Penn Series Funds, Inc.

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


	Par (000)		Value†
COMMERCIAL PAPER — 78.3%
Banks — 6.4%
PNC Bank, N.A.
0.230%, 05/04/15	$	1,850	$	1,849,610
0.250%, 06/08/15		800		799,622
0.400%, 09/10/15		2,000		1,996,400
Societe Generale, NY Yankee
0.300%, 05/04/15		742		741,796
0.330%, 07/02/15		2,000		1,998,313

				7,385,741

Beverages — 1.2%
Coca-Cola Co. 0.180%, 05/07/15		1,350		1,349,757

Diversified Financial Services — 15.6%
AXA Financial
0.230%, 05/01/15		1,500		1,499,712
0.240%, 05/01/15		4,000		3,999,200
0.250%, 05/04/15		700		699,840
ING (U.S.) Funding LLC 0.240%, 06/03/15		700		699,706
John Deere Capital Corp. 0.120%, 05/12/15		600		599,918
Ontario Province Canada
0.060%, 04/06/15		850		849,993
0.050%, 04/07/15		610		609,995
0.070%, 04/15/15		535		534,985
Reckitt & Benckiser Treasury Services PLC
0.190%, 04/02/15		515		514,997
0.160%, 04/08/15		400		399,988
0.200%, 04/08/15		350		349,986
0.230%, 04/08/15		300		299,987
0.220%, 04/21/15		400		399,951
0.280%, 10/13/15		800		798,787
WGL Holdings, Inc. 0.200%, 04/07/15		5,700		5,699,810

				17,956,855

Electric — 30.1%
Basin Electric Power 0.130%, 04/02/15		1,600		1,599,994
Dominion Resources, Inc. 0.400%, 04/02/15		460		459,995
Duke Energy Corp. 0.610%, 04/14/15		400		399,912
Electricite de France
0.170%, 04/02/15		3,000		2,999,986
0.190%, 05/06/15		2,500		2,499,538
0.250%, 07/13/15		800		799,428
GDF Suez S.A.
0.180%, 04/01/15		2,000		2,000,000
0.130%, 04/08/15		1,350		1,349,966
0.160%, 04/20/15		1,010		1,009,915
0.180%, 05/11/15		445		444,911
0.220%, 06/01/15		900		899,664
IDACORP, Inc. 0.550%, 04/24/15		550		549,807
MidAmerican Energy Co. 0.340%, 04/02/15		10,000		9,999,906


	Par (000)		Value†

Electric — (continued)
Oglethorpe Power Corp.
0.180%, 04/15/15	$	2,000	$	1,999,860
0.230%, 05/15/15		3,585		3,583,992
Southern Co. 0.220%, 04/09/15		4,000		3,999,804

				34,596,678

Electronics — 5.6%
Honeywell International, Inc.
0.230%, 06/23/15		500		499,735
0.330%, 12/04/15		6,000		5,986,415

				6,486,150

Food — 0.6%
Campbell Soup Co. 0.420%, 04/22/15		350		349,914
General Mills, Inc. 0.500%, 04/21/15		386		385,893

				735,807

Healthcare Services — 5.0%
United Healthcare Corp.
0.230%, 04/10/15		1,000		999,943
0.230%, 04/14/15		1,800		1,799,850
0.250%, 05/04/15		2,900		2,899,335

				5,699,128

Insurance — 3.5%
MetlLife, Inc.
0.140%, 04/21/15		2,000		1,999,844
0.120%, 05/06/15		2,000		1,999,767

				3,999,611

Media — 0.4%
Time Warner Cable, Inc. 0.420%, 04/10/15		500		499,948

Metal Fabricate/Hardware — 5.0%
Precision Cast Parts Corp. 0.250%, 05/05/15		5,700		5,698,654

Miscellaneous Manufacturing — 4.9%
Illinois Tool Works, Inc. 0.090%, 04/15/15		5,000		4,999,825
Pall Corp. 0.550%, 04/06/15		580		579,956

				5,579,781

TOTAL COMMERCIAL PAPER (Cost $89,988,110)				89,988,110

CORPORATE BONDS — 3.0%
Diversified Financial Services — 3.0%
General Electric Capital Corp.
3.500%, 06/29/15		500		503,988
2.250%, 11/09/15		500		505,526
1.000%, 12/11/15		1,200		1,205,157
Province of Ontario Canada 2.700%, 06/16/15		350		351,726


	Par (000)		Value†
CORPORATE BONDS — (continued)
Diversified Financial Services — (continued)
Province of Quebec Canada 4.600%, 05/26/15	$	900	$	905,815
TOTAL CORPORATE BONDS (Cost $3,472,212)				3,472,212

U.S. TREASURY OBLIGATIONS — 14.8%
U.S. Treasury Note
0.080%, 01/31/16•		12,000		12,000,211
0.375%, 03/15/16		5,000		5,005,081
TOTAL U.S. TREASURY OBLIGATIONS (Cost $17,005,292)				17,005,292

	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 3.6%
BlackRock Liquidity Funds MuniFund Portfolio - Institutional Shares		1		1
BlackRock Liquidity Funds TempFund - Institutional Shares		1		1
Federated Prime Obligations Fund -Class I		1		1
Fidelity Institutional Prime Money Market Portfolio		4,142,326		4,142,326
Fidelity Institutional Prime Money Market Portfolio - Class I		1		1
Wells Fargo Advantage Heritage Money Market Fund - Institutional Class		1		1
Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class		1		1

TOTAL SHORT-TERM INVESTMENTS (Cost $4,142,332)				4,142,332

TOTAL INVESTMENTS — 99.7% (Cost $114,607,946)			$	114,607,946

Other Assets & Liabilities — 0.3%				307,481

TOTAL NET ASSETS — 100.0%			$	114,915,427

†	See Security Valuation Note.

•	Variable Rate Security.

LLC — Limited Liability Company.

PLC — Public Limited Company.


Maturity Schedule	Market Value		% of Portfolio		(Cumulative)
1 — 7 days	$	41,457,175		36.2%		36.2%
8 — 14 days		10,099,384		8.8%		45.0%
15 — 30 days		12,229,994		10.7%		55.7%
31 — 60 days		28,771,845		25.1%		80.8%
61 — 90 days		3,754,441		3.3%		84.1%
91 — 120 days		2,797,741		2.4%		86.5%
121 — 150 days		—		0.0%		86.5%
over 150 days		15,497,366		13.5%		100.0%

	$	114,607,946		100.0%

Average Weighted Maturity — 54 days

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
U.S. TREASURY OBLIGATIONS	$	17,005,292	$	—	$	17,005,292	$	—
CORPORATE BONDS		3,472,212		—		3,472,212		—
COMMERCIAL PAPER		89,988,110		—		89,988,110		—
SHORT-TERM INVESTMENTS		4,142,332		4,142,332		—		—

TOTAL INVESTMENTS	$	114,607,946	$	4,142,332	$	110,465,614	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.


	Par (000)		Value†
ASSET BACKED SECURITIES — 31.0%
Ally Master Owner Trust 1.540%, 09/15/19	$	1,000	$	1,003,704
Americredit Automobile Receivables Trust 2013-5 2.290%, 11/08/19		1,000		1,006,865
Avenue CLO VI Ltd. 2007-6A 2.378%, 07/17/19 144A @,•		2,500		2,437,785
Bacchus 2006-1 Ltd. 1.807%, 01/20/19•		2,000		1,972,886
Black Diamond CLO 2005-1 Delaware Corp. 2.170%, 06/20/17•		2,000		1,999,322
Brentwood CLO Corp. 1.080%, 02/01/22•		2,000		1,892,788
Chase Issuance Trust 07-B1 0.402%, 04/15/19•		2,398		2,384,777
Chesapeake Funding LLC 0.959%, 03/07/26 144A @,•		1,080		1,077,977
Conseco Financial Corp. 7.650%, 04/15/19		9		9,011
Consumers Securitization Funding LLC 2014-A 1.334%, 11/01/20		2,500		2,502,575
CPS Auto Receivables Trust 2014-A 1.210%, 08/15/18 144A @		615		612,486
Discover Card Execution Note Trust 1.040%, 04/15/19		735		737,082
Entergy Arkansas Restoration Funding LLC 2.300%, 08/01/21		823		841,546
Enterprise Fleet Financing LLC 0.910%, 09/20/18 144A @		1,150		1,149,289
Equity One Mortgage Pass-Through Trust 2004-1 4.145%, 04/25/34•		13		12,686
Ford Credit Auto Owner Trust 1.970%, 05/15/19		1,800		1,817,534
GE Equipment Transportation LLC Series 2013-1 1.540%, 03/24/21		1,000		1,003,531
Golden Credit Card Trust 1.390%, 07/15/19 144A @		2,000		2,004,392
Goldentree Loan Opportunities VII Ltd. 1.384%, 04/25/25 144A @,•		3,000		2,944,227
Goldman Sachs Asset Management CLO PLC 2.982%, 08/01/22 144A @,•		2,000		1,972,092
HLSS Servicer Advance Receivables Trust 1.990%, 10/15/45 144A @		2,450		2,444,610
Hyundai Auto Lease Securitization Trust 2014-B 1.540%, 12/17/18 144A @		1,100		1,100,784
Jasper CLO Ltd. 2005-1A 1.132%, 08/01/17 144A @,•		2,375		2,331,438
JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP4 4.999%, 10/15/42•		1,880		1,894,897
KKR Financial CLO 2005-1 Ltd. 2.306%, 04/26/17 144A @,•		2,000		2,000,008


	Par (000)		Value†

OHA Park Avenue CLO Ltd. 2007-1A 1.561%, 03/14/22 144A @,•	$	1,576	$	1,529,885
Popular ABS Mortgage Pass-Through Trust 2004-4 4.628%, 09/25/34•		9		9,370
Rockwall CDO II Ltd. 2007-1A 0.482%, 08/01/24 144A @,•		4,256		4,119,018
SACO I, Inc. 05-4 1.070%, 06/25/35 144A @,•		209		201,442
SLM Student Loan Trust 2002-5 0.671%, 09/16/24•		3,000		2,945,094
SLM Student Loan Trust 2004-4 0.636%, 01/27/25•		2,200		2,123,385
SLM Student Loan Trust 2004-6 0.636%, 04/25/25•		4,500		4,357,444
SLM Student Loan Trust 2004-9 0.564%, 04/25/25•		2,500		2,394,710
St James River CLO Ltd. 2.567%, 06/11/21 144A @,•		1,000		988,003
Stoney Lane Funding I Corp. 1.657%, 04/18/22 144A @,•		3,000		2,852,118
Sugar Creek CLO Ltd. 2.957%, 07/20/22 144A @,•		2,000		2,000,712
Tralee CDO Ltd. 2007-1A 1.733%, 04/16/22 144A @,•		2,000		1,900,602
Volvo Financial Equipment LLC Series 2013-1 1.620%, 08/17/20 144A @		1,000		1,003,061
World Financial Network Credit Card Master Trust 2012-B 1.760%, 05/17/21		1,782		1,797,910

TOTAL ASSET BACKED SECURITIES (Cost $67,346,538)				67,377,046

COLLATERALIZED MORTGAGE OBLIGATIONS — 1.4%
Banc of America Commercial Mortgage Trust 2006-1 5.421%, 09/10/45•		2,000		2,054,828
Banc of America Merrill Lynch Commercial Mortgage Inc 5.178%, 09/10/47•		1,000		1,021,158

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $3,082,205)				3,075,986

COMMERCIAL MORTGAGE BACKED SECURITIES — 14.9%
BAMLL Commercial Mortgage Securities Trust 2013-DSNY 1.654%, 09/15/26 144A @,•		1,000		998,867
Banc of America Commercial Mortgage Trust 2006-1 5.372%, 09/10/45•		3,095		3,140,153
Boca Hotel Portfolio Trust 2013-BOCA 1.904%, 08/15/26 144A @,•		1,000		1,000,000
CSMC Trust 2014-SURF 1.010%, 02/15/29 144A @,•		1,000		998,223


	Par (000)		Value†
COMMERCIAL MORTGAGE BACKED SECURITIES — (continued)
EMAC Owner Trust 2000-1 6.551%, 01/15/27 144A @,•	$	309	$	224,974
Fannie Mae - Aces Series 2014-M2 Class ASV1 1.916%, 06/25/21		7,811		7,937,535
Fannie Mae Connecticut Avenue Securities 2.155%, 10/25/23•		770		780,247
FHLMC Multifamily Structured Pass-Through K501-A1 1.337%, 06/25/16		211		210,675
Freddie Mac Structured Agency Credit Risk Debt Notes 1.155%, 02/25/24•		908		908,299
FREMF Mortgage Trust Series 2010-K6 Class B 5.365%, 01/25/20		3,000		3,356,022
FREMF Mortgage Trust Series 2013-KF02 Class C 4.174%, 12/25/45		1,159		1,186,550
Hilton USA Trust 2013-HLF 2.901%, 11/05/30 144A @,•		985		987,439
Hilton USA Trust 2014-ORL B 1.356%, 07/15/29 144A @,•		2,500		2,479,057
JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU Class A 1.104%, 12/15/28 144A @,•		1,000		1,000,322
JPMorgan Chase Commercial Mortgage Securities Trust 2013-JWRZ 1.304%, 04/15/30 144A @,•		1,500		1,499,761
Morgan Stanley Capital I Trust 2005-Top19 4.890%, 06/12/47		2,564		2,566,259
Morgan Stanley Capital I Trust 2006-IQ12 5.332%, 12/15/43		3,130		3,288,021

TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $32,848,185)				32,562,404

CORPORATE BONDS — 42.6%
Aerospace & Defense — 0.5%
BAE Systems PLC 3.500%, 10/11/16 144A @		1,000		1,033,403

Airlines — 3.7%
American Airlines 2013-2 Class C Pass-Through Trust 6.000%, 01/15/17 144A @		1,000		1,015,000
Continental Airlines 2009-1 Pass-Through Trust 9.000%, 07/08/16		929		1,005,817
Delta Air Lines 2010-2 Class B Pass-Through Trust 6.750%, 11/23/15		2,700		2,781,810
Northwest Airlines 2007-1 Class B Pass-Through Trust 8.028%, 11/01/17		2,135		2,400,800


	Par (000)		Value†

Airlines — (continued)
UAL 2009-2A Pass-Through Trust 9.750%, 01/15/17	$	712	$	790,672

				7,994,099

Auto Parts & Equipment — 0.5%
Johnson Controls, Inc. 2.600%, 12/01/16		1,105		1,132,266

Banks — 3.0%
Bank of America Corp. 3.750%, 07/12/16		1,000		1,030,751
Capital One NA / Mclean VA 0.935%, 02/05/18•		2,000		2,003,870
JPMorgan Chase & Co. 3.150%, 07/05/16		2,000		2,051,910
State Street Corp. 4.956%, 03/15/18		1,350		1,460,762

				6,547,293

Beverages — 1.3%
Constellation Brands, Inc. 7.250%, 05/15/17		1,750		1,931,562
Diageo Capital PLC 1.500%, 05/11/17		1,000		1,009,356

				2,940,918

Biotechnology — 0.9%
Amgen, Inc. 2.500%, 11/15/16		1,000		1,023,771
Celgene Corp. 2.450%, 10/15/15		1,000		1,007,706

				2,031,477

Diversified Financial Services — 4.4%
AerCap Aviation Solutions BV 6.375%, 05/30/17		1,000		1,060,000
American Express Co. 6.150%, 08/28/17		2,000		2,223,448
Ford Motor Credit Co. LLC 8.000%, 12/15/16		2,000		2,215,610
General Electric Capital Corp. 2.300%, 04/27/17		1,000		1,026,022
Icahn Enterprises LP 3.500%, 03/15/17		1,000		1,007,500
Vesey Street Investment Trust, STEP 4.404%, 09/01/16 •		2,000		2,085,350

				9,617,930

Electric — 3.1%
Israel Electric Corp. Ltd. 6.700%, 02/10/17 144A @		1,000		1,065,000
LG&E and KU Energy LLC 2.125%, 11/15/15		1,000		1,006,526
San Diego Gas & Electric Co. 1.914%, 02/01/22		1,605		1,615,134
Southern California Edison Co. 1.845%, 02/01/22		3,000		3,016,620

				6,703,280


	Par (000)		Value†
CORPORATE BONDS — (continued)
Electronics — 0.5%
Thermo Fisher Scientific, Inc. 1.300%, 02/01/17	$	1,000	$	1,000,550

Environmental Control — 0.5%
Waste Management, Inc. 2.600%, 09/01/16		1,000		1,018,300

Food — 1.5%
ConAgra Foods, Inc. 1.300%, 01/25/16		1,000		1,002,622
Mondelez International, Inc. 4.125%, 02/09/16		1,000		1,026,954
Tyson Foods, Inc. 6.600%, 04/01/16		645		680,414
WM Wrigley Jr. Co. 1.400%, 10/21/16 144A @		500		501,835

				3,211,825

Gas — 1.4%
Florida Gas Transmission Co., LLC 4.000%, 07/15/15 144A @		1,000		1,008,125
Questar Corp. 2.750%, 02/01/16		1,000		1,016,428
Sabine Pass LNG LP 7.500%, 11/30/16		1,000		1,062,500

				3,087,053

Healthcare Products — 1.9%
Baxter International, Inc. 0.950%, 06/01/16		1,000		1,001,622
Boston Scientific Corp. 6.400%, 06/15/16		2,000		2,118,724
CareFusion Corp. 1.450%, 05/15/17		1,000		1,000,753

				4,121,099

Healthcare Services — 1.4%
Fresenius Medical Care US Finance, Inc. 6.875%, 07/15/17		1,000		1,097,500
Quest Diagnostics, Inc. 5.450%, 11/01/15		1,000		1,028,710
WellPoint, Inc. 1.250%, 09/10/15		1,000		1,002,388

				3,128,598

Machinery - Diversified — 1.5%
CNH Industrial Capital LLC 3.875%, 11/01/15		2,000		2,015,000
Xylem, Inc. 3.550%, 09/20/16		1,165		1,201,658

				3,216,658

Media — 1.4%
Thomson Reuters Corp.
0.875%, 05/23/16		1,000		999,616
1.300%, 02/23/17		1,000		1,001,138
Time Warner, Inc. 5.875%, 11/15/16		1,000		1,076,726

				3,077,480


	Par (000)		Value†

Miscellaneous Manufacturing — 0.5%
Bombardier, Inc. 5.500%, 09/15/18 144A @	$	1,000	$	998,750

Oil & Gas — 1.9%
BG Energy Capital PLC 2.500%, 12/09/15 144A @		1,000		1,010,557
Chesapeake Energy Corp. 6.500%, 08/15/17		1,000		1,052,500
Ensco PLC 3.250%, 03/15/16		1,000		1,024,242
Statoil ASA 3.125%, 08/17/17		1,000		1,047,137

				4,134,436

Oil & Gas Services — 2.1%
Cameron International Corp. 1.150%, 12/15/16		1,000		992,693
Hiland Partners LP / Hiland Partners Corp. 7.250%, 10/01/20 144A @		2,345		2,526,737
Schlumberger Investment SA 1.950%, 09/14/16 144A @		1,035		1,053,322

				4,572,752

Pharmaceuticals — 2.2%
Actavis Funding SCS 1.850%, 03/01/17		1,000		1,007,214
Mckesson Corp.
0.950%, 12/04/15		500		501,128
1.292%, 03/10/17		1,000		1,001,016
Mylan, Inc. 1.800%, 06/24/16		1,260		1,270,134
Perrigo Co., PLC 1.300%, 11/08/16 144A @		1,000		999,384

				4,778,876

Pipelines — 1.9%
Access Midstream Partners LP / ACMP Finance Corp. 4.875%, 05/15/23		2,000		2,015,000
Kinder Morgan Energy Partners LP 3.500%, 03/01/16		1,000		1,020,696
Spectra Energy Partners LP 2.950%, 06/15/16		1,000		1,022,382

				4,058,078

Retail — 0.9%
Macy’s Retail Holdings, Inc. 5.900%, 12/01/16		1,910		2,060,344

Semiconductors — 1.3%
Micron Semiconductor Asia Pte Ltd. 1.258%, 01/15/19		800		798,286
NXP BV / NXP Funding LLC 3.750%, 06/01/18 144A @		1,000		1,020,000
Samsung Electronics America, Inc. 1.750%, 04/10/17 144A @		1,000		1,008,357

				2,826,643


	Par (000)		Value†
CORPORATE BONDS — (continued)
Telecommunications — 3.4%
America Movil S.A.B. de C.V. 2.375%, 09/08/16	$	1,000	$	1,016,390
AT&T, Inc. 0.900%, 02/12/16		1,000		1,001,586
British Telecommunications PLC 1.625%, 06/28/16		1,000		1,007,393
Crown Castle Towers LLC 3.214%, 08/15/15 144A @		1,540		1,551,095
Deutsche Telekom International Finance B.V. 3.125%, 04/11/16 144A @		1,000		1,021,611
Verizon Communications, Inc.
2.500%, 09/15/16		680		694,472
1.350%, 06/09/17		1,000		1,000,656

				7,293,203

Trucking and Leasing — 0.9%
GATX Corp. 1.250%, 03/04/17		1,000		995,889
TTX Co. 5.400%, 02/15/16 144A @		1,000		1,031,247

				2,027,136

TOTAL CORPORATE BONDS (Cost $92,701,349)				92,612,447

MUNICIPAL NOTE — 0.2%
Regional — 0.2%
La Paz County Industrial Development Authority 6.250%, 12/01/19 (Cost $392,708)		375		420,274

RESIDENTIAL MORTGAGE BACKED SECURITIES — 3.1%
Collateralized Mortgage Obligations — 3.0%
Fannie Mae REMICS 0.370%, 10/27/37•		6,563		6,479,328

Fannie Mae Pool — 0.1%
4.000%, 06/01/20		188		198,756

TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $6,695,531)				6,678,084

U.S. TREASURY OBLIGATIONS — 7.1%
U.S. Treasury Note
2.000%, 04/30/16		3,500		3,562,891
0.875%, 02/28/17		6,750		6,792,714
0.875%, 05/15/17		1,800		1,810,125
0.750%, 03/31/18		3,250		3,235,528

TOTAL U.S. TREASURY OBLIGATIONS (Cost $15,384,126)				15,401,258


	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 1.1%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		2,458,073	$	2,458,073
BlackRock Liquidity Funds TempFund - Institutional Shares		218		218
Federated Prime Obligations Fund - Class I		408		408
Fidelity Institutional Prime Money Market Portfolio		1,020		1,020
Fidelity Institutional Prime Money Market Portfolio - Class I		198		198
Wells Fargo Advantage Government Money Market Fund - Institutional Class		77		77
Wells Fargo Advantage Heritage Money Market Fund - Institutional Class		5		5
Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class		1		1

TOTAL SHORT-TERM INVESTMENTS (Cost $2,460,000)				2,460,000

TOTAL INVESTMENTS — 101.4% (Cost $220,910,642)(a)			$	220,587,499

Other Assets & Liabilities — (1.4)%				(3,035,099	)

TOTAL NET ASSETS — 100.0%			$	217,552,400

†	See Security Valuation Note.

Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “accredited investors”. Unless otherwise indicated, the security is considered liquid.

•	Variable Rate Security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $220,915,399. Net unrealized depreciation was $327,900. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $552,504 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $880,404.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

REMICS — Real Estate Mortgage Investment Conduits.

STEP — Step Coupon Bond.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
U.S. TREASURY OBLIGATIONS	$	15,401,258	$	—	$	15,401,258	$	—
ASSET BACKED SECURITIES		67,377,046		—		67,377,046		—
COLLATERALIZED MORTGAGE OBLIGATIONS		3,075,986		—		3,075,986		—
COMMERCIAL MORTGAGE BACKED SECURITIES		32,562,404		—		32,562,404		—
CORPORATE BONDS		92,612,447		—		92,612,447		—
RESIDENTIAL MORTGAGE BACKED SECURITIES		6,678,084		—		6,678,084		—
SHORT-TERM INVESTMENTS		2,460,000		2,460,000		—		—
MUNICIPAL NOTES		420,274		—		420,274		—

TOTAL INVESTMENTS		220,587,499		2,460,000		218,127,499		—

The accompanying notes are an integral part of the financial statements.


	Par (000)		Value†
AGENCY OBLIGATION — 0.5%
Federal National Mortgage Association — 0.5%
3.000%, 11/28/25 (Cost $2,481,671)	$	2,500	$	2,508,660

ASSET BACKED SECURITIES — 21.5%
American Express Credit Account Master Trust 0.770%, 05/15/18		2,727		2,728,805
Avenue CLO VI Ltd. 2007-6A 2.407%, 07/17/19 144A @,•		2,500		2,437,785
Babson CLO, Inc. 2007-I 1.507%, 01/18/21 144A @,•		2,500		2,418,663
Bacchus 2006-1 Ltd. 1.807%, 01/20/19 144A @,•		2,000		1,972,886
Black Diamond CLO 2005-1 Delaware Corp. 2.170%, 06/20/17 144A @,•		3,000		2,998,983
Brentwood CLO Corp. 1.075%, 02/01/22 144A @,•		4,000		3,785,576
Centerpoint Energy Transition Bond Co. IV LLC 0.901%, 04/15/18		7,897		7,906,518
Chrysler Capital Auto Receivables Trust 2014-B 2.700%, 05/15/20 144A @		3,000		3,058,248
College Loan Corp. Trust I 1.006%, 04/25/46 144A @,•		5,000		4,927,945
Conseco Financial Corp. 7.240%, 11/15/28 •		427		254,824
Enterprise Fleet Financing LLC 0.910%, 09/20/18 144A @		4,600		4,597,157
Ford Credit Auto Owner Trust 1.010%, 05/15/18		2,385		2,375,894
Gleneagles CLO Ltd. 0.655%, 11/01/17 144A @,•		3,000		2,988,456
Goldentree Loan Opportunities VII Ltd. 1.406%, 04/25/25 144A @,•		3,000		2,944,227
HLSS Servicer Advance Receivables Trust 1.990%, 10/15/45 144A @		5,000		4,989,000
Jasper CLO Ltd. 2005-1A 1.155%, 08/01/17 144A @,•		2,375		2,331,438
Keycorp Student Loan Trust 2006-A 0.579%, 09/27/35 •		5,000		4,838,585
KKR Financial CLO 2005-1 Ltd. 2.306%, 04/26/17 144A @,•		3,000		3,000,012
Morgan Stanley Capital I Trust 2005-Iq10 5.250%, 09/15/42 •		1,480		1,504,939
Rockwall CDO II Ltd. 2007-1A 0.505%, 08/01/24 144A @,•		7,235		7,002,331
SACO I, Inc. 2005-4 1.074%, 06/25/35 144A @,•		628		604,327
SLC Private Student Loan Trust 2006-A 0.553%, 07/15/36 •		4,000		3,857,752
SLC Student Loan Trust 2005-1 0.457%, 02/15/45 •		6,835		6,137,157
SLM Student Loan Trust 2004-4 0.636%, 01/27/25 •		5,800		5,598,015


	Par (000)		Value†

SLM Student Loan Trust 2004-6 0.636%, 04/25/25 •	$	10,000	$	9,683,210
SLM Student Loan Trust 2004-9 0.586%, 04/25/25 •		5,000		4,789,420
SLM Student Loan Trust 2005-10 0.526%, 10/26/26 •		7,500		6,868,522
SLM Student Loan Trust 2008-5 1.956%, 07/25/23 •		3,000		3,122,202
SLM Student Loan Trust 2008-9 1.756%, 04/25/23 •		6,432		6,595,526
SLM Student Loan Trust 2012-6 1.174%, 04/27/43 •		7,205		6,741,099

TOTAL ASSET BACKED SECURITIES (Cost $123,533,478)				123,059,502

COMMERCIAL MORTGAGE BACKED SECURITIES — 19.7%
Banc of America Commercial Mortgage Trust 2006-1 5.372%, 09/10/45 •		6,000		6,087,534
Boca Hotel Portfolio Trust 2013-BOCA
1.325%, 08/15/26144A @,•		305		304,605
1.925%, 08/15/26144A @,•		1,000		1,000,000
CFCRE Commercial Mortgage Trust 2011-C1 4.961%, 04/15/44 144A @,•		1,000		1,126,557
Citigroup Deutsche Bank Commercial Mortgage Trust 2007-CD4 5.322%, 12/11/49		1,500		1,579,195
EMAC Owner Trust 2000-1 6.447%, 01/15/27 144A @,•		619		449,947
FREMF Mortgage Trust Series 2010-K6 Class B 5.365%, 12/25/46 144A @		7,795		8,720,064
FREMF Mortgage Trust Series 2012-K18 Class B 4.265%, 01/25/22 144A @,•		6,000		6,449,490
FREMF Mortgage Trust Series 2012-K19 Class C 4.036%, 03/25/22 144A @,•		4,500		4,625,779
FREMF Mortgage Trust Series 2012-K21 Class C 3.938%, 07/25/45 144A @		4,720		4,768,359
FREMF Mortgage Trust Series 2012-K22 Class B 3.687%, 08/25/45 144A @,•		9,145		9,499,552
FREMF Mortgage Trust Series 2012-K23 Class C 3.656%, 10/25/45 144A @		5,000		5,008,950
FREMF Mortgage Trust Series 2012-K707 Class B 3.883%, 12/25/18		8,272		8,670,305
FREMF Mortgage Trust Series 2012-K710 Class C 3.819%, 06/25/47		5,000		5,138,065
FREMF Mortgage Trust Series 2012-K711 Class B 3.562%, 08/25/45 144A @		6,000		6,076,476


	Par (000)		Value†
COMMERCIAL MORTGAGE BACKED SECURITIES — (continued)
FREMF Mortgage Trust Series 2013-K27 Class C 3.497%, 01/25/46 144A @	$	5,000	$	4,942,500
FREMF Mortgage Trust Series 2013-K28 Class C 3.494%, 03/25/23 144A @,•		1,000		987,387
FREMF Mortgage Trust Series 2013-K35 Class C 3.947%, 12/15/45 144A @,•		1,000		1,015,148
FREMF Mortgage Trust Series 2013-KF02 Class C 4.169%, 12/25/45 144A @,•		1,159		1,186,550
FREMF Mortgage Trust Series 2014-K37 Class B 4.558%, 01/25/47 144A @		5,825		6,343,262
FREMF Mortgage Trust Series 2014-K40 Class B 4.072%, 09/25/25 144A @		4,500		4,707,945
FREMF Mortgage Trust Series 2014-K41 Class B 3.830%, 11/25/47 144A @		5,000		5,154,905
FREMF Mortgage Trust Series 2014-K503 Class B 3.009%, 10/25/19 144A @		5,000		5,068,830
FREMF Mortgage Trust Series 2015-K43 Class B 3.863%, 02/25/48 144A @		5,000		5,109,585
Hilton USA Trust 2013-HLT 4.407%, 11/05/30 144A @		1,000		1,029,228
Hilton USA Trust 2014-ORL B 1.372%, 07/15/29 144A @,•		1,500		1,487,435
JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU 1.672%, 12/15/28 144A @,•		1,900		1,901,167
JP Morgan Chase Commercial Mortgage Securities Trust 2005-CIBC12 4.950%, 09/12/37 •		1,452		1,465,508
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP10 5.420%, 01/15/49		1,406		1,490,202
JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU Class A 1.125%, 12/15/28 144A @,•		1,000		1,000,322


TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $110,722,200)				112,394,852

CORPORATE BONDS — 35.1%
Aerospace & Defense — 0.9%
Lockheed Martin Corp. 3.800%, 03/01/45		3,000		2,982,156
The Boeing Co. 6.625%, 02/15/38		1,555		2,240,697

				5,222,853


	Par (000)		Value†

Agriculture — 0.2%
Japan Tobacco, Inc. 2.100%, 07/23/18 144A @	$	1,000	$	1,014,413

Airlines — 2.3%
American Airlines 2013-1 Class A Pass Through Trust 4.000%, 07/15/25		924		960,712
American Airlines 2013-2 Class B Pass Through Trust 5.600%, 07/15/20 144A @		1,035		1,082,061
American Airlines 2015-1 Class A Pass Through Trust 3.375%, 05/01/27		3,000		3,022,500
American Airlines 2015-1 Class B Pass Through Trust 3.700%, 05/01/23		1,000		1,002,500
Continental Airlines 2009-1 Pass-Through Trust 9.000%, 07/08/16		357		386,853
Continental Airlines 2012-2 Class A Pass Through Trust 4.000%, 10/29/24		947		991,719
Delta Air Lines 2007-1 Class A Pass Through Trust 6.821%, 08/10/22		908		1,065,441
Northwest Airlines 2007-1 Class A Pass Through Trust 7.027%, 11/01/19		1,382		1,601,624
UAL 2009-1 Pass Through Trust 10.400%, 11/01/16		803		875,960
US Airways 2012-1 Class A Pass Through Trust 5.900%, 10/01/24		1,789		2,043,507

				13,032,877

Auto Manufacturers — 0.6%
General Motors Co. 4.000%, 04/01/25		2,500		2,539,298
General Motors Financial Co., Inc. 4.000%, 01/15/25		1,000		1,019,916

				3,559,214

Banks — 2.7%
Bank of America Corp. 5.650%, 05/01/18		1,000		1,109,268
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 4.625%, 12/01/23		1,750		1,891,843
JPMorgan Chase & Co. 6.000%, 01/15/18		1,700		1,901,511
Morgan Stanley 5.950%, 12/28/17		2,050		2,272,819
State Street Corp. 4.956%, 03/15/18		3,500		3,787,161
TCF National Bank 4.600%, 02/27/25		1,000		996,088


	Par (000)		Value†
CORPORATE BONDS — (continued)
Banks — (continued)
Wells Fargo & Co. 5.375%, 11/02/43	$	3,000	$	3,533,931

				15,492,621

Biotechnology — 0.6%
Amgen, Inc. 4.950%, 10/01/41		1,000		1,122,909
Biogen Idec, Inc. 6.875%, 03/01/18		1,000		1,150,903
Genentech, Inc. 5.250%, 07/15/35		1,000		1,260,738

				3,534,550

Commercial Services — 1.1%
Drawbridge Special Opportunities Fund LP 5.000%, 08/01/21 144A @		2,000		1,990,000
ERAC USA Finance LLC 2.350%, 10/15/19 144A @		1,000		1,005,060
Massachusetts Institute of Technology 3.959%, 07/01/38		3,300		3,546,946

				6,542,006

Computers — 0.6%
Apple, Inc. 3.850%, 05/04/43		2,500		2,539,482
Hewlett-Packard Co. 2.600%, 09/15/17		1,000		1,025,323

				3,564,805

Diversified Financial Services — 3.8%
Air Lease Corp. 3.750%, 02/01/22		2,000		2,032,428
Altitude Investments 12 LLC 2.454%, 12/09/25		2,322		2,369,298
American Express Co. 6.150%, 08/28/17		4,000		4,446,896
General Electric Capital Corp. 7.500%, 08/21/35		2,652		3,993,618
JBG Rockville NCI Campus LLC 6.100%, 07/15/33 144A @		4,000		4,869,788
Safina Ltd. 2.000%, 12/30/23		3,909		3,920,150

				21,632,178

Electric — 2.8%
Commonwealth Edison Co. 6.150%, 09/15/17		500		557,845
Duke Energy Carolinas LLC 6.100%, 06/01/37		4,345		5,763,104
Enel Finance International NV 6.250%, 09/15/17 144A @		1,000		1,112,964
PECO Energy Co. 4.800%, 10/15/43		2,000		2,374,430
The Toledo Edison Co. 6.150%, 05/15/37		2,335		2,913,216
Tucson Electric Power Co. 3.050%, 03/15/25 144A @		3,000		3,010,350

				15,731,909


	Par (000)		Value†

Food — 1.3%
ConAgra Foods, Inc. 1.900%, 01/25/18	$	1,000	$	1,001,246
The Hillshire Brands Co. 2.750%, 09/15/15		1,000		1,007,163
The J.M. Smucker Co. 3.500%, 10/15/21		3,890		4,104,257
WM Wrigley Jr. Co. 2.400%, 10/21/18 144A @		1,000		1,017,920

				7,130,586

Forest Products & Paper — 0.5%
Georgia-Pacific LLC 3.163%, 11/15/21 144A @		2,500		2,562,680

Gas — 1.4%
Centrica PLC 5.375%, 10/16/43 144A @		1,000		1,138,857
Northwest Natural Gas Co. 7.000%, 08/01/17		5,000		5,604,510
Sabine Pass LNG LP 7.500%, 11/30/16		1,380		1,466,250

				8,209,617

Healthcare Products — 1.9%
CareFusion Corp.
3.300%, 03/01/23		1,103		1,114,612
4.875%, 05/15/44		2,000		2,216,938
Covidien International Finance SA 6.000%, 10/15/17		1,000		1,115,212
Edwards Lifesciences Corp. 2.875%, 10/15/18		1,000		1,030,555
St. Jude Medical, Inc. 4.750%, 04/15/43		1,000		1,094,704
Stryker Corp. 2.000%, 09/30/16		1,000		1,016,150
Zimmer Holdings, Inc.
4.625%, 11/30/19		1,000		1,101,265
3.550%, 04/01/25		2,000		2,041,484

				10,730,920

Internet — 0.4%
Alibaba Group Holding Ltd. 3.600%, 11/28/24 144A @		2,500		2,508,070

Investment Companies — 0.2%
Ares Capital Corp. 4.875%, 11/30/18		1,000		1,051,303

Media — 0.6%
Belo Corp. 7.750%, 06/01/27		1,000		1,120,000
Comcast Cable Holdings LLC 9.875%, 06/15/22		1,000		1,392,902
Viacom, Inc. 5.850%, 09/01/43		1,000		1,125,729

				3,638,631


	Par (000)		Value†
CORPORATE BONDS — (continued)
Mining — 0.7%
Barrick Gold Corp. 5.250%, 04/01/42	$	2,000	$	1,930,550
Corp Nacional del Cobre de Chile 3.000%, 07/17/22 144A @		1,000		986,483
Goldcorp, Inc. 3.625%, 06/09/21		1,000		1,016,843

				3,933,876

Oil & Gas — 2.6%
Anadarko Petroleum Corp. 0.000%, 10/10/36 ¤		7,500		2,962,500
BG Energy Capital PLC 4.000%, 10/15/21 144A @		1,000		1,042,218
BP Capital Markets PLC 2.500%, 11/06/22		2,500		2,435,795
Ensco PLC 5.200%, 03/15/25		2,000		2,003,110
Petrobras Global Finance BV 6.750%, 01/27/41		500		442,680
Petroleos Mexicanos
1.950%, 12/20/22 W.I.		1,600		1,607,256
2.000%, 12/20/22		2,400		2,421,677
Southwestern Energy Co. 4.950%, 01/23/25		2,000		2,034,166

				14,949,402

Oil & Gas Services — 0.2%
Schlumberger Oilfield UK PLC 4.200%, 01/15/21 144A @		1,000		1,099,604

Pharmaceuticals — 3.9%
AbbVie, Inc. 1.200%, 11/06/15		1,000		1,001,460
Actavis Funding SCS 3.450%, 03/15/22		3,000		3,072,831
GlaxoSmithKline Capital, Inc. 5.375%, 04/15/34		1,000		1,229,132
Johnson & Johnson 4.375%, 12/05/33		4,000		4,584,808
Merck & Co., Inc. 2.750%, 02/10/25		3,000		2,997,570
Merck Sharp & Dohme Corp. 5.760%, 05/03/37		762		994,853
Perrigo Co. PLC 4.000%, 11/15/23		1,000		1,044,879
Takeda Pharmaceutical Co., Ltd. 1.625%, 03/17/17 144A @		2,000		2,017,886
Wyeth LLC 5.950%, 04/01/37		4,000		5,121,028

				22,064,447

Pipelines — 1.1%
Energy Transfer Partners LP 4.050%, 03/15/25		1,000		1,008,460
Plains All American Pipeline LP/PAA Finance Corp. 3.600%, 11/01/24		3,000		3,011,991


	Par (000)		Value†

Pipelines — (continued)
Williams Partners LP/ACMP Finance Corp. 4.875%, 05/15/23	$	2,500	$	2,518,750

				6,539,201

Real Estate Investment Trusts — 0.3%
American Tower Corp. 4.700%, 03/15/22		1,800		1,930,428

Retail — 1.1%
McDonald’s Corp. 5.700%, 02/01/39		2,610		3,246,334
Walgreens Boots Alliance, Inc. 4.800%, 11/18/44		3,000		3,238,032

				6,484,366

Software — 0.5%
Microsoft Corp. 3.500%, 02/12/35		3,000		2,992,095

Telecommunications — 0.7%
British Telecommunications PLC 1.625%, 06/28/16		1,000		1,007,393
Verizon Communications, Inc. 2.450%, 11/01/22		3,000		2,907,969

				3,915,362

Transportation — 1.9%
Canadian National Railway Co. 6.250%, 08/01/34		3,855		5,204,192
Federal Express Corp 1999 Pass Through Trust 7.650%, 01/15/22		1,091		1,314,061
United Parcel Service, Inc. 6.200%, 01/15/38		3,000		4,071,924

				10,590,177

Trucking and Leasing — 0.2%
TTX Co. 5.400%, 02/15/16 144A @		1,000		1,031,247

TOTAL CORPORATE BONDS (Cost $195,373,924)				200,689,438

MUNICIPAL BONDS — 4.9%
City of San Antonio, TX 6.038%, 08/01/35		3,000		3,498,060
Commonwealth of Virginia 4.700%, 06/01/29		2,000		2,187,760
Corpus Christi Independent School District 6.124%, 08/15/32		1,000		1,166,000
Metropolitan Transit Authority of Harris County 6.875%, 11/01/38		1,205		1,416,526
Metropolitan Water District of Southern California 6.947%, 07/01/40		1,000		1,204,650
North Carolina State University at Raleigh 6.027%, 10/01/35		3,055		3,471,794


	Par (000)		Value†
MUNICIPAL BONDS — (continued)
Northeast Ohio Regional Sewer District 6.038%, 11/15/40	$	2,385	$	2,761,663
Orange County Sanitation District 6.400%, 02/01/44		1,000		1,404,080
Puerto Rico Sales Tax Financing Corp. 6.050%, 08/01/36		3,325		2,244,940
San Francisco City & County Public Utilities Commission 6.950%, 11/01/50		2,000		2,996,480
South Carolina State Public Service Authority 5.784%, 12/01/41		2,000		2,444,780
University of Arizona 6.643%, 08/01/44		950		1,115,433
West Virginia University 4.471%, 10/01/42		2,000		2,226,980

Total MUNICIPAL BONDS (Cost $25,749,001)				28,139,146

RESIDENTIAL MORTGAGE BACKED SECURITIES — 13.6%
Collateralized Mortgage Obligations—2.7%
Fannie Mae REMICS 4.000%, 11/25/40		5,986		6,313,033
Freddie Mac REMICS 2.000%, 03/15/42		8,944		8,854,603

				15,167,636

Fannie Mae Pool—9.4%
5.000%, 07/01/23		624		664,081
3.500%, 03/01/41		1,475		1,552,677
3.000%, 11/01/42		13,514		13,851,656
2.500%, 01/01/43		3,390		3,355,678
2.500%, 02/01/43		9,871		9,771,944
3.000%, 03/01/43		9,982		10,226,385
2.500%, 05/01/43		12,312		12,187,738
3.500%, 09/01/43		2,031		2,135,241

				53,745,400

Freddie Mac Gold Pool—1.4%
3.500%, 12/01/40		4,190		4,397,935
3.500%, 01/01/41		2,766		2,903,166
3.500%, 02/01/41		824		864,830

				8,165,931

Ginnie Mae Pool—0.1%
6.000%, 10/15/38		457		520,526
6.000%, 10/15/38		285		323,884
9.000%, 10/15/30		7		7,540

				851,950

TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $74,530,609)				77,930,917

U.S. TREASURY OBLIGATIONS — 4.9%
U.S. Treasury Bond
1.375%, 01/31/20		5,000		5,007,810
3.125%, 02/15/43		3,685		4,115,110
3.625%, 08/15/43		2,950		3,604,991


	Par (000)		Value†

3.750%, 11/15/43	$	1,250	$	1,561,719
3.625%, 02/15/44		1,800		2,201,204
U.S. Treasury Note
0.625%, 08/31/17		4,000		3,992,812
1.750%, 05/15/23		7,250		7,210,915

TOTAL U.S. TREASURY OBLIGATIONS (Cost $25,538,073)				27,694,561

EXCHANGE TRADED FUNDS—0.3%
Investment Companies—0.3%
iShares iBoxx $ High Yield Corporate Bond ETF (Cost $1,727,081)		19,000		1,744,242


	Number of Shares		Value†
SHORT-TERM INVESTMENTS—0.0%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		13,094		13,094
BlackRock Liquidity Funds TempFund - Institutional Shares		447		447
Federated Prime Obligations Fund - Class I		312		312
Fidelity Institutional Prime Money Market Portfolio		715		715
Fidelity Institutional Prime Money Market Portfolio - Class I		271		271
Wells Fargo Advantage Government Money Market Fund – Institutional Class		52		52
Wells Fargo Advantage Heritage Money Market Fund – Institutional Class		1		1
Wells Fargo Advantage Municipal Cash Management Money Market Fund - Institutional Class		1		1

TOTAL SHORT-TERM INVESTMENTS (Cost $14,893)				14,893

TOTAL INVESTMENTS — 100.5% (Cost $559,670,930)(a)			$	574,176,211

Other Assets & Liabilities — (0.5)%				(2,791,051	)

TOTAL NET ASSETS — 100.0%			$	571,385,160

†	See Security Valuation Note.

•	Variable Rate Security.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signif- icant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
EXCHANGE TRADED FUNDS	$	1,744,242	$	1,744,242	$	—	$	—
U.S. TREASURY OBLIGATIONS		27,694,561		—		27,694,561		—
AGENCY OBLIGATION		2,508,660		—		2,508,660		—
ASSET BACKED SECURITIES		123,059,502		—		123,059,502		—
COMMERCIAL MORTGAGE BACKED SECURITIES		112,394,852		—		112,394,852		—
CORPORATE BONDS		200,689,438		—		200,689,438		—
RESIDENTIAL MORTGAGE BACKED SECURITIES		77,930,917		—		77,930,917		—
MUNICIPAL BONDS		28,139,146		—		28,139,146		—
SHORT-TERM INVESTMENTS		14,893		14,893		—		—

TOTAL INVEST- MENTS	$	574,176,211	$	1,759,135	$	572,417,076	$	—

The accompanying notes are an integral part of the financial statements.


	Par (000)		Value†
ASSET BACKED SECURITIES — 0.2%
Continental Airlines 2012-3 Class C Pass Thru Certificates 6.125%, 04/29/18 (Cost $325,000)	$	325	$	342,875


	Number of Shares		Value†
COMMON STOCKS — 0.9%
Auto Manufacturers — 0.1%
General Motors Co.		5,200		195,000

Entertainment — 0.0%
New Cotai Participation Class B*144A @, ^,~		1		27,562

Media — 0.1%
Liberty Global PLC, Series C*		2,300		114,563

Oil & Gas — 0.4%
Continental Resources, Inc.*		6,600		288,222
Range Resources Corp.		3,245		168,869
Seven Generations Energy Ltd. Class A*		26,320		335,611

				792,702

Real Estate — 0.0%
The Howard Hughes Corp.*		600		93,012

Telecommunications — 0.3%
Altice S.A.*		2,697		292,459
T-Mobile US, Inc.*		6,400		202,816

				495,275

TOTAL COMMON STOCKS (Cost $1,586,031)				1,718,114

PREFERRED STOCKS — 1.0%
Banks — 0.5%
Ally Financial, Inc. 144A @		1,000		1,021,406

Oil & Gas — 0.1%
Penn Virginia Corp. CONV. 144A @		2,316		139,863

Packaging and Containers — 0.0%
Smurfit-Stone Container Corp. (Escrow) CONV.*^,~		725		0

Pharmaceuticals — 0.2%
Actavis PLC*		337		341,044

Telecommunications — 0.2%
Crown Castle International Corp. CONV.*		2,450		256,833
T-Mobile US, Inc.		1,463		85,820

				342,653

TOTAL PREFERRED STOCKS (Cost $1,737,376)				1,844,966


	Par (000)		Value†
REAL ESTATE INVESTMENT TRUSTS — 0.1%
Diversified — 0.1%
American Tower Corp.		1,207	$	124,804

American Tower Corp.*		1,325		131,480

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $253,200)				256,284

CORPORATE BONDS — 90.3%
Advertising — 0.6%
Lamar Media Corp. 5.875%, 02/01/22	$	125		131,563
MDC Partners, Inc. 6.750%, 04/01/20 144A @		525		553,219
Outfront Media Capital LLC
5.625%, 02/15/24 144A @		175		183,312
5.625%, 02/15/24		225		235,687

				1,103,781

Aerospace & Defense — 0.5%
Accudyne Industries LLC 7.750%, 12/15/20 144A @		500		446,250
Ducommun, Inc. 9.750%, 07/15/18		300		317,250
TransDigm, Inc. 6.500%, 07/15/24		200		201,000

				964,500

Airlines — 1.6%
Air Canada 7.750%, 04/15/21 144A @		350		374,500
Allegiant Travel Co. 5.500%, 07/15/19		175		179,375
American Airlines 2013-1 Class B Pass Through Trust 5.625%, 01/15/21 144A @		69		71,607
American Airlines 2013-1 Class C Pass Through Trust 6.125%, 07/15/18 144A @,^		200		211,250
American Airlines Group Inc 5.500%, 10/01/19 144A @		650		667,062
United Airlines 2014-2 Class B Pass Through Trust 4.625%, 09/03/22		70		70,438
United Continental Holdings, Inc.
6.375%, 06/01/18		325		344,094
6.000%, 12/01/20		600		630,000
6.000%, 07/15/26		325		325,000
6.000%, 07/15/28		100		100,000

				2,973,326

Apparel — 0.6%
Levi Strauss & Co. 6.875%, 05/01/22		200		218,500
QS Wholesale, Inc. 10.000%, 08/01/20		325		229,938
The William Carter Co. 5.250%, 08/15/21		500		517,500


	Par (000)		Value†
CORPORATE BONDS — (continued)
Apparel — (continued)
Wolverine World Wide, Inc. 6.125%, 10/15/20	$	100	$	106,750

				1,072,688

Auto Manufacturers — 0.7%
Chrysler Group LLC 8.000%, 06/15/19		300		314,625
Jaguar Land Rover Automotive PLC 5.625%, 02/01/23 144A @		600		631,500
Navistar International Corp. 8.250%, 11/01/21		350		340,375

				1,286,500

Auto Parts & Equipment — 1.6%
Affinia Group, Inc. 7.750%, 05/01/21		75		77,625
Allison Transmission, Inc. 7.125%, 05/15/19 144A @		350		364,700
American Axle & Manufacturing, Inc.
6.250%, 03/15/21		125		131,563
6.625%, 10/15/22		25		26,813
Dana Holding Corp. 5.375%, 09/15/21		350		364,000
Gestamp Funding Luxembourg S.A. 5.625%, 05/31/20 144A @		300		309,750
MPG Holdco I, Inc. 7.375%, 10/15/22 144A @		400		427,500
Nexteer Automotive Group Ltd. 5.875%, 11/15/21 144A @		600		615,000
Pittsburgh Glass Works LLC 8.000%, 11/15/18 144A @		163		172,372
Schaeffler Holding Finance BV
PIK (Cash coupon 6.875%, PIK 7.625%) 144A @		250		260,937
PIK 6.250%, 11/15/19 144A @		200		211,500
The Goodyear Tire & Rubber Co. 6.500%, 03/01/21		175		186,375

				3,148,135

Banks — 2.3%
Ally Financial, Inc.
7.500%, 09/15/20		260		304,525
8.000%, 11/01/31		225		281,250
CIT Group, Inc.
6.625%, 04/01/18 144A @		500		536,250
5.375%, 05/15/20		300		315,750
5.000%, 08/15/22		225		230,906
Halyk Savings Bank of Kazakhstan JSC
7.250%, 05/03/17 144A @		100		100,510
7.250%, 01/28/21 144A @		400		388,480
Provident Funding Associates LP 6.750%, 06/15/21 144A @		950		904,875
Sberbank of Russia Via SB Capital S.A. 6.125%, 02/07/22 144A @		400		371,488
Synovus Financial Corp.
5.125%, 06/15/17		600		610,860
7.875%, 02/15/19		300		336,000

				4,380,894


	Par (000)		Value†

Beverages — 0.3%
Constellation Brands, Inc. 6.000%, 05/01/22	$	300	$	342,000
Cott Beverages, Inc. 6.750%, 01/01/20 144A @		250		258,750

				600,750

Building Materials — 2.0%
Ainsworth Lumber Co. Ltd. 7.500%, 12/15/17 144A @		92		95,565
Builders FirstSource, Inc. 7.625%, 06/01/21 144A @		325		327,437
Interline Brands, Inc. PIK 10.000%, 11/15/18		105		110,250
Masonite International Corp.
8.250%, 04/15/21 144A @		100		106,625
5.625%, 03/15/23 144A @		175		179,375
NCI Building Systems, Inc. 8.250%, 01/15/23 144A @		225		237,938
Nortek, Inc.
10.000%, 12/01/18		300		316,800
8.500%, 04/15/21		350		374,500
Reliance Intermediate Holdings LP 6.500%, 04/01/23 144A @		450		460,125
Summit Materials LLC 10.500%, 01/31/20		450		499,500
USG Corp.
9.750%, 01/15/18		450		520,875
5.875%, 11/01/21 144A @		100		106,250
Vulcan Materials Co. 7.500%, 06/15/21		300		360,000
Xella Holdco Finance S.A. PIK 9.125%, 09/15/18 144A @		175		195,695

				3,890,935

Chemicals — 2.1%
Axalta Coating Systems US Holdings, Inc. 7.375%, 05/01/21 144A @		150		161,250
Ciech Group Financing AB 9.500%, 11/30/19 144A @		250		297,440
Hexion, Inc.
8.875%, 02/01/18		600		529,500
6.625%, 04/15/20		575		526,125
INEOS Group Holdings S.A. 6.125%, 08/15/18 144A @		200		201,000
Kerling PLC 10.625%, 02/01/17 144A @		325		355,570
Momentive Performance Materials, Inc. 3.880%, 10/24/21		575		508,875
Platform Specialty Products Corp. 6.500%, 02/01/22 144A @		350		365,750
PolyOne Corp. 5.250%, 03/15/23		250		259,375
PQ Corp. 8.750%, 05/01/18 144A @		475		492,812
Rayonier AM Products, Inc. 5.500%, 06/01/24 144A @		475		407,313

				4,105,010


	Par (000)		Value†
CORPORATE BONDS — (continued)
Coal — 1.3%
Alpha Natural Resources, Inc. 3.750%, 12/15/17	$	100	$	37,063
CONSOL Energy, Inc.
5.875%, 04/15/22		600		543,000
8.000%, 04/01/23 144A @		325		320,531
Foresight Energy LLC 7.875%, 08/15/21 144A @		175		174,562
Murray Energy Corp.
9.500%, 12/05/20 144A @		225		252,000
8.625%, 06/15/21 144A @		175		182,875
Peabody Energy Corp. 6.000%, 11/15/18		550		434,500
SunCoke Energy Partners LP
7.375%, 02/01/20 144A @		200		205,000
7.375%, 02/01/20 144A @		250		256,250

				2,405,781

Commercial Services — 2.9%
Alliance Data Systems Corp. 5.375%, 08/01/22 144A @		300		299,250
Ashtead Capital, Inc. 6.500%, 07/15/22 144A @		125		133,125
CAR, Inc. 6.125%, 02/04/20 144A @		210		212,961
CoreLogic, Inc. 7.250%, 06/01/21		350		372,750
Europcar Groupe S.A. 11.500%, 05/15/17 144A @		350		423,267
FTI Consulting, Inc.
6.750%, 10/01/20		75		79,125
6.000%, 11/15/22		325		341,663
H&E Equipment Services, Inc. 7.000%, 09/01/22		150		154,500
Harland Clarke Holdings Corp. 6.875%, 03/01/20 144A @		125		127,188
Igloo Holdings Corp. PIK (Cash coupon 8.250%, PIK 9.000%) 8.250%, 12/15/17 144A @		175		176,750
Iron Mountain Europe PLC 6.125%, 09/15/22 144A @		225		351,520
Jaguar Holding Co. I PIK (Cash coupon 9.375%, PIK 10.125%) 9.375%, 10/15/17 144A @		225		230,062
Jaguar Holding Co. II 9.500%, 12/01/19 144A @		350		376,250
Laureate Education, Inc. 10.000%, 09/01/19 144A @		625		590,625
Lender Processing Services, Inc. 5.750%, 04/15/23		200		211,916
Loxam SAS 7.000%, 07/23/22 144A @		225		245,257
Safway Group Holding LLC 7.000%, 05/15/18 144A @		250		247,500
TransUnion Holding Co, Inc. PIK (Cash Coupon 8.125%, PIK 8.875%) 8.125%, 06/15/18		150		153,937
Truven Health Analytics, Inc.


