17,167	E.I. du Pont de Nemours & Co.		1,112,422
	8,309	Eastman Chemical Co.		564,181
	5,048	Ecolab, Inc.		598,693


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	3,023	FMC Corp.^	$	139,995
	3,222	Futurefuel Corp.		35,055
	2,909	GCP Applied Technologies, Inc.*		75,750
	2,893	H.B. Fuller Co.		127,263
	702	Hawkins, Inc.		30,474
	20,298	Huntsman Corp.		273,008
	1,005	Ingevity Corp.*		34,210
	1,620	Innophos Holdings, Inc.		68,380
	1,833	Innospec, Inc.		84,300
	2,701	International Flavor & Fragrances, Inc.		340,515
	743	KMG Chemicals, Inc.		19,311
	783	Koppers Holdings, Inc.*		24,062
	2,348	Kraton Performance Polymers, Inc.*		65,580
	4,741	Kronos Worldwide, Inc.^		24,890
	1,233	LSB Industries, Inc.*^		14,895
	10,876	LyondellBasell Industries NV, Class A		809,392
	2,350	Minerals Technologies, Inc.		133,480
	10,517	Monsanto Co.		1,087,563
	14,502	Mosaic Co. (The)^		379,662
	703	NewMarket Corp.		291,309
	7,859	Olin Corp.^		195,218
	3,546	Omnova Solutions, Inc.*		25,709
	6,657	Platform Speciality Products Corp.*^		59,114
	6,775	PolyOne Corp.		238,751
	6,290	PPG Industries, Inc.		655,104
	7,814	Praxair, Inc.		878,215
	906	Quaker Chemical Corp.		80,815
	4,911	RPM International, Inc.		245,304
	3,702	Scotts Miracle-Gro Co. (The)		258,807
	1,417	Sensient Technologies Corp.		100,664
	2,107	Sherwin Williams Co.		618,763
	1,689	Stepan Co.		100,546
	1,627	Trecora Resources*		16,970
	1,472	Trinseo SA*		63,193
	4,906	Tronox, Ltd., Class A^		21,635
	3,240	Valspar Corp. (The)		350,017
	2,109	W.R. Grace & Co.		154,400
	4,068	Westlake Chemical Corp.		174,599

				13,940,651

	Commercial Services & Supplies (1.4%):
	2,937	ABM Industries, Inc.		107,142
	10,293	ACCO Brands Corp.*		106,327
	4,271	ARC Document Solutions, Inc.*		16,614
	2,727	Brady Corp., Class A		83,337
	3,409	Brink’s Co. (The)		97,122
	1,886	Casella Waste Systems, Inc.*		14,805
	2,003	CECO Environmental Corp.		17,506
	3,896	Cintas Corp.		382,314
	4,474	Clean Harbors, Inc.*		233,140
	8,112	Copart, Inc.*		397,569
	7,746	Covanta Holding Corp.^		127,422
	4,117	Deluxe Corp.		273,245
	2,517	Essendant, Inc.		76,920
	1,220	G&K Services, Inc., Class A		93,415


Shares			Fair Value
	Common Stocks, continued
	Commercial Services & Supplies, continued
	4,520	Herman Miller, Inc.	$	135,103
	2,671	HNI Corp.^		124,175
	4,002	Interface, Inc.		61,031
	6,809	KAR Auction Services, Inc.		284,208
	2,829	Kimball International, Inc., Class B		32,194
	3,654	Knoll, Inc.		88,719
	1,875	Matthews International Corp., Class A^		104,325
	2,011	McGrath Rentcorp		61,516
	2,641	Mobile Mini, Inc.^		91,484
	2,304	MSA Safety, Inc.		121,029
	1,003	Multi-Color Corp.		63,590
	1,552	NL Industries, Inc.*		3,989
	11,428	Pitney Bowes, Inc.		203,418
	2,606	Quad Graphics, Inc.		60,694
	11,336	R.R. Donnelley & Sons Co.		191,805
	17,116	Republic Services, Inc., Class A		878,222
	5,347	Rollins, Inc.^		156,507
	1,467	SP Plus Corp.*		33,125
	5,403	Steelcase, Inc., Class A		73,319
	2,252	Stericycle, Inc.*		234,478
	1,534	Team, Inc.*		38,089
	2,583	Tetra Tech, Inc.		79,414
	2,299	Trc Companies, Inc.*		14,530
	7,765	Tyco International plc		330,789
	1,022	UniFirst Corp.		118,266
	1,309	US Ecology, Inc.		60,149
	412	Vse Corp.		27,522
	8,538	Waste Connections, Inc.		615,163
	11,930	Waste Management, Inc.		790,601
	5,156	West Corp.		101,367

				7,205,699

	Communications Equipment (1.1%):
	3,394	ADTRAN, Inc.		63,298
	2,010	Arista Networks, Inc.*^		129,404
	8,538	ARRIS International plc*		178,956
	28,360	Brocade Communications Systems, Inc.		260,345
	1,318	CalAmp Corp.*^		19,520
	3,965	Calix, Inc.*		27,398
	7,195	Ciena Corp.*		134,906
	99,898	Cisco Systems, Inc.		2,866,075
	4,120	CommScope Holding Co., Inc.*		127,844
	316	Communications Systems, Inc.		2,203
	2,952	EchoStar Corp., Class A*		117,194
	2,442	EMCORE Corp.*		14,505
	2,366	F5 Networks, Inc.*		269,345
	5,961	Finisar Corp.*^		104,377
	7,060	Harmonic, Inc.*		20,121
	3,323	Harris Corp.		277,271
	503	Infinera Corp.*^		5,674
	2,791	InterDigital, Inc.		155,403
	4,483	Ixia*		44,023
	11,482	Juniper Networks, Inc.		258,230
	909	KVH Industries, Inc.*		6,999
	2,200	Motorola Solutions, Inc.		145,134


Shares			Fair Value
	Common Stocks, continued
	Communications Equipment, continued
	2,590	NETGEAR, Inc.*	$	123,129
	1,725	NetScout Systems, Inc.*		38,381
	1,082	Numerex Corp., Class A*^		8,104
	697	Palo Alto Networks, Inc.*		85,480
	1,949	Plantronics, Inc.		85,756
	7,530	Polycom, Inc.*		84,713
	89	ShoreTel, Inc.*		595
	1,714	Sonus Networks, Inc.*		14,895
	1,918	Ubiquiti Networks, Inc.*^		74,150
	2,586	ViaSat, Inc.*^		184,640
	5,226	Viavi Solutions, Inc.*		34,648

				5,962,716

	Construction & Engineering (0.4%):
	7,556	Aecom Technology Corp.*^		240,054
	800	Aegion Corp.*		15,608
	2,172	Ameresco, Inc., Class A*		9,492
	1,245	Argan, Inc.		51,941
	4,618	Chicago Bridge & Iron Co. NV		159,921
	3,167	Comfort Systems USA, Inc.		103,149
	2,560	Dycom Industries, Inc.*^		229,786
	4,493	Emcor Group, Inc.		221,325
	7,962	Fluor Corp.		392,368
	2,241	Granite Construction, Inc.^		102,078
	1,221	IES Holdings, Inc.*		15,165
	3,524	Jacobs Engineering Group, Inc.*		175,530
	6,613	KBR, Inc.		87,556
	985	MasTec, Inc.*^		21,985
	1,578	MYR Group, Inc.*		37,998
	574	NV5 Holdings, Inc.*		16,325
	2,101	Orion Marine Group, Inc.*^		11,156
	6,487	Quanta Services, Inc.*		149,979
	404	Valmont Industries, Inc.^		54,649

				2,096,065

	Construction Materials (0.2%):
	3,233	Eagle Materials, Inc., Class A		249,426
	4,198	Headwaters, Inc.*		75,312
	1,529	Martin Marietta Materials, Inc.^		293,569
	353	U.S. Lime & Minerals, Inc.		20,823
	1,308	US Concrete, Inc.*^		79,670
	2,280	Vulcan Materials Co.		274,421

				993,221

	Consumer Finance (0.9%):
	13,408	Ally Financial, Inc.*		228,875
	20,744	American Express Co.		1,260,404
	1,222	Asta Funding, Inc.*		12,917
	10,887	Capital One Financial Corp.		691,433
	2,740	Cash America International, Inc.		116,779
	1,912	Consumer Portfolio Services, Inc.*		7,208
	1,440	Credit Acceptance Corp.*^		266,515
	15,168	Discover Financial Services		812,853
	1,968	Encore Capital Group, Inc.*		46,307
	3,948	EZCORP, Inc., Class A*		29,847
	1,750	First Cash Financial Services, Inc.^		89,828


Shares			Fair Value
	Common Stocks, continued
	Consumer Finance, continued
	1,000	Green Dot Corp., Class A*	$	22,990
	28,462	Navient Corp.		340,121
	2,628	Nelnet, Inc., Class A		91,323
	750	Nicholas Financial, Inc.*		7,710
	4,454	Onemain Holdings, Inc.*^		101,640
	3,076	PRA Group, Inc.*^		74,255
	960	Regional Mgmt Corp.*		14,074
	3,911	Santander Consumer USA Holdings, Inc.*		40,401
	25,434	SLM Corp.*		157,182
	24,910	Synchrony Financial*		629,725

				5,042,387

	Containers & Packaging (1.0%):
	480	AEP Industries, Inc.		38,621
	5,032	AptarGroup, Inc.		398,182
	6,108	Avery Dennison Corp.		456,573
	5,087	Ball Corp.		367,739
	8,105	Bemis Co., Inc.		417,326
	4,924	Berry Plastics Group, Inc.*		191,297
	3,728	Crown Holdings, Inc.*		188,898
	31,666	Graphic Packaging Holding Co.		397,092
	1,930	Greif, Inc., Class A^		71,931
	1,310	Greif, Inc., Class B		71,723
	15,018	International Paper Co.		636,462
	2,608	Myers Industries, Inc.		37,555
	14,800	Owens-Illinois, Inc.*		266,548
	6,163	Packaging Corp. of America		412,490
	8,276	Sealed Air Corp.		380,448
	5,136	Silgan Holdings, Inc.		264,299
	8,155	Sonoco Products Co.		404,977
	538	UFP Technologies, Inc.*		12,127
	6,035	WestRock Co.		234,580

				5,248,868

	Distributors (0.2%):
	3,074	Core Markt Holdngs Co., Inc.^		144,048
	5,041	Genuine Parts Co.		510,400
	12,475	LKQ Corp.*		395,457
	2,491	Pool Corp.^		234,229
	1,621	VOXX International Corp.*		4,523
	811	Weyco Group, Inc.		22,530

				1,311,187

	Diversified Consumer Services (0.3%):
	1,304	American Public Education, Inc.*		36,642
	3,117	Bright Horizons Family Solutions, Inc.*		206,687
	3,401	Cambium Learning Group, Inc.*		15,339
	918	Capella Education Co.		48,324
	5,222	Career Education Corp.*		31,071
	1,464	Carriage Services, Inc.		34,668
	506	Collectors Universe, Inc.		9,994
	903	DeVry Education Group, Inc.		16,110
	270	Graham Holdings Co., Class B		132,176
	3,582	Grand Canyon Education, Inc.*		142,993
	7,116	H&R Block, Inc.		163,668
	5,384	Houghton Mifflin Harcourt Co.*		84,152


Shares			Fair Value
	Common Stocks, continued
	Diversified Consumer Services, continued
	2,988	K12, Inc.*	$	37,320
	482	Liberty Tax, Inc.^		6,420
	2,211	National American University Holdings, Inc.		4,378
	10,248	Service Corp. International		277,105
	3,836	ServiceMaster Global Holdings, Inc.*		152,673
	4,536	Sotheby’s^		124,286
	622	Strayer Education, Inc.*		30,559
	1,696	Universal Technical Institute, Inc.		3,833

				1,558,398

	Diversified Financial Services (1.5%):
	28,570	Berkshire Hathaway, Inc., Class B*		4,136,651
	3,618	CBOE Holdings, Inc.		241,031
	4,656	CME Group, Inc.		453,494
	1,660	FactSet Research Systems, Inc.^		267,957
	3,237	Gain Capital Holdings, Inc.		20,458
	1,286	Intercontinental Exchange, Inc.		329,165
	8,865	Leucadia National Corp.		153,630
	1,798	MarketAxess Holdings, Inc.		261,429
	974	Marlin Business Services, Inc.		15,876
	3,411	Moody’s Corp.		319,645
	2,689	Morningstar, Inc.		219,906
	2,951	MSCI, Inc., Class A		227,581
	4,805	NASDAQ OMX Group, Inc. (The)		310,739
	3,621	Newstar Financial, Inc.*		30,489
	1,763	PICO Holdings, Inc.*		16,678
	1,748	Resource America, Inc., Class A		16,991
	7,351	S&P Global, Inc.		788,469
	1,767	Tiptree Financial, Inc., Class A		9,683
	4,836	Voya Financial, Inc.		119,739

				7,939,611

	Diversified Telecommunication Services (2.6%):
	136,750	AT&T, Inc.		5,908,967
	1,019	ATN International, Inc.		79,288
	23,064	CenturyLink, Inc.		669,087
	12,621	Cincinnati Bell, Inc.*		57,678
	3,023	Cogent Communications Group, Inc.		121,101
	600	Consolidated Communications Holdings, Inc.		16,344
	1,623	FairPoint Communications, Inc.*		23,826
	34,682	Frontier Communications Corp.^		171,329
	3,714	General Communication, Inc., Class A*		58,681
	815	Hawaiian Telcom Holdco, Inc.*		17,270
	1,994	IDT Corp.		28,295
	3,003	Inteliquent, Inc.		59,730
	5,373	Level 3 Communications, Inc.*		276,656
	1,975	Lumos Networks Corp.*		23,898
	4,045	Orbcomm, Inc.*		40,248
	3,617	SBA Communications Corp., Class A*		390,419
	111,515	Verizon Communications, Inc.		6,226,997

				14,169,814

	Electric Utilities (1.8%):
	2,450	ALLETE, Inc.		158,344
	9,564	American Electric Power Co., Inc.		670,341
	10,353	Duke Energy Corp.		888,184


Shares			Fair Value
	Common Stocks, continued
	Electric Utilities, continued
	6,122	Edison International	$	475,496
	2,442	El Paso Electric Co.		115,433
	2,643	Empire District Electric Co.^		89,783
	4,408	Entergy Corp.		358,591
	5,480	Eversource Energy		328,252
	16,319	Exelon Corp.		593,359
	9,988	FirstEnergy Corp.		348,681
	1,272	Genie Energy, Ltd., Class B		8,611
	9,652	Great Plains Energy, Inc.		293,421
	2,555	IDACORP, Inc.		207,849
	7,710	ITC Holdings Corp.		360,982
	2,096	MGE Energy, Inc.^		118,455
	8,138	NextEra Energy, Inc.		1,061,194
	4,016	OGE Energy Corp.		131,524
	2,284	Otter Tail Power Co.^		76,491
	8,605	PG&E Corp.		550,032
	2,939	Pinnacle West Capital Corp.		238,235
	5,361	PNM Resources, Inc.		189,994
	5,276	Portland General Electric Co.		232,777
	13,030	PPL Corp.		491,883
	15,845	Southern Co. (The)		849,767
	5,818	Westar Energy, Inc.		326,332
	12,333	Xcel Energy, Inc.		552,272

				9,716,283

	Electrical Equipment (0.7%):
	1,157	Acuity Brands, Inc.^		286,890
	926	Allied Motion Technologies, Inc.		21,539
	9,515	AMETEK, Inc.		439,878
	1,953	AZZ, Inc.		117,141
	1,657	Babcock & Wilcox Enterprises, Inc.*		24,341
	6,460	Eaton Corp. plc		385,856
	15,630	Emerson Electric Co.		815,261
	1,159	Encore Wire Corp.		43,208
	3,345	EnerSys		198,927
	2,760	Franklin Electric Co., Inc.		91,218
	4,065	Generac Holdings, Inc.*^		142,112
	3,673	General Cable Corp.^		46,684
	1,311	Global Power Equipment Group, Inc.*		2,792
	2,775	Hubbell, Inc.		292,679
	1,831	LSI Industries, Inc.		20,269
	415	Power Solutions International, Inc.*		7,408
	400	Preformed Line Products Co.		16,156
	2,035	Regal-Beloit Corp.		112,027
	4,784	Rockwell Automation, Inc.		549,299
	4,783	Sensata Technologies Holding NV*		166,879
	1,790	Solarcity Corp.*^		42,835
	2,410	Thermon Group Holdings, Inc.*		46,296

				3,869,695

	Electronic Equipment, Instruments & Components (1.3%):
	7,809	Amphenol Corp., Class A		447,690
	2,510	Anixter International, Inc.*		133,733
	4,742	Arrow Electronics, Inc.*		293,530
	5,716	Avnet, Inc.		231,555
	7,908	AVX Corp.		107,391


Shares			Fair Value
	Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	867	Badger Meter, Inc.	$	63,317
	1,955	Belden, Inc.		118,023
	7,075	CDW Corp.		283,566
	3,912	Cognex Corp.		168,607
	1,412	Coherent, Inc.*		129,593
	18,948	Corning, Inc.		388,055
	1,747	CUI Global, Inc.*^		8,822
	2,838	Daktronics, Inc.		17,738
	2,777	Dolby Laboratories, Inc., Class A		132,879
	516	DTS, Inc.*		13,648
	1,835	Electro Rent Corp.		28,277
	2,339	Electro Scientific Industries, Inc.*		13,660
	2,696	Fabrinet*		100,076
	1,007	FARO Technologies, Inc.*		34,067
	1,256	FEI Co.		134,241
	11,375	Flextronics International, Ltd.*		134,225
	7,918	FLIR Systems, Inc.		245,062
	640	Frequency Electronics, Inc.*		5,952
	1,004	Identiv, Inc.*		1,797
	4,641	II-VI, Inc.*		87,065
	8,931	Ingram Micro, Inc., Class A		310,620
	3,140	IPG Photonics Corp.*^		251,200
	2,195	Itron, Inc.*		94,605
	14,490	Jabil Circuit, Inc.		267,630
	3,410	KEMET Corp.*		9,991
	6,969	Keysight Technologies, Inc.*		202,728
	232	Knowles Corp.*^		3,174
	1,036	Littlelfuse, Inc.		122,445
	2,613	Mercury Computer Systems, Inc.*		64,959
	214	Mesa Labs, Inc.		26,322
	2,290	Methode Electronics, Inc., Class A		78,387
	567	MOCON, Inc.		8,029
	915	MTS Systems Corp.		40,114
	1,857	Multi-Fineline Electronix, Inc.*		43,082
	1,799	Napco Security Technologies, Inc.*		11,442
	5,833	National Instruments Corp.		159,824
	1,955	Novanta, Inc.*		29,618
	1,498	OSI Systems, Inc.*		87,079
	1,553	Park Electrochemical Corp.		22,565
	267	PC Connection, Inc.		6,355
	1,087	PCM, Inc.*		12,109
	772	Perceptron, Inc.*		3,613
	2,255	Plexus Corp.*		97,416
	4,828	QLogic Corp.*		71,165
	4,858	RadiSys Corp.*		21,764
	2,153	Rofin-Sinar Technologies, Inc.*		68,767
	1,193	Rogers Corp.*		72,892
	6,195	Sanmina Corp.*		166,088
	2,157	ScanSource, Inc.*		80,046
	2,996	SYNNEX Corp.^		284,081
	7,195	TE Connectivity, Ltd.		410,906
	1,492	Tech Data Corp.*^		107,200
	7,031	Trimble Navigation, Ltd.*		171,275
	6,321	TTM Technologies, Inc.*		47,597
	5,690	VeriFone Systems, Inc.*		105,493


Shares			Fair Value
	Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	585	Wayside Technology Group, Inc.	$	10,565
	975	Zebra Technologies Corp., Class A*^		48,848

				6,942,563

	Energy Equipment & Services (0.8%):
	419	Atwood Oceanics, Inc.^		5,246
	1,729	Baker Hughes, Inc.		78,030
	1,343	Core Laboratories NV		166,384
	5,986	Diamond Offshore Drilling, Inc.^		145,639
	1,871	Dril-Quip, Inc.*		109,323
	1,558	Era Group, Inc.*		14,645
	9,034	FMC Technologies, Inc.*		240,937
	6,591	Forum Energy Technologies, Inc.*		114,090
	4,200	Frank’s International NV		61,362
	1,086	Gulf Island Fabrication, Inc.		7,537
	9,164	Halliburton Co.		415,037
	5,005	Helmerich & Payne, Inc.		335,985
	1,750	Matrix Service Co.*		28,858
	14,046	Nabors Industries, Ltd.		141,162
	811	National-Oilwell Varco, Inc.^		27,290
	935	Natural Gas Services Group*		21,412
	1,938	Newpark Resources, Inc.*		11,221
	12,057	Noble Corp. plc^		99,350
	8,208	Oceaneering International, Inc.		245,091
	3,066	Oil States International, Inc.*		100,810
	9,357	Parker Drilling Co.*		21,428
	6,531	Patterson-UTI Energy, Inc.^		139,241
	974	PHI, Inc.*		17,415
	50	Pioneer Energy Services Corp.*		230
	5,837	Rowan Cos. plc, Class A^		103,081
	13,318	RPC, Inc.		206,829
	16,998	Schlumberger, Ltd.		1,344,202
	7,186	Superior Energy Services, Inc.^		132,294
	643	Tesco Corp.		4,302
	4,086	TETRA Technologies, Inc.*		26,028
	16,505	Transocean, Ltd.^		196,244

				4,560,703

	Food & Staples Retailing (2.0%):
	3,479	Casey’s General Stores, Inc.		457,523
	1,143	Chefs’ Warehouse, Inc.*		18,288
	10,328	Costco Wholesale Corp.		1,621,909
	22,272	CVS Health Corp.		2,132,321
	1,267	Ingles Markets, Inc., Class A		47,259
	27,120	Kroger Co. (The)		997,745
	1,720	Natural Grocers by Vitamin Cottage, Inc.*		22,446
	1,852	PriceSmart, Inc.		173,292
	27,665	Rite Aid Corp.*		207,211
	71	Smart & Final Stores, Inc.*		1,057
	674	SpartanNash Co.		20,611
	5,794	Sprouts Farmers Market, Inc.*^		132,683
	16,013	Supervalu, Inc.*		75,581
	14,041	Sysco Corp.		712,440
	200	The Andersons, Inc.		7,108
	3,347	United Natural Foods, Inc.*		156,640
	738	Village Super Market, Inc., Class A		21,321


Shares			Fair Value
	Common Stocks, continued
	Food & Staples Retailing, continued
	10,885	Walgreens Boots Alliance, Inc.	$	906,394
	37,292	Wal-Mart Stores, Inc.		2,723,062
	2,367	Weis Markets, Inc.		119,652
	9,659	Whole Foods Market, Inc.^		309,281

				10,863,824

	Food Products (2.0%):
	9,515	Archer-Daniels-Midland Co.		408,098
	3,898	B&G Foods, Inc.^		187,884
	4,129	Bunge, Ltd.		244,230
	808	Calavo Growers, Inc.		54,136
	3,085	Cal-Maine Foods, Inc.^		136,727
	11,911	Campbell Soup Co.		792,439
	2,817	ConAgra Foods, Inc.		134,681
	1,586	Darling International, Inc.*		23,631
	5,447	Dean Foods Co.^		98,536
	1,004	Farmer Brothers Co.*		32,188
	13,535	Flowers Foods, Inc.^		253,781
	378	Fresh Del Monte Produce, Inc.		20,575
	13,416	General Mills, Inc.		956,830
	3,802	Hain Celestial Group, Inc.*		189,150
	4,279	Hershey Co. (The)		485,624
	7,130	Hormel Foods Corp.^		260,958
	4,292	Ingredion, Inc.		555,428
	1,198	Inventure Foods, Inc.*		9,356
	1,150	J & J Snack Foods Corp.		137,161
	3,256	JM Smucker Co. (The)		496,247
	300	John B Sanfilippo And Son, Inc.		12,789
	6,185	Kellogg Co.		505,005
	7,901	Kraft Heinz Co. (The)		699,080
	1,671	Lancaster Colony Corp.		213,236
	3,829	McCormick & Co.		408,439
	389	McCormick & Co., Inc.		41,288
	5,324	Mead Johnson Nutrition Co.		483,153
	18,114	Mondelez International, Inc., Class A		824,369
	5,322	Pilgrim’s Pride Corp.		135,605
	8,181	Pinnacle Foods, Inc.		378,698
	1,665	Post Holdings, Inc.*		137,679
	43	Seaboard Corp.*		123,438
	677	Seneca Foods Corp., Class A*		24,514
	4,082	Snyders-Lance, Inc.		138,339
	1,774	TreeHouse Foods, Inc.*		182,101
	10,604	Tyson Foods, Inc., Class A		708,241
	4,692	WhiteWave Foods Co., Class A*		220,242

				10,713,876

	Gas Utilities (0.7%):
	7,858	AGL Resources, Inc.		518,391
	5,447	Atmos Energy Corp.		442,950
	900	Chesapeake Utilities Corp.		59,562
	519	Delta Natural Gas Co., Inc.		13,982
	1,024	Gas Natural, Inc.		7,158
	3,829	National Fuel Gas Co.		217,794
	5,713	New Jersey Resources Corp.		220,236
	1,671	Northwest Natural Gas Co.		108,314
	3,527	ONE Gas, Inc.		234,863


Shares			Fair Value
	Common Stocks, continued
	Gas Utilities, continued
	5,305	Piedmont Natural Gas Co., Inc.	$	318,937
	11,558	Questar Corp.		293,226
	155	RGC Resources, Inc.		3,762
	4,168	South Jersey Industries, Inc.		131,792
	2,850	Southwest Gas Corp.		224,324
	2,633	Spire, Inc.		186,522
	11,479	UGI Corp.		519,424
	2,316	WGL Holdings, Inc.		163,950

				3,665,187

	Health Care Equipment & Supplies (2.0%):
	1,143	Abaxis, Inc.^		53,984
	18,690	Abbott Laboratories		734,703
	810	ABIOMED, Inc.*		88,525
	5,108	Alere, Inc.*		212,901
	3,302	Align Technology, Inc.*		265,976
	703	Analogic Corp.		55,846
	2,726	AngioDynamics, Inc.*		39,173
	1,103	Anika Therapeutics, Inc.*		59,176
	115	Atrion Corp.		49,204
	10,153	Baxter International, Inc.		459,119
	2,948	Becton, Dickinson & Co.		499,951
	9,639	Boston Scientific Corp.*		225,263
	2,558	C.R. Bard, Inc.		601,539
	2,183	Cantel Medical Corp.		150,038
	600	CONMED Corp.		28,638
	745	Cooper Cos., Inc. (The)		127,820
	1,619	CryoLife, Inc.^		19,120
	1,230	Cynosure, Inc., Class A*		59,833
	4,764	DENTSPLY SIRONA, Inc.		295,559
	1,491	Derma Sciences, Inc.*		5,875
	543	Dexcom, Inc.*		43,076
	7,694	Edwards Lifesciences Corp.*		767,322
	1,052	Exactech, Inc.*		28,130
	4,329	Globus Medical, Inc., Class A*		103,160
	1,444	Greatbatch, Inc.*		44,663
	2,946	Haemonetics Corp.*		85,405
	3,533	Halyard Health, Inc.*^		114,893
	2,721	Hill-Rom Holdings, Inc.		137,274
	14,701	Hologic, Inc.*		508,655
	497	ICU Medical, Inc.*		56,037
	2,916	IDEXX Laboratories, Inc.*		270,780
	1,874	Integra LifeSciences Holdings Corp.*		149,508
	555	Intuitive Surgical, Inc.*		367,083
	2,327	Invacare Corp.		28,227
	1,209	LeMaitre Vascular, Inc.		17,252
	1,668	LivaNova plc*		83,784
	3,059	Masimo Corp.*		160,643
	14,405	Medtronic plc		1,249,921
	3,164	Meridian Bioscience, Inc.		61,698
	2,425	Merit Medical Systems, Inc.*		48,088
	952	Natus Medical, Inc.*		35,986
	1,702	Neogen Corp.*		95,738
	2,052	NuVasive, Inc.*		122,545
	481	Nuvectra Corp.*		3,559


Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies, continued
	269	OraSure Technologies, Inc.*	$	1,590
	1,074	Orthofix International NV*		45,538
	700	Quidel Corp.*		12,502
	3,726	ResMed, Inc.^		235,595
	3,310	RTI Surgical, Inc.*		11,883
	624	SeaSpine Holdings Corp.*		6,540
	6,389	St. Jude Medical, Inc.		498,342
	1,745	STERIS plc		119,968
	4,367	Stryker Corp.		523,298
	785	Surmodics, Inc.*		18,432
	737	Teleflex, Inc.		130,677
	227	Utah Medical Products, Inc.		14,301
	3,306	Varian Medical Systems, Inc.*^		271,852
	691	Vascular Solutions, Inc.*		28,787
	4,204	West Pharmaceutical Services, Inc.		319,000
	1,720	Zimmer Holdings, Inc.		207,054

				11,061,029

	Health Care Providers & Services (3.3%):
	2,137	Acadia Healthcare Co., Inc.*^		118,390
	1,958	Aceto Corp.		42,861
	634	Addus HomeCare Corp.*^		11,051
	9,600	Aetna, Inc.		1,172,448
	3,470	Air Methods Corp.*^		124,330
	666	Alliance HealthCare Services, Inc.*		4,156
	542	Almost Family, Inc.*		23,095
	1,469	Amedisys, Inc.*		74,155
	1,239	AmerisourceBergen Corp.		98,277
	3,501	AMN Healthcare Services, Inc.*^		139,935
	3,995	AmSurg Corp.*		309,772
	6,078	Anthem, Inc.		798,285
	1,157	BioTelemetry, Inc.*		18,859
	5,253	Brookdale Senior Living, Inc.*		81,106
	2,121	Capital Senior Living Corp.*		37,478
	7,734	Cardinal Health, Inc.		603,329
	6,309	Centene Corp.*		450,273
	1,288	Chemed Corp.^		175,567
	4,923	Cigna Corp.		630,095
	7,171	Community Health Systems, Inc.*		86,411
	1,871	CorVel Corp.*		80,790
	77	Cross Country Healthcare, Inc.*		1,072
	9,186	DaVita, Inc.*		710,262
	3,058	Ensign Group, Inc. (The)^		64,249
	7,515	Envision Healthcare Holdings, Inc.*		190,656
	2,510	ExamWorks Group, Inc.*		87,474
	13,934	Express Scripts Holding Co.*		1,056,197
	3,745	Five Star Quality Care, Inc.*		8,763
	2,639	Hanger Orthopedic Group, Inc.*		19,608
	5,584	HCA Holdings, Inc.*		430,024
	5,256	HealthSouth Corp.		204,038
	2,040	Healthways, Inc.*		23,562
	2,255	Henry Schein, Inc.*		398,684
	4,142	Humana, Inc.		745,063
	2,629	InfuSystems Holdings, Inc.*		6,835
	4,876	Kindred Healthcare, Inc.		55,050


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	3,322	Laboratory Corp. of America Holdings*	$	432,757
	1,326	LHC Group, Inc.*		57,389
	3,038	LifePoint Hospitals, Inc.*		198,594
	2,025	Magellan Health Services, Inc.*		133,184
	5,524	McKesson Corp.		1,031,055
	3,929	MEDNAX, Inc.*^		284,577
	3,666	Molina Healthcare, Inc.*		182,933
	1,075	National Healthcare Corp.		69,596
	1,219	National Research Corp.		16,700
	4,172	Owens & Minor, Inc.^		155,949
	6,645	Patterson Cos., Inc.		318,229
	1,669	PharMerica Corp.*		41,158
	2,269	Premier, Inc., Class A*		74,196
	1,197	Providence Service Corp.*		53,721
	8,208	Quest Diagnostics, Inc.		668,213
	2,317	Quorum Health Corp.*		24,815
	2,518	RadNet, Inc.*		13,446
	9,791	Select Medical Holdings Corp.*^		106,428
	3,573	Surgical Care Affiliates, Inc.*^		170,325
	4,086	Team Health Holdings, Inc.*^		166,178
	6,770	Tenet Healthcare Corp.*		187,123
	1,840	Triple-S Management Corp., Class B*		44,951
	937	U.S. Physical Therapy, Inc.		56,417
	20,239	UnitedHealth Group, Inc.		2,857,746
	6,141	Universal American Financial Corp.^		46,549
	3,476	Universal Health Services, Inc., Class B		466,132
	3,789	VCA Antech, Inc.*		256,174
	2,912	WellCare Health Plans, Inc.*		312,399

				17,509,134

	Health Care Technology (0.1%):
	8,041	Allscripts Healthcare Solutions, Inc.*		102,121
	700	athenahealth, Inc.*^		96,607
	5,336	Cerner Corp.*^		312,689
	639	Computer Programs & Systems, Inc.		25,509
	312	HealthStream, Inc.*		8,274
	187	HMS Holdings Corp.*		3,293
	1,095	Omnicell, Inc.*		37,482
	2,725	Quality Systems, Inc.		32,455
	1,747	Simulations Plus, Inc.		13,207
	1,663	Veeva Systems, Inc., Class A*^		56,742

				688,379

	Hotels, Restaurants & Leisure (2.6%):
	10,056	Aramark Holdings Corp.		336,072
	7,927	Belmond, Ltd., Class A*		78,477
	1	Biglari Holdings, Inc.*		403
	1,927	BJ’s Restaurants, Inc.*		84,460
	11,520	Bloomin’ Brands, Inc.		205,862
	200	Bob Evans Farms, Inc.		7,590
	1,441	Bravo Brio Restaurant Group, Inc.*		11,802
	2,887	Brinker International, Inc.^		131,445
	1,469	Buffalo Wild Wings, Inc.*		204,118
	5,584	Carnival Corp., Class A		246,813
	2,043	Carrols Restaurant Group, Inc.*		24,312
	1,723	Century Casinos, Inc.*		10,734


Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
	4,028	Cheesecake Factory, Inc. (The)	$	193,908
	795	Chipotle Mexican Grill, Inc.*^		320,194
	3,453	Choice Hotels International, Inc.^		164,432
	748	Chuy’s Holdings, Inc.*		25,888
	3,651	ClubCorp Holdings, Inc.		47,463
	2,326	Cracker Barrel Old Country Store, Inc.^		398,839
	2,781	Darden Restaurants, Inc.		176,149
	783	Dave & Buster’s Entertainment, Inc.*		36,637
	1,574	Del Frisco’s Restaurant Group, Inc.*		22,540
	4,856	Denny’s Corp.*		52,105
	4,306	Diamond Resorts International, Inc.*^		129,008
	1,558	DineEquity, Inc.		132,087
	1,546	Domino’s Pizza, Inc.		203,113
	3,746	Dunkin’ Brands Group, Inc.		163,401
	1,277	Fiesta Restaurant Group, Inc.*		27,851
	5,639	Hilton Worldwide Holdings, Inc.		127,047
	828	Hyatt Hotels Corp., Class A*		40,688
	2,577	International Game Technology plc		48,293
	300	International Speedway Corp., Class A		10,035
	6,391	Interval Leisure Group, Inc.		101,617
	33	Intrawest Resorts Holdings, Inc.*		428
	1,792	Jack in the Box, Inc.		153,969
	671	Jamba, Inc.*		6,905
	2,949	Krispy Kreme Doughnuts, Inc.*		61,811
	446	La Quinta Holdings, Inc.*		5,084
	9,975	Las Vegas Sands Corp.		433,813
	2,136	Luby’s, Inc.*		10,723
	4,182	Marriott International, Inc., Class A^		277,936
	2,136	Marriott Vacations Worldwide Corp.^		146,295
	25,131	McDonald’s Corp.		3,024,264
	341	Nathans Famous, Inc.*		15,175
	5,162	Norwegian Cruise Line Holdings, Ltd.*		205,654
	1,079	Panera Bread Co., Class A*^		228,683
	2,292	Papa John’s International, Inc.		155,856
	1,317	Popeyes Louisiana Kitchen, Inc.*		71,961
	886	RCI Hospitality Holdings, Inc.		9,028
	1,501	Red Lion Hotels Corp.*		10,897
	878	Red Robin Gourmet Burgers*		41,644
	3,054	Royal Caribbean Cruises, Ltd.^		205,076
	268	Ruby Tuesday, Inc.*		967
	3,127	Ruth’s Hospitality Group, Inc.		49,876
	6,758	SeaWorld Entertainment, Inc.		96,842
	3,659	Six Flags Entertainment Corp.		212,039
	1,933	Sonic Corp.^		52,288
	2,826	Speedway Motorsports, Inc.		50,162
	40,523	Starbucks Corp.		2,314,673
	6,861	Starwood Hotels & Resorts Worldwide, Inc.		507,371
	4,257	Texas Roadhouse, Inc.^		194,119
	1,604	Town Sports International Holdings, Inc.*		4,363
	2,755	Vail Resorts, Inc.^		380,824
	22,020	Wendy’s Co. (The)^		211,832
	3,982	Wyndham Worldwide Corp.^		283,638
	11,870	Yum! Brands, Inc.		984,259

				14,171,838


Shares			Fair Value
	Common Stocks, continued
	Household Durables (0.8%):
	4,233	CalAtlantic Group, Inc.^	$	155,393
	504	Cavco Industries, Inc.*		47,225
	9,991	D.R. Horton, Inc.		314,517
	1,137	Dixie Group, Inc. (The)*		4,048
	1,910	Ethan Allen Interiors, Inc.		63,106
	5,743	Garmin, Ltd.		243,618
	2,761	GoPro, Inc., Class A*^		29,846
	2,690	Harman International Industries, Inc.		193,196
	1,211	Helen of Troy, Ltd.*		124,539
	500	Hooker Furniture Corp.		10,745
	432	Installed Building Products, Inc.*		15,677
	3,931	La-Z-Boy, Inc.		109,360
	4,024	Leggett & Platt, Inc.		205,667
	7,538	Lennar Corp., Class A^		347,502
	368	Lennar Corp., Class B		13,708
	1,249	Libbey, Inc.		19,847
	1,017	Lifetime Brands, Inc.		14,838
	3,757	M.D.C. Holdings, Inc.		91,445
	1,880	M/I Homes, Inc.*		35,400
	3,168	Meritage Corp.*		118,927
	2,452	Mohawk Industries, Inc.*		465,292
	4,731	Newell Rubbermaid, Inc.		229,785
	200	NVR, Inc.*		356,068
	13,213	PulteGroup, Inc.		257,521
	1,566	Skullcandy, Inc.*		9,615
	745	Taylor Morrison Home Corp., Class A*		11,056
	3,400	Tempur Sealy International, Inc.*^		188,088
	4,302	Toll Brothers, Inc.*		115,767
	1,563	TopBuild Corp.*		56,581
	10,253	TRI Pointe Homes, Inc.*^		121,190
	2,946	Tupperware Brands Corp.^		165,801
	718	Universal Electronics, Inc.*		51,897
	203	WCI Communities, Inc.*		3,431
	3,485	Whirlpool Corp.		580,739
	2,147	William Lyon Homes, Class A*^		34,610
	1,918	Zagg, Inc.*^		10,070

				4,816,115

	Household Products (1.3%):
	785	Central Garden & Pet Co., Class A*		17,042
	3,686	Church & Dwight Co., Inc.		379,253
	3,732	Clorox Co. (The)		516,471
	17,253	Colgate-Palmolive Co.		1,262,920
	1,744	Energizer Holdings, Inc.^		89,799
	9,773	HRG Group, Inc.*^		134,183
	6,918	Kimberly-Clark Corp.		951,087
	333	Oil-Dri Corp.		11,498
	582	Orchids Paper Products Co.^		20,702
	40,513	Procter & Gamble Co. (The)		3,430,235
	2,022	Spectrum Brands Holdings, Inc.		241,245
	698	WD-40 Co.^		81,980

				7,136,415

	Independent Power and Renewable Electricity Producers (0.2%):
	18,368	AES Corp. (The)		229,233
	24,555	Calpine Corp.*		362,185


Shares			Fair Value
	Common Stocks, continued
	Independent Power and Renewable Electricity Producers, continued
	7,034	Dynegy, Inc.*^	$	121,266
	14,628	NRG Energy, Inc.		219,274
	2,123	NRG Yield, Inc., Class A		32,312
	2,753	NRG Yield, Inc., Class C		42,919
	992	Ormat Technologies, Inc.		43,410
	2,883	Pattern Energy Group, Inc.^		66,223
	1,627	Talen Energy Corp.*		22,046

				1,138,868

	Industrial Conglomerates (1.2%):
	16,212	3M Co., Class B		2,839,046
	2,793	Carlisle Cos., Inc.		295,164
	7,544	Danaher Corp.		761,944
	66,380	General Electric Co.		2,089,642
	1,736	Raven Industries, Inc.		32,880
	1,178	Roper Industries, Inc.		200,920

				6,219,596

	Insurance (3.4%):
	8,911	Aflac, Inc.		643,018
	257	Alleghany Corp.*		141,242
	4,352	Allied World Assurance Co. Holdings AG		152,929
	8,076	Allstate Corp. (The)		564,916
	4,095	AMBAC Financial Group, Inc.*		67,404
	6,319	American Equity Investment Life Holding Co.		90,046
	2,154	American Financial Group, Inc.		159,245
	17,982	American International Group, Inc.		951,068
	1,343	American National Insurance Co.		151,960
	1,543	Amerisafe, Inc.		94,462
	12,054	AmTrust Financial Services^		295,323
	5,048	Aon plc		551,394
	2,877	Arch Capital Group, Ltd.*		207,145
	7,028	Arthur J. Gallagher & Co.		334,533
	3,059	Aspen Insurance Holdings, Ltd.		141,876
	1,509	Assurant, Inc.		130,242
	9,605	Assured Guaranty, Ltd.		243,680
	3,014	Axis Capital Holdings, Ltd.		165,770
	10,102	Brown & Brown, Inc.		378,522
	7,498	Chubb, Ltd.		980,065
	4,635	Cincinnati Financial Corp.		347,115
	1,199	CNA Financial Corp.		37,673
	2,354	Crawford & Co.		19,985
	2,915	Crawford & Co., Class A		22,241
	1,631	Donegal Group, Inc., Class A		26,895
	1,546	EMC Insurance Group, Inc.		42,855
	2,393	Employers Holdings, Inc.		69,445
	2,905	Endurance Specialty Holdings, Ltd.		195,100
	874	Enstar Group, Ltd.*^		141,579
	4,120	Erie Indemnity Co., Class A		409,281
	935	Everest Re Group, Ltd.		170,796
	1,054	Federated National Holding Co.		20,068
	7,742	First American Financial Corp.		311,383
	1,400	Genworth Financial, Inc., Class A*		3,612
	695	Global Indemnity plc*		19,133
	2,383	Greenlight Capital Re, Ltd.*^		48,041
	1,469	Hallmark Financial Services, Inc.*		17,026


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	2,378	Hanover Insurance Group, Inc. (The)	$	201,226
	7,560	Hartford Financial Services Group, Inc. (The)		335,513
	997	HCI Group, Inc.		27,198
	1,317	Independence Holding Co.		23,666
	153	Investors Title Co.		14,573
	700	Kemper Corp.^		21,686
	5,369	Lincoln National Corp.		208,156
	7,607	Loews Corp.		312,572
	5,556	Maiden Holdings, Ltd.^		68,005
	399	Markel Corp.*		380,159
	12,507	Marsh & McLennan Cos., Inc.		856,229
	2,860	Mercury General Corp.^		152,038
	14,726	MetLife, Inc.		586,537
	118	National General Holdings Corp.		2,528
	1,498	National Interstate Corp.		45,315
	262	National Western Life Group, Inc., Class A		51,161
	15,982	Old Republic International Corp.		308,293
	1,796	Onebeacon Insurance Group, Ltd.		24,785
	4,021	Primerica, Inc.^		230,162
	12,482	Principal Financial Group, Inc.		513,135
	2,749	ProAssurance Corp.		147,209
	17,704	Progressive Corp. (The)		593,084
	6,639	Prudential Financial, Inc.		473,626
	1,338	Reinsurance Group of America, Inc.		129,773
	1,630	RenaissanceRe Holdings, Ltd.		191,427
	2,855	RLI Corp.		196,367
	942	Selective Insurance Group, Inc.		35,994
	3,118	State Auto Financial Corp.		68,315
	1,761	Stewart Information Services Corp.		72,923
	2,791	Torchmark Corp.		172,540
	10,660	Travelers Cos., Inc. (The)		1,268,966
	1,616	United Insurance Holdings Co.		26,470
	3,169	Universal Insurance Holdings, Inc.		58,880
	5,575	UnumProvident Corp.		177,229
	3,791	Validus Holdings, Ltd.		184,205
	5,544	W.R. Berkley Corp.		332,196
	322	White Mountains Insurance Group, Ltd.		271,125
	2,012	Willis Towers Watson plc		250,112
	6,539	XL Group plc		217,814

				17,578,260

	Internet & Catalog Retail (1.7%):
	2,093	1-800 Flowers.com, Inc., Class A*^		18,879
	9,398	Amazon.com, Inc.*		6,725,396
	691	Blue Nile, Inc.		18,920
	2,685	CafePress, Inc.*		8,324
	905	Expedia, Inc.		96,202
	1,483	Gaiam, Inc., Class A*		11,478
	8,962	Groupon, Inc.*^		29,127
	3,111	HSN, Inc.^		152,221
	5,384	Liberty TripAdvisor Holdings, Inc., Class A*		117,802
	2,231	Netflix, Inc.*		204,092
	1,637	Nutri/System, Inc.		41,514
	1,213	Priceline Group, Inc. (The)*		1,514,321
	2,141	Shutterfly, Inc.*^		99,792


Shares			Fair Value
	Common Stocks, continued
	Internet & Catalog Retail, continued
	2,147	TripAdvisor, Inc.*	$	138,052

				9,176,120

	Internet Software & Services (2.0%):
	3,020	Actua Corp.*		27,271
	4,907	Akamai Technologies, Inc.*^		274,449
	3,423	Alphabet, Inc., Class A*		2,408,183
	3,662	Alphabet, Inc., Class C*		2,534,469
	429	Bankrate, Inc.*		3,209
	1,145	Blucora, Inc.*		11,862
	2,044	Cimpress NV*		189,029
	230	CoStar Group, Inc.*		50,292
	1,546	Demand Media, Inc.*		7,993
	2,881	DHI Group, Inc.*		17,949
	8,462	EarthLink Holdings Corp.		54,157
	20,891	eBay, Inc.*		489,058
	990	Envestnet, Inc.*^		32,977
	25,508	Facebook, Inc., Class A*		2,915,053
	874	GrubHub, Inc.*^		27,155
	1,270	GTT Communications, Inc.*		23,470
	3,317	IAC/InterActiveCorp		186,747
	3,284	Internap Network Services Corp.*		6,765
	3,214	Intralinks Holdings, Inc.*		20,891
	2,946	j2 Global, Inc.^		186,099
	5,660	Limelight Networks, Inc.*		8,433
	634	LinkedIn Corp., Class A*		119,985
	2,502	Marchex, Inc., Class B, Class B*		7,956
	6,852	Monster Worldwide, Inc.*		16,376
	3,759	NIC, Inc.		82,472
	2,520	QuinStreet, Inc.*		8,946
	752	Qumu Corp.*		3,339
	5,613	Rackspace Hosting, Inc.*^		117,087
	2,745	RealNetworks, Inc.*^		11,831
	401	Reis, Inc.		9,985
	1,895	TechTarget*		15,350
	1,344	Travelzoo, Inc.*		10,779
	3,390	Tremor Video, Inc.*		6,238
	2,871	Twitter, Inc.*^		48,549
	3,098	VeriSign, Inc.*^		267,853
	4,619	Web.com Group, Inc.*		83,973
	2,525	WebMD Health Corp.*		146,728
	13,934	Yahoo!, Inc.*		523,361
	1,990	Zillow Group, Inc., Class A*		72,934
	2,504	Zillow Group, Inc., Class C*		90,845

				11,120,098

	IT Services (4.0%):
	16,856	Accenture plc, Class A		1,909,616
	4,417	Acxiom Corp.*		97,130
	2,162	Alliance Data Systems Corp.*		423,579
	5,531	Amdocs, Ltd.		319,249
	10,694	Automatic Data Processing, Inc.		982,458
	1,732	Blackhawk Network Holdings, Inc.*		58,005
	8,907	Booz Allen Hamilton Holding Corp.		264,003
	5,121	Broadridge Financial Solutions, Inc.		333,889
	1,200	CACI International, Inc., Class A*		108,492


Shares			Fair Value
	Common Stocks, continued
	IT Services, continued
	4,434	Cardtronics, Inc.*^	$	176,518
	521	Cass Information Systems, Inc.		26,936
	5,879	CIBER, Inc.*		8,819
	11,008	Cognizant Technology Solutions Corp., Class A*		630,098
	5,969	Computer Sciences Corp.		296,361
	1,303	Convergys Corp.^		32,575
	5,794	CoreLogic, Inc.*		222,953
	2,608	CSG Systems International, Inc.		105,128
	3,769	CSRA, Inc.		88,308
	1,260	Datalink Corp.*		9,450
	2,949	DST Systems, Inc.		343,352
	1,894	Epam Systems, Inc.*		121,803
	3,396	Euronet Worldwide, Inc.*		234,969
	4,871	Everi Holdings, Inc.*		5,602
	1,396	Exlservice Holdings, Inc.*		73,164
	4,091	Fidelity National Information Services, Inc.		301,425
	5,989	Fiserv, Inc.*		651,184
	1,827	FleetCor Technologies, Inc.*		261,499
	825	Forrester Research, Inc.		30,410
	2,317	Gartner, Inc.*		225,699
	7,266	Genpact, Ltd.*		195,019
	6,729	Global Payments, Inc.		480,316
	1,357	Hackett Group, Inc. (The)		18,822
	3,433	Higher One Holdings, Inc.*		17,543
	25,154	International Business Machines Corp.		3,817,873
	3,031	Jack Henry & Associates, Inc.		264,515
	2,095	Leidos Holdings, Inc.		100,288
	4,003	Lionbridge Technologies, Inc.*		15,812
	1,840	ManTech International Corp., Class A		69,589
	26,787	MasterCard, Inc., Class A		2,358,862
	3,978	Maximus, Inc.^		220,262
	3,966	ModusLink Global Solutions, Inc.*^		4,878
	1,007	NCI, Inc., Class A		14,148
	9,399	Paychex, Inc.		559,241
	7,119	PayPal Holdings, Inc.*		259,915
	2,322	Perficient, Inc.*		47,160
	840	PFSweb, Inc.*^		7,980
	2,200	Sabre Corp.		58,938
	2,591	Science Applications International Corp.		151,185
	6,403	Servicesource International, Inc.*^		25,804
	1,241	StarTek, Inc.*		5,423
	3,283	Sykes Enterprises, Inc.*		95,076
	4,553	Syntel, Inc.*		206,069
	3,701	TeleTech Holdings, Inc.		100,408
	2,263	Teradata Corp.*^		56,733
	5,400	Total System Services, Inc.		286,794
	1,553	Travelport Worldwide, Ltd.		20,018
	3,021	Unisys Corp.*^		21,993
	5,853	Vantive, Inc., Class A*		331,280
	899	Virtusa Corp.*		25,963
	36,614	Visa, Inc., Class A		2,715,659
	20,683	Western Union Co.^		396,700
	1,662	WEX, Inc.*		147,370
	23,584	Xerox Corp.		223,812

				21,664,122


Shares			Fair Value
	Common Stocks, continued
	Leisure Products (0.3%):
	864	Arctic Cat, Inc.^	$	14,688
	5,928	Brunswick Corp.		268,657
	3,789	Callaway Golf Co.		38,686
	658	Escalade, Inc.		6,738
	5,080	Hasbro, Inc.		426,669
	1,198	Marine Products Corp.		10,135
	12,323	Mattel, Inc.		385,587
	1,932	Nautilus Group, Inc.*		34,467
	2,607	Polaris Industries, Inc.^		213,148
	3,582	Smith & Wesson Holding Corp.*^		97,359
	1,015	Sturm, Ruger & Co., Inc.		64,970
	2,859	Vista Outdoor, Inc.*		136,460

				1,697,564

	Life Sciences Tools & Services (0.8%):
	8,500	Agilent Technologies, Inc.		377,060
	1,165	Bio-Rad Laboratories, Inc., Class A*		166,618
	1,690	Bio-Techne Corp.		190,581
	7,817	Bruker Corp.		177,759
	2,431	Cambrex Corp.*		125,756
	3,826	Charles River Laboratories International, Inc.*		315,415
	1,979	Harvard Bioscience, Inc.*		5,660
	2,778	Illumina, Inc.*		389,976
	844	INC Research Holdings, Inc., Class A*		32,182
	2,457	Luminex Corp.*		49,705
	1,117	Mettler-Toledo International, Inc.*		407,616
	4,123	PAREXEL International Corp.*		259,254
	1,692	PerkinElmer, Inc.		88,695
	2,883	Quintiles Transnational Holdings, Inc.*		188,318
	6,934	Thermo Fisher Scientific, Inc.		1,024,567
	2,719	VWR Corp.*		78,579
	2,208	Waters Corp.*		310,555

				4,188,296

	Machinery (2.8%):
	4,467	Accuride Corp.*		5,539
	5,794	AGCO Corp.		273,071
	2,170	Albany International Corp., Class A		86,648
	14,459	Allison Transmission Holdings, Inc.		408,178
	1,977	Altra Industrial Motion Corp.		53,339
	1,445	ARC Group Worldwide, Inc.*^		3,295
	2,035	Astec Industries, Inc.		114,265
	3,610	Barnes Group, Inc.		119,563
	800	Briggs & Stratton Corp.^		16,944
	13,752	Caterpillar, Inc.^		1,042,540
	2,289	Chart Industries, Inc.*		55,234
	1,021	CIRCOR International, Inc.		58,187
	3,541	CLARCOR, Inc.		215,399
	5,831	Colfax Corp.*		154,288
	1,526	Columbus McKinnon Corp.		21,593
	2,706	Commercial Vehicle Group, Inc.*^		14,071
	3,811	Crane Co.		216,160
	4,259	Cummins, Inc.		478,882
	7,263	Deere & Co.^		588,594
	11,159	Donaldson Co., Inc.^		383,423
	1,924	Douglas Dynamics, Inc.^		49,505


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	6,235	Dover Corp.	$	432,210
	1,316	EnPro Industries, Inc.		58,417
	1,981	ESCO Technologies, Inc.		79,121
	4,690	Federal Signal Corp.		60,407
	5,670	Flowserve Corp.^		256,114
	694	FreightCar America, Inc.^		9,751
	1,046	Gencor Industries, Inc.*		16,234
	1,203	Global Brass & Copper Holdings, Inc.		32,830
	1,617	Gorman-Rupp Co. (The)^		44,322
	4,041	Graco, Inc.^		319,199
	995	Hardinge, Inc.		10,010
	7,203	Harsco Corp.		47,828
	4,761	Hillenbrand, Inc.		143,020
	490	Hurco Cos, Inc.		13,637
	1,063	Hyster-Yale Materials Handling, Inc., Class A^		63,238
	2,214	IDEX Corp.		181,769
	8,094	Illinois Tool Works, Inc.		843,071
	10,352	Ingersoll-Rand plc		659,215
	5,449	ITT, Inc.		174,259
	1,662	John Bean Technologies Corp.		101,748
	4,427	Kennametal, Inc.		97,881
	143	Key Technology, Inc.*		1,317
	787	L.B. Foster Co., Class A		8,570
	4,630	Lincoln Electric Holdings, Inc.		273,540
	1,213	Manitex International, Inc.*^		8,406
	10,121	Manitowoc Co., Inc. (The)^		55,159
	10,121	Manitowoc Foodservice, Inc.*^		178,332
	5,860	Meritor, Inc.*		42,192
	1,801	Middleby Corp. (The)*		207,565
	3,785	Mueller Industries, Inc.		120,666
	15,347	Mueller Water Products, Inc., Class A		175,263
	1,258	NN, Inc.^		17,599
	4,854	Nordson Corp.		405,843
	158	Omega Flex, Inc.		6,010
	6,301	OshKosh Corp.		300,621
	11,057	PACCAR, Inc.		573,527
	5,752	Parker Hannifin Corp.		621,504
	3,697	Pentair plc		215,498
	976	Proto Labs, Inc.*^		56,179
	1,060	RBC Bearings, Inc.*		76,850
	9,209	Rexnord Corp.*		180,773
	2,202	Snap-On, Inc.		347,520
	2,342	SPX Corp.		34,779
	2,342	SPX FLOW, Inc.*		61,056
	775	Standex International Corp.		64,038
	4,893	Stanley Black & Decker, Inc.		544,199
	2,010	Sun Hydraulics Corp.		59,677
	953	Supreme Industires, Inc., Class A		13,056
	1,121	Tennant Co.		60,388
	8,108	Terex Corp.		164,673
	3,355	Timken Co.		102,864
	3,172	Toro Co.		279,770
	3,413	TriMas Corp.*		61,434
	14,684	Trinity Industries, Inc.^		272,682


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	5,806	Wabash National Corp.*^	$	73,736
	1,988	WABCO Holdings, Inc.*		182,041
	2,486	Wabtec Corp.^		174,592
	1,617	Watts Water Technologies, Inc., Class A		94,206
	3,609	Westport Fuel Systems, Inc.*		6,035
	4,666	Woodward, Inc.^		268,948
	935	Xerium Technologies, Inc.*		5,965
	8,177	Xylem, Inc.		365,103

				14,765,175

	Marine (0.1%):
	2,816	Kirby Corp.*^		175,690
	3,233	Matson, Inc.		104,394

				280,084

	Media (3.2%):
	1,468	A.H. Belo Corp., Class A		7,340
	1,454	AMC Entertainment Holdings, Inc., Class A		40,145
	1,629	AMC Networks, Inc., Class A*		98,424
	270	Cable One, Inc.		138,081
	1,418	Carmike Cinemas, Inc.*		42,710
	182	CBS Corp., Class A		10,487
	10,884	CBS Corp., Class B		592,525
	2,917	Charter Communications, Inc., Class A*		666,962
	7,978	Cinemark Holdings, Inc.^		290,878
	1,661	Clear Channel Outdoor Holdings, Inc., Class A		10,331
	81,701	Comcast Corp., Class A		5,326,087
	6,633	Discovery Communications, Inc., Class A*		167,351
	8,249	Discovery Communications, Inc., Class C*		196,739
	5,853	DISH Network Corp., Class A*		306,697
	2,615	DreamWorks Animation SKG, Inc., Class A*		106,875
	2,731	E.W. Scripps Co. (The), Class A*^		43,259
	2,473	Entercom Communications Corp.		33,559
	4,792	Entravision Communications Corp., Class A		32,202
	6,638	Gannett Co., Inc.		91,671
	4,886	Gray Television, Inc.*		53,013
	4,727	Harte-Hanks, Inc.		7,516
	13,729	Interpublic Group of Cos., Inc. (The)		317,140
	3,739	John Wiley & Sons, Inc., Class A		195,101
	192	John Wiley & Sons, Inc., Class B		9,984
	247	Liberty Braves Group, Class A*		3,715
	527	Liberty Braves Group, Class C*		7,726
	734	Liberty Broadband Corp., Class A*		43,600
	1,737	Liberty Broadband Corp., Class C*		104,220
	619	Liberty Media Group, Class A*		11,848
	1,318	Liberty Media Group, Class C*		25,002
	2,477	Liberty Siriusxm Group, Class A*		77,679
	5,273	Liberty Siriusxm Group, Class C*		162,778
	2,892	Lions Gate Entertainment Corp.		58,505
	9,171	Live Nation, Inc.*^		215,519
	876	Madison Square Garden Co. (The), Class A*		151,119
	9,820	Media General, Inc.*		168,806
	2,849	Meredith Corp.^		147,892
	2,629	MSG Networks, Inc., Class A*		40,329
	3,726	National CineMedia, Inc.		57,678
	204	New Media Investment Group, Inc.		3,686


Shares			Fair Value
	Common Stocks, continued
	Media, continued
	5,102	New York Times Co. (The), Class A^	$	61,734
	8,725	News Corp., Class A		99,029
	4,904	News Corp., Class B^		57,230
	1,755	Nexstar Broadcasting Group, Inc., Class A		83,503
	7,206	Omnicom Group, Inc.^		587,217
	1,419	Reading International, Inc., Class A*		17,723
	8,109	Regal Entertainment Group, Class A^		178,722
	245	Scholastic Corp.		9,704
	3,817	Scripps Networks Interactive, Class A^		237,685
	2,737	Sinclair Broadcast Group, Inc., Class A		81,727
	42,816	Sirius XM Holdings, Inc.*		169,123
	2,237	Sizmek, Inc.*		5,123
	5,277	Starz—Liberty Capital*		157,888
	10,486	Tegna, Inc.^		242,961
	12,768	Time Warner, Inc.		938,958
	6,987	Time, Inc.		115,006
	23,830	Twenty-First Century Fox, Inc.		644,602
	8,290	Twenty-First Century Fox, Inc., Class B		225,903
	300	Viacom, Inc., Class A		13,926
	9,106	Viacom, Inc., Class B		377,626
	29,471	Walt Disney Co. (The)		2,882,852

				17,253,421

	Metals & Mining (0.7%):
	28,971	Alcoa, Inc.^		268,561
	6,283	Allegheny Technologies, Inc.^		80,108
	799	Ampco-Pittsburgh Corp.		9,037
	3,052	Carpenter Technology Corp.		100,502
	9,476	Commercial Metals Co.^		160,144
	2,984	Compass Minerals International, Inc.^		221,383
	3,430	Ferroglobe plc		29,532
	12,494	Freeport-McMoRan Copper & Gold, Inc.		139,183
	468	Handy & Harman, Ltd.*		12,257
	943	Haynes International, Inc.^		30,251
	29,166	Hecla Mining Co.		148,747
	151	Kaiser Aluminum Corp.		13,652
	1,359	Materion Corp.		33,649
	22,005	Newmont Mining Corp.		860,835
	14,134	Nucor Corp.		698,361
	700	Olympic Steel, Inc.		19,117
	4,360	Reliance Steel & Aluminum Co.		335,284
	3,069	Royal Gold, Inc.		221,029
	1,365	Schnitzer Steel Industries, Inc., Class A		24,024
	2,772	Southern Copper Corp.^		74,789
	5,822	Steel Dynamics, Inc.		142,639
	7,009	Stillwater Mining Co.*^		83,127
	701	Synalloy Corp.		5,370
	1,703	United States Steel Corp.		28,713
	548	Universal Stainless & Alloy Products, Inc.*		5,973
	800	Worthington Industries, Inc.		33,840

				3,780,107

	Multiline Retail (0.7%):
	4,485	Big Lots, Inc.^		224,743
	3,183	Dillard’s, Inc., Class A		192,890
	7,215	Dollar General Corp.		678,210


Shares			Fair Value
	Common Stocks, continued
	Multiline Retail, continued
	3,223	Dollar Tree, Inc.*	$	303,736
	1,212	Gordmans Stores, Inc.*		1,563
	1,071	J.C. Penney Co., Inc.*^		9,510
	14,751	Kohl’s Corp.^		559,358
	9,334	Macy’s, Inc.		313,716
	7,550	Nordstrom, Inc.^		287,278
	14,447	Target Corp.		1,008,689

				3,579,693

	Multi-Utilities (1.1%):
	5,800	Alliant Energy Corp.		230,260
	6,827	Ameren Corp.		365,791
	3,074	Avista Corp.		137,715
	2,740	Black Hills Corp.^		172,730
	9,831	CenterPoint Energy, Inc.		235,944
	7,809	CMS Energy Corp.		358,121
	5,503	Consolidated Edison, Inc.		442,661
	10,556	Dominion Resources, Inc.		822,629
	4,620	DTE Energy Co.		457,934
	9,671	MDU Resources Group, Inc.		232,104
	9,333	NiSource, Inc.		247,511
	2,865	NorthWestern Corp.		180,696
	9,263	Public Service Enterprise Group, Inc.		431,748
	3,804	SCANA Corp.		287,811
	4,145	Sempra Energy		472,613
	15,404	TECO Energy, Inc.		425,767
	844	Unitil Corp.^		36,013
	5,394	Vectren Corp.		284,102
	5,278	WEC Energy Group, Inc.^		344,653

				6,166,803

	Oil, Gas & Consumable Fuels (4.7%):
	9,197	Abraxas Petroleum Corp.*		10,393
	332	Adams Resources & Energy, Inc.		12,782
	6,084	Alon USA Energy, Inc.^		39,424
	5,493	Anadarko Petroleum Corp.		292,502
	2,451	Antero Resources Corp.*		63,677
	6,254	Apache Corp.		348,160
	5,322	Cabot Oil & Gas Corp.		136,988
	2,403	California Resources Corp.*^		29,317
	4,230	Callon Petroleum Co.*		47,503
	1,910	Carrizo Oil & Gas, Inc.*^		68,474
	6,161	Cheniere Energy, Inc.*		231,346
	34,277	Chevron Corp.		3,593,257
	1,308	Cimarex Energy Co.		156,071
	20,955	Cobalt International Energy, Inc.*		28,080
	8,205	Columbia Pipeline Group, Inc.		209,145
	2,807	Concho Resources, Inc.*		334,791
	19,355	ConocoPhillips		843,877
	7,288	CONSOL Energy, Inc.^		117,264
	3,813	Continental Resources, Inc.*^		172,615
	3,623	CVR Energy, Inc.^		56,157
	2,434	Delek US Holdings, Inc.^		32,153
	4,686	Devon Energy Corp.		169,868
	8,860	DHT Holdings, Inc.		44,566
	1,558	Diamondback Energy, Inc.*^		142,105


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	4,017	Energen Corp.	$	193,660
	6,042	Enlink Midstream LLC		96,128
	5,950	EOG Resources, Inc.		496,349
	8,400	EP Energy Corp., Class A*		43,512
	3,986	EQT Corp.		308,636
	75,429	Exxon Mobil Corp.		7,070,713
	4,505	Gaslog, Ltd.		58,475
	5,413	Gulfport Energy Corp.*		169,210
	2,222	Hallador Energy Co.^		10,266
	4,426	Hess Corp.		266,003
	6,685	HollyFrontier Corp.^		158,902
	158	Isramco, Inc.*		12,996
	29,236	Kinder Morgan, Inc.		547,298
	16,008	Kosmos Energy LLC*		87,244
	4,800	Laredo Petroleum Holdings, Inc.*^		50,304
	15,266	Marathon Oil Corp.		229,143
	17,758	Marathon Petroleum Corp.		674,093
	3,534	Matador Resources Co.*		69,973
	6,902	Memorial Resource Development Corp.*		109,604
	4,996	Murphy Oil Corp.^		158,623
	1,466	Newfield Exploration Co.*		64,768
	8,825	Noble Energy, Inc.		316,553
	7,779	Occidental Petroleum Corp.		587,781
	8,157	ONEOK, Inc.		387,050
	1,401	Panhandle Oil & Gas, Inc., Class A		23,355
	3,519	Parsley Energy, Inc., Class A*		95,224
	6,440	PBF Energy, Inc., Class A		153,143
	1,996	PDC Energy, Inc.*^		114,990
	11,202	Phillips 66		888,766
	1,805	Pioneer Natural Resources Co.		272,934
	6	PrimeEnergy Corp.*		362
	9,444	QEP Resources, Inc.		166,498
	3,835	Range Resources Corp.		165,442
	3,344	Renewable Energy Group, Inc.*^		29,528
	7,647	Rice Energy, Inc.*		168,540
	5,130	RSP Permian, Inc.*^		178,986
	14,497	Scorpio Tankers, Inc.		60,887
	1,307	SemGroup Corp., Class A		42,556
	4,595	SM Energy Co.^		124,065
	21,692	Southwestern Energy Co.*^		272,885
	9,053	Spectra Energy Corp.		331,611
	6,282	Synergy Resources Corp.*		41,838
	3,875	Targa Resources Corp.		163,293
	6,407	Teekay Shipping Corp.		45,682
	9,185	Tesoro Corp.		688,139
	14,623	Valero Energy Corp.		745,772
	8,471	Western Refining, Inc.^		174,757
	3,000	Whiting Petroleum Corp.*		27,780
	8,981	Williams Cos., Inc. (The)		194,259
	3,291	World Fuel Services Corp.		156,290
	1,558	WPX Energy, Inc.*		14,505

				24,689,886

	Paper & Forest Products (0.2%):
	3,411	Boise Cascade Co.*		78,282


Shares			Fair Value
	Common Stocks, continued
	Paper & Forest Products, continued
	1,659	Clearwater Paper Corp.*	$	108,449
	375	Deltic Timber Corp.		25,174
	4,068	Domtar Corp.		142,420
	9,067	KapStone Paper & Packaging Corp.		117,962
	6,642	Louisiana-Pacific Corp.*		115,239
	5,575	Mercer International, Inc.		44,489
	1,274	Neenah Paper, Inc.		92,199
	700	P.H. Glatfelter Co.		13,692
	7,266	Resolute Forest Products*		38,437
	2,301	Schweitzer-Mauduit International, Inc.		81,179

				857,522

	Personal Products (0.3%):
	3,993	Avon Products, Inc.		15,094
	1,611	Coty, Inc., Class A^		41,870
	2,403	Edgewell Personal Care Co.*		202,837
	5,376	Estee Lauder Co., Inc. (The), Class A		489,324
	2,955	Herbalife, Ltd.*^		172,955
	1,755	Inter Parfums, Inc.		50,140
	923	Medifast, Inc.		30,708
	1,236	Natures Sunshine Products, Inc.		11,779
	4,808	Nu Skin Enterprises, Inc., Class A^		222,082
	723	Nutraceutical International Corp.*		16,737
	2,385	Revlon, Inc.*		76,749
	340	United-Guardian, Inc.		5,464

				1,335,739

	Pharmaceuticals (3.4%):
	3,345	Akorn, Inc.*		95,282
	6,188	Allergan plc*		1,429,985
	1,490	Aralez Pharmacuticals, Inc.*		4,917
	12,668	Bristol-Myers Squibb Co.		931,731
	1,772	Catalent, Inc.*		40,738
	1,468	Cumberland Pharmaceuticals, Inc.*		6,606
	18,954	Eli Lilly & Co.		1,492,628
	2,386	Endo International plc*		37,198
	6,300	Horizon Pharma plc*		103,761
	2,984	Impax Laboratories, Inc.*		85,999
	1,011	Jazz Pharmaceuticals plc*		142,864
	52,480	Johnson & Johnson Co.		6,365,824
	3,439	Lannett Co., Inc.*^		81,814
	42	Lipocine, Inc.*^		128
	3,136	Mallinckrodt plc*		190,606
	3,639	Medicines Co. (The)*^		122,380
	44,315	Merck & Co., Inc.		2,552,987
	3,026	Mylan NV*		130,844
	713	Nektar Therapeutics*		10,146
	106,821	Pfizer, Inc.		3,761,167
	82	Phibro Animal Health Corp., Class A		1,530
	3,554	Prestige Brands Holdings, Inc.*		196,892
	870	Sciclone Pharmaceuticals, Inc.*		11,362
	1,667	Sucampo Pharmaceuticals, Inc., Class A*^		18,287
	1,789	Supernus Pharmaceuticals, Inc.*		36,442
	923	Taro Pharmaceutical Industries, Ltd.*^		134,389
	13,263	Zoetis, Inc.		629,462

				18,615,969


Shares			Fair Value
	Common Stocks, continued
	Professional Services (0.7%):
	846	Advisory Board Co. (The)*	$	29,940
	3,745	CBIZ, Inc.*		38,985
	1,503	CDI Corp.		9,168
	1,900	CEB, Inc.		117,192
	2,185	Dun & Bradstreet Corp.		266,220
	3,681	Equifax, Inc.		472,641
	1,564	Exponent, Inc.		91,353
	1,105	Franklin Covey Co.*		16,940
	3,151	FTI Consulting, Inc.*		128,183
	1,304	GP Strategies Corp.*		28,284
	1,205	Heidrick & Struggles International, Inc.		20,340
	3,834	Hill International, Inc.*		15,604
	1,763	Huron Consulting Group, Inc.*		106,520
	1,472	ICF International, Inc.*		60,205
	1,963	IHS, Inc., Class A*		226,942
	974	Insperity, Inc.		75,222
	95	Kelly Services, Inc., Class A		1,802
	2,263	Kforce, Inc.		38,222
	3,332	Korn/Ferry International		68,972
	4,477	Manpower, Inc.		288,050
	1,887	Mistras Group, Inc.*		45,043
	3,651	Navigant Consulting, Inc.*		58,964
	8,791	Nielsen Holdings plc		456,869
	3,930	On Assignment, Inc.*		145,214
	2,125	Resources Connection, Inc.		31,408
	5,359	Robert Half International, Inc.		204,499
	4,146	RPX Corp.*		38,019
	2,713	Trueblue, Inc.*		51,330
	5,710	Verisk Analytics, Inc.*		462,968
	840	Volt Information Sciences, Inc.*		4,964
	633	Willdan Group, Inc.*		6,722

				3,606,785

	Real Estate Management & Development (0.2%):
	3,604	Alexander & Baldwin, Inc.		130,249
	11,461	CBRE Group, Inc., Class A*		303,486
	339	Consolidated-Tomoka Land Co.		16,092
	2,547	Forestar Group, Inc.*^		30,284
	232	FRP Holdings, Inc.*		8,004
	318	Griffin Industrial Realty, Inc.		9,747
	1,687	Howard Hughes Corp. (The)*		192,858
	1,690	Jones Lang LaSalle, Inc.		164,691
	1,086	Kennedy-Wilson Holdings, Inc.		20,591
	2,112	Marcus & Millichap, Inc.*^		53,666
	7,526	Realogy Holdings Corp.*		218,404
	1,206	Tejon Ranch Co.*		28,510

				1,176,582

	Road & Rail (1.2%):
	1,201	AMERCO, Inc.		449,835
	10,088	Avis Budget Group, Inc.*		325,136
	2,663	Celadon Group, Inc.		21,757
	1,699	Covenant Transportation Group, Inc., Class A*		30,701
	20,297	CSX Corp.		529,346
	2,892	Genesee & Wyoming, Inc., Class A*^		170,483
	6,907	Heartland Express, Inc.^		120,113


Shares			Fair Value
	Common Stocks, continued
	Road & Rail, continued
	3,301	Hertz Global Holdings, Inc.*^	$	36,542
	4,255	J.B. Hunt Transport Services, Inc.		344,357
	4,667	Kansas City Southern		420,450
	6,669	Knight Transportation, Inc.		177,262
	3,246	Landstar System, Inc.^		222,870
	6,406	Norfolk Southern Corp.		545,343
	4,549	Old Dominion Freight Line, Inc.*		274,350
	560	Providence & Worcester Railroad Co.		9,128
	2,916	Roadrunner Transportation System, Inc.*		21,753
	5,496	Ryder System, Inc.		336,025
	1,912	Saia, Inc.*		48,068
	8,442	Swift Transportation Co.*^		130,091
	23,156	Union Pacific Corp.		2,020,361
	2,010	Universal Truckload Services, Inc.		25,929
	1,023	USA Truck, Inc.*		17,913
	6,273	Werner Enterprises, Inc.^		144,091
	1,829	YRC Worldwide, Inc.*^		16,095

				6,437,999

	Semiconductors & Semiconductor Equipment (3.1%):
	1,442	Advanced Energy Industries, Inc.*		54,738
	14,984	Advanced Micro Devices, Inc.*		77,018
	2,031	Alpha & Omega Semiconductor, Ltd.*		28,292
	22,065	Amkor Technology, Inc.*		126,874
	3,628	Analog Devices, Inc.		205,490
	16,074	Applied Materials, Inc.		385,294
	6,461	Axcelis Technologies, Inc.*		17,380
	1,701	AXT, Inc.*		5,426
	4,811	Broadcom, Ltd.		747,629
	661	Brooks Automation, Inc.		7,416
	1,455	Cabot Microelectronics Corp.		61,605
	437	CEVA, Inc.*		11,873
	3,276	Cirrus Logic, Inc.*		127,076
	1,955	Cohu, Inc.		21,212
	4,653	Cree, Inc.*^		113,719
	15,101	Cypress Semiconductor Corp.^		159,316
	3,151	Diodes, Inc.*		59,207
	7,419	Entegris, Inc.*		107,353
	2,694	Exar Corp.*		21,687
	2,896	First Solar, Inc.*		140,398
	3,971	FormFactor, Inc.*^		35,702
	1,914	GSI Technology, Inc.*		7,981
	6,077	Integrated Device Technology, Inc.*		122,330
	154,100	Intel Corp.		5,054,481
	7,454	Intersil Corp., Class A		100,927
	2,413	IXYS Corp.		24,733
	6,380	KLA-Tencor Corp.		467,335
	3,756	Kopin Corp.*		8,338
	5,824	Kulicke & Soffa Industries, Inc.*		70,878
	6,758	Lam Research Corp.^		568,077
	6,641	Lattice Semiconductor Corp.*		35,529
	8,137	Linear Technology Corp.^		378,615
	1,540	MA-COM Technology Solutions Holdings, Inc.*^		50,789
	13,299	Marvell Technology Group, Ltd.		126,739
	5,668	Maxim Integrated Products, Inc.		202,291


Shares			Fair Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment, continued
	52	MaxLinear, Inc., Class A*	$	935
	3,686	Microchip Technology, Inc.		187,101
	37,362	Micron Technology, Inc.*		514,101
	2,842	Microsemi Corp.*		92,877
	2,866	MKS Instruments, Inc.		123,410
	1,348	Nanometrics, Inc.*		28,025
	1,500	Neophotonics Corp.*		14,295
	150	NVE Corp.		8,798
	21,938	NVIDIA Corp.^		1,031,305
	25,792	ON Semiconductor Corp.*		227,485
	1,438	PDF Solutions, Inc.*		20,118
	5,010	Photronics, Inc.*		44,639
	633	Power Integrations, Inc.		31,694
	2,939	Qorvo, Inc.*		162,409
	21,754	QUALCOMM, Inc.		1,165,362
	2,529	Rambus, Inc.*^		30,550
	2,429	Rudolph Technologies, Inc.*		37,722
	265	Semtech Corp.*		6,323
	1,920	Sigma Designs, Inc.*		12,346
	676	Silicon Laboratories, Inc.*		32,948
	4,996	Skyworks Solutions, Inc.		316,147
	5,527	Sunpower Corp.*^		85,613
	1,692	Synaptics, Inc.*^		90,945
	10,715	Teradyne, Inc.		210,978
	3,673	Tessera Technologies, Inc.		112,541
	25,421	Texas Instruments, Inc.		1,592,626
	2,037	Ultratech, Inc.*		46,790
	3,054	Veeco Instruments, Inc.*^		50,574
	3,038	Xcerra Corp.*		17,469
	6,925	Xilinx, Inc.		319,450

				16,349,324

	Software (3.4%):
	7,811	ACI Worldwide, Inc.*		152,393
	6,622	Activision Blizzard, Inc.		262,430
	3,757	Adobe Systems, Inc.*		359,883
	1,009	American Software, Inc.		10,574
	2,253	ANSYS, Inc.*		204,460
	5,023	Aspen Technology, Inc.*^		202,126
	1,693	Autodesk, Inc.*		91,659
	3,601	Avg Technologies NV*		68,383
	2,272	Aware, Inc.*		9,860
	868	Barracuda Networks, Inc.*		13,142
	2,184	Blackbaud, Inc.		148,294
	25,743	CA, Inc.		845,143
	9,102	Cadence Design Systems, Inc.*		221,179
	3,207	CDK Global, Inc.		177,956
	4,211	Citrix Systems, Inc.*		337,259
	5,572	Electronic Arts, Inc.*		422,135
	2,135	EPIQ Systems, Inc.^		31,171
	1,083	Evolving Systems, Inc.		5,599
	1,493	Fair Isaac Corp.		168,724
	1,784	FireEye, Inc.*^		29,382
	1,444	Fortinet, Inc.*		45,616
	1,352	Guidewire Software, Inc.*		83,500


Shares			Fair Value
	Common Stocks, continued
	Software, continued
	6,066	Intuit, Inc.	$	677,026
	4,396	Manhattan Associates, Inc.*		281,915
	6,165	Mentor Graphics Corp.		131,068
	150,128	Microsoft Corp.		7,682,049
	154	MicroStrategy, Inc., Class A*^		26,953
	1,803	Monotype Imaging Holdings, Inc.		44,408
	316	NetSuite, Inc.*^		23,005
	12,707	Nuance Communications, Inc.*		198,610
	62,536	Oracle Corp.		2,559,598
	2,127	Paycom Software, Inc.*		91,908
	4,585	Pegasystems, Inc.		123,566
	2,957	Progress Software Corp.*		81,199
	2,402	PTC, Inc.*		90,267
	581	QAD, Inc.		11,196
	430	Qualys, Inc.*		12,818
	4,839	Red Hat, Inc.*		351,311
	294	Rosetta Stone, Inc.*		2,279
	6,244	Rovi Corp.*^		97,656
	737	Rubicon Project, Inc.*		10,060
	3,237	Salesforce.com, Inc.*		257,050
	2,393	SeaChange International, Inc.*		7,634
	1,194	ServiceNow, Inc.*		79,282
	164	Silver Spring Networks, Inc.*		1,993
	1,118	Splunk, Inc.*^		60,573
	4,256	SS&C Technologies Holdings, Inc.^		119,508
	12,505	Symantec Corp.^		256,853
	1,959	Synchronoss Technologies, Inc.*		62,414
	3,452	Synopsys, Inc.*		186,684
	357	Tableau Software, Inc., Class A*		17,464
	2,827	Take-Two Interactive Software, Inc.*		107,200
	2,229	Telenav, Inc.*		11,368
	7,228	TiVo, Inc.*		71,557
	341	Tyler Technologies, Inc.*		56,848
	429	Ultimate Software Group, Inc. (The)*^		90,214
	1,355	Verint Systems, Inc.*		44,891
	1,108	VMware, Inc., Class A*^		63,400
	970	Workday, Inc., Class A*^		72,430
	664	Zedge, Inc., Class B*^		3,048
	37,216	Zynga, Inc.*		92,668

				18,050,839

	Specialty Retail (3.7%):
	5,776	Aaron’s, Inc.		126,437
	2,444	Advance Auto Parts, Inc.		395,024
	13,744	American Eagle Outfitters, Inc.^		218,942
	492	America’s Car Mart, Inc.*		13,894
	2,609	Asbury Automotive Group, Inc.*		137,599
	9,258	Ascena Retail Group, Inc.*^		64,713
	6,313	AutoNation, Inc.*^		296,585
	600	AutoZone, Inc.*		476,304
	3,164	Barnes & Noble Education, Inc.*		32,115
	5,007	Barnes & Noble, Inc.		56,829
	7,109	Bed Bath & Beyond, Inc.^		307,251
	20,317	Best Buy Co., Inc.^		621,700
	1,657	Big 5 Sporting Goods Corp.		15,360


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	4,578	Burlington Stores, Inc.*	$	305,398
	4,737	Cabela’s, Inc., Class A*		237,134
	3,318	Caleres, Inc.		80,329
	5,783	CarMax, Inc.*^		283,540
	1,987	Cato Corp., Class A		74,950
	7,822	Chico’s FAS, Inc.		83,774
	1,389	Children’s Place Retail Stores, Inc. (The)^		111,370
	1,991	Christopher & Banks Corp.*		4,360
	881	Citi Trends, Inc.		13,682
	6,247	CST Brands, Inc.^		269,121
	1,097	Destination Maternity Corp.^		6,450
	2,864	Destination XL Group, Inc.*		13,088
	4,900	Dick’s Sporting Goods, Inc.		220,794
	5,289	DSW, Inc., Class A		112,021
	6,313	Express, Inc.*		91,602
	3,465	Finish Line, Inc. (The), Class A		69,958
	3,099	Five Below, Inc.*^		143,825
	6,908	Foot Locker, Inc.		378,973
	2,397	Francesca’s Holdings Corp.*		26,487
	9,167	GameStop Corp., Class A^		243,659
	14,426	Gap, Inc. (The)^		306,120
	1,571	Genesco, Inc.*		101,031
	7,035	GNC Holdings, Inc., Class A^		170,880
	1,600	Group 1 Automotive, Inc.		78,976
	6,442	Guess?, Inc.^		96,952
	1,166	Haverty Furniture Cos., Inc.		21,023
	1,874	Hibbett Sports, Inc.*^		65,196
	35,379	Home Depot, Inc. (The)		4,517,544
	1,036	Kirkland’s, Inc.*		15,208
	4,361	L Brands, Inc.		292,754
	1,938	Lithia Motors, Inc., Class A^		137,734
	24,657	Lowe’s Cos., Inc.		1,952,095
	1,427	MarineMax, Inc.*^		24,216
	4,050	Michaels Cos., Inc. (The)*		115,182
	1,920	Monro Muffler Brake, Inc.		122,035
	3,666	Murphy U.S.A., Inc.*		271,871
	4,842	New York & Co.*		7,215
	2,703	O’Reilly Automotive, Inc.*		732,783
	7,245	Penske Automotive Group, Inc.		227,928
	1,904	Perfumania Holdings, Inc.*		4,608
	170	Pier 1 Imports, Inc.^		874
	900	Rent-A-Center, Inc.		11,052
	2,425	Restoration Hardware Holdings, Inc.*^		69,549
	11,182	Ross Stores, Inc.		633,908
	9,608	Sally Beauty Holdings, Inc.*		282,571
	2,956	Select Comfort Corp.*^		63,199
	600	Shoe Carnival, Inc.^		15,036
	2,201	Signet Jewelers, Ltd.		181,384
	3,293	Sonic Automotive, Inc., Class A		56,343
	16,082	Staples, Inc.		138,627
	3,378	Stein Mart, Inc.		26,078
	2,754	Tailored Brands, Inc.		34,866
	289	Tandy Leather Factory, Inc.*		2,055
	4,460	Tiffany & Co.^		270,454


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	854	Tilly’s, Inc.*	$	4,945
	18,422	TJX Cos., Inc. (The)		1,422,731
	4,639	Tractor Supply Co.		422,984
	737	Trans World Entertainment Corp.*		2,764
	2,124	Ulta Salon, Cosmetics & Fragrance, Inc.*		517,491
	10,387	Urban Outfitters, Inc.*		285,643
	1,993	Vitamin Shoppe, Inc.*		60,926
	1,842	West Marine, Inc.*		15,454
	3,202	Williams-Sonoma, Inc.		166,920
	285	Winmark Corp.		28,406
	2,204	Zumiez, Inc.*		31,539

				19,540,418

	Technology Hardware, Storage & Peripherals (3.4%):
	148,970	Apple, Inc.		14,241,532
	728	Astro-Med, Inc.		11,080
	2,354	Avid Technology, Inc.*		13,677
	748	Cray, Inc.*^		22,380
	3,177	Diebold, Inc.		78,885
	2,385	Electronics for Imaging, Inc.*		102,650
	51,248	EMC Corp.		1,392,408
	29,777	Hewlett Packard Enterprise Co.		544,026
	36,072	HP, Inc.		452,704
	3,277	Imation Corp.*		4,096
	4,528	Lexmark International, Inc., Class A		170,932
	6,418	NCR Corp.*		178,228
	11,788	NetApp, Inc.		289,867
	13,127	Seagate Technology plc^		319,774
	2,313	Super Micro Computer, Inc.*		57,478
	5,795	Western Digital Corp.^		273,872

				18,153,589

	Textiles, Apparel & Luxury Goods (1.1%):
	2,047	Carter’s, Inc.		217,944
	484	Cherokee, Inc.*^		5,377
	9,539	Coach, Inc.		388,619
	3,010	Columbia Sportswear Co.		173,195
	4,393	Crocs, Inc.*		49,553
	810	Culp, Inc.		22,380
	2,620	Deckers Outdoor Corp.*		150,702
	4,552	Fossil Group, Inc.*^		129,869
	2,068	G-III Apparel Group, Ltd.*^		94,549
	13,867	Hanesbrands, Inc.		348,478
	6,072	Kate Spade & Co.*		125,144
	4,434	Lululemon Athletica, Inc.*^		327,495
	7,990	Michael Kors Holdings, Ltd.*^		395,345
	30,212	Nike, Inc., Class B		1,667,702
	1,259	Oxford Industries, Inc.		71,285
	600	Perry Ellis International, Inc.*		12,072
	1,956	PVH Corp.		184,314
	2,324	Ralph Lauren Corp.		208,277
	570	Rocky Brands, Inc.		6,509
	3,882	Skechers U.S.A., Inc., Class A*		115,373
	3,826	Steven Madden, Ltd.*^		130,773
	700	Superior Uniform Group, Inc.		13,363
	4,160	Tumi Holdings, Inc.*		111,238


Shares			Fair Value
	Common Stocks, continued
	Textiles, Apparel & Luxury Goods, continued
	3,720	Under Armour, Inc., Class A*^	$	149,284
	3,746	Under Armour, Inc., Class C*		136,369
	5,997	VF Corp.		368,756
	6,221	Wolverine World Wide, Inc.		126,411

				5,730,376

	Thrifts & Mortgage Finance (0.4%):
	493	ASB Bancorp, Inc.*		12,093
	8,629	Astoria Financial Corp.		132,283
	3,548	Bank Mutual Corp.		27,249
	1,591	BankFinancial Corp.		19,076
	4,285	Beneficial Bancorp, Inc.*		54,505
	4,484	BofI Holding, Inc.*^		79,412
	689	BSB Bancorp, Inc.*		15,606
	9,821	Capitol Federal Financial, Inc.		137,003
	1,278	Charter Financial Corp.		16,972
	618	Chicopee Bancorp, Inc.		11,285
	2,063	Clifton Bancorp, Inc.		31,089
	2,791	Dime Community Bancshares		47,475
	855	ESSA Bancorp, Inc.		11,457
	9,408	Everbank Financial Corp.		139,802
	403	Federal Agricultural Mortgage Corp.		14,032
	408	First Capital, Inc.^		13,468
	1,138	First Financial Northwest, Inc.		15,113
	4,276	Flagstar Bancorp, Inc.*		104,377
	883	Fox Chase Bancorp, Inc.		17,960
	8	Greene County Bancorp, Inc.		130
	155	Hingham Institution for Savings		19,053
	1,670	HomeStreet, Inc.*^		33,266
	787	HopFed Bancorp, Inc.		9,121
	613	IF Bancorp, Inc.		11,242
	3,333	Kearny Financial Corp.		41,929
	1,249	Kentucky First Federal Bancorp		10,242
	750	Lake Shore Bancorp, Inc.		9,773
	673	Lake Sunapee Bank Group		11,515
	767	LaPorte Bancorp, Inc.		12,525
	759	Malvern Bancorp, Inc.*		11,840
	4,170	Meridian Bancorp, Inc.		61,633
	484	Meta Financial Group, Inc.		24,665
	11,310	New York Community Bancorp, Inc.^		169,536
	374	NMI Holdings, Inc., Class A*		2,050
	1,311	Northeast Community Bancorp, Inc.		8,220
	3,608	Northfield Bancorp, Inc.		53,507
	7,217	Northwest Bancshares, Inc.^		107,028
	687	Ocean Shore Holding Co.		11,652
	1,979	Oceanfirst Financial Corp.		35,958
	503	Oconee Federal Financial Corp.^		9,844
	3,358	Oritani Financial Corp.		53,694
	1,218	PennyMac Financial Services, Inc., Class A*		15,213
	679	Provident Financial Holdings, Inc.		12,426
	800	Provident Financial Services, Inc.		15,712
	420	Riverview Bancorp, Inc.		1,987
	967	SI Financial Group, Inc.		12,803
	561	Southern Missouri Bancorp, Inc.		13,200
	733	Territorial Bancorp, Inc.		19,403


Shares			Fair Value
	Common Stocks, continued
	Thrifts & Mortgage Finance, continued
	1,094	TFS Financial Corp.	$	18,839
	7,273	TrustCo Bank Corp.		46,620
	3,739	United Community Financial Corp.		22,733
	3,669	United Financial Bancorp, Inc.		47,624
	4,736	Washington Federal, Inc.		114,895
	2,036	Waterstone Financial, Inc.^		31,212
	2,181	Wawlker & Dunlop, Inc.*		49,683
	2,142	WSFS Financial Corp.		68,951

				2,099,981

	Tobacco (1.3%):
	52,537	Altria Group, Inc.		3,622,951
	28,027	Philip Morris International, Inc.		2,850,906
	9,946	Reynolds American, Inc.		536,388
	6,975	Vector Group, Ltd.^		156,380

				7,166,625

	Trading Companies & Distributors (0.5%):
	7,861	Air Lease Corp.^		210,518
	37	Aircastle, Ltd.^		724
	3,111	Applied Industrial Technologies, Inc.		140,431
	2,840	Beacon Roofing Supply, Inc.*		129,135
	1,592	CAI International, Inc.*^		11,940
	9,739	Fastenal Co.		432,314
	600	H&E Equipment Services, Inc.		11,418
	5,211	HD Supply Holdings, Inc.*		181,447
	1,307	Huttig Building Products, Inc.*		6,862
	2,054	Kaman Corp., Class A^		87,336
	3,490	MRC Global, Inc.*^		49,593
	3,188	MSC Industrial Direct Co., Inc., Class A		224,945
	104	NOW, Inc.*^		1,887
	2,536	TAL International Group, Inc.		34,008
	1,007	TransAct Technologies, Inc.*		10,120
	5,844	United Rentals, Inc.*		392,132
	1,184	Veritiv Corp.*		44,495
	2,272	W.W. Grainger, Inc.^		516,311
	1,709	Watsco, Inc.		240,439
	84	Watsco, Inc., Class B		11,747
	2,955	WESCO International, Inc.*		152,153

				2,889,955

	Transportation Infrastructure (0.0%):
	270	Macquarie Infrastructure Corp.		19,994
	6,897	WESCO Aircraft Holdings, Inc.*^		92,557

				112,551

	Water Utilities (0.2%):
	2,327	American States Water Co.		101,969
	4,447	American Water Works Co., Inc.		375,815
	9,516	Aqua America, Inc.		339,341
	491	Artesian Resources Corp.		16,655
	2,891	California Water Service Group		100,983
	665	Connecticut Water Service, Inc.^		37,373
	979	Middlesex Water Co.		42,469
	669	Pure Cycle Corp.*		3,151
	1,234	SJW Corp.		48,595
	772	York Water Co. (The)		24,735

				1,091,086


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Wireless Telecommunication Services (0.1%):
	2,055	Boingo Wireless, Inc.*	$	18,331
	4,154	Shenandoah Telecommunications Co.		162,255
	1,649	Spok Holdings, Inc.		31,603
	6,397	Telephone & Data Systems, Inc.		189,735
	6,899	T-Mobile US, Inc.*		298,519
	1,288	United States Cellular Corp.*		50,580

				751,023

	Total Common Stocks (Cost $554,962,586)			534,315,289

	Rights (0.0%):
	Biotechnology (0.0%):
	2,582	Dyax Corp. CVR, Expires on 12/31/19*(a)(b)		2,866

	Total Rights (Cost $—)			2,866

	Securities Held as Collateral for Securities on Loan (7.7%):
$	41,570,928	AZL DFA U.S. Core Equity Fund Securities Lending Collateral Account(c)		41,570,928

	Total Securities Held as Collateral for Securities on Loan (Cost $41,570,928)			41,570,928

	Unaffiliated Investment Company (0.4%):
	1,959,906	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(d)		1,959,906

	Total Unaffiliated Investment Company (Cost $1,959,906)			1,959,906

	Total Investment Securities (Cost $598,493,420)(e) —107.7%			577,849,102
	Net other assets (liabilities) — (7.7)%			(41,185,966	)

	Net Assets — 100.0%		$	536,663,136

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	598,493,420

Investment securities, at value*	$	577,849,102
Cash		3,876
Interest and dividends receivable		508,975
Receivable for capital shares issued		581,812
Receivable for investments sold		12,150
Reclaims receivable		1,035
Prepaid expenses		3,306

Total Assets		578,960,256

Liabilities:
Payable for capital shares redeemed		323,130
Payable for collateral received on loaned securities		41,570,928
Manager fees payable		238,115
Administration fees payable		15,363
Distribution fees payable		110,239
Custodian fees payable		10,435
Administrative and compliance services fees payable		442
Trustee fees payable		4,844
Other accrued liabilities		23,624

Total Liabilities		42,297,120

Net Assets	$	536,663,136

Net Assets Consist of:
Capital	$	550,485,733
Accumulated net investment income/(loss)		8,426,325
Accumulated net realized gains/(losses) from investment transactions		(1,604,604	)
Net unrealized appreciation/(depreciation) on investments		(20,644,318	)

Net Assets	$	536,663,136

Shares of beneficial interest (unlimited number of shares authorized, no par value)		54,832,599
Net Asset Value (offering and redemption price per share)	$	9.79

*	Includes securities on loan of $41,113,615.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	5,619,234
Income from securities lending		110,642
Foreign withholding tax		(1,105	)

Total Investment Income		5,728,771

Expenses:
Manager fees		2,133,687
Administration fees		79,733
Distribution fees		666,778
Custodian fees		13,610
Administrative and compliance services fees		3,585
Trustee fees		12,790
Professional fees		14,205
Shareholder reports		3,310
Other expenses		6,250

Total expenses before reductions		2,933,948
Less expenses voluntarily waived/reimbursed by the Manager		(693,447	)

Net expenses		2,240,501

Net Investment Income/(Loss)		3,488,270

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(931,347	)
Change in net unrealized appreciation/depreciation on investments		13,905,593

Net Realized/Unrealized Gains/(Losses) on Investments		12,974,246

Change in Net Assets Resulting From Operations	$	16,462,516

(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.

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, 2016 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $40 million for the period ended June 30, 2016.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $8,949 during the period ended June 30, 2016. 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 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $3,161 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $598,650,253. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the latest tax year end December 31, 2015, 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 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 (99.7%):
	Aerospace & Defense (1.4%):
	1,500	AAR Corp.	$	35,010
	12,493	Aerojet Rocketdyne Holdings, Inc.*		228,372
	4,246	AeroVironment, Inc.*^		118,039
	1,402	Air Industries Group, Inc.		6,660
	1,481	American Science & Engineering, Inc.		55,404
	5,128	Arotech Corp.*		14,410
	3,669	Astronics Corp.*		122,031
	3,937	Astrotech Corp.*		6,654
	3,564	BWX Technologies, Inc.		127,484
	685	CPI Aerostructures, Inc.*		4,213
	4,688	Cubic Corp.		188,270
	831	Curtiss-Wright Corp.		70,012
	14,847	DigitalGlobe, Inc.*		317,576
	3,591	Engility Holdings, Inc.*		75,842
	868	Esterline Technologies Corp.*		53,851
	3,376	Innovative Solutions & Support, Inc.*		9,520
	7,507	KLX, Inc.*		232,717
	11,895	Kratos Defense & Security Solutions, Inc.*^		48,770
	2,710	LMI Aerospace, Inc.*		21,788
	6,372	Moog, Inc., Class A*		343,577
	66	Moog, Inc., Class B*		3,548
	1,389	National Presto Industries, Inc.		131,052
	10,151	TASER International, Inc.*		252,557
	944	Teledyne Technologies, Inc.*		93,503
	633	Tel-Instrument Electronics Corp.*		2,722
	7,544	The KEYW Holding Corp.*		74,987
	7,035	Triumph Group, Inc.^		249,743

				2,888,312

	Air Freight & Logistics (0.5%):
	492	Air T, Inc.*		10,578
	13,145	Air Transport Services Group, Inc.*		170,359
	2,000	Atlas Air Worldwide Holdings, Inc.*		82,840
	4,550	Echo Global Logistics, Inc.*		102,011
	5,649	Forward Air Corp.		251,550
	7,031	Hub Group, Inc.*		269,780
	2,501	Park-Ohio Holdings Corp.		70,728
	5,212	Radiant Logistics, Inc.*^		15,636
	947	XPO Logistics, Inc.*^		24,868

				998,350

	Airlines (0.5%):
	2,487	Allegiant Travel Co.		376,781
	603	Copa Holdings SA, Class A^		31,513
	8,091	Hawaiian Holdings, Inc.*		307,134
	1,200	SkyWest, Inc.		31,752
	3,067	Spirit Airlines, Inc.*		137,616
	1,638	Virgin America, Inc.*^		92,072

				976,868

	Auto Components (1.4%):
	14,043	American Axle & Manufacturing Holdings, Inc.*		203,343
	9,923	Cooper Tire & Rubber Co.		295,904
	2,380	Cooper-Standard Holding, Inc.*		187,996
	4,738	Dana Holding Corp.		50,033
	6,147	Dorman Products, Inc.*		351,608


Shares			Fair Value
	Common Stocks, continued
	Auto Components, continued
	4,932	Drew Industries, Inc.	$	418,431
	18,417	Federal Mogul Holdings Corp.*		153,045
	7,561	Fox Factory Holding Corp.*^		131,335
	7,706	Gentherm, Inc.*		263,931
	3,330	Horizon Global Corp.*^		37,796
	9,677	Modine Manufacturing Co.*		85,158
	3,617	Motorcar Parts of America, Inc.*		98,310
	6,847	Spartan Motors, Inc.		42,862
	4,319	Standard Motor Products, Inc.		171,810
	5,611	Stoneridge, Inc.*		83,828
	733	Strattec Security Corp.^		29,884
	2,295	Tenneco, Inc.*		106,970
	4,211	Tower International, Inc.		86,662
	585	Visteon Corp.		38,499

				2,837,405

	Automobiles (0.1%):
	1,741	Thor Industries, Inc.		112,712
	4,949	Winnebago Industries, Inc.		113,431

				226,143

	Banks (13.4%):
	1,584	1st Constitution Bancorp*		19,040
	5,481	1st Source Corp.		177,530
	2,101	Access National Corp.		40,991
	410	ACNB Corp.^		10,295
	1,757	American National Bankshares, Inc.		44,241
	346	American River Bankshares*		3,512
	6,573	Ameris Bancorp		195,218
	1,649	Ames National Corp.		44,226
	294	Anchor Bancorp, Inc.*		6,947
	2,604	Arrow Financial Corp.		78,875
	22,258	Associated Banc-Corp.		381,725
	13	Auburn National Bancorp, Inc.		370
	7,085	Banc of California, Inc.		128,239
	2,586	BancFirst Corp.		155,988
	736	Bancorp of New Jersey, Inc.		8,589
	7,531	Bancorp, Inc. (The)*		45,337
	17,366	BancorpSouth, Inc.		394,035
	2,653	Bank of Commerce Holdings		17,510
	7,604	Bank of Hawaii Corp.^		523,154
	1,200	Bank of Marin Bancorp		58,044
	441	Bank of South Carolina Corp.		6,985
	4,504	Banner Corp.		191,600
	1,220	Bar Harbor Bankshares		42,822
	1,367	Bay Bancorp, Inc.*^		6,931
	12,626	BBCN Bancorp, Inc.^		188,380
	595	BCB Bancorp, Inc.		6,093
	5,074	Berkshire Hills Bancorp, Inc.		136,592
	7,405	BNC Bancorp^		168,168
	16,835	Boston Private Financial Holdings, Inc.		198,316
	2,370	Bridge Bancorp, Inc.^		67,308
	14,118	Brookline Bancorp, Inc.		155,722
	3,533	Bryn Mawr Bank Corp.^		103,164
	74	C&F Financial Corp.		3,312
	1,274	California First National Bancorp		18,817


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	1,496	Camden National Corp.	$	62,832
	5,718	Capital Bank Financial Corp., Class A		164,678
	3,483	Capital City Bank Group, Inc.		48,483
	5,943	Cardinal Financial Corp.		130,389
	694	Carolina Bank Holdings, Inc.*		12,131
	14,611	Cascade Bancorp*		80,945
	12,124	Cathay General Bancorp		341,897
	9,115	Centerstate Banks, Inc.		143,561
	7,062	Central Pacific Financial Corp.		166,663
	1,141	Central Valley Community Bancorp		15,974
	511	Century Bancorp, Inc.		21,631
	6,584	Chemical Financial Corp.^		245,517
	940	Chemung Financial Corp.		27,589
	2,509	Citizens & Northern Corp.		50,732
	261	Citizens First Corp.		3,717
	718	Citizens Holding Co.		15,746
	2,767	City Holding Co.		125,815
	797	Civista Bancshares, Inc.		10,441
	2,916	CNB Financial Corp.		51,905
	993	Coastway Bancorp, Inc.*		12,363
	7,635	CoBiz Financial, Inc.		89,330
	72	Codorus Valley Bancorp, Inc.		1,467
	56	Colony Bankcorp, Inc.*		533
	12,090	Columbia Banking System, Inc.		339,245
	7,905	Community Bank System, Inc.^		324,816
	3,296	Community Bankers Trust Corp.*		17,073
	3,524	Community Trust Bancorp, Inc.		122,142
	525	Community West Bancshares		3,848
	1,609	CommunityOne Bancorp*		20,338
	6,029	ConnectOne Bancorp, Inc.		94,595
	3,386	CU Bancorp*		76,964
	5,436	Customers Bancorp, Inc.*^		136,607
	19,553	CVB Financial Corp.^		320,474
	130	DNB Financial Corp.		3,068
	609	Eagle Bancorp Montana, Inc.		7,740
	5,394	Eagle Bancorp, Inc.*^		259,505
	2,246	Eastern Virginia Bankshares, Inc.		16,957
	4,068	Enterprise Financial Services Corp.		113,457
	534	Evans Bancorp, Inc.		13,158
	39,959	F.N.B. Corp.		501,085
	1,185	Farmers Capital Bank Corp.^		32,410
	2,817	Farmers National Banc Corp.		24,790
	242	Fauquier Bankshares, Inc.^		3,516
	886	FCB Financial Holdings, Inc., Class A*		30,124
	4,354	Fidelity Southern Corp.		68,227
	2,803	Financial Institutions, Inc.		73,074
	3,983	First Bancorp		70,021
	40,945	First Bancorp*		162,552
	2,165	First Bancorp, Inc.		46,634
	965	First Bancshares, Inc. (The)		16,666
	7,037	First Busey Corp.		150,521
	1,768	First Business Financial Services, Inc.		41,495
	1,961	First Citizens BancShares, Inc., Class A		507,722
	3,400	First Commonwealth Financial Corp.		31,280


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	3,775	First Community Bankshares	$	84,711
	3,237	First Connecticut Bancorp, Inc.		53,605
	11,758	First Financial Bancorp		228,693
	9,925	First Financial Bankshares, Inc.		325,441
	2,573	First Financial Corp.		94,223
	9,082	First Horizon National Corp.		125,150
	3,959	First Interstate BancSystem, Class A^		111,248
	7,331	First Merchants Corp.		182,762
	14,363	First Midwest Bancorp, Inc.		252,214
	3,698	First NBC Bank Holding Co.*		62,089
	2,085	First Niagara Financial Group, Inc.		20,308
	2,791	First of Long Island Corp. (The)		80,018
	28	First Savings Financial Group		967
	888	First South Bancorp		8,294
	208	First United Corp.*		2,047
	3,511	FirstMerit Corp.		71,168
	5,995	Flushing Financial Corp.		119,181
	30,211	Fulton Financial Corp.^		407,848
	2,996	German American Bancorp, Inc.		95,782
	13,638	Glacier Bancorp, Inc.		362,498
	2,755	Great Southern Bancorp, Inc.		101,852
	926	Great Western Bancorp, Inc.		29,206
	4,164	Guaranty Bancorp		69,539
	11,291	Hancock Holding Co.		294,808
	5,973	Hanmi Financial Corp.		140,306
	38	Hawthorn Bancshares, Inc.		531
	4,180	Heartland Financial USA, Inc.		147,512
	6,099	Heritage Financial Corp.		107,220
	6,833	Heritage Oaks Bancorp		54,254
	5,347	Hertiage Commerce Corp.		56,304
	19,107	Hilltop Holdings, Inc.*		401,056
	25,400	Home Bancshares, Inc.		502,665
	4,096	Hometrust Bancshares, Inc.*		75,776
	1,862	Horizon Bancorp^		46,811
	6,059	IBERIABANK Corp.		361,904
	5,640	Independent Bank Corp.		257,748
	3,427	Independent Bank Group, Inc.^		147,053
	12,421	International Bancshares Corp.		324,064
	7,529	Lakeland Bancorp, Inc.		85,680
	3,357	Lakeland Financial Corp.		157,813
	710	Landmark Bancorp, Inc.		17,984
	1,512	LCNB Corp.		23,890
	8,718	LegacyTexas Financial Group, Inc.^		234,601
	5,613	Macatawa Bank Corp.		41,648
	1,048	Mackinac Financial Corp.^		11,538
	4,372	Mainsource Financial Group, Inc.^		96,403
	13,922	MB Financial, Inc.		505,089
	1,565	MBT Financial Corp.		12,520
	3,441	Mercantile Bank Corp.		82,102
	1,252	Merchants Bancshares, Inc.		38,161
	303	Middleburg Financial Corp.		8,242
	1,548	MidWestone Financial Group, Inc.^		44,211
	892	MutualFirst Financial, Inc.		24,396
	7,014	National Bank Holdings Corp.		142,805


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	1,309	National Bankshares, Inc.^	$	45,710
	8,052	NBT Bancorp, Inc.		230,529
	378	Nicolet Bankshares, Inc.*		14,394
	1,136	Northeast Bancorp		12,780
	1,357	Northrim Bancorp, Inc.		35,676
	406	Norwood Financial Corp.		11,368
	8,023	OFG Bancorp		66,591
	183	Ohio Valley Banc Corp.		4,000
	2,179	Old Line Bancshares, Inc.		39,222
	22,561	Old National Bancorp		282,689
	1,004	Old Point Financial Corp.		19,257
	3,314	Old Second Bancorp, Inc.		22,635
	622	Opus Bank^		21,024
	1,398	Orrstown Financial Services, Inc.		25,234
	3,562	Pacific Continental Corp.		55,959
	1,718	Pacific Mercantile Bancorp*		12,198
	4,379	Pacific Premier Bancorp, Inc.*		105,096
	2,480	Park National Corp.^		227,614
	9,028	Park Sterling Corp.		64,009
	1,230	Parke Bancorp, Inc.		15,892
	3,098	Peapack-Gladstone Financial Corp.		57,344
	968	Penns Woods Bancorp, Inc.		40,646
	395	Peoples Bancorp		7,746
	3,620	Peoples Bancorp, Inc.^		78,880
	7,783	Pinnacle Financial Partners, Inc.		380,200
	5	Polonia Bancorp, Inc.*		54
	3,507	Popular, Inc.		102,755
	2,669	Preferred Bank Los Angeles		77,067
	869	Premier Financial Bancorp, Inc.		14,643
	12,251	PrivateBancorp, Inc.		539,411
	2,074	Prosperity Bancshares, Inc.^		105,753
	1,199	QCR Holdings, Inc.		32,601
	5,959	Renasant Co.		192,654
	2,685	Republic Bancorp, Inc., Class A		74,187
	7,724	Republic First Bancorp, Inc.*		33,290
	6,576	S & T Bancorp, Inc.		160,783
	320	Salisbury Bancorp, Inc.		9,530
	4,544	Sandy Spring Bancorp, Inc.		132,049
	552	SB Financial Group, Inc.		6,000
	6,664	Seacoast Banking Corp.*		108,223
	1,252	Select Bancorp, Inc.*		10,116
	272	ServisFirst Bancshares, Inc.^		13,434
	2,539	Shore Bancshares, Inc.		29,833
	2,735	Sierra Bancorp		45,647
	5,511	Simmons First National Corp., Class A		254,526
	5,075	South State Corp.^		345,354
	562	Southern First Bancshares, Inc.*		13,544
	892	Southern National Bancorp		10,838
	5,267	Southside Bancshares, Inc.		162,849
	3,850	Southwest Bancorp		65,181
	88	Southwest Georgia Financial Corp.		1,287
	7,208	State Bank Financial Corp.		146,683
	17,714	Sterling Bancorp		278,110
	690	Stewardship Financial Corp.^		4,444
	4,356	Stock Yards Bancorp, Inc.		122,970


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	2,351	Suffolk Bancorp	$	73,610
	682	Summit Financial Group, Inc.^		11,935
	963	Summit State Bank		12,885
	2,320	Sun Bancorp, Inc.*^		47,931
	625	Sussex Bancorp		8,350
	4,481	Talmer Bancorp, Inc., Class A		85,901
	32,449	TCF Financial Corp.		410,479
	7,656	Texas Capital Bancshares, Inc.*		357,995
	2,982	Tompkins Financial Corp.		193,830
	10,407	TowneBank		225,305
	4,592	TriCo Bancshares		126,739
	5,630	Tristate Capital Holdings, Inc.*		77,300
	12,242	Trustmark Corp.		304,214
	94	Two River Bancorp		1,021
	8,136	UMB Financial Corp.^		432,916
	8,368	Union Bankshares Corp.		206,773
	249	Union Bankshares, Inc.^		9,054
	450	United Bancshares, Inc.		8,010
	10,605	United Bankshares, Inc.		397,794
	3,880	United Community Banks, Inc.		70,965
	883	United Security Bancshares*		5,669
	908	United Security Bancshares, Inc.		8,081
	38	Unity Bancorp, Inc.		483
	4,045	Univest Corp.		85,026
	36,275	Valley National Bancorp		330,828
	3,386	Washington Trust Bancorp		128,397
	435	WashingtonFirst Bankshare, Inc.		9,400
	3,000	Webster Financial Corp.^		101,850
	127	Wellesley Bank		2,578
	6,741	WesBanco, Inc.^		209,308
	3,230	West Bancorp		60,046
	4,438	Westamerica Bancorp		218,616
	13,346	Western Alliance Bancorp*		435,746
	15,835	Wilshire Bancorp, Inc.		165,001
	7,445	Wintrust Financial Corp.		379,695
	190	Xenith Bankshares, Inc.*		1,511
	9,878	Yadkin Financial Corp.^		247,839
	154	Your Community Bankshares, Inc.		5,723

				26,845,771

	Beverages (0.3%):
	1,449	Coca-Cola Bottling Co. Consolidated^		213,684
	3,530	MGP Ingredients, Inc.		134,952
	5,334	National Beverage Corp.*^		335,029
	1,100	Primo Water Corp.*		12,991
	985	Willamette Valley Vineyards, Inc.*		8,264

				704,920

	Biotechnology (0.8%):
	383	Acorda Therapeutics, Inc.*^		9,768
	1,600	Akebia Therapeutics, Inc.*		11,968
	2,800	Amicus Therapeutics, Inc.*		15,288
	7,111	Aviragen Therapeutics, Inc.*		9,955
	1,372	Biospecifics Technologies Corp.*		54,798
	996	Catalyst Biosciences, Inc.*		1,514
	4,008	Celsion Corp.*		5,090


Shares			Fair Value
	Common Stocks, continued
	Biotechnology, continued
	7,692	Emergent Biosolutions, Inc.*^	$	216,299
	3,411	Enanta Pharmaceuticals, Inc.*		75,213
	519	Five Prime Therapeutics, Inc.*^		21,461
	7,434	Fortress Biotech, Inc.*^		19,997
	592	ImmuCell Corp.*^		4,085
	13,719	Insys Therapeutics, Inc.*^		177,524
	4,164	Ligand Pharmaceuticals, Inc., Class B*^		496,640
	4,100	Mimedx Group, Inc.*		32,718
	10,511	Myriad Genetics, Inc.*		321,637
	5,759	Newlink Genetics Corp.*^		64,846
	30,069	PDL BioPharma, Inc.		94,417
	2,100	Spectrum Pharmaceuticals, Inc.*		13,797
	5,663	Tenax Therapeutics, Inc.*		14,497
	1,300	Vanda Pharmaceuticals, Inc.*		14,547

				1,676,059

	Building Products (1.5%):
	9,974	AAON, Inc.		274,385
	1,048	Advanced Drainage Systems, Inc.^		28,684
	3,236	American Woodmark Corp.*		214,806
	6,085	Apogee Enterprises, Inc.^		282,039
	3,226	Armstrong Flooring, Inc.*		54,681
	6,453	Armstrong World Industries, Inc.*^		252,635
	16,096	Builders FirstSource, Inc.*^		181,080
	1,200	Continental Building Products, Inc.*		26,676
	308	Continental Materials Corp.*		4,712
	1,200	Gibraltar Industries, Inc.*		37,884
	2,959	Insteel Industries, Inc.		84,598
	13,446	NCI Building Systems, Inc.*		215,002
	3,310	Nortek, Inc.*		196,316
	3,163	Patrick Industries, Inc.*		190,697
	9,618	PGT, Inc.*		99,065
	12,217	Ply Gem Holdings, Inc.*		178,002
	6,579	Quanex Building Products Corp.		122,304
	10,108	Simpson Manufacturing Co., Inc.		404,016
	5,142	Trex Co., Inc.*^		230,979
	505	Universal Forest Products, Inc.		46,808

				3,125,369

	Capital Markets (1.4%):
	1,496	Artisan Partners Asset Management, Inc., Class A		41,409
	1,290	Associated Capital Group, Inc., Class A^		36,997
	10,780	BGC Partners, Inc., Class A		93,894
	8,841	Cohen & Steers, Inc.		357,530
	674	Diamond Hill Investment Group		126,995
	4,900	Federated Investors, Inc., Class B		141,022
	9,012	Financial Engines, Inc.^		233,140
	1,290	GAMCO Investors, Inc., Class A		42,273
	5,280	Greenhill & Co., Inc.^		85,008
	141	Hennessy Advisors, Inc.		4,719
	7,817	HFF, Inc., Class A		225,755
	11,065	Interactive Brokers Group, Inc., Class A^		391,701
	3,702	INTL FCStone, Inc.*		101,028
	5,604	Janus Capital Group, Inc.^		78,008
	12,834	KCG Holdings, Inc.*		170,692
	37,431	Ladenburg Thalmann Financial Services, Inc.*		88,337


Shares			Fair Value
	Common Stocks, continued
	Capital Markets, continued
	426	Moelis & Co., Class A	$	9,585
	3,479	NorthStar Asset Management Group, Inc.		35,521
	2,724	Oppenheimer Holdings, Class A^		42,113
	2,624	Pzena Investment Management, Inc.		19,969
	4,108	Safeguard Scientifics, Inc.*		51,309
	1,619	Silvercrest Asset Management Group, Inc., Class A		19,817
	1,359	Stifel Financial Corp.*		42,741
	2,746	U.S. Global Investors, Inc., Class A		4,668
	1,678	Westwood Holdings, Inc.		86,920
	23,029	WisdomTree Investments, Inc.^		225,454

				2,756,605

	Chemicals (2.4%):
	5,533	A. Schulman, Inc.		135,116
	6,167	American Vanguard Corp.		93,183
	12,413	Axiall Corp.		404,788
	4,795	Balchem Corp.		286,022
	7,340	Cabot Corp.		335,144
	10,693	Calgon Carbon Corp.		140,613
	1,278	Chase Corp.		75,491
	13,772	Chemtura Corp.*		363,305
	1,539	Core Molding Technologies, Inc.*		21,007
	3,100	Ferro Corp.*		41,478
	2,500	Flotek Industries, Inc.*		33,000
	8,570	Futurefuel Corp.		93,242
	9,993	H.B. Fuller Co.		439,592
	2,133	Hawkins, Inc.		92,594
	3,915	Innophos Holdings, Inc.		165,252
	4,476	Innospec, Inc.		205,851
	14,475	Intrepid Potash, Inc.*		20,844
	2,259	KMG Chemicals, Inc.		58,711
	6,900	Kraton Performance Polymers, Inc.*		192,717
	14,416	Kronos Worldwide, Inc.^		75,684
	4,373	LSB Industries, Inc.*^		52,826
	6,222	Minerals Technologies, Inc.		353,410
	893	Northern Technologies International Corp.*		9,859
	8,167	Olin Corp.^		202,868
	9,435	Omnova Solutions, Inc.*		68,404
	3,179	PolyOne Corp.		112,028
	2,538	Quaker Chemical Corp.		226,390
	1,641	Sensient Technologies Corp.		116,577
	4,494	Stepan Co.		267,528
	279	TOR Minerals International, Inc.*		1,267
	4,945	Trecora Resources*		51,576
	649	Tredegar Corp.		10,462
	324	Trinseo SA*		13,909
	11,730	Tronox, Ltd., Class A^		51,729

				4,812,467

	Commercial Services & Supplies (3.4%):
	11,496	ABM Industries, Inc.		419,373
	20,950	ACCO Brands Corp.*		216,414
	675	Acme United Corp.		12,353
	1,580	AMREP Corp.*		7,679


Shares			Fair Value
	Common Stocks, continued
	Commercial Services & Supplies, continued
	9,470	ARC Document Solutions, Inc.*	$	36,838
	9,672	Brady Corp., Class A		295,576
	9,969	Brink’s Co. (The)		284,017
	8,149	Casella Waste Systems, Inc.*		63,970
	6,409	CECO Environmental Corp.		56,015
	1,906	Clean Harbors, Inc.*		99,322
	325	CompX International, Inc.		3,738
	20,435	Covanta Holding Corp.		336,155
	1,456	Deluxe Corp.		96,635
	535	Ecology and Environment, Inc., Class A		5,468
	1,100	Ennis, Inc.		21,098
	6,861	Essendant, Inc.		209,672
	4,057	G&K Services, Inc., Class A		310,644
	2,600	Healthcare Services Group, Inc.^		107,588
	9,584	Herman Miller, Inc.		286,466
	8,569	HNI Corp.^		398,372
	13,238	Interface, Inc.		201,880
	4,059	Intersections, Inc.*^		8,686
	7,526	Kimball International, Inc., Class B		85,646
	10,221	Knoll, Inc.		248,166
	5,746	Matthews International Corp., Class A^		319,707
	4,949	McGrath Rentcorp		151,390
	7,668	Mobile Mini, Inc.^		265,620
	6,959	MSA Safety, Inc.		365,555
	2,585	Multi-Color Corp.		163,889
	2,566	NL Industries, Inc.*		6,595
	2,198	Perma-Fix Environmental Services, Inc.*^		11,188
	6,932	Quad Graphics, Inc.		161,446
	4,781	R.R. Donnelley & Sons Co.		80,895
	4,036	SP Plus Corp.*		91,133
	17,925	Steelcase, Inc., Class A		243,242
	5,496	Team, Inc.*		136,466
	9,581	Tetra Tech, Inc.		294,568
	6,115	Trc Companies, Inc.*		38,647
	2,382	UniFirst Corp.		275,645
	4,727	US Ecology, Inc.		217,206
	1,974	Versar, Inc.*		2,132
	3,364	Virco Manufacturing Co.*		14,633
	1,098	Vse Corp.		73,346
	13,364	West Corp.		262,736

				6,987,810

	Communications Equipment (2.0%):
	10,421	ADTRAN, Inc.		194,352
	254	Bel Fuse, Inc., Class A		3,828
	12,186	Brocade Communications Systems, Inc.		111,867
	5,844	CalAmp Corp.*^		86,550
	10,549	Calix, Inc.*		72,894
	18,791	Ciena Corp.*		352,331
	1,808	ClearOne, Inc.		20,250
	316	Communications Systems, Inc.		2,203
	6,496	EMCORE Corp.*		38,586
	20,623	Finisar Corp.*		361,108
	16,449	Harmonic, Inc.*		46,880
	2,083	Infinera Corp.*^		23,496
	6,247	InterDigital, Inc.		347,833
	15,902	Ixia*		156,158


Shares			Fair Value
	Common Stocks, continued
	Communications Equipment, continued
	3,225	KVH Industries, Inc.*	$	24,833
	6,235	NETGEAR, Inc.*		296,412
	5,267	NetScout Systems, Inc.*		117,191
	3,837	Numerex Corp., Class A*^		28,739
	4,400	Oclaro, Inc.*		21,472
	131	Optical Cable Corp.		291
	7,110	Plantronics, Inc.		312,840
	26,104	Polycom, Inc.*		293,670
	900	RELM Wireless Corp.		4,581
	1,900	ShoreTel, Inc.*		12,711
	1,547	Sonus Networks, Inc.*		13,443
	11,725	Ubiquiti Networks, Inc.*^		453,288
	8,427	ViaSat, Inc.*^		601,687
	9,502	Viavi Solutions, Inc.*		62,998

				4,062,492

	Construction & Engineering (1.4%):
	5,777	Ameresco, Inc., Class A*		25,245
	2,944	Argan, Inc.		122,824
	8,169	Comfort Systems USA, Inc.		266,064
	5,996	Dycom Industries, Inc.*^		538,201
	10,153	Emcor Group, Inc.		500,137
	6,170	Granite Construction, Inc.		281,044
	2,141	IES Holdings, Inc.*		26,591
	21,380	KBR, Inc.		283,071
	3,281	MasTec, Inc.*^		73,232
	3,758	MYR Group, Inc.*		90,493
	1,267	NV5 Holdings, Inc.*		36,033
	5,590	Orion Marine Group, Inc.*^		29,683
	1,690	Primoris Services Corp.^		31,992
	4,007	Valmont Industries, Inc.^		542,027

				2,846,637

	Construction Materials (0.3%):
	1,153	Eagle Materials, Inc., Class A		88,954
	15,892	Headwaters, Inc.*		285,103
	771	U.S. Lime & Minerals, Inc.		45,481
	2,301	US Concrete, Inc.*^		140,154

				559,692

	Consumer Finance (0.7%):
	1,660	Asta Funding, Inc.*		17,546
	2,191	Atlanticus Holdings Corp.*		6,376
	5,694	Cash America International, Inc.		242,678
	5,088	Consumer Portfolio Services, Inc.*		19,182
	5,380	Emergent Capital, Inc.*		18,077
	4,740	Encore Capital Group, Inc.*		111,532
	10,502	EZCORP, Inc., Class A*		79,395
	4,963	First Cash Financial Services, Inc.^		254,751
	1,656	Green Dot Corp., Class A*		38,071
	6,892	Nelnet, Inc., Class A		239,497
	1,556	Nicholas Financial, Inc.*		15,996
	7,665	PRA Group, Inc.*^		185,033
	2,553	Regional Mgmt Corp.*		37,427
	18,284	SLM Corp.*		112,995
	2,325	The First Marblehead Corp.*		11,300
	1,920	World Acceptance Corp.*		87,552

				1,477,408


Shares			Fair Value
	Common Stocks, continued
	Containers & Packaging (0.3%):
	1,065	AEP Industries, Inc.	$	85,690
	4,389	Greif, Inc., Class A^		163,578
	1,383	Greif, Inc., Class B		75,719
	6,167	Myers Industries, Inc.		88,805
	2,227	Silgan Holdings, Inc.		114,601
	1,431	UFP Technologies, Inc.*		32,255

				560,648

	Distributors (0.6%):
	12	AMCON Distributing Co.		1,075
	7,236	Core Markt Holdngs Co., Inc.^		339,079
	813	Educational Development Corp.		9,439
	7,627	Pool Corp.		717,168
	4,313	VOXX International Corp.*		12,033
	2,157	Weyco Group, Inc.		59,921

				1,138,715

	Diversified Consumer Services (0.7%):
	3,469	American Public Education, Inc.*		97,479
	9,431	Cambium Learning Group, Inc.*		42,534
	2,216	Capella Education Co.		116,650
	13,892	Career Education Corp.*		82,657
	4,450	Carriage Services, Inc.		105,376
	1,795	Collectors Universe, Inc.		35,451
	2,251	DeVry Education Group, Inc.		40,158
	9,229	Grand Canyon Education, Inc.*		368,421
	5,298	Houghton Mifflin Harcourt Co.*		82,808
	7,950	K12, Inc.*		99,296
	2,382	Liberty Tax, Inc.^		31,728
	1,526	National American University Holdings, Inc.		3,021
	9,072	Sotheby’s^		248,573
	2,208	Strayer Education, Inc.*		108,479
	5,156	Universal Technical Institute, Inc.		11,653
	2,231	Weight Watchers International, Inc.*		25,947

