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 — 62.1%
Aerospace & Defense — 3.0%
United Technologies Corp.
0.250%, 11/25/15	$	2,500	$	2,499,045
0.300%, 11/30/15		1,000		999,500

				3,498,545

Banks — 2.0%
Swedbank AB
0.200%, 10/06/15		1,000		999,972
0.240%, 10/06/15		475		474,984
0.280%, 11/02/15		900		899,776

				2,374,732

Beverages — 9.3%
Anheuser-Busch InBev N.V. 0.300%, 12/23/15		1,820		1,818,741
Brown Forman Corp.
0.200%, 10/09/15		5,500		5,499,756
0.200%, 10/27/15		500		499,928
Coca-Cola Co. 0.560%, 04/19/16		3,000		2,990,620

				10,809,045

Diversified Financial Services — 5.4%
AXA Financial
0.200%, 10/01/15		2,500		2,500,000
0.280%, 10/19/15		500		499,930
0.390%, 11/02/15		2,500		2,499,134
Reckitt & Benckiser Treasury Services PLC 0.280%, 10/13/15		800		799,925

				6,298,989

Electric — 12.0%
Basin Electric Power 0.190%, 10/19/15		2,000		1,999,810
Dominion Resources, Inc. 0.470%, 10/05/15		540		539,972
Duke Energy Corp. 0.420%, 10/07/15		515		514,964
Electriicite de France 0.400%, 01/08/16		1,100		1,098,790
GDF Suez S.A.
0.200%, 10/01/15		1,000		1,000,000
0.240%, 10/19/15		500		499,940
0.230%, 10/27/15		1,500		1,499,751
Nextera Energy 0.360%, 10/06/15		526		525,974
Oglethorpe Power Corp.
0.200%, 10/05/15		1,500		1,499,966
0.200%, 11/02/15		4,176		4,175,257
Southern Co. 0.400%, 10/08/15		595		594,954

				13,949,378

Electronics — 5.2%
Honeywell International, Inc. 0.330%, 12/04/15		6,000		5,996,480
Gas — 10.8%
Northern Illinoise Gas Co. 0.220%, 10/13/15		5,500		5,499,597


	Par (000)		Value†

Gas — (continued)
Sempra Energy Global Enterprises 0.410%, 10/19/15	$	500	$	499,897
WGL Holdings, Inc.
0.250%, 10/01/15		1,000		1,000,000
0.280%, 10/01/15		3,500		3,500,000
0.290%, 10/01/15		1,500		1,500,000
0.270%, 10/09/15		500		499,970

				12,499,464

Healthcare Services — 10.3%
Catholic Health
0.330%, 10/19/15		2,000		1,999,670
0.350%, 10/19/15		500		499,913
0.350%, 11/03/15		3,300		3,298,941
United Healthcare Corp.
0.220%, 10/01/15		750		750,000
0.500%, 11/02/15		3,000		2,998,667
0.520%, 12/03/15		2,400		2,397,816

				11,945,007

Retail — 0.2%
Autozone, Inc. 0.400%, 10/08/15		270		269,979

Telecommunications — 3.9%
Telstra Corp. Ltd.
0.250%, 10/15/15		1,500		1,499,854
0.230%, 10/19/15		1,000		999,885
0.370%, 12/14/15		2,000		1,998,479

				4,498,218

TOTAL COMMERCIAL PAPER (Cost $72,139,837)				72,139,837

CORPORATE BONDS — 5.1%
Banks — 1.7%
National Australia Bank Ltd. 0.900%, 01/20/16		2,000		2,002,784

Diversified Financial Services — 2.3%
General Electric Capital Corp.
2.250%, 11/09/15		500		500,971
1.000%, 12/11/15		1,200		1,201,445
5.000%, 01/08/16		1,000		1,012,185

				2,714,601

Insurance — 1.1%
New York Life Global Funding 0.800%, 02/12/16 144A @		1,270		1,271,870

TOTAL CORPORATE BONDS (Cost $5,989,255)				5,989,255

U.S. TREASURY OBLIGATIONS — 36.6%
U.S. Treasury Note
0.060%, 01/31/16•		12,000		12,000,085
0.375%, 03/15/16		5,000		5,002,431
0.084%, 04/30/16•		5,000		5,000,412
0.250%, 05/15/16		4,000		3,999,421


	Par (000)		Value†
U.S. TREASURY OBLIGATIONS — (continued)
0.375%, 05/31/16	$	1,000	$	1,000,246
1.750%, 05/31/16		1,000		1,009,210
0.085%, 07/31/16•		12,500		12,502,382
0.068%, 10/31/16•		2,000		1,999,461

TOTAL U.S. TREASURY OBLIGATIONS (Cost $42,513,648)				42,513,648

	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 2.1%
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		2,391,901		2,391,901
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 $2,391,907)				2,391,907

TOTAL INVESTMENTS — 105.9% (Cost $123,034,647)			$	123,034,647

Other Assets & Liabilities — (5.9)%				(6,807,501	)

TOTAL NET ASSETS — 100.0%			$	116,227,146

†	See Security Valuation Note.

Non-income producing security.

•	Variable Rate Security.

144A @

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.

PLC —

Public Limited Company.


Maturity Schedule	Market Value		% of Portfolio		(Cumulative)
1 — 7 days	$	48,700,079		39.6%		39.6%
8 — 14 days		13,164,180		10.7%		50.3%
15 — 30 days		10,498,578		8.5%		58.8%
31 — 60 days		16,871,791		13.7%		72.5%
61 — 90 days		14,412,461		11.7%		84.2%
91 — 120 days		4,113,759		3.4%		87.6%
121 — 150 days		1,271,870		1.0%		88.6%
over 150 days		14,001,928		11.4%		100.0%

	$	123,034,647		100.0%

Average Weighted Maturity — 46 days (unaudited).

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
U.S. TREASURY OBLIGATIONS	$	42,513,648	$	—	$	42,513,648	$	—
CORPORATE BONDS		5,989,255		—		5,989,255		—
COMMERCIAL PAPER		72,139,837		—		72,139,837		—
SHORT-TERM INVESTMENTS		2,391,907		2,391,907		—		—

TOTAL INVESTMENTS	$	123,034,647	$	2,391,907	$	120,642,740	$	—

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†
AGENCY OBLIGATION — 0.7%
Federal National Mortgage Association — 0.7%
Federal National Mortgage Association 1.233%, 09/25/22 (Cost $1,413,554)	$	1,426	$	1,443,730

ASSET BACKED SECURITIES — 30.7%
Ally Master Owner Trust 1.540%, 09/15/19		1,000		1,001,946
Americredit Automobile Receivables Trust 2013-5 2.290%, 11/08/19		1,000		1,010,175
Avenue CLO VI Ltd. 2007-6A 2.439%, 07/17/19 144A @,•		2,500		2,425,867
Black Diamond CLO 2005-1 Delaware Corp. 2.245%, 06/20/17 144A @,•		2,000		1,970,244
Brentwood CLO Corp. 2006-1A 1.120%, 02/01/22 144A @,•		2,000		1,864,078
Callidus Debt Partners CLO Fund V Ltd 1.783%, 11/20/20 144A @,•		2,090		2,061,074
Chesapeake Funding LLC 0.994%, 03/07/26 144A @,•		1,080		1,079,121
Conseco Financial Corp. 7.650%, 04/15/19		7		7,661
Consumers Securitization Funding LLC 2014-A 1.334%, 11/01/20		2,238		2,247,739
CPS Auto Receivables Trust 2014-A 1.210%, 08/15/18 144A @		404		403,127
Cratos CLO Ltd. 2007-1A D 2.733%, 05/19/21 144A @,•		2,000		1,995,028
Entergy Arkansas Restoration Funding LLC 2.300%, 08/01/21		752		770,834
Equity One Mortgage Pass-Through Trust 2004-1 4.145%, 04/25/34 •		12		12,477
Ford Credit Auto Owner Trust 2012-C 1.270%, 12/15/17		2,000		2,008,148
Ford Credit Auto Owner Trust 2012-D 1.970%, 05/15/19		1,800		1,819,528
GE Equipment Transportation LLC Series 2013-1 1.540%, 03/24/21		1,000		1,001,661
Gleneagles CLO Ltd. 2005-1A C 1.200%, 11/01/17 144A @,•		2,000		1,990,546
Golden Credit Card Trust 1.390%, 07/15/19 144A @		2,000		2,008,518
Goldentree Loan Opportunities VII Ltd. 2013-7A 1.445%, 04/25/25 144A @,•		3,000		2,955,303
Goldman Sachs Asset Management CLO PLC 3.050%, 08/01/22 144A @,•		2,000		1,993,280
Greens Creek Funding Ltd. 2.537%, 04/18/21 144A @,•		2,000		1,978,786
Hyundai Auto Lease Securitization Trust 2014-B 1.540%, 12/17/18 144A @		1,100		1,101,745


	Par (000)		Value†

Jasper CLO Ltd. 2005-1A 1.209%, 08/01/17 144A @,•	$	2,375	$	2,363,610
OHA Park Avenue CLO Ltd. 2007-1A 1.656%, 03/14/22 144A @,•		1,413		1,353,450
Popular ABS Mortgage Pass-Through Trust 2004-4 4.628%, 09/25/34 •		8		8,174
Red River CLO Ltd. 1A C 1.020%, 07/27/18 144A @,•		2,000		1,962,454
Rockwall CDO II Ltd. 2007-1A
0.550%, 08/01/24144A @,•		4,555		4,423,973
1.000%, 08/01/24144A @,•		2,065		1,878,369
Rockwall CDO Ltd. 2006-1A 0.800%, 08/01/21 144A @,•		2,000		1,982,214
SACO I, Inc. 2005-4 1.094%, 06/25/35 144A @,•		136		131,853
SLM Student Loan Trust 2004-4 0.675%, 01/27/25 •		2,200		2,115,346
St James River CLO Ltd. 2.633%, 06/11/21 144A @,•		1,000		976,818
Stone Tower CLO VII Ltd. 2007-7A 2.437%, 08/30/21 144A @,•		2,000		1,965,574
Stoney Lane Funding I Corp. 1.689%, 04/18/22 144A @,•		3,000		2,793,225
Sugar Creek CLO Ltd. 2.987%, 07/20/22 144A @,•		2,000		2,000,362
Tralee CDO Ltd. 2007-1A 1.789%, 04/16/22 144A @,•		2,000		1,865,366
Volvo Financial Equipment LLC Series 2013-1 1.620%, 08/17/20 144A @		1,000		1,003,910
Westchester CLO Ltd. 2007-1A B 0.740%, 08/01/22 144A @,•		2,500		2,336,795
World Financial Network Credit Card Master Trust 2012-B 1.760%, 05/17/21		1,782		1,798,491
World Omni Automobile Lease Securitization Trust 2014-A 0.710%, 03/15/17		2,351		2,348,630

TOTAL ASSET BACKED SECURITIES (Cost $67,138,349)				67,015,500

COLLATERALIZED MORTGAGE OBLIGATIONS — 3.0%
Banc of America Commercial Mortgage Trust 2006-1 5.421%, 09/10/45 •		2,000		2,010,358
Banc of America Merrill Lynch Commercial Mortgage Inc 5.147%, 09/10/47 •		1,000		1,000,750
SLM Student Loan Trust 2004-7 0.655%, 04/25/25 •		3,612		3,430,772

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $6,587,333)				6,441,880


	Par (000)		Value†
COMMERCIAL MORTGAGE BACKED SECURITIES — 13.7%
BAMLL Commercial Mortgage Securities Trust 2013-DSNY 1.698%, 09/15/26 144A @,•	$	1,000	$	993,726
Banc of America Commercial Mortgage Trust 2006-1 5.372%, 09/10/45 •		542		542,470
Boca Hotel Portfolio Trust 2013-BOCA 1.946%, 08/15/26 144A @,•		1,000		997,838
CFCRE 2015-RUM B Mortgage Trust 2.357%, 07/15/30 144A @,•		2,000		1,967,496
EMAC Owner Trust 2000-1 6.396%, 01/15/27 144A @,•		292		212,062
Fannie Mae—Aces Series 2014-M2 Class ASV1 1.916%, 06/25/21		7,058		7,190,487
FREMF Mortgage Trust Series 2010-K6 Class B 5.533%, 12/25/46 144A @,•		3,000		3,337,761
FREMF Mortgage Trust Series 2012-K708 Class C 3.886%, 02/25/45 144A @,•		2,000		2,045,178
FREMF Mortgage Trust Series 2012-K710 Class C 3.950%, 06/25/47 144A @,•		1,960		2,003,038
FREMF Mortgage Trust Series 2013-KF02 Class C 4.194%, 12/25/45 144A @,•		710		723,383
FREMF Mortgage Trust, Series 2013-K713 Class C 3.274%, 04/25/46 144A @,•		2,400		2,391,091
Hilton USA Trust 2013-HLF 2.944%, 11/05/30 144A @,•		985		984,384
Hilton USA Trust 2014-ORL B 1.407%, 07/15/29 144A @,•		2,500		2,464,965
JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU Class A 1.157%, 12/15/28 144A @,•		1,000		999,762
Morgan Stanley Capital I Trust 2006-IQ12 5.332%, 12/15/43		3,041		3,132,301

TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $30,222,932)				29,985,942

CORPORATE BONDS — 39.3%
Aerospace & Defense — 0.5%
BAE Systems PLC 3.500%, 10/11/16 144A @		1,000		1,023,863

Airlines — 3.9%
American Airlines 2013-2 Class C Pass-Through Trust 6.000%, 01/15/17 144A @		1,974		2,023,151
Continental Airlines 2009-1 Pass Through Trust 9.000%, 07/08/16		888		932,752


	Par (000)		Value†

Airlines — (continued)
Delta Air Lines 2010-2 Class B Pass- Through Trust 6.750%, 11/23/15	$	2,700	$	2,733,750
Northwest Airlines 2007-1 Class B Pass-Through Trust 8.028%, 11/01/17		2,068		2,261,757
UAL 2009-2A Pass-Through Trust 9.750%, 01/15/17		592		643,369

				8,594,779

Banks — 5.7%
Bank of America Corp. 3.750%, 07/12/16		1,000		1,019,924
Capital One NA 2.350%, 08/17/18		1,500		1,504,178
JPMorgan Chase & Co.
0.841%, 02/15/17•		2,385		2,383,144
2.000%, 08/15/17		2,000		2,016,940
State Street Corp. 4.956%, 03/15/18		3,000		3,199,737
US Bancorp. 3.442%, 02/01/16		1,250		1,260,586
Wells Fargo Bank NA 6.000%, 11/15/17		1,000		1,090,085

				12,474,594

Beverages — 0.9%
Constellation Brands, Inc. 7.250%, 05/15/17		1,750		1,876,875

Computers — 0.9%
Hewlett Packard Enterprise Co. 2.450%, 10/05/17 144A @		2,000		1,998,880

Diversified Financial Services — 5.2%
AerCap Aviation Solutions BV 6.375%, 05/30/17		1,000		1,041,250
Air Lease Corp. 2.625%, 09/04/18		2,000		1,997,358
Ally Financial, Inc. 3.600%, 05/21/18		1,000		988,750
American Express Co. 6.150%, 08/28/17		2,000		2,169,980
Ford Motor Credit Co. LLC 8.000%, 12/15/16		2,000		2,149,748
Icahn Enterprises LP 3.500%, 03/15/17		1,000		1,003,120
Vesey Street Investment Trust, STEP 4.404%, 09/01/16 •		2,000		2,053,520

				11,403,726

Electric — 3.6%
Entergy Gulf States, Inc. 6.180%, 03/01/35		2,000		2,000,016
Israel Electric Corp. Ltd. 6.700%, 02/10/17 144A @		1,000		1,053,750
Puget Sound Energy, Inc. 6.740%, 06/15/18		3,000		3,381,756


	Par (000)		Value†
CORPORATE BONDS — (continued)
Electric — (continued)
San Diego Gas & Electric Co. 1.914%, 02/01/22	$	1,490	$	1,483,227

				7,918,749

Electronics — 0.5%
Thermo Fisher Scientific, Inc. 1.300%, 02/01/17		1,000		999,470

Environmental Control — 0.5%
Waste Management, Inc. 2.600%, 09/01/16		1,000		1,013,620

Food — 1.3%
ConAgra Foods, Inc. 1.300%, 01/25/16		1,000		1,000,812
General Mills, Inc. 0.494%, 01/28/16 •		600		600,099
Tyson Foods, Inc. 6.600%, 04/01/16		645		662,703
WM Wrigley Jr. Co. 1.400%, 10/21/16 144A @		500		501,217

				2,764,831

Gas — 0.5%
Sabine Pass LNG LP 7.500%, 11/30/16		1,000		1,022,500

Healthcare Products — 0.9%
Becton Dickinson and Co. 1.450%, 05/15/17		2,000		1,996,338

Healthcare Services — 0.5%
Fresenius Medical Care US Finance, Inc. 6.875%, 07/15/17		1,000		1,070,000

Insurance — 1.1%
MassMutual Global Funding II 2.350%, 04/09/19 144A @		1,356		1,381,144
New York Life Global Funding 1.125%, 03/01/17 144A @		1,000		1,000,574

				2,381,718

Machinery - Diversified — 1.9%
CNH Industrial Capital LLC
3.875%, 11/01/15		2,000		1,995,000
3.875%, 07/16/18 144A @		1,000		980,000
Xylem, Inc. 3.550%, 09/20/16		1,165		1,189,316

				4,164,316

Media — 0.5%
Thomson Reuters Corp. 1.300%, 02/23/17		1,000		997,896

Miscellaneous Manufacturing — 1.4%
Siemens Financieringsmaatschappij NV 5.750%, 10/17/16 144A @		3,000		3,145,170


	Par (000)		Value†

Oil & Gas — 0.5%
Statoil ASA 3.125%, 08/17/17	$	1,000	$	1,035,552

Oil & Gas Services — 0.4%
Cameron International Corp. 1.150%, 12/15/16		1,000		996,812

Pharmaceuticals — 1.0%
Mylan, Inc. 1.800%, 06/24/16		1,260		1,257,712
Perrigo Co., PLC 1.300%, 11/08/16 144A @		1,000		992,475

				2,250,187

Pipelines — 1.8%
Kinder Morgan Energy Partners LP 3.500%, 03/01/16		1,000		1,009,337
Spectra Energy Partners LP 2.950%, 06/15/16		1,000		1,012,740
Williams Partners LP/ACMP Finance Corp. 4.875%, 05/15/23		2,000		1,850,000

				3,872,077

Retail — 0.9%
Macy’s Retail Holdings, Inc. 5.900%, 12/01/16		1,910		2,009,475

Semiconductors — 0.9%
NXP BV/NXP Funding LLC 3.750%, 06/01/18 144A @		1,000		1,002,500
Samsung Electronics America, Inc. 1.750%, 04/10/17 144A @		1,000		1,000,801

				2,003,301

Telecommunications — 2.4%
America Movil S.A.B. de C.V. 2.375%, 09/08/16		1,000		1,009,920
British Telecommunications PLC 1.625%, 06/28/16		1,000		1,004,018
Deutsche Telekom International Finance B.V. 3.125%, 04/11/16 144A @		1,500		1,517,100
Verizon Communications, Inc.
2.500%, 09/15/16		680		689,343
1.350%, 06/09/17		1,000		998,599

				5,218,980

Trucking and Leasing — 1.6%
Aviation Capital Group Corp. 2.875%, 09/17/18 144A @		1,500		1,498,635
GATX Corp. 1.250%, 03/04/17		1,000		994,703
TTX Co. 5.400%, 02/15/16 144A @		1,000		1,013,778

				3,507,116

TOTAL CORPORATE BONDS (Cost $86,117,749)				85,740,825


	Par (000)		Value†
MUNICIPAL NOTE — 0.2%
Regional — 0.2%
La Paz County Industrial Development Authority 6.250%, 12/01/19 (Cost $391,000)	$	375	$	419,059

RESIDENTIAL MORTGAGE BACKED SECURITIES — 3.9%
Collateralized Mortgage Obligations — 3.8%
Fannie Mae REMICS 0.394%, 10/27/37 •		8,363		8,316,656

Fannie Mae Pool — 0.1%
4.000%, 06/01/20		152		159,556

TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $8,447,210)				8,476,212

U.S. TREASURY OBLIGATIONS — 7.8%
U.S. Treasury Note
2.000%, 04/30/16		3,000		3,030,936
0.875%, 02/28/17		6,750		6,784,978
0.875%, 05/15/17		2,950		2,964,942
0.750%, 03/31/18		2,250		2,246,778
United States Treasury Note Bond 0.750%, 12/31/17		2,000		2,000,834

TOTAL U.S. TREASURY OBLIGATIONS (Cost $16,998,814)				17,028,468


	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 4.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		9,275,915	$	9,275,915
BlackRock Liquidity Funds TempFund - Institutional Shares*		218		218
Federated Prime Obligations Fund - Class I		407		407
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 $9,277,841)				9,277,841

TOTAL INVESTMENTS — 103.6% (Cost $226,594,782)(a)			$	225,829,457

Other Assets & Liabilities — (3.6)%				(7,791,194	)

TOTAL NET ASSETS — 100.0%			$	218,038,263

†	See Security Valuation Note.

*	Non-income producing security.

144A @

•	Variable Rate Security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $226,598,798. Net unrealized depreciation was $769,340. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $412,778 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,182,118.

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 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
U.S. TREASURY OBLIGATIONS	$	17,028,468	$	—	$	17,028,468	$	—
AGENCY OBLIGATION		1,443,730		—		1,443,730		—
ASSET BACKED SECURITIES		67,015,500		—		67,015,500		—
COLLATERALIZED MORTGAGE OBLIGATIONS		6,441,880		—		6,441,880		—
COMMERCIAL MORTGAGE BACKED SECURITIES		29,985,942		—		29,985,942		—
CORPORATE BONDS		85,740,825		—		85,740,825		—
RESIDENTIAL MORTGAGE BACKED SECURITIES		8,476,212		—		8,476,212		—
SHORT-TERM INVESTMENTS		9,277,841		9,277,841		—		—
MUNICIPAL NOTES		419,059		—		419,059

TOTAL INVESTMENTS	$	225,829,457	$	9,277,841	$	216,551,616	$	—

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


	Par (000)		Value†
AGENCY OBLIGATION — 0.3%
Federal National Mortgage Association — 0.3%
1.233%, 09/25/22 (Cost $1,750,474)	$	1,863	$	1,885,872

ASSET BACKED SECURITIES — 16.8%
Avenue CLO VI Ltd. 2007-6A 2.439%, 07/17/19 144A @,•		2,500		2,425,868
Babson CLO, Inc. 2007-I 1.537%, 01/18/21 144A @,•		2,500		2,401,145
Black Diamond CLO 2005-1 Delaware Corp. 2.245%, 06/20/17 144A @,•		3,000		2,955,366
Brentwood CLO Corp. 2006-1A 1.120%, 02/01/22 144A @,•		4,000		3,728,156
Chrysler Capital Auto Receivables Trust 2014-B 2.700%, 05/15/20 144A @		3,000		3,044,859
College Loan Corp. Trust I 2006-1 1.045%, 04/25/46 144A @,•		5,000		4,815,885
Conseco Financial Corp. 1996-10 7.240%, 11/15/28 •		421		257,179
Cratos CLO Ltd. 2007-1A D 2.733%, 05/19/21 144A @,•		3,000		2,992,542
Emerson Place CLO Ltd. 2006-1A C 1.059%, 01/15/19 144A @,•		3,200		3,017,670
Ford Credit Auto Owner Trust 2012-D 1.010%, 05/15/18		2,385		2,384,793
Gleneagles CLO Ltd. 2005-1A C 1.200%, 11/01/17 144A @,•		2,500		2,488,182
Goldentree Loan Opportunities VII Ltd. 2013-7A 1.445%, 04/25/25 144A @,•		3,000		2,955,303
Jasper CLO Ltd. 2005-1A 1.209%, 08/01/17 144A @,•		4,375		4,354,017
Keycorp Student Loan Trust 2006-A 0.636%, 09/27/35 •		5,000		4,876,515
Morgan Stanley Capital I Trust 2005-IQ10 5.577%, 09/15/42 •		1,480		1,482,870
Red River CLO Ltd. 1A C 1.020%, 07/27/18 144A @,•		3,500		3,434,294
Rockwall CDO II Ltd. 2007-1A
0.550%, 08/01/24 144A @,•		6,832		6,635,959
1.000%, 08/01/24 144A @,•		4,000		3,638,488
Rockwall CDO Ltd. 2006-1A 0.800%, 08/01/21 144A @,•		3,000		2,973,321
SACO I, Inc. 2005-4 1.094%, 06/25/35 144A @,•		408		395,560
SLC Student Loan Trust 2005-1 0.521%, 02/15/45 •		6,515		5,535,130
SLM Student Loan Trust 2004-4 0.675%, 01/27/25 •		5,800		5,576,822
SLM Student Loan Trust 2005-10 0.565%, 10/26/26 •		5,000		4,479,465
SLM Student Loan Trust 2012-6 1.194%, 04/27/43 •		7,205		6,361,446
Stone Tower CLO VII Ltd. 2007-7A 2.437%, 08/30/21 144A @,•		3,000		2,948,361


	Par (000)		Value†

Westchester CLO Ltd. 2007-1A B 0.740%, 08/01/22 144A @,•	$	4,500	$	4,206,231

TOTAL ASSET BACKED SECURITIES (Cost $91,837,945)				90,365,427

COMMERCIAL MORTGAGE BACKED SECURITIES — 24.2%
Banc of America Commercial Mortgage Trust 2006-1 5.372%, 09/10/45 •		1,051		1,051,638
Boca Hotel Portfolio Trust 2013-BOCA
1.357%, 08/15/26 144A @,•		305		303,864
1.957%, 08/15/26 144A @,•		1,000		997,838
CFCRE 2015-RUM B Mortgage Trust 2.357%, 07/15/30 144A @,•		3,000		2,951,244
CFCRE Commercial Mortgage Trust 2011-C1 4.961%, 04/15/44 144A @,•		1,000		1,120,555
Citigroup Deutsche Bank Commercial Mortgage Trust 2007-CD4 5.322%, 12/11/49		1,500		1,548,789
EMAC Owner Trust 2000-1 6.395%, 01/15/27 144A @,•		584		424,124
FREMF Mortgage Trust Series 2010-K6 Class B 5.533%, 12/25/46 144A @,•		7,795		8,672,616
FREMF Mortgage Trust Series 2012-K18 Class B 4.410%, 01/25/45 144A @,•		6,000		6,425,862
FREMF Mortgage Trust Series 2012-K19 Class C 4.175%, 05/25/45 144A @,•		4,500		4,658,292
FREMF Mortgage Trust Series 2012-K20 Class C 4.005%, 05/25/45 144A @,•		6,000		5,932,110
FREMF Mortgage Trust Series 2012-K21 Class C 4.071%, 07/25/45 144A @,•		4,720		4,850,251
FREMF Mortgage Trust Series 2012-K22 Class B 3.812%, 08/25/45 144A @,•		9,145		9,345,294
FREMF Mortgage Trust Series 2012-K23 Class C 3.782%, 10/25/45 144A @,•		5,000		4,923,495
FREMF Mortgage Trust Series 2012-K707 Class B 4.019%, 01/25/47 144A @,•		8,272		8,548,376
FREMF Mortgage Trust Series 2012-K710 Class C 3.950%, 06/25/47 144A @,•		5,175		5,288,632
FREMF Mortgage Trust Series 2012-K711 Class B 3.684%, 08/25/45 144A @,•		6,000		6,146,994
FREMF Mortgage Trust Series 2013-K27 Class C 3.616%, 01/25/46 144A @,•		5,000		4,940,170


	Par (000)		Value†
COMMERCIAL MORTGAGE BACKED SECURITIES — (continued)
FREMF Mortgage Trust Series 2013-K28 Class C 3.614%, 06/25/46 144A @,•	$	4,751	$	4,533,376
FREMF Mortgage Trust Series 2013-KF02 Class C 4.194%, 12/25/45 144A @,•		710		723,383
FREMF Mortgage Trust Series 2014-K37 Class B 4.713%, 01/25/47 144A @,•		5,825		6,297,495
FREMF Mortgage Trust Series 2014-K40 Class B 4.208%, 11/25/47 144A @,•		4,500		4,674,600
FREMF Mortgage Trust Series 2014-K41 Class B 3.961%, 11/25/47 144A @,•		5,000		4,946,015
FREMF Mortgage Trust Series 2014-K503 Class B 3.079%, 10/25/47 144A @,•		5,000		5,085,805
FREMF Mortgage Trust Series 2015-K43 Class B 3.863%, 02/25/48 144A @,•		5,000		5,122,260
FREMF Mortgage Trust Series 2015-K44 Class B 3.811%, 01/25/48 144A @,•		5,000		4,937,995
FREMF Mortgage Trust Series 2015-K45 Class B 3.714%, 04/25/48 144A @,•		5,000		4,709,835
FREMF Mortgage Trust Series 2015-K718 Class B 3.669%, 02/25/22 144A @,•		4,500		4,479,048
Hilton USA Trust 2013-HLT 4.407%, 11/05/30 144A @		1,000		1,005,487
Hilton USA Trust 2014-ORL B 1.407%, 07/15/29 144A @,•		1,500		1,478,979
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP10 5.420%, 01/15/49		1,397		1,449,560
JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU Class B 1.707%, 12/15/28 144A @,•		1,900		1,899,350
JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU Class A 1.157%, 12/15/28 144A @,•		1,000		999,762

TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $129,682,868)				130,473,094

CORPORATE BONDS — 36.4%
Aerospace & Defense — 1.1%
The Boeing Co. 2.500%, 03/01/25		3,000		2,885,247
The Boeing Co. 6.625%, 02/15/38		2,140		2,853,945

				5,739,192


	Par (000)		Value†

Airlines — 3.2%
American Airlines 2015-2 Class B Pass Through Trust 4.400%, 09/22/23	$	3,000	$	2,955,000
Delta Air Lines 2007-1 Class A Pass Through Trust 6.821%, 08/10/22		2,324		2,696,399
Delta Air Lines 2015-1 Class B Pass Through Trust 4.250%, 07/30/23		2,000		2,010,000
UAL 2009-1 Pass Through Trust 10.400%, 11/01/16		3,137		3,362,648
US Airways 2012-1 Class A Pass Through Trust 5.900%, 10/01/24		2,586		2,857,894
US Airways 2012-2 Class B Pass Through Trust 6.750%, 06/03/21		3,142		3,338,240

				17,220,181

Auto Manufacturers — 0.5%
Ford Motor Credit Co. LLC 1.166%, 03/12/19 •		3,000		2,914,080

Banks — 2.7%
Bank of America Corp. 5.650%, 05/01/18		1,000		1,091,107
JPMorgan Chase & Co. 3.875%, 09/10/24		3,600		3,565,598
Morgan Stanley 5.950%, 12/28/17		2,050		2,234,006
State Street Corp. 4.956%, 03/15/18		4,038		4,306,846
Wells Fargo & Co. 5.375%, 11/02/43		3,000		3,303,978

				14,501,535

Biotechnology — 1.5%
Amgen, Inc. 2.700%, 05/01/22		3,000		2,941,875
Biogen Idec, Inc. 6.875%, 03/01/18		1,000		1,120,254
Genentech, Inc. 5.250%, 07/15/35		1,000		1,184,250
Gilead Sciences, Inc. 3.650%, 03/01/26		3,000		3,013,965

				8,260,344

Commercial Services — 1.6%
Drawbridge Special Opportunities Fund LP 5.000%, 08/01/21 144A @		2,000		1,955,000
ERAC USA Finance LLC 2.350%, 10/15/19 144A @		1,000		1,000,137
Massachusetts Institute of Technology 3.959%, 07/01/38		5,690		5,879,949

				8,835,086

Computers — 0.6%
Hewlett Packard Enterprise Co. 4.900%, 10/15/25 144A @		2,000		1,994,500


	Par (000)		Value†
CORPORATE BONDS — (continued)
Computers — (continued)
Hewlett-Packard Co. 2.600%, 09/15/17	$	1,000	$	1,014,836

				3,009,336

Diversified Financial Services — 2.6%
Air Lease Corp. 3.750%, 02/01/22		2,000		1,989,454
American Express Co. 6.150%, 08/28/17		4,000		4,339,960
General Electric Capital Corp. 7.500%, 08/21/35		2,263		3,235,893
JBG Rockville NCI Campus LLC 6.100%, 07/15/33 144A @		4,000		4,680,416

				14,245,723

Electric — 1.1%
Enel Finance International NV 6.250%, 09/15/17 144A @		1,000		1,083,806
Entergy Gulf States, Inc. 6.180%, 03/01/35		5,000		5,000,040

				6,083,846

Engineering & Construction — 0.4%
Sydney Airport Finance Co. Pty Ltd. 3.375%, 04/30/25 144A @		2,000		1,929,804

Food — 0.9%
The J.M. Smucker Co. 3.500%, 10/15/21		3,890		4,013,877
WM Wrigley Jr. Co. 2.400%, 10/21/18 144A @		1,000		1,017,599

				5,031,476

Forest Products & Paper — 0.5%
Georgia-Pacific LLC 3.163%, 11/15/21 144A @		2,500		2,528,925

Gas — 1.5%
Centrica PLC 5.375%, 10/16/43 144A @		1,000		1,029,585
Northwest Natural Gas Co. 7.000%, 08/01/17		5,000		5,485,560
Sabine Pass LNG LP 7.500%, 11/30/16		1,380		1,411,050

				7,926,195

Healthcare Products — 1.5%
Becton Dickinson and Co. 3.300%, 03/01/23		1,103		1,098,856
Covidien International Finance SA 6.000%, 10/15/17		1,000		1,092,091
Edwards Lifesciences Corp. 2.875%, 10/15/18		1,000		1,020,619
St. Jude Medical, Inc. 4.750%, 04/15/43		1,000		992,340
Zimmer Biomet Holdings, Inc. 4.625%, 11/30/19		1,000		1,083,968


	Par (000)		Value†

Healthcare Products — (continued)
Zimmer Biomet Holdings, Inc. 3.550%, 04/01/25	$	3,000	$	2,937,666

				8,225,540

Insurance — 0.5%
New York Life Insurance Co. 5.875%, 05/15/33 144A @		2,425		2,874,374

Investment Companies — 0.2%
Ares Capital Corp. 4.875%, 11/30/18		1,000		1,033,142

Media — 1.4%
Belo Corp. 7.750%, 06/01/27		1,000		1,080,000
CBS Corp. 4.000%, 01/15/26		2,000		1,967,560
Comcast Cable Holdings LLC 9.875%, 06/15/22		1,000		1,344,474
Time Warner, Inc. 3.600%, 07/15/25		3,000		2,937,600

				7,329,634

Mining — 0.5%
Barrick Gold Corp. 5.250%, 04/01/42		2,000		1,565,898
Goldcorp, Inc. 3.625%, 06/09/21		1,000		963,538

				2,529,436

Miscellaneous Manufacturing — 0.6%
Siemens Financieringsmaatschappij NV 2.900%, 05/27/22 144A @		3,000		3,012,063

Oil & Gas — 2.0%
Anadarko Petroleum Corp. 4.511%, 10/10/36 ¤		7,500		2,850,000
BG Energy Capital PLC 4.000%, 10/15/21 144A @		1,000		1,062,042
BP Capital Markets PLC 2.500%, 11/06/22		2,500		2,382,872
Cnooc Finance 2015 Australia Pty Ltd. 2.625%, 05/05/20		3,000		2,957,046
Southwestern Energy Co. 4.950%, 01/23/25		2,000		1,787,486

				11,039,446

Pharmaceuticals — 2.1%
GlaxoSmithKline Capital, Inc. 5.375%, 04/15/34		1,000		1,135,808
Johnson & Johnson 4.375%, 12/05/33		4,000		4,368,944
Perrigo Co. PLC 4.000%, 11/15/23		1,000		993,996
Wyeth LLC 5.950%, 04/01/37		4,000		4,806,112

				11,304,860


	Par (000)		Value†
CORPORATE BONDS — (continued)
Pipelines — 1.5%
Enterprise Products Operating LLC 3.700%, 02/15/26	$	4,000	$	3,779,792
Regency Energy Partners LP/Regency Energy Finance Corp. 5.875%, 03/01/22		2,000		2,049,540
Williams Partners LP/ACMP Finance Corp. 4.875%, 05/15/23		2,500		2,312,500

				8,141,832

Real Estate Investment Trusts — 0.5%
American Tower Corp. 4.700%, 03/15/22		2,500		2,628,215

Retail — 1.5%
CVS Health Corp. 4.875%, 07/20/35		2,000		2,098,542
McDonald’s Corp. 5.700%, 02/01/39		2,610		2,995,184
Walgreens Boots Alliance, Inc. 4.800%, 11/18/44		3,000		2,875,857

				7,969,583

Software — 0.6%
Oracle Corp. 2.500%, 05/15/22		3,500		3,449,100

Telecommunications — 1.2%
Crown Castle Towers LLC 3.663%, 05/15/25 144A @		4,000		3,899,040
Verizon Communications, Inc. 2.450%, 11/01/22		3,000		2,833,026

				6,732,066

Transportation — 3.4%
BNSF Railway Co. 2015-1 Pass Through Trust 3.442%, 06/16/28 144A @		5,500		5,335,000
Canadian National Railway Co. 6.250%, 08/01/34		4,855		6,153,334
Federal Express Corp 1999 Pass Through Trust 7.650%, 01/15/22		1,091		1,281,345
FedEx Corp. 3.200%, 02/01/25		2,000		1,940,150
United Parcel Service, Inc. 6.200%, 01/15/38		2,615		3,381,514

				18,091,343

Trucking and Leasing — 0.7%
Aviation Capital Group Corp. 2.875%, 09/17/18 144A @		2,500		2,497,725
TTX Co. 5.400%, 02/15/16 144A @		1,000		1,013,778

				3,511,503

TOTAL CORPORATE BONDS (Cost $197,695,815)				196,097,860


	Par (000)		Value†
MUNICIPAL BONDS — 3.5%
Commonwealth of Virginia 4.700%, 06/01/29	$	2,000	$	2,138,560
Metropolitan Water District of Southern California 6.947%, 07/01/40		1,000		1,175,470
Northeast Ohio Regional Sewer District 6.038%, 11/15/40		2,385		2,720,212
Orange County Sanitation District 6.400%, 02/01/44		1,100		1,378,344
Puerto Rico Sales Tax Financing Corp. 6.050%, 08/01/36		3,325		2,011,625
San Francisco City & County Public Utilities Commission 6.950%, 11/01/50		2,000		2,776,780
South Carolina State Public Service Authority 5.784%, 12/01/41		2,000		2,344,260
Texas Transportation Commission State Highway Fund 5.178%, 04/01/30		2,000		2,288,280
West Virginia University 4.471%, 10/01/42		2,000		2,106,360

Total MUNICIPAL BONDS (Cost $17,988,806)				18,939,891

RESIDENTIAL MORTGAGE BACKED SECURITIES — 10.2%
Fannie Mae Pool — 9.4%
2.500%, 01/01/43		3,230		3,168,349
2.500%, 02/01/43		9,366		9,186,232
3.000%, 03/01/43		9,274		9,428,378
2.500%, 05/01/43		11,773		11,547,249
3.500%, 09/01/43		1,875		1,959,594
3.000%, 11/15/45		15,000		15,169,922

				50,459,724

Freddie Mac Gold Pool — 0.6%
3.500%, 01/01/41		2,514		2,623,298
3.500%, 02/01/41		759		791,467

				3,414,765

Ginnie Mae Pool — 0.2%
6.000%, 10/15/38		251		281,743
6.000%, 10/15/38		409		460,246
9.000%, 10/15/30		7		7,380

				749,369

TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $53,031,373)				54,623,858

U.S. TREASURY OBLIGATIONS — 12.1%
U.S. Treasury Bond
3.000%, 05/15/45		6,500		6,651,833
1.375%, 01/31/20		5,000		5,020,310
2.125%, 01/31/21		2,600		2,683,078
2.125%, 06/30/21		5,500		5,666,287
3.125%, 02/15/43		4,000		4,188,960


	Par (000)		Value†
U.S. TREASURY OBLIGATIONS — (continued)
3.625%, 08/15/43	$	2,950	$	3,395,267
3.750%, 11/15/43		3,500		4,120,795
U.S. Treasury Note
0.625%, 08/31/17		4,000		3,999,844
1.750%, 05/15/23		7,250		7,188,259
United States Treasury Inflation Indexed Bonds
0.125%, 04/15/20		5,000		5,062,660
0.250%, 01/15/25		15,000		14,486,421
0.375%, 07/15/25		2,500		2,450,768

TOTAL U.S. TREASURY OBLIGATIONS (Cost $64,318,879)				64,914,482

	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 3.5%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		18,702,408		18,702,408
BlackRock Liquidity Funds TempFund - Institutional Shares*		447		447
Federated Prime Obligations Fund - Class I		312		312
Fidelity Institutional Prime Money Market Portfolio - Class I		272		272
Fidelity Institutional Prime Money Market Portfolio - Institutional Class		715		715
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 $18,704,208)				18,704,208

TOTAL INVESTMENTS — 107.0% (Cost $575,010,368)(a)			$	576,004,692

Other Assets & Liabilities — (7.0)%				(37,892,343	)

TOTAL NET ASSETS — 100.0%			$	538,112,349

†	See Security Valuation Note.