	Par (000)		Value†

Commercial Services — (continued)
10.625%, 06/01/20 144A @	$	150	$	157,500
10.625%, 06/01/20		125		131,250
United Rentals North America, Inc. 6.125%, 06/15/23		525		555,844

				5,572,240

Computers — 0.3%
Dell, Inc.
5.875%, 06/15/19		275		297,000
4.625%, 04/01/21		100		100,500
Project Homestake Merger Corp. 8.875%, 03/01/23 144A @		150		150,375

				547,875

Cosmetics & Personal Care — 0.0%
Avon Products, Inc. 5.350%, 03/15/20		90		81,810

Distribution & Wholesale — 0.5%
HD Supply, Inc. 5.250%, 12/15/21 144A @		425		437,750
Matalan Finance PLC 6.875%, 06/01/19 144A @		350		521,887

				959,637

Diversified Financial Services — 5.1%
Aircastle Ltd. 5.500%, 02/15/22		275		292,531
Aston Escrow Corp. 9.500%, 08/15/21 144A @		375		262,500
Cantor Commercial Real Estate Co. LP 7.750%, 02/15/18 144A @		275		287,375
Consolidated Energy Finance S.A. 6.750%, 10/15/19 144A @		750		755,625
DBP Holding Corp. 7.750%, 10/15/20 144A @		400		358,000
E*TRADE Financial Corp. 5.375%, 11/15/22		300		316,500
General Motors Financial Co., Inc.
4.750%, 08/15/17		375		394,950
3.250%, 05/15/18		250		254,688
6.750%, 06/01/18		75		84,375
Icahn Enterprises LP
4.875%, 03/15/19		350		356,562
6.000%, 08/01/20		650		675,220
Jefferies LoanCore LLC 6.875%, 06/01/20 144A @		400		371,000
Ladder Capital Finance Holdings LLLP.
7.375%, 10/01/17		200		205,500
5.875%, 08/01/21 144A @		175		165,375
National Financial Partners Corp. 9.000%, 07/15/21 144A @		150		153,375
Nationstar Mortgage LLC
7.875%, 10/01/20		75		76,875
6.500%, 07/01/21		650		630,500
Navient Corp.
5.000%, 10/26/20		525		515,156
5.875%, 03/25/21		275		273,969


	Par (000)		Value†
CORPORATE BONDS — (continued)
Diversified Financial Services — (continued)
Neuberger Berman Group LLC
5.625%, 03/15/20 144A @	$	225	$	234,563
5.875%, 03/15/22 144A @		200		213,500
Ocwen Financial Corp. 6.625%, 05/15/19 144A @		450		389,250
OneMain Financial Holdings, Inc. 6.750%, 12/15/19 144A @		525		542,062
Outerwall, Inc.
6.000%, 03/15/19		450		436,500
5.875%, 06/15/21 144A @		350		315,875
Springleaf Finance Corp. 5.250%, 12/15/19		700		692,125
Walter Investment Management Corp. 7.875%, 12/15/21		650		581,750

				9,835,701

Electric 2— 2.2%
AES Corp. 5.500%, 03/15/24		425		423,937
Calpine Corp.
5.375%, 01/15/23		300		300,000
5.500%, 02/01/24		275		277,406
CMS Energy Corp. 5.050%, 03/15/22		130		148,693
Dynegy Finance I, Inc. 6.750%, 11/01/19 144A @		400		414,000
Energy Future Intermediate Holding Co. LLC
11.750%, 03/01/22 144A @,¤,~		655		710,079
10.000%, 12/01/49		900		45,000
GenOn Energy, Inc. 9.500%, 10/15/18		500		510,000
Infinis PLC 7.000%, 02/15/19 144A @		300		470,607
NRG Energy, Inc.
6.250%, 07/15/22		325		333,938
6.625%, 03/15/23		275		284,625
6.250%, 05/01/24		200		201,500

				4,119,785

Energy-Alternate Sources — 0.2%
TerraForm Power Operating LLC 5.875%, 02/01/23 144A @		300		311,250

Engineering & Construction — 0.4%
Abengoa Finance SAU 8.875%, 02/05/18 144A @		175		194,989
Abengoa Greenfield S.A. 6.500%, 10/01/19 144A @		400		368,000
Dycom Investments, Inc. 7.125%, 01/15/21		275		288,063

				851,052

Entertainment — 2.6%
Cedar Fair LP 5.250%, 03/15/21		275		283,937
DreamWorks Animation SKG, Inc. 6.875%, 08/15/20 144A @		350		341,250


	Par (000)		Value†

Entertainment — (continued)
Graton Economic Development Authority 9.625%, 09/01/19 144A @	$	500	$	547,500
Great Canadian Gaming Corp. 6.625%, 07/25/22 144A @		150		124,650
Intralot Finance Luxembourg S.A. 9.750%, 08/15/18 144A @		225		244,047
MU Finance PLC 8.375%, 02/01/17 144A @		223		227,891
National CineMedia LLC 6.000%, 04/15/22		375		385,312
Peninsula Gaming LLC 8.375%, 02/15/18 144A @		200		210,500
Pinnacle Entertainment, Inc. 7.500%, 04/15/21		375		395,625
Regal Entertainment Group
5.750%, 03/15/22		750		766,875
5.750%, 06/15/23		50		50,500
Scientific Games International, Inc. 7.000%, 01/01/22 144A @		300		306,750
Six Flags Entertainment Corp. 5.250%, 01/15/21 144A @		350		359,625
WMG Acquisition Corp.
6.000%, 01/15/21 144A @		413		421,260
6.750%, 04/15/22 144A @		275		260,563

				4,926,285

Environmental Control — 0.6%
Clean Harbors, Inc.
5.250%, 08/01/20		125		127,813
5.125%, 06/01/21		175		178,052
Darling Ingredients, Inc. 5.375%, 01/15/22		25		25,188
Tervita Corp.
10.875%, 02/15/18 144A @		375		208,125
8.000%, 11/15/18 144A @		775		687,812

				1,226,990

Food — 1.6%
ARAMARK Corp. 5.750%, 03/15/20		200		209,000
BI-LO LLC 9.250%, 02/15/19 144A @		450		453,375
Brakes Capital 7.125%, 12/15/18 144A @		125		188,220
Dean Foods Co. 6.500%, 03/15/23 144A @		450		452,250
JBS Investments GmbH 7.750%, 10/28/20 144A @		200		211,500
JBS USA LLC 5.875%, 07/15/24 144A @		375		379,688
Minerva Luxembourg S.A. 12.250%, 02/10/22 144A @		200		222,000
Post Holdings, Inc.
6.750%, 12/01/21 144A @		225		227,250
7.375%, 02/15/22		225		232,875
6.000%, 12/15/22 144A @		175		168,875
Premier Foods Finance PLC 6.500%, 03/15/21 144A @		100		136,287


	Par (000)		Value†
CORPORATE BONDS — (continued)
Food — (continued)
Shearer’s Foods LLC 9.000%, 11/01/19 144A @	$	75	$	81,750

				2,963,070

Forest Products & Paper — 0.4%
Cascades, Inc. 5.500%, 07/15/22 144A @		150		152,250
Mercer International, Inc.
7.000%, 12/01/19		375		388,125
7.750%, 12/01/22		200		212,000

				752,375

Gas — 0.1%
NGL Energy Partner LP 5.125%, 07/15/19		100		98,000

Hand & Machine Tools — 0.3%
Apex Tool Group LLC 7.000%, 02/01/21 144A @		350		329,000
Milacron LLC 7.750%, 02/15/21 144A @		325		336,375

				665,375

Healthcare Products — 0.7%
Crimson Merger Sub, Inc. 6.625%, 05/15/22 144A @		500		443,750
Kinetic Concepts, Inc. 10.500%, 11/01/18		200		216,500
Universal Hospital Services, Inc. 7.625%, 08/15/20		675		590,625

				1,250,875

Healthcare Services — 2.8%
Acadia Healthcare Co., Inc. 5.625%, 02/15/23 144A @		200		203,500
Aviv Healthcare Properties LP 7.750%, 02/15/19		100		104,250
Capella Healthcare, Inc. 9.250%, 07/01/17		625		647,266
Community Health Systems, Inc.
8.000%, 11/15/19		225		239,062
7.125%, 07/15/20		375		397,500
6.875%, 02/01/22		575		614,531
HCA Holdings, Inc. 6.250%, 02/15/21		275		297,330
HCA, Inc. 5.375%, 02/01/25		375		393,281
Holding Medi-Partenaires SAS 7.000%, 05/15/20 144A @		300		343,667
Kindred Escrow Corp. II 8.000%, 01/15/20 144A @		550		590,219
Select Medical Corp. 6.375%, 06/01/21		650		643,094
Tenet Healthcare Corp.
6.000%, 10/01/20		225		238,500
8.125%, 04/01/22		350		385,875
Wellcare Health Plans, Inc. 5.750%, 11/15/20		275		288,750

				5,386,825


	Par (000)		Value†

Holding Companies — 1.6%
Alphabet Holding Co., Inc. PIK (Cash coupon 7.750%, PIK 8.50%) 7.750%, 11/01/17	$	375	$	367,500
Argos Merger Sub, Inc. 7.125%, 03/15/23 144A @		425		440,406
HRG Group, Inc.
7.875%, 07/15/19		425		447,312
7.750%, 01/15/22		200		199,000
James Hardie International Finance Ltd. 5.875%, 02/15/23 144A @		275		283,250
KraussMaffei Group GmbH 8.750%, 12/15/20 144A @		225		265,398
Opal Acquisition, Inc. 8.875%, 12/15/21 144A @		350		356,125
Polish Television Holding BV PIK 11.000%, 01/15/21 144A @		425		544,948
WaveDivision Escrow LLC 8.125%, 09/01/20 144A @		75		81,094

				2,985,033

Home Builders — 0.8%
KB Home 7.000%, 12/15/21		375		381,562
Shea Homes LP 5.875%, 04/01/23 144A @		200		203,500
Standard Pacific Corp. 10.750%, 09/15/16		175		195,563
William Lyon Homes, Inc.
8.500%, 11/15/20		400		433,000
7.000%, 08/15/22		375		386,719

				1,600,344

Home Furnishings — 0.2%
Dometic Group AB PIK (Cash coupon 9.50%, PIK 10.25%) 9.500%, 06/26/19 144A @		375		409,265

Household Products & Wares — 0.9%
Reynolds Group Issuer, Inc.
9.875%, 08/15/19		187		200,090
8.250%, 02/15/21		850		909,500
Spectrum Brands, Inc.
6.375%, 11/15/20		100		106,000
6.625%, 11/15/22		100		107,000
The Sun Products Corp. 7.750%, 03/15/21 144A @		425		371,875

				1,694,465

Housewares — 0.4%
Bormioli Rocco Holdings S.A. 10.000%, 08/01/18 144A @		300		322,735
RSI Home Products, Inc. 6.500%, 03/15/23 144A @		450		457,875

				780,610

Insurance — 1.1%
A-S Co-Issuer Subsidiary, Inc. 7.875%, 12/15/20 144A @		475		489,250


	Par (000)		Value†
CORPORATE BONDS — (continued)
Insurance — (continued)
CNO Financial Group, Inc. 6.375%, 10/01/20 144A @	$	250	$	263,750
Hub Holdings LLC PIK (Cash coupon 8.125%, PIK 8.875%) 8.125%, 07/15/19 144A @		150		148,875
HUB International Ltd. 7.875%, 10/01/21 144A @		450		461,250
Towergate Finance PLC 10.500%, 02/15/19 144A @,^		275		8,159
USI, Inc. 7.750%, 01/15/21 144A @		725		743,125

				2,114,409

Internet — 1.2%
Ancestry.Com Holdings LLC PIK (Cash coupon 9.625%, PIK 10.375%) 9.625%, 10/15/18 144A @		550		554,125
Ancestry.Com., Inc. 11.000%, 12/15/20		125		138,750
Cerved Group SpA 6.375%, 01/15/20 144A @		100		113,976
Equinix, Inc.
5.375%, 01/01/22		275		286,688
5.375%, 04/01/23		325		337,350
5.750%, 01/01/25		150		156,375
Netflix, Inc. 5.375%, 02/01/21		400		408,000
United Group BV 7.875%, 11/15/20 144A @		275		317,869

				2,313,133

Investment Companies — 0.2%
NRG Yield Operating LLC 5.375%, 08/15/24 144A @		325		338,000

Iron & Steel — 1.2%
AK Steel Corp.
7.625%, 10/01/21		500		405,000
8.375%, 04/01/22		475		391,875
ArcelorMittal 10.600%, 06/01/19		275		336,359
Bluescope Steel Finance Ltd. 7.125%, 05/01/18 144A @		350		362,250
Ryerson, Inc.
9.000%, 10/15/17		425		429,250
11.250%, 10/15/18		309		313,635

				2,238,369

Leisure Time — 0.5%
24 Hour Holdings IIII LLC 8.000%, 06/01/22 144A @		300		255,000
Cirsa Funding Luxembourg S.A. 8.750%, 05/15/18 144A @		325		358,628
NCL Corp. Ltd. 5.250%, 11/15/19 144A @		300		307,500

				921,128

Lodging — 0.9%
Boyd Gaming Corp.


	Par (000)		Value†
Lodging — (continued)
9.125%, 12/01/18	$	50	$	52,250
9.000%, 07/01/20		75		80,906
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500%, 07/01/19 144A @		75		66,188
MGM Resorts International
6.750%, 10/01/20		425		455,812
6.625%, 12/15/21		450		480,656
Playa Resorts Holding BV 8.000%, 08/15/20 144A @		300		306,000
Seminole Hard Rock Entertainment, Inc. 5.875%, 05/15/21 144A @		250		250,938

				1,692,750

Machinery - Construction & Mining — 0.6%
BlueLine Rental Finance Corp. 7.000%, 02/01/19 144A @		225		231,750
Terex Corp.
6.500%, 04/01/20		125		130,000
6.000%, 05/15/21		750		768,750

				1,130,500

Machinery - Diversified — 0.5%
Gardner Denver, Inc. 6.875%, 08/15/21 144A @		825		742,500
The Manitowoc Co., Inc. 5.875%, 10/15/22		225		241,875

				984,375

Media — 8.7%
AMC Networks, Inc. 4.750%, 12/15/22		475		472,919
Arqiva Broadcast Finance PLC 9.500%, 03/31/20 144A @		650		1,065,254
CCO Holdings LLC
5.250%, 03/15/21		75		76,781
6.625%, 01/31/22		625		667,969
5.250%, 09/30/22		400		409,000
5.125%, 02/15/23		285		287,850
5.750%, 09/01/23		200		209,000
CCOH Safari LLC 5.500%, 12/01/22		300		306,750
Central European Media Enterprises Ltd. 5.000%, 11/15/15		650		651,219
Cequel Communications Holdings I LLC 5.125%, 12/15/21 144A @		325		324,594
Clear Channel Worldwide Holdings, Inc.
6.500%, 11/15/22		50		51,875
6.500%, 11/15/22		450		473,625
CSC Holdings LLC 6.750%, 11/15/21		300		333,000
Dex Media, Inc. 7.000%, 01/29/17		259		95,877
DISH DBS Corp.
5.125%, 05/01/20		375		377,812
6.750%, 06/01/21		125		133,125
5.875%, 07/15/22		250		254,063
Gannett Co., Inc.


	Par (000)		Value†
CORPORATE BONDS — (continued)
Media — (continued)
5.125%, 10/15/19	$	200	$	209,500
6.375%, 10/15/23		650		705,250
iHeartCommunications, Inc.
10.000%, 01/15/18		500		425,000
9.000%, 12/15/19		550		544,500
ION Media Networks, Inc. 11.000%, 07/31/15 ¤,~		1		0
LGE HoldCo VI BV 7.125%, 05/15/24 144A @		325		396,229
Mediacom Broadband LLC 6.375%, 04/01/23		450		472,500
MPL 2 Acquisition Canco, Inc. 9.875%, 08/15/18 144A @		200		212,750
Numericable SFR S.A. 6.250%, 05/15/24 144A @		975		987,187
Sinclair Television Group, Inc. 6.125%, 10/01/22		300		314,310
Starz LLC 5.000%, 09/15/19		250		256,875
Time, Inc. 5.750%, 04/15/22 144A @		275		268,812
Townsquare Media, Inc. 6.500%, 04/01/23 144A @		250		251,250
Townsquare Radio LLC 9.000%, 04/01/19 144A @		200		213,172
Unitymedia Hessen GmbH & Co. KG 5.000%, 01/15/25 144A @		600		606,000
Unitymedia KabelBW GmbH
9.500%, 03/15/21 144A @		450		549,303
6.125%, 01/15/25 144A @		400		423,000
Univision Communications, Inc.
6.750%, 09/15/22 144A @		492		527,670
5.125%, 05/15/23 144A @		525		532,875
5.125%, 02/15/25 144A @		375		382,969
Videotron Ltd. 6.875%, 07/15/21 144A @		325		275,527
VTR Finance BV 6.875%, 01/15/24 144A @		750		778,125
WideOpenWest Finance LLC
10.250%, 07/15/19		300		322,500
13.375%, 10/15/19		475		508,250
Ziggo Bond Finance BV 5.875%, 01/15/25 144A @		225		235,688

				16,589,955

Mining — 1.8%
Aleris International, Inc.
7.625%, 02/15/18		175		178,063
7.875%, 11/01/20		350		356,125
Eldorado Gold Corp. 6.125%, 12/15/20 144A @		400		389,000
First Quantum Minerals Ltd.
7.250%, 10/15/19 144A @		400		374,000
7.250%, 05/15/22 144A @		575		530,437
Lundin Mining Corp. 7.500%, 11/01/20 144A @		400		415,000


	Par (000)		Value†

Mining — (continued)
Novelis, Inc. 8.750%, 12/15/20	$	175	$	187,469
Nyrstar Netherlands Holdings BV 8.500%, 09/15/19 144A @		375		431,442
Vedanta Resources PLC
6.000%, 01/31/19 144A @		275		245,022
8.250%, 06/07/21 144A @		350		317,625

				3,424,183

Miscellaneous Manufacturing — 1.0%
Bombardier, Inc. 5.500%, 09/15/18 144A @		925		923,844
Momentive Performance Escrow 0.000%, 10/24/99 ^,~		575		0
Trinseo Materials Operating SCA 8.750%, 02/01/19		1,026		1,082,430

				2,006,274

Office & Business Equipment — 0.5%
CDW LLC 6.000%, 08/15/22		425		456,216
Magnolia BC S.A. 9.000%, 08/01/20 144A @		425		472,974

				929,190

Oil & Gas — 7.8%
Antero Resources Finance Corp. 6.000%, 12/01/20		475		475,237
Atwood Oceanics, Inc. 6.500%, 02/01/20		525		504,000
Bill Barrett Corp.
7.625%, 10/01/19		650		611,000
7.000%, 10/15/22		125		108,672
Canbriam Energy, Inc. 9.750%, 11/15/19 144A @		250		247,500
Chesapeake Energy Corp.
5.375%, 06/15/21		200		194,000
5.750%, 03/15/23		275		268,125
Comstock Resources, Inc. 10.000%, 03/15/20 144A @		625		604,687
Concho Resources, Inc.
7.000%, 01/15/21		150		157,125
5.500%, 04/01/23		800		805,920
Denbury Resources, Inc. 5.500%, 05/01/22		375		336,562
Energy XXI Gulf Coast, Inc. 11.000%, 03/15/20 144A @		200		190,250
EPL Oil & Gas, Inc. 8.250%, 02/15/18		250		185,000
Hercules Offshore, Inc.
10.250%, 04/01/19 144A @		25		7,688
8.750%, 07/15/21 144A @		625		178,125
Memorial Resource Development Corp. 5.875%, 07/01/22 144A @		200		188,000
Newfield Exploration Co.
5.750%, 01/30/22		150		156,375
5.375%, 01/01/26		200		202,025


	Par (000)		Value†
CORPORATE BONDS — (continued)
Oil & Gas — (continued)
Newield Exploration Co. 5.625%, 07/01/24	$	150	$	156,000
Pacific Drilling V Ltd. 7.250%, 12/01/17 144A @		200		180,000
Pacific Rubiales Energy Corp.
5.375%, 01/26/19 144A @		525		346,500
5.125%, 03/28/23 144A @		100		58,250
5.625%, 01/19/25 144A @		300		176,460
Parker Drilling Co.
7.500%, 08/01/20		75		60,563
6.750%, 07/15/22		450		356,625
Parsley Energy LLC 7.500%, 02/15/22 144A @		600		606,000
PDC Energy, Inc. 7.750%, 10/15/22		700		735,000
Penn Virginia Corp.
7.250%, 04/15/19		400		362,000
8.500%, 05/01/20		450		423,000
Precision Drilling Corp.
6.625%, 11/15/20		425		400,562
6.500%, 12/15/21		75		69,563
Range Resources Corp.
5.000%, 08/15/22		100		99,500
5.000%, 03/15/23		275		273,625
Rosetta Resources, Inc. 5.875%, 06/01/24		975		906,750
Seadrill Ltd. 6.125%, 09/15/17 144A @		400		338,000
Seven Generations Energy Ltd. 8.250%, 05/15/20 144A @		450		459,000
Seventy Seven Energy, Inc. 6.500%, 07/15/22		275		125,125
SM Energy Co.
6.625%, 02/15/19		250		253,125
6.500%, 01/01/23		300		306,000
5.000%, 01/15/24		500		470,750
Sunoco LP 6.375%, 04/01/23 144A @		400		412,000
Whiting Petroleum Corp. 6.250%, 04/01/23 144A @		625		621,875
WPX Energy, Inc.
6.000%, 01/15/22		800		744,000
5.250%, 09/15/24		125		109,938
YPF S.A. 8.875%, 12/19/18 144A @		400		410,380

				14,880,882

Oil & Gas Services — 1.3%
CGG S.A.
6.500%, 06/01/21		250		199,375
6.875%, 01/15/22		650		516,750
Exterran Holdings, Inc. 7.250%, 12/01/18		375		378,750
Exterran Partners LP
6.000%, 04/01/21		125		115,000
6.000%, 10/01/22		350		318,500


	Par (000)		Value†

Oil & Gas Services — (continued)
McDermott International, Inc. 8.000%, 05/01/21 144A @	$	225	$	174,375
SESI LLC 7.125%, 12/15/21		750		757,500
Weatherford International Ltd. 5.125%, 09/15/20		120		116,851

				2,577,101

Packaging and Containers — 1.6%
AEP Industries, Inc. 8.250%, 04/15/19		150		154,125
Ardagh Finance Holdings S.A. PIK 8.625%, 06/15/19 144A @		209		217,511
Ardagh Packaging Finance PLC
6.250%, 01/31/19 144A @		200		201,000
7.000%, 11/15/20 144A @,^		300		300,375
Beverage Packaging Holdings Luxembourg II SA
5.625%, 12/15/16 144A @		225		225,844
6.000%, 06/15/17 144A @		350		350,875
Consolidated Container Co. LLC 10.125%, 07/15/20 144A @		375		326,250
Coveris Holding Corp. 10.000%, 06/01/18 144A @		200		211,500
Graphic Packaging International, Inc. 4.750%, 04/15/21		175		182,000
SIG Combibloc Holdings SCA 7.750%, 02/15/23 144A @		700		795,650
Tekni-Plex, Inc. 9.750%, 06/01/19 144A @		130		139,750

				3,104,880

Pharmaceuticals — 1.5%
Capsugel S.A. PIK (Cash coupon 7.000%, PIK 7.75%) 7.000%, 05/15/19 144A @		400		406,500
Delta Dutch Newco BV 7.500%, 02/01/22 144A @		300		312,000
Endo Finance LLC 6.000%, 02/01/25 144A @		325		334,750
Par Pharmaceutical Cos, Inc. 7.375%, 10/15/20		100		105,500
Pinnacle Merger Sub, Inc. 9.500%, 10/01/23 144A @		69		76,590
Valeant Pharmaceuticals International, Inc.
5.375%, 03/15/20 144A @		400		403,500
6.375%, 10/15/20 144A @		500		519,375
5.875%, 05/15/23 144A @		350		358,750
6.125%, 04/15/25 144A @		425		439,875

				2,956,840

Pipelines — 1.7%
MarkWest Energy Partners LP 4.500%, 07/15/23		625		618,750
Penn Virginia Resource Partners LP 6.500%, 05/15/21		100		105,250
Sabine Pass Liquefaction LLC
5.625%, 02/01/21		100		100,656
6.250%, 03/15/22		250		258,438


	Par (000)		Value†
CORPORATE BONDS — (continued)
Pipelines — (continued)
5.625%, 04/15/23	$	425	$	423,937
5.750%, 05/15/24		525		527,625
Targa Resources Partners LP
5.000%, 01/15/18 144A @		300		309,000
5.250%, 05/01/23		50		50,250
4.250%, 11/15/23		875		842,187

				3,236,093

Real Estate — 1.9%
CBRE Services, Inc. 5.000%, 03/15/23		625		653,125
Dupont Fabros Technology LP 5.875%, 09/15/21		775		800,187
Greystar Real Estate Partners LLC 8.250%, 12/01/22 144A @		200		209,500
iStar Financial, Inc.
7.125%, 02/15/18		125		133,125
5.000%, 07/01/19		450		450,000
MPT Operating Partnership LP
6.875%, 05/01/21		225		242,156
6.375%, 02/15/22		125		135,338
Omega Healthcare Investors, Inc. 5.875%, 03/15/24		75		79,875
Realogy Group LLC
9.000%, 01/15/20 144A @		100		109,000
5.250%, 12/01/21 144A @		250		253,750
The Howard Hughes Corp. 6.875%, 10/01/21 144A @		625		654,688

				3,720,744

Retail — 4.2%
99 Cents Only Stores 11.000%, 12/15/19		250		262,500
Academy Ltd. 9.250%, 08/01/19 144A @		200		212,000
Chinos Intermediate Holdings A, Inc. PIK (Cash coupon 7.75%, PIK 8.50%) 7.750%, 05/01/19 144A @		50		43,875
Claire’s Stores, Inc. 9.000%, 03/15/19 144A @		325		294,938
Family Tree Escrow LLC
5.250%, 03/01/20 144A @		150		157,125
5.750%, 03/01/23 144A @		925		973,562
Ferrellgas LP 6.500%, 05/01/21		275		277,750
Group 1 Automotive, Inc. 5.000%, 06/01/22 144A @		175		175,438
Guitar Center, Inc. 6.500%, 04/15/19 144A @		375		327,188
JC Penney Corp., Inc. 8.125%, 10/01/19		700		686,000
Jo-Ann Stores, Inc. 8.125%, 03/15/19 144A @		375		375,937
Michaels Stores, Inc. 5.875%, 12/15/20 144A @		475		488,062
New Academy Finance Co. LLC PIK (Cash coupon 8.00%, PIK 8.75%) 8.000%, 06/15/18 144A @		257		257,000


	Par (000)		Value†

Retail — (continued)
New Look Bondco I PLC 8.375%, 05/14/18 144A @	$	375	$	390,937
PC Nextco Holdings LLC PIK 8.750%, 08/15/19		350		356,125
Penske Automotive Group, Inc. 5.750%, 10/01/22		200		210,000
PF Chang’s China Bistro, Inc. 10.250%, 06/30/20 144A @		800		828,000
Rite Aid Corp.
6.750%, 06/15/21		725		771,219
6.125%, 04/01/23 144A @		475		486,875
Sonic Automotive, Inc.
7.000%, 07/15/22		150		163,500
5.000%, 05/15/23		175		173,250
The Men’s Wearhouse, Inc. 7.000%, 07/01/22 144A @		175		184,188

				8,095,469

Semiconductors — 0.3%
NXP BV
5.750%, 02/15/21 144A @		200		211,500
5.750%, 03/15/23 144A @		250		265,625

				477,125

Software — 2.8%
Activision Blizzard, Inc. 6.125%, 09/15/23 144A @		225		245,250
BCP Singapore VI Cayman Financing Co. Ltd. 8.000%, 04/15/21 144A @		200		196,500
BMC Software Finance, Inc. 8.125%, 07/15/21 144A @		350		320,250
BMC Software, Inc. 7.250%, 06/01/18		125		120,625
Eagle Midco, Inc. PIK (Cash coupon 9.000%, PIK 9.750%) 9.000%, 06/15/18 144A @		425		432,969
Epicor Software Corp. 8.625%, 05/01/19		225		235,125
First Data Corp.
6.750%, 11/01/20 144A @		315		335,475
12.625%, 01/15/21		1,625		1,925,625
Infor Software Parent LLC PIK (Cash coupon 7.125%, PIK 7.875%) 7.125%, 05/01/21 144A @		600		594,186
Infor U.S., Inc.
9.375%, 04/01/19		300		321,690
6.500%, 05/15/22 144A @		400		410,000
MSCI, Inc. 5.250%, 11/15/24 144A @		250		258,437

				5,396,132

Telecommunications — 10.5%
Alcatel-Lucent USA, Inc. 8.875%, 01/01/20 144A @		225		245,250
Altice Financing S.A. 6.625%, 02/15/23 144A @		350		360,500
Altice Finco S.A.


	Par (000)		Value†
CORPORATE BONDS — (continued)
Telecommunications — (continued)
9.875%, 12/15/20 144A @	$	400	$	443,000
8.125%, 01/15/24 144A @		400		423,250
Altice S.A.
7.750%, 05/15/22 144A @		400		406,750
7.625%, 02/15/25 144A @		1,650		1,653,094
Avaya, Inc. 7.000%, 04/01/19 144A @		565		560,762
B Communications Ltd. 7.375%, 02/15/21 144A @		500		535,750
Crown Castle International Corp. 5.250%, 01/15/23		425		446,250
Digicel Group Ltd.
8.250%, 09/30/20 144A @		225		225,338
7.125%, 04/01/22 144A @		250		228,750
Digicel Ltd. 6.000%, 04/15/21 144A @		200		190,000
EarthLink Holdings Corp. 7.375%, 06/01/20		175		179,375
Goodman Networks, Inc. 12.125%, 07/01/18		375		348,750
Hughes Satellite Systems Corp.
6.500%, 06/15/19		350		379,750
7.625%, 06/15/21		325		357,500
Intelsat Jackson Holdings S.A. 6.625%, 12/15/22		475		458,375
Intelsat Jackson Holdings SA 5.500%, 08/01/23		500		471,875
Level 3 Financing, Inc.
7.000%, 06/01/20		325		346,938
6.125%, 01/15/21		75		78,656
5.625%, 02/01/23 144A @		150		154,125
Matterhorn Financing & CY S.C.A. PIK (Cash coupon 9.000%, PIK 9.7500%) 9.000%, 04/15/19 144A @		550		603,509
Millicom International Cellular S.A. 6.625%, 10/15/21 144A @		200		211,250
NII International Telecom S.C.A. 11.375%, 08/15/19 144A @,¤		350		332,500
Play Topco S.A. PIK (Cash coupon 7.75%, PIK 8.50%) 7.750%, 02/28/20 144A @		225		250,095
Sable International Finance Ltd. 8.750%, 02/01/20 144A @		200		215,000
Sprint Communications, Inc. 11.500%, 11/15/21		800		966,000
Sprint Corp. 7.125%, 06/15/24		1,725		1,681,875
Syniverse Holdings, Inc. 9.125%, 01/15/19		300		295,500
T-Mobile USA, Inc.
6.250%, 04/01/21		450		468,000
6.633%, 04/28/21		450		471,375
6.000%, 03/01/23		1,350		1,383,331
6.500%, 01/15/24		100		104,500
6.375%, 03/01/25		175		180,583
UPC Holding BV


	Par (000)		Value†

Telecommunications — (continued)
6.750%, 03/15/23 144A @	$	375	$	423,505
6.750%, 03/15/23 144A @		200		234,793
UPCB Finance VI Ltd. 6.875%, 01/15/22 144A @		225		240,188
Vimpel Communications OJSC Via UBS Luxembourg S.A. 8.250%, 05/23/16 144A @		300		313,323
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 7.748%, 02/02/21 144A @		200		196,740
VimpelCom Holdings BV
5.200%, 02/13/19 144A @		200		183,000
7.504%, 03/01/22 144A @		450		426,937
Virgin Media Finance PLC
7.000%, 04/15/23 144A @		275		443,627
6.000%, 10/15/241 44A @		200		210,000
Virgin Media Secured Finance PLC 5.250%, 01/15/26 144A @		200		204,000
Wind Acquisition Finance S.A.
4.750%, 07/15/20 144A @		400		401,000
7.375%, 04/23/21 144A @		1,100		1,141,250

				20,075,919

Textiles — 0.2%
Springs Industries, Inc. 6.250%, 06/01/21		450		444,375

Transportation — 0.1%
Watco Cos. LLC 6.375%, 04/01/23 144A @		175		175,000

TOTAL CORPORATE BONDS (Cost $174,238,395)				172,773,988

LOAN AGREEMENTS — 5.5%‡
Auto Manufacturers — 0.1%
Navistar, Inc. 5.750%, 08/17/17 •		125		125,469

Chemicals — 0.2%
Univar, Inc. 5.000%, 06/30/17 •		499		497,523

Commercial Services — 0.1%
Weight Watchers International, Inc. 4.000%, 04/02/20 •		444		238,958

Computers — 0.1%
Dell, Inc. 4.500%, 04/29/20		147		148,143

Distribution & Wholesale — 0.1%
Husky Injection Molding System 4.250%, 06/30/21		149		148,714

Diversified Financial Services — 0.5%
Onex Wizard Acquisition 5.250%, 03/11/22		400		403,248



	Par (000)		Value†
LOAN AGREEMENTS‡ — (continued)
Diversified Financial Services — (continued)
Terra-Gen Finance Co., LLC 5.250%, 12/09/21	$	300	$	301,125
Vantiv LLC 3.750%, 06/13/21 •		234		234,236

				938,609

Electric — 0.3%
Equipower Resources Holding LLC 4.250%, 12/31/19 •		688		686,552

Entertainment — 0.6%
Delta 2 (Lux) S.a.r.l.
4.750%, 07/30/21		600		595,998
7.750%, 07/29/22		200		198,666
Peninsula Gaming LLC 4.250%, 11/20/17 •		346		345,744

				1,140,408

Healthcare Services — 0.1%
Surgery Center Holdings 5.250%, 11/03/20		200		199,875

Holding Companies — 0.1%
Faenza Acquisition 4.250%, 08/30/20		97		96,783

Insurance — 0.6%
Asurion LLC
5.000%, 05/24/19•		568		569,077
8.500%, 03/03/21		550		551,787

				1,120,864

Machinery - Diversified — 0.1%
Gardner Denver, Inc. 4.250%, 07/30/20 •		172		163,308

Media — 0.3%
McGraw-Hill Global Education Holdings LLC 5.750%, 03/22/19 •		168		168,909
Univision Communications, Inc. 4.000%, 03/01/20 •		371		370,309

				539,218

Oil & Gas — 0.8%
Azure Midstream Energy LLC 7.500%, 11/15/18		191		180,917
C&J Energy Services Ltd.
6.500%, 03/24/20		450		401,251
7.250%, 03/24/22		600		531,498
Foresight Energy LLC 5.500%, 08/21/20 •		120		118,036
Pacific Drilling 4.500%, 06/03/18		200		165,388
Philadelphia Energy Solutions Refining and Marketing LLC 6.250%, 04/04/18 •		95		91,276

				1,488,366



	Par (000)		Value†

Pipelines — 0.1%
Stonewall Gas Gathering LLC 8.750%, 01/28/22	$	250	$	250,625

Retail — 1.3%
Dollar Tree, Inc. 4.250%, 03/09/22		400		404,056
JC Penney Corp. 6.000%, 05/22/18 •		862		861,264
New Red Finance, Inc. 4.500%, 12/10/21		347		350,185
PetSmart, Inc. 5.000%, 03/11/22		375		377,711
PF Chang’s China Bistro, Inc. 4.250%, 06/22/19 •		477		464,248

				2,457,464

Telecommunications — 0.1%
Level 3 Financing, Inc. 4.500%, 01/31/22		200		200,938

TOTAL LOAN AGREEMENTS‡ (Cost $10,533,896)				10,441,817


	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 0.7%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		392,491		392,491
T. Rowe Price Reserve Investment Fund		937,931		937,931

TOTAL SHORT-TERM INVESTMENTS (Cost $1,330,422)				1,330,422

TOTAL INVESTMENTS — 98.7% (Cost $190,004,320)(a)			$	188,708,466

Other Assets & Liabilities — 1.3%				2,557,352

TOTAL NET ASSETS — 100.0%			$	191,265,818

‡

Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at March 31, 2015. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the “1933 Act”), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown.

*	Non-income producing security.

^	Illiquid security. The total market value of illiquid securities at March 31, 2015 is $547,346.

•	Variable Rate Security.

¤	Defaulted Security.

~	Fair valued security. The total market value of fair valued securities at March 31, 2015 is $737,641.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $190,014,859. Net unrealized depreciation was $1,306,393. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $3,565,859 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $4,872,252.

CONV — Convertible Security.

LLC — Limited Liability Company.

LP — Limited Partnership.

OJSC — Open Joint Stock Company

PIK — Payment in Kind Security.

PLC — Public Limited Company.

STEP — Step Coupon Bond.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	1,718,114	$	1,690,552	$	—	$	27,562
REAL ESTATE INVESTMENT TRUSTS		256,284		256,284		—		—
PREFERRED STOCKS
Banks		1,021,406		1,021,406		—		—
Oil & Gas		139,863		139,863		—		—
Packaging and Containers		—		—		—		—
Pharmaceuticals		341,044		341,044		—		—
Telecommunications		342,653		342,653		—		—
ASSET BACKED SECURITIES		342,875		—		342,875		—
CORPORATE BONDS		172,773,988		—		172,773,988		—
LOAN AGREEMENTS		10,441,817		—		10,441,817		—
SHORT-TERM INVESTMENTS		1,330,422		1,330,422		—		—

TOTAL INVESTMENTS	$	188,708,466	$	5,122,224	$	183,558,680	$	27,562

Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:


	Investments in Securities (Market Value)
Balance as of 12/31/2014	$	27,838
Change in Appreciation/(Depreciation)		(276	)

Balance as of 3/31/2015	$	27,562

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period. The Fund did not have any significant transfers in and transfers out of the level 2 or level 3 fair value hierarchies during the reporting period.

The accompanying notes are an integral part of the financial statements.


	Par (000)		Value†
AGENCY OBLIGATION — 0.2%
Banks — 0.2%
KFW 0.500%, 04/19/16 (Cost $6,650,830)	$	6,658	$	6,664,392

ASSET BACKED SECURITIES — 0.5%
Ally Master Owner Trust 0.875%, 06/15/17 •		8,755		8,761,829
Continental Airlines 2009-2 Class A, Pass Through Trust 7.250%, 11/10/19		635		735,261
Continental Airlines 2012-1 Class A, Pass Through Trust 4.150%, 04/11/24		2,047		2,169,650
Continental Airlines 2012-1 Class B, Pass Through Trust 6.250%, 04/11/20		394		420,922
DB Master Finance LLC 2015-1 3.262%, 02/20/45		1,465		1,479,166
Ford Credit Auto Owner Trust 2012-C 0.580%, 12/15/16		520		520,533
Honda Auto Receivables 2012-3 Owner Trust 0.560%, 05/15/16		402		401,672

TOTAL ASSET BACKED SECURITIES (Cost $14,238,207)				14,489,033


	Number of Shares		Value†
COMMON STOCKS — 57.9%
Aerospace & Defense — 1.1%
The Boeing Co.		163,500		24,538,080
United Technologies Corp.		101,500		11,895,800

				36,433,880

Agriculture — 0.4%
Philip Morris International, Inc.		191,000		14,388,030

Auto Parts & Equipment — 1.6%
Delphi Automotive PLC		150,400		11,992,896
Johnson Controls, Inc.		754,900		38,077,156

				50,070,052

Banks — 4.4%
JPMorgan Chase & Co.		524,800		31,792,384
Julius Baer Group Ltd.*		177,459		8,870,085
State Street Corp.		152,800		11,235,384
The Bank of New York Mellon Corp.		2,200,100		88,532,024

				140,429,877

Beverages — 0.8%
PepsiCo, Inc.		232,200		22,202,964
SABMiller PLC		92,008		4,819,522

				27,022,486

Chemicals — 0.8%
Cytec Industries, Inc.		413,700		22,356,348
LyondellBasell Industries N.V., Class A		18,500		1,624,300

				23,980,648


	Number of Shares		Value†

Commercial Services — 1.8%
Tyco International PLC		1,169,500	$	50,358,670
Vantiv, Inc., Class A*		155,000		5,843,500

				56,202,170

Diversified Financial Services — 1.4%
Affiliated Managers Group, Inc.*		9,400		2,018,932
Invesco Ltd.		62,945		2,498,287
Visa, Inc., Class A		596,800		39,036,688

				43,553,907

Diversified Operations — 1.6%
Pentair PLC		826,100		51,953,429

Electric — 2.5%
FirstEnergy Corp.		788,200		27,634,292
PG&E Corp.		963,300		51,122,331

				78,756,623

Electrical Components & Equipment — 1.3%
AMETEK, Inc.		810,200		42,567,908

Electronics — 3.9%
Agilent Technologies, Inc.		414,500		17,222,475
PerkinElmer, Inc.		122,700		6,274,878
Sensata Technologies Holding N.V.*		162,900		9,358,605
Thermo Fisher Scientific, Inc.		670,600		90,088,404

				122,944,362

Food — 0.8%
Kraft Foods Group, Inc.		37,000		3,223,255
Mondelez International, Inc., Class A		652,300		23,541,507

				26,764,762

Healthcare Products — 1.8%
Becton Dickinson & Co.		364,034		52,271,642
Henry Schein, Inc.*		33,678		4,702,122

				56,973,764

Healthcare Services — 2.4%
Cigna Corp.		272,200		35,233,568
UnitedHealth Group, Inc.		342,700		40,537,983

				75,771,551

Insurance — 3.3%
Marsh & McLennan Cos., Inc.		1,860,600		104,361,054

Internet — 1.4%
eBay, Inc.*		161,900		9,338,392
Google, Inc., Class A*		24,300		13,479,210
Google, Inc., Class C*		42,600		23,344,800

				46,162,402

Machinery — Diversified — 1.5%
IDEX Corp.		237,300		17,994,459
Roper Industries, Inc.		176,300		30,323,600

				48,318,059

Media — 2.3%
Comcast Corp., Class A		358,000		20,216,260
Liberty Global PLC, Class A*		134,000		6,896,980
Liberty Global PLC, Series C*		582,800		29,029,268
Time Warner Cable, Inc.		53,900		8,078,532


	Number of Shares		Value†
COMMON STOCKS — (continued)
Media — (continued)
Twenty-First Century Fox, Inc., Class B		262,200	$	8,621,136

				72,842,176

Miscellaneous Manufacturing — 4.2%
Danaher Corp.		1,588,178		134,836,312

Oil & Gas — 2.1%
Canadian Natural Resources Ltd.		1,905,500		58,517,905
Range Resources Corp.		148,847		7,745,998

				66,263,903

Pharmaceuticals — 6.5%
Abbott Laboratories		713,700		33,065,721
Actavis PLC*		238,940		71,113,415
Eli Lilly & Co.		552,800		40,160,920
Endo International PLC*		60,400		5,417,880
Pfizer, Inc.		701,043		24,389,286
Zoetis, Inc.		717,586		33,217,056

				207,364,278

Retail — 4.5%
AutoZone, Inc.*		127,299		86,838,286
CVS Health Corp.		141,800		14,635,178
Lowe’s Cos., Inc.		380,600		28,312,834
O’Reilly Automotive, Inc.*		17,700		3,827,448
Wal-Mart Stores, Inc.		108,300		8,907,675

				142,521,421

Semiconductors — 0.3%
Texas Instruments, Inc.		193,200		11,048,142

Software — 4.0%
Fidelity National Information Services, Inc.		575,400		39,161,724
Fiserv, Inc.*		1,119,300		88,872,420
SS&C Technologies Holdings, Inc.		6,300		392,490

				128,426,634

Telecommunications — 1.2%
Cisco Systems, Inc.		229,100		6,305,978
Crown Castle International Corp.		269,300		22,228,022
SBA Communications Corp., Class A*		71,300		8,349,230

				36,883,230

TOTAL COMMON STOCKS (Cost $1,409,828,152)				1,846,841,060


	Par (000)		Value†
REAL ESTATE INVESTMENT TRUSTS — 1.4%
Diversified — 0.5%
American Tower Corp.		162,997		15,346,167

Real Estate Investment Trusts — 0.5%
American Tower Corp.*		155,973		15,477,201

Storage & Warehousing — 0.4%
Iron Mountain, Inc.		412,194		15,036,837

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $38,347,770)				45,860,205


	Number of Shares		Value†
PREFERRED STOCKS — 2.0%
Banks — 0.2%
State Street Corp.		86,000	$	2,195,580
U.S. Bancorp, Series F		71,000		2,109,410
U.S. Bancorp, Series G		90,000		2,457,900

				6,762,890

Electric — 0.3%
SCE Trust I		83,775		2,127,885
SCE Trust II		14,730		357,202
SCE Trust III		161,355		4,429,195

				6,914,282

Oil & Gas — 0.0%
Chesapeake Energy Corp.		956		82,694

Pharmaceuticals — 1.2%
Actavis PLC*		38,298		38,757,576

Telecommunications — 0.3%
T-Mobile US, Inc.*		160,540		9,417,277

TOTAL PREFERRED STOCKS (Cost $59,292,126)				61,934,719


	Par (000)		Value†
CORPORATE BONDS — 22.6%
Advertising — 0.1%
Lamar Media Corp.
5.875%, 02/01/22	$	900		947,250
5.000%, 05/01/23		850		869,125

				1,816,375

Aerospace & Defense — 0.0%
Moog, Inc. 5.250%, 12/01/22 144A @		650		669,500

Airlines — 0.2%
Continental Airlines 2009-1 Pass Through Trust 9.000%, 07/08/16		715		773,705
Delta Air Lines 2009-1, Class A, Pass Through Trust 7.750%, 12/17/19		502		580,289
Delta Air Lines 2011-1, Class A, Pass Through Trust 5.300%, 04/15/19		487		529,353
US Airways 2010-1 Class A, Pass Through Trust 6.250%, 04/22/23		1,912		2,169,995
US Airways 2010-1 Class B, Pass Through Trust 8.500%, 04/22/17 ^		217		236,194


	Par (000)		Value†
CORPORATE BONDS — (continued)
Airlines — (continued)
US Airways 2012-2 Class A, Pass Through Trust 4.625%, 06/03/25	$	267	$	286,213
US Airways 2012-2 Class B, Pass Through Trust 6.750%, 06/03/21 ^		503		546,244
US Airways 2013-1 Class A, Pass Through Trust 3.950%, 11/15/25		5		5,061
US Airways 2013-1 Class B, Pass Through Trust 5.375%, 11/15/21		5		5,193

				5,132,247

Auto Manufacturers — 1.2%
Ford Motor Credit Co. LLC
0.899%, 03/27/17•		12,525		12,519,990
1.461%, 03/27/17		10,560		10,562,556
1.192%, 01/09/18•		4,625		4,637,538
2.145%, 01/09/18		2,960		2,993,812
Toyota Motor Credit Corp. 0.638%, 03/12/20 •		8,375		8,366,818

				39,080,714

Auto Parts & Equipment — 0.1%
Schaeffler Finance BV 7.750%, 02/15/17 144A @		1,250		1,400,000

Banks — 0.4%
KFW 2.500%, 11/20/24		12,753		13,277,046
Regions Bank 7.500%, 05/15/18		75		87,175
Synovus Financial Corp. 5.125%, 06/15/17		105		106,901

				13,471,122

Chemicals — 0.1%
Cytec Industries, Inc. 3.950%, 05/01/25		3,680		3,779,897

Coal — 0.1%
CONSOL Energy, Inc. 5.875%, 04/15/22		3,075		2,782,875

Diversified Financial Services — 1.4%
Caterpillar Financial Services Corp.
0.700%, 11/06/15		1,585		1,588,276
1.250%, 11/06/17		2,345		2,350,447
Ford Motor Credit Co. LLC
2.750%, 05/15/15		2,300		2,305,078
2.500%, 01/15/16		2,190		2,215,640
1.483%, 05/09/16•		3,755		3,781,507
4.250%, 02/03/17		1,340		1,407,086
6.625%, 08/15/17		1,675		1,860,195
0.753%, 09/08/17•		4,325		4,300,123
0.803%, 12/06/17•		6,325		6,281,376
1.724%, 12/06/17		2,150		2,145,240
5.000%, 05/15/18		1,800		1,962,841


	Par (000)		Value†

Diversified Financial Services — (continued)
2.375%, 03/12/19	$	4,275	$	4,324,663
2.597%, 11/04/19		4,350		4,407,350
International Lease Finance Corp. 2.191%, 06/15/16 •		2,905		2,905,000
John Deere Capital Corp. 0.700%, 09/04/15		1,800		1,802,360

				43,637,182

Electric — 0.3%
Berkshire Hathaway Energy Co.
2.400%, 02/01/20		2,550		2,586,929
3.500%, 02/01/25		2,655		2,764,848
CMS Energy Corp.
6.550%, 07/17/17		895		997,803
8.750%, 06/15/19		415		524,733
Otter Tail Corp. 9.000%, 12/15/16 ^		890		996,800

				7,871,113

Electronics — 0.0%
Amphenol Corp. 1.550%, 09/15/17		920		922,640

Entertainment — 0.1%
Cedar Fair LP 5.250%, 03/15/21		1,425		1,471,312

Food — 0.2%
B&G Foods, Inc. 4.625%, 06/01/21		1,525		1,523,094
HJ Heinz Co. 4.250%, 10/15/20		4,875		5,001,750

				6,524,844

Healthcare Products — 0.3%
Becton Dickinson and Co.
1.800%, 12/15/17		2,590		2,609,845
2.675%, 12/15/19		2,175		2,221,582
Medtronic, Inc.
1.500%, 03/15/18 144A @		1,905		1,913,275
2.500%, 03/15/20 144A @		2,845		2,907,988

				9,652,690

Healthcare Services — 1.5%
Community Health Systems, Inc. 5.125%, 08/15/18		2,125		2,191,406
DaVita HealthCare Partners, Inc.
6.625%, 11/01/20		6,825		7,149,188
5.750%, 08/15/22		10,165		10,800,312
5.125%, 07/15/24		15,035		15,335,700
Fresenius Medical Care U.S. Finance II, Inc.
5.625%, 07/31/19 144A @		3,575		3,880,663
5.875%, 01/31/22 144A @		1,900		2,090,000
Roche Holdings, Inc. 3.350%, 09/30/24 144A @		3,055		3,203,830
UnitedHealth Group, Inc. 1.400%, 12/15/17		1,545		1,557,413


	Par (000)		Value†
CORPORATE BONDS — (continued)
Healthcare Services — (continued)
Wellcare Health Plans, Inc. 5.750%, 11/15/20	$	475	$	498,750

				46,707,262

Insurance — 0.0%
Marsh & McLennan Cos., Inc. 2.350%, 03/06/20		1,205		1,211,815

Internet — 0.3%
Amazon.com, Inc.
2.600%, 12/05/19		4,155		4,255,913
3.800%, 12/05/24		2,065		2,170,296
Priceline Group, Inc./The 0.350%, 06/15/20		2,323		2,651,124

				9,077,333

Machinery — Construction & Mining — 0.0%
Caterpillar Financial Services Corp. 2.250%, 12/01/19		1,155		1,172,301

Machinery — Diversified — 0.4%
Case New Holland, Inc. 7.875%, 12/01/17		341		377,760
CNH Industrial Capital LLC
3.875%, 11/01/15		1,500		1,511,250
6.250%, 11/01/16		4,950		5,209,875
3.250%, 02/01/17		200		199,000
3.625%, 04/15/18		5,000		5,012,500
Xylem, Inc.
3.550%, 09/20/16		1,300		1,340,905
4.875%, 10/01/21		415		457,321

				14,108,611

Media — 2.1%
CCO Holdings LLC
7.250%, 10/30/17		850		886,125
8.125%, 04/30/20		725		757,625
7.375%, 06/01/20		3,950		4,221,563
DISH DBS Corp. 7.125%, 02/01/16		8,225		8,543,719
Unitymedia Hessen GmbH & Co. KG 5.500%, 01/15/23 144A @		4,100		4,289,830
Unitymedia KabelBW GmbH 6.125%, 01/15/25 144A @		3,300		3,489,750
Univision Communications, Inc.
7.875%, 11/01/20 144A @		19,800		21,136,500
8.500%, 05/15/21 144A @		4,875		5,210,156
6.750%, 09/15/22 144A @		15,169		16,268,752
5.125%, 05/15/23 144A @		2,700		2,740,500

				67,544,520

Oil & Gas — 4.9%
Antero Resources Finance Corp.
6.000%, 12/01/20		2,525		2,526,263
5.375%, 11/01/21		3,700		3,589,000
Canadian Natural Resources Ltd. 1.750%, 01/15/18		1,000		995,047
Chesapeake Energy Corp.
3.250%, 03/15/16		3,175		3,171,031


	Par (000)		Value†

Oil & Gas — (continued)
3.481%, 04/15/19•	$	2,225	$	2,141,563
Chevron Corp.
0.362%, 02/22/17•		8,650		8,664,774
0.432%, 03/02/18•		8,625		8,624,810
1.365%, 03/02/18		4,400		4,421,437
Concho Resources, Inc.
7.000%, 01/15/21		11,440		11,983,400
6.500%, 01/15/22		4,200		4,399,500
5.500%, 10/01/22		2,425		2,443,188
5.500%, 04/01/23		6,450		6,497,730
EQT Corp.
6.500%, 04/01/18		1,620		1,808,255
8.125%, 06/01/19		1,754		2,095,369
4.875%, 11/15/21		8,005		8,424,214
Exxon Mobil Corp. 0.314%, 03/01/18 •		17,325		17,319,595
Noble Energy, Inc. 3.900%, 11/15/24		835		849,483
Range Resources Corp.
6.750%, 08/01/20		8,725		9,052,187
5.750%, 06/01/21		12,150		12,692,983
5.000%, 08/15/22		16,975		16,890,125
5.000%, 03/15/23		21,375		21,268,125
SM Energy Co.
6.500%, 11/15/21		3,425		3,476,375
6.500%, 01/01/23		1,200		1,224,000
WPX Energy, Inc. 5.250%, 01/15/17		2,300		2,311,500

				156,869,954

Packaging and Containers — 0.1%
Rexam PLC 6.750%, 06/29/67 •		1,700		1,876,357
Sealed Air Corp. 8.375%, 09/15/21 144A @		275		309,375

				2,185,732

Pharmaceuticals — 0.4%
Eli Lilly & Co. 1.250%, 03/01/18		2,200		2,207,276
Johnson & Johnson
1.125%, 11/21/17		1,360		1,367,404
3.375%, 12/05/23		2,200		2,359,854
Merck & Co., Inc.
0.381%, 02/10/17•		2,610		2,611,128
0.631%, 02/10/20•		3,480		3,494,031
Novartis Capital Corp. 3.400%, 05/06/24		875		933,910
Omnicare, Inc. 5.000%, 12/01/24		1,125		1,175,625

				14,149,228

Pipelines — 2.4%
Energy Transfer Partners LP
4.150%, 10/01/20		1,925		2,020,894
4.900%, 02/01/24		2,465		2,641,366
MarkWest Energy Partners LP
6.750%, 11/01/20		8,900		9,345,000


	Par (000)		Value†
CORPORATE BONDS — (continued)
Pipelines — (continued)
6.500%, 08/15/21	$	5,650	$	5,918,375
6.250%, 06/15/22		7,900		8,255,500
5.500%, 02/15/23		11,910		12,237,525
4.500%, 07/15/23		16,225		16,062,750
MarkWest Energy Partners LP / MarkWest Energy Finance Corp. 4.875%, 12/01/24		3,175		3,246,120
ONEOK Partners LP 2.000%, 10/01/17		830		827,718
Targa Resources Partners LP
5.000%, 01/15/18 144A @		4,150		4,274,500
4.125%, 11/15/19 144A @		1,325		1,318,375
6.875%, 02/01/21		5,100		5,342,250
5.250%, 05/01/23		2,775		2,788,875
4.250%, 11/15/23		3,325		3,200,312

				77,479,560

Real Estate — 0.0%
CBRE Services, Inc. 5.000%, 03/15/23		900		940,500

Real Estate Investment Trusts — 0.1%
American Tower Corp.
3.500%, 01/31/23		925		916,895
5.000%, 02/15/24		1,535		1,678,513
Host Hotels & Resorts LP 5.875%, 06/15/19		1,800		1,868,028

				4,463,436

Retail — 1.4%
AmeriGas Finance LLC
6.250%, 08/20/19		600		622,500
6.750%, 05/20/20		675		710,437
7.000%, 05/20/22		1,525		1,635,562
Group 1 Automotive, Inc. 5.000%, 06/01/22 144A @		675		676,688
L Brands, Inc.
6.900%, 07/15/17		1,400		1,540,000
8.500%, 06/15/19		900		1,079,730
7.000%, 05/01/20		900		1,037,250
6.625%, 04/01/21		1,925		2,205,107
5.625%, 02/15/22		1,625		1,787,500
5.625%, 10/15/23		5,325		5,910,750
Penske Automotive Group, Inc. 5.375%, 12/01/24		1,325		1,364,750
Rite Aid Corp.
9.250%, 03/15/20		2,125		2,342,812
8.000%, 08/15/20		21,525		22,789,594
Suburban Propane Partners LP 7.375%, 08/01/21		750		806,250

				44,508,930

Semiconductors — 0.7%
NXP BV
5.750%, 02/15/21 144A @		5,075		5,366,812
5.750%, 03/15/23 144A @		7,300		7,756,250


	Par (000)		Value†

Semiconductors — (continued)
NXP BV / NXP Funding LLC 3.750%, 06/01/18 144A @	$	7,475	$	7,624,500

				20,747,562

Software — 0.0%
IMS Health, Inc. 6.000%, 11/01/20 144A @		875		911,094

Storage & Warehousing — 0.0%
Iron Mountain, Inc. 7.750%, 10/01/19		350		372,313

Telecommunications — 3.8%
Crown Castle International Corp.
4.875%, 04/15/22		4,875		5,063,906
5.250%, 01/15/23		3,865		4,058,250
Intelsat Jackson Holdings SA
7.250%, 04/01/19		7,525		7,799,662
7.250%, 10/15/20		14,405		14,837,150
7.500%, 04/01/21		3,725		3,832,094
Matterhorn Mobile SA
4.468%, 05/15/19 144A @,•		250		257,898
6.750%, 05/15/19 144A @		4,255		4,577,693
MetroPCS Wireless, Inc. 6.625%, 11/15/20		2,725		2,847,625
SBA Communications Corp. 5.625%, 10/01/19		2,100		2,214,450
SBA Telecommunications, Inc. 5.750%, 07/15/20		2,650		2,785,813
Sprint Communications, Inc. 9.000%, 11/15/18 144A @		3,240		3,717,900
T-Mobile USA, Inc. 6.542%, 04/28/20		625		657,813
Telesat Canada 6.000%, 05/15/17 144A @		2,595		2,645,603
UPC Holding BV 6.375%, 09/15/22 144A @		2,275		2,629,648
UPCB Finance III Ltd. 6.625%, 07/01/20 144A @		22,045		23,009,469
UPCB Finance V Ltd. 7.250%, 11/15/21 144A @		13,530		14,561,662
UPCB Finance VI Ltd. 6.875%, 01/15/22 144A @		18,078		19,298,265
Virgin Media Secured Finance PLC
5.375%, 04/15/21 144A @		2,850		2,988,937
6.000%, 04/15/21 144A @		1,350		2,099,506
5.250%, 01/15/26 144A @		1,025		1,045,500

				120,928,844

TOTAL CORPORATE BONDS (Cost $715,954,167)				721,591,506

LOAN AGREEMENTS — 5.2%‡
Beverages — 0.4%
De Master Blenders
0.000%, 07/23/21		2,250		2,428,714


	Par (000)		Value†
LOAN AGREEMENTS‡ — (continued)
Beverages — (continued)
3.500%, 07/23/21	$	9,200	$	9,177,000

				11,605,714

Commercial Services — 0.3%
Kronos, Inc.
4.500%, 10/30/19•		4,454		4,458,501
9.750%, 04/30/20•		3,772		3,852,198

				8,310,699

Diversified Financial Services — 0.1%
Hilton Worldwide Finance LLC 3.500%, 10/25/20 •		4,467		4,471,170

Electric — 0.0%
Texas Competitive Electric Holdings Co. LLC 3.750%, 12/30/16 •		1,016		1,020,606

Entertainment — 0.1%
Kasima LLC 3.250%, 05/17/21 •		684		681,259
Peninsula Gaming LLC 4.250%, 11/20/17 •		3,284		3,284,564

				3,965,823

Food — 0.8%
H.J. Heinz Co. 3.250%, 06/05/20 •		19,226		19,250,192
Pinnacle Foods Finance LLC
3.000%, 04/29/20•		4,246		4,226,000
3.000%, 04/29/20•		3,792		3,774,464

				27,250,656

Healthcare Services — 0.8%
Davita Healthcare Partners, Inc. 3.500%, 06/24/21 •		7,002		7,011,674
HCA, Inc.
2.500%, 02/02/16•		800		798,664
2.928%, 03/31/17•		18,540		18,537,487

				26,347,825

Holding Companies — 1.2%
Intelsat Jackson Holdings 3.750%, 06/30/19		37,396		37,237,411

Media — 0.4%
Cequel Communications LLC 3.500%, 02/14/19 •		4,279		4,281,316
Charter Communications Operating LLC
3.000%, 07/01/20•		2,088		2,078,814
3.000%, 01/03/21•		1,457		1,451,438
4.250%, 09/10/21•		3,275		3,300,480
Univision Communications, Inc. 0.000%, 03/01/20 •		250		249,420

				11,361,468

Retail — 0.2%
Wendy’s International, Inc. 3.250%, 05/15/19 •		5,502		5,492,371


	Par (000)			Value†

Telecommunications — 0.9%
First Data Corp.
3.674%, 03/24/18•	$	1,000		$	999,000
3.674%, 09/24/18•		250			249,635
Telesat Canada
4.273%, 03/28/17•		681			534,027
3.500%, 03/28/19•		5,419			5,402,431
4.430%, 03/28/19•,^		3,675			2,883,448
UPC Financing Partnership 3.250%, 06/30/21 •		19,925			19,797,679

					29,866,220

TOTAL LOAN AGREEMENTS (Cost $168,162,730)					166,929,963


	Number of Shares			Value†
SHORT-TERM INVESTMENTS — 9.2%
BlackRock Liquidity Funds FedFund Portfolio — Institutional Shares		10,464,302			10,464,302
T. Rowe Price Reserve Investment Fund		282,441,780			282,441,780

TOTAL SHORT-TERM INVESTMENTS (Cost $292,906,082)					292,906,082

TOTAL INVESTMENTS — 99.0% (Cost $2,705,380,064)(a)				$	3,157,216,960

Other Assets & Liabilities — 1.0%					32,360,565

TOTAL NET ASSETS — 100.0%				$	3,189,577,525


	Number of Contracts			Value†
WRITTEN OPTIONS
Call Options
American Tower, $110.00, 01/15/16		(557	)		(86,335	)
Ameriican Tower, $105.00, 01/15/16		(464	)		(126,672	)
Boeing, $140.00, 01/5/16		(62	)		(98,580	)
Cisco, $25.00, 01/15/16		(2,144	)		(728,960	)
Comcast Corp., $65.00, 01/15/16		(2,938	)		(417,196	)
Comcast Corp., $70.00, 01/15/16		(522	)		(34,452	)
Crown Castle International, $90.00, 01/15/16		(368	)		(69,920	)
CVS, $90.00, 01/15/16		(546	)		(824,460	)
CVS, $95.00, 01/15/16		(545	)		(644,735	)
DHR, $100.00, 01/15/16		(265	)		(39,750	)
DHR, $95.00, 01/15/16		(265	)		(67,575	)
Google, $590.00, 01/15/16		(157	)		(460,010	)
Google, $590.00, 01/15/16		(157	)		(428,610	)
Google, $700.00, 01/15/16		(255	)		(141,525	)
Google, $700.00, 01/15/16		(76	)		(46,360	)
JPM, $70.00, 01/15/16		(2,802	)		(246,576	)
Lowe’s, $60.00, 01/15/16		(1,364	)		(2,182,400	)
Lowe’s, $75.00, 01/5/16		(480	)		(271,200	)
Modelez International, Inc, $45.00, 01/1516		(781	)		(28,116	)
Pepsico, $100.00, 01/15/16		(794	)		(273,930	)
Pepsico, $105.00, 01/15/16		(469	)		(100,366	)
Pepsico, $110.00, 01/15/16		(774	)		(88,236	)
Pfiizer, $30.00, 01/15/16		(3,011	)		(1,595,830	)
PNR, $70.00, 11/20/15		(87	)		(16,530	)


	Number of Contracts			Value†
WRITTEN OPTIONS — (continued)
Call Options — (continued)
State Street Corp., $87.50, 01/15/16	$	(1,035	)	$	(99,360	)
TD Ameritrade, $115.00, 01/15/16		(291	)		(24,735	)
Thermo Fisher Scientifiic, $150.00, 01/15/16		(578	)		(238,714	)
United Healthcare, $100.00, 01/15/16		(431	)		(907,255	)
United Healthcare, $105.00, 01/15/16		(430	)		(765,400	)
United Healthcare, $120.00, 01/15/16		(233	)		(198,050	)
United Healthcare, $90.00, 01/15/16		(569	)		(1,695,620	)
United Healthcare, $95.00, 01/15/16		(569	)		(1,431,035	)
United Technologies Corp., $125.00, 01/15/16		(145	)		(56,550	)
United Technologies Corp., $130.00, 01/15/16		(144	)		(37,296	)
United Technologies, $120.00, 01/15/16		(693	)		(408,870	)
Visa, $70.00, 01/15/16		(708	)		(237,180	)
Visa, $75.00, 01/15/16		(704	)		(118,272	)
Walmart, $80.00, 01/15/16		(515	)		(285,825	)
Walmart, $82.50, 01/15/16		(516	)		(231,684	)

TOTAL WRITTEN OPTIONS (Premiums $(7,333,310))					(15,754,170	)

†	See Security Valuation Note.