				1,500,231

	Diversified Financial Services (0.2%):
	8,611	Gain Capital Holdings, Inc.		54,422
	500	MarketAxess Holdings, Inc.		72,700
	2,591	Marlin Business Services, Inc.		42,233
	6,056	Newstar Financial, Inc.*		50,992
	2,000	PHH Corp.*		26,640
	4,690	PICO Holdings, Inc.*		44,367
	4,650	Resource America, Inc., Class A		45,198
	2,849	Tiptree Financial, Inc., Class A		15,613
	207	Value Line, Inc.		3,384

				355,549

	Diversified Telecommunication Services (0.8%):
	3,043	ATN International, Inc.		236,776
	38,567	Cincinnati Bell, Inc.*		176,251
	8,904	Cogent Communications Group, Inc.		356,694
	1,958	Consolidated Communications Holdings, Inc.		53,336
	5,399	FairPoint Communications, Inc.*		79,257
	7,905	General Communication, Inc., Class A*		124,899
	2,168	Hawaiian Telcom Holdco, Inc.*		45,940
	4,421	IDT Corp.		62,734


Shares			Fair Value
	Common Stocks, continued
	Diversified Telecommunication Services, continued
	6,657	Inteliquent, Inc.	$	132,408
	19,966	Iridium Communications, Inc.*^		177,298
	4,669	Lumos Networks Corp.*		56,495
	14,348	Orbcomm, Inc.*		142,763
	2,393	Windstream Holdings, Inc.^		22,183

				1,667,034

	Electric Utilities (1.5%):
	8,605	ALLETE, Inc.		556,141
	7,820	El Paso Electric Co.		369,651
	8,314	Empire District Electric Co.^		282,427
	3,043	Genie Energy, Ltd., Class B		20,601
	1,728	IDACORP, Inc.		140,573
	6,312	MGE Energy, Inc.^		356,723
	7,596	Otter Tail Power Co.^		254,390
	14,933	PNM Resources, Inc.		529,226
	13,028	Portland General Electric Co.		574,795

				3,084,527

	Electrical Equipment (0.9%):
	1,815	Allied Motion Technologies, Inc.^		42,217
	547	American Electric Technologies, Inc.*		1,368
	4,166	AZZ, Inc.		249,876
	1,985	Babcock & Wilcox Enterprises, Inc.*		29,160
	4,188	Encore Wire Corp.		156,129
	7,651	EnerSys		455,004
	411	Espey Manufacturing & Electronics Corp.		10,690
	9,178	Franklin Electric Co., Inc.^		303,332
	3,600	Generac Holdings, Inc.*		125,856
	9,772	General Cable Corp.^		124,202
	4,871	LSI Industries, Inc.		53,922
	53	Pioneer Power Solutions, Inc.*		284
	2,209	Power Solutions International, Inc.*		39,431
	1,064	Preformed Line Products Co.		42,975
	1,228	Regal-Beloit Corp.		67,601
	75	Servotronics, Inc.		733
	5,936	Thermon Group Holdings, Inc.*		114,031
	3,104	Ultralife Corp.*		15,551

				1,832,362

	Electronic Equipment, Instruments & Components (3.7%):
	2,011	ADDvantage Technologies Group, Inc.*		3,559
	5,104	Anixter International, Inc.*		271,941
	23,711	AVX Corp.		321,995
	2,620	Badger Meter, Inc.		191,339
	1,093	Belden, Inc.		65,984
	2,106	Cognex Corp.		90,769
	4,622	Coherent, Inc.*		424,207
	4,974	Control4 Corp.*		40,588
	4,147	CUI Global, Inc.*^		20,942
	8,630	Daktronics, Inc.		53,938
	1,365	Data I/O Corp.*		3,208
	3,765	DTS, Inc.*		99,584
	4,881	Electro Rent Corp.		75,216
	6,222	Electro Scientific Industries, Inc.*		36,336
	7,067	Fabrinet*		262,327


Shares			Fair Value
	Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	3,308	FARO Technologies, Inc.*	$	111,910
	4,036	FEI Co.		431,368
	640	Frequency Electronics, Inc.*		5,952
	2,274	Identiv, Inc.*		4,070
	646	IEC Electronics Corp.*		2,681
	12,345	II-VI, Inc.*		231,592
	199	IntriCon Corp.*		1,063
	7,287	Itron, Inc.*		314,070
	9,073	KEMET Corp.*		26,584
	13,352	Knowles Corp.*^		182,655
	4,518	Littlelfuse, Inc.		533,983
	2,151	LRAD Corp.		3,850
	6,951	Mercury Computer Systems, Inc.*		172,802
	710	Mesa Labs, Inc.		87,330
	7,970	Methode Electronics, Inc., Class A		272,813
	604	MOCON, Inc.		8,553
	2,841	MTS Systems Corp.		124,549
	4,940	Multi-Fineline Electronix, Inc.*		114,608
	2,608	Napco Security Technologies, Inc.*		16,587
	6,936	Novanta, Inc.*		105,080
	4,239	OSI Systems, Inc.*		246,413
	3,068	PAR Technology Corp.*		14,696
	4,132	Park Electrochemical Corp.		60,038
	1,176	PCM, Inc.*		13,101
	1,875	Perceptron, Inc.*		8,775
	6,457	Plexus Corp.*		278,942
	17,874	QLogic Corp.*		263,463
	7,482	RadiSys Corp.*		33,519
	1,727	RF Industries, Ltd.		3,782
	5,365	Rofin-Sinar Technologies, Inc.*		171,358
	3,621	Rogers Corp.*		221,243
	13,876	Sanmina Corp.*		372,016
	5,440	ScanSource, Inc.*		201,878
	5,389	SYNNEX Corp.^		510,985
	1,300	Tech Data Corp.*^		93,405
	17,962	TTM Technologies, Inc.*		135,254
	3,996	VeriFone Systems, Inc.*		74,086
	5,910	Vishay Intertechnology, Inc.^		73,225
	989	Wayside Technology Group, Inc.		17,861
	3,952	Wireless Telecom Group, Inc.*		5,296

				7,513,369

	Energy Equipment & Services (0.9%):
	483	Archrock, Inc.		4,550
	4,888	Dril-Quip, Inc.*		285,606
	4,145	Era Group, Inc.*		38,963
	241	Exterran Corp.*		3,097
	2,759	Fairmount Santrol Holdings, Inc.*		21,272
	16,065	Forum Energy Technologies, Inc.*		278,085
	2,888	Gulf Island Fabrication, Inc.		20,043
	5,319	Matrix Service Co.*		87,710
	46,696	McDermott International, Inc.*^		230,678
	9,854	Nabors Industries, Ltd.		99,033
	2,488	Natural Gas Services Group*		56,975
	1,172	Noble Corp. plc^		9,657
	627	Oceaneering International, Inc.		18,722


Shares			Fair Value
	Common Stocks, continued
	Energy Equipment & Services, continued
	331	Oil States International, Inc.*	$	10,883
	24,893	Parker Drilling Co.*		57,005
	5,660	Patterson-UTI Energy, Inc.		120,671
	2,591	PHI, Inc.*		46,327
	17,360	Rowan Cos. plc, Class A^		306,579
	6,144	RPC, Inc.		95,416
	6,144	Superior Energy Services, Inc.^		113,111
	362	Tesco Corp.		2,422
	2,800	TETRA Technologies, Inc.*		17,836
	1,900	U.S. Silica Holdings, Inc.		65,493

				1,990,134

	Food & Staples Retailing (0.6%):
	5,068	Chefs’ Warehouse, Inc.*		81,088
	2,697	Ingles Markets, Inc., Class A^		100,598
	4,576	Natural Grocers by Vitamin Cottage, Inc.*		59,717
	4,644	PriceSmart, Inc.		434,539
	200	SpartanNash Co.		6,116
	40,211	Supervalu, Inc.*		189,796
	384	The Andersons, Inc.		13,647
	1,964	Village Super Market, Inc., Class A		56,740
	5,498	Weis Markets, Inc.		277,924

				1,220,165

	Food Products (2.2%):
	9,772	B&G Foods, Inc.^		471,010
	3,316	Calavo Growers, Inc.		222,172
	6,381	Cal-Maine Foods, Inc.^		282,806
	1,318	Coffee Holding Co., Inc.*		7,447
	4,149	Darling International, Inc.*		61,820
	17,313	Dean Foods Co.		313,192
	3,338	Farmer Brothers Co.*		107,016
	1,933	Fresh Del Monte Produce, Inc.		105,213
	122	Golden Enterprises, Inc.		880
	3,984	Inventure Foods, Inc.*^		31,115
	2,940	J & J Snack Foods Corp.		350,654
	4,136	Lancaster Colony Corp.		527,795
	1,000	Landec Corp.*^		10,760
	2,855	Limoneira Co.^		50,305
	8,643	Post Holdings, Inc.*		714,689
	1,220	Rocky Mountain Chocolate Factory, Inc.		12,383
	3,129	Sanderson Farms, Inc.		271,097
	1,801	Seneca Foods Corp., Class A*		65,214
	12	Seneca Foods Corp., Class B*		433
	13,496	Snyders-Lance, Inc.		457,379
	7,037	Tootsie Roll Industries, Inc.^		271,136

				4,334,516

	Gas Utilities (2.1%):
	2,993	Chesapeake Utilities Corp.		198,077
	1,008	Delta Natural Gas Co., Inc.		27,156
	2,109	Gas Natural, Inc.		14,742
	16,136	New Jersey Resources Corp.		622,043
	5,313	Northwest Natural Gas Co.		344,389
	9,305	ONE Gas, Inc.		619,620
	5,289	Piedmont Natural Gas Co., Inc.		317,975


Shares			Fair Value
	Common Stocks, continued
	Gas Utilities, continued
	79	RGC Resources, Inc.	$	1,917
	12,453	South Jersey Industries, Inc.		393,764
	8,403	Southwest Gas Corp.		661,399
	7,750	Spire, Inc.		549,010
	8,161	WGL Holdings, Inc.		577,717

				4,327,809

	Health Care Equipment (0.0%):
	3,100	Accuray, Inc.*^		16,089

	Health Care Equipment & Supplies (3.3%):
	4,119	Abaxis, Inc.^		194,540
	2,680	Analogic Corp.		212,899
	7,252	AngioDynamics, Inc.*		104,211
	2,934	Anika Therapeutics, Inc.*		157,409
	354	Atrion Corp.		151,462
	2,493	BioLife Solutions, Inc.*^		3,989
	8,171	Cantel Medical Corp.		561,594
	1,944	Chembio Diagnostics, Inc.*		15,921
	283	CONMED Corp.		13,508
	5,741	CryoLife, Inc.^		67,801
	4,362	Cynosure, Inc., Class A*		212,189
	5,289	Derma Sciences, Inc.*		20,839
	1,118	Elctromed, Inc.*		4,315
	2,798	Exactech, Inc.*		74,819
	11,182	Globus Medical, Inc., Class A*^		266,467
	4,562	Greatbatch, Inc.*		141,103
	10,129	Haemonetics Corp.*		293,640
	6,650	Halyard Health, Inc.*^		216,258
	8,173	Hill-Rom Holdings, Inc.		412,328
	2,860	ICU Medical, Inc.*		322,465
	429	Inogen, Inc.*		21,497
	6,735	Integra LifeSciences Holdings Corp.*		537,318
	6,191	Invacare Corp.		75,097
	2,006	IRIDEX Corp.*		29,669
	249	Kewaunee Scientific CP		4,701
	3,577	LeMaitre Vascular, Inc.		51,044
	5,124	LivaNova plc*		257,379
	9,316	Masimo Corp.*		489,230
	7,819	Meridian Bioscience, Inc.		152,471
	9,510	Merit Medical Systems, Inc.*		188,583
	6,702	Natus Medical, Inc.*		253,336
	5,417	Neogen Corp.*		304,706
	7,822	NuVasive, Inc.*		467,130
	1,520	Nuvectra Corp.*		11,248
	1,700	OraSure Technologies, Inc.*		10,047
	3,810	Orthofix International NV*		161,544
	920	Quidel Corp.*		16,431
	11,743	RTI Surgical, Inc.*		42,157
	2,363	SeaSpine Holdings Corp.*		24,764
	561	Span-America Medical System, Inc.		10,036
	2,611	Surmodics, Inc.*		61,306
	3,600	TransEnterix, Inc.*		4,392
	754	Utah Medical Products, Inc.		47,502
	3,061	Vascular Solutions, Inc.*		127,521
	2,727	Wright Medical Group NV*		47,368

				6,844,234


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services (2.7%):
	400	Aac Holdings, Inc.*	$	9,128
	5,952	Aceto Corp.		130,289
	3,936	AdCare Health Systems, Inc.		7,242
	2,250	Addus HomeCare Corp.*		39,218
	6,742	Air Methods Corp.*^		241,566
	2,215	Alliance HealthCare Services, Inc.*		13,822
	1,924	Almost Family, Inc.*		81,982
	7,211	Amedisys, Inc.*		364,011
	9,648	AMN Healthcare Services, Inc.*^		385,631
	11,548	BioScrip, Inc.*		29,447
	5,519	BioTelemetry, Inc.*		89,960
	667	Brookdale Senior Living, Inc.*		10,298
	6,359	Capital Senior Living Corp.*		112,364
	2,499	Chemed Corp.^		340,639
	4,148	CorVel Corp.*		179,111
	10,170	Ensign Group, Inc. (The)		213,672
	7,772	ExamWorks Group, Inc.*		270,854
	9,962	Five Star Quality Care, Inc.*		23,311
	2,165	Hanger Orthopedic Group, Inc.*		16,086
	6,560	Healthways, Inc.*		75,768
	3,529	InfuSystems Holdings, Inc.*		9,175
	3,100	Kindred Healthcare, Inc.		34,999
	3,640	LHC Group, Inc.*		157,539
	2,129	LifePoint Hospitals, Inc.*		139,173
	5,468	Magellan Health Services, Inc.*		359,630
	2,314	National Healthcare Corp.		149,808
	2,076	National Research Corp.		28,441
	680	National Research Corp., Class A		22,569
	11,027	Owens & Minor, Inc.		412,189
	5,921	PharMerica Corp.*		146,012
	3,184	Providence Service Corp.*		142,898
	1,080	Psychemedics Corp.		14,839
	8,932	RadNet, Inc.*		47,697
	23,363	Select Medical Holdings Corp.*^		253,956
	7,920	Surgical Care Affiliates, Inc.*^		377,546
	3,363	Tenet Healthcare Corp.*		92,953
	4,896	Triple-S Management Corp., Class B*		119,609
	2,494	U.S. Physical Therapy, Inc.		150,164
	16,336	Universal American Financial Corp.^		123,827
	25	USMD Holdings, Inc.*		469

				5,417,892

	Health Care Technology (0.5%):
	28,399	Allscripts Healthcare Solutions, Inc.*^		360,668
	558	Arrhythmia Research Technology, Inc.*		2,455
	2,265	Computer Programs & Systems, Inc.		90,419
	341	HealthStream, Inc.*		9,043
	1,873	HMS Holdings Corp.*		32,984
	7,444	Omnicell, Inc.*		254,808
	12,253	Quality Systems, Inc.		145,933
	3,415	Simulations Plus, Inc.		25,817

				922,127

	Hotels, Restaurants & Leisure (3.5%):
	19,237	Belmond, Ltd., Class A*		190,446
	2	Biglari Holdings, Inc.*		807


Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
	4,326	BJ’s Restaurants, Inc.*	$	189,609
	22,654	Bloomin’ Brands, Inc.		404,826
	3,750	Bob Evans Farms, Inc.		142,313
	3,066	Bravo Brio Restaurant Group, Inc.*		25,111
	1,821	Brinker International, Inc.^		82,910
	2,604	Buffalo Wild Wings, Inc.*^		361,826
	6,311	Caesars Entertainment Corp.*^		48,532
	7,247	Carrols Restaurant Group, Inc.*		86,239
	4,585	Century Casinos, Inc.*		28,565
	8,752	Cheesecake Factory, Inc. (The)		421,320
	2,525	Choice Hotels International, Inc.		120,241
	3,316	Chuy’s Holdings, Inc.*^		114,767
	13,086	ClubCorp Holdings, Inc.		170,118
	992	Dave & Buster’s Entertainment, Inc.*		46,416
	4,785	Del Frisco’s Restaurant Group, Inc.*		68,521
	17,503	Denny’s Corp.*		187,807
	10,097	Diamond Resorts International, Inc.*^		302,506
	3,946	DineEquity, Inc.		334,542
	3,712	Dover Motorsports, Inc.		8,055
	1,300	El Pollo Loco Holdings, Inc.*		16,900
	1,421	Famous Dave’s of America, Inc.*		7,148
	4,681	Fiesta Restaurant Group, Inc.*		102,093
	378	Flanigan’s Enterprises, Inc.		7,817
	1,000	International Speedway Corp., Class A		33,450
	11,024	Interval Leisure Group, Inc.		175,282
	406	Intrawest Resorts Holdings, Inc.*		5,270
	1,968	Jack in the Box, Inc.		169,091
	3,569	Jamba, Inc.*		36,725
	11,400	Krispy Kreme Doughnuts, Inc.*		238,944
	5,681	Luby’s, Inc.*		28,519
	5,459	Marriott Vacations Worldwide Corp.^		373,886
	906	Nathans Famous, Inc.*		40,317
	5,627	Noodles & Co.*		55,032
	7,621	Papa John’s International, Inc.		518,227
	3,385	Pinnacle Entertainment, Inc.*		37,506
	4,612	Popeyes Louisiana Kitchen, Inc.*		252,000
	1,200	Potbelly Corp.*		15,048
	2,069	RCI Hospitality Holdings, Inc.		21,083
	3,993	Red Lion Hotels Corp.*		28,989
	2,920	Red Robin Gourmet Burgers*		138,496
	1,865	Ruby Tuesday, Inc.*		6,733
	6,932	Ruth’s Hospitality Group, Inc.		110,565
	12,460	SeaWorld Entertainment, Inc.		178,552
	10,061	Sonic Corp.^		272,150
	7,036	Speedway Motorsports, Inc.		124,889
	14,165	Texas Roadhouse, Inc.^		645,923
	4,346	Town Sports International Holdings, Inc.*		11,821
	12,944	Wendy’s Co. (The)^		124,521

				7,112,454

	Household Durables (1.5%):
	6,075	CalAtlantic Group, Inc.^		223,013
	1,790	Cavco Industries, Inc.*		167,723
	3,024	Dixie Group, Inc. (The)*		10,765
	5,391	Ethan Allen Interiors, Inc.		178,119


Shares			Fair Value
	Common Stocks, continued
	Household Durables, continued
	1,000	Helen of Troy, Ltd.*	$	102,840
	1,015	Installed Building Products, Inc.*		36,834
	4,930	iRobot Corp.*^		172,944
	13,639	KB Home		207,449
	1,138	Koss Corp.*		2,310
	10,610	La-Z-Boy, Inc.		295,171
	1,000	LGI Homes, Inc.*		31,940
	4,723	Libbey, Inc.		75,048
	2,704	Lifetime Brands, Inc.		39,451
	8,004	M.D.C. Holdings, Inc.		194,817
	5,003	M/I Homes, Inc.*		94,206
	6,646	Meritage Corp.*		249,492
	723	P & F Industries, Inc., Class A		6,760
	5,555	Skullcandy, Inc.*		34,108
	1,301	Skyline Corp.*		12,229
	3,040	Stanley Furniture Co., Inc.*		7,448
	6,650	Taylor Morrison Home Corp., Class A*		98,686
	27,491	TRI Pointe Homes, Inc.*^		324,945
	1,444	Tupperware Brands Corp.^		81,268
	2,986	Universal Electronics, Inc.*		215,828
	5,711	William Lyon Homes, Class A*^		92,061
	5,830	Zagg, Inc.*^		30,608

				2,986,063

	Household Products (0.5%):
	1,300	Central Garden & Pet Co., Class A*		28,223
	2,357	Energizer Holdings, Inc.^		121,362
	28,096	HRG Group, Inc.*^		385,758
	1,767	Ocean Bio-Chem, Inc.		4,064
	1,013	Oil-Dri Corp.		34,979
	1,770	Orchids Paper Products Co.		62,959
	2,773	WD-40 Co.		325,689

				963,034

	Independent Power and Renewable Electricity Producers (0.4%):
	24,688	Atlantic Power Corp.		61,226
	379	Dynegy, Inc.*^		6,534
	1,300	NRG Yield, Inc., Class A		19,786
	2,359	NRG Yield, Inc., Class C		36,777
	9,784	Ormat Technologies, Inc.^		428,147
	11,048	Pattern Energy Group, Inc.^		253,773
	292	Talen Energy Corp.*		3,957

				810,200

	Industrial Conglomerates (0.1%):
	7,539	Raven Industries, Inc.		142,789

	Insurance (3.3%):
	3,320	Allied World Assurance Co. Holdings AG		116,665
	8,603	AMBAC Financial Group, Inc.*		141,605
	15,687	American Equity Investment Life Holding Co.		223,540
	4,983	American National Insurance Co.		563,825
	3,531	Amerisafe, Inc.		216,168
	4,599	Argo Group International Holdings, Ltd.		238,693
	10,758	Aspen Insurance Holdings, Ltd.		498,955
	180	Baldwin & Lyons, Inc., Class A		4,104
	10,012	Citizens, Inc.*^		76,091


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	3,701	Crawford & Co.	$	31,421
	4,636	Crawford & Co., Class A		35,373
	2,891	Donegal Group, Inc., Class A		47,673
	3,537	EMC Insurance Group, Inc.		98,046
	6,923	Employers Holdings, Inc.		200,905
	2,685	Enstar Group, Ltd.*^		434,943
	1,969	FBL Financial Group, Inc., Class A		119,459
	2,805	Federated National Holding Co.		53,407
	4,344	First Acceptance Corp.*		6,082
	1,050	Global Indemnity plc*		28,907
	5,938	Greenlight Capital Re, Ltd.*^		119,710
	3,907	Hallmark Financial Services, Inc.*		45,282
	2,122	HCI Group, Inc.		57,888
	569	Heritage Insurance Holdings, Inc.		6,811
	3,033	Independence Holding Co.		54,503
	407	Investors Title Co.		38,767
	1,100	Kemper Corp.^		34,078
	1,473	Kingstone Co., Inc.		13,036
	14,105	Maiden Holdings, Ltd.^		172,645
	19,983	MBIA, Inc.*		136,484
	2,252	Mercury General Corp.		119,716
	4,364	National General Holdings Corp.		93,477
	2,707	National Interstate Corp.		81,887
	630	National Western Life Group, Inc., Class A		123,020
	4,777	Onebeacon Insurance Group, Ltd.		65,923
	8,529	Primerica, Inc.^		488,200
	9,224	ProAssurance Corp.		493,945
	7,601	RLI Corp.		522,797
	2,200	Selective Insurance Group, Inc.		84,062
	5,641	State Auto Financial Corp.		123,594
	884	State National Companies, Inc.		9,309
	4,387	Stewart Information Services Corp.		181,666
	204	The National Security Group, Inc.		3,696
	4,299	United Insurance Holdings Co.		70,418
	7,025	Universal Insurance Holdings, Inc.		130,525

				6,407,301

	Internet & Catalog Retail (0.5%):
	5,568	1-800 Flowers.com, Inc., Class A*^		50,223
	2,452	Blue Nile, Inc.		67,136
	3,666	CafePress, Inc.*		11,365
	500	FTD Cos., Inc.*^		12,480
	3,872	Gaiam, Inc., Class A*		29,969
	1,516	HSN, Inc.^		74,178
	1,300	Lands’ End, Inc.*^		21,346
	9,956	Liberty TripAdvisor Holdings, Inc., Class A*		217,837
	5,809	Nutri/System, Inc.		147,316
	4,500	Overstock.com, Inc.*		72,495
	4,061	PetMed Express, Inc.		76,184
	6,028	Shutterfly, Inc.*^		280,966

				1,061,495

	Internet Software & Services (1.5%):
	8,035	Actua Corp.*		72,556
	2,600	Angie’s List, Inc.*		16,926
	778	Bankrate, Inc.*		5,819


Shares			Fair Value
	Common Stocks, continued
	Internet Software & Services, continued
	3,300	Bazaarvoice, Inc.*	$	13,233
	1,300	Blucora, Inc.*		13,468
	4,673	Cimpress NV*		432,159
	3,938	Demand Media, Inc.*		20,359
	1,381	DHI Group, Inc.*		8,604
	22,941	EarthLink Holdings Corp.		146,822
	16,416	Endurance International Group Holdings, Inc.*^		147,580
	3,423	Envestnet, Inc.*^		114,020
	3,427	GrubHub, Inc.*^		106,477
	6,758	GTT Communications, Inc.*		124,888
	12,029	Internap Network Services Corp.*		24,780
	11,399	Intralinks Holdings, Inc.*		74,094
	4,991	Inuvo, Inc.*		6,987
	20,076	Limelight Networks, Inc.*		29,913
	6,655	Marchex, Inc., Class B, Class B*		21,163
	18,228	Monster Worldwide, Inc.*		43,565
	12,232	NIC, Inc.		268,370
	8,938	QuinStreet, Inc.*		31,730
	1,839	Qumu Corp.*		8,165
	3,698	Rackspace Hosting, Inc.*^		77,140
	7,302	RealNetworks, Inc.*^		31,472
	2,319	Reis, Inc.		57,743
	11,176	RetailMeNot, Inc.*		86,167
	6,137	Shutterstock, Inc.*		281,075
	5,449	Synacor, Inc.*		16,783
	6,723	TechTarget*		54,456
	2,980	Travelzoo, Inc.*		23,900
	8,928	Tremor Video, Inc.*		16,428
	1,900	Truecar, Inc.*^		14,915
	10,240	Web.com Group, Inc.*		186,163
	7,155	WebMD Health Corp.*		415,777
	6,743	YuMe, Inc.*		24,814

				3,018,511

	IT Services (2.3%):
	13,666	Acxiom Corp.*		300,515
	8,820	Blackhawk Network Holdings, Inc.*		295,382
	885	CACI International, Inc., Class A*		80,013
	7,520	Cardtronics, Inc.*^		299,371
	368	Cartesian, Inc.*		368
	2,101	Cass Information Systems, Inc.		108,622
	12,401	CIBER, Inc.*		18,602
	4,134	Convergys Corp.^		103,350
	2,851	CoreLogic, Inc.*		109,706
	6,937	CSG Systems International, Inc.		279,630
	758	CSP, Inc.		6,155
	4,471	Datalink Corp.*		33,533
	5,311	Euronet Worldwide, Inc.*		367,467
	12,959	Everi Holdings, Inc.*		14,903
	6,724	Exlservice Holdings, Inc.*		352,405
	3,658	Forrester Research, Inc.		134,834
	6,015	Hackett Group, Inc. (The)		83,428
	3,433	Higher One Holdings, Inc.*		17,543
	2,498	Innodata, Inc.*		6,120
	2,231	JetPay Corp.*		5,087


Shares			Fair Value
	Common Stocks, continued
	IT Services, continued
	1,501	Leidos Holdings, Inc.	$	71,853
	13,312	Lionbridge Technologies, Inc.*		52,582
	4,432	ManTech International Corp., Class A		167,618
	10,553	ModusLink Global Solutions, Inc.*		12,980
	1,690	NCI, Inc., Class A		23,745
	8,002	NeuStar, Inc., Class A*		188,127
	7,061	Perficient, Inc.*		143,409
	3,459	PFSweb, Inc.*		32,861
	8,772	Science Applications International Corp.		511,845
	17,035	Servicesource International, Inc.*^		68,651
	719	StarTek, Inc.*		3,142
	8,310	Sykes Enterprises, Inc.*		240,658
	9,446	TeleTech Holdings, Inc.		256,270
	2,750	Travelport Worldwide, Ltd.		35,448
	9,346	Unisys Corp.*^		68,039
	5,980	Virtusa Corp.*		172,702
	742	WEX, Inc.*		65,793

				4,732,757

	Leisure Products (0.5%):
	2,626	Arctic Cat, Inc.^		44,642
	3,800	Callaway Golf Co.		38,798
	2,916	Escalade, Inc.		29,860
	1,779	Marine Products Corp.		15,050
	6,427	Nautilus Group, Inc.*		114,658
	8,613	Smith & Wesson Holding Corp.*^		234,101
	2,827	Sturm, Ruger & Co., Inc.^		180,956
	3,712	Summer Infant, Inc.*		6,162
	9,121	Vista Outdoor, Inc.*		435,346

				1,099,573

	Life Sciences Tools & Services (0.4%):
	1,740	Albany Molecular Research, Inc.*		23,386
	173	Bioanalytical Systems, Inc.*		202
	1,955	Bruker Corp.		44,457
	6,073	Cambrex Corp.*		314,156
	1,114	Charles River Laboratories International, Inc.*		91,838
	7,018	Harvard Bioscience, Inc.*		20,071
	1,420	INC Research Holdings, Inc., Class A*		54,145
	8,017	Luminex Corp.*		162,184
	1,866	PAREXEL International Corp.*		117,334

				827,773

	Machinery (4.3%):
	1,737	Actuant Corp., Class A^		39,274
	5,474	Albany International Corp., Class A		218,577
	4,780	Altra Industrial Motion Corp.		128,964
	1,974	ARC Group Worldwide, Inc.*		4,501
	806	Art’s-Way Manufacturing Co.*		2,386
	4,615	Astec Industries, Inc.		259,132
	9,238	Barnes Group, Inc.		305,963
	1,300	Briggs & Stratton Corp.		27,534
	5,532	Chart Industries, Inc.*		133,487
	3,222	CIRCOR International, Inc.		183,622
	1,884	CLARCOR, Inc.		114,604
	407	Colfax Corp.*		10,769


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	4,061	Columbus McKinnon Corp.	$	57,463
	5,999	Commercial Vehicle Group, Inc.*		31,195
	1,147	Crane Co.		65,058
	4,549	Douglas Dynamics, Inc.		117,046
	5,136	EnPro Industries, Inc.		227,987
	4,907	ESCO Technologies, Inc.		195,986
	13,278	Federal Signal Corp.		171,021
	2,463	FreightCar America, Inc.		34,605
	1,177	Gencor Industries, Inc.*		18,267
	4,267	Global Brass & Copper Holdings, Inc.		116,446
	5,229	Gorman-Rupp Co. (The)^		143,327
	5,126	Greenbrier Cos, Inc.^		149,320
	2,648	Hardinge, Inc.		26,639
	14,768	Harsco Corp.		98,060
	10,601	Hillenbrand, Inc.		318,454
	1,304	Hurco Cos, Inc.		36,290
	2,514	Hyster-Yale Materials Handling, Inc., Class A^		149,558
	1,180	ITT, Inc.		37,736
	5,895	John Bean Technologies Corp.		360,892
	3,600	Joy Global, Inc.^		76,104
	11,069	Kennametal, Inc.		244,736
	143	Key Technology, Inc.*		1,317
	2,094	L.B. Foster Co., Class A		22,804
	2,164	Lindsay Corp.		146,849
	3,228	Manitex International, Inc.*^		22,370
	22,663	Manitowoc Co., Inc. (The)^		123,513
	22,663	Manitowoc Foodservice, Inc.*		399,323
	18,712	Meritor, Inc.*		134,726
	11,220	Mueller Industries, Inc.		357,694
	31,468	Mueller Water Products, Inc., Class A		359,365
	932	Navistar International Corp.*		10,895
	3,826	NN, Inc.^		53,526
	158	Omega Flex, Inc.		6,010
	1,213	OshKosh Corp.		57,872
	3,838	Proto Labs, Inc.*^		220,915
	4,258	RBC Bearings, Inc.*^		308,705
	15,780	Rexnord Corp.*		309,761
	619	SPX Corp.		9,192
	2,576	Standex International Corp.		212,855
	4,988	Sun Hydraulics Corp.		148,094
	1,746	Supreme Industires, Inc., Class A		23,920
	466	Taylor Devices, Inc.*		8,299
	3,528	Tennant Co.		190,053
	17,714	Terex Corp.		359,771
	2,964	Timken Co.		90,876
	12,067	Titan International, Inc.		74,815
	8,325	TriMas Corp.*		149,850
	14,073	Wabash National Corp.*^		178,727
	4,945	Watts Water Technologies, Inc., Class A		288,096
	9,604	Westport Fuel Systems, Inc.*		16,059
	1,738	Woodward, Inc.^		100,178
	572	WSI Industries, Inc.		1,727
	3,110	Xerium Technologies, Inc.*		19,842

				8,513,002


Shares			Fair Value
	Common Stocks, continued
	Marine (0.1%):
	9,208	Matson, Inc.	$	297,326

	Media (2.0%):
	3,904	A.H. Belo Corp., Class A		19,520
	3,570	AMC Entertainment Holdings, Inc., Class A		98,568
	2,527	Ballantyne Strong, Inc.*		13,216
	478	Beasley Broadcast Group, Inc., Class A		2,012
	5,030	Carmike Cinemas, Inc.*		151,504
	27,534	Central Eurpoean Media Enterprises*		58,097
	229	Daily Journal Corp.*		54,271
	15,406	DreamWorks Animation SKG, Inc., Class A*		629,642
	14,420	E.W. Scripps Co. (The), Class A*^		228,413
	6,578	Entercom Communications Corp.		89,263
	12,748	Entravision Communications Corp., Class A		85,667
	5,016	Gannett Co., Inc.		69,271
	338	Global Eagle Entertainment, Inc.*		2,244
	12,378	Gray Television, Inc.*		134,301
	12,577	Harte-Hanks, Inc.		19,997
	3,107	Hemisphere Media Group*		36,663
	2,441	Insignia Systems, Inc.*		5,321
	1,434	John Wiley & Sons, Inc., Class A		74,826
	11,327	Lee Enterprises, Inc.*		21,635
	23,524	Media General, Inc.*		404,378
	6,783	Meredith Corp.^		352,106
	1,796	MSG Networks, Inc., Class A*		27,551
	12,512	National CineMedia, Inc.		193,686
	31,273	New York Times Co. (The), Class A^		378,403
	5,349	Nexstar Broadcasting Group, Inc., Class A		254,505
	8,158	Radio One, Inc., Class D*		26,024
	4,315	Reading International, Inc., Class A*		53,894
	4,983	Regal Entertainment Group, Class A^		109,825
	654	Scholastic Corp.		25,905
	10,044	Sinclair Broadcast Group, Inc., Class A		299,914
	5,951	Sizmek, Inc.*		13,628
	860	Spanish Broadcasting System, Inc., Class A*		3,062
	14,454	Time, Inc.		237,913
	1,300	World Wrestling Entertainment, Inc., Class A		23,933

				4,199,158

	Metals & Mining (1.3%):
	4,100	Allegheny Technologies, Inc.^		52,275
	2,124	Ampco-Pittsburgh Corp.		24,022
	7,178	Carpenter Technology Corp.		236,372
	7,500	Cliffs Natural Resources, Inc.*		42,525
	28,144	Coeur d’Alene Mines Corp.*		300,015
	19,950	Commercial Metals Co.^		337,155
	4,881	Compass Minerals International, Inc.^		362,121
	14,656	Ferroglobe plc		126,188
	1,659	Handy & Harman, Ltd.*		43,449
	2,509	Haynes International, Inc.^		80,489
	66,253	Hecla Mining Co.		337,890
	1,000	Kaiser Aluminum Corp.		90,410
	4,433	Materion Corp.		109,761
	10,100	McEwen Mining, Inc.		38,885
	1,000	Schnitzer Steel Industries, Inc., Class A		17,600
	21,462	Stillwater Mining Co.*^		254,539


Shares			Fair Value
	Common Stocks, continued
	Metals & Mining, continued
	1,789	Synalloy Corp.	$	13,704
	5,315	United States Steel Corp.		89,611
	1,458	Universal Stainless & Alloy Products, Inc.*		15,892
	2,622	Worthington Industries, Inc.		110,911

				2,683,814

	Multiline Retail (0.4%):
	9,787	Big Lots, Inc.^		490,427
	800	Fred’s, Inc.		12,888
	4,032	Gordmans Stores, Inc.*		5,201
	42,760	J.C. Penney Co., Inc.*^		379,709

				888,225

	Multi-Utilities (0.8%):
	11,208	Avista Corp.		502,118
	7,967	Black Hills Corp.		502,240
	8,085	NorthWestern Corp.		509,921
	2,808	Unitil Corp.		119,817

				1,634,096

	Oil, Gas & Consumable Fuels (2.2%):
	21,749	Abraxas Petroleum Corp.*		24,576
	885	Adams Resources & Energy, Inc.		34,073
	13,025	Alon USA Energy, Inc.^		84,402
	901	Barnwell Industries, Inc.*		1,397
	2,200	Bill Barrett Corp.*		14,058
	12,862	Callon Petroleum Co.*		144,440
	8,634	Carrizo Oil & Gas, Inc.*^		309,529
	18,173	Clean Energy Fuel Corp.*		63,060
	4,250	Delek US Holdings, Inc.		56,143
	12,600	Denbury Resources, Inc.^		45,234
	17,477	DHT Holdings, Inc.		87,909
	1,100	Dorian LPG, Ltd.*		7,755
	416	Earthstone Energy, Inc.*		4,484
	336	Enlink Midstream LLC		5,346
	15,405	Gaslog, Ltd.		199,957
	16,205	Gastar Exploration, Inc.*		17,826
	677	Green Plains Renewable Energy, Inc.		13,350
	944	Gulfport Energy Corp.*		29,509
	5,913	Hallador Energy Co.^		27,318
	72	Isramco, Inc.*		5,922
	4,778	Kosmos Energy LLC*		26,040
	2,328	Laredo Petroleum Holdings, Inc.*^		24,397
	11,722	Matador Resources Co.*^		232,096
	2,084	Memorial Resource Development Corp.*		33,094
	13,281	Nordic American Tankers, Ltd.^		184,473
	5,100	Oasis Petroleum, Inc.*^		47,634
	5,278	Pacific Ethanol, Inc.*^		28,765
	3,313	Panhandle Oil & Gas, Inc., Class A		55,228
	1,500	Par Pacific Holdings, Inc.*		23,010
	3,987	Parsley Energy, Inc., Class A*		107,888
	13,535	PBF Energy, Inc., Class A		321,862
	6,977	PDC Energy, Inc.*		401,945
	6	PrimeEnergy Corp.*		362
	872	QEP Resources, Inc.		15,373
	8,896	Renewable Energy Group, Inc.*		78,552


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	23,160	Rice Energy, Inc.*	$	510,446
	16,077	RSP Permian, Inc.*^		560,927
	30,817	Scorpio Tankers, Inc.		129,431
	13,558	Ship Finance International^		199,845
	3,702	SM Energy Co.^		99,954
	19,083	Synergy Resources Corp.*		127,093
	24	Teekay Shipping Corp.		171
	20,316	Teekay Tankers, Ltd.^		60,542
	382	Western Refining, Inc.		7,881
	766	World Fuel Services Corp.		36,377

				4,489,674

	Paper & Forest Products (1.1%):
	8,404	Boise Cascade Co.*		192,872
	3,920	Clearwater Paper Corp.*		256,250
	2,743	Deltic Timber Corp.		184,138
	8,903	Domtar Corp.		311,694
	17,018	KapStone Paper & Packaging Corp.		221,404
	27,350	Louisiana-Pacific Corp.*		474,522
	12,185	Mercer International, Inc.		97,236
	3,188	Neenah Paper, Inc.		230,716
	1,569	P.H. Glatfelter Co.		30,690
	19,331	Resolute Forest Products*		102,261
	5,248	Schweitzer-Mauduit International, Inc.		185,149

				2,286,932

	Personal Products (0.5%):
	13,013	Avon Products, Inc.		49,189
	1,214	CCA Industries, Inc.*		3,958
	6,057	Elizabeth Arden, Inc.*		83,344
	6,225	Inter Parfums, Inc.		177,848
	537	Mannatech, Inc.*		10,869
	2,454	Medifast, Inc.		81,645
	1,387	Natural Alternatives International, Inc.*		15,312
	3,757	Natures Sunshine Products, Inc.		35,804
	2,817	Nu Skin Enterprises, Inc., Class A		130,117
	1,924	Nutraceutical International Corp.*		44,541
	7,643	Revlon, Inc.*		245,952
	340	United-Guardian, Inc.		5,464
	1,998	Usana Health Sciences, Inc.*		222,637

				1,106,680

	Pharmaceuticals (0.9%):
	1,290	Akorn, Inc.*		36,746
	740	Amphastar Pharmaceuticals, Inc.*		11,929
	3,321	Catalent, Inc.*		76,350
	3,415	Cumberland Pharmaceuticals, Inc.*		15,368
	7,416	DepoMed, Inc.*		145,502
	8,459	Endocyte, Inc.*		27,153
	1,850	Impax Laboratories, Inc.*		53,317
	2,063	Juniper Pharmaceuticals, Inc.*		14,462
	6,915	Lannett Co., Inc.*^		164,508
	2,617	Lipocine, Inc.*^		7,956
	10,079	Medicines Co. (The)*^		338,956
	4,297	Nektar Therapeutics*		61,146
	8,913	Prestige Brands Holdings, Inc.*		493,779


Shares			Fair Value
	Common Stocks, continued
	Pharmaceuticals, continued
	10,064	Sciclone Pharmaceuticals, Inc.*	$	131,436
	8,872	Sucampo Pharmaceuticals, Inc., Class A*		97,326
	6,671	Supernus Pharmaceuticals, Inc.*		135,888

				1,811,822

	Professional Services (1.8%):
	1,888	Acacia Research Corp.		8,307
	6,011	Advisory Board Co. (The)*		212,729
	9,962	CBIZ, Inc.*		103,704
	3,999	CDI Corp.		24,394
	5,482	CEB, Inc.		338,130
	5,264	Exponent, Inc.		307,470
	3,358	Franklin Covey Co.*		51,478
	7,585	FTI Consulting, Inc.*		308,558
	3,469	GP Strategies Corp.*		75,243
	3,665	Heidrick & Struggles International, Inc.		61,865
	10,200	Hill International, Inc.*		41,514
	4,139	Huron Consulting Group, Inc.*		250,078
	3,916	ICF International, Inc.*		160,164
	5,180	Insperity, Inc.		400,052
	1,000	Kelly Services, Inc., Class A		18,970
	6,020	Kforce, Inc.		101,678
	9,173	Korn/Ferry International		189,881
	666	Mastech Holdings, Inc.*		4,429
	5,737	Mistras Group, Inc.*		136,942
	8,912	Navigant Consulting, Inc.*		143,929
	9,845	On Assignment, Inc.*		363,773
	7,538	Resources Connection, Inc.		111,412
	11,029	RPX Corp.*		101,136
	2,100	TriNet Group, Inc.*		43,659
	8,247	Trueblue, Inc.*		156,033
	4,212	Volt Information Sciences, Inc.*		24,893
	1,576	Willdan Group, Inc.*		16,737

				3,757,158

	Real Estate Management & Development (0.4%):
	9,258	Alexander & Baldwin, Inc.		334,584
	395	CKX Lands, Inc.*		4,479
	1,201	Consolidated-Tomoka Land Co.		57,011
	6,777	Forestar Group, Inc.*^		80,579
	232	FRP Holdings, Inc.*		8,004
	376	Griffin Industrial Realty, Inc.		11,524
	10	J.W. Mays, Inc.*		494
	4,922	Kennedy-Wilson Holdings, Inc.		93,321
	5,788	Marcus & Millichap, Inc.*^		147,073
	1,035	Maui Land & Pineapple Co.*		7,473
	308	Stratus Properties, Inc.*		5,769
	4,276	Tejon Ranch Co.*		101,085
	2,900	The St. Joe Co.*^		51,388
	256	Transcontinental Realty Investors, Inc.*		2,496

				905,280

	Road & Rail (0.9%):
	4,878	Celadon Group, Inc.		39,853
	3,190	Covenant Transportation Group, Inc., Class A*		57,643
	15,171	Heartland Express, Inc.^		263,824


Shares			Fair Value
	Common Stocks, continued
	Road & Rail, continued
	14,096	Knight Transportation, Inc.^	$	374,672
	6,718	Landstar System, Inc.^		461,258
	1,020	Marten Transport, Ltd.		20,196
	927	Providence & Worcester Railroad Co.		15,110
	7,758	Roadrunner Transportation System, Inc.*		57,875
	4,517	Saia, Inc.*		113,557
	3,673	Swift Transportation Co.*^		56,601
	4,455	Universal Truckload Services, Inc.		57,470
	1,872	USA Truck, Inc.*		32,779
	12,658	Werner Enterprises, Inc.^		290,754
	6,083	YRC Worldwide, Inc.*		53,530

				1,895,122

	Semiconductors & Semiconductor Equipment (3.1%):
	8,642	Advanced Energy Industries, Inc.*		328,050
	5,402	Alpha & Omega Semiconductor, Ltd.*		75,250
	37,095	Amkor Technology, Inc.*		213,296
	12,388	Axcelis Technologies, Inc.*		33,324
	2,342	AXT, Inc.*		7,471
	2,500	Brooks Automation, Inc.		28,050
	4,923	Cabot Microelectronics Corp.		208,440
	1,570	CEVA, Inc.*		42,657
	11,990	Cirrus Logic, Inc.*		465,092
	5,200	Cohu, Inc.		56,420
	4,452	Cree, Inc.*^		108,807
	2,305	Cypress Semiconductor Corp.^		24,318
	9,165	Diodes, Inc.*		172,210
	4,487	DSP Group, Inc.*		47,607
	21,095	Entegris, Inc.*		305,245
	9,555	Exar Corp.*		76,918
	13,728	FormFactor, Inc.*^		123,416
	4,679	GSI Technology, Inc.*		19,511
	24,195	Integrated Device Technology, Inc.*		487,046
	24,777	Intersil Corp., Class A		335,481
	1,349	inTest Corp.*		5,140
	6,419	IXYS Corp.		65,795
	13,324	Kopin Corp.*		29,579
	13,766	Kulicke & Soffa Industries, Inc.*		167,532
	23,909	Lattice Semiconductor Corp.*		127,913
	685	MA-COM Technology Solutions Holdings, Inc.*		22,591
	4,370	Microsemi Corp.*		142,812
	9,410	MKS Instruments, Inc.		405,195
	4,780	Nanometrics, Inc.*		99,376
	6,621	Neophotonics Corp.*		63,098
	977	NVE Corp.		57,301
	6,377	PDF Solutions, Inc.*		89,214
	13,328	Photronics, Inc.*		118,752
	4,786	Power Integrations, Inc.		239,635
	22,598	Rambus, Inc.*		272,984
	6,462	Rudolph Technologies, Inc.*		100,355
	2,449	Semtech Corp.*		58,433
	740	Sevcon, Inc.*		6,682
	6,811	Sigma Designs, Inc.*		43,795
	6,617	Silicon Laboratories, Inc.*		322,513
	586	Sunpower Corp.*^		9,077


Shares			Fair Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment, continued
	2,647	Synaptics, Inc.*^	$	142,276
	8,750	Tessera Technologies, Inc.		268,100
	5,417	Ultratech, Inc.*		124,428
	7,356	Veeco Instruments, Inc.*^		121,815
	10,777	Xcerra Corp.*		61,968

				6,324,968

	Software (2.7%):
	20,054	ACI Worldwide, Inc.*		391,254
	5,151	American Software, Inc.		53,982
	3,140	Aspen Technology, Inc.*^		126,354
	11,265	Avg Technologies NV*		213,922
	2,785	Aware, Inc.*		12,087
	9,555	Barracuda Networks, Inc.*		144,663
	7,284	Blackbaud, Inc.		494,584
	2,350	BSQUARE Corp.*		13,113
	6,916	Ebix, Inc.		331,276
	459	Ellie Mae, Inc.*		42,067
	7,572	EPIQ Systems, Inc.		110,551
	2,049	Evolving Systems, Inc.		10,593
	6,362	Fair Isaac Corp.^		718,970
	4,113	GlobalSCAPE, Inc.		15,177
	654	Globant SA*^		25,735
	4,000	Glu Mobile, Inc.*		8,800
	21,023	Mentor Graphics Corp.		446,949
	7,496	Monotype Imaging Holdings, Inc.		184,626
	2,347	Paycom Software, Inc.*		101,414
	11,262	Pegasystems, Inc.		303,511
	10,797	Progress Software Corp.*		296,486
	3,092	QAD, Inc.		59,583
	15	QAD, Inc., Class B		260
	1,040	Qualys, Inc.*		31,002
	2,939	Rosetta Stone, Inc.*		22,777
	15,730	Rovi Corp.*^		246,017
	6,367	SeaChange International, Inc.*		20,311
	1,807	Silver Spring Networks, Inc.*		21,955
	7,316	Synchronoss Technologies, Inc.*		233,088
	5,751	Take-Two Interactive Software, Inc.*^		218,078
	7,906	Telenav, Inc.*		40,321
	17,128	TiVo, Inc.*		169,567
	7,598	VASCO Data Security International, Inc.*		124,531
	1,473	Zedge, Inc., Class B*^		6,761
	1,895	Zix Corp.*		7,106
	137,845	Zynga, Inc.*		343,234

				5,590,705

	Specialty Retail (3.8%):
	10,740	Aaron’s, Inc.		235,099
	2,600	Abercrombie & Fitch Co., Class A^		46,306
	9,600	American Eagle Outfitters, Inc.^		152,928
	1,746	America’s Car Mart, Inc.*		49,307
	4,766	Asbury Automotive Group, Inc.*		251,359
	28,394	Ascena Retail Group, Inc.*^		198,474
	7,848	Barnes & Noble Education, Inc.*		79,657
	12,419	Barnes & Noble, Inc.		140,956
	4,407	Big 5 Sporting Goods Corp.		40,853


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	975	Cabela’s, Inc., Class A*	$	48,809
	9,601	Caleres, Inc.		232,440
	5,462	Cato Corp., Class A		206,027
	26,908	Chico’s FAS, Inc.		288,184
	3,807	Children’s Place Retail Stores, Inc. (The)^		305,244
	7,062	Christopher & Banks Corp.*		15,466
	3,126	Citi Trends, Inc.		48,547
	7,852	Conn’s, Inc.*^		59,047
	3,600	CST Brands, Inc.^		155,088
	2,917	Destination Maternity Corp.^		17,152
	10,159	Destination XL Group, Inc.*		46,427
	2,510	DSW, Inc., Class A		53,162
	14,595	Express, Inc.*		211,773
	9,277	Finish Line, Inc. (The), Class A		187,303
	9,642	Five Below, Inc.*^		447,484
	8,504	Francesca’s Holdings Corp.*		93,969
	4,600	GameStop Corp., Class A^		122,268
	4,107	Genesco, Inc.*		264,121
	410	GNC Holdings, Inc., Class A^		9,959
	744	Group 1 Automotive, Inc.		36,724
	12,201	Guess?, Inc.^		183,625
	4,137	Haverty Furniture Cos., Inc.		74,590
	5,671	hhgregg, Inc.*		10,038
	4,521	Hibbett Sports, Inc.*^		157,286
	3,444	Kirkland’s, Inc.*		50,558
	4,327	Lithia Motors, Inc., Class A^		307,519
	5,062	MarineMax, Inc.*^		85,902
	5,486	Mattress Firm Holding Corp.*^		184,055
	6,751	Monro Muffler Brake, Inc.		429,093
	1,800	Murphy U.S.A., Inc.*		133,488
	12,880	New York & Co.*		19,191
	2,939	Outerwall, Inc.		123,438
	441	Perfumania Holdings, Inc.*		1,067
	18,625	Pier 1 Imports, Inc.^		95,733
	1,537	Rent-A-Center, Inc.		18,874
	10,939	Select Comfort Corp.*^		233,876
	8,058	Sonic Automotive, Inc., Class A		137,872
	2,363	Sportsman’s Warehouse Holdings, Inc.*		19,046
	8,986	Stein Mart, Inc.		69,372
	6,980	Tailored Brands, Inc.		88,367
	289	Tandy Leather Factory, Inc.*		2,055
	7,235	The Buckle, Inc.^		188,038
	9,179	The Container Store Group, Inc.*		49,108
	10,599	The Tile Shop Holdings, Inc.*		210,708
	2,271	Tilly’s, Inc.*		13,149
	737	Trans World Entertainment Corp.*		2,764
	5,535	Urban Outfitters, Inc.*		152,213
	5,026	Vitamin Shoppe, Inc.*		153,645
	4,901	West Marine, Inc.*		41,119
	1,010	Winmark Corp.		100,667
	5,963	Zumiez, Inc.*		85,331

				7,465,920

	Technology Hardware, Storage & Peripherals (0.8%):
	4,000	3D Systems Corp.*^		54,760
	1,308	Astro-Med, Inc.		19,908


Shares			Fair Value
	Common Stocks, continued
	Technology Hardware, Storage & Peripherals, continued
	7,830	Avid Technology, Inc.*	$	45,492
	1,901	Concurrent Computer Corp.		9,923
	1,414	Cray, Inc.*^		42,307
	11,446	Diebold, Inc.		284,204
	8,656	Eastman Kodak Co.*		139,188
	7,518	Electronics for Imaging, Inc.*		323,575
	8,718	Imation Corp.*		10,898
	11,153	Lexmark International, Inc., Class A		421,026
	1,694	NCR Corp.*		47,042
	1,541	Stratasys, Ltd.*		35,273
	8,348	Super Micro Computer, Inc.*		207,448
	1,590	TransAct Technologies, Inc.		12,752
	7,142	USA Technologies, Inc.*		30,496

				1,684,292

	Textiles, Apparel & Luxury Goods (1.0%):
	1,716	Cherokee, Inc.*^		19,065
	14,643	Crocs, Inc.*		165,173
	2,461	Culp, Inc.		67,997
	4,535	Deckers Outdoor Corp.*		260,853
	7,087	G-III Apparel Group, Ltd.*		324,018
	2,100	Iconix Brand Group, Inc.*^		14,196
	6,118	Kate Spade & Co.*		126,092
	3,570	Oxford Industries, Inc.		202,133
	1,515	Rocky Brands, Inc.		17,301
	7,466	Sequential Brands Group, Inc.*		59,579
	11,485	Steven Madden, Ltd.*^		392,558
	8,718	Tumi Holdings, Inc.*		233,119
	761	Vera Bradley, Inc.*		10,783
	1,800	Vince Holding Corp.*		9,864
	2,156	Wolverine World Wide, Inc.		43,810

				1,946,541

	Thrifts & Mortgage Finance (2.4%):
	885	ASB Bancorp, Inc.*		21,709
	22,103	Astoria Financial Corp.		338,838
	1,803	Atlantic Coast Financial Corp.*		10,782
	9,437	Bank Mutual Corp.		72,476
	4,231	BankFinancial Corp.		50,730
	3,050	Bear State Financial, Inc.		28,762
	14,798	Beneficial Bancorp, Inc.*		188,231
	9,767	BofI Holding, Inc.*^		172,974
	1,659	BSB Bancorp, Inc.*		37,576
	27,426	Capitol Federal Financial, Inc.		382,592
	3,400	Charter Financial Corp.		45,152
	202	Chicopee Bancorp, Inc.		3,689
	280	Citizens Community Bancorp, Inc.		2,901
	5,487	Clifton Bancorp, Inc.^		82,689
	7,424	Dime Community Bancshares		126,282
	1,537	ESSA Bancorp, Inc.		20,596
	21,380	Everbank Financial Corp.		317,707
	242	First Capital, Inc.		7,988
	3,028	First Financial Northwest, Inc.		40,212
	11,375	Flagstar Bancorp, Inc.*		277,664
	2,348	Fox Chase Bancorp, Inc.		47,758
	574	FS Bancorp, Inc.		14,551


Shares			Fair Value
	Common Stocks, continued
	Thrifts & Mortgage Finance, continued
	195	Guaranty Federal Bankshares, Inc.	$	3,114
	681	Hamilton Bancorp, Inc.*		9,473
	245	Hingham Institution for Savings		30,115
	629	HMN Financial, Inc.*		8,542
	1,064	Home Bancorp, Inc.		29,228
	43	Home Federal Bancorp, Inc.		922
	4,444	HomeStreet, Inc.*^		88,524
	1,446	HopFed Bancorp, Inc.		16,759
	869	IF Bancorp, Inc.		15,937
	8,274	Kearny Financial Corp.		104,087
	390	Kentucky First Federal Bancorp		3,198
	832	Lake Sunapee Bank Group		14,236
	812	LaPorte Bancorp, Inc.		13,260
	940	Malvern Bancorp, Inc.*		14,664
	11,095	Meridian Bancorp, Inc.		163,984
	1,286	Meta Financial Group, Inc.		65,535
	676	MSB Financial Corp.*		9,322
	4,000	Nationstar Mortgage Holdings, Inc.*		45,040
	1,549	NMI Holdings, Inc., Class A*		8,489
	8,836	Northfield Bancorp, Inc.		131,038
	14,858	Northwest Bancshares, Inc.^		220,344
	1,278	Ocean Shore Holding Co.		21,675
	4,882	Oceanfirst Financial Corp.		88,706
	198	Oconee Federal Financial Corp.		3,875
	5,000	Ocwen Financial Corp.*		8,550
	8,223	Oritani Financial Corp.		131,486
	4,321	PennyMac Financial Services, Inc., Class A*		53,969
	1,806	Provident Financial Holdings, Inc.		33,050
	3,087	Provident Financial Services, Inc.		60,629
	1,683	Prudential Bancorp, Inc.		23,730
	420	Riverview Bancorp, Inc.		1,987
	2,613	Security National Financial Corp., Class A*		12,778
	671	Severn Bancorp, Inc.*		4,026
	1,709	SI Financial Group, Inc.		22,627
	707	Southern Missouri Bancorp, Inc.		16,636
	1,949	Territorial Bancorp, Inc.		51,590
	17,842	TrustCo Bank Corp.		114,367
	25	United Community Bancorp		352
	9,946	United Community Financial Corp.		60,472
	8,899	United Financial Bancorp, Inc.		115,509
	7,236	Walter Investment Management Corp.*^		19,971
	16,952	Washington Federal, Inc.		411,255
	6,983	Waterstone Financial, Inc.^		107,049
	5,802	Wawlker & Dunlop, Inc.*		132,170
	580	Wayne Savings Bancshares, Inc.		7,378
	12	Wolverine Bancorp, Inc.		306
	5,302	WSFS Financial Corp.		170,671
	35	WVS Financial Corp.		390

				4,962,874

	Tobacco (0.2%):
	17,966	Vector Group, Ltd.^		402,798

	Trading Companies & Distributors (0.8%):
	311	AeroCentury Corp.*		2,861
	1,095	Air Lease Corp.^		29,324


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Trading Companies & Distributors, continued
	6,962	Applied Industrial Technologies, Inc.	$	314,265
	8,776	Beacon Roofing Supply, Inc.*		399,044
	229	BMC Stock Holdings, Inc.*		4,081
	4,236	CAI International, Inc.*		31,770
	1,463	Envirostar, Inc.		5,384
	1,239	H&E Equipment Services, Inc.		23,578
	5,238	Huttig Building Products, Inc.*		27,500
	4,310	Kaman Corp., Class A^		183,261
	3,809	MRC Global, Inc.*^		54,126
	3,806	NOW, Inc.*^		69,041
	539	Rush Enterprises, Inc.*		11,615
	6,157	TAL International Group, Inc.		82,565
	10,705	Textainer Group Holdings, Ltd.^		119,254
	4,279	Titan Machinery, Inc.*		47,711
	577	TransAct Technologies, Inc.*		5,799
	2,875	Veritiv Corp.*		108,043
	1,500	WESCO International, Inc.*		77,235

				1,596,457

	Transportation Infrastructure (0.1%):
	16,748	WESCO Aircraft Holdings, Inc.*^		224,758

	Water Utilities (0.6%):
	7,108	American States Water Co.		311,473
	1,634	Artesian Resources Corp.		55,425
	10,190	California Water Service Group		355,937
	2,211	Connecticut Water Service, Inc.^		124,258
	2,985	Consolidated Water Co., Ltd.		38,984
	3,255	Middlesex Water Co.		141,202
	669	Pure Cycle Corp.*		3,151
	3,711	SJW Corp.		146,139
	2,569	York Water Co. (The)		82,311

				1,258,880

	Wireless Telecommunication Services (0.5%):
	7,288	Boingo Wireless, Inc.*		65,009
	9,824	Shenandoah Telecommunications Co.		383,725
	4,387	Spok Holdings, Inc.		84,077
	14,738	Telephone & Data Systems, Inc.		437,129

				969,940

	Total Common Stocks (Cost $214,486,691)			202,566,081

	Securities Held as Collateral for Securities on Loan (16.6%):
$	33,794,902	AZL DFA U.S. Small Cap Fund Securities Lending Collateral Account(a)		33,794,902

	Total Securities Held as Collateral for Securities on Loan (Cost $33,794,902)			33,794,902

	Unaffiliated Investment Company (0.3%):
	672,883	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(b)		672,883

	Total Unaffiliated Investment Company (Cost $672,883)			672,883

	Total Investment Securities (Cost $248,954,476)(c) — 116.6%			237,033,866
	Net other assets (liabilities) — (16.6)%			(33,734,813	)

	Net Assets — 100.0%		$	203,299,053

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	248,954,476

Investment securities, at value*	$	237,033,866
Cash		204
Interest and dividends receivable		170,138
Receivable for capital shares issued		650,203
Receivable for investments sold		19,994
Prepaid expenses		1,252

Total Assets		237,875,657

Liabilities:
Payable for investments purchased		329,855
Payable for capital shares redeemed		258,510
Payable for collateral received on loaned securities		33,794,902
Manager fees payable		117,617
Administration fees payable		7,635
Distribution fees payable		42,006
Custodian fees payable		7,306
Administrative and compliance services fees payable		308
Trustee fees payable		3,227
Other accrued liabilities		15,238

Total Liabilities		34,576,604

Net Assets	$	203,299,053

Net Assets Consist of:
Capital	$	213,163,819
Accumulated net investment income/(loss)		1,499,798
Accumulated net realized gains/(losses) from investment transactions		556,046
Net unrealized appreciation/(depreciation) on investments		(11,920,610	)

Net Assets	$	203,299,053

Shares of beneficial interest (unlimited number of shares authorized, no par value)		21,258,001
Net Asset Value (offering and redemption price per share)	$	9.56

*	Includes securities on loan of $33,430,579.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	1,446,393
Income from securities lending		137,941
Foreign withholding tax		(141	)

Total Investment Income		1,584,193

Expenses:
Manager fees		854,621
Administration fees		29,297
Distribution fees		251,360
Custodian fees		2,444
Administrative and compliance services fees		590
Trustee fees		2,107
Professional fees		2,335
Shareholder reports		549
Other expenses		1,376

Total expenses before reductions		1,144,679
Less expenses voluntarily waived/reimbursed by the Manager		(150,817	)

Net expenses		993,862

Net Investment Income/(Loss)		590,331

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		233,545
Change in net unrealized appreciation/depreciation on investments		7,482,256

Net Realized/Unrealized Gains/(Losses) on Investments		7,715,801

Change in Net Assets Resulting From Operations	$	8,306,132

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $11,659 during the period ended June 30, 2016. 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 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $1,187 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $248,956,722. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the latest tax year end December 31, 2015, 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 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 (8.9%):
$	2,566,039	American Homes 4 Rent LLC, Class A, Series 2014-SFR3, 3.68%, 12/17/36(a)	$	2,752,559
	1,270,000	Chrysler Capital Auto Receivables Trust, Class B, Series 2013-BA, 1.78%, 6/17/19, Callable 9/15/17 @ 100(a)		1,272,203
	2,210,000	Citibank Credit Card Issuance Trust, Class A1, Series 2014-A1, 2.88%, 1/23/23		2,352,028
	1,636,636	Colony American Homes, Class A, Series 2015-1A, 1.65%, 7/17/32(a)(b)		1,621,894
	2,165,000	Credit Acceptance Auto Loan Trust, Class A, Series 15-2A, 2.40%, 2/15/23, Callable 12/15/18 @ 100(a)(b)		2,173,241
	2,191,124	Credit Acceptance Auto Loan Trust, Class A, Series 2014-1A, 1.55%, 10/15/21(a)		2,191,219
	3,190,000	Credit Acceptance Auto Loan Trust, Class A, Series 2014-2A, 1.88%, 3/15/22(a)		3,195,819
	1,855,000	Golden Credit Card Trust, Class A, Series 2015-2A, 2.02%, 4/15/22(a)		1,876,104
	2,190,000	GoldenTree Loan Opportunities VII, Ltd., Class A, Series 2013-7A, 1.79%, 4/25/25(a)(b)		2,161,230
	1,412,378	Navient Student Loan Trust, Class A, Series 14-CTA, 1.14%, 9/16/24(a)(b)		1,401,898
	1,505,000	Navient Student Loan Trust, Class A2A, Series 2016-AA, 3.91%, 12/15/45(a)		1,588,745
	2,140,000	Nextgear Floorplan Master Owner Trust, Class A, Series 2014-1A, 1.92%, 10/15/19(a)		2,130,961
	2,205,000	Nomad CLO, Ltd., Class A1, Series 2013-1A, 1.83%, 1/15/25, Callable 7/15/16 @ 100(a)(b)		2,185,713
	2,975,000	OneMain Financial Issuance Trust, Class A, Series 2014-2A, 2.47%, 9/18/24, Callable 7/18/16 @ 101(a)		2,981,460
	1,875,000	OneMain Financial Issuance Trust, Class A, Series 2015-1A, 3.19%, 3/18/26, Callable 1/18/18 @ 101(a)		1,894,310
	2,425,000	PFS Financing Corp., Class 4, Series 16-A, 1.64%, 2/18/20(a)(b)		2,427,011
	2,300,000	Prestige Auto Receivables Trust, Class C, Series 2014-1A, 2.39%, 5/15/20, Callable 5/15/18 @ 100(a)		2,276,040
	2,065,287	Progress Residential Trust, Class A, Series 2015-SFR2, 2.74%, 6/12/32(a)		2,094,648
	1,790,000	Santander Drive Auto Receivable, Class C, Series 16-1, 3.09%, 4/15/22, Callable 10/15/19 @ 100(b)		1,833,288
	2,605,000	Santander Drive Auto Receivables Trust, Class E, Series 2012-2A, 5.95%, 4/15/19, Callable 9/15/16 @ 100(a)		2,617,964
	1,870,000	Santander Drive Auto Receivables Trust, Class E, Series 2012-3, 5.13%, 6/15/19, Callable 12/15/16 @ 100		1,895,414
	211,667	Santander Drive Auto Receivables Trust, Class C, Series 2012-6, 1.94%, 4/16/18, Callable 2/15/17 @ 100		211,868
	1,900,000	Santander Drive Auto Receivables Trust, Class C, Series 2013-4, 3.25%, 1/15/20, Callable 11/15/17 @ 100		1,919,687


Principal Amount			Fair Value
	Asset Backed Securities, continued
$	513,230	Santander Drive Auto Receivables Trust, Class B, Series 2013-A, 1.89%, 10/15/19, Callable 2/15/18 @ 100(a)	$	513,521
	2,280,000	Santander Drive Auto Receivables Trust, Class A3, Series 15-4, 1.58%, 9/16/19, Callable 3/15/19 @ 100(b)		2,287,635
	121,048	SLM Student Loan Trust, Class A2, Series 2004-B, 0.85%, 6/15/21(b)		120,509
	1,157,234	SLM Student Loan Trust, Class A4, Series 2006-A, 0.84%, 12/15/23(b)		1,141,774
	192,561	SLM Student Loan Trust, Class A1, Series 2012-A, 1.84%, 8/15/25(a)(b)		193,080
	250,000	SMB Private Education Loan Trust, Class A2A, Series 16-A, 2.70%, 5/15/31, Callable 9/15/26 @ 100(a)(b)		253,249
	1,680,241	Social Professional Loan Program LLC, Class A2, Series 2015-C, 2.51%, 8/25/33(a)		1,680,615
	2,190,000	Springleaf Funding Trust, Class A, Series 2015-AA, 3.16%, 11/15/24, Callable 2/15/18 @ 100(a)		2,203,898
	2,120,169	Sway Residential Trust, Class A, Series 2014-1, 1.73%, 1/17/20(a)(b)		2,107,737
	3,970,000	Synchrony Credit Card Master Note Trust, Class A, Series 2015-1, 2.37%, 3/15/23		4,088,024
	2,270,000	Synchrony Credit Card Master Note Trust, Class A, Series 2016-2, 2.21%, 5/15/24		2,312, 193
	2,395,000	World Financial Network Credit Card Master Trust, Class A, Series 2015-B, 2.55%, 6/17/24		2,491,967

	Total Asset Backed Securities (Cost $65,765,698)			66,449,506

	Collateralized Mortgage Obligations (5.1%):
	952,738	Banc of America Commercial Mortgage, Inc., Class A1A, Series 2007-3, 5.72%, 6/10/49(b)		976,921
	38,986	Banc of America Large Loan, Class A4B, Series 2010-UB4, 5.11%, 12/20/41(a)(b)(c)		38,467
	2,724,706	Bear Stearns Commercial Mortgage Securities, Inc., Class A1A, Series 2007-PW15, 5.32%, 2/11/44		2,774,235
	625,000	Bear Stearns Commercial Mortgage Securities, Inc., Class AM, Series 2007-PW16, 5.91%, 6/1/40(b)		645,969
	2,540,000	BHMS Mortgage Trust, Class AFL, Series 2014-ATLS, 1.96%, 7/5/33(a)(b)		2,502,636
	21,133,639	Citigroup Commercial Mortgage Trust, Class XA, Series 2015-P1, 0.95%, 9/15/48(b)		1,168,904
	1,877,776	Commercial Mortgage Loan Trust, Class A1A, Series 2008-LS1, 6.30%, 12/10/49(b)		1,968,070
	590,000	Commercial Mortgage Pass-Through Certificates, Class AM, Series 2006-C8, 5.35%, 12/10/16		596,964
	1,205,000	Commercial Mortgage Trust, Class A3, Series 2014-CR21, 3.53%, 12/10/47		1,302,415
	26,727,835	Commercial Mortgage Trust, CLASS XA, Series 2015-CCRE23, 1.01%, 5/10/48(b)		1,578,583
	428,000	Commercial Mortgage Trust, Class B, Series 2012-LTRT, 3.80%, 10/5/30(a)		438,806


Principal Amount			Fair Value
	Collateralized Mortgage Obligations, continued
$	1,510,000	Commercial Mortgage Trust, Class C, Series 2014-CR17, 4.90%, 5/10/47(b)	$	1,538,775
	1,975,000	Commercial Mortgage Trust, Class A, Series 2014-TWC, 1.28%, 2/13/32(a)(b)		1,962,439
	855,000	Credit Suisse Commercial Mortgage Trust, Class AM, Series 2006-C5, 5.34%, 12/15/39		862,929
	1,940	Credit Suisse Mortgage Capital Certificates, Class A2, Series 2007-C2, 5.45%, 1/15/49(b)		1,936
	436,577	DBRR Trust, Class A, Series 2013-EZ3, 1.64%, 12/18/49, Callable 7/18/16 @ 100(a)(b)		434,063
	3,562,054	GAHR Commercial Mortgage Trust, Class AFL1, Series 2015-NRF, 1.74%, 12/15/16(a)(b)		3,564,336
	6,976,328	GS Mortgage Securities Trust, Class XA, Series 2013-GC10, 1.75%, 2/10/46(b)		548,287
	1,100,000	GS Mortgage Securities Trust, Class A, Series 2012-SHOP, 2.93%, 6/5/31(a)		1,137,769
	1,500,000	Hilton USA Trust, Class AFX, Series 2013-HLT, 2.66%, 11/5/30(a)		1,506,405
	587,567	JPMorgan Chase Commercial Mortgage Securities Corp., Class A, Series 2012-WLDN, 3.90%, 5/5/30(a)		631,242
	1,200,000	LB Commercial Conduit Mortgage Trust, Class AM, Series 2007-C3, 6.12%, 7/15/44(b)		1,238,118
	1,405,535	Merrill Lynch Mortgage Trust, Class A1A, Series 2007-C1, 6.02%, 6/12/50(b)		1,440,763
	1,300,000	Morgan Stanley Baml Trust, Class A3, Series 2015-C24, 3.48%, 8/15/47		1,399,381
	876,379	Morgan Stanley Capital I Trust, Class A1A, Series 2007-IQ13, 5.31%, 3/15/44		889,667
	1,740,000	Morgan Stanley Capital I Trust, Class A, Series 2014-MP, 3.47%, 8/11/29(a)		1,831,327
	214,584	Morgan Stanley Re-REMIC Trust, Class A, Series 2012-XA, 2.00%, 7/28/49(a)		212,934
	562,525	RBSCF Trust, Class WBTA, Series 2010-RR3, 6.15%, 4/16/17(a)(b)		564,394
	1,220,000	SFAVE Commercial Mortgage Securities Trust, Class A2A, Series 2015-5AVE, 3.66%, 1/5/35(a)(b)		1,217,861
	85,164	STRIPS, Class A, Series 2012-1A, 1.50%, 12/25/44(a)(c)		85,057
	1,635,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series 2015-NXS4, 3.72%, 12/15/48		1,788,442
	18,022,200	WF-RBS Commercial Mortgage Trust, Class XA, Series 2014-C20, 1.35%, 5/15/47(b)		1,098,156

	Total Collateralized Mortgage Obligations (Cost $39,055,438)			37,946,251

	Corporate Bonds (18.3%):
	Aerospace & Defense (0.4%):
	580,000	Aviation Capital Group Corp., 2.88%, 9/17/18, Callable 8/17/18 @ 100(a)		574,200
	95,000	BAE Systems plc, 3.85%, 12/15/25, Callable 9/15/25 @ 100(a)		100,694
	80,000	Boeing Co. (The), 3.30%, 3/1/35, Callable 1/9/34 @ 100		81,350
	40,000	Boeing Co. (The), 3.50%, 3/1/45, Callable 1/9/44 @ 100		40,822


Principal Amount			Fair Value
	Corporate Bonds, continued
	Aerospace & Defense, continued
$	25,000	Lockheed Martin Corp., 3.10%, 1/15/23, Callable 11/15/22 @ 100^	$	26,350
	75,000	Lockheed Martin Corp., 3.55%, 1/15/26, Callable 10/15/25 @ 100^		81,469
	185,000	Lockheed Martin Corp., 3.60%, 3/1/35, Callable 1/9/34 @ 100		187,544
	344,000	Lockheed Martin Corp., 4.50%, 5/15/36, Callable 11/15/35 @ 100^		383,977
	310,000	Northrop Grumman Corp., 3.25%, 8/1/23		332,656
	1,154,000	United Technologies Corp., 1.78%, 5/4/18(b)		1,164,368

				2,973,430

	Air Freight & Logistics (0.1%):
	500,000	FedEx Corp., 3.88%, 8/1/42		492,043

	Airlines (0.2%):
	663,383	American Airlines 15-1, Series A, 3.38%, 5/1/27		667,496
	600,000	American Airlines Pass Through Trust, Class AA, Series 2015-2, 3.60%, 3/22/29		627,720

				1,295,216

	Banks (3.1%):
	158,000	Bank of America Corp., 2.00%, 1/11/18, MTN		159,010
	1,065,000	Bank of America Corp., 1.72%, 3/22/18, MTN(b)		1,070,573
	311,000	Bank of America Corp., 1.95%, 5/12/18, MTN		312,829
	747,000	Bank of America Corp., 2.60%, 1/15/19		764,382
	766,000	Bank of America Corp., Series L, 2.25%, 4/21/20, MTN^		770,283
	585,000	Bank of America Corp., 4.00%, 1/22/25, MTN		596,297
	1,020,000	Bank of America Corp., Series L, 3.95%, 4/21/25		1,038,712
	1,538,000	Bank of America Corp., 3.88%, 8/1/25, MTN		1,631,526
	306,000	Bank of America Corp., Series G, 4.45%, 3/3/26		320,056
	284,000	Branch Banking & Trust, 3.63%, 9/16/25, Callable 8/16/25 @ 100		305,739
	290,000	Capital One Bank USA NA, 1.30%, 6/5/17, Callable 5/5/17 @ 100		289,995
	1,185,000	Capital One NA, Series BKNT, 1.65%, 2/5/18, Callable 5/1/18 @ 100		1,185,997
	2,580,000	Citigroup, Inc., 1.80%, 2/5/18		2,590,577
	250,000	Citizens Bank NA/RI, 2.55%, 5/13/21, Callable 0 @ 100		252,414
	455,000	Discover Bank, 2.60%, 11/13/18, Callable 12/10/18 @ 100		461,845
	330,000	Discover Bank, Series BKNT, 3.10%, 6/4/20, Callable 4/5/20 @ 100		337,128
	1,205,000	HSBC USA, Inc., 1.70%, 3/5/18		1,205,761
	1,660,000	HSBC USA, Inc., 2.35%, 3/5/20		1,659,451
	1,095,000	JPMorgan Chase & Co., 2.20%, 10/22/19^		1,113,022
	20,000	JPMorgan Chase & Co., 2.75%, 6/23/20, Callable 5/23/20 @ 100^		20,609
	125,000	JPMorgan Chase & Co., 4.50%, 1/24/22		139,106
	450,000	JPMorgan Chase & Co., 2.70%, 5/18/23, Callable 3/18/23 @ 100		454,577


Principal Amount			Fair Value
	Corporate Bonds, continued
	Banks, continued
$	691,000	JPMorgan Chase & Co., 3.90%, 7/15/25, Callable 4/15/25 @ 100	$	745,284
	630,000	JPMorgan Chase & Co., 3.20%, 6/15/26, Callable 3/15/26 @ 100^		647,532
	713,000	JPMorgan Chase & Co., 4.25%, 10/1/27^		754,378
	290,000	JPMorgan Chase Capital XXI, Series U, 1.59%, 2/2/37, Callable 8/8/16 @ 100, MTN^(b)		221,125
	157,000	JPMorgan Chase Capital XXIII, 1.63%, 5/15/47, Callable 8/8/16 @ 100(b)		116,196
	200,000	KeyCorp, 2.90%, 9/15/20^		206,857
	142,000	Merrill Lynch & Co., 6.88%, 4/25/18, MTN		155,028
	460,000	Santander Holdings USA, Inc., 2.70%, 5/24/19, Callable 4/24/19 @ 100		462,213
	265,000	Santander Holdings USA, Inc., 2.65%, 4/17/20, Callable 3/17/20 @ 100		261,681
	330,000	Santander Holdings USA, Inc., 4.50%, 7/17/25, Callable 4/17/25 @ 100		338,976
	128,000	Wachovia Corp., 5.50%, 8/1/35		147,723
	514,000	Wells Fargo & Co., Series G, 2.60%, 7/22/20		528,247
	305,000	Wells Fargo & Co., Series G, 4.30%, 7/22/27^		329,318
	376,000	Wells Fargo & Co., 3.90%, 5/1/45		394,658
	175,000	Wells Fargo & Co., Series G, 4.90%, 11/17/45		191,503
	680,000	Wells Fargo & Co., 4.40%, 6/14/46, MTN^		692,795

				22,873,403

	Beverages (0.4%):
	461,000	Anheuser-Busch InBev, 3.30%, 2/1/23, Callable 12/1/22 @ 100		485,742
	310,000	Anheuser-Busch InBev NV, 2.65%, 2/1/21, Callable 1/1/21 @ 100		321,475
	525,000	Anheuser-Busch InBev NV, 3.65%, 2/1/26, Callable 1/11/25 @ 100		562,404
	290,000	Anheuser-Busch InBev NV, 4.70%, 2/1/36, Callable 8/1/35 @ 100		325,881
	730,000	Anheuser-Busch InBev NV, 4.90%, 2/1/46, Callable 1/8/45 @ 100		855,444
	120,000	Molson Coors Brewing Co., 3.00%, 7/15/26, Callable 4/15/26 @ 100		119,882
	90,000	Molson Coors Brewing Co., 4.20%, 7/15/46, Callable 1/15/46 @ 100		90,385

				2,761,213

	Biotechnology (0.6%):
	80,000	AbbVie, Inc., 2.30%, 5/14/21, Callable 5/14/21 @ 100		80,972
	73,000	AbbVie, Inc., 2.85%, 5/14/23, Callable 3/14/23 @ 100		73,992
	65,000	AbbVie, Inc., 3.20%, 5/14/26, Callable 2/14/26 @ 100^		65,844
	541,000	AbbVie, Inc., 4.50%, 5/14/35, Callable 11/14/34 @ 100		565,432
	280,000	AbbVie, Inc., 4.30%, 5/14/36, Callable 11/14/35 @ 100		285,585
	389,000	AbbVie, Inc., 4.40%, 11/6/42		396,379
	120,000	AbbVie, Inc., 4.70%, 5/14/45, Callable 11/14/44 @ 100		126,906


Principal Amount			Fair Value
	Corporate Bonds, continued
	Biotechnology, continued
$	450,000	Amgen, Inc., 3.63%, 5/15/22, Callable 2/15/22 @ 100^	$	484,321
	254,000	Amgen, Inc., 4.56%, 6/15/48, Callable 12/15/47 @ 100(a)		266,379
	202,000	Amgen, Inc., 4.66%, 6/15/51, Callable 12/15/50 @ 100(a)		211,052
	220,000	Baxalta, Inc., 2.88%, 6/23/20, Callable 5/23/20 @ 100^		223,581
	319,000	Baxalta, Inc., 4.00%, 6/23/25, Callable 3/23/25 @ 100		332,875
	250,000	Baxalta, Inc., 5.25%, 6/23/45, Callable 12/23/44 @ 100		271,157
	63,000	Biogen, Inc., 2.90%, 9/15/20		65,656
	186,000	Gilead Sciences, Inc., 3.65%, 3/1/26, Callable 1/12/25 @ 100^		202,401
	230,000	Gilead Sciences, Inc., 4.80%, 4/1/44, Callable 1/10/43 @ 100		258,757
	504,000	Gilead Sciences, Inc., 4.75%, 3/1/46, Callable 1/9/45 @ 100		573,099

				4,484,388

	Capital Markets (1.6%):
	175,000	Bank of New York Mellon Corp. (The), 2.05%, 5/3/21, Callable 3/4/21 @ 100, MTN^		177,751
	205,000	Bank of New York Mellon Corp. (The), Series G, 3.00%, 2/24/25, Callable 1/24/25 @ 100^		214,920
	135,000	Bank of New York Mellon Corp. (The), 2.80%, 5/4/26, Callable 4/2/26 @ 100^		140,029
	453,000	Bank of New York Mellon Corp. (The), Series E, 4.95%, 12/29/49, Callable 6/20/20 @ 100^(b)		454,699
	535,000	Crown Castle Towers LLC, 6.11%, 1/15/20, Callable 7/15/19 @ 100(a)		595,112
	1,135,000	Goldman Sachs Group, Inc. (The), 2.38%, 1/22/18^		1,150,253
	562,000	Goldman Sachs Group, Inc. (The), 2.90%, 7/19/18		576,708
	610,000	Goldman Sachs Group, Inc. (The), 2.60%, 4/23/20, Callable 3/23/20 @ 100^		620,153
	335,000	Goldman Sachs Group, Inc. (The), 3.75%, 5/22/25, Callable 2/22/25 @ 100		349,864
	330,000	Goldman Sachs Group, Inc. (The), 4.25%, 10/21/25^		341,117
	215,000	Goldman Sachs Group, Inc. (The), 3.75%, 2/25/26, Callable 11/25/25 @ 100		226,288
	360,000	Goldman Sachs Group, Inc. (The), 4.80%, 7/8/44, Callable 8/1/44 @ 100		398,515
	685,000	Goldman Sachs Group, Inc. (The), 5.15%, 5/22/45		714,634
	150,000	Goldman Sachs Group, Inc. (The), 4.75%, 10/21/45, Callable 4/21/45 @ 100		165,343
	311,000	Morgan Stanley, 1.88%, 1/5/18		312,759
	414,000	Morgan Stanley, 2.13%, 4/25/18		418,333
	1,460,000	Morgan Stanley, 2.80%, 6/16/20		1,495,925
	205,000	Morgan Stanley, 2.50%, 4/21/21		207,144


Principal Amount			Fair Value
	Corporate Bonds, continued
	Capital Markets, continued
$	1,005,000	Morgan Stanley, 3.75%, 2/25/23^	$	1,064,471
	603,000	Morgan Stanley, Series G, 3.88%, 1/27/26^		640,138
	323,000	Morgan Stanley, 3.95%, 4/23/27		326,650
	820,000	State Street Capital Trust IV, 1.65%, 6/15/37, Callable 8/8/16 @ 100(b)		684,971
	355,000	State Street Corp., 2.55%, 8/18/20		368,387
	240,743	SteelRiver Transmission Co. LLC, 4.71%, 6/30/17(a)		243,701

				11,887,865

	Chemicals (0.3%):
	310,000	CF Industries Holdings, Inc., 3.45%, 6/1/23		309,723
	130,000	CF Industries Holdings, Inc., 5.15%, 3/15/34		126,924
	260,000	CF Industries Holdings, Inc., 5.38%, 3/15/44^		245,194
	49,000	Dow Chemical Co. (The), 4.38%, 11/15/42, Callable 5/15/42 @ 100		50,036
	277,000	Eastman Chemical Co., 2.40%, 6/1/17^		279,563
	410,000	Eastman Chemical Co., 2.70%, 1/15/20, Callable 12/15/19 @ 100^		421,671
	70,000	Eastman Chemical Co., 4.65%, 10/15/44, Callable 4/15/44 @ 100		71,598
	160,000	LyondellBasell Idustries NV, 4.88%, 3/15/44, Callable 9/15/43 @ 100		169,177
	249,000	Monsanto Co., 3.38%, 7/15/24, Callable 4/15/24 @ 100^		256,509
	299,000	Monsanto Co., 4.40%, 7/15/44, Callable 1/15/44 @ 100		293,185

				2,223,580

	Commercial Services & Supplies (0.1%):
	535,000	Republic Services, Inc., 3.20%, 3/15/25, Callable 12/15/24 @ 100		558,842
	45,000	Republic Services, Inc., 2.90%, 7/1/26, Callable 1/4/26 @ 100		45,638
	140,000	Waste Management, Inc., 3.90%, 3/1/35, Callable 1/9/34 @ 100		146,703

				751,183

	Communications Equipment (0.2%):
	600,000	Cisco Systems, Inc., 2.20%, 2/28/21^		618,370
	135,000	Harris Corp., 2.70%, 4/27/20, Callable 3/27/20 @ 100		136,835
	340,000	Harris Corp., 4.85%, 4/27/35, Callable 10/27/34 @ 100		373,245
	273,000	Harris Corp., 5.05%, 4/27/45, Callable 10/27/44 @ 100		309,646

				1,438,096

	Consumer Finance (0.6%):
	365,000	Capital One Financial Corp., 4.20%, 10/29/25, Callable 9/29/25 @ 100^		375,235
	545,000	Capital One NA, 2.95%, 7/23/21, Callable 0 @ 100		559,895
	1,045,000	Ford Motor Credit Co. LLC, 1.72%, 12/6/17		1,047,223
	950,000	Ford Motor Credit Co. LLC, 2.94%, 1/8/19		977,691
	220,000	Hyundai Capital America, 2.40%, 10/30/18^(a)		223,073
	95,000	Hyundai Capital America, 2.50%, 3/18/19(a)		97,111
	620,000	Hyundai Capital America, 3.00%, 10/30/20(a)		641,304


Principal Amount			Fair Value
	Corporate Bonds, continued
	Consumer Finance, continued
$	125,000	Synchrony Financial, 2.70%, 2/3/20, Callable 3/1/20 @ 100	$	125,342
	85,000	Synchrony Financial, 4.50%, 7/23/25, Callable 4/24/25 @ 100		88,136

				4,135,010

	Containers & Packaging (0.2%):
	821,000	International Paper Co., 3.65%, 6/15/24, Callable 3/15/24 @ 100^		868,170
	191,000	International Paper Co., 4.80%, 6/15/44, Callable 12/15/43 @ 100		194,181
	110,000	WestRock RKT Co., 4.90%, 3/1/22		122,107

				1,184,458

	Diversified Consumer Services (0.1%):
	145,000	California Institute of Technology, 4.32%, 8/1/45		173,019
	360,000	Massachusetts Institute of Technology, 4.68%, 7/1/14		428,945

				601,964

	Diversified Financial Services (0.3%):
	135,000	Berkshire Hathaway, Inc., 2.75%, 3/15/23, Callable 1/15/23 @ 100		139,486
	95,000	Berkshire Hathaway, Inc., 3.13%, 3/15/26, Callable 12/15/25 @ 100^		99,612
	1,090,000	Daimler Finance NA LLC, 1.88%, 1/11/18^(a)		1,099,954
	685,000	Daimler Finance NA LLC, 2.45%, 5/18/20(a)		704,894
	240,000	Intercontinental Exchange, Inc., 3.75%, 12/1/25, Callable 9/1/25 @ 100		260,175

				2,304,121

	Diversified Telecommunication Services (1.2%):
	316,000	AT&T, Inc., 2.38%, 11/27/18		322,490
	317,000	AT&T, Inc., 2.30%, 3/11/19		323,747
	665,000	AT&T, Inc., 3.00%, 6/30/22, Callable 4/30/22 @ 100		681,009
	3,000,000	AT&T, Inc., 4.17%, 11/27/22, Callable 5/27/17 @ 76.72(a)(d)		2,424,014
	150,000	AT&T, Inc., 4.45%, 4/1/24, Callable 1/1/24 @ 100		164,791
	185,000	AT&T, Inc., 3.95%, 1/15/25, Callable 10/15/24 @ 100^		196,645
	170,000	AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100		173,909
	122,000	AT&T, Inc., 5.35%, 9/1/40		133,455
	310,000	AT&T, Inc., 4.75%, 5/15/46, Callable 11/15/45 @ 100		317,711
	250,000	Verizon Communications, Inc., 2.63%, 2/21/20		258,716
	447,000	Verizon Communications, Inc., 3.45%, 3/15/21		478,929
	192,000	Verizon Communications, Inc., 2.45%, 11/1/22, Callable 1/8/22 @ 100		193,711
	1,195,000	Verizon Communications, Inc., 5.15%, 9/15/23		1,391,728
	1,568,000	Verizon Communications, Inc., 4.40%, 11/1/34, Callable 1/5/34 @ 100		1,616,838
	525,000	Verizon Communications, Inc., 5.01%, 8/21/54		555,215

				9,232,908


Principal Amount			Fair Value
	Corporate Bonds, continued
	Electric Utilities (0.8%):
$	220,000	Carolina Power & Light Co., 5.70%, 4/1/35	$	278,178
	430,000	Carolina Power & Light Co., 4.10%, 3/15/43, Callable 9/15/42 @ 100^		469,941
	555,000	Duke Energy Carolinas LLC, 3.75%, 6/1/45, Callable 1/12/44 @ 100^		585,991
	45,000	Emera U.S. Finance LP, 2.15%, 6/15/19(a)		45,523
	105,000	Emera U.S. Finance LP, 3.55%, 6/15/26, Callable 0 @ 100(a)		107,440
	340,000	Emera U.S. Finance LP, 4.75%, 6/15/46, Callable 12/15/45 @ 100(a)		345,074
	135,000	Exelon Corp., 2.85%, 6/15/20, Callable 5/15/20 @ 100		139,262
	15,000	Exelon Corp., 2.45%, 4/15/21, Callable 3/15/21 @ 100		15,211
	35,000	Exelon Corp., 3.40%, 4/15/26, Callable 1/15/26 @ 100^		36,579
	92,000	Exelon Corp., 4.95%, 6/15/35, Callable 12/15/34 @ 100		103,824
	163,000	Exelon Corp., 5.63%, 6/15/35		194,455
	65,000	Florida Power & Light Co., 5.95%, 2/1/38		89,182
	845,000	Florida Power Corp., 6.40%, 6/15/38		1,203,689
	350,000	PPL Capital Funding, Inc., 5.00%, 3/15/44, Callable 9/15/43 @ 100^		391,624
	350,000	Progress Energy Carolinas, Inc., 5.30%, 1/15/19		385,358
	220,000	Southern California Edison Co., Series 06-E, 5.55%, 1/15/37		281,991
	600,000	Southwestern Public Service Co., 3.30%, 6/15/24, Callable 12/15/23 @ 100		641,486
	75,000	Virginia Electric & Power Co., Series A, 3.15%, 1/15/26, Callable 10/15/25 @ 100^		79,183
	185,000	Virginia Electric & Power Co., Series A, 6.00%, 5/15/37		247,865
	25,000	Virginia Electric & Power Co., 6.35%, 11/30/37		34,652
	200,000	Virginia Electric & Power Co., 4.00%, 1/15/43, Callable 7/15/42 @ 100		210,691
	375,000	Virginia Electric & Power Co., Series B, 4.20%, 5/15/45, Callable 11/15/44 @ 100^		417,662

				6,304,861

	Electrical Equipment (0.2%):
	840,000	Eaton Corp., 1.50%, 11/2/17^		844,089
	255,000	Eaton Corp., 4.00%, 11/2/32		272,119
	360,000	Eaton Corp., 4.15%, 11/2/42^		387,739

				1,503,947

	Food & Staples Retailing (0.4%):
	745,000	CVS Health Corp., 2.80%, 7/20/20, Callable 6/20/20 @ 100		775,747
	359,000	CVS Health Corp., 3.88%, 7/20/25, Callable 4/20/25 @ 100		394,892
	130,000	CVS Health Corp., 5.30%, 12/5/43, Callable 5/6/43 @ 100		162,283
	385,000	CVS Health Corp., 5.13%, 7/20/45, Callable 1/20/45 @ 100		477,622
	95,000	Walgreens Boots Alliance, Inc., 2.60%, 6/1/21, Callable 1/5/21 @ 100		96,772


Principal Amount			Fair Value
	Corporate Bonds, continued
	Food & Staples Retailing, continued
$	45,000	Walgreens Boots Alliance, Inc., 3.10%, 6/1/23, Callable 1/4/23 @ 100	$	45,833
	220,000	Walgreens Boots Alliance, Inc., 4.80%, 11/18/44, Callable 5/18/44 @ 100		236,675
	10,000	Walgreens Boots Alliance, Inc., 4.65%, 6/1/46, Callable 1/12/45 @ 100		10,665
	199,000	Wal-Mart Stores, Inc., 6.50%, 8/15/37		288,407
	305,000	Wal-Mart Stores, Inc., 4.00%, 4/11/43, Callable 11/10/42 @ 100		338,552
	51,000	Wal-Mart Stores, Inc., 4.30%, 4/22/44, Callable 10/22/43 @ 100		59,512

				2,886,960

	Food Products (0.0%):
	110,000	Kraft Heinz Co. (The), 3.00%, 6/1/26, Callable 1/3/26 @ 100(a)		110,900

	Health Care Equipment & Supplies (0.3%):
	170,000	Becton, Dickinson & Co., 1.80%, 12/15/17		171,390
	125,000	Becton, Dickinson & Co., 2.68%, 12/15/19		128,567
	270,000	Becton, Dickinson & Co., 3.88%, 5/15/24, Callable 2/15/24 @ 100		293,850
	180,000	Becton, Dickinson & Co., 3.73%, 12/15/24, Callable 9/15/24 @ 100		193,886
	205,000	Boston Scientific Corp., 3.85%, 5/15/25		216,840
	455,000	Medtronic, Inc., 3.63%, 3/15/24, Callable 12/15/23 @ 100^		500,783
	665,000	Medtronic, Inc., 4.63%, 3/15/45		781,967
	35,000	St Jude Medical, Inc., 3.88%, 9/15/25, Callable 6/15/25 @ 100^		37,281
	41,000	St Jude Medical, Inc., 4.75%, 4/15/43, Callable 10/15/42 @ 100		43,781
	50,000	Stryker Corp., 3.50%, 3/15/26, Callable 12/15/25 @ 100^		53,044
	85,000	Stryker Corp., 4.63%, 3/15/46, Callable 9/15/45 @ 100		95,501

				2,516,890

	Health Care Providers & Services (0.6%):
	135,000	Aetna, Inc., 1.90%, 6/7/19		136,754
	185,000	Aetna, Inc., 2.75%, 11/15/22, Callable 8/15/22 @ 100		188,617
	105,000	Aetna, Inc., 3.50%, 11/15/24, Callable 8/15/24 @ 100		110,776
	130,000	Aetna, Inc., 3.20%, 6/15/26, Callable 3/15/26 @ 100^		133,747
	380,000	Aetna, Inc., 4.13%, 11/15/42, Callable 5/15/42 @ 100^		384,519
	410,000	CIGNA Corp., 3.25%, 4/15/25, Callable 1/15/25 @ 100^		416,434
	725,000	UnitedHealth Group, Inc., 1.40%, 10/15/17		728,761
	160,000	UnitedHealth Group, Inc., 2.70%, 7/15/20		166,643
	545,000	UnitedHealth Group, Inc., 3.35%, 7/15/22		583,053
	245,000	UnitedHealth Group, Inc., 4.63%, 7/15/35		284,542
	290,000	UnitedHealth Group, Inc., 4.25%, 3/15/43, Callable 9/15/42 @ 100		317,643
	50,000	UnitedHealth Group, Inc., 4.75%, 7/15/45		60,235


Principal Amount			Fair Value
	Corporate Bonds, continued
	Health Care Providers & Services, continued
$	325,000	WellPoint, Inc., 3.30%, 1/15/23	$	335,701
	175,000	WellPoint, Inc., 3.50%, 8/15/24, Callable 5/15/24 @ 100		181,182
	300,000	WellPoint, Inc., 5.10%, 1/15/44		337,228

				4,365,835

	Hotels, Restaurants & Leisure (0.0%):
	10,000	McDonald’s Corp., 2.75%, 12/9/20, Callable 11/9/20 @ 100		10,440
	55,000	McDonald’s Corp., 3.70%, 1/30/26, Callable 10/30/25 @ 100		59,424
	50,000	McDonald’s Corp., 4.70%, 12/9/35, Callable 6/9/35 @ 100		56,402
	120,000	McDonald’s Corp., 4.60%, 5/26/45, Callable 11/26/44 @ 100		133,937
	60,000	McDonald’s Corp., 4.88%, 12/9/45, Callable 6/9/45 @ 100, MTN		70,157

				330,360

	Industrial Conglomerates (0.3%):
	106,000	General Electric Capital Corp., 4.38%, 9/16/20		118,057
	1,720,000	General Electric Co., 2.70%, 10/9/22		1,805,145

				1,923,202

	Insurance (0.6%):
	325,000	ACE INA Holdings, Inc., 3.35%, 5/15/24		347,980
	410,000	ACE INA Holdings, Inc., 4.15%, 3/13/43		456,966
	20,000	American International Group, Inc., 3.30%, 3/1/21, Callable 2/1/21 @ 100^		20,662
	690,000	American International Group, Inc., 4.13%, 2/15/24		727,903
	635,000	American International Group, Inc., 3.90%, 4/1/26, Callable 1/1/26 @ 100		654,389
	526,000	American International Group, Inc., 4.38%, 1/15/55, Callable 7/15/54 @ 100		486,324
	201,000	Hartford Financial Services Group, Inc. (The), 4.30%, 4/15/43		200,773
	20,000	Marsh & McLennan Cos., Inc., 3.50%, 3/10/25, Callable 10/12/24 @ 100		20,782
	60,000	Marsh & McLennan Cos., Inc., 3.75%, 3/14/26, Callable 12/14/25 @ 100^		63,279
	310,000	MetLife, Inc., 4.05%, 3/1/45		305,383
	95,000	Principal Financial Group, Inc., 3.13%, 5/15/23		96,239
	720,000	Prudential Financial, Inc., 3.50%, 5/15/24		748,157
	214,000	Travelers Cos., Inc. (The), 4.30%, 8/25/45, Callable 2/25/45 @ 100		243,669
	50,000	Travelers Cos., Inc. (The), 3.75%, 5/15/46, Callable 11/15/45 @ 100		52,177

				4,424,683

	Internet & Catalog Retail (0.0%):
	61,000	Amazon.com, Inc., 4.80%, 12/5/34, Callable 5/6/34 @ 100		71,749
	53,000	Amazon.com, Inc., 4.95%, 12/5/44, Callable 5/6/44 @ 100		64,512

				136,261


Principal Amount			Fair Value
	Corporate Bonds, continued
	IT Services (0.3%):
$	173,000	Fidelity National Information Services, Inc., 5.00%, 10/15/25, Callable 7/15/25 @ 100^	$	196,394
	420,000	IBM Corp., 2.88%, 11/9/22		445,235
	450,000	MasterCard, Inc., 3.38%, 4/1/24		487,623
	637,000	Visa, Inc., 4.15%, 12/14/35, Callable 6/14/35 @ 100		720,426
	184,000	Visa, Inc., 4.30%, 12/14/45, Callable 6/14/45 @ 100		213,025

				2,062,703

	Life Sciences Tools & Services (0.1%):
	111,000	Agilent Technologies, Inc., 6.50%, 11/1/17		117,414
	313,000	Thermo Fisher Scientific, Inc., 3.60%, 8/15/21, Callable 5/15/21 @ 100		331,808

				449,222

	Machinery (0.1%):
	605,000	Deere & Co., 2.60%, 6/8/22, Callable 8/3/22 @ 100		621,336

	Media (0.6%):
	387,000	Comcast Corp., 4.20%, 8/15/34, Callable 2/15/34 @ 100		426,109
	493,000	Comcast Corp., 4.40%, 8/15/35, Callable 2/15/35 @ 100		556,103
	200,000	Comcast Corp., 6.50%, 11/15/35		278,028
	575,000	Cox Communications, Inc., 4.70%, 12/15/42(a)		510,771
	8,000	Discovery Communications, Inc., 5.05%, 6/1/20		8,822
	100,000	Discovery Communications, Inc., 3.45%, 3/15/25, Callable 12/15/24 @ 100^		97,839
	100,000	Discovery Communications, Inc., 4.90%, 3/11/26, Callable 11/12/25 @ 100		106,047
	477,000	Discovery Communications, Inc., 4.88%, 4/1/43		430,324
	580,000	NBCUniversal Media LLC, 4.45%, 1/15/43^		649,329
	813,000	Scripps Networks Interactive, Inc., 2.70%, 12/15/16		819,134
	285,000	Twenty-First Century Fox, Inc., 3.70%, 10/15/25, Callable 7/15/25 @ 100^		308,711
	206,000	Twenty-First Century Fox, Inc., 6.40%, 12/15/35		261,562

				4,452,779

	Multiline Retail (0.0%):
	173,000	Dollar General Corp., 4.15%, 11/1/25, Callable 1/8/25 @ 100		190,075
	61,000	Macy’s, Inc., 4.50%, 12/15/34, Callable 6/15/34 @ 100		54,039

				244,114

	Multi-Utilities (0.6%):
	85,000	CMS Energy Corp., 3.00%, 5/15/26, Callable 2/15/26 @ 100		86,837
	440,000	CMS Energy Corp., 4.88%, 3/1/44, Callable 1/9/43 @ 100		504,444
	560,000	DTE Electric Co., 3.70%, 3/15/45, Callable 9/15/44 @ 100		593,599


Principal Amount			Fair Value
	Corporate Bonds, continued
	Multi-Utilities, continued
$	190,000	DTE Electric Co., 3.70%, 6/1/46, Callable 1/12/45 @ 100	$	200,590
	40,000	MidAmerican Energy Holdings Co., 5.95%, 5/15/37		52,038
	450,000	MidAmerican Energy Holdings Co., 6.50%, 9/15/37		618,567
	619,000	PacifiCorp, 5.65%, 7/15/18		676,987
	395,000	PacifiCorp, 5.75%, 4/1/37		516,613
	630,000	PacifiCorp, 4.10%, 2/1/42, Callable 1/8/41 @ 100		695,325
	865,000	Public Service Electric & Gas Co., 2.38%, 5/15/23, Callable 2/15/23 @ 100		883,941

				4,828,941

	Oil, Gas & Consumable Fuels (1.2%):
	256,000	Anadarko Petroleum Corp., 6.38%, 9/15/17^		269,452
	135,000	Apache Corp., 6.00%, 1/15/37		154,036
	89,000	Apache Corp., 5.10%, 9/1/40, Callable 1/3/40 @ 100^		92,691
	401,000	Apache Corp., 4.75%, 4/15/43, Callable 10/15/42 @ 100		412,255
	395,000	Devon Energy Corp., 3.25%, 5/15/22, Callable 2/15/22 @ 100^		383,069
	311,000	Dominion Gas Holdings LLC, 4.60%, 12/15/44, Callable 6/15/44 @ 100		323,695
	250,000	El Paso Pipeline Partners Operating Co. LLC, 5.00%, 10/1/21, Callable 7/1/21 @ 100		264,749
	220,000	El Paso Pipeline Partners Operating Co. LLC, 4.30%, 5/1/24, Callable 1/2/24 @ 100^		221,890
	68,000	Enbridge Energy Partners LP, 5.88%, 10/15/25, Callable 7/15/25 @ 100^		75,202
	41,000	Enbridge Energy Partners LP, 7.38%, 10/15/45, Callable 4/15/45 @ 100^		49,971
	265,000	Energy Transfer Partners LP, 4.05%, 3/15/25, Callable 12/15/24 @ 100^		260,054
	953,000	Energy Transfer Partners LP, 6.50%, 2/1/42, Callable 1/8/41 @ 100		1,000,709
	129,000	Enterprise Products Operating LLC, 5.10%, 2/15/45, Callable 8/15/44 @ 100		141,179
	760,000	Enterprise Products Operating LLC, Series A, 8.38%, 8/1/66, Callable 8/8/16 @ 100		669,598
	135,000	Enterprise Products Operating LP, 4.90%, 5/15/46, Callable 11/15/45 @ 100		145,439
	530,000	EOG Resources, Inc., 2.45%, 4/1/20, Callable 1/3/20 @ 100		537,454
	520,000	EOG Resources, Inc., 3.90%, 4/1/35, Callable 1/10/34 @ 100		521,345
	45,000	Kinder Morgan Energy Partners LP, 3.95%, 9/1/22, Callable 1/6/22 @ 100^		45,797
	60,000	Kinder Morgan Energy Partners LP, 3.50%, 9/1/23, Callable 1/6/23 @ 100		58,612
	220,000	Kinder Morgan Energy Partners LP, 4.15%, 2/1/24, Callable 1/11/23 @ 100		221,129
	435,000	Kinder Morgan Energy Partners LP, 5.40%, 9/1/44, Callable 1/3/44 @ 100		429,225
	668,000	Marathon Petroleum Corp., 4.75%, 9/15/44, Callable 3/15/44 @ 100^		569,622


Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
$	515,000	Noble Energy, Inc., 5.25%, 11/15/43, Callable 5/15/43 @ 100	$	523,616
	620,000	Phillips 66, 4.65%, 11/15/34, Callable 5/15/34 @ 100		660,917
	74,000	Pioneer Natural Resource Co., 4.45%, 1/15/26, Callable 10/15/25 @ 100^		80,623
	365,000	Plains All American Pipeline LP, 4.65%, 10/15/25, Callable 7/15/25 @ 100^		368,521
	335,000	Plains All American Pipeline LP, 4.90%, 2/15/45, Callable 8/15/44 @ 100		299,467
	448,000	Sunoco Logistics Partner LP, 5.35%, 5/15/45, Callable 11/15/44 @ 100		443,938

				9,224,255

	Paper & Forest Products (0.1%):
	309,000	Georgia-Pacific LLC, 3.60%, 3/1/25, Callable 1/12/24 @ 100(a)		330,497
	174,000	Georgia-Pacific LLC, 7.75%, 11/15/29		252,015
	71,000	WestRock MWV LLC, 8.20%, 1/15/30		95,311

				677,823

	Pharmaceuticals (0.4%):
	190,000	AbbVie, Inc., 3.60%, 5/14/25, Callable 2/14/25 @ 100		199,088
	205,000	Eli Lilly & Co., 3.70%, 3/1/45, Callable 1/9/44 @ 100		218,339
	85,000	Johnson & Johnson, 3.55%, 3/1/36, Callable 1/9/35 @ 100^		93,908
	75,000	Johnson & Johnson, 3.70%, 3/1/46, Callable 1/9/45 @ 100		84,449
	265,000	Mylan, Inc., 5.40%, 11/29/43, Callable 5/29/43 @ 100^		281,678
	610,000	Pfizer, Inc., 3.40%, 5/15/24^		667,466
	125,000	Pfizer, Inc., 4.30%, 6/15/43^		140,486
	995,000	Watson Pharmaceuticals, Inc., 1.88%, 10/1/17		999,969

				2,685,383

	Real Estate Investment Trusts (REITs) (0.3%):
	424,000	American Tower Corp., 3.30%, 2/15/21, Callable 1/15/21 @ 100		442,318
	141,000	American Tower Corp., 4.00%, 6/1/25, Callable 1/3/25 @ 100		149,949
	424,000	American Tower Corp., 4.40%, 2/15/26, Callable 11/15/25 @ 100		460,336
	25,000	Crown Castle International Corp., 3.40%, 2/15/21, Callable 1/15/21 @ 100		26,098
	35,000	Crown Castle International Corp., 3.70%, 6/15/26, Callable 3/15/26 @ 100		36,109
	207,000	ERP Operating LP, 4.50%, 7/1/44, Callable 1/1/44 @ 100		229,730
	115,000	ERP Operating LP, 4.50%, 6/1/45, Callable 1/12/44 @ 100		127,060
	385,000	Simon Property Group LP, 3.38%, 3/15/22, Callable 12/15/21 @ 100^		412,106
	295,000	Simon Property Group LP, 3.38%, 10/1/24, Callable 1/7/24 @ 100^		316,426

				2,200,132


Principal Amount			Fair Value
	Corporate Bonds, continued
	Real Estate Management & Development (0.1%):
$	470,000	Northwest Florida Timber Finance LLC, 4.75%, 3/4/29(a)	$	424,567

	Road & Rail (0.2%):
	324,000	Burlington North Santa Fe LLC, 4.90%, 4/1/44, Callable 1/10/43 @ 100		386,560
	130,000	Burlington North Santa Fe LLC, 4.15%, 4/1/45, Callable 1/10/44 @ 100^		141,574
	95,000	Union Pacific Corp., 3.38%, 2/1/35, Callable 1/8/34 @ 100		95,708
	484,000	Union Pacific Corp., 3.88%, 2/1/55, Callable 1/8/54 @ 100		493,262
	470,257	Union Pacific Railroad Co., Series 14-1, 3.23%, 5/14/26		493,229

				1,610,333

	Semiconductors & Semiconductor Equipment (0.1%):
	127,000	Applied Materials, Inc., 3.90%, 10/1/25, Callable 1/7/25 @ 100^		140,815
	19,000	KLA-Tencor Corp., 4.65%, 11/1/24, Callable 1/8/24 @ 100		20,727
	50,000	Lam Research Corp., 2.80%, 6/15/21, Callable 5/15/21 @ 100		51,187
	72,000	Lam Research Corp., 3.45%, 6/15/23, Callable 4/15/23 @ 100		74,360
	91,000	Lam Research Corp., 3.90%, 6/15/26, Callable 3/15/26 @ 100		95,803
	228,000	QUALCOMM, Inc., 3.45%, 5/20/25, Callable 2/20/25 @ 100^		242,300
	127,000	QUALCOMM, Inc., 4.80%, 5/20/45, Callable 11/20/44 @ 100		133,219

				758,411

	Software (0.6%):
	705,000	Microsoft Corp., 2.65%, 11/3/22, Callable 3/9/22 @ 100		736,826
	260,000	Microsoft Corp., 3.50%, 2/12/35, Callable 12/8/34 @ 100		269,013
	401,000	Oracle Corp., 3.40%, 7/8/24, Callable 8/4/24 @ 100		431,250
	425,000	Oracle Corp., 2.95%, 5/15/25, Callable 2/15/25 @ 100^		441,698
	880,000	Oracle Corp., 2.65%, 7/15/26, Callable 4/15/26 @ 100		882,208
	635,000	Oracle Corp., 4.30%, 7/8/34, Callable 8/1/34 @ 100		675,338
	195,000	Oracle Corp., 4.50%, 7/8/44, Callable 8/1/44 @ 100^		219,418
	335,000	Oracle Corp., 4.00%, 7/15/46, Callable 1/15/46 @ 100		337,748
	450,000	Oracle Corp., 4.38%, 5/15/55, Callable 11/15/54 @ 100		472,677

				4,466,176

	Specialty Retail (0.1%):
	215,000	Home Depot, Inc. (The), 4.40%, 3/15/45, Callable 9/15/44 @ 100		249,138


Principal Amount			Fair Value
	Corporate Bonds, continued
	Specialty Retail, continued
$	155,000	Home Depot, Inc. (The), 4.25%, 4/1/46, Callable 1/10/45 @ 100	$	177,698
	145,000	Lowe’s Cos., Inc., 2.50%, 4/15/26, Callable 1/15/26 @ 100^		147,683
	38,000	Lowe’s Cos., Inc., 5.00%, 9/15/43, Callable 3/15/43 @ 100		46,743
	134,000	Lowe’s Cos., Inc., 3.70%, 4/15/46, Callable 10/15/45 @ 100^		137,777

				759,039

	Technology Hardware, Storage & Peripherals (0.4%):
	410,000	Apple, Inc., 3.45%, 5/6/24		445,611
	127,000	Apple, Inc., 3.25%, 2/23/26, Callable 11/23/25 @ 100		134,820
	340,000	Apple, Inc., 3.45%, 2/9/45		319,482
	640,000	Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100		722,929
	185,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 5.45%, 6/15/23, Callable 4/15/23 @ 100(a)		191,951
	220,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 6.02%, 6/15/26, Callable 3/15/26 @ 100(a)		229,347
	60,000	Diamond 1 Finance Corp/Diamond 2, 8.10%, 7/15/36, Callable 1/15/36 @ 100(a)		64,683
	45,000	Diamond 1 Finance Corp/Diamond 2, 8.35%, 7/15/46, Callable 1/15/46 @ 100(a)		48,380
	520,000	Hewlett-Packard Co., 2.85%, 10/5/18, Callable 9/5/18 @ 100(a)		532,511
	590,000	Hewlett-Packard Co., 3.60%, 10/15/20, Callable 9/15/20 @ 100(a)		615,831

				3,305,545

	Tobacco (0.2%):
	267,000	Altria Group, Inc., 5.38%, 1/31/44		342,321
	425,000	Philip Morris International, Inc., 4.88%, 11/15/43		505,946
	92,000	Reynolds American, Inc., 3.25%, 6/12/20^		97,252
	370,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100		414,377
	90,000	Reynolds American, Inc., 5.85%, 8/15/45, Callable 2/12/45 @ 100		114,996

				1,474,892

	Trading Companies & Distributors (0.1%):
	170,000	Air Lease Corp., 3.38%, 6/1/21, Callable 0 @ 100		174,245
	825,000	GATX Corp., 2.50%, 7/30/19		833,406

				1,007,651

	Wireless Telecommunication (0.1%):
	720,000	AT&T, Inc., 2.45%, 6/30/20, Callable 5/30/20 @ 100		735,090

	Wireless Telecommunication Services (0.1%):
	357,000	CC Holdings GS V LLC, 3.85%, 4/15/23		380,800

	Total Corporate Bonds (Cost $129,985,700)			135,511,969


Principal Amount			Fair Value
	Yankee Dollars (4.5%):
	Banks (1.3%):
$	1,045,000	Barclays Bank plc, 2.75%, 11/8/19	$	1,037,624
	210,000	Barclays Bank plc, 5.14%, 10/14/20^		222,546
	718,000	Barclays Bank plc, 4.38%, 1/12/26		724,965
	406,000	BNP Paribas SA, 4.38%, 5/12/26^(a)		410,198
	675,000	BPCE SA, 5.70%, 10/22/23^(a)		723,979
	1,035,000	Credit Suisse Group Fund, Ltd., 2.75%, 3/26/20		1,021,857
	1,092,000	Federal Republic of Germany, 1.50%, 2/6/19		1,109,515
	1,115,000	ING Bank NV, 3.75%, 3/7/17(a)		1,134,257
	630,000	ING Bank NV, 1.80%, 3/16/18(a)		633,573
	314,000	ING Bank NV, 5.80%, 9/25/23(a)		344,589
	489,000	Lloyds Banking Group plc, 4.65%, 3/24/26^		495,168
	215,000	Nordea Bank AB, 1.88%, 9/17/18(a)		217,190
	2,670,000	Royal Bank of Canada, 2.20%, 9/23/19		2,740,871
	485,000	Santander UK Group Holdings plc, 2.88%, 10/16/20^		481,253
	240,000	Santander UK plc, 7.95%, 10/26/29		292,800

				11,590,385

	Capital Markets (0.8%):
	1,515,000	CDP Financial, Inc., 4.40%, 11/25/19(a)		1,667,283
	770,000	Credit Suisse AG, 1.70%, 4/27/18		770,824
	360,000	Credit Suisse GP Funding, Ltd., 3.45%, 4/16/21(a)		363,582
	254,000	Credit Suisse Group Fund, Ltd., 3.80%, 6/9/23(a)		253,348
	2,790,000	FMS Wertmanagement, 1.63%, 11/20/18		2,837,688

				5,892,725

	Chemicals (0.0%):
	145,000	Agrium, Inc., 4.13%, 3/15/35, Callable 9/15/34 @ 100		140,027

	Diversified Financial Services (0.4%):
	140,000	BP Capital Markets plc, 1.14%, 5/10/18(b)		139,389
	245,000	Corp. Financiera de Desarrollo SA, 4.75%, 7/15/25(a)		261,476
	965,000	Imperial Tobacco Group plc, 2.95%, 7/21/20(a)		993,739
	805,000	Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, Series G, 1.50%, 2/12/18(a)		809,964
	215,000	Shell International Finance BV, 2.13%, 5/11/20		219,435
	280,000	Shell International Finance BV, 4.13%, 5/11/35		301,948
	12,000	Shell International Finance BV, 4.55%, 8/12/43		13,347
	22,000	Shell International Finance BV, 4.38%, 5/11/45		23,884

				2,763,182

	Insurance (0.1%):
	210,000	Aon plc, 3.88%, 12/15/25, Callable 9/15/25 @ 100		221,495
	185,000	Aon plc, 4.60%, 6/14/44, Callable 3/14/44 @ 100		189,129

				410,624


Principal Amount			Fair Value
	Yankee Dollars, continued
	Oil, Gas & Consumable Fuels (0.4%):
$	555,000	Ecopetrol SA, 4.13%, 1/16/25	$	502,109
	50,000	Petroleos Mexicanos, 8.00%, 5/3/19		55,703
	107,000	Petroleos Mexicanos, 6.00%, 3/5/20		115,132
	542,000	Petroleos Mexicanos, 6.88%, 8/4/26(a)		605,956
	490,000	Petroleos Mexicanos, 6.50%, 6/2/41		496,125
	473,000	Petroleos Mexicanos, 5.63%, 1/23/46		431,140
	316,000	Suncor Energy, Inc., 6.80%, 5/15/38		411,061

				2,617,226

	Pharmaceuticals (0.6%):
	1,100,000	Actavis Funding SCS, 3.00%, 3/12/20, Callable 12/2/20 @ 100		1,134,462
	175,000	Actavis Funding SCS, 3.85%, 6/15/24, Callable 3/15/24 @ 100		183,135
	1,095,000	Actavis Funding SCS, 3.80%, 3/15/25, Callable 12/15/24 @ 100		1,140,802
	371,000	Actavis Funding SCS, 4.75%, 3/15/45, Callable 9/15/44 @ 100		389,577
	670,000	Takeda Pharmaceutical Co., Ltd., 1.63%, 3/17/17(a)		672,791
	600,000	Teva Pharmaceutical Finance BV, 2.95%, 12/18/22		610,271

				4,131,038

	Sovereign Bonds (0.9%):
	620,000	Canada Government, 1.63%, 2/27/19^		633,460
	166,000	Oriental Republic of Uruguay, 4.50%, 8/14/24^		180,733
	235,000	Oriental Republic of Uruguay, 4.38%, 10/27/27		247,925
	689,000	Province of Manitoba Canada, 3.05%, 5/14/24		746,117
	870,000	Province of Quebec, 2.50%, 4/20/26		895,190
	281,000	Republic of Peru, 5.63%, 11/18/50		348,440
	1,079,000	Republic of Turkey, 4.25%, 4/14/26		1,095,347
	262,000	United Mexican States, Series E, 3.50%, 1/21/21^		276,410
	1,435,000	United Mexican States, 4.13%, 1/21/26^		1,555,540

				5,979,162

	Wireless Telecommunication Services (0.0%):
	95,000	Rogers Communications, Inc., 3.63%, 12/15/25, Callable 9/15/25 @ 100		101,494
	130,000	Rogers Communications, Inc., 5.00%, 3/15/44, Callable 9/15/43 @ 100		147,671

				249,165

	Total Yankee Dollars (Cost $32,962,276)			33,773,534

	Municipal Bonds (1.1%):
	California (0.3%):
	347,000	University of California Revenue, 4.77%, 5/15/15		376,620
	50,000	University of California Revenue, 4.86%, 5/15/12		55,555
	700,000	California State, 5.00%, 9/1/42, Callable 9/1/22 @ 100		840,735
	360,000	California State Health Facilities Financing Authority Revenue, Series A, 5.00%, 8/15/52, Callable 8/15/23 @ –		427,028

				1,699,938


Principal Amount			Fair Value
	Municipal Bonds, continued
	Illinois (0.1%):
$	595,000	Illinois State, 5.50%, 7/1/24, Callable 7/1/23 @ 100	$	689,337

	Nevada (0.1%):
	1,100,000	Las Vegas Valley Nevada Water District, 5.00%, 6/1/39, Callable 12/1/24 @ 100		1,349,282

	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		529,331

	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		546,567

	New Jersey (0.2%):
	1,290,000	New Jersey State Transportation Trust Fund Authority Revenue, Series AA, 5.00%, 6/15/36, Callable 6/15/23 @ –		1,424,198
	420,000	New Jersey State Health Care Facilities Financing Authority Revenue, 5.00%, 7/1/44		496,251

				1,920,449

	New York (0.2%):
	540,000	New York State Urban Development Corp. Revenue, Series E, 5.00%, 3/15/24, Callable 3/15/23 @ –		669,595
	670,000	New York City Municipal Finance Authority Water & Sewer System Revenue, Series EE, 5.00%, 6/15/47, Callable 6/15/23 @ 100		802,546

				1,472,141

	Total Municipal Bonds (Cost $7,489,106)			8,207,045

	U.S. Government Agency Mortgages (33.1%):
	Federal Home Loan Mortgage Corporation (9.5%)
	1,299,000	1.00%, 9/27/17^		1,304,588
	349,886	3.00%, 5/1/27, Pool #G14444		367,915
	591,000	4.45%, 9/15/29(d)		423,463
	129,380	3.00%, 1/1/30, Pool #V60724		136,656
	89,166	3.00%, 1/1/30, Pool #V60696		94,178
	180,695	2.50%, 3/1/30, Pool #V60770		187,664
	190,499	2.50%, 5/1/30, Pool #J31418		197,735
	267,441	2.50%, 5/1/30, Pool #V60796		277,251
	386,903	3.00%, 5/1/30, Pool #J31689		409,372
	761,854	3.00%, 6/1/30, Pool #V60840		805,379
	336,788	3.00%, 7/1/30, Pool #G15520		355,849
	20,162	2.50%, 7/1/30, Pool #V60905		20,903
	39,802	3.00%, 7/1/30, Pool #J32181		42,119
	71,409	2.50%, 7/1/30, Pool #J32209		74,121
	70,891	2.50%, 7/1/30, Pool #J32204		73,517
	14,852	2.50%, 7/1/30, Pool #J32491		15,395
	44,374	3.00%, 8/1/30, Pool #J32436		46,883
	218,253	2.50%, 8/1/30, Pool #V60903		226,332
	220,110	2.50%, 8/1/30, Pool #V60902		228,479
	69,408	3.00%, 8/1/30, Pool #V60909		73,374
	299,660	2.50%, 8/1/30, Pool #V60886		311,047
	455,260	3.00%, 8/1/30, Pool #V60908		481,275


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal Home Loan Mortgage Corporation, continued
$	449,485	2.50%, 9/1/30, Pool #V60904	$	465,967
	197,000	4.86%, 3/15/31(d)		133,108
	190,000	6.75%, 3/15/31		294,710
	107,828	5.00%, 7/1/35, Pool #G01840		120,081
	140,714	5.00%, 7/1/35, Pool #G01838		156,658
	354,782	6.00%, 4/1/39, Pool #G07613		415,197
	72,828	4.50%, 12/1/39, Pool #A90196		79,688
	67,801	4.50%, 7/1/40, Pool #A93010		74,233
	91,200	4.00%, 8/1/40, Pool #A93534		97,800
	69,942	4.00%, 10/1/40, Pool #A95923		76,358
	69,736	4.00%, 11/1/40, Pool #A94779		76,133
	65,819	4.00%, 11/1/40, Pool #A94977		71,856
	76,384	4.00%, 11/1/40, Pool #A95144		83,390
	87,729	3.09%, 3/1/41, Pool #1B8062(b)		92,746
	4,638	4.00%, 4/1/41, Pool #Q00093		4,986
	246,561	4.50%, 5/1/41, Pool #Q00959		270,812
	228,033	4.50%, 5/1/41, Pool #Q00804		250,037
	1,198,896	5.50%, 6/1/41, Pool #G07553		1,344,810
	238,475	5.00%, 10/1/41, Pool #G07642		263,678
	134,644	4.00%, 10/1/41, Pool #Q04022		147,150
	74,728	4.00%, 10/1/41, Pool #Q03841		81,668
	2,203,182	5.00%, 11/1/41, Pool #G07962		2,438,324
	459,691	3.50%, 4/1/42, Pool #C03811		492,149
	202,944	2.03%, 7/1/42, Pool #2B0646(b)		212,341
	67,674	3.50%, 8/1/42, Pool #Q12162		72,317
	42,492	3.50%, 10/1/42, Pool #Q11909		44,999
	485,734	3.00%, 1/1/43, Pool #Q14866		506,290
	81,794	3.50%, 2/1/43, Pool #Q15442		88,026
	561,091	3.00%, 3/1/43, Pool #Q16567		582,965
	331,804	3.00%, 3/1/43, Pool #Q16403		344,790
	470,463	3.00%, 3/1/43, Pool #Q16673		488,756
	159,145	3.00%, 4/1/43, Pool #Q17095		167,082
	329,667	3.50%, 7/1/43, Pool #Q20021		355,148
	322,166	3.50%, 7/1/43, Pool #Q20206		345,428
	1,754,557	3.00%, 8/1/43, Pool #G07550		1,822,916
	733,268	3.50%, 8/1/43, Pool #V80355		789,945
	146,637	4.00%, 9/1/43, Pool #Q21579		160,651
	632,706	4.50%, 12/1/43, Pool #Q23779		691,909
	540,895	4.50%, 12/1/43, Pool #G60018		595,408
	39,203	3.50%, 1/1/44, Pool #Q24368		42,028
	32,649	3.50%, 4/1/44, Pool #Q25812		35,001
	254,991	4.00%, 4/1/44, Pool #Q25643		278,626
	44,253	3.50%, 5/1/44, Pool #Q26218		46,672
	23,112	3.50%, 5/1/44, Pool #Q25988		24,740
	30,914	3.50%, 5/1/44, Pool #Q26452		33,142
	82,972	3.50%, 5/1/44, Pool #Q26362		88,950
	40,530	3.50%, 6/1/44, Pool #Q26707		43,447
	258,536	4.50%, 7/1/44, Pool #Q27375		281,881
	37,710	3.50%, 7/1/44, Pool #Q27319		40,539
	887,368	4.00%, 8/1/44, Pool #G07786		972,065
	172,415	3.50%, 8/1/44, Pool #Q27843		184,562
	76,462	3.50%, 9/1/44, Pool #Q28604		82,360
	172,095	3.50%, 9/1/44, Pool #Q28605		184,220
	835,751	4.50%, 9/1/44, Pool #G60198		913,900