144A @

•	Variable Rate Security.

*	Non-income producing security.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signif- icant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
U.S. TREASURY OBLIGATIONS	$	64,914,482	$	—	$	64,914,482	$	—
AGENCY OBLIGATION		1,885,872		—		1,885,872		—
ASSET BACKED SECURITIES		90,365,427		—		90,365,427		—
COMMERCIAL MORTGAGE BACKED SECURITIES		130,473,094		—		130,473,094		—
CORPORATE BONDS		196,097,860		—		196,097,860		—
RESIDENTIAL MORTGAGE BACKED SECURITIES		54,623,858		—		54,623,858		—
MUNICIPAL BONDS		18,939,891		—		18,939,891		—
SHORT-TERM INVESTMENTS		18,704,208		18,704,208		—		—

TOTAL INVESTMENTS	$	576,004,692	$	18,704,208	$	557,300,484	$	—

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	$	337,188


	Number of Shares		Value†
COMMON STOCKS — 0.4%
Diversified Financial Services — 0.0%
Sentry Holdings A Shares*~		275		291

Entertainment — 0.0%
New Cotai Participation Class B*144A @,^,~		1		33,764

Media — 0.1%
Altice N.V.*		4,116		86,121
Altice N.V.*		1,372		30,608
Liberty Global PLC LiLAC, Class C*		115		3,938
Liberty Global PLC, Series C*		2,300		94,346

				215,013

Oil & Gas — 0.1%
Seven Generations Energy Ltd. Class A*		12,820		121,139

Real Estate — 0.0%
The Howard Hughes Corp.*		600		68,844

Telecommunications — 0.2%
NII Holdings, Inc.*		13,299		86,577
T-Mobile US, Inc.*		6,400		254,784

				341,361

TOTAL COMMON STOCKS (Cost $839,178)				780,412

PREFERRED STOCKS — 0.9%
Banks — 0.3%
Ally Financial, Inc.144A @		500		501,578

Diversified Financial Services — 0.0%
Sentry Holdings B Pref Shrs*~		65,529		73,355

Oil & Gas — 0.1%
WPX Energy, Inc.*		7,450		267,082

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

Pharmaceuticals — 0.2%
Allergan PLC Series A		337		317,946

Telecommunications — 0.3%
Crown Castle International Corp. CONV.		3,750		381,975



	Number of Shares		Value†

Telecommunications — (continued)
T-Mobile US, Inc.		1,463	$	101,035

				483,010

TOTAL PREFERRED STOCKS (Cost $1,690,426)				1,642,971


	Par (000)		Value†
REAL ESTATE INVESTMENT TRUSTS — 0.3%
Diversified — 0.2%
American Tower Corp.		1,207		119,312
American Tower Corp.		1,325		127,505

				246,817

Storage & Warehousing — 0.1%
Iron Mountain, Inc.		6,100		189,222

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $444,258)				436,039

CORPORATE BONDS — 90.7%
Advertising — 0.7%
Lamar Media Corp. 5.875%, 02/01/22	$	125		129,844
MDC Partners, Inc. 6.750%, 04/01/20 144A @		750		740,625
Outfront Media Capital LLC
5.625%, 02/15/24 144A @,^		175		177,406
5.625%, 02/15/24		225		228,094

				1,275,969

Aerospace & Defense — 0.5%
Accudyne Industries LLC 7.750%, 12/15/20 144A @		350		303,625
StandardAero Aviation Holdings, Inc. 10.000%, 07/15/23 144A @		250		247,500
TransDigm, Inc.
6.500%, 07/15/24		200		187,970
6.500%, 05/15/25 144A @		175		164,500

				903,595

Airlines — 1.3%
Air Canada 7.750%, 04/15/21 144A @		350		368,375
American Airlines 2013-1 Class B Pass Through Trust 5.625%, 01/15/21 144A @		66		68,359
American Airlines 2013-1 Class C Pass Through Trust 6.125%, 07/15/18 144A @,^		200		207,500
American Airlines Group Inc 5.500%, 10/01/19 144A @		650		657,150
United Airlines 2014-2 Class B Pass Through Trust 4.625%, 09/03/22		70		69,650
United Continental Holdings, Inc. 6.375%, 06/01/18		325		341,250


	Par (000)		Value†
CORPORATE BONDS — (continued)
Airlines — (continued)
6.000%, 12/01/20	$	600	$	625,500

				2,337,784

Apparel — 0.4%
Levi Strauss & Co. 6.875%, 05/01/22		200		214,500
QS Wholesale, Inc. 10.000%, 08/01/20 ¤		50		3,750
The William Carter Co. 5.250%, 08/15/21		500		515,000

				733,250

Auto Manufacturers — 0.3%
Jaguar Land Rover Automotive PLC 5.625%, 02/01/23 144A @		600		589,500

Auto Parts & Equipment — 1.2%
Affinia Group, Inc. 7.750%, 05/01/21		200		210,000
Gestamp Funding Luxembourg S.A. 5.625%, 05/31/20 144A @		300		300,000
MPG Holdco I , Inc. 7.375%, 10/15/22		475		494,000
Nexteer Automotive Group Ltd. 5.875%, 11/15/21 144A @		200		194,000
Omega US Sub LLC 8.750%, 07/15/23 144A @		475		419,187
Schaeffler Holding Finance BV
6.875%, 08/15/18
PIK (Cash coupon 6.875%, PIK 7.625%) 144A @		250		257,813
PIK 6.250%, 11/15/19 144A @		200		212,000

				2,087,000

Banks — 3.0%
Ally Financial, Inc.
7.500%, 09/15/20		260		295,100
8.000%, 11/01/31		225		260,649
CIT Group, Inc.
6.625%, 04/01/18 144A @		500		528,750
5.375%, 05/15/20		300		314,250
5.000%, 08/15/22		225		224,719
Citigroup, Inc. 5.950%, 12/29/49		475		468,469
Halyk Savings Bank of Kazakhstan JSC
7.250%, 05/03/17 144A @		100		101,239
7.250%, 01/28/21 144A @		400		406,680
JPMorgan Chase & Co. 5.300%, 12/29/49 •		475		466,687
Provident Funding Associates LP 6.750%, 06/15/21 144A @		500		473,750
Sberbank of Russia Via SB Capital S.A. 6.125%, 02/07/22 144A @		400		406,432
Synovus Financial Corp.
5.125%, 06/15/17		600		610,500
7.875%, 02/15/19		300		333,000
The Goldman Sachs Group, Inc. 5.375%, 12/31/49 •		475		464,016

				5,354,241


	Par (000)		Value†

Beverages — 0.3%
Constellation Brands, Inc. 6.000%, 05/01/22	$	300	$	327,750
Cott Beverages, Inc. 6.750%, 01/01/20		250		256,875

				584,625

Biotechnology — 0.4%
AMAG Pharmaceuticals, Inc. 7.875%, 09/01/23 144A @		275		263,312
Concordia Healthcare Corp. 7.000%, 04/15/23 144A @		450		393,750

				657,062

Building Materials — 1.5%
Builders FirstSource, Inc. 7.625%, 06/01/21 144A @		325		338,000
Cemex Finance LLC 9.375%, 10/12/22 144A @		425		452,072
Masonite International Corp. 5.625%, 03/15/23 144A @		175		178,500
NCI Building Systems, Inc. 8.250%, 01/15/23 144A @		225		235,688
Norbord, Inc. 6.250%, 04/15/23 144A @		225		220,078
Nortek, Inc. 8.500%, 04/15/21		350		367,500
Reliance Intermediate Holdings LP 6.500%, 04/01/23 144A @		450		450,000
Summit Materials LLC 10.500%, 01/31/20		140		149,800
USG Corp. 9.750%, 01/15/18		175		194,688

				2,586,326

Chemicals — 2.1%
Ciech Group Financing AB 9.500%, 11/30/19 144A @		250		299,521
Hexion, Inc.
6.625%, 04/15/20		825		701,250
10.000%, 04/15/20		150		143,812
INEOS Group Holdings S.A. 6.125%, 08/15/18 144A @		200		188,500
Kerling PLC 10.625%, 02/01/17 144A @		325		365,369
Momentive Performance Materials, Inc. 3.880%, 10/24/21		475		365,750
Platform Specialty Products Corp. 6.500%, 02/01/22 144A @		500		430,000
PQ Corp. 8.750%, 05/01/18 144A @		475		475,000
Rayonier AM Products, Inc. 5.500%, 06/01/24 144A @		475		356,250
The Chemours Co. 6.625%, 05/15/23 144A @		100		67,250
Univar USA, Inc. 6.750%, 07/15/23 144A @		350		324,625


	Par (000)		Value†
CORPORATE BONDS — (continued)
Chemicals — (continued)
WR Grace & Co. 5.125%, 10/01/21 144A @	$	75	$	74,062

				3,791,389

Coal — 0.7%
CONSOL Energy, Inc. 8.000%, 04/01/23 144A @		475		339,340
Murray Energy Corp. 11.250%, 04/15/21 144A @		975		511,875
SunCoke Energy Partners LP
7.375%, 02/01/20 144A @		200		176,960
7.375%, 02/01/20 144A @		250		221,200

				1,249,375

Commercial Services — 3.2%
Alliance Data Systems Corp. 5.375%, 08/01/22 144A @		300		292,500
Ashtead Capital, Inc. 6.500%, 07/15/22 144A @		125		130,625
CAR, Inc. 6.125%, 02/04/20 144A @		210		207,900
CEB, Inc. 5.625%, 06/15/23 144A @		475		473,812
CoreLogic, Inc. 7.250%, 06/01/21		350		365,750
Europcar Groupe S.A. 5.750%, 06/15/22 144A @		200		225,157
FTI Consulting, Inc.
6.750%, 10/01/20		75		77,531
6.000%, 11/15/22		325		336,375
H&E Equipment Services, Inc. 7.000%, 09/01/22		150		145,500
Harland Clarke Holdings Corp. 6.875%, 03/01/20 144A @		125		112,500
Igloo Holdings Corp. PIK (Cash coupon 8.250%, PIK 9.000%) 8.250%, 12/15/17 144A @		175		175,438
Iron Mountain Europe PLC 6.125%, 09/15/22 144A @		225		339,517
Iron Mountain, Inc. 6.000%, 10/01/20 144A @		350		353,395
Laureate Education, Inc. 9.250%, 09/01/19 144A @		775		608,375
Lender Processing Services, Inc. 5.750%, 04/15/23		128		135,520
Loxam SAS 7.000%, 07/23/22 144A @		225		251,467
Monitronics International, Inc. 9.125%, 04/01/20		400		360,000
Safway Group Holding LLC 7.000%, 05/15/18 144A @		250		255,938
Truven Health Analytics, Inc. 10.625%, 06/01/20		275		287,375
United Rentals North America, Inc. 6.125%, 06/15/23		525		523,359

				5,658,034


	Par (000)		Value†

Computers — 0.2%
Dell, Inc.
5.875%, 06/15/19	$	275	$	284,763
4.625%, 04/01/21		100		98,000

				382,763

Cosmetics & Personal Care — 0.2%
Avon Products, Inc.
6.350%, 03/15/20		90		71,100
6.750%, 03/15/23		425		303,344

				374,444

Distribution & Wholesale — 0.4%
Matalan Finance PLC 6.875%, 06/01/19 144A @		450		633,084

Diversified Financial Services — 4.9%
Cantor Commercial Real Estate Co. LP 7.750%, 02/15/18 144A @		275		284,625
Consolidated Energy Finance S.A. 6.750%, 10/15/19 144A @		750		708,750
DBP Holding Corp. 7.750%, 10/15/20 144A @		275		187,000
E*TRADE Financial Corp. 5.375%, 11/15/22		300		318,000
General Motors Financial Co., Inc.
4.750%, 08/15/17		375		389,248
3.250%, 05/15/18		250		252,903
6.750%, 06/01/18		75		81,972
Icahn Enterprises LP 4.875%, 03/15/19		350		350,525
Jefferies LoanCore LLC 6.875%, 06/01/20 144A @		400		382,000
Ladder Capital Finance Holdings LLLP.
7.375%, 10/01/17		200		201,000
5.875%, 08/01/21144A @		175		163,625
National Financial Partners Corp. 9.000%, 07/15/21 144A @		425		410,125
Nationstar Mortgage LLC
7.875%, 10/01/20		100		91,000
6.500%, 07/01/21		825		684,750
Navient Corp.
5.000%, 10/26/20		525		440,107
5.875%, 03/25/21		275		231,344
Nord Anglia Education Finance LLC 5.750%, 07/15/22 144A @		175		184,499
Ocwen Financial Corp. 7.125%, 05/15/19 144A @		591		528,945
OneMain Financial Holdings, Inc. 6.750%, 12/15/19 144A @		275		284,625
Outerwall, Inc.
6.000%, 03/15/19		450		447,750
5.875%, 06/15/21		350		327,688
Quicken Loans, Inc. 5.750%, 05/01/25 144A @		650		610,187
Springleaf Finance Corp. 5.250%, 12/15/19		350		342,125
Transworld Systems, Inc. 9.500%, 08/15/21 144A @		375		198,750


	Par (000)		Value†
CORPORATE BONDS — (continued)
Diversified Financial Services — (continued)
Walter Investment Management Corp. 7.875%, 12/15/21	$	775	$	662,625

				8,764,168

Electric — 1.9%
AES Corp. 5.500%, 03/15/24		500		443,250
Calpine Corp.
5.375%, 01/15/23		300		279,750
5.500%, 02/01/24		275		255,750
Dynegy, Inc. 6.750%, 11/01/19		400		401,000
Energy Future Intermediate Holding Co. LLC 11.750%, 03/01/22 144A @,¤,~		952		943,906
GenOn Energy, Inc. 9.500%, 10/15/18		375		346,875
Infinis PLC 7.000%, 02/15/19 144A @		300		461,085
NRG Energy, Inc. 6.625%, 03/15/23		275		253,000

				3,384,616

Electrical Components & Equipment — 0.1%
Energizer Holdings, Inc. 5.500%, 06/15/25 144A @		225		219,094

Energy-Alternate Sources — 0.5%
TerraForm Power Operating LLC
9.750%, 08/15/22 144A @		425		341,062
5.875%, 02/01/23 144A @		400		353,000
6.125%, 06/15/25 144A @		225		194,625

				888,687

Engineering & Construction — 0.2%
Dycom Investments, Inc. 7.125%, 01/15/21		275		289,328

Entertainment — 2.3%
AMC Entertainment, Inc. 5.750%, 06/15/25		600		583,500
DreamWorks Animation SKG, Inc. 6.875%, 08/15/20 144A @		100		97,000
Eldorado Resorts, Inc. 7.000%, 08/01/23 144A @		200		196,500
Great Canadian Gaming Corp. 6.625%, 07/25/22 144A @		150		115,774
International Game Technology PLC
6.250%, 02/15/22 144A @		200		186,000
6.500%, 02/15/25 144A @		350		315,000
Intralot Finance Luxembourg S.A. 9.750%, 08/15/18 144A @		225		258,959
Peninsula Gaming LLC 8.375%, 02/15/18 144A @		200		206,750
Pinnacle Entertainment, Inc. 7.500%, 04/15/21		375		390,937
Regal Entertainment Group 5.750%, 03/15/22		750		736,875


	Par (000)		Value†

Entertainment — (continued)
Scientific Games International, Inc. 7.000%, 01/01/22 144A @	$	300	$	295,500
Shingle Springs Tribal Gaming Authority 9.750%, 09/01/21 144A @		225		235,125
WMG Acquisition Corp.
6.000%, 01/15/21 144A @		188		188,000
6.750%, 04/15/22 144A @		375		352,500

				4,158,420

Environmental Control — 0.6%
Clean Harbors, Inc.
5.250%, 08/01/20		125		126,250
5.125%, 06/01/21		175		175,875
Tervita Corp.
10.875%, 02/15/18 144A @		375		206,250
8.000%, 11/15/18 144A @		625		468,750

				977,125

Food — 1.4%
Boparan Finance PLC 5.250%, 07/15/19 144A @		300		422,056
Brakes Capital 7.125%, 12/15/18 144A @		125		194,766
Dean Foods Co. 6.500%, 03/15/23 144A @		450		456,750
JBS USA LLC 5.875%, 07/15/24 144A @		375		351,562
Minerva Luxembourg S.A. 12.250%, 02/10/22 144A @		200		216,020
Post Holdings, Inc.
6.750%, 12/01/21144A @		225		225,000
7.375%, 02/15/22		225		228,375
6.000%, 12/15/22 144A @		175		167,781
7.750%, 03/15/24 144A @		125		128,125
8.000%, 07/15/25 144A @		100		103,000
Shearer’s Foods LLC 9.000%, 11/01/19 144A @		75		79,500

				2,572,935

Forest Products & Paper — 0.4%
Cascades, Inc. 5.500%, 07/15/22 144A @		150		142,500
Mercer International, Inc.
7.000%, 12/01/19		375		378,750
7.750%, 12/01/22		200		202,000

				723,250

Gas — 0.0%
NGL Energy Partner LP 5.125%, 07/15/19		75		68,250

Hand & Machine Tools — 0.5%
Apex Tool Group LLC 7.000%, 02/01/21 144A @		675		553,500
Milacron LLC 7.750%, 02/15/21 144A @		325		331,500

				885,000


	Par (000)		Value†
CORPORATE BONDS — (continued)
Healthcare Products — 0.8%
Crimson Merger Sub, Inc. 6.625%, 05/15/22 144A @	$	400	$	344,000
DJO Finco, Inc. 8.125%, 06/15/21 144A @		350		341,250
Hill-Rom Holdings, Inc. 5.750%, 09/01/23 144A @		150		150,375
Universal Hospital Services, Inc. 7.625%, 08/15/20		650		609,375

				1,445,000

Healthcare Services — 3.3%
Acadia Healthcare Co., Inc. 5.625%, 02/15/23		200		201,000
Community Health Systems, Inc. 6.875%, 02/01/22		1,175		1,199,922
Ephios Bondco PLC 6.250%, 07/01/22 144A @		375		417,456
Ephios Holdco II PLC 8.250%, 07/01/23 144A @		150		163,092
HCA Holdings, Inc. 6.250%, 02/15/21		275		292,875
HCA, Inc. 5.375%, 02/01/25		775		767,250
Holding Medi-Partenaires SAS 7.000%, 05/15/20 144A @		300		353,250
IASIS Healthcare LLC 8.375%, 05/15/19		450		462,938
Select Medical Corp. 6.375%, 06/01/21		650		633,750
Tenet Healthcare Corp.
3.837%, 06/15/20144A @,•		175		173,797
8.125%, 04/01/22		350		372,015
6.750%, 06/15/23		475		471,437
Wellcare Health Plans, Inc. 5.750%, 11/15/20		350		364,000

				5,872,782

Holding Companies — 1.2%
Argos Merger Sub, Inc. 7.125%, 03/15/23 144A @		350		353,937
Horizon Pharma Financing, Inc. 6.625%, 05/01/23 144A @		250		220,625
HRG Group, Inc.
7.875%, 07/15/19		250		259,375
7.875%, 07/15/19144A @		125		129,688
7.750%, 01/15/22		275		269,844
James Hardie International Finance Ltd. 5.875%, 02/15/23 144A @		275		278,437
KraussMaffei Group GmbH 8.750%, 12/15/20 144A @		200		237,999
Opal Acquisition, Inc. 8.875%, 12/15/21 144A @		350		329,437
WaveDivision Escrow LLC 8.125%, 09/01/20 144A @		25		24,375

				2,103,717


	Par (000)		Value†

Home Builders — 1.0%
CalAtlantic Group. Inc. 10.750%, 09/15/16	$	175	$	188,125
LSF9 Balta Issuer S.A. 7.750%, 09/15/22		325		363,157
Shea Homes LP 5.875%, 04/01/23 144A @		200		204,500
Taylor Morrison Communities, Inc. 5.875%, 04/15/23 144A @		250		250,000
William Lyon Homes, Inc.
8.500%, 11/15/20		400		429,000
7.000%, 08/15/22		375		385,312

				1,820,094

Home Furnishings — 0.4%
Dometic Group AB PIK (Cash coupon 9.50%, PIK 10.25%) 9.500%, 06/26/19 144A @		375		431,598
Tempur Sealy International, Inc. 5.625%, 10/15/23 144A @		250		250,937

				682,535

Household Products & Wares — 0.9%
Reynolds Group Issuer, Inc. 8.250%, 02/15/21		650		648,375
Spectrum Brands, Inc.
6.625%, 11/15/22		100		105,750
5.750%, 07/15/25 144A @		450		459,000
The Sun Products Corp. 7.750%, 03/15/21 144A @		425		362,312

				1,575,437

Housewares — 0.5%
Bormioli Rocco Holdings S.A. 10.000%, 08/01/18 144A @		300		345,211
RSI Home Products, Inc. 6.500%, 03/15/23 144A @		450		450,000

				795,211

Insurance — 1.3%
CNO Financial Group, Inc.
4.500%, 05/30/20		100		102,000
5.250%, 05/30/25		400		406,000
Hub Holdings LLC PIK (Cash coupon 8.125%, PIK 8.875%) 8.125%, 07/15/19 144A @		275		265,375
HUB International Ltd. 7.875%, 10/01/21 144A @		450		429,750
USI, Inc. 7.750%, 01/15/21 144A @		625		611,719
Wayne Merger Sub LLC 8.250%, 08/01/23 144A @		575		550,562

				2,365,406

Internet — 1.5%
Ancestry.Com Holdings LLC PIK (Cash coupon 9.625%, PIK 10.375%) 9.625%, 10/15/18 144A @		475		470,250
Ancestry.Com., Inc. 11.000%, 12/15/20		125		136,875


	Par (000)		Value†
CORPORATE BONDS — (continued)
Internet — (continued)
Cerved Group SpA 6.375%, 01/15/20 144A @	$	100	$	116,434
Equinix, Inc.
5.375%, 01/01/22		275		273,625
5.375%, 04/01/23		325		317,883
5.750%, 01/01/25		150		148,875
Netflix, Inc. 5.375%, 02/01/21		375		389,062
United Group BV
7.875%, 11/15/20		400		461,489
7.875%, 11/15/20		275		317,273
7.875%, 11/15/20 144A @		100		116,141

				2,747,907

Investment Companies — 0.2%
NRG Yield Operating LLC 5.375%, 08/15/24		325		285,188

Iron & Steel — 1.0%
AK Steel Corp.
7.625%, 10/01/21		450		241,875
8.375%, 04/01/22		450		227,125
ArcelorMittal 10.600%, 06/01/19		275		297,000
Bluescope Steel Finance Ltd. 7.125%, 05/01/18 144A @		350		345,625
Joseph T. Ryerson & Son, Inc.
9.000%, 10/15/17		425		379,312
11.250%, 10/15/18		309		280,418

				1,771,355

Leisure Time — 0.7%
24 Hour Holdings IIII LLC 8.000%, 06/01/22 144A @		300		231,000
Cirsa Funding Luxembourg S.A.
8.750%, 05/15/18 144A @		230		259,083
5.875%, 05/15/23 144A @		300		296,705
LTF Merger Sub, Inc. 8.500%, 06/15/23 144A @		400		378,000
Sabre GLBL, Inc. 5.375%, 04/15/23 144A @		125		123,125

				1,287,913

Lodging — 1.5%
Boyd Gaming Corp. 6.875%, 05/15/23		300		304,500
MGM Resorts International
6.625%, 12/15/21		450		461,250
6.000%, 03/15/23		475		461,344
Playa Resorts Holding BV 8.000%, 08/15/20 144A @		450		454,500
Seminole Hard Rock Entertainment, Inc. 5.875%, 05/15/21 144A @		300		295,500
Station Casinos LLC 7.500%, 03/01/21		25		26,000
Studio City Finance Ltd. 8.500%, 12/01/20 144A @		375		348,750


	Par (000)		Value†

Lodging — (continued)
Wynn Macau Ltd. 5.250%, 10/15/21 144A @	$	425	$	368,953

				2,720,797

Machinery — Construction & Mining — 0.4%
BlueLine Rental Finance Corp. 7.000%, 02/01/19 144A @		225		216,000
Terex Corp. 6.000%, 05/15/21		575		556,312

				772,312

Machinery — Diversified — 0.3%
Gardner Denver, Inc. 6.875%, 08/15/21 144A @		625		553,125

Media — 9.8%
AMC Networks, Inc. 4.750%, 12/15/22		475		447,688
Arqiva Broadcast Finance PLC 9.500%, 03/31/20 144A @		650		1,062,439
Cable One, Inc. 5.750%, 06/15/22 144A @		175		172,463
CCO Holdings LLC
6.625%, 01/31/22		625		629,687
5.250%, 09/30/22		400		375,000
5.125%, 05/01/23144A @		675		622,282
5.750%, 09/01/23		275		263,656
5.750%, 01/15/24		600		573,000
Central European Media Enterprises Ltd. 5.000%, 11/15/15		650		647,562
Cequel Communications Holdings I LLC 5.125%, 12/15/21 144A @		325		286,203
Clear Channel Worldwide Holdings, Inc.
6.500%, 11/15/22		50		49,750
6.500%, 11/15/22		575		577,156
Cumulus Media Holdings, Inc. 7.750%, 05/01/19		225		161,438
DISH DBS Corp.
6.750%, 06/01/21		500		481,560
5.875%, 07/15/22		250		221,250
iHeartCommunications, Inc.
10.000%, 01/15/18		300		159,000
9.000%, 12/15/19		575		494,500
LGE HoldCo VI BV 7.125%, 05/15/24 144A @		325		388,578
Mediacom Broadband LLC 6.375%, 04/01/23		450		425,250
MHGE Parent LLC PIK (Cash coupon 8.500%, PIK 9.250%) 8.500%, 08/01/19 144A @		125		124,375
MPL 2 Acquisition Canco, Inc. 9.875%, 08/15/18 144A @		200		207,000
Neptune Finco Corp.
10.125%, 01/15/23 144A @		1,175		1,188,219
10.875%, 10/15/25 144A @		325		328,250
Numericable SFR S.A. 6.250%, 05/15/24 144A @		975		938,437
Sinclair Television Group, Inc.


	Par (000)		Value†
CORPORATE BONDS — (continued)
Media — (continued)
6.375%, 11/01/21	$	50	$	50,250
6.125%, 10/01/22		300		297,000
TEGNA, Inc.
5.125%, 10/15/19		200		203,000
6.375%, 10/15/23		650		682,500
Time, Inc. 5.750%, 04/15/22 144A @		275		257,125
Townsquare Media, Inc. 6.500%, 04/01/23 144A @		361		321,290
Tribune Media Co. 5.875%, 07/15/22 144A @		775		751,750
Unitymedia GmbH 6.125%, 01/15/25 144A @		400		395,000
Unitymedia Hessen GmbH & Co. KG 5.000%, 01/15/25 144A @		600		564,000
Univision Communications, Inc.
6.750%, 09/15/22 144A @		492		509,220
5.125%, 05/15/23 144A @		350		332,500
5.125%, 02/15/25 144A @		700		656,250
Videotron Ltd. 6.875%, 07/15/21 144A @		325		258,149
VTR Finance BV 6.875%, 01/15/24 144A @		750		680,625
WideOpenWest Finance LLC 13.375%, 10/15/19		475		489,250
Ziggo Bond Finance BV 5.875%, 01/15/25 144A @		225		205,875

				17,478,527

Mining — 1.4%
Aleris International, Inc.
7.625%, 02/15/18		175		170,187
7.875%, 11/01/20		425		412,292
Eldorado Gold Corp. 6.125%, 12/15/20 144A @		400		348,000
First Quantum Minerals Ltd. 7.250%, 10/15/19 144A @		400		280,000
HudBay Minerals, Inc. 9.500%, 10/01/20		150		119,813
Lundin Mining Corp. 7.500%, 11/01/20 144A @		400		387,000
Novelis, Inc. 8.750%, 12/15/20		175		168,473
Nyrstar Netherlands Holdings BV 8.500%, 09/15/19 144A @		375		344,943
Vedanta Resources PLC 8.250%, 06/07/21 144A @		350		245,147

				2,475,855

Miscellaneous Manufacturing — 0.4%
Bombardier, Inc. 7.500%, 03/15/18 144A @		800		744,000
Momentive Performance Escrow 8.870%, 10/15/20 ¤^,~		475		0

				744,000


	Par (000)		Value†

Office & Business Equipment — 0.4%
CDW LLC 6.000%, 08/15/22	$	275	$	287,444
Magnolia BC S.A. 9.000%, 08/01/20 144A @		425		505,766

				793,210

Oil & Gas — 7.6%
Antero Resources Corp. 6.000%, 12/01/20		475		439,375
Chesapeake Energy Corp.
5.375%, 06/15/21		25		16,625
5.750%, 03/15/23		975		635,882
Concho Resources, Inc.
7.000%, 01/15/21		150		153,000
5.500%, 04/01/23		800		762,000
CrownRock LP
7.125%, 04/15/21 144A @		200		192,000
7.750%, 02/15/23 144A @		575		563,500
Denbury Resources, Inc. 5.500%, 05/01/22		725		431,375
EPL Oil & Gas, Inc. 8.250%, 02/15/18		250		61,250
Gulfport Energy Corp. 6.625%, 05/01/23 144A @		385		354,200
Hercules Offshore, Inc.
10.250%, 04/01/19 144A @,¤		25		5,250
8.750%, 07/15/21 144A @,¤		625		131,250
Matador Resources Co. 6.875%, 04/15/23 144A @		991		951,360
Newfield Exploration Co.
5.750%, 01/30/22		150		145,500
5.625%, 07/01/24		275		259,875
5.375%, 01/01/26		200		183,000
Noble Energy, Inc.
5.875%, 06/01/22		125		124,764
5.875%, 06/01/24		1,050		1,044,750
Pacific Exploration and Production Corp.
5.375%, 01/26/19 144A @		1,125		416,250
5.625%, 01/19/25 144A @		500		174,850
Parker Drilling Co. 6.750%, 07/15/22		225		175,500
Parsley Energy LLC 7.500%, 02/15/22 144A @		725		703,250
Penn Virginia Corp.
7.250%, 04/15/19		500		112,500
8.500%, 05/01/20		450		116,438
Petrobras Global Finance BV 6.850%, 06/05/99		194		123,675
Precision Drilling Corp.
6.625%, 11/15/20		150		130,875
6.500%, 12/15/21		75		63,750
Range Resources Corp.
5.000%, 08/15/22		100		88,500
5.000%, 03/15/23		275		243,203
4.875%, 05/15/25 144A @		475		423,344
SandRidge Energy, Inc. 8.750%, 06/01/20 144A @		350		212,187


	Par (000)		Value†
CORPORATE BONDS — (continued)
Oil & Gas — (continued)
Seven Generations Energy Ltd.
8.250%, 05/15/20 144A @	$	775	$	728,500
6.750%, 05/01/23 144A @		350		301,000
SM Energy Co.
6.500%, 01/01/23		300		279,000
5.000%, 01/15/24		500		423,125
5.625%, 06/01/25		175		150,500
Whiting Petroleum Corp. 6.250%, 04/01/23		900		778,500
WPX Energy, Inc.
7.500%, 08/01/20		500		457,500
6.000%, 01/15/22		800		688,000
8.250%, 08/01/23		250		226,875
5.250%, 09/15/24		125		100,625

				13,572,903

Oil & Gas Services — 1.0%
CGG S.A.
7.750%, 05/15/17^		325		253,500
6.500%, 06/01/21		250		143,000
6.875%, 01/15/22		650		360,750
Exterran Holdings, Inc. 7.250%, 12/01/18		175		171,500
Exterran Partners LP
6.000%, 04/01/21		125		105,625
6.000%, 10/01/22		200		167,500
SESI LLC 7.125%, 12/15/21		600		588,750

				1,790,625

Packaging and Containers — 1.9%
AEP Industries, Inc. 8.250%, 04/15/19		200		203,500
Ardagh Finance Holdings S.A. PIK
8.375%, 06/15/19 144A @		275		311,914
8.625%, 06/15/19 144A @		635		630,953
Beverage Packaging Holdings Luxembourg II SA
5.625%, 12/15/16 144A @		225		221,625
6.000%, 06/15/17 144A @		450		440,438
Consolidated Container Co. LLC 10.125%, 07/15/20 144A @		375		315,000
Coveris Holding Corp. 10.000%, 06/01/18 144A @		200		206,000
Graphic Packaging International, Inc. 4.750%, 04/15/21		175		173,250
SIG Combibloc Holdings S.C.A. 7.750%, 02/15/23 144A @		700		801,739

				3,304,419

Pharmaceuticals — 2.3%
Capsugel S.A. PIK (Cash coupon 7.000%, PIK 7.75%) 7.000%, 05/15/19 144A @		400		400,000
DPx Holdings BV 7.500%, 02/01/22 144A @		300		303,000
Endo Finance LLC
6.000%, 07/15/23 144A @		475		469,063
6.000%, 02/01/25 144A @		325		315,656


	Par (000)		Value†

Pharmaceuticals — (continued)
JLL/Delta Dutch Pledgeco BV PIK (Cash coupon 8.750%, PIK 9.500%) 8.750%, 05/01/20 144A @	$	425	$	429,250
Valeant Pharmaceuticals International, Inc.
5.375%, 03/15/20 144A @		875		850,391
6.375%, 10/15/20 144A @		500		497,187
5.875%, 05/15/23 144A @		775		740,609

				4,005,156

Pipelines — 1.9%
MarkWest Energy Partners LP 4.500%, 07/15/23		500		458,850
Sabine Pass Liquefaction LLC
6.250%, 03/15/22		875		813,750
5.625%, 04/15/23		425		377,187
5.750%, 05/15/24		525		467,250
Targa Resources Partners LP
5.250%, 05/01/23		50		44,375
4.250%, 11/15/23		1,050		874,125
6.750%, 03/15/24 144A @		375		358,125

				3,393,662

Real Estate — 2.0%
CBRE Services, Inc. 5.000%, 03/15/23		625		628,221
Dupont Fabros Technology LP 5.875%, 09/15/21		775		794,375
Greystar Real Estate Partners LLC 8.250%, 12/01/22 144A @		200		209,000
iStar Financial, Inc.
7.125%, 02/15/18		100		102,250
5.000%, 07/01/19		450		427,500
MPT Operating Partnership LP
6.875%, 05/01/21		225		235,125
6.375%, 02/15/22		50		52,250
Omega Healthcare Investors, Inc. 5.875%, 03/15/24		25		26,063
Realogy Group LLC
9.000%, 01/15/20 144A @		100		105,500
5.250%, 12/01/21 144A @		250		251,875
The Howard Hughes Corp. 6.875%, 10/01/21 144A @		625		634,937

				3,467,096

Retail — 3.6%
Chinos Intermediate Holdings A, Inc. PIK (Cash coupon 7.75%, PIK 8.50%) 7.750%, 05/01/19 144A @		100		38,250
Dollar Tree, Inc.
5.250%, 03/01/20 144A @		150		153,810
5.750%, 03/01/23 144A @		925		959,687
Douglas GmbH 6.250%, 07/15/22 144A @		350		403,857
Ferrellgas LP
6.500%, 05/01/21		275		257,125
6.750%, 06/15/23 144A @		150		136,500
Group 1 Automotive, Inc. 5.000%, 06/01/22		175		172,375


	Par (000)		Value†
CORPORATE BONDS — (continued)
Retail — (continued)
Guitar Center, Inc.
6.500%, 04/15/19 144A @	$	450	$	414,000
9.625%, 04/15/20 144A @		225		189,000
Jo-Ann Stores, Inc. 8.125%, 03/15/19 144A @		163		150,775
New Look Secured Issuer PLC 6.500%, 07/01/22 144A @		250		359,277
New Look Senior Issuer PLC 8.000%, 07/01/23 144A @		125		174,438
New Red Finance, Inc. 4.625%, 01/15/22 144A @		250		244,425
Party City Holdings, Inc. 6.125%, 08/15/23 144A @		250		251,875
Penske Automotive Group, Inc. 5.750%, 10/01/22		200		200,500
PF Chang’s China Bistro, Inc. 10.250%, 06/30/20 144A @		375		364,688
Rite Aid Corp.
6.750%, 06/15/21		725		743,125
6.125%, 04/01/23 144A @		475		471,437
Sonic Automotive, Inc.
7.000%, 07/15/22		150		158,250
5.000%, 05/15/23		175		167,563
The Men’s Wearhouse, Inc. 7.000%, 07/01/22		175		180,273
Vista Outdoor, Inc. 5.875%, 10/01/23 144A @		225		228,375

				6,419,605

Semiconductors — 0.5%
Advanced Micro Devices, Inc.
6.750%, 03/01/19		225		155,531
7.500%, 08/15/22		225		144,000
Micron Technology, Inc. 5.250%, 08/01/23 144A @		50		45,990
NXP BV/NXP Funding LLC
5.750%, 02/15/21 144A @		200		208,000
5.750%, 03/15/23 144A @		250		260,000

				813,521

Software — 2.7%
BCP Singapore VI Cayman Financing Co. Ltd. 8.000%, 04/15/21 144A @		200		187,400
BMC Software Finance, Inc. 8.125%, 07/15/21 144A @		250		202,031
BMC Software, Inc. 7.250%, 06/01/18		225		202,500
First Data Corp.
12.625%, 01/15/21		1,000		1,136,250
10.625%, 06/15/21		650		712,562
5.375%, 08/15/23144A @		650		643,500
Infor Software Parent LLC PIK (Cash coupon 7.125%, PIK 7.875%) 7.125%, 05/01/21 144A @		575		506,000
Infor U.S., Inc. 6.500%, 05/15/22 144A @		475		435,813
MSCI, Inc.