*	Non-income producing security.

•	Variable Rate Security.

^	Illiquid security. The total market value of illiquid securities at March 31, 2015 is $4,662,686.

‡

(a)

At March 31, 2015, the cost for Federal income tax purposes was $2,706,999,656. Net unrealized appreciation was $450,217,304. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $469,541,376 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $19,324,072.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Aerospace & Defense	$	36,433,880	$	36,433,880	$	—	$	—
Agriculture		14,388,030		14,388,030		—		—
Auto Parts & Equipment		50,070,052		50,070,052		—		—
Banks		140,429,877		131,559,792		8,870,085		—
Beverages		27,022,486		22,202,964		4,819,522		—
Chemicals		23,980,648		23,980,648		—		—
Commercial Services		56,202,170		56,202,170		—		—
Diversified Financial Services		43,553,907		43,553,907		—		—
Diversified Operations		51,953,429		51,953,429		—		—
Electric		78,756,623		78,756,623		—		—
Electrical Components & Equipment		42,567,908		42,567,908		—		—
Electronics		122,944,362		122,944,362		—		—
Food		26,764,762		26,764,762		—		—
Healthcare Products		56,973,764		56,973,764		—		—
Healthcare Services		75,771,551		75,771,551		—		—
Insurance		104,361,054		104,361,054		—		—
Internet		46,162,402		46,162,402		—		—
Machinery—Diversified		48,318,059		48,318,059		—		—
Media		72,842,176		72,842,176		—		—
Miscellaneous Manufacturing		134,836,312		134,836,312		—		—
Oil & Gas		66,263,903		66,263,903		—		—
Pharmaceuticals		207,364,278		207,364,278		—		—
Retail		142,521,421		142,521,421		—		—
Semiconductors		11,048,142		11,048,142		—		—
Software		128,426,634		128,426,634		—		—
Telecomm- unications		36,883,230		36,883,230		—		—
REAL ESTATE INVESTMENT TRUSTS		45,860,205		45,860,205		—		—
PREFERRED STOCKS		61,934,719		61,934,719		—		—
AGENCY OBLIGATION		6,664,392		—		6,664,392		—
ASSET BACKED SECURITIES		14,489,033		—		14,489,033		—
CORPORATE BONDS		721,591,506		—		721,591,506		—
LOAN AGREEMENTS		166,929,963		—		166,929,963		—
SHORT-TERM INVESTMENTS		292,906,082		292,906,082		—		—

TOTAL INVEST- MENTS		3,157,216,960		2,233,852,459		923,364,501		—


LIABILITIES TABLE
Description	Total Market Value at 03/31/2015			Level 1 Quoted Price			Level 2 Signi- ficant Obser- vable Input			Level 3 Signi- ficant Unobser- vable Input
WRITTEN OPTIONS	$	(15,754,170	)	$	(1,490,648	)	$	(14,263,522	)	$	—

Total Liabilities	$	(15,754,170	)	$	(1,490,648	)	$	(14,263,522	)	$	—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 59.8%
Penn Series Index 500 Fund* (Cost $21,356,964)		3,036,164	$	48,942,965

AFFILIATED FIXED INCOME FUNDS — 39.8%
Penn Series Quality Bond Fund* (Cost $26,649,670)		2,395,642		32,628,643

SHORT-TERM INVESTMENTS — 0.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $255,892)		255,892		255,892

TOTAL INVESTMENTS — 99.9% (Cost $48,262,526)(a)			$	81,827,500

Other Assets & Liabilities — 0.1%				63,738

TOTAL NET ASSETS — 100.0%			$	81,891,238

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $52,118,803. Net unrealized appreciation was $29,708,697. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $33,564,974 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $3,856,277.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	48,942,965	$	48,942,965	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		32,628,643		32,628,643		—		—
SHORT-TERM INVESTMENTS		255,892		255,892		—		—

TOTAL INVESTMENTS	$	81,827,500	$	81,827,500	$	—	$	—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
COMMON STOCKS — 96.1%
Aerospace & Defense — 1.8%
The Boeing Co.		34,500	$	5,177,760

Airlines — 2.7%
American Airlines Group, Inc.		105,600		5,573,568
United Continental Holdings, Inc.*		37,000		2,488,250

				8,061,818

Apparel — 1.8%
Hanesbrands, Inc.		85,800		2,875,158
NIKE, Inc., Class B		17,400		1,745,742
Under Armour, Inc., Class A*		10,000		807,500

				5,428,400

Auto Manufacturers — 1.0%
Tesla Motors, Inc.*		15,000		2,831,550

Auto Parts & Equipment — 0.9%
BorgWarner, Inc.		20,600		1,245,888
Delphi Automotive PLC		18,600		1,483,164

				2,729,052

Banks — 1.8%
Morgan Stanley		90,900		3,244,221
State Street Corp.		26,500		1,948,545

				5,192,766

Biotechnology — 9.9%
Alexion Pharmaceuticals, Inc.*		25,900		4,488,470
Biogen, Inc.*		14,200		5,995,808
BioMarin Pharmaceutical, Inc.*		14,900		1,856,838
Celgene Corp.*		39,200		4,518,976
Gilead Sciences, Inc.*		62,500		6,133,125
Incyte Corp.*		22,800		2,089,848
Regeneron Pharmaceuticals, Inc.*		5,100		2,302,548
Vertex Pharmaceuticals, Inc.*		16,600		1,958,302

				29,343,915

Building Materials — 0.3%
Martin Marietta Materials, Inc.		7,000		978,600

Chemicals — 1.9%
Ashland, Inc.		11,100		1,413,141
E.I. du Pont de Nemours & Co.		22,800		1,629,516
The Sherwin-Williams Co.		9,100		2,588,950

				5,631,607

Commercial Services — 3.0%
MasterCard, Inc., Class A		72,300		6,245,997
Mobileye NV*		26,700		1,122,201
Tyco International PLC		34,500		1,485,570

				8,853,768

Computers — 3.3%
Apple, Inc.		70,700		8,797,201
SanDisk Corp.		15,300		973,386

				9,770,587

Cosmetics & Personal Care — 0.4%
The Estee Lauder Cos., Inc., Class A		14,300		1,189,188

Diversified Financial Services — 4.6%
BlackRock, Inc.		3,600		1,317,024


	Number of Shares		Value†

Diversified Financial Services — (continued)
IntercontinentalExchange Group, Inc.		8,800	$	2,052,776
TD Ameritrade Holding Corp.		43,800		1,631,988
Visa, Inc., Class A		130,800		8,555,628

				13,557,416

Healthcare Products — 1.2%
Intuitive Surgical, Inc.*		7,100		3,585,713

Healthcare Services — 2.3%
Anthem, Inc.		10,500		1,621,305
Humana, Inc.		15,000		2,670,300
UnitedHealth Group, Inc.		22,100		2,614,209

				6,905,814

Internet — 22.5%
Alibaba Group Holding Ltd. ADR*		51,337		4,273,292
Amazon.com, Inc.*		32,300		12,018,830
Baidu, Inc. ADR*		22,800		4,751,520
Ctrip.com International Ltd. ADR*		5,800		339,996
Facebook, Inc., Class A*		86,100		7,078,711
Google, Inc., Class A*		14,100		7,821,270
Google, Inc., Class C*		14,800		8,110,400
LinkedIn Corp., Class A*		9,300		2,323,698
NAVER Corp.		1,130		681,733
Netflix, Inc.*		5,400		2,250,126
Pandora Media, Inc.*		25,300		410,113
Tencent Holdings Ltd.		125,600		2,385,134
The Priceline Group, Inc.*		7,650		8,905,747
Twitter, Inc.*		39,900		1,998,192
Vipshop Holdings Ltd. ADR*		108,500		3,194,240

				66,543,002

Lodging — 2.6%
Las Vegas Sands Corp.		27,200		1,497,088
MGM Resorts International*		131,890		2,773,647
Wynn Macau Ltd.		493,200		1,065,866
Wynn Resorts Ltd.		19,600		2,467,248

				7,803,849

Machinery — Diversified — 2.4%
Flowserve Corp.		28,300		1,598,667
Roper Industries, Inc.		19,000		3,268,000
Wabtec Corp.		24,800		2,356,248

				7,222,915

Media — 1.5%
The Walt Disney Co.		40,800		4,279,512

Metal Fabricate/Hardware — 1.5%
Precision Castparts Corp.		20,300		4,263,000

Miscellaneous Manufacturing — 2.1%
Danaher Corp.		73,800		6,265,620

Oil & Gas — 2.3%
Concho Resources, Inc.*		3,500		405,720
Continental Resources, Inc.*		20,700		903,969
EOG Resources, Inc.		5,700		522,633
EQT Corp.		21,100		1,748,557
Pioneer Natural Resources Co.		11,200		1,831,312


	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — (continued)
Range Resources Corp.		25,597	$	1,332,068

				6,744,259

Pharmaceuticals — 7.9%
Actavis PLC*		23,013		6,849,129
McKesson Corp.		28,900		6,537,180
Pharmacyclics, Inc.*		14,100		3,608,895
Valeant Pharmaceuticals International, Inc.*		32,000		6,355,840

				23,351,044

Retail — 9.6%
AutoZone, Inc.*		4,900		3,342,584
CarMax, Inc.*		37,700		2,601,677
Chipotle Mexican Grill, Inc.*		1,000		650,540
Costco Wholesale Corp.		9,400		1,424,053
CVS Health Corp.		31,300		3,230,473
Lowe’s Cos., Inc.		53,700		3,994,743
Ross Stores, Inc.		15,800		1,664,688
Starbucks Corp.		32,100		3,039,870
The Home Depot, Inc.		26,900		3,056,109
Tractor Supply Co.		34,900		2,968,594
Walgreens Boots Alliance, Inc.		29,200		2,472,656

				28,445,987

Semiconductors — 0.4%
ASML Holding N.V.		11,400		1,151,742

Software — 3.9%
Fiserv, Inc.*		15,000		1,191,000
NetSuite, Inc.*		14,500		1,345,020
Red Hat, Inc.*		26,800		2,030,100
Salesforce.com, Inc.*		63,700		4,255,797
ServiceNow, Inc.*		19,600		1,544,088
Workday, Inc., Class A*		14,800		1,249,268

				11,615,273

Telecommunications — 1.4%
Crown Castle International Corp.		41,400		3,417,156
Palo Alto Networks, Inc.*		5,200		759,616

				4,176,772

Transportation — 1.1%
FedEx Corp.		12,900		2,134,305
J.B. Hunt Transport Services, Inc.		14,400		1,229,688

				3,363,993
TOTAL COMMON STOCKS (Cost $188,145,205)				284,464,922

PREFERRED STOCKS — 0.5%
Internet — 0.4%
Dropbox. Inc.^,~		24,940		476,384
Flipkart Ltd. Ordinary Shares~		566		64,395
Flipkart Ltd. Series A^,~		196		22,299
Flipkart Ltd. Series C^,~		341		39,130
Flipkart Ltd. Series E^,~		636		73,605
Flipkart Ltd. Series G^,~		2,888		345,867
Livingsocial, Series F, CONV^,~		15,066		3,917

				1,025,597


	Number of Shares		Value†

Lodging — 0.1%
Airbnb, Inc. Series D^,~		9,999	$	407,090

TOTAL PREFERRED STOCKS (Cost $1,543,443)				1,432,687

REAL ESTATE INVESTMENT TRUSTS — 1.4%
Diversified — 1.4%
American Tower Corp. (Cost $2,370,546)		45,400		4,274,410

SHORT-TERM INVESTMENTS — 2.0%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		790,804		790,804
T. Rowe Price Reserve Investment Fund		5,106,809		5,106,809

TOTAL SHORT-TERM INVESTMENTS (Cost $5,897,613)				5,897,613

TOTAL INVESTMENTS — 100.0% (Cost $197,956,807)(a)			$	296,069,632

Other Assets & Liabilities — 0.0%				77,250

TOTAL NET ASSETS — 100.0%			$	296,146,882

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $198,114,860. Net unrealized appreciation was $97,954,772. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $102,007,561 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $4,052,789.

~	Fair valued security. The total market value of fair valued securities at March 31, 2015 is $1,432,687.

^	Illiquid security. The total market value of illiquid securities at March 31, 2015 is $1,368,292.

ADR — American Depository Receipt.

CONV — Convertible Security.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Aerospace & Defense	$	5,177,760	$	5,177,760	$	—	$	—
Airlines		8,061,818		8,061,818		—		—
Apparel		5,428,400		5,428,400		—		—
Auto Manufacturers		2,831,550		2,831,550		—		—
Auto Parts & Equipment		2,729,052		2,729,052		—		—
Banks		5,192,766		5,192,766		—		—
Biotechnology		29,343,915		29,343,915		—		—
Building Materials		978,600		978,600		—		—
Chemicals		5,631,607		5,631,607		—		—
Commercial Services		8,853,768		8,853,768		—		—
Computers		9,770,587		9,770,587		—		—
Cosmetics & Personal Care		1,189,188		1,189,188		—		—
Diversified Financial Services		13,557,416		13,557,416		—		—
Healthcare Products		3,585,713		3,585,713		—		—
Healthcare Services		6,905,814		6,905,814		—		—
Internet		66,543,002		63,476,135		3,066,867		—
Lodging		7,803,849		6,737,983		1,065,866		—
Machinery - Diversified		7,222,915		7,222,915		—		—
Media		4,279,512		4,279,512		—		—
Metal Fabricate/ Hardware		4,263,000		4,263,000		—		—
Miscellaneous Manufacturing		6,265,620		6,265,620		—		—
Oil & Gas		6,744,259		6,744,259		—		—
Pharmaceuticals		23,351,044		23,351,044		—		—
Retail		28,445,987		28,445,987		—		—
Semiconductors		1,151,742		1,151,742		—		—
Software		11,615,273		11,615,273		—		—
Telecommunications		4,176,772		4,176,772		—		—
Transportation		3,363,993		3,363,993		—		—
REAL ESTATE INVESTMENT TRUSTS
Diversified		4,274,410		4,274,410		—		—
PREFERRED STOCKS		1,432,687		—		—		1,432,687
SHORT-TERM INVESTMENTS		5,897,613		5,897,613		—		—

TOTAL INVESTMENTS		296,069,632		290,504,212		4,132,733		1,432,687

Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:


	Investments in Securities (Market Value)
Balance as of 12/31/2014	$	1,233,258
Purchases		198,245
Change in Appreciation/(Depreciation)		1,184

Balance as of 3/31/2015	$	1,432,687

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
COMMON STOCKS — 98.6%
Advertising — 0.4%
Omnicom Group, Inc.		2,853	$	222,477

Aerospace & Defense — 2.6%
United Technologies Corp.		13,212		1,548,446

Apparel — 5.6%
Burberry Group PLC		19,970		512,837
LVMH Moet Hennessy Louis Vuitton S.E.		7,490		1,318,108
NIKE, Inc., Class B		7,188		721,172
VF Corp.		9,570		720,717

				3,272,834

Auto Parts & Equipment — 0.9%
Johnson Controls, Inc.		10,531		531,184

Beverages — 2.6%
AMBEV S.A. ADR		63,398		365,173
PepsiCo, Inc.		3,113		297,665
Pernod Ricard S.A.		7,510		887,992

				1,550,830

Chemicals — 6.7%
Ecolab, Inc.		8,029		918,357
LyondellBasell Industries N.V., Class A		5,957		523,025
Monsanto Co.		8,693		978,310
Praxair, Inc.		7,027		848,440
The Sherwin-Williams Co.		2,295		652,927

				3,921,059

Commercial Services — 3.0%
Equifax, Inc.		10,919		1,015,467
MasterCard, Inc., Class A		8,618		744,509

				1,759,976

Computers — 8.4%
Accenture PLC, Class A		26,618		2,493,840
Apple, Inc.		4,635		576,733
Cognizant Technology Solutions Corp., Class A*		13,126		818,931
EMC Corp.		41,144		1,051,641

				4,941,145

Cosmetics & Personal Care — 5.3%
Colgate-Palmolive Co.		29,165		2,022,301
L’Oreal S.A.		2,725		501,918
The Procter & Gamble Co.		7,061		578,578

				3,102,797

Distribution & Wholesale — 2.2%
W.W. Grainger, Inc.		5,360		1,263,942

Diversified Financial Services — 7.8%
CME Group, Inc.		9,272		878,151
Franklin Resources, Inc.		21,255		1,090,807
The Charles Schwab Corp.		9,404		286,258
Visa, Inc., Class A		35,120		2,297,199

				4,552,415

Electronics — 6.7%
Amphenol Corp., Class A		8,438		497,251
Mettler-Toledo International, Inc.*		3,458		1,136,472


	Number of Shares		Value†

Electronics — (continued)
Thermo Fisher Scientific, Inc.		10,968	$	1,473,441
Waters Corp.*		6,836		849,852

				3,957,016

Food — 1.6%
Danone S.A.		14,342		966,759

Healthcare Products — 3.0%
DENTSPLY International, Inc.		23,486		1,195,202
Patterson Cos., Inc.		5,821		284,007
St. Jude Medical, Inc.		4,591		300,251

				1,779,460

Household Products & Wares — 0.7%
Church & Dwight Co., Inc.		4,830		412,579

Internet — 5.0%
eBay, Inc.*		7,289		420,430
Google, Inc., Class A*		4,565		2,532,205

				2,952,635

Media — 5.9%
Discovery Communications, Inc., Class A*		15,083		463,953
The Walt Disney Co.		6,058		635,423
Time Warner, Inc.		12,513		1,056,598
Twenty-First Century Fox, Inc., Class A		39,031		1,320,809

				3,476,783

Metal Fabricate/Hardware — 0.8%
Precision Castparts Corp.		2,206		463,260

Miscellaneous Manufacturing — 4.7%
Colfax Corp.*		17,432		832,030
Danaher Corp.		22,348		1,897,345

				2,729,375

Oil & Gas Services — 2.7%
Schlumberger Ltd.		18,714		1,561,496

Pharmaceuticals — 7.0%
Abbott Laboratories		18,933		877,166
Express Scripts Holding Co.*		12,327		1,069,614
Johnson & Johnson		3,841		386,404
Mead Johnson Nutrition Co.		9,164		921,257
Zoetis, Inc.		17,956		831,183

				4,085,624

Retail — 4.9%
AutoZone, Inc.*		1,421		969,349
CVS Health Corp.		14,679		1,515,020
McDonald’s Corp.		3,896		379,626

				2,863,995

Semiconductors — 4.6%
Microchip Technology, Inc.		14,739		720,737
Sensata Technologies Holding N.V.		5,794		332,865
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		31,672		743,659
Texas Instruments, Inc.		15,279		873,730

				2,670,991


	Number of Shares		Value†
COMMON STOCKS — (continued)
Software — 4.9%
Fidelity National Information Services, Inc.		18,326	$	1,247,267
Oracle Corp.		37,626		1,623,562

				2,870,829

Transportation — 0.6%
Expeditors International of Washington, Inc.		7,662		369,155

TOTAL COMMON STOCKS (Cost $47,427,752)				57,827,062

SHORT-TERM INVESTMENTS — 0.9%
Commercial Paper — 0.2%
HSBC USA, Inc. 0.050%, 04/01/15		134		134,000

Money Market — 0.7%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		426,494		426,494

TOTAL SHORT-TERM INVESTMENTS (Cost $560,494)				560,494

TOTAL INVESTMENTS — 99.5% (Cost $47,988,246)(a)			$	58,387,556

Other Assets & Liabilities — 0.5%				268,668

TOTAL NET ASSETS — 100.0%			$	58,656,224

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $48,020,078. Net unrealized appreciation was $10,367,478. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $10,824,550 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $457,072.

ADR — American Depository Receipt.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	57,827,062	$	53,639,448	$	4,187,614	$	—
SHORT-TERM INVESTMENTS		560,494		426,494		134,000		—

TOTAL INVESTMENTS	$	58,387,556	$	54,065,942	$	4,321,614	$	—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
COMMON STOCKS — 97.1%
Aerospace & Defense — 0.8%
Northrop Grumman Corp.		5,910	$	951,274

Airlines — 1.4%
Delta Air Lines, Inc.		38,200		1,717,472

Apparel — 3.9%
NIKE, Inc., Class B		21,430		2,150,072
Under Armour, Inc., Class A*		35,610		2,875,507

				5,025,579

Auto Parts & Equipment — 0.8%
Delphi Automotive PLC		12,490		995,953

Beverages — 2.0%
Constellation Brands, Inc., Class A*		21,980		2,554,296

Biotechnology — 8.7%
Biogen, Inc.*		7,840		3,310,362
Celgene Corp.*		22,840		2,632,995
Gilead Sciences, Inc.		15,537		1,524,646
Regeneron Pharmaceuticals, Inc.*		5,030		2,270,944
Vertex Pharmaceuticals, Inc.*		12,230		1,442,773

				11,181,720

Building Materials — 1.3%
Vulcan Materials Co.		20,150		1,698,645

Commercial Services — 3.1%
Alliance Data Systems Corp.*		5,410		1,602,713
McGraw Hill Financial, Inc.		23,370		2,416,458

				4,019,171

Computers — 7.9%
Apple, Inc.		75,465		9,390,110
Western Digital Corp.		8,020		729,900

				10,120,010

Diversified Financial Services — 7.3%
Affiliated Managers Group, Inc.*		7,877		1,691,822
IntercontinentalExchange Group, Inc.		8,920		2,080,768
Raymond James Financial, Inc.		31,710		1,800,494
Visa, Inc., Class A		57,720		3,775,465

				9,348,549

Electronics — 1.9%
TE Connectivity Ltd.		33,760		2,417,891

Healthcare Services — 0.8%
UnitedHealth Group, Inc.		8,210		971,161

Internet — 10.1%
Amazon.com, Inc.*		7,804		2,903,868
Facebook, Inc., Class A*		56,170		4,618,017
Google, Inc., Class A*		3,090		1,714,023
Google, Inc., Class C*		4,900		2,685,200
LinkedIn Corp., Class A*		4,180		1,044,415

				12,965,523

Leisure Time — 2.3%
Jarden Corp.*		31,660		1,674,814


	Number of Shares		Value†

Leisure Time — (continued)
Polaris Industries, Inc.		9,340	$	1,317,874

				2,992,688

Lodging — 1.3%
Hilton Worldwide Holdings, Inc.*		56,910		1,685,674

Machinery — Diversified — 1.2%
Wabtec Corp.		16,080		1,527,761

Media — 4.6%
Liberty Global PLC, Series C		48,189		2,400,294
The Walt Disney Co.		18,220		1,911,096
Time Warner, Inc.		17,980		1,518,231

				5,829,621

Oil & Gas — 2.1%
Cheniere Energy, Inc.*		14,440		1,117,656
Pioneer Natural Resources Co.		9,800		1,602,398

				2,720,054

Pharmaceuticals — 11.2%
Bristol-Myers Squibb Co.		32,860		2,119,470
Cardinal Health, Inc.		20,790		1,876,713
Eli Lilly & Co.		13,720		996,758
Endo International PLC		24,940		2,237,118
McKesson Corp.		10,690		2,418,078
Perrigo Co. PLC		5,600		927,080
Shire PLC ADR		8,290		1,983,714
Zoetis, Inc.		39,160		1,812,717

				14,371,648

Real Estate — 1.6%
CBRE Group, Inc., Class A*		29,300		1,134,203
The Howard Hughes Corp.*		6,062		939,731

				2,073,934

Retail — 7.5%
Chipotle Mexican Grill, Inc.*		1,350		878,229
Lowe’s Cos., Inc.		22,370		1,664,104
Starbucks Corp.		11,730		1,110,831
The Home Depot, Inc.		24,250		2,755,042
The TJX Cos., Inc.		22,890		1,603,445
Williams-Sonoma, Inc.		19,910		1,587,026

				9,598,677

Semiconductors — 2.3%
Applied Materials, Inc.		85,460		1,927,978
Micron Technology, Inc.*		38,840		1,053,729

				2,981,707

Software — 5.0%
Akamai Technologies, Inc.*		24,240		1,722,131
Salesforce.com, Inc.*		24,645		1,646,533
ServiceNow, Inc.*		24,800		1,953,744
Workday, Inc., Class A*		13,340		1,126,029

				6,448,437

Telecommunications — 4.4%
Level 3 Communications, Inc.*		40,020		2,154,677
Palo Alto Networks, Inc.*		12,643		1,846,889


	Number of Shares		Value†
COMMON STOCKS — (continued)
Telecommunications — (continued)
SBA Communications Corp., Class A*		13,640	$	1,597,244

				5,598,810

Transportation — 3.6%
Old Dominion Freight Line, Inc.*		13,940		1,077,562
Union Pacific Corp.		31,920		3,457,255

				4,534,817

TOTAL COMMON STOCKS (Cost $91,324,383)				124,331,072

SHORT-TERM INVESTMENTS — 3.0%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $3,916,803)		3,916,803		3,916,803

TOTAL INVESTMENTS — 100.1% (Cost $95,241,186)(a)			$	128,247,875

Other Assets & Liabilities — (0.1)%				(187,178	)

TOTAL NET ASSETS — 100.0%			$	128,060,697

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $95,339,760. Net unrealized appreciation was $32,908,115. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $33,613,771 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $705,656.

ADR — American Depository Receipt.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	124,331,072	$	124,331,072	$	—	$	—
SHORT-TERM INVESTMENTS		3,916,803		3,916,803		—		—

TOTAL INVESTMENTS	$	128,247,875	$	128,247,875	$	—	$	—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
COMMON STOCKS — 95.7%
Advertising — 1.3%
Omnicom Group, Inc.		39,492	$	3,079,586

Aerospace & Defense — 2.7%
Northrop Grumman Corp.		22,125		3,561,240
United Technologies Corp.		23,004		2,696,069

				6,257,309

Agriculture — 1.1%
Philip Morris International, Inc.		33,750		2,542,388

Apparel — 1.2%
Ralph Lauren Corp.		20,276		2,666,294

Auto Manufacturers — 1.3%
General Motors Co.		80,991		3,037,163

Banks — 13.0%
Bank of America Corp.		280,274		4,313,417
Citigroup, Inc.		83,293		4,291,255
Fifth Third Bancorp		191,292		3,605,854
JPMorgan Chase & Co.		99,022		5,998,753
State Street Corp.		51,717		3,802,751
The PNC Financial Services Group, Inc.		33,633		3,135,941
Wells Fargo & Co.		84,510		4,597,344

				29,745,315

Beverages — 1.2%
PepsiCo, Inc.		29,626		2,832,838

Building Materials — 1.5%
Vulcan Materials Co.		39,984		3,370,651

Chemicals — 1.5%
E.I. du Pont de Nemours & Co.		46,736		3,340,222

Computers — 2.4%
Apple, Inc.		21,015		2,614,897
EMC Corp.		113,068		2,890,018

				5,504,915

Diversified Financial Services — 5.5%
Ameriprise Financial, Inc.		26,683		3,491,204
Discover Financial Services		63,890		3,600,201
FNF Group		84,355		3,100,890
Legg Mason, Inc.		44,009		2,429,297

				12,621,592

Diversified Operations — 2.5%
Eaton Corp. PLC		49,761		3,380,762
Pentair PLC		38,203		2,402,587

				5,783,349

Electric — 3.2%
Calpine Corp.*		102,178		2,336,811
NextEra Energy, Inc.		24,988		2,600,001
PG&E Corp.		45,187		2,398,074

				7,334,886

Electronics — 1.5%
Honeywell International, Inc.		32,013		3,339,276


	Number of Shares		Value†

Food — 1.3%
Mondelez International, Inc., Class A		81,024	$	2,924,156

Healthcare Products — 1.6%
Medtronic PLC		47,957		3,740,167

Healthcare Services — 3.3%
HCA Holdings, Inc.*		31,642		2,380,428
UnitedHealth Group, Inc.		42,998		5,086,233

				7,466,661

Insurance — 5.4%
American International Group, Inc.		61,241		3,355,395
MetLife, Inc.		64,824		3,276,853
The Travelers Cos., Inc.		24,349		2,632,857
Unum Group		91,704		3,093,176

				12,358,281

Internet — 3.8%
AOL, Inc.*		52,238		2,069,147
Liberty Interactive Corp., Class A*		106,594		3,111,479
Symantec Corp.		145,925		3,409,538

				8,590,164

Media — 3.8%
Comcast Corp., Class A		63,363		3,578,108
Liberty Global PLC, Class A		48,868		2,515,236
Viacom, Inc., Class B		37,659		2,572,110

				8,665,454

Miscellaneous Manufacturing — 2.4%
Illinois Tool Works, Inc.		31,515		3,061,367
Ingersoll-Rand PLC		36,442		2,480,971

				5,542,338

Oil & Gas — 6.4%
Chevron Corp.		39,615		4,158,783
Hess Corp.		34,999		2,375,382
Marathon Oil Corp.		113,851		2,972,650
Royal Dutch Shell PLC ADR, Class A		48,662		2,902,688
Valero Energy Corp.		35,189		2,238,724

				14,648,227

Oil & Gas Services — 2.2%
Halliburton Co.		70,184		3,079,674
National Oilwell Varco, Inc.		39,843		1,991,751

				5,071,425

Packaging and Containers — 1.7%
Sealed Air Corp.		84,846		3,865,584

Pharmaceuticals — 11.5%
Actavis PLC		8,953		2,664,592
Eli Lilly & Co.		57,507		4,177,884
Express Scripts Holding Co.*		28,072		2,435,807
Merck & Co., Inc.		66,638		3,830,352
Pfizer, Inc.		163,983		5,704,969
Sanofi ADR		78,534		3,882,721
Teva Pharmaceutical Industries Ltd. ADR		56,288		3,506,742

				26,203,067

Retail — 3.4%
AutoNation, Inc.*		27,888		1,794,035


	Number of Shares		Value†
COMMON STOCKS — (continued)
Retail — (continued)
CVS Health Corp.		29,587	$	3,053,674
Lowe’s Cos., Inc.		40,503		3,013,018

				7,860,727

Software — 2.0%
Microsoft Corp.		109,971		4,470,871

Telecommunications — 5.7%
Cisco Systems, Inc.		106,640		2,935,266
Knowles Corp.*		106,994		2,061,775
Motorola Solutions, Inc.		40,528		2,702,002
Verizon Communications, Inc.		61,940		3,012,142
Vodafone Group PLC- ADR		73,837		2,412,993

				13,124,178

Transportation — 1.3%
Norfolk Southern Corp.		30,015		3,089,144

TOTAL COMMON STOCKS (Cost $182,420,549)				219,076,228

REAL ESTATE INVESTMENT TRUSTS — 1.2%
Diversified — 1.2%
Weyerhaeuser Co. (Cost $2,383,488)		79,839		2,646,663

SHORT-TERM INVESTMENTS — 1.8%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $4,129,820)		4,129,820		4,129,820

TOTAL INVESTMENTS — 98.7% (Cost $188,933,857)(a)			$	225,852,711

Other Assets & Liabilities — 1.3%				2,987,743

TOTAL NET ASSETS — 100.0%			$	228,840,454

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $189,288,288. Net unrealized appreciation/depreciation was $36,564,423. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $43,984,650 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $7,420,227.

ADR — American Depository Receipt.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	219,076,228	$	219,076,228	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		2,646,663		2,646,663		—		—
SHORT-TERM INVESTMENTS		4,129,820		4,129,820		—		—

TOTAL INVESTMENTS	$	225,852,711	$	225,852,711	$	—	$	—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
COMMON STOCKS — 94.3%
Aerospace & Defense — 2.4%
United Technologies Corp.		39,595	$	4,640,534

Agriculture — 3.7%
Altria Group, Inc.		55,721		2,787,164
Reynolds American, Inc.		63,426		4,370,686

				7,157,850

Banks — 15.0%
Bank of America Corp.		231,688		3,565,678
Citigroup, Inc.		105,962		5,459,162
Credit Suisse Group AG ADR		77,290		2,081,420
JPMorgan Chase & Co.		115,891		7,020,677
KeyCorp.		195,859		2,773,364
The Goldman Sachs Group, Inc.		10,155		1,908,835
The PNC Financial Services Group, Inc.		36,774		3,428,808
Wells Fargo & Co.		54,925		2,987,920

				29,225,864

Chemicals — 3.1%
Monsanto Co.		28,756		3,236,200
PPG Industries, Inc.		8,273		1,865,893
Syngenta AG ADR		14,340		972,395

				6,074,488

Diversified Financial Services — 3.9%
Affiliated Managers Group, Inc.*		22,123		4,751,578
Invesco Ltd.		70,735		2,807,472

				7,559,050

Electric — 4.3%
NextEra Energy, Inc.		45,109		4,693,592
PG&E Corp.		68,604		3,640,814

				8,334,406

Electronics — 2.0%
Thermo Fisher Scientific, Inc.		28,621		3,844,945

Food — 3.4%
General Mills, Inc.		64,393		3,644,644
The Kroger Co.		40,414		3,098,137

				6,742,781

Forest Products & Paper — 1.2%
International Paper Co.		40,970		2,273,425

Gas — 1.8%
Sempra Energy		32,516		3,544,894

Healthcare Products — 3.7%
Medtronic PLC		57,798		4,507,667
Stryker Corp.		30,753		2,836,964

				7,344,631

Insurance — 6.4%
ACE Ltd.		23,512		2,621,353
Aflac, Inc.		57,608		3,687,488
Prudential PLC ADR		39,394		1,964,973
XL Group PLC		114,141		4,200,389

				12,474,203


	Number of Shares		Value†

Internet — 1.9%
Google, Inc., Class C*		6,945	$	3,805,860

Media — 3.6%
CBS Corp., Class B		83,681		5,073,579
The Walt Disney Co.		18,388		1,928,717

				7,002,296

Miscellaneous Manufacturing — 4.6%
General Electric Co.		288,495		7,157,561
Trinity Industries, Inc.		53,100		1,885,581

				9,043,142

Oil & Gas — 10.7%
Anadarko Petroleum Corp.		23,919		1,980,732
California Resources Corp.		0		2
Chevron Corp.		17,980		1,887,540
Devon Energy Corp.		46,065		2,778,180
Exxon Mobil Corp.		93,047		7,908,995
Occidental Petroleum Corp.		53,193		3,883,089
Phillips 66		30,526		2,399,344

				20,837,882

Pharmaceuticals — 8.7%
Eli Lilly & Co.		57,680		4,190,452
Merck & Co., Inc.		95,781		5,505,492
Pfizer, Inc.		56,688		1,972,176
Roche Holding Ltd. AG ADR		60,806		2,090,510
Teva Pharmaceutical Industries Ltd. ADR		50,671		3,156,803

				16,915,433

Retail — 3.6%
CVS Health Corp.		33,227		3,429,359
The Home Depot, Inc.		31,439		3,571,785

				7,001,144

Semiconductors — 1.6%
QUALCOMM, Inc.		46,215		3,204,548

Software — 4.9%
Microsoft Corp.		110,606		4,496,687
Oracle Corp.		73,737		3,181,752
SAP SE ADR		26,950		1,944,981

				9,623,420

Telecommunications — 2.1%
Verizon Communications, Inc.		82,824		4,027,731

Transportation — 1.7%
C.H. Robinson Worldwide, Inc.		46,493		3,404,217

TOTAL COMMON STOCKS (Cost $156,118,525)				184,082,744

REAL ESTATE INVESTMENT TRUSTS — 4.2%
Apartments — 1.6%
Equity Residential		41,016		3,193,506

Regional Malls — 1.1%
Simon Property Group, Inc.		10,992		2,150,475


	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Storage & Warehousing — 1.5%
Public Storage		14,514	$	2,861,290

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,374,302)				8,205,271

SHORT-TERM INVESTMENTS — 1.8%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $3,567,341)		3,567,341		3,567,341

TOTAL INVESTMENTS — 100.3% (Cost $166,060,168)(a)			$	195,855,356

Other Assets & Liabilities — (0.3)%				(613,163	)

TOTAL NET ASSETS — 100.0%			$	195,242,193

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $166,276,922. Net unrealized appreciation was $29,578,434. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $31,923,281 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,344,847.

ADR —

American Depository Receipt.

PLC —

Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	184,082,744	$	184,082,744	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		8,205,271		8,205,271		—		—
SHORT-TERM INVESTMENTS		3,567,341		3,567,341		—		—

TOTAL INVESTMENTS	$	195,855,356	$	195,855,356	$	—	$	—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
COMMON STOCKS — 95.8%
Advertising — 0.1%
Omnicom Group, Inc.		5,767	$	449,711
The Interpublic Group of Cos., Inc.		10,134		224,164

				673,875

Aerospace & Defense — 2.1%
General Dynamics Corp.		7,497		1,017,568
L-3 Communications Holdings, Inc.		2,100		264,159
Lockheed Martin Corp.		6,337		1,286,157
Northrop Grumman Corp.		4,892		787,416
Raytheon Co.		7,376		805,828
Rockwell Collins, Inc.		3,245		313,305
The Boeing Co.		15,821		2,374,416
United Technologies Corp.		19,642		2,302,042

				9,150,891

Agriculture — 1.5%
Altria Group, Inc.		46,678		2,334,833
Archer-Daniels-Midland Co.		15,399		729,913
Lorillard, Inc.		8,509		556,063
Philip Morris International, Inc.		36,988		2,786,306
Reynolds American, Inc.		7,202		496,290

				6,903,405

Airlines — 0.6%
American Airlines Group, Inc.		17,000		897,260
Delta Air Lines, Inc.		19,800		890,208
Southwest Airlines Co.		15,917		705,123

				2,492,591

Apparel — 0.8%
Coach, Inc.		6,277		260,056
Hanesbrands, Inc.		9,500		318,345
Michael Kors Holdings Ltd.*		4,900		322,175
NIKE, Inc., Class B		16,446		1,650,027
Ralph Lauren Corp.		1,428		187,782
Under Armour, Inc., Class A*		3,900		314,925
VF Corp.		8,132		612,421

				3,665,731

Auto Manufacturers — 0.7%
Ford Motor Co.		94,267		1,521,470
General Motors Co.		32,200		1,207,500
PACCAR, Inc.		8,544		539,468

				3,268,438

Auto Parts & Equipment — 0.4%
BorgWarner, Inc.		5,400		326,592
Delphi Automotive PLC		7,200		574,128
Johnson Controls, Inc.		15,711		792,463
The Goodyear Tire & Rubber Co.		6,906		187,014

				1,880,197

Banks — 7.1%
Bank of America Corp.		249,735		3,843,422
BB&T Corp.		17,099		666,690
Capital One Financial Corp.		13,241		1,043,656
Citigroup, Inc.		71,881		3,703,309
Comerica, Inc.		4,344		196,045
Fifth Third Bancorp		19,446		366,557
Huntington Bancshares, Inc.		19,965		220,613
JPMorgan Chase & Co.		88,964		5,389,439


	Number of Shares		Value†

Banks — (continued)
KeyCorp.		20,699	$	293,098
M&T Bank Corp.		3,108		394,716
Morgan Stanley		36,463		1,301,364
Northern Trust Corp.		5,247		365,454
Regions Financial Corp.		32,894		310,848
State Street Corp.		9,947		731,403
SunTrust Banks, Inc.		12,388		509,023
The Bank of New York Mellon Corp.		26,680		1,073,603
The Goldman Sachs Group, Inc.		9,643		1,812,595
The PNC Financial Services Group, Inc.		12,583		1,173,239
U.S. Bancorp		42,656		1,862,787
Wells Fargo & Co.		112,237		6,105,693
Zions Bancorporation		4,804		129,708

				31,493,262

Beverages — 2.2%
Brown-Forman Corp., Class B		3,793		342,698
Coca-Cola Enterprises, Inc.		5,428		239,918
Constellation Brands, Inc., Class A*		3,923		455,892
Dr. Pepper Snapple Group, Inc.		4,500		353,160
Keurig Green Mountain, Inc.		2,900		324,017
Molson Coors Brewing Co., Class B		3,938		293,184
Monster Beverage Corp.*		3,500		484,382
PepsiCo, Inc.		35,661		3,409,905
The Coca-Cola Co.		93,270		3,782,098

				9,685,254

Biotechnology — 3.0%
Alexion Pharmaceuticals, Inc.*		4,700		814,510
Amgen, Inc.		18,145		2,900,478
Biogen, Inc.*		5,633		2,378,478
Celgene Corp.*		18,856		2,173,720
Gilead Sciences, Inc.		35,698		3,503,045
Regeneron Pharmaceuticals, Inc.*		1,800		812,664
Vertex Pharmaceuticals, Inc.*		5,700		672,429

				13,255,324

Building Materials — 0.2%
Martin Marietta Materials, Inc.		1,500		209,700
Masco Corp.		8,277		220,996
Vulcan Materials Co.		3,041		256,356

				687,052

Chemicals — 2.3%
Air Products & Chemicals, Inc.		4,521		683,937
Airgas, Inc.		1,600		169,776
CF Industries Holdings, Inc.		1,200		340,416
E.I. du Pont de Nemours & Co.		21,323		1,523,955
Eastman Chemical Co.		3,682		255,015
Ecolab, Inc.		6,333		724,369
FMC Corp.		3,100		177,475
International Flavors & Fragrances, Inc.		1,875		220,125
LyondellBasell Industries N.V., Class A		9,900		869,220
Monsanto Co.		11,537		1,298,374
PPG Industries, Inc.		3,310		746,537
Praxair, Inc.		6,926		836,245
Sigma-Aldrich Corp.		2,722		376,317
The Dow Chemical Co.		26,379		1,265,664
The Mosaic Co.		7,600		350,056


	Number of Shares		Value†
COMMON STOCKS — (continued)
Chemicals — (continued)
The Sherwin-Williams Co.		1,934	$	550,223

				10,387,704

Coal — 0.0%
CONSOL Energy, Inc.		5,776		161,093

Commercial Services — 1.6%
Allegion PLC		2,266		138,611
Alliance Data Systems Corp.*		1,500		444,375
Automatic Data Processing, Inc.		11,443		979,978
Cintas Corp.		2,455		200,402
Equifax, Inc.		2,834		263,562
H&R Block, Inc.		6,666		213,779
MasterCard, Inc., Class A		23,300		2,012,887
McGraw Hill Financial, Inc.		6,486		670,652
Moody’s Corp.		4,473		464,297
Paychex, Inc.		7,775		385,757
Quanta Services, Inc.*		4,900		139,797
Robert Half International, Inc.		3,207		194,088
The ADT Corp.		4,134		171,644
The Western Union Co.		12,378		257,586
Total System Services, Inc.		3,977		151,723
Tyco International PLC		10,000		430,600
United Rentals, Inc.*		2,300		209,668

				7,329,406

Computers — 6.2%
Accenture PLC, Class A		15,000		1,405,350
Apple, Inc.		138,782		17,268,644
Cognizant Technology Solutions Corp., Class A*		14,504		904,905
Computer Sciences Corp.		3,357		219,145
EMC Corp.		48,248		1,233,219
Hewlett-Packard Co.		43,983		1,370,510
International Business Machines Corp.		21,758		3,492,159
NetApp, Inc.		7,421		263,149
SanDisk Corp.		5,297		336,995
Seagate Technology PLC		7,700		400,631
Teradata Corp.*		3,516		155,196
Western Digital Corp.		5,100		464,151

				27,514,054

Cosmetics & Personal Care — 1.6%
Colgate-Palmolive Co.		20,270		1,405,522
The Estee Lauder Cos., Inc., Class A		5,374		446,902
The Procter & Gamble Co.		64,294		5,268,250

				7,120,674

Distribution & Wholesale — 0.2%
Fastenal Co.		6,700		277,615
Fossil Group, Inc.*		1,100		90,695
Genuine Parts Co.		3,605		335,950
W.W. Grainger, Inc.		1,472		347,112

				1,051,372

Diversified Financial Services — 2.6%
Affiliated Managers Group, Inc.*		1,300		279,214
American Express Co.		20,980		1,638,958
Ameriprise Financial, Inc.		4,446		581,715
BlackRock, Inc.		2,999		1,097,154


	Number of Shares		Value†

Diversified Financial Services — (continued)
CME Group, Inc.		7,560	$	716,008
Discover Financial Services		10,578		596,070
ETRADE Financial Corp.		6,481		185,065
Franklin Resources, Inc.		9,156		469,886
IntercontinentalExchange Group, Inc.		2,670		622,831
Invesco Ltd.		10,367		411,466
Legg Mason, Inc.		2,261		124,807
Navient Corp.		9,734		197,892
T. Rowe Price Group, Inc.		6,281		508,635
The Charles Schwab Corp.		26,969		820,936
The NASDAQ OMX Group, Inc.		2,800		142,632
Visa, Inc., Class A		46,256		3,025,605

				11,418,874

Diversified Operations — 0.3%
Eaton Corp. PLC		11,306		768,130
Leucadia National Corp.		7,260		161,825
Pentair PLC		4,519		284,200

				1,214,155

Electric — 2.7%
AES Corp.		16,344		210,020
Ameren Corp.		5,798		244,676
American Electric Power Co., Inc.		11,757		661,331
CMS Energy Corp.		6,707		234,141
Consolidated Edison, Inc.		6,834		416,874
Dominion Resources, Inc.		13,909		985,731
DTE Energy Co.		4,092		330,184
Duke Energy Corp.		16,859		1,294,434
Edison International		7,674		479,395
Entergy Corp.		4,147		321,351
Eversource Energy		7,517		379,759
Exelon Corp.		20,310		682,619
FirstEnergy Corp.		9,956		349,057
Integrys Energy Group, Inc.		1,995		143,680
NextEra Energy, Inc.		10,285		1,070,154
NRG Energy, Inc.		7,800		196,482
Pepco Holdings, Inc.		5,540		148,638
PG&E Corp.		11,350		602,345
Pinnacle West Capital Corp.		2,569		163,774
PPL Corp.		15,998		538,493
Public Service Enterprise Group, Inc.		11,749		492,518
SCANA Corp.		3,400		186,966
TECO Energy, Inc.		5,923		114,906
The Southern Co.		21,111		934,795
Wisconsin Energy Corp.		5,200		257,400
Xcel Energy, Inc.		11,630		404,840

				11,844,563

Electrical Components & Equipment — 0.3%
AMETEK, Inc.		5,800		304,732
Emerson Electric Co.		16,376		927,209

				1,231,941

Electronics — 1.2%
Agilent Technologies, Inc.		7,845		325,960
Amphenol Corp., Class A		7,400		436,082
FLIR Systems, Inc.		3,600		112,608
Garmin Ltd.		2,800		133,056


	Number of Shares		Value†
COMMON STOCKS — (continued)
Electronics — (continued)
Honeywell International, Inc.		18,508	$	1,930,569
PerkinElmer, Inc.		2,516		128,668
TE Connectivity Ltd.		9,600		687,552
Thermo Fisher Scientific, Inc.		9,482		1,273,812
Waters Corp.*		1,958		243,419

				5,271,726

Engineering & Construction — 0.1%
Fluor Corp.		3,870		221,209
Jacobs Engineering Group, Inc.*		2,983		134,712

				355,921

Environmental Control — 0.2%
Republic Services, Inc.		5,814		235,816
Stericycle, Inc.*		2,000		280,860
Waste Management, Inc.		10,200		553,146

				1,069,822

Food — 1.7%
Campbell Soup Co.		4,516		210,220
ConAgra Foods, Inc.		9,902		361,720
General Mills, Inc.		14,510		821,266
Hormel Foods Corp.		3,100		176,235
Kellogg Co.		6,066		400,053
Kraft Foods Group, Inc.		14,054		1,224,314
McCormick & Co., Inc.		3,208		247,369
Mondelez International, Inc., Class A		39,863		1,438,655
Sysco Corp.		14,252		537,728
The Hershey Co.		3,487		351,873
The J.M. Smucker Co.		2,534		293,260
The Kroger Co.		11,445		877,374
Tyson Foods, Inc., Class A		6,649		254,657
Whole Foods Market, Inc.		8,386		436,743

				7,631,467

Forest Products & Paper — 0.2%
International Paper Co.		9,967		553,069
MeadWestvaco Corp.		3,999		199,430

				752,499

Gas — 0.3%
AGL Resources, Inc.		2,600		129,090
CenterPoint Energy, Inc.		10,322		210,672
NiSource, Inc.		7,365		325,238
Sempra Energy		5,398		588,490

				1,253,490

Hand & Machine Tools — 0.1%
Snap-On, Inc.		1,328		195,296
Stanley Black & Decker, Inc.		3,640		347,110

				542,406

Healthcare Products — 1.9%
Baxter International, Inc.		12,875		881,938
Becton Dickinson & Co.		4,835		694,259
Boston Scientific Corp.*		31,948		567,077
C.R. Bard, Inc.		1,842		308,259
DENTSPLY International, Inc.		3,200		162,848
Edwards Lifesciences Corp.*		2,500		356,150
Henry Schein, Inc.*		2,000		279,240
Hospira, Inc.*		3,912		343,630


	Number of Shares		Value†

Healthcare Products — (continued)
Intuitive Surgical, Inc.*		907	$	458,062
Medtronic PLC		33,697		2,628,029
Patterson Cos., Inc.		1,974		96,311
St. Jude Medical, Inc.		6,830		446,682
Stryker Corp.		6,981		643,997
Varian Medical Systems, Inc.*		2,357		221,770
Zimmer Holdings, Inc.		4,029		473,488

				8,561,740

Healthcare Services — 1.8%
Aetna, Inc.		8,193		872,800
Anthem, Inc.		6,495		1,002,893
Cigna Corp.		6,294		814,695
DaVita HealthCare Partners, Inc.*		3,998		324,958
HCA Holdings, Inc.*		7,200		541,656
Humana, Inc.		3,710		660,454
Laboratory Corp. of America Holdings*		2,377		299,716
Quest Diagnostics, Inc.		3,387		260,291
Tenet Healthcare Corp.*		2,343		116,002
UnitedHealth Group, Inc.		22,841		2,701,862
Universal Health Services, Inc., Class B		2,200		258,962

				7,854,289

Home Builders — 0.1%
D.R. Horton, Inc.		8,276		235,700
Lennar Corp., Class A		4,036		209,105
PulteGroup, Inc.		8,034		178,596

				623,401

Home Furnishings — 0.1%
Harman International Industries, Inc.		1,738		232,249
Whirlpool Corp.		1,869		377,650

				609,899

Household Products & Wares — 0.3%
Avery Dennison Corp.		2,183		115,502
Kimberly-Clark Corp.		8,787		941,176
The Clorox Co.		2,997		330,839

				1,387,517

Housewares — 0.1%
Newell Rubbermaid, Inc.		6,317		246,805

Insurance — 4.1%
ACE Ltd.		7,900		880,771
Aflac, Inc.		10,700		684,907
American International Group, Inc.		33,385		1,829,164
Aon PLC		6,844		657,845
Assurant, Inc.		1,673		102,739
Berkshire Hathaway, Inc., Class B*		43,250		6,241,840
Cincinnati Financial Corp.		3,692		196,710
Genworth Financial, Inc., Class A*		11,369		83,107
Lincoln National Corp.		6,173		354,701
Loews Corp.		7,125		290,914
Marsh & McLennan Cos., Inc.		12,909		724,066
MetLife, Inc.		27,185		1,374,202
Principal Financial Group, Inc.		6,465		332,107
Prudential Financial, Inc.		10,730		861,726
The Allstate Corp.		9,976		709,992
The Chubb Corp.		5,651		571,316