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal Home Loan Mortgage Corporation, continued
$	162,683	4.50%, 10/1/44, Pool #Q29187	$	177,302
	65,987	4.00%, 2/1/45, Pool #Q31338		71,556
	27,226	4.00%, 2/1/45, Pool #Q31128		29,523
	870,571	4.50%, 7/1/45, Pool #G60148		949,446
	43,111	3.50%, 9/1/45, Pool #Q36302		46,348
	423,222	3.50%, 10/1/45, Pool #Q36965		452,207
	473,960	3.50%, 10/1/45, Pool #G60238		506,418
	1,839,377	3.50%, 10/1/45, Pool #G60250		1,965,348
	743,664	4.00%, 10/1/45, Pool #G08672		796,394
	433,412	4.00%, 10/1/45, Pool #Q36972		469,706
	63,277	4.00%, 12/1/45, Pool #Q37955		68,695
	80,545	4.00%, 12/1/45, Pool #Q37957		87,211
	13,677	4.00%, 12/1/45, Pool #Q37738		14,669
	11,017	4.00%, 1/1/46, Pool #Q38422		11,798
	73,377	4.00%, 1/1/46, Pool #Q38076		78,695
	13,301,986	3.50%, 5/1/46, POOL# G08706		14,057,767
	13,330,500	3.50%, 6/1/46, Pool # G08711		14,088,085
	1,100,000	3.00%, 7/15/46, TBA		1,149,070
	2,100,000	3.50%, 7/15/46, TBA		2,229,117
	1,969,000	4.00%, 7/15/46, TBA		2,115,444
	61,000	3.00%, 7/15/46, TBA		63,236
	700,000	5.50%, 7/15/46, TBA		780,177
	2,054,000	4.00%, 7/15/46, TBA		2,198,422
	3,000,000	4.00%, 8/15/46, TBA		3,208,125

				69,820,897

	Federal National Mortgage Association (19.1%)
	75,770	5.50%, 1/1/18, Pool #680928		77,256
	78,965	4.00%, 7/1/19, Pool #AE0968		81,776
	81,889	5.50%, 3/1/20, Pool #888557		84,466
	294,445	5.50%, 5/1/25, Pool #AE0378		306,174
	293,027	5.50%, 7/1/25, Pool #AE0096		328,845
	52,942	5.50%, 9/1/25, Pool #AL4903		54,969
	2,559,665	3.50%, 12/1/25, Pool #AH1359		2,729,671
	342,388	4.00%, 9/1/26, Pool #AL2683		365,040
	253,689	3.00%, 11/1/26, Pool #AJ3757		266,301
	250,817	4.00%, 12/1/26, Pool #AL1938		267,429
	684,820	3.00%, 2/1/27, Pool #AW8166		718,735
	3,305,856	4.00%, 5/1/27, Pool #AL5956		3,522,270
	450,180	3.00%, 9/1/28, Pool #AL7531		472,464
	2,342,838	3.50%, 9/1/28, Pool #AL4245		2,506,297
	725,768	3.50%, 10/1/28, Pool #AV0198		775,071
	902,355	3.50%, 11/1/28, Pool #AV1360		964,866
	663,723	3.50%, 2/1/29, Pool #AL4922		709,790
	761,921	3.00%, 4/1/29, Pool #AW0937		804,399
	513,217	3.00%, 5/1/29, Pool #AW2544		538,331
	1,016,532	3.00%, 6/1/29, Pool #AS2676		1,073,338
	2,263,325	3.50%, 8/1/29, Pool #AL5884		2,420,839
	178,290	3.00%, 9/1/29, Pool #AS3355		188,413
	749,506	3.50%, 9/1/29, Pool #AL5806		801,624
	477,678	3.50%, 9/1/29, Pool #AX0105		509,851
	715,537	3.00%, 9/1/29, Pool #AS3220		755,587
	88,982	3.50%, 10/1/29, Pool #AX2741		95,342
	3,209,898	3.50%, 12/1/29, Pool #AL6161		3,442,127
	1,342,744	3.00%, 1/1/30, Pool #AL6144		1,417,090


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	2,605,000	4.60%, 1/15/30(d)	$	1,839,052
	269,771	3.00%, 3/1/30, Pool #AL6583		284,936
	184,765	2.50%, 4/1/30, Pool #AY3416		191,816
	229,833	3.00%, 4/1/30, Pool #AL6584		242,560
	91,355	2.50%, 5/1/30, Pool #AY0828		94,896
	133,165	3.00%, 5/1/30, Pool #AL6761		140,648
	3,901,000	4.58%, 5/15/30(d)		2,731,371
	62,499	3.00%, 7/1/30, Pool #AX9700		66,020
	179,971	3.00%, 7/1/30, Pool #AL7139		189,953
	81,501	2.50%, 7/1/30, Pool #AZ2170		84,613
	37,774	3.00%, 7/1/30, Pool #AZ2297		39,729
	189,094	3.00%, 7/1/30, Pool #AX9701		199,605
	183,628	2.50%, 8/1/30, Pool #AS5614		190,638
	47,979	3.00%, 8/1/30, Pool #AX3298		50,687
	251,289	3.00%, 8/1/30, Pool #AS5623		265,104
	354,658	2.50%, 8/1/30, Pool #AS5616		367,762
	251,428	3.00%, 8/1/30, Pool #AS5622		265,393
	301,566	3.00%, 8/1/30, Pool #AL7227		318,118
	110,507	3.00%, 8/1/30, POOL# AL7226		116,512
	335,378	3.00%, 8/1/30, Pool #AL7225		353,996
	47,653	3.50%, 8/1/30, Pool #AS5707		50,981
	52,585	3.00%, 8/1/30, Pool #AZ7833		55,551
	196,792	3.50%, 8/1/30, Pool #AS5708		211,579
	23,073	3.00%, 8/1/30, Pool #AZ8597		24,375
	136,396	2.50%, 8/1/30, Pool #AS5548		141,470
	165,915	2.50%, 9/1/30, Pool #AS5786		172,093
	236,439	3.00%, 9/1/30, Pool #AS5728		249,753
	105,575	3.00%, 9/1/30, Pool #AZ5719		111,062
	198,267	2.50%, 9/1/30, Pool #AS5872		205,835
	171,234	3.00%, 9/1/30, Pool #AS5714		180,757
	190,973	2.50%, 11/1/30, Pool #AS6116		197,800
	197,409	2.50%, 11/1/30, Pool #AS6141		204,943
	172,595	2.50%, 11/1/30, Pool #AS6142		179,026
	193,318	2.50%, 11/1/30, Pool #AS6115		200,463
	1,100,000	5.00%, 7/25/31, TBA		1,128,746
	1,700,000	2.00%, 7/25/31, TBA		1,725,067
	1,456,000	2.50%, 7/25/31, TBA		1,506,362
	100,000	4.50%, 7/25/31, TBA		102,520
	246,601	5.50%, 1/1/33, Pool #676661		279,259
	172,937	5.50%, 5/1/33, Pool #555424		196,118
	403,938	5.50%, 2/1/35, Pool #735989		458,081
	1,446,461	5.00%, 2/1/35, Pool #735226		1,613,055
	35,533	6.00%, 4/1/35, Pool #735504		41,258
	311,647	4.00%, 1/1/36, Pool #AB0686		336,330
	964,654	5.50%, 9/1/36, Pool #995113		1,095,392
	65,131	5.50%, 2/1/38, Pool #961545		73,325
	32,101	6.00%, 3/1/38, Pool #889529		37,179
	104,879	6.00%, 5/1/38, Pool #889466		121,742
	176,044	5.50%, 5/1/38, Pool #889441		198,342
	242,533	5.50%, 5/1/38, Pool #889692		273,049
	164,495	5.50%, 6/1/38, Pool #995018		185,071
	45,596	5.50%, 9/1/38, Pool #889995		51,323
	112,537	6.00%, 10/1/38, Pool #889983		128,702
	217,871	4.50%, 4/1/39, Pool #930922		239,872


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	228,827	4.50%, 5/1/39, Pool #AL1472	$	253,073
	458,524	5.00%, 6/1/39, Pool #AL7521		510,436
	120,185	5.50%, 10/1/39, Pool #AD0362		136,438
	120,576	5.50%, 12/1/39, Pool #AD0571		136,998
	738,639	6.00%, 4/1/40, Pool #AL4141		844,322
	78,086	4.50%, 4/1/40, Pool #AD4038		86,350
	142,338	6.50%, 5/1/40, Pool #AL1704		165,361
	369,031	4.50%, 7/1/40, Pool #AD7127		403,427
	171,595	4.50%, 7/1/40, Pool #AB1226		187,728
	313,701	4.00%, 7/1/40, POOL# AE0113		336,546
	565,738	4.00%, 8/1/40, POOL #AE0216		608,125
	8,322	4.00%, 8/1/40, Pool #AD9136		8,954
	83,203	6.00%, 9/1/40, Pool #AE0823		95,039
	627,241	4.00%, 10/1/40, Pool #AE7535		674,776
	101,307	4.00%, 11/1/40, Pool #AE8407		108,978
	462,570	4.00%, 12/1/40, POOL# AH0946		497,552
	65,888	4.00%, 12/1/40, Pool #AH0006		70,860
	2,680,000	Class CY, Series 2010-136, 4.00%, 12/25/40		3,024,188
	100,630	2.93%, 2/1/41, Pool #AH6958(b)		105,588
	1,065,434	4.00%, 4/1/41, Pool #AI1186		1,145,533
	170,559	6.00%, 6/1/41, Pool #AL4142		194,767
	175,903	3.07%, 7/1/41, Pool #AL0533(b)		186,263
	96,282	4.50%, 7/1/41, Pool #AB3314		105,571
	1,842,614	5.00%, 7/1/41, Pool #AL7524		2,054,864
	116,226	4.00%, 9/1/41, POOL# AI5228		124,750
	83,686	4.50%, 9/1/41, Pool #AI8961		93,048
	1,322,086	4.00%, 9/1/41, Pool #AJ1541		1,420,874
	81,431	4.00%, 10/1/41, Pool #AC9312		87,295
	76,563	3.50%, 1/1/42, Pool #AK2073		81,945
	282,802	4.00%, 2/1/42, Pool #AB4530		304,069
	458,662	4.00%, 5/1/42, Pool #AO2961		493,151
	147,861	4.00%, 5/1/42, Pool #A02114		158,949
	142,133	4.00%, 5/1/42, Pool #AT6144		156,602
	169,384	4.00%, 6/1/42, Pool #AL2003		182,012
	66,907	3.50%, 6/1/42, Pool #AO3107		71,578
	66,907	3.50%, 6/1/42, Pool #AL2168		71,660
	61,612	2.26%, 7/1/42, Pool #AO6482(b)		64,129
	147,808	4.00%, 7/1/42, Pool #AL2607		158,414
	237,770	2.02%, 7/1/42, Pool #AP0006(b)		247,543
	1,962,652	4.00%, 8/1/42, Pool #AL2242		2,109,725
	169,958	4.00%, 9/1/42, Pool #AL2901		182,657
	609,087	4.50%, 9/1/42, Pool #AL2482		666,272
	82,287	4.00%, 9/1/42, Pool #AX3706		88,458
	196,705	3.00%, 10/1/42, Pool #AP9726		206,756
	86,651	3.50%, 10/1/42, Pool #AQ0393		93,129
	277,548	3.00%, 12/1/42, Pool #AB7425		291,219
	338,890	3.00%, 12/1/42, Pool #AB7271		355,582
	1,265,383	3.00%, 12/1/42, Pool #AB7269		1,329,695
	560,858	3.00%, 1/1/43, Pool #AB7755		588,278
	890,838	3.00%, 1/1/43, Pool #AB7567		933,343
	303,245	4.00%, 1/1/43, Pool #AL8132		326,274
	271,931	4.00%, 1/1/43, Pool #AL7369		292,094
	818,328	3.00%, 1/1/43, Pool #AB7458		857,154
	379,036	4.00%, 1/1/43, Pool #AL3597		407,109


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	822,253	3.00%, 1/1/43, Pool #AB7497	$	861,319
	450,463	3.00%, 1/1/43, Pool #AB7565		473,178
	392,944	3.50%, 2/1/43, Pool #AL2935		420,886
	312,304	3.00%, 2/1/43, Pool #AB8558		328,007
	309,723	3.00%, 2/1/43, Pool #AB7762		325,337
	76,039	3.00%, 3/1/43, Pool #AB8712		79,745
	132,033	3.00%, 3/1/43, Pool #AR7568		137,303
	202,262	3.00%, 3/1/43, Pool #AB8830		212,150
	579,659	3.00%, 3/1/43, Pool #AB8701		607,998
	605,978	3.00%, 3/1/43, Pool #AR9194		636,529
	144,205	3.00%, 3/1/43, Pool #AR7576		149,951
	211,691	3.00%, 3/1/43, Pool #AR9218		220,162
	289,790	3.00%, 4/1/43, Pool #AT2040		301,392
	73,901	3.00%, 4/1/43, Pool #AB9033		77,515
	162,092	3.00%, 4/1/43, Pool #AT2043		168,578
	243,822	3.00%, 4/1/43, Pool #AR8630		253,528
	539,640	3.00%, 4/1/43, Pool #AB9016		566,024
	96,384	3.00%, 4/1/43, Pool #AT2037		100,242
	152,369	3.00%, 4/1/43, Pool #AB8924		158,441
	160,672	3.00%, 4/1/43, Pool #AB8923		167,060
	227,990	3.00%, 5/1/43, Pool #AL3759		239,484
	279,617	3.00%, 5/1/43, Pool #AB9462		294,450
	605,744	3.00%, 5/1/43, Pool #AT2719		636,203
	395,512	3.00%, 5/1/43, Pool #AB9173		415,399
	232,166	3.00%, 5/1/43, Pool #AT6654		243,839
	110,297	3.00%, 6/1/43, Pool #AT7676		115,843
	324,447	3.00%, 6/1/43, Pool #AB9662		341,663
	20,963	3.00%, 6/1/43, Pool #AB9564		22,075
	36,788	3.50%, 6/1/43, POOL# AB9567		39,321
	290,823	3.50%, 7/1/43, Pool #AT4327		312,841
	691,776	3.50%, 7/1/43, Pool #AL4010		739,445
	839,498	3.50%, 7/1/43, Pool #AT7940		901,841
	295,048	3.50%, 7/1/43, Pool #AT8464		316,097
	3,973,152	3.00%, 7/1/43, Pool #AB9940		4,172,938
	20,784	3.50%, 8/1/43, Pool #AT7333		22,262
	79,104	3.50%, 8/1/43, Pool #AU3270		84,657
	21,515	3.50%, 8/1/43, Pool #AU3032		23,031
	83,723	3.50%, 8/1/43, Pool #AU3267		90,038
	168,860	3.50%, 8/1/43, Pool #AU0613		180,749
	164,924	3.50%, 8/1/43, Pool #AU0570		176,536
	771,114	3.50%, 8/1/43, Pool #AS0209		824,875
	26,713	3.50%, 9/1/43, Pool #AT7267		28,196
	198,544	4.00%, 10/1/43, Pool #AL7577		213,301
	1,542,858	4.00%, 10/1/43, Pool #AU6743		1,671,530
	34,929	3.50%, 10/1/43, Pool #AU7247		37,574
	804,681	3.50%, 12/1/43, Pool #AL4682		864,765
	2,804,513	5.00%, 12/1/43, Pool #AL7777		3,120,432
	92,314	3.50%, 1/1/44, Pool #AS1453		99,330
	146,815	3.50%, 1/1/44, Pool #AS1539		157,152
	1,714,471	2.90%, 1/1/44, Pool #AV7743(b)		1,783,357
	160,118	3.50%, 1/1/44, Pool #AS1703		171,586
	183,248	4.00%, 3/1/44, Pool #AV6577		200,040
	6,746,852	4.50%, 4/1/44, Pool #AL6887		7,389,444
	42,750	3.50%, 6/1/44, Pool #AW6405		45,791


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	18,625	3.50%, 6/1/44, Pool #AS2591	$	19,957
	30,709	3.50%, 6/1/44, Pool #AV8080		32,905
	48,486	3.50%, 7/1/44, Pool #AW9544		51,928
	41,236	4.00%, 7/1/44, Pool #AW7055		44,692
	199,086	3.50%, 8/1/44, Pool #AS3034		214,082
	313,858	3.50%, 8/1/44, Pool #AS3031		336,080
	2,546,600	4.00%, 8/1/44, Pool #AL5601		2,796,496
	21,075	3.50%, 8/1/44, Pool #AW9207		22,666
	21,878	3.50%, 8/1/44, Pool #AW4287		23,430
	42,414	3.50%, 9/1/44, Pool #AW8188		45,621
	44,586	3.50%, 9/1/44, Pool #AW8191		47,755
	91,238	3.50%, 9/1/44, Pool #AX0830		98,192
	472,491	3.50%, 10/1/44, Pool #AX2484		505,226
	24,957	4.00%, 12/1/44, Pool #AX6255		27,433
	27,660	4.00%, 12/1/44, Pool #AY0299		30,404
	291,428	4.00%, 12/1/44, Pool #AX9372		319,179
	268,166	4.00%, 1/1/45, Pool #AY0367		293,846
	91,300	4.00%, 1/1/45, Pool #AX8713		100,059
	37,073	4.00%, 2/1/45, Pool #AY1866		40,763
	182,865	4.00%, 2/1/45, Pool #AY2693		198,602
	95,978	4.00%, 5/1/45, Pool #AY9770		105,542
	310,947	3.50%, 5/1/45, Pool #AL6899		332,528
	46,581	4.00%, 5/1/45, Pool #AY8218		50,514
	19,401	3.50%, 5/1/45, Pool #AY2953		20,476
	758,496	3.50%, 6/1/45, Pool #AL7046		811,138
	89,106	4.00%, 9/1/45, Pool #AZ5735		95,983
	332,372	4.00%, 10/1/45, Pool #AS6009		365,988
	372,453	4.50%, 10/1/45, Pool #AS5952		417,150
	688,634	4.00%, 10/1/45, Pool #AS5949		754,899
	448,717	4.00%, 10/1/45, Pool #AS6008		494,190
	83,651	4.00%, 10/1/45, Pool #BA2879		91,510
	77,195	4.00%, 10/1/45, Pool #BA2878		84,038
	145,953	4.00%, 10/1/45, Pool #AL7442		160,716
	427,541	4.50%, 10/1/45, Pool #AL7660		481,301
	79,598	4.00%, 10/1/45, Pool #BA2877		86,515
	60,514	4.00%, 10/1/45, Pool #AZ9243		66,664
	73,568	4.00%, 10/1/45, Pool #AZ9244		80,740
	237,357	4.00%, 10/1/45, Pool #AZ2670		254,644
	791,815	4.00%, 10/1/45, Pool #AZ8885		852,845
	560,710	4.00%, 10/1/45, Pool #AZ4782		608,402
	47,788	4.00%, 10/1/45, Pool #AZ1097		51,471
	264,673	4.50%, 10/1/45, Pool #AL7661		297,291
	614,255	3.50%, 10/1/45, Pool #AZ4777		656,543
	205,165	4.00%, 10/1/45, Pool #AL7443		225,065
	102,101	4.00%, 11/1/45, Pool #BA3523		109,537
	288,820	4.50%, 11/1/45, Pool #AS6234		324,623
	904,968	3.50%, 11/1/45, Pool #AS6183		968,741
	335,811	4.50%, 11/1/45, Pool #AS6230		376,944
	31,647	4.50%, 11/1/45, Pool #AS6233		34,989
	365,367	4.00%, 11/1/45, Pool #BA2905		397,756
	224,826	4.00%, 11/1/45, Pool #BA2904		245,469
	587,530	4.00%, 11/1/45, Pool #BA2889		632,816
	81,021	4.50%, 11/1/45, Pool #AL7747		90,124
	190,217	4.00%, 12/1/45, Pool #BA4736		209,608


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	101,735	4.00%, 12/1/45, Pool #BA2924	$	110,574
	221,707	4.00%, 12/1/45, Pool #BA4737		243,322
	457,054	3.50%, 12/1/45, Pool #AS6280		489,263
	2,284,007	3.50%, 12/1/45, Pool #AS6332		2,411,815
	263,680	4.00%, 1/1/46, Pool #BA4781		290,550
	443,205	4.00%, 1/1/46, Pool #BA3107		475,564
	980,012	3.50%, 2/1/46, Pool #MA2549		1,034,696
	305,526	3.00%, 6/1/46, POOL# AS7362		319,617
	175,789	3.00%, 6/1/46, POOL# AS7370		184,221
	37,707	3.00%, 6/1/46, POOL# AS7365		39,248
	1,200,000	2.50%, 7/25/46, TBA		1,214,250
	2,300,000	6.00%, 7/25/46, TBA		2,630,218
	7,434,500	3.50%, 7/25/46, TBA		7,844,559
	10,523,000	4.00%, 8/25/46, TBA		11,272,463

				147,541,618

	Government National Mortgage Association (4.5%)
	39,695	4.50%, 9/15/33, Pool #615516		44,066
	139,771	5.00%, 12/15/33, Pool #783571		157,717
	40,066	6.50%, 8/20/38, Pool #4223		48,094
	51,174	6.50%, 10/15/38, Pool #673213		62,708
	22,461	6.50%, 11/20/38, Pool #4292		26,402
	43,420	6.50%, 12/15/38, Pool #782510		50,611
	438,101	5.00%, 1/15/39, Pool #782557		495,615
	299,525	5.00%, 4/15/39, Pool #782619		335,514
	29,698	5.00%, 6/15/39, Pool #782696		33,401
	220,298	5.00%, 10/20/39, Pool #4559		245,061
	24,422	4.50%, 12/20/39, Pool #G24598		26,657
	66,901	4.50%, 1/15/40, Pool #728627		73,763
	29,957	4.50%, 1/20/40, Pool #4617		32,704
	23,836	4.50%, 2/20/40, Pool #G24636		26,021
	161,206	5.00%, 5/15/40, Pool #782958		179,995
	1,702	4.50%, 5/20/40, Pool #G24696		1,853
	176,466	4.50%, 7/15/40, Pool #745793		194,739
	59,477	4.50%, 8/20/40, Pool #4771		64,935
	34,425	4.00%, 9/20/40, Pool #G24800		37,095
	303,667	4.50%, 10/15/40, Pool #783609		335,111
	64,525	4.00%, 10/20/40, Pool #G24833		69,530
	910,202	4.00%, 12/20/40, Pool #G24882		980,799
	381,421	4.00%, 1/15/41, Pool #759138		411,105
	687,491	4.00%, 1/20/41, Pool #004922		740,815
	88,929	4.50%, 2/15/41, Pool #738019		98,151
	11,753	4.00%, 2/20/41, Pool #4945		12,664
	293,116	4.00%, 3/15/41, Pool #762838		315,281
	16,483	5.00%, 4/20/41, Pool #5018		18,334
	281,327	4.50%, 6/20/41, Pool #783590		307,145
	36,206	5.00%, 6/20/41, Pool #5083		40,271
	18,787	5.00%, 7/20/41, Pool #5116		20,896
	116,861	4.50%, 7/20/41, Pool #754367		125,666
	189,017	4.50%, 7/20/41, Pool #783584		206,364
	637,030	4.50%, 7/20/41, Pool #5115		695,491
	203,300	4.50%, 11/15/41, Pool #783610		224,351
	83,034	4.50%, 11/20/41, Pool #5234		90,655
	1,050,595	3.50%, 12/20/41, Pool #5258		1,119,118
	69,988	3.50%, 9/20/42, POOL# MA0392		74,596


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Government National Mortgage Association, continued
$	140,374	3.50%, 10/20/42, Pool #MA0462	$	149,617
	207,074	3.50%, 1/20/43, Pool #MA0699		220,709
	61,960	4.00%, 7/20/43, Pool #MA1158		66,584
	20,396	4.00%, 8/20/44, Pool #AI4166		22,043
	25,045	4.00%, 8/20/44, Pool #AJ4687		27,184
	67,461	4.00%, 8/20/44, Pool #AI4167		73,173
	52,303	4.00%, 8/20/44, Pool #AJ2723		56,766
	454,786	4.50%, 10/20/44, Pool #MA2305		488,711
	2,396,952	4.50%, 11/20/44, Pool #MA2373		2,575,676
	1,380,955	Class ZD, Series 2015-3, 4.00%, 1/20/45		1,603,572
	400,000	4.50%, 7/15/46, TBA		440,185
	6,027,000	3.00%, 7/20/46, Pool #MA3596, TBA		6,301,629
	500,000	5.00%, 8/15/46, TBA		555,687
	12,208,000	3.50%, 8/20/46, TBA		12,940,004
	813,000	4.00%, 8/20/46, TBA		868,767

				34,413,601

	Total U.S. Government Agency Mortgages (Cost $247,046,281)			251,776,116

	U.S. Treasury Obligations (27.8%):
	U.S. Treasury Bonds (4.1%)
	8,885,000	3.13%, 11/15/41		10,492,279
	15,000	2.50%, 2/15/45		15,617
	955,000	3.00%, 5/15/45		1,097,690
	1,770,000	2.88%, 8/15/45		1,987,517
	800,000	3.00%, 11/15/45		919,875
	7,690,000	2.50%, 2/15/46^		8,007,512
	7,710,000	2.50%, 5/15/46		8,034,360

				30,554,850

	U.S. Treasury Inflation Index Bonds (0.1%)
	770,000	0.75%, 2/15/45		785,690


Shares or Principal Amount			Fair Value
	U.S. Treasury Obligations, continued
	U.S. Treasury Inflation Index Notes (1.3%)
$	9,400,000	0.63%, 1/15/26	$	9,967,215

	U.S. Treasury Notes (22.3%)
	40,425,000	0.88%, 5/31/18^		40,644,508
	11,225,000	0.63%, 6/30/18		11,230,265
	12,235,000	0.88%, 6/15/19^		12,295,698
	8,110,000	1.63%, 6/30/20^#		8,339,991
	2,645,000	2.00%, 9/30/20		2,762,475
	8,025,000	1.25%, 3/31/21		8,118,419
	30,695,000	1.38%, 4/30/21		31,224,980
	17,640,000	1.13%, 6/30/21^		17,727,512
	12,235,000	1.50%, 3/31/23		12,411,355
	10,864,100	1.63%, 4/30/23		11,108,119
	8,315,000	1.38%, 6/30/23		8,357,872
	725,000	1.63%, 2/15/26		733,156
	70,000	1.63%, 5/15/26^		70,856

				165,025,206

	Total U.S. Treasury Obligations (Cost $202,192,397)			206,332,961

	Securities Held as Collateral for Securities on Loan (13.6%):
	101,303,176	AZL Enhanced Bond Index Fund Securities Lending Collateral Account(e)		101,303,176

	Total Securities Held as Collateral for Securities on Loan (Cost $101,303,176)			101,303,176


	Unaffiliated Investment Company (8.9%):
	66,420,710	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(d)		66,420,710

	Total Unaffiliated Investment Company (Cost $66,420,710)			66,420,710

	Total Investment Securities (Cost $892,220,782)(f) —121.3%			907,721,268
	Net other assets (liabilities) — (21.3)%			(164,653,754	)

	Net Assets — 100.0%		$	743,067,514


Security Description	Coupon Rate	Maturity Date	Par Amount			Proceeds Received			Fair Value			Unrealized Appreciation/ Deprecation
Federal Home Loan Mortgage Corporation (TBA)	3.00%	7/15/31	$	(2,570,000	)	$	(2,688,361	)	$	(2,695,990	)	$	(7,629	)
Federal Home Loan Mortgage Corporation (TBA)	2.50%	7/15/31		(1,832,000	)		(1,883,167	)		(1,894,488	)		(11,321	)
Federal Home Loan Mortgage Corporation (TBA)	3.50%	7/15/46		(16,615,000	)		(17,372,990	)		(17,515,844	)		(142,854	)
Federal Home Loan Mortgage Corporation (TBA)	5.00%	8/15/46		(2,600,000	)		(2,867,313	)		(2,868,035	)		(722	)
Federal Home Loan Mortgage Corporation (TBA)	4.50%	7/15/46		(77,000	)		(83,825	)		(83,966	)		(141	)
Federal National Mortgage Association (TBA)	5.00%	8/25/46		(600,000	)		(666,281	)		(666,450	)		(169	)
Federal National Mortgage Association (TBA)	5.50%	7/25/46		(1,900,000	)		(2,127,656	)		(2,135,719	)		(8,063	)
Federal National Mortgage Association (TBA)	3.00%	8/25/46		(5,800,000	)		(5,962,273	)		(6,008,210	)		(45,937	)
Federal National Mortgage Association (TBA)	3.00%	7/25/46		(7,762,000	)		(8,008,403	)		(8,055,195	)		(46,792	)
Federal National Mortgage Association (TBA)	3.00%	7/25/31		(577,000	)		(602,093	)		(604,903	)		(2,810	)
Federal National Mortgage Association (TBA)	3.50%	7/25/31		(14,163,000	)		(14,928,262	)		(15,007,464	)		(79,202	)
Federal National Mortgage Association (TBA)	5.00%	7/25/46		(810,000	)		(897,497	)		(899,960	)		(2,463	)
Federal National Mortgage Association (TBA)	4.50%	7/25/46		(37,000	)		(40,274	)		(40,388	)		(114	)
Federal National Mortgage Association (TBA)	4.00%	7/25/31		(2,100,000	)		(2,181,375	)		(2,175,797	)		5,578
Government National Mortgage Association (TBA)	4.50%	7/20/46		(2,845,000	)		(3,049,484	)		(3,053,026	)		(3,542	)

						$	(63,359,254	)	$	(63,705,435	)	$	(346,181	)

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	892,220,782

Investment securities, at value*	$	907,721,268
Interest and dividends receivable		2,993,583
Foreign currency, at value (cost $47,257)		47,336
Receivable for investments sold		129,399,555
Receivable for variation margin on futures contracts		51,844
Prepaid expenses		3,467

Total Assets		1,040,217,053

Liabilities:
Cash overdraft		2,644,060
Payable for investments purchased		128,652,874
Payable for capital shares redeemed		375,731
Payable for collateral received on loaned securities		101,303,176
Securities sold short (Proceeds received $63,359,254)		63,705,435
Payable for variation margin on futures contracts		38,828
Manager fees payable		211,201
Administration fees payable		20,649
Distribution fees payable		150,858
Custodian fees payable		12,763
Administrative and compliance services fees payable		620
Trustee fees payable		5,754
Other accrued liabilities		27,590

Total Liabilities		297,149,539

Net Assets	$	743,067,514

Net Assets Consist of:
Capital	$	692,467,451
Accumulated net investment income/(loss)		21,679,811
Accumulated net realized gains/(losses) from investment transactions		12,817,764
Net unrealized appreciation/(depreciation) on investments		16,102,488

Net Assets	$	743,067,514

Shares of beneficial interest (unlimited number of shares authorized, no par value)		65,625,555
Net Asset Value (offering and redemption price per share)	$	11.32

*	Includes securities on loan of $98,849,826.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Interest	$	9,606,323
Dividends		35,467
Income from securities lending		149,386

Total Investment Income		9,791,176

Expenses:
Manager fees		1,227,434
Administration fees		157,052
Distribution fees		876,742
Custodian fees		23,311
Administrative and compliance services fees		5,227
Trustee fees		18,616
Professional fees		20,710
Shareholder reports		5,263
Other expenses		10,557

Total expenses		2,344,912

Net Investment Income/(Loss)		7,446,264

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		4,638,303
Net realized gains/(losses) on securities held short		(1,416,075	)
Net realized gains/(losses) on futures contracts		527,621
Change in net unrealized appreciation/depreciation on investments		23,472,682

Net Realized/Unrealized Gains/(Losses) on Investments		27,222,531

Change in Net Assets Resulting From Operations	$	34,668,795

(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.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $12,274 during the period ended June 30, 2016. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Fund may enter into to-be-announced (TBA) purchase or sale commitments, pursuant to which it agrees to purchase or sell, respectively, mortgage-backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry-accepted “good delivery” standards. The Fund may enter into TBA purchase transactions with the intention of taking possession of the underlying securities, may elect to extend the settlement by “rolling” the transaction, and/or may use TBAs to gain interim exposure to underlying securities. Until settlement, the Fund maintains liquid assets sufficient to settle its TBA commitments.

To mitigate counterparty risk, the Fund has entered into agreements with TBA counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all TBA commitments with a particular counterparty. At any time, the Fund’s risk of loss from a particular counterparty related to its TBA commitments is the aggregate unrealized gain on appreciated TBAs in excess of unrealized loss on depreciated TBAs and collateral held, if any, by such counterparty. As of June 30, 2016, no collateral had been posted by the Fund to counterparties for TBAs.

During the period ended June 30, 2016, 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 $93.1 million as of June 30, 2016. The monthly average notional amount for these contracts was $96.9 million for the period ended June 30, 2016. 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, 2016:

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, 2016:

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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $4,058 was paid from the Fund relating to these fees and expenses.

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.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016, purchases and sales of long-term U.S. government securities were as follows:

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, 2016 is $892,726,203. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, 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 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 (97.0%):
	Aerospace & Defense (1.7%):
	57,200	Curtiss-Wright Corp.^	$	4,819,100

	Auto Components (0.8%):
	52,875	Tenneco, Inc.*^		2,464,504

	Banks (15.1%):
	48,725	Chemical Financial Corp.^		1,816,955
	317,975	F.N.B. Corp.^		3,987,407
	88,353	Flushing Financial Corp.^		1,756,458
	127,100	Great Western Bancorp, Inc.^		4,008,734
	210,025	Hilltop Holdings, Inc.*^		4,408,424
	144,000	MB Financial, Inc.^		5,224,319
	169,275	Popular, Inc.		4,959,758
	172,528	Synovus Financial Corp.^		5,001,586
	202,050	Talmer Bancorp, Inc., Class A		3,873,299
	87,525	Webster Financial Corp.		2,971,474
	103,400	Western Alliance Bancorp*^		3,376,010
	56,175	Wintrust Financial Corp.^		2,864,925

				44,249,349

	Biotechnology (0.5%):
	47,925	Emergent Biosolutions, Inc.*^		1,347,651

	Capital Markets (0.8%):
	272,375	BGC Partners, Inc., Class A		2,372,386

	Chemicals (2.1%):
	178,825	Olin Corp.^		4,442,013
	25,850	Scotts Miracle-Gro Co. (The)		1,807,174

				6,249,187

	Commercial Services & Supplies (3.0%):
	245,925	R.R. Donnelley & Sons Co.^		4,161,051
	38,825	UniFirst Corp.^		4,492,829

				8,653,880

	Communications Equipment (1.6%):
	86,550	ARRIS International plc*		1,814,088
	147,050	Ciena Corp.*^		2,757,188

				4,571,276

	Construction Materials (1.0%):
	136,696	Summit Materials, Inc., Class A*^		2,796,800

	Containers & Packaging (1.1%):
	179,850	Owens-Illinois, Inc.*^		3,239,099

	Diversified Consumer Services (1.1%):
	212,725	Houghton Mifflin Harcourt Co.*^		3,324,892

	Electric Utilities (2.1%):
	138,200	Portland General Electric Co.^		6,097,384

	Electronic Equipment, Instruments & Components (3.9%):
	198,000	Benchmark Electronics, Inc.*^		4,187,700
	32,350	ePlus, Inc.*^		2,645,907
	133,525	II-VI, Inc.*^		2,504,929
	22,600	SYNNEX Corp.^		2,142,932

				11,481,468

	Energy Equipment & Services (1.8%):
	662,275	McDermott International, Inc.*^		3,271,639
	59,625	U.S. Silica Holdings, Inc.^		2,055,274

				5,326,913


Shares			Fair Value
	Common Stocks, continued
	Food Products (2.2%):
	109,925	Snyders-Lance, Inc.^	$	3,725,358
	27,200	TreeHouse Foods, Inc.*^		2,792,080

				6,517,438

	Gas Utilities (1.7%):
	70,825	Spire, Inc.^		5,017,243

	Health Care Equipment & Supplies (1.8%):
	44,300	Integra LifeSciences Holdings Corp.*^		3,534,254
	92,496	Wright Medical Group NV*		1,606,656

				5,140,910

	Health Care Providers & Services (3.6%):
	34,175	AmSurg Corp.*^		2,649,930
	101,225	Capital Senior Living Corp.*		1,788,646
	92,700	Owens & Minor, Inc.^		3,465,125
	24,250	WellCare Health Plans, Inc.*^		2,601,540

				10,505,241

	Household Durables (1.4%):
	37,575	Tempur Sealy International, Inc.*^		2,078,649
	114,750	WCI Communities, Inc.*^		1,939,275

				4,017,924

	Household Products (1.2%):
	67,225	Energizer Holdings, Inc.^		3,461,415

	Independent Power and Renewable Electricity Producers (0.4%):
	70,350	Dynegy, Inc.*		1,212,834

	Insurance (7.0%):
	86,124	Argo Group International Holdings, Ltd.		4,469,855
	32,050	Aspen Insurance Holdings, Ltd.		1,486,479
	218,200	CNO Financial Group, Inc.^		3,809,772
	109,475	First American Financial Corp.^		4,403,085
	291,200	Maiden Holdings, Ltd.^		3,564,288
	56,100	Validus Holdings, Ltd.		2,725,899

				20,459,378

	Internet Software & Services (0.8%):
	79,725	Q2 Holdings, Inc.*^		2,233,895

	IT Services (0.9%):
	174,150	Evertec, Inc.		2,706,291

	Machinery (5.9%):
	137,025	Actuant Corp., Class A^		3,098,135
	114,450	Barnes Group, Inc.		3,790,583
	100,125	Colfax Corp.*^		2,649,308
	39,225	Joy Global, Inc.^		829,217
	345,175	Mueller Water Products, Inc., Class A^		3,941,898
	51,200	Woodward, Inc.^		2,951,168

				17,260,309

	Media (4.4%):
	66,125	Nexstar Broadcasting Group, Inc., Class A^		3,146,228
	96,450	Sinclair Broadcast Group, Inc., Class A^		2,879,997
	111,225	Starz—Liberty Capital*^		3,327,852
	86,525	Tribune Media Co., Class A^		3,390,049

				12,744,126

	Metals & Mining (0.9%):
	156,350	Commercial Metals Co.^		2,642,315


Shares			Fair Value
	Common Stocks, continued
	Multiline Retail (0.3%):
	17,300	Big Lots, Inc.^	$	866,903

	Oil, Gas & Consumable Fuels (3.2%):
	125,650	Golar LNG, Ltd.^		1,947,575
	103,150	PBF Energy, Inc., Class A^		2,452,907
	66,075	SemGroup Corp., Class A		2,151,402
	284,975	WPX Energy, Inc.*^		2,653,117

				9,205,001

	Pharmaceuticals (0.7%):
	58,250	Medicines Co. (The)*^		1,958,948

	Professional Services (1.2%):
	28,550	Dun & Bradstreet Corp.^		3,478,532

	Real Estate Investment Trusts (REITs) (12.4%):
	150,700	Colony Financial, Inc.^		2,313,245
	78,960	Colony Starwood Homes^		2,401,963
	71,525	First Industrial Realty Trust, Inc.^		1,989,826
	184,425	First Potomac Realty Trust^		1,696,710
	135,475	Healthcare Realty Trust, Inc.		4,740,270
	101,350	Highwoods Properties, Inc.^		5,351,279
	237,975	Invesco Mortgage Capital, Inc.^		3,257,878
	189,925	Kite Realty Group Trust^		5,323,597
	122,175	LaSalle Hotel Properties^		2,880,887
	231,700	Lexington Realty Trust^		2,342,487
	271,962	New Residential Investment Corp.^		3,763,954

				36,062,096

	Road & Rail (0.7%):
	94,375	Werner Enterprises, Inc.^		2,167,794

	Semiconductors & Semiconductor Equipment (2.0%):
	102,575	Brooks Automation, Inc.^		1,150,892
	198,925	Cypress Semiconductor Corp.^		2,098,659
	58,175	MKS Instruments, Inc.^		2,505,015

				5,754,566


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Software (0.4%):
	62,900	Infoblox, Inc.*^	$	1,180,004

	Thrifts & Mortgage Finance (3.5%):
	99,200	Flagstar Bancorp, Inc.*		2,421,472
	342,475	Radian Group, Inc.^		3,568,590
	126,875	WSFS Financial Corp.^		4,084,106

				10,074,168

	Tobacco (0.7%):
	90,746	Vector Group, Ltd.^		2,034,525

	Trading Companies & Distributors (1.5%):
	12,400	MSC Industrial Direct Co., Inc., Class A^		874,944
	67,525	WESCO International, Inc.*^		3,476,862

				4,351,806

	Water Utilities (1.6%):
	130,750	Aqua America, Inc.		4,662,545

	Total Common Stocks (Cost $261,956,950)			282,710,096

	Securities Held as Collateral for Securities on Loan (28.0%):
$	81,405,663	AZL Federated Clover Small Value Fund Securities Lending Collateral Account(a)		81,405,663

	Total Securities Held as Collateral for Securities on Loan (Cost $81,405,663)			81,405,663

	Unaffiliated Investment Company (3.1%):
	8,925,508	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(b)		8,925,508

	Total Unaffiliated Investment Company (Cost $8,925,508)			8,925,508

	Total Investment Securities (Cost $352,288,121)(c) — 128.1%			373,041,267
	Net other assets (liabilities) — (28.1)%			(81,808,081	)

	Net Assets — 100.0%		$	291,233,186

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	352,288,121

Investment securities, at value*	$	373,041,267
Interest and dividends receivable		536,258
Receivable for investments sold		5,909,208
Prepaid expenses		1,760

Total Assets		379,488,493

Liabilities:
Payable for investments purchased		6,213,842
Payable for capital shares redeemed		360,781
Payable for collateral received on loaned securities		81,405,663
Manager fees payable		181,257
Administration fees payable		8,533
Distribution fees payable		60,419
Custodian fees payable		4,783
Administrative and compliance services fees payable		203
Trustee fees payable		1,866
Other accrued liabilities		17,960

Total Liabilities		88,255,307

Net Assets	$	291,233,186

Net Assets Consist of:
Capital	$	259,340,357
Accumulated net investment income/(loss)		4,628,031
Accumulated net realized gains/(losses) from investment transactions		6,511,652
Net unrealized appreciation/(depreciation) on investments		20,753,146

Net Assets	$	291,233,186

Shares of beneficial interest (unlimited number of shares authorized, no par value)		16,565,094
Net Asset Value (offering and redemption price per share)	$	17.58

*	Includes securities on loan of $80,624,016.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	3,576,235
Income from securities lending		142,255
Foreign withholding tax		(5,046	)

Total Investment Income		3,713,444

Expenses:
Manager fees		1,072,091
Administration fees		39,085
Distribution fees		357,364
Custodian fees		9,048
Administrative and compliance services fees		1,907
Trustee fees		6,887
Professional fees		7,673
Shareholder reports		9,729
Other expenses		4,033

Total expenses		1,507,817

Net Investment Income/(Loss)		2,205,627

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(3,260,443	)
Change in net unrealized appreciation/depreciation on investments		5,902,834

Net Realized/Unrealized Gains/(Losses) on Investments		2,642,391

Change in Net Assets Resulting From Operations	$	4,848,018

(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 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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $10,960 during the period ended June 30, 2016. 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $1,688 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $353,011,883. 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, 2015 were as follows:

(a) Total distributions paid may differ from that presented in 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, 2015, 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.

On June 14, 2016, the Board approved a reorganization whereby, subject to shareholder approval, AZL Small Cap Stock Index Fund will acquire the assets and liabilities of the Fund. A meeting of shareholders to consider the proposal is scheduled for October 12, 2016 and, if approved, the reorganization is expected to occur approximately four weeks subsequent to that date.

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 (59.5%):
	Aerospace & Defense (1.2%):
	278,456	BAE Systems plc	$	1,952,153
	19,530	BE Aerospace, Inc.^		901,798
	6,558	Huntington Ingalls Industries, Inc.		1,101,941
	9,765	KLX, Inc.*		302,715
	13,870	Raytheon Co.		1,885,627
	21,500	United Technologies Corp.		2,204,824

				8,349,058

	Air Freight & Logistics (0.1%):
	230	CEVA Group plc*(a) (b)		80,378
	8,200	United Parcel Service, Inc., Class B		883,304

				963,682

	Airlines (0.3%):
	222,310	Deutsche Lufthansa AG, Registered Shares^		2,587,810

	Auto Components (0.3%):
	18,517	Compagnie Generale des Establissements Michelin SCA, Class B		1,753,953

	Automobiles (1.9%):
	14,500	Daimler AG, Registered Shares		864,597
	186,197	Ford Motor Co.		2,340,496
	146,402	General Motors Co.		4,143,177
	26,429	Hero MotoCorp, Ltd.		1,246,213
	21,088	Hyundai Motor Co.		2,498,531
	204,300	Nissan Motor Co., Ltd.		1,841,213

				12,934,227

	Banks (7.0%):
	85,800	Bangkok Bank Public Co., Ltd.		388,613
	1,175,840	Barclays plc		2,238,184
	44,020	BNP Paribas SA		1,978,773
	49,612	CIT Group, Inc.		1,583,119
	131,190	Citigroup, Inc.		5,561,144
	92,212	Citizens Financial Group, Inc.		1,842,396
	5,267	Columbia Banking System, Inc.		147,792
	183,220	Credit Agricole SA		1,551,727
	120,800	DBS Group Holdings, Ltd.		1,423,593
	1,251	FCB Financial Holdings, Inc., Class A*^		42,534
	352,952	HSBC Holdings plc		2,165,868
	208,852	ING Groep NV		2,170,467
	104,530	JPMorgan Chase & Co.		6,495,494
	65,384	KB Financial Group, Inc.		1,865,619
	47,132	PNC Financial Services Group, Inc.		3,836,073
	6,189	Royal Bank of Canada		365,744
	355,302	Standard Chartered plc		2,702,096
	100,413	SunTrust Banks, Inc.		4,124,966
	34,500	U.S. Bancorp		1,391,385
	637,326	UniCredit SpA		1,422,477
	71,301	Wells Fargo & Co.		3,374,676

				46,672,740

	Beverages (0.8%):
	6,000	Anheuser-Busch InBev NV, ADR		790,080
	44,224	PepsiCo, Inc.		4,685,091

				5,475,171


	Biotechnology (0.7%):
	21,560	Amgen, Inc.		3,280,354
	17,440	Gilead Sciences, Inc.		1,454,845

				4,735,199


Shares			Fair Value

	Common Stocks, continued
	Capital Markets (0.6%):
	12,500	Charles Schwab Corp. (The)	$	316,375
	132,945	Credit Suisse Group AG		1,417,147
	69,020	Morgan Stanley		1,793,140
	54,400	UBS Group AG		704,076

				4,230,738

	Chemicals (1.2%):
	25,368	AkzoNobel NV		1,595,757
	28,500	BASF SE		2,173,879
	66,470	Dow Chemical Co. (The)^		3,304,223
	12,528	FMC Corp.^		580,172
	35,000	Mosaic Co. (The)^		916,300

				8,570,331

	Commercial Services & Supplies (0.3%):
	28,550	Republic Services, Inc., Class A		1,464,901
	451,198	Serco Group plc*		671,539

				2,136,440

	Communications Equipment (1.4%):
	222,029	Cisco Systems, Inc.		6,370,012
	178,154	Nokia Oyj^		1,013,547
	141,172	Nokia Oyj, ADR^		803,269
	197,771	Telefonaktiebolaget LM Ericsson, B Shares		1,512,260

				9,699,088

	Construction & Engineering (0.1%):
	28,890	FLSmidth & Co. A/S^		1,028,935

	Construction Materials (0.5%):
	79,258	CRH plc		2,285,222
	24,752	LafargeHolcim, Ltd., Registered Shares		1,034,248

				3,319,470

	Consumer Finance (0.4%):
	44,980	Ally Financial, Inc.*		767,809
	34,540	Capital One Financial Corp.		2,193,635

				2,961,444

	Containers & Packaging (0.6%):
	55,358	International Paper Co.		2,346,072
	36,939	WestRock Co.		1,435,819

				3,781,891

	Diversified Financial Services (0.2%):
	45,400	Voya Financial, Inc.		1,124,104

	Diversified Telecommunication Services (1.4%):
	14,000	BCE, Inc.		662,610
	29,820	China Telecom Corp., Ltd., ADR^		1,341,602
	403,330	Koninklijke (Royal) KPN NV		1,462,731
	596,820	Singapore Telecommunications, Ltd.		1,846,036
	237,721	Telefonica SA		2,271,952
	84,310	Telstra Corp., Ltd.		350,775
	33,000	Verizon Communications, Inc.		1,842,720

				9,778,426

	Electric Utilities (0.8%):
	18,897	Duke Energy Corp.		1,621,174
	30,430	PG&E Corp.		1,945,085
	17,460	Southern Co. (The)		936,380
	16,890	Xcel Energy, Inc.		756,334

				5,258,973


Shares			Fair Value

	Common Stocks, continued
	Electrical Equipment (0.0%):
	3,742	Sensata Technologies Holding NV*	$	130,558

	Energy Equipment & Services (1.0%):
	74,439	Baker Hughes, Inc.		3,359,432
	65,313	Halliburton Co.		2,958,026
	5,000	Schlumberger, Ltd.		395,400
	1,655	Technip-Coflexip SA		89,998

				6,802,856

	Food & Staples Retailing (1.8%):
	21,397	CVS Health Corp.		2,048,549
	65,105	Kroger Co. (The)		2,395,213
	60,010	Metro AG		1,835,524
	115,310	Rite Aid Corp.*		863,672
	786,534	Tesco plc*		1,839,770
	32,043	Walgreens Boots Alliance, Inc.		2,668,220

				11,650,948

	Health Care Equipment & Supplies (2.0%):
	105,040	Getinge AB, B Shares		2,158,100
	101,860	Medtronic plc		8,838,392
	24,244	Stryker Corp.		2,905,159

				13,901,651

	Health Care Providers & Services (0.1%):
	6,936	Cigna Corp.		887,739

	Household Products (0.1%):
	9,153	Energizer Holdings, Inc.^		471,288

	Independent Power and Renewable Electricity Producers (0.1%):
	61,463	NRG Energy, Inc.^		921,330

	Industrial Conglomerates (1.1%):
	124,820	General Electric Co.^		3,929,334
	19,980	Siemens AG, Registered Shares		2,046,426
	573,000	Toshiba Corp.*^		1,565,825

				7,541,585

	Insurance (3.6%):
	346,031	AEGON NV		1,380,073
	5,513	Alleghany Corp.*		3,029,835
	29,328	Allstate Corp. (The)		2,051,494
	109,636	American International Group, Inc.		5,798,647
	70,913	AXA SA		1,424,415
	721,000	China Life Insurance Co., Ltd.		1,553,677
	24,318	Chubb, Ltd.		3,178,606
	78,181	MetLife, Inc.		3,113,949
	980	White Mountains Insurance Group, Ltd.		825,160
	78,470	XL Group plc		2,613,836

				24,969,692

	Internet Software & Services (0.4%):
	2,990	Alphabet, Inc., Class A*		2,103,555
	4,085	LinkedIn Corp., Class A*		773,086

				2,876,641

	IT Services (0.3%):
	189,278	Xerox Corp.		1,796,248

	Life Sciences Tools & Services (0.1%):
	35,770	QIAGEN NV*		774,658


Shares			Fair Value

	Common Stocks, continued
	Machinery (0.8%):
	30,258	Caterpillar, Inc.^	$	2,293,859
	123,064	CNH Industrial NV		894,598
	13,500	Deere & Co.^		1,094,040
	3,788	Federal Signal Corp.		48,789
	104,536	Navistar International Corp.*^		1,222,026

				5,553,312

	Marine (0.3%):
	1,221	A.P. Moeller - Maersk A/S, Class B		1,610,135

	Media (2.8%):
	46,955	CBS Corp., Class B		2,556,230
	11,792	Charter Communications, Inc., Class A*		2,696,220
	39,540	Comcast Corp., Class A		2,577,613
	26,596	DISH Network Corp., Class A*		1,393,630
	125,864	Reed Elsevier plc		2,318,709
	154,081	Sky plc		1,748,546
	19,999	Time Warner, Inc.		1,470,726
	5,216	Tribune Co.#*(a) (c)		—
	69,560	Twenty-First Century Fox, Inc.		1,881,598
	86,789	Twenty-First Century Fox, Inc., Class B		2,365,000

				19,008,272

	Metals & Mining (1.1%):
	83,495	Freeport-McMoRan Copper & Gold, Inc.^		930,134
	1,043,340	Glencore International plc		2,131,301
	105,428	MMC Norilsk Nickel PJSC, ADR		1,409,572
	60,000	Rio Tinto plc, Registered Shares, ADR^		1,878,000
	53,005	ThyssenKrupp AG		1,057,859

				7,406,866

	Multiline Retail (0.4%):
	34,700	Macy’s, Inc.		1,166,267
	7,000	Nordstrom, Inc.^		266,350
	19,500	Target Corp.^		1,361,490

				2,794,107

	Multi-Utilities (0.5%):
	19,931	Dominion Resources, Inc.^		1,553,223
	11,560	Public Service Enterprise Group, Inc.		538,812
	11,070	Sempra Energy		1,262,201

				3,354,236

	Oil, Gas & Consumable Fuels (6.6%):
	23,119	Anadarko Petroleum Corp.		1,231,087
	55,484	Apache Corp.		3,088,794
	675,295	BP plc		3,942,558
	60,765	BP plc, ADR^		2,157,765
	255,290	Chesapeake Energy Corp.*^		1,092,641
	31,000	Chevron Corp.		3,249,731
	62,679	CONSOL Energy, Inc.^		1,008,505
	112,900	ENI SpA		1,822,478
	133,850	Galp Energia SGPS SA		1,858,585
	131,710	Kinder Morgan, Inc.		2,465,611
	1,981,100	Kunlun Energy Co., Ltd.^		1,655,251
	151,032	Marathon Oil Corp.		2,266,990
	13,000	Occidental Petroleum Corp.		982,280
	130,446	Petroleo Brasileiro SA, ADR*		757,891
	93,709	Royal Dutch Shell plc, ADR		5,174,610


Shares			Fair Value

	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	53,258	Royal Dutch Shell plc, A Shares	$	1,453,861
	84,163	Royal Dutch Shell plc, A Shares		2,307,933
	155,815	Royal Dutch Shell plc, B Shares		4,284,021
	41,240	Total SA, ADR^		1,983,644
	48,460	Total SA		2,336,497
	502	Warrior Coal LLC Units A*(a) (c)		50,610
	1,175	Warrior Coal LLC Units B*(a) (c)		118,459
	40,375	Williams Cos., Inc. (The)		873,311

				46,163,113

	Personal Products (0.1%):
	9,153	Edgewell Personal Care Co.*^		772,605

	Pharmaceuticals (5.9%):
	9,187	Allergan plc*		2,123,024
	33,500	AstraZeneca plc		1,993,860
	11,204	Bristol-Myers Squibb Co.		824,054
	100,901	Eli Lilly & Co.		7,945,954
	113,914	Merck & Co., Inc.		6,562,586
	20,070	Merck KGaA		2,043,003
	38,994	Novartis AG, ADR		3,217,395
	81,440	Pfizer, Inc.		2,867,502
	15,810	Roche Holding AG		4,175,606
	48,500	Sanofi-Aventis SA, ADR		2,029,725
	15,900	Sanofi-Aventis SA		1,336,334
	112,146	Teva Pharmaceutical Industries, Ltd., ADR		$5,633,094

				40,752,137

	Real Estate Investment Trusts (REITs) (0.2%):
	2,556	Alexander’s, Inc.^		1,045,992

	Real Estate Management & Development (0.0%):
	2,292	Forestar Group, Inc.*^		27,252

	Road & Rail (0.2%):
	13,000	Union Pacific Corp.		1,134,250

	Semiconductors & Semiconductor Equipment (0.6%):
	10,000	Analog Devices, Inc.		566,400
	48,140	Intel Corp.		1,578,992
	15,000	QUALCOMM, Inc.		803,550
	19,910	Texas Instruments, Inc.		1,247,362

				4,196,304

	Software (3.1%):
	76,708	CA, Inc.		2,518,324
	241,288	Microsoft Corp.		12,346,706
	75,740	Oracle Corp.		3,100,038
	171,419	Symantec Corp.^		3,520,946

				21,486,014

	Specialty Retail (0.3%):
	280,864	Kingfisher plc		1,212,134
	158,720	Office Depot, Inc.*		525,363

				1,737,497

	Technology Hardware, Storage & Peripherals (3.0%):
	38,479	Apple, Inc.		3,678,592
	88,480	EMC Corp.		2,404,002
	144,900	Hewlett Packard Enterprise Co.		2,647,323
	149,830	HP, Inc.		1,880,367
	166,600	Konica Minolta Holdings, Inc.		1,208,343
	7,331	Samsung Electronics Co., Ltd.		9,128,041

				20,946,668


Shares			Fair Value

	Common Stocks, continued
	Textiles, Apparel & Luxury Goods (0.3%):
	34,610	Michael Kors Holdings, Ltd.*^	$	1,712,503

	Tobacco (1.8%):
	40,571	Altria Group, Inc.		2,797,776
	55,644	British American Tobacco plc		3,620,125
	48,508	Imperial Tobacco Group plc		2,632,772
	9,083	Philip Morris International, Inc.		923,923
	44,703	Reynolds American, Inc.		2,410,833

				12,385,429

	Wireless Telecommunication Services (1.1%):
	49,000	China Mobile, Ltd.		565,976
	41,200	SoftBank Group Corp.		2,331,227
	172,550	Turkcell Iletisim Hizmetleri AS, ADR*		1,578,833
	1,056,987	Vodafone Group plc		3,217,088

				7,693,124

	Total Common Stocks (Cost $387,189,843)			407,866,690

	Preferred Stocks (0.6%):
	Banks (0.1%):
	416	Wells Fargo & Co., Series L, Class A, 5.77%		540,540

	Capital Markets (0.0%):
	10,000	Morgan Stanley, Series I, 0.94%^		270,500

	Electric Utilities (0.1%):
	20,000	NextEra Energy, Inc. Preferred Shares, 5.17%^		1,269,000

Metals & Mining (0.1%):
	20,000	Alcoa, Inc., Series 1^		657,400

	Multi-Utilities (0.1%):
	9,300	Dominion Resources, Inc., 6.15%^		482,112

	Pharmaceuticals (0.2%):
	500	Allergan plc, Series A		416,810
	1,000	Teva Pharmaceutical Industries PFD, 4.42%		827,000

				1,243,810

	Total Preferred Stocks (Cost $4,621,399)			4,463,362

	Convertible Preferred Stocks (0.6%):
	Air Freight & Logistics (0.0%):
	49	CEVA Group plc, Series A-2(a) (b)		16,993
	6	CEVA Group plc, Series A-1(a) (b)		3,150

				20,143

	Banks (0.1%):
	800	Bank of America Corp., Series L, 7.25%		956,000

	Capital Markets (0.2%):
	10,000	Mandatory Exchange Trust, 5.75%(d)		1,021,099

	Containers & Packaging (0.3%):
	800,000	Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.63%(d)		788,000
	1,000,000	Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 7.25%(d)		1,020,625

				1,808,625

	Multi-Utilities (0.0%):
	2,500	Dominion Resources, Inc., Series B, 6.00%		152,425

	Real Estate Investment Trusts (REITs) (0.0%):
	2,500	FelCor Lodging Trust, Inc., Series A, 0.80%^		62,735

	Total Convertible Preferred Stocks (Cost $3,635,891)			4,021,027


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Convertible Bonds (0.4%):
	Automobiles (0.0%):
$	500,000	Fiat Chrysler Automobiles NV, Series FCAU, 7.88%, 12/15/16	$	299,375

	Banks (0.2%):
	32,000	Wells Fargo Bank NA, 7.25%, 4/27/17(d)		910,080

	Energy Equipment & Services (0.1%):
	945,000	Weatherford International plc, 5.88%, 7/1/21		1,027,097

	Oil, Gas & Consumable Fuels (0.1%):
	2,000,000	Cobalt International Energy, Inc., 3.13%, 5/15/24^		660,000

	Total Convertible Bonds (Cost $4,334,280)			2,896,552

	Floating Rate Loans (1.1%):
	Air Freight & Logistics (0.1%):
	997,500	Xpo Logistics, Inc., 0.00%, 10/30/21, Callable 7/8/16 @ 101(e)		997,500

	Capital Markets (0.2%):
	997,500	First Eagle Investment Management LLC, 0.00%, 12/31/22, Callable 7/8/16 @ 101(e)		976,303
	3,860,813	Lehman Brothers Holdings, Inc., 0.00%, 12/31/49(e)		122,774

				1,099,077

	Electric Utilities (0.0%):
	149,307	Texas Competitive Electric Holdings Co. LLC, 4.68%, 10/10/17(e) (f)		49,912

	Health Care Providers & Services (0.1%):
	500,000	Vizient, Inc., 0.00%, 2/8/23, Callable 7/8/16 @ 101(e)		503,125

	Machinery (0.1%):
	481,299	Navistar International Corp., 5.75%, 8/17/17, Callable 7/8/16 @ 101(e)		453,225

	Media (0.1%):
	430,631	iHeartcommunications, Inc., 6.91%, 1/30/19(e)		313,404
	138,444	iHeartcommunications, Inc., 7.66%, 7/30/19(e)		100,718

				414,122

	Multiline Retail (0.2%):
	2,064,825	Belk, Inc., 0.00%, 12/10/22, Callable 7/8/16 @ 101(e)		1,633,793

	Real Estate Management & Development (0.1%):
	367,155	Caesars Entertainment Operating Co., Inc., 9.75%, 3/1/17, Callable 7/8/16 @ 100(e) (f)		367,155
	89,801	Caesars Entertainment Operating Co., Inc., 4.45%, 1/28/18(e) (f)		88,286
	429,156	Caesars Entertainment Operating Co., Inc., 5.45%, 1/28/18(e) (f)		428,353

				883,794

	Software (0.0%):
	300,995	Avaya, Inc., 0.00%, 5/29/20, Callable 7/8/16 @ 100(e)		210,195


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Floating Rate Loans, continued
	Specialty Retail (0.2%):
$	498,750	Petco Animal Supplies Stores, Inc., 0.00%, 1/26/23, Callable 7/8/16 @ 101(e)	$	495,543
	58,125	Toys “R” US, 7.25%, 10/24/19, Callable 7/8/16 @ 100(e)		55,800
	46,875	Toys “R” US, 0.00%, 10/24/19, Callable 7/8/16 @ 100(e)		44,121
	1,007,869	Toys “R” US, 9.75%, 4/24/20, Callable 7/8/16 @ 102(e)		856,689

				1,452,153

	Total Floating Rate Loans (Cost $9,855,559)			7,696,896

	Corporate Bonds (7.0%):
	Aerospace & Defense (0.0%):
	100,000	TransDigm Group, Inc., 6.00%, 7/15/22, Callable 6/15/17 @ 105^		100,518
	200,000	TransDigm Group, Inc., 6.50%, 7/15/24, Callable 7/15/19 @ 103		202,876

				303,394

	Air Freight & Logistics (0.3%):
	2,000,000	XPO Logistics, Inc., 6.50%, 6/15/22, Callable 6/15/18 @ 103.25^(d)		1,907,500

	Banks (0.6%):
	500,000	Bank of America Corp., Series AA, 6.10%, 12/29/49, Callable 3/17/25 @ 100(e)		507,500
	1,500,000	Citigroup, Inc., Series O, 5.88%, 12/29/49, Callable 1/15/18 @ 100^(e)		1,440,000
	1,000,000	Citigroup, Inc., Series Q, 5.95%, 12/29/49, Callable 8/15/20 @ 100^(e)		974,275
	250,000	JPMorgan Chase & Co., Series 1, 7.90%, 4/29/49, Callable 4/30/18 @ 100(e)		255,000
	1,000,000	JPMorgan Chase & Co., Series Q, 5.15%, 12/29/49, Callable 7/1/16 @ 100, Perpetual Bond^(e)		972,600
	200,000	Wells Fargo & Co., Series S, 5.90%, 12/31/49, Callable 5/15/23 @ 100(e)		205,750

				4,355,125

	Beverages (0.1%):
	500,000	Cott Beverages, Inc., 5.38%, 7/1/22, Callable 7/1/17 @ 104.03		500,000

	Capital Markets (0.1%):
	400,000	Morgan Stanley, Series J, 5.55%, 12/29/49, Callable 8/15/23 @ 100^(e)		396,240
	713,000	Samson Investment Co., 9.75%, 2/15/20, Callable 8/8/16 @ 104.44(f)		14,260

				410,500

	Consumer Finance (0.1%):
	500,000	OneMain Financial Holdings, Inc., 7.25%, 12/15/21, Callable 10/15/16 @ 103.63(d)		478,750

	Containers & Packaging (0.1%):
	500,000	Beverage Packaging Holdings Luxemberg, 5.75%, 10/15/20, Callable 12/15/17 @ 104.31		516,250
	200,000	Reynolds Group Issuer, Inc., 5.13%, 7/15/23, Callable 7/15/19 @ 102.56^(d)		202,500

				718,750


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Diversified Telecommunication Services (0.1%):
$	500,000	Zayo Group LLC, 6.00%, 4/1/23, Callable 4/1/18 @ 104.5	$	507,500

	Electric Utilities (0.1%):
	2,581,000	Texas Competitive Electric Holdings Co. LLC, 11.50%, 10/1/20, Callable 8/8/16 @ 105.75(d) (f)		877,540

	Food Products (0.0%):
	161,000	JBS USA LLC / JBS USA Finance Corp., 7.25%, 6/1/21, Callable 8/15/24 @ 103.63^(d)		166,635

	Health Care Providers & Services (0.8%):
	700,000	Community Health System, Inc., 6.88%, 2/1/22, Callable 3/27/20 @ 103.44^		612,500
	965,000	Community Health Systems, Inc., 8.00%, 11/15/19, Callable 8/15/20 @ 104^		944,494
	600,000	Community Health Systems, Inc., 7.13%, 7/15/20, Callable 2/1/18 @ 101.78^		556,254
	800,000	HCA, Inc., 7.50%, 2/15/22^		909,600
	500,000	HCA, Inc., 5.88%, 5/1/23		532,500
	1,400,000	Tenet Healthcare Corp., 8.13%, 4/1/22		1,434,720
	500,000	Vizient, Inc., 10.38%, 3/1/24, Callable 3/1/19 @ 107.78(d)		536,250

				5,526,318

	Household Durables (0.1%):
	544,000	Shea Homes LP, 5.88%, 4/1/23, Callable 4/1/18 @ 104.41(d)		538,560

	Independent Power and Renewable Electricity Producers (0.5%):
	1,000,000	AES Corp., 4.88%, 5/15/23, Callable 5/15/18 @ 102^		987,500
	500,000	Calpine Corp., 5.38%, 1/15/23, Callable 8/15/24 @ 103^		487,500
	1,000,000	Calpine Corp., 5.75%, 1/15/25, Callable 10/15/19 @ 103^		972,500
	1,000,000	Dynegy, Inc., 6.75%, 11/1/19, Callable 5/1/17 @ 103.38		1,001,250

				3,448,750

	IT Services (0.2%):
	1,600,000	First Data Corp., 7.00%, 12/1/23, Callable 12/1/18 @ 103.5^(d)		1,620,000

	Media (1.1%):
	1,000,000	Dish DBS Corp., 5.88%, 7/15/22		972,500
	1,000,000	Dish DBS Corp., 5.00%, 3/15/23		910,000
	2,048,000	iHeartcommunications, Inc., 9.00%, 12/15/19, Callable 3/1/18 @ 104.5		1,535,999
	2,000,000	iHeartcommunications, Inc., 9.00%, 3/1/21, Callable 2/15/17 @ 104.5		1,410,000
	1,200,000	iHeartCommunications, Inc., 9.00%, 9/15/22, Callable 9/15/22 @ 106.75^		822,000
	900,000	Neptune Finco Corp., 10.88%, 10/15/25, Callable 10/15/24 @ 105.44(d)		1,028,808


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
Media, continued
$	200,000	Sirius XM Radio, Inc., 6.00%, 7/15/24, Callable 2/15/24 @ 103(d)	$	206,750
	1,000,000	Univision Communications, Inc., 5.13%, 5/15/23, Callable 7/15/19 @ 102.56(d)		992,500

				7,878,557

	Metals & Mining (0.0%):
	223,510	Walter Energy, Inc., 11.00%, 4/1/20, Callable 1/15/19 @ 106(d) (f)		22

	Oil, Gas & Consumable Fuels (0.8%):
	500,000	Antero Resources Finance Corp., 5.38%, 11/1/21, Callable 11/1/16 @ 104.03		488,750
	872,000	Bill Barrett Corp., 7.63%, 10/1/19, Callable 8/8/16 @ 103.81^		710,680
	500,000	Bill Barrett Corp., 7.00%, 10/15/22, Callable 10/15/17 @ 103.5		360,000
	200,000	Chesapeake Energy Corp., 7.25%, 12/15/18^(f)		174,000
	964,000	Chesapeake Energy Corp., 8.00%, 12/15/22, Callable 12/15/18 @ 104^(d)		816,990
	500,000	Energy Transfer Equity LP, 5.50%, 6/1/27, Callable 5/1/17 @ 100^		470,000
	1,300,000	Kinder Morgan (Delaware), Inc., 5.63%, 11/15/23, Callable 5/1/23 @ 100(d)		1,392,462
	130,000	NGL Energy Partners LP, 6.88%, 10/15/21, Callable 7/15/20 @ 105.16^		114,075
	300,000	Sabine Pass Liquefaction LLC, 5.75%, 5/15/24, Callable 2/15/24 @ 100		297,750
	900,000	Sanchez Energy Corp., 7.75%, 6/15/21, Callable 6/15/17 @ 104^		762,750
	400,000	W&T Offshore, Inc., 8.50%, 6/15/19, Callable 8/8/16 @ 102.13		100,000

				5,687,457

	Pharmaceuticals (0.4%):
	500,000	ENDO Finance Co., 5.75%, 1/15/22, Callable 1/15/17 @ 104.31(d)		451,200
	2,476,000	Valeant Pharmaceuticals International, Inc., 6.38%, 10/15/20, Callable 10/15/16 @ 103.19^(d)		2,129,360
	143,000	Valeant Pharmaceuticals International, Inc., 6.75%, 8/15/21, Callable 8/8/16 @ 103.38(d)		121,908
	70,000	Valeant Pharmaceuticals International, Inc., 7.25%, 7/15/22, Callable 7/15/16 @ 103.62(d)		60,039

				2,762,507

	Real Estate Investment Trusts (REITs) (0.1%):
	1,000,000	iStar Financial, Inc., 5.00%, 7/1/19, Callable 8/15/21 @ 102.5		932,500

	Road & Rail (0.1%):
	500,000	Hertz Corp., 6.75%, 4/15/19, Callable 8/8/16 @ 101.69^		510,453

	Semiconductors & Semiconductor Equipment (0.2%):
	1,000,000	Micron Technology, Inc., 7.50%, 9/15/23, Callable 4/15/19 @ 103.75^(d)		1,062,500


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Software (0.2%):
$	333,483	Avaya, Inc., 4.67%, 10/26/17, Callable 7/8/16 @ 100(e)	$	256,412
	250,013	Avaya, Inc., 6.50%, 3/31/18, Callable 7/8/16 @ 100(e)		186,052
	339,000	Avaya, Inc., 7.00%, 4/1/19, Callable 8/8/16 @ 101.75^(d)		242,385
	1,512,000	Avaya, Inc., 10.50%, 3/1/21, Callable 3/1/17 @ 108(d)		332,640
	500,000	BMC Software Finance, Inc., 8.13%, 7/15/21, Callable 7/15/16 @ 106(d)		375,000

				1,392,489

	Technology Hardware, Storage & Peripherals (0.8%):
	700,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 4.42%, 6/15/21, Callable 5/15/21 @ 100(d)		720,490
	200,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 5.88%, 6/15/21, Callable 6/15/18 @ 102.94^(d)		203,954
	700,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 5.45%, 6/15/23, Callable 4/15/23 @ 100(d)		726,301
	200,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 7.13%, 6/15/24, Callable 6/15/19 @ 105.34^(d)		208,884
	500,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 6.02%, 6/15/26, Callable 3/15/26 @ 100(d)		521,244
	1,000,000	Western Digital Corp., 7.38%, 4/1/23, Callable 4/1/19 @ 103.69^(d)		1,065,000
	1,680,000	Western Digital Corp., 10.50%, 4/1/24, Callable 4/1/19 @ 107.88^(d)		1,797,600

				5,243,473

	Trading Companies & Distributors (0.1%):
	500,000	United Rentals, Inc., 5.75%, 11/15/24, Callable 12/1/18 @ 102.88^		503,750


	Wireless Telecommunication Services (0.1%):
	400,000	Sprint Communications, Inc., 9.00%, 11/15/18(d)		426,000
	500,000	Sprint Nextel Corp., 11.50%, 11/15/21		494,000

				920,000

	Total Corporate Bonds (Cost $53,076,424)			48,253,030

	Equity-Linked Securities (0.8%):
	Banks (0.8%):
	65,000	Citigroup, Inc., 7.50%(d)		871,000
	21,000	JPMorgan Chase & Co., 6.00%(d)		875,490
	14,000	JPMorgan Chase & Co., 0.00%, 7/25/17(d)		798,518
	21,000	Royal Bank of Canada, 6.00%(d)		1,528,380
	50,000	Wells Fargo Bank NA, 7.00%(d)		1,626,500

				5,699,888

	Total Equity-Linked Securities (Cost $5,909,160)			5,699,888


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds (15.8%):
	Sovereign Bonds (15.8%):
$	400,000	Bank Negara Monetary Notes, Series 0815, 0.54%, 7/5/16+(g)	$	99,297
	5,540,000	Bank Negara Monetary Notes, Series 1115, 2.14%, 7/19/16+(g)		1,373,818
	1,980,000	Bank Negara Monetary Notes, Series 0515, 2.56%, 9/15/16+(g)		488,880
	1,940,000	Bank Negara Monetary Notes, Series 0715, 2.52%, 9/22/16+(g)		478,813
	1,850,000	Bank Negara Monetary Notes, Series 0915, 2.55%, 10/6/16+(g)		456,121
	7,320,000	Bank Negara Monetary Notes, Series 1015, 2.56%, 10/11/16+(g)		1,804,086
	5,540,000	Bank Negara Monetary Notes, Series 1215, 2.57%, 10/18/16+(g)		1,364,676
	75,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 8/15/16+(h)		68,967
	4,180,000	Brazil Nota do Tesouro Nacional, Series NTNF, 3.60%, 1/1/17+(g) (h)		1,278,344
	230,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 8/15/18+(h)		210,463
	4,910,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.79%, 1/1/19+(h)		1,462,207
	19,940,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.56%, 1/1/21+(g) (h)		5,789,236
	910,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 8/15/22+(h)		824,322
	6,250,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.37%, 1/1/23+(h)		1,780,762
	140,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 5/15/45+(h)		126,078
	3,077,000,000	Indonesia Government, Series FR34, 12.80%, 6/15/21+		284,382
	4,534,000,000	Indonesia Government, Series FR53, 8.25%, 7/15/21+		357,265
	6,854,000,000	Indonesia Government, Series FR16, 7.00%, 5/15/22+		502,979
	250,000,000	Indonesia Government, Series FR35, 12.90%, 6/15/22+		23,716
	2,213,000,000	Indonesia Government, Series FR43, 10.25%, 7/15/22+		188,972
	7,534,000,000	Indonesia Government, Series FR63, 5.63%, 5/15/23+		506,046
	31,470,000,000	Indonesia Government, Series FR70, 8.38%, 3/15/24+		2,512,122
	3,200,000,000	Indonesia Government, Series FR44, 10.00%, 9/15/24+		274,229
	14,527,000,000	Indonesia Government, Series FR56, 8.38%, 9/15/26+		1,166,539
	186,000,000	Indonesia Government, Series FR59, 7.00%, 5/15/27+		13,166
	3,393,000,000	Indonesia Government, Series FR47, 10.00%, 2/15/28+		300,367


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	279,000,000	Indonesia Government, Series FR64, 6.13%, 5/15/28+	$	18,220
	1,012,000,000	Indonesia Government, Series FR71, 9.00%, 3/15/29+		84,806
	16,550,000,000	Indonesia Government, Series FR68, 8.38%, 3/15/34+		1,328,009
	107,800,000	Korea Monetary Stab Bond, Series 1607, 1.57%, 7/9/16+		93,616
	1,864,600,000	Korea Monetary Stab Bond, Series 1608, 2.46%, 8/2/16+		1,620,845
	1,299,000,000	Korea Monetary Stab Bond, Series 1608, 1.56%, 8/9/16+		1,128,340
	193,800,000	Korea Monetary Stab Bond, Series 1609, 1.52%, 9/9/16+		168,366
	608,200,000	Korea Monetary Stab Bond, Series 1610, 2.22%, 10/2/16+		529,408
	363,600,000	Korea Monetary Stab Bond, Series 1610, 1.53%, 10/8/16+		315,950
	1,057,800,000	Korea Monetary Stab Bond, Series 1612, 2.07%, 12/2/16+		921,705
	350,300,000	Korea Monetary Stab Bond, Series 1702, 1.96%, 2/2/17+		305,462
	473,700,000	Korea Monetary Stab Bond, Series 1708, 1.70%, 8/2/17+		413,285
	2,845,800,000	Korea Monetary Stab Bond, Series 1710, 1.56%, 10/2/17+		2,480,368
	237,200,000	Korea Monetary Stab Bond, Series 1802, 1.49%, 2/2/18+		206,719
	1,254,500,000	Korea Monetary Stab Bond, Series 1611, 1.61%, 11/9/19+		1,093,144
	1,603,510,000	Korea Treasury Bond, Series 1612, 3.00%, 12/10/16+		1,403,028
	2,362,800,000	Korea Treasury Bond, Series 1712, 2.00%, 12/10/17+		2,073,466
	518,400,000	Korea Treasury Bond, Series 1812, 1.75%, 12/10/18+		455,544
	1,658,400,000	Korea Treasury Bond, Series 1906, 1.50%, 6/10/19+		1,450,305
	8,721,050,000	Korea Treasury Bond, Series 2103, 2.00%, 3/10/21+		7,814,480
	104,400,000	Korea Treasury Bond, Series 2109, 1.38%, 9/10/21+		90,717
	300,000	Letra do Tesouro Nacional, Series LTN, 18.98%, 7/1/16+(g) (h)		93,356
	150,000	Letra do Tesouro Nacional, Series LTN, 13.55%, 10/1/16+(g) (h)		45,124
	3,160,000	Letra do Tesouro Nacional, Series LTN, 13.25%, 1/1/17+(g) (h)		921,135
	1,820,000	Letra do Tesouro Nacional, Series LTN, 13.02%, 1/1/18+(g) (h)		472,628
	3,240,000	Letra Tesouro Nacional, Series LTN, 13.29%, 1/1/19+(g) (h)		754,114


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	1,840,000	Letra Tesouro Nacional, Series LTN, 13.60%, 7/1/19+(g) (h)	$	405,146
	6,476,000	Malaysia Government, Series 1/06, 4.26%, 9/15/16+		1,613,101
	3,080,000	Malaysia Government, Series 0207, 3.81%, 2/15/17+		769,800
	15,160,000	Malaysia Government, Series 0214, 3.39%, 3/15/17+		3,784,071
	1,536,000	Malaysia Government, Series 0210, 4.01%, 9/15/17+		386,472
	4,572,000	Malaysia Government, Series 2/03, 4.24%, 2/7/18+		1,162,118
	1,120,000	Malaysia Treasury Bill, Series 2815, 2.33%, 8/5/16+(g)		277,407
	920,000	Malaysia Treasury Bill, Series 0216, 2.63%, 1/20/17+(g)		225,042
	3,776,000	Malaysian Government, Series 0113, 3.17%, 7/15/16+		937,528
	2,350,000	Malaysian Government, Series 0512, 3.31%, 10/31/17+		587,833
	2,830,000	Malaysian Government, Series 0213, 3.26%, 3/1/18+		708,581
	12,960,000	Mex Bonos Desarr, Series M, 4.75%, 6/14/18+(e) (i)		707,700
	444,383,000	Mexican Cetes, Series BI, 0.00%, 7/7/16+(i)		2,429,502
	54,578,000	Mexican Cetes, Series BI, 0.00%, 7/21/16+(i)		297,929
	51,478,000	Mexican Cetes, Series BI, 0.00%, 8/4/16+(i)		280,584
	469,022,000	Mexican Cetes, Series BI, 0.00%, 8/18/16+(i)		2,552,635
	98,739,000	Mexican Cetes, Series BI, 0.00%, 9/1/16+(i)		536,584
	934,866,000	Mexican Cetes, Series BI, 0.00%, 10/13/16+(i)		5,053,297
	23,384,000	Mexican Cetes, Series BI, 0.00%, 11/10/16+(i)		125,963
	485,091,000	Mexican Cetes, Series BI, 0.00%, 12/8/16+(i)		2,603,970
	404,363,000	Mexican Cetes, Series BI, 0.00%, 2/2/17+(i)		2,156,243
	1,627,810	Mexican Udibonos, 3.50%, 12/14/17+(e)(i)		91,649
	983,028	Mexican Udibonos, 4.00%, 6/13/19+(e)(i)		56,971
	792,765	Mexican Udibonos, 2.50%, 12/10/20+(e)(i)		43,900
	8,717,000	Mexico Bonos Desarr, Series M 10, 7.25%, 12/15/16+(e) (i)		483,004
	40,370,000	Mexico Bonos Desarr, Series M, 5.00%, 6/15/17+(e) (i)		2,220,779
	51,353,000	Mexico Cetes, Series BI, 0.00%, 8/25/16+(i)		279,237
	13,893,000	Mexico Cetes, Series BI, 0.00%, 9/15/16+(i)		75,342
	13,892,000	Mexico Cetes, Series BI, 0.00%, 9/29/16+(i)		75,218
	56,167,000	Mexico Cetes, Series BI, 0.00%, 10/27/16+(i)		303,139
	41,678,000	Mexico Cetes, Series BI, 0.00%, 11/24/16+(i)		224,166
	87,991,000	Mexico Cetes, Series BI, 0.00%, 3/2/17+(i)		467,580
	45,520,000	Mexico Cetes, Series BI, 0.00%, 3/30/17+(i)		241,119
	125,315,000	Mexico Cetes, Series BI, 0.00%, 5/25/17+(i)		658,651
	10,000	Nota do Tesouro Nacional, Series NTNB, 0.00%, 5/15/19+(h)		9,011
	720,000	Nota do Tesouro Nacional, Series NTNB, 0.00%, 5/15/23+(h)		644,246


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	16,650,000	Nota do Tesouro Nacional, Series NTNF, 1.26%, 1/1/25+(g) (h)	$	4,657,029
	5,290,000	Nota do Tesouro Nacional, Series NTNF, 1.12%, 1/1/27+(h)		1,464,662
	1,830,000	Philippine Government International Bond, Series 1042, 9.13%, 9/4/16+		39,429
	9,830,000	Philippine Government International Bond, Series 3-21, 2.88%, 5/22/17+		210,313
	2,660,000	Philippine Government International Bond, Series 1045, 5.88%, 1/31/18+		59,473
	48,142,000	Philippine Government International Bond, Series 5-72, 2.13%, 5/23/18+		1,017,945
	10,380,000	Philippine Government International Bond, Series 7-51, 5.00%, 8/18/18+		232,249
	140,550,000	Philippine Government International Bond, Series 7-56, 3.88%, 11/22/19+		3,093,939
	100,000	Philippine Treasury Bill, Series 364, 0.53%, 7/6/16+(g)		2,127
	11,050,000	Philippine Treasury Bill, Series 182, 1.48%, 7/20/16+(g)		234,814
	8,410,000	Philippine Treasury Bill, Series 364, 1.40%, 8/3/16+(g)		178,624
	20,210,000	Philippine Treasury Bill, Series 182, 1.47%, 8/24/16+(g)		428,854
	1,820,000	Philippine Treasury Bill, Series 364, 1.50%, 9/7/16+(g)		38,596
	1,020,000	Philippine Treasury Bill, Series 182, 1.40%, 9/14/16+(g)		21,629
	12,720,000	Philippine Treasury Bill, Series 182, 1.37%, 11/2/16+(g)		269,246
	1,410,000	Philippine Treasury Bill, Series 364, 1.42%, 12/7/16+(g)		29,799
	33,640,000	Philippine Treasury Bill, Series 364, 1.32%, 1/18/17+(g)		710,182
	27,150,000	Philippine Treasury Bill, Series 364, 1.57%, 2/22/17+(g)		571,518
	2,050,000	Philippine Treasury Bill, Series 364, 1.53%, 3/15/17+(g)		43,126
	13,740,000	Philippine Treasury Bill, Series 364, 1.53%, 5/3/17+(g)		288,461
	8,200,000	Philippine Treasury Bill, Series 364, 1.75%, 6/7/17+(g)		171,544
	6,340,000	Poland Government Bond, Series 0716, 1.59%, 7/25/16+(g)		1,605,976
	7,265,000	Poland Government Bond, Series 1016, 4.75%, 10/25/16+		1,859,969
	3,343,000	Poland Government Bond, Series 0117, 1.75%, 1/25/17+(e)		848,593
	160,000	Poland Government Bond, Series 0417, 4.75%, 4/25/17+		41,593
	3,391,000	Poland Government Bond, Series 0121, 1.75%, 1/25/21+(e)		847,449


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	15,500	Portugal Obrigacoes do Tesouro, 4.95%, 10/25/23+(d)	$	19,806
	38,700	Portugal Obrigacoes do Tesouro, 5.65%, 2/15/24+(d)		51,029
	2,250,000	Portugal Obrigacoes do Tesouro, 3.88%, 2/15/30+(d)		2,590,016
	174,000,000	Republic of Colombia, 7.75%, 4/14/21+		60,932
	393,000,000	Republic of Colombia, Series B, 7.00%, 5/4/22+		134,296
	710,000,000	Republic of Colombia, Series B, 10.00%, 7/24/24+		282,661
	2,717,000,000	Republic of Colombia, Series B, 7.50%, 8/26/26+		924,195
	42,000,000	Republic of Colombia, 9.85%, 6/28/27+		17,212
	3,899,000,000	Republic of Colombia, Series B, 7.75%, 9/18/30+		1,344,592
	374,000,000	Republic of Columbia, Series B, 11.25%, 10/24/18+		139,945
	223,000,000	Republic of Columbia, Series B, 7.00%, 9/11/19+		76,799
	202,000,000	Republic of Columbia, Series B, 11.00%, 7/24/20+		79,171
	27,000,000	Republic of Columbia, 4.38%, 3/21/23, Callable 12/21/22 @ 100+		7,886
	1,382,000,000	Republic of Columbia, Series B, 6.00%, 4/28/28+		414,405

	Total Foreign Bonds (Cost $109,183,170)			108,603,595

	Yankee Dollars (3.8%):
	Aerospace & Defense (0.0%):
	300,000	Bombardier, Inc., 7.50%, 3/15/25, Callable 3/15/20 @ 103.75(d)		259,500

	Construction Materials (0.1%):
	500,000	Cemex SAB de C.V., 7.25%, 1/15/21, Callable 10/15/18 @ 104(d)		527,600

	Containers & Packaging (0.1%):
	500,000	Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 6.25%, 1/31/19, Callable 8/8/16 @ 103.13(d)		508,125

	Diversified Financial Services (0.3%):
	500,000	Algeco Scotsman Global Finance plc, 8.50%, 10/15/18, Callable 8/8/16 @ 104.25^(d)		405,000
	500,000	Altice Financing SA, 6.63%, 2/15/23, Callable 2/15/18 @ 104.97(d)		490,935
	1,000,000	Virgin Media Secured Finance plc, 5.50%, 1/15/25, Callable 7/15/19 @ 103^(d)		981,250

				1,877,185

	Diversified Telecommunication Services (0.2%):
	500,000	Telecom Italia SpA, 5.30%, 5/30/24(d)		498,750
	500,000	Wind Acquisition Finance SA, 7.38%, 4/23/21, Callable 4/23/17 @ 104(d)		476,250

				975,000


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Electric Utilities (0.1%):
$	1,000,000	InterGen NV, 7.00%, 6/30/23, Callable 9/15/22 @ 103.5(d)	$	707,500

	Energy Equipment & Services (0.3%):
	1,000,000	Weatherford International plc, 7.75%, 6/15/21, Callable 5/15/21 @ 100^		973,750
	800,000	Weatherford International plc, 8.25%, 6/15/23, Callable 3/15/23 @ 100^		760,000

				1,733,750

	Hotels, Restaurants & Leisure (0.8%):
	2,600,000	International Game Technology, 6.25%, 2/15/22, Callable 8/1/18 @ 100(d)		2,642,250
	2,600,000	International Game Technology, 6.50%, 2/15/25, Callable 6/30/18 @ 100^(d)		2,619,500

				5,261,750

	Marine (0.0%):
	200,000	Stena International SA, 5.75%, 3/1/24^(d)		164,000

	Media (0.1%):
	300,000	Altice SA, 7.75%, 5/15/22, Callable 5/15/17 @ 106(d)		303,000
	500,000	Altice SA, 7.63%, 2/15/25, Callable 2/15/20 @ 103.81^(d)		488,125

				791,125

	Metals & Mining (0.2%):
	230,000	First Quantum Minerals, Ltd., 7.00%, 2/15/21, Callable 3/15/20 @ 103.5(d)		184,863
	1,000,000	FMG Resources Pty, Ltd., 9.75%, 3/1/22, Callable 3/1/18 @ 109.75^(d)		1,103,750

				1,288,613

	Pharmaceuticals (0.4%):
	1,500,000	Mallinckrodt International Finance SA, 5.75%, 8/1/22, Callable 8/1/17 @ 104^(d)		1,425,000
	500,000	Mallinckrodt International Finance SA, 5.50%, 4/15/25, Callable 4/15/20 @ 102.75^(d)		446,060
	800,000	VRX Escrow Corp., 5.88%, 5/15/23, Callable 5/15/18 @ 102.94^(d)		646,000
	600,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 7/15/17 @ 103.06^(d)		481,500

				2,998,560

	Sovereign Bonds (1.2%):
	1,550,000	Republic of Portugal, 5.13%, 10/15/24(d)		1,549,551
	200,000	Republic of Serbia, 5.25%, 11/21/17(d)		206,758
	1,088,000	Ukraine Government, 7.75%, 9/1/21(d)		1,058,297
	1,088,000	Ukraine Government, 7.75%, 9/1/22(d)		1,051,823
	1,088,000	Ukraine Government, 7.75%, 9/1/23(d)		1,047,418
	964,000	Ukraine Government, 7.75%, 9/1/24(d)		922,789
	964,000	Ukraine Government, 7.75%, 9/1/25(d)		918,403
	964,000	Ukraine Government, 7.75%, 9/1/26(d)		913,583


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Sovereign Bonds, continued
$	964,000	Ukraine Government, 7.75%, 9/1/27(d)	$	911,173
	2,207,000	Ukraine Government, Series GDP, 0.00%, 5/31/40(d) (e)		714,958

				9,294,753

	Total Yankee Dollars (Cost $26,974,196)			26,387,461

	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		578,971

	Total Municipal Bond (Cost $740,410)			578,971

	U.S. Government Agency Mortgage (3.8%):
	26,110,000	Federal Home Loan Bank, 0.01%, 7/1/16(g)		26,110,000

	Total U.S. Government Agency Mortgage (Cost $26,110,000)			26,110,000

	U.S. Treasury Obligations (0.3%):
	U.S. Treasury Bill (0.3%)
	1,000,000	0.23%, 9/1/16(g)		999,600
	1,000,000	0.28%, 12/1/16^(g)		998,789

	Total U.S. Treasury Obligations (Cost $1,997,464)			1,998,389

	Securities Held as Collateral for Securities on Loan (9.9%):
$	67,964,208	AZL Franklin Templeton Founding Strategy Plus Fund Securities Lending Collateral Account(j)		67,964,208

	Total Securities Held as Collateral for Securities on Loan (Cost $67,964,208)			67,964,208

	Unaffiliated Investment Company (6.3%):
	41,114,531	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(g)		41,114,531

	Total Unaffiliated Investment Company (Cost $41,114,531)			41,114,531

	Total Investment Securities (Cost $742,706,535)(k) — 110.0%			753,654,600
	Net other assets (liabilities) — (10.0)%			(66,915,143	)

	Net Assets — 100.0%		$	686,739,457

Percentages indicated are based on net assets as of June 30, 2016.

ADR—American Depositary Receipt

#	Security issued in connection with a pending litigation settlement.

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of June 30, 2016. The total value of securities on loan as of June 30, 2016, was $66,358,010.

+	The principal amount is disclosed in local currency and the fair value is disclosed in U.S. Dollars.

(a)	Security was valued in good faith pursuant to procedures approved by the Board of Trustees as of June 30, 2016. The total of all such securities represent 0.00% of the net assets of the fund.

(b)	The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of June 30, 2016, these securities represent 0.00% of the net assets of the Fund.

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, 2016:


Type of Contract	Counterparty		Delivery Date		Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
Australian Dollar		Citibank		9/14/16		1,553,000	$	1,118,750	$	1,154,624	$	(35,874	)
Australian Dollar		Citibank		11/3/16		9,400,000		7,101,042		6,976,518		124,524
Australian Dollar		JPMorgan Chase		12/12/16		1,572,000		1,118,759		1,165,117		(46,358	)
Australian Dollar		JPMorgan Chase		12/13/16		2,319,000		1,711,225		1,718,711		(7,486	)
Australian Dollar		Citibank		12/14/16		1,563,000		1,153,682		1,158,366		(4,684	)
Australian Dollar		JPMorgan Chase		12/14/16		781,000		559,102		578,812		(19,710	)
Brazilian Real		JPMorgan Chase		7/5/16		4,041,061		1,260,586		1,256,219		4,367
British Pound		Banco Sandler		11/23/16		26,674		35,546		35,560		(14	)
British Pound		Bank of America		11/23/16		38,274		51,577		51,025		552
British Pound		Credit Suisse First Boston		11/23/16		19,137		25,880		25,512		368
British Pound		HSBC Bank		11/23/16		8,508,006		12,420,772		11,342,385		1,078,387
British Pound		SSB Soft Dollar		11/23/16		75,107		100,246		100,128		118
British Pound		State Street		11/23/16		131,054		185,092		174,714		10,378
Canadian Dollar		Citibank		7/5/16		69,247		53,271		53,607		(336	)
Chilean Peso		Morgan Stanley		7/5/16		31,392,500		46,490		47,414		(924	)
Chilean Peso		Deutsche Bank		7/7/16		41,112,000		61,962		62,082		(120	)
Chilean Peso		Deutsche Bank		7/11/16		21,398,500		32,251		32,301		(50	)
European Euro		Barclays Bank		7/1/16		17,912		20,459		19,875		584
European Euro		Barclays Bank		7/6/16		516,186		576,695		572,884		3,811
European Euro		HSBC Bank		7/6/16		1,113,075		1,243,572		1,235,336		8,236
European Euro		Deutsche Bank		7/7/16		312,372		337,290		346,696		(9,406	)
European Euro		Barclays Bank		7/11/16		112,000		127,737		124,325		3,412
European Euro		JPMorgan Chase		7/13/16		2,098,000		2,397,233		2,329,050		68,183
European Euro		JPMorgan Chase		7/14/16		99,000		112,830		109,907		2,923
European Euro		Deutsche Bank		7/15/16		1,030,000		1,163,315		1,143,517		19,798
European Euro		Barclays Bank		7/18/16		1,698,012		1,909,542		1,885,361		24,181
European Euro		Deutsche Bank		7/18/16		525,093		590,478		583,029		7,449
European Euro		Goldman Sachs		7/18/16		87,000		97,611		96,599		1,012
European Euro		HSBC Bank		7/18/16		78,849		89,129		87,549		1,580
European Euro		Morgan Stanley		7/18/16		277,000		305,808		307,563		(1,755	)
European Euro		Barclays Bank		7/19/16		82,000		89,823		91,051		(1,228	)
European Euro		Barclays Bank		7/20/16		266,076		297,202		295,455		1,747
European Euro		Bank of America		7/21/16		5,770,975		6,330,358		6,408,422		(78,064	)
European Euro		Bank of America		7/21/16		39,227		43,793		43,560		233
European Euro		Barclays Bank		7/21/16		97,000		106,352		107,714		(1,362	)
European Euro		Credit Suisse First Boston		7/21/16		37,714		42,648		41,880		768
European Euro		Deutsche Bank		7/21/16		11,100		12,160		12,326		(166	)
European Euro		HSBC Bank		7/21/16		342,728		383,091		380,585		2,506
European Euro		JPMorgan Chase		7/21/16		5,188		5,895		5,761		134
European Euro		State Street		7/21/16		312,089		349,945		346,562		3,383
European Euro		State Street		7/21/16		40,950		45,648		45,473		175
European Euro		UBS Warburg		7/21/16		19,406		22,138		21,550		588
European Euro		Bank of America		7/22/16		16,935		19,255		18,806		449
European Euro		Barclays Bank		7/22/16		74,793		84,964		83,058		1,906
European Euro		Morgan Stanley		7/22/16		366,000		400,093		406,442		(6,349	)
European Euro		Barclays Bank		7/25/16		372,817		418,923		414,059		4,864
European Euro		Deutsche Bank		7/25/16		93,795		103,431		104,171		(740	)
European Euro		State Street		7/25/16		420,000		475,818		466,461		9,357
European Euro		Deutsche Bank		7/27/16		526,975		586,597		585,313		1,284
European Euro		Citibank		7/28/16		85,594		95,273		95,073		200
European Euro		Barclays Bank		7/29/16		419,995		465,738		466,524		(786	)
European Euro		Deutsche Bank		7/29/16		2,639,978		2,891,937		2,932,451		(40,514	)
European Euro		HSBC Bank		7/29/16		180,000		199,710		199,942		(232	)
European Euro		JPMorgan Chase		7/29/16		380,000		423,810		422,099		1,711


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
European Euro	State Street	7/29/16		4,566	$	5,071	$	5,072	$	(1	)
European Euro	Barclays Bank	8/1/16		17,912		19,912		19,899		13
European Euro	Barclays Bank	8/5/16		613,778		681,043		681,948		(905	)
European Euro	Citibank	8/5/16		380,000		420,337		422,205		(1,868	)
European Euro	HSBC Bank	8/5/16		380,000		419,482		422,205		(2,723	)
European Euro	JPMorgan Chase	8/5/16		269,500		297,535		299,433		(1,898	)
European Euro	Goldman Sachs	8/9/16		317,570		363,306		352,892		10,414
European Euro	Citibank	8/10/16		44,168		48,512		49,082		(570	)
European Euro	Deutsche Bank	8/11/16		180,000		198,710		200,035		(1,325	)
European Euro	JPMorgan Chase	8/11/16		239,500		263,570		266,158		(2,588	)
European Euro	Goldman Sachs	8/12/16		142,000		162,192		157,811		4,381
European Euro	Standard Charter	8/12/16		56,000		63,987		62,235		1,752
European Euro	Deutsche Bank	8/15/16		77,961		89,339		86,651		2,688
European Euro	Morgan Stanley	8/15/16		66,000		74,518		73,357		1,161
European Euro	Standard Charter	8/15/16		37,000		42,322		41,124		1,198
European Euro	JPMorgan Chase	8/16/16		30,000		33,917		33,345		572
European Euro	Morgan Stanley	8/17/16		66,000		73,999		73,362		637
European Euro	Barclays Bank	8/18/16		237,000		265,316		263,446		1,870
European Euro	Deutsche Bank	8/19/16		93,863		106,490		104,341		2,149
European Euro	Deutsche Bank	8/22/16		133,000		148,346		147,862		484
European Euro	JPMorgan Chase	8/22/16		590,027		662,986		655,960		7,026
European Euro	Deutsche Bank	8/23/16		130,000		146,107		144,532		1,575
European Euro	Goldman Sachs	8/24/16		289,000		325,570		321,318		4,252
European Euro	Bank of America	8/26/16		75,988		85,152		84,491		661
European Euro	JPMorgan Chase	8/26/16		172,504		193,172		191,808		1,364
European Euro	Deutsche Bank	8/29/16		8,867,075		9,916,359		9,860,412		55,947
European Euro	Goldman Sachs	8/29/16		130,000		145,408		144,563		845
European Euro	JPMorgan Chase	8/29/16		72,758		81,305		80,909		396
European Euro	Barclays Bank	8/31/16		170,862		189,231		190,018		(787	)
European Euro	Deutsche Bank	8/31/16		28,980		32,776		32,229		547
European Euro	Standard Charter	8/31/16		380,000		427,223		422,603		4,620
European Euro	Deutsche Bank	9/2/16		49,000		53,586		54,498		(912	)
European Euro	Deutsche Bank	9/6/16		237,800		262,369		264,523		(2,154	)
European Euro	JPMorgan Chase	9/6/16		1,125,000		1,274,664		1,251,422		23,242
European Euro	Citibank	9/9/16		1,704,605		1,941,716		1,896,384		45,332
European Euro	HSBC Bank	9/9/16		15,000		17,086		16,688		398
European Euro	Morgan Stanley	9/9/16		43,000		49,015		47,838		1,177
European Euro	Standard Charter	9/9/16		76,800		87,480		85,441		2,039
European Euro	Deutsche Bank	9/13/16		285,500		324,514		317,671		6,843
European Euro	Bank of America	9/15/16		433,000		488,324		481,829		6,495
European Euro	Citibank	9/15/16		10,643		12,015		11,843		172
European Euro	JPMorgan Chase	9/16/16		15,000		16,903		16,692		211
European Euro	Deutsche Bank	10/11/16		612,660		694,651		682,435		12,216
European Euro	HSBC Bank	10/13/16		73,000		82,790		81,320		1,470
European Euro	JPMorgan Chase	10/13/16		1,058,000		1,210,479		1,178,585		31,894
European Euro	Barclays Bank	10/17/16		62,000		71,350		69,077		2,273
European Euro	Deutsche Bank	10/17/16		320,000		367,274		356,526		10,748
European Euro	Barclays Bank	10/24/16		3,724,000		4,262,613		4,150,178		112,435
European Euro	Barclays Bank	10/27/16		175,515		195,396		195,623		(227	)
European Euro	Banco Sandler	11/4/16		74,387		83,016		82,935		81
European Euro	Deutsche Bank	11/4/16		7,376		8,215		8,224		(9	)
European Euro	HSBC Bank	11/4/16		63,958		71,343		71,307		36
European Euro	SSB Soft Dollar	11/4/16		37,193		41,572		41,467		105
European Euro	Citibank	11/9/16		1,793,000		1,969,476		1,999,410		(29,934	)
European Euro	Citibank	11/14/16		1,937,787		2,094,475		2,161,276		(66,801	)
European Euro	JPMorgan Chase	11/14/16		278,508		300,988		310,629		(9,641	)


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
European Euro	Deutsche Bank	11/17/16		335,703	$	364,815	$	374,463	$	(9,648	)
European Euro	Deutsche Bank	11/21/16		963,000		1,039,125		1,074,351		(35,226	)
European Euro	Goldman Sachs	12/2/16		760,000		814,834		848,233		(33,399	)
European Euro	JPMorgan Chase	12/15/16		97,000		107,954		108,315		(361	)
European Euro	Deutsche Bank	1/23/17		1,415,000		1,561,852		1,582,505		(20,653	)
European Euro	JPMorgan Chase	1/23/17		910,000		1,004,322		1,017,724		(13,402	)
European Euro	Goldman Sachs	1/27/17		197,000		216,186		220,356		(4,170	)
European Euro	HSBC Bank	1/31/17		3,401,418		3,753,634		3,805,303		(51,669	)
European Euro	Deutsche Bank	2/3/17		2,280,000		2,515,570		2,551,037		(35,467	)
European Euro	Barclays Bank	2/8/17		229,000		259,486		256,274		3,212
European Euro	Goldman Sachs	2/9/17		181,000		204,313		202,566		1,747
European Euro	Deutsche Bank	2/10/17		1,411,000		1,589,238		1,579,181		10,057
European Euro	Goldman Sachs	2/13/17		61,000		69,455		68,279		1,176
European Euro	Goldman Sachs	2/16/17		17,000		19,386		19,031		355
European Euro	Barclays Bank	2/22/17		339,000		380,816		379,590		1,226
European Euro	Bank of America	2/28/17		76,694		85,520		85,898		(378	)
European Euro	Deutsche Bank	2/28/17		277,730		309,988		311,060		(1,072	)
European Euro	Deutsche Bank	3/7/17		43,000		47,666		48,174		(508	)
Japanese Yen	Deutsche Bank	7/7/16		5,989,000		50,627		58,018		(7,391	)
Japanese Yen	JPMorgan Chase	7/7/16		82,325,000		688,906		797,518		(108,612	)
Japanese Yen	Barclays Bank	7/11/16		60,420,000		565,765		585,391		(19,626	)
Japanese Yen	Barclays Bank	7/15/16		101,530,000		863,791		983,820		(120,029	)
Japanese Yen	JPMorgan Chase	7/15/16		66,000,000		561,015		639,537		(78,522	)
Japanese Yen	HSBC Bank	7/19/16		5,640,000		48,022		54,658		(6,636	)
Japanese Yen	Standard Charter	7/19/16		7,340,000		62,981		71,133		(8,152	)
Japanese Yen	Citibank	7/25/16		74,785,000		608,018		724,898		(116,880	)
Japanese Yen	JPMorgan Chase	7/25/16		115,000,000		934,807		1,114,706		(179,899	)
Japanese Yen	Morgan Stanley	7/25/16		50,187,445		408,322		486,472		(78,150	)
Japanese Yen	Barclays Bank	7/29/16		8,700,000		71,225		84,341		(13,116	)
Japanese Yen	Deutsche Bank	7/29/16		128,714,781		1,091,969		1,247,806		(155,837	)
Japanese Yen	Citibank	8/8/16		46,922,100		381,589		455,029		(73,440	)
Japanese Yen	Citibank	8/10/16		2,240,000		18,133		21,724		(3,591	)
Japanese Yen	Barclays Bank	8/12/16		2,240,000		18,161		21,725		(3,564	)
Japanese Yen	JPMorgan Chase	8/16/16		73,290,000		655,364		710,919		(55,555	)
Japanese Yen	JPMorgan Chase	8/26/16		4,000,000		33,953		38,813		(4,860	)
Japanese Yen	Barclays Bank	8/31/16		35,700,000		318,494		346,472		(27,978	)
Japanese Yen	JPMorgan Chase	8/31/16		22,800,000		190,793		221,276		(30,483	)
Japanese Yen	Barclays Bank	9/9/16		64,145,400		568,267		622,791		(54,524	)
Japanese Yen	Citibank	9/16/16		2,260,084		20,006		21,950		(1,944	)
Japanese Yen	JPMorgan Chase	9/16/16		44,142,850		390,918		428,721		(37,803	)
Japanese Yen	Barclays Bank	9/20/16		36,981,755		306,409		359,236		(52,827	)
Japanese Yen	Citibank	9/23/16		46,322,000		417,692		450,027		(32,335	)
Japanese Yen	Morgan Stanley	9/23/16		7,060,000		63,688		68,589		(4,901	)
Japanese Yen	Barclays Bank	9/26/16		25,522,830		227,674		247,993		(20,319	)
Japanese Yen	Deutsche Bank	9/26/16		20,538,000		185,090		199,558		(14,468	)
Japanese Yen	JPMorgan Chase	10/6/16		82,325,000		742,777		800,256		(57,479	)
Japanese Yen	Deutsche Bank	10/7/16		399,565,980		3,354,456		3,884,222		(529,766	)
Japanese Yen	JPMorgan Chase	10/7/16		82,325,000		690,959		800,290		(109,331	)
Japanese Yen	HSBC Bank	10/11/16		163,800,000		1,378,382		1,592,587		(214,205	)
Japanese Yen	Barclays Bank	10/13/16		82,900,000		697,782		806,085		(108,303	)
Japanese Yen	Deutsche Bank	10/13/16		81,800,000		688,726		795,389		(106,663	)
Japanese Yen	Morgan Stanley	10/17/16		68,447,040		579,559		665,663		(86,104	)
Japanese Yen	JPMorgan Chase	10/19/16		33,615,000		286,234		326,941		(40,707	)
Japanese Yen	Barclays Bank	10/24/16		26,770,000		225,417		260,422		(35,005	)
Japanese Yen	Deutsche Bank	10/28/16		20,662,500		172,461		201,041		(28,580	)
Japanese Yen	Barclays Bank	11/7/16		536,000,000		4,971,364		5,217,370		(246,006	)


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Japanese Yen	JPMorgan Chase	11/7/16		91,650,000	$	764,221	$	892,112	$	(127,891	)
Japanese Yen	Citibank	11/14/16		99,753,000		819,730		971,274		(151,544	)
Japanese Yen	Goldman Sachs	11/14/16		7,475,000		68,956		72,783		(3,827	)
Japanese Yen	HSBC Bank	11/14/16		3,336,000		27,393		32,482		(5,089	)
Japanese Yen	JPMorgan Chase	11/14/16		36,450,000		299,062		354,906		(55,844	)
Japanese Yen	Standard Charter	11/14/16		5,588,000		51,551		54,409		(2,858	)
Japanese Yen	Citibank	11/16/16		5,587,000		46,050		54,404		(8,354	)
Japanese Yen	Deutsche Bank	11/18/16		6,194,000		51,006		60,320		(9,314	)
Japanese Yen	Citibank	11/21/16		16,280,000		141,362		158,562		(17,200	)
Japanese Yen	HSBC Bank	11/25/16		1,616,000		14,858		15,742		(884	)
Japanese Yen	Goldman Sachs	12/2/16		48,990,000		403,061		477,369		(74,308	)
Japanese Yen	HSBC Bank	12/9/16		76,900,000		719,364		749,553		(30,189	)
Japanese Yen	Citibank	12/12/16		95,140,000		896,249		927,458		(31,209	)
Japanese Yen	Deutsche Bank	12/13/16		21,300,000		201,327		207,649		(6,322	)
Japanese Yen	HSBC Bank	12/13/16		64,350,000		607,649		627,333		(19,684	)
Japanese Yen	JPMorgan Chase	12/13/16		59,620,000		562,753		581,221		(18,468	)
Japanese Yen	HSBC Bank	12/16/16		69,320,000		658,560		675,870		(17,310	)
Japanese Yen	Goldman Sachs	1/10/17		23,997,000		204,829		234,225		(29,396	)
Japanese Yen	JPMorgan Chase	1/10/17		82,325,000		700,096		803,540		(103,444	)
Japanese Yen	Deutsche Bank	1/13/17		26,073,000		223,816		254,521		(30,705	)
Japanese Yen	Citibank	1/17/17		1,520,000		13,053		14,841		(1,788	)
Japanese Yen	Standard Charter	1/17/17		4,550,000		38,956		44,424		(5,468	)
Japanese Yen	JPMorgan Chase	1/19/17		33,615,000		290,351		328,232		(37,881	)
Japanese Yen	Deutsche Bank	1/23/17		38,540,000		333,896		376,389		(42,493	)
Japanese Yen	Goldman Sachs	1/27/17		7,610,000		64,964		74,334		(9,370	)
Japanese Yen	JPMorgan Chase	1/27/17		40,100,000		342,328		391,693		(49,365	)
Japanese Yen	HSBC Bank	1/31/17		9,353,364		79,875		91,379		(11,504	)
Japanese Yen	JPMorgan Chase	2/8/17		100,100,000		864,933		978,287		(113,354	)
Japanese Yen	Standard Charter	2/8/17		100,170,000		867,408		978,971		(111,563	)
Japanese Yen	Barclays Bank	2/9/17		100,180,000		868,675		979,112		(110,437	)
Japanese Yen	Citibank	2/9/17		5,590,000		48,482		54,634		(6,152	)
Japanese Yen	JPMorgan Chase	2/9/17		100,400,000		868,482		981,262		(112,780	)
Japanese Yen	Citibank	2/16/17		106,980,000		962,890		1,045,895		(83,005	)
Japanese Yen	Deutsche Bank	2/16/17		2,240,000		19,772		21,899		(2,127	)
Japanese Yen	Goldman Sachs	2/16/17		40,515,860		363,752		396,105		(32,353	)
Japanese Yen	HSBC Bank	2/16/17		53,860,000		478,054		526,565		(48,511	)
Japanese Yen	JPMorgan Chase	2/16/17		53,831,000		475,375		526,281		(50,906	)
Japanese Yen	Barclays Bank	2/27/17		17,870,000		161,617		174,792		(13,175	)
Japanese Yen	HSBC Bank	2/27/17		4,020,000		36,300		39,321		(3,021	)
Japanese Yen	Deutsche Bank	3/1/17		11,991,000		107,762		117,298		(9,536	)
Japanese Yen	JPMorgan Chase	3/3/17		9,700,000		87,016		94,895		(7,879	)
Japanese Yen	HSBC Bank	3/6/17		4,600,000		40,962		45,008		(4,046	)
Japanese Yen	JPMorgan Chase	3/24/17		2,255,332		20,489		22,084		(1,595	)
Japanese Yen	Citibank	4/13/17		3,500,000		32,895		34,302		(1,407	)
Japanese Yen	Bank of America	4/18/17		32,710,000		304,157		320,652		(16,495	)
Japanese Yen	JPMorgan Chase	4/20/17		63,490,000		592,996		622,439		(29,443	)
Japanese Yen	JPMorgan Chase	4/21/17		44,080,000		408,748		432,168		(23,420	)
Japanese Yen	Deutsche Bank	5/16/17		45,848,000		427,770		449,996		(22,226	)
Japanese Yen	Bank of America	5/18/17		84,777,550		790,688		832,161		(41,473	)
Japanese Yen	Citibank	5/18/17		84,652,200		789,132		830,930		(41,798	)
Japanese Yen	Bank of America	5/19/17		84,522,875		785,164		829,697		(44,533	)
Japanese Yen	HSBC Bank	5/19/17		84,820,600		787,929		832,620		(44,691	)
Japanese Yen	Bank of America	5/22/17		84,752,500		784,343		832,061		(47,718	)
Japanese Yen	JPMorgan Chase	5/22/17		5,564,000		51,657		54,625		(2,968	)
Japanese Yen	Citibank	6/8/17		51,300,000		485,961		504,016		(18,055	)
Japanese Yen	Citibank	6/16/17		2,416,000		23,173		23,745		(572	)


Type of Contract	Counterparty		Delivery Date		Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Japanese Yen		JPMorgan Chase		6/16/17		25,100,000	$	240,644	$	246,691	$	(6,047	)
Japanese Yen		Morgan Stanley		6/16/17		41,392,500		396,860		406,819		(9,959	)
Japanese Yen		Deutsche Bank		6/19/17		69,210,000		662,696		680,308		(17,612	)
Japanese Yen		Citibank		6/20/17		54,180,000		527,877		532,592		(4,715	)
Japanese Yen		State Street		6/22/17		69,330,000		673,630		681,578		(7,948	)
Japanese Yen		Barclays Bank		6/30/17		16,411,000		162,733		161,398		1,335
Korean Won		Bank of America		8/12/16		337,754,381		282,641		293,248		(10,607	)
Korean Won		Credit Suisse First Boston		8/12/16		418,195,934		358,325		363,089		(4,764	)
Korean Won		HSBC Bank		8/12/16		767,420,213		635,796		666,296		(30,500	)
Korean Won		Goldman Sachs		9/7/16		1,161,000,000		970,655		1,007,883		(37,228	)
Korean Won		Citibank		9/19/16		1,062,000,000		876,455		921,811		(45,356	)
Korean Won		HSBC Bank		9/19/16		2,595,000,000		2,125,655		2,252,447		(126,792	)
Korean Won		HSBC Bank		9/26/16		923,000,000		793,398		801,095		(7,697	)
Korean Won		HSBC Bank		9/28/16		928,000,000		791,876		805,416		(13,540	)
Korean Won		HSBC Bank		10/18/16		4,460,000,000		3,851,967		3,870,780		(18,813	)
Korean Won		HSBC Bank		11/2/16		6,094,000,000		5,292,532		5,288,836		3,696
Korean Won		Bank of America		11/14/16		219,932,381		190,471		190,872		(401	)
Korean Won		Citibank		11/14/16		1,065,000,000		910,996		924,277		(13,281	)
Korean Won		Credit Suisse First Boston		11/14/16		193,901,924		168,221		168,281		(60	)
Korean Won		HSBC Bank		11/14/16		818,854,458		717,733		710,656		7,077
Korean Won		Citibank		11/16/16		1,067,000,000		911,888		926,011		(14,123	)
Korean Won		HSBC Bank		11/17/16		3,574,000,000		3,046,499		3,101,742		(55,243	)
Korean Won		HSBC Bank		11/18/16		1,971,000,000		1,679,233		1,710,556		(31,323	)
Korean Won		HSBC Bank		11/25/16		927,000,000		777,685		804,503		(26,818	)
Korean Won		HSBC Bank		12/2/16		1,118,000,000		943,460		970,257		(26,797	)
Korean Won		Citibank		12/15/16		797,000,000		678,182		691,668		(13,486	)
Korean Won		HSBC Bank		4/25/17		1,233,000,000		1,081,721		1,070,034		11,687
Korean Won		HSBC Bank		4/26/17		343,000,000		299,315		297,666		1,649
Mexican Peso		Citibank		7/8/16		3,689,235		199,337		201,689		(2,352	)
Mexican Peso		Citibank		7/11/16		1,506,225		81,360		82,322		(962	)
Singapore Dollar		Barclays Bank		8/17/16		103,000		72,810		76,460		(3,650	)
Singapore Dollar		HSBC Bank		8/17/16		77,000		53,950		57,159		(3,209	)

							$	171,369,492	$	175,513,664	$	(4,144,172	)

Long Contracts:
British Pound		Bank of America		11/23/16		178,926	$	254,412	$	238,534	$	(15,878	)
British Pound		HSBC Bank		11/23/16		84,804		119,926		113,056		(6,870	)
British Pound		State Street		11/23/16		63,895		90,189		85,182		(5,007	)
Chilean Peso		Morgan Stanley		7/5/16		31,392,500		45,020		47,414		2,394
Chilean Peso		Deutsche Bank		7/7/16		41,112,000		60,422		62,082		1,660
Chilean Peso		Deutsche Bank		7/11/16		21,398,500		31,287		32,302		1,015
Chilean Peso		Morgan Stanley		7/11/16		240,680,700		355,282		363,316		8,034
Chilean Peso		Deutsche Bank		7/14/16		21,398,500		31,475		32,293		818
Chilean Peso		Deutsche Bank		7/18/16		990,000		1,461		1,494		33
Chilean Peso		Deutsche Bank		7/21/16		122,326,000		177,464		184,489		7,025
Chilean Peso		Barclays Bank		7/22/16		12,000,000		17,602		18,097		495
Chilean Peso		State Street		7/25/16		975,000		1,433		1,470		37
Chilean Peso		Deutsche Bank		7/28/16		29,834,000		44,274		44,967		693
Chilean Peso		State Street		7/28/16		1,530,000		2,263		2,306		43
Chilean Peso		Morgan Stanley		7/29/16		31,392,500		46,392		47,311		919
Chilean Peso		Morgan Stanley		8/3/16		30,977,000		44,307		46,664		2,357
Chilean Peso		Morgan Stanley		8/4/16		4,410,000		6,629		6,643		14
Chilean Peso		Deutsche Bank		8/8/16		41,112,000		61,823		61,904		81
Chilean Peso		Deutsche Bank		8/9/16		25,345,000		37,410		38,160		750
Chilean Peso		Morgan Stanley		8/16/16		10,290,000		14,945		15,483		538
Chilean Peso		Deutsche Bank		8/17/16		100,923,500		147,776		151,843		4,067


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Chilean Peso	Morgan Stanley	8/18/16		10,290,000	$	14,798	$	15,480	$	682
Chilean Peso	Morgan Stanley	8/22/16		2,500,000		3,577		3,760		183
Chilean Peso	JPMorgan Chase	8/23/16		3,900,000		5,524		5,865		341
Chilean Peso	Citibank	8/31/16		497,000		715		747		32
Chilean Peso	Deutsche Bank	8/31/16		8,474,000		12,125		12,734		609
Chilean Peso	Deutsche Bank	9/2/16		129,203,000		185,912		194,114		8,202
Chilean Peso	Morgan Stanley	9/6/16		30,977,000		44,180		46,523		2,343
Chilean Peso	JPMorgan Chase	9/9/16		493,000		718		740		22
Chilean Peso	Deutsche Bank	9/12/16		19,548,500		28,784		29,344		560
Chilean Peso	JPMorgan Chase	9/13/16		7,300,000		10,661		10,957		296
Chilean Peso	Deutsche Bank	9/20/16		119,358,000		171,590		179,039		7,449
Chilean Peso	JPMorgan Chase	9/26/16		990,530,400		1,460,206		1,485,025		24,819
Chilean Peso	State Street	9/30/16		8,774,000		12,746		13,149		403
Chilean Peso	Deutsche Bank	10/12/16		21,398,500		32,003		32,033		30
European Euro	Barclays Bank	7/6/16		516,186		572,708		572,884		176
European Euro	Banco Sandler	7/21/16		91,661		101,340		101,786		446
European Euro	Bank of America	7/21/16		43,112		48,527		47,874		(653	)
European Euro	Credit Suisse First Boston	7/21/16		183,522		205,607		203,793		(1,814	)
European Euro	HSBC Bank	7/21/16		31,016		34,837		34,442		(395	)
European Euro	HSBC Bank	7/21/16		145,076		162,437		161,101		(1,336	)
European Euro	SSB Soft Dollar	7/21/16		54,808		60,283		60,862		579
European Euro	State Street	7/21/16		215,853		245,148		239,696		(5,452	)
European Euro	Citibank	11/9/16		471,869		538,662		526,190		(12,472	)
Indian Rupee	HSBC Bank	7/11/16		258,409,000		3,829,944		3,821,400		(8,544	)
Indian Rupee	JPMorgan Chase	7/18/16		5,537,000		82,194		81,781		(413	)
Indian Rupee	Deutsche Bank	7/20/16		8,080,848		120,029		119,310		(719	)
Indian Rupee	JPMorgan Chase	7/25/16		26,253,400		390,891		387,277		(3,614	)
Indian Rupee	Deutsche Bank	7/27/16		4,760,000		70,660		70,192		(468	)
Indian Rupee	Deutsche Bank	7/29/16		15,866,666		235,023		233,891		(1,132	)
Indian Rupee	JPMorgan Chase	7/29/16		14,490,000		214,794		213,597		(1,197	)
Indian Rupee	Deutsche Bank	8/9/16		7,933,333		117,591		116,713		(878	)
Indian Rupee	JPMorgan Chase	8/9/16		5,537,000		82,114		81,459		(655	)
Indian Rupee	HSBC Bank	8/16/16		8,549,600		126,590		125,620		(970	)
Indian Rupee	JPMorgan Chase	8/23/16		26,253,400		385,113		385,254		141
Indian Rupee	JPMorgan Chase	9/6/16		5,537,000		80,597		81,059		462
Indian Rupee	Citibank	9/14/16		25,456,000		377,098		372,180		(4,918	)
Indian Rupee	HSBC Bank	9/21/16		8,645,260		126,940		126,255		(685	)
Indonesian Rupiah	JPMorgan Chase	3/15/17		28,206,170,975		2,023,398		2,046,809		23,411
Korean Won	Credit Suisse First Boston	8/12/16		40,481,791		35,165		35,147		(18	)
Korean Won	HSBC Bank	8/12/16		55,245,000		48,316		47,965		(351	)
Malaysian Ringgit	HSBC Bank	9/14/16		13,999,000		3,381,401		3,457,600		76,199
Mexican Peso	Citibank	7/8/16		3,689,235		227,766		201,689		(26,077	)
Mexican Peso	Citibank	7/11/16		1,506,225		92,526		82,322		(10,204	)
Mexican Peso	HSBC Bank	9/6/16		11,644,900		666,661		632,812		(33,849	)
Mexican Peso	Deutsche Bank	10/17/16		19,592,000		1,146,804		1,060,211		(86,593	)
Mexican Peso	Citibank	10/24/16		6,418,829		376,648		347,096		(29,552	)
Mexican Peso	HSBC Bank	11/22/16		51,197,819		2,723,288		2,760,059		36,771
Mexican Peso	HSBC Bank	1/30/17		11,680,000		614,155		625,123		10,968
Mexican Peso	HSBC Bank	3/10/17		10,223,640		554,818		544,951		(9,867	)
Mexican Peso	JPMorgan Chase	3/14/17		28,297,935		1,550,912		1,507,734		(43,178	)
Singapore Dollar	Barclays Bank	8/17/16		103,000		73,221		76,460		3,239
Singapore Dollar	HSBC Bank	8/17/16		77,000		54,746		57,159		2,413

					$	25,354,283	$	25,272,273	$	(82,010	)

At June 30, 2016, 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)
European Euro/Mexican Peso	Citibank	871,963.70 EUR		18,448,180 MXN	$	961,036	$	921,062	$	(39,974	)
Indian Rupee/European Euro	JPMorgan Chase	123,553,500.00 INR		1,615,290 EUR		1,827,728		1,854,791		27,063
Indonesian Rupiah/Australian Dollar	JPMorgan Chase	37,360,000,000 IDR		3,690,606 AUD		2,699,409		2,702,616		3,207
Korean Won/European Euro	Deutsche Bank	316,000,000 KRW		241,491 EUR		271,918		277,305		5,387
Korean Won/European Euro	HSBC Bank	317,000,000 KRW		241,300 EUR		271,831		278,288		6,457
Korean Won/European Euro	JPMorgan Chase	2,061,529,000 KRW		1,567,572 EUR		1,708,826		1,758,517		49,691
Korean Won/European Euro	JPMorgan Chase	787,640,500.00 KRW		595,470 EUR		686,267		706,490		20,223
Malaysian Ringgit/European Euro	JPMorgan Chase	8,549,000 MYR		1,768,990 EUR		1,924,970		2,080,422		155,452
Malaysian Ringgit/European Euro	JPMorgan Chase	1,580,000 MYR		365,639 EUR		406,745		392,174		(14,571	)
Mexican Peso/European Euro	Citibank	18,448,180 MXN		933,353 EUR		1,019,849		991,671		(28,178	)
Mexican Peso/European Euro	Citibank	10,131,019.92 MXN		471,869 EUR		541,988		560,378		18,390
Mexican Peso/European Euro	Citibank	283,100.00 MXN		13,744 EUR		15,808		15,614		(194	)
Mexican Peso/European Euro	Citibank	18,448,180.00 MXN		831,282 EUR		927,943		964,249		36,306
Mexican Peso/European Euro	Citibank	787,100.00 MXN		37,788 EUR		43,607		42,984		(623	)

					$	13,307,92	$	13,546,561	$	238,636

At June 30, 2016, the Fund’s open over-the-counter interest rate swap agreements were as follows:

At June 30, 2016, 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)		Upfront Premiums Paid/ (Received) ($)		Value ($)			Unrealized Appreciation/ (Depreciation) ($)
Pay	3-Month U.S. Dollar LIBOR BBA	0.926		10/17/17		JP Morgan Securities LLC		9,940,000 USD		—		(30,408	)		(30,408	)
Pay	3-Month U.S. Dollar LIBOR BBA	2.731		7/7/24		JP Morgan Securities LLC		1,840,000 USD		—		(177,116	)		(177,116	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.914		1/22/25		JP Morgan Securities LLC		3,430,000 USD		—		(177,227	)		(177,227	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.970		1/23/25		JP Morgan Securities LLC		4,290,000 USD		—		(240,962	)		(240,962	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.973		1/27/25		JP Morgan Securities LLC		2,530,000 USD		—		(142,902	)		(142,902	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.937		1/29/25		JP Morgan Securities LLC		640,000 USD		—		(34,283	)		(34,283	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.942		1/30/25		JP Morgan Securities LLC		540,000 USD		—		(29,114	)		(29,114	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.817		2/3/25		JP Morgan Securities LLC		840,000 USD		—		(36,648	)		(36,648	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.985		3/27/25		JP Morgan Securities LLC		600,000 USD		—		(34,576	)		(34,576	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.978		3/27/25		JP Morgan Securities LLC		600,000 USD		—		(34,211	)		(34,211	)

												(937,446	)		(937,446	)

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	742,706,535

Investment securities, at value*	$	753,654,600
Cash		1,793,671
Segregated cash for collateral		4,116,187
Interest and dividends receivable		4,121,809
Foreign currency, at value (cost $466,661)		470,590
Unrealized appreciation on forward currency contracts		2,348,029
Receivable for investments sold		2,898,340
Receivable for variation margin on swap agreements		17,179
Reclaims receivable		256,207
Prepaid expenses		4,094

Total Assets		769,680,706

Liabilities:
Unrealized depreciation on forward currency contracts		6,335,575
Payable for investments purchased		1,382,240
Payable for capital shares redeemed		5,003,452
Unrealized depreciation on swap agreements		1,551,613
Payable for collateral received on loaned securities		67,964,208
Payable for variation margin on swap agreements		2,731
Manager fees payable		396,813
Administration fees payable		21,527
Distribution fees payable		141,719
Custodian fees payable		82,088
Administrative and compliance services fees payable		757
Trustee fees payable		8,023
Other accrued liabilities		50,503

Total Liabilities		82,941,249

Net Assets	$	686,739,457

Net Assets Consist of:
Capital	$	663,890,365
Accumulated net investment income/(loss)		19,568,051
Accumulated net realized gains/(losses) from investment transactions		(1,157,542	)
Net unrealized appreciation/(depreciation) on investments		4,438,583

Net Assets	$	686,739,457

Shares of beneficial interest (unlimited number of shares authorized, no par value)		55,835,380
Net Asset Value (offering and redemption price per share)	$	12.30

*	Includes securities on loan of $66,358,010.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	8,595,980
Interest		6,005,817
Income from securities lending		298,748
Foreign withholding tax		(544,450	)

Total Investment Income		14,356,095

Expenses:
Manager fees		2,409,321
Administration fees		132,310
Distribution fees		860,471
Custodian fees		119,005
Administrative and compliance services fees		6,706
Trustee fees		24,035
Professional fees		26,489
Shareholder reports		13,181
Other expenses		10,685

Total expenses		3,602,203

Net Investment Income/(Loss)		10,753,892

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(4,131,139	)
Net realized gains/(losses) on swap agreements		(222,309	)
Net realized gains/(losses) on forward currency contracts		(4,376,300	)
Change in net unrealized appreciation/depreciation on investments		10,340,673

Net Realized/Unrealized Gains/(Losses) on Investments		1,610,925

Change in Net Assets Resulting From Operations	$	12,364,817

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $25,096 during the period ended June 30, 2016. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2016, 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 $209 million as of June 30, 2016. The monthly average amount for these contracts was $210 million for the period ended June 30, 2016.

