ALLIANZ Variable Insurance Products Trust Semi-Annual Report

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219-8000

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 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.

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.

Consolidated Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Common Stocks		58.4	%
U.S. Treasury Obligations		29.0
Foreign Bonds		6.5
Securities Held as Collateral for Securities on Loan		3.6
Exchange Traded Funds		2.6
Corporate Bonds		1.8
Yankee Dollars		1.2
Money Markets		1.0
Preferred Stocks		0.6
Convertible Preferred Stocks		0.4
Convertible Bonds		0.4
Bank Loans		0.2
Purchased Options		—	^
Rights		—	^
Warrants		—	^
Private Placements		—	^

Total Investment Securities		105.7
Net other assets (liabilities)		(5.7	)

Net Assets		100.0	%

^	Represents less than 0.05%


Investments	Percent of Net Assets
United States		71.2	%
Japan		10.0
Germany		3.9
France		2.6
United Kingdom		2.6
Netherlands		1.6
Canada		1.7
India		1.4
Switzerland		1.4
China		1.3
All other countries		8.0

Total Investment Securities		105.7
Net other assets (liabilities)		(5.7	)

Net Assets		100.0	%


Shares			Fair Value
Common Stocks (58.4%):
Aerospace & Defense (0.9%):
	324	Boeing Co. (The)	$	108,705
	434	Dassault Aviation SA		825,771
	169	General Dynamics Corp.		31,503
	12	Lockheed Martin Corp.		3,545
	448	Northrop Grumman Corp.		137,850
	677	Raytheon Co.		130,783
	21,360	Safran SA		2,590,921

				3,829,078

Air Freight & Logistics (0.0%):
	194	Deutsche Post AG		6,334

Airlines (1.1%):
	71,722	Azul SA, ADR*^		1,173,371
	659	Delta Air Lines, Inc.		32,647
	49,900	Japan Airlines Co., Ltd.		1,768,559
	1,022	Turk Hava Yollari Anonim Ortakligi*		3,011
	24,893	United Continental Holdings, Inc.*		1,735,789

				4,713,377

Auto Components (1.2%):
	8,900	Aisin Sieki Co., Ltd.		405,228
	27,600	Bridgestone Corp.		1,078,519
	51,683	Cheng Shin Rubber Industry Co., Ltd.		77,690
	30	Compagnie Generale des Establissements Michelin SCA, Class B		3,648
	21,400	Denso Corp.		1,041,175
	2,400	Exedy Corp.		74,243
	3	Hyundai Mobis Co., Ltd.		570
	8,400	Koito Manufacturing Co., Ltd.		554,240
	315	Lear Corp.		58,530
	2,400	Stanley Electric Co., Ltd.		81,626
	20,700	Toyota Industries Corp.		1,158,941

				4,534,410

Automobiles (1.3%):
	4,500	Baic Motor Corp., Ltd.		4,284
	4,000	Dongfeng Motor Corp., Series H		4,224
	166	Ford Motor Co.		1,838
	64,400	Fuji Heavy Industries, Ltd.		1,873,833
	146	General Motors Co.		5,752
	2,800	Guangzhou Automobile Group Co., Ltd.		2,718
	3,269	Hero MotoCorp, Ltd.		165,642
	4,184	Maruti Suzuki India, Ltd.		538,611
	36,000	Suzuki Motor Corp.		1,985,592
	87	Tata Motors, Ltd.*		341

				4,582,835

Banks (3.9%):
	35,323	ABN AMRO Group NV^		914,129
	8,000	Agricultural Bank of China, Ltd.		3,716
	540	Banco Bilbao Vizcaya Argentaria SA		3,814
	476	Banco do Brasil SA		3,495
	246	Banco Santander Brasil SA		1,857
	120,765	Bank of America Corp.		3,404,366
	7,000	Bank of China, Ltd.		3,449


Shares			Fair Value
Common Stocks, continued
Banks, continued
	67	Bank of Nova Scotia	$	3,794
	487	Barclays plc		1,214
	8	BB&T Corp.		404
	122	BNP Paribas SA		7,561
	8,000	China Construction Bank		7,336
	1,000	Chinatrust Financial Holding Co., Ltd.		720
	30,936	Citigroup, Inc.		2,070,238
	199	Credit Agricole SA		2,653
	1,475	Criteria Caixacorp SA		6,371
	162	Danske Bank A/S		5,064
	140	DnB NOR ASA		2,732
	21,201	Fifth Third Bancorp		608,469
	441	Grupo Financiero Banorte SAB de C.V.		2,594
	107	Hana Financial Holdings Group, Inc.		4,109
	187,796	HSBC Holdings plc		1,760,578
	8,000	Industrial & Commercial Bank of China		5,943
	296	Industrial Bank of Korea (IBK)		4,086
	108,484	ING Groep NV		1,556,548
	604	Intesa Sanpaolo SpA		1,748
	9,621	JPMorgan Chase & Co.		1,002,508
	46,416	Kotak Mahindra Bank, Ltd.		908,495
	14,698	Lloyds Banking Group plc		12,225
	14	M&T Bank Corp.		2,382
	800	Mitsubishi UFJ Financial Group, Inc.		4,538
	1,000	Resona Holdings, Inc.		5,344
	202	Royal Bank of Canada		15,212
	11	Shinhan Financial Group Co., Ltd.		426
	674	Skandinaviska Enskilda Banken AB, Class A		6,401
	123	Societe Generale		5,179
	93,399	State Bank of India*		353,152
	21,911	SunTrust Banks, Inc.		1,446,564
	2,000	Taiwan Cooperative Financial Holding Co., Ltd.		1,170
	65	Toronto-Dominion Bank (The)		3,763
	233	Unicredit SpA		3,875
	18,701	Wells Fargo & Co.		1,036,783
	154	Woori Bank		2,250
	87,348	Yes Bank, Ltd.		432,571

				15,629,826

Beverages (0.5%):
	16,572	Anheuser-Busch InBev NV		1,671,633
	24	Carlsberg A/S, Class B		2,826
	139	Coca-Cola Co. (The)		6,097
	351	Constellation Brands, Inc., Class C		76,823
	59	Diageo plc		2,117
	100	Kirin Holdings Co., Ltd.		2,673
	1,467	PepsiCo, Inc.		159,712

				1,921,881

Biotechnology (0.8%):
	829	AbbVie, Inc.		76,807
	483	Amgen, Inc.		89,157
	1,889	Biogen Idec, Inc.*		548,263
	70	Celgene Corp.*		5,559


Shares			Fair Value
Common Stocks, continued
Biotechnology, continued
	31,123	Gilead Sciences, Inc.	$	2,204,754
	5,787	Tesaro, Inc.*^		257,348

				3,181,888

Building Products (0.2%):
	255	Compagnie de Saint-Gobain SA		11,371
	5,300	Daikin Industries, Ltd.		633,977
	1,565	Fortune Brands Home & Security, Inc.^		84,025
	1,923	Masco Corp.		71,959
	5,000	Nichias Corp.		62,559

				863,891

Capital Markets (1.8%):
	321	Ameriprise Financial, Inc.		44,901
	631	Bank of New York Mellon Corp. (The)		34,030
	46,284	Charles Schwab Corp. (The)		2,365,112
	23	CME Group, Inc.		3,770
	37	Franklin Resources, Inc.^		1,186
	275	Goldman Sachs Group, Inc. (The)		60,657
	100	Hong Kong Exchanges & Clearing, Ltd.		2,996
	52,144	Morgan Stanley		2,471,626
	500	Nomura Holdings, Inc.		2,421
	338	State Street Corp.		31,464
	136,710	UBS Group AG		2,104,143

				7,122,306

Chemicals (3.3%):
	16,562	Air Products & Chemicals, Inc.		2,579,200
	50,400	Asahi Kasei Corp.		639,799
	45	BASF SE		4,302
	14,800	Daicel Chemical Industries, Ltd.		163,586
	56,043	DowDuPont, Inc.		3,694,354
	9	Evonik Industries AG		308
	37,000	Formosa Chemicals & Fibre Corp.		147,302
	38,000	Formosa Plastics Corp.		140,127
	5,200	Hitachi Chemical Co., Ltd.		104,768
	893	Huntsman Corp.		26,076
	46	Koninklijke DSM NV		4,619
	5,200	Kuraray Co., Ltd.		71,536
	582	LG Chem, Ltd.		173,949
	5	Lotte Chemical Corp.		1,559
	300	Mitsubishi Chemical Holdings Corp.		2,508
	48,000	Nan Ya Plastics Corp.		137,161
	27,500	Nitto Denko Corp.		2,077,924
	73,900	PTT Global Chemical Public Co., Ltd.		162,680
	18,500	Shin-Etsu Chemical Co., Ltd.		1,641,354
	5,000	Toagosei Co., Ltd.		57,725
	54,400	Toray Industries, Inc.		428,288
	27,300	Ube Industries, Ltd.		708,956

				12,968,081

Commercial Services & Supplies (0.0%):
	229	Country Garden Services Holdings Co., Ltd.*^		294
	10	Republic Services, Inc., Class A		684
	116	Waste Management, Inc.		9,435

				10,413


Shares			Fair Value
Common Stocks, continued
Communications Equipment (0.0%):
	407	Cisco Systems, Inc.	$	17,513
	1,829	Nokia OYJ		10,492

				28,005

Construction & Engineering (0.2%):
	4,100	ComSys Holdings Corp.		108,651
	802	Eiffage SA		87,174
	12,100	Kinden Corp.		197,557
	2,000	Kyudenko Corp.		96,494
	5,000	Maeda Road Construction Co., Ltd.		95,022
	4,700	Nippo Corp.		85,597
	4,400	Okumura Corp.		143,485
	100	TAISEI Corp.		5,510
	22,000	Toda Corp.		191,269

				1,010,759

Construction Materials (0.0%):
	14,836	Cemex SAB de C.V.*		9,766
	2,000	China National Buildings Material Co., Ltd.		1,970
	11,000	Siam Cement PCL		136,755

				148,491

Consumer Finance (0.0%):
	1,079	Ally Financial, Inc.		28,345
	4	American Express Co.		392
	562	Capital One Financial Corp.		51,648
	848	Discover Financial Services		59,708

				140,093

Containers & Packaging (0.0%):
	776	Crown Holdings, Inc.*		34,734
	769	International Paper Co.		40,050
	499	Packaging Corp. of America		55,782

				130,566

Distributors (0.0%):
	3,400	Canon Marketing Japan, Inc.		70,780

Diversified Consumer Services (0.0%):
	77	New Oriental Education & Technology Group, Inc., ADR		7,289

Diversified Financial Services (0.0%):
	1,028	AMP, Ltd.		2,706
	968	Berkshire Hathaway, Inc., Class B*		180,677
	101,000	Fubon Financial Holdings Co., Ltd.		169,158

				352,541

Diversified Telecommunication Services (0.9%):
	221	AT&T, Inc.		7,096
	49,535	Cellnex Telecom SAU		1,246,390
	8,000	China Communications Services Corp., Ltd.		5,063
	218,000	Chunghwa Telecom Co., Ltd.		786,358
	11,851	El Towers SpA		654,563
	80,000	HKT Trust & HKT, Ltd.		102,010
	2,800	Nippon Telegraph & Telephone Corp.		127,248
	63,500	Singapore Telecommunications, Ltd.		143,381
	31,368	Telecom Italia SpA		20,439
	587,676	Telecom Italia SpA*		436,078
	2,384	Verizon Communications, Inc.		119,939

				3,648,565


Shares			Fair Value
Common Stocks, continued
Electric Utilities (0.8%):
	200	Centrais Eletricas Brasileiras SA*	$	708
	7,494	CEZ		177,854
	14,000	CK Infrastructure Holdings, Ltd.		103,631
	16,500	CLP Holdings, Ltd.		177,035
	164,118	Enel SpA		909,162
	32	Entergy Corp.^		2,585
	12,500	Hongkong Electric Holdings, Ltd.		87,383
	100	Kansai Electric Power Co., Inc. (The)		1,457
	12,731	NextEra Energy, Inc.		2,126,460
	74	PG&E Corp.		3,149
	2,099	PGE SA*		5,231
	45	Scottish & Southern Energy plc		804

				3,595,459

Electrical Equipment (0.5%):
	15	Eaton Corp. plc		1,121
	17	Emerson Electric Co.		1,175
	16,000	GS Yuasa Corp.		72,858
	2,900	Mabuchi Motor Co., Ltd.		137,789
	144,400	Mitsubishi Electric Corp.		1,918,878
	148	Rockwell Automation, Inc.		24,602

				2,156,423

Electronic Equipment, Instruments & Components (0.6%):
	235	Corning, Inc.^		6,465
	2,000	Hitachi, Ltd.		14,090
	59,400	Hon Hai Precision Industry Co., Ltd.		162,457
	5,000	Japan Aviation Electronics Industry, Ltd.		78,631
	300	Keyence Corp.		169,219
	25	LG Display Co., Ltd.		410
	15,000	Murata Manufacturing Co., Ltd.		2,518,552

				2,949,824

Energy Equipment & Services (0.1%):
	102	Halliburton Co.		4,596
	595	Helmerich & Payne, Inc.^		37,937
	8,668	Schlumberger, Ltd.		581,016

				623,549

Equity Real Estate Investment Trusts (0.3%):
	621	American Tower Corp.		89,529
	75	Equity Residential Property Trust		4,777
	18,000	Link REIT (The)		163,652
	105	ProLogis, Inc.		6,897
	852	Stockland Trust Group		2,511
	5,923	Unibail-Rodamco-Westfield		1,304,073
	67	Vornado Realty Trust		4,953
	202	Weyerhaeuser Co.		7,365

				1,583,757

Food & Staples Retailing (0.7%):
	126	BIM Birlesik Magazalar AS		1,843
	158	Costco Wholesale Corp.		33,019
	41,550	CVS Health Corp.		2,673,742
	3,909	Jeronimo Martins SGPS SA		56,242
	116	Koninklijke Ahold Delhaize NV		2,775


Shares			Fair Value
Common Stocks, continued
Food & Staples Retailing, continued
	1,400	Seven & I Holdings Co., Ltd.	$	61,030
	238	Sysco Corp.		16,253
	110	Walgreens Boots Alliance, Inc.		6,602
	2,797	Wal-Mart Stores, Inc.		239,563
	276	Wesfarmers, Ltd.		10,120
	350	Woolworths, Ltd.		7,927

				3,109,116

Food Products (1.7%):
	52,000	Ajinomoto Co., Inc.		982,085
	320	ConAgra Foods, Inc.^		11,434
	37,068	Danone SA		2,717,118
	118	General Mills, Inc.^		5,223
	1,913	JBS SA		4,542
	2,815	Mondelez International, Inc., Class A		115,414
	30,669	Nestle SA, Registered Shares		2,375,256
	257	Tiger Brands, Ltd.		6,217
	90,000	Uni-President Enterprises Corp.		228,285
	154,000	Want Want China Holdings, Ltd.		136,061
	7,500	WH Group, Ltd.		6,064

				6,587,699

Gas Utilities (0.3%):
	397	GAIL India, Ltd.		1,973
	51,600	Tokyo Gas Co., Ltd.		1,369,439

				1,371,412

Health Care Equipment & Supplies (0.5%):
	2,342	Baxter International, Inc.		172,934
	106	Boston Scientific Corp.*		3,466
	37	Danaher Corp.		3,651
	133	Edwards Lifesciences Corp.*		19,361
	24,800	HOYA Corp.		1,408,670
	13	Intuitive Surgical, Inc.*		6,220
	1,518	Medtronic plc		129,956
	100	Olympus Co., Ltd.		3,736
	83	Siemens Healthineers AG*		3,426
	883	Stryker Corp.		149,103

				1,900,523

Health Care Providers & Services (3.4%):
	17,432	Acadia Healthcare Co., Inc.*^		713,143
	464	Aetna, Inc.		85,144
	3,900	Alfresa Holdings Corp.		91,592
	8	AmerisourceBergen Corp.		682
	12,669	Anthem, Inc.		3,015,602
	32	Cardinal Health, Inc.		1,563
	64	Cigna Corp.		10,877
	137	Express Scripts Holding Co.*		10,578
	52	Fresenius Medical Care AG & Co., KGaA		5,248
	37,131	Fresenius SE & Co. KGaA		2,981,243
	29,245	Hapvida Participacoes e Investimentos SA*		223,017
	18,123	HCA Holdings, Inc.		1,859,420
	15	Humana, Inc.		4,464
	229	McKesson Corp.		30,549


Shares			Fair Value
Common Stocks, continued
Health Care Providers & Services, continued
	4,500	Medipal Holdings Corp.	$	90,416
	40,827	NMC Health plc		1,926,300
	70,072	Notre Dame Intermedica Participacoes SA*		391,499
	582,322	PT Siloam International Hospital Tbk*		212,397
	41	Ramsay Health Care, Ltd.		1,640
	2,000	Suzuken Co., Ltd.		84,627
	30,082	Tenet Healthcare Corp.*		1,009,853
	967	UnitedHealth Group, Inc.		237,244

				12,987,098

Health Care Technology (0.1%):
	67,300	Ping An Healthcare and Technology Co., Ltd.*		428,914

Hotels, Restaurants & Leisure (0.9%):
	140	Carnival Corp., Class A		8,023
	7,996	Dave & Buster’s Entertainment, Inc.*^		380,609
	1,000	Galaxy Entertainment Group, Ltd.		7,675
	11,200	Genting Singapore, Ltd.		10,062
	22	Hilton Worldwide Holdings, Inc.		1,742
	150	Hyatt Hotels Corp., Class A		11,573
	180	Las Vegas Sands Corp.		13,745
	296	McDonald’s Corp.		46,380
	45,458	MGM Resorts International		1,319,645
	317	Royal Caribbean Cruises, Ltd.		32,841
	400	Sands China, Ltd.		2,132
	14,814	Sodexo SA^		1,479,871
	467	Wyndham Hotels & Resorts, Inc.		27,474
	662	Wyndham Worldwide Corp.		29,307
	50	Yum China Holdings, Inc.		1,923
	156	Yum! Brands, Inc.		12,202

				3,385,204

Household Durables (0.5%):
	2,800	Alpine Electronics, Inc.		57,715
	1,376	Berkeley Group Holdings plc (The)		68,709
	1,573	Coway Co., Ltd.		122,205
	9,094	Mohawk Industries, Inc.*		1,948,571
	300	Panasonic Corp.		4,031
	200	Sony Corp.		10,263

				2,211,494

Household Products (0.6%):
	1,548	Colgate-Palmolive Co.		100,326
	257	Essity AB, Class B		6,341
	335	Hindustan Unilever, Ltd.		8,021
	46	Kimberly-Clark Corp.^		4,846
	29,776	Procter & Gamble Co. (The)		2,324,314
	100	Unicharm Corp.		3,010

				2,446,858

Independent Power & Renewable Electricity Producers (0.2%):
	2,000	China Resources Power Holdings Co.		3,506
	13,515	NextEra Energy Partners LP^		630,745
	8,233	Vistra Energy Corp.*		194,793

				829,044


Shares			Fair Value
Common Stocks, continued
Industrial Conglomerates (1.2%):
	1,000	Citic, Ltd.	$	1,402
	1,000	Fosun International, Ltd.		1,868
	48,461	General Electric Co.		659,554
	3,000	Jardine Matheson Holdings, Ltd.		189,057
	81,822	Koninklijke Philips Electronics NV		3,467,854
	1,000	Toshiba Corp.*		3,003

				4,322,738

Insurance (1.0%):
	64	Allstate Corp. (The)		5,841
	6	American International Group, Inc.		318
	24	Aon plc		3,292
	278	Aviva plc		1,848
	31,767	AXA SA		778,204
	91,000	Cathay Financial Holding Co., Ltd.		160,440
	6,959	Chubb, Ltd.		883,932
	2,186	Hartford Financial Services Group, Inc. (The)		111,770
	300	Japan Post Holdings Co., Ltd.		3,285
	1,727	Legal & General Group plc		6,060
	168	Manulife Financial Corp.		3,019
	12,850	Marsh & McLennan Cos., Inc.		1,053,315
	4,034	MetLife, Inc.		175,882
	100	MS&AD Insurance Group Holdings, Inc.		3,107
	9	Muenchener Rueckversicherungs-Gesellschaft AG		1,907
	7	Progressive Corp. (The)		414
	464	Prudential Financial, Inc.		43,389
	53	Prudential plc		1,211
	364	Reinsurance Group of America, Inc.		48,587
	14,300	Tokio Marine Holdings, Inc.		669,692
	1,229	Travelers Cos., Inc. (The)		150,356

				4,105,869

Internet & Direct Marketing Retail (1.1%):
	2,649	Amazon.com, Inc.*(a)		4,502,770
	3	Booking Holdings, Inc.*		6,081
	121	Expedia, Inc.^		14,543
	700	Rakuten, Inc.		4,727

				4,528,121

Internet Software & Services (4.8%):
	12,151	Alibaba Group Holding, Ltd., ADR*^		2,254,375
	20	Alphabet, Inc., Class A*		22,584
	3,868	Alphabet, Inc., Class C*		4,315,334
	2	Autohome, Inc., ADR^		202
	62,580	Cloudera, Inc.*		853,591
	63,800	Dropbox, Inc.*		2,021,283
	503	eBay, Inc.*		18,239
	35,132	Facebook, Inc., Class A*		6,826,851
	5,547	Lookout, Inc.*(b)		1,109
	29	Momo, Inc., ADR*		1,262
	96	SINA Corp.*		8,130
	48,400	Tencent Holdings, Ltd.		2,410,292
	660	VeriSign, Inc.*		90,697

				18,823,949


Shares			Fair Value
Common Stocks, continued
IT Services (1.0%):
	514	Accenture plc, Class C	$	84,085
	89	Alliance Data Systems Corp.		20,755
	16	Amadeus IT Holding SA		1,261
	1,070	Amdocs, Ltd.		70,823
	48	Automatic Data Processing, Inc.		6,439
	110	Cognizant Technology Solutions Corp., Class A^		8,689
	41	DXC Technology Co.		3,305
	9,108	FleetCor Technologies, Inc.*		1,918,600
	1,000	Fujitsu, Ltd.		6,058
	1,724	Global Payments, Inc.		192,209
	227	HCL Technologies, Ltd.		3,062
	19	Infosys, Ltd.		365
	9,472	International Business Machines Corp.		1,323,238
	1,146	MasterCard, Inc., Class A		225,212
	18	Paychex, Inc.^		1,230
	19	Perspecta, Inc.		390
	1,615	Visa, Inc., Class A		213,907

				4,079,628

Life Sciences Tools & Services (0.0%):
	62	Agilent Technologies, Inc.		3,834
	487	Thermo Fisher Scientific, Inc.		100,877

				104,711

Machinery (0.1%):
	206	Caterpillar, Inc.		27,948
	32	Cummins, Inc.		4,256
	19,463	Doosan Bobcat, Inc.		558,424
	4,582	GEA Group AG		154,435
	6,900	Hino Motors, Ltd.		73,477
	155	Illinois Tool Works, Inc.		21,474
	72	Ingersoll-Rand plc		6,461
	24	PACCAR, Inc.		1,487
	294	Sandvik AB		5,212
	726	Volvo AB, Class B		11,569

				864,743

Media (3.0%):
	9,918	Charter Communications, Inc., Class A*		2,908,057
	133,790	Comcast Corp., Class A		4,389,650
	3,483	DISH Network Corp., Class A*		117,064
	15,329	I-Cable Communications, Ltd.*		240
	2,520	Liberty Broadband Corp., Class A*^		190,613
	10,833	Liberty Broadband Corp., Class C*^		820,275
	24,465	Liberty Global plc, Class A*^		673,766
	9,038	Liberty SiriusXM Group, Class A*		407,162
	15,145	Liberty SiriusXM Group, Class C*		686,977
	9,000	Nippon Television Holdings, Inc.		151,785
	81,093	RAI Way SpA		379,690
	3,100	Toho Co., Ltd.		103,874
	6,600	TV Asahi Holdings Corp.^		144,607
	309	Walt Disney Co. (The)		32,386
	51,957	Zon Multimedia Servicos de Telecommunicacoes e Multimedia SGPS SA		284,595

				11,290,741


Shares			Fair Value
Common Stocks, continued
Metals & Mining (0.1%):
	132	Anglo American plc^	$	2,931
	35	ArcelorMittal		1,022
	1,900	DOWA Mining Co.		58,505
	319	Eregli Demir ve Celik Fabrikalari T.A.S.		708
	154	Freeport-McMoRan Copper & Gold, Inc.		2,658
	314	Glencore International plc		1,488
	100	JFE Holdings, Inc.		1,887
	19	Kumba Iron Ore, Ltd.		405
	33	Newcrest Mining, Ltd.		535
	632	POSCO		186,738
	144	Rio Tinto plc		7,940
	76	Rio Tinto, Ltd.		4,717
	549	South32, Ltd.		1,478
	322	Teck Cominco, Ltd., Class B		8,204
	13,700	Tokyo Steel Manufacturing Co., Ltd.		121,547
	214	Vale SA		2,727
	450	Vedanta, Ltd.		1,541
	2,900	Yamato Kogyo Co., Ltd.		87,586

				492,617

Multiline Retail (0.1%):
	2,073	Dollar General Corp.		204,398
	531	Kohl’s Corp.^		38,710
	161	Target Corp.		12,255

				255,363

Multi-Utilities (0.2%):
	426	Engie Group		6,519
	7,284	Sempra Energy		845,745

				852,264

Oil, Gas & Consumable Fuels (4.4%):
	49,025	Anadarko Petroleum Corp.		3,591,081
	1,099	BP plc		8,366
	148	Canadian Natural Resources, Ltd.		5,342
	357	Chevron Corp.		45,136
	6,000	CNOOC, Ltd.		10,280
	32,030	Coal India, Ltd.		123,518
	224	ConocoPhillips Co.		15,595
	17,329	Enbridge, Inc.		619,599
	114,340	EnCana Corp.^		1,492,137
	242	ENI SpA		4,493
	10,489	Exxon Mobil Corp.		867,755
	941	Fieldwood Energy LLC*(b)		34,347
	3,485	Fieldwood Energy LLC*(b)		127,203
	26,000	Formosa Petrochemical Corp.		104,281
	2,045	Hindustan Petroleum Corp., Ltd.		7,734
	395	Husky Energy, Inc.		6,157
	72	Imperial Oil, Ltd.		2,394
	1,115	Indian Oil Corp., Ltd.		2,537
	200	INPEX Corp.		2,067
	299	Kinder Morgan, Inc.		5,283
	1,398	Marathon Petroleum Corp.		98,084
	50	Occidental Petroleum Corp.		4,184
	42,815	Oil & Natural Gas Corp., Ltd.		98,778


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	100	Petroleo Brasileiro SA	$	501
	1,049	Petroleo Brasileiro SA*		4,648
	587	Phillips 66		65,926
	2,826	Pioneer Natural Resources Co.		534,792
	145	Polski Koncern Naftowy Orlen SA		3,252
	133,813	Reliance Industries, Ltd.		1,897,532
	217	Repsol SA		4,237
	58,001	Royal Dutch Shell plc, Class A		2,012,476
	23,496	Royal Dutch Shell plc, Class A, ADR		1,626,628
	170	Royal Dutch Shell plc, Class A		5,890
	429	Royal Dutch Shell plc, Class B		15,342
	15	SK Energy Co., Ltd.		2,716
	13,649	Snam SpA		56,855
	165	Suncor Energy, Inc.		6,715
	39,600	Thai Oil Public Co., Ltd.		92,857
	48	Total SA		2,919
	650	Total SA, ADR		39,364
	15,189	TransCanada Corp.		657,246
	1,092	Valero Energy Corp.		121,026
	128,075	Williams Cos., Inc. (The)		3,472,113

				17,899,386

Paper & Forest Products (0.0%):
	100	Suzano Papel e Celulose SA		1,154

Personal Products (0.3%):
	18,645	Edgewell Personal Care Co.*^		940,826
	2	L’Oreal SA		493
	108	Unilever NV		6,020
	74	Unilever plc		4,093

				951,432

Pharmaceuticals (2.4%):
	47	Allergan plc		7,836
	108,900	Astellas Pharma, Inc.		1,659,275
	232	Aurobindo Pharma, Ltd.		2,056
	26,556	Bayer AG, Registered Shares		2,925,612
	196	Bristol-Myers Squibb Co.		10,847
	526	GlaxoSmithKline plc		10,611
	1,829	Gw Pharmaceuticals, ADR*		255,218
	14,516	Johnson & Johnson Co.		1,761,371
	2,106	Merck & Co., Inc.		127,834
	200	Mitsubishi Tanabe Pharma Corp.		3,454
	74	Novartis AG, Registered Shares		5,607
	11	Novo Nordisk A/S, Class B		508
	1,600	Otsuka Holdings Co., Ltd.		77,492
	79,514	Pfizer, Inc.		2,884,768
	82	Roche Holding AG		18,254
	116	Sanofi-Aventis SA		9,288
	200	Shionogi & Co., Ltd.		10,265
	100	Takeda Pharmacuetical Co., Ltd.		4,224

				9,774,520

Professional Services (0.0%):
	29	Experian plc		717


Shares			Fair Value
Common Stocks, continued
Professional Services, continued
	24	Reed Elsevier plc	$	514
	1	SGS SA, Registered Shares		2,665

				3,896

Real Estate Management & Development (0.9%):
	290,500	CapitaLand, Ltd.		672,689
	1,000	Country Garden Holdings Co., Ltd.		1,745
	200	Daiwa House Industry Co., Ltd.		6,811
	54,000	Hang Lung Properties, Ltd.		110,907
	56,000	Sino Land Co., Ltd.		90,829
	115,666	Sun Hung Kai Properties, Ltd.		1,735,452
	12,500	Swire Pacific, Ltd., Class A		132,078
	26,579	The St. Joe Co.*^		477,093
	23,000	Wharf Holdings, Ltd. (The)		73,673
	18,000	Wharf Real Estate Investment Co., Ltd.		127,826

				3,429,103

Road & Rail (0.6%):
	63,800	ComfortDelGro Corp., Ltd.		109,905
	289	CSX Corp.		18,432
	21,900	East Japan Railway Co.		2,097,712
	100	Kintetsu Corp.		4,080
	16	Norfolk Southern Corp.		2,414
	5,300	Seino Holdings Co., Ltd.		93,842
	32	Union Pacific Corp.^		4,534

				2,330,919

Semiconductors & Semiconductor Equipment (0.9%):
	135	Applied Materials, Inc.		6,236
	6	Broadcom, Inc.		1,456
	1,649	Intel Corp.		81,971
	554	KLA-Tencor Corp.		56,802
	40	Lam Research Corp.		6,914
	824	Micron Technology, Inc.*		43,211
	1,000	Nanya Technology Corp.		2,723
	24	NVIDIA Corp.		5,686
	46,463	QUALCOMM, Inc.		2,607,503
	11,200	ROHM Co., Ltd.		938,074
	72	SK Hynix, Inc.		5,520
	24,000	Taiwan Semiconductor Manufacturing Co., Ltd.		170,788
	84	Texas Instruments, Inc.		9,261

				3,936,145

Software (3.2%):
	21	Activision Blizzard, Inc.		1,603
	460	Adobe Systems, Inc.*		112,153
	158	CA, Inc.		5,633
	43	Check Point Software Technologies, Ltd.*		4,200
	82	Dell Technologies, Inc., Class V*		6,936
	9,631	Domo, Inc.*		249,780
	17,481	Domo, Inc., Class B*		477,231
	543	Electronic Arts, Inc.*		76,574
	465	Intuit, Inc.		95,002
	73,883	Microsoft Corp.		7,285,602
	3,081	Oracle Corp.		135,749


Shares			Fair Value
Common Stocks, continued
Software, continued
	100	Oracle Corp.	$	8,154
	6	Red Hat, Inc.*		806
	125	SAP AG		14,440
	53,836	Snap, Inc., Class A*^		704,713
	78	Symantec Corp.		1,611
	68,532	Uber Technologies, Inc.*(b)		2,741,280
	73	VMware, Inc., Class A*^		10,729
	149,952	Zynga, Inc.*		610,305

				12,542,501

Specialty Retail (0.3%):
	5	AutoZone, Inc.*^		3,355
	586	Home Depot, Inc. (The)		114,329
	2,130	Lowe’s Cos., Inc.		203,564
	3,757	O’Reilly Automotive, Inc.*		1,027,801
	470	Ross Stores, Inc.		39,833
	700	Shimamura Co., Ltd.		61,619

				1,450,501

Technology Hardware, Storage & Peripherals (2.9%):
	45,494	Apple, Inc.		8,421,394
	391	Hewlett Packard Enterprise Co.		5,713
	523	HP, Inc.		11,867
	44,967	Pure Storage, Inc., Class A*^		1,073,812
	21,943	Samsung Electronics Co., Ltd.		916,332
	5,719	Western Digital Corp.^		442,708

				10,871,826

Textiles, Apparel & Luxury Goods (0.3%):
	25	Adidas AG		5,459
	18	Compagnie Financiere Richemont SA		1,526
	17,312	Luxottica Group SpA		1,116,166
	21	Nike, Inc., Class C		1,673
	239	PVH Corp.		35,783
	1	Swatch Group AG (The), Class B		475
	87	Swatch Group AG (The), Registered Shares		7,536
	78	Titan Co., Ltd.		999
	134	VF Corp.		10,924

				1,180,541

Thrifts & Mortgage Finance (0.3%):
	43,394	Housing Development Finance Corp., Ltd.		1,207,917

Tobacco (0.7%):
	28,919	Altria Group, Inc.		1,642,310
	121	Imperial Tobacco Group plc, Class A		4,505
	8,835	KT&G Corp.		847,307
	115	Philip Morris International, Inc.		9,285

				2,503,407

Trading Companies & Distributors (0.0%):
	433	United Rentals, Inc.*		63,919

Transportation Infrastructure (0.0%):
	68	Aena SA		12,334
	24	Atlantia SpA		709
	6,000	Beijing Capital International Airport Co., Ltd.		6,310


Shares			Fair Value
Common Stocks, continued
Transportation Infrastructure, continued
	3,600	Kamigumi Co., Ltd.	$	74,640
	26,100	Malaysia Airports Holdings Berhad		56,887
	4,000	Zhejiang Expressway Co., Ltd.		3,564

				154,444

Wireless Telecommunication Services (1.3%):
	35,100	Advanced Information Service plc		196,102
	1,000	China Mobile, Ltd.		8,870
	133,000	Far EasTone Telecommunications Co., Ltd.		343,711
	88,100	Intouch Holdings Public Co., Ltd.		141,582
	5,400	KDDI Corp.		147,659
	161	MTN Group, Ltd.		1,266
	638	SK Telecom Co., Ltd.		133,609
	112,000	Taiwan Mobile Co., Ltd.		405,940
	1,080,171	Vodafone Group plc		2,616,959
	19,338	Vodafone Group plc, ADR^		470,107

				4,465,805

	Total Common Stocks (Cost $200,099,241)			233,555,943

Preferred Stocks (0.6%):
Banks (0.1%):
	13,274	Citigroup Capital XIII, Series A, 8.70%^		359,725
	84,000	USB Capital IX, 3.50%(US0003M+102bps)		76,125

				435,850

Consumer Finance (0.1%):
	14,582	GMAC Capital Trust I, Series 2, 8.13%		383,507

Health Care Providers & Services (0.1%):
	143,925	Grand Rounds, Inc., Series C*(b)		361,252

Internet Software & Services (0.1%):
	63,925	Lookout, Inc. Preferred Shares, Series F*(b)		533,774

Software (0.2%):
	116,157	Palantir Technologies, Inc., Series I*(b)		671,387

Technology Hardware, Storage & Peripherals (0.0%):
	150	Samsung Electronics Co., Ltd., 2.46%		5,059

	Total Preferred Stocks (Cost $2,575,576)			2,390,829

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

	Total Warrant (Cost $—)			—

Convertible Preferred Stocks (0.4%):
Banks (0.0%):
	125	Wells Fargo & Co., Series L, Class A, 7.50%		157,433

Equity Real Estate Investment Trusts (0.1%):
	5,481	Welltower, Inc., Series I, 6.50%^		325,845

Wireless Telecommunication Services (0.3%):
	5,747	Mandatory Exchange Trust, 5.75%(c)		1,199,003

	Total Convertible Preferred Stocks (Cost $957,313)			1,682,281

Rights (0.0%):
Banks (0.0%):
	604	Intesa Sanpaolo SpA, Expires on 12/31/49*		—


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Rights, continued
Oil, Gas & Consumable Fuels (0.0%):
	217	Repsol SA, Expires on 7/09/18*^	$	123

	Total Rights (Cost $—)			123

Private Placements (0.0%):
Household Durables (0.0%):
$	3,065,000	AliphCom, Inc., 12.00%, 4/1/20(b)(d)		—
	23,389	Jawbone, 0.00%*(b)		—

				—

Oil, Gas & Consumable Fuels (0.0%):
	268,000	AliphCom, Inc., 12.00%, 4/1/20(b)(d)		—

	Total Private Placements (Cost $3,333,000)			—

Convertible Bonds (0.4%):
Food Products (0.0%):
	400,000	REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14(d)(e)		—

Oil, Gas & Consumable Fuels (0.1%):
	631,620	Dana Gas Sukuk, Ltd., 7.00%, 10/31/18(d)		571,616

Pharmaceuticals (0.3%):
	600,000	Bayer Capital Corp. BV, 5.63%, 11/22/19+(c)		749,667

Real Estate Management & Development (0.0%):
	250,000	CapitaLand, Ltd., 1.95%, 10/17/23+(c)		181,921

	Total Convertible Bonds (Cost $1,852,142)			1,503,204

Bank Loans (0.2%):
Hotels, Restaurants & Leisure (0.1%):
	453,711	Hilton Worldwide Finance LLC, 3.33%, 10/25/20		453,520

Oil, Gas & Consumable Fuels (0.1%):
	111,961	Fieldwood Energy LLC, 0.00%, 4/11/22		112,017
	151,147	Fieldwood Energy LLC, 0.00%, 4/11/23		145,983

				258,000

	Total Bank Loans (Cost $706,386)			711,520

Corporate Bonds (1.8%):
Banks (0.3%):
	124,000	Bank of America Corp., Series G, 2.37% (US0003M+66 bps), 7/21/21, Callable 7/21/20 @ 100		121,556
	162,000	Bank of America Corp., 4.00%, 1/22/25, MTN		159,919
	276,000	Citigroup, Inc., 2.45%, 1/10/20, Callable 12/10/19 @ 100^		272,900
	646,000	Citigroup, Inc., Series O, 5.87% (US0003M+406 bps), 12/29/49, Callable 3/27/20 @ 100		661,731
	260,000	Citigroup, Inc., Series Q, 5.95% (US0003M+410 bps), 12/29/49, Callable 8/15/20 @ 100^		267,800
	85,000	Santander Holdings USA, Inc., 3.70%, 3/28/22, Callable 2/28/22 @ 100		83,749

				1,567,655

Beverages (0.1%):
	175,000	Anheuser-Busch InBev Worldwide, Inc., 3.50%, 1/12/24, Callable 12/12/23 @ 100		173,919
	285,000	Anheuser-Busch InBev Worldwide, Inc., 4.00%, 4/13/28, Callable 1/13/28 @ 100^		284,338

				458,257


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Biotechnology (0.1%):
$	270,000	AbbVie, Inc., 2.90%, 11/6/22	$	262,000
	54,000	Amgen, Inc., 1.85%, 8/19/21, Callable 7/19/21 @ 100		51,721

				313,721

Capital Markets (0.1%):
	303,000	Goldman Sachs Group, Inc. (The), Series M, 5.38% (US0003M+392 bps), 12/31/49, Callable 5/10/20 @ 100		308,302
	228,000	Morgan Stanley, Series H, 5.45% (US0003M+361 bps), 7/29/49, Callable 7/15/19 @ 100		230,994

				539,296

Chemicals (0.0%):
	54,000	Sherwin-Williams, 2.25%, 5/15/20		53,103

Communications Equipment (0.0%):
	53,000	Hughes Satellite Systems Corp., 7.63%, 6/15/21		56,379

Consumer Finance (0.2%):
	191,000	Ally Financial, Inc., 3.50%, 1/27/19^		190,761
	200,000	American Express Co., Series C, 4.90% (US0003M+329 bps), 12/29/49, Callable 3/15/20 @ 100^		200,600
	125,000	General Motors Financial Co., Inc., 3.45%, 4/10/22, Callable 2/10/22 @ 100		122,828
	87,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100		86,910

				601,099

Food & Staples Retailing (0.3%):
	1,125,000	CVS Health Corp., 3.70%, 3/9/23, Callable 2/9/23 @ 100		1,119,295

Health Care Equipment & Supplies (0.2%):
	135,000	Becton Dickinson & Co., 3.36%, 6/6/24, Callable 4/6/24 @ 100		129,679
	276,000	Becton, Dickinson & Co., 3.13%, 11/8/21		271,996
	228,000	Becton, Dickinson & Co., 2.89%, 6/6/22, Callable 5/6/22 @ 100		220,529

				622,204

Insurance (0.1%):
	173,000	Prudential Financial, Inc., 5.87% (US0003M+418 bps), 9/15/42, Callable 9/15/22 @ 100^		182,731
	115,000	Prudential Financial, Inc., 5.62% (US0003M+392 bps), 6/15/43, Callable 6/15/23 @ 100		118,594

				301,325

Internet Software & Services (0.0%):
	159,000	eBay, Inc., 2.75%, 1/30/23, Callable 12/30/22 @ 100		153,181

Media (0.1%):
	200,000	NBCUniversal Enterprise, Inc., 5.25%, 12/31/99, Callable 3/19/21 @ 100(c)		202,000


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Personal Products (0.1%):
$	144,000	Edgewell Personal Care Co., 4.70%, 5/19/21^	$	143,640
	149,000	Edgewell Personal Care Co., 4.70%, 5/24/22^		145,648

				289,288

Pharmaceuticals (0.0%):
	149,000	Forest Laboratories, Inc., 5.00%, 12/15/21, Callable 9/16/21 @ 100(c)		154,162

Technology Hardware, Storage & Peripherals (0.2%):
	498,000	Apple, Inc., 3.35%, 2/9/27, Callable 11/9/26 @ 100		486,296
	478,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100^		461,018

				947,314

	Total Corporate Bonds (Cost $7,440,343)			7,378,279

Foreign Bonds (6.5%):
Banks (0.2%):
	330,000	Lloyds TSB Bank plc, Series E, 13.00%(GUKG5+1,340bps), 1/29/49, Callable 1/21/29 @ 126+		768,281

Sovereign Bond (6.3%):
	1,218,000	Australian Government, 3.00%, 3/21/47+(c)		883,080
	2,397,000	Brazil Nota do Tesouro Nacional, Series NTNF, 0.52%, 1/1/23+(f)		604,300
	1,778,707	Bundesrepub. Deutshland, 0.13%, 8/15/26+(c)		2,055,456
	5,571,000	Bundesrepublik Deutschland Bundesanleihe, 0.50%, 2/15/28+(c)		6,623,087
	3,894,000	Canadian Government, 0.50%, 8/1/18+		2,960,714
	957,000	Canadian Government, 0.75%, 3/1/21+		704,889
	267,600,000	Japan Treasury Discount Bill, 0.00%, 9/10/18+		2,417,934
	168,600,000	Japan Treasury Discount Bill, 0.00%, 10/1/18+		1,528,366
	273,450,000	Japan Treasury Discount Bill, Series 369, 0.10%, 10/15/18+		2,471,820
	27,409,300	Mexican Bonos Desarr, 8.50%, 12/13/18+(g)		1,383,062
	19,300,000	Mexican Bonos Desarr, Series M, 6.50%, 6/10/21+(g)		941,015
	310,000	Republic of Argentina, 3.38%, 1/15/23+		327,600
	100,000	Republic of Argentina, 5.25%, 1/15/28+		99,839
	690,083	Republic of Argentina, 7.82%, 12/31/33+		802,043
	27,103,100	United Mexican States, 6.50%, 6/9/22+(g)		1,309,352

				25,112,557

	Total Foreign Bonds (Cost $26,234,476)			25,880,838

Yankee Dollars (1.2%):
Banks (0.2%):
	614,000	HSBC Holdings plc, 6.38% (USISDA05+371 bps), 12/29/49, Callable 9/17/24 @ 100		607,363

Capital Markets (0.1%):
	207,000	UBS Group AG, 4.13%, 9/24/25(c)		205,553

Diversified Telecommunication Services (0.2%):
	260,000	Intelsat Jackson Holdings SA, 7.50%, 4/1/21, Callable 8/3/18 @ 101.25^		258,050
	89,000	Intelsat Jackson Holdings SA, 8.00%, 2/15/24, Callable 2/15/19 @ 104(c)		93,450
	289,000	Telecom Italia SpA, 5.30%, 5/30/24(c)		285,026

				636,526


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Yankee Dollars, continued
Food Products (0.1%):
$	408,000	Danone SA, 2.59%, 11/2/23, Callable 9/2/23 @ 100(c)	$	384,253

Industrial Conglomerates (0.0%):
	200,000	Odebrecht Finance, Ltd., 4.38%, 4/25/25(c)		69,000

Multi-Utilities (0.0%):
	178,000	Petroleos Mexicanos, 5.98% (US0003M+365 bps), 3/11/22^		190,015

Paper & Forest Products (0.1%):
	1,018,000	TFS Corp., Ltd., 8.75%, 8/1/23, Callable 8/1/19 @ 106.56(d)		685,241

Pharmaceuticals (0.1%):
	271,000	Actavis Funding SCS, 3.45%, 3/15/22, Callable 1/15/22 @ 100		266,661

Road & Rail (0.0%):
	519,907	Inversiones Alsacia SA, 8.00%, 12/31/18, Callable 7/19/18 @ 100(d)		12,998

Sovereign Bond (0.4%):
	729,000	Republic of Argentina, 7.50%, 4/22/26		672,503
	527,000	Republic of Argentina, 6.88%, 1/26/27^		463,760
	905,000	Republic of Argentina, 5.88%, 1/11/28^		735,312

				1,871,575

	Total Yankee Dollars (Cost $6,125,937)			4,929,185

U.S. Treasury Obligations (29.0%):
U.S. Treasury Bills (10.8%)
	14,000,000	1.00%, 7/5/18		13,998,063
	15,000,000	1.64%, 7/19/18		14,987,693
	14,000,000	1.60%, 7/26/18		13,983,877

				42,969,633

U.S. Treasury Notes (18.2%)
	1,000,000	1.25%, 12/15/18(h)		996,094
	820,100	1.13%, 7/31/21		783,644
	9,694,100	2.63%, 2/28/23		9,655,096
	12,358,600	2.75%, 4/30/23		12,370,669
	9,723,100	2.75%, 5/31/23		9,735,254
	20,371,700	2.88%, 5/31/25(a)		20,449,684
	15,527,200	2.75%, 2/15/28(a)		15,394,370
	3,320,400	2.88%, 5/15/28		3,327,015

				72,711,826

	Total U.S. Treasury Obligations (Cost $115,423,869)			115,681,459

Purchased Options (0.0%):
	Total Purchased Options (Cost $1,294,158)			930,028

Purchased Swaptions (0.0%):
	Total Purchased Swaptions (Cost $91,520)			54

Purchased Interest Rate Cap (0.0%):
	Total Purchased Interest Rate Cap (Cost $25,545)			36

Exchange Traded Funds (2.6%):
	191,469	iShares Gold Trust(h)		2,301,457
	68,336	SPDR Gold Trust(h)		8,108,067

	Total Exchange Traded Funds (Cost $10,595,632)			10,409,524

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, 2018:


Country	Percentage
Argentina		0.8	%
Australia		0.5	%
Belgium		0.4	%
Bermuda		—	%^
Brazil		0.5	%
Canada		1.6	%
Cayman Islands		—	%^
Chile		—	%^
China		1.3	%
Czech Republic		—	%^
Denmark		—	%^
European Community		—	%^
Finland		—	%^
France		2.4	%
Germany		3.9	%
Guernsey		—	%^
Hong Kong		0.7	%
India		1.4	%
Indonesia		0.1	%
Ireland (Republic of)		—	%^
Israel		—	%^
Italy		1.0	%
Japan		9.3	%
Jersey		0.1	%


Country	Percentage
Liberia		—	%^
Luxembourg		0.1	%
Malaysia		—	%^
Mexico		0.9	%
Netherlands		1.4	%
Norway		—	%^
Panama		—	%^
Poland		—	%^
Portugal		0.1	%
Republic of Korea (South)		0.7	%
Singapore		0.2	%
South Africa		—	%^
Spain		0.3	%
Sweden		—	%^
Switzerland		1.3	%
Taiwan, Province Of China		0.7	%
Thailand		0.2	%
Turkey		—	%^
United Arab Emirates		0.5	%
United Kingdom		2.4	%
United States		67.2	%

		100.0	%

Cash of $290,000 has been segregated to cover margin requirements for the following open contracts as of June 30, 2018:

At June 30, 2018, the Fund’s over-the-counter options purchased were as follows:

At June 30, 2018, the Fund’s over-the-counter options written were as follows:

At June 30, 2018, the Fund’s exchange traded options purchased were as follows:

At June 30, 2018, the Fund’s open over-the-counter interest rate swaptions purchased were as follows:

At June 30, 2018, the Fund’s open interest rate cap contracts purchased were as follows:

At June 30, 2018, the Fund’s open centrally cleared credit default swap agreements (buy protection) were as follows:(c)

At June 30, 2018, the Fund’s open over-the-counter currency swap agreements were as follows:

At June 30, 2018, the Fund’s open centrally cleared interest rate swap agreements were as follows:

At June 30, 2018, the Fund’s open over-the-counter total return swap agreements were as follows:

Balances Reported in the Consolidated Statement of Assets and Liabilities for Options Written, Forward Currency Contracts and Swap Agreements

Consolidated Statement of Assets and Liabilities

June 30, 2018


Assets:
Investment securities, at cost	$	394,786,911

Investment securities, at value*	$	423,085,076
Cash		9,148
Segregated cash for collateral		693,430
Deposits with brokers for securities sold short		1,258,163
Interest and dividends receivable		1,037,516
Foreign currency, at value (cost $167,371)		170,509
Unrealized appreciation on forward currency contracts		439,254
Unrealized appreciation on swap agreements		633,015
Receivable for investments sold		1,371,565
Receivable for variation margin on swap agreements		6,027
Receivable for variation margin on futures contracts		2,053
Reclaims receivable		277,586
Prepaid expenses		2,392

Total Assets		428,985,734

Liabilities:
Cash received as collateral for derivatives		960,000
Written options (Proceeds received $1,119,970)		1,419,799
Unrealized depreciation on swap agreements		123
Unrealized depreciation on forward currency contracts		1,129,131
Payable for investments purchased		10,473,274
Payable for collateral received on loaned securities		14,188,875
Securities sold short (Proceeds received $1,389,858)		1,374,225
Payable for variation margin on futures contracts		7,064
Payable for variation margin on swap agreements		16,573
Interest payable on securities sold short		579
Accrued foreign taxes		27,049
Manager fees payable		248,861
Administration fees payable		10,635
Distribution fees payable		82,954
Custodian fees payable		27,302
Administrative and compliance services fees payable		15,993
Transfer agent fees payable		814
Trustee fees payable		4,023
Other accrued liabilities		7,404

Total Liabilities		29,994,678

Net Assets	$	398,991,056

Net Assets Consist of:
Capital	$	345,323,978
Accumulated net investment income/(loss)		2,661,726
Accumulated net realized gains/(losses) from investment transactions		23,433,415
Net unrealized appreciation/(depreciation) on investments		27,571,937

Net Assets	$	398,991,056

Shares of beneficial interest (unlimited number of shares authorized, no par value)		32,752,837
Net Asset Value (offering and redemption price per share)	$	12.18

* Includes securities on loan of $13,562,572.

Consolidated Statement of Operations

For the Period Ended June 30, 2018


Investment Income:
Dividends	$	2,949,836
Interest		1,925,515
Income from securities lending		38,637
Foreign withholding tax		(186,441	)

Total Investment Income		4,727,547

Expenses:
Manager fees		1,530,146
Administration fees		98,210
Distribution fees — Class 2		510,049
Custodian fees		122,027
Administrative and compliance services fees		4,112
Trustee fees		13,443
Transfer agency fees		3,672
Professional fees		13,611
Shareholder reports		2,863
Dividends on securities sold short		7,427
Other expenses		41,050

Total expenses		2,346,610

Net Investment Income/(Loss)		2,380,937

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions and foreign currencies		9,370,827
Net realized gains/(losses) on futures contracts		(993,766	)
Net realized gains/(losses) on written options contracts		1,722,760
Net realized gains (losses) on securities transactions sold short		(2,678	)
Net realized gains/(losses) on swap agreements		232,501
Net realized gains/(losses) on forward currency contracts		115,809
Change in net unrealized appreciation/depreciation on securities transactions		(17,092,862	)
Change in net unrealized appreciation/depreciation on futures contracts		108,004
Change in net unrealized appreciation/depreciation on written option contracts		(761,281	)
Change in net unrealized appreciation/depreciation on securities transactions sold short		15,633
Change in net unrealized appreciation/depreciation on swap agreements		(839,388	)
Change in net unrealized appreciation/depreciation on forward currency contracts		(944,889	)
Change in accrued foreign tax liability		18,785

Net Realized/Unrealized Gains/(Losses) on Investments		(9,050,545	)

Change in Net Assets Resulting From Operations	$	(6,669,608	)

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

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 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. The Fund is a wholly-owned and controlled subsidiary of AZL MVP BlackRock Global Strategy Plus Fund, which is affiliated with the Investment Adviser.

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 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. Income received by the Fund from sources within foreign countries may be subject to withholding or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.

The Fund’s primary vehicle for gaining exposure to the commodities markets is through investment in the AZL Cayman Global Allocation Fund I, 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, 2018, the Fund’s aggregate investment in the Subsidiary was $11,382,046, representing 2.85% of the Fund’s net assets. The Subsidiary’s financial statements, including its investments, and its operating results have been consolidated with those of the Fund. All intercompany transactions have been eliminated.

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, or from other assets and liabilities, 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.

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.

has a corresponding obligation to the lender to return the identical security. The Funds may also incur an interest expense if a security that has been sold short has an interest payment. When the Funds engages in a short sale, the Funds 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, the Funds also may be required to pay a premium, which would increase the cost of the security sold.

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 differing treatment on certain investments) 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.

The Fund may invest in bank loans, which generally have interest rates which are reset periodically by reference to a base lending rate plus a premium. These base rates are primarily the London-Interbank Offered Rate and, secondarily, the prime rate offered by one or more major U.S. banks and the certificate of deposit rate or other base lending rates used by commercial lenders. Bank loans often require prepayments from excess cash flows or allow the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. Therefore, the anticipated or actual maturity may be considerably earlier than the stated maturity shown in the Consolidated Schedule of Portfolio of Investments.

All or a portion of any bank loans may be unfunded. The portfolio is obligated to fund any commitments at the borrower’s discretion. Therefore, the portfolio must have funds sufficient to cover its contractual obligation.

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2018 are presented on the Fund’s Consolidated Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $17 million for the period ended June 30, 2018.

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 $3,799 during the period ended June 30, 2018. These fees have been netted against “Income from securities lending” on the Consolidated Statement of Operations.

The fund had securities lending transactions of $14,188,875 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2018.

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, 2018, no collateral had been posted by the Fund to counterparties for TBAs.

Pursuant to Rule 17a-7 under the 1940 Act (the “Rule”), the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. 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 ended June 30, 2018, the Fund did not engage in any such transactions under the Rule.

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, 2018, 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. For the period ended June 30, 2018, the monthly average notional amount for long contracts was $28.5 million and the monthly average notional amount for short contracts was $13.9 million. Realized gains and losses are reported as “Net realized gains/(losses) on forward currency contracts” on the Consolidated Statement of Operations.

During the period ended June 30, 2018, 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. For the period ended June 30, 2018, the monthly average notional amount for long contracts was $1.3 million and the monthly average notional amount for short contracts was $6.6 million. 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, 2018, 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 options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing 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.

For the period ended June 30, 2018, the monthly average notional amount for written options contracts was $0.9 million. Realized gains and losses are reported as “Net realized gains/(losses) on options contracts” on the Consolidated Statement of Operations.

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 identified as collateral in accordance with the terms of the swap agreements to provide assets of value and recourse in the event of default or bankruptcy by the counterparty.

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 the 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 a 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, 2018, the Fund entered into OTC 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 monthly average gross notional amount for interest rate swaps was $27.3 million for the period ended June 30, 2018.

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 monthly average gross notional amount for currency swaps was $3.2 million for the period ended June 30, 2018.

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 monthly average gross notional amount for total return swaps was $5.0 million for the period ended June 30, 2018.

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, 2018, the Fund entered into 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 monthly average gross notional amount for credit default swaps was $0.4 million for the period ended June 30, 2018.

Variance swaps involve the agreement of two parties to exchange cash flows based on the measured variance (or square of the volatility) of a specified underlying asset. One party agrees to exchange a “fixed rate” or strike price payment for the “floating rate” or realized price variance on the underlying asset with respect to the notional amount. At inception, the strike price is generally chosen such that the fair value of the swaps is zero. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, a Portfolio would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike price. As a payer of the realized price variance, a Portfolio would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike price. This type of swap is essentially a forward contract on the future realized price variance of the underlying asset. The monthly average gross notional amount for variance swaps was $1.4 million for the period ended June 30, 2018.

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, 2018:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value

Statement of Assets and Liabilities Location

Total Fair
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

83,791

Payable for variation margin on futures contracts*

—

Written Options Contracts

Written options contracts

1,419,799

Total Return Swap Agreements

Unrealized appreciation on swap agreements

461,175

Unrealized depreciation on swap agreements

123

Credit Risk

Centrally Cleared Credit Default Swap Agreements

Unrealized appreciation on swap agreements*

1,872

Unrealized depreciation on swap agreements*

—

Interest Rate Risk

Interest Rate Swap Agreements

Unrealized appreciation on swap agreements*

50,931

Unrealized depreciation on swap agreements*

447,369

Foreign Exchange Risk

Currency Swap Agreements

Unrealized appreciation on swap agreements

171,840

Unrealized depreciation on swap agreements

—

Forward Currency Contracts

Unrealized appreciation on forward currency contracts

439,254

Unrealized depreciation on forward currency contracts

1,129,131

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, 2018:

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, 2018. 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, 2018. As of June 30, 2018, 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, 2018:

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, 2018:

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, 2019.

For the period ended June 30, 2018, 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 period are reflected on the Consolidated Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2018, 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 period can be found on the Consolidated Statement of Operations. During the period ended June 30, 2018, there were no voluntary waivers.

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 (“SEC” or the “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 Consolidated 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: 0.047% 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.”

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the Fund’s average daily net assets, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2018, $1,880 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 $174,000 annual Board retainer, the Lead Director receives an additional $43,500 annually and the Chair of the Nominating and Corporate Governance Committee receives an additional $26,100 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, 2018, actual Trustee compensation was $515,040 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 (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used for long securities and the last quoted ask price is used for securities sold short. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

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

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

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

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. 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.

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.

There were no significant transfers between Levels 1 and 2 as of June 30, 2018, based on levels assigned to securities on December 31, 2017. The following is a summary of the valuation inputs used as of June 30, 2018 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, 2018, 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, 2018, purchases and sales of long-term U.S. government securities 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, 2018 are identified below.

Bank Loan Risk: There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. The risk of holding bank loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund’s returns. The value of bank loans can be affected by and sensitive to changes in government regulation and to economic downturns in the United States and abroad. Bank loans generally are floating rate loans, which are subject to interest rate risk as the interest paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates.

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.

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.

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.

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

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 of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $397,251,083. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Capital loss carry forwards (“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. During the year ended December 31, 2017 the Fund utilized $296,869 in CLCFs to offset capital gains.

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

(a) Total distributions paid may differ from the Consolidated 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, 2017, 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, 2018.

In October 2016, the SEC released its Final Rule on Investment Company Reporting Modernization (the “Rules”). The Rules which introduce two new regulatory reporting forms for investment companies — Form N-PORT and Form N-CEN — also contain amendments to Regulation S-X which require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X became effective for filings made with the SEC after August 1, 2017. The compliance date for form N-PORT and Form N-CEN will vary based on the reporting entity’s size and, in the case of the Fund, is expected to be April 30, 2019. The Fund’s adoption of these amendments, as applicable for the financial statements prepared as of June 30, 2018, had no effect on the Fund’s net assets or results of operations.

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements

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.

On June 6, 2018, KPMG LLP (“KPMG”) resigned as the Fund’s independent registered public accounting firm. During the Fund’s two most recent fiscal years ended December 31, 2017 and 2016, KPMG’s reports on the Fund’s financial statements contained no adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. During the Fund’s two most recent fiscal years ended December 31, 2017 and 2016 and the interim period commencing January 1, 2018 and ending June 6, 2018, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of KPMG, would have caused it to make reference to the subject matter of the disagreement in connection with its report on the financial statements for such years.

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.


Investments	Percent of Net Assets
Information Technology		24.5	%
Financials		17.2
Materials		11.0
Consumer Discretionary		10.1
Industrials		8.3
Consumer Staples		8.1
Energy		6.2
Telecommunication Services		4.1
Utilities		3.7
Real Estate		3.3
Health Care		2.8

Total Common Stocks and Preferred Stocks		99.3
Right		—	^
Securities Held as Collateral for Securities on Loan		1.6
Money Market		0.2

Total Investment Securities		101.1
Net other assets (liabilities)		(1.1	)

Net Assets		100.0	%

^	Represents less than 0.05%


Shares			Fair Value

Common Stocks (99.1%):
Aerospace & Defense (0.2%):
	10,000	Aerospace Industrial Development Corp.	$	10,396
	1,236	Aselsan Elektronik Sanayi Ve Ticaret AS		6,227
	20,000	AviChina Industry & Technology Co., Ltd.		11,868
	10,593	Bharat Electronics, Ltd.		16,784
	2,973	Embraer SA, ADR		74,028
	650	Korea Aerospace Industries, Ltd.*		23,999
	174	S&T Dynamics Co., Ltd.*		1,081
	538	Samsung Techwin Co., Ltd.*		11,308

				155,691

Air Freight & Logistics (0.1%):
	39	Blue Dart Express, Ltd.		2,083
	513	Hanjin Transportation Co., Ltd.		9,800
	247	Hyundai Glovis Co., Ltd.		25,566
	26,000	Sinotrans, Ltd.		13,651

				51,100

Airlines (0.4%):
	20,000	Air China, Ltd.		19,156
	34,900	AirAsia Berhad		25,849
	3,987	Asiana Airlines, Inc.*		14,798
	39,400	Bangkok Airways Public Co., Ltd.		13,567
	15,130	Cebu Air, Inc.		19,647
	70,000	China Airlines, Ltd.*		21,883
	26,000	China Eastern Airlines Corp., Ltd., Class H		17,450
	18,000	China Southern Airlines Co., Ltd., Class H		14,030
	14,200	Controladora Vuela Compania de Aviacion SAB de C.V., Class A*		7,237
	49,749	Eva Airways Corp.		24,058
	3,400	Gol Linhas Aereas Inteligentes SA*		9,125
	472	Hanjin Kal Corp.		7,148
	497	Jeju Air Co., Ltd.		18,733
	1,305	Korean Air Lines Co., Ltd.		33,050
	2,603	Latam Airlines Group SA, ADR^		25,744
	2,481	Pegasus Hava Tasimaciligi As*		13,296
	37,400	Thai Airways International Public Co., Ltd.*		14,217
	16,783	Turk Hava Yollari Anonim Ortakligi*		49,455

				348,443

Auto Components (1.4%):
	6,000	Actron Technology Corp.		21,416
	6,717	Apollo Tyres, Ltd.		24,879
	1,676	Asahi India Glass, Ltd.		8,147
	2,736	Balkrishna Industries, Ltd.		41,537
	4,296	Bharat Forge, Ltd.		38,392
	50	Bosch, Ltd.		12,769
	855	Ceat, Ltd.		15,692
	22,000	Chaowei Power Holdings, Ltd.		11,156
	28,000	Cheng Shin Rubber Industry Co., Ltd.		42,090
	1,100	Cub Elecparts, Inc.		14,030
	5,000	Depo Auto Parts Industries Co., Ltd.		13,201
	6,474	Exide Industries, Ltd.		24,386
	367	Global & Yuasa Battery Co., Ltd.		10,403
	1,065	Hankook Tire Co., Ltd.		40,147


Shares			Fair Value
Common Stocks, continued
Auto Components, continued
	5,319	Hota Industrial Manufacturing Co., Ltd.	$	25,784
	3,000	Hu Lane Associate, Inc.		13,620
	403	Hyundai Mobis Co., Ltd.		76,582
	434	Hyundai Wia Corp.		15,857
	13,923	Kenda Rubber Industrial Co., Ltd.		15,346
	3,107	Kumho Tire Co., Inc.*		17,579
	1,500	Mahle-Metal Leve SA		9,906
	133	Mando Corp.		5,254
	630	Mando Corp.		21,666
	4,946	Metair Investments, Ltd.		5,596
	8,000	Minth Group, Ltd.		33,517
	9,355	Motherson Sumi Systems, Ltd.		38,819
	33	Mrf, Ltd.		36,063
	13,000	Nan Kang Rubber Tire Co., Ltd.		11,447
	446	Nexen Tire Corp.		4,102
	15,000	Nexteer Automotive Group, Ltd.		22,047
	5,900	Rassini, S.A.B. de C.V., Class A		10,694
	352	S&T Motiv Co., Ltd.		10,419
	737	SL Corp.		11,980
	21,840	Sri Trang Agro-Industry Public Co., Ltd.*		6,552
	115	Sundaram-Clayton, Ltd.		7,319
	1,176	Sundram Fasteners, Ltd.		10,722
	2,204	Sungwoo Hitech Co., Ltd.		8,541
	15,900	Tenedora Nemak SA de C.V.(a)		10,931
	1,581	TI Financial Holdings, Ltd.		14,165
	24,000	Tianneng Power International, Ltd.		37,313
	10,000	Tong Yang Industry Co., Ltd.		15,392
	1,581	Tube Investments of India, Ltd.		5,331
	2,000	Tung Thih Electronic Co., Ltd.		6,945
	11,000	TYC Brother Industrial Co., Ltd.		11,572
	26	WABCO India, Ltd.		2,663

				841,969

Automobiles (1.6%):
	19,500	Baic Motor Corp., Ltd.(a)		18,567
	829	Bajaj Auto, Ltd.		33,987
	12,000	Brilliance China Automotive Holdings, Ltd.		21,583
	4,000	BYD Co., Ltd., Class H^		24,141
	14,000	China Motor Corp.		13,015
	32,000	Dongfeng Motor Corp., Series H		33,791
	10,700	DRB-HICOM Berhad		5,162
	1,334	Ford Otomotiv Sanayi AS		17,782
	49,000	Geely Automobile Holdings, Ltd.		125,753
	28,500	Great Wall Motor Co.		21,693
	14,000	Guangzhou Automobile Group Co., Ltd.		13,590
	530	Hero MotoCorp, Ltd.		26,855
	814	Hyundai Motor Co.		91,592
	2,964	Kia Motors Corp.		81,988
	4,589	Mahindra & Mahindra, Ltd., GDR		59,788
	905	Maruti Suzuki India, Ltd.		116,502
	10,600	Oriental Holdings BHD		16,108
	172,400	PT Astra International Tbk		79,247
	10,000	Sanyang Industry Co., Ltd.		7,165


Shares			Fair Value
Common Stocks, continued
Automobiles, continued
	22,088	Tata Motors, Ltd.*	$	86,682
	2,816	Tvs Motor Co., Ltd.		22,717
	8,400	UMW Holdings Berhad		12,411
	18,000	Yulon Motor Co., Ltd.		12,452

				942,571

Banks (10.9%):
	128,000	Agricultural Bank of China, Ltd.		59,449
	5,046	Akbank T.A.S.		8,240
	1,674	Alior Bank SA*		29,714
	28,700	Alliance Financial Group Berhad		28,674
	21,400	AMMB Holdings Berhad		19,851
	1,660	Axis Bank, Ltd., GDR		61,498
	4,041	Banco ABC Brasil SA		15,570
	6,660	Banco Bradesco SA		41,592
	25,925	Banco Bradesco SA, ADR		177,845
	1,382	Banco Davivienda SA		17,456
	570	Banco de Credito e Inversiones		37,964
	3,400	Banco do Brasil SA		24,963
	5,800	Banco do Esrado do Rio Grande do Sul SA, Class B		22,033
	1,391	Banco Santander Brasil SA		10,500
	1,433	Banco Santander Chile, ADR		45,039
	2,961	Banco Santander Mexico, ADR		19,809
	790	Bancolombia SA, ADR		37,746
	11,490	Bank Millennium SA*		24,600
	8,715	Bank of Baroda*		14,310
	228,000	Bank of China, Ltd.		112,350
	32,000	Bank of Communications Co., Ltd., Class H		24,392
	3,927	Bank of the Philippine Islands		6,511
	502	Bank Pekao SA		15,094
	341	Bank Zachodni WBK SA		30,294
	11,751	Barclays Africa Group, Ltd.		136,983
	8,638	BDO Unibank, Inc.		20,273
	5,251	BNK Financial Group, Inc.		44,015
	2,317	Canara Bank, Ltd.		8,494
	384	Capitec Bank Holdings, Ltd.		24,293
	54,781	Chang Hwa Commercial Bank		31,830
	16,100	China Banking Corp.		10,140
	34,000	China Citic Bank Co., Ltd.		21,139
	319,000	China Construction Bank		292,522
	94,000	China Development Financial Holding Corp.		34,357
	16,500	China Merchants Bank Co., Ltd.*		60,330
	36,600	China Minsheng Banking Corp., Ltd.		26,027
	159,944	Chinatrust Financial Holding Co., Ltd.		115,081
	32,000	Chongqing Rural Commercial Bank Co., Ltd.		18,994
	18,811	CIMB Group Holdings Berhad		25,396
	368,300	CIMB Thai Bank PCL*		9,445
	4,293	City Union Bank, Ltd.		11,575
	10,079	Commercial International Bank Egypt SAE, GDR		49,825
	1,120	Credicorp, Ltd.		252,134
	8,352	Dcb Bank, Ltd.		20,043
	2,129	DGB Financial Group, Inc.		19,563
	67,782	E.Sun Financial Holding Co., Ltd.		47,230


Shares			Fair Value
Common Stocks, continued
Banks, continued
	9,000	EnTie Commercial Bank	$	4,103
	80,262	Far Eastern International Bank		26,587
	25,419	Federal Bank, Ltd.		30,336
	83,346	First Financial Holdings Co., Ltd.		56,309
	2,676	Grupo Aval Acciones y Valores SA, ADR		22,184
	1,028	Grupo Elektra, SAB de C.V.		28,020
	13,480	Grupo Financiero Banorte SAB de C.V.		79,282
	11,195	Grupo Financiero Inbursa SAB de C.V., Class O		15,731
	5,152	Grupo Financiero Interacciones SAB de C.V.*		24,728
	44,282	Grupo Security SA		20,277
	2,580	Hana Financial Holdings Group, Inc.		99,077
	3,884	Hong Leong Bank Berhad		17,479
	6,680	Hong Leong Financial Group Berhad		29,741
	45,396	Hua Nan Financial Holdings Co., Ltd.		26,422
	11,167	ICICI Bank, Ltd.		44,920
	14,310	IDFC Bank, Ltd.		8,108
	2,401	Indian Bank		12,029
	1,203	IndusInd Bank, Ltd.		33,895
	298,000	Industrial & Commercial Bank of China		221,378
	3,544	Industrial Bank of Korea (IBK)		48,925
	412	ING Bank Slaski SA		19,694
	2,289	Itau Corpbanca, ADR^		33,992
	39,597	Itau Unibanco Banco Multiplo SA, ADR		411,016
	3,960	Itau Unibanco Holding SA		36,503
	4,150	JB Financial Group Co., Ltd.		20,726
	9,906	Karnataka Bank, Ltd.		15,842
	7,639	Karur Vysya Bank, Ltd.		11,530
	8,400	Kasikornbank Public Co., Ltd.		49,100
	1,280	KB Financial Group, Inc., ADR		59,494
	873	KB Financial Group, Inc.		41,317
	9,300	Kiatnakin Bank Public Co., Ltd.		19,017
	25,000	King’s Town Bank		26,807
	620	Komercni Banka AS		26,094
	1,814	Kotak Mahindra Bank, Ltd.		35,506
	54,800	Krung Thai Bank Public Co., Ltd.		27,638
	124,300	LH Financial Group Public Co., Ltd.		5,440
	34,161	Malayan Banking Berhad		76,097
	234	mBank SA		24,958
	64,871	Mega Financial Holdings Co., Ltd.		57,209
	13,678	Metropolitan Bank & Trust		18,778
	3,190	Moneta Money Bank A/S(a)		10,953
	2,005	Nedcor, Ltd.		36,470
	1,581	OTP Bank Nyrt		57,343
	9,580	Philippine National Bank*		8,643
	2,877	Powszechna Kasa Oszczednosci Bank Polski SA*		28,288
	40,800	PT Bank Central Asia Tbk		61,070
	58,900	PT Bank Danamon Indonesia Tbk		26,194
	90,400	PT Bank Mandiri Tbk		42,979
	66,500	PT Bank Negara Indonesia Tbk		32,564
	80,800	PT Bank Pan Indonesia Tbk*		4,795
	76,400	PT Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk		11,134


Shares			Fair Value
Common Stocks, continued
Banks, continued
	368,000	PT Bank Rakyat Indonesia Tbk	$	72,639
	123,400	PT Bank Tabungan Negara Tbk		21,079
	30,800	Public Bank Berhad		178,059
	1,589	RBL Bank, Ltd.(a)		12,794
	5,609	Regional SAB de C.V.		30,207
	19	RHB Capital Berhad(b)		26
	9,510	Rizal Commercial Banking Corp.		4,977
	11,873	Sberbank of Russia, ADR		170,437
	2,780	Security Bank Corp.		10,402
	2,741	Shinhan Finnancial Group Co., Ltd., ADR^		105,474
	7,800	Siam Commercial Bank Public Co., Ltd.		27,912
	68,722	SinoPac Financial Holdings Co., Ltd.		24,780
	53,375	South Indian Bank, Ltd.		17,360
	14,070	Standard Bank Group, Ltd.		196,115
	1,013	State Bank of India, GDR*		37,788
	81,435	Taichung Commercial Bank Co., Ltd.		27,912
	92,830	Taishin Financial Holding Co., Ltd.		43,820
	70,534	Taiwan Cooperative Financial Holding Co., Ltd.		41,285
	20,600	Thanachart Capital Public Co., Ltd.		29,016
	3,859	The Jammu & Kashmir Bank, Ltd.*		2,844
	20,734	Turkiye Garanti Bankasi AS		37,731
	4,117	Turkiye Halk Bankasi AS*		6,630
	19,903	Turkiye Is Bankasi AS, Class C		24,638
	42,733	Turkiye Sinai Kalkinma Bankasi AS		9,027
	17,464	Turkiye Vakiflar Bankasi T.A.O., Class D*		18,622
	4,181	UCO Bank*		1,121
	10,503	Union Bank of India*		12,532
	27,560	Union Bank of Taiwan		9,130
	18,129	VTB Bank OJSC, GDR		27,592
	5,313	Woori Bank		77,610
	21,808	Yapi ve Kredi Bankasi AS*		11,743
	15,610	Yes Bank, Ltd.		77,306

				5,720,513

Beverages (1.1%):
	44,269	Ambev SA, ADR		204,965
	2,470	Anadolu Efes Biracilik ve Malt Sanayii AS		12,696
	3,826	Arca Continental SAB de C.V.		23,499
	15,400	Becle Sab de C.V.		22,198
	8,100	Carlsberg Brewery Malaysia Berhad		38,658
	11,333	China Resources Enterprises, Ltd.		54,841
	2,108	Coca-Cola Icecek AS		15,573
	845	Compania Cervecerias Unidas SA, ADR		21,074
	763	Distell Group Holdings, Ltd.*		7,708
	1,016	Embotelladora Andina SA, Class B, ADR		23,389
	80,400	Emperador, Inc.		11,137
	706	Fomento Economico Mexicano SAB de C.V., ADR		61,979
	7,400	Guinness Anchor Berhad		40,092
	13,000	Hey Song Corp.		13,560
	1,105	Hite Jinro		19,471
	8	Lotte Chilsung Beverage Co., Ltd.		11,024
	106	Muhak Co., Ltd.		1,440
	2,000	Tsingtao Brewery Co., Ltd., Class H		10,960


Shares			Fair Value
Common Stocks, continued
Beverages, continued
	1,491	United Breweries, Ltd.	$	25,027
	4,625	United Spirits, Ltd.*		44,847
	230	Vina Concha y Toro SA, ADR		9,570

				673,708

Biotechnology (0.4%):
	9,500	3SBio, Inc.(a)		21,478
	1,150	Biocon, Ltd.		10,397
	37	Cell Biotech Co., Ltd.		1,207
	446	Celltrion, Inc.*		121,271
	519	Green Cross Holdings Corp.		15,452
	92	Medy-Tox, Inc.		63,275

				233,080

Building Products (0.1%):
	1,183	Blue Star, Ltd.		11,082
	31,000	China Lesso Group Holdings, Ltd.		19,642
	714	IS Dongseo Co., Ltd.		17,747
	1,328	Kajaria Ceramics, Ltd.		9,363
	55	KCC Corp.		16,180
	241	LG Hausys, Ltd.		14,983
	1,456	Sung Kwang Bend Co., Ltd.		15,143
	30,444	Taiwan Glass Industry Corp.*		17,160
	9,577	Trakya Cam Sanayii AS		8,655

				129,955

Capital Markets (1.6%):
	11,997	B3 SA- Brasil Bolsa Balcao		63,592
	13,600	Bolsa Mexicana de Valores SA		22,898
	7,528	Brait SE		23,383
	23,700	Bursa Malaysia Berhad		43,110
	79,000	Capital Securities Corp.		29,265
	38,000	China Bills Finance Corp.		17,883
	94,000	China Cinda Asset Management Co., Ltd., Class H		30,158
	18,000	China Everbright, Ltd.		33,001
	27,500	China Galaxy Securities Co.		14,008
	6,000	Citic Securities Co., Ltd.		11,934
	5,798	Coronation Fund Managers, Ltd.		24,638
	883	Credit Analysis & Research, Ltd.		16,159
	264	Crisil, Ltd.		6,934
	4,413	Daewoo Securities Co., Ltd.		33,674
	1,533	Daishin Securities Co., Ltd.		16,067
	10,902	Edelweiss Financial Services, Ltd.		46,801
	16,800	Haitong Securities Co., Ltd.		16,909
	2,603	Hanwha Investment & Securities Co., Ltd.*		6,061
	4,000	Huatai Securities Co., Ltd., Class H(a)		6,343
	4,088	IIFL Holdings, Ltd.		39,944
	388	Indiabulls Ventures, Ltd.		1,590
	2,072	Indiabulls Ventures, Ltd.		14,694
	1,976	Investec, Ltd.		13,848
	37,459	Jih Sun Financial Holdings Co., Ltd.		11,201
	7,125	JM Financial, Ltd.		12,016
	2,838	JSE, Ltd.		33,587
	212	KIWOOM Securities Co., Ltd.		20,595


Shares			Fair Value
Common Stocks, continued
Capital Markets, continued
	629	Korea Investment Holdings Co., Ltd.	$	47,381
	474,500	Kresna Graha Investama TBK PT*		24,035
	5,845	Macquarie Korea Infrastructure Fund		46,994
	38,295	MasterLink Securities Corp.		13,498
	6,404	Meritz Securities Co., Ltd.		20,366
	388	Motilal Oswal Financial Services, Ltd.		4,380
	2,377	NH Investment & Securities Co., Ltd.		31,813
	11,682	Peregrine Holdings, Ltd.		18,351
	27,367	President Securities Corp.*		13,324
	852	Samsung Securities Co., Ltd.		26,518
	22	Shinyoung Securities Co., Ltd.		1,119
	19,330	SK Securities Co., Ltd.*		18,188
	64,916	Waterland Financial Holdings Co., Ltd.		22,887
	47,965	Yuanta Financial Holding Co., Ltd.		21,856
	1,321	Yuanta Securities Korea Co., Ltd.*		4,358

				925,361

Chemicals (3.7%):
	1,032	Aarti Industries, Ltd.		18,522
	2,422	AECI, Ltd.		18,662
	210	AK Holdings, Inc.		14,205
	230	Akzo Nobel India, Ltd.		6,183
	3,044	Asian Paints, Ltd.		56,130
	374	Atul, Ltd.		14,475
	2,900	Batu Kawan Berhad		12,856
	2,536	Berger Paints India, Ltd.		10,395
	4,552	Castrol (India), Ltd.		10,865
	4,712	Chambal Fertilizers and Chemicals, Ltd.*		10,632
	50,000	China BlueChemical, Ltd., Class H		18,285
	20,000	China General Plastics Corp.		19,861
	64,000	China Man-Made Fiber Corp.*		21,818
	53,000	China Petrochemical Development Corp.*		22,581
	3,000	China Steel Chemical Corp.		14,650
	14,757	China Synthetic Rubber Corp.		22,610
	752	Ciech SA		10,734
	1,811	Coromandel International, Ltd.		10,389
	87,100	D&L Industries, Inc.		16,587
	2,475	DCM Shriram, Ltd.		10,680
	1,084	Dongjin Semichem Co., Ltd.		11,889
	23,000	Dongyue Group, Ltd.		19,259
	668	Ecopro Co., Ltd.*		20,189
	1,860	EID Parry India, Ltd.*		6,541
	24,948	Eternal Materials Co., Ltd.		22,785
	21,000	Everlight Chemical Industrial Corp.		12,808
	543	Finolex Industries, Ltd.		4,578
	2,397	Foosung Co., Ltd.*		22,125
	23,000	Formosa Chemicals & Fibre Corp.		91,566
	15,000	Formosa Plastics Corp.		55,313
	7,290	Formosan Rubber Group, Inc.		3,466
	27,000	Fufeng Group, Ltd.		12,137
	22,000	Grand Pacific Petrochemical Corp.		21,118
	1,098	Grupa Azoty SA, ADR		12,636
	1,165	Gujarat Alkalies & Chemicals		9,029


Shares			Fair Value
Common Stocks, continued
Chemicals, continued
	697	Gujarat Fluorochemicals, Ltd.	$	7,527
	1,377	Gujarat Narmada Valley Fertilizers & Chemicals, Ltd.*		8,077
	1,843	H.S. Industries Co., Ltd.		13,202
	140	Hansol Chemical Co., Ltd.		9,831
	1,957	Hanwha Chemical Corp.		38,315
	1,147	Huchems Fine Chemical Corp.		30,101
	486	Hyosung Corp.(b)		58,438
	944	I G Petrochemicals, Ltd.		6,846
	12,400	Indorama Ventures Public Co., Ltd.		20,447
	1,072	Kansai Nerolac Paints, Ltd.		6,915
	478	Kolon Industries, Inc.		28,969
	74	Korea Petrochemical Industry Co., Ltd.		16,612
	179	Kumho Petrochemical Co., Ltd.		18,688
	11,000	LCY Chemical Corp.		17,001
	457	LG Chem, Ltd.		136,588
	252	Lotte Chemical Corp.		78,586
	23,536	Mexichem SAB de C.V.		68,016
	21,000	Nan Ya Plastics Corp.		60,008
	343	OCI Co., Ltd.		31,638
	200	OCI Materials Co., Ltd.		32,081
	2,670	Omnia Holdings, Ltd.		25,704
	9,000	Oriental Union Chemical Corp.		9,703
	18,756	Petkim Petrokimya Holding AS		19,788
	24,700	Petronas Chemicals Group Berhad		51,404
	828	Phosagro OAO, GDR		10,643
	1,007	PI Industries, Ltd.		11,056
	2,178	Pidilite Industries, Ltd.		33,798
	148,100	PT Barito Pacific Tbk		20,444
	18,400	PTT Global Chemical Public Co., Ltd.		40,505
	1,592	Rain Industries, Ltd.		4,474
	13,478	Rashtriya Chemicals & Fertilizers, Ltd.		13,928
	614	Samsung Fine Chemicals Co., Ltd.		35,757
	4,733	Sasol, Ltd., ADR^		172,944
	368	Sasol, Ltd.		13,443
	11,600	Scientex Berhad		20,699
	24,000	Shinkong Synthetic Fibers Corp.		9,244
	418	Sinopec Shanghai Petrochemical Co., Ltd., ADR		25,072
	20,964	Sintex Plastics Technology, Ltd.*		12,946
	37	SK Chemicals Co., Ltd.		1,222
	40	SK Chemicals Co., Ltd.*		3,331
	638	SKC Co., Ltd.		24,675
	379	SKCKOLONPI, Inc.		16,806
	846	Sociedad Quimica y Minera de Chile SA, ADR^		40,650
	268	Soulbrain Co., Ltd.		14,874
	1,005	Supreme Industries, Ltd.		16,586
	10	Taekwang Industrial Co., Ltd.		12,434
	14,000	Taiwan Fertilizer Co., Ltd.		19,213
	22,000	TSRC Corp.		23,666
	430	Unid Co., Ltd.		20,057
	7,103	UPL, Ltd.*		64,097
	33,660	USI Corp.		15,619

				2,159,227


Shares			Fair Value
Common Stocks, continued
Commercial Services & Supplies (0.4%):
	63	3M India, Ltd.*	$	18,055
	9,535	Blue Label Telecoms, Ltd.		7,196
	32,000	China Everbright International, Ltd.		41,193
	5,000	Cleanaway Co., Ltd.		31,317
	4,137	Country Garden Services Holdings Co., Ltd.*^		5,305
	634	KEPCO Plant Service & Engineering Co., Ltd.		20,224
	343	Novus Holdings, Ltd.		83
	155	S1 Corp.		13,448
	3,000	Sunny Friend Environmental Technology Co., Ltd.		21,147
	9,000	Taiwan Secom Co., Ltd.		26,452
	8,000	Taiwan-Sogo ShinKong Security Corp.		9,933
	1,980	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		8,569
	21,000	YC Co., Ltd.		13,701

				216,623

Communications Equipment (0.2%):
	9,000	Accton Technology Corp.		25,991
	1,000	Advanced Ceramic X Corp.		8,303
	10,500	BYD Electronic International Co., Ltd.		14,151
	69,600	China Fiber Optic Network System Group, Ltd.*(b)(c)		1,165
	42,000	D-Link Corp.		19,126
	13,000	Sercomm Corp.		30,207
	1,467	Sterlite Technologies, Ltd.		5,886
	1,416	Texcell-NetCom Co., Ltd.*		26,885
	31,000	Unizyx Holding Corp.*		14,330
	7,572	Wistron NeWeb Corp.		18,047
	2,000	Zinwell Corp.		1,639

				165,730

Construction & Engineering (1.5%):
	971	Ashoka Buildcon, Ltd.		3,235
	28,000	BES Engineering Corp.		7,748
	16,167	Besalco SA		14,857
	515	Budimex SA		16,968
	14,200	CH Karnchang PCL		10,237
	46,000	China Communications Construction Co., Ltd.		44,202
	21,000	China Machinery Engineering Corp.		10,021
	16,500	China Railway Contstruction Corp., Ltd.		16,622
	15,000	China Railway Group, Ltd.		11,277
	15,600	China Singyes Solar Technologies Holdings, Ltd.		4,758
	24,750	China State Construction International Holdings, Ltd.		25,279
	16,000	CTCI Corp.		25,607
	363	Daelim Industrial Co., Ltd.		24,902
	3,859	Daewoo Engineering & Construct*		20,257
	808	Dilip Buildcon, Ltd.(a)		7,822
	102	e Tec E&C, Ltd.		13,207
	104,100	Ekovest Berhad		17,022
	37,002	Empresas ICA SAB de C.V.*		194
	3,512	Gayatri Highways, Ltd.*		508
	3,512	Gayatri Projects, Ltd.*		8,356
	38,334	GMR Infrastructure, Ltd.*		8,547
	1,205	GS Engineering & Construction Corp.		49,598
	561	HDC Hyundai Development Co.*		27,134


Shares			Fair Value
Common Stocks, continued
Construction & Engineering, continued
	401	Hyandai Development Co.	$	10,280
	1,708	Hyundai Engineering & Construction Co., Ltd.		87,840
	51,500	IJM Corporation Berhad		22,821
	28,675	Impulsora del Desarrollo y el Empleo en America Latina SAB de C.V.*		43,961
	3,941	IRB Infrastructure Developers, Ltd.		12,124
	1,545	Kalpataru Power Transmission, Ltd.		9,035
	6,030	Larsen & Tourbo, Ltd., Class S, GDR		110,478
	87,600	Malaysian Resources Corp. Berhad		13,024
	2,000	Metallurgical Corporation of China, Ltd., Series H		590
	20,858	Murray & Roberts Holdings, Ltd.		26,628
	10,799	NCC, Ltd.		15,118
	117,918	PT Pembangunan Perumahan Persero Tbk		16,377
	211,300	PT Surya Semesta Internusa Tbk		8,321
	105,000	PT Wijaya Karya Persero Tbk		9,698
	59,000	Rich Development Co., Ltd.		20,115
	4,248	Sadbhav Engineering, Ltd.		17,771
	9,994	Salfacorp SA		15,462
	25,000	Sinopec Engineering Group Co., Ltd.		26,063
	2,990	Sunway Construction Group Berhad		1,341
	1,031	Taeyoung Engineering & Construction		12,795
	6,217	Tekfen Holding AS		23,482
	24,900	Unique Engineering & Construction Public Co., Ltd.		8,272
	4,000	United Integrated Services Co., Ltd.		8,722
	81,300	Waskita Karya Persero TBK PT		10,895
	27,762	WCT Holdings Berhad		5,558
	2,230	Wilson Bayly Holmes-Ovcon, Ltd.		24,284

				929,413

Construction Materials (1.1%):
	669	ACC, Ltd.		13,074
	2,920	Ambuja Cements, Ltd.		8,834
	5,000	Anhui Conch Cement Co., Ltd.		28,403
	35,000	Asia Cement Corp.		38,420
	37,000	BBMG Corp.		13,592
	19,500	Cahya Mata Sarawak Berhad		11,352
	6,902	Cemex Latam Holdings SA*		19,557
	7,194	Cemex SAB de C.V., ADR*		47,192
	48,000	China National Buildings Material Co., Ltd.		47,288
	22,000	China Resources Cement Holdings, Ltd.		22,144
	2,324	Cimsa Cimento Sanayi ve Ticaret AS		5,522
	568	Dalmia Bharat, Ltd.		18,890
	63,000	Goldsun Building Materials Co., Ltd.*		19,374
	1,359	Grasim Industries, Ltd.		19,947
	1,641	Grupo Argos SA		9,972
	3,900	Grupo Cementos de Chihuahua Sab de C.V.		25,250
	167	Hanil Cement Co., Ltd.		21,498
	27,300	Holcim Philippines, Inc.		3,736
	22	Hyundai Cement Co.*		1,224
	4,060	India Cements, Ltd.		6,257
	673	JK Cement, Ltd.*		8,539
	9,900	Lafarge Malaysia Berhad*		7,592
	58,455	PPC, Ltd.*		30,828


Shares			Fair Value
Common Stocks, continued
Construction Materials, continued
	13,900	PT Indocement Tunggal Prakarsa Tbk	$	13,215
	36,400	PT Semen Indonesia (Persero) Tbk		18,080
	395,200	PT Waskita Beton Precast Tbk		10,074
	34	Shree Cement, Ltd.		7,713
	19	Siam City Cement Public Co., Ltd.		115
	36,000	Taiwan Cement Corp.		49,976
	1,782	The Ramco Cements, Ltd.		18,260
	4,300	The Siam Cement Public Co., Ltd.		53,731
	7,780	Tongyang, Inc.		13,638
	142,600	TPI Polene Public Co., Ltd.		7,231
	345	Ultra Tech Cement, Ltd.		19,203
	11,443	Universal Cement Corp.		7,544

				647,265

Consumer Finance (0.4%):
	4,100	AEON Credit Service M BHD		14,565
	720	Bajaj Finance, Ltd.		24,090
	165	Bharat Financial Inclusion, Ltd.*		2,783
	1,439	Cholamandalam Investment And Finance Co., Ltd.		31,736
	13,000	Gentera SAB de C.V.		11,458
	523	Kruk SA		27,925
	3,800	Krungthai Card Public Co., Ltd.		40,296
	6,036	Magma Fincorp, Ltd.		14,321
	3,968	Mahindra & Mahindra Financial Services		27,158
	9,321	Manappuram Finance, Ltd.		13,385
	18,800	Muangthai Capital PCL		18,713
	2,075	Muthoot Finance, Ltd.		11,483
	3,693	Reliance Home Finance, Ltd.*		3,230
	130	Repco Home Finance, Ltd.		1,048
	209	Samsung Card Co., Ltd.		7,176
	680	Shriram City Union Finance, Ltd.		20,089
	1,293	Shriram Transport Finance		24,517
	9,711	Srisawad Corp. Public Co., Ltd., Class F		8,636
	188	Sundaram Finance Holdings, Ltd.*		329
	188	Sundaram Finance, Ltd.		4,386
	5,000	Taiwan Acceptance Corp.		19,420
	9,089	Transaction Capital, Ltd.		11,319

				338,063

Containers & Packaging (0.1%):
	44,000	Cheng Loong Corp.		24,734
	244	Dongwon Systems Corp.		7,376
	5,436	Essel Propack, Ltd.		9,388
	17,000	Greatview Aspetic Packaging Co., Ltd.		10,128
	5,100	Klabin SA		25,691
	5,174	Mpact, Ltd.		8,802
	15,000	Taiwan Hon Chuan Enterprise Co., Ltd.		26,414
	3,160	Time Technoplast, Ltd.		5,395

				117,928

Distributors (0.1%):
	4,741	Imperial Holdings, Ltd.		67,666
	133	Inter Cars SA		8,791

				76,457


Shares			Fair Value
Common Stocks, continued
Diversified Consumer Services (0.2%):
	7,283	Advtech, Ltd.	$	8,314
	3,718	Estacio Participacoes SA		23,383
	18,000	Fu Shou Yuan International Group, Ltd.		20,225
	14,587	Kroton Educacional SA		35,197
	297	New Oriental Education & Technology Group, Inc., ADR		28,114
	1,200	TAL Education Group, ADR*		44,160

				159,393

Diversified Financial Services (0.9%):
	1,902	Aditya Birla Capital, Ltd.*		3,694
	1,970	Ayala Corp.		33,962
	533	Bajaj Holdings And Investment, Ltd.		22,429
	18,680	Chailease Holding Co., Ltd.		61,206
	30,000	Far East Horizon, Ltd.		29,062
	37,551	FirstRand, Ltd.		174,713
	47,000	Fubon Financial Holdings Co., Ltd.		78,717
	824	Grupo de Inversiones Suramericana SA		10,577
	1,346	Grupo de Inversiones Suramericana SA		16,423
	945	GT Capital Holdings, Inc.		16,117
	8,059	IDFC, Ltd.		5,429
	7,641	IFCI, Ltd.*		1,655
	1,006	Inversiones La Construccion SA		15,917
	9,907	L&t Finance Holdings, Ltd.		21,912
	348	Meritz Financial Group, Inc.		4,181
	232,500	Metro Pacific Investments Corp.		20,042
	422	NICE Holdings Co., Ltd.		6,303
	17,218	Power Finance Corp., Ltd.		19,408
	1,427	PSG Group, Ltd.		22,478
	3,693	Reliance Capital, Ltd.		20,868
	13,298	Rural Electrification Corp., Ltd.		20,278
	2,402	SREI Infrastucture Finance, Ltd.		2,174

				607,545

Diversified Telecommunication Services (1.2%):
	63,000	Asia Pacific Telecom Co., Ltd.*		16,545
	33,142	Axtel SAB de C.V.*		6,627
	5,126	Bharti Infratel, Ltd.		22,476
	34,000	China Communications Services Corp., Ltd.		21,519
	637	China Telecom Corp., Ltd., ADR		29,575
	18,000	China Telecom Corp., Ltd., Class H		8,394
	64,000	China Unicom (Hong Kong), Ltd.		79,468
	3,099	Chunghwa Telecom Co., Ltd., ADR		111,316
	70,754	Jasmine International Public Co., Ltd.		9,223
	4,168	LG Uplus Corp.		52,377
	15,298	Magyar Telekom Telecommunications plc		21,845
	5,388	Netia SA*		7,257
	1,985	O2 Czech Republic AS		22,807
	8,635	Orange Polska SA*		10,690
	36,100	PT Link Net Tbk		11,073
	4,442	PT Telekomunik Indonesia Persero Tbk, ADR		115,536
	78,300	PT Tower Bersama Infrastructure Tbk		27,252
	2,225	Rostelecom, ADR		15,601
	5,200	Samart Telcoms Public Co., Ltd.		1,209


Shares			Fair Value
Common Stocks, continued
Diversified Telecommunication Services, continued
	939	Tata Communications, Ltd.*	$	8,118
	3,362	Telefonica Brasil SA, ADR^		39,907
	21,900	Telekom Malaysia Berhad		16,849
	8,132	Telkom SA SOC, Ltd.		29,091
	1,800	TIME dotCom Berhad		3,406
	166,924	True Corp. Public Co., Ltd.		26,721

				714,882

Electric Utilities (1.7%):
	3,233	Adani Transmission, Ltd.*		7,359
	2,000	Alupar Investimento SA		7,845
	6,634	Celsia SA ESP		10,520
	3,489	Centrais Electricas Brasileiras SA, ADR*^		11,200
	3,266	Centrais Electricas Brasileiras SA, ADR*^		11,464
	1,597	CESC, Ltd.		21,239
	1,970	CEZ		46,755
	14,978	Companhia Energetica de Minas Gerais, ADR		27,560
	8,745	E.CL SA		16,073
	4,866	EDP — Energias do Brasil SA		17,229
	9,559	Enea SA		23,322
	4,132	Energa SA		9,857
	2,700	Energisa SA		20,367
	9,155	Enersis Chile SA, ADR		44,676
	10,156	Enersis SA, ADR		89,475
	4,700	Equatorial Energia SA		68,989
	10,230	First Philippine Holdings Corp.		11,704
	8,067	Interconexion Electrica SA ESP		39,932
	4,834	Korea Electric Power Corp., ADR		69,320
	2,200	Light SA		6,370
	2,100	Manila Electric Co.		13,988
	14,679	PGE SA*		36,589
	16,884	Power Grid Corp. of India, Ltd.		46,022
	3,165	Reliance Infrastructure, Ltd.		18,072
	24,460	Tata Power Co., Ltd.		26,149
	39,533	Tauron Polska Energia SA*		24,156
	27,000	Tenega Nasional Berhad		97,906
	2,361	Torrent Power, Ltd.		7,820
	7,240	Transmissora Alianca de Energia Eletrica SA		35,088

				867,046

Electrical Equipment (0.8%):
	14,000	AcBel Polytech, Inc.		8,696
	947	Amara Raja Batteries, Ltd.		10,032
	15,397	Bharat Heavy Electricals, Ltd.		16,117
	4,083	Bizlink Holdings, Inc.		28,671
	16,000	Chung-Hsin Electric & Machinery Manufacturing Corp.		11,027
	10,196	Crompton Greaves, Ltd.*		8,318
	1,407	Doosan Heavy Industries & Construction Co., Ltd.*		19,734
	1,360	Finolex Cables, Ltd.		11,541
	1,685	GE T&D India, Ltd.		7,128
	2,971	Havells India, Ltd.		23,546
	38	Hyundai Electric & Energy Systems Co., Ltd.*		2,389
	6,000	Jiangnan Group, Ltd.		354
	203	Korea Electric Terminal Co., Ltd.		7,993


Shares			Fair Value
Common Stocks, continued
Electrical Equipment, continued
	3,000	Kung Long Batteries Industrial Co., Ltd.	$	14,267
	451	LG Industrial Systems Co., Ltd.		28,494
	412	LS Corp.		27,699
	1,000	Shihlin Electric & Engineering Corp.		1,354
	88,553	Suzlon Energy, Ltd.*		9,686
	34,000	Teco Electric & Machinery Co., Ltd.		25,518
	856	Unison Co., Ltd.*		1,899
	2,829	V-Guard Industries, Ltd.		8,092
	68,000	Walsin Lihwa Corp.		46,186
	7,500	Zhuzhou CSR Times Electric Co., Ltd.		35,563

				354,304

Electronic Equipment, Instruments & Components (4.5%):
	5,000	AAC Technologies Holdings, Inc.		69,971
	468	Amotech Co., Ltd.*		13,814
	8,000	Asia Optical Co., Inc.		24,621
	23,085	AU Optronics Corp., ADR^		97,651
	1,223	BH Co., Ltd.*		26,770
	3,570	Career Technology(MFG.) Co., Ltd.		7,335
	4,000	Chaun-Choung Technology Corp.		11,478
	13,000	Cheng Uei Precision Industry Co., Ltd.		13,871
	7,000	Chilisin Electronics Corp.		40,916
	13,000	Chin-Poon Industrial Co., Ltd.		16,436
	1,000	Chunghwa Precision Test Tech Co., Ltd.		26,428
	24,000	Compeq Manufacturing Co., Ltd.		25,431
	24,800	Coretronic Corp.		34,576
	1,449	Daeduck Electronics Co., Ltd.		10,852
	932	Daeduck GDS Co., Ltd.		11,150
	10,600	Delta Electronics (Thailand) Public Co., Ltd.		18,694
	13,682	Delta Electronics, Inc.		49,096
	5,000	Egis Technology, Inc.		23,254
	6,000	Elite Material Co., Ltd.		15,693
	8,597	Flexium Interconnect, Inc.		26,474
	2,000	Flytech Technology Co., Ltd.		5,128
	4,000	General Interface Solution Holding, Ltd.		25,930
	3,000	Genius Electronic Optical Co., Ltd.*		47,002
	36,000	Giantplus Technology Co., Ltd.		16,524
	119,000	HannStar Display Corp.		35,597
	118,800	Hon Hai Precision Industry Co., Ltd.		324,915
	83,625	Inari Amertron Berhad		46,642
	198,000	Innolux Corp.		71,072
	10,000	ITEQ Corp.		23,279
	32,000	JU Teng International Holdings, Ltd.		5,298
	19,000	KCE Electronics PCL		21,809
	14,000	Kingboard Chemical Holdings, Ltd.		50,663
	25,000	Kingboard Laminates Holdings, Ltd.		30,577
	467	L&F Co., Ltd.		21,206
	1,000	Largan Precision Co., Ltd.		147,018
	16,250	LG Display Co., Ltd., ADR^		133,901
	266	LG Innotek Co., Ltd.		34,382
	2,000	Merry Electronics Co., Ltd.		8,709
	16,000	Pan-International Industrial Corp.		11,273
	2,794	Partron Co., Ltd.		17,790


Shares			Fair Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	1,019	Posiflex Technology, Inc.	$	3,876
	4,974	Redington India, Ltd.		7,942
	292	Samsung Electro-Mechanics Co., Ltd., Series L		38,830
	460	Samsung SDI Co., Ltd.		88,278
	548	Samwha Capacitor Co., Ltd.		42,995
	520	Sfa Engineering Corp.		15,270
	5,400	Simplo Technology Co., Ltd.		31,679
	10,299	Sinbon Electronics Co., Ltd.		28,121
	4,900	Sunny Optical Technology Group Co., Ltd.		90,102
	22,000	Supreme Electronics Co., Ltd.		24,695
	23,100	Synnex Technology International Corp.		34,884
	14,000	Taiflex Scientific Co., Ltd.		19,319
	13,000	Taiwan PCB Techvest Co., Ltd.		12,147
	6,000	Taiwan Union Technology Corp.		21,135
	2,000	Test Research, Inc.		4,103
	7,000	Thinking Electronic Industrial Co., Ltd.		20,470
	4,000	Tong Hsing Electronic Industries, Ltd.		13,891
	100,000	Tongda Group Holdings, Ltd.		20,239
	12,000	TPK Holding Co., Ltd.*		25,320
	8,000	Tripod Technology Corp.		21,977
	42,000	Truly International Holdings, Ltd., Series L*		8,015
	4,000	TXC Corp.		5,004
	35,000	Unimicron Technology Corp.		18,686
	32,625	V.S. Industry Berhad		12,491
	2,000	Waison Group Holdings, Ltd.		1,086
	20,000	Weikeng Industrial Co., Ltd.		14,821
	1,404	Wisol Co., Ltd.		17,497
	27,000	WPG Holdings, Ltd.		38,235
	24,531	WT Microelectronics Co., Ltd.		35,757
	2,627	Yageo Corp.		96,846
	9,000	Zhen Ding Technology Holding, Ltd.		19,880

				2,476,817

Energy Equipment & Services (0.1%):
	91,600	Bumi Armada Berhad*		16,321
	96,600	Sapurakencana Petroleum Berhad*		15,205
	25,100	Serba Dinamik Holdings Berhad		20,171
	11,900	Yinson Holdings BHD		13,461

				65,158

Equity Real Estate Investment Trusts (0.0%):
	1,733	Korea Asset In Trust Co., Ltd.		7,733

Food & Staples Retailing (1.9%):
	2,431	Almacenes Exito SA		13,444
	17	BGF Retail Co., Ltd.		165
	9	BGF Retail Co., Ltd.		1,576
	2,894	Bid Corp., Ltd.		58,096
	2,846	BIM Birlesik Magazalar AS		41,622
	13,535	Cencosud SA		33,480
	91	CJ Freshway Corp.		2,644
	3,904	Clicks Group, Ltd.		55,892
	2,733	Companhia Brasileira de Distribuicao Grupo Pao de Acucar, ADR		54,606


Shares			Fair Value
Common Stocks, continued
Food & Staples Retailing, continued
	30,500	CP ALL Public Co., Ltd.	$	67,645
	6,717	Dis-Chem Pharmacies, Ltd.(a)		12,815
	183	E-Mart Co., Ltd.		41,766
	12,811	Grupo Comercial Chedraui SAB de C.V.		29,680
	245	GS Retail Co., Ltd.		9,659
	1,487	Hyundai Greenfood Co., Ltd.		19,006
	15,227	La comer,SAB de C.V.*		15,928
	5,081	Lenta, Ltd., GDR*		27,978
	3,556	Massmart Holdings, Ltd.		28,889
	9,708	Organizacion Soriana SAB de C.V.*		17,132
	6,768	Pickn Pay Stores, Ltd.		37,043
	8,000	President Chain Store Corp.		90,576
	16,000	Puregold Price Club, Inc.		13,970
	3,063	Raia Drogasil SA		51,782
	5,540	Robinsons Retail Holdings, Inc.		8,249
	6,474	Shoprite Holdings, Ltd.		103,864
	39,000	Sun Art Retail Group, Ltd.		50,802
	16,000	Taiwan Tea Corp.		7,870
	3,784	The Spar Group, Ltd.		51,134
	34,239	Wal-Mart de Mexico SAB de C.V.		90,394
	1,349	X5 Retail Group NV, GDR		35,707

				1,073,414

Food Products (2.9%):
	1,544	Astral Foods, Ltd.		32,112
	8,544	AVI, Ltd.		67,376
	253	Binggrae Co., Ltd.		13,629
	1,891	BRF SA, ADR*		8,850
	518	Britannia Industries, Ltd.		46,959
	2,240	CCL Products India, Ltd.		8,830
	38,900	Century Pacific Food, Inc.		11,667
	12,000	Charoen Pokphand Enterprise		23,648
	48,200	Charoen Pokphand Foods Public Co., Ltd.		35,224
	55,000	China Agri-Industries Holdings, Ltd.		20,986
	44,000	China Foods, Ltd.		22,769
	9,000	China Mengniu Dairy Co., Ltd.		30,354
	65,000	China Shengmu Organic Milk, Ltd.*(a)		5,618
	198	CJ CheilJedang Corp.		62,576
	7,073	Clover Industries, Ltd.		8,433
	603	Daesang Corp.		14,358
	38	Dongwon Industries Co., Ltd.		11,653
	3,401	Easy Bio, Inc.		25,513
	53,000	Felda Global Ventures Holdings		19,784
	41,500	GFPT Public Co., Ltd.		15,028
	65	Glaxo SmithKline Consumer Healthcare, Ltd.		6,167
	26,000	Great Wall Enterprise Co., Ltd.		34,735
	3,148	Gruma, SAB de C.V., Class B		38,456
	9,603	Grupo Bimbo SAB de C.V., Series A		18,722
	7,929	Grupo Herdez SAB de C.V.		16,509
	1,920	Grupo Nutresa SA		17,697
	3,000	Health And Happiness H&H International Holdings, Ltd.*		20,647
	2,438	Industrias Bachoco, SAB de C.V.		11,688


Shares			Fair Value
Common Stocks, continued
Food Products, continued
	31,300	IOI Corp. Berhad	$	35,192
	21,400	JBS SA		50,807
	2,092	Kernel Holding SA		26,564
	2,569	KRBL, Ltd.		12,630
	4,800	Kuala Lumpur Kepong Berhad		28,720
	11,147	Lien Hwa Industrial Corp.		13,799
	51,844	Multiexport Foods SA		22,714
	3,000	Namchow Chemical Industrial Co., Ltd.		5,982
	20	Namyang Dairy Products Co., Ltd.		11,546
	240	Nestle India, Ltd.		34,352
	50	NongShim Co., Ltd.		14,572
	1,981	Oceana Group, Ltd.		11,416
	89	Orion Corp.		11,887
	1,517	Pioneer Foods, Ltd.		12,385
	2,800	PPB Group Berhad		13,634
	24,688	PT Astra Agro Lestari Tbk		19,288
	96,300	PT Charoen Pokphand Indonesia Tbk		24,705
	2,000	PT Indofood CBP Sukses Makmur Tbk		1,234
	147,200	PT Indofood Sukses Makmur Tbk		68,286
	163,300	PT Japfa Comfeed Indonesia Tbk		18,280
	111,700	PT Sawit Sumbermas Sarana Tbk		9,898
	33,700	PT Tiga Pilar Sejahtera Food Tbk*		573
	140,300	PT Tunas Baru Lampung Tbk		8,660
	128,100	PT Ultrajaya Milk Industry & Trading Co. Tbk		12,092
	1,800	Qinqin Foodstuffs Group*		545
	11,320	QL Resources Berhad		16,816
	137	Samyang Corp.		10,077
	118	Samyang Holdings Corp.		12,565
	11,600	San Miguel Food And Beverage, Inc.		12,989
	3,900	Sao Martinho SA		17,895
	21,995	Sime Darby Plantation Berhad		29,013
	1,600	SLC Agricola SA		21,075
	7,619	Standard Foods Corp.		15,412
	10,893	Tata Global Beverages, Ltd.		42,783
	48,000	Thai Union Group Public Co., Ltd.		22,888
	25,300	Thai Vegetable Oil Public Co., Ltd.		20,243
	1,525	Tiger Brands, Ltd.		36,891
	24,000	Tingyi (Caymen Is) Holding Corp.		55,643
	1,918	Tongaat Hulett, Ltd.		11,196
	57,600	Uni-President Enterprises Corp.		146,103
	12,130	Universal Robina Corp.		27,510
	51,000	Want Want China Holdings, Ltd.		45,059
	7,000	Yihai International Holding, Ltd.		13,332

				1,677,239

Gas Utilities (0.7%):
	16,800	China Gas Holdings, Ltd.		67,486
	36,000	China Oil & Gas Group, Ltd.		2,791
	12,000	China Resources Gas Group, Ltd.		51,868
	410	Cia de Gas de Sao Paulo		6,281
	7,000	ENN Energy Holdings, Ltd.		68,745
	1,212	GAIL India, Ltd., GDR		35,321
	780	Gujarat Gas, Ltd.		8,303


Shares			Fair Value
Common Stocks, continued
Gas Utilities, continued
	1,851	Gujarat State Petronet, Ltd.	$	4,858
	5,365	Infraestructura Energetica Nova, SAB de C.V.		24,051
	501	Korea Gas Corp.*		28,841
	7,600	Petronas Gas Berhad		32,497
	130,200	PT Perusahaan Gas Negara Tbk		18,063
	118	Samchully Co., Ltd.		11,852
	20,000	Towngas China Co., Ltd.		19,385

				380,342

Health Care Equipment & Supplies (0.1%):
	44	Dio Corp.*		1,422
	13,600	Hartalega Holdings Berhad		20,169
	9,500	Kossan Rubber Industries Berhad		19,838
	26,000	Lifetech Scientific Corp.*		8,158
	348	Osstem Implant Co., Ltd.*		15,878
	12,000	Shandong Weigao Group Medical Polymer Co., Ltd., Class H		8,481
	1,000	St.Shine Optical Co., Ltd.		22,864
	13,100	Top Glove Corp. Berhad		39,274
	357	Vieworks Co., Ltd.		9,765

				145,849

Health Care Providers & Services (0.6%):
	1,802	Apollo Hospitals Enterprise, Ltd.		27,506
	39,600	Bangkok Chain Hospital Public Co., Ltd.		18,296
	5,800	Bumrungrad Hospital Public Co., Ltd.		29,160
	93,300	Chularat Hospital Public Co., Ltd.		5,852
	295	Dr Lal PathLabs, Ltd.(a)		4,124
	2,700	Fleury SA		18,478
	4,322	Fortis Healthcare, Ltd.*		8,482
	33,917	Life Healthcare Group Holdings Pte, Ltd.		61,518
	16,373	Netcare, Ltd.		32,966
	6,700	OdontoPrev SA		22,823
	5,066	Qualicorp SA		24,056
	6,700	Shanghai Pharmaceuticals Holding Co., Ltd.		18,400
	13,600	Sinopharm Group Co., Series H		54,557
	11,500	Universal Medical Financial & Technical Advisory Services Co., Ltd.(a)		9,148

				335,366

Hotels, Restaurants & Leisure (1.2%):
	9,784	Alsea SAB de C.V.		33,715
	34,444	Berjaya Sports Toto Berhard		20,862
	13,000	Central Plaza Hotel Public Co., Ltd.		16,862
	56,000	China Travel International Investment Hong Kong, Ltd.		21,786
	2,525	City Lodge Hotels, Ltd.		26,120
	4,276	Cox & Kings, Ltd.		13,044
	3,400	Cvc Brasil Operadora E Agenc		39,458
	90,300	Erawan Group PCL		17,158
	1,391	Famous Brands, Ltd.*		11,496
	38,300	Genting Berhard		79,699
	15,400	Genting Malaysia Berhad		18,582
	1,435	Gourmet Master Co., Ltd.		13,878
	694	Grand Korea Leisure Co., Ltd.		16,207


Shares			Fair Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	179	Hana Tour Service, Inc.	$	14,022
	8,400	Hoteles City Express SAB de CV*		8,977
	4,874	Indian Hotels Co., Ltd.		9,381
	4,200	International Meal Co. A		8,671
	6,770	Jollibee Foods Corp.		33,371
	2,340	Jubilant Foodworks, Ltd.		47,310
	884	Kangwon Land, Inc.		20,731
	31,800	Magnum Berhad		16,437
	73,800	Melco Resorts And Entertainment Philippines Corp.*		7,187
	11,100	MINI International Public Co., Ltd.		10,867
	301	Modetour Network, Inc.		7,340
	531	Orbis SA		12,561
	353	Paradise Co., Ltd.		5,709
	46,000	Shanghai Jin Jiang International Hotels Group Co.		18,564
	5,781	Sun International, Ltd.*		25,813
	15,271	Tsogo Sun Holdings, Ltd.		22,813
	2,000	Wowprime Corp.		5,895
	3,500	Xiabuxiabu Catering Management(a)		7,627
	1,154	Yum China Holdings, Inc.		44,383

				656,526

Household Durables (0.8%):
	30,000	Ability Enterprise Co., Ltd.		16,129
	392	Amica Wronki SA		11,386
	11,000	Amtran Technology Co., Ltd.		4,977
	5,000	Basso Industry Corp.		10,667
	29,815	Consorcio ARA SAB de CV		10,136
	1,335	Construtora Tenda SA*		8,217
	589	Coway Co., Ltd.		45,759
	10,196	Crompton Greaves Consumer Electricals, Ltd.		33,633
	7,200	Cyrela Brazil Realty SA Empreendimentos e Participacoes		20,402
	2,300	Even Construtora e Incorporadora SA*		2,166
	3,500	Ez Tec Empreendimentos e Participacoes SA		14,452
	2,801	Gafisa SA*		7,467
	11,000	Haier Electronics Group Co., Ltd.		37,598
	121	Hanssem Co., Ltd.		11,395
	49	Hyundai Livart Furniture Co., Ltd.		1,002
	249	Johnson Controls-Hitachi Air Conditioning India, Ltd.		8,699
	27,000	Kinpo Electronics, Inc.		8,810
	1,783	LG Electronics, Inc.		132,391
	19,600	Megawide Construction Corp.		7,365
	8,200	MRV Engenharia e Participacoes SA		25,329
	3,000	Nien Made Enterprise Co., Ltd.		25,615
	44,771	Skyworth Digital Holdings, Ltd.		19,918
	23,334	Steinhoff International Holdings NV*		2,193
	27,000	Tatung Co., Ltd.*		23,946
	363	Whirlpool of India, Ltd.		8,114
	3,000	Zeng Hsing Industrial Co., Ltd.		12,691

				510,457

Household Products (0.5%):
	1,549	Eveready Industries India, Ltd.*		5,088
	6,389	Hindustan Unilever, Ltd.		152,981


Shares			Fair Value
Common Stocks, continued
Household Products, continued
	22,170	Kimberl- Clark de Mexico SAB de C.V.	$	37,483
	14,900	PT Unilever Indonesia Tbk		47,907

				243,459

Independent Power & Renewable Electricity Producers (0.8%):
	12,900	Aboitiz Power Corp.		8,399
	8,418	Adani Green Energy, Ltd.*		3,293
	10,952	Adani Power, Ltd.*		2,579
	25,005	AES Gener SA		6,201
	7,121	AES Tiete Energia SA		17,825
	37,000	China Longyuan Power Group Corp.		29,678
	78,666	China Power International Develpoment, Ltd.		18,121
	14,000	China Resources Power Holdings Co.		24,543
	118,755	Colbun SA		24,519
	34,000	Datang International Power Generation Co., Ltd.*		10,388
	3,700	Electricity Generating Public Co., Ltd.		25,009
	54,218	Energy Development Corp.*		5,315
	2,700	Eneva SA*		8,285
	2,800	Engie Brasil Energia SA		24,575
	68,600	First Gen Corp.		18,591
	9,900	Glow Energy Public Co., Ltd.		28,312
	38,000	Huadian Fuxin Energy Corp., Class H		8,902
	20,000	Huadian Power International Corp., Ltd.		7,889
	708	Huaneng Power International, Inc., ADR^		18,585
	132,000	Huaneng Renewables Corp., Ltd.		43,724
	10,150	JSW Energy, Ltd.*		9,712
	109,100	Lopez Holdings Corp.		7,311
	25,620	NHPC, Ltd.		8,763
	11,558	NTPC, Ltd.		26,936
	9,799	PTC India, Ltd.		10,824
	11,263	Reliance Power, Ltd.*		5,254
	18,300	SPCG Public Co., Ltd.		10,660
	565,900	Super Energy Corp. PCL*		10,770
	21,000	Taiwan Cogeneration Corp.		18,730

				443,693

Industrial Conglomerates (1.9%):
	20,580	Aboitiz Equity Ventures, Inc.		21,022
	53,185	Alfa SAB de C.V., Class A		61,769
	119,100	Alliance Global Group, Inc.*		25,926
	6,000	Beijing Enterprises Holdings, Ltd.		29,178
	17,096	Bera Holding AS*		7,424
	10,650	Berli Jucker Public Co., Ltd.		16,245
	6,859	Bidvest Group, Ltd.		98,446
	27,200	Boustead Holdings Berhad		16,568
	21,000	Citic, Ltd.		29,439
	239	CJ Corp.		30,430
	131,200	DMCI Holdings, Inc.		25,814
	234	Doosan Corp.		21,810
	5,398	Enka Insaat ve Sanayi AS		5,491
	31,620	Far Eastern New Century Corp.		29,948
	15,000	Fosun International, Ltd.		28,018
	4,194	Grupo Carso SAB de C.V.		14,192
	21,847	GRUPO KUO SAB de C.V., Series B		48,402


Shares			Fair Value
Common Stocks, continued
Industrial Conglomerates, continued
	961	Hanwha Corp.	$	27,199
	15,100	Hap Seng Consolidated Berhad		36,634
	73,498	Jaiprakash Associates, Ltd.*		17,189
	24,540	JG Summit Holdings, Inc.		22,993
	28,701	KAP Industrial Holdings, Ltd.		15,681
	9,150	KOC Holdings AS		28,297
	401	Kolon Corp.		15,137
	770	LG Corp.		49,763
	5,835	Reunert, Ltd.		34,127
	395	Samsung C&T Corp.		41,245
	11,620	San Miguel Corp.		30,047
	13,000	Shanghai Industrial Holdings, Ltd.		30,229
	21,995	Sime Darby Berhad		13,333
	408	SK C&C Co., Ltd.		94,703
	1,290	SM Investments Corp.		21,148
	61,000	Thoresen Thai Agencies Public Co., Ltd.		11,688
	28,447	Turkiye Sise ve Cam Fabrikalari AS		26,195

				1,025,730

Insurance (2.7%):
	595	Bajaj Finserv, Ltd.		50,447
	7,200	Bangkok Life Assurance Public Co., Ltd.		6,686
	3,975	BB Seguridade Participacoes SA		25,235
	41,000	Cathay Financial Holding Co., Ltd.		72,286
	19,061	China Life Insurance Co., Ltd.		20,061
	11,000	China Life Insurance Co., Ltd.		28,242
	7,200	China Pacific Insurance Group Co., Ltd., Class H		27,654
	6,000	China Taiping Insurance Holdings Co., Ltd.		18,538
	2,138	Discovery, Ltd.		22,982
	1,507	Dongbu Insurance Co., Ltd.		79,767
	2,696	Hanwha General Insurance Co., Ltd.		15,787
	6,393	Hanwha Life Insurance Co., Ltd.		30,333
	1,751	Heungkuk Fire & Marine Insurance Co., Ltd.*		10,225
	2,150	Hyundai Marine & Fire Insurance Co., Ltd.		64,967
	2,724	Korean Reinsurance Co.		28,951
	3,772	Liberty Holding, Ltd.		31,916
	6,360	LPI Capital Berhad		26,903
	1,228	Max Financial Services, Ltd.*		7,749
	31,190	Mercuries Life Insurance Co., Ltd.*		16,724
	1,882	Meritz Fire & Marine Insurance Co., Ltd.		32,411
	526	Mirae Asset Life Insurance Co., Ltd.		2,618
	22,561	MMI Holdings, Ltd.		29,010
	28,000	People’s Insurance Co. Group of China, Ltd.		13,046
	18,000	Picc Property & Casuality Co., Ltd., Class H		19,262
	43,000	Ping An Insurance Group Co. of China, Ltd.		392,954
	2,500	Porto Seguro SA		26,103
	4,240	Powszechny Zaklad Ubezpieczen SA		43,977
	518,000	PT Panin Financial Tbk*		7,369
	250	Samsung Fire & Marine Insurance Co., Ltd.		59,208
	456	Samsung Life Insurance Co., Ltd.		40,219
	20,610	Sanlam, Ltd.		104,583
	2,021	Santam, Ltd.		42,079
	111,105	Shin Kong Financial Holdings Co., Ltd.		42,768


Shares			Fair Value
Common Stocks, continued
Insurance, continued
	9,000	Shinkong Insurance Co., Ltd.	$	10,477
	6,763	Sul America SA		32,358
	20,100	Syarikat Takaful Malaysia Keluarga BHD		19,612
	675	Tongyang Life Insurance		4,474

				1,507,981

Internet & Direct Marketing Retail (0.3%):
	3,830	B2w Cia Digital*		26,489
	108	CJ O Shopping Co., Ltd.		27,086
	719	Ctrip.com International, ADR*		34,246
	91	GS Home Shopping, Inc.		14,685
	206	Hyundai Home Shopping Network Corp.		20,783
	959	JD.com, Inc., ADR*		37,353
	4,208	Vipshop Holdings, Ltd., ADR*		45,657

				206,299

Internet Software & Services (4.1%):
	398	58.com, Inc., ADR*		27,597
	1,817	Alibaba Group Holding, Ltd., ADR*^		337,108
	436	Baidu, Inc., ADR*		105,947
	422	Bitauto Holdings, Ltd., ADR*^		10,035
	1,139	Daou Technology, Inc.		23,631
	194	Daum Kakao Corp.		19,904
	1,199	MiX Telematics, Ltd., ADR		21,246
	489	NetEase, Inc., ADR		123,556
	234	NHN Corp.		159,931
	500	Sohu.com, Ltd., ADR*		17,750
	26,800	Tencent Holdings, Ltd.		1,334,626
	399	YY, Inc., ADR*		40,088

				2,221,419

IT Services (2.4%):
	10,000	Chinasoft International, Ltd.		7,707
	7,536	Cielo SA		32,186
	621	eClerx Services, Ltd.		11,782
	3,739	EOH Holdings, Ltd.		8,824
	10,228	HCL Technologies, Ltd.		137,992
	2,673	Hexaware Technologies, Ltd.		17,857
	26,885	Infosys, Ltd., ADR		522,375
	605	Larsen & Toubro Infotech, Ltd.(a)		14,755
	3,373	Mindtree, Ltd.		48,525
	2,374	Mphasis, Ltd.		37,539
	37,500	MyEG Services Berhad		8,954
	954	Persistent Systems, Ltd.		11,287
	145	Samsung SDS Co., Ltd.		26,049
	12,199	Sonda SA		18,124
	9,911	Tata Consultancy Services, Ltd.		266,743
	5,583	Tech Mahindra, Ltd.		53,373
	14,000	Travelsky Technology, Ltd., Series H		40,626
	10,846	Vakrangee, Ltd.		10,581
	11,629	Wipro, Ltd.		44,507

				1,319,786


Shares			Fair Value
Common Stocks, continued
Leisure Products (0.1%):
	6,000	Giant Manufacturing Co., Ltd.	$	25,363
	3,000	Kmc Kuei Meng International, Inc.		13,580

				38,943

Life Sciences Tools & Services (0.0%):
	1,081	Divi’s Laboratories, Ltd.		16,379
	26	Samsung Biologics Co., Ltd.*(a)		9,722

				26,101

Machinery (1.0%):
	816	AIA Engineering, Ltd.		17,866
	2,000	AirTac International Group		28,410
	15,517	Ashok Leyland, Ltd.		28,468
	30,200	Changsha Zoomlion Heavy Industry Science & Technology		12,822
	10,500	China Conch Venture Holdings, Ltd.		38,372
	7,600	China International Marine Containers Group Co., Ltd.		9,899
	18,000	CRRC Corp., Ltd., Class H		13,897
	3,000	CSBC Corp. Taiwan*		1,754
	1,465	Cummins India, Ltd.		13,838
	352	Daewoo Shipbuilding & Marine Engineering Co., Ltd.*		8,514
	638	Doosan Bobcat, Inc.		18,305
	4,412	Doosan Infracore Co., Ltd.*		38,110
	176	Eicher Motors, Ltd.		73,389
	925	Escorts, Ltd.		11,756
	6,385	Famur SA*		8,545
	8,000	Haitian International Holdings, Ltd.		18,831
	2,286	Hiwin Technologies Corp.		26,954
	374	HY-Lok Corp.		8,585
	36	Hyundai Construction Equipment Co., Ltd.*		4,548
	307	Hyundai Heavy Industries Co.*		28,054
	337	Hyundai Mipo Dockyard Co., Ltd.*		25,911
	3,800	Iochpe-Maxion SA		20,495
	9,940	Jain Irrigation Systems, Ltd.		11,126
	1,000	King Slide Works Co., Ltd.		14,117
	1,000	Kinik Co.		2,314
	24,000	Lonking Holdings, Ltd.		11,023
	136	Otokar Otomotiv Ve Savunma Sanayi AS		2,234
	7,000	Rechi Precision Co., Ltd.		7,438
	6,203	Samsung Heavy Industries Co., Ltd., Class R*		39,683
	127	Schaeffler India, Ltd.		10,292
	2,000	Shin Zu Shing Co., Ltd.		5,898
	48,500	Skp Resources BHD		16,782
	12,000	Sunonwealth Electric Machine Industry Co., Ltd.		16,984
	304	Timken India, Ltd.		3,200
	1,129	TK Corp.		11,997
	20,000	Weichai Power Co., Ltd., Class H		27,525
	11,000	Yungtay Engineering Co., Ltd.		17,456

				655,392

Marine (0.2%):
	24,000	China Shipping Development Co., Ltd., Class H		11,507
	392,151	Cia Sud Americana de Vapores SA*		11,112
	39,000	COSCO SHIPPING Development Co., Ltd.*		6,479


Shares			Fair Value
Common Stocks, continued
Marine, continued
	42,750	Evergreen Marine Corp. (Taiwan), Ltd.*	$	18,214
	390	Grindrod Shipping Holdings, Ltd.*		4,096
	15,617	Grindrod, Ltd.*		10,695
	3,885	Hyundai Merchant Marine Co., Ltd.*		17,490
	1,009	Korea Line Corp.*		20,203
	16,500	MISC Berhad		24,197
	3,884	Pan Ocean Co., Ltd.*		17,002
	14,000	U-Ming Marine Transport Corp.		15,374
	5,000	Wan HAI Lines, Ltd.		2,771
	22,000	Wisdom Marine Lines Co., Ltd.		20,707
	21,707	Yang Ming Marine Transport*		6,403

				186,250

Media (1.4%):
	160,000	Alibaba Pictures Group, Ltd.*		17,479
	52,700	Astro Malaysia Holdings Berhad		20,744
	47,000	BEC World Public Co., Ltd.		11,130
	748	Cheil Worldwide, Inc.		13,839
	408	CJ CGV Co., Ltd.		24,589
	301	CJ E&M Corp.		30,981
	546	CJ Hellovision Co., Ltd.		5,288
	4,478	Cyfrowy Polsat SA		27,670
	13,912	Dish Tv India, Ltd.*		14,565
	5,872	Grupo Televisa SA, ADR		111,274
	2,310	Inox Leisure, Ltd.*		8,749
	2,348	Jagran Prakashan, Ltd.		4,707
	856	KT Skylife Co., Ltd.		10,518
	193	Loen Entertainment, Inc.		15,586
	8,806	Megacable Holdings SAB de C.V.		36,292
	800	Multiplus SA		6,059
	1,157	Naspers, Ltd.		293,385
	327,000	PT Global MediaCom Tbk		12,660
	177,400	PT Media Nusantara Citra Tbk		11,362
	190,700	PT Surya Citra Media Tbk		27,374
	750	PVR, Ltd.		15,030
	1,500	Smiles Fidelidade SA		20,149
	2,026	Sun Tv Network, Ltd.		23,111
	7,747	Tv18 Broadcast, Ltd.*		5,955
	81,100	Vgi Global Media plc		18,844
	3,354	ZEE Entertainment Enterprises, Ltd.		26,619

				813,959

Metals & Mining (5.1%):
	4,055	African Rainbow Minerals, Ltd.		32,244
	38,000	Aluminum Corp. of China, Ltd.*		16,662
	394	Anglo American Platinum, Ltd.		10,314
	13,699	AngloGold Ashanti, Ltd., ADR^		112,468
	203	APL Apollo Tubes, Ltd.		4,910
	2,033	ArcelorMittal South Africa, Ltd.*		314
	974	Assore, Ltd.		20,824
	4,059	Boryszew SA*		6,895
	3,325	Capital SA		33,092
	29,500	China Hongqiao Group, Ltd.		27,772
	24,000	China Metal Products Co., Ltd.		22,625


Shares			Fair Value
Common Stocks, continued
Metals & Mining, continued
	32,000	China Oriental Group Co., Ltd.	$	22,426
	86,000	China Steel Corp.		66,834
	44,400	China Zhongwang Holdings, Ltd.		23,423
	56,000	Chung Hung Steel Corp.*		23,206
	21,050	Companhia Siderurgica Nacional SA, ADR*^		42,521
	1,666	Dongkuk Steel Mill Co., Ltd.		12,608
	14,863	Eregli Demir ve Celik Fabrikalari T.A.S.		32,992
	15,000	Feng Hsin Steel Co., Ltd.		28,772
	11,770	Gerdau SA, ADR		41,666
	22,000	Gloria Material Technology Corp.		13,682
	26,819	Gold Field, Ltd., ADR		95,744
	294	Grupa Kety SA		25,118
	46,130	Grupo Mexico SAB de C.V., Series B		130,777
	735	Grupo Simec SA de C.V., Series B*		2,307
	14,244	Harmony Gold Mining Co., Ltd.		21,884
	10,047	Hindalco Industries, Ltd.		33,730
	1,195	Hyundai Steel Co.		56,364
	4,714	Impala Platinum Holdings, Ltd.*		6,964
	4,832	Industrias CH, SAB de C.V., Series B*		20,929
	1,590	Industrias Penoles SAB de C.V.		28,555
	1,296	Jastrzebska Spolka Weglowa SA*		26,405
	15,000	Jiangxi Copper Co., Ltd.		19,013
	6,063	Jindal Saw, Ltd.		7,019
	13,059	Jindal Steel & Power, Ltd.*		42,426
	22,868	JSW Steel, Ltd.		108,930
	43,143	Kardemir Karabuk Demir Celik Sanayi VE Ticaret AS, Class D*		41,407
	1,696	KGHM Polska Miedz SA		39,790
	44	KISWIRE, Ltd.		1,151
	71	Korea Zinc Co.		24,580
	1,878	Koza Altin Isletmeleri AS*		17,337
	1,140	Kumba Iron Ore, Ltd.		24,327
	166	Kumkang Kind Co., Ltd.		4,302
	46,000	Maanshan Iron & Steel Co., Ltd.*		20,292
	2,036	Magnitogorsk Iron & Steel Works, GDR		17,938
	23,056	Minera Frisco SAB de C.V.*		8,674
	2,737	MMC Norilsk Nickel PJSC, ADR		49,348
	38,000	MMG, Ltd.*		26,373
	2,840	Moil, Ltd.		7,182
	10,596	National Aluminum Co., Ltd.		9,988
	7,353	Northam Platinum, Ltd.*		19,674
	864	Novolipetsk Steel PJSC, GDR		20,946
	364	Poongsan Corp.		11,109
	1,832	POSCO, ADR		135,788
	85	POSCO		25,115
	29,640	Press Metal Aluminium Holdings Berhad		31,926
	449,100	PT Aneka Tambang Persero Tbk		27,791
	71,800	PT Vale Indonesia Tbk*		20,195
	3,505	Royal Bafokeng Platinum, Ltd.*		5,092
	697	Seah Besteel Corp.		13,394
	282	Seah Steel Corp.		19,264
	2,792	Severstal PAO, GDR		40,783