	Number of Shares		Value†
COMMON STOCKS — (continued)
Insurance — (continued)
The Hartford Financial Services Group, Inc.		10,057	$	420,584
The Progressive Corp.		12,956		352,403
The Travelers Cos., Inc.		7,931		857,579
Torchmark Corp.		3,052		167,616
Unum Group		6,076		204,943
XL Group PLC		6,149		226,283

				18,125,515

Internet — 4.7%
Amazon.com, Inc.*		8,975		3,339,598
eBay, Inc.*		26,728		1,541,671
Equinix, Inc.		1,300		302,705
Expedia, Inc.		2,394		225,347
F5 Networks, Inc.*		1,800		206,892
Facebook, Inc., Class A*		49,600		4,077,864
Google, Inc., Class A*		6,825		3,785,827
Google, Inc., Class C*		6,825		3,740,100
Netflix, Inc.*		1,400		583,366
Symantec Corp.		16,638		388,747
The Priceline Group, Inc.*		1,227		1,428,412
TripAdvisor, Inc.*		2,594		215,743
VeriSign, Inc.*		2,609		174,725
Yahoo!, Inc.*		20,817		925,003

				20,936,000

Iron & Steel — 0.1%
Allegheny Technologies, Inc.		2,278		68,363
Nucor Corp.		7,735		367,644

				436,007

Leisure Time — 0.3%
Carnival Corp.		10,945		523,609
Harley-Davidson, Inc.		5,228		317,549
Royal Caribbean Cruises Ltd.		4,000		327,400

				1,168,558

Lodging — 0.3%
Marriott International, Inc., Class A		5,185		416,459
Starwood Hotels & Resorts Worldwide, Inc.		4,252		355,042
Wyndham Worldwide Corp.		2,860		258,744
Wynn Resorts Ltd.		1,930		242,949

				1,273,194

Machinery — Construction & Mining — 0.3%
Caterpillar, Inc.		14,328		1,146,670
Joy Global, Inc.		2,300		90,114

				1,236,784

Machinery — Diversified — 0.5%
Cummins, Inc.		3,974		550,956
Deere & Co.		8,432		739,402
Flowserve Corp.		3,300		186,417
Rockwell Automation, Inc.		3,271		379,403
Roper Industries, Inc.		2,400		412,800
Xylem, Inc.		4,154		145,473

				2,414,451

Media — 3.4%
Cablevision Systems Corp., Class A		5,000		91,500
CBS Corp., Class B		11,354		688,393
Comcast Corp., Class A		60,934		3,440,943


	Number of Shares		Value†

Media — (continued)
DIRECTV*		11,919	$	1,014,307
Discovery Communications, Inc., Class A*		3,500		107,660
Discovery Communications, Inc., Class C*		6,500		191,588
Gannett Co., Inc.		5,374		199,268
News Corp., Class A*		12,215		195,562
Nielsen Holdings NV		7,400		329,818
Scripps Networks Interactive, Inc., Class A		2,556		175,239
The Walt Disney Co.		37,176		3,899,391
Time Warner Cable, Inc.		6,596		988,608
Time Warner, Inc.		20,004		1,689,138
Twenty-First Century Fox, Inc., Class A		44,160		1,494,374
Viacom, Inc., Class B		8,781		599,742

				15,105,531

Metal Fabricate/Hardware — 0.2%
Precision Castparts Corp.		3,425		719,250

Mining — 0.2%
Alcoa, Inc.		28,348		366,256
Freeport-McMoRan, Inc.		24,496		464,199
Newmont Mining Corp.		12,383		268,835

				1,099,290

Miscellaneous Manufacturing — 2.8%
3M Co.		15,180		2,503,941
Danaher Corp.		14,368		1,219,843
Dover Corp.		3,805		263,002
General Electric Co.		239,925		5,952,539
Illinois Tool Works, Inc.		8,619		837,250
Ingersoll-Rand PLC		6,500		442,520
Leggett & Platt, Inc.		3,354		154,586
Pall Corp.		2,645		265,531
Parker Hannifin Corp.		3,581		425,351
Textron, Inc.		6,576		291,514

				12,356,077

Office & Business Equipment — 0.1%
Pitney Bowes, Inc.		5,161		120,354
Xerox Corp.		25,455		327,097

				447,451

Oil & Gas — 5.9%
Anadarko Petroleum Corp.		11,959		990,325
Apache Corp.		9,023		544,357
Cabot Oil & Gas Corp.		10,088		297,899
Chesapeake Energy Corp.		12,410		175,726
Chevron Corp.		44,770		4,699,955
Cimarex Energy Co.		2,100		241,689
ConocoPhillips		29,280		1,822,973
Devon Energy Corp.		9,229		556,601
Diamond Offshore Drilling, Inc.		1,600		42,864
Ensco PLC, ADR, Class A		5,800		122,206
EOG Resources, Inc.		12,916		1,184,268
EQT Corp.		3,600		298,332
Exxon Mobil Corp.		99,665		8,471,525
Helmerich & Payne, Inc.		2,700		183,789
Hess Corp.		6,097		413,803
Marathon Oil Corp.		15,951		416,481
Marathon Petroleum Corp.		6,725		688,573


	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — (continued)
Murphy Oil Corp.		3,917	$	182,532
Newfield Exploration Co.*		2,900		101,761
Noble Energy, Inc.		8,538		417,508
Occidental Petroleum Corp.		18,458		1,347,434
Phillips 66		13,140		1,032,804
Pioneer Natural Resources Co.		3,600		588,636
QEP Resources, Inc.		3,690		76,936
Range Resources Corp.		3,923		204,153
Southwestern Energy Co.*		8,490		196,883
Tesoro Corp.		3,094		282,451
Valero Energy Corp.		12,340		785,071

				26,367,535

Oil & Gas Services — 1.2%
Baker Hughes, Inc.		10,228		650,296
Cameron International Corp.*		4,770		215,222
FMC Technologies, Inc.*		5,700		210,957
Halliburton Co.		20,269		889,404
National Oilwell Varco, Inc.		10,123		506,049
Noble Corp. PLC		6,400		91,392
Schlumberger Ltd.		30,659		2,558,187
Transocean Ltd.		8,300		121,761

				5,243,268

Packaging and Containers — 0.1%
Ball Corp.		3,226		227,885
Owens-Illinois, Inc.*		4,000		93,280
Sealed Air Corp.		5,033		229,303

				550,468

Pharmaceuticals — 7.5%
Abbott Laboratories		35,896		1,663,062
AbbVie, Inc.		37,896		2,218,432
Actavis PLC		9,313		2,771,736
AmerisourceBergen Corp.		5,000		568,350
Bristol-Myers Squibb Co.		39,497		2,547,556
Cardinal Health, Inc.		7,882		711,508
Eli Lilly & Co.		23,254		1,689,403
Endo International PLC		4,200		376,740
Express Scripts Holding Co.*		17,464		1,515,351
Johnson & Johnson		66,541		6,694,025
Mallinckrodt PLC*		2,700		341,955
McKesson Corp.		5,525		1,249,755
Mead Johnson Nutrition Co.		4,768		479,327
Merck & Co., Inc.		67,813		3,897,891
Mylan NV*		9,056		537,474
Perrigo Co. PLC		3,400		562,870
Pfizer, Inc.		145,605		5,065,598
Zoetis, Inc.		12,107		560,433

				33,451,466

Pipelines — 0.7%
Kinder Morgan, Inc.		40,236		1,692,326
ONEOK, Inc.		4,800		231,552
Spectra Energy Corp.		15,784		570,908
The Williams Cos., Inc.		16,034		811,160

				3,305,946


	Number of Shares		Value†

Real Estate — 0.1%
CBRE Group, Inc., Class A*		6,401	$	247,783

Retail — 6.6%
AutoNation, Inc.*		1,719		110,583
AutoZone, Inc.*		741		505,481
Bed Bath & Beyond, Inc.*		4,466		342,877
Best Buy Co., Inc.		7,168		270,879
CarMax, Inc.*		5,300		365,753
Chipotle Mexican Grill, Inc.*		700		455,378
Costco Wholesale Corp.		10,377		1,572,064
CVS Health Corp.		27,067		2,793,585
Darden Restaurants, Inc.		2,940		203,860
Dollar General Corp.		7,000		527,660
Dollar Tree, Inc.*		4,900		397,610
Family Dollar Stores, Inc.		2,233		176,943
GameStop Corp., Class A		2,664		101,125
Kohl’s Corp.		5,001		391,328
L Brands, Inc.		5,760		543,110
Lowe’s Cos., Inc.		22,940		1,706,507
Macy’s, Inc.		8,227		534,015
McDonald’s Corp.		22,978		2,238,976
Nordstrom, Inc.		3,337		268,028
O’Reilly Automotive, Inc.*		2,400		518,976
PVH Corp.		1,900		202,464
Ross Stores, Inc.		4,900		516,264
Staples, Inc.		15,637		254,648
Starbucks Corp.		17,844		1,689,827
Target Corp.		15,132		1,241,883
The Gap, Inc.		6,182		267,866
The Home Depot, Inc.		31,304		3,556,447
The TJX Cos., Inc.		16,518		1,157,086
Tiffany & Co.		2,764		243,260
Tractor Supply Co.		3,300		280,698
Urban Outfitters, Inc.*		2,500		114,125
Wal-Mart Stores, Inc.		37,347		3,071,791
Walgreens Boots Alliance, Inc.		20,779		1,759,566
Yum! Brands, Inc.		10,369		816,248

				29,196,911

Savings & Loans — 0.1%
Hudson City Bancorp, Inc.		11,257		117,973
People’s United Financial, Inc.		7,700		117,040

				235,013

Semiconductors — 3.0%
Altera Corp.		7,265		311,741
Analog Devices, Inc.		7,376		464,688
Applied Materials, Inc.		29,321		661,482
Avago Technologies Ltd.		6,000		761,880
Broadcom Corp., Class A		12,908		558,852
First Solar, Inc.*		1,800		107,622
Intel Corp.		112,475		3,517,093
KLA-Tencor Corp.		3,827		223,076
Lam Research Corp.		3,859		271,037
Linear Technology Corp.		5,541		259,319
Microchip Technology, Inc.		5,018		245,380
Micron Technology, Inc.*		25,686		696,861
NVIDIA Corp.		11,754		245,952


	Number of Shares		Value†
COMMON STOCKS — (continued)
Semiconductors — (continued)
QUALCOMM, Inc.		39,299	$	2,724,993
Skyworks Solutions, Inc.		4,500		442,305
Texas Instruments, Inc.		25,093		1,434,943
Xilinx, Inc.		6,364		269,197

				13,196,421

Software — 3.8%
Adobe Systems, Inc.*		11,305		835,892
Akamai Technologies, Inc.*		4,160		295,547
Autodesk, Inc.*		5,281		309,678
CA, Inc.		7,639		249,108
Cerner Corp.*		7,000		512,820
Citrix Systems, Inc.*		3,791		242,131
Electronic Arts, Inc.*		7,430		436,995
Fidelity National Information Services, Inc.		6,659		453,212
Fiserv, Inc.*		5,814		461,632
Intuit, Inc.		6,692		648,856
Microsoft Corp.		195,515		7,948,662
Oracle Corp.		76,517		3,301,709
Red Hat, Inc.*		4,600		348,450
Salesforce.com, Inc.*		13,800		921,978
The Dun & Bradstreet Corp.		900		115,524

				17,082,194

Telecommunications — 3.4%
AT&T, Inc.		123,443		4,030,414
CenturyLink, Inc.		13,326		460,413
Cisco Systems, Inc.		121,780		3,351,995
Corning, Inc.		30,515		692,080
Crown Castle International Corp.		8,000		660,320
Frontier Communications Corp.		25,072		176,758
Harris Corp.		2,600		204,776
Juniper Networks, Inc.		9,171		207,081
Level 3 Communications, Inc.*		6,600		355,344
Motorola Solutions, Inc.		5,046		336,417
Verizon Communications, Inc.		98,376		4,784,025
Windstream Holdings, Inc.		13,351		98,797

				15,358,420

Textiles — 0.1%
Mohawk Industries, Inc.*		1,500		278,625

Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		2,612		165,183
Mattel, Inc.		8,281		189,221

				354,404

Transportation — 1.6%
C.H. Robinson Worldwide, Inc.		3,439		251,804
CSX Corp.		23,366		773,882
Expeditors International of Washington, Inc.		4,573		220,327
FedEx Corp.		6,266		1,036,710
Kansas City Southern		2,700		275,616
Norfolk Southern Corp.		7,252		746,376
Ryder System, Inc.		1,125		106,751
Union Pacific Corp.		21,020		2,276,676


	Number of Shares		Value†

Transportation — (continued)
United Parcel Service, Inc., Class B		16,574	$	1,606,683

				7,294,825

TOTAL COMMON STOCKS (Cost $247,656,780)				426,072,225

REAL ESTATE INVESTMENT TRUSTS — 2.3%
Apartments — 0.4%
Apartment Investment & Management Co., Class A		3,662		144,136
AvalonBay Communities, Inc.		3,192		556,206
Equity Residential		8,592		668,973
Essex Property Trust, Inc.		1,500		344,850

				1,714,165

Diversified — 0.4%
American Tower Corp.		10,059		947,055
Plum Creek Timber Co., Inc.		4,047		175,842
Vornado Realty Trust		4,087		457,744
Weyerhaeuser Co.		12,626		418,552

				1,999,193

Healthcare — 0.3%
HCP, Inc.		10,840		468,397
Health Care REIT, Inc.		7,800		603,408
Ventas, Inc.		7,653		558,822

				1,630,627

Hotels & Resorts — 0.1%
Host Hotels & Resorts, Inc.		17,676		356,702

Industrial — 0.1%
Prologis, Inc.		11,899		518,320

Office Property — 0.2%
Boston Properties, Inc.		3,642		511,628
SL Green Realty Corp.		2,300		295,274

				806,902

Regional Malls — 0.5%
General Growth Properties, Inc.		14,900		440,295
Simon Property Group, Inc.		7,328		1,433,650
The Macerich Co.		3,400		286,722

				2,160,667

Storage & Warehousing — 0.2%
Iron Mountain, Inc.		4,697		171,347
Public Storage		3,416		673,430

				844,777

Strip Centers — 0.1%
Kimco Realty Corp.		9,564		256,793

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,767,255)				10,288,146


	Par (000)		Value†
U.S. TREASURY OBLIGATIONS — 0.2%
U.S. Treasury Bills
0.020%, 04/09/15¤	$	250	$	249,999
0.003%, 04/16/15¤		375		374,997

TOTAL U.S. TREASURY OBLIGATIONS (Cost $624,999)				624,996


	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 1.9%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $8,571,060)		8,571,060		8,571,060

TOTAL INVESTMENTS — 100.2% (Cost $263,620,094)(a)			$	445,556,427

Other Assets & Liabilities — (0.2)%				(883,286	)

TOTAL NET ASSETS — 100.0%			$	444,673,141

†	See Security Valuation Note.

*	Non-income producing security.

¤	Zero Coupon Bond. The interest rate disclosed represents the effective yield from the date of acquisition to maturity.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $272,715,856. Net unrealized appreciation was $172,840,571. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $190,510,763 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $17,670,192.

ADR —

American Depository Receipt.

PLC —

Public Limited Company.

REIT —

Real Estate Investment Trust.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
TOTAL COMMON STOCKS		426,072,225		426,072,225		—		—
TOTAL REAL ESTATE INVESTMENT TRUSTS		10,288,146		10,288,146		—		—
U.S. TREASURY OBLIGATIONS		624,996		—		624,996		—
SHORT-TERM INVESTMENTS		8,571,060		8,571,060		—		—

TOTAL INVESTMENTS		445,556,427		444,931,431		624,996		—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
COMMON STOCKS — 99.2%
Apparel — 4.3%
Burberry Group PLC		57,729	$	1,482,503
Carter’s, Inc.		21,696		2,006,229
Ralph Lauren Corp.		7,887		1,037,140
Under Armour, Inc., Class A*		13,292		1,073,329

				5,599,201

Banks — 8.1%
First Republic Bank		49,359		2,817,905
Northern Trust Corp.		57,254		3,987,741
Signature Bank*		22,124		2,866,828
UMB Financial Corp.		16,800		888,552

				10,561,026

Beverages — 1.0%
Brown-Forman Corp., Class B		13,970		1,262,189

Biotechnology — 6.0%
Alkermes PLC*		32,099		1,957,076
BioMarin Pharmaceutical, Inc.*		19,837		2,472,087
Incyte Corp.*		14,965		1,371,692
Medivation, Inc.*		15,457		1,995,035

				7,795,890

Building Materials — 2.1%
Fortune Brands Home & Security, Inc.		56,822		2,697,909

Chemicals — 1.0%
The Valspar Corp.		15,046		1,264,315

Commercial Services — 6.1%
Alliance Data Systems Corp.*		7,010		2,076,712
CoStar Group, Inc.*		10,642		2,105,307
Towers Watson & Co., Class A		12,646		1,671,612
Verisk Analytics, Inc., Class A*		30,800		2,199,120

				8,052,751

Computers — 2.4%
SanDisk Corp.		15,869		1,009,586
Teradata Corp.*		47,044		2,076,522

				3,086,108

Cosmetics & Personal Care — 1.1%
Coty, Inc., Class A*		57,265		1,389,822

Distribution & Wholesale — 1.9%
Fastenal Co.		60,487		2,506,279

Diversified Financial Services — 2.1%
CME Group, Inc.		18,333		1,736,318
Oaktree Capital Group LLC		18,928		977,821

				2,714,139

Electrical Components & Equipment — 0.2%
Generac Holdings, Inc.*		5,274		256,791

Electronics — 1.0%
Gentex Corp.		74,004		1,354,273

Environmental Control — 1.6%
Stericycle, Inc.*		14,685		2,062,215


	Number of Shares		Value†

Food — 3.1%
The Hain Celestial Group, Inc.*		43,349	$	2,776,503
Whole Foods Market, Inc.		25,300		1,317,624

				4,094,127

Healthcare Products — 7.3%
Align Technology, Inc.*		30,589		1,645,229
Henry Schein, Inc.*		13,798		1,926,477
Intuitive Surgical, Inc.*		7,375		3,724,596
Varian Medical Systems, Inc.*		24,679		2,322,047

				9,618,349

Healthcare Services — 1.2%
Acadia Healthcare Co., Inc.*		21,376		1,530,522

Household Products & Wares — 1.1%
The Scotts Miracle-Gro Co., Class A		21,500		1,444,155

Internet — 6.0%
F5 Networks, Inc.*		14,547		1,672,032
GrubHub, Inc.*		40,476		1,837,205
Pandora Media, Inc.*		141,365		2,291,527
TripAdvisor, Inc.*		9,688		805,751
WebMD Health Corp.*		29,933		1,312,113

				7,918,628

Leisure Time — 1.0%
Polaris Industries, Inc.		9,220		1,300,942

Machinery—Construction & Mining — 1.0%
Joy Global, Inc.		32,114		1,258,227

Machinery—Diversified — 1.5%
Flowserve Corp.		35,816		2,023,246

Miscellaneous Manufacturing — 0.8%
Polypore International, Inc.*		17,945		1,056,961

Oil & Gas — 6.0%
Cabot Oil & Gas Corp.		60,525		1,787,303
Cimarex Energy Co.		9,166		1,054,915
Continental Resources, Inc.*		42,067		1,837,066
Noble Energy, Inc.		24,315		1,189,004
Oasis Petroleum, Inc.*		52,242		742,881
Southwestern Energy Co.*		56,176		1,302,721

				7,913,890

Oil & Gas Services — 0.7%
Dril-Quip, Inc.*		13,895		950,279

Pharmaceuticals — 5.1%
ACADIA Pharmaceuticals, Inc.*		29,352		956,582
Mead Johnson Nutrition Co.		31,001		3,116,531
Zoetis, Inc.		55,715		2,579,047

				6,652,160

Retail — 12.0%
DSW, Inc., Class A		41,803		1,541,695
Dunkin’ Brands Group, Inc.		52,372		2,490,812
Kate Spade & Co.*		31,763		1,060,566
Nordstrom, Inc.		24,022		1,929,447
Ross Stores, Inc.		18,739		1,974,341


	Number of Shares			Value†
COMMON STOCKS — (continued)
Retail — (continued)
Tiffany & Co.		15,892		$	1,398,655
Ulta Salon Cosmetics & Fragrance, Inc.*		17,362			2,619,058
Urban Outfitters, Inc.*		58,825			2,685,361

					15,699,935

Semiconductors — 2.5%
Microchip Technology, Inc.		66,252			3,239,723

Software — 6.9%
ANSYS, Inc.*		18,800			1,657,972
Cerner Corp.*		21,666			1,587,251
Electronic Arts, Inc.*		68,400			4,022,946
ServiceNow, Inc.*		22,224			1,750,807

					9,018,976

Toys, Games & Hobbies — 1.2%
Mattel, Inc.		69,097			1,578,866

Transportation — 2.9%
Expeditors International of Washington, Inc.		64,427			3,104,093
J.B. Hunt Transport Services, Inc.		7,758			662,494

					3,766,587

TOTAL COMMON STOCKS (Cost $116,305,512)					129,668,481

SHORT-TERM INVESTMENTS — 1.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,696,737)		1,696,737			1,696,737

TOTAL INVESTMENTS — 100.5% (Cost $118,002,249)(a)				$	131,365,218

Other Assets & Liabilities — (0.5)%					(593,421	)

TOTAL NET ASSETS — 100.0%				$	130,771,797

WRITTEN OPTIONS — 0.0%
Call Option — 0.0%
Dril-Quip, Inc. US, $70 04/17/15		(72	)		(5,400	)

Put Options — 0.0%
Acadia Pharmaceuticals, Inc. US, $28 05/15/15		(137	)		(10,001	)
Pacira Pharmaceuticals, Inc. US, $85 05/15/15		(74	)		(29,600	)

					(39,601	)

TOTAL WRITTEN OPTIONS (Cost $(67,019))					(45,001	)

†	See Security Valuation Note.

*	Non-income producing security.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	129,668,481	$	128,185,978	$	1,482,503	$	—
SHORT-TERM INVESTMENTS		1,696,737		1,696,737		—		—
TOTAL INVESTMENTS	$	131,365,218	$	129,882,715	$	1,482,503	$	—


LIABILITIES TABLE
Description	Total Market Value at 03/31/2015			Level 1 Quoted Price			Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
WRITTEN OPTIONS	$	(45,001	)	$	(45,001	)	$	—	$	—
Total Liabilities	$	(45,001	)	$	(45,001	)	$	—	$	—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
COMMON STOCKS — 88.3%
Aerospace & Defense — 5.0%
General Dynamics Corp.		29,350	$	3,983,676
Spirit Aerosystems Holdings, Inc., Class A*		106,100		5,539,481

				9,523,157

Auto Parts & Equipment — 1.6%
Lear Corp.		20,200		2,238,564
TRW Automotive Holdings Corp.*		8,800		922,680

				3,161,244

Banks — 7.8%
BB&T Corp.		52,200		2,035,278
Comerica, Inc.		77,700		3,506,601
Huntington Bancshares, Inc.		268,100		2,962,505
M&T Bank Corp.		23,100		2,933,700
State Street Corp.		47,600		3,500,028

				14,938,112

Building Materials — 1.6%
Owens Corning		69,400		3,011,960

Chemicals — 2.9%
Ashland, Inc.		44,000		5,601,640

Commercial Services — 9.8%
Hertz Global Holdings, Inc.*		213,400		4,626,512
The ADT Corp.		183,000		7,598,160
The Western Union Co.		199,100		4,143,271
Tyco International PLC		58,300		2,510,398

				18,878,341

Computers — 3.4%
Cadence Design Systems, Inc.*		125,700		2,317,908
Teradata Corp.*		96,700		4,268,338

				6,586,246

Diversified Financial Services — 1.0%
AerCap Holdings N.V.*		45,700		1,994,805

Electric — 4.0%
AES Corp.		288,100		3,702,085
Edison International		64,800		4,048,056

				7,750,141

Electronics — 3.1%
Flextronics International Ltd.*		319,400		4,048,395
Itron, Inc.*		52,200		1,905,822

				5,954,217

Engineering & Construction — 1.1%
KBR, Inc.		140,700		2,037,336

Environmental Control — 2.2%
Covanta Holding Corp.		186,400		4,180,952

Gas — 1.7%
CenterPoint Energy, Inc.		160,000		3,265,600

Hand & Machine Tools — 1.0%
Regal-Beloit Corp.		24,700		1,974,024


	Number of Shares		Value†

Healthcare Products — 2.0%
Zimmer Holdings, Inc.		32,100	$	3,772,392

Household Products & Wares — 1.1%
Avery Dennison Corp.		38,500		2,037,035

Machinery—Diversified — 1.1%
The Manitowoc Co., Inc.		93,400		2,013,704

Miscellaneous Manufacturing — 3.0%
Harsco Corp.		142,600		2,461,276
Valmont Industries, Inc.		26,900		3,305,472

				5,766,748

Oil & Gas — 5.5%
Cabot Oil & Gas Corp.		108,200		3,195,146
Devon Energy Corp.		66,600		4,016,646
Energy Transfer Partners, LP		46,075		2,568,681
Southwestern Energy Co.*		36,400		844,116

				10,624,589

Oil & Gas Services — 1.3%
Cameron International Corp.*		54,700		2,468,064

Pharmaceuticals — 2.8%
Cardinal Health, Inc.		25,400		2,292,858
Omnicare, Inc.		40,300		3,105,518

				5,398,376

Retail — 13.5%
Best Buy Co., Inc.		92,700		3,503,133
CVS Health Corp.		50,800		5,243,068
Darden Restaurants, Inc.		78,200		5,422,388
Express, Inc.*		177,400		2,932,422
Kohl’s Corp.		66,500		5,203,625
Office Depot, Inc.*		390,000		3,588,000

				25,892,636

Savings & Loans — 2.0%
BankUnited, Inc.		115,200		3,771,648

Semiconductors — 2.1%
Skyworks Solutions, Inc.		40,700		4,000,403

Software — 4.5%
Check Point Software Technologies Ltd.*		49,200		4,032,924
Nuance Communications, Inc.*		319,088		4,578,913

				8,611,837

Telecommunications — 3.2%
Amdocs Ltd.		79,500		4,324,800
Telephone & Data Systems, Inc.		74,400		1,852,560

				6,177,360

TOTAL COMMON STOCKS (Cost $127,810,669)				169,392,567


	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — 5.6%
Building & Real Estate — 4.1%
Starwood Property Trust, Inc.		165,900	$	4,031,370
Starwood Waypoint Residential Trust		150,220		3,883,187

				7,914,557

Diversified — 1.5%
Corrections Corporation of America		70,617		2,843,040

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $10,124,373)				10,757,597

RIGHTS — 0.0%
Food — 0.0%
Safeway Casa Ley CVR, 01/30/19*~		47,300		0
Safeway PDC CVR, 01/30/17*~		47,300		0
TOTAL RIGHTS (Cost $50,313)				0

SHORT-TERM INVESTMENTS — 7.9%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $15,178,223)		15,178,223		15,178,223

TOTAL INVESTMENTS — 101.8% (Cost $153,163,578)(a)			$	195,328,387

Other Assets & Liabilities — (1.8)%				(3,364,500	)

TOTAL NET ASSETS — 100.0%			$	191,963,887

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $153,163,578. Net unrealized appreciation was $42,164,809. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $47,507,327 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $5,342,518.

~	Fair valued security. The total market value of fair valued securities at March 31, 2015 is 0.

LP — Limited Partnership.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	169,392,567	$	169,392,567	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		10,757,597		10,757,597		—		—
RIGHTS		—		—		—		—
SHORT-TERM INVESTMENTS		15,178,223		15,178,223		—		—

TOTAL INVEST- MENTS	$	195,328,387	$	195,328,387	$	—	$	—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
COMMON STOCKS — 90.2%
Aerospace & Defense — 1.3%
Exelis, Inc.		47,416	$	1,155,528

Apparel — 0.6%
Ralph Lauren Corp.		4,055		533,232

Auto Manufacturers — 1.9%
Honda Motor Co. Ltd.ADR		14,455		473,546
Oshkosh Corp.		26,822		1,308,645

				1,782,191

Banks — 11.4%
Bank of Hawaii Corp.		9,902		606,101
BB&T Corp.		11,429		445,617
BOK Financial Corp.		8,400		514,248
Comerica, Inc.		13,120		592,106
Commerce Bancshares, Inc.		25,661		1,085,974
Cullen/Frost Bankers, Inc.		7,204		497,652
M&T Bank Corp.		8,382		1,064,514
Northern Trust Corp.		38,338		2,670,242
State Street Corp.		8,006		588,681
SunTrust Banks, Inc.		15,476		635,909
The PNC Financial Services Group, Inc.		11,322		1,055,663
Westamerica Bancorporation		15,464		668,199

				10,424,906

Biotechnology — 0.5%
Bio-Rad Laboratories, Inc., Class A*		3,064		414,192

Chemicals — 0.8%
The Mosaic Co.		15,804		727,932

Commercial Services — 2.0%
The ADT Corp.		22,030		914,686
Tyco International PLC		22,337		961,831

				1,876,517

Computers — 2.0%
SanDisk Corp.		11,572		736,211
Western Digital Corp.		12,457		1,133,711

				1,869,922

Distribution & Wholesale — 0.3%
Beacon Roofing Supply, Inc.*		7,865		246,174

Diversified Financial Services — 2.6%
Franklin Resources, Inc.		10,571		542,504
LPL Financial Holdings, Inc.		20,440		896,499
Markit Ltd.		19,678		529,338
T. Rowe Price Group, Inc.		5,636		456,403

				2,424,744

Diversified Operations — 0.4%
Pentair PLC		5,999		377,277

Electric — 6.1%
Consolidated Edison, Inc.		4,527		276,147
Edison International		17,297		1,080,544
Great Plains Energy, Inc.		28,595		762,915
NorthWestern Corp.		6,679		359,263
OGE Energy Corp.		11,261		355,960
PG&E Corp.		10,089		535,423


	Number of Shares		Value†

Electric — (continued)
Westar Energy, Inc.		29,601	$	1,147,335
Xcel Energy, Inc.		31,285		1,089,031

				5,606,618

Electrical Components & Equipment — 1.5%
Emerson Electric Co.		24,011		1,359,503

Electronics — 3.0%
Keysight Technologies, Inc.		23,071		857,088
Koninklijke Philips N.V.		41,543		1,178,569
TE Connectivity Ltd.		9,899		708,966

				2,744,623

Environmental Control — 3.6%
Clean Harbors, Inc.*		12,893		732,065
Republic Services, Inc.		64,536		2,617,580

				3,349,645

Food — 7.5%
Campbell Soup Co.		12,694		590,906
ConAgra Foods, Inc.		35,066		1,280,961
Danone S.A.		3,767		253,924
General Mills, Inc.		16,800		950,880
Kellogg Co.		9,047		596,649
Mondelez International, Inc., Class A		25,486		919,790
Sysco Corp.		38,925		1,468,640
The J.M. Smucker Co.		7,008		811,036

				6,872,786

Gas — 2.1%
Atmos Energy Corp.		14,722		814,127
The Laclede Group, Inc.		21,973		1,125,457

				1,939,584

Healthcare Products — 3.5%
Becton Dickinson & Co.		3,191		458,196
Boston Scientific Corp.*		34,020		603,855
Hospira, Inc.*		4,817		423,125
Stryker Corp.		8,475		781,819
Zimmer Holdings, Inc.		7,917		930,406

				3,197,401

Healthcare Services — 4.7%
Cigna Corp.		6,215		804,470
Humana, Inc.		4,060		722,761
LifePoint Hospitals, Inc.*		20,788		1,526,878
Quest Diagnostics, Inc.		16,040		1,232,674

				4,286,783

Home Builders — 1.8%
PulteGroup, Inc.		21,215		471,609
Thor Industries, Inc.		7,076		447,274
Toll Brothers, Inc.*		17,617		693,053

				1,611,936

Insurance — 7.3%
ACE Ltd.		7,382		823,019
Aflac, Inc.		6,503		416,257
Arthur J Gallagher & Co.		5,965		278,864
Brown & Brown, Inc.		18,048		597,569
HCC Insurance Holdings, Inc.		16,749		949,166


	Number of Shares		Value†
COMMON STOCKS — (continued)
Insurance — (continued)
MetLife, Inc.		7,493	$	378,771
Reinsurance Group of America, Inc.		9,761		909,627
The Allstate Corp.		3,639		258,988
The Chubb Corp.		5,208		526,529
The Travelers Cos., Inc.		4,469		483,233
Torchmark Corp.		6,877		377,685
Unum Group		21,820		735,989

				6,735,697

Iron & Steel — 0.8%
Nucor Corp.		15,181		721,553

Leisure Time — 1.0%
Carnival Corp.		19,111		914,270

Media — 0.6%
Time Warner Cable, Inc.		3,642		545,863

Mining — 0.3%
Newmont Mining Corp.		14,303		310,518

Miscellaneous Manufacturing — 0.4%
Textron, Inc.		8,047		356,723

Oil & Gas — 5.8%
Apache Corp.		7,676		463,093
Devon Energy Corp.		15,779		951,631
Helmerich & Payne, Inc.		5,057		344,230
Imperial Oil Ltd.		50,301		2,007,592
Noble Energy, Inc.		13,135		642,302
Occidental Petroleum Corp.		10,769		786,137
Southwestern Energy Co.*		4,926		114,234

				5,309,219

Oil & Gas Services — 0.8%
Cameron International Corp.*		15,396		694,667

Packaging and Containers — 1.3%
Bemis Co., Inc.		15,331		709,979
Sonoco Products Co.		9,996		454,418

				1,164,397

Pharmaceuticals — 1.2%
Cardinal Health, Inc.		9,466		854,496
Express Scripts Holding Co.*		2,761		239,572

				1,094,068

Retail — 2.3%
Bed Bath & Beyond, Inc.*		7,483		574,507
CST Brands, Inc.		7,021		307,731
Lowe’s Cos., Inc.		8,369		622,570
Target Corp.		7,501		615,607

				2,120,415

Savings & Loans — 0.7%
Capitol Federal Financial, Inc.		12,667		158,338
People’s United Financial, Inc.		28,901		439,295

				597,633

Semiconductors — 5.8%
Applied Materials, Inc.		36,116		814,777


	Number of Shares		Value†

Semiconductors — (continued)
Broadcom Corp., Class A		21,682	$	938,722
Lam Research Corp.		13,708		962,781
Maxim Integrated Products, Inc.		13,322		463,739
Microchip Technology, Inc.		17,653		863,232
Micron Technology, Inc.*		9,432		255,890
Teradyne, Inc.		52,333		986,477

				5,285,618

Software — 0.5%
Fidelity National Information Services, Inc.		7,269		494,728

Telecommunications — 1.9%
CenturyLink, Inc.		23,065		796,896
Harris Corp.		6,841		538,797
Rogers Communications, Inc., Class B		13,569		454,246

				1,789,939

Toys, Games & Hobbies — 0.7%
Mattel, Inc.		29,859		682,278

Transportation — 1.2%
Heartland Express, Inc.		21,802		518,016
Werner Enterprises, Inc.		19,642		616,955

				1,134,971

TOTAL COMMON STOCKS (Cost $75,071,011)				82,754,051

REAL ESTATE INVESTMENT TRUSTS — 4.8%
Building & Real Estate — 0.2%
Annaly Capital Management, Inc.		16,274		169,250

Diversified — 2.1%
Corrections Corporation of America		28,409		1,143,746
Weyerhaeuser Co.		24,015		796,097

				1,939,843

Hotels & Resorts — 0.5%
Host Hotels & Resorts, Inc.		22,421		452,456

Office Property — 2.0%
Boston Properties, Inc.		3,837		539,022
Empire State Realty Trust, Inc.		22,393		421,212
Piedmont Office Realty Trust, Inc., Class A		51,131		951,548

				1,911,782

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,210,037)				4,473,331

EXCHANGE TRADED FUNDS — 3.1%
Investment Companies — 3.1%
iShares Russell MidCap Value Index Fund (Cost $2,755,265)		37,818		2,846,183


	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 1.7%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,549,361)		1,549,361		1,549,361

TOTAL INVESTMENTS — 99.8% (Cost $83,585,674)(a)			$	91,622,926

Other Assets & Liabilities — 0.2%				144,801

TOTAL NET ASSETS — 100.0%			$	91,767,727

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $83,966,681. Net unrealized appreciation was $7,656,245. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $9,752,327 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,096,082.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi-ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	82,754,051	$	81,321,558	$	1,432,493	$	—
REAL ESTATE INVESTMENT TRUSTS		4,473,331		4,473,331		—		—
EXCHANGE TRADED FUNDS		2,846,183		2,846,183		—		—
SHORT-TERM INVESTMENTS		1,549,361		1,549,361		—		—

TOTAL INVESTMENTS	$	91,622,926	$	90,190,433	$	1,432,493	$	—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
COMMON STOCKS — 99.4%
Airlines — 1.5%
Spirit Airlines, Inc.*		11,180	$	864,885

Apparel — 4.0%
Carter’s, Inc.		10,270		949,667
Columbia Sportswear Co.		11,822		719,960
Under Armour, Inc., Class A*		8,090		653,267

				2,322,894

Auto Parts & Equipment — 2.5%
Allison Transmission Holdings, Inc.		20,550		656,367
Gentherm, Inc.*		15,788		797,452

				1,453,819

Beverages — 1.2%
Constellation Brands, Inc., Class A*		6,070		705,395

Biotechnology — 6.9%
Achillion Pharmaceuticals, Inc.*		23,625		232,943
Alnylam Pharmaceuticals, Inc.*		5,924		618,584
AMAG Pharmaceuticals, Inc.*		13,620		744,469
BioMarin Pharmaceutical, Inc.*		3,953		492,623
Bluebird Bio, Inc.*		3,230		390,087
Medivation, Inc.*		4,540		585,978
Novavax, Inc.*		58,883		486,962
Puma Biotechnology, Inc.*		1,710		403,748

				3,955,394

Building Materials — 1.1%
Vulcan Materials Co.		7,660		645,738

Chemicals — 1.3%
Axalta Coating Systems Ltd.		27,289		753,722

Commercial Services — 13.0%
Allegion PLC		10,820		661,859
Bright Horizons Family Solutions, Inc.*		15,070		772,639
CoStar Group, Inc.*		6,104		1,207,554
Euronet Worldwide, Inc.*		14,181		833,134
Mobileye NV*		1,652		69,434
Mobileye NV*		5,068		213,008
SEI Investments Co.		24,700		1,089,023
ServiceMaster Global Holdings, Inc.*		30,186		1,018,777
Vantiv, Inc., Class A*		21,997		829,287
WEX, Inc.*		7,550		810,568

				7,505,283

Computers — 1.0%
EPAM Systems, Inc.*		9,790		600,029

Diversified Financial Services — 2.0%
Affiliated Managers Group, Inc.*		2,740		588,497
Raymond James Financial, Inc.		9,900		562,122

				1,150,619

Electrical Components & Equipment — 1.7%
Acuity Brands, Inc.		5,723		962,380

Electronics — 2.0%
TASER International, Inc.*		31,580		761,394


	Number of Shares		Value†

Electronics — (continued)
Tower Semiconductor Ltd.*		24,100	$	409,218

				1,170,612

Entertainment — 2.2%
Cinemark Holdings, Inc.		28,650		1,291,256

Hand & Machine Tools — 1.1%
Snap-On, Inc.		4,170		613,240

Healthcare Products — 7.8%
Alere, Inc.*		12,270		600,003
Align Technology, Inc.*		14,760		793,866
Cepheid, Inc.*		14,288		812,987
DexCom, Inc.*		10,649		663,859
IDEXX Laboratories, Inc.*		4,670		721,422
The Cooper Cos., Inc.		4,820		903,364

				4,495,501

Healthcare Services — 3.8%
Catalent, Inc.*		17,560		546,994
Community Health Systems, Inc.*		15,070		787,859
Envision Healthcare Holdings Inc*		22,139		849,031

				2,183,884

Home Furnishings — 1.2%
Harman International Industries, Inc.		5,210		696,212

Internet — 3.5%
Makemytrip Ltd.		24,344		534,594
Splunk, Inc.*		13,020		770,784
Vipshop Holdings Ltd. ADR*		23,170		682,125

				1,987,503

Leisure Time — 3.1%
Brunswick Corp.		9,030		464,594
Jarden Corp.*		9,840		520,536
Polaris Industries, Inc.		5,850		825,435

				1,810,565

Lodging — 0.5%
Extended Stay America, Inc.		15,942		311,347

Machinery—Diversified — 3.7%
Cognex Corp.		17,530		869,313
Wabtec Corp.		13,300		1,263,633

				2,132,946

Miscellaneous Manufacturing — 2.8%
Carlisle Cos., Inc.		10,710		992,067
Proto Labs, Inc.*		8,843		619,010

				1,611,077

Oil & Gas — 2.6%
Delek US Holdings, Inc.		7,560		300,510
Diamondback Energy, Inc.*		11,920		915,933
Sanchez Energy Corp.*		21,585		280,821

				1,497,264

Pharmaceuticals — 3.4%
GW Pharmaceuticals PLC ADR*		2,670		243,317
Jazz Pharmaceuticals PLC		4,950		855,311


	Number of Shares		Value†
COMMON STOCKS — (continued)
Pharmaceuticals — (continued)
VCA, Inc.*		15,320	$	839,842

				1,938,470

Real Estate — 0.6%
The Howard Hughes Corp.*		2,179		337,789

Retail — 9.0%
Brown Shoe Co., Inc.		14,770		484,456
Dave & Buster’s Entertainment, Inc.*		14,010		426,744
Domino’s Pizza, Inc.		7,880		792,334
Kate Spade & Co.*		23,230		775,650
Krispy Kreme Doughnuts, Inc.*		25,190		503,548
Lithia Motors, Inc., Class A		8,285		823,612
Restoration Hardware Holdings, Inc.*		7,447		738,668
The Michaels Cos, Inc.*		24,469		662,131

				5,207,143

Semiconductors — 0.7%
Veeco Instruments, Inc.*		12,333		376,773

Shipbuilding — 0.9%
Huntington Ingalls Industries, Inc.		3,860		540,979

Software — 8.3%
athenahealth, Inc.*		4,920		587,399
CyberArk Software Ltd.*		11,223		623,662
Fleetmatics Group PLC		16,649		746,708
Guidewire Software, Inc.*		12,211		642,421
ServiceNow, Inc.*		7,460		587,699
Solera Holdings, Inc.		12,716		656,908
Tableau Software, Inc., Class A*		10,470		968,684

				4,813,481

Telecommunications — 4.1%
Palo Alto Networks, Inc.*		5,517		805,923
Qorvo, Inc.*		9,341		744,478
SBA Communications Corp., Class A*		7,076		828,600

				2,379,001

Transportation — 1.9%
Old Dominion Freight Line, Inc.*		13,980		1,080,654

TOTAL COMMON STOCKS (Cost $44,848,000)				57,395,855

SHORT-TERM INVESTMENTS — 1.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $803,801)		803,801		803,801

TOTAL INVESTMENTS — 100.8% (Cost $45,651,801)(a)			$	58,199,656

Other Assets & Liabilities — (0.8)%				(461,022	)

TOTAL NET ASSETS — 100.0%			$	57,738,634

†	See Security Valuation Note.

*	Non-income producing security.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	57,395,855	$	57,395,855	$	—	$	—
SHORT-TERM INVESTMENTS		803,801		803,801		—		—

TOTAL INVESTMENTS	$	58,199,656	$	58,199,656	$	—	$	—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
COMMON STOCKS — 91.2%
Aerospace & Defense — 1.3%
Spirit Aerosystems Holdings, Inc., Class A*		19,350	$	1,010,263

Apparel — 0.8%
Crocs, Inc.*		49,180		580,816

Auto Parts & Equipment — 3.4%
Dana Holding Corp.		31,740		671,618
Lear Corp.		8,350		925,347
Tenneco, Inc.*		17,830		1,023,799

				2,620,764

Banks — 8.2%
Associated Banc-Corp.		29,580		550,188
Comerica, Inc.		15,945		719,598
Huntington Bancshares, Inc.		92,520		1,022,346
Popular, Inc.*		26,609		915,083
Susquehanna Bancshares, Inc.		55,300		758,163
Synovus Financial Corp.		22,100		619,021
Webster Financial Corp.		18,620		689,871
Zions Bancorporation		38,650		1,043,550

				6,317,820

Chemicals — 1.8%
A. Schulman, Inc.		20,820		1,003,524
Huntsman Corp.		18,630		413,027

				1,416,551

Commercial Services — 2.0%
Booz Allen Hamilton Holding Corp.		35,740		1,034,316
Korn/Ferry International		16,100		529,207

				1,563,523

Computers — 3.4%
Brocade Communications Systems, Inc.		60,800		721,392
Insight Enterprises, Inc.*		29,140		831,073
NCR Corp.*		36,920		1,089,509

				2,641,974

Distribution & Wholesale — 2.5%
Arrow Electronics, Inc.*		15,810		966,782
WESCO International, Inc.*		13,380		935,128

				1,901,910

Diversified Financial Services — 2.4%
ETRADE Financial Corp.		32,570		930,037
SLM Corp.		98,140		910,739

				1,840,776

Diversified Machinery — 1.2%
Oshkosh Corp.		18,250		890,417

Electric — 2.6%
PNM Resources, Inc.		36,480		1,065,216
Westar Energy, Inc.		24,630		954,659

				2,019,875

Electrical Components & Equipment — 0.6%
General Cable Corp.		27,060		466,244

Electronics — 4.6%
Avnet, Inc.		25,860		1,150,770
Keysight Technologies, Inc.*		23,540		874,511


	Number of Shares		Value†

Electronics — (continued)
TTM Technologies, Inc.*		58,550	$	527,535
Vishay Intertechnology, Inc.		72,400		1,000,568

				3,553,384

Engineering & Construction — 3.7%
AECOM*		22,204		684,327
EMCOR Group, Inc.		12,860		597,604
Granite Construction, Inc.		23,440		823,682
Tutor Perini Corp.*		31,570		737,160

				2,842,773

Food — 2.4%
Dean Foods Co.		64,615		1,068,086
Ingredion, Inc.		10,090		785,204

				1,853,290

Gas — 2.5%
Southwest Gas Corp.		16,960		986,563
UGI Corp.		29,615		965,153

				1,951,716

Hand & Machine Tools — 1.3%
Regal-Beloit Corp.		12,260		979,819

Healthcare Services — 3.5%
LifePoint Hospitals, Inc.*		11,900		874,055
Molina Healthcare, Inc.*		10,300		693,087
WellCare Health Plans, Inc.*		12,120		1,108,495

				2,675,637

Home Builders — 3.4%
Meritage Homes Corp.*		20,990		1,020,954
PulteGroup, Inc.		28,080		624,218
Thor Industries, Inc.		15,680		991,133

				2,636,305

Household Products & Wares — 1.6%
Avery Dennison Corp.		12,120		641,269
Helen of Troy Ltd.*		7,400		603,026

				1,244,295

Insurance — 9.3%
American Financial Group, Inc.		17,130		1,098,890
Aspen Insurance Holdings Ltd.		22,710		1,072,593
CNO Financial Group, Inc.		64,920		1,117,922
Essent Group Ltd.*		34,834		832,881
StanCorp Financial Group, Inc.		16,090		1,103,774
The Hanover Insurance Group, Inc.		14,170		1,028,459
Validus Holdings Ltd.		20,790		875,259

				7,129,778

Internet — 1.2%
CDW Corp.		23,780		885,567

Iron & Steel — 0.8%
Steel Dynamics, Inc.		31,450		632,145

Machinery—Construction & Mining — 0.8%
Terex Corp.		22,980		611,038


	Number of Shares		Value†
COMMON STOCKS — (continued)
Miscellaneous Manufacturing — 1.0%
ITT Corp.		18,320	$	731,151

Oil & Gas — 2.5%
Bill Barrett Corp.*		41,830		347,189
Rosetta Resources, Inc.*		36,180		615,784
SM Energy Co.		17,865		923,263

				1,886,236

Packaging and Containers — 0.8%
Graphic Packaging Holding Co.		42,250		614,315

Retail — 9.8%
Big Lots, Inc.		23,270		1,117,658
Bloomin’ Brands, Inc.		44,820		1,090,470
Brown Shoe Co., Inc.		23,410		767,848
Dillard’s, Inc., Class A		6,470		883,220
GameStop Corp., Class A		21,720		824,491
Office Depot, Inc.*		124,120		1,141,904
Pier 1 Imports, Inc.		46,120		644,758
The Children’s Place, Inc.		15,970		1,025,114

				7,495,463

Savings & Loans — 0.8%
First Niagara Financial Group, Inc.		65,450		578,578

Semiconductors — 3.7%
Advanced Micro Devices, Inc.*		104,700		280,596
Fairchild Semiconductor International, Inc.*		61,170		1,112,070
Lam Research Corp.		12,620		886,366
Teradyne, Inc.		30,920		582,842

				2,861,874

Software — 1.0%
Electronic Arts, Inc.*		13,570		798,120

Telecommunications — 4.2%
Amdocs Ltd.		18,345		997,968
Finisar Corp.*		27,080		577,887
Genpact Ltd.*		31,560		733,770
Harris Corp.		11,210		882,900

				3,192,525

Transportation — 2.1%
Con-way, Inc.		15,470		682,691
Ryder System, Inc.		9,650		915,689

				1,598,380

TOTAL COMMON STOCKS (Cost $55,833,643)				70,023,322

REAL ESTATE INVESTMENT TRUSTS — 6.9%
Apartments — 0.9%
Mid-America Apartment Communities, Inc.		8,560		661,431

Diversified — 0.7%
STAG lndustrial, Inc.		21,980		516,970

Healthcare — 2.4%
LTC Properties, Inc.		21,370		983,020


	Number of Shares		Value†

Healthcare — (continued)
Medical Properties Trust, Inc.		59,480	$	876,735

				1,859,755

Hotels & Resorts — 1.2%
DiamondRock Hospitality Co.		64,440		910,537

Office Property — 0.8%
Parkway Properties, Inc.		36,520		633,622

Strip Centers — 0.9%
DDR Corp.		38,220		711,656

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,502,512)				5,293,971

SHORT-TERM INVESTMENTS — 2.5%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,905,824)		1,905,824		1,905,824

TOTAL INVESTMENTS — 100.6% (Cost $62,241,979)(a)			$	77,223,117

Other Assets & Liabilities — (0.6)%				(425,862	)

TOTAL NET ASSETS — 100.0%			$	76,797,255

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $62,297,552. Net unrealized appreciation was $14,925,565. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $17,168,620 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,243,055.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS		70,023,322		70,023,322		—		—
TOTAL REAL ESTATE INVESTMENT TRUSTS		5,293,971		5,293,971		—		—
SHORT-TERM INVESTMENTS		1,905,824		1,905,824		—		—

TOTAL INVESTMENTS		77,223,117		77,223,117		—		—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
COMMON STOCKS — 98.3%
Aerospace & Defense — 2.5%
HEICO Corp., Class A		53,721	$	2,661,338

Apparel — 4.8%
Carter’s, Inc.		24,350		2,251,645
Gildan Activewear, Inc.		28,070		828,626
Wolverine World Wide, Inc.		60,796		2,033,626

				5,113,897

Banks — 1.9%
Bank of the Ozarks, Inc.		26,042		961,731
SVB Financial Group*		8,060		1,023,942

				1,985,673

Biotechnology — 2.4%
Concordia Healthcare Corp.		6,603		443,867
Incyte Corp.*		7,180		658,119
Ligand Pharmaceuticals, Inc.*		2,261		174,346
Medivation, Inc.*		3,536		456,391
OvaScience, Inc.*		6,718		233,316
Puma Biotechnology, Inc.*		2,486		586,969

				2,553,008

Chemicals — 2.3%
Sensient Technologies Corp.		36,200		2,493,456

Commercial Services — 9.3%
CoStar Group, Inc.*		4,835		956,508
Euronet Worldwide, Inc.*		40,973		2,407,164
Gartner, Inc.*		7,951		666,691
Healthcare Services Group, Inc.		30,165		969,201
Healthequity, Inc.*		10,392		259,696
Nord Anglia Education, Inc. *		52,864		1,201,070
Rollins, Inc.		18,427		455,700
ServiceMaster Global Holdings, Inc.*		41,266		1,392,728
SP Plus Corp.*		26,784		585,230
The Corporate Executive Board Co.		13,366		1,067,409

				9,961,397

Computers — 3.6%
Cadence Design Systems, Inc.*		85,790		1,581,968
Jack Henry & Associates, Inc.		28,405		1,985,225
Stratasys Ltd. *		6,125		323,278

				3,890,471

Distribution & Wholesale — 1.3%
WESCO International, Inc.*		19,411		1,356,635

Diversified Financial Services — 3.2%
Artisan Partners Asset Management, Inc., Class A		8,931		406,003
Financial Engines, Inc.		16,754		700,820
LPL Financial Holdings, Inc.		14,894		653,251
MarketAxess Holdings, Inc.		12,728		1,055,151
Markit Ltd. *		22,692		610,415

				3,425,640

Electrical Components & Equipment — 3.6%
Belden, Inc.		20,956		1,960,644
EnerSys		23,213		1,491,203


	Number of Shares		Value†

Electrical Components & Equipment — (continued)
GrafTech International Ltd.*		108,108	$	420,540

				3,872,387

Electronics — 3.3%
CTS Corp.		36,380		654,476
FEI Co.		15,585		1,189,759
National Instruments Corp.		14,375		460,575
OSI Systems, Inc.*		17,202		1,277,421

				3,582,231

Energy-Alternate Sources — 0.3%
Enphase Energy, Inc.*		26,395		348,150

Entertainment — 2.5%
AMC Entertainment Holdings, Inc., Class A		27,260		967,458
Manchester United PLC, Class A*		35,125		558,839
National CineMedia, Inc.		63,663		961,311
SFX Entertainment, Inc.*		55,290		226,136

				2,713,744

Environmental Control — 0.9%
Clean Harbors, Inc.*		16,436		933,236

Hand & Machine Tools — 1.4%
Kennametal, Inc.		43,610		1,469,221

Healthcare Products — 6.4%
Bio-Techne Corp.		12,176		1,221,131
Cimpress NV*		11,083		935,183
Endologix, Inc.*		83,484		1,425,072
LDR Holding Corp.*		31,995		1,172,297
Masimo Corp.*		35,554		1,172,571
Quidel Corp.*		34,713		936,557

				6,862,811

Healthcare Services — 1.3%
Catalent, Inc.*		43,051		1,341,039

Household Products & Wares — 2.4%
Ontex Group NV*		30,573		928,009
Prestige Brands Holdings, Inc.*		22,718		974,375
Tumi Holdings, Inc.*		26,827		656,188

				2,558,572

Internet — 2.1%
ChannelAdvisor Corp.*		29,676		287,560

Endurance International Group Holdings, Inc.*		55,774		1,063,053
Wayfair, Inc., Class A*		14,152		454,562
Zillow Group, Inc.*		4,203		421,561

				2,226,736

Machinery—Diversified — 1.9%
Nordson Corp.		6,019		471,528
Tennant Co.		6,691		437,391
Wabtec Corp.		12,275		1,166,248

				2,075,167

Medical Instruments — 0.6%
Novadaq Technologies, Inc.*		40,331		654,975


	Number of Shares		Value†
COMMON STOCKS — (continued)
Metal Fabricate/Hardware — 1.5%
Rexnord Corp.*		58,764	$	1,568,411

Miscellaneous Manufacturing — 1.7%
Polypore International, Inc.*		9,860		580,754
Proto Labs, Inc.*		9,836		688,520
Raven Industries, Inc.		26,423		540,615

				1,809,889

Oil & Gas Services — 1.3%
Dril-Quip, Inc.*		10,501		718,163
Targa Resources Corp.		6,520		624,551

				1,342,714

Pharmaceuticals — 8.4%
Akorn, Inc.*		16,553		786,433
Alkermes PLC*		10,398		633,966
Depomed, Inc.*		18,889		423,303
Dyax Corp.*		42,821		717,466
Flamel Technologies S.A., ADR*		27,927		502,127
IGI Laboratories, Inc.*		58,247		475,296
Ironwood Pharmaceuticals, Inc.*		45,013		720,208
Mallinckrodt PLC*		7,065		894,782
Pacira Pharmaceuticals, Inc.*		8,105		720,129
Pernix Therapeutics Holdings, Inc.*		54,754		585,320
Phibro Animal Health Corp., Class A		36,044		1,276,318
Relypsa, Inc.*		16,142		582,242
Synageva BioPharma Corp.*		6,740		657,352

				8,974,942

Real Estate — 1.1%
Jones Lang LaSalle, Inc.		4,226		720,111
The St. Joe Co.*		23,895		443,491

				1,163,602

Real Estate Investment Trusts — 0.4%
Lamar Advertising Co.		7,620		451,637

Retail — 4.5%
Biglari Holdings, Inc.*		2,443		1,011,646
Casey’s General Stores, Inc.		11,869		1,069,397
Dunkin’ Brands Group, Inc.		8,255		392,608
Hibbett Sports, Inc.*		19,597		961,429
Popeyes Louisiana Kitchen, Inc.*		5,321		318,302
Sally Beauty Holdings, Inc.*		15,626		537,066
Ulta Salon Cosmetics & Fragrance, Inc.*		3,626		546,982

				4,837,430

Semiconductors — 3.6%
Atmel Corp.		194,049		1,597,023
ON Semiconductor Corp.*		107,900		1,306,669
Sensata Technologies Holding N.V. *		16,209		931,207

				3,834,899

Software — 14.1%
ACI Worldwide, Inc.*		52,556		1,138,363
Advent Software, Inc.		23,877		1,053,214
athenahealth, Inc.*		5,880		702,013
Blackbaud, Inc.		50,105		2,373,975
Broadridge Financial Solutions, Inc.		39,530		2,174,545
Envestnet, Inc.*		17,642		989,363


	Number of Shares		Value†

Software — (continued)
Guidewire Software, Inc.*		14,741	$	775,524
Informatica Corp.*		13,713		601,384
RealPage, Inc.*		41,219		830,151
Solera Holdings, Inc.		29,189		1,507,904
SS&C Technologies Holdings, Inc.		47,711		2,972,395

				15,118,831

Telecommunications — 1.6%
NICE Systems, Ltd. ADR		28,504		1,736,749

Transportation — 2.1%
Landstar System, Inc.		12,226		810,584
Old Dominion Freight Line, Inc.*		11,917		921,184
Saia, Inc.*		10,763		476,801

				2,208,569

TOTAL COMMON STOCKS (Cost $80,919,344)				105,127,457

SHORT-TERM INVESTMENTS — 2.6%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $2,781,854)		2,781,854		2,781,854

TOTAL INVESTMENTS( — 100.9% (Cost $83,701,198)(a)			$	107,909,311

Other Assets & Liabilities — (0.9)%				(977,101	)

TOTAL NET ASSETS — 100.0%			$	106,932,210

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $83,733,728. Net unrealized appreciation was $24,175,583. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $26,574,715 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,399,132.