The gross notional amount of interest rate swaps outstanding was $31.4 million as of June 30, 2016. The monthly average gross notional amount for interest rate swaps was $31.4 for the period ended June 30, 2016.

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, 2016:

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, 2016:

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 transact net amounts in accordance with the master netting agreements at June 30, 2016. 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, 2016.

As of June 30, 2016, 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 MNA and net of the related collateral received by the Fund as of June 30, 2016:

The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under MNA and net of the related collateral pledged by the Fund as of June 30, 2016:

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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, the annual rate due to the Manager and the annual expense limit were as follows:

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, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $3,767 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.

The following is a summary of the valuation inputs used as of June 30, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $745,479,268. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, the components of accumulated earnings on a tax basis were as follows:

On June 14, 2016, the Board approved Pyramis Global Advisors, LLC and Geode Capital Management, LLC as the Subadvisers to the Fund, replacing Advisers, Franklin Mutual and Global Advisors. The new subadvisory agreements are expected to be effective on or about October 14, 2016. In connection with this change, the Fund will be renamed AZL Pyramis Multi-Strategy Fund effective as of the same date.

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 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+ (100.8%):
	Aerospace & Defense (2.5%):
	8,752	Boeing Co. (The)	$	1,136,622
	12,811	Honeywell International, Inc.		1,490,176
	5,298	Raytheon Co.		720,263
	1,373	TransDigm Group, Inc.*		362,046
	10,253	United Technologies Corp.		1,051,445

				4,760,552

	Air Freight & Logistics (0.7%):
	12,520	United Parcel Service, Inc., Class B		1,348,654

	Airlines (0.5%):
	3,278	Alaska Air Group, Inc.		191,075
	12,479	American Airlines Group, Inc.		353,280
	7,841	JetBlue Airways Corp.*		129,847
	7,971	United Continental Holdings, Inc.*		327,130

				1,001,332

	Auto Components (0.2%):
	2,091	Autoliv, Inc.		224,678
	3,720	Cooper Tire & Rubber Co.		110,930

				335,608

	Automobiles (0.5%):
	65,412	Ford Motor Co.		822,229
	836	Tesla Motors, Inc.*		177,466

				999,695

	Banks (5.5%):
	9,856	Associated Banc-Corp.		169,030
	131,623	Bank of America Corp.		1,746,637
	38,272	Citigroup, Inc.		1,622,350
	8,296	FirstMerit Corp.		168,160
	42,525	JPMorgan Chase & Co.		2,642,504
	4,047	Old National Bancorp		50,709
	37,268	U.S. Bancorp		1,503,018
	57,981	Wells Fargo & Co.		2,744,241

				10,646,649

	Beverages (2.4%):
	44,490	Coca-Cola Co. (The)		2,016,732
	2,994	Monster Beverage Corp.*		481,166
	19,455	PepsiCo, Inc.		2,061,062

				4,558,960

	Biotechnology (3.2%):
	17,603	AbbVie, Inc.		1,089,802
	3,781	Alexion Pharmaceuticals, Inc.*		441,470
	8,632	Amgen, Inc.		1,313,359
	2,954	Biogen Idec, Inc.*		714,336
	9,859	Celgene Corp.*		972,393
	16,016	Gilead Sciences, Inc.		1,336,054
	1,035	Shire plc, ADR*		190,528
	3,636	Vertex Pharmaceuticals, Inc.*		312,769

				6,370,711

	Building Products (0.1%):
	3,756	Fortune Brands Home & Security, Inc.		217,735

	Capital Markets (1.6%):
	2,724	Affiliated Managers Group, Inc.*		383,457
	25,028	Charles Schwab Corp. (The)		633,459
	6,870	Eaton Vance Corp.		242,786


Shares			Fair Value
	Common Stocks+, continued
	Capital Markets, continued
	5,096	Goldman Sachs Group, Inc. (The)	$	757,164
	7,077	Legg Mason, Inc.		208,701
	19,387	Morgan Stanley		503,674
	10,528	TD Ameritrade Holding Corp.		299,785
	2,247	Waddell & Reed Financial, Inc., Class A		38,693

				3,067,719

	Chemicals (1.9%):
	2,417	Ashland, Inc.		277,399
	1,609	Celanese Corp., Series A		105,309
	15,660	Dow Chemical Co. (The)		778,458
	10,967	E.I. du Pont de Nemours & Co.		710,661
	4,231	Eastman Chemical Co.		287,285
	2,118	Ingevity Corp.*		72,097
	6,092	LyondellBasell Industries NV, Class A		453,367
	6,729	Monsanto Co.		695,846
	4,494	Olin Corp.		111,631
	5,587	RPM International, Inc.		279,071

				3,771,124

	Commercial Services & Supplies (0.5%):
	10,004	Tyco International plc		426,170
	8,329	Waste Management, Inc.		551,963

				978,133

	Communications Equipment (1.1%):
	59,756	Cisco Systems, Inc.		1,714,399
	4,067	Motorola Solutions, Inc.		268,300
	1,195	Palo Alto Networks, Inc.*		146,555

				2,129,254

	Consumer Finance (0.7%):
	4,904	Ally Financial, Inc.*		83,711
	11,431	American Express Co.		694,548
	10,307	Discover Financial Services		552,352

				1,330,611

	Containers & Packaging (0.4%):
	5,086	Avery Dennison Corp.		380,179
	3,464	Sonoco Products Co.		172,022
	5,967	WestRock Co.		231,937

				784,138

	Distributors (0.3%):
	5,750	Genuine Parts Co.		582,188

	Diversified Financial Services (2.4%):
	23,889	Berkshire Hathaway, Inc., Class B*		3,458,888
	5,663	CME Group, Inc.		551,576
	2,133	Intercontinental Exchange, Inc.		545,963

				4,556,427

	Diversified Telecommunication Services (2.7%):
	63,164	AT&T, Inc.		2,729,316
	953	SBA Communications Corp., Class A*		102,867
	42,857	Verizon Communications, Inc.		2,393,135

				5,225,318

	Electric Utilities (1.7%):
	22,724	American Electric Power Co., Inc.		1,592,725
	15,670	Duke Energy Corp.		1,344,329


Shares			Fair Value
	Common Stocks+, continued
	Electric Utilities, continued
	2,364	Hawaiian Electric Industries, Inc.	$	77,516
	6,292	OGE Energy Corp.		206,063

				3,220,633

	Electrical Equipment (0.6%):
	7,522	Eaton Corp. plc		449,290
	9,172	Emerson Electric Co.		478,411
	1,921	Hubbell, Inc.		202,608

				1,130,309

	Electronic Equipment, Instruments & Components (0.4%):
	17,208	Corning, Inc.		352,420
	7,237	TE Connectivity, Ltd.		413,305

				765,725

	Energy Equipment & Services (1.5%):
	9,145	Baker Hughes, Inc.		412,714
	15,836	Halliburton Co.		717,212
	9,393	Patterson-UTI Energy, Inc.		200,259
	17,807	Schlumberger, Ltd.		1,408,177

				2,738,362

	Food & Staples Retailing (2.1%):
	17,082	CVS Health Corp.		1,635,431
	13,391	Walgreens Boots Alliance, Inc.		1,115,069
	18,463	Wal-Mart Stores, Inc.		1,348,168

				4,098,668

	Food Products (1.5%):
	3,469	Bunge, Ltd.		205,191
	11,275	ConAgra Foods, Inc.		539,058
	7,593	Kraft Heinz Co. (The)		671,829
	26,753	Mondelez International, Inc., Class A		1,217,529
	4,048	WhiteWave Foods Co., Class A*		190,013

				2,823,620

	Gas Utilities (0.3%):
	2,075	AGL Resources, Inc.		136,888
	2,701	National Fuel Gas Co.		153,633
	761	ONE Gas, Inc.		50,675
	2,793	WGL Holdings, Inc.		197,716

				538,912

	Health Care Equipment & Supplies (2.4%):
	21,690	Abbott Laboratories		852,634
	8,970	Baxter International, Inc.		405,623
	29,206	Boston Scientific Corp.*		682,544
	6,048	Hologic, Inc.*		209,261
	731	Intuitive Surgical, Inc.*		483,491
	20,566	Medtronic plc		1,784,512
	1,684	ResMed, Inc.		106,479

				4,524,544

	Health Care Providers & Services (3.0%):
	6,699	Aetna, Inc.		818,149
	4,627	Anthem, Inc.		607,710
	11,322	Express Scripts Holding Co.*		858,207
	6,054	HCA Holdings, Inc.*		466,219
	4,568	Patterson Cos., Inc.		218,762
	4,665	Quest Diagnostics, Inc.		379,778


Shares			Fair Value
	Common Stocks+, continued
	Health Care Providers & Services, continued
	14,199	UnitedHealth Group, Inc.	$	2,004,898
	3,640	Universal Health Services, Inc., Class B		488,124

				5,841,847

	Hotels, Restaurants & Leisure (1.4%):
	1,940	Domino’s Pizza, Inc.		254,877
	13,131	Hilton Worldwide Holdings, Inc.		295,841
	1,073	Las Vegas Sands Corp.		46,665
	13,705	McDonald’s Corp.		1,649,260
	5,635	Melco Crown Entertainment, Ltd., ADR		70,888
	4,794	MGM Resorts International*		108,488
	3,818	Norwegian Cruise Line Holdings, Ltd.*		152,109
	1,815	Restaurant Brands International, Inc.		75,504
	18,050	Wendy’s Co. (The)		173,641

				2,827,273

	Household Durables (1.0%):
	8,243	Leggett & Platt, Inc.		421,300
	11,876	Newell Rubbermaid, Inc.		576,817
	14,369	Toll Brothers, Inc.*		386,670
	1,470	Tupperware Brands Corp.		82,732
	2,277	Whirlpool Corp.		379,439

				1,846,958

	Household Products (2.1%):
	3,127	Church & Dwight Co., Inc.		321,737
	12,937	Colgate-Palmolive Co.		946,988
	4,029	Kimberly-Clark Corp.		553,907
	27,055	Procter & Gamble Co. (The)		2,290,747

				4,113,379

	Industrial Conglomerates (2.6%):
	9,186	3M Co., Class B		1,608,652
	106,501	General Electric Co.		3,352,652

				4,961,304

	Insurance (2.8%):
	6,472	Aflac, Inc.		467,020
	8,238	Allstate Corp. (The)		576,248
	15,491	American International Group, Inc.		819,319
	4,389	Aon plc		479,410
	2,503	Arthur J. Gallagher & Co.		119,143
	5,948	FNF Group		223,050
	10,130	Lincoln National Corp.		392,740
	12,836	Marsh & McLennan Cos., Inc.		878,752
	6,512	Principal Financial Group, Inc.		267,708
	7,151	Travelers Cos., Inc. (The)		851,255
	9,136	XL Group plc		304,320

				5,378,965

	Internet & Catalog Retail (2.3%):
	4,363	Amazon.com, Inc.*		3,122,250
	5,172	Netflix, Inc.*		473,135
	669	Priceline Group, Inc. (The)*		835,186

				4,430,571

	Internet Software & Services (4.8%):
	3,859	Alphabet, Inc., Class A*		2,714,922
	2,842	Alphabet, Inc., Class C*		1,966,948
	811	Baidu, Inc., ADR*		133,936


Shares			Fair Value
	Common Stocks+, continued
	Internet Software & Services, continued
	20,970	eBay, Inc.*	$	490,908
	26,795	Facebook, Inc., Class A*		3,062,133
	4,525	VeriSign, Inc.*		391,232
	12,713	Yahoo!, Inc.*		477,500

				9,237,579

	IT Services (3.4%):
	8,490	Automatic Data Processing, Inc.		779,976
	3,758	Broadridge Financial Solutions, Inc.		245,022
	9,657	Cognizant Technology Solutions Corp., Class A*		552,767
	5,562	Fidelity National Information Services, Inc.		409,808
	907	FleetCor Technologies, Inc.*		129,819
	9,504	International Business Machines Corp.		1,442,517
	8,082	Paychex, Inc.		480,879
	14,808	PayPal Holdings, Inc.*		540,640
	24,423	Visa, Inc., Class A		1,811,454
	11,149	Western Union Co.		213,838

				6,606,720

	Leisure Products (0.2%):
	8,009	Mattel, Inc.		250,602
	1,392	Polaris Industries, Inc.		113,810

				364,412

	Life Sciences Tools & Services (0.2%):
	2,615	Illumina, Inc.*		367,094

	Machinery (1.8%):
	8,705	Caterpillar, Inc.		659,925
	3,758	Cummins, Inc.		422,550
	6,377	Deere & Co.		516,792
	4,499	Parker Hannifin Corp.		486,117
	3,910	Pentair plc		227,914
	3,072	Snap-On, Inc.		484,823
	5,637	Stanley Black & Decker, Inc.		626,947
	2,069	Timken Co.		63,436

				3,488,504

	Media (3.0%):
	677	Charter Communications, Inc., Class A*		154,891
	28,291	Comcast Corp., Class A		1,844,290
	3,633	Liberty Global plc, Series C*		104,085
	61	Liberty Global plc, Class A*		1,969
	489	Liberty Global plc, Class A*		14,210
	453	Liberty Global plc, Class C*		14,731
	8,938	News Corp., Class B		104,306
	4,716	Omnicom Group, Inc.		384,307
	102,928	Sirius XM Holdings, Inc.*		406,566
	10,331	Time Warner, Inc.		759,742
	2,728	Time, Inc.		44,903
	18,756	Walt Disney Co. (The)		1,834,712

				5,668,712

	Metals & Mining (0.3%):
	6,501	Southern Copper Corp.		175,397
	10,977	Steel Dynamics, Inc.		268,937
	2,164	Worthington Industries, Inc.		91,537

				535,871


Shares			Fair Value
	Common Stocks+, continued
	Multiline Retail (0.5%):
	5,970	Nordstrom, Inc.	$	227,159
	9,463	Target Corp.		660,706

				887,865

	Multi-Utilities (1.8%):
	10,828	Alliant Energy Corp.		429,872
	11,410	Ameren Corp.		611,348
	19,235	CenterPoint Energy, Inc.		461,640
	7,531	Consolidated Edison, Inc.		605,794
	12,976	Public Service Enterprise Group, Inc.		604,811
	11,606	WEC Energy Group, Inc.		757,871

				3,471,336

	Oil, Gas & Consumable Fuels (6.1%):
	3,992	Cheniere Energy, Inc.*		149,900
	23,474	Chevron Corp.		2,460,779
	4,577	Concho Resources, Inc.*		545,899
	27,967	ConocoPhillips		1,219,361
	6,927	Continental Resources, Inc.*		313,585
	47,201	Exxon Mobil Corp.		4,424,623
	5,691	Gulfport Energy Corp.*		177,901
	3,994	HollyFrontier Corp.		94,937
	13,312	Occidental Petroleum Corp.		1,005,855
	5,942	ONEOK, Inc.		281,948
	10,544	Phillips 66		836,561

				11,511,349

	Personal Products (0.0%):
	1,035	Herbalife, Ltd.*		60,579

	Pharmaceuticals (5.9%):
	4,854	Allergan plc*		1,121,711
	19,493	Bristol-Myers Squibb Co.		1,433,710
	12,643	Eli Lilly & Co.		995,636
	781	Jazz Pharmaceuticals plc*		110,363
	29,672	Johnson & Johnson Co.		3,599,214
	30,166	Merck & Co., Inc.		1,737,863
	65,880	Pfizer, Inc.		2,319,635

				11,318,132

	Professional Services (0.3%):
	1,897	Dun & Bradstreet Corp.		231,130
	5,166	Verisk Analytics, Inc.*		418,860

				649,990

	Real Estate Investment Trusts (REITs) (2.5%):
	16,705	American Capital Agency Corp.		331,093
	35,390	Annaly Capital Management, Inc.		391,767
	4,618	Care Capital Properties, Inc.		121,038
	3,962	Digital Realty Trust, Inc.		431,818
	24,924	Duke Realty Corp.		664,474
	5,179	Extra Space Storage, Inc.		479,265
	9,946	Hatteras Financial Corp.		163,114
	7,306	Healthcare Realty Trust, Inc.		255,637
	7,071	Liberty Property Trust		280,860
	1,447	Mack-Cali Realty Corp.		39,069
	1,382	Regency Centers Corp.		115,715
	7,360	Senior Housing Properties Trust		153,309
	11,509	UDR, Inc.		424,912


Shares			Fair Value
	Common Stocks+, continued
	Real Estate Investment Trusts (REITs), continued
	12,014	Ventas, Inc.	$	874,860

				4,726,931

	Road & Rail (0.7%):
	6,624	Avis Budget Group, Inc.*		213,492
	1,312	Canadian Pacific Railway, Ltd.		168,973
	26,090	CSX Corp.		680,427
	16,333	Hertz Global Holdings, Inc.*		180,806

				1,243,698

	Semiconductors & Semiconductor Equipment (3.0%):
	15,386	Advanced Micro Devices, Inc.*		79,084
	5,659	Analog Devices, Inc.		320,526
	18,789	Applied Materials, Inc.		450,372
	52,377	Intel Corp.		1,717,965
	9,088	Linear Technology Corp.		422,865
	4,646	Microchip Technology, Inc.		235,831
	9,064	NVIDIA Corp.		426,099
	18,304	QUALCOMM, Inc.		980,545
	4,352	Skyworks Solutions, Inc.		275,395
	14,953	Texas Instruments, Inc.		936,805

				5,845,487

	Software (4.4%):
	11,433	Activision Blizzard, Inc.		453,090
	8,261	Adobe Systems, Inc.*		791,321
	3,375	ANSYS, Inc.*		306,281
	88,500	Microsoft Corp.		4,528,545
	10,073	Nuance Communications, Inc.*		157,441
	36,963	Oracle Corp.		1,512,896
	2,793	ServiceNow, Inc.*		185,455
	14,489	Symantec Corp.		297,604
	1,728	Workday, Inc., Class A*		129,030

				8,361,663

	Specialty Retail (2.8%):
	1,847	American Eagle Outfitters, Inc.		29,423
	6,232	Foot Locker, Inc.		341,888
	6,669	Gap, Inc. (The)		141,516
	17,099	Home Depot, Inc. (The)		2,183,370
	4,245	L Brands, Inc.		284,967
	16,474	Lowe’s Cos., Inc.		1,304,246
	4,304	Tiffany & Co.		260,995
	11,650	TJX Cos., Inc. (The)		899,730

				5,446,135


Shares or Contracts			Fair Value
	Common Stocks+, continued
	Technology Hardware, Storage & Peripherals (3.4%):
	60,702	Apple, Inc.	$	5,803,111
	26,563	EMC Corp.		721,717

				6,524,828

	Textiles, Apparel & Luxury Goods (0.6%):
	1,820	Lululemon Athletica, Inc.*		134,425
	6,676	Michael Kors Holdings, Ltd.*		330,329
	9,864	Under Armour, Inc., Class A*		395,843
	3,162	Under Armour, Inc., Class C*		115,099

				975,696

	Thrifts & Mortgage Finance (0.0%):
	3,360	New York Community Bancorp, Inc.		50,366

	Tobacco (2.1%):
	24,856	Altria Group, Inc.		1,714,070
	16,527	Philip Morris International, Inc.		1,681,126
	10,833	Reynolds American, Inc.		584,224
	4,509	Vector Group, Ltd.		101,092

				4,080,512

	Trading Companies & Distributors (0.0%):
	2,025	GATX Corp.		89,039

	Wireless Telecommunication Services (0.1%):
	13,325	Sprint Corp.*		60,361
	1,788	T-Mobile US, Inc.*		77,367

				137,728

	Total Common Stocks (Cost $135,245,718)			193,556,104

	Purchased Options (0.3%):
	Total Purchased Options (Cost $1,369,085)			567,768

	Unaffiliated Investment Company (1.4%):
	2,771,879	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(a)		2,771,879

	Total Unaffiliated Investment Company (Cost $2,771,879)			2,771,879

	Total Investment Securities (Cost $139,386,685)(b) — 102.5%			196,895,751
	Net other assets (liabilities) — (2.5)%			(4,870,200	)

	Net Assets — 100.0%		$	192,025,551

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	139,386,685

Investment securities, at value	$	196,895,751
Interest and dividends receivable		207,864
Reclaims receivable		874
Prepaid expenses		1,116

Total Assets		197,105,605

Liabilities:
Payable for capital shares redeemed		451,090
Written options (Proceeds received $3,698,721)		4,447,125
Manager fees payable		126,673
Administration fees payable		5,584
Distribution fees payable		39,586
Custodian fees payable		2,611
Administrative and compliance services fees payable		89
Trustee fees payable		998
Other accrued liabilities		6,298

Total Liabilities		5,080,054

Net Assets	$	192,025,551

Net Assets Consist of:
Capital	$	168,570,443
Accumulated net investment income/(loss)		5,044,893
Accumulated net realized gains/(losses) from investment transactions		(38,350,447	)
Net unrealized appreciation/(depreciation) on investments		56,760,662

Net Assets	$	192,025,551

Shares of beneficial interest (unlimited number of shares authorized, no par value)		15,898,396
Net Asset Value (offering and redemption price per share)	$	12.08

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	2,329,097
Foreign withholding tax		(435	)

Total Investment Income		2,328,662

Expenses:
Manager fees		769,886
Administration fees		28,210
Distribution fees		240,590
Custodian fees		6,244
Administrative and compliance services fees		1,386
Trustee fees		4,941
Professional fees		5,491
Shareholder reports		2,871
Other expenses		2,232

Total expenses		1,061,851

Net Investment Income/(Loss)		1,266,811

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		2,386,730
Net realized gains/(losses) on options contracts		(2,639,736	)
Change in net unrealized appreciation/depreciation on investments		700,005

Net Realized/Unrealized Gains/(Losses) on Investments		446,999

Change in Net Assets Resulting From Operations	$	1,713,810

(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, 2016, the Fund used written 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.

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 Statement of Operations.

The Fund had the following transactions in purchased call and put options during the period ended June 30, 2016:

The Fund had the following transactions in written call and put options during the period ended June 30, 2016:

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, 2016:

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, 2016:

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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $1,141 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, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $140,843,754. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the year ended December 31, 2015, the Fund utilized $7,979,490 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2015 were as follows:

As of the latest tax year end December 31, 2015, 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 Government 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
	U.S. Government Agency Mortgages (49.6%):
	Federal Home Loan Bank
$	8,000,000	0.46%, 7/6/16(a)	$	8,000,000
	14,225,000	0.31%, 7/11/16(b)		14,223,657
	19,000,000	0.31%, 7/13/16(b)		18,997,847
	9,000,000	0.45%, 8/24/16(b)		8,993,844
	18,400,000	0.46%, 8/31/16(b)		18,385,471
	7,655,000	0.45%, 9/2/16(b)		7,648,935
	5,000,000	0.41%, 9/14/16(b)		4,995,781
	12,030,000	0.40%, 9/16/16(b)		12,019,708
	17,000,000	0.45%, 9/23/16(b)		16,981,765
	3,655,000	0.40%, 10/11/16(b)		3,650,858
	4,500,000	0.45%, 10/26/16(b)		4,493,419
	9,420,000	0.45%, 11/14/16(b)		9,404,057
	19,820,000	0.44%, 11/21/16(a)		19,820,683
	4,515,000	0.44%, 12/23/16(b)		4,505,343
	10,000,000	0.54%, 2/14/17(a)		9,996,795
	4,885,000	0.60%, 2/21/17(b)		4,865,867
	6,000,000	0.48%, 3/14/17(a)		5,999,176
	5,000,000	0.46%, 3/15/17(a)		5,000,000
	6,555,000	0.72%, 5/30/17		6,549,525
	8,640,000	0.52%, 6/15/17(a)		8,640,000

				193,172,731

	Federal Farm Credit Bank
	2,210,000	0.60%, 1/3/17(b)		2,203,149
	2,330,000	0.59%, 3/30/17(b)		2,319,613
	7,000,000	0.57%, 9/12/17(a)		7,001,608
	10,000,000	0.46%, 9/22/17(a)		9,999,380
	10,000,000	0.46%, 9/25/17(a)		9,997,576
	3,365,000	0.65%, 4/4/18(a)		3,364,404

				34,885,730

	Federal Home Loan Mortgage Corp.
	9,000,000	Series RB0.43%, 7/7/16(b)		8,999,250
	25,000,000	0.43%, 8/8/16(b)		24,988,388
	7,620,000	0.42%, 8/12/16(b)		7,616,177
	15,000,000	0.44%, 8/24/16(b)		14,989,875
	7,280,000	0.43%, 9/8/16(b)		7,273,861
	5,000,000	0.39%, 10/6/16(b)		4,994,678
	13,925,000	0.59%, 12/14/16(b)		13,887,116
	4,720,000	0.51%, 2/17/17(b)		4,704,554
	3,400,000	0.59%, 7/21/17(a)		3,399,631
	4,000,000	0.68%, 3/8/18(a)		4,000,000

				94,853,530

	Federal National Mortgage Association
	1,765,000	0.63%, 6/1/17(b)		1,754,653
	12,530,000	0.47%, 8/16/17(a)		12,528,279
	5,000,000	0.49%, 10/5/17(a)		4,999,036

				19,281,968

	Total U.S. Government Agency Mortgages (Cost $342,193,959)			342,193,959

	U.S. Treasury Obligations (11.2%):
	U.S. Treasury Bills (8.0%)
	15,000,000	0.51%, 7/7/16(b)		14,998,737
	4,000,000	0.21%, 8/4/16(b)		3,998,260
	26,925,000	0.20%, 9/15/16(b)		26,896,169
	9,000,000	0.61%, 4/27/17(b)		8,954,625

				54,847,791


Principal Amount			Fair Value
	U.S. Treasury Obligations, continued
	U.S. Treasury Notes (3.2%)
$	12,000,000	0.50%, 7/31/16	$	11,998,570
	4,000,000	0.53%, 1/31/18(a)		3,998,659
	6,000,000	0.45%, 4/30/18(a)		6,000,552

				21,997,781

	Total U.S. Treasury Obligations (Cost $76,845,572)			76,845,572

	Repurchase Agreements (39.2%):
	15,000,000	Morgan Stanley & Co. LLC, 0.27%, 7/1/16, (Purchased on 06/30/16, proceeds at maturity $15,000,113, Collateralized by U.S. Treasury Obligations, 0.00% – 2.88%, 09/15/16 – 05/15/43, fair value of $15,256,741)		15,000,000
	15,000,000	Morgan Stanley & Co. LLC, 0.29%, 7/1/16, (Purchased on 06/30/16, proceeds at maturity $15,000,121, Collateralized by U.S. Government Agency Obligations, 1.38% – 3.7%, 06/30/18 – 10/15/56, fair value of $15,309,892)		15,000,000
	35,000,000	Mizuho Securities USA, Inc., 0.53%, 7/1/16, (Purchased on 06/30/16, proceeds at maturity $35,000,515, Collateralized by U.S. Treasury Notes, 2.13%, 08/15/21, fair value of $35,728,423)		35,000,000
	7,000,000	Royal Bank of Canada, 0.38%, 7/1/16, (Purchased on 06/30/16, proceeds at maturity $7,000,074, Collateralized by U.S. Treasury Notes, 2.00%, 07/31/22, fair value of $7,138,799)		7,000,000
	20,000,000	Toronto Dominion Bank NY, 0.42%, 7/1/16, (Purchased on 06/30/16, proceeds at maturity $20,000,233, Collateralized by U.S. Treasury Obligations, 2.13% – 4.25%, 06/30/22 – 05/15/39, fair value of $20,302,416)		20,000,000
	10,000,000	Toronto Dominion Bank NY, 0.44%, 7/1/16, (Purchased on 06/30/16, proceeds at maturity $10,000,122, Collateralized by U.S. Treasury Bills, 0.00%, 6/22/17, fair value of $10,200,531)		10,000,000
	30,000,000	Sumitomo Mitsui, 0.39%, 7/1/16, (Purchased on 06/30/16, proceeds at maturity $30,000,325, Collateralized by U.S. Treasury Notes, 0.13% – 4.75%, 03/31/17 – 02/15/37, fair value of $30,597,803)		30,000,000
	20,000,000	HSBC Securities (USA), Inc., 0.36%, 7/1/16, (Purchased on 06/30/16, proceeds at maturity $20,000,200, Collateralized by U.S. Treasury Notes, 2.63%, 07/15/17, fair value of $20,401,761)		20,000,000
	10,000,000	BNP Paribas, 0.40%, 7/1/16, (Purchased on 06/30/16, proceeds at maturity $10,000,111, Collateralized by U.S. Treasury Obligations, 0.00% – 8.75%, 07/21/16 – 05/31/21, fair value of $10,205,516)		10,000,000
	19,000,000	Bank of Montreal, 0.38%, 7/1/16, (Purchased on 06/30/16, proceeds at maturity $19,000,200, Collateralized by U.S. Treasury Obligations, 0.13% – 4.25%, 11/15/17 – 02/15/45, fair value of $21,907,013)		19,000,000

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	419,039,531

Investment securities, at value	$	419,039,531
Cash		123,408
Repurchase agreements, at value/cost		269,600,000
Interest and dividends receivable		68,037
Prepaid expenses		3,829

Total Assets		688,834,805

Liabilities:
Manager fees payable		70,503
Administration fees payable		18,139
Distribution fees payable		142,148
Custodian fees payable		8,639
Administrative and compliance services fees payable		150
Trustee fees payable		3,105
Other accrued liabilities		22,115

Total Liabilities		264,799

Net Assets	$	688,570,006

Net Assets Consist of:
Capital	$	688,491,423
Accumulated net realized gains/(losses) from investment transactions		78,583

Net Assets	$	688,570,006

Shares of beneficial interest (unlimited number of shares authorized, no par value)		688,492,064
Net Asset Value (offering and redemption price per share)	$	1.00

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Interest	$	1,613,695
Dividends		8

Total Investment Income		1,613,703

Expenses:
Manager fees		1,262,363
Administration fees		97,705
Distribution fees		901,691
Custodian fees		22,185
Administrative and compliance services fees		4,961
Trustee fees		17,178
Professional fees		19,220
Shareholder reports		12,236
Other expenses		8,132

Total expenses before reductions		2,345,671
Less expenses voluntarily waived/reimbursed by the Manager		(731,968	)

Net expenses		1,613,703

Net Investment Income/(Loss)		—

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		33,026

Net Realized/Unrealized Gains/(Losses) on Investments		33,026

Change in Net Assets Resulting From Operations	$	33,026

(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 Government 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.

The Fund may invest in repurchase agreements with financial institutions such as member banks of the Federal Reserve System or from registered broker/dealers that the adviser deems creditworthy under guidelines approved by the Board, subject to the seller’s agreement to repurchase such securities at a mutually agreed-upon date and price. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates. The seller under a repurchase agreement is required to maintain the value of collateral held pursuant to the agreement at not less than the repurchase price (including accrued interest). Securities subject to repurchase agreements are held by the Fund’s custodian, another qualified sub-custodian, or in the Federal Reserve book-entry system. Master Repurchase Agreements (“MRA”) permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables under the MRA with collateral posted by the counterparty and create one net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives securities as collateral with a market value in excess of the repurchase price to be received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund would recognize a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty.

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.

On June 16, 2015, the Board of Trustees of the Fund approved a change to the name and principal investment strategies of the Fund. 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 to continue to use a stable net asset value ($1.00 per share), 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 changes to the Fund are expected to be fully implemented by May 1, 2016. Prior to such date, it is expected that the Fund gradually will allocate a larger percentage of its assets to government securities.

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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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, 2016 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.”

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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $4,292 was paid from the Fund relating to these fees and expenses.

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, 2016, actual Trustee compensation was $503,200 in total for both trusts.

For the period ended June 30, 2016, 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, 2016 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, 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 (98.4%):
	Aerospace & Defense (1.0%):
	154,212	BAE Systems plc	$	1,081,124
	83,170	Cobham plc		174,453
	28,923	European Aeronautic Defence & Space Co. NV		1,679,278
	16,535	Finmeccanica SpA*		167,974
	40,776	Meggitt plc		221,155
	90,148	Rolls-Royce Holdings plc		855,869
	15,259	Safran SA		1,036,899
	74,800	Singapore Technologies Engineering, Ltd.		176,616
	5,332	Thales SA		447,434
	10,750	Zodiac Aerospace		252,918

				6,093,720

	Air Freight & Logistics (0.3%):
	44,094	Bollore, Inc.		150,410
	47,592	Deutsche Post AG		1,328,516
	42,300	Royal Mail plc		286,711
	17,800	Yamato Holdings Co., Ltd.		407,745

				2,173,382

	Airlines (0.1%):
	61,000	All Nippon Airways Co., Ltd.		173,100
	61,000	Cathay Pacific Airways, Ltd.		89,493
	10,558	Deutsche Lufthansa AG, Registered Shares		122,901
	8,385	easyJet plc		121,779
	42,447	International Consolidated Airlines Group SA		211,483
	6,170	Japan Airlines Co., Ltd.		198,065
	23,105	Qantas Airways, Ltd.		48,703
	1,365	Ryanair Holdings plc, ADR		94,922
	27,200	Singapore Airlines, Ltd.		215,776

				1,276,222

	Auto Components (1.2%):
	9,400	Aisin Sieki Co., Ltd.		381,612
	31,500	Bridgestone Corp.		1,006,007
	8,931	Compagnie Generale des Establissements Michelin SCA, Class B		845,955
	5,396	Continental AG		1,013,918
	24,200	Denso Corp.		850,293
	85,877	GKN plc		309,052
	5,700	Koito Manufacturing Co., Ltd.		260,906
	9,100	NGK Spark Plug Co., Ltd.		136,943
	10,700	NHK SPRING Co., Ltd.		86,357
	4,400	NOK Corp.		74,377
	5,373	Nokian Renkaat OYJ		191,899
	8,043	Schaeffler AG		106,614
	6,700	Stanley Electric Co., Ltd.		142,304
	36,500	Sumitomo Electric Industries, Ltd.		480,506
	8,700	Sumitomo Rubber Industries, Ltd.		115,875
	3,300	Toyoda Gosei Co., Ltd.		58,663
	8,000	Toyota Industries Corp.		316,438
	11,930	Valeo SA		532,749
	4,500	Yokohama Rubber Co., Ltd. (The)		56,109

				6,966,577

	Automobiles (3.1%):
	16,025	Bayerische Motoren Werke AG (BMW)		1,174,292
	9,100	Daihatsu Motor Co., Ltd.		118,208


Shares			Fair Value
	Common Stocks, continued
	Automobiles, continued
	47,299	Daimler AG, Registered Shares	$	2,820,316
	5,915	Ferrari NV		241,091
	42,235	Fiat Chrysler Automobiles NV		260,682
	29,100	Fuji Heavy Industries, Ltd.		996,301
	80,100	Honda Motor Co., Ltd.		2,022,728
	29,600	Isuzu Motors, Ltd.		362,343
	26,800	Mazda Motor Corp.		359,003
	33,400	Mitsubishi Motors Corp.		151,771
	123,100	Nissan Motor Co., Ltd.		1,109,414
	23,843	PSA Peugeot Citroen SA*		290,379
	9,552	Renault SA		727,747
	17,600	Suzuki Motor Corp.		475,059
	131,000	Toyota Motor Corp.		6,550,536
	1,724	Volkswagen AG		231,608
	13,900	Yamaha Motor Co., Ltd.		210,523

				18,102,001

	Banks (11.1%):
	11,386	ABN AMRO Group N.V.		188,812
	58,000	Aozora Bank, Ltd.^		200,426
	142,470	Australia & New Zealand Banking Group, Ltd.		2,596,962
	319,855	Banco Bilbao Vizcaya Argentaria SA		1,832,701
	265,250	Banco de Sabadell SA		354,362
	174,775	Banco Popular Espanol SA		227,692
	708,053	Banco Santander SA		2,756,356
	54,406	Bank Hapoalim BM		274,717
	63,223	Bank Leumi Le-Israel Corp.*		222,999
	54,800	Bank of East Asia, Ltd. (The)^		212,972
	1,357,034	Bank of Ireland*		282,757
	16,000	Bank of Kyoto, Ltd. (The)		97,697
	19,798	Bank of Queensland, Ltd.		157,670
	219,975	Bankia SA		160,764
	34,660	Bankinter SA		222,897
	825,863	Barclays plc		1,572,011
	21,061	Bendigo & Adelaide Bank, Ltd.		152,717
	52,239	BNP Paribas SA		2,348,232
	181,000	BOC Hong Kong Holdings, Ltd.		545,992
	37,000	Chiba Bank, Ltd. (The)		174,544
	7,800	Chugoku Bank, Ltd. (The)		79,334
	164,030	Chuo Mitsui Trust Holdings, Inc.		530,926
	50,363	Commerzbank AG		326,611
	83,760	Commonwealth Bank of Australia		4,699,177
	60,600	Concordia Financial Group, Ltd.*		237,162
	51,486	Credit Agricole SA		436,045
	129,839	Criteria Caixacorp SA^		285,767
	34,146	Danske Bank A/S		904,968
	86,300	DBS Group Holdings, Ltd.		1,017,021
	48,890	DnB NOR ASA		591,444
	12,772	Erste Group Bank AG		292,034
	42,000	Fukuoka Financial Group, Inc.		138,155
	18,000	Hachijuni Bank, Ltd. (The)		78,196
	38,100	Hang Seng Bank, Ltd.		654,025
	21,000	Hiroshima Bank, Ltd. (The)		69,928
	965,671	HSBC Holdings plc		6,031,507
	189,824	ING Groep NV		1,972,720


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	41,392	Intesa Sanpaolo^	$	73,915
	625,729	Intesa Sanpaolo SpA		1,200,061
	11,000	Iyo Bank, Ltd. (The)		67,108
	21,800	Japan Post Bank Co., Ltd.		255,486
	28,000	Joyo Bank, Ltd. (The)		104,388
	12,370	KBC Groep NV*		606,357
	15,800	Kyushu Financial Group, Inc.		78,358
	3,150,974	Lloyds Banking Group plc		2,316,588
	625,500	Mitsubishi UFJ Financial Group, Inc.		2,788,466
	7,754	Mizrahi Tefahot Bank, Ltd.		89,623
	1,165,339	Mizuho Financial Group, Inc.		1,668,634
	129,603	National Australia Bank, Ltd.		2,489,055
	46,900	Natixis		180,107
	149,733	Nordea Bank AB		1,265,222
	150,399	Oversea-Chinese Banking Corp., Ltd.		980,409
	5,297	Raiffeisen International Bank-Holding AG*^		66,660
	107,187	Resona Holdings, Inc.		390,510
	170,644	Royal Bank of Scotland Group plc*		401,815
	26,200	Seven Bank, Ltd.		80,906
	99,000	Shinsei Bank, Ltd.		142,904
	25,000	Shizuoka Bank, Ltd. (The)		175,694
	75,908	Skandinaviska Enskilda Banken AB, Class A		659,936
	37,880	Societe Generale		1,196,946
	160,804	Standard Chartered plc		1,222,925
	66,069	Sumitomo Mitsui Financial Group, Inc.		1,894,492
	8,000	Suruga Bank, Ltd.		180,675
	74,347	Svenska Handelsbanken AB, A Shares		899,668
	43,876	Swedbank AB, A Shares		918,127
	43,534	UBI Banca - Unione di Banche Italiane SCPA		122,087
	245,741	UniCredit SpA		548,480
	62,073	United Overseas Bank, Ltd.		857,343
	163,630	Westpac Banking Corp.		3,632,759
	9,000	Yamaguchi Financial Group, Inc.		84,745

				60,568,749

	Beverages (2.9%):
	39,445	Anheuser-Busch InBev NV		5,184,305
	18,400	Asahi Breweries, Ltd.		593,646
	5,227	Carlsberg A/S, Class B		496,122
	26,462	Coca-Cola Amatil, Ltd.		163,262
	10,484	Coca-Cola European Partners PLC		375,629
	9,945	Coca-Cola HBC AG		200,545
	123,685	Diageo plc		3,460,229
	4,944	Heineken Holding NV		403,807
	11,351	Heineken NV		1,048,719
	40,200	Kirin Holdings Co., Ltd.		675,780
	10,268	Pernod Ricard SA		1,143,564
	1,111	Remy Cointreau SA^		95,707
	47,707	SABMiller plc		2,780,664
	6,500	Suntory Beverage & Food, Ltd.		292,544
	37,106	Treasury Wine Estates, Ltd.		256,614

				17,171,137

	Biotechnology (0.6%):
	5,077	Actelion, Ltd., Registered Shares		852,165
	22,705	CSL, Ltd.		1,908,572


Shares			Fair Value
	Common Stocks, continued
	Biotechnology, continued
	2,754	Genmab A/S*	$	501,746
	15,356	Grifols SA^		346,725

				3,609,208

	Building Products (0.8%):
	48,000	Asahi Glass Co., Ltd.		259,453
	49,584	Assa Abloy AB, Class B		1,016,704
	23,125	Compagnie de Saint-Gobain SA		885,132
	11,700	Daikin Industries, Ltd.		974,937
	1,888	Geberit AG, Registered Shares		713,420
	13,300	Lixil Group Corp.		218,689
	6,500	TOTO, Ltd.^		257,594

				4,325,929

	Capital Markets (1.4%):
	43,572	3i Group plc		324,236
	44,380	Aberdeen Asset Management plc		171,474
	90,093	Credit Suisse Group AG		960,359
	81,300	Daiwa Securities Group, Inc.		427,392
	68,381	Deutsche Bank AG, Registered Shares*		930,320
	13,096	Hargreaves Lansdown plc		217,889
	28,531	ICAP plc		160,346
	31,163	Investec plc		196,393
	11,086	Julius Baer Group, Ltd.		445,644
	14,677	Macquarie Group, Ltd.		763,105
	28,337	Mediobanca SpA		164,601
	181,200	Nomura Holdings, Inc.		649,414
	870	Partners Group Holding AG		373,167
	10,205	Platinum Asset Management, Ltd.^		44,211
	9,090	SBI Holdings, Inc.		89,891
	7,067	Schroders plc		223,110
	179,034	UBS Group AG		2,317,162

				8,458,714

	Chemicals (3.4%):
	16,814	Air Liquide SA		1,761,883
	8,000	Air Water, Inc.		117,147
	12,069	AkzoNobel NV		759,193
	3,434	Arkema SA		264,962
	62,000	Asahi Kasei Corp.		429,695
	45,054	BASF SE		3,436,558
	5,022	Christian Hansen Holding A/S		329,821
	3,434	Covestro AG		152,996
	6,797	Croda International plc		284,840
	14,000	Daicel Chemical Industries, Ltd.		144,818
	415	EMS-Chemie Holding AG		214,674
	7,079	Evonik Industries AG		210,675
	3,442	Fuchs Petrolub SE		135,165
	451	Givaudan SA, Registered Shares		906,534
	4,200	Hitachi Chemical Co., Ltd.		77,867
	78,790	Incitec Pivot, Ltd.		176,625
	28,521	Israel Chemicals, Ltd.		111,431
	9,528	Johnson Matthey plc		360,614
	8,800	JSR Corp.		115,810
	9,347	K+S AG, Registered Shares^		191,750
	15,000	Kaneka Corp.		99,374
	11,800	Kansai Paint Co., Ltd.^		237,735


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	8,892	Koninklijke DSM NV	$	515,147
	16,400	Kuraray Co., Ltd.		195,070
	4,597	Lanxess AG		200,854
	9,199	Linde AG		1,280,169
	67,800	Mitsubishi Chemical Holdings Corp.		309,273
	16,000	Mitsubishi Gas Chemical Co., Inc.		83,005
	47,000	Mitsui Chemicals, Inc.		171,437
	8,100	Nippon Paint Holdings Co., Ltd.		198,981
	8,100	Nitto Denko Corp.		510,852
	11,305	Novozymes A/S, B Shares		544,880
	3,657	OCI NV*		49,919
	18,247	Orica, Ltd.		169,004
	18,800	Shin-Etsu Chemical Co., Ltd.		1,096,798
	105	Sika AG, Bearer Shares		439,366
	3,695	Solvay SA		343,430
	79,000	Sumitomo Chemical Co., Ltd.		324,016
	6,135	Symrise AG		417,984
	4,547	Syngenta AG		1,748,297
	6,300	Taiyo Nippon Sanso Corp.		57,597
	48,000	Teijin, Ltd.		158,120
	71,000	Toray Industries, Inc.		603,508
	4,424	Umicore SA		227,926
	8,805	Yara International ASA		279,706

				20,445,506

	Commercial Services & Supplies (0.7%):
	12,912	Aggreko plc		221,722
	12,006	Babcock International Group plc		145,308
	76,955	Brambles, Ltd.		713,886
	26,000	Dai Nippon Printing Co., Ltd.		288,810
	10,252	Edenred		211,500
	81,241	G4S plc		201,069
	8,096	ISS A/S		303,202
	5,200	Park24 Co., Ltd.		178,121
	10,100	SECOM Co., Ltd.		745,606
	15,234	Securitas AB, B Shares		234,225
	1,347	Societe BIC SA		190,446
	3,700	Sohgo Security Services Co., Ltd.		181,875
	27,000	Toppan Printing Co., Ltd.		231,497

				3,847,267

	Communications Equipment (0.6%):
	283,008	Nokia Oyj^		1,610,079
	147,130	Telefonaktiebolaget LM Ericsson, B Shares		1,125,032

				2,735,111

	Construction & Engineering (0.8%):
	9,830	ACS, Actividades de Construccion y Servicios SA		269,316
	10,163	Bouygues SA		293,692
	4,350	Cimic Group, Ltd.		116,469
	2,775	Eiffage SA		198,145
	23,632	Ferrovial SA		459,104
	1,008	Hochtief AG		129,828
	9,000	JGC Corp.		127,909
	42,000	Kajima Corp.		290,119
	4,438	Koninklijke Boskalis Westminster NV		153,055


Shares			Fair Value
	Common Stocks, continued
	Construction & Engineering, continued
	32,000	Obayashi Corp.	$	338,844
	28,000	Shimizu Corp.		260,695
	16,409	Skanska AB, Class B		342,341
	52,000	TAISEI Corp.		424,101
	24,672	Vinci SA		1,756,937

				5,160,555

	Construction Materials (0.6%):
	33,601	Boral, Ltd.		157,412
	40,563	CRH plc		1,169,541
	32,082	Fletcher Building, Ltd.		197,189
	6,775	HeidelbergCement AG		507,921
	1,819	Imerys SA		116,202
	22,688	James Hardie Industries SE		347,433
	22,179	LafargeHolcim, Ltd., Registered Shares		926,737
	61,000	Taiheiyo Cement Corp.		143,788

				3,566,223

	Consumer Finance (0.1%):
	18,900	ACOM Co., Ltd.*^		90,848
	4,900	Aeon Credit Service Co., Ltd.		105,314
	6,600	Credit Saison Co., Ltd.		110,471
	7,435	Provident Financial plc		229,774

				536,407

	Containers & Packaging (0.2%):
	57,237	Amcor, Ltd.		639,952
	35,814	Rexam plc^		310,671
	7,900	Toyo Seikan Kaisha, Ltd.		150,216

				1,100,839

	Distributors (0.0%):
	5,588	Jardine Cycle & Carriage, Ltd.		153,356

	Diversified Consumer Services (0.0%):
	3,100	Benesse Holdings, Inc.		72,443

	Diversified Financial Services (1.1%):
	9,712	ASX, Ltd.		332,475
	27,462	Challenger, Ltd.		178,227
	9,444	Deutsche Boerse AG		773,136
	1,864	Eurazeo		111,241
	5,531	EXOR SpA		204,295
	131,750	First Pacific Co., Ltd.		95,941
	4,067	Groupe Bruxelles Lambert SA		332,455
	56,300	Hong Kong Exchanges & Clearing, Ltd.^		1,372,818
	7,850	Industrivarden AB, C Shares		126,923
	22,080	Investor AB, B Shares, B Shares		738,922
	27,300	Japan Exchange Group, Inc.		312,350
	11,602	Kinnevik AB		275,865
	15,532	London Stock Exchange Group plc		526,037
	21,900	Mitsubishi UFJ Lease & Finance Co., Ltd.		83,675
	64,100	ORIX Corp.		818,641
	1,526	Pargesa Holding SA		101,053
	39,400	Singapore Exchange, Ltd.		224,499
	1,293	Wendel		134,716

				6,743,269


Shares			Fair Value
	Common Stocks, continued
	Diversified Telecommunication Services (3.1%):
	7,190	Belgacom SA	$	227,654
	105,558	Bezeq Israeli Telecommunication Corp., Ltd. (The)		209,744
	415,365	BT Group plc		2,293,167
	158,179	Deutsche Telekom AG, Registered Shares		2,690,965
	6,852	Elisa OYJ		263,217
	97,452	France Telecom SA		1,591,560
	130,820	HKT Trust & HKT, Ltd.		188,766
	1,281	Iliad SA		260,360
	21,859	Inmarsat plc		234,581
	165,513	Koninklijke (Royal) KPN NV		600,255
	34,052	Nippon Telegraph & Telephone Corp.		1,598,752
	237,000	PCCW, Ltd.		159,049
	387,400	Singapore Telecommunications, Ltd.		1,198,276
	1,272	Swisscom AG, Registered Shares		632,065
	40,588	TDC A/S		198,699
	92,233	Telecom Corp. of New Zealand, Ltd.		233,692
	490,547	Telecom Italia SpA*		402,385
	314,313	Telecom Italia SpA		202,196
	35,149	Telefonica Deutschland Holding AG		144,735
	219,796	Telefonica SA		2,100,639
	36,493	Telenor ASA		603,129
	131,225	Telia Co AB		619,288
	208,173	Telstra Corp., Ltd.		866,112
	15,182	TPG Telecom, Ltd.		135,038
	21,376	Vocus Communications, Ltd.		139,363

				17,793,687

	Electric Utilities (1.9%):
	98,840	AusNet Services		121,249
	33,000	Cheung Kong Infrastructure Holdings, Ltd.		284,147
	32,100	Chubu Electric Power Co., Inc.		457,135
	13,700	Chugoku Electric Power Co., Inc. (The)		173,446
	79,500	CLP Holdings, Ltd.		812,814
	32,496	Contact Energy, Ltd.		120,390
	110,471	EDP - Energias de Portugal SA		339,226
	13,190	Electricite de France^		162,109
	16,491	Endesa SA^		331,628
	376,008	Enel SpA		1,672,060
	22,581	Fortum OYJ		361,734
	117,500	HK Electric Investments, Ltd.		109,794
	8,900	Hokuriku Electric Power Co.		109,913
	69,500	Hongkong Electric Holdings, Ltd.		638,088
	266,730	Iberdrola SA		1,801,398
	34,600	Kansai Electric Power Co., Inc. (The)*		335,534
	22,900	Kyushu Electric Power Co., Inc.		228,253
	31,280	Mighty River Power, Ltd.		67,377
	4,298	Red Electrica Corporacion SA		383,132
	50,056	Scottish & Southern Energy plc		1,046,477
	9,500	Shikoku Electric Power Co., Inc.		111,880
	75,684	Terna SpA		421,655
	22,000	Tohoku Electric Power Co., Inc.		275,933
	71,300	Tokyo Electric Power Co., Inc. (The)*		300,709

				10,666,081


Shares			Fair Value
	Common Stocks, continued
	Electrical Equipment (1.2%):
	96,722	ABB, Ltd.	$	1,905,672
	32,000	Fuji Electric Holdings Co., Ltd.		134,381
	13,301	Legrand SA		686,168
	2,100	Mabuchi Motor Co., Ltd.		88,178
	96,000	Mitsubishi Electric Corp.		1,138,454
	11,700	Nidec Corp.		883,245
	4,407	OSRAM Licht AG		227,721
	9,399	Prysmian SpA		206,012
	27,461	Schneider Electric SA		1,624,947
	10,922	Vestas Wind Systems A/S		741,332

				7,636,110

	Electronic Equipment, Instruments & Components (1.3%):
	9,300	ALPS Electric Co., Ltd.		175,205
	7,100	Hamamatsu Photonics K.K.		197,709
	12,254	Hexagon AB, B Shares		446,214
	1,695	Hirose Electric Co., Ltd.		207,238
	3,200	Hitachi High-Technologies Corp.		87,176
	233,100	Hitachi, Ltd.		969,114
	2,704	Ingenico Group		316,777
	2,270	Keyence Corp.		1,531,229
	15,700	Kyocera Corp.		744,484
	9,300	Murata Manufacturing Co., Ltd.		1,043,410
	23,000	Nippon Electric Glass Co., Ltd.		95,955
	10,000	Omron Corp.		324,066
	13,000	Shimadzu Corp.		193,508
	6,300	TDK Corp.		351,092
	13,200	Yaskawa Electric Corp.		171,030
	9,500	Yokogawa Electric Corp.		106,686

				6,960,893

	Energy Equipment & Services (0.1%):
	11,969	Petrofac, Ltd.^		124,370
	324,016	Saipem SpA*		130,719
	5,303	Technip-Coflexip SA		288,375
	24,576	Tenaris SA		355,357

				898,821

	Food & Staples Retailing (1.6%):
	31,900	Aeon Co., Ltd.		494,279
	26,664	Carrefour SA		659,572
	2,947	Casino Guichard-Perrachon SA		164,651
	3,580	Colruyt SA		197,556
	5,076	Delhaize Group		536,274
	30,944	Distribuidora Internacional de Alimentacion SA		181,737
	2,900	FamilyMart Co., Ltd.		176,183
	3,375	ICA Gruppen AB^		112,816
	67,007	J Sainsbury plc		207,766
	12,095	Jeronimo Martins SGPS SA		190,526
	40,323	Koninklijke Ahold NV		896,582
	3,200	LAWSON, Inc.		253,728
	8,811	Metro AG		269,502
	37,300	Seven & I Holdings Co., Ltd.		1,557,474
	1,800	Sundrug Co., Ltd.		167,383
	399,516	Tesco plc*		934,502


Shares			Fair Value
	Common Stocks, continued
	Food & Staples Retailing, continued
	1,800	Tsuruha Holdings, Inc.	$	216,228
	55,608	Wesfarmers, Ltd.		1,674,356
	109,506	William Morrison Supermarkets plc^		274,634
	61,502	Woolworths, Ltd.		965,329

				10,131,078

	Food Products (3.4%):
	27,500	Ajinomoto Co., Inc.		645,643
	3,899	Aryzta AG		143,318
	17,088	Associated British Foods plc		619,467
	92	Barry Callebaut AG, Registered Shares		113,027
	4,100	Calbee, Inc.		170,224
	5	Chocoladefabriken Lindt & Spruengli AG, Registered Shares		356,932
	28,961	Danone SA		2,041,831
	329,082	Golden Agri-Resources, Ltd.		86,301
	7,600	Kerry Group plc, Class A		675,157
	7,000	Kikkoman Corp.		256,194
	48	Lindt & Spruengli AG		285,605
	18,536	Marine Harvest		311,977
	5,552	Meiji Holdings Co., Ltd.		563,777
	156,400	Nestle SA, Registered Shares		12,067,729
	9,000	Nippon Meat Packers, Inc.		218,693
	9,645	Nisshin Seifun Group, Inc.		154,195
	3,200	Nissin Foods Holdings Co., Ltd.		174,251
	40,774	Orkla ASA, Class A		361,387
	22,849	Tate & Lyle plc		203,698
	4,600	Toyo Suisan Kaisha, Ltd.		185,870
	301,000	WH Group, Ltd.		238,175
	102,400	Wilmar International, Ltd.		249,530
	4,400	Yakult Honsha Co., Ltd.^		226,529
	7,000	Yamazaki Baking Co., Ltd.		194,156

				20,543,666

	Gas Utilities (0.6%):
	56,216	APA Group		389,292
	7,328	Enagas SA		222,908
	17,696	Gas Natural SDG SA^		350,881
	385,632	Hong Kong & China Gas Co., Ltd.		704,412
	95,000	Osaka Gas Co., Ltd.		363,832
	123,759	Snam SpA		740,304
	22,000	Toho Gas Co., Ltd.		179,016
	99,000	Tokyo Gas Co., Ltd.		406,475

				3,357,120

	Health Care Equipment & Supplies (0.9%):
	2,829	Cochlear, Ltd.		256,526
	5,959	Coloplast A/S, Class B		444,894
	4,900	Cyberdyne, Inc.*^		109,734
	10,087	Essilor International SA Compagnie Generale d’Optique		1,342,321
	10,087	Getinge AB, B Shares		207,243
	19,900	HOYA Corp.		708,625
	14,200	Olympus Co., Ltd.		528,372
	44,338	Smith & Nephew plc		751,810
	2,629	Sonova Holding AG, Registered Shares		349,403
	7,700	Sysmex Corp.		526,413


Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies, continued
	16,600	Terumo Corp.	$	703,964
	6,270	William Demant Holding A/S*		121,955

				6,051,260

	Health Care Providers & Services (0.6%):
	18,802	Al Noor Hospitals Group plc		275,234
	8,400	Alfresa Holdings Corp.		174,959
	10,573	Fresenius Medical Care AG & Co., KGaA		914,708
	20,238	Fresenius SE & Co. KGaA		1,491,035
	91,845	Healthscope, Ltd.		196,625
	8,800	Medipal Holdings Corp.		144,419
	2,700	Miraca Holdings, Inc.		116,370
	6,725	Ramsay Health Care, Ltd.		361,534
	18,525	Ryman Healthcare, Ltd.		123,400
	19,478	Sonic Healthcare, Ltd.		314,778
	3,270	Suzuken Co., Ltd.		102,813

				4,215,875

	Health Care Technology (0.1%):
	9,100	M3, Inc.		315,208

	Hotels, Restaurants & Leisure (1.2%):
	8,553	Accor SA		331,547
	27,178	Aristocrat Leisure, Ltd.		280,751
	9,549	Carnival plc		423,866
	81,346	Compass Group plc		1,550,305
	18,322	Crown, Ltd.		173,306
	2,973	Domino’s Pizza Enterprises, Ltd.		151,942
	2,307	Flight Centre, Ltd.^		54,714
	115,000	Galaxy Entertainment Group, Ltd.		342,658
	285,757	Genting Singapore plc		155,988
	9,365	InterContinental Hotels Group plc		347,929
	2,929	McDonald’s Holdings Co., Ltd.^		79,495
	9,219	Melco Crown Entertainment, Ltd., ADR		115,975
	34,959	Merlin Entertainments plc		207,600
	38,000	MGM China Holdings, Ltd.^		49,447
	10,600	Oriental Land Co., Ltd.		683,709
	4,010	Paddy Power plc		421,713
	117,300	Sands China, Ltd.		397,142
	77,333	Shangri-La Asia, Ltd.		77,979
	86,000	SJM Holdings, Ltd.		52,698
	4,597	Sodexo SA		495,103
	39,300	Tabcorp Holdings, Ltd.		134,333
	76,398	Tatts Group, Ltd.		218,535
	24,129	TUI AG		273,889
	8,731	Whitbread plc		408,011
	44,396	William Hill plc		153,745
	62,800	Wynn Macau, Ltd.^		91,183

				7,673,563

	Household Durables (1.0%):
	49,074	Barratt Developments plc		268,694
	6,137	Berkeley Group Holdings plc (The)		208,878
	10,100	Casio Computer Co., Ltd.^		144,349
	11,423	Electrolux AB, Series B		310,368
	21,095	Husqvarna AB, B Shares		156,550
	6,800	Iida Group Holdings Co., Ltd.		138,524
	16,400	Nikon Corp.^		221,649


Shares			Fair Value
	Common Stocks, continued
	Household Durables, continued
	106,600	Panasonic Corp.	$	922,496
	14,859	Persimmon plc		289,910
	1,700	Rinnai Corp.		149,614
	20,000	Sekisui Chemical Co., Ltd.		245,188
	30,500	Sekisui House, Ltd.		530,824
	62,300	Sony Corp.		1,823,543
	156,947	Taylor Wimpey plc		280,364
	63,500	Techtronic Industries Co., Ltd.		265,835

				5,956,786

	Household Products (0.9%):
	5,121	Henkel AG & Co. KGaA		550,205
	31,190	Reckitt Benckiser Group plc		3,137,320
	29,353	Svenska Cellulosa AB, B Shares		936,386
	20,100	Unicharm Corp.		447,799

				5,071,710

	Independent Power and Renewable Electricity Producers (0.0%):
	7,000	Electric Power Development Co., Ltd.		162,724
	72,239	Meridian Energy, Ltd.		136,358

				299,082

	Industrial Conglomerates (1.6%):
	133,244	CK Hutchison Holdings, Ltd.		1,466,413
	4,290	DCC plc		377,133
	12,200	Jardine Matheson Holdings, Ltd.		714,419
	26,000	Keihan Electric Railway Co., Ltd.		179,648
	74,000	Keppel Corp., Ltd.		303,960
	45,113	Koninklijke Philips Electronics NV		1,125,477
	66,390	NWS Holdings, Ltd.		105,470
	8,300	Seibu Holdings, Inc.		140,159
	49,600	SembCorp Industries, Ltd.		104,491
	37,526	Siemens AG, Registered Shares		3,843,553
	18,728	Smiths Group plc		288,410
	197,000	Toshiba Corp.*^		538,338

				9,187,471

	Insurance (5.3%):
	10,631	Admiral Group plc		290,114
	91,086	AEGON NV		363,278
	10,056	Ageas NV		347,380
	591,000	AIA Group, Ltd.		3,561,420
	22,423	Allianz SE, Registered Shares+		3,194,204
	143,957	AMP, Ltd.		558,631
	57,547	Assicurazioni Generali SpA		677,497
	196,160	Aviva plc		1,054,030
	95,220	AXA SA		1,912,665
	2,535	Baloise Holding AG, Registered Shares		282,793
	8,846	CNP Assurances SA		131,094
	52,100	Dai-ichi Life Insurance Co., Ltd. (The)		577,729
	67,657	Direct Line Insurance Group plc		312,821
	8,863	Gjensidige Forsikring ASA		147,226
	2,879	Hannover Rueck SE		300,780
	118,773	Insurance Australia Group, Ltd.		487,690
	23,600	Japan Post Holdings Co., Ltd.		285,766
	291,221	Legal & General Group plc		754,696
	60,855	MAPFRE SA		134,553


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	130,171	Medibank Private, Ltd.	$	287,057
	24,311	MS&AD Insurance Group Holdings, Inc.		626,206
	8,247	Muenchener Rueckversicherungs-Gesellschaft AG		1,378,114
	17,525	NKSJ Holdings, Inc.		464,295
	15,353	NN Group NV		426,458
	245,030	Old Mutual plc		660,360
	25,313	Poste Italiane SpA^		168,192
	126,199	Prudential plc		2,149,511
	65,919	QBE Insurance Group, Ltd.		517,222
	49,885	RSA Insurance Group plc		333,084
	21,959	Sampo OYJ, A Shares		897,029
	7,486	SCOR SA		225,486
	9,500	Sony Financial Holdings, Inc.		106,648
	25,449	St. James Place plc		272,540
	93,295	Standard Life plc		366,592
	62,336	Suncorp-Metway, Ltd.		570,866
	1,611	Swiss Life Holding AG, Registered Shares		372,276
	16,505	Swiss Re AG		1,443,414
	26,536	T&D Holdings, Inc.		224,074
	33,500	Tokio Marine Holdings, Inc.		1,108,317
	6,140	Tryg A/S		109,605
	54,952	UnipolSai SpA		82,591
	7,384	Zurich Insurance Group AG		1,827,520

				29,991,824

	Internet & Catalog Retail (0.1%):
	44,600	Rakuten, Inc.		481,108
	2,900	Start Today Co., Ltd.		154,118
	3,893	Zalando SE*		103,045

				738,271

	Internet Software & Services (0.1%):
	50,218	Auto Trader Group plc		237,413
	7,200	Kakaku.com, Inc.		141,955
	2,400	mixi, Inc.		98,300
	5,744	United Internet AG, Registered Shares		236,966
	66,800	Yahoo! Japan Corp.		294,221

				1,008,855

	IT Services (0.6%):
	21,588	Amadeus IT Holding SA		945,606
	4,446	Atos Origin SA		371,316
	7,920	Cap Gemini SA		691,096
	23,085	Computershare, Ltd.		158,969
	93,000	Fujitsu, Ltd.		340,845
	6,560	Nomura Research Institute, Ltd.		238,953
	6,000	NTT Data Corp.		282,782
	2,900	OBIC Co., Ltd.		158,564
	2,400	Otsuka Corp.		111,529
	68,303	Worldpay Group plc*		248,571

				3,548,231

	Leisure Products (0.2%):
	10,100	Namco Bandai Holdings, Inc.		259,561
	2,000	Sankyo Co., Ltd.		74,575
	10,000	Sega Sammy Holdings, Inc.		107,377


Shares			Fair Value
	Common Stocks, continued
	Leisure Products, continued
	3,700	Shimano, Inc.	$	560,834
	8,400	Yamaha Corp.		225,793

				1,228,140

	Life Sciences Tools & Services (0.1%):
	2,667	Lonza Group AG, Registered Shares		442,094
	11,153	QIAGEN NV*		241,537

				683,631

	Machinery (2.3%):
	15,879	Alfa Laval AB		249,339
	7,251	Alstom SA*		169,260
	17,300	AMADA Co., Ltd.		174,952
	4,051	Andritz AG		192,459
	32,940	Atlas Copco AB, A Shares		853,253
	18,445	Atlas Copco AB, B Shares		435,639
	50,428	CNH Industrial NV		366,580
	9,500	FANUC Corp.		1,537,955
	9,083	GEA Group AG		426,856
	13,600	Hino Motors, Ltd.		134,601
	4,300	Hitachi Construction Machinery Co., Ltd.		62,265
	2,500	Hoshizaki Electric Co., Ltd.		243,877
	74,000	IHI Corp.		198,233
	12,298	IMI plc		158,886
	11,500	JTEKT Corp.		129,676
	68,000	Kawasaki Heavy Industries, Ltd.		190,304
	44,800	Komatsu, Ltd.		778,376
	16,256	Kone OYJ, B Shares		750,475
	51,300	Kubota Corp.		687,180
	5,100	Kurita Water Industries, Ltd.		113,487
	5,600	Makita Corp.		369,311
	1,815	MAN AG		184,740
	6,435	Metso Corp. OYJ		152,030
	15,000	Minebea Co., Ltd.		100,973
	157,000	Mitsubishi Heavy Industries, Ltd.		626,811
	6,400	Nabtesco Corp.		152,844
	13,000	NGK Insulators, Ltd.		261,052
	21,500	NSK, Ltd.		159,045
	51,173	Sandvik AB		510,240
	2,093	Schindler Holding AG		379,384
	923	Schindler Holding AG, Registered Shares		168,052
	41,200	SembCorp Marine, Ltd.		48,107
	19,966	SKF AB, B Shares		318,929
	2,800	SMC Corp.		683,107
	30,000	Sumitomo Heavy Industries, Ltd.		130,951
	5,600	THK Co., Ltd.		95,034
	76,852	Volvo AB, B Shares		759,211
	7,458	Wartsila Corp. OYJ, Class B		305,169
	9,660	Weir Group plc (The)		186,496
	84,550	Yangzijiang Shipbuilding Holdings, Ltd.		56,978
	8,139	Zardoya Otis SA		76,260

				13,578,377

	Marine (0.2%):
	192	A.P. Moeller – Maersk A/S, Class A		244,353
	310	A.P. Moeller – Maersk A/S, Class B		408,798


Shares			Fair Value
	Common Stocks, continued
	Marine, continued
	2,653	Kuehne & Nagel International AG, Registered Shares	$	371,026
	52,000	Mitsui O.S.K. Lines, Ltd.		110,252
	74,000	Nippon Yusen Kabushiki Kaisha		129,761

				1,264,190

	Media (1.6%):
	18,302	Altice N.V., Class A*		275,184
	6,496	Altice N.V., Class B*		98,095
	2,263	Axel Springer AG		118,575
	10,477	Dentsu, Inc.		489,579
	8,305	Eutelsat Communications SA		158,261
	12,200	Hakuhodo DY Holdings, Inc.		145,528
	181,138	ITV plc		437,484
	3,488	JCDecaux SA		118,342
	6,335	Lagardere SCA		139,024
	5,378	Numericable-SFR		136,108
	41,330	Pearson plc		538,935
	10,496	ProSiebenSat.1 Media AG*		458,251
	9,223	Publicis Groupe SA		624,753
	2,344	REA Group, Ltd.		104,336
	54,369	Reed Elsevier plc		1,001,603
	48,346	RELX NV		843,590
	1,997	RTL Group		162,854
	4,763	Schibsted ASA, B Shares		136,417
	3,481	Schibsted ASA, Class A^		103,935
	17,870	SES Global, Class A		385,955
	62,268	Singapore Press Holdings, Ltd.^		183,885
	49,424	Sky plc		560,875
	2,493	Telenet Group Holding NV*		113,776
	5,800	Toho Co., Ltd.		159,784
	56,445	Vivendi Universal SA		1,069,324
	15,248	Wolters Kluwer NV		623,030
	63,511	WPP plc		1,318,421

				10,505,904

	Metals & Mining (2.3%):
	133,918	Alumina, Ltd.		130,914
	69,438	Anglo American plc		674,188
	17,365	Antofagasta plc		107,857
	89,120	ArcelorMittal*		410,260
	103,604	BHP Billiton plc		1,302,956
	157,282	BHP Billiton, Ltd.		2,239,552
	14,326	Boliden AB		278,411
	77,506	Fortescue Metals Group, Ltd.		208,552
	11,130	Fresnillo plc		245,920
	604,647	Glencore International plc		1,235,153
	9,000	Hitachi Metals, Ltd.		91,072
	26,500	JFE Holdings, Inc.		342,967
	169,000	Kobe Steel, Ltd.		137,616
	2,600	Maruichi Steel Tube, Ltd.		90,687
	52,000	Mitsubishi Materials Corp.		123,877
	38,100	Newcrest Mining, Ltd.*		654,982
	39,148	Nippon Steel Corp.		748,182
	63,566	Norsk Hydro ASA		232,460
	4,412	Randgold Resources, Ltd.		495,291
	60,320	Rio Tinto plc		1,864,160


Shares			Fair Value
	Common Stocks, continued
	Metals & Mining, continued
	20,537	Rio Tinto, Ltd.	$	707,043
	258,039	South32, Ltd.*		301,468
	24,000	Sumitomo Metal & Mining Co., Ltd.		242,278
	18,182	ThyssenKrupp AG		362,871
	5,375	Voestalpine AG		179,836

				13,408,553

	Multiline Retail (0.3%):
	5,900	Don Quijote Co., Ltd.		218,008
	32,238	Harvey Norman Holdings, Ltd.		111,739
	17,900	Isetan Mitsukoshi Holdings, Ltd.		158,789
	12,200	J. Front Retailing Co., Ltd.		126,012
	78,602	Marks & Spencer Group plc		334,141
	11,000	MARUI GROUP Co., Ltd.		147,629
	6,829	Next plc		456,787
	1,100	Ryohin Keikaku Co., Ltd.		266,920
	15,000	Takashimaya Co., Ltd.		107,108

				1,927,133

	Multi-Utilities (1.2%):
	31,985	AGL Energy, Ltd.		461,451
	266,139	Centrica plc		803,353
	114,025	Duet Group(a)		213,351
	97,895	E.ON AG		979,268
	71,675	Engie Group		1,156,564
	183,739	National Grid plc		2,701,484
	24,193	RWE AG*		382,254
	16,360	Suez Environnement Co.		257,635
	21,854	Veolia Environnement SA		474,701

				7,430,061

	Oil, Gas & Consumable Fuels (5.1%):
	906,785	BP plc		5,294,061
	13,129	Caltex Australia, Ltd.		313,586
	124,786	ENI SpA		2,014,347
	19,089	Galp Energia SGPS SA		265,062
	3,800	Idemitsu Kosan Co., Ltd.		81,949
	46,500	INPEX Corp.		362,824
	100,370	JX Holdings, Inc.		390,079
	3,685	Koninklijke Vopak NV		184,549
	8,674	Lundin Petroleum AB*		156,878
	6,322	Neste Oil OYJ		226,478
	68,882	Oil Search, Ltd.		346,295
	7,372	OMV AG		206,490
	85,942	Origin Energy, Ltd.		375,279
	53,960	Repsol SA		684,444
	206,496	Royal Dutch Shell plc, A Shares		5,637,022
	183,727	Royal Dutch Shell plc, B Shares		5,051,441
	81,292	Santos, Ltd.		286,775
	10,100	Showa Shell Sekiyu K.K.^		93,860
	54,712	Statoil ASA		947,933
	16,000	TonenGeneral Sekiyu K.K.		145,310
	108,339	Total SA		5,223,559
	36,527	Woodside Petroleum, Ltd.		740,215

				29,028,436


Shares			Fair Value
	Common Stocks, continued
	Paper & Forest Products (0.2%):
	18,642	Mondi plc	$	347,362
	45,000	OYI Paper Co., Ltd.		172,601
	26,161	Stora Enso OYJ, Registered Shares		210,766
	25,296	UPM-Kymmene OYJ		463,659

				1,194,388

	Personal Products (2.1%):
	4,934	Beiersdorf AG		466,176
	24,800	Kao Corp.		1,431,389
	1,700	KOSE Corp.		142,684
	12,428	L’Oreal SA		2,376,970
	1,100	POLA ORBIS HOLDINGS, Inc.		102,454
	18,500	Shiseido Co., Ltd.		477,068
	79,915	Unilever NV		3,725,041
	62,958	Unilever plc		3,019,364

				11,741,146

	Pharmaceuticals (10.0%):
	104,200	Astellas Pharma, Inc.		1,630,894
	62,037	AstraZeneca plc		3,692,332
	40,565	Bayer AG, Registered Shares		4,080,762
	11,200	Chugai Pharmaceutical Co., Ltd.		397,990
	29,200	Daiichi Sankyo Co., Ltd.		704,684
	8,500	Dainippon Sumitomo Pharma Co., Ltd.^		146,756
	12,600	Eisai Co., Ltd.		700,171
	192	Galenica AG		258,720
	238,892	GlaxoSmithKline plc		5,134,840
	6,959	Hikma Pharmaceuticals plc		229,441
	3,100	Hisamitsu Pharmaceutical Co., Inc.		177,824
	13,200	Kyowa Hakko Kogyo Co., Ltd.^		224,220
	6,275	Merck KGaA		638,757
	11,100	Mitsubishi Tanabe Pharma Corp.		199,125
	111,617	Novartis AG, Registered Shares		9,184,859
	91,058	Novo Nordisk A/S, B Shares		4,897,598
	20,000	Ono Pharmaceutical Co., Ltd.		863,768
	4,832	Orion OYJ, Class B		187,679
	19,100	Otsuka Holdings Co., Ltd.		880,278
	34,463	Roche Holding AG		9,102,082
	57,644	Sanofi-Aventis SA		4,844,759
	18,100	Santen Pharmaceutical Co., Ltd.		282,310
	14,600	Shionogi & Co., Ltd.		794,138
	44,009	Shire plc		2,709,560
	1,700	Taisho Pharmaceutical Holdings Co., Ltd.		178,176
	34,500	Takeda Pharmacuetical Co., Ltd.		1,489,376
	727	Taro Pharmaceutical Industries, Ltd.*^		105,851
	45,063	Teva Pharmaceutical Industries, Ltd.		2,281,756
	6,384	UCB SA		477,294

				56,496,000

	Professional Services (0.6%):
	8,407	Adecco SA, Registered Shares		423,639
	12,825	Bureau Veritas SA		270,739
	31,898	Capita Group plc		409,630
	46,738	Experian plc		887,606
	8,160	Intertek Group plc		380,978
	6,088	Randstad Holding NV		245,171
	13,700	Recruit Holdings Co., Ltd.		498,301


Shares			Fair Value
	Common Stocks, continued
	Professional Services, continued
	15,690	Seek, Ltd.	$	178,982
	262	SGS SA, Registered Shares		600,945

				3,895,991

	Real Estate Investment Trusts (REITs) (1.9%):
	101,882	Ascendas Real Estate Investment Trust		188,259
	47,111	British Land Co. plc		390,063
	122,300	CapitaCommercial Trust		134,553
	116,800	CapitaMall Trust		185,504
	49,780	Dexus Property Group		336,090
	1,424	Fonciere des Regions SA		126,749
	1,971	Gecina SA		269,378
	88,968	GPT Group(b)		359,803
	39,949	Hammerson plc		291,796
	1,889	ICADE		134,305
	40	Japan Prime Realty Investment Corp.		171,340
	62	Japan Real Estate Investment Corp.		381,650
	124	Japan Retail Fund Investment Corp.		315,629
	10,828	Klepierre		483,006
	39,168	Land Securities Group plc		554,235
	43,151	Liberty International plc		168,785
	107,500	Link REIT (The)		735,449
	89,304	Macquarie Goodman Group		475,919
	188,618	Mirvac Group		285,278
	69	Nippon Building Fund, Inc.		424,180
	76	Nippon Prologis REIT, Inc.		184,599
	179	Nomura Real Estate Master Fund, Inc.		282,997
	260,541	Scentre Group		958,014
	34,550	SERGO plc		193,923
	116,807	Stockland Trust Group		411,283
	125,800	Suntec REIT		166,360
	4,857	Unibail-Rodamco SE		1,272,324
	137	United Urban Investment Corp.		246,116
	168,049	Vicinity Centres		418,029
	98,587	Westfield Corp.		785,267

				11,330,883

	Real Estate Management & Development (2.0%):
	4,560	AEON Mall Co., Ltd.		59,442
	2,139	Azrieli Group		91,066
	74,028	BGP Holdings plc*(a)		—
	120,200	CapitaLand, Ltd.		276,183
	131,244	Cheung Kong Property Holdings, Ltd.		826,163
	20,400	City Developments, Ltd.		124,322
	3,400	Daito Trust Construction Co., Ltd.		551,206
	27,400	Daiwa House Industry Co., Ltd.		799,643
	16,515	Deutsche Wohnen AG		560,392
	129,100	Global Logistic Properties, Ltd.		174,273
	103,000	Hang Lung Properties, Ltd.		209,125
	52,627	Henderson Land Development Co., Ltd.		298,223
	57,000	Hongkong Land Holdings, Ltd.		348,393
	15,400	Hulic Co., Ltd.		161,485
	34,000	Hysan Development Co., Ltd.		151,619
	7,136	IMMOEAST AG NPV(BR)*(a)(b)		—
	31,500	Kerry Properties, Ltd.		77,715
	27,566	Lend Lease Group		261,351
	62,000	Mitsubishi Estate Co., Ltd.		1,133,777


Shares			Fair Value
	Common Stocks, continued
	Real Estate Management & Development, continued
	45,000	Mitsui Fudosan Co., Ltd.	$	1,027,407
	265,623	New World Development Co., Ltd.		269,840
	6,700	Nomura Real Estate Holdings, Inc.		116,591
	6,100	NTT Urban Development Corp.		64,950
	159,600	Sino Land Co., Ltd.		263,262
	17,000	Sumitomo Realty & Development Co., Ltd.		458,824
	70,000	Sun Hung Kai Properties, Ltd.		843,395
	29,000	Swire Pacific, Ltd., Class A		329,651
	51,600	Swire Properties, Ltd.		137,329
	3,416	Swiss Prime Site AG		309,045
	9,000	Tokyo Tatemono Co., Ltd.		107,525
	22,800	Tokyu Fudosan Holdings Corp.		141,444
	27,496	UOL Group, Ltd.		112,188
	23,253	Vonovia SE		848,506
	68,300	Wharf Holdings, Ltd. (The)		417,868
	43,000	Wheelock & Co., Ltd.		202,542

				11,754,745

	Road & Rail (1.4%):
	31,158	Asciano, Ltd.		206,257
	104,531	Aurizon Holdings, Ltd.		378,551
	7,100	Central Japan Railway Co.		1,256,857
	103,100	ComfortDelGro Corp., Ltd.		211,360
	9,559	DSV A/S		401,967
	16,213	East Japan Railway Co.		1,494,134
	60,000	Hankyu Hanshin Holdings, Inc.		446,639
	23,000	Keihin Electric Express Railway Co., Ltd.		230,411
	27,000	Keio Corp.		253,761
	13,000	Keisei Electric Railway Co., Ltd.		166,757
	89,000	Kintetsu Corp.		379,868
	72,500	MTR Corp., Ltd.		367,909
	46,000	Nagoya Railroad Co., Ltd.		258,101
	39,000	Nippon Express Co., Ltd.		177,793
	29,000	Odakyu Electric Railway Co., Ltd.		338,507
	51,000	Tobu Railway Co., Ltd.		279,111
	50,000	Tokyu Corp.		437,300
	8,000	West Japan Railway Co.		505,727

				7,791,010

	Semiconductors & Semiconductor Equipment (1.0%):
	69,445	ARM Holdings plc		1,051,621
	11,000	ASM Pacific Technology, Ltd.		79,080
	18,150	ASML Holding NV		1,798,833
	56,013	Infineon Technologies AG		804,821
	14,250	NXP Semiconductors NV*		1,116,345
	4,700	ROHM Co., Ltd.		184,312
	31,415	STMicroelectronics NV		185,099
	7,600	Tokyo Electron, Ltd.		639,056

				5,859,167

	Software (1.2%):
	6,356	Check Point Software Technologies, Ltd.*^		506,446
	6,151	Dassault Systemes SA		469,624
	3,987	Gemalto NV		244,157
	17,700	Gungho Online Enetertainment, Inc.^		47,676
	4,300	Konami Corp.		162,842
	8,498	Mobileye NV*^		392,098


Shares			Fair Value
	Common Stocks, continued
	Software, continued
	8,400	Nexon Co., Ltd.	$	123,418
	3,149	NICE Systems, Ltd.		197,800
	5,500	Nintendo Co., Ltd.		784,882
	1,700	Oracle Corp.		90,493
	53,126	Sage Group plc		461,916
	48,210	SAP AG		3,603,078
	5,600	Trend Micro, Inc.		199,477

				7,283,907

	Specialty Retail (0.9%):
	1,800	ABC-Mart, Inc.		119,812
	49,643	Dixons Carphone plc		215,474
	2,247	Dufry AG, Registered Shares*		269,770
	2,600	Fast Retailing Co., Ltd.		697,157
	46,746	Hennes & Mauritz AB, B Shares		1,370,444
	1,200	Hikari Tsushin, Inc.		100,306
	53,706	Industria de Diseno Textil SA		1,790,708
	111,203	Kingfisher plc		479,923
	4,000	Nitori Co., Ltd.		479,997
	1,000	Shimamura Co., Ltd.		147,637
	10,000	USS Co., Ltd.		164,039
	34,300	Yamada Denki Co., Ltd.		180,269

				6,015,536

	Technology Hardware, Storage & Peripherals (0.6%):
	12,000	Brother Industries, Ltd.		128,060
	51,700	Canon, Inc.		1,475,455
	21,100	Fujifilm Holdings Corp.		815,498
	20,200	Konica Minolta Holdings, Inc.		146,510
	131,000	NEC Corp.		303,965
	35,100	Ricoh Co., Ltd.		303,356
	14,300	Seiko Epson Corp.		228,552

				3,401,396

	Textiles, Apparel & Luxury Goods (1.8%):
	9,123	Adidas AG		1,300,800
	8,100	ASICS Corp.		135,986
	21,888	Burberry Group plc		342,088
	2,738	Christian Dior SA		443,477
	25,686	Compagnie Financiere Richemont SA		1,507,333
	1,279	Hermes International SA		481,947
	3,358	Hugo Boss AG		189,689
	3,686	Kering		601,053
	308,000	Li & Fung, Ltd.^		149,963
	8,178	Luxottica Group SpA		398,420
	13,678	LVMH Moet Hennessy Louis Vuitton SA		2,070,793
	5,629	Pandora A/S		764,227
	1,509	Swatch Group AG (The)^		438,804
	2,675	Swatch Group AG (The), Registered Shares		153,486
	36,000	Yue Yuen Industrial Holdings, Ltd.		142,681

				9,120,747

	Tobacco (2.0%):
	91,446	British American Tobacco plc		5,949,356
	46,740	Imperial Tobacco Group plc		2,536,814
	54,100	Japan Tobacco, Inc.		2,167,593
	9,588	Swedish Match AB, Class B		333,326

				10,987,089


Shares			Fair Value
	Common Stocks, continued
	Trading Companies & Distributors (1.1%):
	8,251	AerCap Holdings NV*	$	277,151
	25,188	Ashtead Group plc		361,411
	7,571	Brenntag AG		365,815
	16,565	Bunzl plc		512,271
	72,500	ITOCHU Corp.		881,036
	78,700	Marubeni Corp.		353,338
	73,200	Mitsubishi Corp.		1,280,070
	82,700	Mitsui & Co., Ltd.		979,363
	272,290	Noble Group, Ltd.*		40,961
	14,612	Rexel SA*		184,451
	58,400	Sumitomo Corp.		584,558
	10,400	Toyota Tsushu Corp.		223,132
	12,462	Travis Perkins plc		249,263
	12,432	Wolseley plc		644,174

				6,936,994

	Transportation Infrastructure (0.6%):
	26,965	Abertis Infraestructuras SA		396,249
	3,404	Aena SA		448,171
	1,387	Aeroports de Paris		153,386
	20,192	Atlantia SpA		503,546
	48,808	Auckland International Airport, Ltd.		226,806
	2,196	Fraport AG^		117,307
	24,010	Groupe Eurotunnel SA		255,488
	299,000	Hutchison Port Holdings Trust		137,352
	2,200	Japan Airport Terminal Co., Ltd.^		79,247
	10,000	Kamigumi Co., Ltd.		91,898
	5,000	Mitsubishi Logistics Corp.		69,711
	50,912	Sydney Airport		264,466
	100,866	Transurban Group		904,419

				3,648,046

	Water Utilities (0.1%):
	11,990	Severn Trent plc		391,606
	33,104	United Utilities Group plc		460,880

				852,486

	Wireless Telecommunication Services (2.0%):
	92,400	KDDI Corp.		2,813,187
	3,147	Millicom International Cellular SA, SDR		192,539
	70,300	NTT DoCoMo, Inc.		1,891,901
	47,100	SoftBank Group Corp.		2,665,067
	26,002	StarHub, Ltd.		73,255
	17,187	Tele2 AB		150,403
	1,302,654	Vodafone Group plc		3,964,809

				11,751,161

	Total Common Stocks (Cost $516,548,434)			574,267,324

	Preferred Stocks (0.5%):
	Automobiles (0.3%):
	2,704	Bayerische Motoren Werke AG (BMW), 5.57%		171,384
	7,516	Porsche Automobil Holding SE, 2.37%		346,222
	9,104	Volkswagen AG, 3.62%		1,093,996

				1,611,602

	Household Products (0.2%):
	8,613	Henkel AG & Co. KGaA, 1.37%		1,047,190

	Total Preferred Stocks (Cost $2,451,342)			2,658,792


Shares or Principal Amount			Fair Value
	Rights (0.0%):
	Aerospace & Defense (0.0%):
	6,400,508	Rolls-Royce Holdings plc, Expires on 7/01/16*	$	8,519

	Construction & Engineering (0.0%):
	9,830	ACS, Actividades de Construccion y Servicios SA, Expires on 7/12/16*		6,904

	Oil, Gas & Consumable Fuels (0.0%):
	53,960	Repsol SA, Expires on 7/05/16*		17,543

	Trading Companies & Distributors (0.0%):
	272,290	Noble Group, Ltd., Expires on 7/21/16*		18,196

	Total Rights (Cost $54,138)			51,162

	Securities Held as Collateral for Securities on Loan (1.8%):
$	10,269,762	AZL International Index Fund Securities Lending Collateral Account(c)		10,269,762

	Total Securities Held as Collateral for Securities on Loan (Cost $10,269,762)			10,269,762

	Unaffiliated Investment Company (0.0%):
	266,495	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(d)		266,495

	Total Unaffiliated Investment Company (Cost $266,495)			266,495

	Total Investment Securities (Cost $529,590,171)(e) — 100.7%			587,513,535
	Net other assets (liabilities) — (0.7)%			(3,993,263	)

	Net Assets — 100.0%		$	583,520,272

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, 2016:

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	526,931,743
Investments in affiliates, at cost		2,658,428

Total Investment securities, at cost	$	529,590,171

Investments in non-affiliates, at value	$	594,319,331
Investments in affiliates, at value		3,194,204

Total Investment securities, at value*		587,513,535
Cash		5,648
Segregated cash for collateral		449,421
Interest and dividends receivable		1,465,175
Foreign currency, at value (cost $3,856,085)		3,850,634
Unrealized appreciation on futures contracts		25,994
Receivable for capital shares issued		409,333
Receivable for investments sold		72,217
Receivable for variation margin on futures contracts		112,571
Reclaims receivable		1,183,091
Prepaid expenses		2,898

Total Assets		595,090,517

Liabilities:
Payable for investments purchased		93,445
Payable for capital shares redeemed		646,428
Payable for collateral received on loaned securities		10,269,762
Payable for variation margin on futures contracts		1,840
Manager fees payable		166,994
Administration fees payable		17,135
Distribution fees payable		119,282
Custodian fees payable		41,023
Administrative and compliance services fees payable		537
Trustee fees payable		5,153
Other accrued liabilities		208,646

Total Liabilities		11,570,245

Net Assets	$	583,520,272

Net Assets Consist of:
Capital	$	565,661,640
Accumulated net investment income/(loss)		23,890,458
Accumulated net realized gains/(losses) from investment transactions		(64,012,612	)
Net unrealized appreciation/(depreciation) on investments		57,980,786

Net Assets	$	583,520,272

Shares of beneficial interest (unlimited number of shares authorized, no par value)		41,910,831
Net Asset Value (offering and redemption price per share)	$	13.92

*	Includes securities on loan of $9,936,693.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	13,996,289
Dividends from affiliates		185,013
Income from securities lending		214,340
Foreign withholding tax		(1,642,083	)

Total Investment Income		12,753,559

Expenses:
Manager fees		989,622
Administration fees		153,119
Distribution fees		706,876
Custodian fees		90,260
Administrative and compliance services fees		5,813
Trustee fees		20,744
Professional fees		22,891
Shareholder reports		10,521
Recoupment of prior expenses reimbursed by the manager		37,705
Other expenses		140,003

Total expenses		2,177,554

Net Investment Income/(Loss)		10,576,005

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(3,237,507	)
Net realized gains/(losses) on futures contracts		113,657
Change in net unrealized appreciation/depreciation on investments		(26,426,646	)

Net Realized/Unrealized Gains/(Losses) on Investments		(29,550,496	)

Change in Net Assets Resulting From Operations	$	(18,974,491	)

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $18,901 during the period ended June 30, 2016. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2016, 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 $6.2 million as of June 30, 2016. The monthly average notional amount for these contracts was $7.2 million for the period ended June 30, 2016. 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, 2016:

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, 2016:

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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, the annual rate due to the Manager and the annual expense limit were as follows:

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which the Fund invests. At June 30, 2016, these underlying funds are noted as Affiliated Investment Companies in the Fund’s Schedule of Portfolio Investments. The Manager or an affiliate of the Manager is paid a separate fee from the underlying funds for such services. A summary of the Fund’s investments in affiliated investment companies for the period ended June 30, 2016 is 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $3,303 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $536,441,120. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the year ended December 31, 2015, the Fund utilized $43,097,390 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2015 were as follows:

As of the latest tax year end December 31, 2015, the components of accumulated earnings on a tax basis were as follows:

On June 14, 2016, the Board approved a reorganization whereby, subject to shareholder approval, the Fund will acquire the assets and liabilities of the AZL Invesco International Equity Fund and AZL JPMorgan International Opportunities Fund. A meeting of shareholders to consider the proposal is scheduled for October 12, 2016 and, if approved, the reorganization is expected to occur approximately four weeks subsequent to that date.

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 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 (63.9%):
	Aerospace & Defense (0.9%):
	76,613	General Dynamics Corp.	$	10,667,594

	Automobiles (0.5%):
	218,348	General Motors Co.		6,179,248

	Banks (12.1%):
	1,627,621	Bank of America Corp.		21,598,531
	188,659	BB&T Corp.		6,718,147
	792,918	Citigroup, Inc.		33,611,794
	646,592	Citizens Financial Group, Inc.		12,918,908
	183,070	Comerica, Inc.		7,529,669
	563,824	Fifth Third Bancorp		9,917,664
	470,227	First Horizon National Corp.		6,479,728
	599,477	JPMorgan Chase & Co.		37,251,501
	167,182	PNC Financial Services Group, Inc.		13,606,943

				149,632,885

	Biotechnology (0.7%):
	53,779	Amgen, Inc.		8,182,475

	Capital Markets (4.1%):
	289,938	Charles Schwab Corp. (The)		7,338,331
	53,267	Goldman Sachs Group, Inc. (The)		7,914,411
	663,097	Morgan Stanley^		17,227,260
	125,724	Northern Trust Corp.		8,330,472
	181,849	State Street Corp.^		9,805,298

				50,615,772

	Chemicals (0.7%):
	17,666	Agrium, Inc.^		1,597,360
	283,997	Mosaic Co. (The)^		7,435,041

				9,032,401

	Commercial Services & Supplies (0.8%):
	235,383	Tyco International plc		10,027,316

	Communications Equipment (1.9%):
	490,116	Cisco Systems, Inc.		14,061,428
	403,620	Juniper Networks, Inc.		9,077,414

				23,138,842

	Diversified Financial Services (0.9%):
	60,887	CME Group, Inc.		5,930,394
	228,066	Voya Financial, Inc.		5,646,914

				11,577,308

	Diversified Telecommunication Services (1.1%):
	136,721	France Telecom SA^		2,232,891
	611,615	Koninklijke (Royal) KPN NV		2,218,105
	144,324	Verizon Communications, Inc.		8,059,052

				12,510,048

	Electric Utilities (1.1%):
	150,210	FirstEnergy Corp.^		5,243,831
	122,043	PG&E Corp.		7,800,989

				13,044,820

	Energy Equipment & Services (1.2%):
	215,508	Baker Hughes, Inc.		9,725,876
	823,332	Weatherford International plc*^		4,569,493

				14,295,369


Shares			Fair Value
	Common Stocks, continued
	Food & Staples Retailing (1.6%):
	117,794	Sysco Corp.	$	5,976,868
	157,537	Walgreens Boots Alliance, Inc.		13,118,106

				19,094,974

	Food Products (1.4%):
	144,920	Archer-Daniels-Midland Co.		6,215,619
	245,119	Mondelez International, Inc., Class A		11,155,365

				17,370,984

	Health Care Equipment & Supplies (1.8%):
	214,973	Baxter International, Inc.		9,721,079
	147,985	Medtronic plc^		12,840,659

				22,561,738

	Health Care Providers & Services (1.6%):
	48,365	Anthem, Inc.		6,352,259
	84,212	Express Scripts Holding Co.*^		6,383,270
	48,936	UnitedHealth Group, Inc.		6,909,763

				19,645,292

	Hotels, Restaurants & Leisure (1.2%):
	343,304	Carnival Corp., Class A		15,174,037

	Industrial Conglomerates (1.6%):
	640,172	General Electric Co.^		20,152,615

	Insurance (2.1%):
	93,903	Aon plc		10,257,026
	115,345	Marsh & McLennan Cos., Inc.		7,896,519
	62,952	Willis Towers Watson plc		7,825,563

				25,979,108

	Internet Software & Services (0.6%):
	338,354	eBay, Inc.*		7,920,867

	IT Services (0.6%):
	212,385	PayPal Holdings, Inc.*		7,754,176

	Machinery (1.4%):
	112,586	Caterpillar, Inc.^		8,535,145
	130,907	Ingersoll-Rand plc		8,336,158

				16,871,303

	Media (2.9%):
	47,471	CBS Corp., Class B		2,584,321
	28,982	Charter Communications, Inc., Class A*		6,626,511
	204,977	Comcast Corp., Class A		13,362,450
	140,843	Thomson Reuters Corp.		5,698,919
	94,605	Time Warner, Inc.		6,957,252

				35,229,453

	Multiline Retail (0.9%):
	159,484	Target Corp.^		11,135,173

	Oil, Gas & Consumable Fuels (7.2%):
	320,154	Apache Corp.		17,822,973
	404,209	Canadian Natural Resources, Ltd.^		12,472,341
	411,893	Devon Energy Corp.		14,931,121
	91,368	Exxon Mobil Corp.^		8,564,836
	118,703	Occidental Petroleum Corp.		8,969,199
	631,974	Royal Dutch Shell plc, A Shares		17,251,914
	200,818	Total SA		9,682,427

				89,694,811


Shares, Notional Amount or Principal Amount			Fair Value
	Common Stocks, continued
	Pharmaceuticals (4.7%):
	116,225	Eli Lilly & Co.		9,152,719
	300,218	Merck & Co., Inc.		17,295,559
	95,967	Novartis AG, Registered Shares		7,897,034
	420,140	Pfizer, Inc.		14,793,129
	98,727	Sanofi-Aventis SA		8,297,628

				57,436,069

	Road & Rail (0.7%):
	331,017	CSX Corp.		8,632,923

	Semiconductors & Semiconductor Equipment (2.8%):
	483,134	Applied Materials, Inc.		11,580,722
	325,458	Intel Corp.		10,675,022
	225,972	QUALCOMM, Inc.		12,105,320

				34,361,064

	Software (2.9%):
	102,232	Citrix Systems, Inc.*		8,187,761
	224,145	Microsoft Corp.		11,469,500
	397,662	Oracle Corp.		16,276,305

				35,933,566

	Specialty Retail (0.4%):
	1,096,024	Kingfisher plc		4,730,147

	Tobacco (0.9%):
	108,571	Philip Morris International, Inc.		11,043,842

	Wireless Telecommunication Services (0.6%):
	243,989	Vodafone Group plc, ADR^		7,536,820

	Total Common Stocks (Cost $673,266,489)			787,163,040

	Convertible Preferred Stocks (0.6%):
	Banks (0.2%):
	13,608	KeyCorp, Series A, 5.78%^		1,797,957
	10,000	Wells Fargo & Co., 5.30%^		275,900

				2,073,857

	Capital Markets (0.3%):
	60,000	AMG Capital Trust II, 4.58%		3,277,500
	5,063	State Street Corp., Series D, 5.23%^		142,726

				3,420,226

	Oil, Gas & Consumable Fuels (0.1%):
	27,346	El Paso Energy Capital Trust I, 4.61%^		1,408,319

	Total Convertible Preferred Stocks (Cost $6,365,172)			6,902,402

	Convertible Bonds (7.1%):
	Biotechnology (0.3%):
$	2,822,000	BioMarin Pharmaceutical, Inc., 1.50%, 10/15/20		3,262,938

	Capital Markets (0.8%):
	1,200,000	Goldman Sachs Group, Inc. (The), 1.00%, 3/15/17(a)		1,671,276
	4,530,000	Goldman Sachs Group, Inc. (The), 1.00%, 9/28/20(a)		5,114,460
	2,932,000	Jefferies Group, 3.88%, 11/1/29, Callable 11/1/17 @ 100		2,968,650

				9,754,386


Notional Amount or Principal Amount			Fair Value
	Convertible Bonds, continued
	Communications Equipment (0.5%):
$	1,340,000	Ciena Corp., 4.00%, 12/15/20(a)	$	1,675,000
	4,025,000	JDS Uniphase Corp., 0.63%, 8/15/33, Callable 8/20/18 @ 200^		3,921,859

				5,596,859

	Energy Equipment & Services (0.4%):
	2,258,000	Helix Energy Solutions Group, Inc., 3.25%, 3/15/32, Callable 3/20/18 @ 100		1,989,863
	2,652,000	Weatherford International plc, 5.88%, 7/1/21^		2,882,393

				4,872,256

	Health Care Equipment & Supplies (0.4%):
	1,817,000	NuVasive, Inc., 2.25%, 3/15/21(a)		2,150,874
	2,003,000	Wright Medical Group NV, 2.00%, 2/15/20^		1,830,241
	879,000	Wright Medical Group NV, 2.25%, 11/15/21(a)		904,271

				4,885,386

	Health Care Providers & Services (0.5%):
	2,281,000	Brookdale Senior Living, Inc., 2.75%, 6/15/18		2,228,252
	2,875,000	HealthSouth Corp., 2.00%, 12/1/43, Callable 1/12/18 @ 100		3,354,766

				5,583,018

	Insurance (0.2%):
	1,761,000	Old Republic International Corp., 3.75%, 3/15/18		2,249,678

	Internet & Catalog Retail (0.1%):
	844,006	Liberty Interactive LLC, 0.75%, 3/30/43, Callable 5/4/23 @ 200		941,233

	Media (0.6%):
	5,810,000	Liberty Media Corp., 1.38%, 10/15/23^(a)		5,770,056
	1,073,000	Live National Entertainment, Inc., 2.50%, 5/15/19		1,075,683

				6,845,739

	Oil, Gas & Consumable Fuels (0.1%):
	3,514,000	Cobalt International Energy, Inc., 2.63%, 12/1/19		1,317,750

	Pharmaceuticals (0.1%):
	1,327,000	Jazz Pharmaceuticals plc, 1.88%, 8/15/21^		1,420,719
	505,000	Medicines Co. (The), 2.75%, 7/15/23(a)		484,169

				1,904,888

	Semiconductors & Semiconductor Equipment (1.3%):
	2,824,000	Lam Research Corp., 1.25%, 5/15/18^		4,105,389
	1,760,000	Microchip Technology, Inc., 1.63%, 2/15/25		1,948,101
	3,035,000	Micron Technology, Inc., Series G, 3.00%, 11/15/43, Callable 11/20/18 @ 166.08^		2,317,982
	2,526,000	NVIDIA Corp., 1.00%, 12/1/18(a)		5,885,579
	3,511,000	ON Semiconductor Corp., 1.00%, 12/1/20^(a)		3,137,956

				17,395,007


Notional Amount or Principal Amount			Fair Value
	Convertible Bonds, continued
	Software (0.8%):
$	5,444,000	Citrix Systems, Inc., 0.50%, 4/15/19^	$	6,056,449
	1,054,000	FireEye, Inc., 1.00%, 6/1/35, Callable 6/1/20 @ 100^		955,846
	1,054,000	FireEye, Inc., 1.63%, 6/1/35, Callable 6/1/22 @ 100(a)		929,496
	2,055,000	NetSuite, Inc., 0.25%, 6/1/18^		2,012,616
	1,149,000	Nuance Communications, Inc., 1.00%, 12/15/35, Callable 12/20/22 @ 100(a)		1,009,684

				10,964,091

	Technology Hardware, Storage & Peripherals (0.3%):
	2,984,000	SanDisk Corp., 0.50%, 10/15/20^		3,222,777

	Thrifts & Mortgage Finance (0.7%):
	3,438,000	MGIC Investment Corp., 5.00%, 5/1/17		3,549,734
	1,557,000	MGIC Investment Corp., 2.00%, 4/1/20		1,728,270
	1,295,000	Radian Group, Inc., 3.00%, 11/15/17		1,413,169
	1,141,000	Radian Group, Inc., 2.25%, 3/1/19		1,302,880

				7,994,053

	Total Convertible Bonds (Cost $84,857,314)			86,790,059

	Corporate Bonds (10.4%):
	Aerospace & Defense (0.3%):
	745,000	Aviation Capital Group Corp., 2.88%, 9/17/18, Callable 8/17/18 @ 100(a)		737,550
	735,000	Aviation Capital Group Corp., 4.88%, 10/1/25, Callable 1/7/25 @ 100(a)		721,395
	293,000	BAE Systems plc, 2.85%, 12/15/20, Callable 11/15/20 @ 100(a)		299,393
	1,000,000	Lockheed Martin Corp., 2.13%, 9/15/16		1,002,729
	185,000	Northrop Grumman Corp., 3.85%, 4/15/45, Callable 10/15/44 @ 100		192,592
	600,000	Precision Castparts Corp., 1.25%, 1/15/18		602,707
	200,000	Precision Castparts Corp., 2.50%, 1/15/23, Callable 10/15/22 @ 100		206,853

				3,763,219

	Air Freight & Logistics (0.1%):
	360,000	FedEx Corp., 4.90%, 1/15/34		408,617
	745,000	FedEx Corp., 5.10%, 1/15/44		868,069

				1,276,686

	Airlines (0.1%):
	374,491	American Airlines 14-1, Series A, 3.70%, 10/1/26		389,283
	227,830	Continental Airlines 2009-1, Series 09-1, 9.00%, 7/8/16		227,830
	77,172	Continental Airlines 2010-A, Series A, 4.75%, 1/12/21		82,169
	255,703	Continental Airlines 2012-A, Series A, 4.15%, 4/11/24		270,406
	47,438	Delta Air Lines, Inc., 6.20%, 7/2/18		50,699
	475,743	United Airlines 2014-2, Series A, 3.75%, 3/3/28		503,097

				1,523,484


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Automobiles (0.0%):
$	387,000	General Motors Co., 6.60%, 4/1/36, Callable 10/1/35 @ 100	$	443,776

	Banks (1.0%):
	295,000	Bank of America Corp., 5.75%, 12/1/17		312,240
	175,000	Bank of America Corp., 5.65%, 5/1/18, MTN		187,538
	600,000	Bank of America Corp., Series G, 3.50%, 4/19/26		620,033
	595,000	Citigroup, Inc., 6.68%, 9/13/43		763,882
	220,000	Citigroup, Inc., 5.30%, 5/6/44		237,545
	380,000	Citigroup, Inc., 4.75%, 5/18/46		381,332
	65,000	JPMorgan Chase & Co., 6.30%, 4/23/19		73,067
	215,000	JPMorgan Chase & Co., 4.50%, 1/24/22		239,262
	405,000	JPMorgan Chase & Co., 3.20%, 6/15/26, Callable 3/15/26 @ 100^		416,270
	345,000	JPMorgan Chase & Co., 4.25%, 10/1/27		365,021
	570,000	JPMorgan Chase & Co., Series V, 5.00%, 12/29/49, Callable 1/7/19 @ 100		545,063
	680,000	JPMorgan Chase & Co., Series Z, 5.30%, 12/31/49, Callable 1/5/20 @ 100(b)		677,450
	1,570,000	PNC Bank NA, Series BKNT, 1.30%, 10/3/16, Callable 9/3/16 @ 100		1,571,624
	955,000	SunTrust Bank, 3.30%, 5/15/26, Callable 4/15/26 @ 100^		962,773
	290,000	US BanCorp, 3.10%, 4/27/26, Callable 3/27/26 @ 100^		301,642
	110,000	Wells Fargo & Co., 1.50%, 1/16/18		110,616
	650,000	Wells Fargo & Co., 3.55%, 9/29/25, MTN^		692,731
	405,000	Wells Fargo & Co., 4.10%, 6/3/26		433,192
	1,200,000	Wells Fargo & Co., 4.65%, 11/4/44		1,265,591
	1,040,000	Wells Fargo & Co., 3.90%, 5/1/45		1,091,606

				11,248,478

	Beverages (0.4%):
	612,000	Anheuser-Busch InBev, 3.30%, 2/1/23, Callable 12/1/22 @ 100		644,846
	667,000	Anheuser-Busch InBev NV, 2.65%, 2/1/21, Callable 1/1/21 @ 100		691,689
	1,035,000	Anheuser-Busch InBev NV, 4.70%, 2/1/36, Callable 8/1/35 @ 100		1,163,058
	1,158,000	Anheuser-Busch InBev NV, 4.90%, 2/1/46, Callable 1/8/45 @ 100		1,356,993
	500,000	Coca-Cola Co. (The), 1.80%, 9/1/16		500,919
	325,000	Molson Coors Brewing Co., 1.45%, 7/15/19		325,823
	376,000	Molson Coors Brewing Co., 4.20%, 7/15/46, Callable 1/15/46 @ 100		377,608

				5,060,936

	Biotechnology (0.5%):
	2,225,000	Abbvie, Inc., 1.75%, 11/6/17		2,238,141
	701,000	AbbVie, Inc., 4.50%, 5/14/35, Callable 11/14/34 @ 100		732,659
	335,000	Celgene Corp., 4.00%, 8/15/23		356,928
	1,220,000	Celgene Corp., 4.63%, 5/15/44, Callable 11/15/43 @ 100		1,268,928


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Biotechnology, continued
$	166,000	Celgene Corp., 5.00%, 8/15/45, Callable 2/15/45 @ 100	$	182,822
	350,000	Gilead Sciences, Inc., 3.05%, 12/1/16		352,978
	483,000	Gilead Sciences, Inc., 4.40%, 12/1/21, Callable 1/9/21 @ 100		545,356

				5,677,812

	Capital Markets (0.6%):
	880,000	Apollo Management Holdings LP, 4.00%, 5/30/24(a)		904,627
	814,000	Apollo Management Holdings LP, 4.40%, 5/27/26, Callable 2/27/26 @ 100(a)		847,701
	730,000	Crown Castle Towers LLC, 6.11%, 1/15/20, Callable 7/15/19 @ 100(a)		812,023
	527,000	Crown Castle Towers LLC, 4.88%, 8/15/20, Callable 2/15/20 @ 100(a)		574,500
	175,000	Goldman Sachs Group, Inc. (The), 5.25%, 7/27/21		197,484
	552,000	Goldman Sachs Group, Inc. (The), 4.25%, 10/21/25^		570,596
	298,000	KKR Group Finance Co. III LLC, 5.13%, 6/1/44, Callable 1/12/43 @ 100(a)		301,134
	1,112,000	Lazard Group LLC, 3.75%, 2/13/25		1,105,419
	915,000	Massmutual Global Funding, 2.00%, 4/15/21(a)		926,777
	665,000	Morgan Stanley, Series G, 4.00%, 7/23/25		712,075
	365,000	Morgan Stanley, 6.38%, 7/24/42		494,291
	415,000	UBS Group AG, 4.13%, 4/15/26^(a)		431,301

				7,877,928

	Chemicals (0.1%):
	749,000	Eastman Chemical Co., 2.70%, 1/15/20, Callable 12/15/19 @ 100^		770,322
	275,000	Monsanto Co., 2.13%, 7/15/19		277,983

				1,048,305

	Commercial Services & Supplies (0.1%):
	550,000	Cintas Corp. NO.2, 6.13%, 12/1/17		588,797
	430,000	Pitney Bowes, Inc., 4.63%, 3/15/24, Callable 12/15/23 @ 100^		453,735
	457,000	Waste Management, Inc., 3.90%, 3/1/35, Callable 1/9/34 @ 100		478,881

				1,521,413

	Construction & Engineering (0.0%):
	215,000	Valmont Industries, Inc., 5.00%, 10/1/44, Callable 1/4/44 @ 100		199,853
	400,000	Valmont Industries, Inc., 5.25%, 10/1/54, Callable 1/4/54 @ 100		357,565

				557,418

	Consumer Finance (0.3%):
	318,000	American Express Co., 3.63%, 12/5/24, Callable 4/11/24 @ 100		326,144
	1,765,000	Caterpillar Financial Se, 1.75%, 3/24/17		1,776,090


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Consumer Finance, continued
$	271,000	Ford Motor Credit Co. LLC, 3.10%, 5/4/23	$	274,785
	674,000	Ford Motor Credit Co. LLC, 4.13%, 8/4/25		722,630
	490,000	General Motors Financial Co., 5.25%, 3/1/26, Callable 1/12/25 @ 100		532,672

				3,632,321

	Containers & Packaging (0.1%):
	125,000	International Paper Co., 6.00%, 11/15/41, Callable 5/15/41 @ 100		148,161
	831,000	Packaging Corp. of America, 4.50%, 11/1/23, Callable 1/8/23 @ 100		902,625

				1,050,786

	Diversified Financial Services (0.4%):
	695,000	BMW US Capital LLC, 2.00%, 4/11/21, Callable 3/11/21 @ 100(a)		704,013
	655,000	Boeing Capital Corp., 2.13%, 8/15/16, Callable 8/8/16 @ 100		655,739
	785,000	Moody’s Corp., 4.50%, 9/1/22, Callable 1/6/22 @ 100		872,732
	500,000	Moody’s Corp., 4.88%, 2/15/24, Callable 11/15/23 @ 100		567,095
	1,675,000	National Rural Utilities Cooperative Finance Corp., 0.95%, 4/24/17		1,675,182

				4,474,761

	Diversified Telecommunication Services (0.6%):
	325,000	AT&T, Inc., 3.80%, 3/15/22		345,255
	510,000	AT&T, Inc., 3.00%, 6/30/22, Callable 4/30/22 @ 100		522,278
	283,000	AT&T, Inc., 3.40%, 5/15/25, Callable 2/15/25 @ 100		289,483
	454,000	AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100		464,439
	28,000	AT&T, Inc., 5.35%, 9/1/40		30,629
	2,185,000	AT&T, Inc., 5.15%, 3/15/42^		2,357,531
	950,000	AT&T, Inc., 4.80%, 6/15/44, Callable 12/15/43 @ 100		975,280
	25,000	SBC Communications, Inc., 6.15%, 9/15/34		29,234
	405,000	Verizon Communications, Inc., 5.15%, 9/15/23		471,674
	305,000	Verizon Communications, Inc., 4.40%, 11/1/34, Callable 1/5/34 @ 100		314,500
	1,351,000	Verizon Communications, Inc., 4.52%, 9/15/48		1,406,796
	498,000	Verizon Communications, Inc., 5.01%, 8/21/54		526,661

				7,733,760

	Electric Utilities (0.1%):
	1,670,000	Commonwealth Edision Co., 5.95%, 8/15/16		1,679,414
	125,000	Ohio Power Co., Series M, 5.38%, 10/1/21		145,131

				1,824,545

	Electronic Equipment, Instruments & Components (0.1%):
	685,000	Avnet, Inc., 4.63%, 4/15/26, Callable 1/15/26 @ 100^		711,492


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Food & Staples Retailing (0.4%):
$	335,000	CVS Caremark Corp., 3.38%, 8/12/24, Callable 12/5/24 @ 100	$	356,044
	592,330	CVS Pass-Through Trust, 6.04%, 12/10/28		672,158
	285,000	Walgreens Boots Alliance, Inc., 3.10%, 6/1/23, Callable 1/4/23 @ 100		290,277
	418,000	Walgreens Boots Alliance, Inc., 4.50%, 11/18/34, Callable 5/18/34 @ 100		438,711
	2,505,000	Wal-Mart Stores, Inc., 5.52%, 6/1/18, Callable 0 @ –^(b)		2,614,192

				4,371,382

	Food Products (0.2%):
	85,000	Corn Products International, Inc., 6.63%, 4/15/37		106,844
	795,000	General Mills, Inc., 2.20%, 10/21/19		814,068
	1,054,000	HJ Heinz Co., 1.60%, 6/30/17(a)		1,057,541
	760,000	Kraft Foods Group, Inc., 2.25%, 6/5/17		766,969
	62,000	Mead Johnson Nutrition Co., 4.13%, 11/15/25, Callable 8/15/25 @ 100		67,627
	193,000	Tyson Foods, Inc., 4.88%, 8/15/34, Callable 2/15/34 @ 100		215,314

				3,028,363

	Health Care Equipment & Supplies (0.3%):
	355,000	Becton, Dickinson & Co., 1.75%, 11/8/16		355,815
	297,000	Becton, Dickinson & Co., 2.68%, 12/15/19		305,474
	465,000	Becton, Dickinson & Co., 3.88%, 5/15/24, Callable 2/15/24 @ 100		506,075
	370,000	Becton, Dickinson & Co., 4.88%, 5/15/44, Callable 11/15/43 @ 100		426,421
	525,000	Edwards Lifesciences Corp., 2.88%, 10/15/18^		537,772
	1,017,000	Medtronic, Inc., 3.15%, 3/15/22		1,085,311
	338,000	Medtronic, Inc., 4.38%, 3/15/35		382,325
	465,000	Medtronic, Inc., 4.63%, 3/15/44, Callable 9/15/43 @ 100		543,092

				4,142,285

	Health Care Providers & Services (0.2%):
	220,000	Aetna, Inc., 3.95%, 9/1/20		236,126
	349,000	Aetna, Inc., 4.38%, 6/15/46, Callable 12/15/45 @ 100		362,436
	480,000	Express Scripts Holding Co., 2.25%, 6/15/19^		487,803
	585,000	Laboratory Corp. of America, 3.20%, 2/1/22		605,112
	256,000	Laboratory Corp. of America, 4.70%, 2/1/45, Callable 1/8/44 @ 100		273,241
	950,000	McKesson Corp., 2.28%, 3/15/19		971,321

				2,936,039

	Hotels, Restaurants & Leisure (0.0%):
	305,000	Wyndham Worldwide Corp., 2.95%, 3/1/17, Callable 1/2/17 @ 100		307,554


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Household Durables (0.1%):
$	635,000	MDC Holdings, Inc., 6.00%, 1/15/43, Callable 10/15/42 @ 100	$	487,363
	216,000	Newell Rubbermaid, Inc., 5.50%, 4/1/46, Callable 1/10/45 @ 100		256,981
	695,000	Tupperware Brands Corp., 4.75%, 6/1/21, Callable 1/3/21 @ 100^		747,563

				1,491,907

	Independent Power and Renewable Electricity Producers (0.0%):
	520,000	Oglethorpe Power Corp., 4.55%, 6/1/44		550,165

	Insurance (0.7%):
	1,000,000	American Financial Group, Inc., 9.88%, 6/15/19		1,212,299
	345,000	American International Group, Inc., 2.30%, 7/16/19, Callable 6/16/19 @ 100		351,049
	695,000	American International Group, Inc., 4.38%, 1/15/55, Callable 7/15/54 @ 100		642,577
	625,000	Athene Global Funding, 2.88%, 10/23/18(a)		620,163
	205,000	Berkley (WR) Corp., 4.63%, 3/15/22		223,960
	115,000	CNA Financial Corp., 5.88%, 8/15/20		129,621
	870,000	Farmers Exchange Capital III, 5.45%, 10/15/54, Callable 10/15/34 @ 100(a)(b)		839,550
	895,000	Liberty Mutual Group, Inc., 4.85%, 8/1/44(a)		916,234
	210,000	Markel Corp., 5.00%, 3/30/43		223,949
	860,000	Nationwide Financial Services, Inc., 5.30%, 11/18/44(a)		940,803
	35,000	Prudential Financial, Inc., 6.63%, 12/1/37, MTN		45,125
	280,000	Prudential Financial, Inc., 5.10%, 8/15/43, MTN		308,572
	560,000	Reinsurance Group of America, Inc., 4.70%, 9/15/23		608,959
	485,000	Reliance Stand Life Global Funding, 3.05%, 1/20/21(a)		498,972
	440,000	Travelers Cos., Inc. (The), 4.60%, 8/1/43		525,920

				8,087,753

	Internet & Catalog Retail (0.1%):
	795,000	QVC, Inc., 5.45%, 8/15/34, Callable 2/15/34 @ 100		736,114

	IT Services (0.1%):
	315,000	Computer Sciences Corp., 4.45%, 9/15/22^		335,811
	685,000	Visa, Inc., 4.15%, 12/14/35, Callable 6/14/35 @ 100		774,712

				1,110,523

	Machinery (0.1%):
	655,000	Deere & Co., 2.60%, 6/8/22, Callable 8/3/22 @ 100		672,686

	Media (0.4%):
	1,050,000	Charter Comm OPT LLC, 4.46%, 7/23/22, Callable 5/23/22 @ 100(a)		1,128,473
	135,000	Comcast Corp., 5.70%, 5/15/18		146,664
	415,000	Comcast Corp., 4.25%, 1/15/33		457,896


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Media, continued
$	245,000	Comcast Corp., 6.45%, 3/15/37	$	337,114
	1,520,000	Cox Communications, Inc., 8.38%, 3/1/39(a)		1,836,804
	240,000	Cox Communications, Inc., 4.70%, 12/15/42(a)		213,191
	200,000	Interpublic Group of Cos., Inc., 2.25%, 11/15/17		201,291
	65,000	NBCUniversal Media LLC, 5.15%, 4/30/20		73,675
	75,000	NBCUniversal Media LLC, 5.95%, 4/1/41		100,914

				4,496,022

	Multiline Retail (0.2%):
	330,000	Dollar General Corp., 3.25%, 4/15/23, Callable 1/15/23 @ 100		342,596
	1,400,000	Target Corp., 5.88%, 7/15/16		1,401,783
	232,000	Target Corp., 2.90%, 1/15/22		246,347

				1,990,726

	Oil Gas & Consumable Fuels (0.1%):
	282,000	Anadarko Petroleum Corp., 4.85%, 3/15/21, Callable 2/15/21 @ 100		299,093
	432,000	Anadarko Petroleum Corp., 6.60%, 3/15/46, Callable 9/15/45 @ 100		521,642

				820,735

	Oil, Gas & Consumable Fuels (0.7%):
	1,390,000	Chevron Corp., 1.37%, 3/2/18		1,397,635
	335,000	Chevron Corp., 1.72%, 6/24/18, Callable 5/24/18 @ 100		338,913
	808,000	ConocoPhillips Co., 2.88%, 11/15/21, Callable 9/15/21 @ 100^		822,176
	867,000	ConocoPhillips Co., 4.15%, 11/15/34, Callable 5/15/34 @ 100		875,864
	405,000	Devon Energy Corp., 2.25%, 12/15/18, Callable 11/15/18 @ 100^		402,144
	385,000	Enable Midstream Partners LP, 2.40%, 5/15/19, Callable 4/15/19 @ 100		361,511
	347,000	Energy Transfer Partners LP, 4.90%, 3/15/35, Callable 9/15/34 @ 100		306,564
	55,000	Enterprise Products Operating LLC, 5.25%, 1/31/20		61,125
	75,000	Enterprise Products Partners LP, 6.50%, 1/31/19		83,988
	350,000	Enterprise Products Partners LP, 2.55%, 10/15/19, Callable 9/15/19 @ 100		359,659
	389,000	Kinder Morgan (Delaware), Inc., 5.30%, 12/1/34, Callable 1/6/34 @ 100		380,209
	640,000	Noble Energy, Inc., 5.25%, 11/15/43, Callable 5/15/43 @ 100		650,708
	360,000	Occidental Petroleum Corp., 3.40%, 4/15/26, Callable 1/15/26 @ 100^		379,689
	175,000	Plains All American Pipeline LP, 3.65%, 6/1/22, Callable 1/3/22 @ 100		171,619
	45,000	Spectra Energy Capital Corp., 7.50%, 9/15/38		51,526


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
$	522,000	Spectra Energy Partners LP, 4.50%, 3/15/45, Callable 9/15/44 @ 100^	$	519,629
	470,000	Sunoco Logistics Partners LP, 5.50%, 2/15/20		506,393
	710,000	Sunoco Logistics Partners LP, 5.30%, 4/1/44, Callable 1/10/43 @ 100		698,561
	45,000	Texas East Transmission, 7.00%, 7/15/32		56,092
	830,000	Western Gas Partners LP, 5.45%, 4/1/44, Callable 1/10/43 @ 100		778,395

				9,202,400

	Pharmaceuticals (0.1%):
	551,000	Bayer US Finance LLC, 3.00%, 10/8/21(a)		575,386
	85,000	GlaxoSmithKline plc, 5.65%, 5/15/18		92,240
	95,000	Merck & Co., Inc., 5.00%, 6/30/19		105,540
	567,000	Walgreens Boots Alliance, Inc., 3.30%, 11/18/21, Callable 9/18/21 @ 100		594,579
	213,000	Zoetis, Inc., 4.70%, 2/1/43, Callable 1/8/42 @ 100		211,053

				1,578,798

	Professional Services (0.0%):
	210,000	Verisk Analytics, Inc., 5.50%, 6/15/45, Callable 12/15/44 @ 100		215,955

	Real Estate Investment Trusts (REITs) (0.3%):
	615,000	Crown Castle International Corp., 4.45%, 2/15/26, Callable 11/15/25 @ 100		667,665
	410,000	HCP, Inc., 4.20%, 3/1/24, Callable 1/12/23 @ 100		422,279
	475,000	HCP, Inc., 3.88%, 8/15/24, Callable 5/17/24 @ 100		477,635
	510,000	Piedmont Operating Partnership LP, 4.45%, 3/15/24, Callable 12/15/23 @ 100^		527,253
	125,000	Realty Income Corp., 2.00%, 1/31/18, Callable 12/31/17 @ 100		126,040
	1,315,000	Sovran Acquistion, LP, 3.50%, 7/1/26, Callable 1/4/26 @ 100		1,326,900
	95,000	Ventas Realty LP / Capital Corp., 4.25%, 3/1/22, Callable 12/1/21 @ 100		102,540
	155,000	Ventas Realty LP / Capital Corp., 5.70%, 9/30/43, Callable 3/30/43 @ 100		182,215

				3,832,527

	Road & Rail (0.3%):
	1,370,000	Burlington Northern Santa Fe LLC, 5.15%, 9/1/43, Callable 1/3/43 @ 100		1,672,049
	140,000	CSX Corp., 5.50%, 4/15/41, Callable 10/15/40 @ 100		179,317
	845,000	ERAC USA Finance LLC, 2.35%, 10/15/19(a)		860,953
	18,000	Union Pacific Corp., 3.65%, 2/15/24, Callable 11/15/23 @ 100		19,902
	465,000	Union Pacific Corp., 4.85%, 6/15/44, Callable 12/15/43 @ 100		555,396
	400,000	Union Pacific Corp., 4.15%, 1/15/45, Callable 7/15/44 @ 100		438,458

				3,726,075


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Semiconductors & Semiconductor Equipment (0.1%):
$	755,000	Intel Corp., 1.35%, 12/15/17	$	759,474

	Software (0.2%):
	395,000	Microsoft Corp., 3.50%, 2/12/35, Callable 12/8/34 @ 100		408,693
	1,230,000	Oracle Corp., 1.90%, 9/15/21, Callable 1/8/21 @ 100		1,234,517
	545,000	Oracle Corp., 4.30%, 7/8/34, Callable 8/1/34 @ 100		579,621

				2,222,831

	Specialty Retail (0.4%):
	1,865,000	Advance Auto Parts, Inc., 4.50%, 12/1/23, Callable 1/9/23 @ 100^		2,003,179
	361,000	AutoZone, Inc., 3.13%, 4/21/26, Callable 1/21/26 @ 100		369,972
	617,000	Home Depot, Inc., 2.00%, 4/1/21, Callable 1/3/21 @ 100		633,705
	1,400,000	O’Reilly Automotive, Inc., 4.88%, 1/14/21, Callable 10/14/20 @ 100		1,561,456
	337,000	Ross Stores, Inc., 3.38%, 9/15/24, Callable 6/15/24 @ 100		352,147

				4,920,459

	Technology Hardware, Storage & Peripherals (0.3%):
	696,000	Apple, Inc., 2.15%, 2/9/22^		709,342
	668,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 5.45%, 6/15/23, Callable 4/15/23 @ 100(a)		693,099
	253,000	Diamond 1 Finance Corp/Diamond 2, 8.35%, 7/15/46, Callable 1/15/46 @ 100(a)		272,003
	1,385,000	Hewlett-Packard Co., 2.85%, 10/5/18, Callable 9/5/18 @ 100(a)		1,418,323

				3,092,767

	Tobacco (0.2%):
	1,345,000	Philip Morris International, Inc., 1.63%, 3/20/17^		1,353,008
	210,000	Philip Morris International, Inc., 1.25%, 8/11/17		210,809
	310,000	Philip Morris International, Inc., 3.60%, 11/15/23		339,991
	925,000	Philip Morris International, Inc., 4.88%, 11/15/43		1,101,177

				3,004,985

	Trading Companies & Distributors (0.1%):
	850,000	Air Lease Corp., 2.63%, 9/4/18, Callable 8/4/18 @ 100		849,820
	395,000	Air Lease Corp., 4.25%, 9/15/24, Callable 6/15/24 @ 100		399,938

				1,249,758

	Total Corporate Bonds (Cost $122,807,202)			127,975,403


Notional Amount or Principal Amount			Fair Value
	Yankee Dollars (2.3%):
	Airlines (0.1%):
$	620,150	Virgin Australia Holdings, Ltd., 5.00%, 10/23/23(a)	$	640,367

	Banks (1.0%):
	975,000	Australia & New Zealand Banking Group NY, 2.30%, 6/1/21		990,240
	615,000	BBVA Bancomer SA, 4.38%, 4/10/24(a)		642,983
	490,000	BNP Paribas, 4.25%, 10/15/24^		503,892
	105,000	HBOS plc, Series G, 6.75%, 5/21/18(a)		112,623
	435,000	Lloyds Bank plc, 2.30%, 11/27/18		437,449
	2,000,000	Mizuho Finance Group (Cayman) 3, Ltd., 4.60%, 3/27/24(a)		2,177,486
	955,000	National Australia Bank, Ltd., Series G, 2.00%, 1/14/19^		968,230
	955,000	Nordea Bank AB, 2.25%, 5/27/21(a)		967,221
	875,000	Societe Generale SA, 2.63%, 9/16/20(a)		896,967
	995,000	Societe Generale SA, 5.00%, 1/17/24(a)		1,034,706
	355,000	Societe Generale SA, 5.63%, 11/24/45(a)		368,891
	700,000	Standard Chartered plc, 3.05%, 1/15/21^(a)		706,410
	700,000	Sumitomo Mitsui Banking Corp., Series G, 2.65%, 7/23/20		723,063

				10,530,161

	Capital Markets (0.2%):
	564,000	Credit Suisse AG, 6.50%, 8/8/23(a)		589,662
	850,000	Credit Suisse Group Fund, Ltd., 3.80%, 6/9/23(a)		847,819
	35,000	UBS Group AG, Series BKNT, 5.88%, 12/20/17		37,176

				1,474,657

	Chemicals (0.1%):
	650,000	Montell Finance Co. BV, 8.10%, 3/15/27(a)		863,748

	Diversified Financial Services (0.1%):
	75,000	Deutsche Telekom International Finance BV, 6.00%, 7/8/19		84,134
	100,000	Rio Tinto Finance (USA), Ltd., 9.00%, 5/1/19		120,154
	110,000	Rio Tinto Finance (USA), Ltd., 7.13%, 7/15/28		139,637
	912,000	Shell International Finance, 4.00%, 5/10/46		930,156

				1,274,081

	Diversified Telecommunication Services (0.0%):
	465,000	British Telecommunications plc, 1.25%, 2/14/17		465,124
	320,000	Telefonica Emisiones SAU, 7.05%, 6/20/36		408,829

				873,953

	Electric Utilities (0.1%):
	50,000	Electricite de France SA, Series 144A, 4.60%, 1/27/20(a)		54,808
	765,000	Electricite de France SA, 4.88%, 1/22/44(a)		803,259
	785,000	Electricite de France SA, 5.63%, 12/31/49, Callable 1/22/24 @ 100, Perpetual Bond(a)(b)		747,713

				1,605,780


Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Energy Equipment & Services (0.0%):
$	70,000	Noble Holding International, Ltd., 2.50%, 3/15/17	$	69,209

	Machinery (0.0%):
	350,000	Pentair Finance SA, 5.00%, 5/15/21, Callable 2/15/21 @ 100		377,266

	Oil, Gas & Consumable Fuels (0.1%):
	150,000	Husky Energy, Inc., 3.95%, 4/15/22, Callable 1/15/22 @ 100		155,142
	315,000	Suncor Energy, Inc., 3.60%, 12/1/24, Callable 1/9/24 @ 100^		331,278

				486,420

	Pharmaceuticals (0.4%):
	885,000	Actavis Funding SCS, 1.85%, 3/1/17^		888,005
	850,000	Actavis Funding SCS, 4.85%, 6/15/44, Callable 12/15/43 @ 100		895,163
	2,090,000	GlaxoSmithKline Capital, 1.50%, 5/8/17		2,100,602
	421,000	Mylan NV, 3.15%, 6/15/21, Callable 5/15/21 @ 100(a)		427,041
	575,000	Mylan NV, 5.25%, 6/15/46, Callable 12/15/45 @ 100^(a)		598,972
	310,000	Perrigo Co. plc, 2.30%, 11/8/18		312,668
	200,000	Perrigo Co. plc, 3.50%, 3/15/21, Callable 2/15/21 @ 100		206,944

				5,429,395

	Real Estate Management & Development (0.0%):
	430,000	Brookfield Asset Management, Inc., 4.00%, 1/15/25, Callable 10/15/24 @ 100		436,800

	Technology Hardware, Storage & Peripherals (0.0%):
	665,000	Seagate HDD Cayman, 5.75%, 12/1/34, Callable 1/6/34 @ 100		467,163

	Trading Companies & Distributors (0.0%):
	390,000	Aercap Ireland Capital, Ltd./A, 3.95%, 2/1/22, Callable 1/1/22 @ 100		390,000

	Wireless Telecommunication Services (0.2%):
	200,000	America Movil SAB de C.V., 2.38%, 9/8/16		200,587
	335,000	America Movil SAB de C.V., 4.38%, 7/16/42		338,551
	355,000	Rogers Communications, Inc., 4.50%, 3/15/43, Callable 9/15/42 @ 100		373,004
	1,915,000	Vodafone Group plc, 1.63%, 3/20/17		1,920,496

				2,832,638

	Total Yankee Dollars (Cost $27,242,130)			27,751,638


Notional Amount or Principal Amount			Fair Value
	U.S. Government Agency Mortgages (0.1%):
$	950,000	Federal Home Loan Mortgage Corporation, 4.88%, 6/13/18	$	1,026,748
	185,000	Federal National Mortgage Association, 6.63%, 11/15/30		283,446

				1,310,194

	Total U.S. Government Agency Mortgages (Cost $1,179,893)			1,310,194

	U.S. Treasury Obligations (11.2%):
	U.S. Treasury Bonds (0.2%)
	2,463,600	2.50%, 2/15/46^		2,565,320

	U.S. Treasury Notes (11.0%)
	48,969,000	0.63%, 6/30/18		48,991,967
	6,200,000	1.25%, 1/31/19^		6,291,549
	44,780,000	0.88%, 6/15/19^		45,002,154
	6,000	3.63%, 2/15/20		6,602
	400,000	2.63%, 11/15/20		428,562
	19,641,100	1.13%, 6/30/21		19,738,540
	3,040,000	1.38%, 6/30/23		3,055,674
	11,781,500	1.63%, 5/15/26^		11,925,552

				135,440,600

	Total U.S. Treasury Obligations (Cost $137,304,600)			138,005,920

	Securities Held as Collateral for Securities on Loan (15.4%):
	189,288,401	AZL Invesco Equity and Income Fund Securities Lending Collateral Account(c)		189,288,401

	Total Securities Held as Collateral for Securities on Loan (Cost $189,288,401)			189,288,401

	Unaffiliated Investment Company (4.0%):
	48,661,554	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(d)		48,661,554

	Total Unaffiliated Investment Company (Cost $48,661,554)			48,661,554

	Total Investment Securities (Cost $1,290,972,755)(e) — 115.0%			1,413,848,611
	Net other assets (liabilities) — (15.0)%			(184,067,104	)

	Net Assets — 100.0%		$	1,229,781,507

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, 2016:


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		7/1/16		6,712,542	$	9,813,669	$	8,934,450	$	879,219
British Pound		State Street		7/1/16		8,752,703		12,734,738		11,649,921		1,084,817
British Pound		Bank of New York Mellon		8/12/16		7,884,904		10,639,140		10,498,680		140,460
British Pound		State Street		8/12/16		7,884,905		10,642,256		10,498,681		143,575
Canadian Dollar		Bank of New York Mellon		7/5/16		8,694,660		6,728,702		6,730,846		(2,144	)
Canadian Dollar		State Street		7/5/16		8,694,687		6,725,105		6,730,867		(5,762	)
Canadian Dollar		Bank of New York Mellon		8/12/16		8,484,819		6,534,676		6,569,333		(34,657	)
Canadian Dollar		State Street		8/12/16		8,484,808		6,537,537		6,569,324		(31,787	)
European Euro		Bank of New York Mellon		7/1/16		8,738,478		9,870,985		9,696,169		174,816
European Euro		State Street		7/1/16		9,060,878		10,229,740		10,053,902		175,838
European Euro		Bank of New York Mellon		8/12/16		7,532,515		8,376,533		8,371,234		5,299
European Euro		State Street		8/12/16		7,532,516		8,377,438		8,371,235		6,203
Swiss Franc		Bank of New York Mellon		7/1/16		2,639,707		2,693,414		2,704,064		(10,650	)
Swiss Franc		State Street		7/1/16		2,639,678		2,693,412		2,704,034		(10,622	)
Swiss Franc		Bank of New York Mellon		8/12/16		2,787,242		2,850,815		2,862,890		(12,075	)
Swiss Franc		State Street		8/12/16		2,787,241		2,850,202		2,862,889		(12,687	)

							$	118,298,362	$	115,808,519	$	2,489,843

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	1,290,972,755

Investment securities, at value*	$	1,413,848,611
Interest and dividends receivable		3,458,547
Foreign currency, at value (cost $405,557)		405,771
Unrealized appreciation on forward currency contracts		2,677,596
Receivable for investments sold		48,274,145
Reclaims receivable		123,833
Prepaid expenses		7,034

Total Assets		1,468,795,537

Liabilities:
Unrealized depreciation on forward currency contracts		121,933
Payable for investments purchased		48,128,363
Payable for capital shares redeemed		452,307
Payable for collateral received on loaned securities		189,288,401
Manager fees payable		663,735
Administration fees payable		33,361
Distribution fees payable		252,918
Custodian fees payable		16,136
Administrative and compliance services fees payable		796
Trustee fees payable		7,661
Other accrued liabilities		48,419

Total Liabilities		239,014,030

Net Assets	$	1,229,781,507

Net Assets Consist of:
Capital	$	1,040,814,162
Accumulated net investment income/(loss)		31,574,186
Accumulated net realized gains/(losses) from investment transactions		32,232,874
Net unrealized appreciation/(depreciation) on investments		125,160,285

Net Assets	$	1,229,781,507

Shares of beneficial interest (unlimited number of shares authorized, no par value)		80,423,704
Net Asset Value (offering and redemption price per share)	$	15.29

*	Includes securities on loan of $182,709,371.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	10,642,638
Interest		4,275,439
Income from securities lending		521,234
Foreign withholding tax		(258,304	)

Total Investment Income		15,181,007

Expenses:
Manager fees		4,535,355
Administration fees		180,399
Distribution fees		1,511,785
Custodian fees		34,255
Administrative and compliance services fees		8,933
Trustee fees		32,127
Professional fees		35,578
Shareholder reports		20,928
Other expenses		15,215

Total expenses before reductions		6,374,575
Less expenses voluntarily waived/reimbursed by the Manager		(567,412	)

Net expenses		5,807,163

Net Investment Income/(Loss)		9,373,844

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(72,909	)
Net realized gains/(losses) on forward currency contracts		(441,316	)
Change in net unrealized appreciation/depreciation on investments		9,264,549

Net Realized/Unrealized Gains/(Losses) on Investments		8,750,324

Change in Net Assets Resulting From Operations	$	18,124,168

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $42,733 during the period ended June 30, 2016. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2016, 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 $119 million as of June 30, 2016. The monthly average amount for these contracts was $69 million for the period ended June 30, 2016.