	Par (000)		Value†

Software — (continued)
5.250%, 11/15/24 144A @	$	250	$	252,500
5.750%, 08/15/25 144A @		275		277,063
SS&C Technologies Holdings, Inc. 5.875%, 07/15/23 144A @		200		203,500

				4,759,119

Telecommunications — 10.5%
Alcatel-Lucent USA, Inc. 8.875%, 01/01/20 144A @		225		240,750
Altice Financing S.A. 6.625%, 02/15/23 144A @		350		336,656
Altice Finco S.A.
9.875%, 12/15/20 144A @		400		428,000
8.125%, 01/15/24 144A @		400		381,000
Altice Luxembourg S.A.
7.750%, 05/15/22 144A @		400		364,000
7.625%, 02/15/25 144A @		1,650		1,457,156
Avaya, Inc. 10.500%, 03/01/21 144A @		250		115,000
B Communications Ltd. 7.375%, 02/15/21 144A @		500		527,500
CommScope Technologies Finance LLC 6.000%, 06/15/25 144A @		400		383,752
Crown Castle International Corp. 5.250%, 01/15/23		425		449,522
Digicel Group Ltd. 8.250%, 09/30/20 144A @		750		693,750
EarthLink Holdings Corp. 7.375%, 06/01/20		175		179,813
Frontier Communications Corp. 8.875%, 09/15/20 144A @		475		465,500
Goodman Networks, Inc. 12.125%, 07/01/18		325		165,750
Hughes Satellite Systems Corp.
6.500%, 06/15/19		304		326,405
7.625%, 06/15/21		325		348,156
Intelsat Jackson Holdings S.A.
7.250%, 10/15/20		200		183,500
7.500%, 04/01/21		350		322,875
6.625%, 12/15/22		475		370,500
5.500%, 08/01/23		150		123,750
Intelsat Luxembourg S.A. 6.750%, 06/01/18		200		170,500
Level 3 Communications, Inc. 5.750%, 12/01/22		250		245,313
Level 3 Financing, Inc.
7.000%, 06/01/20		325		336,375
6.125%, 01/15/21		75		77,101
5.625%, 02/01/23		150		147,375
Sable International Finance Ltd.
8.750%, 02/01/20 144A @		200		209,750
6.875%, 08/01/22 144A @		450		453,375
Sprint Communications, Inc. 11.500%, 11/15/21		800		792,000
Sprint Corp. 7.125%, 06/15/24		1,725		1,327,560
T-Mobile USA, Inc.


	Par (000)		Value†
CORPORATE BONDS — (continued)
Telecommunications — (continued)
6.250%, 04/01/21	$	450	$	448,425
6.633%, 04/28/21		450		451,125
6.000%, 03/01/23		1,350		1,302,750
6.500%, 01/15/24		100		96,938
6.375%, 03/01/25		175		168,000
TBG Global Pte Ltd. 5.250%, 02/10/22		200		184,974
UPC Holding BV
6.750%, 03/15/23 144A @		200		239,384
6.750%, 03/15/23 144A @		375		413,169
UPCB Finance VI Ltd. 6.875%, 01/15/22 144A @		203		213,384
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 7.748%, 02/02/21 144A @		200		204,126
VimpelCom Holdings BV
5.200%, 02/13/19 144A @		200		195,500
7.504%, 03/01/22 144A @		450		451,125
Virgin Media Finance PLC
7.000%, 04/15/23 144A @		275		428,772
6.000%, 10/15/24 144A @		200		192,500
Virgin Media Secured Finance PLC 5.250%, 01/15/26 144A @		200		184,000
Wind Acquisition Finance S.A.
4.750%, 07/15/20 144A @		400		396,000
7.375%, 04/23/21 144A @		1,500		1,481,250

				18,674,106

Textiles — 0.3%
Springs Industries, Inc. 6.250%, 06/01/21		450		445,500

Transportation — 0.2%
OPE Kag Finance Sub, Inc. 7.875%, 07/31/23 144A @		175		177,625
Watco Cos. LLC 6.375%, 04/01/23 144A @		250		247,500

				425,125

TOTAL CORPORATE BONDS (Cost $173,595,595)				161,490,522

LOAN AGREEMENTS — 6.8%‡
Auto Manufacturers — 0.2%
Navistar, Inc. 6.500%, 07/21/20 •		375		365,625

Chemicals — 0.4%
Solenis International LP 7.750%, 07/31/22 •		675		642,377

Coal — 0.2%
Murray Energy Corp. 7.500%, 04/16/20 •		574		444,350


	Par (000)		Value†

Commercial Services — 0.2%
Kronos, Inc. 9.750%, 04/30/20 •	$	375	$	381,330

Diversified Financial Services — 0.7%
Onex Wizard Acquisition 4.250%, 03/11/22		821		818,960
Terra-Gen Finance Co., LLC 5.250%, 12/09/21		294		284,800
Vantiv LLC 3.750%, 06/13/21 •		232		232,323

				1,336,083

Entertainment — 1.0%
Delta 2 (Lux) S.a.r.l.
4.750%, 07/30/21		925		905,927
7.750%, 07/29/22		200		192,000
Lions Gate Entertainment Co. 5.000%, 03/17/22		175		175,219
Peninsula Gaming LLC 4.250%, 11/20/17 •		318		317,529
William Morris Endeavor Entertainment LLC 8.250%, 05/06/22 •		300		284,250

				1,874,925

Healthcare Services — 0.2%
Surgery Center Holdings 5.250%, 11/03/20 •		273		273,055

Insurance — 1.0%
Asurion LLC
5.000%, 05/24/19•		280		266,781
8.500%, 03/03/21		950		851,200
5.000%, 08/04/22•		648		611,599

				1,729,580

Internet — 0.1%
Ancestry.Com, Inc. 5.000%, 08/29/22		275		272,594

Leisure Time — 0.2%
Life Time Fitness, Inc. 4.250%, 06/10/22 •		374		372,114

Machinery—Diversified — 0.3%
Gardner Denver, Inc. 4.250%, 07/30/20 •		496		466,210

Media — 0.6%
CSC Holdings LLC 5.000%, 09/21/22		725		720,288
Cumulus Media Holdings Inc 4.250%, 12/23/20 •		200		167,000
McGraw-Hill Global Education Holdings LLC 4.750%, 03/22/19 •		167		166,966

				1,054,254



	Par (000)		Value†
LOAN AGREEMENTS‡ — (continued)
Oil & Gas — 0.1%
C&J Energy Services Ltd. 6.500%, 03/24/20	$	173	$	119,198
Pacific Drilling 4.500%, 06/03/18		198		116,549

				235,747

Packaging and Containers — 0.2%
Berry Plastics Corp. 4.000%, 09/09/22 •		300		299,202

Pipelines — 0.0%
Azure Midstream Energy LLC 7.500%, 11/15/18 •		0		0

Retail — 1.4%
Academy Ltd 5.000%, 07/01/22 •		748		743,438
JC Penney Corp. 6.000%, 05/22/18 •		857		851,454
PetSmart, Inc. 4.250%, 03/11/22 •		374		373,090
PF Chang’s China Bistro, Inc. 4.250%, 06/22/19 •		474		464,576

				2,432,558

TOTAL LOAN AGREEMENTS‡ (Cost $12,582,615)				12,180,004


	Number of Shares		Value†
WARRANTS — 0.0%
Sentry Holdings Warrants 01/02/24 ~ (Cost $0)		19		20

SHORT-TERM INVESTMENTS — 0.5%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		293,270		293,270
T. Rowe Price Reserve Investment Fund		500,677		500,677
TOTAL SHORT-TERM INVESTMENTS (Cost $793,947)				793,947

TOTAL INVESTMENTS — 99.8% (Cost $190,271,019)(a)			$	177,661,103

Other Assets & Liabilities — 0.2%				395,898

TOTAL NET ASSETS — 100.0%			$	178,057,001

‡

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 September 30, 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.

144A @

^	Illiquid security. The total market value of illiquid securities at September 30, 2015 is 672,170.

•	Variable Rate Security.

¤	Defaulted Security.

~	Fair valued security. The total market value of fair valued securities at September 30, 2015 is $107,410.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $190,014,859. Net unrealized depreciation was $12,721,541. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $1,022,437 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $13,743,978.

CONV — Convertible Security.

LLC — Limited Liability Company.

LP — Limited Partnership.

OJSC — Open Joint Stock Company

PIK — Payment in Kind Security.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	780,412	$	746,357	$	291	$	33,764
REAL ESTATE INVESTMENT TRUSTS		436,039		436,039		—		—
PREFERRED STOCKS
Banks		501,578		—		501,578		—
Diversified Financial Services		73,355		—		73,355		—
Oil & Gas		267,082		267,082		—		—
Packaging and Containers		—		—		—		—
Pharmaceuticals		317,946		317,946		—		—
Telecommunications		483,010		483,010		—		—
ASSET BACKED SECURITIES		337,188		—		337,188		—
CORPORATE BONDS		161,490,522		—		161,490,522		—
LOAN AGREEMENTS		12,180,004		—		12,180,004		—
WARRANTS		20		—		20		—
SHORT-TERM INVESTMENTS		793,947		793,947		—		—

TOTAL INVESTMENTS	$	177,661,103	$	3,044,381	$	174,582,958	$	33,764

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)		5,926

Balance as of 9/30/2015	$	33,764

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 $6,654,242)	$	6,658	$	6,660,597

ASSET BACKED SECURITIES — 0.2%
Continental Airlines 2009-2 Class A, Pass Through Trust 7.250%, 11/10/19		613		688,359
Continental Airlines 2012-1 Class A, Pass Through Trust 4.150%, 04/11/24		1,992		2,037,283
Continental Airlines 2012-1 Class B, Pass Through Trust 6.250%, 04/11/20		371		386,795
DB Master Finance LLC 2015-1A A21 3.262%, 02/20/45 144A @		1,458		1,466,484
Wendys Funding LLC 2015-1A A21 3.371%, 06/15/45 144A @		2,320		2,331,396

TOTAL ASSET BACKED SECURITIES (Cost $6,767,478)				6,910,317


	Number of Shares		Value†
COMMON STOCKS — 60.7%
Aerospace & Defense — 0.7%
The Boeing Co.		169,300		22,169,833

Agriculture — 1.5%
Altria Group, Inc.		348,400		18,952,960
Philip Morris International, Inc.		342,600		27,178,458

				46,131,418

Auto Parts & Equipment — 1.7%
Johnson Controls, Inc.		1,275,200		52,742,272

Banks — 2.8%
The Bank of New York Mellon Corp.		2,257,200		88,369,380

Beverages — 1.1%
PepsiCo, Inc.		298,400		28,139,120
SABMiller PLC		92,008		5,210,196

				33,349,316

Chemicals — 0.9%
Cytec Industries, Inc.		407,800		30,116,030

Commercial Services — 1.3%
Tyco International PLC		1,198,300		40,095,118

Computers — 1.4%
IHS, Inc., Class A*		135,000		15,660,000
NetScout Systems, Inc.*		833,679		29,487,226

				45,147,226

Diversified Financial Services — 2.0%
Affiliated Managers Group, Inc.*		94,200		16,107,258
BlackRock, Inc.		52,200		15,527,934


	Number of Shares		Value†

Diversified Financial Services — (continued)
Visa, Inc., Class A		453,700	$	31,604,742

				63,239,934

Diversified Operations — 0.7%
Pentair PLC		428,300		21,860,432

Electric — 4.2%
FirstEnergy Corp.		1,121,300		35,107,903
PG&E Corp.		1,337,800		70,635,840
Xcel Energy, Inc.		761,100		26,950,551

				132,694,294

Electrical Components & Equipment — 1.4%
AMETEK, Inc.		845,600		44,241,792

Electronics — 4.4%
PerkinElmer, Inc.		688,100		31,625,076
Sensata Technologies Holding N.V.*		232,900		10,326,786
TE Connectivity Ltd.		154,900		9,276,961
Thermo Fisher Scientific, Inc.		703,800		86,060,664

				137,289,487

Food — 1.4%
Compass Group PLC		986,663		15,759,809
General Mills, Inc.		134,700		7,560,711
Mondelez International, Inc., Class A		360,800		15,106,696
The Kraft Heinz Co.		91,600		6,465,128

				44,892,344

Healthcare Products — 2.4%
Becton Dickinson & Co.		535,334		71,017,409
Henry Schein, Inc.*		33,678		4,469,744

				75,487,153

Healthcare Services — 3.8%
Aetna Inc		407,300		44,562,693
Anthem, Inc.		255,500		35,770,000
UnitedHealth Group, Inc.		342,700		39,756,627

				120,089,320

Insurance — 4.1%
Marsh & McLennan Cos., Inc.		2,434,100		127,108,702
Willis Group Holdings PLC		45,300		1,855,941

				128,964,643

Internet — 1.0%
Google, Inc., Class A*		12,500		7,979,625
Google, Inc., Class C*		41,416		25,198,323

				33,177,948

Machinery — Diversified — 1.4%
IDEX Corp.		248,500		17,718,050
Roper Industries, Inc.		172,600		27,046,420

				44,764,470

Media — 0.6%
Liberty Global PLC LiLAC, Class A*		41,500		1,398,135
Liberty Global PLC LiLAC, Class C*		42,660		1,460,678
Liberty Global PLC, Class A*		134,000		5,753,960
Liberty Global PLC, Series C*		277,200		11,370,744

				19,983,517


	Number of Shares		Value†
COMMON STOCKS — (continued)
Miscellaneous Manufacturing — 3.9%
Danaher Corp.		1,436,370	$	122,393,088

Oil & Gas — 1.3%
Canadian Natural Resources Ltd.		2,100,500		40,854,725

Pharmaceuticals — 6.0%
Abbott Laboratories		911,200		36,648,464
Allergan PLC*		263,040		71,496,902
Eli Lilly & Co.		188,800		15,800,672
Pfizer, Inc.		1,168,743		36,710,218
Zoetis, Inc.		668,686		27,536,489

				188,192,745

Retail — 4.7%
AutoZone, Inc.*		123,699		89,537,047
CVS Health Corp.		292,700		28,239,696
Lowe’s Cos., Inc.		370,200		25,514,184
O’Reilly Automotive, Inc.*		15,100		3,775,000

				147,065,927

Semiconductors — 0.3%
Texas Instruments, Inc.		196,700		9,740,584

Software — 5.2%
Fiserv, Inc.*		1,126,300		97,548,843
Microsoft Corp.		1,221,900		54,081,294
SS&C Technologies Holdings, Inc.		173,000		12,116,920

				163,747,057

Telecommunications — 0.5%
SBA Communications Corp., Class A, Class A*		153,600		16,088,064

TOTAL COMMON STOCKS (Cost $1,633,007,237)				1,912,888,117

REAL ESTATE INVESTMENT TRUSTS — 3.7%
Diversified — 2.6%
American Tower Corp.		724,197		63,714,852
American Tower Corp.		180,218		17,342,378

				81,057,230

Storage & Warehousing — 1.0%
Iron Mountain, Inc.		1,041,794		32,316,450

Telecommunications — 0.1%
Crown Castle International Corp.		36,800		2,902,416

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $115,976,691)				116,276,096

PREFERRED STOCKS — 2.3%
Banks — 0.2%
State Street Corp.		86,000		2,171,500
U.S. Bancorp, Series F•		71,000		2,039,120


	Number of Shares		Value†

Banks — (continued)
U.S. Bancorp, Series G•		90,000	$	2,369,700

				6,580,320

Diversified Financial Services — 0.1%
The Charles Schwab Corp.*		150,000		3,775,500

Electric — 0.5%
SCE Trust I		83,775		2,054,163
SCE Trust II		14,730		347,186
SCE Trust III•		161,355		4,346,904
SCE Trust IV*•		340,000		8,755,000

				15,503,253

Pharmaceuticals — 1.2%
Allergan PLC Pref Shs Series A		40,598		38,302,589

Telecommunications — 0.3%
T-Mobile US, Inc.		100,463		6,937,975

TOTAL PREFERRED STOCKS (Cost $70,821,955)				71,099,637


	Par (000)		Value†
CORPORATE BONDS — 20.2%
Advertising — 0.1%
Lamar Media Corp.
5.875%, 02/01/22	$	900		934,875
5.000%, 05/01/23		850		837,250

				1,772,125

Aerospace & Defense — 0.1%
Harris Corp. 1.999%, 04/27/18		1,080		1,076,071
Moog, Inc. 5.250%, 12/01/22 144A @		650		650,000

				1,726,071

Airlines — 0.1%
Continental Airlines 2009-1 Pass Through Trust 9.000%, 07/08/16		683		717,501
Delta Air Lines 2009-1, Class A Pass Through Trust 7.750%, 12/17/19		461		525,168
Delta Air Lines 2011-1, Class A Pass Through Trust 5.300%, 04/15/19		457		488,332
US Airways 2010-1 Class A, Pass Through Trust 6.250%, 04/22/23		1,832		2,042,857
US Airways 2010-1 Class B, Pass Through Trust 8.500%, 04/22/17 ^		194		207,663
US Airways 2012-2 Class A, Pass Through Trust 4.625%, 06/03/25		255		266,850


	Par (000)		Value†
CORPORATE BONDS — (continued)
Airlines — (continued)
US Airways 2012-2 Class B Pass Through Trust 6.750%, 06/03/21 ^	$	489	$	519,812
US Airways 2013-1 Class A, Pass Through Trust 3.950%, 11/15/25		5		4,714
US Airways 2013-1 Class B, Pass Through Trust 5.375%, 11/15/21		5		4,980

				4,777,877

Apparel — 0.2%
Hanesbrands, Inc. 6.375%, 12/15/20		4,375		4,528,125
Levi Strauss & Co. 6.875%, 05/01/22		2,175		2,332,688

				6,860,813

Banks — 0.6%
Bank of New York Mellon Corp. 4.950%, 12/29/49 •		4,120		4,058,200
JPMorgan Chase & Co. 5.300%, 12/29/49 •		10,255		10,075,537
Regions Bank 7.500%, 05/15/18		75		84,087
State Street Corp. 5.250%, 12/29/49 •		4,360		4,360,000
Synovus Financial Corp. 5.125%, 06/15/17		105		106,838

				18,684,662

Beverages — 0.0%
PepsiCo, Inc. 1.250%, 04/30/18		1,035		1,034,121

Chemicals — 0.2%
Cytec Industries, Inc. 3.950%, 05/01/25		3,680		3,620,196
The Valspar Corp. 3.950%, 01/15/26		1,820		1,858,271

				5,478,467

Commercial Services — 0.1%
Iron Mountain, Inc. 6.000%, 10/01/20 144A @		2,975		3,003,858

Diversified Financial Services — 2.0%
American Honda Finance Corp. 0.950%, 05/05/17		2,200		2,196,000
Caterpillar Financial Services Corp.
0.700%, 11/06/15		1,585		1,585,567
1.250%, 11/06/17		2,345		2,342,688
2.250%, 12/01/19		1,155		1,159,277
Ford Motor Credit Co. LLC
2.500%, 01/15/16		2,190		2,200,286
1.561%, 05/09/16•		3,755		3,766,836
4.250%, 02/03/17		1,340		1,384,688
0.956%, 03/27/17•		7,660		7,552,147
1.461%, 03/27/17		10,560		10,499,850


	Par (000)		Value†

Diversified Financial Services — (continued)
6.625%, 08/15/17	$	1,675	$	1,808,260
0.852%, 09/08/17•		4,325		4,237,406
0.902%, 12/06/17•		6,325		6,248,474
1.724%, 12/06/17		2,150		2,135,602
2.145%, 01/09/18		2,960		2,949,927
5.000%, 05/15/18		1,800		1,914,457
2.375%, 03/12/19		4,275		4,241,039
2.597%, 11/04/19		4,350		4,305,417
International Lease Finance Corp. 2.287%, 06/15/16 •		2,905		2,890,475
National Rural Utilities Cooperative Finance Corp. 0.950%, 04/24/17		1,050		1,048,488

				64,466,884

Electric — 0.2%
Berkshire Hathaway Energy Co.
2.400%, 02/01/20		2,550		2,559,121
3.500%, 02/01/25		2,655		2,669,868
CMS Energy Corp.
6.550%, 07/17/17		895		971,475
8.750%, 06/15/19		415		510,308
Otter Tail Corp. 9.000%, 12/15/16 ^		890		966,763

				7,677,535

Electronics — 0.0%
Amphenol Corp. 1.550%, 09/15/17		920		920,619

Engineering & Construction — 0.1%
SBA Communications Corp. 4.875%, 07/15/22		1,875		1,839,844

Entertainment — 0.1%
Cedar Fair LP 5.250%, 03/15/21		1,925		1,949,063
Six Flags Entertainment Corp. 5.250%, 01/15/21 144A @		225		225,000

				2,174,063

Food — 0.1%
B&G Foods, Inc. 4.625%, 06/01/21		1,525		1,467,813
The Hershey Co. 3.200%, 08/21/25		880		895,125

				2,362,938

Gas — 0.1%
Southern California Gas Co. 3.200%, 06/15/25		3,225		3,287,904

Healthcare Products — 0.5%
Becton Dickinson and Co.
1.800%, 12/15/17		3,590		3,605,735
2.675%, 12/15/19		2,175		2,199,327
Danaher Corp. 3.350%, 09/15/25		2,200		2,244,159
Medtronic, Inc.


	Par (000)		Value†
CORPORATE BONDS — (continued)
Healthcare Products — (continued)
1.500%, 03/15/18	$	4,025	$	4,008,868
2.500%, 03/15/20		2,845		2,883,319

				14,941,408

Healthcare Services — 2.0%
Centene Corp. 5.750%, 06/01/17		2,100		2,189,250
Community Health Systems, Inc.
5.125%, 08/15/18		2,300		2,351,750
7.125%, 07/15/20		3,695		3,842,800
5.125%, 08/01/21		1,225		1,246,438
DaVita HealthCare Partners, Inc.
5.750%, 08/15/22		15,165		15,771,600
5.125%, 07/15/24		15,035		14,764,370
5.000%, 05/01/25		3,900		3,744,000
Fresenius Medical Care U.S. Finance II, Inc.
5.625%, 07/31/19144A @		3,575		3,816,312
5.875%, 01/31/22144A @		1,900		2,037,750
HCA, Inc.
8.000%, 10/01/18		2,785		3,146,771
6.500%, 02/15/20		2,125		2,316,250
Roche Holdings, Inc. 3.350%, 09/30/24 144A @		3,055		3,124,474
UnitedHealth Group, Inc. 1.400%, 12/15/17		1,545		1,543,412
Wellcare Health Plans, Inc. 5.750%, 11/15/20		1,800		1,872,000

				61,767,177

Insurance — 0.1%
Marsh & McLennan Cos., Inc.
2.350%, 03/06/20		1,205		1,213,671
3.750%, 03/14/26		925		930,109

				2,143,780

Internet — 0.3%
Amazon.com, Inc.
2.600%, 12/05/19		4,155		4,257,795
3.800%, 12/05/24		2,065		2,113,783
The Priceline Group, Inc. 0.350%, 06/15/20		2,323		2,728,073

				9,099,651

Lodging — 0.2%
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 5.625%, 10/15/21		6,450		6,659,625

Machinery — Diversified — 0.6%
Case New Holland Industrial, Inc. 7.875%, 12/01/17		341		359,755
CNH Industrial Capital LLC
3.875%, 11/01/15		1,500		1,496,250
6.250%, 11/01/16		5,400		5,501,250
3.250%, 02/01/17		3,225		3,164,531
3.625%, 04/15/18		5,700		5,539,716
Xylem, Inc. 3.550%, 09/20/16		1,300		1,327,134


	Par (000)		Value†

Machinery — Diversified — (continued)
4.875%, 10/01/21	$	415	$	454,820

				17,843,456

Media — 1.6%
Cablevision Systems Corp. 7.750%, 04/15/18		1,950		1,950,000
CCO Holdings LLC 7.375%, 06/01/20		3,950		4,103,063
CCO Safari II LLC 3.579%, 07/23/20 144A @		2,225		2,208,611
Cequel Communications Holdings I LLC 6.375%, 09/15/20 144A @		3,550		3,341,438
DISH DBS Corp.
7.125%, 02/01/16		8,225		8,286,687
4.625%, 07/15/17		600		598,890
Unitymedia GmbH 6.125%, 01/15/25 144A @		4,275		4,221,562
Unitymedia Hessen GmbH & Co. KG 5.500%, 01/15/23 144A @		4,100		4,094,875
Univision Communications, Inc.
8.500%, 05/15/21144A @		4,875		5,070,000
6.750%, 09/15/22144A @		15,169		15,699,915
5.125%, 05/15/23144A @		2,700		2,565,000

				52,140,041

Miscellaneous Manufacturing — 0.1%
Tyco International Finance SA 3.900%, 02/14/26		2,190		2,217,541

Oil & Gas — 3.1%
Canadian Natural Resources Ltd. 1.750%, 01/15/18		1,000		988,481
Chesapeake Energy Corp. 3.250%, 03/15/16		1,275		1,249,755
Chevron Corp.
0.499%, 03/02/18•		525		521,815
1.365%, 03/02/18		4,400		4,403,982
Concho Resources, Inc.
7.000%, 01/15/21		11,515		11,745,300
6.500%, 01/15/22		5,400		5,319,000
5.500%, 10/01/22		2,425		2,309,812
5.500%, 04/01/23		6,450		6,143,625
Diamondback Energy, Inc. 7.625%, 10/01/21		2,150		2,257,500
EQT Corp.
6.500%, 04/01/18		1,620		1,752,088
8.125%, 06/01/19		1,754		2,060,854
4.875%, 11/15/21		8,005		8,150,675
Range Resources Corp.
5.750%, 06/01/21		10,450		9,849,125
5.000%, 08/15/22		17,050		15,089,250
5.000%, 03/15/23		20,775		18,372,891
4.875%, 05/15/25144A @		275		245,094
Shell International Finance BV 0.762%, 05/11/20 •		6,720		6,632,257


	Par (000)		Value†
CORPORATE BONDS — (continued)
Oil & Gas — (continued)
WPX Energy, Inc. 5.250%, 01/15/17	$	2,300	$	2,288,500

				99,380,004

Packaging and Containers — 0.1%
Rexam PLC 6.750%, 06/29/67 •		1,700		1,894,841

Pharmaceuticals — 0.2%
Eli Lilly & Co. 1.250%, 03/01/18		2,200		2,198,695
Johnson & Johnson
1.125%, 11/21/17		1,360		1,368,750
3.375%, 12/05/23		1,080		1,142,828
Novartis Capital Corp. 3.400%, 05/06/24		875		905,675
Omnicare, Inc. 5.000%, 12/01/24		1,125		1,220,625

				6,836,573

Pipelines — 1.6%
Energy Transfer Partners LP
4.150%, 10/01/20		1,925		1,947,166
4.900%, 02/01/24		2,465		2,350,178
MarkWest Energy Partners LP
5.500%, 02/15/23		11,910		11,537,812
4.500%, 07/15/23		16,225		14,889,682
4.875%, 12/01/24		3,175		2,905,125
ONEOK Partners LP 2.000%, 10/01/17		830		824,703
Targa Resources Partners LP
5.000%, 01/15/18144A @		6,400		6,096,000
4.125%, 11/15/19144A @		1,325		1,189,188
6.875%, 02/01/21		5,100		4,934,250
5.250%, 05/01/23		2,775		2,462,813
4.250%, 11/15/23		3,325		2,768,063

				51,904,980

Real Estate — 0.0%
CBRE Services, Inc. 5.000%, 03/15/23		900		904,638

Real Estate Investment Trusts — 0.3%
American Tower Corp.
3.500%, 01/31/23		925		891,149
5.000%, 02/15/24		1,535		1,612,748
Crown Castle International Corp. 4.875%, 04/15/22		5,150		5,353,425
Iron Mountain, Inc. 7.750%, 10/01/19		1,175		1,220,825

				9,078,147

Retail — 1.2%
AmeriGas Finance LLC
6.250%, 08/20/19		600		606,000
6.750%, 05/20/20		675		683,438
7.000%, 05/20/22		1,525		1,563,125
AutoZone, Inc. 2.500%, 04/15/21		1,915		1,897,070


	Par (000)		Value†

Retail — (continued)
CVS Health Corp. 3.875%, 07/20/25	$	5,500	$	5,669,444
Group 1 Automotive, Inc. 5.000%, 06/01/22		2,050		2,019,250
L Brands, Inc.
6.900%, 07/15/17		1,800		1,944,000
8.500%, 06/15/19		900		1,050,750
7.000%, 05/01/20		900		1,017,000
6.625%, 04/01/21		1,925		2,141,562
5.625%, 02/15/22		1,625		1,718,438
5.625%, 10/15/23		5,725		6,082,812
Penske Automotive Group, Inc. 5.375%, 12/01/24		1,325		1,298,500
Rite Aid Corp. 9.250%, 03/15/20		8,215		8,728,437
Suburban Propane Partners LP 7.375%, 08/01/21		750		781,875

				37,201,701

Semiconductors — 1.0%
NXP BV/NXP Funding LLC
3.500%, 09/15/16144A @		2,275		2,286,375
3.750%, 06/01/18144A @		16,075		16,115,187
5.750%, 02/15/21144A @		5,075		5,278,000
5.750%, 03/15/23144A @		7,300		7,592,000

				31,271,562

Software — 0.3%
Fiserv, Inc. 2.700%, 06/01/20		5,175		5,215,779
IMS Health, Inc. 6.000%, 11/01/20 144A @		875		896,875
SS&C Technologies Holdings, Inc. 5.875%, 07/15/23 144A @		2,925		2,976,187

				9,088,841

Telecommunications — 3.0%
Crown Castle International Corp. 5.250%, 01/15/23		8,015		8,477,465
SBA Communications Corp. 5.625%, 10/01/19		2,975		3,071,687
SBA Telecommunications, Inc. 5.750%, 07/15/20		8,575		8,832,250
Sprint Communications, Inc. 9.000%, 11/15/18 144A @		3,240		3,399,732
T-Mobile USA, Inc.
6.542%, 04/28/20		11,675		11,864,719
6.625%, 11/15/20		5,475		5,563,969
Telesat Canada 6.000%, 05/15/17 144A @		2,595		2,611,219
UPC Holding BV 6.375%, 09/15/22 144A @		2,275		2,707,335
UPCB Finance V Ltd. 7.250%, 11/15/21 144A @		14,697		15,560,449
UPCB Finance VI Ltd. 6.875%, 01/15/22 144A @		21,850		23,024,648
Virgin Media Secured Finance PLC
5.375%, 04/15/21144A @		4,478		4,505,484


	Par (000)		Value†
CORPORATE BONDS — (continued)
Telecommunications — (continued)
6.000%, 04/15/21144A @	$	1,215	$	1,856,659
5.250%, 01/15/26144A @		3,450		3,174,000

				94,649,616

TOTAL CORPORATE BONDS (Cost $647,291,897)				635,091,363

LOAN AGREEMENTS — 4.4%‡
Apparel — 0.0%
Hanesbrands, Inc. 3.250%, 04/29/22 •		647		648,904

Beverages — 0.4%
De Master Blenders•
4.250%, 07/02/22		2,250		2,513,886
4.250%, 07/02/22		9,200		9,185,648
				11,699,534
Commercial Services — 0.3%
Kronos, Inc.
4.500%, 10/30/19•		5,452		5,426,531
9.750%, 04/30/20•		3,772		3,835,714

				9,262,245

Diversified Financial Services — 0.1%
Hilton Worldwide Finance LLC 3.500%, 10/26/20 •		3,984		3,970,247

Electric — 0.0%
Texas Competitive Electric Holdings Co. LLC 07/09/15 — 07/14/15 3.750%, 05/05/16 •		1,016		1,014,826

Entertainment — 0.1%
Kasima LLC 7/31/15 — 9/30/15 3.250%, 05/17/21 •		581		578,826
Peninsula Gaming LLC 4.250%, 11/20/17 •		3,025		3,016,530

				3,595,356

Food — 0.3%
Pinnacle Foods Finance LLC
3.000%, 04/29/20•		4,246		4,231,647
3.000%, 04/29/20•		3,773		3,759,531

				7,991,178

Healthcare Services — 0.9%
Davita Healthcare Partners, Inc. 3.500%, 06/24/21 •		9,459		9,433,602
HCA, Inc. 2.944%, 03/31/17 •		18,494		18,469,063

				27,902,665

Holding Companies — 1.2%
Intelsat Jackson Holdings 3.750%, 06/30/19		37,396		36,339,899

Media — 0.2%
Cequel Communications LLC 3.500%, 02/14/19 •		3,518		3,467,538


	Par (000)			Value†

Media — (continued)
Charter Communications Operating LLC
3.000%, 07/01/20•	$	2,077		$	2,049,935
3.000%, 01/03/21•		1,450			1,423,987
Univision Communications, Inc. 4.000%, 03/01/20 •		248			246,252

					7,187,712

Telecommunications — 0.9%
First Data Corp.
3.696%, 03/23/18•		1,000			990,940
3.696%, 09/24/18•		250			247,375
Telesat Canada
4.273%, 03/28/17•		660			493,949
3.500%, 03/28/19•		5,391			5,338,802
4.430%, 03/28/19•,^		3,666			2,726,214
UPC Financing Partnership 3.250%, 06/30/21 •		19,275			18,889,500

					28,686,780

TOTAL LOAN AGREEMENTS (Cost $141,142,605)					138,299,346


	Number of Shares			Value†
SHORT-TERM INVESTMENTS — 8.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		10,276,604			10,276,604
T. Rowe Price Reserve Investment Fund		255,929,928			255,929,928

TOTAL SHORT-TERM INVESTMENTS (Cost $266,206,532)					266,206,532

TOTAL INVESTMENTS — 100.1% (Cost $2,887,868,637)(a)				$	3,153,432,005

Other Assets & Liabilities — (0.1)%					(3,704,586	)

TOTAL NET ASSETS — 100.0%				$	3,149,727,419


	Number of Contracts			Value†
WRITTEN OPTIONS
Call Options
Altria Group, Inc., $55.00, 01/15/16		(1,917	)		(391,068	)
American Tower, $110.00, 01/15/16		(557	)		(8,355	)
Ameriican Tower, $105.00, 01/15/16		(464	)		(2,320	)
Boeing, $140.00, 01/5/16		(62	)		(18,600	)
Crown Castle International, $90.00, 01/15/16		(368	)		(1,840	)
CVS, $110.00, 01/15/16		(786	)		(56,592	)
CVS, $115, 01/15/16		(237	)		(6,399	)
CVS, $120, 01/15/16		(237	)		(3,555	)
CVS, $90.00, 01/15/16		(546	)		(481,026	)
CVS, $95.00, 01/15/16		(545	)		(321,550	)
Google, $590.00, 01/15/16		(57	)		(381,330	)
Google, $590.00, 01/15/16		(79	)		(361,820	)
Google, $700.00, 01/15/16		(255	)		(178,500	)
Liberty Global , $60.00, 01/15/16		(800	)		(4,000	)
Lowe’s, $60.00, 01/15/16		(1,364	)		(1,336,720	)
Lowe’s, $75.00, 01/5/16		(480	)		(54,720	)
Modelez International, Inc, $45.00, 01/1516		(781	)		(100,749	)


	Number of Contracts			Value†
WRITTEN OPTIONS — (continued)
Call Options — (continued)
Pepsico, $100.00, 01/15/16	$	(794	)	$	(91,310	)
Pepsico, $105.00, 01/15/16		(469	)		(16,415	)
Pepsico, $110.00, 01/15/16		(774	)		(3,096	)
PNR, $70.00, 11/20/15		(87	)		(1,305	)
TD Ameritrade, $115.00, 01/15/16		(291	)		(13,095	)
Thermo Fisher Scientifiic, $150.00, 01/15/16		(578	)		(8,092	)
United Healthcare, $100.00, 01/15/16		(431	)		(749,940	)
United Healthcare, $105.00, 01/15/16		(430	)		(609,310	)
United Healthcare, $120.00, 01/15/16		(233	)		(121,160	)
United Healthcare, $90.00, 01/15/16		(569	)		(1,573,285	)
United Healthcare, $95.00, 01/15/16		(569	)		(1,291,630	)
Visa, $70.00, 01/15/16		(708	)		(233,640	)
Visa, $75.00, 01/15/16		(704	)		(102,080	)
Visa, $75.00, 01/15/16		(1,172	)		(169,940	)

TOTAL WRITTEN OPTIONS (Premiums $(4,974,709))					(8,693,442	)

†	See Security Valuation Note.

*	Non-income producing security.

144A @

•	Variable Rate Security.

^	Illiquid security. The total market value of illiquid securities at September 30, 2015 is $4,420,452.