ADR — American Depository Receipt.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Aerospace & Defense	$	2,661,338	$	2,661,338	$	—	$	—
Apparel		5,113,897		5,113,897		—		—
Banks		1,985,673		1,985,673		—		—
Biotechnology		2,553,008		2,553,008		—		—
Chemicals		2,493,456		2,493,456		—		—
Commercial Services		9,961,397		9,961,397		—		—
Computers		3,890,471		3,890,471		—		—
Distribution & Wholesale		1,356,635		1,356,635		—		—
Diversified Financial Services		3,425,640		3,425,640		—		—
Electrical Components & Equipment		3,872,387		3,872,387		—		—
Electronics		3,582,231		3,582,231		—		—
Energy-Alternate Sources		348,150		348,150		—		—
Entertainment		2,713,744		2,713,744		—		—
Environmental Control		933,236		933,236		—		—
Hand & Machine Tools		1,469,221		1,469,221		—		—
Healthcare Products		6,862,811		6,862,811		—		—
Healthcare Services		1,341,039		1,341,039		—		—
Household Products & Wares		2,558,572		1,630,563		928,009		—
Internet		2,226,736		2,226,736		—		—
Machinery - Diversified		2,075,167		2,075,167		—		—
Medical Instruments		654,975		654,975		—		—
Metal Fabricate/ Hardware		1,568,411		1,568,411		—		—
Miscellaneous Manufacturing		1,809,889		1,809,889		—		—
Oil & Gas Services		1,342,714		1,342,714		—		—
Pharmaceuticals		8,974,942		8,974,942		—		—
Real Estate		1,163,602		1,163,602		—		—
Real Estate Investment Trusts		451,637		451,637		—		—
Retail		4,837,430		4,837,430		—		—
Semiconductors		3,834,899		3,834,899		—		—
Software		15,118,831		15,118,831		—		—
Telecommunications		1,736,749		1,736,749		—		—
Transportation		2,208,569		2,208,569		—		—
SHORT-TERM INVESTMENTS		2,781,854		2,781,854		—		—

TOTAL INVESTMENTS		107,909,311		106,981,302		928,009		—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
COMMON STOCKS — 83.9%
Aerospace & Defense — 3.2%
Curtiss-Wright Corp.		25,012	$	1,849,387
Esterline Technologies Corp.*		26,054		2,981,099
Kaman Corp.		33,609		1,426,030
Moog, Inc., Class A*		22,310		1,674,365

				7,930,881

Apparel — 0.7%
Carter’s, Inc.		11,503		1,063,682
Steven Madden Ltd.*		16,054		610,052

				1,673,734

Auto Parts & Equipment — 0.8%
American Axle & Manufacturing Holdings, Inc.*		38,016		981,953
Tenneco, Inc.*		6,698		384,599
Tower International, Inc.*		24,393		648,854

				2,015,406

Banks — 13.8%
BancorpSouth, Inc.		84,816		1,969,427
Bank of the Ozarks, Inc.		63,670		2,351,333
Banner Corp.		26,761		1,228,330
Boston Private Financial Holdings, Inc.		80,476		977,783
Bridge Capital Holdings*		14,669		383,008
CoBiz Financial, Inc.		30,611		377,127
Community Bank System, Inc.		28,410		1,005,430
ConnectOne Bancorp, Inc.		15,486		301,358
CVB Financial Corp.		39,716		633,073
First Financial Bankshares, Inc.		36,337		1,004,355
First Midwest Bancorp, Inc.		40,569		704,683
Glacier Bancorp, Inc.		51,567		1,296,910
Great Western Bancorp, Inc.		35,792		787,782
Heritage Financial Corp.		17,008		289,136
Home BancShares, Inc.		33,486		1,134,841
Independent Bank Corp.		20,724		909,162
Independent Bank Group, Inc.		9,564		372,135
Lakeland Financial Corp.		11,512		467,157
LegacyTexas Financial Group, Inc.		53,763		1,222,033
MB Financial, Inc.		53,668		1,680,345
PacWest Bancorp		43,509		2,040,137
Pinnacle Financial Partners, Inc.		32,167		1,430,145
PrivateBancorp, Inc.		72,971		2,566,390
Prosperity Bancshares, Inc.		25,689		1,348,159
Sandy Spring Bancorp, Inc.		15,072		395,339
Sierra Bancorp		3,536		59,051
South State Corp.		18,781		1,284,433
Southcoast Financial Corp.*		1,262		8,960
Southwest Bancorp, Inc.		23,993		426,835
State Bank Financial Corp.		25,278		530,838
Summit State Bank		7,362		97,988
Texas Capital Bancshares, Inc.*		16,315		793,725
The First of Long Island Corp.		11,390		290,445
Trico Bancshares		15,225		367,379
UMB Financial Corp.		27,380		1,448,128
Webster Financial Corp.		67,061		2,484,610

				34,667,970


	Number of Shares		Value†

Biotechnology — 0.2%
Ligand Pharmaceuticals, Inc.*		6,270	$	483,480

Building Materials — 1.4%
Comfort Systems USA, Inc.		34,669		729,436
Continental Building Products, Inc.*		45,392		1,025,405
Eagle Materials, Inc.		13,639		1,139,675
NCI Building Systems, Inc.*		34,020		587,865

				3,482,381

Chemicals — 2.6%
Axiall Corp.		7,966		373,924
Cytec Industries, Inc.		15,893		858,858
Methanex Corp.		18,642		998,652
Minerals Technologies, Inc.		5,922		432,898
Olin Corp.		11,954		383,006
PolyOne Corp.		36,876		1,377,319
Quaker Chemical Corp.		10,490		898,364
WR Grace & Co.*		12,134		1,199,688

				6,522,709

Commercial Services — 2.4%
Albany Molecular Research, Inc.*		41,142		724,099
Convergys Corp.		62,218		1,422,926
Live Nation Entertainment, Inc.*		69,604		1,756,109
Monro Muffler Brake, Inc.		10,213		664,356
On Assignment, Inc.*		18,858		723,581
TrueBlue, Inc.*		28,611		696,678

				5,987,749

Computers — 0.4%
Electronics for Imaging, Inc.*		24,105		1,006,384

Distribution & Wholesale — 1.2%
Beacon Roofing Supply, Inc.*		25,520		798,776
Core-Mark Holding Co., Inc.		13,859		891,411
WESCO International, Inc.*		18,064		1,262,493

				2,952,680

Diversified Financial Services — 2.1%
Cohen & Steers, Inc.		8,084		331,040
MarketAxess Holdings, Inc.		8,770		727,033
Moelis & Co., Class A		11,555		348,036
OM Asset Management PLC		59,634		1,111,578
Stifel Financial Corp.*		33,764		1,882,343
Virtus Investment Partners, Inc.		6,017		786,843

				5,186,873

Electric — 4.4%
ALLETE, Inc.		26,212		1,382,945
Black Hills Corp.		19,954		1,006,480
Dynegy, Inc.*		47,903		1,505,591
IDACORP, Inc.		31,939		2,008,005
NorthWestern Corp.		31,975		1,719,935
PNM Resources, Inc.		49,234		1,437,633
Portland General Electric Co.		54,298		2,013,913

				11,074,502

Electrical Components & Equipment — 0.7%
Belden, Inc.		11,217		1,049,462


	Number of Shares		Value†
COMMON STOCKS — (continued)
Electrical Components & Equipment — (continued)
Littelfuse, Inc.		7,679	$	763,216

				1,812,678

Electronics — 1.4%
CTS Corp.		41,027		738,076
Newport Corp.*		45,774		872,452
Watts Water Technologies, Inc., Class A		18,883		1,039,132
Woodward, Inc.		17,122		873,393

				3,523,053

Engineering & Construction — 0.8%
EMCOR Group, Inc.		34,857		1,619,805
MYR Group, Inc.*		12,361		387,393

				2,007,198

Entertainment — 1.6%
Carmike Cinemas, Inc.*		28,096		944,026
Marriott Vacations Worldwide Corp.		14,204		1,151,234
Vail Resorts, Inc.		18,525		1,915,855

				4,011,115

Environmental Control — 0.6%
Ceco Environmental Corp.		35,424		375,849
Progressive Waste Solutions Ltd.		35,311		1,037,437

				1,413,286

Food — 1.2%
B&G Foods, Inc.		15,455		454,841
J&J Snack Foods Corp.		7,076		755,009
SUPERVALU, Inc.*		23,215		269,990
The Hain Celestial Group, Inc.*		22,558		1,444,840

				2,924,680

Forest Products & Paper — 0.5%
KapStone Paper and Packaging Corp.		41,457		1,361,448

Gas — 1.4%
New Jersey Resources Corp.		40,233		1,249,637
Southwest Gas Corp.		40,014		2,327,614

				3,577,251

Healthcare Products — 2.2%
Bruker Corp.*		87,451		1,615,220
Endologix, Inc.*		93,553		1,596,950
Integra LifeSciences Holdings Corp.*		18,294		1,127,825
Tornier N.V.*		43,158		1,131,603

				5,471,598

Healthcare Services — 2.2%
Adeptus Health, Inc., Class A*		12,740		639,803
Air Methods Corp.*		35,372		1,647,981
Catalent, Inc.*		37,531		1,169,091
HealthSouth Corp.		47,249		2,095,966

				5,552,841

Home Builders — 1.0%
Meritage Homes Corp.*		20,205		982,771
Standard Pacific Corp.*		104,573		941,157
William Lyon Homes, Class A*		19,414		501,270

				2,425,198

Household Products & Wares — 1.3%
Prestige Brands Holdings, Inc.*		23,640		1,013,920


	Number of Shares		Value†

Household Products & Wares — (continued)
Spectrum Brands Holdings, Inc.		25,500	$	2,283,780

				3,297,700

Insurance — 5.9%
American Equity Investment Life Holding Co.		82,165		2,393,467
AMERISAFE, Inc.		11,978		553,983
AmTrust Financial Services, Inc.		12,148		692,254
CNO Financial Group, Inc.		132,023		2,273,436
Endurance Specialty Holdings Ltd.		17,166		1,049,529
Enstar Group Ltd.*		5,349		758,809
Fidelity & Guaranty Life		19,007		402,948
Maiden Holdings Ltd.		98,900		1,466,687
National General Holdings Corp.		27,912		521,954
ProAssurance Corp.		18,963		870,591
Radian Group, Inc.		123,555		2,074,488
RLI Corp.		16,246		851,453
Symetra Financial Corp.		34,049		798,790

				14,708,389

Investment Companies — 0.3%
Golub Capital BDC, Inc.		18,228		319,901
New Mountain Finance Corp.		28,260		412,596

				732,497

Iron & Steel — 0.2%
AK Steel Holding Corp.*		86,366		386,056
Commercial Metals Co.		7,190		116,406
Timkensteel Corp.		4,062		107,521

				609,983

Leisure Time — 0.7%
Brunswick Corp.		2,269		116,740
Diamond Resorts International, Inc.*		49,227		1,645,659

				1,762,399

Machinery—Diversified — 0.8%
Alamo Group, Inc.		11,295		713,053
Applied Industrial Technologies, Inc.		17,309		784,790
Graco, Inc.		7,650		552,024

				2,049,867

Media — 0.4%
Nexstar Broadcasting Group, Inc., Class A		15,526		888,398
Townsquare Media, Inc.*		14,221		182,740

				1,071,138

Metal Fabricate/Hardware — 0.6%
CIRCOR International, Inc.		9,394		513,852
RBC Bearings, Inc.		14,513		1,110,825

				1,624,677

Mining — 0.9%
Globe Specialty Metals, Inc.		38,184		722,441
Kaiser Aluminum Corp.		18,891		1,452,529

				2,174,970

Miscellaneous Manufacturing — 2.5%
Actuant Corp., Class A		57,456		1,364,005
Barnes Group, Inc.		23,340		945,036
Carlisle Cos., Inc.		19,871		1,840,651
CLARCOR, Inc.		20,877		1,379,135


	Number of Shares		Value†
COMMON STOCKS — (continued)
Miscellaneous Manufacturing — (continued)
Standex International Corp.		8,936	$	733,914

				6,262,741

Oil & Gas — 2.5%
Laredo Petroleum, Inc.*		27,512		358,757
Parsley Energy, Inc., Class A*		62,334		996,097
Rex Energy Corp.*		143,189		532,663
Rice Energy, Inc.*		81,734		1,778,532
SM Energy Co.		48,208		2,491,389

				6,157,438

Oil & Gas Services — 1.2%
Forum Energy Technologies, Inc.*		25,485		499,506
Newpark Resources, Inc.*		38,370		349,551
Oil States International, Inc.*		28,651		1,139,450
TETRA Technologies, Inc.*		63,007		389,383
Thermon Group Holdings, Inc.*		31,591		760,396

				3,138,286

Packaging and Containers — 1.4%
Berry Plastics Group, Inc.*		70,787		2,561,782
Graphic Packaging Holding Co.		68,030		989,156

				3,550,938

Pharmaceuticals — 0.8%
Infinity Pharmaceuticals, Inc.*		78,132		1,092,285
Vanda Pharmaceuticals, Inc.*		103,265		960,365

				2,052,650

Real Estate — 0.8%
Kennedy-Wilson Holdings, Inc.		72,469		1,894,340

Retail — 5.7%
American Eagle Outfitters, Inc.		26,209		447,650
Asbury Automotive Group, Inc.*		9,652		802,081
Bloomin’ Brands, Inc.		39,189		953,469
Boot Barn Holdings, Inc.*		20,249		484,356
Burlington Stores, Inc.*		28,209		1,676,179
DineEquity, Inc.		6,818		729,594
First Cash Financial Services, Inc.*		13,129		610,761
Freshpet, Inc.*		6,841		132,921
GNC Holdings, Inc., Class A		23,216		1,139,209
HSN, Inc.		16,479		1,124,362
Jack in the Box, Inc.		20,958		2,010,291
Krispy Kreme Doughnuts, Inc.*		24,977		499,290
Lithia Motors, Inc., Class A		17,705		1,760,054
Office Depot, Inc.*		203,946		1,876,303

				14,246,520

Savings & Loans — 1.2%
Brookline Bancorp, Inc.		33,032		331,972
Dime Community Bancshares, Inc.		21,203		341,368
Flushing Financial Corp.		32,408		650,429
Oritani Financial Corp.		25,756		374,750
Provident Financial Services, Inc.		42,056		784,344
WSFS Financial Corp.		6,553		495,603

				2,978,466

Semiconductors — 3.5%
Cabot Microelectronics Corp.*		22,315		1,115,081
Entegris, Inc.*		120,976		1,656,161


	Number of Shares		Value†

Semiconductors — (continued)
Fairchild Semiconductor International, Inc.*		52,841	$	960,649
Intersil Corp., Class A		114,234		1,635,831
MKS Instruments, Inc.		36,572		1,236,499
Semtech Corp.*		37,561		1,000,813
Silicon Laboratories, Inc.*		20,939		1,063,073

				8,668,107

Software — 3.4%
Allscripts Healthcare Solutions, Inc.*		163,858		1,959,742
Bottomline Technologies, Inc.*		34,719		950,259
Digi International, Inc.*		30,850		307,883
Everyday Health, Inc.*		65,648		844,233
Monotype Imaging Holdings, Inc.		24,330		794,131
Pegasystems, Inc.		30,523		663,875
PTC, Inc.*		24,082		871,046
Quality Systems, Inc.		9,053		144,667
RADWARE Ltd.*		45,906		959,895
Verint Systems, Inc.*		18,640		1,154,375

				8,650,106

Storage & Warehousing — 0.7%
Mobile Mini, Inc.		38,529		1,642,877

Telecommunications — 1.4%
ADTRAN, Inc.		30,680		572,796
Anixter International, Inc.*		14,941		1,137,458
Extreme Networks, Inc.*		49,001		154,843
JDS Uniphase Corp.*		79,422		1,042,017
Premiere Global Services, Inc.*		70,866		677,479

				3,584,593

Textiles — 0.4%
G&K Services, Inc., Class A		12,501		906,697

Transportation — 0.5%
Forward Air Corp.		23,899		1,297,716

TOTAL COMMON STOCKS (Cost $165,609,176)				210,128,190

REAL ESTATE INVESTMENT TRUSTS — 12.6%
Building & Real Estate — 2.1%
Apollo Commercial Real Estate Finance, Inc.		79,543		1,366,549
Blackstone Mortgage Trust, Inc., Class A		53,791		1,526,051
MFA Financial, Inc.		166,117		1,305,679
Two Harbors Investment Corp.		104,866		1,113,677

				5,311,956

Diversified — 1.5%
DuPont Fabros Technology, Inc.		45,534		1,488,051
PS Business Parks, Inc.		25,634		2,128,648

				3,616,699

Healthcare — 0.9%
National Health Investors, Inc.		32,991		2,342,691

Hotels & Resorts — 3.3%
Chesapeake Lodging Trust		96,320		3,258,505
Pebblebrook Hotel Trust		59,123		2,753,358


	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Hotels & Resorts — (continued)
Strategic Hotels & Resorts, Inc.*		188,834	$	2,347,207

				8,359,070

Industrial — 0.6%
Terreno Realty Corp.		61,232		1,396,090

Office Property — 1.6%
Highwoods Properties, Inc.		44,745		2,048,426
Hudson Pacific Properties, Inc.		60,365		2,003,514

				4,051,940

Regional Malls — 0.6%
CBL & Associates Properties, Inc.		71,064		1,407,067

Storage & Warehousing — 1.1%
CubeSmart		93,222		2,251,311
Sovran Self Storage, Inc.		5,404		507,652

				2,758,963

Strip Centers — 0.9%
Acadia Realty Trust		67,058		2,338,983

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $23,771,437)				31,583,459

EXCHANGE TRADED FUNDS — 1.2%
iShares Russell 2000 Value ETF (Cost $2,984,735)		29,057		2,998,973

SHORT-TERM INVESTMENTS — 2.1%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $5,211,032)		5,211,032		5,211,032

TOTAL INVESTMENTS — 99.8% (Cost $197,576,380)(a)			$	249,921,654

Other Assets & Liabilities — 0.2%				477,591

TOTAL NET ASSETS — 100.0%			$	250,399,245

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $198,051,879. Net unrealized appreciation was $51,869,775. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $57,999,733 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $6,129,958.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	210,128,190	$	210,128,190	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		31,583,459		31,583,459		—		—
EXCHANGE TRADED FUNDS		2,998,973		2,998,973		—		—
SHORT-TERM INVESTMENTS		5,211,032		5,211,032		—		—

TOTAL INVESTMENTS	$	249,921,654	$	249,921,654	$	—	$	—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
COMMON STOCKS — 90.4%
Advertising — 0.1%
Evine Live, Inc.*		1,700	$	11,407
Harte-Hanks, Inc.		1,678		13,088
Marchex, Inc., Class B		1,545		6,304
Marin Software, Inc.*		700		4,403
MDC Partners, Inc., Class A		1,500		42,525
Millennial Media, Inc.*		2,900		4,205
Sizmek, Inc.*		757		5,496
Tremor Video, Inc.*		2,100		4,914

				92,342

Aerospace & Defense — 1.5%
AAR Corp.		1,569		48,168
AeroVironment, Inc.*		718		19,034
Astronics Corp.*		637		46,947
Astronics Corp., Class B*		127		9,282
Cubic Corp.		869		44,988
Curtiss-Wright Corp.		1,826		135,014
Ducommun, Inc.*		400		10,360
Esterline Technologies Corp.*		1,240		141,881
GenCorp, Inc.*		2,440		56,584
HEICO Corp.		2,515		153,591
Kaman Corp.		1,048		44,467
Kratos Defense & Security Solutions, Inc.*		2,422		13,394
LMI Aerospace, Inc.*		653		7,973
M/A-COM Technology Solutions Holdings, Inc.*		500		18,630
Moog, Inc., Class A*		1,591		119,405
National Presto Industries, Inc.		146		9,255
Teledyne Technologies, Inc.*		1,304		139,176

				1,018,149

Agriculture — 0.3%
Alico, Inc.		51		2,614
Alliance One International, Inc.*		2,256		2,482
Limoneira Co.		600		13,080
Tejon Ranch Co.*		288		7,617
The Andersons, Inc.		1,132		46,831
Universal Corp.		855		40,322
Vector Group Ltd.		2,907		63,867

				176,813

Airlines — 0.6%
Allegiant Travel Co.		501		96,337
Hawaiian Holdings, Inc.*		1,626		35,813
JetBlue Airways Corp.*		9,528		183,414
Republic Airways Holdings, Inc.*		1,901		26,139
SkyWest, Inc.		1,881		27,481
Virgin America, Inc.*		600		18,240

				387,424

Apparel — 0.9%
Columbia Sportswear Co.		1,022		62,240
Crocs, Inc.*		2,900		34,249
G-III Apparel Group Ltd.*		704		79,306
Iconix Brand Group, Inc.*		1,842		62,020
Oxford Industries, Inc.		508		38,329
Perry Ellis International, Inc.*		414		9,588
Quiksilver, Inc.*		5,560		10,286
Sequential Brands Group, Inc.*		700		7,490


	Number of Shares		Value†

Apparel — (continued)
Skechers U.S.A., Inc., Class A*		1,416	$	101,824
Steven Madden Ltd.*		2,249		85,462
Unifi, Inc.*		460		16,601
Vince Holding Corp.*		400		7,420
Weyco Group, Inc.		100		2,990
Wolverine World Wide, Inc.		3,782		126,508

				644,313

Auto Manufacturers — 0.1%
Wabash National Corp.*		2,600		36,660

Auto Parts & Equipment — 1.2%
Accuride Corp.*		1,000		4,660
American Axle & Manufacturing Holdings, Inc.*		2,516		64,988
Commercial Vehicle Group, Inc.*		600		3,864
Cooper Tire & Rubber Co.		2,249		96,347
Cooper-Standard Holding, Inc.*		600		35,520
Dana Holding Corp.		6,396		135,339
Dorman Products, Inc.*		992		49,352
Douglas Dynamics, Inc.		900		20,556
Federal-Mogul Holdings Corp.*		916		12,192
Fuel Systems Solutions, Inc.*		634		6,999
Gentherm, Inc.*		1,268		64,047
Meritor, Inc.*		3,645		45,964
Metaldyne Performance Group, Inc.*		400		7,208
Miller Industries, Inc.		443		10,854
Modine Manufacturing Co.*		2,077		27,977
Motorcar Parts of America, Inc.*		700		19,453
Remy International, Inc.		1,200		26,652
Spartan Motors, Inc.		917		4,447
Standard Motor Products, Inc.		700		29,582
Strattec Security Corp.		100		7,384
Superior Industries International, Inc.		1,119		21,183
Tenneco, Inc.*		2,200		126,324
Titan International, Inc.		1,913		17,906
Tower International, Inc.*		800		21,280

				860,078

Banks — 7.2%
1st Source Corp.		626		20,113
American National Bankshares, Inc.		400		9,032
Ameris Bancorp		947		24,991
Ames National Corp.		199		4,945
Arrow Financial Corp.		371		10,073
BancFirst Corp.		260		15,855
Banco Latinoamericano de Comercio Exterior S.A., Class E		1,110		36,397
BancorpSouth, Inc.		3,649		84,730
Bank of Marin Bancorp		290		14,761
Bank of the Ozarks, Inc.		3,052		112,710
Banner Corp.		800		36,720
BBCN Bancorp, Inc.		3,185		46,087
Blue Hills Bancorp, Inc.*		1,300		17,186
BNC Bancorp		800		14,480
Boston Private Financial Holdings, Inc.		2,858		34,725
Bridge Bancorp, Inc.		307		7,930
Bridge Capital Holdings*		300		7,833


	Number of Shares		Value†
COMMON STOCKS — (continued)
Banks — (continued)
Bryn Mawr Bank Corp.		532	$	16,178
Camden National Corp.		326		12,988
Capital Bank Financial Corp., Class A*		1,000		27,610
Capital City Bank Group, Inc.		269		4,371
Cardinal Financial Corp.		1,218		24,336
Cascade Bancorp*		1,262		6,058
Cass Information Systems, Inc.		454		25,488
Cathay General Bancorp		3,050		86,773
Centerstate Banks, Inc.		1,432		17,055
Central Pacific Financial Corp.		800		18,376
Century Bancorp, Inc., Class A		69		2,739
Chemical Financial Corp.		1,166		36,566
Citizens & Northern Corp.		356		7,184
City Holding Co.		648		30,475
CNB Financial Corp.		474		8,067
CoBiz Financial, Inc.		1,700		20,944
Columbia Banking System, Inc.		2,214		64,140
Community Bank System, Inc.		1,511		53,474
Community Trust Bancorp, Inc.		683		22,648
CommunityOne Bancorp*		700		6,888
ConnectOne Bancorp, Inc.		660		12,844
CU Bancorp*		400		9,100
Customers Bancorp, Inc.*		880		21,437
CVB Financial Corp.		3,992		63,632
Eagle Bancorp, Inc.*		973		37,363
Enterprise Bancorp, Inc.		300		6,375
Enterprise Financial Services Corp.		782		16,156
F.N.B. Corp.		6,408		84,201
Fidelity Southern Corp.		607		10,246
Financial Institutions, Inc.		440		10,089
First Bancorp		824		14,469
First Bancorp Puerto Rico*		4,700		29,140
First Bancorp, Inc.		234		4,083
First Busey Corp.		2,802		18,745
First Business Financial Services, Inc.		200		8,648
First Citizens Bancshares, Inc., Class A		364		94,527
First Commonwealth Financial Corp.		4,021		36,189
First Community Bancshares, Inc.		626		10,974
First Connecticut Bancorp, Inc.		659		10,129
First Financial Bancorp		2,205		39,271
First Financial Bankshares, Inc.		2,452		67,773
First Financial Corp.		280		10,049
First Interstate BancSystem, Inc.		600		16,692
First Merchants Corp.		1,238		29,143
First Midwest Bancorp, Inc.		2,814		48,879
First NBC Bank Holding Co.*		600		19,788
FirstMerit Corp.		6,394		121,870
German American Bancorp, Inc.		392		11,537
Glacier Bancorp, Inc.		2,721		68,433
Great Southern Bancorp, Inc.		471		18,553
Great Western Bancorp, Inc.		700		15,407
Guaranty Bancorp		900		15,264
Hancock Holding Co.		3,072		91,730
Hanmi Financial Corp.		1,213		25,655
Heartland Financial USA, Inc.		717		23,396
Heritage Commerce Corp.		600		5,478


	Number of Shares		Value†

Banks — (continued)
Heritage Financial Corp.		1,130	$	19,210
Heritage Oaks Bancorp		200		1,662
Home BancShares, Inc.		2,164		73,338
Horizon Bancorp		400		9,356
Hudson Valley Holding Corp.		462		11,809
Iberiabank Corp.		1,246		78,535
Independent Bank Corp.		1,000		12,830
Independent Bank Corp.		971		42,598
Independent Bank Group, Inc.		400		15,564
International Bancshares Corp.		2,225		57,917
Lakeland Bancorp, Inc.		1,111		12,777
Lakeland Financial Corp.		594		24,105
LegacyTexas Financial Group, Inc.		1,666		37,868
Macatawa Bank Corp.		1,900		10,165
MainSource Financial Group, Inc.		521		10,232
MB Financial, Inc.		2,584		80,905
Mercantile Bank Corp.		500		9,775
Merchants Bancshares, Inc.		86		2,509
Metro Bancorp, Inc.		563		15,522
MidSouth Bancorp, Inc.		186		2,744
MidWestOne Financial Group, Inc.		400		11,532
National Bankshares, Inc.		319		9,519
National Penn Bancshares, Inc.		4,487		48,325
NBT Bancorp, Inc.		1,469		36,813
NewBridge Bancorp		1,100		9,812
Northrim BanCorp, Inc.		400		9,816
OFG Bancorp		1,810		29,539
Old Line Bancshares, Inc.		600		9,480
Old National Bancorp		4,686		66,494
Opus Bank		300		9,264
Pacific Continental Corp.		862		11,396
Park National Corp.		524		44,833
Park Sterling Corp.		1,600		11,360
Peapack Gladstone Financial Corp.		636		13,738
Penns Woods Bancorp, Inc.		268		13,108
Peoples Bancorp, Inc.		572		13,522
Peoples Financial Services Corp.		300		13,461
Pinnacle Financial Partners, Inc.		1,363		60,599
Preferred Bank Los Angeles CA		500		13,735
PrivateBancorp, Inc.		2,698		94,889
Prosperity Bancshares, Inc.		2,526		132,564
Renasant Corp.		1,358		40,808
Republic Bancorp, Inc., Class A		387		9,571
Republic First Bancorp, Inc.*		1,900		6,897
S&T Bancorp, Inc.		1,259		35,730
Sandy Spring Bancorp, Inc.		1,085		28,460
Seacoast Banking Corp of Florida*		440		6,279
Sierra Bancorp		712		11,890
Simmons First National Corp., Class A		900		40,923
South State Corp.		958		65,518
Southside Bancshares, Inc.		858		24,616
Southwest Bancorp, Inc.		1,036		18,430
Square 1 Financial, Inc.*		100		2,677
State Bank Financial Corp.		1,200		25,200
Stock Yards Bancorp, Inc.		445		15,321
Stonegate Bank		500		15,095


	Number of Shares		Value†
COMMON STOCKS — (continued)
Banks — (continued)
Suffolk Bancorp		443	$	10,526
Sun Bancorp, Inc.*		220		4,160
Susquehanna Bancshares, Inc.		7,133		97,793
Talmer Bancorp, Inc.		900		13,784
Texas Capital Bancshares, Inc.*		1,773		86,256
The Bancorp, Inc.*		1,412		12,750
The Bank of Kentucky Financial Corp.		200		9,810
The First of Long Island Corp.		593		15,122
Tompkins Financial Corp.		558		30,048
TowneBank		1,532		24,635
Trico Bancshares		704		16,988
Tristate Capital Holdings, Inc.*		1,000		10,470
TrustCo Bank Corp.		3,252		22,374
Trustmark Corp.		2,630		63,856
UMB Financial Corp.		1,481		78,330
Umpqua Holdings Corp.		6,401		109,969
Union Bankshares Corp.		1,828		40,600
United Bankshares, Inc.		2,492		93,649
United Community Banks, Inc.		1,878		35,457
Univest Corp. of Pennsylvania		600		11,874
Valley National Bancorp		8,635		81,514
Walker & Dunlop, Inc.*		400		7,092
Washington Trust Bancorp, Inc.		670		25,587
Webster Financial Corp.		3,528		130,712
WesBanco, Inc.		1,231		40,121
West Bancorporation, Inc.		378		7,518
Westamerica Bancorporation		1,073		46,364
Western Alliance Bancorp*		2,775		82,251
Wilshire Bancorp, Inc.		2,676		26,680
Wintrust Financial Corp.		1,742		83,059
Yadkin Financial Corp.*		600		12,180

				4,990,355

Beverages — 0.2%
Coca-Cola Bottling Co. Consolidated		174		19,673
Craft Brew Alliance, Inc.*		700		9,548
Farmers Brothers Co.*		204		5,049
National Beverage Corp.*		642		15,671
The Boston Beer Co., Inc., Class A*		310		82,894

				132,835

Biotechnology — 3.4%
Acceleron Pharma, Inc.*		700		26,642
Achillion Pharmaceuticals, Inc.*		4,300		42,398
Acorda Therapeutics, Inc.*		1,531		50,952
Agenus, Inc.*		2,000		10,260
Alder Biopharmaceuticals, Inc.*		300		8,658
AMAG Pharmaceuticals, Inc.*		956		52,255
ANI Pharmaceuticals, Inc.*		300		18,765
Arena Pharmaceuticals, Inc.*		8,506		37,171
ARIAD Pharmaceuticals, Inc.*		6,600		54,384
Atara Biotherapeutics, Inc.*		300		12,471
Avalanche Biotechnologies, Inc.*		200		8,104
Bellicum Pharmaceuticals, Inc.*		300		6,951
BioCryst Pharmaceuticals, Inc.*		2,900		26,187
BioTime, Inc.*		1,100		5,467
Bluebird Bio, Inc.*		900		108,693
Cambrex Corp.*		1,167		46,248


	Number of Shares		Value†

Biotechnology — (continued)
Celldex Therapeutics, Inc.*		3,644	$	101,558
Coherus Biosciences, Inc.*		300		9,174
CTI BioPharma Corp.*		5,000		9,050
Cytokinetics, Inc.*		1,000		6,780
Cytrx Corp.*		2,600		8,762
Dynavax Technologies Corp.*		1,020		22,879
Emergent BioSolutions, Inc.*		1,058		30,428
Enzo Biochem, Inc.*		1,300		3,835
Epizyme, Inc.*		600		11,268
Exact Sciences Corp.*		3,100		68,262
Exelixis, Inc.*		6,969		17,910
Five Prime Therapeutics, Inc.*		800		18,280
Foundation Medicine, Inc.*		700		33,677
Galena Biopharma, Inc.*		3,600		5,004
Geron Corp.*		5,050		19,039
Halozyme Therapeutics, Inc.*		3,589		51,251
Idera Pharmaceuticals, Inc.*		2,300		8,533
ImmunoGen, Inc.*		3,263		29,204
Immunomedics, Inc.*		2,936		11,245
Inovio Pharmaceuticals, Inc.*		2,500		20,400
Insmed, Inc.*		1,600		33,280
Intrexon Corp.*		1,400		63,518
Karyopharm Therapeutics, Inc.*		400		12,244
Kite Pharma, Inc.*		400		23,072
KYTHERA Biopharmaceuticals, Inc.*		700		35,105
Lexicon Pharmaceuticals, Inc.*		8,826		8,334
Ligand Pharmaceuticals, Inc.*		744		57,370
MacroGenics, Inc.*		600		18,822
Merrimack Pharmaceuticals, Inc.*		3,500		41,580
Momenta Pharmaceuticals, Inc.*		1,882		28,606
Neuralstem, Inc.*		3,100		5,890
Newlink Genetics Corp.*		700		38,297
Novavax, Inc.*		8,929		73,843
Omeros Corp.*		1,400		30,842
OncoMed Pharmaceuticals, Inc.*		600		15,468
Oncothyreon, Inc.*		3,300		5,379
Organovo Holdings, Inc.*		2,700		9,558
OvaScience, Inc.*		600		20,838
Oxford ImmunoteC Global PLC*		600		8,448
Pacific Biosciences of California, Inc.*		2,400		14,016
PDL BioPharma, Inc.		6,217		43,737
Peregrine Pharmaceuticals, Inc.*		5,800		7,830
Prothena Corp. PLC*		900		34,326
PTC Therapeutics, Inc.*		900		54,765
Puma Biotechnology, Inc.*		900		212,499
Repligen Corp.*		1,300		39,468
Retrophin, Inc.*		1,000		23,960
Rigel Pharmaceuticals, Inc.*		2,690		9,603
RTI Surgical, Inc.*		2,035		10,053
Sage Therapeutics, Inc.*		300		15,069
Sangamo Biosciences, Inc.*		2,403		37,679
Sequenom, Inc.*		5,097		20,133
Spark Therapeutics, Inc.*		300		23,250
Spectrum Pharmaceuticals, Inc.*		2,414		14,653
Stemline Therapeutics, Inc.*		400		5,788
Sunesis Pharmaceuticals, Inc.*		1,400		3,430


	Number of Shares		Value†
COMMON STOCKS — (continued)
Biotechnology — (continued)
The Medicines Co.*		2,392	$	67,024
Theravance Biopharma, Inc.*		1,000		17,350
Theravance, Inc.		3,200		50,304
Ultragenyx Pharmaceutical, Inc.*		300		18,627
Verastem, Inc.*		600		6,102
Versartis, Inc.*		200		3,674
XOMA Corp.*		3,600		13,104
ZIOPHARM Oncology, Inc.*		3,700		39,849

				2,318,932

Building Materials — 1.2%
AAON, Inc.		1,585		38,880
Apogee Enterprises, Inc.		1,043		45,058
Boise Cascade Co.*		1,600		59,936
Builders FirstSource, Inc.*		2,173		14,494
Comfort Systems USA, Inc.		1,227		25,816
Continental Building Products, Inc.*		700		15,813
Drew Industries, Inc.		891		54,832
Gibraltar Industries, Inc.*		1,101		18,067
Griffon Corp.		1,256		21,892
Headwaters, Inc.*		2,880		52,819
Louisiana-Pacific Corp.*		5,394		89,055
LSI Industries, Inc.		1,314		10,709
Masonite International Corp.*		1,100		73,986
NCI Building Systems, Inc.*		1,264		21,842
Nortek, Inc.*		400		35,300
Patrick Industries, Inc.*		300		18,681
PGT, Inc.*		1,700		18,998
Ply Gem Holdings, Inc.*		600		7,800
Quanex Building Products Corp.		1,425		28,130
Simpson Manufacturing Co., Inc.		1,685		62,968
Stock Building Supply Holdings, Inc.*		300		5,418
Trex Co., Inc.*		1,262		68,817
Universal Forest Products, Inc.		783		43,441
US Concrete, Inc.*		600		20,328

				853,080

Chemicals — 1.9%
A. Schulman, Inc.		1,188		57,262
Aceto Corp.		1,042		22,924
American Vanguard Corp.		1,078		11,448
Axiall Corp.		2,600		122,044
Balchem Corp.		1,205		66,733
Chemtura Corp.*		2,914		79,523
Ferro Corp.*		2,638		33,107
H.B. Fuller Co.		1,980		84,883
Hawkins, Inc.		449		17,057
Innophos Holdings, Inc.		796		44,862
Innospec, Inc.		900		41,751
Intrepid Potash, Inc.*		2,100		24,255
KMG Chemicals, Inc.		200		5,346
Kraton Performance Polymers, Inc.*		1,241		25,081
Kronos Worldwide, Inc.		900		11,385
Landec Corp.*		1,218		16,991
Minerals Technologies, Inc.		1,328		97,077
Oil-Dri Corp. of America		97		3,264
Olin Corp.		3,092		99,068
OM Group, Inc.		1,254		37,658


	Number of Shares		Value†

Chemicals — (continued)
OMNOVA Solutions, Inc.*		2,368	$	20,199
PolyOne Corp.		3,355		125,309
Quaker Chemical Corp.		511		43,762
Rentech, Inc.*		7,187		8,049
Sensient Technologies Corp.		1,874		129,081
Stepan Co.		708		29,495
Tronox Ltd., Class A		2,400		48,792
Zep, Inc.		1,092		18,597

				1,325,003

Coal — 0.1%
Alpha Natural Resources, Inc.*		8,300		8,299
Arch Coal, Inc.		7,900		7,899
Cloud Peak Energy, Inc.*		2,600		15,132
SunCoke Energy, Inc.		2,341		34,975
Walter Energy, Inc.		2,400		1,488
Westmoreland Coal Co.*		600		16,056

				83,849

Commercial Services — 5.3%
ABM Industries, Inc.		2,139		68,149
Acacia Research Corp.		1,880		20,116
Albany Molecular Research, Inc.*		900		15,840
American Public Education, Inc.*		755		22,635
AMN Healthcare Services, Inc.*		1,909		44,041
ARC Document Solutions, Inc.*		1,436		13,254
Arrowhead Research Corp.*		2,100		14,206
Ascent Capital Group Inc., Class A*		531		21,139
Barrett Business Services, Inc.		342		14,651
Bridgepoint Education, Inc.*		480		4,632
Bright Horizons Family Solutions, Inc.*		1,200		61,524
Capella Education Co.		407		26,406
Cardtronics, Inc.*		1,763		66,289
Career Education Corp.*		2,300		11,569
Carriage Services, Inc.		600		14,322
CBIZ, Inc.*		1,340		12,502
CDI Corp.		741		10,411
Cenveo, Inc.*		1,299		2,780
Chemed Corp.		629		75,103
Civeo Corp.		3,700		9,398
Collectors Universe, Inc.		400		9,024
Convergys Corp.		3,983		91,091
CorVel Corp.*		462		15,897
CRA International, Inc.*		274		8,527
Cross Country Healthcare, Inc.*		1,084		12,856
Deluxe Corp.		1,907		132,117
Electro Rent Corp.		715		8,108
Ennis, Inc.		858		12,115
Euronet Worldwide, Inc.*		1,955		114,856
EVERTEC, Inc.		2,600		56,836
ExamWorks Group, Inc.*		1,300		54,106
ExlService Holdings, Inc.*		1,200		44,640
Forrester Research, Inc.		375		13,792
Franklin Covey Co.*		241		4,642
FTI Consulting, Inc.*		1,556		58,288
Global Cash Access Holdings, Inc.*		2,396		18,258
Grand Canyon Education, Inc.*		1,756		76,035
Great Lakes Dredge & Dock Corp.*		2,751		16,534


	Number of Shares		Value†
COMMON STOCKS — (continued)
Commercial Services — (continued)
Green Dot Corp.*		1,400	$	22,288
H&E Equipment Services, Inc.		1,159		28,963
Healthcare Services Group, Inc.		2,680		86,108
Healthequity, Inc.*		200		4,998
Heartland Payment Systems, Inc.		1,269		59,453
Heidrick & Struggles International, Inc.		669		16,444
Hill International, Inc.*		1,500		5,385
HMS Holdings Corp.*		3,415		52,762
Huron Consulting Group, Inc.*		928		61,387
ICF International, Inc.*		748		30,556
INC Research Holdings, Inc.*		300		9,819
Information Services Group, Inc.		2,000		7,980
Insperity, Inc.		924		48,316
ITT Educational Services, Inc.*		900		6,111
K12, Inc.*		1,152		18,109
Kelly Services, Inc., Class A		1,014		17,684
Kforce, Inc.		1,086		24,229
Korn/Ferry International		1,790		58,837
Landauer, Inc.		480		16,867
Lendingtree, Inc.*		200		11,202
Liberty Tax, Inc.*		200		5,566
LifeLock, Inc.*		3,200		45,152
Matthews International Corp., Class A		1,205		62,070
MAXIMUS, Inc.		2,588		172,775
McGrath RentCorp		953		31,363
Medifast, Inc.*		331		9,920
MoneyGram International, Inc.*		878		7,586
Monro Muffler Brake, Inc.		1,237		80,467
Monster Worldwide, Inc.*		3,900		24,726
Multi-Color Corp.		467		32,377
National Research Corp.		687		9,893
Navigant Consulting, Inc.*		1,984		25,713
On Assignment, Inc.*		1,952		74,898
PAREXEL International Corp.*		2,199		151,709
Paylocity Holding Corp.*		300		8,592
Pendrell Corp.*		5,800		7,540
Performant Financial Corp.*		900		3,060
PHH Corp.*		1,989		48,074
PRGX Global, Inc.*		600		2,412
Quad/Graphics, Inc.		1,000		22,980
Rent-A-Center, Inc.		1,953		53,590
Resources Connection, Inc.		1,322		23,135
RPX Corp.*		2,100		30,219
ServiceSource International, Inc.*		2,400		7,440
Sotheby’s		2,341		98,931
SP Plus Corp.*		393		8,587
Steiner Leisure Ltd.*		543		25,738
Strayer Education, Inc.*		400		21,364
Team Health Holdings, Inc.*		2,572		150,488
Team, Inc.*		792		30,872
TeleTech Holdings, Inc.		707		17,993
The Advisory Board Co.*		1,550		82,584
The Brink’s Co.		2,010		55,536
The Corporate Executive Board Co.		1,269		101,342
The Hackett Group, Inc.		516		4,613
The Providence Service Corp.*		400		21,248


	Number of Shares		Value†

Commercial Services — (continued)
TriNet Group, Inc.*		700	$	24,661
TrueBlue, Inc.*		1,576		38,376
Universal Technical Institute, Inc.		525		5,040
Viad Corp.		771		21,449
Weight Watchers International, Inc.*		1,200		8,388
WEX, Inc.*		1,457		156,424
Xoom Corp.*		1,300		19,097

				3,698,175

Computers — 2.2%
A10 Networks, Inc.*		800		3,464
Agilysys, Inc.*		376		3,700
CACI International, Inc., Class A*		850		76,432
Carbonite, Inc.*		800		11,440
Ciber, Inc.*		3,557		14,655
Computer Task Group, Inc.		579		4,232
Cray, Inc.*		1,399		39,284
Datalink Corp.*		900		10,836
Digimarc Corp.		300		6,585
Dot Hill Systems Corp.*		2,700		14,310
Electronics for Imaging, Inc.*		1,824		76,152
Engility Holdings, Inc.		700		21,028
EPAM Systems, Inc.*		1,400		85,806
iGATE Corp.*		1,457		62,156
Immersion Corp.*		842		7,730
Insight Enterprises, Inc.*		1,543		44,006
j2 Global, Inc.		1,774		116,516
LivePerson, Inc.*		1,925		19,702
Manhattan Associates, Inc.*		2,868		145,149
Maxwell Technologies, Inc.*		1,366		11,010
Mentor Graphics Corp.		3,676		88,334
Mercury Systems, Inc.*		1,036		16,110
MTS Systems Corp.		560		42,364
NetScout Systems, Inc.*		1,365		59,855
Nimble Storage, Inc.*		400		8,924
Qualys, Inc.*		700		32,536
Quantum Corp.*		8,761		14,018
RealD, Inc.*		1,608		20,566
Science Applications International Corp.		1,400		71,890
Silicon Graphics International Corp.*		1,366		11,871
Silver Spring Networks, Inc.*		1,500		13,410
Super Micro Computer, Inc.*		1,271		42,210
Sykes Enterprises, Inc.*		1,536		38,170
Synaptics, Inc.*		1,416		115,128
Syntel, Inc.*		1,160		60,007
The KEYW Holding Corp.*		1,300		10,699
Unisys Corp.*		1,724		40,014
Varonis Systems, Inc.*		300		7,698
Violin Memory, Inc.*		3,500		13,195
Virtusa Corp.*		889		36,787
Vocera Communications, Inc.*		800		7,936

				1,525,915

Cosmetics & Personal Care — 0.1%
Elizabeth Arden, Inc.*		760		11,856
Inter Parfums, Inc.		624		20,355


	Number of Shares		Value†
COMMON STOCKS — (continued)
Cosmetics & Personal Care — (continued)
Revlon, Inc., Class A*		570	$	23,484

				55,695

Distribution & Wholesale — 0.8%
Beacon Roofing Supply, Inc.*		1,981		62,005
Core-Mark Holding Co., Inc.		882		56,730
Houston Wire & Cable Co.		969		9,428
Owens & Minor, Inc.		2,476		83,788
Pool Corp.		1,676		116,918
Rentrak Corp.*		365		20,279
ScanSource, Inc.*		1,181		48,008
Speed Commerce, Inc.*		2,800		1,788
Titan Machinery, Inc.*		523		6,982
United Stationers, Inc.		1,519		62,264
Watsco, Inc.		938		117,907

				586,097

Diversified Financial Services — 2.6%
Aircastle Ltd.		2,576		57,857
Altisource Asset Management Corp.*		53		9,812
Altisource Portfolio Solutions SA*		500		6,435
Ashford, Inc.*		26		3,088
BGC Partners, Inc., Class A		6,907		65,271
Blackhawk Network Holdings, Inc.*		500		17,885
Blackhawk Network Holdings, Inc., Class B*		1,500		53,325
Calamos Asset Management, Inc., Class A		469		6,308
Cohen & Steers, Inc.		817		33,456
Consumer Portfolio Services, Inc.*		1,100		7,689
Cowen Group, Inc., Class A*		5,390		28,028
Credit Acceptance Corp.*		220		42,900
Diamond Hill Investment Group, Inc.		107		17,120
Ellie Mae, Inc.*		1,100		60,841
Encore Capital Group, Inc.*		997		41,465
Enova International, Inc.*		1,029		20,261
Evercore Partners, Inc., Class A		1,222		63,129
FBR & Co.*		277		6,401
Federal Agricultural Mortgage Corp., Class C		300		8,457
Financial Engines, Inc.		1,900		79,477
FXCM, Inc.		2,000		4,260
Gain Capital Holdings, Inc.		800		7,816
GAMCO Investors, Inc., Class A		262		20,570
Greenhill & Co., Inc.		1,100		43,615
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,000		18,280
Higher One Holdings, Inc.*		1,500		3,630
INTL. FCstone, Inc.*		593		17,630
Investment Technology Group, Inc.*		1,300		39,403
J.G. Wentworth Company, Class A*		400		4,156
Janus Capital Group, Inc.		5,600		96,264
KCG Holdings, Inc.*		1,275		15,632
Ladenburg Thalmann Financial Services, Inc.*		4,000		15,440
Manning & Napier, Inc.		300		3,903
MarketAxess Holdings, Inc.		1,399		115,977
Marlin Business Services Corp.		200		4,006
Moelis & Co., Class A		300		9,036


	Number of Shares		Value†

Diversified Financial Services — (continued)
Nelnet, Inc., Class A		799	$	37,809
NewStar Financial, Inc.*		1,300		15,249
Nicholas Financial, Inc.*		300		4,203
OM Asset Management PLC		900		16,776
On Deck Capital, Inc.*		400		8,516
Oppenheimer Holdings, Inc., Class A		238		5,583
Outerwall, Inc.		750		49,590
PennyMac Financial Service, Class A*		500		8,485
Piper Jaffray Cos.*		687		36,040
PRA Group, Inc.*		1,948		105,815
Pzena Investment Management, Inc., Class A		130		1,192
RCS Capital Corp.		500		5,320
Regional Management Corp.*		200		2,952
Springleaf Holdings, Inc.*		900		46,593
Stifel Financial Corp.*		2,506		139,710
Stonegate Mortgage Corp.*		300		3,246
Teton Advisors, Inc., Class B~		2		104
Virtus Investment Partners, Inc.		272		35,569
Wageworks, Inc.*		1,300		69,329
Walter Investment Management Corp.*		1,353		21,851
Westwood Holdings Group, Inc.		311		18,753
WisdomTree Investments, Inc.		3,800		81,548
World Acceptance Corp.*		262		19,105

				1,782,161

Electric — 2.0%
ALLETE, Inc.		1,651		87,107
Ameresco, Inc., Class A*		1,100		8,140
Atlantic Power Corp.		4,127		11,597
Avista Corp.		2,239		76,529
Black Hills Corp.		1,748		88,169
Cleco Corp.		2,271		123,815
Dynegy, Inc.*		4,600		144,578
El Paso Electric Co.		1,577		60,935
Empire District Electric Co.		1,719		42,666
EnerNOC, Inc.*		1,300		14,820
IDACORP, Inc.		1,901		119,516
MGE Energy, Inc.		1,342		59,477
NorthWestern Corp.		1,780		95,746
NRG Yield, Inc., Class A		1,000		50,730
Ormat Technologies, Inc.		1,200		45,624
Otter Tail Corp.		1,292		41,564
PNM Resources, Inc.		2,910		84,972
Portland General Electric Co.		2,956		109,638
UIL Holdings Corp.		2,191		112,661
Unitil Corp.		663		23,052

				1,401,336

Electrical Components & Equipment — 1.1%
Advanced Energy Industries, Inc.*		1,393		35,744
Belden, Inc.		1,655		154,842
Capstone Turbine Corp.*		13,500		8,775
Encore Wire Corp.		771		29,206
EnerSys		1,623		104,262
Generac Holdings, Inc.*		2,649		128,980
General Cable Corp.		1,900		32,737
GrafTech International Ltd.*		4,400		17,116
Graham Corp.		466		11,170


	Number of Shares		Value†
COMMON STOCKS — (continued)
Electrical Components & Equipment — (continued)
Insteel Industries, Inc.		691	$	14,946
Littelfuse, Inc.		878		87,264
Powell Industries, Inc.		429		14,487
PowerSecure International, Inc.*		800		10,528
Revolution Lighting Technologies, Inc.*		2,200		2,442
Universal Display Corp.*		1,549		72,416
Vicor Corp.*		422		6,414

				731,329

Electronics — 2.0%
American Science & Engineering, Inc.		278		13,583
Analogic Corp.		507		46,086
Applied Optoelectronics, Inc.*		700		9,716
Badger Meter, Inc.		459		27,512
Bel Fuse, Inc., Class B		269		5,119
Benchmark Electronics, Inc.*		2,077		49,910
Brady Corp., Class A		1,857		52,535
Checkpoint Systems, Inc.		1,545		16,717
Coherent, Inc.*		973		63,206
Control4 Corp.*		400		4,792
CTS Corp.		1,263		22,721
Cui Global, Inc.*		700		4,102
Electro Scientific Industries, Inc.		693		4,283
ESCO Technologies, Inc.		1,034		40,305
FARO Technologies, Inc.*		620		38,521
FEI Co.		1,546		118,022
Fluidigm Corp.*		1,100		46,310
II-VI, Inc.*		2,056		37,954
InvenSense, Inc.*		2,800		42,588
Itron, Inc.*		1,500		54,765
Kemet Corp.*		1,100		4,554
Kimball Electronics, Inc.*		933		13,193
Mesa Laboratories, Inc.		100		7,220
Methode Electronics, Inc.		1,460		68,678
Multi-Fineline Electronix, Inc.*		152		2,777
Newport Corp.*		1,463		27,885
NVE Corp.		209		14,404
OSI Systems, Inc.*		757		56,215
Park Electrochemical Corp.		833		17,959
Plexus Corp.*		1,303		53,123
Rofin-Sinar Technologies, Inc.*		1,186		28,737
Rogers Corp.*		660		54,259
Sanmina Corp.*		3,126		75,618
Sparton Corp.*		400		9,800
Stoneridge, Inc.*		673		7,598
TASER International, Inc.*		2,011		48,485
TTM Technologies, Inc.*		2,359		21,255
Viasystems Group, Inc.*		100		1,749
Vishay Precision Group, Inc.*		300		4,779
Watts Water Technologies, Inc., Class A		1,117		61,469
Woodward, Inc.		2,523		128,698

				1,407,202

Energy-Alternate Sources — 0.4%
Abengoa Yield PLC		1,200		40,536
Amyris, Inc.*		400		960
Clean Energy Fuels Corp.*		2,900		15,471
Enphase Energy, Inc.*		400		5,276


	Number of Shares		Value†

Energy-Alternate Sources — (continued)
FuelCell Energy, Inc.*		6,981	$	8,726
FutureFuel Corp.		1,100		11,297
Green Plains, Inc.		1,467		41,883
Pacific Ethanol, Inc.*		900		9,711
Pattern Energy Group, Inc.		1,600		45,312
Plug Power, Inc.*		6,800		17,612
Renewable Energy Group, Inc.*		900		8,298
REX American Resources Corp.*		192		11,676
Solazyme, Inc.*		3,100		8,866
Terraform Power, Inc., Class A		1,000		36,510
Vivint Solar, Inc.*		800		9,712

				271,846

Engineering & Construction — 0.7%
Aegion Corp.*		1,555		28,068
Argan, Inc.		536		19,387
Dycom Industries, Inc.*		1,153		56,312
EMCOR Group, Inc.		2,363		109,809
Exponent, Inc.		520		46,228
Granite Construction, Inc.		1,444		50,742
Layne Christensen Co.*		926		4,639
MasTec, Inc.*		2,464		47,555
McDermott International, Inc.*		9,300		35,712
Mistras Group, Inc.*		800		15,408
MYR Group, Inc.*		983		30,807
Orion Marine Group, Inc.*		1,137		10,074
Sterling Construction Co., Inc.*		353		1,596
Tutor Perini Corp.*		1,397		32,620
VSE Corp.		104		8,516

				497,473

Entertainment — 0.9%
AMC Entertainment Holdings, Inc., Class A		800		28,392
Carmike Cinemas, Inc.*		800		26,880
Churchill Downs, Inc.		520		59,785
Eros International PLC*		900		15,723
International Speedway Corp.		1,100		35,871
Isle of Capri Casinos, Inc.*		841		11,816
Marriott Vacations Worldwide Corp.		1,000		81,050
National CineMedia, Inc.		2,374		35,848
Penn National Gaming, Inc.*		3,200		50,112
Pinnacle Entertainment, Inc.*		2,182		78,748
Reading International, Inc., Class A*		700		9,415
Scientific Games Corp., Class A*		1,900		19,893
SFX Entertainment, Inc.*		1,500		6,135
Speedway Motorsports, Inc.		316		7,189
Vail Resorts, Inc.		1,346		139,203

				606,060

Environmental Control — 0.4%
Calgon Carbon Corp.		2,162		45,553
Casella Waste Systems, Inc., Class A*		2,300		12,650
Ceco Environmental Corp.		709		7,523
Darling Ingredients, Inc.*		6,267		87,801
Energy Recovery, Inc.*		1,918		4,968
Heritage-Crystal Clean, Inc.*		200		2,340
MSA Safety, Inc.		1,021		50,927
Nuverra Environmental Solutions, Inc.*		441		1,570


	Number of Shares		Value†
COMMON STOCKS — (continued)
Environmental Control — (continued)
Tetra Tech, Inc.		2,364	$	56,783
U.S. Ecology, Inc.		742		37,078

				307,193

Food — 1.9%
B&G Foods, Inc.		2,172		63,922
Boulder Brands, Inc.*		2,579		24,578
Cal-Maine Foods, Inc.		1,246		48,669
Calavo Growers, Inc.		451		23,191
Dean Foods Co.		3,700		61,161
Diamond Foods, Inc.*		776		25,274
Fairway Group Holdings Corp.*		600		4,062
Fresh Del Monte Produce, Inc.		1,216		47,315
Ingles Markets, Inc., Class A		404		19,990
Inventure Foods, Inc.*		500		5,595
J&J Snack Foods Corp.		532		56,764
John B. Sanfilippo & Son, Inc.		400		17,240
Lancaster Colony Corp.		672		63,954
Lifeway Foods, Inc.*		87		1,861
NutriSystem, Inc.		1,037		20,719
Post Holdings, Inc.*		2,000		93,680
Sanderson Farms, Inc.		834		66,428
Seaboard Corp.*		11		45,452
Seneca Foods Corp., Class A*		211		6,290
Senomyx, Inc.*		1,800		7,938
Smart & Final Stores, Inc.*		500		8,800
Snyder’s-Lance, Inc.		1,879		60,053
SpartanNash Co.		1,530		48,287
SUPERVALU, Inc.*		7,700		89,551
The Chefs’ Warehouse Holdings, Inc.*		750		16,823
The Fresh Market, Inc.*		1,700		69,088
Tootsie Roll Industries, Inc.		835		28,334
TreeHouse Foods, Inc.*		1,614		137,222
United Natural Foods, Inc.*		1,900		146,376
Village Super Market, Inc., Class A		268		8,426
Weis Markets, Inc.		466		23,188