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, 2016:

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, 2016:

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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $7,138 was paid from the Fund relating to these fees and expenses.

During the period ended June 30, 2016, the Fund paid approximately $24 to affiliated broker/dealers of the Subadvisor on the execution of purchases and sales of the Fund’s portfolio investments.

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, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016, purchases and sales of 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, 2016 is $1,295,534,690. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, 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 (97.0%):
	Aerospace & Defense (1.3%):
	30,540	General Dynamics Corp.	$	4,252,390

	Automobiles (0.7%):
	87,019	General Motors Co.		2,462,638

	Banks (18.1%):
	640,578	Bank of America Corp.		8,500,470
	78,544	BB&T Corp.		2,796,952
	314,703	Citigroup, Inc.		13,340,260
	257,226	Citizens Financial Group, Inc.		5,139,375
	76,943	Comerica, Inc.^		3,164,666
	222,611	Fifth Third Bancorp		3,915,727
	185,633	First Horizon National Corp.		2,558,023
	235,546	JPMorgan Chase & Co.		14,636,828
	68,836	PNC Financial Services Group, Inc.^		5,602,562

				59,654,863

	Biotechnology (1.0%):
	22,659	Amgen, Inc.		3,447,567

	Capital Markets (6.2%):
	113,872	Charles Schwab Corp. (The)		2,882,100
	21,245	Goldman Sachs Group, Inc. (The)		3,156,582
	263,179	Morgan Stanley		6,837,391
	52,642	Northern Trust Corp.		3,488,059
	72,215	State Street Corp.		3,893,833

				20,257,965

	Chemicals (1.1%):
	7,030	Agrium, Inc.^		635,653
	116,256	Mosaic Co. (The)^		3,043,582

				3,679,235

	Commercial Services & Supplies (1.2%):
	92,427	Tyco International plc		3,937,390

	Communications Equipment (2.8%):
	195,158	Cisco Systems, Inc.		5,599,083
	166,778	Juniper Networks, Inc.		3,750,837

				9,349,920

	Diversified Financial Services (1.4%):
	23,923	CME Group, Inc.		2,330,101
	89,865	Voya Financial, Inc.		2,225,057

				4,555,158

	Diversified Telecommunication Services (1.6%):
	54,954	France Telecom SA		897,494
	248,445	Koninklijke (Royal) KPN NV		901,020
	57,162	Verizon Communications, Inc.		3,191,926

				4,990,440

	Electric Utilities (1.7%):
	62,018	FirstEnergy Corp.		2,165,048
	51,956	PG&E Corp.		3,321,028

				5,486,076

	Energy Equipment & Services (2.0%):
	100,142	Baker Hughes, Inc.		4,519,408
	335,282	Weatherford International plc*^		1,860,815

				6,380,223


Shares			Fair Value

	Common Stocks, continued
	Food & Staples Retailing (2.3%):
	47,288	Sysco Corp.	$	2,399,393
	62,920	Walgreens Boots Alliance, Inc.		5,239,349

				7,638,742

	Food Products (2.1%):
	57,969	Archer-Daniels-Midland Co.		2,486,290
	96,790	Mondelez International, Inc., Class A		4,404,913

				6,891,203

	Health Care Equipment & Supplies (2.8%):
	85,576	Baxter International, Inc.		3,869,747
	60,884	Medtronic plc		5,282,904

				9,152,651

	Health Care Providers & Services (2.5%):
	19,651	Anthem, Inc.		2,580,962
	34,306	Express Scripts Holding Co.*^		2,600,395
	22,161	UnitedHealth Group, Inc.		3,129,133

				8,310,490

	Hotels, Restaurants & Leisure (1.8%):
	135,274	Carnival Corp., Class A		5,979,111

	Industrial Conglomerates (2.4%):
	251,083	General Electric Co.^		7,904,093

	Insurance (3.2%):
	37,943	Aon plc		4,144,514
	45,775	Marsh & McLennan Cos., Inc.		3,133,757
	25,267	Willis Towers Watson plc		3,140,941

				10,419,212

	Internet Software & Services (1.0%):
	134,240	eBay, Inc.*		3,142,558

	IT Services (1.0%):
	89,625	PayPal Holdings, Inc.*		3,272,209

	Machinery (2.0%):
	44,684	Caterpillar, Inc.^		3,387,494
	51,416	Ingersoll-Rand plc		3,274,171

				6,661,665

	Media (4.2%):
	18,650	CBS Corp., Class B		1,015,306
	11,465	Charter Communications, Inc., Class A*		2,621,246
	80,707	Comcast Corp., Class A		5,261,289
	55,405	Thomson Reuters Corp.		2,241,848
	37,156	Time Warner, Inc.		2,732,452

				13,872,141

	Multiline Retail (1.3%):
	62,790	Target Corp.^		4,383,998

	Oil, Gas & Consumable Fuels (11.7%):
	137,183	Apache Corp.		7,636,977
	191,272	Canadian Natural Resources, Ltd.^		5,901,921
	161,554	Devon Energy Corp.		5,856,332
	38,443	Exxon Mobil Corp.		3,603,647
	53,081	Occidental Petroleum Corp.^		4,010,800
	273,464	Royal Dutch Shell plc, A Shares		7,465,145
	86,797	Total SA		4,184,912

				38,659,734


Shares			Fair Value

	Common Stocks, continued
	Pharmaceuticals (7.2%):
	46,503	Eli Lilly & Co.	$	3,662,111
	120,118	Merck & Co., Inc.		6,919,999
	44,156	Novartis AG, Registered Shares		3,633,556
	173,421	Pfizer, Inc.^		6,106,153
	39,682	Sanofi-Aventis SA		3,335,121

				23,656,940

	Road & Rail (1.0%):
	129,983	CSX Corp.		3,389,957

	Semiconductors & Semiconductor Equipment (4.2%):
	192,633	Applied Materials, Inc.		4,617,413
	132,477	Intel Corp.		4,345,246
	89,983	QUALCOMM, Inc.		4,820,389

				13,783,048

	Software (4.4%):
	40,739	Citrix Systems, Inc.*		3,262,787
	89,370	Microsoft Corp.		4,573,063
	161,342	Oracle Corp.		6,603,727

				14,439,577

	Specialty Retail (0.6%):
	432,115	Kingfisher plc		1,864,893

	Tobacco (1.3%):
	42,964	Philip Morris International, Inc.		4,370,298


Shares or Principal Amount			Fair Value

	Common Stocks, continued
	Wireless Telecommunication Services (0.9%):
	97,853	Vodafone Group plc, ADR^	$	3,022,679

	Total Common Stocks (Cost $251,921,551)			319,269,064

	Securities Held as Collateral for Securities on Loan (10.5%):
$	34,385,057	AZL Invesco Growth and Income Fund Securities Lending Collateral Account(a)		34,385,057

	Total Securities Held as Collateral for Securities on Loan (Cost $34,385,057)			34,385,057

	Unaffiliated Investment Company (1.6%):
	5,387,275	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(b)		5,387,275

	Total Unaffiliated Investment Company (Cost $5,387,275)			5,387,275

	Total Investment Securities (Cost $291,693,883)(c) — 109.1%			359,041,396
	Net other assets (liabilities) — (9.1)%			(30,095,275	)

	Net Assets — 100.0%		$	328,946,121

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, 2016:


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	7/1/16		2,845,772	$	4,160,490	$	3,787,747	$	372,743
British Pound	State Street	7/1/16		3,690,528		5,370,935		4,912,124		458,811
British Pound	Bank of New York Mellon	8/12/16		3,297,589		4,449,453		4,390,711		58,742
British Pound	State Street	8/12/16		3,297,590		4,450,757		4,390,711		60,046
Canadian Dollar	Bank of New York Mellon	7/5/16		3,915,719		3,030,332		3,031,298		(966	)
Canadian Dollar	State Street	7/5/16		4,006,836		3,098,638		3,101,834		(3,196	)
Canadian Dollar	Bank of New York Mellon	8/12/16		3,801,157		2,927,502		2,943,029		(15,527	)
Canadian Dollar	State Street	8/12/16		3,801,153		2,928,785		2,943,026		(14,241	)
European Euro	Bank of New York Mellon	7/1/16		3,358,820		3,794,123		3,726,929		67,194
European Euro	State Street	7/1/16		3,489,547		3,939,613		3,871,982		67,631
European Euro	Bank of New York Mellon	8/12/16		3,005,586		3,342,362		3,340,247		2,115
European Euro	State Street	8/12/16		3,005,586		3,342,723		3,340,247		2,476
Swiss Franc	Bank of New York Mellon	7/1/16		1,225,466		1,250,399		1,255,343		(4,944	)
Swiss Franc	State Street	7/1/16		1,225,452		1,250,397		1,255,329		(4,932	)
Swiss Franc	State Street	8/12/16		2,564,912		2,623,132		2,634,526		(11,394	)

					$	49,959,641	$	48,925,083	$	1,034,558

Long Contracts:
Canadian Dollar	Bank of New York Mellon	7/5/16		3,796,842	$	2,924,022	$	2,939,271	$	15,249
Canadian Dollar	State Street	7/5/16		70,326		53,671		54,441		770
Canadian Dollar	State Street	7/5/16		89,952		70,213		69,635		(578	)
Canadian Dollar	State Street	7/5/16		3,874,330		2,984,649		2,999,257		14,608

					$	6,032,555	$	6,062,604	$	30,049

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	291,693,883

Investment securities, at value*	$	359,041,396
Interest and dividends receivable		637,300
Foreign currency, at value (cost $177,803)		177,927
Unrealized appreciation on forward currency contracts		1,120,383
Receivable for investments sold		22,066,923
Reclaims receivable		60,585
Prepaid expenses		1,984

Total Assets		383,106,498

Liabilities:
Unrealized depreciation on forward currency contracts		55,776
Payable for investments purchased		18,915,570
Payable for capital shares redeemed		522,992
Payable for collateral received on loaned securities		34,385,057
Manager fees payable		178,515
Administration fees payable		9,573
Distribution fees payable		67,871
Custodian fees payable		6,514
Administrative and compliance services fees payable		204
Trustee fees payable		2,107
Other accrued liabilities		16,198

Total Liabilities		54,160,377

Net Assets	$	328,946,121

Net Assets Consist of:
Capital	$	221,929,369
Accumulated net investment income/(loss)		9,750,906
Accumulated net realized gains/(losses) from investment transactions		28,965,442
Net unrealized appreciation/(depreciation) on investments		68,300,404

Net Assets	$	328,946,121

Shares of beneficial interest (unlimited number of shares authorized, no par value)		24,141,258
Net Asset Value (offering and redemption price per share)	$	13.63

*	Includes securities on loan of $33,983,494.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	4,324,210
Income from securities lending		86,148
Foreign withholding tax		(97,681	)

Total Investment Income		4,312,677

Expenses:
Manager fees		1,237,376
Administration fees		53,290
Distribution fees		411,677
Custodian fees		13,727
Administrative and compliance services fees		2,556
Trustee fees		9,185
Professional fees		10,189
Shareholder reports		8,406
Other expenses		4,242

Total expenses before reductions		1,750,648
Less expenses voluntarily waived/reimbursed by the Manager		(154,581	)

Net expenses		1,596,067

Net Investment Income/(Loss)		2,716,610

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		2,976,066
Net realized gains/(losses) on forward currency contracts		(190,257	)
Change in net unrealized appreciation/depreciation on investments		(4,130,693	)

Net Realized/Unrealized Gains/(Losses) on Investments		(1,344,884	)

Change in Net Assets Resulting From Operations	$	1,371,726

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $7,452 during the period ended June 30, 2016. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2016, 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 $57 million as of June 30, 2016. The monthly average amount for these contracts was $31 million for the period ended June 30, 2016.

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, 2016:

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, 2016:

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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $1,959 was paid from the Fund relating to these fees and expenses.

Funds Trust in proportion to the assets under management of each trust. During the period ended June 30, 2016, actual Trustee compensation was $503,200 in total for both trusts.

During the period ended June 30, 2016, the Fund paid approximately $10 to affiliated broker/dealers of the Subadvisor on the execution of purchases and sales of the Fund’s portfolio investments.

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, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $293,764,776. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, the components of accumulated earnings on a tax basis were as follows:

On June 14, 2016, the Board approved a reorganization whereby, subject to shareholder approval, AZL Russell 1000 Value Index Fund will acquire the assets and liabilities of the Fund. A meeting of shareholders to consider the proposal is scheduled for October 12, 2016 and, if approved, the reorganization is expected to occur approximately four weeks subsequent to that date.

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 (93.6%):
	Air Freight & Logistics (1.0%):
	156,393	Deutsche Post AG	$	4,365,662

	Auto Components (0.6%):
	68,500	Denso Corp.		2,406,824

	Automobiles (0.7%):
	62,400	Toyota Motor Corp.		3,120,255

	Banks (4.9%):
	1,693,644	Akbank T.A.S.		4,907,682
	1,299,800	Kasikornbank Public Co., Ltd.		6,315,577
	6,093,978	Lloyds Banking Group plc		4,480,278
	403,752	United Overseas Bank, Ltd.		5,576,564

				21,280,101

	Beverages (3.3%):
	91,394	Carlsberg A/S, Class B		8,674,686
	44,962	Fomento Economico Mexicano SAB de C.V., ADR		4,158,535
	9,822	Pernod Ricard SA		1,093,892

				13,927,113

	Biotechnology (1.2%):
	59,297	CSL, Ltd.		4,984,479

	Capital Markets (3.5%):
	854,963	Aberdeen Asset Management plc		3,303,382
	140,749	Julius Baer Group, Ltd.		5,657,947
	449,796	UBS Group AG		5,821,521

				14,782,850

	Chemicals (0.8%):
	8,571	Syngenta AG, Registered Shares		3,295,502

	Commercial Services & Supplies (0.8%):
	389,737	Brambles, Ltd.		3,615,460

	Communications Equipment (1.2%):
	644,339	Telefonaktiebolaget LM Ericsson, B Shares		4,926,950

	Containers & Packaging (2.3%):
	856,365	Amcor, Ltd.		9,574,791

	Diversified Financial Services (6.2%):
	1,648,356	BM&F Bovespa SA		9,145,558
	119,351	Deutsche Boerse AG		9,770,703
	230,666	Investor AB, B Shares, B Shares		7,719,386

				26,635,647

	Electrical Equipment (1.2%):
	83,693	Schneider Electric SA		4,952,356

	Electronic Equipment, Instruments & Components (1.0%):
	6,185	Keyence Corp.		4,172,095

	Health Care Equipment & Supplies (2.8%):
	244,451	Getinge AB, B Shares		5,022,371
	411,426	Smith & Nephew plc		6,976,280

				11,998,651

	Hotels, Restaurants & Leisure (3.3%):
	484,793	Compass Group plc		9,239,254
	1,599,000	Galaxy Entertainment Group, Ltd.		4,764,432

				14,003,686

	Industrial Conglomerates (2.3%):
	883,212	CK Hutchison Holdings, Ltd.		9,720,165


Shares			Fair Value
	Common Stocks, continued
	Insurance (2.2%):
	10,797	Fairfax Financial Holdings, Ltd.	$	5,815,820
	137,213	Great-West Lifeco, Inc.^		3,619,925

				9,435,745

	Internet Software & Services (3.8%):
	43,775	Baidu, Inc., ADR*		7,229,441
	2,073,700	Yahoo! Japan Corp.		9,133,626

				16,363,067

	IT Services (3.8%):
	132,482	Amadeus IT Holding SA		5,803,026
	242,823	CGI Group, Inc., Class A*		10,374,208

				16,177,234

	Life Sciences Tools & Services (0.0%):
	50,591	ART Advanced Research Technologies, Inc.*(a)		—
	165,100	ART Advanced Research Technologies, Inc.*(a)		—
	160,422	ART Advanced Research Technologies, Inc.*(a)		—

				—

	Machinery (2.4%):
	23,100	FANUC Corp.		3,739,657
	229,600	Komatsu, Ltd.		3,989,174
	248,010	Sandvik AB		2,472,880

				10,201,711

	Media (15.2%):
	290,075	Grupo Televisa SA, ADR		7,553,553
	501,936	Informa plc		4,914,735
	146,448	ProSiebenSat.1 Media AG, Registered Shares*		6,393,856
	136,246	Publicis Groupe SA		9,229,116
	723,535	Reed Elsevier plc		13,329,202
	1,161,431	Sky plc		13,180,185
	12,242	Wolters Kluwer NV		500,205
	508,506	WPP plc		10,556,049

				65,656,901

	Multiline Retail (1.3%):
	80,031	Next plc		5,353,217

	Oil, Gas & Consumable Fuels (4.0%):
	266,894	Cenovus Energy, Inc.		3,692,055
	221,050	Royal Dutch Shell plc, B Shares		6,077,610
	283,897	Suncor Energy, Inc.		7,876,505

				17,646,170

	Personal Products (1.5%):
	135,836	Unilever NV		6,331,660

	Pharmaceuticals (6.6%):
	38,644	Novartis AG, Registered Shares		3,179,978
	70,453	Novo Nordisk A/S, B Shares		3,789,349
	38,461	Roche Holding AG		10,158,001
	223,240	Teva Pharmaceutical Industries, Ltd., ADR		11,213,345

				28,340,673

	Road & Rail (1.0%):
	69,499	Canadian National Railway Co.		4,104,411


Shares			Fair Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment (4.9%):
	64,754	Broadcom, Ltd.	$	10,062,771
	400,634	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		10,508,630

				20,571,401

	Software (2.2%):
	128,623	SAP AG^		9,612,917

	Specialty Retail (1.3%):
	1,245,320	Kingfisher plc		5,374,469

	Technology Hardware, Storage & Peripherals (0.8%):
	2,587	Samsung Electronics Co., Ltd.		3,221,149

	Textiles, Apparel & Luxury Goods (0.9%):
	65,181	Compagnie Financiere Richemont SA		3,825,020

	Tobacco (4.6%):
	183,205	British American Tobacco plc		11,919,076
	201,500	Japan Tobacco, Inc.		8,073,384

				19,992,460

	Total Common Stocks (Cost $324,266,467)			399,970,792


Shares or Principal Amount			Fair Value
	Securities Held as Collateral for Securities on Loan (2.3%):
$	9,852,316	AZL Invesco International Equity Fund Securities Lending Collateral Account(b)	$	9,852,316

	Total Securities Held as Collateral for Securities on Loan (Cost $9,852,316)			9,852,316

	Unaffiliated Investment Company (6.3%):
	27,056,128	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(c)		27,056,128

	Total Unaffiliated Investment Company (Cost $27,056,128)			27,056,128

	Total Investment Securities (Cost $361,174,911)(d) — 102.2%			436,879,236
	Net other assets (liabilities) — (2.2)%			(9,516,881	)

	Net Assets — 100.0%		$	427,362,355

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, 2016:

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	361,174,911

Investment securities, at value*	$	436,879,236
Interest and dividends receivable		880,947
Foreign currency, at value (cost $1,076,571)		1,069,181
Receivable for capital shares issued		115,351
Receivable for investments sold		1,380,982
Reclaims receivable		391,203
Prepaid expenses		2,596

Total Assets		440,719,496

Liabilities:
Cash Overdraft		214,549
Payable for investments purchased		2,036,742
Payable for capital shares redeemed		777,434
Payable for collateral received on loaned securities		9,852,316
Manager fees payable		301,722
Administration fees payable		13,373
Distribution fees payable		88,741
Custodian fees payable		35,591
Administrative and compliance services fees payable		369
Trustee fees payable		4,118
Other accrued liabilities		32,186

Total Liabilities		13,357,141

Net Assets	$	427,362,355

Net Assets Consist of:
Capital	$	329,630,259
Accumulated net investment income/(loss)		9,554,830
Accumulated net realized gains/(losses) from investment transactions		12,509,785
Net unrealized appreciation/(depreciation) on investments		75,667,481

Net Assets	$	427,362,355

Shares of beneficial interest (unlimited number of shares authorized, no par value)		26,248,947
Net Asset Value (offering and redemption price per share)	$	16.28

*	Includes securities on loan of $9,396,823.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	7,751,609
Income from securities lending		113,655
Foreign withholding tax		(579,523	)

Total Investment Income		7,285,741

Expenses:
Manager fees		1,966,370
Administration fees		71,887
Distribution fees		546,213
Custodian fees		58,114
Administrative and compliance services fees		3,928
Trustee fees		14,040
Professional fees		16,732
Shareholder reports		12,811
Other expenses		9,104

Total expenses before reductions		2,699,199
Less expenses voluntarily waived/reimbursed by the Manager		(109,241	)

Net expenses		2,589,958

Net Investment Income/(Loss)		4,695,783

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(1,433,867	)
Change in net unrealized appreciation/depreciation on investments		(7,689,062	)

Net Realized/Unrealized Gains/(Losses) on Investments		(9,122,929	)

Change in Net Assets Resulting From Operations	$	(4,427,146	)

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $8,713 during the period ended June 30, 2016. 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, the annual rate due to the Manager and the annual expense limit were as follows:

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2016, $2,614 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $367,810,742. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, the components of accumulated earnings on a tax basis were as follows:

On June 14, 2016, the Board approved a reorganization whereby, subject to shareholder approval, AZL International Index Fund will acquire the assets and liabilities of the Fund. A meeting of shareholders to consider the proposal is scheduled for October 12, 2016 and, if approved, the reorganization is expected to occur approximately four weeks subsequent to that date.

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 (97.0%):
	Aerospace & Defense (2.5%):
	101,799	European Aeronautic Defence & Space Co. NV	$	5,910,479
	68,690	Thales SA		5,764,105

				11,674,584

	Air Freight & Logistics (1.7%):
	338,300	Yamato Holdings Co., Ltd.		7,749,446

	Airlines (1.1%):
	154,500	Japan Airlines Co., Ltd.		4,959,629

	Auto Components (1.1%):
	27,358	Continental AG		5,140,620

	Automobiles (3.0%):
	57,530	Bayerische Motoren Werke AG (BMW)		4,215,725
	64,926	Renault SA		4,946,577
	181,400	Suzuki Motor Corp.		4,896,345

				14,058,647

	Banks (8.9%):
	386,850	Australia & New Zealand Banking Group, Ltd.		7,051,554
	132,591	BNP Paribas SA		5,960,191
	79,655	HDFC Bank, Ltd., ADR		5,285,109
	1,076,277	HSBC Holdings plc		6,722,343
	573,768	ING Groep NV		5,962,807
	1,453,800	Mitsubishi UFJ Financial Group, Inc.		6,481,008
	550,181	Nordea Bank AB		4,648,954

				42,111,966

	Beverages (4.3%):
	83,983	Anheuser-Busch InBev NV		11,037,990
	80,933	SABMiller plc		4,717,284
	89,100	Suntory Beverage & Food, Ltd.		4,010,107

				19,765,381

	Biotechnology (1.5%):
	37,452	Genmab A/S*		6,823,311

	Building Products (1.8%):
	98,500	Daikin Industries, Ltd.		8,207,810

	Capital Markets (1.3%):
	458,202	UBS Group AG		5,930,316

	Chemicals (1.2%):
	84,034	Christian Hansen Holding A/S		5,518,944

	Construction & Engineering (1.3%):
	874,000	Kajima Corp.		6,037,240

	Diversified Financial Services (1.4%):
	493,800	ORIX Corp.		6,306,474

	Diversified Telecommunication Services (3.1%):
	438,967	BT Group plc		2,423,470
	164,800	Nippon Telegraph & Telephone Corp.		7,737,413
	4,957,447	Telecom Italia SpA*		4,066,490

				14,227,373

	Electric Utilities (1.4%):
	1,505,438	Enel SpA		6,694,494

	Electronic Equipment, Instruments & Components (1.5%):
	10,100	Keyence Corp.		6,812,961


Shares			Fair Value

	Common Stocks, continued
	Energy Equipment & Services (1.2%):
	98,991	Technip-Coflexip SA	$	5,383,094

	Food & Staples Retailing (1.2%):
	459,110	Distribuidora Internacional de Alimentacion SA		2,696,391
	62,300	Seven & I Holdings Co., Ltd.		2,601,359

				5,297,750

	Food Products (2.6%):
	87,431	Associated British Foods plc		3,169,508
	62,469	Nestle SA, Registered Shares		4,820,070
	173,000	Nippon Meat Packers, Inc.		4,203,771

				12,193,349

	Gas Utilities (1.8%):
	864,000	ENN Energy Holdings, Ltd.		4,265,174
	684,747	Snam SpA		4,096,030

				8,361,204

	Health Care Equipment & Supplies (1.3%):
	358,668	Smith & Nephew plc		6,081,697

	Hotels, Restaurants & Leisure (1.6%):
	76,135	InterContinental Hotels Group plc		2,828,576
	74,900	Oriental Land Co., Ltd.		4,831,112

				7,659,688

	Household Durables (2.0%):
	217,181	Electrolux AB, Series B		5,900,892
	1,892,325	Taylor Wimpey plc		3,380,379

				9,281,271

	Household Products (3.2%):
	51,398	Henkel AG & Co. KGaA		6,249,096
	91,368	Reckitt Benckiser Group plc		9,190,467

				15,439,563

	Industrial Conglomerates (1.5%):
	291,388	CK Hutchison Holdings, Ltd.		3,206,863
	35,537	Siemens AG, Registered Shares		3,639,832

				6,846,695

	Insurance (5.0%):
	574,960	Aviva plc		3,089,442
	261,820	AXA SA		5,259,125
	189,300	NKSJ Holdings, Inc.		5,015,184
	274,217	Prudential plc		4,670,660
	172,800	Tokio Marine Holdings, Inc.		5,716,931

				23,751,342

	IT Services (1.0%):
	52,277	Cap Gemini SA		4,561,670

	Machinery (0.8%):
	408,400	DMG Mori Co., Ltd.^		3,903,854

	Media (1.2%):
	118,800	Dentsu, Inc.		5,551,394

	Metals & Mining (3.5%):
	271,300	Nippon Steel Corp.		5,184,981
	1,553,243	Norsk Hydro ASA		5,680,200
	180,480	Rio Tinto plc		5,577,649

				16,442,830


Shares			Fair Value

	Common Stocks, continued
	Multi-Utilities (1.0%):
	1,575,854	Centrica plc	$	4,756,790

	Oil, Gas & Consumable Fuels (3.7%):
	624,536	Oil Search, Ltd.		3,139,768
	505,131	Royal Dutch Shell plc, A Shares		13,851,793

				16,991,561

	Paper & Forest Products (0.9%):
	217,136	UPM-Kymmene OYJ		3,979,963

	Pharmaceuticals (10.1%):
	76,187	AstraZeneca plc		4,534,515
	35,880	Bayer AG, Registered Shares		3,609,460
	520,240	GlaxoSmithKline plc		11,182,245
	128,990	Novo Nordisk A/S, B Shares		6,937,790
	48,116	Roche Holding AG		12,708,000
	122,280	Shire plc		7,528,574

				46,500,584

	Real Estate Management & Development (4.0%):
	1,446,000	China Overseas Land & Investment, Ltd.		4,614,816
	223,300	Daiwa House Industry Co., Ltd.		6,516,801
	356,000	Mitsui Fudosan Co., Ltd.		8,127,932

				19,259,549

	Semiconductors & Semiconductor Equipment (2.7%):
	78,220	ASML Holding NV		7,752,324
	348,982	Infineon Technologies AG		5,014,338

				12,766,662

	Specialty Retail (1.8%):
	804,275	Dixons Carphone plc		3,490,933
	1,143,114	Kingfisher plc		4,933,375

				8,424,308


Shares or Principal Amount			Fair Value

	Common Stocks, continued
	Textiles, Apparel & Luxury Goods (1.3%):
	41,658	Adidas AG	$	5,939,795

	Tobacco (2.4%):
	171,523	British American Tobacco plc		11,159,060

	Trading Companies & Distributors (1.2%):
	112,252	Wolseley plc		5,816,426

	Water Utilities (1.0%):
	381,467	Pennon Group plc		4,815,443

	Wireless Telecommunication Services (1.9%):
	2,969,766	Vodafone Group plc		9,038,898

	Total Common Stocks (Cost $441,094,673)			452,223,636

	Securities Held as Collateral for Securities on Loan (0.5%):
	$2,320,340	AZL JPMorgan International Opportunities Fund Securities Lending Collateral Account(a)		2,320,340

	Total Securities Held as Collateral for Securities on Loan (Cost $2,320,340)			2,320,340

	Unaffiliated Investment Company (2.6%):
	12,067,149	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(b)		12,067,149

	Total Unaffiliated Investment Company (Cost $12,067,149)			12,067,149

	Total Investment Securities (Cost $455,482,162)(c) — 100.1%			466,611,125
	Net other assets (liabilities) — (0.1)%			(149,906	)

	Net Assets — 100.0%		$	466,461,219

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, 2016:

Cash of $969,000 has been segregated to cover margin requirements for the following open contracts as of June 30, 2016:


Type of Contract	Counterparty		Delivery Date		Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
British Pound		Deutsche Bank		9/23/16		22,576,624	$	32,057,454	$	30,073,230	$	1,984,224
British Pound		Goldman Sachs		9/23/16		813,257		1,095,510		1,083,300		12,210
Danish Krone		HSBC Bank		9/23/16		33,592,964		5,095,661		5,030,731		64,930
Danish Krone		Morgan Stanley		9/23/16		21,404,516		3,250,240		3,205,444		44,796
European Euro		Citigroup Global Markets		9/23/16		1,684,803		1,911,508		1,875,386		36,122
European Euro		Toronto Dominion Bank		9/23/16		967,987		1,078,299		1,077,485		814
European Euro		UBS Warburg		9/23/16		1,078,034		1,196,179		1,199,980		(3,801	)
Japanese Yen		Toronto Dominion Bank		9/23/16		1,320,348,891		12,466,447		12,827,447		(361,000	)
Norwegian Krone		Citigroup Global Markets		9/23/16		29,097,051		3,491,617		3,478,632		12,985

							$	61,642,915	$	59,851,635	$	1,791,280

Long Contracts:
Australian Dollar		Australia and New Zealand Banking Group		9/23/16		31,539,706	$	23,237,667	$	23,441,814	$	204,147
British Pound		Citigroup Global Markets		9/23/16		1,342,317		1,911,508		1,788,035		(123,473	)
British Pound		Toronto Dominion Bank		9/23/16		1,260,437		1,785,055		1,678,968		(106,087	)
European Euro		Citigroup Global Markets		9/23/16		1,709,091		1,930,331		1,902,422		(27,909	)
European Euro		Goldman Sachs		9/23/16		3,664,316		4,129,021		4,078,820		(50,201	)
European Euro		Morgan Stanley		9/23/16		2,879,314		3,250,240		3,205,019		(45,221	)
Hong Kong Dollar		RBS Greenwich Capital		9/23/16		18,020,284		2,324,611		2,325,360		749
Japanese Yen		Australia and New Zealand Banking Group		9/23/16		101,765,683		979,490		988,673		9,183
Japanese Yen		Deutsche Bank		9/23/16		422,461,306		3,989,802		4,104,294		114,492
Singapore Dollar		Morgan Stanley		9/23/16		7,847,660		5,787,428		5,823,161		35,733
Swedish Krona		Societe Generale		9/23/16		30,478,459		3,683,025		3,617,812		(65,213	)
Swiss Franc		Citigroup Global Markets		9/23/16		18,292,823		19,049,904		18,833,315		(216,589	)

							$	72,058,082	$	71,787,693	$	(270,389	)

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	455,482,162

Investment securities, at value^*	$	466,611,125
Segregated cash for collateral		969,000
Interest and dividends receivable		1,571,796
Foreign currency, at value (cost $253,755)		250,238
Unrealized appreciation on forward currency contracts		2,520,385
Receivable for capital shares issued		8,206
Receivable for investments sold		3,995,303
Receivable for variation margin on futures contracts		533,842
Reclaims receivable		694,648
Prepaid expenses		2,871

Total Assets		477,157,414

Liabilities:
Unrealized depreciation on forward currency contracts		999,494
Payable for investments purchased		5,830,730
Payable for capital shares redeemed		1,034,147
Payable for collateral received on loaned securities		2,320,340
Manager fees payable		328,986
Administration fees payable		14,168
Distribution fees payable		96,760
Custodian fees payable		35,274
Administrative and compliance services fees payable		424
Trustee fees payable		4,171
Other accrued liabilities		31,701

Total Liabilities		10,696,195

Net Assets	$	466,461,219

Net Assets Consist of:
Capital	$	443,154,082
Accumulated net investment income/(loss)		10,132,457
Accumulated net realized gains/(losses) from investment transactions		768,611
Net unrealized appreciation/(depreciation) on investments		12,406,069

Net Assets	$	466,461,219

Shares of beneficial interest (unlimited number of shares authorized, no par value)		29,568,213
Net Asset Value (offering and redemption price per share)	$	15.78

*	Includes securities on loan of $2,238,457.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	11,250,519
Interest		26
Income from securities lending		120,359
Foreign withholding tax		(1,021,854	)

Total Investment Income		10,349,050

Expenses:
Manager fees		2,245,004
Administration fees		76,783
Distribution fees		590,790
Custodian fees		60,868
Administrative and compliance services fees		4,069
Trustee fees		14,652
Professional fees		16,284
Shareholder reports		13,498
Other expenses		7,180

Total expenses before reductions		3,029,128
Less expenses voluntarily waived/reimbursed by the Manager		(236,313	)

Net expenses		2,792,815

Net Investment Income/(Loss)		7,556,235
Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(9,736,863	)
Net realized gains/(losses) on forward currency contracts		2,646,220
Change in net unrealized appreciation/depreciation on investments		(23,043,861	)

Net Realized/Unrealized Gains/(Losses) on Investments		(30,134,504	)

Change in Net Assets Resulting From Operations	$	(22,578,269	)

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $10,495 during the period ended June 30, 2016. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2016, 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 $129 million as of June 30, 2016. The monthly average amount for these contracts was $162 million for the period ended June 30, 2016.

During the period ended June 30, 2016, 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 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 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 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 meet the terms of the contract. The notional amount of futures contracts outstanding was $12.1 million as June 30, 2016. The monthly average notional amount for these contracts was $2.0 million for the period ended June 30, 2016. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on 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, 2016:

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, 2016:

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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $2,814 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, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $458,084,332. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, 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 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 (99.5%):
	Aerospace & Defense (2.6%):
	64,832	Honeywell International, Inc.	$	7,541,258
	2,469	Northrop Grumman Corp.		548,809
	16,134	United Technologies Corp.		1,654,542

				9,744,609

	Airlines (1.7%):
	107,863	Delta Air Lines, Inc.^		3,929,449
	58,399	United Continental Holdings, Inc.*		2,396,695

				6,326,144

	Auto Components (0.3%):
	19,025	Delphi Automotive plc		1,190,965

	Automobiles (2.4%):
	315,401	General Motors Co.		8,925,848

	Banks (5.9%):
	255,425	Bank of America Corp.		3,389,490
	143,973	Citigroup, Inc.		6,103,015
	141,201	KeyCorp		1,560,271
	995	SVB Financial Group*		94,684
	227,471	Wells Fargo & Co.		10,766,203
	13,471	Zions Bancorp^		338,526

				22,252,189

	Beverages (3.5%):
	72,758	Coca-Cola Co. (The)		3,298,120
	48,954	Molson Coors Brewing Co., Class B		4,950,718
	46,979	PepsiCo, Inc.		4,976,955

				13,225,793

	Biotechnology (3.4%):
	15,759	Alexion Pharmaceuticals, Inc.*		1,840,021
	8,533	Biogen Idec, Inc.*		2,063,450
	8,129	BioMarin Pharmaceutical, Inc.*^		632,436
	24,226	Celgene Corp.*		2,389,410
	47,657	Gilead Sciences, Inc.		3,975,548
	23,404	Vertex Pharmaceuticals, Inc.*		2,013,212

				12,914,077

	Building Products (0.9%):
	31,467	Allegion plc		2,184,754
	42,502	Masco Corp.		1,315,012

				3,499,766

	Capital Markets (3.8%):
	6,670	BlackRock, Inc., Class A		2,284,675
	73,016	Charles Schwab Corp. (The)		1,848,035
	30,607	Goldman Sachs Group, Inc. (The)		4,547,588
	17,581	Invesco, Ltd.		449,019
	197,728	Morgan Stanley		5,136,973

				14,266,290

	Chemicals (1.5%):
	10,754	CF Industries Holdings, Inc.^		259,171
	23,984	Dow Chemical Co. (The)^		1,192,245
	18,665	E.I. du Pont de Nemours & Co.		1,209,492
	33,433	Eastman Chemical Co.		2,270,101
	32,835	Mosaic Co. (The)^		859,620

				5,790,629


Shares			Fair Value

	Common Stocks, continued
	Construction Materials (1.0%):
	7,409	Martin Marietta Materials, Inc.^	$	1,422,528
	19,496	Vulcan Materials Co.^		2,346,539

				3,769,067

	Consumer Finance (0.6%):
	42,098	Discover Financial Services		2,256,032

	Containers & Packaging (0.4%):
	26,585	Crown Holdings, Inc.*		1,347,062

	Diversified Financial Services (0.7%):
	10,816	Intercontinental Exchange, Inc.		2,768,463

	Diversified Telecommunication Services (1.5%):
	130,452	AT&T, Inc.		5,636,831

	Electric Utilities (1.1%):
	6,716	Edison International		521,632
	18,242	NextEra Energy, Inc.		2,378,756
	30,320	Xcel Energy, Inc.		1,357,730

				4,258,118

	Electronic Equipment, Instruments & Components (0.6%):
	38,301	TE Connectivity, Ltd.		2,187,370

	Food & Staples Retailing (0.7%):
	9,014	Costco Wholesale Corp.		1,415,558
	31,344	Kroger Co. (The)		1,153,146

				2,568,704

	Food Products (1.0%):
	84,989	Mondelez International, Inc., Class A		3,867,849

	Health Care Equipment & Supplies (0.9%):
	144,883	Boston Scientific Corp.*		3,385,916

	Health Care Providers & Services (4.5%):
	31,174	Aetna, Inc.		3,807,281
	2,881	Anthem, Inc.		378,391
	3,000	Cigna Corp.		383,970
	9,690	Humana, Inc.		1,743,037
	17,323	McKesson Corp.		3,233,338
	54,072	UnitedHealth Group, Inc.		7,634,966

				17,180,983

	Hotels, Restaurants & Leisure (1.1%):
	47,808	Royal Caribbean Cruises, Ltd.^		3,210,307
	10,249	Starbucks Corp.		585,423
	8,292	Yum! Brands, Inc.		687,573

				4,483,303

	Household Durables (1.8%):
	80,685	D.R. Horton, Inc.		2,539,964
	28,539	Harman International Industries, Inc.		2,049,671
	1,782	Mohawk Industries, Inc.*		338,152
	26,360	PulteGroup, Inc.^		513,756
	53,612	Toll Brothers, Inc.*^		1,442,699

				6,884,242

	Household Products (0.8%):
	20,748	Kimberly-Clark Corp.		2,852,435

	Industrial Conglomerates (1.1%):
	136,447	General Electric Co.^		4,295,352


Shares			Fair Value

	Common Stocks, continued
	Insurance (6.0%):
	29,587	American International Group, Inc.	$	1,564,856
	34,240	Arthur J. Gallagher & Co.		1,629,824
	74,607	Chubb, Ltd.		9,751,881
	80,120	Marsh & McLennan Cos., Inc.		5,485,016
	92,030	MetLife, Inc.		3,665,555
	10,886	XL Group plc		362,613

				22,459,745

	Internet & Catalog Retail (2.0%):
	10,521	Amazon.com, Inc.*		7,529,038

	Internet Software & Services (5.7%):
	10,122	Alphabet, Inc., Class A*		7,121,131
	12,103	Alphabet, Inc., Class C*		8,376,486
	53,426	Facebook, Inc., Class A*		6,105,523

				21,603,140

	IT Services (3.4%):
	29,624	Accenture plc, Class A		3,356,102
	53,268	Fidelity National Information Services, Inc.		3,924,786
	21,639	MasterCard, Inc., Class A		1,905,530
	9,447	PayPal Holdings, Inc.*		344,910
	46,229	Visa, Inc., Class A^		3,428,805

				12,960,133

	Life Sciences Tools & Services (0.4%):
	11,261	Illumina, Inc.*^		1,580,819

	Machinery (1.6%):
	27,154	PACCAR, Inc.^		1,408,478
	1,400	Snap-On, Inc.		220,948
	40,534	Stanley Black & Decker, Inc.		4,508,191

				6,137,617

	Media (5.8%):
	8,409	CBS Corp., Class B		457,786
	12,941	Charter Communications, Inc., Class A*		2,958,835
	46,570	Comcast Corp., Class A		3,035,898
	44,492	DISH Network Corp., Class A*		2,331,381
	94,122	Time Warner, Inc.		6,921,732
	185,805	Twenty-First Century Fox, Inc.		5,026,025
	42,720	Twenty-First Century Fox, Inc., Class B		1,164,120

				21,895,777

	Metals & Mining (0.1%):
	31,862	United States Steel Corp.^		537,193

	Multi-Utilities (0.3%):
	10,971	CMS Energy Corp.		503,130
	5,334	Public Service Enterprise Group, Inc.		248,618
	3,595	Sempra Energy		409,902

				1,161,650

	Oil, Gas & Consumable Fuels (7.3%):
	48,379	Cabot Oil & Gas Corp.^		1,245,275
	2,471	Concho Resources, Inc.*^		294,716
	27,098	Diamondback Energy, Inc.*^		2,471,609
	62,901	EOG Resources, Inc.		5,247,202
	27,273	EQT Corp.		2,111,748
	22,790	Marathon Petroleum Corp.		865,108


Shares or Principal Amount			Fair Value

	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	133,043	Occidental Petroleum Corp.	$	10,052,730
	27,855	Pioneer Natural Resources Co.		4,211,955
	7,181	Transcanada Corp.		324,725
	12,462	Valero Energy Corp.		635,562

				27,460,630

	Pharmaceuticals (6.3%):
	21,226	Allergan plc*		4,905,116
	69,752	Bristol-Myers Squibb Co.		5,130,260
	55,593	Eli Lilly & Co.		4,377,949
	272,707	Pfizer, Inc.		9,602,014

				24,015,339

	Real Estate Investment Trusts (REITs) (0.5%):
	6,957	AvalonBay Communities, Inc.		1,254,973
	13,673	Kimco Realty Corp.		429,059
	2,314	SL Green Realty Corp.^		246,372

				1,930,404

	Road & Rail (1.1%):
	8,075	Canadian Pacific Railway, Ltd.		1,039,979
	36,484	Union Pacific Corp.		3,183,229

				4,223,208

	Semiconductors & Semiconductor Equipment (5.1%):
	52,961	Broadcom, Ltd.		8,230,139
	51,264	Lam Research Corp.^		4,309,252
	35,081	NXP Semiconductors NV*		2,748,246
	61,353	Texas Instruments, Inc.		3,843,765

				19,131,402

	Software (4.0%):
	29,846	Adobe Systems, Inc.*		2,858,948
	231,238	Microsoft Corp.		11,832,449
	4,924	Workday, Inc., Class A*^		367,675

				15,059,072

	Specialty Retail (2.9%):
	30,550	Best Buy Co., Inc.^		934,830
	103,449	Lowe’s Cos., Inc.		8,190,057
	23,350	TJX Cos., Inc. (The)		1,803,321

				10,928,208

	Technology Hardware, Storage & Peripherals (2.3%):
	84,453	Apple, Inc.		8,073,706
	64,110	HP, Inc.		804,581

				8,878,287

	Tobacco (0.4%):
	13,627	Philip Morris International, Inc.		1,386,138

	Wireless Telecommunication Services (0.5%):
	41,089	T-Mobile US, Inc.*^		1,777,921

	Total Common Stocks (Cost $321,523,622)			376,533,758

	Securities Held as Collateral for Securities on Loan (7.7%):
$	29,038,799	AZL JPMorgan U.S. Equity Fund Securities Lending Collateral Account(a)		29,038,799

	Total Securities Held as Collateral for Securities on Loan (Cost $29,038,799)			29,038,799


Shares			Fair Value

	Unaffiliated Investment Company (0.7%):
	2,450,910	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(b)	$	2,450,910

	Total Unaffiliated Investment Company (Cost $2,450,910)			2,450,910

	Total Investment Securities (Cost $353,013,331)(c) — 107.9%			408,023,467
	Net other assets (liabilities) — (7.9)%			(29,708,015	)

	Net Assets — 100.0%		$	378,315,452

Percentages indicated are based on net assets as of June 30, 2016.

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of June 30, 2016. The total value of securities on loan as of June 30, 2016, was $28,498,371.

(a)	Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2016.

(b)	The rate represents the effective yield at June 30, 2016.

(c)	See Federal Tax Information listed in the Notes to the Financial Statements.

Cash of $90,000 has been segregated to cover margin requirements for the following open contracts as of June 30, 2016:

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	353,013,331

Investment securities, at value*	$	408,023,467
Cash		23,031
Segregated cash for collateral		90,000
Interest and dividends receivable		370,366
Receivable for capital shares issued		14,867
Receivable for investments sold		3,916,069
Receivable for variation margin on futures contracts		2,340
Reclaims receivable		36,267
Prepaid expenses		2,231

Total Assets		412,478,638

Liabilities:
Payable for investments purchased		4,061,730
Payable for capital shares redeemed		715,630
Payable for collateral received on loaned securities		29,038,799
Manager fees payable		223,514
Administration fees payable		11,192
Distribution fees payable		78,363
Custodian fees payable		11,360
Administrative and compliance services fees payable		266
Trustee fees payable		2,707
Other accrued liabilities		19,625

Total Liabilities		34,163,186

Net Assets	$	378,315,452

Net Assets Consist of:
Capital	$	287,278,701
Accumulated net investment income/(loss)		4,596,126
Accumulated net realized gains/(losses) from investment transactions		31,434,895
Net unrealized appreciation/(depreciation) on investments		55,005,730

Net Assets	$	378,315,452

Shares of beneficial interest (unlimited number of shares authorized, no par value)		23,253,430
Net Asset Value (offering and redemption price per share)	$	16.27

*	Includes securities on loan of $28,498,371.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	3,522,905
Interest		3
Income from securities lending		108,305
Foreign tax reclaims received		14,495

Total Investment Income		3,645,708

Expenses:
Manager fees		1,517,437
Administration fees		52,056
Distribution fees		474,200
Custodian fees		22,319
Administrative and compliance services fees		3,054
Trustee fees		10,987
Professional fees		12,179
Shareholder reports		8,928
Other expenses		5,249

Total expenses before reductions		2,106,409
Less expenses voluntarily waived/reimbursed by the Manager		(164,814	)

Net expenses		1,941,595

Net Investment Income/(Loss)		1,704,113

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		3,214,019
Net realized gains/(losses) on futures contracts		(172,986	)
Change in net unrealized appreciation/depreciation on investments		(6,390,522	)

Net Realized/Unrealized Gains/(Losses) on Investments		(3,349,489	)

Change in Net Assets Resulting From Operations	$	(1,645,376	)

(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.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $9,694 during the period ended June 30, 2016. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2016, 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 million as of June 30, 2016. The monthly average notional amount for these contracts was $.4 million for the period ended June 30, 2016. 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, 2016:

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, 2016:

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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $2,256 was paid from the Fund relating to these fees and expenses.

During the period ended June 30, 2016, the Fund paid approximately $61 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, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $359,830,568. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the year ended December 31, 2015, the Fund utilized $17,053,090 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2015 were as follows:

As of the latest tax year end December 31, 2015, the components of accumulated earnings on a tax basis were as follows:

On June 14, 2016, the Board approved a reorganization whereby, subject to shareholder approval, AZL S&P 500 Index Fund will acquire the assets and liabilities of the Fund. A meeting of shareholders to consider the proposal is scheduled for October 12, 2016 and, if approved, the reorganization is expected to occur approximately four weeks subsequent to that date.

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 (7.6%):
$	1,000,000	Chase Issuance Trust, Class A2, Series 2007-A2, 0.49%, 4/15/19(a)	$	999,309
	1,040,000	Dryden Senior Loan Fund LLC, Class A, Series 2015-37A, 2.13%, 4/15/27, Callable 1/15/17 @ 100(a)(b)		1,037,909
	1,357,818	Goal Capital Funding Trust, Class A3, Series 2005-2, 0.80%, 5/28/30(a)		1,334,481
	1,000,000	Magnetite CLO, Ltd., Class A1, Series 2014-9A, 2.06%, 7/25/26, Callable 7/25/16 @ 100(a)(b)		997,184
	1,000,000	Magnetite CLO, Ltd., Class A1, Series 2014-11A, 2.08%, 1/18/27, Callable 10/18/16 @ 100(a)(b)		996,890
	1,040,000	Magnetite CLO, Ltd., Class A, Series 2015-12A, 2.13%, 4/15/27, Callable 10/15/16 @ 100(a)(b)		1,037,450
	811,922	Navient Student Loan Trust, Class A, Series 2014-2, 1.09%, 3/25/43, Callable 6/25/33 @ 100(a)		774,438
	781,840	Navient Student Loan Trust, Class A, Series 2014-3, 1.07%, 3/25/43, Callable 10/25/32 @ 100(a)		745,870
	520,457	Navient Student Loan Trust, Class A, Series 2014-4, 1.07%, 3/25/43, Callable 12/25/32 @ 100(a)		500,263
	1,829,585	Nelnet Student Loan Trust, Class A2, Series 2015-2A, 1.05%, 9/25/42, Callable 7/25/33 @ 100(a)(b)		1,727,015
	2,615,000	SLC Student Loan Trust, Class A6, Series 2006-1, 0.81%, 12/15/38, Callable 9/15/29 @ 100(a)		2,241,995
	1,736,036	SLC Student Loan Trust, Class A4A, Series 2008-1, 2.25%, 12/15/32, Callable 12/15/25 @ 100(a)		1,743,292
	946,155	SLM Student Loan Trust, Class B, Series 2003-7, 1.22%, 9/15/39, Callable 9/15/27 @ 100(a)		820,699
	921,759	SLM Student Loan Trust, Class A5, Series 2003-11, 0.70%, 12/15/22(a)(b)		914,151
	528,082	SLM Student Loan Trust, Class A5B, Series 2004-10, 1.04%, 4/25/23(a)(b)		527,763
	197,995	SLM Student Loan Trust, Class B, Series 2005-6, 0.93%, 1/25/44, Callable 10/25/30 @ 100(a)		167,605
	204,131	SLM Student Loan Trust, Class B, Series 2006-10, 0.86%, 3/25/44, Callable 10/25/31 @ 100(a)		171,038
	201,592	SLM Student Loan Trust, Class B, Series 2007-1, 0.86%, 1/27/42, Callable 1/25/32 @ 100(a)		167,260
	1,220,000	SLM Student Loan Trust, Class B, Series 2008-5, 2.49%, 7/25/29, Callable 1/25/23 @ 100(a)		1,096,504
	1,633,715	SLM Student Loan Trust, Class A, Series 2008-9, 2.14%, 4/25/23, Callable 1/25/23 @ 100(a)		1,632,637
	240,000	SLM Student Loan Trust, Class B, Series 2008-9, 2.89%, 10/25/29, Callable 1/25/23 @ 100(a)		227,481
	1,820,502	SLM Student Loan Trust, Class A, Series 2009-3, 1.20%, 1/25/45, Callable 12/25/33 @ 100(a)(b)		1,733,875
	1,602,982	SLM Student Loan Trust, Class A, Series 2012-2, 1.15%, 1/25/29, Callable 2/25/24 @ 100(a)		1,534,645
	988,722	SLM Student Loan Trust, Class A, Series 2012-3, 1.10%, 12/26/25, Callable 3/25/24 @ 100(a)		951,133
	1,569,323	SLM Student Loan Trust, Class A, Series 2013-4, 1.00%, 6/25/27, Callable 5/25/24 @ 100(a)		1,499,348


Principal Amount			Fair Value
	Asset Backed Securities, continued
$	1,918,893	SLM Student Loan Trust, Class A2, Series 2014-2, 0.80%, 10/25/21, Callable 9/25/24 @ 100(a)	$	1,909,062
	775,000	Trust Company of The West, 2.51%, 8/28/26		791,227
	1,970,000	Wachovia Student Loan Trust, Class A6, Series 2006-1, 0.81%, 4/25/40, Callable 10/25/26 @ 100(a)(b)		1,729,584

	Total Asset Backed Securities (Cost $31,016,504)			30,010,108

	Collateralized Mortgage Obligations (12.0%):
	159,348	7 WTC Depositor LLC Trust, Class A, Series 2012-7WTC, 4.08%, 3/13/31(b)		161,241
	1,150,000	Ameriquest Mortgage Securities, Inc., Class M2, Series 2005-R5, 0.91%, 7/25/35, Callable 10/25/17 @ 100(a)		1,110,903
	1,319,910	Ameriquest Mortgage Securities, Inc., Class M2, Series 2005-R5, 1.17%, 4/25/35, Callable 7/25/16 @ 100(a)		1,307,578
	210,000	Babson CLO, Ltd., Class A, Series 2015-IA, 2.05%, 4/20/27, Callable 10/20/16 @ 100(a)(b)		208,564
	360,000	Banc of America Merrill Lynch Large Loan, Class A, Series 2014-520M, 4.33%, 8/15/46(a)(b)		400,949
	1,196,729	Bank of America Mortgage Securities, Inc., Class 2A3, Series 2005-F, 2.97%, 7/25/35, Callable 1/25/17 @ 100(a)		1,124,461
	375,000	Citigroup Commercial Mortgage Trust, Class A, Series 2013-375P, 3.25%, 5/10/35(b)		397,906
	1,553,291	Citigroup Mortgage Loan Trust, Inc., Class A4, Series 2006-WFH3, 0.69%, 10/25/36, Callable 4/25/21 @ 100(a)		1,524,189
	1,896,743	Citigroup Mortgage Loan Trust, Inc., Class 1A1A, Series 2007-AR5, 2.93%, 4/25/37, Callable 11/25/25 @ 100(a)		1,727,264
	390,000	Commercial Mortgage Trust, Class A, Series 2014-277P, 3.73%, 8/10/49(a)(b)		424,905
	385,000	Commercial Mortgage Trust, Class A, Series 2015-3BP, 3.18%, 2/10/35(b)		405,531
	360,000	Commercial Mortgage Trust, Class A1, Series 2013-300P, 4.35%, 8/10/30(b)		407,655
	365,000	Commercial Mortgage Trust, Class A, Series 2016-787S, 3.54%, 2/10/36(a)(b)		395,665
	1,375,778	Credit Suisse Mortgage Capital Certificates, Class A2E, Series 2007-CB2, 4.48%, 2/25/37, Callable 9/25/25 @ 100(a)		983,008
	860,000	Federal Home Loan Mortgage Corp., Class A3, Series K151, 3.51%, 4/25/30		946,539
	1,603,468	Federal National Mortgage Association, Class A3, Series 2015-M2, 3.15%, 12/25/24(a)		1,716,735
	713,908	First Franklin Mortgage Loan Trust, Class M1, Series 2005-FFH3, 0.96%, 9/25/35, Callable 2/25/17 @ 100(a)		711,516
	1,548,928	First Franklin Mortgage Loan Trust, Class M1, Series 2005-FF8, 0.94%, 9/25/35, Callable 10/25/16 @ 100(a)		1,518,203
	1,857,399	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 05-AA12, 2.50%, 2/25/36, Callable 11/25/22 @ 100(a)		1,624,518


Principal Amount			Fair Value
	Collateralized Mortgage Obligations, continued
$	1,120,318	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2005-AR3, 2.93%, 8/25/35, Callable 10/25/16 @ 100(a)	$	976,852
	1,929,969	First Horizon Alternative Mortgage Securities Trust, Class 1A1, Series 2006-AA1, 2.59%, 3/25/36, Callable 12/25/17 @ 100(a)		1,638,987
	1,697,889	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2006-AA1, 2.58%, 4/25/36, Callable 12/25/17 @ 100(a)		1,434,978
	1,744,874	GMAC Mortgage Corp. Loan Trust, Class 1A1, Series 2006-AR1, 3.33%, 4/19/36, Callable 9/19/18 @ 100(a)		1,486,401
	1,551,757	GMAC Mortgage Corp. Loan Trust, Class 3A1, Series 2005-AR5, 3.22%, 9/19/35, Callable 1/19/18 @ 100(a)		1,476,588
	996,167	Honda Auto Receivables Owner Trust, Class A2, Series 2015-4, 0.82%, 7/23/18, Callable 1/21/19 @ 100(a)		995,858
	12,464	JPMorgan Chase Commercial Mortgage Securities Corp., Class A2, Series 2011-C3, 3.67%, 1/15/18(b)		12,499
	365,000	Liberty Street Trust, Class A, Series 2016-225L, 3.60%, 2/10/36(b)		395,764
	1,154,455	Merrill Lynch First Franklin Mortgage Loan Trust, Class 2A2, Series 2007-4, 0.57%, 7/25/37, Callable 11/25/23 @ 100(a)		705,982
	2,097,813	Merrill Lynch Mortgage Trust, Class A1A, Series 2007-C1, 6.02%, 6/12/50(a)		2,150,393
	2,016,949	Morgan Stanley Capital I Trust, Class A3, Series 2011-C1, 4.70%, 9/15/47(b)		2,154,511
	605,598	Morgan Stanley Mortgage Loan Trust, Class 1A2, Series 2005-6AR, 0.72%, 11/25/35, Callable 10/25/18 @ 100(a)		601,851
	1,642,420	Morgan Stanley Remic Trust, Class 3A, Series 2014-R8, 1.16%, 6/26/47(a)(b)		1,580,867
	1,381,726	MortgageIT Trust, Class 2A, Series 2005-2, 2.11%, 5/25/35, Callable 7/25/16 @ 100(a)		1,344,302
	1,168,703	Newcastle Mortgage Securities Trust, Class A4, Series 2006-1, 0.73%, 3/25/36, Callable 7/25/16 @ 100(a)		1,145,568
	958,930	Nissan Auto Receivables Owner Trust, Class A2A, Series 2015-C, 0.87%, 11/15/18, Callable 11/15/19 @ 100(a)		958,769
	1,283,640	Nomura Asset Acceptance Corp., Class 3A1, Series 2005-AR3, 5.69%, 7/25/35, Callable 1/25/17 @ 100(a)		1,259,127
	385,000	RBSCF Trust, Class A, Series 2013-GSP, 3.96%, 1/13/32(a)(b)		424,030
	2,228,921	Residential Accredit Loans, Inc., Class A2, Series 2006-QA10, 0.63%, 12/25/36, Callable 8/25/22 @ 100(a)		1,662,064
	451,804	Toyota Auto Receivables Owner Trust, Class A3, Series 14-A, 0.67%, 12/15/17, Callable 10/15/17 @ 100		451,500


Principal Amount			Fair Value
	Collateralized Mortgage Obligations, continued
$	1,430,312	WaMu Mortgage Pass-Through Certificates, Class 2A1A, Series 2005-AR6, 0.68%, 4/25/45, Callable 8/25/17 @ 100(a)	$	1,333,510
	1,628,429	WaMu Mortgage Pass-Through Certificates, Class 2A1A, Series 2005-AR8, 0.74%, 7/25/45, Callable 1/25/17 @ 100(a)		1,511,248
	1,607,175	WaMu Mortgage Pass-Through Certificates, Class A2, Series 2005-AR3, 2.80%, 3/25/35, Callable 2/25/22 @ 100(a)		1,615,519
	1,374,301	Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2006-AR2, 2.86%, 3/25/36, Callable 6/25/19 @ 100(a)		1,344,739
	1,481,307	Wells Fargo Mortgage Backed Securities Trust, Class 1A1, Series 2006-AR12, 2.81%, 9/25/36, Callable 12/25/16 @ 100(a)		1,385,648

	Total Collateralized Mortgage Obligations (Cost $47,347,865)			47,144,885

	Corporate Bonds (20.5%):
	Airlines (0.8%):
	1,453,990	Continental Airlines 2009-2, Series A, 7.25%, 11/10/19		1,661,183
	432,504	U.S. Airways 2001-1G PTT, Class G, Series 2001, 7.08%, 9/20/22		467,105
	948,087	U.S. Airways 2010-1A PTT, Series A, 6.25%, 10/22/24		1,064,228

				3,192,516

	Automobiles (0.1%):
	400,000	General Motors Co., 3.50%, 10/2/18		411,830

	Banks (3.7%):
	500,000	Bank of America Corp., 5.00%, 5/13/21, MTN		559,840
	1,000,000	Bank of America Corp., Series G, 3.50%, 4/19/26		1,033,388
	2,000,000	Bank of America NA, 5.30%, 3/15/17		2,053,934
	350,000	Bank of America NA, Series BKNT, 6.10%, 6/15/17		364,949
	2,000,000	Bear Stearns Co., Inc., 7.25%, 2/1/18		2,180,189
	2,000,000	Citigroup, Inc., 1.36%, 11/24/17(a)		2,001,906
	700,000	Citigroup, Inc., 5.50%, 9/13/25		784,659
	1,000,000	Discover Bank, 2.00%, 2/21/18		1,003,235
	1,415,000	JPMorgan Chase & Co., 2.55%, 10/29/20, Callable 9/29/20 @ 100		1,445,691
	500,000	JPMorgan Chase Capital XXI, Series U, 1.59%, 2/2/37, Callable 8/8/16 @ 100, MTN(a)		381,250
	850,000	KeySpan Gas East Corp., 5.82%, 4/1/41(b)		1,053,547
	255,000	Wells Fargo & Co., 2.50%, 3/4/21		261,486
	1,815,000	Wells Fargo & Co., 3.00%, 4/22/26		1,850,122

				14,974,196

	Beverages (0.7%):
	709,000	Anheuser-Busch InBev NV, 3.65%, 2/1/26, Callable 1/11/25 @ 100		759,513
	616,000	Anheuser-Busch InBev NV, 4.90%, 2/1/46, Callable 1/8/45 @ 100		721,855
	400,000	DS Services Holdings, Inc., 10.00%, 9/1/21, Callable 1/9/17 @ 105(b)		449,000
	795,000	Molson Coors Brewing Co., 3.00%, 7/15/26, Callable 4/15/26 @ 100		794,216

				2,724,584


Principal Amount			Fair Value
	Corporate Bonds, continued
	Biotechnology (0.8%):
$	500,000	Abbvie, Inc., 4.45%, 5/14/46, Callable 11/14/45 @ 100	$	507,021
	600,000	AbbVie, Inc., 4.70%, 5/14/45, Callable 11/14/44 @ 100		634,531
	700,000	Amgen, Inc., 4.40%, 5/1/45, Callable 1/11/44 @ 100		727,202
	720,000	Celgene Corp., 3.88%, 8/15/25, Callable 5/15/25 @ 100		767,997
	500,000	Gilead Sciences, Inc., 4.75%, 3/1/46, Callable 1/9/45 @ 100		568,552

				3,205,303

	Capital Markets (1.4%):
	1,500,000	Goldman Sachs Group, Inc. (The), 5.95%, 1/18/18		1,597,932
	400,000	Goldman Sachs Group, Inc. (The), 3.85%, 7/8/24, Callable 8/4/24 @ 100		424,124
	400,000	Morgan Stanley, 4.75%, 3/22/17		409,920
	1,750,000	Morgan Stanley, 1.37%, 1/5/18(a)		1,751,289
	500,000	Morgan Stanley, 5.50%, 7/24/20		561,058
	780,000	Morgan Stanley, 2.50%, 4/21/21		788,159

				5,532,482

	Consumer Finance (0.6%):
	1,660,000	Ford Motor Credit Co. LLC, 8.00%, 12/15/16		1,710,199
	600,000	General Motors Financial Co., Inc., 3.10%, 1/15/19, Callable 7/15/18 @ 100		612,935

				2,323,134

	Diversified Financial Services (0.3%):
	400,000	Berkshire Hathaway Finance Corp., 4.30%, 5/15/43		443,949
	575,000	Berkshire Hathaway, Inc., 4.50%, 2/11/43		657,065

				1,101,014

	Diversified Telecommunication Services (0.9%):
	500,000	AT&T, Inc., 3.80%, 3/15/22		531,162
	835,000	AT&T, Inc., 4.75%, 5/15/46, Callable 11/15/45 @ 100		855,769
	100,000	CCO Holdings LLC, 5.88%, 4/1/24, Callable 1/4/19 @ 104.41(b)		103,750
	380,000	CCO Holdings LLC / CAP Corp., 5.75%, 2/15/26, Callable 2/15/21 @ 102.88(b)		391,400
	180,000	Level 3 Communications, Inc., 5.38%, 8/15/22, Callable 8/15/17 @ 102.69		181,800
	700,000	Verizon Communications, Inc., 3.85%, 11/1/42, Callable 1/5/42 @ 100		658,321
	800,000	Verizon Communications, Inc., 4.86%, 8/21/46		874,469

				3,596,671

	Electric Utilities (2.2%):
	780,000	American Transmission Systems, Inc., 5.00%, 9/1/44, Callable 1/3/44 @ 100(b)		847,189
	500,000	Appalachian Power Co., Series H, 5.95%, 5/15/33		582,607
	800,000	Cleco Power LLC, 6.00%, 12/1/40		1,005,758
	1,000,000	Duke Energy Progress, Inc., 4.15%, 12/1/44, Callable 1/6/44 @ 100		1,101,198


Principal Amount			Fair Value
	Corporate Bonds, continued
	Electric Utilities, continued
$	936,000	Duquesne Light Holdings, Inc., 6.40%, 9/15/20(b)	$	1,076,888
	350,000	El Paso Electric Co., 5.00%, 12/1/44, Callable 1/6/44 @ 100		401,427
	1,000,000	IPALCO Enterprises, Inc., 5.00%, 5/1/18, Callable 1/4/18 @ 100		1,045,000
	750,000	Jersey Central Power & Light Co., 6.40%, 5/15/36		896,358
	300,000	Midamerican Energy Co., 4.25%, 5/1/46, Callable 1/11/45 @ 100		339,303
	1,500,000	Oncor Electric Delivery Co. LLC, 4.10%, 6/1/22, Callable 1/3/22 @ 100		1,662,857

				8,958,585

	Food & Staples Retailing (0.4%):
	590,000	Supermarkets & Pharmacies, 2.88%, 6/1/26, Callable 1/3/26 @ 100		602,935
	680,000	Walgreens Boots Alliance, Inc., 3.45%, 6/1/26, Callable 3/1/26 @ 100		698,047
	300,000	Walgreens Boots Alliance, Inc., 4.80%, 11/18/44, Callable 5/18/44 @ 100		322,739

				1,623,721

	Food Products (0.2%):
	630,000	HJ Heinz Co., 1.60%, 6/30/17(b)		632,117

	Health Care Providers & Services (1.0%):
	100,000	Aetna, Inc., 1.70%, 6/7/18		100,803
	350,000	Aetna, Inc., 4.38%, 6/15/46, Callable 12/15/45 @ 100		363,474
	380,000	Centene Escrow Corp., 6.13%, 2/15/24, Callable 2/15/19 @ 104.59(b)		403,988
	420,000	DaVita Healthcare Partners, Inc., 5.00%, 5/1/25, Callable 1/5/20 @ 102.5		416,325
	375,000	Fresenius Medical Care AG & Co. KGaA, 5.75%, 2/15/21(b)		416,250
	750,000	HCA, Inc., 6.50%, 2/15/20		829,687
	96,000	Molina Healthcare, Inc., 5.38%, 11/15/22, Callable 8/15/22 @ 100(b)		95,760
	425,000	Tenet Healthcare Corp., 4.15%, 6/15/20, Callable 6/15/16 @ 100(a)		419,688
	620,000	UnitedHealth Group, Inc., 4.63%, 7/15/35		720,065

				3,766,040

	Hotels, Restaurants & Leisure (0.2%):
	175,000	Churchill Downs, Inc., 5.38%, 12/15/21, Callable 12/15/16 @ 104.03		178,719
	202,000	Churchill Downs, Inc., 5.38%, 12/15/21, Callable 12/15/16 @ 104.03(b)		206,293
	400,000	Hilton Worldwide Finance LLC, 5.63%, 10/15/21, Callable 10/15/16 @ 102.81		413,999

				799,011

	Household Durables (0.3%):
	950,000	Newell Rubbermaid, Inc., 3.15%, 4/1/21, Callable 1/3/21 @ 100		989,693

	Household Products (0.1%):
	200,000	Spectrum Brands, Inc., 5.75%, 7/15/25, Callable 7/15/20 @ 102.88		208,250


Principal Amount			Fair Value
	Corporate Bonds, continued
	Independent Power and Renewable Electricity Producers (0.0%):
$	104,000	Dynegy, Inc., 5.88%, 6/1/23, Callable 1/6/18 @ 102.94	$	91,520

	Industrial Conglomerates (0.2%):
	72,000	General Electric Capital Corp., 5.88%, 1/14/38, MTN		97,378
	201,000	General Electric Capital Corp., Series G, 6.88%, 1/10/39, MTN		303,399
	500,000	General Electric Co., 4.50%, 3/11/44		576,990

				977,767

	Insurance (1.3%):
	1,900,000	Farmers Exchange Capital III, 5.45%, 10/15/54, Callable 10/15/34 @ 100(a)(b)		1,833,501
	605,000	Jackson National Life Global Funding, 2.60%, 12/9/20(b)		624,723
	900,000	Nationwide Financial Services, Inc., 5.30%, 11/18/44(b)		984,561
	1,000,000	Protective Life Global, 1.21%, 6/8/18(a)(b)		999,619
	605,000	Protective Life Global Funding, 2.70%, 11/25/20(b)		625,529

				5,067,933

	IT Services (0.1%):
	520,000	First Data Corp., 5.00%, 1/15/24, Callable 1/15/19 @ 102.5(b)		521,300

	Life Sciences Tools & Services (0.1%):
	200,000	Quintiles Transnational, 4.88%, 5/15/23, Callable 5/15/18 @ 103.66(b)		203,000

	Media (0.6%):
	400,000	Altice US Finance I Corp., 5.38%, 7/15/23, Callable 7/15/18 @ 104.03(b)		397,000
	400,000	Charter Comm OPT LLC, 4.46%, 7/23/22, Callable 5/23/22 @ 100(b)		429,894
	500,000	Charter Comm OPT LLC, 6.48%, 10/23/45, Callable 4/23/45 @ 100(b)		597,011
	200,000	Dish DBS Corp., 6.75%, 6/1/21		207,250
	69,000	Dish DBS Corp., 7.75%, 7/1/26(b)		71,070
	405,000	Neptune Finco Corp., 6.63%, 10/15/25, Callable 10/15/20 @ 103.31(b)		425,250
	200,000	Sirius XM Radio, Inc., 4.25%, 5/15/20, Callable 8/8/16 @ 102.13(b)		202,195

				2,329,670

	Multi-Utilities (0.1%):
	325,000	Berkshire Hathaway Energy Co., 4.50%, 2/1/45, Callable 1/8/44 @ 100		364,826

	Oil, Gas & Consumable Fuels (1.1%):
	350,000	Anadarko Petroleum Corp., 4.50%, 7/15/44, Callable 1/15/44 @ 100		321,451
	1,100,000	Boardwalk Pipeline Partners LP, 4.95%, 12/15/24, Callable 9/15/24 @ 100		1,081,934
	200,000	Energy Transfer Equity LP, 5.50%, 6/1/27, Callable 5/1/17 @ 100		188,000
	1,400,000	Energy Transfer Partners LP, 5.95%, 10/1/43, Callable 1/4/43 @ 100		1,352,881


Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels (1.1%):
$	475,000	Noble Energy, Inc., 5.05%, 11/15/44, Callable 5/15/44 @ 100	$	478,339
	430,000	Rockies Express Pipeline LLC, 6.85%, 7/15/18(b)		446,125
	450,000	Spectra Energy Partners LP, 4.50%, 3/15/45, Callable 9/15/44 @ 100		447,956

				4,316,686

	Real Estate Investment Trusts (REITs) (1.7%):
	575,000	HCP, Inc., 4.00%, 12/1/22, Callable 1/10/22 @ 100		596,966
	875,000	HCP, Inc., 4.25%, 11/15/23, Callable 8/15/23 @ 100		908,088
	400,000	HCP, Inc., 3.88%, 8/15/24, Callable 5/17/24 @ 100		402,219
	175,000	HCP, Inc., 3.40%, 2/1/25, Callable 1/11/24 @ 100		169,212
	750,000	Highwoods Realty LP, 7.50%, 4/15/18		818,385
	1,150,000	SL Green Realty Corp., 5.00%, 8/15/18, Callable 6/15/18 @ 100		1,206,094
	1,500,000	WEA Finance LLC, 2.70%, 9/17/19, Callable 8/17/19 @ 100(b)		1,529,994
	1,440,000	Welltower, Inc., 3.75%, 3/15/23, Callable 12/15/22 @ 100		1,492,455

				7,123,413

	Road & Rail (0.1%):
	215,000	Burlington North Santa Fe LLC, 4.15%, 4/1/45, Callable 1/10/44 @ 100		234,141

	Software (0.4%):
	640,000	Microsoft Corp., 3.75%, 2/12/45, Callable 12/8/44 @ 100		650,354
	790,000	Oracle Corp., 2.40%, 9/15/23, Callable 7/15/23 @ 100		792,812

				1,443,166

	Technology Hardware, Storage & Peripherals (0.4%):
	920,000	Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100		1,039,211
	390,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 6.02%, 6/15/26, Callable 3/15/26 @ 100(b)		406,570

				1,445,781

	Textiles, Apparel & Luxury Goods (0.1%):
	200,000	Hanesbrands, Inc., 4.88%, 5/15/26, Callable 2/15/26 @ 100(b)		200,720

	Trading Companies & Distributors (0.4%):
	500,000	International Lease Finance Corp., 6.75%, 9/1/16(b)		502,500
	800,000	International Lease Finance Corp., 7.13%, 9/1/18(b)		878,352

				1,380,852

	Wireless Telecommunication Services (0.2%):
	150,000	Metropcs Wireless, Inc., 6.63%, 11/15/20, Callable 7/19/16 @ 103.31		154,688
	400,000	Sprint Communications, Inc., 9.00%, 11/15/18(b)		426,000


Principal Amount			Fair Value
	Corporate Bonds, continued
	Wireless Telecommunication Services, continued
$	155,000	T-Mobile USA, Inc., 6.63%, 4/28/21, Callable 4/28/17 @ 103.32	$	161,975
	225,000	T-Mobile USA, Inc., 6.50%, 1/15/26, Callable 1/15/21 @ 103.25^		237,375

				980,038

	Total Corporate Bonds (Cost $78,701,121)			80,719,960

	Yankee Dollars (1.5%):
	Banks (0.4%):
	400,000	Barclays plc, 3.65%, 3/16/25		384,628
	1,100,000	HBOS plc, Series G, 6.75%, 5/21/18(b)		1,179,863

				1,564,491

	Capital Markets (0.2%):
	610,000	Credit Suisse Group AG, 3.13%, 12/10/20(b)		609,072

	Diversified Financial Services (0.4%):
	941,000	GE Capital International Holdings, Ltd., 4.42%, 11/15/35(b)		1,055,412
	350,000	Shell International Finance BV, 4.38%, 5/11/45		379,972
	400,000	Virgin Media Secured Finance plc, 5.25%, 1/15/26, Callable 1/15/20 @ 102.63(b)		387,000

				1,822,384

	Pharmaceuticals (0.5%):
	500,000	Actavis Funding SCS, 3.00%, 3/12/20, Callable 12/2/20 @ 100		515,665
	300,000	Actavis Funding SCS, 3.80%, 3/15/25, Callable 12/15/24 @ 100		312,548
	400,000	Actavis Funding SCS, 4.55%, 3/15/35, Callable 9/15/34 @ 100		411,088
	200,000	Grifols Worldwide OP, Ltd., 5.25%, 4/1/22, Callable 1/4/17 @ 103.94		203,500
	400,000	VRX Escrow Corp., 5.88%, 5/15/23, Callable 5/15/18 @ 102.94^(b)		323,000
	200,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 7/15/17 @ 103.06(b)		160,500

				1,926,301

	Total Yankee Dollars (Cost $5,837,257)			5,922,248

	Municipal Bonds (0.6%):
	New York (0.6%):
	1,125,000	New York NY, Build America Bonds, GO, 5.05%, 10/1/24		1,350,473
	750,000	New York City Municipal Finance Authority Water & Sewer System Revenue, 5.95%, 6/15/42		1,108,485

				2,458,958

	Total Municipal Bonds (Cost $2,244,911)			2,458,958

	U.S. Government Agency Mortgages (36.6%):
	Federal Home Loan Bank (2.5%)
	7,880,000	0.14%, 7/7/16(c)		7,879,779
	2,095,000	1.25%, 6/28/30, Callable 6/28/17 @ 100(a)		2,101,354

				9,981,133

	Federal Home Loan Mortgage Corporation (16.1%)
	13,100,000	0.36%, 10/20/16(c)		13,085,460
	861,034	3.00%, 3/1/31, Pool #G18592		903,902


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal Home Loan Mortgage Corporation, continued
$	3,414,674	3.50%, 4/1/44, Pool #G07848	$	3,660,659
	3,545,412	3.50%, 1/1/45, Pool #G07924		3,788,201
	3,629,604	3.50%, 4/1/45, Pool #G60023		3,885,422
	3,737,480	3.50%, 6/1/45, Pool #G60080		3,993,424
	412,345	3.50%, 10/1/45, Pool #G60238		440,584
	1,781,754	4.00%, 11/1/45, Pool #G08677		1,908,030
	3,422,191	4.00%, 12/1/45, Pool #G60344		3,727,991
	1,303,199	4.00%, 12/1/45, Pool #G08682		1,395,685
	2,013,157	4.00%, 1/1/46, Pool #G08688		2,155,977
	1,459,963	3.50%, 1/1/46, Pool #G08687		1,542,502
	3,128,877	3.50%, 2/1/46, Pool #G08693		3,305,385
	1,884,054	3.00%, 2/1/46, Pool #G08692		1,955,018
	1,192,553	3.50%, 3/1/46, Pool #G08698		1,260,017
	1,378,839	4.00%, 3/1/46, Pool #G08699		1,476,660
	2,729,157	3.00%, 4/1/46, Pool #G08701		2,830,967
	5,206,275	3.50%, 4/1/46, Pool #G08702		5,502,013
	3,070,000	3.00%, 6/1/46, Pool #G08710		3,185,632
	3,220,000	3.50%, 6/1/46, Pool #G08711		3,402,995

				63,406,524

	Federal National Mortgage Association (13.5%)
	3,985,000	0.47%, 10/5/17(a)		3,980,007
	1,114,229	4.12%, 4/1/20, Pool #464959		1,215,747
	978,276	3.43%, 10/1/20, Pool #466386		1,056,432
	1,643,302	3.67%, 10/1/20, Pool #AE0918		1,779,184
	1,722,813	3.42%, 10/1/20, Pool #FN0009		1,851,503
	2,491,143	3.76%, 12/1/20, Pool #FN0001		2,701,016
	994,197	3.94%, 1/1/21, Pool #466969		1,093,067
	1,115,530	4.62%, 4/1/21, Pool #467731		1,258,477
	965,819	3.93%, 7/1/21, Pool #468518		1,065,917
	1,245,000	3.06%, 5/1/22, Pool #471258		1,339,421
	1,391,894	2.97%, 5/1/27, Pool #AL6829		1,476,574
	720,176	3.53%, 12/1/30, Pool #AN0475		796,818
	4,540,000	2.50%, 7/25/31		4,697,035
	2,560,000	2.50%, 8/25/31		2,644,548
	1,572,339	3.50%, 1/1/32, Pool #AB4262		1,674,893
	876,418	3.00%, 10/1/33, Pool #MA1676		923,928
	1,833,748	3.50%, 4/1/43, Pool #MA1404		1,954,669
	1,489,859	4.00%, 2/1/46, Pool #G08694		1,595,556
	3,695,000	4.00%, 7/25/46		3,961,627
	800,000	3.50%, 7/25/46		844,125
	7,075,000	3.00%, 7/25/46		7,342,245
	2,150,000	3.00%, 8/25/46		2,227,181
	4,840,000	4.50%, 8/25/46		5,280,112

				52,760,082

	Government National Mortgage Association (4.5%)
	2,055,306	4.00%, 1/20/46, Pool #MA3377		2,199,502
	1,614,533	3.50%, 3/20/46, Pool #MA3521		1,716,674
	1,593,392	3.50%, 4/20/46, Pool #MA3597		1,694,103
	3,623,539	3.00%, 4/20/46, Pool #MA3596		3,793,556
	1,845,479	3.50%, 5/20/46, Pool #MA3663		1,962,173
	2,075,000	3.00%, 7/20/46, Pool #MA3596		2,169,550
	3,645,000	3.50%, 7/20/46		3,868,683

				17,404,241

	Total U.S. Government Agency Mortgages (Cost $141,972,331)			143,551,980


Principal Amount			Fair Value
	U.S. Treasury Obligations (30.5%):
	U.S. Treasury Bills (7.3%)
$	3,835,000	0.17%, 7/21/16(c)	$	3,834,609
	4,190,000	0.22%, 8/18/16(c)		4,188,717
	15,015,000	0.20%, 9/15/16(c)		15,008,544
	29,000	0.26%, 9/29/16(c)		28,981
	2,280,000	0.23%, 10/13/16(c)		2,278,468
	3,610,000	0.23%, 10/20/16(c)		3,607,386

				28,946,705

	U.S. Treasury Bonds (3.0%)
	11,215,000	2.50%, 5/15/46		11,686,815

	U.S. Treasury Inflation Index Bonds (1.7%)
	1,155,000	0.63%, 2/15/43		1,169,905
	4,490,000	1.38%, 2/15/44		5,328,571

				6,498,476

	U.S. Treasury Inflation Index Notes (1.9%)
	590,000	2.50%, 7/15/16		700,581
	2,325,000	0.13%, 7/15/24		2,366,312
	2,965,000	0.25%, 1/15/25		3,040,752
	970,000	0.38%, 7/15/25		1,007,717

				7,115,362

	U.S. Treasury Notes (16.6%)
	22,665,000	0.75%, 10/31/17		22,719,895
	8,790,000	0.75%, 2/28/18		8,814,032
	2,980,000	1.38%, 5/31/21		3,033,664
	19,415,000	1.13%, 6/30/21		19,511,318
	10,925,000	1.63%, 5/15/26		11,058,580

				65,137,489

	Total U.S. Treasury Obligations (Cost $117,643,177)			119,384,847


Shares or Principal Amount			Fair Value
	Securities Held as Collateral for Securities on Loan (0.1%):
$	282,691	AZL MetWest Total Return Bond Fund Securities Lending Collateral Account(d)	$	282,691

	Total Securities Held as Collateral for Securities on Loan (Cost $282,691)			282,691

	Unaffiliated Investment Company (1.5%):
	6,096,674	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(c)		6,096,674

	Total Unaffiliated Investment Company (Cost $6,096,674)			6,096,674

	Total Investment Securities (Cost $431,142,531)(e) — 110.9%			435,572,351
	Net other assets (liabilities) — (10.9)%			(42,758,118	)

	Net Assets — 100.0%		$	392,814,233

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	431,142,531

Investment securities, at value*	$	435,572,351
Interest and dividends receivable		1,518,100
Receivable for investments sold		15,661,398
Receivable for variation margin on futures contracts		23,969
Prepaid expenses		2,106

Total Assets		452,777,924

Liabilities:
Payable for investments purchased		58,363,098
Payable for capital shares redeemed		1,039,732
Payable for collateral received on loaned securities		282,691
Manager fees payable		177,769
Administration fees payable		9,463
Distribution fees payable		80,804
Custodian fees payable		2,672
Administrative and compliance services fees payable		125
Trustee fees payable		1,264
Other accrued liabilities		6,073

Total Liabilities		59,963,691

Net Assets	$	392,814,233

Net Assets Consist of:
Capital	$	375,254,766
Accumulated net investment income/(loss)		7,163,348
Accumulated net realized gains/(losses) from investment transactions		5,574,367
Net unrealized appreciation/(depreciation) on investments		4,821,752

Net Assets	$	392,814,233

Shares of beneficial interest (unlimited number of shares authorized, no par value)		37,576,595
Net Asset Value (offering and redemption price per share)	$	10.45

*	Includes securities on loan of $269,479.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Interest	$	4,389,455
Dividends		6,566
Income from securities lending		1,266

Total Investment Income		4,397,287

Expenses:
Manager fees		1,156,095
Administration fees		67,281
Distribution fees		481,707
Custodian fees		9,721
Administrative and compliance services fees		2,521
Trustee fees		9,010
Professional fees		10,050
Shareholder reports		2,468
Other expenses		4,206

Total expenses before reductions		1,743,059
Less expenses voluntarily waived/reimbursed by the Manager		(96,340	)

Net expenses		1,646,719

Net Investment Income/(Loss)		2,750,568

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		3,239,058
Net realized gains/(losses) on futures contracts		271,210
Change in net unrealized appreciation/depreciation on investments		10,550,959

Net Realized/Unrealized Gains/(Losses) on Investments		14,061,227

Change in Net Assets Resulting From Operations	$	16,811,795

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $111 during the period ended June 30, 2016. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2016, the Fund did not enter into any futures contracts. 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 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, 2016:

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, 2016:

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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $2,266 was paid from the Fund relating to these fees and expenses.

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.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $431,148,151. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, 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 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 (99.0%):
	Aerospace & Defense (3.1%):
	42,368	Honeywell International, Inc.	$	4,928,246
	37,667	United Technologies Corp.		3,862,751

				8,790,997

	Banks (7.6%):
	414,960	Bank of America Corp.		5,506,519
	53,143	BB&T Corp.		1,892,422
	148,632	JPMorgan Chase & Co.		9,235,993
	112,509	Wells Fargo & Co.		5,325,051

				21,959,985

	Beverages (1.8%):
	76,016	Diageo plc		2,126,634
	28,895	Pernod Ricard SA		3,218,084

				5,344,718

	Capital Markets (4.7%):
	13,057	BlackRock, Inc., Class A		4,472,414
	47,770	Blackstone Group LP (The)^		1,172,276
	29,774	Goldman Sachs Group, Inc. (The)		4,423,821
	85,540	Morgan Stanley		2,222,329
	24,280	State Street Corp.		1,309,178

				13,600,018

	Chemicals (2.7%):
	46,065	Monsanto Co.		4,763,581
	10,592	Sherwin Williams Co.		3,110,553

				7,874,134

	Construction & Engineering (0.8%):
	46,362	Fluor Corp.		2,284,719

	Consumer Finance (1.5%):
	70,657	American Express Co.		4,293,119

	Containers & Packaging (1.3%):
	76,506	Crown Holdings, Inc.*		3,876,559

	Diversified Financial Services (1.3%):
	57,395	NASDAQ OMX Group, Inc. (The)^		3,711,735

	Electric Utilities (0.7%):
	28,399	American Electric Power Co., Inc.		1,990,486

	Energy Equipment & Services (2.3%):
	16,519	National-Oilwell Varco, Inc.^		555,864
	77,266	Schlumberger, Ltd.		6,110,195

				6,666,059

	Food & Staples Retailing (1.0%):
	17,569	Costco Wholesale Corp.		2,759,036

	Food Products (4.4%):
	57,465	Danone SA		4,051,443
	22,969	General Mills, Inc.		1,638,149
	19,992	Mead Johnson Nutrition Co.^		1,814,274
	106,907	Mondelez International, Inc., Class A		4,865,338

				12,369,204

	Health Care Equipment & Supplies (4.5%):
	43,893	Abbott Laboratories^		1,725,434
	49,056	Medtronic plc		4,256,589
	33,754	St. Jude Medical, Inc.		2,632,812


Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies, continued
	35,171	Stryker Corp.^	$	4,214,541

				12,829,376

	Health Care Providers & Services (1.1%):
	16,848	McKesson Corp.^		3,144,679

	Hotels, Restaurants & Leisure (0.5%):
	43,128	Aramark Holdings Corp.		1,441,338

	Household Durables (2.1%):
	121,841	Newell Rubbermaid, Inc.		5,917,817

	Household Products (2.4%):
	43,738	Colgate-Palmolive Co.		3,201,621
	12,731	Kimberly-Clark Corp.		1,750,258
	22,192	Procter & Gamble Co. (The)		1,878,997

				6,830,876

	Industrial Conglomerates (3.2%):
	90,731	Danaher Corp.		9,163,831

	Insurance (1.2%):
	26,172	Chubb, Ltd.		3,420,942

	Internet Software & Services (4.1%):
	9,275	Alphabet, Inc., Class A*^		6,525,240
	7,445	Alphabet, Inc., Class C*		5,152,685

				11,677,925

	IT Services (10.6%):
	49,531	Accenture plc, Class A		5,611,367
	93,711	Cognizant Technology Solutions Corp., Class A*^		5,364,018
	74,412	Fidelity National Information Services, Inc.^		5,482,676
	21,641	Gartner, Inc.*		2,108,050
	52,072	MasterCard, Inc., Class A		4,585,460
	105,539	Visa, Inc., Class A^		7,827,827

				30,979,398

	Life Sciences Tools & Services (2.5%):
	49,469	Thermo Fisher Scientific, Inc.^		7,309,539

	Media (6.0%):
	87,671	Comcast Corp., Class A		5,715,273
	63,743	Time Warner, Inc.		4,687,660
	121,775	Twenty-First Century Fox, Inc.^		3,294,014
	35,653	Walt Disney Co. (The)		3,487,576

				17,184,523

	Multiline Retail (0.8%):
	32,724	Target Corp.^		2,284,790

	Multi-Utilities (0.4%):
	27,272	CMS Energy Corp.		1,250,694

	Oil, Gas & Consumable Fuels (3.0%):
	91,741	Enterprise Products Partners LP		2,684,342
	55,889	EOG Resources, Inc.^		4,662,261
	15,508	Occidental Petroleum Corp.^		1,171,784

				8,518,387

	Personal Products (0.4%):
	14,093	Estee Lauder Co., Inc. (The), Class A^		1,282,745

	Pharmaceuticals (6.6%):
	14,318	Allergan plc*		3,308,747


Shares			Fair Value
	Common Stocks, continued
	Pharmaceuticals, continued
	44,713	Bristol-Myers Squibb Co.^	$	3,288,641
	53,844	Eli Lilly & Co.		4,240,215
	55,490	Johnson & Johnson Co.		6,730,937
	30,700	Zoetis, Inc.		1,457,022

				19,025,562

	Real Estate Investment Trusts (REITs) (2.5%):
	62,151	American Tower Corp.^		7,060,975

	Road & Rail (1.6%):
	79,824	Canadian National Railway Co.		4,714,405

	Semiconductors & Semiconductor Equipment (2.7%):
	36,717	Broadcom, Ltd.		5,705,822
	32,947	Texas Instruments, Inc.		2,064,130

				7,769,952

	Software (0.7%):
	20,055	Adobe Systems, Inc.*		1,921,068

	Specialty Retail (3.0%):
	5,028	AutoZone, Inc.*^		3,991,428
	81,594	Ross Stores, Inc.^		4,625,563

				8,616,991

	Technology Hardware, Storage & Peripherals (2.4%):
	27,829	Apple, Inc.		2,660,453
	69,683	EMC Corp.		1,893,287
	125,600	Hewlett Packard Enterprise Co.		2,294,712

				6,848,452


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Textiles, Apparel & Luxury Goods (2.4%):
	21,052	LVMH Moet Hennessy Louis Vuitton SA	$	3,187,187
	25,781	Nike, Inc., Class B		1,423,111
	39,955	VF Corp.^		2,456,833

				7,067,131

	Trading Companies & Distributors (1.1%):
	13,670	W.W. Grainger, Inc.^		3,106,508

	Total Common Stocks (Cost $184,504,664)			284,888,673

	Preferred Stock (0.3%):
	Electric Utilities (0.3%):
	17,417	Exelon Corp., 6.59%^		859,355

	Total Preferred Stock (Cost $878,329)			859,355

	Securities Held as Collateral for Securities on Loan (17.1%):
$	49,217,739	AZL MFS Investors Trust Fund Securities Lending Collateral Account(a)		49,217,739

	Total Securities Held as Collateral for Securities on Loan (Cost $49,217,739)			49,217,739

	Unaffiliated Investment Company (0.1%):
	344,944	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(b)		344,944

	Total Unaffiliated Investment Company (Cost $344,944)			344,944

	Total Investment Securities (Cost $234,945,676)(c) — 116.5%			335,310,711
	Net other assets (liabilities) — (16.5)%			(47,471,786	)

	Net Assets — 100.0%		$	287,838,925

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, 2016:

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	234,945,676

Investment securities, at value*	$	335,310,711
Cash		38,230
Interest and dividends receivable		268,812
Receivable for investments sold		2,269,836
Reclaims receivable		3,798
Prepaid expenses		1,730

Total Assets		337,893,117

Liabilities:
Payable for investments purchased		95,495
Payable for capital shares redeemed		481,578
Payable for collateral received on loaned securities		49,217,739
Manager fees payable		170,212
Administration fees payable		8,446
Distribution fees payable		59,326
Custodian fees payable		4,934
Administrative and compliance services fees payable		182
Trustee fees payable		1,851
Other accrued liabilities		14,429

Total Liabilities		50,054,192

Net Assets	$	287,838,925

Net Assets Consist of:
Capital	$	153,132,807
Accumulated net investment income/(loss)		2,938,391
Accumulated net realized gains/(losses) from investment transactions		31,402,661
Net unrealized appreciation/(depreciation) on investments		100,365,066

Net Assets	$	287,838,925

Shares of beneficial interest (unlimited number of shares authorized, no par value)		14,552,524
Net Asset Value (offering and redemption price per share)	$	19.78

*	Includes securities on loan of $48,294,592.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	2,542,824
Income from securities lending		58,939
Foreign withholding tax		(47,340	)

Total Investment Income		2,554,423

Expenses:
Manager fees		1,079,083
Administration fees		39,828
Distribution fees		359,694
Custodian fees		9,989
Administrative and compliance services fees		2,151
Trustee fees		7,732
Professional fees		8,594
Shareholder reports		7,309
Other expenses		3,610

Total expenses before reductions		1,517,990
Less expenses voluntarily waived/reimbursed by the Manager		(47,075	)

Net expenses		1,470,915

Net Investment Income/(Loss)		1,083,508

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		2,537,422
Change in net unrealized appreciation/depreciation on investments		391,589

Net Realized/Unrealized Gains/(Losses) on Investments		2,929,011

Change in Net Assets Resulting From Operations	$	4,012,519

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $5,121 during the period ended June 30, 2016. 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $1,712 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $236,363,431. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, 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 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 (98.9%):
	Aerospace & Defense (1.6%):
	12,873	L-3 Communications Holdings, Inc.	$	1,888,340
	13,497	Rockwell Collins, Inc.^		1,149,135

				3,037,475

	Airlines (0.9%):
	11,071	Alaska Air Group, Inc.^		645,329
	28,933	Delta Air Lines, Inc.^		1,054,029

				1,699,358

	Auto Components (1.0%):
	20,641	BorgWarner, Inc.^		609,322
	22,062	Delphi Automotive plc		1,381,082

				1,990,404

	Automobiles (0.5%):
	20,401	Harley-Davidson, Inc.^		924,165

	Banks (6.9%):
	43,142	BB&T Corp.		1,536,287
	71,320	Citizens Financial Group, Inc.		1,424,974
	29,891	Comerica, Inc.		1,229,417
	109,697	Fifth Third Bancorp		1,929,569
	153,131	Huntington Bancshares, Inc.^		1,368,991
	104,663	KeyCorp^		1,156,526
	11,147	M&T Bank Corp.		1,317,910
	27,339	SunTrust Banks, Inc.		1,123,086
	30,186	Wintrust Financial Corp.		1,539,486

				12,626,246

	Beverages (1.4%):
	34,318	Coca-Cola European Partners plc		1,224,809
	12,022	Molson Coors Brewing Co., Class B		1,215,785

				2,440,594

	Building Products (1.7%):
	32,628	Armstrong World Industries, Inc.*^		1,277,386
	35,394	Owens Corning, Inc.		1,823,499

				3,100,885

	Capital Markets (2.6%):
	5,184	Affiliated Managers Group, Inc.*^		729,752
	29,816	Apollo Global Management LLC, Class A		451,712
	19,668	Northern Trust Corp.		1,303,202
	26,439	Raymond James Financial, Inc.^		1,303,443
	32,809	TD Ameritrade Holding Corp.^		934,236

				4,722,345

	Chemicals (3.4%):
	15,189	AkzoNobel NV		955,454
	15,930	Albemarle Corp.		1,263,408
	65,757	Axalta Coating Systems, Ltd.*^		1,744,534
	16,796	Celanese Corp., Series A		1,099,298
	17,032	Sensient Technologies Corp.^		1,209,953

				6,272,647

	Commercial Services & Supplies (1.8%):
	19,062	Clean Harbors, Inc.*^		993,321
	41,119	Pitney Bowes, Inc.		731,918
	37,961	Tyco International plc		1,617,139

				3,342,378


Shares			Fair Value
	Common Stocks, continued
	Consumer Finance (1.0%):
	33,496	Discover Financial Services	$	1,795,051

	Containers & Packaging (1.1%):
	29,161	Berry Plastics Group, Inc.*^		1,132,905
	72,026	Graphic Packaging Holding Co.		903,206

				2,036,111

	Distributors (0.9%):
	52,928	LKQ Corp.*		1,677,818

	Diversified Consumer Services (0.3%):
	38,554	Houghton Mifflin Harcourt Co.*^		602,599

	Diversified Financial Services (1.2%):
	33,516	NASDAQ OMX Group, Inc. (The)		2,167,480

	Diversified Telecommunication Services (0.5%):
	178,047	Frontier Communications Corp.^		879,552

	Electric Utilities (2.7%):
	24,094	Eversource Energy		1,443,231
	31,489	Exelon Corp.		1,144,940
	17,417	FirstEnergy Corp.		608,027
	22,468	Pinnacle West Capital Corp.		1,821,256

				5,017,454

	Electrical Equipment (1.1%):
	20,923	Eaton Corp. plc		1,249,731
	13,232	Regal-Beloit Corp.^		728,422

				1,978,153

	Electronic Equipment, Instruments & Components (0.5%):
	31,247	Keysight Technologies, Inc.*		908,975

	Energy Equipment & Services (1.4%):
	55,692	Forum Energy Technologies, Inc.*^		964,028
	54,487	Frank’s International NV^		796,055
	27,902	Oil States International, Inc.*^		917,418

				2,677,501

	Food & Staples Retailing (0.2%):
	18,313	US Foods Holding Corp.*		443,907

	Food Products (5.5%):
	33,086	Archer-Daniels-Midland Co.		1,419,059
	19,829	Bunge, Ltd.		1,172,885
	38,698	Flowers Foods, Inc.^		725,588
	10,415	JM Smucker Co. (The)		1,587,350
	17,505	Kellogg Co.		1,429,283
	40,717	Pinnacle Foods, Inc.^		1,884,790
	11,791	TreeHouse Foods, Inc.*^		1,210,346
	12,970	Tyson Foods, Inc., Class A		866,266

				10,295,567

	Health Care Equipment & Supplies (3.7%):
	8,132	Cooper Cos., Inc. (The)		1,395,207
	18,880	DENTSPLY SIRONA, Inc.		1,171,315
	17,044	STERIS plc		1,171,775
	7,086	Teleflex, Inc.^		1,256,419
	16,242	Zimmer Holdings, Inc.^		1,955,212

				6,949,928

	Health Care Providers & Services (3.9%):
	19,864	AmerisourceBergen Corp.^		1,575,612
	29,617	Community Health Systems, Inc.*		356,885


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	15,815	LifePoint Hospitals, Inc.*^	$	1,033,827
	14,631	MEDNAX, Inc.*^		1,059,723
	11,766	Molina Healthcare, Inc.*^		587,123
	17,675	Quest Diagnostics, Inc.^		1,438,922
	8,631	Universal Health Services, Inc., Class B		1,157,417

				7,209,509

	Health Care Technology (0.6%):
	45,010	IMS Health Holdings, Inc.*		1,141,454

	Hotels, Restaurants & Leisure (1.6%):
	43,348	Aramark Holdings Corp.		1,448,690
	7,919	DineEquity, Inc.^		671,373
	12,624	Royal Caribbean Cruises, Ltd.^		847,702

				2,967,765

	Household Durables (2.3%):
	47,458	Newell Rubbermaid, Inc.		2,305,035
	24,074	Toll Brothers, Inc.*^		647,831
	7,209	Whirlpool Corp.		1,201,308

				4,154,174

	Independent Power and Renewable Electricity Producers (1.4%):
	91,101	AES Corp. (The)		1,136,941
	75,645	Calpine Corp.*^		1,115,764
	20,127	Dynegy, Inc.*^		346,989

				2,599,694

	Insurance (6.8%):
	25,384	Allied World Assurance Co. Holdings AG		891,994
	26,153	Arthur J. Gallagher & Co.		1,244,883
	7,734	Everest Re Group, Ltd.		1,412,769
	10,178	Hanover Insurance Group, Inc. (The)		861,262
	41,796	Hartford Financial Services Group, Inc. (The)		1,854,907
	28,231	Lincoln National Corp.		1,094,516
	47,355	Third Point Reinsurance, Ltd.*^		555,001
	46,874	UnumProvident Corp.		1,490,124
	28,743	Validus Holdings, Ltd.		1,396,622
	52,126	XL Group plc		1,736,316

				12,538,394

	IT Services (3.3%):
	26,045	Amdocs, Ltd.		1,503,317
	23,873	Fidelity National Information Services, Inc.		1,758,964
	36,475	First Data Corp., Class A*		403,778
	45,942	Sabre Corp.		1,230,786
	120,805	Xerox Corp.		1,146,439

				6,043,284

	Life Sciences Tools & Services (2.0%):
	26,013	Agilent Technologies, Inc.		1,153,937
	28,991	PerkinElmer, Inc.		1,519,708
	33,833	VWR Corp.*		977,774

				3,651,419

	Machinery (5.0%):
	80,167	Allison Transmission Holdings, Inc.^		2,263,114
	11,223	Cummins, Inc.		1,261,914
	17,370	Deere & Co.^		1,407,665
	12,369	Joy Global, Inc.^		261,481
	18,323	Pentair plc^		1,068,048


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	17,104	Stanley Black & Decker, Inc.	$	1,902,307
	23,523	Xylem, Inc.		1,050,302

				9,214,831

	Media (1.9%):
	44,737	Discovery Communications, Inc., Class A*^		1,128,715
	63,619	Interpublic Group of Cos., Inc. (The)		1,469,598
	30,951	Quebecor, Inc., Class B		886,984

				3,485,297

	Multiline Retail (0.3%):
	16,780	Kohl’s Corp.^		636,298

	Multi-Utilities (4.6%):
	34,263	CMS Energy Corp.		1,571,301
	18,130	DTE Energy Co.		1,797,046
	40,029	NiSource, Inc.		1,061,569
	22,681	NorthWestern Corp.		1,430,491
	32,927	Public Service Enterprise Group, Inc.		1,534,727
	17,666	WEC Energy Group, Inc.^		1,153,590

				8,548,724

	Oil, Gas & Consumable Fuels (5.9%):
	47,948	Cabot Oil & Gas Corp.^		1,234,182
	7,988	Cimarex Energy Co.		953,128
	24,737	Energen Corp.^		1,192,571
	21,781	EQT Corp.		1,686,503
	32,233	Hess Corp.^		1,937,202
	34,459	HollyFrontier Corp.^		819,090
	16,906	Noble Energy, Inc.		606,418
	17,563	PDC Energy, Inc.*^		1,011,804
	9,813	Pioneer Natural Resources Co.		1,483,824

				10,924,722

	Pharmaceuticals (0.2%):
	24,976	Endo International plc*		389,376

	Professional Services (0.7%):
	23,383	Nielsen Holdings plc^		1,215,215

	Real Estate Investment Trusts (REITs) (6.0%):
	49,531	Annaly Capital Management, Inc.^		548,308
	65,795	Corporate Office Properties Trust		1,945,558
	70,118	DDR Corp.		1,271,941
	21,038	EPR Properties^		1,697,346
	126,324	Gramercy Property Trust, Inc.^		1,164,707
	130,381	Medical Properties Trust, Inc.^		1,983,095
	14,338	Mid-America Apartment Communities, Inc.		1,525,563
	27,920	Weyerhaeuser Co.		831,178

				10,967,696

	Real Estate Management & Development (0.5%):
	29,989	Realogy Holdings Corp.*^		870,281

	Road & Rail (1.1%):
	11,520	Kansas City Southern		1,037,837
	38,918	Knight Transportation, Inc.^		1,034,440

				2,072,277

	Semiconductors & Semiconductor Equipment (1.7%):
	19,210	Analog Devices, Inc.		1,088,054
	35,028	Maxim Integrated Products, Inc.		1,250,149


Shares			Fair Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment, continued
	17,381	Microchip Technology, Inc.	$	882,260

				3,220,463

	Software (1.3%):
	13,090	NICE Systems, Ltd., ADR		835,797
	46,338	Symantec Corp.^		951,783
	16,172	Verint Systems, Inc.*		535,778

				2,323,358

	Specialty Retail (2.3%):
	1,547	AutoZone, Inc.*		1,228,070
	36,531	Gap, Inc. (The)^		775,188
	49,289	Sally Beauty Holdings, Inc.*^		1,449,590
	28,366	Urban Outfitters, Inc.*^		780,065

				4,232,913

	Technology Hardware, Storage & Peripherals (0.6%):
	38,184	NCR Corp.*		1,060,370

	Textiles, Apparel & Luxury Goods (1.3%):
	42,420	Hanesbrands, Inc.^		1,066,015
	13,724	PVH Corp.		1,293,212

				2,359,227

	Thrifts & Mortgage Finance (0.5%):
	61,204	New York Community Bancorp, Inc.^		917,448

	Trading Companies & Distributors (1.2%):
	14,819	Brenntag AG		716,023
	38,229	Univar, Inc.*^		722,910
	13,006	WESCO International, Inc.*^		669,679

				2,108,612

	Total Common Stocks (Cost $167,966,667)			182,439,394


Shares or Principal Amount			Fair Value
	Preferred Stock (0.4%):
	Diversified Telecommunication Services (0.4%):
	7,988	Frontier Communications Corp., Class A, 12.45%^	$	757,422

	Total Preferred Stock (Cost $798,800)			757,422

	Securities Held as Collateral for Securities on Loan (29.0%):
$	53,522,128	AZL MFS Mid Cap Value Fund Securities Lending Collateral Account(a)		53,522,128

	Total Securities Held as Collateral for Securities on Loan (Cost $53,522,128)			53,522,128

	Unaffiliated Investment Company (1.0%):
	1,810,535	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(b)		1,810,535

	Total Unaffiliated Investment Company (Cost $1,810,535)			1,810,535

	Total Investment Securities (Cost $224,098,130)(c) — 129.3%			238,529,479
	Net other assets (liabilities) — (29.3)%			(53,976,676	)

	Net Assets — 100.0%		$	184,552,803

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	224,098,130

Investment securities, at value*	$	238,529,479
Interest and dividends receivable		241,330
Receivable for investments sold		1,725,143
Reclaims receivable		1,902
Prepaid expenses		1,098

Total Assets		240,498,952

Liabilities:
Payable for investments purchased		1,908,533
Payable for capital shares redeemed		339,942
Payable for collateral received on loaned securities		53,522,128
Manager fees payable		114,565
Administration fees payable		5,621
Distribution fees payable		38,188
Custodian fees payable		6,124
Administrative and compliance services fees payable		105
Trustee fees payable		1,163
Other accrued liabilities		9,780

Total Liabilities		55,946,149

Net Assets	$	184,552,803

Net Assets Consist of:
Capital	$	157,027,008
Accumulated net investment income/(loss)		2,828,679
Accumulated net realized gains/(losses) from investment transactions		10,265,794
Net unrealized appreciation/(depreciation) on investments		14,431,322

Net Assets	$	184,552,803

Shares of beneficial interest (unlimited number of shares authorized, no par value)		20,404,962
Net Asset Value (offering and redemption price per share)	$	9.04

*	Includes securities on loan of $53,035,105.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	2,199,559
Income from securities lending		69,807
Foreign withholding tax		(8,712	)

Total Investment Income		2,260,654

Expenses:
Manager fees		694,317
Administration fees		26,816
Distribution fees		231,439
Custodian fees		12,887
Administrative and compliance services fees		1,393
Trustee fees		4,967
Professional fees		5,505
Shareholder reports		5,600
Other expenses		2,307

Total expenses		985,231

Net Investment Income/(Loss)		1,275,423

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(719,476	)
Change in net unrealized appreciation/depreciation on investments		10,284,547

Net Realized/Unrealized Gains/(Losses) on Investments		9,565,071

Change in Net Assets Resulting From Operations	$	10,840,494

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $5,488 during the period ended June 30, 2016. 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $1,096 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $225,201,626. 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, 2015 were as follows:

(a) Total distributions paid may differ from that presented in 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, 2015, 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.

On June 14, 2016, the Board approved a reorganization whereby, subject to shareholder approval, AZL Mid Cap Index Fund will acquire the assets and liabilities of the Fund. A meeting of shareholders to consider the proposal is scheduled for October 12, 2016 and, if approved, the reorganization is expected to occur approximately four weeks subsequent to that date.