Shares			Fair Value
Common Stocks, continued
Metals & Mining, continued
	66,000	Shougang Fushan Resources Group, Ltd.	$	15,641
	71,766	Sibanye Gold, Ltd.*		42,956
	11,722	Steel Authority of India, Ltd.*		14,173
	32,220	TA Chen Stainless Pipe		38,261
	9,813	Tata Steel, Ltd., GDR		80,386
	11,000	Thye Ming Industrial Co., Ltd.		14,196
	7,000	Ton Yi Industrial Corp.		2,881
	22,000	Tung Ho Steel Enterprise Corp.		16,246
	22,223	Vale SA, ADR		284,898
	10,000	Vale SA		127,432
	6,773	Vedanta, Ltd., ADR		92,113
	5,402	Vedanta, Ltd.		18,503
	15,000	YC INOX Co., Ltd.		13,086
	3,000	Yeong Guan Energy Technology Group Co., Ltd.		5,754
	38,213	Yieh Phui Enterprise Co., Ltd.		12,968
	3,500	Zhaojin Mining Industry Co., Ltd.^		2,668
	72,000	Zijin Mining Group Co., Ltd.		27,308

				2,695,651

Multiline Retail (0.7%):
	59,000	Far Eastern Department Stores, Ltd.		37,824
	295	Hyundai Department Store Co., Ltd.		30,546
	12,854	Lojas Renner SA		95,999
	1,090	Poya International Co., Ltd.		11,728
	34,100	PT Matahari Department Store Tbk		20,908
	485,000	PT Mitra Adiperkasa Tbk		30,461
	39,838	Ripley Corp SA		37,831
	3,596	S.A.C.I. Falabella		32,981
	130	Shinsegae Department Store Co.		46,771
	16,963	Woolworths Holdings, Ltd.		68,500

				413,549

Multi-Utilities (0.0%):
	88,020	YTL Corporation Berhad		24,594

Oil, Gas & Consumable Fuels (6.1%):
	4,729	Aegis Logistics, Ltd.		14,712
	30,900	Bangchak Corp. Public Co., Ltd.		29,867
	38,500	Banpu Public Co., Ltd.		22,676
	4,863	Bharat Pertoleum Corp., Ltd.		26,486
	1,639	Chennai Petroleum Corp., Ltd.		7,269
	42,000	China Coal Energy Co., Ltd., Class H		17,341
	186,000	China Petroleum & Chemical Corp., Class H		166,961
	21,000	China Shenhua Energy Co., Ltd.		49,447
	326	CNOOC, Ltd., ADR		55,824
	70,000	CNOOC, Ltd.		119,935
	2,482	Coal India, Ltd.		9,571
	3,850	Cosan sa industria e Comercio		35,350
	3,352	Ecopetrol SA, ADR		68,884
	1,700	Empresas Copec SA		26,038
	13,500	Energy Absolute Public Co., Ltd.		13,316
	6,797	Exxaro Resources, Ltd.		62,332
	13,000	Formosa Petrochemical Corp.		52,140
	10,974	Gazprom OAO, ADR		48,184


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	3,413	Grupa Lotos SA	$	51,870
	1,737	GS Holdings		84,723
	3,975	Gujarat Mineral Development Corp., Ltd.		6,179
	48	Hankook Shell Oil Co., Ltd.		15,224
	11,200	Hengyuan Refining Co. BHD		17,238
	8,845	Hindustan Petroleum Corp., Ltd.		33,452
	12,804	Indian Oil Corp., Ltd.		29,134
	60,200	Indika Energy Tbk PT		14,339
	168,900	IRPC Public Co., Ltd.		29,542
	40,000	Kunlun Energy Co., Ltd.		34,930
	340	Lubelski Wegiel Bogdanka SA		4,897
	877	LUKOIL PJSC, ADR		60,451
	218,800	Medco Energi Internasional*		14,696
	7,265	MOL Hungarian Oil & Gas plc		70,252
	140	NovaTek OAO, Registered Shares, GDR		20,738
	7,632	Oil & Natural Gas Corp., Ltd.		17,608
	5,553	Oil India, Ltd.		16,979
	82,000	PetroChina Co., Ltd., Class H		62,432
	18,410	Petroleo Brasileiro SA, ADR		162,745
	10,434	Petroleo Brasileiro SA, ADR		104,653
	144,200	Petron Corp.		23,982
	3,300	Petron Malaysia Refining & Marketing BHD		5,906
	3,800	Petronas Dagangan Berhad		23,283
	10,744	Petronet LNG, Ltd.		34,351
	10,880	Pilipinas Shell Petroleum Corp.		10,461
	5,025	Polski Koncern Naftowy Orlen SA		112,681
	12,311	Polskie Gornictwo Naftowe i Gazownictwo SA		18,767
	490,000	PT Adaro Energy Tbk		61,096
	336,100	PT Delta Dunia Makmur Tbk*		17,202
	15,000	PT Indo Tambangraya Megah Tbk		23,417
	126,500	PT Tambang Batubara Bukit Asam Tbk		34,971
	31,700	PT United Tractors Tbk		69,767
	9,600	PTT Exploration & Production Public Co., Ltd.		40,655
	185,600	PTT PCL		268,594
	3,900	QGEP Participacoes SA		14,845
	8,252	Reliance Industries, Ltd., GDR(a)		231,518
	777	Reliance Industries, Ltd.		11,018
	6,618	Rosneft Oil Co., Registered Shares, GDR		41,004
	27,680	Semirara Mining and Power Corp.		15,716
	53,800	Siamgas & Petrochemicals PCL		14,930
	723	SK Energy Co., Ltd.		130,918
	355	SK Gas, Ltd.		29,907
	341	S-Oil Corp.		33,465
	867	Tatneft Pjsc, ADR		55,574
	15,900	Thai Oil Public Co., Ltd.		37,284
	2,493	The Great Eastern Shipping Co., Ltd.		10,261
	2,064	Tupras-Turkiye Petrol Rafine		48,546
	4,566	Ultrapar Participacoes SA, ADR		54,061
	252,000	United Energy Group, Ltd.		33,341

				3,185,936

Paper & Forest Products (0.8%):
	2,001	Century Plyboards India, Ltd.		7,336
	7,803	Duratex SA		17,499


Shares			Fair Value
Common Stocks, continued
Paper & Forest Products, continued
	5,996	Empresas CMPC SA	$	21,857
	2,179	Fibria Celulose SA, ADR		40,508
	2,331	Hansol Holdings Co., Ltd.		9,356
	146	Hansol Paper Co., Ltd.		2,193
	19,000	Lee & Man Paper Manufacturing, Ltd.		19,131
	23,397	Long Chen Paper Co., Ltd.		19,939
	1,095	Mondi, Ltd.		29,681
	29,000	Nine Dragons Paper Holdings, Ltd.		36,889
	44,300	PT Indah Kiat Pulp & Paper Corp Tbk*		57,430
	18,030	Sappi, Ltd.		120,052
	6,600	Suzano Papel e Celulose SA		76,168
	12,900	Ta Ann Holdings Berhad		8,404
	47,000	YFY, Inc.*		18,559

				485,002

Personal Products (1.2%):
	181	Amorepacific Corp.		52,323
	384	Amorepacific Group		42,518
	926	Bajaj Corp., Ltd.		5,452
	3,000	Chlitina Holding, Ltd.		29,194
	945	Colgate-Palmolive India, Ltd.		16,337
	173	Cosmax, Inc.		25,187
	6,364	Dabur India, Ltd.		36,341
	2,786	Emami, Ltd.		21,507
	101	Gillette India, Ltd.		9,466
	2,030	Godrej Consumer Products, Ltd.		36,303
	3,000	Grape King BIO, Ltd.		22,620
	9,000	Hengan International Group Co., Ltd.		86,073
	499	Korea Kolmar Co., Ltd.		37,813
	84	LG Household & Health Care, Ltd.		105,171
	8,551	Marico, Ltd.		41,376
	4,000	Natura Cosmeticos SA		31,288
	174	Procter & Gamble Hygiene & Healthcare, Ltd.		25,205
	2,000	TCI Co., Ltd.		30,853

				655,027

Pharmaceuticals (1.7%):
	154	Abbott India, Ltd.		16,269
	2,184	Adcock Ingram Holdings, Ltd.		9,588
	510	Ajanta Pharma, Ltd.*		7,311
	840	Alembic Pharmaceuticals, Ltd.		6,160
	3,575	Aspen Pharmacare Holdings, Ltd.		67,344
	7,287	Aurobindo Pharma, Ltd.		64,563
	3,311	Cadila Healthcare, Ltd.*		18,223
	8,000	Center Laboratories, Inc.*		18,663
	16,000	China Grand Pharmaceutical and Healthcare Holdings, Ltd.*		11,250
	21,000	China Medical System Holdings, Ltd.		41,775
	22,000	China Pharmaceutical Enterprise & Investment Corp.		66,131
	3,000	China Shineway Pharmaceutical Group, Ltd.		5,850
	12,000	China Traditional Chinese Medicine Co., Ltd.		10,360
	190	Chong Kun Dang Pharmaceutical Corp.		17,115
	156	Chongkundang Holdings Corp.		9,065
	3,827	Cipla, Ltd.		34,431


Shares			Fair Value
Common Stocks, continued
Pharmaceuticals, continued
	12,000	Dawnrays Pharmaceutical Holdings, Ltd.	$	7,435
	2,231	Dr. Reddy’s Laboratories, Ltd., ADR		71,838
	27,400	Genomma Lab Internacional Sab de C.V.*		22,949
	8	Glaxo smithkline Pharmaceuticals, Ltd.		327
	3,004	Glenmark Pharmaceuticals, Ltd.		25,533
	34	Hanmi Pharm Co., Ltd.		12,829
	204,000	Hua Han Bio-Pharmaceutical Holdings, Ltd.*(b)(c)		5,168
	2,700	Hypermarcas SA		19,189
	2,351	Ipca Laboratories, Ltd.		24,015
	2,206	Jubilant Life Sciences, Ltd.		22,521
	754	Kwang Dong Pharmmaceutical Co.		5,182
	3,131	Lupin, Ltd.		41,273
	701	Natco Pharma, Ltd.		8,239
	552	Piramal Enterprises, Ltd.		20,427
	287,900	PT Kalbe Farma Tbk		24,489
	697	Richter Gedeon Nyrt		12,751
	507	Samjin Pharmaceutical Co., Ltd.		20,532
	57	Sanofi India, Ltd.		4,316
	49,000	Sino Biopharmaceutical, Ltd.		74,773
	133	Solara Active Pharma Sciences, Ltd.*		441
	40,172	SSY Group, Ltd.		44,477
	803	Strides Shasun, Ltd.		4,626
	3,891	Sun Pharmaceutical Industries, Ltd.		32,000
	11,000	Tong Ren Tang Technologies Co., Ltd.		17,372
	695	Torrent Pharmaceuticals, Ltd.		14,208
	5,000	TTY Biopharm Co., Ltd.		15,996
	95	Yuhan Corp.		18,536
	3,029	Yungjin Pharmaceutical Co., Ltd.*		20,180
	16,000	YungShin Global Holding Corp.		21,596

				1,017,316

Professional Services (0.0%):
	3,000	Sporton International, Inc.		14,560

Real Estate Management & Development (3.3%):
	28,000	Agile Property Holdings, Ltd.		47,694
	3,615	Aliansce Shopping Centers SA		13,667
	7,349	Attacq, Ltd.*		9,139
	38,800	Ayala Land, Inc.		27,557
	215,000	Bangkok Land PCL*		12,076
	30,000	Beijing Capital Land, Ltd.		12,905
	12,023	BR Malls Participacoes SA*		30,221
	14,000	C C Land Holdings, Ltd.		3,118
	15,400	Cathay Real Estate Development Co., Ltd.		8,081
	12,300	Central Pattana Public Co., Ltd.		25,886
	36,000	China Evergrande Group*		91,529
	40,000	China Overseas Grand Oceans Group, Ltd.		14,707
	30,000	China Overseas Land & Investment, Ltd.		98,146
	12,000	China Overseas Property Holdings, Ltd.		3,957
	30,000	China Resources Land, Ltd.		100,417
	15,000	China Sce Property Holdings, Ltd.		7,076
	50,000	China South City Holdings, Ltd.		9,726
	7,300	China Vanke Co., Ltd., Class H		25,490
	3,000	Chong Hong Construction Co., Ltd.		9,256


Shares			Fair Value
Common Stocks, continued
Real Estate Management & Development, continued
	46,000	CIFI Holdings Group Co., Ltd.	$	29,107
	10,190	Corporacion Inmobiliaria Vesta SAB de C.V.		13,343
	36,000	Country Garden Holdings Co., Ltd.		62,808
	6,951	DLF, Ltd.		19,123
	852	Dongwon Development Co., Ltd.		2,980
	13,200	DoubleDragon Properties Corp.*		6,308
	44,500	Eco World Development Group Berhad*		13,538
	2,544	Etalon Group, Ltd.		6,962
	16,000	Farglory Land Development Co., Ltd.		17,005
	474,000	Filinvest Land, Inc.		12,434
	96,000	Franshion Properties China, Ltd.		48,110
	65,000	Fullshare Holdings, Ltd.		32,121
	30,000	Future Land Development Holdings, Ltd.		27,009
	16,000	Greenland Hong Kong Holdings, Ltd.		5,901
	12,500	Greentown China Holdings, Ltd.		16,737
	18,000	Guangzhou R&F Properties Co., Ltd., Class H		36,101
	15,600	Highwealth Construction Corp.		23,146
	4,000	Huaku Development Co., Ltd.		8,696
	19,000	Hung Sheng Construction, Ltd.		25,444
	1,800	Iguatemi Empresa de Shopping Centers SA		14,395
	5,190	Indiabulls Real Estate, Ltd.*		11,831
	21,700	IOI Properties Group Berhad		8,591
	12,000	Jiayuan International Group, Ltd.		20,793
	33,000	K Wah International Holdings L		18,920
	4,405	Korea Real Estate Investment & Trust Co., Ltd.		10,724
	15,000	KWG Property Holding, Ltd.		18,691
	6,200	L.P.N. Development Public Co., Ltd.		1,871
	14,182	LC Corp. SA		9,278
	18,500	Longfor Properties Co., Ltd.		49,787
	52,975	Mah Sing Group Berhad		14,019
	190,500	Megaworld Corp.		15,280
	59,000	Mingfa Group International Co., Ltd.*(b)(c)		423
	1,265	Multiplan Empreendimentos Imobiliarios SA		18,480
	1,588	NEPI Rockcastle plc		14,173
	938	Oberoi Realty, Ltd.		6,530
	8,462	Parque Arauco SA		23,822
	944	Phoenix Mills, Ltd. (The)		9,162
	53,000	Poly Property Group Co., Ltd.		21,815
	1,252	Prestige Estates Projects, Ltd.		4,938
	33,000	Prince Housing & Development Corp.		12,013
	21,400	Pruksa Holding Public Co., Ltd.		12,279
	417,700	PT Alam Sutera Realty Tbk*		9,549
	434,245	PT Ciputra Development Tbk		30,860
	2,256,500	PT Hanson International Tbk*		20,750
	577,600	PT Lippo Karawaci Tbk		13,698
	177,300	PT Modernland Realty Tbk		3,585
	327,500	PT Pakuwon Jati Tbk		12,101
	251,500	PT Summarecon Agung Tbk		15,857
	130,100	Quality Houses PCL		12,103
	54,000	Radium Life Tech Co., Ltd.*		19,826
	20,000	Redco Properties Group, Ltd.(a)		10,189
	464,000	Renhe Commercial Holdings Co., Ltd.*		9,158


Shares			Fair Value
Common Stocks, continued
Real Estate Management & Development, continued
	49,352	Robinsons Land Corp.	$	17,188
	14,000	Ronshine China Holdings, Ltd., Class H*		18,040
	15,600	Ruentex Development Co., Ltd.*		17,994
	14,000	Shanghai Industrial Urban development Group, Ltd.		2,558
	75,023	Shenzhen Investment, Ltd.		27,216
	21,000	Shimao Property Holdings, Ltd.		54,842
	95,500	Shui On Land, Ltd.		24,084
	21,995	Sime Darby Property Berhad		6,519
	48,500	Sino-Ocean Land Holdings, Ltd.		28,111
	30,000	Skyfame Realty Holdings, Ltd.		22,053
	65,700	SM Prime Holdings, Inc.		44,220
	707	Sobha, Ltd.		4,548
	36,500	Soho China, Ltd.		17,319
	14,100	SP Setia Berhad		10,823
	20,464	Sunway Berhad		7,859
	28,400	Supalai Public Co., Ltd.*		20,157
	67,000	Taiwan Land Development Corp.*		19,820
	42,100	UEM Sunrise Berhad		7,389
	31,500	UOA Development Berhad		18,561
	89,800	Vista Land & Lifescapes, Inc.		10,327
	172,000	Yuexiu Property Co., Ltd.		32,783
	24,000	Yuzhou Properties Co., Ltd.		14,054

				1,859,477

Road & Rail (0.2%):
	102	CJ Korea Express Co., Ltd.*		15,362
	2,574	Container Corp. of India, Ltd.		24,486
	7,300	Cosan Logistica SA		18,142
	1,934	Globaltrans Investment plc, GDR		19,736
	11,970	Localiza Rent a Car SA		73,055
	821	PKP Cargo SA*		9,722
	10,000	Rumo SA*		36,129

				196,632

Semiconductors & Semiconductor Equipment (6.8%):
	9,000	A-DATA Technology Co., Ltd.		19,379
	5,000	Advanced Wireless Semiconductor Co.		12,575
	5,100	Ardentec Corp.		5,638
	13,000	Chipbond Technology Corp.		26,944
	2,091	Dongbu Hitek Co., Ltd.		36,720
	5,080	Elite Advanced Laser Corp.		17,232
	2,000	eMemory Technology, Inc.		25,049
	251	EO Technics Co., Ltd.		15,689
	23,000	Epistar Corp.*		28,724
	20,000	Everlight Electronics Co., Ltd.		25,183
	250,000	GCL-Poly Energy Holdings, Ltd.*		23,442
	9,000	Gigastorage Corp.*		3,127
	15,634	Gintech Energy Corp.*		6,660
	30,800	Globetronics Technology Berhad		16,823
	12,000	Greatek Electronics, Inc.		21,304
	11,000	Holtek Semiconductor, Inc.		26,744
	11,000	Hua Hong Semiconductor, Ltd.(a)		37,453
	75	Hyundai Robotics Co., Ltd.*		23,762
	1,838	Jusung Engineering Co., Ltd.		13,519


Shares			Fair Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	31,000	King Yuan Electronics Co., Ltd.	$	28,188
	13,000	Kinsus Interconnect Technology Corp.		22,276
	410	Koh Young Technology, Inc.		37,502
	2,000	Land Mark Optoelectronics Corp.		18,657
	121	LEENO Industrial, Inc.		6,837
	15,000	Lite-On Semiconductor Corp.		20,956
	34,435	Macronix International Co., Ltd.*		48,917
	3,600	Malaysian Pacific Industries Berhad		9,114
	7,000	MediaTek, Inc.		68,806
	10,816	Motech Industries, Inc.*		5,458
	11,424	Nanya Technology Corp.		31,113
	26,430	Neo Solar Power Corp.*		8,748
	9,000	Novatek Microelectronics Corp.		40,550
	13,000	Pan Jit International, Inc.*		24,272
	1,000	Parade Technologies, Ltd.		16,778
	3,000	Phison Electronics Corp.		23,697
	15,000	Powertech Technology, Inc.		43,502
	935	PSK, Inc.		21,405
	9,000	Radiant Opto-Electronics Corp.		17,990
	6,000	Realtek Semiconductor Corp.		21,816
	10,057	Semiconductor Manufacturing International Corp., ADR*^		65,371
	1,476	Seoul Semiconductor Co., Ltd.		21,955
	5,300	SFA Semicon Co., Ltd.*		9,101
	4,000	Sigurd Microelectronics Corp.		4,973
	14,000	Sino-American Silicon Products, Inc.		56,379
	5,000	Sitronix Technology Corp.		19,256
	6,595	SK Hynix, Inc.		505,577
	9,000	Taiwan Semiconductor Co., Ltd.		25,465
	48,851	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		1,785,992
	14,000	Taiwan Surface Mounting Technology Corp.		12,527
	862	Tes Co., Ltd.		18,097
	3,228	Topco Scientific Co., Ltd.		8,455
	758	Toptec Co., Ltd.*		16,575
	35,700	Unisem (M) Berhad		20,372
	72,299	United Microelectronics Corp., ADR		203,883
	20,000	Vanguard International Semiconductor Corp.		45,739
	5,250	Visual Photonics Epitaxy Co., Ltd.		19,757
	3,153	WIN Semiconductors Corp.		22,650
	56,648	Winbond Electronics Corp.		36,172
	750	Wonik Ips Co., Ltd.		18,890
	74,000	Xinyi Solar Holdings, Ltd.		22,675

				3,842,410

Software (0.5%):
	1,872	Asseco Poland SA		20,018
	1,339	CD Projekt SA*		57,781
	244	Com2uS Corp.		36,742
	1,953	Cyient, Ltd.		21,836
	333	DuzonBIzon Co., Ltd.		18,501
	4,000	Kingsoft Corp., Ltd.		12,072
	4,341	Kpit Technologies, Ltd.		17,194
	54	Ncsoft Corp.		17,959


Shares			Fair Value
Common Stocks, continued
Software, continued
	158	Netmarble Games Corp.(a)	$	21,554
	271	NHN Entertainment Corp.*		15,764
	548	NIIT Technologies, Ltd.		8,776
	424	Oracle Financial Services Software, Ltd.*		25,199
	1,758	Tata Elxsi, Ltd.		34,216

				307,612

Specialty Retail (1.0%):
	39,000	Beauty Community Public Co., Ltd., Class F		14,349
	19,800	Bermaz Motor Berhad		10,789
	394	Cashbuild, Ltd.		9,446
	11,000	China Harmony New Energy Auto Holding, Ltd.		4,693
	2,900	Cia. Hering		10,822
	255,000	GOME Electrical Appliances Holdings, Ltd.*		25,971
	101,400	Home Product Center Public Co., Ltd.		41,031
	3,000	Hotai Motor Co., Ltd.		26,402
	134	Hotel Shilla Co., Ltd.		14,831
	291	Lotte Himart Co., Ltd.		20,565
	4,828	Mr.Price Group, Ltd.		79,363
	16,800	Padini Holdings Berhad		24,806
	347,300	PT ACE Hardware Indonesia Tbk		30,772
	13,142	Super Group, Ltd.*		33,610
	4,203	The Foschini Group, Ltd.		53,272
	8,941	Truworths International, Ltd.		50,392
	4,908	Via Varejo SA		23,685
	8,500	Zhongsheng Group Holdings, Ltd.		25,427

				500,226

Technology Hardware, Storage & Peripherals (6.0%):
	32,000	Acer, Inc.		26,102
	4,399	Advantech Co., Ltd.		28,980
	30,841	ASE Technology Holding Co., Ltd., ADR*		141,869
	13,000	Asia Vital Components Co., Ltd.		12,202
	5,000	Asustek Computer, Inc.		45,643
	3,562	Casetek Holdings, Ltd.		8,660
	11,000	Catcher Technology Co., Ltd.		122,868
	8,085	Chicony Electronics Co., Ltd.		18,211
	14,000	Clevo Co.		15,745
	99,967	CMC Magnetics Corp.*		29,481
	56,000	Compal Electronics, Inc.		35,237
	92,000	Coolpad Group, Ltd.*(b)		1,840
	2,000	Ennoconn Corp.*		29,009
	8,220	Foxconn Technology Co., Ltd.		20,102
	11,000	Gigabyte Technology Co., Ltd.		24,324
	9,000	High Tech Computer Corp.*		16,778
	20,000	Inventec Corp.		15,701
	4,000	Legend Holdings Corp., Class H(a)		12,172
	122,000	Lenovo Group, Ltd.		65,703
	46,460	Lite-On Technology Corp.		56,198
	11,000	Micro-Star International Co., Ltd.		33,953
	26,119	Mitac Holding Corp.		28,305
	28,000	Pegatron Corp.		57,546
	7,000	Primax Electronics, Ltd.		14,177
	53,000	Qisda Corp.		37,347


Shares			Fair Value
Common Stocks, continued
Technology Hardware, Storage & Peripherals, continued
	29,000	Quanta Computer, Inc.	$	50,850
	49,360	Ritek Corp.*		23,758
	1,913	Samsung Electronics Co., Ltd., GDR		1,993,785
	6,800	Samsung Electronics Co., Ltd.		283,966
	208	Sindoh Co., Ltd.		9,909
	8,000	Transcend Infromation, Inc.		22,194
	69,332	Wistron Corp.		51,429

				3,334,044

Textiles, Apparel & Luxury Goods (1.3%):
	5,885	Aksa Akrilik Kimya Sanayii AS		14,713
	12,000	Anta Sports Products, Ltd.		63,131
	1,300	Arezzo Industria E Comercio SA		14,654
	3,289	Arvind, Ltd.		19,112
	587	CCC SA		32,377
	76,000	China Dongxiang Group Co., Ltd.		13,898
	10,000	Cosmo Lady China Holdings Co., Ltd.(a)		4,984
	2,059	De Licacy Industrial Co., Ltd.		1,647
	2,085	Eclat Textile Co., Ltd.		24,769
	451	F&f Co., Ltd.		33,040
	8,075	Feng Tay Enterprise Co., Ltd.		40,489
	885	Fila Korea, Ltd.		26,693
	14,000	Formosta Taffeta Co., Ltd.		15,333
	600	Guararapes Confeccoes SA		14,655
	535	Handsome Co., Ltd.		19,990
	585	Hansae Co., Ltd.		8,579
	1,315	Indo Count Industies, Ltd.		1,186
	785	KPR Mill, Ltd.		7,304
	459	LF Corp.		11,565
	26,500	Li Ning Co., Ltd.*		29,014
	4	LPP SA		9,056
	3,212	Makalot Industrial Co., Ltd.		14,445
	68	Page Industries, Ltd.		27,556
	30,000	Pou Chen Corp.		34,813
	2,940	Rajesh Exports, Ltd.		25,768
	1,269	Raymond, Ltd.		16,965
	35,000	Roo Hsing Co., Ltd.*		16,518
	7,000	Ruentex Industries, Ltd.		14,268
	7,000	Shenzhou International Group		85,836
	388	SRF, Ltd.		9,600
	34,140	Tainan Spinning Co., Ltd.		15,039
	7,000	Taiwan Paiho, Ltd.		14,728
	4,591	Titan Co., Ltd.		58,828
	627	Vardhman Textiles, Ltd.		11,157
	5,586	Welspun India, Ltd.		4,410
	337	Youngone Corp.		10,124
	239	Youngone Holdings Co., Ltd.		11,772

				778,016

Thrifts & Mortgage Finance (0.7%):
	1,135	Can Fin Homes, Ltd.		5,630
	5,015	Dewan Housing Finance Corp., Ltd.		46,538
	1,572	Gruh Finance, Ltd.		6,970
	6,407	Housing Development Finance Corp., Ltd.		178,346


Shares			Fair Value
Common Stocks, continued
Thrifts & Mortgage Finance, continued
	5,052	Indiabulls Housing Finance, Ltd.	$	84,163
	7,284	LIC Housing Finance, Ltd.		49,769

				371,416

Tobacco (0.5%):
	3,300	British American Tobacco Malaysia Berhad		28,403
	31,635	ITC, Ltd.		122,803
	823	KT&G Corp.		78,929
	7,000	PT Gudang Garam Tbk		32,812
	214	VST Industries, Ltd.		9,062

				272,009

Trading Companies & Distributors (0.2%):
	11,062	Adani Enterprises, Ltd.		18,269
	6,830	Barloworld, Ltd.		64,221
	1,537	Daewoo International Corp.		29,478
	1,664	Hudaco Industries, Ltd.		18,374
	590	LG International Corp.		12,773
	270,000	New Provenance Everlasting Holdings, Ltd.*		1,897
	52,300	PT AkR Corporindo Tbk		15,665
	2,473	SK Network Co., Ltd.		9,980
	88	Trencor, Ltd.		218

				170,875

Transportation Infrastructure (1.3%):
	9,195	Adani Ports & Special Economic Zone, Ltd.		50,027
	30,500	Airports of Thailand PCL		58,038
	13,600	Bangkok Aviation Fuel Services Public Co., Ltd.		12,932
	140,782	Bangkok Exressway & Metro Public Co., Ltd.		31,627
	20,000	Beijing Capital International Airport Co., Ltd.		21,035
	13,964	China Merchants Holdings International Co., Ltd.		28,181
	11,900	Companhia de Concessoes Rodoviarias		30,863
	26,000	Cosco Pacific, Ltd.		21,518
	3,700	Ecorodovias Infraestrutura e Logistica SA		7,009
	1,854	Gateway Distriparks, Ltd.		4,806
	4,715	Grupo Aeroportuario del Centro Norte, SAb de C.V.		24,630
	260	Grupo Aeroportuario del Sureste SAB de C.V., ADR		41,382
	4,648	Grupo Aeroporturaio del Pacifico SAB de C.V.		43,143
	5,801	Gujarat Pipavav Port, Ltd.		8,930
	19,750	International Container Terminal Services, Inc.		28,510
	16,000	Jiangsu Expressway Co., Ltd., Series H		19,001
	12,000	Malaysia Airports Holdings Berhad		26,155
	4,080	Promotora y Operadora de Infraestructura SAB de C.V.		36,527
	57,956	PT Jasa Marga Persero Tbk		16,879
	15,000	Qingdao Port International Co., Ltd.(a)		11,230
	22,789	Shenzhen International Holdings, Ltd.		47,107
	58,253	Sociedad Matriz SAAM SA		5,327
	18,000	Taiwan High Speed Rail Corp.		14,106
	6,974	TAV Havalimanlari Holding AS		34,085
	70,000	Tianjin Port Development Holdings, Ltd.		8,473
	29,300	Westports Holding Berhad		24,565
	20,000	Zhejiang Expressway Co., Ltd.		17,818

				673,904


Shares			Fair Value
Common Stocks, continued
Water Utilities (0.5%):
	36,941	Aguas Andinas SA, Class A	$	20,194
	38,000	Beijing Enterprises Water Group, Ltd.		20,700
	4,600	Cia de Saneamento Do Parana		10,625
	1,600	Cia de Saneamento Do Parana		19,811
	6,610	Companhia de Saneamento Basico do Estado de Sao Paulo, ADR		39,726
	1,200	Companhia de Saneamento de Minas Gerais- Copasa MG		12,802
	64,000	CT Environmental Group, Ltd.		8,857
	22,000	Guangdong Investment, Ltd.		34,834
	16,068	Inversiones Aguas Metropolitanas SA		24,559
	67,400	Manila Water Co.		35,367
	37,300	TTW Public Co., Ltd.		13,188

				240,663

Wireless Telecommunication Services (2.9%):
	11,500	Advanced Information Service plc		64,250
	16,141	America Movil SAB de C.V., Series L, ADR		268,910
	38,090	Axiata Group Berhad		35,858
	13,131	Bharti Airtel, Ltd.		73,163
	19,500	China Mobile, Ltd.		172,966
	5,853	China Mobile, Ltd., ADR		259,815
	17,300	DIGI.com Berhad		17,748
	2,969	Empresa Nacional de Telecomunicaciones SA		27,285
	18,000	Far EasTone Telecommunications Co., Ltd.		46,517
	520	Globe Telecom, Inc.		15,002
	29,245	Idea Cellular, Ltd.*		25,317
	16,200	Maxis Berhad		21,881
	2,220	MegaFon PJSC, Registered Shares, GDR		19,565
	26,672	MTN Group, Ltd.		209,731
	1,112	PLDT, Inc., ADR		25,999
	30,600	PT Indosat Tbk		6,786
	112,500	PT XL Axiata Tbk*		19,758
	25,752	Reliance Communications, Ltd.*		5,158
	1,682	SK Telecom Co., Ltd., ADR		39,224
	14,000	Taiwan Mobile Co., Ltd.		50,743
	1,730	Tim Participacoes SA, ADR^		29,168
	15,400	Total Access Communication Public Co., Ltd.		17,091
	5,607	Turkcell Iletisim Hizmetleri AS, ADR		36,670
	11,621	Veon, Ltd., ADR		27,658
	7,366	Vodacom Group, Ltd.		65,838

				1,582,101

	Total Common Stocks (Cost $52,663,616)			56,015,200

Preferred Stocks (0.2%):
Airlines (0.0%):
	3,500	Azul SA*		19,112

Chemicals (0.2%):
	2,900	Braskem SA, Class A, 6.24%		37,704
	2,000	Unipar Carbocloro SA, 15.06%		20,041

				57,745

Electric Utilities (0.0%):
	723	Companhia de Transmissao de Energia Eletrica Paulista, 12.72%		10,775


Shares			Fair Value
Preferred Stocks, continued
Independent Power & Renewable Electricity Producers (0.0%):
	4,100	Companhia Energetica de Sao Paulo, Class B, 0.23%	$	17,194

Machinery (0.0%):
	17,000	Marcopolo SA, 0.63%		14,565

Metals & Mining (0.0%):
	7,000	Usinas Siderurgicas de Minas Gerais SA, Class A, 0.65%		13,241

	Total Preferred Stocks (Cost $100,121)			132,632

Right (0.0%):
Real Estate Management & Development (0.0%):
	139,200	Renhe Commercial Holdings Co, Ltd., Expires on 7/11/18*		177

	Total Right (Cost $—)			177


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Securities Held as Collateral for Securities on Loan (1.6%):
$	912,663	AZL DFA Emerging Markets Core Equity Fund Securities Lending Collateral Account(d)	$	912,663

	Total Securities Held as Collateral for Securities on Loan (Cost $912,663)			912,663

Unaffiliated Investment Company (0.2%):
	138,941	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 1.68%(e)		138,941

	Total Unaffiliated Investment Company (Cost $138,941)			138,941

	Total Investment Securities (Cost $53,815,341) — 101.1%(f)			57,199,613
	Net other assets (liabilities) — (1.1)%			(644,029	)

	Net Assets — 100.0%		$	56,555,584

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, 2018:


Country	Percentage
Netherlands		—	%^{^}
Philippines		1.4	%
Poland		1.6	%
Republic of Korea (South)		17.2	%
Romania		—	%^{^}
Russian Federation		1.2	%
South Africa		6.8	%
Spain		—	%^{^}
Switzerland		—	%^{^}
Taiwan, Province Of China		17.0	%
Thailand		2.9	%
Turkey		1.1	%
Ukraine		—	%^{^}
United States		2.6	%

		100.0	%

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investment securities, at cost	$	53,815,341

Investment securities, at value^*	$	57,199,613
Interest and dividends receivable		211,220
Foreign currency, at value (cost $534,660)		532,484
Reclaims receivable		12,613
Prepaid expenses		4,574

Total Assets		57,960,504

Liabilities:
Cash overdraft		124,286
Payable for investments purchased		278,761
Payable for collateral received on loaned securities		912,663
Accrued foreign taxes		41,964
Manager fees payable		33,874
Administration fees payable		1,324
Distribution fees payable		12,048

Total Liabilities		1,404,920

Net Assets	$	56,555,584

Net Assets Consist of:
Capital	$	54,997,456
Accumulated net investment income/(loss)		868,011
Accumulated net realized gains/(losses) from investment transactions		(2,647,998	)
Net unrealized appreciation/(depreciation) on investments		3,338,115

Net Assets	$	56,555,584

Shares of beneficial interest (unlimited number of shares authorized, no par value)		5,532,971
Net Asset Value (offering and redemption price per share)	$	10.22

*	Includes securities on loan of $863,711.

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Dividends	$	801,829
Income from securities lending		7,745
Foreign withholding tax		(58,286	)

Total Investment Income		751,288

Expenses:
Manager fees		390,330
Administration fees		120,078
Distribution fees		78,066
Custodian fees		28,845
Administrative and compliance services fees		559
Transfer agent fees		3,044
Trustee fees		1,812
Professional fees		1,822
Shareholder reports		382
Other expenses		692

Total expenses before reductions		625,630
Less expenses voluntarily waived/reimbursed by the Manager		(93,679	)
Less expense contractually waived/reimbursed by the Manager		(63,613	)

Net expenses		468,338

Net Investment Income/(Loss)		282,950

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions and foreign currencies		1,081,647
Change in net unrealized appreciation/depreciation on investments and foreign currencies		(6,772,647	)
Change in accrued foreign tax liability		30,693

Net Realized/Unrealized Gains/(Losses) on Investments		(5,660,307	)

Change in Net Assets Resulting From Operations	$	(5,377,357	)

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

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.

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2018 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $1 million for the period ended June 30, 2018.

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 $761 during the period ended June 30, 2018. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The fund had securities lending transactions of $912,663 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2018.

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, 2019.

For the period ended June 30, 2018, 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 period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.”

At June 30, 2018, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:

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 (“SEC” or the “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.”

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, 2018, $290 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2018, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $53,982,555. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the end of its latest tax year ended December 31, 2017, 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.

During the year ended June 30, 2018, the Fund utilized $1,338,246 in CLCFs to offset capital gains.

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

As of the latest tax year end, December 31, 2017, 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, 2018, the Fund had an individual shareholder account which is affiliated with the Investment Adviser representing ownership in excess of 90% of the Fund.

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 (18.7%):
Banks (0.1%):
$	750,000	US Bank NA Cincinnati, 2.85%, 1/23/23, Callable 12/23/22 @ 100	$	734,361

Beverages (1.5%):
	210,000	Coca-Cola Co. (The), 2.20%, 5/25/22^		203,828
	1,200,000	Coca-Cola Co. (The), 1.13%, 9/22/22		1,453,235
	4,800,000	Coca-Cola Co. (The), 0.75%, 3/9/23, Callable 12/9/22 @ 100		5,698,664

				7,355,727

Communications Equipment (1.2%):
	4,000,000	Cisco Systems, Inc., 2.20%, 2/28/21		3,924,400
	2,000,000	Cisco Systems, Inc., 1.85%, 9/20/21, Callable 8/20/21 @ 100		1,909,346

				5,833,746

Consumer Finance (2.6%):
	12,435,000	Toyota Motor Credit Corp., 2.60%, 1/11/22		12,180,264
	200,000	Toyota Motor Credit Corp., 0.75%, 7/21/22		237,547
	257,000	Toyota Motor Credit Corp., 2.38%, 2/1/23		326,124

				12,743,935

Diversified Financial Services (0.5%):
	2,610,000	Berkshire Hathaway, Inc., 2.20%, 3/15/21, Callable 2/15/21 @ 100		2,568,174

Household Products (2.3%):
	2,000,000	Colgate-Palmolive Co., 2.30%, 5/3/22		1,947,801
	2,000,000	Procter & Gamble Co. (The), 1.70%, 11/3/21		1,924,487
	100,000	Procter & Gamble Co. (The), 2.00%, 11/5/21		124,431
	1,474,000	Procter & Gamble Co. (The), 2.15%, 8/11/22		1,422,720
	4,700,000	Procter & Gamble Co. (The), 2.00%, 8/16/22		5,901,756

				11,321,195


Industrial Conglomerates (0.7%):
	1,850,000	3M Co., 0.38%, 2/15/22, Callable 11/15/21 @ 100		2,182,481
	200,000	3M Co., 0.95%, 5/15/23		241,192
	900,000	General Electric Co., 0.38%, 5/17/22, Callable 4/17/22 @ 100		1,048,117

			3,471,790

IT Services (1.5%):
	7,600,000	IBM Corp., 2.50%, 1/27/22^		7,426,915

Oil, Gas & Consumable Fuels (1.6%):
	600,000	Chevron Corp., 2.10%, 5/16/21, Callable 4/15/21 @ 100^		585,960
	7,000,000	Chevron Corp., 2.50%, 3/3/22, Callable 2/3/22 @ 100		6,866,440
	500,000	Exxon Mobil Corp., 2.40%, 3/6/22, Callable 1/6/22 @ 100		488,899

			7,941,299

Pharmaceuticals (2.1%):
	100,000	Johnson & Johnson, 0.25%, 1/20/22, Callable 12/20/21 @ 100		117,634
	2,000,000	Merck & Co., Inc., 2.35%, 2/10/22		1,947,617


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Pharmaceuticals, continued
$	958,000	Novartis Capital Corp., 2.40%, 5/17/22, Callable 4/17/22 @ 100	$	930,539
	3,000,000	Pfizer, Inc., 1.95%, 6/3/21		2,919,157
	4,021,000	Pfizer, Inc., 0.25%, 3/6/22, Callable 2/6/22 @ 100		4,713,042

				10,627,989

Software (4.1%):
	6,551,000	Microsoft Corp., 2.40%, 2/6/22, Callable 1/6/22 @ 100		6,412,096
	2,500,000	Microsoft Corp., 2.38%, 2/12/22, Callable 1/12/22 @ 100^		2,444,426
	10,307,000	Oracle Corp., 1.90%, 9/15/21, Callable 8/15/21 @ 100		9,816,585
	1,833,000	Oracle Corp., 2.50%, 5/15/22, Callable 3/15/22 @ 100		1,784,824

				20,457,931

Technology Hardware, Storage & Peripherals (0.5%):
	2,000,000	Apple, Inc., 1.00%, 11/10/22		2,419,842

	Total Corporate Bonds (Cost $95,584,935)			92,902,904

Foreign Bonds (57.7%):
Banks (21.3%):
	2,226,000	ANZ New Zealand International, Ltd., Series E, 0.40%, 3/1/22+		2,596,004
	550,000	Bank Nederlandse Gemeenten NV, Series E, 1.00%, 3/15/22+		720,155
	2,100,000	Bank Nederlandse Gemeenten NV, 0.50%, 8/26/22+		2,510,025
	1,800,000	Bank Nederlandse Gemeenten NV, 2.25%, 8/30/22+		2,304,268
	1,600,000	Bank Nederlandse Gemeenten NV, 0.25%, 2/22/23+		1,890,168
	1,983,000	Bayerische Landesbodenkreditanstalt, 2.50%, 2/9/22+		2,533,918
	2,220,000	Commonwealth Bank of Australia, 3.25%, 3/31/22+		1,656,298
	1,000,000	Commonwealth Bank of Australia, Series E, 0.50%, 7/11/22+		1,172,468
	550,000	Cooperatieve Rabobank UA, 0.13%, 10/11/21+		643,340
	500,000	Cooperatieve Rabobank UA, Series G, 4.00%, 1/11/22+		662,278
	2,389,000	Cooperatieve Rabobank UA, Series E, 4.75%, 6/6/22+		3,281,172
	2,093,000	Cooperatieve Rabobank UA, 0.50%, 12/6/22+		2,467,574
	1,150,000	Dexia Credit Local SA, 0.63%, 1/21/22+		1,374,708
	9,350,000	Dexia Credit Local SA, 0.25%, 6/2/22+		11,016,848
	1,500,000	Dexia Credit Local SA, Series E, 1.13%, 6/15/22+		1,957,996
	5,530,000	Kreditanstalt fuer Wiederaufbau, Series E, 0.88%, 3/15/22+		7,228,141
	500,000	Kreditanstalt fuer Wiederaufbau, 0.63%, 7/4/22+		602,764
	4,100,000	Kreditanstalt fuer Wiederaufbau, 0.00%, 12/15/22+		4,810,019
	1,700,000	Kreditanstalt fuer Wiederaufbau, 0.13%, 2/24/23+		2,003,026
	475,000	Land Nordrhein-Westfalen, 0.13%, 3/16/23+		557,619
	200,000	Landeskreditbank Baden-Wuerttemberg Foerderbank, Series E, 0.88%, 3/7/22+		260,694
	3,000,000	National Australia Bank, Ltd., Series G, 0.88%, 1/20/22+		3,567,986


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Foreign Bonds, continued
Banks, continued
$	500,000	National Australia Bank, Ltd., 0.35%, 9/7/22+	$	581,915
	3,000,000	Nederlandse Waterschapsbank NV, 0.50%, 10/27/22+		3,580,536
	100,000	Nederlandse Waterschapsbank NV, 0.50%, 1/19/23+		119,362
	250,000	Nordea Bank AB, Series E, 2.00%, 2/17/21+		307,226
	1,900,000	Nordea Bank AB, Series E, 3.25%, 7/5/22+		2,480,485
	1,000,000	NRW Bank, 0.00%, 8/10/22+		1,170,202
	1,787,000	NRW Bank, 0.00%, 11/11/22+		2,087,250
	4,500,000	NRW Bank, 0.13%, 3/10/23+		5,275,548
	1,164,000	Oesterreichische Kontrollbank AG, Series E, 0.75%, 3/7/22+		1,510,839
	7,700,000	Royal Bank of Canada, Series DPNT, 1.97%, 3/2/22+		5,686,402
	600,000	Skandinaviska Enskilda Banken AB, Series G, 0.30%, 2/17/22+		702,348
	1,190,000	Skandinaviska Enskilda Banken AB, 1.25%, 8/5/22+		1,543,973
	2,700,000	State of North Rhine-Westphalia Germany, 0.00%, 12/5/22+		3,159,698
	3,167,000	State of North Rhine-Westphalia Germany, 0.38%, 2/16/23+		3,763,944
	3,450,000	Svenska Handelsbanken AB, Series E, 0.25%, 2/28/22+		4,029,283
	1,000,000	Svenska Handelsbanken AB, 2.63%, 8/23/22+		1,277,530
	1,100,000	Svenska Handelsbanken AB, 1.13%, 12/14/22+		1,326,481
	5,000,000	Toronto-Dominion Bank (The), Series DPNT, 2.62%, 12/22/21+		3,792,887
	9,600,000	Toronto-Dominion Bank (The), Series DPNT, 1.99%, 3/23/22+		7,095,528
	300,000	Westpac Banking Corp., Series E, 0.25%, 1/17/22+		349,088

			105,657,994

Capital Markets (0.3%):
	400,000	FMS Wertmanagement, 1.00%, 9/7/22+		523,120
	900,000	FMS Wertmanagement AoeR, 0.88%, 2/14/22+		1,177,045

			1,700,165

Consumer Finance (0.2%):
	1,500,000	Toyota Credit Canada, Inc., 2.02%, 2/28/22+		1,109,270

Diversified Financial Services (13.9%):
	1,000,000	Agence Francaise de Developpement, 0.13%, 4/30/22+		1,176,716
	1,500,000	Agence Francaise de Developpement, 0.50%, 10/25/22+		1,789,526
	5,700,000	ASB Finance, Ltd., Series E, 0.50%, 6/10/22+		6,651,957
	248,000	Asian Development Bank, 0.20%, 5/25/23+		292,039
	403,000	Council Of Europe Development Bank, 0.38%, 10/27/22+		479,800
	500,000	European Financial Stability Facility, Series E, 2.25%, 9/5/22+		641,931
	11,868,000	European Financial Stability Facility, 0.00%, 11/17/22+		13,907,504
	2,000,000	European Investment Bank, 2.38%, 1/18/23+		1,520,709
	400,000	European Investment Bank, 1.63%, 3/15/23+		502,824
	12,131,000	European Stability Mechanism, 0.00%, 10/18/22+		14,203,205


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Foreign Bonds, continued
Diversified Financial Services, continued
$	650,000	International Bank for Reconstruction & Development, 1.00%, 12/19/22+	$	851,518
	400,000	Kommunalbanken AS, 1.13%, 11/30/22+		524,344
	12,000,000	Kommuninvest I Sverige AB, 1.00%, 9/15/21+		1,378,176
	106,000,000	Kommuninvest I Sverige AB, 0.25%, 6/1/22+		11,848,908
	8,000,000	Kommuninvest I Sverige AB, 0.75%, 2/22/23+		907,501
	1,600,000	Landwirtschaftliche Rentenbank, 1.25%, 5/20/22+		1,972,059
	1,466,000	Municipality Finance plc, 1.25%, 12/7/22+		1,933,038
	4,680,000	OP Corporate Bank plc, Series E, 0.75%, 3/3/22+		5,557,576
	450,000	OP Corporate Bank plc, 0.38%, 10/11/22+		525,637
	500,000	Temasek Financial I, Ltd., Series E, 0.50%, 3/1/22+		592,088
	800,000	Temasek Financial I, Ltd., Series G, 4.63%, 7/26/22+		1,184,999

			68,442,055

Food Products (0.1%):
	500,000	Nestle Finance International, Ltd., 1.75%, 9/12/22+		623,526

Insurance (0.8%):
	600,000	UNEDIC ASSEO, 0.13%, 5/25/22+		708,061
	2,600,000	UNEDIC ASSEO, 0.88%, 10/25/22+		3,165,983

			3,874,044

Oil, Gas & Consumable Fuels (1.1%):
	1,800,000	Shell International Finance BV, Series E, 1.25%, 3/15/22+		2,185,338
	900,000	Shell International Finance BV, Series E, 1.00%, 4/6/22+		1,082,570
	1,300,000	Statoil ASA, 0.88%, 2/17/23, Callable 11/17/22 @ 100+		1,553,236
	600,000	Total Capital Canada, Ltd., Series E, 1.13%, 3/18/22+		725,493

			5,546,637

Pharmaceuticals (1.6%):
	1,900,000	Sanofi, 1.13%, 3/10/22, Callable 12/10/21 @ 100+		2,296,567
	1,100,000	Sanofi, 0.00%, 9/13/22, Callable 6/13/22 @ 100+		1,273,481
	3,900,000	Sanofi, 0.50%, 3/21/23, Callable 12/21/22 @ 100+		4,600,923

				8,170,971

Sovereign Bond (18.4%):
	6,300,000	Caisse d’Amortissement de la Dette Sociale, 0.13%, 11/25/22+		7,442,884
	3,000,000	Canada Housing Trust, 2.40%, 12/15/22+(a)		2,291,251
	3,000,000	Canada Housing Trust No 1, 1.75%, 6/15/22+(a)		2,235,496
	9,000,000	Finland Government Bond, 1.50%, 4/15/23+(a)		11,366,454
	2,900,000	French Republic Government Bond OAT, 0.00%, 3/25/23+		3,412,422
	6,100,000	French Republic Government Bond OAT, 1.75%, 5/25/23+		7,792,170
	500,000	Netherlands Government Bond, 3.75%, 1/15/23+		692,642
	8,000,000	Norwegian Government Bond, 2.00%, 5/24/23+(a)		1,012,997
	8,000,000	Province of Alberta, 1.35%, 9/1/21+		5,908,376
	4,000,000	Province of British Columbia, 3.25%, 12/18/21+		3,136,980
	4,000,000	Province of British Columbia, 2.70%, 12/18/22+		3,086,192
	6,700,000	Province of Ontario, 3.15%, 6/2/22+		5,232,830
	6,000,000	Province of Quebec, 4.25%, 12/1/21+		4,850,437


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Foreign Bonds, continued
Sovereign Bond, continued
$	950,000	Province of Quebec, 0.88%, 5/24/22+	$	1,232,353
	8,900,000	Province of Quebec, 3.50%, 12/1/22+		7,064,075
	7,600,000	Republic of Austria, 0.00%, 9/20/22+(a)(b)		8,986,296
	2,000,000	Republic of Austria, 3.40%, 11/22/22+(a)		2,714,870
	99,000,000	Swedish Government, 3.50%, 6/1/22+		12,711,512

				91,170,237

	Total Foreign Bonds (Cost $293,847,825)			286,294,899

Yankee Dollars (20.8%):
Banks (10.5%):
	370,000	Australia & New Zealand Banking Group, Ltd., 2.55%, 11/23/21		359,410
	1,667,000	Australia & New Zealand Banking Group, Ltd., 2.63%, 11/9/22		1,604,516
	7,500,000	Bank Nederlandse Gemeenten, 2.38%, 2/1/22(a)		7,347,249
	4,595,000	Bank of Montreal, 1.90%, 8/27/21^		4,394,572
	1,000,000	Bank of Nova Scotia, 2.70%, 3/7/22^		977,433
	700,000	Commonwealth Bank of Australia, 2.00%, 9/6/21(a)		668,149
	2,625,000	Commonwealth Bank of Australia, 2.75%, 3/10/22(a)		2,560,573
	1,000,000	Cooperatieve Rabobank UA, 3.88%, 2/8/22		1,014,141
	2,000,000	National Australia Bank, Ltd., 1.88%, 7/12/21		1,906,800
	5,500,000	National Australia Bank, Ltd., 2.80%, 1/10/22		5,360,782
	2,587,000	National Australia Bank, Ltd., Series G, 2.50%, 5/22/22		2,478,847
	600,000	National Australian Bank of New York, Series G, 2.63%, 1/14/21		589,517
	1,500,000	Nederlandse Waterschapsbank NV, 1.88%, 4/14/22		1,440,174
	1,000,000	Rabobank Nederland NY, Series G, 2.50%, 1/19/21		980,839
	2,500,000	Rabobank Nederland NY, 2.75%, 1/10/22^		2,438,216
	8,031,000	Royal Bank of Canada, Series G, 2.75%, 2/1/22		7,887,653
	448,000	Svenska Handelsbanken AB, 1.88%, 9/7/21		427,800
	3,000,000	Toronto-Dominion Bank (The), 1.80%, 7/13/21^		2,872,953
	1,000,000	Westpac Banking Corp., 2.00%, 8/19/21		958,101
	4,000,000	Westpac Banking Corp., 2.80%, 1/11/22^		3,906,541
	1,976,000	Westpac Banking Corp., 2.50%, 6/28/22		1,899,196

				52,073,462


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Yankee Dollars, continued
Diversified Financial Services (1.3%):
$	7,000,000	Kommunalbanken AS, Registered Shares, 2.25%, 1/25/22	$	6,835,227

Oil, Gas & Consumable Fuels (3.1%):
	835,000	Equinor ASA, 3.15%, 1/23/22		835,992
	10,000,000	Shell International Finance BV, 1.75%, 9/12/21^		9,578,295
	1,000,000	Shell International Finance BV, 2.38%, 8/21/22		967,569
	4,000,000	Total Capital International SA, 2.88%, 2/17/22		3,962,297

				15,344,153

Sovereign Bond (5.9%):
	6,000,000	Caisse D’amort Dette SOC, Registered Shares, 1.88%, 2/12/22		5,768,142
	5,000,000	CPPIB Capital, Inc., 2.25%, 1/25/22(a)		4,873,270
	8,000,000	CPPIB Capital, Inc., Registered Shares, 2.25%, 1/25/22		7,797,232
	1,500,000	Province of Manitoba, 2.13%, 5/4/22		1,445,340
	8,500,000	Province of Ontario, 2.40%, 2/8/22		8,305,881
	1,000,000	Province of Quebec, 2.38%, 1/31/22		978,282

				29,168,147

	Total Yankee Dollars (Cost $106,209,183)			103,420,989

Securities Held as Collateral for Securities on Loan (2.4%):
$	12,090,710	AZL DFA Five-Year Global Fixed Income Fund Securities Lending Collateral Account(b)		12,090,710

	Total Securities Held as Collateral for Securities on Loan (Cost $12,090,710)			12,090,710

Unaffiliated Investment Company (0.8%):
	4,065,095	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 1.68%(c)		4,065,095

	Total Unaffiliated Investment Company (Cost $4,065,095)			4,065,095

	Total Investment Securities (Cost $511,797,748) — 100.4%(d)			498,774,597
	Net other assets (liabilities) — (0.4)%			(1,883,012	)

	Net Assets — 100.0%		$	496,891,585

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, 2018:

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investment securities, at cost	$	511,797,748

Investment securities, at value*	$	498,774,597
Interest and dividends receivable		2,512,536
Foreign currency, at value (cost $215,193)		218,284
Unrealized appreciation on forward currency contracts		10,208,531
Receivable for capital shares issued		73,850
Receivable for investments sold		393,126
Prepaid expenses		2,979

Total Assets		512,183,903

Liabilities:
Unrealized depreciation on forward currency contracts		327,960
Payable for investments purchased		2,348,943
Payable for capital shares redeemed		183,350
Payable for collateral received on loaned securities		12,090,710
Manager fees payable		204,105
Administration fees payable		11,303
Distribution fees payable		102,052
Custodian fees payable		5,551
Administrative and compliance services fees payable		722
Transfer agent fees payable		547
Trustee fees payable		3,221
Other accrued liabilities		13,854

Total Liabilities		15,292,318

Net Assets	$	496,891,585

Net Assets Consist of:
Capital	$	497,606,716
Accumulated net investment income/(loss)		6,703,166
Accumulated net realized gains/(losses) from investment transactions		(4,254,100	)
Net unrealized appreciation/(depreciation) on investments		(3,164,197	)

Net Assets	$	496,891,585

Shares of beneficial interest (unlimited number of shares authorized, no par value)		49,732,595
Net Asset Value (offering and redemption price per share)	$	9.99

*	Includes securities on loan of $11,693,799.

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Interest	$	3,388,116
Dividends		29,816
Income from securities lending		29,541

Total Investment Income		3,447,473

Expenses:
Manager fees		1,489,202
Administration fees		78,122
Distribution fees		620,498
Custodian fees		26,119
Administrative and compliance services fees		3,494
Transfer agent fees		2,621
Trustee fees		11,460
Professional fees		11,589
Shareholder reports		2,480
Other expenses		4,378

Total expenses before reductions		2,249,963
Less expenses voluntarily waived/reimbursed by the Manager		(248,197	)

Net expenses		2,001,766

Net Investment Income/(Loss)		1,445,707

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions and foreign currencies		(5,004,227	)
Net realized gains/(losses) on forward currency contracts		4,831,431
Change in net unrealized appreciation/depreciation on investments and foreign currencies		(14,209,531	)
Change in net unrealized appreciation/depreciation on forward currency contracts		12,401,400

Net Realized/Unrealized Gains/(Losses) on Investments		(1,980,927	)

Change in Net Assets Resulting From Operations	$	(535,220	)

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

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2018 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $17 million for the period ended June 30, 2018.

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 $2,903 during the period ended June 30, 2018. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The fund had securities lending transactions of $12,090,710 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2018.

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, 2018, the Fund entered into forward currency contracts in connections 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. For the period ended June 30, 2018, the monthly average notional amount for long contracts was $318.6 million and the monthly average notional amount for short contracts was $318.6 million. Realized gains and losses are reported as “Net realized gains/(losses) on forward currency 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, 2018:

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, 2018:

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, 2018. 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, 2018.

As of June 30, 2018, 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, 2018:

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, 2019.

For the period ended June 30, 2018, 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 period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2018, there were no contractual reimbursements subject to repayment by the Fund in subsequent years.

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 (“SEC” or the “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.”

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, 2018, $2,286 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, 2018, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value. There were no significant transfers between Levels 1 and 2 as of June 30, 2018, based on levels assigned to securities on December 31, 2017. The following is a summary of the valuation inputs used as of June 30, 2018 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2018, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $511,797,748. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

As of the latest tax year end, December 31, 2017, 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, 2018, the Fund had an individual shareholder account which is affiliated with the Investment Adviser representing ownership in excess of 90% of the Fund.

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 (98.7%):
Aerospace & Defense (1.4%):
	15,989	Austal, Ltd.	$	22,008
	44,779	BAE Systems plc		382,058
	5,900	Bombardier, Inc., Class B*		23,340
	7,587	CAE, Inc.		157,627
	3,081	Chemring Group plc		9,044
	119,811	Cobham plc*		203,224
	504	Elbit Systems, Ltd.		59,401
	3,429	European Aeronautic Defence & Space Co. NV		400,744
	14,340	Finmeccanica SpA		141,579
	2,535	Heroux-Devtek, Inc.*		29,255
	1,132	LiSi		42,849
	539	Maxar Technologies, Ltd.		27,063
	41,242	Meggitt plc		268,376
	3,010	MTU Aero Engines AG		578,072
	37,946	QinetiQ Group plc		134,657
	25,323	Rolls-Royce Holdings plc		329,989
	1,136	Saab AB		47,158
	1,661	Safran SA		201,475
	20,156	Senior plc		80,719
	17,700	Singapore Technologies Engineering, Ltd.		42,657
	3,432	Ste Industrielle d’Aviation Latecoere SA*		18,340
	1,426	Thales SA		183,582
	4,635	Ultra Electronics Holdings plc		100,620

				3,483,837

Air Freight & Logistics (0.2%):
	6,117	BPOST SA		96,319
	1,468	Compania de Distribucion Integral Logista Holdings SA		37,958
	7,375	Deutsche Post AG		240,777
	5,804	Freightways, Ltd.		30,731
	37,500	Kerry Network, Ltd.		52,254
	2,300	Kintetsu World Express, Inc.		47,426
	1,800	Konoike Transport Co., Ltd.		27,149
	3,144	Mainfreight, Ltd.		59,163
	4,000	Mitsui-Soko Holdings Co., Ltd.*		12,445
	1,146	Oesterreichische Post AG		52,293
	511	Panalpina Welttransport Holdings		69,604
	23,455	PostNL NV		87,833
	23,649	Royal Mail plc		157,571
	58,500	Singapore Post, Ltd.		54,015
	36	XPO Logistics Europe SADIR		12,099

				1,037,637

Airlines (0.3%):
	2,930	Air Canada*		47,366
	6,523	Air France-KLM*		53,183
	26,921	Air New Zealand, Ltd.		57,857
	1,200	All Nippon Airways Co., Ltd.		44,027
	1,046	Cathay Pacific Airways, Ltd.		1,637
	7,741	Deutsche Lufthansa AG, Registered Shares		186,137
	2,130	easyJet plc		46,863
	28,658	El Al Israel Airlines*		6,117
	1,728	Exchange Income Corp.		42,119


Shares			Fair Value
Common Stocks, continued
Airlines, continued
	13,156	International Consolidated Airlines Group SA	$	114,793
	24,091	Qantas Airways, Ltd.		110,140
	21,400	Singapore Airlines, Ltd.		167,548

				877,787

Auto Components (3.1%):
	1,000	Aisan Industry Co., Ltd.		8,424
	6,300	Aisin Sieki Co., Ltd.		286,847
	7,300	Akebono Brake Industry Co., Ltd.*^		17,652
	2,288	Arb Corp., Ltd.		38,812
	266	Autoneum Holding AG		62,269
	8,806	Brembo SpA		119,047
	12,900	Bridgestone Corp.		504,089
	3,874	CIE Automotive SA		114,080
	7,997	Compagnie Generale des Establissements Michelin SCA, Class B		972,400
	887	Continental AG		202,722
	2,800	Daido Metal Co., Ltd.		28,514
	2,400	Daikyonishikawa Corp.		35,140
	4,700	Denso Corp.		228,669
	1,997	Dometic Group AB(a)		19,609
	1,800	Eagle Industry Co., Ltd.		28,857
	1,724	ElringKlinger AG		22,105
	1,700	Exedy Corp.		52,589
	3,076	Faurecia		218,872
	2,300	FCC Co., Ltd.		64,829
	500	Futaba Industrial Co., Ltd.		3,137
	874	Grammer AG		60,819
	1,400	G-Tekt Corp.		23,685
	2,186	Hella KGAA Hueck & Co.		122,467
	1,600	Hi-Lex Corp.		40,511
	700	H-One Co., Ltd.		7,683
	1,200	Imasen Electric Industrial		12,715
	1,800	Kasai Kogyo Co., Ltd.		22,242
	2,500	Keihin Corp.		50,665
	1,600	Koito Manufacturing Co., Ltd.		105,569
	31,203	Kongsberg Automotive ASA*		35,828
	500	KYB Co., Ltd.		22,723
	2,493	Leoni AG		126,351
	3,233	Linamar Corp.		142,183
	8,141	Magna International, Inc., ADR		473,236
	6,366	Martinrea International, Inc.		68,285
	1,027	Mgi Coutier		31,295
	2,000	Mitsuba Corp.		16,016
	1,600	Musashi Seimitsu Industry Co. L		52,900
	6,000	NGK Spark Plug Co., Ltd.		170,927
	12,000	NHK SPRING Co., Ltd.		112,979
	3,600	Nifco, Inc.		111,145
	4,000	Nippon Seiki Co., Ltd.		75,284
	700	Nissin Kogyo Co., Ltd.		12,364
	2,700	NOK Corp.		52,200
	6,062	Nokian Renkaat OYJ		238,916
	2,600	Pacific Industrial Co., Ltd.		38,153


Shares			Fair Value
Common Stocks, continued
Auto Components, continued
	1,800	Piolax, Inc.	$	43,300
	2,839	Plastic Omnium SA		119,793
	6,300	Press Kogyo Co., Ltd.		36,936
	400	Riken Corp.		20,933
	935	Saf-Holland SA		14,053
	1,600	Sanden Holdings Corp.*		20,821
	2,200	Showa Corp.		36,043
	2,500	Stanley Electric Co., Ltd.		85,027
	17,200	Sumitomo Electric Industries, Ltd.		255,870
	2,900	Sumitomo Riko Co., Ltd.		29,680
	7,600	Sumitomo Rubber Industries, Ltd.		120,635
	300	T RAD Co., Ltd.		9,289
	1,400	Tachi-S Co., Ltd.		23,416
	800	Taiho Kogyo Co., Ltd.		9,221
	3,900	Tokai Rika Co., Ltd.		73,969
	2,500	Topre Corp.		62,866
	7,500	Toyo Tire & Rubber Co., Ltd.		109,591
	4,500	Toyoda Gosei Co., Ltd.		113,937
	3,500	Toyota Boshoku Corp.		64,343
	700	Toyota Industries Corp.		39,191
	1,500	TPR Co., Ltd.		34,910
	3,600	TS Tech Co., Ltd.		150,127
	2,000	Unipres Corp.		39,139
	2,847	Valeo SA		155,385
	82,000	Xinyi Glass Holdings, Ltd.		99,803
	6,500	Yokohama Rubber Co., Ltd. (The)		134,920
	600	Yorozu Corp.		9,198

				7,168,200

Automobiles (3.6%):
	9,641	Bayerische Motoren Werke AG (BMW)		874,398
	17,431	Daimler AG, Registered Shares		1,121,329
	958	Ferrari NV		129,340
	31,464	Fiat Chrysler Automobiles NV		598,900
	4,300	Fuji Heavy Industries, Ltd.		125,116
	23,400	Honda Motor Co., Ltd.		686,238
	24,135	IMMSI SpA*		13,389
	10,900	Isuzu Motors, Ltd.		144,593
	23,400	Mazda Motor Corp.		286,604
	48,200	Nissan Motor Co., Ltd.		468,445
	700	Nissan Shatai Co., Ltd.		6,371
	14,678	Piaggio & C SpA		36,822
	27,636	PSA Peugeot Citroen SA		630,140
	3,686	Renault SA		312,843
	5,000	Suzuki Motor Corp.		275,777
	31,838	Toyota Motor Corp.		2,058,409
	794	Volkswagen AG		131,305
	4,800	Yamaha Motor Co., Ltd.		120,517

				8,020,536

Banks (9.3%):
	3,000	77th Bank		65,391
	4,916	ABN AMRO Group NV(a)		127,222
	4,219	AIB Group plc		22,871


Shares			Fair Value
Common Stocks, continued
Banks, continued
	400	Akita Bank, Ltd. (The)	$	11,135
	1,197	Aktia Bank OYJ		11,456
	1,200	Aomori Bank, Ltd. (The)		36,219
	19,130	Australia & New Zealand Banking Group, Ltd.		401,461
	6,000	Awa Bank, Ltd. (The)		36,906
	20,218	Banca Popolare dell’Emilia Romarna		110,740
	18,614	Banca Popolare di Sondrio SCARL		74,767
	61,025	Banco Bpm SpA*		178,169
	106,975	Banco Comercial Portugues SA, Class R*		32,104
	73,105	Banco de Sabadell SA		121,979
	124,643	Banco Santander SA		665,346
	244	Bank Cler AG		12,814
	6,708	Bank Hapoalim BM		45,544
	28,290	Bank Leumi Le-Israel Corp.		167,678
	10,600	Bank of East Asia, Ltd. (The)		42,177
	2,674	Bank of Georgia Group plc*		66,510
	20,917	Bank of Ireland Group plc		163,026
	900	Bank of Iwate, Ltd. (The)		34,645
	1,400	Bank of Kyoto, Ltd. (The)		64,737
	15,317	Bank of Montreal		1,183,392
	500	Bank of Nagoya, Ltd. (The)		17,368
	13,051	Bank of Nova Scotia		746,778
	820	Bank of Okinawa, Ltd. (The)		30,003
	12,981	Bank of Queensland, Ltd.		97,781
	1,100	Bank of Saga, Ltd. (The)		24,660
	69	Banque Cantonale Vaudoise,Registered Shares		53,076
	20,279	Barclays plc, ADR		203,398
	11,431	Bendigo & Adelaide Bank, Ltd.		92,237
	206	Berner Kantonalbank AG		37,993
	6,008	BNP Paribas SA		372,372
	57,542	BOC Hong Kong Holdings, Ltd.		269,799
	6,760	Canadian Imperial Bank of Commerce		587,579
	4,927	Canadian Western Bank		129,875
	9,000	Chiba Bank, Ltd. (The)		63,421
	4,300	Chiba Kogyo Bank, Ltd. (The)		18,738
	3,800	Chugoku Bank, Ltd. (The)		38,417
	700	Chukyo Bank, Ltd. (The)		14,722
	2,600	Chuo Mitsui Trust Holdings, Inc.		103,010
	12,920	Commerzbank AG*		123,783
	10,689	Commonwealth Bank of Australia		578,681
	15,000	Concordia Financial Group, Ltd.		76,255
	6,221	Credit Agricole SA		82,925
	3,026	Credito Emiliano SpA		22,392
	348,864	Credito Valtellinese SpA*		39,215
	7,234	Criteria Caixacorp SA		31,247
	10,000	Dah Sing Banking Group, Ltd.		20,922
	5,600	Dah Sing Financial Holdings, Ltd.		32,617
	800	Daishi Bank, Ltd. (The)		31,789
	2,845	Danske Bank A/S		88,932
	6,055	DnB NOR ASA		118,153
	900	Ehime Bank, Ltd. (The)		10,452
	763	Erste Group Bank AG		31,805


Shares			Fair Value
Common Stocks, continued
Banks, continued
	6,500	Fidea Holdings Co., Ltd.	$	10,088
	1,816	First International Bank of Israel		38,030
	1,000	Fukui Bank, Ltd. (The)		21,859
	8,000	Fukuoka Financial Group, Inc.		40,175
	8,100	Gunma Bank, Ltd. (The)		42,508
	15,800	Hachijuni Bank, Ltd. (The)		67,534
	2,805	Hang Seng Bank, Ltd.		69,809
	25,589	Heartland Bank, Ltd.		29,450
	6,700	Hiroshima Bank, Ltd. (The)		44,606
	1,000	Hokkoku Bank, Ltd. (The)		39,339
	1,400	Hokuetsu Bank, Ltd. (The)		27,877
	4,300	Hokuhoku Financial Group, Inc.		57,203
	22,465	HSBC Holdings plc, ADR		1,059,000
	6,800	Hyakugo Bank, Ltd. (The)		26,677
	10,000	Hyakujushi Bank, Ltd. (The)		32,844
	21,652	ING Groep NV		310,666
	72,820	Intesa Sanpaolo SpA		210,762
	24,232	Isreal Discount Bank		70,924
	5,500	Iyo Bank, Ltd. (The)		36,306
	6,200	Jimoto Holdings, Inc.		9,402
	1,200	Juroku Bank, Ltd. (The)		31,671
	2,584	Jyske Bank A/S		141,671
	1,742	Kansai Mirai Financial Group,Inc.*		13,192
	3,405	KBC Group NV		262,452
	8,000	Keiyo Bank, Ltd. (The)		34,273
	400	Kita-Nippon Bank, Ltd. (The)		9,636
	2,400	Kiyo Bank, Ltd. (The)		39,552
	8,690	Kyushu Financial Group, Inc.		41,932
	1,601	Laurentian Bank of Canada		54,637
	48,585	Liberbank SA*		24,749
	696	Liechtenstein Landesbank AG		42,853
	83,348	Lloyds TSB Group plc, ADR		277,549
	117	Luzerner Kantonalbank AG		60,844
	12,870	Mebuki Financial Group, Inc.		43,177
	6,134	Mediobanca SpA		56,839
	700	Michinoku Bank, Ltd. (The)		11,477
	78,200	Mitsubishi UFJ Financial Group, Inc.		443,593
	800	Miyazaki Bank, Ltd. (The)		24,395
	4,380	Mizrahi Tefahot Bank, Ltd.		80,666
	159,600	Mizuho Financial Group, Inc.		268,560
	1,300	Musashino Bank, Ltd. (The)		38,573
	1,300	Nanto Bank, Ltd. (The)		33,130
	28,207	National Australia Bank, Ltd.		574,049
	6,256	National Bank of Canada		300,402
	10,213	Natixis		72,306
	5,000	Nishi-Nippon Holdings, Inc.		58,373
	14,029	Nordea Bank AB		135,023
	8,600	North Pacific Bank, Ltd.		28,767
	1,300	Ogaki Kyoritsu Bank, Ltd. (The)		32,998
	18,152	Oversea-Chinese Banking Corp., Ltd.		154,616
	5,242	Raiffeisen International Bank-Holding AG		160,560
	13,700	Resona Holdings, Inc.		73,213


Shares			Fair Value
Common Stocks, continued
Banks, continued
	977	Ringkjoebing Landbobank A/S	$	54,634
	10,304	Royal Bank of Canada		775,891
	12,565	Royal Bank of Scotland, ADR*		85,442
	1,190	San Ju San Financial Group, Inc.*		21,497
	5,000	San-In Godo Bank, Ltd. (The)		44,691
	11,600	Senshu Ikeda Holdings, Inc.		39,113
	24,500	Seven Bank, Ltd.		74,931
	7,000	Shiga Bank, Ltd. (The)		35,807
	1,000	Shikoku Bank, Ltd. (The)		12,330
	400	Shimizu Bank, Ltd. (The)		7,651
	3,100	Shinsei Bank, Ltd.		47,650
	5,000	Shizuoka Bank, Ltd. (The)		44,883
	11,212	Skandinaviska Enskilda Banken AB, Class A		106,488
	4,184	Societe Generale		176,165
	3,307	Spar Nord Bank A/S		35,386
	4,203	Sparebank 1 Sr-Bank ASA		44,494
	121	St. Galler Kantonalbank AG		62,993
	16,806	Standard Chartered plc		153,529
	8,900	Sumitomo Mitsui Financial Group, Inc.		344,939
	1,500	Suruga Bank, Ltd.		13,405
	11,606	Svenska Handelsbanken AB, Class A		128,867
	3,158	Swedbank AB, Class A		67,559
	2,348	Sydbank A/S		80,684
	6,500	Toho Bank, Ltd. (The)		23,517
	1,100	Tokyo Ty Financial Group, Inc.		26,404
	7,500	Tomony Holdings, Inc.		32,131
	19,576	Toronto-Dominion Bank (The)		1,132,668
	2,100	Towa Bank, Ltd. (The)		21,519
	6,200	Tsukuba Bank, Ltd.		14,485
	36,343	UBI Banca — Unione di Banche Italiane SCPA		139,192
	11,057	Unicredit SpA		183,880
	8,427	United Overseas Bank, Ltd.		165,997
	682	Valiant Holding AG		77,233
	764	Van Lanschot Kempen NV		21,551
	9,737	Virgin Money Holdings UK		47,129
	582	Walliser Kantonalbank, Registered Shares		68,212
	51,785	Westpac Banking Corp.		1,128,197
	1,600	Yamagata Bank, Ltd. (The)		33,988
	5,000	Yamaguchi Financial Group, Inc.		56,213
	9,000	Yamanashi Chuo Bank, Ltd. (The)		34,177
	6	Zuger Kantonalbank AG		35,761

				19,438,754

Beverages (1.1%):
	10,537	A.G. Barr plc		95,586
	3,070	Anheuser-Busch InBev NV		309,675
	2,300	Asahi Breweries, Ltd.		117,704
	8,796	Britvic plc		90,370
	562	C&C Group plc		2,133
	991	Carlsberg A/S, Class B		116,700
	5,367	Coca-Cola Amatil, Ltd.		36,514
	600	Coca-Cola Bottlers Japan Holdings, Inc.		23,960
	2,981	Coca-Cola European Partners plc		121,012


Shares			Fair Value
Common Stocks, continued
Beverages, continued
	3,906	Coca-Cola HBC AG	$	130,431
	4,250	Cott Corp.		70,418
	5,510	Davide Campari — Milano SpA		45,280
	4,154	Diageo plc, ADR		598,218
	1,867	Heineken NV		187,172
	2,200	ITO EN, Ltd.		101,655
	6,800	Kirin Holdings Co., Ltd.		181,794
	109	Laurent-Perrier		12,220
	938	Olvi OYJ		34,707
	2,807	Royal Unibrew A/S		223,678
	4,000	Sapporo Breweries, Ltd.		100,216
	1,000	Suntory Beverage & Food, Ltd.		42,693

				2,642,136

Biotechnology (0.2%):
	986	Bavarian Nordic A/S*^		29,051
	1,137	Biotest AG		32,729
	2,219	CSL, Ltd.		317,168
	634	Genus plc		22,011
	2,522	Grifols SA		75,632
	5,747	Knight Therapeutics, Inc.*		35,195
	3,118	Sirtex Medical, Ltd.		72,548

				584,334

Building Products (1.1%):
	1,100	AICA Kogyo Co., Ltd.		38,583
	2,028	Arbonia AG*		33,438
	5,600	Asahi Glass Co., Ltd.		217,815
	1,735	Assa Abloy AB, Class B		36,937
	15	Belimo Holding AG, Registered Shares		65,269
	2,400	Bunka Shutter Co., Ltd.		20,348
	1,100	Central Glass Co., Ltd.		23,050
	631	Centrotec Sustainable AG		9,722
	2,051	Compagnie de Saint-Gobain SA		91,462
	1,500	Daikin Industries, Ltd.		179,427
	119	dorma kaba Holding AG		83,419
	434	Geberit AG, Registered Shares		186,524
	12,489	Gwa Group, Ltd.		31,391
	2,938	Inwido AB		21,022
	9,081	Kingspan Group plc		454,017
	3,279	Lindab International AB		24,012
	5,800	Lixil Group Corp.		115,936
	5,337	Nibe Industrier AB, Class B		57,234
	8,000	Nichias Corp.		100,095
	1,500	Nichiha Corp.		56,675
	1,500	Nippon Sheet Glass Co., Ltd.		14,409
	2,000	Nitto Boseki Co., Ltd.		47,774
	1,500	Noritz Corp.		24,429
	1,400	Okabe Co., Ltd.		12,180
	12,336	Polypipe Group plc		62,538
	353	Rockwool International A/S		137,730
	22	Rockwool International A/S		7,680
	1,900	Sankyo Tateyama, Inc.		23,729
	11,100	Sanwa Holdings Corp.		117,441


Shares			Fair Value
Common Stocks, continued
Building Products, continued
	35	Schweiter Technologies AG	$	36,544
	900	Shin Nippon Air Technologies Co., Ltd.		13,576
	1,800	Takara Standard Co., Ltd.		29,976
	2,000	TOTO, Ltd.		92,420
	2,051	Uponor OYJ		32,899
	638	Zehnder Group AG		26,457

				2,526,158

Capital Markets (2.6%):
	2,048	3i Group plc		24,327
	3,200	AGF Management, Ltd.		16,943
	1,600	Aizawa Securities Co., Ltd.		11,224
	2,800	Alaris Royalty Corp.		33,954
	1,655	Altamir		31,983
	244	Amundi SA(a)		16,872
	2,634	Anima Holding SpA(a)		14,098
	17,351	Ashmore Group plc		85,373
	851	Avanza Bank Holding AB^		43,685
	6,232	Azimut Holding SpA		96,226
	2,819	Banca Generali SpA		70,024
	4,094	Binckbank NV		23,163
	3,505	Bolsas y Mercados Espanoles		115,665
	25,002	Brewin Dolphin Holdings plc		117,150
	1,119	Brookfield Asset Management, Inc., Class A		45,364
	1,983	Bure Equity AB		22,395
	6,165	Canaccord Genuity Group, Inc.		34,049
	2,455	CI Financial Corp.		44,132
	112	Cie Financiere Tradition SA		11,814
	10,072	Close Brothers Group plc		197,407
	14,749	Credit Suisse Group AG		221,436
	14,000	Daiwa Securities Group, Inc.		81,241
	10,467	Deutsche Bank AG, Registered Shares		111,160
	206	Deutsche Beteiligungs AG		8,175
	1,253	Deutsche Boerse AG		166,931
	1,252	Eastnine AB		13,086
	2,513	EFG International AG		18,854
	258,000	Emperor Capital Group, Ltd.		16,371
	2,185	Euronext NV(a)		138,657
	2,000	Fiera Capital Corp.		17,908
	6,269	GAM Holding AG		86,629
	2,674	Georgia Capital plc*		36,342
	671	Gimv NV		40,806
	1,675	Guardian Capital Group, Ltd., Class A		29,346
	142,000	Guotai Junan International Hol		30,663
	67,243	Haitong International Securities		30,638
	5,422	Hargreaves Lansdown plc		141,003
	6,267	Hong Kong Exchanges & Clearing, Ltd.		187,787
	22,233	IG Group Holdings plc		252,562
	632	IGM Financial, Inc.		18,323
	3,744	Intermediate Capital Group plc		54,361
	15,356	Investec plc		108,855
	6,662	IOOF Holdings, Ltd.		44,196
	20,157	Ip Group plc*		33,718


Shares			Fair Value
Common Stocks, continued
Capital Markets, continued
	3,988	IRESS, Ltd.	$	35,615
	1,700	IwaiCosmo Holdings, Inc.		21,956
	1,400	Jafco Co., Ltd.		56,859
	7,200	Japan Exchange Group, Inc.		133,727
	2,771	Julius Baer Group, Ltd.		162,854
	25,444	Jupiter Fund Management plc		149,583
	453	KAS Bank NV		5,169
	32,000	Kingston Financial Group, Ltd.		9,069
	3,928	London Stock Exchange Group plc		231,382
	3,369	Macquarie Group, Ltd.		309,584
	4,411	Magellan Financial Group, Ltd.		76,560
	70,712	Man Group plc		163,963
	2,900	Mito Securities Co., Ltd.		10,488
	7,700	Monex Group, Inc.		44,457
	4,265	Navigator Global Investments, Ltd.		16,874
	10,500	Nex Group plc		142,150
	28,200	Nomura Holdings, Inc.		136,530
	5,000	Okasan Securities Group, Inc.		24,576
	226	Partners Group Holding AG		165,840
	7,517	Pendal Group, Ltd.		55,346
	1,867	Perpetual, Ltd.		57,622
	5,913	Platinum Asset Management, Ltd.		25,348
	38,563	Quilter plc*(a)		73,742
	3,209	Rathbone Brothers plc		109,808
	9,785	Ratos AB, Class B		32,682
	1,124	Rothschild & Co.		37,941
	5,700	SBI Holdings, Inc.		146,492
	559	Schroders plc		18,325
	1,610	Schroders plc		67,069
	9,000	Singapore Exchange, Ltd.		47,286
	371	Swissquote Group Holding SA		20,559
	2,878	Thomson Reuters Corp.		116,041
	1,131	TMX Group, Ltd.		74,150
	3,100	Tokai Tokyo Financial Holdings, Inc.		19,743
	4,000	Toyo Securities Co., Ltd.		9,445
	19,048	Tullett Prebon plc		105,839
	13,983	UBS Group AG		215,216
	3,019	UBS Group AG		46,311
	1,793	Vontobel Holding AG		130,174
	122	Vp Bank AG, Registered Shares		23,246

				6,274,517

Chemicals (6.0%):
	900	Achilles Corp.		17,683
	5,100	Adeka Corp.		81,582
	3,219	Air Liquide SA		404,226
	6,000	Air Water, Inc.		110,020
	2,174	AkzoNobel NV		185,232
	700	Arakawa Chemical Industries, Ltd.		11,235
	4,212	Arkema SA		497,645
	24,000	Asahi Kasei Corp.		304,666
	15,764	BASF SE		1,506,840
	7,920	Borregaard ASA		85,440


Shares			Fair Value
Common Stocks, continued
Chemicals, continued
	2,300	Carlit Holdings Co., Ltd.	$	19,543
	812	Christian Hansen Holding A/S		74,928
	1,600	Ci Takiron Corp.		9,008
	9,903	Clariant AG		237,225
	4,087	Corbion NV		130,164
	2,800	Croda International plc		177,362
	9,800	Daicel Chemical Industries, Ltd.		108,321
	400	Dainichiseika Color & Chemical		12,443
	5,100	Dainippon Ink & Chemicals, Inc.		159,136
	5,600	Denka Co., Ltd.		186,439
	17,121	DuluxGroup, Ltd.		96,827
	24,199	Elementis plc		80,670
	88	EMS-Chemie Holding AG		56,513
	3,991	Essentra plc		25,292
	1,599	Evonik Industries AG		54,734
	905	Frutarom Industries, Ltd.		89,070
	1,815	Fuchs Petrolub AG		89,449
	679	FUCHS Petrolub SE		32,062
	1,100	Fujimori Kogyo Co., Ltd.		36,221
	1,400	Fuso Chemical Co., Ltd.		36,091
	100	Givaudan SA, Registered Shares		226,749
	29	Gurit Holding AG		23,558
	835	H&R GMBH & Co. KGAA		9,939
	4,570	Hexpol AB		47,499
	2,600	Hitachi Chemical Co., Ltd.		52,384
	700	Hodogaya Chemical Co., Ltd.		21,023
	35,677	Incitec Pivot, Ltd.		96,208
	1,500	Ishihara Sangyo Kaisha, Ltd.*		14,118
	10,087	Israel Chemicals, Ltd.		46,277
	400	JCU Corp.		9,293
	2,998	Johnson Matthey plc		142,962
	6,900	K+S AG, Registered Shares		170,271
	16,000	Kaneka Corp.		143,270
	1,100	Kansai Paint Co., Ltd.		22,812
	5,000	Kanto Denka Kogyo Co., Ltd.		41,588
	7,358	Kemira OYJ		97,783
	1,500	Koatsu Gas Kogyo Co., Ltd.		13,139
	1,178	Koninklijke DSM NV		118,277
	300	Konishi Co., Ltd.		4,860
	3,200	Kumiai Chemical Industry Co., Ltd.		25,086
	11,300	Kuraray Co., Ltd.		155,452
	400	Kureha Corp.		28,515
	5,438	Lanxess AG		423,752
	393	Lenzing AG		47,419
	1,230	Linde AG		293,495
	1,300	Lintec Corp.		37,709
	2,350	Methanex Corp.		166,145
	53,900	Mitsubishi Chemical Holdings Corp.		450,563
	3,800	Mitsubishi Gas Chemical Co., Inc.		85,964
	8,000	Mitsui Chemicals, Inc.		212,394
	800	Nihon Kagaku Sangyo Co., Ltd.		9,594
	2,300	Nihon Nohyaku Co., Ltd.		14,772


Shares			Fair Value
Common Stocks, continued
Chemicals, continued
	3,600	Nihon Parkerizing Co., Ltd.	$	51,797
	600	Nippon Chemical Industrial Co., Ltd.		26,790
	8,000	Nippon Kayaku Co., Ltd.		89,391
	1,400	Nippon Pillar Packing Co., Ltd.		18,582
	400	Nippon Shokubai Co., Ltd.		28,899
	4,000	Nippon Soda Co., Ltd.		22,112
	1,800	Nissan Chemical Industries, Ltd.		83,872
	900	Nitto Denko Corp.		68,005
	1,800	NOF Corp.		58,123
	3,287	Novozymes A/S, Class B		166,449
	5,861	Nufarm, Ltd./Australia		38,502
	4,040	Nutrien, Ltd.		219,695
	600	Okura Industrial Co., Ltd.		14,099
	5,934	Orica, Ltd.		78,090
	1,000	Osaka Organic Chemical Industry, Ltd.		13,096
	1,343	Recticel SA		15,282
	2,800	Riken Technos Corp.		13,989
	500	Sakai Chemical Industry Co., Ltd.		13,451
	2,400	Sakata Inx Corp.		31,333
	700	Sanyo Chemical Industries, Ltd.		30,307
	900	Sekisui Plastics Co., Ltd.		8,999
	900	Shin-Etsu Chemical Co., Ltd.		79,850
	4,700	Showa Denko K.K.		208,422
	1,740	Sika AG		239,881
	1,754	SOL SPA		21,468
	1,497	Solvay SA		188,438
	11,000	Sumitomo Bakelite Co., Ltd.		105,918
	68,000	Sumitomo Chemical Co., Ltd.		384,891
	300	Sumitomo Seika Chemicals Co. Ltd.		14,965
	2,206	Symrise AG		193,371
	17,365	Synthomer plc		120,201
	500	T Hasegawa Co., Ltd.		10,907
	1,200	T&K Toka Co., Ltd.		12,921
	900	Taiyo Holdings Co., Ltd.		36,873
	4,500	Taiyo Nippon Sanso Corp.		64,439
	600	Takasago International Corp.		19,194
	9,600	Teijin, Ltd.		175,941
	500	Tenma Corp.		8,962
	1,223	Tessenderlo Chemie NV*		47,664
	1,434	Tikkurila OYJ		24,608
	3,700	Toagosei Co., Ltd.		42,716
	3,200	Tokuyama Corp.		102,536
	600	Tokyo Ohka Kogyo Co., Ltd.		23,135
	11,000	Toray Industries, Inc.		86,602
	13,500	Tosoh Corp.		208,942
	1,200	Toyo Ink SC Holdings Co., Ltd.		31,281
	6,300	Toyobo Co., Ltd.		104,768
	7,200	Ube Industries, Ltd.		186,977
	6,745	Umicore SA		385,244
	5,800	Victrex plc		222,034
	1,157	Wacker Chemie AG		151,232
	10,000	Zeon Corp.		118,061

				12,882,242


Shares			Fair Value
Common Stocks, continued
Commercial Services & Supplies (1.3%):
	800	AEON Delight Co., Ltd.	$	27,211
	17,026	Aggreko plc		151,746
	25,551	Babcock International Group plc		275,498
	1,163	Bilfinger SE^		59,127
	1,670	Black Diamond Group, Ltd.		4,523
	14,490	Brambles, Ltd.		95,341
	282	Cewe Stiftung & Co. KGAA		26,055
	49,900	CITIC Envirotech, Ltd.		20,125
	76,899	Cleanaway Waste Management, Ltd.		96,575
	2,500	Dai Nippon Printing Co., Ltd.		55,889
	1,000	Daiseki Co., Ltd.		29,353
	4,203	De La Rue plc		30,816
	20,752	Downer EDI, Ltd.		104,435
	1,000	Duskin Co., Ltd.		24,932
	8,557	Edenred		270,031
	4,446	Elis SA		101,826
	61,796	G4S plc		217,967
	348	GL Events		9,364
	18,123	HomeServe plc		214,423
	9,361	Interserve plc*		7,841
	3,054	ISS A/S		104,897
	1,800	Itoki Corp.		10,483
	34,804	IWG plc		146,173
	1,500	Kokuyo Co., Ltd.		26,624
	400	Kyodo Printing Co., Ltd.		10,358
	3,638	Lassila & Tikanoja OYJ		69,833
	5,185	Loomis AB		180,071
	700	Matsuda Sangyo Co., Ltd.		10,319
	5,449	Mears Group plc		24,516
	27,717	Mitie Group plc		57,134
	600	Nissha Printing		12,365
	1,100	Oyo Corp.		14,011
	2,100	Park24 Co., Ltd.		57,159
	2,696	PayPoint plc		33,248
	1,400	Pilot Corp.		77,930
	15,826	Prosegur Compania de Seguridad SA		103,258
	58,477	Rentokil Initial plc		270,582
	1,600	Sato Holdings Corp.		47,840
	700	SECOM Co., Ltd.		53,698
	9,943	Securitas AB, Class B		163,567
	11,583	Shanks Group plc		11,919
	659	Societe BIC SA		61,078
	700	Sohgo Security Services Co., Ltd.		32,956
	2,300	Takeei Corp.		24,908
	2,256	Tomra Systems ASA		47,378
	1,300	Toppan Forms Co., Ltd.		13,147
	5,000	Toppan Printing Co., Ltd.		39,144
	1,100	Tosho Printing Co., Ltd.		9,831
	4,470	Transcontinental, Inc.		103,818

				3,641,323

Communications Equipment (0.1%):
	2,792	Adva Optical Networking Se*		19,951


Shares			Fair Value
Common Stocks, continued
Communications Equipment, continued
	700	Aiphone Co., Ltd.	$	10,897
	2,052	Ascom Holding AG		37,197
	700	Denki Kogyo Co., Ltd.		22,510
	991	Evs Broadcast Equipment SA		22,723
	500	Icom, Inc.		12,208
	6,772	Mitel Networks Corp.*		74,134
	36,485	Nokia OYJ		209,286
	1,022	Parrot SA*		6,717
	1,300	Sierra Wireless, Inc.*		20,798
	26,263	Spirent Communications plc		40,150
	12,465	Telefonaktiebolaget LM Ericsson, Class B		95,971
	8,000	Uniden Holdings Corp.		22,631
	6,200	VTech Holdings, Ltd.		71,375

				666,548

Construction & Engineering (1.9%):
	4,849	ACS Actividades de Construccion y Servicios SA		196,125
	3,353	Aecon Group, Inc.		39,435
	2,015	Arcadis NV		36,205
	3,000	Asanuma Corp.		10,717
	4,202	Astaldi SpA*		9,819
	2,110	Badger Daylighting, Ltd.		50,836
	375	Bauer AG		8,279
	16,800	Boustead Singapore, Ltd.		9,623
	7,647	Bouygues SA		329,169
	209	Burkhalter Holding AG		17,702
	14,759	Cardno, Ltd.*		14,516
	25,120	Carillion plc*^(b)(c)		3,960
	1,100	Chudenko Corp.		27,485
	589	CIE d’Entreprises CFE SA		72,848
	2,026	Cimic Group, Ltd.		63,366
	6,098	Costain Group plc		35,398
	500	Dai-Dan Co., Ltd.		10,357
	6,000	Daiho Corp.		35,708
	2,773	Eiffage SA		301,415
	2,783	Elecnor SA		41,290
	7,737	Eltel AB*(a)		19,420
	3,414	Ferrovial SA		69,984
	1,493	FLSmidth & Co. A/S		89,300
	1,782	Fomento de Construcciones y Contratas SA*		22,464
	4,400	Fudo TETRA Corp.		8,220
	200	Fukuda Corp.		12,058
	6,974	Galliford Try plc		80,361
	14,200	Hazama Ando Corp.		128,898
	600	Hibiya Engineering, Ltd.		11,952
	373	Hochtief AG		67,389
	1,093	Implenia AG		83,224
	17,890	John Laing Group plc(a)		65,025
	15,000	Kajima Corp.		116,057
	3,000	Kandenko Co., Ltd.		32,911
	400	Kawada Technologies, Inc.		25,865
	5,690	Keller Group plc		76,096
	2,147	Kier Group plc		27,175


Shares			Fair Value
Common Stocks, continued
Construction & Engineering, continued
	2,800	Kinden Corp.	$	45,716
	8,456	Koninklijke BAM Groep NV		35,556
	2,781	Koninklijke Boskalis Westminster NV		80,926
	2,300	Kumagai Gumi Co., Ltd.		80,659
	1,300	Kyowa Exeo Corp.		34,089
	1,300	Kyudenko Corp.		62,721
	7,400	Lian Beng Group, Ltd.		2,740
	7,200	Maeda Corp.		82,589
	3,000	Maeda Road Construction Co., Ltd.		57,013
	3,300	Mirait Holdings Corp.		51,093
	6,692	Monadelphous Group, Ltd.		74,463
	3,820	NCC AB		63,481
	300	NDS Co., Ltd.		16,236
	1,000	Nichireki Co., Ltd.		10,843
	3,000	Nippo Corp.		54,636
	1,600	Nippon Densetsu Kogyo Co., Ltd.		35,210
	700	Nippon Koei Co., Ltd.		17,355
	200	Nippon Road Co., Ltd. (The)		10,272
	1,500	Nishimatsu Construction Co., Ltd.		43,010
	20,800	Obayashi Corp.		216,260
	4,863	Obrascon Huarte Lain SA		15,539
	1,100	Okumura Corp.		35,871
	12,582	Peab AB		94,733
	18,100	Penta-Ocean Construction Co., Ltd.		121,111
	703	Per Aarsleff Holding A/S		24,842
	2,500	Raito Kogyo Co., Ltd.		26,120
	19,598	Sacyr SA		53,471
	12,041	Salini Impregilo SpA		31,355
	1,400	Sanki Engineering Co., Ltd.		13,704
	5,399	Shikun & Binui, Ltd.*		9,566
	14,700	Shimizu Corp.		152,106
	2,700	Spie SA		54,689
	881	Strabag Se		34,488
	12,380	Sumitomo Mitsui Construction		86,122
	2,479	Sweco AB-B Shs		58,422
	700	Taihei Dengyo Kaisha, Ltd.		17,719
	2,800	TAISEI Corp.		154,291
	400	Tekken Corp.		11,026
	900	TOA Corp.		23,132
	16,300	Tobishima Corp.		28,523
	1,000	Toda Corp.		8,694
	400	Toenec Corp.		12,005
	1,000	Tokyo Energy & Systems, Inc.		11,481
	5,100	Tokyu Construction Co., Ltd.		49,490
	1,100	Totetsu Kogyo Co., Ltd.		35,025
	4,300	Toyo Construction Co., Ltd.		19,084
	3,200	Toyo Engineering Corp.*		21,912
	22,100	United Engineers, Ltd.		45,588
	3,109	Veidekke ASA		31,272
	3,693	Vinci SA		354,666
	1,400	Wakachiku Construction Co., Ltd.		20,764
	2,771	YIT OYJ		16,492
	1,200	Yurtec Corp.		9,839

				5,008,662


Shares			Fair Value
Common Stocks, continued
Construction Materials (0.6%):
	17,807	Adelaide Brighton, Ltd.	$	91,946
	7,356	Boral, Ltd.		35,491
	3,157	Brickworks, Ltd.		36,642
	2,325	Buzzi Unicem SpA		56,921
	7,304	CRH plc, ADR		258,196
	22,791	CSR, Ltd.		77,623
	8,443	Fletcher Building, Ltd.		39,704
	1,137	HeidelbergCement AG		95,704
	829	Imerys SA		66,786
	7,436	James Hardie Industries SE		125,140
	400	Krosaki Harima Corp.		22,808
	1,931	LafargeHolcim, Ltd., Registered Shares		94,192
	2,500	Nippon Concrete Industries Co., Ltd.		7,460
	20,000	Sumitomo Osaka Cement Co., Ltd.		93,658
	7,200	Taiheiyo Cement Corp.		236,684
	1,196	Vicat		78,440

				1,417,395

Consumer Finance (0.1%):
	3,600	Aeon Credit Service Co., Ltd.		76,439
	96,000	Allied Properties HK, Ltd.		20,483
	9,830	Arrow Global Group plc		31,386
	1,360	Cembra Money Bank AG		107,082
	1,847	Credit Corp. Group, Ltd.		24,820
	3,900	Credit Saison Co., Ltd.		61,312
	18,226	Eclipx Group, Ltd.		42,896
	106,800	Enerchina Holdings, Ltd.		6,190
	18,254	Flexigroup, Ltd.		29,968
	4,100	Hitachi Capital Corp.		105,912
	2,988	Hoist Finance AB(a)		21,816
	17,800	Hong Leong Finance, Ltd.		34,646
	14,415	International Personal Finance		38,776
	4,300	J Trust Co., Ltd.		35,498
	1,800	Jaccs Co., Ltd.		38,915
	15,200	Orient Corp.		20,443
	4,742	Provident Financial plc*		37,521
	38,000	Sun Hung Kai Properties, Ltd.		21,312

				755,415

Containers & Packaging (0.9%):
	11,159	Amcor, Ltd.		119,164
	10,464	BillerudKorsnas AB^		147,824
	4,231	Cascades, Inc.		37,884
	1,780	CCL Industries, Inc.		87,274
	46,684	DS Smith plc		320,907
	800	FP Corp.		44,164
	1,900	Fuji Seal International, Inc.		67,210
	5,634	Huhtamaki OYJ		207,993
	2,589	Intertape Polymer Group, Inc.		35,590
	314	Mayr Melnhof Karton AG		42,391
	69,097	Orora, Ltd.		182,850
	6,607	Pact Group Holdings, Ltd.		25,750
	11,000	Rengo Co., Ltd.		96,779
	17,522	RPC Group plc		172,926


Shares			Fair Value
Common Stocks, continued
Containers & Packaging, continued
	16,255	Smurfit Kappa Group plc	$	654,009
	600	Tomoku Co., Ltd.		11,030
	3,400	Toyo Seikan Kaisha, Ltd.		59,676
	5	Vetropack Holding AG		10,084
	1,101	Vidrala SA		104,784

				2,428,289

Distributors (0.2%):
	3,471	Bapcor, Ltd.		16,887
	3,100	Canon Marketing Japan, Inc.		64,535
	500	Chori Co., Ltd.		8,836
	5,572	Connect Group plc		2,273
	1,438	D’ieteren SA/NV		59,719
	4,313	Headlam Group plc		27,781
	25,837	Inchcape plc		266,026
	1,000	Jardine Cycle & Carriage, Ltd.		23,313
	7,157	John Menzies plc		59,203
	400	Paltac Corp.		23,018
	3,025	Uni-Select, Inc.		48,119

				599,710

Diversified Consumer Services (0.0%):
	23,128	Aa plc		37,869
	1,100	Benesse Holdings, Inc.		39,003
	2,634	Dignity plc		34,918
	5,045	EnerCare, Inc.		69,007
	12,438	G8 Education, Ltd.		21,428
	6,026	InvoCare, Ltd.		61,370
	8,365	Navitas, Ltd.		27,586

				291,181

Diversified Financial Services (0.7%):
	1,573	Ackermans & Van Haaren NV		270,708
	1,091	AKER ASA		83,454
	52,095	AMP, Ltd.		137,113
	1,900	Century Tokyo Leasing Corp.		107,626
	6,399	Cerved Information Solutions S		68,574
	2,394	Challenger, Ltd.		21,044
	5,700	Ecn Capital Corp.		15,307
	11,037	Element Fleet Management Corp.		51,889
	3,300	Financial Products Group Co., Ltd.		42,518
	158,669	First Pacific Co., Ltd.		76,440
	1,200	Fuyo General Lease Co., Ltd.		82,261
	1,236,000	G-Resources Group, Ltd.*		13,995
	1,800	Ibj Leasing Co., Ltd.		47,596
	4,600	Japan Securities Finance Co., Ltd.		25,185
	23,000	Mitsubishi UFJ Lease & Finance Co., Ltd.		141,194
	772	Onex Corp.		56,669
	17,600	ORIX Corp.		278,004
	1,100	Ricoh Leasing Co., Ltd.		36,176
	1,000	Zenkoku Hosho Co., Ltd.		45,219

				1,600,972

Diversified Telecommunication Services (2.3%):
	26,000	APT Satellite Holdings, Ltd.		10,667


Shares			Fair Value
Common Stocks, continued
Diversified Telecommunication Services, continued
	644	BCE, Inc.	$	26,083
	974	BCE, Inc.		39,438
	5,067	Belgacom SA		114,277
	20,307	Bezeq Israeli Telecommunication Corp., Ltd. (The)		22,893
	29,763	BT Group plc		85,621
	5,828	Cellnex Telecom SAU(a)		146,643
	18,127	Chorus, Ltd.		51,341
	94,000	CITIC Telecom International Holdings, Ltd.		24,687
	7,863	Com Hem Holding AB		127,782
	67,539	Deutsche Telekom AG, Registered Shares		1,048,074
	218	El Towers SpA		12,041
	4,973	Elisa OYJ		230,275
	40,490	France Telecom SA		677,247
	34,000	Hkbn, Ltd.		52,239
	61,295	HKT Trust & HKT, Ltd.		78,159
	88,000	Hutchison Telecommunications Holdings, Ltd.		31,055
	271	Iliad SA		42,786
	16,506	Inmarsat plc		119,735
	46,232	KCOM Group plc		59,065
	53,529	Koninklijke (Royal) KPN NV		145,493
	3,000	Nippon Telegraph & Telephone Corp.		136,337
	275,553	PCCW, Ltd.		155,060
	37,800	Singapore Telecommunications, Ltd.		85,351
	2,262	Sunrise Communications Group(a)		184,445
	6,021	Superloop, Ltd.		11,216
	230	Swisscom AG, Registered Shares		102,861
	29,050	Talktalk Telecom Group plc^		40,058
	34,736	Telecom Corp. of New Zealand, Ltd.		87,661
	337,063	Telecom Italia SpA*		250,113
	4,552	Telefonica Deutschland Holding AG		17,939
	38,812	Telefonica SA		330,786
	4,768	Telekom Austria AG		39,727
	5,872	Telenor ASA		120,401
	43,030	Telia Co AB		196,679
	24,040	Telstra Corp., Ltd.		46,565
	11,474	TPG Telecom, Ltd.		43,876
	15,323	Vocus Communications, Ltd.*		26,169

				5,020,845

Electric Utilities (1.3%):
	2,033	Acciona SA		168,134
	53,654	AusNet Services		63,944
	458	BKW AG		29,609
	4,700	Chubu Electric Power Co., Inc.		70,455
	2,800	Chugoku Electric Power Co., Inc. (The)		36,192
	6,000	CK Infrastructure Holdings, Ltd.		44,413
	8,064	CLP Holdings, Ltd.		86,522
	5,549	Contact Energy, Ltd.		21,966
	18,599	Electricite de France		254,931
	249	Elia System Operator SA/NV		15,469
	4,746	Endesa SA^		104,592
	40,556	Enel SpA		224,667
	956	EVN AG		17,860


Shares			Fair Value
Common Stocks, continued
Electric Utilities, continued
	700	Fortis, Inc.	$	22,316
	7,466	Fortum OYJ		178,069
	18,530	Genesis Energy, Ltd.		30,607
	41,500	HK Electric Investments, Ltd.(a)		39,551
	7,700	Hokkaido Electric Power Co., Inc.		52,417
	5,600	Hokuriku Electric Power Co.*		56,260
	49,379	Iberdrola SA		381,388
	5,354	Infratil, Ltd.		12,248
	6,700	Kansai Electric Power Co., Inc. (The)		97,587
	3,800	Kyushu Electric Power Co., Inc.		42,494
	1,925	Okinawa Electric Power Co., Inc.		40,115
	4,360	Red Electrica Corporacion SA		88,699
	15,431	Scottish & Southern Energy plc		275,642
	3,300	Shikoku Electric Power Co., Inc.		44,138
	43,538	Spark Infrastructure Group		73,622
	13,794	Terna SpA		74,427
	5,600	Tohoku Electric Power Co., Inc.		68,391
	17,100	Tokyo Electric Power Co., Inc. (The)*		79,599

				2,796,324

Electrical Equipment (1.5%):
	25,335	ABB, Ltd.		553,050
	600	Chiyoda Integre Co., Ltd.		13,151
	6,000	Daihen Corp.		36,078
	500	Denyo Co., Ltd.		7,748
	18,000	Fuji Electric Holdings Co., Ltd.		136,869
	4,000	Furukawa Electric Co., Ltd. (The)		139,545
	1,200	Futaba Corp.		21,029
	26,000	GS Yuasa Corp.		118,395
	474	Huber & Suhner AG		28,944
	29,500	Johnson Electric Holdings, Ltd.		85,822
	2,829	Legrand SA		207,191
	127,089	Melrose Industries plc		356,574
	394	Mersen		15,656
	13,000	Mitsubishi Electric Corp.		172,752
	1,976	Nexans SA		67,803
	1,000	Nidec Corp.		149,842
	2,700	Nissin Electric Co., Ltd.		24,858
	2,100	Nitto Kogyo Corp.		41,951
	1,460	Nordex Se*		14,831
	2,359	OSRAM Licht AG		96,345
	6,311	PNE Wind AG		16,750
	4,764	Prysmian SpA		118,362
	1,177	Schneider Electric SA		97,893
	280,000	Solartech International Holding, Ltd.*^		44,856
	190	Somfy SA		17,633
	2,200	SwCC Showa Holdings Co., Ltd.		14,265
	4,000	Tatsuta Electric Wire And Cable Co., Ltd.		20,343
	2,958	TKH Group NV		187,723
	4,400	Ushio, Inc.		55,798
	3,491	Vestas Wind Systems A/S		215,846
	170	XP Power, Ltd.		7,919

				3,085,822


Shares			Fair Value
Common Stocks, continued
Electronic Equipment, Instruments & Components (1.9%):
	1,300	Ai Holdings Corp.	$	28,130
	3,100	ALPS Electric Co., Ltd.		79,524
	306	Also Holding AG, Registered Shares		36,618
	2,200	Amano Corp.		51,964
	1,200	Arisawa Manufacturing Co., Ltd.		12,102
	1,300	Azbil Corp.		56,641
	91	Barco NV		11,097
	4,005	Celestica, Inc.*		47,621
	9,400	Citizen Holdings Co., Ltd.		61,670
	3,400	CMK Corp.		21,632
	46,000	Cowell e Holdings, Inc.		9,730
	400	Dai-ichi Seiko Co., Ltd.		6,477
	400	Daiwabo Holdings Co., Ltd.		21,286
	3,500	Dexerials Corp.		34,896
	28,281	Electrocomponents plc		282,796
	148,000	FIH Mobile, Ltd.*		22,808
	7,452	Fingerprint Cards AB*		5,673
	16,000	Gcl New Energy Holdings, Ltd.*		652
	500	Hakuto Co., Ltd.		7,429
	13,557	Halma plc		244,750
	400	Hamamatsu Photonics K.K.		17,153
	1,034	Hexagon AB, Class B		57,609
	800	Hitachi High-Technologies Corp.		32,599
	99,000	Hitachi, Ltd.		697,457
	1,000	Horiba, Ltd.		69,878
	3,500	IBIDEN Co., Ltd.		56,014
	91	Inficon Holding AG		46,305
	2,823	Ingenico Group		253,333
	1,000	Iriso Electronics Co., Ltd.		60,315
	4,000	Japan Aviation Electronics Industry, Ltd.		62,905
	2,000	Japan Cash Machine Co., Ltd.		22,369
	21,200	Japan Display, Inc.*		27,537
	1,000	Kaga Electronics Co., Ltd.		23,655
	200	Keyence Corp.		112,813
	2,388	Kudelski SA^		22,399
	2,100	Kyocera Corp.		118,010
	684	Lagercrantz Group AB, Class B		7,454
	21,534	Laird plc		56,825
	26	Lem Holding SA, Registered Shares		38,842
	600	Macnica Fuji Electronics Holdings		10,053
	2,366	Micronic Mydata AB^		26,449
	900	Murata Manufacturing Co., Ltd.		151,113
	2,800	Nichicon Corp.		35,189
	600	Nippon Chemi-Con Corp.		23,324
	1,200	Nippon Electric Glass Co., Ltd.		33,318
	3,400	Nippon Signal Co., Ltd.		32,991
	1,900	OKI Electric Industry Co., Ltd.		21,254
	2,000	Omron Corp.		93,009
	13,505	Opus Group AB		9,770
	3,000	Osaki Electric Co., Ltd.		23,023
	2,587	Oxford Instruments plc		34,210
	2,479	Renishaw plc		173,289


Shares			Fair Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	600	Ryoyo Electro Corp.	$	9,689
	900	Sanshin Electronics Co., Ltd.		15,619
	900	Shimadzu Corp.		27,139
	600	Shinko Shoji Co., Ltd.		9,395
	2,000	Siix Corp.		43,811
	6,000	SMK Corp.		20,509
	4,575	Spectris plc		157,263
	2,000	Sumida Corp.		22,493
	700	Tachibana Eletech Co., Ltd.		12,789
	8,200	Taiyo Yuden Co., Ltd.		228,594
	1,500	TDK Corp.		152,975
	3,900	Topcon Corp.		66,779
	1,300	Toyo Corp.		10,581
	1,100	UKC Holdings Corp.		22,406
	200	V Technology Co., Ltd.		36,921
	312	Vaisala OYJ, Class A		7,865
	6,300	Venture Corp., Ltd.		82,126
	28,000	Vstecs Holdings, Ltd.		13,926
	3,200	Yaskawa Electric Corp.		112,844
	2,200	Yokogawa Electric Corp.		39,085

				4,586,769

Energy Equipment & Services (0.7%):
	7,314	Aker Solutions ASA*		16,079
	5,393	Aker Solutions ASA*		37,756
	1,137	Bonheur ASA		15,421
	2,991	BW Offshore, Ltd.*		15,277
	5,101	Calfrac Well Services, Ltd.*		21,654
	2,800	Ces Energy Solutions Corp.		9,564
	4,426	Enerflex, Ltd.		47,609
	8,606	Ensign Energy Services, Inc.		38,431
	106,730	Ezion Holdings, Ltd.*		7,092
	2,872	Fugro NV*		41,559
	4,984	Hunting plc*		50,940
	14,867	John Wood Group plc		122,682
	12,946	Kvaerner ASA*		27,309
	8,257	Lamprell plc*		10,284
	2,200	Mullen Group, Ltd.		25,925
	3,324	Ocean Yield ASA		29,017
	3,553	Odfjell Drilling, Ltd.*		14,690
	1,500	Pason Systems, Inc.		24,557
	12,322	Petrofac, Ltd.		94,919
	18,993	Petroleum Geo-Services ASA*		88,673
	16,362	Precision Drilling Corp.*		54,145
	398	ProSafe SE*^		911
	21,040	Saipem SpA*		96,791
	6,871	SBM Offshore NV		106,503
	174	Schoeller-Blackman Oilfield Equipment AG		20,955
	8,377	Secure Energy Services, Inc.		46,266
	2,300	ShawCor, Ltd.		44,653
	2,400	Shinko Plantech Co., Ltd.		24,228
	11,430	Subsea 7 SA		182,118
	1,492	Tecnicas Reunidas SA		48,028


Shares			Fair Value
Common Stocks, continued
Energy Equipment & Services, continued
	5,547	TGS NOPEC Geophysical Co. ASA	$	203,985
	900	Total Energy Services, Inc.		7,956
	400	Toyo Kanetsu KK		14,579
	13,311	Trican Well Service, Inc.*		30,278
	18,254	Trinidad Drilling, Ltd.*		25,968
	10,731	Vallourec SA*		63,471
	4,085	WorleyParsons, Ltd.		53,076

				1,763,349

Food & Staples Retailing (2.2%):
	24,500	Aeon Co., Ltd.		523,937
	500	Ain Holdings, Inc.		36,892
	3,200	Alcanna, Inc.		22,250
	2,144	Alimentation Couche-Tard, Inc.		93,149
	1,309	Amsterdam Commodities NV		35,836
	2,400	Arcs Co., Ltd.		65,408
	1,200	Axial Retailing, Inc.		45,610
	900	Belc Co., Ltd.		47,592
	20,827	Carrefour SA^		336,078
	2,135	Casino Guichard-Perrachon SA		82,744
	1,100	Cawachi, Ltd.		22,510
	600	Cocokara Fine, Inc.		36,828
	2,636	Colruyt SA		150,317
	200	Cosmos Pharmaceutical Corp.		40,555
	1,300	Create SD Holdings Co., Ltd.		37,360
	24,356	Distribuidora Internacional de Alimentacion SA		70,882
	1,888	Empire Co., Ltd., Class A		37,904
	300	FamilyMart Co., Ltd.		31,553
	8,283	Greggs plc		108,622
	1,600	Heiwado Co., Ltd.		39,856
	1,831	ICA Gruppen AB		56,141
	200	Itochu-Shokuhin Co., Ltd.		11,015
	28,611	J Sainsbury plc		121,219
	1,366	Kesko OYJ, Class A		77,666
	2,714	Kesko OYJ, Class B		165,974
	28,566	Koninklijke Ahold Delhaize NV		683,362
	400	LAWSON, Inc.		24,988
	1,111	Loblaw Cos., Ltd.		57,135
	1,430	Marr SpA		37,642
	54,594	Metcash, Ltd.		105,776
	3,919	Metro AG		32,577
	5,170	METRO AG		63,876
	1,817	Metro, Inc.		61,774
	900	Mitsubishi Shokuhin Co., Ltd.		23,984
	600	Nihon Chouzai Co., Ltd.		15,922
	801	North West Co., Inc.		17,866
	1,094	Rallye SA		12,495
	600	San-A Co., Ltd.		29,622
	4,300	Seven & I Holdings Co., Ltd.		187,450
	1,454	Sligro Food Group NV		76,201
	1,800	Sogo Medical Co., Ltd.		37,597
	37,635	Sonae SGPS SA		45,206
	500	Sugi Holdings Co., Ltd.		28,924


Shares			Fair Value
Common Stocks, continued
Food & Staples Retailing, continued
	1,300	Sundrug Co., Ltd.	$	52,573
	112,169	Tesco plc		379,850
	600	Tsuruha Holdings, Inc.		75,130
	3,100	United Supermarkets Holdings		40,104
	2,200	Valor Co., Ltd.		50,181
	1,000	Welcia Holdings Co., Ltd.		53,150
	5,821	Wesfarmers, Ltd.		213,439
	1,644	Weston (George), Ltd.		134,146
	35,391	William Morrison Supermarkets plc		117,554
	9,123	Woolworths, Ltd.		206,613
	700	Yamatane Corp.		14,513
	1,200	Yaoko Co., Ltd.		66,149
	2,800	Yokohama Reito Co., Ltd.		25,505

				5,269,202

Food Products (2.8%):
	4,938	AAK AB		78,444
	91	Agrana Beteiligungs AG		9,367
	4,400	Ajinomoto Co., Inc.		83,099
	3,482	Aryzta AG*^		52,323
	1,675	Associated British Foods plc		60,381
	772	Atria OYJ		9,370
	5,111	Austevoll Seafood ASA		61,417
	23,247	Australian Agricultural Co., Ltd.*		21,666
	1,362	Bakkafrost P/F		75,635
	33	Barry Callebaut AG, Registered Shares		59,282
	125	Bell AG		40,086
	3,394	Bellamy’s Australia, Ltd.*		38,963
	567	Bonduelle S.C.A.		20,457
	1,100	Calbee, Inc.		41,362
	4,349	Cloetta AB		13,196
	3,432	Cranswick plc		152,500
	7,971	Dairy Crest Group plc		51,591
	3,659	Danone SA		268,208
	10,087	Devro plc		26,505
	500	Dydo Drinco, Inc.		29,700
	1,136	Ebro Foods SA		26,503
	111	Emmi AG		94,574
	500	Ezaki Glico Co., Ltd.		24,013
	16,300	First Resources, Ltd.		18,641
	1,000	Fuji Oil Co., Ltd.		35,908
	10,349	Glanbia plc		191,721
	260,400	Golden Agri-Resources, Ltd.		58,247
	11,957	GrainCorp, Ltd.		67,894
	18,175	Greencore Group plc		44,477
	3,373	Grieg Seafood ASA		35,539
	1,119	Hilton Food Group plc		14,703
	1,600	Hokuto Corp.		28,526
	47,400	Japfa, Ltd.		22,046
	300	J-Oil Mills, Inc.		10,780
	800	Kagome Co., Ltd.		26,566
	1,567	Kerry Group plc, Class A		163,650
	1,100	Kewpie Corp.		27,695


Shares			Fair Value
Common Stocks, continued
Food Products, continued
	59	KWS Saat SE	$	20,901
	6,130	Leroy Seafood Group ASA		41,311
	2,549	Maple Leaf Foods, Inc.		64,457
	3,528	Marine Harvest		70,275
	2,600	Maruha Nichiro Corp.		104,536
	1,600	Megmilk Snow Brand Co., Ltd.		42,674
	1,100	Meiji Holdings Co., Ltd.		92,722
	700	Morinaga & Co., Ltd.		33,539
	3,000	Morinaga Milk Industry Co., Ltd.		112,082
	26,347	Nestle SA, Registered Shares		2,040,524
	4,900	Nichirei Corp.		124,516
	800	Nippon Beet Sugar Manufacturing Co., Ltd.		17,331
	2,800	Nippon Flour Mills Co., Ltd.		48,678
	1,500	Nippon Meat Packers, Inc.		60,588
	20,100	Nippon Suisan Kaisha, Ltd.		99,013
	800	Nisshin Oillio Group, Ltd. (The)		24,043
	1,100	Nisshin Seifun Group, Inc.		23,267
	900	Nissin Sugar Co., Ltd.		17,153
	326	Orior AG		28,053
	2,710	Orkla ASA, Class A		23,740
	11,559	Parmalat SpA		39,010
	1,700	Petra Foods, Ltd.		1,560
	51,099	Premier Foods plc*		25,553
	988	Premium Brands Holdings Corp.		85,143
	10,000	Prima Meat Packers, Ltd.		57,829
	11,598	Ridley Corp., Ltd.		11,812
	5,300	Rogers Sugar, Inc.		21,369
	1,029	Salmar ASA		43,196
	2,923	Saputo, Inc.		97,063
	127	Savencia SA		11,121
	3,496	Scales Corp., Ltd.		10,981
	3,767	Scandi Standard AB		24,098
	392	Schouw & Co.		34,598
	1,200	Showa Sangyo Co., Ltd.		31,341
	147	Sipef SA*		10,224
	300	Starzen Co., Ltd.		15,822
	2,737	Suedzucker AG		43,592
	9,961	Tassal Group, Ltd.		30,532
	21,868	Tate & Lyle plc		186,462
	432	Vilmorin & CIE SA		29,048
	2,508	Viscofan SA		170,698
	42,000	Vitasoy International Holdings, Ltd.		134,175
	400	Warabeya Nichiyo Holdings Co., Ltd.		9,175
	2,992	Wessanen		62,835
	94,112	WH Group, Ltd.(a)		76,091
	15,800	Wilmar International, Ltd.		35,437
	200	Yakult Honsha Co., Ltd.		13,354
	2,000	Yamazaki Baking Co., Ltd.		52,246

				6,538,803

Gas Utilities (0.3%):
	12,578	APA Group		91,614
	10,923	Gas Natural SDG SA^		289,000


Shares			Fair Value
Common Stocks, continued
Gas Utilities, continued
	26,771	Hong Kong & China Gas Co., Ltd.	$	51,087
	12,938	Italgas SpA		71,258
	800	K&O Energy Group, Inc.		13,496
	3,200	Osaka Gas Co., Ltd.		66,211
	3,368	Rubis SCA		210,157
	1,300	Saibu Gas Co., Ltd.		35,182
	3,700	Shizuoka Gas Co. Ltd.		33,924
	10,212	Superior Plus Corp.		98,741
	2,000	Toho Gas Co., Ltd.		69,204
	2,200	Tokyo Gas Co., Ltd.		58,387

				1,088,261

Health Care Equipment & Supplies (1.3%):
	3,115	Ambu A/S		104,970
	3,613	Ansell, Ltd.		72,894
	5,613	Arjo AB, Class B		20,004
	1,600	Asahi Intecc Co., Ltd.		60,412
	1,072	Cochlear, Ltd.		159,352
	1,014	Coloplast A/S, Class B		101,295
	1,992	Consort Medical plc		31,328
	781	DiaSorin SpA		89,019
	509	Draegerwerk AG & Co. KGaA		36,493
	213	Eckert & Ziegler AG		9,274
	1,745	Essilor International SA Compagnie Generale d’Optique		246,186
	6,555	Fisher & Paykel Healthcare Corp., Ltd.		66,051
	7,376	GN Store Nord A/S		336,034
	405	Guerbet		27,052
	2,000	HOYA Corp.		113,602
	1,500	Nihon Kohden Corp.		41,757
	8,900	Nipro Corp.		102,740
	1,300	Olympus Co., Ltd.		48,564
	900	Paramount Bed Holdings Co., Ltd.		38,579
	1,192	Sartorius AG		178,056
	876	Sartorius Stedim Biotech		91,480
	10,538	Smith & Nephew plc		193,759
	411	Sonova Holding AG, Registered Shares		73,761
	184	Straumann Holding AG, Registered Shares		140,126
	1,400	Sysmex Corp.		130,554
	2,000	Terumo Corp.		114,273
	5,988	William Demant Holding A/S*		240,853

				2,868,468

Health Care Providers & Services (0.6%):
	4,943	Al Noor Hospitals Group plc		34,329
	900	Alfresa Holdings Corp.		21,137
	3,417	Amplifon SpA		70,721
	18,377	Australian Pharmaceutical Industries, Ltd.		23,221
	1,100	Bml, Inc.		28,337
	3,973	Cambian Group plc		7,978
	2,363	Capio AB(a)		11,309
	4,556	Ebos Group, Ltd.		55,351
	4,221	Estia Health, Ltd.		10,266


Shares			Fair Value
Common Stocks, continued
Health Care Providers & Services, continued
	4,012	Extendicare, Inc.	$	22,128
	656	Fagron		11,198
	699	Fresenius Medical Care AG & Co., KGaA		70,554
	2,812	Fresenius SE & Co. KGaA		225,775
	52,706	Healthscope, Ltd.		86,186
	2,000	Japan Lifeline Co., Ltd.		49,044
	16,930	Japara Healthcare, Ltd.		22,607
	2,680	Korian-Medica		90,437
	1,284	Lifco AB-B Shs		45,702
	1,404	Medical Facilities Corp.		14,921
	7,584	Metlifecare, Ltd.		32,139
	1,900	Miraca Holdings, Inc.		56,578
	1,060	Orpea		141,339
	14,403	Primary Health Care, Ltd.		37,248
	24,900	Raffles Medical Group, Ltd.		18,494
	1,233	Ramsay Health Care, Ltd.		49,330
	3,746	Ryman Healthcare, Ltd.		30,350
	2,200	Ship Healthcare Holdings, Inc.		82,942
	2,371	Sienna Senior Living, Inc.		29,906
	1,446	Sigma Healthcare, Ltd.		872
	2,635	Sonic Healthcare, Ltd.		47,917
	8,887	Spire Healthcare Group plc(a)		29,378
	10,895	Summerset Group Holdings, Ltd.		56,412
	500	Suzuken Co., Ltd.		21,157
	1,800	Toho Holdings Co., Ltd.		43,899
	3,435	Virtus Health, Ltd.		14,608
	2,800	Vital Ksk Holdings, Inc.		29,171

				1,622,941

Health Care Technology (0.0%):
	14,160	AGFA-Gevaert NV*		59,450
	857	Compugroup Medical Se		43,998
	1,500	M3, Inc.		59,717
	1,213	Raysearch Laboratories AB*^		14,208

				177,373

Hotels, Restaurants & Leisure (1.9%):
	36,400	Accordia Golf Trust		16,444
	22,459	Ardent Leisure Group		32,896
	7,631	Aristocrat Leisure, Ltd.		174,213
	4,300	Atom Corp.		41,765
	7,557	Autogrill SpA		93,685
	3,095	Betsson AB*		18,785
	14,000	Cafe de Coral Holdings, Ltd.		33,818
	577	Carnival plc, ADR		33,264
	485	Cie des Alpes		16,626
	9,479	Collins Foods, Ltd.		39,056
	2,000	Colowide Co., Ltd.		53,486
	8,814	Compass Group plc		187,740
	2,118	Corporate Travel Management, Ltd.		42,944
	2,375	Crown, Ltd.		23,780
	1,951	Domino’s Pizza Enterprises, Ltd.		75,337
	23,341	Domino’s Pizza Group plc		106,567
	1,600	Doutor Nichires Holdings Co., Ltd.		31,774


Shares			Fair Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	6,304	Elior Group^(a)	$	90,787
	20,405	Enterprise Inns plc*		39,303
	1,133	Flight Centre, Ltd.		53,332
	557	Fuller Smith & Turner plc, Class A		6,983
	16,010	Galaxy Entertainment Group, Ltd.		122,889
	2,773	Great Canadian Gaming Corp.*		98,199
	10,128	Greene King plc		76,873
	4,715	GVC Holdings plc		65,322
	1,700	HIS Co., Ltd.		51,232
	18,000	Hongkong & Shanghai Hotels (The)		25,679
	11,300	Hotel Grand Central, Ltd.		11,300
	1,726	Intercontinental Hotels Group plc, ADR		108,168
	7,041	JD Wetherspoon plc		116,981
	1,500	Kyoritsu Maintenance Co., Ltd.		82,173
	23,554	Ladbrokes Coral Group plc*		3,366
	17,201	Marston’s plc		22,580
	200	Matsuya Foods Co., Ltd.		6,808
	22,000	Melco International Development Ltd.		67,623
	2,209	Melia Hotels International SA		30,259
	25,795	Merlin Entertainments plc(a)		131,588
	15,327	MGM China Holdings, Ltd.		35,493
	6,833	Millennium & Copthorne Hotels		47,873
	14,000	Miramar Hotel & Investment		26,355
	10,745	Mitchells & Butlers plc		36,912
	902	Mty Food Group, Inc.		34,564
	122,000	NagaCorp, Ltd.		110,889
	10,509	NH Hotel Group SA		77,620
	1,223	Orascom Development Holding AG*		18,320
	900	Oriental Land Co., Ltd.		94,322
	17,900	Oue, Ltd.		20,495
	1,016	Paddy Power Betfair plc		111,255
	1,718	Paddy Power plc		192,650
	2,047	Pandox AB		34,751
	900	Pizza Pizza Royalty Corp.		8,387
	12,439	Rank Group plc		31,455
	30,000	Regal Hotels International Holdings, Ltd.		18,629
	2,000	Resorttrust, Inc.		35,307
	1,092	Restaurant Brands International, Inc.		65,877
	2,017	Restaurant Brands New Zealand, Ltd.		10,651
	6,315	Restaurant Group plc (The)		23,442
	4,600	Round One Corp.		72,281
	1,300	Royal Holdings Co., Ltd.		35,604
	1,200	Saint Marc Holdings Co., Ltd.		29,620
	1,300	Saizeriya Co., Ltd.		29,737
	16,988	Sands China, Ltd.		90,526
	66,868	SJM Holdings, Ltd.		83,087
	705	Skistar AB		14,689
	28,970	Sky City Entertainment Group, Ltd.		79,172
	2,200	Skylark Co., Ltd.		32,556
	1,092	Sodexo SA		109,087
	30,575	SSP Group plc		255,685
	10,849	Star Entertainment Group, Ltd. (The)		39,711


Shares			Fair Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	1,200	Stars Group, Inc. (The)*	$	43,527
	7,146	Tabcorp Holdings, Ltd.		23,648
	50,634	Thomas Cook Group plc		71,941
	4,500	Tokyo Dome Corp.		40,195
	1,100	Toridoll Holding Corp.		25,980
	8,666	TUI AG		190,056
	6,856	Unibet Group plc		86,278
	2,777	Whitbread plc		145,042
	41,297	William Hill plc		165,023
	16,830	Wynn Macau, Ltd.		54,046
	3,500	Zensho Holdings Co., Ltd.		88,867

				5,075,230

Household Durables (1.8%):
	2,000	Alpine Electronics, Inc.		41,225
	520	Bang & Olufsen A/S*		11,288
	10,063	Barratt Developments plc		68,416
	6,709	Bellway plc		265,852
	5,073	Berkeley Group Holdings plc (The)		253,316
	5,170	Bonava AB		60,648
	3,114	Bovis Homes Group plc		47,057
	3,865	Breville Group, Ltd.		33,368
	2,200	Casio Computer Co., Ltd.		35,755
	600	Chofu Seisakusho Co., Ltd.		12,998
	9,906	Crest Nicholson Holdings plc		50,903
	2,921	De’Longhi		82,656
	1,000	Dorel Industries, Inc.		16,965
	2,152	Duni AB		30,815
	266	Ekornes ASA		4,504
	3,583	Electrolux AB, Series B, B Shares		81,567
	2,053	Fiskars OYJ Abp		46,412
	23	Forbo Holding AG		34,380
	1,600	Foster Electric Co., Ltd.		22,936
	1,600	Fuji Corp., Ltd.		14,288
	2,300	Fujitsu General, Ltd.		35,930
	9,600	Haseko Corp.		132,495
	187	Hunter Douglas NV		13,757
	13,919	Husqvarna AB, Class B		131,848
	4,300	Iida Group Holdings Co., Ltd.		82,871
	5,228	JM AB		93,315
	661	Kaufman & Broad SA		31,155
	62,400	Man Wah Holdings, Ltd.		48,892
	4,714	McCarthy & Stone plc(a)		6,099
	10	Metall Zug AG		31,699
	1,200	Misawa Homes Co., Ltd.		9,962
	2,500	Nissei Build Kogyo Co., Ltd.		25,704
	9,589	Nobia AB		73,781
	17,300	Panasonic Corp.		232,464
	9,143	Persimmon plc		305,504
	31,200	Pioneer Corp.*		43,352
	1,400	Pressance Corp.		21,609
	15,445	Redrow plc		108,583
	500	Sangetsu Corp.		10,124


Shares			Fair Value
Common Stocks, continued
Household Durables, continued
	1,048	SEB SA	$	182,731
	13,000	Sekisui Chemical Co., Ltd.		221,367
	6,800	Sekisui House, Ltd.		120,244
	9,500	Sony Corp.		487,473
	2,200	Starts Corp., Inc.		53,599
	6,900	Sumitomo Forestry Co., Ltd.		104,219
	328	Surteco SE		9,625
	110,619	Taylor Wimpey plc		261,066
	20,687	Techtronic Industries Co., Ltd.		114,872
	400	Token Corp.		35,271
	1,733	Tomtom NV*		15,646
	2,000	Zojirushi Corp.		24,421

				4,285,027

Household Products (0.3%):
	2,964	Essity AB, Class B		73,133
	4,000	Lion Corp.		73,334
	14,255	Mcbride plc*		25,095
	2,100	Pigeon Corp.		102,102
	2,153	Reckitt Benckiser Group plc		176,955
	9,387	Svenska Cellulosa AB, Class B		101,899
	1,800	Unicharm Corp.		54,171

				606,689

Independent Power & Renewable Electricity Producers (0.1%):
	1,967	Albioma SA		44,352
	2,200	Algonquin Power & Utilities Corp.		21,255
	2,859	Boralex, Inc., Class A		45,805
	2,600	Capital Power Corp.		49,903
	20,418	Drax Group plc		88,291
	3,045	Edp Renovaveis SA		31,743
	1,300	Electric Power Development Co., Ltd.		33,551
	3,202	ERG SpA		69,768
	9,297	Falck Renewables SpA		22,398
	54,874	Infigen Energy*		26,785
	3,741	Innergex Renewable Energy, Inc.		39,303
	4,661	Northland Power, Inc.		86,979
	2,000	Polaris Infrastructure, Inc.		21,423
	1,917	Scatec Solar ASA(a)		12,958
	12,748	Transalta Corp.		64,007
	1,200	Transalta Renewables, Inc.		11,356
	2,170	Uniper SE		64,686