‡

(a)

At September 30, 2015, the cost for Federal income tax purposes was $2,892,722,122. Net unrealized appreciation was $260,709,883. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $352,454,522 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $91,744,639.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	1,912,888,117	$	1,891,918,112	$	20,970,005	$	—
REAL ESTATE INVESTMENT TRUSTS		116,276,096		116,276,096		—		—
PREFERRED STOCKS		71,099,637		71,099,637		—		—
AGENCY OBLIGATION		6,660,597		—		6,660,597		—
ASSET BACKED SECURITIES		6,910,317		—		6,910,317		—
CORPORATE BONDS		635,091,363		—		635,091,363		—
LOAN AGREEMENTS		138,299,346		—		138,299,346		—
SHORT-TERM INVESTMENTS		266,206,532		266,206,532		—		—

TOTAL INVESTMENTS	$	3,153,432,005	$	2,345,500,377	$	807,931,628	$	—


LIABILITIES TABLE
Description	Total Market Value at 09/30/2015			Level 1 Quoted Price			Level 2 Signi- ficant Obser- vable Input			Level 3 Signi- ficant Unobser- vable Input
WRITTEN OPTIONS	$	(8,693,442	)	$	(1,078,870	)	$	(7,614,572	)	$	—

TOTAL LIABILITIES	$	(8,693,442	)	$	(1,078,870	)	$	(7,614,572	)	$	—

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 $21,573,740)		2,993,492	$	45,171,788

AFFILIATED FIXED INCOME FUNDS — 39.9%
Penn Series Quality Bond Fund* (Cost $24,623,156)		2,220,835		30,114,525

SHORT-TERM INVESTMENTS — 0.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $285,468)		285,468		285,468

TOTAL INVESTMENTS — 100.1% (Cost $46,482,364)(a)			$	75,571,781

Other Assets & Liabilities — (0.1)%				(65,481	)

TOTAL NET ASSETS — 100.0%			$	75,506,300

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $50,338,791. Net unrealized appreciation/depreciation was $25,232,990. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $29,089,417 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $3,856,427.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	45,171,788	$	45,171,788	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		30,114,525		30,114,525		—		—
SHORT-TERM INVESTMENTS		285,468		285,468		—		—

TOTAL INVESTMENTS	$	75,571,781	$	75,571,781	$	—	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 95.3%
Aerospace & Defense — 1.7%
The Boeing Co.		36,600	$	4,792,770

Airlines — 2.1%
American Airlines Group, Inc.		110,900		4,306,247
United Continental Holdings, Inc.*		29,900		1,586,195

				5,892,442

Apparel — 2.1%
Hanesbrands, Inc.		92,100		2,665,374
NIKE, Inc., Class B		25,200		3,098,844

				5,764,218

Auto Manufacturers — 1.4%
Tesla Motors, Inc.*		15,840		3,934,656

Auto Parts & Equipment — 1.0%
BorgWarner, Inc.		41,300		1,717,667
Delphi Automotive PLC		15,300		1,163,412

				2,881,079

Banks — 1.7%
Morgan Stanley		93,300		2,938,950
State Street Corp.		27,400		1,841,554

				4,780,504

Beverages — 0.4%
Keurig Green Mountain, Inc.		23,200		1,209,648

Biotechnology — 8.3%
Alexion Pharmaceuticals, Inc.*		33,700		5,270,343
Biogen, Inc.*		8,000		2,334,480
Celgene Corp.*		41,100		4,445,787
Gilead Sciences, Inc.		42,000		4,123,980
Incyte Corp.*		21,600		2,383,128
Regeneron Pharmaceuticals, Inc.*		5,600		2,604,784
Vertex Pharmaceuticals, Inc.*		17,900		1,864,106

				23,026,608

Building Materials — 0.3%
Martin Marietta Materials, Inc.		6,200		942,090

Chemicals — 0.8%
Ashland, Inc.		15,900		1,599,858
The Sherwin-Williams Co.		2,800		623,784

				2,223,642

Commercial Services — 3.4%
MasterCard, Inc., Class A		85,600		7,714,272
Mobileye NV*		38,600		1,755,528

				9,469,800

Computers — 2.6%
Apple, Inc.		61,300		6,761,390
IHS, Inc., Class A*		3,100		359,600

				7,120,990

Cosmetics & Personal Care — 0.4%
The Estee Lauder Cos., Inc., Class A		15,200		1,226,336

Diversified Financial Services — 4.4%
BlackRock, Inc.		3,600		1,070,892
Intercontinental Exchange, Inc.		10,100		2,373,399


	Number of Shares		Value†

Diversified Financial Services — (continued)
TD Ameritrade Holding Corp.		41,900	$	1,334,096
Visa, Inc., Class A		107,500		7,488,450

				12,266,837

Healthcare Products — 1.3%
Intuitive Surgical, Inc.*		7,850		3,607,703

Healthcare Services — 4.2%
Anthem, Inc.		25,200		3,528,000
Cigna Corp.*		16,500		2,227,830
Humana, Inc.		14,500		2,595,500
UnitedHealth Group, Inc.		28,200		3,271,482

				11,622,812

Internet — 23.2%
Alibaba Group Holding Ltd. ADR*		36,637		2,160,484
Amazon.com, Inc.*		31,600		16,175,724
Facebook, Inc., Class A*		85,000		7,641,500
Google, Inc., Class A*		13,600		8,681,832
Google, Inc., Class C*		13,140		7,994,639
LinkedIn Corp., Class A*		16,300		3,099,119
Netflix, Inc.*		10,900		1,125,534
Pandora Media, Inc.*		32,100		685,014
Tencent Holdings Ltd.*		185,900		3,133,640
The Priceline Group, Inc.*		8,300		10,265,938
VeriSign, Inc.*		20,600		1,453,536
Vipshop Holdings Ltd. ADR*		135,100		2,269,680

				64,686,640

Leisure Time — 0.6%
Royal Caribbean Cruises Ltd.		20,100		1,790,709

Lodging — 2.3%
Hilton Worldwide Holdings		55,100		1,263,994
Las Vegas Sands Corp.		27,200		1,032,784
Marriott International, Inc., Class A		20,400		1,391,280
MGM Resorts International*		150,390		2,774,695

				6,462,753

Machinery — Diversified — 2.3%
Flowserve Corp.		28,300		1,164,262
Roper Industries, Inc.		17,600		2,757,920
Wabtec Corp.		26,600		2,342,130

				6,264,312

Media — 1.7%
The Walt Disney Co.		44,900		4,588,780

Miscellaneous Manufacturing — 2.8%
Danaher Corp.		92,600		7,890,446

Oil & Gas — 0.6%
Concho Resources, Inc.*		4,500		442,350
EQT Corp.		7,100		459,867
Pioneer Natural Resources Co.		5,400		656,856

				1,559,073

Pharmaceuticals — 7.3%
Allergan PLC*		24,513		6,662,879
BioMarin Pharmaceutical, Inc.*		13,800		1,453,416
Bristol-Myers Squibb Co.		44,100		2,610,720


	Number of Shares		Value†
COMMON STOCKS — (continued)
Pharmaceuticals — (continued)
McKesson Corp.		20,800	$	3,848,624
Valeant Pharmaceuticals International, Inc.*		32,000		5,708,160

				20,283,799

Retail — 9.4%
AutoZone, Inc.*		4,700		3,402,001
CarMax, Inc.*		35,500		2,105,860
Chipotle Mexican Grill, Inc.*		3,700		2,664,925
Costco Wholesale Corp.		5,900		852,963
CVS Health Corp.		27,200		2,624,256
Lowe’s Cos., Inc.		46,200		3,184,104
Ross Stores, Inc.		39,700		1,924,259
Starbucks Corp.		48,700		2,768,108
The Home Depot, Inc.		11,500		1,328,135
Tractor Supply Co.		32,200		2,715,104
Walgreens Boots Alliance, Inc.		30,600		2,542,860

				26,112,575

Semiconductors — 0.3%
ASML Holding N.V.*		8,100		712,638

Software — 6.9%
Akamai Technologies, Inc.*		17,800		1,229,268
Fiserv, Inc.*		24,100		2,087,301
Microsoft Corp.		182,600		8,081,876
NetSuite, Inc.*		12,400		1,040,360
Red Hat, Inc.*		17,800		1,279,464
Salesforce.com, Inc.*		57,400		3,985,282
ServiceNow, Inc.*		22,500		1,562,625

				19,266,176

Telecommunications — 0.3%
Palo Alto Networks, Inc.*		4,300		739,600

Transportation — 1.5%
Canadian Pacific Railway Ltd.		15,400		2,210,978
FedEx Corp.		12,400		1,785,352
J.B. Hunt Transport Services, Inc.		3,400		242,760

				4,239,090

TOTAL COMMON STOCKS (Cost $198,815,878)				265,358,726

PREFERRED STOCKS — 1.1%
Internet — 0.5%
Dropbox. Inc.*~^		24,940		476,384
Flipkart Ltd. Ordinary Shares*^,~		566		80,508
Flipkart Ltd. Series A*^,~		196		27,879
Flipkart Ltd. Series C*^,~		341		48,504
Flipkart Ltd. Series E*^,~		636		90,465
Flipkart Ltd. Series G*^,~		2,888		410,789
Flipkart Ltd. Series H*^,~		2,579		366,837
Livingsocial, Series F, CONV*^,~		15,066		1,330

				1,502,696

Lodging — 0.5%
Airbnb Inc Series E, CVT Pfd.Stock*^,~		3,694		343,890
Airbnb, Inc. Series D*^,~		9,999		930,851

				1,274,741


	Number of Shares		Value†

Real Estate — 0.1%
WeWork Companies, Inc. Class A*~^		923	$	30,357
WeWork Companies, Inc. Series E*^,~		8,297		272,885

				303,242

TOTAL PREFERRED STOCKS (Cost $2,557,413)				3,080,679

REAL ESTATE INVESTMENT TRUSTS — 2.0%
Diversified — 1.3%
American Tower Corp.		41,200		3,624,776

Telecommunications — 0.7%
Crown Castle International Corp.		25,600		2,019,072

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,666,394)				5,643,848

SHORT-TERM INVESTMENTS — 1.0%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		2,655,749		2,655,749
T. Rowe Price Reserve Investment Fund		1,018		1,018

TOTAL SHORT-TERM INVESTMENTS (Cost $2,656,767)				2,656,767

TOTAL INVESTMENTS — 99.4% (Cost $207,696,452)(a)			$	276,740,020

Other Assets & Liabilities — 0.6%				1,753,919

TOTAL NET ASSETS — 100.0%			$	278,493,939

^	Illiquid security. The total market value of illiquid securities at September 30, 2015 is $3,080,679.

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $207,780,125. Net unrealized appreciation was $68,959,894. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $75,689,054 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $6,729,159.

~	Fair valued security. The total market value of fair valued securities at September 30, 2015 is $3,080,679.

ADR — American Depository Receipt.

CONV — Convertible Security.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Aerospace & Defense	$	4,792,770	$	4,792,770	$	—	$	—
Airlines		5,892,442		5,892,442		—		—
Apparel		5,764,218		5,764,218		—		—
Auto Manufacturers		3,934,656		3,934,656		—		—
Auto Parts & Equipment		2,881,079		2,881,079		—		—
Banks		4,780,504		4,780,504		—		—
Beverages		1,209,648		1,209,648		—		—
Biotechnology		23,026,608		23,026,608		—		—
Building Materials		942,090		942,090		—		—
Chemicals		2,223,642		2,223,642		—		—
Commercial Services		9,469,800		9,469,800		—		—
Computers		7,120,990		7,120,990		—		—
Cosmetics & Personal Care		1,226,336		1,226,336		—		—
Diversified Financial Services		12,266,837		12,266,837		—		—
Healthcare Products		3,607,703		3,607,703		—		—
Healthcare Services		11,622,812		11,622,812		—		—
Internet		64,686,640		61,553,000		3,133,640		—
Leisure Time		1,790,709		1,790,709		—		—
Lodging		6,462,753		6,462,753		—		—
Machinery - Diversified		6,264,312		6,264,312		—		—
Media		4,588,780		4,588,780		—		—
Miscellaneous Manufacturing		7,890,446		7,890,446		—		—
Oil & Gas		1,559,073		1,559,073		—		—
Pharmaceuticals		20,283,799		20,283,799		—		—
Retail		26,112,575		26,112,575		—		—
Semiconductors		712,638		712,638		—		—
Software		19,266,176		19,266,176		—		—
Telecommunications		739,600		739,600		—		—
Transportation		4,239,090		4,239,090		—		—
REAL ESTATE INVESTMENT TRUSTS
Diversified		3,624,776		3,624,776		—		—
Telecommunications		2,019,072		2,019,072		—		—
PREFERRED STOCKS		3,080,679		—		—		3,080,679
SHORT-TERM INVESTMENTS		2,656,767		2,656,767		—		—

TOTAL INVESTMENTS	$	276,740,020	$	270,525,701	$	3,133,640	$	3,080,679

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		1,212,215
Change in Appreciation/(Depreciation)		635,206

Balance as of 9/30/2015	$	3,080,679

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


	Number of Shares		Value†
COMMON STOCKS — 98.7%
Advertising — 0.3%
Omnicom Group, Inc.		2,359	$	155,458

Aerospace & Defense — 2.2%
United Technologies Corp.		10,916		971,415

Apparel — 5.4%
Burberry Group PLC		22,169		459,532
LVMH Moet Hennessy Louis Vuitton SE		4,861		827,556
NIKE, Inc., Class B		4,737		582,509
VF Corp.		7,907		539,337

				2,408,934

Auto Parts & Equipment — 0.8%
Johnson Controls, Inc.		8,701		359,873

Beverages — 2.1%
AMBEV S.A. ADR		52,382		256,672
PepsiCo, Inc.		2,572		242,540
Pernod Ricard S.A.		4,251		429,218

				928,430

Chemicals — 8.8%
Ecolab, Inc.		9,138		1,002,621
LyondellBasell Industries N.V., Class A		7,100		591,856
Monsanto Co.		8,478		723,513
PPG Industries, Inc.		6,986		612,602
Praxair, Inc.		5,806		591,399
The Sherwin-Williams Co.		1,896		422,391

				3,944,382

Commercial Services — 3.9%
Equifax, Inc.		5,694		553,343
MasterCard, Inc., Class A		7,120		641,655
Moody’s Corp.		5,432		533,422

				1,728,420

Computers — 10.6%
Accenture PLC, Class A		21,994		2,161,130
Apple, Inc.		9,639		1,063,182
Cognizant Technology Solutions Corp., Class A*		10,845		679,006
EMC Corp.		33,995		821,319

				4,724,637

Cosmetics & Personal Care — 4.3%
Colgate-Palmolive Co.		24,097		1,529,195
L’Oreal S.A.		2,251		391,258

				1,920,453

Distribution & Wholesale — 3.0%
Fastenal Co.		8,519		311,880
W.W. Grainger, Inc.		4,866		1,046,239

				1,358,119

Diversified Financial Services — 7.0%
CME Group, Inc.		2,538		235,374
Franklin Resources, Inc.		17,562		654,360
The Charles Schwab Corp.		7,769		221,883
Visa, Inc., Class A		29,017		2,021,324

				3,132,941


	Number of Shares		Value†

Electronics — 7.2%
Amphenol Corp., Class A		6,973	$	355,344
Mettler-Toledo International, Inc.*		2,287		651,201
Sensata Technologies Holding N.V.*		4,788		212,300
Thermo Fisher Scientific, Inc.		10,929		1,336,398
Waters Corp.*		5,649		667,768

				3,223,011

Food — 1.4%
Danone S.A.		9,951		628,142

Healthcare Products — 1.7%
DENTSPLY International, Inc.		10,251		518,393
St. Jude Medical, Inc.		3,793		239,300

				757,693

Household Products & Wares — 0.8%
Church & Dwight Co., Inc.		3,990		334,761

Internet — 5.4%
Google, Inc., Class A*		3,772		2,407,932

Media — 4.8%
Discovery Communications, Inc., Class A*		12,461		324,360
The Walt Disney Co.		2,305		235,571
Time Warner, Inc.		10,340		710,875
Twenty-First Century Fox, Inc., Class A		32,250		870,105

				2,140,911

Miscellaneous Manufacturing — 4.0%
Colfax Corp.*		14,403		430,794
Danaher Corp.		15,664		1,334,729

				1,765,523

Oil & Gas Services — 0.5%
Schlumberger Ltd.		3,435		236,912

Pharmaceuticals — 7.8%
Abbott Laboratories		15,642		629,121
Eli Lilly & Co.		3,389		283,626
Express Scripts Holding Co.*		8,391		679,335
Mead Johnson Nutrition Co.		13,542		953,357
Roche Holding AG		2,373		629,964
Zoetis, Inc.		7,866		323,922

				3,499,325

Retail — 6.5%
AutoZone, Inc.*		1,173		849,053
CVS Health Corp.		12,128		1,170,109
The TJX Cos., Inc.		12,178		869,753

				2,888,915

Semiconductors — 4.7%
Microchip Technology, Inc.		12,112		521,906
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		30,599		634,929
Texas Instruments, Inc.		19,051		943,406

				2,100,241

Software — 5.5%
Fidelity National Information Services, Inc.		15,142		1,015,725
Fiserv, Inc.*		5,843		506,062


	Number of Shares		Value†
COMMON STOCKS — (continued)
Software — (continued)
Oracle Corp.		26,337	$	951,293

				2,473,080

TOTAL COMMON STOCKS (Cost $40,715,756)				44,089,508
SHORT-TERM INVESTMENTS — 2.7%
Money Market — 2.7%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,176,995)		1,176,995		1,176,995

TOTAL INVESTMENTS — 101.4% (Cost $41,892,751)(a)			$	45,266,503

Other Assets & Liabilities — (1.4)%				(604,153	)

TOTAL NET ASSETS — 100.0%			$	44,662,350

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $42,010,796. Net unrealized appreciation was $3,255,707. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $5,723,136 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,467,429.

ADR — American Depository Receipt.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	44,089,508	$	40,723,838	$	3,365,670	$	—
SHORT-TERM INVESTMENTS		1,176,995		1,176,995		—		—

TOTAL INVESTMENTS	$	45,266,503	$	41,900,833	$	3,365,670	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 102.0%
Airlines — 1.7%
Delta Air Lines, Inc.		42,300	$	1,898,001

Apparel — 3.8%
NIKE, Inc., Class B		23,540		2,894,714
Under Armour, Inc., Class A*		12,630		1,222,331

				4,117,045

Auto Manufacturers — 1.3%
Tesla Motors, Inc.*		5,670		1,408,428

Auto Parts & Equipment — 1.2%
Delphi Automotive PLC		16,750		1,273,670

Beverages — 2.1%
Constellation Brands, Inc., Class A		18,360		2,298,856

Biotechnology — 8.1%
Alexion Pharmaceuticals, Inc.		8,150		1,274,578
Celgene Corp.*		25,610		2,770,234
Gilead Sciences, Inc.		9,097		893,234
Incyte Corp.*		4,550		502,002
Regeneron Pharmaceuticals, Inc.*		4,570		2,125,690
Vertex Pharmaceuticals, Inc.*		11,550		1,202,817

				8,768,555

Building Materials — 1.1%
Vulcan Materials Co.		13,760		1,227,392

Chemicals — 1.0%
Axalta Coating Systems Ltd.*		42,420		1,074,923

Commercial Services — 3.1%
McGraw Hill Financial, Inc.		12,380		1,070,870
Paypal Holdings, Inc.*		31,160		967,206
Verisk Analytics, Inc., Class A*		17,560		1,297,860

				3,335,936

Computers — 8.6%
Apple, Inc.		65,235		7,195,421
Cognizant Technology Solutions Corp., Class A*		34,630		2,168,184

				9,363,605

Distribution & Wholesale — 1.0%
HD Supply Holdings, Inc.*		38,152		1,091,910

Diversified Financial Services — 6.9%
Intercontinental Exchange, Inc.		7,630		1,792,974
The Charles Schwab Corp.		55,560		1,586,793
Visa, Inc., Class A		59,580		4,150,343

				7,530,110

Food — 2.7%
Hormel Foods Corp.		13,400		848,354
The Kroger Co.		58,650		2,115,505

				2,963,859

Healthcare Products — 2.8%
Align Technology, Inc.*		25,090		1,424,109
Edwards Lifesciences Corp.*		11,490		1,633,533

				3,057,642


	Number of Shares		Value†

Healthcare Services — 2.4%
UnitedHealth Group, Inc.		22,270	$	2,583,543

Home Builders — 0.8%
D.R. Horton, Inc.		28,110		825,310

Internet — 15.1%
Amazon.com, Inc.		9,914		5,074,878
Facebook, Inc., Class A*		53,460		4,806,054
Google, Inc., Class A*		8,230		5,253,785
Splunk, Inc.*		22,540		1,247,589

				16,382,306

Leisure Time — 1.8%
Jarden Corp.*		39,010		1,906,809

Lodging — 0.9%
Hilton Worldwide Holdings, Inc.		40,380		926,317

Machinery—Diversified — 0.8%
Cognex Corp.		25,690		882,965

Media — 1.8%
Liberty Global PLC, Series C*		26,649		1,093,142
Time Warner, Inc.		13,330		916,437

				2,009,579

Miscellaneous Manufacturing — 1.2%
Carlisle Cos., Inc.		14,370		1,255,651

Pharmaceuticals — 6.7%
Allergan PLC		7,640		2,076,628
Bristol-Myers Squibb Co.		40,090		2,373,328
Endo International PLC*		14,000		969,920
Shire PLC ADR		4,070		835,286
Zoetis, Inc.		25,450		1,048,031

				7,303,193

Retail — 10.2%
Lululemon Athletica, Inc.*		7,378		373,696
O’Reilly Automotive, Inc.*		2,270		567,500
Starbucks Corp.		43,490		2,471,972
The Home Depot, Inc.		29,880		3,450,841
The TJX Cos., Inc.		20,960		1,496,963
Ulta Salon Cosmetics & Fragrance, Inc.*		7,810		1,275,763
Walgreens Boots Alliance, Inc.		17,910		1,488,321

				11,125,056

Semiconductors — 1.3%
Avago Technologies Ltd.		11,290		1,411,363

Software — 8.8%
Adobe Systems, Inc.*		25,410		2,089,210
Akamai Technologies, Inc.*		24,350		1,681,611
Electronic Arts, Inc.*		21,090		1,428,847
Salesforce.com, Inc.*		27,845		1,933,278
ServiceNow, Inc.*		13,030		904,934
Tableau Software, Inc., Class A*		6,960		555,269
Tencent Holdings Ltd. ADR		55,010		928,569

				9,521,718


	Number of Shares		Value†
COMMON STOCKS — (continued)
Telecommunications — 4.5%
Level 3 Communications, Inc.*		24,720	$	1,080,017
Palo Alto Networks, Inc.*		9,223		1,586,356
SBA Communications Corp., Class A*		16,230		1,699,930
Zayo Group Holdings, Inc.*		20,370		516,583

				4,882,886

Transportation — 0.3%
Old Dominion Freight Line, Inc.*		5,870		358,070

TOTAL COMMON STOCKS (Cost $93,585,974)				110,784,698

SHORT-TERM INVESTMENTS — 0.6%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $574,606)		574,606		574,606

TOTAL INVESTMENTS — 102.6% (Cost $94,160,580)(a)			$	111,359,304

Other Assets & Liabilities — (2.6)%				(2,773,845	)

TOTAL NET ASSETS — 100.0%			$	108,585,459

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $94,338,849. Net unrealized appreciation was $17,020,455. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $22,158,635 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $5,138,180.

ADR — American Depository Receipt.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	110,784,698	$	110,784,698	$	—	$	—
SHORT-TERM INVESTMENTS		574,606		574,606		—		—

TOTAL INVESTMENTS	$	111,359,304	$	111,359,304	$	—	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 95.1%
Advertising — 1.1%
Omnicom Group, Inc.		34,995	$	2,306,170

Aerospace & Defense — 3.1%
Northrop Grumman Corp.		18,779		3,116,375
United Technologies Corp.		36,029		3,206,221

				6,322,596

Agriculture — 1.3%
Philip Morris International, Inc.		33,750		2,677,387

Apparel — 1.4%
Ralph Lauren Corp.		24,188		2,858,054

Auto Manufacturers — 1.2%
General Motors Co.		80,991		2,431,350

Banks — 13.4%
Bank of America Corp.		280,274		4,366,669
Citigroup, Inc.		83,293		4,132,166
Fifth Third Bancorp		191,292		3,617,332
JPMorgan Chase & Co.		99,022		6,037,371
State Street Corp.		29,128		1,957,693
The PNC Financial Services Group, Inc.		33,633		3,000,064
Wells Fargo & Co.		84,510		4,339,588

				27,450,883

Beverages — 1.5%
PepsiCo, Inc.		33,170		3,127,931

Building Materials — 1.6%
Vulcan Materials Co.		35,521		3,168,473

Chemicals — 1.3%
E.I. du Pont de Nemours & Co.		53,839		2,595,040

Computers — 2.6%
Apple, Inc.		22,880		2,523,664
EMC Corp.		113,068		2,731,723

				5,255,387

Diversified Financial Services — 6.4%
American Express Co.		30,239		2,241,617
Ameriprise Financial, Inc.		26,683		2,911,916
Discover Financial Services		63,890		3,321,641
FNF Group		75,068		2,662,662
Legg Mason, Inc.		44,009		1,831,214

				12,969,050

Diversified Operations — 2.4%
Eaton Corp. PLC		49,886		2,559,152
Pentair PLC		45,863		2,340,847

				4,899,999

Electric — 3.2%
Calpine Corp.*		102,178		1,491,799
NextEra Energy, Inc.		26,947		2,628,680
PG&E Corp.		45,187		2,385,873

				6,506,352

Electronics — 1.5%
Honeywell International, Inc.		32,013		3,031,311


	Number of Shares		Value†

Food — 1.5%
Mondelez International, Inc., Class A		75,017	$	3,140,962

Healthcare Products — 1.6%
Medtronic PLC		47,957		3,210,242

Healthcare Services — 3.2%
HCA Holdings, Inc.*		27,927		2,160,433
UnitedHealth Group, Inc.		37,999		4,408,264

				6,568,697

Insurance — 5.8%
American International Group, Inc.		61,241		3,479,714
MetLife, Inc.		64,824		3,056,452
The Travelers Cos., Inc.		26,715		2,658,944
Unum Group		85,369		2,738,637

				11,933,747

Internet — 2.2%
Liberty Interactive Corp. QVC Group, Class A*		84,115		2,206,336
Symantec Corp.		118,115		2,299,699

				4,506,035

Leisure Time — 0.9%
Harley-Davidson, Inc.		34,223		1,878,843

Media — 3.3%
Comcast Corp., Class A		59,763		3,399,319
Liberty Global PLC, Class A*		38,358		1,647,093
Viacom, Inc., Class B		37,659		1,624,986

				6,671,398

Miscellaneous Manufacturing — 0.9%
Ingersoll-Rand PLC		36,442		1,850,160

Oil & Gas — 5.7%
Chevron Corp.		34,560		2,726,093
Hess Corp.		42,496		2,127,350
Marathon Oil Corp.		147,010		2,263,954
Royal Dutch Shell PLC ADR, Class A		48,662		2,306,092
Valero Energy Corp.		35,189		2,114,859

				11,538,348

Oil & Gas Services — 2.2%
Halliburton Co.		86,823		3,069,193
National Oilwell Varco, Inc.		39,843		1,500,089

				4,569,282

Packaging and Containers — 1.5%
Sealed Air Corp.		65,260		3,059,389

Pharmaceuticals — 11.9%
AbbVie, Inc.		37,237		2,026,065
Allergan PLC*		8,953		2,433,515
Eli Lilly & Co.		46,728		3,910,666
Express Scripts Holding Co.*		35,904		2,906,788
Merck & Co., Inc.		72,726		3,591,937
Pfizer, Inc.		142,609		4,479,349
Sanofi ADR		39,168		1,859,305
Teva Pharmaceutical Industries Ltd. ADR		52,979		2,991,194

				24,198,819


	Number of Shares		Value†
COMMON STOCKS — (continued)
Retail — 2.4%
CVS Health Corp.		26,346	$	2,541,862
Lowe’s Cos., Inc.		35,716		2,461,547

				5,003,409

Semiconductors — 1.3%
QUALCOMM, Inc.		48,657		2,614,341

Software — 2.4%
Microsoft Corp.		109,971		4,867,316

Telecommunications — 4.9%
Cisco Systems, Inc.		106,640		2,799,300
Knowles Corp.*		112,715		2,077,338
Verizon Communications, Inc.		61,940		2,695,009
Vodafone Group PLC- ADR		73,837		2,343,586

				9,915,233

Transportation — 1.4%
Norfolk Southern Corp.		38,340		2,929,176

TOTAL COMMON STOCKS (Cost $180,954,421)				194,055,380

REAL ESTATE INVESTMENT TRUSTS — 1.1%
Diversified — 1.1%
Weyerhaeuser Co. (Cost $2,383,488)		79,839		2,182,799

SHORT-TERM INVESTMENTS — 1.9%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $3,928,889)		3,928,889		3,928,889

TOTAL INVESTMENTS — 98.1% (Cost $187,266,798)(a)			$	200,167,068

Other Assets & Liabilities — 1.9%				3,929,633

TOTAL NET ASSETS — 100.0%			$	204,096,701

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $187,621,216. Net unrealized appreciation/ was $12,545,852. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $30,277,900 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $17,732,048.

ADR — American Depository Receipt.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	194,055,380	$	194,055,380	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		2,182,799		2,182,799		—		—
SHORT-TERM INVESTMENTS		3,928,889		3,928,889		—		—

TOTAL INVESTMENTS	$	200,167,068	$	200,167,068	$	—	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 83.7%
Aerospace & Defense — 2.5%
United Technologies Corp.		53,924	$	4,798,697

Agriculture — 3.1%
Altria Group, Inc.		29,204		1,588,698
Reynolds American, Inc.		102,774		4,549,805

				6,138,503

Apparel — 0.5%
Michael Kors Holdings Ltd.*		21,261		898,065

Banks — 14.3%
Citigroup, Inc.		97,985		4,861,036
Credit Suisse Group AG ADR		138,066		3,317,726
JPMorgan Chase & Co.		104,765		6,387,522
KeyCorp.		250,425		3,258,029
The Goldman Sachs Group, Inc.		13,476		2,341,590
The PNC Financial Services Group, Inc.		35,148		3,135,202
Wells Fargo & Co.		88,569		4,548,018

				27,849,123

Beverages — 0.5%
Molson Coors Brewing Co., Class B		12,909		1,071,705

Biotechnology — 0.8%
Gilead Sciences, Inc.		16,674		1,637,220

Chemicals — 2.9%
PPG Industries, Inc.		37,297		3,270,574
Praxair, Inc.		23,177		2,360,809

				5,631,383

Computers — 0.9%
Hewlett-Packard Co.		65,913		1,688,032

Diversified Financial Services — 2.3%
Affiliated Managers Group, Inc.*		8,347		1,427,253
Invesco Ltd.		101,334		3,164,661

				4,591,914

Electric — 1.7%
NextEra Energy, Inc.		33,326		3,250,951

Electrical Components & Equipment — 0.8%
Hubbell, Inc., Class B		18,050		1,533,348

Electronics — 1.1%
Thermo Fisher Scientific, Inc.		18,213		2,227,086

Food — 3.8%
General Mills, Inc.		75,532		4,239,611
The Kroger Co.		86,213		3,109,703

				7,349,314

Gas — 2.0%
Sempra Energy		41,300		3,994,536

Healthcare Products — 2.8%
Medtronic PLC		59,675		3,994,644
Zimmer Biomet Holdings, Inc.		15,731		1,477,613

				5,472,257


	Number of Shares		Value†

Insurance — 6.2%
ACE Ltd.		29,319	$	3,031,584
Aflac, Inc.		70,305		4,086,830
American Financial Group, Inc.		15,280		1,052,945
Prudential PLC ADR		46,115		1,943,286
XL Group PLC		52,625		1,911,340

				12,025,985

Internet — 1.0%
Google, Inc., Class C*		3,192		1,942,077

Leisure Time — 0.5%
Harley-Davidson, Inc.		17,512		961,409

Miscellaneous Manufacturing — 5.1%
General Electric Co.		392,988		9,911,157

Oil & Gas — 9.8%
Anadarko Petroleum Corp.		40,487		2,445,010
Devon Energy Corp.		53,951		2,001,042
Exxon Mobil Corp.		90,729		6,745,701
Occidental Petroleum Corp.		69,253		4,581,086
Phillips 66		24,145		1,855,302
Range Resources Corp.		44,156		1,418,291

				19,046,432

Oil & Gas Services — 1.4%
Schlumberger Ltd.		38,839		2,678,726

Pharmaceuticals — 8.3%
AbbVie, Inc.		31,870		1,734,047
Johnson & Johnson		51,175		4,777,186
McKesson Corp.		13,052		2,415,012
Merck & Co., Inc.		80,132		3,957,719
Roche Holding Ltd. AG ADR		48,879		1,610,563
Teva Pharmaceutical Industries Ltd. ADR		30,215		1,705,939

				16,200,466

Retail — 1.4%
Target Corp.		22,045		1,734,059
The Home Depot, Inc.		8,320		960,877

				2,694,936

Semiconductors — 3.3%
Intel Corp.		187,444		5,649,562
NXP Semiconductors N.V.*		10,199		888,027

				6,537,589

Software — 3.8%
Microsoft Corp.		98,476		4,358,548
Oracle Corp.		85,414		3,085,153

				7,443,701

Telecommunications — 1.8%
Verizon Communications, Inc.		79,038		3,438,943

Transportation — 1.1%
C.H. Robinson Worldwide, Inc.		30,506		2,067,697

TOTAL COMMON STOCKS (Cost $158,846,922)				163,081,252


	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — 4.0%
Apartments — 2.3%
Equity Residential		45,767	$	3,438,017
Post Properties, Inc.		17,177		1,001,247

				4,439,264

Regional Malls — 1.7%
Simon Property Group, Inc.		18,372		3,375,304

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,778,203)				7,814,568

SHORT-TERM INVESTMENTS — 0.1%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $108,304)		108,304		108,304

TOTAL INVESTMENTS — 87.8% (Cost $165,733,429)(a)			$	171,004,124

Other Assets & Liabilities — 12.2%				23,660,409

TOTAL NET ASSETS — 100.0%			$	194,664,533

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $166,273,396. Net unrealized appreciation was $4,730,728. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $17,289,001 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $12,558,273.

ADR — American Depository Receipt.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	163,081,252	$	163,081,252	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		7,814,568		7,814,568		—		—
SHORT-TERM INVESTMENTS		108,304		108,304		—		—

TOTAL INVESTMENTS	$	171,004,124	$	171,004,124	$	—	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 97.1%
Advertising — 0.1%
Omnicom Group, Inc.		5,767	$	380,045
The Interpublic Group of Cos., Inc.		10,134		193,864

				573,909

Aerospace & Defense — 2.0%
General Dynamics Corp.		7,197		992,826
L-3 Communications Holdings, Inc.		1,800		188,136
Lockheed Martin Corp.		6,337		1,313,723
Northrop Grumman Corp.		4,492		745,447
Raytheon Co.		7,076		773,124
Rockwell Collins, Inc.		3,245		265,571
The Boeing Co.		14,921		1,953,905
United Technologies Corp.		19,642		1,747,942

				7,980,674

Agriculture — 1.7%
Altria Group, Inc.		45,878		2,495,763
Archer-Daniels-Midland Co.		14,599		605,128
Philip Morris International, Inc.		36,288		2,878,727
Reynolds American, Inc.		19,354		856,802

				6,836,420

Airlines — 0.6%
American Airlines Group, Inc.		16,000		621,280
Delta Air Lines, Inc.		19,000		852,530
Southwest Airlines Co.		15,917		605,483
United Continental Holdings, Inc.*		9,100		482,755

				2,562,048

Apparel — 0.9%
Coach, Inc.		6,277		181,593
Hanesbrands, Inc.		9,500		274,930
Michael Kors Holdings Ltd.*		4,900		206,976
NIKE, Inc., Class B		15,846		1,948,583
Ralph Lauren Corp.		1,428		168,732
Under Armour, Inc., Class A*		3,900		377,442
VF Corp.		8,132		554,684

				3,712,940

Auto Manufacturers — 0.7%
Ford Motor Co.		90,967		1,234,422
General Motors Co.		34,400		1,032,688
PACCAR, Inc.		8,544		445,741

				2,712,851

Auto Parts & Equipment — 0.4%
BorgWarner, Inc.		5,400		224,586
Delphi Automotive PLC		6,800		517,072
Johnson Controls, Inc.		15,711		649,807
The Goodyear Tire & Rubber Co.		6,106		179,089

				1,570,554

Banks — 7.4%
Bank of America Corp.		245,435		3,823,877
BB&T Corp.		18,599		662,124
Capital One Financial Corp.		12,641		916,725
Citigroup, Inc.		70,581		3,501,523
Comerica, Inc.		4,344		178,538
Fifth Third Bancorp		19,446		367,724
Huntington Bancshares, Inc.		19,965		211,629
JPMorgan Chase & Co.		86,764		5,290,001


	Number of Shares		Value†

Banks — (continued)
KeyCorp.		20,699	$	269,294
M&T Bank Corp.		3,108		379,021
Morgan Stanley		35,563		1,120,234
Northern Trust Corp.		5,247		357,636
Regions Financial Corp.		32,894		296,375
State Street Corp.		9,447		634,933
SunTrust Banks, Inc.		12,388		473,717
The Bank of New York Mellon Corp.		25,780		1,009,287
The Goldman Sachs Group, Inc.		9,443		1,640,816
The PNC Financial Services Group, Inc.		11,983		1,068,884
U.S. Bancorp		38,656		1,585,283
Wells Fargo & Co.		109,537		5,624,725
Zions Bancorporation		4,804		132,302

				29,544,648

Beverages — 2.3%
Brown-Forman Corp., Class B		2,493		241,572
Coca-Cola Enterprises, Inc.		4,828		233,434
Constellation Brands, Inc., Class A		3,923		491,199
Dr. Pepper Snapple Group, Inc.		4,500		355,725
Keurig Green Mountain, Inc.		2,900		151,206
Molson Coors Brewing Co., Class B		3,638		302,027
Monster Beverage Corp.*		3,500		472,990
PepsiCo, Inc.		34,461		3,249,672
The Coca-Cola Co.		91,770		3,681,812

				9,179,637

Biotechnology — 2.9%
Alexion Pharmaceuticals, Inc.*		5,400		844,506
Amgen, Inc.		17,745		2,454,488
Biogen, Inc.*		5,533		1,614,585
Celgene Corp.*		18,456		1,996,385
Gilead Sciences, Inc.		34,398		3,377,540
Regeneron Pharmaceuticals, Inc.*		1,800		837,252
Vertex Pharmaceuticals, Inc.*		5,700		593,598

				11,718,354

Building Materials — 0.2%
Martin Marietta Materials, Inc.		1,500		227,925
Masco Corp.		8,277		208,415
Vulcan Materials Co.		3,041		271,257

				707,597

Chemicals — 2.1%
Air Products & Chemicals, Inc.		4,521		576,789
Airgas, Inc.		1,600		142,928
CF Industries Holdings, Inc.		5,300		237,970
E.I. du Pont de Nemours & Co.		21,323		1,027,769
Eastman Chemical Co.		3,682		238,299
Ecolab, Inc.		6,333		694,857
FMC Corp.		3,100		105,121
International Flavors & Fragrances, Inc.		1,875		193,612
LyondellBasell Industries NV, Class A		8,900		741,904
Monsanto Co.		11,137		950,432
PPG Industries, Inc.		6,320		554,201
Praxair, Inc.		6,626		674,924
Sigma-Aldrich Corp.		2,722		378,140
The Dow Chemical Co.		27,579		1,169,350
The Mosaic Co.		7,600		236,436


	Number of Shares		Value†
COMMON STOCKS — (continued)
Chemicals — (continued)
The Sherwin-Williams Co.		1,934	$	430,856

				8,353,588

Coal — 0.0%
CONSOL Energy, Inc.		5,776		56,605

Commercial Services — 1.9%
Allegion PLC		2,266		130,658
Alliance Data Systems Corp.*		1,500		388,470
Automatic Data Processing, Inc.		10,843		871,343
Cintas Corp.		1,955		167,641
Equifax, Inc.		2,834		275,408
H&R Block, Inc.		6,666		241,309
MasterCard, Inc., Class A		23,400		2,108,808
McGraw Hill Financial, Inc.		6,486		561,039
Moody’s Corp.		4,173		409,789
Paychex, Inc.		7,775		370,323
PayPal Holdings, Inc.*		26,028		807,909
Quanta Services, Inc.*		4,900		118,629
Robert Half International, Inc.		3,207		164,070
The ADT Corp.		4,134		123,607
The Western Union Co.		12,378		227,260
Total System Services, Inc.		3,977		180,675
Tyco International PLC		10,000		334,600
United Rentals, Inc.*		2,300		138,115

				7,619,653

Computers — 6.0%
Accenture PLC, Class A		14,600		1,434,596
Apple, Inc.		133,882		14,767,184
Cognizant Technology Solutions Corp., Class A*		14,504		908,095
Computer Sciences Corp.		3,357		206,053
EMC Corp.		44,848		1,083,528
Hewlett-Packard Co.		42,983		1,100,795
International Business Machines Corp.		21,158		3,067,275
NetApp, Inc.		7,421		219,662
SanDisk Corp.		4,597		249,755
Seagate Technology PLC		6,900		309,120
Teradata Corp.*		3,516		101,823
Western Digital Corp.		5,100		405,144

				23,853,030

Cosmetics & Personal Care — 1.6%
Colgate-Palmolive Co.		20,970		1,330,756
The Estee Lauder Cos., Inc., Class A		5,374		433,574
The Procter & Gamble Co.		63,594		4,574,953

				6,339,283

Distribution & Wholesale — 0.2%
Fastenal Co.		6,700		245,287
Fossil Group, Inc.*		1,100		61,468
Genuine Parts Co.		3,605		298,818
W.W. Grainger, Inc.		1,472		316,495

				922,068

Diversified Financial Services — 2.6%
Affiliated Managers Group, Inc.		1,300		222,287
American Express Co.		19,880		1,473,704
Ameriprise Financial, Inc.		4,146		452,453


	Number of Shares		Value†

Diversified Financial Services — (continued)
BlackRock, Inc.		2,999	$	892,113
CME Group, Inc.		8,060		747,484
Discover Financial Services		10,078		523,955
ETRADE Financial Corp.		6,481		170,645
Franklin Resources, Inc.		9,156		341,153
Intercontinental Exchange, Inc.		2,570		603,924
Invesco Ltd.		10,367		323,761
Legg Mason, Inc.		2,261		94,080
Nasdaq, Inc.		2,800		149,324
Navient Corp.		9,734		109,410
T. Rowe Price Group, Inc.		5,881		408,730
The Charles Schwab Corp.		28,569		815,931
Visa, Inc., Class A		45,756		3,187,363

				10,516,317

Diversified Operations — 0.2%
Eaton Corp. PLC		10,806		554,348
Leucadia National Corp.		7,260		147,087
Pentair PLC		4,519		230,650