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 (99.1%):
	Aerospace & Defense (6.5%):
	78,029	Honeywell International, Inc.	$	9,076,332
	28,019	Lockheed Martin Corp.		6,953,475
	19,888	Northrop Grumman Corp.		4,420,705
	76,803	United Technologies Corp.		7,876,148

				28,326,660

	Air Freight & Logistics (1.4%):
	56,708	United Parcel Service, Inc., Class B		6,108,586

	Auto Components (1.4%):
	35,743	Delphi Automotive plc		2,237,512
	82,624	Johnson Controls, Inc.		3,656,938

				5,894,450

	Automobiles (0.4%):
	39,757	Harley-Davidson, Inc.^		1,800,992

	Banks (11.1%):
	62,676	BB&T Corp.		2,231,892
	103,238	Citigroup, Inc.		4,376,259
	292,060	JPMorgan Chase & Co.		18,148,608
	41,896	PNC Financial Services Group, Inc.		3,409,915
	191,428	U.S. Bancorp		7,720,291
	250,393	Wells Fargo & Co.		11,851,101

				47,738,066

	Beverages (1.1%):
	173,126	Diageo plc		4,843,397

	Capital Markets (4.9%):
	114,044	Bank of New York Mellon Corp. (The)		4,430,609
	11,450	BlackRock, Inc., Class A		3,921,969
	102,021	Franklin Resources, Inc.^		3,404,441
	47,256	Goldman Sachs Group, Inc. (The)		7,021,296
	51,065	State Street Corp.^		2,753,425

				21,531,740

	Chemicals (3.1%):
	52,224	E.I. du Pont de Nemours & Co.		3,384,115
	16,599	Monsanto Co.		1,716,503
	82,670	PPG Industries, Inc.^		8,610,080

				13,710,698

	Commercial Services & Supplies (1.4%):
	140,441	Tyco International plc		5,982,787

	Consumer Finance (0.8%):
	57,767	American Express Co.		3,509,923

	Containers & Packaging (0.5%):
	41,040	Crown Holdings, Inc.*		2,079,497

	Diversified Financial Services (1.6%):
	20,307	Moody’s Corp.		1,902,969
	64,777	NASDAQ OMX Group, Inc. (The)		4,189,129
	8,073	S&P Global, Inc.		865,910

				6,958,008

	Diversified Telecommunication Services (1.7%):
	131,346	Verizon Communications, Inc.		7,334,361

	Electric Utilities (1.1%):
	42,840	Duke Energy Corp.		3,675,243
	23,328	Xcel Energy, Inc.		1,044,628

				4,719,871


Shares			Fair Value
	Common Stocks, continued
	Electrical Equipment (0.9%):
	66,681	Eaton Corp. plc	$	3,982,856

	Energy Equipment & Services (1.5%):
	48,367	National-Oilwell Varco, Inc.^		1,627,550
	61,835	Schlumberger, Ltd.		4,889,911

				6,517,461

	Food & Staples Retailing (1.6%):
	72,304	CVS Health Corp.		6,922,385

	Food Products (5.2%):
	83,068	Archer-Daniels-Midland Co.		3,562,787
	45,424	Danone SA		3,202,519
	93,971	General Mills, Inc.		6,702,012
	15,294	JM Smucker Co. (The)		2,330,959
	89,042	Nestle SA, Registered Shares		6,870,425

				22,668,702

	Health Care Equipment & Supplies (4.2%):
	125,643	Abbott Laboratories		4,939,026
	116,269	Medtronic plc		10,088,661
	43,456	St. Jude Medical, Inc.		3,389,568

				18,417,255

	Health Care Providers & Services (1.6%):
	13,933	Cigna Corp.		1,783,285
	38,618	Express Scripts Holding Co.*^		2,927,244
	12,669	McKesson Corp.		2,364,669

				7,075,198

	Household Durables (0.3%):
	30,961	Newell Rubbermaid, Inc.		1,503,776

	Household Products (0.5%):
	24,869	Procter & Gamble Co. (The)		2,105,658

	Industrial Conglomerates (3.6%):
	52,492	3M Co., Class B		9,192,399
	62,636	Danaher Corp.		6,326,236

				15,518,635

	Insurance (7.6%):
	62,448	Aon plc		6,821,195
	62,665	Chubb, Ltd.		8,190,942
	145,362	MetLife, Inc.		5,789,768
	46,734	Prudential Financial, Inc.		3,334,004
	76,329	Travelers Cos., Inc. (The)^		9,086,204

				33,222,113

	IT Services (5.2%):
	100,845	Accenture plc, Class A		11,424,730
	24,636	Cognizant Technology Solutions Corp., Class A*		1,410,165
	54,207	Fidelity National Information Services, Inc.		3,993,972
	19,469	Fiserv, Inc.*		2,116,864
	25,809	International Business Machines Corp.^		3,917,290

				22,863,021

	Life Sciences Tools & Services (1.2%):
	35,685	Thermo Fisher Scientific, Inc.		5,272,816

	Machinery (2.9%):
	17,539	Caterpillar, Inc.^		1,329,632
	9,180	Cummins, Inc.^		1,032,199


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	13,721	Deere & Co.^	$	1,111,950
	34,170	Illinois Tool Works, Inc.		3,559,147
	25,299	Ingersoll-Rand plc		1,611,040
	32,616	Pentair plc		1,901,187
	20,040	Stanley Black & Decker, Inc.		2,228,849

				12,774,004

	Media (4.1%):
	84,236	Comcast Corp., Class A		5,491,345
	78,909	Omnicom Group, Inc.^		6,430,293
	48,339	Time Warner, Inc.		3,554,850
	4,468	Time, Inc.		73,543
	22,883	Viacom, Inc., Class B^		948,958
	10,936	Walt Disney Co. (The)		1,069,760

				17,568,749

	Multiline Retail (0.7%):
	45,996	Target Corp.^		3,211,441

	Oil, Gas & Consumable Fuels (4.1%):
	43,387	Chevron Corp.		4,548,259
	47,281	EOG Resources, Inc.		3,944,181
	56,171	Exxon Mobil Corp.		5,265,471
	54,790	Occidental Petroleum Corp.		4,139,932

				17,897,843

	Pharmaceuticals (8.4%):
	134,685	Johnson & Johnson Co.		16,337,291
	110,077	Merck & Co., Inc.		6,341,536
	14,169	Novartis AG, Registered Shares		1,165,954
	317,821	Pfizer, Inc.^		11,190,477
	4,064	Roche Holding AG		1,073,350

				36,108,608

	Professional Services (0.2%):
	8,015	Equifax, Inc.		1,029,126


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Road & Rail (1.2%):
	36,664	Canadian National Railway Co.	$	2,165,376
	33,062	Union Pacific Corp.		2,884,659

				5,050,035

	Semiconductors & Semiconductor Equipment (1.7%):
	23,013	Analog Devices, Inc.		1,303,456
	96,967	Texas Instruments, Inc.		6,074,983

				7,378,439

	Software (0.7%):
	72,341	Oracle Corp.		2,960,917

	Specialty Retail (0.3%):
	8,428	Advance Auto Parts, Inc.		1,362,218

	Tobacco (4.2%):
	47,365	Altria Group, Inc.		3,266,290
	148,481	Philip Morris International, Inc.		15,103,488

				18,369,778

	Wireless Telecommunication Services (0.2%):
	303,667	Vodafone Group plc		924,253

	Total Common Stocks (Cost $299,578,888)			431,244,323

	Securities Held as Collateral for Securities on Loan (8.8%):
$	38,185,426	AZL MFS Value Fund Securities Lending Collateral Account(a)		38,185,426

	Total Securities Held as Collateral for Securities on Loan (Cost $38,185,426)			38,185,426

	Unaffiliated Investment Company (0.9%):
	3,895,607	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(b)		3,895,607

	Total Unaffiliated Investment Company (Cost $3,895,607)			3,895,607

	Total Investment Securities (Cost $341,659,921)(c) — 108.8%			473,325,356
	Net other assets (liabilities) — (8.8)%			(38,151,928	)

	Net Assets — 100.0%		$	435,173,428

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, 2016:

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	341,659,921

Investment securities, at value*	$	473,325,356
Cash		9,067
Interest and dividends receivable		617,695
Foreign currency, at value (cost $69)		70
Receivable for investments sold		256,708
Reclaims receivable		133,905
Prepaid expenses		2,513

Total Assets		474,345,314

Liabilities:
Payable for capital shares redeemed		600,856
Payable for collateral received on loaned securities		38,185,426
Manager fees payable		253,311
Administration fees payable		12,265
Distribution fees payable		89,005
Custodian fees payable		7,411
Administrative and compliance services fees payable		267
Trustee fees payable		2,767
Other accrued liabilities		20,578

Total Liabilities		39,171,886

Net Assets	$	435,173,428

Net Assets Consist of:
Capital	$	284,874,010
Accumulated net investment income/(loss)		11,841,511
Accumulated net realized gains/(losses) from investment transactions		6,795,262
Net unrealized appreciation/(depreciation) on investments		131,662,645

Net Assets	$	435,173,428

Shares of beneficial interest (unlimited number of shares authorized, no par value)		32,335,539
Net Asset Value (offering and redemption price per share)	$	13.46

*	Includes securities on loan of $37,916,807.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	5,670,444
Income from securities lending		69,682
Foreign withholding tax		(78,833	)

Total Investment Income		5,661,293

Expenses:
Manager fees		1,595,000
Administration fees		58,228
Distribution fees		534,996
Custodian fees		15,535
Administrative and compliance services fees		3,240
Trustee fees		11,599
Professional fees		12,890
Shareholder reports		10,576
Other expenses		5,285

Total expenses before reductions		2,247,349
Less expenses voluntarily waived/reimbursed by the Manager		(72,150	)

Net expenses		2,175,199

Net Investment Income/(Loss)		3,486,094

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		8,347,907
Change in net unrealized appreciation/depreciation on investments		15,554,055

Net Realized/Unrealized Gains/(Losses) on Investments		23,901,962

Change in Net Assets Resulting From Operations	$	27,388,056

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $5,816 during the period ended June 30, 2016. 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $2,532 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $343,965,215. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, the components of accumulated earnings on a tax basis were as follows:

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 (96.2%):
	Aerospace & Defense (2.0%):
	27,973	BE Aerospace, Inc.^	$	1,291,653
	12,198	Curtiss-Wright Corp.		1,027,682
	8,052	Esterline Technologies Corp.*		499,546
	12,791	Huntington Ingalls Industries, Inc.		2,149,271
	14,371	KLX, Inc.*		445,501
	16,019	Orbital ATK, Inc.		1,363,858
	9,438	Teledyne Technologies, Inc.*		934,834
	13,429	Triumph Group, Inc.^		476,730

				8,189,075

	Airlines (0.3%):
	87,675	JetBlue Airways Corp.*		1,451,898

	Auto Components (0.4%):
	41,026	Dana Holding Corp.		433,235
	79,377	Gentex Corp.^		1,226,374

				1,659,609

	Automobiles (0.2%):
	12,433	Thor Industries, Inc.		804,912

	Banks (5.4%):
	40,932	Associated Banc-Corp.		701,984
	23,033	BancorpSouth, Inc.		522,619
	11,788	Bank of Hawaii Corp.^		811,014
	22,336	Bank of the Ozarks, Inc.		838,047
	20,232	Cathay General Bancorp		570,542
	22,823	Commerce Bancshares, Inc.^		1,093,222
	14,933	Cullen/Frost Bankers, Inc.^		951,680
	39,182	East West Bancorp, Inc.		1,339,241
	57,391	F.N.B. Corp.		719,683
	63,559	First Horizon National Corp.		875,843
	96,602	First Niagara Financial Group, Inc.		940,903
	45,134	FirstMerit Corp.		914,866
	47,386	Fulton Financial Corp.^		639,711
	21,075	Hancock Holding Co.		550,268
	15,181	International Bancshares Corp.		396,072
	31,335	PacWest Bancorp		1,246,506
	21,704	PrivateBancorp, Inc.		955,627
	17,924	Prosperity Bancshares, Inc.		913,945
	14,666	Signature Bank*		1,832,078
	14,114	SVB Financial Group*		1,343,088
	34,607	Synovus Financial Corp.		1,003,257
	46,812	TCF Financial Corp.		592,172
	18,395	Trustmark Corp.^		457,116
	59,961	Umpqua Holdings Corp.		927,597
	60,829	Valley National Bancorp^		554,760
	24,963	Webster Financial Corp.^		847,494

				22,539,335

	Beverages (0.1%):
	2,601	Boston Beer Co., Inc. (The), Class A*^		444,849

	Biotechnology (0.3%):
	12,196	United Therapeutics Corp.*^		1,291,800

	Building Products (0.8%):
	20,392	A.O. Smith Corp.		1,796,739
	10,625	Lennox International, Inc.		1,515,125

				3,311,864


Shares			Fair Value
	Common Stocks, continued
	Capital Markets (1.7%):
	31,429	Eaton Vance Corp.^	$	1,110,701
	25,795	Federated Investors, Inc., Class B		742,380
	40,318	Janus Capital Group, Inc.^		561,227
	34,487	Raymond James Financial, Inc.		1,700,209
	37,191	SEI Investments Co.		1,789,258
	18,199	Stifel Financial Corp.*^		572,359
	22,598	Waddell & Reed Financial, Inc., Class A^		389,138
	31,272	WisdomTree Investments, Inc.^		306,153

				7,171,425

	Chemicals (2.9%):
	16,991	Ashland, Inc.		1,950,057
	17,036	Cabot Corp.		777,864
	9,462	Minerals Technologies, Inc.		537,442
	2,722	NewMarket Corp.^		1,127,942
	44,958	Olin Corp.^		1,116,757
	23,220	PolyOne Corp.		818,273
	36,226	RPM International, Inc.		1,809,489
	12,395	Scotts Miracle-Gro Co. (The)		866,534
	12,313	Sensient Technologies Corp.		874,716
	19,928	Valspar Corp. (The)		2,152,821

				12,031,895

	Commercial Services & Supplies (1.5%):
	14,269	Clean Harbors, Inc.*^		743,558
	27,252	Copart, Inc.*^		1,335,620
	13,402	Deluxe Corp.^		889,491
	16,302	Herman Miller, Inc.		487,267
	12,030	HNI Corp.^		559,275
	8,643	MSA Safety, Inc.		454,017
	56,826	R.R. Donnelley & Sons Co.		961,495
	25,593	Rollins, Inc.^		749,107

				6,179,830

	Communications Equipment (1.4%):
	47,839	ARRIS International plc*		1,002,705
	127,486	Brocade Communications Systems, Inc.		1,170,321
	35,326	Ciena Corp.*		662,363
	9,642	InterDigital, Inc.		536,867
	25,670	NetScout Systems, Inc.*^		571,158
	9,171	Plantronics, Inc.		403,524
	36,792	Polycom, Inc.*		413,910
	12,248	ViaSat, Inc.*		874,507

				5,635,355

	Construction & Engineering (1.0%):
	41,755	Aecom Technology Corp.*		1,326,557
	16,553	Emcor Group, Inc.		815,401
	10,724	Granite Construction, Inc.		488,478
	39,281	KBR, Inc.		520,080
	6,274	Valmont Industries, Inc.		848,684

				3,999,200

	Construction Materials (0.2%):
	13,219	Eagle Materials, Inc., Class A		1,019,846

	Consumer Finance (0.2%):
	116,022	SLM Corp.*		717,016


Shares			Fair Value
	Common Stocks, continued
	Containers & Packaging (1.6%):
	17,174	AptarGroup, Inc.	$	1,358,979
	25,914	Bemis Co., Inc.		1,334,312
	7,140	Greif, Inc., Class A		266,108
	25,813	Packaging Corp. of America		1,727,664
	11,018	Silgan Holdings, Inc.^		566,986
	27,484	Sonoco Products Co.		1,364,855

				6,618,904

	Distributors (0.3%):
	11,498	Pool Corp.		1,081,157

	Diversified Consumer Services (0.6%):
	15,556	DeVry Education Group, Inc.^		277,519
	1,177	Graham Holdings Co., Class B		576,189
	53,172	Service Corp. International^		1,437,771
	14,345	Sotheby’s^		393,053

				2,684,532

	Diversified Financial Services (1.6%):
	22,325	CBOE Holdings, Inc.		1,487,292
	11,286	FactSet Research Systems, Inc.^		1,821,786
	10,230	MarketAxess Holdings, Inc.		1,487,442
	23,779	MSCI, Inc., Class A		1,833,836

				6,630,356

	Electric Utilities (1.9%):
	41,969	Great Plains Energy, Inc.		1,275,858
	29,532	Hawaiian Electric Industries, Inc.		968,354
	13,707	IDACORP, Inc.		1,115,064
	54,685	OGE Energy Corp.		1,790,934
	21,688	PNM Resources, Inc.		768,623
	38,696	Westar Energy, Inc.		2,170,458

				8,089,291

	Electrical Equipment (0.5%):
	14,239	Hubbell, Inc.		1,501,787
	12,161	Regal-Beloit Corp.		669,463

				2,171,250

	Electronic Equipment, Instruments & Components (3.9%):
	24,869	Arrow Electronics, Inc.*		1,539,391
	35,186	Avnet, Inc.		1,425,385
	11,430	Belden, Inc.		690,029
	23,102	Cognex Corp.		995,696
	11,125	FEI Co.		1,189,040
	40,564	Ingram Micro, Inc., Class A		1,410,816
	10,005	IPG Photonics Corp.*^		800,400
	52,053	Jabil Circuit, Inc.		961,419
	46,809	Keysight Technologies, Inc.*		1,361,674
	24,081	Knowles Corp.*^		329,428
	27,648	National Instruments Corp.		757,555
	7,946	SYNNEX Corp.^		753,440
	9,550	Tech Data Corp.*		686,168
	68,568	Trimble Navigation, Ltd.*		1,670,316
	30,173	VeriFone Systems, Inc.*		559,407
	36,879	Vishay Intertechnology, Inc.^		456,931
	14,186	Zebra Technologies Corp., Class A*^		710,719

				16,297,814


Shares			Fair Value
	Common Stocks, continued
	Energy Equipment & Services (1.5%):
	10,444	Dril-Quip, Inc.*	$	610,243
	82,377	Ensco plc, Class A, ADR		799,881
	77,192	Nabors Industries, Ltd.		775,780
	66,776	Noble Corp. plc		550,234
	26,642	Oceaneering International, Inc.		795,530
	14,140	Oil States International, Inc.*		464,923
	40,075	Patterson-UTI Energy, Inc.^		854,399
	33,985	Rowan Cos. plc, Class A^		600,175
	41,043	Superior Energy Services, Inc.		755,602

				6,206,767

	Food & Staples Retailing (0.8%):
	10,694	Casey’s General Stores, Inc.		1,406,369
	38,646	Sprouts Farmers Market, Inc.*^		884,993
	72,404	Supervalu, Inc.*		341,747
	13,668	United Natural Foods, Inc.*		639,662

				3,272,771

	Food Products (2.9%):
	24,875	Dean Foods Co.^		449,989
	49,833	Flowers Foods, Inc.^		934,369
	28,232	Hain Celestial Group, Inc.*		1,404,542
	19,639	Ingredion, Inc.		2,541,482
	5,291	Lancaster Colony Corp.		675,185
	17,509	Post Holdings, Inc.*		1,447,819
	21,504	Snyders-Lance, Inc.		728,771
	4,968	Tootsie Roll Industries, Inc.^		191,417
	15,403	TreeHouse Foods, Inc.*^		1,581,118
	48,186	WhiteWave Foods Co., Class A*		2,261,851

				12,216,543

	Gas Utilities (2.6%):
	27,873	Atmos Energy Corp.		2,266,632
	23,264	National Fuel Gas Co.		1,323,256
	23,382	New Jersey Resources Corp.		901,376
	14,335	ONE Gas, Inc.		954,568
	47,937	Questar Corp.		1,216,162
	12,938	Southwest Gas Corp.		1,018,350
	46,954	UGI Corp.		2,124,669
	13,761	WGL Holdings, Inc.		974,141

				10,779,154

	Health Care Equipment & Supplies (4.1%):
	10,641	ABIOMED, Inc.*		1,162,955
	19,808	Align Technology, Inc.*		1,595,534
	13,237	Cooper Cos., Inc. (The)		2,271,072
	12,693	Halyard Health, Inc.*^		412,776
	15,606	Hill-Rom Holdings, Inc.		787,323
	24,495	IDEXX Laboratories, Inc.*		2,274,606
	11,569	LivaNova plc*		581,111
	38,250	ResMed, Inc.^		2,418,548
	23,490	STERIS plc		1,614,937
	11,912	Teleflex, Inc.		2,112,117
	19,965	West Pharmaceutical Services, Inc.		1,514,944

				16,745,923


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services (2.1%):
	14,691	AmSurg Corp.*	$	1,139,140
	30,928	Community Health Systems, Inc.*		372,682
	11,852	LifePoint Hospitals, Inc.*		774,765
	25,606	MEDNAX, Inc.*^		1,854,643
	11,148	Molina Healthcare, Inc.*^		556,285
	17,123	Owens & Minor, Inc.^		640,058
	26,847	Tenet Healthcare Corp.*		742,051
	22,101	VCA Antech, Inc.*		1,494,249
	12,008	WellCare Health Plans, Inc.*		1,288,218

				8,862,091

	Health Care Technology (0.2%):
	51,466	Allscripts Healthcare Solutions, Inc.*^		653,618

	Hotels, Restaurants & Leisure (2.4%):
	15,651	Brinker International, Inc.^		712,590
	5,135	Buffalo Wild Wings, Inc.*^		713,508
	12,322	Cheesecake Factory, Inc. (The)		593,181
	3,282	Churchill Downs, Inc.		414,714
	6,518	Cracker Barrel Old Country Store, Inc.^		1,117,641
	13,703	Domino’s Pizza, Inc.^		1,800,300
	25,053	Dunkin’ Brands Group, Inc.		1,092,812
	7,271	International Speedway Corp., Class A		243,215
	8,928	Jack in the Box, Inc.		767,094
	6,283	Panera Bread Co., Class A*^		1,331,619
	17,190	Texas Roadhouse, Inc.^		783,864
	59,571	Wendy’s Co. (The)^		573,073

				10,143,611

	Household Durables (1.7%):
	20,381	CalAtlantic Group, Inc.^		748,187
	7,702	Helen of Troy, Ltd.*		792,074
	23,369	KB Home		355,442
	996	NVR, Inc.*		1,773,219
	16,679	Tempur Sealy International, Inc.*^		922,682
	41,701	Toll Brothers, Inc.*		1,122,174
	39,654	TRI Pointe Homes, Inc.*^		468,710
	13,856	Tupperware Brands Corp.^		779,816

				6,962,304

	Household Products (0.2%):
	16,990	Energizer Holdings, Inc.		874,815

	Independent Power and Renewable Electricity Producers (0.1%):
	17,496	Talen Energy Corp.*		237,071

	Industrial Conglomerates (0.4%):
	17,552	Carlisle Cos., Inc.		1,854,895

	Insurance (4.8%):
	4,240	Alleghany Corp.*		2,330,218
	19,503	American Financial Group, Inc.		1,441,857
	16,730	Aspen Insurance Holdings, Ltd.		775,937
	31,480	Brown & Brown, Inc.		1,179,556
	49,385	CNO Financial Group, Inc.		862,262
	16,841	Endurance Specialty Holdings, Ltd.		1,131,042
	11,670	Everest Re Group, Ltd.		2,131,758
	29,906	First American Financial Corp.		1,202,819
	135,450	Genworth Financial, Inc., Class A*		349,461
	11,776	Hanover Insurance Group, Inc. (The)		996,485


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	13,119	Kemper Corp.^	$	406,427
	8,494	Mercury General Corp.^		451,541
	66,763	Old Republic International Corp.		1,287,858
	13,169	Primerica, Inc.^		753,794
	17,541	Reinsurance Group of America, Inc.		1,701,302
	11,805	RenaissanceRe Holdings, Ltd.		1,386,379
	26,855	W.R. Berkley Corp.		1,609,152

				19,997,848

	Internet & Catalog Retail (0.1%):
	8,716	HSN, Inc.^		426,474

	Internet Software & Services (0.6%):
	12,799	comScore, Inc.*^		305,640
	12,688	j2 Global, Inc.^		801,501
	29,261	Rackspace Hosting, Inc.*		610,384
	10,570	WebMD Health Corp.*^		614,223

				2,331,748

	IT Services (3.6%):
	21,204	Acxiom Corp.*		466,276
	32,459	Broadridge Financial Solutions, Inc.		2,116,327
	37,789	Computer Sciences Corp.		1,876,224
	26,557	Convergys Corp.^		663,925
	24,241	CoreLogic, Inc.*		932,794
	8,669	DST Systems, Inc.		1,009,332
	22,561	Gartner, Inc.*		2,197,666
	21,551	Jack Henry & Associates, Inc.		1,880,756
	17,639	Leidos Holdings, Inc.		844,379
	17,790	Maximus, Inc.^		985,032
	12,323	NeuStar, Inc., Class A*		289,714
	11,266	Science Applications International Corp.		657,371
	10,522	WEX, Inc.*		932,986

				14,852,782

	Leisure Products (0.8%):
	24,790	Brunswick Corp.		1,123,483
	16,517	Polaris Industries, Inc.^		1,350,430
	16,723	Vista Outdoor, Inc.*		798,189

				3,272,102

	Life Sciences Tools & Services (1.6%):
	5,662	Bio-Rad Laboratories, Inc., Class A*		809,779
	10,127	Bio-Techne Corp.		1,142,022
	12,806	Charles River Laboratories International, Inc.*		1,055,727
	7,327	Mettler-Toledo International, Inc.*		2,673,768
	14,667	PAREXEL International Corp.*		922,261

				6,603,557

	Machinery (4.2%):
	19,434	AGCO Corp.^		915,924
	13,389	CLARCOR, Inc.		814,453
	13,439	Crane Co.		762,260
	33,590	Donaldson Co., Inc.^		1,154,152
	15,098	Graco, Inc.^		1,192,591
	20,734	IDEX Corp.		1,702,261
	24,370	ITT, Inc.		779,353
	26,541	Joy Global, Inc.^		561,077


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	21,676	Kennametal, Inc.	$	479,256
	17,143	Lincoln Electric Holdings, Inc.		1,012,808
	14,611	Nordson Corp.^		1,221,626
	20,042	OshKosh Corp.^		956,204
	29,543	Terex Corp.		600,018
	19,222	Timken Co.		589,347
	14,924	Toro Co.		1,316,297
	41,620	Trinity Industries, Inc.^		772,883
	24,670	Wabtec Corp.^		1,732,575
	15,281	Woodward, Inc.^		880,797

				17,443,882

	Marine (0.2%):
	14,706	Kirby Corp.*^		917,507

	Media (1.6%):
	16,584	AMC Networks, Inc., Class A*		1,002,005
	1,194	Cable One, Inc.		610,624
	28,725	Cinemark Holdings, Inc.^		1,047,314
	19,662	DreamWorks Animation SKG, Inc., Class A*		803,586
	13,362	John Wiley & Sons, Inc., Class A		697,229
	39,670	Live Nation, Inc.*		932,245
	10,263	Meredith Corp.^		532,752
	33,771	New York Times Co. (The), Class A^		408,629
	28,870	Time, Inc.		475,200

				6,509,584

	Metals & Mining (1.8%):
	29,736	Allegheny Technologies, Inc.^		379,134
	12,897	Carpenter Technology Corp.^		424,698
	31,684	Commercial Metals Co.^		535,460
	9,177	Compass Minerals International, Inc.^		680,842
	19,657	Reliance Steel & Aluminum Co.		1,511,623
	17,777	Royal Gold, Inc.		1,280,300
	66,501	Steel Dynamics, Inc.		1,629,274
	39,828	United States Steel Corp.^		671,500
	12,361	Worthington Industries, Inc.^		522,870

				7,635,701

	Multiline Retail (0.3%):
	12,149	Big Lots, Inc.^		608,786
	83,883	J.C. Penney Co., Inc.*^		744,881

				1,353,667

	Multi-Utilities (0.8%):
	13,935	Black Hills Corp.		878,462
	53,168	MDU Resources Group, Inc.		1,276,032
	22,683	Vectren Corp.		1,194,714

				3,349,208

	Oil, Gas & Consumable Fuels (2.1%):
	62,510	CONSOL Energy, Inc.		1,005,786
	96,914	Denbury Resources, Inc.^		347,921
	26,599	Energen Corp.		1,282,337
	34,266	Gulfport Energy Corp.*		1,071,155
	48,293	HollyFrontier Corp.^		1,147,925
	64,658	QEP Resources, Inc.		1,139,921
	18,509	SM Energy Co.^		499,743
	22,030	Western Refining, Inc.^		454,479


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	19,273	World Fuel Services Corp.	$	915,275
	75,404	WPX Energy, Inc.*^		702,011

				8,566,553

	Paper & Forest Products (0.3%):
	17,113	Domtar Corp.		599,126
	38,898	Louisiana-Pacific Corp.*		674,880

				1,274,006

	Personal Products (0.4%):
	118,551	Avon Products, Inc.		448,123
	16,230	Edgewell Personal Care Co.*		1,369,974

				1,818,097

	Pharmaceuticals (0.5%):
	22,850	Akorn, Inc.*		650,882
	29,294	Catalent, Inc.*		673,469
	14,409	Prestige Brands Holdings, Inc.*		798,259

				2,122,610

	Professional Services (0.6%):
	9,011	CEB, Inc.		555,798
	11,424	FTI Consulting, Inc.*		464,728
	19,778	Manpower, Inc.		1,272,517

				2,293,043

	Real Estate Investment Trusts (REITs) (11.2%):
	20,068	Alexandria Real Estate Equities, Inc.		2,077,439
	35,582	American Campus Communities, Inc.		1,881,220
	23,757	Camden Property Trust^		2,100,594
	22,818	Care Capital Properties, Inc.		598,060
	37,276	Communications Sales & Leasing, Inc.		1,077,276
	25,740	Corporate Office Properties Trust		761,132
	31,918	Corrections Corp. of America		1,117,768
	24,022	DCT Industrial Trust, Inc.		1,154,017
	38,330	Douglas Emmett, Inc.		1,361,482
	94,543	Duke Realty Corp.		2,520,517
	18,048	Education Realty Trust, Inc.		832,735
	17,347	EPR Properties^		1,399,556
	24,854	Equity One, Inc.		799,802
	31,767	First Industrial Realty Trust, Inc.		883,758
	30,819	Healthcare Realty Trust, Inc.		1,078,357
	26,613	Highwoods Properties, Inc.		1,405,166
	41,263	Hospitality Properties Trust		1,188,374
	25,235	Kilroy Realty Corp.^		1,672,828
	22,458	Lamar Advertising Co., Class A		1,488,965
	30,749	LaSalle Hotel Properties^		725,061
	40,236	Liberty Property Trust		1,598,174
	24,318	Mack-Cali Realty Corp.^		656,586
	65,240	Medical Properties Trust, Inc.^		992,300
	20,525	Mid-America Apartment Communities, Inc.		2,183,860
	39,364	National Retail Properties, Inc.		2,035,906
	45,324	Omega Healthcare Investors, Inc.^		1,538,750
	14,738	Post Properties, Inc.		899,755
	11,076	Potlatch Corp.		377,692
	33,696	Rayonier, Inc.		884,183
	26,646	Regency Centers Corp.		2,231,071
	64,659	Senior Housing Properties Trust		1,346,847


Shares			Fair Value
	Common Stocks, continued
	Real Estate Investment Trusts (REITs), continued
	12,670	Sovran Self Storage, Inc.	$	1,329,336
	25,797	Tanger Factory Outlet Centers, Inc.^		1,036,523
	16,400	Taubman Centers, Inc.		1,216,880
	25,143	Urban Edge Properties^		750,770
	31,557	Weingarten Realty Investors		1,288,157
	50,456	WP Glimcher, Inc.		564,603

				47,055,500

	Real Estate Management & Development (0.4%):
	12,510	Alexander & Baldwin, Inc.^		452,111
	12,335	Jones Lang LaSalle, Inc.		1,202,046

				1,654,157

	Road & Rail (0.8%):
	15,492	Genesee & Wyoming, Inc., Class A*^		913,253
	11,627	Landstar System, Inc.		798,310
	18,769	Old Dominion Freight Line, Inc.*		1,131,959
	12,137	Werner Enterprises, Inc.^		278,787

				3,122,309

	Semiconductors & Semiconductor Equipment (1.8%):
	174,275	Advanced Micro Devices, Inc.*		895,774
	27,621	Cree, Inc.*^		675,057
	86,302	Cypress Semiconductor Corp.^		910,486
	30,876	Fairchild Semiconductor International, Inc.*		612,889
	36,853	Integrated Device Technology, Inc.*		741,851
	36,083	Intersil Corp., Class A		488,564
	30,688	Microsemi Corp.*		1,002,883
	10,528	Silicon Laboratories, Inc.*		513,135
	10,021	Synaptics, Inc.*		538,629
	55,959	Teradyne, Inc.		1,101,832

				7,481,100

	Software (4.4%):
	32,592	ACI Worldwide, Inc.*		635,870
	24,101	ANSYS, Inc.*		2,187,166
	82,372	Cadence Design Systems, Inc.*		2,001,640
	42,437	CDK Global, Inc.		2,354,829
	11,474	CommVault Systems, Inc.*		495,562
	8,569	Fair Isaac Corp.		968,383
	39,869	Fortinet, Inc.*		1,259,462
	19,894	Manhattan Associates, Inc.*		1,275,802
	27,190	Mentor Graphics Corp.		578,059
	31,185	PTC, Inc.*		1,171,932
	41,416	Synopsys, Inc.*		2,239,777
	8,992	Tyler Technologies, Inc.*^		1,499,056
	7,879	Ultimate Software Group, Inc. (The)*^		1,656,875

				18,324,413

	Specialty Retail (2.0%):
	17,592	Aaron’s, Inc.		385,089
	18,299	Abercrombie & Fitch Co., Class A^		325,905
	45,512	American Eagle Outfitters, Inc.^		725,006
	46,955	Ascena Retail Group, Inc.*^		328,215
	13,172	Cabela’s, Inc., Class A*		659,390
	36,685	Chico’s FAS, Inc.		392,896
	20,589	CST Brands, Inc.^		886,974


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	24,528	Dick’s Sporting Goods, Inc.	$	1,105,232
	28,704	GameStop Corp., Class A^		762,952
	17,336	Guess?, Inc.^		260,907
	10,081	Murphy U.S.A., Inc.*		747,607
	134,468	Office Depot, Inc.*		445,089
	10,220	Restoration Hardware Holdings, Inc.*		293,110
	22,595	Williams-Sonoma, Inc.^		1,177,878

				8,496,250

	Technology Hardware, Storage & Peripherals (0.6%):
	28,991	3D Systems Corp.*^		396,887
	17,697	Diebold, Inc.^		439,417
	16,831	Lexmark International, Inc., Class A		635,370
	33,943	NCR Corp.*		942,597

				2,414,271

	Textiles, Apparel & Luxury Goods (1.0%):
	13,900	Carter’s, Inc.		1,479,933
	8,804	Deckers Outdoor Corp.*		506,406
	11,268	Fossil Group, Inc.*^		321,476
	35,093	Kate Spade & Co.*		723,267
	36,311	Skechers U.S.A., Inc., Class A*		1,079,163

				4,110,245

	Thrifts & Mortgage Finance (0.6%):
	132,776	New York Community Bancorp, Inc.^		1,990,312
	25,333	Washington Federal, Inc.		614,579

				2,604,891

	Trading Companies & Distributors (0.7%):
	11,545	GATX Corp.^		507,634
	13,170	MSC Industrial Direct Co., Inc., Class A		929,275
	29,190	NOW, Inc.*^		529,507
	7,001	Watsco, Inc.		984,970

				2,951,386

	Water Utilities (0.4%):
	48,393	Aqua America, Inc.		1,725,694

	Wireless Telecommunication Services (0.2%):
	25,717	Telephone & Data Systems, Inc.		762,766

	Total Common Stocks (Cost $308,712,608)			400,302,127

	Securities Held as Collateral for Securities on Loan (19.7%):
$	81,889,634	AZL Mid Cap Index Fund Securities Lending Collateral Account(a)		81,889,634

	Total Securities Held as Collateral for Securities on Loan (Cost $81,889,634)			81,889,634

	Unaffiliated Investment Company (2.7%):
	11,082,186	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(b)		11,082,186

	Total Unaffiliated Investment Company (Cost $11,082,186)			11,082,186

	Total Investment Securities (Cost $401,684,428)(c) —118.6%			493,273,947
	Net other assets (liabilities) — (18.6)%			(77,496,029	)

	Net Assets — 100.0%		$	415,777,918

Cash of $629,000 has been segregated to cover margin requirements for the following open contracts as of June 30, 2016:

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	401,684,428

Investment securities, at value*	$	493,273,947
Segregated cash for collateral		634,000
Interest and dividends receivable		452,985
Receivable for capital shares issued		642,774
Receivable for investments sold		4,895,690
Receivable for variation margin on futures contracts		235,334
Prepaid expenses		2,060

Total Assets		500,136,790

Liabilities:
Payable for investments purchased		2,038,628
Payable for capital shares redeemed		211,584
Payable for collateral received on loaned securities		81,889,634
Manager fees payable		85,150
Administration fees payable		10,899
Distribution fees payable		85,150
Custodian fees payable		3,147
Administrative and compliance services fees payable		144
Trustee fees payable		1,448
Other accrued liabilities		33,088

Total Liabilities		84,358,872

Net Assets	$	415,777,918

Net Assets Consist of:
Capital	$	239,239,014
Accumulated net investment income/(loss)		7,227,045
Accumulated net realized gains/(losses) from investment transactions		77,867,169
Net unrealized appreciation/(depreciation) on investments		91,444,690

Net Assets	$	415,777,918

Shares of beneficial interest (unlimited number of shares authorized, no par value)		18,298,777
Net Asset Value (offering and redemption price per share)	$	22.72

*	Includes securities on loan of $81,414,258.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	3,866,689
Income from securities lending		152,190

Total Investment Income		4,018,879

Expenses:
Manager fees		501,246
Administration fees		55,334
Distribution fees		501,246
Custodian fees		11,512
Administrative and compliance services fees		2,763
Trustee fees		9,836
Professional fees		10,844
Shareholder reports		7,113
Other expenses		39,822

Total expenses		1,139,716

Net Investment Income/(Loss)		2,879,163

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		21,432,754
Net realized gains/(losses) on futures contracts		953,269
Change in net unrealized appreciation/depreciation on investments		5,535,558

Net Realized/Unrealized Gains/(Losses) on Investments		27,921,581

Change in Net Assets Resulting From Operations	$	30,800,744

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $12,063 during the period ended June 30, 2016. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2016, 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 $15.2 million as of June 30, 2016. The monthly average notional amount for these contracts was $15.8 million for the period ended June 30, 2016. 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, 2016:

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, 2016:

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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $2,344 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

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.

Cost for federal income tax purposes at June 30, 2016 is $403,529,760. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, the components of accumulated earnings on a tax basis were as follows:

On June 14, 2016, the Board approved a reorganization whereby, subject to shareholder approval, the Fund will acquire the assets and liabilities of the AZL MFS Mid Cap Value Fund and AZL Multi-Manager Mid Cap Growth Fund. A meeting of shareholders to consider the proposal is scheduled for October 12, 2016 and, if approved, the reorganization is expected to occur approximately four weeks subsequent to that date.

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 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 (98.8%):
	Diversified Real Estate Activities (10.3%):
	125,000	CapitaLand, Ltd.	$	287,212
	56,000	Hang Lung Properties, Ltd.		113,699
	130,496	Henderson Land Development Co., Ltd.		739,487
	30,803	Kerry Properties, Ltd.		75,996
	186,000	Mitsubishi Estate Co., Ltd.		3,401,329
	146,000	Mitsui Fudosan Co., Ltd.		3,333,364
	78	Mobimo Holding AG, Registered Shares		17,765
	514,423	New World Development Co., Ltd.		522,590
	71,000	Sumitomo Realty & Development Co., Ltd.		1,916,263
	352,544	Sun Hung Kai Properties, Ltd.		4,247,621
	3,500	Tokyo Tatemono Co., Ltd.		41,815
	59,710	UOL Group, Ltd.		243,627
	157,035	Wharf Holdings, Ltd. (The)		960,760

				15,901,528

	Diversified REITs (7.6%):
	77	Activia Properties, Inc.		406,425
	46,778	Cousins Properties, Inc.		486,491
	30,881	Duke Realty Corp.		823,287
	2,700	Fonciere des Regions SA		240,325
	4,598	Gecina SA		628,413
	212,680	GPT Group		860,117
	244,747	Green REIT plc		378,556
	316,538	Hibernia REIT plc		472,234
	7,331	ICADE		521,221
	24	Kenedix Office Investment Corp.		142,647
	163,231	Land Securities Group plc		2,309,749
	733	Lexington Realty Trust		7,411
	12,364	Liberty Property Trust		491,098
	21,010	Merlin Properties Socimi SA		222,141
	243,394	Mirvac Group		368,125
	563	Nomura Real Estate Master Fund, Inc.		890,096
	18	Premier Investment Corp.		23,597
	16,330	Spirit Realty Capital, Inc.		208,534
	183,331	Stockland Trust Group		645,517
	24,489	STORE Capital Corp.		721,201
	53,700	Suntec REIT		71,014
	11	Top REIT, Inc.		44,349
	415	United Urban Investment Corp.		745,535

				11,708,083

	Health Care Facilities (0.1%):
	21,240	Extendicare, Inc.		133,839

	Health Care REITs (4.4%):
	8,168	HCP, Inc.		288,984
	14,266	Healthcare Realty Trust, Inc.		499,167
	21,092	Omega Healthcare Investors, Inc.^		716,073
	28,707	Senior Housing Properties Trust		597,967
	35,445	Ventas, Inc.		2,581,105
	28,199	Welltower, Inc.		2,147,918

				6,831,214

	Hotel & Resort REITs (4.8%):
	32,395	Chesapeake Lodging Trust^		753,184
	248,495	Host Hotels & Resorts, Inc.^		4,028,104
	51	Japan Hotel REIT Investment Corp.		43,819


Shares			Fair Value
	Common Stocks, continued
	Hotel & Resort REITs, continued
	80,991	LaSalle Hotel Properties^	$	1,909,768
	27,456	Sunstone Hotel Investors, Inc.^		331,394
	25,243	Xenia Hotels & Resorts, Inc.^		423,578

				7,489,847

	Hotels, Resorts & Cruise Lines (0.9%):
	62,267	Hilton Worldwide Holdings, Inc.		1,402,876

	Industrial REITs (3.2%):
	103,400	Ascendas Real Estate Investment Trust		191,064
	2,915	DCT Industrial Trust, Inc.^		140,037
	265	GLP J-REIT		334,622
	199,521	Macquarie Goodman Group		1,063,287
	266,700	Mapletree Logistics Trust		198,873
	199	Nippon Prologis REIT, Inc.		483,358
	36,307	ProLogis, Inc.		1,780,495
	17,814	Rexford Industrial Realty, Inc.^		375,697
	70,499	SERGO plc		395,699

				4,963,132

	Office REITs (13.7%):
	3,284	Alstria Office REIT-AG		44,346
	68,802	Beni Stabili SpA		42,624
	35,897	Boston Properties, Inc.		4,734,814
	18,814	Brookfield Canada Office Properties		417,992
	162,400	CapitaCommercial Trust		178,671
	6,641	Corporate Office Properties Trust		196,374
	33	Daiwa Office Investment Corp.		195,030
	26,856	Derwent Valley Holdings plc		946,169
	60,072	Dexus Property Group		405,577
	35,228	Douglas Emmett, Inc.^		1,251,299
	15,540	Dream Office Real Estate Investment Trust^		223,512
	103,359	Great Portland Estates plc		865,846
	40,548	Hudson Pacific Properties, Inc.		1,183,191
	52,727	Investa Office Fund		168,647
	15	Japan Prime Realty Investment Corp.		64,253
	148	Japan Real Estate Investment Corp.		911,036
	12,582	Mack-Cali Realty Corp.^		339,714
	148	Mori Hills REIT Investment Corp., C Shares		231,353
	125	Mori Trust Sogo REIT, Inc.		236,213
	192	Nippon Building Fund, Inc.		1,180,326
	206	ORIX JREIT, Inc.		353,855
	22,708	Paramount Group, Inc.		361,966
	65,909	Vornado Realty Trust		6,598,808
	14,475	Workspace Group plc		134,806

				21,266,422

	Real Estate Development (2.1%):
	320,000	Cheung Kong Property Holdings, Ltd.		2,014,356
	84,000	China Overseas Land & Investment, Ltd.		268,081
	18,000	China Resources Land, Ltd.		42,202
	11,921	Helical Bar plc		45,283
	10,980	Kennedy Wilson Europe Real Estate Plc		141,129
	89,418	Sino Land Co., Ltd.		147,496
	82,173	St. Modwen Properties plc		294,883
	105,641	Urban & Civic plc		294,295

				3,247,725


Shares			Fair Value
	Common Stocks, continued
	Real Estate Operating Companies (8.7%):
	2,312	ADO Properties SA	$	88,821
	3,200	AEON Mall Co., Ltd.		41,714
	42,467	Atrium European Real Estate, Ltd.		182,592
	11,977	Atrium Ljungberg AB, B Shares		193,555
	2,485,087	BGP Holdings plc*(a)(b)		—
	9,005	BR Properties SA		21,112
	2,871	BUWOG-Bauen Und Wohnen Gesellschaft mbH		66,286
	247,818	Capital & Regional plc		173,781
	23,239	Castellum AB		330,920
	263,629	Citycon OYJ		599,846
	1,923	Deutsche Euroshop AG		87,909
	20,795	Deutsche Wohnen AG		705,622
	57,909	Entra ASA		547,891
	3,623	Fabege AB		61,319
	32,314	First Capital Realty, Inc.^		554,326
	301,200	Global Logistic Properties, Ltd.		406,592
	957	Hispania Activos Inmobiliarios SA*		11,209
	448,500	Hongkong Land Holdings, Ltd.		2,741,302
	32,144	Hufvudstaden AB		503,547
	25,900	Hulic Co., Ltd.		271,588
	348,346	Hysan Development Co., Ltd.		1,553,407
	184,479	Inmobiliaria Colonial SA		133,665
	955	LEG Immobilien AG		89,245
	214,000	LXB Retail Properties plc		179,732
	62,695	Norwegian Property ASA		68,424
	10,005	PSP Swiss Property AG		969,661
	526,250	Swire Properties, Ltd.		1,400,574
	1,292	Swiss Prime Site AG		116,887
	16,591	Unite Group plc		137,487
	32,736	Vonovia SE		1,194,542

				13,433,556

	Residential REITs (11.9%):
	84	Advance Residence Investment		224,569
	7,200	American Homes 4 Rent, Class A		147,456
	29,953	Apartment Investment & Management Co., Class A		1,322,724
	25,333	AvalonBay Communities, Inc.		4,569,820
	16,737	Boardwalk REIT^		745,767
	29,749	Camden Property Trust^		2,630,407
	1,694	Equity Lifestyle Properties, Inc.		135,605
	90,243	Equity Residential Property Trust		6,215,938
	9,357	Essex Property Trust, Inc.		2,134,238
	237	Invincible Investment Corp.		149,286
	290	Mid-America Apartment Communities, Inc.		30,856
	3,353	Post Properties, Inc.		204,701

				18,511,367

	Retail REITs (27.3%):
	6,394	Acadia Realty Trust^		227,115
	240,020	British Land Co. plc		1,987,286
	18,101	Brixmor Property Group, Inc.^		478,952
	196,300	CapitaMall Trust		311,767
	3,418	CBL & Associates Properties, Inc.		31,822
	20,037	Crombie REIT		238,093


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Retail REITs, continued
	16,750	DDR Corp.	$	303,845
	9,450	Equity One, Inc.		304,101
	11,669	Eurocommercial Properties NV		500,572
	15	Frontier Real Estate Investment Corp.		77,678
	124,583	General Growth Properties, Inc.		3,715,065
	105,586	Hammerson plc		771,222
	239	Japan Retail Fund Investment Corp.		608,349
	63,343	Kimco Realty Corp.		1,987,703
	17,886	Klepierre		797,844
	147,163	Liberty International plc		575,628
	189,715	Link REIT (The)		1,297,913
	870	Macerich Co. (The)		74,289
	29,393	National Retail Properties, Inc.		1,520,206
	776	Realty Income Corp.^		53,823
	38,543	Regency Centers Corp.		3,227,205
	43,462	RioCan REIT		986,794
	591,823	Scentre Group		2,176,145
	7,733	Shaftesbury plc		91,313
	33,013	Shopping Centres Australasia Property Group		56,368
	56,674	Simon Property Group, Inc.		12,292,590
	6,734	Smart Real Estate Investment Trust		199,132
	52,074	Tanger Factory Outlet Centers, Inc.^		2,092,333
	9,842	Taubman Centers, Inc.		730,276
	7,985	Unibail-Rodamco SE		2,091,724
	1,501	Vastned Retail NV		60,952
	111,672	Vicinity Centres		277,789
	8,103	Wereldhave NV		367,662
	220,766	Westfield Corp.		1,758,449
	2,545	WP Glimcher, Inc.		28,479

				42,300,484

	Specialized REITs (3.8%):
	15,551	CubeSmart		480,215
	14,735	Gaming & Leisure Properties, Inc.		508,063
	14,792	Public Storage, Inc.		3,780,687
	7,602	QTS Realty Trust, Inc., Class A		425,560
	6,715	Sovran Self Storage, Inc.		704,538

				5,899,063

	Total Common Stocks (Cost $105,202,950)			153,089,136

	Securities Held as Collateral for Securities on Loan (10.4%):
$	16,083,114	AZL Morgan Stanley Global Real Estate Fund Securities Lending Collateral Account(c)		16,083,114

	Total Securities Held as Collateral for Securities on Loan (Cost $16,083,114)			16,083,114

	Unaffiliated Investment Company (0.5%):
	824,868	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(d)		824,868

	Total Unaffiliated Investment Company (Cost $824,868)			824,868

	Total Investment Securities (Cost $122,110,932)(e) — 109.7%			169,997,118
	Net other assets (liabilities) — (9.7%)			(14,987,612	)

	Net Assets — 100.0%		$	155,009,506

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, 2016:

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	122,110,932

Investment securities, at value*	$	169,997,118
Interest and dividends receivable		516,835
Foreign currency, at value (cost $499,586)		498,455
Receivable for investments sold		1,150,886
Reclaims receivable		92,369
Prepaid expenses		868

Total Assets		172,256,531

Liabilities:
Payable for investments purchased		504,333
Payable for capital shares redeemed		464,977
Payable for collateral received on loaned securities		16,083,114
Manager fees payable		112,093
Administration fees payable		5,398
Distribution fees payable		31,137
Custodian fees payable		30,828
Administrative and compliance services fees payable		120
Trustee fees payable		1,488
Other accrued liabilities		13,537

Total Liabilities		17,247,025

Net Assets	$	155,009,506

Net Assets Consist of:
Capital	$	125,960,779
Accumulated net investment income/(loss)		4,420,930
Accumulated net realized gains/(losses) from investment transactions		(23,256,645	)
Net unrealized appreciation/(depreciation) on investments		47,884,442

Net Assets	$	155,009,506

Shares of beneficial interest (unlimited number of shares authorized, no par value)		13,813,637
Net Asset Value (offering and redemption price per share)	$	11.22

*	Includes securities on loan of $15,836,630.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	4,350,192
Interest		139
Income from securities lending		13,827
Foreign withholding tax		(74,993	)

Total Investment Income		4,289,165

Expenses:
Manager fees		684,050
Administration fees		38,080
Distribution fees		190,014
Custodian fees		46,534
Administrative and compliance services fees		1,345
Trustee fees		4,780
Professional fees		5,304
Shareholder reports		5,244
Other expenses		2,573

Total expenses		977,924

Net Investment Income/(Loss)		3,311,241

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		1,398,103
Change in net unrealized appreciation/depreciation on investments		5,301,820

Net Realized/Unrealized Gains/(Losses) on Investments		6,699,923

Change in Net Assets Resulting From Operations	$	10,011,164

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $1,016 during the period ended June 30, 2016. 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, the annual rate due to the Manager and the annual expense limit were as follows:

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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $901 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $132,204,321. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the year ended December 31, 2015, the Fund utilized $9,719,452 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2015 were as follows:

As of the latest tax year end December 31, 2015, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Multi-Manager 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 (91.8%):
	Aerospace & Defense (0.6%):
	8,146	TransDigm Group, Inc.*^	$	2,148,019

	Air Freight & Logistics (0.2%):
	27,581	XPO Logistics, Inc.*^		724,277

	Airlines (0.5%):
	42,392	Southwest Airlines Co.		1,662,190

	Automobiles (2.4%):
	37,683	Tesla Motors, Inc.*^		7,999,347

	Banks (1.1%):
	40,357	East West Bancorp, Inc.		1,379,402
	18,160	Signature Bank*		2,268,547

				3,647,949

	Beverages (0.9%):
	17,892	Monster Beverage Corp.*		2,875,423

	Biotechnology (1.9%):
	9,359	Alnylam Pharmaceuticals, Inc.*^		519,331
	19,545	BioMarin Pharmaceutical, Inc.*		1,520,601
	7,925	Intercept Pharmaceuticals, Inc.*^		1,130,739
	22,500	Intrexon Corp.*^		553,725
	10,658	Juno Therapeutics, Inc.*^		409,694
	24,474	Kite Pharma, Inc.*^		1,223,700
	13,319	Vertex Pharmaceuticals, Inc.*		1,145,700

				6,503,490

	Building Products (1.8%):
	54,416	Fortune Brands Home & Security, Inc.^		3,154,496
	20,449	Lennox International, Inc.^		2,916,027

				6,070,523

	Capital Markets (2.4%):
	25,680	Affiliated Managers Group, Inc.*		3,614,973
	42,920	Lazard, Ltd., Class A^		1,278,158
	33,017	Oaktree Capital Group LLC^		1,477,841
	56,153	TD Ameritrade Holding Corp.		1,598,957

				7,969,929

	Chemicals (0.9%):
	16,750	PPG Industries, Inc.		1,744,512
	4,785	Sherwin Williams Co.		1,405,211

				3,149,723

	Commercial Services & Supplies (1.8%):
	17,838	Stericycle, Inc.*^		1,857,293
	56,985	Waste Connections, Inc.		4,105,770

				5,963,063

	Communications Equipment (2.1%):
	20,652	Arista Networks, Inc.*^		1,329,576
	35,968	Harris Corp.		3,001,169
	21,104	Palo Alto Networks, Inc.*^		2,588,195

				6,918,940

	Construction Materials (1.3%):
	23,365	Eagle Materials, Inc., Class A		1,802,610
	21,492	Vulcan Materials Co.		2,586,777

				4,389,387


Shares			Fair Value
	Common Stocks, continued
	Consumer Finance (0.2%):
	175,534	LendingClub Corp.*^	$	754,796

	Diversified Financial Services (5.0%):
	57,924	MSCI, Inc., Class A		4,467,099
	24,056	NASDAQ OMX Group, Inc. (The)		1,555,702
	99,581	S&P Global, Inc.		10,681,057

				16,703,858

	Electrical Equipment (1.1%):
	14,682	Acuity Brands, Inc.		3,640,549

	Electronic Equipment, Instruments & Components (1.6%):
	51,657	Amphenol Corp., Class A		2,961,496
	82,007	Corning, Inc.		1,679,503
	27,489	FLIR Systems, Inc.		850,785

				5,491,784

	Food & Staples Retailing (1.0%):
	14,412	Casey’s General Stores, Inc.^		1,895,322
	59,410	Sprouts Farmers Market, Inc.*^		1,360,489

				3,255,811

	Food Products (2.3%):
	64,084	Mead Johnson Nutrition Co.^		5,815,623
	26,400	Tyson Foods, Inc., Class A		1,763,256

				7,578,879

	Health Care Equipment & Supplies (4.3%):
	32,115	DENTSPLY SIRONA, Inc.		1,992,415
	25,751	Dexcom, Inc.*^		2,042,827
	13,430	Edwards Lifesciences Corp.*		1,339,374
	13,574	Intuitive Surgical, Inc.*		8,977,979

				14,352,595

	Health Care Providers & Services (2.7%):
	39,622	Acadia Healthcare Co., Inc.*^		2,195,059
	26,457	Centene Corp.*^		1,888,236
	82,238	Envision Healthcare Holdings, Inc.*		2,086,378
	10,016	Humana, Inc.		1,801,678
	36,506	Premier, Inc., Class A*		1,193,746

				9,165,097

	Health Care Technology (3.3%):
	61,678	athenahealth, Inc.*^		8,512,181
	50,095	Inovalon Holdings, Inc., Class A*^		902,211
	44,336	Veeva Systems, Inc., Class A*^		1,512,744

				10,927,136

	Hotels, Restaurants & Leisure (5.0%):
	61,525	Aramark Holdings Corp.		2,056,166
	2,657	Chipotle Mexican Grill, Inc.*^		1,070,133
	107,501	Dunkin’ Brands Group, Inc.^		4,689,193
	138,217	Hilton Worldwide Holdings, Inc.		3,114,029
	61,108	Marriott International, Inc., Class A^		4,061,238
	45,132	Norwegian Cruise Line Holdings, Ltd.*^		1,798,059

				16,788,818


Shares			Fair Value
	Common Stocks, continued
	Household Durables (1.6%):
	21,697	Mohawk Industries, Inc.*	$	4,117,223
	42,191	Toll Brothers, Inc.*^		1,135,360

				5,252,583

	Industrial Conglomerates (0.6%):
	19,748	Carlisle Cos., Inc.		2,086,969

	Internet & Catalog Retail (1.5%):
	12,756	Netflix, Inc.*		1,166,919
	28,062	TripAdvisor, Inc.*^		1,804,386
	26,024	Wayfair, Inc., Class A*^		1,014,936
	36,333	Zalando SE*		961,711

				4,947,952

	Internet Software & Services (7.1%):
	13,840	Autohome, Inc., ADR*^		278,322
	8,507	CoStar Group, Inc.*		1,860,141
	52,360	GoDaddy, Inc., Class A*^		1,633,108
	25,603	LinkedIn Corp., Class A*^		4,845,367
	17,245	MercadoLibre, Inc.^		2,425,854
	82,524	Pandora Media, Inc.*^		1,027,424
	250,430	Twitter, Inc.*^		4,234,771
	31,024	Yelp, Inc.*^		941,889
	58,498	Zillow Group, Inc., Class A*^		2,143,952
	116,996	Zillow Group, Inc., Class C*		4,244,615

				23,635,443

	IT Services (4.0%):
	27,049	FleetCor Technologies, Inc.*		3,871,523
	41,525	Gartner, Inc.*		4,044,950
	14,294	Global Payments, Inc.		1,020,306
	46,325	Sabre Corp.		1,241,047
	53,949	Vantive, Inc., Class A*		3,053,513

				13,231,339

	Life Sciences Tools & Services (3.3%):
	79,597	Illumina, Inc.*		11,173,827

	Machinery (1.0%):
	21,258	Middleby Corp. (The)*^		2,449,985
	11,390	WABCO Holdings, Inc.*		1,042,982

				3,492,967

	Multiline Retail (1.2%):
	43,292	Dollar General Corp.		4,069,448

	Oil, Gas & Consumable Fuels (1.1%):
	21,964	Concho Resources, Inc.*^		2,619,647
	25,416	Range Resources Corp.^		1,096,446

				3,716,093

	Pharmaceuticals (2.2%):
	10,780	Jazz Pharmaceuticals plc*		1,523,322
	118,442	Zoetis, Inc.		5,621,257

				7,144,579


Shares			Fair Value
	Common Stocks, continued
	Professional Services (3.3%):
	17,541	Equifax, Inc.	$	2,252,264
	34,401	IHS, Inc., Class A*		3,977,100
	58,152	Verisk Analytics, Inc.*^		4,714,964

				10,944,328

	Real Estate Management & Development (0.7%):
	82,570	CBRE Group, Inc., Class A*		2,186,454

	Road & Rail (0.3%):
	19,369	Old Dominion Freight Line, Inc.*^		1,168,144

	Semiconductors & Semiconductor Equipment (2.0%):
	8,985	Broadcom, Ltd.		1,396,269
	22,383	Cavium, Inc.*^		863,984
	19,695	Lam Research Corp.^		1,655,561
	22,179	NVIDIA Corp.^		1,042,635
	22,783	NXP Semiconductors NV*		1,784,820

				6,743,269

	Software (9.6%):
	61,504	Atlassian Corp. plc, Class A*^		1,592,954
	55,075	Electronic Arts, Inc.*		4,172,482
	45,906	FireEye, Inc.*^		756,072
	22,507	Guidewire Software, Inc.*^		1,390,032
	44,164	Mobileye NV*^		2,037,727
	15,484	NetSuite, Inc.*^		1,127,235
	96,362	ServiceNow, Inc.*^		6,398,437
	112,659	Splunk, Inc.*^		6,103,865
	37,461	Tableau Software, Inc., Class A*		1,832,592
	91,871	Workday, Inc., Class A*^		6,860,008

				32,271,404

	Specialty Retail (3.3%):
	11,818	O’Reilly Automotive, Inc.*^		3,203,860
	47,712	Ross Stores, Inc.		2,704,793
	40,925	Sally Beauty Holdings, Inc.*		1,203,604
	17,721	Tractor Supply Co.		1,615,801
	9,306	Ulta Salon, Cosmetics & Fragrance, Inc.*		2,267,314

				10,995,372

	Technology Hardware, Storage & Peripherals (0.2%):
	24,792	3D Systems Corp.*^		339,402
	8,619	Stratasys, Ltd.*^		197,289

				536,691

	Textiles, Apparel & Luxury Goods (2.6%):
	58,310	Gildan Activewear, Inc.		1,710,232
	23,764	Lululemon Athletica, Inc.*^		1,755,209
	56,024	Michael Kors Holdings, Ltd.*^		2,772,068
	21,931	Under Armour, Inc., Class A*^		880,091
	23,604	Under Armour, Inc., Class C*^		859,199
	14,672	VF Corp.^		902,181

				8,878,980

	Trading Companies & Distributors (1.8%):
	33,723	Fastenal Co.^		1,496,964
	76,470	HD Supply Holdings, Inc.*		2,662,686


Shares, Contracts, Notional Amount or Principal Amount			Fair Value
	Common Stocks, continued
	Trading Companies & Distributors, continued
	13,599	Watsco, Inc.	$	1,913,243

				6,072,893

	Total Common Stocks (Cost $278,252,873)			307,230,318

	Private Placements (5.1%):
	Commercial Services & Supplies (—%):
$	818,433	Better Place LLC, 0.00%(a)(b)		—

	Internet Software & Services (5.1%):
	76,914	Airbnb, Inc., Series D, 0.00%(a)(b)		6,963,793
	245,606	Dropbox, Inc., 0.00%*(a)(b)		2,755,699
	37,815	Flipkart, Series D, 0.00%(a)(b)		3,187,426
	67,672	Palantir Technologies, Inc., Series H-1, 0.00%(a)(b)		486,562
	229,712	Palantir Technologies, Inc., Series G, 0.00%*(a)(b)		1,651,629
	67,672	Palantir Technologies, Inc., Series H, 0.00%(a)(b)		486,562
	33,446	Peixe Urbano, Inc., 0.00%*(a)(b)		14,382
	116,948	Survey Monkey, Inc., 0.00%*(a)(b)		1,412,732

				16,958,785

	Total Private Placements (Cost $12,470,580)			16,958,785


Principal Amount or Shares			Fair Value
	Securities Held as Collateral for Securities on Loan (26.9%):
$	89,849,502	AZL Multi-Manager Mid Cap Growth Fund Securities Lending Collateral Account(c)	$	89,849,502

	Total Securities Held as Collateral for Securities on Loan (Cost $89,849,502)			89,849,502

	Unaffiliated Investment Company (2.8%):
	9,343,299	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(d)		9,343,299

	Total Unaffiliated Investment Company (Cost $9,343,299)			9,343,299

	Total Investment Securities (Cost $389,916,254)(e) — 126.6%			423,381,904
	Net other assets (liabilities) — (26.6)%			(88,998,195	)

	Net Assets — 100.0%		$	334,383,709

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	389,916,254

Investment securities, at value*	$	423,381,904
Cash		4,822
Interest and dividends receivable		107,951
Receivable for investments sold		1,569,059
Prepaid expenses		2,037

Total Assets		425,065,773

Liabilities:
Payable for investments purchased		179,111
Payable for capital shares redeemed		337,481
Payable for collateral received on loaned securities		89,849,502
Manager fees payable		223,205
Administration fees payable		8,479
Distribution fees payable		69,027
Custodian fees payable		3,154
Administrative and compliance services fees payable		113
Trustee fees payable		1,074
Other accrued liabilities		10,918

Total Liabilities		90,682,064

Net Assets	$	334,383,709

Net Assets Consist of:
Capital	$	286,738,560
Accumulated net investment income/(loss)		(432,358	)
Accumulated net realized gains/(losses) from investment transactions		14,611,857
Net unrealized appreciation/(depreciation) on investments		33,465,650

Net Assets	$	334,383,709

Shares of beneficial interest (unlimited number of shares authorized, no par value)		26,858,936
Net Asset Value (offering and redemption price per share)	$	12.45

*	Includes securities on loan of $88,484,810.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	937,989
Income from securities lending		488,321
Foreign withholding tax		(607	)

Total Investment Income		1,425,703

Expenses:
Manager fees		1,351,957
Administration fees		45,380
Distribution fees		418,069
Custodian fees		10,238
Administrative and compliance services fees		2,074
Trustee fees		7,537
Professional fees		8,325
Shareholder reports		10,674
Other expenses		3,807

Total expenses		1,858,061

Net Investment Income/(Loss)		(432,358	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(13,862,542	)
Change in net unrealized appreciation/depreciation on investments		(6,800,294	)

Net Realized/Unrealized Gains/(Losses) on Investments		(20,662,836	)

Change in Net Assets Resulting From Operations	$	(21,095,194	)

(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 Multi-Manager Mid Cap Growth Fund (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $43,910 during the period ended June 30, 2016. 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 two independent money management organizations (the “Subadviser”), Morgan Stanley Investment Management Inc. (“MSIM”) and J.P. Morgan Investment Management, Inc. (“JPMIM”) to make investment decisions on behalf of the Fund. Pursuant to subadvisory agreements with the Manager and MSIM, and the Manager and JPMIM provide investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. Prior to November 23, 2015, the Fund was subadvised by MSIM only. 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, the annual rate due to the Manager and the annual expense limit were as follows:

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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $1,834 was paid from the Fund relating to these fees and expenses.

During the period ended June 30, 2016, the Fund paid approximately $2,013 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $392,802,762. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, the components of accumulated earnings on a tax basis were as follows:

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 (98.6%):
	Aerospace & Defense (3.4%):
	87,550	BAE Systems plc, ADR^	$	2,478,541
	54,300	Embraer SA, ADR		1,179,396

				3,657,937

	Airlines (1.7%):
	152,950	Deutsche Lufthansa AG, Registered Shares^		1,780,421

	Auto Components (2.7%):
	12,700	Compagnie Generale des Establissements Michelin SCA, Class B		1,202,959
	49,900	Magna International, Inc., ADR		1,749,993

				2,952,952

	Automobiles (2.4%):
	216,850	Isuzu Motors, Ltd.		2,654,528

	Banks (14.7%):
	90,300	Australia & New Zealand Banking Group, Ltd., ADR^		1,633,527
	791,100	BOC Hong Kong Holdings, Ltd.		2,386,376
	3,592,000	China Construction Bank		2,387,156
	266,700	ICICI Bank, Ltd., ADR		1,914,906
	220,000	Nordea Bank AB		1,858,970
	1,613,100	PT Bank Rakyat Indonesia Tbk		1,325,106
	54,400	Toronto-Dominion Bank (The)		2,335,392
	75,500	United Overseas Bank, Ltd., ADR		2,070,210

				15,911,643

	Beverages (1.9%):
	174,600	Coca-Cola Amatil, Ltd.		1,077,224
	28,800	Coca-Cola European Partners plc		1,027,872

				2,105,096

	Biotechnology (1.1%):
	6,500	Shire plc, ADR*	$	1,196,520

	Capital Markets (0.7%):
	514,346	Man Group plc		796,993

	Chemicals (1.2%):
	318,000	Sumitomo Chemical Co., Ltd.		1,304,267

	Communications Equipment (1.7%):
	241,421	Telefonaktiebolaget LM Ericsson, B Shares		1,846,030

	Containers & Packaging (1.8%):
	89,797	Smurfit Kappa Group plc		1,990,165

	Diversified Telecommunication Services (2.1%):
	137,700	Telenor ASA		2,275,802

	Electric Utilities (5.6%):
	536,660	Enel SpA		2,386,460
	144,704	Korea Electric Power Corp., ADR		3,752,175

				6,138,635

	Electrical Equipment (1.3%):
	122,000	Mitsubishi Electric Corp.		1,446,786

	Gas Utilities (1.1%):
	248,000	ENN Energy Holdings, Ltd.		1,224,263

	Health Care Providers & Services (1.3%):
	86,500	Sonic Healthcare, Ltd.		1,397,899

	Hotels, Restaurants & Leisure (0.9%):
	21,900	Carnival plc		972,110

	Household Durables (1.6%):
	88,615	Persimmon plc		1,728,943


Shares			Fair Value
	Common Stocks, continued
	Household Products (1.6%):
	54,600	Svenska Cellulosa AB, ADR^	$	1,745,562

	Industrial Conglomerates (3.5%):
	192,200	Beijing Enterprises Holdings, Ltd.		1,093,526
	143,500	CK Hutchison Holdings, Ltd.		1,579,286
	52,660	Koc Holding AS, ADR		1,195,382

				3,868,194

	Insurance (7.5%):
	200,711	AEGON NV		800,494
	139,818	AXA SA		2,808,495
	437,840	Direct Line Insurance Group plc		2,024,409
	79,400	Manulife Financial Corp.		1,085,398
	168,820	T&D Holdings, Inc.		1,425,544

				8,144,340

	IT Services (2.3%):
	29,609	Atos Origin SA		2,472,854

	Media (4.5%):
	35,300	Eutelsat Communications SA^		672,683
	703,610	ITV plc		1,699,355
	118,601	WPP plc		2,462,032

				4,834,070

	Multiline Retail (1.5%):
	187,650	Marks & Spencer Group plc, ADR^		1,598,778

	Multi-Utilities (0.9%):
	313,363	Centrica plc		945,901

	Oil, Gas & Consumable Fuels (9.0%):
	92,300	Cameco Corp.		1,012,531
	87,400	LUKOIL PJSC, ADR		3,647,202
	58,500	Royal Dutch Shell plc, ADR		3,230,370
	77,000	Sasol, Ltd., ADR		2,088,240

				9,978,343

	Pharmaceuticals (5.9%):
	19,000	AstraZeneca plc		1,130,846
	9,200	Bayer AG, Registered Shares		925,503
	27,600	Sanofi-Aventis SA		2,319,675
	42,400	Teva Pharmaceutical Industries, Ltd., ADR		2,129,752

				6,505,776

	Road & Rail (2.1%):
	36,600	West Japan Railway Co.		2,313,701

	Semiconductors & Semiconductor Equipment (2.5%):
	103,800	Taiwan Semiconductor Manufacturing Co., Ltd., ADR^		2,722,674

	Software (1.4%):
	25,600	Open Text Corp.		1,514,496

	Tobacco (2.4%):
	49,700	Imperial Tobacco Group plc		2,697,468

	Wireless Telecommunication Services (6.3%):
	113,200	America Movil SAB de C.V., Series L, ADR		1,387,832
	222,800	China Mobile, Ltd.		2,573,458
	90,900	KDDI Corp.		2,767,518

				6,728,808

	Total Common Stocks (Cost $113,850,609)			107,451,955


Shares or Principal Amount			Fair Value
	Securities Held as Collateral for Securities on Loan (7.2%):
$	7,794,916	AZL NFJ International Value Fund Securities Lending Collateral Account(a)		7,794,916

	Total Securities Held as Collateral for Securities on Loan (Cost $7,794,916)			7,794,916

	Unaffiliated Investment Company (1.3%):
	1,412,625	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(b)		1,412,625

	Total Unaffiliated Investment Company (Cost $1,412,625)			1,412,625

	Total Investment Securities (Cost $123,058,150)(c) — 107.1%			116,659,496
	Net other assets (liabilities) — (7.1)%			(7,680,174	)

	Net Assets — 100.0%		$	108,979,322

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, 2016:

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	123,058,150

Investment securities, at value*	$	116,659,496
Interest and dividends receivable		555,313
Foreign currency, at value (cost $90,094)		89,930
Receivable for capital shares issued		2,775
Reclaims receivable		41,226
Prepaid expenses		630

Total Assets		117,349,370

Liabilities:
Payable for capital shares redeemed		452,380
Payable for collateral received on loaned securities		7,794,916
Manager fees payable		79,602
Administration fees payable		4,024
Distribution fees payable		22,874
Custodian fees payable		10,144
Administrative and compliance services fees payable		103
Trustee fees payable		1,018
Other accrued liabilities		4,987

Total Liabilities		8,370,048

Net Assets	$	108,979,322

Net Assets Consist of:
Capital	$	124,143,799
Accumulated net investment income/(loss)		5,198,432
Accumulated net realized gains/(losses) from investment transactions		(13,960,176	)
Net unrealized appreciation/(depreciation) on investments		(6,402,733	)

Net Assets	$	108,979,322

Shares of beneficial interest (unlimited number of shares authorized, no par value)		12,136,561
Net Asset Value (offering and redemption price per share)	$	8.98

*	Includes securities on loan of $7,692,349.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	3,018,516
Income from securities lending		119,083
Foreign withholding tax		(295,300	)

Total Investment Income		2,842,299

Expenses:
Manager fees		498,528
Administration fees		34,869
Distribution fees		138,472
Custodian fees		26,736
Administrative and compliance services fees		1,467
Trustee fees		5,259
Professional fees		6,283
Shareholder reports		1,466
Other expenses		2,829

Total expenses before reductions		715,909
Less expenses voluntarily waived/reimbursed by the Manager		(16,645	)

Net expenses		672,712

Net Investment Income/(Loss)		2,143,035

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(6,754,652	)
Change in net unrealized appreciation/depreciation on investments		(4,259,851	)

Net Realized/Unrealized Gains/(Losses) on Investments		(11,014,503	)

Change in Net Assets Resulting From Operations	$	(8,871,468	)

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $8,535 during the period ended June 30, 2016. 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $656 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $123,942,193. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, the components of accumulated earnings on a tax basis were as follows:

On June 14, 2016, the Board approved BlackRock Investment Management, LLC as the Subadviser to the Fund, replacing NFJ. The new subadvisory agreement is expected to be effective on or about October 14, 2016. In connection with this change, the Fund will be renamed AZL Global Equity Index Fund effective as of the same date.

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 (97.2%):
	Aerospace & Defense (1.2%):
	16,770	Curtiss-Wright Corp.^	$	1,412,873
	18,420	HEICO Corp.^		1,230,640

				2,643,513

	Banks (1.7%):
	37,880	Pinnacle Financial Partners, Inc.^		1,850,438
	60,100	Western Alliance Bancorp*^		1,962,265

				3,812,703

	Biotechnology (2.3%):
	30,720	Acadia Pharmaceuticals, Inc.*^		997,171
	37,170	Neurocrine Biosciences, Inc.*^		1,689,377
	48,780	Repligen Corp.*^		1,334,621
	22,110	Ultragenyx Pharmaceutical, Inc.*^		1,081,400

				5,102,569

	Building Products (5.5%):
	51,760	A.O. Smith Corp.^		4,560,574
	15,970	American Woodmark Corp.*^		1,060,089
	29,120	Lennox International, Inc.^		4,152,512
	33,890	Masonite International Corp.*		2,241,485

				12,014,660

	Capital Markets (0.6%):
	34,470	Cohen & Steers, Inc.^		1,393,967

	Chemicals (1.1%):
	26,000	H.B. Fuller Co.^		1,143,740
	39,380	PolyOne Corp.^		1,387,751

				2,531,491

	Commercial Services & Supplies (0.9%):
	49,810	Healthcare Services Group, Inc.^		2,061,138

	Construction & Engineering (1.1%):
	27,240	Dycom Industries, Inc.*^		2,445,062

	Construction Materials (1.6%):
	89,430	Headwaters, Inc.*^		1,604,374
	35,350	US Concrete, Inc.*^		2,153,168

				3,757,542

	Containers & Packaging (1.3%):
	73,350	Berry Plastics Group, Inc.*		2,849,648

	Distributors (2.4%):
	43,760	Core Markt Holdngs Co., Inc.^		2,050,594
	34,470	Pool Corp.^		3,241,214

				5,291,808

	Diversified Consumer Services (2.2%):
	75,774	Bright Horizons Family Solutions, Inc.*^		5,024,574

	Diversified Financial Services (2.3%):
	35,790	MarketAxess Holdings, Inc.^		5,203,866

	Electronic Equipment, Instruments & Components (0.5%):
	12,070	Coherent, Inc.*^		1,107,785

	Energy Equipment & Services (0.4%):
	46,350	Forum Energy Technologies, Inc.*^		802,319

	Food & Staples Retailing (0.6%):
	46,320	Performance Food Group Co.*^		1,246,471


Shares			Fair Value
	Common Stocks, continued
	Food Products (0.5%):
	81,690	Amplify Snack Brands, Inc.*^	$	1,204,928

	Health Care Equipment & Supplies (8.6%):
	17,490	ABIOMED, Inc.*^		1,911,482
	53,990	Cantel Medical Corp.^		3,710,732
	22,500	Cynosure, Inc., Class A*^		1,094,513
	13,858	Dexcom, Inc.*^		1,099,355
	35,290	Inogen, Inc.*^		1,768,382
	34,520	Integra LifeSciences Holdings Corp.*^		2,754,006
	15,830	Neogen Corp.*^		890,438
	15,170	Nevro Corp.*^		1,118,939
	36,160	NuVasive, Inc.*^		2,159,475
	37,590	West Pharmaceutical Services, Inc.		2,852,329

				19,359,651

	Health Care Providers & Services (6.6%):
	29,280	Acadia Healthcare Co., Inc.*^		1,622,112
	32,980	AmSurg Corp.*^		2,557,269
	26,140	Centene Corp.*^		1,865,612
	33,670	Diplomat Pharmacy, Inc.*^		1,178,450
	87,190	HealthEquity, Inc.*^		2,649,268
	72,370	VCA Antech, Inc.*^		4,892,936

				14,765,647

	Health Care Technology (2.3%):
	36,560	Omnicell, Inc.*^		1,251,449
	38,110	Press Ganey Holdings, Inc.*^		1,499,629
	69,240	Veeva Systems, Inc., Class A*^		2,362,468

				5,113,546

	Hotels, Restaurants & Leisure (4.3%):
	71,910	Dave & Buster’s Entertainment, Inc.*^		3,364,669
	25,590	Papa John’s International, Inc.^		1,740,120
	47,620	Texas Roadhouse, Inc.^		2,171,472
	16,370	Vail Resorts, Inc.^		2,262,825

				9,539,086

	Internet & Catalog Retail (0.3%):
	18,390	Wayfair, Inc., Class A*^		717,210

	Internet Software & Services (5.8%):
	47,110	Benefitfocus, Inc.*^		1,795,833
	22,780	CoStar Group, Inc.*^		4,981,075
	41,090	Q2 Holdings, Inc.*		1,151,342
	64,440	Shopify, Inc., Class A*		1,982,174
	8,820	Stamps.com, Inc.*^		771,044
	40,680	WebMD Health Corp.*^		2,363,915

				13,045,383

	IT Services (0.9%):
	38,560	Exlservice Holdings, Inc.*^		2,020,930

	Life Sciences Tools & Services (1.6%):
	24,370	Cambrex Corp.*^		1,260,660
	6,810	Charles River Laboratories International, Inc.*		561,416
	16,780	ICON plc*		1,174,768
	14,530	INC Research Holdings, Inc., Class A*^		554,029

				3,550,873


Shares			Fair Value
	Common Stocks, continued
	Machinery (3.8%):
	37,070	Astec Industries, Inc.^	$	2,081,480
	14,440	Graco, Inc.^		1,140,616
	33,820	John Bean Technologies Corp.^		2,070,460
	15,810	Middleby Corp. (The)*^		1,822,103
	132,770	Mueller Water Products, Inc., Class A^		1,516,233

				8,630,892

	Metals & Mining (0.6%):
	83,540	Tahoe Resources, Inc.		1,250,594

	Multiline Retail (0.5%):
	46,380	Ollie’s Bargain Outlet Holdings, Inc.*^		1,154,398

	Oil, Gas & Consumable Fuels (3.0%):
	34,973	Diamondback Energy, Inc.*^		3,189,886
	32,887	Gulfport Energy Corp.*^		1,028,048
	98,626	Parsley Energy, Inc., Class A*^		2,668,820

				6,886,754

	Pharmaceuticals (1.0%):
	43,160	DepoMed, Inc.*^		846,799
	25,810	Prestige Brands Holdings, Inc.*		1,429,874

				2,276,673

	Professional Services (1.4%):
	31,580	On Assignment, Inc.*^		1,166,881
	61,630	TransUnion*^		2,060,907

				3,227,788

	Real Estate Investment Trusts (REITs) (3.0%):
	33,690	Coresite Realty Corp.^		2,987,966
	37,080	CubeSmart^		1,145,030
	44,780	Cyrusone, Inc.^		2,492,455

				6,625,451

	Semiconductors & Semiconductor Equipment (3.4%):
	52,380	Microsemi Corp.*^		1,711,778
	9,760	MKS Instruments, Inc.		420,266
	72,220	Monolithic Power Systems, Inc.^		4,934,070
	23,800	Semtech Corp.*^		567,868

				7,633,982

	Software (18.1%):
	32,650	Ellie Mae, Inc.*^		2,992,373
	91,110	Globant SA*^		3,585,179
	85,840	Guidewire Software, Inc.*^		5,301,477
	81,170	HubSpot, Inc.*^		3,524,401


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Software, continued
	55,150	Manhattan Associates, Inc.*^	$	3,536,770
	72,510	Paycom Software, Inc.*^		3,133,157
	112,500	Paylocity Holding Corp.*^		4,860,000
	70,120	Proofpoint, Inc.*^		4,423,871
	31,430	Tyler Technologies, Inc.*^		5,239,694
	19,020	Ultimate Software Group, Inc. (The)*^		3,999,716

				40,596,638

	Specialty Retail (2.1%):
	47,160	Burlington Stores, Inc.*^		3,146,044
	53,750	Michaels Cos., Inc. (The)*^		1,528,650

				4,674,694

	Textiles, Apparel & Luxury Goods (1.1%):
	20,510	Columbia Sportswear Co.^		1,180,145
	66,570	Kate Spade & Co.*^		1,372,008

				2,552,153

	Trading Companies & Distributors (2.6%):
	59,430	Beacon Roofing Supply, Inc.*^		2,702,282
	25,370	SiteOne Landscape Supply, Inc.*^		862,326
	16,700	Watsco, Inc.^		2,349,523

				5,914,131

	Total Common Stocks (Cost $175,017,756)			218,030,518

	Right (0.0%):
	Biotechnology (0.0%):
	25,050	Dyax Corp. CVR, Expires on 12/31/19*(a)(b)		27,806

	Total Right (Cost $—)			27,806

	Securities Held as Collateral for Securities on Loan (26.8%):
$	60,001,284	AZL Oppenheimer Discovery Fund Securities Lending Collateral Account(c)		60,001,284

	Total Securities Held as Collateral for Securities on Loan (Cost $60,001,284)			60,001,284

	Unaffiliated Investment Company (3.7%):
	8,309,542	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(d)		8,309,542

	Total Unaffiliated Investment Company (Cost $8,309,542)			8,309,542

	Total Investment Securities (Cost $243,328,582)(e) — 127.7%			286,369,150
	Net other assets (liabilities) — (27.7)%			(62,168,622	)

	Net Assets — 100.0%		$	224,200,528

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	243,328,582

Investment securities, at value*	$	286,369,150
Cash		1,420
Interest and dividends receivable		121,469
Receivable for investments sold		1,696,531
Prepaid expenses		1,234

Total Assets		288,189,804

Liabilities:
Payable for investments purchased		3,385,330
Payable for capital shares redeemed		374,862
Payable for collateral received on loaned securities		60,001,284
Manager fees payable		155,384
Administration fees payable		6,758
Distribution fees payable		45,701
Custodian fees payable		4,905
Administrative and compliance services fees payable		194
Trustee fees payable		1,616
Other accrued liabilities		13,242

Total Liabilities		63,989,276

Net Assets	$	224,200,528

Net Assets Consist of:
Capital	$	156,798,562
Accumulated net investment income/(loss)		(709,676	)
Accumulated net realized gains/(losses) from investment transactions		25,071,074
Net unrealized appreciation/(depreciation) on investments		43,040,568

Net Assets	$	224,200,528

Shares of beneficial interest (unlimited number of shares authorized, no par value)		17,635,498
Net Asset Value (offering and redemption price per share)	$	12.71

*	Includes securities on loan of $58,886,025.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	404,865
Income from securities lending		131,171
Foreign withholding tax		(242	)

Total Investment Income		535,794

Expenses:
Manager fees		906,081
Administration fees		30,338
Distribution fees		266,495
Custodian fees		9,738
Administrative and compliance services fees		1,707
Trustee fees		6,221
Professional fees		6,927
Shareholder reports		7,218
Other expenses		2,889

Total expenses		1,237,614

Net Investment Income/(Loss)		(701,820	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(1,257,347	)
Change in net unrealized appreciation/depreciation on investments		2,638,932

Net Realized/Unrealized Gains/(Losses) on Investments		1,381,585

Change in Net Assets Resulting From Operations	$	679,765

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $10,575 during the period ended June 30, 2016. 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, the annual rate due to the Manager and the annual expense limit were as follows:

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2016, $1,260 was paid from the Fund relating to these fees and expenses.

During the period ended June 30, 2016, the Fund paid approximately $248 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, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $244,221,030. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, 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 (1.1%):
$	1,155,000	AmeriCredit Automobile Receivables Trust, Class D, Series 2012-5, 2.35%, 12/10/18, Callable 8/3/17 @ 100	$	1,157,548
	900,000	AmeriCredit Automobile Receivables Trust, Class D, Series 2013-3, 3.00%, 7/8/19, Callable 8/11/17 @ 100		909,383
	1,750,000	AmeriCredit Automobile Receivables Trust, Class D, Series 2013-4, 3.31%, 10/8/19, Callable 8/1/18 @ 100		1,780,130
	75,876	Countrywide Asset-Backed Certificates Trust, Class AF5, Series 2004-7, 5.28%, 1/25/35, Callable 7/25/16 @ 100(a)		78,227
	213,000	Invitation Homes Trust, Class E, Series 2015-SFR3, 4.20%, 8/17/32(a)(b)		210,181
	387,000	Santander Drive Auto Receivables Trust, Class C, Series 2014-2, 2.33%, 11/15/19, Callable 3/15/18 @ 100		388,659

	Total Asset Backed Securities (Cost $4,511,253)			4,524,128

	Collateralized Mortgage Obligations (5.4%):
	92,710	Banc of America Commercial Mortgage Trust, Class A4, Series 2007-1, 5.45%, 1/15/49		94,075
	306,881	Banc of America Commercial Mortgage Trust, Class A4, Series 2006-3, 5.89%, 7/10/44(a)		306,537
	602,176	Banc of America Commercial Mortgage Trust, Class A4, Series 2007-2, 5.79%, 4/10/49(a)		606,941
	189,000	CDGJ Commercial Mortgage Trust, Class DPA, Series 2014-BXCH, 3.44%, 12/15/27(a)(b)		184,395
	88,000	Credit Suisse Mortgage Trust, Class B, Series 2015-TOWN, 2.34%, 3/15/17(a)(b)		85,942
	85,000	Credit Suisse Mortgage Trust, Class C, Series 2015-TOWN, 2.69%, 3/15/17(a)(b)		82,582
	129,000	Credit Suisse Mortgage Trust, Class D, Series 2015-TOWN, 3.64%, 3/15/17(a)(b)		125,541
	581,000	Credit Suisse Mortgage Trust, Class E, Series 2015-TOWN, 4.59%, 3/15/17(a)(b)		563,922
	390,000	GAHR Commercial Mortgage Trust, Class CFX, Series 2015-NRF, 3.38%, 12/15/19(b)		395,327
	1,330,000	GAHR Commercial Mortgage Trust, Class DFX, Series 2015-NRF, 3.38%, 12/15/19(b)		1,328,437
	5,070,000	GE Capital Commercial Mortgage Corp., Class A4, Series 2007-C1, 5.54%, 12/10/49		5,167,498
	127,282	GS Mortgage Securities Trust, Class A4, Series 2006-GG8, 5.56%, 11/10/39		127,619
	4,112,000	Hilton USA Trust, Class DFX, Series 2013-HLT, 4.41%, 11/5/30(b)		4,136,403
	27,188	JPMorgan Chase Commercial Mortgage Securities Corp., Class A1A, Series 2006-LDP8, 5.40%, 5/15/45		27,149
	5,157,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4, Series 2007-LD11, 5.93%, 6/15/49(a)		5,249,737
	127,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class C, Series 2014-BXH, 2.09%, 4/15/27(a)(b)		122,410


Principal Amount			Fair Value
	Asset Backed Securities, continued
	Collateralized Mortgage Obligations, continued
$	271,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class D, Series 2014-BXH, 2.69%, 4/15/27(a)(b)	$	259,880
	1,390,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Class A4, Series 2007-6, 5.48%, 3/12/51(a)		1,412,488
	96,474	Wachovia Bank Commercial Mortgage Trust, Class A1A, Series 2006-C26, 6.01%, 6/15/45(a)		96,335
	1,516,747	Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2007-C31, 5.51%, 4/15/47		1,538,640
	1,058,000	Wachovia Bank Commercial Mortgage Trust, Class A3, Series 2007-C32, 5.89%, 6/15/49(a)		1,090,379

	Total Collateralized Mortgage Obligations (Cost $24,599,767)			23,002,237

	Corporate Bonds (33.9%):
	Airlines (0.0%):
	72,945	Continental Airlines 1998-1, Class A, Series 981, 6.65%, 9/15/17		74,681

	Automobiles (0.4%):
	330,000	General Motors Co., 3.50%, 10/2/18		339,760
	213,000	General Motors Co., 6.60%, 4/1/36, Callable 1/10/35 @ 100		244,249
	453,000	General Motors Co., 6.25%, 10/2/43		503,216
	171,000	General Motors Co., 5.20%, 4/1/45		169,414
	357,000	General Motors Co., 6.75%, 4/1/46, Callable 1/10/45 @ 100		423,468

				1,680,107

	Banks (4.0%):
	640,000	Bank of America Corp., 4.20%, 8/26/24		661,580
	130,000	Bank of America Corp., 4.00%, 1/22/25, MTN		132,510
	660,000	Bank of America Corp., Series L, 3.95%, 4/21/25		672,108
	266,000	Bank of America Corp., 3.88%, 8/1/25, MTN		282,176
	462,000	Bank of America Corp., Series G, 4.45%, 3/3/26		483,222
	397,000	Bank of America Corp., 4.25%, 10/22/26^		411,724
	534,000	Capital One NA, Series BNKT, 2.95%, 7/23/21, Callable 6/23/21 @ 100		548,594
	730,000	Citigroup, Inc., 4.05%, 7/30/22		769,123
	1,000,000	Citigroup, Inc., 4.30%, 11/20/26^		1,030,259
	250,000	Citizens Bank NARI, 2.55%, 5/13/21, Callable 4/13/21 @ 100		252,414
	253,000	Citizens Bank of Rhode Island, 2.50%, 3/14/19, Callable 2/14/19 @ 100, MTN		256,602
	250,000	Discover Bank, 7.00%, 4/15/20		284,726
	644,000	Discover Bank, Series BKNT, 3.20%, 8/9/21, Callable 9/7/21 @ 100		655,199
	4,000,000	First Tennessee Bank, 2.95%, 12/1/19, Callable 1/11/19 @ 100		4,018,235
	400,000	Huntington National Bank (The), 2.20%, 4/1/19, Callable 1/3/19 @ 100		403,206
	2,221,000	JPMorgan Chase & Co., 3.88%, 9/10/24		2,299,483
	1,653,000	JPMorgan Chase & Co., 4.13%, 12/15/26		1,751,382
	1,278,000	Regions Bank, Series BKNT, 7.50%, 5/15/18, MTN		1,401,576
	500,000	Regions Bank, 6.45%, 6/26/37		596,672


Principal Amount			Fair Value
	Corporate Bonds, continued
	Banks, continued
$	88,000	Regions Financial Corp., 2.00%, 5/15/18, Callable 4/15/18 @ 100	$	88,154
	260,000	Regions Financial Corp., 3.20%, 2/8/21, Callable 8/1/21 @ 100^		267,617

				17,266,562

	Beverages (0.8%):
	992,000	Anheuser-Busch InBev SA/NV, 3.30%, 2/1/23, Callable 1/12/22 @ 100		1,045,241
	939,000	Anheuser-Busch InBev SA/NV, 4.70%, 2/1/36, Callable 1/8/35 @ 100		1,055,181
	1,074,000	Anheuser-Busch InBev SA/NV, 4.90%, 2/1/46, Callable 8/1/45 @ 100		1,258,558

				3,358,980

	Biotechnology (0.1%):
	473,000	Abbvie, Inc., 3.60%, 5/14/25, Callable 2/14/25 @ 100		495,624

	Building Products (0.2%):
	800,000	Building Materials Corp., 5.38%, 11/15/24, Callable 11/15/19 @ 102.69(b)		814,000

	Capital Markets (0.5%):
	189,000	Affiliated Managers Group, Inc., 4.25%, 2/15/24		200,058
	524,000	Affiliated Managers Group, Inc., 3.50%, 8/1/25		523,448
	399,000	Goldman Sachs Group, Inc. (The), 2.55%, 10/23/19^		408,239
	311,000	Lazard Group LLC, 4.25%, 11/14/20^		331,031
	523,000	Morgan Stanley, 4.88%, 11/1/22		572,714

				2,035,490

	Consumer Finance (3.3%):
	2,750,000	Ally Financial, Inc., 3.75%, 11/18/19		2,756,876
	320,000	Capital One Financial Corp., 2.45%, 4/24/19, Callable 3/24/19 @ 100^		324,915
	1,000,000	Discover Financial Services, 5.20%, 4/27/22		1,096,966
	600,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18		635,720
	533,000	Ford Motor Credit Co. LLC, 2.24%, 6/15/18^		538,374
	600,000	Ford Motor Credit Co. LLC, 2.88%, 10/1/18		615,558
	1,000,000	Ford Motor Credit Co. LLC, 2.60%, 11/4/19^		1,023,080
	751,000	Ford Motor Credit Co. LLC, 5.88%, 8/2/21		861,329
	110,000	General Motors Financial Co., Inc., 2.63%, 7/10/17		111,017
	180,000	General Motors Financial Co., Inc., 4.75%, 8/15/17		185,730
	175,000	General Motors Financial Co., Inc., 3.25%, 5/15/18		178,627
	383,000	General Motors Financial Co., Inc., 3.50%, 7/10/19		396,307
	500,000	General Motors Financial Co., Inc., 4.20%, 3/1/21, Callable 1/2/21 @ 100^		523,076
	2,363,000	General Motors Financial Co., Inc., 4.38%, 9/25/21		2,493,554
	200,000	General Motors Financial Co., Inc., 4.25%, 5/15/23		205,630
	161,000	Hyundai Capital America, Inc., 2.88%, 8/9/18(b)		164,980
	378,000	Hyundai Capital America, Inc., 2.55%, 2/6/19(b)		384,240


Principal Amount			Fair Value
	Corporate Bonds, continued
	Consumer Finance, continued
$	900,000	SLM Corp., 5.50%, 1/15/19	$	901,710
	138,000	Synchrony Financial, 3.00%, 8/15/19, Callable 7/15/19 @ 100		140,300
	510,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100^		528,328
	210,000	Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100^		217,335

				14,283,652

	Diversified Financial Services (0.2%):
	154,000	Intercontinental Exchange, Inc., 2.75%, 12/1/20, Callable 1/11/20 @ 100		161,801
	276,000	Intercontinental Exchange, Inc., 3.75%, 12/1/25, Callable 1/9/25 @ 100^		299,202
	500,000	Peachtree Funding Trust, 3.98%, 2/15/25(b)		501,296

				962,299

	Diversified Telecommunication Services (1.3%):
	322,000	AT&T, Inc., 2.45%, 6/30/20, Callable 5/30/20 @ 100		328,749
	614,000	AT&T, Inc., 3.60%, 2/17/23, Callable 12/17/22 @ 100		640,512
	28,000	CenturyLink, Inc., Series R, 5.15%, 6/15/17		28,630
	62,000	CenturyLink, Inc., Series Q, 6.15%, 9/15/19		65,953
	2,990,000	Embarq Corp., 8.00%, 6/1/36		2,993,737
	500,000	Verizon Communications, Inc., 6.25%, 4/1/37		624,393
	930,000	Verizon Communications, Inc., 5.01%, 8/21/54		983,523

				5,665,497

	Electric Utilities (2.7%):
	1,500,000	DPL, Inc., 7.25%, 10/15/21, Callable 7/15/21 @ 100		1,440,000
	110,000	Emera US Finance LP, 2.15%, 6/15/19(b)		111,280
	109,000	Emera US Finance LP, 2.70%, 6/15/21, Callable 5/15/21 @ 100(b)		111,075
	174,000	Emera US Finance LP, 3.55%, 6/15/26, Callable 3/15/26 @ 100(b)		178,044
	500,000	Entergy Corp., 4.00%, 7/15/22, Callable 5/15/22 @ 100		536,543
	436,000	Exelon Corp., 3.95%, 6/15/25, Callable 3/15/25 @ 100		466,115
	679,000	FirstEnergy Corp., Series A, 2.75%, 3/15/18, Callable 2/15/18 @ 100		687,456
	1,544,000	FirstEnergy Corp., Series B, 4.25%, 3/15/23, Callable 12/15/22 @ 100		1,592,897
	3,602,000	FirstEnergy Corp., Series C, 7.38%, 11/15/31		4,470,870
	305,000	FirstEnergy Solutions Co., 6.05%, 8/15/21^		330,248
	763,000	IPALCO Enterprises, Inc., 3.45%, 7/15/20, Callable 6/15/20 @ 100		774,445
	794,380	NSG Holdings, LLC/NSG Holdings, Inc., 7.75%, 12/15/25(b)		849,987
	56,000	PG&E Corp., 2.40%, 3/1/19, Callable 1/2/19 @ 100		57,098

				11,606,058


Principal Amount			Fair Value
	Corporate Bonds, continued
	Energy Equipment & Services (0.2%):
$	234,000	Halliburton Co., 3.80%, 11/15/25, Callable 8/15/25 @ 100	$	244,401
	205,000	Halliburton Co., 4.85%, 11/15/35, Callable 5/15/35 @ 100^		221,985
	280,000	Halliburton Co., 5.00%, 11/15/45, Callable 5/15/45 @ 100		307,967

				774,353

	Food & Staples Retailing (0.1%):
	244,000	CVS Health Corp., 3.50%, 7/20/22, Callable 5/20/22 @ 100		262,712
	271,000	Walgreens Boots Alliance, Inc., 3.30%, 11/18/21, Callable 9/18/21 @ 100		284,182

				546,894

	Food Products (0.0%):
	130,000	ConAgra Foods, Inc., 1.90%, 1/25/18		131,028

	Health Care Providers & Services (1.9%):
	1,000,000	Community Health System, Inc., 6.88%, 2/1/22, Callable 1/2/18 @ 103.44^		875,000
	500,000	Express Scripts Holding Co., 4.75%, 11/15/21		560,830
	1,600,000	Express Scripts Holding Co., 3.90%, 2/15/22		1,714,682
	355,000	HCA, Inc., 3.75%, 3/15/19^		367,425
	1,900,000	HCA, Inc., 6.50%, 2/15/20		2,101,874
	25,000	HCA, Inc., 5.88%, 3/15/22		27,188
	20,000	HCA, Inc., 4.75%, 5/1/23		20,500
	300,000	McKesson Corp., 2.28%, 3/15/19		306,733
	1,900,000	Tenet Healthcare Corp., 8.13%, 4/1/22		1,947,120

				7,921,352

	Hotels, Restaurants & Leisure (0.3%):
	86,000	McDonald’s Corp., 2.75%, 12/9/20, Callable 9/11/20 @ 100		89,784
	227,000	McDonald’s Corp., 3.70%, 1/30/26, Callable 10/30/25 @ 100		245,261
	117,000	McDonald’s Corp., 4.70%, 12/9/35, Callable 9/6/35 @ 100		131,981
	184,000	McDonald’s Corp., 4.88%, 12/9/45, Callable 9/6/45 @ 100, MTN		215,148
	900,000	Scientific Games International, Inc., Registered Shares, 6.63%, 5/15/21, Callable 5/15/17 @ 104.97		535,500

				1,217,674

	Household Durables (0.4%):
	900,000	APX Group, Inc., 6.38%, 12/1/19, Callable 8/8/16 @ 104.78^		891,000
	900,000	William Lyon Homes, Inc., 8.50%, 11/15/20, Callable 11/15/16 @ 104.25		924,750

				1,815,750

	Independent Power and Renewable Electricity Producers (0.5%):
	1,000,000	Dynegy, Inc., 7.38%, 11/1/22, Callable 1/11/18 @ 103.69		965,000
	1,400,000	NRG Energy, Inc., 6.25%, 5/1/24, Callable 1/5/19 @ 103.13^		1,332,632

				2,297,632


Principal Amount			Fair Value
	Corporate Bonds, continued
	Insurance (2.3%):
$	218,000	American International Group, Inc., 3.30%, 3/1/21, Callable 1/2/21 @ 100^	$	225,217
	809,000	American International Group, Inc., 3.75%, 7/10/25, Callable 10/4/25 @ 100		824,537
	600,000	Aon plc, 5.00%, 9/30/20		670,135
	1,100,000	Five Corners Funding Trust, 4.42%, 11/15/23(b)		1,187,254
	700,000	Liberty Mutual Group, Inc., 5.00%, 6/1/21(b)		772,952
	180,000	Liberty Mutual Group, Inc., 4.25%, 6/15/23(b)		191,203
	978,000	Marsh & McLennan Cos., Inc., 4.80%, 7/15/21, Callable 4/15/21 @ 100		1,084,504
	1,136,000	Pacific Life Corp., 6.00%, 2/10/20(b)		1,270,051
	500,000	Pacific Life Corp., 9.25%, 6/15/39(b)		758,103
	436,000	Pacific Life Corp., 5.13%, 1/30/43(b)		477,365
	497,000	Teachers Insurance & Annuity Association of America, 4.90%, 9/15/44(b)		557,834
	114,000	Tiaa Asset Management Finance LLC, 2.95%, 11/1/19(b)		116,788
	165,000	Tiaa Asset Management Finance LLC, 4.13%, 11/1/24(b)		173,332
	463,000	Unum Group, 3.88%, 11/5/25		471,477
	1,042,000	Unum Group, 5.75%, 8/15/42		1,150,503

				9,931,255

	Life Sciences Tools & Services (0.0%):
	66,000	Thermo Fisher Scientific, Inc., 2.40%, 2/1/19		67,148

	Machinery (0.0%):
	34,000	Ingersoll-Rand Global Holding Co., Ltd., 2.88%, 1/15/19^		35,211

	Media (1.6%):
	322,000	21st Century Fox, Inc., 6.15%, 2/15/41		402,108
	395,000	21st Century Fox, Inc., 7.75%, 12/1/45		576,988
	900,000	iHeartcommunications, Inc., 5.50%, 12/15/16		823,500
	716,000	Time Warner Cable, Inc., 8.25%, 4/1/19		831,420
	1,000,000	Time Warner Cable, Inc., 4.13%, 2/15/21, Callable 11/15/20 @ 100^		1,058,639
	623,000	Time Warner Cable, Inc., 4.00%, 9/1/21, Callable 1/6/21 @ 100		662,230
	155,000	Time Warner Cable, Inc., 6.55%, 5/1/37		180,608
	280,000	Time Warner Cable, Inc., 7.30%, 7/1/38		350,628
	1,500,000	Time Warner Cable, Inc., 6.75%, 6/15/39		1,762,342
	69,000	Time Warner Cable, Inc., 5.50%, 9/1/41, Callable 1/3/41 @ 100		72,477
	46,000	Viacom, Inc., 2.50%, 9/1/18		46,639

				6,767,579

	Metals & Mining (0.1%):
	274,000	Alcoa, Inc., 5.13%, 10/1/24, Callable 1/7/24 @ 100^		273,315
	110,000	Freeport-McMoRan, Inc., 2.30%, 11/14/17		108,075

				381,390

	Multiline Retail (0.4%):
	1,500,000	J.C. Penney Corp., Inc., 8.13%, 10/1/19^		1,552,035


Principal Amount			Fair Value
	Corporate Bonds, continued
	Multi-Utilities (0.4%):
$	1,371,000	Dominion Resources, Inc., Series 06-B, 2.93%, 9/30/66, Callable 7/29/16 @ 100(a)	$	1,013,007
	117,000	NV Energy, Inc., 6.25%, 11/15/20		138,518
	49,000	Puget Energy, Inc., 6.00%, 9/1/21		57,028
	339,000	Sempra Energy, 6.00%, 10/15/39		425,181

				1,633,734

	Oil, Gas & Consumable Fuels (4.6%):
	800,000	Access Midstream Partner, 4.88%, 3/15/24, Callable 3/15/19 @ 102.44^		767,302
	241,000	Anadarko Finance Co., Series B, 7.50%, 5/1/31		288,539
	12,000	Anadarko Petroleum Corp., 6.38%, 9/15/17		12,631
	149,000	Anadarko Petroleum Corp., 4.85%, 3/15/21, Callable 2/15/21 @ 100^		158,031
	308,000	Anadarko Petroleum Corp., 5.55%, 3/15/26, Callable 12/15/25 @ 100^		340,118
	410,000	Anadarko Petroleum Corp., 6.60%, 3/15/46, Callable 9/15/45 @ 100		495,077
	1,000,000	Chesapeake Energy Corp., 6.13%, 2/15/21^		675,000
	1,000,000	Chesapeake Energy Corp., 5.75%, 3/15/23^		640,000
	88,000	Columbia Pipeline Group, Inc., 2.45%, 6/1/18		88,284
	434,000	Columbia Pipeline Group, Inc., 3.30%, 6/1/20, Callable 1/5/20 @ 100		448,719
	132,000	Columbia Pipeline Group, Inc., 4.50%, 6/1/25, Callable 1/3/25 @ 100		141,889
	166,000	DCP Midstream Operating LLC, 2.50%, 12/1/17, Callable 1/11/17 @ 100		162,265
	302,000	DCP Midstream Operating LLC, 2.70%, 4/1/19, Callable 1/3/19 @ 100^		289,379
	500,000	DCP Midstream Operating LLC, 5.35%, 3/15/20(b)		490,000
	1,300,000	DCP Midstream Operating LLC, 4.75%, 9/30/21(b)		1,215,500
	163,000	DCP Midstream Operating LLC, 3.88%, 3/15/23, Callable 12/15/22 @ 100		148,330
	124,000	DCP Midstream Operating LLC, 5.60%, 4/1/44, Callable 1/10/43 @ 100		106,020
	1,000,000	El Paso Pipeline Partners LP, 5.00%, 10/1/21, Callable 1/7/21 @ 100		1,058,997
	117,000	Enable Midstream Partners LP, 2.40%, 5/15/19, Callable 4/15/19 @ 100		109,862
	124,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100		110,524
	292,000	Enbridge Energy Partners LP, 4.38%, 10/15/20, Callable 9/15/20 @ 100		299,679
	1,995,000	Ep Energy LLC, 9.38%, 5/1/20, Callable 8/8/16 @ 104.69		1,411,463
	5,000	Ep Energy LLC, 7.75%, 9/1/22, Callable 1/9/17 @ 103.88		3,050
	168,000	Kinder Morgan (Delaware), Inc., 2.00%, 12/1/17		167,101
	111,000	Kinder Morgan (Delaware), Inc., 3.05%, 12/1/19, Callable 1/11/19 @ 100^		112,159
	112,000	Kinder Morgan (Delaware), Inc., 5.05%, 2/15/46, Callable 8/15/45 @ 100^		106,458


Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
$	195,000	Kinder Morgan Energy Partners LP, 2.65%, 2/1/19^	$	194,916
	42,000	Kinder Morgan Energy Partners LP, 6.55%, 9/15/40^		43,788
	979,000	Kinder Morgan Energy Partners LP, 5.50%, 3/1/44, Callable 1/9/43 @ 100		979,467
	600,000	Marathon Petroleum Corp., 5.13%, 3/1/21^		663,488
	70,000	MPLX LP, 4.00%, 2/15/25, Callable 11/15/24 @ 100		63,585
	985,000	Pemex Proj FDG Master TR, 5.75%, 3/1/18		1,029,975
	38,000	Phillips 66 Partners LP, 2.65%, 2/15/20, Callable 1/15/20 @ 100		38,208
	346,000	Southeast Supply Header LLC, 4.25%, 6/15/24, Callable 3/15/24 @ 100(b)		342,768
	680,000	Southwestern Energy Co., 3.30%, 1/23/18		694,960
	1,827,000	Southwestern Energy Co., 4.05%, 1/23/20, Callable 12/23/19 @ 100^		1,795,027
	233,000	Southwestern Energy Co., 4.95%, 1/23/25, Callable 10/23/24 @ 100		223,098
	647,000	Western Gas Partners LP, 5.38%, 6/1/21, Callable 1/3/21 @ 100		682,160
	103,000	Western Gas Partners LP, 4.65%, 7/1/26, Callable 1/4/26 @ 100		102,790
	299,000	Williams Cos., Inc., 3.70%, 1/15/23, Callable 10/15/22 @ 100^		264,615
	1,565,000	Williams Cos., Inc., 4.55%, 6/24/24, Callable 3/24/24 @ 100^		1,437,452
	349,000	Williams Cos., Inc., 5.75%, 6/24/44, Callable 12/24/43 @ 100		297,523
	149,000	Williams Partners LP, 4.00%, 11/15/21, Callable 8/15/21 @ 100		145,331
	239,000	Williams Partners LP, 3.60%, 3/15/22, Callable 1/15/22 @ 100		226,417
	162,000	Williams Partners LP, 4.50%, 11/15/23, Callable 8/15/23 @ 100		155,370
	285,000	Williams Partners LP, 4.30%, 3/4/24, Callable 4/12/23 @ 100		268,113

				19,495,428

	Pharmaceuticals (0.0%):
	121,000	Mylan, Inc., 1.35%, 11/29/16		120,867
	57,000	Zoetis, Inc., 1.88%, 2/1/18		57,167

				178,034

	Real Estate Investment Trusts (REITs) (5.2%):
	82,000	Alexandria Real Estate Equities, Inc., 2.75%, 1/15/20, Callable 12/15/19 @ 100		82,719
	102,000	American Campus Communities, Inc., 3.75%, 4/15/23, Callable 1/15/23 @ 100		105,272
	500,000	American Tower Corp., 2.80%, 6/1/20, Callable 1/5/20 @ 100		511,664
	161,000	AvalonBay Communities, Inc., 3.63%, 10/1/20, Callable 1/7/20 @ 100		171,849
	316,000	BPG Subsidiary, Inc., 3.88%, 8/15/22, Callable 6/15/22 @ 100		324,323


Principal Amount			Fair Value
	Corporate Bonds, continued
	Real Estate Investment Trusts (REITs), continued
$	279,000	Brandywine Operating Partners LP, 4.95%, 4/15/18, Callable 3/15/18 @ 100	$	292,768
	357,000	Brandywine Operating Partners LP, 3.95%, 2/15/23, Callable 11/15/22 @ 100		360,736
	394,000	Brandywine Operating Partners LP, 4.10%, 10/1/24, Callable 1/7/24 @ 100		401,492
	394,000	Brandywine Operating Partners LP, 4.55%, 10/1/29, Callable 1/7/29 @ 100		406,438
	300,000	Brixmor Operating Partnership, 3.85%, 2/1/25, Callable 1/11/24 @ 100		301,686
	187,000	Brixmor Operating Partnership, 4.13%, 6/15/26, Callable 3/15/26 @ 100		191,853
	134,000	Camden Property Trust, 2.95%, 12/15/22, Callable 9/15/22 @ 100		135,495
	255,000	Corporate Office Properties Trust, 3.70%, 6/15/21, Callable 4/15/21 @ 100		257,867
	224,000	Corporate Office Properties Trust, 5.00%, 7/1/25, Callable 1/4/25 @ 100^		236,141
	1,114,000	DDR Corp., 4.63%, 7/15/22, Callable 4/15/22 @ 100^		1,204,627
	218,000	DDR Corp., 3.63%, 2/1/25, Callable 1/11/24 @ 100^		218,650
	173,000	DDR Corp., 4.25%, 2/1/26, Callable 1/11/25 @ 100		181,369
	315,000	Digital Realty Trust LP, 3.95%, 7/1/22, Callable 1/5/22 @ 100		329,970
	329,000	Digital Realty Trust LP, 4.75%, 10/1/25, Callable 1/7/25 @ 100		353,344
	458,000	Digital Realty Trust, Inc., 3.40%, 10/1/20, Callable 1/9/20 @ 100		476,042
	700,000	Duke Realty Corp., 4.38%, 6/15/22, Callable 3/15/22 @ 100		760,606
	256,000	Duke Realty Corp., 3.88%, 10/15/22, Callable 7/15/22 @ 100		271,426
	183,000	Duke Realty Corp., 3.63%, 4/15/23, Callable 1/15/23 @ 100		190,931
	146,000	Duke Realty LP, 3.75%, 12/1/24, Callable 1/9/24 @ 100^		153,422
	67,000	Duke Realty LP, 3.25%, 6/30/26, Callable 3/30/26 @ 100		67,930
	70,000	Equity Commonwealth, 5.88%, 9/15/20, Callable 3/15/20 @ 100		77,725
	500,000	Equity One, Inc., 3.75%, 11/15/22, Callable 8/15/22 @ 100		508,272
	1,000,000	Government Properties Income Trust, 3.75%, 8/15/19, Callable 7/15/19 @ 100		1,025,753
	500,000	HCP, Inc., 3.15%, 8/1/22, Callable 1/5/22 @ 100		495,547
	800,000	HCP, Inc., 3.88%, 8/15/24, Callable 5/15/24 @ 100		804,438
	143,000	Health Care REIT, Inc., 2.25%, 3/15/18		144,469
	500,000	Health Care REIT, Inc., 4.13%, 4/1/19, Callable 1/1/19 @ 100		529,011
	307,000	Health Care REIT, Inc., 4.00%, 6/1/25, Callable 1/3/25 @ 100		322,660


Principal Amount			Fair Value
	Corporate Bonds, continued
	Real Estate Investment Trusts (REITs), continued
$	135,000	Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100	$	138,087
	1,000,000	Liberty Property LP, 4.13%, 6/15/22, Callable 3/15/22 @ 100		1,057,270
	184,000	Liberty Property LP, 3.38%, 6/15/23, Callable 3/15/23 @ 100		186,423
	250,000	Mack-Cali Realty LP, 2.50%, 12/15/17, Callable 11/15/17 @ 100		250,772
	500,000	Mack-Cali Realty LP, 4.50%, 4/18/22, Callable 1/18/22 @ 100		509,965
	401,000	Mack-Cali Realty LP, 3.15%, 5/15/23, Callable 2/15/23 @ 100		369,914
	113,000	Mid-America Apartment Communities, Inc., 4.00%, 11/15/25, Callable 8/15/25 @ 100		118,985
	1,573,000	Mid-America Apartments LP, 4.30%, 10/15/23, Callable 7/15/23 @ 100		1,691,784
	549,000	Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 1/6/23 @ 100		547,567
	126,000	Omega Healthcare Investors, Inc., 4.95%, 4/1/24, Callable 1/1/24 @ 100		131,086
	128,000	Omega Healthcare Investors, Inc., 4.50%, 1/15/25, Callable 10/15/24 @ 100		129,863
	526,000	Omega Healthcare Investors, Inc., 5.25%, 1/15/26, Callable 10/15/25 @ 100		559,110
	1,628,000	Omega Healthcare Investors, Inc., 4.50%, 4/1/27, Callable 1/1/27 @ 100		1,621,516
	70,000	Post Apartment Homes LP, 3.38%, 12/1/22, Callable 1/9/22 @ 100		71,141
	68,000	Retail Opportunity Investments Corp., 5.00%, 12/15/23, Callable 9/15/23 @ 100		71,601
	104,000	Retail Opportunity Investments Corp., 4.00%, 12/15/24, Callable 9/15/24 @ 100		102,233
	161,000	Tanger Properties LP, 3.88%, 12/1/23, Callable 1/9/23 @ 100		168,096
	275,000	Tanger Properties LP, 3.75%, 12/1/24, Callable 1/9/24 @ 100		282,995
	111,000	Ventas Realty LP/Capital Corp., 4.00%, 4/30/19, Callable 1/30/19 @ 100		116,969
	750,000	Ventas Realty LP/Capital Corp., 4.25%, 3/1/22, Callable 1/12/21 @ 100		809,528
	118,000	Ventas Realty LP/Capital Corp., 3.13%, 6/15/23, Callable 3/15/23 @ 100		120,379
	161,000	Ventas Realty LP/Capital Corp., 3.50%, 2/1/25, Callable 1/11/24 @ 100^		165,037
	151,000	Ventas Realty LP/Capital Corp., 4.13%, 1/15/26, Callable 10/15/25 @ 100^		162,270
	79,000	Ventas Realty LP/Capital Corp., 4.38%, 2/1/45, Callable 1/8/44 @ 100		77,981
	67,000	Weingarten Realty Investors, 3.38%, 10/15/22, Callable 7/15/22 @ 100		68,337
	545,000	WP Carey, Inc., 4.00%, 2/1/25, Callable 1/11/24 @ 100		529,513

				21,954,917


Principal Amount			Fair Value
	Corporate Bonds, continued
	Real Estate Management & Development (0.4%):
$	1,625,000	CBRE Services, Inc., 5.00%, 3/15/23, Callable 3/15/18 @ 102.5	$	1,682,325

	Road & Rail (0.2%):
	1,000,000	Hertz Corp., 6.75%, 4/15/19, Callable 8/8/16 @ 101.69^		1,020,905

	Technology Hardware, Storage & Peripherals (0.3%):
	441,000	Hewlett-Packard Co., 3.60%, 10/15/20, Callable 9/15/20 @ 100(b)		460,307
	441,000	Hewlett-Packard Co., 4.90%, 10/15/25, Callable 7/15/25 @ 100(b)		460,767
	441,000	Hewlett-Packard Co., 6.35%, 10/15/45, Callable 4/15/45 @ 100(b)		439,075

				1,360,149

	Tobacco (0.7%):
	212,000	Altria Group, Inc., 4.00%, 1/31/24		237,173
	94,000	Reynolds American, Inc., 3.25%, 6/12/20^		99,366
	320,000	Reynolds American, Inc., 4.00%, 6/12/22		347,772
	232,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 12/3/25 @ 100		259,826
	120,000	Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100		146,139
	600,000	Reynolds American, Inc., 7.25%, 6/15/37		818,856
	923,000	Reynolds American, Inc., 5.85%, 8/15/45, Callable 2/15/45 @ 100		1,179,345

				3,088,477

	Trading Companies & Distributors (0.8%):
	200,000	Air Lease Corp., 2.13%, 1/15/18		199,000
	442,000	Air Lease Corp., 2.63%, 9/4/18, Callable 4/8/18 @ 100		441,907
	334,000	Air Lease Corp., 4.75%, 3/1/20		357,380
	379,000	Air Lease Corp., 3.88%, 4/1/21, Callable 1/3/21 @ 100^		390,370
	233,000	Air Lease Corp., 3.38%, 6/1/21, Callable 1/5/21 @ 100		238,818
	471,000	Air Lease Corp., 3.75%, 2/1/22, Callable 1/12/21 @ 100		482,466
	1,331,000	Air Lease Corp., 4.25%, 9/15/24, Callable 6/15/24 @ 100		1,347,637

				3,457,578

	Total Corporate Bonds (Cost $143,373,312)			145,553,798

	Yankee Dollars (15.3%):
	Airlines (0.3%):
	1,100,000	Air Canada, 7.75%, 4/15/21(b)		1,141,250

	Banks (2.3%):
	430,000	Barclays plc, 3.25%, 1/12/21		427,561
	585,000	Barclays plc, 4.38%, 1/12/26		590,675
	205,000	HSBC Holdings plc, 4.25%, 3/14/24		207,416
	656,000	Intesa Sanpaolo SpA, 5.71%, 1/15/26(b)		621,964
	530,000	Rabobank Nederland, 4.38%, 8/4/25		553,600
	200,000	RBS Citizens Financial Group, Inc., 4.15%, 9/28/22(b)		208,338
	490,000	Royal Bank of Canada, 4.65%, 1/27/26		524,275


Principal Amount			Fair Value
	Yankee Dollars, continued
	Banks, continued
$	2,550,000	Royal Bank of Scotland Group plc, 6.13%, 12/15/22	$	2,674,215
	452,000	Royal Bank of Scotland Group plc, 6.10%, 6/10/23		462,278
	1,659,000	Royal Bank of Scotland Group plc, 6.00%, 12/19/23		1,685,763
	2,212,000	Royal Bank of Scotland Group plc, 5.13%, 5/28/24^		2,156,928

				10,113,013

	Capital Markets (1.1%):
	470,000	Credit Suisse Group AG, 2.75%, 3/26/20		464,032
	670,000	Credit Suisse Group AG, 3.80%, 9/15/22		672,896
	787,000	Credit Suisse Group AG, 3.80%, 6/9/23(b)		784,981
	470,000	Credit Suisse Group AG, 3.75%, 3/26/25^		460,014
	42,000	Credit Suisse, NY, 6.00%, 2/15/18		44,372
	860,000	Deutsche Bank AG, Series G, 2.85%, 5/10/19		860,602
	979,000	Deutsche Bank AG, 4.50%, 4/1/25^		901,215
	491,000	UBS Group AG, 4.13%, 9/24/25(b)		508,945

				4,697,057

	Commercial Services & Supplies (0.2%):
	1,000,000	GardaWorld Security Corp., 7.25%, 11/15/21, Callable 11/15/16 @ 105.44^(b)		807,500

	Containers & Packaging (0.2%):
	908,026	Ardagh Finance Holdings SA, Registered Shares, 8.63%, 6/15/19, Callable 7/18/16 @ 104.31(b)		917,106

	Diversified Financial Services (1.2%):
	365,000	Banco Nacional de Desenvolvimento Economico, 3.38%, 9/26/16(b)		364,818
	754,000	Banco Nacional de Desenvolvimento Economico, 6.37%, 6/16/18(b)		786,724
	1,820,000	Banco Nacional de Desenvolvimento Economico, 4.00%, 4/14/19(b)		1,796,339
	126,000	Banco Nacional de Desenvolvimento Economico, 6.50%, 6/10/19^(b)		132,930
	966,000	Banco Nacional de Desenvolvimento Economico, 5.50%, 7/12/20^(b)		994,980
	334,000	Banco Nacional de Desenvolvimento Economico, 5.75%, 9/26/23^(b)		342,183
	462,000	Imperial Tobacco Group plc, 3.75%, 7/21/22, Callable 5/21/22 @ 100(b)		487,547
	462,000	Imperial Tobacco Group plc, 4.25%, 7/21/25, Callable 4/21/25 @ 100(b)		500,129

				5,405,650

	Diversified Telecommunication Services (0.2%):
	1,000,000	Altice SA, 9.88%, 12/15/20, Callable 12/15/16 @ 104.94^(b)		1,066,875

	Energy Equipment & Services (0.3%):
	34,000	Noble Holding International, Ltd., 4.00%, 3/16/18		33,490
	219,000	Noble Holding International, Ltd., 5.95%, 4/1/25, Callable 1/1/25 @ 100^		174,653
	212,000	Noble Holding International, Ltd., 6.95%, 4/1/45, Callable 1/10/44 @ 100		148,930


Principal Amount			Fair Value
	Yankee Dollars, continued
	Energy Equipment & Services, continued
$	1,000,000	Transocean, Inc., 5.05%, 12/15/16^	$	1,010,000

				1,367,073

	Food Products (0.5%):
	2,150,000	JBS Investments GMBH, 7.75%, 10/28/20, Callable 10/28/17 @ 103.88(b)		2,268,250

	Insurance (0.0%):
	200,000	AIA Group, Ltd., 2.25%, 3/11/19(b)		202,566

	Machinery (0.0%):
	107,000	Ingersoll-Rand Lux Financial Holding, 2.63%, 5/1/20, Callable 1/4/20 @ 100		108,726

	Marine (0.1%):
	900,000	Navios Maritime Holdings/Finance, 7.38%, 1/15/22, Callable 1/15/17 @ 105.53(b)		400,500

	Media (1.0%):
	3,500,000	Altice SA, 7.75%, 5/15/22, Callable 5/15/17 @ 106(b)		3,535,001
	314,000	Thomson Reuters Corp., 3.85%, 9/29/24, Callable 6/29/24 @ 100		334,623

				3,869,624

	Metals & Mining (0.6%):
	200,000	BHP Billiton, Ltd., 6.25%, 10/19/75, Callable 10/19/20 @ 100^(a)(b)		210,600
	456,000	BHP Billiton, Ltd., 6.75%, 10/19/75, Callable 10/20/25 @ 100^(a)(b)		484,500
	200,000	Codelco, Inc., 4.88%, 11/4/44^(b)		200,846
	1,500,000	Codelco, Inc., Registered Shares, 4.88%, 11/4/44^(b)		1,506,346

				2,402,292

	Oil, Gas & Consumable Fuels (4.0%):
	164,000	Canadian Natural Resources, Ltd., 1.75%, 1/15/18		162,565
	676,000	Canadian Natural Resources, Ltd., 3.90%, 2/1/25, Callable 1/11/24 @ 100^		669,461
	489,000	Cenovus Energy, Inc., 5.70%, 10/15/19		517,221
	330,000	Empresa Nacional del Petroleo, 4.38%, 10/30/24(b)		341,255
	2,613,000	Petrobras Global Finance BV, 4.88%, 3/17/20^		2,449,687
	234,000	Petrobras Global Finance BV, 4.38%, 5/20/23^		190,055
	823,000	Petrobras Global Finance BV, 5.63%, 5/20/43^		584,330
	1,793,000	Petrobras Global Finance BV, 7.25%, 3/17/44		1,470,260
	1,087,000	Petrobras International Finance Co., 5.75%, 1/20/20		1,050,151
	3,241,000	Petrobras International Finance Co., 5.38%, 1/27/21^		2,968,593
	450,000	Petroleos Mexicanos, 3.50%, 7/18/18		452,925
	237,000	Petroleos Mexicanos, 8.00%, 5/3/19		264,032
	151,000	Petroleos Mexicanos, 6.00%, 3/5/20		162,476
	515,000	Petroleos Mexicanos, 3.50%, 7/23/20		514,542
	285,000	Petroleos Mexicanos, 3.50%, 1/30/23		268,356
	1,169,000	Petroleos Mexicanos, 4.88%, 1/18/24		1,185,132
	694,000	Petroleos Mexicanos, 4.50%, 1/23/26^		667,906
	696,000	Petroleos Mexicanos, 6.50%, 6/2/41		704,700


Principal Amount			Fair Value
	Yankee Dollars, continued
	Oil, Gas & Consumable Fuels, continued
$	1,761,000	Petroleos Mexicanos, 5.50%, 6/27/44	$	1,591,152
	673,000	Petroleos Mexicanos, 5.63%, 1/23/46		613,440

				16,828,239

	Pharmaceuticals (0.6%):
	230,000	Actavis Funding SCS, 2.45%, 6/15/19		233,602
	225,000	Mylan NV, 2.50%, 6/7/19^(b)		227,988
	459,000	Mylan NV, 3.15%, 6/15/21, Callable 5/15/21 @ 100(b)		465,585
	200,000	Perrigo Co. plc, 2.30%, 11/8/18		201,722
	200,000	Perrigo Finance plc, 3.50%, 12/15/21, Callable 10/15/21 @ 100		205,826
	200,000	Perrigo Finance plc, 3.90%, 12/15/24, Callable 9/15/24 @ 100		202,771
	1,210,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 4/15/20 @ 103.06^(b)		971,025

				2,508,519

	Sovereign Bonds (1.7%):
	900,000	Dominican Republic, 5.50%, 1/27/25(b)		915,750
	4,500,000	Republic of Argentina, 7.00%, 4/17/17(c)		4,680,000
	1,500,000	Republic of Belarus, 8.95%, 1/26/18(b)		1,555,500

				7,151,250

	Trading Companies & Distributors (0.6%):
	900,000	Aercap Ireland Capital, Ltd./ and AerCap Global Aviation Trust, 5.00%, 10/1/21		936,000
	1,450,000	Aercap Ireland Capital, Ltd./ and AerCap Global Aviation Trust, 4.63%, 7/1/22^		1,484,916

				2,420,916

	Wireless Telecommunication Services (0.4%):
	2,100,000	Digicel Group, Ltd., 8.25%, 9/30/20, Callable 9/30/16 @ 104.13(b)		1,753,500

	Total Yankee Dollars (Cost $68,038,248)			65,429,906

	Municipal Bonds (4.1%):
	California (0.7%):
	10,000	California State, Build America Bonds, GO, 7.35%, 11/1/39		15,164
	15,000	California State, Build America Bonds, GO, 7.63%, 3/1/40		23,711
	460,000	California State, Build America Bonds, GO, 7.30%, 10/1/39		696,679
	400,000	California State, Build America Bonds, GO, 7.50%, 4/1/34		606,044
	1,125,000	California State, Build America Bonds, GO, 7.55%, 4/1/39		1,778,366

				3,119,964

	Illinois (3.4%):
	125,000	Illinois State, GO, 4.95%, 6/1/23		134,021
	4,440,000	Illinois State, GO, 5.10%, 6/1/33		4,267,152
	1,935,000	Illinois State, Build America Bonds, GO, 7.35%, 7/1/35		2,149,127
	176,000	Illinois State, GO, 4.35%, 6/1/18		181,407
	1,340,000	Illinois State, GO, 5.88%, 3/1/19		1,451,019
	420,000	Illinois State, GO, 4.00%, 12/1/20		437,900


Principal Amount			Fair Value
	Municipal Bonds, continued
	Illinois, continued
$	15,000	Illinois State, GO, 5.37%, 3/1/17	$	15,368
	645,000	Illinois State, GO, 5.67%, 3/1/18		679,643
	220,000	Illinois State, Build America Bonds, GO, 6.20%, 7/1/21		240,557
	105,000	Chicago Illinois, Taxable Project, GO, Series B, 5.43%, 1/1/42		89,338
	770,000	Chicago Illinois, Taxable Project, GO, Series B, 6.31%, 1/1/44		715,938
	80,000	Chicago Illinois, GO, Series B, 5.63%, 1/1/22		81,264
	395,000	Chicago Illinois, Taxable Project, GO, Series C1, 7.78%, 1/1/35		431,798
	425,000	Illinois State, Build America Bonds, GO, Series 3, 6.73%, 4/1/35		458,414
	10,000	Illinois State, Build America Bonds, GO, Series 3, 5.55%, 4/1/19		10,721
	2,500,000	Illinois State Finance Authority Revenue, Series A, 4.55%, 10/1/18		2,556,576
	315,000	Illinois State, Build America Bonds, GO, 6.63%, 2/1/35		335,484