				734,563

Industrial Conglomerates (1.1%):
	8,000	Chevalier International Holdings Ltd.		12,175
	26,645	Cir-Compagnie Industriali Riun		32,593
	12,930	CK Hutchison Holdings, Ltd.		136,466
	54	Daetwyler Holding AG		10,393
	1,493	DCC plc		135,790
	2,000	Guoco Group, Ltd.		30,064
	17,500	Hopewell Holdings, Ltd.		59,747
	980	Indus Holding AG		61,090
	1,500	Katakura Industries Co., Ltd.		17,606


Shares			Fair Value
Common Stocks, continued
Industrial Conglomerates, continued
	2,200	Keihan Electric Railway Co., Ltd.	$	78,923
	14,100	Keppel Corp., Ltd.		74,185
	6,713	Koninklijke Philips Electronics NV		284,517
	3,787	Koninklijke Philips Electronics NV, NY Shares, NYS		160,076
	900	Nisshinbo Holdings, Inc.		9,652
	1,487	Nolato AB		119,959
	2,675	Rheinmetall AG		295,378
	2,400	Seibu Holdings, Inc.		40,447
	57,400	SembCorp Industries, Ltd.		115,574
	70,000	Shun Tak Holdings, Ltd.		28,619
	5,436	Smiths Group plc		121,755
	5,400	Tokai Holdings Corp.		52,191

				1,877,200

Insurance (3.8%):
	5,489	Admiral Group plc		138,041
	26,668	AEGON NV		159,349
	3,711	Ageas NV		187,097
	67,040	AIA Group, Ltd.		580,396
	4,109	Alm Brand A/S		40,355
	25,977	Assicurazioni Generali SpA		434,936
	55,730	Aviva plc		370,523
	12,499	AXA SA		306,192
	496	Baloise Holding AG, Registered Shares		72,162
	25,009	Beazley plc		193,349
	7,384	Chesnara plc		35,267
	597	Clal Insurance Enterprises Holdings, Ltd.*		8,347
	1,594	CNP Assurances SA		36,217
	3,800	Coface SA		42,201
	7,600	Dai-ichi Life Insurance Co., Ltd.		135,202
	7,585	Direct Line Insurance Group plc		34,305
	82	E-L Financial Corp., Ltd.		51,152
	20,019	Esure Group plc		57,413
	374	Fairfax Financial Holdings, Ltd.		209,594
	268	FBD Holdings plc		3,307
	1,983	Gjensidige Forsikring ASA		32,488
	309	Hannover Rueck SE		38,522
	5,987	Harel Insurance Investments &		44,960
	240	Helvetia Patria Holding AG		137,206
	4,798	Hiscox, Ltd.		96,462
	2,621	Industrial Alliance Insurance & Financial Services, Inc.		101,191
	8,600	Japan Post Holdings Co., Ltd.		94,167
	6,623	Jardine Lloyd Thompson Group plc		111,763
	22,877	JRP Group plc		40,740
	4,200	Lancashire Holdings, Ltd.		31,419
	110,390	Legal & General Group plc		387,342
	13,895	Manulife Financial Corp.		249,693
	865	Manulife Financial Corp.		15,543
	44,734	MAPFRE SA		134,606
	26,388	Medibank Private, Ltd.		57,121
	1,055	Menora Mivtachim Holdings, Ltd.		11,393
	16,641	Migdal Insurance & Financial Holding, Ltd.*		14,422
	2,400	MS&AD Insurance Group Holdings, Inc.		74,558


Shares			Fair Value
Common Stocks, continued
Insurance, continued
	1,025	Muenchener Rueckversicherungs-Gesellschaft AG	$	217,203
	20,116	NIB Holdings, Ltd.		85,623
	1,800	NKSJ Holdings, Inc.		72,727
	2,120	NN Group NV		86,014
	115,690	Old Mutual, Ltd.		229,591
	13,324	Phoenix Group Holdings		118,995
	4,472	Phoenix Holdings, Ltd. (The)		23,432
	2,827	Protector Forsikring ASA*^		23,005
	9,829	QBE Insurance Group, Ltd.		71,053
	56,602	Saga plc		93,527
	2,986	SCOR SA		110,757
	4,237	Societa Cattolica di Assicuraz		35,268
	14,023	St. James Place plc		212,250
	4,226	Standard Life plc		18,157
	11,633	Steadfast Group, Ltd.		24,258
	7,873	Storebrand ASA		63,549
	8,920	Sun Life Financial, Inc.		358,048
	9,055	Suncorp-Metway, Ltd.		98,025
	275	Swiss Life Holding AG, Registered Shares		95,688
	2,106	Swiss Re AG		182,049
	4,600	T&D Holdings, Inc.		68,928
	828	Talanx AG		30,227
	3,100	Tokio Marine Holdings, Inc.		145,177
	3,403	Topdanmark A/S		148,948
	23	Trisura Group, Ltd.*		466
	4,088	Tryg A/S		95,943
	16,849	Unipol Gruppo Finanziario SpA		64,895
	34,458	UnipolSai SpA		75,996
	4,045	Uniqa Insurance Group AG		37,174
	20	Vaudoise Assurances Holding SA		10,413
	1,204	Vienna Insurance Group Weiner Staeditische Versicherung AG		32,712
	1,065	Vittoria Assicurazioni SpA		17,337
	271	Wuestenrot & Wuerttembergische AG		5,560
	1,274	Zurich Insurance Group AG		378,058

				8,100,054

Internet & Direct Marketing Retail (0.2%):
	13,793	Ocado Group plc*		186,910
	6,700	Rakuten, Inc.		45,247
	4,000	Start Today Co., Ltd.		144,831
	1,817	Takkt AG		33,264
	19,250	Trade Me Group, Ltd.		60,710

				470,962

Internet Software & Services (0.6%):
	22,069	Auto Trader Group plc(a)		124,003
	9,425	Carsales.com, Ltd.		105,668
	1,200	Dip Corp.		30,821
	4,572	Domain Holdings Australia, Ltd.		10,932
	3,000	GMO Internet, Inc.		71,353
	2,000	Gree, Inc.		10,701
	1,200	Gurunavi, Inc.		9,828
	4,400	Infomart Corp.		58,378


Shares			Fair Value
Common Stocks, continued
Internet Software & Services, continued
	2,100	Internet Initiative Japan, Inc.	$	42,194
	9,063	Isentia Group, Ltd.		4,727
	3,100	Kakaku.com, Inc.		69,874
	22,749	Moneysupermarket.com Group plc		94,501
	8,615	NetEnt AB*		45,928
	3,213	Rightmove plc		225,086
	2,236	Rocket Internet SE*(a)		71,721
	2,400	Sms Co., Ltd.		43,805
	2,596	United Internet AG, Registered Shares		148,631
	135	Xing AG		43,514
	8,400	Yahoo! Japan Corp.		27,822
	6,786	Zoopla Property Group plc(a)		43,743

				1,283,230

IT Services (1.3%):
	3,129	Acando AB		10,965
	1,026	Alten SA		105,709
	9,025	Altran Technologies SA		130,497
	3,748	Amadeus IT Holding SA		295,286
	4,826	Atea ASA		69,568
	3,005	Atos Origin SA		409,454
	610	Bechtle AG		47,058
	146	Cancom Se		14,907
	1,348	Capgemini SA		180,930
	1,045	CGI Group, Inc., Class A*		66,169
	3,322	Computacenter plc		63,325
	9,625	Computershare, Ltd.		131,712
	1,100	DTS Corp.		40,830
	8,624	Econocom Group SA/NV		47,519
	3,891	Fdm Group Holdings plc		50,293
	457	Formula Systems 1985, Ltd.		16,571
	32,000	Fujitsu, Ltd.		193,848
	2,546	Global Dominion Access SA*(a)		13,791
	600	Gmo Payment Gateway, Inc.		69,145
	6,538	Indra Sistemas SA*		78,047
	4,300	IT Holdings Corp.		197,759
	2,400	Itochu Techno-Solutions Corp.		41,418
	697	Knowit AB		13,410
	700	NEC Networks & System Integrat		15,747
	3,000	Nihon Unisys, Ltd.		75,291
	352	Nomura Research Institute, Ltd.		17,041
	1,200	NS Solutions Corp.		30,169
	5,500	NTT Data Corp.		63,270
	300	OBIC Co., Ltd.		24,805
	1,400	Otsuka Corp.		54,850
	663	Reply SpA		44,973
	800	SCSK Corp.		37,167
	900	Sopra Steria Group		183,344
	4,001	Tieto OYJ		129,311
	590	Worldline SA*(a)		33,400

				2,997,579

Leisure Products (0.2%):
	1,156	Accell Group		24,682


Shares			Fair Value
Common Stocks, continued
Leisure Products, continued
	7,303	Amer Sports OYJ	$	230,111
	1,506	Brp, Inc.		72,613
	1,200	Heiwa Corp.		28,958
	600	Mizuno Corp.		22,409
	3,300	Namco Bandai Holdings, Inc.		135,995
	26,132	Photo-Me International plc		35,110
	3,689	Thule Group AB (The)(a)		91,604
	2,800	Tomy Co., Ltd.		23,231
	385	Trigano SA		68,370

				733,083

Life Sciences Tools & Services (0.1%):
	823	AddLife AB		17,470
	1,200	Eps Holdings, Inc.		25,755
	188	Eurofins Scientific SE		104,423
	1,884	Gerresheimer AG		152,794
	132	Siegfried Holding AG		52,849
	77	Tecan Group AG		18,728

				372,019

Machinery (4.1%):
	6,065	Aalberts Industries NV		290,179
	2,600	Aichi Corp.		15,225
	4,185	Alfa Laval AB		99,029
	900	Alinco, Inc.		8,690
	789	Alstom SA		36,232
	2,790	Andritz AG		148,036
	2,700	Asahi Diamond Industrial Co., Ltd.		19,046
	3,946	Atlas Copco AB, Class A		114,408
	2,774	Atlas Copco AB, Class B		72,570
	1,149	Ats Automation Tooling Systems, Inc.*		17,080
	1,300	Bando Chemical Industries, Ltd.		14,337
	3,116	Beijer Alma AB, Class B		43,195
	506	Bobst Group SA		51,852
	12,886	Bodycote plc		166,237
	403	Bucher Industries AG		134,963
	87	Burckhardt Compression Holding		30,904
	1,412	Cargotec OYJ		71,394
	2,600	CKD Corp.		42,657
	17,805	CNH Industrial NV		188,629
	2,050	Concentric AB		35,187
	1,110	Construcc y Aux de Ferrocarr SA		53,225
	42	Conzzeta AG		48,356
	900	Daifuku Co., Ltd.		39,349
	4,081	Deutz AG		31,416
	4,900	DMG Mori Co., Ltd.		67,593
	2,668	Duerr AG		123,908
	4,500	Ebara Corp.		139,651
	3,946	Epiroc AB, Class A*		41,422
	2,774	Epiroc AB, Class B*		25,405
	1,500	Exco Technologies, Ltd.		10,145
	1,500	Fuji Machine MFG. Co., Ltd.		26,854
	1,000	Fukushima Industries Corp.		45,824
	303	Georg Fischer AG		388,458


Shares			Fair Value
Common Stocks, continued
Machinery, continued
	2,900	Glory, Ltd.	$	81,081
	2,253	Haldex AB		22,340
	26,103	Heidelberger Druckmaschinen AG*		71,673
	9,700	Hino Motors, Ltd.		103,294
	1,200	Hisaka Works, Ltd.		11,353
	12,300	Hitachi Zosen Corp.		57,925
	4,800	IHI Corp.		167,023
	16,053	IMI plc		239,664
	614	Industria Macchine Automatiche		53,318
	2,684	Interpump Group SpA		83,406
	17	Interroll Holding AG, Registered Shares		29,839
	1,300	Iseki & Co., Ltd.		23,183
	1,200	Japan Steel Works, Ltd. (The)		30,157
	8,700	JTEKT Corp.		118,165
	2,600	Juki Corp.		26,136
	3,751	Jungheinrich AG		139,054
	419	Kardex AG		58,086
	5,400	Kawasaki Heavy Industries, Ltd.		158,406
	2,997	Kion Group AG		215,340
	400	Kitagawa Iron Works Co., Ltd.		9,434
	5,100	Kitz Corp.		41,786
	572	Koenig & Bauer AG		41,318
	3,900	Komatsu, Ltd.		111,020
	138	Komax Holding AG		36,426
	2,900	Komori Corp.		33,733
	3,618	Kone OYJ, Class B		184,225
	1,941	Konecranes OYJ		79,957
	438	Krones AG		56,590
	3,100	Kubota Corp.		48,687
	1,800	Kurita Water Industries, Ltd.		51,291
	1,000	Kyokuto Kaihatsu Kogyo Co., Ltd.		15,267
	3,000	Makino Milling Machine Co., Ltd.		23,295
	172	MAN AG		19,462
	800	Max Co., Ltd.		10,120
	13,000	Meidensha Corp.		46,888
	5,004	Metso Corp. OYJ		167,477
	10,632	Minebea Co., Ltd.		179,165
	5,500	Mitsubishi Heavy Industries, Ltd.		199,962
	2,900	Mitsui Engineering & Shipbuilding Co., Ltd.		37,903
	12,802	Morgan Advanced Materials plc		55,159
	1,500	Morita Holdings Corp.		30,272
	2,100	Nabtesco Corp.		64,505
	1,100	Nachi-Fujikoshi Corp.		49,098
	2,000	Namura Shipbuilding Co., Ltd.		8,440
	1,637	NFI Group, Inc.		61,071
	4,300	NGK Insulators, Ltd.		76,484
	995	Nilfisk Holding A/S*		48,524
	3,900	Nippon Thompson Co., Ltd.		30,555
	821	NKT Holding A/S^		22,441
	300	Noritake Co., Ltd.		16,611
	2,186	Norma Group SE		149,886
	14,000	NSK, Ltd.		144,164


Shares			Fair Value
Common Stocks, continued
Machinery, continued
	34,000	NTN Corp.	$	139,113
	700	Obara Group, Inc.		39,898
	10,003	OC Oerlikon Corp. AG		153,207
	1,000	Okuma Corp.		52,775
	400	Organo Corp.		11,388
	5,200	OSG Corp.		107,017
	290	Pfeiffer Vacuum Technology AG		47,679
	118	Rational AG		76,872
	70	Rieter Holding AG		12,111
	51,599	Rotork plc		227,441
	1,800	Ryobi, Ltd.		59,152
	13,264	Sandvik AB		235,141
	214	Schindler Holding AG, Registered Shares		45,073
	626	Sfs Group AG		66,210
	4,000	Shinmaywa Industries, Ltd.		46,967
	2,200	Sintokogio, Ltd.		19,490
	5,919	SKF AB, Class B		110,046
	2,300	Sodick Co., Ltd.		20,947
	2,119	Spirax-Sarco Engineering plc		182,032
	891	Stabilus SA		80,165
	527	Sulzer AG, Registered Shares		63,950
	4,200	Sumitomo Heavy Industries, Ltd.		141,341
	14,200	Sunningdale Tech, Ltd.		13,286
	900	Tadano, Ltd.		11,010
	3,600	Takeuchi Manufacturing Co., Ltd.		75,572
	3,400	Takuma Co., Ltd.		41,378
	5,654	Talgo SA*(a)		33,910
	1,200	THK Co., Ltd.		34,312
	5,000	Toshiba Machine Co., Ltd.		23,831
	1,884	Trelleborg AB		40,119
	9,000	Tsubakimoto Chain Co.		71,405
	7,579	Valmet Corp.		146,001
	3,363	Vesuvius plc		26,529
	5,758	Volvo AB, Class A		91,837
	27,562	Volvo AB, Class B		439,170
	232	Vossloh AG		11,292
	505	Wacker Neuson SE		12,796
	8,139	Wartsila Corp. OYJ, Class B		159,745
	560	Washtec AG		49,494
	3,000	Yamabiko Corp.		35,834
	5,060	Zardoya Otis SA		48,277

				9,785,928

Marine (0.3%):
	15	A.P. Moeller — Maersk A/S, Class A		17,771
	28	A.P. Moeller — Maersk A/S, Class B		34,829
	556	Clarkson plc		16,862
	1,333	D/S Norden A/S*		23,624
	1,685	DFDS A/S		107,532
	889	Hapag-Lloyd AG*(a)		31,633
	3,300	Iino Kaiun Kaisha, Ltd.		14,962
	7,971	Irish Continental Group		47,146
	1,000	Kawasaki Kisen Kaisha, Ltd.*		18,446


Shares			Fair Value
Common Stocks, continued
Marine, continued
	727	Kuehne & Nagel International AG, Registered Shares	$	109,244
	2,700	Mitsui O.S.K. Lines, Ltd.		64,851
	3,900	Nippon Yusen Kabushiki Kaisha		77,325
	600	NS United Kaiun Kaisha, Ltd.		11,642
	7,500	Orient Overseas International, Ltd.		73,002
	92,000	Pacific Basin Shipping, Ltd.*		25,136
	89,000	Sitc International Holdings Co., Ltd.		98,839
	1,962	Stolt-Nielsen, Ltd.		30,533

				803,377

Media (1.8%):
	1,267	4imprint Group plc		28,777
	5,715	Aimia, Inc.*		10,087
	3,249	Altice NV, Class A		13,222
	1,460	Altice NV, Class B		5,926
	1,959	Altice USA, Inc.		33,421
	65	Apg Sga SA		24,372
	4,886	Atresmedia Corp. de Medios de Comuicacion SA		41,060
	2,500	Avex Group Holdings, Inc.		34,693
	1,681	Axel Springer AG		121,559
	3,565	Cineplex, Inc.		79,138
	64,925	Cineworld Group plc		227,467
	546	Cogeco Communications, Inc.		27,049
	400	Cogeco, Inc.		17,686
	5,394	Corus Entertainment, Inc.		20,353
	2,160	CTS Eventim AG & Co. KGaA		105,953
	2,000	Cyberagent, Inc.		120,063
	1,600	Daiichikosho Co., Ltd.		77,252
	1,800	Dentsu, Inc.		85,220
	4,400	DHX Media, Ltd.		9,138
	2,163	Euromoney Institutional Investor plc		38,276
	8,672	Eutelsat Communications SA		179,583
	6,450	Event Hospitality And Entertainment, Ltd.		63,888
	800	Fuji Media Holdings, Inc.		13,655
	2,500	Hakuhodo DY Holdings, Inc.		40,088
	8,376	HT&E, Ltd.		15,623
	3,200	Intage Holdings, Inc.		36,185
	1,711	Ipsos		58,464
	22,910	ITE Group plc		24,179
	40,885	ITV plc		93,837
	1,344	JCDecaux SA		44,919
	78,217	John Fairfax Holdings, Ltd.		43,383
	2,300	Kadokawa Dwango Corp.		25,424
	594	Kinepolis Group NV		37,642
	8,410	Lagardere SCA		221,872
	3,548	Liberty Global plc, Series C*		94,412
	1,449	Liberty Global plc, Class A*		39,905
	2,546	M6 Metropole Television SA		50,898
	11,389	Mediaset Espana Comunicacion SA		95,841
	24,075	Mediaset SpA*		76,940
	1,809	Modern Times Group, Class B		75,669
	22,547	Nine Entertainment Co. Holdings, Ltd.		41,573
	3,968	Pearson plc, ADR		46,029


Shares			Fair Value
Common Stocks, continued
Media, continued
	2,127	Pearson plc	$	24,728
	2,969	Publicis Groupe SA		204,008
	4,026	Quebecor, Inc., Class B		82,449
	1,012	REA Group, Ltd.		68,234
	414	RTL Group		28,069
	1,923	Sanoma OYJ		19,500
	6,327	SES Global, Class A		115,785
	33,424	Seven West Media, Ltd.		20,748
	7,456	Shaw Communications, Inc.		151,729
	27,500	Singapore Press Holdings, Ltd.		52,396
	18,618	Sky Network Television, Ltd.		32,612
	13,400	SKY Perfect JSAT Holdings, Inc.		63,855
	19,081	Sky plc		367,959
	4,175	Societe Television Francaise 1		43,984
	12,657	Solocal Group*		16,153
	44,663	Southern Cross Media Group, Ltd.		43,264
	2,312	St. Ives plc		3,138
	1,167	Stroeer Media SE		70,599
	41	Tamedia AG, Registered Shares		6,213
	13,788	Technicolor SA*		16,948
	1,586	Telenet Group Holding NV*		73,919
	3,100	Television Broadcasts, Ltd.		9,813
	1,000	Toho Co., Ltd.		33,508
	800	Tokyo Broadcasting System Hold		17,921
	13,261	Trinity Mirror plc		13,421
	500	TV Tokyo Holdings Corp.		15,276
	6,948	Village Roadshow, Ltd.*		11,867
	8,417	WPP plc		132,426
	1,895	Yellow Pages, Ltd.*		13,018
	10,953	Zon Multimedia Servicos de Telecommunicacoes e Multimedia SGPS SA		59,995

				4,354,256

Metals & Mining (5.7%):
	8,736	Acacia Mining plc*		14,463
	7,920	Acerinox SA		104,639
	1,753	Agnico Eagle Mines, Ltd.		80,340
	400	Aichi Steel Corp.		15,394
	16,681	Alacer Gold Corp.*		30,837
	15,461	Alamos Gold, Inc., Class A		88,097
	2,200	Altius Minerals Corp.		22,008
	1,580	Amg Advanced Metallurgical Group N.V.		88,468
	31,557	Anglo American plc		700,679
	4,254	Antofagasta plc		55,253
	1,971	Aperam SA		84,562
	8,826	ArcelorMittal		257,724
	12,400	Argonaut Gold, Inc.*		21,791
	8,215	Asanko Gold, Inc.*		8,874
	1,445	Aurubis AG		110,244
	12,440	Ausdrill, Ltd.		16,881
	7,168	B2Gold Corp.*		18,595
	28,800	Barrick Gold Corp.		378,376
	2,708	Bekaert NV		87,795


Shares			Fair Value
Common Stocks, continued
Metals & Mining, continued
	57,965	BHP Billiton, Ltd.	$	1,452,172
	17,844	Billiton plc, ADR		802,088
	25,458	BlueScope Steel, Ltd.		324,443
	9,186	Boliden AB		297,346
	17,700	Capstone Mining Corp.*		13,600
	73,572	Centamin plc		115,492
	13,877	Centerra Gold, Inc.*		77,171
	16,254	China Gold International Resources Corp., Ltd.*		28,193
	5,800	Continental Gold, Inc.*		16,723
	2,100	Daido Steel Co., Ltd.		96,966
	2,700	Daiki Aluminium Industry Co., Ltd.		16,720
	7,325	Detour Gold Corp.*		65,866
	3,000	DOWA Mining Co.		92,376
	4,600	Dundee Precious Metals, Inc.*		10,988
	38,811	Eldorado Gold Corp.*		39,269
	1,900	Endeavour Mining Corp.*		34,097
	539	Eramet		70,475
	40,854	Evolution Mining, Ltd.		106,801
	16,814	EVRAZ plc		112,751
	8,102	First Quantum Minerals, Ltd.		119,388
	83,540	Fortescue Metals Group, Ltd.		270,951
	5,947	Fortuna Silver Mines, Inc.*		33,841
	3,312	Fresnillo plc		49,923
	33,424	Glencore International plc		158,439
	6,771	Goldcorp, Inc.		92,830
	1,848	Goldcorp, Inc.		25,376
	4,758	Granges AB		62,265
	5,096	Guyana Goldfields, Inc.*		19,035
	7,250	Hill & Smith Holdings plc		141,437
	6,200	Hitachi Metals, Ltd.		64,309
	15,125	Hochschild Mining plc		37,985
	18,195	Hudbay Minerals, Inc.		101,460
	24,142	IAMGOLD Corp.*		140,683
	17,091	Independence Group NL		65,298
	14,746	Ivanhoe Mines, Ltd., Class A*		30,288
	4,200	JFE Holdings, Inc.		79,238
	14,214	Kazakhmys plc*		156,931
	84,792	Kinross Gold Corp.*		319,300
	4,744	Kirkland Lake Gold, Ltd.		100,474
	9,200	Kobe Steel, Ltd.		84,113
	500	Kyoei Steel, Ltd.		9,450
	800	Labrador Iron Ore Royalty Corp.		14,661
	4,400	Leagold Mining Corp.*		8,669
	17,782	Lonmin plc*		9,835
	14,207	Lucara Diamond Corp.		22,805
	42,535	Lundin Mining Corp.		236,539
	11,288	MACA, Ltd.		10,021
	4,545	Major Drilling Group International, Inc.*		23,996
	176,000	Midas Holdings, Ltd.*(b)(c)		18,605
	7,616	Mineral Resources, Ltd.		89,971
	6,000	Mitsubishi Materials Corp.		164,535
	500	Mitsubishi Steel Manufacturing Co., Ltd.		9,700


Shares			Fair Value
Common Stocks, continued
Metals & Mining, continued
	4,200	Mitsui Mining & Smelting Co., Ltd.	$	178,408
	2,200	Neturen Co., Ltd.		19,171
	17,856	Nevsun Resources, Ltd.		62,078
	27,410	New Gold, Inc.*		57,135
	2,532	Newcrest Mining, Ltd.		41,035
	6,200	Nippon Denko Co., Ltd.		17,572
	37,000	Nippon Light Metal Holdings Co.		83,068
	6,600	Nippon Steel Corp.		129,465
	1,120	Nisshin Steel Co., Ltd.		15,441
	200	Nittetsu Mining Co., Ltd.		9,439
	5,998	Norsk Hydro ASA		35,924
	24,295	Northern Star Resources, Ltd.		131,197
	4,300	Nyrstar NV*		23,053
	39,028	OceanaGold Corp.		108,370
	500	Osaka Steel Co., Ltd.		9,531
	5,268	Osisko Gold Royalties, Ltd.		49,895
	18,826	Outokumpu OYJ		116,725
	2,177	Outotec OYJ*		17,267
	17,375	OZ Minerals, Ltd.		121,031
	1,857	Pan American Silver Corp.		33,241
	73,744	Perseus Mining, Ltd.*		23,663
	57,911	Petra Diamonds, Ltd.*		42,732
	176,214	Petropavlovsk plc*		18,513
	15,628	Regis Resources, Ltd.		59,501
	21,763	Resolute Mining, Ltd.		20,784
	550	Rio Tinto plc		30,328
	12,983	Rio Tinto plc, Registered Shares, ADR		720,297
	1,547	Rio Tinto, Ltd.		96,021
	6,000	Sabina Gold & Silver Corp.*		6,938
	2,148	Salzgitter AG		93,581
	7,017	Sandfire Resources Nl		47,775
	9,442	Sandstorm Gold, Ltd.*		42,451
	1,600	Sanyo Special Steel Co., Ltd.		38,154
	29,450	Saracen Mineral Holdings, Ltd.*		47,854
	21,718	Schmolz + Bickenbach AG*		16,983
	16,210	Semafo, Inc.*		46,984
	4,833	Sims Metal Management, Ltd.		57,939
	26,001	South32, Ltd.		70,011
	4,092	SSAB AB, Class A		19,299
	5,741	SSAB AB, Class B		21,619
	4,935	SSR Mining, Inc.*		48,693
	17,694	St Barbara, Ltd.		63,504
	26,500	Stornoway Diamond Corp.*		8,870
	5,574	Tahoe Resources, Inc.		27,435
	9,084	Tahoe Resources, Inc.		44,693
	7,087	Teck Cominco, Ltd., Class B		180,558
	5,620	Teck Resources, Ltd., Class B		143,029
	2,875	Teranga Gold Corp.*		10,258
	3,912	ThyssenKrupp AG		95,171
	700	Toho Zinc Co., Ltd.		25,865
	1,500	Tokyo Steel Manufacturing Co., Ltd.		13,308
	1,300	Topy Industries, Ltd.		36,059


Shares			Fair Value
Common Stocks, continued
Metals & Mining, continued
	1,885	Torex Gold Resources, Inc.*	$	16,792
	9,694	Trevali Mining Corp.*		6,637
	10,601	Turquoise Hill Resources, Ltd.*		30,001
	1,500	UACJ Corp.		32,288
	2,041	Vedanta Resources plc		17,324
	6,764	Voestalpine AG		311,169
	14,139	Western Areas, Ltd.		37,438
	2,702	Wheaton Precious Metals Corp.		59,606
	30,268	Yamana Gold, Inc.		88,191
	1,600	Yamato Kogyo Co., Ltd.		48,324
	800	Yodogawa Steel Works, Ltd.		20,412

				12,877,006

Multiline Retail (0.5%):
	24,445	B&m European Value Retail SA		130,314
	947	Canadian Tire Corp., Class A		123,625
	53,885	Debenhams plc		10,584
	4,509	Dollarama, Inc.		174,803
	1,400	Don Quijote Co., Ltd.		67,180
	500	Fuji Co., Ltd./Ehime		10,451
	2,400	H2O Retailing Corp.		38,289
	20,441	Harvey Norman Holdings, Ltd.		50,173
	3,882	Hudson’s Bay Co.		34,612
	4,700	Isetan Mitsukoshi Holdings, Ltd.		58,664
	900	Izumi Co., Ltd.		55,628
	5,800	J. Front Retailing Co., Ltd.		88,066
	24,500	Lifestyle International Holdings, Ltd.		51,748
	29,029	Marks & Spencer Group plc		112,939
	1,300	MARUI GROUP Co., Ltd.		27,363
	11,200	Metro Holdings, Ltd.		9,358
	47,139	Myer Holdings, Ltd.		12,899
	1,643	Next plc		131,137
	2,535	Reject Shop, Ltd. (The)		10,652
	300	Ryohin Keikaku Co., Ltd.		105,532
	600	Sanyo Electric Railway Co., Ltd.		14,529
	800	Seria Co., Ltd.		38,447
	5,000	Takashimaya Co., Ltd.		42,759
	4,000	Wing On Company International, Ltd.		14,582

				1,414,334

Multi-Utilities (0.7%):
	2,276	Acea SpA		33,798
	1,705	Atco, Ltd.		52,636
	1,466	Canadian Utilities, Ltd., Class A		37,026
	93,709	Centrica plc		194,888
	21,702	E.ON AG		231,828
	10,860	Engie Group		166,187
	30,113	Hera SpA		93,822
	23,167	Iren SpA		59,102
	65,748	ITL AEM SpA		113,974
	98,500	Keppel Infrastructure Trust		37,625
	430	National Grid plc, ADR		24,016
	4,897	Ren — Redes Energeticas Nacion		13,717


Shares			Fair Value
Common Stocks, continued
Multi-Utilities, continued
	26,786	RWE AG	$	610,462
	6,003	Suez Environnement Co.		77,829
	3,746	Telecom Plus plc		55,647
	3,162	Veolia Environnement SA		67,641

				1,870,198

Oil, Gas & Consumable Fuels (5.3%):
	9,181	Advantage Oil & Gas, Ltd.*		28,706
	24,155	Africa Oil Corp.*		21,683
	145,000	Agritrade Resources, Ltd.		27,324
	2,191	AKER BP ASA		80,727
	1,900	AltaGas, Ltd.		39,243
	12,805	ARC Resources, Ltd.		132,287
	18,809	Athabasca Oil Corp.*		25,756
	11,743	Baytex Energy Corp.*		39,039
	2,064	Baytex Energy Corp.*^		6,873
	108,970	Beach Energy, Ltd.		142,500
	1,167	Bellatrix Exploration, Ltd.*		1,172
	9,541	Birchcliff Energy, Ltd.		34,985
	10,200	BlackPearl Resources, Inc.*		11,329
	15,440	Bonavista Energy Corp.		17,501
	1,208	Bonterra Energy Corp.		15,696
	28,133	BP plc, ADR		1,284,553
	31,893	BP plc		242,795
	173,000	Brightoil Petroleum Holdings, Ltd.*(b)(c)		12,404
	2,656	BW LPG, Ltd.*^(a)		10,604
	24,066	Cairn Energy plc*		79,350
	2,676	Caltex Australia, Ltd.		64,617
	5,227	Cameco Corp.		58,804
	4,158	Cameco Corp.		46,783
	900	Canadian Natural Resources, Ltd.		32,488
	1,623	Canadian Natural Resources, Ltd.		58,542
	3,012	Cardinal Energy, Ltd.		12,671
	3,800	Cenovus Energy, Inc.		39,460
	11,375	Cenovus Energy, Inc.		118,073
	13,100	China Aviation Oil Singapore Corp., Ltd.		14,204
	40,015	Cooper Energy, Ltd.*		11,377
	1,600	Cosmo Energy Holdings Co., Ltd.		56,087
	8,781	Crescent Point Energy		64,540
	7,561	Crescent Point Energy Corp.		55,564
	8,223	Crew Energy, Inc.*		12,574
	854	CropEnergies AG		5,031
	54	Delek Group, Ltd.		7,366
	40,500	Denison Mines Corp.*		19,719
	26,109	Dno ASA*		48,064
	9,137	Enagas SA		266,933
	3,926	Enbridge Income Fund Holding		96,291
	2,055	Enbridge, Inc.		73,477
	1,055	EnCana Corp.		13,768
	7,437	EnCana Corp.		97,142
	6,400	Enerplus Corp.		80,724
	21,419	ENI SpA		397,656
	33,078	EnQuest plc*		15,347
	5,510	Euronav NV		50,553


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	1,579	Exmar NV*	$	11,189
	900	Freehold Royalties, Ltd.		8,490
	1,400	Frontera Energy Corp.*		20,374
	3,784	Frontline, Ltd.*		22,060
	3,100	Fuji Oil Co., Ltd.		11,629
	1,464	Galp Energia SGPS SA		27,836
	591	Gaztransport et Technigaz SA		36,209
	19,607	Gran Tierra Energy, Inc.*		67,868
	78	Granite Oil Corp.		180
	6,367	Husky Energy, Inc.		99,247
	4,500	Idemitsu Kosan Co., Ltd.		160,205
	2,500	Imperial Oil, Ltd.		83,111
	7,900	INPEX Corp.		81,658
	4,194	Inter Pipeline, Ltd.		78,616
	3,600	ITOCHU Enex Co., Ltd.		35,110
	4,263	James Fisher & Sons plc		98,279
	547	Jerusalem Oil Exploration*		27,832
	46,100	JX Holdings, Inc.		320,146
	7,300	Kelt Exploration, Ltd.*		49,592
	1,100	Keyera Corp.		30,611
	3,106	Koninklijke Vopak NV		143,362
	10,707	MEG Energy Corp.*		89,273
	5,186	Neste Oil OYJ		405,448
	14,065	New Hope Corp., Ltd.		31,108
	7,392	New Zealand Refining Co., Ltd. (The)		12,222
	64,000	NewOcean Energy Holdings, Ltd.*		13,024
	21,200	Nippon Coke & Engineering Co., Ltd.		22,573
	1,300	Nippon Gas Co., Ltd.		75,766
	7,654	Nuvista Energy, Ltd.*		53,103
	32,810	Obsidian Energy, Ltd.*		37,190
	54,541	Oil Refineries, Ltd.		23,000
	31,128	Ophir Energy plc*		20,746
	15,123	Origin Energy, Ltd.*		112,778
	7,550	Painted Pony Energy, Ltd.*		13,095
	1,307	Paramount Resouces, Ltd., Class A*		14,805
	5,000	Parex Resources, Inc.*		94,409
	2,400	Parkland Fuel Corp.		58,973
	260	Paz Oil Co., Ltd.		34,201
	1,584	Pembina Pipeline Corp.		54,806
	40,966	Pengrowth Energy Corp.*		29,295
	3,828	Peyto Exploration & Development Corp.		29,471
	43,203	Premier Oil plc*		73,233
	10,169	Raging River Exploration, Inc.*		44,095
	13,800	Repsol SA		269,459
	8,812	Royal Dutch Shell plc, Class A, ADR		610,055
	7,285	Royal Dutch Shell plc, Class B, ADR		529,255
	1,600	Sala Corp.		10,064
	4,000	San-Ai Oil Co., Ltd.		49,288
	21,323	Santos, Ltd.*		99,371
	27,521	Saras SpA		66,663
	59,700	Senex Energy, Ltd.*		19,296
	8,562	Seven Generations Energy*		94,381


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	400	Sinanen Holdings Co., Ltd.	$	10,096
	12,876	Snam SpA		53,635
	12,892	Soco International plc		16,398
	21,115	Statoil ASA		559,062
	5,784	Suncor Energy, Inc.		235,408
	8,674	Suncor Energy, Inc.		352,859
	11,456	Surge Energy, Inc.		20,742
	8,990	Torc Oil & Gas, Ltd.		50,199
	14,201	Total SA		863,512
	7,700	Tourmaline Oil Corp.		137,598
	5,452	Transcanada Corp.		235,527
	6,518	TransGlobe Energy Corp.*		18,049
	35,959	Tullow Oil plc*		115,715
	1,097	Vermilion Energy, Inc.		39,565
	19,728	Whitecap Resources, Inc.		133,721
	24,229	Whitehaven Coal, Ltd.		104,089
	9,290	Woodside Petroleum, Ltd.		244,427
	8,000	Yangarra Resources, Ltd.*		33,716
	5,501	Z Energy, Ltd.		28,188

				11,828,938

Paper & Forest Products (0.9%):
	1,344	Ahlstrom-Munksjo OYJ		24,258
	5,029	Canfor Corp.*		121,048
	1,251	Canfor Pulp Products, Inc.		24,002
	6,000	Daio Paper Corp.		83,491
	6,700	Hokuetsu Kishu Paper Co., Ltd.		34,451
	1,236	Holmen AB, Class B		28,068
	4,627	Interfor Corp.*		88,879
	8,945	Metsa Board OYJ		101,106
	6,301	Mondi plc		169,700
	5,800	Nippon Paper Industries Co., Ltd.		92,373
	1,614	Norbord, Inc.		66,377
	22,000	OYI Paper Co., Ltd.		136,318
	23,088	Quintis, Ltd.*(b)(c)		2,251
	8,204	Stora Enso OYJ, Registered Shares		160,266
	600	Tokushu Tokai Paper Co., Ltd.		23,580
	22,294	UPM-Kymmene OYJ		796,008
	1,669	West Fraser Timber Co., Ltd.		114,894
	24,618	Western Forest Products, Inc.		50,191

				2,117,261

Personal Products (0.6%):
	18,108	Asaleo Care, Ltd.		18,747
	1,100	Ci:z Holdings Co., Ltd.		52,311
	2,300	Kao Corp.		175,323
	400	KOSE Corp.		86,045
	536	L’Oreal SA		132,234
	3,305	Ontex Group NV		72,418
	1,486	Oriflame Holding AG		47,918
	1,400	Shiseido Co., Ltd.		111,089
	8,564	Unilever NV, NYS		477,186
	4,976	Unilever plc, ADR		275,073

				1,448,344


Shares			Fair Value
Common Stocks, continued
Pharmaceuticals (2.8%):
	91	Alk-Abello A/S*	$	15,195
	1,900	Aska Pharmaceutical Co., Ltd.		24,701
	6,600	Astellas Pharma, Inc.		100,562
	16,897	AstraZeneca plc, ADR		593,254
	3,325	Bayer AG, Registered Shares		366,307
	314	Boiron SA		26,633
	1,600	Dainippon Sumitomo Pharma Co., Ltd.		33,845
	7,741	Faes Farma SA		32,783
	9,143	GlaxoSmithKline plc, ADR		368,554
	1,067	GlaxoSmithKline plc		21,524
	1,253	H. Lundbeck A/S		87,992
	3,300	Haw Par Corp., Ltd.		32,493
	4,811	Hikma Pharmaceuticals plc		95,186
	26,202	Indivior plc*		131,356
	701	Ipsen SA		109,861
	1,000	Kaken Pharmaceutical Co., Ltd.		51,344
	1,000	Kissei Pharmaceutical Co., Ltd.		27,101
	1,700	Kyorin Holdings, Inc.		35,287
	30,175	Mayne Pharma Group, Ltd.*		19,404
	501	Merck KGaA		48,911
	1,300	Mitsubishi Tanabe Pharma Corp.		22,451
	3,200	Nichi-Iko Pharmaceutical Co., Ltd.		47,190
	22,726	Novartis AG, Registered Shares		1,722,065
	8,066	Novo Nordisk A/S, Class B		372,613
	1,037	Orion OYJ		30,533
	3,799	Orion OYJ, Class B		102,186
	1,695	Recipharm AB*		25,353
	3,141	Recordati SpA		124,625
	127	Roche Holding AG		28,715
	3,082	Roche Holding AG		686,069
	600	Rohto Pharmaceutical Co., Ltd.		19,251
	1,600	Santen Pharmaceutical Co., Ltd.		27,855
	1,200	Sawai Pharmaceutical Co., Ltd.		54,575
	600	Shionogi & Co., Ltd.		30,795
	3,900	Takeda Pharmacuetical Co., Ltd.		164,722
	1,540	Teva Pharmaceutical Industries, Ltd.		37,266
	800	Torii Pharmaceutical Co., Ltd.		19,440
	600	Towa Pharmaceutical Co., Ltd.		32,136
	700	Tsumura & Co.		22,608
	1,020	UCB SA		79,952
	46,000	United Laboratories International Holdings, Ltd.		47,515
	8,600	Valeant Pharmaceuticals International, Inc.*		200,198
	1,145	Valeant Pharmaceuticals International, Inc.*		26,610
	16,134	Vectura Group plc*		16,613
	1,002	Vifor Pharma AG		159,942
	178	Virbac SA*		24,279

				6,347,850

Professional Services (1.8%):
	4,530	Adecco SA, Registered Shares		267,733
	2,780	AF AB		63,523
	568	Akka Technologies SA		40,634
	3,728	ALS, Ltd.		20,899


Shares			Fair Value
Common Stocks, continued
Professional Services, continued
	9,096	Applus Services SA	$	121,284
	1,800	Benefit One, Inc.		50,817
	372	Bertrandt AG		35,322
	5,622	Bureau Veritas SA		149,902
	5,277	Capita Group plc		11,121
	1,100	DKSH Holding, Ltd.		77,523
	900	EN-Japan, Inc.		45,342
	11,350	Experian plc		280,642
	175	Groupe Crit		16,405
	89,376	Hays plc		219,997
	2,964	Intertek Group plc		223,492
	2,947	McMillan Shakespeare, Ltd.		35,070
	1,100	Meitec Corp.		52,776
	10,129	Michael Page International plc		75,201
	3,497	Morneau Shepell, Inc.		72,307
	2,500	Nihon M&A Center, Inc.		72,398
	1,800	Nomura Co., Ltd.		39,712
	3,000	Outsourcing, Inc.		55,547
	1,700	Persol Holdings Co., Ltd.		37,885
	3,772	Randstad Holding NV		221,357
	7,938	RELX NV		168,963
	5,236	RELX plc, ADR		113,831
	3,973	Ricardo plc		50,227
	6,390	Robert Walters plc		59,011
	7,390	Seek, Ltd.		119,793
	58	SGS SA, Registered Shares		154,580
	2,421	Stantec, Inc.		62,099
	1,200	Technopro Holdings, Inc.		73,630
	2,255	Teleperformance		398,263
	10,595	Wolters Kluwer NV		596,329

				4,083,615

Real Estate Management & Development (2.4%):
	585	ADO Group, Ltd.*		11,741
	442	ADO Properties SA(a)		24,057
	2,400	AEON Mall Co., Ltd.		43,070
	1,364	Airport City, Ltd.*		15,154
	477	Allreal Holding AG*		77,798
	143	Alrov Properties And Lodgings, Ltd.		4,488
	2,393	Amot Investments, Ltd.		12,021
	46,000	Asia Standard International Group, Ltd.		10,492
	5,538	Aveo Group		9,968
	1,910	CA Immobilien Anlagen AG		63,664
	17,796	Capital & Counties Properties plc		67,456
	38,900	CapitaLand, Ltd.		90,077
	2,740	Cedar Woods Properties, Ltd.		11,689
	7,500	Chinese Estates Holdings, Ltd.		9,747
	52,000	Chuang’s Consortium International, Ltd.		11,165
	5,400	City Developments, Ltd.		43,431
	8,424	Citycon OYJ		18,229
	9,930	CK Asset Holdings, Ltd.		78,461
	1,625	Colliers International Group		123,013
	5,265	Countrywide plc*		2,618


Shares			Fair Value
Common Stocks, continued
Real Estate Management & Development, continued
	340,000	CSI Properties, Ltd.	$	20,103
	1,700	Daibiru Corp.		17,279
	500	Daito Trust Construction Co., Ltd.		81,268
	9,500	Daiwa House Industry Co., Ltd.		323,506
	963	Deutsche Euroshop AG		34,017
	6,254	Deutsche Wohnen AG		302,027
	34,000	Emperor International Holdings		9,877
	68,000	Far East Consortium Internatio		40,381
	1,175	Fastighets AB Balder*		30,653
	1,300	First Capital Realty, Inc.		20,432
	1,529	FirstService Corp.		116,265
	6,100	Frasers Centrepoint, Ltd.		7,397
	15,974	Gateway Lifestyle		27,542
	1,100	Goldcrest Co., Ltd.		17,865
	7,000	Great Eagle Holdings, Ltd.		34,140
	17,100	GuocoLand, Ltd.		25,485
	46,000	Hang Lung Group, Ltd.		128,753
	26,984	Hang Lung Properties, Ltd.		55,421
	1,200	Heiwa Real Estate Co., Ltd.		21,373
	3,426	Helical Bar plc		15,332
	3,116	Hemfosa Fastigheter AB		36,450
	7,551	Henderson Land Development Co., Ltd.		39,744
	110	Hiag Immobilien AG		13,275
	34,400	HKR International, Ltd.		21,068
	9,400	Ho Bee Land, Ltd.		16,335
	18,500	Hong Fok Corp., Ltd.		9,097
	1,500	Hongkong Land Holdings, Ltd.		10,731
	3,000	Hulic Co., Ltd.		31,944
	6,000	Hysan Development Co., Ltd.		33,392
	6,500	Ichigo, Inc.		30,487
	1,650	IMMOFINANZ AG		39,291
	1,400	Keihanshin Building Co., Ltd.		11,546
	24,725	Kerry Properties, Ltd.		118,128
	26,000	Kowloon Development Co., Ltd.		29,248
	3,296	Kungsleden AB		22,733
	11,400	Lai Sun Development Co., Ltd.		18,974
	1,358	LEG Immobilien AG		147,532
	7,092	Lend Lease Group		104,297
	14,300	Leopalace21 Corp.		78,295
	8,000	Liu Chong Hing Investment, Ltd.		12,628
	4,644	LSL Property Services plc		16,323
	578	Melisron, Ltd.		24,005
	6,000	Mitsubishi Estate Co., Ltd.		104,823
	247	Mobimo Holding AG, Registered Shares		61,108
	62,351	New World Development Co., Ltd.		87,137
	1,323	Nexity SA		83,539
	1,700	Nisshin Fudosan Co.		10,595
	5,200	Nomura Real Estate Holdings, Inc.		115,284
	3,300	NTT Urban Development Corp.		35,426
	1,600	Open House Co., Ltd.		94,451
	795	Patrizia Immobilien AG		15,334
	31,000	Prospect Co., Ltd.		13,975


Shares			Fair Value
Common Stocks, continued
Real Estate Management & Development, continued
	1,094	PSP Swiss Property AG	$	101,600
	4,000	Relo Holdings, Inc.		105,428
	2,615	S Immo AG		51,046
	1,200	SAMTY Co., Ltd.		21,968
	9,229	Savills plc		105,845
	2,600	Shinoken Group Co., Ltd.		39,503
	100,800	Sinarmas Land, Ltd.		22,541
	37,356	Sino Land Co., Ltd.		60,590
	5,000	Soundwill Holdings, Ltd.		8,238
	8,529	St. Modwen Properties plc		47,302
	1,000	Sumitomo Realty & Development Co., Ltd.		36,815
	1,800	Sun Frontier Fudousan Co., Ltd.		21,279
	6,921	Sun Hung Kai Properties, Ltd.		103,842
	8,646	Swire Pacific, Ltd., Class A		91,355
	17,500	Swire Pacific, Ltd., Class B		31,022
	5,800	Swire Properties, Ltd.		21,437
	1,281	Swiss Prime Site AG		117,888
	2,604	Tag Immobilien AG		57,282
	4,200	Takara Leben Co., Ltd.		15,697
	7,842	Technopolis OYJ		35,272
	1,637	Tlg Immobilien AG		43,649
	1,200	Tokyo Tatemono Co., Ltd.		16,463
	26,300	Tokyu Fudosan Holdings Corp.		185,161
	700	Tosei Corp.		7,399
	6,860	U & I Group plc		20,876
	213	UBM Development AG		10,145
	1,200	Unizo Holdings Co., Ltd.		22,346
	8,200	UOL Group, Ltd.		45,745
	6,654	Villa World, Ltd.		10,939
	2,129	Vonovia SE		101,291
	13,324	Wharf Holdings, Ltd. (The)		42,679
	2,000	Wharf Real Estate Investment Co., Ltd.		14,203
	12,829	Wheelock & Co., Ltd.		89,175
	8,400	Wheelock Properties Singapore		10,062
	2,672	Wihlborgs Fastigheter AB		30,903
	20,700	Wing Tai Holdings, Ltd.		30,197
	17	Zug Estates Holding AG		29,538

				5,351,371

Road & Rail (1.8%):
	13,493	Aurizon Holdings, Ltd.		43,373
	5,353	Canadian National Railway Co.		437,607
	883	Canadian Pacific Railway, Ltd.		161,607
	800	Central Japan Railway Co.		165,891
	44,100	ComfortDelGro Corp., Ltd.		75,969
	1,888	DSV A/S		152,411
	1,400	East Japan Railway Co.		134,100
	1,034	Europcar Groupe SA(a)		10,757
	79,447	FirstGroup plc*		87,459
	300	Fukuyama Transporting Co., Ltd.		15,318
	2,158	Go-Ahead Group plc		45,208
	5,000	Hankyu Hanshin Holdings, Inc.		200,981
	2,200	Hitachi Transport System, Ltd.		56,329


Shares			Fair Value
Common Stocks, continued
Road & Rail, continued
	102	Jungfraubahn Holding AG, Registered Shares	$	15,140
	2,500	Keihin Electric Express Railway Co., Ltd.		40,974
	1,200	Keio Corp.		58,029
	900	Keisei Electric Railway Co., Ltd.		30,884
	1,500	Kintetsu Corp.		61,204
	15,830	MTR Corp., Ltd.		87,221
	3,600	Nagoya Railroad Co., Ltd.		92,940
	2,400	Nankai Electric Railway Co., Ltd.		66,611
	29,502	National Express Group plc		156,243
	2,000	Nippon Express Co., Ltd.		145,008
	3,800	Nippon Konpo Unyu Soko Co., Ltd.		99,687
	2,600	Nishi-Nippon Railroad Co., Ltd.		70,736
	8,429	Northgate plc		45,228
	2,800	Odakyu Electric Railway Co., Ltd.		60,081
	4,000	Sankyu, Inc.		209,740
	2,500	Seino Holdings Co., Ltd.		44,265
	11,100	Senko Co., Ltd.		87,689
	823	Sixt Leasing Se		16,650
	1,209	Sixt SE		135,140
	1,659	Sixt SE		130,136
	2,000	Sotetsu Holdings, Inc.		61,184
	19,306	Stagecoach Group plc		36,058
	80	Stef S.A.		9,636
	6,961	Tfi International, Inc.		214,735
	2,000	Tobu Railway Co., Ltd.		61,172
	5,000	Tokyu Corp.		86,104
	300	Tonami Holdings Co., Ltd.		17,804
	400	Trancom Co., Ltd.		27,447
	20,000	Transport International Holdings, Ltd.		57,354
	824	VTG AG		46,587
	1,400	West Japan Railway Co.		103,135

				3,961,832

Semiconductors & Semiconductor Equipment (0.7%):
	1,000	Aixtron SE*		12,883
	1,136	ASM International NV		62,615
	5,119	ASM Pacific Technology, Ltd.		64,284
	1,629	ASML Holding NV, NYS		322,493
	4,404	BE Semiconductor Industries NV		118,643
	200	Disco Corp.		34,060
	439	Elmos Semiconductor AG		11,578
	2,300	Ferrotec Corp.		35,429
	6,856	Infineon Technologies AG		174,699
	800	Lasertec Corp.		22,470
	1,090	Melexis NV		101,061
	167,251	Rec Silicon ASA*^		18,749
	400	ROHM Co., Ltd.		33,503
	8,000	Sanken Electric Co., Ltd.		42,395
	800	Screen Holdings Co., Ltd.		56,209
	4,800	Shinko Electric Industries Co., Ltd.		42,875
	992	Siltronic AG		141,823
	285	SMA Solar Technology AG		11,796
	8,416	STMicroelectronics NV		186,988


Shares			Fair Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	2,000	SUMCO Corp.	$	40,280
	700	Tokyo Electron, Ltd.		119,863
	1,400	Tokyo Seimitsu Co., Ltd.		46,241
	2,312	Tower Semiconductor, Ltd.*		50,887
	372	U-Blox AG		73,882
	2,400	ULVAC, Inc.		91,406

				1,917,112

Software (1.1%):
	1,917	Aveva Group plc		67,893
	3,461	Bittium OYJ		20,083
	2,600	Capcom Co., Ltd.		64,069
	2,000	Colopl, Inc.		13,536
	2,326	Computer Modelling Group, Ltd.		17,872
	301	Constellation Software, Inc.		233,461
	1,258	Dassault Systemes SA		176,024
	1,064	Descartes Systems Group, Inc.*		34,580
	2,942	Fidessa Group plc		150,042
	1,403	Gemalto NV*		81,603
	15,900	Gungho Online Enetertainment, Inc.		40,439
	8,390	Hansen Technology, Ltd.		19,626
	38,000	Igg, Inc.		48,407
	1,600	Konami Corp.		81,343
	51	Linedata Services		2,094
	6,981	Myob Group, Ltd.		14,949
	518	Nemetschek Se		62,334
	339	NICE Systems, Ltd.*		35,209
	2,818	Open Text Corp.		99,165
	700	Oracle Corp.		57,076
	10,182	PlayTech plc		101,135
	17,117	Sage Group plc		141,334
	1,437	SAP AG		165,998
	2,151	SimCorp A/S		174,178
	998	Software AG		46,482
	8,525	Technology One, Ltd.		26,893
	1,257	Temenos Group AG		190,162
	1,300	Trend Micro, Inc.		74,046
	3,702	UbiSoft Entertainment SA*		405,013

				2,645,046

Specialty Retail (1.3%):
	16,866	Accent Group, Ltd.		20,569
	2,400	Adastria Co., Ltd.		30,390
	900	Alpen Co., Ltd.		19,362
	2,600	Aoki Holdings, Inc.		37,878
	1,300	Aoyama Trading Co., Ltd.		43,410
	1,900	Arcland Sakamoto Co., Ltd.		28,532
	700	Autobacs Seven Co., Ltd.		12,405
	1,813	Autocanada, Inc.		23,461
	11,649	Automotive Holdings Group, Ltd.		24,535
	7,300	BIC Camera, Inc.		112,556
	4,928	Bilia AB, Class A		38,474
	3,245	Byggmax Group AB		14,122
	18,000	Chow Sang Sang Holdings International, Ltd.		34,681


Shares			Fair Value
Common Stocks, continued
Specialty Retail, continued
	18,800	Chow Tai Fook Jewellery Group, Ltd.	$	21,172
	2,205	Clas Ohlson AB		17,530
	4,700	DCM Holdings Co., Ltd.		43,920
	32,869	Dixons Carphone plc		80,903
	2,047	Dufry AG, Registered Shares		261,025
	5,850	Dunelm Group plc		38,954
	4,900	Edion Corp.		49,261
	230,000	Emperor Watch & Jewellery, Ltd.		14,014
	77,300	Esprit Holdings, Ltd.*		23,960
	400	Fast Retailing Co., Ltd.		183,478
	665	Fielmann AG*		46,004
	2,300	Geo Holdings Corp.		30,814
	130,000	Giordano International, Ltd.		81,573
	1,436	Grandvision BV(a)		32,230
	3,192	Greencross, Ltd.		10,562
	681	Groupe FNAC SA*		64,703
	13,359	Halfords Group plc		61,103
	4,280	Hennes & Mauritz AB, Class B^		63,730
	300	Hikari Tsushin, Inc.		52,687
	483	Hornbach Baumarkt AG		14,916
	148	Hornbach Holding AG & Co. KGaA		10,674
	5,100	Idom, Inc.		28,195
	4,686	Industria de Diseno Textil SA		159,884
	6,528	JB Hi-Fi, Ltd.		108,932
	20,850	JD Sports Fashion plc		121,174
	700	Jin Co., Ltd.		39,994
	1,500	Joshin Denki Co., Ltd.		46,819
	3,370	KappAhl AB		12,108
	8,824	Kathmandu Holdings, Ltd.		17,373
	1,700	Keiyo Co., Ltd.		8,438
	21,974	Kingfisher plc		86,088
	1,600	Komeri Co., Ltd.		40,614
	8,400	K’s Holding Corp.		87,246
	2,366	Leon’s Furniture, Ltd.		32,506
	25,750	L’occitane International SA		42,417
	19,046	Lookers plc		27,242
	20,000	Luk Fook Holdings International, Ltd.		82,590
	2,347	Matas A/S		19,047
	600	Mekonomen AB		8,293
	600	Nitori Co., Ltd.		93,603
	2,300	Nojima Corp.		51,120
	76,677	Pendragon plc		24,746
	19,618	Pets At Home Group plc		33,502
	917	Premier Investments, Ltd.		11,500
	1,300	Shimachu Co., Ltd.		41,306
	300	Shimamura Co., Ltd.		26,408
	9,000	Sports Direct International*		47,352
	4,622	Super Retail Group, Ltd.		27,834
	3,968	Supergroup plc		58,745
	1,300	United Arrows, Ltd.		48,489
	2,400	USS Co., Ltd.		45,629
	144	Valora Holding AG		47,104


Shares			Fair Value
Common Stocks, continued
Specialty Retail, continued
	8,200	VT Holdings Co., Ltd.	$	43,128
	4,080	WHSmith plc		107,593
	700	Xebio Holdings Co., Ltd.		11,149
	1,990	XXL ASA^(a)		16,127

				3,347,883

Technology Hardware, Storage & Peripherals (0.5%):
	6,400	Brother Industries, Ltd.		126,220
	5,600	Canon, Inc.		183,442
	1,300	Fujitsu Frontech, Ltd.		17,664
	1,900	Hitachi Maxell, Ltd.		31,972
	13,700	Konica Minolta Holdings, Inc.		126,871
	6,508	Logitech International SA		285,701
	6,200	Mcj Co., Ltd.		47,329
	4,300	NEC Corp.		117,941
	2,343	Neopost		62,991
	1,300	Noritsu Koki Co., Ltd.		22,307
	8,500	Ricoh Co., Ltd.		77,820
	100	Roland Dg Corp.		2,199
	8,300	Seiko Epson Corp.		143,804
	9,000	Toshiba Tec Corp.		54,787
	154	Wincor Nixdorf AG		10,285

				1,311,333

Textiles, Apparel & Luxury Goods (1.6%):
	689	Adidas AG		150,449
	1,500	ASICS Corp.		25,327
	1,383	Brunello Cucinelli SpA		61,705
	6,313	Burberry Group plc		179,666
	434	Compagnie Financiere Richemont SA		36,782
	485	Delta-Galil Industries, Ltd.		14,068
	1,500	Descente, Ltd.		26,553
	900	Fujibo Holdings, Inc.		29,241
	1,250	Gerry Weber International AG*		8,008
	1,311	Gildan Activewear, Inc.		36,918
	280,000	Global Brands Group Holdings, Ltd.*		16,755
	300	Gunze, Ltd.		19,205
	189	Hermes International SA		115,508
	2,445	Hugo Boss AG		221,722
	7,000	Kurabo Industries, Ltd.		22,098
	399,238	Li & Fung, Ltd.		145,762
	1,682	Luxottica Group SpA		108,445
	2,251	LVMH Moet Hennessy Louis Vuitton SA		748,214
	5,170	Moncler SpA		235,155
	1,495	New Wave Group AB		8,766
	5,000	Onward Holdings Co., Ltd.		38,292
	9,893	Ovs SpA*(a)		32,233
	44,000	Pacific Textiles Holdings, Ltd.		37,352
	2,465	Pandora A/S		172,301
	6,400	Prada SpA		29,446
	2,218	Salvatore Ferragamo Italia SpA		54,065
	36,000	Samsonite International SA		126,884
	500	Sanyo Shokai, Ltd.		10,018


Shares			Fair Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
	1,800	Seiko Holdings Corp.	$	38,692
	2,500	Seiren Co., Ltd.		38,831
	28,000	Stella International Holdings, Ltd.		34,611
	167	Swatch Group AG (The), Class B		79,357
	262	Swatch Group AG (The), Registered Shares		22,695
	1,909	Ted Baker plc		54,238
	404	Tod’s SpA		25,140
	3,200	Tsi Holdings Co., Ltd.		22,606
	2,700	Unitika, Ltd.*		15,362
	2,000	Wacoal Holdings Corp.		58,274
	45,514	Yue Yuen Industrial Holdings, Ltd.		127,735

				3,228,479

Thrifts & Mortgage Finance (0.1%):
	2,324	Aareal Bank AG		102,161
	2,507	Deutsche Pfandbriefbank AG(a)		35,135
	615	Equitable Group, Inc.		27,866
	1,100	Firm Capital Mortgage Investment Corp.		11,029
	2,026	Genworth MI Canada, Inc.		65,935
	16,190	Genworth Mortgage Insurance AU		30,765
	1,812	Home Capital Group, Inc.*		20,691
	7,866	Onesavings Bank plc		42,606
	10,905	Paragon Group of Cos. plc (The)		68,921

				405,109

Tobacco (0.2%):
	4,936	Imperial Tobacco Group plc, Class A		183,759
	4,800	Japan Tobacco, Inc.		134,104
	652	Scandinavian Tobacco Group A/S(a)		9,841
	2,105	Swedish Match AB, Class B		104,233

				431,937

Trading Companies & Distributors (1.8%):
	2,637	AddTech AB, Class B		58,225
	15,970	Ashtead Group plc		475,599
	1,271	B&b Tools AB		13,419
	284	BayWa AG		9,606
	1,611	Beijer Ref AB		29,180
	7,200	BOC Aviation, Ltd.(a)		44,686
	537	Bossard Holding AG		99,813
	3,112	Brenntag AG		173,317
	4,067	Bunzl plc		123,137
	4,000	CanWel Building Materials Group, Ltd.		20,936
	70,000	China Strategic Holdings, Ltd.*		748
	3,143	Cramo OYJ		73,016
	400	Daiichi Jitsugyo Co., Ltd.		11,730
	8,787	Diploma plc		151,577
	3,513	Ferguson plc		285,006
	3,579	Grafton Group plc		37,559
	900	Hanwa Co., Ltd.		34,279
	36,721	Howden Joinery Group plc		259,664
	1,598	Imcd Group NV		107,099
	300	Inaba Denki Sangyo Co., Ltd.		12,261
	700	Inabata & Co., Ltd.		9,712


Shares			Fair Value
Common Stocks, continued
Trading Companies & Distributors, continued
	3,231	Indutrade AB	$	77,132
	2,600	Iwatani Corp.		90,564
	616	Jacquet Metal Service		19,565
	200	Japan Pulp & Paper Co., Ltd.		9,097
	700	Kamei Corp.		9,640
	900	Kanaden Corp.		11,187
	1,700	Kanamoto Co., Ltd.		53,719
	4,800	Kanematsu Corp.		69,279
	2,241	Kloeckner & Co. SE		23,616
	8,200	Marubeni Corp.		62,496
	4,300	Misumi Group, Inc.		125,181
	1,100	Mitani Corp.		49,066
	7,300	Mitsubishi Corp.		202,616
	7,700	Mitsui & Co., Ltd.		128,301
	1,271	Momentum Group AB, Class B*		15,678
	1,400	Monotaro Co., Ltd.		61,884
	2,600	Nagase & Co., Ltd.		40,533
	900	NEC Capital Solutions, Ltd.		15,670
	600	Nichiden Corp.		11,569
	1,100	Nippon Steel & Sumikin Bussan		54,565
	1,200	Nishio Rent All Co., Ltd.		38,443
	700	Onoken Co., Ltd.		11,808
	7,777	Ramirent OYJ		82,528
	4,501	Reece, Ltd.		42,099
	10,785	Rexel SA		154,958
	2,192	Richelieu Hardware, Ltd.		45,708
	2,804	Russel Metals, Inc.		57,317
	12,209	SIG plc		22,474
	21,100	Sojitz Corp.		76,467
	164	Solar A/S		10,232
	3,600	Sumitomo Corp.		59,091
	3,072	Toromont Industries, Ltd.		132,882
	2,100	Toyota Tsushu Corp.		70,214
	9,972	Travis Perkins plc		187,125
	1,000	Trusco Nakayama Corp.		24,966
	800	Wajax Corp.		15,154
	2,700	Wakita & Co., Ltd.		28,319
	3,800	Yamazen Corp.		36,295
	800	Yuasa Trading Co., Ltd.		25,506

				4,283,513

Transportation Infrastructure (0.4%):
	493	Aena SA(a)		89,422
	384	Aeroports de Paris		86,755
	1,197	Ansaldo Sts SpA		17,132
	7,311	Atlantia SpA		215,847
	12,050	Atlas Arteria, Ltd.		57,325
	3,215	Auckland International Airport, Ltd.		14,754
	17,433	BBA Aviation plc		78,510
	960	Flughafen Zuerich AG		196,005
	3,270	Groupe Eurotunnel SA		44,829
	1,679	Hamburger Hafen und Logistik AG		36,435
	2,800	Hong Kong Aircraft Engineering Co., Ltd.		24,375


Shares			Fair Value
Common Stocks, continued
Transportation Infrastructure, continued
	182,200	Hutchison Port Holdings Trust	$	50,900
	400	Japan Airport Terminal Co., Ltd.		18,718
	1,500	Kamigumi Co., Ltd.		31,100
	1,000	Mitsubishi Logistics Corp.		21,574
	400	Nissin Corp.		9,278
	37,623	Qube Holdings, Ltd.		67,033
	15,500	SATS, Ltd.		56,762
	4,700	SIAS SpA		70,656
	4,000	Sumitomo Warehouse Co., Ltd. (The)		24,253
	14,036	Sydney Airport		74,329
	2,729	Westshore Terminals Investment Corp.		49,473

				1,335,465

Water Utilities (0.2%):
	15,034	Pennon Group plc		157,543
	5,341	Severn Trent plc		139,379
	45,000	Siic Environment Holdings, Ltd.*		13,903
	7,737	United Utilities Group plc		77,894

				388,719

Wireless Telecommunication Services (1.1%):
	2,035	Cellcom Israel, Ltd.*		11,624
	4,802	Freenet AG		127,403
	13,800	KDDI Corp.		377,351
	13,000	M1, Ltd.		15,285
	3,522	Millicom International Cellular SA, SDR		207,235
	2,104	Mobistar SA		35,486
	18,600	NTT DoCoMo, Inc.		473,782
	1,000	Okinawa Cellular Telephone Co.		40,132
	1,708	Rogers Communications, Inc., Class B		81,062
	17,000	Smartone Telecommunications Ho		17,531
	4,700	SoftBank Group Corp.		337,293
	21,800	StarHub, Ltd.		26,525
	3,836	Tele2 AB		45,069
	349,145	Vodafone Group plc		845,883

				2,641,661

	Total Common Stocks (Cost $208,319,490)			230,879,993

Preferred Stocks (0.4%):
Automobiles (0.4%):
	1,600	Bayerische Motoren Werke AG (BMW), 5.89%		127,548
	1,544	Porsche Automobil Holding SE, 3.23%		98,336
	4,515	Volkswagen AG, 2.78%		749,678

				975,562

	Total Preferred Stocks (Cost $1,186,092)			975,562


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Warrant (0.0%):
Banks (0.0%):
	64,038	Ezion Holdings, Ltd.(c)	$	—

	Total Warrant (Cost $—)			—

Rights (0.0%):
Banks (0.0%):
	72,820	Intesa Sanpaolo SpA, Expires on 12/31/49*(c)		—

Construction & Engineering (0.0%):
	4,849	ACS Actividades de Construccion y Servicios SA, Expires on 7/09/18*		4,994
	19,598	Sacyr SA, Expires on 7/10/18		1,119

				6,113

Consumer Finance (0.0%):
	106,800	Enerchina Holding, Ltd., Expires on 7/16/18		68

Energy Equipment & Services (0.0%):
	299	Odfjell Drilling, Ltd., Expires on 7/05/18(b)(c)		—

Insurance (0.0%):
	6,217	Phoenix Group Holdings, Expires on 7/10/18		13,542

Media (0.0%):
	40,092	ITE Group plc, Expires on 7/11/18		12,643

Oil, Gas & Consumable Fuels (0.0%):
	13,800	Repsol SA, Expires on 7/09/18*		7,834

	Total Rights (Cost $18,729)			40,200

Securities Held as Collateral for Securities on Loan (0.7%):
$	1,684,845	AZL DFA International Core Equity Fund Securities Lending Collateral Account(d)		1,684,845

	Total Securities Held as Collateral for Securities on Loan (Cost $1,684,845)			1,684,845

Unaffiliated Investment Company (0.3%):
	708,144	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 1.68%(e)		708,144

	Total Unaffiliated Investment Company (Cost $708,144)			708,144

	Total Investment Securities (Cost $211,917,300) — 100.1%(f)			234,288,744
	Net other assets (liabilities) — (0.1)%			(304,945	)

	Net Assets — 100.0%		$	233,983,799

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, 2018:


Country	Percentage
Australia		6.0	%
Austria		0.5	%
Belgium		1.3	%
Bermuda		—	%^
Cambodia		—	%^
Canada		8.9	%
Cayman Islands		—	%^
China		0.1	%
Colombia		—	%^
Denmark		1.7	%
Egypt		—	%^
European Community		0.1	%
Faroe Islands		—	%^
Finland		2.0	%
France		7.2	%
Germany		7.4	%
Hong Kong		2.5	%
Ireland (Republic of)		1.3	%
Isle of Man		0.1	%
Israel		0.5	%


Country	Percentage
Italy		2.8	%
Japan		24.1	%
Jersey		—	%^
Liechtenstein		—	%^
Luxembourg		0.5	%
Malta		—	%^
Monaco		—	%^
Netherlands		3.0	%
New Zealand		0.4	%
Norway		1.0	%
Peru		—	%^
Portugal		0.1	%
Singapore		0.9	%
South Africa		0.1	%
Spain		2.4	%
Sweden		2.5	%
Switzerland		6.3	%
United Arab Emirates		—	%^
United Kingdom		15.1	%
United States		1.2	%

		100.0	%

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investment securities, at cost	$	211,917,300

Investment securities, at value*	$	234,288,744
Cash		4,715
Interest and dividends receivable		468,565
Foreign currency, at value (cost $675,863)		644,933
Receivable for investments sold		2,643
Reclaims receivable		851,050
Prepaid expenses		1,491

Total Assets		236,262,141

Liabilities:
Payable for investments purchased		359,256
Payable for collateral received on loaned securities		1,684,845
Manager fees payable		147,125
Administration fees payable		5,135
Distribution fees payable		49,042
Custodian fees payable		13,776
Administrative and compliance services fees payable		686
Transfer agent fees payable		1,082
Trustee fees payable		3,201
Other accrued liabilities		14,194

Total Liabilities		2,278,342

Net Assets	$	233,983,799

Net Assets Consist of:
Capital	$	197,776,545
Accumulated net investment income/(loss)		6,585,590
Accumulated net realized gains/(losses) from investment transactions		7,252,426
Net unrealized appreciation/(depreciation) on investments		22,369,238

Net Assets	$	233,983,799

Shares of beneficial interest (unlimited number of shares authorized, no par value)		21,045,141
Net Asset Value (offering and redemption price per share)	$	11.12

*	Includes securities on loan of $1,405,918.

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Dividends	$	5,026,105
Interest		1,139
Income from securities lending		18,748
Foreign withholding tax		(609,614	)

Total Investment Income		4,436,378

Expenses:
Manager fees		1,175,714
Administration fees		176,932
Distribution fees		309,398
Custodian fees		36,393
Administrative and compliance services fees		1,959
Transfer agent fees		2,805
Trustee fees		6,390
Professional fees		6,443
Shareholder reports		1,353
Other expenses		2,444

Total expenses before reductions		1,719,831
Less expenses voluntarily waived/reimbursed by the Manager		(247,521	)

Net expenses		1,472,310

Net Investment Income/(Loss)		2,964,068

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions and foreign currencies		6,133,290
Change in net unrealized appreciation/depreciation on investments and foreign currencies		(16,224,224	)

Net Realized/Unrealized Gains/(Losses) on Investments		(10,090,934	)

Change in Net Assets Resulting From Operations	$	(7,126,866	)

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

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.

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2018 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $1 million for the period ended June 30, 2018.

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 $1,867 during the period ended June 30, 2018. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of June 30, 2018.

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, 2019.

For the period ended June 30, 2018, 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 period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2018, there were no contractual reimbursements subject to repayment by the Fund in subsequent years.

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 (“SEC” or the “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.”

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, 2018, $1,144 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2018, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $212,737,605. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the latest tax year end, December 31, 2017, the Fund utilized $1,178,101 in CLCFs to offset capital gains.

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

As of the latest tax year end, December 31, 2017, 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, 2018, the Fund had multiple shareholder accounts which are affiliated with the Investment Adviser representing ownership in excess of 30% of the Fund.

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 (99.7%):
Aerospace & Defense (2.8%):
	1,674	AAR Corp.	$	77,824
	3,216	Aerojet Rocketdyne Holdings, Inc.*^		94,840
	572	AeroVironment, Inc.*		40,858
	7,585	Arconic, Inc.		129,021
	1,124	Astronics Corp.*^		40,430
	361	Astronics Corp., Class B*^		12,909
	1,481	Axon Enterprise, Inc.*		93,570
	13,534	Boeing Co. (The)		4,540,792
	3,571	BWX Technologies, Inc.		222,545
	685	CPI Aerostructures, Inc.*		7,193
	1,202	Cubic Corp.^		77,168
	3,138	Curtiss-Wright Corp.		373,485
	625	Ducommun, Inc.*		20,681
	2,101	Engility Holdings, Inc.*		64,375
	1,504	Esterline Technologies Corp.*		110,995
	4,820	General Dynamics Corp.		898,496
	1,288	HEICO Corp.^		93,897
	2,108	HEICO Corp., Class A		128,452
	4,315	Hexcel Corp.^		286,430
	1,576	Huntington Ingalls Industries, Inc.		341,661
	2,230	KLX, Inc.*		160,337
	4,471	Kratos Defense & Security Solutions, Inc.*		51,461
	1,421	L3 Technologies, Inc.		273,287
	4,043	Lockheed Martin Corp.		1,194,423
	2,078	Mercury Computer Systems, Inc.*^		79,089
	1,808	Moog, Inc., Class A		140,952
	343	National Presto Industries, Inc.^		42,532
	3,251	Northrop Grumman Corp.		1,000,333
	4,443	Raytheon Co.		858,299
	5,807	Rockwell Collins, Inc.		782,087
	3,310	Spirit AeroSystems Holdings, Inc., Class A^		284,362
	790	Teledyne Technologies, Inc.*		157,257
	7,877	Textron, Inc.		519,173
	2,316	The KEYW Holding Corp.*^		20,242
	1,212	TransDigm Group, Inc.^		418,310
	2,979	Triumph Group, Inc.^		58,388
	12,439	United Technologies Corp.		1,555,248
	741	Vectrus, Inc.*		22,838
	6,897	WESCO Aircraft Holdings, Inc.*^		77,591

				15,351,831

Air Freight & Logistics (0.8%):
	4,941	Air Transport Services Group, Inc.*		111,617
	1,400	Atlas Air Worldwide Holdings, Inc.*^		100,380
	4,457	C.H. Robinson Worldwide, Inc.		372,873
	1,026	Echo Global Logistics, Inc.*		30,011
	4,728	Expeditors International of Washington, Inc.		345,617
	5,100	FedEx Corp.		1,158,006
	1,779	Forward Air Corp.		105,103
	1,993	Hub Group, Inc.*		99,251
	1,058	Park-Ohio Holdings Corp.		39,463
	3,266	Radiant Logistics, Inc.*		12,770
	14,264	United Parcel Service, Inc., Class B		1,515,265
	5,560	XPO Logistics, Inc.*^		557,001

				4,447,357


Shares			Fair Value
Common Stocks, continued
Airlines (0.7%):
	5,917	Alaska Air Group, Inc.	$	357,328
	998	Allegiant Travel Co.		138,672
	6,467	American Airlines Group, Inc.^		245,487
	1,537	Copa Holdings SA, Class A		145,431
	19,429	Delta Air Lines, Inc.		962,512
	5,008	Hawaiian Holdings, Inc.^		180,038
	16,454	JetBlue Airways Corp.*		312,297
	2,917	SkyWest, Inc.		151,392
	14,136	Southwest Airlines Co.		719,240
	4,475	Spirit Airlines, Inc.*		162,666
	11,261	United Continental Holdings, Inc.*		785,230

				4,160,293

Auto Components (0.9%):
	1,838	Adient plc^		90,411
	5,496	American Axle & Manufacturing Holdings, Inc.*^		85,518
	5,936	Aptiv plc		543,915
	3,249	Autoliv, Inc.^		465,322
	6,472	BorgWarner, Inc.		279,332
	4,411	Cooper Tire & Rubber Co.^		116,009
	1,615	Cooper-Standard Holding, Inc.*		211,032
	11,930	Dana Holding Corp.		240,867
	2,123	Delphi Technologies plc		96,512
	1,595	Dorman Products, Inc.*^		108,954
	2,274	Fox Factory Holding Corp.*^		105,855
	15,474	Gentex Corp.		356,211
	2,720	Gentherm, Inc.*^		106,896
	12,827	Goodyear Tire & Rubber Co.		298,741
	1,365	Horizon Global Corp.*^		8,135
	1,483	LCI Industries^		133,692
	3,870	Lear Corp.		719,086
	3,637	Modine Manufacturing Co.*		66,375
	1,190	Motorcar Parts of America, Inc.*^		22,265
	612	Spartan Motors, Inc.		9,241
	1,436	Standard Motor Products, Inc.^		69,416
	1,582	Stoneridge, Inc.*		55,591
	275	Strattec Security Corp.		8,401
	3,917	Tenneco, Inc.		172,191
	1,187	Tower International, Inc.		37,747
	2,073	Visteon Corp.*		267,915
	1,621	VOXX International Corp.*^		8,753

				4,684,383

Automobiles (0.6%):
	89,280	Ford Motor Co.		988,330
	36,273	General Motors Co.		1,429,155
	7,220	Harley-Davidson, Inc.		303,818
	429	Tesla Motors, Inc.*^		147,126
	3,270	Thor Industries, Inc.		318,465
	1,652	Winnebago Industries, Inc.^		67,071

				3,253,965

Banks (6.6%):
	1,760	1st Source Corp.		94,037
	1,429	Access National Corp.		40,869
	504	ACNB Corp.		17,161
	661	American National Bankshares, Inc.		26,440


Shares			Fair Value
Common Stocks, continued
Banks, continued
	587	American River Bankshares	$	9,304
	1,663	Ameris Bancorp		88,721
	704	Ames National Corp.		21,718
	905	Arrow Financial Corp.^		32,942
	5,524	Associated Banc-Corp.		150,805
	2,876	Banc of California, Inc.^		56,226
	1,939	BancFirst Corp.		114,789
	2,831	Bancorp, Inc. (The)*		29,612
	2,523	BancorpSouth Bank^		83,133
	130,996	Bank of America Corp.		3,692,776
	899	Bank of Commerce Holdings		11,462
	1,889	Bank of Hawaii Corp.^		157,580
	451	Bank of Marin Bancorp		36,463
	2,324	Bank of Nt Butterfield & Son, Ltd. (The)		106,253
	4,810	Bank of the Ozarks, Inc.^		216,642
	2,950	BankUnited, Inc.		120,508
	1,941	Banner Corp.		116,712
	1,189	Bar Harbor Bankshares		36,015
	8,291	BB&T Corp.		418,198
	842	BCB Bancorp, Inc.		12,630
	2,053	Berkshire Hills Bancorp, Inc.^		83,352
	1,112	Blue Hills BanCorp, Inc.		24,686
	1,324	BOK Financial Corp.		124,469
	5,245	Boston Private Financial Holdings, Inc.^		83,396
	668	Bridge Bancorp, Inc.		24,015
	5,107	Brookline Bancorp, Inc.		94,990
	1,162	Bryn Mawr Bank Corp.		53,801
	74	C&F Financial Corp.		4,629
	1,056	Cadence Bancorp^		30,487
	843	Camden National Corp.		38,534
	1,309	Capital City Bank Group, Inc.		30,932
	649	Carolina Financial Corp.		27,855
	2,683	Cathay General Bancorp		108,635
	3,426	Centerstate Banks, Inc.		102,163
	2,402	Central Pacific Financial Corp.		68,817
	933	Central Valley Community Bancorp		19,742
	273	Century Bancorp, Inc.		20,857
	2,593	Chemical Financial Corp.^		144,352
	377	Chemung Financial Corp.		18,891
	2,299	CIT Group, Inc.		115,893
	28,420	Citigroup, Inc.		1,901,866
	943	Citizens & Northern Corp.^		24,386
	5,861	Citizens Financial Group, Inc.		227,993
	552	Citizens Holding Co.		13,110
	1,304	City Holding Co.^		98,100
	938	Civista Bancshares, Inc.		22,737
	1,096	CNB Financial Corp.		32,946
	2,688	CoBiz Financial, Inc.		57,738
	78	Codorus Valley Bancorp, Inc.		2,393
	56	Colony Bankcorp, Inc.		946
	2,169	Columbia Banking System, Inc.^		88,712
	2,543	Comerica, Inc.		231,210
	2,938	Commerce Bancshares, Inc.^		190,118


Shares			Fair Value
Common Stocks, continued
Banks, continued
	1,393	Community Bank System, Inc.^	$	82,285
	1,325	Community Trust Bancorp, Inc.		66,184
	2,266	ConnectOne Bancorp, Inc.^		56,423
	1,285	Cullen/Frost Bankers, Inc.		139,088
	2,643	Customers Bancorp, Inc.*		75,008
	5,350	CVB Financial Corp.^		119,947
	408	DNB Financial Corp.		14,300
	1,882	Eagle Bancorp, Inc.*		115,367
	4,316	East West Bancorp, Inc.		281,403
	1,229	Enterprise Financial Services Corp.		66,305
	312	Evans Bancorp, Inc.		14,383
	11,692	F.N.B. Corp.^		156,907
	569	Farmers Capital Bank Corp.		29,645
	1,329	Farmers National Banc Corp.		21,198
	523	FB Financial Corp.^		21,297
	1,935	FCB Financial Holdings, Inc.*		113,778
	1,636	Fidelity Southern Corp.		41,571
	10,629	Fifth Third Bancorp		305,052
	1,053	Financial Institutions, Inc.		34,644
	16,004	First Bancorp*		122,431
	2,206	First Bancorp		90,247
	814	First Bancorp, Inc.		22,971
	611	First Bancshares, Inc. (The)		21,965
	2,931	First Busey Corp.		92,971
	664	First Business Financial Services, Inc.		17,264
	592	First Citizens BancShares, Inc., Class A		238,754
	4,012	First Commonwealth Financial Corp.		62,226
	1,419	First Community Bankshares		45,209
	1,217	First Connecticut Bancorp, Inc.		37,240
	2,957	First Financial Bancorp		90,632
	2,266	First Financial Bankshares, Inc.^		115,339
	967	First Financial Corp.		43,853
	733	First Financial Northwest, Inc.		14,308
	1,996	First Foundation, Inc.*		37,006
	11,600	First Horizon National Corp.^		206,944
	1,244	First Interstate BancSystem, Class A^		52,497
	2,451	First Merchants Corp.		113,726
	660	First Mid-Illinois Bancshares, Inc.		25,938
	4,022	First Midwest Bancorp, Inc.		102,440
	1,573	First of Long Island Corp. (The)		39,089
	2,517	First Republic Bank^		243,620
	2,253	Flushing Financial Corp.		58,803
	322	Franklin Financial Network, Inc.*		12,107
	7,244	Fulton Financial Corp.		119,526
	1,315	German American Bancorp, Inc.^		47,143
	3,017	Glacier Bancorp, Inc.^		116,698
	1,035	Great Southern Bancorp, Inc.		59,202
	3,353	Great Western Bancorp, Inc.		140,792
	3,020	Green BanCorp, Inc.		65,232
	1,174	Guaranty Bancorp		34,985
	3,064	Hancock Holding Co.		142,936
	2,408	Hanmi Financial Corp.		68,267
	41	Hawthorn Bancshares, Inc.		888


Shares			Fair Value
Common Stocks, continued
Banks, continued
	1,375	Heartland Financial USA, Inc.^	$	75,419
	1,692	Heritage Financial Corp.		58,966
	2,010	Hertiage Commerce Corp.		34,150
	5,680	Hilltop Holdings, Inc.		125,358
	4,922	Home Bancshares, Inc.^		111,040
	1,540	Hometrust Bancshares, Inc.*		43,351
	6,189	Hope BanCorp, Inc.^		110,350
	2,112	Horizon Bancorp		43,697
	17,399	Huntington Bancshares, Inc.		256,809
	1,730	IBERIABANK Corp.		131,134
	855	Independent Bank Corp.		21,803
	673	Independent Bank Corp.		52,763
	1,288	Independent Bank Group, Inc.		86,038
	3,359	International Bancshares Corp.		143,765
	10,187	Investors Bancorp, Inc.		130,292
	56,629	JPMorgan Chase & Co.		5,900,741
	11,909	KeyCorp		232,702
	2,859	Lakeland Bancorp, Inc.		56,751
	1,656	Lakeland Financial Corp.^		79,803
	456	Landmark Bancorp, Inc.		12,996
	712	LCNB Corp.		14,026
	2,364	LegacyTexas Financial Group, Inc.		92,243
	977	Live Oak Bancshares, Inc.		29,945
	1,145	M&T Bank Corp.		194,822
	2,571	Macatawa Bank Corp.		31,212
	2,620	MB Financial, Inc.		122,354
	1,869	MBT Financial Corp.		19,905
	1,293	Mercantile Bank Corp.		47,789
	638	MidWestone Financial Group, Inc.		21,552
	570	MutualFirst Financial, Inc.		21,518
	1,805	National Bank Holdings Corp.		69,655
	514	National Bankshares, Inc.		23,850
	1,453	NBT Bancorp, Inc.		55,432
	373	Nicolet Bankshares, Inc.*		20,556
	510	Northrim Bancorp, Inc.		20,171
	511	Norwood Financial Corp.		18,406
	3,309	OFG Bancorp		46,491
	440	Ohio Valley Banc Corp.		23,078
	819	Old Line Bancshares, Inc.		28,591
	7,959	Old National Bancorp		148,037
	2,225	Old Second Bancorp, Inc.		32,040
	1,951	Opus Bank		55,994
	638	Orrstown Financial Services, Inc.		16,588
	1,205	Pacific Mercantile Bancorp*		11,749
	2,125	Pacific Premier Bancorp, Inc.*		81,069
	2,447	PacWest Bancorp		120,931
	584	Park National Corp.^		65,069
	1,165	Peapack-Gladstone Financial Corp.		40,297
	364	Penns Woods Bancorp, Inc.		16,300
	608	Peoples Bancorp of NC		19,474
	1,361	Peoples Bancorp, Inc.		51,419
	5,297	People’s United Financial, Inc.^		95,823
	749	People’s Utah BanCorp		26,739


Shares			Fair Value
Common Stocks, continued
Banks, continued
	2,933	Pinnacle Financial Partners, Inc.	$	179,940
	5,378	PNC Financial Services Group, Inc.		726,568
	3,717	Popular, Inc.		168,046
	878	Preferred Bank Los Angeles^		53,962
	945	Premier Financial Bancorp, Inc.^		17,643
	2,332	Prosperity Bancshares, Inc.^		159,416
	606	QCR Holdings, Inc.		28,755
	17,681	Regions Financial Corp.		314,368
	2,630	Renasant Co.		119,718
	1,417	Republic Bancorp, Inc., Class A		64,190
	1,437	S & T Bancorp, Inc.^		62,136
	148	Salisbury Bancorp, Inc.		6,616
	1,514	Sandy Spring Bancorp, Inc.		62,089
	1,879	Seacoast Banking Corp.*		59,339
	1,252	Select Bancorp, Inc.*		16,864
	1,236	ServisFirst Bancshares, Inc.^		51,578
	1,113	Shore Bancshares, Inc.		21,169
	1,028	Sierra Bancorp		29,031
	933	Signature Bank*		119,312
	4,534	Simmons First National Corp., Class A		135,567
	1,131	South State Corp.		97,549
	2,003	Southern National Bancorp^		35,734
	1,127	Southside Bancshares, Inc.^		37,957
	2,309	State Bank Financial Corp.		77,121
	9,153	Sterling Bancorp^		215,096
	1,432	Stock Yards Bancorp, Inc.^		54,631
	557	Summit Financial Group, Inc.		14,950
	4,384	SunTrust Banks, Inc.		289,432
	1,716	SVB Financial Group*		495,512
	5,664	Synovus Financial Corp.		299,229
	8,535	TCF Financial Corp.		210,132
	1,633	Texas Capital Bancshares, Inc.*^		149,420
	1,121	Tompkins Financial Corp.		96,271
	3,776	TowneBank^		121,210
	1,726	TriCo Bancshares		64,639
	2,154	Tristate Capital Holdings, Inc.*^		56,219
	1,220	Triumph BanCorp, Inc.*		49,715
	3,028	Trustmark Corp.^		98,804
	98	Two River Bancorp		1,875
	20,825	U.S. Bancorp		1,041,667
	1,755	UMB Financial Corp.		133,784
	6,312	Umpqua Holdings Corp.		142,588
	2,948	Union Bankshares Corp.^		114,618
	3,516	United Bankshares, Inc.^		127,982
	3,077	United Community Banks, Inc.		94,372
	1,190	United Security Bancshares		13,328
	42	Unity Bancorp, Inc.		956
	1,914	Univest Corp.		52,635
	8,196	Valley National Bancorp^		99,663
	1,496	Veritex Holdings, Inc.*^		46,481
	1,113	Washington Trust Bancorp		64,665
	3,174	Webster Financial Corp.^		202,184
	73,791	Wells Fargo & Co.		4,090,972


Shares			Fair Value
Common Stocks, continued
Banks, continued
	2,557	WesBanco, Inc.^	$	115,167
	1,062	West Bancorp		26,709
	1,687	Westamerica Bancorp^		95,332
	4,770	Western Alliance Bancorp*		270,030
	2,102	Wintrust Financial Corp.		182,979
	2,669	Zions Bancorp^		140,630

				35,571,379

Beverages (1.7%):
	466	Boston Beer Co., Inc. (The), Class A*^		139,660
	1,935	Brown-Forman Corp., Class A		94,544
	6,693	Brown-Forman Corp., Class B^		328,024
	545	Coca-Cola Bottling Co. Consolidated		73,646
	74,453	Coca-Cola Co. (The)		3,265,508
	2,550	Constellation Brands, Inc., Class C		558,119
	787	Craft Brewers Alliance, Inc.*		16,252
	5,609	Dr Pepper Snapple Group, Inc.		684,298
	1,171	MGP Ingredients, Inc.^		103,997
	2,011	Molson Coors Brewing Co., Class B		136,828
	5,703	Monster Beverage Corp.*		326,782
	1,132	National Beverage Corp.*^		121,011
	29,666	PepsiCo, Inc.		3,229,737
	876	Primo Water Corp.*		15,321

				9,093,727

Biotechnology (2.3%):
	36,709	AbbVie, Inc.		3,401,089
	890	Acadia Pharmaceuticals, Inc.*^		13,590
	1,921	Acorda Therapeutics, Inc.*^		55,133
	1,278	Alexion Pharmaceuticals, Inc.*		158,664
	1,012	Alkermes plc*^		41,654
	838	Alnylam Pharmaceuticals, Inc.*^		82,535
	11,115	Amgen, Inc.		2,051,718
	1,084	Aptevo Therapeutics, Inc.*		5,409
	3,928	Biogen Idec, Inc.*		1,140,063
	1,108	BioMarin Pharmaceutical, Inc.*		104,374
	506	Bluebird Bio, Inc.*^		79,417
	14,276	Celgene Corp.*		1,133,800
	356	Clovis Oncology, Inc.*		16,187
	718	Concert Pharmaceuticals, Inc.*		12,084
	2,168	Emergent Biosolutions, Inc.*		109,462
	1,013	Enanta Pharmaceuticals, Inc.*		117,407
	785	Exact Sciences Corp.*^		46,935
	4,865	Exelixis, Inc.*		104,695
	544	Fibrogen, Inc.*^		34,054
	30,383	Gilead Sciences, Inc.		2,152,332
	966	Incyte Corp.*		64,722
	83	Insys Therapeutics, Inc.*		601
	945	Ionis Pharmaceuticals, Inc.*^		39,378
	1,605	Karyopharm Therapeutics, Inc.*		27,269
	526	Ligand Pharmaceuticals, Inc., Class B*^		108,971
	2,391	Mimedx Group, Inc.*^		15,278
	1,607	Momenta Pharmaceuticals, Inc.*^		32,863
	3,689	Myriad Genetics, Inc.*		137,858


Shares			Fair Value
Common Stocks, continued
Biotechnology, continued
	1,067	Neurocrine Biosciences, Inc.*	$	104,822
	10,235	OPKO Health, Inc.*^		48,105
	1,317	Otonomy, Inc.*		5,070
	9,565	PDL BioPharma, Inc.*^		22,382
	1,098	Regeneron Pharmaceuticals, Inc.*		378,799
	1,271	Repligen Corp.*^		59,788
	1,105	Retrophin, Inc.*		30,122
	1,210	Seattle Genetics, Inc.*		80,332
	600	Tesaro, Inc.*^		26,682
	2,797	United Therapeutics Corp.*		316,481
	1,115	Vertex Pharmaceuticals, Inc.*		189,505
	1,496	Xencor, Inc.*^		55,367

				12,604,997

Building Products (0.6%):
	3,264	A.O. Smith Corp.		193,066
	3,058	AAON, Inc.^		101,679
	2,557	Advanced Drainage Systems, Inc.^		73,002
	2,889	Allegion plc^		223,493
	1,083	American Woodmark Corp.*		99,149
	1,885	Apogee Enterprises, Inc.^		90,800
	1,778	Armstrong Flooring, Inc.*		24,963
	2,857	Armstrong World Industries, Inc.*		180,562
	7,785	Builders FirstSource, Inc.*		142,388
	2,571	Continental Building Products, Inc.*		81,115
	889	Csw Industrials, Inc.*		46,984
	4,434	Fortune Brands Home & Security, Inc.		238,061
	1,576	Gibraltar Industries, Inc.*		59,100
	2,893	Griffon Corp.^		51,495
	1,209	Insteel Industries, Inc.		40,381
	6,099	Johnson Controls International plc^		204,012
	870	Lennox International, Inc.^		174,131
	6,980	Masco Corp.		261,192
	1,451	Masonite International Corp.*		104,254
	3,362	NCI Building Systems, Inc.*		70,602
	5,886	Owens Corning, Inc.		372,995
	1,648	Patrick Industries, Inc.*^		93,689
	3,615	PGT, Inc.*		75,373
	1,925	Quanex Building Products Corp.^		34,554
	2,112	Simpson Manufacturing Co., Inc.		131,345
	2,846	Trex Co., Inc.*		178,131
	3,399	Universal Forest Products, Inc.		124,471
	7,225	USG Corp.*		311,541

				3,782,528

Capital Markets (2.6%):
	1,453	Affiliated Managers Group, Inc.		216,018
	2,626	Ameriprise Financial, Inc.		367,325
	2,502	Artisan Partners Asset Management, Inc., Class A^		75,435
	11,608	Bank of New York Mellon Corp. (The)		626,019
	14,937	BGC Partners, Inc., Class A		169,087
	1,644	BlackRock, Inc., Class A		820,421
	3,965	BrightSphere Investment Group plc		56,541
	2,259	CBOE Holdings, Inc.		235,094


Shares			Fair Value
Common Stocks, continued
Capital Markets, continued
	11,820	Charles Schwab Corp. (The)	$	604,002
	2,686	CME Group, Inc.		440,289
	2,934	Cohen & Steers, Inc.^		122,377
	190	Diamond Hill Investment Group		36,942
	1,417	Donnelley Financial Solutions, Inc.*		24,613
	5,873	ETRADE Financial Corp.		359,193
	3,982	Eaton Vance Corp.		207,821
	1,120	FactSet Research Systems, Inc.^		221,872
	6,954	Federated Investors, Inc., Class B		162,167
	2,662	Financial Engines, Inc.		119,524
	5,134	Franklin Resources, Inc.^		164,545
	3,237	Gain Capital Holdings, Inc.		24,439
	388	GAMCO Investors, Inc., Class A		10,383
	4,352	Goldman Sachs Group, Inc. (The)		959,920
	1,743	Greenhill & Co., Inc.		49,501
	211	Hennessy Advisors, Inc.		3,661
	1,166	Houlihan Lokey, Inc.		59,723
	5,199	Interactive Brokers Group, Inc., Class A		334,868
	4,963	Intercontinental Exchange, Inc.		365,029
	597	INTL FCStone, Inc.*		30,871
	13,284	Invesco, Ltd.		352,823
	2,572	Investment Technology Group, Inc.		53,806
	4,134	Janus Henderson Group plc^		127,038
	6,246	Jefferies Financial Group, Inc.		142,034
	10,552	Ladenburg Thalmann Financial Services, Inc.		35,877
	3,497	Lazard, Ltd., Class A		171,038
	2,912	Legg Mason, Inc.		101,134
	7,804	LPL Financial Holdings, Inc.		511,474
	937	MarketAxess Holdings, Inc.^		185,395
	1,429	Moelis & Co., Class A^		83,811
	2,716	Moody’s Corp.		463,241
	18,789	Morgan Stanley		890,598
	2,489	Morningstar, Inc.		319,214
	2,951	MSCI, Inc., Class A		488,184
	5,365	NASDAQ OMX Group, Inc. (The)		489,664
	2,967	Northern Trust Corp.		305,275
	1,024	Oppenheimer Holdings, Class A		28,672
	940	PJT Partners, Inc.^		50,187
	1,113	Pzena Investment Management, Inc.		10,251
	4,478	Raymond James Financial, Inc.		400,109
	5,555	S&P Global, Inc.		1,132,608
	3,335	SEI Investments Co.		208,504
	660	Silvercrest Asset Management Group, Inc., Class A		10,758
	2,672	State Street Corp.		248,736
	2,242	Stifel Financial Corp.		117,145
	5,223	T. Rowe Price Group, Inc.		606,338
	2,299	TD Ameritrade Holding Corp.		125,916
	1,429	Virtu Financial, Inc.		37,940
	438	Virtus Investment Partners, Inc.		56,042
	5,362	Waddell & Reed Financial, Inc., Class A^		96,355
	425	Westwood Holdings, Inc.		25,305
	7,874	WisdomTree Investments, Inc.^		71,496

				14,814,648


Shares			Fair Value
Common Stocks, continued
Chemicals (2.4%):
	2,215	A. Schulman, Inc.	$	98,568
	1,306	Advansix, Inc.*		47,839
	1,955	Air Products & Chemicals, Inc.		304,452
	905	Albemarle Corp.^		85,369
	1,157	American Vanguard Corp.		26,553
	2,194	Ashland Global Holdings, Inc.		171,527
	3,752	Axalta Coating Systems, Ltd.*		113,723
	1,138	Balchem Corp.		111,683
	3,293	Cabot Corp.		203,409
	3,943	Celanese Corp., Series A		437,910
	4,613	CF Industries Holdings, Inc.		204,817
	691	Chase Corp.		81,020
	4,033	Chemours Co. (The)		178,904
	578	Core Molding Technologies, Inc.^		8,254
	25,941	DowDuPont, Inc.		1,710,030
	7,238	Eastman Chemical Co.		723,509
	3,888	Ecolab, Inc.		545,603
	5,990	Ferro Corp.*		124,892
	1,510	FMC Corp.^		134,707
	3,222	Futurefuel Corp.		45,140
	1,756	GCP Applied Technologies, Inc.*		50,836
	1,438	H.B. Fuller Co.		77,192
	702	Hawkins, Inc.		24,816
	9,602	Huntsman Corp.		280,378
	2,062	Ingevity Corp.*		166,733
	1,620	Innophos Holdings, Inc.		77,112
	1,433	Innospec, Inc.		109,696
	1,701	International Flavor & Fragrances, Inc.		210,856
	14,982	Intrepid Potash, Inc.*		61,426
	743	KMG Chemicals, Inc.		54,819
	783	Koppers Holdings, Inc.*		30,028
	2,348	Kraton Performance Polymers, Inc.*		108,337
	4,741	Kronos Worldwide, Inc.		106,815
	1,233	LSB Industries, Inc.*^		6,535
	7,777	Lyondellbasell Industries NV		854,303
	1,816	Minerals Technologies, Inc.		136,836
	5,492	Mosaic Co. (The)		154,051
	703	NewMarket Corp.^		284,364
	8,796	Olin Corp.		252,621
	2,346	Omnova Solutions, Inc.*		24,398
	14,316	Platform Speciality Products Corp.*		166,066
	6,475	PolyOne Corp.		279,850
	5,194	PPG Industries, Inc.		538,774
	7,814	Praxair, Inc.		1,235,783
	606	Quaker Chemical Corp.		93,851
	1,835	Rayonier Advanced Materials, Inc.		31,360
	3,781	RPM International, Inc.^		220,508
	2,600	Scotts Miracle-Gro Co. (The)^		216,216
	1,975	Sensient Technologies Corp.^		141,311
	1,907	Sherwin Williams Co.		777,235
	1,689	Stepan Co.		131,759
	1,627	Trecora Resources*^		24,161
	1,070	Tredegar Corp.		25,145


Shares			Fair Value
Common Stocks, continued
Chemicals, continued
	3,102	Trinseo SA	$	220,087
	4,906	Tronox, Ltd., Class A		96,550
	6,023	Valvoline, Inc.^		129,916
	3,026	W.R. Grace & Co.		221,836
	1,636	Westlake Chemical Corp.^		176,083

				13,156,552

Commercial Services & Supplies (1.1%):
	3,793	ABM Industries, Inc.^		110,680
	9,093	ACCO Brands Corp.		125,938
	3,173	Advanced Disposal Services, Inc.*		78,627
	4,271	ARC Document Solutions, Inc.*		7,560
	2,684	Brady Corp., Class A		103,468
	2,641	Brink’s Co. (The)		210,620
	1,886	Casella Waste Systems, Inc.*		48,300
	2,003	CECO Environmental Corp.		12,298
	2,280	Cintas Corp.		421,959
	3,774	Clean Harbors, Inc.*		209,646
	6,839	Copart, Inc.*		386,813
	7,746	Covanta Holding Corp.^		127,809
	3,160	Deluxe Corp.^		209,224
	1,613	Ennis, Inc.		32,825
	2,517	Essendant, Inc.		33,275
	2,148	Healthcare Services Group, Inc.^		92,772
	1,042	Heritage-Crystal Clean, Inc.*		20,944
	4,520	Herman Miller, Inc.		153,228
	2,671	HNI Corp.		99,361
	3,095	InnerWorkings, Inc.*^		26,896
	4,002	Interface, Inc.		91,846
	5,972	KAR Auction Services, Inc.		327,266
	2,829	Kimball International, Inc., Class B		45,717
	3,654	Knoll, Inc.		76,040
	1,417	LSC Communications, Inc.		22,190
	1,875	Matthews International Corp., Class A^		110,250
	2,011	McGrath Rentcorp		127,236
	2,641	Mobile Mini, Inc.		123,863
	1,035	MSA Safety, Inc.		99,712
	1,003	Multi-Color Corp.^		64,844
	1,552	NL Industries, Inc.*		13,502
	8,238	Pitney Bowes, Inc.		70,600
	2,606	Quad Graphics, Inc.^		54,283
	5,273	Republic Services, Inc., Class A		360,462
	4,405	Rollins, Inc.		231,615
	2,114	RR Donnelley & Sons Co.^		12,177
	1,467	SP Plus Corp.*		54,572
	5,403	Steelcase, Inc., Class A		72,941
	1,563	Stericycle, Inc.*^		102,048
	1,534	Team, Inc.*^		35,435
	2,396	Tetra Tech, Inc.		140,166
	542	UniFirst Corp.		95,880
	709	US Ecology, Inc.		45,163
	1,003	Viad Corp.		54,413
	824	Vse Corp.		39,371
	9,861	Waste Management, Inc.		802,093

				5,785,928


Shares			Fair Value
Common Stocks, continued
Communications Equipment (1.3%):
	2,109	ADTRAN, Inc.^	$	31,319
	752	Applied Optoelectronics, Inc.*		33,765
	976	Arista Networks, Inc.*		251,310
	8,194	ARRIS International plc*		200,302
	550	Bel Fuse, Inc., Class B		11,495
	1,000	Black Box Corp.*		2,025
	2,202	Calix, Inc.*		17,176
	4,939	Ciena Corp.*^		130,933
	69,484	Cisco Systems, Inc.		2,989,896
	6,102	CommScope Holding Co., Inc.*		178,209
	316	Communications Systems, Inc.		1,204
	1,822	Comtech Telecommunications Corp.		58,085
	1,262	Digi International, Inc.*		16,658
	1,548	EchoStar Corp., Class A*		68,731
	1,189	EMCORE Corp.*^		6,004
	2,598	Extreme Networks, Inc.*		20,680
	1,778	F5 Networks, Inc.*		306,616
	5,961	Finisar Corp.*		107,298
	7,060	Harmonic, Inc.*^		30,005
	3,291	Harris Corp.		475,680
	7,816	Infinera Corp.*		77,613
	2,791	InterDigital, Inc.^		225,792
	10,987	Juniper Networks, Inc.		301,264
	909	KVH Industries, Inc.*		12,181
	1,310	Lumentum Holdings, Inc.*^		75,849
	3,350	Motorola Solutions, Inc.^		389,840
	1,304	NETGEAR, Inc.*^		81,500
	3,156	NetScout Systems, Inc.*^		93,733
	3,507	Oclaro, Inc.*		31,318
	360	Palo Alto Networks, Inc.*		73,969
	1,949	Plantronics, Inc.		148,611
	1,714	Ribbon Communications, Inc.*		12,204
	2,348	Ubiquiti Networks, Inc.*		198,923
	2,004	ViaSat, Inc.*		131,703
	8,628	Viavi Solutions, Inc.*		88,351

				6,880,242

Construction & Engineering (0.4%):
	5,468	Aecom Technology Corp.*		180,608
	800	Aegion Corp.*^		20,600
	2,172	Ameresco, Inc., Class A*		26,064
	1,245	Argan, Inc.		50,983
	1,626	Comfort Systems USA, Inc.		74,471
	2,025	Dycom Industries, Inc.*^		191,382
	2,804	EMCOR Group, Inc.		213,608
	2,610	Fluor Corp.		127,316
	1,914	Granite Construction, Inc.^		106,533
	1,221	IES Holdings, Inc.*^		20,452
	2,447	Jacobs Engineering Group, Inc.		155,360
	8,226	KBR, Inc.		147,410
	3,504	MasTec, Inc.*^		177,828
	1,578	MYR Group, Inc.*		55,956
	574	NV5 Holdings, Inc.*^		39,778
	2,101	Orion Marine Group, Inc.*		17,354
	4,194	Primoris Services Corp.		114,203


Shares			Fair Value
Common Stocks, continued
Construction & Engineering, continued
	5,039	Quanta Services, Inc.*	$	168,303
	2,791	Tutor Perini Corp.*^		51,494
	928	Valmont Industries, Inc.		139,896

				2,079,599

Construction Materials (0.2%):
	1,483	Eagle Materials, Inc., Class A		155,671
	1,291	Martin Marietta Materials, Inc.		288,319
	5,185	Summit Materials, Inc., Class A*^		136,106
	1,308	U.S. Concrete, Inc.*^		68,670
	353	U.S. Lime & Minerals, Inc.		29,617
	2,021	Vulcan Materials Co.		260,830

				939,213

Consumer Finance (1.0%):
	20,883	Ally Financial, Inc.		548,596
	14,646	American Express Co.		1,435,307
	144	Asta Funding, Inc.		497
	6,037	Capital One Financial Corp.		554,800
	1,912	Consumer Portfolio Services, Inc.*		7,782
	600	Credit Acceptance Corp.*		212,040
	10,034	Discover Financial Services		706,494
	868	Encore Capital Group, Inc.*^		31,769
	1,910	Enova International, Inc.*		69,811
	3,948	EZCORP, Inc., Class A*^		47,573
	1,945	Firstcash, Inc.		174,758
	1,425	Green Dot Corp., Class A*		104,581
	17,319	LendingClub Corp.*^		65,639
	14,392	Navient Corp.		187,528
	2,128	Nelnet, Inc., Class A		124,296
	750	Nicholas Financial, Inc.*		6,900
	5,999	Onemain Holdings, Inc.*		199,707
	1,661	PRA Group, Inc.*^		64,032
	960	Regional Mgmt Corp.*		33,619
	11,964	Santander Consumer USA Holdings, Inc.		228,393
	22,527	SLM Corp.*		257,934
	16,752	Synchrony Financial		559,182
	505	World Acceptance Corp.*		56,060

				5,677,298

Containers & Packaging (0.7%):
	2,903	AptarGroup, Inc.		271,082
	2,636	Avery Dennison Corp.		269,136
	8,374	Ball Corp.		297,696
	4,255	Bemis Co., Inc.		179,604
	4,116	Berry Global Group, Inc.*		189,089
	4,226	Crown Holdings, Inc.*		189,156
	25,959	Graphic Packaging Holding Co.		376,664
	1,930	Greif, Inc., Class A		102,078
	1,110	Greif, Inc., Class B		63,936
	6,229	International Paper Co.		324,406
	2,608	Myers Industries, Inc.		50,074
	9,463	Owens-Illinois, Inc.*		159,073
	3,330	Packaging Corp. of America		372,260
	3,591	Sealed Air Corp.^		152,438


Shares			Fair Value
Common Stocks, continued
Containers & Packaging, continued
	9,148	Silgan Holdings, Inc.	$	245,441
	5,379	Sonoco Products Co.		282,398
	538	UFP Technologies, Inc.*		16,597
	4,190	WestRock Co.		238,914

				3,780,042

Distributors (0.2%):
	3,074	Core Markt Holdngs Co., Inc.		69,780
	4,641	Genuine Parts Co.^		425,997
	9,671	LKQ Corp.*		308,505
	2,023	Pool Corp.		306,485
	811	Weyco Group, Inc.		29,520

				1,140,287

Diversified Consumer Services (0.4%):
	1,744	Adtalem Global Education, Inc.*		83,886
	1,304	American Public Education, Inc.*		54,898
	273	Ascent Capital Group, Inc.*		767
	3,117	Bright Horizons Family Solutions, Inc.*		319,555
	3,401	Cambium Learning Group, Inc.*		37,921
	918	Capella Education Co.		90,607
	5,222	Career Education Corp.*		84,440
	1,464	Carriage Services, Inc.		35,941
	506	Collectors Universe, Inc.^		7,458
	185	Graham Holdings Co., Class B		108,429
	2,721	Grand Canyon Education, Inc.*		303,691
	8,744	H&R Block, Inc.		199,188
	5,384	Houghton Mifflin Harcourt Co.*		41,188
	2,988	K12, Inc.*		48,914
	482	Liberty Tax, Inc.		3,892
	1,309	Regis Corp.*		21,651
	6,510	Service Corp. International		232,993
	4,100	ServiceMaster Global Holdings, Inc.*		243,827
	2,193	Sotheby’s*^		119,168
	622	Strayer Education, Inc.		70,292
	1,696	Universal Technical Institute, Inc.*		5,342
	1,419	Weight Watchers International, Inc.*		143,461

				2,257,509

Diversified Financial Services (0.8%):
	23,446	Berkshire Hathaway, Inc., Class B*		4,376,196
	3,604	Cannae Holdings, Inc.*		66,854
	827	Marlin Business Services, Inc.		24,686
	1,763	PICO Holdings, Inc.^		20,539
	1,767	Tiptree Financial, Inc., Class A^		12,016
	2,777	Voya Financial, Inc.		130,519

				4,630,810

Diversified Telecommunication Services (2.1%):
	166,997	AT&T, Inc.		5,362,273
	1,019	ATN International, Inc.^		53,773
	34,597	CenturyLink, Inc.		644,888
	2,524	Cincinnati Bell, Inc.*		39,627
	2,223	Cogent Communications Group, Inc.		118,708
	4,558	Consolidated Communications Holdings, Inc.^		56,337


Shares			Fair Value
Common Stocks, continued
Diversified Telecommunication Services, continued
	1,573	Frontier Communications Corp.^	$	8,431
	815	Hawaiian Telcom Holdco, Inc.*		23,570
	1,994	IDT Corp.		11,206
	5,557	Iridium Communications, Inc.*		89,468
	4,045	Orbcomm, Inc.*^		40,855
	92,919	Verizon Communications, Inc.		4,674,754
	9,821	Vonage Holdings Corp.*		126,593
	2,743	Windstream Holdings, Inc.*^		14,456
	4,273	Zayo Group Holdings, Inc.*		155,879

				11,420,818

Electric Utilities (1.3%):
	1,864	ALLETE, Inc.		144,292
	4,490	Alliant Energy Corp.		190,017
	6,289	American Electric Power Co., Inc.		435,513
	1,163	Avangrid, Inc.^		61,558
	8,111	Duke Energy Corp.		641,418
	5,622	Edison International		355,704
	1,593	El Paso Electric Co.		94,146
	2,217	Entergy Corp.		179,111
	7,913	Evergy, Inc.		444,315
	4,208	Eversource Energy		246,631
	15,212	Exelon Corp.		648,031
	9,633	FirstEnergy Corp.		345,921
	1,272	Genie Energy, Ltd., Class B		6,309
	4,681	Hawaiian Electric Industries, Inc.		160,558
	2,156	IDA Corp., Inc.		198,869
	1,626	MGE Energy, Inc.		102,519
	5,861	NextEra Energy, Inc.		978,964
	4,016	OGE Energy Corp.		141,403
	1,372	Otter Tail Power Co.		65,307
	7,305	PG&E Corp.		310,901
	2,368	Pinnacle West Capital Corp.		190,766
	3,355	PNM Resources, Inc.		130,510
	3,421	Portland General Electric Co.		146,282
	11,330	PPL Corp.^		323,472
	10,893	Southern Co. (The)		504,455
	7,949	Xcel Energy, Inc.		363,110

				7,410,082

Electrical Equipment (0.7%):
	908	Acuity Brands, Inc.^		105,210
	926	Allied Motion Technologies, Inc.		44,337
	4,662	AMETEK, Inc.		336,410
	2,063	Atkore International Group, Inc.*		42,849
	1,175	AZZ, Inc.		51,054
	6,296	Babcock & Wilcox Enterprises, Inc.*^		14,984
	6,086	Eaton Corp. plc		454,868
	10,332	Emerson Electric Co.		714,354
	1,159	Encore Wire Corp.		54,995
	2,195	EnerSys		163,835
	4,065	Generac Holdings, Inc.*		210,282
	2,129	Hubbell, Inc.		225,120
	1,831	LSI Industries, Inc.		9,778


Shares			Fair Value
Common Stocks, continued
Electrical Equipment, continued
	5,836	nVent Electric plc*	$	146,484
	606	Powell Industries, Inc.		21,107
	415	Power Solutions International, Inc.*		3,984
	400	Preformed Line Products Co.		35,512
	2,269	Regal-Beloit Corp.		185,604
	2,440	Rockwell Automation, Inc.		405,601
	5,452	Sensata Technologies Holding plc*^		259,406
	1,298	Thermon Group Holdings, Inc.*		29,685
	1,311	Williams Industrial Services Group, Inc.*		4,025

				3,519,484

Electronic Equipment, Instruments & Components (1.4%):
	5,875	Amphenol Corp., Class A		512,005
	1,693	Anixter International, Inc.*		107,167
	2,934	Arrow Electronics, Inc.*		220,872
	3,685	Avnet, Inc.		158,050
	4,886	AVX Corp.		76,564
	1,734	Badger Meter, Inc.^		77,510
	2,425	Belden, Inc.^		148,216
	3,078	Benchmark Electronics, Inc.		89,724
	4,776	CDW Corp.		385,852
	4,036	Cognex Corp.^		180,046
	687	Coherent, Inc.*		107,461
	11,758	Corning, Inc.		323,463
	1,576	CTS Corp.		56,736
	1,747	CUI Global, Inc.*^		5,189
	2,838	Daktronics, Inc.		24,151
	1,977	Dolby Laboratories, Inc., Class A		121,961
	2,339	Electro Scientific Industries, Inc.*^		36,886
	876	ePlus, Inc.*		82,432
	2,177	Fabrinet*^		80,310
	1,007	FARO Technologies, Inc.*		54,730
	4,271	Fitbit, Inc., Class A*		27,890
	25,202	Flextronics International, Ltd.*		355,600
	2,876	FLIR Systems, Inc.		149,466
	640	Frequency Electronics, Inc.*		5,158
	3,548	II-VI, Inc.*^		154,161
	1,676	Insight Enterprises, Inc.*		82,007
	1,107	IPG Photonics Corp.*		244,237
	1,595	Itron, Inc.*		95,780
	12,717	Jabil, Inc.		351,751
	3,410	KEMET Corp.*^		82,352
	2,507	Keysight Technologies, Inc.*		147,988
	1,603	Kimball Electronics, Inc.*		29,335
	5,037	Knowles Corp.*^		77,066
	898	Littlelfuse, Inc.		204,906
	2,290	Methode Electronics, Inc., Class A		92,287
	915	MTS Systems Corp.^		48,175
	1,715	National Instruments Corp.		71,996
	1,955	Novanta, Inc.*		121,797
	894	OSI Systems, Inc.*		69,133
	953	Park Electrochemical Corp.		22,100
	1,445	PC Connection, Inc.^		47,974


Shares			Fair Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	1,087	PCM, Inc.*^	$	16,468
	1,291	Plexus Corp.*		76,866
	993	Rogers Corp.*		110,680
	4,140	Sanmina Corp.*		121,302
	1,757	ScanSource, Inc.*		70,807
	2,949	SYNNEX Corp.		284,608
	5,693	TE Connectivity, Ltd.		512,712
	1,453	Tech Data Corp.*		119,320
	2,596	Trimble Navigation, Ltd.*		85,253
	6,321	TTM Technologies, Inc.*		111,439
	782	Universal Display Corp.^		67,252
	5,185	VeriFone Systems, Inc.*		118,322
	7,620	Vishay Intertechnology, Inc.		176,784
	3,268	Zebra Technologies Corp., Class A*		468,140

				7,670,437

Energy Equipment & Services (0.9%):
	2,515	Apergy Corp.*		105,001
	4,151	Archrock, Inc.		49,812
	3,651	Baker Hughes^		120,593
	1,913	Core Laboratories NV		241,440
	5,986	Diamond Offshore Drilling, Inc.*^		124,868
	2,169	Dril-Quip, Inc.*^		111,487
	18,665	Ensco plc, Class A, ADR^		135,508
	1,558	Era Group, Inc.*		20,176
	2,010	Exterran Corp.*		50,330
	6,125	Forum Energy Technologies, Inc.*^		75,644
	4,200	Frank’s International NV^		32,760
	760	Geospace Technologies Corp.*^		10,686
	1,086	Gulf Island Fabrication, Inc.^		9,774
	5,991	Halliburton Co.		269,953
	7,826	Helix Energy Solutions Group, Inc.*^		65,191
	2,127	Helmerich & Payne, Inc.^		135,617
	1,411	Keane Group, Inc.*		19,288
	1,750	Matrix Service Co.*		32,113
	8,384	McDermott International, Inc.*^		164,745
	17,995	Nabors Industries, Ltd.^		115,348
	5,324	National-Oilwell Varco, Inc.^		231,061
	935	Natural Gas Services Group*		22,066
	4,799	Newpark Resources, Inc.*^		52,069
	12,057	Noble Corp. plc*		76,321
	4,818	Oceaneering International, Inc.^		122,666
	3,066	Oil States International, Inc.*		98,419
	9,357	Parker Drilling Co.*		3,556
	6,531	Patterson-UTI Energy, Inc.		117,558
	974	PHI, Inc.*		9,906
	3,744	Pioneer Energy Services Corp.*		21,902
	2,667	Propetro Holding Corp.*^		41,819
	5,837	Rowan Cos. plc, Class A*^		94,676
	4,475	RPC, Inc.		65,201
	10,807	Schlumberger, Ltd.		724,393
	491	SEACOR Holdings, Inc.		28,120
	493	SEACOR Marine Holdings, Inc.*		11,383


Shares			Fair Value
Common Stocks, continued
Energy Equipment & Services, continued
	1,583	Select Energy Services, Inc.*^	$	23,001
	6,258	Superior Energy Services, Inc.*		60,953
	6,132	Technipfmc plc		194,629
	4,086	TETRA Technologies, Inc.*		18,183
	14,584	Transocean, Ltd.*^		196,009
	4,546	U.S. Silica Holdings, Inc.^		116,787
	2,800	Unit Corp.*		71,568
	31,453	Weatherford International plc*		103,480

				4,396,060

Equity Real Estate Investment Trusts (0.0%):
	2,828	CorePoint Lodging, Inc.*		73,245

Food & Staples Retailing (1.7%):
	2,460	Casey’s General Stores, Inc.		258,497
	1,143	Chefs’ Warehouse, Inc.*^		32,576
	8,454	Costco Wholesale Corp.		1,766,717
	22,272	CVS Health Corp.		1,433,203
	1,267	Ingles Markets, Inc., Class A		40,291
	21,624	Kroger Co. (The)		615,203
	1,720	Natural Grocers by Vitamin Cottage, Inc.*^		21,913
	1,409	Performance Food Group Co.*		51,710
	692	PriceSmart, Inc.^		62,626
	37,281	Rite Aid Corp.*		64,496
	71	Smart & Final Stores, Inc.*^		394
	1,100	SpartanNash Co.		28,072
	5,794	Sprouts Farmers Market, Inc.*^		127,874
	2,287	SUPERVALU, Inc.*		46,929
	10,507	Sysco Corp.		717,523
	1,610	The Andersons, Inc.^		55,062
	3,347	United Natural Foods, Inc.*^		142,783
	3,790	US Foods Holding Corp.*		143,338
	738	Village Super Market, Inc., Class A^		21,741
	11,756	Walgreens Boots Alliance, Inc.		705,536
	32,066	Wal-Mart Stores, Inc.		2,746,453
	2,107	Weis Markets, Inc.^		112,387

				9,195,324

Food Products (1.2%):
	5,425	Archer-Daniels-Midland Co.		248,628
	3,898	B&G Foods, Inc.^		116,550
	2,204	Bunge, Ltd.^		153,641
	808	Calavo Growers, Inc.		77,689
	1,799	Cal-Maine Foods, Inc.*^		82,484
	5,711	Campbell Soup Co.^		231,524
	5,964	ConAgra Foods, Inc.		213,094
	4,717	Darling International, Inc.*		93,774
	5,447	Dean Foods Co.^		57,248
	1,004	Farmer Brothers Co.*^		30,672
	7,961	Flowers Foods, Inc.^		165,828
	2,396	Fresh Del Monte Produce, Inc.		106,742
	12,311	General Mills, Inc.		544,884
	3,802	Hain Celestial Group, Inc.*		113,300
	3,160	Hershey Co. (The)		294,070
	5,718	Hormel Foods Corp.^		212,767


Shares			Fair Value
Common Stocks, continued
Food Products, continued
	3,555	Hostess Brands, Inc.*^	$	48,348
	3,197	Ingredion, Inc.		353,908
	576	J & J Snack Foods Corp.		87,823
	3,414	JM Smucker Co. (The)^		366,937
	300	John B Sanfilippo And Son, Inc.		22,335
	5,585	Kellogg Co.^		390,224
	5,414	Kraft Heinz Co. (The)		340,107
	3,086	Lamb Weston Holding, Inc.		211,422
	1,462	Lancaster Colony Corp.^		202,370
	1,028	Landec Corp.*^		15,317
	2,458	McCormick & Co.^		285,349
	389	McCormick & Co., Inc.		45,046
	11,410	Mondelez International, Inc., Class A		467,809
	4,222	Pilgrim’s Pride Corp.*		84,989
	2,125	Pinnacle Foods, Inc.		138,253
	3,793	Post Holdings, Inc.*^		326,274
	1,626	Sanderson Farms, Inc.^		170,974
	29	Seaboard Corp.^		114,919
	677	Seneca Foods Corp., Class A*		18,279
	1,789	Tootsie Roll Industries, Inc.^		55,191
	3,024	TreeHouse Foods, Inc.*^		158,790
	6,728	Tyson Foods, Inc., Class A		463,223

				7,110,782

Gas Utilities (0.3%):
	1,751	Atmos Energy Corp.		157,835
	900	Chesapeake Utilities Corp.		71,955
	3,236	National Fuel Gas Co.^		171,379
	2,643	New Jersey Resources Corp.		118,274
	1,071	Northwest Natural Gas Co.^		68,330
	2,227	ONE Gas, Inc.		166,446
	232	RGC Resources, Inc.		6,770
	2,958	South Jersey Industries, Inc.^		99,004
	2,550	Southwest Gas Corp.		194,489
	2,233	Spire, Inc.		157,761
	3,695	UGI Corp.		192,399
	2,516	WGL Holdings, Inc.		223,294

				1,627,936

Health Care Equipment & Supplies (1.9%):
	1,143	Abaxis, Inc.		94,880
	11,299	Abbott Laboratories		689,126
	886	ABIOMED, Inc.*		362,418
	2,269	Accuray, Inc.*^		9,303
	1,170	Align Technology, Inc.*		400,304
	2,726	AngioDynamics, Inc.*		60,626
	115	Atrion Corp.		68,931
	4,834	Baxter International, Inc.		356,943
	1,987	Becton, Dickinson & Co.		476,006
	7,099	Boston Scientific Corp.*		232,137
	2,008	Cantel Medical Corp.		197,507
	1,289	CONMED Corp.		94,355
	841	Cooper Cos., Inc. (The)		198,013
	1,619	CryoLife, Inc.*		45,089


Shares			Fair Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	4,911	Danaher Corp.	$	484,617
	2,748	Dentsply Sirona, Inc.		120,280
	693	Dexcom, Inc.*^		65,821
	2,985	Edwards Lifesciences Corp.*		434,526
	1,966	Globus Medical, Inc., Class A*		99,204
	2,246	Haemonetics Corp.*		201,421
	1,897	Halyard Health, Inc.*		108,603
	1,867	Hill-Rom Holdings, Inc.		163,064
	9,284	Hologic, Inc.*^		369,039
	508	ICU Medical, Inc.*		149,174
	1,958	IDEXX Laboratories, Inc.*		426,727
	433	Inogen, Inc.*		80,681
	1,457	Integer Holdings Corp.*		94,195
	1,042	Integra LifeSciences Holdings Corp.*^		67,115
	962	Intuitive Surgical, Inc.*		460,298
	2,327	Invacare Corp.^		43,282
	1,705	Lantheus Holdings, Inc.*		24,808
	809	LeMaitre Vascular, Inc.^		27,085
	1,168	LivaNova plc*		116,590
	2,823	Masimo Corp.*		275,666
	10,693	Medtronic plc		915,429
	3,164	Meridian Bioscience, Inc.		50,308
	1,466	Merit Medical Systems, Inc.*		75,059
	952	Natus Medical, Inc.*		32,844
	804	Neogen Corp.*		64,473
	1,986	NuVasive, Inc.*^		103,510
	481	Nuvectra Corp.*		9,875
	1,074	Orthofix International NV*		61,025
	700	Quidel Corp.*^		46,550
	3,126	ResMed, Inc.		323,791
	3,310	RTI Surgical, Inc.*		15,226
	624	SeaSpine Holdings Corp.*		7,875
	1,207	STERIS plc		126,747
	4,858	Stryker Corp.		820,322
	950	Teleflex, Inc.		254,800
	227	Utah Medical Products, Inc.		25,004
	1,484	Varex Imaging Corp.*^		55,042
	2,117	Varian Medical Systems, Inc.*		240,745
	1,157	West Pharmaceutical Services, Inc.		114,879
	1,714	Zimmer Holdings, Inc.		191,008

				10,632,346

Health Care Providers & Services (2.9%):
	4,796	Acadia Healthcare Co., Inc.*		196,204
	1,958	Aceto Corp.		6,559
	634	Addus HomeCare Corp.*		36,297
	3,648	Aetna, Inc.		669,408
	801	Amedisys, Inc.*		68,453
	1,839	AmerisourceBergen Corp.		156,812
	3,501	AMN Healthcare Services, Inc.*^		205,159
	3,391	Anthem, Inc.		807,160
	9,264	Brookdale Senior Living, Inc.*^		84,210
	7,103	Cardinal Health, Inc.		346,839


Shares			Fair Value
Common Stocks, continued
Health Care Providers & Services, continued
	2,823	Centene Corp.*	$	347,822
	785	Chemed Corp.		252,621
	4,091	Cigna Corp.		695,265
	1,442	Civitas Solutions, Inc.*		23,649
	7,171	Community Health Systems, Inc.*^		23,808
	1,253	CorVel Corp.*		67,662
	1,177	Cross Country Healthcare, Inc.*		13,241
	5,446	DaVita, Inc.*		378,170
	2,090	Diplomat Pharmacy, Inc.*^		53,420
	6,210	Encompass Health Corp.		420,541
	3,058	Ensign Group, Inc. (The)		109,538
	3,015	Envision Healthcare Corp.*^		132,690
	15,898	Express Scripts Holding Co.*		1,227,485
	784	Five Star Quality Care, Inc.*		1,176
	2,639	Hanger Orthopedic Group, Inc.*^		44,757
	4,541	HCA Holdings, Inc.		465,907
	1,272	HealthEquity, Inc.*^		95,527
	3,972	Henry Schein, Inc.*^		288,526
	2,247	Humana, Inc.		668,775
	2,629	InfuSystems Holdings, Inc.*		9,333
	4,876	Kindred Healthcare, Inc.*		43,884
	3,221	Laboratory Corp. of America Holdings*		578,266
	925	LHC Group, Inc.*		79,171
	3,038	LifePoint Hospitals, Inc.*^		148,254
	1,471	Magellan Health Services, Inc.*		141,142
	4,579	McKesson Corp.		610,839
	3,346	MEDNAX, Inc.*		144,815
	1,107	Molina Healthcare, Inc.*^		108,420
	1,075	National Healthcare Corp.		75,659
	1,219	National Research Corp.		45,591
	4,172	Owens & Minor, Inc.^		69,714
	4,695	Patterson Cos., Inc.^		106,436
	2,269	Premier, Inc., Class A*^		82,546
	835	Providence Service Corp.*		65,589
	6,979	Quest Diagnostics, Inc.		767,271
	2,317	Quorum Health Corp.*^		11,585
	5,133	Qurate Retail, Inc.*		108,922
	2,518	RadNet, Inc.*		37,770
	9,791	Select Medical Holdings Corp.*		177,707
	2,133	Surgery Partners, Inc.*		31,782
	3,992	Tenet Healthcare Corp.*^		134,011
	2,040	Tivity Health, Inc.*^		71,808
	1,240	Triple-S Management Corp., Class B*		48,434
	937	U.S. Physical Therapy, Inc.^		89,952
	14,742	UnitedHealth Group, Inc.		3,616,801
	4,518	Universal Health Services, Inc., Class B		503,486
	969	WellCare Health Plans, Inc.*		238,607

				16,035,476

Health Care Technology (0.2%):
	4,495	Allscripts Healthcare Solutions, Inc.*		53,940
	1,052	athenahealth, Inc.*		167,415
	4,643	Cerner Corp.*		277,605


Shares			Fair Value
Common Stocks, continued
Health Care Technology, continued
	339	Computer Programs & Systems, Inc.	$	11,153
	4,037	Evolent Health, Inc., Class A*^		84,979
	1,357	HealthStream, Inc.		37,060
	4,954	HMS Holdings Corp.*		107,105
	644	Medidata Solutions, Inc.*^		51,881
	1,095	Omnicell, Inc.*^		57,433
	2,464	Quality Systems, Inc.*		48,048
	1,047	Simulations Plus, Inc.^		23,296
	1,142	Veeva Systems, Inc., Class A*		87,774

				1,007,689

Hotels, Restaurants & Leisure (2.4%):
	10,056	Aramark Holdings Corp.		373,078
	2,451	Bbx Capital Corp.		22,133
	4,464	Belmond, Ltd., Class A*^		49,774
	6	Biglari Holdings, Inc., Class A*		5,700
	67	Biglari Holdings, Inc., Class B*		12,294
	1,927	BJ’s Restaurants, Inc.^		115,620
	3,939	Bloomin’ Brands, Inc.		79,174
	541	Bojangles’, Inc.*^		7,790
	2,887	Brinker International, Inc.^		137,421
	4,600	Caesars Entertainment Corp.*^		49,220
	4,851	Carnival Corp., Class A		278,011
	2,943	Carrols Restaurant Group, Inc.*		43,704
	1,723	Century Casinos, Inc.*		15,076
	2,997	Cheesecake Factory, Inc. (The)^		165,015
	140	Chipotle Mexican Grill, Inc.*		60,392
	3,153	Choice Hotels International, Inc.^		238,367
	1,178	Chuy’s Holdings, Inc.*^		36,165
	1,626	Cracker Barrel Old Country Store, Inc.		253,997
	3,527	Darden Restaurants, Inc.		377,601
	2,412	Dave & Buster’s Entertainment, Inc.*		114,811
	1,574	Del Frisco’s Restaurant Group, Inc.*		19,832
	2,144	del Taco Restaurants, Inc.*		30,402
	4,156	Denny’s Corp.*		66,205
	1,558	DineEquity, Inc.		116,538
	864	Domino’s Pizza, Inc.		243,795
	3,886	Dunkin’ Brands Group, Inc.^		268,406
	1,112	Eldorado Resorts, Inc.*		43,479
	1,277	Fiesta Restaurant Group, Inc.*		36,650
	624	Habit Restaurants, Inc. (The), Class A*		6,240
	2,724	Hilton Grand Vacations*		94,523
	3,243	Hilton Worldwide Holdings, Inc.		256,716
	1,051	Hyatt Hotels Corp., Class A		81,085
	5,503	Ilg, Inc.		181,764
	6,233	International Game Technology plc^		144,855
	1,202	Jack in the Box, Inc.		102,314
	671	Jamba, Inc.*		7,146
	8,964	Las Vegas Sands Corp.		684,491
	2,136	Luby’s, Inc.*		5,532
	977	Marcus Corp.		31,753
	3,634	Marriott International, Inc., Class A		460,064
	1,376	Marriott Vacations Worldwide Corp.		155,433