				932,085

Electric — 2.9%
AES Corp.		16,344		160,008
Ameren Corp.		5,798		245,081
American Electric Power Co., Inc.		11,757		668,503
CMS Energy Corp.		6,707		236,891
Consolidated Edison, Inc.		6,834		456,853
Dominion Resources, Inc.		13,909		978,915
DTE Energy Co.		4,092		328,874
Duke Energy Corp.		16,359		1,176,866
Edison International		7,674		483,999
Entergy Corp.		4,147		269,970
Eversource Energy		7,517		380,511
Exelon Corp.		20,310		603,207
FirstEnergy Corp.		9,956		311,722
NextEra Energy, Inc.		10,985		1,071,587
NRG Energy, Inc.		7,800		115,830
Pepco Holdings, Inc.		5,540		134,179
PG&E Corp.		11,350		599,280
Pinnacle West Capital Corp.		2,569		164,776
PPL Corp.		15,998		526,174
Public Service Enterprise Group, Inc.		11,749		495,338
SCANA Corp.		3,400		191,284
TECO Energy, Inc.		5,923		155,538
The Southern Co.		21,111		943,662
WEC Energy Group, Inc.		7,450		389,039
Xcel Energy, Inc.		11,630		411,818

				11,499,905

Electrical Components & Equipment — 0.2%
AMETEK, Inc.		5,800		303,456
Emerson Electric Co.		15,676		692,409

				995,865

Electronics — 1.2%
Agilent Technologies, Inc.		7,845		269,319
Amphenol Corp., Class A		7,400		377,104
FLIR Systems, Inc.		3,600		100,764
Garmin Ltd.		2,800		100,464


	Number of Shares		Value†
COMMON STOCKS — (continued)
Electronics — (continued)
Honeywell International, Inc.		18,508	$	1,752,523
PerkinElmer, Inc.		2,516		115,635
TE Connectivity Ltd.		9,600		574,944
Thermo Fisher Scientific, Inc.		9,482		1,159,459
Waters Corp.*		1,958		231,455

				4,681,667

Engineering & Construction — 0.1%
Fluor Corp.		3,170		134,249
Jacobs Engineering Group, Inc.*		2,983		111,654

				245,903

Environmental Control — 0.3%
Republic Services, Inc.		5,814		239,537
Stericycle, Inc.*		2,000		278,620
Waste Management, Inc.		10,200		508,062

				1,026,219

Food — 1.8%
Campbell Soup Co.		4,516		228,871
ConAgra Foods, Inc.		9,902		401,130
General Mills, Inc.		13,910		780,768
Hormel Foods Corp.		3,100		196,261
Kellogg Co.		6,066		403,692
McCormick & Co., Inc.		2,808		230,761
Mondelez International, Inc., Class A		37,663		1,576,950
Sysco Corp.		13,152		512,534
The Hershey Co.		3,487		320,386
The J.M. Smucker Co.		2,234		254,877
The Kraft Heinz Co.		14,054		991,931
The Kroger Co.		22,890		825,642
Tyson Foods, Inc., Class A		6,649		286,572
Whole Foods Market, Inc.		8,386		265,417

				7,275,792

Forest Products & Paper — 0.1%
International Paper Co.		9,967		376,653

Gas — 0.3%
AGL Resources, Inc.		2,600		158,704
CenterPoint Energy, Inc.		10,322		186,209
NiSource, Inc.		7,365		136,621
Sempra Energy		5,398		522,094

				1,003,628

Hand & Machine Tools — 0.1%
Snap-On, Inc.		1,328		200,449
Stanley Black & Decker, Inc.		3,640		353,007

				553,456

Healthcare Products — 1.8%
Baxter International, Inc.		12,875		422,944
Becton Dickinson & Co.		4,835		641,411
Boston Scientific Corp.*		31,948		524,267
C.R. Bard, Inc.		1,742		324,552
DENTSPLY International, Inc.		3,200		161,824
Edwards Lifesciences Corp.*		2,500		355,425
Henry Schein, Inc.		2,000		265,440
Intuitive Surgical, Inc.*		807		370,881
Medtronic PLC		33,097		2,215,513


	Number of Shares		Value†

Healthcare Products — (continued)
Patterson Cos., Inc.		1,974	$	85,375
St. Jude Medical, Inc.		6,830		430,905
Stryker Corp.		7,581		713,372
Varian Medical Systems, Inc.*		2,357		173,899
Zimmer Biomet Holdings, Inc.		4,029		378,444

				7,064,252

Healthcare Services — 1.9%
Aetna, Inc.		8,193		896,396
Anthem, Inc.		6,195		867,300
Cigna Corp.		6,094		822,812
DaVita HealthCare Partners, Inc.*		3,998		289,175
HCA Holdings, Inc.*		7,200		556,992
Humana, Inc.		3,510		628,290
Laboratory Corp. of America Holdings*		2,377		257,833
Quest Diagnostics, Inc.		3,387		208,199
Tenet Healthcare Corp.*		2,343		86,504
UnitedHealth Group, Inc.		22,341		2,591,779
Universal Health Services, Inc., Class B		2,200		274,582

				7,479,862

Home Builders — 0.1%
D.R. Horton, Inc.		7,376		216,559
Lennar Corp., Class A		4,036		194,253
PulteGroup, Inc.		8,034		151,602

				562,414

Home Furnishings — 0.1%
Harman International Industries, Inc.		1,738		166,831
Whirlpool Corp.		1,869		275,229

				442,060

Household Products & Wares — 0.3%
Avery Dennison Corp.		2,183		123,492
Kimberly-Clark Corp.		8,487		925,423
The Clorox Co.		2,997		346,243

				1,395,158

Housewares — 0.1%
Newell Rubbermaid, Inc.		6,317		250,848

Insurance — 4.2%
ACE Ltd.		7,500		775,500
Aflac, Inc.		10,000		581,300
American International Group, Inc.		30,285		1,720,794
Aon PLC		6,444		571,003
Assurant, Inc.		1,673		132,184
Berkshire Hathaway, Inc., Class B*		43,950		5,731,080
Cincinnati Financial Corp.		3,692		198,630
Genworth Financial, Inc., Class A*		11,369		52,525
Lincoln National Corp.		6,173		292,971
Loews Corp.		7,125		257,497
Marsh & McLennan Cos., Inc.		12,309		642,776
MetLife, Inc.		26,385		1,244,053
Principal Financial Group, Inc.		6,465		306,053
Prudential Financial, Inc.		10,730		817,733
The Allstate Corp.		9,276		540,234
The Chubb Corp.		5,251		644,035
The Hartford Financial Services Group, Inc.		10,057		460,409
The Progressive Corp.		12,956		396,972


	Number of Shares		Value†
COMMON STOCKS — (continued)
Insurance — (continued)
The Travelers Cos., Inc.		7,231	$	719,701
Torchmark Corp.		2,552		143,933
Unum Group		6,076		194,918
XL Group PLC		7,549		274,180

				16,698,481

Internet — 5.8%
Amazon.com, Inc.*		8,975		4,594,213
eBay, Inc.*		26,028		636,124
Equinix, Inc.		1,300		355,420
Expedia, Inc.		2,394		281,726
F5 Networks, Inc.*		1,800		208,440
Facebook, Inc., Class A*		53,000		4,764,700
Google, Inc., Class A*		6,825		4,356,875
Google, Inc., Class C		6,943		4,224,260
Netflix, Inc.*		9,800		1,011,948
Symantec Corp.		16,638		323,942
The Priceline Group, Inc.*		1,227		1,517,627
TripAdvisor, Inc.*		2,594		163,474
VeriSign, Inc.*		2,209		155,867
Yahoo!, Inc.*		20,817		601,820

				23,196,436

Iron & Steel — 0.1%
Nucor Corp.		7,735		290,449

Leisure Time — 0.3%
Carnival Corp.		10,945		543,967
Harley-Davidson, Inc.		4,728		259,567
Royal Caribbean Cruises Ltd.		4,000		356,360

				1,159,894

Lodging — 0.2%
Marriott International, Inc., Class A		4,785		326,337
Starwood Hotels & Resorts Worldwide, Inc.		3,852		256,081
Wyndham Worldwide Corp.		2,860		205,634
Wynn Resorts Ltd.		1,930		102,522

				890,574

Machinery — Construction & Mining — 0.2%
Caterpillar, Inc.		14,328		936,478
Joy Global, Inc.		2,300		34,339

				970,817

Machinery — Diversified — 0.5%
Cummins, Inc.		3,974		431,497
Deere & Co.		7,432		549,968
Flowserve Corp.		3,300		135,762
Rockwell Automation, Inc.		3,271		331,908
Roper Industries, Inc.		2,400		376,080
Xylem, Inc.		4,154		136,459

				1,961,674

Media — 3.2%
Cablevision Systems Corp., Class A		5,000		162,350
CBS Corp., Class B		10,754		429,085
Comcast Corp., Class A		59,634		3,391,982
Discovery Communications, Inc., Class C*		6,500		157,885
Discovery Communications, Inc., Class A*		3,500		91,105
News Corp., Class A		9,115		115,031


	Number of Shares		Value†

Media — (continued)
Nielsen Holdings PLC		8,400	$	373,548
Scripps Networks Interactive, Inc., Class A		2,556		125,730
TEGNA, Inc.		5,374		120,324
The Walt Disney Co.		36,376		3,717,627
Time Warner Cable, Inc.		6,596		1,183,124
Time Warner, Inc.		19,004		1,306,525
Twenty-First Century Fox, Inc., Class A		40,260		1,086,215
Twenty-First Century Fox, Inc., Class B		2,200		59,554
Viacom, Inc., Class B		7,981		344,380

				12,664,465

Metal Fabricate/Hardware — 0.2%
Precision Castparts Corp.		3,225		740,815

Mining — 0.2%
Alcoa, Inc.		28,348		273,842
Freeport-McMoRan, Inc.		24,496		237,366
Newmont Mining Corp.		12,383		198,995

				710,203

Miscellaneous Manufacturing — 2.8%
3M Co.		14,580		2,067,007
Danaher Corp.		13,868		1,181,692
Dover Corp.		3,805		217,570
General Electric Co.		236,825		5,972,726
Illinois Tool Works, Inc.		7,619		627,120
Ingersoll-Rand PLC		6,500		330,005
Leggett & Platt, Inc.		3,354		138,353
Parker Hannifin Corp.		3,181		309,511
Textron, Inc.		6,576		247,521

				11,091,505

Office & Business Equipment — 0.1%
Pitney Bowes, Inc.		5,161		102,446
Xerox Corp.		22,855		222,379

				324,825

Oil & Gas — 5.2%
Anadarko Petroleum Corp.		11,959		722,204
Apache Corp.		9,023		353,341
Cabot Oil & Gas Corp.		10,088		220,524
Chesapeake Energy Corp.		12,410		90,965
Chevron Corp.		44,070		3,476,241
Cimarex Energy Co.		2,100		215,208
ConocoPhillips		29,280		1,404,269
Devon Energy Corp.		9,229		342,304
Diamond Offshore Drilling, Inc.		1,600		27,680
Ensco PLC, ADR, Class A		5,800		81,664
EOG Resources, Inc.		12,916		940,285
EQT Corp.		3,600		233,172
Exxon Mobil Corp.		97,865		7,276,263
Helmerich & Payne, Inc.		2,700		127,602
Hess Corp.		5,497		275,180
Marathon Oil Corp.		15,951		245,645
Marathon Petroleum Corp.		12,750		590,707
Murphy Oil Corp.		3,917		94,791
Newfield Exploration Co.*		4,100		134,890
Noble Energy, Inc.		10,138		305,965
Occidental Petroleum Corp.		17,858		1,181,307


	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — (continued)
Phillips 66		11,440	$	879,050
Pioneer Natural Resources Co.		3,600		437,904
Range Resources Corp.		3,923		126,007
Southwestern Energy Co.*		8,490		107,738
Tesoro Corp.		2,794		271,688
Valero Energy Corp.		11,840		711,584

				20,874,178

Oil & Gas Services — 1.0%
Baker Hughes, Inc.		10,228		532,265
Cameron International Corp.*		4,370		267,969
FMC Technologies, Inc.*		5,700		176,700
Halliburton Co.		20,269		716,509
National Oilwell Varco, Inc.		9,023		339,716
Schlumberger Ltd.		29,659		2,045,581
Transocean Ltd.		8,300		107,236

				4,185,976

Packaging and Containers — 0.2%
Ball Corp.		3,226		200,657
Owens-Illinois, Inc.*		4,000		82,880
Sealed Air Corp.		5,033		235,947
WestRock Co.		6,246		321,294

				840,778

Pharmaceuticals — 7.5%
Abbott Laboratories		34,796		1,399,495
AbbVie, Inc.		38,696		2,105,449
Allergan PLC*		9,213		2,504,186
AmerisourceBergen Corp.		4,700		446,453
Baxalta, Inc.		12,875		405,691
Bristol-Myers Squibb Co.		38,997		2,308,623
Cardinal Health, Inc.		7,882		605,495
Eli Lilly & Co.		22,854		1,912,651
Endo International PLC*		5,000		346,400
Express Scripts Holding Co.*		16,064		1,300,542
Johnson & Johnson		64,941		6,062,242
Mallinckrodt PLC*		2,700		172,638
McKesson Corp.		5,525		1,022,291
Mead Johnson Nutrition Co.		4,768		335,667
Merck & Co., Inc.		66,013		3,260,382
Mylan NV*		9,956		400,829
Perrigo Co. PLC		3,400		534,718
Pfizer, Inc.		144,605		4,542,043
Zoetis, Inc.		10,907		449,150

				30,114,945

Pipelines — 0.6%
Columbia Pipeline Group, Inc.		7,365		134,706
Kinder Morgan, Inc.		41,736		1,155,252
ONEOK, Inc.		4,800		154,560
Spectra Energy Corp.		15,784		414,646
The Williams Cos., Inc.		16,034		590,853

				2,450,017

Real Estate — 0.1%
CBRE Group, Inc., Class A*		6,401		204,832

Retail — 6.9%
Advance Auto Parts, Inc.		1,700		322,201


	Number of Shares		Value†

Retail — (continued)
AutoNation, Inc.*		1,719	$	100,011
AutoZone, Inc.*		741		536,358
Bed Bath & Beyond, Inc.*		3,866		220,439
Best Buy Co., Inc.		7,168		266,076
CarMax, Inc.*		4,800		284,736
Chipotle Mexican Grill, Inc.*		700		504,175
Costco Wholesale Corp.		10,377		1,500,203
CVS Health Corp.		26,067		2,514,944
Darden Restaurants, Inc.		2,540		174,092
Dollar General Corp.		7,000		507,080
Dollar Tree, Inc.*		5,454		363,564
GameStop Corp., Class A		2,664		109,783
Kohl’s Corp.		4,501		208,441
L Brands, Inc.		5,760		519,149
Lowe’s Cos., Inc.		21,640		1,491,429
Macy’s, Inc.		7,627		391,418
McDonald’s Corp.		22,078		2,175,345
Nordstrom, Inc.		3,337		239,296
O’Reilly Automotive, Inc.		2,400		600,000
PVH Corp.		1,900		193,686
Ross Stores, Inc.		9,800		475,006
Signet Jewelers Ltd.		1,900		258,647
Staples, Inc.		15,637		183,422
Starbucks Corp.		34,688		1,971,666
Target Corp.		14,632		1,150,953
The Gap, Inc.		5,282		150,537
The Home Depot, Inc.		30,104		3,476,711
The TJX Cos., Inc.		15,718		1,122,580
Tiffany & Co.		2,764		213,436
Tractor Supply Co.		3,300		278,256
Urban Outfitters, Inc.*		2,500		73,450
Wal-Mart Stores, Inc.		36,947		2,395,643
Walgreens Boots Alliance, Inc.		20,479		1,701,805
Yum! Brands, Inc.		10,069		805,017

				27,479,555

Savings & Loans — 0.1%
Hudson City Bancorp, Inc.		11,257		114,484
People’s United Financial, Inc.		7,700		121,121

				235,605

Semiconductors — 2.9%
Altera Corp.		7,265		363,831
Analog Devices, Inc.		7,376		416,080
Applied Materials, Inc.		29,321		430,726
Avago Technologies Ltd.		6,000		750,060
Broadcom Corp., Class A		12,908		663,858
First Solar, Inc.*		1,800		76,950
Intel Corp.		111,375		3,356,843
KLA-Tencor Corp.		3,827		191,350
Lam Research Corp.		3,859		252,109
Linear Technology Corp.		5,541		223,579
Microchip Technology, Inc.		5,018		216,226
Micron Technology, Inc.*		25,686		384,776
NVIDIA Corp.		11,754		289,736
Qorvo, Inc.*		3,500		157,675
QUALCOMM, Inc.		36,799		1,977,210
Skyworks Solutions, Inc.		4,500		378,945


	Number of Shares		Value†
COMMON STOCKS — (continued)
Semiconductors — (continued)
Texas Instruments, Inc.		23,893	$	1,183,181
Xilinx, Inc.		6,364		269,834

				11,582,969

Software — 4.3%
Activision Blizzard, Inc.		11,900		367,591
Adobe Systems, Inc.*		11,605		954,163
Akamai Technologies, Inc.*		4,160		287,290
Autodesk, Inc.*		5,281		233,103
CA, Inc.		7,639		208,545
Cerner Corp.*		7,000		419,720
Citrix Systems, Inc.*		3,791		262,640
Electronic Arts, Inc.*		7,430		503,382
Fidelity National Information Services, Inc.		6,659		446,686
Fiserv, Inc.		5,414		468,907
Intuit, Inc.		6,692		593,915
Microsoft Corp.		187,715		8,308,266
Oracle Corp.		76,217		2,752,958
Red Hat, Inc.*		4,200		301,896
Salesforce.com, Inc.*		14,700		1,020,621
The Dun & Bradstreet Corp.		900		94,500

				17,224,183

Telecommunications — 3.6%
AT&T, Inc.		144,193		4,697,808
CenturyLink, Inc.		13,326		334,749
Cisco Systems, Inc.		119,180		3,128,475
Corning, Inc.		28,315		484,753
Crown Castle International Corp.		8,000		630,960
Frontier Communications Corp.		25,072		119,092
Harris Corp.		2,600		190,190
Juniper Networks, Inc.		7,971		204,934
Level 3 Communications, Inc.*		6,600		288,354
Motorola Solutions, Inc.		3,488		238,509
Verizon Communications, Inc.		95,276		4,145,459

				14,463,283

Textiles — 0.1%
Mohawk Industries, Inc.*		1,500		272,685

Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		2,612		188,430
Mattel, Inc.		8,281		174,398

				362,828

Transportation — 1.6%
C.H. Robinson Worldwide, Inc.		3,439		233,095
CSX Corp.		23,366		628,545
Expeditors International of Washington, Inc.		4,573		215,160
FedEx Corp.		6,266		902,179
J.B. Hunt Transport Services, Inc.		2,200		157,080
Kansas City Southern		2,700		245,376
Norfolk Southern Corp.		7,252		554,053
Ryder System, Inc.		1,125		83,295
Union Pacific Corp.		20,320		1,796,491


	Number of Shares		Value†

Transportation — (continued)
United Parcel Service, Inc., Class B		16,574	$	1,635,688

				6,450,962

TOTAL COMMON STOCKS (Cost $245,472,389)				387,988,877

REAL ESTATE INVESTMENT TRUSTS — 2.4%
Apartments — 0.4%
Apartment Investment & Management Co., Class A		3,662		135,567
AvalonBay Communities, Inc.		3,192		558,026
Equity Residential		8,592		645,431
Essex Property Trust, Inc.		1,500		335,130

				1,674,154

Building & Real Estate — 0.1%
Realty Income Corp.		5,400		255,906

Diversified — 0.4%
American Tower Corp.		10,059		884,991
Plum Creek Timber Co., Inc.		4,047		159,897
Vornado Realty Trust		4,087		369,546
Weyerhaeuser Co.		12,626		345,195

				1,759,629

Healthcare — 0.3%
HCP, Inc.		10,840		403,790
Ventas, Inc.		7,653		429,027
Welltower, Inc.		8,500		575,620

				1,408,437

Hotels & Resorts — 0.1%
Host Hotels & Resorts, Inc.		17,676		279,458

Industrial — 0.1%
Prologis, Inc.		11,899		462,871

Office Property — 0.2%
Boston Properties, Inc.		3,642		431,213
SL Green Realty Corp.		2,300		248,768

				679,981

Regional Malls — 0.5%
General Growth Properties, Inc.		13,400		347,998
Simon Property Group, Inc.		7,328		1,346,300
The Macerich Co.		3,100		238,142

				1,932,440

Storage & Warehousing — 0.2%
Iron Mountain, Inc.		4,697		145,701
Public Storage		3,416		722,928

				868,629

Strip Centers — 0.1%
Kimco Realty Corp.		9,564		233,648

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,994,599)				9,555,153


	Par (000)		Value†
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bills¤
0.000%, 10/01/15	$	375	$	375,000
0.000%, 02/04/16		60		59,996

TOTAL U.S. TREASURY OBLIGATIONS (Cost $434,995)				434,996


	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 1.8%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $7,039,374)		7,039,374		7,039,374

TOTAL INVESTMENTS — 101.4% (Cost $259,941,357)(a)			$	405,018,400

Other Assets & Liabilities — (1.4)%				(5,406,193	)

TOTAL NET ASSETS — 100.0%			$	399,612,207

†	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 September 30, 2015, the cost for Federal income tax purposes was $269,135,554. Net unrealized appreciation was $135,882,846. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $158,605,131 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $22,722,285.

ADR — American Depository Receipt.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	387,988,877	$	387,988,877	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		9,555,153		9,555,153		—		—
U.S. TREASURY OBLIGATIONS		434,996		—		434,996		—
SHORT-TERM INVESTMENTS		7,039,374		7,039,374		—		—

TOTAL INVESTMENTS	$	405,018,400	$	404,583,404	$	434,996	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 97.9%
Apparel — 3.5%
Burberry Group PLC		57,729	$	1,196,641
Ralph Lauren Corp.		15,185		1,794,260
Under Armour, Inc., Class A*		10,398		1,006,318

				3,997,219

Auto Parts & Equipment — 1.5%
BorgWarner, Inc.		39,864		1,657,944

Banks — 8.2%
First Republic Bank		39,444		2,475,900
Northern Trust Corp.		47,496		3,237,327
Signature Bank*		19,614		2,698,102
UMB Financial Corp.		16,800		853,608

				9,264,937

Beverages — 0.9%
Brown-Forman Corp., Class B		10,276		995,744

Biotechnology — 0.9%
Incyte Corp.*		9,294		1,025,407

Building Materials — 2.5%
Fortune Brands Home & Security, Inc.		58,488		2,776,425

Chemicals — 1.5%
The Valspar Corp.		23,843		1,713,835

Commercial Services — 7.9%
Alliance Data Systems Corp.*		7,870		2,038,173
CoStar Group, Inc.*		13,371		2,313,985
Towers Watson & Co., Class A		19,407		2,277,994
Verisk Analytics, Inc., Class A*		29,963		2,214,565

				8,844,717

Computers — 2.5%
SanDisk Corp.		26,716		1,451,480
Teradata Corp.*		47,150		1,365,464

				2,816,944

Distribution & Wholesale — 2.1%
Fastenal Co.		63,885		2,338,830

Diversified Financial Services — 3.4%
CME Group, Inc.		29,719		2,756,140
Oaktree Capital Group LLC		20,891		1,034,104

				3,790,244

Electrical Components & Equipment — 0.5%
Generac Holdings, Inc.*		18,810		565,993

Electronics — 0.5%
Woodward, Inc.		13,190		536,833

Environmental Control — 1.2%
Stericycle, Inc.*		9,849		1,372,064

Food — 3.7%
Blue Buffalo Pet Products, Inc.*		39,498		707,409
The Hain Celestial Group, Inc.*		38,695		1,996,662
Whole Foods Market, Inc.		46,656		1,476,663

				4,180,734


	Number of Shares		Value†

Healthcare Products — 5.7%
Align Technology, Inc.*		29,034	$	1,647,970
Henry Schein, Inc.*		13,159		1,746,462
Intuitive Surgical, Inc.*		6,675		3,067,697

				6,462,129

Healthcare Services — 2.4%
Acadia Healthcare Co., Inc.*		16,128		1,068,803
Laboratory Corp. of America Holdings*		14,752		1,600,149

				2,668,952

Home Builders — 1.7%
D.R. Horton, Inc.		32,443		952,526
PulteGroup, Inc.		49,469		933,480

				1,886,006

Household Products & Wares — 1.2%
The Scotts Miracle-Gro Co., Class A		21,500		1,307,630

Internet — 5.9%
F5 Networks, Inc.*		11,967		1,385,779
GrubHub, Inc.*		44,674		1,087,365
Pandora Media, Inc.*		146,712		3,130,834
TripAdvisor, Inc.*		16,974		1,069,701

				6,673,679

Leisure Time — 1.9%
Polaris Industries, Inc.		18,066		2,165,571

Machinery — Diversified — 1.0%
Flowserve Corp.		26,976		1,109,793

Oil & Gas — 4.1%
Cabot Oil & Gas Corp.		47,194		1,031,661
Cimarex Energy Co.		9,536		977,249
Continental Resources, Inc.*		45,179		1,308,836
Noble Energy, Inc.		30,353		916,053
Oasis Petroleum, Inc.*		40,467		351,254

				4,585,053

Pharmaceuticals — 9.7%
ACADIA Pharmaceuticals, Inc.*		25,538		844,542
Alkermes PLC*		36,176		2,122,446
BioMarin Pharmaceutical, Inc.*		15,818		1,665,952
Diplomat Pharmacy, Inc.*		16,942		486,744
Mead Johnson Nutrition Co.		30,536		2,149,734
Medivation, Inc.*		24,470		1,039,975
Zoetis, Inc.		64,247		2,645,691

				10,955,084

Retail — 9.9%
Bed Bath & Beyond, Inc.*		30,353		1,730,728
DSW, Inc., Class A		52,302		1,323,764
Dunkin’ Brands Group, Inc.		46,648		2,285,752
Kate Spade & Co.*		49,669		949,175
Tiffany & Co.		19,343		1,493,666
Tractor Supply Co.		9,939		838,056
Urban Outfitters, Inc.*		58,825		1,728,279
Williams-Sonoma, Inc.		10,214		779,839

				11,129,259


	Number of Shares			Value†
COMMON STOCKS — (continued)
Semiconductors — 2.4%
Microchip Technology, Inc.		63,062		$	2,717,342

Software — 6.9%
ANSYS, Inc.*		19,549			1,723,049
Cerner Corp.*		21,830			1,308,927
Electronic Arts, Inc.*		44,527			3,016,704
ServiceNow, Inc.*		24,636			1,710,970

					7,759,650

Toys, Games & Hobbies — 1.4%
Mattel, Inc.		73,345			1,544,646

Transportation — 2.9%
Expeditors International of Washington, Inc.		46,802			2,202,034
J.B. Hunt Transport Services, Inc.		15,447			1,102,916

					3,304,950

TOTAL COMMON STOCKS (Cost $116,153,376)					110,147,614

SHORT-TERM INVESTMENTS — 0.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $409,705)		409,705			409,705

TOTAL INVESTMENTS — 98.3% (Cost $116,563,081)(a)				$	110,557,319

Other Assets & Liabilities — 1.7%					1,903,492

TOTAL NET ASSETS — 100.0%				$	112,460,811

WRITTEN OPTIONS — (0.3)%
Put Options — (0.3)%
Pacira Pharmaceuticals, Inc. $85 11/20/15
TOTAL WRITTEN OPTIONS (Cost $(207,936))		(74	)		(321,900	)

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $116,613,906. Net unrealized depreciation was $6,056,587. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $10,217,547 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $16,274,134.

LLC — Limited Liability Company.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	110,147,614	$	108,950,973	$	1,196,641	$	—
SHORT-TERM INVESTMENTS		409,705		409,705		—		—
TOTAL INVESTMENTS	$	110,557,319	$	109,360,678	$	1,196,641	$	—


LIABILITIES TABLE
Description	Total Market Value at 09/30/2015			Level 1 Quoted Price			Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
WRITTEN OPTIONS	$	(321,900	)	$	(321,900	)	$	—	$	—
TOTAL LIABILITIES	$	(321,900	)	$	(321,900	)	$	—	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.

An amount of $1,472,018 was transferred from Level 1 into Level 2 at 9/30/2015 which was a result of valuing investments using third-party vendor modeling tools.

The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.

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


	Number of Shares		Value†
COMMON STOCKS — 87.8%
Aerospace & Defense — 4.4%
General Dynamics Corp.		29,350	$	4,048,832
Spirit Aerosystems Holdings, Inc., Class A*		70,300		3,398,302

				7,447,134

Airlines — 0.6%
United Continental Holdings, Inc.*		18,400		976,120

Apparel — 1.9%
Deckers Outdoor Corp.*		54,000		3,135,240

Banks — 6.6%
BB&T Corp.		52,200		1,858,320
Comerica, Inc.		79,600		3,271,560
Huntington Bancshares, Inc.		143,600		1,522,160
M&T Bank Corp.		23,100		2,817,045
State Street Corp.		23,600		1,586,156

				11,055,241

Building Materials — 1.0%
Owens Corning		39,500		1,655,445

Chemicals — 2.0%
Ashland, Inc.		33,900		3,411,018

Commercial Services — 8.0%
Hertz Global Holdings, Inc.*		255,800		4,279,534
The ADT Corp.		224,800		6,721,520
Tyco International PLC		74,300		2,486,078

				13,487,132

Computers — 5.9%
Cadence Design Systems, Inc.*		125,700		2,599,476
SanDisk Corp.		62,400		3,390,192
Teradata Corp.*		136,200		3,944,352

				9,934,020

Diversified Financial Services — 2.1%
AerCap Holdings N.V.		92,600		3,541,024

Electric — 6.0%
AES Corp.		321,600		3,148,464
Edison International		70,100		4,421,207
NRG Energy, Inc.		172,200		2,557,170

				10,126,841

Electronics — 3.2%
Flextronics International Ltd.*		161,300		1,700,102
Itron, Inc.*		114,400		3,650,504

				5,350,606

Engineering & Construction — 1.4%
KBR, Inc.		140,700		2,344,062

Environmental Control — 2.4%
Covanta Holding Corp.		226,300		3,948,935

Food — 1.6%
Whole Foods Market, Inc.		82,800		2,620,620

Gas — 1.7%
CenterPoint Energy, Inc.		160,000		2,886,400


	Number of Shares		Value†

Healthcare Products — 2.5%
Zimmer Biomet Holdings, Inc.		45,200	$	4,245,636

Household Products & Wares — 1.3%
Avery Dennison Corp.		38,500		2,177,945

Insurance — 1.4%
Lincoln National Corp.		50,100		2,377,746

Machinery — Diversified — 1.9%
The Manitowoc Co., Inc.		217,500		3,262,500

Media — 1.4%
CBS Corp., Class B		60,100		2,397,990

Miscellaneous Manufacturing — 2.5%
Harsco Corp.		174,900		1,586,343
Valmont Industries, Inc.		26,900		2,552,541

				4,138,884

Oil & Gas — 4.9%
Cabot Oil & Gas Corp.		135,500		2,962,030
Devon Energy Corp.		80,400		2,982,036
Energy Transfer Partners, LP		46,075		1,892,300
Southwestern Energy Co.*		36,400		461,916

				8,298,282

Pipelines — 1.9%
ONEOK, Inc.		98,200		3,162,040

Retail — 6.0%
Best Buy Co., Inc.		117,100		4,346,752
Kohl’s Corp.		67,600		3,130,556
Staples, Inc.		215,200		2,524,296

				10,001,604

Savings & Loans — 2.5%
BankUnited, Inc.		115,200		4,118,400

Semiconductors — 3.2%
ON Semiconductor Corp.*		314,200		2,953,480
Skyworks Solutions, Inc.		27,600		2,324,196

				5,277,676

Software — 5.4%
Check Point Software Technologies Ltd.*		49,200		3,903,036
Nuance Communications, Inc.*		319,088		5,223,471

				9,126,507

Telecommunications — 2.7%
Amdocs Ltd.		79,500		4,521,960

Toys, Games & Hobbies — 1.4%
Mattel, Inc.		113,100		2,381,886

TOTAL COMMON STOCKS (Cost $149,315,040)				147,408,894

REAL ESTATE INVESTMENT TRUSTS — 6.2%
Building & Real Estate — 4.1%
Starwood Property Trust, Inc.		165,900		3,404,268


	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Building & Real Estate — (continued)
Starwood Waypoint Residential Trust		150,220	$	3,579,743

				6,984,011

Diversified — 2.1%
Corrections Corporation of America		118,217		3,492,130

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $10,867,651)				10,476,141

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 — 4.9%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $8,126,649)		8,126,649		8,126,649

TOTAL INVESTMENTS — 98.9% (Cost $168,359,653)(a)			$	166,011,684

Other Assets & Liabilities — 1.1%				1,865,273

TOTAL NET ASSETS — 100.0%			$	167,876,957

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $168,359,653. Net unrealized depreciation was $2,347,969. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $19,744,018 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $22,091,987.

~	Fair valued security. The total market value of fair valued securities at September 30, 2015 is $0.

LP — Limited Partnership.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	147,408,894	$	147,408,894	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		10,476,141		10,476,141		—		—
SHORT-TERM INVESTMENTS		8,126,649		8,126,649		—		—

TOTAL INVESTMENTS	$	166,011,684	$	166,011,684	$	—	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 81.6%
Aerospace & Defense — 0.5%
L-3 Communications Holdings, Inc.		4,130	$	431,668

Apparel — 0.7%
Ralph Lauren Corp.		5,233		618,331

Auto Manufacturers — 0.9%
Honda Motor Co. Ltd. ADR		15,059		450,264
Oshkosh Corp.		10,353		376,125

				826,389

Banks — 9.9%
Bank of Hawaii Corp.		8,258		524,300
BB&T Corp.		15,002		534,071
BOK Financial Corp.		6,911		447,211
Comerica, Inc.		10,576		434,674
Commerce Bancshares, Inc.		19,486		887,782
Cullen/Frost Bankers, Inc.		6,435		409,137
M&T Bank Corp.		7,328		893,650
Northern Trust Corp.		31,247		2,129,796
State Street Corp.		7,806		524,641
SunTrust Banks, Inc.		13,563		518,649
The PNC Financial Services Group, Inc.		7,561		674,441
Westamerica Bancorporation		17,736		788,188

				8,766,540

Chemicals — 0.6%
The Mosaic Co.		17,247		536,554

Commercial Services — 1.9%
The ADT Corp.		23,959		716,374
Tyco International PLC		27,976		936,077

				1,652,451

Computers — 1.7%
SanDisk Corp.		14,554		790,719
Western Digital Corp.		8,701		691,207

				1,481,926

Diversified Financial Services — 2.4%
Franklin Resources, Inc.		13,627		507,742
LPL Financial Holdings, Inc.		14,614		581,199
Markit Ltd.		19,823		574,867
T. Rowe Price Group, Inc.		6,805		472,947

				2,136,755

Diversified Operations — 0.3%
Pentair PLC		5,457		278,525

Electric — 7.2%
Ameren Corp.		9,970		421,432
Consolidated Edison, Inc.		8,038		537,340
Edison International		19,100		1,204,637
Great Plains Energy, Inc.		26,847		725,406
NorthWestern Corp.		7,531		405,394
OGE Energy Corp.		11,329		309,961
PG&E Corp.		13,303		702,398
Westar Energy, Inc.		27,466		1,055,793
Xcel Energy, Inc.		29,348		1,039,213

				6,401,574


	Number of Shares		Value†

Electrical Components & Equipment — 1.2%
Emerson Electric Co.		25,034	$	1,105,752

Electronics — 2.9%
Keysight Technologies, Inc.*		26,468		816,273
Koninklijke Philips N.V.		41,996		988,039
TE Connectivity Ltd.		12,397		742,456

				2,546,768

Environmental Control — 3.2%
Clean Harbors, Inc.*		13,051		573,853
Republic Services, Inc.		55,692		2,294,510

				2,868,363

Food — 7.9%
Campbell Soup Co.		6,229		315,686
ConAgra Foods, Inc.		29,958		1,213,599
Danone S.A.		3,199		201,932
General Mills, Inc.		10,473		587,849
Kellogg Co.		13,661		909,140
Mondelez International, Inc., Class A		17,879		748,594
Sysco Corp.		54,517		2,124,527
The J.M. Smucker Co.		8,139		928,578

				7,029,905

Gas — 2.0%
Atmos Energy Corp.		13,071		760,471
The Laclede Group, Inc.		17,994		981,213

				1,741,684

Healthcare Products — 3.0%
Becton Dickinson & Co.		3,202		424,777
Boston Scientific Corp.*		48,482		795,590
Zimmer Biomet Holdings, Inc.		15,107		1,419,000

				2,639,367

Healthcare Services — 2.6%
LifePoint Hospitals, Inc.*		19,660		1,393,894
Quest Diagnostics, Inc.		14,918		917,009

				2,310,903

Home Builders — 1.4%
PulteGroup, Inc.		26,801		505,735
Thor Industries, Inc.		8,289		429,370
Toll Brothers, Inc.*		9,767		334,422

				1,269,527

Insurance — 6.6%
ACE Ltd.		9,323		963,998
Aflac, Inc.		6,530		379,589
Brown & Brown, Inc.		17,294		535,595
HCC Insurance Holdings, Inc.		2,529		195,922
MetLife, Inc.		7,884		371,731
ProAssurance Corp.		8,804		432,012
Reinsurance Group of America, Inc.		9,042		819,115
The Allstate Corp.		4,640		270,234
The Chubb Corp.		3,817		468,155
The Travelers Cos., Inc.		3,751		373,337
Torchmark Corp.		6,101		344,096
Unum Group		22,739		729,467

				5,883,251


	Number of Shares		Value†
COMMON STOCKS — (continued)
Iron & Steel — 0.8%
Nucor Corp.		17,887	$	671,657

Leisure Time — 0.5%
Carnival Corp.		8,105		402,819

Miscellaneous Manufacturing — 0.8%
Parker Hannifin Corp.		3,199		311,263
Textron, Inc.		11,558		435,043

				746,306

Oil & Gas — 8.1%
Anadarko Petroleum Corp.		6,768		408,720
Cimarex Energy Co.		7,752		794,425
Devon Energy Corp.		19,604		727,112
EQT Corp.		14,293		925,758
Helmerich & Payne, Inc.		12,741		602,140
Imperial Oil Ltd.		50,011		1,584,462
Noble Energy, Inc.		35,022		1,056,964
Occidental Petroleum Corp.		16,301		1,078,311

				7,177,892

Oil & Gas Services — 2.0%
Cameron International Corp.*		20,771		1,273,678
FMC Technologies, Inc.*		15,944		494,264

				1,767,942

Packaging and Containers — 1.1%
Bemis Co., Inc.		9,041		357,752
Sonoco Products Co.		16,597		626,371

				984,123

Pharmaceuticals — 0.5%
Cardinal Health, Inc.		2,919		224,237
Express Scripts Holding Co.*		2,878		233,003

				457,240

Retail — 2.5%
Advance Auto Parts, Inc.		3,566		675,864
Bed Bath & Beyond, Inc.		6,702		382,148
CST Brands, Inc.		17,236		580,164
Lowe’s Cos., Inc.		4,094		282,159
Target Corp.		4,355		342,564

				2,262,899

Savings & Loans — 0.6%
Capitol Federal Financial, Inc.		43,785		530,674

Semiconductors — 4.4%
Applied Materials, Inc.		66,105		971,082
Lam Research Corp.		13,054		852,818
Maxim Integrated Products, Inc.		20,543		686,136
Microchip Technology, Inc.		17,730		763,986
Teradyne, Inc.		35,447		638,401

				3,912,423

Telecommunications — 1.7%
CenturyLink, Inc.		35,908		902,009
Harris Corp.		3,738		273,435
Level 3 Communications, Inc.*		7,131		311,553

				1,486,997


	Number of Shares		Value†

Toys, Games & Hobbies — 0.8%
Mattel, Inc.		33,684	$	709,385

Transportation — 0.9%
Heartland Express, Inc.		39,050		778,657

TOTAL COMMON STOCKS (Cost $74,749,912)				72,415,247

REAL ESTATE INVESTMENT TRUSTS — 4.2%
Diversified — 2.2%
Corrections Corporation of America		25,675		758,440
Weyerhaeuser Co.		43,748		1,196,070

				1,954,510

Hotels & Resorts — 0.4%
Host Hotels & Resorts, Inc.		22,010		347,978

Office Property — 1.6%
Boston Properties, Inc.		2,365		280,016
Empire State Realty Trust, Inc.		17,957		305,808
Piedmont Office Realty Trust, Inc., Class A		46,719		835,803

				1,421,627

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,176,833)				3,724,115

SHORT-TERM INVESTMENTS — 1.1%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $940,002)		940,002		940,002

TOTAL INVESTMENTS — 86.9% (Cost $79,866,747)(a)			$	77,079,364

Other Assets & Liabilities — 13.1%				11,649,600

TOTAL NET ASSETS — 100.0%			$	88,728,964

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $80,412,827. Net unrealized depreciation was $3,333,463. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $4,090,217 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $7,423,680.