				14,235,727

	Total Municipal Bonds (Cost $17,122,283)			17,355,691

	U.S. Government Agency Mortgages (18.0%):
	Federal Home Loan Mortgage Corporation (5.6%)
	100,000	3.00%, 2/1/31, Pool #G15741		105,352
	498,275	3.00%, 4/1/31, Pool #G15799		525,036
	25,000	3.00%, 5/1/31, Pool #J34616		26,345
	80,430	3.00%, 6/1/31, Pool #J34680		84,757
	520,903	4.00%, 6/1/33, Pool #G30718		562,882
	177,821	3.50%, 4/1/40, Pool #V81744		187,794
	187,956	3.50%, 5/1/40, Pool #V81750		198,498
	308,488	3.50%, 6/1/40, Pool #V81792		325,791
	143,426	3.50%, 8/1/40, Pool #V81886		151,476
	132,190	3.50%, 9/1/40, Pool #V81958		139,584
	1,306,693	4.00%, 1/1/41, Pool #A96413		1,404,778
	1,067,267	4.00%, 2/1/41, Pool #A96807		1,147,400
	133,642	4.50%, 3/1/41, Pool #A97673		146,329
	218,062	4.50%, 4/1/41, Pool #A97942		239,516
	558,001	5.00%, 6/1/41, Pool #G06596		627,941
	3,013,410	4.50%, 1/1/42, Pool #G60517		3,310,061
	102,388	3.50%, 8/1/42, Pool #Q10434		108,086
	98,154	3.50%, 8/1/42, Pool #Q10164		103,517
	105,096	3.50%, 8/1/42, Pool #Q10047		110,965
	79,324	3.50%, 8/1/42, Pool #Q10392		83,759
	113,441	3.50%, 9/1/42, Pool #Q11244		119,732
	70,171	3.50%, 11/1/42, Pool #G07231		74,088
	83,612	4.00%, 11/1/42, Pool #Q13121		90,330
	930,972	3.50%, 4/1/43, Pool #G07921		983,488
	773,103	3.50%, 4/1/43, Pool #Q17209		816,245
	168,925	4.00%, 5/1/43, Pool #Q18481		182,453
	77,482	4.00%, 7/1/43, Pool #Q19597		83,687
	878,607	3.00%, 10/1/43, Pool #G08553		912,282
	86,634	4.00%, 10/1/43, Pool #Q22499		93,418
	177,383	4.00%, 1/1/44, Pool #V80950		191,256
	577,996	4.00%, 1/1/45, Pool #Q30720		619,897


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal Home Loan Mortgage Corporation, continued
$	189,217	3.50%, 3/1/45, Pool #Q32008	$	201,098
	95,330	3.50%, 3/1/45, Pool #Q32328		101,315
	96,691	3.50%, 3/1/45, Pool #Q31974		102,762
	509,312	3.50%, 5/1/45, Pool #Q33547		539,568
	61,156	3.00%, 5/1/45, Pool #Q33468		63,720
	4,234,633	3.00%, 5/1/45, Pool #G08640		4,394,131
	575,747	3.50%, 6/1/45, Pool #Q34311		611,898
	293,650	3.00%, 6/1/45, Pool #Q37547		305,241
	540,983	3.50%, 6/1/45, Pool #Q34164		573,119
	85,254	3.50%, 6/1/45, Pool #Q33791		90,318
	374,151	3.00%, 6/1/45, Pool #Q34156		389,233
	36,279	3.00%, 7/1/45, Pool #Q34979		37,898
	99,107	3.00%, 7/1/45, Pool #Q34759		103,767
	194,991	4.00%, 8/1/45, Pool #Q35845		209,313
	38,500	4.00%, 11/1/45, Pool #Q38812		41,291
	58,626	4.00%, 2/1/46, Pool #Q38783		63,163
	652,951	3.50%, 5/1/46, Pool #G60553		697,718
	3,000,000	3.00%, 7/15/46		3,109,962

				25,392,258

	Federal National Mortgage Association (8.6%)
	86,713	2.50%, 10/1/28, Pool #AU2669		90,768
	656,623	3.50%, 9/1/29, Pool #AL5878		704,058
	2,616,937	3.50%, 11/1/30, Pool #AL7688		2,794,665
	35,874	3.00%, 12/1/30, Pool #BC3672		37,758
	31,921	3.00%, 4/1/31, Pool #BC7657		33,597
	25,000	3.00%, 5/1/31, Pool #BA7510		26,321
	104,389	3.00%, 6/1/31, Pool #BC1183		109,904
	25,000	3.00%, 6/1/31, Pool #BD1758		26,321
	33,218	3.00%, 6/1/31, Pool #BD1541		34,973
	41,024	3.00%, 7/1/31, Pool #BC8738		43,191
	7,040	4.50%, 7/1/33, Pool #720240		7,706
	13,340	4.50%, 7/1/33, Pool #729327		14,773
	13,971	4.50%, 8/1/33, Pool #727029		15,511
	15,160	4.50%, 8/1/33, Pool #727160		16,836
	12,572	4.50%, 8/1/33, Pool #723124		13,878
	23,610	4.50%, 8/1/33, Pool #726928		26,220
	28,510	4.50%, 8/1/33, Pool #726956		31,655
	16,148	4.50%, 8/1/33, Pool #729713		17,853
	74,991	4.50%, 8/1/33, Pool #729380		82,691
	53,993	4.50%, 9/1/33, Pool #727147		59,956
	21,057	4.50%, 9/1/33, Pool #734922		23,380
	69,899	4.50%, 12/1/33, Pool #AL5321		77,655
	247,061	3.50%, 1/1/34, Pool #AS1611		262,834
	37,196	3.50%, 1/1/34, Pool #AS1614		39,558
	78,813	3.50%, 1/1/34, Pool #AS1406		83,805
	178,479	3.50%, 1/1/34, Pool #AS1612		189,739
	57,148	6.00%, 10/1/34, Pool #AL2130		66,836
	393,021	5.50%, 11/1/34, Pool #725946		445,750
	191,919	5.50%, 1/1/35, Pool #735141		217,985
	123,714	4.50%, 9/1/35, Pool #AB8198		137,299
	98,638	5.50%, 9/1/36, Pool #AD0500		111,974
	659,631	6.00%, 1/1/37, Pool #932030		755,525
	139,329	6.00%, 3/1/37, Pool #889506		159,634
	177,627	6.00%, 1/1/38, Pool #889371		207,984


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	62,080	6.00%, 3/1/38, Pool #889219	$	72,477
	35,277	6.00%, 7/1/38, Pool #889733		41,181
	214,764	4.50%, 3/1/39, Pool #AB0051		238,550
	865,582	4.50%, 4/1/39, Pool #AB0043		961,642
	338,590	5.00%, 6/1/39, Pool #AL7550		376,527
	926,639	5.00%, 6/1/39, Pool #AL7521		1,031,547
	236,710	6.00%, 5/1/40, Pool #AL2129		276,407
	134,487	4.00%, 12/1/40, Pool #AA4757		144,678
	59,652	4.00%, 12/1/40, Pool #AE7856		64,148
	166,582	4.50%, 8/1/41, Pool #AI8715		183,701
	184,691	4.00%, 9/1/41, Pool #AJ0784		198,544
	658,979	4.00%, 10/1/41, Pool #AL2512		708,766
	20,202	6.00%, 1/1/42, Pool #AL2128		23,364
	717,571	4.00%, 3/1/42, Pool #AK6740		783,121
	206,091	4.50%, 4/1/42, Pool #AO0186		225,936
	168,939	4.50%, 4/1/42, Pool #AK8453		184,927
	38,248	4.00%, 4/1/42, Pool #AK6908		41,288
	130,125	4.00%, 4/1/42, Pool #AK5549		140,435
	145,791	4.50%, 6/1/42, Pool #AO6381		159,585
	156,333	4.50%, 7/1/42, Pool #AO5544		170,974
	725,010	4.00%, 8/1/42, Pool #AP2138		790,986
	159,651	3.50%, 9/1/42, Pool #AP4100		169,012
	181,885	4.50%, 10/1/42, Pool #AP9743		199,012
	38,343	3.50%, 12/1/42, Pool #AQ9054		40,471
	1,091,263	3.00%, 1/1/43, Pool #AL3181		1,143,324
	133,567	4.00%, 1/1/43, Pool #AL7804		145,740
	193,641	3.50%, 1/1/43, Pool #AQ9328		205,760
	39,944	3.50%, 2/1/43, Pool #AR1797		42,161
	344,155	3.00%, 2/1/43, Pool #AB7846		360,537
	430,605	2.50%, 2/1/43, Pool #AB8465		435,971
	125,132	3.50%, 3/1/43, Pool #AL3409		132,418
	47,808	3.50%, 3/1/43, Pool #AR6751		50,462
	47,054	3.50%, 3/1/43, Pool #AR7567		49,760
	737,960	3.00%, 5/1/43, Pool #AT2720		771,053
	323,290	3.00%, 6/1/43, Pool #AR7110		336,194
	130,261	3.00%, 6/1/43, Pool #AU5339		135,473
	342,291	3.00%, 6/1/43, Pool #AT5691		355,978
	308,057	3.00%, 7/1/43, Pool #AU2555		320,354
	243,011	3.50%, 8/1/43, Pool #AL7261		258,350
	512,302	3.00%, 9/1/43, Pool #AL5059		536,592
	299,362	3.50%, 3/1/44, Pool #AL7377		320,103
	617,711	3.00%, 6/1/44, Pool #AL7195		646,998
	727,014	5.00%, 11/1/44, Pool #AL7307		809,557
	61,037	4.00%, 12/1/44, Pool #AW9502		65,721
	49,812	4.00%, 12/1/44, Pool #AY0045		53,423
	286,513	4.00%, 12/1/44, Pool #AX8459		310,531
	143,564	3.50%, 3/1/45, Pool #AY5352		152,666
	553,805	4.00%, 3/1/45, Pool #AL6541		600,382
	241,921	3.50%, 5/1/45, Pool #AY9287		257,234
	141,205	3.50%, 5/1/45, Pool #AY9074		150,158
	322,086	3.50%, 5/1/45, Pool #AY9408		342,474
	152,727	3.00%, 5/1/45, Pool #AS4972		158,981
	210,555	3.50%, 5/1/45, Pool #AZ1192		223,870
	92,584	4.00%, 5/1/45, Pool #AZ1876		99,916


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	192,316	3.50%, 5/1/45, Pool #AY9324	$	204,478
	138,988	3.50%, 5/1/45, Pool #AZ0727		147,800
	1,979,753	3.50%, 6/1/45, Pool #AS5177		2,090,086
	1,671,687	3.50%, 6/1/45, Pool #AY5622		1,777,497
	96,716	4.00%, 6/1/45, Pool #AZ3341		104,388
	470,482	5.00%, 6/1/45, Pool #AZ3448		523,718
	847,231	3.50%, 7/1/45, Pool #AZ0814		898,001
	261,573	3.50%, 7/1/45, Pool #AZ3198		278,102
	442,836	4.00%, 7/1/45, Pool #AZ1783		475,879
	880,195	4.00%, 7/1/45, Pool #AZ0833		950,108
	40,114	3.50%, 7/1/45, Pool #AS5312		42,651
	54,043	3.00%, 8/1/45, Pool #AZ3728		56,256
	325,994	3.00%, 8/1/45, Pool #AS5634		339,343
	139,109	3.00%, 8/1/45, Pool #AZ8288		144,806
	283,582	3.50%, 8/1/45, Pool #AY8424		300,566
	1,242,878	4.00%, 10/1/45, Pool #AL7593		1,348,274
	550,799	3.00%, 10/1/45, Pool #AZ9252		572,121
	573,584	4.00%, 10/1/45, Pool #AL7413		622,173
	125,981	4.00%, 11/1/45, Pool #AZ0560		135,692
	49,796	4.00%, 12/1/45, Pool #BC0997		53,633
	157,884	3.50%, 12/1/45, Pool #AL7890		167,844
	93,615	3.50%, 12/1/45, Pool #BA5361		98,859
	86,994	4.00%, 12/1/45, Pool #AS6350		94,394
	198,708	4.00%, 12/1/45, Pool #BA6404		214,024
	195,466	4.00%, 1/1/46, Pool #AS6486		212,092
	540,248	3.50%, 5/1/46, Pool #BC0896		577,785
	1,307,540	3.50%, 6/1/46, Pool #BC1145		1,386,105
	507,584	5.00%, 12/31/49, Pool #310165		565,184

				38,049,872

	Government National Mortgage Association (3.8%)
	19,203	5.00%, 6/15/34, Pool #629493		21,741
	362,184	5.50%, 6/15/35, Pool #783800		406,925
	17,288	5.00%, 3/15/38, Pool #676766		19,419
	9,318	5.00%, 4/15/38, Pool #672672		10,372
	42,780	5.00%, 8/15/38, Pool #687818		48,115
	289,534	5.00%, 1/15/39, Pool #705997		322,571
	375,216	5.00%, 3/15/39, Pool #646746		421,849
	2,841	5.00%, 3/15/39, Pool #697946		3,185
	492,592	4.00%, 10/15/40, Pool #783143		530,875
	1,118,969	4.50%, 3/20/41, Pool #4978		1,221,654
	403,650	4.50%, 5/20/41, Pool #005055		440,693
	796,871	4.00%, 5/20/41, Pool #5054		858,480
	264,744	4.50%, 6/20/41, Pool #005082		289,040
	911,171	4.00%, 10/20/41, Pool #5203		980,807
	397,202	3.50%, 11/20/41, Pool #5232		423,109
	2,395,464	3.50%, 12/20/41, Pool #5258		2,551,704
	161,818	3.50%, 7/20/42, Pool #MA0220		172,473
	523,250	3.00%, 12/20/42, Pool #MA0624		548,911
	92,961	3.00%, 1/20/43, Pool #MA0698		97,518
	1,165,700	3.50%, 2/20/43, Pool #MA0783		1,242,460
	63,037	3.50%, 4/20/43, Pool #MA0934		67,188
	996,274	3.50%, 4/20/43, Pool #783976		1,061,875
	819,452	4.00%, 7/20/45, Pool #MA2962		876,287
	47,488	3.50%, 5/20/46, Pool #AR9028		50,772


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Government National Mortgage Association, continued
$	35,887	3.50%, 5/20/46, Pool #AR9166	$	38,368
	50,329	3.50%, 5/20/46, Pool #AS4272		53,587
	182,825	3.50%, 6/20/46, Pool #AT4139		195,468
	63,149	3.50%, 6/20/46, Pool #AS4285		67,237
	62,270	3.50%, 6/20/46, Pool #AT4133		66,910
	288,009	3.50%, 6/20/46		305,839
	40,850	3.50%, 6/20/46, Pool #AT4134		43,675
	710,000	3.50%, 7/20/46		753,571
	645,023	Class JA, Series 2015-H21, 2.50%, 6/20/65		657,161

				14,849,839

	Total U.S. Government Agency Mortgages (Cost $76,885,001)			78,291,969

	U.S. Treasury Obligations (20.2%):
	U.S. Treasury Bonds (1.5%)
	2,684,000	3.00%, 5/15/45		3,085,027
	2,929,000	3.00%, 11/15/45		3,367,893

				6,452,920

	U.S. Treasury Inflation Index Bonds (4.6%)
	2,238,000	0.25%, 1/15/25		2,295,178
	5,000,000	0.63%, 1/15/26		5,301,710
	4,930,000	1.38%, 2/15/44		5,850,748
	6,447,000	0.75%, 2/15/45		6,578,366

				20,026,002


Principal Amount or Shares			Fair Value
	U.S. Treasury Obligations, continued
	U.S. Treasury Notes (14.1%)
$	30,000,000	1.75%, 12/31/20	$	31,032,421
	15,528,000	1.25%, 3/31/21		15,708,761
	9,780,000	1.38%, 4/30/21		9,948,861
	3,367,000	1.50%, 2/28/23		3,417,275

				60,107,318

	Total U.S. Treasury Obligations (Cost $84,697,795)			86,586,240

	Securities Held as Collateral for Securities on Loan (7.2%):
	30,632,428	AZL Pyramis Total Bond Fund Securities Lending Collateral Account(d)		30,632,428

	Total Securities Held as Collateral for Securities on Loan (Cost $30,632,428)			30,632,428

	Unaffiliated Investment Company (2.6%):
	11,436,285	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(c)		11,436,285

	Total Unaffiliated Investment Company (Cost $11,436,285)			11,436,285

	Total Investment Securities (Cost $461,296,372)(e) —107.8%			462,812,682
	Net other assets (liabilities) — (7.8)%			(34,708,491	)

	Net Assets — 100.0%		$	428,104,191

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, 2016:

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	461,296,372

Investment securities, at value*	$	462,812,682
Interest and dividends receivable		3,292,121
Receivable for capital shares issued		76,377
Receivable for investments sold		4,525,359
Prepaid expenses		2,351

Total Assets		470,708,890

Liabilities:
Payable for investments purchased		7,932,010
Payable for capital shares redeemed		1,297,311
Payable for collateral received on loaned securities		30,632,428
Securities sold short (Proceeds received $2,428,703)		2,440,423
Interest payable on securities sold short		3,051
Manager fees payable		175,634
Administration fees payable		12,104
Distribution fees payable		87,817
Custodian fees payable		6,070
Administrative and compliance services fees payable		276
Trustee fees payable		2,843
Other accrued liabilities		14,732

Total Liabilities		42,604,699

Net Assets	$	428,104,191

Net Assets Consist of:
Capital	$	405,842,502
Accumulated net investment income/(loss)		20,921,769
Accumulated net realized gains/(losses) from investment transactions		(164,670	)
Net unrealized appreciation/(depreciation) on investments		1,504,590

Net Assets	$	428,104,191

Shares of beneficial interest (unlimited number of shares authorized, no par value)		40,759,598
Net Asset Value (offering and redemption price per share)	$	10.50

*	Includes securities on loan of $29,608,594.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Interest	$	8,605,350
Dividends		5,206
Income from securities lending		79,951

Total Investment Income		8,690,507

Expenses:
Manager fees		1,056,147
Administration fees		96,169
Distribution fees		528,075
Custodian fees		11,863
Administrative and compliance services fees		3,089
Trustee fees		11,033
Professional fees		12,328
Shareholder reports		3,905
Dividends on securities sold short		4,500
Other expenses		5,044

Total expenses		1,732,153

Net Investment Income/(Loss)		6,958,354

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(284,402	)
Net realized gains/(losses) on securities held short		(10,258	)
Change in net unrealized appreciation/depreciation on investments		20,532,971

Net Realized/Unrealized Gains/(Losses) on Investments		20,238,311

Change in Net Assets Resulting From Operations	$	27,196,665

(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 (the “Fund”), and 35 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $6,544 during the period ended June 30, 2016. 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 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, the annual rate due to the Manager and the annual expense limit were as follows:

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2016, $2,490 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $461,330,717. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the year ended December 31, 2015, the Fund utilized $1,015,071 in capital loss carry forward to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2015 were as follows:

(a) Total distributions paid may differ from that presented in 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, 2015, 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 (98.6%):
	Aerospace & Defense (3.4%):
	1,006	BE Aerospace, Inc.^	$	46,452
	5,848	Boeing Co. (The)^		759,480
	912	BWX Technologies, Inc.		32,622
	995	General Dynamics Corp.		138,544
	190	HEICO Corp.^		12,694
	374	HEICO Corp., Class A		20,065
	874	Hexcel Corp.^		36,393
	7,460	Honeywell International, Inc.		867,748
	381	Huntington Ingalls Industries, Inc.		64,019
	2,571	Lockheed Martin Corp.		638,045
	1,631	Northrop Grumman Corp.		362,539
	1,112	Raytheon Co.		151,176
	1,278	Rockwell Collins, Inc.^		108,809
	668	Spirit AeroSystems Holdings, Inc., Class A*		28,724
	821	Textron, Inc.		30,016
	490	TransDigm Group, Inc.*^		129,208

				3,426,534

	Air Freight & Logistics (1.3%):
	1,382	C.H. Robinson Worldwide, Inc.^		102,614
	1,251	Expeditors International of Washington, Inc.^		61,349
	2,445	FedEx Corp.		371,102
	6,778	United Parcel Service, Inc., Class B		730,126

				1,265,191

	Airlines (0.5%):
	964	Alaska Air Group, Inc.^		56,192
	5,884	Delta Air Lines, Inc.		214,354
	237	JetBlue Airways Corp.*^		3,925
	6,259	Southwest Airlines Co.		245,415

				519,886

	Auto Components (0.4%):
	257	BorgWarner, Inc.		7,587
	2,671	Delphi Automotive plc		167,205
	1,786	Gentex Corp.^		27,594
	1,914	Johnson Controls, Inc.		84,713
	598	Lear Corp.		60,852
	333	Visteon Corp.		21,915

				369,866

	Automobiles (0.4%):
	1,771	Harley-Davidson, Inc.^		80,226
	1,147	Tesla Motors, Inc.*^		243,485
	471	Thor Industries, Inc.^		30,493

				354,204

	Banks (0.2%):
	2,135	Citizens Financial Group, Inc.		42,657
	1,145	First Republic Bank		80,139
	305	Signature Bank*		38,101
	375	SVB Financial Group*^		35,685
	516	Western Alliance Bancorp*		16,847

				213,429

	Beverages (3.4%):
	256	Brown-Forman Corp., Class A		27,656
	918	Brown-Forman Corp., Class B^		91,580


Shares			Fair Value

	Common Stocks, continued
	Beverages, continued
	28,570	Coca-Cola Co. (The)	$	1,295,078
	1,622	Constellation Brands, Inc., Class A		268,279
	1,817	Dr Pepper Snapple Group, Inc.^		175,577
	1,456	Monster Beverage Corp.*		233,994
	12,319	PepsiCo, Inc.		1,305,074

				3,397,238

	Biotechnology (5.9%):
	15,863	AbbVie, Inc.		982,078
	884	Acadia Pharmaceuticals, Inc.*^		28,695
	284	Agios Pharmaceuticals, Inc.*^		11,898
	2,127	Alexion Pharmaceuticals, Inc.*		248,349
	1,470	Alkermes plc*		63,533
	635	Alnylam Pharmaceuticals, Inc.*^		35,236
	7,365	Amgen, Inc.		1,120,585
	2,145	Biogen Idec, Inc.*		518,704
	1,587	BioMarin Pharmaceutical, Inc.*		123,469
	7,519	Celgene Corp.*		741,599
	12,983	Gilead Sciences, Inc.		1,083,042
	1,592	Incyte Corp.*		127,328
	165	Intercept Pharmaceuticals, Inc.*^		23,542
	545	Intrexon Corp.*^		13,412
	1,135	Ionis Pharmaceuticals, Inc.*^		26,434
	554	Juno Therapeutics, Inc.*^		21,296
	1,558	Medivation, Inc.*		93,947
	840	Neurocrine Biosciences, Inc.*^		38,178
	2,868	OPKO Health, Inc.*^		26,787
	760	Regeneron Pharmaceuticals, Inc.*		265,415
	941	Seattle Genetics, Inc.*^		38,026
	0	Shire plc, ADR*		27
	120	United Therapeutics Corp.*^		12,710
	2,410	Vertex Pharmaceuticals, Inc.*		207,308

				5,851,598

	Building Products (0.4%):
	704	A.O. Smith Corp.		62,029
	939	Allegion plc		65,195
	1,494	Fortune Brands Home & Security, Inc.^		86,607
	360	Lennox International, Inc.^		51,336
	2,106	Masco Corp.		65,160

				330,327

	Capital Markets (0.7%):
	459	Affiliated Managers Group, Inc.*		64,613
	467	Ameriprise Financial, Inc.		41,960
	345	Artisan Partners Asset Management, Inc., Class A^		9,550
	9,075	Charles Schwab Corp. (The)		229,688
	1,051	Eaton Vance Corp.^		37,142
	946	Federated Investors, Inc., Class B^		27,226
	49	Interactive Brokers Group, Inc., Class A^		1,735
	676	Invesco, Ltd.		17,265
	171	Lazard, Ltd., Class A		5,092
	121	LPL Financial Holdings, Inc.^		2,726
	1,823	NorthStar Asset Management Group, Inc.		18,613
	1,249	SEI Investments Co.^		60,089
	1,815	T. Rowe Price Group, Inc.^		132,441


Shares			Fair Value

	Common Stocks, continued
	Capital Markets, continued
	2,156	TD Ameritrade Holding Corp.	$	61,392

				709,532

	Chemicals (2.7%):
	1,661	Air Products & Chemicals, Inc.		235,928
	1,610	Axalta Coating Systems, Ltd.*^		42,713
	135	Celanese Corp., Series A		8,836
	8,569	E.I. du Pont de Nemours & Co.		555,272
	2,552	Ecolab, Inc.		302,668
	1,053	FMC Corp.^		48,764
	783	International Flavor & Fragrances, Inc.		98,713
	1,502	LyondellBasell Industries NV, Class A		111,779
	2,774	Monsanto Co.		286,859
	67	NewMarket Corp.^		27,763
	2,598	PPG Industries, Inc.		270,582
	2,456	Praxair, Inc.		276,030
	1,263	RPM International, Inc.^		63,087
	407	Scotts Miracle-Gro Co. (The)		28,453
	788	Sherwin Williams Co.		231,412
	770	Valspar Corp. (The)		83,183
	382	W.R. Grace & Co.		27,966

				2,700,008

	Commercial Services & Supplies (0.6%):
	878	Cintas Corp.		86,158
	41	Clean Harbors, Inc.*^		2,137
	956	Copart, Inc.*^		46,854
	1,179	Covanta Holding Corp.^		19,395
	1,346	KAR Auction Services, Inc.		56,182
	1,845	Pitney Bowes, Inc.		32,841
	1,380	R.R. Donnelley & Sons Co.		23,350
	967	Rollins, Inc.^		28,304
	762	Stericycle, Inc.*		79,339
	363	Tyco International plc		15,464
	3,588	Waste Management, Inc.		237,776

				627,800

	Communications Equipment (0.3%):
	382	Arista Networks, Inc.*^		24,593
	419	ARRIS International plc*		8,782
	1,252	CommScope Holding Co., Inc.*		38,850
	656	F5 Networks, Inc.*		74,679
	194	Motorola Solutions, Inc.		12,798
	851	Palo Alto Networks, Inc.*^		104,367

				264,069

	Construction & Engineering (0.0%):
	383	Quanta Services, Inc.*		8,855
	174	Valmont Industries, Inc.		23,537

				32,392

	Construction Materials (0.3%):
	445	Eagle Materials, Inc., Class A		34,332
	563	Martin Marietta Materials, Inc.		108,096
	1,207	Vulcan Materials Co.		145,274

				287,702


Shares			Fair Value

	Common Stocks, continued
	Consumer Finance (0.1%):
	78	Credit Acceptance Corp.*^	$	14,436
	1,327	Discover Financial Services		71,114

				85,550

	Containers & Packaging (0.5%):
	154	AptarGroup, Inc.^		12,186
	828	Avery Dennison Corp.		61,893
	1,671	Ball Corp.^		120,797
	143	Bemis Co., Inc.^		7,363
	1,182	Berry Plastics Group, Inc.*		45,921
	1,316	Crown Holdings, Inc.*		66,682
	2,191	Graphic Packaging Holding Co.		27,475
	1,576	Owens-Illinois, Inc.*^		28,384
	898	Packaging Corp. of America^		60,103
	1,921	Sealed Air Corp.		88,308
	385	Silgan Holdings, Inc.^		19,812

				538,924

	Distributors (0.3%):
	1,340	Genuine Parts Co.		135,674
	2,985	LKQ Corp.*		94,625
	395	Pool Corp.		37,142

				267,441

	Diversified Consumer Services (0.1%):
	1,834	Service Corp. International^		49,591
	1,325	ServiceMaster Global Holdings, Inc.*^		52,735

				102,326

	Diversified Financial Services (0.8%):
	791	CBOE Holdings, Inc.^		52,696
	392	FactSet Research Systems, Inc.^		63,277
	552	Intercontinental Exchange, Inc.		141,290
	359	MarketAxess Holdings, Inc.		52,199
	1,483	Moody’s Corp.		138,972
	157	Morningstar, Inc.		12,839
	890	MSCI, Inc., Class A		68,637
	2,574	S&P Global, Inc.		276,087

				805,997

	Diversified Telecommunication Services (1.2%):
	776	SBA Communications Corp., Class A*		83,761
	20,005	Verizon Communications, Inc.		1,117,080
	1,596	Zayo Group Holdings, Inc.*^		44,576

				1,245,417

	Electric Utilities (0.0%):
	727	ITC Holdings Corp.		34,038

	Electrical Equipment (0.3%):
	426	Acuity Brands, Inc.^		105,631
	415	AMETEK, Inc.		19,185
	1,017	Emerson Electric Co.		53,047
	345	Hubbell, Inc.		36,387
	1,007	Rockwell Automation, Inc.		115,624

				329,874

	Electronic Equipment, Instruments & Components (0.5%):
	2,927	Amphenol Corp., Class A		167,805
	1,590	CDW Corp.		63,727


Shares			Fair Value

	Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	776	Cognex Corp.^	$	33,446
	400	FEI Co.		42,752
	1,005	Fitbit, Inc., Class A*^		12,281
	291	IPG Photonics Corp.*^		23,280
	797	National Instruments Corp.		21,838
	1,947	Trimble Navigation, Ltd.*		47,429
	1,072	VeriFone Systems, Inc.*^		19,875
	414	Zebra Technologies Corp., Class A*		20,741

				453,174

	Food & Staples Retailing (2.5%):
	380	Casey’s General Stores, Inc.^		49,974
	4,270	Costco Wholesale Corp.		670,561
	9,910	CVS Health Corp.		948,784
	9,328	Kroger Co. (The)		343,177
	10,056	Rite Aid Corp.*		75,319
	1,355	Sprouts Farmers Market, Inc.*^		31,030
	5,138	Sysco Corp.		260,702
	437	US Foods Holding Corp.*		10,593
	1,737	Walgreens Boots Alliance, Inc.		144,640
	524	Whole Foods Market, Inc.^		16,778

				2,551,558

	Food Products (1.7%):
	583	Blue Buffalo Pet Products, Inc.*^		13,607
	1,824	Campbell Soup Co.^		121,351
	3,379	ConAgra Foods, Inc.		161,550
	1,564	Flowers Foods, Inc.^		29,325
	5,824	General Mills, Inc.		415,369
	743	Hain Celestial Group, Inc.*^		36,964
	1,360	Hershey Co. (The)^		154,346
	2,314	Hormel Foods Corp.^		84,692
	496	Ingredion, Inc.		64,187
	2,244	Kellogg Co.		183,223
	748	Kraft Heinz Co. (The)		66,183
	1,131	McCormick & Co.		120,644
	659	Mead Johnson Nutrition Co.^		59,804
	53	Pilgrim’s Pride Corp.^		1,350
	363	Post Holdings, Inc.*		30,016
	169	TreeHouse Foods, Inc.*		17,348
	1,335	Tyson Foods, Inc., Class A		89,165
	1,702	WhiteWave Foods Co., Class A*^		79,892

				1,729,016

	Gas Utilities (0.0%):
	60	Piedmont Natural Gas Co., Inc.		3,607

	Health Care Equipment & Supplies (2.6%):
	388	ABIOMED, Inc.*		42,405
	157	Alere, Inc.*		6,544
	706	Align Technology, Inc.*		56,868
	542	Baxter International, Inc.		24,509
	2,049	Becton, Dickinson & Co.		347,490
	13,198	Boston Scientific Corp.*		308,437
	719	C.R. Bard, Inc.		169,080
	361	Cooper Cos., Inc. (The)		61,937
	804	Dexcom, Inc.*^		63,781


Shares			Fair Value

	Common Stocks, continued
	Health Care Equipment & Supplies, continued
	2,066	Edwards Lifesciences Corp.*	$	206,042
	599	Hill-Rom Holdings, Inc.		30,220
	2,729	Hologic, Inc.*		94,423
	860	IDEXX Laboratories, Inc.*		79,860
	370	Intuitive Surgical, Inc.*		244,722
	1,369	ResMed, Inc.^		86,562
	1,890	St. Jude Medical, Inc.		147,420
	3,296	Stryker Corp.^		394,960
	79	Teleflex, Inc.		14,007
	921	Varian Medical Systems, Inc.*^		75,734
	702	West Pharmaceutical Services, Inc.		53,268
	959	Zimmer Holdings, Inc.		115,444

				2,623,713

	Health Care Providers & Services (3.9%):
	245	Acadia Healthcare Co., Inc.*^		13,573
	1,121	Aetna, Inc.^		136,908
	1,741	AmerisourceBergen Corp.^		138,096
	296	AmSurg Corp.*^		22,952
	702	Anthem, Inc.		92,201
	2,958	Cardinal Health, Inc.^		230,754
	1,204	Centene Corp.*		85,929
	832	Cigna Corp.		106,488
	645	DaVita, Inc.*		49,871
	1,519	Envision Healthcare Holdings, Inc.*		38,537
	5,473	Express Scripts Holding Co.*^		414,853
	2,035	HCA Holdings, Inc.*		156,715
	805	Henry Schein, Inc.*^		142,324
	1,374	Humana, Inc.		247,155
	449	Laboratory Corp. of America Holdings*		58,491
	2,202	McKesson Corp.		411,003
	630	MEDNAX, Inc.*^		45,631
	820	Patterson Cos., Inc.		39,270
	137	Premier, Inc., Class A*		4,480
	784	Tenet Healthcare Corp.*^		21,670
	9,191	UnitedHealth Group, Inc.		1,297,770
	207	Universal Health Services, Inc., Class B		27,759
	763	VCA Antech, Inc.*		51,586
	398	WellCare Health Plans, Inc.*		42,697

				3,876,713

	Health Care Technology (0.3%):
	381	athenahealth, Inc.*^		52,582
	2,877	Cerner Corp.*^		168,592
	1,479	IMS Health Holdings, Inc.*		37,507
	577	Inovalon Holdings, Inc., Class A*^		10,392
	939	Veeva Systems, Inc., Class A*^		32,039

				301,112

	Hotels, Restaurants & Leisure (3.2%):
	1,021	Aramark Holdings Corp.		34,122
	544	Brinker International, Inc.^		24,768
	277	Chipotle Mexican Grill, Inc.*^		111,565
	222	Choice Hotels International, Inc.^		10,572
	1,140	Darden Restaurants, Inc.		72,208
	495	Domino’s Pizza, Inc.^		65,033


Shares			Fair Value

	Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
	873	Dunkin’ Brands Group, Inc.^	$	38,080
	100	Extended Stay America, Inc.^		1,495
	4,510	Hilton Worldwide Holdings, Inc.^		101,610
	13	Hyatt Hotels Corp., Class A*		639
	3,557	Las Vegas Sands Corp.^		154,694
	1,597	Marriott International, Inc., Class A		106,137
	8,616	McDonald’s Corp.		1,036,849
	418	MGM Resorts International*		9,459
	145	Norwegian Cruise Line Holdings, Ltd.*^		5,777
	220	Panera Bread Co., Class A*^		46,627
	686	Six Flags Entertainment Corp.^		39,754
	13,983	Starbucks Corp.		798,709
	977	Starwood Hotels & Resorts Worldwide, Inc.		72,249
	352	Vail Resorts, Inc.^		48,657
	1,170	Wendy’s Co. (The)^		11,255
	1,070	Wyndham Worldwide Corp.^		76,216
	714	Wynn Resorts, Ltd.^		64,717
	3,782	Yum! Brands, Inc.		313,603

				3,244,795

	Household Durables (0.7%):
	90	CalAtlantic Group, Inc.^		3,304
	1,811	D.R. Horton, Inc.		57,010
	319	Harman International Industries, Inc.		22,911
	1,306	Leggett & Platt, Inc.		66,750
	923	Lennar Corp., Class A^		42,550
	37	Lennar Corp., Class B		1,378
	477	Mohawk Industries, Inc.*		90,516
	4,302	Newell Rubbermaid, Inc.		208,948
	35	NVR, Inc.*		62,312
	1,001	PulteGroup, Inc.^		19,509
	521	Tempur Sealy International, Inc.*^		28,822
	711	Toll Brothers, Inc.*^		19,133
	491	Tupperware Brands Corp.^		27,633
	72	Whirlpool Corp.		11,998

				662,774

	Household Products (0.8%):
	1,260	Church & Dwight Co., Inc.		129,641
	1,080	Clorox Co. (The)		149,461
	1,523	Colgate-Palmolive Co.		111,484
	188	Energizer Holdings, Inc.^		9,680
	2,999	Kimberly-Clark Corp.		412,303
	235	Spectrum Brands Holdings, Inc.^		28,038

				840,607

	Industrial Conglomerates (1.8%):
	5,768	3M Co., Class B		1,010,092
	183	Carlisle Cos., Inc.		19,339
	1,566	Danaher Corp.		158,166
	17,506	General Electric Co.		551,089
	500	Roper Industries, Inc.^		85,280

				1,823,966

	Insurance (0.7%):
	42	AmTrust Financial Services^		1,029
	2,576	Aon plc		281,376


Shares			Fair Value

	Common Stocks, continued
	Insurance, continued
	1,177	Arthur J. Gallagher & Co.	$	56,025
	69	Brown & Brown, Inc.		2,585
	175	Erie Indemnity Co., Class A		17,385
	531	Lincoln National Corp.		20,587
	5,107	Marsh & McLennan Cos., Inc.		349,625
	547	Progressive Corp. (The)		18,325
	900	XL Group plc		29,979

				776,916

	Internet & Catalog Retail (4.0%):
	3,814	Amazon.com, Inc.*		2,729,374
	1,168	Expedia, Inc.^		124,158
	3,579	Groupon, Inc.*^		11,632
	2,445	Liberty Media Corp. – Interactive, Class A*		62,030
	242	Liberty Ventures, Inc., Series A*		8,971
	3,995	Netflix, Inc.*		365,463
	485	Priceline Group, Inc. (The)*		605,479
	1,114	TripAdvisor, Inc.*^		71,630

				3,978,737

	Internet Software & Services (7.3%):
	1,498	Akamai Technologies, Inc.*^		83,783
	2,879	Alphabet, Inc., Class A*		2,025,463
	2,910	Alphabet, Inc., Class C*		2,014,011
	308	CoStar Group, Inc.*		67,347
	10,458	eBay, Inc.*		244,822
	22,002	Facebook, Inc., Class A*		2,514,388
	455	GoDaddy, Inc., Class A*^		14,191
	540	IAC/InterActiveCorp		30,402
	1,150	LinkedIn Corp., Class A*^		217,638
	270	Match Group, Inc.*^		4,070
	1,807	Pandora Media, Inc.*^		22,497
	1,016	Rackspace Hosting, Inc.*^		21,194
	5,477	Twitter, Inc.*^		92,616
	930	VeriSign, Inc.*^		80,408
	514	Yelp, Inc.*^		15,605
	347	Zillow Group, Inc., Class A*^		12,718
	694	Zillow Group, Inc., Class C*^		25,178

				7,486,331

	IT Services (6.4%):
	6,113	Accenture plc, Class A		692,542
	565	Alliance Data Systems Corp.*		110,695
	4,466	Automatic Data Processing, Inc.		410,291
	236	Black Knight Financial Services, Inc., Class A*^		8,874
	1,045	Booz Allen Hamilton Holding Corp.		30,974
	1,137	Broadridge Financial Solutions, Inc.		74,132
	5,915	Cognizant Technology Solutions Corp., Class A*		338,575
	509	CoreLogic, Inc.*		19,586
	1,598	CSRA, Inc.		37,441
	321	DST Systems, Inc.		37,374
	488	Euronet Worldwide, Inc.*		33,765
	1,808	Fidelity National Information Services, Inc.		133,213
	3,058	First Data Corp., Class A*		33,852
	2,172	Fiserv, Inc.*		236,162
	896	FleetCor Technologies, Inc.*		128,244


Shares			Fair Value

	Common Stocks, continued
	IT Services, continued
	766	Gartner, Inc.*	$	74,616
	1,421	Genpact, Ltd.*		38,140
	1,495	Global Payments, Inc.		106,713
	5,922	International Business Machines Corp.		898,841
	775	Jack Henry & Associates, Inc.		67,634
	9,448	MasterCard, Inc., Class A		831,991
	3,156	Paychex, Inc.^		187,782
	11,088	PayPal Holdings, Inc.*		404,823
	2,025	Sabre Corp.		54,250
	506	Square, Inc., Class A*^		4,579
	1,267	Teradata Corp.*^		31,764
	1,624	Total System Services, Inc.		86,251
	1,515	Vantive, Inc., Class A*		85,749
	18,683	Visa, Inc., Class A^		1,385,718
	4,787	Western Union Co.^		91,815
	387	WEX, Inc.*^		34,315

				6,710,701

	Leisure Products (0.3%):
	720	Brunswick Corp.		32,630
	1,099	Hasbro, Inc.		92,305
	3,336	Mattel, Inc.		104,383
	589	Polaris Industries, Inc.^		48,157
	123	Vista Outdoor, Inc.*		5,871

				283,346

	Life Sciences Tools & Services (0.8%):
	834	Agilent Technologies, Inc.		36,996
	359	Bio-Techne Corp.^		40,484
	1,036	Bruker Corp.		23,559
	446	Charles River Laboratories International, Inc.*		36,768
	1,431	Illumina, Inc.*^		200,884
	257	Mettler-Toledo International, Inc.*		93,784
	223	PerkinElmer, Inc.		11,690
	529	Quintiles Transnational Holdings, Inc.*		34,554
	1,750	Thermo Fisher Scientific, Inc.		258,580
	45	VWR Corp.*		1,301
	751	Waters Corp.*^		105,628

				844,228

	Machinery (1.1%):
	762	Deere & Co.^		61,752
	1,104	Donaldson Co., Inc.^		37,933
	773	Flowserve Corp.^		34,916
	549	Graco, Inc.		43,366
	698	IDEX Corp.		57,306
	2,885	Illinois Tool Works, Inc.		300,503
	1,265	Ingersoll-Rand plc		80,555
	377	Lincoln Electric Holdings, Inc.^		22,273
	542	Manitowoc Foodservice, Inc.*^		9,550
	561	Middleby Corp. (The)*^		64,655
	567	Nordson Corp.^		47,407
	295	PACCAR, Inc.^		15,302
	414	Snap-On, Inc.		65,337
	178	Stanley Black & Decker, Inc.		19,797
	508	Toro Co.		44,806


Shares			Fair Value

	Common Stocks, continued
	Machinery, continued
	518	WABCO Holdings, Inc.*	$	47,433
	827	Wabtec Corp.^		58,080
	912	Xylem, Inc.		40,721

				1,051,692

	Media (5.2%):
	568	AMC Networks, Inc., Class A*^		34,319
	46	Cable One, Inc.		23,525
	3,953	CBS Corp., Class B		215,201
	1,967	Charter Communications, Inc., Class A*		449,741
	1,036	Cinemark Holdings, Inc.^		37,773
	119	Clear Channel Outdoor Holdings, Inc., Class A^		740
	21,854	Comcast Corp., Class A		1,424,662
	1,342	Discovery Communications, Inc., Class A*^		33,859
	2,112	Discovery Communications, Inc., Class C*		50,371
	1,657	DISH Network Corp., Class A*		86,827
	3,912	Interpublic Group of Cos., Inc. (The)		90,367
	591	Lions Gate Entertainment Corp.^		11,956
	732	Live Nation, Inc.*^		17,202
	19	Madison Square Garden Co. (The), Class A*		3,278
	2,315	Omnicom Group, Inc.^		188,649
	223	Regal Entertainment Group, Class A^		4,915
	806	Scripps Networks Interactive, Class A^		50,190
	17,409	Sirius XM Holdings, Inc.*^		68,766
	814	Starz – Liberty Capital*^		24,355
	5,065	Time Warner, Inc.		372,480
	60	Tribune Media Co., Class A^		2,351
	8,241	Twenty-First Century Fox, Inc.		222,919
	3,706	Twenty-First Century Fox, Inc., Class B		100,989
	59	Viacom, Inc., Class A^		2,739
	2,975	Viacom, Inc., Class B^		123,373
	15,909	Walt Disney Co. (The)		1,556,217

				5,197,764

	Metals & Mining (0.1%):
	2,669	Freeport-McMoRan Copper & Gold, Inc.^		29,732
	34	Royal Gold, Inc.		2,449
	362	Southern Copper Corp.^		9,767
	342	Steel Dynamics, Inc.^		8,379

				50,327

	Multiline Retail (0.6%):
	2,785	Dollar General Corp.		261,790
	2,218	Dollar Tree, Inc.*		209,024
	1,209	Nordstrom, Inc.^		46,002
	625	Target Corp.^		43,638

				560,454

	Multi-Utilities (0.0%):
	374	Dominion Resources, Inc.^		29,146

	Oil, Gas & Consumable Fuels (0.6%):
	2,561	Apache Corp.		142,570
	3,174	Cabot Oil & Gas Corp.^		81,699
	500	Chesapeake Energy Corp.*		2,140
	145	Cimarex Energy Co.		17,301
	377	Continental Resources, Inc.*^		17,067
	456	Devon Energy Corp.		16,530


Shares			Fair Value

	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	173	Diamondback Energy, Inc.*	$	15,779
	604	EOG Resources, Inc.		50,386
	198	Memorial Resource Development Corp.*		3,144
	495	Newfield Exploration Co.*		21,869
	2,046	ONEOK, Inc.		97,083
	129	Parsley Energy, Inc., Class A*^		3,491
	3,826	Southwestern Energy Co.*^		48,131
	1,055	Spectra Energy Corp.^		38,645
	1,119	Williams Cos., Inc. (The)		24,204

				580,039

	Personal Products (0.2%):
	247	Coty, Inc., Class A^		6,420
	2,121	Estee Lauder Co., Inc. (The), Class A		193,053
	721	Herbalife, Ltd.*^		42,200
	164	Nu Skin Enterprises, Inc., Class A^		7,575

				249,248

	Pharmaceuticals (3.5%):
	820	Akorn, Inc.*		23,358
	2,296	Allergan plc*		530,583
	16,370	Bristol-Myers Squibb Co.^		1,204,014
	9,559	Eli Lilly & Co.		752,771
	4,661	Johnson & Johnson Co.		565,379
	1,214	Mylan NV*		52,493
	4,125	Pfizer, Inc.		145,241
	4,460	Zoetis, Inc.		211,672

				3,485,511

	Professional Services (0.6%):
	144	Dun & Bradstreet Corp.		17,545
	1,159	Equifax, Inc.		148,816
	587	IHS, Inc., Class A*		67,863
	2,757	Nielsen Holdings plc		143,281
	1,226	Robert Half International, Inc.		46,784
	518	TransUnion*		17,322
	1,500	Verisk Analytics, Inc.*		121,620

				563,231

	Real Estate Investment Trusts (REITs) (3.0%):
	73	Alexandria Real Estate Equities, Inc.		7,557
	4,130	American Tower Corp.		469,209
	255	Boston Properties, Inc.		33,635
	81	Care Capital Properties, Inc.		2,123
	2,915	Crown Castle International Corp.		295,668
	1,180	CubeSmart		36,438
	607	Cyrusone, Inc.		33,786
	1,007	Digital Realty Trust, Inc.^		109,753
	727	Empire State Realty Trust, Inc., Class A		13,806
	678	Equinix, Inc.		262,881
	747	Equity Lifestyle Properties, Inc.		59,797
	266	Essex Property Trust, Inc.		60,672
	1,187	Extra Space Storage, Inc.		109,845
	691	Federal Realty Investment Trust		114,395
	1,830	Gaming & Leisure Properties, Inc.		63,098
	972	Healthcare Trust of America, Inc., Class A		31,434
	2,545	Iron Mountain, Inc.^		101,367


Shares			Fair Value

	Common Stocks, continued
	Real Estate Investment Trusts (REITs), continued
	802	Lamar Advertising Co., Class A	$	53,173
	668	Omega Healthcare Investors, Inc.^		22,679
	218	Outfront Media, Inc.		5,269
	1,446	Public Storage, Inc.		369,583
	164	Regency Centers Corp.		13,732
	269	Senior Housing Properties Trust		5,603
	2,733	Simon Property Group, Inc.		592,788
	293	Sovran Self Storage, Inc.		30,742
	824	Tanger Factory Outlet Centers, Inc.^		33,108
	284	Taubman Centers, Inc.		21,073
	1,039	Ventas, Inc.		75,660

				3,028,874

	Real Estate Management & Development (0.1%):
	2,933	CBRE Group, Inc., Class A*		77,666

	Road & Rail (0.3%):
	40	AMERCO, Inc.		14,982
	817	Avis Budget Group, Inc.*^		26,332
	699	Hertz Global Holdings, Inc.*^		7,738
	872	J.B. Hunt Transport Services, Inc.^		70,571
	393	Landstar System, Inc.^		26,983
	411	Old Dominion Freight Line, Inc.*		24,787
	1,298	Union Pacific Corp.		113,251

				284,644

	Semiconductors & Semiconductor Equipment (2.6%):
	7,620	Applied Materials, Inc.		182,651
	3,695	Broadcom, Ltd.		574,203
	355	Cree, Inc.*^		8,676
	4,171	Intel Corp.		136,809
	1,516	KLA-Tencor Corp.		111,047
	1,247	Lam Research Corp.^		104,823
	1,093	Linear Technology Corp.		50,857
	2,765	Maxim Integrated Products, Inc.		98,683
	2,035	Microchip Technology, Inc.		103,297
	4,983	NVIDIA Corp.^		234,251
	403	ON Semiconductor Corp.*		3,554
	132	Qorvo, Inc.*^		7,294
	2,981	QUALCOMM, Inc.		159,692
	1,705	Skyworks Solutions, Inc.		107,892
	9,849	Texas Instruments, Inc.		617,041
	788	Xilinx, Inc.		36,350

				2,537,120

	Software (6.6%):
	5,481	Activision Blizzard, Inc.		217,212
	4,779	Adobe Systems, Inc.*		457,780
	223	ANSYS, Inc.*		20,237
	270	Atlassian Corp. plc, Class A*^		6,993
	1,695	Autodesk, Inc.*		91,767
	2,924	Cadence Design Systems, Inc.*		71,053
	1,519	CDK Global, Inc.^		84,289
	1,519	Citrix Systems, Inc.*		121,657
	2,847	Electronic Arts, Inc.*		215,689
	345	FireEye, Inc.*^		5,682
	1,416	Fortinet, Inc.*		44,731


Shares			Fair Value

	Common Stocks, continued
	Software, continued
	707	Guidewire Software, Inc.*^	$	43,664
	2,386	Intuit, Inc.		266,301
	701	Manhattan Associates, Inc.*		44,955
	74,265	Microsoft Corp.		3,800,141
	379	NetSuite, Inc.*^		27,591
	1,653	Nuance Communications, Inc.*		25,836
	2,842	Oracle Corp.		116,323
	495	PTC, Inc.*		18,602
	1,771	Red Hat, Inc.*		128,575
	6,270	Salesforce.com, Inc.*		497,902
	1,542	ServiceNow, Inc.*		102,389
	1,291	Splunk, Inc.*^		69,946
	1,514	SS&C Technologies Holdings, Inc.^		42,513
	853	Symantec Corp.^		17,521
	148	Synopsys, Inc.*		8,004
	537	Tableau Software, Inc., Class A*		26,270
	323	Tyler Technologies, Inc.*		53,847
	261	Ultimate Software Group, Inc. (The)*		54,886
	250	VMware, Inc., Class A*		14,305
	1,140	Workday, Inc., Class A*^		85,124

				6,781,785

	Specialty Retail (4.3%):
	694	Advance Auto Parts, Inc.^		112,171
	253	AutoNation, Inc.*^		11,886
	288	AutoZone, Inc.*		228,626
	153	Bed Bath & Beyond, Inc.^		6,613
	394	Burlington Stores, Inc.*^		26,284
	47	Cabela’s, Inc., Class A*^		2,353
	1,903	CarMax, Inc.*^		93,304
	668	Dick’s Sporting Goods, Inc.		30,100
	1,187	Foot Locker, Inc.^		65,119
	140	Gap, Inc. (The)^		2,971
	12,200	Home Depot, Inc. (The)		1,557,817
	430	L Brands, Inc.^		28,866
	8,765	Lowe’s Cos., Inc.		693,924
	699	Michaels Cos., Inc. (The)*^		19,880
	220	Murphy U.S.A., Inc.*		16,315
	925	O’Reilly Automotive, Inc.*^		250,768
	3,854	Ross Stores, Inc.		218,483
	1,461	Sally Beauty Holdings, Inc.*		42,968
	701	Signet Jewelers, Ltd.		57,769
	6,468	TJX Cos., Inc. (The)		499,524
	1,315	Tractor Supply Co.		119,902
	573	Ulta Salon, Cosmetics & Fragrance, Inc.*		139,606
	680	Urban Outfitters, Inc.*^		18,700
	869	Williams-Sonoma, Inc.^		45,301

				4,289,250

	Technology Hardware, Storage & Peripherals (4.8%):
	49,226	Apple, Inc.		4,706,006
	2,028	EMC Corp.		55,101
	1,208	NCR Corp.*		33,546

				4,794,653


Shares or Principal Amount			Fair Value

	Common Stocks, continued
	Textiles, Apparel & Luxury Goods (1.5%):
	477	Carter’s, Inc.	$	50,786
	516	Coach, Inc.^		21,022
	3,687	Hanesbrands, Inc.^		92,654
	1,285	Kate Spade & Co.*		26,484
	950	Lululemon Athletica, Inc.*^		70,167
	1,679	Michael Kors Holdings, Ltd.*^		83,077
	12,984	Nike, Inc., Class B		716,717
	32	Ralph Lauren Corp.^		2,868
	1,274	Skechers U.S.A., Inc., Class A*^		37,863
	1,790	Under Armour, Inc., Class A*^		71,833
	1,811	Under Armour, Inc., Class C*^		65,921
	3,332	VF Corp.^		204,885

				1,444,277

	Tobacco (1.7%):
	19,179	Altria Group, Inc.		1,322,584
	1,626	Philip Morris International, Inc.		165,397
	4,984	Reynolds American, Inc.		268,787

				1,756,768

	Trading Companies & Distributors (0.4%):
	467	Air Lease Corp.		12,506
	2,830	Fastenal Co.^		125,623
	1,966	HD Supply Holdings, Inc.*		68,456
	194	MSC Industrial Direct Co., Inc., Class A^		13,689
	737	United Rentals, Inc.*^		49,453
	542	W.W. Grainger, Inc.^		123,170
	259	Watsco, Inc.		36,439

				429,336

	Wireless Telecommunication Services (0.1%):
	1,723	T-Mobile US, Inc.*^		74,554

	Total Common Stocks (Cost $59,849,114)			99,216,976

	Securities Held as Collateral for Securities on Loan (14.8%):
$	14,844,880	AZL Russell 1000 Growth Index Fund Securities Lending Collateral Account(a)		14,844,880

	Total Securities Held as Collateral for Securities on Loan (Cost $14,844,880)			14,844,880

	Unaffiliated Investment Company (1.6%):
	1,580,934	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(b)		1,580,934

	Total Unaffiliated Investment Company (Cost $1,580,934)			1,580,934

	Total Investment Securities (Cost $76,274,928)(c) — 115.0%			115,642,790
	Net other assets (liabilities) — (15.0)%			(15,043,477	)

	Net Assets — 100.0%		$	100,599,313

Cash of $68,200 has been segregated to cover margin requirements for the following open contracts as of June 30, 2016:

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	76,274,928

Investments in non-affiliates, at value*	$	115,642,790
Cash		1,268
Segregated cash for collateral		68,200
Interest and dividends receivable		85,599
Receivable for investments sold		4,000
Receivable for variation margin on futures contracts		18,765
Prepaid expenses		551

Total Assets		115,821,173

Liabilities:
Payable for investments purchased		26,073
Payable for capital shares redeemed		261,964
Payable for collateral received on loaned securities		14,844,880
Manager fees payable		32,262
Administration fees payable		3,172
Distribution fees payable		20,681
Custodian fees payable		1,199
Administrative and compliance services fees payable		52
Trustee fees payable		541
Other accrued liabilities		31,036

Total Liabilities		15,221,860

Net Assets	$	100,599,313

Net Assets Consist of:
Capital	$	38,615,450
Accumulated net investment income/(loss)		1,470,768
Accumulated net realized gains/(losses) from investment transactions		21,156,399
Net unrealized appreciation/(depreciation) on investments		39,356,696

Net Assets	$	100,599,313

Shares of beneficial interest (unlimited number of shares authorized, no par value)		6,502,863
Net Asset Value (offering and redemption price per share)	$	15.47

*	Includes securities on loan of $14,663,285.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	847,010
Dividends from Affiliates		1,731
Income from securities lending		17,822
Foreign withholding tax		(27	)

Total Investment Income		866,536

Expenses:
Manager fees		216,782
Administration fees		17,806
Distribution fees		123,171
Custodian fees		3,156
Administrative and compliance services fees		773
Trustee fees		2,756
Professional fees		3,047
Shareholder reports		1,143
Other expenses		19,781

Total expenses before reductions		388,415
Less expenses voluntarily waived/reimbursed by the Manager		(8,403	)

Net expenses		380,012

Net Investment Income/(Loss)		486,524

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		2,039,303
Net realized gains/(losses) from affiliated transactions		57,194
Net realized gains/(losses) on futures contracts		115,380
Change in net unrealized appreciation/depreciation on investments		(1,646,477	)

Net Realized/Unrealized Gains/(Losses) on Investments		565,400

Change in Net Assets Resulting From Operations	$	1,051,924

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $1,475 during the period ended June 30, 2016. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2016, 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 $1.7 million as of June 30, 2016. The monthly average notional amount for these contracts was $2.0 million for the period ended June 30, 2016. 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, 2016:

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, 2016:

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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $580 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $76,490,982. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, the components of accumulated earnings on a tax basis were as follows:

On June 14, 2016, the Board approved a reorganization whereby, subject to shareholder approval, the Fund will acquire the assets and liabilities of the AZL BlackRock Capital Appreciation Fund and AZL Boston Company Research Growth Fund. A meeting of shareholders to consider the proposal is scheduled for October 12, 2016 and, if approved, the reorganization is expected to occur approximately four weeks subsequent to that date.

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 (98.8%):
	Aerospace & Defense (1.5%):
	2,622	General Dynamics Corp.	$	365,087
	141	Huntington Ingalls Industries, Inc.		23,692
	1,413	L-3 Communications Holdings, Inc.		207,273
	1,071	Orbital ATK, Inc.		91,185
	3,377	Raytheon Co.		459,103
	1,177	Spirit AeroSystems Holdings, Inc., Class A*		50,611
	3,412	Textron, Inc.		124,743
	14,288	United Technologies Corp.		1,465,235

				2,786,929

	Air Freight & Logistics (0.0%):
	987	Expeditors International of Washington, Inc.^		48,402

	Airlines (0.4%):
	389	Alaska Air Group, Inc.^		22,675
	10,601	American Airlines Group, Inc.^		300,114
	572	Copa Holdings SA, Class A^		29,893
	3,135	Delta Air Lines, Inc.		114,208
	5,468	JetBlue Airways Corp.*^		90,550
	1,310	Spirit Airlines, Inc.*^		58,780
	6,165	United Continental Holdings, Inc.*		253,012

				869,232

	Auto Components (0.3%):
	3,505	BorgWarner, Inc.		103,468
	1,845	Gentex Corp.^		28,505
	4,889	Goodyear Tire & Rubber Co.		125,452
	8,343	Johnson Controls, Inc.		369,261
	234	Lear Corp.		23,812

				650,498

	Automobiles (0.9%):
	71,444	Ford Motor Co.		898,051
	25,791	General Motors Co.		729,885

				1,627,936

	Banks (9.6%):
	2,737	Associated Banc-Corp.		46,940
	189,224	Bank of America Corp.		2,511,002
	765	Bank of Hawaii Corp.^		52,632
	1,821	BankUnited, Inc.		55,941
	14,948	BB&T Corp.		532,298
	471	BOK Financial Corp.^		29,532
	3,655	CIT Group, Inc.		116,631
	54,058	Citigroup, Inc.		2,291,519
	5,721	Citizens Financial Group, Inc.		114,306
	3,205	Comerica, Inc.^		131,822
	1,558	Commerce Bancshares, Inc.^		74,628
	962	Cullen/Frost Bankers, Inc.^		61,308
	2,633	East West Bancorp, Inc.		89,996
	14,043	Fifth Third Bancorp		247,016
	4,228	First Horizon National Corp.		58,262
	6,456	First Niagara Financial Group, Inc.		62,881
	528	First Republic Bank		36,955
	14,562	Huntington Bancshares, Inc.^		130,184
	67,022	JPMorgan Chase & Co.		4,164,747
	15,467	KeyCorp^		170,910
	2,747	M&T Bank Corp.		324,778


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	2,178	PacWest Bancorp	$	86,641
	5,674	People’s United Financial, Inc.^		83,181
	9,188	PNC Financial Services Group, Inc.		747,811
	1,914	Popular, Inc.		56,080
	23,432	Regions Financial Corp.^		199,406
	398	Signature Bank*		49,718
	9,219	SunTrust Banks, Inc.		378,717
	248	SVB Financial Group*^		23,600
	2,284	Synovus Financial Corp.		66,213
	2,881	TCF Financial Corp.		36,445
	29,884	U.S. Bancorp		1,205,222
	84,128	Wells Fargo & Co.		3,981,778
	745	Western Alliance Bancorp*		24,324
	3,695	Zions Bancorp		92,855

				18,336,279

	Beverages (0.8%):
	38	Brown-Forman Corp., Class A		4,105
	105	Brown-Forman Corp., Class B^		10,475
	18,074	Coca-Cola Co. (The)		819,293
	3,158	Molson Coors Brewing Co., Class B		319,369
	3,457	PepsiCo, Inc.		366,235

				1,519,477

	Biotechnology (0.0%):
	182	Alnylam Pharmaceuticals, Inc.*^		10,099
	113	Juno Therapeutics, Inc.*^		4,344
	502	OPKO Health, Inc.*^		4,689
	0	Shire plc, ADR*		27
	584	United Therapeutics Corp.*^		61,857

				81,016

	Building Products (0.1%):
	852	Armstrong World Industries, Inc.*^		33,356
	54	Lennox International, Inc.^		7,700
	2,139	Masco Corp.		66,181
	2,105	Owens Corning, Inc.		108,450
	1,599	USG Corp.*^		43,109

				258,796

	Capital Markets (2.7%):
	128	Affiliated Managers Group, Inc.*		18,019
	2,007	Ameriprise Financial, Inc.		180,329
	19,262	Bank of New York Mellon Corp. (The)		748,329
	2,298	BlackRock, Inc., Class A+		787,134
	4,394	Charles Schwab Corp. (The)		111,212
	5,126	ETRADE Financial Corp.		120,410
	6,628	Franklin Resources, Inc.^		221,176
	7,099	Goldman Sachs Group, Inc. (The)		1,054,768
	1,018	Interactive Brokers Group, Inc., Class A^		36,037
	6,286	Invesco, Ltd.		160,544
	2,018	Lazard, Ltd., Class A		60,096
	1,930	Legg Mason, Inc.		56,916
	1,350	LPL Financial Holdings, Inc.^		30,416
	26,259	Morgan Stanley		682,209
	3,804	Northern Trust Corp.		252,053
	2,317	Raymond James Financial, Inc.^		114,228
	7,253	State Street Corp.		391,082


Shares			Fair Value
	Common Stocks, continued
	Capital Markets, continued
	1,053	T. Rowe Price Group, Inc.^	$	76,837
	498	TD Ameritrade Holding Corp.		14,181

				5,115,976

	Chemicals (1.5%):
	465	Air Products & Chemicals, Inc.		66,049
	2,044	Albemarle Corp.^		162,110
	1,140	Ashland, Inc.		130,838
	1,122	Cabot Corp.		51,231
	2,462	Celanese Corp., Series A		161,138
	4,286	CF Industries Holdings, Inc.^		103,293
	20,649	Dow Chemical Co. (The)^		1,026,461
	2,713	Eastman Chemical Co.		184,213
	476	FMC Corp.^		22,044
	3,636	Huntsman Corp.		48,904
	3,560	Lyondellbasell Industries NV		264,935
	2,817	Monsanto Co.		291,305
	6,428	Mosaic Co. (The)^		168,285
	10	NewMarket Corp.		4,144
	3,016	Platform Speciality Products Corp.*^		26,782
	641	Praxair, Inc.		72,042
	90	Scotts Miracle-Gro Co. (The)		6,292
	577	W.R. Grace & Co.		42,242
	696	Westlake Chemical Corp.		29,872

				2,862,180

	Commercial Services & Supplies (0.3%):
	884	Clean Harbors, Inc.*^		46,065
	1,231	R.R. Donnelley & Sons Co.^		20,829
	4,330	Republic Services, Inc., Class A		222,173
	84	Stericycle, Inc.*		8,746
	6,645	Tyco International plc		283,077
	1,420	Waste Management, Inc.		94,103

				674,993

	Communications Equipment (1.8%):
	2,675	ARRIS International plc*		56,068
	8,572	Brocade Communications Systems, Inc.		78,691
	92,666	Cisco Systems, Inc.		2,658,587
	854	EchoStar Corp., Class A*^		33,904
	2,293	Harris Corp.		191,328
	6,856	Juniper Networks, Inc.		154,191
	2,846	Motorola Solutions, Inc.		187,751

				3,360,520

	Construction & Engineering (0.2%):
	2,795	Aecom Technology Corp.*^		88,797
	1,914	Chicago Bridge & Iron Co. NV		66,282
	2,559	Fluor Corp.		126,108
	2,226	Jacobs Engineering Group, Inc.*^		110,877
	2,618	KBR, Inc.		34,662
	1,925	Quanta Services, Inc.*		44,506
	82	Valmont Industries, Inc.^		11,092

				482,324

	Construction Materials (0.0%):
	111	Martin Marietta Materials, Inc.		21,312
	168	Vulcan Materials Co.		20,220

				41,532


Shares			Fair Value
	Common Stocks, continued
	Consumer Finance (1.3%):
	8,151	Ally Financial, Inc.*	$	139,138
	14,719	American Express Co.		894,327
	9,389	Capital One Financial Corp.		596,295
	5,056	Discover Financial Services		270,951
	6,038	Navient Corp.		72,154
	1,009	Onemain Holdings, Inc.*^		23,025
	1,936	Santander Consumer USA Holdings, Inc.*^		19,999
	7,816	SLM Corp.*		48,303
	15,369	Synchrony Financial*		388,528

				2,452,720

	Containers & Packaging (0.4%):
	849	AptarGroup, Inc.^		67,181
	92	Avery Dennison Corp.		6,877
	1,479	Bemis Co., Inc.^		76,154
	1,738	Graphic Packaging Holding Co.		21,795
	7,538	International Paper Co.		319,460
	1,823	Sonoco Products Co.^		90,530
	4,599	WestRock Co.		178,763

				760,760

	Distributors (0.0%):
	153	Genuine Parts Co.		15,491

	Diversified Consumer Services (0.1%):
	80	Graham Holdings Co., Class B		39,163
	4,123	H&R Block, Inc.		94,829

				133,992

	Diversified Financial Services (3.3%):
	34,817	Berkshire Hathaway, Inc., Class B*		5,041,153
	6,213	CME Group, Inc.		605,146
	1,128	Intercontinental Exchange, Inc.		288,723
	6,035	Leucadia National Corp.		104,587
	327	Moody’s Corp.		30,643
	2,058	NASDAQ OMX Group, Inc. (The)		133,091
	3,754	Voya Financial, Inc.		92,949

				6,296,292

	Diversified Telecommunication Services (4.1%):
	113,429	AT&T, Inc.		4,901,267
	9,878	CenturyLink, Inc.^		286,561
	21,440	Frontier Communications Corp.^		105,914
	5,370	Level 3 Communications, Inc.*		276,501
	830	SBA Communications Corp., Class A*		89,590
	37,564	Verizon Communications, Inc.		2,097,574

				7,757,407

	Electric Utilities (4.1%):
	9,080	American Electric Power Co., Inc.		636,417
	1,032	Avangrid, Inc.^		47,534
	12,690	Duke Energy Corp.		1,088,675
	5,816	Edison International		451,729
	3,295	Entergy Corp.		268,048
	5,834	Eversource Energy		349,457
	16,317	Exelon Corp.		593,286
	7,818	FirstEnergy Corp.		272,926
	2,840	Great Plains Energy, Inc.		86,336


Shares			Fair Value
	Common Stocks, continued
	Electric Utilities, continued
	1,971	Hawaiian Electric Industries, Inc.	$	64,629
	1,399	ITC Holdings Corp.		65,501
	8,477	NextEra Energy, Inc.^		1,105,401
	3,654	OGE Energy Corp.^		119,669
	9,135	PG&E Corp.		583,909
	2,023	Pinnacle West Capital Corp.		163,984
	12,471	PPL Corp.		470,780
	17,292	Southern Co. (The)		927,370
	2,606	Westar Energy, Inc.		146,171
	9,345	Xcel Energy, Inc.		418,469

				7,860,291

	Electrical Equipment (0.6%):
	3,452	AMETEK, Inc.		159,586
	8,412	Eaton Corp. plc		502,448
	9,876	Emerson Electric Co.		515,131
	361	Hubbell, Inc.		38,075
	822	Regal-Beloit Corp.^		45,251
	497	Rockwell Automation, Inc.		57,066
	1,201	Solarcity Corp.*^		28,740

				1,346,297

	Electronic Equipment, Instruments & Components (0.5%):
	1,669	Arrow Electronics, Inc.*		103,311
	2,353	Avnet, Inc.		95,320
	19,780	Corning, Inc.		405,094
	950	Dolby Laboratories, Inc., Class A^		45,458
	426	Fitbit, Inc., Class A*^		5,206
	2,515	FLIR Systems, Inc.		77,839
	2,630	Ingram Micro, Inc., Class A		91,471
	104	IPG Photonics Corp.*		8,320
	3,431	Jabil Circuit, Inc.		63,371
	3,149	Keysight Technologies, Inc.*		91,604
	403	National Instruments Corp.		11,042
	966	Trimble Navigation, Ltd.*		23,532
	175	Zebra Technologies Corp., Class A*		8,768

				1,030,336

	Energy Equipment & Services (2.4%):
	8,053	Baker Hughes, Inc.		363,432
	1,243	Diamond Offshore Drilling, Inc.^		30,242
	694	Dril-Quip, Inc.*^		40,550
	5,710	Ensco plc, Class A, ADR		55,444
	4,140	FMC Technologies, Inc.*		110,414
	670	Frank’s International NV^		9,789
	15,768	Halliburton Co.		714,133
	1,783	Helmerich & Payne, Inc.^		119,693
	5,054	Nabors Industries, Ltd.		50,793
	6,939	National-Oilwell Varco, Inc.^		233,497
	4,439	Noble Corp. plc^		36,577
	1,797	Oceaneering International, Inc.^		53,658
	2,649	Patterson-UTI Energy, Inc.^		56,477
	2,306	Rowan Cos. plc, Class A^		40,724
	1,094	RPC, Inc.^		16,990
	25,621	Schlumberger, Ltd.		2,026,109
	2,758	Superior Energy Services, Inc.^		50,775


Shares			Fair Value
	Common Stocks, continued
	Energy Equipment & Services, continued
	6,335	Transocean, Ltd.^	$	75,323
	16,388	Weatherford International plc*^		90,954

				4,175,574

	Food & Staples Retailing (1.8%):
	1,146	CVS Health Corp.		109,718
	12,566	Walgreens Boots Alliance, Inc.		1,046,371
	27,849	Wal-Mart Stores, Inc.		2,033,534
	4,869	Whole Foods Market, Inc.^		155,905

				3,345,528

	Food Products (2.1%):
	10,574	Archer-Daniels-Midland Co.		453,519
	2,553	Bunge, Ltd.		151,010
	1,687	ConAgra Foods, Inc.		80,655
	264	Flowers Foods, Inc.^		4,950
	475	Hain Celestial Group, Inc.*		23,631
	627	Hormel Foods Corp.^		22,948
	388	Ingredion, Inc.		50,211
	2,129	JM Smucker Co. (The)		324,481
	352	Kellogg Co.		28,741
	9,566	Kraft Heinz Co. (The)		846,400
	2,197	Mead Johnson Nutrition Co.^		199,378
	27,496	Mondelez International, Inc., Class A		1,251,343
	930	Pilgrim’s Pride Corp.^		23,696
	2,121	Pinnacle Foods, Inc.		98,181
	497	Post Holdings, Inc.*		41,097
	689	TreeHouse Foods, Inc.*		70,726
	2,848	Tyson Foods, Inc., Class A		190,218

				3,861,185

	Gas Utilities (0.4%):
	2,206	AGL Resources, Inc.		145,530
	1,863	Atmos Energy Corp.		151,499
	1,352	National Fuel Gas Co.^		76,902
	1,363	Piedmont Natural Gas Co., Inc.		81,944
	3,182	Questar Corp.		80,727
	3,140	UGI Corp.		142,085

				678,687

	Health Care Equipment & Supplies (2.3%):
	27,017	Abbott Laboratories		1,062,038
	1,293	Alere, Inc.*		53,892
	8,151	Baxter International, Inc.		368,588
	195	Cooper Cos., Inc. (The)		33,456
	4,222	DENTSPLY SIRONA, Inc.		261,933
	89	Hill-Rom Holdings, Inc.		4,490
	25,817	Medtronic plc		2,240,141
	1,565	St. Jude Medical, Inc.		122,070
	654	Teleflex, Inc.		115,961
	1,591	Zimmer Holdings, Inc.^		191,525

				4,454,094

	Health Care Providers & Services (1.4%):
	877	Acadia Healthcare Co., Inc.*		48,586
	4,144	Aetna, Inc.^		506,107
	433	AmSurg Corp.*^		33,575


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	3,527	Anthem, Inc.	$	463,236
	3,379	Brookdale Senior Living, Inc.*^		52,172
	444	Cardinal Health, Inc.^		34,636
	814	Centene Corp.*		58,095
	3,112	Cigna Corp.		398,305
	1,869	DaVita, Inc.*		144,511
	564	Envision Healthcare Holdings, Inc.*		14,309
	1,362	Express Scripts Holding Co.*^		103,240
	1,823	HCA Holdings, Inc.*		140,389
	162	Humana, Inc.		29,141
	1,038	Laboratory Corp. of America Holdings*		135,220
	739	LifePoint Hospitals, Inc.*^		48,308
	500	MEDNAX, Inc.*		36,215
	583	Premier, Inc., Class A*		19,064
	2,601	Quest Diagnostics, Inc.		211,747
	1,184	Universal Health Services, Inc., Class B		158,774
	64	WellCare Health Plans, Inc.*		6,866

				2,642,496

	Health Care Technology (0.0%):
	3,424	Allscripts Healthcare Solutions, Inc.*^		43,485

	Hotels, Restaurants & Leisure (0.6%):
	2,530	Aramark Holdings Corp.		84,553
	7,495	Carnival Corp., Class A		331,279
	190	Choice Hotels International, Inc.^		9,048
	1,165	Extended Stay America, Inc.^		17,417
	1,155	Hilton Worldwide Holdings, Inc.^		26,022
	414	Hyatt Hotels Corp., Class A*^		20,344
	1,726	International Game Technology plc^		32,345
	436	Marriott International, Inc., Class A		28,977
	7,923	MGM Resorts International*		179,296
	2,649	Norwegian Cruise Line Holdings, Ltd.*^		105,536
	3,093	Royal Caribbean Cruises, Ltd.^		207,695
	1,270	Starwood Hotels & Resorts Worldwide, Inc.		93,917
	1,651	Wendy’s Co. (The)^		15,883
	128	Wynn Resorts, Ltd.^		11,602

				1,163,914

	Household Durables (0.3%):
	1,203	CalAtlantic Group, Inc.^		44,162
	2,794	D.R. Horton, Inc.		87,955
	2,046	Garmin, Ltd.		86,791
	694	Harman International Industries, Inc.		49,843
	1,587	Lennar Corp., Class A^		73,161
	115	Lennar Corp., Class B		4,284
	237	Mohawk Industries, Inc.*		44,973
	4,447	PulteGroup, Inc.^		86,672
	1,504	Toll Brothers, Inc.*^		40,473
	1,231	Whirlpool Corp.		205,133

				723,447

	Household Products (2.8%):
	353	Clorox Co. (The)		48,852
	13,113	Colgate-Palmolive Co.		959,872
	776	Energizer Holdings, Inc.^		39,956
	979	Kimberly-Clark Corp.		134,593


Shares			Fair Value
	Common Stocks, continued
	Household Products, continued
	49,056	Procter & Gamble Co. (The)	$	4,153,571

				5,336,844

	Independent Power and Renewable Electricity Producers (0.2%):
	12,242	AES Corp. (The)		152,780
	6,561	Calpine Corp.*^		96,775
	5,779	NRG Energy, Inc.^		86,627

				336,182

	Industrial Conglomerates (2.8%):
	806	Carlisle Cos., Inc.		85,178
	8,196	Danaher Corp.		827,796
	136,563	General Electric Co.^		4,299,004
	897	Roper Industries, Inc.^		152,992

				5,364,970

	Insurance (5.0%):
	7,393	Aflac, Inc.		533,479
	273	Alleghany Corp.*		150,035
	1,605	Allied World Assurance Co. Holdings AG		56,400
	6,878	Allstate Corp. (The)		481,116
	1,255	American Financial Group, Inc.		92,782
	20,412	American International Group, Inc.		1,079,590
	139	American National Insurance Co.		15,728
	1,505	AmTrust Financial Services^		36,873
	2,105	Arch Capital Group, Ltd.*		151,559
	1,012	Arthur J. Gallagher & Co.		48,171
	1,103	Aspen Insurance Holdings, Ltd.		51,157
	1,134	Assurant, Inc.		97,876
	2,442	Assured Guaranty, Ltd.		61,954
	1,674	Axis Capital Holdings, Ltd.		92,070
	2,008	Brown & Brown, Inc.		75,240
	8,506	Chubb, Ltd.		1,111,819
	2,753	Cincinnati Financial Corp.		206,172
	526	CNA Financial Corp.		16,527
	1,173	Endurance Specialty Holdings, Ltd.		78,779
	119	Erie Indemnity Co., Class A		11,821
	770	Everest Re Group, Ltd.		140,656
	1,956	First American Financial Corp.		78,670
	4,821	FNF Group		180,788
	792	Hanover Insurance Group, Inc. (The)		67,019
	7,192	Hartford Financial Services Group, Inc. (The)		319,181
	3,391	Lincoln National Corp.		131,469
	5,150	Loews Corp.		211,614
	251	Markel Corp.*		239,148
	500	Mercury General Corp.^		26,580
	17,113	MetLife, Inc.		681,611
	4,436	Old Republic International Corp.		85,570
	4,915	Principal Financial Group, Inc.		202,056
	964	ProAssurance Corp.		51,622
	9,662	Progressive Corp. (The)		323,677
	8,130	Prudential Financial, Inc.		579,994
	1,173	Reinsurance Group of America, Inc.		113,769
	776	RenaissanceRe Holdings, Ltd.		91,133
	2,182	Torchmark Corp.^		134,891
	5,368	Travelers Cos., Inc. (The)		639,007


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	4,370	UnumProvident Corp.	$	138,922
	1,379	Validus Holdings, Ltd.		67,006
	1,759	W.R. Berkley Corp.		105,399
	87	White Mountains Insurance Group, Ltd.		73,254
	3,399	XL Group plc		113,221

				9,245,405

	Internet & Catalog Retail (0.1%):
	3,563	Liberty Media Corp. – Interactive, Class A*		90,394
	1,989	Liberty Ventures, Inc., Series A*		73,732

				164,126

	Internet Software & Services (0.4%):
	352	Akamai Technologies, Inc.*^		19,687
	279	IAC/InterActiveCorp		15,708
	566	Pandora Media, Inc.*^		7,047
	1,362	Twitter, Inc.*^		23,031
	15,946	Yahoo!, Inc.*		598,932
	285	Yelp, Inc.*^		8,653
	289	Zillow Group, Inc., Class A*^		10,592
	580	Zillow Group, Inc., Class C*^		21,042

				704,692

	IT Services (0.8%):
	2,719	Amdocs, Ltd.		156,941
	130	Booz Allen Hamilton Holding Corp.		3,853
	2,545	Computer Sciences Corp.		126,359
	667	CoreLogic, Inc.*		25,666
	2,572	Fidelity National Information Services, Inc.		189,505
	5,067	International Business Machines Corp.		769,070
	1,181	Leidos Holdings, Inc.		56,534
	18,455	Xerox Corp.		175,138

				1,503,066

	Leisure Products (0.0%):
	309	Brunswick Corp.		14,004
	918	Vista Outdoor, Inc.*		43,816

				57,820

	Life Sciences Tools & Services (0.5%):
	4,408	Agilent Technologies, Inc.		195,539
	381	Bio-Rad Laboratories, Inc., Class A*^		54,491
	1,574	PerkinElmer, Inc.		82,509
	4,188	QIAGEN NV*^		91,340
	523	Quintiles Transnational Holdings, Inc.*		34,162
	3,935	Thermo Fisher Scientific, Inc.		581,436
	1,348	VWR Corp.*		38,957

				1,078,434

	Machinery (1.9%):
	1,278	AGCO Corp.^		60,232
	2,597	Allison Transmission Holdings, Inc.		73,313
	10,261	Caterpillar, Inc.^		777,885
	1,804	Colfax Corp.*		47,734
	894	Crane Co.		50,708
	2,901	Cummins, Inc.^		326,188
	4,358	Deere & Co.^		353,172
	180	Donaldson Co., Inc.^		6,185


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	2,817	Dover Corp.	$	195,274
	935	Flowserve Corp.^		42,234
	97	IDEX Corp.		7,964
	2,355	Ingersoll-Rand plc		149,966
	1,658	ITT, Inc.		53,023
	414	Lincoln Electric Holdings, Inc.^		24,459
	1,301	Manitowoc Foodservice, Inc.*^		22,924
	1,336	OshKosh Corp.		63,741
	5,738	PACCAR, Inc.		297,630
	2,453	Parker Hannifin Corp.		265,047
	3,053	Pentair plc		177,960
	285	Snap-On, Inc.		44,979
	2,416	Stanley Black & Decker, Inc.		268,708
	1,941	Terex Corp.		39,422
	1,291	Timken Co.		39,582
	2,740	Trinity Industries, Inc.^		50,882
	1,574	Xylem, Inc.		70,279

				3,509,491

	Marine (0.0%):
	990	Kirby Corp.*^		61,766

	Media (1.0%):
	518	Clear Channel Outdoor Holdings, Inc., Class A^		3,222
	3,328	Comcast Corp., Class A		216,952
	193	Discovery Communications, Inc., Class A*^		4,869
	303	Discovery Communications, Inc., Class C*		7,227
	924	DISH Network Corp., Class A*		48,418
	815	John Wiley & Sons, Inc., Class A		42,527
	274	Liberty Braves Group, Class A*		4,121
	467	Liberty Broadband Corp., Class A*		27,740
	1,896	Liberty Broadband Corp., Class C*^		113,760
	1,668	Liberty Siriusxm Group, Class A*		52,308
	3,365	Liberty Siriusxm Group, Class C*		103,878
	613	Lions Gate Entertainment Corp.		12,401
	1,033	Live Nation, Inc.*^		24,276
	321	Madison Square Garden Co. (The), Class A*		55,376
	6,972	News Corp., Class A		79,132
	2,340	News Corp., Class B^		27,308
	1,065	Regal Entertainment Group, Class A^		23,473
	3,996	Tegna, Inc.^		92,587
	5,513	Thomson Reuters Corp.		222,836
	4,965	Time Warner, Inc.		365,125
	1,313	Tribune Media Co., Class A^		51,443
	4,518	Twenty-First Century Fox, Inc.		122,212
	2,032	Twenty-First Century Fox, Inc., Class B		55,372
	22	Viacom, Inc., Class A		1,021
	748	Viacom, Inc., Class B		31,020

				1,788,604

	Metals & Mining (0.8%):
	24,199	Alcoa, Inc.^		224,325
	618	Compass Minerals International, Inc.^		45,849
	17,977	Freeport-McMoRan Copper & Gold, Inc.^		200,264
	9,808	Newmont Mining Corp.		383,690
	5,838	Nucor Corp.^		288,456


Shares			Fair Value
	Common Stocks, continued
	Metals & Mining, continued
	1,276	Reliance Steel & Aluminum Co.^	$	98,124
	1,119	Royal Gold, Inc.		80,590
	856	Southern Copper Corp.^		23,095
	3,666	Steel Dynamics, Inc.^		89,817
	5,517	Tahoe Resources, Inc.		82,589
	2,497	United States Steel Corp.^		42,099

				1,558,898

	Multiline Retail (0.6%):
	343	Dillard’s, Inc., Class A^		20,786
	5,645	J.C. Penney Co., Inc.*^		50,128
	3,391	Kohl’s Corp.^		128,587
	5,665	Macy’s, Inc.		190,401
	9,687	Target Corp.^		676,345

				1,066,247

	Multi-Utilities (2.3%):
	4,178	Alliant Energy Corp.^		165,867
	4,446	Ameren Corp.		238,217
	7,903	CenterPoint Energy, Inc.^		189,672
	5,094	CMS Energy Corp.		233,611
	5,607	Consolidated Edison, Inc.^		451,027
	10,618	Dominion Resources, Inc.^		827,460
	3,292	DTE Energy Co.		326,303
	3,566	MDU Resources Group, Inc.^		85,584
	5,909	NiSource, Inc.		156,707
	9,298	Public Service Enterprise Group, Inc.		433,380
	2,393	SCANA Corp.^		181,054
	4,587	Sempra Energy^		523,009
	4,292	TECO Energy, Inc.		118,631
	1,524	Vectren Corp.		80,269
	5,809	WEC Energy Group, Inc.^		379,328

				4,390,119

	Oil, Gas & Consumable Fuels (11.2%):
	9,389	Anadarko Petroleum Corp.		499,964
	3,011	Antero Resources Corp.*^		78,226
	2,161	Apache Corp.		120,303
	2,494	Cabot Oil & Gas Corp.		64,196
	3,663	Cheniere Energy, Inc.*^		137,546
	10,230	Chesapeake Energy Corp.*^		43,784
	34,611	Chevron Corp.		3,628,271
	1,446	Cimarex Energy Co.		172,537
	7,349	Columbia Pipeline Group, Inc.		187,326
	2,397	Concho Resources, Inc.*^		285,890
	22,825	ConocoPhillips		995,170
	4,165	CONSOL Energy, Inc.^		67,015
	883	Continental Resources, Inc.*^		39,973
	8,749	Devon Energy Corp.		317,151
	992	Diamondback Energy, Inc.*		90,480
	1,795	Energen Corp.		86,537
	8,981	EOG Resources, Inc.		749,195
	3,162	EQT Corp.		244,834
	76,331	Exxon Mobil Corp.		7,155,267
	2,303	Gulfport Energy Corp.*^		71,992
	5,177	Hess Corp.		311,138


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	2,934	HollyFrontier Corp.^	$	69,741
	35,390	Kinder Morgan, Inc.		662,501
	3,052	Kosmos Energy, Ltd.*		16,633
	2,384	Laredo Petroleum Holdings, Inc.*^		24,984
	15,572	Marathon Oil Corp.		233,736
	9,667	Marathon Petroleum Corp.		366,959
	1,487	Memorial Resource Development Corp.*		23,614
	2,995	Murphy Oil Corp.^		95,091
	2,716	Newfield Exploration Co.*		119,993
	7,810	Noble Energy, Inc.		280,145
	14,032	Occidental Petroleum Corp.		1,060,258
	2,531	Parsley Energy, Inc., Class A*^		68,489
	1,833	PBF Energy, Inc., Class A		43,589
	8,293	Phillips 66		657,967
	2,987	Pioneer Natural Resources Co.		451,664
	3,963	QEP Resources, Inc.		69,868
	3,056	Range Resources Corp.^		131,836
	1,235	SM Energy Co.^		33,345
	10,881	Spectra Energy Corp.^		398,571
	2,866	Targa Resources Corp.^		120,773
	2,193	Tesoro Corp.		164,300
	8,638	Valero Energy Corp.		440,538
	3,698	Whiting Petroleum Corp.*^		34,243
	10,554	Williams Cos., Inc. (The)		228,283
	1,269	World Fuel Services Corp.^		60,265
	5,065	WPX Energy, Inc.*^		47,155

				21,251,336

	Paper & Forest Products (0.0%):
	1,144	Domtar Corp.		40,051

	Personal Products (0.1%):
	368	Coty, Inc., Class A		9,564
	1,083	Edgewell Personal Care Co.*^		91,416
	719	Nu Skin Enterprises, Inc., Class A^		33,211

				134,191

	Pharmaceuticals (6.9%):
	2,970	Allergan plc*		686,337
	3,758	Endo International plc*^		58,587
	41,837	Johnson & Johnson Co.		5,074,829
	2,009	Mallinckrodt plc*		122,107
	51,004	Merck & Co., Inc.		2,938,340
	5,743	Mylan NV*		248,327
	2,529	Perrigo Co. plc^		229,305
	102,884	Pfizer, Inc.		3,622,546

				12,980,378

	Professional Services (0.1%):
	398	Dun & Bradstreet Corp.^		48,492
	131	IHS, Inc., Class A*		15,145
	1,315	Manpower, Inc.		84,607
	1,444	Nielsen Holdings plc		75,045

				223,289

	Real Estate Investment Trusts (REITs) (5.4%):
	1,205	Alexandria Real Estate Equities, Inc.		124,742
	2,398	American Campus Communities, Inc.^		126,782


Shares			Fair Value
	Common Stocks, continued
	Real Estate Investment Trusts (REITs), continued
	6,089	American Capital Agency Corp.^	$	120,684
	3,054	American Homes 4 Rent, Class A		62,546
	16,989	Annaly Capital Management, Inc.^		188,068
	2,876	Apartment Investment & Management Co., Class A		127,004
	3,015	Apple Hospitality REIT, Inc.^		56,712
	2,520	AvalonBay Communities, Inc.		454,583
	2,335	Boston Properties, Inc.		307,987
	3,156	Brandywine Realty Trust		53,021
	3,510	Brixmor Property Group, Inc.^		92,875
	1,581	Camden Property Trust^		139,792
	1,388	Care Capital Properties, Inc.		36,379
	3,440	Chimera Investment Corp.^		54,008
	2,270	Columbia Property Trust, Inc.		48,578
	2,241	Communications Sales & Leasing, Inc.		64,765
	1,733	Corporate Office Properties Trust		51,245
	2,150	Corrections Corp. of America^		75,293
	705	Crown Castle International Corp.		71,508
	1,042	CubeSmart		32,177
	159	Cyrusone, Inc.		8,850
	1,653	DCT Industrial Trust, Inc.		79,410
	5,740	DDR Corp.		104,124
	807	Digital Realty Trust, Inc.^		87,955
	2,566	Douglas Emmett, Inc.		91,144
	6,353	Duke Realty Corp.		169,371
	862	Empire State Realty Trust, Inc., Class A		16,369
	1,158	EPR Properties^		93,427
	2,282	Equity Commonwealth*		66,475
	1,679	Equity One, Inc.		54,030
	6,550	Equity Residential Property Trust		451,164
	698	Essex Property Trust, Inc.		159,207
	4,222	Forest City Realty Trust, Inc., Class A		94,193
	10,625	General Growth Properties, Inc.		316,838
	8,592	HCP, Inc.		303,985
	658	Healthcare Trust of America, Inc., Class A^		21,280
	1,758	Highwoods Properties, Inc.^		92,822
	2,615	Hospitality Properties Trust^		75,312
	13,520	Host Hotels & Resorts, Inc.^		219,159
	1,669	Kilroy Realty Corp.^		110,638
	7,413	Kimco Realty Corp.		232,620
	2,682	Liberty Property Trust		106,529
	2,635	Macerich Co. (The)		225,003
	6,788	MFA Financial, Inc.^		49,349
	1,373	Mid-America Apartment Communities, Inc.^		146,087
	2,623	National Retail Properties, Inc.^		135,662
	3,356	NorthStar Realty Finance Corp.		38,359
	2,126	Omega Healthcare Investors, Inc.^		72,178
	2,126	Outfront Media, Inc.		51,385
	3,306	Paramount Group, Inc.^		52,698
	2,657	Piedmont Office Realty Trust, Inc., Class A^		57,232
	967	Post Properties, Inc.		59,035
	9,595	ProLogis, Inc.		470,539
	2,252	Rayonier, Inc.^		59,092
	4,736	Realty Income Corp.^		328,489


Shares			Fair Value
	Common Stocks, continued
	Real Estate Investment Trusts (REITs), continued
	1,460	Regency Centers Corp.	$	122,246
	4,358	Retail Properties of America, Inc., Class A		73,650
	3,815	Senior Housing Properties Trust		79,466
	533	Simon Property Group, Inc.		115,608
	1,791	SL Green Realty Corp.^		190,688
	290	Sovran Self Storage, Inc.		30,427
	8,800	Spirit Realty Capital, Inc.		112,376
	4,271	Starwood Property Trust, Inc.^		88,495
	2,768	STORE Capital Corp.		81,518
	1,147	Sun Communities, Inc.^		87,906
	165	Tanger Factory Outlet Centers, Inc.^		6,630
	540	Taubman Centers, Inc.		40,068
	6,346	Two Harbors Investment Corp.		54,322
	4,868	UDR, Inc.		179,727
	4,260	Ventas, Inc.		310,213
	16,666	VEREIT, Inc.		168,993
	3,154	Vornado Realty Trust		315,778
	2,137	Weingarten Realty Investors		87,232
	6,565	Welltower, Inc.^		500,055
	13,627	Weyerhaeuser Co.		405,676
	1,891	WP Carey, Inc.^		131,273

				10,171,106

	Real Estate Management & Development (0.1%):
	664	Howard Hughes Corp. (The)*		75,908
	827	Jones Lang LaSalle, Inc.		80,592
	2,654	Realogy Holdings Corp.*^		77,019

				233,519

	Road & Rail (1.3%):
	43	AMERCO, Inc.		16,106
	17,555	CSX Corp.		457,834
	1,039	Genesee & Wyoming, Inc., Class A*^		61,249
	5,309	Hertz Global Holdings, Inc.*^		58,771
	1,978	Kansas City Southern		178,198
	5,431	Norfolk Southern Corp.		462,341
	468	Old Dominion Freight Line, Inc.*		28,225
	982	Ryder System, Inc.		60,039
	13,087	Union Pacific Corp.		1,141,841

				2,464,604

	Semiconductors & Semiconductor Equipment (2.7%):
	5,638	Analog Devices, Inc.		319,336
	5,732	Applied Materials, Inc.		137,396
	1,158	Cree, Inc.*^		28,302
	5,719	Cypress Semiconductor Corp.^		60,335
	1,389	First Solar, Inc.*^		67,339
	79,178	Intel Corp.		2,597,039
	589	Lam Research Corp.^		49,511
	2,323	Linear Technology Corp.		108,089
	7,388	Marvell Technology Group, Ltd.		70,408
	19,031	Micron Technology, Inc.*		261,867
	6,809	ON Semiconductor Corp.*		60,055
	2,271	Qorvo, Inc.*^		125,495
	21,442	QUALCOMM, Inc.		1,148,649
	286	Skyworks Solutions, Inc.^		18,098


Shares			Fair Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment, continued
	979	Sunpower Corp.*^	$	15,165
	3,725	Teradyne, Inc.		73,345
	3,187	Xilinx, Inc.		147,016

				5,287,445

	Software (1.5%):
	1,197	ANSYS, Inc.*		108,628
	709	Autodesk, Inc.*		38,385
	5,355	CA, Inc.		175,805
	2,131	FireEye, Inc.*^		35,098
	996	Nuance Communications, Inc.*		15,567
	49,110	Oracle Corp.		2,010,072
	1,163	PTC, Inc.*		43,706
	288	SS&C Technologies Holdings, Inc.^		8,087
	9,669	Symantec Corp.^		198,601
	2,512	Synopsys, Inc.*		135,849
	1,023	VMware, Inc., Class A*		58,536
	13,662	Zynga, Inc.*		34,018

				2,862,352

	Specialty Retail (0.6%):
	720	AutoNation, Inc.*^		33,826
	2,443	Bed Bath & Beyond, Inc.^		105,586
	5,097	Best Buy Co., Inc.^		155,968
	551	Burlington Stores, Inc.*^		36,757
	821	Cabela’s, Inc., Class A*^		41,099
	1,367	CST Brands, Inc.^		58,890
	350	Dick’s Sporting Goods, Inc.		15,771
	251	Foot Locker, Inc.		13,770
	1,876	GameStop Corp., Class A^		49,864
	3,822	Gap, Inc. (The)^		81,103
	3,647	L Brands, Inc.		244,824
	394	Michaels Cos., Inc. (The)*		11,205
	267	Murphy U.S.A., Inc.*		19,801
	705	Penske Automotive Group, Inc.^		22,179
	126	Signet Jewelers, Ltd.		10,384
	11,834	Staples, Inc.		102,009
	2,010	Tiffany & Co.^		121,886
	363	Urban Outfitters, Inc.*^		9,983

				1,134,905

	Technology Hardware, Storage & Peripherals (1.6%):
	8,477	Apple, Inc.		810,401
	32,108	EMC Corp.		872,375
	31,760	Hewlett Packard Enterprise Co.		580,255
	31,830	HP, Inc.		399,467
	1,135	Lexmark International, Inc., Class A		42,846
	5,326	NetApp, Inc.		130,966
	5,188	Western Digital Corp.		245,180

				3,081,490

	Textiles, Apparel & Luxury Goods (0.2%):
	4,152	Coach, Inc.^		169,152
	1,482	PVH Corp.		139,649
	976	Ralph Lauren Corp.^		87,469

				396,270


Shares or Principal amount			Fair Value
	Common Stocks, continued
	Thrifts & Mortgage Finance (0.1%):
	8,825	New York Community Bancorp, Inc.^	$	132,286
	1,048	TFS Financial Corp.^		18,047

				150,333

	Tobacco (1.5%):
	25,474	Philip Morris International, Inc.		2,591,215
	5,834	Reynolds American, Inc.		314,628

				2,905,843

	Trading Companies & Distributors (0.1%):
	891	Air Lease Corp.		23,861
	507	MSC Industrial Direct Co., Inc., Class A^		35,774
	237	United Rentals, Inc.*^		15,903
	773	WESCO International, Inc.*^		39,801

				115,339

	Transportation Infrastructure (0.1%):
	1,371	Macquarie Infrastructure Corp.^		101,523

	Water Utilities (0.2%):
	3,271	American Water Works Co., Inc.^		276,432
	3,259	Aqua America, Inc.^		116,216

				392,648

	Wireless Telecommunication Services (0.1%):
	13,902	Sprint Corp.*^		62,976
	1,749	Telephone & Data Systems, Inc.		51,875
	2,009	T-Mobile US, Inc.*^		86,930
	246	United States Cellular Corp.*^		9,660

				211,441

	Total Common Stocks (Cost $147,217,378)			187,762,813

	Securities Held as Collateral for Securities on Loan (13.4%):
$	25,381,432	AZL Russell 1000 Value Index Fund Securities Lending Collateral Account(a)		25,381,432

	Total Securities Held as Collateral for Securities on Loan (Cost $25,381,432)			25,381,432

	Unaffiliated Investment Company (1.3%):
	2,454,296	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(b)		2,454,296

	Total Unaffiliated Investment Company (Cost $2,454,296)			2,454,296

	Total Investment Securities (Cost $175,053,106)(c) —113.5%			215,598,541
	Net other assets (liabilities) — (13.5)%			(25,624,379	)

	Net Assets — 100.0%		$	189,974,162

Cash of $131,200 has been segregated to cover margin requirements for the following open contracts as of June 30, 2016:

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	174,487,017
Investments in affiliates, at cost		566,089

Total Investment securities, at cost		175,053,106

Investments in non-affiliates, at value*	$	214,811,404
Investments in affiliates, at value		787,137

Total Investment securities, at value*		215,598,541

Cash		1,577
Segregated cash for collateral		131,200
Interest and dividends receivable		275,943
Receivable for capital shares issued		51
Receivable for variation margin on futures contracts		29,494
Reclaims receivable		1,174
Prepaid expenses		1,065

Total Assets		216,039,045

Liabilities:
Payable for investments purchased		26,000
Payable for capital shares redeemed		524,775
Payable for collateral received on loaned securities		25,381,432
Manager fees payable		60,462
Administration fees payable		5,240
Distribution fees payable		38,758
Custodian fees payable		1,574
Administrative and compliance services fees payable		72
Trustee fees payable		767
Other accrued liabilities		25,803

Total Liabilities		26,064,883

Net Assets	$	189,974,162

Net Assets Consist of:
Capital	$	121,688,295
Accumulated net investment income/(loss)		5,441,612
Accumulated net realized gains/(losses) from investment transactions		22,311,455
Net unrealized appreciation/(depreciation) on investments		40,532,800

Net Assets	$	189,974,162

Shares of beneficial interest (unlimited number of shares authorized, no par value)		13,894,423
Net Asset Value (offering and redemption price per share)	$	13.67

*	Includes securities on loan of $25,137,935.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	2,742,095
Dividends from Affiliates		7,426
Interest		3,996
Income from securities lending		35,230
Foreign withholding tax		(1,062	)

Total Investment Income		2,787,685

Expenses:
Manager fees		409,396
Administration fees		29,178
Distribution fees		232,611
Custodian fees		5,264
Administrative and compliance services fees		1,422
Trustee fees		5,070
Professional fees		5,620
Shareholder reports		1,609
Other expenses		20,670

Total expenses before reductions		710,840
Less expenses voluntarily waived/reimbursed by the Manager		(15,785	)

Net expenses		695,055

Net Investment Income/(Loss)		2,092,630

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		7,025,887
Net realized gains/(losses) from affiliated transactions		3,342
Net realized gains/(losses) on futures contracts		205,705
Change in net unrealized appreciation/depreciation on investments		1,535,333

Net Realized/Unrealized Gains/(Losses) on Investments		8,770,267

Change in Net Assets Resulting From Operations	$	10,862,897

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $2,971 during the period ended June 30, 2016. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2016, 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 $3.2 million as of June 30, 2016. The monthly average notional amount for these contracts was $3.5 million for the period ended June 30, 2016. 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, 2016:

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, 2016:

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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $1,098 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $175,412,803. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, the components of accumulated earnings on a tax basis were as follows:

On June 14, 2016, the Board approved a reorganization whereby, subject to shareholder approval, the Fund will acquire the assets and liabilities of the AZL Invesco Growth and Income Fund and AZL MFS Value Fund. A meeting of shareholders to consider the proposal is scheduled for October 12, 2016 and, if approved, the reorganization is expected to occur approximately four weeks subsequent to that date.

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 (97.9%):
	Aerospace & Defense (2.7%):
	40,518	Boeing Co. (The)^	$	5,262,073
	19,671	General Dynamics Corp.		2,738,990
	51,866	Honeywell International, Inc.		6,033,054
	5,257	L-3 Communications Holdings, Inc.		771,149
	17,713	Lockheed Martin Corp.		4,395,835
	12,222	Northrop Grumman Corp.		2,716,706
	20,238	Raytheon Co.		2,751,356
	8,836	Rockwell Collins, Inc.^		752,297
	18,399	Textron, Inc.		672,667
	3,620	TransDigm Group, Inc.*^		954,558
	52,376	United Technologies Corp.		5,371,160

				32,419,845

	Air Freight & Logistics (0.7%):
	9,764	C.H. Robinson Worldwide, Inc.^		724,977
	12,195	Expeditors International of Washington, Inc.^		598,043
	16,886	FedEx Corp.		2,562,957
	46,563	United Parcel Service, Inc., Class B		5,015,766

				8,901,743

	Airlines (0.5%):
	8,404	Alaska Air Group, Inc.		489,869
	39,106	American Airlines Group, Inc.^		1,107,091
	52,205	Delta Air Lines, Inc.^		1,901,829
	43,010	Southwest Airlines Co.		1,686,422
	22,711	United Continental Holdings, Inc.*^		932,059

				6,117,270

	Auto Components (0.3%):
	15,049	BorgWarner, Inc.^		444,246
	18,784	Delphi Automotive plc^		1,175,878
	17,996	Goodyear Tire & Rubber Co.		461,777
	43,681	Johnson Controls, Inc.		1,933,322

				4,015,223

	Automobiles (0.5%):
	262,998	Ford Motor Co.		3,305,884
	94,886	General Motors Co.		2,685,274
	12,355	Harley-Davidson, Inc.^		559,682

				6,550,840

	Banks (5.2%):
	695,668	Bank of America Corp.		9,231,514
	55,533	BB&T Corp.		1,977,530
	198,693	Citigroup, Inc.		8,422,596
	35,333	Citizens Financial Group, Inc.		705,953
	11,855	Comerica, Inc.^		487,596
	53,501	Fifth Third Bancorp		941,083
	53,841	Huntington Bancshares, Inc.^		481,339
	247,175	JPMorgan Chase & Co.		15,359,455
	55,980	KeyCorp^		618,579
	10,721	M&T Bank Corp.		1,267,544
	20,491	People’s United Financial, Inc.^		300,398
	33,749	PNC Financial Services Group, Inc.		2,746,831
	87,481	Regions Financial Corp.^		744,463
	33,766	SunTrust Banks, Inc.		1,387,107
	109,886	U.S. Bancorp		4,431,702


Shares			Fair Value

	Common Stocks, continued
	Banks, continued
	312,595	Wells Fargo & Co.	$	14,795,121
	13,490	Zions Bancorp^		339,004

				64,237,815

	Beverages (2.3%):
	6,812	Brown-Forman Corp., Class B^		679,565
	263,400	Coca-Cola Co. (The)		11,939,922
	11,831	Constellation Brands, Inc., Class A		1,956,847
	12,669	Dr Pepper Snapple Group, Inc.		1,224,205
	12,450	Molson Coors Brewing Co., Class B		1,259,069
	9,524	Monster Beverage Corp.*		1,530,602
	97,377	PepsiCo, Inc.		10,316,119

				28,906,329

	Biotechnology (2.8%):
	109,430	AbbVie, Inc.		6,774,811
	15,243	Alexion Pharmaceuticals, Inc.*		1,779,773
	50,721	Amgen, Inc.		7,717,200
	14,723	Biogen Idec, Inc.*		3,560,316
	52,628	Celgene Corp.*		5,190,700
	90,101	Gilead Sciences, Inc.		7,516,225
	5,268	Regeneron Pharmaceuticals, Inc.*		1,839,744
	0	Shire plc, ADR*		27
	16,467	Vertex Pharmaceuticals, Inc.*		1,416,491

				35,795,287

	Building Products (0.1%):
	6,382	Allegion plc		443,102
	10,367	Fortune Brands Home & Security, Inc.^		600,975
	22,550	Masco Corp.		697,697

				1,741,774

	Capital Markets (1.7%):
	3,629	Affiliated Managers Group, Inc.*		510,854
	11,387	Ameriprise Financial, Inc.		1,023,122
	72,577	Bank of New York Mellon Corp. (The)		2,819,616
	8,469	BlackRock, Inc., Class A+		2,900,887
	81,201	Charles Schwab Corp. (The)		2,055,197
	18,677	ETRADE Financial Corp.^		438,723
	25,392	Franklin Resources, Inc.		847,331
	26,134	Goldman Sachs Group, Inc. (The)		3,882,990
	27,725	Invesco, Ltd.		708,097
	7,312	Legg Mason, Inc.		215,631
	102,906	Morgan Stanley		2,673,498
	14,586	Northern Trust Corp.		966,468
	27,167	State Street Corp.		1,464,845
	16,828	T. Rowe Price Group, Inc.^		1,227,939

				21,735,198

	Chemicals (2.0%):
	12,993	Air Products & Chemicals, Inc.		1,845,526
	7,588	Albemarle Corp.		601,804
	15,556	CF Industries Holdings, Inc.^		374,900
	75,419	Dow Chemical Co. (The)^		3,749,078
	58,781	E.I. du Pont de Nemours & Co.		3,809,008
	9,880	Eastman Chemical Co.		670,852
	18,052	Ecolab, Inc.^		2,140,967
	8,861	FMC Corp.^		410,353
	5,367	International Flavor & Fragrances, Inc.^		676,618
	23,290	LyondellBasell Industries NV, Class A		1,733,242


Shares			Fair Value

	Common Stocks, continued
	Chemicals, continued
	29,761	Monsanto Co.	$	3,077,585
	23,716	Mosaic Co. (The)^		620,885
	18,084	PPG Industries, Inc.		1,883,449
	19,080	Praxair, Inc.		2,144,401
	5,278	Sherwin Williams Co.		1,549,990

				25,288,658

	Commercial Services & Supplies (0.4%):
	5,946	Cintas Corp.		583,481
	13,404	Pitney Bowes, Inc.		238,591
	16,047	Republic Services, Inc., Class A		823,372
	5,646	Stericycle, Inc.*^		587,862
	28,352	Tyco International plc		1,207,795
	28,034	Waste Management, Inc.^		1,857,813

				5,298,914

	Communications Equipment (1.0%):
	338,993	Cisco Systems, Inc.#		9,725,709
	4,577	F5 Networks, Inc.*		521,046
	8,516	Harris Corp.		710,575
	23,415	Juniper Networks, Inc.^		526,603
	10,599	Motorola Solutions, Inc.		699,216

				12,183,149

	Construction & Engineering (0.1%):
	9,491	Fluor Corp.		467,716
	8,259	Jacobs Engineering Group, Inc.*^		411,381
	10,705	Quanta Services, Inc.*		247,500

				1,126,597

	Construction Materials (0.2%):
	4,305	Martin Marietta Materials, Inc.^		826,560
	8,933	Vulcan Materials Co.		1,075,176

				1,901,736

	Consumer Finance (0.7%):
	55,209	American Express Co.		3,354,499
	34,636	Capital One Financial Corp.		2,199,732
	27,905	Discover Financial Services		1,495,429
	24,942	Navient Corp.^		298,057
	55,849	Synchrony Financial*		1,411,863

				8,759,580

	Containers & Packaging (0.3%):
	6,032	Avery Dennison Corp.		450,892
	11,760	Ball Corp.^		850,130
	27,804	International Paper Co.^		1,178,335
	10,744	Owens-Illinois, Inc.*		193,499
	13,229	Sealed Air Corp.		608,137
	17,358	WestRock Co.		674,705

				3,955,698

	Distributors (0.1%):
	10,149	Genuine Parts Co.		1,027,586
	20,617	LKQ Corp.*		653,559

				1,681,145

	Diversified Consumer Services (0.0%):
	15,819	H&R Block, Inc.		363,837


Shares			Fair Value

	Common Stocks, continued
	Diversified Financial Services (2.1%):
	126,738	Berkshire Hathaway, Inc., Class B*	$	18,350,395
	22,666	CME Group, Inc.		2,207,668
	8,056	Intercontinental Exchange, Inc.		2,062,014
	22,467	Leucadia National Corp.^		389,353
	11,359	Moody’s Corp.		1,064,452
	7,856	NASDAQ OMX Group, Inc. (The)^		508,048
	17,884	S&P Global, Inc.		1,918,238

				26,500,168

	Diversified Telecommunication Services (2.8%):
	416,373	AT&T, Inc.		17,991,477
	36,795	CenturyLink, Inc.^		1,067,423
	76,837	Frontier Communications Corp.^		379,575
	19,237	Level 3 Communications, Inc.*		990,513
	275,739	Verizon Communications, Inc.		15,397,266

				35,826,254

	Electric Utilities (2.2%):
	32,917	American Electric Power Co., Inc.		2,307,153
	46,436	Duke Energy Corp.		3,983,744
	22,022	Edison International		1,710,449
	11,995	Entergy Corp.		975,793
	21,495	Eversource Energy		1,287,551
	61,616	Exelon Corp.		2,240,358
	28,710	FirstEnergy Corp.		1,002,266
	31,101	NextEra Energy, Inc.^		4,055,571
	33,304	PG&E Corp.		2,128,792
	7,350	Pinnacle West Capital Corp.		595,791
	45,684	PPL Corp.		1,724,571
	63,494	Southern Co. (The)		3,405,183
	34,012	Xcel Energy, Inc.^		1,523,057

				26,940,279

	Electrical Equipment (0.5%):
	2,947	Acuity Brands, Inc.^		730,738
	16,022	AMETEK, Inc.^		740,697
	31,113	Eaton Corp. plc		1,858,379
	43,293	Emerson Electric Co.		2,258,163
	8,846	Rockwell Automation, Inc.		1,015,698

				6,603,675

	Electronic Equipment, Instruments & Components (0.3%):
	20,615	Amphenol Corp., Class A		1,181,858
	72,728	Corning, Inc.		1,489,470
	9,294	FLIR Systems, Inc.		287,649
	24,194	TE Connectivity, Ltd.		1,381,719

				4,340,696

	Energy Equipment & Services (1.1%):
	29,219	Baker Hughes, Inc.		1,318,653
	4,551	Diamond Offshore Drilling, Inc.^		110,726
	15,383	FMC Technologies, Inc.*		410,265
	58,065	Halliburton Co.		2,629,764
	7,155	Helmerich & Payne, Inc.^		480,315
	25,184	National-Oilwell Varco, Inc.^		847,442
	93,589	Schlumberger, Ltd.		7,401,017
	22,639	Transocean, Ltd.^		269,178

				13,467,360


Shares			Fair Value

	Common Stocks, continued
	Food & Staples Retailing (2.3%):
	29,622	Costco Wholesale Corp.	$	4,651,839
	72,654	CVS Health Corp.		6,955,894
	64,514	Kroger Co. (The)^		2,373,470
	35,180	Sysco Corp.		1,785,033
	58,026	Walgreens Boots Alliance, Inc.		4,831,825
	103,336	Wal-Mart Stores, Inc.		7,545,595
	21,887	Whole Foods Market, Inc.^		700,822

				28,844,478

	Food Products (1.8%):
	40,023	Archer-Daniels-Midland Co.		1,716,586
	12,186	Campbell Soup Co.^		810,735
	29,358	ConAgra Foods, Inc.		1,403,606
	39,916	General Mills, Inc.		2,846,809
	9,630	Hershey Co. (The)^		1,092,909
	18,442	Hormel Foods Corp.^		674,977
	7,975	JM Smucker Co. (The)		1,215,470
	17,113	Kellogg Co.		1,397,276
	40,186	Kraft Heinz Co. (The)		3,555,657
	7,725	McCormick & Co.^		824,026
	12,594	Mead Johnson Nutrition Co.^		1,142,906
	105,726	Mondelez International, Inc., Class A		4,811,590
	19,826	Tyson Foods, Inc., Class A		1,324,179

				22,816,726

	Gas Utilities (0.0%):
	7,954	AGL Resources, Inc.^		524,725

	Health Care Equipment & Supplies (2.4%):
	99,290	Abbott Laboratories		3,903,090
	37,355	Baxter International, Inc.		1,689,193
	14,285	Becton, Dickinson & Co.		2,422,593
	90,137	Boston Scientific Corp.*		2,106,502
	4,936	C.R. Bard, Inc.		1,160,750
	16,121	DENTSPLY SIRONA, Inc.^		1,000,147
	14,336	Edwards Lifesciences Corp.*		1,429,729
	16,622	Hologic, Inc.*		575,121
	2,575	Intuitive Surgical, Inc.*		1,703,131
	94,712	Medtronic plc		8,218,160
	18,939	St. Jude Medical, Inc.		1,477,242
	21,108	Stryker Corp.^		2,529,372
	6,493	Varian Medical Systems, Inc.*^		533,919
	13,466	Zimmer Holdings, Inc.^		1,621,037

				30,369,986

	Health Care Providers & Services (2.7%):
	23,594	Aetna, Inc.		2,881,535
	12,412	AmerisourceBergen Corp.^		984,520
	17,605	Anthem, Inc.		2,312,241
	22,235	Cardinal Health, Inc.		1,734,552
	11,441	Centene Corp.*^		816,544
	17,266	Cigna Corp.		2,209,875
	11,179	DaVita, Inc.*		864,360
	42,616	Express Scripts Holding Co.*^		3,230,293
	20,608	HCA Holdings, Inc.*		1,587,022
	5,570	Henry Schein, Inc.*^		984,776
	9,932	Humana, Inc.		1,786,568


Shares			Fair Value

	Common Stocks, continued
	Health Care Providers & Services, continued
	6,781	Laboratory Corp. of America Holdings*^	$	883,361
	15,226	McKesson Corp.		2,841,933
	5,766	Patterson Cos., Inc.		276,134
	9,592	Quest Diagnostics, Inc.^		780,885
	64,114	UnitedHealth Group, Inc.		9,052,897
	6,051	Universal Health Services, Inc., Class B		811,439

				34,038,935

	Health Care Technology (0.1%):
	20,474	Cerner Corp.*^		1,199,776

	Hotels, Restaurants & Leisure (1.7%):
	30,345	Carnival Corp., Class A		1,341,249
	2,030	Chipotle Mexican Grill, Inc.*^		817,603
	7,601	Darden Restaurants, Inc.		481,447
	12,921	Marriott International, Inc., Class A^		858,730
	59,398	McDonald’s Corp.		7,147,955
	11,431	Royal Caribbean Cruises, Ltd.^		767,592
	99,503	Starbucks Corp.		5,683,611
	11,411	Starwood Hotels & Resorts Worldwide, Inc.		843,843
	7,468	Wyndham Worldwide Corp.^		531,946
	5,385	Wynn Resorts, Ltd.^		488,096
	27,605	Yum! Brands, Inc.		2,289,007

				21,251,079

	Household Durables (0.5%):
	22,102	D.R. Horton, Inc.		695,771
	8,033	Garmin, Ltd.		340,760
	4,741	Harman International Industries, Inc.		340,499
	9,196	Leggett & Platt, Inc.^		470,008
	11,998	Lennar Corp., Class A^		553,108
	4,241	Mohawk Industries, Inc.*		804,772
	30,738	Newell Rubbermaid, Inc.^		1,492,944
	21,430	PulteGroup, Inc.^		417,671
	5,191	Whirlpool Corp.		865,028

				5,980,561

	Household Products (2.0%):
	8,789	Church & Dwight Co., Inc.		904,300
	8,766	Clorox Co. (The)		1,213,127
	60,038	Colgate-Palmolive Co.		4,394,782
	24,288	Kimberly-Clark Corp.		3,339,114
	180,097	Procter & Gamble Co. (The)		15,248,813

				25,100,136

	Independent Power and Renewable Electricity Producers (0.1%):
	45,473	AES Corp. (The)		567,503
	21,070	NRG Energy, Inc.^		315,839

				883,342

	Industrial Conglomerates (2.5%):
	41,033	3M Co., Class B		7,185,699
	40,261	Danaher Corp.		4,066,361
	622,156	General Electric Co.^		19,585,471
	6,761	Roper Industries, Inc.		1,153,156

				31,990,687


Shares			Fair Value

	Common Stocks, continued
	Insurance (2.6%):
	28,154	Aflac, Inc.	$	2,031,593
	25,512	Allstate Corp. (The)		1,784,564
	75,699	American International Group, Inc.		4,003,720
	18,117	Aon plc		1,978,920
	11,921	Arthur J. Gallagher & Co.		567,440
	4,412	Assurant, Inc.		380,800
	31,416	Chubb, Ltd.		4,106,384
	9,821	Cincinnati Financial Corp.		735,495
	26,768	Hartford Financial Services Group, Inc. (The)		1,187,964
	16,113	Lincoln National Corp.		624,701
	18,137	Loews Corp.		745,249
	34,958	Marsh & McLennan Cos., Inc.		2,393,225
	73,709	MetLife, Inc.		2,935,829
	18,179	Principal Financial Group, Inc.		747,339
	39,106	Progressive Corp. (The)		1,310,051
	30,170	Prudential Financial, Inc.		2,152,328
	7,763	Torchmark Corp.^		479,909
	19,880	Travelers Cos., Inc. (The)		2,366,515
	16,315	UnumProvident Corp.		518,654
	9,352	Willis Towers Watson plc		1,162,547
	19,956	XL Group plc		664,734

				32,877,961

	Internet & Catalog Retail (2.1%):
	26,173	Amazon.com, Inc.*		18,729,922
	8,008	Expedia, Inc.		851,250
	28,883	Netflix, Inc.*		2,642,217
	3,339	Priceline Group, Inc. (The)*		4,168,441
	7,573	TripAdvisor, Inc.*^		486,944

				26,878,774

	Internet Software & Services (4.0%):
	11,886	Akamai Technologies, Inc.*^		664,784
	19,868	Alphabet, Inc., Class A*		13,977,734
	20,020	Alphabet, Inc., Class C*		13,855,842
	73,005	eBay, Inc.*		1,709,047
	156,391	Facebook, Inc., Class A*		17,872,364
	6,391	VeriSign, Inc.*^		552,566
	58,933	Yahoo!, Inc.*		2,213,523

				50,845,860

	IT Services (3.6%):
	42,266	Accenture plc, Class A		4,788,315
	3,985	Alliance Data Systems Corp.*		780,741
	30,929	Automatic Data Processing, Inc.		2,841,447
	41,151	Cognizant Technology Solutions Corp., Class A*		2,355,483
	9,175	CSRA, Inc.		214,970
	18,742	Fidelity National Information Services, Inc.		1,380,911
	15,023	Fiserv, Inc.*		1,633,451
	10,375	Global Payments, Inc.^		740,568
	59,558	International Business Machines Corp.^		9,039,713
	66,070	MasterCard, Inc., Class A		5,818,124
	21,459	Paychex, Inc.^		1,276,811
	75,166	PayPal Holdings, Inc.*		2,744,311
	8,915	Teradata Corp.*^		223,499


Shares			Fair Value

	Common Stocks, continued
	IT Services, continued
	11,284	Total System Services, Inc.	$	599,293
	129,301	Visa, Inc., Class A^		9,590,256
	33,886	Western Union Co.^		649,933
	63,823	Xerox Corp.		605,680

				45,283,506

	Leisure Products (0.1%):
	7,437	Hasbro, Inc.		624,634
	23,217	Mattel, Inc.^		726,460

				1,351,094

	Life Sciences Tools & Services (0.6%):
	22,318	Agilent Technologies, Inc.		990,026
	9,970	Illumina, Inc.*^		1,399,589
	7,513	PerkinElmer, Inc.		393,831
	26,745	Thermo Fisher Scientific, Inc.		3,951,842
	5,519	Waters Corp.*^		776,247

				7,511,535

	Machinery (1.2%):
	39,051	Caterpillar, Inc.^		2,960,457
	10,844	Cummins, Inc.		1,219,299
	20,210	Deere & Co.^		1,637,818
	10,423	Dover Corp.		722,522
	8,954	Flowserve Corp.^		404,452
	21,967	Illinois Tool Works, Inc.		2,288,083
	17,297	Ingersoll-Rand plc		1,101,473
	23,560	PACCAR, Inc.^		1,222,057
	9,114	Parker Hannifin Corp.		984,768
	12,126	Pentair plc		706,825
	3,864	Snap-On, Inc.		609,816
	10,275	Stanley Black & Decker, Inc.		1,142,786
	12,119	Xylem, Inc.		541,113

				15,541,469

	Media (2.8%):
	28,407	CBS Corp., Class B		1,546,477
	163,639	Comcast Corp., Class A		10,667,625
	9,877	Discovery Communications, Inc., Class A*^		249,197
	16,418	Discovery Communications, Inc., Class C*		391,569
	27,466	Interpublic Group of Cos., Inc. (The)		634,465
	25,391	News Corp., Class A		288,188
	7,183	News Corp., Class B^		83,826
	16,173	Omnicom Group, Inc.^		1,317,938
	6,476	Scripps Networks Interactive, Class A^		403,261
	15,079	Tegna, Inc.^		349,380
	53,239	Time Warner, Inc.		3,915,196
	74,133	Twenty-First Century Fox, Inc.		2,005,298
	29,166	Twenty-First Century Fox, Inc., Class B		794,774
	23,151	Viacom, Inc., Class B^		960,072
	101,125	Walt Disney Co. (The)^		9,892,047

				33,499,313

	Metals & Mining (0.3%):
	87,314	Alcoa, Inc.^		809,401
	84,197	Freeport-McMoRan Copper & Gold, Inc.		937,955
	36,133	Newmont Mining Corp.		1,413,522
	21,204	Nucor Corp.^		1,047,690

				4,208,568


Shares			Fair Value

	Common Stocks, continued
	Multiline Retail (0.6%):
	19,497	Dollar General Corp.	$	1,832,718
	15,946	Dollar Tree, Inc.*^		1,502,751
	12,719	Kohl’s Corp.^		482,304
	21,067	Macy’s, Inc.^		708,062
	8,684	Nordstrom, Inc.^		330,426
	39,866	Target Corp.^		2,783,445

				7,639,706

	Multi-Utilities (1.2%):
	15,356	Alliant Energy Corp.		609,633
	16,127	Ameren Corp.		864,085
	28,568	CenterPoint Energy, Inc.^		685,632
	18,904	CMS Energy Corp.		866,937
	20,577	Consolidated Edison, Inc.^		1,655,214
	41,683	Dominion Resources, Inc.^		3,248,357
	12,223	DTE Energy Co.		1,211,544
	21,016	NiSource, Inc.		557,344
	34,202	Public Service Enterprise Group, Inc.		1,594,155
	9,500	SCANA Corp.^		718,770
	15,964	Sempra Energy		1,820,215
	15,659	TECO Energy, Inc.		432,815
	21,387	WEC Energy Group, Inc.^		1,396,571

				15,661,272

	Oil, Gas & Consumable Fuels (6.1%):
	34,353	Anadarko Petroleum Corp.		1,829,297
	25,332	Apache Corp.		1,410,232
	30,857	Cabot Oil & Gas Corp.^		794,259
	34,391	Chesapeake Energy Corp.*^		147,193
	127,492	Chevron Corp.		13,364,987
	6,490	Cimarex Energy Co.		774,387
	26,076	Columbia Pipeline Group, Inc.		664,677
	8,648	Concho Resources, Inc.*^		1,031,447
	83,353	ConocoPhillips^		3,634,191
	35,449	Devon Energy Corp.		1,285,026
	37,155	EOG Resources, Inc.		3,099,470
	11,685	EQT Corp.		904,770
	280,479	Exxon Mobil Corp.		26,292,102
	17,907	Hess Corp.^		1,076,211
	122,716	Kinder Morgan, Inc.		2,297,244
	57,200	Marathon Oil Corp.^		858,572
	35,790	Marathon Petroleum Corp.		1,358,588
	11,090	Murphy Oil Corp.^		352,108
	13,408	Newfield Exploration Co.*^		592,365
	29,066	Noble Energy, Inc.		1,042,597
	51,544	Occidental Petroleum Corp.		3,894,666
	13,851	ONEOK, Inc.		657,230
	31,660	Phillips 66^		2,511,904
	11,009	Pioneer Natural Resources Co.		1,664,671
	11,060	Range Resources Corp.		477,128
	25,554	Southwestern Energy Co.*^		321,469
	45,445	Spectra Energy Corp.^		1,664,650
	8,068	Tesoro Corp.		604,455
	31,753	Valero Energy Corp.		1,619,403
	45,413	Williams Cos., Inc. (The)		982,283

				77,207,582


Shares			Fair Value

	Common Stocks, continued
	Personal Products (0.1%):
	15,052	Estee Lauder Co., Inc. (The), Class A	$	1,370,033

	Pharmaceuticals (5.8%):
	26,762	Allergan plc*		6,184,431
	112,420	Bristol-Myers Squibb Co.^		8,268,491
	65,406	Eli Lilly & Co.		5,150,723
	13,873	Endo International plc*		216,280
	185,827	Johnson & Johnson Co.		22,540,815
	7,742	Mallinckrodt plc*		470,559
	186,766	Merck & Co., Inc.		10,759,589
	28,882	Mylan NV*		1,248,858
	9,926	Perrigo Co. plc^		899,990
	410,268	Pfizer, Inc.		14,445,536
	30,580	Zoetis, Inc.		1,451,327

				71,636,599

	Professional Services (0.3%):
	2,402	Dun & Bradstreet Corp.		292,660
	7,941	Equifax, Inc.		1,019,624
	24,399	Nielsen Holdings plc^		1,268,016
	8,983	Robert Half International, Inc.		342,791
	10,326	Verisk Analytics, Inc.*^		837,232

				3,760,323

	Real Estate Investment Trusts (REITs) (3.1%):
	28,672	American Tower Corp.		3,257,426
	10,389	Apartment Investment & Management Co., Class A		458,778
	9,173	AvalonBay Communities, Inc.		1,654,717
	10,300	Boston Properties, Inc.^		1,358,570
	22,786	Crown Castle International Corp.^		2,311,184
	9,884	Digital Realty Trust, Inc.^		1,077,257
	4,676	Equinix, Inc.		1,813,025
	24,408	Equity Residential Property Trust		1,681,223
	4,384	Essex Property Trust, Inc.^		999,947
	8,549	Extra Space Storage, Inc.^		791,124
	4,653	Federal Realty Investment Trust		770,304
	38,996	General Growth Properties, Inc.		1,162,861
	31,189	HCP, Inc.^		1,103,467
	50,345	Host Hotels & Resorts, Inc.^		816,092
	16,238	Iron Mountain, Inc.^		646,760
	27,422	Kimco Realty Corp.		860,502
	8,685	Macerich Co. (The)^		741,612
	35,675	ProLogis, Inc.		1,749,502
	9,959	Public Storage, Inc.		2,545,421
	17,424	Realty Income Corp.^		1,208,529
	20,891	Simon Property Group, Inc.		4,531,259
	6,683	SL Green Realty Corp.^		711,539
	18,262	UDR, Inc.		674,233
	22,816	Ventas, Inc.^		1,661,461
	11,817	Vornado Realty Trust^		1,183,118
	24,092	Welltower, Inc.		1,835,088
	50,543	Weyerhaeuser Co.		1,504,665

				39,109,664

	Real Estate Management & Development (0.0%):
	19,326	CBRE Group, Inc., Class A*		511,752


Shares			Fair Value

	Common Stocks, continued
	Road & Rail (0.8%):
	65,339	CSX Corp.	$	1,704,041
	6,130	J.B. Hunt Transport Services, Inc.		496,101
	7,338	Kansas City Southern		661,080
	20,116	Norfolk Southern Corp.		1,712,475
	3,523	Ryder System, Inc.		215,396
	56,933	Union Pacific Corp.		4,967,405

				9,756,498

	Semiconductors & Semiconductor Equipment (2.8%):
	20,896	Analog Devices, Inc.		1,183,549
	73,682	Applied Materials, Inc.		1,766,158
	24,997	Broadcom, Ltd.		3,884,534
	5,001	First Solar, Inc.*^		242,448
	318,202	Intel Corp.		10,437,027
	10,507	KLA-Tencor Corp.		769,638
	10,589	Lam Research Corp.^		890,111
	15,898	Linear Technology Corp.^		739,734
	14,534	Microchip Technology, Inc.^		737,746
	70,282	Micron Technology, Inc.*		967,080
	34,319	NVIDIA Corp.^		1,613,336
	8,736	Qorvo, Inc.*		482,751
	99,355	QUALCOMM, Inc.		5,322,447
	13,004	Skyworks Solutions, Inc.^		822,893
	67,611	Texas Instruments, Inc.		4,235,829
	17,376	Xilinx, Inc.		801,555

				34,896,836

	Software (4.2%):
	33,804	Activision Blizzard, Inc.		1,339,653
	33,834	Adobe Systems, Inc.*		3,240,959
	15,067	Autodesk, Inc.*^		815,727
	20,075	CA, Inc.		659,062
	10,317	Citrix Systems, Inc.*		826,289
	20,846	Electronic Arts, Inc.*		1,579,293
	17,354	Intuit, Inc.		1,936,880
	531,814	Microsoft Corp.		27,212,922
	210,557	Oracle Corp.		8,618,098
	12,190	Red Hat, Inc.*		884,994
	43,072	Salesforce.com, Inc.*		3,420,348
	41,421	Symantec Corp.^		850,787

				51,385,012

	Specialty Retail (2.5%):
	4,872	Advance Auto Parts, Inc.		787,461
	5,219	AutoNation, Inc.*^		245,189
	2,028	AutoZone, Inc.*^		1,609,908
	10,929	Bed Bath & Beyond, Inc.^		472,351
	19,047	Best Buy Co., Inc.^		582,838
	13,099	CarMax, Inc.*^		642,244
	9,244	Foot Locker, Inc.^		507,126
	15,351	Gap, Inc. (The)^		325,748
	84,147	Home Depot, Inc. (The)		10,744,731
	17,146	L Brands, Inc.^		1,151,011
	59,945	Lowe’s Cos., Inc.		4,745,846
	6,542	O’Reilly Automotive, Inc.*^		1,773,536
	27,145	Ross Stores, Inc.		1,538,850


Shares or Principal Amount			Fair Value

	Common Stocks, continued
	Specialty Retail, continued
	5,333	Signet Jewelers, Ltd.	$	439,493
	42,570	Staples, Inc.^		366,953
	7,480	Tiffany & Co.^		453,587
	44,719	TJX Cos., Inc. (The)		3,453,648
	9,052	Tractor Supply Co.^		825,361
	4,288	Ulta Salon, Cosmetics & Fragrance, Inc.*^		1,044,728
	5,823	Urban Outfitters, Inc.*^		160,133

				31,870,742

	Technology Hardware, Storage & Peripherals (3.5%):
	370,625	Apple, Inc.		35,431,750
	131,115	EMC Corp.		3,562,395
	112,409	Hewlett Packard Enterprise Co.		2,053,712
	116,440	HP, Inc.		1,461,322
	19,978	NetApp, Inc.		491,259
	20,131	Seagate Technology plc^		490,391
	19,102	Western Digital Corp.		902,751

				44,393,580

	Textiles, Apparel & Luxury Goods (0.8%):
	18,943	Coach, Inc.^		771,738
	26,638	Hanesbrands, Inc.^		669,413
	11,931	Michael Kors Holdings, Ltd.*^		590,346
	90,080	Nike, Inc., Class B		4,972,417
	5,480	PVH Corp.		516,380
	4,005	Ralph Lauren Corp.^		358,928
	12,293	Under Armour, Inc., Class A*^		493,318
	12,380	Under Armour, Inc., Class C*^		450,641
	22,752	VF Corp.^		1,399,020

				10,222,201

	Tobacco (1.8%):
	131,899	Altria Group, Inc.		9,095,755
	104,951	Philip Morris International, Inc.		10,675,615
	55,849	Reynolds American, Inc.		3,011,937

				22,783,307

	Trading Companies & Distributors (0.2%):
	19,317	Fastenal Co.^		857,482
	6,220	United Rentals, Inc.*^		417,362
	3,871	W.W. Grainger, Inc.^		879,684

				2,154,528

	Water Utilities (0.1%):
	12,024	American Water Works Co., Inc.^		1,016,148

	Total Common Stocks (Cost $667,006,463)			1,231,033,364

	Securities Held as Collateral for Securities on Loan (12.5%):
	$157,000,760	AZL S&P 500 Index Fund Securities Lending Collateral Account(a)		157,000,760

	Total Securities Held as Collateral for Securities on Loan (Cost $157,000,760)			157,000,760

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	849,002,043
Investments in affiliates, at cost		1,682,848

Total Investment securities, at cost		850,684,891

Investments in non-affiliates, at value^*	$	1,411,810,905
Investments in affiliates, at value		2,900,887

Total Investment securities, at value		1,414,711,792

Cash		12,499
Interest and dividends receivable		1,408,769
Receivable for capital shares issued		112,765
Receivable for variation margin on futures contracts		305,533
Reclaims receivable		4,336
Prepaid expenses		6,280

Total Assets		1,416,561,974

Liabilities:
Payable for investments purchased		1,369,793
Payable for capital shares redeemed		16,342
Payable for collateral received on loaned securities		157,000,760
Manager fees payable		174,173
Administration fees payable		32,235
Distribution fees payable		251,717
Custodian fees payable		6,516
Administrative and compliance services fees payable		372
Trustee fees payable		3,754
Other accrued liabilities		95,347

Total Liabilities		158,951,009

Net Assets	$	1,257,610,965

Net Assets Consist of:
Capital	$	543,910,972
Accumulated net investment income/(loss)		33,815,781
Accumulated net realized gains/(losses) from investment transactions		115,963,875
Net unrealized appreciation/(depreciation) on investments		563,920,337

Net Assets	$	1,257,610,965

Class 1
Net Assets	$	21,595,262
Shares of beneficial interest (unlimited number of shares authorized, no par value)		1,454,382
Net Asset Value (offering and redemption price per share)	$	14.85

Class 2
Net Assets	$	1,236,015,703
Shares of beneficial interest (unlimited number of shares authorized, no par value)		83,835,997
Net Asset Value (offering and redemption price per share)	$	14.74

*	Includes securities on loan of $155,053,393.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	13,825,632
Dividends from affiliates		38,788
Interest		13,454
Income from securities lending		194,949
Foreign withholding tax		(1,068	)

Total Investment Income		14,071,755

Expenses:
Manager fees		1,030,284
Administration fees		163,100
Distribution fees — Class 2		1,489,922
Custodian fees		28,945
Administrative and compliance services fees		8,878
Trustee fees		31,663
Professional fees		34,954
Shareholder reports		18,606
Other expenses		129,203

Total expenses		2,935,555

Net Investment Income/(Loss)		11,136,200

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		10,625,419
Net realized gains/(losses) on futures contracts		909,519
Change in net unrealized appreciation/depreciation on investments		20,910,609

Net Realized/Unrealized Gains/(Losses) on Investments		32,445,547

Change in Net Assets Resulting From Operations	$	43,581,747

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $16,657 during the period ended June 30, 2016. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2016, 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 $27.6 million as of June 30, 2016. The monthly average notional amount for these contracts was $35.8 million for the period ended June 30, 2016. 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, 2016:

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, 2016:

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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $7,102 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $862,742,483. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, the components of accumulated earnings on a tax basis were as follows:

On June 14, 2016, the Board approved a reorganization whereby, subject to shareholder approval, the Fund will acquire the assets and liabilities of the AZL JPMorgan U.S. Equity Fund and AZL MFS Investors Trust Fund. A meeting of shareholders to consider the proposal is scheduled for October 12, 2016 and, if approved, the reorganization is expected to occur approximately four weeks subsequent to that date.