Shares			Fair Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	12,088	McDonald’s Corp.	$	1,894,068
	24,340	MGM Resorts International		706,590
	341	Nathans Famous, Inc.		32,088
	5,162	Norwegian Cruise Line Holdings, Ltd.*		243,905
	1,596	Papa John’s International, Inc.		80,949
	1,378	Pinnacle Entertainment, Inc.*		46,480
	4,017	Planet Fitness, Inc.*		176,507
	1,907	Playa Hotels & Resorts NV*		20,596
	763	Potbelly Corp.*^		9,881
	1,501	Red Lion Hotels Corp.*^		17,487
	878	Red Robin Gourmet Burgers*^		40,915
	2,194	Royal Caribbean Cruises, Ltd.		227,298
	2,527	Ruth’s Hospitality Group, Inc.^		70,882
	3,394	Scientific Games Corp., Class A*		166,815
	4,011	Six Flags Entertainment Corp.^		280,971
	1,933	Sonic Corp.		66,534
	2,826	Speedway Motorsports, Inc.		49,059
	29,551	Starbucks Corp.		1,443,565
	3,432	Texas Roadhouse, Inc.		224,830
	1,604	Town Sports International Holdings, Inc.*		23,338
	866	Vail Resorts, Inc.		237,449
	16,156	Wendy’s Co. (The)^		277,560
	1,298	Wingstop, Inc.^		67,652
	3,177	Wyndham Hotels & Resorts, Inc.		186,903
	3,177	Wyndham Worldwide Corp.		140,646
	2,056	Wynn Resorts, Ltd.		344,051
	5,169	Yum! Brands, Inc.		404,319

				12,953,904

Household Durables (0.8%):
	875	Av Homes, Inc.*		18,725
	1,886	Beazer Homes USA, Inc.*		27,819
	1,150	Century Communities, Inc.*		36,283
	10,883	D.R. Horton, Inc.		446,202
	1,137	Dixie Group, Inc. (The)*		2,615
	1,910	Ethan Allen Interiors, Inc.^		46,795
	431	Flexsteel Industries, Inc.		17,197
	5,743	Garmin, Ltd.		350,323
	2,761	GoPro, Inc., Class A*^		17,781
	2,219	Green Brick Partners, Inc.*		21,746
	911	Helen of Troy, Ltd.*		89,688
	500	Hooker Furniture Corp.		23,450
	1,333	Installed Building Products, Inc.*^		75,381
	931	iRobot Corp.*^		70,542
	4,827	KB Home		131,487
	3,931	La-Z-Boy, Inc.		120,289
	4,024	Leggett & Platt, Inc.^		179,631
	4,945	Lennar Corp., Class A		259,613
	119	Lennar Corp., Class B		5,080
	1,206	LGI Homes, Inc.*^		69,622
	1,627	Libbey, Inc.^		13,228
	1,017	Lifetime Brands, Inc.		12,865
	3,335	M.D.C. Holdings, Inc.		102,618


Shares			Fair Value
Common Stocks, continued
Household Durables, continued
	1,880	M/I Homes, Inc.*	$	49,782
	3,168	Meritage Corp.*		139,234
	1,006	Mohawk Industries, Inc.*		215,556
	2,791	Newell Rubbermaid, Inc.		71,980
	150	NVR, Inc.*		445,553
	9,250	PulteGroup, Inc.		265,938
	5,496	Taylor Morrison Home Corp., Class A*		114,207
	2,586	Tempur Sealy International, Inc.*^		124,257
	2,183	Toll Brothers, Inc.		80,749
	2,205	TopBuild Corp.*		172,740
	7,853	TRI Pointe Homes, Inc.*^		128,475
	2,153	Tupperware Brands Corp.^		88,790
	718	Universal Electronics, Inc.*^		23,730
	3,485	Whirlpool Corp.		509,611
	2,147	William Lyon Homes, Class A*		49,810
	1,918	Zagg, Inc.*^		33,181

				4,652,573

Household Products (1.1%):
	1,684	Central Garden & Pet Co., Class A*		68,151
	6,367	Church & Dwight Co., Inc.^		338,470
	3,732	Clorox Co. (The)^		504,753
	13,089	Colgate-Palmolive Co.		848,298
	3,074	Energizer Holdings, Inc.^		193,539
	5,608	HRG Group, Inc.*		73,409
	6,541	Kimberly-Clark Corp.^		689,029
	333	Oil-Dri Corp.		14,033
	582	Orchids Paper Products Co.*^		2,316
	39,497	Procter & Gamble Co. (The)		3,083,135
	1,069	Spectrum Brands Holdings, Inc.		87,252
	698	WD-40 Co.^		102,083

				6,004,468

Independent Power & Renewable Electricity Producers (0.2%):
	15,393	AES Corp. (The)		206,420
	5,810	Atlantic Power Corp.*		12,782
	3,123	Atlantica Yield plc		63,022
	6,120	NRG Energy, Inc.		187,884
	1,323	NRG Yield, Inc., Class A		22,557
	2,753	NRG Yield, Inc., Class C		47,352
	2,758	Ormat Technologies, Inc.^		146,698
	3,788	Pattern Energy Group, Inc.^		71,025
	7,499	Vistra Energy Corp.*		177,426

				935,166

Industrial Conglomerates (1.0%):
	12,332	3M Co., Class C		2,425,951
	2,046	Carlisle Cos., Inc.		221,602
	53,601	General Electric Co.		729,510
	14,254	Honeywell International, Inc.		2,053,289
	1,736	Raven Industries, Inc.		66,749
	876	Roper Industries, Inc.		241,697

				5,738,798


Shares			Fair Value
Common Stocks, continued
Insurance (2.7%):
	12,674	Aflac, Inc.	$	545,235
	333	Alleghany Corp.		191,465
	4,705	Allstate Corp. (The)		429,425
	4,095	AMBAC Financial Group, Inc.*(a)		81,286
	3,511	American Equity Investment Life Holding Co.		126,396
	1,197	American Financial Group, Inc.		128,474
	9,941	American International Group, Inc.		527,072
	808	American National Insurance Co.		96,629
	1,307	Amerisafe, Inc.^		75,479
	12,054	AmTrust Financial Services		175,627
	3,717	Aon plc		509,861
	5,730	Arch Capital Group, Ltd.*		151,616
	1,501	Argo Group International Holdings, Ltd.		87,283
	5,779	Arthur J. Gallagher & Co.		377,253
	3,098	ASGN, Inc.*		242,233
	2,735	Aspen Insurance Holdings, Ltd.		111,315
	1,955	Assurant, Inc.		202,323
	4,165	Assured Guaranty, Ltd.^		148,815
	535	Athene Holding, Ltd.*		23,454
	2,351	Axis Capital Holdings, Ltd.		130,763
	1,029	Brighthouse Financial, Inc.*		41,232
	8,628	Brown & Brown, Inc.		239,254
	4,915	Chubb, Ltd.		624,303
	2,852	Cincinnati Financial Corp.		190,685
	2,176	Citizens, Inc.*		16,951
	1,199	CNA Financial Corp.		54,770
	2,354	Crawford & Co.		20,362
	2,915	Crawford & Co., Class A		25,098
	1,631	Donegal Group, Inc., Class A		22,198
	1,546	EMC Insurance Group, Inc.		42,948
	1,993	Employers Holdings, Inc.		80,119
	447	Enstar Group, Ltd.*		92,663
	1,364	Erie Indemnity Co., Class A		159,943
	748	Everest Re Group, Ltd.		172,399
	1,025	FBL Financial Group, Inc., Class A		80,719
	1,054	FedNat Holding Co.		24,316
	4,594	First American Financial Corp.		237,602
	8,665	FNF Group		325,977
	21,335	Genworth Financial, Inc., Class A*		96,008
	695	Global Indemnity, Ltd.		27,091
	2,383	Greenlight Capital Re, Ltd.*		33,839
	1,469	Hallmark Financial Services, Inc.*		14,661
	1,690	Hanover Insurance Group, Inc. (The)		202,056
	6,118	Hartford Financial Services Group, Inc. (The)		312,813
	397	HCI Group, Inc.^		16,503
	387	Heritage Insurance Holdings, Inc.		6,451
	2,388	Horace Mann Educators Corp.		106,505
	1,317	Independence Holding Co.^		43,790
	566	Infinity Property & Casualty Corp.		80,570
	153	Investors Title Co.^		28,253
	1,436	James River Group Holdings		56,420
	2,179	Kemper Corp.^		164,841
	3,599	Lincoln National Corp.		224,038


Shares			Fair Value
Common Stocks, continued
Insurance, continued
	5,372	Loews Corp.	$	259,360
	5,556	Maiden Holdings, Ltd.^		43,059
	301	Markel Corp.*		326,389
	9,423	Marsh & McLennan Cos., Inc.		772,404
	2,503	Mercury General Corp.^		114,037
	8,570	MetLife, Inc.		373,652
	4,959	National General Holdings Corp.		130,570
	262	National Western Life Group, Inc., Class A		80,502
	1,307	Navigators Group, Inc.		74,499
	9,717	Old Republic International Corp.		193,465
	3,086	Primerica, Inc.		307,366
	9,299	Principal Financial Group, Inc.		492,382
	3,011	ProAssurance Corp.		106,740
	5,652	Progressive Corp. (The)		334,316
	4,383	Prudential Financial, Inc.		409,854
	1,023	Reinsurance Group of America, Inc.		136,550
	1,433	RenaissanceRe Holdings, Ltd.		172,420
	1,252	RLI Corp.^		82,870
	854	Safety Insurance Group, Inc.		72,932
	2,698	Selective Insurance Group, Inc.		148,390
	2,664	State Auto Financial Corp.		79,680
	1,761	Stewart Information Services Corp.		75,846
	3,912	Third Point Reinsurance, Ltd.*		48,900
	1,775	Torchmark Corp.		144,503
	6,365	Travelers Cos., Inc. (The)		778,695
	1,438	United Fire Group, Inc.		78,385
	1,616	United Insurance Holdings Co.^		31,641
	3,169	Universal Insurance Holdings, Inc.		111,232
	4,150	UnumProvident Corp.		153,509
	2,825	Validus Holdings, Ltd.		190,970
	2,257	W.R. Berkley Corp.		163,429
	140	White Mountains Insurance Group, Ltd.		126,925
	911	Willis Towers Watson plc		138,108
	4,400	Wmih Corp.*		5,896
	4,083	XL Group, Ltd.		228,444

				15,215,302

Internet & Direct Marketing Retail (3.5%):
	2,093	1-800 Flowers.com, Inc., Class A*		26,267
	9,398	Amazon.com, Inc.*		15,974,721
	824	Booking Holdings, Inc.*		1,670,322
	1,658	Expedia, Inc.^		199,275
	185	FTD Cos., Inc.*		858
	2,098	Liberty Expedia Holdings, Class A*		92,186
	5,384	Liberty TripAdvisor Holdings, Inc., Class A*		86,682
	2,282	Netflix, Inc.*		893,243
	1,637	Nutri/System, Inc.^		63,025
	820	Overstock.com, Inc.*		27,593
	1,164	PetMed Express, Inc.^		51,274
	1,959	Shutterfly, Inc.*^		176,369
	2,514	TripAdvisor, Inc.*^		140,055

				19,401,870


Shares			Fair Value
Common Stocks, continued
Internet Software & Services (2.9%):
	5,646	Akamai Technologies, Inc.*	$	413,457
	2,621	Alphabet, Inc., Class A*		2,959,607
	2,779	Alphabet, Inc., Class C*		3,100,391
	2,377	Blucora, Inc.*		87,949
	3,783	Cars.com, Inc.*^		107,399
	1,744	Cimpress NV*^		252,810
	2,881	DHI Group, Inc.*		6,770
	14,947	eBay, Inc.*		541,978
	990	Envestnet, Inc.*		54,401
	32,810	Facebook, Inc., Class A*		6,375,640
	1,451	GoDaddy, Inc., Class A*		102,441
	1,546	GrubHub, Inc.*^		162,191
	2,548	GTT Communications, Inc.*^		114,660
	911	IAC/InterActiveCorp.*		138,918
	821	Internap Corp.*^		8,555
	2,946	j2 Global, Inc.^		255,153
	1,546	Leaf Group, Ltd.*^		16,774
	2,160	Limelight Networks, Inc.*^		9,655
	1,736	Liquidity Services, Inc.*		11,371
	1,431	LogMeIn, Inc.^		147,751
	2,502	Marchex, Inc., Class B		7,656
	1,146	Match Group, Inc.*		44,396
	3,759	NIC, Inc.		58,452
	2,520	QuinStreet, Inc.*		32,004
	752	Qumu Corp.*		1,654
	2,745	RealNetworks, Inc.*		10,157
	401	Reis, Inc.		8,742
	981	Shutterstock, Inc.*^		46,558
	585	Stamps.com, Inc.*		148,034
	1,895	TechTarget*		53,818
	3,390	Telaria, Inc.*		13,696
	2,297	The Meet Group, Inc. (The)*^		10,291
	1,344	Travelzoo, Inc.*		22,982
	4,951	Twitter, Inc.*		216,210
	2,288	VeriSign, Inc.*		314,417
	4,619	Web.com Group, Inc.*		119,401
	1,311	XO Group, Inc.*		41,952
	1,534	Yelp, Inc.*		60,102
	1,125	Zillow Group, Inc., Class A*		67,219
	1,598	Zillow Group, Inc., Class C*^		94,378

				16,239,990

IT Services (4.8%):
	13,899	Accenture plc, Class C		2,273,737
	3,417	Acxiom Corp.*		102,339
	1,762	Alliance Data Systems Corp.		410,898
	4,258	Amdocs, Ltd.		281,837
	9,258	Automatic Data Processing, Inc.		1,241,868
	3,092	Black Knight, Inc.*		165,577
	6,581	Booz Allen Hamilton Holding Corp.		287,787
	4,071	Broadridge Financial Solutions, Inc.		468,572
	1,304	CACI International, Inc., Class A*		219,789
	2,129	Cardtronics plc*^		51,479


Shares			Fair Value
Common Stocks, continued
IT Services, continued
	573	Cass Information Systems, Inc.^	$	39,434
	5,920	Cognizant Technology Solutions Corp., Class A		467,621
	6,347	Conduent, Inc.*		115,325
	5,424	Convergys Corp.		132,563
	4,694	CoreLogic, Inc.*		243,619
	2,608	CSG Systems International, Inc.		106,589
	2,159	DXC Technology Co.		174,037
	1,570	Epam Systems, Inc.*		195,198
	2,653	Euronet Worldwide, Inc.*^		222,242
	1,620	Exlservice Holdings, Inc.*		91,708
	4,243	Fidelity National Information Services, Inc.		449,885
	523	First Data Corp., Class A*		10,946
	9,114	Fiserv, Inc.*		675,256
	1,827	FleetCor Technologies, Inc.*		384,858
	825	Forrester Research, Inc.		34,609
	409	Gartner, Inc.*		54,356
	6,266	Genpact, Ltd.		181,275
	2,488	Global Payments, Inc.		277,387
	1,357	Hackett Group, Inc. (The)		21,807
	19,064	International Business Machines Corp.		2,663,240
	2,242	Jack Henry & Associates, Inc.		292,267
	3,495	Leidos Holdings, Inc.		206,205
	649	Luxoft Holding, Inc.*^		23,916
	1,640	ManTech International Corp., Class A		87,970
	22,502	MasterCard, Inc., Class A		4,422,092
	3,278	Maximus, Inc.		203,597
	2,787	MoneyGram International, Inc.*		18,645
	6,919	Paychex, Inc.		472,914
	9,832	PayPal Holdings, Inc.*		818,711
	2,322	Perficient, Inc.*		61,231
	1,079	Perspecta, Inc.		22,173
	840	PFSweb, Inc.*		8,165
	4,398	Sabre Corp.		108,367
	1,901	Science Applications International Corp.		153,848
	3,035	Servicesource International, Inc.*		11,958
	1,241	StarTek, Inc.*		7,806
	3,966	Steel Connect, Inc.*		8,567
	3,283	Sykes Enterprises, Inc.*		94,485
	4,553	Syntel, Inc.*		146,106
	6,420	Teradata Corp.*		257,763
	4,990	Total System Services, Inc.		421,755
	5,685	Travelport Worldwide, Ltd.		105,400
	2,975	TTEC Holdings, Inc.		102,786
	3,021	Unisys Corp.*^		38,971
	1,226	Virtusa Corp.*		59,682
	32,457	Visa, Inc., Class A		4,298,929
	9,515	Western Union Co.^		193,440
	1,662	WEX, Inc.*		316,578
	2,321	Worldpay, Inc., Class A*		189,811

				25,199,976

Leisure Products (0.2%):
	2,332	Acushnet Holdings Corp.^		57,041
	3,582	American Outdoor Brands Corp.*		43,091


Shares			Fair Value
Common Stocks, continued
Leisure Products, continued
	4,134	Brunswick Corp.	$	266,560
	3,789	Callaway Golf Co.		71,877
	658	Escalade, Inc.		9,278
	3,448	Hasbro, Inc.^		318,286
	503	Johnson Outdoors, Inc., Class A^		42,519
	531	Malibu Boats, Inc.*^		22,270
	662	Marine Products Corp.		11,770
	6,035	Mattel, Inc.^		99,095
	1,932	Nautilus Group, Inc.*^		30,332
	2,101	Polaris Industries, Inc.^		256,700
	1,015	Sturm, Ruger & Co., Inc.^		56,840
	2,859	Vista Outdoor, Inc.*		44,286

				1,329,945

Life Sciences Tools & Services (0.7%):
	2,828	Agilent Technologies, Inc.		174,884
	325	Bio-Rad Laboratories, Inc., Class A*		93,776
	1,154	Bio-Techne Corp.		170,734
	7,817	Bruker Corp.		227,006
	2,131	Cambrex Corp.*^		111,451
	3,344	Charles River Laboratories International, Inc.*		375,397
	1,979	Harvard Bioscience, Inc.*		10,588
	1,139	Illumina, Inc.*		318,111
	1,097	IQVIA Holdings, Inc.*		109,503
	2,457	Luminex Corp.		72,555
	568	Medpace Holdings, Inc.*		24,424
	828	Mettler-Toledo International, Inc.*		479,105
	1,400	Neogenomics, Inc.*^		18,354
	1,490	PerkinElmer, Inc.		109,113
	2,855	PRA Health Sciences, Inc.*^		266,543
	2,622	Syneos Health, Inc.*^		122,972
	3,969	Thermo Fisher Scientific, Inc.		822,138
	1,749	Waters Corp.*		338,589

				3,845,243

Machinery (2.6%):
	2,898	Actuant Corp., Class A^		85,056
	3,733	AGCO Corp.		226,668
	652	Alamo Group, Inc.		58,915
	1,377	Albany International Corp., Class A		82,827
	6,349	Allison Transmission Holdings, Inc.		257,071
	1,577	Altra Industrial Motion Corp.		67,969
	1,107	American Railcar Industries		43,704
	1,445	ARC Group Worldwide, Inc.*^		3,540
	981	Astec Industries, Inc.^		58,664
	2,702	Barnes Group, Inc.		159,148
	911	Blue Bird Corp.*^		20,361
	2,517	Briggs & Stratton Corp.		44,324
	10,638	Caterpillar, Inc.		1,443,256
	2,289	Chart Industries, Inc.*^		141,186
	1,284	CIRCOR International, Inc.		47,457
	3,431	Colfax Corp.*^		105,160
	1,526	Columbus McKinnon Corp.		66,167
	2,706	Commercial Vehicle Group, Inc.*		19,862


Shares			Fair Value
Common Stocks, continued
Machinery, continued
	1,945	Crane Co.	$	155,853
	2,432	Cummins, Inc.		323,456
	6,563	Deere & Co.		917,507
	3,424	Donaldson Co., Inc.^		154,491
	1,324	Douglas Dynamics, Inc.		63,552
	5,031	Dover Corp.		368,269
	1,120	EnPro Industries, Inc.		78,344
	1,435	ESCO Technologies, Inc.		82,800
	2,459	Federal Signal Corp.		57,270
	3,108	Flowserve Corp.^		125,563
	4,043	Fortive Corp.		311,756
	2,760	Franklin Electric Co., Inc.		124,476
	694	FreightCar America, Inc.^		11,652
	889	Gencor Industries, Inc.*		14,357
	1,203	Global Brass & Copper Holdings, Inc.		37,714
	1,617	Gorman-Rupp Co. (The)		56,595
	5,481	Graco, Inc.		247,851
	1,612	Greenbrier Cos, Inc.		85,033
	4,803	Harsco Corp.*		106,146
	3,620	Hillenbrand, Inc.		170,683
	490	Hurco Cos, Inc.		21,928
	896	Hyster-Yale Materials Handling, Inc., Class A		57,568
	1,615	IDEX Corp.		220,415
	6,472	Illinois Tool Works, Inc.		896,631
	4,692	Ingersoll-Rand plc		421,013
	4,926	ITT, Inc.		257,482
	1,662	John Bean Technologies Corp.^		147,752
	598	Kadant, Inc.		57,498
	4,352	Kennametal, Inc.^		156,237
	787	L.B. Foster Co., Class A*		18,062
	1,806	Lincoln Electric Holdings, Inc.		158,495
	539	Lindsay Corp.^		52,278
	774	Lydall, Inc.*		33,785
	1,213	Manitex International, Inc.*		15,138
	2,529	Manitowoc Co., Inc. (The)*^		65,400
	5,860	Meritor, Inc.*		120,540
	1,601	Middleby Corp. (The)*^		167,176
	2,134	Milacron Holdings Corp.*		40,397
	3,785	Mueller Industries, Inc.		111,695
	7,183	Mueller Water Products, Inc., Class A		84,185
	4,067	Navistar International Corp.*^		165,608
	1,258	NN, Inc.		23,776
	1,555	Nordson Corp.		199,678
	158	Omega Flex, Inc.^		12,499
	3,290	OshKosh Corp.		231,353
	6,612	PACCAR, Inc.		409,680
	2,022	Parker Hannifin Corp.		315,129
	5,836	Pentair plc		245,579
	976	Proto Labs, Inc.*^		116,095
	660	RBC Bearings, Inc.*		85,015
	1,886	REV Group, Inc.^		32,081
	7,156	Rexnord Corp.*		207,953
	2,202	Snap-On, Inc.^		353,905


Shares			Fair Value
Common Stocks, continued
Machinery, continued
	1,542	SPX Corp.*	$	54,047
	1,744	SPX FLOW, Inc.*		76,335
	775	Standex International Corp.		79,205
	1,547	Stanley Black & Decker, Inc.		205,457
	1,370	Sun Hydraulics Corp.^		66,020
	321	Tennant Co.^		25,359
	3,523	Terex Corp.^		148,635
	3,355	Timken Co.		146,110
	3,046	Titan International, Inc.		32,684
	3,651	Toro Co.		219,973
	2,913	TriMas Corp.*		85,642
	5,158	Trinity Industries, Inc.		176,713
	4,006	Wabash National Corp.^		74,752
	1,380	WABCO Holdings, Inc.*		161,488
	1,503	Wabtec Corp.^		148,166
	1,415	Watts Water Technologies, Inc., Class A		110,936
	6,694	Welbilt, Inc.*^		149,343
	2,272	Woodward, Inc.		174,626
	935	Xerium Technologies, Inc.*		12,379
	4,252	Xylem, Inc.		286,500

				14,361,099

Marine (0.1%):
	1,680	Eagle Bulk Shipping, Inc.*		9,139
	2,348	Kirby Corp.*^		196,293
	3,233	Matson, Inc.		124,083

				329,515

Media (2.7%):
	1,468	A.H. Belo Corp., Class A		6,900
	3,433	AMC Entertainment Holdings, Inc., Class A^		54,585
	2,029	AMC Networks, Inc., Class A*^		126,204
	270	Cable One, Inc.^		197,988
	182	CBS Corp., Class A		10,308
	7,322	CBS Corp., Class B		411,643
	2,930	Charter Communications, Inc., Class A*		859,105
	7,978	Cinemark Holdings, Inc.^		279,868
	1,661	Clear Channel Outdoor Holdings, Inc., Class A		7,142
	101,332	Comcast Corp., Class A		3,324,704
	6,371	Discovery Communications, Inc., Class A*		175,203
	9,189	Discovery Communications, Inc., Class C*		234,320
	4,242	DISH Network Corp., Class A*		142,574
	4,131	E.W. Scripps Co. (The), Class A^		55,314
	1,364	Emerald Expositions Events, Inc.		28,098
	2,819	Entercom Communications Corp.		21,283
	4,792	Entravision Communications Corp., Class A		23,960
	1,834	Eros International plc*		23,842
	6,638	Gannett Co., Inc.^		71,027
	4,760	GCI Liberty, Inc., Class A*		214,581
	4,886	Gray Television, Inc.*^		77,199
	472	Harte-Hanks, Inc.*		5,239
	1,658	Imax Corp.*		36,725
	13,729	Interpublic Group of Cos., Inc. (The)		321,808
	3,028	John Wiley & Sons, Inc., Class A		188,947


Shares			Fair Value
Common Stocks, continued
Media, continued
	192	John Wiley & Sons, Inc., Class B	$	12,031
	247	Liberty Braves Group, Class A*		6,350
	527	Liberty Braves Group, Class C*		13,628
	563	Liberty Broadband Corp., Class A*		42,585
	2,655	Liberty Broadband Corp., Class C*		201,037
	619	Liberty Media Group, Class A*		21,857
	1,318	Liberty Media Group, Class C*^		48,937
	2,477	Liberty SiriusXM Group, Class A*		111,589
	5,273	Liberty SiriusXM Group, Class C*		239,183
	1,773	Lions Gate Entertainment Corp., Class A^		44,006
	2,411	Lions Gate Entertainment Corp., Class B^		56,562
	5,662	Live Nation, Inc.*^		275,003
	540	Madison Square Garden Co. (The), Class A*		167,503
	1,649	Meredith Corp.^		84,099
	3,759	MSG Networks, Inc., Class A*^		90,028
	3,726	National CineMedia, Inc.		31,298
	2,511	New Media Investment Group, Inc.		46,403
	5,495	New York Times Co. (The), Class A^		142,321
	7,481	News Corp., Class A		115,956
	2,563	News Corp., Class B		40,624
	2,981	Nexstar Broadcasting Group, Inc., Class A^		218,805
	6,406	Omnicom Group, Inc.^		488,586
	1,419	Reading International, Inc., Class A*		22,633
	1,853	Scholastic Corp.		82,106
	5,191	Sinclair Broadcast Group, Inc., Class A		166,891
	24,685	Sirius XM Holdings, Inc.		167,117
	11,352	Tegna, Inc.		123,169
	933	Tronc, Inc.*		16,122
	23,830	Twenty-First Century Fox, Inc.		1,184,113
	8,290	Twenty-First Century Fox, Inc., Class B		408,448
	442	Viacom, Inc., Class A		15,669
	12,859	Viacom, Inc., Class B		387,827
	29,471	Walt Disney Co. (The)		3,088,856
	1,692	World Wrestling Entertainment, Inc., Class A^		123,211

				15,183,120

Metals & Mining (0.7%):
	16,272	AK Steel Holding Corp.*^		70,620
	5,563	Alcoa Corp.*		260,793
	4,528	Allegheny Technologies, Inc.*^		113,743
	799	Ampco-Pittsburgh Corp.*		8,190
	2,796	Carpenter Technology Corp.		146,986
	4,968	Century Aluminum Co.*^		78,246
	10,120	Cleveland-Cliffs, Inc.*^		85,312
	7,302	Coeur d’Alene Mines Corp.*^		55,495
	6,147	Commercial Metals Co.		129,763
	1,902	Compass Minerals International, Inc.^		125,057
	7,323	Ferroglobe plc		62,758
	33,112	Freeport-McMoRan Copper & Gold, Inc.		571,512
	2,945	Gold Resource Corp.		19,408
	943	Haynes International, Inc.		34,646
	23,972	Hecla Mining Co.		83,423
	151	Kaiser Aluminum Corp.^		15,721


Shares			Fair Value
Common Stocks, continued
Metals & Mining, continued
	1,359	Materion Corp.	$	73,590
	12,309	McEwen Mining, Inc.		25,480
	7,907	Newmont Mining Corp.		298,173
	5,554	Nucor Corp.		347,125
	700	Olympic Steel, Inc.		14,287
	2,353	Reliance Steel & Aluminum Co.		205,982
	2,119	Royal Gold, Inc.		196,728
	1,500	Ryerson Holding Corp.*^		16,725
	1,365	Schnitzer Steel Industries, Inc., Class A^		46,001
	1,772	Southern Copper Corp.^		83,054
	11,919	Steel Dynamics, Inc.		547,677
	3,673	SunCoke Energy, Inc.*		49,218
	701	Synalloy Corp.^		13,985
	2,052	TimkenSteel Corp.*^		33,550
	7,131	United States Steel Corp.		247,802
	548	Universal Stainless & Alloy Products, Inc.*		12,971
	2,898	Worthington Industries, Inc.		121,629

				4,195,650

Multiline Retail (0.8%):
	3,725	Big Lots, Inc.^		155,631
	1,948	Dillard’s, Inc., Class A^		184,086
	5,093	Dollar General Corp.		502,170
	4,239	Dollar Tree, Inc.*		360,315
	18,758	J.C. Penney Co., Inc.*^		43,894
	12,074	Kohl’s Corp.^		880,194
	15,105	Macy’s, Inc.		565,380
	4,797	Nordstrom, Inc.^		248,389
	2,557	Ollie’s Bargain Outlet Holdings, Inc.*^		185,383
	14,447	Target Corp.		1,099,705

				4,225,147

Multi-Utilities (0.8%):
	5,044	Ameren Corp.		306,927
	2,841	Avista Corp.		149,607
	1,784	Black Hills Corp.^		109,199
	9,831	CenterPoint Energy, Inc.		272,417
	6,283	CMS Energy Corp.		297,060
	3,650	Consolidated Edison, Inc.		284,627
	10,028	Dominion Energy, Inc.		683,709
	3,156	DTE Energy Co.		327,056
	7,317	MDU Resources Group, Inc.		209,852
	6,403	NiSource, Inc.		168,271
	2,365	NorthWestern Corp.		135,396
	6,391	Public Service Enterprise Group, Inc.		346,009
	3,103	SCANA Corp.		119,528
	2,131	Sempra Energy		247,430
	844	Unitil Corp.		43,078
	4,645	Vectren Corp.		331,885
	4,178	WEC Energy Group, Inc.		270,108

				4,302,159

Oil, Gas & Consumable Fuels (4.1%):
	332	Adams Resources & Energy, Inc.		14,276
	3,984	Anadarko Petroleum Corp.		291,828


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	4,819	Andeavor	$	632,156
	8,707	Antero Resources Corp.*		185,894
	3,113	Apache Corp.^		145,533
	1,256	Arch Coal, Inc.^		98,508
	2,352	Cabot Oil & Gas Corp.		55,978
	10,066	Callon Petroleum Co.*^		108,109
	4,654	Carrizo Oil & Gas, Inc.*^		129,614
	4,043	Centennial Resources Development*^		73,017
	5,773	Cheniere Energy, Inc.*		376,342
	22,057	Chevron Corp.		2,788,668
	671	Cimarex Energy Co.^		68,268
	7,534	Clean Energy Fuel Corp.*		27,800
	3,508	Cloud Peak Energy, Inc.*^		12,243
	6,619	CNX Resources Corp.*		117,686
	1,185	Concho Resources, Inc.*		163,945
	12,395	ConocoPhillips Co.		862,940
	1,244	CONSOL Energy, Inc.*		47,707
	1,423	Contango Oil & Gas Co.*^		8,083
	1,170	Continental Resources, Inc.*^		75,769
	3,623	CVR Energy, Inc.^		134,015
	5,134	Delek US Holdings, Inc.		257,573
	23,516	Denbury Resources, Inc.*^		113,112
	5,102	Devon Energy Corp.		224,284
	8,860	DHT Holdings, Inc.^		41,553
	706	Diamondback Energy, Inc.		92,888
	107	Dorian LPG, Ltd.*		817
	15,555	Eclipse Resources Corp.*		24,888
	3,486	Energen Corp.*		253,851
	5,391	Enlink Midstream LLC^		88,682
	4,981	EOG Resources, Inc.		619,786
	8,400	EP Energy Corp., Class A*		25,200
	3,515	EQT Corp.		193,958
	3,686	Extraction Oil & Gas, Inc.*		54,147
	51,822	Exxon Mobil Corp.		4,287,235
	4,505	Gaslog, Ltd.^		86,046
	2,514	Green Plains Renewable Energy, Inc.		46,006
	8,600	Gulfport Energy Corp.*		108,102
	5,897	Halcon Resources Corp.*^		25,888
	2,222	Hallador Energy Co.		15,865
	4,124	Hess Corp.		275,854
	5,738	HighPoint Resources Corp.*		34,887
	8,952	HollyFrontier Corp.		612,585
	26,381	Kinder Morgan, Inc.		466,152
	14,608	Kosmos Energy LLC*		120,808
	12,195	Laredo Petroleum Holdings, Inc.*^		117,316
	14,759	Marathon Oil Corp.		307,873
	12,591	Marathon Petroleum Corp.		883,385
	6,316	Matador Resources Co.*^		189,796
	6,993	Murphy Oil Corp.^		236,154
	6,701	Newfield Exploration Co.*		202,705
	7,953	Noble Energy, Inc.		280,582
	11,184	Oasis Petroleum, Inc.*		145,056
	9,961	Occidental Petroleum Corp.		833,536


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	3,504	ONEOK, Inc.	$	244,684
	2,263	Pacific Ethanol, Inc.*		5,884
	1,401	Panhandle Oil & Gas, Inc., Class A		26,759
	1,717	Par Pacific Holdings, Inc.*		29,841
	2,701	Parsley Energy, Inc., Class A*		81,786
	6,440	PBF Energy, Inc., Class A		270,029
	2,430	PDC Energy, Inc.*^		146,894
	4,173	Peabody Energy Corp.^		189,788
	2,898	Phillips 66		325,474
	1,015	Pioneer Natural Resources Co.		192,079
	6	PrimeEnergy Corp.*		438
	11,578	QEP Resources, Inc.*		141,946
	4,715	Range Resources Corp.^		78,882
	3,344	Renewable Energy Group, Inc.*^		59,690
	374	REX American Resources Corp.*		30,283
	1,820	Ring Energy, Inc.*^		22,968
	3,890	RSP Permian, Inc.*		171,238
	11,997	Scorpio Tankers, Inc.		33,712
	3,967	SemGroup Corp., Class A		100,762
	5,342	Ship Finance International^		79,863
	4,897	SM Energy Co.		125,804
	3,907	Southwestern Energy Co.*^		20,707
	10,321	SRC Energy, Inc.*^		113,737
	2,765	Targa Resources Corp.		136,840
	6,407	Teekay Shipping Corp.		49,654
	3,637	Ultra Petroleum Corp.*		8,401
	7,754	Valero Energy Corp.		859,376
	6,207	Whiting Petroleum Corp.*		327,233
	2,629	Wildhorse Resource Development Corp.*		66,671
	3,976	Williams Cos., Inc. (The)		107,789
	2,914	World Fuel Services Corp.		59,475
	13,673	WPX Energy, Inc.*		246,524

				22,040,160

Paper & Forest Products (0.2%):
	2,511	Boise Cascade Co.^		112,241
	1,659	Clearwater Paper Corp.*		38,323
	2,243	Domtar Corp.		107,081
	9,067	KapStone Paper & Packaging Corp.		312,811
	6,141	Louisiana-Pacific Corp.		167,157
	5,575	Mercer International, Inc.		97,563
	782	Neenah Paper, Inc.		66,353
	700	P.H. Glatfelter Co.		13,713
	5,870	Resolute Forest Products*		60,755
	1,197	Schweitzer-Mauduit International, Inc.		52,333

				1,028,330

Personal Products (0.4%):
	22,998	Avon Products, Inc.*		37,257
	9,981	Coty, Inc., Class A^		140,732
	2,453	Edgewell Personal Care Co.*^		123,778
	4,081	Estee Lauder Co., Inc. (The), Class A		582,317
	5,910	Herbalife, Ltd.*		317,484
	1,355	Inter Parfums, Inc.		72,493


Shares			Fair Value
Common Stocks, continued
Personal Products, continued
	923	Medifast, Inc.	$	147,828
	1,236	Natures Sunshine Products, Inc.*		11,557
	3,792	Nu Skin Enterprises, Inc., Class A		296,496
	2,385	Revlon, Inc.*^		41,857
	340	United-Guardian, Inc.		6,511
	1,364	Usana Health Sciences, Inc.*^		157,269

				1,935,579

Pharmaceuticals (2.9%):
	4,368	Akorn, Inc.*		72,465
	3,715	Allergan plc		619,365
	2,984	Amneal Pharmaceuticals, Inc.*^		48,967
	2,003	Amphastar Pharmaceuticals, Inc.*^		30,566
	400	ANI Pharmaceuticals, Inc.*^		26,720
	12,668	Bristol-Myers Squibb Co.		701,047
	6,427	Catalent, Inc.*		269,227
	4,376	Corcept Therapeutics, Inc.*^		68,791
	1,468	Cumberland Pharmaceuticals, Inc.*		8,999
	1,045	Dermira, Inc.*		9,614
	14,666	Eli Lilly & Co.		1,251,450
	8,827	Endo International plc*^		83,239
	392	Heska Corp.*^		40,686
	5,527	Horizon Pharma plc*		91,527
	849	Innoviva, Inc.*^		11,716
	2,219	Intra-Cellular Therapies, Inc.*		39,210
	1,011	Jazz Pharmaceuticals plc*		174,195
	40,821	Johnson & Johnson Co.		4,953,219
	2,281	Lannett Co., Inc.*		31,022
	42	Lipocine, Inc.*		55
	3,682	Mallinckrodt plc*^		68,706
	42,415	Merck & Co., Inc.		2,574,591
	3,426	Mylan NV*		123,816
	728	Perrigo Co. plc^		53,078
	101,121	Pfizer, Inc.		3,668,669
	793	Phibro Animal Health Corp., Class A		36,518
	1,949	Prestige Brands Holdings, Inc.*^		74,803
	1,789	Supernus Pharmaceuticals, Inc.*^		107,072
	923	Taro Pharmaceutical Industries, Ltd.*		106,782
	10,890	Zoetis, Inc.		927,719
	817	Zogenix, Inc.*		36,111

				16,309,945

Professional Services (0.7%):
	494	Barrett Business Services, Inc.		47,706
	3,154	CBIZ, Inc.*		72,542
	304	CoStar Group, Inc.*		125,440
	456	CRA International, Inc.		23,206
	1,775	Dun & Bradstreet Corp.		217,704
	3,281	Equifax, Inc.		410,486
	2,728	Exponent, Inc.		131,762
	949	Franklin Covey Co.*^		23,298
	2,551	FTI Consulting, Inc.*		154,284
	1,205	Heidrick & Struggles International, Inc.		42,175
	466	Hill International, Inc.*^		2,749


Shares			Fair Value
Common Stocks, continued
Professional Services, continued
	1,763	Huron Consulting Group, Inc.*	$	72,107
	1,472	ICF International, Inc.		104,586
	1,948	Insperity, Inc.		185,547
	2,223	Kelly Services, Inc., Class A		49,906
	2,263	Kforce, Inc.		77,621
	2,258	Korn/Ferry International		139,838
	3,573	Manpower, Inc.		307,492
	1,887	Mistras Group, Inc.*		35,627
	3,651	Navigant Consulting, Inc.*		80,833
	7,090	Nielsen Holdings plc^		219,294
	2,125	Resources Connection, Inc.		35,913
	3,340	Robert Half International, Inc.		217,434
	2,853	TransUnion		204,389
	2,994	TriNet Group, Inc.*		167,484
	2,213	Trueblue, Inc.*		59,640
	4,661	Verisk Analytics, Inc.*		501,709
	840	Volt Information Sciences, Inc.*		2,856
	1,028	Wageworks, Inc.*^		51,400
	633	Willdan Group, Inc.*^		19,604

				3,784,632

Real Estate Management & Development (0.3%):
	4,047	Alexander & Baldwin, Inc.		95,105
	400	Altisource Portfolio Solutions*		11,668
	10,433	CBRE Group, Inc., Class A*		498,071
	339	Consolidated-Tomoka Land Co.^		20,852
	279	Forestar Group, Inc.*^		5,789
	232	FRP Holdings, Inc.*^		15,022
	318	Griffin Industrial Realty, Inc.		13,989
	2,632	HFF, Inc., Class A		90,409
	1,280	Howard Hughes Corp. (The)*		169,600
	1,535	Jones Lang LaSalle, Inc.		254,795
	5,360	Kennedy-Wilson Holdings, Inc.^		113,364
	2,112	Marcus & Millichap, Inc.*^		82,389
	997	Rafael Holdings, Inc., Class B*^		9,162
	988	RE/MAX Holdings, Inc., Class A		51,821
	7,526	Realogy Holdings Corp.^		171,593
	1,447	Tejon Ranch Co.*		35,162
	1,038	The RMR Group, Inc., Class A		81,431
	3,157	The St. Joe Co.*^		56,668

				1,776,890

Road & Rail (1.3%):
	566	AMERCO, Inc.^		201,581
	1,475	ArcBest Corp.^		67,408
	3,967	Avis Budget Group, Inc.*^		128,928
	1,699	Covenant Transportation Group, Inc., Class A*		53,519
	13,194	CSX Corp.		841,513
	1,672	Genesee & Wyoming, Inc., Class A*		135,967
	4,879	Heartland Express, Inc.^		90,505
	4,231	Hertz Global Holdings, Inc.*		64,904
	3,515	J.B. Hunt Transport Services, Inc.		427,248
	4,667	Kansas City Southern		494,515
	3,490	Knight-Swift Transportation Holdings, Inc.^		133,353


Shares			Fair Value
Common Stocks, continued
Road & Rail, continued
	2,480	Landstar System, Inc.	$	270,816
	2,223	Marten Transport, Ltd.		52,129
	6,406	Norfolk Southern Corp.		966,473
	3,020	Old Dominion Freight Line, Inc.		449,859
	2,916	Roadrunner Transportation System, Inc.*		6,094
	4,868	Ryder System, Inc.		349,814
	1,912	Saia, Inc.*		154,585
	15,304	Union Pacific Corp.		2,168,271
	2,010	Universal Truckload Services, Inc.		52,763
	1,023	USA Truck, Inc.*^		24,010
	4,896	Werner Enterprises, Inc.^		183,845
	1,829	YRC Worldwide, Inc.*		18,381

				7,336,481

Semiconductors & Semiconductor Equipment (3.6%):
	2,441	Advanced Energy Industries, Inc.*		141,798
	7,478	Advanced Micro Devices, Inc.*^		112,095
	2,031	Alpha & Omega Semiconductor, Ltd.*		28,921
	866	Ambarella, Inc.*		33,436
	17,158	Amkor Technology, Inc.*		147,387
	1,922	Analog Devices, Inc.		184,358
	16,074	Applied Materials, Inc.		742,458
	1,615	Axcelis Technologies, Inc.*^		31,977
	1,701	AXT, Inc.*^		11,992
	1,948	Broadcom, Inc.		472,663
	3,367	Brooks Automation, Inc.		109,832
	849	Cabot Microelectronics Corp.		91,318
	1,398	Cavium, Inc.*		120,927
	437	CEVA, Inc.*		13,197
	3,276	Cirrus Logic, Inc.*		125,569
	1,955	Cohu, Inc.^		47,917
	3,350	Cree, Inc.*^		139,260
	9,588	Cypress Semiconductor Corp.		149,381
	3,151	Diodes, Inc.*		108,615
	7,419	Entegris, Inc.		251,504
	3,383	First Solar, Inc.*^		178,149
	3,971	FormFactor, Inc.*		52,814
	1,314	GSI Technology, Inc.*		9,881
	3,317	Integrated Device Technology, Inc.*^		105,746
	94,998	Intel Corp.		4,722,352
	4,948	KLA-Tencor Corp.		507,318
	2,537	Kulicke & Soffa Industries, Inc.		60,431
	2,529	Lam Research Corp.		437,138
	4,922	Lattice Semiconductor Corp.*		32,288
	740	MA-COM Technology Solutions Holdings, Inc.*^		17,050
	8,186	Marvell Technology Group, Ltd.^		175,508
	5,668	Maxim Integrated Products, Inc.		332,485
	1,345	MaxLinear, Inc., Class A*^		20,969
	3,257	Microchip Technology, Inc.^		296,224
	35,937	Micron Technology, Inc.*		1,884,536
	2,866	MKS Instruments, Inc.		274,276
	793	Monolithic Power Systems, Inc.^		106,000
	1,348	Nanometrics, Inc.*		47,733


Shares			Fair Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	1,500	Neophotonics Corp.*^	$	9,345
	150	NVE Corp.^		18,267
	11,461	NVIDIA Corp.		2,715,111
	14,154	ON Semiconductor Corp.*		314,714
	1,438	PDF Solutions, Inc.*^		17,227
	5,010	Photronics, Inc.*		39,955
	645	Power Integrations, Inc.^		47,117
	1,918	Qorvo, Inc.*		153,766
	7,022	QUALCOMM, Inc.		394,075
	4,000	Rambus, Inc.*		50,160
	1,554	Rudolph Technologies, Inc.*		45,998
	2,464	Semtech Corp.*		115,931
	1,920	Sigma Designs, Inc.*		11,712
	867	Silicon Laboratories, Inc.*		86,353
	5,510	Skyworks Solutions, Inc.		532,542
	5,527	Sunpower Corp.*^		42,392
	1,589	Synaptics, Inc.*^		80,038
	4,497	Teradyne, Inc.^		171,201
	20,686	Texas Instruments, Inc.		2,280,632
	1,678	Ultra Clean Holdings, Inc.*^		27,855
	3,598	Veeco Instruments, Inc.*^		51,272
	4,855	Versum Materials, Inc.		180,363
	3,038	Xcerra Corp.*		42,441
	5,209	Xilinx, Inc.		339,939
	1,673	Xperi Corp.		26,935

				20,120,844

Software (4.6%):
	3,116	ACI Worldwide, Inc.*^		76,872
	5,134	Activision Blizzard, Inc.		391,827
	5,352	Adobe Systems, Inc.*		1,304,870
	1,009	American Software, Inc., Class A		14,701
	988	ANSYS, Inc.*		172,090
	3,599	Aspen Technology, Inc.*		333,771
	628	Autodesk, Inc.*		82,325
	2,272	Aware, Inc.*		9,202
	1,769	Blackbaud, Inc.^		181,234
	13,271	CA, Inc.		473,111
	7,702	Cadence Design Systems, Inc.*		333,574
	2,961	CDK Global, Inc.		192,613
	4,211	Citrix Systems, Inc.*		441,481
	5,712	Dell Technologies, Inc., Class V*		483,121
	946	Ebix, Inc.		72,133
	4,365	Electronic Arts, Inc.*		615,552
	699	Ellie Mae, Inc.*^		72,584
	1,083	Evolving Systems, Inc.*		3,087
	1,055	Fair Isaac Corp.*		203,953
	1,784	FireEye, Inc.*		27,456
	1,444	Fortinet, Inc.*		90,149
	977	Globant SA*		55,484
	628	Guidewire Software, Inc.*^		55,754
	5,148	Intuit, Inc.		1,051,762
	2,898	Manhattan Associates, Inc.*^		136,235


Shares			Fair Value
Common Stocks, continued
Software, continued
	135,490	Microsoft Corp.	$	13,360,668
	430	MicroStrategy, Inc., Class A*		54,933
	1,803	Monotype Imaging Holdings, Inc.		36,601
	11,007	Nuance Communications, Inc.*		152,832
	1,722	OneSpan, Inc.*		33,837
	27,377	Oracle Corp.		1,206,230
	2,127	Paycom Software, Inc.*^		210,211
	963	Pegasystems, Inc.		52,772
	2,433	Progress Software Corp.		94,449
	393	PTC, Inc.*		36,867
	581	QAD, Inc.		29,137
	1,224	Qualys, Inc.*^		103,183
	1,867	RealPage, Inc.*^		102,872
	4,474	Red Hat, Inc.*		601,171
	294	Rosetta Stone, Inc.*		4,713
	737	Rubicon Project, Inc.*		2,100
	2,640	Salesforce.com, Inc.*		360,096
	2,393	SeaChange International, Inc.*		8,184
	574	ServiceNow, Inc.*		98,998
	967	Splunk, Inc.*		95,839
	4,018	SS&C Technologies Holdings, Inc.		208,534
	2,577	Symantec Corp.		53,215
	2,279	Synchronoss Technologies, Inc.*^		14,061
	1,545	Synopsys, Inc.*		132,206
	766	Tableau Software, Inc., Class A*		74,877
	1,231	Take-Two Interactive Software, Inc.*		145,701
	7,428	TiVo Corp.		99,907
	547	Tyler Technologies, Inc.*		121,489
	2,730	Verint Systems, Inc.*		121,076
	742	VMware, Inc., Class A*		109,052
	494	Workday, Inc., Class A*		59,833
	664	Zedge, Inc., Class B*		2,497
	31,714	Zynga, Inc.*		129,076

				24,792,158

Specialty Retail (3.4%):
	3,417	Aaron’s, Inc.		148,469
	4,015	Abercrombie & Fitch Co., Class A^		98,287
	2,444	Advance Auto Parts, Inc.^		331,651
	13,744	American Eagle Outfitters, Inc.^		319,548
	492	America’s Car Mart, Inc.*		30,455
	1,809	Asbury Automotive Group, Inc.*^		124,007
	9,258	Ascena Retail Group, Inc.*^		36,893
	2,292	At Home Group, Inc.*		89,732
	5,934	AutoNation, Inc.*^		288,274
	600	AutoZone, Inc.*		402,558
	3,164	Barnes & Noble Education, Inc.*		17,845
	5,007	Barnes & Noble, Inc.		31,794
	9,785	Bed Bath & Beyond, Inc.^		194,966
	11,322	Best Buy Co., Inc.		844,395
	1,657	Big 5 Sporting Goods Corp.^		12,593
	1,519	Boot Barn Holdings, Inc.*		31,519
	583	Build-A-Bear Workshop, Inc.*^		4,431


Shares			Fair Value
Common Stocks, continued
Specialty Retail, continued
	1,808	Burlington Stores, Inc.*	$	272,158
	1,772	Caleres, Inc.		60,939
	6,888	CarMax, Inc.*^		501,929
	1,987	Cato Corp., Class A^		48,920
	7,822	Chico’s FAS, Inc.		63,671
	988	Children’s Place Retail Stores, Inc. (The)^		119,350
	881	Citi Trends, Inc.		24,175
	1,097	Destination Maternity Corp.*		6,385
	2,864	Destination XL Group, Inc.*		6,444
	4,900	Dick’s Sporting Goods, Inc.^		172,725
	3,425	DSW, Inc., Class A^		88,434
	6,313	Express, Inc.*^		57,764
	2,499	Five Below, Inc.*		244,177
	6,511	Foot Locker, Inc.		342,804
	2,397	Francesca’s Holdings Corp.*^		18,097
	6,567	GameStop Corp., Class A^		95,681
	16,270	Gap, Inc. (The)^		526,985
	1,571	Genesco, Inc.*^		62,369
	1,600	Group 1 Automotive, Inc.^		100,800
	4,368	Guess?, Inc.		93,475
	1,166	Haverty Furniture Cos., Inc.^		25,186
	1,874	Hibbett Sports, Inc.*^		42,915
	24,682	Home Depot, Inc. (The)		4,815,457
	1,036	Kirkland’s, Inc.*^		12,059
	4,361	L Brands, Inc.^		160,834
	1,938	Lithia Motors, Inc., Class A^		183,277
	18,072	Lowe’s Cos., Inc.		1,727,141
	1,427	MarineMax, Inc.*^		27,042
	7,372	Michaels Cos., Inc. (The)*^		141,321
	1,920	Monro Muffler Brake, Inc.^		111,552
	2,552	Murphy U.S.A., Inc.*^		189,588
	4,842	New York & Co.*		24,791
	25,092	Office Depot, Inc.		63,985
	1,873	O’Reilly Automotive, Inc.*		512,397
	5,666	Party City Holdco, Inc.*		86,407
	4,639	Penske Automotive Group, Inc.^		217,337
	170	Pier 1 Imports, Inc.		405
	900	Rent-A-Center, Inc.*		13,248
	1,042	Restoration Hardware, Inc.*		145,567
	8,519	Ross Stores, Inc.		721,985
	7,908	Sally Beauty Holdings, Inc.*^		126,765
	600	Shoe Carnival, Inc.^		19,470
	3,863	Signet Jewelers, Ltd.		215,362
	2,056	Sleep Number Corp.*^		59,665
	3,293	Sonic Automotive, Inc., Class A^		67,836
	1,606	Sportsman’s Warehouse Holdings, Inc.*^		8,223
	289	Tandy Leather Factory, Inc.*		2,254
	2,860	The Tile Shop Holdings, Inc.^		22,022
	3,992	Tiffany & Co.		525,347
	854	Tilly’s, Inc.		12,938
	13,871	TJX Cos., Inc. (The)		1,320,242
	4,139	Tractor Supply Co.		316,592
	737	Trans World Entertainment Corp.*		641
	1,946	Ulta Salon, Cosmetics & Fragrance, Inc.*		454,313


Shares			Fair Value
Common Stocks, continued
Specialty Retail, continued
	8,221	Urban Outfitters, Inc.*	$	366,246
	1,993	Vitamin Shoppe, Inc.*		13,851
	5,095	Williams-Sonoma, Inc.^		312,731
	285	Winmark Corp.		42,308
	2,204	Zumiez, Inc.*		55,210

				19,079,209

Technology Hardware, Storage & Peripherals (4.0%):
	102,514	Apple, Inc.		18,976,367
	728	Astro-Med, Inc.		13,723
	2,354	Avid Technology, Inc.*^		12,241
	2,472	Cray, Inc.*^		60,811
	2,278	Diebold, Inc.		27,222
	1,956	Eastman Kodak Co.*		7,433
	2,044	Electronics for Imaging, Inc.*^		66,553
	16,417	Hewlett Packard Enterprise Co.		239,852
	25,915	HP, Inc.		588,011
	7,166	NCR Corp.*^		214,837
	9,540	NetApp, Inc.		749,176
	9,753	Seagate Technology plc		550,752
	2,522	Stratasys, Ltd.*		48,271
	2,313	Super Micro Computer, Inc.*^		54,702
	6,156	Western Digital Corp.		476,536
	7,974	Xerox Corp.		191,376

				22,277,863

Textiles, Apparel & Luxury Goods (1.1%):
	2,618	Carter’s, Inc.		283,765
	3,392	Columbia Sportswear Co.		310,266
	4,393	Crocs, Inc.*^		77,361
	810	Culp, Inc.		19,886
	1,758	Deckers Outdoor Corp.*		198,461
	3,440	Fossil Group, Inc.*		92,433
	2,480	G-III Apparel Group, Ltd.*		110,112
	11,489	Hanesbrands, Inc.^		252,988
	3,598	Lululemon Athletica, Inc.*		449,210
	5,725	Michael Kors Holdings, Ltd.*		381,285
	23,236	Nike, Inc., Class C		1,851,443
	1,259	Oxford Industries, Inc.^		104,472
	600	Perry Ellis International, Inc.*		16,302
	1,151	PVH Corp.		172,328
	1,477	Ralph Lauren Corp.		185,688
	570	Rocky Brands, Inc.		17,100
	3,577	Sequential Brands Group, Inc.*		7,047
	7,159	Skechers U.S.A., Inc., Class A*		214,842
	1,791	Steven Madden, Ltd.		95,102
	700	Superior Uniform Group, Inc.		14,497
	8,939	Tapestry, Inc.		417,541
	3,746	Under Armour, Inc., Class C*		78,966
	1,027	Unifi, Inc.*		32,556
	802	Vera Bradley, Inc.*		11,260
	5,997	VF Corp.		488,875
	3,237	Wolverine World Wide, Inc.		112,550

				5,996,336


Shares			Fair Value
Common Stocks, continued
Thrifts & Mortgage Finance (0.5%):
	1,591	BankFinancial Corp.	$	28,081
	4,285	Beneficial Bancorp, Inc.		69,417
	4,484	BofI Holding, Inc.*^		183,440
	311	BSB Bancorp, Inc.*^		10,698
	7,721	Capitol Federal Financial, Inc.		101,608
	1,278	Charter Financial Corp.		30,864
	2,791	Dime Community Bancshares		54,425
	855	ESSA Bancorp, Inc.		13,535
	4,321	Essent Group, Ltd.*		154,778
	403	Federal Agricultural Mortgage Corp.		36,060
	408	First Capital, Inc.		16,952
	772	First Defiance Financial Corp.		51,770
	2,646	Flagstar Bancorp, Inc.*		90,652
	8	Greene County Bancorp, Inc.		271
	155	Hingham Institution for Savings		34,054
	1,670	HomeStreet, Inc.*^		45,007
	687	HopFed Bancorp, Inc.		11,390
	413	IF Bancorp, Inc.^		10,069
	966	Impac Mortgage Holdings, Inc.*		9,206
	4,404	Kearny Financial Corp.^		59,234
	1,249	Kentucky First Federal Bancorp		10,554
	750	Lake Shore Bancorp, Inc.		13,088
	194	LendingTree, Inc.*^		41,477
	3,570	Meridian Bancorp, Inc.		68,366
	484	Meta Financial Group, Inc.		47,142
	19,071	MGIC Investment Corp.*		204,441
	5,566	Nationstar Mortgage Holdings, Inc.*		97,572
	7,598	New York Community Bancorp, Inc.^		83,882
	3,378	NMI Holdings, Inc., Class A*		55,061
	1,311	Northeast Community Bancorp, Inc.		14,434
	2,984	Northfield Bancorp, Inc.		49,594
	5,417	Northwest Bancshares, Inc.^		94,202
	3,167	Oceanfirst Financial Corp.^		94,883
	503	Oconee Federal Financial Corp.		14,557
	6,975	Ocwen Financial Corp.*		27,621
	3,358	Oritani Financial Corp.^		54,400
	1,218	PennyMac Financial Services, Inc., Class A*		23,934
	3,040	PHH Corp.*		33,014
	679	Provident Financial Holdings, Inc.		12,955
	4,039	Provident Financial Services, Inc.		111,194
	6,456	Radian Group, Inc.		104,716
	420	Riverview Bancorp, Inc.		3,545
	967	SI Financial Group, Inc.		14,263
	561	Southern Missouri Bancorp, Inc.		21,890
	733	Territorial Bancorp, Inc.		22,723
	5,881	TFS Financial Corp.^		92,743
	7,273	TrustCo Bank Corp.		64,730
	3,739	United Community Financial Corp.		41,092
	3,669	United Financial Bancorp, Inc.		64,281
	3,136	Washington Federal, Inc.		102,547
	2,036	Waterstone Financial, Inc.		34,714
	2,381	Wawlker & Dunlop, Inc.		132,503
	1,498	Western New England BanCorp, Inc.^		16,478
	1,534	WSFS Financial Corp.		81,762

				2,961,869


Shares			Fair Value
Common Stocks, continued
Tobacco (0.8%):
	41,431	Altria Group, Inc.	$	2,352,866
	24,028	Philip Morris International, Inc.		1,940,021
	1,284	Universal Corp.		84,808
	7,688	Vector Group, Ltd.^		146,687

				4,524,382

Trading Companies & Distributors (0.7%):
	7,861	Air Lease Corp.		329,926
	4,508	Aircastle, Ltd.		92,414
	2,594	Applied Industrial Technologies, Inc.		181,969
	2,840	Beacon Roofing Supply, Inc.*		121,041
	3,157	BMC Stock Holdings, Inc.*		65,823
	1,592	CAI International, Inc.*		36,998
	644	DXP Enterprises, Inc.*		24,601
	8,097	Fastenal Co.^		389,709
	2,334	Gms, Inc.*		63,228
	2,000	H&E Equipment Services, Inc.		75,220
	6,084	HD Supply Holdings, Inc.*		260,943
	1,299	Herc Holdings, Inc.*		73,186
	1,307	Huttig Building Products, Inc.*		6,208
	1,554	Kaman Corp., Class A^		108,298
	3,474	MRC Global, Inc.*		75,282
	2,233	MSC Industrial Direct Co., Inc., Class A		189,470
	4,627	NOW, Inc.*^		61,678
	1,902	Rush Enterprises, Inc., Class A*		82,509
	651	Titan Machinery, Inc.*^		10,123
	1,007	TransAct Technologies, Inc.*		19,032
	3,334	Triton International, Ltd.		102,220
	2,958	United Rentals, Inc.*		436,660
	5,034	Univar, Inc.*		132,092
	1,184	Veritiv Corp.*^		47,182
	2,033	W.W. Grainger, Inc.^		626,976
	902	Watsco, Inc.^		160,809
	84	Watsco, Inc., Class B		14,448
	2,455	WESCO International, Inc.*		140,181

				3,928,226

Transportation Infrastructure (0.0%):
	2,859	Macquarie Infrastructure Corp.		120,650

Water Utilities (0.2%):
	2,327	American States Water Co.^		133,011
	2,774	American Water Works Co., Inc.		236,845
	5,012	Aqua America, Inc.		176,322
	491	Artesian Resources Corp.		19,036
	2,491	California Water Service Group^		97,024
	665	Connecticut Water Service, Inc.		43,438
	979	Middlesex Water Co.		41,284
	669	Pure Cycle Corp.*		6,389
	1,234	SJW Corp.^		81,715
	772	York Water Co. (The)		24,550

				859,614

Wireless Telecommunication Services (0.2%):
	2,055	Boingo Wireless, Inc.*^		46,422
	2,603	Shenandoah Telecommunications Co.		85,118
	1,649	Spok Holdings, Inc.		24,817
	15,850	Sprint Corp.*		86,224


Shares			Fair Value
Common Stocks, continued
Wireless Telecommunication Services, continued
	4,354	Telephone & Data Systems, Inc.	$	119,387
	7,271	T-Mobile US, Inc.*		434,443
	782	United States Cellular Corp.*		28,965

				825,376

	Total Common Stocks (Cost $429,990,488)			548,004,736

Rights (0.0%):
Biotechnology (0.0%):
	2,582	Dyax Corp. CVR, Expires on 12/31/19*(a)		8,262

Diversified Financial Services (0.0%):
	2,411	NewStar Financial, Inc., Expires on 12/31/49*(a)		1,187

Media (0.0%):
	9,820	Media General, Inc. CVR, Expires on 12/31/49*(a)		982

	Total Rights (Cost $4,345)			10,431


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Securities Held as Collateral for Securities on Loan (10.1%):
$	55,681,555	AZL DFA U.S. Core Equity Fund Securities Lending Collateral Account(b)	$	55,681,555

	Total Securities Held as Collateral for Securities on Loan (Cost $55,681,555)			55,681,555

Unaffiliated Investment Company (0.3%):
	1,668,534	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 1.68%(c)		1,668,534

	Total Unaffiliated Investment Company (Cost $1,668,534)			1,668,534

	Total Investment Securities (Cost $487,344,922) — 110.1%(d)			605,365,256
	Net other assets (liabilities) — (10.1)%			(55,734,601	)

	Net Assets — 100.0%		$	549,630,655

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investment securities, at cost	$	487,344,922

Investment securities, at value*	$	605,365,256
Cash		2,718
Interest and dividends receivable		403,474
Reclaims receivable		826
Prepaid expenses		3,426

Total Assets		605,775,700

Liabilities:
Payable for investments purchased		65,534
Payable for collateral received on loaned securities		55,681,555
Manager fees payable		249,365
Administration fees payable		12,668
Distribution fees payable		115,446
Custodian fees payable		1,675
Administrative and compliance services fees payable		744
Transfer agent fees payable		488
Trustee fees payable		3,343
Other accrued liabilities		14,227

Total Liabilities		56,145,045

Net Assets	$	549,630,655

Net Assets Consist of:
Capital	$	392,844,197
Accumulated net investment income/(loss)		8,497,483
Accumulated net realized gains/(losses) from investment transactions		30,268,641
Net unrealized appreciation/(depreciation) on investments		118,020,334

Net Assets	$	549,630,655

Shares of beneficial interest (unlimited number of shares authorized, no par value)		41,905,728
Net Asset Value (offering and redemption price per share)	$	13.12

*	Includes securities on loan of $54,234,358.

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Dividends	$	4,887,015
Income from securities lending		112,953
Foreign withholding tax		(741	)

Total Investment Income		4,999,227

Expenses:
Manager fees		2,262,623
Administration fees		86,989
Distribution fees		707,068
Custodian fees		8,576
Administrative and compliance services fees		3,692
Transfer agent fees		2,445
Trustee fees		12,077
Professional fees		12,256
Shareholder reports		2,578
Other expenses		4,866

Total expenses before reductions		3,103,170
Less expenses voluntarily waived/reimbursed by the Manager		(735,354	)

Net expenses		2,367,816

Net Investment Income/(Loss)		2,631,411

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		14,846,711
Change in net unrealized appreciation/depreciation on investments		(710,512	)

Net Realized/Unrealized Gains/(Losses) on Investments		14,136,199

Change in Net Assets Resulting From Operations	$	16,767,610

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

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2018 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $46 million for the period ended June 30, 2018.

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 $11,072 during the period ended June 30, 2018. 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, 2019.

For the period ended June 30, 2018, 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 period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2018, there were no contractual reimbursements subject to repayment by the Fund in subsequent years.

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 (“SEC” or the “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.”

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, 2018, $2,603 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2018, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $487,212,381. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

As of the latest tax year end, December 31, 2017, 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, 2018, the Fund had an individual shareholder account which is affiliated with the Investment Adviser representing ownership in excess of 75% of the Fund.

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 (99.8%):
Aerospace & Defense (1.7%):
	1,397	AAR Corp.	$	64,947
	10,367	Aerojet Rocketdyne Holdings, Inc.*^		305,723
	2,568	AeroVironment, Inc.*^		183,432
	1,402	Air Industries Group, Inc.*		2,524
	5,128	Arotech Corp.*		19,230
	2,915	Astronics Corp.*^		104,853
	5,148	Axon Enterprise, Inc.*^		325,251
	685	CPI Aerostructures, Inc.*		7,193
	3,061	Cubic Corp.^		196,516
	305	Curtiss-Wright Corp.		36,301
	766	Ducommun, Inc.*		25,347
	3,343	Engility Holdings, Inc.*^		102,430
	1,175	Esterline Technologies Corp.*		86,715
	3,376	Innovative Solutions & Support, Inc.*		9,824
	6,646	KLX, Inc.*		477,846
	11,071	Kratos Defense & Security Solutions, Inc.*		127,427
	4,348	Mercury Computer Systems, Inc.*^		165,485
	4,347	Moog, Inc., Class A		338,892
	947	National Presto Industries, Inc.^		117,428
	590	Sparton Corp.*		11,204
	7,022	The KEYW Holding Corp.*^		61,372
	6,548	Triumph Group, Inc.^		128,341
	459	Vectrus, Inc.*		14,146
	13,520	WESCO Aircraft Holdings, Inc.*^		152,100

				3,064,527

Air Freight & Logistics (0.6%):
	492	Air T, Inc.*		16,482
	7,991	Air Transport Services Group, Inc.*		180,517
	1,862	Atlas Air Worldwide Holdings, Inc.*^		133,505
	4,235	Echo Global Logistics, Inc.*		123,874
	4,353	Forward Air Corp.		257,175
	5,582	Hub Group, Inc.*		277,984
	2,028	Park-Ohio Holdings Corp.		75,644
	5,212	Radiant Logistics, Inc.*		20,379

				1,085,560

Airlines (0.4%):
	2,342	Allegiant Travel Co.		325,420
	7,320	Hawaiian Holdings, Inc.^		263,154
	1,113	SkyWest, Inc.		57,765
	4,325	Spirit Airlines, Inc.*		157,214

				803,553

Auto Components (1.8%):
	12,952	American Axle & Manufacturing Holdings, Inc.*^		201,533
	7,311	Cooper Tire & Rubber Co.^		192,279
	2,216	Cooper-Standard Holding, Inc.*		289,565
	11,599	Dana Holding Corp.		234,184
	4,979	Dorman Products, Inc.*^		340,115
	4,852	Fox Factory Holding Corp.*^		225,861
	5,653	Gentherm, Inc.*^		222,163
	3,680	Horizon Global Corp.*		21,933
	3,713	LCI Industries^		334,727


Shares			Fair Value
Common Stocks, continued
Auto Components, continued
	7,745	Modine Manufacturing Co.*	$	141,346
	2,866	Motorcar Parts of America, Inc.*^		53,623
	1,992	Shiloh Industries, Inc.*		17,330
	5,735	Spartan Motors, Inc.		86,599
	3,444	Standard Motor Products, Inc.^		166,483
	3,162	Stoneridge, Inc.*		111,113
	733	Strattec Security Corp.		22,393
	4,822	Tenneco, Inc.		211,975
	3,420	Tower International, Inc.		108,756
	3,073	Visteon Corp.*		397,154
	4,313	VOXX International Corp.*^		23,290

				3,402,422

Automobiles (0.1%):
	4,607	Winnebago Industries, Inc.^		187,044

Banks (12.8%):
	1,584	1st Constitution Bancorp		36,274
	3,659	1st Source Corp.		195,500
	2,359	Access National Corp.		67,467
	410	ACNB Corp.		13,961
	551	Allegiance Bancshares, Inc.*^		23,886
	1,339	American National Bankshares, Inc.		53,560
	346	American River Bankshares		5,484
	4,578	Ameris Bancorp		244,236
	1,649	Ames National Corp.		50,872
	294	Anchor Bancorp, Inc.*^		7,718
	1,706	Arrow Financial Corp.^		62,098
	4,125	Associated Banc-Corp.		112,613
	794	Atlantic Capital Bancshares, Inc.*		15,602
	13	Auburn National Bancorp, Inc.		645
	6,594	Banc of California, Inc.^		128,913
	4,614	BancFirst Corp.		273,149
	772	Bancorp of New Jersey, Inc.		13,664
	8,252	Bancorp, Inc. (The)*		86,316
	11,527	BancorpSouth Bank^		379,815
	2,653	Bank of Commerce Holdings		33,826
	3,143	Bank of Hawaii Corp.^		262,189
	1,095	Bank of Marin Bancorp		88,531
	485	Bank of South Carolina Corp.		10,040
	3,835	Banner Corp.		230,599
	2,449	Bar Harbor Bankshares		74,180
	595	BCB Bancorp, Inc.		8,925
	4,723	Berkshire Hills Bancorp, Inc.^		191,754
	1,025	Blue Hills BanCorp, Inc.		22,755
	10,650	Boston Private Financial Holdings, Inc.^		169,335
	2,206	Bridge Bancorp, Inc.		79,306
	10,018	Brookline Bancorp, Inc.		186,335
	2,266	Bryn Mawr Bank Corp.		104,916
	74	C&F Financial Corp.		4,629
	1,274	California First National Bancorp		20,129
	2,359	Camden National Corp.		107,830
	2,242	Capital City Bank Group, Inc.		52,978
	1,218	Carolina Financial Corp.		52,277


Shares			Fair Value
Common Stocks, continued
Banks, continued
	9,831	Cathay General Bancorp	$	398,057
	8,484	Centerstate Banks, Inc.		252,993
	5,261	Central Pacific Financial Corp.		150,728
	1,141	Central Valley Community Bancorp		24,144
	511	Century Bancorp, Inc.		39,040
	1,518	Chemical Financial Corp.^		84,507
	668	Chemung Financial Corp.		33,473
	2,009	Citizens & Northern Corp.^		51,953
	261	Citizens First Corp.		6,930
	718	Citizens Holding Co.		17,053
	2,264	City Holding Co.^		170,321
	797	Civista Bancshares, Inc.		19,319
	2,720	CNB Financial Corp.		81,763
	5,330	CoBiz Financial, Inc.		114,488
	78	Codorus Valley Bancorp, Inc.		2,393
	56	Colony Bankcorp, Inc.		946
	8,792	Columbia Banking System, Inc.^		359,593
	5,723	Community Bank System, Inc.^		338,058
	3,296	Community Bankers Trust Corp.*		29,499
	2,232	Community Trust Bancorp, Inc.		111,488
	525	Community West Bancshares		6,195
	4,062	ConnectOne Bancorp, Inc.^		101,144
	4,048	Customers Bancorp, Inc.*		114,882
	15,555	CVB Financial Corp.^		348,743
	130	DNB Financial Corp.		4,557
	609	Eagle Bancorp Montana, Inc.		11,754
	4,678	Eagle Bancorp, Inc.*		286,761
	2,893	Enterprise Financial Services Corp.		156,077
	300	Equity Bancshares, Inc.*		12,444
	534	Evans Bancorp, Inc.		24,617
	2,394	F.N.B. Corp.^		32,127
	1,103	Farmers Capital Bank Corp.		57,466
	2,582	Farmers National Banc Corp.		41,183
	242	Fauquier Bankshares, Inc.		5,130
	819	FCB Financial Holdings, Inc.*		48,157
	3,915	Fidelity Southern Corp.		99,480
	2,609	Financial Institutions, Inc.		85,836
	3,866	First Bancorp		158,158
	28,440	First Bancorp*		217,566
	2,165	First Bancorp, Inc.		61,096
	965	First Bancshares, Inc. (The)		34,692
	5,871	First Busey Corp.		186,228
	940	First Business Financial Services, Inc.		24,440
	3,144	First Commonwealth Financial Corp.		48,763
	2,514	First Community Bankshares		80,096
	2,274	First Connecticut Bancorp, Inc.		69,584
	11,645	First Financial Bancorp		356,919
	9,006	First Financial Bankshares, Inc.^		458,404
	1,800	First Financial Corp.		81,630
	1,717	First Financial Northwest, Inc.		33,516
	2,578	First Foundation, Inc.*		47,796
	1,564	First Hawaiian, Inc.		45,387
	4,458	First Interstate BancSystem, Class A^		188,128


Shares			Fair Value
Common Stocks, continued
Banks, continued
	6,064	First Merchants Corp.	$	281,370
	320	First Mid-Illinois Bancshares, Inc.		12,576
	12,142	First Midwest Bancorp, Inc.		309,257
	3,897	First of Long Island Corp. (The)		96,840
	28	First Savings Financial Group		2,058
	234	First United Corp.		4,785
	908	First US Bancshares, Inc.^		10,578
	3,766	Flushing Financial Corp.		98,293
	601	Franklin Financial Network, Inc.*		22,598
	20,584	Fulton Financial Corp.		339,636
	3,270	German American Bancorp, Inc.^		117,230
	9,924	Glacier Bancorp, Inc.^		383,860
	2,005	Great Southern Bancorp, Inc.		114,686
	2,384	Great Western Bancorp, Inc.		100,104
	1,393	Green BanCorp, Inc.		30,089
	3,376	Guaranty Bancorp		100,605
	782	Hancock Holding Co.		36,480
	4,853	Hanmi Financial Corp.		137,583
	846	Harborone BanCorp, Inc.*		16,023
	41	Hawthorn Bancshares, Inc.		888
	3,898	Heartland Financial USA, Inc.^		213,805
	4,457	Heritage Financial Corp.		155,326
	5,806	Hertiage Commerce Corp.		98,644
	15,083	Hilltop Holdings, Inc.		332,882
	3,048	Home Bancshares, Inc.^		68,763
	2,818	Hometrust Bancshares, Inc.*		79,327
	16,788	Hope BanCorp, Inc.^		299,330
	4,456	Horizon Bancorp		92,195
	508	IBERIABANK Corp.		38,506
	3,081	Independent Bank Corp.^		241,550
	3,196	Independent Bank Group, Inc.		213,493
	7,972	International Bancshares Corp.		341,202
	6,091	Lakeland Bancorp, Inc.		120,906
	3,599	Lakeland Financial Corp.^		173,436
	782	Landmark Bancorp, Inc.		22,287
	1,512	LCNB Corp.		29,786
	6,617	LegacyTexas Financial Group, Inc.		258,195
	1,000	Limestone Bancorp, Inc.*		15,250
	5,225	Macatawa Bank Corp.		63,432
	1,048	Mackinac Financial Corp.^		17,376
	5,099	MB Financial, Inc.		238,123
	1,565	MBT Financial Corp.		16,667
	2,659	Mercantile Bank Corp.		98,277
	442	Midland States BanCorp, Inc.^		15,143
	1,441	MidWestone Financial Group, Inc.		48,677
	892	MutualFirst Financial, Inc.		33,673
	4,074	National Bank Holdings Corp.		157,216
	1,069	National Bankshares, Inc.		49,602
	410	National Commerce Corp.*		18,983
	5,239	NBT Bancorp, Inc.^		199,868
	378	Nicolet Bankshares, Inc.*		20,832
	1,136	Northeast Bancorp^		24,765


Shares			Fair Value
Common Stocks, continued
Banks, continued
	657	Northrim Bancorp, Inc.	$	25,984
	609	Norwood Financial Corp.		21,936
	7,468	OFG Bancorp		104,925
	183	Ohio Valley Banc Corp.		9,598
	2,587	Old Line Bancshares, Inc.		90,312
	18,186	Old National Bancorp		338,260
	1,004	Old Point Financial Corp.		28,975
	3,314	Old Second Bancorp, Inc.		47,722
	1,178	Opus Bank		33,809
	1,398	Orrstown Financial Services, Inc.		36,348
	1,718	Pacific Mercantile Bancorp*		16,751
	4,430	Pacific Premier Bancorp, Inc.*		169,005
	2,017	Park National Corp.		224,734
	1,488	Parke Bancorp, Inc.		35,191
	2,884	Peapack-Gladstone Financial Corp.		99,758
	968	Penns Woods Bancorp, Inc.		43,347
	434	Peoples Bancorp of NC		13,901
	3,066	Peoples Bancorp, Inc.		115,833
	452	People’s Utah BanCorp		16,136
	3,073	Popular, Inc.		138,930
	2,285	Preferred Bank Los Angeles^		140,436
	1,193	Premier Financial Bancorp, Inc.		22,273
	1,118	QCR Holdings, Inc.		53,049
	5,547	Renasant Co.		252,499
	2,499	Republic Bancorp, Inc., Class A		113,205
	6,466	Republic First Bancorp, Inc.*		50,758
	3,965	S & T Bancorp, Inc.^		171,447
	320	Salisbury Bancorp, Inc.		14,304
	4,027	Sandy Spring Bancorp, Inc.		165,147
	552	SB Financial Group, Inc.		11,217
	625	SB One BanCorp		18,563
	5,405	Seacoast Banking Corp.*		170,690
	1,252	Select Bancorp, Inc.*		16,864
	3,209	ServisFirst Bancshares, Inc.^		133,912
	2,325	Shore Bancshares, Inc.		44,222
	2,333	Sierra Bancorp		65,884
	11,360	Simmons First National Corp., Class A		339,664
	4,213	South State Corp.		363,371
	562	Southern First Bancshares, Inc.*		24,840
	2,309	Southern National Bancorp^		41,193
	4,453	Southside Bancshares, Inc.^		149,977
	88	Southwest Georgia Financial Corp.		1,998
	4,994	State Bank Financial Corp.		166,800
	22,814	Sterling Bancorp^		536,128
	690	Stewardship Financial Corp.		8,039
	3,509	Stock Yards Bancorp, Inc.^		133,868
	682	Summit Financial Group, Inc.		18,305
	1,203	Summit State Bank		18,586
	18,213	TCF Financial Corp.		448,403
	535	Texas Capital Bancshares, Inc.*^		48,953
	2,166	Tompkins Financial Corp.		186,016
	8,934	TowneBank^		286,781


Shares			Fair Value
Common Stocks, continued
Banks, continued
	3,566	TriCo Bancshares	$	133,547
	4,406	Tristate Capital Holdings, Inc.*^		114,997
	598	Triumph BanCorp, Inc.*		24,369
	8,369	Trustmark Corp.^		273,080
	98	Two River Bancorp		1,875
	3,397	UMB Financial Corp.		258,953
	6,555	Union Bankshares Corp.		254,858
	249	Union Bankshares, Inc.		12,923
	450	United Bancshares, Inc.		10,238
	4,192	United Bankshares, Inc.^		152,589
	3,612	United Community Banks, Inc.		110,780
	916	United Security Bancshares		10,259
	42	Unity Bancorp, Inc.		956
	3,568	Univest Corp.		98,120
	10,150	Valley National Bancorp^		123,424
	1,164	Veritex Holdings, Inc.*^		36,165
	2,567	Washington Trust Bancorp		149,143
	127	Wellesley Bank		4,293
	5,611	WesBanco, Inc.^		252,719
	2,380	West Bancorp		59,857
	3,781	Westamerica Bancorp^		213,664
	460	Wintrust Financial Corp.		40,043

				23,466,764

Beverages (0.3%):
	547	Boston Beer Co., Inc. (The), Class A*		163,936
	1,011	Coca-Cola Bottling Co. Consolidated		136,616
	1,920	Craft Brewers Alliance, Inc.*		39,648
	2,640	MGP Ingredients, Inc.^		234,458
	1,846	Primo Water Corp.*		32,287
	985	Willamette Valley Vineyards, Inc.*		8,422

				615,367

Biotechnology (1.2%):
	8,857	Achillion Pharmaceuticals, Inc.*		25,065
	4,449	Acorda Therapeutics, Inc.*^		127,686
	3,308	Adverum Biotechnologies, Inc.*		17,532
	1,905	Alder Biopharmaceuticals, Inc.*		30,099
	1,397	AMAG Pharmaceuticals, Inc.*^		27,242
	3,846	Aptevo Therapeutics, Inc.*		19,192
	409	Atara Biotherapeutics, Inc.*		15,031
	1,280	Biospecifics Technologies Corp.*		57,421
	6,042	Celldex Theraputics, Inc.*		3,043
	1,958	ChemoCentryx, Inc.*		25,787
	4,691	Chimerix, Inc.*		22,329
	1,046	Concert Pharmaceuticals, Inc.*		17,604
	5,621	Emergent Biosolutions, Inc.*		283,804
	2,302	Enanta Pharmaceuticals, Inc.*		266,802
	2,224	Five Prime Therapeutics, Inc.*^		35,161
	3,181	Halozyme Therapeutics, Inc.*^		53,663
	592	ImmuCell Corp.*		4,037
	2,838	Karyopharm Therapeutics, Inc.*		48,218
	2,769	Kindred Biosciences, Inc.*		29,490


Shares			Fair Value
Common Stocks, continued
Biotechnology, continued
	742	Ligand Pharmaceuticals, Inc., Class B*^	$	153,720
	1,612	Macrogenics, Inc.*^		33,288
	3,803	Mimedx Group, Inc.*		24,301
	2,100	Mirati Therapeutics, Inc.*		103,530
	9,783	Myriad Genetics, Inc.*		365,591
	19,735	OPKO Health, Inc.*^		92,755
	2,308	Otonomy, Inc.*		8,886
	19,091	PDL BioPharma, Inc.*^		44,673
	1,429	Pfenex, Inc.*		7,731
	721	Prothena Corp. plc*^		10,512
	1,357	Recro Pharma, Inc.*^		6,812
	858	Repligen Corp.*^		40,360
	3,247	Retrophin, Inc.*		88,513
	2,100	Spectrum Pharmaceuticals, Inc.*^		44,016
	1,000	Syndax Pharmaceuticals, Inc.*^		7,020
	7,380	Trevena, Inc.*		10,627
	6,962	Verastem, Inc.*^		47,899
	3,399	Zafgen, Inc.*		34,772

				2,234,212

Building Products (1.9%):
	7,376	AAON, Inc.^		245,252
	5,005	Advanced Drainage Systems, Inc.^		142,893
	2,533	American Woodmark Corp.*		231,896
	4,114	Apogee Enterprises, Inc.^		198,171
	3,226	Armstrong Flooring, Inc.*		45,293
	6,018	Armstrong World Industries, Inc.*		380,338
	14,981	Builders FirstSource, Inc.*		274,002
	1,725	Continental Building Products, Inc.*		54,424
	308	Continental Materials Corp.*		4,959
	815	Csw Industrials, Inc.*		43,073
	1,117	Gibraltar Industries, Inc.*		41,888
	2,794	Insteel Industries, Inc.^		93,320
	10,561	NCI Building Systems, Inc.*		221,781
	3,771	Patrick Industries, Inc.*^		214,381
	7,162	PGT, Inc.*		149,328
	4,793	Quanex Building Products Corp.^		86,034
	7,059	Simpson Manufacturing Co., Inc.		438,999
	8,576	Trex Co., Inc.*		536,771
	1,413	Universal Forest Products, Inc.		51,744

				3,454,547

Capital Markets (1.3%):
	3,202	Artisan Partners Asset Management, Inc., Class A		96,540
	6,577	BGC Partners, Inc., Class A		74,452
	5,851	BrightSphere Investment Group plc		83,435
	6,803	Cohen & Steers, Inc.^		283,752
	473	Diamond Hill Investment Group		91,965
	2,638	Donnelley Financial Solutions, Inc.*		45,822
	7,007	Federated Investors, Inc., Class B		163,403
	3,639	Financial Engines, Inc.		163,391
	8,015	Gain Capital Holdings, Inc.		60,513
	1,201	GAMCO Investors, Inc., Class A		32,139
	3,795	Greenhill & Co., Inc.		107,778


Shares			Fair Value
Common Stocks, continued
Capital Markets, continued
	260	Hamilton Lane, Inc.	$	12,472
	211	Hennessy Advisors, Inc.		3,661
	1,116	Houlihan Lokey, Inc.		57,162
	2,999	Interactive Brokers Group, Inc., Class A		193,166
	2,101	INTL FCStone, Inc.*		108,643
	1,911	Investment Technology Group, Inc.		39,978
	31,437	Ladenburg Thalmann Financial Services, Inc.		106,886
	222	LPL Financial Holdings, Inc.		14,550
	2,775	Manning & Napier, Inc.^		8,603
	1,649	Moelis & Co., Class A^		96,714
	795	Morningstar, Inc.		101,959
	1,741	Oppenheimer Holdings, Class A		48,748
	1,221	PJT Partners, Inc.^		65,189
	2,624	Pzena Investment Management, Inc.		24,167
	3,824	Safeguard Scientifics, Inc.*		48,947
	1,619	Silvercrest Asset Management Group, Inc., Class A		26,390
	679	Stifel Financial Corp.		35,478
	207	Value Line, Inc.^		4,906
	345	Virtus Investment Partners, Inc.		44,143
	1,478	Westwood Holdings, Inc.		88,000
	18,068	WisdomTree Investments, Inc.^		164,057

				2,497,009

Chemicals (2.7%):
	4,314	A. Schulman, Inc.		191,973
	3,852	Advansix, Inc.*		141,099
	1,429	Agrofresh Solutions, Inc.*		10,017
	4,305	American Vanguard Corp.		98,800
	4,463	Balchem Corp.		438,000
	3,659	Cabot Corp.		226,016
	1,192	Chase Corp.		139,762
	1,403	Core Molding Technologies, Inc.		20,035
	2,886	Ferro Corp.*		60,173
	2,318	Flotek Industries, Inc.*^		7,487
	7,277	Futurefuel Corp.		101,951
	3,321	GCP Applied Technologies, Inc.*		96,143
	5,688	H.B. Fuller Co.		305,332
	1,335	Hawkins, Inc.		47,192
	796	Ingevity Corp.*		64,365
	2,429	Innophos Holdings, Inc.		115,620
	3,359	Innospec, Inc.		257,131
	14,475	Intrepid Potash, Inc.*^		59,348
	2,103	KMG Chemicals, Inc.		155,159
	638	Koppers Holdings, Inc.*		24,467
	4,651	Kraton Performance Polymers, Inc.*		214,597
	6,883	Kronos Worldwide, Inc.		155,074
	4,373	LSB Industries, Inc.*		23,177
	5,078	Minerals Technologies, Inc.		382,628
	893	Northern Technologies International Corp.		31,969
	6,607	Omnova Solutions, Inc.*		68,713
	18,384	Platform Speciality Products Corp.*		213,254
	3,797	PolyOne Corp.		164,106
	1,959	Quaker Chemical Corp.		303,390


Shares			Fair Value
Common Stocks, continued
Chemicals, continued
	5,893	Rayonier Advanced Materials, Inc.	$	100,711
	1,833	Sensient Technologies Corp.^		131,151
	2,991	Stepan Co.		233,328
	3,421	Trecora Resources*^		50,802
	1,788	Tredegar Corp.		42,018
	2,135	Trinseo SA		151,478
	10,917	Tronox, Ltd., Class A		214,847

				5,041,313

Commercial Services & Supplies (3.4%):
	7,546	ABM Industries, Inc.^		220,192
	16,494	ACCO Brands Corp.		228,442
	675	Acme United Corp.		14,006
	462	Advanced Disposal Services, Inc.*		11,448
	1,580	AMREP Corp.*^		11,171
	8,754	ARC Document Solutions, Inc.*		15,495
	6,658	Brady Corp., Class A		256,666
	4,155	Brink’s Co. (The)		331,360
	6,301	Casella Waste Systems, Inc.*		161,369
	5,965	CECO Environmental Corp.		36,625
	5,239	Civeo Corp.*^		22,842
	2,332	Clean Harbors, Inc.*		129,543
	325	CompX International, Inc.		4,290
	19,019	Covanta Holding Corp.^		313,813
	1,356	Deluxe Corp.^		89,781
	535	Ecology and Environment, Inc., Class A		6,661
	1,100	Ennis, Inc.^		22,385
	6,386	Essendant, Inc.		84,423
	3,351	Healthcare Services Group, Inc.^		144,730
	8,377	Herman Miller, Inc.		283,980
	6,253	HNI Corp.^		232,612
	3,277	Hudson Technologies, Inc.*^		6,587
	5,892	InnerWorkings, Inc.*		51,201
	9,267	Interface, Inc.		212,678
	5,879	Kimball International, Inc., Class B		95,005
	7,373	Knoll, Inc.		153,432
	1,430	LSC Communications, Inc.		22,394
	4,706	Matthews International Corp., Class A^		276,713
	3,955	McGrath Rentcorp		250,233
	5,923	Mobile Mini, Inc.		277,789
	4,018	MSA Safety, Inc.		387,093
	2,406	Multi-Color Corp.^		155,548
	2,566	NL Industries, Inc.*		22,324
	2,198	Perma-Fix Environmental Services, Inc.*		9,891
	4,293	Pitney Bowes, Inc.		36,791
	5,379	Quad Graphics, Inc.^		112,045
	1,787	RR Donnelley & Sons Co.^		10,293
	3,757	SP Plus Corp.*		139,760
	11,600	Steelcase, Inc., Class A		156,600
	5,115	Team, Inc.*^		118,157
	7,581	Tetra Tech, Inc.		443,488
	1,723	UniFirst Corp.		304,799
	3,362	US Ecology, Inc.		214,159


Shares			Fair Value
Common Stocks, continued
Commercial Services & Supplies, continued
	3,364	Virco Manufacturing Co.	$	14,970
	1,477	Vse Corp.		70,571

				6,164,355

Communications Equipment (1.5%):
	7,162	ADTRAN, Inc.^		106,356
	1,444	Applied Optoelectronics, Inc.*		64,836
	254	Bel Fuse, Inc., Class A		5,436
	1,595	Bel Fuse, Inc., Class B		33,336
	900	BK Technologies, Inc.		3,330
	2,711	Black Box Corp.*		5,490
	5,439	CalAmp Corp.*^		127,436
	7,919	Calix, Inc.*		61,768
	12,737	Ciena Corp.*^		337,657
	980	Clearfield, Inc.*		10,829
	1,808	ClearOne, Inc.		6,961
	316	Communications Systems, Inc.		1,204
	2,902	Comtech Telecommunications Corp.		92,516
	2,559	Digi International, Inc.*		33,779
	6,028	EMCORE Corp.*^		30,441
	1,369	Extreme Networks, Inc.*		10,897
	13,656	Finisar Corp.*		245,808
	12,360	Harmonic, Inc.*^		52,530
	6,890	Infinera Corp.*		68,418
	4,172	InterDigital, Inc.		337,514
	3,225	KVH Industries, Inc.*		43,215
	2,668	Lumentum Holdings, Inc.*^		154,477
	3,608	NETGEAR, Inc.*^		225,500
	7,359	NetScout Systems, Inc.*^		218,562
	2,391	Network-1 Technologies, Inc.		7,412
	4,083	Oclaro, Inc.*		36,461
	131	Optical Cable Corp.*		517
	4,065	Plantronics, Inc.		309,956
	6,923	Ribbon Communications, Inc.*		49,292
	1,207	ViaSat, Inc.*		79,324
	8,844	Viavi Solutions, Inc.*		90,563

				2,851,821

Construction & Engineering (1.3%):
	4,275	Ameresco, Inc., Class A*		51,300
	1,970	Argan, Inc.		80,672
	5,817	Comfort Systems USA, Inc.		266,419
	4,203	Dycom Industries, Inc.*^		397,227
	1,913	EMCOR Group, Inc.		145,732
	6,146	Granite Construction, Inc.^		342,086
	2,621	Great Lakes Dredge & Dock Co.*^		13,760
	1,979	IES Holdings, Inc.*^		33,148
	19,282	KBR, Inc.		345,533
	1,539	MasTec, Inc.*^		78,104
	2,719	MYR Group, Inc.*		96,416
	1,479	Northwest Pipe Co.*^		28,648
	1,180	NV5 Holdings, Inc.*^		81,774
	5,203	Orion Marine Group, Inc.*		42,977
	1,563	Primoris Services Corp.		42,560


Shares			Fair Value
Common Stocks, continued
Construction & Engineering, continued
	3,151	Sterling Construction Co., Inc.*	$	41,058
	4,317	The Goldfield Corp.*		18,347
	776	Tutor Perini Corp.*^		14,317
	2,416	Valmont Industries, Inc.		364,212

				2,484,290

Construction Materials (0.2%):
	4,132	Summit Materials, Inc., Class A*^		108,465
	2,142	U.S. Concrete, Inc.*^		112,455
	720	U.S. Lime & Minerals, Inc.		60,408

				281,328

Consumer Finance (1.1%):
	195	Asta Funding, Inc.		673
	2,191	Atlanticus Holdings Corp.*		4,535
	5,088	Consumer Portfolio Services, Inc.*		20,708
	3,868	Encore Capital Group, Inc.*^		141,569
	5,261	Enova International, Inc.*		192,290
	8,075	EZCORP, Inc., Class A*^		97,304
	5,768	Firstcash, Inc.		518,254
	3,061	Green Dot Corp., Class A*		224,647
	10,795	LendingClub Corp.*^		40,913
	14,462	Navient Corp.		188,440
	4,135	Nelnet, Inc., Class A		241,525
	1,556	Nicholas Financial, Inc.*		14,315
	6,226	PRA Group, Inc.*^		240,012
	1,376	Regional Mgmt Corp.*		48,188
	1,276	World Acceptance Corp.*		141,649

				2,115,022

Containers & Packaging (0.3%):
	3,300	Greif, Inc., Class A		174,536
	1,290	Greif, Inc., Class B		74,304
	5,009	Myers Industries, Inc.		96,173
	5,954	Owens-Illinois, Inc.*		100,087
	4,520	Silgan Holdings, Inc.		121,272
	1,332	UFP Technologies, Inc.*		41,092

				607,464

Distributors (0.1%):
	12	AMCON Distributing Co.		1,056
	5,693	Core Markt Holdngs Co., Inc.		129,231
	813	Educational Development Corp.		15,244
	1,655	Weyco Group, Inc.		60,242

				205,773

Diversified Consumer Services (1.2%):
	6,497	Adtalem Global Education, Inc.*		312,505
	2,153	American Public Education, Inc.*		90,641
	1,526	Ascent Capital Group, Inc.*		4,288
	3,362	Bridgepoint Education, Inc.*		21,954
	6,775	Cambium Learning Group, Inc.*		75,541
	1,825	Capella Education Co.		180,128
	8,806	Career Education Corp.*		142,393
	2,338	Carriage Services, Inc.		57,398
	1,667	Collectors Universe, Inc.^		24,572


Shares			Fair Value
Common Stocks, continued
Diversified Consumer Services, continued
	271	Graham Holdings Co., Class B	$	158,833
	926	Grand Canyon Education, Inc.*		103,351
	4,931	Houghton Mifflin Harcourt Co.*		37,722
	5,615	K12, Inc.*		91,918
	1,977	Laureate Education, Inc.*		28,330
	2,183	Liberty Tax, Inc.^		17,628
	2,561	Regis Corp.*		42,359
	6,837	Sotheby’s*^		371,522
	1,599	Strayer Education, Inc.		180,703
	5,156	Universal Technical Institute, Inc.*		16,241
	2,086	Weight Watchers International, Inc.*^		210,895

				2,168,922

Diversified Financial Services (0.1%):
	1,617	Marlin Business Services, Inc.		48,268
	3,566	PICO Holdings, Inc.^		41,544
	2,849	Tiptree Financial, Inc., Class A^		19,373

				109,185

Diversified Telecommunication Services (0.7%):
	2,311	ATN International, Inc.^		121,951
	7,179	Cincinnati Bell, Inc.*		112,710
	6,360	Cogent Communications Group, Inc.		339,625
	5,491	Consolidated Communications Holdings, Inc.^		67,869
	2,168	Hawaiian Telcom Holdco, Inc.*		62,699
	4,115	IDT Corp.		23,126
	6,073	Intelsat S.A.*		101,176
	13,452	Iridium Communications, Inc.*		216,577
	8,713	Orbcomm, Inc.*^		88,001
	13,169	Vonage Holdings Corp.*		169,748

				1,303,482

Electric Utilities (1.1%):
	3,762	ALLETE, Inc.		291,216
	5,690	El Paso Electric Co.		336,279
	3,043	Genie Energy, Ltd., Class B		15,093
	5,661	Hawaiian Electric Industries, Inc.^		194,172
	649	IDA Corp., Inc.		59,864
	5,326	MGE Energy, Inc.		335,804
	5,364	Otter Tail Power Co.		255,326
	11,312	PNM Resources, Inc.		440,038
	4,234	Portland General Electric Co.		181,046

				2,108,838

Electrical Equipment (0.8%):
	1,259	Allied Motion Technologies, Inc.		60,281
	634	Atkore International Group, Inc.*		13,168
	3,308	AZZ, Inc.		143,733
	14,588	Babcock & Wilcox Enterprises, Inc.*^		34,719
	2,636	Encore Wire Corp.		125,078
	5,838	EnerSys		435,749
	411	Espey Manufacturing & Electronics Corp.^		11,028
	2,200	Fuelcell Energy, Inc.*^		2,904
	3,351	Generac Holdings, Inc.*		173,347
	4,534	LSI Industries, Inc.		24,212


Shares			Fair Value
Common Stocks, continued
Electrical Equipment, continued
	53	Pioneer Power Solutions, Inc.*^	$	273
	569	Powell Industries, Inc.		19,818
	864	Preformed Line Products Co.		76,706
	3,194	Regal-Beloit Corp.		261,269
	75	Servotronics, Inc.		687
	5,525	Thermon Group Holdings, Inc.*		126,357
	3,104	Ultralife Corp.*		29,798

				1,539,127

Electronic Equipment, Instruments & Components (2.9%):
	2,011	ADDvantage Technologies Group, Inc.*		2,634
	994	Agilysys, Inc.*		15,407
	3,997	Anixter International, Inc.*		253,010
	13,908	AVX Corp.		217,938
	3,861	Badger Meter, Inc.^		172,587
	1,972	Belden, Inc.^		120,529
	896	Benchmark Electronics, Inc.		26,118
	3,741	Control4 Corp.*^		90,944
	4,147	CUI Global, Inc.*^		12,317
	8,032	Daktronics, Inc.		68,352
	1,365	Data I/O Corp.*		8,668
	5,745	Electro Scientific Industries, Inc.*^		90,599
	4,550	Fabrinet*^		167,850
	2,053	FARO Technologies, Inc.*		111,581
	640	Frequency Electronics, Inc.*		5,158
	646	IEC Electronics Corp.*		3,766
	8,062	II-VI, Inc.*^		350,293
	1,303	Insight Enterprises, Inc.*		63,756
	199	IntriCon Corp.*		8,020
	3,899	Itron, Inc.*		234,135
	8,386	KEMET Corp.*^		202,522
	2,556	Kimball Electronics, Inc.*		46,775
	11,527	Knowles Corp.*^		176,363
	450	Mesa Labs, Inc.^		94,986
	4,775	Methode Electronics, Inc., Class A		192,433
	2,201	MTS Systems Corp.^		115,883
	2,608	Napco Security Technologies, Inc.*		38,207
	4,565	Novanta, Inc.*		284,400
	2,432	OSI Systems, Inc.*		188,067
	3,068	PAR Technology Corp.*		54,242
	2,564	Park Electrochemical Corp.		59,459
	400	PC Connection, Inc.^		13,280
	1,746	PCM, Inc.*^		26,452
	1,875	Perceptron, Inc.*		19,781
	3,856	Plexus Corp.*		229,586
	1,727	RF Industries, Ltd.		12,521
	2,724	Rogers Corp.*		303,616
	9,534	Sanmina Corp.*		279,346
	3,045	ScanSource, Inc.*		122,714
	146	SYNNEX Corp.		14,090
	2,017	Systemax, Inc.		69,244
	2,482	Tech Data Corp.*		203,822
	12,240	TTM Technologies, Inc.*^		215,791


Shares			Fair Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	3,719	VeriFone Systems, Inc.*	$	84,868
	7,410	Vishay Intertechnology, Inc.		171,912
	989	Wayside Technology Group, Inc.		13,895
	3,952	Wireless Telecom Group, Inc.*		8,694

				5,266,611

Energy Equipment & Services (1.8%):
	3,965	Archrock, Inc.		47,580
	1,261	Basic Energy Services, Inc.*		14,010
	2,794	Bristow Group, Inc.*		39,423
	1,457	Dawson Geophysical Co.*		11,510
	4,461	Diamond Offshore Drilling, Inc.*^		93,056
	4,550	Dril-Quip, Inc.*^		233,870
	26,896	Ensco plc, Class A, ADR^		195,266
	3,837	Era Group, Inc.*		49,689
	4,307	Exterran Corp.*		107,847
	13,851	Forum Energy Technologies, Inc.*^		171,060
	3,592	Frank’s International NV^		28,018
	1,260	Geospace Technologies Corp.*^		17,716
	2,641	Gulf Island Fabrication, Inc.^		23,769
	6,137	Helix Energy Solutions Group, Inc.*^		51,121
	1,321	Hornbeck Offshore Services, Inc.*		5,231
	1,407	Keane Group, Inc.*		19,234
	4,480	Matrix Service Co.*		82,208
	15,261	McDermott International, Inc.*^		299,878
	24,731	Nabors Industries, Ltd.		158,526
	2,316	Natural Gas Services Group*		54,658
	11,883	Newpark Resources, Inc.*^		128,931
	18,346	Noble Corp. plc*		116,130
	495	Nordic American Offshore, Ltd.^		569
	10,150	Oceaneering International, Inc.^		258,419
	3,039	Oil States International, Inc.*		97,552
	23,169	Parker Drilling Co.*		8,804
	606	Patterson-UTI Energy, Inc.		10,908
	2,412	PHI, Inc.*		24,530
	11,895	Pioneer Energy Services Corp.*		69,586
	548	Propetro Holding Corp.*^		8,593
	1,757	Rignet, Inc.*		18,097
	16,158	Rowan Cos. plc, Class A*^		262,083
	1,381	RPC, Inc.		20,121
	565	SEACOR Holdings, Inc.		32,358
	567	SEACOR Marine Holdings, Inc.*		13,092
	14,153	Superior Energy Services, Inc.*		137,850
	5,480	TETRA Technologies, Inc.*		24,386
	5,730	U.S. Silica Holdings, Inc.^		147,204
	3,954	Unit Corp.*^		101,064

				3,183,947

Equity Real Estate Investment Trusts (0.0%):
	3,487	CorePoint Lodging, Inc.*		90,313

Food & Staples Retailing (0.7%):
	4,717	Chefs’ Warehouse, Inc.*^		134,435
	1,910	Ingles Markets, Inc., Class A		60,738


Shares			Fair Value
Common Stocks, continued
Food & Staples Retailing, continued
	4,259	Natural Grocers by Vitamin Cottage, Inc.*^	$	54,260
	2,612	Performance Food Group Co.*		95,860
	4,174	PriceSmart, Inc.^		377,746
	6,101	Rite Aid Corp.*		10,555
	1,565	Smart & Final Stores, Inc.*^		8,686
	200	SpartanNash Co.		5,104
	2,648	Sprouts Farmers Market, Inc.*^		58,441
	5,346	SUPERVALU, Inc.*		109,700
	1,576	The Andersons, Inc.^		53,899
	3,444	United Natural Foods, Inc.*^		146,921
	1,832	Village Super Market, Inc., Class A^		53,971
	3,750	Weis Markets, Inc.^		200,025

				1,370,341

Food Products (1.5%):
	8,875	B&G Foods, Inc.^		265,363
	2,290	Calavo Growers, Inc.		220,184
	3,684	Cal-Maine Foods, Inc.*^		168,911
	1,318	Coffee Holding Co., Inc.*		7,117
	11,242	Darling International, Inc.*		223,491
	13,942	Dean Foods Co.^		146,530
	2,411	Farmer Brothers Co.*^		73,656
	1,520	Flowers Foods, Inc.^		31,662
	1,800	Fresh Del Monte Produce, Inc.		80,190
	4,577	Hostess Brands, Inc.*^		62,247
	2,736	J & J Snack Foods Corp.		417,157
	470	John B Sanfilippo And Son, Inc.		34,992
	2,662	Lancaster Colony Corp.^		368,473
	2,754	Landec Corp.*^		41,035
	2,175	Limoneira Co.^		53,527
	1,220	Rocky Mountain Chocolate Factory, Inc.		13,957
	2,912	Sanderson Farms, Inc.^		306,196
	927	Seneca Foods Corp., Class A*		25,029
	12	Seneca Foods Corp., Class B*(a)		322
	4,288	Tootsie Roll Industries, Inc.^		132,285
	2,362	TreeHouse Foods, Inc.*^		124,029

				2,796,353

Gas Utilities (1.4%):
	2,387	Chesapeake Utilities Corp.		190,841
	9,297	New Jersey Resources Corp.		416,041
	2,904	Northwest Natural Gas Co.		185,275
	4,274	ONE Gas, Inc.		319,439
	118	RGC Resources, Inc.		3,443
	7,843	South Jersey Industries, Inc.^		262,505
	4,131	Southwest Gas Corp.		315,071
	6,439	Spire, Inc.		454,915
	5,195	WGL Holdings, Inc.		461,057

				2,608,587

Health Care Equipment & Supplies (2.3%):
	2,921	Abaxis, Inc.		242,472
	6,691	Accuray, Inc.*^		27,433
	6,050	AngioDynamics, Inc.*		134,552


Shares			Fair Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	2,261	Anika Therapeutics, Inc.*^	$	72,352
	263	Atrion Corp.		157,642
	1,983	Cantel Medical Corp.		195,048
	629	CONMED Corp.		46,043
	5,343	CryoLife, Inc.*		148,803
	875	Cutera, Inc.*^		35,263
	1,118	Elctromed, Inc.*		6,060
	1,883	Globus Medical, Inc., Class A*		95,016
	3,617	Haemonetics Corp.*		324,372
	5,359	Halyard Health, Inc.*		306,802
	1,629	Inogen, Inc.*		303,531
	3,861	Integer Holdings Corp.*		249,614
	4,509	Invacare Corp.^		83,867
	2,006	IRIDEX Corp.*		13,601
	249	Kewaunee Scientific CP		8,952
	3,514	Lantheus Holdings, Inc.*		51,129
	2,690	LeMaitre Vascular, Inc.^		90,061
	1,855	LivaNova plc*		185,166
	6,577	Meridian Bioscience, Inc.		104,574
	5,338	Merit Medical Systems, Inc.*		273,306
	3,498	Natus Medical, Inc.*		120,681
	352	Neogen Corp.*		28,227
	4,707	NuVasive, Inc.*^		245,329
	3,020	Nuvectra Corp.*		62,001
	8,235	OraSure Technologies, Inc.*		135,630
	2,682	Orthofix International NV*		152,391
	920	Quidel Corp.*^		61,180
	10,930	RTI Surgical, Inc.*		50,278
	2,363	SeaSpine Holdings Corp.*		29,821
	2,431	Surmodics, Inc.*		134,191
	3,600	TransEnterix, Inc.*^		15,696
	554	Utah Medical Products, Inc.		61,023

				4,252,107

Health Care Providers & Services (2.6%):
	1,781	Aac Holdings, Inc.*		16,688
	4,451	Acadia Healthcare Co., Inc.*		182,090
	5,540	Aceto Corp.		18,559
	1,870	Addus HomeCare Corp.*		107,058
	3,654	Amedisys, Inc.*		312,270
	1,150	American Renal Associates Holdings, Inc.*^		18,136
	7,081	AMN Healthcare Services, Inc.*^		414,946
	1,753	BioScrip, Inc.*		5,136
	3,573	BioTelemetry, Inc.*^		160,785
	12,012	Brookdale Senior Living, Inc.*^		109,189
	3,946	Capital Senior Living Corp.*^		42,104
	302	Chemed Corp.		97,187
	1,432	Civitas Solutions, Inc.*		23,485
	7,874	Community Health Systems, Inc.*^		26,142
	2,726	CorVel Corp.*		147,204
	2,958	Cross Country Healthcare, Inc.*		33,278
	2,588	Diplomat Pharmacy, Inc.*^		66,149
	7,737	Ensign Group, Inc. (The)		277,139


Shares			Fair Value
Common Stocks, continued
Health Care Providers & Services, continued
	873	Envision Healthcare Corp.*^	$	38,421
	1,905	Five Star Quality Care, Inc.*		2,858
	2,852	HealthEquity, Inc.*^		214,185
	3,529	InfuSystems Holdings, Inc.*		12,528
	6,484	Kindred Healthcare, Inc.*		58,356
	3,429	LHC Group, Inc.*		293,488
	1,982	LifePoint Hospitals, Inc.*^		96,722
	3,561	Magellan Health Services, Inc.*		341,677
	2,158	National Healthcare Corp.		151,880
	2,600	National Research Corp.		97,240
	9,789	Nobilis Health Corp.*		11,747
	7,794	Owens & Minor, Inc.^		130,238
	3,316	Patterson Cos., Inc.^		75,174
	2,021	Providence Service Corp.*		158,750
	1,080	Psychemedics Corp.		20,779
	5,264	Quorum Health Corp.*^		26,320
	5,301	R1 RCM, Inc.*^		46,013
	6,913	RadNet, Inc.*		103,695
	18,186	Select Medical Holdings Corp.*		330,075
	4,293	Tenet Healthcare Corp.*^		144,116
	5,590	Tivity Health, Inc.*^		196,768
	3,389	Triple-S Management Corp., Class B*		132,374
	1,714	U.S. Physical Therapy, Inc.^		164,544

				4,905,493

Health Care Technology (0.6%):
	21,473	Allscripts Healthcare Solutions, Inc.*		257,677
	2,108	Computer Programs & Systems, Inc.		69,353
	3,225	Cotiviti Holdings, Inc.*		142,319
	564	Evolent Health, Inc., Class A*^		11,872
	2,627	HealthStream, Inc.		71,743
	3,326	HMS Holdings Corp.*		71,908
	1,027	Inovalon Holdings, Inc., Class A*^		10,193
	558	Micron Solutions, Inc.*		1,913
	4,179	Omnicell, Inc.*^		219,189
	8,396	Quality Systems, Inc.*		163,722
	2,026	Simulations Plus, Inc.^		45,079

				1,064,968

Hotels, Restaurants & Leisure (3.4%):
	12,956	Belmond, Ltd., Class A*^		144,459
	3	Biglari Holdings, Inc., Class A*		2,850
	37	Biglari Holdings, Inc., Class B*		6,789
	2,915	BJ’s Restaurants, Inc.^		174,900
	13,769	Bloomin’ Brands, Inc.		276,757
	2,784	Brinker International, Inc.^		132,518
	4,497	Carrols Restaurant Group, Inc.*		66,780
	4,585	Century Casinos, Inc.*		40,119
	6,259	Cheesecake Factory, Inc. (The)^		344,621
	3,482	Choice Hotels International, Inc.^		263,239
	2,799	Chuy’s Holdings, Inc.*^		85,929
	845	Cracker Barrel Old Country Store, Inc.		131,997
	3,275	Dave & Buster’s Entertainment, Inc.*		155,890
	2,754	Del Frisco’s Restaurant Group, Inc.*		34,700


Shares			Fair Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	2,980	del Taco Restaurants, Inc.*	$	42,256
	10,418	Denny’s Corp.*		165,959
	1,476	DineEquity, Inc.^		110,405
	3,712	Dover Motorsports, Inc.		8,352
	3,973	Drive Shack, Inc.*^		30,672
	2,394	El Pollo Loco Holdings, Inc.*		27,292
	2,209	Eldorado Resorts, Inc.*		86,372
	1,724	Famous Dave’s of America, Inc.*^		11,637
	4,357	Fiesta Restaurant Group, Inc.*^		125,046
	378	Flanigan’s Enterprises, Inc.		10,414
	608	Habit Restaurants, Inc. (The), Class A*		6,080
	11,024	Ilg, Inc.		364,123
	3,548	Jack in the Box, Inc.		302,006
	1,168	Kona Grill, Inc.*		2,745
	2,108	Lindblad Expeditions Holdings, Inc.*		27,931
	5,681	Luby’s, Inc.*		14,714
	870	Marcus Corp.		28,275
	4,068	Marriott Vacations Worldwide Corp.		459,520
	597	Nathans Famous, Inc.		56,178
	5,384	Papa John’s International, Inc.		273,076
	4,486	Penn National Gaming, Inc.*		150,685
	2,612	Pinnacle Entertainment, Inc.*		88,103
	5,796	Planet Fitness, Inc.*		254,676
	3,185	Potbelly Corp.*^		41,246
	1,669	RCI Hospitality Holdings, Inc.		52,824
	3,634	Red Lion Hotels Corp.*^		42,336
	2,030	Red Robin Gourmet Burgers*^		94,598
	662	Red Rock Resorts, Inc.		22,177
	4,652	Ruth’s Hospitality Group, Inc.		130,489
	2,478	Scientific Games Corp., Class A*		121,794
	1,179	SeaWorld Entertainment, Inc.*		25,726
	788	Shake Shack, Inc., Class A*		52,150
	4,819	Sonic Corp.		165,870
	5,849	Speedway Motorsports, Inc.		101,539
	7,274	Texas Roadhouse, Inc.		476,519
	4,346	Town Sports International Holdings, Inc.*		63,234
	13,989	Wendy’s Co. (The)^		240,331
	2,153	Wingstop, Inc.^		112,214

				6,251,112

Household Durables (2.0%):
	496	Av Homes, Inc.*		10,614
	608	Bassett Furniture Industries, Inc.		16,750
	899	Cavco Industries, Inc.*		186,677
	786	Century Communities, Inc.*		24,798
	3,024	Dixie Group, Inc. (The)*		6,955
	4,218	Ethan Allen Interiors, Inc.^		103,341
	820	Flexsteel Industries, Inc.		32,718
	3,162	Helen of Troy, Ltd.*		311,299
	670	Hooker Furniture Corp.		31,423
	7,411	Hovnanian Enterprises, Inc., Class A*		12,080
	2,905	Installed Building Products, Inc.*^		164,278
	3,858	iRobot Corp.*^		292,321


Shares			Fair Value
Common Stocks, continued
Household Durables, continued
	11,216	KB Home	$	305,525
	1,138	Koss Corp.*		2,674
	6,113	La-Z-Boy, Inc.		187,058
	924	LGI Homes, Inc.*^		53,343
	4,396	Libbey, Inc.^		35,739
	2,522	Lifetime Brands, Inc.		31,903
	7,202	M.D.C. Holdings, Inc.		221,606
	4,157	M/I Homes, Inc.*		110,077
	6,186	Meritage Corp.*		271,875
	723	P & F Industries, Inc., Class A		6,297
	1,301	Skyline Corp.		45,587
	5,672	Taylor Morrison Home Corp., Class A*		117,864
	2,725	Tempur Sealy International, Inc.*^		130,936
	2,041	TopBuild Corp.*		159,892
	20,593	TRI Pointe Homes, Inc.*^		336,902
	4,563	Tupperware Brands Corp.^		188,178
	1,860	Universal Electronics, Inc.*^		61,473
	4,639	William Lyon Homes, Class A*		107,625
	4,044	Zagg, Inc.*^		69,961

				3,637,769

Household Products (0.5%):
	1,115	Central Garden & Pet Co.*^		48,480
	3,036	Central Garden & Pet Co., Class A*		122,867
	3,445	Energizer Holdings, Inc.^		216,897
	11,742	HRG Group, Inc.*		153,703
	1,767	Ocean Bio-Chem, Inc.		6,344
	940	Oil-Dri Corp.		39,612
	1,648	Orchids Paper Products Co.*^		6,559
	2,171	WD-40 Co.^		317,508

				911,970

Independent Power & Renewable Electricity Producers (0.4%):
	22,978	Atlantic Power Corp.*		50,552
	506	Atlantica Yield plc		10,211
	3,724	NRG Yield, Inc., Class A		63,494
	5,480	NRG Yield, Inc., Class C		94,256
	7,048	Ormat Technologies, Inc.^		374,883
	10,283	Pattern Energy Group, Inc.		192,806
	2,274	TerraForm Power, Inc., Class A		26,606
	5,942	Vivint Solar, Inc.*		29,413

				842,221

Industrial Conglomerates (0.1%):
	6,077	Raven Industries, Inc.		233,661

Insurance (3.4%):
	8,008	AMBAC Financial Group, Inc.*(a)		158,959
	11,121	American Equity Investment Life Holding Co.		400,357
	1,653	American National Insurance Co.		197,682
	2,876	Amerisafe, Inc.^		166,089
	4,675	AmTrust Financial Services		68,115
	3,798	Argo Group International Holdings, Ltd.		220,854
	5,737	ASGN, Inc.*		448,577
	7,207	Aspen Insurance Holdings, Ltd.		293,325


Shares			Fair Value
Common Stocks, continued
Insurance, continued
	1,079	Assured Guaranty, Ltd.^	$	38,553
	180	Baldwin & Lyons, Inc., Class A		4,298
	8,209	Citizens, Inc.*^		63,948
	3,445	Crawford & Co.		29,799
	4,636	Crawford & Co., Class A		39,916
	2,691	Donegal Group, Inc., Class A		36,625
	2,004	eHealth, Inc.*		44,288
	3,293	EMC Insurance Group, Inc.		91,480
	4,666	Employers Holdings, Inc.		187,573
	364	Enstar Group, Ltd.*		75,457
	2,939	FBL Financial Group, Inc., Class A		231,446
	2,111	FedNat Holding Co.		48,701
	10,826	Genworth Financial, Inc., Class A*		48,717
	1,050	Global Indemnity, Ltd.		40,929
	4,955	Greenlight Capital Re, Ltd.*		70,361
	1,752	Hallmark Financial Services, Inc.*		17,485
	1,470	HCI Group, Inc.^		61,108
	414	Health Insurance Innovations, Inc.*		13,393
	569	Heritage Insurance Holdings, Inc.		9,485
	632	Horace Mann Educators Corp.		28,187
	2,328	Independence Holding Co.^		77,406
	253	Investors Title Co.^		46,719
	941	James River Group Holdings		36,972
	1,480	Kemper Corp.^		111,962
	1,473	Kingstone Co., Inc.		24,894
	12,677	Maiden Holdings, Ltd.^		98,247
	15,934	MBIA, Inc.*^		144,043
	2,590	Mercury General Corp.^		118,000
	4,062	National General Holdings Corp.		106,952
	455	National Western Life Group, Inc., Class A		139,803
	3,304	Primerica, Inc.		329,078
	6,774	ProAssurance Corp.		240,138
	4,712	RLI Corp.^		311,887
	513	Safety Insurance Group, Inc.		43,810
	3,236	Selective Insurance Group, Inc.		177,980
	5,250	State Auto Financial Corp.		157,028
	3,277	Stewart Information Services Corp.		141,140
	204	The National Security Group, Inc.		3,397
	2,083	Third Point Reinsurance, Ltd.*		26,038
	400	United Fire Group, Inc.		21,804
	4,002	United Insurance Holdings Co.^		78,359
	5,267	Universal Insurance Holdings, Inc.		184,872
	3,624	Validus Holdings, Ltd.		244,982
	161	White Mountains Insurance Group, Ltd.		145,964

				6,147,182

Internet & Direct Marketing Retail (0.6%):
	4,886	1-800 Flowers.com, Inc., Class A*		61,319
	3,666	CafePress, Inc.*		4,289
	1,840	FTD Cos., Inc.*		8,538
	5,334	Groupon, Inc.*^		22,936
	1,300	Lands’ End, Inc.*		36,270
	1,052	Liberty Expedia Holdings, Class A*		46,225


Shares			Fair Value
Common Stocks, continued
Internet & Direct Marketing Retail, continued
	9,267	Liberty TripAdvisor Holdings, Inc., Class A*	$	149,199
	4,721	Nutri/System, Inc.^		181,759
	1,945	Overstock.com, Inc.*		65,449
	3,081	PetMed Express, Inc.^		135,718
	4,901	Shutterfly, Inc.*^		441,237
	1,880	US Auto Parts Network, Inc.*		2,820

				1,155,759

Internet Software & Services (1.4%):
	1,300	Blucora, Inc.*		48,100
	3,767	Carbonite, Inc.*^		131,468
	3,666	Cars.com, Inc.*^		104,078
	2,862	Cimpress NV*^		414,875
	6,181	DHI Group, Inc.*		14,525
	1,258	Endurance International Group Holdings, Inc.*		12,517
	691	Envestnet, Inc.*		37,970
	4,964	GTT Communications, Inc.*^		223,380
	1,786	Internap Corp.*^		18,610
	2,147	j2 Global, Inc.^		185,952
	3,938	Leaf Group, Ltd.*		42,727
	18,673	Limelight Networks, Inc.*^		83,468
	3,018	Liquidity Services, Inc.*		19,768
	6,655	Marchex, Inc., Class B		20,364
	8,730	NIC, Inc.		135,752
	7,450	QuinStreet, Inc.*		94,615
	1,839	Qumu Corp.*		4,046
	7,302	RealNetworks, Inc.*		27,017
	1,899	Reis, Inc.		41,398
	4,549	Shutterstock, Inc.*^		215,896
	1,184	Stamps.com, Inc.*		299,612
	5,449	Synacor, Inc.*		10,898
	3,708	TechTarget*		105,307
	8,928	Telaria, Inc.*		36,069
	7,131	The Meet Group, Inc. (The)*^		31,947
	461	The Trade Desk, Inc.*		43,242
	2,073	Travelzoo, Inc.*		35,448
	7,161	Web.com Group, Inc.*		185,112
	2,184	XO Group, Inc.*		69,888

				2,694,049

IT Services (2.1%):
	8,660	Acxiom Corp.*		259,367
	2,092	CACI International, Inc., Class A*		352,607
	5,955	Cardtronics plc*^		143,991
	1,572	Cass Information Systems, Inc.^		108,185
	15,807	Conduent, Inc.*		287,213
	3,848	Convergys Corp.		94,045
	3,613	CoreLogic, Inc.*		187,515
	4,402	CSG Systems International, Inc.		179,910
	758	CSP, Inc.		7,466
	1,349	Evertec, Inc.		29,476
	4,219	Exlservice Holdings, Inc.*		238,838
	2,512	Forrester Research, Inc.		105,378
	4,599	Hackett Group, Inc. (The)		73,906


Shares			Fair Value
Common Stocks, continued
IT Services, continued
	790	Luxoft Holding, Inc.*^	$	29,112
	3,081	ManTech International Corp., Class A		165,265
	6,208	MoneyGram International, Inc.*		41,532
	5,127	Perficient, Inc.*		135,199
	3,168	PFSweb, Inc.*		30,793
	5,456	Science Applications International Corp.		441,553
	8,429	Servicesource International, Inc.*		33,210
	1,555	StarTek, Inc.*		9,781
	10,553	Steel Connect, Inc.*		22,794
	5,434	Sykes Enterprises, Inc.*		156,391
	3,890	Syntel, Inc.*		124,830
	7,198	Travelport Worldwide, Ltd.		133,451
	5,956	TTEC Holdings, Inc.		205,780
	7,332	Unisys Corp.*^		94,583
	3,750	Virtusa Corp.*		182,550

				3,874,721

Leisure Products (0.4%):
	8,017	American Outdoor Brands Corp.*		96,445
	7,292	Callaway Golf Co.		138,329
	2,916	Escalade, Inc.		41,116
	2,447	JAKKS Pacific, Inc.*		8,014
	230	Johnson Outdoors, Inc., Class A^		19,442
	1,830	Malibu Boats, Inc.*^		76,750
	2,419	Marine Products Corp.		43,010
	850	Mcbc Holdings, Inc.*		24,608
	4,982	Nautilus Group, Inc.*^		78,217
	2,637	Sturm, Ruger & Co., Inc.		147,671
	7,141	Vista Outdoor, Inc.*		110,614

				784,216

Life Sciences Tools & Services (0.3%):
	4,622	Cambrex Corp.*^		241,731
	7,407	Enzo Biochem, Inc.*		38,442
	7,018	Harvard Bioscience, Inc.*		37,546
	5,461	Luminex Corp.		161,263
	3,971	Neogenomics, Inc.*^		52,060
	535	Syneos Health, Inc.*^		25,092

				556,134

Machinery (5.8%):
	7,098	Actuant Corp., Class A^		208,326
	1,154	Alamo Group, Inc.		104,275
	4,190	Albany International Corp., Class A		252,029
	4,536	Altra Industrial Motion Corp.		195,502
	1,200	American Railcar Industries		47,376
	1,974	ARC Group Worldwide, Inc.*		4,836
	806	Art’s-Way Manufacturing Co.*		2,136
	2,880	Astec Industries, Inc.^		172,224
	7,075	Barnes Group, Inc.		416,718
	1,300	Briggs & Stratton Corp.		22,893
	4,063	Chart Industries, Inc.*^		250,606
	2,359	CIRCOR International, Inc.		87,189
	2,851	Colfax Corp.*		87,383


Shares			Fair Value
Common Stocks, continued
Machinery, continued
	3,780	Columbus McKinnon Corp.	$	163,901
	5,525	Commercial Vehicle Group, Inc.*		40,554
	1,676	Dmc Global, Inc.		75,252
	3,590	Douglas Dynamics, Inc.		172,320
	500	Eastern Co. (The)		14,025
	2,433	EnPro Industries, Inc.		170,188
	3,629	ESCO Technologies, Inc.		209,393
	8,469	Federal Signal Corp.		197,243
	6,496	Franklin Electric Co., Inc.		292,970
	2,281	FreightCar America, Inc.^		38,298
	1,765	Gencor Industries, Inc.*		28,505
	2,940	Global Brass & Copper Holdings, Inc.		92,169
	3,372	Gorman-Rupp Co. (The)		118,020
	459	Graham Corp.		11,847
	3,586	Greenbrier Cos, Inc.		189,162
	11,887	Harsco Corp.*		262,703
	8,780	Hillenbrand, Inc.		413,977
	785	Hurco Cos, Inc.		35,129
	1,711	Hyster-Yale Materials Handling, Inc., Class A		109,932
	1,698	ITT, Inc.		88,754
	4,544	John Bean Technologies Corp.^		403,962
	9,594	Kennametal, Inc.^		344,425
	1,529	L.B. Foster Co., Class A*		35,091
	1,368	Lindsay Corp.^		132,682
	829	Lydall, Inc.*		36,186
	3,228	Manitex International, Inc.*		40,285
	4,498	Manitowoc Co., Inc. (The)*^		116,318
	14,363	Meritor, Inc.*		295,447
	8,208	Mueller Industries, Inc.		242,218
	22,037	Mueller Water Products, Inc., Class A		258,274
	5,638	Navistar International Corp.*^		229,579
	3,562	NN, Inc.		67,322
	738	Omega Flex, Inc.^		58,383
	3,573	Proto Labs, Inc.*		425,008
	3,427	RBC Bearings, Inc.*		441,431
	14,208	Rexnord Corp.*		412,884
	1,692	SPX Corp.*		59,305
	1,085	SPX FLOW, Inc.*		47,490
	1,898	Standex International Corp.		193,976
	3,915	Sun Hydraulics Corp.^		188,664
	466	Taylor Devices, Inc.*		4,781
	1,866	Tennant Co.^		147,414
	9,270	Terex Corp.^		391,101
	800	The Exone Co.*^		5,664
	2,794	Timken Co.		121,679
	7,930	Titan International, Inc.		85,089
	5,970	TriMas Corp.*		175,518
	1,747	Twin Disc, Inc.*		43,361
	8,536	Wabash National Corp.^		159,282
	3,816	Watts Water Technologies, Inc., Class A		299,174
	18,993	Welbilt, Inc.*^		423,734
	572	WSI Industries, Inc.		3,003
	3,110	Xerium Technologies, Inc.*		41,176

				10,505,741


Shares			Fair Value
Common Stocks, continued
Marine (0.2%):
	1,689	Costamare, Inc.	$	13,478
	550	Genco Shipping & Trading, Ltd.*		8,525
	582	Kirby Corp.*		48,655
	5,648	Matson, Inc.		216,771
	3,151	Scorpio Bulkers, Inc.		22,372

				309,801

Media (1.7%):
	3,904	A.H. Belo Corp., Class A		18,349
	3,922	AMC Entertainment Holdings, Inc., Class A		62,360
	709	AMC Networks, Inc., Class A*^		44,100
	2,527	Ballantyne Strong, Inc.*		12,256
	478	Beasley Broadcast Group, Inc., Class A^		5,354
	145	Cable One, Inc.^		106,327
	23,234	Central Eurpoean Media Enterprises*		96,421
	229	Daily Journal Corp.*^		52,716
	9,089	E.W. Scripps Co. (The), Class A^		121,702
	6,123	Entercom Communications Corp.^		46,229
	11,865	Entravision Communications Corp., Class A		59,325
	2,242	Eros International plc*^		29,146
	4,669	Gannett Co., Inc.^		49,958
	980	GCI Liberty, Inc., Class A*		44,178
	338	Global Eagle Entertainment, Inc.*^		852
	8,641	Gray Television, Inc.*^		136,528
	2,892	Hemisphere Media Group*^		37,885
	1,045	Imax Corp.*		23,147
	2,441	Insignia Systems, Inc.*		4,125
	4,052	John Wiley & Sons, Inc., Class A		252,845
	10,454	Lee Enterprises, Inc.*		29,794
	1,028	Liberty Latin America, Ltd.*^		19,655
	372	McClatchy Co., Class A*		3,701
	4,815	Meredith Corp.^		245,565
	3,571	MSG Networks, Inc., Class A*^		85,525
	10,941	National CineMedia, Inc.		91,904
	1,677	New Media Investment Group, Inc.		30,991
	7,487	New York Times Co. (The), Class A^		193,913
	7,050	Nexstar Broadcasting Group, Inc., Class A^		517,470
	2,715	Reading International, Inc., Class A*		43,304
	1,017	Scholastic Corp.		45,063
	8,414	Sinclair Broadcast Group, Inc., Class A		270,510
	3,266	Tegna, Inc.		35,436
	1,170	Tribune Media Co., Class A		44,776
	2,169	Tronc, Inc.*		37,480
	8,158	Urban One, Inc.*		17,132
	1,858	World Wrestling Entertainment, Inc., Class A^		135,300

				3,051,322

Metals & Mining (1.4%):
	23,109	AK Steel Holding Corp.*^		100,293
	7,802	Allegheny Technologies, Inc.*^		195,986
	2,124	Ampco-Pittsburgh Corp.*		21,771
	6,694	Carpenter Technology Corp.		351,904
	3,100	Century Aluminum Co.*^		48,825
	21,148	Cleveland-Cliffs, Inc.*^		178,278


Shares			Fair Value
Common Stocks, continued
Metals & Mining, continued
	7,283	Coeur d’Alene Mines Corp.*	$	55,351
	13,911	Commercial Metals Co.		293,661
	4,543	Compass Minerals International, Inc.^		298,702
	13,641	Ferroglobe plc		116,903
	1,805	Gold Resource Corp.		11,895
	1,557	Haynes International, Inc.		57,204
	49,481	Hecla Mining Co.		172,194
	931	Kaiser Aluminum Corp.^		96,926
	2,598	Materion Corp.		140,682
	9,373	McEwen Mining, Inc.		19,402
	2,868	Ryerson Holding Corp.*		31,978
	1,487	Schnitzer Steel Industries, Inc., Class A^		50,112
	3,318	SunCoke Energy, Inc.*		44,461
	1,789	Synalloy Corp.		35,691
	4,467	TimkenSteel Corp.*^		73,035
	1,458	Universal Stainless & Alloy Products, Inc.*		34,511
	2,441	Worthington Industries, Inc.		102,449

				2,532,214

Multiline Retail (0.3%):
	5,705	Big Lots, Inc.^		238,354
	654	Dillard’s, Inc., Class A^		61,803
	800	Fred’s, Inc.^		1,824
	39,798	J.C. Penney Co., Inc.*^		93,127
	3,073	Ollie’s Bargain Outlet Holdings, Inc.*^		222,793
	5,314	Tuesday Morning Corp.*^		16,208

				634,109

Multi-Utilities (0.7%):
	8,048	Avista Corp.		423,807
	5,171	Black Hills Corp.^		316,517
	6,986	NorthWestern Corp.		399,949
	2,144	Unitil Corp.		109,430

				1,249,703

Oil, Gas & Consumable Fuels (3.5%):
	4,107	Abraxas Petroleum Corp.*		11,869
	816	Adams Resources & Energy, Inc.		35,088
	6,000	Approach Resources, Inc.*		14,640
	1,638	Arch Coal, Inc.^		128,468
	901	Barnwell Industries, Inc.*		1,892
	1,332	Bonanza Creek Energy, Inc.*		50,443
	1,697	California Resources Corp.*		77,112
	15,796	Callon Petroleum Co.*^		169,649
	4,289	Carrizo Oil & Gas, Inc.*^		119,449
	33,287	Chesapeake Energy Corp.*^		174,424
	16,914	Clean Energy Fuel Corp.*		62,413
	8,098	Cloud Peak Energy, Inc.*^		28,262
	19,397	CNX Resources Corp.*		344,878
	2,015	CONSOL Energy, Inc.*		77,275
	1,914	Contango Oil & Gas Co.*^		10,872
	2,037	CVR Energy, Inc.		75,349
	7,363	Delek US Holdings, Inc.		369,401
	39,156	Denbury Resources, Inc.*^		188,340