ADR — American Depository Receipt.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	72,415,247	$	71,225,276	$	1,189,971	$	—
REAL ESTATE INVESTMENT TRUSTS		3,724,115		3,724,115		—		—
SHORT-TERM INVESTMENTS		940,002		940,002		—		—

TOTAL INVESTMENTS	$	77,079,364	$	75,889,393	$	1,189,971	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 96.0%
Airlines — 0.9%
Spirit Airlines, Inc.*		10,720	$	507,056

Apparel — 1.3%
Columbia Sportswear Co.		12,853		755,628

Auto Parts & Equipment — 2.3%
Gentherm, Inc.*		16,418		737,497
WABCO Holdings, Inc.*		5,650		592,289

				1,329,786

Beverages — 1.2%
Constellation Brands, Inc., Class A		5,400		676,134

Biotechnology — 3.2%
Alnylam Pharmaceuticals, Inc.*		5,814		467,213
AMAG Pharmaceuticals, Inc.*		12,440		494,241
Bluebird Bio, Inc.*		3,030		259,216
Novavax, Inc.*		30,883		218,343
Ultragenyx Pharmaceutical, Inc.*		4,080		392,945

				1,831,958

Building Materials — 1.3%
Vulcan Materials Co.		8,090		721,628

Chemicals — 1.5%
Axalta Coating Systems Ltd.*		34,399		871,671

Commercial Services — 16.5%
Allegion PLC		15,870		915,064
Aramark		26,180		775,975
Bright Horizons Family Solutions, Inc.*		14,430		926,983
CoStar Group, Inc.*		6,634		1,148,080
Euronet Worldwide, Inc.*		15,111		1,119,574
Healthequity, Inc.*		8,195		242,162
SEI Investments Co.		25,030		1,207,197
Servicemaster Global Holdings, Inc.*		39,632		1,329,654
Vantiv, Inc., Class A*		22,027		989,453
WEX, Inc.*		8,740		758,982

				9,413,124

Computers — 1.7%
EPAM Systems, Inc.*		12,830		956,091

Distribution & Wholesale — 1.4%
HD Supply Holdings, Inc.*		27,590		789,626

Diversified Financial Services — 3.2%
Air Lease Corp.*		18,930		585,316
Evercore Partners, Inc., Class A		12,070		606,397
Raymond James Financial, Inc.		13,280		659,086

				1,850,799

Electrical Components & Equipment — 1.5%
Acuity Brands, Inc.		4,793		841,555

Electronics — 1.5%
TASER International, Inc.*		30,600		673,965
Tower Semiconductor Ltd.		14,591		187,786

				861,751


	Number of Shares		Value†

Entertainment — 3.0%
Cinemark Holdings, Inc.		27,530	$	894,450
Vail Resorts, Inc.		7,640		799,755

				1,694,205

Healthcare Products — 7.7%
Alere, Inc.*		20,680		995,742
Align Technology, Inc.*		16,878		957,995
Cepheid, Inc.*		16,829		760,671
DexCom, Inc.*		10,739		922,050
Intersect ENT, Inc.*		3,104		72,634
The Cooper Cos., Inc.		4,650		692,199

				4,401,291

Healthcare Services — 2.8%
Community Health Systems, Inc.*		14,400		615,888
Envision Healthcare Holdings Inc*		26,610		978,982

				1,594,870

Home Furnishings — 0.9%
Harman International Industries, Inc.		5,270		505,867

Internet — 2.1%
Splunk, Inc.*		15,960		883,386
Vipshop Holdings Ltd. ADR*		17,730		297,864

				1,181,250

Leisure Time — 3.2%
Brunswick Corp.		11,890		569,412
Jarden Corp.*		25,410		1,242,041

				1,811,453

Machinery — Diversified — 3.1%
Cognex Corp.		14,840		510,051
Wabtec Corp.		14,130		1,244,146

				1,754,197

Miscellaneous Manufacturing — 4.0%
A.O. Smith Corp.		12,070		786,843
Carlisle Cos., Inc.		13,280		1,160,407
Proto Labs, Inc.*		5,473		366,691

				2,313,941

Oil & Gas — 1.2%
Diamondback Energy, Inc.*		10,920		705,432

Pharmaceuticals — 4.3%
Clovis Oncology, Inc.*		6,140		564,635
GW Pharmaceuticals PLC ADR*		2,820		257,663
Insys Therapeutics, Inc.*		8,090		230,241
Medivation, Inc.*		12,710		540,175
VCA, Inc.*		16,340		860,301

				2,453,015

Retail — 9.7%
Caleres, Inc.		20,230		617,622
Dave & Buster’s Entertainment, Inc.*		21,300		805,779
Domino’s Pizza, Inc.		4,370		471,567
Lithia Motors, Inc., Class A		8,805		951,908
Lululemon Athletica, Inc.*		13,630		690,359
The Men’s Wearhouse, Inc.		15,400		654,808
The Michaels Cos, Inc.*		25,516		589,420


	Number of Shares		Value†
COMMON STOCKS — (continued)
Retail — (continued)
Ulta Salon Cosmetics & Fragrance, Inc.*		4,800	$	784,080

				5,565,543

Semiconductors — 0.8%
Ambarella, Inc.*		7,590		438,626
Cavium, Inc.*		235		14,422

				453,048

Shipbuilding — 1.1%
Huntington Ingalls Industries, Inc.		5,890		631,113

Software — 11.7%
Black Knight Financial Services, Inc.*		13,771		448,246
CyberArk Software Ltd.		14,937		748,941
Fleetmatics Group PLC		13,229		649,412
Guidewire Software, Inc.*		15,101		794,011
Imperva, Inc.*		8,328		545,317
Paycom Software, Inc.*		25,425		913,012
Tableau Software, Inc., Class A*		9,400		749,932
Take-Two Interactive Software, Inc.*		25,560		734,339
Tyler Technologies, Inc.*		7,591		1,133,412

				6,716,622

Telecommunications — 1.6%
Zayo Group Holdings, Inc.*		35,810		908,142

Transportation — 1.3%
Old Dominion Freight Line, Inc.*		12,630		770,430

TOTAL COMMON STOCKS (Cost $51,399,582)				54,867,226

SHORT-TERM INVESTMENTS — 4.0%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $2,273,207)		2,273,207		2,273,207

TOTAL INVESTMENTS — 100.0% (Cost $53,672,789)(a)			$	57,140,433

Other Assets & Liabilities — 0.0%				24,425

TOTAL NET ASSETS — 100.0%			$	57,164,858

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $53,837,304. Net unrealized appreciation was $3,303,130. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $7,098,274 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $3,795,144.

ADR — American Depository Receipt.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	54,867,226	$	54,867,226	$	—	$	—
SHORT-TERM INVESTMENTS		2,273,207		2,273,207		—		—

TOTAL INVESTMENTS	$	57,140,433	$	57,140,433	$	—	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 90.0%
Aerospace & Defense — 1.0%
Spirit Aerosystems Holdings, Inc., Class A*		13,870	$	670,476

Apparel — 1.2%
Crocs, Inc.*		65,370		844,907

Auto Manufacturers — 1.1%
Oshkosh Corp.		20,820		756,391

Auto Parts & Equipment — 3.2%
Dana Holding Corp.		48,950		777,326
Lear Corp.		7,250		788,655
Tenneco, Inc.*		13,230		592,307

				2,158,288

Banks — 8.5%
Associated Banc-Corp.		29,100		522,927
Comerica, Inc.		22,955		943,451
Fulton Financial Corp.		55,500		671,550
Huntington Bancshares, Inc.		84,110		891,566
Synovus Financial Corp.		20,940		619,824
Texas Capital Bancshares, Inc.*		11,370		596,015
Webster Financial Corp.		17,340		617,824
Zions Bancorporation		35,420		975,467

				5,838,624

Chemicals — 1.5%
A. Schulman, Inc.		22,520		731,224
Huntsman Corp.		29,990		290,603

				1,021,827

Commercial Services — 2.5%
Booz Allen Hamilton Holding Corp.		38,260		1,002,795
Quanta Services, Inc.*		28,900		699,669

				1,702,464

Computers — 2.6%
Brocade Communications Systems, Inc.		45,640		473,743
Insight Enterprises, Inc.*		14,540		375,859
NCR Corp.*		39,390		896,123

				1,745,725

Distribution & Wholesale — 0.9%
WESCO International, Inc.*		13,140		610,616

Diversified Financial Services — 1.7%
ETRADE Financial Corp.		25,060		659,830
SLM Corp.*		72,050		533,170

				1,193,000

Electric — 2.6%
PNM Resources, Inc.		34,810		976,421
Westar Energy, Inc.		21,360		821,078

				1,797,499

Electrical Components & Equipment — 0.5%
General Cable Corp.		27,060		322,014

Electronics — 5.1%
Avnet, Inc.		24,970		1,065,719
Celestica, Inc.*		37,760		486,726
Keysight Technologies, Inc.*		26,470		816,335
TTM Technologies, Inc.*		45,260		281,970


	Number of Shares		Value†

Electronics — (continued)
Vishay Intertechnology, Inc.		85,500	$	828,495

				3,479,245

Engineering & Construction — 3.9%
AECOM*		34,694		954,432
EMCOR Group, Inc.		20,880		923,940
Granite Construction, Inc.		24,280		720,387
Tutor Perini Corp.*		5,658		93,131

				2,691,890

Food — 2.3%
Dean Foods Co.		27,975		462,147
Ingredion, Inc.		12,540		1,094,867

				1,557,014

Gas — 2.9%
Southwest Gas Corp.		16,240		947,117
UGI Corp.		28,885		1,005,775

				1,952,892

Hand & Machine Tools — 1.1%
Regal-Beloit Corp.		13,300		750,785

Healthcare Services — 3.3%
LifePoint Hospitals, Inc.*		11,820		838,038
Molina Healthcare, Inc.*		8,180		563,193
WellCare Health Plans, Inc.*		9,670		833,360

				2,234,591

Home Builders — 2.0%
Meritage Homes Corp.*		20,260		739,895
PulteGroup, Inc.		31,870		601,387

				1,341,282

Household Products & Wares — 1.9%
Avery Dennison Corp.		11,520		651,686
Helen of Troy Ltd.*		7,400		660,820

				1,312,506

Insurance — 11.7%
American Financial Group, Inc.		15,150		1,043,986
Aspen Insurance Holdings Ltd.		21,780		1,012,117
CNO Financial Group, Inc.		54,370		1,022,700
Essent Group Ltd.*		33,774		839,284
First American Financial Corp.		25,890		1,011,522
StanCorp Financial Group, Inc.		9,660		1,103,172
The Hanover Insurance Group, Inc.		12,650		982,905
Validus Holdings Ltd.		22,390		1,009,117

				8,024,803

Internet — 1.5%
CDW Corp.		25,660		1,048,468

Iron & Steel — 0.7%
Steel Dynamics, Inc.		29,470		506,295

Media — 1.4%
Cable One Inc*		1,270		532,663
Scholastic Corp.		10,110		393,886

				926,549


	Number of Shares		Value†
COMMON STOCKS — (continued)
Miscellaneous Manufacturing — 0.9%
ITT Corp.		18,260	$	610,432

Oil & Gas — 4.2%
Murphy Oil Corp.		27,100		655,820
Murphy USA Inc*		10,530		578,623
QEP Resources, Inc.		68,040		852,541
SM Energy Co.		25,345		812,054

				2,899,038

Oil & Gas Services — 1.0%
Mrc Global Inc*		61,820		689,293

Packaging and Containers — 0.8%
Graphic Packaging Holding Co.		41,820		534,878

Retail — 8.1%
Big Lots, Inc.		21,780		1,043,698
Bloomin’ Brands, Inc.		47,290		859,732
Caleres, Inc.		18,350		560,226
Dillard’s, Inc., Class A		6,170		539,196
GameStop Corp., Class A		18,020		742,604
Office Depot, Inc.*		89,270		573,113
Pier 1 Imports, Inc.		53,470		368,943
The Children’s Place, Inc.		15,400		888,118

				5,575,630

Savings & Loans — 0.9%
First Niagara Financial Group, Inc.		61,370		626,588

Semiconductors — 2.4%
Advanced Micro Devices, Inc.*		84,700		145,684
Fairchild Semiconductor International, Inc.*		71,780		1,007,791
Lam Research Corp.		7,050		460,577

				1,614,052

Software — 0.7%
Electronic Arts, Inc.*		7,380		499,995

Telecommunications — 3.7%
Amdocs Ltd.		11,765		669,193
Finisar Corp.*		56,950		633,854
Genpact Ltd.*		30,080		710,189
Polycom, Inc.*		51,740		542,235

				2,555,471

Transportation — 2.2%
Con-way, Inc.		15,470		734,052
Ryder System, Inc.		10,110		748,544

				1,482,596

TOTAL COMMON STOCKS (Cost $56,653,507)				61,576,124

REAL ESTATE INVESTMENT TRUSTS — 5.8%
Apartments — 1.0%
Mid-America Apartment Communities, Inc.		8,140		666,422

Diversified — 1.8%
Gramercy Property Trust, Inc.		40,210		835,162


	Number of Shares		Value†

Diversified — (continued)
STAG lndustrial, Inc.		21,980	$	400,256

				1,235,418

Healthcare — 1.3%
LTC Properties, Inc.		20,400		870,468

Hotels & Resorts — 0.9%
RLJ Lodging Trust		25,100		634,277

Strip Centers — 0.8%
DDR Corp.		37,780		581,056

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,091,159)				3,987,641

SHORT-TERM INVESTMENTS — 2.0%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,376,159)		1,376,159		1,376,159

TOTAL INVESTMENTS — 97.8% (Cost $62,120,825)(a)			$	66,939,924

Other Assets & Liabilities — 2.2%				1,476,053

TOTAL NET ASSETS — 100.0%			$	68,415,977

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $62,268,803. Net unrealized appreciation was $4,671,121. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $10,554,925 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $5,883,804.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS		61,576,124		61,576,124		—		—
TOTAL REAL ESTATE INVESTMENT TRUSTS		3,987,641		3,987,641		—		—
SHORT-TERM INVESTMENTS		1,376,159		1,376,159		—		—

TOTAL INVESTMENTS		66,939,924		66,939,924		—		—

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


	Number of Shares		Value†
COMMON STOCKS — 94.8%
Aerospace & Defense — 2.4%
HEICO Corp., Class A		47,868	$	2,173,686

Apparel — 4.0%
Carter’s, Inc.		17,545		1,590,279
Gildan Activewear, Inc.		26,685		804,820
Wolverine World Wide, Inc.		54,266		1,174,316

				3,569,415

Banks — 2.2%
Bank of the Ozarks, Inc.		24,756		1,083,323
SVB Financial Group*		7,663		885,383

				1,968,706

Biotechnology — 0.8%
Ligand Pharmaceuticals, Inc.*		5,647		483,665
Puma Biotechnology, Inc.*		3,199		241,077

				724,742

Chemicals — 2.3%
Sensient Technologies Corp.		32,936		2,018,977

Commercial Services — 11.7%
Alarm.com Holdings, Inc.*		17,177		200,284
Corporate Executive Board Co. (The)		13,947		953,138
CoStar Group, Inc.*		4,597		795,557
Euronet Worldwide, Inc.*		34,740		2,573,887
Gartner, Inc.*		7,559		634,427
Healthcare Services Group, Inc.		28,676		966,381
Healthequity, Inc.*		18,068		533,909
MAXIMUS, Inc.		7,750		461,590
Nord Anglia Education, Inc.*		46,150		938,230
Rollins, Inc.		17,517		470,682
Servicemaster Global Holdings, Inc.*		39,230		1,316,166
SP Plus Corp.*		25,462		589,445

				10,433,696

Computers — 4.2%
Barracuda Networks, Inc.*		2,301		35,850
Cadence Design Systems, Inc.*		81,557		1,686,599
Jack Henry & Associates, Inc.		24,750		1,722,847
Stratasys Ltd.*		12,806		339,231

				3,784,527

Distribution & Wholesale — 0.5%
WESCO International, Inc.*		9,335		433,797

Diversified Financial Services — 3.9%
Artisan Partners Asset Management, Inc., Class A		8,490		299,103
Financial Engines, Inc.		15,927		469,368
LPL Financial Holdings, Inc.		14,159		563,103
MarketAxess Holdings, Inc.		11,085		1,029,575
Markit Ltd.*		29,782		863,678
Virtu Financial, Inc., Class A		12,728		291,726

				3,516,553

Electrical Components & Equipment — 2.4%
Belden, Inc.		18,657		871,096
EnerSys		22,985		1,231,536

				2,102,632


	Number of Shares		Value†

Electronics — 3.2%
CTS Corp.		34,584	$	640,150
National Instruments Corp.		13,666		379,778
OSI Systems, Inc.*		16,354		1,258,604
Sensata Technologies Holding N.V.*		12,089		536,026

				2,814,558

Entertainment — 2.3%
AMC Entertainment Holdings, Inc., Class A		27,540		693,732
Manchester United PLC, Class A		33,392		573,341
National CineMedia, Inc.		60,521		812,192

				2,079,265

Environmental Control — 0.6%
Clean Harbors, Inc.*		12,740		560,178

Hand & Machine Tools — 1.2%
Kennametal, Inc.		41,458		1,031,890

Healthcare Products — 6.5%
Bio-Techne Corp.		11,576		1,070,317
Cimpress NV*		10,537		801,971
Endologix, Inc.*		72,550		889,463
LDR Holding Corp.*		30,416		1,050,264
Masimo Corp.*		15,942		614,724
Quidel Corp.*		33,000		623,040
STERIS Corp.		11,735		762,423

				5,812,202

Healthcare Services — 1.3%
Catalent, Inc.*		44,316		1,076,879
OvaScience, Inc.*		8,051		68,353

				1,145,232

Household Products & Wares — 2.6%
Ontex Group NV*		29,064		893,806
Prestige Brands Holdings, Inc.*		21,597		975,321
Tumi Holdings, Inc.*		25,504		449,380

				2,318,507

Insurance — 0.6%
RLI Corp.		10,470		560,459

Internet — 2.4%
ChannelAdvisor Corp.*		28,211		280,417
Endurance International Group Holdings, Inc.*		53,022		708,374
SPS Commerce, Inc.*		6,135		416,505
Wayfair, Inc., Class A*		7,584		265,895
Zillow Group, Inc.*		16,701		479,820

				2,151,011

Investment Companies — 0.4%
Pace Holdings Corp.*		33,082		339,090

Leisure Time — 0.0%
Mcbc Holdings Inc*		807		10,459

Machinery — Diversified — 1.5%
Nordson Corp.		11,497		723,621
Wabtec Corp.		7,386		650,337

				1,373,958


	Number of Shares		Value†
COMMON STOCKS — (continued)
Medical Instruments — 0.4%
Novadaq Technologies, Inc.*		38,341	$	399,897

Metal Fabricate/Hardware — 0.9%
Rexnord Corp.*		46,574		790,826

Miscellaneous Manufacturing — 1.2%
Proto Labs, Inc.*		9,351		626,517
Raven Industries, Inc.		25,119		425,767

				1,052,284

Oil & Gas Services — 1.0%
Dril-Quip, Inc.*		9,982		581,152
Targa Resources Corp.		6,198		319,321

				900,473

Pharmaceuticals — 7.3%
Akorn, Inc.*		15,736		448,555
Anacor Pharmaceuticals, Inc.*		2,766		325,586
Dbv Technologies SA*		14,415		513,030
DepoMed, Inc.*		17,957		338,489
Dyax Corp.*		36,639		699,438
Eagle Pharmaceuticals, Inc.*		11,407		844,460
Flamel Technologies S.A., ADR*		34,587		564,114
Heron Therapeutics, Inc.*		6,045		147,498
IGI Laboratories, Inc.*		55,372		362,133
Ironwood Pharmaceuticals, Inc.*		42,791		445,882
Pacira Pharmaceuticals, Inc.*		6,496		266,986
Phibro Animal Health Corp., Class A		34,266		1,083,834
POZEN, Inc.*		29,490		172,074
Relypsa, Inc.*		15,345		284,036

				6,496,115

Real Estate — 1.1%
Jones Lang LaSalle, Inc.		4,018		577,668
The St. Joe Co.*		22,716		434,557

				1,012,225

Real Estate Investment Trusts — 0.4%
Lamar Advertising Co.		7,244		377,992

Retail — 4.0%
Biglari Holdings, Inc.*		3,019		1,104,169
Casey’s General Stores, Inc.		11,284		1,161,349
Dunkin’ Brands Group, Inc.		7,848		384,552
Five Below, Inc.*		10,335		347,049
Hibbett Sports, Inc.*		1,993		69,775
Sally Beauty Holdings, Inc.*		21,985		522,144

				3,589,038

Semiconductors — 3.7%
Atmel Corp.		165,241		1,333,495
FEI Co.		14,816		1,082,161
ON Semiconductor Corp.*		95,108		894,015

				3,309,671

Software — 14.2%
ACI Worldwide, Inc.*		45,860		968,563
athenahealth, Inc.*		5,589		745,293
Blackbaud, Inc.		42,910		2,408,109
Broadridge Financial Solutions, Inc.		37,579		2,079,998
Envestnet, Inc.*		20,880		625,774


	Number of Shares		Value†

Software — (continued)
Guidewire Software, Inc.*		14,014	$	736,856
RealPage, Inc.*		36,405		605,051
Solera Holdings, Inc.		27,749		1,498,446
SS&C Technologies Holdings, Inc.		42,926		3,006,537

				12,674,627

Telecommunications — 1.8%
NICE Systems, Ltd. ADR		27,882		1,570,593

Transportation — 1.8%
Landstar System, Inc.		9,386		595,730
Old Dominion Freight Line, Inc.*		11,329		691,069
Saia, Inc.*		10,232		316,680

				1,603,479

TOTAL COMMON STOCKS (Cost $73,799,749)				84,700,760

SHORT-TERM INVESTMENTS — 4.0%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $3,530,130)		3,530,130		3,530,130

TOTAL INVESTMENTS — 98.8% (Cost $77,329,879)(a)			$	88,230,890

Other Assets & Liabilities — 1.2%				1,116,747

TOTAL NET ASSETS — 100.0%			$	89,347,637

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $77,426,351. Net unrealized depreciation was $10,804,539. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $18,357,611 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $7,553,072.

ADR — American Depository Receipt.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Aerospace & Defense	$	2,173,686	$	2,173,686	$	—	$	—
Apparel		3,569,415		3,569,415		—		—
Banks		1,968,706		1,968,706		—		—
Biotechnology		724,742		724,742		—		—
Chemicals		2,018,977		2,018,977		—		—
Commercial Services		10,433,696		10,433,696		—		—
Computers		3,784,527		3,784,527		—		—
Distribution & Wholesale		433,797		433,797		—		—
Diversified Financial Services		3,516,553		3,516,553		—		—
Electrical Components & Equipment		2,102,632		2,102,632		—		—
Electronics		3,896,719		3,896,719		—		—
Entertainment		2,079,265		2,079,265		—		—
Environmental Control		560,178		560,178		—		—
Hand & Machine Tools		1,031,890		1,031,890		—		—
Healthcare Products		5,812,202		5,812,202		—		—
Healthcare Services		1,145,232		1,145,232		—		—
Household Products & Wares		2,318,507		1,424,701		893,806		—
Insurance		560,459		560,459		—		—
Internet		1,734,506		1,734,506		—		—
Investment Companies		339,090		339,090		—		—
Leisure Time		10,459		10,459		—		—
Machinery - Diversified		1,373,958		1,373,958		—		—
Medical Instruments		399,897		399,897		—		—
Metal Fabricate/Hardware		790,826		790,826		—		—
Miscellaneous Manufacturing		1,052,284		1,052,284		—		—
Oil & Gas Services		900,473		900,473		—		—
Pharmaceuticals		6,496,115		6,496,115		—		—
Real Estate		1,012,225		1,012,225		—		—
Real Estate Investment Trusts		377,992		377,992		—		—
Retail		3,589,038		3,589,038		—		—
Semiconductors		2,227,510		2,227,510		—		—
Software		13,091,132		13,091,132		—		—
Telecommunications		1,570,593		1,570,593		—		—
Transportation		1,603,479		1,603,479		—		—
SHORT-TERM INVESTMENTS		3,530,130		3,530,130		—		—

TOTAL INVESTMENTS	$	88,230,890	$	87,337,084	$	893,806	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 82.8%
Aerospace & Defense — 2.5%
Curtiss-Wright Corp.		22,496	$	1,404,200
Esterline Technologies Corp.*		27,936		2,008,319
Kaman Corp.		31,223		1,119,345
Moog, Inc., Class A*		21,770		1,177,104

				5,708,968

Apparel — 0.9%
Carter’s, Inc.		16,276		1,475,257
Steven Madden Ltd.*		15,665		573,652

				2,048,909

Auto Parts & Equipment — 0.5%
American Axle & Manufacturing Holdings, Inc.*		11,538		230,068
Cooper Tire & Rubber Co.		9,541		376,965
Tower International, Inc.*		26,369		626,527

				1,233,560

Banks — 16.5%
BancorpSouth, Inc.		73,117		1,737,991
Bank of the Ozarks, Inc.		47,530		2,079,913
Banner Corp.		26,761		1,278,373
Boston Private Financial Holdings, Inc.		78,528		918,778
CoBiz Financial, Inc.		29,869		388,596
Community Bank System, Inc.		27,722		1,030,427
ConnectOne Bancorp, Inc.		14,774		285,138
CVB Financial Corp.		58,774		981,526
First Financial Bankshares, Inc.		37,872		1,203,572
First Merchants Corp.		22,110		579,724
First Midwest Bancorp, Inc.		39,586		694,338
Glacier Bancorp, Inc.		50,320		1,327,945
Great Western Bancorp, Inc.		55,324		1,403,570
Hancock Holding Co.		21,083		570,295
Heritage Financial Corp.		19,523		367,423
Home BancShares, Inc.		25,234		1,021,977
Independent Bank Corp.		20,222		932,234
Independent Bank Group, Inc.		9,332		358,629
Lakeland Financial Corp.		11,232		507,125
LegacyTexas Financial Group, Inc.		51,624		1,573,500
MB Financial, Inc.		52,368		1,709,291
PacWest Bancorp		37,740		1,615,649
Pinnacle Financial Partners, Inc.		31,388		1,550,881
PrivateBancorp, Inc.		66,775		2,559,486
Prosperity Bancshares, Inc.		33,877		1,663,699
Renasant Corp.		17,387		571,163
Sandy Spring Bancorp, Inc.		14,707		385,029
South State Corp.		18,326		1,408,720
Southwest Bancorp, Inc.		20,854		342,214
State Bank Financial Corp.		34,600		715,528
Summit State Bank		7,318		95,866
Texas Capital Bancshares, Inc.*		14,378		753,695
The First of Long Island Corp.		11,115		300,438
Trico Bancshares		15,134		371,842
UMB Financial Corp.		21,282		1,081,338
Webster Financial Corp.		65,746		2,342,530
Wintrust Financial Corp.		7,125		380,689

				37,089,132


	Number of Shares		Value†

Building Materials — 1.4%
Continental Building Products, Inc.*		48,333	$	992,760
Eagle Materials, Inc.		16,693		1,142,135
NCI Building Systems, Inc.*		7,778		82,213
Summit Materials, Inc.*		45,665		857,132

				3,074,240

Chemicals — 1.6%
Axiall Corp.		4,049		63,529
Cytec Industries, Inc.		4,849		358,099
Methanex Corp.		2,878		95,434
PolyOne Corp.		39,395		1,155,849
Quaker Chemical Corp.		9,694		747,214
WR Grace & Co.*		11,840		1,101,712

				3,521,837

Commercial Services — 2.6%
ABM Industries, Inc.		49,478		1,351,244
HMS Holdings Corp.*		123,749		1,085,279
Live Nation Entertainment, Inc.*		64,583		1,552,575
Monro Muffler Brake, Inc.		7,276		491,494
On Assignment, Inc.*		35,840		1,322,496
TrueBlue, Inc.*		1,065		23,931

				5,827,019

Computers — 1.4%
Convergys Corp.		52,036		1,202,552
Electronics for Imaging, Inc.*		20,720		896,761
Lumentum Holdings, Inc.*		15,500		262,725
NetScout Systems, Inc.*		24,378		862,250

				3,224,288

Distribution & Wholesale — 1.2%
Beacon Roofing Supply, Inc.*		32,825		1,066,484
Core-Mark Holding Co., Inc.		13,524		885,146
WESCO International, Inc.*		17,627		819,127

				2,770,757

Diversified Financial Services — 1.7%
MarketAxess Holdings, Inc.		7,788		723,350
Moelis & Co., Class A		9,600		252,096
OM Asset Management PLC		71,995		1,110,163
Stifel Financial Corp.*		30,643		1,290,070
Virtu Financial, Inc., Class A		19,775		453,243

				3,828,922

Electric — 4.1%
Black Hills Corp.		19,471		804,931
Dynegy, Inc.*		42,989		888,583
IDACORP, Inc.		30,254		1,957,736
NorthWestern Corp.		31,786		1,711,040
PNM Resources, Inc.		63,509		1,781,427
Portland General Electric Co.		52,885		1,955,159

				9,098,876

Electrical Components & Equipment — 0.4%
Belden, Inc.		3,520		164,349
Littelfuse, Inc.		7,361		670,955

				835,304

Electronics — 2.0%
CTS Corp.		40,033		741,011


	Number of Shares		Value†
COMMON STOCKS — (continued)
Electronics — (continued)
Newport Corp.*		52,311	$	719,276
Plexus Corp.*		28,911		1,115,387
Watts Water Technologies, Inc., Class A		25,554		1,349,762
Woodward, Inc.		11,237		457,346

				4,382,782

Engineering & Construction — 0.7%
EMCOR Group, Inc.		34,865		1,542,776

Entertainment — 1.4%
Carmike Cinemas, Inc.*		22,097		443,929
Marriott Vacations Worldwide Corp.		13,860		944,420
Vail Resorts, Inc.		16,504		1,727,639

				3,115,988

Environmental Control — 0.6%
Ceco Environmental Corp.		34,566		283,095
Progressive Waste Solutions Ltd.		40,447		1,068,610

				1,351,705

Food — 2.2%
J&J Snack Foods Corp.		6,905		784,822
Post Holdings, Inc.*		13,587		802,992
The Hain Celestial Group, Inc.*		21,645		1,116,882
TreeHouse Foods, Inc.*		29,959		2,330,511

				5,035,207

Forest Products & Paper — 0.2%
KapStone Paper and Packaging Corp.		20,026		330,629
Mercer International, Inc.		16,709		167,591

				498,220

Gas — 1.5%
New Jersey Resources Corp.		50,221		1,508,137
Southwest Gas Corp.		31,404		1,831,481

				3,339,618

Healthcare Products — 1.9%
Bruker Corp.*		37,334		613,397
Endologix, Inc.*		111,538		1,367,456
Integra LifeSciences Holdings Corp.*		15,960		950,418
The Spectranetics Corp.*		27,590		325,286
Tornier N.V.*		47,017		958,677

				4,215,234

Healthcare Services — 1.3%
Air Methods Corp.*		34,521		1,176,821
Catalent, Inc.*		10,554		256,462
HealthSouth Corp.		27,651		1,060,969
Natera, Inc.*		38,548		418,246

				2,912,498

Home Builders — 0.9%
Meritage Homes Corp.*		19,716		720,028
Standard Pacific Corp.*		102,041		816,328
William Lyon Homes, Class A*		18,946		390,288

				1,926,644

Household Products & Wares — 1.2%
Prestige Brands Holdings, Inc.*		16,216		732,314
Spectrum Brands Holdings, Inc.		22,458		2,055,132

				2,787,446


	Number of Shares		Value†

Insurance — 6.3%
American Equity Investment Life Holding Co.		62,538	$	1,457,761
AMERISAFE, Inc.		11,481		570,950
AmTrust Financial Services, Inc.		16,085		1,013,033
CNO Financial Group, Inc.		125,950		2,369,119
Endurance Specialty Holdings Ltd.		16,751		1,022,314
Enstar Group Ltd.*		5,349		802,350
Fidelity & Guaranty Life		12,515		307,118
Maiden Holdings Ltd.		96,504		1,339,476
National General Holdings Corp.		56,739		1,094,495
ProAssurance Corp.		13,141		644,829
Radian Group, Inc.		120,562		1,918,141
RLI Corp.		15,852		848,558
Symetra Financial Corp.		21,408		677,349

				14,065,493

Investment Companies — 0.3%
Golub Capital BDC, Inc.		17,788		284,252
New Mountain Finance Corp.		24,893		338,296

				622,548

Iron & Steel — 0.3%
Commercial Metals Co.		51,502		697,852

Leisure Time — 0.5%
Diamond Resorts International, Inc.*		51,590		1,206,690

Machinery - Diversified — 0.9%
Alamo Group, Inc.		12,904		603,262
Graco, Inc.		7,465		500,379
The Manitowoc Co., Inc.		57,865		867,975

				1,971,616

Media — 0.6%
Nexstar Broadcasting Group, Inc., Class A		25,077		1,187,396
Townsquare Media, Inc., Class A*		13,876		135,568

				1,322,964

Metal Fabricate/Hardware — 0.4%
RBC Bearings, Inc.*		14,916		890,933

Mining — 0.8%
Globe Specialty Metals, Inc.		42,712		518,096
Kaiser Aluminum Corp.		16,859		1,352,935

				1,871,031

Miscellaneous Manufacturing — 2.0%
Actuant Corp., Class A		56,066		1,031,054
Barnes Group, Inc.		38,313		1,381,183
Carlisle Cos., Inc.		8,047		703,147
CLARCOR, Inc.		17,151		817,760
Standex International Corp.		7,287		549,075

				4,482,219

Oil & Gas — 3.8%
Carrizo Oil & Gas, Inc.*		41,877		1,278,924
Memorial Resource Development Corp.*		86,862		1,527,034
Parsley Energy, Inc., Class A*		74,960		1,129,647
PDC Energy, Inc.*		21,559		1,142,843
Rice Energy, Inc.*		107,879		1,743,325
RSP Permian, Inc.*		61,870		1,252,867


	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — (continued)
WPX Energy, Inc.*		80,818	$	535,015

				8,609,655

Oil & Gas Services — 0.8%
Forum Energy Technologies, Inc.*		32,496		396,776
Oil States International, Inc.*		28,269		738,669
Thermon Group Holdings, Inc.*		35,335		726,134

				1,861,579

Packaging and Containers — 1.1%
Berry Plastics Group, Inc.*		44,812		1,347,497
Graphic Packaging Holding Co.		96,387		1,232,790

				2,580,287

Pharmaceuticals — 0.7%
Infinity Pharmaceuticals, Inc.*		117,878		996,069
Pacira Pharmaceuticals, Inc.*		15,203		624,843

				1,620,912

Real Estate — 0.7%
Kennedy-Wilson Holdings, Inc.		70,715		1,567,752

Retail — 4.5%
American Eagle Outfitters, Inc.		25,575		399,737
Asbury Automotive Group, Inc.*		9,418		764,271
Ascena Retail Group, Inc.*		15,932		221,614
Bloomin’ Brands, Inc.		41,336		751,488
Bojangles’, Inc.*		2,231		37,704
Boot Barn Holdings, Inc.*		26,114		481,281
Burlington Stores, Inc.*		31,774		1,621,745
Cracker Barrel Old Country Store, Inc.		4,538		668,357
Freshpet, Inc.*		6,841		71,831
GNC Holdings, Inc., Class A		13,845		559,615
HSN, Inc.		16,080		920,419
Jack in the Box, Inc.		18,658		1,437,412
Lithia Motors, Inc., Class A		18,024		1,948,575
Office Depot, Inc.*		17,601		112,998
Party City Holdco, Inc.*		11,343		181,148

				10,178,195

Savings & Loans — 1.8%
Brookline Bancorp, Inc.		32,232		326,832
Dime Community Bancshares, Inc.		20,690		349,661
EverBank Financial Corp.		51,932		1,002,288
Flushing Financial Corp.		31,624		633,113
Oritani Financial Corp.		25,133		392,577
Provident Financial Services, Inc.		43,240		843,180
WSFS Financial Corp.		19,178		552,518

				4,100,169

Semiconductors — 3.4%
Cabot Microelectronics Corp.*		22,030		853,442
Entegris, Inc.*		118,048		1,557,053
Fairchild Semiconductor International, Inc.*		49,922		700,905
Intersil Corp., Class A		149,450		1,748,565
MKS Instruments, Inc.		35,400		1,186,962
Semtech Corp.*		62,843		948,930
Silicon Laboratories, Inc.*		16,139		670,414

				7,666,271


	Number of Shares		Value†

Software — 2.7%
Allscripts Healthcare Solutions, Inc.*		17,670	$	219,108
Bottomline Technologies, Inc.*		29,957		749,225
CommVault Systems, Inc.*		22,178		753,165
Digi International, Inc.*		27,692		326,489
Everyday Health, Inc.*		78,163		714,410
Monotype Imaging Holdings, Inc.		29,721		648,512
Pegasystems, Inc.		20,404		502,142
RADWARE Ltd.*		40,527		658,969
Verint Systems, Inc.*		32,613		1,407,251

				5,979,271

Storage & Warehousing — 0.5%
Mobile Mini, Inc.		32,974		1,015,269

Telecommunications — 0.9%
ADTRAN, Inc.		8,739		127,589
Anixter International, Inc.*		20,088		1,160,685
Viavi Solutions, Inc.*		142,589		765,703

				2,053,977

Textiles — 0.4%
G&K Services, Inc., Class A		12,198		812,631

Transportation — 0.7%
Forward Air Corp.		36,912		1,531,479

TOTAL COMMON STOCKS (Cost $171,480,346)				186,078,723

REAL ESTATE INVESTMENT TRUSTS — 12.5%
Building & Real Estate — 2.2%
Apollo Commercial Real Estate Finance, Inc.		82,800		1,300,788
Blackstone Mortgage Trust, Inc., Class A		63,015		1,729,131
MFA Financial, Inc.		162,096		1,103,874
Two Harbors Investment Corp.		102,328		902,533

				5,036,326

Diversified — 1.1%
DuPont Fabros Technology, Inc.		16,609		429,841
PS Business Parks, Inc.		24,572		1,950,525