				1,340,231

Forest Products & Paper — 0.6%
Clearwater Paper Corp.*		778		50,803
Deltic Timber Corp.		392		25,970
KapStone Paper and Packaging Corp.		3,240		106,402
Neenah Paper, Inc.		574		35,898
Orchids Paper Products Co.		400		10,784
P.H. Glatfelter Co.		1,659		45,672
Resolute Forest Products*		2,700		46,575
Schweitzer-Mauduit International, Inc.		1,176		54,237
Wausau Paper Corp.		1,781		16,973

				393,314

Gas — 1.1%
Chesapeake Utilities Corp.		535		27,076
New Jersey Resources Corp.		3,264		101,380
Northwest Natural Gas Co.		1,050		50,348
One Gas, Inc.		2,000		86,460
Piedmont Natural Gas Co., Inc.		2,951		108,921
South Jersey Industries, Inc.		1,240		67,307
Southwest Gas Corp.		1,794		104,357


	Number of Shares		Value†

Gas — (continued)
The Laclede Group, Inc.		1,656	$	84,820
WGL Holdings, Inc.		1,994		112,462

				743,131

Hand & Machine Tools — 0.1%
Franklin Electric Co., Inc.		1,670		63,694

Healthcare Products — 3.9%
Abaxis, Inc.		829		53,147
ABIOMED, Inc.*		1,489		106,583
Accelerate Diagnostics, Inc.*		951		21,397
Accuray, Inc.*		2,738		25,463
Affymetrix, Inc.*		2,371		29,780
AngioDynamics, Inc.*		958		17,043
AtriCure, Inc.*		1,200		24,588
Atrion Corp.		37		12,784
BioTelemetry, Inc.*		800		7,080
Cantel Medical Corp.		1,275		60,562
Cardiovascular Systems, Inc.*		1,000		39,040
Cepheid, Inc.*		2,680		152,492
Cerus Corp.*		3,600		15,012
Cimpress NV*		1,300		109,694
CONMED Corp.		1,003		50,641
CryoLife, Inc.		1,399		14,508
Cyberonics, Inc.*		1,032		66,997
Cynosure, Inc., Class A*		694		21,285
DexCom, Inc.*		2,742		170,936
Endologix, Inc.*		2,298		39,227
Exactech, Inc.*		209		5,357
GenMark Diagnostics, Inc.*		1,200		15,576
Genomic Health, Inc.*		509		15,550
Globus Medical, Inc.*		2,600		65,624
Greatbatch, Inc.*		993		57,445
Haemonetics Corp.*		1,946		87,414
Hanger, Inc.*		1,408		31,948
HeartWare International, Inc.*		689		60,474
ICU Medical, Inc.*		479		44,614
Inogen, Inc.*		200		6,398
Insulet Corp.*		2,146		71,569
Integra LifeSciences Holdings Corp.*		1,026		63,253
Invacare Corp.		1,190		23,098
K2M Group Holdings, Inc.*		300		6,615
LDR Holding Corp.*		700		25,648
Luminex Corp.*		1,353		21,648
Masimo Corp.*		1,504		49,602
Merge Healthcare, Inc.*		1,657		7,407
Meridian Bioscience, Inc.		1,760		33,581
Merit Medical Systems, Inc.*		1,875		36,094
MiMedx Group, Inc.*		3,200		33,280
Nanostring Technologies, Inc.*		600		6,114
Natus Medical, Inc.*		1,175		46,377
Navidea Biopharmaceuticals, Inc.*		6,000		9,540
NuVasive, Inc.*		1,706		78,459
NxStage Medical, Inc.*		2,284		39,513
Ocular Therapeutix, Inc.*		200		8,397
OraSure Technologies, Inc.*		2,201		14,395
Orthofix International N.V.*		671		24,082


	Number of Shares		Value†
COMMON STOCKS — (continued)
Healthcare Products — (continued)
PhotoMedex, Inc.*		700	$	1,407
Quidel Corp.*		1,051		28,356
Rockwell Medical, Inc.*		1,800		19,674
Spectranetics Corp.*		1,465		50,923
STAAR Surgical Co.*		1,400		10,402
STERIS Corp.		2,232		156,843
SurModics, Inc.*		373		9,709
Symmetry Surgical, Inc.*		436		3,196
Tandem Diabetes Care, Inc.*		400		5,048
The Female Health Co.		904		2,558
Thoratec Corp.*		2,000		83,780
Tornier N.V.*		1,200		31,464
Unilife Corp.*		3,410		13,674
Utah Medical Products, Inc.		200		11,972
Vascular Solutions, Inc.*		483		14,645
West Pharmaceutical Services, Inc.		2,678		161,242
Wright Medical Group, Inc.*		1,861		48,014
Zeltiq Aesthetics, Inc.*		1,100		33,913

				2,714,151

Healthcare Services — 1.8%
AAC Holdings, Inc.*		200		6,116
Acadia Healthcare Co., Inc.*		1,600		114,560
Addus Homecare Corp.*		400		9,208
Adeptus Health, Inc., Class A*		100		5,022
Air Methods Corp.*		1,487		69,279
Alliance Healthcare Services, Inc.*		200		4,436
Almost Family, Inc.*		177		7,914
Amedisys, Inc.*		1,006		26,941
Amsurg Corp.*		1,623		99,847
Bio-Reference Labs, Inc.*		1,007		35,487
Capital Senior Living Corp.*		1,036		26,874
Catalent, Inc.*		2,000		62,300
Civitas Solutions, Inc.*		400		8,376
Five Star Quality Care, Inc.*		2,500		11,100
Genesis Healthcare, Inc.*		561		3,994
HealthSouth Corp.		3,336		147,985
Healthways, Inc.*		1,258		24,783
IPC The Hospitalist Co., Inc.*		647		30,176
Kindred Healthcare, Inc.		2,775		66,008
LHC Group, Inc.*		382		12,617
Magellan Health Services, Inc.*		1,041		73,724
Molina Healthcare, Inc.*		1,168		78,595
National Healthcare Corp.		406		25,866
NeoStem, Inc.*		1,400		3,556
RadNet, Inc.*		1,500		12,600
Select Medical Holdings Corp.		3,100		45,973
Surgical Care Affiliates, Inc.*		400		13,732
The Ensign Group, Inc.		740		34,676
Triple-S Management Corp., Class B*		791		15,725
U.S. Physical Therapy, Inc.		491		23,322
Universal American Corp.*		1,780		19,010
WellCare Health Plans, Inc.*		1,626		148,714

				1,268,516

Holding Companies — 0.1%
FCB Financial Holdings Inc*		500		13,685
HRG Group, Inc.*		3,375		42,120


	Number of Shares		Value†

Holding Companies — (continued)
National Bank Holdings Corp.		1,400	$	26,334
Resource America, Inc., Class A		1,000		9,100

				91,239

Home Builders — 0.8%
Beazer Homes USA, Inc.*		924		16,373
Cavco Industries, Inc.*		369		27,697
Hovnanian Enterprises, Inc., Class A*		4,810		17,124
Installed Building Products, Inc.*		300		6,528
KB Home		3,400		53,108
LGI Homes, Inc.*		400		6,664
M/I Homes, Inc.*		836		19,930
MDC Holdings, Inc.		1,500		42,750
Meritage Homes Corp.*		1,490		72,474
Standard Pacific Corp.*		5,590		50,310
The New Home Co., Inc.*		600		9,570
The Ryland Group, Inc.		1,746		85,100
TRI Pointe Homes, Inc.*		5,700		87,951
UCP, Inc., Class A*		500		4,350
WCI Communities, Inc.*		400		9,580
William Lyon Homes, Class A*		600		15,492
Winnebago Industries, Inc.		1,122		23,854

				548,855

Home Furnishings — 0.5%
American Woodmark Corp.*		369		20,195
Daktronics, Inc.		1,209		13,069
DTS, Inc.*		703		23,951
Ethan Allen Interiors, Inc.		1,028		28,414
Flexsteel Industries, Inc.		200		6,258
iRobot Corp.*		1,082		35,306
Kimball International, Inc., Class B		1,244		13,037
La-Z-Boy, Inc.		1,962		55,152
Norcraft Cos, Inc.*		500		12,785
Select Comfort Corp.*		2,072		71,422
Skullcandy, Inc.*		407		4,599
TiVo, Inc.*		3,955		41,963
Universal Electronics, Inc.*		600		33,864
VOXX International Corp.*		825		7,557

				367,572

Hotels & Resorts — 0.1%
Caesars Entertainment Corp.*		2,000		21,060
La Quinta Holdings Inc*		1,800		42,624

				63,684

Household Products & Wares — 0.5%
ACCO Brands Corp.*		4,393		36,506
Central Garden & Pet Co., Class A*		1,202		12,765
CSS Industries, Inc.		212		6,392
Helen of Troy Ltd.*		1,095		89,231
Prestige Brands Holdings, Inc.*		1,972		84,579
Tumi Holdings, Inc.*		1,800		44,028
WD-40 Co.		546		48,343

				321,844

Housewares — 0.1%
Libbey, Inc.		800		31,928


	Number of Shares		Value†
COMMON STOCKS — (continued)
Housewares — (continued)
Lifetime Brands, Inc.		200	$	3,056

				34,984

Insurance — 2.9%
Ambac Financial Group, Inc.*		1,700		41,140
American Equity Investment Life Holding Co.		2,876		83,778
AMERISAFE, Inc.		708		32,745
AmTrust Financial Services, Inc.		1,067		60,803
Argo Group International Holdings Ltd.		1,145		57,427
Atlas Financial Holdings, Inc.*		400		7,068
Baldwin & Lyons, Inc., Class B		325		7,624
Citizens, Inc.*		1,466		9,031
CNO Financial Group, Inc.		7,393		127,307
Crawford & Co., Class B		1,538		13,288
Donegal Group, Inc., Class A		283		4,449
eHealth, Inc.*		720		6,754
EMC Insurance Group, Inc.		100		3,380
Employers Holdings, Inc.		1,282		34,601
Enstar Group Ltd.*		274		38,870
Essent Group Ltd.*		1,700		40,647
FBL Financial Group, Inc., Class A		327		20,277
Federated National Holding Co.		500		15,300
Fidelity & Guaranty Life		500		10,600
First American Financial Corp.		3,873		138,189
Global Indemnity PLC*		383		10,628
Greenlight Capital Re, Ltd., Class A*		1,128		35,870
Hallmark Financial Services, Inc.*		255		2,703
HCI Group, Inc.		300		13,761
Hilltop Holdings, Inc.*		2,984		58,003
Horace Mann Educators Corp.		1,509		51,608
Infinity Property & Casualty Corp.		420		34,461
James River Group Holdings		400		9,412
Kansas City Life Insurance Co.		73		3,353
Kemper Corp.		1,800		70,128
Maiden Holdings Ltd.		2,268		33,634
Meadowbrook Insurance Group, Inc.		1,518		12,903
MGIC Investment Corp.*		12,827		123,524
Montpelier Re Holdings Ltd.		1,507		57,929
National General Holdings Corp.		1,500		28,050
National Interstate Corp.		402		11,288
National Western Life Insurance Co.,Class A		52		13,224
NMI Holdings, Inc., Class A*		2,100		15,729
OneBeacon Insurance Group Ltd., Class A		1,100		16,731
Primerica, Inc.		2,100		106,890
Radian Group, Inc.		7,203		120,938
RenaissanceRe Holdings Ltd.		0		38
RLI Corp.		1,522		79,768
Safety Insurance Group, Inc.		482		28,799
Selective Insurance Group, Inc.		2,175		63,184
State Auto Financial Corp.		776		18,849
State National Cos., Inc.		1,000		9,950
Stewart Information Services Corp.		808		32,837
Symetra Financial Corp.		2,900		68,034
The Navigators Group, Inc.*		395		30,747
The Phoenix Cos., Inc.*		146		7,299
Third Point Reinsurance Ltd.*		2,300		32,545


	Number of Shares		Value†

Insurance — (continued)
United Fire Group, Inc.		680	$	21,604
United Insurance Holdings Corp.		800		18,000
Universal Insurance Holdings, Inc.		1,251		32,013

				2,027,712

Internet — 2.0%
1-800-Flowers.com, Inc., Class A*		737		8,719
Angie’s List, Inc.*		1,600		9,392
Bankrate, Inc.*		2,723		30,879
Barracuda Networks, Inc.*		200		7,694
Bazaarvoice, Inc.*		1,900		10,735
Blucora, Inc.*		1,496		20,435
Blue Nile, Inc.*		439		13,978
Boingo Wireless, Inc.*		900		6,786
Box, Inc., Class A*		500		9,875
Brightcove, Inc.*		1,200		8,796
BroadSoft, Inc.*		1,061		35,501
ChannelAdvisor Corp.*		900		8,721
Chegg, Inc.*		3,100		24,645
Cinedigm Corp., Class A*		2,500		4,050
Cogent Communications Holdings, Inc.		1,819		64,265
comScore, Inc.*		1,359		69,581
Constant Contact, Inc.*		1,165		44,515
Coupons.com, Inc.*		500		5,870
Covisint Corp.*		1,206		2,448
Dealertrack Technologies, Inc.*		2,096		80,738
Dice Holdings, Inc.*		1,163		10,374
Endurance International Group Holdings, Inc.*		1,400		26,684
ePlus, Inc.*		174		15,126
FTD Cos, Inc.*		818		24,491
Global Eagle Entertainment, Inc.*		1,500		19,965
Global Sources Ltd.*		316		1,852
GrubHub, Inc.*		400		18,156
HealthStream, Inc.*		900		22,680
Internap Corp.*		1,921		19,652
IntraLinks Holdings, Inc.*		1,700		17,578
Limelight Networks, Inc.*		1,172		4,254
Lionbridge Technologies, Inc.*		2,243		12,830
Liquidity Services, Inc.*		1,035		10,226
Marketo, Inc.*		1,100		28,182
Moduslink Global Solutions, Inc.*		945		3,638
New Media Investment Group, Inc.		1,700		40,681
NIC, Inc.		2,629		46,454
Orbitz Worldwide, Inc.*		1,476		17,210
Overstock.com, Inc.*		571		13,830
Perficient, Inc.*		1,245		25,759
Q2 Holdings, Inc.*		600		12,684
QuinStreet, Inc.*		1,815		10,799
ReachLocal, Inc.*		200		582
RealNetworks, Inc.*		515		3,466
Reis, Inc.		400		10,256
RetailMeNot, Inc.*		1,300		23,413
Rightside Group Ltd.*		260		2,639
RingCentral, Inc., Class A*		1,200		18,396
Safeguard Scientifics, Inc.*		550		9,944
Shutterfly, Inc.*		1,490		67,408


	Number of Shares		Value†
COMMON STOCKS — (continued)
Internet — (continued)
Shutterstock, Inc.*		600	$	41,202
SPS Commerce, Inc.*		600		40,260
Stamps.com, Inc.*		462		31,088
TechTarget, Inc.*		500		5,765
TeleCommunication Systems, Inc., Class A*		1,400		5,362
Textura Corp.*		800		21,744
Travelzoo, Inc.*		311		2,998
Truecar, Inc.*		200		3,570
Unwired Planet, Inc.*		1,950		1,115
VASCO Data Security International, Inc.*		1,028		22,143
VirnetX Holding Corp.*		1,583		9,640
Wayfair, Inc., Class A*		500		16,060
Web.com Group, Inc.*		2,000		37,900
WebMD Health Corp.*		1,486		65,139
Wix.com Ltd.*		300		5,748
XO Group, Inc.*		859		15,178
Zendesk, Inc.*		400		9,076
Zix Corp.*		3,548		13,944

				1,354,764

Investment Companies — 0.1%
Arlington Asset Investment Corp., Class A		900		21,654
Caesars Acquisition Co., Class A*		1,900		12,920

				34,574

Iron & Steel — 0.2%
AK Steel Holding Corp.*		7,200		32,184
Commercial Metals Co.		4,700		76,093
Ryerson Holding Corp.*		800		5,096
Schnitzer Steel Industries, Inc., Class A		900		14,274
Shiloh Industries, Inc.*		400		5,616
Universal Stainless & Alloy Products, Inc.*		333		8,731

				141,994

Leisure Time — 0.8%
Arctic Cat, Inc.		444		16,126
Black Diamond, Inc.*		1,300		12,285
Brunswick Corp.		3,468		178,429
Callaway Golf Co.		2,746		26,169
ClubCorp Holdings, Inc.		800		15,488
Diamond Resorts International, Inc.*		1,400		46,802
Escalade, Inc.		600		10,428
Fox Factory Holding Corp.*		500		7,670
Interval Leisure Group, Inc.		1,416		37,113
Johnson Outdoors, Inc.		200		6,622
Life Time Fitness, Inc.*		1,559		110,627
Malibu Boats, Inc., Class A*		500		11,675
Marine Products Corp.		160		1,371
Nautilus, Inc.*		1,300		19,851
Travelport Worldwide Ltd.		1,200		20,040

				520,696

Lodging — 0.1%
Boyd Gaming Corp.*		3,000		42,600
Intrawest Resorts Holdings, Inc.*		200		1,744
Monarch Casino & Resort, Inc.*		185		3,541
Morgans Hotel Group Co.*		1,494		11,578


	Number of Shares		Value†

Lodging — (continued)
The Marcus Corp.		933	$	19,864

				79,327

Machinery - Construction & Mining — 0.1%
Astec Industries, Inc.		698		29,930
Hyster-Yale Materials Handling, Inc.		444		32,541

				62,471

Machinery - Diversified — 0.9%
Alamo Group, Inc.		317		20,012
Albany International Corp., Class A		1,132		44,997
Altra Industrial Motion Corp.		1,003		27,723
Applied Industrial Technologies, Inc.		1,582		71,728
Briggs & Stratton Corp.		1,936		39,766
Chart Industries, Inc.*		1,177		41,283
Cognex Corp.*		3,314		164,341
Columbus McKinnon Corp.		685		18,454
DXP Enterprises, Inc.*		522		23,015
Global Power Equipment Group, Inc.		900		11,880
Hurco Cos., Inc.		200		6,586
Intevac, Inc.*		800		4,912
Kadant, Inc.		499		26,252
Lindsay Corp.		453		34,541
Manitex International, Inc.*		500		4,865
NACCO Industries, Inc., Class A		222		11,764
Power Solutions International, Inc.*		100		6,429
Tennant Co.		736		48,112
The ExOne Co.*		500		6,825
The Gorman-Rupp Co.		751		22,493
Twin Disc, Inc.		235		4,153
Xerium Technologies, Inc.*		400		6,488

				646,619

Media — 1.1%
A.H. Belo Corp., Class A		1,100		9,053
Central European Media Enterprises Ltd., Class A*		3,100		8,246
Crown Media Holdings, Inc., Class A*		217		868
Cumulus Media, Inc., Class A*		5,200		12,844
Daily Journal Corp.*		2		366
Demand Media, Inc.*		260		1,487
Dex Media, Inc.*		700		2,933
Entercom Communications Corp., Class A*		700		8,505
Entravision Communications Corp., Class A		2,800		17,724
Gray Television, Inc.*		2,000		27,640
Hemisphere Media Group, Inc.*		600		7,590
Houghton Mifflin Harcourt Co.*		4,300		100,964
Journal Communications, Inc., Class A*		1,784		26,439
Lee Enterprises, Inc.*		1,700		5,389
Martha Stewart Living Omnimedia, Inc., Class A*		562		3,653
Media General, Inc.*		3,000		49,470
Meredith Corp.		1,300		72,501
Nexstar Broadcasting Group, Inc., Class A		1,100		62,942
Saga Communications, Inc.		133		5,924
Scholastic Corp.		956		39,139
Sinclair Broadcast Group, Inc., Class A		2,417		75,918
The E.W. Scripps Co., Class A*		2,006		57,051


	Number of Shares		Value†
COMMON STOCKS — (continued)
Media — (continued)
The McClatchy Co., Class A*		2,400	$	4,416
The New York Times Co., Class A		5,321		73,217
Time, Inc.		4,300		96,492
World Wrestling Entertainment, Inc., Class A		1,314		18,409

				789,180

Metal Fabricate/Hardware — 0.8%
A.M. Castle & Co.*		435		1,588
Advanced Drainage Systems, Inc.		700		20,958
Ampco-Pittsburgh Corp.		214		3,736
CIRCOR International, Inc.		735		40,205
Dynamic Materials Corp.		690		8,811
Furmanite Corp.*		1,354		10,683
Global Brass & Copper Holdings, Inc.		600		9,270
Haynes International, Inc.		564		25,160
L.B. Foster Co., Class A		366		17,378
Mueller Industries, Inc.		2,188		79,053
Mueller Water Products, Inc., Class A		6,192		60,991
NN, Inc.		700		17,556
Northwest Pipe Co.*		483		11,085
Olympic Steel, Inc.		231		3,109
Omega Flex, Inc.		59		1,484
RBC Bearings, Inc.		937		71,718
Rexnord Corp.*		2,800		74,732
RTI International Metals, Inc.*		1,113		39,968
Sun Hydraulics Corp.		859		35,528
Worthington Industries, Inc.		1,984		52,794

				585,807

Mining — 0.6%
Century Aluminum Co.*		1,754		24,205
Coeur Mining, Inc.*		3,828		18,030
Globe Specialty Metals, Inc.		2,414		45,673
Gold Resource Corp.		1,300		4,147
Hecla Mining Co.		12,817		38,195
Horsehead Holding Corp.*		1,983		25,105
Kaiser Aluminum Corp.		716		55,053
Materion Corp.		857		32,934
Molycorp, Inc.*		5,800		2,235
Noranda Aluminium Holding Corp.		2,500		7,425
Ring Energy, Inc.*		800		8,496
Stillwater Mining Co.*		4,524		58,450
United States Lime & Minerals, Inc.		29		1,870
US Silica Holdings, Inc.		2,100		74,781

				396,599

Miscellaneous Manufacturing — 1.8%
Actuant Corp., Class A		2,506		59,492
American Railcar Industries, Inc.		400		19,892
AZZ, Inc.		976		45,472
Barnes Group, Inc.		2,065		83,612
Blount International, Inc.*		1,995		25,696
Chase Corp.		200		8,746
CLARCOR, Inc.		1,898		125,382
EnPro Industries, Inc.		917		60,476
Fabrinet*		1,500		28,485
Federal Signal Corp.		2,343		36,996


	Number of Shares		Value†

Miscellaneous Manufacturing — (continued)
FreightCar America, Inc.		570	$	17,915
GP Strategies Corp.*		400		14,800
Handy & Harman Ltd.*		200		8,212
Harsco Corp.		3,200		55,232
Hillenbrand, Inc.		2,374		73,285
John Bean Technologies Corp.		1,229		43,900
Koppers Holdings, Inc.		820		16,138
LSB Industries, Inc.*		749		30,956
Lydall, Inc.*		600		19,032
Movado Group, Inc.		760		21,675
Myers Industries, Inc.		1,125		19,721
NL Industries, Inc.*		90		697
Park-Ohio Holdings Corp.		400		21,068
Polypore International, Inc.*		1,700		100,130
Proto Labs, Inc.*		900		63,000
Raven Industries, Inc.		1,346		27,539
Smith & Wesson Holding Corp.*		2,179		27,739
Standex International Corp.		500		41,065
Sturm Ruger & Co., Inc.		819		40,647
Tredegar Corp.		1,061		21,337
TriMas Corp.*		1,795		55,268
Trinseo SA*		600		11,880

				1,225,485

Office & Business Equipment — 0.0%
Eastman Kodak Co.*		800		15,192

Office Furnishings — 0.5%
Herman Miller, Inc.		2,232		61,961
HNI Corp.		1,643		90,644
Interface, Inc.		2,595		53,924
Knoll, Inc.		1,953		45,759
Steelcase, Inc., Class A		3,131		59,301

				311,589

Oil & Gas — 1.6%
Abraxas Petroleum Corp.*		4,100		13,325
Adams Resources & Energy, Inc.		100		6,721
Alon USA Energy, Inc.		952		15,775
American Eagle Energy Corp.*		1,200		216
Approach Resources, Inc.*		1,341		8,837
Bill Barrett Corp.*		2,025		16,807
Bonanza Creek Energy, Inc.*		1,300		32,058
C&J Energy Services Ltd.*		1,830		20,368
Callon Petroleum Co.*		2,000		14,940
Carrizo Oil & Gas, Inc.*		1,965		97,562
Clayton Williams Energy, Inc.*		217		10,987
Comstock Resources, Inc.		1,987		7,094
Contango Oil & Gas Co.*		703		15,466
Delek US Holdings, Inc.		2,298		91,345
Diamondback Energy, Inc.*		1,600		122,944
Eclipse Resources Corp.*		1,400		7,868
Emerald Oil, Inc.*		2,200		1,628
Energy XXI Ltd.		3,733		13,588
Evolution Petroleum Corp.		500		2,975
EXCO Resources, Inc.		6,375		11,666
FMSA Holdings, Inc.*		900		6,516
FX Energy, Inc.*		1,389		1,736


	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — (continued)
Gastar Exploration, Inc.*		2,600	$	6,812
Goodrich Petroleum Corp.*		1,281		4,548
Halcon Resources Corp.*		9,876		15,209
Harvest Natural Resources, Inc.*		1,400		626
Hercules Offshore, Inc.*		6,105		2,559
Isramco, Inc.*		21		2,642
Jones Energy, Inc.*		600		5,388
Magnum Hunter Resources Corp.*		7,500		20,025
Matador Resources Co.*		2,900		63,568
Midstates Petroleum Co., Inc.*		1,100		935
Miller Energy Resources, Inc.*		1,900		1,188
Northern Oil & Gas, Inc.*		2,253		17,371
Panhandle Oil and Gas, Inc., Class A		634		12,547
Parker Drilling Co.*		5,217		18,207
Parsley Energy, Inc., Class A*		2,000		31,960
PDC Energy, Inc.*		1,412		76,304
Penn Virginia Corp.*		2,412		15,630
PetroQuest Energy, Inc.*		1,539		3,540
Resolute Energy Corp.*		3,000		1,690
Rex Energy Corp.*		1,800		6,696
Rosetta Resources, Inc.*		2,737		46,584
RSP Permian, Inc.*		900		22,671
Sanchez Energy Corp.*		1,900		24,719
Stone Energy Corp.*		2,079		30,520
Swift Energy Co.*		1,889		4,080
Synergy Resources Corp.*		3,100		36,735
Transatlantic Petroleum Ltd.*		1,000		5,340
Trecora Resources*		1,000		12,200
Triangle Petroleum Corp.*		2,800		14,084
Vaalco Energy, Inc.*		2,430		5,954
W&T Offshore, Inc.		1,643		8,396
Warren Resources, Inc.*		3,605		3,208
Western Refining, Inc.		1,837		90,729

				1,133,087

Oil & Gas Services — 0.7%
Basic Energy Services, Inc.*		1,188		8,233
CARBO Ceramics, Inc.		800		24,408
CHC Group Ltd.*		1,400		1,862
Dawson Geophysical Co.*		378		1,616
Exterran Holdings, Inc.		2,300		77,211
Flotek Industries, Inc.*		2,000		29,480
Forum Energy Technologies, Inc.*		2,300		45,080
Geospace Technologies Corp.*		476		7,859
Gulf Island Fabrication, Inc.		518		7,697
Helix Energy Solutions Group, Inc.*		4,101		61,351
Hornbeck Offshore Services, Inc.*		1,378		25,920
ION Geophysical Corp.*		5,465		11,859
Key Energy Services, Inc.*		5,224		9,508
Matrix Service Co.*		987		17,332
Mitcham Industries, Inc.*		300		1,380
Natural Gas Services Group, Inc.*		594		11,417
Newpark Resources, Inc.*		3,512		31,994
North Atlantic Drilling Ltd.		2,800		3,248
Pioneer Energy Services Corp.*		2,650		14,363
SEACOR Holdings, Inc.*		700		48,769
Tesco Corp.		1,400		15,918


	Number of Shares		Value†

Oil & Gas Services — (continued)
TETRA Technologies, Inc.*		2,979	$	18,410
Thermon Group Holdings, Inc.*		1,100		26,477
Vantage Drilling Co.*		9,090		2,977
Willbros Group, Inc.*		1,517		5,021

				509,390

Packaging and Containers — 0.5%
AEP Industries, Inc.*		138		7,595
Berry Plastics Group, Inc.*		3,500		126,665
Graphic Packaging Holding Co.		12,287		178,653
UFP Technologies, Inc.*		200		4,556

				317,469

Pharmaceuticals — 4.7%
ACADIA Pharmaceuticals, Inc.*		3,000		97,770
AcelRx Pharmaceuticals, Inc.*		900		3,474
Actinium Pharmaceuticals, Inc.*		800		1,976
Aegerion Pharmaceuticals, Inc.*		1,100		28,787
Aerie Pharmaceuticals, Inc.*		300		9,402
Agios Pharmaceuticals, Inc.*		500		47,150
Akebia Therapeutics, Inc.*		300		3,333
Akorn, Inc.*		2,413		114,642
Alimera Sciences, Inc.*		1,100		5,511
Ampio Pharmaceuticals, Inc.*		1,200		9,036
Anacor Pharmaceuticals, Inc.*		1,300		75,205
Anika Therapeutics, Inc.*		500		20,585
Antares Pharma, Inc.*		5,200		14,092
Aratana Therapeutics, Inc.*		900		14,409
Array BioPharma, Inc.*		4,748		34,993
Auspex Pharmaceuticals, Inc.*		400		40,108
Bio-Path Holdings, Inc.*		3,400		6,120
BioDelivery Sciences International, Inc.*		1,900		19,950
BioScrip, Inc.*		2,011		8,909
Biospecifics Technologies Corp.*		100		3,915
Cempra, Inc.*		1,100		37,741
ChemoCentryx, Inc.*		1,000		7,550
Chimerix, Inc.*		1,100		41,459
Clovis Oncology, Inc.*		1,000		74,230
Corcept Therapeutics, Inc.*		2,900		16,240
Cytori Therapeutics, Inc.*		3,510		4,142
Depomed, Inc.*		1,983		44,439
Derma Sciences, Inc.*		700		5,929
Diplomat Pharmacy, Inc.*		600		20,748
Dyax Corp.*		5,020		84,110
Enanta Pharmaceuticals, Inc.*		400		12,248
Endocyte, Inc.*		1,500		9,390
Esperion Therapeutics, Inc.*		200		18,520
Fibrogen, Inc.*		400		12,552
Galectin Therapeutics, Inc.*		800		2,680
Heron Therapeutics, Inc.*		900		13,095
Horizon Pharma PLC*		2,400		62,328
Hyperion Therapeutics, Inc.*		400		18,360
IGI Laboratories, Inc.*		1,800		14,688
Immune Design Corp.*		100		2,111
Impax Laboratories, Inc.*		2,637		123,596
Infinity Pharmaceuticals, Inc.*		1,828		25,555
Insys Therapeutics, Inc.*		300		17,439
Intra-Cellular Therapies, Inc.*		800		19,104


	Number of Shares		Value†
COMMON STOCKS — (continued)
Pharmaceuticals — (continued)
Ironwood Pharmaceuticals, Inc.*		4,461	$	71,376
Isis Pharmaceuticals, Inc.*		4,410		280,785
Keryx Biopharmaceuticals, Inc.*		3,500		44,555
Kindred Biosciences, Inc.*		500		3,570
Lannett Co., Inc.*		997		67,507
MannKind Corp.*		8,904		46,301
Mirati Therapeutics, Inc.*		300		8,796
Nanoviricides, Inc.*		1,500		3,375
Natural Grocers By Vitamin Cottage, Inc.*		400		11,044
Nature’s Sunshine Products, Inc.		200		2,624
Nektar Therapeutics*		4,833		53,163
Neogen Corp.*		1,302		60,843
Neurocrine Biosciences, Inc.*		3,177		126,159
Nevro Corp.*		300		14,379
Northwest Biotherapeutics, Inc.*		1,600		11,792
Nutraceutical International Corp.*		196		3,861
Ohr Pharmaceutical, Inc.*		1,000		2,540
Omega Protein Corp.*		500		6,845
Ophthotech Corp.*		600		27,918
OPKO Health, Inc.*		7,176		101,684
Orexigen Therapeutics, Inc.*		4,188		32,792
Osiris Therapeutics, Inc.*		773		13,589
Otonomy, Inc.*		300		10,608
Pacira Pharmaceuticals, Inc.*		1,300		115,505
Pain Therapeutics, Inc.*		1,200		2,268
Pernix Therapeutics Holdings, Inc.*		1,500		16,035
PharMerica Corp.*		1,220		34,392
Phibro Animal Health Corp., Class A		700		24,787
Portola Pharmaceuticals, Inc.*		1,700		64,532
POZEN, Inc.*		1,002		7,735
PRA Health Sciences, Inc.*		800		23,072
Progenics Pharmaceuticals, Inc.*		2,601		15,554
Radius Health, Inc.*		300		12,348
Raptor Pharmaceutical Corp.*		2,600		28,262
Receptos, Inc.*		800		131,912
Regulus Therapeutics, Inc.*		500		8,470
Relypsa, Inc.*		700		25,249
Repros Therapeutics, Inc.*		900		7,731
Revance Therapeutics, Inc.*		400		8,292
Sagent Pharmaceuticals, Inc.*		1,000		23,250
Sarepta Therapeutics, Inc.*		1,400		18,592
Sciclone Pharmaceuticals, Inc.*		2,277		20,174
Sucampo Pharmaceuticals, Inc., Class A*		671		10,441
Supernus Pharmaceuticals, Inc.*		1,400		16,926
Synageva BioPharma Corp.*		900		87,777
Synergy Pharmaceuticals, Inc.*		4,300		19,866
Synta Pharmaceuticals Corp.*		1,921		3,727
Synutra International, Inc.*		311		1,990
TESARO, Inc.*		700		40,180
Tetraphase Pharmaceuticals, Inc.*		1,200		43,968
TG Therapeutics, Inc.*		1,200		18,576
TherapeuticsMD, Inc.*		4,500		27,225
Threshold Pharmaceuticals, Inc.*		2,000		8,120
USANA Health Sciences, Inc.*		224		24,891
Vanda Pharmaceuticals, Inc.*		1,241		11,541
Vital Therapies, Inc.*		300		7,503


	Number of Shares		Value†

Pharmaceuticals — (continued)
VIVUS, Inc.*		3,770	$	9,274
Xencor, Inc.*		400		6,128
XenoPort, Inc.*		1,927		13,720
Zafgen, Inc.*		300		11,883
Zogenix, Inc.*		4,600		6,302
Zs Pharma, Inc.*		300		12,624

				3,224,549

Pipelines — 0.2%
Primoris Services Corp.		1,490		25,613
SemGroup Corp.		1,600		130,144

				155,757

Real Estate — 0.4%
Alexander & Baldwin, Inc.		1,800		77,724
AV Homes, Inc.*		195		3,112
Consolidated-Tomoka Land Co.		124		7,398
Forestar Group, Inc.*		1,163		18,340
FRP Holdings, Inc.*		369		13,432
HFF, Inc., Class A		1,100		41,294
Kennedy-Wilson Holdings, Inc.		2,681		70,081
Marcus & Millichap, Inc.*		200		7,496
RE/MAX Holdings, Inc., Class A		400		13,284
The St. Joe Co.*		2,500		46,400

				298,561

Retail — 5.9%
Aeropostale, Inc.*		3,184		11,048
America’s Car-Mart, Inc.*		227		12,315
American Eagle Outfitters, Inc.		7,600		129,808
ANN, Inc.*		1,785		73,239
Asbury Automotive Group, Inc.*		1,049		87,172
Barnes & Noble, Inc.*		1,400		33,250
bebe Stores, Inc.		1,517		5,507
Big 5 Sporting Goods Corp.		581		7,710
Biglari Holdings, Inc.*		70		28,987
BJ’s Restaurants, Inc.*		820		41,369
Bloomin’ Brands, Inc.		3,000		72,990
Bob Evans Farms, Inc.		842		38,951
Bravo Brio Restaurant Group, Inc.*		500		7,345
Brown Shoe Co., Inc.		1,654		54,251
Buffalo Wild Wings, Inc.*		747		135,386
Build-A-Bear Workshop, Inc.*		700		13,755
Burlington Stores, Inc.*		1,000		59,420
Carrols Restaurant Group, Inc.*		1,713		14,201
Casey’s General Stores, Inc.		1,440		129,744
Cash America International, Inc.		1,125		26,212
Christopher & Banks Corp.*		1,500		8,340
Chuy’s Holdings, Inc.*		600		13,518
Citi Trends, Inc.*		503		13,581
Conn’s, Inc.*		1,104		33,429
Cracker Barrel Old Country Store, Inc.		724		110,149
Dave & Buster’s Entertainment, Inc.*		300		9,138
Del Frisco’s Restaurant Group, Inc.*		1,000		20,150
Denny’s Corp.*		3,552		40,493
Destination Maternity Corp.		578		8,705
Destination XL Group, Inc.*		1,500		7,410
DineEquity, Inc.		671		71,804


	Number of Shares		Value†
COMMON STOCKS — (continued)
Retail — (continued)
El Pollo Loco Holdings Inc*		400	$	10,244
Express, Inc.*		3,154		52,136
Ezcorp, Inc., Class A*		1,766		16,124
Fiesta Restaurant Group, Inc.*		1,013		61,793
First Cash Financial Services, Inc.*		1,162		54,056
Five Below, Inc.*		2,100		74,697
Francesca’s Holdings Corp.*		1,658		29,512
Fred’s, Inc., Class A		1,431		24,456
Freshpet, Inc.*		400		7,772
Genesco, Inc.*		895		63,751
Group 1 Automotive, Inc.		907		78,301
Guess?, Inc.		2,400		44,616
Haverty Furniture Cos., Inc.		950		23,636
hhgregg, Inc.*		662		4,058
Hibbett Sports, Inc.*		955		46,852
HSN, Inc.		1,279		87,266
Ignite Restaurant Group, Inc.*		300		1,455
Jack in the Box, Inc.		1,514		145,223
Jamba, Inc.*		940		13,827
Kirkland’s, Inc.*		427		10,141
Krispy Kreme Doughnuts, Inc.*		2,622		52,414
Lands’ End, Inc.*		700		25,116
Lithia Motors, Inc., Class A		894		88,873
Lumber Liquidators Holdings, Inc.*		1,033		31,796
MarineMax, Inc.*		1,000		26,510
Mattress Firm Holding Corp.*		600		41,784
Nathan’s Famous, Inc.		100		5,415
New York & Co., Inc.*		583		1,457
Noodles & Co.*		300		5,232
Office Depot, Inc.*		20,210		185,932
Pacific Sunwear of California, Inc.*		2,100		5,796
Papa John’s International, Inc.		1,210		74,790
PC Connection, Inc.		565		14,741
PetMed Express, Inc.		1,113		18,387
Pier 1 Imports, Inc.		3,644		50,943
Popeyes Louisiana Kitchen, Inc.*		959		57,367
Potbelly Corp.*		300		4,110
Pricesmart, Inc.		731		62,120
Red Robin Gourmet Burgers, Inc.*		520		45,240
Regis Corp.*		1,832		29,972
Restoration Hardware Holdings, Inc.*		1,200		119,028
Roundy’s, Inc.*		900		4,401
Ruby Tuesday, Inc.*		2,213		13,300
Rush Enterprises, Inc., Class A*		1,435		39,262
Ruth’s Hospitality Group, Inc.		1,695		26,917
Sears Hometown and Outlet Stores, Inc.*		300		2,316
Shake Shack, Inc., Class A*		200		10,010
Shoe Carnival, Inc.		758		22,316
Sonic Automotive, Inc., Class A		1,534		38,197
Sonic Corp.		2,132		67,584
Stage Stores, Inc.		1,381		31,653
Stein Mart, Inc.		1,261		15,699
Systemax, Inc.*		262		3,202
Texas Roadhouse, Inc.		2,570		93,625
The Bon-Ton Stores, Inc.		500		3,480
The Buckle, Inc.		1,049		53,593


	Number of Shares		Value†

Retail — (continued)
The Cato Corp., Class A		1,104	$	43,718
The Cheesecake Factory, Inc.		1,916		94,516
The Children’s Place, Inc.		894		57,386
The Container Store Group, Inc.*		600		11,430
The Finish Line, Inc., Class A		1,793		43,964
The Habit Restaurants, Inc., Class A*		200		6,428
The Men’s Wearhouse, Inc.		1,856		96,883
The Pep Boys—Manny, Moe, & Jack*		2,305		22,174
Tile Shop Holdings, Inc.*		1,300		15,743
Tilly’s, Inc.*		400		6,260
Tuesday Morning Corp.*		1,629		26,227
Vera Bradley, Inc.*		800		12,984
Vitamin Shoppe, Inc.*		1,200		49,428
West Marine, Inc.*		664		6,155
Winmark Corp.		100		8,757
Zoe’s Kitchen, Inc.*		200		6,658
Zumiez, Inc.*		703		28,296

				4,078,878

Savings & Loans — 1.6%
Anchor Bancorp Wisconsin, Inc.*		200		6,946
Astoria Financial Corp.		3,201		41,453
Banc of California, Inc.		800		9,848
Bank Mutual Corp.		2,432		17,802
BankFinancial Corp.		609		8,002
BBX Capital Corp.*		400		7,440
Beneficial Bancorp, Inc.*		1,374		15,510
Berkshire Hills Bancorp, Inc.		1,102		30,525
BofI Holding, Inc.*		600		55,824
Brookline Bancorp, Inc.		2,122		21,326
Capitol Federal Financial, Inc.		5,600		70,000
Charter Financial Corp.		900		10,350
Clifton Bancorp, Inc.		1,146		16,170
Dime Community Bancshares, Inc.		1,030		16,583
EverBank Financial Corp.		3,600		64,908
First Defiance Financial Corp.		300		9,846
First Financial Northwest, Inc.		600		7,410
Flagstar Bancorp, Inc.*		800		11,608
Flushing Financial Corp.		1,338		26,854
Fox Chase Bancorp, Inc.		420		7,069
Home Loan Servicing Solutions Ltd.		2,800		46,312
Homestreet, Inc.*		600		10,992
HomeTrust Bancshares, Inc.*		900		14,373
Investors Bancorp, Inc.		13,555		158,865
Kearny Financial Corp.*		852		11,570
Meridian Bancorp, Inc.*		1,074		14,145
Meta Financial Group, Inc.		200		7,946
Northfield Bancorp, Inc.		2,193		32,500
Northwest Bancshares, Inc.		3,775		44,734
OceanFirst Financial Corp.		327		5,647
Oritani Financial Corp.		1,718		24,997
Pacific Premier Bancorp, Inc.*		700		11,333
Provident Financial Services, Inc.		2,403		44,816
Sterling Bancorp, Inc.		3,427		45,956
Territorial Bancorp, Inc.		243		5,774
United Community Financial Corp.		1,700		9,282
United Financial Bancorp, Inc.		2,131		26,488


	Number of Shares		Value†
COMMON STOCKS — (continued)
Savings & Loans — (continued)
Washington Federal, Inc.		4,000	$	87,220
Waterstone Financial, Inc.		1,500		19,260
WSFS Financial Corp.		357		27,000

				1,104,684

Semiconductors — 3.2%
Alpha & Omega Semiconductor Ltd.*		400		3,564
Ambarella, Inc.*		1,100		83,281
Amkor Technology, Inc.*		3,211		28,369
Applied Micro Circuits Corp.*		2,958		15,086
Axcelis Technologies, Inc.*		6,100		14,518
Brooks Automation, Inc.		2,477		28,807
Cabot Microelectronics Corp.*		961		48,021
Cascade Microtech, Inc.*		700		9,506
Cavium, Inc.*		1,979		140,153
CEVA, Inc.*		671		14,306
Cirrus Logic, Inc.*		2,481		82,518
Cohu, Inc.		904		9,890
Cypress Semiconductor Corp.		11,605		163,752
Diodes, Inc.*		1,399		39,955
DSP Group, Inc.*		557		6,673
Emulex Corp.*		2,106		16,785
Entegris, Inc.*		5,270		72,146
Entropic Communications, Inc.*		3,832		11,343
Exar Corp.*		1,532		15,397
Fairchild Semiconductor International, Inc.*		4,400		79,992
FormFactor, Inc.*		2,172		19,266
Gerber Scientific, Inc.~		500		0
GSl Group, Inc.*		800		10,656
Inphi Corp.*		1,100		19,613
Integrated Device Technology, Inc.*		5,093		101,962
Integrated Silicon Solution, Inc.		1,000		17,890
Intersil Corp., Class A		5,100		73,032
IXYS Corp.		1,266		15,597
Kopin Corp.*		1,507		5,305
Lattice Semiconductor Corp.*		4,924		31,218
MaxLinear, Inc., Class A*		1,400		11,382
Micrel, Inc.		1,845		27,823
Microsemi Corp.*		3,693		130,732
MKS Instruments, Inc.		1,996		67,485
Monolithic Power Systems, Inc.		1,467		77,237
Nanometrics, Inc.*		900		15,138
Omnivision Technologies, Inc.*		2,119		55,878
Pericom Semiconductor Corp.		646		9,994
Photronics, Inc.*		2,192		18,632
PMC-Sierra, Inc.*		6,900		64,032
Power Integrations, Inc.		1,095		57,027
QLogic Corp.*		3,200		47,168
Quicklogic Corp.*		2,500		4,825
Rambus, Inc.*		4,623		58,134
Rubicon Technology, Inc.*		1,123		4,425
Rudolph Technologies, Inc.*		1,654		18,227
Semtech Corp.*		2,609		69,517
Silicon Laboratories, Inc.*		1,700		86,309
Tessera Technologies, Inc.		2,123		85,514
Ultra Clean Holdings, Inc.*		900		6,435
Ultratech, Inc.*		978		16,958


	Number of Shares		Value†

Semiconductors — (continued)
Veeco Instruments, Inc.*		1,393	$	42,556
Vitesse Semiconductor Corp.*		2,900		15,399
Xcerra Corp.*		2,466		21,923

				2,191,351

Software — 4.8%
2U, Inc.*		600		15,348
ACI Worldwide, Inc.*		4,027		87,225
Actua Corp.*		1,428		22,120
Acxiom Corp.*		2,967		54,860
Advent Software, Inc.		2,035		89,764
Amber Road, Inc.*		600		5,550
American Software, Inc., Class A		593		6,060
Aspen Technology, Inc.*		3,553		136,755
Audience, Inc.*		400		1,816
AVG Technologies NV*		1,400		30,310
Benefitfocus, Inc.*		200		7,358
Blackbaud, Inc.		1,750		82,915
Bottomline Technologies, Inc.*		1,545		42,287
Callidus Software, Inc.*		2,000		25,360
Castlight Health, Inc., Class B*		400		3,104
CommVault Systems, Inc.*		1,848		80,758
Computer Programs & Systems, Inc.		447		24,254
Cornerstone OnDemand, Inc.*		2,100		60,669
CSG Systems International, Inc.		1,281		38,930
Cvent, Inc.*		800		22,432
Demandware, Inc.*		1,200		73,080
Digi International, Inc.*		657		6,557
Ebix, Inc.		1,036		31,474
Envestnet, Inc.*		1,300		72,904
Epiq Systems, Inc.		1,168		20,942
Fair Isaac Corp.		1,188		105,399
Fleetmatics Group PLC*		1,500		67,275
Glu Mobile, Inc.*		4,000		20,040
Guidance Software, Inc.*		400		2,164
Guidewire Software, Inc.*		2,600		136,786
Hubspot, Inc.*		200		7,980
Imperva, Inc.*		1,000		42,700
inContact, Inc.*		2,100		22,890
Infoblox, Inc.*		2,100		50,127
InnerWorkings, Inc.*		1,724		11,585
Interactive Intelligence Group, Inc.*		597		24,584
Jive Software, Inc.*		1,500		7,695
Kofax Ltd.*		3,100		33,945
Luxoft Holding, Inc.*		300		15,522
ManTech International Corp., Class A		1,039		35,264
Mavenir Systems, Inc.*		200		3,548
MedAssets, Inc.*		2,448		46,071
Medidata Solutions, Inc.*		2,088		102,396
MicroStrategy, Inc., Class A*		318		53,802
Model N, Inc.*		300		3,588
Monotype Imaging Holdings, Inc.		1,599		52,191
New Relic, Inc.*		200		6,940
Omnicell, Inc.*		1,435		50,369
Opower, Inc.*		600		6,078
Paycom Software, Inc.*		200		6,412
PDF Solutions, Inc.*		1,200		21,504


	Number of Shares		Value†
COMMON STOCKS — (continued)
Software — (continued)
Pegasystems, Inc.		1,260	$	27,405
Progress Software Corp.*		1,986		53,960
Proofpoint, Inc.*		1,500		88,830
PROS Holdings, Inc.*		917		22,659
QAD, Inc.		92		2,226
Qlik Technologies, Inc.*		3,441		107,118
Quality Systems, Inc.		1,704		27,230
Rally Software Development Corp.*		1,000		15,690
RealPage, Inc.*		2,000		40,280
Rocket Fuel, Inc.*		800		7,360
Rosetta Stone, Inc.*		1,202		9,147
Sapiens International Corp. N.V.*		800		6,560
SciQuest, Inc.*		900		15,237
Seachange International, Inc.*		1,273		9,993
SS&C Technologies Holdings, Inc.		2,500		155,750
Synchronoss Technologies, Inc.*		1,346		63,881
SYNNEX Corp.		1,094		84,512
Take-Two Interactive Software, Inc.*		3,044		77,485
Tangoe, Inc.*		1,769		24,412
The Ultimate Software Group, Inc.*		1,072		182,192
Tyler Technologies, Inc.*		1,252		150,904
Verint Systems, Inc.*		2,195		135,936

				3,288,454

Storage & Warehousing — 0.2%
Mobile Mini, Inc.		1,777		75,771
Wesco Aircraft Holdings, Inc.*		2,140		32,785

				108,556

Telecommunications — 3.4%
8X8, Inc.*		3,400		28,560
ADTRAN, Inc.		2,205		41,167
Alliance Fiber Optic Products, Inc.		600		10,452
Anixter International, Inc.*		1,034		78,718
Aruba Networks, Inc.*		4,213		103,176
Atlantic Tele-Network, Inc.		349		24,158
Black Box Corp.		562		11,763
CalAmp Corp.*		1,400		22,666
Calix, Inc.*		1,487		12,476
Ciena Corp.*		3,900		75,309
Cincinnati Bell, Inc.*		7,785		27,481
Clearfield, Inc.*		400		5,928
Comtech Telecommunications Corp.		552		15,980
Comverse, Inc.*		990		19,503
Consolidated Communications Holdings, Inc.		1,841		37,556
DigitalGlobe, Inc.*		2,869		97,747
EarthLink Holdings Corp.		4,016		17,831
Extreme Networks, Inc.*		3,147		9,945
Fairpoint Communications, Inc.*		600		10,560
Finisar Corp.*		3,821		81,540
General Communication, Inc., Class A*		986		15,539
Gigamon, Inc.*		1,000		21,240
Globalstar, Inc.*		11,000		36,630
Gogo Inc*		2,200		41,932
GTT Communications, Inc.*		800		15,104
Harmonic, Inc.*		2,870		21,267
Hawaiian Telcom Holdco, Inc.*		500		13,315


	Number of Shares		Value†

Telecommunications — (continued)
IDT Corp., Class B		800	$	14,200
Infinera Corp.*		4,694		92,331
Inteliquent, Inc.		1,226		19,297
Intelsat SA*		1,200		14,400
InterDigital, Inc.		1,294		65,658
Iridium Communications, Inc.*		3,500		33,985
Ixia*		2,113		25,631
KVH Industries, Inc.*		354		5,353
LogMeIn, Inc.*		881		49,327
Loral Space & Communications, Inc.*		546		37,368
Lumos Networks Corp.		782		11,933
MagicJack VocalTec Ltd.*		700		4,788
NETGEAR, Inc.*		1,329		43,698
NeuStar, Inc., Class A*		2,000		49,240
NTELOS Holdings Corp.		382		1,834
Numerex Corp.*		800		9,120
Oclaro, Inc.*		3,000		5,940
ORBCOMM, Inc.*		2,000		11,940
ParkerVision, Inc.*		4,100		3,403
Plantronics, Inc.		1,667		88,268
Polycom, Inc.*		5,500		73,700
Preformed Line Products Co.		45		1,896
Premiere Global Services, Inc.*		1,656		15,831
Procera Networks, Inc.*		700		6,573
Qorvo, Inc.*		5,425		432,346
RigNet, Inc.*		500		14,295
Ruckus Wireless, Inc.*		2,700		34,749
Shenandoah Telecommunications Co.		859		26,766
ShoreTel, Inc.*		2,281		15,556
Sonus Networks, Inc.*		1,843		14,523
Spok Holdings, Inc.		1,112		21,317
Telenav, Inc.*		1,000		7,920
Tessco Technologies, Inc.		200		4,932
Ubiquiti Networks, Inc.		1,200		35,460
ViaSat, Inc.*		1,562		93,111
Vonage Holdings Corp.*		6,100		29,951
Vringo, Inc.*		2,800		1,821
West Corp.		1,500		50,595

				2,366,599

Textiles — 0.2%
Culp, Inc.		300		8,025
G&K Services, Inc., Class A		776		56,283
The Dixie Group, Inc.*		900		8,145
UniFirst Corp.		577		67,907

				140,360

Toys, Games & Hobbies — 0.0%
JAKKS Pacific, Inc.*		584		3,994
LeapFrog Enterprises, Inc.*		2,776		6,052

				10,046

Transportation — 1.9%
Air Transport Services Group, Inc.*		2,085		19,224
Arcbest Corp.		995		37,701
Ardmore Shipping Corp.		800		8,056
Atlas Air Worldwide Holdings, Inc.*		1,048		45,085
Baltic Trading Ltd.		2,200		3,278


	Number of Shares		Value†
COMMON STOCKS — (continued)
Transportation — (continued)
Bristow Group, Inc.		1,350	$	73,508
CAI International, Inc.*		660		16,216
Celadon Group, Inc.		935		25,451
DHT Holdings, Inc.		2,900		20,242
Dorian LPG Ltd.*		400		5,212
Echo Global Logistics, Inc.*		800		21,808
Era Group, Inc.*		800		16,672
Forward Air Corp.		1,196		64,943
Frontline Ltd.*		1,200		2,688
GasLog Ltd.		1,700		33,014
Gulfmark Offshore, Inc., Class A		979		12,766
Heartland Express, Inc.		1,967		46,736
Hub Group, Inc., Class A*		1,443		56,695
International Shipholding Corp.		141		1,708
Knight Transportation, Inc.		2,264		73,014
Knightsbridge Tankers Ltd.		2,574		12,870
Marten Transport Ltd.		651		15,103
Matson, Inc.		1,600		67,456
Navios Maritime Acq Corp.		3,700		13,098
Navios Maritime Holdings, Inc.		3,200		13,376
Nordic American Offshore Ltd.		900		8,244
Nordic American Tankers Ltd.		3,567		42,483
Patriot Transportation Holding, Inc.*		123		3,071
PHI, Inc.*		593		17,837
Quality Distribution, Inc.*		800		8,264
Roadrunner Transportation Systems, Inc.*		1,000		25,270
Safe Bulkers, Inc.		1,700		6,103
Saia, Inc.*		961		42,572
Scorpio Bulkers, Inc.*		5,200		12,324
Scorpio Tankers, Inc.		6,300		59,346
Ship Finance International Ltd.		2,284		33,803
Swift Transportation Co.*		3,300		85,866
Teekay Tankers Ltd., Class A		3,193		18,328
Universal Truckload Services, Inc.		100		2,518
USA Truck, Inc.*		200		5,538
UTi Worldwide, Inc.*		3,400		41,820
Werner Enterprises, Inc.		1,752		55,030
XPO Logistics, Inc.*		2,041		92,804
YRC Worldwide, Inc.*		1,300		23,348

				1,290,489

Trucking and Leasing — 0.2%
Greenbrier Cos., Inc.		1,047		60,726
TAL International Group, Inc.		1,293		52,664
Textainer Group Holdings Ltd.		812		24,352

				137,742

Water — 0.3%
American States Water Co.		1,524		60,792
Artesian Resources Corp., Class A		113		2,417
California Water Service Group		1,766		43,285
Connecticut Water Service, Inc.		319		11,589
Middlesex Water Co.		531		12,086
PICO Holdings, Inc.*		792		12,838
SJW Corp.		488		15,084


	Number of Shares		Value†

Water — (continued)
York Water Co.		697	$	16,923

				175,014

TOTAL COMMON STOCKS (Cost $42,680,994)				62,464,525

REAL ESTATE INVESTMENT TRUSTS — 9.0%
Apartments — 0.3%
American Residential Properties, Inc.*		1,300		23,387
Associated Estates Realty Corp.		2,156		53,210
Campus Crest Communities, Inc.		2,300		16,468
Education Realty Trust, Inc.		1,601		56,643
Silver Bay Realty Trust Corp.		1,637		26,454
Trade Street Residential, Inc.		1,200		8,592

				184,754

Building & Real Estate — 1.3%
Agree Realty Corp.		596		19,650
Altisource Residential Corp.		2,200		45,892
Anworth Mortgage Asset Corp.		3,731		18,991
Apollo Commercial Real Estate Finance, Inc.		2,200		37,796
Ares Commercial Real Estate Corp.		1,000		11,050
Capstead Mortgage Corp.		3,475		40,901
Colony Financial, Inc.		4,016		104,095
CYS Investments, Inc.		5,856		52,177
Dynex Capital, Inc.		2,307		19,540
Getty Realty Corp.		1,163		21,166
Hatteras Financial Corp.		3,800		69,008
Invesco Mortgage Capital, Inc.		4,907		76,206
iStar Financial, Inc.*		3,318		43,134
New York Mortgage Trust, Inc.		3,400		26,384
PennyMac Mortgage Investment Trust		2,692		57,312
Redwood Trust, Inc.		2,877		51,412
Resource Capital Corp.		4,700		21,338
Select Income REIT		1,500		37,485
Starwood Waypoint Residential Trust		1,600		41,360
Sun Communities, Inc.		1,790		119,429

				914,326

Diversified — 1.0%
AG Mortgage Investment Trust, Inc.		1,188		22,382
Armada Hoffler Properties, Inc.		800		8,528
CatchMark Timber Trust, Inc., Class A		700		8,204
CorEnergy Infrastructure Trust, Inc.		1,500		10,395
CoreSite Realty Corp.		700		34,076
DuPont Fabros Technology, Inc.		2,450		80,066
EPR Properties		2,210		132,666
Gramercy Property Trust, Inc.		1,800		50,526
New York REIT, Inc.		6,200		64,976
PS Business Parks, Inc.		765		63,526
STAG lndustrial, Inc.		2,100		49,392
The Geo Group, Inc.		2,768		121,072
UMH Properties, Inc.		968		9,748
Whitestone REIT		800		12,704

				668,261


	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Diversified Financial Services — 0.6%
American Capital Mortgage Investment Corp.		2,043	$	36,692
Apollo Residential Mortgage, Inc.		1,332		21,246
ARMOUR Residential REIT, Inc.		14,200		45,014
DCT Industrial Trust, Inc.		3,120		108,139
Ladder Capital Corp.Class A*		600		11,106
New Residential Investment Corp.		5,600		84,168
Owens Realty Mortgage, Inc.		300		4,494
RAIT Financial Trust		3,606		24,737
STORE Capital Corp.		1,200		28,020
Western Asset Mortgage Capital Corp.		1,597		24,083

				387,699

Forest Products & Paper — 0.1%
Potlatch Corp.		1,578		63,183

Healthcare — 0.8%
Aviv REIT, Inc.		800		29,200
CareTrust REIT, Inc.		995		13,492
Healthcare Realty Trust, Inc.		3,672		102,008
LTC Properties, Inc.		1,317		60,582
Medical Properties Trust, Inc.		7,807		115,075
National Health Investors, Inc.		1,457		103,462
Physicians Realty Trust		2,600		45,786
Sabra Health Care REIT, Inc.		2,188		72,532
Universal Health Realty Income Trust		520		29,250
Ventas, Inc.		1		70

				571,457

Hotels & Resorts — 1.8%
Ashford Hospitality Prime, Inc.		864		14,489
Ashford Hospitality Trust, Inc.		3,020		29,052
Belmond Ltd.*		3,745		45,989
Chatham Lodging Trust		1,400		41,174
Chesapeake Lodging Trust		2,089		70,671
DiamondRock Hospitality Co.		7,523		106,300
FelCor Lodging Trust, Inc.		5,018		57,657
Hersha Hospitality Trust		7,669		49,619
LaSalle Hotel Properties		4,217		163,873
Pebblebrook Hotel Trust		2,709		126,158
RLJ Lodging Trust		5,000		156,550
Ryman Hospitality Properties, Inc.		1,612		98,187
Strategic Hotels & Resorts, Inc.*		10,312		128,178
Summitt Hotel Properties, Inc.		3,500		49,245
Sunstone Hotel Investors, Inc.		7,805		130,109

				1,267,251

Industrial — 0.5%
Chambers Street Properties		9,300		73,284
EastGroup Properties, Inc.		1,175		70,665
First Industrial Realty Trust, Inc.		4,129		88,484
First Potomac Realty Trust		2,392		28,441
Monmouth Real Estate Investment Corp., Class A		2,049		22,764
QTS Realty Trust, Inc.		500		18,205
Rexford Industrial Realty, Inc.		2,000		31,620
Terreno Realty Corp.		1,675		38,190

				371,653


	Number of Shares		Value†

Internet — 0.1%
CyrusOne, Inc.		1,300	$	40,456

Mixed Industrial/Office — 0.4%
Cousins Properties, Inc.		7,761		82,267
Gladstone Commercial Corp.		652		12,134
Investors Real Estate Trust		4,618		34,635
Lexington Realty Trust		8,015		78,787
One Liberty Properties, Inc.		503		12,283
Washington Real Estate Investment Trust		2,606		72,004

				292,110

Office Property — 0.9%
American Assets Trust, Inc.		1,400		60,592
Easterly Government Proper, Inc.*		500		8,025
Empire State Realty Trust, Inc.		3,300		62,073
Franklin Street Properties Corp.		3,245		41,601
Government Properties Income Trust		2,744		62,700
Highwoods Properties, Inc.		3,460		158,399
Hudson Pacific Properties, Inc.		2,500		82,975
Mack-Cali Realty Corp.		3,500		67,480
Parkway Properties, Inc.		2,980		51,703

				595,548

Regional Malls — 0.1%
Pennsylvania Real Estate Investment Trust		2,715		63,070
Rouse Properties, Inc.		1,400		26,544

				89,614

Storage & Warehousing — 0.4%
CubeSmart		6,125		147,919
InfraREIT, Inc.		900		25,731
Sovran Self Storage, Inc.		1,282		120,431

				294,081

Strip Centers — 0.7%
Acadia Realty Trust		2,520		87,897
Alexander’s, Inc.		57		26,025
Cedar Realty Trust, Inc.		2,826		21,167
Equity One, Inc.		2,454		65,497
Excel Trust, Inc.		2,100		29,442
Inland Real Estate Corp.		3,688		39,425
Kite Realty Group Trust		1,251		35,241
Ramco-Gershenson Properties Trust		3,141		58,423
Retail Opportunity Investments Corp.		3,300		60,390
Saul Centers, Inc.		451		25,797
Urstadt Biddle Properties, Inc., Class A		816		18,817

				468,121

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,703,085)				6,208,514

RIGHTS — 0.0%
Chelsea Therapeutics Intl Ltd. - Contingent Rights~		1,600		0
Clinical Data, Inc.~		354		0
Durata Therapeutics CVR Shares~		500		415
Federal Mogul Rights*~		916		18
Furiex Pharmaceuticals Rights~		300		2,445


	Number of Shares		Value†
RIGHTS — (continued)
Leap Wireless CVR~		2,300	$	5,796

TOTAL RIGHTS (Cost $8,671)				8,674


	Par (000)		Value†
U.S. TREASURY OBLIGATIONS — 0.2%
U.S. Treasury Bills
0.003%, 04/16/15	$	65		64,999
0.005%, 04/23/15		60		60,000

TOTAL U.S. TREASURY OBLIGATIONS (Cost $125,000)				124,999


	Number of Shares		Value†
WARRANTS — 0.0%
Magnum Hunter Resources Corp.~ (Cost $0)		780		0

SHORT-TERM INVESTMENTS — 1.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $966,541)		966,541		966,541

TOTAL INVESTMENTS — 101.0% (Cost $48,484,291)(a)			$	69,773,253

Other Assets & Liabilities — (1.0)%				(657,607	)

TOTAL NET ASSETS — 100.0%			$	69,115,646

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $48,805,075. Net unrealized appreciation was $20,968,178. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $25,655,551 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $4,687,373.