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	16,266	DHT Holdings, Inc.^	$	76,288
	1,225	Dorian LPG, Ltd.*		9,359
	416	Earthstone Energy, Inc.*		3,682
	4,363	Eclipse Resources Corp.*		6,981
	8,619	Enlink Midstream LLC^		141,783
	12,047	EP Energy Corp., Class A*		36,141
	2,943	Evolution Petroleum Corp.		28,989
	4,777	Extraction Oil & Gas, Inc.*		70,174
	10,643	Gaslog, Ltd.^		203,281
	1,561	Green Plains Renewable Energy, Inc.		28,566
	9,417	Gulfport Energy Corp.*		118,372
	2,815	Halcon Resources Corp.*		12,358
	5,504	Hallador Energy Co.		39,299
	9,079	HighPoint Resources Corp.*^		55,200
	1,172	International Seaways, Inc.*		27,120
	34,496	Kosmos Energy LLC*		285,283
	14,513	Laredo Petroleum Holdings, Inc.*^		139,615
	9,030	Matador Resources Co.*^		271,352
	1,034	Midstates Petroleum Co., Inc.*		14,073
	12,361	Nordic American Tankers, Ltd.		33,127
	18,805	Oasis Petroleum, Inc.*		243,901
	4,913	Pacific Ethanol, Inc.*		12,774
	2,410	Panhandle Oil & Gas, Inc., Class A		46,031
	1,648	Par Pacific Holdings, Inc.*		28,642
	9,552	PBF Energy, Inc., Class A		400,514
	4,553	PDC Energy, Inc.*^		275,229
	1,687	Peabody Energy Corp.^		76,725
	523	Penn Virginia Corp.*		44,397
	6	PrimeEnergy Corp.*		438
	11,830	QEP Resources, Inc.*		145,036
	2,688	Range Resources Corp.^		44,970
	6,030	Renewable Energy Group, Inc.*^		107,636
	3,561	Ring Energy, Inc.*^		44,940
	600	SandRidge Energy, Inc.*		10,644
	28,682	Scorpio Tankers, Inc.		80,596
	5,243	SemGroup Corp., Class A		133,172
	12,619	Ship Finance International^		188,654
	6,409	SM Energy Co.^		164,647
	25,958	Southwestern Energy Co.*^		137,577
	23,009	SRC Energy, Inc.*^		253,559
	1,352	Talos Energy, Inc.*^		43,440
	1,980	Teekay Shipping Corp.		15,345
	18,909	Teekay Tankers, Ltd.		22,124
	9,332	Ultra Petroleum Corp.*		21,557
	8,709	W&T Offshore, Inc.*		62,269
	7,542	Whiting Petroleum Corp.*		397,613
	639	Wildhorse Resource Development Corp.*		16,205
	2,377	World Fuel Services Corp.		48,515

				6,608,017

Paper & Forest Products (1.1%):
	5,866	Boise Cascade Co.^		262,210
	2,174	Clearwater Paper Corp.*		50,219


Shares			Fair Value
Common Stocks, continued
Paper & Forest Products, continued
	8,287	Domtar Corp.	$	395,621
	12,499	KapStone Paper & Packaging Corp.		431,215
	3,550	Louisiana-Pacific Corp.		96,631
	8,641	Mercer International, Inc.		151,218
	2,510	Neenah Paper, Inc.		212,974
	1,455	P.H. Glatfelter Co.		28,503
	12,394	Resolute Forest Products*		128,278
	4,054	Schweitzer-Mauduit International, Inc.		177,241
	606	Verso Corp.*		13,187

				1,947,297

Personal Products (0.7%):
	27,730	Avon Products, Inc.*		44,923
	1,214	CCA Industries, Inc.*		3,521
	2,807	Edgewell Personal Care Co.*^		141,641
	4,304	Inter Parfums, Inc.		230,264
	900	Lifevantage Corp.*		5,733
	537	Mannatech, Inc.		11,009
	1,346	Medifast, Inc.		215,575
	1,387	Natural Alternatives International, Inc.*		14,078
	369	Natural Health Trends Corp.		9,232
	2,857	Natures Sunshine Products, Inc.*		26,713
	2,622	Nu Skin Enterprises, Inc., Class A		205,014
	3,159	Revlon, Inc.*		55,440
	340	United-Guardian, Inc.		6,511
	3,463	Usana Health Sciences, Inc.*		399,284

				1,368,938

Pharmaceuticals (0.9%):
	2,163	Akorn, Inc.*		35,884
	1,722	Amneal Pharmaceuticals, Inc.*^		28,258
	3,129	Amphastar Pharmaceuticals, Inc.*^		47,749
	1,566	ANI Pharmaceuticals, Inc.*^		104,609
	1,496	Aratana Therapeutics, Inc.*		6,358
	3,245	Corcept Therapeutics, Inc.*^		51,011
	3,415	Cumberland Pharmaceuticals, Inc.*		20,934
	4,744	DepoMed, Inc.*^		31,642
	10,521	Endo International plc*^		99,213
	3,159	Endocyte, Inc.*		43,594
	608	Heska Corp.*^		63,104
	10,506	Horizon Pharma plc*		173,979
	5,141	Innoviva, Inc.*^		70,946
	1,879	Intra-Cellular Therapies, Inc.*		33,202
	2,063	Juniper Pharmaceuticals, Inc.*		17,948
	6,034	Lannett Co., Inc.*		82,062
	2,617	Lipocine, Inc.*		3,402
	2,153	Mallinckrodt plc*^		40,175
	845	Melinta Therapeutics, Inc.*		5,366
	859	Phibro Animal Health Corp., Class A		39,557
	6,876	Prestige Brands Holdings, Inc.*^		263,901
	5,788	Supernus Pharmaceuticals, Inc.*^		346,413
	341	Taro Pharmaceutical Industries, Ltd.*		39,450
	1,949	Tetraphase Pharmaceuticals, Inc.*		6,958
	1,034	Zogenix, Inc.*		45,703

				1,701,418


Shares			Fair Value
Common Stocks, continued
Professional Services (1.8%):
	1,888	Acacia Research Corp.*	$	7,835
	1,199	Barrett Business Services, Inc.		115,787
	7,214	CBIZ, Inc.*		165,922
	490	CRA International, Inc.		24,936
	7,190	Exponent, Inc.		347,277
	3,126	Franklin Covey Co.*^		76,743
	4,532	FTI Consulting, Inc.*		274,095
	2,202	GP Strategies Corp.*		38,755
	2,274	Heidrick & Struggles International, Inc.		79,590
	7,594	Hill International, Inc.*^		44,805
	2,768	Huron Consulting Group, Inc.*		113,211
	2,643	ICF International, Inc.		187,785
	5,132	Insperity, Inc.		488,823
	1,000	Kelly Services, Inc., Class A		22,450
	4,482	Kforce, Inc.		153,733
	8,105	Korn/Ferry International		501,942
	666	Mastech Holdings, Inc.*		10,723
	3,943	Mistras Group, Inc.*		74,444
	6,221	Navigant Consulting, Inc.*		137,733
	4,033	Resources Connection, Inc.		68,158
	3,165	TriNet Group, Inc.*		177,050
	6,167	Trueblue, Inc.*		166,201
	4,212	Volt Information Sciences, Inc.*		14,321
	831	Wageworks, Inc.*^		41,550
	1,576	Willdan Group, Inc.*^		48,809

				3,382,678

Real Estate Management & Development (0.7%):
	4,169	Alexander & Baldwin, Inc.		97,972
	2,400	Altisource Portfolio Solutions*		70,008
	395	CKX Lands, Inc.		4,128
	920	Consolidated-Tomoka Land Co.^		56,589
	692	Forestar Group, Inc.*^		14,359
	504	FRP Holdings, Inc.*		32,634
	376	Griffin Industrial Realty, Inc.		16,540
	6,592	HFF, Inc., Class A		226,435
	10	J.W. Mays, Inc.*		401
	5,824	Kennedy-Wilson Holdings, Inc.		123,178
	5,387	Marcus & Millichap, Inc.*^		210,147
	1,035	Maui Land & Pineapple Co.*		11,592
	2,057	Rafael Holdings, Inc., Class B*		18,904
	702	RE/MAX Holdings, Inc., Class A		36,820
	8,369	Realogy Holdings Corp.^		190,813
	308	Stratus Properties, Inc.*		9,409
	3,421	Tejon Ranch Co.*		83,130
	1,076	The RMR Group, Inc., Class A		84,412
	2,700	The St. Joe Co.*		48,465

				1,335,936

Road & Rail (1.0%):
	1,803	ArcBest Corp.		82,397
	9,143	Avis Budget Group, Inc.*^		297,148
	2,278	Covenant Transportation Group, Inc., Class A*		71,757
	10,920	Heartland Express, Inc.^		202,566


Shares			Fair Value
Common Stocks, continued
Road & Rail, continued
	3,276	Hertz Global Holdings, Inc.*	$	50,254
	875	Landstar System, Inc.		95,550
	1,700	Marten Transport, Ltd.		39,865
	7,221	Roadrunner Transportation System, Inc.*		15,092
	598	Ryder System, Inc.		42,972
	4,204	Saia, Inc.*		339,893
	3,855	Universal Truckload Services, Inc.		101,194
	988	USA Truck, Inc.*^		23,188
	10,586	Werner Enterprises, Inc.^		397,505
	4,526	YRC Worldwide, Inc.*		45,486

				1,804,867

Semiconductors & Semiconductor Equipment (2.8%):
	4,922	Advanced Energy Industries, Inc.*		285,919
	3,814	Alpha & Omega Semiconductor, Ltd.*		54,311
	1,056	Ambarella, Inc.*		40,772
	30,273	Amkor Technology, Inc.*		260,045
	1,301	Amtech Systems, Inc.*		7,871
	4,245	Axcelis Technologies, Inc.*^		84,051
	2,777	AXT, Inc.*^		19,578
	2,314	Brooks Automation, Inc.		75,483
	3,230	Cabot Microelectronics Corp.		347,419
	1,462	CEVA, Inc.*		44,152
	5,549	Cirrus Logic, Inc.*		212,693
	4,840	Cohu, Inc.^		118,628
	6,676	Cree, Inc.*^		277,521
	522	Cyberoptics Corp.*^		9,083
	6,488	Diodes, Inc.*		223,641
	3,285	DSP Group, Inc.*		40,898
	3,627	Entegris, Inc.		122,955
	9,457	FormFactor, Inc.*		125,778
	4,679	GSI Technology, Inc.*		35,186
	1,254	Ichor Holdings, Ltd.*^		26,610
	1,201	Inphi Corp.*		39,165
	11,059	Integrated Device Technology, Inc.*^		352,562
	1,349	inTest Corp.*		9,848
	12,127	Kopin Corp.*^		34,683
	8,156	Kulicke & Soffa Industries, Inc.		194,276
	12,204	Lattice Semiconductor Corp.*		80,058
	1,636	MagnaChip Semiconductor Corp.*^		16,769
	4,333	MaxLinear, Inc., Class A*^		67,551
	2,325	MKS Instruments, Inc.		222,503
	3,511	Nanometrics, Inc.*		124,325
	6,163	Neophotonics Corp.*^		38,395
	807	NVE Corp.^		98,276
	4,804	PDF Solutions, Inc.*^		57,552
	11,404	Photronics, Inc.*		90,947
	2,109	Pixelworks, Inc.*		7,613
	3,264	Power Integrations, Inc.		238,435
	13,307	Rambus, Inc.*		166,870
	5,028	Rudolph Technologies, Inc.*		148,829
	2,943	Semtech Corp.*		138,468
	6,339	Sigma Designs, Inc.*		38,668


Shares			Fair Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	2,469	Synaptics, Inc.*^	$	124,364
	5,213	Ultra Clean Holdings, Inc.*^		86,536
	6,109	Veeco Instruments, Inc.*^		87,053
	3,045	Versum Materials, Inc.		113,122
	6,370	Xcerra Corp.*		88,989
	5,605	Xperi Corp.		90,241

				5,168,692

Software (1.6%):
	13,237	ACI Worldwide, Inc.*		326,556
	4,794	American Software, Inc., Class A		69,849
	935	Asure Software, Inc.*		14,913
	2,785	Aware, Inc.*		11,279
	1,505	Blackbaud, Inc.^		154,187
	2,350	BSQUARE Corp.*		6,345
	1,750	Datawatch Corp.*		16,625
	3,842	Ebix, Inc.		292,952
	1,594	Ellie Mae, Inc.*^		165,521
	2,049	Evolving Systems, Inc.*		5,840
	5,614	Finjan Holdings, Inc.*		19,088
	4,113	GlobalSCAPE, Inc.		15,917
	595	Globant SA*		33,790
	4,000	Glu Mobile, Inc.*^		25,640
	2,560	Manhattan Associates, Inc.*^		120,346
	562	MicroStrategy, Inc., Class A*		71,796
	4,090	Monotype Imaging Holdings, Inc.		83,027
	5,507	OneSpan, Inc.*		108,213
	319	Paycom Software, Inc.*^		31,527
	1,010	Paylocity Holding Corp.*		59,449
	437	Pegasystems, Inc.		23,948
	6,260	Progress Software Corp.		243,013
	1,864	QAD, Inc.		93,480
	1,490	Qualys, Inc.*^		125,607
	411	RealPage, Inc.*		22,646
	2,886	Rubicon Project, Inc.*		8,225
	6,367	SeaChange International, Inc.*		21,775
	7,906	Telenav, Inc.*		44,274
	16,342	TiVo Corp.		219,800
	3,726	Verint Systems, Inc.*		165,248
	1,473	Zedge, Inc., Class B*		5,538
	1,895	Zix Corp.*		10,214
	95,455	Zynga, Inc.*		388,501

				3,005,129

Specialty Retail (3.9%):
	9,338	Aaron’s, Inc.		405,737
	3,905	Abercrombie & Fitch Co., Class A^		95,594
	13,115	American Eagle Outfitters, Inc.^		304,924
	996	America’s Car Mart, Inc.*		61,652
	2,646	Asbury Automotive Group, Inc.*^		181,383
	13,213	Ascena Retail Group, Inc.*^		52,654
	357	At Home Group, Inc.*		13,977
	7,305	Barnes & Noble Education, Inc.*		41,200
	11,581	Barnes & Noble, Inc.^		73,539


Shares			Fair Value
Common Stocks, continued
Specialty Retail, continued
	7,174	Bed Bath & Beyond, Inc.^	$	142,942
	4,102	Big 5 Sporting Goods Corp.^		31,175
	3,574	Boot Barn Holdings, Inc.*		74,161
	1,732	Build-A-Bear Workshop, Inc.*^		13,163
	5,586	Caleres, Inc.^		192,103
	3,499	Cato Corp., Class A^		86,145
	19,215	Chico’s FAS, Inc.		156,410
	2,663	Children’s Place Retail Stores, Inc. (The)^		321,690
	7,062	Christopher & Banks Corp.*		6,638
	2,175	Citi Trends, Inc.		59,682
	4,063	Conn’s, Inc.*		134,079
	2,917	Destination Maternity Corp.*		16,977
	10,159	Destination XL Group, Inc.*		22,858
	5,615	Dick’s Sporting Goods, Inc.^		197,929
	8,084	DSW, Inc., Class A^		208,729
	11,002	Express, Inc.*^		100,668
	2,795	Five Below, Inc.*		273,099
	4,415	Francesca’s Holdings Corp.*^		33,333
	5,741	GameStop Corp., Class A^		83,646
	2,761	Genesco, Inc.*^		109,612
	693	Group 1 Automotive, Inc.^		43,659
	11,356	Guess?, Inc.^		243,018
	2,764	Haverty Furniture Cos., Inc.^		59,702
	2,944	Hibbett Sports, Inc.*^		67,418
	1,806	Kirkland’s, Inc.*^		21,022
	3,560	Lithia Motors, Inc., Class A^		336,669
	1,529	Lumber Liquidators Holdings, Inc.*^		37,231
	3,611	MarineMax, Inc.*^		68,428
	8,315	Michaels Cos., Inc. (The)*^		159,399
	4,597	Monro Muffler Brake, Inc.		267,086
	4,397	Murphy U.S.A., Inc.*^		326,653
	11,726	New York & Co.*		60,037
	42,056	Office Depot, Inc.		107,243
	3,403	Party City Holdco, Inc.*		51,896
	4,183	Penske Automotive Group, Inc.^		195,974
	11,557	Pier 1 Imports, Inc.^		27,506
	1,537	Rent-A-Center, Inc.*		22,625
	434	Restoration Hardware, Inc.*		60,630
	7,968	Sally Beauty Holdings, Inc.*^		127,727
	4,149	Signet Jewelers, Ltd.		231,307
	5,594	Sleep Number Corp.*^		162,338
	4,654	Sonic Automotive, Inc., Class A^		95,872
	2,363	Sportsman’s Warehouse Holdings, Inc.*		12,099
	1,752	Tailored Brands, Inc.^		44,711
	289	Tandy Leather Factory, Inc.*		2,254
	6,734	The Buckle, Inc.^		181,145
	6,893	The Container Store Group, Inc.*		57,970
	7,392	The Tile Shop Holdings, Inc.		56,918
	2,271	Tilly’s, Inc.		34,406
	737	Trans World Entertainment Corp.*		641
	2,621	Urban Outfitters, Inc.*		116,766
	4,282	Vitamin Shoppe, Inc.*		29,760


Shares			Fair Value
Common Stocks, continued
Specialty Retail, continued
	727	Winmark Corp.	$	107,923
	3,700	Zumiez, Inc.*		92,685

				7,006,417

Technology Hardware, Storage & Peripherals (0.3%):
	3,723	3D Systems Corp.*^		51,415
	1,308	Astro-Med, Inc.		24,656
	7,288	Avid Technology, Inc.*^		37,898
	1,901	CCUR Holdings, Inc.		10,113
	1,813	Cray, Inc.*		44,600
	4,887	Diebold, Inc.		58,400
	7,170	Eastman Kodak Co.*		27,246
	5,656	Electronics for Imaging, Inc.*		184,158
	2,458	Stratasys, Ltd.*		47,046
	5,858	Super Micro Computer, Inc.*^		138,542
	1,590	TransAct Technologies, Inc.		19,875

				643,949

Textiles, Apparel & Luxury Goods (1.2%):
	8,448	Crocs, Inc.*^		148,769
	2,291	Culp, Inc.		56,244
	4,229	Deckers Outdoor Corp.*		477,413
	6,596	G-III Apparel Group, Ltd.*		292,862
	816	Lakeland Industries, Inc.*		11,546
	2,740	Oxford Industries, Inc.^		227,365
	683	Perry Ellis International, Inc.*		18,557
	1,515	Rocky Brands, Inc.		45,450
	6,949	Sequential Brands Group, Inc.*		13,690
	8,174	Steven Madden, Ltd.		434,039
	957	Unifi, Inc.*		30,337
	1,916	Vera Bradley, Inc.*		26,901
	10,708	Wolverine World Wide, Inc.		372,317

				2,155,490

Thrifts & Mortgage Finance (2.6%):
	2,838	BankFinancial Corp.		50,091
	10,084	Beneficial Bancorp, Inc.		163,361
	8,516	BofI Holding, Inc.*^		348,389
	1,659	BSB Bancorp, Inc.*^		57,070
	17,506	Capitol Federal Financial, Inc.		230,379
	2,486	Charter Financial Corp.		60,037
	280	Citizens Community Bancorp, Inc.		3,962
	993	Coastway Bancorp, Inc.*		27,506
	4,896	Dime Community Bancshares		95,472
	1,537	ESSA Bancorp, Inc.		24,331
	2,015	Essent Group, Ltd.*		72,177
	400	Federal Agricultural Mortgage Corp.		35,792
	242	First Capital, Inc.		10,055
	590	First Defiance Financial Corp.		39,565
	6,849	Flagstar Bancorp, Inc.*		234,647
	574	FS Bancorp, Inc.		36,306
	195	Guaranty Federal Bankshares, Inc.		4,768
	681	Hamilton Bancorp, Inc.*		10,692
	301	Hingham Institution for Savings		66,130


Shares			Fair Value
Common Stocks, continued
Thrifts & Mortgage Finance, continued
	629	HMN Financial, Inc.*	$	12,643
	973	Home Bancorp, Inc.		45,293
	43	Home Federal Bancorp, Inc.		1,355
	3,414	HomeStreet, Inc.*^		92,007
	1,446	HopFed Bancorp, Inc.		23,975
	869	IF Bancorp, Inc.^		21,186
	865	Impac Mortgage Holdings, Inc.*		8,243
	8,131	Kearny Financial Corp.^		109,362
	390	Kentucky First Federal Bancorp		3,296
	955	LendingTree, Inc.*^		204,179
	940	Malvern Bancorp, Inc.*		22,889
	7,012	Meridian Bancorp, Inc.		134,280
	1,197	Meta Financial Group, Inc.		116,588
	676	MSB Financial Corp.		14,534
	3,723	Nationstar Mortgage Holdings, Inc.*		65,264
	3,627	NMI Holdings, Inc., Class A*		59,120
	6,978	Northfield Bancorp, Inc.		115,974
	12,756	Northwest Bancshares, Inc.^		221,827
	6,123	Oceanfirst Financial Corp.^		183,445
	198	Oconee Federal Financial Corp.		5,730
	16,927	Ocwen Financial Corp.*		67,031
	6,648	Oritani Financial Corp.^		107,698
	4,022	PennyMac Financial Services, Inc., Class A*		79,032
	2,981	PHH Corp.*		32,374
	1,677	Provident Financial Holdings, Inc.		31,997
	2,873	Provident Financial Services, Inc.		79,094
	1,685	Prudential Bancorp, Inc.		32,521
	1,982	Riverview Bancorp, Inc.		16,728
	2,881	Security National Financial Corp., Class A*		14,981
	671	Severn Bancorp, Inc.		5,804
	1,709	SI Financial Group, Inc.		25,208
	707	Southern Missouri Bancorp, Inc.		27,587
	1,815	Territorial Bancorp, Inc.		56,265
	15,166	TrustCo Bank Corp.		134,977
	25	United Community Bancorp		680
	7,757	United Community Financial Corp.		85,249
	6,358	United Financial Bancorp, Inc.		111,392
	10,147	Washington Federal, Inc.		331,806
	4,703	Waterstone Financial, Inc.		80,186
	4,268	Wawlker & Dunlop, Inc.		237,514
	3,601	Western New England BanCorp, Inc.		39,611
	4,073	WSFS Financial Corp.		217,091
	35	WVS Financial Corp.		579

				4,847,325

Tobacco (0.2%):
	1,419	Alliance One International, Inc.*		22,491
	491	Turning Point Brands, Inc.		15,663
	635	Universal Corp.		41,942
	17,933	Vector Group, Ltd.^		342,161

				422,257

Trading Companies & Distributors (1.4%):
	311	AeroCentury Corp.*		4,929


Shares			Fair Value
Common Stocks, continued
Trading Companies & Distributors, continued
	1,597	Air Lease Corp.	$	67,026
	3,318	Aircastle, Ltd.		68,019
	5,198	Applied Industrial Technologies, Inc.		364,640
	8,168	Beacon Roofing Supply, Inc.*		348,120
	1,500	BlueLinx Holdings, Inc.*^		56,295
	2,473	BMC Stock Holdings, Inc.*		51,562
	2,824	CAI International, Inc.*		65,630
	2,504	DXP Enterprises, Inc.*		95,653
	1,463	Envirostar, Inc.		58,959
	1,610	GATX Corp.^		119,510
	1,239	H&E Equipment Services, Inc.		46,599
	1,116	Herc Holdings, Inc.*		62,875
	4,781	Huttig Building Products, Inc.*^		22,710
	4,012	Kaman Corp., Class A^		279,596
	373	Lawson Products, Inc.*		9,083
	4,569	MRC Global, Inc.*		99,010
	4,852	NOW, Inc.*^		64,677
	2,681	Rush Enterprises, Inc., Class A*		116,302
	7,847	Textainer Group Holdings, Ltd.*^		124,767
	2,765	Titan Machinery, Inc.*^		42,996
	577	TransAct Technologies, Inc.*		10,905
	5,731	Triton International, Ltd.		175,712
	1,668	Univar, Inc.*		43,768
	2,676	Veritiv Corp.*^		106,639
	3,460	WESCO International, Inc.*		197,566

				2,703,548

Transportation Infrastructure (0.0%):
	892	Macquarie Infrastructure Corp.^		37,642

Water Utilities (0.6%):
	4,757	American States Water Co.^		271,910
	1,221	Artesian Resources Corp.		47,338
	7,681	California Water Service Group^		299,175
	1,558	Connecticut Water Service, Inc.		101,769
	2,756	Consolidated Water Co., Ltd.		35,552
	2,508	Middlesex Water Co.		105,762
	669	Pure Cycle Corp.*		6,389
	2,763	SJW Corp.^		182,966
	1,642	York Water Co. (The)		52,216

				1,103,077

Wireless Telecommunication Services (0.4%):
	6,783	Boingo Wireless, Inc.*^		153,228
	7,479	Shenandoah Telecommunications Co.		244,563
	2,722	Spok Holdings, Inc.		40,966
	9,308	Telephone & Data Systems, Inc.		255,226
	1,049	United States Cellular Corp.*		38,855

				732,838

	Total Common Stocks (Cost $152,342,520)			184,677,844

Preferred Stock (0.0%):
Media (0.0%):
	1,030	GCI Liberty, Inc., Class A, 5.00%		24,875

	Total Preferred Stock (Cost $8,429)			24,875


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Rights (0.0%):
Diversified Financial Services (0.0%):
	6,056	NewStar Financial, Inc., Expires on 12/31/49*(a)	$	2,982

Media (0.0%):
	21,894	Media General, Inc. CVR, Expires on 12/31/49*(a)		2,189

	Total Rights (Cost $10,055)			5,171

Securities Held as Collateral for Securities on Loan (28.6%):
$	52,969,927	AZL DFA U.S. Small Cap Fund Securities Lending Collateral Account(b)		52,969,927

	Total Securities Held as Collateral for Securities on Loan (Cost $52,969,927)			52,969,927


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Securities Held as Collateral for Securities on Loan, continued
Unaffiliated Investment Company (0.3%):
$	605,429	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 1.68%(c)	$	605,429

	Total Unaffiliated Investment Company (Cost $605,429)			605,429

	Total Investment Securities (Cost $205,936,360) — 128.7%(d)			238,283,246
	Net other assets (liabilities) — (28.7)%			(53,091,102	)

	Net Assets — 100.0%		$	185,192,144

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investment securities, at cost	$	205,936,360

Investment securities, at value*	$	238,283,246
Interest and dividends receivable		138,249
Receivable for investments sold		16,150
Reclaims receivable		460
Prepaid expenses		1,138

Total Assets		238,439,243

Liabilities:
Payable for investments purchased		117,130
Payable for collateral received on loaned securities		52,969,927
Manager fees payable		110,220
Administration fees payable		4,378
Distribution fees payable		39,364
Custodian fees payable		1,018
Administrative and compliance services fees payable		197
Transfer agent fees payable		343
Trustee fees payable		883
Other accrued liabilities		3,639

Total Liabilities		53,247,099

Net Assets	$	185,192,144

Net Assets Consist of:
Capital	$	132,714,298
Accumulated net investment income/(loss)		1,436,092
Accumulated net realized gains/(losses) from investment transactions		18,694,890
Net unrealized appreciation/(depreciation) on investments		32,346,864

Net Assets	$	185,192,144

Shares of beneficial interest (unlimited number of shares authorized, no par value)		14,198,214
Net Asset Value (offering and redemption price per share)	$	13.04

*	Includes securities on loan of $51,443,366.

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Dividends	$	1,258,062
Income from securities lending		117,188
Foreign withholding tax		(360	)

Total Investment Income		1,374,890

Expenses:
Manager fees		815,677
Administration fees		36,366
Distribution fees		239,904
Custodian fees		5,128
Administrative and compliance services fees		1,021
Transfer agent fees		1,835
Trustee fees		3,337
Professional fees		3,397
Shareholder reports		715
Other expenses		1,274

Total expenses before reductions		1,108,654
Less expenses voluntarily waived/reimbursed by the Manager		(143,943	)

Net expenses		964,711

Net Investment Income/(Loss)		410,179

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		9,246,156
Change in net unrealized appreciation/depreciation on investments		103,744

Net Realized/Unrealized Gains/(Losses) on Investments		9,349,900

Change in Net Assets Resulting From Operations	$	9,760,079

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

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, 2018 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $43 million for the period ended June 30, 2018.

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 $11,435 during the period ended June 30, 2018. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The fund had securities lending transactions of $52,969,927 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2018.

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, 2019.

For the period ended June 30, 2018, 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 period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2018, there were no contractual reimbursements subject to repayment by the Fund in subsequent years.

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 (“SEC” or the “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.”

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, 2018, $881 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2018, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $205,823,344. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

As of the latest tax year end, December 31, 2017, 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, 2018, the Fund had an individual shareholder account which is affiliated with the Investment Adviser representing ownership in excess of 60% of the Fund.

In October 2016, the SEC released its Final Rule on Investment Company Reporting Modernization (the “Rules”). The Rules which introduce two new regulatory reporting forms for investment companies – Form N-PORT and Form N-CEN – also contain amendments to Regulation S-X which require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X became effective for filings made with the SEC after August 1, 2017. The compliance date for form N-PORT and Form N-CEN will vary based on the reporting entity’s size and, in the case of the Fund, is expected to be April 30, 2019. The Fund’s adoption of these amendments, as applicable for the financial statements prepared as of June 30, 2018, had no effect on the Fund’s net assets or results of operations.

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 (4.0%):
$	6,930,000	Aebor Realty Collateralized Loan, Class A, Series 17-FL1, 3.37%(US0001M+130bps), 4/15/27, Callable 11/15/19 @ 100(a)	$	6,965,335
	2,469,699	American Homes 4 Rent LLC, Class A, Series 2014-SFR3, 3.68%, 12/17/36(a)		2,473,654
	4,841,285	AmeriCredit Automoblie Receivables Trust, Class A3, Series 16-3, 1.46%, 5/10/21, Callable 11/8/20 @ 100		4,813,761
	2,330,000	AmeriCredit Automoblie Receivables Trust, Class A3, Series 16-4, 1.53%, 7/8/21, Callable 1/8/21 @ 100		2,313,102
	1,000,000	Apidos CLO, Class A1R, Series 15-20A, 3.68%(US0003M+133bps), 1/16/27, Callable 7/16/18 @ 100(a)		1,000,191
	1,000,000	Cent CLO, LP, Class A1R, Series 14-22A, 3.76%(US0003M+141bps), 11/7/26, Callable 8/7/18 @ 100(a)		1,000,530
	2,000,000	Chase Issuance Trust, Class A5, Series 2016-A5, 1.27%, 7/15/21		1,971,044
	8,160,000	Chesapeake Funding II LLC, Class A1, Series 2018-1A, 3.04%, 4/15/30, Callable 4/15/21 @ 100(a)		8,132,681
	2,210,000	Citibank Credit Card Issuance Trust, Class A1, Series 2014-A1, 2.88%, 1/23/23		2,203,612
	3,335,000	Citibank Credit Card Issuance Trust, Class A3, Series 2017-A3, 1.92%, 4/7/22		3,278,532
	141,498	Credit Acceptance Auto Loan Trust, Class A, Series 15-2A, 2.40%, 2/15/23, Callable 12/15/18 @ 100(a)(b)		141,489
	1,460,000	Drive Auto Receivables Trust, Class A3, Series 2017-3, 1.85%, 4/15/20, Callable 10/15/20 @ 100		1,458,390
	1,495,000	Ford Credit Floorplan Master Owner Trust, Class A, Series 2014-2, 2.57%(US0001M+50bps), 2/15/21		1,500,012
	1,855,000	Golden Credit Card Trust, Class A, Series 2015-2A, 2.02%, 4/15/22(a)		1,823,858
	4,167,624	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4, Series 17-1, 3.50%, 1/25/47, Callable 2/25/41 @ 100(a)(b)		4,139,855
	3,400,000	LoanCore Issuer, Ltd., Class A, Series 2018-CRE1, 3.07%(US0001M+113bps), 5/15/28, Callable 5/15/20 @ 100(a)		3,401,037
	514,526	Navient Student Loan Trust, Class A, Series 14-CTA, 2.77%(US0001M+70bps), 9/16/24, Callable 9/15/21 @ 100(a)		515,158
	1,329,912	Navient Student Loan Trust, Class A2A, Series 2016-AA, 3.91%, 12/15/45, Callable 1/15/30 @ 100(a)		1,352,155
	1,400,000	OCP CLO, Ltd., Class A1R, Series 2012-2A, 3.73%(US0003M+140bps), 11/22/25, Callable 11/22/18 @ 100(a)		1,402,065
	1,051,452	OneMain Financial Issuance Trust, Class A, Series 2015-1A, 3.19%, 3/18/26, Callable 7/18/18 @ 101(a)		1,053,709
	1,250,000	OZLM, Ltd., Class A1BR, Series 14-7A, 3.50%(US0003M+115bps), 7/17/26, Callable 7/17/18 @ 100(a)		1,249,996


Principal Amount			Fair Value
Asset Backed Securities, continued
$	480,000	PFS Financing Corp., Class A, Series 2016-BA, 1.87%, 10/15/21(a)	$	473,095
	1,396,520	Prestige Auto Receivables Trust, Class C, Series 2014-1A, 2.39%, 5/15/20, Callable 9/15/18 @ 100(a)		1,396,387
	2,039,618	Progress Residential Trust, Class A, Series 2015-SFR2, 2.74%, 6/12/32(a)		2,011,096
	648,586	Santander Drive Auto Receivables Trust, Class A3, Series 16-3, 1.50%, 8/17/20, Callable 7/15/20 @ 100		647,898
	35,163	SLM Student Loan Trust, Class A2, Series 2012-C, 3.31%, 10/15/46, Callable 7/15/18 @ 100(a)		35,191
	505,478	SMB Private Education Loan Trust, Class A2A, Series 15-B, 2.98%, 7/15/27, Callable 3/15/27 @ 100(a)		502,228
	2,250,000	SMB Private Education Loan Trust, Class A2A, Series 2017-A, 2.88%, 9/15/34(a)		2,203,468
	227,913	SMB Private Education Loan Trust, Class A2A, Series 16-A, 2.70%, 5/15/31(a)(b)		222,996
	3,710,000	SMB Private Education Loan Trust, Class A2A, Series 2018-B, 3.60%, 1/15/37(a)		3,723,646
	1,500,000	SMB Private Education Loan Trust, Class A2A, Series 2017-B, 2.82%, 10/15/35(a)		1,457,846
	900,000	SMB Private Education Loan Trust, Class A2B, Series 2017-B, 2.82%(US0001M+75bps), 10/15/35(a)		902,676
	2,294,813	Social Professional Loan Program, Class A2, Series 2015-D, 2.72%, 10/27/36, Callable 8/25/24 @ 100(a)		2,263,876
	804,844	Social Professional Loan Program, Class A2, Series 2015-C, 2.51%, 8/25/33, Callable 9/25/23 @ 100(a)		790,483
	5,850,000	SoFi Professional Loan Program LLC, Class A2FX, Series 2017-F, 2.84%, 1/25/41, Callable 10/25/26 @ 100(a)		5,711,465
	1,377,485	Springleaf Funding Trust, Class A, Series 2015-AA, 3.16%, 11/15/24, Callable 7/15/18 @ 100(a)		1,376,956
	2,435,000	Synchrony Credit Card Master Note Trust, Class A, Series 2012-7, 1.76%, 9/15/22		2,404,315
	435,000	World Financial Network Credit Card Master Trust, Class A, Series 2012-A, 3.14%, 1/17/23		436,154
	2,000,000	World Financial Network Credit Card Master Trust, Class A, Series 2016-C, 1.72%, 8/15/23		1,969,663

	Total Asset Backed Securities (Cost $81,406,127)			80,719,605

Collateralized Mortgage Obligations (3.8%):
	4,840,000	BBCMS Mortgage Trust, Class A, Series 2018-TALL, 2.80%(US0001M+72bps), 3/15/37(a)		4,832,385
	2,540,000	BHMS Mortgage Trust, Class AFL, Series 2014-ATLS, 3.48%(US0001M+150bps), 7/5/33(a)		2,541,455
	1,847,000	Caesars Palace Las Vegas Trust, Class A, Series 2017-VICI, 3.53%, 10/15/34(a)		1,851,809
	1,300,000	CIFC Funding, Ltd., Class ARR, Series 2015-1A, 3.47%(US0003M+111bps), 1/22/31, Callable 1/22/20 @ 100(a)		1,297,101
	3,030,000	Citigroup Commercial Mortgage Trust, Class A5, Series 2014-GC21, 3.86%, 5/10/47		3,089,879


Principal Amount			Fair Value
Collateralized Mortgage Obligations, continued
$	3,360,000	Cityline Commercial Mortgage Trust, Class A, Series 2016-CLNE, 2.87%, 11/10/31(a)(b)	$	3,245,059
	667,000	Commercial Mortgage Loan Trust, Class A5, Series 2015-CR24, 3.70%, 8/10/48		668,425
	1,279,058	Commercial Mortgage Loan Trust, Class AM, Series 2013-CR7, 3.31%, 3/10/46(a)		1,256,937
	8,970,000	Commercial Mortgage Loan Trust, Class A, Series 2014-TWC, 2.90%(US0001M+85bps), 2/13/32(a)		8,967,175
	3,720,000	Cosmopolitan Hotel Trust, Class A, Series 2017-CSMO, 3.00%(US0001M+93bps), 11/15/36(a)		3,721,174
	1,102,420	Credit Suisse Mortgage Trust, Class A, Series 2016-MFF, 3.67%(US0001M+160bps), 11/15/33(a)		1,107,575
	2,760,000	CSAIL Commercial Mortgage Trust, Class A5, Series 2018-CX11, 4.03%, 4/15/51(b)		2,807,504
	515,362	GAHR Commercial Mortgage Trust, Class AFL1, Series 2015-NRF, 3.47%(US0001M+130bps), 12/15/34(a)		515,524
	640,000	GAHR Commercial Mortgage Trust, Class AFX, Series 2015-NRF, 3.23%, 12/15/34(a)		640,271
	1,100,000	GS Mortgage Securities Trust, Class A, Series 2012-SHOP, 2.93%, 6/5/31(a)		1,101,211
	2,050,000	GS Mortgage Securities Trust, Class B, Series 2018-CHLL, 3.12%(US0001M+105bps), 2/15/37(a)		2,047,644
	1,525,000	IMT Trust, Class BFX, Series 2017-APTS, 3.61%, 6/15/34(a)(b)		1,484,809
	1,650,000	InTown Hotel Portfolio Trust, Class A, Series 2018-STAY, 2.77%(US0001M+70bps), 1/15/33(a)		1,647,395
	243,822	JPMorgan Chase Commercial Mortgage Securities Corp., Class A, Series 2012-WLDN, 3.91%, 5/5/30(a)		245,925
	5,065,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4FX, Series 2012-CBX, 3.48%, 6/15/45(a)		5,083,462
	3,027,461	JPMorgan Mortgage Trust, Class A6, Series 2017-2, 3.00%, 5/25/47, Callable 4/25/41 @ 100(a)(b)		2,952,010
	3,329,683	JPMorgan Mortgage Trust, Class A6, Series 2017-4, 3.00%, 11/25/48, Callable 7/25/39 @ 100(a)(b)		3,279,555
	1,180,000	Latitude Management Real Estate Capital, Class A, Series 2016-CRE2, 3.78%(US0001M+170bps), 11/24/31(a)		1,185,900
	2,600,000	Merrill Lynch Mortgage Trust, Class E, Series 2005-MKB2, 6.53%, 9/12/42(b)		2,694,709
	1,300,000	Morgan Stanley Bank of America Merrill Lynch Trust, Class A3, Series 2015-C24, 3.48%, 5/15/48		1,288,255
	1,540,000	Morgan Stanley Capital I Trust, Class A4, Series 2016-BNK2, 3.05%, 11/15/49		1,466,160
	1,740,000	Morgan Stanley Capital I Trust, Class A, Series 2014-MP, 3.47%, 8/11/33(a)		1,737,099
	4,579,088	One Lincoln Street Commercial Mortgage, Class A1, Series 2004-C3, 5.72%, 10/15/30(a)(b)		4,933,281
	1,800,988	Seasoned Credit Risk Transfer Trust, Class MA, Series 2018-2, 3.50%, 11/25/57, Callable 3/25/35 @ 100		1,792,669


Principal Amount			Fair Value
Collateralized Mortgage Obligations, continued
$	125,000	SG Commercial Mortgage Securities Trust, Class A4, Series 2016-C5, 3.06%, 10/10/48	$	118,663
	768,737	SMB Private Education Loan Trust, Class A2B, Series 14-A, 3.22%(US0001M+115bps), 5/15/26, Callable 4/15/29 @ 100(a)		775,931
	315,812	SMB Private Education Loan Trust, Class A2A, Series 16-B, 2.43%, 2/17/32(a)(b)		306,561
	120,000	Social Professional Loan Program, Class A2B, Series 16-D, 2.34%, 4/25/33, Callable 11/25/25 @ 100(a)		117,157
	445,644	Tharaldson Hotel Portfolio Trust, Class A, Series 2018-THL, 2.80%(US0001M+75bps), 11/11/34(a)		445,417
	1,460,000	VNO Mortgage Trust, Class A, Series 2013-PENN, 3.81%, 12/13/29(a)		1,475,686
	170,000	Waldorf Astoria Boca Raton Trust, Class A, Series 2016-BOCA, 3.42%(US0001M+135bps), 6/15/29(a)		170,050
	1,250,000	Wells Fargo Commercial Mortgage Trust, Class AS, Series 2015-NXS1, 3.41%, 5/15/48		1,215,839
	975,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series 2015-C28, 3.54%, 5/15/48		972,146
	1,635,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series 2015-NXS4, 3.72%, 12/15/48		1,645,120
	14,841,783	Wells Fargo Commercial Mortgage Trust, Class XA, Series 2016-LC25, 1.22%, 12/15/59(b)		877,135

	Total Collateralized Mortgage Obligations (Cost $56,654,690)			77,602,062

Corporate Bonds (25.4%):
Aerospace & Defense (1.6%):
	95,000	BAE Systems plc, 3.85%, 12/15/25, Callable 9/15/25 @ 100.00(a)		93,904
	2,315,000	General Dynamics Corp., 3.75%, 5/15/28, Callable 2/15/28 @ 100.00^		2,336,144
	445,000	Harris Corp., 4.40%, 6/15/28, Callable 3/15/28 @ 100.00		448,479
	1,565,000	Huntington Ingalls Industries, Inc., 5.00%, 11/15/25, Callable 11/15/20 @ 102.50(a)		1,618,664
	2,995,000	Huntington Ingalls Industries, Inc., 3.48%, 12/1/27, Callable 9/1/27 @ 100.00		2,814,701
	290,000	L3 Communications Holdings Corp., 3.95%, 5/28/24, Callable 2/28/24 @ 100.00		286,403
	1,685,000	L3 Technologies, Inc., 3.85%, 12/15/26, Callable 9/15/26 @ 100.00		1,621,418
	1,985,000	L3 Technologies, Inc., 4.40%, 6/15/28, Callable 3/15/28 @ 100.00^		1,975,760
	3,503,000	Lockheed Martin Corp., 2.90%, 3/1/25, Callable 12/1/24 @ 100.00		3,332,999
	2,000	Lockheed Martin Corp., 3.55%, 1/15/26, Callable 10/15/25 @ 100.00		1,966
	319,000	Lockheed Martin Corp., 4.50%, 5/15/36, Callable 11/15/35 @ 100.00		331,074
	275,000	Lockheed Martin Corp., 3.80%, 3/1/45, Callable 9/1/44 @ 100.00		252,562
	2,810,000	Lockheed Martin Corp., 4.70%, 5/15/46, Callable 11/15/45 @ 100.00^		2,987,367
	724,000	Lockheed Martin Corp., 4.09%, 9/15/52, Callable 3/15/52 @ 100.00		681,513


Principal Amount			Fair Value
Corporate Bonds, continued
Aerospace & Defense, continued
$	615,000	Northrop Grumman Corp., 2.08%, 10/15/20	$	600,862
	1,810,000	Northrop Grumman Corp., 3.25%, 8/1/23		1,789,478
	4,602,000	Northrop Grumman Corp., 2.93%, 1/15/25, Callable 11/15/24 @ 100.00		4,368,969
	1,626,000	Northrop Grumman Corp., 3.25%, 1/15/28, Callable 10/15/27 @ 100.00		1,527,567
	700,000	Northrop Grumman Corp., 4.03%, 10/15/47, Callable 4/15/47 @ 100.00		656,298
	1,800,000	Rockwell Collins, Inc., 2.80%, 3/15/22, Callable 2/15/22 @ 100.00		1,753,989
	1,385,000	Spirit AeroSystems, Inc., 3.95%, 6/15/23, Callable 5/15/23 @ 100.00		1,392,140
	500,000	United Technologies Corp., 4.50%, 6/1/42		494,105
	500,000	United Technologies Corp., 3.75%, 11/1/46, Callable 5/1/46 @ 100.00^		437,736

				31,804,098

Air Freight & Logistics (0.1%):
	500,000	FedEx Corp., 3.88%, 8/1/42		447,504
	1,315,000	FedEx Corp., 4.55%, 4/1/46, Callable 10/1/45 @ 100.00		1,276,019
	615,000	FedEx Corp., 4.40%, 1/15/47, Callable 7/15/46 @ 100.00		582,303

				2,305,826

Airlines (0.1%):
	593,081	American Airlines, Series A, 3.38%, 11/1/28		572,055
	543,176	American Airlines Pass Through Trust, Class AA, Series 2015-2, 3.60%, 3/22/29		530,955
	400,000	Southwest Airlines Co., 2.75%, 11/16/22, Callable 10/16/22 @ 100.00		388,516
	370,000	United Airlines Pass Through Trust, Class B, Series 2018-1, 4.60%, 9/1/27		369,556

				1,861,082

Auto Components (0.0%):
	50,000	Delphi Corp., 4.15%, 3/15/24, Callable 12/15/23 @ 100.00		50,132
	680,000	ZF North America Capital, Inc., 4.50%, 4/29/22^(a)		692,319

				742,451

Automobiles (0.3%):
	160,000	Ford Motor Co., 4.75%, 1/15/43		138,290
	1,375,000	Ford Motor Co., 5.29%, 12/8/46, Callable 6/8/46 @ 100.00^		1,274,256
	2,520,000	General Motors Co., 5.40%, 4/1/48, Callable 10/1/47 @ 100.00^		2,394,112
	1,390,000	Volkswagen Group of America Finance LLC, 2.40%, 5/22/20(a)		1,367,291

				5,173,949

Banks (4.4%):
	5,360,000	Bank of America Corp., Series G, 2.63%, 4/19/21^		5,265,543
	7,430,000	Bank of America Corp., Series G, 2.37%(US0003M+66bps), 7/21/21, Callable 7/21/20 @ 100.00		7,283,586
	3,395,000	Bank of America Corp., 2.74%(US0003M+37bps), 1/23/22, Callable 1/23/21 @ 100.00		3,334,616


Principal Amount			Fair Value
Corporate Bonds, continued
Banks, continued
$	890,000	Bank of America Corp., 2.50%, 10/21/22, Callable 10/21/21 @ 100.00, MTN	$	852,485
	1,010,000	Bank of America Corp., 3.30%, 1/11/23, MTN		995,183
	643,000	Bank of America Corp., 3.00%(US0003M+79bps), 12/20/23, Callable 12/20/22 @ 100.00		623,412
	185,000	Bank of America Corp., 4.13%, 1/22/24, MTN		188,045
	5,560,000	Bank of America Corp., 3.55%(US0003M+78bps), 3/5/24, Callable 3/5/23 @ 100.00		5,503,077
	1,095,000	Bank of America Corp., 4.00%, 4/1/24		1,104,593
	2,935,000	Bank of America Corp., 4.20%, 8/26/24		2,950,318
	455,000	Bank of America Corp., 4.00%, 1/22/25, MTN		449,154
	1,810,000	Bank of America Corp., Series G, 3.50%, 4/19/26		1,750,756
	1,040,000	Bank of America Corp., 3.82%(US0003M+158bps), 1/20/28, Callable 1/20/27 @ 100.00, MTN		1,014,464
	380,000	Bank of America Corp., 4.24%(US0003M+181bps), 4/24/38, Callable 4/24/37 @ 100.00		369,123
	284,000	Branch Banking & Trust, 3.63%, 9/16/25, Callable 8/16/25 @ 100.00		279,418
	920,000	Citigroup, Inc., 2.45%, 1/10/20, Callable 12/10/19 @ 100.00^		909,668
	830,000	Citigroup, Inc., 2.40%, 2/18/20		819,419
	1,030,000	Citigroup, Inc., 2.65%, 10/26/20		1,016,034
	920,000	Citigroup, Inc., 2.88%(US0003M+95bps), 7/24/23, Callable 7/24/22 @ 100.00		887,141
	1,545,000	Citigroup, Inc., 4.40%, 6/10/25		1,536,561
	225,000	Citigroup, Inc., 4.08%(US0003M+119bps), 4/23/29, Callable 4/23/28 @ 100.00^		220,759
	965,000	Citizens Bank NA, 2.20%, 5/26/20, Callable 4/26/20 @ 100.00		944,698
	250,000	Citizens Bank NA, 2.55%, 5/13/21, Callable 4/13/21 @ 100.00		243,812
	40,000	Citizens Financial Group, Inc., 2.38%, 7/28/21, Callable 6/28/21 @ 100.00		38,677
	1,042,000	Fifth Third Bank, Series B, 3.85%, 3/15/26, Callable 2/15/26 @ 100.00		1,024,850
	1,660,000	HSBC USA, Inc., 2.35%, 3/5/20		1,640,612
	435,000	HSBC USA, Inc., 5.00%, 9/27/20^		447,886
	470,000	Huntington National Bank (The), 2.40%, 4/1/20, Callable 3/1/20 @ 100.00		463,502
	20,000	JPMorgan Chase & Co., 2.75%, 6/23/20, Callable 5/23/20 @ 100.00		19,822
	1,720,000	JPMorgan Chase & Co., 2.30%, 8/15/21, Callable 8/15/20 @ 100.00		1,661,712
	125,000	JPMorgan Chase & Co., 4.50%, 1/24/22		129,302
	2,625,000	JPMorgan Chase & Co., 3.51%(US0003M+61bps), 6/18/22, Callable 6/18/21 @ 100.00		2,627,021
	9,634,000	JPMorgan Chase & Co., 2.78%(US0003M+94bps), 4/25/23, Callable 4/25/22 @ 100.00		9,339,563
	445,000	JPMorgan Chase & Co., 3.38%, 5/1/23		434,633
	1,180,000	JPMorgan Chase & Co., 3.56%(US0003M+73bps), 4/23/24, Callable 4/23/23 @ 100.00		1,168,944
	300,000	JPMorgan Chase & Co., 3.20%, 6/15/26, Callable 3/15/26 @ 100.00		283,676
	1,271,000	JPMorgan Chase & Co., 2.95%, 10/1/26, Callable 7/1/26 @ 100.00		1,180,625


Principal Amount			Fair Value
Corporate Bonds, continued
Banks, continued
$	3,710,000	JPMorgan Chase & Co., 3.78%(US0003M+134bps), 2/1/28, Callable 2/1/27 @ 100.00	$	3,619,678
	200,000	JPMorgan Chase & Co., 3.54%(US0003M+138bps), 5/1/28, Callable 5/1/27 @ 100.00		191,479
	2,320,000	JPMorgan Chase & Co., 3.51%(US0003M+95bps), 1/23/29, Callable 1/23/28 @ 100.00		2,198,095
	1,140,000	Key Bank NA, Series B, 2.50%, 12/15/19		1,131,027
	250,000	KeyBank NA, Series B, 3.35%, 6/15/21^		250,363
	500,000	KeyBank NA, Series B, 2.40%, 6/9/22		480,094
	200,000	KeyCorp, 2.90%, 9/15/20, MTN		198,395
	245,000	SunTrust Banks, Inc., 4.00%, 5/1/25, Callable 3/1/25 @ 100.00^		246,168
	440,000	Synovus Financial Corp., 3.13%, 11/1/22, Callable 10/1/22 @ 100.00^		420,200
	830,000	US BanCorp, Series X, 3.15%, 4/27/27, Callable 3/27/27 @ 100.00^		793,392
	790,000	US Bank NA, 2.05%, 10/23/20, Callable 9/23/20 @ 100.00, MTN		771,326
	128,000	Wachovia Corp., 5.50%, 8/1/35		136,499
	514,000	Wells Fargo & Co., Series G, 2.60%, 7/22/20		507,473
	1,590,000	Wells Fargo & Co., 2.10%, 7/26/21		1,527,790
	2,960,000	Wells Fargo & Co., 2.63%, 7/22/22, MTN^		2,851,024
	2,750,000	Wells Fargo & Co., 3.07%, 1/24/23, Callable 1/24/22 @ 100.00^		2,674,198
	320,000	Wells Fargo & Co., 4.13%, 8/15/23^		321,730
	250,000	Wells Fargo & Co., 3.00%, 4/22/26		231,762
	1,257,000	Wells Fargo & Co., 3.00%, 10/23/26		1,160,633
	655,000	Wells Fargo & Co., Series G, 4.30%, 7/22/27		645,494
	7,740,000	Wells Fargo Bank NA, 2.60%, 1/15/21		7,616,684

				86,976,194

Beverages (0.6%):
	1,090,000	Anheuser-Busch InBev NV, 4.70%, 2/1/36, Callable 8/1/35 @ 100.00		1,104,766
	1,625,000	Anheuser-Busch InBev NV, 4.90%, 2/1/46, Callable 8/1/45 @ 100.00		1,671,116
	870,000	Anheuser-Busch InBev Worldwide, Inc., 4.60%, 4/15/48, Callable 10/15/47 @ 100.00		857,171
	685,000	Anheuser-Busch InBev Worldwide, Inc., 4.75%, 4/15/58, Callable 10/15/57 @ 100.00		669,087
	720,000	Constellation Brands, Inc., 3.60%, 2/15/28, Callable 11/15/27 @ 100.00		680,567
	150,000	Dr Pepper Snapple Group, Inc., 4.42%, 12/15/46, Callable 6/15/46 @ 100.00		137,232
	1,545,000	Maple Escrow Subsidiary, Inc., 3.55%, 5/25/21^(a)		1,546,365
	1,020,000	Maple Escrow Subsidiary, Inc., 4.06%, 5/25/23, Callable 4/25/23 @ 100.00(a)		1,022,487
	1,150,000	Molson Coors Brewing Co., 1.90%, 3/15/19^		1,141,803
	675,000	Molson Coors Brewing Co., 2.25%, 3/15/20, Callable 2/15/20 @ 100.00^		664,308
	1,200,000	PepsiCo, Inc., 1.70%, 10/6/21, Callable 9/6/21 @ 100.00		1,147,559
	200,000	PepsiCo, Inc., 2.38%, 10/6/26, Callable 7/6/26 @ 100.00		182,763
	730,000	PepsiCo, Inc., 3.00%, 10/15/27, Callable 7/15/27 @ 100.00^		693,510


Principal Amount			Fair Value
Corporate Bonds, continued
Beverages, continued
$	200,000	PepsiCo, Inc., 3.45%, 10/6/46, Callable 4/6/46 @ 100.00	$	179,362

				11,698,096

Biotechnology (0.6%):
	1,000,000	AbbVie, Inc., 2.30%, 5/14/21, Callable 4/14/21 @ 100.00^		971,727
	2,250,000	AbbVie, Inc., 3.60%, 5/14/25, Callable 2/14/25 @ 100.00		2,179,142
	240,000	AbbVie, Inc., 4.45%, 5/14/46, Callable 11/14/45 @ 100.00		229,501
	570,000	Amgen, Inc., 2.20%, 5/11/20		560,988
	500,000	Amgen, Inc., 1.85%, 8/19/21, Callable 7/19/21 @ 100.00		478,900
	450,000	Amgen, Inc., 3.63%, 5/15/22, Callable 2/15/22 @ 100.00^		452,667
	640,000	Amgen, Inc., 2.60%, 8/19/26, Callable 5/19/26 @ 100.00		577,671
	350,000	Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100.00		333,576
	254,000	Amgen, Inc., 4.56%, 6/15/48, Callable 12/15/47 @ 100.00		249,617
	1,454,000	Amgen, Inc., 4.66%, 6/15/51, Callable 12/15/50 @ 100.00		1,437,705
	450,000	Baxalta, Inc., 4.00%, 6/23/25, Callable 3/23/25 @ 100.00		440,538
	512,000	Celgene Corp., 3.88%, 8/15/25, Callable 5/15/25 @ 100.00		498,259
	485,000	Celgene Corp., 3.90%, 2/20/28, Callable 11/20/27 @ 100.00		458,923
	1,650,000	Gilead Sciences, Inc., 3.25%, 9/1/22, Callable 7/1/22 @ 100.00		1,640,490
	50,000	Gilead Sciences, Inc., 2.50%, 9/1/23, Callable 7/1/23 @ 100.00		47,665
	800,000	Gilead Sciences, Inc., 3.65%, 3/1/26, Callable 12/1/25 @ 100.00		789,829
	230,000	Gilead Sciences, Inc., 4.80%, 4/1/44, Callable 10/1/43 @ 100.00		239,723
	880,000	Gilead Sciences, Inc., 4.15%, 3/1/47, Callable 9/1/46 @ 100.00		841,172

				12,428,093

Capital Markets (2.0%):
	1,710,000	Ares Capital Corp., 4.25%, 3/1/25, Callable 1/1/25 @ 100.00		1,644,544
	1,475,000	Bank of New York Mellon Corp. (The), 2.05%, 5/3/21, Callable 4/3/21 @ 100.00, MTN		1,428,997
	2,690,000	Bank of New York Mellon Corp. (The), 2.95%, 1/29/23, Callable 12/29/22 @ 100.00		2,629,064
	135,000	Bank of New York Mellon Corp. (The), 2.80%, 5/4/26, Callable 2/4/26 @ 100.00^		126,959
	480,000	Bank of New York Mellon Corp. (The), 3.44%(US0003M+107bps), 2/7/28, Callable 2/7/27 @ 100.00, MTN		468,474
	185,000	Bank of New York Mellon Corp. (The), 3.00%, 10/30/28, Callable 7/30/28 @ 100.00		169,007


Principal Amount			Fair Value
Corporate Bonds, continued
Capital Markets, continued
$	1,000,000	Bank of New York Mellon Corp. (The), 3.30%, 8/23/29, Callable 5/23/29 @ 100.00, MTN	$	929,637
	950,000	Bank of New York Mellon Corp. (The), 4.62%(US0003M+313bps), 12/29/49, Callable 9/20/26 @ 100.00		898,938
	1,435,000	Chalres Schwab Corp., Series E, 4.62%(US0003M+332bps), 12/29/49, Callable 3/1/22 @ 100.00^		1,433,206
	305,000	CME Group, Inc., 3.75%, 6/15/28, Callable 3/15/28 @ 100.00		307,406
	1,330,000	Goldman Sachs Bank USA, Series B, 3.20%, 6/5/20^		1,333,872
	1,815,000	Goldman Sachs Group, Inc., 4.00%, 3/3/24		1,816,269
	425,000	Goldman Sachs Group, Inc., 3.49%(US0003M+117bps), 5/15/26, Callable 5/15/25 @ 100.00^		419,821
	1,320,000	Goldman Sachs Group, Inc., 3.69%(US0003M+151bps), 6/5/28, Callable 6/5/27 @ 100.00		1,251,338
	2,375,000	Goldman Sachs Group, Inc., 4.22%(US0003M+130bps), 5/1/29, Callable 5/1/28 @ 100.00^		2,339,162
	610,000	Goldman Sachs Group, Inc. (The), 2.60%, 4/23/20, Callable 3/23/20 @ 100.00^		604,244
	2,425,000	Goldman Sachs Group, Inc. (The), 2.88%, 2/25/21, Callable 1/25/21 @ 100.00		2,393,456
	4,730,000	Goldman Sachs Group, Inc. (The), 3.14%(US0003M+78bps), 10/31/22, Callable 10/31/21 @ 100.00		4,730,964
	415,000	Goldman Sachs Group, Inc. (The), 3.75%, 2/25/26, Callable 11/25/25 @ 100.00		402,093
	106,000	Goldman Sachs Group, Inc. (The), 5.95%, 1/15/27^		114,825
	1,385,000	Goldman Sachs Group, Inc. (The), 3.85%, 1/26/27, Callable 1/26/26 @ 100.00		1,330,054
	180,000	Goldman Sachs Group, Inc. (The), 4.80%, 7/8/44, Callable 1/8/44 @ 100.00		178,593
	760,000	IntercontinentalExchange, 2.75%, 12/1/20, Callable 11/1/20 @ 100.00		753,886
	945,000	Morgan Stanley, 3.13%, 1/23/23		922,069
	1,555,000	Morgan Stanley, 3.75%, 2/25/23		1,556,763
	570,000	Morgan Stanley, 3.74%(US0003M+85bps), 4/24/24, Callable 4/24/23 @ 100.00		566,580
	2,880,000	Morgan Stanley, 3.13%, 7/27/26, MTN		2,679,049
	4,420,000	Morgan Stanley, 3.77%(US0003M+114bps), 1/24/29, Callable 1/24/28 @ 100.00^		4,257,911
	760,000	Morgan Stanley, 4.38%, 1/22/47		725,775
	1,355,000	State Street Corp., 2.55%, 8/18/20^		1,343,965
	741,000	State Street Corp., Series F, 5.25%(US0003M+360bps), 12/31/49, Callable 9/15/20 @ 100.00^		761,192

				40,518,113

Chemicals (0.2%):
	49,000	Dow Chemical Co. (The), 4.38%, 11/15/42, Callable 5/15/42 @ 100.00		46,155
	345,000	E.I. du Pont de Nemours & Co., 2.20%, 5/1/20		340,061


Principal Amount			Fair Value
Corporate Bonds, continued
Chemicals, continued
$	410,000	Eastman Chemical Co., 2.70%, 1/15/20, Callable 12/15/19 @ 100.00	$	407,548
	220,000	Eastman Chemical Co., 4.65%, 10/15/44, Callable 4/15/44 @ 100.00		215,642
	1,000,000	Ecolab, Inc., 2.70%, 11/1/26, Callable 8/1/26 @ 100.00^		924,182
	199,000	Monsanto Co., 3.38%, 7/15/24, Callable 4/15/24 @ 100.00		190,825
	90,000	Monsanto Co., 4.40%, 7/15/44, Callable 1/15/44 @ 100.00		83,385
	250,000	Monsanto Co., 3.95%, 4/15/45, Callable 10/15/44 @ 100.00		217,031
	220,000	RPM International, Inc., 3.75%, 3/15/27, Callable 12/15/26 @ 100.00		209,722
	1,500,000	Sherwin-Williams Co. (The), 4.50%, 6/1/47, Callable 12/1/46 @ 100.00^		1,431,620

				4,066,171

Commercial Services & Supplies (0.1%):
	535,000	Republic Services, Inc., 3.20%, 3/15/25, Callable 12/15/24 @ 100.00		514,775
	45,000	Republic Services, Inc., 2.90%, 7/1/26, Callable 4/1/26 @ 100.00		41,789
	575,000	Republic Services, Inc., 3.38%, 11/15/27, Callable 8/15/27 @ 100.00		544,968
	1,310,000	Republic Services, Inc., 3.95%, 5/15/28, Callable 2/15/28 @ 100.00		1,292,275

				2,393,807

Communications Equipment (0.1%):
	35,000	Cisco Systems, Inc., 2.20%, 9/20/23, Callable 7/20/23 @ 100.00		33,026
	135,000	Harris Corp., 2.70%, 4/27/20, Callable 3/27/20 @ 100.00		133,805
	1,000,000	Harris Corp., 3.83%, 4/27/25, Callable 1/27/25 @ 100.00		980,530
	50,000	Juniper Networks, Inc., 4.35%, 6/15/25, Callable 3/15/25 @ 100.00^		49,846
	400,000	Motorola Solutions, Inc., 3.50%, 9/1/21		397,570
	224,000	Motorola Solutions, Inc., 4.00%, 9/1/24^		217,214

				1,811,991

Consumer Finance (1.4%):
	1,400,000	American Express Co., 3.38%, 5/17/21, Callable 4/17/21 @ 100.00		1,401,669
	320,000	American Express Co., 3.00%, 10/30/24, Callable 9/29/24 @ 100.00		305,328
	530,000	American Express Credit Corp., 2.38%, 5/26/20, Callable 4/25/20 @ 100.00		522,308
	635,000	American Honda Finance Corp., Series G, 1.70%, 9/9/21		608,367
	335,000	Capital One Financial Corp., 3.75%, 7/28/26, Callable 6/28/26 @ 100.00		311,279
	4,120,000	Capital One NA, 2.35%, 1/31/20, Callable 12/31/19 @ 100.00		4,060,723
	455,000	Discover Bank, 2.60%, 11/13/18, Callable 10/12/18 @ 100.00		454,737


Principal Amount			Fair Value
Corporate Bonds, continued
Consumer Finance, continued
$	250,000	Discover Bank, 3.35%, 2/6/23, Callable 1/6/23 @ 100.00	$	243,624
	370,000	Discover Bank, 3.45%, 7/27/26, Callable 4/27/26 @ 100.00		343,316
	850,000	Ford Motor Credit Co. LLC, 3.10%, 5/4/23^		809,482
	435,000	Ford Motor Credit Co. LLC, 3.66%, 9/8/24		416,952
	810,000	Ford Motor Credit Co. LLC, 3.82%, 11/2/27, Callable 8/2/27 @ 100.00^		751,659
	2,269,000	General Motors Financial Co., Inc., 3.20%, 7/13/20, Callable 6/13/20 @ 100.00		2,258,298
	1,740,000	General Motors Financial Co., Inc., 2.45%, 11/6/20		1,701,019
	755,000	General Motors Financial Co., Inc., 4.38%, 9/25/21		769,553
	1,752,000	General Motors Financial Co., Inc., 3.95%, 4/13/24, Callable 2/13/24 @ 100.00^		1,714,519
	1,140,000	General Motors Financial Co., Inc., 4.35%, 4/9/25, Callable 2/9/25 @ 100.00		1,123,648
	220,000	Hyundai Capital America, 2.40%, 10/30/18(a)		219,676
	95,000	Hyundai Capital America, 2.50%, 3/18/19(a)		94,562
	2,060,000	Hyundai Capital America, 1.75%, 9/27/19(a)		2,019,995
	945,000	Hyundai Capital America, 2.55%, 4/3/20(a)		928,681
	588,000	Hyundai Capital America, 3.00%, 10/30/20(a)		580,098
	225,000	John Deere Capital Corp., 2.65%, 1/6/22, MTN		220,156
	1,400,000	Nissan Motor Acceptance Corp., 3.15%, 3/15/21(a)		1,390,672
	1,285,000	Synchrony Bank, Series B, 3.65%, 5/24/21, Callable 4/24/21 @ 100.00^		1,285,745
	1,690,000	Synchrony Financial, 3.00%, 8/15/19, Callable 7/15/19 @ 100.00		1,686,412
	2,250,000	Synchrony Financial, 2.70%, 2/3/20, Callable 1/3/20 @ 100.00		2,226,276

				28,448,754

Containers & Packaging (0.1%):
	715,000	International Paper Co., 4.35%, 8/15/48, Callable 2/15/48 @ 100.00		641,379
	685,000	WestRock RKT Co., 4.90%, 3/1/22		713,530

				1,354,909

Diversified Consumer Services (0.1%):
	145,000	California Institute of Technology, 4.32%, 8/1/45		155,332
	360,000	Massachusetts Institute of Technology, 4.68%, 7/1/14		394,507
	114,000	Pres & Fellows of Harvar, 3.15%, 7/15/46, Callable 1/15/46 @ 100.00		102,947
	575,000	Pres & Fellows of Harvar, 3.30%, 7/15/56, Callable 1/15/56 @ 100.00^		523,576

				1,176,362

Diversified Financial Services (0.2%):
	1,870,000	AXA Equitable Holdings, Inc., 3.90%, 4/20/23, Callable 3/20/23 @ 100.00^(a)		1,855,269
	135,000	Berkshire Hathaway, Inc., 2.75%, 3/15/23, Callable 1/15/23 @ 100.00		132,113
	95,000	Berkshire Hathaway, Inc., 3.13%, 3/15/26, Callable 12/15/25 @ 100.00		91,533
	2,575,000	Daimler Finance North America LLC, 2.70%, 8/3/20(a)		2,540,535

				4,619,450


Principal Amount			Fair Value
Corporate Bonds, continued
Diversified Telecommunication Services (1.2%):
$	1,000,000	AT&T, Inc., 2.80%, 2/17/21, Callable 1/17/21 @ 100.00	$	984,078
	150,000	AT&T, Inc., 4.45%, 4/1/24, Callable 1/1/24 @ 100.00		151,434
	185,000	AT&T, Inc., 3.95%, 1/15/25, Callable 10/15/24 @ 100.00		180,935
	2,000,000	AT&T, Inc., 4.13%, 2/17/26, Callable 11/17/25 @ 100.00^		1,954,832
	5,516,000	AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100.00(a)		5,206,586
	170,000	AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100.00		157,241
	122,000	AT&T, Inc., 5.35%, 9/1/40		119,067
	2,465,000	AT&T, Inc., 4.35%, 6/15/45, Callable 12/15/44 @ 100.00		2,088,193
	1,010,000	AT&T, Inc., 4.75%, 5/15/46, Callable 11/15/45 @ 100.00		902,210
	560,000	Verizon Communications, Inc., 4.13%, 3/16/27		554,199
	4,604,000	Verizon Communications, Inc., 4.33%, 9/21/28(a)		4,563,029
	1,930,000	Verizon Communications, Inc., 4.50%, 8/10/33		1,868,977
	705,000	Verizon Communications, Inc., 4.40%, 11/1/34, Callable 5/1/34 @ 100.00		657,506
	880,000	Verizon Communications, Inc., 4.13%, 8/15/46		754,915
	1,962,000	Verizon Communications, Inc., 4.86%, 8/21/46		1,874,832
	1,385,000	Verizon Communications, Inc., 5.01%, 4/15/49		1,348,783
	525,000	Verizon Communications, Inc., 5.01%, 8/21/54		493,319

				23,860,136

Electric Utilities (1.4%):
	430,000	AEP Texas, Inc., 2.40%, 10/1/22, Callable 9/1/22 @ 100.00		412,967
	290,000	AEP Texas, Inc., 3.95%, 6/1/28, Callable 3/1/28 @ 100.00(a)		289,088
	168,000	Alabama Power Co., Series 11-C, 5.20%, 6/1/41		188,785
	320,000	Alabama Power Co., 3.85%, 12/1/42		301,546
	640,000	Alabama Power Co., 4.15%, 8/15/44, Callable 2/15/44 @ 100.00		631,655
	480,000	Alabama Power Co., Series A, 4.30%, 7/15/48, Callable 1/15/48 @ 100.00		487,448
	680,000	Alliant Energy Finance, 3.75%, 6/15/23, Callable 5/15/23 @ 100.00(a)		679,875
	500,000	Baltimore Gas & Electric, 2.80%, 8/15/22, Callable 5/15/22 @ 100.00		488,699
	500,000	Baltimore Gas & Electric, 2.40%, 8/15/26, Callable 5/15/26 @ 100.00^		455,083
	900,000	Baltimore Gas & Electric Co., 3.75%, 8/15/47, Callable 2/15/47 @ 100.00		843,095
	1,435,000	Berkshire Hathaway Energy Co., 3.25%, 4/15/28, Callable 1/15/28 @ 100.00^		1,364,754
	220,000	Carolina Power & Light Co., 5.70%, 4/1/35		254,178
	430,000	Carolina Power & Light Co., 4.10%, 3/15/43, Callable 9/15/42 @ 100.00		430,828
	1,000,000	Duke Energy Carolinas, 4.25%, 12/15/41, Callable 6/15/41 @ 100.00		1,018,990
	555,000	Duke Energy Carolinas, 3.75%, 6/1/45, Callable 12/1/44 @ 100.00		520,949


Principal Amount			Fair Value
Corporate Bonds, continued
Electric Utilities, continued
$	465,000	Duke Energy Carolinas LLC, 3.95%, 3/15/48, Callable 9/15/47 @ 100.00	$	451,287
	1,500,000	Duke Energy Corp., 1.80%, 9/1/21, Callable 8/1/21 @ 100.00		1,435,803
	430,000	Duke Energy Corp., 3.05%, 8/15/22, Callable 5/15/22 @ 100.00		423,090
	1,640,000	Duke Energy Corp., 3.95%, 10/15/23, Callable 7/15/23 @ 100.00		1,658,465
	1,500,000	Duke Energy Corp., 2.65%, 9/1/26, Callable 6/1/26 @ 100.00		1,351,008
	600,000	Duke Energy Corp., 3.75%, 9/1/46, Callable 3/1/46 @ 100.00		528,485
	45,000	Emera US Finance LP, 2.15%, 6/15/19		44,530
	850,000	Entergy Louisiana LLC, 4.00%, 3/15/33, Callable 12/15/32 @ 100.00		850,780
	490,000	Entergy Texas, Inc., 3.45%, 12/1/27, Callable 9/1/27 @ 100.00		475,844
	440,000	Eversource Energy, Series L, 2.90%, 10/1/24, Callable 8/1/24 @ 100.00		417,639
	135,000	Exelon Corp., 2.85%, 6/15/20, Callable 5/15/20 @ 100.00		133,798
	15,000	Exelon Corp., 2.45%, 4/15/21, Callable 3/15/21 @ 100.00		14,578
	35,000	Exelon Corp., 3.40%, 4/15/26, Callable 1/15/26 @ 100.00		33,242
	92,000	Exelon Corp., 4.95%, 6/15/35, Callable 12/15/34 @ 100.00		96,849
	163,000	Exelon Corp., 5.63%, 6/15/35		188,628
	450,000	Florida Power & Light Co., 3.13%, 12/1/25, Callable 6/1/25 @ 100.00^		439,068
	110,000	Florida Power & Light Co., 5.69%, 3/1/40		133,833
	460,000	Florida Power & Light Co., 4.05%, 6/1/42, Callable 12/1/41 @ 100.00		465,024
	170,000	Florida Power & Light Co., 3.80%, 12/15/42, Callable 6/15/42 @ 100.00		166,473
	340,000	Florida Power & Light Co., 3.70%, 12/1/47, Callable 6/1/47 @ 100.00		319,822
	120,000	Florida Power & Light Co., 4.13%, 6/1/48, Callable 12/1/47 @ 100.00		121,295
	568,000	Georgia Power Co., 2.00%, 3/30/20		558,534
	750,000	Georgia Power Co., 3.25%, 3/30/27, Callable 12/30/26 @ 100.00		709,965
	40,000	MidAmerican Energy Holdings Co., 5.95%, 5/15/37		48,981
	290,000	Mid-Atlantic Interstate Transmission LLC, 4.10%, 5/15/28(a)		289,959
	365,000	NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27, Callable 2/1/27 @ 100.00		350,847
	110,000	Northern States Power Co., 3.40%, 8/15/42, Callable 2/15/42 @ 100.00^		99,505
	320,000	Northern States Power Co., 3.60%, 5/15/46, Callable 11/15/45 @ 100.00		292,836
	660,000	Northern States Power Co., 3.60%, 9/15/47, Callable 3/15/47 @ 100.00		608,418
	160,000	Ohio Power Co., Series G, 6.60%, 2/15/33		204,775
	120,000	Ohio Power Co., 4.15%, 4/1/48, Callable 10/1/47 @ 100.00^		120,683


Principal Amount			Fair Value
Corporate Bonds, continued
Electric Utilities, continued
$	170,000	Oncor Electric Delivery Co., LLC, 3.80%, 9/30/47, Callable 3/30/47 @ 100.00	$	162,437
	325,000	PacifiCorp., 5.75%, 4/1/37		390,703
	1,000,000	PPL Capital Funding, Inc., 3.40%, 6/1/23, Callable 3/1/23 @ 100.00		983,543
	600,000	Southwestern Public Service Co., 3.30%, 6/15/24, Callable 12/15/23 @ 100.00		590,405
	395,000	Tampa Electric Co., 4.30%, 6/15/48, Callable 12/15/47 @ 100.00		390,996
	510,000	Virginia Electric & Power Co., 3.45%, 9/1/22, Callable 6/1/22 @ 100.00		510,256
	1,075,000	Virginia Electric & Power Co., Series A, 3.15%, 1/15/26, Callable 10/15/25 @ 100.00		1,032,016
	215,000	Virginia Electric & Power Co., Series B, 2.95%, 11/15/26, Callable 8/15/26 @ 100.00		201,324
	730,000	Virginia Electric & Power Co., Series A, 3.80%, 4/1/28, Callable 1/1/28 @ 100.00		725,759
	25,000	Virginia Electric & Power Co., 6.35%, 11/30/37		31,387
	2,110,000	Virginia Electric & Power Co., 4.00%, 1/15/43, Callable 7/15/42 @ 100.00		2,016,105
	255,000	Virginia Electric & Power Co., Series C, 4.00%, 11/15/46, Callable 5/15/46 @ 100.00^		245,027

				28,681,942

Electrical Equipment (0.0%):
	645,000	Eaton Corp., 2.75%, 11/2/22		626,231

Electronic Equipment, Instruments & Components (0.1%):
	40,000	Avnet, Inc., 4.63%, 4/15/26, Callable 1/15/26 @ 100.00		39,416
	2,025,000	Corning, Inc., 4.38%, 11/15/57, Callable 5/15/57 @ 100.00		1,765,364

				1,804,780

Energy Equipment & Services (0.2%):
	665,000	Baker Hughes Co-Obligor, Inc., 4.08%, 12/15/47, Callable 6/15/47 @ 100.00		594,284
	75,000	Halliburton Co., 3.80%, 11/15/25, Callable 8/15/25 @ 100.00		74,464
	2,490,000	Patterson-UTI Energy, Inc., 3.95%, 2/1/28, Callable 11/1/27 @ 100.00(a)		2,328,973
	610,000	Schlumberger Holdings Corp., 4.00%, 12/21/25, Callable 9/21/25 @ 100.00(a)		607,963

				3,605,684

Equity Real Estate Investment Trusts (0.2%):
	25,000	Crown Castle International Corp., 3.40%, 2/15/21, Callable 1/15/21 @ 100.00		24,971
	175,000	Crown Castle International Corp., 2.25%, 9/1/21, Callable 8/1/21 @ 100.00		167,756
	2,000,000	Crown Castle International Corp., 5.25%, 1/15/23		2,095,675
	535,000	Crown Castle International Corp., 3.70%, 6/15/26, Callable 3/15/26 @ 100.00		504,462
	240,000	Crown Castle International Corp., 4.75%, 5/15/47, Callable 11/15/46 @ 100.00		226,241
	1,460,000	Realty Income Corp., 3.00%, 1/15/27, Callable 10/15/26 @ 100.00		1,336,265

				4,355,370


Principal Amount			Fair Value
Corporate Bonds, continued
Food & Staples Retailing (0.7%):
$	3,745,000	CVS Health Corp., 3.13%, 3/9/20	$	3,740,162
	2,000,000	CVS Health Corp., 2.80%, 7/20/20, Callable 6/20/20 @ 100.00		1,981,116
	705,000	CVS Health Corp., 3.35%, 3/9/21		704,225
	1,175,000	CVS Health Corp., 3.70%, 3/9/23, Callable 2/9/23 @ 100.00		1,169,041
	2,750,000	CVS Health Corp., 4.30%, 3/25/28, Callable 12/25/27 @ 100.00		2,712,624
	155,000	CVS Health Corp., 5.13%, 7/20/45, Callable 1/20/45 @ 100.00		157,058
	695,000	CVS Health Corp., 5.05%, 3/25/48, Callable 9/25/47 @ 100.00		707,299
	970,000	Sysco Corp., 3.55%, 3/15/25, Callable 1/15/25 @ 100.00^		950,568
	1,375,000	Walgreens Boots Alliance, Inc., 3.45%, 6/1/26, Callable 3/1/26 @ 100.00		1,281,574
	650,000	Walgreens Boots Alliance, Inc., 4.65%, 6/1/46, Callable 12/1/45 @ 100.00		597,360
	295,000	Wal-Mart Stores, Inc., 3.55%, 6/26/25, Callable 4/26/25 @ 100.00^		296,871
	305,000	Wal-Mart Stores, Inc., 4.00%, 4/11/43, Callable 10/11/42 @ 100.00		300,140
	189,000	Wal-Mart Stores, Inc., 4.30%, 4/22/44, Callable 10/22/43 @ 100.00		197,054
	140,000	Wal-Mart Stores, Inc., 4.05%, 6/29/48, Callable 12/29/47 @ 100.00		140,979

				14,936,071

Food Products (0.3%):
	3,425,000	Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100.00		3,302,365
	330,000	Cargill, Inc., 3.25%, 3/1/23^(a)		327,842
	855,000	General Mills, Inc., 4.00%, 4/17/25, Callable 2/17/25 @ 100.00		842,031
	470,000	Kraft Heinz Foods Co., 3.00%, 6/1/26, Callable 3/1/26 @ 100.00		423,246
	310,000	Kraft Heinz Foods Co., 4.38%, 6/1/46, Callable 12/1/45 @ 100.00		268,182
	1,011,000	Tyson Foods, Inc., 3.55%, 6/2/27, Callable 3/2/27 @ 100.00		956,470
	320,000	Tyson Foods, Inc., 4.55%, 6/2/47, Callable 12/2/46 @ 100.00		306,449

				6,426,585

Health Care Equipment & Supplies (0.3%):
	1,335,000	Abbott Laboratories, 3.40%, 11/30/23, Callable 9/30/23 @ 100.00		1,317,144
	975,000	Abbott Laboratories, 2.95%, 3/15/25, Callable 12/15/24 @ 100.00^		922,762
	35,000	Abbott Laboratories, 3.88%, 9/15/25, Callable 6/15/25 @ 100.00		34,888
	270,000	Abbott Laboratories, 3.75%, 11/30/26, Callable 8/30/26 @ 100.00		265,389
	166,000	Abbott Laboratories, 4.75%, 4/15/43, Callable 10/15/42 @ 100.00		172,810
	1,070,000	Baxter International, Inc., 1.70%, 8/15/21, Callable 7/15/21 @ 100.00		1,016,340


Principal Amount			Fair Value
Corporate Bonds, continued
Health Care Equipment & Supplies, continued
$	109,000	Becton, Dickinson & Co., 2.68%, 12/15/19	$	108,183
	84,000	Becton, Dickinson & Co., 3.73%, 12/15/24, Callable 9/15/24 @ 100.00		82,005
	395,000	Edwards Lifesciences Corp., 4.30%, 6/15/28, Callable 3/15/28 @ 100.00		394,361
	311,000	Medtronic, Inc., 3.15%, 3/15/22		308,509
	830,000	Medtronic, Inc., 3.50%, 3/15/25		821,298
	810,000	Medtronic, Inc., 4.63%, 3/15/45		858,636
	200,000	Stryker Corp., 2.63%, 3/15/21, Callable 2/15/21 @ 100.00		196,609
	460,000	Stryker Corp., 3.38%, 11/1/25, Callable 8/1/25 @ 100.00		441,899

				6,940,833

Health Care Providers & Services (0.3%):
	55,000	Aetna, Inc., 2.75%, 11/15/22, Callable 8/15/22 @ 100.00		52,814
	380,000	Aetna, Inc., 4.13%, 11/15/42, Callable 5/15/42 @ 100.00		351,643
	110,000	Aetna, Inc., 3.88%, 8/15/47, Callable 2/15/47 @ 100.00		98,411
	715,000	Anthem, Inc., 2.95%, 12/1/22, Callable 11/1/22 @ 100.00^		694,408
	525,000	Anthem, Inc., 3.35%, 12/1/24, Callable 10/1/24 @ 100.00		507,180
	345,000	Anthem, Inc., 3.65%, 12/1/27, Callable 9/1/27 @ 100.00		326,815
	255,000	Anthem, Inc., 4.38%, 12/1/47, Callable 6/1/47 @ 100.00		235,319
	710,000	Cigna Corp., 3.25%, 4/15/25, Callable 1/15/25 @ 100.00		667,616
	230,000	Cigna Corp., 3.05%, 10/15/27, Callable 7/15/27 @ 100.00		207,449
	220,000	Humana, Inc., 4.80%, 3/15/47, Callable 9/15/46 @ 100.00		226,007
	160,000	UnitedHealth Group, Inc., 2.70%, 7/15/20		159,045
	545,000	UnitedHealth Group, Inc., 3.35%, 7/15/22		545,774
	1,000,000	UnitedHealth Group, Inc., 3.10%, 3/15/26		954,338
	1,320,000	UnitedHealth Group, Inc., 4.75%, 7/15/45		1,410,302
	220,000	WellPoint, Inc., 3.50%, 8/15/24, Callable 5/15/24 @ 100.00		214,399

				6,651,520

Hotels, Restaurants & Leisure (0.1%):
	10,000	McDonald’s Corp., 2.75%, 12/9/20, Callable 11/9/20 @ 100.00		9,932
	50,000	McDonald’s Corp., 4.70%, 12/9/35, Callable 6/9/35 @ 100.00		52,105
	120,000	McDonald’s Corp., 4.60%, 5/26/45, Callable 11/26/44 @ 100.00		120,974
	60,000	McDonald’s Corp., 4.88%, 12/9/45, Callable 6/9/45 @ 100.00, MTN		62,993
	1,110,000	McDonald’s Corp., 4.45%, 3/1/47, Callable 9/1/46 @ 100.00, MTN		1,095,382

				1,341,386

Household Durables (0.0%):
	645,000	Newell Rubbermaid, Inc., 3.85%, 4/1/23, Callable 2/1/23 @ 100.00		635,334


Principal Amount			Fair Value
Corporate Bonds, continued
Household Products (0.0%):
$	740,000	Clorox Co. (The), 3.90%, 5/15/28, Callable 2/15/28 @ 100.00^	$	733,808

Industrial Conglomerates (0.4%):
	2,565,000	General Electric Capital Corp., Series A, 5.55%, 5/4/20, MTN		2,673,346
	4,750,000	General Electric Co., Series D, 5.00%(US0003M+333bps), 12/31/49, Callable 1/21/21 @ 100.00^		4,678,750
	164,000	Georgia-Pacific LLC, 5.40%, 11/1/20(a)		171,798
	505,000	Georgia-Pacific LLC, 3.73%, 7/15/23, Callable 4/15/23 @ 100.00(a)		507,267
	309,000	Georgia-Pacific LLC, 3.60%, 3/1/25, Callable 12/1/24 @ 100.00(a)		307,605

				8,338,766

Insurance (0.3%):
	325,000	ACE INA Holdings, Inc., 3.35%, 5/15/24		320,259
	410,000	ACE INA Holdings, Inc., 4.15%, 3/13/43^		405,545
	700,000	American International Group, Inc., 5.75%(US0003M+287bps), 4/1/48, Callable 4/1/28 @ 100.00		689,500
	810,000	American International Group, Inc., 4.38%, 1/15/55, Callable 7/15/54 @ 100.00		700,039
	235,000	Brighthouse Financial, Inc., 4.70%, 6/22/47, Callable 12/22/46 @ 100.00		193,672
	401,000	Hartford Financial Services Group, Inc. (The), 4.30%, 4/15/43		377,884
	20,000	Marsh & McLennan Cos., Inc., 3.50%, 3/10/25, Callable 12/10/24 @ 100.00		19,559
	1,060,000	Marsh & McLennan Cos., Inc., 3.75%, 3/14/26, Callable 12/14/25 @ 100.00^		1,049,628
	610,000	Marsh & McLennan Cos., Inc., 4.35%, 1/30/47, Callable 7/30/46 @ 100.00^		606,779
	95,000	Principal Financial Group, Inc., 3.13%, 5/15/23		92,824
	196,000	Principal Financial Group, Inc., 3.10%, 11/15/26, Callable 8/15/26 @ 100.00		183,536
	25,000	Principal Financial Group, Inc., 4.63%, 9/15/42		25,150
	12,000	Teachers Insurance & Annuity Association of America, 6.85%, 12/16/39(a)		15,888
	50,000	Teachers Insurance & Annuity Association of America, 4.90%, 9/15/44(a)		52,634
	540,000	Teachers Insurance & Annuity Association of America, 4.27%, 5/15/47, Callable 11/15/46 @ 100.00(a)		516,419
	195,000	Travelers Cos., Inc., 4.05%, 3/7/48, Callable 9/7/47 @ 100.00^		188,966
	214,000	Travelers Cos., Inc. (The), 4.30%, 8/25/45, Callable 2/25/45 @ 100.00		216,451

				5,654,733

Internet & Direct Marketing Retail (0.1%):
	116,000	Amazon.com, Inc., 4.80%, 12/5/34, Callable 6/5/34 @ 100.00		127,094
	368,000	Amazon.com, Inc., 4.05%, 8/22/47, Callable 2/22/47 @ 100.00		360,495


Principal Amount			Fair Value
Corporate Bonds, continued
Internet & Direct Marketing Retail, continued
$	570,000	Amazon.com, Inc., 4.25%, 8/22/57, Callable 2/22/57 @ 100.00	$	562,040

				1,049,629

Internet Software & Services (0.0%):
	275,000	eBay, Inc., 4.00%, 7/15/42, Callable 1/15/42 @ 100.00		239,128

IT Services (0.2%):
	125,000	DXC Technology Co., 2.88%, 3/27/20^		124,105
	49,000	Fidelity National Information Services, Inc., 5.00%, 10/15/25, Callable 7/15/25 @ 100.00		51,519
	250,000	Fidelity National Information Services, Inc., 4.50%, 8/15/46, Callable 2/15/46 @ 100.00		232,196
	420,000	International Business Machines Corp., 2.88%, 11/9/22		412,437
	100,000	International Business Machines Corp., 4.70%, 2/19/46^		109,126
	300,000	Total System Services, Inc., 3.80%, 4/1/21, Callable 3/1/21 @ 100.00		302,051
	680,000	Total System Services, Inc., 3.75%, 6/1/23, Callable 3/1/23 @ 100.00		673,894
	1,720,000	Visa, Inc., 3.15%, 12/14/25, Callable 9/14/25 @ 100.00		1,663,891

				3,569,219

Leisure Products (0.0%):
	220,000	Hasbro, Inc., 3.50%, 9/15/27, Callable 6/15/27 @ 100.00^		203,513

Life Sciences Tools & Services (0.0%):
	313,000	Thermo Fisher Scientific, Inc., 3.60%, 8/15/21, Callable 5/15/21 @ 100.00		314,708
	550,000	Thermo Fisher Scientific, Inc., 2.95%, 9/19/26, Callable 6/19/26 @ 100.00		508,101
	140,000	Thermo Fisher Scientific, Inc., 3.20%, 8/15/27, Callable 5/15/27 @ 100.00		130,883

				953,692

Machinery (0.1%):
	395,000	Crane Co., 4.20%, 3/15/48, Callable 9/15/47 @ 100.00		375,464
	910,000	Kennametal, Inc., 4.63%, 6/15/28, Callable 3/15/28 @ 100.00		901,109

				1,276,573

Media (1.0%):
	880,000	CBS Corp., 3.70%, 6/1/28, Callable 3/1/28 @ 100.00(a)		819,560
	341,000	Comcast Corp., 2.35%, 1/15/27, Callable 10/15/26 @ 100.00		298,656
	3,380,000	Comcast Corp., 3.40%, 7/15/46, Callable 1/15/46 @ 100.00		2,740,913
	2,105,000	COX Communications, Inc., 3.15%, 8/15/24, Callable 6/15/24 @ 100.00(a)		1,994,209
	250,000	Discovery Communications LLC, 2.20%, 9/20/19		247,262
	2,310,000	Discovery Communications LLC, 2.95%, 3/20/23, Callable 2/20/23 @ 100.00		2,209,120
	325,000	Discovery Communications LLC, 3.95%, 6/15/25, Callable 5/15/25 @ 100.00(a)		316,822


Principal Amount			Fair Value
Corporate Bonds, continued
Media, continued
$	65,000	Discovery Communications LLC, 5.20%, 9/20/47, Callable 3/20/47 @ 100.00^	$	63,046
	392,000	Discovery Communications, Inc., 4.88%, 4/1/43		363,438
	915,000	NBCUniversal Enterprise, Inc., 2.71%(US0003M+40bps), 4/1/21(a)		916,266
	5,730,000	NBCUniversal Enterprise, Inc., 5.25%, 12/31/99, Callable 3/19/21 @ 100.00(a)		5,787,301
	820,000	NBCUniversal Media LLC, 5.15%, 4/30/20		847,353
	1,920,000	Time Warner, Inc., 3.80%, 2/15/27, Callable 11/15/26 @ 100.00		1,813,199
	1,300,000	Time Warner, Inc., 5.35%, 12/15/43		1,269,406
	206,000	Twenty-First Century Fox, Inc., 6.40%, 12/15/35		247,107
	480,000	Viacom, Inc., 5.85%, 9/1/43, Callable 3/1/43 @ 100.00		479,784

				20,413,442

Metals & Mining (0.0%):
	400,000	Newmont Mining Corp., 4.88%, 3/15/42, Callable 9/15/41 @ 100.00		399,552

Multiline Retail (0.0%):
	423,000	Dollar General Corp., 4.15%, 11/1/25, Callable 8/1/25 @ 100.00		423,246
	270,000	Target Corp., 3.63%, 4/15/46		240,545

				663,791

Multi-Utilities (0.2%):
	240,000	Ameren Illinois Co., 3.80%, 5/15/28, Callable 2/15/28 @ 100.00^		242,342
	170,000	Black Hills Corp., 3.15%, 1/15/27, Callable 7/15/26 @ 100.00		157,060
	190,000	CenterPoint Energy Houston Electric LLC, 3.95%, 3/1/48, Callable 9/1/47 @ 100.00		186,498
	745,000	CenterPoint Energy Resources Corp., 4.10%, 9/1/47, Callable 3/1/47 @ 100.00		709,475
	85,000	CMS Energy Corp., 3.00%, 5/15/26, Callable 2/15/26 @ 100.00		79,435
	775,000	CMS Energy Corp., 4.70%, 3/31/43, Callable 9/30/42 @ 100.00		801,712
	255,000	Dominion Energy, Inc., 2.58%, 7/1/20		251,260
	600,000	DTE Electric Co., 3.75%, 8/15/47, Callable 2/15/47 @ 100.00		566,449
	590,000	DTE Energy Co., Series B, 3.30%, 6/15/22, Callable 4/15/22 @ 100.00		583,043
	515,000	NiSource Finance Corp., 3.49%, 5/15/27, Callable 2/15/27 @ 100.00		492,448
	315,000	WEC Energy Group, Inc., 3.38%, 6/15/21^		315,895

				4,385,617

Oil, Gas & Consumable Fuels (2.7%):
	850,000	Andeavor, 4.75%, 12/15/23, Callable 10/15/23 @ 100.00		882,063
	135,000	Apache Corp., 6.00%, 1/15/37		147,192
	689,000	Apache Corp., 5.10%, 9/1/40, Callable 3/1/40 @ 100.00		677,924
	270,000	Buckeye Partners, LP, 4.88%, 2/1/21, Callable 11/1/20 @ 100.00^		274,726
	1,407,000	Buckeye Partners, LP, 5.85%, 11/15/43, Callable 5/15/43 @ 100.00		1,356,026


Principal Amount			Fair Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	418,000	Buckeye Partners, LP, 5.60%, 10/15/44, Callable 4/15/44 @ 100.00	$	390,098
	2,900,000	Cimarex Energy Co., 4.38%, 6/1/24, Callable 3/1/24 @ 100.00		2,923,936
	2,630,000	Cimarex Energy Co., 3.90%, 5/15/27, Callable 2/15/27 @ 100.00		2,525,350
	800,000	Continental Resources, Inc., 4.50%, 4/15/23, Callable 1/15/23 @ 100.00		811,826
	250,000	El Paso Pipeline Partners Operating Co. LLC, 5.00%, 10/1/21, Callable 7/1/21 @ 100.00		259,405
	265,000	Energy Transfer Partners LP, 4.05%, 3/15/25, Callable 12/15/24 @ 100.00		256,047
	700,000	Energy Transfer Partners LP, 4.75%, 1/15/26, Callable 10/15/25 @ 100.00		694,047
	1,350,000	Energy Transfer Partners LP, 6.13%, 12/15/45, Callable 6/15/45 @ 100.00		1,349,231
	479,000	Enterprise Products Operating LLC, 5.10%, 2/15/45, Callable 8/15/44 @ 100.00		493,131
	120,000	Enterprise Products Operating LLC, 4.25%, 2/15/48, Callable 8/15/47 @ 100.00^		111,652
	1,480,000	Enterprise Products Operating LLC, Series A, 6.07%(US0003M+371bps), 8/1/66, Callable 8/3/18 @ 100.00		1,483,700
	1,495,000	Enterprise Products Operating LLC, Series E, 5.25%(US0003M+303bps), 8/16/77, Callable 8/16/27 @ 100.00^		1,390,350
	885,000	Enterprise Products Operating LLC, 5.38%(US0003M+257bps), 2/15/78, Callable 2/15/28 @ 100.00^		806,754
	595,000	Enterprise Products Operating LP, 4.90%, 5/15/46, Callable 11/15/45 @ 100.00		596,166
	445,000	EOG Resources, Inc., 2.45%, 4/1/20, Callable 3/1/20 @ 100.00		439,975
	450,000	EOG Resources, Inc., 2.63%, 3/15/23, Callable 12/15/22 @ 100.00^		431,987
	1,480,000	EOG Resources, Inc., 4.15%, 1/15/26, Callable 10/15/25 @ 100.00^		1,513,731
	1,300,000	EOG Resources, Inc., 3.90%, 4/1/35, Callable 10/1/34 @ 100.00		1,261,229
	330,000	Kinder Morgan (Delaware), Inc., 3.05%, 12/1/19, Callable 11/1/19 @ 100.00		328,980
	2,510,000	Kinder Morgan (Delaware), Inc., 5.55%, 6/1/45, Callable 12/1/44 @ 100.00		2,526,652
	200,000	Kinder Morgan (Delaware), Inc., 5.05%, 2/15/46, Callable 8/15/45 @ 100.00		185,596
	235,000	Kinder Morgan Energy Partners LP, 5.40%, 9/1/44, Callable 3/1/44 @ 100.00		227,366
	150,000	Magellan Midstream Partners LP, 4.20%, 10/3/47, Callable 4/3/47 @ 100.00		136,669
	348,000	Marathon Petroleum Corp., 4.75%, 9/15/44, Callable 3/15/44 @ 100.00		331,093
	1,420,000	MPLX LP, 4.50%, 7/15/23, Callable 4/15/23 @ 100.00		1,450,049
	330,000	MPLX LP, 5.20%, 3/1/47, Callable 9/1/46 @ 100.00		327,896
	740,000	Occidental Petroleum Corp., 2.70%, 2/15/23, Callable 11/15/22 @ 100.00		718,943


Principal Amount			Fair Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	1,920,000	Phillips 66, 3.90%, 3/15/28, Callable 12/15/27 @ 100.00	$	1,873,882
	411,000	Pioneer Natural Resource, 3.95%, 7/15/22, Callable 4/15/22 @ 100.00		415,698
	2,974,000	Pioneer Natural Resource Co., 4.45%, 1/15/26, Callable 10/15/25 @ 100.00^		3,058,106
	145,000	Plains All American Pipeline LP, 3.65%, 6/1/22, Callable 3/1/22 @ 100.00		142,135
	190,000	Sabine Pass Liquefaction, 5.88%, 6/30/26, Callable 12/31/25 @ 100.00		203,774
	1,500,000	Sabine Pass Liquefaction LLC, 5.63%, 4/15/23, Callable 1/15/23 @ 100.00		1,591,460
	1,680,000	Sabine Pass Liquefaction LLC, 5.75%, 5/15/24, Callable 2/15/24 @ 100.00		1,791,980
	4,700,000	Sabine Pass Liquefaction LLC, 5.63%, 3/1/25, Callable 12/1/24 @ 100.00		4,999,233
	1,000,000	Sabine Pass Liquefcation LLC, 6.25%, 3/15/22, Callable 12/15/21 @ 100.00		1,075,763
	290,000	Spectra Energy Partners, 3.38%, 10/15/26, Callable 7/15/26 @ 100.00^		267,182
	470,000	Spectra Energy Partners LP, 4.75%, 3/15/24, Callable 12/15/23 @ 100.00		479,662
	505,000	Spectra Energy Partners LP, 3.50%, 3/15/25, Callable 12/15/24 @ 100.00		481,633
	1,030,000	Spectra Energy Partners LP, 4.50%, 3/15/45, Callable 9/15/44 @ 100.00		954,175
	378,000	Sunoco Logistics Partner LP, 5.35%, 5/15/45, Callable 11/15/44 @ 100.00		344,102
	985,000	Tesoro Logistics LP, 5.25%, 1/15/25, Callable 1/15/21 @ 102.63		1,009,507
	220,000	Texas Eastern Transmission LP, 2.80%, 10/15/22, Callable 7/15/22 @ 100.00(a)		210,344
	1,625,000	Texas Eastern Transmission LP, 3.50%, 1/15/28, Callable 10/15/27 @ 100.00^(a)		1,530,094
	3,145,000	Texas Eastern Transmission LP, 4.15%, 1/15/48, Callable 7/15/47 @ 100.00(a)		2,818,921
	426,000	Transcontinental Gas Pipe Line Co. LLC, 7.85%, 2/1/26, Callable 11/1/25 @ 100.00		516,286
	1,970,000	Transcontinental Gas Pipe Line Co. LLC, 4.00%, 3/15/28, Callable 12/15/27 @ 100.00(a)		1,914,563
	865,000	Transcontinental Gas Pipe Line Co. LLC, 4.60%, 3/15/48, Callable 9/15/47 @ 100.00(a)		831,944

				53,820,234

Pharmaceuticals (0.3%):
	960,000	Bayer US Finance II LLC, 3.50%, 6/25/21, Callable 5/25/21 @ 100.00(a)		961,909
	1,540,000	Bayer US Finance LLC, 3.00%, 10/8/21(a)		1,514,953
	560,000	GlaxoSmithKline Capital, Inc., 3.88%, 5/15/28		564,414
	500,000	Johnson & Johnson, 2.45%, 3/1/26, Callable 12/1/25 @ 100.00^		469,114
	200,000	Johnson & Johnson, 2.95%, 3/3/27, Callable 12/3/26 @ 100.00		192,380
	1,195,000	Johnson & Johnson, 2.90%, 1/15/28, Callable 10/15/27 @ 100.00^		1,140,589
	250,000	Merck & Co., Inc., 3.70%, 2/10/45, Callable 8/10/44 @ 100.00		237,670


Principal Amount			Fair Value
Corporate Bonds, continued
Pharmaceuticals, continued
$	45,000	Novartis Capital Corp., 3.10%, 5/17/27, Callable 2/17/27 @ 100.00	$	43,204
	320,000	Pfizer, Inc., 4.40%, 5/15/44^		332,660

				5,456,893

Professional Services (0.1%):
	120,000	Equifax, Inc., 2.30%, 6/1/21, Callable 5/1/21 @ 100.00		115,773
	85,000	Relx Capital, Inc., 3.13%, 10/15/22, Callable 7/15/22 @ 100.00		83,394
	1,175,000	Relx Capital, Inc., 3.50%, 3/16/23, Callable 2/16/23 @ 100.00^		1,162,569

				1,361,736

Real Estate Management & Development (0.1%):
	1,617,000	CC Holdings GS V LLC, 3.85%, 4/15/23		1,602,354
	575,000	Northwest Florida Timber Finance LLC, 4.75%, 3/4/29(a)		550,563

				2,152,917

Road & Rail (0.4%):
	1,000,000	Burlington North Santa Fe LLC, 3.05%, 9/1/22, Callable 6/1/22 @ 100.00		988,393
	490,000	Burlington North Santa Fe LLC, 4.55%, 9/1/44, Callable 3/1/44 @ 100.00		509,325
	1,305,000	CSX Corp., 3.25%, 6/1/27, Callable 3/1/27 @ 100.00		1,226,320
	1,035,000	CSX Corp., 3.80%, 11/1/46, Callable 5/1/46 @ 100.00^		917,087
	485,000	CSX Corp., 4.30%, 3/1/48, Callable 9/1/47 @ 100.00^		462,166
	432,000	Norfolk Southern Corp., 2.90%, 6/15/26, Callable 3/15/26 @ 100.00		403,073
	575,000	Norfolk Southern Corp., 3.15%, 6/1/27, Callable 3/1/27 @ 100.00		538,832
	500,000	Penske Truck Leasing, 3.40%, 11/15/26, Callable 8/15/26 @ 100.00(a)		466,250
	1,090,000	Ryder System, Inc., 2.65%, 3/2/20, Callable 2/2/20 @ 100.00, MTN		1,080,907
	484,000	Union Pacific Corp., 3.88%, 2/1/55, Callable 8/1/54 @ 100.00		423,398
	1,705,000	Union Pacific Corp., 4.10%, 9/15/67, Callable 3/15/67 @ 100.00		1,495,919
	435,513	Union Pacific Railroad Co., Series 14-1, 3.23%, 5/14/26		421,921

				8,933,591

Semiconductors & Semiconductor Equipment (0.6%):
	850,000	Analog Devices, Inc., 2.85%, 3/12/20		845,830
	515,000	Analog Devices, Inc., 3.50%, 12/5/26, Callable 9/5/26 @ 100.00^		491,182
	280,000	Analog Devices, Inc., 4.50%, 12/5/36, Callable 6/5/36 @ 100.00		279,043
	190,000	Analog Devices, Inc., 5.30%, 12/15/45, Callable 6/15/45 @ 100.00		202,387
	130,000	Applied Materials, Inc., 5.85%, 6/15/41		157,541
	1,970,000	Broadcom Cayman Finance, Ltd., 3.00%, 1/15/22, Callable 12/15/21 @ 100.00		1,916,142


Principal Amount			Fair Value
Corporate Bonds, continued
Semiconductors & Semiconductor Equipment, continued
$	1,570,000	Broadcom Cayman Finance, Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100.00	$	1,519,773
	2,035,000	Broadcom Cayman Finance, Ltd., 3.13%, 1/15/25, Callable 11/15/24 @ 100.00^		1,887,792
	220,000	Intel Corp., 4.10%, 5/19/46, Callable 11/19/45 @ 100.00		221,078
	19,000	KLA-Tencor Corp., 4.65%, 11/1/24, Callable 8/1/24 @ 100.00		19,636
	645,000	Lam Research Corp., 2.75%, 3/15/20, Callable 2/15/20 @ 100.00		641,228
	302,000	Lam Research Corp., 2.80%, 6/15/21, Callable 5/15/21 @ 100.00		296,848
	1,300,000	Microchip Technology, Inc., 3.92%, 6/1/21(a)		1,302,159
	538,000	Qualcomm, Inc., 3.45%, 5/20/25, Callable 2/20/25 @ 100.00		517,736
	978,000	Qualcomm, Inc., 4.80%, 5/20/45, Callable 11/20/44 @ 100.00		978,043
	910,000	Qualcomm, Inc., 4.30%, 5/20/47, Callable 11/20/46 @ 100.00		846,594
	270,000	Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100.00		274,018
	800,000	Xilinx, Inc., 2.95%, 6/1/24, Callable 4/1/24 @ 100.00		760,932

				13,157,962

Software (0.6%):
	600,000	Activision Blizzard, 3.40%, 9/15/26, Callable 6/15/26 @ 100.00		569,762
	1,845,000	Activision Blizzard, Inc., 2.30%, 9/15/21, Callable 8/15/21 @ 100.00		1,785,210
	1,600,000	Activision Blizzard, Inc., 3.40%, 6/15/27, Callable 3/15/27 @ 100.00		1,512,800
	345,000	Autodesk, Inc., 3.50%, 6/15/27, Callable 3/15/27 @ 100.00		322,831
	770,000	Microsoft Corp., 3.30%, 2/6/27, Callable 11/6/26 @ 100.00		758,204
	925,000	Microsoft Corp., 3.45%, 8/8/36, Callable 2/8/36 @ 100.00		885,571
	825,000	Microsoft Corp., 3.70%, 8/8/46, Callable 2/8/46 @ 100.00		802,301
	270,000	Microsoft Corp., Series 30Y, 4.25%, 2/6/47, Callable 8/6/46 @ 100.00		286,405
	250,000	Microsoft Corp., 3.95%, 8/8/56, Callable 2/8/56 @ 100.00		244,389
	760,000	Microsoft Corp., 4.50%, 2/6/57, Callable 8/6/56 @ 100.00		825,004
	965,000	Oracle Corp., 2.40%, 9/15/23, Callable 7/15/23 @ 100.00		910,290
	1,465,000	Oracle Corp., 2.65%, 7/15/26, Callable 4/15/26 @ 100.00		1,351,071
	195,000	Oracle Corp., 4.50%, 7/8/44, Callable 1/8/44 @ 100.00		198,864
	525,000	Oracle Corp., 4.00%, 7/15/46, Callable 1/15/46 @ 100.00		495,380
	450,000	Oracle Corp., 4.38%, 5/15/55, Callable 11/15/54 @ 100.00		439,601

				11,387,683


Principal Amount			Fair Value
Corporate Bonds, continued
Specialty Retail (0.1%):
$	1,225,000	Bed Bath & Beyond, Inc., 5.17%, 8/1/44, Callable 2/1/44 @ 100.00	$	938,437
	750,000	Home Depot, Inc. (The), 3.00%, 4/1/26, Callable 1/1/26 @ 100.00^		716,638
	560,000	Home Depot, Inc. (The), 4.25%, 4/1/46, Callable 10/1/45 @ 100.00		563,365
	290,000	Lowe’s Cos., Inc., 3.38%, 9/15/25, Callable 6/15/25 @ 100.00		283,968
	145,000	Lowe’s Cos., Inc., 2.50%, 4/15/26, Callable 1/15/26 @ 100.00		132,639

				2,635,047

Technology Hardware, Storage & Peripherals (0.3%):
	1,340,000	Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100.00		1,443,582
	1,015,000	Apple, Inc., 3.85%, 8/4/46, Callable 2/4/46 @ 100.00		957,348
	170,000	Apple, Inc., 4.25%, 2/9/47, Callable 8/9/46 @ 100.00		172,422
	1,900,000	Apple, Inc., 3.75%, 11/13/47, Callable 5/13/47 @ 100.00^		1,784,463
	220,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 6.02%, 6/15/26, Callable 3/15/26 @ 100.00(a)		231,086
	680,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 8.35%, 7/15/46, Callable 1/15/46 @ 100.00(a)		818,937
	400,000	Xerox Corp., 3.63%, 3/15/23, Callable 2/15/23 @ 100.00		383,798

				5,791,636

Textiles, Apparel & Luxury Goods (0.0%):
	245,000	Coach, Inc., 4.13%, 7/15/27, Callable 4/15/27 @ 100.00		233,631

Tobacco (0.4%):
	475,000	Altria Group, Inc., 2.85%, 8/9/22^		463,782
	300,000	Altria Group, Inc., 2.63%, 9/16/26, Callable 6/16/26 @ 100.00^		273,190
	940,000	BAT Capital Corp., 3.22%, 8/15/24, Callable 6/15/24 @ 100.00(a)		890,399
	1,075,000	BAT Capital Corp., 3.56%, 8/15/27, Callable 5/15/27 @ 100.00^(a)		1,000,181
	1,080,000	BAT Capital Corp., 4.54%, 8/15/47, Callable 2/15/47 @ 100.00(a)		1,008,469
	714,000	Philip Morris International, Inc., 2.50%, 8/22/22		687,832
	310,000	Philip Morris International, Inc., 3.38%, 8/11/25, Callable 5/11/25 @ 100.00		301,450
	92,000	Reynolds American, Inc., 3.25%, 6/12/20		91,906
	450,000	Reynolds American, Inc., 4.00%, 6/12/22		452,802
	1,030,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100.00		1,036,596
	955,000	RJ Reynolds Tobacco Co., 6.88%, 5/1/20		1,013,409

				7,220,016

Trading Companies & Distributors (0.0%):
	215,000	Air Lease Corp., 3.88%, 7/3/23, Callable 6/3/23 @ 100.00		212,868
	75,000	Air Lease Corp., 3.63%, 4/1/27, Callable 1/1/27 @ 100.00		68,764

				281,632


Principal Amount			Fair Value
Corporate Bonds, continued
Wireless Telecommunication Services (0.8%):
$	9,786,563	Sprint Spectrum Co. LLC, 3.36%, 3/20/23(a)	$	9,676,463
	7,035,000	Sprint Spectrum Co. LLC, 4.74%, 3/20/25(a)		6,980,831

				16,657,294

	Total Corporate Bonds (Cost $528,468,212)			514,216,953

Yankee Dollars (9.8%):
Auto Components (0.0%):
	641,000	Aptiv plc, 4.40%, 10/1/46, Callable 4/1/46 @ 100.00		602,217

Automobiles (0.1%):
	1,300,000	Volkswagen International Finance NV, 4.00%, 8/12/20(a)		1,318,228

Banks (4.0%):
	3,145,000	ABN AMRO Bank NV, 2.65%, 1/19/21(a)		3,088,513
	800,000	Banco Santander SA, 4.38%, 4/12/28		764,901
	2,045,000	Bank of Nova Scotia, Series E, 3.13%, 4/20/21		2,034,441
	1,915,000	Banque Federative du Credit Mutuel SA, 2.75%, 10/15/20(a)		1,890,865
	1,275,000	Barclays Bank plc, 2.75%, 11/8/19		1,264,862
	1,608,000	Barclays Bank plc, 5.14%, 10/14/20^		1,646,663
	2,782,000	Barclays Bank plc, 3.25%, 1/12/21		2,742,148
	910,000	Barclays Bank plc, 4.34%(US0003M+136bps), 5/16/24, Callable 5/16/23 @ 100.00		898,750
	888,000	Barclays Bank plc, 4.38%, 1/12/26^		862,483
	2,990,000	Barclays Bank plc, 4.97%(US0003M+190bps), 5/16/29, Callable 5/16/28 @ 100.00		2,962,241
	1,960,000	BNP Paribas SA, 3.38%, 1/9/25(a)		1,851,578
	1,400,000	BNP Paribas SA, 4.63%, 3/13/27(a)		1,374,140
	240,000	BNP Paribas SA, 3.50%, 11/16/27^(a)		222,652
	1,200,000	BNP Paribas SA, 4.38%(USSW5+148bps), 3/1/33, Callable 3/1/28 @ 100.00^(a)		1,125,636
	470,000	BPCE SA, 3.00%, 5/22/22(a)		453,954
	510,000	BPCE SA, 5.70%, 10/22/23(a)		532,605
	1,855,000	Credit Agricole SA, 3.25%, 10/4/24(a)		1,746,841
	450,000	Danske Bank A/S, 3.88%, 9/12/23(a)		446,507
	2,075,000	HSBC Holdings plc, 2.95%, 5/25/21		2,042,898
	1,525,000	HSBC Holdings plc, 3.26%(US0003M+106bps), 3/13/23, Callable 3/13/22 @ 100.00		1,493,772
	400,000	HSBC Holdings plc, 3.95%(US0003M+99bps), 5/18/24, Callable 5/18/23 @ 100.00		398,568
	1,600,000	HSBC Holdings plc, 4.38%, 11/23/26^		1,572,791
	200,000	HSBC Holdings plc, 4.58%(US0003M+153bps), 6/19/29, Callable 6/19/28 @ 100.00		202,007
	1,630,000	ING Bank NV, 2.45%, 3/16/20(a)		1,608,356
	440,000	ING Bank NV, 2.75%, 3/22/21(a)		432,210
	900,000	ING Bank NV, 5.00%, 6/9/21^(a)		936,007
	1,200,000	ING Bank NV, 5.80%, 9/25/23^(a)		1,271,559
	600,000	ING Bank NV, Series E, 4.13%(USISDA05+270bps), 11/21/23, Callable 11/21/18 @ 100.00(a)		601,440
	1,160,000	ING Groep NV, 3.15%, 3/29/22		1,138,232
	835,000	ING Groep NV, 3.95%, 3/29/27^		814,940
	1,150,000	Intesa Sanpaolo SpA, 3.13%, 7/14/22(a)		1,061,437
	660,000	Intesa Sanpaolo SpA, 3.88%, 7/14/27(a)		569,485
	682,000	Lloyds Bank plc, 2.70%, 8/17/20		673,963
	200,000	Lloyds Banking Group plc, 3.00%, 1/11/22^		194,807


Principal Amount			Fair Value
Yankee Dollars, continued
Banks, continued
$	1,270,000	Lloyds Banking Group plc, 2.91%(US0003M+81bps), 11/7/23, Callable 11/7/22 @ 100.00	$	1,209,622
	690,000	Lloyds Banking Group plc, 4.45%, 5/8/25		694,171
	2,025,000	Lloyds Banking Group plc, 4.58%, 12/10/25		1,985,027
	2,220,000	Lloyds Banking Group plc, 4.65%, 3/24/26		2,184,301
	550,000	Lloyds Banking Group plc, 3.75%, 1/11/27		519,888
	270,000	Lloyds TSB Bank plc, 6.50%, 9/14/20(a)		285,685
	750,000	Mitsubishi UFJ Finance GRP, 3.00%, 2/22/22		736,319
	1,041,000	Mitsubishi UFJ Financial Group, Inc., 2.95%, 3/1/21		1,029,763
	650,000	Mitsubishi UFJ Financial Group, Inc., 2.67%, 7/25/22		627,361
	2,890,000	Mizuho Financial Group, 2.95%, 2/28/22		2,820,642
	420,000	Mizuho Financial Group, Inc., 2.60%, 9/11/22		402,534
	1,010,000	National Australia Bank of New York, 2.13%, 5/22/20		991,382
	2,220,000	Nordea Bank AB, 4.88%, 1/27/20(a)		2,279,740
	2,135,000	Rabobank Nederland NY, Series G, 2.50%, 1/19/21		2,094,092
	2,670,000	Royal Bank of Canada, 2.20%, 9/23/19		2,651,645
	860,000	Royal Bank of Canada, Series G, 2.13%, 3/2/20^		846,971
	690,000	Royal Bank of Canada, 2.15%, 10/26/20		674,132
	550,000	Royal Bank of Scotland Group plc, 4.89%(US0003M+175bps), 5/18/29, Callable 5/18/28 @ 100.00		547,552
	1,985,000	Santander UK Group Holdings plc, 2.88%, 10/16/20^		1,956,351
	4,875,000	Santander UK Group Holdings plc, 3.37%(US0003M+108bps), 1/5/24, Callable 1/5/23 @ 100.00		4,687,456
	1,200,000	Santander UK Group Holdings plc, 3.82%(US0003M+140bps), 11/3/28, Callable 11/3/27 @ 100.00		1,101,738
	240,000	Santander UK Group Holdings plc, 7.95%, 10/26/29		299,076
	755,000	Societe Generale SA, 2.63%, 9/16/20^(a)		745,326
	1,545,000	Societe Generale SA, 2.50%, 4/8/21(a)		1,503,767
	1,375,000	Standard Chartered plc, 2.25%, 4/17/20(a)		1,345,127
	210,000	Standard Chartered plc, 3.95%, 1/11/23^(a)		205,156
	1,355,000	Sumitomo Mitsui Financial Group, Inc., 2.93%, 3/9/21		1,339,580
	1,655,000	Sumitomo Mitsui Trust Bank, Ltd., 1.95%, 9/19/19(a)		1,632,819
	360,000	Svenska Handelsbanken AB, 1.88%, 9/7/21		343,768
	525,000	Westpac Banking Corp., 2.15%, 3/6/20		516,532
	1,810,000	Westpac Banking Corp., 2.60%, 11/23/20		1,781,388

				80,961,163

Biotechnology (0.1%):
	1,445,000	Shire Acq INV Ireland DA, 2.40%, 9/23/21, Callable 8/23/21 @ 100.00		1,383,391
	1,700,000	Shire Acq INV Ireland DA, 2.88%, 9/23/23, Callable 7/23/23 @ 100.00		1,599,351

				2,982,742

Building Products (0.0%):
	256,000	Johnson Controls International, 4.62%, 7/2/44, Callable 1/2/44 @ 100.00		253,691
	50,000	Johnson Controls International plc, 3.90%, 2/14/26, Callable 11/14/25 @ 100.00		49,352

				303,043


Principal Amount			Fair Value
Yankee Dollars, continued
Capital Markets (1.5%):
$	1,515,000	CDP Financial, Inc., 4.40%, 11/25/19(a)	$	1,549,197
	1,000,000	Credit Suisse Group AG, 3.00%, 10/29/21		986,620
	250,000	Credit Suisse Group AG, 3.63%, 9/9/24		245,822
	1,380,000	Credit Suisse Group AG, 3.87%(US0003M+141bps), 1/12/29, Callable 1/12/28 @ 100.00(a)		1,297,653
	1,775,000	Credit Suisse Group Fun, Ltd., 2.75%, 3/26/20		1,755,596
	1,705,000	Credit Suisse Group Fun, Ltd., 3.45%, 4/16/21		1,698,587
	4,035,000	Deutsche Bank AG, 4.25%, 10/14/21		3,977,986
	895,000	Deutsche Bank AG, 4.10%, 1/13/26^		831,519
	2,000,000	Deutsche Bank AG, 4.87%(USISDA05+255bps), 12/1/32, Callable 12/1/27 @ 100.00^		1,711,040
	1,310,000	Macquarie Group, Ltd., 4.65%(US0003M+173bps), 3/27/29, Callable 3/27/28 @ 100.00^(a)		1,305,215
	320,000	Thomson Reuters Corp., 4.30%, 11/23/23, Callable 8/23/23 @ 100.00		326,545
	1,980,000	UBS AG, 2.20%, 6/8/20, Callable 5/8/20 @ 100.00(a)		1,939,194
	1,135,000	UBS AG, 2.45%, 12/1/20, Callable 11/1/20 @ 100.00(a)		1,109,482
	670,000	UBS Group AG, 4.13%, 9/24/25(a)		665,318
	3,675,000	UBS Group Funding, 3.49%, 5/23/23, Callable 5/23/22 @ 100.00(a)		3,592,733
	4,335,000	UBS Group Funding, 2.86%(US0003M+95bps), 8/15/23, Callable 8/15/22 @ 100.00(a)		4,149,096

				27,141,603

Chemicals (0.0%):
	750,000	Air Liquide Finance SA, 1.75%, 9/27/21, Callable 8/27/21 @ 100.00(a)		713,639
	45,000	LyondellBasell Idustries NV, 4.88%, 3/15/44, Callable 9/15/43 @ 100.00		44,819

				758,458

Consumer Finance (0.1%):
	1,675,000	Hyundai Capital Services, Inc., 3.00%, 8/29/22(a)		1,612,191
	1,390,000	Hyundai Capital Services, Inc., 3.75%, 3/5/23(a)		1,368,317

				2,980,508

Diversified Financial Services (0.3%):
	245,000	Corp. Financiera de Desarrollo SA, 4.75%, 7/15/25(a)		244,669
	1,640,000	Deutsche Telekom International Finance, 1.95%, 9/19/21, Callable 8/19/21 @ 100.00^(a)		1,563,435
	635,000	Export Development Canada, 0.88%, 8/27/18(a)		633,628
	1,425,000	Mitsubishi UFJ Trust & Banking Corp., 2.65%, 10/19/20(a)		1,402,404
	2,605,000	ORIX Corp., 2.90%, 7/18/22		2,534,355

				6,378,491

Diversified Telecommunication Services (0.1%):
	2,362,000	Telecom Italia SpA, 5.30%, 5/30/24(a)		2,329,523
	125,000	Telus Corp., 4.60%, 11/16/48, Callable 5/16/48 @ 100.00		122,217

				2,451,740

Electronic Equipment, Instruments & Components (0.1%):
	1,165,000	Australia & New Zealand Banking Group, Ltd., 2.25%, 11/9/20^		1,136,788


Principal Amount			Fair Value
Yankee Dollars, continued
Electronic Equipment, Instruments & Components, continued
$	125,000	Tyco Electronics Group SA, 3.45%, 8/1/24, Callable 5/1/24 @ 100.00	$	122,401

				1,259,189

Food Products (0.1%):
	1,570,000	Danone SA, 2.08%, 11/2/21, Callable 10/2/21 @ 100.00(a)		1,500,884

Health Care Equipment & Supplies (0.0%):
	120,000	Covidien International Finance SA, 3.20%, 6/15/22, Callable 3/15/22 @ 100.00		119,113

Industrial Conglomerates (0.3%):
	2,874,000	GE Capital International Funding, 4.42%, 11/15/35		2,784,272
	2,800,000	GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/25		2,687,501

				5,471,773

Insurance (0.1%):
	1,210,000	Aon plc, 3.88%, 12/15/25, Callable 9/15/25 @ 100.00		1,194,523
	81,000	Aon plc, 4.45%, 5/24/43, Callable 2/24/43 @ 100.00		75,970
	744,000	Aon plc, 4.60%, 6/14/44, Callable 3/14/44 @ 100.00		725,816
	200,000	Aon plc, 4.75%, 5/15/45, Callable 11/15/44 @ 100.00		197,491
	500,000	Trinity Acquistion plc, 4.40%, 3/15/26, Callable 12/15/25 @ 100.00		495,097

				2,688,897

Internet Software & Services (0.3%):
	320,000	Alibaba Group Holding, Ltd., 2.80%, 6/6/23, Callable 5/6/23 @ 100.00		308,111
	1,680,000	Alibaba Group Holding, Ltd., 3.40%, 12/6/27, Callable 9/6/27 @ 100.00^		1,565,320
	1,095,000	Alibaba Group Holding, Ltd., 4.40%, 12/6/57, Callable 6/6/57 @ 100.00		1,012,001
	475,000	Baidu, Inc., 4.38%, 3/29/28, Callable 12/29/27 @ 100.00		468,403
	1,511,000	Tencent Holdings, Ltd., 2.99%, 1/19/23, Callable 12/19/22 @ 100.00(a)		1,469,130
	2,035,000	Tencent Holdings, Ltd., 3.60%, 1/19/28, Callable 10/19/27 @ 100.00(a)		1,925,152

				6,748,117

Machinery (0.1%):
	1,500,000	Nvent Finance Sarl, 4.55%, 4/15/28, Callable 1/15/28 @ 100.00(a)		1,471,759

Metals & Mining (0.0%):
	755,000	Anglo American Capital plc, 3.63%, 9/11/24(a)		714,842

Oil, Gas & Consumable Fuels (0.2%):
	320,000	BP Capital Markets plc, 3.51%, 3/17/25^		317,297
	555,000	Ecopetrol SA, 4.13%, 1/16/25^		538,350
	720,000	Harvest Operations Corp., 4.20%, 6/1/23, Callable 5/1/23 @ 100.00(a)		727,876
	69,000	Petroleos Mexicanos, 6.00%, 3/5/20		71,243
	883,000	Petroleos Mexicanos, 5.63%, 1/23/46		745,252
	490,000	Shell International Finance BV, 1.75%, 9/12/21^		469,336


Principal Amount			Fair Value
Yankee Dollars, continued
Oil, Gas & Consumable Fuels, continued
$	396,000	Suncor Energy, Inc., 6.80%, 5/15/38	$	504,715
	635,000	TransCanada PipeLines, Ltd., 4.88%, 5/15/48, Callable 11/15/47 @ 100.00		641,188
	1,704,000	Transcanada Trust, 5.30%(US0003M+321bps), 3/15/77, Callable 3/15/27 @ 100.00^		1,611,158

				5,626,415

Pharmaceuticals (0.3%):
	4,055,000	Actavis Funding SCS, 3.45%, 3/15/22, Callable 1/15/22 @ 100.00		3,990,071
	345,000	Actavis Funding SCS, 3.85%, 6/15/24, Callable 3/15/24 @ 100.00		338,789
	980,000	Actavis Funding SCS, 3.80%, 3/15/25, Callable 12/15/24 @ 100.00		951,624
	690,000	Actavis Funding SCS, 4.75%, 3/15/45, Callable 9/15/44 @ 100.00^		664,212
	225,000	AstraZeneca plc, 2.38%, 6/12/22, Callable 5/12/22 @ 100.00		216,428
	690,000	GlaxoSmithKline Capital plc, 2.85%, 5/8/22		678,322

				6,839,446

Real Estate Management & Development (0.0%):
	250,000	Mitsui Fudosan Co., Ltd., 2.95%, 1/23/23, Callable 12/23/22 @ 100.00(a)		243,657

Sovereign Bond (1.9%):
	5,119,000	Mexico Government International Bond, 4.15%, 3/28/27^		5,039,655
	10,368,000	Mexico Government International Bond, 3.75%, 1/11/28^		9,802,943
	589,561	Oriental Republic of Uruguay, 4.50%, 8/14/24^		605,862
	600,000	Oriental Republic of Uruguay, 4.38%, 10/27/27^		607,500
	689,000	Province of Manitoba, 3.05%, 5/14/24		681,914
	870,000	Province of Quebec, 2.50%, 4/20/26		827,406
	1,080,000	Qatar Government International Bond, 4.50%, 4/23/28(a)		1,089,925
	595,000	Republic of Colombia, 4.50%, 1/28/26, Callable 10/28/25 @ 100.00^		603,925
	3,516,000	Republic of Colombia, 3.88%, 4/25/27, Callable 1/25/27 @ 100.00		3,399,972
	1,500,000	Republic of Indonesia, 3.50%, 1/11/28^		1,385,217
	2,768,000	Republic of Indonesia, 4.10%, 4/24/28^		2,674,705
	575,000	Republic of Panama, 4.00%, 9/22/24, Callable 6/22/24 @ 100.00		579,313
	540,000	Republic of Panama, 4.50%, 5/15/47		523,800
	980,000	Republic of Peru, 4.13%, 8/25/27^		1,002,051
	281,000	Republic of Peru, 5.63%, 11/18/50		326,311
	3,200,000	Republic of Philippines, 3.00%, 2/1/28		2,954,582
	262,000	United Mexican States, Series E, 3.50%, 1/21/21^		261,686
	2,506,000	United Mexican States, 4.13%, 1/21/26		2,485,952

				34,852,719

Transportation Infrastructure (0.0%):
	410,000	Mexico City Airport Trust, 5.50%, 7/31/47, Callable 1/31/47 @ 100.00(a)		365,310

Wireless Telecommunication Services (0.2%):
	95,000	Rogers Communications, Inc., 3.63%, 12/15/25, Callable 9/15/25 @ 100.00		92,894


Principal Amount			Fair Value
Yankee Dollars, continued
Wireless Telecommunication Services, continued
$	130,000	Rogers Communications, Inc., 5.00%, 3/15/44, Callable 9/15/43 @ 100.00	$	135,015
	185,000	Rogers Communications, Inc., 4.30%, 2/15/48, Callable 8/15/47 @ 100.00		176,517
	1,960,000	Vodafone Group plc, 3.75%, 1/16/24		1,943,250
	835,000	Vodafone Group plc, 4.13%, 5/30/25^		831,825
	1,885,000	Vodafone Group plc, 5.25%, 5/30/48		1,879,784

				5,059,285

	Total Yankee Dollars (Cost $202,990,812)			198,839,599

Municipal Bonds (0.1%):
Massachusetts (0.0%):
	450,000	Massachusetts State School Building Authority Sales Tax Revenue, Series B, 5.00%, 10/15/41, Continuously Callable @100		485,235

New Jersey (0.1%):
	800,000	New Jersey State Transportation Trust Fund Authority Revenue, Series AA, 5.00%, 6/15/36, Continuously Callable @100		839,248

New York (0.0%):
	540,000	New York State Urban Development Corp. Revenue, Series E, 5.00%, 3/15/24, Continuously Callable @100		608,434

California (0.0%):
	50,000	University of California Revenue, 4.86%, 5/15/12		53,011
	347,000	University of California Revenue, 4.77%, 5/15/15		360,342

				413,353

	Total Municipal Bonds (Cost $2,275,116)			2,346,270

U.S. Government Agency Mortgages (33.4%):
Federal Home Loan Bank (0.3%)
	4,080,000	3.56%, 5/16/33		4,119,168

				4,119,168

Federal Home Loan Mortgage Corporation (8.6%)
	1,328,425	2.50%, 2/1/24, Pool #G14989		1,321,439
	1,357,402	Class A1, Series KIR2, 2.75%, 3/25/27		1,335,295
	342,334	3.00%, 9/1/27, Pool #U70060		340,407
	184,885	3.00%, 7/1/28, Pool #U79018		183,845
	591,000	4.08%, 9/15/29		403,565
	88,723	3.00%, 1/1/30, Pool #V60724		88,517
	60,382	3.00%, 1/1/30, Pool #V60696		60,265
	126,180	2.50%, 3/1/30, Pool #V60770		122,718
	146,419	2.50%, 5/1/30, Pool #J31418		142,397
	292,294	2.50%, 5/1/30, Pool #J31728		284,267
	277,326	3.00%, 5/1/30, Pool #J31689		276,787
	199,652	2.50%, 5/1/30, Pool #V60796		194,168
	539,762	3.00%, 6/1/30, Pool #V60840		537,675
	12,178	2.50%, 7/1/30, Pool #J32491		11,843
	16,524	2.50%, 7/1/30, Pool #V60905		16,070
	53,701	2.50%, 7/1/30, Pool #J32204		52,227
	49,205	2.50%, 7/1/30, Pool #J32209		47,854
	28,828	3.00%, 7/1/30, Pool #J32181		28,706
	244,064	3.00%, 7/1/30, Pool #G15520		243,214
	220,692	2.50%, 8/1/30, Pool #V60886		214,631
	35,569	3.00%, 8/1/30, Pool #J32436		35,418
	54,122	3.00%, 8/1/30, Pool #V60909		53,851