				2,380,366

Healthcare — 0.5%
National Health Investors, Inc.		19,479		1,119,848

Hotels & Resorts — 3.4%
Chesapeake Lodging Trust		91,351		2,380,607
Pebblebrook Hotel Trust		89,227		3,163,097
Strategic Hotels & Resorts, Inc.*		144,102		1,987,167

				7,530,871

Industrial — 0.5%
Terreno Realty Corp.		58,604		1,150,983

Mixed Industrial/Office — 0.7%
CyrusOne, Inc.		49,628		1,620,850

Office Property — 1.5%
Highwoods Properties, Inc.		43,661		1,691,864


	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Office Property — (continued)
Hudson Pacific Properties, Inc.		58,905	$	1,695,875

				3,387,739

Regional Malls — 0.4%
CBL & Associates Properties, Inc.		68,188		937,585

Storage & Warehousing — 1.3%
CubeSmart		90,964		2,475,130
Sovran Self Storage, Inc.		5,165		487,060

				2,962,190

Strip Centers — 0.9%
Acadia Realty Trust		65,434		1,967,600

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $24,588,506)				28,094,358

EXCHANGE TRADED FUNDS — 1.0%
iShares Russell 2000 Value ETF (Cost $2,199,902)		24,338		2,192,854

SHORT-TERM INVESTMENTS — 0.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $672,549)		672,549		672,549

TOTAL INVESTMENTS — 96.6% (Cost $198,941,303)(a)			$	217,038,484

Other Assets & Liabilities — 3.4%				7,665,285

TOTAL NET ASSETS — 100.0%			$	224,703,769

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $199,299,957. Net unrealized appreciation was $17,738,527. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $34,130,330 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $16,391,803.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	186,078,723	$	186,078,723	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		28,094,358		28,094,358		—		—
EXCHANGE TRADED FUNDS		2,192,854		2,192,854		—		—
SHORT-TERM INVESTMENTS		672,549		672,549		—		—

TOTAL INVESTMENTS	$	217,038,484	$	217,038,484	$	—	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 86.2%
Advertising — 0.1%
EVINE Live, Inc.*		1,700	$	4,454
Harte-Hanks, Inc.		1,678		5,923
Journal Media Group, Inc.		848		6,360
Marchex, Inc., Class B		1,545		6,226
Marin Software, Inc.*		700		2,191
MDC Partners, Inc., Class A		1,500		27,645
Millennial Media, Inc.*		2,900		5,075
Sizmek, Inc.*		757		4,535

				62,409

Aerospace & Defense — 1.2%
AAR Corp.		1,269		24,073
Aerojet Rocketdyne Holdings, Inc.*		2,440		39,479
AeroVironment, Inc.*		718		14,389
Astronics Corp.*		637		25,754
Astronics Corp., Class B*		127		5,173
Cubic Corp.		869		36,446
Curtiss-Wright Corp.		1,726		107,737
Ducommun, Inc.*		400		8,028
Esterline Technologies Corp.*		1,140		81,954
HEICO Corp., Class A		1,400		63,574
HEICO Corp.		715		34,949
Kaman Corp.		1,048		37,571
KLX, Inc.*		1,900		67,906
Kratos Defense & Security Solutions, Inc.*		2,422		10,221
Moog, Inc., Class A*		1,391		75,211
National Presto Industries, Inc.		146		12,302
Teledyne Technologies, Inc.*		1,304		117,751

				762,518

Agriculture — 0.3%
Alico, Inc.		51		2,070
Limoneira Co.		600		10,038
MPG Ingredients, Inc.		400		6,404
Tejon Ranch Co.*		288		6,281
The Andersons, Inc.		1,132		38,556
Universal Corp.		855		42,382
Vector Group Ltd.		3,052		69,006

				174,737

Airlines — 0.3%
Allegiant Travel Co.		501		108,341
Hawaiian Holdings, Inc.*		1,626		40,130
Republic Airways Holdings, Inc.*		1,901		10,988
SkyWest, Inc.		1,881		31,375
Virgin America, Inc.*		900		30,807

				221,641

Apparel — 0.8%
Cherokee, Inc.*		300		4,656
Columbia Sportswear Co.		1,022		60,083
Crocs, Inc.*		2,900		37,483
Deckers Outdoor Corp.*		1,200		69,672
G-III Apparel Group Ltd.*		1,408		86,817
Iconix Brand Group, Inc.*		1,842		24,904
Oxford Industries, Inc.		508		37,531
Perry Ellis International, Inc.*		414		9,091
Sequential Brands Group, Inc.*		700		10,129
Steven Madden Ltd.*		2,049		75,034


	Number of Shares		Value†

Apparel — (continued)
Unifi, Inc.*		460	$	13,713
Vince Holding Corp.*		400		1,372
Weyco Group, Inc.		100		2,704
Wolverine World Wide, Inc.		3,782		81,843

				515,032

Auto Manufacturers — 0.1%
Navistar International Corp.*		1,800		22,896
Wabash National Corp.*		2,600		27,534

				50,430

Auto Parts & Equipment — 1.1%
Accuride Corp.*		1,000		2,770
American Axle & Manufacturing Holdings, Inc.*		2,516		50,169
Commercial Vehicle Group, Inc.*		600		2,418
Cooper Tire & Rubber Co.		2,249		88,858
Cooper-Standard Holding, Inc.*		500		29,000
Dana Holding Corp.		5,796		92,040
Dorman Products, Inc.*		992		50,483
Douglas Dynamics, Inc.		900		17,874
Federal-Mogul Holdings Corp.*		916		6,256
Gentherm, Inc.*		1,268		56,959
Horizon Global Corp.*		718		6,333
Meritor, Inc.*		3,645		38,746
Metaldyne Performance Group, Inc.		400		8,404
Miller Industries, Inc.		443		8,656
Modine Manufacturing Co.*		2,077		16,346
Motorcar Parts of America, Inc.*		700		21,938
Remy International, Inc.		1,200		35,100
Standard Motor Products, Inc.		700		24,416
Strattec Security Corp.		100		6,306
Superior Industries International, Inc.		1,119		20,903
Tenneco, Inc.*		2,200		98,494
Titan International, Inc.		1,913		12,645
Tower International, Inc.*		800		19,008

				714,122

Banks — 8.2%
1st Source Corp.		688		21,190
American National Bankshares, Inc.		400		9,380
Ameris Bancorp		1,247		35,851
Ames National Corp.		199		4,563
Arrow Financial Corp.		378		10,093
BancFirst Corp.		260		16,406
Banco Latinoamericano de Comercio Exterior S.A., Class E		1,110		25,696
BancorpSouth, Inc.		3,649		86,737
Bank of Marin Bancorp		290		13,917
Bank of the Ozarks, Inc.		2,752		120,428
Banner Corp.		800		38,216
Bar Harbor Bankshares		200		6,398
BBCN Bancorp, Inc.		3,185		47,839
Blue Hills Bancorp, Inc.		1,300		18,005
BNC Bancorp		800		17,784
Boston Private Financial Holdings, Inc.		2,858		33,439
Bridge Bancorp, Inc.		707		18,884
Bryn Mawr Bank Corp.		532		16,529


	Number of Shares		Value†
COMMON STOCKS — (continued)
Banks — (continued)
Camden National Corp.		326	$	13,170
Capital Bank Financial Corp., Class A*		1,000		30,230
Capital City Bank Group, Inc.		269		4,013
Cardinal Financial Corp.		1,218		28,026
Cascade Bancorp*		1,262		6,827
Cass Information Systems, Inc.		454		22,305
Cathay General Bancorp		3,050		91,378
CenterState Banks, Inc.		1,432		21,050
Central Pacific Financial Corp.		800		16,776
Century Bancorp, Inc., Class A		69		2,812
Chemical Financial Corp.		1,166		37,720
Citizens & Northern Corp.		356		6,949
City Holding Co.		648		31,946
CNB Financial Corp.		474		8,613
CoBiz Financial, Inc.		1,700		22,117
Columbia Banking System, Inc.		2,214		69,099
Community Bank System, Inc.		1,511		56,164
Community Trust Bancorp, Inc.		683		24,253
CommunityOne Bancorp*		700		7,609
ConnectOne Bancorp, Inc.		1,060		20,458
CU Bancorp*		400		8,984
Customers Bancorp, Inc.*		880		22,616
CVB Financial Corp.		3,992		66,666
Eagle Bancorp, Inc.*		973		44,271
Enterprise Bancorp, Inc.		300		6,291
Enterprise Financial Services Corp.		782		19,683
F.N.B. Corp.		6,408		82,984
Farmers Capital Bank Corp.*		300		7,455
Fidelity Southern Corp.		607		12,832
Financial Institutions, Inc.		440		10,903
First Bancorp		824		14,008
First Bancorp Puerto Rico*		4,700		16,732
First Bancorp, Inc.		234		4,469
First Busey Corp.		934		18,559
First Business Financial Services, Inc.		400		9,408
First Citizens Bancshares, Inc., Class A		264		59,664
First Commonwealth Financial Corp.		3,121		28,370
First Community Bancshares, Inc.		626		11,205
First Connecticut Bancorp, Inc.		659		10,623
First Financial Bancorp		2,205		42,071
First Financial Bankshares, Inc.		2,452		77,925
First Financial Corp.		280		9,058
First Interstate BancSystem, Inc.		600		16,704
First Merchants Corp.		1,238		32,460
First Midwest Bancorp, Inc.		2,814		49,358
First NBC Bank Holding Co.*		600		21,024
FirstMerit Corp.		5,894		104,147
Fulton Financial Corp.		6,300		76,230
German American Bancorp, Inc.		392		11,474
Glacier Bancorp, Inc.		2,721		71,807
Great Southern Bancorp, Inc.		471		20,394
Great Western Bancorp, Inc.		1,400		35,518
Guaranty Bancorp		500		8,235
Hancock Holding Co.		2,772		74,983
Hanmi Financial Corp.		1,213		30,568
Heartland Financial USA, Inc.		717		26,020


	Number of Shares		Value†

Banks — (continued)
Heritage Commerce Corp.		600	$	6,804
Heritage Financial Corp.		1,130		21,267
Heritage Oaks Bancorp		200		1,592
Home BancShares, Inc.		2,164		87,642
Horizon Bancorp		400		9,500
IBERIABANK Corp.		1,346		78,351
Independent Bank Corp.		971		44,763
Independent Bank Corp.		1,000		14,760
Independent Bank Group, Inc.		400		15,372
International Bancshares Corp.		1,925		48,183
Kearny Financial Corp.		3,276		37,576
Lakeland Bancorp, Inc.		1,111		12,343
Lakeland Financial Corp.		594		26,819
LegacyTexas Financial Group, Inc.		1,666		50,780
MainSource Financial Group, Inc.		521		10,608
MB Financial, Inc.		2,584		84,342
Mercantile Bank Corp.		500		10,390
Merchants Bancshares, Inc.		86		2,528
Metro Bancorp, Inc.		563		16,547
MidWestOne Financial Group, Inc.		400		11,704
National Bankshares, Inc.		319		9,924
National Penn Bancshares, Inc.		5,387		63,297
NBT Bancorp, Inc.		1,469		39,575
NewBridge Bancorp		1,100		9,383
OFG Bancorp		1,810		15,801
Old National Bancorp		4,186		58,311
Old Second Bancorp, Inc.*		1,600		9,968
Opus Bank		300		11,472
Pacific Continental Corp.		862		11,473
Park National Corp.		524		47,275
Park Sterling Corp.		1,600		10,880
Peapack Gladstone Financial Corp.		636		13,464
Penns Woods Bancorp, Inc.		268		10,967
Peoples Bancorp, Inc.		572		11,892
Peoples Financial Services Corp.		300		10,479
Pinnacle Financial Partners, Inc.		1,363		67,346
Preferred Bank		500		15,800
PrivateBancorp, Inc.		2,898		111,080
Prosperity Bancshares, Inc.		2,526		124,052
QCR Holdings, Inc.		400		8,748
Renasant Corp.		1,335		43,855
Republic Bancorp, Inc., Class A		387		9,501
S&T Bancorp, Inc.		1,259		41,069
Sandy Spring Bancorp, Inc.		1,085		28,405
Seacoast Banking Corp of Florida*		1,040		15,267
ServisFirst Bancshares, Inc.		800		33,224
Sierra Bancorp		712		11,364
Simmons First National Corp., Class A		1,100		52,723
South State Corp.		858		65,954
Southside Bancshares, Inc.		901		24,823
Southwest Bancorp, Inc.		636		10,437
Square 1 Financial, Inc.*		600		15,405
State Bank Financial Corp.		1,200		24,816
Stock Yards Bancorp, Inc.		445		16,176
Stonegate Bank		500		15,905
Suffolk Bancorp		443		12,103


	Number of Shares		Value†
COMMON STOCKS — (continued)
Banks — (continued)
Sun Bancorp, Inc.*		220	$	4,222
Talmer Bancorp, Inc.		1,900		31,635
Texas Capital Bancshares, Inc.*		1,673		87,699
The Bancorp, Inc.*		1,412		10,759
The First of Long Island Corp.		593		16,029
Tompkins Financial Corp.		558		29,775
Towne Bank		1,532		28,878
TriCo Bancshares		704		17,297
TriState Capital Holdings, Inc.*		1,000		12,470
Triumph BanCorp., Inc.*		500		8,400
TrustCo Bank Corp.		3,252		18,992
Trustmark Corp.		2,630		60,937
UMB Financial Corp.		1,481		75,250
Umpqua Holdings Corp.		7,901		128,786
Union Bankshares Corp.		1,828		43,872
United Bankshares, Inc.		2,492		94,671
United Community Banks, Inc.		1,878		38,386
Univest Corp. of Pennsylvania		600		11,532
Valley National Bancorp		8,635		84,968
Walker & Dunlop, Inc.*		900		23,472
Washington Trust Bancorp, Inc.		670		25,761
Webster Financial Corp.		3,228		115,014
WesBanco, Inc.		1,231		38,715
West Bancorporation, Inc.		378		7,088
Westamerica Bancorporation		873		38,796
Western Alliance Bancorp*		3,019		92,713
Wilshire Bancorp, Inc.		2,676		28,125
Wintrust Financial Corp.		1,742		93,075
Yadkin Financial Corp.		1,100		23,639

				5,191,610

Beverages — 0.2%
Coca-Cola Bottling Co. Consolidated		174		33,648
Craft Brew Alliance, Inc.*		700		5,579
Farmer Bros Co.*		204		5,559
National Beverage Corp.*		642		19,729
The Boston Beer Co., Inc., Class A*		310		65,289

				129,804

Biotechnology — 3.3%
Acceleron Pharma, Inc.*		700		17,430
Achillion Pharmaceuticals, Inc.*		4,300		29,713
Acorda Therapeutics, Inc.*		1,531		40,587
Aduro Biotech, Inc.*		300		5,811
Advaxis, Inc.*		1,000		10,230
Affimed NV*		279		1,721
Agenus, Inc.*		3,200		14,720
Alder Biopharmaceuticals, Inc.*		900		29,484
AMAG Pharmaceuticals, Inc.*		1,256		49,901
ANI Pharmaceuticals, Inc.*		300		11,853
Ardelyx, Inc.*		400		6,912
Arena Pharmaceuticals, Inc.*		8,506		16,246
ARIAD Pharmaceuticals, Inc.*		6,600		38,544
Assembly Biosciences, Inc.*		400		3,824
Atara Biotherapeutics, Inc.*		700		22,008
Avalanche Biotechnologies, Inc.*		700		5,768
Bellicum Pharmaceuticals, Inc.*		300		4,359
BioCryst Pharmaceuticals, Inc.*		2,900		33,060


	Number of Shares		Value†

Biotechnology — (continued)
BioTime, Inc.*		1,100	$	3,300
Blueprint Medicines Corp.*		300		6,402
Cambrex Corp.*		1,167		46,307
Celldex Therapeutics, Inc.*		3,644		38,408
Cellular Biomedicine Group, Inc.*		300		5,079
Coherus Biosciences, Inc.*		800		16,032
CTI BioPharma Corp.*		5,000		7,300
Curis, Inc.*		3,600		7,272
Cytokinetics, Inc.*		1,000		6,690
CytRx Corp.*		2,600		6,162
Dermira, Inc.*		500		11,670
Dynavax Technologies Corp.*		1,320		32,393
Emergent BioSolutions, Inc.*		1,058		30,142
Epizyme, Inc.*		1,000		12,860
Exact Sciences Corp.*		3,600		64,764
Exelixis, Inc.*		8,169		45,828
Fibrocell Science, Inc.*		400		1,540
Five Prime Therapeutics, Inc.*		800		12,312
Foundation Medicine, Inc.*		518		9,557
Galena Biopharma, Inc.*		3,600		5,688
Genocea Biosciences, Inc.*		600		4,110
Geron Corp.*		5,050		13,938
Halozyme Therapeutics, Inc.*		3,989		53,572
Idera Pharmaceuticals, Inc.*		2,300		7,705
ImmunoGen, Inc.*		3,263		31,325
Immunomedics, Inc.*		2,936		5,050
Inovio Pharmaceuticals, Inc.*		2,500		14,450
Insmed, Inc.*		2,300		42,711
Karyopharm Therapeutics, Inc.*		800		8,424
Kite Pharma, Inc.*		1,000		55,680
KYTHERA Biopharmaceuticals, Inc.*		900		67,482
Lexicon Pharmaceuticals, Inc.*		1,260		13,532
Ligand Pharmaceuticals, Inc.*		644		55,159
Lion Biotechnologies, Inc.*		1,500		8,640
Loxo Oncology, Inc.*		300		5,244
MacroGenics, Inc.*		1,000		21,420
Merrimack Pharmaceuticals, Inc.*		3,500		29,785
Momenta Pharmaceuticals, Inc.*		2,182		35,807
Myriad Genetics, Inc.*		2,500		93,700
NeoGenomics, Inc.*		1,700		9,741
NewLink Genetics Corp.*		700		25,088
Novavax, Inc.*		10,129		71,612
Ocata Therapeutics, Inc.*		2,000		8,360
Omeros Corp.*		1,400		15,344
OncoMed Pharmaceuticals, Inc.*		600		9,954
Oncothyreon, Inc.*		3,300		9,042
Organovo Holdings, Inc.*		2,700		7,236
Oxford ImmunoteC Global PLC*		600		8,100
Pacific Biosciences of California, Inc.*		2,400		8,784
Paratek Pharmaceuticals, Inc.		400		7,600
PDL BioPharma, Inc.		6,217		31,272
Peregrine Pharmaceuticals, Inc.*		5,800		5,916
Pfenex, Inc.*		500		7,505
Prothena Corp. PLC*		1,200		54,408
PTC Therapeutics, Inc.*		1,200		32,040
Repligen Corp.*		1,300		36,205


	Number of Shares		Value†
COMMON STOCKS — (continued)
Biotechnology — (continued)
Retrophin, Inc.*		1,200	$	24,312
Rigel Pharmaceuticals, Inc.*		2,690		6,644
RTI Surgical, Inc.*		2,035		11,559
Sage Therapeutics, Inc.*		500		21,160
Sangamo BioSciences, Inc.*		2,403		13,553
Sequenom, Inc.*		5,097		8,920
Spark Therapeutics, Inc.*		300		12,519
Spectrum Pharmaceuticals, Inc.*		2,414		14,436
Stemline Therapeutics, Inc.*		400		3,532
The Medicines Co.*		2,392		90,800
Theravance Biopharma, Inc.*		1,000		10,990
Theravance, Inc.		3,200		22,976
Trovagene, Inc.*		800		4,552
Ultragenyx Pharmaceutical, Inc.*		1,400		134,834
Verastem, Inc.*		600		1,074
Versartis, Inc.*		700		8,071
XOMA Corp.*		3,600		2,706
ZIOPHARM Oncology, Inc.*		3,927		35,382

				2,055,838

Building Materials — 1.2%
AAON, Inc.		1,585		30,717
Apogee Enterprises, Inc.		1,043		46,570
Boise Cascade Co.*		1,400		35,308
Builders FirstSource, Inc.*		1,573		19,946
Comfort Systems USA, Inc.		1,227		33,448
Continental Building Products, Inc.*		1,100		22,594
Drew Industries, Inc.		891		48,658
Gibraltar Industries, Inc.*		1,101		20,203
Griffon Corp.		1,256		19,807
Headwaters, Inc.*		2,880		54,144
Louisiana-Pacific Corp.*		5,394		76,811
LSI Industries, Inc.		1,314		11,090
Masonite International Corp.*		1,100		66,638
NCI Building Systems, Inc.*		1,264		13,360
Nortek, Inc.*		400		25,324
Patrick Industries, Inc.*		450		17,771
PGT, Inc.*		1,700		20,876
Ply Gem Holdings, Inc.*		600		7,020
Quanex Building Products Corp.		1,425		25,892
Simpson Manufacturing Co., Inc.		1,685		56,431
Stock Building Supply Holdings, Inc.*		300		5,283
Summit Materials, Inc.*		900		16,893
Trex Co., Inc.*		1,262		42,062
Universal Forest Products, Inc.		783		45,163
US Concrete, Inc.*		600		28,674

				790,683

Chemicals — 1.5%
A. Schulman, Inc.		1,188		38,574
Aceto Corp.		1,042		28,603
American Vanguard Corp.		1,078		12,462
Axiall Corp.		2,600		40,794
Balchem Corp.		1,205		73,228
Chemtura Corp.*		2,514		71,951
Ferro Corp.*		2,638		28,886
H.B. Fuller Co.		1,780		60,413
Hawkins, Inc.		449		17,286


	Number of Shares		Value†

Chemicals — (continued)
Innophos Holdings, Inc.		796	$	31,553
Innospec, Inc.		900		41,859
Intrepid Potash, Inc.*		2,100		11,634
KMG Chemicals, Inc.		200		3,858
Kraton Performance Polymers, Inc.*		1,241		22,214
Kronos Worldwide, Inc.		900		5,589
Landec Corp.*		1,218		14,214
Minerals Technologies, Inc.		1,328		63,956
Oil-Dri Corp. of America		97		2,221
Olin Corp.		2,792		46,934
OM Group, Inc.		1,254		41,244
OMNOVA Solutions, Inc.*		2,368		13,119
PolyOne Corp.		3,355		98,436
Quaker Chemical Corp.		511		39,388
Rayonier Advanced Materials, Inc.		1,400		8,568
Rentech, Inc.*		718		4,021
Sensient Technologies Corp.		1,674		102,616
Stepan Co.		708		29,460
Tronox Ltd., Class A		2,400		10,488

				963,569

Coal — 0.1%
Cloud Peak Energy, Inc.*		2,600		6,838
Peabody Energy Corp.*		9,500		13,110
SunCoke Energy, Inc.		2,341		18,213
Westmoreland Coal Co.*		600		8,454

				46,615

Commercial Services — 5.0%
ABM Industries, Inc.		2,139		58,416
Acacia Research Corp.		1,880		17,070
Albany Molecular Research, Inc.*		900		15,678
American Public Education, Inc.*		755		17,705
AMN Healthcare Services, Inc.*		1,909		57,289
Apollo Education Group, Inc., Class A*		3,300		36,498
ARC Document Solutions, Inc.*		1,436		8,544
Arrowhead Research Corp.*		2,100		12,096
Ascent Capital Group Inc., Class A*		531		14,539
Barrett Business Services, Inc.		342		14,682
Bridgepoint Education, Inc.*		480		3,658
Bright Horizons Family Solutions, Inc.*		1,300		83,512
Capella Education Co.		407		20,155
Cardtronics, Inc.*		1,763		57,650
Career Education Corp.*		2,300		8,648
Carriage Services, Inc.		600		12,954
CBIZ, Inc.*		1,340		13,159
CDI Corp.		741		6,336
CEB, Inc.		1,269		86,723
Civeo Corp.		3,700		5,476
Collectors Universe, Inc.		400		6,032
CorVel Corp.*		462		14,923
CRA International, Inc.*		274		5,913
Cross Country Healthcare, Inc.*		1,084		14,753
Deluxe Corp.		1,807		100,722
DeVry Education Group, Inc.		2,300		62,583
Electro Rent Corp.		715		7,422
Ennis, Inc.		858		14,895
Euronet Worldwide, Inc.*		1,955		144,846


	Number of Shares		Value†
COMMON STOCKS — (continued)
Commercial Services — (continued)
Everi Holdings, Inc.*		2,396	$	12,291
EVERTEC, Inc.		2,600		46,982
ExamWorks Group, Inc.*		1,500		43,860
ExlService Holdings, Inc.*		1,200		44,316
Forrester Research, Inc.		375		11,790
Franklin Covey Co.*		241		3,870
FTI Consulting, Inc.*		1,556		64,590
Grand Canyon Education, Inc.*		1,756		66,710
Great Lakes Dredge & Dock Corp.*		2,751		13,865
Green Dot Corp.*		1,400		24,640
Healthcare Services Group, Inc.		2,680		90,316
HealthEquity, Inc.*		1,300		38,415
Heartland Payment Systems, Inc.		1,269		79,960
Heidrick & Struggles International, Inc.		669		13,012
HMS Holdings Corp.*		3,415		29,950
Huron Consulting Group, Inc.*		828		51,775
ICF International, Inc.*		748		22,732
INC Research Holdings, Inc.*		500		20,000
Insperity, Inc.		724		31,805
K12, Inc.*		1,152		14,331
Kelly Services, Inc., Class A		1,014		14,338
Kforce, Inc.		1,086		28,540
Korn/Ferry International		1,790		59,195
Landauer, Inc.		480		17,755
LendingTree, Inc.*		200		18,606
Liberty Tax, Inc.		200		4,658
LifeLock, Inc.*		3,200		28,032
Matthews International Corp., Class A		1,205		59,009
MAXIMUS, Inc.		2,388		142,229
McGrath RentCorp		953		25,436
Medifast, Inc.*		331		8,891
MoneyGram International, Inc.*		878		7,042
Monro Muffler Brake, Inc.		1,237		83,559
Monster Worldwide, Inc.*		3,900		25,038
Multi-Color Corp.		467		35,721
National Research Corp.		687		8,203
Navigant Consulting, Inc.*		1,984		31,565
On Assignment, Inc.*		1,952		72,029
PAREXEL International Corp.*		1,999		123,778
Paylocity Holding Corp.*		500		14,995
Pendrell Corp.*		5,800		4,176
PFSWeb, Inc.*		400		5,688
Quad/Graphics, Inc.		1,000		12,100
Rent-A-Center, Inc.		1,953		47,360
Resources Connection, Inc.		1,322		19,922
RPX Corp.*		2,100		28,812
ServiceSource International, Inc.*		2,400		9,600
Sotheby’s		2,341		74,865
SP Plus Corp.*		393		9,098
Steiner Leisure Ltd.*		543		34,307
Strayer Education, Inc.*		400		21,988
Team Health Holdings, Inc.*		2,572		138,965
Team, Inc.*		792		25,439
TeleTech Holdings, Inc.		707		18,940
The Advisory Board Co.*		1,550		70,587
The Brink’s Co.		1,710		46,187


	Number of Shares		Value†

Commercial Services — (continued)
The Hackett Group, Inc.		516	$	7,095
The Providence Service Corp.*		400		17,432
TriNet Group, Inc.*		1,400		23,520
TrueBlue, Inc.*		1,576		35,413
Universal Technical Institute, Inc.		525		1,843
Vectrus, Inc.*		300		6,612
Viad Corp.		771		22,351
Weight Watchers International, Inc.*		1,200		7,656
Xoom Corp.*		1,300		32,344

				3,179,006

Computers — 2.5%
A10 Networks, Inc.*		800		4,792
Agilysys, Inc.*		376		4,181
Barracuda Networks, Inc.*		200		3,116
CACI International, Inc., Class A*		850		62,874
Carbonite, Inc.*		800		8,904
Ciber, Inc.*		3,557		11,311
Convergys Corp.		3,483		80,492
Cray, Inc.*		1,399		27,714
Datalink Corp.*		900		5,373
Diebold, Inc.		2,300		68,471
Digimarc Corp.*		300		9,165
Dot Hill Systems Corp.*		2,700		26,271
Electronics for Imaging, Inc.*		1,824		78,943
Engility Holdings, Inc.		700		18,046
EPAM Systems, Inc.*		1,800		134,136
Immersion Corp.*		842		9,456
Insight Enterprises, Inc.*		1,543		39,887
LivePerson, Inc.*		1,925		14,553
Manhattan Associates, Inc.*		2,668		166,216
Mentor Graphics Corp.		3,676		90,540
Mercury Systems, Inc.*		1,036		16,483
MTS Systems Corp.		560		33,662
NetScout Systems, Inc.*		3,465		122,557
Nimble Storage, Inc.*		1,800		43,416
Qualys, Inc.*		900		25,614
Quantum Corp.*		8,761		6,109
RealD, Inc.*		1,608		15,453
Science Applications International Corp.		1,600		64,336
Silicon Graphics International Corp.*		1,366		5,368
Silver Spring Networks, Inc.*		1,500		19,320
Stratasys Ltd.*		1,800		47,682
Super Micro Computer, Inc.*		1,271		34,647
Sykes Enterprises, Inc.*		1,536		39,168
Synaptics, Inc.*		1,316		108,517
Syntel, Inc.*		1,160		52,560
The KEYW Holding Corp.*		1,300		7,995
Unisys Corp.*		1,724		20,516
Varonis Systems, Inc.*		300		4,674
Violin Memory, Inc.*		3,500		4,830
Virtusa Corp.*		1,089		55,877
Vocera Communications, Inc.*		800		9,128

				1,602,353

Cosmetics & Personal Care — 0.1%
Elizabeth Arden, Inc.*		760		8,884
Inter Parfums, Inc.		624		15,481


	Number of Shares		Value†
COMMON STOCKS — (continued)
Cosmetics & Personal Care — (continued)
Revlon, Inc., Class A*		570	$	16,787

				41,152

Distribution & Wholesale — 0.7%
Beacon Roofing Supply, Inc.*		1,981		64,363
Core-Mark Holding Co., Inc.		882		57,727
Essendant, Inc.		1,519		49,261
H&E Equipment Services, Inc.		1,159		19,378
Owens & Minor, Inc.		2,276		72,695
Pool Corp.		1,576		113,945
Rentrak Corp.*		465		25,143
ScanSource, Inc.*		1,181		41,878
Titan Machinery, Inc.*		523		6,004
Veritiv Corp.*		300		11,172

				461,566

Diversified Financial Services — 2.4%
Aircastle Ltd.		2,176		44,847
Altisource Asset Management Corp.*		53		1,269
Altisource Portfolio Solutions SA*		500		11,920
Ashford, Inc.*		26		1,650
BGC Partners, Inc., Class A		6,907		56,776
Blackhawk Network Holdings, Inc.*		2,000		84,780
Calamos Asset Management, Inc., Class A		469		4,446
Cohen & Steers, Inc.		817		22,427
Cowen Group, Inc., Class A*		3,790		17,283
Diamond Hill Investment Group, Inc.		107		19,906
Ellie Mae, Inc.*		1,100		73,227
Encore Capital Group, Inc.*		997		36,889
Enova International, Inc.*		1,029		10,516
Evercore Partners, Inc., Class A		1,222		61,393
Federal Agricultural Mortgage Corp., Class C		300		7,779
Financial Engines, Inc.		1,900		55,993
FNFV Group*		2,800		32,816
GAIN Capital Holdings, Inc.		800		5,824
GAMCO Investors, Inc., Class A		262		14,384
Greenhill & Co., Inc.		1,100		31,317
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,000		17,220
Impac Mortgage Holdings, Inc.*		500		8,175
INTL. FCstone, Inc.*		593		14,641
Investment Technology Group, Inc.		1,300		17,342
Janus Capital Group, Inc.		5,600		76,160
KCG Holdings, Inc.*		1,181		12,956
Ladder Capital Corp.Class A		1,400		20,048
Ladenburg Thalmann Financial Services, Inc.*		4,000		8,440
MarketAxess Holdings, Inc.		1,399		129,939
Marlin Business Services Corp.		200		3,078
Moelis & Co., Class A		600		15,756
Nationstar Mortgage Holdings, Inc.*		1,300		18,031
Nelnet, Inc., Class A		799		27,653
NewStar Financial, Inc.*		1,300		10,660
Ocwen Financial Corp.*		3,800		25,498
OM Asset Management PLC		900		13,878
On Deck Capital, Inc.*		400		3,960
Oppenheimer Holdings, Inc., Class A		238		4,762


	Number of Shares		Value†

Diversified Financial Services — (continued)
PennyMac Financial Service, Class A*		500	$	8,000
PHH Corp.*		1,989		28,085
Piper Jaffray Cos.*		687		24,849
PRA Group, Inc.*		1,748		92,504
Pzena Investment Management, Inc., Class A		130		1,157
RCS Capital Corp.*		1,600		1,296
Regional Management Corp.*		200		3,100
Stifel Financial Corp.*		2,506		105,503
Stonegate Mortgage Corp.*		300		2,133
Teton Advisors, Inc., Class B~		2		80
The J.G. Wentworth Company, Class A*		400		1,972
Virtu Financial, Inc., Class A		600		13,752
Virtus Investment Partners, Inc.		272		27,336
Wageworks, Inc.*		1,300		58,604
Walter Investment Management Corp.*		1,353		21,986
Westwood Holdings Group, Inc.		311		16,903
WisdomTree Investments, Inc.		4,100		66,133
World Acceptance Corp.*		262		7,032

				1,504,064

Electric — 2.1%
ALLETE, Inc.		1,851		93,457
Ameresco, Inc., Class A*		1,100		6,468
Atlantic Power Corp.		4,127		7,676
Avista Corp.		2,239		74,447
Black Hills Corp.		1,748		72,262
Cleco Corp.		2,271		120,908
Dynegy, Inc.*		4,600		95,082
El Paso Electric Co.		1,577		58,065
EnerNOC, Inc.*		1,300		10,270
IDACORP, Inc.		1,901		123,014
MGE Energy, Inc.		1,342		55,277
NorthWestern Corp.		1,780		95,817
NRG Yield, Inc.		1,000		11,150
NRG Yield, Inc.		2,500		29,025
Ormat Technologies, Inc.		1,200		40,836
Otter Tail Corp.		1,292		33,670
PNM Resources, Inc.		2,910		81,626
Portland General Electric Co.		3,256		120,374
Talen Energy Corp.*		2,900		29,290
The Empire District Electric Co.		1,719		37,870
UIL Holdings Corp.		1,991		100,088
Unitil Corp.		663		24,451

				1,321,123

Electrical Components & Equipment — 0.8%
Advanced Energy Industries, Inc.*		1,393		36,636
Belden, Inc.		1,555		72,603
Encore Wire Corp.		771		25,189
EnerSys		1,623		86,960
Generac Holdings, Inc.*		2,649		79,708
General Cable Corp.		1,900		22,610
Graham Corp.		466		8,225
Insteel Industries, Inc.		691		11,111
Littelfuse, Inc.		878		80,030
Powell Industries, Inc.		429		12,913
PowerSecure International, Inc.*		800		9,216
Universal Display Corp.*		1,549		52,511


	Number of Shares		Value†
COMMON STOCKS — (continued)
Electrical Components & Equipment — (continued)
Vicor Corp.*		422	$	4,304

				502,016

Electronics — 2.1%
American Science & Engineering, Inc.		278		9,886
Applied Optoelectronics, Inc.*		700		13,146
AVX Corp.		1,600		20,944
Badger Meter, Inc.		459		26,649
Bel Fuse, Inc., Class B		269		5,229
Benchmark Electronics, Inc.*		2,077		45,195
Brady Corp., Class A		1,857		36,509
Checkpoint Systems, Inc.		1,545		11,201
Coherent, Inc.*		873		47,753
Control4 Corp.*		400		3,264
CTS Corp.		1,263		23,378
ESCO Technologies, Inc.		1,034		37,121
FARO Technologies, Inc.*		620		21,700
FEI Co.		1,546		112,920
Fluidigm Corp.*		1,100		8,921
GSl Group, Inc.*		1,500		19,095
II-VI, Inc.*		2,056		33,060
IMAX Corp.*		2,200		74,338
Imprivata, Inc.*		300		5,331
Itron, Inc.*		1,500		47,865
Kimball Electronics, Inc.*		933		11,131
Mesa Laboratories, Inc.		100		11,140
Methode Electronics, Inc.		1,460		46,574
Multi-Fineline Electronix, Inc.*		152		2,538
Newport Corp.*		1,463		20,116
NVE Corp.		209		10,145
OSI Systems, Inc.*		757		58,259
Park Electrochemical Corp.		833		14,652
Plexus Corp.*		1,303		50,270
Rofin-Sinar Technologies, Inc.*		1,186		30,753
Rogers Corp.*		660		35,099
Sanmina Corp.*		3,126		66,803
Sparton Corp.*		400		8,560
Stoneridge, Inc.*		673		8,305
TASER International, Inc.*		2,011		44,292
Tech Data Corp.*		1,300		89,050
TTM Technologies, Inc.*		2,429		15,133
Vishay Intertechnology, Inc.		4,800		46,512
Vishay Precision Group, Inc.*		300		3,477
Watts Water Technologies, Inc., Class A		1,117		59,000
Woodward, Inc.		2,323		94,546
ZAGG, Inc.*		900		6,111

				1,335,971

Energy-Alternate Sources — 0.3%
Abengoa Yield PLC		1,700		28,135
Clean Energy Fuels Corp.*		2,900		13,050
Enphase Energy, Inc.*		400		1,480
FuelCell Energy, Inc.*		6,981		5,130
FutureFuel Corp.		1,100		10,868
Green Plains, Inc.		1,467		28,548
Pacific Ethanol, Inc.*		900		5,841
Pattern Energy Group, Inc.		1,900		36,271
Plug Power, Inc.*		6,800		12,444


	Number of Shares		Value†

Energy-Alternate Sources — (continued)
Renewable Energy Group, Inc.*		1,600	$	13,248
REX American Resources Corp.*		192		9,719
Solazyme, Inc.*		3,100		8,060
Vivint Solar, Inc.*		800		8,384

				181,178

Engineering & Construction — 0.7%
Aegion Corp.*		1,555		25,626
Argan, Inc.		536		18,588
Dycom Industries, Inc.*		1,153		83,431
EMCOR Group, Inc.		2,363		104,563
Exponent, Inc.		1,040		46,342
Granite Construction, Inc.		1,444		42,844
Hill International, Inc.*		1,500		4,920
MasTec, Inc.*		2,464		39,005
McDermott International, Inc.*		9,300		39,990
Mistras Group, Inc.*		800		10,280
MYR Group, Inc.*		683		17,895
Orion Marine Group, Inc.*		1,137		6,799
Tutor Perini Corp.*		1,397		22,995
VSE Corp.		104		4,167

				467,445

Entertainment — 1.1%
AMC Entertainment Holdings, Inc., Class A		800		20,152
Carmike Cinemas, Inc.*		800		16,072
Churchill Downs, Inc.		520		69,581
DreamWorks Animation SKG, Inc., Class A*		2,700		47,115
Eldorado Resorts, Inc.*		1,000		9,020
Eros International PLC*		900		24,471
International Speedway Corp.		1,100		34,892
Isle of Capri Casinos, Inc.*		841		14,667
Marriott Vacations Worldwide Corp.		1,000		68,140
National CineMedia, Inc.		2,374		31,859
Penn National Gaming, Inc.*		3,200		53,696
Pinnacle Entertainment, Inc.*		2,182		73,839
Reading International, Inc., Class A*		700		8,869
Scientific Games Corp., Class A*		1,900		19,855
Seaworld Entertainment, Inc.		2,400		42,744
SFX Entertainment, Inc.*		1,500		765
Speedway Motorsports, Inc.		316		5,704
Vail Resorts, Inc.		1,346		140,899