~	Fair valued security. The total market value of fair valued securities at March 31, 2015 is $8,778.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.


COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Advertising		0.2	%	$	92,342
Aerospace & Defense		1.6	%		1,018,149
Agriculture		0.3	%		176,813
Airlines		0.6	%		387,424
Apparel		1.0	%		644,313
Auto Manufacturers		0.1	%		36,660
Auto Parts & Equipment		1.4	%		860,078
Banks		8.0	%		4,990,355
Beverages		0.2	%		132,835


Biotechnology	3.7	%		2,318,932
Building Materials	1.4	%		853,080
Chemicals	2.1	%		1,325,003
Coal	0.1	%		83,849
Commercial Services	5.9	%		3,698,175
Computers	2.4	%		1,525,915
Cosmetics & Personal Care	0.1	%		55,695
Distribution & Wholesale	0.9	%		586,097
Diversified Financial Services	2.9	%		1,782,161
Electric	2.2	%		1,401,336
Electrical Components & Equipment	1.2	%		731,329
Electronics	2.3	%		1,407,202
Energy-Alternate Sources	0.4	%		271,846
Engineering & Construction	0.8	%		497,473
Entertainment	1.0	%		606,060
Environmental Control	0.5	%		307,193
Food	2.1	%		1,340,231
Forest Products & Paper	0.6	%		393,314
Gas	1.2	%		743,131
Hand & Machine Tools	0.1	%		63,694
Healthcare Products	4.3	%		2,714,151
Healthcare Services	2.0	%		1,268,516
Holding Companies	0.1	%		91,239
Home Builders	0.9	%		548,855
Home Furnishings	0.6	%		367,572
Hotels & Resorts	0.1	%		63,684
Household Products & Wares	0.5	%		321,844
Housewares	0.1	%		34,984
Insurance	3.3	%		2,027,712
Internet	2.2	%		1,354,764
Investment Companies	0.1	%		34,574
Iron & Steel	0.2	%		141,994
Leisure Time	0.8	%		520,696
Lodging	0.1	%		79,327
Machinery - Construction & Mining	0.1	%		62,471
Machinery - Diversified	1.0	%		646,619
Media	1.3	%		789,180
Metal Fabricate/Hardware	0.9	%		585,807
Mining	0.6	%		396,599
Miscellaneous Manufacturing	2.0	%		1,225,485
Office & Business Equipment	—	%+		15,192
Office Furnishings	0.5	%		311,589
Oil & Gas	1.8	%		1,133,087
Oil & Gas Services	0.8	%		509,390
Packaging and Containers	0.5	%		317,469
Pharmaceuticals	5.2	%		3,224,549
Pipelines	0.3	%		155,757
Real Estate	0.5	%		298,561
Retail	6.5	%		4,078,878
Savings & Loans	1.8	%		1,104,684
Semiconductors	3.5	%		2,191,351
Software	5.3	%		3,288,454
Storage & Warehousing	0.2	%		108,556
Telecommunications	3.8	%		2,366,599
Textiles	0.2	%		140,360
Toys, Games & Hobbies	—	%+		10,046
Transportation	2.1	%		1,290,489
Trucking and Leasing	0.2	%		137,742
Water	0.3	%		175,014
	100.0	%	$	62,464,525

+ Rounded.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi-ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Advertising	$	92,342	$	92,342	$	—	$	—
Aerospace & Defense		1,018,149		1,018,149		—		—
Agriculture		176,813		176,813		—		—
Airlines		387,424		387,424		—		—
Apparel		644,313		644,313		—		—
Auto Manufacturers		36,660		36,660		—		—
Auto Parts & Equipment		860,078		860,078		—		—
Banks		4,990,355		4,990,355		—		—
Beverages		132,835		132,835		—		—
Biotechnology		2,318,932		2,318,932		—		—
Building Materials		853,080		853,080		—		—
Chemicals		1,325,003		1,325,003		—		—
Coal		83,849		83,849		—		—
Commercial Services		3,698,175		3,698,175		—		—
Computers		1,525,915		1,525,915		—		—
Cosmetics & Personal Care		55,695		55,695		—		—
Distribution & Wholesale		586,097		586,097		—		—
Diversified Financial Services		1,782,161		1,782,057		104		—
Electric		1,401,336		1,401,336		—		—
Electrical Components & Equipment		731,329		731,329		—		—
Electronics		1,407,202		1,407,202		—		—
Energy-Alternate Sources		271,846		271,846		—		—
Engineering & Construction		497,473		497,473		—		—
Entertainment		606,060		606,060		—		—
Environmental Control		307,193		307,193		—		—
Food		1,340,231		1,340,231		—		—
Forest Products & Paper		393,314		393,314		—		—
Gas		743,131		743,131		—		—
Hand & Machine Tools		63,694		63,694		—		—
Healthcare Products		2,714,151		2,714,151		—		—
Healthcare Services		1,268,516		1,268,516		—		—
Holding Companies		91,239		91,239		—		—
Home Builders		548,855		548,855		—		—
Home Furnishings		367,572		367,572		—		—
Hotels & Resorts		63,684		63,684		—		—
Household Products & Wares		321,844		321,844		—		—
Housewares		34,984		34,984		—		—
Insurance		2,027,712		2,027,712		—		—
Internet		1,354,764		1,354,764		—		—
Investment Companies		34,574		34,574		—		—
Iron & Steel		141,994		141,994		—		—
Leisure Time		520,696		520,696		—		—
Lodging		79,327		79,327		—		—
Machinery - Construction & Mining		62,471		62,471		—		—
Machinery - Diversified		646,619		646,619		—		—
Media		789,180		789,180		—		—
Metal Fabricate/Hardware		585,807		585,807		—		—
Mining		396,599		396,599		—		—
Miscellaneous Manufacturing		1,225,485		1,225,485		—		—
Office & Business Equipment		15,192		15,192		—		—
Office Furnishings		311,589		311,589		—		—
Oil & Gas		1,133,087		1,133,087		—		—
Oil & Gas Services		509,390		509,390		—		—
Packaging and Containers		317,469		317,469		—		—
Pharmaceuticals		3,224,549		3,224,549		—		—
Pipelines		155,757		155,757		—		—
Real Estate		298,561		298,561		—		—
Retail		4,078,878		4,078,878		—		—
Savings & Loans		1,104,684		1,104,684		—		—


Semiconductors		2,191,351		2,191,351		—		—
Software		3,288,454		3,288,454		—		—
Storage & Warehousing		108,556		108,556		—		—
Telecommunications		2,366,599		2,366,599		—		—
Textiles		140,360		140,360		—		—
Toys, Games & Hobbies		10,046		10,046		—		—
Transportation		1,290,489		1,290,489		—		—
Trucking and Leasing		137,742		137,742		—		—
Water		175,014		175,014		—		—
REAL ESTATE INVESTMENT TRUSTS		6,208,514		6,208,514		—		—
U.S. TREASURY OBLIGATIONS		124,999		—		124,999		—
RIGHTS		8,674		—		8,674		—
WARRANTS		—		—		—		—
SHORT-TERM INVESTMENTS		966,541		966,541		—		—
TOTAL INVESTMENTS	$	69,773,253	$	69,639,476	$	133,777	$	—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
COMMON STOCKS — 96.8%
Australia — 7.1%
AGL Energy Ltd.		5,276	$	60,995
ALS Ltd.		2,665		10,010
Alumina Ltd.		24,432		29,732
Amcor Ltd.		9,072		96,662
AMP Ltd.		24,438		119,278
APA Group		8,753		60,204
Asciano Ltd.		6,807		32,735
ASX Ltd.		1,401		44,077
Aurizon Holdings Ltd.		15,495		57,033
Ausnet Services		17,025		18,895
Australia & New Zealand Banking Group Ltd.		21,569		600,053
Bank of Queensland Ltd.		2,849		29,854
Bendigo & Adelaide Bank Ltd.		3,553		33,856
BHP Billiton Ltd.		24,967		580,333
Boral Ltd.		7,228		35,037
Brambles Ltd.		11,190		97,859
Caltex Australia Ltd.		1,064		28,238
Coca-Cola Amatil Ltd.		4,861		39,799
Cochlear Ltd.		371		25,505
Commonwealth Bank of Australia		12,870		912,877
Computershare Ltd.		3,381		32,680
Crown Resorts Ltd.		2,801		28,430
CSL Ltd.		3,583		250,675
Dexus Property Group		6,834		39,344
Federation Centres		9,200		21,236
Flight Centre Travel Group Ltd.		439		13,213
Fortescue Metals Group Ltd.		13,816		20,452
Goodman Group		14,482		69,733
Harvey Norman Holdings Ltd.		3,235		10,934
Healthscope Ltd.		7,253		16,862
Iluka Resources Ltd.		2,885		18,596
Incitec Pivot Ltd.		13,459		41,571
Insurance Australia Group Ltd.		19,230		89,015
Leighton Holdings Ltd.		829		13,284
Lend Lease Group		4,333		54,728
Macquarie Group Ltd.		2,346		136,364
Medibank Pvt. Ltd.*		21,209		37,405
Mirvac Group		26,971		41,182
National Australia Bank Ltd.		18,476		540,872
Newcrest Mining Ltd.		6,279		63,327
Novion Property Group		15,426		29,386
Orica Ltd.		2,861		43,445
Origin Energy Ltd.		8,958		76,786
Platinum Asset Management Ltd.		1,805		10,723
Qantas Airways Ltd.*		6,627		15,719
QBE Insurance Group Ltd.		10,872		107,468
Ramsay Health Care Ltd.		980		50,034
REA Group Ltd.		400		14,652
Rio Tinto Ltd.		3,224		139,696
Santos Ltd.		7,742		41,879
Scentre Group		41,494		117,878
Seek Ltd.		2,700		35,007
Sonic Healthcare Ltd.		3,379		52,496
Stockland		17,761		60,682
Suncorp Group Ltd.		9,636		98,813


	Number of Shares		Value†

Australia — (continued)
Sydney Airport		9,491	$	37,349
Tabcorp Holdings Ltd.		7,043		25,376
Tatts Group Ltd.		13,129		39,720
Telstra Corp. Ltd.		33,844		162,467
The GPT Group*		14,881		51,687
The GPT Group, In Specie~		16,419		0
Toll Holdings Ltd.		4,477		30,121
TPG Telecom Ltd.		2,224		15,440
Transurban Group		14,509		105,058
Treasury Wine Estates Ltd.		5,248		20,391
Wesfarmers Ltd.		8,771		292,898
Westfield Corp.		15,906		115,272
Westpac Banking Corp.		24,415		729,790
Woodside Petroleum Ltd.		5,940		155,622
Woolworths Ltd.		9,465		211,959
WorleyParsons Ltd.		1,418		10,262

				7,351,011

Austria — 0.2%
Andritz AG		668		39,884
Erste Group Bank AG		1,965		48,308
Immoeast AG~		2,678		0
IMMOFINANZ AG*		6,387		18,811
OMV AG		1,135		31,134
Raiffeisen Bank International AG*		750		10,423
Vienna Insurance Group AG Wiener Versicherung Gruppe		300		13,283
Voestalpine AG		1,009		36,909

				198,752

Belgium — 1.3%
Ageas*		1,719		61,733
Anheuser-Busch InBev N.V.		6,279		767,073
Belgacom S.A.		1,133		39,642
Colruyt S.A.		647		28,159
Delhaize Group S.A.		900		80,856
Groupe Bruxelles Lambert S.A.		667		55,300
KBC Groep N.V.		1,797		111,058
Solvay S.A.		480		69,384
Telenet Group Holding N.V.*		377		20,744
UCB S.A.		1,013		73,180
Umicore S.A.		738		30,823

				1,337,952

Bermuda — 0.0%
Seadrill Ltd.*		3,129		29,299

China — 0.1%
Sands China Ltd.		19,200		79,397
Yangzijiang Shipbuilding Holdings Ltd.		19,000		17,468

				96,865

Denmark — 1.6%
A.P. Moller - Maersk A/S, B Shares		55		114,963
A.P. Moller - Maersk A/S, A Shares		31		62,950
Carlsberg A/S, B Shares		840		69,263
Coloplast A/S, B Shares		905		68,368
Danske Bank A/S		5,150		135,770
DSV A/S		1,264		39,284


	Number of Shares		Value†
COMMON STOCKS — (continued)
Denmark — (continued)
ISS A/S*		936	$	29,503
Novo Nordisk A/S, B Shares		15,674		836,737
Novozymes A/S, B Shares		1,916		87,464
Pandora A/S		923		84,035
TDC A/S		6,200		44,423
Tryg A/S		193		22,698
Vestas Wind Systems A/S		1,794		73,968
William Demant Holding A/S*		138		11,717

				1,681,143

Finland — 0.8%
Elisa OYJ		1,000		25,113
Fortum OYJ		3,489		73,095
Kone OYJ, B Shares		2,334		103,490
Metso OYJ		661		19,312
Neste Oil OYJ		812		21,307
Nokia OYJ		28,055		213,912
Nokian Renkaat OYJ		765		22,798
Orion OYJ, B Shares		750		21,141
Sampo OYJ, A Shares		3,551		179,106
Stora Enso OYJ, R Shares		4,323		44,449
UPM-Kymmene OYJ		4,158		80,777
Wartsila OYJ Abp		1,184		52,368

				856,868

France — 9.0%
Accor S.A.		1,266		66,017
Aeroports de Paris		215		25,698
Air Liquide S.A.		2,701		347,724
Alcatel-Lucent*		21,121		79,403
Alstom S.A.		1,899		58,434
Arkema S.A.		577		45,696
AtoS S.A.		684		47,084
AXA S.A.		14,120		355,387
BNP Paribas S.A.		8,235		501,065
Bollore S.A.		4,400		23,444
Bouygues S.A.		1,207		47,382
Bureau Veritas S.A.		1,772		38,018
Cap Gemini S.A.		1,033		84,749
Carrefour S.A.		4,584		153,137
Casino Guichard Perrachon S.A.		468		41,439
Christian Dior SE		408		76,793
CNP Assurances		1,617		28,340
Compagnie de Saint-Gobain		3,494		153,411
Compagnie Generale des Establissements Michelin, B Shares		1,486		147,775
Credit Agricole S.A.		8,333		122,453
Danone S.A.		4,504		303,604
Dassault Systemes S.A.		976		66,050
Edenred		1,675		41,791
Electricite de France S.A.		2,020		48,436
Essilor International S.A.		1,615		185,426
Eurazeo S.A.		327		22,410
Eutelsat Communications S.A.		1,288		42,724
Fonciere Des Regions		262		25,944
Fonciere Des Regions I2015*		16		1,544
GDF Suez		10,880		214,803
Gecina S.A.		190		25,698


	Number of Shares		Value†

France — (continued)
Groupe Eurotunnel SE		3,742	$	53,645
Hermes International		218		76,972
ICADE		313		28,278
Iliad S.A.		205		47,898
Imerys S.A.		213		15,628
JCDecaux S.A.		400		13,469
Kering		548		106,979
Klepierre		1,527		74,985
L’Oreal S.A.		1,971		363,038
Lafarge S.A.		1,338		86,984
Lagardere S.C.A.		948		28,492
Legrand S.A.		2,075		112,398
LVMH Moet Hennessy Louis Vuitton SE		2,114		372,027
Natixis		7,282		54,546
Numericable-SFR S.A.S*		671		36,608
Orange S.A.		14,609		234,613
Pernod Ricard S.A.		1,689		199,709
Peugeot S.A.		3,574		59,741
Publicis Groupe S.A.		1,450		111,877
Remy Cointreau S.A.		152		11,195
Renault S.A.		1,493		135,609
Rexel S.A.		1,862		35,109
Safran S.A.		2,129		148,756
Sanofi S.A.		9,242		912,728
Schneider Electric SE		3,929		305,749
SCOR SE		1,378		46,477
Societe BIC S.A.		246		35,021
Societe Generale S.A.		5,416		261,494
Sodexo		765		74,613
Suez Environment Co.		2,507		43,162
Technip S.A.		838		50,689
Thales S.A.		773		42,888
Total S.A.		16,701		830,153
Unibail-Rodamco SE		776		209,547
Valeo S.A.		573		85,466
Vallourec S.A.		794		19,379
Veolia Environment S.A.		2,970		56,173
Vinci S.A.		3,660		209,109
Vivendi S.A.		9,570		237,601
Wendel S.A.		253		30,156
Zodiac Aerospace		1,348		44,600

				9,325,440

Germany — 8.6%
Adidas AG		1,710		135,027
Allianz SE		3,570		619,809
Axel Springer SE		327		19,300
BASF SE		7,181		710,884
Bayer AG		6,448		964,719
Bayerische Motoren Werke AG		2,574		320,552
Beiersdorf AG		792		68,674
Brenntag AG		1,140		68,109
Celesio AG		516		15,237
Commerzbank AG*		7,602		104,460
Continental AG		878		206,765
Daimler AG		7,498		720,066
Deutsche Annington Immobilien SE		2,675		90,141


	Number of Shares		Value†
COMMON STOCKS — (continued)
Germany — (continued)
Deutsche Bank AG		10,441	$	361,860
Deutsche Boerse AG		1,516		123,719
Deutsche Lufthansa AG		1,991		27,879
Deutsche Post AG		7,523		234,377
Deutsche Telekom AG		24,414		446,541
Deutsche Wohnen AG		2,258		57,752
E.ON SE		15,047		223,732
Fraport AG Frankfurt Airport Services Worldwide		272		16,247
Fresenius Medical Care AG & Co. KGaA		1,772		147,291
Fresenius SE & Co. KGaA		2,961		176,524
GEA Group AG		1,522		73,164
Hannover Rueck SE		474		48,980
HeidelbergCement AG		1,060		83,827
Henkel AG & Co. KGaA		823		84,927
Hugo Boss AG		437		53,092
Infineon Technologies AG		8,492		101,028
K+S AG		1,330		43,334
Kabel Deutschland Holding AG		172		22,327
LANXESS AG		691		36,751
Linde AG		1,444		293,635
MAN SE		297		31,265
Merck KGaA		1,016		113,708
Metro AG		1,107		37,516
Muenchener Ruckversicherungs AG		1,344		288,801
OSRAM Licht AG		667		33,018
ProSiebenSat.1 Media AG		1,773		86,722
RWE AG		3,801		96,773
SAP SE		7,163		517,721
Siemens AG		6,062		655,628
Symrise AG		897		56,559
Telefonica Deutschland Holding AG		4,698		27,015
ThyssenKrupp AG		3,706		97,023
Tui AG*		3,510		61,580
United Internet AG		908		41,213
Volkswagen AG		247		63,509

				8,908,781

Guernsey — 0.1%
Friends Life Group Ltd.		10,186		62,359

Hong Kong — 3.0%
AIA Group Ltd.		94,200		591,433
ASM Pacific Technology Ltd.		1,700		17,695
Bank of East Asia Ltd.		11,300		45,013
BOC Hong Kong Holdings Ltd.		27,500		98,078
Cathay Pacific Airways Ltd.		10,000		23,140
Cheung Kong Infrastructure Holdings Ltd.		4,000		34,355
CK Hutchison Holdings Ltd.		11,000		224,736
CLP Holdings Ltd.		14,000		122,362
First Pacific Co., Ltd.		15,750		15,724
Galaxy Entertainment Group Ltd.		18,000		81,726
Hang Lung Properties Ltd.		19,000		53,380
Hang Seng Bank Ltd.		5,600		101,354
Henderson Land Development Co., Ltd.		9,130		64,139
HKT Trust & HKT Ltd.		21,240		27,357
Hong Kong & China Gas Co., Ltd.		49,145		113,798


	Number of Shares		Value†

Hong Kong — (continued)
Hong Kong Exchanges & Clearing Ltd.		8,230	$	201,736
Hutchison Whampoa Ltd.		17,000		235,635
Hysan Development Co., Ltd.		6,140		26,913
Kerry Properties Ltd.		3,509		12,181
Li & Fung Ltd.		50,000		48,825
MGM China Holdings Ltd.		8,400		15,782
MTR Corp., Ltd.		11,264		53,575
New World Development Co., Ltd.		46,324		53,705
Noble Group Ltd.		38,270		25,635
NWS Holdings Ltd.		12,295		20,479
PCCW Ltd.		33,068		20,207
Power Assets Holdings Ltd.		10,000		102,078
Shangri-La Asia Ltd.		6,666		9,155
Sino Land Co., Ltd.		21,063		34,346
SJM Holdings Ltd.		17,000		22,203
Sun Hung Kai Properties Ltd.		13,161		202,936
Swire Pacific Ltd., A Shares		5,000		68,062
Swire Properties Ltd.		9,336		30,322
Techtronic Industries Co.		11,000		37,085
The Link REIT		18,176		112,131
The Wharf Holdings Ltd.		11,000		76,789
WH Group Ltd.*		23,670		13,445
Wheelock & Co., Ltd.		7,000		35,771
Yue Yuen Industrial Holdings Ltd.		7,000		24,769

				3,098,055

Ireland — 0.8%
Anglo Irish Bank Corp. PLC~		3,146		0
Bank of Ireland*		220,348		84,073
CRH PLC*		6,319		165,259
Experian PLC		7,210		119,347
James Hardie Industries PLC		3,154		36,485
Kerry Group PLC, A Shares*		1,174		78,917
Ryanair Holdings PLC ADR		59		3,939
Shire PLC		4,642		370,073

				858,093

Israel — 0.6%
Bank Hapoalim BM		8,292		39,871
Bank Leumi Le-Israel BM*		11,337		42,040
Bezeq The Israeli Telecommunication Corp., Ltd.		15,011		27,953
Delek Group Ltd.		36		9,265
Israel Chemicals Ltd.		3,410		24,219
Mizrahi Tefahot Bank Ltd.*		783		7,946
NICE Systems Ltd.		400		24,415
Teva Pharmaceutical Industries Ltd.		6,730		420,607
The Israel Corp. Ltd.		16		5,573

				601,889

Italy — 2.1%
Assicurazioni Generali SpA		8,750		172,043
Atlantia SpA		3,091		81,170
Banca Monte Dei Paschi di Siena SPA*		34,821		23,110
Banco Popolare SC		3,001		46,717
Enel Green Power SpA		13,747		25,633
Enel SpA		52,111		235,407
Eni SpA		19,331		334,582


	Number of Shares		Value†
COMMON STOCKS — (continued)
Italy — (continued)
Exor SpA		848	$	38,465
Finmeccanica SpA*		3,179		37,761
Intesa Sanpaolo SpA		98,312		333,670
Intesa Sanpaolo SpA, RSP		4,624		14,361
Luxottica Group SpA		1,314		83,223
Mediobanca SpA		4,539		43,427
Pirelli & C. SpA		1,674		27,709
Prysmian SpA		1,833		37,778
Saipem SpA*		2,015		20,497
Snam Rete Gas SpA		17,071		82,865
Telecom Italia SpA*		84,348		98,763
Telecom Italia SpA		38,303		36,017
Terna Rete Elettrica Nasionale SpA		11,628		51,203
UniCredit SpA		33,145		224,765
Unione di Banche Italiane SCpA		7,359		57,393
Unipolsai SPA		8,602		25,029

				2,131,588

Japan — 21.6%
ABC-Mart, Inc.		200		11,697
Acom Co., Ltd.*		3,200		11,097
Advantest Corp.		1,200		15,129
Aeon Co., Ltd.		4,900		53,750
AEON Financial Service Co., Ltd.		700		17,658
Aeon Mall Co., Ltd.		710		14,060
Air Water, Inc.		1,000		17,858
Aisin Seiki Co., Ltd.		1,400		50,757
Ajinomoto Co., Inc.		4,000		87,754
Alfresa Holdings Corp.		1,600		22,546
Amada Co., Ltd.		3,000		28,892
ANA Holdings, Ltd.		11,000		29,449
Aozora Bank Ltd.		10,000		35,446
Asahi Glass Co., Ltd.		7,000		45,850
Asahi Group Holdings Ltd.		3,200		101,467
Asahi Kasei Corp.		9,000		85,947
Asics Corp.		1,000		27,212
Astellas Pharma, Inc.		17,000		278,543
Bandai Namco Holdings, Inc.		1,100		21,410
Benesse Holdings, Inc.		700		22,021
Bridgestone Corp.		5,200		208,208
Brother Industries Ltd.		1,500		23,832
Calbee, Inc.		400		17,365
Canon, Inc.*		8,900		314,894
Casio Computer Co., Ltd.		1,500		28,412
Central Japan Railway Co.		1,100		198,792
Chiyoda Corp.		1,000		8,543
Chubu Electric Power Co., Inc.		5,100		60,812
Chugai Pharmaceutical Co., Ltd.*		1,800		56,810
Citizen Holdings Co., Ltd.		1,400		10,730
Credit Saison Co., Ltd.		1,500		26,908
Dai Nippon Printing Co., Ltd.		5,000		48,566
Daicel Corp.		2,000		23,839
Daihatsu Motor Co., Ltd.		1,800		27,532
Daiichi Sankyo Co., Ltd.		4,500		71,509
Daikin Industries Ltd.		1,800		120,337
Daito Trust Construction Co., Ltd.		600		66,999
Daiwa House Industry Co., Ltd.		4,300		84,754


	Number of Shares		Value†

Japan — (continued)
Daiwa Securities Group, Inc.		13,000	$	102,335
Denso Corp.		3,600		164,107
Dentsu, Inc.		1,800		77,001
Don Quijote Holdings Co., Ltd.		400		32,515
East Japan Railway Co.		2,500		200,335
Eisai Co., Ltd.		2,000		142,256
Electric Power Development Co., Ltd.		1,000		33,687
FamilyMart Co., Ltd.		500		20,949
FANUC Corp.		1,500		327,471
Fast Retailing Co., Ltd.		400		154,663
Fuji Electric Co., Ltd.		4,000		18,872
Fuji Heavy Industries Ltd.		4,500		149,383
FUJIFILM Holdings Corp.		3,700		131,633
Fujitsu Ltd.		13,000		88,655
Fukuoka Financial Group, Inc.		6,000		30,855
GungHo Online Entertainment, Inc.*		3,000		11,719
Hakuhodo DY Holdings, Inc.		2,500		26,578
Hamamatsu Photonics K.K.		1,000		30,142
Hankyu Hanshin Holdings, Inc.		10,000		61,774
Hikari Tsushin, Inc.		200		12,953
Hino Motors Ltd.		2,000		28,457
Hirose Electric Co., Ltd.		210		27,038
Hisamitsu Pharmaceutical Co., Inc.		400		16,428
Hitachi Chemical Co., Ltd.		1,000		21,354
Hitachi Construction Machinery Co., Ltd.		1,000		17,456
Hitachi High-Technologies Corp.		500		15,216
Hitachi Ltd.		38,000		259,534
Hitachi Metals Ltd.		2,000		30,653
Hokuhoku Financial Group, Inc.		10,000		22,291
Hokuriku Electric Power Co.		1,200		15,879
Honda Motor Co., Ltd.		12,400		404,772
Hoya Corp.		3,500		140,120
Hulic Co., Ltd.		2,500		28,090
Ibiden Co., Ltd.		1,300		21,915
Idemitsu Kosan Co., Ltd.		400		6,966
IHI Corp.		12,000		56,109
Iida Group Holdings Co., Ltd.		1,000		12,441
Inpex Corp.		7,200		79,335
Isetan Mitsukoshi Holdings Ltd.		2,500		41,307
Isuzu Motors Ltd.		4,500		59,704
ITOCHU Corp.		11,800		127,698
Itochu Technology Solutions Corp.		600		12,447
J. Front Retailing Co., Ltd.		2,000		31,397
Japan Airlines Co., Ltd.		1,000		31,107
Japan Display, Inc.		3,000		10,704
Japan Exchange Group, Inc.		2,000		57,906
Japan Prime Realty Investment Corp.*		5		17,218
Japan Real Estate Investment Corp.*		10		47,036
Japan Retail Fund Investment Corp.		20		39,742
Japan Tobacco, Inc.		8,300		262,403
JFE Holdings, Inc.		3,700		81,671
JGC Corp.		2,000		39,715
JSR Corp.		1,100		19,049
JTEKT Corp.		1,500		23,387
JX Holdings, Inc.		17,690		68,065
Kajima Corp.		7,000		32,454


	Number of Shares		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Kakaku.Com, Inc.		1,100	$	18,253
Kamigumi Co., Ltd.		2,000		18,880
Kaneka Corp.		2,000		14,061
Kansai Paint Co., Ltd.		2,000		36,400
Kao Corp.		3,800		189,749
Kawasaki Heavy Industries Ltd.		10,000		50,450
KDDI Corp.		13,200		298,221
Keihan Electric Railway Co., Ltd.		3,000		18,258
Keikyu Corp.		4,000		31,973
Keio Corp.		5,000		39,160
Keisei Electric Railway Co., Ltd.		2,000		24,823
Keyence Corp.		341		186,083
Kikkoman Corp.		1,000		31,709
Kintetsu Corp.		13,000		47,695
Kirin Holdings Co., Ltd.		5,800		76,074
Kobe Steel Ltd.		26,000		47,955
Koito Manufacturing Co., Ltd.		600		18,041
Komatsu Ltd.		7,300		143,100
Konami Corp.		600		11,225
Konica Minolta, Inc.		4,000		40,537
Kubota Corp.		9,000		142,190
Kuraray Co., Ltd.		2,400		32,495
Kurita Water Industries Ltd.		800		19,327
Kyocera Corp.		2,600		142,097
Kyowa Hakko Kirin Co., Ltd.		2,000		26,070
Kyushu Electric Power Co., Inc.		2,900		28,097
Lawson, Inc.		600		41,592
LIXIL Group Corp.		2,300		54,431
M3, Inc.		1,800		38,187
Mabuchi Motor Co., Ltd.		400		21,161
Makita Corp.		800		41,456
Marubeni Corp.		13,000		75,159
Marui Group Co., Ltd.		1,500		16,998
Maruichi Steel Tube Ltd.		300		7,101
Mazda Motor Corp.		3,900		79,021
McDonald’s Holdings Co.		700		15,513
Medipal Holdings Corp.		1,500		19,551
MEIJI Holdings Co., Ltd.		500		60,905
Minebea Co., Ltd.		2,000		31,457
Miraca Holdings, Inc.		400		18,389
Mitsubishi Chemical Holdings Corp.		9,500		55,148
Mitsubishi Corp.		10,500		210,985
Mitsubishi Electric Corp.		15,000		178,072
Mitsubishi Estate Co., Ltd.		10,000		231,920
Mitsubishi Gas Chemical Co., Inc.		3,000		14,764
Mitsubishi Heavy Industries Ltd.		24,000		132,055
Mitsubishi Logistics Corp.		1,000		15,563
Mitsubishi Materials Corp.		7,000		23,522
Mitsubishi Motors Corp.		5,200		46,887
Mitsubishi Tanabe Pharma Corp.		1,900		32,595
Mitsubishi UFJ Financial Group, Inc.		99,100		613,767
Mitsubishi UFJ Lease & Finance Co., Ltd.		4,600		22,732
Mitsui & Co., Ltd.		12,700		170,081
Mitsui Chemicals, Inc.		5,000		16,034
Mitsui Fudosan Co., Ltd.		7,000		205,576
Mitsui OSK Lines Ltd.		10,000		33,917


	Number of Shares		Value†

Japan — (continued)
Mixi, Inc.		200	$	8,085
Mizuho Financial Group, Inc.		179,880		316,135
MS&AD Insurance Group Holdings, Inc.		3,590		100,506
Murata Manufacturing Co., Ltd.		1,600		219,743
Nabtesco Corp.		700		20,222
Nagoya Railroad Co., Ltd.		7,000		27,952
NEC Corp.		21,000		61,686
Nexon Co. Ltd.		1,100		11,714
NGK Insulators Ltd.		2,000		42,613
NGK Spark Plug Co., Ltd.		1,400		37,582
NH Foods Ltd.		1,000		23,044
NHK Spring Co., Ltd.		1,200		12,484
Nidec Corp.		1,600		106,211
Nikon Corp.		2,900		38,885
Nintendo Co., Ltd.		800		117,380
Nippon Building Fund, Inc.		10		49,125
Nippon Electric Glass Co., Ltd.		2,000		9,774
Nippon Express Co., Ltd.		8,000		44,699
Nippon Paint Co., Ltd.		1,000		36,557
Nippon Prologis REIT, Inc.		10		22,014
Nippon Steel & Sumitomo Metal Corp.		59,170		148,777
Nippon Telegraph & Telephone Corp.		2,800		172,847
Nippon Yusen K.K.		13,000		37,398
Nissan Motor Co., Ltd.		19,400		197,309
Nisshin Seifun Group, Inc.		1,815		21,363
Nissin Foods Holdings Co., Ltd.		500		24,573
Nitori Holdings Co., Ltd.		600		40,616
Nitto Denko Corp.		1,200		80,129
NOK Corp.		1,000		30,068
Nomura Holdings, Inc.		28,500		167,399
Nomura Real Estate Holdings, Inc.		1,000		18,009
Nomura Research Institute Ltd.		1,000		37,570
NSK Ltd.		4,000		58,382
NTT Data Corp.		1,000		43,432
NTT DOCOMO, Inc.		11,400		199,227
NTT Urban Development Corp.		1,000		9,989
Obayashi Corp.		6,000		38,892
Odakyu Electric Railway Co., Ltd.		5,000		50,925
Oji Holdings Corp.		6,000		24,549
Olympus Corp.*		2,000		74,151
Omron Corp.		1,600		72,079
Ono Pharmaceutical Co., Ltd.		600		67,706
Oracle Corp. Japan		200		8,607
Oriental Land Co., Ltd.		1,600		121,149
ORIX Corp.		9,700		136,296
Osaka Gas Co., Ltd.		16,000		66,908
Otsuka Corp.		300		12,785
Otsuka Holdings Co., Ltd.		3,000		93,851
Panasonic Corp.		16,400		215,366
Park24 Co., Ltd.		800		16,368
Rakuten, Inc.		6,200		109,171
Recruit Holdings Co., Ltd.		1,000		31,201
Resona Holdings, Inc.		17,800		88,337
Ricoh Co., Ltd.		5,000		54,367
Rinnai Corp.		300		22,233
Rohm Co., Ltd.		800		54,666


	Number of Shares		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Sankyo Co., Ltd.		400	$	14,207
Sanrio Co., Ltd.		300		8,014
Santen Pharmaceutical Co., Ltd.		3,000		43,757
SBI Holdings, Inc.		1,710		20,700
Secom Co., Ltd.		1,700		113,391
Sega Sammy Holdings, Inc.		1,200		17,485
Seibu Holdings, Inc.		1,000		25,832
Seiko Epson Corp.		2,200		38,965
Sekisui Chemical Co., Ltd.		3,000		38,925
Sekisui House Ltd.		4,000		58,080
Seven & I Holdings Co., Ltd.		6,000		252,140
Seven Bank Ltd.		5,300		26,133
Sharp Corp.		11,000		21,546
Shikoku Electric Power Co., Inc.		1,300		16,000
Shimadzu Corp.		2,000		22,274
Shimamura Co., Ltd.		200		18,524
Shimano, Inc.		600		89,161
Shimizu Corp.		5,000		33,804
Shin-Etsu Chemical Co., Ltd.		3,200		208,922
Shinsei Bank Ltd.		14,000		27,837
Shionogi & Co., Ltd.		2,100		69,910
Shiseido Co., Ltd.		3,200		56,768
Showa Shell Sekiyu K.K.		1,000		9,134
SMC Corp.		400		119,106
SoftBank Corp.		7,500		436,796
Sompo Japan Nipponkoa Holdings, Inc.		2,825		87,825
Sony Corp.		8,900		238,018
Sony Financial Holdings, Inc.		1,200		19,303
Stanley Electric Co., Ltd.		1,300		29,344
Sumitomo Chemical Co., Ltd.		12,000		61,589
Sumitomo Corp.		8,100		86,435
Sumitomo Dainippon Pharma Co., Ltd.		1,400		16,582
Sumitomo Electric Industries Ltd.		5,900		77,340
Sumitomo Heavy Industries Ltd.		3,000		19,633
Sumitomo Metal Mining Co., Ltd.		4,000		58,463
Sumitomo Mitsui Financial Group, Inc.		10,000		383,046
Sumitomo Mitsui Trust Holdings, Inc.		25,430		105,638
Sumitomo Realty & Development Co., Ltd.		3,000		108,004
Sumitomo Rubber Industries Ltd.		1,200		22,120
Suntory Beverage & Food Ltd.		1,000		42,819
Suruga Bank Ltd.		1,000		20,767
Suzuken Co., Ltd.		440		13,412
Suzuki Motor Corp.		2,800		84,096
Sysmex Corp.		1,000		55,447
T&D Holdings, Inc.		5,100		70,054
Taiheiyo Cement Corp.		8,000		24,426
Taisei Corp.		8,000		45,154
Taisho Pharmaceutical Holdings Co., Ltd.		300		22,291
Taiyo Nippon Sanso Corp.		1,000		13,608
Takashimaya Co., Ltd.		2,000		19,647
Takeda Pharmaceutical Co., Ltd.		6,200		309,491
TDK Corp.		900		63,727
Teijin Ltd.		6,000		20,357
Terumo Corp.		2,200		57,954
The Bank of Kyoto Ltd.		3,000		31,443
The Bank of Yokohama Ltd.		10,000		58,566


	Number of Shares		Value†

Japan — (continued)
The Chiba Bank Ltd.		5,000	$	36,645
The Chugoku Bank Ltd.		1,000		14,932
The Chugoku Electric Power Co., Inc.		2,100		27,374
The Dai-ichi Life Insurance Co., Ltd.		8,500		123,293
The Gunma Bank Ltd.		3,000		20,266
The Hachijuni Bank Ltd.		4,000		28,205
The Hiroshima Bank Ltd.		4,000		21,557
The Iyo Bank Ltd.		2,000		23,719
The Joyo Bank Ltd.		6,000		30,835
The Kansai Electric Power Co., Inc.		5,900		56,232
The Shizuoka Bank Ltd.		4,000		39,895
The Yokohama Rubber Co., Ltd.		2,000		20,616
THK Co., Ltd.		1,000		25,411
Tobu Railway Co., Ltd.		9,000		42,639
Toho Co., Ltd.		900		22,006
Toho Gas Co., Ltd.		3,000		17,488
Tohoku Electric Power Co., Inc.		3,100		35,211
Tokio Marine Holdings, Inc.		5,400		203,833
Tokyo Electric Power Co., Inc.*		12,200		46,176
Tokyo Electron Ltd.		1,400		97,109
Tokyo Gas Co., Ltd.		17,000		106,874
Tokyo Tatemono Co., Ltd.		3,000		21,979
Tokyu Corp.		10,000		61,868
Tokyu Fudosan Holdings Corp.		4,000		27,282
TonenGeneral Sekiyu K.K.		2,000		17,248
Toppan Printing Co., Ltd.		4,000		30,769
Toray Industries, Inc.		11,000		92,070
Toshiba Corp.		32,000		134,082
TOTO Ltd.		2,000		29,698
Toyo Seikan Group Holdings Ltd.		1,000		14,627
Toyo Suisan Kaisha Ltd.		600		21,109
Toyoda Gosei Co., Ltd.		400		8,929
Toyota Industries Corp.		1,200		68,636
Toyota Motor Corp.		21,200		1,479,839
Toyota Tsusho Corp.		1,800		47,624
Trend Micro, Inc.*		800		26,360
Unicharm Corp.		3,000		78,540
United Urban Investment Corp.		19		29,619
USS Co., Ltd.		2,200		38,015
West Japan Railway Co.		1,300		68,160
Yahoo Japan Corp.		10,400		42,897
Yakult Honsha Co., Ltd.		700		48,764
Yamada Denki Co., Ltd.		8,300		34,179
Yamaguchi Financial Group, Inc.		2,000		22,987
Yamaha Corp.		1,600		27,940
Yamaha Motor Co., Ltd.*		2,400		57,818
Yamato Holdings Co., Ltd.		2,800		64,536
Yamato Kogyo Co., Ltd.		300		7,231
Yamazaki Baking Co., Ltd.		1,000		18,018
Yaskawa Electric Corp.		2,000		29,228
Yokogawa Electric Corp.		2,000		21,547

				22,378,825

Jersey — 0.1%
Randgold Resources Ltd.		735		50,952


	Number of Shares		Value†
COMMON STOCKS — (continued)
Luxembourg — 0.3%
Altice S.A.*		694	$	75,256
ArcelorMittal		8,260		77,500
Millicom International Cellular S.A.*		489		35,359
RTL Group S.A.		294		28,271
SES S.A.		2,387		84,619
Tenaris S.A.		3,987		55,890

				356,895

Macau — 0.0%
Wynn Macau Ltd.		12,400		26,798

Netherlands — 4.5%
Aegon N.V.		13,094		103,385
Airbus Group N.V.*		4,420		287,347
Akzo Nobel N.V.		1,944		146,984
ASML Holding N.V.		2,705		274,230
CNH Industrial N.V.		7,320		59,989
Delta Lloyd N.V.		1,629		30,653
Gemalto N.V.		668		53,225
Heineken Holdings N.V.		898		61,795
Heineken N.V.		1,880		143,494
ING Groep N.V.		29,989		439,276
Koninklijke Ahold NV		7,270		143,261
Koninklijke Boskalis Westminster N.V.		632		31,150
Koninklijke DSM N.V.		1,421		79,198
Koninklijke KPN N.V.		25,159		85,280
Koninklijke Philips N.V.		7,261		205,994
Koninklijke Vopak N.V.		584		32,229
NN Group NV		1,222		34,643
OCI N.V.*		783		24,232
QIAGEN N.V.*		1,994		50,038
Randstad Holding N.V.		923		55,952
Reed Elsevier N.V.		5,178		129,023
Royal Dutch Shell PLC, A Shares		30,609		910,219
Royal Dutch Shell PLC, B Shares		18,971		590,950
TNT Express N.V.		3,470		22,041
Unilever N.V.		12,833		536,258
Wolters Kluwer N.V.		2,160		70,534

				4,601,380

New Zealand — 0.1%
Auckland International Airport Ltd.		7,482		25,132
Contact Energy Ltd.		2,990		13,352
Fletcher Building Ltd.		4,795		30,116
Meridian Energy Ltd.		7,526		11,377
Mighty River Power Ltd.		4,163		9,640
Ryman Healthcare Ltd.		2,831		16,568
Spark New Zealand Ltd.		16,634		36,993

				143,178

Norway — 0.6%
DNB ASA		7,620		122,299
Gjensidige Forsikring ASA		1,418		24,467
Norsk Hydro ASA		10,203		53,630
Orkla ASA		6,430		48,529
Statoil ASA		8,879		156,993
Telenor ASA		6,070		122,495


	Number of Shares		Value†

Norway — (continued)
Yara International ASA		1,246	$	63,263

				591,676

Portugal — 0.1%
Banco Comercial Portugues S.A.*		240,809		24,759
Banco Espirito Santo S.A.*~		27,017		0
EDP - Energias de Portugal S.A.*		16,826		63,015
Galp Energia SGPS, S.A.		2,726		29,480
Jeronimo Martins SGPS, S.A.		2,107		26,514

				143,768

Singapore — 1.4%
Ascendas Real Estate Investment Trust		15,000		28,293
CapitaCommercial Trust		16,000		20,595
CapitaLand Ltd.*		18,000		46,918
CapitaMall Trust		21,700		34,740
City Developments Ltd.		3,000		21,989
ComfortDelGro Corp. Ltd.		14,000		29,493
DBS Group Holdings Ltd.		13,514		200,384
Genting Singapore PLC		54,000		36,106
Global Logistic Properties Ltd.		26,000		50,182
Golden Agri-Resources Ltd.		65,000		20,115
Hutchison Port Holdings Trust		35,100		24,394
Jardine Cycle & Carriage Ltd.		1,000		29,869
Keppel Corp. Ltd.		11,600		76,004
Oversea-Chinese Banking Corp. Ltd.		23,096		177,849
Sembcorp Industries Ltd.		9,000		27,629
SembCorp Marine Ltd.		7,000		14,858
Singapore Airlines Ltd.		4,000		34,826
Singapore Exchange Ltd.		6,000		35,576
Singapore Press Holdings Ltd.		10,000		30,526
Singapore Technologies Engineering Ltd.		12,000		30,431
Singapore Telecommunications Ltd.		63,000		201,035
StarHub Ltd.		5,000		15,851
Suntec Real Estate Investment Trust		16,000		21,609
United Overseas Bank Ltd.		9,609		161,068
UOL Group Ltd.		4,128		22,974
Wilmar International Ltd.		17,000		40,358

				1,433,672

Spain — 3.4%
Abertis Infraestructuras S.A.		3,451		62,375
ACS Actividades de Construccion y Servicios S.A.		1,389		49,163
Aena SA*		465		46,754
Amadeus IT Holding S.A.		3,406		145,971
Banco Bilbao Vizcaya Argentaria S.A.		48,344		488,249
Banco de Sabadell S.A.		26,016		63,566
Banco Popular Espanol S.A.		13,495		66,006
Banco Santander S.A.		109,896		823,818
Bankia S.A.*		36,141		50,367
Bankinter S.A.		4,820		36,749
CaixaBank		17,170		81,428
Distribuidora Internacional de Alimentacion S.A.		4,084		31,871
Enagas S.A.		1,740		49,755
Endesa SA*		2,463		47,548
Ferrovial S.A.		3,441		73,162


	Number of Shares		Value†
COMMON STOCKS — (continued)
Spain — (continued)
Gas Natural SDG S.A.		2,914	$	65,425
Grifols S.A.		1,252		53,646
Iberdrola S.A.		39,157		252,505
Inditex S.A.		8,480		272,255
Mapfre S.A.		8,177		29,855
Red Electrica Corp. S.A.		908		73,832
Repsol S.A.		8,401		156,387
Telefonica S.A.		32,751		466,029
Zardoya Otis S.A.		1,544		19,927

				3,506,643

Sweden — 2.9%
Alfa Laval AB		2,688		52,793
Assa Abloy AB, B Shares		2,432		144,863
Atlas Copco AB, A Shares		5,275		170,771
Atlas Copco AB, B Shares		2,722		80,379
Boliden AB		1,883		37,301
Electrolux AB, B Shares		1,720		49,138
Elekta AB, B Shares		3,250		29,228
Getinge AB, B Shares		1,448		35,778
Hennes & Mauritz AB, B Shares		7,381		299,062
Hexagon AB, B Shares		2,081		73,886
Husqvarna AB, B Shares		2,834		20,528
ICA Gruppen AB		521		17,464
Industrivarden AB, C Shares		1,227		23,022
Investment AB Kinnevik, B Shares		1,832		61,156
Investor AB, B Shares		3,414		135,901
Lundin Petroleum AB*		1,488		20,360
Nordea Bank AB		22,880		278,689
Sandvik AB		8,213		91,970
Securitas AB, B Shares		1,984		28,483
Skandinaviska Enskilda Banken AB, A Shares		12,133		141,613
Skanska AB, B Shares		2,985		66,922
SKF AB, B Shares		3,338		86,191
Svenska Cellulosa AB SCA, B Shares		4,703		108,070
Svenska Handelsbanken AB, A Shares		3,762		169,427
Swedbank AB, A Shares		6,778		161,816
Swedish Match AB		1,496		43,986
Tele2 AB, B Shares		2,927		35,009
Telefonaktiebolaget LM Ericsson, B Shares		23,658		297,025
TeliaSonera AB		18,708		118,883
Volvo AB, B Shares		11,928		144,355

				3,024,069

Switzerland — 9.6%
ABB Ltd.		16,654		353,298
Actelion Ltd.		835		96,303
Adecco S.A.		1,364		113,380
Aryzta AG		739		45,303
Baloise Holding AG		408		53,920
Barry Callebaut AG		17		16,598
Chocoladefabriken Lindt & Spruengli AG		1		63,261
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates*		7		37,468
Cie Financiere Richemont S.A.		4,087		328,394
Coca-Cola HBC AG		1,371		24,662
Credit Suisse Group AG*		11,988		322,524


	Number of Shares		Value†

Switzerland — (continued)
EMS-Chemie Holding AG		65	$	26,431
Geberit AG		269		100,664
Givaudan S.A.		74		133,692
Glencore PLC		80,695		340,672
Holcim Ltd.		1,694		126,207
Julius Baer Group Ltd.*		1,895		94,719
Kuehne + Nagel International AG		444		65,921
Lonza Group AG		459		57,145
Nestle S.A.		24,984		1,881,356
Novartis AG		17,826		1,759,435
Pargesa Holding S.A.		272		19,089
Partners Group Holding AG		138		41,142
Roche Holding AG		5,466		1,502,014
Schindler Holding AG		145		23,694
Schindler Holding AG, Participation Certificates		349		57,921
SGS S.A.		43		81,984
Sika AG		18		64,448
Sonova Holding AG		427		59,247
STMicroelectronics N.V.		4,919		45,840
Sulzer AG		188		20,636
Swiss Life Holding AG		272		67,197
Swiss Prime Site AG*		430		37,336
Swiss Re AG		2,781		268,250
Swisscom AG		183		106,120
Syngenta AG		723		245,624
The Swatch Group AG		253		106,995
The Swatch Group AG, Registered Shares		366		30,676
Transocean Ltd.		3,010		43,365
UBS Group AG*		28,612		536,507
Wolseley PLC		2,086		123,291
Zurich Insurance Group AG		1,170		395,463

				9,918,192

United Kingdom — 16.9%
3i Group PLC		8,442		60,321
Aberdeen Asset Management PLC		7,687		52,297
Admiral Group PLC		1,518		34,371
Aggreko PLC		2,157		48,792
Amec Foster Wheeler PLC		2,494		33,361
Anglo American PLC		10,459		156,204
Antofagasta PLC		3,403		36,814
ARM Holdings PLC		11,309		183,672
Ashtead Group PLC		3,679		59,003
Associated British Foods PLC		2,872		119,857
AstraZeneca PLC		9,861		676,644
Aviva PLC		21,899		175,254
Babcock International Group PLC		1,759		25,660
BAE Systems PLC		25,041		194,056
Barclays PLC		128,161		462,599
BG Group PLC		25,932		318,281
BHP Billiton PLC		16,047		352,155
BP PLC		141,456		916,937
British American Tobacco PLC		14,337		742,424
BT Group PLC		61,952		402,553
Bunzl PLC		2,435		66,016
Burberry Group PLC		3,582		91,987


	Number of Shares		Value†
COMMON STOCKS — (continued)
United Kingdom — (continued)
Capita PLC		5,526	$	91,349
Carnival PLC		1,577		77,104
Centrica PLC		37,872		141,652
Cobham PLC		8,466		38,136
Compass Group PLC		13,243		229,888
Croda International PLC		1,214		49,237
Diageo PLC		19,654		543,123
Direct Line Insurance Group PLC		10,377		48,969
Dixons Carphone PLC		7,844		47,972
easyJet PLC		1,334		37,127
Fiat Chrysler Automobiles NV*		6,477		105,148
Fresnillo PLC		1,200		12,119
G4S PLC		12,521		54,885
GKN PLC		13,828		73,349
GlaxoSmithKline PLC		37,838		871,025
Hammerson PLC		6,570		64,702
Hargreaves Lansdown PLC		1,892		32,272
HSBC Holdings PLC		148,475		1,265,213
ICAP PLC		4,325		33,733
IMI PLC		1,958		36,948
Imperial Tobacco Group PLC		7,532		330,399
Inmarsat PLC		3,494		47,849
Intercontinental Hotels Group PLC		1,943		75,784
International Consolidated Airlines Group S.A. (London Main Market Exchange)*		2,764		24,636
International Consolidated Airlines Group S.A. (Spanish Stock Exchange)*		5,668		50,784
Intertek Group PLC		1,257		46,560
Intu Properties PLC		8,009		41,290
Investec PLC		4,543		37,677
ITV PLC		30,751		115,133
J. Sainsbury PLC		9,762		37,461
Johnson Matthey PLC		1,610		80,666
Kingfisher PLC		18,641		105,173
Land Securities Group PLC		6,374		118,335
Legal & General Group PLC		47,123		194,068
Lloyds Banking Group PLC*		447,156		518,313
London Stock Exchange Group PLC		1,764		64,156
Marks & Spencer Group PLC		12,979		102,649
Meggitt PLC		5,739		46,650
Melrose Industries PLC		7,834		32,175
Merlin Entertainments PLC		3,376		22,102
National Grid PLC		28,998		372,798
Next PLC		1,232		128,126
Old Mutual PLC		38,468		126,277
Pearson PLC		5,952		128,108
Persimmon PLC*		2,549		62,816
Petrofac Ltd.		1,906		26,833
Prudential PLC		20,038		497,250
Reckitt Benckiser Group PLC		5,052		433,993
Reed Elsevier PLC		8,393		144,342
Rexam PLC		5,992		51,353
Rio Tinto PLC		9,892		407,913
Rolls-Royce Holdings PLC		14,045		198,089
Royal Bank of Scotland Group PLC*		19,867		100,362
Royal Mail PLC		5,386		34,934


	Number of Shares		Value†

United Kingdom — (continued)
RSA Insurance Group PLC		7,501	$	46,754
SABMiller PLC		7,565		396,266
Schroders PLC		799		37,850
Segro PLC		6,316		39,002
Severn Trent PLC		2,104		64,135
Sky PLC		7,899		116,209
Smith & Nephew PLC		7,021		119,718
Smiths Group PLC		3,378		55,869
Sports Direct International PLC*		2,156		19,377
SSE PLC		7,658		169,953
Standard Chartered PLC		18,669		302,375
Standard Life PLC		16,040		112,708
Subsea 7 S.A.		1,806		15,508
Tate & Lyle PLC		3,269		28,921
Tesco PLC		64,072		228,708
The British Land Co. PLC		7,874		97,046
The Sage Group PLC		8,870		61,271
The Weir Group PLC		1,674		42,241
Travis Perkins PLC		2,061		59,507
Tullow Oil PLC		7,372		30,905
Unilever PLC		10,072		420,237
United Utilities Group PLC		5,606		77,515
Vodafone Group PLC		206,154		674,600
W.M. Morrison Supermarkets PLC		17,966		51,346
Whitbread PLC		1,474		114,455
William Hill PLC		7,259		39,861
WPP PLC		9,883		224,448

				17,515,048

TOTAL COMMON STOCKS (Cost $79,063,130)				100,229,191

PREFERRED STOCKS — 0.7%
Germany — 0.7%
Bayerische Motoren Werke AG		477		44,058
Fuchs Petrolub SE		598		23,852
Henkel AG & Co. KGaA		1,395		163,858
Porsche Automobil Holding SE		1,203		117,807
Volkswagen AG		1,278		338,928

TOTAL PREFERRED STOCKS (Cost $371,468)				688,503

RIGHTS — 0.0%
Spain — 0.0%
Telefonica04/12/15*		32,751		5,282
Banco de Sabadell S.A. 04/17/15*		26,016		6,602

				11,884

Spain — 0.0%
Banco Bilbao Vizcaya Argentaria S.A. 04/12/15*		48,344		6,966
TOTAL RIGHTS (Cost $6,845)				18,850


	Number of Shares		Value†
WARRANTS — 0.0%
Belgium — 0.0%
Anheuser-Busch InBev N.V. 02/27/13 * (Cost $0)		356	$	0

SHORT-TERM INVESTMENTS — 3.2%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $3,286,316)		3,286,316		3,286,316

TOTAL INVESTMENTS — 100.7% (Cost $82,727,759)(a)			$	104,222,860

Other Assets & Liabilities — (0.7)%				(735,432	)

TOTAL NET ASSETS — 100.0%			$	103,487,428

†	See Security Valuation Note.