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	168,658	2.50%, 8/1/30, Pool #V60902	$	164,025
	163,792	2.50%, 9/1/30, Pool #V60903		159,293
	547,138	2.50%, 9/1/30, Pool #V60904		532,113
	190,000	6.75%, 3/15/31		259,412
	197,000	4.24%, 3/15/31		127,391
	848,852	2.50%, 4/1/31, Pool #G16186		825,532
	175,143	5.50%, 2/1/35, Pool #G04692		189,993
	241,842	6.00%, 4/1/39, Pool #G07613		270,325
	45,755	4.50%, 12/1/39, Pool #A90196		48,111
	43,225	4.50%, 7/1/40, Pool #A93010		45,459
	54,961	4.00%, 8/1/40, Pool #A93534		56,501
	867,484	4.50%, 9/1/40, Pool #A93700		912,312
	332,355	4.00%, 9/1/40, Pool #A93851		341,603
	50,187	4.00%, 10/1/40, Pool #A95923		51,641
	44,703	4.00%, 11/1/40, Pool #A94977		45,996
	47,818	4.00%, 11/1/40, Pool #A95144		49,160
	48,023	4.00%, 11/1/40, Pool #A94779		49,411
	3,118	4.00%, 4/1/41, Pool #Q00093		3,205
	135,386	4.50%, 5/1/41, Pool #Q00804		142,390
	145,786	4.50%, 5/1/41, Pool #Q00959		153,328
	621,244	Class FL, Series 4248, 2.52% (US0001M+45bps), 5/15/41		624,634
	696,457	5.50%, 6/1/41, Pool #G07553		753,512
	703,997	3.50%, 10/1/41, Pool #G08462		706,126
	93,242	4.00%, 10/1/41, Pool #Q04022		95,946
	152,643	5.00%, 10/1/41, Pool #G07642		162,975
	49,692	4.00%, 10/1/41, Pool #Q03841		51,133
	280,247	3.50%, 4/1/42, Pool #Q07417		281,094
	349,350	3.50%, 4/1/42, Pool #C03811		350,541
	18,357	3.50%, 5/1/42, Pool #Q07896		18,411
	32,899	3.50%, 5/1/42, Pool #Q08239		32,999
	10,212	3.50%, 5/1/42, Pool #Q08306		10,243
	511,592	3.50%, 8/1/42, Pool #Q10724		513,139
	294,736	3.50%, 8/1/42, Pool #G07106		295,618
	44,815	3.50%, 8/1/42, Pool #Q12162		44,950
	25,715	3.50%, 10/1/42, Pool #Q11909		25,686
	49,020	3.50%, 10/1/42, Pool #Q11750		49,169
	566,075	3.50%, 11/1/42, Pool #Q13134		567,785
	329,621	3.00%, 12/1/42, Pool #C04320		321,996
	379,818	3.00%, 1/1/43, Pool #Q14866		370,990
	454,023	3.00%, 3/1/43, Pool #Q16567		443,406
	357,546	3.00%, 3/1/43, Pool #Q16673		349,102
	245,225	3.00%, 3/1/43, Pool #Q16403		239,455
	125,581	3.00%, 4/1/43, Pool #Q17095		122,626
	167,338	3.50%, 6/1/43, Pool #Q18718		167,844
	252,788	3.50%, 7/1/43, Pool #Q20206		253,646
	171,388	3.50%, 8/1/43, Pool #Q21320		171,905
	1,385,206	3.00%, 8/1/43, Pool #G07550		1,352,535
	116,383	4.00%, 9/1/43, Pool #Q21579		119,992
	4,048,265	3.00%, 9/1/43, Pool #G60675		3,951,796
	4,913,643	3.50%, 12/1/43, Pool #G60270		4,928,459
	353,248	4.50%, 12/1/43, Pool #G60018		370,315
	395,029	4.50%, 12/1/43, Pool #Q23779		411,929
	7,395,256	3.50%, 1/1/44, Pool #G60271		7,417,560
	28,482	3.50%, 1/1/44, Pool #Q24368		28,579
	14,303,376	3.50%, 1/1/44, Pool #G07922		14,346,566


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	841,179	Class XZ, Series 4316, 4.50%, 3/15/44	$	902,255
	1,207,256	3.50%, 4/1/44, Pool #G07848		1,211,364
	176,908	4.00%, 4/1/44, Pool #Q25643		182,036
	21,896	3.50%, 4/1/44, Pool #Q25812		21,970
	1,243,590	Class ZX, Series 4352, 4.00%, 4/15/44		1,284,289
	63,447	3.50%, 5/1/44, Pool #Q26362		63,663
	34,463	3.50%, 5/1/44, Pool #Q26218		34,652
	26,430	3.50%, 5/1/44, Pool #Q26452		26,520
	19,582	3.50%, 5/1/44, Pool #Q25988		19,649
	28,125	3.50%, 6/1/44, Pool #Q26707		28,210
	147,409	3.50%, 6/1/44, Pool #Q28764		147,854
	229,510	4.00%, 7/1/44, Pool #G60901		235,668
	29,144	3.50%, 7/1/44, Pool #Q27319		29,305
	112,398	3.50%, 8/1/44, Pool #Q27843		112,781
	649,271	4.00%, 8/1/44, Pool #G07786		669,362
	130,979	3.50%, 9/1/44, Pool #Q28605		131,425
	22,238	3.50%, 9/1/44, Pool #Q28763		22,245
	51,157	3.50%, 9/1/44, Pool #Q28604		51,438
	10,268	3.50%, 11/1/44, Pool #Q29697		10,285
	3,755	3.50%, 11/1/44, Pool #Q29911		3,761
	57,516	3.50%, 1/1/45, Pool #Q30876		57,555
	40,923	3.50%, 1/1/45, Pool #Q31122		41,019
	44,463	4.00%, 2/1/45, Pool #Q31338		45,577
	19,527	4.00%, 2/1/45, Pool #Q31128		20,016
	20,711	3.50%, 5/1/45, Pool #Q33131		20,774
	132,165	3.50%, 5/1/45, Pool #Q33606		132,063
	128,770	3.50%, 6/1/45, Pool #Q34176		128,671
	3,541	3.50%, 7/1/45, Pool #Q34960		3,538
	4,161,403	3.50%, 8/1/45, Pool #G60138		4,175,594
	34,711	3.50%, 9/1/45, Pool #Q36302		34,902
	324,518	4.00%, 10/1/45, Pool #Q36972		333,005
	14,171	3.50%, 10/1/45, Pool #V81932		14,160
	47,808	4.00%, 12/1/45, Pool #Q37955		49,006
	55,819	4.00%, 12/1/45, Pool #Q37957		57,172
	566,798	3.50%, 1/1/46, Pool #G60393		566,229
	42,920	3.50%, 2/1/46, Pool #V82209		42,868
	411,057	3.50%, 3/1/46, Pool #Q39250		410,559
	453,931	3.50%, 5/1/46, Pool #G60561		453,475
	759,391	4.00%, 7/1/46, Pool #V82528		777,824
	4,639,807	3.50%, 7/1/46, Pool #G60658		4,648,084
	433,566	4.00%, 8/1/46, Pool #V82553		444,093
	10,072,112	3.00%, 8/1/46, Pool #G60717		9,779,383
	865,951	Class FB, Series 4606, 2.57% (US0001M+50bps), 8/15/46		874,500
	572,878	3.00%, 9/1/46, Pool #G60718		556,125
	1,889,413	3.00%, 9/1/46, Pool #Q42979		1,834,159
	61,294	4.00%, 9/1/46, Pool #G60729		62,537
	3,679,904	3.00%, 9/1/46, Pool #Q43104		3,575,144
	124,231	4.00%, 10/1/46, Pool #V82661		126,754
	606,045	3.00%, 12/1/46, Pool #Q45064		588,323
	258,371	3.00%, 12/1/46, Pool #Q45079		251,416
	151,434	3.00%, 12/1/46, Pool #Q45083		147,499
	305,302	3.00%, 12/1/46, Pool #Q45080		296,658
	631,116	3.00%, 12/1/46, Pool #Q44853		613,150
	2,054,008	3.00%, 12/1/46, Pool #V82781		1,992,350
	2,701,540	4.00%, 2/1/47, Pool #V82929		2,767,607


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	1,177,359	3.50%, 3/1/47, Pool #G60968	$	1,172,951
	199,598	3.50%, 7/1/47, Pool #Q53113		200,279
	2,259,296	4.00%, 8/1/47, Pool #G67704		2,321,928
	775,148	3.50%, 10/1/47, Pool #G61178		776,772
	13,958,056	3.50%, 12/1/47, Pool #G67706		13,939,709
	956,163	3.50%, 12/1/47, Pool #G61208		958,166
	113,486	3.50%, 1/1/48, Pool #Q53630		113,724
	207,345	3.50%, 1/1/48, Pool #Q53648		207,136
	2,329,712	3.50%, 1/1/48, Pool #Q53747		2,321,774
	8,260,000	3.00%, 7/15/48, TBA		8,082,217
	7,189,000	4.50%, 7/15/48, TBA		7,480,254
	11,144,416	3.00%, 7/15/48, TBA		10,786,395
	7,301,000	4.00%, 7/15/48, TBA		7,441,696
	20,085,000	3.50%, 7/15/48, TBA		20,134,301
	300,000	6.00%, 7/15/48, TBA		328,125
	2,600,000	5.50%, 7/15/48, TBA		2,780,883

				170,531,853

Federal National Mortgage Association (15.8%)
	199,399	4.00%, 9/1/26, Pool #AL2683		204,855
	143,252	4.00%, 12/1/26, Pool #AL1938		147,088
	244,783	2.50%, 9/1/27, Pool #AB6194		239,654
	162,809	2.50%, 9/1/27, Pool #AP5205		159,526
	57,257	2.50%, 2/1/28, Pool #AB8446		56,066
	80,557	3.00%, 4/1/28, Pool #AT3121		80,544
	123,127	2.50%, 4/1/28, Pool #AB8870		120,567
	100,797	3.00%, 5/1/28, Pool #AT6033		100,781
	332,311	2.50%, 8/1/28, Pool #AS0190		325,408
	1,549,545	3.50%, 9/1/28, Pool #AL4245		1,574,389
	20,667	3.00%, 10/1/28, Pool #AQ4132		20,663
	186,068	3.00%, 10/1/28, Pool #AU8774		185,815
	444,666	3.50%, 10/1/28, Pool #AV0198		451,798
	21,329	3.00%, 11/1/28, Pool #AV0298		21,325
	653,429	3.50%, 11/1/28, Pool #AV1360		663,889
	532,359	3.00%, 4/1/29, Pool #AW0937		532,276
	363,216	3.00%, 5/1/29, Pool #AW2544		362,061
	707,642	3.00%, 6/1/29, Pool #AS2676		707,533
	1,448,686	3.00%, 9/1/29, Pool #AL6897		1,448,459
	247,245	3.50%, 9/1/29, Pool #AX0105		250,448
	472,879	3.00%, 9/1/29, Pool #AS3220		472,806
	501,333	3.50%, 9/1/29, Pool #AL5806		509,360
	265,004	3.00%, 10/1/29, Pool #AS3594		264,963
	65,967	3.50%, 10/1/29, Pool #AX2741		67,022
	364,037	3.50%, 12/1/29, Pool #AS3988		370,515
	963,651	3.00%, 1/1/30, Pool #AL6144		963,501
	2,605,000	4.12%, 1/15/30		1,757,334
	38,062	2.50%, 2/1/30, Pool #AS4485		37,165
	142,664	2.50%, 2/1/30, Pool #BM3403		139,626
	45,045	2.50%, 2/1/30, Pool #AS4488		43,982
	285,997	2.50%, 3/1/30, Pool #AS4688		279,254
	191,479	3.00%, 3/1/30, Pool #AL6583		191,449
	165,098	3.00%, 4/1/30, Pool #AL6584		164,718
	131,779	2.50%, 4/1/30, Pool #AY3416		128,669
	66,834	2.50%, 5/1/30, Pool #AY0828		65,258
	94,851	3.00%, 5/1/30, Pool #AL6761		94,632
	3,901,000	4.14%, 5/15/30		2,601,854
	129,259	3.00%, 7/1/30, Pool #AL7139		128,961


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	58,454	2.50%, 7/1/30, Pool #AZ2170	$	57,074
	23,351	3.00%, 7/1/30, Pool #AZ2297		23,240
	146,969	3.00%, 7/1/30, Pool #AX9701		146,630
	36,374	2.50%, 7/1/30, Pool #AS5405		35,516
	43,478	3.00%, 7/1/30, Pool #AX9700		43,378
	205,409	2.50%, 7/1/30, Pool #AS5403		200,561
	218,465	3.00%, 8/1/30, Pool #AL7227		217,961
	421,054	2.50%, 8/1/30, Pool #BM3552		411,960
	241,989	3.00%, 8/1/30, Pool #AL7225		241,430
	16,691	3.00%, 8/1/30, Pool #AZ8597		16,653
	173,470	3.00%, 8/1/30, Pool #AS5622		173,070
	253,158	2.50%, 8/1/30, Pool #AS5616		247,187
	138,878	3.50%, 8/1/30, Pool #AS5708		140,852
	32,469	3.50%, 8/1/30, Pool #AS5707		32,930
	132,569	2.50%, 8/1/30, Pool #AS5614		129,440
	32,009	3.00%, 8/1/30, Pool #AX3298		31,935
	1,055,843	3.50%, 8/1/30, Pool #AL7430		1,072,774
	187,016	3.00%, 8/1/30, Pool #AS5623		186,584
	102,532	2.50%, 8/1/30, Pool #AS5548		100,114
	36,535	3.00%, 8/1/30, Pool #AZ7833		36,451
	122,974	2.50%, 9/1/30, Pool #AS5786		120,075
	45,905	3.00%, 9/1/30, Pool #AL7320		45,898
	151,057	2.50%, 9/1/30, Pool #AS5872		147,493
	172,230	3.00%, 9/1/30, Pool #AS5728		171,833
	71,922	3.00%, 9/1/30, Pool #AZ5719		71,646
	125,695	3.00%, 9/1/30, Pool #AS5714		125,405
	20,568	2.50%, 11/1/30, Pool #AL7800		20,082
	143,301	2.50%, 11/1/30, Pool #AS6141		139,920
	133,757	2.50%, 11/1/30, Pool #AS6142		130,600
	141,000	2.50%, 11/1/30, Pool #AS6116		137,671
	135,142	2.50%, 11/1/30, Pool #AS6115		131,951
	244,364	2.50%, 3/1/31, Pool #BM1595		239,286
	226,306	2.50%, 6/1/31, Pool #AS7320		220,403
	366,084	2.50%, 7/1/31, Pool #AS7605		356,536
	392,345	2.50%, 7/1/31, Pool #AS7617		382,110
	18,545	2.50%, 8/1/31, Pool #BC2777		18,062
	89,200	4.00%, 8/1/31, Pool #AY4707		92,249
	3,073,145	3.00%, 8/1/31, Pool #AL9376		3,058,259
	53,347	4.00%, 8/1/31, Pool #AY4688		54,906
	246,173	3.00%, 9/1/31, Pool #AL9378		245,074
	478,737	2.50%, 10/1/31, Pool #AS8009		466,247
	3,132,662	2.50%, 10/1/31, Pool #BC4773		3,050,910
	887,989	2.50%, 10/1/31, Pool #AS8208		864,822
	1,648,504	2.50%, 10/1/31, Pool #AS8195		1,605,530
	675,454	2.50%, 10/1/31, Pool #AS8193		657,840
	143,304	2.00%, 10/1/31, Pool #MA2774		135,782
	652,718	2.00%, 11/1/31, Pool #AS8251		618,454
	43,056	2.00%, 11/1/31, Pool #AS8291		40,796
	526,646	2.50%, 11/1/31, Pool #AS8240		512,906
	362,303	2.50%, 11/1/31, Pool #AS8241		352,852
	264,998	2.50%, 11/1/31, Pool #AS8245		258,089
	238,556	2.00%, 11/1/31, Pool #BC9040		226,033
	235,955	2.50%, 11/1/31, Pool #BC2628		229,811
	218,084	2.50%, 11/1/31, Pool #BC2629		212,386
	460,874	2.50%, 11/1/31, Pool #BC2631		448,145
	854,295	2.00%, 11/1/31, Pool #BM3054		809,452


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	437,476	2.50%, 11/1/31, Pool #BM1896	$	426,330
	188,529	2.00%, 12/1/31, Pool #MA2845		178,634
	3,369,017	2.50%, 1/1/32, Pool #BM1890		3,283,876
	47,288	2.50%, 2/1/32, Pool #BM1036		45,982
	1,552,409	3.50%, 2/1/32, Pool #AS8885		1,574,537
	1,124,521	2.00%, 3/1/32, Pool #BM3061		1,065,496
	179,265	2.50%, 3/1/32, Pool #BM1422		174,314
	784,934	2.50%, 3/1/32, Pool #AS9318		763,255
	510,267	2.50%, 3/1/32, Pool #AS9316		496,175
	739,909	2.50%, 3/1/32, Pool #AS9321		719,477
	831,286	2.50%, 3/1/32, Pool #AS9319		808,326
	420,437	2.50%, 3/1/32, Pool #AS9317		408,825
	3,452,927	3.50%, 4/1/32, Pool #BM3503		3,515,272
	2,540,571	3.50%, 5/1/32, Pool #BM1602		2,577,407
	3,774,353	3.00%, 6/1/32, Pool #BM1791		3,757,302
	1,159,968	2.50%, 8/1/32, Pool #BM3578		1,128,204
	466,890	3.00%, 9/1/32, Pool #BM3240		466,349
	118,119	3.50%, 11/1/32, Pool #BJ2054		119,692
	79,609	3.50%, 1/1/33, Pool #BJ2096		80,671
	153,964	5.50%, 1/1/33, Pool #676661		166,615
	2,321,221	2.50%, 2/1/33, Pool #BM3793		2,266,458
	107,796	5.50%, 5/1/33, Pool #555424		117,119
	2,508,000	3.00%, 7/25/33, TBA		2,493,277
	1,900,000	5.00%, 7/25/33, TBA		1,929,984
	1,803,000	4.00%, 7/25/33, TBA		1,849,625
	666,000	2.00%, 7/25/33, TBA		630,698
	200,000	4.50%, 7/25/33, TBA		201,250
	884,033	5.00%, 2/1/35, Pool #735226		946,689
	258,525	5.50%, 2/1/35, Pool #735989		280,991
	64,120	5.00%, 3/1/35, Pool #735288		68,658
	23,438	6.00%, 4/1/35, Pool #735504		25,832
	120,446	5.00%, 9/1/35, Pool #889974		128,991
	244,511	4.00%, 1/1/36, Pool #AB0686		250,960
	597,106	5.50%, 9/1/36, Pool #995113		649,307
	62,413	3.00%, 10/1/36, Pool #AL9227		61,598
	183,761	3.00%, 11/1/36, Pool #AS8349		181,363
	446,914	3.00%, 11/1/36, Pool #AS8348		441,080
	421,855	3.00%, 12/1/36, Pool #BE1896		416,348
	540,006	3.00%, 12/1/36, Pool #AS8553		532,956
	35,793	5.50%, 2/1/38, Pool #961545		38,579
	18,982	6.00%, 3/1/38, Pool #889529		20,977
	138,813	5.50%, 5/1/38, Pool #889692		150,149
	59,994	6.00%, 5/1/38, Pool #889466		66,296
	104,655	5.50%, 5/1/38, Pool #889441		113,043
	94,039	5.50%, 6/1/38, Pool #995018		101,877
	26,497	5.50%, 9/1/38, Pool #889995		28,649
	63,950	6.00%, 10/1/38, Pool #889983		70,411
	352,421	5.50%, 1/1/39, Pool #AB0200		380,913
	142,075	4.50%, 4/1/39, Pool #930922		149,401
	154,321	4.50%, 5/1/39, Pool #AL1472		162,283
	1,482,078	5.00%, 6/1/39, Pool #AL7521		1,586,964
	951,640	6.00%, 7/1/39, Pool #BF0056		1,030,085
	68,282	5.50%, 10/1/39, Pool #AD0362		73,900
	65,099	5.50%, 12/1/39, Pool #AD0571		70,486
	469,409	5.50%, 12/1/39, Pool #AC6680		505,521
	9,027,245	4.50%, 1/1/40, Pool #AC8568		9,513,396


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	55,747	5.50%, 3/1/40, Pool #AL5304	$	61,005
	51,718	4.50%, 4/1/40, Pool #AD4038		54,412
	431,885	6.00%, 4/1/40, Pool #AL4141		475,805
	82,345	6.50%, 5/1/40, Pool #AL1704		91,653
	209,755	4.00%, 7/1/40, Pool #AE0113		215,381
	112,168	4.50%, 7/1/40, Pool #AB1226		118,013
	152,898	4.50%, 7/1/40, Pool #AD7127		160,777
	376,727	4.00%, 8/1/40, Pool #AE0216		386,922
	5,554	4.00%, 8/1/40, Pool #AD9136		5,704
	44,817	6.00%, 9/1/40, Pool #AE0823		49,241
	1,015,678	4.00%, 10/1/40, Pool #AB1614		1,044,520
	427,753	4.00%, 10/1/40, Pool #AE7535		439,319
	66,802	4.00%, 11/1/40, Pool #AE8407		68,610
	305,606	4.00%, 12/1/40, Pool #AH0946		313,871
	46,016	4.00%, 12/1/40, Pool #AH0006		47,262
	2,680,000	Class CY, Series 2010-136, 4.00%, 12/25/40		2,766,226
	85,902	4.00%, 1/1/41, Pool #AL7167		88,042
	11,396,360	Class ZA, Series 2011-8, 4.00%, 2/25/41, Callable 1/25/34 @ 100		11,620,882
	681,860	4.00%, 4/1/41, Pool #AI1186		700,288
	102,203	6.00%, 6/1/41, Pool #AL4142		112,714
	62,038	4.50%, 7/1/41, Pool #AB3314		65,274
	1,103,954	5.00%, 7/1/41, Pool #AL7524		1,184,025
	809,647	4.00%, 9/1/41, Pool #AJ1541		831,577
	66,397	4.00%, 9/1/41, Pool #AI5228		68,195
	58,404	4.50%, 9/1/41, Pool #AI8961		61,450
	1,277,699	5.50%, 9/1/41, Pool #AL8430		1,383,650
	50,952	4.00%, 10/1/41, Pool #AC9312		52,332
	3,561,264	4.00%, 11/1/41, Pool #AJ4701		3,661,485
	176,976	4.00%, 12/1/41, Pool #AB4054		182,858
	58,914	4.00%, 12/1/41, Pool #AJ7684		60,872
	366,510	3.50%, 1/1/42, Pool #AW8154		367,991
	1,573,855	4.00%, 1/1/42, Pool #AB4307		1,616,482
	57,916	3.50%, 1/1/42, Pool #AK2073		58,122
	191,727	4.00%, 2/1/42, Pool #AB4530		196,918
	64,180	3.50%, 4/1/42, Pool #AK7510		64,100
	177,305	3.50%, 4/1/42, Pool #AO0777		177,936
	102,438	4.00%, 5/1/42, Pool #AT6144		105,842
	102,417	4.00%, 5/1/42, Pool #A02114		105,191
	318,760	4.00%, 5/1/42, Pool #AO2961		327,391
	24,906	3.50%, 5/1/42, Pool #AO2881		24,871
	28,774	3.50%, 6/1/42, Pool #AO3048		28,877
	111,681	4.00%, 6/1/42, Pool #AL2003		114,700
	49,908	3.50%, 6/1/42, Pool #AL2168		50,104
	46,475	3.50%, 6/1/42, Pool #AK9225		46,640
	53,477	3.50%, 6/1/42, Pool #AO3107		53,667
	61,898	3.50%, 7/1/42, Pool #AO9707		62,118
	3,911,751	4.00%, 7/1/42, Pool #AL2160		4,041,010
	230,127	4.00%, 7/1/42, Pool #AL4244		237,772
	80,790	4.00%, 7/1/42, Pool #AL2607		82,977
	101,200	3.50%, 8/1/42, Pool #AO7152		101,560
	1,279,804	4.00%, 8/1/42, Pool #AL2242		1,314,443
	366,384	4.50%, 9/1/42, Pool #AL2482		385,259
	112,733	4.00%, 9/1/42, Pool #AL2901		115,780
	56,522	4.00%, 9/1/42, Pool #AX3706		58,052
	67,638	3.50%, 10/1/42, Pool #AQ0393		68,044


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	152,363	3.00%, 10/1/42, Pool #AP9726	$	149,040
	514,925	3.50%, 10/1/42, Pool #AB6512		515,999
	221,135	3.00%, 12/1/42, Pool #AB7425		216,197
	121,243	3.50%, 12/1/42, Pool #AQ7127		121,674
	258,485	3.00%, 12/1/42, Pool #AB7271		252,707
	495,285	3.50%, 12/1/42, Pool #AL8045		497,042
	974,429	3.00%, 12/1/42, Pool #AB7269		952,673
	283,480	4.00%, 12/1/42, Pool #AL6055		292,895
	2,391,218	4.50%, 1/1/43, Pool #AL8206		2,515,666
	352,579	3.00%, 1/1/43, Pool #AB7565		344,625
	701,364	3.00%, 1/1/43, Pool #AB7567		685,712
	438,366	3.00%, 1/1/43, Pool #AB7755		428,446
	178,024	4.00%, 1/1/43, Pool #AL7369		182,841
	639,349	3.00%, 1/1/43, Pool #AB7458		624,925
	638,280	3.00%, 1/1/43, Pool #AB7497		623,731
	237,737	3.00%, 2/1/43, Pool #AB8558		232,322
	244,703	3.00%, 2/1/43, Pool #AB7762		239,154
	278,972	3.50%, 2/1/43, Pool #AL2935		279,958
	116,067	3.00%, 3/1/43, Pool #AR7576		113,393
	730,175	3.50%, 3/1/43, Pool #AL3409		731,848
	278,744	4.00%, 3/1/43, Pool #AL3300		286,619
	55,045	3.50%, 3/1/43, Pool #AR9203		55,180
	102,374	3.00%, 3/1/43, Pool #AR7568		100,015
	17,963	3.50%, 3/1/43, Pool #AR6909		17,995
	23,833	3.50%, 3/1/43, Pool #AT0310		23,909
	450,040	3.00%, 3/1/43, Pool #AB8701		439,783
	155,869	3.00%, 3/1/43, Pool #AB8830		152,337
	37,227	3.50%, 3/1/43, Pool #AR8128		37,279
	161,142	3.00%, 3/1/43, Pool #AR9218		157,420
	471,196	3.00%, 3/1/43, Pool #AR9194		460,624
	62,081	3.00%, 3/1/43, Pool #AB8712		60,666
	426,816	3.00%, 4/1/43, Pool #AB9016		417,038
	174,620	3.00%, 4/1/43, Pool #AR8630		170,595
	113,690	3.00%, 4/1/43, Pool #AB8924		111,064
	125,097	3.00%, 4/1/43, Pool #AB8923		122,215
	124,615	3.00%, 4/1/43, Pool #AT2043		121,734
	68,544	3.00%, 4/1/43, Pool #AT2037		66,966
	217,416	3.00%, 4/1/43, Pool #AT2040		212,384
	25,226	3.50%, 4/1/43, Pool #AT3019		25,293
	59,493	3.00%, 4/1/43, Pool #AB9033		58,130
	457,846	3.00%, 5/1/43, Pool #AT2719		447,413
	171,190	3.00%, 5/1/43, Pool #AL3759		167,348
	171,728	3.00%, 5/1/43, Pool #AT6654		167,833
	113,665	3.50%, 5/1/43, Pool #AB9255		113,863
	314,018	3.00%, 5/1/43, Pool #AB9173		306,824
	42,816	3.50%, 5/1/43, Pool #MA1440		42,875
	222,329	3.00%, 5/1/43, Pool #AB9462		217,669
	27,520	3.50%, 6/1/43, Pool #AB9567		27,558
	16,288	3.00%, 6/1/43, Pool #AB9564		15,915
	253,540	3.00%, 6/1/43, Pool #AB9662		247,734
	89,843	3.00%, 6/1/43, Pool #AT7676		87,819
	472,604	3.50%, 7/1/43, Pool #AT9667		473,253
	206,778	3.50%, 7/1/43, Pool #AR7145		207,065
	235,049	3.50%, 7/1/43, Pool #AT8464		235,976
	73,621	3.50%, 7/1/43, Pool #AT3906		73,723
	629,792	3.50%, 7/1/43, Pool #AT7940		633,578


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	694,074	3.00%, 7/1/43, Pool #AL5778	$	678,044
	3,097,884	3.00%, 7/1/43, Pool #AB9940		3,027,966
	509,418	3.50%, 7/1/43, Pool #AL4010		510,577
	713,212	3.50%, 7/1/43, Pool #AU0918		716,024
	220,186	3.50%, 7/1/43, Pool #AT4327		221,515
	579,957	3.50%, 8/1/43, Pool #AS0209		580,758
	569,339	3.00%, 8/1/43, Pool #AS0331		556,237
	130,231	3.50%, 8/1/43, Pool #AU0570		130,412
	15,059	3.50%, 8/1/43, Pool #AU3032		15,118
	59,050	3.50%, 8/1/43, Pool #AU3270		59,143
	127,297	3.50%, 8/1/43, Pool #AU0613		127,473
	16,828	3.50%, 8/1/43, Pool #AT7333		16,895
	65,979	3.50%, 8/1/43, Pool #AU3267		66,377
	22,269	3.50%, 9/1/43, Pool #AT7267		22,357
	132,336	4.00%, 10/1/43, Pool #AL7577		135,915
	24,838	3.50%, 10/1/43, Pool #AU7247		24,988
	1,938,372	4.00%, 10/1/43, Pool #BM1502		1,990,764
	1,260,096	3.50%, 11/1/43, Pool #AL9745		1,264,573
	1,591,002	5.00%, 12/1/43, Pool #AL7777		1,702,914
	633,275	3.50%, 12/1/43, Pool #AL4682		637,087
	111,477	3.50%, 1/1/44, Pool #AS1539		111,917
	65,920	3.50%, 1/1/44, Pool #AS1453		66,318
	846,690	3.50%, 1/1/44, Pool #AL9422		851,796
	463,259	3.50%, 1/1/44, Pool #AL4750		466,048
	116,884	3.50%, 1/1/44, Pool #AS1703		117,344
	142,310	4.00%, 3/1/44, Pool #AV6577		146,467
	4,177,400	4.50%, 4/1/44, Pool #AL6887		4,393,413
	1,039,656	3.50%, 5/1/44, Pool #AL5554		1,045,922
	26,387	3.50%, 6/1/44, Pool #AW6405		26,405
	5,467,955	3.50%, 6/1/44, Pool #AL9405		5,487,370
	15,239	3.50%, 6/1/44, Pool #AS2591		15,300
	26,856	4.00%, 7/1/44, Pool #AW7055		27,513
	1,841,320	4.00%, 8/1/44, Pool #AL5601		1,902,065
	1,080,665	4.00%, 8/1/44, Pool #890629		1,116,578
	872,170	5.00%, 11/1/44, Pool #AL8878		935,629
	17,722	4.00%, 12/1/44, Pool #AX6255		18,311
	17,773	4.00%, 12/1/44, Pool #AY0299		18,364
	228,098	4.00%, 12/1/44, Pool #AX9372		235,220
	205,143	4.00%, 1/1/45, Pool #AY0367		211,549
	70,359	4.00%, 1/1/45, Pool #AX8713		72,554
	761,201	4.00%, 1/1/45, Pool #AS4083		784,967
	198,277	4.00%, 2/1/45, Pool #AS4308		204,069
	131,723	4.00%, 2/1/45, Pool #AY2693		135,051
	543,199	3.50%, 2/1/45, Pool #BM1100		544,039
	31,393	4.00%, 2/1/45, Pool #AY1866		32,435
	866,906	4.00%, 5/1/45, Pool #AS5017		895,716
	31,782	4.00%, 5/1/45, Pool #AY8218		32,508
	70,964	4.00%, 5/1/45, Pool #AY9770		73,322
	478,251	5.00%, 6/1/45, Pool #BM3784		508,571
	509,763	3.50%, 7/1/45, Pool #AS5459		512,448
	1,352,428	3.50%, 7/1/45, Pool #AS5453		1,351,439
	68,790	3.50%, 8/1/45, Pool #AS5640		68,733
	271,690	4.50%, 9/1/45, Pool #AL7936		286,494
	156,414	4.00%, 10/1/45, Pool #AL7443		161,298
	111,929	4.00%, 10/1/45, Pool #AL7442		115,573
	644,541	3.50%, 10/1/45, Pool #MA2414		643,439


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	49,487	4.00%, 10/1/45, Pool #AZ9243	$	51,084
	544,118	4.00%, 10/1/45, Pool #AS5949		561,108
	51,307	4.00%, 10/1/45, Pool #BA2879		52,545
	52,322	4.00%, 10/1/45, Pool #BA2878		53,827
	57,608	4.00%, 10/1/45, Pool #BA2877		59,040
	51,595	4.00%, 10/1/45, Pool #AZ9244		53,121
	18,194	4.50%, 11/1/45, Pool #AS6233		19,097
	248,085	4.00%, 11/1/45, Pool #BA2905		255,219
	161,692	4.00%, 11/1/45, Pool #BA2904		166,844
	112,881	3.50%, 11/1/45, Pool #AS6195		113,390
	132,239	4.50%, 11/1/45, Pool #AL9501		139,381
	1,889,461	3.50%, 11/1/45, Pool #BM1124		1,896,148
	168,161	4.00%, 12/1/45, Pool #BA4737		172,851
	137,695	4.00%, 12/1/45, Pool #BA4736		141,869
	442,138	4.50%, 12/1/45, Pool #BM1756		463,421
	74,831	4.00%, 12/1/45, Pool #BA2924		76,513
	520,904	4.00%, 12/1/45, Pool #AS6347		535,065
	475,352	3.50%, 12/1/45, Pool #AL9635		478,099
	187,616	4.00%, 1/1/46, Pool #BA4781		193,122
	328,535	4.00%, 2/1/46, Pool #AS6662		337,245
	614,996	3.50%, 3/1/46, Pool #AS6823		614,310
	231,438	3.50%, 4/1/46, Pool #AL8521		231,975
	6,955,135	3.50%, 4/1/46, Pool #BC5981		6,967,488
	584,894	3.50%, 4/1/46, Pool #AS7015		583,894
	386,772	3.50%, 5/1/46, Pool #AL8570		386,273
	2,108,010	4.00%, 6/1/46, Pool #AL9093		2,161,331
	76,108	3.50%, 6/1/46, Pool #BC1154		76,332
	35,168	4.00%, 6/1/46, Pool #BD0734		36,002
	1,629,989	3.50%, 6/1/46, Pool #AS7353		1,627,455
	2,028,151	3.50%, 6/1/46, Pool #AS7383		2,025,176
	31,549	3.00%, 6/1/46, Pool #AS7365		30,652
	146,750	3.00%, 6/1/46, Pool #AS7370		143,058
	266,825	3.00%, 6/1/46, Pool #AS7362		259,862
	3,809,484	3.00%, 7/1/46, Pool #BC1450		3,701,165
	1,092,609	4.50%, 7/1/46, Pool #BM1920		1,152,115
	4,321,626	3.50%, 7/1/46, Pool #BA7748		4,314,240
	5,586,615	4.00%, 7/1/46, Pool #AL8857		5,731,066
	745,793	4.50%, 7/1/46, Pool #BM3053		788,444
	43,696	3.00%, 8/1/46, Pool #AL9031		42,597
	876,323	3.50%, 8/1/46, Pool #AL8952		875,037
	57,080	4.00%, 8/1/46, Pool #BD4900		58,754
	3,974,248	3.00%, 8/1/46, Pool #BC1486		3,861,243
	31,456	4.00%, 8/1/46, Pool #AW7541		32,185
	38,550	4.00%, 8/1/46, Pool #BD3933		39,686
	1,514,221	Class UF, Series 2016-48, 2.49% (US0001M+40bps), 8/25/46		1,524,331
	2,837,087	3.00%, 9/1/46, Pool #BD1469		2,758,980
	216,457	3.00%, 9/1/46, Pool #AS7889		211,010
	410,938	3.00%, 9/1/46, Pool #AS7878		400,190
	308,790	3.00%, 9/1/46, Pool #AL9045		300,611
	37,730	4.00%, 9/1/46, Pool #BD7826		38,837
	880,515	3.00%, 9/1/46, Pool #AL9214		855,438
	824,460	3.50%, 9/1/46, Pool #AL9511		824,098
	3,276,072	3.00%, 9/1/46, Pool #AS7847		3,182,764
	20,749	3.50%, 9/1/46, Pool #BE0547		20,668
	129,944	4.00%, 9/1/46, Pool #BD1481		133,732


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	880,892	3.00%, 10/1/46, Pool #AL9215	$	856,487
	5,229,014	3.00%, 10/1/46, Pool #BD3309		5,086,101
	1,138,279	3.00%, 10/1/46, Pool #BD8925		1,106,840
	686,273	3.00%, 10/1/46, Pool #AL9266		666,728
	320,420	3.00%, 11/1/46, Pool #AL9481		312,019
	1,942,366	4.00%, 11/1/46, Pool #AS8379		1,999,661
	7,517,904	4.00%, 11/1/46, Pool #AS8374		7,717,947
	453,032	3.00%, 11/1/46, Pool #BD9645		440,151
	5,569,561	3.50%, 11/1/46, Pool #AL9424		5,560,903
	352,877	3.00%, 11/1/46, Pool #BD9641		343,670
	1,297,186	3.50%, 11/1/46, Pool #BD8970		1,294,848
	908,157	3.00%, 11/1/46, Pool #BD9644		882,976
	382,637	3.00%, 11/1/46, Pool #BD9643		372,004
	34,125	3.50%, 11/1/46, Pool #BC7299		34,072
	58,165	3.50%, 11/1/46, Pool #BE1932		57,993
	1,006,234	3.00%, 11/1/46, Pool #AL9325		978,314
	376,677	4.00%, 11/1/46, Pool #BC9012		387,724
	121,152	3.50%, 11/1/46, Pool #BD8477		120,830
	590,973	3.50%, 11/1/46, Pool #BM1938		591,703
	833,483	3.00%, 11/1/46, Pool #BD8962		810,463
	775,425	3.50%, 11/1/46, Pool #AS8371		777,463
	76,578	4.00%, 12/1/46, Pool #BD9583		78,737
	1,531,864	3.50%, 12/1/46, Pool #AS8493		1,531,143
	1,835,821	4.00%, 12/1/46, Pool #AS8499		1,887,588
	1,930,570	3.00%, 12/1/46, Pool #AS8486		1,877,251
	53,823	4.00%, 12/1/46, Pool #BE2862		55,318
	36,952	4.00%, 12/1/46, Pool #BE3141		37,994
	765,726	3.50%, 12/1/46, Pool #BC9084		766,671
	136,209	3.50%, 12/1/46, Pool #AL9593		136,103
	44,446	4.00%, 1/1/47, Pool #BE5312		45,568
	140,835	3.50%, 1/1/47, Pool #BE4913		140,460
	219,322	3.00%, 1/1/47, Pool #AS8589		213,548
	2,294,085	3.50%, 1/1/47, Pool #AL9725		2,300,116
	343,793	3.50%, 1/1/47, Pool #AL9774		344,697
	898,649	3.50%, 1/1/47, Pool #AS8653		901,011
	528,006	4.00%, 1/1/47, Pool #BD2439		543,675
	275,652	3.50%, 1/1/47, Pool #BD8531		275,437
	1,597,797	4.00%, 1/1/47, Pool #AS8657		1,642,853
	114,660	3.00%, 2/1/47, Pool #BD5056		111,643
	1,146,648	3.50%, 2/1/47, Pool #BM3792		1,147,366
	374,578	3.50%, 2/1/47, Pool #BE3188		375,040
	422,559	3.00%, 2/1/47, Pool #BD5049		410,815
	3,621,221	4.00%, 3/1/47, Pool #BM1155		3,715,049
	905,773	3.00%, 3/1/47, Pool #AS8925		880,570
	767,992	3.00%, 3/1/47, Pool #AS8936		746,058
	1,042,638	4.00%, 5/1/47, Pool #BH0398		1,064,869
	216,056	3.50%, 5/1/47, Pool #BM1937		216,624
	834,650	3.50%, 5/1/47, Pool #BM1174		833,999
	716,816	3.50%, 6/1/47, Pool #BM1902		715,783
	879,991	4.00%, 7/1/47, Pool #BH3401		898,772
	511,915	3.50%, 7/1/47, Pool #BM1571		511,674
	5,718,000	4.50%, 7/25/47, TBA		5,953,917
	989,656	4.00%, 8/1/47, Pool #BM1619		1,014,160
	293,883	3.50%, 9/1/47, Pool #BM1822		294,246
	118,829	3.50%, 9/1/47, Pool #BH8295		118,441
	656,150	3.50%, 10/1/47, Pool #BM1952		656,960


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	491,064	4.50%, 10/1/47, Pool #BM3052	$	518,608
	118,873	3.50%, 11/1/47, Pool #CA0681		119,019
	739,922	3.50%, 11/1/47, Pool #CA0689		741,868
	59,936	3.50%, 12/1/47, Pool #BM3327		60,010
	623,326	4.50%, 12/1/47, Pool #BH7067		654,880
	3,983,885	3.50%, 12/1/47, Pool #BH7060		3,980,778
	603,144	4.00%, 12/1/47, Pool #BM3261		620,600
	911,896	3.50%, 12/1/47, Pool #BM3282		914,294
	799,820	3.50%, 12/1/47, Pool #BM3326		801,923
	85,327	3.50%, 1/1/48, Pool #BJ8126		85,287
	61,028	3.50%, 1/1/48, Pool #BJ8650		61,104
	165,716	3.50%, 1/1/48, Pool #BJ8120		166,152
	1,449,839	3.50%, 1/1/48, Pool #CA0993		1,447,533
	1,623,259	3.50%, 1/1/48, Pool #CA1058		1,625,139
	307,201	3.50%, 1/1/48, Pool #BJ5879		307,580
	1,277,683	4.00%, 2/1/48, Pool #CA1199		1,307,549
	1,859,710	4.00%, 2/1/48, Pool #CA1255		1,903,181
	300,631	4.00%, 2/1/48, Pool #BJ9057		307,604
	273,696	4.00%, 2/1/48, Pool #BJ9058		280,310
	1,964,325	4.00%, 3/1/48, Pool #CA1372		2,023,619
	802,763	4.00%, 4/1/48, Pool #CA1549		826,995
	6,205,317	4.00%, 4/1/48, Pool #CA1545		6,350,373
	4,168,514	4.00%, 4/1/48, Pool #CA1541		4,278,861
	231,033	4.00%, 4/1/48, Pool #BM3763		237,650
	208,703	4.00%, 4/1/48, Pool #BM3762		215,003
	2,900,000	2.50%, 7/25/48, TBA		2,715,578
	4,523,000	6.00%, 7/25/48, TBA		4,947,031
	18,306,832	3.00%, 7/25/48, TBA		17,734,026
	3,414,000	5.00%, 7/25/48, TBA		3,616,487
	2,103,112	3.50%, 7/25/48, TBA		2,093,219

				349,611,697

Government National Mortgage Association (8.7%)
	25,003	4.50%, 9/15/33, Pool #615516		26,228
	87,623	5.00%, 12/15/33, Pool #783571		93,369
	24,953	6.50%, 8/20/38, Pool #4223		27,808
	26,639	6.50%, 10/15/38, Pool #673213		30,275
	13,837	6.50%, 11/20/38, Pool #4292		15,508
	27,511	6.50%, 12/15/38, Pool #782510		30,701
	287,759	5.00%, 1/15/39, Pool #782557		306,628
	121,530	5.00%, 4/15/39, Pool #711939		129,578
	195,072	5.00%, 4/15/39, Pool #782619		207,873
	22,284	4.00%, 4/20/39, Pool #4422		23,043
	18,999	5.00%, 6/15/39, Pool #782696		20,250
	78,348	4.00%, 7/20/39, Pool #4494		81,022
	126,803	5.00%, 10/20/39, Pool #4559		136,113
	14,580	4.50%, 12/20/39, Pool #G24598		15,323
	39,847	4.50%, 1/15/40, Pool #728627		42,145
	18,276	4.50%, 1/20/40, Pool #4617		19,207
	14,329	4.50%, 2/20/40, Pool #G24636		15,060
	102,413	5.00%, 5/15/40, Pool #782958		109,164
	995	4.50%, 5/20/40, Pool #G24696		1,046
	85,025	5.00%, 6/15/40, Pool #697862		90,524
	834,683	4.50%, 7/15/40, Pool #733795		882,689
	88,914	4.50%, 7/15/40, Pool #745793		94,008
	37,257	4.50%, 7/20/40, Pool #4746		39,158
	71,843	4.50%, 8/20/40, Pool #4771		75,508


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	33,949	4.50%, 9/20/40, Pool #748948	$	35,732
	21,280	4.00%, 9/20/40, Pool #G24800		22,007
	169,774	4.50%, 10/15/40, Pool #783609		179,538
	539,767	4.00%, 10/20/40, Pool #G24833		558,188
	63,315	4.50%, 10/20/40, Pool #4834		66,548
	1,009,864	4.00%, 11/20/40, Pool #4853		1,044,304
	488,752	4.00%, 12/20/40, Pool #G24882		505,418
	215,016	4.00%, 1/15/41, Pool #759138		221,438
	430,585	4.00%, 1/20/41, Pool #4922		445,282
	59,664	4.50%, 2/15/41, Pool #738019		62,794
	7,381	4.00%, 2/20/41, Pool #4945		7,633
	1,432,197	4.00%, 2/20/41, Pool #742887		1,474,815
	150,635	4.00%, 3/15/41, Pool #762838		155,171
	10,104	5.00%, 4/20/41, Pool #5018		10,809
	21,680	5.00%, 6/20/41, Pool #5083		23,196
	168,104	4.50%, 6/20/41, Pool #783590		176,745
	80,508	4.50%, 7/20/41, Pool #754367		83,802
	752,821	4.00%, 7/20/41, Pool #742895		773,712
	114,868	4.50%, 7/20/41, Pool #783584		120,802
	11,343	5.00%, 7/20/41, Pool #5116		12,133
	387,132	4.50%, 7/20/41, Pool #5115		407,130
	121,748	4.50%, 11/15/41, Pool #783610		128,791
	52,241	4.50%, 11/20/41, Pool #5234		54,966
	677,699	3.50%, 12/20/41, Pool #5258		685,767
	353,075	3.50%, 1/15/42, Pool #553461		355,926
	456,083	4.00%, 4/20/42, Pool #MA0023		471,643
	184,248	5.00%, 7/20/42, Pool #MA0223		196,420
	490,493	3.50%, 8/20/42, Pool #MA0318		496,333
	69,093	3.50%, 9/20/42, Pool #MA0392		69,916
	115,659	3.50%, 10/20/42, Pool #MA0462		117,036
	18,618	3.50%, 11/20/42, Pool #MA0534		18,839
	95,165	3.50%, 12/20/42, Pool #MA0625		96,298
	4,410,440	3.50%, 1/20/43, Pool #MA0699		4,462,982
	94,872	3.50%, 3/20/43, Pool #MA0852		96,002
	536,056	3.50%, 4/15/43, Pool #AD2334		539,034
	852,099	3.50%, 4/20/43, Pool #MA0934		862,245
	472,876	3.50%, 5/20/43, Pool #MA1012		478,506
	40,172	4.00%, 7/20/43, Pool #MA1158		41,522
	1,780,771	4.50%, 6/20/44, Pool #MA1997		1,879,951
	1,563,689	4.00%, 8/20/44, Pool #MA2149		1,615,041
	40,924	4.00%, 8/20/44, Pool #AI4167		42,168
	37,292	4.00%, 8/20/44, Pool #AJ2723		38,791
	22,185	4.00%, 8/20/44, Pool #AJ4687		22,890
	15,336	4.00%, 8/20/44, Pool #AI4166		15,815
	799,311	5.00%, 12/20/44, Pool #MA2448		851,299
	93,629	3.00%, 12/20/44, Pool #MA2444		92,315
	1,495,772	Class ZD, Series 2015-3, 4.00%, 1/20/45		1,564,477
	776,153	3.00%, 2/15/45, Pool #784439		762,362
	4,311,671	3.50%, 4/20/45, Pool #MA2754		4,339,104
	1,787,315	3.00%, 4/20/45, Pool #MA2753		1,765,576
	5,182,889	3.50%, 5/20/45, Pool #MA2826		5,215,866
	95,637	3.00%, 6/20/45, Pool #MA2891		94,103
	284,441	3.00%, 7/20/45, Pool #MA2960		279,879
	93,583	3.00%, 8/20/45, Pool #MA3033		92,198
	577,058	3.00%, 10/20/45, Pool #MA3172		567,803
	453,380	5.00%, 12/20/45, Pool #MA3313		482,822


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	15,414,224	3.50%, 3/20/46, Pool #MA3521	$	15,507,556
	10,596,920	3.00%, 4/20/46, Pool #MA3596		10,428,054
	16,044,727	3.50%, 4/20/46, Pool #MA3597		16,136,932
	5,107,861	3.50%, 5/20/46, Pool #MA3663		5,136,428
	74,370	3.00%, 5/20/46, Pool #MA3662		73,143
	10,687,438	3.50%, 6/20/46, Pool #MA3736		10,743,916
	1,692,901	3.00%, 6/20/46, Pool #MA3735		1,661,870
	1,760,061	3.50%, 7/20/46, Pool #MA3803		1,769,091
	3,327,918	3.00%, 7/20/46, Pool #MA3802		3,266,995
	15,526,445	3.00%, 8/20/46, Pool #MA3873		15,242,207
	6,826,235	3.00%, 9/20/46, Pool #MA3936		6,703,522
	337,978	3.50%, 9/20/46, Pool #MA3937		339,661
	176,428	3.50%, 10/20/46, Pool #AX4342		177,511
	183,753	3.50%, 10/20/46, Pool #AX4341		185,035
	40,166	4.00%, 10/20/46, Pool #AQ0542		41,168
	375,789	3.50%, 10/20/46, Pool #AX4345		377,749
	422,919	3.50%, 10/20/46, Pool #AX4344		425,145
	149,724	3.50%, 10/20/46, Pool #AX4343		150,556
	178,721	3.00%, 11/20/46, Pool #MA4068		175,298
	514,444	3.00%, 12/20/46, Pool #MA4126		504,443
	325,891	3.00%, 1/20/47, Pool #MA4195		319,513
	735,154	3.00%, 3/20/47, Pool #MA4320		721,128
	460,042	3.00%, 4/20/47, Pool #MA4381		450,923
	46,517	3.00%, 6/20/47, Pool #MA4509		45,583
	314,855	3.00%, 7/20/47, Pool #MA4585		308,448
	24,660	4.00%, 9/15/47, Pool #BC5919		25,436
	31,677	4.00%, 10/15/47, Pool #BE1031		32,675
	35,586	4.00%, 10/15/47, Pool #BD3187		36,707
	24,748	4.00%, 11/15/47, Pool #BE1030		25,528
	37,669	4.00%, 12/15/47, Pool #BE4664		38,859
	42,695	4.00%, 1/15/48, Pool #BE0143		44,044
	26,854	4.00%, 1/15/48, Pool #BE0204		27,704
	1,000,000	5.00%, 7/15/48, TBA		1,044,545
	2,800,000	4.50%, 7/15/48, TBA		2,910,274
	33,182,000	4.00%, 7/20/48, TBA		34,008,957

				166,880,715

	Total U.S. Government Agency Mortgages (Cost $703,172,180)			691,143,433

U.S. Treasury Obligations (25.8%):
U.S. Treasury Bonds (6.4%)
	4,105,000	5.38%, 2/15/31^		5,186,732
	20,525,000	4.75%, 2/15/37^		26,013,032
	31,340,000	3.13%, 11/15/41^(c)		32,205,523
	11,080,000	3.63%, 8/15/43		12,350,738
	1,205,000	3.13%, 8/15/44		1,237,337
	15,000	2.50%, 2/15/45^		13,676
	955,000	3.00%, 5/15/45		958,693
	1,770,000	2.88%, 8/15/45		1,734,669
	7,293,000	3.00%, 2/15/47		7,319,209
	38,900,000	3.13%, 5/15/48^		39,980,387

				126,999,996

U.S. Treasury Notes (19.4%)
	14,675,000	2.25%, 3/31/20^		14,608,504
	2,645,000	2.00%, 9/30/20(c)		2,612,144
	88,565,000	1.88%, 12/15/20^		87,077,385
	25,615,000	1.38%, 5/31/21^		24,719,476


Shares or Principal Amount			Fair Value
U.S. Treasury Obligations, continued
U.S. Treasury Notes, continued
$	2,975,000	2.00%, 12/31/21	$	2,908,992
	42,911,000	1.75%, 6/30/22^		41,372,238
	2,275,000	1.88%, 7/31/22		2,202,396
	31,805,000	2.63%, 2/28/23		31,677,034
	2,035,000	2.75%, 4/30/23		2,036,987
	9,345,000	2.75%, 5/31/23		9,356,681
	6,990,000	2.63%, 6/30/23		6,955,869
	21,290,000	2.13%, 7/31/24		20,492,457
	32,537,000	2.13%, 9/30/24		31,278,733
	21,295,000	2.63%, 3/31/25		21,052,104
	46,000	2.00%, 11/15/26		43,109
	35,766,000	2.38%, 5/15/27^		34,442,937
	26,435,000	2.25%, 8/15/27^		25,159,718
	20,810,000	2.25%, 11/15/27^		19,781,693
	18,085,000	2.88%, 5/15/28^		18,121,029

				395,899,486

	Total U.S. Treasury Obligations (Cost $532,820,268)			522,899,482

Commercial Paper (3.4%):
	15,250,000	BAT International Finance plc, 2.55%		15,169,417
	31,600,000	Bell Canada, 2.46%		31,441,012
	21,695,000	Suncor Energy, Inc., 2.54%		21,583,646

	Total Commercial Paper (Cost $68,183,737)			68,194,075

Securities Held as Collateral for Securities on Loan (17.3%):
	350,042,408	AZL Enhanced Bond Index Fund Securities Lending Collateral Account(d)		350,042,408

	Total Securities Held as Collateral for Securities on Loan (Cost $350,042,408)			350,042,408

Unaffiliated Investment Company (1.1%):
	21,155,335	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 1.68%(e)	$	21,155,335

	Total Unaffiliated Investment Company (Cost $21,155,335)			21,155,335

	Total Investment Securities (Cost $2,547,168,885) — 124.1%(f)			2,527,159,222
	Net other assets (liabilities) — (24.1)%			(502,780,357	)

	Net Assets — 100.0%		$	2,024,378,865

Percentages indicated are based on net assets as of June 30, 2018.

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

TBA—To Be Announced Security

US0001M—1 Month US Dollar LIBOR

US0003M—3 Month US Dollar LIBOR

USISDA05—5 Year ICE Swap Rate

USSW5—USD 5 Year Swap Rate

^	This security or a partial position of this security was on loan as of June 30, 2018. The total value of securities on loan as of June 30, 2018, was $340,504,254.

(a)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

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, 2018:

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investment securities, at cost	$	2,547,168,885

Investment securities, at value^*	$	2,527,159,222
Interest and dividends receivable		12,408,216
Foreign currency, at value (cost $247,430)		244,669
Receivable for capital shares issued		65,343
Receivable for investments sold		279,026,548
Receivable for variation margin on futures contracts		26,705
Prepaid expenses		11,094

Total Assets		2,818,941,797

Liabilities:
Cash overdraft		233
Payable for investments purchased		305,894,377
Payable for capital shares redeemed		975,359
Payable for collateral received on loaned securities		350,042,408
Securities sold short (Proceeds received $136,075,190)		136,506,706
Payable for variation margin on futures contracts		38,788
Manager fees payable		581,227
Administration fees payable		43,768
Distribution fees payable		415,163
Custodian fees payable		4,015
Administrative and compliance services fees payable		1,676
Transfer agent fees payable		398
Trustee fees payable		7,412
Other accrued liabilities		51,402

Total Liabilities		794,562,932

Net Assets	$	2,024,378,865

Net Assets Consist of:
Capital	$	2,044,885,255
Accumulated net investment income/(loss)		44,742,463
Accumulated net realized gains/(losses) from investment transactions		(45,524,462	)
Net unrealized appreciation/(depreciation) on investments		(19,724,391	)

Net Assets	$	2,024,378,865

Shares of beneficial interest (unlimited number of shares authorized, no par value)		189,436,973
Net Asset Value (offering and redemption price per share)	$	10.69

*	Includes securities on loan of $340,504,254.

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Interest	$	6,939,290
Dividends		534,621
Income from securities lending		532,664

Total Investment Income		8,006,575

Expenses:
Manager fees		3,511,136
Administration fees		335,909
Distribution fees		2,507,960
Custodian fees		26,866
Administrative and compliance services fees		12,318
Transfer agent fees		3,005
Trustee fees		40,424
Professional fees		40,978
Shareholder reports		9,140
Other expenses		41,229

Total expenses		6,528,965

Net Investment Income/(Loss)		1,477,610

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions and foreign currencies		(21,172,598	)
Net realized gains/(losses) on futures contracts		(3,636,981	)
Net realized gains/(losses) on securities sold short		3,463,272
Change in net unrealized appreciation/depreciation on investments and foreign currencies		(19,044,682	)
Change in net unrealized appreciation/depreciation on futures contracts		1,010,178
Change in net unrealized appreciation/depreciation on securities sold short		(498,042	)

Net Realized/Unrealized Gains/(Losses) on Investments		(39,878,853	)

Change in Net Assets Resulting From Operations	$	(38,401,243	)

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

The Fund may purchase securities on a when-issued basis. When-issued securities are securities purchased for delivery beyond the normal settlement date at a stated price and yield and thereby involve risk that the yield obtained in the transaction will be less than that available in the market when the delivery takes place. A Fund will not pay for such securities or start earning interest on them until they are received. When a Fund agrees to purchase securities on a when-issued basis, the Fund will segregate or designate cash or liquid assets equal to the amount of the commitment. Securities purchased on a when-issued basis are recorded as an asset and are subject to changes in the value based upon changes in the general level of interest rates. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

The Funds may engage in short sales against the box (i.e., where the Funds 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 Funds sells a borrowed security and has a corresponding obligation to the lender to return the identical security. The Funds may also incur an interest expense if a security that has been sold short has an interest payment. When the Funds engages in a short sale, the Funds 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, the Funds 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 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2018 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $385 million for the period ended June 30, 2018.

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 $52,374 during the period ended June 30, 2018. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2018, 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 monthly average notional amount for long contracts was $227.8 million and the monthly average notional amount for short contracts was $73.6 million for the period ended June 30, 2018. 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, 2018:

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, 2018:

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, 2019.

For the period ended June 30, 2018, 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 period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2018, there were no contractual reimbursements 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 period can be found on the Statement of Operations. During the period ended June 30, 2018, there were no voluntary waivers.

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 (“SEC” or the “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.”

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, 2018, $9,220 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.

For the period ended June 30, 2018, 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, 2018, purchases and sales of long-term U.S. government securities were as follows:

A restricted security is a security which has been purchase 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. There were no illiquid restricted securities held as of June 30, 2018.

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 of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $2,412,787,596. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

As of the latest tax year end, December 31, 2017, 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, 2018, the Fund had an individual shareholder account which is affiliated with the Investment Adviser representing ownership in excess of 30% of the Fund.

In October 2016, the SEC released its Final Rule on Investment Company Reporting Modernization (the “Rules”). The Rules which introduce two new regulatory reporting forms for investment companies – Form N-PORT and Form N-CEN – also contain amendments to Regulation S-X which require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X became effective for filings made with the SEC after August 1, 2017. The compliance date for form N-PORT and Form N-CEN will vary based on the reporting entity’s size and, in the case of the Fund, is expected to be April 30, 2019. The Fund’s adoption of these amendments, as applicable for the financial statements prepared as of June 30, 2018, had no effect on the Fund’s net assets or results of operations.

As a shareholder of the AZL Fidelity Institutional Asset Management Multi-Strategy 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 (39.2%):
Aerospace & Defense (1.1%):
	9,036	Boeing Co. (The)	$	3,031,669
	6,372	Lockheed Martin Corp.		1,882,480
	621	Northrop Grumman Corp.		191,082
	8,486	Raytheon Co.		1,639,325

				6,744,556

Air Freight & Logistics (0.0%):
	2,874	Ceva Logistics AG*		67,058

Automobiles (0.3%):
	139,510	Ford Motor Co.		1,544,376

Banks (2.2%):
	137,316	Bank of America Corp.		3,870,938
	40,870	Citigroup, Inc.		2,735,020
	42,217	JPMorgan Chase & Co.		4,399,012
	13,401	People’s United Financial, Inc.^		242,424
	32,528	Wells Fargo & Co.		1,803,352

				13,050,746

Beverages (1.2%):
	60,734	Coca-Cola Co. (The)		2,663,793
	20,183	Molson Coors Brewing Co., Class B^		1,373,251
	26,110	PepsiCo, Inc.		2,842,596

				6,879,640

Biotechnology (1.4%):
	28,045	AbbVie, Inc.		2,598,370
	13,288	Amgen, Inc.		2,452,832
	3,518	Biogen Idec, Inc.*		1,021,064
	30,343	Gilead Sciences, Inc.		2,149,498

				8,221,764

Capital Markets (0.6%):
	7,948	BGC Partners, Inc., Class A		89,971
	1,321	CME Group, Inc.		216,538
	37,377	Morgan Stanley		1,771,670
	30,261	Thomson Reuters Corp.^		1,220,124

				3,298,303

Chemicals (0.4%):
	5,542	DowDuPont, Inc.		365,329
	36,795	Huntsman Corp.		1,074,414
	3,376	LyondellBasell Industries NV, Class A		370,854
	638	Westlake Chemical Corp.^		68,668

				1,879,265

Commercial Services & Supplies (0.6%):
	21,297	KAR Auction Services, Inc.^		1,167,076
	15,789	Republic Services, Inc., Class A		1,079,336
	15,040	Waste Management, Inc.		1,223,353

				3,469,765

Communications Equipment (0.8%):
	76,273	Cisco Systems, Inc.		3,282,027
	49,357	Juniper Networks, Inc.^		1,353,369

				4,635,396


Shares			Fair Value
Common Stocks, continued
Construction & Engineering (0.0%):
	638	EMCOR Group, Inc.	$	48,603

Consumer Finance (0.3%):
	13,642	American Express Co.		1,336,916
	6,966	Synchrony Financial		232,525

				1,569,441

Diversified Financial Services (0.4%):
	13,756	Berkshire Hathaway, Inc., Class B*		2,567,557

Diversified Telecommunication Services (1.2%):
	110,145	AT&T, Inc.		3,536,756
	66,740	Verizon Communications, Inc.		3,357,689

				6,894,445

Electric Utilities (0.1%):
	9,203	Exelon Corp.		392,048
	14,512	PPL Corp.^		414,317

				806,365

Electronic Equipment, Instruments & Components (0.0%):
	3,154	Tech Data Corp.*		259,006

Energy Equipment & Services (0.0%):
	4,327	Halliburton Co.		194,975

Equity Real Estate Investment Trusts (0.7%):
	62,996	Apple Hospitality REIT, Inc.		1,126,368
	31,213	Gaming & Leisure Properties, Inc.		1,117,425
	14,233	Parks Hotels & Resorts, Inc.^		435,957
	40,372	Weyerhaeuser Co.		1,471,964

				4,151,714

Food & Staples Retailing (0.7%):
	18,471	CVS Health Corp.		1,188,609
	10,160	Walgreens Boots Alliance, Inc.		609,752
	28,875	Wal-Mart Stores, Inc.		2,473,144

				4,271,505

Food Products (0.2%):
	26,241	ConAgra Foods, Inc.^		937,591
	2,107	Mondelez International, Inc., Class A		86,387
	3,880	Tyson Foods, Inc., Class A		267,138

				1,291,116

Gas Utilities (0.1%):
	14,256	UGI Corp.		742,310

Health Care Equipment & Supplies (0.6%):
	31,358	Abbott Laboratories		1,912,524
	21,745	Baxter International, Inc.		1,605,651
	775	Haemonetics Corp.*		69,502
	202	Medtronic plc		17,293

				3,604,970

Health Care Providers & Services (1.5%):
	1,858	Aetna, Inc.		340,943
	21,973	Cardinal Health, Inc.		1,072,942
	3,082	Centene Corp.*		379,733
	7,740	Cigna Corp.		1,315,413
	2,354	Express Scripts Holding Co.*		181,752


Shares			Fair Value
Common Stocks, continued
Health Care Providers & Services, continued
	5,485	Humana, Inc.^	$	1,632,501
	7,994	Quest Diagnostics, Inc.		878,860
	13,510	UnitedHealth Group, Inc.		3,314,543

				9,116,687

Hotels, Restaurants & Leisure (0.3%):
	21,730	Carnival Corp., Class A		1,245,346
	4,715	Las Vegas Sands Corp.		360,037
	688	McDonald’s Corp.		107,803

				1,713,186

Household Durables (0.3%):
	25,434	PulteGroup, Inc.^		731,228
	48,239	Taylor Morrison Home Corp., Class A*		1,002,406
	6,874	Toll Brothers, Inc.^		254,269

				1,987,903

Household Products (0.5%):
	41,376	Procter & Gamble Co. (The)		3,229,811

Independent Power & Renewable Electricity Producers (0.3%):
	39,164	NRG Energy, Inc.		1,202,334
	1,450	NRG Yield, Inc., Class C^		24,940
	31,472	Vistra Energy Corp.*		744,628

				1,971,902

Industrial Conglomerates (0.2%):
	1,608	3M Co., Class C		316,326
	2,673	General Electric Co.		36,380
	5,101	Honeywell International, Inc.		734,798

				1,087,504

Insurance (0.9%):
	16,736	Aflac, Inc.		719,983
	269	American National Insurance Co.		32,170
	16,212	First American Financial Corp.		838,485
	23,865	FNF Group		897,801
	22,701	Loews Corp.^		1,096,004
	25,253	Progressive Corp. (The)		1,493,715

				5,078,158

Internet & Direct Marketing Retail (1.6%):
	4,634	Amazon.com, Inc.*		7,876,873
	31	Booking Holdings, Inc.*		62,840
	121	Etsy, Inc.*		5,105
	4,071	Netflix, Inc.*		1,593,512

				9,538,330

Internet Software & Services (2.6%):
	3,008	Alphabet, Inc., Class A*		3,396,604
	3,862	Alphabet, Inc., Class C*		4,308,640
	40,644	eBay, Inc.*		1,473,751
	30,227	Facebook, Inc., Class A*		5,873,712

				15,052,707

IT Services (1.2%):
	315	Conduent, Inc.*		5,724
	17,713	DXC Technology Co.		1,427,845


Shares			Fair Value
Common Stocks, continued
IT Services, continued
	1,896	Fidelity National Information Services, Inc.	$	201,033
	16,990	International Business Machines Corp.		2,373,502
	2,873	MasterCard, Inc., Class A		564,602
	9,676	Visa, Inc., Class A		1,281,586
	62,817	Western Union Co.^		1,277,070

				7,131,362

Leisure Products (0.1%):
	4,462	Hasbro, Inc.^		411,887

Machinery (0.9%):
	17,334	AGCO Corp.		1,052,520
	26,810	Allison Transmission Holdings, Inc.^		1,085,537
	14,630	Caterpillar, Inc.		1,984,852
	10,150	Cummins, Inc.		1,349,950

				5,472,859

Media (0.8%):
	30,864	Comcast Corp., Class A		1,012,648
	39,009	Tegna, Inc.^		423,248
	3,859	Twenty-First Century Fox, Inc.		191,754
	26,962	Walt Disney Co. (The)		2,825,886

				4,453,536

Metals & Mining (0.5%):
	87,427	Freeport-McMoRan Copper & Gold, Inc.		1,508,990
	34,814	Newmont Mining Corp.		1,312,836

				2,821,826

Mortgage Real Estate Investment Trusts (0.4%):
	114,771	Annaly Capital Management, Inc.		1,180,993
	23,495	MFA Financial, Inc.		178,092
	15,226	New Residential Investment Corp.		266,303
	17,994	Starwood Property Trust, Inc.^		390,650
	14,535	Two Harbors Investment Corp.^		229,653

				2,245,691

Multiline Retail (0.5%):
	15,492	Kohl’s Corp.^		1,129,367
	29,683	Macy’s, Inc.^		1,111,035
	5,812	Nordstrom, Inc.^		300,945
	5,269	Target Corp.		401,076

				2,942,423

Multi-Utilities (0.0%):
	868	MDU Resources Group, Inc.		24,894

Oil, Gas & Consumable Fuels (2.4%):
	28,921	Chevron Corp.		3,656,482
	29,715	ConocoPhillips Co.		2,068,758
	57,485	Exxon Mobil Corp.		4,755,735
	19,024	HollyFrontier Corp.^		1,301,812
	16,451	Marathon Petroleum Corp.		1,154,202
	1,441	Murphy Oil Corp.^		48,663
	847	Occidental Petroleum Corp.		70,877
	623	PBF Energy, Inc., Class A		26,122
	7,917	Valero Energy Corp.		877,441

				13,960,092


Shares			Fair Value
Common Stocks, continued
Paper & Forest Products (0.3%):
	14,083	Domtar Corp.	$	672,322
	33,351	Louisiana-Pacific Corp.		907,815

				1,580,137

Personal Products (0.2%):
	10,099	Estee Lauder Co., Inc. (The), Class A		1,441,026

Pharmaceuticals (2.5%):
	1,680	Allergan plc		280,090
	39,297	Bristol-Myers Squibb Co.		2,174,696
	23,965	Eli Lilly & Co.		2,044,933
	36,918	Johnson & Johnson Co.		4,479,631
	47,044	Merck & Co., Inc.		2,855,571
	82,523	Pfizer, Inc.		2,993,934

				14,828,855

Professional Services (0.4%):
	9,065	Dun & Bradstreet Corp.		1,111,822
	19,616	Robert Half International, Inc.		1,277,002

				2,388,824

Road & Rail (0.3%):
	11,796	Union Pacific Corp.^		1,671,257

Semiconductors & Semiconductor Equipment (1.3%):
	1,567	Applied Materials, Inc.		72,380
	70,494	Intel Corp.		3,504,256
	33,565	Micron Technology, Inc.*		1,760,149
	5,670	NVIDIA Corp.		1,343,223
	11,848	Texas Instruments, Inc.		1,306,242

				7,986,250

Software (2.4%):
	117	Adobe Systems, Inc.*		28,526
	27,729	CA, Inc.		988,539
	2,812	Citrix Systems, Inc.*		294,810
	2,542	Dell Technologies, Inc., Class V*		215,002
	8,224	Intuit, Inc.		1,680,204
	89,823	Microsoft Corp.		8,857,447
	54,439	Oracle Corp.		2,398,582

				14,463,110

Specialty Retail (0.9%):
	8,767	Best Buy Co., Inc.^		653,843
	7,463	Dick’s Sporting Goods, Inc.^		263,071
	7,751	Foot Locker, Inc.		408,090
	17,477	Home Depot, Inc. (The)		3,409,762
	911	Tiffany & Co.		119,888
	2,398	TJX Cos., Inc. (The)		228,242

				5,082,896

Technology Hardware, Storage & Peripherals (2.5%):
	54,165	Apple, Inc.		10,026,483
	41,687	HP, Inc.		945,878
	17,715	NetApp, Inc.		1,391,159
	24,475	Seagate Technology plc^		1,382,103
	17,636	Western Digital Corp.^		1,365,203

				15,110,826


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods (0.5%):
	10,001	Deckers Outdoor Corp.*	$	1,129,013
	7,934	Michael Kors Holdings, Ltd.*		528,404
	9,135	Ralph Lauren Corp.^		1,148,452
	2,817	VF Corp.		229,642

				3,035,511

Tobacco (0.0%):
	640	Philip Morris International, Inc.		51,674

Trading Companies & Distributors (0.0%):
	170	W.W. Grainger, Inc.^		52,428

Wireless Telecommunication Services (0.0%):
	3,117	Telephone & Data Systems, Inc.		85,468

	Total Common Stocks (Cost $201,754,058)			232,211,896

Asset Backed Securities (0.7%):
	270,068	Aaset Trust, Class A, Series 2018-1A, 3.84%, 1/16/38(a)		268,030

	1,578,198	Aaset Trust, Class A, Series 2017-1A, 3.97%, 5/16/42(a)		1,575,865

	707,292	Blackbird Capital Aircraft, Class A, Series 2016-1A, 4.21%, 12/16/41, Callable 12/15/24 @ 100(a)(b)		711,409

	205,729	Blackbird Capital Aircraft, Class AA, Series 2016-1A, 2.49%, 12/16/41, Callable 12/15/24 @ 100(a)(b)		200,238

	406,000	Castlelake Aircraft Securitization Trust, Class A, Series 2018-1A, 4.13%, 6/15/43(a)		407,867

	366,160	DB Master Finance LLC, Class A2II, Series 2017-1A, 4.03%, 11/20/47, Callable 11/20/23 @ 100(a)		363,264

	218,900	DB Master Finance LLC, Class A2I, Series 2017-1A, 3.63%, 11/20/47, Callable 11/20/23 @ 100(a)		214,962

	381,964	Thunderbolt Aircraft Lease Ltd., Class A, Series 2017-A, 4.21%, 5/17/32, Callable 4/15/24 @ 100(a)(b)		383,794

	Total Asset Backed Securities (Cost $4,135,444)			4,125,429

Collateralized Mortgage Obligations (0.6%):
$	860,000	CSMC Trust, Class D, Series 2017-PFHP, 4.32%(US0001M+225bps), 12/15/30(a)		861,888

	1,900,000	GAHR Commercial Mortgage Trust, Class DFX, Series 2015-NRF, 3.49%, 12/15/34(a)(b)		1,888,757

	91,781	MSCG Trust, Class C, Series 2016-SNR, 5.21%, 11/15/34(a)		91,406

	130,097	MSCG Trust, Class B, Series 2016-SNR, 4.18%, 11/15/34(a)		127,742

	368,905	MSCG Trust, Class A, Series 2016-SNR, 3.35%, 11/15/34(a)(b)		362,699

	Total Collateralized Mortgage Obligations (Cost $3,380,527)			3,332,492

Corporate Bonds (16.6%):
Aerospace & Defense (0.2%):
	235,000	BBA US Holdings, Inc., 5.38%, 5/1/26, Callable 5/1/21 @ 102.69(a)		235,884


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Aerospace & Defense, continued
$	210,000	BWX Technologies, Inc., 5.38%, 7/15/26, Callable 7/15/21 @ 102.69(a)	$	212,625
	500,000	KLX, Inc., 5.88%, 12/1/22, Callable 8/3/18 @ 104.41(a)		519,375

				967,884

Automobiles (0.1%):
	330,000	General Motors Co., 3.50%, 10/2/18		330,625

Banks (1.6%):
	640,000	Bank of America Corp., 4.20%, 8/26/24		643,340
	410,000	Bank of America Corp., Series L, 3.95%, 4/21/25		401,527
	66,000	Bank of America Corp., Series G, 4.45%, 3/3/26		66,153
	396,000	Bank of America Corp., Series G, 3.50%, 4/19/26		383,038
	397,000	Bank of America Corp., 4.25%, 10/22/26		392,301
	543,000	Bank of America Corp., 3.42% (US0003M+104 bps), 12/20/28, Callable 12/20/27 @ 100		511,329
	170,000	Bank of America Corp., Series AA, 6.10% (US0003M+390 bps), 12/29/49, Callable 3/17/25 @ 100^		176,698
	495,000	CIT Group, Inc., 6.13%, 3/9/28		508,613
	730,000	Citigroup, Inc., 4.05%, 7/30/22		733,941
	1,098,000	Citigroup, Inc., 4.30%, 11/20/26		1,071,419
	250,000	Citizens Bank NA, 2.55%, 5/13/21, Callable 4/13/21 @ 100		243,812
	2,005,000	JPMorgan Chase & Co., 3.88%, 9/10/24		1,986,405
	231,000	JPMorgan Chase & Co., 2.95%, 10/1/26, Callable 7/1/26 @ 100		214,575
	1,422,000	JPMorgan Chase & Co., 4.13%, 12/15/26		1,404,039
	160,000	JPMorgan Chase & Co., Series S, 6.75% (US0003M+378 bps), 12/31/99, Callable 2/1/24 @ 100, Perpetual Bond^		174,000
	550,000	Regions Financial Corp., 3.20%, 2/8/21, Callable 1/8/21 @ 100		547,152

				9,458,342

Beverages (0.4%):
	992,000	Anheuser-Busch InBev NV, 3.30%, 2/1/23, Callable 12/1/22 @ 100		983,705
	939,000	Anheuser-Busch InBev NV, 4.70%, 2/1/36, Callable 8/1/35 @ 100		951,721
	333,000	Anheuser-Busch InBev Worldwide, Inc., 4.75%, 4/15/58, Callable 10/15/57 @ 100		325,264

				2,260,690

Capital Markets (1.1%):
	128,000	Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37		151,916
	399,000	Goldman Sachs Group, Inc.(The), 2.88% (US0003M+82 bps), 10/31/22, Callable 10/31/21 @ 100		389,512
	154,000	IntercontinentalExchange, 2.75%, 12/1/20, Callable 11/1/20 @ 100		152,761
	148,000	Moody’s Corp., 4.88%, 2/15/24, Callable 11/15/23 @ 100^		155,375


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Capital Markets, continued
$	523,000	Morgan Stanley, 4.88%, 11/1/22	$	542,462
	4,600,000	Morgan Stanley, 3.74% (US0003M+85 bps), 4/24/24, Callable 4/24/23 @ 100		4,572,399
	145,000	MSCI, Inc., 4.75%, 8/1/26, Callable 8/1/21 @ 102.38(a)		140,288
	114,000	Tiaa Asset Management Finance LLC, 2.95%, 11/1/19(a)		113,555

				6,218,268

Chemicals (0.3%):
	350,000	CF Industries Holdings, Inc., 3.45%, 6/1/23^		331,184
	120,000	Chemours Co., 5.38%, 5/15/27, Callable 2/15/27 @ 100		116,100
	380,000	Platform Specialty Products, 6.50%, 2/1/22, Callable 8/3/18 @ 103.25^(a)		386,650
	245,000	Platform Specialty Products Corp., 5.88%, 12/1/25, Callable 12/1/20 @ 102.94^(a)		239,488
	385,000	TPC Group, Inc., 8.75%, 12/15/20, Callable 8/3/18 @ 102.19(a)		381,150
	130,000	Valvoline, Inc., 4.38%, 8/15/25, Callable 8/15/20 @ 103.28		120,900
	175,000	Venator Finance SARL/Venator Materials Corp., 5.75%, 7/15/25, Callable 7/15/20 @ 104.31^(a)		167,125
	200,000	W R Grace & Co., 5.63%, 10/1/24(a)		208,500

				1,951,097

Commercial Services & Supplies (0.1%):
	200,000	ADT Corp., 4.88%, 7/15/32(a)		156,500
	220,000	Covanta Holding Corp., 5.88%, 3/1/24, Callable 3/1/19 @ 102.94		216,700

				373,200

Construction & Engineering (0.1%):
	250,000	AECOM, 5.88%, 10/15/24, Callable 7/15/24 @ 100		258,750
	200,000	AECOM, 5.13%, 3/15/27, Callable 12/15/26 @ 100^		188,500
	150,000	Brand Industrial Services, Inc., 8.50%, 7/15/25, Callable 7/15/20 @ 106.34(a)		151,875

				599,125

Consumer Finance (1.4%):
	400,000	Ally Financial, Inc., 5.75%, 11/20/25, Callable 10/20/25 @ 100^		407,500
	260,000	Capital One Financial Corp., 3.80%, 1/31/28, Callable 12/31/27 @ 100		245,425
	534,000	Capital One NA, Series BNKT, 2.95%, 7/23/21, Callable 6/23/21 @ 100^		524,476
	1,000,000	Discover Bank, 3.20%, 8/9/21, Callable 7/9/21 @ 100		988,614
	1,000,000	Discover Financial Services, 5.20%, 4/27/22		1,043,022
	600,000	Ford Motor Credit Co. LLC, 2.88%, 10/1/18		600,132
	1,000,000	Ford Motor Credit Co. LLC, 2.60%, 11/4/19		991,711
	300,000	General Motors Acceptance Corp., 8.00%, 11/1/31		357,000
	383,000	General Motors Financial Co., 3.50%, 7/10/19^		384,923
	500,000	General Motors Financial Co., 4.20%, 3/1/21, Callable 2/1/21 @ 100		506,970


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Consumer Finance, continued
$	161,000	Hyundai Capital America, 2.88%, 8/9/18^(a)	$	160,977
	378,000	Hyundai Capital America, 2.55%, 2/6/19(a)		376,604
	130,000	Navient Corp., 7.25%, 9/25/23^		136,175
	200,000	SLM Corp., 5.50%, 1/15/19		201,600
	271,000	Synchrony Bank, Series B, 3.65%, 5/24/21, Callable 4/24/21 @ 100^		271,157
	510,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100^		509,471
	610,000	Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100		597,991
	161,000	Synchrony Financial, 3.95%, 12/1/27, Callable 9/1/27 @ 100		148,524

				8,452,272

Containers & Packaging (0.1%):
	80,000	Crown Americas LLC, 4.75%, 2/1/26, Callable 2/1/21 @ 103.56^(a)		76,000
	65,000	Crown Americas LLC, 4.25%, 9/30/26, Callable 3/31/26 @ 100^		59,475
	50,000	Crown Cork & Seal Co., Inc., 7.38%, 12/15/26		54,000
	200,000	Reynolds Group Issuer, Inc., 5.13%, 7/15/23, Callable 7/15/19 @ 102.56(a)		197,500
	115,000	Silgan Holdings, Inc., 4.75%, 3/15/25, Callable 3/15/20 @ 102.38		109,250

				496,225

Diversified Consumer Services (0.3%):
	850,000	APX Group, Inc., 8.75%, 12/1/20, Callable 8/3/18 @ 102.19		813,534
	415,000	APX Group, Inc., 7.63%, 9/1/23, Callable 9/1/19 @ 105.72^		368,313
	110,000	Ascend Learning LLC, 6.88%, 8/1/25, Callable 8/1/20 @ 103.44(a)		110,963
	460,000	Laureate Education, Inc., 8.25%, 5/1/25, Callable 5/1/20 @ 106.19^(a)		490,765

				1,783,575

Diversified Financial Services (0.1%):
	60,000	AXA Equitable Holdings, Inc., 3.90%, 4/20/23, Callable 3/20/23 @ 100^(a)		59,527
	500,000	Peachtree Funding Trust, 3.98%, 2/15/25(a)		486,485
	125,000	USA Compression Partners LP, 6.88%, 4/1/26, Callable 4/1/21 @ 105.16^(a)		129,375
	185,000	Voya Financial, Inc., 3.13%, 7/15/24, Callable 5/15/24 @ 100		174,762

				850,149

Diversified Telecommunication Services (0.8%):
	322,000	AT&T, Inc., 2.45%, 6/30/20, Callable 5/30/20 @ 100		317,130
	580,000	AT&T, Inc., 3.60%, 2/17/23, Callable 12/17/22 @ 100^		571,423
	28,000	AT&T, Inc., 4.45%, 4/1/24, Callable 1/1/24 @ 100		28,268
	255,000	Frontier Communications Corp., 7.05%, 10/1/46		140,250
	555,000	Level 3 Financing, Inc., 5.38%, 1/15/24, Callable 1/15/19 @ 102.69		543,623


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Diversified Telecommunication Services, continued
$	200,000	Level 3 Financing, Inc., 5.38%, 5/1/25, Callable 5/1/20 @ 102.69^	$	192,500
	130,000	Qwest Corp., 7.25%, 9/15/25		138,907
	400,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 2/15/25, Callable 2/15/20 @ 103.31^(a)		366,000
	325,000	Verizon Communications, Inc., 5.50%, 3/16/47		340,555
	603,000	Verizon Communications, Inc., 5.01%, 4/15/49		587,232
	930,000	Verizon Communications, Inc., 5.01%, 8/21/54		873,878
	500,000	Zayo Group LLC / Zayo Capital, Inc., 6.38%, 5/15/25, Callable 5/15/20 @ 103.19		509,375

				4,609,141

Electric Utilities (0.1%):
	110,000	Emera US Finance LP, 2.15%, 6/15/19		108,852
	109,000	Emera US Finance LP, 2.70%, 6/15/21, Callable 5/15/21 @ 100		106,091
	174,000	Emera US Finance LP, 3.55%, 6/15/26, Callable 3/15/26 @ 100		163,832
	305,000	FirstEnergy Solutions Co., 6.05%, 8/15/21(c)		150,975
	159,000	NSG Holdings LLC, 7.75%, 12/15/25(d)		173,309
	117,000	NV Energy, Inc., 6.25%, 11/15/20		124,888

				827,947

Electronic Equipment, Instruments & Components (0.0%):
	230,000	TTM Technologies, Inc., 5.63%, 10/1/25, Callable 10/1/20 @ 102.81^(a)		224,250

Energy Equipment & Services (0.1%):
	234,000	Halliburton Co., 3.80%, 11/15/25, Callable 8/15/25 @ 100		232,326
	205,000	Halliburton Co., 4.85%, 11/15/35, Callable 5/15/35 @ 100		211,983
	110,000	Nabors Industries, Inc., 5.50%, 1/15/23, Callable 11/15/22 @ 100		105,875

				550,184

Equity Real Estate Investment Trusts (2.1%):
	500,000	American Tower Corp., 2.80%, 6/1/20, Callable 5/1/20 @ 100		495,709
	1,000,000	Brandywine Operating Partners LP, 4.10%, 10/1/24, Callable 7/1/24 @ 100		987,351
	265,000	Brandywine Operating Partnership LP, 3.95%, 11/15/27, Callable 8/15/27 @ 100		251,777
	528,000	Brixmor Operating Partners LP, 3.25%, 9/15/23, Callable 7/15/23 @ 100		505,901
	355,000	Brixmor Operating Partners LP, 3.85%, 2/1/25, Callable 11/1/24 @ 100		342,395
	717,000	Corporate Office Properties LP, 5.25%, 2/15/24, Callable 11/15/23 @ 100		741,964
	110,000	Corrections Corp. of America, 5.00%, 10/15/22, Callable 7/15/22 @ 100		110,000
	773,000	DDR Corp., 4.63%, 7/15/22, Callable 4/15/22 @ 100^		792,708
	315,000	Digital Realty Trust LP, 3.95%, 7/1/22, Callable 5/1/22 @ 100		318,219


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts, continued
$	900,000	Digital Realty Trust LP, 4.75%, 10/1/25, Callable 7/1/25 @ 100	$	927,437
	183,000	Duke Realty LP, 3.63%, 4/15/23, Callable 1/15/23 @ 100		181,427
	500,000	Equinix, Inc., 5.75%, 1/1/25, Callable 1/1/20 @ 102.88		503,600
	45,000	GLP Capital LP, 5.25%, 6/1/25^		45,000
	500,000	Health Care REIT, Inc., 4.13%, 4/1/19, Callable 1/1/19 @ 100		502,928
	735,000	Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100		723,940
	200,000	MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 8/1/26, Callable 8/1/21 @ 102.63^		196,000
	549,000	Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100		545,072
	101,000	Omega Healthcare Investors, Inc., 4.50%, 1/15/25, Callable 10/15/24 @ 100^		98,690
	526,000	Omega Healthcare Investors, Inc., 5.25%, 1/15/26, Callable 10/15/25 @ 100		530,499
	1,628,000	Omega Healthcare Investors, Inc., 4.50%, 4/1/27, Callable 1/1/27 @ 100^		1,551,228
	494,000	Omega Healthcare Investors, Inc., 4.75%, 1/15/28, Callable 10/15/27 @ 100^		476,273
	600,000	Sabra Health/Capital Corp., 5.50%, 2/1/21, Callable 8/3/18 @ 102.75		611,448
	700,000	Tanger Properties LP, 3.88%, 12/1/23, Callable 9/1/23 @ 100		684,023
	275,000	Tanger Properties LP, 3.75%, 12/1/24, Callable 9/1/24 @ 100		264,025
	118,000	Ventas Realty LP, 3.13%, 6/15/23, Callable 3/15/23 @ 100		114,280
	131,000	Ventas Realty LP, 4.00%, 3/1/28, Callable 12/1/27 @ 100^		126,509

				12,628,403

Food & Staples Retailing (0.5%):
	300,000	CVS Health Corp., 3.70%, 3/9/23, Callable 2/9/23 @ 100		298,479
	670,000	CVS Health Corp., 4.10%, 3/25/25, Callable 1/25/25 @ 100		666,450
	779,000	CVS Health Corp., 4.30%, 3/25/28, Callable 12/25/27 @ 100		768,412
	347,000	CVS Health Corp., 4.78%, 3/25/38, Callable 9/25/37 @ 100		341,299
	510,000	CVS Health Corp., 5.05%, 3/25/48, Callable 9/25/47 @ 100		519,025
	65,000	US Foods, Inc., 5.88%, 6/15/24, Callable 6/15/19 @ 102.94(a)		66,138
	271,000	Walgreens Boots Alliance, Inc., 3.30%, 11/18/21, Callable 9/18/21 @ 100^		269,276

				2,929,079


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Food Products (0.1%):
$	255,000	JBS USA Finance, Inc., 5.75%, 6/15/25, Callable 6/15/20 @ 102.88^(a)	$	237,150
	200,000	Post Holding, Inc., 5.00%, 8/15/26, Callable 8/15/21 @ 102.5(a)		186,500

				423,650

Health Care Equipment & Supplies (0.1%):
	191,000	Becton Dickinson And Co., 3.70%, 6/6/27, Callable 3/6/27 @ 100		180,801
	215,000	Ortho-Clinical Diagnostics, Inc., 6.63%, 5/15/22, Callable 8/3/18 @ 101.66(a)		210,162
	125,000	Teleflex, Inc., 4.88%, 6/1/26, Callable 6/1/21 @ 102.44		122,500

				513,463

Health Care Providers & Services (0.6%):
	260,000	Community Health Systems, Inc., 5.13%, 8/1/21, Callable 8/3/18 @ 102.56^		240,500
	120,000	Community Health Systems, Inc., 6.25%, 3/31/23, Callable 3/31/20 @ 103.13		109,950
	355,000	HCA, Inc., 3.75%, 3/15/19^		356,331
	1,900,000	HCA, Inc., 6.50%, 2/15/20		1,972,437
	25,000	HCA, Inc., 5.88%, 3/15/22		26,063
	20,000	HCA, Inc., 4.75%, 5/1/23		19,950
	300,000	HCA, Inc., 5.38%, 2/1/25		295,410
	200,000	Tenet Healthcare Corp., 4.50%, 4/1/21^		198,000
	400,000	Tenet Healthcare Corp., 8.13%, 4/1/22		418,208
	130,000	Vizient, Inc., 10.38%, 3/1/24, Callable 3/1/19 @ 107.78^(a)		143,325

				3,780,174

Health Care Technology (0.0%):
	200,000	IMS Health, Inc., 5.00%, 10/15/26, Callable 10/15/21 @ 102.5(a)		194,750

Hotels, Restaurants & Leisure (0.3%):
	200,000	Aramark Services, Inc., 5.00%, 4/1/25, Callable 4/1/20 @ 103.75^(a)		199,000
	325,000	Caesars Resort Collection LLC, 5.25%, 10/15/25, Callable 10/15/20 @ 102.63^(a)		307,531
	50,000	Eldorado Resorts, Inc., 7.00%, 8/1/23, Callable 8/3/18 @ 105.25		52,500
	95,000	Eldorado Resorts, Inc., 6.00%, 4/1/25, Callable 4/1/20 @ 104.5		95,119
	100,000	Hilton Worldwide Finance LLC, 4.63%, 4/1/25, Callable 4/1/20 @ 102.31		97,500
	86,000	McDonald’s Corp., 2.75%, 12/9/20, Callable 11/9/20 @ 100^		85,419
	430,000	MGM Growth Properties LLC, 4.50%, 9/1/26, Callable 6/1/26 @ 100		399,362
	100,000	Penn National Gaming, Inc., 5.63%, 1/15/27, Callable 1/15/22 @ 102.81^(a)		94,250
	60,000	Scientific Games International, Inc., 5.00%, 10/15/25, Callable 10/15/20 @ 103.75(a)		57,150


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Hotels, Restaurants & Leisure, continued
$	95,000	Station Casinos LLC, 5.00%, 10/1/25, Callable 10/1/20 @ 102.5(a)	$	89,300
	115,000	Wyndham Hotels & Resorts, Inc., 5.38%, 4/15/26, Callable 4/15/21 @ 102.69(a)		114,138
	100,000	Wynn Las Vegas LLC, 5.50%, 3/1/25, Callable 12/1/24 @ 100^(a)		98,250

				1,689,519

Independent Power & Renewable Electricity Producers (0.3%):
	230,000	AES Corp., 5.50%, 4/15/25, Callable 4/15/20 @ 102.75		231,725
	695,000	Dynegy, Inc., 8.00%, 1/15/25, Callable 1/15/20 @ 104^(a)		746,255
	500,000	IPALCO Enterprises, Inc., 3.45%, 7/15/20, Callable 6/15/20 @ 100		497,840
	136,000	IPALCO Enterprises, Inc., 3.70%, 9/1/24, Callable 7/1/24 @ 100		131,874
	115,000	NextEra Energy Operating Partners LP, 4.25%, 9/15/24, Callable 7/15/24 @ 100^(a)		110,688
	230,000	NRG Energy, 6.25%, 5/1/24, Callable 5/1/19 @ 103.13^		235,750

				1,954,132

Industrial Conglomerates (0.1%):
	200,000	Icahn Enterprises LP, 6.00%, 8/1/20, Callable 8/3/18 @ 101.5		202,500
	330,000	Icahn Enterprises LP, 5.88%, 2/1/22, Callable 8/3/18 @ 102.94^		330,413
	130,000	Icahn Enterprises LP, 6.75%, 2/1/24, Callable 2/1/20 @ 103.38		130,975

				663,888

Insurance (0.6%):
	218,000	American International Group, Inc., 3.30%, 3/1/21, Callable 2/1/21 @ 100		217,846
	809,000	American International Group, Inc., 3.75%, 7/10/25, Callable 4/10/25 @ 100^		781,437
	65,000	AmWINS Group, Inc., 7.75%, 7/1/26, Callable 7/1/21 @ 105.81(a)		65,975
	436,000	Pacific Lifecorp, 5.13%, 1/30/43(a)		465,947
	497,000	Teachers Insurance & Annuity Association of America, 4.90%, 9/15/44(a)		523,181
	1,042,000	Unum Group, 5.75%, 8/15/42		1,107,887
	130,000	USIS Merger Sub, Inc., 6.88%, 5/1/25, Callable 5/1/20 @ 103.44(a)		129,350

				3,291,623

Internet Software & Services (0.0%):
	130,000	Semgroup Corp., 6.38%, 3/15/25, Callable 3/15/20 @ 103.19^		123,500

IT Services (0.0%):
	90,000	Conduent Finance, Inc., 10.50%, 12/15/24, Callable 12/15/20 @ 105.25^(a)		107,663
	140,000	First Data Corp., 5.75%, 1/15/24, Callable 1/15/19 @ 102.88(a)		140,002

				247,665


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Life Sciences Tools & Services (0.0%):
$	115,000	Catalent Pharma Solutions, Inc., 4.88%, 1/15/26, Callable 10/15/20 @ 102.44(a)	$	110,433
	30,000	Charles River Laboratories International, Inc., 5.50%, 4/1/26, Callable 4/1/21 @ 104.13(a)		30,066

				140,499

Media (1.7%):
	395,000	21st Century Fox America, 7.75%, 12/1/45		556,662
	500,000	Altice US Finance I Corp., 5.38%, 7/15/23, Callable 7/16/18 @ 104.03(a)		497,500
	115,000	AMC Entertainment, Inc., 5.75%, 6/15/25, Callable 6/15/20 @ 102.88		112,700
	320,000	CCO Holdings LLC, 5.88%, 4/1/24, Callable 4/1/19 @ 104.41(a)		320,800
	65,000	CCO Holdings LLC, 5.38%, 5/1/25, Callable 5/1/20 @ 102.68(a)		62,888
	400,000	CCO Holdings LLC, 5.75%, 2/15/26, Callable 2/15/21 @ 102.88(a)		393,000
	400,000	CCO Holdings LLC, 5.88%, 5/1/27, Callable 5/1/21 @ 102.94(a)		390,500
	61,000	Comcast Corp., 3.90%, 3/1/38, Callable 9/1/37 @ 100		55,356
	144,000	Comcast Corp., 4.65%, 7/15/42		140,097
	161,000	Comcast Corp., 4.60%, 8/15/45, Callable 2/15/45 @ 100		155,126
	136,000	Comcast Corp., 3.97%, 11/1/47, Callable 5/1/47 @ 100		119,797
	112,000	Comcast Corp., 4.00%, 3/1/48, Callable 9/1/47 @ 100^		98,674
	224,000	Comcast Corp., 4.00%, 11/1/49, Callable 5/1/49 @ 100		196,885
	200,000	DISH DBS Corp., 5.00%, 3/15/23^		173,500
	200,000	DISH DBS Corp., 5.88%, 11/15/24^		169,250
	140,000	DISH Network Corp., 3.38%, 8/15/26		135,603
	80,000	NBCUniversal Media LLC, 5.95%, 4/1/41		90,100
	114,000	NBCUniversal Media LLC, 4.45%, 1/15/43		107,767
	700,000	Neptune Finco Corp., 6.63%, 10/15/25, Callable 10/15/20 @ 103.31(a)		716,625
	200,000	Sirius XM Radio, Inc., 4.63%, 5/15/23, Callable 8/3/18 @ 102.31(a)		195,000
	105,000	Sirius XM Radio, Inc., 6.00%, 7/15/24, Callable 7/15/19 @ 103(a)		106,969
	695,000	Sirius XM Radio, Inc., 5.38%, 4/15/25, Callable 4/15/20 @ 102.69(a)		685,444
	130,000	Sirius XM Radio, Inc., 5.38%, 7/15/26, Callable 7/15/21 @ 102.69(a)		125,125
	716,000	Time Warner Cable, Inc., 8.25%, 4/1/19		742,662
	1,000,000	Time Warner Cable, Inc., 4.13%, 2/15/21, Callable 11/15/20 @ 100		1,005,089
	623,000	Time Warner Cable, Inc., 4.00%, 9/1/21, Callable 6/1/21 @ 100		622,986
	155,000	Time Warner Cable, Inc., 6.55%, 5/1/37		164,434
	280,000	Time Warner Cable, Inc., 7.30%, 7/1/38		317,382


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Media, continued
$	1,500,000	Time Warner Cable, Inc., 6.75%, 6/15/39	$	1,599,123
	69,000	Time Warner Cable, Inc., 5.50%, 9/1/41, Callable 3/1/41 @ 100		64,195

				10,121,239

Metals & Mining (0.1%):
	400,000	Freeport-McMoRan, Inc., 3.55%, 3/1/22, Callable 12/1/21 @ 100		380,000

Mortgage Real Estate Investment Trusts (0.0%):
	45,000	Starwood Property Trust, Inc., 4.75%, 3/15/25, Callable 9/15/24 @ 100(a)		43,200

Multi-Utilities (0.1%):
	339,000	Sempra Energy, 6.00%, 10/15/39		401,825

Oil, Gas & Consumable Fuels (2.3%):
	149,000	Anadarko Petroleum Corp., 4.85%, 3/15/21, Callable 2/15/21 @ 100		153,337
	308,000	Anadarko Petroleum Corp., 5.55%, 3/15/26, Callable 12/15/25 @ 100^		330,089
	738,000	Anadarko Petroleum Corp., 7.50%, 5/1/31		914,149
	78,000	Anadarko Petroleum Corp., 6.45%, 9/15/36		90,141
	410,000	Anadarko Petroleum Corp., 6.60%, 3/15/46, Callable 9/15/45 @ 100		492,763
	300,000	Antero Resources Corp., 5.13%, 12/1/22, Callable 8/3/18 @ 102.56^		300,750
	280,000	California Resources Corp., 8.00%, 12/15/22, Callable 12/15/18 @ 104^(a)		254,100
	315,000	Cheniere Corpus Christi Holdings LLC, 7.00%, 6/30/24, Callable 1/1/24 @ 100		343,350
	475,000	Cheniere Energy Partners, 5.25%, 10/1/25, Callable 10/1/20 @ 102.63^(a)		463,339
	488,000	Chesapeake Energy Corp., 8.00%, 12/15/22, Callable 12/15/18 @ 104^(a)		512,253
	360,000	Chesapeake Energy Corp., 8.00%, 1/15/25, Callable 1/15/20 @ 106^		366,642
	425,000	Citgo Petroleum Corp., 6.25%, 8/15/22, Callable 8/3/18 @ 104.69(a)		423,003
	132,000	Columbia Pipeline Group, 4.50%, 6/1/25, Callable 3/1/25 @ 100		131,697
	195,000	Crestwood Midstream Partners LP, 6.25%, 4/1/23, Callable 8/3/18 @ 104.69^		198,413
	100,000	Crestwood Midstream Partners LP, 5.75%, 4/1/25, Callable 4/1/20 @ 104.31		99,875
	100,000	CVR Refining LLC/Coffeyville Finance, Inc., 6.50%, 11/1/22, Callable 8/3/18 @ 103.25		102,000
	275,000	DCP Midstream Operating LLC, 8.13%, 8/16/30^		326,563
	350,000	DCP Midstream Operating LP, 5.85% (US0003M+385 bps), 5/21/43, Callable 5/21/23 @ 100(a)		320,250
	215,000	Denbury Resources, Inc., 9.25%, 3/31/22, Callable 3/31/19 @ 109.25^(a)		227,900
	125,000	Denbury Resources, Inc., 4.63%, 7/15/23, Callable 8/3/18 @ 102.31		109,100


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	117,000	Enable Midstream Partners LP, 2.40%, 5/15/19, Callable 4/15/19 @ 100	$	116,261
	124,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100		118,699
	67,000	Energy Transfer Partners LP, 4.20%, 9/15/23, Callable 8/15/23 @ 100^		66,967
	229,000	Energy Transfer Partners LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100		228,289
	128,000	Energy Transfer Partners LP, 5.80%, 6/15/38, Callable 12/15/37 @ 100		126,687
	83,000	Energy Transfer Partners LP, 6.00%, 6/15/48, Callable 12/15/47 @ 100		82,991
	165,000	Everest Acquisition Finance, Inc., 8.00%, 11/29/24, Callable 11/30/19 @ 106^(a)		166,650
	200,000	Global Partners LP, 6.25%, 7/15/22, Callable 8/3/18 @ 103.13		194,000
	220,000	Hess Infrastructure Partners LP/Finance Corp., 5.63%, 2/15/26, Callable 2/15/21 @ 104.22(a)		219,450
	205,000	Hilcorp Energy LP, 5.00%, 12/1/24, Callable 6/1/19 @ 102.5(a)		198,850
	50,000	Indigo Natural Resources LLC, 6.88%, 2/15/26, Callable 2/15/21 @ 103.44(a)		48,250
	155,000	Jonah Energy LLC/Jonah Energy Finance Corp., 7.25%, 10/15/25, Callable 10/15/20 @ 105.44^(a)		125,163
	111,000	Kinder Morgan (Delaware), Inc., 3.05%, 12/1/19, Callable 11/1/19 @ 100		110,657
	112,000	Kinder Morgan (Delaware), Inc., 5.05%, 2/15/46, Callable 8/15/45 @ 100		103,934
	195,000	Kinder Morgan Energy Partners LP, 2.65%, 2/1/19		194,614
	42,000	Kinder Morgan Energy Partners LP, 6.55%, 9/15/40		46,093
	479,000	Kinder Morgan Energy Partners LP, 5.50%, 3/1/44, Callable 9/1/43 @ 100		474,339
	159,000	MPLX LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100		163,924
	190,000	Parsley Energy LLC, 5.25%, 8/15/25, Callable 8/15/20 @ 103.94(a)		186,675
	265,000	PBF Holding Co. LLC/PBF Finance Corp., 7.00%, 11/15/23, Callable 11/15/18 @ 105.25^		274,275
	38,000	Phillips 66 Partners LP, 2.65%, 2/15/20, Callable 1/15/20 @ 100		37,567
	200,000	Rose Rock Midstream LP, 5.63%, 7/15/22, Callable 7/19/18 @ 102.81^		194,000
	233,000	Southwestern Energy Co., 6.70%, 1/23/25, Callable 10/23/24 @ 100^		228,049
	40,000	Southwestern Energy Co., 7.50%, 4/1/26, Callable 4/1/21 @ 105.63^		41,400
	200,000	Summit Midstream Holdings LLC, 5.75%, 4/15/25, Callable 4/15/20 @ 104.31		190,000
	80,000	Sunoco Finance Corp., 5.50%, 2/15/26, Callable 2/15/21 @ 102.75(a)		75,800
	548,000	Sunoco Logistics Partners Operations LP, 5.40%, 10/1/47, Callable 4/1/47 @ 100		503,881


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	130,000	Targa Resources Partners LP, 5.13%, 2/1/25, Callable 2/1/20 @ 103.84^	$	128,375
	125,000	Targa Resources Partners LP, 5.88%, 4/15/26, Callable 4/15/21 @ 104.41(a)		125,938
	130,000	Targa Resources Partners LP, 5.38%, 2/1/27, Callable 2/1/22 @ 102.69^		126,100
	103,000	Western Gas Partners LP, 4.65%, 7/1/26, Callable 4/1/26 @ 100		101,185
	1,000,000	Western Gas Partners LP, 4.50%, 3/1/28, Callable 12/1/27 @ 100^		962,355
	239,000	Williams Partners LP, 3.60%, 3/15/22, Callable 1/15/22 @ 100		237,832
	162,000	Williams Partners LP, 4.50%, 11/15/23, Callable 8/15/23 @ 100^		164,468
	285,000	Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100		286,020

				12,809,452

Pharmaceuticals (0.0%):
	110,000	Valeant Pharmaceuticals International, 9.25%, 4/1/26, Callable 4/1/22 @ 104.63(a)		114,263

Professional Services (0.0%):
	200,000	Tempo Finance, Corp., 6.75%, 6/1/25, Callable 6/1/20 @ 103.38(a)		192,000

Real Estate Management & Development (0.0%):
	200,000	Howard Hughes Corp. (The), 5.38%, 3/15/25, Callable 3/15/20 @ 104.03(a)		196,250

Semiconductors & Semiconductor Equipment (0.0%):
	135,000	QORVO, Inc., 7.00%, 12/1/25, Callable 12/1/20 @ 103.5		145,125

Software (0.1%):
	80,000	CDK Global, Inc., 5.88%, 6/15/26, Callable 6/15/21 @ 102.94		81,520
	135,000	Fair Isaac Corp., 5.25%, 5/15/26, Callable 2/15/26 @ 100(a)		135,506
	200,000	Solera LLC, 10.50%, 3/1/24, Callable 3/1/19 @ 107.88^(a)		222,126
	250,000	Sophia LP/Finance, Inc., 9.00%, 9/30/23, Callable 9/30/18 @ 104.5(a)		262,469
	125,000	Symantec Corp., 5.00%, 4/15/25, Callable 4/15/20 @ 102.5(a)		121,097

				822,718

Technology Hardware, Storage & Peripherals (0.1%):
	441,000	HP Enterprise Co., 3.60%, 10/15/20, Callable 9/15/20 @ 100		443,095

Thrifts & Mortgage Finance (0.0%):
	235,000	Quicken Loans, Inc., 5.25%, 1/15/28, Callable 1/15/23 @ 102.63(a)		216,741

Tobacco (0.3%):
	212,000	Altria Group, Inc., 4.00%, 1/31/24		214,656
	94,000	Reynolds American, Inc., 3.25%, 6/12/20		93,904


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Tobacco, continued
$	320,000	Reynolds American, Inc., 4.00%, 6/12/22	$	321,993
	232,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100		233,486
	120,000	Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100		128,837
	700,000	Vector Group, Ltd., 6.13%, 2/1/25, Callable 2/1/20 @ 103.06(a)		676,374

				1,669,250

Trading Companies & Distributors (0.2%):
	130,000	AerCap Global Aviation Trust, 6.50% (US0003M+430 bps), 6/15/45, Callable 6/15/25 @ 100^(a)		133,900
	442,000	Air Lease Corp., 2.63%, 9/4/18		441,820
	471,000	Air Lease Corp., 3.75%, 2/1/22, Callable 12/1/21 @ 100		471,550

				1,047,270

Wireless Telecommunication Services (0.2%):
	200,000	Sprint Communications, Inc., 7.25%, 9/15/21		208,000
	200,000	Sprint Communications, Inc., 7.88%, 9/15/23		207,375
	280,000	Sprint Communications, Inc., 7.13%, 6/15/24		282,685
	200,000	T-Mobile USA, Inc., 5.13%, 4/15/25, Callable 4/15/20 @ 102.56^		201,000

				899,060

	Total Corporate Bonds (Cost $101,097,236)			98,034,807

Foreign Bond (0.0%):
Sovereign Bond (0.0%):
	50,000	Korea Treasury Bond, Series 2103, 0.13%, 3/10/21+		45

	Total Foreign Bond (Cost $43)			45

Yankee Dollars (6.5%):
Aerospace & Defense (0.1%):
	140,000	Bombardier, Inc., 6.00%, 10/15/22, Callable 8/3/18 @ 103(a)		139,433
	210,000	Bombardier, Inc., 6.13%, 1/15/23^(a)		210,525

				349,958

Banks (1.1%):
	430,000	Barclays Bank plc, 3.25%, 1/12/21		423,840
	200,000	Barclays Bank plc, 7.63%, 11/21/22^		215,300
	585,000	Barclays Bank plc, 4.38%, 1/12/26		568,190
	205,000	HSBC Holdings plc, 4.25%, 3/14/24		203,954
	200,000	Intesa Sanpaolo SpA, 5.02%, 6/26/24(a)		181,533
	656,000	Intesa Sanpaolo SpA, 5.71%, 1/15/26(a)		599,821
	530,000	Rabobank Nederland NY, 4.38%, 8/4/25		519,629
	2,550,000	Royal Bank of Scotland Group plc, 6.13%, 12/15/22^		2,683,648
	452,000	Royal Bank of Scotland Group plc, 6.10%, 6/10/23		476,046
	425,000	Royal Bank of Scotland Group plc, 6.00%, 12/19/23		445,983

				6,317,944

Beverages (0.0%):
	80,000	Cott Corp., 5.50%, 4/1/25, Callable 4/1/20 @ 104.13^(a)		77,800


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Yankee Dollars, continued
Capital Markets (0.8%):
$	470,000	Credit Suisse Group Fun, Ltd., 2.75%, 3/26/20	$	464,862
	670,000	Credit Suisse Group Fun, Ltd., 3.80%, 9/15/22		667,059
	787,000	Credit Suisse Group Fun, Ltd., 3.80%, 6/9/23		776,790
	470,000	Credit Suisse Group Fun, Ltd., 3.75%, 3/26/25		452,032
	860,000	Deutsche Bank AG, 3.30%, 11/16/22		805,710
	979,000	Deutsche Bank AG, 4.50%, 4/1/25^		892,896
	491,000	UBS Group AG, 4.13%, 9/24/25(a)		487,569

				4,546,918

Chemicals (0.2%):
	400,000	Consolidated Energy Finance SA, 6.88%, 6/15/25, Callable 6/15/20 @ 105.16(a)		410,500
	150,000	Consolidated Energy Finance SA, 6.50%, 5/15/26, Callable 5/15/21 @ 104.88(a)		148,500
	325,000	Nova Chemicals Corp., 4.88%, 6/1/24, Callable 3/3/24 @ 100(a)		308,750
	105,000	Nufarm Australia, Ltd., 5.75%, 4/30/26, Callable 4/30/21 @ 102.88(a)		101,850
	150,000	OCI NV, 6.63%, 4/15/23, Callable 4/15/20 @ 103.31(a)		152,355
	115,000	Tronox Finance plc, 5.75%, 10/1/25, Callable 10/1/20 @ 104.31(a)		111,694

				1,233,649

Containers & Packaging (0.1%):
	490,000	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 7.25%, 5/15/24, Callable 5/15/19 @ 105.44(a)		509,600
	200,000	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 6.00%, 2/15/25, Callable 2/15/20 @ 104.5(a)		194,750

				704,350

Diversified Financial Services (0.0%):
	120,000	Camelot Finance SA, 7.88%, 10/15/24, Callable 10/15/19 @ 103.94^(a)		120,300
	20,000	Tervita Escrow Corp., 7.63%, 12/1/21, Callable 12/1/18 @ 103.81(a)		20,400

				140,700

Diversified Telecommunication Services (0.2%):
	260,000	Intelsat Jackson Holdings SA, 8.00%, 2/15/24, Callable 2/15/19 @ 104(a)		273,000
	140,000	Numericable Group SA, 6.00%, 5/15/22, Callable 8/3/18 @ 103^(a)		140,497
	200,000	Sable International Finance, Ltd., 6.88%, 8/1/22, Callable 8/3/18 @ 105.16(a)		205,940
	200,000	SFR Group SA, 7.38%, 5/1/26, Callable 5/1/21 @ 103.69(a)		195,540
	355,000	Ziggo Bond Finance BV, 5.88%, 1/15/25, Callable 1/15/20 @ 102.94(a)		331,708

				1,146,685

Energy Equipment & Services (0.2%):
	200,000	Ensco plc, 4.50%, 10/1/24, Callable 7/1/24 @ 100^		164,750
	113,000	Noble Holding International, Ltd., 7.75%, 1/15/24, Callable 10/15/23 @ 100^		107,068


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Yankee Dollars, continued
Energy Equipment & Services, continued
$	130,000	Noble Holding International, Ltd., 7.88%, 2/1/26, Callable 2/1/21 @ 105.91(a)	$	133,899
	120,000	Precision Drilling Corp., 7.75%, 12/15/23, Callable 12/15/19 @ 103.88^		126,300
	215,000	Weatherford International, Ltd., 9.88%, 2/15/24, Callable 11/15/23 @ 100		217,080
	215,000	Weatherford International, Ltd., 6.50%, 8/1/36^		168,238

				917,335

Gas Utilities (0.0%):
	230,000	LBC Tank Terminals Holding Netherlands BV, 6.88%, 5/15/23, Callable 8/3/18 @ 103.44(d)		232,300

Hotels, Restaurants & Leisure (0.0%):
	115,000	1011778 BC ULC New Red Finance, Inc., 4.25%, 5/15/24, Callable 5/15/20 @ 102.13^(a)		108,963
	45,000	Stars Group Holdings BV, 7.00%, 7/15/26, Callable 7/15/21 @ 103.5(a)		45,450
	200,000	Studio City Co., Ltd., 7.25%, 11/30/21, Callable 11/30/18 @ 103.63(a)		206,500
	95,000	Wynn Macau, Ltd., 4.88%, 10/1/24, Callable 10/1/20 @ 102.44^(a)		90,697

				451,610

Media (0.1%):
	400,000	Altice Financing SA, 7.50%, 5/15/26, Callable 5/15/21 @ 103.75(a)		386,880
	200,000	Altice Finco SA, 8.13%, 1/15/24, Callable 12/15/18 @ 104.06^(a)		199,000
	325,000	MDC Partners, Inc., 6.50%, 5/1/24, Callable 5/1/19 @ 104.88^(a)		281,938

				867,818

Metals & Mining (0.2%):
	200,000	BHP Billiton Finance USA, Ltd., 6.25% (USSW5+497 bps), 10/19/75, Callable 10/19/20 @ 100(a)		209,063
	456,000	BHP Billiton Finance USA, Ltd., 6.75% (USSW5+509 bps), 10/19/75, Callable 10/20/25 @ 100^(a)		494,532
	200,000	Corp. Nacional del Cobre, 3.63%, 8/1/27, Callable 5/1/27 @ 100(a)		190,506
	200,000	Corp. Nacional del Cobre, 4.50%, 8/1/47, Callable 2/1/47 @ 100^(a)		194,312
	200,000	First Quantum Minerals, Ltd., 7.25%, 5/15/22, Callable 8/3/18 @ 103.63^(a)		202,000
	200,000	First Quantum Minerals, Ltd., 6.50%, 3/1/24, Callable 9/1/20 @ 103.25(a)		193,000
	95,000	First Quantum Minerals, Ltd., 7.50%, 4/1/25, Callable 4/1/20 @ 105.63^(a)		93,756

				1,577,169

Multi-Utilities (0.1%):
	148,000	InterGen NV, 7.00%, 6/30/23, Callable 8/3/18 @ 103.5(a)		145,780
	566,000	Petroleos Mexicanos, 6.50%, 3/13/27		580,388

				726,168


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Yankee Dollars, continued
Oil, Gas & Consumable Fuels (1.5%):
$	28,000	Canadian Natural Resources, Ltd., 5.85%, 2/1/35	$	31,120
	362,000	Cenovus Energy, Inc., 4.25%, 4/15/27, Callable 1/15/27 @ 100^		348,676
	330,000	Empresa Nacional del Pet, 4.38%, 10/30/24(a)		328,809
	135,000	Enbridge, Inc., 4.25%, 12/1/26, Callable 9/1/26 @ 100		133,776
	156,000	Enbridge, Inc., 5.50%, 12/1/46, Callable 5/29/46 @ 100		166,534
	234,000	Petrobras Global Finance Co., 4.38%, 5/20/23^		219,258
	1,793,000	Petrobras Global Finance Co., 7.25%, 3/17/44^		1,658,526
	97,000	Petroleos Mexicanos, 6.00%, 3/5/20		100,153
	1,169,000	Petroleos Mexicanos, 4.88%, 1/18/24		1,154,001
	694,000	Petroleos Mexicanos, 4.50%, 1/23/26^		651,111
	696,000	Petroleos Mexicanos, 6.50%, 6/2/41		654,518
	563,000	Petroleos Mexicanos, 5.50%, 6/27/44		474,891
	673,000	Petroleos Mexicanos, 5.63%, 1/23/46		568,012
	2,228,000	Petroleos Mexicanos, 6.75%, 9/21/47		2,100,780
	130,000	Teine Energy, Ltd., 6.88%, 9/30/22, Callable 8/3/18 @ 105.16(a)		131,300

				8,721,465

Pharmaceuticals (0.7%):
	1,050,000	Actavis Funding SCS, 3.45%, 3/15/22, Callable 1/15/22 @ 100		1,033,187
	123,000	Mylan NV, 2.50%, 6/7/19		122,440
	459,000	Mylan NV, 3.15%, 6/15/21, Callable 5/15/21 @ 100		453,960
	226,000	Mylan NV, 3.95%, 6/15/26, Callable 3/15/26 @ 100		215,829
	200,000	Teva Pharmaceutical Finance Netherlands III BV, 6.00%, 4/15/24, Callable 1/15/24 @ 100^		198,065
	324,000	Teva Pharmaceuticals Industries, Ltd., 2.20%, 7/21/21		300,522
	232,000	Teva Pharmaceuticals Industries, Ltd., 2.80%, 7/21/23^		200,390
	276,000	Teva Pharmaceuticals Industries, Ltd., 3.15%, 10/1/26		221,828
	120,000	Valeant Pharmaceuticals, 5.50%, 3/1/23, Callable 8/3/18 @ 102.75(a)		111,600
	200,000	Valeant Pharmaceuticals International, Inc., 6.50%, 3/15/22, Callable 3/15/19 @ 103.25(a)		207,000
	265,000	Valeant Pharmaceuticals International, Inc., 7.00%, 3/15/24, Callable 3/15/20 @ 103.5(a)		277,838
	145,000	Valeant Pharmaceuticals International, Inc., 9.00%, 12/15/25, Callable 12/15/21 @ 104.5(a)		150,249
	295,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 4/15/20 @ 103.06^(a)		271,769

				3,764,677

Professional Services (0.1%):
	205,000	IHS Markit, Ltd., 4.75%, 2/15/25, Callable 11/15/24 @ 100(a)		202,950
	620,000	Nielsen Co. Luxembourg SARL (The), 5.00%, 2/1/25, Callable 2/1/20 @ 103.75^(a)		590,550

				793,500

Software (0.1%):
	350,000	Open Text Corp., 5.63%, 1/15/23, Callable 8/3/18 @ 104.22^(a)		359,625


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Yankee Dollars, continued
Sovereign Bond (0.3%):
$	900,000	Dominican Republic, 5.50%, 1/27/25(a)	$	893,088
	1,000,000	Republic of Argentina, 5.88%, 1/11/28^		812,500

				1,705,588

Tobacco (0.2%):
	462,000	Imperial Tobacco Finance, 3.75%, 7/21/22, Callable 5/21/22 @ 100(a)		458,559
	700,000	Imperial Tobacco Finance, 4.25%, 7/21/25, Callable 4/21/25 @ 100(a)		696,799

				1,155,358

Trading Companies & Distributors (0.5%):
	900,000	AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust, 5.00%, 10/1/21		927,369
	1,450,000	AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust, 4.63%, 7/1/22^		1,478,636
	200,000	Fly Leasing, Ltd., 6.38%, 10/15/21, Callable 8/3/18 @ 104.78^		206,250
	125,000	Fly Leasing, Ltd., 5.25%, 10/15/24, Callable 10/15/20 @ 102.63		117,188

				2,729,443

	Total Yankee Dollars (Cost $39,457,721)			38,520,060

Municipal Bonds (0.8%):
California (0.3%):
	400,000	California State, Build America Bonds, GO, 7.50% 04/1/34		561,796
	740,000	California State, Build America Bonds, GO, 7.55% 04/1/39		1,091,234
	10,000	California State, Build America Bonds, GO, 7.35% 11/1/39		14,235

				1,667,265

Illinois (0.5%):
	105,000	Chicago Illinois, Taxable Project, Build America Bonds, GO, Series B, 5.43% 1/1/42		97,632
	125,000	Illinois State, Build America Bonds, GO, 4.95% 6/1/23		127,181
	3,235,000	Illinois State, Build America Bonds, GO, 5.10% 6/1/33		3,061,474

				3,286,287

	Total Municipal Bonds (Cost $5,021,113)			4,953,552

U.S. Government Agency Mortgages (14.0%):
Federal National Mortgage Association (7.2%)
	5,323	3.50%, 11/1/25, Pool #AE7758		5,390
	253,787	3.50%, 1/1/26, Pool #AH2108		256,985
	648,842	3.50%, 1/1/26, Pool #AH1296		657,512
	158,765	3.00%, 11/1/27, Pool #AL4642		158,789
	237,922	3.00%, 6/1/29, Pool #AW3641		237,886
	1,000,000	2.50%, 7/25/33, TBA		971,878
	1,125,000	3.00%, 7/25/33, TBA		1,118,396
	450,000	3.50%, 7/25/33, TBA		455,379
	154,642	3.50%, 8/1/33, Pool #AL4227		156,377
	840,449	6.00%, 5/1/36, Pool #745512		926,190
	388,631	6.00%, 7/1/39, Pool #BF0030		420,987
	44,317	3.50%, 12/1/40, Pool #AH1556		44,474


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	19,536	3.50%, 6/1/42, Pool #AO6387	$	19,581
	617,657	3.00%, 9/1/42, Pool #AB6126		604,154
	826,108	3.00%, 10/1/42, Pool #AB6504		807,663
	468,929	3.00%, 10/1/42, Pool #AB6509		458,678
	42,717	3.50%, 11/1/42, Pool #MA1236		42,876
	948,039	3.00%, 11/1/42, Pool #AB6976		926,871
	322,329	3.00%, 12/1/42, Pool #AB7282		315,170
	1,430,792	3.00%, 1/1/43, Pool #AB7586		1,398,569
	22,644	3.50%, 3/1/43, Pool #AR4461		22,675
	19,498	3.50%, 3/1/43, Pool #AB8733		19,536
	61,001	3.50%, 7/1/43, Pool #AT8975		61,097
	83,565	3.50%, 11/1/43, Pool #AL9612		83,801
	917,883	4.50%, 3/1/44, Pool #AV0957		958,196
	996,874	4.50%, 7/1/44, Pool #AS3062		1,043,770
	353,447	4.50%, 10/1/44, Pool #AV8856		369,613
	512,348	4.50%, 12/1/44, Pool #AS4176		536,034
	126,337	3.50%, 2/1/45, Pool #BM1014		126,672
	184,660	4.00%, 5/1/45, Pool #AZ1207		188,486
	504,349	4.00%, 6/1/45, Pool #AY8096		514,916
	272,095	4.00%, 6/1/45, Pool #AY8126		277,651
	772,322	3.50%, 7/1/45, Pool #AZ0814		771,002
	506,284	3.50%, 8/1/45, Pool #AY8424		505,419
	652,759	4.50%, 12/1/45, Pool #BA6997		680,201
	94,119	4.00%, 12/1/45, Pool #AS6352		96,262
	41,186	4.50%, 1/1/46, Pool #AY3890		43,138
	320,223	4.00%, 2/1/46, Pool #BC1578		326,682
	15,211	4.50%, 3/1/46, Pool #BC0287		15,929
	696,394	4.00%, 4/1/46, Pool #AL8468		714,767
	90,603	4.00%, 4/1/46, Pool #AS7024		92,659
	148,733	4.50%, 6/1/46, Pool #BD1238		156,003
	596,234	3.50%, 6/1/46, Pool #BD1073		595,215
	656,206	4.00%, 6/1/46, Pool #AL9282		669,464
	466,277	3.50%, 7/1/46, Pool #BC6149		465,480
	673,033	3.50%, 7/1/46, Pool #AL9515		671,883
	31,207	3.50%, 8/1/46, Pool #BD5247		31,159
	126,581	3.00%, 8/1/46, Pool #AS8320		122,807
	47,545	3.50%, 9/1/46, Pool #BD7792		47,471
	20,877	3.50%, 9/1/46, Pool #BD0711		20,845
	999,894	3.00%, 9/1/46, Pool #AS7844		970,683
	111,941	4.00%, 9/1/46, Pool #BD1489		114,202
	69,330	4.50%, 10/1/46, Pool #BE1671		72,557
	343,488	3.50%, 10/1/46, Pool #AL9285		342,902
	35,967	4.00%, 10/1/46, Pool #BD7599		36,695
	1,912,441	3.50%, 10/1/46, Pool #BC4760		1,909,468
	568,214	3.00%, 10/1/46, Pool #AL9397		551,596
	75,123	4.50%, 11/1/46, Pool #BE2386		78,524
	44,671	3.50%, 12/1/46, Pool #BE5877		44,602
	18,470	4.50%, 12/1/46, Pool #BC9079		19,343
	693,941	3.50%, 12/1/46, Pool #BC9077		692,701
	1,121,071	3.50%, 12/1/46, Pool #BD8504		1,119,329
	483,331	3.00%, 12/1/46, Pool #BE0757		469,185
	145,303	4.50%, 12/1/46, Pool #BE4488		152,411
	515,528	3.50%, 1/1/47, Pool #BE1526		514,567
	26,802	3.50%, 1/1/47, Pool #BE7834		26,760
	415,772	3.50%, 1/1/47, Pool #AL9776		415,061


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	423,079	3.50%, 1/1/47, Pool #BE5530	$	422,356
	116,740	4.50%, 1/1/47, Pool #BE7087		122,448
	92,416	4.50%, 1/1/47, Pool #BE6506		96,599
	128,394	4.50%, 2/1/47, Pool #BE8498		134,672
	998,261	4.00%, 2/1/47, Pool #AL9779		1,022,795
	412,634	4.50%, 3/1/47, Pool #BE9261		431,910
	295,499	2.50%, 4/1/47, Pool #BM3707		276,882
	153,670	4.00%, 5/1/47, Pool #BM1277		157,236
	1,464,327	4.00%, 6/1/47, Pool #BE3702		1,493,619
	152,928	4.50%, 6/1/47, Pool #BE3663		160,183
	24,558	4.50%, 6/1/47, Pool #BE9387		25,724
	46,960	4.50%, 6/1/47, Pool #BH0561		49,118
	22,008	4.00%, 6/1/47, Pool #BH4269		22,518
	795,442	3.50%, 7/1/47, Pool #BM3041		796,409
	366,237	4.00%, 7/1/47, Pool #BE9653		373,835
	143,156	4.50%, 7/1/47, Pool #BE3749		149,951
	98,378	4.00%, 7/1/47, Pool #AS9968		100,597
	2,200,000	4.50%, 7/25/47, TBA		2,290,769
	415,560	3.50%, 12/1/47, Pool #CA0854		414,914
	456,496	3.50%, 12/1/47, Pool #CA0855		455,234
	23,998	4.00%, 12/1/47, Pool #BJ4279		24,559
	24,781	4.00%, 12/1/47, Pool #BJ2132		25,360
	24,328	4.00%, 2/1/48, Pool #CA1199		24,896
	24,894	4.00%, 3/1/48, Pool #BK1867		25,476
	24,899	4.00%, 3/1/48, Pool #BK3214		25,481
	498,127	3.00%, 4/1/48, Pool #CA1521		483,175
	32,643	4.00%, 4/1/48, Pool #CA1545		33,406
	24,924	4.00%, 4/1/48, Pool #BK2485		25,507
	24,900	4.00%, 4/1/48, Pool #BK4838		25,482
	24,930	4.00%, 4/1/48, Pool #BJ8805		25,513
	682,551	4.00%, 4/1/48, Pool #BJ9939		698,294
	142,376	4.50%, 4/1/48, Pool #BJ5454		148,999
	32,295	4.00%, 4/1/48, Pool #BK3836		33,050
	179,007	4.00%, 4/1/48, Pool #BM3700		183,122
	999,900	3.50%, 4/1/48, Pool #BJ2692		995,691
	24,965	4.00%, 5/1/48, Pool #BK2527		25,548
	51,779	4.50%, 5/1/48, Pool #BJ5507		54,188
	90,533	4.00%, 5/1/48, Pool #BM3877		92,916
	3,100,000	4.50%, 8/25/48, TBA		3,222,089

				42,913,745

Federal Home Loan Mortgage Corporation (3.4%)
	512,945	3.50%, 3/1/32, Pool #C91403		520,353
	1,352,561	3.50%, 7/1/32, Pool #C91467		1,372,057
	1,275,255	4.00%, 5/1/37, Pool #C91938		1,314,598
	425,724	5.00%, 2/1/38, Pool #G60365		453,937
	538,257	4.00%, 11/1/40, Pool #A95150		552,346
	1,085,961	3.50%, 1/1/44, Pool #G07922		1,089,240
	542,433	3.50%, 1/1/44, Pool #G60271		544,069
	167,203	3.50%, 11/1/45, Pool #Q37467		167,035
	18,264	4.00%, 4/1/46, Pool #Q39975		18,692
	47,965	4.00%, 4/1/46, Pool #V82292		49,089
	29,620	3.00%, 6/1/46, Pool #G08710		28,717
	342,645	3.50%, 9/1/46, Pool #Q43257		341,930
	169,533	3.00%, 11/1/46, Pool #Q44452		164,313


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	471,634	3.00%, 12/1/46, Pool #G60989	$	457,468
	3,577,943	3.00%, 12/1/46, Pool #G08737		3,467,764
	21,538	4.50%, 12/1/46, Pool #Q45028		22,538
	20,729	4.50%, 1/1/47, Pool #Q45635		21,692
	725,939	3.00%, 1/1/47, Pool #G08741		703,105
	47,890	4.50%, 2/1/47, Pool #Q46222		50,120
	98,286	4.50%, 5/1/47, Pool #Q48095		102,867
	111,293	4.50%, 5/1/47, Pool #Q47935		116,480
	44,664	4.50%, 5/1/47, Pool #Q47942		46,746
	719,155	4.00%, 6/1/47, Pool #G08767		734,666
	852,034	4.00%, 6/1/47, Pool #Q48877		872,871
	115,376	4.50%, 6/1/47, Pool #Q48759		120,754
	90,069	4.50%, 7/1/47, Pool #Q49393		94,267
	971,986	4.00%, 7/1/47, Pool #G08771		993,022
	638,570	3.50%, 10/1/47, Pool #G08784		635,710
	498,439	3.50%, 11/1/47, Pool #Q52086		496,156
	340,213	4.00%, 12/1/47, Pool #G61305		347,130
	45,970	3.50%, 12/1/47, Pool #Q53293		45,759
	2,457,783	3.50%, 12/1/47, Pool #V83817		2,446,482
	191,089	4.50%, 12/1/47, Pool #Q53017		199,830
	80,438	4.00%, 1/1/48, Pool #V83906		82,079
	26,338	4.50%, 1/1/48, Pool #Q53730		27,544
	92,715	4.00%, 2/1/48, Pool #G61343		94,625
	24,864	4.00%, 2/1/48, Pool #Q54499		25,440
	74,126	4.00%, 2/1/48, Pool #V83994		75,641
	148,213	4.50%, 4/1/48, Pool #Q55500		154,999
	169,319	4.50%, 4/1/48, Pool #Q55660		177,072
	196,777	4.50%, 4/1/48, Pool #Q55724		205,787
	292,040	4.50%, 5/1/48, Pool #Q55839		305,412
	432,770	4.00%, 5/1/48, Pool #Q55992		442,791

				20,183,193

Government National Mortgage Association (3.4%)
	157,908	4.00%, 8/15/41, Pool #430354		162,641
	1,824,424	4.00%, 1/20/42, Pool #5280		1,886,679
	29,117	4.00%, 11/20/42, Pool #AB9233		30,135
	441,105	3.00%, 12/20/42, Pool #AA5872		433,894
	3,850,161	3.50%, 1/20/43, Pool #MA0699		3,896,028
	65,562	3.50%, 3/20/43, Pool #AD8884		66,202
	115,362	3.00%, 3/20/43, Pool #AD8812		113,547
	280,004	3.00%, 3/20/43, Pool #AA6146		275,514
	25,615	3.50%, 4/20/43, Pool #AB9891		25,900
	68,742	3.50%, 4/20/43, Pool #AD9075		69,454
	380,530	3.50%, 6/20/46, Pool #MA3736		382,541
	642,632	3.00%, 7/20/46, Pool #MA3802		630,867
	97,579	3.50%, 7/20/46, Pool #MA3803		98,080
	876,469	3.00%, 9/20/46, Pool #MA3936		860,713
	175,854	3.00%, 11/20/46, Pool #MA4068		172,485
	1,098,105	3.00%, 12/20/46, Pool #MA4126		1,076,757
	320,293	4.00%, 1/15/47, Pool #AX5857		329,280
	349,787	4.00%, 1/15/47, Pool #AX5831		358,783
	2,244,664	3.00%, 1/20/47, Pool #MA4195		2,200,736
	266,029	3.00%, 2/20/47, Pool #MA4261		260,823


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	228,283	4.00%, 4/20/47, Pool #784304	$	234,423
	197,627	4.00%, 4/20/47, Pool #784303		202,927
	168,424	4.00%, 5/20/47, Pool #MA4452		172,934
	178,663	4.00%, 7/20/47, Pool #MA4587		183,924
	49,953	3.50%, 7/20/47, Pool #MA4586		50,190
	4,760,665	3.50%, 9/20/47, Pool #MA4719		4,783,303
	394,982	3.50%, 1/20/48, Pool #MA4962		396,860

				19,355,620

	Total U.S. Government Agency Mortgages (Cost $84,229,003)			82,452,558

U.S. Treasury Obligations (20.7%):
U.S. Treasury Inflation Index Bonds (1.6%)
	1,430,000	1.38%, 2/15/44		1,716,029
	6,447,000	0.75%, 2/15/45^		6,653,290
	1,150,000	1.00%, 2/15/46		1,252,377

				9,621,696

U.S. Treasury Bonds (2.6%)
	1,029,000	3.00%, 11/15/45^		1,032,618
	10,538,000	3.00%, 2/15/47		10,575,871
	2,197,000	3.00%, 5/15/47		2,203,437
	1,347,000	2.75%, 11/15/47^		1,285,333

				15,097,259

U.S. Treasury Notes (13.7%)
	11,824,000	1.75%, 12/31/20^		11,584,287
	2,851,000	1.25%, 3/31/21^		2,748,765
	910,000	1.38%, 4/30/21^		879,323
	13,364,000	1.13%, 9/30/21		12,732,864
	4,686,000	2.00%, 12/31/21		4,582,029
	14,576,000	1.88%, 3/31/22^		14,157,509
	1,431,000	1.75%, 6/30/22		1,379,685
	15,386,000	1.88%, 7/31/22		14,894,969
	8,264,000	1.88%, 9/30/22		7,989,287
	2,625,000	2.13%, 7/31/24		2,526,665
	2,619,000	2.13%, 11/30/24		2,514,752
	2,314,000	2.25%, 12/31/24^		2,237,801
	3,900,800	1.50%, 8/15/26		3,522,910

				81,750,846

U.S. Treasury Inflation Index Notes (2.8%)
	2,238,000	0.25%, 1/15/25		2,302,525
	5,000,000	0.63%, 1/15/26		5,243,518
	3,330,000	0.13%, 7/15/26^		3,334,512
	5,351,100	0.38%, 7/15/27		5,332,011

				16,212,566

	Total U.S. Treasury Obligations (Cost $126,924,560)			122,682,367

Securities Held as Collateral for Securities on Loan (16.1%):
	95,506,225	AZL Fidelity Institutional Asset Management Multi-Strategy Fund Securities Lending Collateral Account(e)		95,506,225

	Total Securities Held as Collateral for Securities on Loan (Cost $95,506,225)			95,506,225

Cash of $50,400 has been segregated to cover margin requirements for the following open contracts as of June 30, 2018:

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investment securities, at cost	$	672,677,452

Investment securities, at value*	$	692,990,953
Cash		968
Segregated cash for collateral		50,400
Interest and dividends receivable		3,209,662
Receivable for capital shares issued		99,313
Receivable for investments sold		8,246,114
Receivable for variation margin on futures contracts		945
Reclaims receivable		149,082
Prepaid expenses		3,652

Total Assets		704,751,089

Liabilities:
Foreign currency, at value (cost $34,494)		34,494
Payable for investments purchased		15,110,474
Payable for capital shares redeemed		179,886
Payable for collateral received on loaned securities		95,506,225
Securities sold short (Proceeds received $1,582,500)		1,592,474
Payable for variation margin on futures contracts		409
Manager fees payable		196,077
Administration fees payable		14,377
Distribution fees payable		122,701
Custodian fees payable		3,337
Administrative and compliance services fees payable		858
Transfer agent fees payable		559
Trustee fees payable		5,103
Other accrued liabilities		21,655

Total Liabilities		112,788,629

Net Assets	$	591,962,460

Net Assets Consist of:
Capital	$	513,288,660
Accumulated net investment income/(loss)		20,275,702
Accumulated net realized gains/(losses) from investment transactions		38,107,900
Net unrealized appreciation/(depreciation) on investments		20,290,198

Net Assets	$	591,962,460

Shares of beneficial interest (unlimited number of shares authorized, no par value)		44,222,979
Net Asset Value (offering and redemption price per share)	$	13.39

*	Includes securities on loan of $92,241,623.