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 (98.4%):
	Aerospace & Defense (0.6%):
	48,973	Embraer SA, ADR	$	1,063,694

	Auto Components (0.9%):
	8,077	Hyundai Mobis Co., Ltd.		1,768,755

	Automobiles (3.0%):
	68,938	Chongqing Changan Automobile Co., Ltd., Class B		96,548
	21,534	Hyundai Motor Co.		2,551,374
	19,699	Maruti Suzuki India, Ltd.		1,226,748
	1,105,800	PT Astra International TbK		623,451
	177,862	Tata Motors, Ltd.*		1,221,952

				5,720,073

	Banks (20.2%):
	731,510	Akbank T.A.S.		2,119,701
	336,103	Axis Bank, Ltd.		2,673,856
	186,437	Banco Bradesco SA, ADR		1,456,073
	41,191	Banco Santander Chile, ADR		797,870
	14,920	Bank Pekao SA		522,374
	56,862	Barclays Africa Group, Ltd.		562,389
	10,711,832	China Construction Bank		7,118,823
	165,105	Commercial International Bank Egypt SAE		740,571
	29,930	Commercial International Bank Egypt SAE, GDR		106,614
	113,167	DGB Financial Group, Inc.		855,918
	24,256	Grupo Financiero Galicia SA, ADR^		740,778
	85,096	Hana Financial Holdings Group, Inc.		1,728,941
	148,832	HDFC Bank, Ltd.		2,602,593
	451,364	Itau Unibanco Banco Multiplo SA, ADR		4,260,876
	379,400	Kasikornbank Public Co., Ltd.		1,843,461
	429,633	National Bank of Kuwait		840,872
	116,389	OTP Bank Nyrt		2,611,144
	69,575	Powszechna Kasa Oszczednosci Bank Polski SA		413,770
	701,500	PT Bank Mandiri Tbk		508,637
	610,006	Sberbank of Russia, ADR		5,325,353
	353,819	Turkiye Garanti Bankasi AS		944,576

				38,775,190

	Biotechnology (0.3%):
	1,520	Medy-Tox, Inc.		574,637

	Chemicals (2.8%):
	24,597	Asian Paints, Ltd.		366,242
	172,000	Formosa Chemicals & Fibre Corp.		432,731
	616,000	Formosa Plastics Corp.		1,488,105
	11,012	LG Chem, Ltd.		2,519,093
	362,900	PTT Global Chemical Public Co., Ltd.		616,373

				5,422,544

	Construction Materials (0.3%):
	12,493	Ultra Tech Cement, Ltd.		633,636

	Diversified Consumer Services (1.2%):
	54,161	New Oriental Education & Technology Group, Inc., ADR		2,268,263

	Diversified Financial Services (0.6%):
	198,700	BM&F Bovespa SA		1,102,445

	Diversified Telecommunication Services (2.4%):
	1,620,000	China Unicom (Hong Kong), Ltd.		1,681,244


Shares			Fair Value

	Common Stocks, continued
	Diversified Telecommunication Services, continued
	90,499	Hellenic Telecommunications Organization SA (OTE)	$	835,632
	151,878	Telefonica Brasil SA, ADR		2,065,541

				4,582,417

	Electric Utilities (0.6%):
	89,700	Enersis Chile SA, ADR		522,951
	61,538	Enersis SA, ADR		527,996

				1,050,947

	Electrical Equipment (0.8%):
	279,000	Zhuzhou CSR Times Electric Co., Ltd.		1,548,278

	Electronic Equipment, Instruments & Components (3.2%):
	55,500	AAC Technologies Holdings, Inc.		477,012
	1,580,054	Hon Hai Precision Industry Co., Ltd.		4,065,763
	5,996	LG Innotek Co., Ltd.		413,148
	13,754	Samsung SDI Co., Ltd.		1,300,659

				6,256,582

	Food & Staples Retailing (1.0%):
	8,562	Bid Corp., Ltd.*		160,831
	83,087	X5 Retail Group NV, Registered Shares, GDR*		1,651,770

				1,812,601

	Food Products (0.9%):
	45,785	BRF SA, ADR^		637,785
	486,000	China Mengniu Dairy Co., Ltd.		851,588
	30,040	Gruma, SAB de C.V., Class B		432,235

				1,921,608

	Hotels, Restaurants & Leisure (1.1%):
	688,760	MINI International Public Co., Ltd.		790,419
	15,479	Yum! Brands, Inc.		1,283,519

				2,073,938

	Household Durables (0.7%):
	13,913	Coway Co., Ltd.		1,264,883

	Household Products (0.5%):
	72,586	Hindustan Unilever, Ltd.		968,526

	Industrial Conglomerates (1.8%):
	392,764	KOC Holdings AS		1,795,830
	21,720	LG Corp.		1,202,175
	24,200	SM Investments Corp.		499,662

				3,497,667

	Insurance (6.1%):
	704,600	AIA Group, Ltd.		4,245,984
	87,300	BB Seguridade Participacoes SA		758,622
	2,113,781	Cathay Financial Holding Co., Ltd.		2,311,614
	892,400	China Pacific Insurance Group Co., Ltd., H Shares		3,046,549
	47,963	Powszechny Zaklad Ubezpieczen SA		349,048
	4,238	Samsung Fire & Marine Insurance Co., Ltd.		970,159

				11,681,976

	Internet Software & Services (10.0%):
	67,691	Alibaba Group Holding, Ltd., ADR*^		5,383,465
	56,923	Mail.ru Group, Ltd., Registered Shares, GDR*		1,035,248
	4,103	NHN Corp.		2,551,792


Shares			Fair Value

	Common Stocks, continued
	Internet Software & Services, continued
	461,700	Tencent Holdings, Ltd.	$	10,518,721

				19,489,226

	IT Services (2.7%):
	116,040	Cielo SA		1,219,363
	83,221	Infosys, Ltd.		1,447,442
	17,387	Luxoft Holding, Inc.*^		904,472
	41,441	Tata Consultancy Services, Ltd.		1,568,522

				5,139,799

	Machinery (0.4%):
	164,800	WEG SA		704,497

	Media (1.6%):
	8,580	CJ CGV Co., Ltd.		771,719
	15,429	Naspers, Ltd.		2,369,760

				3,141,479

	Metals & Mining (1.0%):
	148,174	MMC Norilsk Nickel PJSC, ADR		1,981,086

	Multiline Retail (0.7%):
	7,715	Hyundai Department Store Co., Ltd.		864,350
	76,732	S.A.C.I. Falabella		584,128

				1,448,478

	Oil, Gas & Consumable Fuels (8.2%):
	6,752,400	China Petroleum & Chemical Corp., H Shares		4,871,367
	209,276	Gazprom OAO, ADR, ADR		903,790
	44,567	LUKOIL PJSC, ADR		1,859,781
	10,438	MOL Hungarian Oil & Gas plc		603,961
	11,494	Polski Koncern Naftowy Orlen SA		201,211
	60,667	Reliance Industries, Ltd.		874,189
	402,100	Rosneft Oil Co., Registered Shares, GDR		2,063,314
	4,480	SK Energy Co., Ltd.		551,755
	516,900	Thai Oil Public Co., Ltd.		885,523
	53,642	Tupras-Turkiye Petrol Rafine		1,192,112
	76,042	Ultrapar Participacoes SA		1,680,983

				15,687,986

	Personal Products (1.4%):
	7,446	Amorepacific Corp.		2,806,835

	Pharmaceuticals (0.3%):
	1,978	Yuhan Corp.		525,963

	Real Estate Management & Development (1.6%):
	803,800	Ayala Land, Inc.		665,178
	214,930	BR Malls Participacoes SA*		864,592
	1,030,779	Emaar Properties PJSC		1,752,561

				3,282,331


Shares or Principal Amount			Fair Value

	Common Stocks, continued
	Semiconductors & Semiconductor Equipment (7.1%):
	1,161,000	Advanced Semiconductor Engineering, Inc.	$	1,334,354
	77,256	SK Hynix, Inc.		2,196,244
	2,006,110	Taiwan Semiconductor Manufacturing Co., Ltd.		10,144,343

				13,674,941

	Specialty Retail (0.2%):
	76,508	Truworths International, Ltd.		447,550

	Technology Hardware, Storage & Peripherals (6.5%):
	107,000	Catcher Technology Co., Ltd.		798,784
	9,268	Samsung Electronics Co., Ltd.		11,539,855

				12,338,639

	Transportation Infrastructure (1.4%):
	349,256	Companhia de Concessoes Rodoviarias		1,826,857
	70,739	Grupo Aeroporturaio del Pacifico SAB de C.V.		727,387

				2,554,244

	Wireless Telecommunication Services (6.3%):
	603,500	China Mobile, Ltd.		6,970,746
	174,000	Far EasTone Telecommunications Co., Ltd.		420,494
	73,141	Mobile TeleSystems PJSC, ADR		605,607
	55,244	MTN Group, Ltd.		541,526
	6,274	SK Telecom Co., Ltd.		1,174,259
	653,000	Taiwan Mobile Co., Ltd.		2,285,680

				11,998,312

	Total Common Stocks (Cost $155,571,420)			189,210,026

	Preferred Stocks (0.7%):
	Automobiles (0.2%):
	3,782	Hyundai Motor Co., Ltd., 3.90%		317,485

	Multiline Retail (0.5%):
	206,400	Lojas Americanas SA, 0.58%		1,031,422

	Total Preferred Stocks (Cost $1,222,850)			1,348,907

	Securities Held as Collateral for Securities on Loan (3.7%):
$	7,021,771	AZL Schroder Emerging Markets Equity Fund Securities Lending Collateral Account(a)		7,021,771

	Total Securities Held as Collateral for Securities on Loan (Cost $7,021,771)			7,021,771

	Total Investment Securities (Cost $163,816,041)(b) — 102.8%			197,580,704
	Net other assets (liabilities) — (2.8)%			(5,424,010	)

	Net Assets — 100.0%		$	192,156,694

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, 2016:

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	163,816,041

Investment securities, at value*	$	197,580,704
Cash		87,108
Interest and dividends receivable		1,402,509
Foreign currency, at value (cost $767,014)		769,688
Receivable for investments sold		1,804,883
Reclaims receivable		12,869
Prepaid expenses		1,065

Total Assets		201,658,826

Liabilities:
Cash overdraft		294,280
Payable for investments purchased		1,456,913
Payable for capital shares redeemed		376,185
Payable for collateral received on loaned securities		7,021,771
Manager fees payable		154,747
Administration fees payable		9,048
Distribution fees payable		34,642
Custodian fees payable		117,875
Administrative and compliance services fees payable		309
Trustee fees payable		3,075
Other accrued liabilities		33,287

Total Liabilities		9,502,132

Net Assets	$	192,156,694

Net Assets Consist of:
Capital	$	176,232,748
Accumulated net investment income/(loss)		2,252,890
Accumulated net realized gains/(losses) from investment transactions		(20,096,312	)
Net unrealized appreciation/(depreciation) on investments		33,767,368

Net Assets	$	192,156,694

Class 1
Net Assets	$	20,038,587
Shares of beneficial interest (unlimited number of shares authorized, no par value)		3,138,343
Net Asset Value (offering and redemption price per share)	$	6.39

Class 2
Net Assets	$	172,118,107
Shares of beneficial interest (unlimited number of shares authorized, no par value)		26,994,930
Net Asset Value (offering and redemption price per share)	$	6.38

*	Includes securities on loan of $6,939,309.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	2,887,322
Income from securities lending		5,165
Foreign withholding tax		(352,120	)

Total Investment Income		2,540,367

Expenses:
Manager fees		1,129,118
Administration fees		49,625
Distribution fees — Class 2		205,294
Custodian fees		153,719
Administrative and compliance services fees		2,181
Trustee fees		7,819
Professional fees		9,332
Shareholder reports		14,096
Other expenses		4,038

Total expenses before reductions		1,575,222
Less expenses voluntarily waived/reimbursed by the Manager		(211,137	)

Net expenses		1,364,085

Net Investment Income/(Loss)		1,176,282

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(5,960,011	)
Change in net unrealized appreciation/depreciation on investments		14,840,599

Net Realized/Unrealized Gains/(Losses) on Investments		8,880,588

Change in Net Assets Resulting From Operations	$	10,056,870

(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, 2016 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $6 million for the period ended June 30, 2016.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $415 during the period ended June 30, 2016. 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $1,088 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $165,409,078. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, 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.

On June 14, 2016, the Board approved BlackRock Investment Management, LLC as the Subadviser to the Fund, replacing Schroder. The new subadvisory agreement is expected to be effective on or about October 14, 2016. In connection with this change, the Fund will be renamed AZL Emerging Markets Index Fund effective as of the same date.

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 (97.6%):
	Aerospace & Defense (1.2%):
	14,310	AAR Corp.	$	333,995
	28,205	Aerojet Rocketdyne Holdings, Inc.*^		515,587
	9,038	AeroVironment, Inc.*		251,256
	3,169	American Science & Engineering, Inc.		118,552
	9,659	Cubic Corp.^		387,905
	7,482	Engility Holdings, Inc.*^		158,020
	14,494	Moog, Inc., Class A*^		781,517
	2,106	National Presto Industries, Inc.^		198,701
	23,258	TASER International, Inc.*^		578,660

				3,324,193

	Air Freight & Logistics (0.7%):
	10,993	Atlas Air Worldwide Holdings, Inc.*^		455,330
	10,951	Echo Global Logistics, Inc.*^		245,521
	13,483	Forward Air Corp.^		600,399
	15,074	Hub Group, Inc.*		578,389

				1,879,639

	Airlines (0.8%):
	5,682	Allegiant Travel Co.^		860,823
	20,938	Hawaiian Holdings, Inc.*^		794,806
	22,349	SkyWest, Inc.		591,355

				2,246,984

	Auto Components (1.3%):
	33,866	American Axle & Manufacturing Holdings, Inc.*^		490,380
	13,181	Dorman Products, Inc.*^		753,953
	10,793	Drew Industries, Inc.^		915,679
	15,953	Gentherm, Inc.*^		546,390
	7,996	Motorcar Parts of America, Inc.*^		217,331
	8,576	Standard Motor Products, Inc.^		341,153
	9,709	Superior Industries International, Inc.^		260,007

				3,524,893

	Automobiles (0.1%):
	11,883	Winnebago Industries, Inc.^		272,358

	Banks (9.1%):
	12,351	Ameris Bancorp		366,825
	21,915	Banc of California, Inc.^		396,662
	8,994	Banner Corp.^		382,605
	35,118	BBCN Bancorp, Inc.^		523,961
	37,640	Boston Private Financial Holdings, Inc.^		443,399
	31,180	Brookline Bancorp, Inc.		343,915
	14,273	Cardinal Financial Corp.^		313,150
	13,755	Central Pacific Financial Corp.		324,618
	6,589	City Holding Co.^		299,602
	25,513	Columbia Banking System, Inc.^		715,895
	19,549	Community Bank System, Inc.^		803,268
	11,253	Customers Bancorp, Inc.*^		282,788
	44,928	CVB Financial Corp.^		736,370
	51,437	First Bancorp*		204,205
	39,493	First Commonwealth Financial Corp.		363,336
	27,235	First Financial Bancorp^		529,721
	29,181	First Financial Bankshares, Inc.^		956,845
	35,886	First Midwest Bancorp, Inc.		630,158
	7,057	First NBC Bank Holding Co.*		118,487
	33,649	Glacier Bancorp, Inc.^		894,390


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	26,020	Great Western Bancorp, Inc.^	$	820,671
	14,153	Hanmi Financial Corp.^		332,454
	53,948	Home Bancshares, Inc.^		1,067,631
	11,674	Independent Bank Corp.		533,502
	19,421	LegacyTexas Financial Group, Inc.^		522,619
	30,283	MB Financial, Inc.^		1,098,666
	18,903	NBT Bancorp, Inc.^		541,193
	19,951	OFG Bancorp		165,593
	59,751	Old National Bancorp^		748,680
	8,324	Opus Bank^		281,351
	17,106	Pinnacle Financial Partners, Inc.^		835,628
	15,352	S & T Bancorp, Inc.^		375,356
	9,571	ServisFirst Bancshares, Inc.^		472,712
	12,641	Simmons First National Corp., Class A^		583,825
	10,698	Southside Bancshares, Inc.^		330,796
	53,237	Sterling Bancorp^		835,821
	28,166	Talmer Bancorp, Inc., Class A		539,942
	20,292	Texas Capital Bancshares, Inc.*^		948,854
	5,427	Tompkins Financial Corp.^		352,755
	18,678	UMB Financial Corp.^		993,856
	28,722	United Bankshares, Inc.^		1,077,362
	30,951	United Community Banks, Inc.		566,094
	11,359	Westamerica Bancorp^		559,544
	31,254	Wilshire Bancorp, Inc.^		325,667
	22,662	Wintrust Financial Corp.^		1,155,761

				25,696,533

	Biotechnology (1.3%):
	20,485	Acorda Therapeutics, Inc.*^		522,470
	15,475	AMAG Pharmaceuticals, Inc.*^		370,162
	13,892	Emergent Biosolutions, Inc.*^		390,643
	5,825	Enanta Pharmaceuticals, Inc.*^		128,441
	8,366	Ligand Pharmaceuticals, Inc., Class B*^		997,813
	43,917	Mimedx Group, Inc.*^		350,458
	27,690	Momenta Pharmaceuticals, Inc.*^		299,052
	14,866	Repligen Corp.*^		406,734
	27,165	Spectrum Pharmaceuticals, Inc.*		178,474

				3,644,247

	Building Products (1.7%):
	17,402	AAON, Inc.		478,729
	6,002	American Woodmark Corp.*		398,413
	12,721	Apogee Enterprises, Inc.^		589,618
	12,978	Gibraltar Industries, Inc.*^		409,715
	16,222	Griffon Corp.^		273,503
	21,414	PGT, Inc.*^		220,564
	15,202	Quanex Building Products Corp.^		282,605
	18,038	Simpson Manufacturing Co., Inc.^		720,979
	12,913	Trex Co., Inc.*^		580,052
	8,919	Universal Forest Products, Inc.^		826,703

				4,780,881

	Capital Markets (1.1%):
	9,114	Calamos Asset Management, Inc., Class A^		66,623
	23,792	Financial Engines, Inc.^		615,499
	12,835	Greenhill & Co., Inc.^		206,644


Shares			Fair Value
	Common Stocks, continued
	Capital Markets, continued
	15,432	HFF, Inc., Class A^	$	445,676
	25,976	Interactive Brokers Group, Inc., Class A^		919,550
	7,227	INTL FCStone, Inc.*^		197,225
	14,969	Investment Technology Group, Inc.		250,282
	6,585	Piper Jaffray Cos., Inc.*^		248,255
	2,808	Virtus Investment Partners, Inc.^		199,873

				3,149,627

	Chemicals (2.7%):
	12,906	A. Schulman, Inc.		315,165
	11,344	American Vanguard Corp.^		171,408
	13,933	Balchem Corp.		831,103
	22,488	Calgon Carbon Corp.		295,717
	80,172	Chemours Co. (The)^		660,617
	23,732	Flotek Industries, Inc.*^		313,262
	9,965	Futurefuel Corp.		108,419
	22,086	H.B. Fuller Co.^		971,564
	4,178	Hawkins, Inc.		181,367
	18,593	Ingevity Corp.*^		632,906
	8,527	Innophos Holdings, Inc.		359,925
	10,614	Innospec, Inc.		488,138
	26,094	Intrepid Potash, Inc.*^		37,575
	9,125	Koppers Holdings, Inc.*^		280,411
	13,769	Kraton Performance Polymers, Inc.*^		384,568
	9,017	LSB Industries, Inc.*^		108,925
	5,855	Quaker Chemical Corp.^		522,266
	19,244	Rayonier Advanced Materials, Inc.		261,526
	8,060	Stepan Co.		479,812
	10,859	Tredegar Corp.^		175,047

				7,579,721

	Commercial Services & Supplies (3.4%):
	24,681	ABM Industries, Inc.^		900,364
	20,661	Brady Corp., Class A^		631,400
	21,778	Brink’s Co. (The)		620,455
	16,147	Essendant, Inc.^		493,452
	8,664	G&K Services, Inc., Class A^		663,402
	31,716	Healthcare Services Group, Inc.^		1,312,409
	29,031	Interface, Inc.		442,723
	14,125	Matthews International Corp., Class A^		785,915
	19,627	Mobile Mini, Inc.^		679,879
	5,760	Multi-Color Corp.		365,184
	13,153	Team, Inc.*^		326,589
	25,587	Tetra Tech, Inc.		786,672
	6,778	UniFirst Corp.		784,350
	9,619	US Ecology, Inc.		441,993
	8,716	Viad Corp.		270,196

				9,504,983

	Communications Equipment (1.2%):
	21,607	ADTRAN, Inc.^		402,971
	3,904	Bel Fuse, Inc., Class B^		69,413
	6,713	Black Box Corp.		87,806
	16,112	CalAmp Corp.*^		238,619
	10,244	Comtech Telecommunications Corp.^		131,533
	11,481	Digi International, Inc.*^		123,191


Shares			Fair Value
	Common Stocks, continued
	Communications Equipment, continued
	33,587	Harmonic, Inc.*^	$	95,723
	27,147	Ixia*		266,584
	21,025	Lumentum Holdings, Inc.*^		508,805
	14,451	NETGEAR, Inc.*^		687,000
	102,354	Viavi Solutions, Inc.*		678,607

				3,290,252

	Construction & Engineering (0.8%):
	15,291	Aegion Corp.*^		298,327
	16,392	Comfort Systems USA, Inc.^		533,887
	13,872	Dycom Industries, Inc.*^		1,245,152
	8,053	MYR Group, Inc.*^		193,916
	11,340	Orion Marine Group, Inc.*^		60,215

				2,331,497

	Construction Materials (0.3%):
	32,813	Headwaters, Inc.*		588,665
	6,093	US Concrete, Inc.*^		371,125

				959,790

	Consumer Finance (1.0%):
	10,695	Cash America International, Inc.		455,821
	10,473	Encore Capital Group, Inc.*^		246,430
	12,365	Enova International, Inc.*^		91,006
	22,870	EZCORP, Inc., Class A*^		172,897
	12,545	First Cash Financial Services, Inc.^		643,935
	19,299	Green Dot Corp., Class A*		443,684
	20,492	PRA Group, Inc.*^		494,677
	3,825	World Acceptance Corp.*^		174,420

				2,722,870

	Containers & Packaging (0.1%):
	9,750	Myers Industries, Inc.		140,400

	Distributors (0.3%):
	20,276	Core Markt Holdngs Co., Inc.^		950,133
	8,472	VOXX International Corp.*		23,637

				973,770

	Diversified Consumer Services (0.4%):
	6,986	American Public Education, Inc.*^		196,307
	4,690	Capella Education Co.		246,881
	29,366	Career Education Corp.*^		174,728
	16,378	Regis Corp.*^		203,906
	4,878	Strayer Education, Inc.*^		239,656
	9,004	Universal Technical Institute, Inc.		20,349

				1,081,827

	Diversified Telecommunication Services (1.3%):
	39,285	8x8, Inc.*		573,954
	4,831	ATN International, Inc.^		375,900
	92,465	Cincinnati Bell, Inc.*		422,565
	18,073	Cogent Communications Group, Inc.^		724,005
	22,110	Consolidated Communications Holdings, Inc.^		602,276
	12,990	General Communication, Inc., Class A*		205,242
	15,049	Inteliquent, Inc.		299,325
	35,791	Iridium Communications, Inc.*^		317,824
	10,111	Lumos Networks Corp.*^		122,343

				3,643,434


Shares			Fair Value
	Common Stocks, continued
	Electric Utilities (0.8%):
	20,485	ALLETE, Inc.^	$	1,323,946
	17,842	El Paso Electric Co.		843,391

				2,167,337

	Electrical Equipment (1.2%):
	11,507	AZZ, Inc.^		690,189
	9,142	Encore Wire Corp.^		340,814
	19,063	EnerSys		1,133,676
	17,070	Franklin Electric Co., Inc.		564,164
	21,759	General Cable Corp.^		276,557
	3,959	Powell Industries, Inc.^		155,747
	7,054	Vicor Corp.*		71,034

				3,232,181

	Electronic Equipment, Instruments & Components (4.4%):
	6,624	Agilysys, Inc.*^		69,353
	12,535	Anixter International, Inc.*^		667,865
	6,358	Badger Meter, Inc.^		464,325
	21,825	Benchmark Electronics, Inc.*^		461,599
	10,736	Coherent, Inc.*		985,350
	14,328	CTS Corp.		256,758
	16,520	Daktronics, Inc.^		103,250
	7,621	DTS, Inc.*^		201,575
	11,946	Electro Scientific Industries, Inc.*		69,765
	2,496	ePlus, Inc.*^		204,148
	13,551	Fabrinet*		503,013
	7,344	FARO Technologies, Inc.*^		248,448
	23,280	II-VI, Inc.*		436,733
	16,013	Insight Enterprises, Inc.*^		416,338
	16,716	Itron, Inc.*^		720,460
	9,914	Littlelfuse, Inc.^		1,171,735
	17,677	Mercury Computer Systems, Inc.*		439,450
	16,404	Methode Electronics, Inc., Class A		561,509
	7,249	MTS Systems Corp.		317,796
	7,791	OSI Systems, Inc.*^		452,891
	8,948	Park Electrochemical Corp.		130,014
	14,708	Plexus Corp.*^		635,386
	36,655	QLogic Corp.*		540,295
	12,469	Rofin-Sinar Technologies, Inc.*		398,260
	7,956	Rogers Corp.*^		486,112
	32,530	Sanmina Corp.*		872,129
	11,340	ScanSource, Inc.*^		420,827
	28,243	TTM Technologies, Inc.*^		212,670

				12,448,054

	Energy Equipment & Services (1.6%):
	30,311	Archrock, Inc.		285,530
	26,106	Atwood Oceanics, Inc.^		326,847
	17,964	Basic Energy Services, Inc.*^		30,180
	15,409	Bristow Group, Inc.^		175,817
	8,944	CARBO Ceramics, Inc.^		117,166
	8,404	Era Group, Inc.*		78,998
	15,461	Exterran Corp.*		198,674
	5,855	Geospace Technologies Corp.*^		95,846
	5,442	Gulf Island Fabrication, Inc.		37,767
	11,136	Gulfmark Offshore, Inc., Class A*^		34,856


Shares			Fair Value
	Common Stocks, continued
	Energy Equipment & Services, continued
	44,421	Helix Energy Solutions Group, Inc.*	$	300,286
	14,710	Hornbeck Offshore Services, Inc.*^		122,681
	11,848	Matrix Service Co.*		195,374
	36,865	Newpark Resources, Inc.*^		213,448
	27,751	Pioneer Energy Services Corp.*		127,655
	7,085	SEACOR Holdings, Inc.*^		410,576
	19,541	Tesco Corp.		130,729
	39,751	TETRA Technologies, Inc.*		253,214
	20,956	Tidewater, Inc.^		92,416
	28,040	U.S. Silica Holdings, Inc.^		966,538
	22,607	Unit Corp.*		351,765

				4,546,363

	Food & Staples Retailing (0.3%):
	16,345	SpartanNash Co.^		499,830
	11,457	The Andersons, Inc.^		407,182

				907,012

	Food Products (1.9%):
	27,650	B&G Foods, Inc.^		1,332,730
	6,515	Calavo Growers, Inc.^		436,505
	13,722	Cal-Maine Foods, Inc.^		608,159
	72,530	Darling International, Inc.*		1,080,697
	6,464	J & J Snack Foods Corp.^		770,961
	8,762	Sanderson Farms, Inc.^		759,140
	2,528	Seneca Foods Corp., Class A*		91,539

				5,079,731

	Gas Utilities (2.0%):
	12,128	Northwest Natural Gas Co.^		786,137
	35,741	Piedmont Natural Gas Co., Inc.		2,148,750
	35,083	South Jersey Industries, Inc.		1,109,324
	20,089	Spire, Inc.		1,423,105

				5,467,316

	Health Care Equipment & Supplies (4.4%):
	9,434	Abaxis, Inc.^		445,568
	5,498	Analogic Corp.^		436,761
	11,677	AngioDynamics, Inc.*		167,798
	6,365	Anika Therapeutics, Inc.*^		341,482
	15,810	Cantel Medical Corp.^		1,086,622
	11,370	CONMED Corp.^		542,690
	11,189	CryoLife, Inc.^		132,142
	10,397	Cynosure, Inc., Class A*^		505,762
	11,263	Greatbatch, Inc.*^		348,365
	22,599	Haemonetics Corp.*^		655,145
	6,448	ICU Medical, Inc.*^		727,012
	6,438	Inogen, Inc.*^		322,608
	12,845	Integra LifeSciences Holdings Corp.*^		1,024,774
	13,465	Invacare Corp.		163,330
	19,493	Masimo Corp.*^		1,023,675
	18,673	Meridian Bioscience, Inc.^		364,124
	19,474	Merit Medical Systems, Inc.*		386,169
	14,673	Natus Medical, Inc.*^		554,639
	16,550	Neogen Corp.*^		930,938
	21,985	NuVasive, Inc.*^		1,312,945
	5,725	Surmodics, Inc.*^		134,423


Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies, continued
	7,683	Vascular Solutions, Inc.*^	$	320,074
	14,386	Zeltiq Aesthetics, Inc.*^		393,169

				12,320,215

	Health Care Providers & Services (3.6%):
	12,991	Aceto Corp.^		284,373
	6,002	Adeptus Health, Inc., Class A*^		310,063
	15,397	Air Methods Corp.*^		551,675
	3,818	Almost Family, Inc.*		162,685
	12,368	Amedisys, Inc.*^		624,337
	21,240	AMN Healthcare Services, Inc.*^		848,963
	7,353	Chemed Corp.^		1,002,287
	4,522	CorVel Corp.*		195,260
	14,211	Cross Country Healthcare, Inc.*^		197,817
	15,996	Diplomat Pharmacy, Inc.*^		559,860
	20,546	Ensign Group, Inc. (The)^		431,671
	17,505	ExamWorks Group, Inc.*		610,049
	15,552	HealthEquity, Inc.*^		472,548
	13,881	Healthways, Inc.*		160,326
	37,606	Kindred Healthcare, Inc.^		424,572
	4,261	Landauer, Inc.		175,383
	5,703	LHC Group, Inc.*		246,826
	10,898	Magellan Health Services, Inc.*		716,761
	13,672	PharMerica Corp.*		337,152
	5,349	Providence Service Corp.*^		240,063
	12,907	Quorum Health Corp.*		138,234
	46,484	Select Medical Holdings Corp.*^		505,281
	11,944	Surgical Care Affiliates, Inc.*^		569,370
	5,520	U.S. Physical Therapy, Inc.^		332,359

				10,097,915

	Health Care Technology (1.1%):
	4,690	Computer Programs & Systems, Inc.		187,225
	10,589	HealthStream, Inc.*		280,820
	36,949	HMS Holdings Corp.*		650,672
	25,222	Medidata Solutions, Inc.*^		1,182,155
	15,835	Omnicell, Inc.*^		542,032
	19,466	Quality Systems, Inc.		231,840

				3,074,744

	Hotels, Restaurants & Leisure (2.8%):
	38,928	Belmond, Ltd., Class A*		385,387
	459	Biglari Holdings, Inc.*^		185,133
	8,704	BJ’s Restaurants, Inc.*^		381,496
	8,703	Bob Evans Farms, Inc.		330,279
	35,762	Boyd Gaming Corp.*^		658,021
	7,309	Chuy’s Holdings, Inc.*^		252,964
	7,370	DineEquity, Inc.		624,829
	49,084	Interval Leisure Group, Inc.^		780,436
	26,974	Krispy Kreme Doughnuts, Inc.*		565,375
	8,285	Marcus Corp.		174,814
	10,897	Marriott Vacations Worldwide Corp.^		746,336
	4,730	Monarch Casino & Resort, Inc.*^		103,918
	12,103	Papa John’s International, Inc.^		823,003
	9,600	Popeyes Louisiana Kitchen, Inc.*^		524,544
	6,010	Red Robin Gourmet Burgers*^		285,054


Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
	25,199	Ruby Tuesday, Inc.*^	$	90,968
	14,623	Ruth’s Hospitality Group, Inc.		233,237
	22,200	Scientific Games Corp., Class A*^		204,018
	21,353	Sonic Corp.^		577,599

				7,927,411

	Household Durables (1.6%):
	3,661	Cavco Industries, Inc.*		343,036
	11,394	Ethan Allen Interiors, Inc.^		376,458
	7,309	Installed Building Products, Inc.*^		265,244
	12,201	iRobot Corp.*^		428,011
	22,052	La-Z-Boy, Inc.		613,487
	17,513	M.D.C. Holdings, Inc.^		426,266
	10,977	M/I Homes, Inc.*^		206,697
	16,526	Meritage Corp.*^		620,385
	16,999	TopBuild Corp.*		615,364
	6,408	Universal Electronics, Inc.*^		463,170

				4,358,118

	Household Products (0.4%):
	4,079	Central Garden & Pet Co.*^		93,124
	14,590	Central Garden & Pet Co., Class A*^		316,749
	5,832	WD-40 Co.^		684,968

				1,094,841

	Insurance (2.9%):
	34,422	American Equity Investment Life Holding Co.^		490,514
	8,520	Amerisafe, Inc.^		521,594
	7,481	eHealth, Inc.*^		104,884
	14,182	Employers Holdings, Inc.^		411,562
	4,082	HCI Group, Inc.^		111,357
	17,917	Horace Mann Educators Corp.		605,415
	4,877	Infinity Property & Casualty Corp.		393,379
	4,971	Navigators Group, Inc.		457,183
	23,624	ProAssurance Corp.^		1,265,064
	16,923	RLI Corp.^		1,163,963
	6,179	Safety Insurance Group, Inc.^		380,503
	25,351	Selective Insurance Group, Inc.^		968,661
	10,272	Stewart Information Services Corp.^		425,364
	9,420	United Fire Group, Inc.^		399,691
	8,075	United Insurance Holdings Co.		132,269
	13,913	Universal Insurance Holdings, Inc.^		258,504

				8,089,907

	Internet & Catalog Retail (0.3%):
	5,105	Blue Nile, Inc.^		139,775
	7,856	FTD Cos., Inc.*^		196,086
	12,852	Nutri/System, Inc.^		325,926
	8,852	PetMed Express, Inc.^		166,064

				827,851

	Internet Software & Services (1.1%):
	18,260	Blucora, Inc.*^		189,174
	18,654	DHI Group, Inc.*^		116,214
	11,007	Liquidity Services, Inc.*^		86,295
	22,065	LivePerson, Inc.*^		139,892
	11,097	LogMeIn, Inc.*^		703,882
	40,648	Monster Worldwide, Inc.*		97,149


Shares			Fair Value
	Common Stocks, continued
	Internet Software & Services, continued
	26,999	NIC, Inc.	$	592,358
	15,907	QuinStreet, Inc.*^		56,470
	8,305	Shutterstock, Inc.*		380,369
	6,972	Stamps.com, Inc.*^		609,492
	10,599	XO Group, Inc.*		184,741

				3,156,036

	IT Services (1.8%):
	10,692	CACI International, Inc., Class A*		966,665
	19,872	Cardtronics, Inc.*^		791,104
	29,868	CIBER, Inc.*		44,802
	14,198	CSG Systems International, Inc.^		572,321
	14,671	Exlservice Holdings, Inc.*		768,907
	4,227	Forrester Research, Inc.		155,807
	10,667	ManTech International Corp., Class A^		403,426
	15,984	Perficient, Inc.*^		324,635
	16,869	Sykes Enterprises, Inc.*^		488,526
	7,100	TeleTech Holdings, Inc.^		192,623
	11,896	Virtusa Corp.*^		343,556

				5,052,372

	Leisure Products (0.4%):
	5,736	Arctic Cat, Inc.^		97,512
	41,347	Callaway Golf Co.^		422,153
	8,393	Sturm, Ruger & Co., Inc.^		537,236

				1,056,901

	Life Sciences Tools & Services (0.4%):
	11,835	Albany Molecular Research, Inc.*^		159,062
	14,155	Cambrex Corp.*^		732,238
	16,943	Luminex Corp.*		342,757

				1,234,057

	Machinery (4.2%):
	26,085	Actuant Corp., Class A^		589,782
	4,120	Alamo Group, Inc.^		271,796
	12,597	Albany International Corp., Class A		502,998
	8,276	Astec Industries, Inc.^		464,697
	22,176	Barnes Group, Inc.^		734,469
	19,105	Briggs & Stratton Corp.^		404,644
	13,398	Chart Industries, Inc.*		323,294
	7,249	CIRCOR International, Inc.^		413,121
	9,546	EnPro Industries, Inc.		423,747
	11,354	ESCO Technologies, Inc.^		453,479
	26,660	Federal Signal Corp.		343,381
	11,415	Greenbrier Cos, Inc.^		332,519
	35,295	Harsco Corp.		234,359
	27,628	Hillenbrand, Inc.^		829,945
	12,880	John Bean Technologies Corp.		788,514
	4,790	Lindsay Corp.^		325,049
	7,429	Lydall, Inc.*^		286,462
	25,029	Mueller Industries, Inc.		797,925
	10,420	Proto Labs, Inc.*^		599,775
	18,269	SPX Corp.		271,295
	18,331	SPX FLOW, Inc.*		477,889
	5,652	Standex International Corp.^		467,025
	7,806	Tennant Co.^		420,509
	19,391	Titan International, Inc.^		120,224


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	12,211	Watts Water Technologies, Inc., Class A^	$	711,413

				11,588,311

	Marine (0.2%):
	19,077	Matson, Inc.^		615,996

	Media (0.7%):
	23,426	E.W. Scripps Co. (The), Class A*^		371,068
	51,436	Gannett Co., Inc.^		710,331
	19,734	Harte-Hanks, Inc.		31,377
	11,702	Scholastic Corp.^		463,516
	7,992	Sizmek, Inc.*^		18,302
	15,449	World Wrestling Entertainment, Inc., Class A^		284,416

				1,879,010

	Metals & Mining (1.0%):
	104,948	AK Steel Holding Corp.*		489,058
	21,819	Century Aluminum Co.*		138,114
	5,303	Haynes International, Inc.^		170,120
	7,888	Kaiser Aluminum Corp.^		713,155
	8,639	Materion Corp.		213,902
	3,852	Olympic Steel, Inc.^		105,198
	53,427	Stillwater Mining Co.*^		633,644
	28,989	SunCoke Energy, Inc.		168,716
	16,765	TimkenSteel Corp.^		161,279

				2,793,186

	Multiline Retail (0.1%):
	15,315	Fred’s, Inc.^		246,725
	19,605	Tuesday Morning Corp.*^		137,627

				384,352

	Multi-Utilities (0.9%):
	27,935	Avista Corp.		1,251,488
	21,321	NorthWestern Corp.^		1,344,715

				2,596,203

	Oil, Gas & Consumable Fuels (1.3%):
	22,514	Bill Barrett Corp.*^		143,864
	18,446	Bonanza Creek Energy, Inc.*^		37,076
	24,082	Carrizo Oil & Gas, Inc.*^		863,340
	26,563	Cloud Peak Energy, Inc.*^		54,720
	7,618	Contango Oil & Gas Co.*^		93,244
	16,048	Green Plains Renewable Energy, Inc.		316,467
	23,277	Northern Oil & Gas, Inc.*^		107,540
	20,431	PDC Energy, Inc.*^		1,177,030
	2,493	REX American Resources Corp.*^		149,156
	85,562	Synergy Resources Corp.*		569,843

				3,512,280

	Paper & Forest Products (1.1%):
	17,123	Boise Cascade Co.*^		392,973
	7,522	Clearwater Paper Corp.*^		491,713
	4,713	Deltic Timber Corp.^		316,384
	37,771	KapStone Paper & Packaging Corp.^		491,401
	7,360	Neenah Paper, Inc.^		532,643
	18,979	P.H. Glatfelter Co.^		371,229
	13,415	Schweitzer-Mauduit International, Inc.		473,281

				3,069,624


Shares			Fair Value
	Common Stocks, continued
	Personal Products (0.1%):
	7,331	Inter Parfums, Inc.	$	209,446
	4,113	Medifast, Inc.		136,840

				346,286

	Pharmaceuticals (1.7%):
	3,408	ANI Pharmaceuticals, Inc.*^		190,235
	27,028	DepoMed, Inc.*^		530,289
	30,639	Impax Laboratories, Inc.*^		883,016
	12,626	Lannett Co., Inc.*^		300,373
	30,711	Medicines Co. (The)*^		1,032,811
	60,048	Nektar Therapeutics*^		854,483
	8,237	Phibro Animal Health Corp., Class A		153,702
	10,626	Sagent Pharmaceuticals, Inc.*^		159,177
	22,132	Sciclone Pharmaceuticals, Inc.*^		289,044
	15,160	Supernus Pharmaceuticals, Inc.*^		308,809

				4,701,939

	Professional Services (1.7%):
	5,612	CDI Corp.		34,233
	11,334	Exponent, Inc.^		662,019
	7,458	Heidrick & Struggles International, Inc.		125,891
	7,170	Insperity, Inc.^		553,739
	12,645	Kelly Services, Inc., Class A^		239,876
	25,295	Korn/Ferry International^		523,607
	20,716	Navigant Consulting, Inc.*		334,563
	21,135	On Assignment, Inc.*^		780,938
	15,994	Resources Connection, Inc.^		236,391
	18,607	Trueblue, Inc.*		352,044
	16,032	Wageworks, Inc.*^		958,875

				4,802,176

	Real Estate Investment Trusts (REITs) (6.8%):
	31,724	Acadia Realty Trust^		1,126,835
	10,514	Agree Realty Corp.^		507,195
	17,390	American Assets Trust, Inc.^		738,032
	43,262	Capstead Mortgage Corp.		419,641
	25,333	CareTrust REIT, Inc.^		349,089
	32,437	Cedar Shopping Centers, Inc.^		241,007
	26,692	Chesapeake Lodging Trust^		620,589
	13,585	Coresite Realty Corp.^		1,204,853
	88,814	Cousins Properties, Inc.		923,666
	89,352	DiamondRock Hospitality, Co.^		806,849
	14,157	EastGroup Properties, Inc.^		975,700
	23,952	Four Corners Property Trust, Inc.^		493,172
	38,743	Franklin Street Properties Corp.^		475,377
	32,741	Geo Group, Inc. (The)		1,119,087
	11,322	Getty Realty Corp.^		242,857
	30,376	Government Properties Income Trust^		700,471
	36,960	Kite Realty Group Trust^		1,035,989
	93,906	Lexington Realty Trust^		949,390
	16,836	LTC Properties, Inc.^		870,926
	36,089	Parkway Properties, Inc.		603,769
	30,749	Pennsylvania Real Estate Investment Trust^		659,566
	8,658	PS Business Parks, Inc.		918,441
	44,285	Retail Opportunity Investments Corp.^		959,656
	28,575	Sabra Health Care REIT, Inc.^		589,645


Shares			Fair Value
	Common Stocks, continued
	Real Estate Investment Trusts (REITs) , continued
	5,032	Saul Centers, Inc.	$	310,525
	38,566	Summit Hotel Properties, Inc.^		510,614
	5,169	Universal Health Realty Income Trust		295,563
	11,098	Urstadt Biddle Properties, Inc., Class A		275,008

				18,923,512

	Real Estate Management & Development (0.2%):
	14,720	Forestar Group, Inc.*^		175,021
	7,850	RE/MAX Holdings, Inc., Class A		316,041

				491,062

	Road & Rail (0.7%):
	10,581	ArcBest Corp.^		171,941
	12,540	Celadon Group, Inc.^		102,452
	26,211	Heartland Express, Inc.^		455,809
	27,155	Knight Transportation, Inc.^		721,780
	10,106	Marten Transport, Ltd.^		200,099
	13,345	Roadrunner Transportation System, Inc.*^		99,554
	11,058	Saia, Inc.*^		277,998

				2,029,633

	Semiconductors & Semiconductor Equipment (3.4%):
	17,450	Advanced Energy Industries, Inc.*^		662,402
	29,986	Brooks Automation, Inc.^		336,443
	10,375	Cabot Microelectronics Corp.		439,278
	8,980	CEVA, Inc.*^		243,987
	27,534	Cirrus Logic, Inc.*^		1,068,044
	10,788	Cohu, Inc.^		117,050
	16,868	Diodes, Inc.*		316,950
	9,220	DSP Group, Inc.*		97,824
	21,459	Exar Corp.*		172,745
	26,101	Kopin Corp.*^		57,944
	31,095	Kulicke & Soffa Industries, Inc.*		378,426
	23,570	MKS Instruments, Inc.^		1,014,924
	16,301	Monolithic Power Systems, Inc.^		1,113,683
	10,601	Nanometrics, Inc.*		220,395
	12,656	Power Integrations, Inc.		633,686
	48,664	Rambus, Inc.*^		587,861
	13,798	Rudolph Technologies, Inc.*^		214,283
	28,840	Semtech Corp.*		688,122
	20,371	Tessera Technologies, Inc.^		624,167
	11,883	Ultratech, Inc.*		272,953
	17,662	Veeco Instruments, Inc.*^		292,483

				9,553,650

	Software (2.8%):
	20,968	Blackbaud, Inc.^		1,423,726
	16,808	Bottomline Technologies, Inc.*^		361,876
	11,218	Ebix, Inc.		537,342
	13,938	EPIQ Systems, Inc.^		203,495
	7,751	Interactive Intelligence Group*^		317,713
	4,138	MicroStrategy, Inc., Class A*^		724,233
	17,822	Monotype Imaging Holdings, Inc.^		438,956
	22,174	Progress Software Corp.*^		608,898
	10,923	Qualys, Inc.*		325,615
	36,130	Rovi Corp.*^		565,073
	17,639	Synchronoss Technologies, Inc.*^		561,979


Shares			Fair Value
	Common Stocks, continued
	Software, continued
	37,438	Take-Two Interactive Software, Inc.*^	$	1,419,649
	16,486	Tangoe, Inc.*^		127,272
	13,035	VASCO Data Security International, Inc.*^		213,644

				7,829,471

	Specialty Retail (3.8%):
	9,754	Asbury Automotive Group, Inc.*^		514,426
	17,164	Barnes & Noble Education, Inc.*		174,215
	26,791	Barnes & Noble, Inc.		304,078
	8,031	Big 5 Sporting Goods Corp.^		74,447
	19,293	Caleres, Inc.^		467,084
	11,443	Cato Corp., Class A		431,630
	8,398	Children’s Place Retail Stores, Inc. (The)^		673,352
	30,621	Express, Inc.*^		444,311
	18,802	Finish Line, Inc. (The), Class A^		379,612
	24,137	Five Below, Inc.*^		1,120,198
	17,937	Francesca’s Holdings Corp.*		198,204
	9,289	Genesco, Inc.*^		597,376
	9,311	Group 1 Automotive, Inc.^		459,591
	8,805	Haverty Furniture Cos., Inc.^		158,754
	9,933	Hibbett Sports, Inc.*^		345,569
	6,283	Kirkland’s, Inc.*^		92,234
	10,497	Lithia Motors, Inc., Class A^		746,022
	12,284	Lumber Liquidators Holdings, Inc.*^		189,419
	10,724	MarineMax, Inc.*^		181,986
	14,175	Monro Muffler Brake, Inc.^		900,963
	7,637	Outerwall, Inc.^		320,754
	23,427	Rent-A-Center, Inc.^		287,684
	20,683	Select Comfort Corp.*^		442,203
	12,812	Sonic Automotive, Inc., Class A		219,213
	12,112	Stage Store, Inc.^		59,107
	12,731	Stein Mart, Inc.^		98,283
	21,604	Tailored Brands, Inc.^		273,507
	12,423	The Buckle, Inc.^		322,874
	10,846	Vitamin Shoppe, Inc.*^		331,562
	8,401	Zumiez, Inc.*^		120,218

				10,928,876

	Technology Hardware, Storage & Peripherals (0.7%):
	17,919	Cray, Inc.*^		536,136
	20,810	Electronics for Imaging, Inc.*^		895,663
	16,501	Super Micro Computer, Inc.*^		410,050

				1,841,849

	Textiles, Apparel & Luxury Goods (1.7%):
	31,959	Crocs, Inc.*^		360,498
	17,626	G-III Apparel Group, Ltd.*^		805,861
	21,701	Iconix Brand Group, Inc.*^		146,699
	7,213	Movado Group, Inc.^		156,378
	6,517	Oxford Industries, Inc.^		368,993
	5,065	Perry Ellis International, Inc.*^		101,908
	24,480	Steven Madden, Ltd.*^		836,726
	24,679	Tumi Holdings, Inc.*		659,916
	6,488	Unifi, Inc.*^		176,668
	9,001	Vera Bradley, Inc.*		127,544
	43,765	Wolverine World Wide, Inc.^		889,304

				4,630,495


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Thrifts & Mortgage Finance (1.4%):
	40,650	Astoria Financial Corp.^	$	623,164
	18,453	Bank Mutual Corp.		141,719
	25,491	BofI Holding, Inc.*^		451,446
	13,754	Dime Community Bancshares^		233,956
	3,093	LendingTree, Inc.*^		273,205
	17,565	Northfield Bancorp, Inc.^		260,489
	45,385	Northwest Bancshares, Inc.^		673,059
	17,006	Oritani Financial Corp.^		271,926
	26,536	Provident Financial Services, Inc.^		521,167
	41,988	TrustCo Bank Corp.^		269,143
	12,177	Wawlker & Dunlop, Inc.*		277,392

				3,996,666

	Tobacco (0.2%):
	9,969	Universal Corp.^		575,610

	Trading Companies & Distributors (0.5%):
	17,208	Applied Industrial Technologies, Inc.^		776,769
	5,589	Dxp Enterprises, Inc.*^		83,444
	11,849	Kaman Corp., Class A^		503,819
	3,519	Veritiv Corp.*^		132,244

				1,496,276

	Water Utilities (0.5%):
	16,105	American States Water Co.		705,721
	21,028	California Water Service Group^		734,508

				1,440,229

	Wireless Telecommunication Services (0.1%):
	9,469	Spok Holdings, Inc.		181,473

	Total Common Stocks (Cost $197,761,368)			273,094,426

	Right (0.0%):
	Technology Hardware, Storage & Peripherals (0.0%):
	10,537	Gerber Scientific, Inc., Expires on 12/31/16*(a)		—

	Total Right (Cost $—)			—

	Securities Held as Collateral for Securities on Loan (28.3%):
$	79,327,859	AZL Small Cap Stock Index Fund Securities Lending Collateral Account(b)		79,327,859

	Total Securities Held as Collateral for Securities on Loan (Cost $79,327,859)			79,327,859

	Unaffiliated Investment Company (1.5%):
	4,298,741	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(c)		4,298,741

	Total Unaffiliated Investment Company (Cost $4,298,741)			4,298,741

	Total Investment Securities (Cost $281,387,968)(d) — 127.4%			356,721,026
	Net other assets (liabilities) — (27.4)%			(76,670,492	)

	Net Assets — 100.0%		$	280,050,534

Cash of $330,600 has been segregated to cover margin requirements for the following open contracts as of June 30, 2016:

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	281,387,968

Investment securities, at value*	$	356,721,026
Segregated cash for collateral		330,600
Interest and dividends receivable		308,731
Unrealized appreciation on futures contracts		237
Receivable for investments sold		2,963,418
Receivable for variation margin on futures contracts		79,627
Prepaid expenses		1,497

Total Assets		360,405,136

Liabilities:
Payable for investments purchased		848,931
Payable for capital shares redeemed		29,473
Payable for collateral received on loaned securities		79,327,859
Manager fees payable		59,705
Administration fees payable		7,402
Distribution fees payable		57,409
Custodian fees payable		2,351
Administrative and compliance services fees payable		96
Trustee fees payable		903
Other accrued liabilities		20,473

Total Liabilities		80,354,602

Net Assets	$	280,050,534

Net Assets Consist of:
Capital	$	149,073,816
Accumulated net investment income/(loss)		4,887,072
Accumulated net realized gains/(losses) from investment transactions		50,883,721
Net unrealized appreciation/(depreciation) on investments		75,205,925

Net Assets	$	280,050,534

Shares of beneficial interest (unlimited number of shares authorized, no par value)		19,583,305
Net Asset Value (offering and redemption price per share)	$	14.30

*	Includes securities on loan of $78,398,410.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	2,325,606
Interest		3,805
Income from securities lending		278,368
Foreign withholding tax		(233	)

Total Investment Income		2,607,546

Expenses:
Manager fees		348,252
Administration fees		39,398
Distribution fees		334,858
Custodian fees		9,969
Administrative and compliance services fees		1,978
Trustee fees		7,082
Professional fees		7,835
Shareholder reports		8,693
Other expenses		28,355

Total expenses		786,420

Net Investment Income/(Loss)		1,821,126

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		14,214,440
Net realized gains/(losses) on futures contracts		293,224
Change in net unrealized appreciation/depreciation on investments		(221,460	)

Net Realized/Unrealized Gains/(Losses) on Investments		14,286,204

Change in Net Assets Resulting From Operations	$	16,107,330

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $22,605 during the period ended June 30, 2016. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2016, 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 $7.0 million as of June 30, 2016. The monthly average notional amount for these contracts was $6.8 million for the period ended June 30, 2016. 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, 2016:

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, 2016:

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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $1,568 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $286,687,187. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, the components of accumulated earnings on a tax basis were as follows:

On June 14, 2016, the Board approved a reorganization whereby, subject to shareholder approval, the Fund will acquire the assets and liabilities of the AZL Federated Clover Small Value Fund and AZL Oppenheimer Discovery Fund. A meeting of shareholders to consider the proposal is scheduled for October 12, 2016 and, if approved, the reorganization is expected to occur approximately four weeks subsequent to that date.

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 (59.5%):
	Aerospace & Defense (0.4%):
	39,700	Boeing Co. (The)^	$	5,155,839

	Auto Components (0.9%):
	259,900	Johnson Controls, Inc.		11,503,174

	Beverages (1.0%):
	104,546	PepsiCo, Inc.		11,075,603
	31,230	SABMiller plc		1,820,281

				12,895,884

	Biotechnology (0.3%):
	15,490	Biogen Idec, Inc.*		3,745,792

	Capital Markets (4.0%):
	50,326	Affiliated Managers Group, Inc.*^		7,084,391
	709,000	Bank of New York Mellon Corp. (The)		27,544,650
	25,600	BlackRock, Inc., Class A^		8,768,768
	96,159	Julius Baer Group, Ltd.		3,865,481
	84,900	State Street Corp.		4,577,808

				51,841,098

	Chemicals (0.6%):
	105,623	LyondellBasell Industries NV, Class A		7,860,464

	Commercial Services & Supplies (1.7%):
	523,100	Tyco International plc		22,284,060

	Diversified Telecommunication Services (0.7%):
	81,355	SBA Communications Corp., Class A*		8,781,459

	Electric Utilities (1.6%):
	319,200	PG&E Corp.^		20,403,264
	18,300	Xcel Energy, Inc.		819,474

				21,222,738

	Electrical Equipment (0.6%):
	68,400	AMETEK, Inc.		3,162,132
	151,662	Sensata Technologies Holding NV*		5,291,487

				8,453,619

	Food & Staples Retailing (0.7%):
	87,700	CVS Health Corp.		8,396,398

	Food Products (1.3%):
	359,451	Mondelez International, Inc., Class A		16,358,615

	Health Care Equipment & Supplies (3.8%):
	628,300	Abbott Laboratories		24,698,473
	142,697	Becton, Dickinson & Co.		24,199,984

				48,898,457

	Health Care Providers & Services (3.4%):
	163,100	Aetna, Inc.^		19,919,403
	33,553	Humana, Inc.		6,035,514
	125,400	UnitedHealth Group, Inc.		17,706,480

				43,661,397

	Hotels, Restaurants & Leisure (0.3%):
	90,598	Compass Group plc		1,726,630
	139,209	Hilton Worldwide Holdings, Inc.^		3,136,379

				4,863,009


Shares			Fair Value
	Common Stocks, continued
	Industrial Conglomerates (4.3%):
	465,834	Danaher Corp.	$	47,049,234
	49,700	Roper Industries, Inc.^		8,476,832

				55,526,066

	Insurance (6.8%):
	940,300	Marsh & McLennan Cos., Inc.		64,372,938
	192,199	Willis Towers Watson plc		23,892,257

				88,265,195

	Internet & Catalog Retail (1.3%):
	24,200	Amazon.com, Inc.*		17,318,004

	Internet Software & Services (1.4%):
	4,400	Alphabet, Inc., Class A*		3,095,532
	21,430	Alphabet, Inc., Class C*		14,831,703

				17,927,235

	IT Services (3.2%):
	181,900	Fiserv, Inc.*		19,777,987
	51,979	FleetCor Technologies, Inc.*		7,439,754
	184,700	Visa, Inc., Class A^		13,699,199

				40,916,940

	Life Sciences Tools & Services (4.1%):
	262,500	PerkinElmer, Inc.^		13,760,250
	262,000	Thermo Fisher Scientific, Inc.		38,713,120

				52,473,370

	Machinery (1.3%):
	39,900	IDEX Corp.		3,275,790
	221,766	Pentair plc^		12,926,740

				16,202,530

	Media (2.2%):
	236,100	Comcast Corp., Class A		15,391,359
	403,630	Liberty Global plc, Series C*		11,564,000
	24,995	Liberty Global plc, Class C*		812,080

				27,767,439

	Oil, Gas & Consumable Fuels (0.6%):
	253,900	Canadian Natural Resources, Ltd.		7,827,737

	Paper & Forest Products (0.0%):
	488,000	Sino-Forest Corp.#*(a)(b)		—

	Pharmaceuticals (2.9%):
	11,000	Allergan plc*		2,541,990
	466,180	Pfizer, Inc.		16,414,198
	398,900	Zoetis, Inc.^		18,931,794

				37,887,982

	Professional Services (0.9%):
	406,355	Capita Group plc		5,218,358
	55,527	IHS, Inc., Class A*		6,419,476

				11,637,834

	Real Estate Investment Trusts (REITs) (0.9%):
	104,500	American Tower Corp.^		11,872,245

	Semiconductors & Semiconductor Equipment (0.3%):
	52,900	Texas Instruments, Inc.^		3,314,185


Shares, Notional Amount or Principal Amount			Fair Value
	Common Stocks, continued
	Software (2.4%):
	605,500	Microsoft Corp.	$	30,983,435

	Specialty Retail (2.5%):
	27,000	AutoZone, Inc.*^		21,433,680
	123,500	Lowe’s Cos., Inc.		9,777,495
	4,700	O’Reilly Automotive, Inc.*^		1,274,170

				32,485,345

	Technology Hardware, Storage & Peripherals (1.0%):
	132,900	Apple, Inc.		12,705,240

	Tobacco (2.1%):
	104,000	Altria Group, Inc.		7,171,841
	192,800	Philip Morris International, Inc.		19,611,616

				26,783,456

	Total Common Stocks (Cost $674,295,590)			767,816,242

	Preferred Stocks (0.7%):
	Banks (0.1%):
	25,000	U.S. Bancorp, Series G, 5.74%^		652,750
	9,874	U.S. Bancorp, Series F, 5.28%^		304,119

				956,869

	Capital Markets (0.2%):
	50,000	Charles Schwab Corp. (The), Series C, 4.55%		1,364,000
	5,000	Charles Schwab Corp. (The), 1.29%		134,200
	20,000	State Street Corp., 0.89%		536,800
	21,000	State Street Corp., 5.38%		585,900

				2,620,900

	Electric Utilities (0.4%):
	150,000	SCE Trust IV, Series J, 3.90%^		4,180,500
	25,000	SCE Trust V, Series K, 1.29%^		713,750

				4,894,250

	Total Preferred Stocks (Cost $7,717,676)			8,472,019

	Convertible Preferred Stocks (0.9%):
	Banks (0.2%):
	2,350	Wells Fargo & Co., Series L, Class A, 5.77%		3,053,531

	Electric Utilities (0.1%):
	21,700	SCE Trust I, Series K, 5.30%, Perpetual Bond^		575,701
	2,930	SCE Trust II, 4.88%, Perpetual Bond^		76,620
	32,472	SCE Trust III, 4.96%, Perpetual Bond^		941,688

				1,594,009

	Real Estate Investment Trusts (REITs) (0.6%):
	66,471	American Tower Corp., 4.90%^		7,466,022

	Total Convertible Preferred Stocks (Cost $10,862,247)			12,113,562

	Asset Backed Securities (0.2%):
$	380,188	DB Master Finance LLC, Class A2I, Series 2015-1A, 3.26%, 2/20/45, Callable 11/20/17 @ 100(c)		383,723

	1,330,000	Taco Bell Funding LLC, Class A2I, Series 16-1A, 3.83%, 5/25/46, Callable 8/25/23 @ 100(c)(d)		1,355,907


Notional Amount or Principal Amount			Fair Value
	Asset Backed Securities, continued
$	952,800	Wendys Funding LLC, Class A2I, Series 2015-1A, 3.37%, 6/15/45, Callable 6/15/18 @ 100(c)	$	958,040

	Total Asset Backed Securities (Cost $2,662,988)			2,697,670

	Convertible Bond (0.1%):
	Automobiles (0.1%):
	896,000	Tesla Motor, Inc., 1.25%, 3/1/21		736,400

	Total Convertible Bond (Cost $722,961)			736,400

	Floating Rate Loans (3.6%):
	Chemicals (0.3%):
	1,752,737	Kronos, Inc., 4.50%, 10/30/19, Callable 7/8/16 @ 100(d)		1,746,602
	2,636,988	Kronos, Inc., 9.75%, 4/30/20, Callable 7/8/16 @ 102(d)		2,647,984

				4,394,586

	Diversified Telecommunication Services (0.7%):
	7,525,000	Intelsat Jackson Holding SA, 3.75%, 6/30/19(d)		6,842,106
	2,593,048	Telesat Canada, 3.50%, 3/28/19, Callable 7/8/16 @ 100(d)		2,576,038

				9,418,144

	Food Products (0.4%):
	2,441,151	De Master Blenders, 0.00%, 7/2/22(d)		2,445,741
	265,602	DE Master Blenders, 4.25%, 7/2/21		294,751
	1,801,860	Pinnacle Foods Finance LLC, 3.00%, 4/29/20, Callable 7/8/16 @ 100(d)		1,800,580
	1,405,439	Pinnacle Foods Finance LLC, 3.00%, 4/29/20, Callable 7/8/16 @ 100(d)		1,402,122

				5,943,194

	Health Care Providers & Services (0.3%):
	4,248,541	DaVita Healthcare Partners, Inc., 3.50%, 6/24/21, Callable 7/8/16 @ 100(d)		4,253,852

	Hotels, Restaurants & Leisure (0.4%):
	1,494,918	Hilton Worldwide Finance LLC, 3.50%, 10/26/20, Callable 7/8/16 @ 100(d)		1,494,918
	4,100,000	Yum! Brands, Inc., 0.00%, 12/31/49(d)		4,100,000

				5,594,918

	Insurance (0.6%):
	7,396,063	Hub International, Ltd., 4.25%, 10/2/20, Callable 7/8/16 @ 100(d)		7,274,028

	Machinery (0.2%):
	2,070,513	Manitowoc Foodservice, Inc., 0.00%, 3/3/23, Callable 7/8/16 @ 101(d)		2,082,170

	Media (0.6%):
	538,636	Kasima LLC, 0.00%, 5/17/21, Callable 7/8/16 @ 100(d)		537,123
	6,800,000	UPC Financing Partnership, 3.25%, 6/30/21, Callable 7/8/16 @ 100(d)		6,627,144

				7,164,267


Notional Amount or Principal Amount			Fair Value
	Floating Rate Loans, continued
	Semiconductors & Semiconductor Equipment (0.1%):
$	721,625	NXP Funding BV/NXP Funding LLC, 0.00%, 10/30/20(d)	$	722,527

	Total Floating Rate Loans (Cost $47,677,836)			46,847,686

	Corporate Bonds (17.0%):
	(0.1%):
	625,000	HCA, Inc., 3.75%, 3/15/19^		646,875

	Aerospace & Defense (0.0%):
	200,000	Moog, Inc., 5.25%, 12/1/22, Callable 1/12/17 @ 103.94(c)		202,500

	Airlines (0.0%):
	507,904	U.S. Airways 2010-1A PTT, Series A, 6.25%, 10/22/24		570,122

	Banks (0.3%):
	3,355,000	JPMorgan Chase & Co., Series Z, 5.30%, 12/31/49, Callable 1/5/20 @ 100^(d)		3,342,419

	Beverages (0.3%):
	1,000,000	Anheuser-Busch InBev NV, 1.90%, 2/1/19		1,016,980
	1,295,000	Anheuser-Busch InBev NV, 1.90%, 2/1/21(d)		1,334,270
	615,000	Anheuser-Busch InBev NV, 2.65%, 2/1/21, Callable 1/1/21 @ 100		637,764
	650,000	PepsiCo, Inc., 1.25%, 4/30/18^		653,475

				3,642,489

	Capital Markets (0.7%):
	2,600,000	Bank of New York Mellon Corp. (The), Series E, 4.95%, 12/29/49, Callable 6/20/20 @ 100^(d)		2,609,750
	1,625,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18		1,721,743
	2,600,000	Ford Motor Credit Co. LLC, 2.60%, 11/4/19		2,660,007
	1,885,000	State Street Corp., Series F, 5.25%, 12/31/49, Callable 9/15/20 @ 100^(d)		1,936,838

				8,928,338

	Chemicals (0.1%):
	905,000	Cytec Industries, Inc., 3.95%, 5/1/25, Callable 1/2/25 @ 100		901,912
	795,000	Ecolab, Inc., 2.00%, 1/14/19^		805,372

				1,707,284

	Communications Equipment (0.0%):
	365,000	Harris Corp., 2.00%, 4/27/18		366,858

	Consumer Finance (1.4%):
	850,000	American Honda Finance Corp., 0.95%, 5/5/17		849,768
	825,000	Caterpillar Financial Services Corp., Series G, 1.25%, 11/6/17^		828,094
	970,000	Caterpillar Financial Services Corp., 2.25%, 12/1/19, MTN		998,680
	250,000	Ford Motor Credit Co. LLC, 4.25%, 2/3/17		253,995
	2,560,000	Ford Motor Credit Co. LLC, 1.27%, 3/27/17(d)		2,560,959
	3,765,000	Ford Motor Credit Co. LLC, 1.46%, 3/27/17^		3,771,671
	500,000	Ford Motor Credit Co. LLC, 6.63%, 8/15/17		527,766
	1,600,000	Ford Motor Credit Co. LLC, 1.18%, 9/8/17^(d)		1,595,069


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Consumer Finance, continued
$	2,000,000	Ford Motor Credit Co. LLC, 1.25%, 12/6/17(d)	$	1,989,648
	975,000	Ford Motor Credit Co. LLC, 1.72%, 12/6/17		977,074
	1,160,000	Ford Motor Credit Co. LLC, 2.15%, 1/9/18		1,170,158
	1,975,000	Ford Motor Credit Co. LLC, 2.38%, 3/12/19		2,002,701

				17,525,583

	Containers & Packaging (0.1%):
	1,225,000	Beverage Packaging Holdings Luxemberg, 5.75%, 10/15/20, Callable 12/15/17 @ 104.31		1,264,813
	500,000	Beverage Packaging Holdings Luxemberg, 6.87%, 2/15/21, Callable 8/8/16 @ 103.44^(d)		515,000

				1,779,813

	Diversified Financial Services (0.6%):
	3,475,000	CNH Industrial Capital LLC, 6.25%, 11/1/16		3,518,438
	1,725,000	CNH Industrial Capital LLC, 3.25%, 2/1/17^		1,735,350
	1,475,000	CNH Industrial Capital LLC, 3.63%, 4/15/18^		1,475,000
	175,000	CNH Industrial Capital LLC, 3.88%, 7/16/18		175,875
	310,000	National Rural Utilities Cooperative Finance Corp., 0.95%, 4/24/17		310,033

				7,214,696

	Diversified Telecommunication Services (0.9%):
	3,525,000	CCO Holdings LLC, 6.63%, 1/31/22, Callable 1/31/17 @ 103.31^		3,718,875
	2,225,000	SBA Communications Corp., 5.63%, 10/1/19		2,297,313
	4,575,000	SBA Communications Corp., 5.75%, 7/15/20, Callable 8/8/16 @ 102.88		4,712,249
	975,000	SBA Communications Corp., 4.88%, 7/15/22, Callable 7/15/17 @ 103.66		972,563

				11,701,000

	Electric Utilities (0.3%):
	1,585,000	Southern Co., 1.55%, 7/1/18^		1,595,368
	850,000	Southern Co., 1.85%, 7/1/19		860,753
	253,960	Texas Competitive Electric Holdings Co. LLC, 3.75%, 5/5/16(d)		252,056
	510,000	Virginia Electric & Power Co., Series A, 3.15%, 1/15/26, Callable 10/15/25 @ 100^		538,443

				3,246,620

	Electronic Equipment, Instruments & Components (0.0%):
	360,000	Amphenol Corp., 1.55%, 9/15/17		360,112

	Food & Staples Retailing (0.7%):
	470,000	Kroger Co. (The), 2.00%, 1/15/19^		477,649
	4,200,000	Rite Aid Corp., 9.25%, 3/15/20, Callable 8/8/16 @ 104.63		4,431,756
	2,875,000	Rite Aid Corp., 6.75%, 6/15/21, Callable 8/8/16 @ 105.06		3,025,938
	1,040,000	Walgreends Boots Allaince, 1.75%, 5/30/18		1,048,124

				8,983,467


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Food Products (0.0%):
$	250,000	B&G Foods, Inc., 4.63%, 6/1/21, Callable 8/8/16 @ 103.47	$	250,000
	200,000	TreeHouse Foods, Inc., 6.00%, 2/15/24, Callable 2/15/19 @ 104.5(c)		212,000

				462,000

	Gas Utilities (0.3%):
	2,342,000	Amerigas Finance Corp. LLC, 7.00%, 5/20/22, Callable 5/20/17 @ 103.5		2,472,262
	1,150,000	Southern Calif Gas Co., 3.20%, 6/15/25, Callable 3/15/25 @ 100		1,233,872
	600,000	Suburban Propane Partners, 7.38%, 8/1/21, Callable 8/8/16 @ 103.69		624,378

				4,330,512

	Health Care Equipment & Supplies (0.5%):
	2,650,000	Becton, Dickinson & Co., 1.80%, 12/15/17		2,671,664
	1,130,000	Becton, Dickinson & Co., 2.68%, 12/15/19		1,162,241
	1,650,000	Medtronic plc, 1.50%, 3/15/18^		1,664,320
	795,000	Medtronic plc, 2.50%, 3/15/20^		824,505
	375,000	Teleflex, Inc., 4.88%, 6/1/26, Callable 1/6/21 @ 102.44		378,750

				6,701,480

	Health Care Providers & Services (1.6%):
	771,000	Centene Corp., 5.75%, 6/1/17^		786,420
	6,925,000	DaVita, Inc., 5.75%, 8/15/22, Callable 8/15/17 @ 102.88		7,245,280
	3,033,000	Fresenius Medical Care, 5.63%, 7/31/19(c)		3,288,894
	1,375,000	Fresenius Medical Care, 5.88%, 1/31/22(c)		1,507,344
	275,000	Fresenius Medical Care AG & Co. KGaA, 5.75%, 2/15/21(c)		305,250
	2,775,000	HCA, Inc., 8.00%, 10/1/18^		3,094,125
	325,000	HCA, Inc., 4.25%, 10/15/19		338,813
	2,725,000	HCA, Inc., 6.50%, 2/15/20		3,014,531
	470,000	UnitedHealth Group, Inc., 1.40%, 12/15/17^		472,527
	600,000	WellCare Health Plans, Inc., 5.75%, 11/15/20, Callable 11/15/16 @ 102.88		620,250

				20,673,434

	Health Care Technology (0.0%):
	325,000	IMS Health, Inc., 6.00%, 11/1/20, Callable 8/8/16 @ 103^(c)		330,688

	Hotels, Restaurants & Leisure (0.8%):
	1,825,000	Cedar Fair LP, 5.25%, 3/15/21, Callable 8/8/16 @ 103.94		1,869,813
	2,175,000	Hilton Worldwide Finance LLC, 5.63%, 10/15/21, Callable 10/15/16 @ 102.81		2,251,125
	185,000	McDonald’s Corp., 2.10%, 12/7/18		189,324
	3,540,000	Six Flags Entertainment Corp., 5.25%, 1/15/21, Callable 8/8/16 @ 103.94(c)		3,650,625
	1,000,000	Yum! Brands, Inc., 3.88%, 11/1/20, Callable 1/8/20 @ 100^		1,016,250


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Hotels, Restaurants & Leisure, continued
$	1,925,000	Yum! Brands, Inc., 3.75%, 11/1/21, Callable 1/8/21 @ 100	$	1,886,500

				10,863,637

	Insurance (0.4%):
	825,000	Hub International, Ltd., 9.25%, 2/15/21, Callable 2/15/17 @ 103(c)		862,125
	3,950,000	Hub International, Ltd., 7.88%, 10/1/21(c)		3,792,000
	740,000	Marsh & McLennan Cos., Inc., 2.35%, 3/6/20, Callable 6/2/20 @ 100		755,011
	275,000	Marsh & McLennan Cos., Inc., 3.30%, 3/14/23, Callable 1/14/23 @ 100^		287,085

				5,696,221

	Internet & Catalog Retail (0.2%):
	2,505,000	Amazon.com, Inc., 2.60%, 12/5/19, Callable 5/11/19 @ 100		2,612,868

	IT Services (0.4%):
	1,660,000	Fiserv, Inc., 2.70%, 6/1/20, Callable 1/5/20 @ 100		1,718,566
	3,655,000	Visa, Inc., 1.20%, 12/14/17		3,677,698

				5,396,264

	Machinery (0.0%):
	125,000	Case New Holland, Inc., 7.88%, 12/1/17		134,375
	145,000	Fortive Corp., 1.80%, 6/15/19(c)		145,930
	175,000	Manitowoc Foodservice, Inc., 9.50%, 2/15/24, Callable 2/15/19 @ 107.13(c)		195,563

				475,868

	Media (0.6%):
	1,400,000	Cequel Communications Holdings I LLC, 6.38%, 9/15/20, Callable 8/8/16 @ 104.78(c)		1,423,519
	494,911	Charter Communications Operating LLC, 0.05%, 7/1/20, Callable 7/8/16 @ 100(d)		490,890
	1,000,000	Charter Communications Operating LLC, 3.58%, 7/23/20, Callable 6/23/20 @ 100(c)		1,045,444
	645,026	Charter Communications Operating LLC, 3.00%, 1/3/21, Callable 7/8/16 @ 100(d)		639,382
	1,875,000	Dish DBS Corp., 4.63%, 7/15/17		1,907,812
	550,000	Lamar Media Corp., 5.88%, 2/1/22, Callable 1/2/17 @ 102.94^		572,000
	175,000	Sirius XM Radio, Inc., 5.88%, 10/1/20(c)		180,469
	1,125,000	Sirius XM Radio, Inc., 5.75%, 8/1/21, Callable 8/8/16 @ 104.31(c)		1,168,594
	650,000	Time Warner Cable, Inc., 5.85%, 5/1/17		672,864

				8,100,974

	Multi-Utilities (0.1%):
	725,000	Berkshire Hathaway Energy Co., 2.40%, 2/1/20, Callable 1/1/20 @ 100		744,694
	450,000	CMS Energy Corp., 8.75%, 6/15/19		541,529
	210,000	Dominion Resources, Inc., 2.96%, 7/1/19(d)		213,787

				1,500,010


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels (3.5%):
$	1,435,000	Chevron Corp., 1.37%, 3/2/18	$	1,442,881
	5,250,000	Concho Resources, Inc., 7.00%, 1/15/21, Callable 8/8/16 @ 103.5^		5,394,374
	3,075,000	Concho Resources, Inc., 6.50%, 1/15/22, Callable 1/15/17 @ 103.25^		3,148,031
	1,400,000	Concho Resources, Inc., 5.50%, 10/1/22, Callable 1/10/17 @ 102.75^		1,407,000
	4,125,000	Concho Resources, Inc., 5.50%, 4/1/23, Callable 1/10/17 @ 102.75^		4,135,313
	1,575,000	Diamondback Energy, Inc., 7.63%, 10/1/21^		1,663,594
	210,000	EQT Corp., 6.50%, 4/1/18		218,803
	425,000	EQT Corp., 8.13%, 6/1/19		468,220
	2,475,000	EQT Corp., 4.88%, 11/15/21^		2,631,722
	1,200,000	Matador Resources Co., 6.88%, 4/15/23, Callable 4/15/18 @ 105.16		1,224,000
	3,625,000	MPLX LP, 5.50%, 2/15/23, Callable 8/15/17 @ 102.75(c)		3,682,989
	4,750,000	MPLX LP, 4.50%, 7/15/23, Callable 4/15/23 @ 100(c)		4,603,846
	1,375,000	MPLX LP, 4.88%, 12/1/24, Callable 1/9/24 @ 100^(c)		1,339,471
	2,675,000	Range Resources Corp., 5.75%, 6/1/21, Callable 8/8/16 @ 102.88		2,614,813
	1,450,000	Range Resources Corp., 5.00%, 8/15/22, Callable 2/15/17 @ 102.5^		1,366,625
	1,750,000	Range Resources Corp., 5.00%, 3/15/23, Callable 3/15/18 @ 102.5^		1,640,625
	1,375,000	Range Resources Corp., 4.88%, 5/15/25, Callable 2/15/25 @ 100^		1,309,688
	375,000	Targa Resources Partners LP, 4.13%, 11/15/19, Callable 11/15/16 @ 102.06		371,250
	1,850,000	Targa Resources Partners LP, 6.88%, 2/1/21, Callable 8/8/16 @ 103.44^		1,882,375
	1,050,000	Targa Resources Partners LP, 5.25%, 5/1/23, Callable 1/11/17 @ 102.63^		992,250
	2,100,000	Targa Resources Partners LP, 4.25%, 11/15/23, Callable 5/15/18 @ 102.13^		1,884,750

				43,422,620

	Pharmaceuticals (0.4%):
	985,000	Eli Lilly & Co., 1.25%, 3/1/18		992,398
	705,000	Johnson & Johnson, 1.13%, 11/21/17^		708,804
	3,175,000	Pfizer, Inc., 1.20%, 6/1/18		3,189,710

				4,890,912

	Professional Services (0.1%):
	1,425,000	IHS, Inc., 5.00%, 11/1/22, Callable 1/8/22 @ 100		1,471,313

	Real Estate Investment Trusts (REITs) (1.0%):
	1,280,000	American Tower Corp., 3.30%, 2/15/21, Callable 1/15/21 @ 100		1,335,299
	2,550,000	Crown Castle International Corp., 4.88%, 4/15/22		2,800,409


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Real Estate Investment Trusts (REITs), continued
$	5,425,000	Crown Castle International Corp., 5.25%, 1/15/23	$	6,087,175
	2,125,000	Iron Mountain, Inc., 6.00%, 10/1/20, Callable 1/10/17 @ 103(c)		2,223,281
	475,000	Iron Mountain, Inc., 4.38%, 6/1/21, Callable 1/6/18 @ 102.19(c)		478,563

				12,924,727

	Real Estate Management & Development (0.1%):
	750,000	CBRE Services, Inc., 5.00%, 3/15/23, Callable 3/15/18 @ 102.5		776,458

	Software (0.1%):
	1,200,000	SS&C Tech Holdings, Inc., 5.88%, 7/15/23, Callable 7/15/18 @ 104.41		1,227,000

	Specialty Retail (0.8%):
	180,000	AutoZone, Inc., 1.63%, 4/21/19, Callable 1/21/19 @ 100		180,936
	755,000	AutoZone, Inc., 2.50%, 4/15/21, Callable 3/15/21 @ 100		768,861
	2,850,000	L Brands, Inc., 6.90%, 7/15/17		3,022,425
	1,500,000	L Brands, Inc., 8.50%, 6/15/19		1,740,000
	550,000	L Brands, Inc., 7.00%, 5/1/20		621,500
	3,050,000	L Brands, Inc., 6.63%, 4/1/21^		3,431,250

				9,764,972

	Textiles, Apparel & Luxury Goods (0.1%):
	1,450,000	Levi Strauss & Co., 6.88%, 5/1/22, Callable 1/5/17 @ 103.44		1,538,813

	Wireless Telecommunication Services (0.5%):
	1,751,000	Metropcs Wireless, Inc., 6.63%, 11/15/20, Callable 7/19/16 @ 103.31		1,805,719
	275,000	T-Mobile USA, Inc., 5.25%, 9/1/18, Callable 7/19/16 @ 102.63		280,500
	4,560,000	T-Mobile USA, Inc., 6.54%, 4/28/20, Callable 7/19/16 @ 103.27		4,702,500

				6,788,719

	Total Corporate Bonds (Cost $218,001,863)			220,167,666

	Foreign Bonds (0.2%):
	Diversified Financial Services (0.0%):
	382,500	Lynx I Corp., 6.00%, 4/15/21, Callable 4/15/17 @ 103+		523,111

	Media (0.2%):
	1,900,000	UPC Holding BV, 6.38%, 9/15/22, Callable 9/15/17 @ 103+(c)		2,228,926

	Total Foreign Bonds (Cost $2,768,605)			2,752,037

	Yankee Dollars (3.5%):
	Containers & Packaging (0.1%):
	825,000	Reynolds Group Holdings, Ltd., 5.63%, 12/15/16, Callable 8/8/16 @ 100(c)		827,063


Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Diversified Financial Services (0.7%):
$	2,295,000	Shell International Finance BV, 1.08%, 5/11/20(d)	$	2,264,880
	200,000	Virgin Media Communications, Ltd., 6.00%, 10/15/24, Callable 10/15/19 @ 103(c)		196,250
	5,147,100	Virgin Media Secured Finance plc, 5.38%, 4/15/21, Callable 4/15/17 @ 102.69(c)		5,237,174
	1,125,000	Virgin Media Secured Finance plc, 5.25%, 1/15/26, Callable 1/15/20 @ 102.63(c)		1,088,438

				8,786,742

	Diversified Telecommunication Services (0.3%):
	3,505,000	Telesat Canada, 6.00%, 5/15/17, Callable 8/8/16 @ 100(c)		3,498,428

	Insurance (0.1%):
	1,020,000	Trinity Acquistion plc, 4.40%, 3/15/26, Callable 12/15/25 @ 100		1,065,006

	Media (1.5%):
	2,150,000	Unitymedia Hessen, 5.50%, 1/15/23, Callable 1/15/18 @ 102.75(c)		2,160,750
	2,350,000	Unitymedia Kabelbw GMBH, 6.13%, 1/15/25, Callable 1/15/20 @ 103.06(c)		2,408,515
	6,390,000	UPCB Finance V, Ltd., 7.25%, 11/15/21, Callable 11/15/16 @ 103.63(c)		6,661,575
	9,112,500	UPCB Finance VI, Ltd., 6.88%, 1/15/22, Callable 1/15/17 @ 103.44(c)		9,477,000

				20,707,840


Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Oil, Gas & Consumable Fuels (0.0%):
$	360,000	Canadian Natural Resources, Ltd., 1.75%, 1/15/18	$	356,849

	Semiconductors & Semiconductor Equipment (0.8%):
	469,000	NXP Funding BV/NXP Funding LLC, 3.50%, 9/15/16(c)		469,485
	8,150,000	NXP Funding BV/NXP Funding LLC, 3.75%, 6/1/18^(c)		8,313,001
	1,650,000	NXP Funding BV/NXP Funding LLC, 5.75%, 2/15/21, Callable 2/15/17 @ 102.88(c)		1,711,875

				10,494,361

	Total Yankee Dollars (Cost $45,869,652)			45,736,289

	Securities Held as Collateral for Securities on Loan (11.4%):
	147,018,754	AZL T. Rowe Price Capital Appreciation Fund Securities Lending Collateral Account(e)		147,018,754

	Total Securities Held as Collateral for Securities on Loan (Cost $147,018,754)			147,018,754

	Unaffiliated Investment Company (12.7%):
	164,145,406	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(f)		164,145,406

	Total Unaffiliated Investment Company (Cost $164,145,406)			164,145,406

	Total Investment Securities (Cost $1,321,743,578)(g) — 109.8%			1,418,503,731
	Net other assets (liabilities) — (9.8)%			(127,026,263	)

	Net Assets — 100.0%		$	1,291,477,468


Description	Counterparty	Put/ Call	Strike Price			Expiration Date		Contracts		Fair Value
Allergan plc	Citigroup Global Markets	Call		USD	270.00		1/20/17		110	$	(79,218	)
Alphabet, Inc.	JPMorgan Chase	Call		USD	795.00		1/20/17		43		(62,602	)
Alphabet, Inc.	Deutsche Bank	Call		USD	800.00		1/20/17		17		(22,952	)
Alphabet, Inc.	Deutsche Bank	Call		USD	800.00		1/20/17		12		(20,891	)
Alphabet, Inc.	Deutsche Bank	Call		USD	820.00		1/20/17		17		(16,776	)
Alphabet, Inc.	Deutsche Bank	Call		USD	840.00		1/20/17		17		(12,049	)
Alphabet, Inc.	Deutsche Bank	Call		USD	900.00		1/20/17		32		(11,718	)
Altria Group, Inc.	Citigroup Global Markets	Call		USD	65.00		1/20/17		502		(279,984	)
Altria Group, Inc.	Citigroup Global Markets	Call		USD	67.50		1/20/17		502		(190,057	)
American Tower Corp.	Citigroup Global Markets	Call		USD	105.00		1/20/17		61		(72,591	)
American Tower Corp.	Citigroup Global Markets	Call		USD	110.00		1/20/17		120		(99,952	)
American Tower Corp.	Citigroup Global Markets	Call		USD	115.00		1/20/17		179		(95,500	)
Apple, Inc.	Citigroup Global Markets	Call		USD	105.00		1/20/17		264		(80,548	)
Apple, Inc.	Citigroup Global Markets	Call		USD	110.00		1/20/17		264		(51,681	)
Apple, Inc.	Citigroup Global Markets	Call		USD	115.00		1/20/17		772		(96,192	)
AutoZone, Inc.	Deutsche Bank	Call		USD	840.00		1/20/17		17		(43,660	)
Bank of New York Mellon Corp. (The)	Deutsche Bank	Call		USD	45.00		1/20/17		951		(77,198	)
Bank of New York Mellon Corp. (The)	Deutsche Bank	Call		USD	47.00		1/20/17		640		(35,620	)
Comcast Corp.	Citigroup Global Markets	Call		USD	62.50		1/20/17		924		(472,778	)
Comcast Corp.	Citigroup Global Markets	Call		USD	65.00		1/20/17		1,332		(469,291	)
CVS Health Corp.	JPMorgan Chase	Call		USD	100.00		1/20/17		134		(40,005	)
CVS Health Corp.	JPMorgan Chase	Call		USD	105.00		1/20/17		200		(29,006	)
CVS Health Corp.	JPMorgan Chase	Call		USD	110.00		1/20/17		349		(22,883	)
CVS Health Corp.	Citigroup Global Markets	Call		USD	115.00		1/20/17		150		(4,593	)
Danaher Corp.	Citigroup Global Markets	Call		USD	92.50		1/20/17		319		(362,603	)
Danaher Corp.	Citigroup Global Markets	Call		USD	95.00		1/20/17		319		(301,382	)
Danaher Corp.	Deutsche Bank	Call		USD	100.00		1/20/17		148		(89,046	)
Danaher Corp.	Deutsche Bank	Call		USD	105.00		1/20/17		405		(137,646	)
Danaher Corp.	Deutsche Bank	Call		USD	110.00		1/20/17		256		(45,990	)
Danaher Corp.	Deutsche Bank	Call		USD	115.00		1/20/17		97		(9,359	)
Lowe’s Cos., Inc.	Citigroup Global Markets	Call		USD	80.00		1/20/17		84		(36,318	)
Lowe’s Cos., Inc.	Citigroup Global Markets	Call		USD	82.50		1/20/17		84		(26,671	)
Lowe’s Cos., Inc.	Citigroup Global Markets	Call		USD	85.00		1/20/17		409		(93,461	)
Lowe’s Cos., Inc.	Citigroup Global Markets	Call		USD	87.50		1/20/17		159		(25,858	)
Lowe’s Cos., Inc.	Citigroup Global Markets	Call		USD	90.00		1/20/17		322		(37,120	)
LyondellBasell Industries NV	Citigroup Global Markets	Call		USD	87.50		1/20/17		365		(64,380	)
LyondellBasell Industries NV	Citigroup Global Markets	Call		USD	90.00		1/20/17		230		(31,082	)
LyondellBasell Industries NV	Citigroup Global Markets	Call		USD	92.50		1/20/17		233		(24,056	)
Microsoft Corp.	Deutsche Bank	Call		USD	57.50		1/20/17		1,075		(119,908	)
Microsoft Corp.	Deutsche Bank	Call		USD	62.50		1/20/17		1,050		(42,598	)
Microsoft Corp.	Deutsche Bank	Call		USD	65.00		1/20/17		1,597		(38,969	)
PepsiCo, Inc.	Citigroup Global Markets	Call		USD	100.00		1/20/17		135		(106,812	)
PepsiCo, Inc.	Citigroup Global Markets	Call		USD	105.00		1/20/17		304		(135,646	)
PepsiCo, Inc.	Citigroup Global Markets	Call		USD	110.00		1/20/17		504		(109,945	)
Pfizer, Inc.	JPMorgan Chase	Call		USD	35.00		1/20/17		1,555		(269,248	)
Pfizer, Inc.	RBS Greenwich Capital	Call		USD	36.00		1/20/17		790		(97,473	)
Pfizer, Inc.	RBS Greenwich Capital	Call		USD	37.00		1/20/17		238		(20,228	)
Philip Morris International, Inc.	Deutsche Bank	Call		USD	92.50		1/20/17		246		(267,777	)
Philip Morris International, Inc.	Deutsche Bank	Call		USD	95.00		1/20/17		458		(405,713	)
Philip Morris International, Inc.	Deutsche Bank	Call		USD	97.50		1/20/17		458		(320,227	)
Texas Instruments, Inc.	Citigroup Global Markets	Call		USD	55.00		1/20/17		213		(190,920	)
Texas Instruments, Inc.	Citigroup Global Markets	Call		USD	60.00		1/20/17		213		(115,229	)
The Boeing Co.	Deutsche Bank	Call		USD	160.00		1/20/17		91		(7,466	)
The Boeing Co.	Deutsche Bank	Call		USD	165.00		1/20/17		90		(4,923	)
The Boeing Co.	Deutsche Bank	Call		USD	170.00		1/20/17		91		(3,371	)
Thermo Fisher Scientific, Inc.	Deutsche Bank	Call		USD	160.00		1/20/17		68		(27,472	)

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	1,321,743,578

Investment securities, at value*	$	1,418,503,731
Cash		222,940
Interest and dividends receivable		4,961,541
Foreign currency, at value (cost $30)		28
Receivable for capital shares issued		2,207,850
Receivable for investments sold		29,515,226
Reclaims receivable		26,823
Prepaid expenses		5,976

Total Assets		1,455,444,115

Liabilities:
Unrealized depreciation on forward currency contracts		3,379
Payable for investments purchased		9,139,266
Payable for capital shares redeemed		5,829
Payable for collateral received on loaned securities		147,018,754
Written options (Proceeds received $5,248,430)		6,694,728
Manager fees payable		733,513
Administration fees payable		33,561
Distribution fees payable		261,969
Custodian fees payable		15,771
Administrative and compliance services fees payable		936
Trustee fees payable		8,463
Other accrued liabilities		50,478

Total Liabilities		163,966,647

Net Assets	$	1,291,477,468

Net Assets Consist of:
Capital	$	1,134,718,168
Accumulated net investment income/(loss)		15,846,892
Accumulated net realized gains/(losses) from investment transactions		45,607,297
Net unrealized appreciation/(depreciation) on investments		95,305,111

Net Assets	$	1,291,477,468

Shares of beneficial interest (unlimited number of shares authorized, no par value)		76,678,608
Net Asset Value (offering and redemption price per share)	$	16.84

*	Includes securities on loan of $143,636,295.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	6,533,409
Interest		5,478,470
Income from securities lending		183,758
Foreign withholding tax		(2,891	)

Total Investment Income		12,192,746

Expenses:
Manager fees		4,463,568
Administration fees		167,872
Distribution fees		1,487,856
Custodian fees		33,991
Administrative and compliance services fees		8,605
Trustee fees		30,587
Professional fees		33,595
Shareholder reports		21,502
Other expenses		16,948

Total expenses before reductions		6,264,524
Less expenses voluntarily waived/reimbursed by the Manager		(297,567	)

Net expenses		5,966,957

Net Investment Income/(Loss)		6,225,789

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(6,831,166	)
Net realized gains/(losses) on options contracts		968,506
Net realized gains/(losses) on forward currency contracts		(7,164	)
Change in net unrealized appreciation/depreciation on investments		60,100,282

Net Realized/Unrealized Gains/(Losses) on Investments		54,230,458

Change in Net Assets Resulting From Operations	$	60,456,247

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $14,148 during the period ended June 30, 2016. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2016, 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 $1 million as of June 30, 2016. The monthly average amount for these contracts was $0.2 million for the period ended June 30, 2016.

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.

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 Statement of Operations.

The Fund had the following transactions in purchased call and put options during the period ended June 30, 2016:

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, 2016:

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, 2016:

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 transact net amounts in accordance with the master netting agreements at June 30, 2016. 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, 2016.

As of June 30, 2016, 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $6,806 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $1,326,271,180. 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, 2015 were as follows:

As of the latest tax year end December 31, 2015, 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 (99.4%):
	Aerospace & Defense (0.8%):
	5,350	Boeing Co. (The)	$	694,805

	Airlines (1.5%):
	31,180	Southwest Airlines Co.		1,222,568

	Auto Components (0.6%):
	7,610	Delphi Automotive plc		476,386

	Biotechnology (6.8%):
	13,380	Alexion Pharmaceuticals, Inc.*		1,562,248
	1,810	Biogen Idec, Inc.*		437,694
	9,030	BioMarin Pharmaceutical, Inc.*		702,534
	14,030	Celgene Corp.*		1,383,779
	3,210	Incyte Corp.*		256,736
	2,490	Regeneron Pharmaceuticals, Inc.*		869,583
	5,560	Vertex Pharmaceuticals, Inc.*		478,271

				5,690,845

	Capital Markets (0.9%):
	25,180	TD Ameritrade Holding Corp.		717,001

	Chemicals (3.5%):
	14,640	Ecolab, Inc.		1,736,304
	10,890	Praxair, Inc.		1,223,927

				2,960,231

	Communications Equipment (1.1%):
	7,550	Palo Alto Networks, Inc.*		925,932

	Electrical Equipment (0.6%):
	4,140	Rockwell Automation, Inc.		475,355

	Energy Equipment & Services (0.3%):
	3,520	Schlumberger, Ltd.		278,362

	Food & Staples Retailing (4.7%):
	15,010	Costco Wholesale Corp.		2,357,170
	16,920	CVS Health Corp.		1,619,921

				3,977,091

	Health Care Equipment & Supplies (2.0%):
	19,440	Medtronic plc		1,686,809

	Health Care Technology (1.4%):
	20,100	Cerner Corp.*^		1,177,860

	Hotels, Restaurants & Leisure (3.8%):
	20,610	Hilton Worldwide Holdings, Inc.		464,343
	11,880	Marriott International, Inc., Class A^		789,545
	33,880	Starbucks Corp.		1,935,226

				3,189,114

	Household Products (0.8%):
	8,950	Colgate-Palmolive Co.		655,140

	Industrial Conglomerates (2.7%):
	7,640	3M Co., Class B		1,337,917
	9,630	Danaher Corp.		972,630

				2,310,547

	Internet & Catalog Retail (5.5%):
	4,730	Amazon.com, Inc.*		3,384,883
	6,830	Netflix, Inc.*		624,808
	490	Priceline Group, Inc. (The)*		611,721

				4,621,412


Shares			Fair Value
	Common Stocks, continued
	Internet Software & Services (10.8%):
	3,890	Alphabet, Inc., Class A*	$	2,736,732
	3,170	Alphabet, Inc., Class C*		2,193,957
	37,030	Facebook, Inc., Class A*		4,231,787

				9,162,476

	IT Services (8.6%):
	11,120	Accenture plc, Class A		1,259,785
	14,370	Cognizant Technology Solutions Corp., Class A*		822,539
	23,540	MasterCard, Inc., Class A		2,072,932
	25,700	PayPal Holdings, Inc.*		938,307
	29,000	Visa, Inc., Class A		2,150,929

				7,244,492

	Life Sciences Tools & Services (0.4%):
	4,550	Quintiles Transnational Holdings, Inc.*		297,206

	Media (1.7%):
	14,740	Walt Disney Co. (The)		1,441,867

	Multiline Retail (3.6%):
	32,430	Dollar Tree, Inc.*		3,056,203

	Oil, Gas & Consumable Fuels (1.5%):
	10,750	Concho Resources, Inc.*		1,282,153

	Personal Products (1.6%):
	14,530	Estee Lauder Co., Inc. (The), Class A		1,322,521

	Pharmaceuticals (2.4%):
	20,160	Bristol-Myers Squibb Co.		1,482,768
	10,680	Zoetis, Inc.		506,873

				1,989,641

	Road & Rail (2.9%):
	9,010	Kansas City Southern		811,711
	18,780	Union Pacific Corp.		1,638,555

				2,450,266

	Semiconductors & Semiconductor Equipment (5.6%):
	9,480	Broadcom, Ltd.		1,473,192
	32,350	Microchip Technology, Inc.		1,642,086
	25,270	Texas Instruments, Inc.		1,583,166

				4,698,444

	Software (8.9%):
	2,220	Activision Blizzard, Inc.		87,979
	14,080	Adobe Systems, Inc.*		1,348,723
	47,010	Microsoft Corp.		2,405,501
	10,590	Red Hat, Inc.*		768,834
	17,980	Salesforce.com, Inc.*		1,427,792
	12,420	ServiceNow, Inc.*		824,688
	11,780	Splunk, Inc.*^		638,240

				7,501,757

	Specialty Retail (7.8%):
	13,940	CarMax, Inc.*^		683,478
	15,270	Home Depot, Inc. (The)		1,949,826
	7,030	O’Reilly Automotive, Inc.*^		1,905,833
	17,000	Tractor Supply Co.		1,550,060
	2,050	Ulta Salon, Cosmetics & Fragrance, Inc.*		499,462

				6,588,659


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Technology Hardware, Storage & Peripherals (1.7%):
	14,680	Apple, Inc.	$	1,403,408

	Textiles, Apparel & Luxury Goods (4.9%):
	35,810	Nike, Inc., Class B		1,976,712
	16,860	Under Armour, Inc., Class A*^		676,592
	24,380	VF Corp.^		1,499,126

				4,152,430

	Total Common Stocks (Cost $69,981,001)			83,650,981

	Securities Held as Collateral for Securities on Loan (8.2%):
$	6,856,240	AZL Wells Fargo Large Cap Growth Fund Securities Lending Collateral Account(a)		6,856,240

	Total Securities Held as Collateral for Securities on Loan (Cost $6,856,240)			6,856,240

	Unaffiliated Investment Company (1.4%):
	1,171,563	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(b)		1,171,563

	Total Unaffiliated Investment Company (Cost $1,171,563)			1,171,563

	Total Investment Securities
	(Cost $78,008,804)(c) — 109.0%			91,678,784
	Net other assets (liabilities) — (9.0)%			(7,577,621	)

	Net Assets — 100.0%		$	84,101,163

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	78,008,804

Investment securities, at value*	$	91,678,784
Interest and dividends receivable		31,449
Receivable for investments sold		445,221
Prepaid expenses		498

Total Assets		92,155,952

Liabilities:
Payable for investments purchased		801,381
Payable for capital shares redeemed		323,130
Payable for collateral received on loaned securities		6,856,240
Manager fees payable		48,977
Administration fees payable		2,857
Distribution fees payable		17,492
Custodian fees payable		1,650
Administrative and compliance services fees payable		54
Trustee fees payable		519
Other accrued liabilities		2,489

Total Liabilities		8,054,789

Net Assets	$	84,101,163

Net Assets Consist of:
Capital	$	72,164,936
Accumulated net investment income/(loss)		62,481
Accumulated net realized gains/(losses) from investment transactions		(1,796,234	)
Net unrealized appreciation/(depreciation) on investments		13,669,980

Net Assets	$	84,101,163

Shares of beneficial interest (unlimited number of shares authorized, no par value)		7,512,099
Net Asset Value (offering and redemption price per share)	$	11.20

*	Includes securities on loan of $6,759,921.

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	388,583
Interest		941
Income from securities lending		7,842

Total Investment Income		397,366

Expenses:
Manager fees		333,926
Administration fees		13,198
Distribution fees		104,352
Custodian fees		3,778
Administrative and compliance services fees		656
Trustee fees		2,361
Professional fees		2,621
Shareholder reports		612
Other expenses		1,068

Total expenses before reductions		462,572
Less expenses voluntarily waived/reimbursed by the Manager		(41,740	)

Net expenses		420,832

Net Investment Income/(Loss)		(23,466	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(1,228,270	)
Change in net unrealized appreciation/depreciation on investments		(3,046,499	)

Net Realized/Unrealized Gains/(Losses) on Investments		(4,274,769	)

Change in Net Assets Resulting From Operations	$	(4,298,235	)

(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 a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $631 during the period ended June 30, 2016. 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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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. The Administrator is entitled to 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $493 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2016, 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, 2016 is $77,983,943. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the year ended December 31, 2015, the Fund utilized $232,691 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2015 were as follows:

As of the latest tax year end December 31, 2015, the components of accumulated earnings on a tax basis were as follows:

On June 14, 2016, the Board approved the liquidation of the Fund, to occur on or around October 21, 2016.

(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.


	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL BlackRock Capital Appreciation Fund		$	1,000.00		$	953.10		$	4.91		1.01	%


	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL BlackRock Capital Appreciation Fund		$	1,000.00		$	1,019.86		$	5.07		1.01	%


Shares			Fair Value
	Unaffiliated Investment Company (4.1%):
	18,470,887	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(d)	$	18,470,887

	Total Unaffiliated Investment Company (Cost $18,470,887)			18,470,887

	Total Investment Securities (Cost $447,053,230)(e) — 114.7%			513,080,161
	Net other assets (liabilities) — (14.7)%			(65,923,936	)

	Net Assets — 100.0%		$	447,156,225


	AZL BlackRock Capital Appreciation Fund
	For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(325,167	)		$	(1,748,252	)
Net realized gains/(losses) on investment transactions			(1,527,454	)			49,145,073
Change in unrealized appreciation/depreciation on investments			(22,958,732	)			(11,835,591	)

Change in net assets resulting from operations			(24,811,353	)			35,561,230

Distributions to Shareholders:
From net investment income			—				—
From net realized gains			—				(115,837,042	)

Change in net assets resulting from distributions to shareholders			—				(115,837,042	)

Capital Transactions:
Proceeds from shares issued			3,017,681				13,556,070
Proceeds from dividends reinvested			—				115,837,042
Value of shares redeemed			(41,995,146	)			(130,318,092	)

Change in net assets resulting from capital transactions			(38,977,465	)			(924,980	)

Change in net assets			(63,788,818	)			(81,200,792	)
Net Assets:
Beginning of period			510,945,043				592,145,835

End of period		$	447,156,225			$	510,945,043

Accumulated net investment income/(loss)		$	(325,167	)		$	—

Share Transactions:
Shares issued			214,193				757,693
Dividends reinvested			—				7,795,225
Shares redeemed			(2,937,222	)			(7,045,484	)

Change in shares			(2,723,029	)			1,507,434


	Six Months Ended June 30, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011
	(Unaudited)
Net Asset Value, Beginning of Period		$	15.35			$	18.63			$	18.97			$	14.29			$	12.57			$	13.83

Investment Activities:
Net Investment Income/(Loss)			(0.01	)			(0.05	)			(0.07	)			(0.03	)			0.09				0.01
Net Realized and Unrealized Gains/(Losses) on Investments			(0.71	)			1.07				1.70				4.80				1.64				(1.27	)

Total from Investment Activities			(0.72	)			1.02				1.63				4.77				1.73				(1.26	)

Dividends to Shareholders From:
Net Investment Income			—				—				—				(0.09	)			(0.01	)			—
Net Realized Gains			—				(4.30	)			(1.97	)			—				—				—

Total Dividends			—				(4.30	)			(1.97	)			(0.09	)			(0.01	)			—

Net Asset Value, End of Period		$	14.63			$	15.35			$	18.63			$	18.97			$	14.29			$	12.57

Total Return(a)			(4.69	)%(b)			6.23	%			9.11	%			33.44	%			13.73	%			(9.11	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	447,156			$	510,945			$	592,146			$	711,133			$	557,823			$	477,619
Net Investment Income/(Loss)(c)			(0.14	)%			(0.31	)%			(0.34	)%			(0.22	)%			0.62	%			0.05	%
Expenses Before Reductions(c) (d)			1.11	%			1.10	%			1.10	%			1.11	%			1.11	%			1.13	%
Expenses Net of Reductions(c)			1.01	%			1.00	%			1.00	%			1.00	%			1.01	%			1.02	%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(c) (e)			1.01	%			1.00	%			1.00	%			1.01	%			1.01	%			1.02	%
Portfolio Turnover Rate(f)			44	%(b)			69	%			101	%			161	%			62	%			81	%


Investments	Percent of Net Assets
Information Technology		36.2	%
Consumer Discretionary		19.9
Health Care		15.8
Consumer Staples		10.3
Industrials		4.7
Financials		4.2
Materials		2.9
Energy		2.2
Telecommunication Services		1.4

Total Common Stocks and Preferred Stocks		97.6
Securities Held as Collateral for Securities on Loan		13.0
Money Market		4.1

Total Investment Securities		114.7
Net other assets (liabilities)		(14.7	)

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		$	58,833,654		$	12,468,911		$	—		$	71,302,565
Other Common Stock+			359,282,419			—			—			359,282,419
Preferred Stock+			—			—			6,049,803			6,049,803
Securities Held as Collateral for Securities on Loan			—			57,974,487			—			57,974,487
Unaffiliated Investment Company			18,470,887			—			—			18,470,887

Total Investment Securities		$	436,586,960		$	70,443,398		$	6,049,803		$	513,080,161


	Purchases			Sales
AZL BlackRock Capital Appreciation Fund		$	202,454,043		$	251,584,425


Security	Acquisition Date(a)		Acquisition Cost			Shares or Principal Amount			Fair Value			Percentage of Net Assets

Palantir Technologies, Inc., Series I		3/27/14		$	712,042		$	841,419		$	6,049,803		1.35	%


Unrealized appreciation	$	75,283,798
Unrealized depreciation		(11,823,137	)

Net unrealized appreciation/(depreciation)	$	63,460,661


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL BlackRock Capital Appreciation Fund		$	102,415		$	46,923,783		$	—		$	87,215,258		$	134,241,456


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0616 8/16


Investments	Percent of Net Assets
United States		63.7	%
Japan		14.2
United Kingdom		5.2
France		3.2
Netherlands		1.9
Australia		1.9
Germany		1.8
Canada		1.7
Italy		1.6
Switzerland		1.5
All other countries		11.9

Total Investment Securities		108.6
Net other assets (liabilities)		(8.6	)

Net Assets		100.0	%


Country	Percentage
Argentina		0.7	%
Australia		1.7	%
Belgium		0.2	%
Bermuda		—	%^NM
Brazil		0.4	%
Canada		1.6	%
Cayman Islands		0.2	%
Chile		—	%^NM
China		0.3	%
Denmark		0.1	%
European Community		—	%^NM
Finland		0.1	%
France		3.0	%
Germany		1.6	%
Guernsey		—	%^NM
Hong Kong		0.6	%
Hungary		0.8	%
India		0.4	%
Indonesia		0.3	%
Ireland (Republic of)		0.8	%
Israel		0.6	%
Italy		1.4	%


	AZL BlackRock Global Allocation Fund
	For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	5,189,869			$	6,656,344
Net realized gains/(losses) on investment transactions			(17,228,560	)			14,779,142
Change in unrealized appreciation/depreciation on investments			12,997,736				(33,079,064	)

Change in net assets resulting from operations			959,045				(11,643,578	)

Dividends to Shareholders:
From net investment income			—				(18,041,917	)
From net realized gains			—				(35,236,418	)

Change in net assets resulting from dividends to shareholders			—				(53,278,335	)

Capital Transactions:
Proceeds from shares issued			6,769,028				43,228,733
Proceeds from dividends reinvested			—				53,278,335
Value of shares redeemed			(11,298,653	)			(20,008,427	)

Change in net assets resulting from capital transactions			(4,529,625	)			76,498,641

Change in net assets			(3,570,580	)			11,576,728
Net Assets:
Beginning of period			789,320,110				777,743,382

End of period		$	785,749,530			$	789,320,110

Accumulated net investment income/(loss)		$	5,453,680			$	263,811

Share Transactions:
Shares issued			630,497				3,610,756
Dividends reinvested			—				4,878,968
Shares redeemed			(1,047,281	)			(1,658,225	)

Change in shares			(416,784	)			6,831,499


	Number of Contracts			Notional Amount (a)				Cost
Options outstanding at December 31, 2015		3,440,218			$	2,993,098			$	6,078,719
Options purchased		2,467,999				292,146				6,984,704
Options exercised		(72,637	)			—				(149,414	)
Options expired		(699,603	)			(43,882	)			(2,704,957	)
Options closed		(3,830,700	)			(73,246	)			(3,887,558	)

Options outstanding at June 30, 2016		1,305,277			$	3,168,116			$	6,321,494


	Number of Contracts			Notional Amount (a)				Premiums Received
Options outstanding at December 31, 2015		(3,749,332	)		$	(4,536	)		$	(3,251,054	)
Options written		(1,601,738	)			(759,154	)			(3,283,875	)
Options exercised		60,624				—				103,730
Options expired		934,900				—				717,972
Options closed		3,986,584				184,716				2,751,819

Options outstanding at June 30, 2016		(368,962	)		$	(578,974	)		$	(2,961,408	)


	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		$	(830,189	)		$	17,017			$	(582,617	)		$	—			$	563,784
Credit Risk Exposure			—				618,247				—				—				(226,867	)
Interest Rate Risk Exposure			—				(85,505	)			(2,435,627	)			—				(3,727	)
Foreign Exchange Rate Risk Exposure			—				516,491				24,349				(5,434,394	)			(2,126,196	)


	Assets				Liabilities
Derivative Financial Instruments:
Futures contracts		$	41,334			$	13,755
Forward currency contracts			2,426,608				3,794,530
Option contracts*			4,226,224				2,974,832
Swap agreements			173,538				766,583

Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities			6,867,704				7,549,700
Derivatives not subject to a master netting agreement or similar agreement (“MNA”)			(517,090	)			(838,569	)

Total assets and liabilities subject to a MNA		$	6,350,614			$	6,711,131


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		$	14,778		$	(14,778	)		$	—		$	—			$	—
Barclays Bank			27,143			(27,143	)			—			—				—
BNP Paribas			247,212			(191,016	)			—			—				56,196
Citibank			230,284			(223,863	)			—			—				6,421
Credit Lyonnais			11,488			—				—			—				11,488
Credit Suisse First Boston			195,906			(195,906	)			—			—				—
Deutsche Bank			824,835			(824,835	)			—			—				—
Goldman Sachs			1,941,816			(1,535,936	)			—			—				405,880
HSBC Bank			264,750			(95,117	)			—			—				169,633
JPMorgan Chase			1,425,648			(651,468	)			—			(774,180	)			—
Morgan Stanley			846,562			(846,562	)			—			—				—
Societe Generale			216,029			—				—			—				216,029
UBS Warburg			104,163			(104,163	)			—			—				—

Total		$	6,350,614		$	(4,710,787	)		$	—		$	(774,180	)		$	865,647


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		$	585,851		$	(14,778	)		$	—			$	—		$	571,073
Barclays Bank			300,166			(27,143	)			—				—			273,023
BNP Paribas			191,016			(191,016	)			—				—			—
Citibank			223,863			(223,863	)			—				—			—
Credit Lyonnais			—			—				—				—			—
Credit Suisse First Boston			683,295			(195,906	)			(487,389	)			—			—
Deutsche Bank			860,048			(824,835	)			—				—			35,213
Goldman Sachs			1,535,936			(1,535,936	)			—				—			—
HSBC Bank			95,117			(95,117	)			—				—			—
JPMorgan Chase			651,468			(651,468	)			—				—			—
Morgan Stanley			1,387,213			(846,562	)			—				—			540,651
Societe Generale			—			—				—				—			—
UBS Warburg			197,158			(104,163	)			—				—			92,995

Total		$	6,711,131		$	(4,710,787	)		$	(487,389	)		$	—		$	1,512,955


	Annual Rate			Annual Expense Limit
AZL BlackRock Global Allocation Fund		0.75	%		1.19	%


	Transfer from Level 1 to Level 2			Total Transfers*
AZL BlackRock Global Allocation Fund		$	2,002,809		$	2,002,809


Unrealized appreciation	$	51,565,022
Unrealized depreciation		(49,044,147	)

Net unrealized appreciation/(depreciation)	$	2,520,875


Shares			Fair Value
	Affiliated Investment Company (1.4%):
	3,844,240	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(a)	$	3,844,240

	Total Affiliated Investment Company (Cost $3,844,240)			3,844,240

	Total Investment Securities (Cost $223,957,094)(b) — 100.4%			276,114,214
	Net other assets (liabilities) — (0.4)%			(961,986	)

	Net Assets — 100.0%		$	275,152,228


	AZL Boston Company Research Growth Fund
	For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	551,558			$	765,337
Net realized gains/(losses) on investment transactions			17,076,539				43,156,774
Change in unrealized appreciation/depreciation on investments			(18,996,017	)			(26,211,339	)

Change in net assets resulting from operations			(1,367,920	)			17,710,772

Distributions to Shareholders:
From net investment income			—				(599,515	)
From net realized gains			—				(42,911,905	)

Change in net assets resulting from distributions to shareholders			—				(43,511,420	)

Capital Transactions:
Proceeds from shares issued			1,772,977				5,029,428
Proceeds from dividends reinvested			—				43,511,420
Value of shares redeemed			(23,942,410	)			(65,529,227	)

Change in net assets resulting from capital transactions			(22,169,433	)			(16,988,379	)

Change in net assets			(23,537,353	)			(42,789,027	)
Net Assets:
Beginning of period			298,689,581				341,478,608

End of period		$	275,152,228			$	298,689,581

Accumulated net investment income/(loss)		$	1,311,156			$	759,598

Share Transactions:
Shares issued			135,551				336,800
Dividends reinvested			—				3,318,949
Shares redeemed			(1,821,479	)			(4,349,566	)

Change in shares			(1,685,928	)			(693,817	)


	Annual Rate			Annual Expense Limit
AZL Boston Company Research Growth Fund		1.00	%		1.20	%


Unrealized appreciation	$	56,747,728
Unrealized depreciation		(4,851,793	)

Net unrealized appreciation/(depreciation)	$	51,895,935


Country	Percentage
Philippines		2.5	%
Poland		1.6	%
Republic of Korea (South)		2.7	%
Romania		—	%^NM
Russian Federation		1.4	%
South Africa		9.9	%
Spain		—	%^NM
Switzerland		0.1	%
Taiwan		6.0	%
Taiwan, Province Of China		7.7	%
Thailand		3.9	%
Turkey		1.8	%
Ukraine		—	%^NM
United States		3.7	%

		100.0	%


	AZL DFA Emerging Markets Core Equity Fund
	For the Six Months Ended June 30, 2016				April 27, 2015 to December 31, 2015 (a)
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	410,189			$	457,808
Net realized gains/(losses) on investment transactions			(2,049,270	)			(2,104,154	)
Change in unrealized appreciation/depreciation on investments			8,130,660				(17,305,236	)

Change in net assets resulting from operations			6,491,579				(18,951,582	)

Capital Transactions:
Proceeds from shares issued			557,459				82,903,550
Value of shares redeemed			(5,371,086	)			(2,260,619	)

Change in net assets resulting from capital transactions			(4,813,627	)			80,642,931

Change in net assets			1,677,952				61,691,349
Net Assets:
Beginning of period			61,691,349				—

End of period		$	63,369,301			$	61,691,349

Accumulated net investment income/(loss)		$	929,182			$	518,993

Share Transactions:
Shares issued			74,051				8,427,140
Shares redeemed			(663,467	)			(229,546	)

Change in shares			(589,416	)			8,197,594


	Six Months Ended June 30, 2016				April 27, 2015 to December 31, 2015 (a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	7.53			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.06				0.06
Net Realized and Unrealized Gains/(Losses) on Investments			0.74				(2.53	)

Total from Investment Activities			0.80				(2.47	)

Net Asset Value, End of Period		$	8.33			$	7.53

Total Return(b)			10.62	%(c)			(24.70	)%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	63,369			$	61,691
Net Investment Income/(Loss)(d)			1.33	%			1.02	%
Expenses Before Reductions(d)(e)			1.91	%			2.00	%
Expenses Net of Reductions(d)			1.50	%			1.60	%
Portfolio Turnover Rate			10	%(c)			26	%(c)


Unrealized appreciation	$	3,458,300
Unrealized depreciation		(12,639,650	)

Net unrealized appreciation/(depreciation)	$	(9,181,350	)


	Short Term Amount			Long Term Amount			Total Amount
AZL DFA Emerging Markets Core Equity Fund		$	2,116,618		$	—		$	2,116,618


	AZL DFA Five-Year Global Fixed Income Fund
	For the Six Months Ended June 30, 2016				April 27, 2015 to December 31, 2015 (a)
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	2,422,948			$	3,361,852
Net realized gains/(losses) on investment transactions			647,015				(3,700,561	)
Change in unrealized appreciation/depreciation on investments			12,469,899				(4,948,664	)

Change in net assets resulting from operations			15,539,862				(5,287,373	)

Capital Transactions:
Proceeds from shares issued			8,080,462				625,605,065
Value of shares redeemed			(54,171,264	)			(103,268,963	)

Change in net assets resulting from capital transactions			(46,090,802	)			522,336,102

Change in net assets			(30,550,940	)			517,048,729
Net Assets:
Beginning of period			517,048,729				—

End of period		$	486,497,789			$	517,048,729

Accumulated net investment income/(loss)		$	6,140,873			$	3,717,925

Share Transactions:
Shares issued			800,123				62,564,793
Shares redeemed			(5,396,313	)			(10,402,357	)

Change in shares			(4,596,190	)			52,162,436