*	Non-income producing security.

~	Fair valued security. The total market value of fair valued securities at March 31, 2015 is $0.

(a)

At March 31, 2015, the cost for Federal income tax purposes was 83,169,710. Net unrealized appreciation was 21,053,150. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of 26,968,342 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of 5,915,192.

ADR — American Depository Receipt.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.


COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Advertising		0.5	%	$	453,373
Aerospace & Defense		0.8	%		840,194
Agriculture		1.4	%		1,439,685
Airlines		0.3	%		278,606
Apparel		0.9	%		857,879
Auto Manufacturers		4.1	%		4,105,980
Auto Parts & Equipment		1.3	%		1,335,481
Banks		14.4	%		14,387,943
Beverages		2.5	%		2,497,130
Biotechnology		0.3	%		338,139
Building & Real Estate		0.1	%		62,816
Building Materials		1.2	%		1,195,041
Building-Maintenance Service		—	%+		29,503
Chemicals		4.0	%		3,966,592
Commercial Services		1.6	%		1,573,491
Computers		0.4	%		438,784
Cosmetics & Personal Care		0.8	%		756,769
Distribution & Wholesale		0.9	%		919,967
Diversified		—	%+		28,293
Diversified Financial Services		1.8	%		1,826,094
Diversified Operations		0.2	%		168,431
Electric		2.5	%	$	2,520,272


Electrical Components & Equipment	1.1	%		1,106,165
Electronics	1.4	%		1,449,493
Energy-Alternate Sources	0.2	%		160,596
Engineering & Construction	1.2	%		1,177,431
Entertainment	0.2	%		222,458
Environmental Control	—	%+		19,327
Food	5.2	%		5,236,066
Forest Products & Paper	0.3	%		257,845
Gas	1.0	%		992,489
Hand & Machine Tools	0.4	%		415,515
Healthcare Products	1.0	%		980,447
Healthcare Services	0.3	%		283,251
Holding Companies	0.6	%		608,664
Home Builders	0.2	%		194,200
Home Furnishings	0.5	%		524,068
Hotels & Resorts	0.2	%		241,676
Household Products & Wares	0.6	%		574,469
Industrial	0.2	%		198,089
Insurance	6.0	%		5,967,582
Internet	0.4	%		387,771
Investment Companies	0.4	%		374,502
Iron & Steel	0.5	%		548,171
Leisure Time	0.3	%		344,301
Lodging	0.3	%		283,674
Machinery - Construction & Mining	0.4	%		411,706
Machinery - Diversified	1.2	%		1,225,450
Media	1.2	%		1,193,196
Metal Fabricate/Hardware	0.4	%		371,806
Mining	2.4	%		2,435,697
Miscellaneous Manufacturing	1.2	%		1,201,633
Mixed Industrial/Office	0.5	%		528,571
Office & Business Equipment	0.4	%		408,226
Oil & Gas	4.9	%		4,919,133
Oil & Gas Services	0.1	%		131,380
Packaging and Containers	0.2	%		162,642
Pharmaceuticals	9.0	%		9,044,175
Pipelines	0.1	%		60,204
Real Estate	1.7	%		1,692,664
Real Estate Investment Trusts	1.0	%		1,020,151
Real Estate Management Services	0.1	%		90,141
Retail	3.0	%		2,975,590
Semiconductors	0.8	%		774,240
Shipbuilding	—	%+		32,326
Software	0.9	%		871,848
Storage & Warehousing	—	%+		15,563
Telecommunications	5.5	%		5,498,796
Textiles	0.1	%		144,922
Toys, Games & Hobbies	0.1	%		146,804
Transportation	2.0	%		2,002,308
Venture Capital	0.1	%		60,321
Water	0.2	%		240,985
	100.0	%	$	100,229,191

+ Rounded.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Australia	$	7,351,011	$	—	$	7,351,011	$	—
Austria		198,752		—		198,752		—
Belgium		1,337,952		—		1,337,952		—
Bermuda		29,299		—		29,299		—
China		96,865		—		96,865		—
Denmark		1,681,143		11,717		1,669,426		—
Finland		856,868		—		856,868		—
France		9,325,440		86,050		9,239,390		—
Germany		8,908,781		—		8,908,781		—
Guernsey		62,359		—		62,359		—
Hong Kong		3,098,055		15,724		3,082,331		—
Ireland		858,093		3,939		854,154		—
Israel		601,889		—		601,889		—
Italy		2,131,588		—		2,131,588		—
Japan		22,378,825		—		22,378,825		—
Jersey		50,952		—		50,952		—
Luxembourg		356,895		75,256		281,639		—
Macau		26,798		—		26,798		—
Netherlands		4,601,380		—		4,601,380		—
New Zealand		143,178		—		143,178		—
Norway		591,676		—		591,676		—
Portugal		143,768		—		143,768		—
Singapore		1,433,672		24,394		1,409,278		—
Spain		3,506,643		46,754		3,459,889		—
Sweden		3,024,069		29,228		2,994,841		—
Switzerland		9,918,192		—		9,918,192		—
United Kingdom		17,515,048		77,104		17,437,944		—
PREFERRED STOCKS
Germany		688,503				688,503
RIGHTS		18,850		6,966		11,884		—
SHORT-TERM INVESTMENTS		3,286,316		3,286,316		—		—

TOTAL INVESTMENTS		104,222,860		3,663,448		100,559,412		—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
COMMON STOCKS — 95.3%
Australia — 4.1%
CSL Ltd.		119,759	$	8,378,618
Ramsay Health Care Ltd.		149,842		7,650,276

				16,028,894

Brazil — 1.0%
Cielo S.A.		274,537		3,930,252

Canada — 6.0%
Alimentation Couche Tard, Inc., Class B		137,652		5,485,213
Enbridge, Inc.		176,277		8,496,870
Silver Wheaton Corp.		162,482		3,086,587
The Bank of Nova Scotia		124,355		6,238,614

				23,307,284

China — 4.5%
Alibaba Group Holding Ltd. ADR*		9,643		802,683
Baidu, Inc. ADR*		31,516		6,567,935
Sands China Ltd.		1,129,306		4,669,946
Tencent Holdings Ltd.		293,340		5,570,502

				17,611,066

Denmark — 4.0%
Coloplast A/S, B Shares		27,769		2,097,814
Novo Nordisk A/S, B Shares		254,182		13,569,197

				15,667,011

France — 8.5%
Air Liquide S.A.		42,168		5,428,662
Bureau Veritas S.A.		291,943		6,263,541
Essilor International S.A.		59,296		6,808,050
Hermes International		13,253		4,679,412
L’Oreal S.A.		31,430		5,789,089
Pernod Ricard S.A.		32,245		3,812,690

				32,781,444

Germany — 2.4%
Bayer AG		35,967		5,381,213
Fresenius Medical Care AG & Co. KGaA		48,100		3,998,141

				9,379,354

Hong Kong — 1.9%
Cheung Kong Infrastructure Holdings Ltd.		286,990		2,464,898
Galaxy Entertainment Group Ltd.		386,030		1,752,709
The Link REIT		505,677		3,119,614

				7,337,221

India — 11.9%
HDFC Bank Ltd.~		963,918		18,515,235
HDFC Bank Ltd. ADR		14,591		859,264
Housing Development Finance Corp.		843,178		17,727,954
ITC Ltd.		1,716,281		8,922,218

				46,024,671

Ireland — 1.2%
Paddy Power PLC*		54,225		4,632,613

Japan — 1.2%
Daito Trust Construction Co., Ltd.		42,500		4,745,794

Netherlands — 4.8%
Core Laboratories N.V.		14,497		1,514,791


	Number of Shares		Value†

Netherlands — (continued)
Unilever N.V.		410,088	$	17,136,510

				18,651,301

South Africa — 1.5%
Naspers Ltd., N Shares		38,718		5,938,993

Spain — 2.6%
Banco Bilbao Vizcaya Argentaria S.A.		397,900		4,018,583
Grifols S.A.		139,452		5,975,318

				9,993,901

Switzerland — 16.0%
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates*		1,142		6,112,691
Cie Financiere Richemont S.A.		85,732		6,888,643
DKSH Holding AG		50,905		4,148,876
Nestle S.A.		198,441		14,943,092
Roche Holding AG		62,320		17,125,044
SGS S.A.		3,531		6,732,266
UBS Group AG*		331,047		6,207,499

				62,158,111

United Kingdom — 18.1%
British American Tobacco PLC		426,142		22,067,258
Diageo PLC		263,368		7,277,968
Domino’s Pizza Group PLC		402,463		4,627,546
Lloyds Banking Group PLC*		3,296,371		3,820,933
Persimmon PLC*		227,122		5,597,044
Reckitt Benckiser Group PLC		179,986		15,461,736
SABMiller PLC		218,773		11,459,669

				70,312,154

United States — 5.6%
Philip Morris International, Inc.		174,394		13,137,100
The Priceline Group, Inc.*		7,409		8,625,187

				21,762,287

TOTAL COMMON STOCKS (Cost $294,270,606)				370,262,351

PREFERRED STOCKS — 0.8%
Brazil — 0.8%
Itau Unibanco Holding S.A. ADR (Cost $3,857,789)		260,876		2,885,288

RIGHTS — 0.0%
Spain — 0.0%
Banco Bilbao Vizcaya Argentaria S.A.* 04/12/15 (Cost $56,333)		397,900		57,331


	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 3.0%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $11,612,991)		11,612,991		11,612,991

TOTAL INVESTMENTS — 99.1% (Cost $309,797,719)(a)				$ 384,817,961

Other Assets & Liabilities — 0.9%				3,538,587

TOTAL NET ASSETS — 100.0%				$ 388,356,548

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $309,108,663. Net unrealized appreciation was $75,709,298. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $85,138,898 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $9,429,600.

~	Fair valued security. The total market value of fair valued securities at March 31, 2015 is $18,515,235.

ADR — American Depository Receipt.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.


Country Weightings as of 03/31/2015††
United Kingdom	18	%
Switzerland	16
India	12
United States	9
France	8
Canada	6
Netherlands	5
Other	26

Total	100	%

††	% of total investments as of March 31, 2015


COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Advertising	1.1	%	$	4,148,876
Agriculture	11.9	%		44,126,576
Apparel	1.3	%		4,679,412
Banks	10.7	%		39,660,128
Beverages	6.1	%		22,550,327
Biotechnology	2.3	%		8,378,618
Building & Real Estate	1.5	%		5,597,044
Chemicals	1.4	%		5,381,213
Commercial Services	4.6	%		16,926,059
Cosmetics & Personal Care	1.6	%		5,789,089
Diversified Financial Services	4.8	%		17,727,954
Entertainment	1.2	%		4,632,613
Food	10.3	%		38,192,293
Gas	1.5	%		5,428,662
Healthcare Products	2.4	%		8,905,864
Healthcare Services	3.1	%		11,648,417
Hotels & Resorts	0.5	%		1,752,709
Household Products & Wares	4.2	%		15,461,736
Internet	5.8	%		21,566,307
Investment Companies	0.7	%		2,464,898
Lodging	1.3	%		4,669,946
Media	1.6	%		5,938,993
Mining	0.8	%		3,086,587
Oil & Gas Services	2.7	%		10,011,661
Pharmaceuticals	9.9	%		36,669,559
Real Estate	1.3	%		4,745,794
Real Estate Investment Trusts	0.8	%		3,119,614
Retail	4.6	%		17,001,402

	100.0	%	$	370,262,351

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Australia	$	16,028,894	$	—	$	16,028,894	$	—
Brazil		3,930,252		3,930,252		—		—
Canada		23,307,284		23,307,284		—		—
China		17,611,066		7,370,618		10,240,448		—
Denmark		15,667,011		—		15,667,011		—
France		32,781,444		—		32,781,444		—
Germany		9,379,354		—		9,379,354		—
Hong Kong		7,337,221		—		7,337,221		—
India		46,024,671		859,264		45,165,407		—
Ireland		4,632,613		—		4,632,613		—
Japan		4,745,794		—		4,745,794		—
Netherlands		18,651,301		1,514,791		17,136,510		—
South Africa		5,938,993		—		5,938,993		—
Spain		9,993,901		—		9,993,901		—
Switzerland		62,158,111		—		62,158,111		—
United Kingdom		70,312,154		—		70,312,154		—
United States		21,762,287		21,762,287		—		—
PREFERRED STOCKS		2,885,288		2,885,288		—		—
RIGHTS		57,331		57,331		—		—
SHORT-TERM INVESTMENTS		11,612,991		11,612,991		—		—
TOTAL INVESTMENTS		384,817,961		73,300,106		311,517,855		—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
COMMON STOCKS — 92.6%
Argentina — 0.9%
MercadoLibre, Inc.		6,180	$	757,174
YPF S.A. ADR		24,632		676,148

				1,433,322

Austria — 2.1%
Erste Group Bank AG		78,573		1,931,650
Vienna Insurance Group AG Wiener Versicherung Gruppe		32,253		1,428,046

				3,359,696

Brazil — 3.3%
BRF S.A.		155,257		3,072,498
CCR S.A.		137,160		709,534
Raia Drogasil S.A.		78,861		705,451
Ultrapar Participacoes S.A.		41,081		835,766

				5,323,249

Chile — 0.6%
S.A.C.I. Falabella		118,517		906,593

China — 12.2%
Bank of China Ltd., Class H		8,249,000		4,768,547
CGN Power Co. Ltd.*		300,000		129,223
China Construction Bank Corp., Class H		2,881,930		2,391,965
China Life Insurance Co. Ltd., Class H		543,000		2,386,896
China Oilfield Services Ltd., Class H		106,000		176,505
China Pacific Insurance Group Co. Ltd., Class H		191,800		912,325
Chongqing Changan Automobile Co. Ltd., Class B~		109,700		299,556
Huadian Power International Corp. Ltd., Class H		572,000		477,160
JD.Com, Inc. ADR*		23,222		682,262
Qihoo 360 Technology Co. Ltd. ADR*		4,953		253,594
Sihuan Pharmaceutical Holdings Group Ltd.~		1,282,000		729,250
TAL Education Group ADR*		15,958		530,125
Tencent Holdings Ltd.		275,700		5,235,520
Tsingtao Brewery Co. Ltd., Class H		80,000		536,437
Uni-President China Holdings Ltd.		124,800		82,581

				19,591,946

Colombia — 0.2%
Grupo de Inversiones Suramericana SA		29,612		382,223

Czech Republic — 1.1%
Komercni Banka, A.S.		7,932		1,710,921

Egypt — 0.5%
Commercial International Bank Egypt SAE		112,727		830,980

Hong Kong — 3.6%
China Mengniu Dairy Co. Ltd.		203,000		1,081,310
China Mobile Ltd.		245,000		3,192,937
China Overseas Land & Investment Ltd.		252,000		813,808
CSPC Pharmaceutical Group Ltd.		436,000		368,920
Shenzhen International Holdings Ltd.		227,500		343,073

				5,800,048

India — 10.5%
Ashok Leyland Ltd.*		1,629,313		1,910,883


	Number of Shares		Value†

India — (continued)
Bharat Petroleum Corp Ltd.		90,714	$	1,176,198
Glenmark Pharmaceuticals Ltd.		84,829		1,065,324
HDFC Bank Ltd.~		114,469		2,198,756
ICICI Bank Ltd.		167,337		847,211
Idea Cellular Ltd.		199,345		585,663
IndusInd Bank Ltd.~		126,928		1,878,570
Marico Ltd.		170,590		1,051,376
Maruti Suzuki India Ltd.		27,249		1,610,764
Oil & Natural Gas Corp. Ltd.		177,747		870,055
Shree Cement Ltd.		7,641		1,319,900
Shriram Transport Finance Co. Ltd.		83,970		1,496,492
Tata Consultancy Services Ltd.		19,276		785,420

				16,796,612

Indonesia — 2.6%
AKR Corporindo Tbk PT		769,800		301,358
Kalbe Farma Tbk PT		5,899,100		841,681
Link Net Tbk PT*		1,477,200		675,049
Matahari Department Store Tbk PT		1,014,300		1,525,319
Surya Citra Media Tbk PT		1,741,900		451,963
Xl Axiata Tbk PT		1,001,200		332,658

				4,128,028

Japan — 0.3%
Nexon Co. Ltd.		46,600		496,247

Malaysia — 0.8%
Astro Malaysia Holdings Bhd		730,400		630,079
IHH Healthcare Bhd		457,700		742,750

				1,372,829

Mexico — 6.5%
Alfa S.A.B. de C.V.*		804,258		1,626,601
America Movil S.A.B. de C.V., Series L ADR		51,801		1,059,848
Cemex S.A.B. de C.V. ADR*		236,684		2,241,397
El Puerto de Liverpool Sab de CV*		51,658		605,869
Fomento Economico Mexicano S.A.B. de C.V. ADR*		32,992		3,084,752
Grupo Financiero Banorte S.A.B. de C.V., Series O		170,912		990,950
Grupo Financiero Inbursa S.A.B de C.V., Series O		300,472		757,213

				10,366,630

Netherlands — 0.4%
Yandex N.V., Class A*		42,184		639,720

Pakistan — 0.6%
United Bank Ltd.		634,700		958,354

Panama — 0.4%
Copa Holdings S.A., Class A		6,138		619,754

Peru — 1.1%
Credicorp Ltd.		12,906		1,814,971

Philippines — 4.3%
BDO Unibank, Inc.		289,850		803,232
DMCI Holdings, Inc.		1,691,750		586,512


	Number of Shares		Value†
COMMON STOCKS — (continued)
Philippines — (continued)
International Container Terminal Services, Inc.		271,320	$	654,897
LT Group, Inc.		2,081,100		757,535
Metro Pacific Investments Corp.		9,275,400		1,000,587
Metropolitan Bank & Trust Co.		713,383		1,554,123
SM Investments Corp.		73,640		1,480,950

				6,837,836

Poland — 2.6%
Bank Pekao S.A.		30,978		1,500,771
Bank Zachodni WBK S.A.		6,830		621,122
CCC SA		8,414		405,532
PKP Cargo S.A.		35,177		818,664
Polski Koncern Naftowy Orlen S.A.		51,296		800,774

				4,146,863

Portugal — 0.9%
Jeronimo Martins SGPS, S.A.		121,410		1,527,789

Qatar — 0.3%
Ooredoo QSC		17,358		472,510

Russia — 0.9%
Mail.Ru Group Ltd. GDR*		36,172		718,738
NOVATEK OAO GDR		9,523		714,225

				1,432,963

South Africa — 5.3%
Life Healthcare Group Holdings Ltd.		291,584		1,015,555
MTN Group Ltd.		108,851		1,834,918
Naspers Ltd., N Shares		19,073		2,925,627
Steinhoff International Holdings Ltd.		227,624		1,424,651
Vodacom Group Ltd.		116,032		1,267,402

				8,468,153

South Korea — 11.8%
Amorepacific Corp.		222		670,769
CJ E&M Corp.*		1,265		62,017
Cosmax, Inc.		4,658		572,217
Coway Co. Ltd.		21,092		1,735,975
Hotel Shilla Co. Ltd.		11,245		990,456
Hyundai Engineering & Construction Co. Ltd.		12,760		577,705
KB Financial Group, Inc.		43,585		1,538,499
Kia Motors Corp.		23,793		966,898
Kolao Holdings		21,384		328,607
Kolao Holdings GDR		1		8
Korea Aerospace Industries Ltd.		4,998		253,821
LG Chem Ltd.		2,828		574,061
Lotte Chemical Corp.		2,576		470,661
NAVER Corp.		2,665		1,607,803
Samsung Electronics Co. Ltd.		3,501		4,539,934
Samsung Life Insurance Co. Ltd.		9,253		805,197
Shinhan Financial Group Co. Ltd.		21,719		815,979
SK Hynix, Inc.		41,806		1,707,634
SK Telecom Co. Ltd.		3,075		756,655

				18,974,896


	Number of Shares		Value†

Spain — 0.3%
Cemex Latam Holdings S.A.*		99,528	$	516,780

Switzerland — 1.4%
Coca-Cola HBC AG		63,951		1,150,374
DKSH Holding AG		13,096		1,067,354

				2,217,728

Taiwan — 9.6%
Advanced Semiconductor Engineering, Inc.		604,000		817,897
Catcher Technology Co. Ltd.		96,000		1,003,989
Chailease Holding Co. Ltd.		483,250		1,203,202
Delta Electronics, Inc.		142,000		894,804
Eclat Textile Co. Ltd.		58,644		768,457
Epistar Corp.		304,000		488,734
Far Eastone Telecommunications Co. Ltd.		146,000		352,217
Fubon Financial Holding Co. Ltd.		715,310		1,282,223
Ginko International Co. Ltd.		28,000		321,676
Hermes Microvision, Inc.		12,012		691,075
Largan Precision Co. Ltd.		12,000		1,031,616
MediaTek, Inc.		37,000		499,713
Pegatron Corp.		161,000		434,385
Taiwan Mobile Co. Ltd.		178,000		622,315
Taiwan Semiconductor Manufacturing Co. Ltd.		867,769		4,033,010
Uni-President Enterprises Corp.		587,502		981,823

				15,427,136

Thailand — 4.2%
Advanced Info Service PCL NVDR		177,600		1,290,676
BTS Rail Mass Transit Growth Infrastructure Fund		2,532,000		809,244
Indorama Ventures PCL NVDR		915,000		730,575
Kasikornbank PCL NVDR		102,300		719,316
Land and Houses PCL NVDR		2,688,000		804,494
Minor International PCL NVDR		667,700		717,376
PTT PCL		112,100		1,112,732
Total Access Communication PCL NVDR		191,300		480,858

				6,665,271

United Kingdom — 0.9%
Mondi PLC		78,135		1,499,603

United States — 2.4%
Samsonite International S.A.		723,000		2,513,315
Yum! Brands, Inc.		16,329		1,285,419

				3,798,734

TOTAL COMMON STOCKS (Cost $121,089,865)				148,518,385

PREFERRED STOCKS — 2.9%
Brazil — 2.1%
Banco Bradesco S.A.		175,071		1,625,340
Itau Unibanco Holding S.A.		156,384		1,735,558

				3,360,898

Colombia — 0.3%
Grupo de Inversiones Suramericana S.A.		31,247		395,395


	Number of Shares		Value†
PREFERRED STOCKS — (continued)
South Korea — 0.5%
Samsung Electronics Co. Ltd.		843	$	837,063

TOTAL PREFERRED STOCKS (Cost $5,727,551)				4,593,356

SHORT-TERM INVESTMENTS — 4.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $6,889,003)		6,889,003		6,889,003

TOTAL INVESTMENTS — 99.8% (Cost $133,706,419)(a)			$	160,000,744

Other Assets & Liabilities — 0.2%				281,374

TOTAL NET ASSETS — 100.0%			$	160,282,118

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $134,370,188. Net unrealized appreciation was $25,630,556. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $34,590,044 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $8,959,488.

~	Fair valued security. The total market value of fair valued securities at March 31, 2015 is $5,106,132

ADR — American Depository Receipt.

GDR — Global Depository Receipt.

NVDR — Non Voting Depository Receipt.

PCL — Public Company Limited.

PLC — Public Limited Company.


COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Advertising		0.7	%	$	1,067,354
Aerospace & Defense		0.2	%		253,821
Airlines		0.4	%		619,754
Apparel		0.5	%		768,457
Auto Manufacturers		3.2	%		4,788,101
Banks		17.7	%		26,278,652
Beverages		3.7	%		5,529,098
Building Materials		2.7	%		4,078,077
Chemicals		1.8	%		2,611,063
Commercial Services		1.5	%		2,237,629
Computers		0.5	%		785,420
Cosmetics & Personal Care		0.8	%		1,242,986
Distribution & Wholesale		0.2	%		301,358
Diversified Financial Services		3.5	%		5,133,193
Electric		0.4	%		606,383
Electrical Components & Equipment		1.4	%		2,020,264
Engineering & Construction		0.8	%		1,164,217
Environmental Control		1.2	%		1,735,975
Food		4.5	%		6,746,001
Forest Products & Paper		1.0	%		1,499,603
Healthcare Products		0.2	%		321,676
Healthcare Services		1.2	%		1,758,305
Holding Companies		1.1	%		1,626,601
Home Builders		0.5	%		804,494
Home Furnishings		1.0	%		1,424,651
Hotels & Resorts		0.7	%		990,456
Household Products & Wares		2.4	%		3,564,691
Insurance		3.7	%		5,532,464
Internet		7.1	%		10,569,860
Investment Companies		0.3	%		382,223
Media		2.7	%		4,069,686
Metal Fabricate/Hardware		0.7	%		1,003,989
Miscellaneous Manufacturing		0.7	%		1,031,616
Oil & Gas		3.6	%		5,350,132
Oil & Gas Services		0.1	%		176,505
Pharmaceuticals		2.0	%		3,005,175
Real Estate		1.4	%		2,017,010
Retail		5.4	%		7,961,124
Semiconductors		8.1	%		12,086,922
Software		0.3	%		496,247
Telecommunications		8.3	%		12,248,657
Transportation		1.1	%		1,627,908
Water		0.7	%		1,000,587

		100.0	%	$	148,518,385

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Argentina	$	1,433,322	$	1,433,322	$	—	$	—
Austria		3,359,696		—		3,359,696		—
Brazil		5,323,249		5,323,249		—		—
Chile		906,593		906,593		—		—
China		19,591,946		2,577,368		17,014,578		—
Colombia		382,223		382,223		—		—
Czech Republic		1,710,921		—		1,710,921		—
Egypt		830,980		—		830,980		—
Hong Kong		5,800,048		—		5,800,048		—
India		16,796,612		—		16,796,612		—
Indonesia		4,128,028		675,049		3,452,979		—
Japan		496,247		—		496,247		—
Malaysia		1,372,829		742,750		630,079		—
Mexico		10,366,630		10,366,630		—		—
Netherlands		639,720		639,720		—		—
Pakistan		958,354		958,354		—		—
Panama		619,754		619,754		—		—
Peru		1,814,971		1,814,971		—		—
Philippines		6,837,836		—		6,837,836		—
Poland		4,146,863		—		4,146,863		—
Portugal		1,527,789		—		1,527,789		—
Qatar		472,510		—		472,510		—
Russia		1,432,963		1,432,963		—		—
South Africa		8,468,153		—		8,468,153		—
South Korea		18,974,896		8		18,974,888		—
Spain		516,780		516,780		—		—
Switzerland		2,217,728		—		2,217,728		—
Taiwan		15,427,136		—		15,427,136		—
Thailand		6,665,271		1,921,976		4,743,295		—
United Kingdom		1,499,603		—		1,499,603		—
United States		3,798,734		3,798,734		—		—
PREFERRED STOCKS		4,593,356		3,756,293		837,063		—
SHORT-TERM INVEST- MENTS		6,889,003		6,889,003		—		—

TOTAL INVEST- MENTS	$	160,000,744	$	44,755,740	$	115,245,004	$	—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
COMMON STOCKS — 3.6%
Home Builders — 0.4%
Toll Brothers, Inc.*		15,391	$	605,482

Hotels & Resorts — 1.0%
La Quinta Holdings Inc*		58,976		1,396,551

Lodging — 1.0%
Extended Stay America, Inc.		73,324		1,432,018

Real Estate — 1.2%
Forest City Enterprises, Inc., Class A*		67,714		1,728,061

TOTAL COMMON STOCKS (Cost $4,572,997)				5,162,112

REAL ESTATE INVESTMENT TRUSTS — 95.2%
Apartments — 19.6%
American Homes 4 Rent		127,395		2,108,387
Apartment Investment & Management Co., Class A		82,868		3,261,684
Education Realty Trust, Inc.		30,948		1,094,940
Equity Residential		134,148		10,444,763
Essex Property Trust, Inc.		4,382		1,007,422
Home Properties, Inc.		36,981		2,562,414
Monogram Residential Trust, Inc.		118,565		1,105,026
UDR, Inc.		199,619		6,793,035

				28,377,671

Building & Real Estate — 1.7%
Spirit Realty Capital, Inc.		197,873		2,390,306

Diversified — 9.6%
American Assets Trust, Inc.		35,141		1,520,902
Liberty Property Trust		40,984		1,463,129
Retail Properties of America, Inc. Class A		132,498		2,123,943
Vornado Realty Trust		78,083		8,745,296

				13,853,270

Healthcare — 8.9%
HCP, Inc.		66,434		2,870,613
Health Care REIT, Inc.		88,611		6,854,947
Healthcare Trust of America, Inc.		65,616		1,828,062
Omega Healthcare Investors, Inc.		32,891		1,334,388

				12,888,010

Hotels & Resorts — 6.1%
Belmond Ltd.		70,975		871,573
DiamondRock Hospitality Co.		136,187		1,924,322
Host Hotels & Resorts, Inc.		136,163		2,747,769
Strategic Hotels & Resorts, Inc.*		117,366		1,458,860
Sunstone Hotel Investors, Inc.		105,225		1,754,101

				8,756,625

Industrial — 4.6%
First Industrial Realty Trust, Inc.		59,805		1,281,621
Prologis, Inc.		99,407		4,330,169
QTS Realty Trust, Inc.		28,269		1,029,274

				6,641,064


	Number of Shares		Value†

Manufactured Homes — 1.2%
Sun Communities, Inc.		26,596	$	1,774,485

Office Property — 12.9%
BioMed Realty Trust, Inc.		124,339		2,817,522
Brandywine Realty Trust		131,592		2,102,840
Douglas Emmett, Inc.		71,773		2,139,553
Empire State Realty Trust, Inc.		61,498		1,156,777
Equity Commonwealth*		54,014		1,434,072
Kilroy Realty Corp.		25,550		1,946,144
SL Green Realty Corp.		54,885		7,046,136

				18,643,044

Regional Malls — 14.3%
General Growth Properties, Inc.		4,847		143,229
Pennsylvania Real Estate Investment Trust		57,835		1,343,507
Simon Property Group, Inc.		73,221		14,324,956
Taubman Centers, Inc.		8,850		682,601
The Macerich Co.		49,194		4,148,530

				20,642,823

Storage & Warehousing — 8.3%
CubeSmart		129,824		3,135,250
Public Storage		35,460		6,990,584
Sovran Self Storage, Inc.		19,277		1,810,881

				11,936,715

Strip Centers — 8.0%
DDR Corp.		193,038		3,594,368
Regency Centers Corp.		55,744		3,792,822
Urban Edge Properties		42,379		1,004,382
Weingarten Realty Investors		85,954		3,092,625

				11,484,197

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $113,538,771)				137,388,210

SHORT-TERM INVESTMENTS — 1.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,867,972)		1,867,972		1,867,972

TOTAL INVESTMENTS — 100.1% (Cost $119,979,740)(a)			$	144,418,294

Other Assets & Liabilities — (0.1)%				(115,179	)

TOTAL NET ASSETS — 100.0%			$	144,303,115

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $120,120,842. Net unrealized appreciation was $24,297,452. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $24,770,073 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $472,621.

REIT — Real Estate Investment Trust.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	5,162,112	$	5,162,112	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		137,388,210		137,388,210		—		—
SHORT-TERM INVEST- MENTS		1,867,972		1,867,972		—		—

TOTAL INVEST- MENTS	$	144,418,294	$	144,418,294	$	—	$	—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 66.6%
Penn Series Flexibly Managed Fund*		61,858	$	2,550,411
Penn Series Index 500 Fund*		237,321		3,825,617
Penn Series Large Cap Growth Fund*		191,472		2,550,412
Penn Series Large Cap Value Fund*		275,899		6,376,029
Penn Series Large Core Growth Fund*		38,619		637,603
Penn Series Large Core Value Fund*		211,547		3,188,014
Penn Series Large Growth Stock Fund*		88,433		2,550,411
Penn Series Mid Cap Growth Fund*		164,755		2,550,412
Penn Series Mid Cap Value Fund*		144,189		3,188,014
Penn Series Mid Core Value Fund*		140,829		2,550,411
Penn Series Real Estate Securities Fund*		134,657		2,550,411
Penn Series Small Cap Growth Fund*		84,200		2,550,412
Penn Series Small Cap Index Fund*		34,842		637,603
Penn Series Small Cap Value Fund*		88,402		2,550,411
Penn Series SMID Cap Growth Fund*		60,637		1,275,206
Penn Series SMID Cap Value Fund*		147,730		3,188,014

TOTAL AFFILIATED EQUITY FUNDS (Cost $24,026,931)				42,719,391

AFFILIATED FIXED INCOME FUNDS — 4.0%
Penn Series Quality Bond Fund* (Cost $2,243,029)		187,255		2,550,412

AFFILIATED INTERNATIONAL EQUITY FUNDS — 28.8%
Penn Series Developed International Index Fund*		420,167		5,100,822
Penn Series Emerging Markets Equity Fund*		400,289		4,463,220
Penn Series International Equity Fund*		373,179		8,926,440

TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $14,152,640)				18,490,482

SHORT-TERM INVESTMENTS — 0.7%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $473,122)		473,122		473,122

TOTAL INVESTMENTS — 100.1% (Cost $40,895,722)(a)			$	64,233,407

Other Assets & Liabilities — (0.1)%				(33,913	)

TOTAL NET ASSETS — 100.0%			$	64,199,494

*	Non-income producing security.

†	See Security Valuation Note.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $41,323,687. Net unrealized appreciation was $22,909,720. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $23,337,685 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $427,965.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	42,719,391	$	42,719,391	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		2,550,412		2,550,412		—		—
AFFILIATED INTER- NATIONAL EQUITY FUNDS		18,490,482		18,490,482		—		—
SHORT-TERM INVEST- MENTS		473,122		473,122		—		—

TOTAL INVEST- MENTS		64,233,407		64,233,407		—		—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 57.8%
Penn Series Flexibly Managed Fund*		247,801	$	10,216,853
Penn Series Index 500 Fund*		792,250		12,771,066
Penn Series Large Cap Growth Fund*		575,273		7,662,639
Penn Series Large Cap Value Fund*		994,717		22,987,919
Penn Series Large Core Growth Fund*		154,707		2,554,213
Penn Series Large Core Value Fund*		677,960		10,216,853
Penn Series Large Growth Stock Fund*		354,260		10,216,853
Penn Series Mid Cap Growth Fund*		495,003		7,662,640
Penn Series Mid Cap Value Fund*		577,615		12,771,066
Penn Series Mid Core Value Fund*		564,155		10,216,853
Penn Series Real Estate Securities Fund*		404,574		7,662,640
Penn Series Small Cap Growth Fund*		252,976		7,662,639
Penn Series Small Cap Index Fund*		279,149		5,108,426
Penn Series Small Cap Value Fund*		265,603		7,662,640
Penn Series SMID Cap Growth Fund*		242,911		5,108,426
Penn Series SMID Cap Value Fund*		355,081		7,662,640

TOTAL AFFILIATED EQUITY FUNDS (Cost $78,102,539)				148,144,366

AFFILIATED FIXED INCOME FUNDS — 18.9%
Penn Series High Yield Bond Fund*		678,710		7,662,640
Penn Series Limited Maturity Bond Fund*		883,811		10,216,853
Penn Series Quality Bond Fund*		2,250,408		30,650,558

TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $42,662,631)				48,530,051

AFFILIATED INTERNATIONAL EQUITY FUNDS — 22.9%
Penn Series Developed International Index Fund*		1,472,775		17,879,493
Penn Series Emerging Markets Equity Fund*		1,145,387		12,771,066
Penn Series International Equity Fund*		1,174,596		28,096,345

TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $43,418,777)				58,746,904

SHORT-TERM INVESTMENTS — 0.5%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,235,491)		1,235,491		1,235,491

TOTAL INVESTMENTS — 100.1% (Cost $165,419,438)(a)			$	256,656,812

Other Assets & Liabilities — (0.1)%				(249,604	)

TOTAL NET ASSETS — 100.0%			$	256,407,208

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $167,567,840. Net unrealized appreciation was $89,088,972. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $91,237,374 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,148,402.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	148,144,366	$	148,144,366	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		48,530,051		48,530,051		—		—
AFFILIATED INTER- NATIONAL EQUITY FUNDS		58,746,904		58,746,904		—		—
SHORT-TERM INVESTMENTS		1,235,491		1,235,491		—		—

TOTAL INVEST- MENTS	$	256,656,812	$	256,656,812	$	—	$	—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 44.9%
Penn Series Flexibly Managed Fund*		533,881	$	22,011,934
Penn Series Index 500 Fund*		1,137,921		18,343,279
Penn Series Large Cap Growth Fund*		826,274		11,005,967
Penn Series Large Cap Value Fund*		952,485		22,011,934
Penn Series Large Core Value Fund*		730,323		11,005,967
Penn Series Large Growth Stock Fund*		254,414		7,337,311
Penn Series Mid Cap Growth Fund*		473,987		7,337,312
Penn Series Mid Cap Value Fund*		497,782		11,005,967
Penn Series Mid Core Value Fund*		607,729		11,005,967
Penn Series Real Estate Securities Fund*		387,398		7,337,311
Penn Series Small Cap Growth Fund*		242,235		7,337,312
Penn Series Small Cap Index Fund*		400,946		7,337,311
Penn Series Small Cap Value Fund*		254,326		7,337,311
Penn Series SMID Cap Growth Fund*		174,449		3,668,656
Penn Series SMID Cap Value Fund*		510,008		11,005,967

TOTAL AFFILIATED EQUITY FUNDS (Cost $86,865,774)				165,089,506

AFFILIATED FIXED INCOME FUNDS — 35.9%
Penn Series High Yield Bond Fund*		1,299,789		14,674,623
Penn Series Limited Maturity Bond Fund*		2,221,504		25,680,590
Penn Series Quality Bond Fund*		6,733,950		91,716,393

TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $115,297,135)				132,071,606

AFFILIATED INTERNATIONAL EQUITY FUNDS — 17.0%
Penn Series Developed International Index Fund*		1,510,978		18,343,279
Penn Series Emerging Markets Equity Fund*		987,082		11,005,967
Penn Series International Equity Fund*		1,380,347		33,017,901

TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $44,038,186)				62,367,147

AFFILIATED MONEY MARKET FUND — 2.0%
Penn Series Money Market Fund (Cost $7,337,372)		7,337,372		7,337,372

SHORT-TERM INVESTMENTS — 0.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,126,303)		1,126,303		1,126,303

TOTAL INVESTMENTS — 100.1% (Cost $254,664,770)(a)			$	367,991,934

Other Assets & Liabilities — (0.1)%				(210,868	)

TOTAL NET ASSETS — 100.0%			$	367,781,066

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $256,320,271. Net unrealized appreciation was $111,671,663. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $113,327,164 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,655,501.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	165,089,506	$	165,089,506	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		132,071,606		132,071,606		—		—
AFFILIATED INTER- NATIONAL EQUITY FUNDS		62,367,147		62,367,147		—		—
AFFILIATED MONEY MARKET FUNDS		7,337,372		7,337,372		—		—
SHORT-TERM INVEST- MENTS		1,126,303		1,126,303		—		—

TOTAL INVEST- MENTS	$	367,991,934	$	367,991,934	$	—	$	—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 32.8%
Penn Series Flexibly Managed Fund*		192,503	$	7,936,904
Penn Series Index 500 Fund*		211,013		3,401,531
Penn Series Large Cap Growth Fund*		170,247		2,267,687
Penn Series Large Cap Value Fund*		245,314		5,669,218
Penn Series Large Core Value Fund*		150,477		2,267,687
Penn Series Large Growth Stock Fund*		39,315		1,133,844
Penn Series Mid Cap Value Fund*		153,846		3,401,530
Penn Series Mid Core Value Fund*		125,217		2,267,687
Penn Series Real Estate Securities Fund*		119,730		2,267,687
Penn Series Small Cap Growth Fund*		37,433		1,133,844
Penn Series Small Cap Index Fund*		61,959		1,133,844
Penn Series Small Cap Value Fund*		39,301		1,133,843
Penn Series SMID Cap Growth Fund*		53,916		1,133,844
Penn Series SMID Cap Value Fund*		105,083		2,267,687

TOTAL AFFILIATED EQUITY FUNDS (Cost $20,488,409)				37,416,837

AFFILIATED FIXED INCOME FUNDS — 54.7%
Penn Series High Yield Bond Fund*		602,574		6,803,061
Penn Series Limited Maturity Bond Fund*		1,471,250		17,007,653
Penn Series Quality Bond Fund*		2,830,446		38,550,681

TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $53,744,609)				62,361,395

AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.9%
Penn Series Developed International Index Fund*		373,589		4,535,374
Penn Series Emerging Markets Equity Fund*		101,690		1,133,843
Penn Series International Equity Fund*		237,007		5,669,218

TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $7,617,776)				11,338,435

AFFILIATED MONEY MARKET FUND — 2.0%
Penn Series Money Market Fund (Cost $2,267,706)		2,267,706		2,267,706

SHORT-TERM INVESTMENTS — 0.6%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $659,034)		659,034		659,034

TOTAL INVESTMENTS — 100.0% (Cost $84,777,534)(a)			$	114,043,407

Other Assets & Liabilities — 0.0%				30,033

TOTAL NET ASSETS — 100.0%			$	114,073,440

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $85,471,153. Net unrealized appreciation was $28,572,254. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $29,265,873 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $693,619.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	37,416,837	$	37,416,837	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		62,361,395		62,361,395		—		—
AFFILIATED INTER- NATIONAL EQUITY FUNDS		11,338,435		11,338,435		—		—
AFFILIATED MONEY MARKET FUNDS		2,267,706		2,267,706		—		—
SHORT-TERM INVEST- MENTS		659,034		659,034		—		—

TOTAL INVEST- MENTS		114,043,407		114,043,407		—		—

The accompanying notes are an integral part of the financial statements.


	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 17.7%
Penn Series Flexibly Managed Fund*		123,066	$	5,074,012
Penn Series Index 500 Fund*		78,691		1,268,503
Penn Series Large Cap Growth Fund*		95,233		1,268,503
Penn Series Large Cap Value Fund*		54,890		1,268,503
Penn Series Large Core Value Fund*		42,087		634,251
Penn Series Mid Cap Value Fund*		57,372		1,268,503
Penn Series Mid Core Value Fund*		35,022		634,251

TOTAL AFFILIATED EQUITY FUNDS (Cost $6,396,950)				11,416,526

AFFILIATED FIXED INCOME FUNDS — 70.0%
Penn Series High Yield Bond Fund*		393,247		4,439,760
Penn Series Limited Maturity Bond Fund*		1,152,187		13,319,281
Penn Series Quality Bond Fund*		2,002,409		27,272,814

TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $37,925,481)				45,031,855

AFFILIATED INTERNATIONAL EQUITY FUNDS — 4.9%
Penn Series Developed International Index Fund*		156,734		1,902,754
Penn Series International Equity Fund*		53,031		1,268,503

TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $1,893,119)				3,171,257

AFFILIATED MONEY MARKET FUND — 5.9%
Penn Series Money Market Fund (Cost $3,805,541)		3,805,541		3,805,541

SHORT-TERM INVESTMENTS — 1.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $900,152)		900,152		900,152

TOTAL INVESTMENTS — 99.9% (Cost $50,921,243)(a)			$	64,325,331

Other Assets & Liabilities — 0.1%				52,969

TOTAL NET ASSETS — 100.0%			$	64,378,300

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2015, the cost for Federal income tax purposes was $51,326,580. Net unrealized appreciation was $12,998,751. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $13,404,088 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $405,337.

Summary of inputs used to value the Fund’s investments as of 03/31/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	11,416,526	$	11,416,526	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		45,031,855		45,031,855		—		—
AFFILIATED INTER- NATIONAL EQUITY FUNDS		3,171,257		3,171,257		—		—
AFFILIATED MONEY MARKET FUNDS		3,805,541		3,805,541		—		—
SHORT-TERM INVEST- MENTS		900,152		900,152		—		—

TOTAL INVEST- MENTS	$	64,325,331	$	64,325,331	$	—	$	—

The accompanying notes are an integral part of the financial statements.

Money Market Fund — Investments in securities are valued using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, which involves initially valuing investments at cost and thereafter assuming a constant amortization to maturity of any premium or discount. This method approximates market value.

Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities Funds — Portfolio securities listed on a securities exchange or an automated quotation system for which quotations are readily available, including securities traded over the counter, are valued at the last quoted sale price on the principal exchange or market on which they are traded on the valuation date or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. Debt and fixed income securities are valued by recognized independent third-party valuation services, employing evaluation methodologies that utilize actual market transactions, broker-dealer supplied valuations, and matrix pricing. Matrix pricing for corporate bonds, floating rate notes, municipal securities and U.S. government and government agency obligations considers yield or price of bonds of comparable quality, coupon, maturity and type and, for asset backed securities, commercial mortgage securities and U.S. government agency mortgage securities, also considers prepayment speed assumptions and attributes and performance of the underlying collateral. Securities valued according to these evaluation methods are generally categorized as level 2 in the fair value hierarchy described below. To the extent that bid prices are provided by the pricing service, the Funds will use the bid price. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Securities for which market quotations are not readily available are valued by methods deemed by the Board of Directors to represent fair value. The Penn Series Valuation Committee (the “Valuation Committee”) , established by and subject to oversight by the Board of Directors, develops pricing related policies and procedures and approves all fair value determinations. The Valuation Committee consists of representatives from the Adviser and Administrator. The Valuation Committee regularly makes good faith judgments, using sources and information obtained, including recommendations and supporting rationales and inputs from the Adviser or the applicable sub adviser, to establish and /or adjust fair valuations of securities as events occur and circumstances warrant. The information and inputs may include but are not limited to cost of the security, last sale price, private transaction trading prices, comparable publically traded security prices, illiquidity premiums, publically disclosed news stories and regulatory filings, estimated cash flows and yield curves. As part of its procedures, the Valuation Committee monitors the fair valued securities, considers additional news or significant developments relative to the specific security, reviews the valuations with the Adviser or respective sub adviser on a regular basis and applies back testing procedures to valuations as applicable. Reasons for which securities may be valued in this manner include, but are not limited to, trading on an exchange for a security has not begun or has been halted or suspended, a security has been de-listed from a national exchange, trading on a security’s primary market is temporarily closed at a time when under normal conditions it would be open or valuation by a third party pricing service is currently not available or is no longer available.

Options are valued at the last traded price on the market where such options are principally traded or, if there was no trade on such day, at the last bid quote. Futures contracts are valued at the last settlement price on the market where such futures contracts are principally traded.

To assess the continuing appropriateness of third party pricing service security valuations, the Adviser or sub adviser, as applicable, or the fund accounting service provider, who is subject to oversight by the Administrator, regularly monitor the prices and compare prices to alternate sources where applicable. Pricing challenges are issued for valuation differences exceeding certain tolerances or when considered not reflective of market by the Adviser or sub adviser, as applicable.

Certain events may occur between the time that foreign markets close, on which securities held by the Fund principally trade, and the time at which the Fund’s NAV is calculated. These securities are valued at a fair value utilizing an independent third-party valuation service in accordance with procedures adopted by the Fund’s Board of Directors. The methodology and procedures followed by the valuation service consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes as well as prices for similar securities. Securities valued using such valuation service are classified as Level 2 of the fair value hierarchy as these adjustment factors are considered other observable inputs to the valuation. Values from the valuation service are applied in the event that there is a movement in U.S. market that exceeds a specific threshold that has been established by the Valuation Committee. The Valuation Committee has also established a “confidence interval,” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Valuation Committee is exceeded on a specific day, the Funds shall value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation service.

The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds — The valuation of each Fund’s investment in its Underlying Funds is based on the net asset values of the Underlying Funds each business day.

Fair value measurements are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. These inputs are summarized into three broad levels as follows:

Transfers between levels 1 and 2 during the period ended March 31, 2015, if any, are shown as notes on the Schedule of Investments of the individual fund.

Significant Level 3 items at March 31, 2015 consist of $1,432,687 of equities in the Large Growth Stock Fund which were not publicly trading. The unobservable inputs used in valuing these securities include new rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market valuations of peer companies and strategic events affecting the company. Significant increases (decreases) in the valuation indicated by the new rounds of financing, valuations observed through negotiated transactions between other investors in the company or changes in the market valuation of relevant peer companies would result in directionally similar changes to the fair value. Fair value determinations are reviewed and updated on a regular basis and as information becomes available, including actual purchase and sale transactions of the issue.

The Quality Bond, Index 500, Developed International Index, Limited Maturity Bond and Small Cap Index Funds have entered into futures contracts during the period ended March 31, 2015. Open futures contracts held by the Index 500, Developed International Index and Small Cap Index Funds at March 31, 2015 were as follows:

The total market value of futures contracts held in the Limited Maturity Bond, Quality Bond, Index 500, Developed International Index and Small Cap Index Funds as of March 31, 2015 are classified as Level 1.

Open forward foreign currency contracts held by High Yield Bond Fund at March 31, 2015 were as follows:

Open forward foreign currency contracts held by Mid Core Value Fund at March 31, 2015 were as follows:

Open forward foreign currency contracts held by Emerging Market Equity Fund at March 31, 2015 were as follows:

The total market value of forward foreign currency contracts held in the High Yield Bond, Mid Core Value and Emerging Markets Equity Funds as of March 31, 2015 are classified as Level 2.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Country Weightings as of 03/31/2015††
United States	77	%
Cayman Islands	13
Canada	2
United Kingdom	2
Netherlands	2
Ireland	1
Luxembourg	1
Other	2

Total	100	%


Country Weightings as of 03/31/2015 ††
United States	83	%
France	9
Ireland	4
Brazil	1
Netherlands	1
Taiwan	1
United Kingdom	1

Total	100	%


Fund	Type		Future Contract		Expiration Date		Number Of Contracts			Units per Contract		Closing Price		Unrealized Appreciation (Depreciation)
Limited Maturity Bond		Buy/Long		US Treasury Note		6/15/2015		120			2,000	$	110	$	92,516
Limited Maturity Bond		Sell/Short		US Treasury Note		6/15/2015		(40	)		1,000		129		(70,625	)
Quality Bond		Buy/Long		US Treasury Note		6/15/2015		80			1,000		120		1,250
Quality Bond		Buy/Long		US Treasury Note		6/15/2015		190			2,000		110		149,219
Quality Bond		Sell/Short		US Treasury Note		6/15/2015		(440	)		1,000		129		(959,063	)
Quality Bond		Sell/Short		US Ultra Bond		6/15/2015		(115	)		1,000		170		(522,969	)
Quality Bond		Sell/Short		90 DayEuro Dollar		9/16/2016		(100	)		2,500		99		(93,893	)
Index 500		Buy/Long		E-Mini S&P 500 Index		6/15/2015		79			50		2,061		(19,868	)
Small Cap Index		Buy/Long		Russell 2000 Mini Index		6/15/2015		8			100		1,249		12,325
Developed International Index		Buy/Long		E-Mini MSCI Eafe Index		6/15/2015		25			50		1,830		21,863


	Currency	Counterparty	Settlement Date	Foreign Currency Contract			Forward Rate		U.S. Contract Amount			U.S. Contract Value			Unrealized Foreign Exchange Gain/(Loss)
Sell	Canadian Dollar	Royal Bank of Canada	06/19/2015		(908,000	)		1.26792	$	(709,845	)	$	(716,136	)	$	(6,291	)
Buy	Euro	BNY Mellon	06/12/2015		148,000			0.92908		160,372			159,297			(1,075	)
Buy	Euro	BNY Mellon	06/12/2015		77,440			0.92908		84,314			83,352			(962	)
Sell	Euro	Citi	06/12/2015		(183,439	)		0.92908		(200,256	)		(197,441	)		2,815
Sell	Euro	Citi	06/12/2015		(8,212,000	)		0.92908		(8,816,157	)		(8,838,848	)		(22,691	)
Buy	Pounds Sterling	Goldman Sachs	04/10/2015		404,106			0.67418		614,345			599,406			(14,939	)
Buy	Pounds Sterling	HSBC	04/10/2015		125,469			0.67418		192,302			186,107			(6,195	)
Sell	Pounds Sterling	BNY Mellon	04/10/2015		(65,529	)		0.67418		(97,301	)		(97,199	)		102
Sell	Pounds Sterling	BA Securities	04/10/2015		(2,747,000	)		0.67418		(4,139,152	)		(4,074,602	)		64,550
Buy	Swiss Francs	Bank of America	05/12/2015		165,000			0.97012		174,599			170,083			(4,516	)
Buy	Swiss Francs	Barclays	05/12/2015		965,775			0.97012		1,036,273			995,525			(40,748	)
Buy	Swiss Francs	BNY Mellon	05/12/2015		6,656			0.97012		6,709			6,861			152
Sell	Swiss Francs	HSBC	05/12/2015		(1,554,000	)		0.97012		(1,690,509	)		(1,601,869	)		88,640

Total															$	58,842


	Currency	Counterparty	Settlement Date		Foreign Currency Contract			Forward Rate		U.S. Contract Amount			U.S. Contract Value			Unrealized Foreign Exchange Gain/(Loss)
Sell	Canadian Dollar	JP Morgan		04/30/2015		(2,671,177	)		1.26702	$	(2,140,263	)	$	(2,108,244	)	$	32,019
Sell	Japanese Yen	Credit Suisse		04/30/2015		(1,221,092	)		119.89560		(10,185	)		(10,185	)		—
Sell	Japanese Yen	Credit Suisse		04/30/2015		(1,180,530	)		119.87750		(9,849	)		(9,848	)		1
Sell	Japanese Yen	Credit Suisse		04/30/2015		(32,130,611	)		119.87750		(269,876	)		(268,029	)		1,847
Sell	Euro	UBS		04/30/2015		(1,142,182	)		0.92963		(1,242,214	)		(1,228,641	)		13,573

Total																$	47,440


(Registrant)		Penn Series Funds, Inc.

By (Signature and Title)*		/s/ David M. O’Malley
		David M. O’Malley, President
		(principal executive officer)


By (Signature and Title)*		/s/ Timothy P. Demetres
		Timothy P. Demetres, Treasurer
		(principal financial officer)