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Interest	$	6,194,511
Dividends		2,678,482
Income from securities lending		126,469
Foreign withholding tax		(82,717	)

Total Investment Income		8,916,745

Expenses:
Manager fees		2,107,461
Administration fees		116,763
Distribution fees		752,662
Custodian fees		15,050
Administrative and compliance services fees		4,048
Transfer agent fees		2,546
Trustee fees		12,324
Professional fees		13,298
Shareholder reports		6,148
Other expenses		5,373

Total expenses before reductions		3,035,673
Less expenses voluntarily waived/reimbursed by the Manager		(752,662	)
Less expense contractually waived/reimbursed by the Manager		(150,254	)

Net expenses		2,132,757

Net Investment Income/(Loss)		6,783,988

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions and foreign currencies		16,448,046
Net realized gains/(losses) on futures contracts		67,232
Net realized gains/(losses) on securities sold short		51,911
Change in net unrealized appreciation/depreciation on investments and foreign currencies		(21,753,330	)
Change in net unrealized appreciation/depreciation on futures contracts		(59,447	)
Change in net unrealized appreciation/depreciation on securities sold short		(9,974	)

Net Realized/Unrealized Gains/(Losses) on Investments		(5,255,562	)

Change in Net Assets Resulting From Operations	$	1,528,426

(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, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Fidelity Institutional Asset Management Multi-Strategy Fund (formerly, AZL Pyramis^® Multi-Strategy Fund) (the “Fund”), and 22 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.

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2018 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $81 million for the period ended June 30, 2018.

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 $12,542 during the period ended June 30, 2018. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The fund had securities lending transactions of $95,506,225 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2018.

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, 2018, no collateral had been posted by the Fund to counterparties for TBAs.

During the period ended June 30, 2018, the Fund did not enter into any futures contracts. The Fund may enter into futures contracts to manage its exposure to the securities markets or to movements in market conditions or foreign exchange rates. 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 monthly average notional amount for these contracts was $3.6 million for the period ended June 30, 2018. 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, 2018:

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, 2018:

The Manager provides investment advisory and management services for the Fund. The Manager has retained two independent money management organizations (the “Subadviser”), FIAM LLC (“FIAM”) and Geode Capital Management, LLC (“Geode”) to make investment decisions on behalf of the Fund. Pursuant to subadvisory agreements with the Manager and FIAM, and the Manager and Geode 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, 2019.

For the period ended June 30, 2018, 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 period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.”

At June 30, 2018, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:

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 (“SEC” or the “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.”

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, 2018, $2,574 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.

For the period ended June 30, 2018, 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, 2018, purchases and sales of long-term U.S. government securities were as follows:

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $671,837,494. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

As of the latest tax year end, December 31, 2017, 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, 2018, the Fund had multiple shareholder accounts which are affiliated with the Investment Adviser representing ownership in excess of 95% of the Fund.

In October 2016, the SEC released its Final Rule on Investment Company Reporting Modernization (the “Rules”). The Rules which introduce two new regulatory reporting forms for investment companies – Form N-PORT and Form N-CEN – also contain amendments to Regulation S-X which require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X became effective for filings made with the SEC after August 1, 2017. The compliance date for form N-PORT and Form N-CEN will vary based on the reporting entity’s size and, in the case of the Fund, is expected to be April 30, 2019. The Fund’s adoption of these amendments, as applicable for the financial statements prepared as of June 30, 2018, had no effect on the Fund’s net assets or results of operations.

As a shareholder of the AZL Fidelity Institutional Asset Management 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%):
$	2,421,842	Aaset Trust, Class A, Series 2017-1A, 3.97%, 5/16/42(a)	$	2,418,264
	420,960	Aaset Trust, Class A, Series 2018-1A, 3.84%, 1/16/38(a)		417,783
	205,729	Blackbird Capital Aircraft, Class AA, Series 2016-1A, 2.49%, 12/16/41, Callable 12/15/24 @ 100(a)(b)		200,238
	739,193	Blackbird Capital Aircraft, Class A, Series 2016-1A, 4.21%, 12/16/41, Callable 12/15/24 @ 100(a)(b)		743,496
	619,000	Castlelake Aircraft Securitization Trust, Class A, Series 2018-1A, 4.13%, 6/15/43(a)		621,847
	23,803	Countrywide Asset-Backed Certificates Trust, Class AF5, Series 2004-7, 5.87%, 1/25/35, Callable 7/25/18 @ 100(b)		23,973
	339,295	DB Master Finance LLC, Class A2I, Series 2017-1A, 3.63%, 11/20/47, Callable 11/20/23 @ 100(a)		333,191
	570,135	DB Master Finance LLC, Class A2II, Series 2017-1A, 4.03%, 11/20/47, Callable 11/20/23 @ 100(a)		565,625
	578,482	Thunderbolt Aircraft Lease Ltd., Class A, Series 2017-A, 4.21%, 5/17/32, Callable 4/15/24 @ 100(a)(b)		581,253

	Total Asset Backed Securities (Cost $5,921,178)			5,905,670

Collateralized Mortgage Obligations (1.4%):
	1,384,000	CSMC Trust, Class D, Series 2017-PFHP, 4.32% (US0001M+225bps), 12/15/30(a)		1,387,039
	2,000,000	GAHR Commercial Mortgage Trust, Class BFX, Series 2015-NRF, 3.49%, 12/15/34(a)(b)		1,999,361
	390,000	GAHR Commercial Mortgage Trust, Class CFX, Series 2015-NRF, 3.38%, 12/15/34(a)		388,782
	2,930,000	GAHR Commercial Mortgage Trust, Class DFX, Series 2015-NRF, 3.49%, 12/15/34(a)(b)		2,912,663
	594,347	MSCG Trust, Class A, Series 2016-SNR, 3.35%, 11/15/34(a)(b)		584,348
	209,403	MSCG Trust, Class B, Series 2016-SNR, 4.18%, 11/15/34(a)		205,612
	147,027	MSCG Trust, Class C, Series 2016-SNR, 5.21%, 11/15/34(a)		146,426

	Total Collateralized Mortgage Obligations (Cost $7,733,407)			7,624,231

Corporate Bonds (28.3%):
Aerospace & Defense (0.3%):
	365,000	BBA US Holdings, Inc., 5.38%, 5/1/26, Callable 5/1/21 @ 102.69(a)		366,372
	315,000	BWX Technologies, Inc., 5.38%, 7/15/26, Callable 7/15/21 @ 102.69^(a)		318,938
	747,000	KLX, Inc., 5.88%, 12/1/22, Callable 8/3/18 @ 104.41(a)		775,946

				1,461,256

Automobiles (0.1%):
	493,000	General Motors Co., 3.50%, 10/2/18		493,934

Banks (2.5%):
	656,000	Bank of America Corp., 4.20%, 8/26/24		659,424
	612,000	Bank of America Corp., Series L, 3.95%, 4/21/25		599,353
	690,000	Bank of America Corp., 3.50%, 4/19/26		667,415
	593,000	Bank of America Corp., 4.25%, 10/22/26		585,980
	811,000	Bank of America Corp., 3.42% (US0003M+104bps), 12/20/28, Callable 12/20/27 @ 100.00		763,698
	250,000	Bank of America Corp., 6.10% (US0003M+390bps), 12/29/49, Callable 3/17/25 @ 100.00^		259,850


Principal Amount			Fair Value
Corporate Bonds, continued
Banks, continued
$	755,000	CIT Group, Inc., 6.13%, 3/9/28^	$	775,763
	1,090,000	Citigroup, Inc., 4.05%, 7/30/22		1,095,884
	1,642,000	Citigroup, Inc., 4.30%, 11/20/26		1,602,249
	250,000	Citizens Bank NA/RI, 2.55%, 5/13/21, Callable 4/13/21 @ 100.00		243,812
	253,000	Citizens Bank of Rhode Island, 2.50%, 3/14/19, Callable 2/14/19 @ 100.00, MTN		252,426
	2,994,000	JPMorgan Chase & Co., 3.88%, 9/10/24		2,966,233
	759,000	JPMorgan Chase & Co., 2.95%, 10/1/26, Callable 7/1/26 @ 100.00		705,031
	1,109,000	JPMorgan Chase & Co., 4.13%, 12/15/26		1,094,993
	240,000	JPMorgan Chase & Co., Series S, 6.75% (US0003M+378bps), 12/31/99, Callable 2/1/24 @ 100.00^		261,000
	500,000	Regions Bank, 6.45%, 6/26/37		590,760
	260,000	Regions Financial Corp., 3.20%, 2/8/21, Callable 1/8/21 @ 100.00		258,654

				13,382,525

Beverages (0.6%):
	1,481,000	Anheuser-Busch InBev NV, 3.30%, 2/1/23, Callable 12/1/22 @ 100.00		1,468,616
	1,402,000	Anheuser-Busch InBev NV, 4.70%, 2/1/36, Callable 8/1/35 @ 100.00		1,420,993
	509,000	Anheuser-Busch InBev Worldwide, Inc., 4.75%, 4/15/58, Callable 10/15/57 @ 100.00		497,176

				3,386,785

Capital Markets (2.0%):
	282,000	Affiliated Managers Group, Inc., 4.25%, 2/15/24		286,892
	572,000	Affiliated Managers Group, Inc., 3.50%, 8/1/25		554,458
	194,000	Goldman Sachs Group, Inc., 6.75%, 10/1/37		230,247
	596,000	Goldman Sachs Group, Inc. (The), 2.88% (US0003M+82bps), 10/31/22, Callable 10/31/21 @ 100.00		581,827
	230,000	IntercontinentalExchange, 2.75%, 12/1/20, Callable 11/1/20 @ 100.00		228,150
	464,000	Lazard Group LLC, 4.25%, 11/14/20		473,083
	227,000	Moody’s Corp., 4.88%, 2/15/24, Callable 11/15/23 @ 100.00		238,312
	781,000	Morgan Stanley, 4.88%, 11/1/22		810,063
	7,000,000	Morgan Stanley, 3.74% (US0003M+85bps), 4/24/24, Callable 4/24/23 @ 100.00		6,957,999
	220,000	MSCI, Inc., 4.75%, 8/1/26, Callable 8/1/21 @ 102.38(a)		212,850
	114,000	Tiaa Asset Management Finance LLC, 2.95%, 11/1/19(a)		113,555
	165,000	Tiaa Asset Management Finance LLC, 4.13%, 11/1/24(a)		164,093

				10,851,529

Chemicals (0.6%):
	550,000	CF Industries Holdings, Inc., 3.45%, 6/1/23^		520,432
	200,000	Chemours Co., 5.38%, 5/15/27, Callable 2/15/27 @ 100.00		193,500
	617,000	Platform Specialty Products, 6.50%, 2/1/22, Callable 8/3/18 @ 103.25(a)		627,798
	370,000	Platform Specialty Products Corp., 5.88%, 12/1/25, Callable 12/1/20 @ 102.94^(a)		361,675


Principal Amount			Fair Value
Corporate Bonds, continued
Chemicals, continued
$	565,000	TPC Group, Inc., 8.75%, 12/15/20, Callable 8/3/18 @ 102.19(a)	$	559,350
	200,000	Valvoline, Inc., 4.38%, 8/15/25, Callable 8/15/20 @ 103.28		186,000
	260,000	Venator Finance SARL/Venator Materials Corp., 5.75%, 7/15/25, Callable 7/15/20 @ 104.31^(a)		248,300
	300,000	W R Grace & Co., 5.63%, 10/1/24(a)		312,750

				3,009,805

Commercial Services & Supplies (0.1%):
	280,000	ADT Corp., 4.88%, 7/15/32(a)		219,100
	335,000	Covanta Holding Corp., 5.88%, 3/1/24, Callable 3/1/19 @ 102.94		329,975

				549,075

Construction & Engineering (0.2%):
	375,000	AECOM, 5.88%, 10/15/24, Callable 7/15/24 @ 100.00		388,125
	300,000	AECOM, 5.13%, 3/15/27, Callable 12/15/26 @ 100.00		282,750
	220,000	Brand Industrial Services, Inc., 8.50%, 7/15/25, Callable 7/15/20 @ 106.34(a)		222,750

				893,625

Consumer Finance (2.1%):
	600,000	Ally Financial, Inc., 5.75%, 11/20/25, Callable 10/20/25 @ 100.00^		611,250
	406,000	Capital One Financial Corp., 3.80%, 1/31/28, Callable 12/31/27 @ 100.00		383,240
	797,000	Capital One NA, Series BNKT, 2.95%, 7/23/21, Callable 6/23/21 @ 100.00^		782,785
	250,000	Discover Bank, 7.00%, 4/15/20		264,008
	644,000	Discover Bank, Series BKNT, 3.20%, 8/9/21, Callable 7/9/21 @ 100.00		636,668
	1,000,000	Discover Financial Services, 5.20%, 4/27/22		1,043,022
	457,000	Discover Financial Services, 4.10%, 2/9/27, Callable 11/9/26 @ 100.00		438,347
	896,000	Ford Motor Credit Co. LLC, 2.88%, 10/1/18		896,197
	1,493,000	Ford Motor Credit Co. LLC, 2.60%, 11/4/19		1,480,626
	500,000	General Motors Acceptance Corp., 8.00%, 11/1/31		595,000
	572,000	General Motors Financial Co., 3.50%, 7/10/19		574,872
	747,000	General Motors Financial Co., 4.20%, 3/1/21, Callable 2/1/21 @ 100.00		757,413
	240,000	Hyundai Capital America, 2.88%, 8/9/18(a)		239,965
	564,000	Hyundai Capital America, 2.55%, 2/6/19(a)		561,917
	447,000	Navient Corp., 8.00%, 3/25/20, MTN		471,585
	195,000	Navient Corp., 7.25%, 9/25/23^		204,263
	415,000	Synchrony Bank, Series B, 3.65%, 5/24/21, Callable 4/24/21 @ 100.00^		415,240
	206,000	Synchrony Financial, 3.00%, 8/15/19, Callable 7/15/19 @ 100.00		205,563
	510,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100.00		509,471
	314,000	Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100.00		307,818
	245,000	Synchrony Financial, 3.95%, 12/1/27, Callable 9/1/27 @ 100.00		226,014

				11,605,264


Principal Amount			Fair Value
Corporate Bonds, continued
Containers & Packaging (0.1%):
$	125,000	Crown Americas LLC, 4.75%, 2/1/26, Callable 2/1/21 @ 103.56^(a)	$	118,750
	100,000	Crown Americas LLC, 4.25%, 9/30/26, Callable 3/31/26 @ 100.00^		91,500
	80,000	Crown Cork & Seal Co., Inc., 7.38%, 12/15/26		86,400
	300,000	Reynolds Group Issuer, Inc., 5.13%, 7/15/23, Callable 7/15/19 @ 102.56(a)		296,250
	170,000	Silgan Holdings, Inc., 4.75%, 3/15/25, Callable 3/15/20 @ 102.38		161,500

				754,400

Diversified Consumer Services (0.5%):
	1,230,000	APX Group, Inc., 8.75%, 12/1/20, Callable 8/3/18 @ 102.19^		1,177,233
	640,000	APX Group, Inc., 7.63%, 9/1/23, Callable 9/1/19 @ 105.72^		568,000
	170,000	Ascend Learning LLC, 6.88%, 8/1/25, Callable 8/1/20 @ 103.44(a)		171,488
	690,000	Laureate Education, Inc., 8.25%, 5/1/25, Callable 5/1/20 @ 106.19^(a)		736,147

				2,652,868

Diversified Financial Services (0.2%):
	91,000	AXA Equitable Holdings, Inc., 3.90%, 4/20/23, Callable 3/20/23 @ 100.00(a)		90,283
	500,000	Peachtree Funding Trust, 3.98%, 2/15/25(a)		486,484
	190,000	USA Compression Partners LP, 6.88%, 4/1/26, Callable 4/1/21 @ 105.16^(a)		196,650
	285,000	Voya Financial, Inc., 3.13%, 7/15/24, Callable 5/15/24 @ 100.00		269,229

				1,042,646

Diversified Telecommunication Services (1.3%):
	481,000	AT&T, Inc., 2.45%, 6/30/20, Callable 5/30/20 @ 100.00		473,725
	867,000	AT&T, Inc., 3.60%, 2/17/23, Callable 12/17/22 @ 100.00^		854,178
	42,000	AT&T, Inc., 4.45%, 4/1/24, Callable 1/1/24 @ 100.00		42,401
	385,000	Frontier Communications Corp., 7.05%, 10/1/46		211,750
	830,000	Level 3 Financing, Inc., 5.38%, 1/15/24, Callable 1/15/19 @ 102.69^		812,985
	300,000	Level 3 Financing, Inc., 5.38%, 5/1/25, Callable 5/1/20 @ 102.69		288,750
	200,000	Qwest Corp., 7.25%, 9/15/25		213,704
	600,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 2/15/25, Callable 2/15/20 @ 103.31^(a)		549,000
	1,116,000	Verizon Communications, Inc., 5.50%, 3/16/47		1,169,414
	900,000	Verizon Communications, Inc., 5.01%, 4/15/49		876,466
	889,000	Verizon Communications, Inc., 5.01%, 8/21/54		835,353
	747,000	Zayo Group LLC/Zayo Capital, 6.38%, 5/15/25, Callable 5/15/20 @ 103.19^		761,006

				7,088,732

Electric Utilities (0.7%):
	164,000	Emera US Finance LP, 2.15%, 6/15/19		162,288
	163,000	Emera US Finance LP, 2.70%, 6/15/21, Callable 5/15/21 @ 100.00		158,650
	260,000	Emera US Finance LP, 3.55%, 6/15/26, Callable 3/15/26 @ 100.00		244,806


Principal Amount			Fair Value
Corporate Bonds, continued
Electric Utilities, continued
$	455,000	FirstEnergy Solutions Co., 6.05%, 8/15/21(c)	$	225,225
	2,306,000	FirstEnergy, Inc., Series B, 4.25%, 3/15/23, Callable 12/15/22 @ 100.00		2,342,991
	238,500	NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25(d)		259,965
	175,000	NV Energy, Inc., 6.25%, 11/15/20		186,798

				3,580,723

Electronic Equipment, Instruments & Components (0.1%):
	345,000	TTM Technologies, Inc., 5.63%, 10/1/25, Callable 10/1/20 @ 102.81(a)		336,375

Energy Equipment & Services (0.2%):
	349,000	Halliburton Co., 3.80%, 11/15/25, Callable 8/15/25 @ 100.00		346,504
	306,000	Halliburton Co., 4.85%, 11/15/35, Callable 5/15/35 @ 100.00		316,423
	170,000	Nabors Industries, Inc., 5.50%, 1/15/23, Callable 11/15/22 @ 100.00		163,625

				826,552

Equity Real Estate Investment Trusts (3.7%):
	82,000	Alexandria Real Estate Equities, Inc., 2.75%, 1/15/20, Callable 12/15/19 @ 100.00		81,330
	152,000	American Campus Communities, Inc., 3.75%, 4/15/23, Callable 1/15/23 @ 100.00		151,188
	747,000	American Tower Corp., 2.80%, 6/1/20, Callable 5/1/20 @ 100.00		740,588
	161,000	AvalonBay Communities, Inc., 3.63%, 10/1/20, Callable 7/1/20 @ 100.00		162,235
	514,000	BPG Subsidiary, Inc., 3.88%, 8/15/22, Callable 6/15/22 @ 100.00		512,125
	394,000	Brandywine Operating Partners LP, 4.10%, 10/1/24, Callable 7/1/24 @ 100.00		389,016
	426,000	Brandywine Operating Partners LP, 4.55%, 10/1/29, Callable 7/1/29 @ 100.00		417,602
	421,000	Brandywine Operating Partnership LP, 3.95%, 11/15/27, Callable 8/15/27 @ 100.00		399,993
	489,000	Brandywine Realty Trust, 3.95%, 2/15/23, Callable 11/15/22 @ 100.00		486,691
	788,000	Brixmor Operating Partners LP, 3.25%, 9/15/23, Callable 7/15/23 @ 100.00		755,019
	134,000	Camden Property Trust, 2.95%, 12/15/22, Callable 9/15/22 @ 100.00		130,488
	381,000	Corporate Office Properties Trust, 3.70%, 6/15/21, Callable 4/15/21 @ 100.00		377,941
	414,000	Corporate Office Properties Trust, 5.00%, 7/1/25, Callable 4/1/25 @ 100.00		422,532
	155,000	Corrections Corp. of America, 5.00%, 10/15/22, Callable 7/15/22 @ 100.00		155,000
	1,114,000	DDR Corp., 4.63%, 7/15/22, Callable 4/15/22 @ 100.00		1,142,402
	484,000	Digital Realty Trust LP, 3.95%, 7/1/22, Callable 5/1/22 @ 100.00		488,946
	491,000	Digital Realty Trust LP, 4.75%, 10/1/25, Callable 7/1/25 @ 100.00		505,968
	458,000	Digital Realty Trust, Inc., 3.40%, 10/1/20, Callable 9/1/20 @ 100.00^		457,840


Principal Amount			Fair Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts, continued
$	256,000	Duke Realty LP, 3.88%, 10/15/22, Callable 7/15/22 @ 100.00	$	258,501
	273,000	Duke Realty LP, 3.63%, 4/15/23, Callable 1/15/23 @ 100.00		270,654
	146,000	Duke Realty LP, 3.75%, 12/1/24, Callable 9/1/24 @ 100.00		143,879
	747,000	Equinix, Inc., 5.75%, 1/1/25, Callable 1/1/20 @ 102.88^		752,378
	70,000	Equity Commonwealth, 5.88%, 9/15/20, Callable 3/15/20 @ 100.00		72,289
	500,000	Equity One, Inc., 3.75%, 11/15/22, Callable 8/15/22 @ 100.00		497,944
	65,000	GLP Capital, LP/Finance II, Inc., 5.25%, 6/1/25		65,000
	1,000,000	Government Properties Income Trust, 3.75%, 8/15/19, Callable 7/15/19 @ 100.00		1,001,253
	500,000	Health Care REIT, Inc., 4.13%, 4/1/19, Callable 1/1/19 @ 100.00		502,928
	135,000	Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100.00		132,968
	500,000	Mack-Cali Realty LP, 4.50%, 4/18/22, Callable 1/18/22 @ 100.00		486,850
	401,000	Mack-Cali Realty LP, 3.15%, 5/15/23, Callable 2/15/23 @ 100.00		356,915
	300,000	MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 8/1/26, Callable 8/1/21 @ 102.63		294,000
	820,000	OMEGA Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100.00		814,132
	126,000	OMEGA Healthcare Investors, Inc., 4.95%, 4/1/24, Callable 1/1/24 @ 100.00^		127,818
	281,000	OMEGA Healthcare Investors, Inc., 4.50%, 1/15/25, Callable 10/15/24 @ 100.00^		274,574
	785,000	OMEGA Healthcare Investors, Inc., 5.25%, 1/15/26, Callable 10/15/25 @ 100.00		791,715
	2,431,000	OMEGA Healthcare Investors, Inc., 4.50%, 4/1/27, Callable 1/1/27 @ 100.00^		2,316,360
	748,000	OMEGA Healthcare Investors, Inc., 4.75%, 1/15/28, Callable 10/15/27 @ 100.00^		721,159
	70,000	Post Apartment Homes LP, 3.38%, 12/1/22, Callable 9/1/22 @ 100.00		69,014
	68,000	Retail Opportunity Investments Corp., 5.00%, 12/15/23, Callable 9/15/23 @ 100.00		68,428
	104,000	Retail Opportunity Investments Corp., 4.00%, 12/15/24, Callable 9/15/24 @ 100.00		98,201
	900,000	Sabra Health/Capital Corp., 5.50%, 2/1/21, Callable 8/3/18 @ 102.75		917,172
	161,000	Tanger Properties LP, 3.88%, 12/1/23, Callable 9/1/23 @ 100.00		157,325
	411,000	Tanger Properties LP, 3.75%, 12/1/24, Callable 9/1/24 @ 100.00		394,597
	342,000	Tanger Properties LP, 3.13%, 9/1/26, Callable 6/1/26 @ 100.00		308,604
	118,000	Ventas Realty LP, 3.13%, 6/15/23, Callable 3/15/23 @ 100.00		114,280
	199,000	Ventas Realty LP, 4.00%, 3/1/28, Callable 12/1/27 @ 100.00		192,178
	67,000	Weingarten Realty Investors, 3.38%, 10/15/22, Callable 7/15/22 @ 100.00		66,085
	814,000	WP Carey, Inc., 4.00%, 2/1/25, Callable 11/1/24 @ 100.00		789,786

				20,833,891


Principal Amount			Fair Value
Corporate Bonds, continued
Food & Staples Retailing (0.8%):
$	400,000	CVS Health Corp., 3.70%, 3/9/23, Callable 2/9/23 @ 100.00	$	397,972
	1,017,000	CVS Health Corp., 4.10%, 3/25/25, Callable 1/25/25 @ 100.00		1,011,611
	1,181,000	CVS Health Corp., 4.30%, 3/25/28, Callable 12/25/27 @ 100.00		1,164,949
	526,000	CVS Health Corp., 4.78%, 3/25/38, Callable 9/25/37 @ 100.00		517,359
	773,000	CVS Health Corp., 5.05%, 3/25/48, Callable 9/25/47 @ 100.00		786,679
	100,000	US Foods, Inc., 5.88%, 6/15/24, Callable 6/15/19 @ 102.94(a)		101,750
	405,000	Walgreens Boots Alliance, Inc., 3.30%, 11/18/21, Callable 9/18/21 @ 100.00^		402,424

				4,382,744

Food Products (0.1%):
	390,000	JBS USA Finance, Inc., 5.75%, 6/15/25, Callable 6/15/20 @ 102.88^(a)		362,700
	300,000	Post Holding, Inc., 5.00%, 8/15/26, Callable 8/15/21 @ 102.50(a)		279,750

				642,450

Health Care Equipment & Supplies (0.1%):
	291,000	Becton Dickinson And Co., 3.70%, 6/6/27, Callable 3/6/27 @ 100.00		275,461
	330,000	Ortho-Clinical Diagnostics, Inc., 6.63%, 5/15/22, Callable 8/3/18 @ 101.66(a)		322,575
	190,000	Teleflex, Inc., 4.88%, 6/1/26, Callable 6/1/21 @ 102.44		186,200

				784,236

Health Care Providers & Services (1.1%):
	390,000	Community Health Systems, Inc., 5.13%, 8/1/21, Callable 8/3/18 @ 102.56^		360,750
	180,000	Community Health Systems, Inc., 6.25%, 3/31/23, Callable 3/31/20 @ 103.13		164,925
	530,000	HCA, Inc., 3.75%, 3/15/19^		531,988
	2,837,000	HCA, Inc., 6.50%, 2/15/20		2,945,160
	37,000	HCA, Inc., 5.88%, 3/15/22		38,573
	30,000	HCA, Inc., 4.75%, 5/1/23		29,925
	500,000	HCA, Inc., 5.38%, 2/1/25		492,350
	300,000	Tenet Healthcare Corp., 4.50%, 4/1/21^		297,000
	637,000	Tenet Healthcare Corp., 8.13%, 4/1/22		665,996
	200,000	Vizient, Inc., 10.38%, 3/1/24, Callable 3/1/19 @ 107.78(a)		220,500

				5,747,167

Health Care Technology (0.1%):
	300,000	IMS Health, Inc., 5.00%, 10/15/26, Callable 10/15/21 @ 102.50(a)		292,125

Hotels, Restaurants & Leisure (0.5%):
	300,000	Aramark Services, Inc., 5.00%, 4/1/25, Callable 4/1/20 @ 103.75^(a)		298,500
	495,000	Caesars Resort Collection LLC, 5.25%, 10/15/25, Callable 10/15/20 @ 102.63^(a)		468,394
	80,000	Eldorado Resorts, Inc., 7.00%, 8/1/23, Callable 8/3/18 @ 105.25		84,000
	145,000	Eldorado Resorts, Inc., 6.00%, 4/1/25, Callable 4/1/20 @ 104.50		145,181


Principal Amount			Fair Value
Corporate Bonds, continued
Hotels, Restaurants & Leisure, continued
$	155,000	Hilton Worldwide Finance LLC, 4.63%, 4/1/25, Callable 4/1/20 @ 102.31	$	151,125
	128,000	McDonald’s Corp., 2.75%, 12/9/20, Callable 11/9/20 @ 100.00		127,135
	595,000	MGM Growth Properties LLC, 4.50%, 9/1/26, Callable 6/1/26 @ 100.00		552,605
	150,000	Penn National Gaming, Inc., 5.63%, 1/15/27, Callable 1/15/22 @ 102.81(a)		141,375
	85,000	Scientific Games International, Inc., 5.00%, 10/15/25, Callable 10/15/20 @ 103.75(a)		80,963
	145,000	Station Casinos LLC, 5.00%, 10/1/25, Callable 10/1/20 @ 102.50(a)		136,300
	170,000	Wyndham Hotels & Resorts, Inc., 5.38%, 4/15/26, Callable 4/15/21 @ 102.69(a)		168,725
	155,000	Wynn Las Vegas LLC, 5.50%, 3/1/25, Callable 12/1/24 @ 100.00(a)		152,288

				2,506,591

Independent Power & Renewable Electricity Producers (0.6%):
	350,000	AES Corp., 5.50%, 4/15/25, Callable 4/15/20 @ 102.75		352,625
	200,000	Calpine Corp., 5.38%, 1/15/23, Callable 10/15/18 @ 102.69^		190,250
	995,000	Dynegy, Inc., 8.00%, 1/15/25, Callable 1/15/20 @ 104.00^(a)		1,068,381
	763,000	IPALCO Enterprises, Inc., 3.45%, 7/15/20, Callable 6/15/20 @ 100.00		759,704
	211,000	IPALCO Enterprises, Inc., 3.70%, 9/1/24, Callable 7/1/24 @ 100.00		204,598
	175,000	NextEra Energy Operating Partners LP, 4.25%, 9/15/24, Callable 7/15/24 @ 100.00^(a)		168,438
	391,000	NRG Energy, 6.25%, 5/1/24, Callable 5/1/19 @ 103.13		400,775

				3,144,771

Industrial Conglomerates (0.2%):
	300,000	Icahn Enterprises LP, 6.00%, 8/1/20, Callable 8/3/18 @ 101.50		303,750
	495,000	Icahn Enterprises LP, 5.88%, 2/1/22, Callable 8/3/18 @ 102.94		495,618
	195,000	Icahn Enterprises LP, 6.75%, 2/1/24, Callable 2/1/20 @ 103.38^		196,463

				995,831

Insurance (1.0%):
	326,000	American International Group, Inc., 3.30%, 3/1/21, Callable 2/1/21 @ 100.00		325,770
	1,208,000	American International Group, Inc., 3.75%, 7/10/25, Callable 4/10/25 @ 100.00		1,166,843
	100,000	AmWINS Group, Inc., 7.75%, 7/1/26, Callable 7/1/21 @ 105.81(a)		101,500
	180,000	Liberty Mutual Group, Inc., 4.25%, 6/15/23(a)		181,819
	651,000	Pacific Lifecorp, 5.13%, 1/30/43(a)		695,715
	497,000	Teachers Insurance & Annuity Association of America, 4.90%, 9/15/44(a)		523,181
	463,000	Unum Group, 3.88%, 11/5/25		449,673
	1,556,000	Unum Group, 5.75%, 8/15/42		1,654,387
	195,000	Usis Merger Sub, Inc., 6.88%, 5/1/25, Callable 5/1/20 @ 103.44(a)		194,025

				5,292,913


Principal Amount			Fair Value
Corporate Bonds, continued
Internet Software & Services (0.0%):
$	195,000	Semgroup Corp., 6.38%, 3/15/25, Callable 3/15/20 @ 103.19^	$	185,250

IT Services (0.1%):
	135,000	Conduent Finance, Inc., 10.50%, 12/15/24, Callable 12/15/20 @ 105.25^(a)		161,494
	215,000	First Data Corp., 5.75%, 1/15/24, Callable 1/15/19 @ 102.88(a)		215,004

				376,498

Life Sciences Tools & Services (0.0%):
	175,000	Catalent Pharma Solutions, Inc., 4.88%, 1/15/26, Callable 10/15/20 @ 102.44(a)		168,051
	50,000	Charles River Laboratories International, Inc., 5.50%, 4/1/26, Callable 4/1/21 @ 104.13^(a)		50,110

				218,161

Media (2.7%):
	390,000	21st Century Fox America, 7.75%, 12/1/45		549,615
	747,000	Altice US Finance I Corp., 5.38%, 7/15/23, Callable 7/16/18 @ 104.03^(a)		743,265
	175,000	AMC Entertainment, Inc., 5.75%, 6/15/25, Callable 6/15/20 @ 102.88^		171,500
	1,237,000	CCO Holdings LLC, 5.88%, 4/1/24, Callable 4/1/19 @ 104.41(a)		1,240,093
	700,000	CCO Holdings LLC, 5.88%, 5/1/27, Callable 5/1/21 @ 102.94(a)		683,375
	95,000	CCO Holdings LLC/Capital Corp., 5.38%, 5/1/25, Callable 5/1/20 @ 102.68(a)		91,913
	92,000	Comcast Corp., 3.90%, 3/1/38, Callable 9/1/37 @ 100.00		83,487
	219,000	Comcast Corp., 4.65%, 7/15/42		213,063
	245,000	Comcast Corp., 4.60%, 8/15/45, Callable 2/15/45 @ 100.00		236,061
	207,000	Comcast Corp., 3.97%, 11/1/47, Callable 5/1/47 @ 100.00		182,338
	169,000	Comcast Corp., 4.00%, 3/1/48, Callable 9/1/47 @ 100.00^		148,892
	342,000	Comcast Corp., 4.00%, 11/1/49, Callable 5/1/49 @ 100.00		300,601
	300,000	DISH DBS Corp., 5.00%, 3/15/23^		260,250
	300,000	DISH DBS Corp., 5.88%, 11/15/24		253,875
	210,000	DISH Network Corp., 3.38%, 8/15/26		203,405
	121,000	NBCUniversal, 5.95%, 4/1/41		136,276
	174,000	NBCUniversal Media LLC, 4.45%, 1/15/43		164,487
	1,000,000	Neptune Finco Corp., 6.63%, 10/15/25, Callable 10/15/20 @ 103.31(a)		1,023,750
	300,000	Sirius XM Radio, Inc., 4.63%, 5/15/23, Callable 8/3/18 @ 102.31(a)		292,500
	160,000	Sirius XM Radio, Inc., 6.00%, 7/15/24, Callable 7/15/19 @ 103.00^(a)		163,000
	1,092,000	Sirius XM Radio, Inc., 5.38%, 4/15/25, Callable 4/15/20 @ 102.69(a)		1,076,985
	195,000	Sirius XM Radio, Inc., 5.38%, 7/15/26, Callable 7/15/21 @ 102.69^(a)		187,688
	1,069,000	Time Warner Cable, Inc., 8.25%, 4/1/19		1,108,807
	1,493,000	Time Warner Cable, Inc., 4.13%, 2/15/21, Callable 11/15/20 @ 100.00		1,500,599


Principal Amount			Fair Value
Corporate Bonds, continued
Media, continued
$	930,000	Time Warner Cable, Inc., 4.00%, 9/1/21, Callable 6/1/21 @ 100.00	$	929,979
	231,000	Time Warner Cable, Inc., 6.55%, 5/1/37		245,059
	418,000	Time Warner Cable, Inc., 7.30%, 7/1/38		473,807
	2,240,000	Time Warner Cable, Inc., 6.75%, 6/15/39		2,388,025
	103,000	Time Warner Cable, Inc., 5.50%, 9/1/41, Callable 3/1/41 @ 100.00		95,827

				15,148,522

Metals & Mining (0.1%):
	600,000	Freeport-McMoRan, Inc., 3.55%, 3/1/22, Callable 12/1/21 @ 100.00		570,000

Mortgage Real Estate Investment Trusts (0.0%):
	65,000	Starwood Property Trust, Inc., 4.75%, 3/15/25, Callable 9/15/24 @ 100.00(a)		62,400

Multi-Utilities (0.4%):
	1,371,000	Dominion Resources, Inc., Series 06-B, 4.63%(US0003M+230bps), 9/30/66, Callable 7/24/18 @ 100.00		1,278,457
	49,000	Puget Energy, Inc., 6.00%, 9/1/21		52,405
	506,000	Sempra Energy, 6.00%, 10/15/39		599,775

				1,930,637

Oil, Gas & Consumable Fuels (3.4%):
	222,000	Anadarko Petroleum Corp., 4.85%, 3/15/21, Callable 2/15/21 @ 100.00^		228,462
	460,000	Anadarko Petroleum Corp., 5.55%, 3/15/26, Callable 12/15/25 @ 100.00^		492,990
	722,000	Anadarko Petroleum Corp., Series B, 7.50%, 5/1/31		894,330
	122,000	Anadarko Petroleum Corp., 6.45%, 9/15/36		140,990
	612,000	Anadarko Petroleum Corp., 6.60%, 3/15/46, Callable 9/15/45 @ 100.00		735,539
	400,000	Antero Resources Corp., 5.13%, 12/1/22, Callable 8/3/18 @ 102.56		401,000
	430,000	California Resources Corp., 8.00%, 12/15/22, Callable 12/15/18 @ 104.00^(a)		390,225
	480,000	Cheniere Corpus Christi Holdings LLC, 7.00%, 6/30/24, Callable 1/1/24 @ 100.00		523,200
	725,000	Cheniere Energy Partners, 5.25%, 10/1/25, Callable 10/1/20 @ 102.63(a)		707,200
	714,000	Chesapeake Energy Corp., 8.00%, 12/15/22, Callable 12/15/18 @ 104.00^(a)		749,485
	550,000	Chesapeake Energy Corp., 8.00%, 1/15/25, Callable 1/15/20 @ 106.00^		560,148
	630,000	Citgo Petroleum Corp., 6.25%, 8/15/22, Callable 8/3/18 @ 104.69(a)		627,039
	434,000	Columbia Pipeline Group, 3.30%, 6/1/20, Callable 5/1/20 @ 100.00		432,204
	197,000	Columbia Pipeline Group, 4.50%, 6/1/25, Callable 3/1/25 @ 100.00		196,548
	290,000	Crestwood Midstream Partners LP, 6.25%, 4/1/23, Callable 8/3/18 @ 104.69^		295,075
	150,000	Crestwood Midstream Partners LP, 5.75%, 4/1/25, Callable 4/1/20 @ 104.31^		149,813
	150,000	CVR Refining LLC/Coffeyville Finance, Inc., 6.50%, 11/1/22, Callable 8/3/18 @ 103.25		153,000
	163,000	DCP Midstream Operating LLC, 3.88%, 3/15/23, Callable 12/15/22 @ 100.00^		157,499


Principal Amount			Fair Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	410,000	DCP Midstream Operating LLC, 8.13%, 8/16/30^	$	486,875
	185,000	DCP Midstream Operating LLC, 5.60%, 4/1/44, Callable 10/1/43 @ 100.00		174,594
	150,000	DCP Midstream Operating LP, 5.85%(US0003M+385bps), 5/21/43, Callable 5/21/23 @ 100.00(a)		137,250
	325,000	Denbury Resources, Inc., 9.25%, 3/31/22, Callable 3/31/19 @ 109.25(a)		344,500
	190,000	Denbury Resources, Inc., 4.63%, 7/15/23, Callable 8/3/18 @ 102.31		165,832
	175,000	Enable Midstream Partners LP, 2.40%, 5/15/19, Callable 4/15/19 @ 100.00		173,895
	124,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100.00		118,699
	103,000	Energy Transfer Partners LP, 4.20%, 9/15/23, Callable 8/15/23 @ 100.00^		102,949
	350,000	Energy Transfer Partners LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100.00		348,913
	195,000	Energy Transfer Partners LP, 5.80%, 6/15/38, Callable 12/15/37 @ 100.00		192,999
	127,000	Energy Transfer Partners LP, 6.00%, 6/15/48, Callable 12/15/47 @ 100.00		126,986
	250,000	Everest Acquisition Finance, Inc., 8.00%, 11/29/24, Callable 11/30/19 @ 106.00^(a)		252,500
	300,000	Global Partners LP, 6.25%, 7/15/22, Callable 8/3/18 @ 103.13		291,000
	335,000	Hess Infrastructure Partners LP/Finance Corp., 5.63%, 2/15/26, Callable 2/15/21 @ 104.22(a)		334,163
	310,000	Hilcorp Energy LP, 5.00%, 12/1/24, Callable 6/1/19 @ 102.50^(a)		300,700
	80,000	Indigo Natural Resources LLC, 6.88%, 2/15/26, Callable 2/15/21 @ 103.44(a)		77,200
	240,000	Jonah Energy LLC/Jonah Energy Finance Corp., 7.25%, 10/15/25, Callable 10/15/20 @ 105.44^(a)		193,800
	49,000	Kinder Morgan (Delaware), Inc., 3.05%, 12/1/19, Callable 11/1/19 @ 100.00		48,849
	167,000	Kinder Morgan (Delaware), Inc., 5.05%, 2/15/46, Callable 8/15/45 @ 100.00		154,973
	63,000	Kinder Morgan Energy Partners LP, 6.55%, 9/15/40		69,140
	712,000	Kinder Morgan Energy Partners LP, 5.50%, 3/1/44, Callable 9/1/43 @ 100.00		705,072
	1,163,000	Midstates Petroleum Co., Inc., 10.75%, 10/1/20(e)		—
	242,000	MPLX LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100.00		249,494
	290,000	Parsley Energy LLC, 5.25%, 8/15/25, Callable 8/15/20 @ 103.94(a)		284,925
	405,000	PBF Holding Co. LLC/PBF Finance Corp., 7.00%, 11/15/23, Callable 11/15/18 @ 105.25^		419,175
	57,000	Phillips 66 Partners LP, 2.65%, 2/15/20, Callable 1/15/20 @ 100.00		56,351
	300,000	Rose Rock Midstream LP, 5.63%, 7/15/22, Callable 7/19/18 @ 102.81^		291,000
	346,000	Southeast Supply Header LLC, 4.25%, 6/15/24, Callable 3/15/24 @ 100.00(a)		345,947
	348,000	Southwestern Energy Co., 6.70%, 1/23/25, Callable 10/23/24 @ 100.00^		340,605
	65,000	Southwestern Energy Co., 7.50%, 4/1/26, Callable 4/1/21 @ 105.63^		67,275


Principal Amount			Fair Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	300,000	Summit Midstream Holdings LLC, 5.75%, 4/15/25, Callable 4/15/20 @ 104.31	$	285,000
	115,000	Sunoco Finance Corp., 5.50%, 2/15/26, Callable 2/15/21 @ 102.75(a)		108,963
	848,000	Sunoco Logistics Partners Operations LP, 5.40%, 10/1/47, Callable 4/1/47 @ 100.00		779,728
	195,000	Targa Resources Partners LP, 5.13%, 2/1/25, Callable 2/1/20 @ 103.84^		192,563
	195,000	Targa Resources Partners LP, 5.88%, 4/15/26, Callable 4/15/21 @ 104.41(a)		196,463
	195,000	Targa Resources Partners LP, 5.38%, 2/1/27, Callable 2/1/22 @ 102.69^		189,150
	574,000	Western Gas Partners LP, 5.38%, 6/1/21, Callable 3/1/21 @ 100.00		595,000
	154,000	Western Gas Partners LP, 4.65%, 7/1/26, Callable 4/1/26 @ 100.00		151,287
	900,000	Western Gas Partners LP, 4.50%, 3/1/28, Callable 12/1/27 @ 100.00^		866,120
	222,000	Williams Partners LP, 4.00%, 11/15/21, Callable 8/15/21 @ 100.00		223,941
	357,000	Williams Partners LP, 3.60%, 3/15/22, Callable 1/15/22 @ 100.00		355,255
	242,000	Williams Partners LP, 4.50%, 11/15/23, Callable 8/15/23 @ 100.00		245,687
	426,000	Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100.00		427,524

				19,307,089

Pharmaceuticals (0.0%):
	165,000	Valeant Pharmaceuticals International, 9.25%, 4/1/26, Callable 4/1/22 @ 104.63(a)		171,394

Professional Services (0.1%):
	300,000	Tempo Finance, Corp., 6.75%, 6/1/25, Callable 6/1/20 @ 103.38(a)		288,000

Real Estate Management & Development (0.1%):
	300,000	Howard Hughes Corp. (The), 5.38%, 3/15/25, Callable 3/15/20 @ 104.03(a)		294,375

Semiconductors & Semiconductor Equipment (0.0%):
	215,000	Qorvo, Inc., 7.00%, 12/1/25, Callable 12/1/20 @ 103.50^		231,125

Software (0.2%):
	125,000	CDK Global, Inc., 5.88%, 6/15/26, Callable 6/15/21 @ 102.94^		127,375
	195,000	Fair Isaac Corp., 5.25%, 5/15/26, Callable 2/15/26 @ 100.00(a)		195,731
	300,000	Solera LLC, 10.50%, 3/1/24, Callable 3/1/19 @ 107.88(a)		333,189
	437,000	Sophia LP/Finance, Inc., 9.00%, 9/30/23, Callable 9/30/18 @ 104.50(a)		458,796
	190,000	Symantec Corp., 5.00%, 4/15/25, Callable 4/15/20 @ 102.50(a)		184,067

				1,299,158

Thrifts & Mortgage Finance (0.1%):
	355,000	Quicken Loans, Inc., 5.25%, 1/15/28, Callable 1/15/23 @ 102.63^(a)		327,417


Principal Amount			Fair Value
Corporate Bonds, continued
Tobacco (0.6%):
$	317,000	Altria Group, Inc., 4.00%, 1/31/24	$	320,972
	140,000	Reynolds American, Inc., 3.25%, 6/12/20		139,856
	478,000	Reynolds American, Inc., 4.00%, 6/12/22		480,977
	346,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100.00		348,216
	179,000	Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100.00		192,181
	600,000	Reynolds American, Inc., 7.25%, 6/15/37		751,191
	1,000,000	Vector Group, Ltd., 6.13%, 2/1/25, Callable 2/1/20 @ 103.06^(a)		966,249

				3,199,642

Trading Companies & Distributors (0.5%):
	200,000	Aercap Global Aviation Trust, 6.50%(US0003M+430bps), 6/15/45, Callable 6/15/25 @ 100.00^(a)		206,000
	442,000	Air Lease Corp., 2.63%, 9/4/18		441,820
	499,000	Air Lease Corp., 4.75%, 3/1/20		509,562
	297,000	Air Lease Corp., 3.88%, 4/1/21, Callable 3/1/21 @ 100.00^		299,178
	348,000	Air Lease Corp., 3.38%, 6/1/21, Callable 5/1/21 @ 100.00		346,130
	703,000	Air Lease Corp., 3.75%, 2/1/22, Callable 12/1/21 @ 100.00		703,821
	82,000	Air Lease Corp., 3.00%, 9/15/23, Callable 7/15/23 @ 100.00		77,702

				2,584,213

Wireless Telecommunication Services (0.2%):
	300,000	Sprint Communications, Inc., 7.25%, 9/15/21		312,000
	300,000	Sprint Communications, Inc., 7.88%, 9/15/23		311,063
	420,000	Sprint Communications, Inc., 7.13%, 6/15/24		424,027
	300,000	T-Mobile USA, Inc., 5.13%, 4/15/25, Callable 4/15/20 @ 102.56^		301,500

				1,348,590

	Total Corporate Bonds (Cost $156,611,080)			154,081,284

Yankee Dollars (10.7%):
Aerospace & Defense (0.1%):
	215,000	Bombardier, Inc., 6.00%, 10/15/22, Callable 8/3/18 @ 103.00(a)		214,129
	320,000	Bombardier, Inc., 6.13%, 1/15/23(a)		320,800

				534,929

Banks (1.8%):
	642,000	Barclays Bank plc, 3.25%, 1/12/21		632,803
	300,000	Barclays Bank plc, 7.63%, 11/21/22		322,950
	874,000	Barclays Bank plc, 4.38%, 1/12/26		848,886
	205,000	HSBC Holdings plc, 4.25%, 3/14/24		203,954
	200,000	Intesa Sanpaolo SpA, 5.02%, 6/26/24(a)		181,533
	1,180,000	Intesa Sanpaolo SpA, 5.71%, 1/15/26(a)		1,078,947
	791,000	Rabobank Nederland NY, 4.38%, 8/4/25		775,521
	200,000	RBS Citizens Financial Group, Inc., 4.15%, 9/28/22(a)		201,363
	3,808,000	Royal Bank of Scotland Group plc, 6.13%, 12/15/22		4,007,579
	675,000	Royal Bank of Scotland Group plc, 6.10%, 6/10/23		710,910
	847,000	Royal Bank of Scotland Group plc, 6.00%, 12/19/23		888,818

				9,853,264


Principal Amount			Fair Value
Yankee Dollars, continued
Beverages (0.0%):
$	125,000	Cott Corp., 5.50%, 4/1/25, Callable 4/1/20 @ 104.13^(a)	$	121,563

Capital Markets (1.3%):
	720,000	Credit Suisse Group Fun, Ltd., 2.75%, 3/26/20		712,129
	1,000,000	Credit Suisse Group Fun, Ltd., 3.80%, 9/15/22		995,611
	1,175,000	Credit Suisse Group Fun, Ltd., 3.80%, 6/9/23^		1,159,756
	720,000	Credit Suisse Group Fun, Ltd., 3.75%, 3/26/25		692,474
	1,462,000	Deutsche Bank AG, 4.50%, 4/1/25^		1,333,417
	1,284,000	Deutsche Bank NY, 3.30%, 11/16/22		1,202,943
	733,000	UBS Group AG, 4.13%, 9/24/25(a)		727,878

				6,824,208

Chemicals (0.2%):
	575,000	Consolidated Energy Finance SA, 6.88%, 6/15/25, Callable 6/15/20 @ 105.16(a)		590,094
	150,000	Consolidated Energy Finance SA, 6.50%, 5/15/26, Callable 5/15/21 @ 104.88(a)		148,500
	500,000	Nova Chemicals Corp., 4.88%, 6/1/24, Callable 3/3/24 @ 100.00(a)		475,000
	160,000	Nufarm Australia, Ltd., 5.75%, 4/30/26, Callable 4/30/21 @ 102.88(a)		155,200
	210,000	OCI NV, 6.63%, 4/15/23, Callable 4/15/20 @ 103.31(a)		213,297
	170,000	Tronox Finance plc, 5.75%, 10/1/25, Callable 10/1/20 @ 104.31^(a)		165,113

				1,747,204

Containers & Packaging (0.2%):
	745,000	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 7.25%, 5/15/24, Callable 5/15/19 @ 105.44(a)		774,800
	300,000	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 6.00%, 2/15/25, Callable 2/15/20 @ 104.50(a)		292,125

				1,066,925

Diversified Financial Services (0.0%):
	180,000	Camelot Finance SA, 7.88%, 10/15/24, Callable 10/15/19 @ 103.94^(a)		180,450
	30,000	Tervita Escrow Corp., 7.63%, 12/1/21, Callable 12/1/18 @ 103.81(a)		30,600

				211,050

Diversified Telecommunication Services (0.4%):
	495,000	Intelsat Jackson Holdings SA, 8.00%, 2/15/24, Callable 2/15/19 @ 104.00(a)		519,750
	300,000	Sable International Finance, Ltd., 6.88%, 8/1/22, Callable 8/3/18 @ 105.16(a)		308,910
	215,000	SFR Group SA, 6.00%, 5/15/22, Callable 8/3/18 @ 103.00^(a)		215,763
	300,000	SFR Group SA, 7.38%, 5/1/26, Callable 5/1/21 @ 103.69(a)		293,310
	540,000	Ziggo Bond Finance BV, 5.88%, 1/15/25, Callable 1/15/20 @ 102.94(a)		504,571

				1,842,304

Energy Equipment & Services (0.1%):
	305,000	Ensco plc, 4.50%, 10/1/24, Callable 7/1/24 @ 100.00^		251,244
	169,000	Noble Holding International, Ltd., 7.75%, 1/15/24, Callable 10/15/23 @ 100.00		160,128


Principal Amount			Fair Value
Yankee Dollars, continued
Energy Equipment & Services, continued
$	195,000	Noble Holding International, Ltd., 7.88%, 2/1/26, Callable 2/1/21 @ 105.91(a)	$	200,849
	180,000	Precision Drilling Corp., 7.75%, 12/15/23, Callable 12/15/19 @ 103.88^		189,450
	325,000	Weatherford International, Ltd., 9.88%, 2/15/24, Callable 11/15/23 @ 100.00		328,146
	330,000	Weatherford International, Ltd., 6.50%, 8/1/36^		258,225

				1,388,042

Gas Utilities (0.1%):
	340,000	LBC Tank Terminals Holding Netherlands BV, 6.88%, 5/15/23, Callable 8/3/18 @ 103.44(d)		343,400

Hotels, Restaurants & Leisure (0.1%):
	175,000	1011778 BC ULC New Red Finance, Inc., 4.25%, 5/15/24, Callable 5/15/20 @ 102.13^(a)		165,813
	70,000	Stars Group Holdings BV, 7.00%, 7/15/26, Callable 7/15/21 @ 103.50(a)		70,700
	300,000	Studio City Co., Ltd., 7.25%, 11/30/21, Callable 11/30/18 @ 103.63(a)		309,750
	145,000	Wynn Macau, Ltd., 4.88%, 10/1/24, Callable 10/1/20 @ 102.44^(a)		138,432

				684,695

Insurance (0.0%):
	200,000	AIA Group, Ltd., 2.25%, 3/11/19(a)		198,671

Machinery (0.0%):
	107,000	Ingersoll-Rand Lux Financial Holding, 2.63%, 5/1/20, Callable 4/1/20 @ 100.00		106,096

Media (0.3%):
	600,000	Altice Financing SA, 7.50%, 5/15/26, Callable 5/15/21 @ 103.75(a)		580,320
	300,000	Altice Finco SA, 8.13%, 1/15/24, Callable 12/15/18 @ 104.06^(a)		298,500
	495,000	MDC Partners, Inc., 6.50%, 5/1/24, Callable 5/1/19 @ 104.88^(a)		429,413

				1,308,233

Metals & Mining (0.3%):
	400,000	BHP Billiton Finance USA, Ltd., 6.25%(USSW5+497bps), 10/19/75, Callable 10/19/20 @ 100.00(a)		418,125
	681,000	BHP Billiton Finance USA, Ltd., 6.75%(USSW5+509bps), 10/19/75, Callable 10/20/25 @ 100.00(a)		738,545
	200,000	Corp. Nacional del Cobre de Chile, 3.63%, 8/1/27, Callable 5/1/27 @ 100.00(a)		190,506
	200,000	Corp. Nacional del Cobre de Chile, 4.50%, 8/1/47, Callable 2/1/47 @ 100.00^(a)		194,312
	300,000	First Quantum Minerals, Ltd., 7.25%, 5/15/22, Callable 8/3/18 @ 103.63(a)		303,000
	200,000	First Quantum Minerals, Ltd., 6.50%, 3/1/24, Callable 9/1/20 @ 103.25(a)		193,000
	145,000	First Quantum Minerals, Ltd., 7.50%, 4/1/25, Callable 4/1/20 @ 105.63(a)		143,101

				2,180,589

Multi-Utilities (0.3%):
	215,000	Intergen NV, 7.00%, 6/30/23, Callable 8/3/18 @ 103.50(a)		211,775
	1,700,000	Petroleos Mexicanos, 6.50%, 3/13/27		1,743,214

				1,954,989


Principal Amount			Fair Value
Yankee Dollars, continued
Oil, Gas & Consumable Fuels (2.4%):
$	309,000	Canadian Natural Resources, Ltd., 5.85%, 2/1/35	$	343,433
	558,000	Cenovus Energy, Inc., 4.25%, 4/15/27, Callable 1/15/27 @ 100.00^		537,461
	330,000	Empresa Nacional del Petroleo, 4.38%, 10/30/24(a)		328,809
	218,000	Enbridge, Inc., 4.25%, 12/1/26, Callable 9/1/26 @ 100.00		216,023
	252,000	Enbridge, Inc., 5.50%, 12/1/46, Callable 5/29/46 @ 100.00		269,017
	244,000	Navios Maritime Holdings/Finance, 7.38%, 1/15/22, Callable 8/3/18 @ 103.69(a)		185,288
	349,000	Petrobras Global Finance Co., 4.38%, 5/20/23^		327,013
	2,677,000	Petrobras Global Finance Co., 7.25%, 3/17/44^		2,476,224
	144,000	Petroleos Mexicanos, 6.00%, 3/5/20		148,680
	1,471,000	Petroleos Mexicanos, 4.88%, 1/18/24		1,452,126
	1,036,000	Petroleos Mexicanos, 4.50%, 1/23/26^		971,975
	1,039,000	Petroleos Mexicanos, 6.50%, 6/2/41		977,076
	841,000	Petroleos Mexicanos, 5.50%, 6/27/44		709,384
	1,005,000	Petroleos Mexicanos, 5.63%, 1/23/46		848,220
	2,762,000	Petroleos Mexicanos, 6.75%, 9/21/47		2,604,289
	222,000	Teine Energy, Ltd., 6.88%, 9/30/22, Callable 8/3/18 @ 105.16(a)		224,220

				12,619,238

Pharmaceuticals (1.1%):
	1,489,000	Actavis Funding SCS, 3.45%, 3/15/22, Callable 1/15/22 @ 100.00		1,465,158
	186,000	Mylan NV, 2.50%, 6/7/19		185,153
	685,000	Mylan NV, 3.15%, 6/15/21, Callable 5/15/21 @ 100.00		677,480
	337,000	Mylan NV, 3.95%, 6/15/26, Callable 3/15/26 @ 100.00		321,833
	200,000	Teva Pharmaceutical Finance Netherlands III BV, 6.00%, 4/15/24, Callable 1/15/24 @ 100.00		198,065
	484,000	Teva Pharmaceuticals Industries, Ltd., 2.20%, 7/21/21		448,928
	346,000	Teva Pharmaceuticals Industries, Ltd., 2.80%, 7/21/23^		298,858
	412,000	Teva Pharmaceuticals Industries, Ltd., 3.15%, 10/1/26		331,134
	185,000	Valeant Pharmaceuticals, 5.50%, 3/1/23, Callable 8/3/18 @ 102.75^(a)		172,050
	305,000	Valeant Pharmaceuticals International, Inc., 6.50%, 3/15/22, Callable 3/15/19 @ 103.25(a)		315,675
	405,000	Valeant Pharmaceuticals International, Inc., 7.00%, 3/15/24, Callable 3/15/20 @ 103.50(a)		424,622
	215,000	Valeant Pharmaceuticals International, Inc., 9.00%, 12/15/25, Callable 12/15/21 @ 104.50(a)		222,783
	392,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 4/15/20 @ 103.06^(a)		361,130

				5,422,869

Professional Services (0.3%):
	365,000	IHS Markit, Ltd., 4.75%, 2/15/25, Callable 11/15/24 @ 100.00(a)		361,350
	980,000	Nielsen Co. Luxembourg SARLl (The), 5.00%, 2/1/25, Callable 2/1/20 @ 103.75^(a)		933,450

				1,294,800


Principal Amount			Fair Value
Yankee Dollars, continued
Software (0.1%):
$	550,000	Open Text Corp., 5.63%, 1/15/23, Callable 8/3/18 @ 104.22^(a)	$	565,125

Sovereign Bond (0.4%):
	1,500,000	Argentine Republic Government International Bond, 5.88%, 1/11/28^		1,218,750
	1,344,000	Dominican Republic, 5.50%, 1/27/25(a)		1,333,678

				2,552,428

Tobacco (0.4%):
	690,000	Imperial Tobacco Finance, 3.75%, 7/21/22, Callable 5/21/22 @ 100.00(a)		684,861
	690,000	Imperial Tobacco Finance, 4.25%, 7/21/25, Callable 4/21/25 @ 100.00(a)		686,845

				1,371,706

Trading Companies & Distributors (0.8%):
	1,344,000	AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust, 5.00%, 10/1/21		1,384,871
	2,165,000	AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust, 4.63%, 7/1/22^		2,207,756
	347,000	Fly Leasing, Ltd., 6.38%, 10/15/21, Callable 8/3/18 @ 104.78^		357,844
	190,000	Fly Leasing, Ltd., 5.25%, 10/15/24, Callable 10/15/20 @ 102.63		178,125

				4,128,596

	Total Yankee Dollars (Cost $59,744,777)			58,320,924

Municipal Bonds (1.6%):
California (0.5%):
	460,000	California State, Build America Bonds, GO, 7.30%, 10/1/39		651,728
	10,000	California State, Build America Bonds, GO, 7.35%, 11/1/39		14,235
	400,000	California State, Build America Bonds, GO, 7.50%, 4/1/34		561,796
	965,000	California State, Build America Bonds, GO, 7.55%, 4/1/39		1,423,028

				2,650,787

Illinois (1.1%):
	176,000	Illinois State, Build America Bonds, GO, 6.20%, 7/1/21		181,804
	10,000	Illinois State, Build America Bonds, GO, Series 3, 5.55%, 4/1/19		10,161
	425,000	Illinois State, Build America Bonds, GO, Series 3, 6.73%, 4/1/35		453,050
	420,000	Illinois State, Build America Bonds, GO, 4.00%, 12/1/20		417,375
	1,340,000	Illinois State, Build America Bonds, GO, 5.88%, 3/1/19		1,363,745
	1,935,000	Illinois State, Build America Bonds, GO, 7.35%, 7/1/35		2,160,640
	105,000	Chicago Illinois, Taxable Project, Build America Bonds, GO, Series B, 5.43%, 1/1/42		97,632
	395,000	Chicago Illinois, Taxable Project, Build America Bonds, GO, Series C1, 7.78%, 1/1/35		454,305
	80,000	Chicago Illinois, Taxable Project, Build America Bonds, GO, Series B, 5.63%, 1/1/22		80,906


Principal Amount			Fair Value
Municipal Bonds, continued
Illinois, continued
$	315,000	Illinois State, Build America Bonds, GO, 6.63%, 2/1/35	$	333,777
	295,000	Illinois State, Build America Bonds, GO, 5.10%, 6/1/33		279,176
	125,000	Illinois State, Build America Bonds, GO, 4.95%, 6/1/23		127,181

				5,959,752

	Total Municipal Bonds (Cost $8,545,927)			8,610,539

U.S. Government Agency Mortgages (22.8%):
Federal Home Loan Mortgage Corporation (5.7%)
	699,470	3.50%, 3/1/32, Pool #C91403		709,573
	1,844,401	3.50%, 7/1/32, Pool #C91467		1,870,987
	326,294	4.00%, 6/1/33, Pool #G30718		337,546
	1,594,069	4.00%, 5/1/37, Pool #C91938		1,643,248
	2,199,566	5.00%, 2/1/38, Pool #G60365		2,345,332
	111,477	3.50%, 4/1/40, Pool #V81744		111,814
	133,430	3.50%, 5/1/40, Pool #V81750		133,833
	224,405	3.50%, 6/1/40, Pool #V81792		225,083
	110,529	3.50%, 8/1/40, Pool #V81886		110,863
	84,621	3.50%, 9/1/40, Pool #V81958		84,877
	871,898	4.00%, 1/1/41, Pool #A96413		896,352
	732,414	4.00%, 2/1/41, Pool #A96807		752,967
	87,185	4.50%, 3/1/41, Pool #A97673		91,696
	142,571	4.50%, 4/1/41, Pool #A97942		149,946
	391,219	5.00%, 6/1/41, Pool #G06596		420,677
	1,881,673	4.50%, 1/1/42, Pool #G60517		1,978,951
	64,138	3.50%, 8/1/42, Pool #Q10164		64,332
	75,068	3.50%, 8/1/42, Pool #Q10434		75,293
	55,839	3.50%, 8/1/42, Pool #Q10392		56,008
	78,093	3.50%, 8/1/42, Pool #Q10047		78,329
	79,134	3.50%, 9/1/42, Pool #Q11244		79,371
	52,497	3.50%, 11/1/42, Pool #G07231		52,656
	60,829	4.00%, 11/1/42, Pool #Q13121		62,632
	165,378	3.00%, 12/1/42, Pool #C04320		161,552
	672,731	3.50%, 4/1/43, Pool #G07921		674,761
	596,644	3.50%, 4/1/43, Pool #Q17209		598,446
	107,500	4.00%, 5/1/43, Pool #Q18481		110,687
	53,655	4.00%, 7/1/43, Pool #Q19597		55,246
	708,794	3.00%, 10/1/43, Pool #G08553		691,861
	65,894	4.00%, 10/1/43, Pool #Q22499		67,847
	407,238	3.50%, 1/1/44, Pool #G07922		408,467
	133,624	4.00%, 1/1/44, Pool #V80950		137,584
	203,410	3.50%, 1/1/44, Pool #G60271		204,023
	435,080	4.00%, 1/1/45, Pool #Q30720		445,249
	143,975	3.50%, 3/1/45, Pool #Q32008		143,879
	75,791	3.50%, 3/1/45, Pool #Q31974		75,732
	68,155	3.50%, 3/1/45, Pool #Q32328		68,133
	374,584	3.50%, 5/1/45, Pool #Q33547		374,178
	45,913	3.00%, 5/1/45, Pool #Q33468		44,759
	432,150	3.50%, 6/1/45, Pool #Q34164		431,716
	290,464	3.00%, 6/1/45, Pool #Q34156		282,478
	440,710	3.50%, 6/1/45, Pool #Q34311		440,369
	69,129	3.50%, 6/1/45, Pool #Q33791		69,060
	28,258	3.00%, 7/1/45, Pool #Q34979		27,523
	77,309	3.00%, 7/1/45, Pool #Q34759		75,162
	116,363	4.00%, 8/1/45, Pool #Q35845		119,085


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	26,756	4.00%, 9/1/45, Pool #Q37853	$	27,400
	501,573	3.50%, 11/1/45, Pool #Q37467		501,070
	21,856	4.00%, 11/1/45, Pool #Q38812		22,315
	14,505	4.00%, 2/1/46, Pool #Q38879		14,844
	26,888	4.00%, 2/1/46, Pool #Q38782		27,518
	32,622	4.00%, 2/1/46, Pool #Q38783		33,384
	89,808	4.00%, 4/1/46, Pool #V82292		91,912
	18,263	4.00%, 4/1/46, Pool #Q39975		18,691
	184,337	3.50%, 5/1/46, Pool #Q40647		183,961
	535,978	3.50%, 5/1/46, Pool #G60553		535,639
	169,170	3.50%, 5/1/46, Pool #G60603		168,905
	29,620	3.00%, 6/1/46, Pool #G08710		28,717
	513,967	3.50%, 9/1/46, Pool #Q43257		512,894
	876,145	3.00%, 10/1/46, Pool #Q43734		849,465
	169,533	3.00%, 11/1/46, Pool #Q44452		164,313
	3,093,651	3.00%, 12/1/46, Pool #G08737		2,998,386
	51,460	3.00%, 12/1/46, Pool #Q44977		49,884
	2,302,111	3.00%, 1/1/47, Pool #G08741		2,229,700
	1,379,495	3.00%, 2/1/47, Pool #G08747		1,336,657
	24,693	4.00%, 9/1/47, Pool #Q50433		25,263
	387,936	3.50%, 10/1/47, Pool #V83497		386,160
	24,718	4.00%, 10/1/47, Pool #Q51189		25,288
	299,063	3.50%, 11/1/47, Pool #Q52086		297,694
	1,671,612	3.50%, 12/1/47, Pool #V83817		1,663,926
	24,852	4.00%, 2/1/48, Pool #Q54192		25,427
	532,948	4.00%, 5/1/48, Pool #Q55992		545,289

				30,804,865

Federal National Mortgage Association (10.9%)
	450,798	3.50%, 9/1/29, Pool #AL5878		458,023
	1,624,894	3.50%, 11/1/30, Pool #AL7688		1,650,920
	8,231	4.50%, 7/1/33, Pool #729327		8,602
	4,887	4.50%, 7/1/33, Pool #720240		5,093
	1,600,000	2.50%, 7/25/33, TBA		1,555,004
	1,950,000	3.00%, 7/25/33, TBA		1,938,553
	7,675	4.50%, 8/1/33, Pool #723124		8,002
	12,065	4.50%, 8/1/33, Pool #729713		12,655
	6,499	4.50%, 8/1/33, Pool #727029		6,781
	48,840	4.50%, 8/1/33, Pool #729380		51,285
	10,025	4.50%, 8/1/33, Pool #727160		10,529
	17,658	4.50%, 8/1/33, Pool #726928		18,543
	18,216	4.50%, 8/1/33, Pool #726956		19,124
	309,283	3.50%, 8/1/33, Pool #AL4227		312,755
	15,428	4.50%, 9/1/33, Pool #734922		16,200
	37,153	4.50%, 9/1/33, Pool #727147		39,013
	47,228	4.50%, 12/1/33, Pool #AL5321		49,612
	21,404	3.50%, 1/1/34, Pool #AS1614		21,724
	51,826	3.50%, 1/1/34, Pool #AS1406		52,603
	166,182	3.50%, 1/1/34, Pool #AS1611		168,672
	112,333	3.50%, 1/1/34, Pool #AS1612		114,016
	40,765	6.00%, 10/1/34, Pool #AL2130		45,589
	86,428	4.50%, 9/1/35, Pool #AB8198		90,744
	840,449	6.00%, 5/1/36, Pool #745512		926,190
	413,334	6.00%, 1/1/37, Pool #932030		454,470
	80,460	6.00%, 3/1/37, Pool #889506		88,719
	108,569	6.00%, 1/1/38, Pool #889371		122,187
	322,226	5.00%, 2/1/38, Pool #310165		345,034


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	37,592	6.00%, 3/1/38, Pool #889219	$	42,224
	21,390	6.00%, 7/1/38, Pool #889733		23,487
	125,819	4.50%, 3/1/39, Pool #AB0051		132,118
	585,186	4.50%, 4/1/39, Pool #AB0043		614,628
	575,346	5.00%, 6/1/39, Pool #AL7521		616,063
	209,680	5.00%, 6/1/39, Pool #AL7550		224,519
	680,104	6.00%, 7/1/39, Pool #BF0030		736,728
	148,326	6.00%, 5/1/40, Pool #AL2129		166,954
	87,779	4.00%, 12/1/40, Pool #AA4757		90,155
	12,756	6.00%, 1/1/42, Pool #AL2128		14,108
	303,001	3.00%, 9/1/42, Pool #AB6126		296,377
	115,730	3.50%, 9/1/42, Pool #AP4100		116,136
	230,041	3.00%, 10/1/42, Pool #AB6509		225,012
	405,260	3.00%, 10/1/42, Pool #AB6504		396,212
	465,075	3.00%, 11/1/42, Pool #AB6976		454,692
	24,073	3.50%, 12/1/42, Pool #AQ9054		24,146
	158,124	3.00%, 12/1/42, Pool #AB7282		154,611
	145,189	3.50%, 1/1/43, Pool #AQ9328		145,679
	701,898	3.00%, 1/1/43, Pool #AB7586		686,090
	826,699	3.00%, 1/1/43, Pool #AL3181		808,144
	28,522	3.50%, 2/1/43, Pool #AR1797		28,572
	349,389	2.50%, 2/1/43, Pool #AB8465		328,798
	271,749	3.00%, 2/1/43, Pool #AB7846		265,791
	37,132	3.50%, 3/1/43, Pool #AR6751		37,190
	96,028	3.50%, 3/1/43, Pool #AL3409		96,248
	35,486	3.50%, 3/1/43, Pool #AR7567		35,535
	177,117	3.50%, 8/1/43, Pool #AL7261		177,745
	392,275	3.00%, 9/1/43, Pool #AL5059		383,466
	434,092	4.50%, 3/1/44, Pool #AL5082		454,210
	482,469	3.00%, 6/1/44, Pool #AL7195		471,530
	459,110	5.00%, 11/1/44, Pool #AL7307		491,646
	40,303	4.00%, 12/1/44, Pool #AW9502		41,177
	204,182	4.00%, 12/1/44, Pool #AX8459		209,571
	22,948	4.00%, 12/1/44, Pool #AY0045		23,419
	343,151	4.00%, 3/1/45, Pool #AL6541		352,209
	103,146	3.50%, 3/1/45, Pool #AY5352		103,071
	66,971	4.00%, 5/1/45, Pool #AZ1876		68,604
	129,639	3.50%, 5/1/45, Pool #AZ1192		129,557
	151,421	4.00%, 5/1/45, Pool #AZ1207		154,558
	161,088	3.50%, 5/1/45, Pool #AY9287		160,954
	110,861	3.50%, 5/1/45, Pool #AY9074		110,835
	116,793	3.00%, 5/1/45, Pool #AS4972		113,710
	118,948	3.50%, 5/1/45, Pool #AZ0727		118,885
	150,578	3.50%, 5/1/45, Pool #AY9324		150,453
	1,242,754	3.50%, 6/1/45, Pool #AY5622		1,241,968
	223,119	4.00%, 6/1/45, Pool #AY8126		227,674
	413,566	4.00%, 6/1/45, Pool #AY8096		422,231
	62,946	4.00%, 6/1/45, Pool #AZ2719		64,272
	75,861	4.00%, 6/1/45, Pool #AZ3341		77,710
	321,919	5.00%, 6/1/45, Pool #AZ3448		341,801
	30,635	3.50%, 7/1/45, Pool #AS5312		30,579
	805,603	3.50%, 7/1/45, Pool #AZ0814		804,226
	361,221	4.00%, 7/1/45, Pool #AZ0833		370,030
	312,955	4.00%, 7/1/45, Pool #AZ1783		319,370
	212,779	3.50%, 7/1/45, Pool #AZ3198		212,602
	46,661	3.00%, 8/1/45, Pool #AZ3728		45,415
	115,354	3.00%, 8/1/45, Pool #AZ8288		112,101


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	266,582	3.00%, 8/1/45, Pool #AS5634	$	259,180
	228,671	3.50%, 8/1/45, Pool #AY8424		228,280
	165,462	4.00%, 10/1/45, Pool #AL7413		169,825
	869,769	4.00%, 10/1/45, Pool #AL7593		892,288
	66,339	4.00%, 11/1/45, Pool #AZ0560		67,667
	30,921	4.00%, 12/1/45, Pool #BC0997		31,539
	126,432	3.50%, 12/1/45, Pool #AL7890		126,315
	109,527	4.00%, 12/1/45, Pool #BA6404		111,742
	64,792	4.00%, 12/1/45, Pool #AS6350		66,380
	1,518,087	4.00%, 2/1/46, Pool #BC1578		1,548,703
	78,369	4.00%, 4/1/46, Pool #BC7809		79,957
	56,048	4.00%, 4/1/46, Pool #BC3920		57,179
	339,482	3.50%, 4/1/46, Pool #BC0823		338,954
	18,895	4.00%, 5/1/46, Pool #BC2276		19,278
	771,045	3.50%, 5/1/46, Pool #BC0880		769,727
	738,232	4.00%, 6/1/46, Pool #AL9282		753,147
	521,308	4.00%, 6/1/46, Pool #BC0960		531,835
	122,848	4.00%, 7/1/46, Pool #BC6148		125,309
	757,162	3.50%, 7/1/46, Pool #AL9515		755,868
	142,782	3.50%, 8/1/46, Pool #AL8970		142,373
	46,810	3.50%, 8/1/46, Pool #BD5247		46,737
	126,102	4.50%, 8/1/46, Pool #AL9111		132,024
	116,484	4.00%, 8/1/46, Pool #BD1451		118,836
	265,158	3.50%, 8/1/46, Pool #AL8990		264,746
	28,431	3.50%, 9/1/46, Pool #BD0711		28,387
	139,927	4.00%, 9/1/46, Pool #BD1489		142,753
	1,281,534	3.00%, 9/1/46, Pool #AS7844		1,244,094
	1,484,569	3.00%, 9/1/46, Pool #BC2817		1,441,167
	71,318	3.50%, 9/1/46, Pool #BD7792		71,207
	434,646	3.50%, 10/1/46, Pool #BC4760		433,971
	1,231,121	3.00%, 10/1/46, Pool #AL9397		1,195,116
	343,488	3.50%, 10/1/46, Pool #AL9285		342,902
	44,716	4.00%, 10/1/46, Pool #BD7599		45,621
	174,563	3.50%, 11/1/46, Pool #BC9014		174,291
	67,007	3.50%, 12/1/46, Pool #BE5877		66,903
	867,425	3.50%, 12/1/46, Pool #BC9077		865,874
	1,724,725	3.50%, 12/1/46, Pool #BD8504		1,722,044
	748,390	3.50%, 1/1/47, Pool #AL9776		747,110
	40,204	3.50%, 1/1/47, Pool #BE7834		40,141
	3,077,971	4.00%, 2/1/47, Pool #AL9779		3,153,619
	195,218	3.50%, 2/1/47, Pool #BE5696		194,793
	1,680,250	4.50%, 2/1/47, Pool #AL9846		1,759,149
	375,121	4.50%, 3/1/47, Pool #BE9261		392,646
	98,503	2.50%, 4/1/47, Pool #BM3707		92,297
	227,464	4.00%, 5/1/47, Pool #BM1277		232,742
	2,342,922	4.00%, 6/1/47, Pool #BE3702		2,389,788
	22,008	4.00%, 6/1/47, Pool #BH4269		22,518
	160,150	4.00%, 7/1/47, Pool #AS9968		163,763
	897,838	3.50%, 7/1/47, Pool #BM3041		898,929
	2,850,000	4.50%, 7/25/47, TBA		2,967,587
	42,154	4.00%, 12/1/47, Pool #BJ2132		43,139
	24,282	4.00%, 12/1/47, Pool #BJ4279		24,849
	3,084,209	3.50%, 1/1/48, Pool #MA3238		3,071,225
	50,001	4.00%, 1/1/48, Pool #BM2006		51,041
	939,168	3.50%, 2/1/48, Pool #BJ3436		935,979
	24,328	4.00%, 2/1/48, Pool #CA1199		24,896
	24,894	4.00%, 3/1/48, Pool #BK1867		25,476


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	24,899	4.00%, 3/1/48, Pool #BK3214	$	25,481
	24,924	4.00%, 4/1/48, Pool #BK2485		25,507
	24,930	4.00%, 4/1/48, Pool #BJ8805		25,513
	109,209	4.00%, 4/1/48, Pool #CA1545		111,762
	24,900	4.00%, 4/1/48, Pool #BK4838		25,482
	298,876	3.00%, 4/1/48, Pool #CA1521		289,905
	233,873	4.00%, 4/1/48, Pool #BM3700		239,249
	59,246	4.00%, 4/1/48, Pool #BK3836		60,631
	924,597	4.00%, 5/1/48, Pool #BJ2731		946,211
	24,965	4.00%, 5/1/48, Pool #BK2527		25,548
	148,352	4.00%, 5/1/48, Pool #BM3877		152,256
	3,900,000	4.50%, 8/25/48, TBA		4,053,596

				61,961,485

Government National Mortgage Association (6.2%)
	14,884	5.00%, 6/15/34, Pool #629493		15,843
	10,517	5.00%, 3/15/38, Pool #676766		11,144
	4,225	5.00%, 4/15/38, Pool #672672		4,503
	17,725	5.00%, 8/15/38, Pool #687818		18,859
	123,064	5.00%, 1/15/39, Pool #705997		130,922
	1,733	5.00%, 3/15/39, Pool #697946		1,847
	261,609	5.00%, 3/15/39, Pool #646746		278,778
	291,911	4.00%, 10/15/40, Pool #783143		300,712
	682,584	4.50%, 3/20/41, Pool #4978		717,359
	495,595	4.00%, 5/20/41, Pool #5054		512,507
	242,247	4.50%, 5/20/41, Pool #005055		254,648
	226,052	4.50%, 6/15/41, Pool #366975		237,725
	158,195	4.50%, 6/20/41, Pool #005082		166,326
	563,289	4.00%, 10/20/41, Pool #5203		582,480
	609,383	3.50%, 12/20/41, Pool #5258		616,638
	1,078,074	4.00%, 1/20/42, Pool #5280		1,114,861
	64,059	4.00%, 11/20/42, Pool #AB9233		66,298
	441,105	3.00%, 12/20/42, Pool #AA5872		433,894
	359,738	3.00%, 12/20/42, Pool #MA0624		355,417
	64,324	3.00%, 1/20/43, Pool #MA0698		63,551
	3,515,365	3.50%, 1/20/43, Pool #MA0699		3,557,243
	779,340	3.50%, 2/20/43, Pool #MA0783		788,620
	115,362	3.00%, 3/20/43, Pool #AD8812		113,547
	280,004	3.00%, 3/20/43, Pool #AA6146		275,514
	98,343	3.50%, 3/20/43, Pool #AD8884		99,304
	656,943	3.50%, 4/20/43, Pool #783976		664,766
	103,113	3.50%, 4/20/43, Pool #AD9075		104,182
	38,422	3.50%, 4/20/43, Pool #AB9891		38,850
	450,496	4.00%, 4/15/46, Pool #784232		462,684
	30,289	3.50%, 5/20/46, Pool #AR9166		30,447
	41,861	3.50%, 5/20/46, Pool #AS4272		42,072
	39,215	3.50%, 5/20/46, Pool #AR9028		39,419
	106,178	3.00%, 5/20/46, Pool #MA3662		104,426
	155,249	3.50%, 6/20/46, Pool #AT4139		156,055
	34,475	3.50%, 6/20/46, Pool #AT4134		34,655
	528,957	3.50%, 6/20/46, Pool #MA3736		531,753
	98,117	3.00%, 6/20/46, Pool #MA3735		96,319
	50,619	3.50%, 6/20/46, Pool #AS4285		50,873
	292,737	3.50%, 7/20/46, Pool# MA3803		294,239
	52,918	3.50%, 7/20/46, Pool #784391		53,421
	340,598	3.00%, 8/20/46, Pool #MA3873		334,362
	961,600	3.00%, 9/20/46, Pool #MA3936		944,313


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	50,812	3.00%, 10/20/46, Pool #MA4003	$	49,853
	307,746	3.00%, 11/20/46, Pool #MA4068		301,850
	3,269,368	3.00%, 12/20/46, Pool #MA4126		3,205,808
	440,403	4.00%, 1/15/47, Pool #AX5857		452,759
	480,958	4.00%, 1/15/47, Pool #AX5831		493,326
	800,609	3.00%, 1/20/47, Pool #MA4195		784,941
	443,381	3.00%, 2/20/47, Pool #MA4261		434,704
	434,781	4.00%, 4/20/47, Pool #784303		446,442
	502,221	4.00%, 4/20/47, Pool #784304		515,730
	84,212	4.00%, 5/20/47, Pool #MA4452		86,468
	350,240	4.00%, 6/20/47, Pool #MA4511		359,780
	5,054,023	3.50%, 9/20/47, Pool #MA4719		5,078,057
	1,624,179	3.00%, 10/20/47, Pool #MA4777		1,590,462
	197,081	3.00%, 11/20/47, Pool #MA4836		192,939
	342,115	3.00%, 1/20/48, Pool #MA4961		334,926
	1,978,146	3.50%, 1/20/48, Pool #MA4962		1,987,552
	99,170	3.50%, 3/20/48, Pool #MA5077		99,642
	50,000	3.50%, 4/20/48, Pool# MA5136		50,238
	358,842	Class JA, Series 2015-H21, 2.50%, 6/20/65, Callable 6/20/21 @ 100		357,080

				31,523,933

	Total U.S. Government Agency Mortgages (Cost $127,234,356)			124,290,283

U.S. Treasury Obligations (32.3%):
U.S. Treasury Bonds (3.9%)
	3,535,000	2.50%, 2/15/46		3,213,950
	13,490,000	3.00%, 2/15/47		13,538,480
	3,368,000	3.00%, 5/15/47		3,377,867
	726,000	2.75%, 11/15/47		692,763

				20,823,060

U.S. Treasury Inflation Index Bonds (3.1%)
	4,362,000	1.38%, 2/15/44		5,234,489
	9,627,000	0.75%, 2/15/45		9,935,043
	1,717,000	1.00%, 2/15/46		1,869,854

				17,039,386

U.S. Treasury Inflation Index Notes (3.4%)
	3,342,000	0.25%, 1/15/25		3,438,355
	7,466,000	0.63%, 1/15/26		7,829,621
	4,972,000	0.13%, 7/15/26		4,978,736
	2,501,400	0.38%, 7/15/27		2,492,477

				18,739,189


Shares or Principal Amount			Fair Value
U.S. Treasury Obligations, continued
U.S. Treasury Notes (21.9%)
$	17,547,000	1.25%, 3/31/21	$	16,917,775
	5,324,000	1.38%, 4/30/21		5,144,523
	33,191,000	1.88%, 3/31/22		32,238,056
	5,498,000	1.75%, 6/30/22		5,300,845
	16,633,000	1.88%, 7/31/22		16,102,173
	7,592,000	1.88%, 9/30/22		7,339,625
	1,250,000	2.13%, 12/31/22		1,218,604
	8,734,000	2.13%, 7/31/24		8,406,816
	7,472,000	2.13%, 11/30/24		7,174,579
	6,828,000	2.25%, 12/31/24		6,603,156
	9,226,000	1.50%, 8/15/26		8,332,231
	3,870,000	2.25%, 11/15/27		3,678,768

				118,457,151

	Total U.S. Treasury Obligations (Cost $180,285,221)			175,058,786

Common Stock (0.0%):
Oil, Gas & Consumable Fuels (0.0%):
	13	Midstates Petroleum Co., Inc.*		177

	Total Common Stock (Cost $—)			177

Warrant (0.0%):
Oil, Gas & Consumable Fuels (0.0%):
	3,841	Midstates Petroleum Co., Inc., 4/21/20		383

	Total Warrant (Cost $8,435)			383

Securities Held as Collateral for Securities on Loan (6.7%):
	36,626,712	AZL Fidelity Institutional Asset Management Total Bond Fund Securities Lending Collateral Account(f)		36,626,712

	Total Securities Held as Collateral for Securities on Loan (Cost $36,626,712)			36,626,712

Unaffiliated Investment Company (3.1%):
	17,021,496	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 1.68%(g)		17,021,496

	Total Unaffiliated Investment Company (Cost $17,021,496)			17,021,496

	Total Investment Securities (Cost $599,732,589) — 108.0%(h)			587,540,485
	Net other assets (liabilities) — (8.0)%			(43,558,305	)

	Net Assets — 100.0%		$	543,982,180

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investment securities, at cost	$	599,732,589

Investment securities, at value*	$	587,540,485
Interest and dividends receivable		4,571,108
Receivable for capital shares issued		44,777
Receivable for investments sold		4,856,674
Prepaid expenses		3,405

Total Assets		597,016,449

Liabilities:
Payable for investments purchased		15,224,024
Payable for capital shares redeemed		216,554
Payable for collateral received on loaned securities		36,626,712
Securities sold short (Proceeds received $593,438)		597,178
Interest payable on securities sold short		642
Manager fees payable		224,248
Administration fees payable		12,378
Distribution fees payable		107,463
Custodian fees payable		1,493
Administrative and compliance services fees payable		709
Transfer agent fees payable		975
Trustee fees payable		3,158
Other accrued liabilities		18,735

Total Liabilities		53,034,269

Net Assets	$	543,982,180

Net Assets Consist of:
Capital	$	542,904,360
Accumulated net investment income/(loss)		23,043,915
Accumulated net realized gains/(losses) from investment transactions		(9,770,251	)
Net unrealized appreciation/(depreciation) on investments		(12,195,844	)

Net Assets	$	543,982,180

Class 1
Net Assets	$	22,658,983
Shares of beneficial interest (unlimited number of shares authorized, no par value)		2,308,757
Net Asset Value (offering and redemption price per share)	$	9.81

Class 2
Net Assets	$	521,323,197
Shares of beneficial interest (unlimited number of shares authorized, no par value)		51,772,777
Net Asset Value (offering and redemption price per share)	$	10.07

*	Includes securities on loan of $35,153,029.

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Interest	$	9,669,691
Dividends		155,163
Income from securities lending		107,540
Foreign tax reclaims received		465

Total Investment Income		9,932,859

Expenses:
Manager fees		1,384,224
Administration fees		120,247
Distribution fees — Class 2		663,544
Custodian fees		7,257
Administrative and compliance services fees		3,650
Transfer agent fees		4,703
Trustee fees		12,008
Professional fees		12,049
Shareholder reports		6,231
Other expenses		4,615

Total expenses		2,218,528

Net Investment Income/(Loss)		7,714,331

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(1,412,747	)
Net realized gains/(losses) on securities sold short		67,187
Change in net unrealized appreciation/depreciation on investments		(15,692,421	)
Change in net unrealized appreciation/depreciation on securities sold short		(2,709	)

Net Realized/Unrealized Gains/(Losses) on Investments		(17,040,690	)

Change in Net Assets Resulting From Operations	$	(9,326,359	)

(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, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Fidelity Institutional Asset Management Total Bond Fund (formerly, AZL Pyramis^® Total Bond Fund) (the “Fund”), and 22 are presented in separate reports.

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2018 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $39 million for the period ended June 30, 2018.

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 $10,636 during the period ended June 30, 2018. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The fund had securities lending transactions of $36,626,712 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2018.

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 FIAM LLC (“FIAM”), FIAM 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, 2019.

For the period ended June 30, 2018, 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 period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2018, there were no contractual reimbursements 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 period can be found on the Statement of Operations. During the period ended June 30, 2018, there were no voluntary waivers.

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 (“SEC” or the “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.”

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable of Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2018, $2,563 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.

For the period ended June 30, 2018, 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, 2018, 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 of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $599,487,114. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

As of the latest tax year end, December 31, 2017, 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, 2018, the Fund had multiple shareholder accounts which are affiliated with the Investment Adviser representing ownership in excess of 70% of the Fund.

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

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


Shares			Fair Value
Common Stocks+ (97.9%):
Aerospace & Defense (2.5%):
	5,047	Boeing Co. (The)	$	1,693,319
	1,166	Huntington Ingalls Industries, Inc.		252,777
	4,954	Raytheon Co.		957,014
	815	TransDigm Group, Inc.		281,289
	7,625	United Technologies Corp.		953,354

				4,137,753

Air Freight & Logistics (0.5%):
	8,045	United Parcel Service, Inc., Class B		854,620

Airlines (0.4%):
	2,177	Alaska Air Group, Inc.		131,469
	6,245	American Airlines Group, Inc.		237,060
	5,353	JetBlue Airways Corp.*		101,600
	3,421	United Continental Holdings, Inc.*		238,547

				708,676

Auto Components (0.1%):
	766	Adient plc		37,680
	915	Autoliv, Inc.		131,046
	1,060	Cooper Tire & Rubber Co.		27,878

				196,604

Automobiles (0.4%):
	47,775	Ford Motor Co.		528,869
	308	Tesla Motors, Inc.*		105,629

				634,498

Banks (6.3%):
	6,563	Associated Banc-Corp.		179,170
	77,669	Bank of America Corp.		2,189,489
	22,229	Citigroup, Inc.		1,487,565
	24,600	Huntington Bancshares, Inc.		363,096
	28,491	JPMorgan Chase & Co.		2,968,762
	6,739	Old National Bancorp		125,345
	1,190	Signature Bank*		152,177
	890	SVB Financial Group*		256,996
	15,870	U.S. Bancorp		793,817
	33,632	Wells Fargo & Co.		1,864,558

				10,380,975

Beverages (2.0%):
	33,673	Coca-Cola Co. (The)		1,476,898
	4,867	Monster Beverage Corp.*		278,879
	13,656	PepsiCo, Inc.		1,486,729

				3,242,506

Biotechnology (3.0%):
	11,789	AbbVie, Inc.		1,092,252
	2,526	Alexion Pharmaceuticals, Inc.*		313,603
	5,843	Amgen, Inc.		1,078,560
	1,814	Biogen Idec, Inc.*		526,495
	7,079	Celgene Corp.*		562,214
	10,467	Gilead Sciences, Inc.		741,482
	1,042	Seattle Genetics, Inc.*		69,178
	887	Shire plc, ADR		149,726


Shares			Fair Value
Common Stocks+, continued
Biotechnology, continued
	551	Tesaro, Inc.*	$	24,503
	2,265	Vertex Pharmaceuticals, Inc.*		384,959

				4,942,972

Building Products (0.4%):
	4,287	Fortune Brands Home & Security, Inc.		230,169
	8,085	Johnson Controls International plc		270,443
	758	Lennox International, Inc.		151,714

				652,326

Capital Markets (2.4%):
	12,460	Charles Schwab Corp. (The)		636,706
	3,513	CME Group, Inc.		575,851
	3,288	Eaton Vance Corp.		171,601
	3,472	Goldman Sachs Group, Inc. (The)		765,819
	7,766	Intercontinental Exchange, Inc.		571,189
	2,140	Legg Mason, Inc.		74,322
	14,586	Morgan Stanley		691,376
	1,383	MSCI, Inc.		228,790
	2,636	TD Ameritrade Holding Corp.		144,374
	2,573	Waddell & Reed Financial, Inc., Class A		46,237

				3,906,265

Chemicals (1.8%):
	332	AdvanSix, Inc.*		12,161
	2,459	Ashland Global Holdings, Inc.		192,245
	1,325	Celanese Corp., Series A		147,155
	1,164	Chemours Co. (The)		51,635
	20,253	DowDuPont, Inc.		1,335,078
	3,240	Eastman Chemical Co.		323,870
	683	Ingevity Corp.*		55,227
	4,134	LyondellBasell Industries NV, Class A		454,120
	1,723	Olin Corp.		49,485
	3,495	RPM International, Inc.		203,828
	4,772	Valvoline, Inc.		102,932

				2,927,736

Commercial Services & Supplies (0.5%):
	1,871	Copart, Inc.*		105,824
	2,031	Waste Connections, Inc.		152,894
	6,134	Waste Management, Inc.		498,939

				757,657

Communications Equipment (1.3%):
	329	Arista Networks, Inc.*		84,714
	38,687	Cisco Systems, Inc.		1,664,702
	2,164	Motorola Solutions, Inc.		251,825
	667	Palo Alto Networks, Inc.*		137,048

				2,138,289

Consumer Finance (0.7%):
	2,419	Ally Financial, Inc.		63,547
	7,795	American Express Co.		763,910
	5,297	Discover Financial Services		372,962

				1,200,419


Shares			Fair Value
Common Stocks+, continued
Containers & Packaging (0.4%):
	2,315	Avery Dennison Corp.	$	236,362
	2,596	Sonoco Products Co.		136,290
	4,370	WestRock Co.		249,177

				621,829

Distributors (0.2%):
	2,806	Genuine Parts Co.		257,563

Diversified Financial Services (1.8%):
	16,051	Berkshire Hathaway, Inc., Class B*		2,995,919

Diversified Telecommunication Services (2.0%):
	54,976	AT&T, Inc.		1,765,279
	29,145	Verizon Communications, Inc.		1,466,285

				3,231,564

Electric Utilities (1.6%):
	11,991	Alliant Energy Corp.		507,459
	12,957	American Electric Power Co., Inc.		897,271
	10,220	Duke Energy Corp.		808,198
	2,778	Evergy, Inc.		155,985
	1,812	Hawaiian Electric Industries, Inc.		62,152
	3,928	OGE Energy Corp.		138,305

				2,569,370

Electrical Equipment (0.6%):
	4,381	Eaton Corp. plc		327,436
	6,733	Emerson Electric Co.		465,520
	735	Hubbell, Inc.		77,719
	3,649	nVent Electric plc*		91,590

				962,265

Electronic Equipment, Instruments & Components (0.4%):
	11,416	Corning, Inc.		314,054
	4,334	TE Connectivity, Ltd.		390,320

				704,374

Energy Equipment & Services (0.9%):
	5,708	Baker Hughes, a GE Co.		188,535
	9,644	Halliburton Co.		434,559
	4,634	Patterson-UTI Energy, Inc.		83,412
	12,542	Schlumberger, Ltd.		840,689

				1,547,195

Equity Real Estate Investment Trusts (2.3%):
	3,601	Camden Property Trust		328,159
	3,457	Digital Realty Trust, Inc.		385,732
	13,318	Duke Realty Corp.		386,622
	3,605	Extra Space Storage, Inc.		359,815
	5,299	Healthcare Realty Trust, Inc.		154,095
	4,116	Kilroy Realty Corp.		311,334
	5,023	Liberty Property Trust		222,670
	5,722	Mack-Cali Realty Corp.		116,042
	3,099	Parks Hotels & Resorts, Inc.		94,922
	6,740	Regency Centers Corp.		418,419
	4,193	Sabra Health Care REIT, Inc.		91,114
	5,429	Senior Housing Properties Trust		98,211
	12,354	UDR, Inc.		463,769


Shares			Fair Value
Common Stocks+, continued
Equity Real Estate Investment Trusts, continued
	5,967	Ventas, Inc.	$	339,821

				3,770,725

Food & Staples Retailing (1.0%):
	10,397	Walgreens Boots Alliance, Inc.		623,976
	11,959	Wal-Mart Stores, Inc.		1,024,288

				1,648,264

Food Products (1.0%):
	1,733	Bunge, Ltd.		120,807
	7,668	Conagra Brands, Inc.		273,978
	1,344	Ingredion, Inc.		148,781
	6,317	Kraft Heinz Co. (The)		396,834
	2,252	Lamb Weston Holdings, Inc.		154,285
	15,381	Mondelez International, Inc., Class A		630,620

				1,725,305

Gas Utilities (0.1%):
	1,845	National Fuel Gas Co.		97,711
	320	WGL Holdings, Inc.		28,400

				126,111

Health Care Equipment & Supplies (3.0%):
	14,872	Abbott Laboratories		907,043
	944	Align Technology, Inc.*		322,980
	6,560	Baxter International, Inc.		484,390
	16,061	Boston Scientific Corp.*		525,195
	5,898	Hologic, Inc.*		234,446
	1,296	Intuitive Surgical, Inc.*		620,110
	16,811	Medtronic plc		1,439,190
	2,146	ResMed, Inc.		222,283
	462	Teleflex, Inc.		123,913

				4,879,550

Health Care Providers & Services (3.2%):
	4,130	Aetna, Inc.		757,855
	2,962	Anthem, Inc.		705,045
	8,196	CVS Health Corp.		527,413
	6,066	Express Scripts Holding Co.*		468,356
	3,695	HCA Healthcare, Inc.		379,107
	3,309	Patterson Cos., Inc.		75,015
	2,140	Quest Diagnostics, Inc.		235,272
	8,436	UnitedHealth Group, Inc.		2,069,688
	1,342	Universal Health Services, Inc., Class B		149,552

				5,367,303

Health Care Technology (0.0%):
	884	Veeva Systems, Inc., Class A*		67,944

Hotels, Restaurants & Leisure (1.6%):
	681	Domino’s Pizza, Inc.		192,158
	1,619	Hilton Grand Vacations, Inc.*		56,179
	4,308	Hilton Worldwide Holdings, Inc.		341,021
	1,210	Las Vegas Sands Corp.		92,396
	7,968	McDonald’s Corp.		1,248,506
	1,457	Melco Resorts & Entertainment, Ltd., ADR		40,796
	7,611	MGM Resorts International		220,947


Shares			Fair Value
Common Stocks+, continued
Hotels, Restaurants & Leisure, continued
	1,742	Restaurant Brands International, Inc.	$	105,090
	804	Vail Resorts, Inc.		220,449
	8,092	Wendy’s Co. (The)		139,021

				2,656,563

Household Durables (0.4%):
	6,147	Newell Brands, Inc.		158,531
	54	NVR, Inc.*		160,399
	5,462	Toll Brothers, Inc.		202,040
	431	Tupperware Brands Corp.		17,774
	1,070	Whirlpool Corp.		156,466

				695,210

Household Products (1.4%):
	11,311	Colgate-Palmolive Co.		733,066
	20,610	Procter & Gamble Co. (The)		1,608,817

				2,341,883

Industrial Conglomerates (1.9%):
	5,229	3M Co., Class C		1,028,649
	67,187	General Electric Co.		914,415
	8,340	Honeywell International, Inc.		1,201,377

				3,144,441

Insurance (2.1%):
	11,603	Aflac, Inc.		499,160
	5,165	Allstate Corp. (The)		471,410
	3,024	American Financial Group, Inc.		324,566
	9,220	American International Group, Inc.		488,844
	3,493	Aon plc		479,135
	9,771	Arch Capital Group, Ltd.*		258,541
	5,626	Arthur J. Gallagher & Co.		367,265
	2,467	FNF Group		92,809
	4,674	Lincoln National Corp.		290,957
	3,473	XL Group, Ltd.		194,314

				3,467,001

Internet & Direct Marketing Retail (4.3%):
	2,932	Amazon.com, Inc.*		4,983,813
	387	Booking Holdings, Inc.*		784,484
	3,249	Netflix, Inc.*		1,271,756

				7,040,053

Internet Software & Services (5.7%):
	1,233	Alphabet, Inc., Class A*		1,392,291
	3,294	Alphabet, Inc., Class C*		3,674,951
	330	Baidu, Inc., ADR*		80,190
	8,672	eBay, Inc.*		314,447
	18,309	Facebook, Inc., Class A*		3,557,805
	148	MercadoLibre, Inc.		44,242
	2,013	VeriSign, Inc.*		276,626
	739	Zillow Group, Inc., Class C*		43,645

				9,384,197

IT Services (3.8%):
	4,072	Automatic Data Processing, Inc.		546,218
	630	Black Knight, Inc.*		33,737


Shares			Fair Value
Common Stocks+, continued
IT Services, continued
	1,762	Broadridge Financial Solutions, Inc.	$	202,806
	6,209	Cognizant Technology Solutions Corp., Class A		490,449
	4,624	Fidelity National Information Services, Inc.		490,283
	456	FleetCor Technologies, Inc.*		96,056
	7,549	International Business Machines Corp.		1,054,595
	3,883	Paychex, Inc.		265,403
	9,833	PayPal Holdings, Inc.*		818,794
	16,404	Visa, Inc., Class A		2,172,710
	7,660	Western Union Co.		155,728

				6,326,779

Leisure Products (0.1%):
	8,159	Mattel, Inc.		133,971
	707	Polaris Industries, Inc.		86,381

				220,352

Life Sciences Tools & Services (0.2%):
	1,428	Illumina, Inc.*		398,826

Machinery (1.6%):
	5,574	Caterpillar, Inc.		756,225
	2,209	Cummins, Inc.		293,797
	3,344	Deere & Co.		467,491
	2,575	Parker Hannifin Corp.		401,314
	3,649	Pentair plc		153,550
	1,135	Snap-On, Inc.		182,417
	2,737	Stanley Black & Decker, Inc.		363,501
	1,307	Timken Co.		56,920

				2,675,215

Media (2.0%):
	37,052	Comcast Corp., Class A		1,215,676
	2,082	Liberty Broadband Corp., Class C*		157,649
	3,673	Liberty Global plc, Series C*		97,739
	2,023	Liberty Latin America, Ltd.*		39,206
	3,810	News Corp., Class B		60,389
	3,212	Omnicom Group, Inc.		244,979
	31,938	Sirius XM Holdings, Inc.		216,220
	13,018	Walt Disney Co. (The)		1,364,416

				3,396,274

Metals & Mining (0.2%):
	3,477	Southern Copper Corp.		162,967
	3,813	Steel Dynamics, Inc.		175,208
	1,126	Worthington Industries, Inc.		47,258

				385,433

Mortgage Real Estate Investment Trusts (0.3%):
	12,137	AGNC Investment Corp.		225,627
	23,250	Annaly Capital Management, Inc.		239,242

				464,869

Multiline Retail (0.4%):
	2,245	Nordstrom, Inc.		116,246
	7,247	Target Corp.		551,642

				667,888


Shares			Fair Value
Common Stocks+, continued
Multi-Utilities (1.4%):
	7,604	Ameren Corp.	$	462,703
	11,577	CenterPoint Energy, Inc.		320,799
	5,288	Consolidated Edison, Inc.		412,358
	8,480	Public Service Enterprise Group, Inc.		459,107
	10,725	WEC Energy Group, Inc.		693,372

				2,348,339

Oil, Gas & Consumable Fuels (5.2%):
	2,550	Cheniere Energy, Inc.*		166,235
	15,205	Chevron Corp.		1,922,368
	4,000	Concho Resources, Inc.*		553,400
	13,755	ConocoPhillips Co.		957,623
	5,024	Continental Resources, Inc.*		325,354
	31,601	Exxon Mobil Corp.		2,614,350
	9,492	Gulfport Energy Corp.*		119,314
	1,132	HollyFrontier Corp.		77,463
	9,095	Occidental Petroleum Corp.		761,070
	4,715	ONEOK, Inc.		329,248
	6,139	Phillips 66		689,471

				8,515,896

Personal Products (0.0%):
	1,400	Herbalife, Ltd.*		75,208

Pharmaceuticals (4.4%):
	3,566	Allergan plc		594,524
	12,561	Bristol-Myers Squibb Co.		695,126
	7,583	Eli Lilly & Co.		647,057
	682	Jazz Pharmaceuticals plc*		117,509
	19,867	Johnson & Johnson Co.		2,410,661
	20,473	Merck & Co., Inc.		1,242,711
	44,316	Pfizer, Inc.		1,607,784

				7,315,372

Professional Services (0.4%):
	1,079	Dun & Bradstreet Corp.		132,339
	777	ManpowerGroup, Inc.		66,869
	3,775	Verisk Analytics, Inc.*		406,341

				605,549

Road & Rail (0.9%):
	2,956	Avis Budget Group, Inc.*		96,070
	1,290	Canadian Pacific Railway, Ltd.		236,096
	11,516	CSX Corp.		734,490
	3,223	Hertz Global Holdings, Inc.*		49,441
	2,146	Old Dominion Freight Line, Inc.		319,668

				1,435,765

Semiconductors & Semiconductor Equipment (4.2%):
	11,512	Advanced Micro Devices, Inc.*		172,565
	4,633	Analog Devices, Inc.		444,397
	13,839	Applied Materials, Inc.		639,223
	34,540	Intel Corp.		1,716,984
	4,221	Microchip Technology, Inc.		383,900
	7,990	Micron Technology, Inc.*		418,996
	4,633	NVIDIA Corp.		1,097,558


Shares			Fair Value
Common Stocks+, continued
Semiconductors & Semiconductor Equipment, continued
	11,729	QUALCOMM, Inc.	$	658,231
	3,166	Skyworks Solutions, Inc.		305,994
	4,347	Teradyne, Inc.		165,490
	8,743	Texas Instruments, Inc.		963,916

				6,967,254

Software (6.2%):
	7,408	Activision Blizzard, Inc.		565,379
	4,973	Adobe Systems, Inc.*		1,212,466
	1,570	ANSYS, Inc.*		273,463
	7,727	Cadence Design Systems, Inc.*		334,656
	912	Check Point Software Technologies, Ltd.*		89,084
	727	Dell Technologies, Inc., Class V*		61,490
	1,532	Fortinet, Inc.*		95,643
	56,599	Microsoft Corp.		5,581,226
	6,789	Nuance Communications, Inc.*		94,265
	24,495	Oracle Corp.		1,079,250
	1,971	PTC, Inc.*		184,900
	834	ServiceNow, Inc.*		143,840
	7,006	Symantec Corp.		144,674
	1,144	Take-Two Interactive Software, Inc.*		135,404
	1,497	VMware, Inc., Class A*		220,014
	783	Workday, Inc., Class A*		94,837

				10,310,591

Specialty Retail (2.6%):
	4,882	American Eagle Outfitters, Inc.		113,507
	2,237	Foot Locker, Inc.		117,778
	3,619	Gap, Inc. (The)		117,219
	10,418	Home Depot, Inc. (The)		2,032,552
	2,407	L Brands, Inc.		88,770
	8,312	Lowe’s Cos., Inc.		794,378
	2,075	Tiffany & Co.		273,070
	7,356	TJX Cos., Inc. (The)		700,144

				4,237,418

Technology Hardware, Storage & Peripherals (4.1%):
	36,533	Apple, Inc.		6,762,624

Textiles, Apparel & Luxury Goods (0.5%):
	1,664	Lululemon Athletica, Inc.*		207,750
	4,291	Michael Kors Holdings, Ltd.*		285,781
	13,608	Under Armour, Inc., Class A*		305,908
	2,313	Under Armour, Inc., Class C*		48,758

				848,197

Tobacco (1.0%):
	14,201	Altria Group, Inc.		806,475
	11,045	Philip Morris International, Inc.		891,773
	1,877	Vector Group, Ltd.		35,813

				1,734,061

Trading Companies & Distributors (0.1%):
	1,211	GATX Corp.		89,893


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Unaffiliated Investment Company (1.8%):
	2,899,770	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 1.68%(a)	$	2,899,770

	Total Unaffiliated Investment Company (Cost $2,899,770)			2,899,770

	Total Investment Securities (Cost $108,931,848)—100.2%(b)			165,558,835
	Net other assets (liabilities)—(0.2)%			(353,674	)

	Net Assets—100.0%		$	165,205,161

At June 30, 2018, the Fund’s exchange traded options purchased were as follows:

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investment securities, at cost	$	108,931,848

Investment securities, at value	$	165,558,835
Cash		2,772
Interest and dividends receivable		132,599
Receivable for investments sold		568,431
Receivable for capital shares issued		484,582
Reclaims receivable		877
Prepaid expenses		1,241

Total Assets		166,749,337

Liabilities:
Payable for capital shares redeemed		955
Written Options (Premiums received $2,731,729)		1,385,668
Manager fees payable		109,602
Administration fees payable		4,105
Distribution fees payable		34,251
Custodian fees payable		752
Administrative and compliance services fees payable		265
Transfer agent fees payable		575
Trustee fees payable		993
Other accrued liabilities		7,010

Total Liabilities		1,544,176

Net Assets	$	165,205,161

Net Assets Consist of:
Capital	$	122,824,364
Accumulated net investment income/(loss)		2,828,264
Accumulated net realized gains/(losses) from investment transactions		(18,420,515	)
Net unrealized appreciation/(depreciation) on investments		57,973,048

Net Assets	$	165,205,161

Shares of beneficial interest (unlimited number of shares authorized, no par value)		12,440,376
Net Asset Value (offering and redemption price per share)	$	13.28

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Dividends	$	1,708,472
Foreign withholding tax		(644	)

Total Investment Income		1,707,828

Expenses:
Manager fees		692,756
Administration fees		27,945
Distribution fees		216,486
Custodian fees		3,004
Administrative and compliance services fees		1,008
Transfer agent fees		2,074
Trustee fees		3,429
Professional fees		3,338
Shareholder reports		1,795
Other expenses		1,328

Total expenses		953,163

Net Investment Income/(Loss)		754,665

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		24,242,559
Net realized gains/(losses) on written options contracts		(8,840,701	)
Change in net unrealized appreciation/depreciation on investments		(18,538,989	)
Change in net unrealized appreciation/depreciation on written options contracts		2,170,255

Net Realized/Unrealized Gains/(Losses) on Investments		(966,876	)

Change in Net Assets Resulting From Operations	$	(212,211	)

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

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 options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing 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.

For the period ended June 30, 2018, the monthly average notional amount for written options contracts was $1.8 million. Realized gains and losses are reported as “Net realized gains/(losses) on options 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, 2018:

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, 2018:

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, 2019.

For the period ended June 30, 2018, 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 period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2018, there were no contractual reimbursements 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 period can be found on the Statement of Operations. During the period ended June 30, 2018, there were no voluntary waivers.

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 (“SEC” or the “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.”

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, 2018, $808 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2018, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $107,879,731. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the year ended June 30, 2018, the Fund utilized $2,360,419 in CLCFs to offset capital gains.

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

As of the latest tax year end, December 31, 2017, 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, 2018, the Fund had multiple shareholder accounts which are affiliated with the Investment Adviser representing ownership in excess of 75% of the Fund.

In October 2016, the SEC released its Final Rule on Investment Company Reporting Modernization (the “Rules”). The Rules which introduce two new regulatory reporting forms for investment companies – Form N-PORT and Form N-CEN – also contain amendments to Regulation S-X which require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X became effective for filings made with the SEC after August 1, 2017. The compliance date for form N-PORT and Form N-CEN will vary based on the reporting entity’s size and, in the case of the Fund, is expected to be April 30, 2019. The Fund’s adoption of these amendments, as applicable for the financial statements prepared as of June 30, 2018, had no effect on the Fund’s net assets or results of operations.

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 (45.0%):
Federal Home Loan Bank (32.0%):
$	3,385,000	1.86%, 7/10/18	$	3,383,426
	4,190,000	1.85%, 7/11/18		4,187,849
	13,905,000	1.79%, 7/18/18		13,892,727
	2,510,000	1.84%, 7/20/18		2,507,569
	7,075,000	1.86%, 7/25/18		7,066,232
	2,555,000	1.90%, 8/3/18		2,550,562
	4,445,000	1.89%, 8/8/18		4,436,184
	9,500,000	1.74%, 8/10/18		9,481,749
	960,000	1.93%(US0001M-15bps), 8/15/18		960,000
	960,000	1.93%(US0001M-15bps), 8/15/18		960,000
	3,845,000	1.94%(US0001M-15bps), 8/22/18		3,845,000
	5,740,000	1.90%, 8/22/18		5,724,288
	975,000	1.94%, 8/29/18		971,932
	3,275,000	1.94%, 9/7/18		3,263,061
	4,500,000	1.89%(US0001M-12bps), 10/3/18		4,500,000
	4,405,000	1.94%(US0001M-13bps), 10/15/18		4,405,000
	5,075,000	2.02%, 10/19/18		5,043,986
	460,000	2.02%, 10/22/18		457,112
	175,000	2.02%, 10/24/18		173,882
	5,000,000	1.96%(US0001M-14bps), 10/26/18		5,000,000
	4,465,000	1.91%(US0001M-15bps), 11/14/18		4,465,000
	8,000,000	1.96%(US0001M-13bps), 11/16/18		8,000,000
	12,000,000	2.02%(US0001M-7bps), 12/19/18		12,000,000
	4,260,000	2.00%(US0001M-9bps), 1/25/19		4,260,000
	1,140,000	1.94%(US0001M-7bps), 2/11/19		1,140,248
	5,000,000	1.98%(US0001M-12bps), 2/25/19		5,000,000
	1,000,000	1.97%(US0001M-12bps), 3/25/19		1,000,000
	1,570,000	2.19%(US0003M-16bps), 6/12/19		1,569,613
	2,310,000	2.17%(US0003M-16bps), 6/20/19		2,310,000
	1,895,000	2.17%(US0003M-16bps), 6/20/19		1,895,000
	7,000,000	2.17%(US0003M-16bps), 6/20/19		7,000,000
	1,215,000	2.05%(US0001M-5bps), 6/28/19		1,215,000
	3,470,000	2.02%(US0001M-8bps), 8/27/19		3,470,000
	5,000,000	1.99%(US0001M-6bps), 9/11/19		5,000,000
	2,015,000	2.19%(US0003M-14bps), 12/19/19		2,015,000
	2,830,000	2.04%(US0001M-4bps), 4/17/20		2,830,000

				145,980,420

Federal Farm Credit Bank (8.8%):
	410,000	1.54%, 8/10/18		409,308
	2,975,000	1.95%, 9/10/18		2,963,617
	4,480,000	1.94%, 9/19/18		4,460,786
	1,921,000	2.03%, 11/14/18		1,919,254
	6,860,000	2.07%, 11/19/18		6,804,920
	1,555,000	2.18%, 12/24/18		1,538,655
	2,360,000	2.17%, 1/4/19		2,333,766
	4,660,000	2.17%, 1/16/19		4,604,875
	2,600,000	2.26%, 3/11/19		2,559,436
	2,600,000	2.28%, 3/19/19		2,557,965
	700,000	2.26%, 4/12/19		687,698
	2,305,000	1.96%(US0001M-8bps), 7/30/19		2,303,471
	5,305,000	1.98%(US0001M-5bps), 2/7/20		5,304,913
	865,000	1.96%(USBMMY3M+5bps), 4/30/20		864,970

				39,313,634


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation (4.2%):
$	8,105,000	1.80%, 7/26/18	$	8,094,925
	3,390,000	1.90%, 8/20/18		3,381,101
	3,210,000	1.63%, 10/12/18		3,203,249
	4,470,000	1.98%(US0001M-10bps), 8/8/19		4,467,552

				19,146,827

	Total U.S. Government Agency Mortgages (Cost $204,440,881)			204,440,881

U.S. Treasury Obligations (19.5%):
U.S. Treasury Bills (17.9%)
	9,290,000	1.64%, 7/19/18		9,282,568
	8,000,000	1.66%, 8/2/18		7,988,444
	3,200,000	1.69%, 8/9/18		3,194,220
	4,900,000	1.86%, 8/23/18		4,886,871
	30,000,000	2.00%, 9/20/18		29,868,374
	12,000,000	1.94%, 9/27/18		11,944,413
	5,715,000	2.03%, 10/25/18		5,678,429
	7,805,000	2.14%, 12/27/18		7,724,085

				80,567,404

U.S. Treasury Notes (1.6%)
	7,130,000	1.43%, 7/31/18		7,127,985
	210,000	2.19%, 1/31/19		208,711
	210,000	2.19%, 1/31/19		208,862

				7,545,558

	Total U.S. Treasury Obligations (Cost $88,112,962)			88,112,962

Repurchase Agreements (33.7%):
	16,000,000	Bank of Montreal, 2.10%, 7/2/18, (Purchased on 6/29/18, proceeds at maturity $16,002,800, Collateralized by U.S. Government Agency Obligations, 0.00% — 4.50%, 10/11/18 — 7/1/56, fair value of $16,420,146)		16,000,000
	20,000,000	Bank of Nova Scotia, 2.10%, 7/2/18, (Purchased on 6/29/18, proceeds at maturity $20,003,500, Collateralized by U.S. Treasury Obligations, 0.13% — 2.75%, 4/15/20 — 5/15/46, fair value of $20,403,622)		20,000,000
	15,000,000	BNP Paribas, 2.12%, 7/2/18, (Purchased on 6/29/18, proceeds at maturity $15,002,650, Collateralized by U.S. Government Agency Obligations, 0.00% — 4.50%, 10/25/18 — 4/20/48, fair value of $15,381,729)		15,000,000
	5,000,000	Citigroup Global Markets, 2.12%, 7/2/18, (Purchased on 6/29/18, proceeds at maturity $5,000,883, Collateralized by U.S. Government Agency Obligations, 0.00% — 3.50%, 2/23/38 —12/20/47, fair value of $5,100,001)		5,000,000
	2,500,000	HSBC Securities (USA), Inc., 1.94%, 7/3/18, (Purchased on 6/29/18, proceeds at maturity $2500,808, Collateralized by a U.S. Treasury Note, 0.38%, 1/15/27, fair value of $2,552,347)		2,500,000
	12,000,000	HSBC Securities (USA), Inc., 2.11%, 7/2/18, (Purchased on 6/29/18, proceeds at maturity $12,002,110, Collateralized by a U.S. Treasury Bill, 0.00%, 6/20/19, fair value of $12,241,430)		12,000,000
	2,000,000	HSBC Securities (USA), Inc., 1.91%, 7/3/18, (Purchased on 6/29/18, proceeds at maturity $2,000,743 Collateralized by a U.S. Treasury Note, 0.38%, 1/15/27, fair value of $2,042,886)		2,000,000


Principal Amount			Fair Value
Repurchase Agreements, continued
$	15,000,000	Toronto Dominion Bank NY, 2.12%, 7/2/18, (Purchased on 6/29/18, proceeds at maturity $15,002,650, Collateralized by a U.S. Government Agency Obligation, 3.50%, 7/1/46, fair value of $15,450,000)	$	15,000,000
	10,000,000	Toronto Dominion Bank NY, 2.10%, 7/2/18, (Purchased on 6/29/18, proceeds at maturity $10,001,750, Collateralized by a U.S. Treasury Note, 1.63%, 7/31/20, fair value of $10,200,070)		10,000,000

	Total Repurchase Agreements (Cost $152,500,000)			152,500,000

	Total Investment Securities (Cost $445,053,843) — 98.2%(a)			445,053,843
	Net other assets (liabilities) — 1.8%			7,934,613

	Net Assets — 100.0%		$	452,988,456

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investment securities, at cost	$	292,553,843

Investment securities, at value	$	292,553,843
Repurchase agreements, at value/cost		152,500,000
Cash		57,149
Interest and dividends receivable		225,268
Receivable for capital shares issued		377,638
Receivable for investments sold		7,985,000
Prepaid expenses		2,930

Total Assets		453,701,828

Liabilities:
Distributions payable		377,639
Manager fees payable		210,847
Administration fees payable		10,313
Distribution fees payable		92,556
Custodian fees payable		555
Administrative and compliance services fees payable		546
Transfer agent fees payable		539
Trustee fees payable		2,554
Other accrued liabilities		17,823

Total Liabilities		713,372

Net Assets	$	452,988,456

Net Assets Consist of:
Capital	$	452,987,260
Accumulated net realized gains/(losses) from investment transactions		1,196

Net Assets	$	452,988,456

Shares of beneficial interest (unlimited number of shares authorized, no par value)		452,987,382
Net Asset Value (offering and redemption price per share)	$	1.00

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Interest	$	3,770,780

Total Investment Income		3,770,780

Expenses:
Manager fees		818,167
Administration fees		60,896
Distribution fees		584,406
Custodian fees		3,074
Administrative and compliance services fees		3,530
Transfer agent fees		2,816
Trustee fees		11,585
Professional fees		11,500
Shareholder reports		6,857
Recoupment of prior expenses reimbursed by the manager		526,182
Other expenses		4,749

Total expenses		2,033,762

Net Investment Income/(Loss)		1,737,018

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(214	)

Net Realized/Unrealized Gains/(Losses) on Investments		(214	)

Change in Net Assets Resulting From Operations	$	1,736,804

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

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.

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.

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 differing treatment on certain investments) 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.

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, 2019.

For the period ended June 30, 2018, 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:

1. The repayments will not cause the Fund’s net investment income to fall below 0.00%.

2. The repayments must be made no later than three years after the end of the fiscal year in which the waiver, reimbursement, or payment took place.

3. Any expense recovery paid by the Fund will not cause its expense ratio to exceed 0.87%.

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, 2018 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 period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.”

At June 30, 2018, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:

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 period can be found on the Statement of Operations. During the period ended June 30, 2018, there were no voluntary waivers in addition to the amounts disclosed above.

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 (“SEC” or the “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.”

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, 2018, $2,184 was paid from the Fund relating to these fees and expenses.

Governance Committee receives an additional $26,100 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, 2018, actual Trustee compensation was $515,040 in total for both trusts.

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

As of the latest tax year end, December 31, 2017, 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, 2018, the Fund had an individual shareholder account which is affiliated with the Investment Adviser representing ownership in excess of 90% of the Fund.

The compliance date for form N-PORT and Form N-CEN will vary based on the reporting entity’s size and, in the case of the Fund, is expected to be April 30, 2019. The Fund’s adoption of these amendments, as applicable for the financial statements prepared as of June 30, 2018, had no effect on the Fund’s net assets or results of operations.

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

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


Shares			Fair Value
Common Stocks (97.9%):
Aerospace & Defense (1.4%):
	391,641	BAE Systems plc	$	3,341,506
	321	Dassault Aviation SA		610,766
	3,310	Elbit Systems, Ltd.		390,117
	71,506	European Aeronautic Defence & Space Co. NV		8,356,841
	46,044	Finmeccanica SpA		454,595
	93,381	Meggitt plc		607,663
	6,330	MTU Aero Engines AG		1,215,679
	208,436	Rolls-Royce Holdings plc		2,716,171
	40,615	Safran SA		4,926,508
	180,000	Singapore Technologies Engineering, Ltd.		433,797
	12,844	Thales SA		1,653,528

				24,707,171

Air Freight & Logistics (0.3%):
	102,392	Bollore, Inc.		475,855
	120,538	Deutsche Post AG		3,935,285
	110,220	Royal Mail plc		734,384
	11,800	SG Holdings Co., Ltd.		258,709
	37,800	Yamato Holdings Co., Ltd.		1,113,140

				6,517,373

Airlines (0.1%):
	13,400	All Nippon Airways Co., Ltd.		491,630
	29,257	Deutsche Lufthansa AG, Registered Shares		703,501
	19,944	easyJet plc		438,797
	82,030	International Consolidated Airlines Group SA		719,506
	14,470	Japan Airlines Co., Ltd.		512,846
	69,400	Singapore Airlines, Ltd.		543,357

				3,409,637

Auto Components (1.2%):
	19,900	Aisin Sieki Co., Ltd.		906,071
	74,700	Bridgestone Corp.		2,919,034
	20,958	Compagnie Generale des Establissements Michelin SCA, Class B		2,548,399
	13,392	Continental AG		3,060,704
	53,600	Denso Corp.		2,607,803
	8,952	Faurecia		636,978
	13,700	Koito Manufacturing Co., Ltd.		903,938
	98,000	Minth Group, Ltd.		410,578
	19,700	NGK Spark Plug Co., Ltd.		561,211
	12,900	NOK Corp.		249,398
	14,129	Nokian Renkaat OYJ		556,852
	49,051	Pirelli & C SpA*		409,073
	17,721	Schaeffler AG		230,417
	18,000	Stanley Electric Co., Ltd.		612,193
	91,800	Sumitomo Electric Industries, Ltd.		1,365,634
	19,400	Sumitomo Rubber Industries, Ltd.		307,936
	7,200	Toyoda Gosei Co., Ltd.		182,299
	19,300	Toyota Industries Corp.		1,080,559
	29,175	Valeo SA		1,592,329
	14,700	Yokohama Rubber Co., Ltd. (The)		305,127

				21,446,533

Automobiles (3.1%):
	40,307	Bayerische Motoren Werke AG (BMW)		3,655,675
	111,512	Daimler AG, Registered Shares		7,173,515


Shares			Fair Value
Common Stocks, continued
Automobiles, continued
	14,952	Ferrari NV	$	2,029,010
	131,003	Fiat Chrysler Automobiles NV		2,493,569
	74,900	Fuji Heavy Industries, Ltd.		2,179,349
	199,900	Honda Motor Co., Ltd.		5,862,354
	68,700	Isuzu Motors, Ltd.		911,333
	70,600	Mazda Motor Corp.		864,712
	79,200	Mitsubishi Motors Corp.		630,651
	282,600	Nissan Motor Co., Ltd.		2,746,524
	73,661	PSA Peugeot Citroen SA		1,679,576
	23,400	Renault SA^		1,986,034
	41,200	Suzuki Motor Corp.		2,272,400
	280,366	Toyota Motor Corp.		18,126,394
	4,071	Volkswagen AG		673,229
	33,300	Yamaha Motor Co., Ltd.		836,087

				54,120,412

Banks (11.4%):
	53,263	ABN AMRO Group NV^		1,378,401
	107,633	AIB Group plc		583,486
	13,500	Aozora Bank, Ltd.		513,436
	357,595	Australia & New Zealand Banking Group, Ltd.		7,504,467
	823,752	Banco Bilbao Vizcaya Argentaria SA		5,817,668
	696,512	Banco de Sabadell SA		1,162,158
	1,979,442	Banco Santander SA		10,566,287
	131,342	Bank Hapoalim BM		891,749
	186,368	Bank Leumi Le-Israel Corp.		1,104,619
	153,800	Bank of East Asia, Ltd. (The)		611,959
	118,291	Bank of Ireland Group plc		921,950
	6,800	Bank of Kyoto, Ltd. (The)		314,438
	51,449	Bank of Queensland, Ltd.		387,545
	158,620	Bankia SA		591,379
	80,402	Bankinter SA		782,029
	2,107,607	Barclays plc		5,254,467
	60,506	Bendigo & Adelaide Bank, Ltd.		488,225
	138,041	BNP Paribas SA		8,555,717
	450,500	BOC Hong Kong Holdings, Ltd.		2,112,280
	84,000	Chiba Bank, Ltd. (The)		591,928
	38,803	Chuo Mitsui Trust Holdings, Inc.		1,537,342
	128,007	Commerzbank AG*		1,226,398
	215,099	Commonwealth Bank of Australia		11,645,031
	134,200	Concordia Financial Group, Ltd.		682,230
	138,591	Credit Agricole SA		1,847,396
	453,146	Criteria Caixacorp SA		1,957,325
	91,238	Danske Bank A/S		2,852,017
	218,500	DBS Group Holdings, Ltd.		4,243,698
	118,972	DnB NOR ASA		2,321,543
	36,152	Erste Group Bank AG		1,506,978
	86,000	Fukuoka Financial Group, Inc.		431,880
	93,100	Hang Seng Bank, Ltd.		2,317,007
	2,453,894	HSBC Holdings plc		23,005,123
	478,855	ING Groep NV		6,870,695
	105,038	Intesa Sanpaolo		317,618
	1,669,386	Intesa Sanpaolo SpA		4,831,678
	45,700	Japan Post Bank Co., Ltd.		531,341
	30,538	KBC Group NV		2,353,822
	8,863,474	Lloyds Banking Group plc		7,372,377


Shares			Fair Value
Common Stocks, continued
Banks, continued
	101,160	Mebuki Financial Group, Inc.	$	339,377
	79,541	Mediobanca SpA		737,045
	1,451,500	Mitsubishi UFJ Financial Group, Inc.		8,233,701
	15,515	Mizrahi Tefahot Bank, Ltd.		285,737
	2,936,339	Mizuho Financial Group, Inc.		4,940,998
	333,453	National Australia Bank, Ltd.		6,786,201
	114,848	Natixis		813,095
	369,774	Nordea Bank AB		3,558,893
	382,899	Oversea-Chinese Banking Corp., Ltd.		3,261,478
	17,372	Raiffeisen International Bank-Holding AG		532,093
	256,487	Resona Holdings, Inc.		1,370,666
	586,733	Royal Bank of Scotland Group plc*		1,982,055
	83,400	Seven Bank, Ltd.		255,070
	20,000	Shinsei Bank, Ltd.		307,417
	60,900	Shizuoka Bank, Ltd. (The)		546,671
	199,577	Skandinaviska Enskilda Banken AB, Class A		1,895,525
	93,413	Societe Generale		3,933,102
	343,633	Standard Chartered plc		3,139,212
	163,569	Sumitomo Mitsui Financial Group, Inc.		6,339,468
	24,500	Suruga Bank, Ltd.		218,948
	185,910	Svenska Handelsbanken AB, Class A		2,064,256
	109,635	Swedbank AB, Class A		2,345,402
	248,620	Unicredit SpA		4,134,598
	162,773	United Overseas Bank, Ltd.		3,206,358
	417,455	Westpac Banking Corp.		9,094,752
	21,000	Yamaguchi Financial Group, Inc.^		236,093

				198,543,898

Beverages (2.5%):
	92,759	Anheuser-Busch InBev NV		9,356,684
	44,500	Asahi Breweries, Ltd.		2,277,316
	13,489	Carlsberg A/S, Class B		1,588,465
	66,117	Coca-Cola Amatil, Ltd.		449,817
	14,800	Coca-Cola Bottlers Japan Holdings, Inc.		591,025
	25,898	Coca-Cola European Partners plc		1,051,318
	24,775	Coca-Cola HBC AG		827,297
	76,768	Davide Campari — Milano SpA		630,857
	303,746	Diageo plc		10,901,146
	14,555	Heineken Holding NV		1,392,674
	31,315	Heineken NV		3,139,423
	100,900	Kirin Holdings Co., Ltd.		2,697,500
	25,849	Pernod Ricard SA^		4,218,603
	2,993	Remy Cointreau SA		387,444
	17,300	Suntory Beverage & Food, Ltd.		738,584
	86,769	Treasury Wine Estates, Ltd.		1,120,383

				41,368,536

Biotechnology (1.0%):
	55,058	CSL, Ltd.		7,869,612
	7,548	Genmab A/S*		1,164,311
	38,394	Grifols SA		1,151,390
	112,258	Shire plc		6,311,952

				16,497,265

Building Products (0.7%):
	23,400	Asahi Glass Co., Ltd.		910,157
	122,018	Assa Abloy AB, Class B		2,597,657


Shares			Fair Value
Common Stocks, continued
Building Products, continued
	61,571	Compagnie de Saint-Gobain SA	$	2,745,691
	30,300	Daikin Industries, Ltd.		3,624,432
	4,509	Geberit AG, Registered Shares		1,937,870
	33,800	Lixil Group Corp.		675,624
	17,300	TOTO, Ltd.		799,432

				13,290,863

Capital Markets (2.2%):
	121,299	3i Group plc		1,440,864
	6,908	Amundi SA		477,670
	22,992	ASX, Ltd.		1,099,675
	313,435	Credit Suisse Group AG		4,705,787
	190,300	Daiwa Securities Group, Inc.		1,104,294
	240,770	Deutsche Bank AG, Registered Shares		2,603,673
	23,482	Deutsche Boerse AG		3,128,404
	34,899	Hargreaves Lansdown plc		907,574
	143,393	Hong Kong Exchanges & Clearing, Ltd.		4,296,667
	81,868	Investec plc		580,341
	65,900	Japan Exchange Group, Inc.		1,223,977
	27,246	Julius Baer Group, Ltd.		1,601,272
	37,988	London Stock Exchange Group plc		2,237,716
	39,364	Macquarie Group, Ltd.		3,617,240
	424,500	Nomura Holdings, Inc.		2,055,216
	2,156	Partners Group Holding AG		1,582,085
	200,158	Quilter plc*		382,747
	24,390	SBI Holdings, Inc.		626,826
	15,596	Schroders plc		649,694
	94,500	Singapore Exchange, Ltd.		496,507
	472,583	UBS Group AG		7,273,662

				42,091,891

Chemicals (3.6%):
	52,130	Air Liquide SA		6,546,227
	16,500	Air Water, Inc.		302,556
	30,665	AkzoNobel NV		2,612,772
	8,525	Arkema SA		1,007,223
	153,700	Asahi Kasei Corp.		1,951,133
	112,700	BASF SE		10,772,710
	12,328	Christian Hansen Holding A/S		1,137,582
	24,423	Clariant AG		585,049
	23,590	Covestro AG		2,103,271
	15,955	Croda International plc		1,010,644
	37,400	Daicel Chemical Industries, Ltd.		413,387
	1,002	EMS-Chemie Holding AG		643,479
	19,549	Evonik Industries AG		669,168
	4,367	Frutarom Industries, Ltd.		429,796
	8,204	Fuchs Petrolub AG		404,318
	1,124	Givaudan SA, Registered Shares		2,548,663
	11,300	Hitachi Chemical Co., Ltd.		227,670
	203,908	Incitec Pivot, Ltd.		549,867
	75,847	Israel Chemicals, Ltd.		347,970
	24,687	Johnson Matthey plc		1,177,222
	26,100	JSR Corp.		443,087
	23,056	K+S AG, Registered Shares^		568,951
	30,000	Kaneka Corp.		268,632
	21,700	Kansai Paint Co., Ltd.		450,024


Shares			Fair Value
Common Stocks, continued
Chemicals, continued
	22,086	Koninklijke DSM NV	$	2,217,537
	39,200	Kuraray Co., Ltd.		539,268
	11,649	Lanxess AG		907,740
	23,018	Linde AG		5,492,410
	157,000	Mitsubishi Chemical Holdings Corp.		1,312,405
	22,800	Mitsubishi Gas Chemical Co., Inc.		515,782
	22,900	Mitsui Chemicals, Inc.		607,977
	19,600	Nippon Paint Holdings Co., Ltd.		842,444
	13,800	Nissan Chemical Industries, Ltd.		643,021
	19,900	Nitto Denko Corp.		1,503,662
	27,529	Novozymes A/S, Class B		1,394,030
	45,774	Orica, Ltd.		602,371
	45,000	Shin-Etsu Chemical Co., Ltd.		3,992,484
	15,600	Sika AG		2,150,653
	8,720	Solvay SA		1,097,647
	188,000	Sumitomo Chemical Co., Ltd.		1,064,112
	14,995	Symrise AG		1,314,413
	18,300	Taiyo Nippon Sanso Corp.		262,053
	25,200	Teijin, Ltd.		461,845
	178,400	Toray Industries, Inc.		1,404,534
	34,300	Tosoh Corp.		530,868
	25,304	Umicore SA		1,445,249
	22,846	Yara International ASA		946,142

				68,420,048

Commercial Services & Supplies (0.5%):
	33,762	Babcock International Group plc		364,032
	193,689	Brambles, Ltd.		1,274,437
	34,000	Dai Nippon Printing Co., Ltd.		760,096
	27,464	Edenred		866,672
	189,889	G4S plc		669,778
	20,973	ISS A/S		720,365
	13,800	Park24 Co., Ltd.		375,618
	25,600	SECOM Co., Ltd.		1,963,821
	37,221	Securitas AB, Class B		612,304
	3,751	Societe BIC SA^		347,655
	9,500	Sohgo Security Services Co., Ltd.		447,265
	61,000	Toppan Printing Co., Ltd.		477,556

				8,879,599

Communications Equipment (0.5%):
	690,573	Nokia OYJ		3,961,288
	374,027	Telefonaktiebolaget LM Ericsson, Class B		2,879,712

				6,841,000

Construction & Engineering (0.8%):
	31,231	ACS Actividades de Construccion y Servicios SA^		1,263,192
	27,320	Bouygues SA		1,176,003
	11,842	Cimic Group, Ltd.		370,377
	9,614	Eiffage SA		1,045,006
	61,892	Ferrovial SA		1,268,724
	2,435	Hochtief AG		439,923
	23,600	JGC Corp.		474,984
	112,000	Kajima Corp.		866,558
	83,300	Obayashi Corp.		866,074
	67,700	Shimizu Corp.		700,512
	40,197	Skanska AB, Class B		730,140


Shares			Fair Value
Common Stocks, continued
Construction & Engineering, continued
	26,200	TAISEI Corp.	$	1,443,716
	61,754	Vinci SA		5,930,690

				16,575,899

Construction Materials (0.5%):
	151,866	Boral, Ltd.		732,708
	104,598	CRH plc		3,696,349
	116,627	Fletcher Building, Ltd.		548,443
	17,913	HeidelbergCement AG		1,507,775
	4,174	Imerys SA		336,268
	53,069	James Hardie Industries SE		893,092
	59,539	LafargeHolcim, Ltd., Registered Shares		2,904,259
	14,000	Taiheiyo Cement Corp.		460,217

				11,079,111

Consumer Finance (0.0%):
	53,700	ACOM Co., Ltd.		206,303
	13,000	Aeon Credit Service Co., Ltd.		276,030
	21,100	Credit Saison Co., Ltd.		331,714

				814,047

Containers & Packaging (0.2%):
	140,990	Amcor, Ltd.		1,505,600
	27,630	Smurfit Kappa Group plc		1,111,676
	23,200	Toyo Seikan Kaisha, Ltd.		407,200

				3,024,476

Distributors (0.0%):
	13,588	Jardine Cycle & Carriage, Ltd.		316,771

Diversified Consumer Services (0.0%):
	9,400	Benesse Holdings, Inc.		333,297

Diversified Financial Services (0.6%):
	339,548	AMP, Ltd.		893,683
	5,200	Century Tokyo Leasing Corp.		294,556
	69,162	Challenger, Ltd.		607,965
	5,337	Eurazeo Se		404,339
	12,905	EXOR NV		868,108
	10,102	Groupe Bruxelles Lambert SA		1,064,406
	22,562	Industrivarden AB, Class C		437,069
	55,450	Investor AB, Class B		2,256,502
	28,149	Kinnevik AB		963,419
	10,702	L E Lundbergforetagen AB		328,609
	52,300	Mitsubishi UFJ Lease & Finance Co., Ltd.		321,062
	161,200	ORIX Corp.		2,546,264
	4,243	Pargesa Holding SA		360,024
	3,280	Wendel		451,358

				11,797,364

Diversified Telecommunication Services (2.2%):
	17,673	Belgacom SA		398,583
	272,655	Bezeq Israeli Telecommunication Corp., Ltd. (The)		307,374
	1,026,264	BT Group plc		2,952,352
	411,504	Deutsche Telekom AG, Registered Shares		6,385,746
	17,594	Elisa OYJ		814,691
	242,872	France Telecom SA		4,062,342
	488,525	HKT Trust & HKT, Ltd.		622,932
	3,341	Iliad SA		527,485
	409,316	Koninklijke (Royal) KPN NV		1,112,531


Shares			Fair Value
Common Stocks, continued
Diversified Telecommunication Services, continued
	84,252	Nippon Telegraph & Telephone Corp.	$	3,828,879
	471,000	PCCW, Ltd.		265,043
	993,900	Singapore Telecommunications, Ltd.		2,244,193
	3,090	Swisscom AG, Registered Shares		1,381,918
	232,354	Telecom Corp. of New Zealand, Ltd.		586,386
	724,011	Telecom Italia SpA		471,752
	1,407,788	Telecom Italia SpA*		1,044,632
	104,821	Telefonica Deutschland Holding AG		413,083
	568,871	Telefonica SA		4,848,354
	91,392	Telenor ASA		1,873,923
	345,906	Telia Co AB		1,581,052
	526,157	Telstra Corp., Ltd.		1,019,144
	45,014	TPG Telecom, Ltd.^		172,132

				36,914,527

Electric Utilities (1.8%):
	193,004	AusNet Services		230,021
	74,400	Chubu Electric Power Co., Inc.		1,115,291
	32,100	Chugoku Electric Power Co., Inc. (The)		414,913
	78,570	CK Infrastructure Holdings, Ltd.		581,595
	200,000	CLP Holdings, Ltd.		2,145,869
	297,895	EDP - Energias de Portugal SA		1,181,301
	74,095	Electricite de France		1,015,599
	40,412	Endesa SA^		890,600
	990,136	Enel SpA		5,485,041
	52,390	Fortum OYJ		1,249,533
	368,000	HK Electric Investments, Ltd.^		350,720
	174,000	Hongkong Electric Holdings, Ltd.		1,216,376
	707,220	Iberdrola SA		5,462,333
	88,700	Kansai Electric Power Co., Inc. (The)		1,291,950
	51,300	Kyushu Electric Power Co., Inc.		573,663
	23,504	Orsted A/S		1,424,061
	52,696	Red Electrica Corporacion SA^		1,072,041
	123,725	Scottish & Southern Energy plc		2,210,087
	175,152	Terna SpA		945,050
	53,700	Tohoku Electric Power Co., Inc.		655,823
	179,400	Tokyo Electric Power Co., Inc. (The)*		835,093

				30,346,960

Electrical Equipment (1.3%):
	228,149	ABB, Ltd.		4,980,375
	67,000	Fuji Electric Holdings Co., Ltd.		509,457
	32,098	Legrand SA		2,350,800
	5,400	Mabuchi Motor Co., Ltd.		256,573
	588,117	Melrose Industries plc		1,650,080
	223,800	Mitsubishi Electric Corp.		2,973,995
	27,400	Nidec Corp.		4,105,675
	13,146	OSRAM Licht AG		536,902
	24,175	Prysmian SpA		600,630
	65,878	Schneider Electric SA		5,479,197
	28,762	Siemens Gamesa Renewable Energy^		384,752
	26,020	Vestas Wind Systems A/S		1,608,800

				25,437,236

Electronic Equipment, Instruments & Components (1.5%):
	26,300	ALPS Electric Co., Ltd.		674,675
	17,500	Hamamatsu Photonics K.K.		750,461


Shares			Fair Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	32,734	Hexagon AB, Class B	$	1,823,768
	3,914	Hirose Electric Co., Ltd.		484,722
	7,800	Hitachi High-Technologies Corp.		317,845
	588,100	Hitachi, Ltd.		4,143,172
	6,865	Ingenico Group		616,057
	11,840	Keyence Corp.		6,678,505
	39,100	Kyocera Corp.		2,197,232
	22,100	Murata Manufacturing Co., Ltd.		3,710,666
	9,000	Nippon Electric Glass Co., Ltd.		249,882
	23,100	Omron Corp.		1,074,253
	27,200	Shimadzu Corp.		820,194
	16,200	TDK Corp.		1,652,126
	33,500	Venture Corp., Ltd.		436,704
	30,800	Yaskawa Electric Corp.		1,086,122
	26,600	Yokogawa Electric Corp.		472,572

				27,188,956

Energy Equipment & Services (0.1%):
	79,478	John Wood Group plc		655,850
	57,915	Tenaris SA		1,056,060

				1,711,910

Equity Real Estate Investment Trusts (1.5%):
	297,482	Ascendas Real Estate Investment Trust		577,401
	112,428	British Land Co. plc		997,039
	277,018	CapitaLand Commercial Trust		337,083
	288,500	CapitaMall Trust		437,793
	180	Daiwahouse Residential Investment Corp.		427,173
	123,857	Dexus Property Group		892,916
	3,975	Fonciere des Regions SA		413,350
	5,867	Gecina SA		980,942
	222,060	GPT Group(a)		834,281
	97,888	Hammerson plc		673,184
	4,198	ICADE		393,505
	110	Japan Prime Realty Investment Corp.		399,796
	166	Japan Real Estate Investment Corp.		878,413
	311	Japan Retail Fund Investment Corp.		561,111
	26,817	Klepierre		1,008,620
	90,248	Land Securities Group plc		1,135,868
	266,000	Link REIT (The)		2,418,409
	198,740	Macquarie Goodman Group		1,418,327
	470,481	Mirvac Group		757,459
	164	Nippon Building Fund, Inc.		946,225
	208	Nippon Prologis REIT, Inc.		431,586
	496	Nomura Real Estate Master Fund, Inc.		700,569
	648,168	Scentre Group		2,111,250
	127,104	SERGO plc		1,122,489
	298,358	Stockland Trust Group		879,159
	327,800	Suntec REIT		416,960
	12,155	Unibail-Rodamco-Westfield		2,676,177
	91,509	Unibail-Rodamco-Westfield*		993,275
	367	United Urban Investment Corp.		570,378
	428,169	Vicinity Centres		821,438

				27,212,176


Shares			Fair Value
Common Stocks, continued
Food & Staples Retailing (1.5%):
	74,500	Aeon Co., Ltd.	$	1,593,197
	69,391	Carrefour SA^		1,119,740
	6,499	Casino Guichard-Perrachon SA^		251,875
	7,927	Colruyt SA		452,035
	41,500	Dairy Farm International Holdings, Ltd.		364,928
	9,000	FamilyMart Co., Ltd.		946,598
	10,881	ICA Gruppen AB^		333,628
	221,264	J Sainsbury plc		937,452
	32,776	Jeronimo Martins SGPS SA		471,573
	155,982	Koninklijke Ahold Delhaize NV		3,731,435
	6,600	LAWSON, Inc.		412,302
	22,671	METRO AG^		280,106
	91,700	Seven & I Holdings Co., Ltd.		3,997,488
	8,500	Sundrug Co., Ltd.		343,745
	1,184,388	Tesco plc		4,010,812
	4,200	Tsuruha Holdings, Inc.		525,913
	138,031	Wesfarmers, Ltd.		5,061,198
	272,382	William Morrison Supermarkets plc		904,741
	158,837	Woolworths, Ltd.		3,597,251

				29,336,017

Food Products (3.0%):
	89,706	A2 Milk Co., Ltd.*		694,577
	56,100	Ajinomoto Co., Inc.		1,059,518
	42,480	Associated British Foods plc		1,531,343
	270	Barry Callebaut AG, Registered Shares		485,035
	8,800	Calbee, Inc.		330,898
	14	Chocoladefabriken Lindt & Spruengli AG, Registered Shares		1,065,509
	73,486	Danone SA		5,386,591
	731,782	Golden Agri-Resources, Ltd.		163,686
	19,301	Kerry Group plc, Class A		2,015,702
	18,300	Kikkoman Corp.		922,175
	129	Lindt & Spruengli AG		836,986
	49,724	Marine Harvest		990,465
	14,852	Meiji Holdings Co., Ltd.		1,251,910
	381,634	Nestle SA, Registered Shares		29,556,815
	11,500	Nippon Meat Packers, Inc.		464,510
	23,345	Nisshin Seifun Group, Inc.		493,780
	6,600	Nissin Foods Holdings Co., Ltd.		477,135
	98,786	Orkla ASA, Class A		865,381
	11,700	Toyo Suisan Kaisha, Ltd.		416,569
	1,106,388	WH Group, Ltd.		894,536
	251,500	Wilmar International, Ltd.		564,084
	13,000	Yakult Honsha Co., Ltd.		868,006
	18,000	Yamazaki Baking Co., Ltd.		470,217

				51,805,428

Gas Utilities (0.4%):
	138,653	APA Group		1,009,901
	41,856	Gas Natural SDG SA		1,107,423
	1,116,525	Hong Kong & China Gas Co., Ltd.		2,130,674
	46,000	Osaka Gas Co., Ltd.		951,789
	10,600	Toho Gas Co., Ltd.		366,779
	47,900	Tokyo Gas Co., Ltd.		1,271,243

				6,837,809


Shares			Fair Value
Common Stocks, continued
Health Care Equipment & Supplies (1.3%):
	5,476	bioMerieux	$	491,066
	7,060	Cochlear, Ltd.		1,049,464
	14,462	Coloplast A/S, Class B		1,444,702
	158,619	Convatec Group plc		444,179
	11,400	Cyberdyne, Inc.*		133,212
	25,282	Essilor International SA Compagnie Generale d’Optique		3,566,805
	65,199	Fisher & Paykel Healthcare Corp., Ltd.		656,977
	47,000	HOYA Corp.		2,669,657
	34,400	Olympus Co., Ltd.		1,285,076
	4,362	Sartorius AG		651,579
	19,208	Siemens Healthineers AG*		792,805
	106,478	Smith & Nephew plc		1,957,772
	6,503	Sonova Holding AG, Registered Shares		1,167,076
	1,291	Straumann Holding AG, Registered Shares		983,163
	20,500	Sysmex Corp.		1,911,696
	37,300	Terumo Corp.		2,131,184
	14,502	William Demant Holding A/S*		583,308

				21,919,721

Health Care Providers & Services (0.7%):
	46,897	Al Noor Hospitals Group plc		325,694
	24,800	Alfresa Holdings Corp.		582,433
	26,243	Fresenius Medical Care AG & Co., KGaA		2,648,846
	50,637	Fresenius SE & Co. KGaA		4,065,639
	227,520	Healthscope, Ltd.		372,044
	20,100	Medipal Holdings Corp.		403,858
	12,751	NMC Health plc		601,618
	17,336	Ramsay Health Care, Ltd.		693,576
	44,167	Ryman Healthcare, Ltd.		357,842
	47,400	Sonic Healthcare, Ltd.		861,959
	8,570	Suzuken Co., Ltd.		362,627

				11,276,136

Health Care Technology (0.1%):
	24,900	M3, Inc.		991,299

Hotels, Restaurants & Leisure (1.6%):
	22,604	Accor SA		1,107,186
	70,472	Aristocrat Leisure, Ltd.		1,608,842
	21,787	Carnival plc		1,246,035
	192,723	Compass Group plc		4,105,050
	42,677	Crown, Ltd.		427,316
	8,337	Domino’s Pizza Enterprises, Ltd.^		321,930
	6,425	Flight Centre, Ltd.		302,434
	288,000	Galaxy Entertainment Group, Ltd.		2,210,609
	755,757	Genting Singapore, Ltd.		678,995
	69,561	GVC Holdings plc		963,700
	22,316	Intercontinental Hotels Group plc		1,388,049
	9,029	McDonald’s Holdings Co., Ltd.^		460,388
	30,267	Melco Resorts & Entertainment, Ltd., ADR		847,476
	82,237	Merlin Entertainments plc		419,514
	135,473	MGM China Holdings, Ltd.		313,716
	24,500	Oriental Land Co., Ltd.		2,567,684
	10,308	Paddy Power plc		1,155,903
	294,332	Sands China, Ltd.		1,568,451
	169,333	Shangri-La Asia, Ltd.		316,932


Shares			Fair Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	220,987	SJM Holdings, Ltd.	$	274,586
	11,286	Sodexo SA^		1,127,436
	226,584	Tabcorp Holdings, Ltd.		749,833
	55,118	TUI AG		1,208,805
	21,731	Whitbread plc		1,135,008
	191,600	Wynn Macau, Ltd.		615,287

				27,121,165

Household Durables (1.3%):
	126,196	Barratt Developments plc		857,979
	16,009	Berkeley Group Holdings plc (The)		799,395
	24,800	Casio Computer Co., Ltd.		403,052
	31,179	Electrolux AB, Series B, B Shares		709,792
	49,568	Husqvarna AB, Class B		469,529
	16,200	Iida Group Holdings Co., Ltd.		312,212
	41,300	Nikon Corp.		655,367
	268,800	Panasonic Corp.		3,611,922
	37,977	Persimmon plc		1,268,965
	3,700	Rinnai Corp.		325,713
	2,674	SEB SA		466,242
	47,200	Sekisui Chemical Co., Ltd.		803,734
	71,500	Sekisui House, Ltd.		1,264,335
	19,900	Sharp Corp.^		483,643
	154,000	Sony Corp.		7,902,197
	390,409	Taylor Wimpey plc		921,384
	176,500	Techtronic Industries Co., Ltd.		980,080

				22,235,541

Household Products (0.7%):
	73,784	Essity AB, Class B		1,820,518
	13,065	Henkel AG & Co. KGaA		1,453,490
	29,300	Lion Corp.^		537,171
	81,369	Reckitt Benckiser Group plc		6,687,729
	49,700	Unicharm Corp.		1,495,721

				11,994,629

Independent Power & Renewable Electricity Producers (0.0%):
	19,600	Electric Power Development Co., Ltd.		505,841
	168,699	Meridian Energy, Ltd.		356,222
	23,752	Uniper SE		708,027

				1,570,090

Industrial Conglomerates (1.9%):
	335,744	CK Hutchison Holdings, Ltd.		3,543,515
	10,765	DCC plc		979,087
	27,300	Jardine Matheson Holdings, Ltd.		1,720,421
	27,600	Jardine Strategic Holdings, Ltd.		1,005,498
	10,900	Keihan Electric Railway Co., Ltd.		391,032
	171,300	Keppel Corp., Ltd.		901,266
	114,544	Koninklijke Philips Electronics NV		4,854,708
	168,834	NWS Holdings, Ltd.		291,689
	24,400	Seibu Holdings, Inc.		411,208
	137,200	SembCorp Industries, Ltd.		276,251
	93,809	Siemens AG, Registered Shares		12,395,782
	49,896	Smiths Group plc		1,117,568
	793,000	Toshiba Corp.*^		2,381,016

				30,269,041


Shares			Fair Value
Common Stocks, continued
Insurance (5.2%):
	23,585	Admiral Group plc	$	593,130
	220,145	AEGON NV		1,315,433
	23,494	Ageas NV		1,184,496
	1,480,600	AIA Group, Ltd.		12,818,229
	54,307	Allianz SE, Registered Shares+		11,221,007
	143,640	Assicurazioni Generali SpA		2,404,981
	488,324	Aviva plc		3,246,640
	236,319	AXA SA		5,789,168
	6,191	Baloise Holding AG, Registered Shares		900,715
	23,730	CNP Assurances SA		539,170
	131,300	Dai-ichi Life Insurance Co., Ltd.		2,335,787
	165,692	Direct Line Insurance Group plc		749,379
	22,933	Gjensidige Forsikring ASA		375,713
	7,419	Hannover Rueck SE		924,901
	288,217	Insurance Australia Group, Ltd.		1,825,662
	191,700	Japan Post Holdings Co., Ltd.		2,099,040
	725,337	Legal & General Group plc		2,545,089
	124,272	MAPFRE SA		373,940
	334,223	Medibank Private, Ltd.		723,479
	57,811	MS&AD Insurance Group Holdings, Inc.		1,795,939
	18,873	Muenchener Rueckversicherungs-Gesellschaft AG		3,999,297
	40,725	NKSJ Holdings, Inc.		1,645,452
	36,738	NN Group NV		1,490,550
	100	Old Mutual, Ltd.		198
	64,066	Poste Italiane SpA		534,852
	318,374	Prudential plc		7,273,079
	162,166	QBE Insurance Group, Ltd.		1,172,290
	122,220	RSA Insurance Group plc		1,095,446
	54,422	Sampo OYJ, Class A		2,653,621
	21,034	SCOR SA		780,196
	19,400	Sony Financial Holdings, Inc.		369,459
	66,324	St. James Place plc		1,003,868
	333,419	Standard Life plc		1,432,564
	163,923	Suncorp-Metway, Ltd.		1,774,539
	4,216	Swiss Life Holding AG, Registered Shares		1,466,988
	38,287	Swiss Re AG		3,309,646
	68,236	T&D Holdings, Inc.		1,022,469
	82,000	Tokio Marine Holdings, Inc.		3,840,196
	15,770	Tryg A/S		370,113
	18,424	Zurich Insurance Group AG		5,467,307

				94,464,028

Internet & Direct Marketing Retail (0.1%):
	110,400	Rakuten, Inc.		745,560
	24,800	Start Today Co., Ltd.		897,954
	13,258	Zalando SE*		740,439

				2,383,953

Internet Software & Services (0.2%):
	118,034	Auto Trader Group plc		663,217
	11,279	Delivery Hero AG*		600,221
	14,900	DeNA Co., Ltd.		279,249
	16,000	Kakaku.com, Inc.		360,642
	14,595	United Internet AG, Registered Shares		835,614
	179,600	Yahoo! Japan Corp.^		594,861

				3,333,804


Shares			Fair Value
Common Stocks, continued
IT Services (0.7%):
	53,421	Amadeus IT Holding SA	$	4,208,776
	11,527	Atos Origin SA		1,570,641
	19,541	Capgemini SA		2,622,820
	54,245	Computershare, Ltd.		742,307
	247,000	Fujitsu, Ltd.		1,496,262
	13,846	Nomura Research Institute, Ltd.		670,315
	77,000	NTT Data Corp.		885,785
	7,600	OBIC Co., Ltd.		628,392
	13,400	Otsuka Corp.		524,989
	14,712	Wirecard AG		2,367,978

				15,718,265

Leisure Products (0.2%):
	24,200	Namco Bandai Holdings, Inc.		997,299
	6,300	Sankyo Co., Ltd.		246,464
	23,800	Sega Sammy Holdings, Inc.		407,570
	8,500	Shimano, Inc.		1,247,196
	16,900	Yamaha Corp.		876,850

				3,775,379

Life Sciences Tools & Services (0.2%):
	1,385	Eurofins Scientific SE^		769,285
	9,066	Lonza Group AG, Registered Shares		2,409,271
	28,786	Qiagen NV*		1,047,991

				4,226,547

Machinery (2.6%):
	36,984	Alfa Laval AB		875,144
	19,946	Alstom SA		915,943
	44,900	AMADA Co., Ltd.		430,876
	9,566	Andritz AG		507,568
	81,749	Atlas Copco AB, Class A		2,370,172
	49,083	Atlas Copco AB, Class B		1,284,043
	128,114	CNH Industrial NV		1,357,258
	11,300	Daifuku Co., Ltd.		494,048
	81,749	Epiroc AB, Class A*		858,137
	49,083	Epiroc AB, Class B*		449,508
	23,600	FANUC Corp.		4,679,741
	21,387	GEA Group AG		720,843
	29,600	Hino Motors, Ltd.		315,206
	12,300	Hitachi Construction Machinery Co., Ltd.		398,871
	7,000	Hoshizaki Electric Co., Ltd.		707,663
	18,100	IHI Corp.		629,820
	29,900	JTEKT Corp.		406,107
	17,100	Kawasaki Heavy Industries, Ltd.		501,619
	8,541	Kion Group AG		613,685
	112,400	Komatsu, Ltd.		3,199,650
	41,174	Kone OYJ, Class B		2,096,532
	121,100	Kubota Corp.		1,901,929
	10,400	Kurita Water Industries, Ltd.		296,347
	28,400	Makita Corp.		1,270,530
	4,681	MAN AG		529,669
	13,068	Metso Corp. OYJ		437,367
	46,800	Minebea Co., Ltd.		788,654
	38,900	Mitsubishi Heavy Industries, Ltd.		1,414,282
	15,200	Nabtesco Corp.		466,893
	30,200	NGK Insulators, Ltd.		537,167


Shares			Fair Value
Common Stocks, continued
Machinery, continued
	50,700	NSK, Ltd.	$	522,078
	137,436	Sandvik AB		2,436,427
	5,125	Schindler Holding AG		1,104,239
	2,413	Schindler Holding AG, Registered Shares		508,231
	46,385	SKF AB, Class B		862,388
	7,000	SMC Corp.		2,562,208
	13,500	Sumitomo Heavy Industries, Ltd.		454,311
	15,100	THK Co., Ltd.		431,763
	190,306	Volvo AB, Class B		3,032,322
	53,665	Wartsila Corp. OYJ, Class B		1,053,290
	27,770	Weir Group plc (The)		732,470
	321,450	Yangzijiang Shipbuilding Holdings, Ltd.		212,678

				45,367,677

Marine (0.2%):
	445	A.P. Moeller — Maersk A/S, Class A		527,200
	782	A.P. Moeller — Maersk A/S, Class B		972,741
	6,505	Kuehne & Nagel International AG, Registered Shares		977,487
	13,700	Mitsui O.S.K. Lines, Ltd.		329,059
	22,000	Nippon Yusen Kabushiki Kaisha		436,194

				3,242,681

Media (1.1%):
	6,418	Axel Springer AG^		464,105
	12,400	Cyberagent, Inc.		744,391
	25,877	Dentsu, Inc.		1,225,130
	23,455	Eutelsat Communications SA		485,716
	30,100	Hakuhodo DY Holdings, Inc.		482,663
	153,234	Informa plc		1,687,943
	431,852	ITV plc		991,160
	8,903	JCDecaux SA		297,557
	98,012	Pearson plc		1,139,454
	29,053	ProSiebenSat.1 Media AG		736,600
	24,874	Publicis Groupe SA		1,709,159
	6,156	REA Group, Ltd.		415,069
	4,397	RTL Group		298,114
	13,208	Schibsted ASA, Class B		372,788
	44,292	SES Global, Class A		810,546
	126,768	Singapore Press Holdings, Ltd.^		241,530
	125,562	Sky plc		2,421,345
	6,267	Telenet Group Holding NV*		292,088
	15,100	Toho Co., Ltd.		505,968
	126,063	Vivendi Universal SA		3,083,734
	158,970	WPP plc		2,501,103

				20,906,163

Metals & Mining (3.1%):
	293,204	Alumina, Ltd.		606,829
	129,183	Anglo American plc^		2,868,326
	50,760	Antofagasta plc		659,299
	80,863	ArcelorMittal		2,361,251
	257,119	BHP Billiton plc		5,752,781
	394,540	BHP Billiton, Ltd.		9,884,233
	69,825	BlueScope Steel, Ltd.		889,868
	33,664	Boliden AB		1,089,689
	187,428	Fortescue Metals Group, Ltd.		607,898
	28,344	Fresnillo plc		427,238


Shares			Fair Value
Common Stocks, continued
Metals & Mining, continued
	1,415,087	Glencore International plc	$	6,707,938
	29,800	Hitachi Metals, Ltd.		309,099
	63,600	JFE Holdings, Inc.		1,199,883
	36,000	Kobe Steel, Ltd.		329,137
	7,500	Maruichi Steel Tube, Ltd.		253,697
	12,800	Mitsubishi Materials Corp.		351,007
	95,566	Newcrest Mining, Ltd.		1,548,804
	92,548	Nippon Steel Corp.		1,815,406
	162,267	Norsk Hydro ASA		971,862
	11,167	Randgold Resources, Ltd.		858,676
	147,590	Rio Tinto plc		8,138,496
	50,206	Rio Tinto, Ltd.		3,116,256
	631,697	South32, Ltd.		1,700,926
	28,500	Sumitomo Metal & Mining Co., Ltd.		1,086,061
	53,870	ThyssenKrupp AG		1,310,544
	14,170	Voestalpine AG		651,871

				55,497,075

Multiline Retail (0.3%):
	15,100	Don Quijote Co., Ltd.		724,579
	80,935	Harvey Norman Holdings, Ltd.^		198,657
	44,800	Isetan Mitsukoshi Holdings, Ltd.		559,182
	27,000	J. Front Retailing Co., Ltd.		409,963
	206,470	Marks & Spencer Group plc		803,282
	23,900	MARUI GROUP Co., Ltd.		503,052
	18,198	Next plc		1,452,488
	2,900	Ryohin Keikaku Co., Ltd.		1,020,142
	35,000	Takashimaya Co., Ltd.		299,311

				5,970,656

Multi-Utilities (1.0%):
	79,839	AGL Energy, Ltd.		1,330,423
	681,724	Centrica plc		1,417,789
	267,957	E.ON AG		2,862,402
	222,350	Engie Group		3,402,543
	18,217	Innogy Se^		780,245
	412,129	National Grid plc		4,558,733
	65,137	RWE AG		1,484,494
	47,126	Suez Environnement Co.		610,986
	65,629	Veolia Environnement SA		1,403,930

				17,851,545

Oil, Gas & Consumable Fuels (6.0%):
	13,248	AKER BP ASA		488,120
	2,442,553	BP plc		18,594,675
	33,229	Caltex Australia, Ltd.		802,374
	22,895	Enagas SA^		668,866
	309,692	ENI SpA		5,749,611
	60,935	Galp Energia SGPS SA		1,158,585
	16,100	Idemitsu Kosan Co., Ltd.		573,181
	125,500	INPEX Corp.		1,297,233
	399,220	JX Holdings, Inc.		2,772,429
	9,900	Koninklijke Vopak NV		456,950
	22,716	Lundin Petroleum AB		723,211
	15,800	Neste Oil OYJ		1,235,263
	160,365	Oil Search, Ltd.		1,059,381
	18,570	OMV AG		1,051,913


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	214,003	Origin Energy, Ltd.*	$	1,595,899
	162,235	Repsol SA		3,167,804
	563,732	Royal Dutch Shell plc, Class A		19,532,236
	459,297	Royal Dutch Shell plc, Class B		16,425,320
	236,820	Santos, Ltd.*		1,103,642
	25,100	Showa Shell Sekiyu K.K.		374,076
	277,004	Snam SpA		1,153,866
	144,270	Statoil ASA		3,819,833
	295,441	Total SA		17,964,715
	113,953	Woodside Petroleum, Ltd.		2,998,209

				104,767,392

Paper & Forest Products (0.3%):
	44,707	Mondi plc		1,204,058
	108,000	OYI Paper Co., Ltd.		669,198
	67,076	Stora Enso OYJ, Registered Shares		1,310,336
	64,963	UPM-Kymmene OYJ		2,319,510

				5,503,102

Personal Products (2.1%):
	12,539	Beiersdorf AG		1,423,792
	60,300	Kao Corp.		4,596,521
	6,000	Kobayashi Pharmaceutical Co., Ltd.		517,982
	3,600	KOSE Corp.		774,403
	31,048	L’Oreal SA		7,659,729
	10,700	POLA ORBIS HOLDINGS, Inc.		470,263
	46,300	Shiseido Co., Ltd.		3,673,872
	189,244	Unilever NV		10,548,473
	151,606	Unilever plc		8,384,824

				38,049,859

Pharmaceuticals (7.4%):
	241,000	Astellas Pharma, Inc.		3,672,043
	155,365	AstraZeneca plc		10,754,724
	110,246	Bayer AG, Registered Shares		12,145,543
	26,900	Chugai Pharmaceutical Co., Ltd.		1,409,166
	69,100	Daiichi Sankyo Co., Ltd.		2,643,652
	17,600	Dainippon Sumitomo Pharma Co., Ltd.		372,291
	30,900	Eisai Co., Ltd.		2,172,704
	608,007	GlaxoSmithKline plc		12,264,741
	7,816	H. Lundbeck A/S		548,882
	7,300	Hisamitsu Pharmaceutical Co., Inc.		615,435
	4,528	Ipsen SA		709,627
	31,100	Kyowa Hakko Kogyo Co., Ltd.		626,012
	15,624	Merck KGaA		1,525,307
	31,000	Mitsubishi Tanabe Pharma Corp.		535,362
	272,761	Novartis AG, Registered Shares		20,668,506
	216,597	Novo Nordisk A/S, Class B		10,005,779
	48,300	Ono Pharmaceutical Co., Ltd.		1,131,243
	14,355	Orion OYJ, Class B		386,122
	47,500	Otsuka Holdings Co., Ltd.		2,300,556
	14,165	Recordati SpA		562,022
	86,153	Roche Holding AG		19,178,098
	138,394	Sanofi-Aventis SA		11,080,656
	44,400	Santen Pharmaceutical Co., Ltd.		772,983
	34,300	Shionogi & Co., Ltd.		1,760,460
	4,400	Taisho Pharmaceutical Holdings Co., Ltd.		514,217


Shares			Fair Value
Common Stocks, continued
Pharmaceuticals, continued
	86,700	Takeda Pharmacuetical Co., Ltd.	$	3,661,872
	118,461	Teva Pharmaceutical Industries, Ltd., ADR		2,880,972
	16,519	UCB SA		1,294,835
	5,935	Vifor Pharma AG		947,361

				127,141,171

Professional Services (1.1%):
	19,794	Adecco SA, Registered Shares		1,169,869
	31,529	Bureau Veritas SA		840,670
	112,487	Experian plc		2,781,371
	20,137	Intertek Group plc		1,518,378
	23,500	Persol Holdings Co., Ltd.		523,707
	15,274	Randstad Holding NV		896,344
	134,200	Recruit Holdings Co., Ltd.		3,708,600
	129,493	Reed Elsevier plc		2,771,735
	117,595	RELX NV		2,503,047
	39,701	Seek, Ltd.		643,556
	665	SGS SA, Registered Shares		1,772,339
	7,034	Teleperformance		1,242,298
	35,343	Wolters Kluwer NV		1,989,242

				22,361,156

Real Estate Management & Development (2.1%):
	15,060	AEON Mall Co., Ltd.		270,261
	5,827	Azrieli Group		289,840
	74,028	BGP Holdings plc*(b)		86
	315,100	CapitaLand, Ltd.		729,653
	47,400	City Developments, Ltd.		381,230
	315,244	CK Asset Holdings, Ltd.		2,490,873
	9,000	Daito Trust Construction Co., Ltd.		1,462,823
	68,900	Daiwa House Industry Co., Ltd.		2,346,261
	42,667	Deutsche Wohnen AG		2,060,536
	124,000	Hang Lung Group, Ltd.		347,076
	235,000	Hang Lung Properties, Ltd.		482,652
	170,597	Henderson Land Development Co., Ltd.		897,926
	142,100	Hongkong Land Holdings, Ltd.		1,023,120
	32,500	Hulic Co., Ltd.		346,063
	73,000	Hysan Development Co., Ltd.		406,270
	75,775	Kerry Properties, Ltd.		362,030
	73,375	Lend Lease Group		1,079,083
	145,000	Mitsubishi Estate Co., Ltd.		2,533,230
	108,600	Mitsui Fudosan Co., Ltd.		2,618,128
	732,623	New World Development Co., Ltd.		1,023,855
	16,100	Nomura Real Estate Holdings, Inc.		356,938
	388,601	Sino Land Co., Ltd.		630,291
	43,000	Sumitomo Realty & Development Co., Ltd.		1,583,032
	195,000	Sun Hung Kai Properties, Ltd.		2,925,778
	57,964	Swire Pacific, Ltd., Class A		612,460
	131,400	Swire Properties, Ltd.		485,653
	8,817	Swiss Prime Site AG		811,406
	24,000	Tokyo Tatemono Co., Ltd.		329,256
	59,600	Tokyu Fudosan Holdings Corp.		419,605
	66,296	UOL Group, Ltd.		369,840
	59,055	Vonovia SE		2,809,639
	164,300	Wharf Holdings, Ltd. (The)		526,281
	150,300	Wharf Real Estate Investment Co., Ltd.		1,067,345


Shares			Fair Value
Common Stocks, continued
Real Estate Management & Development, continued
	95,897	Wheelock & Co., Ltd.	$	666,583

				34,745,103

Road & Rail (1.2%):
	255,233	Aurizon Holdings, Ltd.		820,434
	17,700	Central Japan Railway Co.		3,670,344
	292,200	ComfortDelGro Corp., Ltd.		503,358
	22,490	DSV A/S		1,815,531
	37,813	East Japan Railway Co.		3,621,954
	30,300	Hankyu Hanshin Holdings, Inc.		1,217,942
	26,800	Keihin Electric Express Railway Co., Ltd.		439,246
	14,000	Keio Corp.		677,007
	15,700	Keisei Electric Railway Co., Ltd.		538,748
	22,000	Kintetsu Corp.		897,658
	18,800	Kyushu Railway Co.		575,216
	174,994	MTR Corp., Ltd.		964,197
	21,400	Nagoya Railroad Co., Ltd.		552,474
	9,500	Nippon Express Co., Ltd.		688,789
	36,900	Odakyu Electric Railway Co., Ltd.		791,780
	24,800	Tobu Railway Co., Ltd.		758,538
	64,200	Tokyu Corp.		1,105,571
	20,400	West Japan Railway Co.		1,502,828

				21,141,615

Semiconductors & Semiconductor Equipment (1.4%):
	35,900	ASM Pacific Technology, Ltd.		450,829
	50,264	ASML Holding NV		9,912,319
	3,400	Disco Corp.		579,012
	138,319	Infineon Technologies AG		3,524,539
	42,140	NXP Semiconductors NV*		4,604,638
	96,600	Renesas Electronics Corp.*		945,298
	11,300	ROHM Co., Ltd.		946,450
	83,744	STMicroelectronics NV		1,860,637
	27,200	SUMCO Corp.		547,810
	19,100	Tokyo Electron, Ltd.		3,270,588

				26,642,120

Software (1.7%):
	15,918	Check Point Software Technologies, Ltd.*		1,554,870
	15,599	Dassault Systemes SA		2,182,671
	12,400	Konami Corp.		630,403
	8,800	Line Corp.*		361,935
	51,306	Micro Focus International plc		891,995
	50,000	Nexon Co., Ltd.*		725,341
	7,396	NICE Systems, Ltd.*		768,165
	13,800	Nintendo Co., Ltd.		4,504,429
	5,100	Oracle Corp.		415,839
	134,847	Sage Group plc		1,113,426
	120,518	SAP AG		13,921,962
	7,385	Temenos Group AG		1,117,219
	14,300	Trend Micro, Inc.		814,507
	9,595	UbiSoft Entertainment SA*		1,049,730

				30,052,492

Specialty Retail (0.9%):
	3,400	ABC-Mart, Inc.		185,905
	4,197	Dufry AG, Registered Shares		535,185
	7,200	Fast Retailing Co., Ltd.		3,302,631


Shares			Fair Value
Common Stocks, continued
Specialty Retail, continued
	107,470	Hennes & Mauritz AB, Class B^	$	1,600,221
	2,900	Hikari Tsushin, Inc.		509,305
	132,795	Industria de Diseno Textil SA		4,530,910
	254,638	Kingfisher plc		997,595
	10,000	Nitori Co., Ltd.		1,560,046
	2,400	Shimamura Co., Ltd.		211,264
	28,900	USS Co., Ltd.		549,445
	69,100	Yamada Denki Co., Ltd.		342,666

				14,325,173

Technology Hardware, Storage & Peripherals (0.5%):
	29,000	Brother Industries, Ltd.		571,935
	122,700	Canon, Inc.^		4,019,352
	47,300	Fujifilm Holdings Corp.		1,845,469
	63,700	Konica Minolta Holdings, Inc.		589,905
	33,100	NEC Corp.		907,875
	85,200	Ricoh Co., Ltd.		780,029
	33,400	Seiko Epson Corp.		578,680

				9,293,245

Textiles, Apparel & Luxury Goods (2.2%):
	23,325	Adidas AG		5,093,223
	21,600	ASICS Corp.		364,709
	51,287	Burberry Group plc		1,459,617
	64,530	Compagnie Financiere Richemont SA		5,468,984
	3,856	Hermes International SA		2,356,600
	7,713	Hugo Boss AG		699,444
	9,224	Kering		5,202,436
	811,120	Li & Fung, Ltd.		296,140
	20,664	Luxottica Group SpA		1,332,282
	34,202	LVMH Moet Hennessy Louis Vuitton SA		11,368,470
	21,940	Moncler SpA		997,933
	14,130	Pandora A/S		987,670
	1,017	Puma SE		593,764
	3,708	Swatch Group AG (The), Class B		1,762,033
	6,517	Swatch Group AG (The), Registered Shares		564,505
	74,486	Yue Yuen Industrial Holdings, Ltd.		209,045

				38,756,855

Tobacco (1.3%):
	281,261	British American Tobacco plc		14,202,144
	116,149	Imperial Tobacco Group plc, Class A		4,324,040
	133,900	Japan Tobacco, Inc.		3,740,944
	22,378	Swedish Match AB, Class B		1,108,093

				23,375,221

Trading Companies & Distributors (1.3%):
	16,275	AerCap Holdings NV*		881,291
	60,775	Ashtead Group plc		1,809,925
	19,087	Brenntag AG		1,063,014
	40,893	Bunzl plc		1,238,126
	28,840	Ferguson plc		2,339,756
	173,300	ITOCHU Corp.		3,137,053
	191,900	Marubeni Corp.		1,462,552
	35,000	Misumi Group, Inc.		1,018,912
	165,700	Mitsubishi Corp.		4,599,136
	207,800	Mitsui & Co., Ltd.		3,462,450
	36,905	Rexel SA		530,249


Shares			Fair Value
Common Stocks, continued
Trading Companies & Distributors, continued
	138,000	Sumitomo Corp.	$	2,265,148
	25,900	Toyota Tsushu Corp.		865,973
	29,707	Travis Perkins plc		557,454

				25,231,039

Transportation Infrastructure (0.5%):
	8,217	Aena SA		1,490,434
	3,600	Aeroports de Paris		813,329
	60,758	Atlantia SpA		1,793,798
	121,970	Auckland International Airport, Ltd.		559,720
	4,779	Fraport AG		460,824
	57,631	Groupe Eurotunnel SA		790,069
	5,100	Japan Airport Terminal Co., Ltd.		238,660
	16,000	Kamigumi Co., Ltd.		331,733
	96,400	SATS, Ltd.		353,024
	139,052	Sydney Airport		736,354
	270,467	Transurban Group		2,401,448

				9,969,393

Water Utilities (0.1%):
	29,897	Severn Trent plc		780,191
	80,876	United Utilities Group plc		814,239

				1,594,430

Wireless Telecommunication Services (1.4%):
	7,009	Drillisch AG		398,842
	220,500	KDDI Corp.		6,029,413
	9,024	Millicom International Cellular SA, SDR		530,974
	166,200	NTT DoCoMo, Inc.		4,233,468
	100,500	SoftBank Group Corp.		7,212,338
	41,756	Tele2 AB		490,591
	3,281,746	Vodafone Group plc		7,950,775

				26,846,401

	Total Common Stocks (Cost $1,404,963,514)			1,746,777,372

Preferred Stocks (0.5%):
Automobiles (0.3%):
	6,667	Bayerische Motoren Werke AG (BMW), 5.89%		531,478
	19,381	Porsche Automobil Holding SE, 3.23%		1,234,359
	23,046	Volkswagen AG, 2.78%		3,826,594

				5,592,431

Household Products (0.2%):
	21,689	Henkel AG & Co. KGaA, 1.63%		2,775,387

	Total Preferred Stocks (Cost $6,572,192)			8,367,818

Rights (0.0%):
Banks (0.0%):
	1,669,386	Intesa Sanpaolo SpA, Expires on 12/31/49*		—

Construction & Engineering (0.0%):
	31,231	ACS Actividades de Construccion y Servicios SA, Expires on 7/09/18*		32,165

Oil, Gas & Consumable Fuels (0.0%):
	162,235	Repsol SA, Expires on 7/09/18*^		92,088

	Total Rights (Cost $—)			124,253

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, 2018:

Cash of $1,194,679 has been segregated to cover margin requirements for the following open contracts as of June 30, 2018:

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	1,432,533,656
Investments in affiliates, at cost		7,641,196

Total Investment securities, at cost	$	1,440,174,852

Investments in non-affiliates, at value*	$	1,772,687,582
Investments in affiliates, at value		11,221,007

Total Investment securities, at value		1,783,908,589
Segregated cash for collateral		1,194,679
Interest and dividends receivable		3,936,354
Foreign currency, at value (cost $17,248,182)		17,219,324
Receivable for investments sold		19,568
Receivable for variation margin on futures contracts		156,139
Reclaims receivable		5,565,878
Prepaid expenses		10,543

Total Assets		1,812,011,074

Liabilities:
Payable for investments purchased		12,406
Payable for capital shares redeemed		176,771
Payable for collateral received on loaned securities		26,675,067
Payable for variation margin on futures contracts		11,863
Manager fees payable		521,524
Administration fees payable		37,709
Distribution fees payable		347,300
Custodian fees payable		26,180
Administrative and compliance services fees payable		2,286
Transfer agent fees payable		1,178
Trustee fees payable		10,903
Other accrued liabilities		219,385

Total Liabilities		28,042,572

Net Assets	$	1,783,968,502

Net Assets Consist of:
Capital	$	1,365,126,528
Accumulated net investment income/(loss)		72,826,920
Accumulated net realized gains/(losses) from investment transactions		2,553,113
Net unrealized appreciation/(depreciation) on investments		343,461,941

Net Assets	$	1,783,968,502

Class 1
Net Assets	$	120,043,337
Shares of beneficial interest (unlimited number of shares authorized, no par value)		10,026,525
Net Asset Value (offering and redemption price per share)	$	11.97

Class 2
Net Assets	$	1,663,925,165
Shares of beneficial interest (unlimited number of shares authorized, no par value)		98,920,240
Net Asset Value (offering and redemption price per share)	$	16.82

*	Includes securities on loan of $26,488,701.

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Dividends	$	42,375,960
Dividends from affiliates		517,999
Income from securities lending		475,817
Foreign withholding tax		(5,092,773	)

Total Investment Income		38,277,003

Expenses:
Manager fees		3,343,460
Administration fees		303,276
Distribution fees - Class 2		2,228,675
Custodian fees		159,295
Administrative and compliance services fees		16,695
Transfer agent fees		7,220
Trustee fees		54,475
Professional fees		54,564
Shareholder reports		26,896
Licensing Fees		368,331
Other expenses		22,256

Total expenses		6,585,143

Net Investment Income/(Loss)		31,691,860

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions and foreign currencies		16,391,335
Net realized gains/(losses) on affiliated transactions		313,153
Net realized gains/(losses) on futures contracts		119,844
Change in net unrealized appreciation/depreciation on investments and foreign currencies		(95,591,575	)
Change in net unrealized appreciation/depreciation on affiliated transactions		(1,487,374	)
Change in net unrealized appreciation/depreciation on futures contracts		(225,347	)

Net Realized/Unrealized Gains/(Losses) on Investments		(80,479,964	)

Change in Net Assets Resulting From Operations	$	(48,788,104	)

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

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2018 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $49 million for the period ended June 30, 2018.

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 $48,744 during the period ended June 30, 2018. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2018, 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 monthly average notional amount for these contracts was $20.2 million for the period ended June 30, 2018. 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, 2018:

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, 2018:

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, 2019.

For the period ended June 30, 2018, 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 period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2018, there were no contractual reimbursements 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 period can be found on the Statement of Operations. During the period ended June 30, 2018, there were no voluntary waivers.

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 (“SEC” or the “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.”

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable of Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2018, $8,859 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2018, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $1,484,243,248. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

As of the latest tax year end, December 31, 2017, 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, 2018, the Fund had an individual shareholder account which is affiliated with the Investment Adviser representing ownership in excess of 35% of the Fund.

In October 2016, the SEC released its Final Rule on Investment Company Reporting Modernization (the “Rules”). The Rules which introduce two new regulatory reporting forms for investment companies – Form N-PORT and Form N-CEN – also contain amendments to Regulation S-X which require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X became effective for filings made with the SEC after August 1, 2017. The compliance date for form N-PORT and Form N-CEN will vary based on the reporting entity’s size and, in the case of the Fund, is expected to be April 30, 2019. The Fund’s adoption of these amendments, as applicable for the financial statements prepared as of June 30, 2018, had no effect on the Fund’s net assets or results of operations.

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 (5.4%):
$	443,492	Goal Capital Funding Trust, Class A3, Series 2005-2, 2.50%(US0003M+17bps), 5/28/30, Callable 8/25/20 @ 100	$	443,078
	750,000	Magnetite CLO, Ltd., Class 2A3, Series 2015-12A, 3.68%(US0003M+133bps), 4/15/27, Callable 7/15/18 @ 100(a)		752,366
	672,497	Navient Student Loan Trust, Class A, Series 2014-2, 2.73%(US0001M+64bps), 3/25/83, Callable 10/25/33 @ 100		669,134
	649,404	Navient Student Loan Trust, Class A, Series 2014-3, 2.58%(US0001M+62bps), 3/25/83, Callable 11/25/32 @ 100		646,459
	426,929	Navient Student Loan Trust, Class A, Series 2014-4, 2.58%(US0001M+62bps), 3/25/83, Callable 12/25/32 @ 100		424,710
	816,421	Navient Student Loan Trust, Class A, Series 2016-1A, 2.79%(US0001M+70bps), 2/25/70, Callable 8/25/33 @ 100(a)		819,466
	965,000	Navient Student Loan Trust, Class A3, Series 2016-2, 3.59%(US0001M+150bps), 6/25/65, Callable 5/25/30 @ 100(a)		1,006,758
	950,000	Navient Student Loan Trust, Class A3, Series 2017-3A, 3.14%(US0001M+105bps), 7/26/66, Callable 10/25/33 @ 100(a)		971,703
	1,207,266	Nelnet Student Loan Trust, Class A2, Series 2015-2A, 2.69%(US0001M+60bps), 9/25/47, Callable 5/25/32 @ 100(a)		1,205,842
	2,615,000	SLC Student Loan Trust, Class 2A3, Series 2006-1, 2.50%(US0003M+16bps), 3/15/55, Callable 6/15/30 @ 100		2,524,003
	1,277,135	SLC Student Loan Trust, Class 2A3, Series 2008-1, 3.94%(US0003M+160bps), 12/15/32, Callable 6/15/27 @ 100		1,319,436
	739,527	SLM Student Loan Trust, Class 2A3, Series 2003-7, 2.91%(US0003M+57bps), 9/15/39, Callable 12/15/28 @ 100		696,017
	940,000	SLM Student Loan Trust, Class A6A, Series 2004-3A, 2.91%(US0003M+55bps), 10/25/64, Callable 1/25/29 @ 100(a)		936,520
	584,504	SLM Student Loan Trust, Class A4, Series 2007-6, 2.74%(US0003M+38bps), 10/25/24, Callable 10/25/33 @ 100		585,371
	1,220,000	SLM Student Loan Trust, Class 2A3, Series 2008-5, 4.21%(US0003M+185bps), 7/25/73, Callable 7/25/24 @ 100		1,262,829
	240,000	SLM Student Loan Trust, Class 2A3, Series 2008-9, 4.61%(US0003M+225bps), 10/25/83, Callable 4/25/24 @ 100		249,584
	1,457,656	SLM Student Loan Trust, Class A, Series 2009-3, 2.84%(US0001M+75bps), 1/25/45, Callable 11/25/33 @ 100(a)		1,464,981
	848,966	SLM Student Loan Trust, Class A3, Series 2012-1, 2.91%(US0001M+95bps), 9/25/28, Callable 10/25/25 @ 100		851,622
	1,970,000	Wachovia Student Loan Trust, Class 2A3, Series 2006-1, 2.53%(US0003M+17bps), 4/25/40, Callable 10/25/25 @ 100(a)		1,927,870

	Total Asset Backed Securities (Cost $18,352,617)			18,757,749


Principal Amount			Fair Value
Collateralized Mortgage Obligations (9.1%):
$	17,407	7 WTC Depositor LLC Trust, Class A, Series 2012-7WTC, 4.08%, 3/13/31(a)	$	17,412
	1,388,112	America Home Mortgage Investment Trust, Class 6A, Series 2005-1, 4.50%(US0006M+200bps), 6/25/45, Callable 7/25/18 @ 100		1,427,587
	598,504	Ameriquest Mortgage Securities, Inc., Class M2, Series 2005-R5, 2.78%(US0001M+46bps), 7/25/35, Callable 7/25/18 @ 100		599,719
	288,597	Ameriquest Mortgage Securities, Inc., Class M2, Series 2005-R5, 2.81%(US0001M+72bps), 4/25/35, Callable 7/25/18 @ 100		288,896
	605,386	Bank of America Mortgage Securities, Inc., Class 2A3, Series 2005-F, 3.93%, 7/25/35, Callable 7/25/18 @ 100(b)		573,605
	340,000	Barclays Commercial Mortgages Securities, Class A2, Series 2013-TYSNC, 3.76%, 9/5/32(a)		343,901
	360,000	CGRBS Commercial Mortgage Trust, Class A, Series 2013-VN05, 3.37%, 3/13/35(a)		359,356
	40,259	Citigroup Mortgage Loan Trust, Inc., Class 2A3, Series 2006-WFH3, 2.33%(US0001M+24bps), 10/25/36, Callable 7/25/20 @ 100		40,255
	1,274,448	Citigroup Mortgage Loan Trust, Inc., Class 1A1A, Series 2007-AR5, 3.82%, 4/25/37, Callable 2/25/24 @ 100(b)		1,268,183
	360,000	Cityline Commercial Mortgage Trust, Class A, Series 2016-CLNE, 2.87%, 11/10/31(a)(b)		347,685
	390,000	Commercial Mortgage Trust, Class A, Series 2014-277P, 3.73%, 8/10/49(a)(b)		391,702
	360,000	Commercial Mortgage Trust, Class A1, Series 2013-300P, 4.35%, 8/10/30(a)		372,868
	365,000	Commercial Mortgage Trust, Class A, Series 2016-787S, 3.54%, 2/10/36(a)(b)		358,824
	360,000	Core Industrial Trust, Class A, Series 2015-CALW, 3.04%, 2/10/34(a)		357,210
	140,000	Core Industrial Trust, Class A, Series 2015-TEXW, 3.08%, 2/10/34(a)		139,090
	1,120,144	Credit Suisse Mortgage Capital Certificates, Class A2E, Series 2007-CB2, 4.17%, 2/25/37, Callable 10/25/21 @ 100(b)		859,469
	1,820,000	Fannie Mae-Aces, Class A2, Series 2018-M1, 3.09%, 12/25/27(b)		1,755,336
	860,000	Federal Home Loan Mortgage Corporation, Class A3, Series K151, 3.51%, 4/25/30		849,842
	746,956	First Franklin Mortgage Loan Trust, Class M1, Series 2005-FF8, 2.83%(US0001M+49bps), 9/25/35, Callable 7/25/18 @ 100		749,894
	1,070,960	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2005-AA12, 3.56%, 2/25/36, Callable 8/25/18 @ 100(b)		874,150
	488,442	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2005-AR3, 3.94%, 8/25/35, Callable 7/25/18 @ 100(b)		407,950
	1,243,858	First Horizon Alternative Mortgage Securities Trust, Class 1A1, Series 2006-AA1, 3.49%, 3/25/36, Callable 1/25/19 @ 100(b)		1,157,274


Principal Amount			Fair Value
Collateralized Mortgage Obligations, continued
$	1,065,924	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2006-AA1, 3.50%, 4/25/36, Callable 1/25/19 @ 100(b)	$	1,002,389
	1,055,159	GMAC Mortgage Corp. Loan Trust, Class 1A1, Series 2006-AR1, 3.83%, 4/19/36, Callable 12/19/18 @ 100(b)		984,585
	854,130	GMAC Mortgage Corp. Loan Trust, Class 3A1, Series 2005-AR5, 3.95%, 9/19/35, Callable 7/19/18 @ 100(b)		810,432
	280,000	GRACE Mortgage Trust, Class A, Series 2014-GRCE, 3.37%, 6/10/28(a)		281,236
	147,500	GS Mortgage Securities Trust, Class A, Series 2012-ALOH, 3.55%, 4/10/34(a)		148,644
	1,807,419	HarborView Mortgage Loan Trust, Class 1A1A, Series 2006-10, 2.28%(US0001M+20bps), 11/19/36, Callable 11/19/26 @ 100		1,588,014
	365,000	Liberty Street Trust, Class A, Series 2016-225L, 3.60%, 2/10/36(a)		361,490
	750,000	Magnetite IX, Ltd., Class A1R, Series 2014-9A, 3.36%(US0003M+100bps), 7/25/26, Callable 7/25/18 @ 100(a)		750,015
	1,000,000	Magnetite XI, Ltd., Class A1R, Series 2014-11A, 3.48%(US0003M+112bps), 1/18/27, Callable 7/18/18 @ 100(a)		1,000,109
	971,558	Merrill Lynch First Franklin Mortgage Loan Trust, Class 2A2, Series 2007-4, 2.21%(US0001M+12bps), 7/25/37, Callable 1/25/22 @ 100		687,483
	345,000	Morgan Stanley Capital I Trust, Class A, Series 2014-MP, 3.47%, 8/11/33(a)		344,425
	1,004,751	Morgan Stanley Remic Trust, Class 3A, Series 2014-R8, 2.21%(12MTA+75bps), 6/26/47(a)		972,256
	674,297	MortgageIT Trust, Class 2A3, Series 2005-2, 3.63%(US0001M+165bps), 5/25/35, Callable 7/25/18 @ 100		672,156
	748,568	Nomura Asset Acceptance Corp., Class 3A1, Series 2005-AR3, 5.69%, 7/25/35, Callable 7/25/18 @ 100(b)		763,171
	210,000	Octagon Investment Partners 25, Class AR, Series 2015-1A, 3.16%(US0003M+80bps), 10/20/26, Callable 7/20/18 @ 100(a)		210,000
	385,000	RBSCF Trust, Class A, Series 2013-GSP, 3.96%, 1/13/32(a)(b)		390,023
	1,583,347	Residential Accredit Loans, Inc., Class A2, Series 2006-QA10, 2.27%(US0001M+18bps), 12/25/36, Callable 1/25/21 @ 100		1,498,624
	1,050,000	Trust Co. West, Series TCW-1143, 3.85%, 7/25/30		1,066,734
	961,385	WaMu Mortgage Pass-Through Certificates, Class 2A1A, Series 2005-AR6, 2.55%(US0001M+23bps), 4/25/45, Callable 7/25/18 @ 100		957,878
	1,073,231	WaMu Mortgage Pass-Through Certificates, Class 2A1A, Series 2005-AR8, 2.67%(US0001M+29bps), 7/25/45, Callable 7/25/18 @ 100		1,080,113


Principal Amount			Fair Value
Collateralized Mortgage Obligations, continued
$	967,433	WaMu Mortgage Pass-Through Certificates, Class A2, Series 2005-AR3, 3.66%, 3/25/35, Callable 11/25/18 @ 100(b)	$	978,446
	724,643	Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2006-AR2, 3.82%, 3/25/36, Callable 7/25/18 @ 100(b)		735,859
	812,220	Wells Fargo Mortgage Backed Securities Trust, Class 1A1, Series 2006-AR12, 3.86%, 9/25/36, Callable 7/25/18 @ 100(b)		813,144

	Total Collateralized Mortgage Obligations (Cost $30,956,807)			31,637,434

Corporate Bonds (25.9%):
Aerospace & Defense (0.3%):
	530,000	L3 Technologies, Inc., 4.40%, 6/15/28, Callable 3/15/28 @ 100.00		527,532
	550,000	Northrop Grumman Corp., 3.25%, 1/15/28, Callable 10/15/27 @ 100.00		516,705

				1,044,237

Airlines (0.7%):
	1,279,583	Continental Airlines 2009-2, Series A, 7.25%, 5/10/21		1,341,259
	193,967	U.S. Airways 2001-1G PTT, Class G, Series 2001, 7.08%, 9/20/22		204,135
	767,321	U.S. Airways 2010-1A PTT, Series A, 6.25%, 10/22/24		821,033

				2,366,427

Automobiles (0.1%):
	400,000	General Motors Co., 3.50%, 10/2/18		400,758

Banks (5.5%):
	670,000	Bank of America Corp., Series G, 2.37%(US0003M+66bps), 7/21/21, Callable 7/21/20 @ 100.00		656,797
	910,000	Bank of America Corp., 2.74%(US0003M+37bps), 1/23/22, Callable 1/23/21 @ 100.00		893,815
	735,000	Bank of America Corp., 3.09%(US0003M+109bps), 10/1/25, Callable 10/1/24 @ 100.00		699,888
	350,000	Bank of America Corp., 3.70%(US0003M+151bps), 4/24/28, Callable 4/24/27 @ 100.00		337,551
	685,000	Bank of America Corp., Series G, 3.59%(US0003M+137bps), 7/21/28, Callable 7/21/27 @ 100.00		653,995
	950,000	Citibank NA, Series B, 3.05%, 5/1/20, Callable 4/1/20 @ 100.00		949,653
	500,000	Citigroup, Inc., 2.05%, 12/7/18		499,042
	1,500,000	Citigroup, Inc., 2.55%, 4/8/19		1,497,427
	500,000	Citigroup, Inc., 2.50%, 7/29/19		497,757
	700,000	Citigroup, Inc., 3.89%(US0003M+156bps), 1/10/28, Callable 1/10/27 @ 100.00		677,974
	960,000	JPMorgan Chase & Co., 3.22%(US0003M+116bps), 3/1/25, Callable 3/1/24 @ 100.00		926,138
	750,000	JPMorgan Chase & Co., 3.54%(US0003M+138bps), 5/1/28, Callable 5/1/27 @ 100.00		718,044
	1,450,000	JPMorgan Chase Bank NA, 2.60%(US0003M+25bps), 2/13/20, Callable 2/13/19 @ 100.00		1,449,621


Principal Amount			Fair Value
Corporate Bonds, continued
Banks, continued
$	1,820,000	JPMorgan Chase Bank NA, 2.60%(US0003M+28bps), 2/1/21, Callable 2/1/20 @ 100.00	$	1,803,916
	1,000,000	JPMorgan Chase Bank NA, Series B, 3.09%(US0003M+35bps), 4/26/21, Callable 4/26/20 @ 100.00		997,656
	750,000	PNC Bank NA, 2.40%, 10/18/19, Callable 9/18/19 @ 100.00		744,797
	265,000	Wells Fargo & Co., 3.55%, 9/29/25, MTN		256,884
	2,110,000	Wells Fargo & Co., 3.00%, 4/22/26		1,956,069
	350,000	Wells Fargo Bank NA, 2.15%, 12/6/19		346,186
	3,000,000	Wells Fargo Bank NA, 2.40%, 1/15/20		2,971,154

				19,534,364

Beverages (0.5%):
	763,000	Anheuser-Busch InBev NV, 4.90%, 2/1/46, Callable 8/1/45 @ 100.00		784,653
	900,000	Constellation Brands, Inc., 2.00%, 11/7/19		886,697

				1,671,350

Biotechnology (0.8%):
	300,000	AbbVie, Inc., 4.70%, 5/14/45, Callable 11/14/44 @ 100.00		296,751
	300,000	Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100.00		285,922
	500,000	Amgen, Inc., 4.56%, 6/15/48, Callable 12/15/47 @ 100.00		491,371
	400,000	Baxalta, Inc., 2.88%, 6/23/20, Callable 5/23/20 @ 100.00		395,448
	660,000	Celgene Corp., 5.00%, 8/15/45, Callable 2/15/45 @ 100.00		646,267
	350,000	Gilead Sciences, Inc., 4.60%, 9/1/35, Callable 3/1/35 @ 100.00		360,218
	249,000	Gilead Sciences, Inc., 4.75%, 3/1/46, Callable 9/1/45 @ 100.00		257,016

				2,732,993

Capital Markets (2.4%):
	1,500,000	Bank of New York Mellon, 2.30%, 9/11/19, Callable 8/11/19 @ 100.00, MTN		1,491,881
	335,000	Goldman Sachs Bank USA, Series B, 3.20%, 6/5/20		335,975
	1,600,000	Goldman Sachs Group, Inc. (The), 2.63%, 1/31/19		1,598,712
	570,000	Goldman Sachs Group, Inc. (The), Series G, 7.50%, 2/15/19		585,745
	900,000	Goldman Sachs Group, Inc. (The), 2.55%, 10/23/19		894,486
	400,000	Goldman Sachs Group, Inc. (The), 3.85%, 7/8/24, Callable 4/8/24 @ 100.00		396,640
	550,000	Goldman Sachs Group, Inc. (The), 3.27%(US0003M+120bps), 9/29/25, Callable 9/29/24 @ 100.00		522,238
	780,000	Morgan Stanley, Series G, 7.30%, 5/13/19		808,484
	1,200,000	Morgan Stanley, 3.16%(US0003M+80bps), 2/14/20, Callable 2/14/19 @ 100.00		1,203,638
	500,000	Morgan Stanley, 5.50%, 7/24/20		522,321
	400,000	Morgan Stanley, 3.29%(US0003M+93bps), 7/22/22, Callable 7/22/21 @ 100.00		403,222

				8,763,342


Principal Amount			Fair Value
Corporate Bonds, continued
Chemicals (0.1%):
$	180,000	Axalta Coating Systems, 4.88%, 8/15/24, Callable 8/15/19 @ 103.66(a)	$	178,650
	170,000	Valvoline, Inc., 4.38%, 8/15/25, Callable 8/15/20 @ 103.28		158,100

				336,750

Commercial Services & Supplies (0.1%):
	200,000	Clean Harbors, Inc., 5.13%, 6/1/21, Callable 8/3/18 @ 101.28		200,750
	110,000	Mutlti-Color Corp., 4.88%, 11/1/25, Callable 11/1/20 @ 102.44(a)		102,438

				303,188

Consumer Finance (0.6%):
	500,000	Discover Bank, 2.60%, 11/13/18, Callable 10/12/18 @ 100.00		499,711
	500,000	Ford Motor Credit Co. LLC, 2.55%, 10/5/18		499,686
	200,000	Ford Motor Credit Co. LLC, 8.13%, 1/15/20		214,177
	600,000	General Motors Financial Co., Inc., 3.10%, 1/15/19, Callable 7/15/18 @ —		600,564
	265,000	General Motors FINL Co., 2.40%, 5/9/19		263,765

				2,077,903

Containers & Packaging (0.4%):
	600,000	Amcor Finance USA, Inc., 3.63%, 4/28/26, Callable 1/28/26 @ 100.00(a)		569,607
	200,000	Ball Corp., 5.25%, 7/1/25		204,000
	112,000	Berry Global, Inc., 4.50%, 2/15/26, Callable 2/15/21 @ 102.25(a)		104,440
	339,188	Beverage Packaging Holdings Luxemberg, 5.75%, 10/15/20, Callable 8/3/18 @ 101.44		340,460
	87,000	Crown Americas LLC, 4.25%, 9/30/26, Callable 3/31/26 @ 100.00		79,605

				1,298,112

Diversified Consumer Services (0.1%):
	185,000	Service Corp. International/US, 4.63%, 12/15/27, Callable 12/15/22 @ 102.31		174,751

Diversified Financial Services (0.1%):
	400,000	Berkshire Hathaway Finance Corp., 4.30%, 5/15/43		402,943

Diversified Telecommunication Services (1.3%):
	375,000	AT&T, Inc., 3.80%, 3/15/22		375,640
	700,000	AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100.00(a)		660,734
	840,000	AT&T, Inc., 4.80%, 6/15/44, Callable 12/15/43 @ 100.00		762,194
	500,000	AT&T, Inc., 5.15%, 11/15/46, Callable 5/15/46 @ 100.00(a)		471,044
	180,000	Level 3 Financing, Inc., 5.25%, 3/15/26, Callable 3/15/21 @ 102.63		171,198
	550,000	Verizon Communications, Inc., 4.50%, 8/10/33		532,610
	700,000	Verizon Communications, Inc., 3.85%, 11/1/42, Callable 5/1/42 @ 100.00		584,551
	800,000	Verizon Communications, Inc., 4.86%, 8/21/46		764,457
	108,000	Zayo Group LLC/Zayo Capital, Inc., 5.75%, 1/15/27, Callable 1/15/22 @ 102.88(a)		106,110

				4,428,538


Principal Amount			Fair Value
Corporate Bonds, continued
Electric Utilities (2.4%):
$	280,000	American Transmission Systems, Inc., 5.00%, 9/1/44, Callable 3/1/44 @ 100.00(a)	$	307,207
	500,000	Appalachian Power Co., Series H, 5.95%, 5/15/33		576,472
	400,000	Cleco Power LLC, 6.00%, 12/1/40		466,507
	1,000,000	Duke Energy Progress, Inc., 4.15%, 12/1/44, Callable 6/1/44 @ 100.00		986,887
	936,000	Duquesne Light Holdings, Inc., 6.40%, 9/15/20(a)		989,359
	500,000	Entergy Texas, 7.13%, 2/1/19		511,514
	1,250,000	Florida Power & Light Co., 2.64%(US0003M+28bps), 11/6/20, Callable 7/16/18 @ 100.00		1,250,050
	750,000	Jersey Central Power & Light Co., 6.40%, 5/15/36		896,653
	300,000	Midamerican Energy Co., 4.25%, 5/1/46, Callable 11/1/45 @ 100.00		304,371
	100,000	NextEra Energy Operating Partners LP, 4.50%, 9/15/27, Callable 6/15/27 @ 100.00(a)		93,500
	1,500,000	Oncor Electric Delivery Co. LLC, 4.10%, 6/1/22, Callable 3/1/22 @ 100.00		1,537,302
	700,000	Public Service Oklahoma, 4.40%, 2/1/21		720,674

				8,640,496

Electronic Equipment, Instruments & Components (0.0%):
	100,000	Itron, Inc., 5.00%, 1/15/26, Callable 1/15/21 @ 102.50(a)		94,970

Equity Real Estate Investment Trusts (2.4%):
	500,000	Alexandria Real Estate Equities, Inc., 3.45%, 4/30/25, Callable 2/28/25 @ 100.00		478,401
	590,000	American Campus Communities Operating Partnership LP, 3.63%, 11/15/27, Callable 8/15/27 @ 100.00		552,692
	295,000	American Tower Corp., 3.00%, 6/15/23		282,870
	400,000	Crown Castle International Corp., 3.20%, 9/1/24, Callable 7/1/24 @ 100.00		377,508
	105,000	Glp Capital, LP/Finance II, 5.75%, 6/1/28		105,788
	575,000	HCP, Inc., 4.00%, 12/1/22, Callable 10/1/22 @ 100.00		577,391
	875,000	HCP, Inc., 4.25%, 11/15/23, Callable 8/15/23 @ 100.00		880,187
	400,000	HCP, Inc., 3.88%, 8/15/24, Callable 5/17/24 @ 100.00		391,190
	183,000	SBA Communications Corp., 4.00%, 10/1/22, Callable 10/1/19 @ 102.00(a)		174,994
	112,000	SBA Communications Corp., 4.88%, 9/1/24, Callable 9/1/19 @ 103.66		107,132
	1,150,000	SL Green Realty Corp., 5.00%, 8/15/18, Callable 8/3/18 @ 100.00		1,151,712
	500,000	VEREIT Operating Partnership LP, 3.00%, 2/6/19, Callable 1/6/19 @ 100.00		499,769
	1,500,000	WEA Finance LLC, 2.70%, 9/17/19, Callable 8/17/19 @ 100.00(a)		1,493,780
	1,440,000	Welltower, Inc., 3.75%, 3/15/23, Callable 12/15/22 @ 100.00		1,423,899

				8,497,313

Food & Staples Retailing (0.8%):
	100,000	Cumberland Farms, Inc., 6.75%, 5/1/25, Callable 5/1/20 @ 105.06(a)		101,250


Principal Amount			Fair Value
Corporate Bonds, continued
Food & Staples Retailing, continued
$	715,000	CVS Health Corp., 5.05%, 3/25/48, Callable 9/25/47 @ 100.00	$	727,653
	790,000	Walgreens Boots Alliance, Inc., 3.80%, 11/18/24, Callable 8/18/24 @ 100.00		778,749
	300,000	Walgreens Boots Alliance, Inc., 4.80%, 11/18/44, Callable 5/18/44 @ 100.00		282,475
	770,000	Wal-Mart Stores, Inc., 3.55%, 6/26/25, Callable 4/26/25 @ 100.00		774,883

				2,665,010

Food Products (0.6%):
	525,000	General Mills, Inc., 4.20%, 4/17/28, Callable 1/17/28 @ 100.00		512,592
	795,000	Kraft Heinz Foods Co., 3.95%, 7/15/25, Callable 4/15/25 @ 100.00		772,743
	650,000	Kraft Heinz Foods Co., 4.63%, 1/30/29, Callable 10/30/28 @ 100.00		643,751
	92,000	Pilgrim’s Pride Corp., 5.88%, 9/30/27, Callable 9/30/22 @ 102.94(a)		85,330
	170,000	Post Holdings, Inc., 5.75%, 3/1/27, Callable 3/1/22 @ 102.88(a)		164,900

				2,179,316

Health Care Equipment & Supplies (0.4%):
	130,000	Abbott Laboratories, 2.35%, 11/22/19		129,239
	360,000	Becton Dickinson And Co., 2.40%, 6/5/20		353,539
	500,000	Becton Dickinson And Co., 3.21%(US0003M+88bps), 12/29/20, Callable 3/1/19 @ 100.00		500,817
	190,000	Hill-Rom Holdings, Inc., 5.75%, 9/1/23, Callable 9/1/18 @ 104.31(a)		193,325
	92,000	Teleflex, Inc., 4.63%, 11/15/27, Callable 11/15/22 @ 102.31		86,940

				1,263,860

Health Care Providers & Services (1.3%):
	262,000	Centene Corp., 4.75%, 1/15/25, Callable 1/15/20 @ 103.56		260,690
	500,000	Cigna Corp., 3.05%, 10/15/27, Callable 7/15/27 @ 100.00		450,976
	125,000	Community Health Systems, Inc., 6.25%, 3/31/23, Callable 3/31/20 @ 103.13		114,531
	94,000	Community Health Systems, Inc., 8.63%, 1/15/24, Callable 1/15/21 @ 104.31(a)		94,235
	117,000	DaVita Healthcare Partners, Inc., 5.00%, 5/1/25, Callable 5/1/20 @ 102.50		110,126
	1,000,000	Fresenius Medical Care US Finance II, Inc., 6.50%, 9/15/18(a)		1,006,606
	456,000	HCA, Inc., 6.50%, 2/15/20		473,385
	194,000	HCA, Inc., 5.25%, 4/15/25, Callable 0 @ —		194,000
	850,000	Kaiser Foundation Hospitals, 3.15%, 5/1/27, Callable 2/1/27 @ 100.00		814,032
	70,000	Molina Healthcare, Inc., 5.38%, 11/15/22, Callable 8/15/22 @ 100.00		70,438
	26,000	Tenet Healthcare Corp., 4.50%, 4/1/21		25,740
	206,000	Tenet Healthcare Corp., 4.63%, 7/15/24, Callable 7/15/20 @ 102.31(a)		195,123


Principal Amount			Fair Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$	107,000	WellCare Health Plans, 5.25%, 4/1/25, Callable 4/1/20 @ 103.94	$	106,465
	500,000	WellPoint, Inc., 3.50%, 8/15/24, Callable 5/15/24 @ 100.00		487,271

				4,403,618

Health Care Technology (0.1%):
	99,000	Change Health/ Finance, Inc., 5.75%, 3/1/25, Callable 3/1/20 @ 102.88(a)		93,664
	200,000	IMS Health, Inc., 5.00%, 10/15/26, Callable 10/15/21 @ 102.50(a)		194,750

				288,414

Hotels, Restaurants & Leisure (0.0%):
	100,000	MGM Growth/MGM Finance, 5.63%, 5/1/24, Callable 2/1/24 @ 100.00		101,250

Household Products (0.1%):
	23,000	Central Garden & Pet Co., 6.13%, 11/15/23, Callable 11/15/18 @ 104.59		23,776
	158,000	Central Garden & Pet Co., 5.13%, 2/1/28, Callable 1/1/23 @ 102.56		146,150
	100,000	Spectrum Brands, Inc., 5.75%, 7/15/25, Callable 7/15/20 @ 102.88		98,750

				268,676

Industrial Conglomerates (0.1%):
	273,000	General Electric Capital Corp., 5.88%, 1/14/38		309,778

Insurance (0.6%):
	1,600,000	Farmers Exchange Capital III, 5.45%(US0003M+345bps), 10/15/54, Callable 10/15/34 @ 100.00(a)		1,612,187
	605,000	Protective Life Global, 2.70%, 11/25/20(a)		596,901

				2,209,088

IT Services (0.0%):
	163,000	First Data Corp., 5.00%, 1/15/24, Callable 1/15/19 @ 102.50(a)		161,778

Media (0.5%):
	200,000	Altice US Finance I Corp., 5.38%, 7/15/23, Callable 7/16/18 @ 104.03(a)		199,000
	196,000	CCO Holdings LLC/Capital Corp., 5.13%, 5/1/27, Callable 5/1/22 @ 102.56(a)		183,383
	151,000	CCO Holdings LLC/Capital Corp., 5.00%, 2/1/28, Callable 8/1/22 @ 102.50(a)		138,165
	200,000	Charter Communications Operating LLC, 3.75%, 2/15/28, Callable 11/15/27 @ 100.00		181,132
	500,000	Charter Communications Operating LLC, 6.48%, 10/23/45, Callable 4/23/45 @ 100.00		527,017
	175,000	CSC Holdings, Inc., 8.63%, 2/15/19		180,031
	200,000	Dish DBS Corp., 5.88%, 7/15/22		188,000

				1,596,728

Oil, Gas & Consumable Fuels (1.1%):
	350,000	Anadarko Petroleum Corp., 4.50%, 7/15/44, Callable 1/15/44 @ 100.00		325,936
	100,000	Antero Resources Corp., 5.13%, 12/1/22, Callable 8/3/18 @ 102.56		100,250


Principal Amount			Fair Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	300,000	Boardwalk Pipeline Partners LP, 4.95%, 12/15/24, Callable 9/15/24 @ 100.00	$	305,417
	35,000	Cheniere Corpus Christi Holdings LLC, 5.13%, 6/30/27, Callable 1/1/27 @ 100.00		34,694
	50,000	CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25, Callable 10/15/20 @ 104.22(a)		48,250
	106,000	Diamondback Energy, Inc., 4.75%, 11/1/24, Callable 11/1/19 @ 103.56		103,350
	100,000	Endeavor Energy Resources LP, 5.75%, 1/30/28, Callable 1/30/23 @ 102.88(a)		97,500
	120,000	Energy Transfer Equity LP, 5.50%, 6/1/27, Callable 3/1/27 @ 100.00		120,000
	700,000	Energy Transfer Partners LP, 5.95%, 10/1/43, Callable 4/1/43 @ 100.00		684,367
	400,000	Kinder Morgan Energy Partners LP, 5.80%, 3/15/35		408,744
	275,000	Noble Energy, Inc., 5.05%, 11/15/44, Callable 5/15/44 @ 100.00		274,825
	70,000	Parsley Energy LLC/Finan, 5.38%, 1/15/25, Callable 1/15/20 @ 104.03(a)		69,475
	100,000	Parsley Energy LLC/Parsley Finance Corp., 5.63%, 10/15/27, Callable 10/15/22 @ 102.81(a)		99,250
	300,000	Plains All American Pipeline LP, 4.65%, 10/15/25, Callable 7/15/25 @ 100.00		298,959
	430,000	Rockies Express Pipeline LLC, 6.85%, 7/15/18(a)		430,343
	350,000	Williams Partners LP, 6.30%, 4/15/40		391,018
	50,000	WPX Energy, Inc., 5.75%, 6/1/26, Callable 6/1/21 @ 104.31		49,860

				3,842,238

Personal Products (0.1%):
	89,000	First Quality Finance Co., 4.63%, 5/15/21, Callable 8/3/18 @ 101.16(a)		86,775
	126,000	First Quality Finance Co., 5.00%, 7/1/25, Callable 7/1/20 @ 103.75(a)		115,290

				202,065

Pharmaceuticals (0.5%):
	705,000	Bayer US Finance II LLC, 4.38%, 12/15/28, Callable 9/15/28 @ 100.00(a)		706,340
	500,000	Bayer US Finance LLC, 2.38%, 10/8/19(a)		495,740
	375,000	Teva Pharmaceutical Finance IV LLC, 2.25%, 3/18/20^		361,475
	45,000	Valeant Pharmaceuticals International, 9.25%, 4/1/26, Callable 4/1/22 @ 104.63(a)		46,744

				1,610,299

Road & Rail (0.1%):
	350,000	Union Pacific Corp., 3.95%, 9/10/28, Callable 6/10/28 @ 100.00		351,671

Semiconductors & Semiconductor Equipment (0.2%):
	730,000	Broadcom CRP / Cayman Finance, 2.38%, 1/15/20		720,488

Technology Hardware, Storage & Peripherals (0.5%):
	920,000	Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100.00		991,117
	700,000	Dell International LLC, 3.48%, 6/1/19(a)		701,762

				1,692,879


Principal Amount			Fair Value
Corporate Bonds, continued
Tobacco (0.2%):
$	735,000	BAT Capital Corp., 2.76%, 8/15/22, Callable 7/15/22 @ 100.00(a)	$	704,788

Trading Companies & Distributors (0.4%):
	545,000	Air Lease Corp., 4.75%, 3/1/20		556,535
	800,000	International Lease Finance Corp., 7.13%, 9/1/18(a)		805,219

				1,361,754

Wireless Telecommunication Services (0.5%):
	323,000	Sprint Communications, Inc., 9.00%, 11/15/18(a)		329,460
	63,000	Sprint Communications, Inc., 6.88%, 11/15/28		60,323
	31,000	Sprint Corp., 7.63%, 3/1/26, Callable 11/1/25 @ 100.00		31,620
	447,688	Sprint Spectrum Co. LLC, 3.36%, 3/20/23(a)		442,651
	715,000	Sprint Spectrum Co. LLC, 4.74%, 3/20/25(a)		709,494

				1,573,548

	Total Corporate Bonds (Cost $92,056,556)			90,275,681

Yankee Dollars (3.2%):
Banks (1.0%):
	700,000	Cooperatieve Rabobank UA, 3.13%, 4/26/21		697,318
	525,000	Lloyds Bank plc, 3.30%, 5/7/21		524,068
	365,000	Lloyds Banking Group plc, 2.91%(US0003M+81bps), 11/7/23, Callable 11/7/22 @ 100.00		347,647
	635,000	Santander UK Group Holdings plc, 2.88%, 10/16/20		625,835
	500,000	Santander UK Group Holdings plc, 2.88%, 8/5/21		484,351
	625,000	Santander UK plc, 3.40%, 6/1/21		624,639

				3,303,858

Beverages (0.0%):
	175,000	Bacardi, Ltd., 5.30%, 5/15/48, Callable 11/15/47 @ 100.00(a)		165,853

Biotechnology (0.2%):
	600,000	Shire Acq INV Ireland DA, 1.90%, 9/23/19		590,572

Capital Markets (0.2%):
	610,000	Credit Suisse GP Funding, 3.13%, 12/10/20		605,583

Containers & Packaging (0.0%):
	185,000	OI European Group BV, 4.00%, 3/15/23, Callable 12/15/22 @ 100.00(a)		172,513

Diversified Telecommunication Services (0.2%):
	190,000	Intelsat Jackson Holdings SA, 9.75%, 7/15/25, Callable 7/15/21 @ 104.88(a)		200,450
	400,000	Virgin Media Secured Finance plc, 5.25%, 1/15/26, Callable 1/15/20 @ 102.63(a)		370,000

				570,450

Food & Staples Retailing (0.1%):
	475,000	Alimentation Couche-Tard, Inc., 3.55%, 7/26/27, Callable 4/26/27 @ 100.00(a)		450,278

Food Products (0.2%):
	700,000	Mondelez International Hldings Ne, 2.00%, 10/28/21, Callable 9/28/21 @ 100.00(a)		667,841

Hotels, Restaurants & Leisure (0.1%):
	255,000	1011778 BC ULC New Red Finance, Inc., 4.25%, 5/15/24, Callable 5/15/20 @ 102.13(a)		241,613


Principal Amount			Fair Value
Yankee Dollars, continued
Industrial Conglomerates (0.4%):
$	1,441,000	GE Capital International Funding, 4.42%, 11/15/35	$	1,396,012
	465,000	Siemens Financieringsmat, 1.70%, 9/15/21(a)		443,134

				1,839,146

Oil, Gas & Consumable Fuels (0.1%):
	350,000	Shell International Finance BV, 4.38%, 5/11/45		358,709

Pharmaceuticals (0.2%):
	628,000	Actavis Funding SCS, 4.55%, 3/15/35, Callable 9/15/34 @ 100.00		594,184
	78,000	Valeant Pharmaceuticals International, Inc., 5.50%, 11/1/25, Callable 11/1/20 @ 102.75(a)		76,869
	111,000	VRX Escrow Corp., 5.88%, 5/15/23, Callable 8/3/18 @ 102.94(a)		104,271
	200,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 4/15/20 @ 103.06(a)		184,250

				959,574

Professional Services (0.1%):
	121,000	IHS Markit, Ltd., 5.00%, 11/1/22, Callable 8/1/22 @ 100.00(a)		122,059
	104,000	IHS Markit, Ltd., 4.00%, 3/1/26, Callable 12/1/25 @ 100.00(a)		99,190

				221,249

Semiconductors & Semiconductor Equipment (0.1%):
	200,000	NXP BV/NXP Funding LLC, 4.13%, 6/1/21(a)		199,500

Trading Companies & Distributors (0.2%):
	530,000	Aercap Ireland Capital, Ltd., 4.50%, 5/15/21		540,004

Wireless Telecommunication Services (0.1%):
	350,000	Vodafone Group plc, 4.38%, 5/30/28		345,840

	Total Yankee Dollars (Cost $11,460,031)			11,232,583

Foreign Bonds (1.2%):
Sovereign Bond (1.2%):
	270,000,000	Japan Treasury Discount Bill, Series 748, 7/2/18+		2,439,025
	180,000,000	Japan Treasury Discount Bill, Series 755, 8/6/18+		1,626,208

	Total Foreign Bonds (Cost $4,161,475)			4,065,233

Municipal Bonds (1.5%):
California (0.6%):
	615,000	The Regents of the University of California, Build America Bonds, General Revenue Bonds, 6.27%, 5/15/31, Pre-refunded 5/15/19 @100		635,541
	700,000	Los Angeles Unified School District, Build America Bonds, GO, 5.76%, 7/1/29		819,336
	800,000	California State, Build America Bonds, GO, 7.95%, 3/1/36, Continuously Callable @100		862,944

				2,317,821

New York (0.9%):
	1,125,000	New York NY, Build America Bonds, GO, 5.05%, 10/1/24		1,204,650
	775,000	New York City Transitional Finance Authority Future Tax Secured Revenue, 3.28%, 8/1/29, Continuously Callable @100		737,289
	750,000	New York City Municipal Finance Authority Water & Sewer System Revenue, Build America Bonds, 5.95%, 6/15/42		975,615

				2,917,554

	Total Municipal Bonds (Cost $5,348,657)			5,235,375


Principal Amount			Fair Value
U.S. Government Agency Mortgages (29.5%):
Federal Home Loan Mortgage Corporation (14.2%)
$	219,965	Class A, Series KF34, 2.36%(US0001M+36bps), 8/25/24	$	220,557
	603,553	3.00%, 3/1/31, Pool #G18592		599,593
	1,754,023	2.50%, 12/1/31, Pool #G18622		1,705,765
	1,923,403	3.50%, 4/1/44, Pool #G07848		1,929,948
	2,775,515	3.50%, 4/1/45, Pool #G60023		2,784,980
	2,553,260	4.00%, 12/1/45, Pool #G60344		2,625,207
	2,598,807	3.00%, 6/1/46, Pool #G08710		2,519,587
	2,515,994	3.50%, 6/1/46, Pool #G08711		2,509,833
	1,680,612	3.50%, 8/1/46, Pool #G08716		1,676,150
	1,283,291	3.00%, 8/1/46, Pool #G08715		1,244,171
	671,592	3.50%, 9/1/46, Pool #G08722		669,531
	343,988	3.00%, 9/1/46, Pool #G08721		333,502
	1,712,810	3.00%, 10/1/46, Pool #G08726		1,660,332
	1,852,247	3.00%, 11/1/46, Pool #G08732		1,795,209
	2,114,377	3.00%, 1/1/47, Pool #G08741		2,047,871
	1,574,131	3.50%, 4/1/47, Pool #G67703		1,572,062
	3,415,000	3.50%, 7/15/47, TBA		3,397,074
	2,106,587	3.50%, 12/1/47, Pool #G67706		2,103,818
	630,128	3.00%, 12/1/47, Pool #G08791		610,322
	1,252,042	3.50%, 12/1/47, Pool #G08792		1,246,297
	3,434,937	3.50%, 1/1/48, Pool #G67707		3,437,344
	3,915,623	3.50%, 3/1/48, Pool #G67708		3,907,439
	2,159,509	4.00%, 3/1/48, Pool #G67711		2,216,177
	1,168,183	3.50%, 3/1/48, Pool #G67710		1,164,293
	561,477	4.00%, 6/1/48, Pool #G67713		575,277
	3,150,000	4.50%, 7/15/48, TBA		3,277,618
	1,206,229	Class HZ, Series 4639, 1.75%, 4/15/53		1,095,096

				48,925,053

Federal National Mortgage Association (10.0%)
	938,259	3.43%, 10/1/20, Pool #466386		947,436
	1,271,304	3.42%, 10/1/20, Pool #FN0009		1,276,755
	1,280,075	3.67%, 10/1/20, Pool #AE0918		1,298,759
	2,037,273	3.76%, 12/1/20, Pool #FN0001		2,072,946
	1,245,000	3.06%, 5/1/22, Pool #471258		1,244,782
	751,982	2.51%, 8/1/26, Pool #AN2270		714,679
	1,358,532	2.97%, 5/1/27, Pool #AL6829		1,324,900
	699,356	3.53%, 12/1/30, Pool #AN0475		700,565
	725,000	3.17%, 5/1/31, Pool #AN6553		694,830
	1,089,623	3.50%, 1/1/32, Pool #AB4262		1,105,882
	2,380,000	3.00%, 7/25/33, TBA		2,366,028
	666,506	3.00%, 10/1/33, Pool #MA1676		662,970
	1,407,273	3.50%, 4/1/43, Pool #MA1404		1,406,607
	918,400	4.50%, 2/1/46, Pool #AL9106		961,192
	1,046,432	4.00%, 6/1/47, Pool #MA3027		1,068,031
	1,038,666	4.00%, 6/1/47, Pool #AS9830		1,060,858
	902,390	4.00%, 7/1/47, Pool #AS9972		921,717
	5,805,000	4.50%, 7/25/47, TBA		6,044,505
	1,072,717	4.00%, 8/1/47, Pool #MA3088		1,094,972
	1,062,013	4.00%, 1/1/48, Pool #MA3239		1,084,874
	3,554,020	3.50%, 4/1/48, Pool #MA3332		3,541,952
	1,785,000	4.00%, 7/25/48, TBA		1,819,811
	1,830,000	3.00%, 7/25/48, TBA		1,772,741
	145,000	3.50%, 7/25/48, TBA		144,318

				35,332,110


Shares or Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association (5.3%)
$	1,050,825	3.50%, 3/20/46, Pool #MA3521	$	1,057,187
	1,094,307	3.50%, 4/20/46, Pool #MA3597		1,100,596
	212,828	3.50%, 5/20/46, Pool #MA3663		214,018
	442,868	3.50%, 9/20/46, Pool #MA3937		445,073
	2,314,382	3.00%, 12/20/46, Pool #MA4126		2,269,388
	1,823,867	3.50%, 1/20/47, Pool #MA4196		1,832,540
	333,489	5.00%, 3/20/47, Pool #MA4324		352,566
	879,866	5.00%, 6/20/47, Pool #MA4513		926,218
	408,717	3.50%, 6/20/47, Pool #MA4510		410,661
	674,820	5.00%, 9/20/47, Pool #MA4722		708,914
	878,009	4.00%, 11/20/47, Pool #MA4838		900,692
	1,745,000	3.50%, 7/20/48, TBA		1,751,714
	1,780,000	3.00%, 7/20/48, TBA		1,741,445
	3,735,000	4.50%, 7/20/48, TBA		3,882,098
	870,000	4.00%, 7/20/48, TBA		891,682

				18,484,792

	Total U.S. Government Agency Mortgages (Cost $105,015,698)			102,741,955

U.S. Treasury Obligations (30.5%):
U.S. Treasury Bills (2.1%)
	332,000	1.84%, 9/13/18(c)		330,734
	1,545,000	1.90%, 10/11/18		1,536,640
	4,412,000	1.91%, 10/18/18		4,386,355
	1,048,000	2.03%, 10/25/18		1,041,505

				7,295,234

U.S. Treasury Bonds (6.3%)
	21,290,000	3.13%, 5/15/48		21,881,297

U.S. Treasury Inflation Index Bonds (0.3%)
	860,000	1.00%, 2/15/48		903,119

U.S. Treasury Notes (21.8%)
	10,090,000	2.50%, 5/31/20		10,085,270
	23,895,000	2.75%, 4/30/23		23,918,335
	27,300,000	2.63%, 6/30/23		27,166,699
	9,115,000	2.75%, 2/15/28		9,037,024
	5,755,000	2.88%, 5/15/28		5,766,465

				75,973,793

	Total U.S. Treasury Obligations (Cost $105,147,020)			106,053,443

Securities Held as Collateral for Securities on Loan (0.1%):
	371,000	AZL MetWest Total Return Bond Fund Securities Lending Collateral Account(d)		371,000

	Total Securities Held as Collateral for Securities on Loan (Cost $371,000)			371,000

Unaffiliated Investment Company (9.8%):
	33,996,377	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 1.68%(e)		33,996,377

	Total Unaffiliated Investment Company (Cost $33,996,377)			33,996,377

	Total Investment Securities (Cost $406,866,238) — 116.2%(f)			404,366,830
	Net other assets (liabilities) — (16.2)%			(56,293,591	)

	Net Assets — 100.0%		$	348,073,239

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investment securities, at cost	$	406,866,238

Investment securities, at value^*	$	404,366,830
Cash		4,906
Interest and dividends receivable		1,805,049
Unrealized appreciation on forward currency contracts		109,863
Receivable for capital shares issued		12,789
Receivable for investments sold		775,757
Receivable for variation margin on futures contracts		2,468
Prepaid expenses		2,126

Total Assets		407,079,788

Liabilities:
Payable for investments purchased		57,828,765
Payable for capital shares redeemed		548,530
Payable for collateral received on loaned securities		371,000
Payable for variation margin on futures contracts		10,359
Manager fees payable		157,853
Administration fees payable		7,675
Distribution fees payable		71,751
Custodian fees payable		956
Administrative and compliance services fees payable		353
Transfer agent fees payable		384
Trustee fees payable		1,587
Other accrued liabilities		7,336

Total Liabilities		59,006,549

Net Assets	$	348,073,239

Net Assets Consist of:
Capital	$	345,537,727
Accumulated net investment income/(loss)		10,673,348
Accumulated net realized gains/(losses) from investment transactions		(5,863,858	)
Net unrealized appreciation/(depreciation) on investments		(2,273,978	)

Net Assets	$	348,073,239

Shares of beneficial interest (unlimited number of shares authorized, no par value)		34,665,031
Net Asset Value (offering and redemption price per share)	$	10.04

*	Includes securities on loan of $357,619.

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Interest	$	5,253,527
Dividends		73,543
Income from securities lending		2,132

Total Investment Income		5,329,202

Expenses:
Manager fees		1,058,574
Administration fees		67,962
Distribution fees		441,070
Custodian fees		5,845
Administrative and compliance services fees		2,237
Transfer agent fees		2,299
Trustee fees		7,344
Professional fees		7,390
Shareholder reports		1,877
Other expenses		2,800

Total expenses before reductions		1,597,398
Less expenses voluntarily waived/reimbursed by the Manager		(88,217	)

Net expenses		1,509,181

Net Investment Income/(Loss)		3,820,021

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions and foreign currencies		(3,845,228	)
Net realized gains/(losses) on forward currency contracts		(578,924	)
Net realized gains/(losses) on futures contracts		(762,972	)
Change in net unrealized appreciation/depreciation on investments and foreign currencies		(4,548,054	)
Change in net unrealized appreciation/depreciation on forward currency contracts		18,698
Change in net unrealized appreciation/depreciation on futures contracts		155,026

Net Realized/Unrealized Gains/(Losses) on Investments		(9,561,454	)

Change in Net Assets Resulting From Operations	$	(5,741,433	)

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

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2018 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $1 million for the period ended June 30, 2018.

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 $210 during the period ended June 30, 2018. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The fund had securities lending transactions of $371,000 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2018.

During the period ended June 30, 2018, the Fund entered into forward currency contracts in connections 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. For the period ended June 30, 2018, the monthly average notional amount for long contracts was $6 million and the monthly average notional amount for short contracts was $6 million. Realized gains and losses are reported as “Net realized gains/(losses) on forward currency contracts” on the Statement of Operations.

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 monthly average notional amount for long contracts was $55.3 million and the monthly average notional amount for short contracts was $8.2 million for the period ended June 30, 2018. 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, 2018:

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, 2018:

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, 2018. 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, 2018.

As of June 30, 2018, 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, 2018:

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, 2019.

For the period ended June 30, 2018, 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 period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2018, there were no contractual reimbursements subject to repayment by the Fund in subsequent years.

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 (“SEC” or the “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.”

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, 2018, $1,631 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

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, 2018, 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, 2018, purchases and sales of long-term U.S. government securities were as follows:

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $407,013,787. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

As of the latest tax year end, December 31, 2017, 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, 2018, the Fund had multiple shareholder accounts which are affiliated with the Investment Adviser representing ownership in excess of 80% of the Fund.

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 (96.9%):
Aerospace & Defense (1.0%):
	30,062	Curtiss-Wright Corp.	$	3,577,979
	17,641	Esterline Technologies Corp.*		1,301,906
	34,479	KLX, Inc.*		2,479,040
	24,270	Teledyne Technologies, Inc.*		4,831,186

				12,190,111

Airlines (0.3%):
	215,182	JetBlue Airways Corp.*		4,084,154

Auto Components (0.7%):
	99,612	Dana Holding Corp.		2,011,166
	60,469	Delphi Technologies plc		2,748,921
	185,172	Gentex Corp.		4,262,660

				9,022,747

Automobiles (0.3%):
	33,417	Thor Industries, Inc.^		3,254,482

Banks (7.8%):
	115,065	Associated Banc-Corp.		3,141,275
	55,645	BancorpSouth Bank^		1,833,503
	28,510	Bank of Hawaii Corp.^		2,378,304
	82,598	Bank of the Ozarks, Inc.^		3,720,214
	52,211	Cathay General Bancorp		2,114,023
	48,706	Chemical Financial Corp.^		2,711,463
	63,318	Commerce Bancshares, Inc.^		4,097,308
	39,397	Cullen/Frost Bankers, Inc.^		4,264,330
	98,289	East West Bancorp, Inc.		6,408,442
	218,373	F.N.B. Corp.^		2,930,566
	222,334	First Horizon National Corp.^		3,966,439
	118,395	Fulton Financial Corp.^		1,953,518
	58,215	Hancock Holding Co.		2,715,730
	106,596	Home Bancshares, Inc.^		2,404,806
	36,537	International Bancshares Corp.		1,563,784
	57,375	MB Financial, Inc.		2,679,413
	84,814	PacWest Bancorp		4,191,508
	50,452	Pinnacle Financial Partners, Inc.^		3,095,230
	47,581	Prosperity Bancshares, Inc.^		3,252,637
	36,488	Signature Bank*		4,666,084
	153,055	Sterling Bancorp^		3,596,793
	80,658	Synovus Financial Corp.		4,261,162
	115,288	TCF Financial Corp.		2,838,391
	33,833	Texas Capital Bancshares, Inc.*		3,095,720
	46,431	Trustmark Corp.^		1,515,044
	30,145	UMB Financial Corp.		2,297,953
	148,683	Umpqua Holdings Corp.		3,358,749
	71,870	United Bankshares, Inc.^		2,616,068
	178,759	Valley National Bancorp^		2,173,709
	62,671	Webster Financial Corp.^		3,992,143
	38,267	Wintrust Financial Corp.		3,331,142

				97,165,451

Beverages (0.1%):
	5,943	Boston Beer Co., Inc. (The), Class A*		1,781,117


Shares			Fair Value
Common Stocks, continued
Biotechnology (0.6%):
	190,945	Exelixis, Inc.*	$	4,109,137
	29,581	United Therapeutics Corp.*		3,347,090

				7,456,227

Building Products (0.4%):
	25,187	Lennox International, Inc.^		5,041,178

Capital Markets (2.9%):
	80,995	Eaton Vance Corp.		4,227,129
	27,816	Evercore Partners, Inc., Class A		2,933,197
	26,494	FactSet Research Systems, Inc.^		5,248,461
	64,036	Federated Investors, Inc., Class B^		1,493,320
	48,714	Interactive Brokers Group, Inc., Class A		3,137,669
	122,826	Janus Henderson Group plc^		3,774,443
	58,058	Legg Mason, Inc.		2,016,354
	25,533	MarketAxess Holdings, Inc.^		5,051,959
	89,067	SEI Investments Co.		5,568,469
	48,456	Stifel Financial Corp.		2,531,826

				35,982,827

Chemicals (2.7%):
	42,434	Ashland Global Holdings, Inc.		3,317,490
	41,676	Cabot Corp.		2,574,327
	120,873	Chemours Co. (The)		5,361,925
	23,890	Minerals Technologies, Inc.		1,800,112
	6,288	NewMarket Corp.^		2,543,496
	113,891	Olin Corp.		3,270,950
	54,563	PolyOne Corp.		2,358,213
	90,903	RPM International, Inc.^		5,301,463
	26,346	Scotts Miracle-Gro Co. (The)^		2,190,933
	29,086	Sensient Technologies Corp.^		2,081,103
	133,179	Valvoline, Inc.^		2,872,671

				33,672,683

Commercial Services & Supplies (1.5%):
	34,587	Brink’s Co. (The)		2,758,313
	34,670	Clean Harbors, Inc.*		1,925,919
	32,315	Deluxe Corp.^		2,139,576
	49,690	Healthcare Services Group, Inc.^		2,146,111
	40,197	Herman Miller, Inc.		1,362,678
	29,174	HNI Corp.		1,085,273
	23,334	MSA Safety, Inc.		2,247,998
	128,953	Pitney Bowes, Inc.		1,105,127
	65,478	Rollins, Inc.^		3,442,833

				18,213,828

Communications Equipment (1.3%):
	118,894	ARRIS International plc*		2,906,363
	97,331	Ciena Corp.*^		2,580,244
	23,793	InterDigital, Inc.		1,924,854
	42,725	Lumentum Holdings, Inc.*^		2,473,778
	54,147	NetScout Systems, Inc.*^		1,608,166
	22,752	Plantronics, Inc.		1,734,840
	36,930	ViaSat, Inc.*		2,427,040

				15,655,285


Shares			Fair Value
Common Stocks, continued
Construction & Engineering (1.2%):
	108,989	Aecom Technology Corp.*^	$	3,599,907
	21,031	Dycom Industries, Inc.*^		1,987,640
	39,832	EMCOR Group, Inc.		3,034,402
	30,881	Granite Construction, Inc.^		1,718,836
	94,610	KBR, Inc.		1,695,411
	15,304	Valmont Industries, Inc.		2,307,078

				14,343,274

Construction Materials (0.3%):
	32,788	Eagle Materials, Inc., Class A		3,441,756

Consumer Finance (0.5%):
	180,670	Navient Corp.		2,354,130
	295,661	SLM Corp.*		3,385,319

				5,739,449

Containers & Packaging (1.1%):
	42,324	AptarGroup, Inc.		3,952,216
	61,364	Bemis Co., Inc.		2,590,174
	17,679	Greif, Inc., Class A		935,042
	110,043	Owens-Illinois, Inc.*		1,849,823
	49,804	Silgan Holdings, Inc.		1,336,241
	67,785	Sonoco Products Co.		3,558,713

				14,222,209

Distributors (0.3%):
	27,494	Pool Corp.^		4,165,341

Diversified Consumer Services (0.8%):
	40,662	Adtalem Global Education, Inc.*		1,955,842
	3,008	Graham Holdings Co., Class B		1,762,989
	124,815	Service Corp. International^		4,467,129
	25,080	Sotheby’s*^		1,362,847

				9,548,807

Electric Utilities (1.2%):
	34,794	ALLETE, Inc.		2,693,404
	73,473	Hawaiian Electric Industries, Inc.		2,520,124
	33,975	IDA Corp., Inc.		3,133,854
	135,838	OGE Energy Corp.		4,782,855
	53,763	PNM Resources, Inc.		2,091,381

				15,221,618

Electrical Equipment (1.1%):
	27,816	Acuity Brands, Inc.^		3,223,040
	28,711	EnerSys		2,142,989
	37,255	Hubbell, Inc.		3,939,344
	110,289	nVent Electric plc*		2,768,254
	29,883	Regal-Beloit Corp.^		2,444,429

				14,518,056

Electronic Equipment, Instruments & Components (4.3%):
	59,156	Arrow Electronics, Inc.*		4,453,264
	79,966	Avnet, Inc.^		3,429,742
	27,649	Belden, Inc.^		1,689,907
	117,829	Cognex Corp.^		5,256,352
	16,957	Coherent, Inc.*^		2,652,414
	116,545	Jabil, Inc.		3,223,635


Shares			Fair Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	126,965	Keysight Technologies, Inc.*	$	7,494,743
	16,944	Littlelfuse, Inc.		3,866,282
	73,409	National Instruments Corp.		3,081,710
	19,738	SYNNEX Corp.		1,904,914
	23,836	Tech Data Corp.*		1,957,412
	169,395	Trimble Navigation, Ltd.*		5,562,931
	74,425	VeriFone Systems, Inc.*		1,698,379
	89,045	Vishay Intertechnology, Inc.		2,065,844
	36,272	Zebra Technologies Corp., Class A*		5,195,964

				53,533,493

Energy Equipment & Services (2.0%):
	52,958	Apergy Corp.*		2,210,997
	29,967	Core Laboratories NV		3,782,135
	43,734	Diamond Offshore Drilling, Inc.*^		912,291
	25,608	Dril-Quip, Inc.*^		1,316,251
	299,394	Ensco plc, Class A, ADR		2,173,600
	123,401	McDermott International, Inc.*^		2,424,830
	241,180	Nabors Industries, Ltd.^		1,545,964
	66,212	Oceaneering International, Inc.^		1,685,758
	149,661	Patterson-UTI Energy, Inc.		2,693,897
	78,539	Rowan Cos. plc, Class A*^		1,273,903
	103,773	Superior Energy Services, Inc.*		1,010,749
	298,122	Transocean, Ltd.*^		4,006,760

				25,037,135

Equity Real Estate Investment Trusts (8.8%):
	93,042	American Campus Communities, Inc.		3,989,641
	63,171	Camden Property Trust		5,756,772
	79,754	Corecivic, Inc.		1,905,323
	23,458	Coresite Realty Corp.		2,599,616
	68,343	Corporate Office Properties Trust^		1,981,264
	283,804	Cousins Properties, Inc.^		2,750,061
	67,388	Cyrusone, Inc.^		3,932,764
	64,031	DCT Industrial Trust, Inc.		4,272,789
	108,508	Douglas Emmett, Inc.		4,359,850
	52,049	Education Realty Trust, Inc.		2,160,034
	44,202	EPR Properties^		2,863,848
	85,441	First Industrial Realty Trust, Inc.		2,848,603
	83,675	Geo Group, Inc. (The)		2,304,410
	84,316	Healthcare Realty Trust, Inc.		2,451,909
	70,553	Highwoods Properties, Inc.		3,579,154
	111,651	Hospitality Properties Trust		3,194,335
	62,991	JBG SMITH Properties		2,297,282
	67,326	Kilroy Realty Corp.		5,092,538
	57,149	Lamar Advertising Co., Class A^		3,903,848
	75,064	LaSalle Hotel Properties		2,569,441
	100,664	Liberty Property Trust		4,462,434
	31,764	Life Storage, Inc.		3,090,955
	60,715	Mack-Cali Realty Corp.		1,231,300
	246,391	Medical Properties Trust, Inc.^		3,459,330
	103,812	National Retail Properties, Inc.^		4,563,575
	135,140	Omega Healthcare Investors, Inc.^		4,189,340
	41,250	Potlatch Corp.		2,097,563


Shares			Fair Value
Common Stocks, continued
Equity Real Estate Investment Trusts, continued
	63,276	Quality Care Properties*	$	1,361,067
	88,047	Rayonier, Inc.		3,406,538
	120,238	Sabra Health Care REIT, Inc.		2,612,772
	161,434	Senior Housing Properties Trust		2,920,341
	63,689	Tanger Factory Outlet Centers, Inc.^		1,496,055
	41,726	Taubman Centers, Inc.		2,451,820
	112,837	Uniti Group, Inc.^		2,260,125
	71,419	Urban Edge Properties		1,633,353
	80,623	Weingarten Realty Investors		2,483,995

				108,534,045

Food & Staples Retailing (0.5%):
	25,699	Casey’s General Stores, Inc.		2,700,451
	83,458	Sprouts Farmers Market, Inc.*^		1,841,918
	33,982	United Natural Foods, Inc.*^		1,449,672

				5,992,041

Food Products (2.1%):
	126,765	Flowers Foods, Inc.^		2,640,515
	70,071	Hain Celestial Group, Inc.*		2,088,116
	49,140	Ingredion, Inc.		5,439,798
	99,368	Lamb Weston Holding, Inc.		6,807,701
	13,135	Lancaster Colony Corp.^		1,818,147
	45,783	Post Holdings, Inc.*^		3,938,254
	13,549	Sanderson Farms, Inc.^		1,424,677
	13,249	Tootsie Roll Industries, Inc.^		408,732
	38,086	TreeHouse Foods, Inc.*^		1,999,896

				26,565,836

Gas Utilities (2.2%):
	75,278	Atmos Energy Corp.		6,785,559
	58,572	National Fuel Gas Co.^		3,101,973
	59,079	New Jersey Resources Corp.^		2,643,785
	35,768	ONE Gas, Inc.		2,673,300
	32,980	Southwest Gas Corp.^		2,515,385
	117,529	UGI Corp.		6,119,735
	35,057	WGL Holdings, Inc.		3,111,309

				26,951,046

Health Care Equipment & Supplies (3.8%):
	23,964	Cantel Medical Corp.		2,357,099
	49,767	Globus Medical, Inc., Class A*		2,511,243
	35,411	Haemonetics Corp.*		3,175,658
	32,260	Halyard Health, Inc.*		1,846,885
	45,093	Hill-Rom Holdings, Inc.		3,938,423
	10,348	ICU Medical, Inc.*		3,038,690
	47,945	Integra LifeSciences Holdings Corp.*^		3,088,137
	29,663	LivaNova plc*		2,960,961
	32,396	Masimo Corp.*		3,163,469
	34,559	NuVasive, Inc.*^		1,801,215
	57,568	STERIS plc		6,045,215
	30,948	Teleflex, Inc.		8,300,564
	49,892	West Pharmaceutical Services, Inc.^		4,953,777

				47,181,336


Shares			Fair Value
Common Stocks, continued
Health Care Providers & Services (2.3%):
	56,052	Acadia Healthcare Co., Inc.*^	$	2,293,087
	10,793	Chemed Corp.		3,473,295
	67,137	Encompass Health Corp.		4,546,518
	26,277	LifePoint Hospitals, Inc.*^		1,282,318
	64,219	MEDNAX, Inc.*		2,779,398
	32,363	Molina Healthcare, Inc.*^		3,169,632
	54,986	Patterson Cos., Inc.^		1,246,533
	55,531	Tenet Healthcare Corp.*^		1,864,176
	30,031	WellCare Health Plans, Inc.*		7,394,833

				28,049,790

Health Care Technology (0.4%):
	122,030	Allscripts Healthcare Solutions, Inc.*		1,464,360
	40,404	Medidata Solutions, Inc.*^		3,254,946

				4,719,306

Hotels, Restaurants & Leisure (3.6%):
	56,393	Boyd Gaming Corp.^		1,954,581
	29,583	Brinker International, Inc.^		1,408,151
	28,729	Cheesecake Factory, Inc. (The)^		1,581,819
	7,654	Churchill Downs, Inc.		2,269,411
	16,417	Cracker Barrel Old Country Store, Inc.^		2,564,500
	28,727	Domino’s Pizza, Inc.		8,105,897
	56,392	Dunkin’ Brands Group, Inc.^		3,894,995
	71,208	Ilg, Inc.		2,352,000
	16,300	International Speedway Corp., Class A		728,610
	19,472	Jack in the Box, Inc.		1,657,457
	15,778	Papa John’s International, Inc.		800,260
	36,438	Scientific Games Corp., Class A*		1,790,928
	53,059	Six Flags Entertainment Corp.^		3,716,783
	44,839	Texas Roadhouse, Inc.^		2,937,403
	121,200	Wendy’s Co. (The)^		2,082,216
	67,628	Wyndham Hotels & Resorts, Inc.		3,978,555
	67,628	Wyndham Worldwide Corp.		2,993,892

				44,817,458

Household Durables (1.4%):
	18,193	Helen of Troy, Ltd.*		1,791,101
	56,937	KB Home		1,550,964
	2,285	NVR, Inc.*		6,787,250
	31,144	Tempur Sealy International, Inc.*^		1,496,469
	96,412	Toll Brothers, Inc.		3,566,280
	103,995	TRI Pointe Homes, Inc.*^		1,701,358
	34,479	Tupperware Brands Corp.^		1,421,914

				18,315,336

Household Products (0.2%):
	40,249	Energizer Holdings, Inc.^		2,534,077

Industrial Conglomerates (0.4%):
	41,336	Carlisle Cos., Inc.^		4,477,102

Insurance (4.3%):
	10,379	Alleghany Corp.		5,967,614
	47,320	American Financial Group, Inc.		5,078,856
	40,124	Aspen Insurance Holdings, Ltd.		1,633,047


Shares			Fair Value
Common Stocks, continued
Insurance, continued
	156,103	Brown & Brown, Inc.	$	4,328,736
	111,881	CNO Financial Group, Inc.		2,130,214
	74,677	First American Financial Corp.		3,862,294
	335,615	Genworth Financial, Inc., Class A*		1,510,268
	29,008	Hanover Insurance Group, Inc. (The)		3,468,196
	32,977	Kemper Corp.^		2,494,710
	24,630	Mercury General Corp.^		1,122,143
	169,050	Old Republic International Corp.		3,365,786
	29,857	Primerica, Inc.		2,973,757
	43,834	Reinsurance Group of America, Inc.		5,850,962
	27,485	RenaissanceRe Holdings, Ltd.		3,306,995
	65,563	W.R. Berkley Corp.^		4,747,417

				51,840,995

Internet Software & Services (1.1%):
	49,241	Cars.com, Inc.*^		1,397,952
	163,736	Dropbox, Inc.*		5,187,410
	33,125	j2 Global, Inc.^		2,868,956
	35,357	LogMeIn, Inc.^		3,650,610

				13,104,928

IT Services (3.1%):
	52,192	Acxiom Corp.*		1,563,150
	61,804	Convergys Corp.		1,510,490
	55,622	CoreLogic, Inc.*		2,886,782
	52,418	Jack Henry & Associates, Inc.^		6,833,211
	96,909	Leidos Holdings, Inc.		5,717,631
	44,575	Maximus, Inc.		2,768,553
	97,595	Perspecta, Inc.		2,005,577
	171,864	Sabre Corp.		4,234,729
	28,844	Science Applications International Corp.		2,334,345
	82,279	Teradata Corp.*^		3,303,502
	27,194	WEX, Inc.*		5,179,913

				38,337,883

Leisure Products (0.7%):
	59,055	Brunswick Corp.		3,807,866
	39,886	Polaris Industries, Inc.^		4,873,272

				8,681,138

Life Sciences Tools & Services (1.3%):
	13,760	Bio-Rad Laboratories, Inc., Class A*		3,970,310
	25,511	Bio-Techne Corp.		3,774,352
	32,549	Charles River Laboratories International, Inc.*		3,653,951
	34,388	PRA Health Sciences, Inc.*		3,210,464
	37,999	Syneos Health, Inc.*^		1,782,153

				16,391,230

Machinery (4.8%):
	45,099	AGCO Corp.		2,738,411
	34,621	Crane Co.		2,774,181
	88,390	Donaldson Co., Inc.^		3,988,157
	114,296	Graco, Inc.^		5,168,465
	52,063	IDEX Corp.		7,105,557
	59,347	ITT, Inc.		3,102,068


Shares			Fair Value
Common Stocks, continued
Machinery, continued
	55,006	Kennametal, Inc.^	$	1,974,715
	42,005	Lincoln Electric Holdings, Inc.^		3,686,359
	34,721	Nordson Corp.		4,458,524
	50,336	OshKosh Corp.		3,539,628
	49,245	Terex Corp.		2,077,647
	46,225	Timken Co.		2,013,099
	72,304	Toro Co.		4,356,316
	101,721	Trinity Industries, Inc.		3,484,961
	58,207	Wabtec Corp.^		5,738,046
	37,659	Woodward, Inc.		2,894,471

				59,100,605

Marine (0.2%):
	36,671	Kirby Corp.*^		3,065,696

Media (1.5%):
	31,010	AMC Networks, Inc., Class A*^		1,928,822
	3,165	Cable One, Inc.^		2,320,863
	72,540	Cinemark Holdings, Inc.^		2,544,703
	30,689	John Wiley & Sons, Inc., Class A		1,914,994
	92,341	Live Nation, Inc.*^		4,485,001
	26,734	Meredith Corp.^		1,363,434
	86,313	New York Times Co. (The), Class A^		2,235,507
	145,509	Tegna, Inc.		1,578,773

				18,372,097

Metals & Mining (2.3%):
	84,753	Allegheny Technologies, Inc.*^		2,128,995
	31,642	Carpenter Technology Corp.^		1,663,420
	80,189	Commercial Metals Co.		1,692,790
	22,781	Compass Minerals International, Inc.^		1,497,851
	49,116	Reliance Steel & Aluminum Co.		4,299,615
	44,549	Royal Gold, Inc.		4,135,929
	160,235	Steel Dynamics, Inc.		7,362,798
	120,111	United States Steel Corp.		4,173,857
	29,493	Worthington Industries, Inc.		1,237,821

				28,193,076

Multiline Retail (0.4%):
	28,336	Big Lots, Inc.^		1,183,878
	13,471	Dillard’s, Inc., Class A^		1,273,010
	33,837	Ollie’s Bargain Outlet Holdings, Inc.*^		2,453,182

				4,910,070

Multi-Utilities (1.0%):
	36,749	Black Hills Corp.^		2,249,406
	133,102	MDU Resources Group, Inc.		3,817,365
	34,354	NorthWestern Corp.		1,966,767
	56,524	Vectren Corp.		4,038,640

				12,072,178

Oil, Gas & Consumable Fuels (3.1%):
	150,940	Callon Petroleum Co.*^		1,621,096
	620,894	Chesapeake Energy Corp.*^		3,253,485
	133,467	CNX Resources Corp.*		2,373,043
	66,314	Energen Corp.*		4,828,985


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	105,395	Gulfport Energy Corp.*	$	1,324,815
	69,743	Matador Resources Co.*^		2,095,777
	110,762	Murphy Oil Corp.^		3,740,433
	181,502	Oasis Petroleum, Inc.*		2,354,081
	76,227	PBF Energy, Inc., Class A		3,196,198
	162,470	QEP Resources, Inc.*		1,991,882
	154,208	Range Resources Corp.		2,579,900
	69,241	SM Energy Co.^		1,778,801
	344,661	Southwestern Energy Co.*^		1,826,703
	46,804	World Fuel Services Corp.		955,270
	271,866	WPX Energy, Inc.*		4,901,744

				38,822,213

Paper & Forest Products (0.4%):
	43,046	Domtar Corp.		2,055,016
	98,947	Louisiana-Pacific Corp.		2,693,337

				4,748,353

Personal Products (0.4%):
	36,395	Edgewell Personal Care Co.*^		1,836,492
	37,981	Nu Skin Enterprises, Inc., Class A		2,969,734

				4,806,226

Pharmaceuticals (0.6%):
	64,182	Akorn, Inc.*		1,064,779
	90,786	Catalent, Inc.*		3,803,025
	56,257	Mallinckrodt plc*^		1,049,756
	35,618	Prestige Brands Holdings, Inc.*^		1,367,019

				7,284,579

Professional Services (0.6%):
	25,225	Dun & Bradstreet Corp.		3,093,846
	44,618	Manpower, Inc.		3,839,825

				6,933,671

Real Estate Management & Development (0.5%):
	45,614	Alexander & Baldwin, Inc.		1,071,929
	30,918	Jones Lang LaSalle, Inc.		5,132,079

				6,204,008

Road & Rail (1.8%):
	48,910	Avis Budget Group, Inc.*	$	1,589,575
	40,878	Genesee & Wyoming, Inc., Class A*		3,324,199
	87,435	Knight-Swift Transportation Holdings, Inc.^		3,340,891
	28,340	Landstar System, Inc.		3,094,728
	46,343	Old Dominion Freight Line, Inc.		6,903,253
	36,253	Ryder System, Inc.		2,605,141
	30,025	Werner Enterprises, Inc.^		1,127,439

				21,985,226

Semiconductors & Semiconductor Equipment (2.6%):
	41,731	Cirrus Logic, Inc.*^		1,599,549
	68,263	Cree, Inc.*^		2,837,693
	243,644	Cypress Semiconductor Corp.		3,795,974
	55,643	First Solar, Inc.*^		2,930,160
	87,888	Integrated Device Technology, Inc.*^		2,801,869
	37,135	MKS Instruments, Inc.		3,553,820


Shares			Fair Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	26,405	Monolithic Power Systems, Inc.^	$	3,529,556
	29,362	Silicon Laboratories, Inc.*		2,924,455
	23,597	Synaptics, Inc.*^		1,188,581
	130,010	Teradyne, Inc.^		4,949,481
	73,485	Versum Materials, Inc.		2,729,968

				32,841,106

Software (3.4%):
	79,598	ACI Worldwide, Inc.*^		1,963,683
	32,933	Blackbaud, Inc.^		3,373,986
	84,028	CDK Global, Inc.		5,466,021
	28,736	CommVault Systems, Inc.*		1,892,266
	20,286	Fair Isaac Corp.*		3,921,690
	98,117	Fortinet, Inc.*		6,125,444
	45,836	Manhattan Associates, Inc.*^		2,154,750
	78,429	PTC, Inc.*		7,357,425
	24,144	Tyler Technologies, Inc.*		5,362,382
	19,739	Ultimate Software Group, Inc. (The)*^		5,079,042

				42,696,689

Specialty Retail (2.1%):
	42,440	Aaron’s, Inc.^		1,844,018
	113,617	American Eagle Outfitters, Inc.^		2,641,595
	40,248	AutoNation, Inc.*^		1,955,248
	96,031	Bed Bath & Beyond, Inc.^		1,913,418
	52,913	Dick’s Sporting Goods, Inc.^		1,865,183
	37,720	Five Below, Inc.*^		3,685,621
	74,582	Michaels Cos., Inc. (The)*^		1,429,737
	21,237	Murphy U.S.A., Inc.*^		1,577,697
	84,409	Sally Beauty Holdings, Inc.*^		1,353,076
	40,085	Signet Jewelers, Ltd.^		2,234,739
	54,787	Urban Outfitters, Inc.*		2,440,761
	52,223	Williams-Sonoma, Inc.^		3,205,448

				26,146,541

Technology Hardware, Storage & Peripherals (0.2%):
	79,838	NCR Corp.*^		2,393,543

Textiles, Apparel & Luxury Goods (0.7%):
	31,919	Carter’s, Inc.		3,459,700
	20,671	Deckers Outdoor Corp.*		2,333,549
	92,769	Skechers U.S.A., Inc., Class A*		2,783,998

				8,577,247

Thrifts & Mortgage Finance (0.5%):
	5,345	LendingTree, Inc.*^	$	1,142,761
	333,880	New York Community Bancorp, Inc.^		3,686,036
	58,262	Washington Federal, Inc.		1,905,167

				6,733,964

Trading Companies & Distributors (0.8%):
	25,622	GATX Corp.^		1,901,921
	31,138	MSC Industrial Direct Co., Inc., Class A		2,642,059
	72,613	NOW, Inc.*^		967,931
	21,774	Watsco, Inc.^		3,881,869

				9,393,780


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Common Stocks, continued
Water Utilities (0.3%):
	121,030	Aqua America, Inc.^	$	4,257,835

Wireless Telecommunication Services (0.1%):
	63,737	Telephone & Data Systems, Inc.		1,747,669

	Total Common Stocks (Cost $954,052,631)			1,201,071,147

Private Placements (1.2%):
Internet & Direct Marketing Retail (0.9%):
	76,914	Airbnb, Inc., Series D, 0.00%(a)(b)		11,715,541

Internet Software & Services (0.1%):
	116,948	SurveyMonkey, 0.00%*(a)(b)		939,092

Software (0.2%):
	229,712	Palantir Technologies, Inc., Series G, 0.00%*(a)(b)		1,327,736
	67,672	Palantir Technologies, Inc., Series H, 0.00%(a)(b)		391,144
	67,672	Palantir Technologies, Inc., Series H1, 0.00%(a)(b)		391,144

				2,110,024

	Total Private Placements (Cost $6,233,173)			14,764,657


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Securities Held as Collateral for Securities on Loan (27.3%):
$	338,154,566	AZL Mid Cap Index Fund Securities Lending Collateral Account(c)	$	338,154,566

	Total Securities Held as Collateral for Securities on Loan (Cost $338,154,566)			338,154,566

Unaffiliated Investment Company (1.6%):
	19,733,018	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 1.68%(d)		19,733,018

	Total Unaffiliated Investment Company (Cost $19,733,018)			19,733,018

	Total Investment Securities (Cost $1,318,173,388) — 127.0%(e)			1,573,723,388
	Net other assets (liabilities) — (27.0)%			(334,098,464	)

	Net Assets — 100.0%		$	1,239,624,924


	Percentages indicated are based on net assets as of June 30, 2018.

ADR—American Depositary Receipt

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of June 30, 2018. The total value of securities on loan as of June 30, 2018, was $330,216,683.

Cash of $834,000 has been segregated to cover margin requirements for the following open contracts as of June 30, 2018:

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investment securities, at cost	$	1,318,173,388

Investment securities, at value*	$	1,573,723,388
Segregated cash for collateral		834,000
Interest and dividends receivable		1,260,438
Receivable for investments sold		7,744,784
Receivable for variation margin on futures contracts		22,000
Reclaims receivable		8,248
Prepaid expenses		7,212

Total Assets		1,583,600,070

Liabilities:
Payable for investments purchased		4,109,972
Payable for capital shares redeemed		713,780
Payable for collateral received on loaned securities		338,154,566
Payable for variation margin on futures contracts		4,405
Manager fees payable		260,602
Administration fees payable		29,325
Distribution fees payable		249,105
Custodian fees payable		13,433
Administrative and compliance services fees payable		7,507
Transfer agent fees payable		4,121
Trustee fees payable		33,074
Other accrued liabilities		395,256

Total Liabilities		343,975,146

Net Assets	$	1,239,624,924

Net Assets Consist of:
Capital	$	814,362,855
Accumulated net investment income/(loss)		19,659,307
Accumulated net realized gains/(losses) from investment transactions		150,510,905
Net unrealized appreciation/(depreciation) on investments		255,091,857

Net Assets	$	1,239,624,924

Class 1
Net Assets	$	54,903,140
Shares of beneficial interest (unlimited number of shares authorized, no par value)		4,703,914
Net Asset Value (offering and redemption price per share)	$	11.67

Class 2
Net Assets	$	1,184,721,784
Shares of beneficial interest (unlimited number of shares authorized, no par value)		48,762,524
Net Asset Value (offering and redemption price per share)	$	24.30

*	Includes securities on loan of $330,216,683.

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Dividends	$	9,974,665
Interest		1,933
Income from securities lending		514,406
Foreign withholding tax		(5,009	)

Total Investment Income		10,485,995

Expenses:
Manager fees		1,560,148
Administration fees		161,669
Distribution fees — Class 2		1,491,793
Custodian fees		17,505
Administrative and compliance services fees		9,092
Transfer agent fees		5,495
Trustee fees		29,743
Professional fees		30,455
Shareholder reports		15,907
Other expenses		131,563

Total expenses		3,453,370

Net Investment Income/(Loss)		7,032,625

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		57,730,089
Net realized gains/(losses) on futures contracts		427,373
Change in net unrealized appreciation/depreciation on investments		(20,388,936	)
Change in net unrealized appreciation/depreciation on futures contracts		(412,765	)

Net Realized/Unrealized Gains/(Losses) on Investments		37,355,761

Change in Net Assets Resulting From Operations	$	44,388,386

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

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.

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 $50,845 during the period ended June 30, 2018. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The fund had securities lending transactions of $338,154,566 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2018.

During the period ended June 30, 2018, 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 monthly average notional amount for these contracts was $23.8 million for the period ended June 30, 2018. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Statement of Operations.