				682,340

Environmental Control — 0.4%
Calgon Carbon Corp.		2,162		33,684
Casella Waste Systems, Inc., Class A*		2,300		13,340
CECO Environmental Corp.		709		5,807
Darling Ingredients, Inc.*		6,267		70,441
Heritage-Crystal Clean, Inc.*		200		2,054
MSA Safety, Inc.		1,021		40,809
Tetra Tech, Inc.		2,364		57,469
TRC Cos., Inc.*		900		10,647
U.S. Ecology, Inc.		742		32,388

				266,639

Food — 2.0%
B&G Foods, Inc.		2,172		79,169


	Number of Shares		Value†
COMMON STOCKS — (continued)
Food — (continued)
Boulder Brands, Inc.*		2,579	$	21,122
Cal-Maine Foods, Inc.		1,246		68,044
Calavo Growers, Inc.		451		20,133
Dean Foods Co.		3,700		61,124
Diamond Foods, Inc.*		776		23,947
Fairway Group Holdings Corp.*		600		630
Fresh Del Monte Produce, Inc.		1,216		48,044
Ingles Markets, Inc., Class A		404		19,323
Inventure Foods, Inc.*		500		4,440
J&J Snack Foods Corp.		532		60,467
John B. Sanfilippo & Son, Inc.		400		20,504
Lancaster Colony Corp.		672		65,507
Lifeway Foods, Inc.*		87		912
NutriSystem, Inc.		1,037		27,501
Post Holdings, Inc.*		2,200		130,020
Sanderson Farms, Inc.		834		57,187
Seaboard Corp.*		11		33,869
Seneca Foods Corp., Class A*		211		5,560
Senomyx, Inc.*		1,800		8,028
Smart & Final Stores, Inc.*		1,100		17,281
Snyder’s-Lance, Inc.		1,879		63,379
SpartanNash Co.		1,530		39,551
SUPERVALU, Inc.*		9,300		66,774
The Chefs’ Warehouse Holdings, Inc.*		750		10,620
The Fresh Market, Inc.*		1,700		38,403
Tootsie Roll Industries, Inc.		835		26,127
TreeHouse Foods, Inc.*		1,614		125,553
United Natural Foods, Inc.*		1,900		92,169
Village Super Market, Inc., Class A		268		6,327
Weis Markets, Inc.		466		19,456

				1,261,171

Forest Products & Paper — 0.4%
Clearwater Paper Corp.*		778		36,753
Deltic Timber Corp.		392		23,446
KapStone Paper and Packaging Corp.		3,240		53,492
Neenah Paper, Inc.		574		33,453
Orchids Paper Products Co.		400		10,440
P.H. Glatfelter Co.		1,659		28,568
Schweitzer-Mauduit International, Inc.		1,176		40,431
Wausau Paper Corp.		1,781		11,398

				237,981

Gas — 1.2%
Chesapeake Utilities Corp.		535		28,398
New Jersey Resources Corp.		3,264		98,018
Northwest Natural Gas Co.		1,050		48,132
ONE Gas, Inc.		2,000		90,660
Piedmont Natural Gas Co., Inc.		2,951		118,246
South Jersey Industries, Inc.		2,480		62,620
Southwest Gas Corp.		1,794		104,626
The Laclede Group, Inc.		1,656		90,302
WGL Holdings, Inc.		1,794		103,460

				744,462

Hand & Machine Tools — 0.1%
Franklin Electric Co., Inc.		1,670		45,474


	Number of Shares		Value†

Healthcare Products — 3.9%
Abaxis, Inc.		829	$	36,468
ABIOMED, Inc.*		1,489		138,120
Accelerate Diagnostics, Inc.*		951		15,387
Accuray, Inc.*		2,738		13,676
Affymetrix, Inc.*		2,371		20,248
Analogic Corp.		507		41,594
AngioDynamics, Inc.*		958		12,636
AtriCure, Inc.*		1,200		26,292
Atrion Corp.		37		13,874
BioTelemetry, Inc.*		800		9,792
Cantel Medical Corp.		1,275		72,293
Cardiovascular Systems, Inc.*		1,000		15,840
Cepheid, Inc.*		2,680		121,136
Cerus Corp.*		3,600		16,344
Cimpress NV*		1,200		91,332
CONMED Corp.		1,003		47,883
CryoLife, Inc.		1,399		13,612
Cutera, Inc.*		500		6,540
Cyberonics, Inc.*		1,032		62,725
Cynosure, Inc., Class A*		694		20,848
Endologix, Inc.*		2,298		28,174
Exactech, Inc.*		209		3,643
GenMark Diagnostics, Inc.*		1,200		9,444
Genomic Health, Inc.*		509		10,770
Globus Medical, Inc.*		2,600		53,716
Greatbatch, Inc.*		993		56,025
Haemonetics Corp.*		1,946		62,895
Halyard Health, Inc.*		1,700		48,348
Hanger, Inc.*		1,408		19,205
HeartWare International, Inc.*		689		36,042
ICU Medical, Inc.*		479		52,451
Inogen, Inc.*		500		24,275
Insulet Corp.*		2,146		55,603
Integra LifeSciences Holdings Corp.*		1,026		61,098
Intersect ENT, Inc.*		500		11,700
Invacare Corp.		1,190		17,219
Invivo Therapeutics Holdings Corp.*		900		7,758
K2M Group Holdings, Inc.*		600		11,160
LDR Holding Corp.*		900		31,077
LeMaitre Vascular, Inc.		400		4,876
Luminex Corp.*		1,353		22,879
Masimo Corp.*		1,504		57,994
Merge Healthcare, Inc.*		1,657		11,765
Meridian Bioscience, Inc.		1,760		30,096
Merit Medical Systems, Inc.*		1,575		37,658
MiMedx Group, Inc.*		3,800		36,670
Nanostring Technologies, Inc.*		600		9,600
Natus Medical, Inc.*		1,175		46,354
Navidea Biopharmaceuticals, Inc.*		6,000		13,680
NuVasive, Inc.*		1,706		82,263
NxStage Medical, Inc.*		2,284		36,019
Ocular Therapeutix, Inc.*		700		9,842
OraSure Technologies, Inc.*		2,201		9,772
Orthofix International N.V.*		671		22,646
Quidel Corp.*		1,051		19,843
Rockwell Medical, Inc.*		1,800		13,878


	Number of Shares		Value†
COMMON STOCKS — (continued)
Healthcare Products — (continued)
SeaSpine Holdings Corp.*		308	$	4,990
Sientra, Inc.*		200		2,030
STAAR Surgical Co.*		1,400		10,864
STERIS Corp.		2,232		145,013
SurModics, Inc.*		373		8,146
Tandem Diabetes Care, Inc.*		400		3,524
The Spectranetics Corp.*		1,465		17,272
Thoratec Corp.*		2,000		126,520
Tornier N.V.*		1,200		24,468
Unilife Corp.*		3,410		3,342
Utah Medical Products, Inc.		200		10,774
Vascular Solutions, Inc.*		483		15,654
West Pharmaceutical Services, Inc.		2,678		144,933
Wright Medical Group, Inc.*		1,861		39,118
Zeltiq Aesthetics, Inc.*		1,100		35,233

				2,454,959

Healthcare Services — 1.9%
AAC Holdings, Inc.*		200		4,450
Addus Homecare Corp.*		400		12,460
Adeptus Health, Inc., Class A*		200		16,152
Air Methods Corp.*		1,487		50,692
Alliance HealthCare Services, Inc.*		200		1,952
Almost Family, Inc.		177		7,089
Amedisys, Inc.*		1,006		38,198
Amsurg Corp.*		1,723		133,894
Capital Senior Living Corp.*		1,036		20,772
Catalent, Inc.*		3,000		72,900
Chemed Corp.		629		83,953
Civitas Solutions, Inc.*		400		9,168
Five Star Quality Care, Inc.*		2,500		7,725
Genesis Healthcare, Inc.*		561		3,439
HealthSouth Corp.		3,336		128,002
Healthways, Inc.*		1,258		13,989
IPC Healthcare, Inc.*		647		50,265
Kindred Healthcare, Inc.		2,774		43,690
LHC Group, Inc.*		382		17,102
Magellan Health Services, Inc.*		1,041		57,703
Molina Healthcare, Inc.*		1,468		101,072
National Healthcare Corp.		406		24,721
Nobilis Health Corp.*		1,200		6,264
OvaScience, Inc.*		800		6,792
RadNet, Inc.*		1,500		8,325
Select Medical Holdings Corp.		3,700		39,923
Surgical Care Affiliates, Inc.*		700		22,883
The Ensign Group, Inc.		940		40,072
Triple-S Management Corp., Class B*		791		14,088
U.S. Physical Therapy, Inc.		491		22,041
Universal American Corp.*		1,780		12,175
WellCare Health Plans, Inc.*		1,626		140,129

				1,212,080

Holding Companies — 0.2%
FCB Financial Holdings Inc*		1,000		32,620
HRG Group, Inc.*		2,775		32,551
National Bank Holdings Corp.		1,400		28,742
Resource America, Inc., Class A		1,000		6,650


	Number of Shares		Value†

Holding Companies — (continued)
Tiptree Financial, Inc.		1,100	$	7,040

				107,603

Home Builders — 0.8%
Beazer Homes USA, Inc.*		924		12,317
Cavco Industries, Inc.*		369		25,125
Century Communities, Inc.*		500		9,925
Green Brick Partners, Inc.*		1,100		11,913
Hovnanian Enterprises, Inc., Class A*		4,810		8,514
Installed Building Products, Inc.*		700		17,696
KB Home		2,900		39,295
LGI Homes, Inc.*		400		10,876
M/I Homes, Inc.*		836		19,713
MDC Holdings, Inc.		1,500		39,270
Meritage Homes Corp.*		1,490		54,415
Standard Pacific Corp.*		5,590		44,720
Taylor Morrison Home Corp.*		1,100		20,526
The New Home Co., Inc.*		600		7,770
The Ryland Group, Inc.		1,746		71,289
TRI Pointe Homes, Inc.*		5,700		74,613
WCI Communities, Inc.*		400		9,052
William Lyon Homes, Class A*		600		12,360
Winnebago Industries, Inc.		1,122		21,486

				510,875

Home Furnishings — 0.5%
American Woodmark Corp.*		469		30,424
Bassett Furniture Industries, Inc.		300		8,355
Daktronics, Inc.		1,209		10,482
DTS, Inc.*		703		18,770
Ethan Allen Interiors, Inc.		1,028		27,149
Flexsteel Industries, Inc.		200		6,250
Hooker Furniture Corp.		300		7,062
iRobot Corp.*		1,082		31,530
Kimball International, Inc., Class B		1,244		11,768
La-Z-Boy, Inc.		1,962		52,111
Select Comfort Corp.*		2,072		45,335
Skullcandy, Inc.*		407		2,251
TiVo, Inc.*		3,955		34,250
Universal Electronics, Inc.*		600		25,218
VOXX International Corp.*		825		6,122

				317,077

Hotels & Resorts — 0.1%
Caesars Entertainment Corp.*		2,000		11,780
La Quinta Holdings Inc*		3,300		52,074

				63,854

Household Products & Wares — 0.5%
ACCO Brands Corp.*		4,393		31,059
Central Garden & Pet Co., Class A*		1,202		19,364
CSS Industries, Inc.		212		5,584
Helen of Troy Ltd.*		995		88,853
Prestige Brands Holdings, Inc.*		1,972		89,056
Tumi Holdings, Inc.*		1,800		31,716
WD-40 Co.		546		48,632

				314,264


	Number of Shares		Value†
COMMON STOCKS — (continued)
Housewares — 0.0%
Libbey, Inc.		800	$	26,088
Lifetime Brands, Inc.		200		2,796

				28,884

Insurance — 3.0%
Ambac Financial Group, Inc.*		1,700		24,599
American Equity Investment Life Holding Co.		2,876		67,040
AMERISAFE, Inc.		708		35,209
Argo Group International Holdings Ltd.		945		53,478
Atlas Financial Holdings, Inc.*		400		7,400
Baldwin & Lyons, Inc., Class B		325		7,052
Citizens, Inc.*		1,466		10,878
CNO Financial Group, Inc.		7,393		139,062
Crawford & Co., Class B		1,538		8,628
Donegal Group, Inc., Class A		283		3,979
eHealth, Inc.*		720		9,223
EMC Insurance Group, Inc.		150		3,482
Employers Holdings, Inc.		1,282		28,576
Enstar Group Ltd.*		374		56,100
Essent Group Ltd.*		2,000		49,700
FBL Financial Group, Inc., Class A		327		20,117
Federated National Holding Co.		500		12,010
Fidelity & Guaranty Life		500		12,270
First American Financial Corp.		3,873		151,318
Global Indemnity PLC*		383		10,023
Greenlight Capital Re, Ltd., Class A*		1,128		25,132
Hallmark Financial Services, Inc.*		255		2,930
HCI Group, Inc.		300		11,631
Heritage Insurance Holdings, Inc.*		800		15,784
Hilltop Holdings, Inc.*		2,983		59,093
Horace Mann Educators Corp.		1,509		50,129
Infinity Property & Casualty Corp.		420		33,827
James River Group Holdings		400		10,756
Kansas City Life Insurance Co.		73		3,430
Kemper Corp.		1,500		53,055
Maiden Holdings Ltd.		1,768		24,540
MBIA, Inc.*		5,500		33,440
MGIC Investment Corp.*		12,827		118,778
National General Holdings Corp.		1,500		28,935
National Interstate Corp.		402		10,725
National Western Life Insurance Co.,Class A		52		11,580
NMI Holdings, Inc., Class A*		2,100		15,960
OneBeacon Insurance Group Ltd., Class A		1,100		15,444
Primerica, Inc.		1,800		81,126
Radian Group, Inc.		7,203		114,600
RLI Corp.		1,522		81,473
Safety Insurance Group, Inc.		482		26,100
Selective Insurance Group, Inc.		2,175		67,555
State Auto Financial Corp.		776		17,701
State National Cos., Inc.		1,000		9,350
Stewart Information Services Corp.		808		33,055
Symetra Financial Corp.		2,900		91,756
The Navigators Group, Inc.*		395		30,802
Third Point Reinsurance Ltd.*		3,000		40,350
United Fire Group, Inc.		680		23,834
United Insurance Holdings Corp.		800		10,520


	Number of Shares		Value†

Insurance — (continued)
Universal Insurance Holdings, Inc.		1,251	$	36,955

				1,900,490

Internet — 2.0%
1-800-Flowers.com, Inc., Class A*		737		6,707
Angie’s List, Inc.*		1,600		8,064
Bankrate, Inc.*		2,723		28,183
Bazaarvoice, Inc.*		1,900		8,569
Blucora, Inc.		1,496		20,600
Blue Nile, Inc.*		439		14,724
Boingo Wireless, Inc.*		900		7,452
Box, Inc., Class A*		500		6,290
Brightcove, Inc.*		1,200		5,904
ChannelAdvisor Corp.*		900		8,946
Chegg, Inc.*		3,100		22,351
Cogent Communications Holdings, Inc.		1,819		49,404
comScore, Inc.*		1,259		58,103
Constant Contact, Inc.*		1,165		28,240
Coupons.com, Inc.*		2,100		18,900
Dealertrack Technologies, Inc.*		1,996		126,067
DHI Group, Inc.*		1,163		8,502
Endurance International Group Holdings, Inc.*		2,100		28,056
ePlus, Inc.*		174		13,758
Etsy, Inc.*		600		8,214
FTD Cos, Inc.*		818		24,376
Global Eagle Entertainment, Inc.*		1,500		17,220
GrubHub, Inc.*		2,700		65,718
HealthStream, Inc.*		900		19,629
Internap Corp.*		1,921		11,776
IntraLinks Holdings, Inc.*		1,700		14,093
Limelight Networks, Inc.*		1,172		2,239
Lionbridge Technologies, Inc.*		2,243		11,080
Liquidity Services, Inc.*		1,035		7,649
Marketo, Inc.*		1,100		31,262
Moduslink Global Solutions, Inc.*		945		2,703
New Media Investment Group, Inc.		1,700		26,282
NIC, Inc.		2,629		46,560
Overstock.com, Inc.*		571		9,798
Perficient, Inc.*		1,245		19,210
Q2 Holdings, Inc.*		600		14,832
QuinStreet, Inc.*		1,815		10,073
RealNetworks, Inc.*		515		2,106
Reis, Inc.		400		9,060
RetailMeNot, Inc.*		1,300		10,712
RingCentral, Inc., Class A*		1,900		34,485
Safeguard Scientifics, Inc.*		550		8,547
Shutterfly, Inc.*		1,290		46,117
Shutterstock, Inc.*		600		18,144
Stamps.com, Inc.*		462		34,193
TechTarget, Inc.*		500		4,260
TeleCommunication Systems, Inc., Class A*		1,400		4,816
Textura Corp.*		800		20,672
The Rubicon Project, Inc.*		800		11,624
Travelzoo, Inc.*		311		2,572
TrueCar, Inc.*		1,700		8,857
United Online, Inc.*		500		5,000


\	Number of Shares		Value†
COMMON STOCKS — (continued)
Internet — (continued)
VASCO Data Security International, Inc.*		1,028	$	17,517
VirnetX Holding Corp.*		1,583		5,635
Wayfair, Inc., Class A*		700		24,542
Web.com Group, Inc.*		1,500		31,620
WebMD Health Corp.*		1,486		59,202
Wix.com Ltd.*		600		10,452
XO Group, Inc.*		859		12,138
Yodlee, Inc.*		600		9,678
Zendesk, Inc.*		1,900		37,449
Zix Corp.*		1,848		7,780
Zulily Inc., Class A*		2,300		40,020

				1,288,732

Investment Companies — 0.1%
Arlington Asset Investment Corp., Class A		900		12,645
Caesars Acquisition Co., Class A*		1,900		13,490
Real Industry, Inc.*		800		7,056

				33,191

Iron & Steel — 0.3%
AK Steel Holding Corp.*		7,200		17,352
Carpenter Technology Corp.		1,800		53,586
Cliffs Natural Resources, Inc.		5,300		12,932
Commercial Metals Co.		4,100		55,555
Ryerson Holding Corp.*		800		4,200
Schnitzer Steel Industries, Inc., Class A		900		12,186
Timkensteel Corp.		1,400		14,168

				169,979

Leisure Time — 0.5%
Arctic Cat, Inc.		444		9,848
Black Diamond, Inc.*		1,300		8,164
Callaway Golf Co.		2,746		22,929
ClubCorp Holdings, Inc.		1,500		32,190
Diamond Resorts International, Inc.*		1,400		32,746
Escalade, Inc.		600		9,480
Fox Factory Holding Corp.*		500		8,430
Interval Leisure Group, Inc.		1,416		25,998
Johnson Outdoors, Inc.		200		4,220
Liberty Tripadvisor Holdings, Inc.*		2,700		59,859
Malibu Boats, Inc., Class A*		500		6,990
Marine Products Corp.		160		1,110
Nautilus, Inc.*		1,300		19,500
Performance Sports Group Ltd.*		1,600		21,472
Travelport Worldwide Ltd.		3,700		48,914

				311,850

Lodging — 0.1%
Boyd Gaming Corp.*		3,000		48,900
Intrawest Resorts Holdings, Inc.*		200		1,732
Monarch Casino & Resort, Inc.*		185		3,325
Morgans Hotel Group Co.*		1,494		4,960
The Marcus Corp.		933		18,044

				76,961

Machinery — Construction & Mining — 0.1%
Astec Industries, Inc.		698		23,390
Hyster-Yale Materials Handling, Inc.		344		19,894

				43,284


	Number of Shares		Value†

Machinery - Diversified — 0.5%
Alamo Group, Inc.		317	$	14,820
Albany International Corp., Class A		1,132		32,387
Altra Industrial Motion Corp.		1,003		23,189
Applied Industrial Technologies, Inc.		1,582		60,353
Briggs & Stratton Corp.		1,536		29,660
Chart Industries, Inc.*		1,177		22,610
Columbus McKinnon Corp.		685		12,440
DXP Enterprises, Inc.*		522		14,240
Hurco Cos., Inc.		200		5,248
Kadant, Inc.		499		19,466
Lindsay Corp.		453		30,709
NACCO Industries, Inc., Class A		222		10,556
Power Solutions International, Inc.*		100		2,271
Tennant Co.		736		41,349
The ExOne Co.*		500		3,355
The Gorman-Rupp Co.		751		18,001
Twin Disc, Inc.		235		2,916
Xerium Technologies, Inc.*		400		5,192

				348,762

Media — 1.0%
Central European Media Enterprises Ltd., Class A*		3,100		6,696
Crown Media Holdings, Inc., Class A*		217		1,161
Cumulus Media, Inc., Class A*		5,200		3,660
Daily Journal Corp.*		2		372
Entercom Communications Corp., Class A*		700		7,112
Entravision Communications Corp., Class A		2,800		18,592
Gray Television, Inc.*		2,000		25,520
Hemisphere Media Group, Inc.*		600		8,160
Houghton Mifflin Harcourt Co.*		4,900		99,519
Martha Stewart Living Omnimedia, Inc., Class A*		562		3,350
Media General, Inc.*		3,500		48,965
Meredith Corp.		1,300		55,354
Nexstar Broadcasting Group, Inc., Class A		1,100		52,085
Saga Communications, Inc.		133		4,470
Scholastic Corp.		956		37,246
Sinclair Broadcast Group, Inc., Class A		2,417		61,198
The E.W. Scripps Co., Class A		2,029		35,852
The New York Times Co., Class A		5,321		62,841
Time, Inc.		3,900		74,295
Tribune Publishing Co.		900		7,056
World Wrestling Entertainment, Inc., Class A		1,314		22,207

				635,711

Metal Fabricate/Hardware — 0.7%
Advanced Drainage Systems, Inc.		1,200		34,716
CIRCOR International, Inc.		735		29,488
Furmanite Corp.*		1,354		8,232
Global Brass & Copper Holdings, Inc.		600		12,306
Haynes International, Inc.		564		21,342
L.B. Foster Co., Class A		366		4,495
Mueller Industries, Inc.		2,188		64,721
Mueller Water Products, Inc., Class A		6,192		47,431
NN, Inc.		1,000		18,500
Northwest Pipe Co.*		483		6,308


	Number of Shares		Value†
COMMON STOCKS — (continued)
Metal Fabricate/Hardware — (continued)
Olympic Steel, Inc.		231	$	2,298
Omega Flex, Inc.		59		1,971
RBC Bearings, Inc.*		837		49,994
Rexnord Corp.*		3,600		61,128
Sun Hydraulics Corp.		859		23,597
Worthington Industries, Inc.		1,684		44,592

				431,119

Mining — 0.4%
Century Aluminum Co.*		1,754		8,068
Coeur Mining, Inc.*		3,828		10,795
Energy Fuels, Inc.*		1,600		4,656
Globe Specialty Metals, Inc.		2,414		29,282
Hecla Mining Co.		12,817		25,250
Horsehead Holding Corp.*		1,983		6,028
Kaiser Aluminum Corp.		616		49,434
Materion Corp.		857		25,727
Ring Energy, Inc.*		800		7,896
Stillwater Mining Co.*		4,524		46,733
United States Lime & Minerals, Inc.		29		1,324
US Silica Holdings, Inc.		2,100		29,589

				244,782

Miscellaneous Manufacturing — 1.4%
Actuant Corp., Class A		2,106		38,729
American Railcar Industries, Inc.		400		14,464
AZZ, Inc.		976		47,521
Barnes Group, Inc.		2,065		74,443
Blount International, Inc.*		1,995		11,112
Chase Corp.		200		7,878
CLARCOR, Inc.		1,898		90,497
Core Molding Technologies, Inc.*		300		5,535
EnPro Industries, Inc.		917		35,919
Fabrinet*		1,500		27,495
Federal Signal Corp.		2,343		32,123
FreightCar America, Inc.		570		9,781
GP Strategies Corp.*		400		9,128
Handy & Harman Ltd.*		200		4,796
Harsco Corp.		3,200		29,024
Hillenbrand, Inc.		2,374		61,748
John Bean Technologies Corp.		1,029		39,359
Koppers Holdings, Inc.		820		16,539
LSB Industries, Inc.*		749		11,475
Lydall, Inc.*		600		17,094
Movado Group, Inc.		760		19,631
Myers Industries, Inc.		1,125		15,075
NL Industries, Inc.*		90		269
Park-Ohio Holdings Corp.		400		11,544
Proto Labs, Inc.*		900		60,300
Raven Industries, Inc.		1,346		22,815
Smith & Wesson Holding Corp.*		2,179		36,760
Standex International Corp.		500		37,675
Sturm Ruger & Co., Inc.		619		36,329
Tredegar Corp.		1,061		13,878
TriMas Corp.*		1,795		29,348
Trinseo SA*		600		15,150

				883,434


	Number of Shares		Value†

Office & Business Equipment — 0.0%
Eastman Kodak Co.*		800	$	12,496

Office Furnishings — 0.5%
Herman Miller, Inc.		2,232		64,371
HNI Corp.		1,643		70,484
Interface, Inc.		2,595		58,232
Knoll, Inc.		1,953		42,927
Steelcase, Inc., Class A		3,131		57,642

				293,656

Oil & Gas — 1.3%
Abraxas Petroleum Corp.*		4,100		5,248
Adams Resources & Energy, Inc.		100		4,100
Alon USA Energy, Inc.		952		17,203
Approach Resources, Inc.*		1,341		2,508
Atwood Oceanics, Inc.		2,300		34,063
Bill Barrett Corp.*		2,025		6,682
Bonanza Creek Energy, Inc.*		1,700		6,919
C&J Energy Services Ltd.*		1,830		6,442
Callon Petroleum Co.*		2,000		14,580
Carrizo Oil & Gas, Inc.*		1,965		60,011
Clayton Williams Energy, Inc.*		217		8,422
Contango Oil & Gas Co.*		703		5,343
Delek US Holdings, Inc.		1,998		55,345
Eclipse Resources Corp.*		1,400		2,730
Energy XXI Ltd.		3,733		3,920
Evolution Petroleum Corp.		500		2,775
EXCO Resources, Inc.		6,375		4,781
Fairmount Santrol Holdings, Inc.*		2,200		5,940
Gastar Exploration, Inc.*		2,600		2,990
Halcon Resources Corp.*		9,876		5,234
Isramco, Inc.*		21		2,086
Jones Energy, Inc.*		600		2,874
Magnum Hunter Resources Corp.*		7,500		2,550
Matador Resources Co.*		2,600		53,924
Northern Oil & Gas, Inc.*		2,253		9,958
Oasis Petroleum, Inc.*		5,000		43,400
Panhandle Oil and Gas, Inc., Class A		634		10,245
Par Petroleum Corp.*		500		10,415
Parker Drilling Co.*		5,217		13,721
Parsley Energy, Inc., Class A*		2,900		43,703
PDC Energy, Inc.*		1,412		74,850
Penn Virginia Corp.*		2,412		1,278
Rex Energy Corp.*		1,800		3,726
RSP Permian, Inc.*		1,900		38,475
Sanchez Energy Corp.*		1,900		11,685
SandRidge Energy, Inc.*		14,400		3,888
Seventy Seven Energy, Inc.*		1,800		2,484
Stone Energy Corp.*		2,079		10,312
Synergy Resources Corp.*		3,800		37,240
Transatlantic Petroleum Ltd.*		1,000		2,540
Trecora Resources*		1,000		12,420
Triangle Petroleum Corp.*		2,800		3,976
Ultra Petroleum Corp.*		5,400		34,506
Unit Corp.*		1,800		20,268
W&T Offshore, Inc.		1,643		4,929


	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — (continued)
Western Refining, Inc.		2,537	$	111,932

				822,621

Oil & Gas Services — 0.7%
Basic Energy Services, Inc.*		1,188		3,920
CARBO Ceramics, Inc.		800		15,192
Exterran Holdings, Inc.		2,600		46,800
Flotek Industries, Inc.*		2,000		33,400
Forum Energy Technologies, Inc.*		2,300		28,083
Geospace Technologies Corp.*		476		6,574
Helix Energy Solutions Group, Inc.*		4,101		19,644
Hornbeck Offshore Services, Inc.*		1,378		18,644
ION Geophysical Corp.*		5,465		2,131
Key Energy Services, Inc.*		5,224		2,455
Matrix Service Co.*		987		22,178
MRC Global Inc*		3,600		40,140
Natural Gas Services Group, Inc.*		594		11,464
Newpark Resources, Inc.*		3,512		17,982
North Atlantic Drilling Ltd.*		2,800		2,156
Oil States International, Inc.*		1,800		47,034
Pioneer Energy Services Corp.*		2,650		5,565
SEACOR Holdings, Inc.*		700		41,867
Tesco Corp.		1,400		9,996
TETRA Technologies, Inc.*		2,979		17,606
Thermon Group Holdings, Inc.*		1,100		22,605

				415,436

Packaging and Containers — 0.3%
AEP Industries, Inc.		138		7,912
Berry Plastics Group, Inc.*		4,300		129,301
Greif, Inc., Class A		1,100		35,101

				172,314

Pharmaceuticals — 4.0%
ACADIA Pharmaceuticals, Inc.*		3,000		99,210
Adamas Pharmaceuticals, Inc.*		300		5,022
Aegerion Pharmaceuticals, Inc.*		1,100		14,960
Aerie Pharmaceuticals, Inc.*		700		12,418
Akebia Therapeutics, Inc.*		1,200		11,592
Alimera Sciences, Inc.*		1,100		2,431
Amicus Therapeutics, Inc.*		4,400		61,556
Amphastar Pharmaceuticals, Inc.*		1,100		12,859
Anacor Pharmaceuticals, Inc.*		1,500		176,565
Anika Therapeutics, Inc.*		500		15,915
Antares Pharma, Inc.*		5,200		8,840
Anthera Pharmaceuticals, Inc.*		1,100		6,699
Aratana Therapeutics, Inc.*		900		7,614
Array BioPharma, Inc.*		4,748		21,651
BioDelivery Sciences International, Inc.*		1,900		10,564
BioScrip, Inc.*		2,011		3,761
Biospecifics Technologies Corp.*		100		4,354
Cara Therapeutics, Inc.*		800		11,432
Catalyst Pharmaceuticals, Inc.*		2,400		7,200
Cempra, Inc.*		1,100		30,624
ChemoCentryx, Inc.*		1,000		6,050
Chimerix, Inc.*		1,700		64,940
Clovis Oncology, Inc.*		1,000		91,960
Concert Pharmaceuticals, Inc.*		500		9,385


	Number of Shares		Value†

Pharmaceuticals — (continued)
Corcept Therapeutics, Inc.*		2,900	$	10,904
DepoMed, Inc.*		2,283		43,034
Dicerna Pharmaceuticals, Inc.*		500		4,105
Diplomat Pharmacy, Inc.*		1,300		37,349
Durect Corp.*		3,500		6,825
Dyax Corp.*		5,220		99,650
Eagle Pharmaceuticals, Inc.*		300		22,209
Enanta Pharmaceuticals, Inc.*		600		21,684
Endocyte, Inc.*		1,500		6,870
Esperion Therapeutics, Inc.*		500		11,795
Fibrogen, Inc.*		1,700		37,264
Flexion Therapeutics, Inc.*		400		5,944
Foamix Pharmaceuticals Ltd.*		700		5,131
Heron Therapeutics, Inc.*		900		21,960
Heska Corp.*		300		9,144
IGI Laboratories, Inc.*		1,800		11,772
Ignyta, Inc.*		600		5,268
Immune Design Corp.*		400		4,880
Impax Laboratories, Inc.*		2,637		92,849
Infinity Pharmaceuticals, Inc.*		1,828		15,447
Insys Therapeutics, Inc.*		800		22,768
Intra-Cellular Therapies, Inc.*		800		32,032
Ironwood Pharmaceuticals, Inc.*		4,461		46,484
Keryx Biopharmaceuticals, Inc.*		3,500		12,320
La Jolla Pharmaceutical CO*		400		11,116
Lannett Co., Inc.*		997		41,395
MannKind Corp.*		8,904		28,582
Mirati Therapeutics, Inc.*		300		10,326
Natural Grocers By Vitamin Cottage, Inc.*		400		9,076
Natural Health Trends Corp.		300		9,804
Nature’s Sunshine Products, Inc.		200		2,396
Nektar Therapeutics*		4,833		52,970
Neogen Corp.*		1,302		58,577
Neurocrine Biosciences, Inc.*		3,177		126,413
Nevro Corp.*		500		23,195
Northwest Biotherapeutics, Inc.*		1,600		10,000
Nutraceutical International Corp.*		196		4,627
Omega Protein Corp.*		500		8,485
Ophthotech Corp.*		800		32,416
Orexigen Therapeutics, Inc.*		4,188		8,837
Osiris Therapeutics, Inc.*		773		14,277
Otonomy, Inc.*		300		5,343
Pacira Pharmaceuticals, Inc.*		1,300		53,430
Pernix Therapeutics Holdings, Inc.*		1,500		4,740
PharMerica Corp.*		1,220		34,733
Phibro Animal Health Corp., Class A		700		22,141
Portola Pharmaceuticals, Inc.*		1,700		72,454
POZEN, Inc.*		1,002		5,847
PRA Health Sciences, Inc.*		800		31,064
Progenics Pharmaceuticals, Inc.*		2,601		14,878
Radius Health, Inc.*		1,200		83,172
Raptor Pharmaceutical Corp.*		2,600		15,730
Regulus Therapeutics, Inc.*		500		3,270
Relypsa, Inc.*		1,100		20,361
Revance Therapeutics, Inc.*		400		11,904
Sagent Pharmaceuticals, Inc.*		1,000		15,330


	Number of Shares		Value†
COMMON STOCKS — (continued)
Pharmaceuticals — (continued)
Sarepta Therapeutics, Inc.*		1,400	$	44,954
SciClone Pharmaceuticals, Inc.*		2,277		15,802
Sorrento Therapeutics, Inc.*		900		7,551
Sucampo Pharmaceuticals, Inc., Class A*		871		17,307
Supernus Pharmaceuticals, Inc.*		1,400		19,642
Synergy Pharmaceuticals, Inc.*		4,300		22,790
Synta Pharmaceuticals Corp.*		1,921		3,342
Synutra International, Inc.*		311		1,477
TESARO, Inc.*		800		32,080
Tetraphase Pharmaceuticals, Inc.*		1,200		8,952
TG Therapeutics, Inc.*		1,200		12,096
TherapeuticsMD, Inc.*		4,500		26,370
Threshold Pharmaceuticals, Inc.*		2,000		8,140
Trevena, Inc.*		1,000		10,350
USANA Health Sciences, Inc.*		224		30,023
Vanda Pharmaceuticals, Inc.*		1,241		13,998
Vitae Pharmaceuticals, Inc.*		500		5,505
Vital Therapies, Inc.*		800		3,232
VIVUS, Inc.*		3,770		6,183
Xencor, Inc.*		1,000		12,230
XenoPort, Inc.*		1,927		6,687
Zafgen, Inc.*		600		19,170
Zogenix, Inc.*		575		7,762
ZS Pharma, Inc.*		600		39,396

				2,507,218

Pipelines — 0.1%
Primoris Services Corp.		1,490		26,686
SemGroup Corp.		1,600		69,184

				95,870

Real Estate — 0.4%
Alexander & Baldwin, Inc.		1,800		61,794
AV Homes, Inc.*		195		2,636
Consolidated-Tomoka Land Co.		124		6,175
Forestar Group, Inc.*		1,163		15,294
FRP Holdings, Inc.*		369		11,122
HFF, Inc., Class A		1,300		43,888
Kennedy-Wilson Holdings, Inc.		3,281		72,740
Marcus & Millichap, Inc.*		500		22,995
RE/MAX Holdings, Inc., Class A		400		14,392

				251,036

Retail — 5.9%
Abercrombie & Fitch Co., Class A		2,500		52,975
America’s Car-Mart, Inc.*		227		7,511
American Eagle Outfitters, Inc.		7,000		109,410
Asbury Automotive Group, Inc.*		1,049		85,126
Ascena Retail Group, Inc.*		6,213		86,423
Barnes & Noble Education, Inc.*		1,137		14,451
Barnes & Noble, Inc.		1,800		21,798
bebe Stores, Inc.		1,517		1,426
Big 5 Sporting Goods Corp.		581		6,031
Big Lots, Inc.		1,900		91,048
Biglari Holdings, Inc.*		50		18,287
BJ’s Restaurants, Inc.*		820		35,285
Bloomin’ Brands, Inc.		4,400		79,992
Bob Evans Farms, Inc.		842		36,501


	Number of Shares		Value†

Retail — (continued)
Bojangles’, Inc.*		500	$	8,450
Boot Barn Holdings, Inc.*		400		7,372
Bravo Brio Restaurant Group, Inc.*		500		5,635
Buffalo Wild Wings, Inc.*		647		125,149
Build-A-Bear Workshop, Inc.*		700		13,223
Burlington Stores, Inc.*		2,700		137,808
Caleres, Inc.		1,654		50,497
Carrols Restaurant Group, Inc.*		1,713		20,385
Casey’s General Stores, Inc.		1,440		148,205
Cash America International, Inc.		1,125		31,466
Chico’s FAS, Inc.		5,100		80,223
Christopher & Banks Corp.*		1,500		1,665
Chuy’s Holdings, Inc.*		600		17,040
Citi Trends, Inc.		503		11,760
Conn’s, Inc.*		1,104		26,540
Cracker Barrel Old Country Store, Inc.		724		106,631
Dave & Buster’s Entertainment, Inc.*		800		30,264
Del Frisco’s Restaurant Group, Inc.*		1,000		13,890
Denny’s Corp.*		3,552		39,179
Destination XL Group, Inc.*		1,500		8,715
DineEquity, Inc.		671		61,504
El Pollo Loco Holdings Inc*		400		4,312
Express, Inc.*		3,154		56,362
Ezcorp, Inc., Class A*		1,766		10,896
Fiesta Restaurant Group, Inc.*		1,013		45,960
First Cash Financial Services, Inc.*		962		38,538
Five Below, Inc.*		2,100		70,518
Francesca’s Holdings Corp.*		1,658		20,277
Fred’s, Inc., Class A		1,431		16,957
Freshpet, Inc.*		700		7,350
Genesco, Inc.*		895		51,078
Group 1 Automotive, Inc.		907		77,231
Guess?, Inc.		2,400		51,264
Haverty Furniture Cos., Inc.		950		22,306
Hibbett Sports, Inc.*		955		33,435
HSN, Inc.		1,179		67,486
J. Alexanders Holdings, Inc.*		483		4,815
Jack in the Box, Inc.		1,314		101,231
Jamba, Inc.*		440		6,270
Kirkland’s, Inc.		427		9,198
Kona Grill, Inc.*		500		7,875
Krispy Kreme Doughnuts, Inc.*		2,622		38,360
Lands’ End, Inc.*		700		18,907
Lithia Motors, Inc., Class A		794		85,839
Lumber Liquidators Holdings, Inc.*		1,033		13,574
MarineMax, Inc.*		1,000		14,130
Mattress Firm Holding Corp.*		700		29,232
Noodles & Co.*		300		4,248
Outerwall, Inc.		650		37,004
Papa John’s International, Inc.		1,010		69,165
Papa Murphy’s Holdings, Inc.*		500		7,340
Party City Holdco, Inc.*		800		12,776
PC Connection, Inc.		565		11,712
PetMed Express, Inc.		613		9,869
Pier 1 Imports, Inc.		3,644		25,144
Popeyes Louisiana Kitchen, Inc.*		859		48,413


	Number of Shares		Value†
COMMON STOCKS — (continued)
Retail — (continued)
Potbelly Corp.*		1,000	$	11,010
PriceSmart, Inc.		731		56,536
Red Robin Gourmet Burgers, Inc.*		520		39,385
Regis Corp.*		1,832		23,999
Restoration Hardware Holdings, Inc.*		1,200		111,972
Ruby Tuesday, Inc.*		2,213		13,743
Rush Enterprises, Inc., Class A*		1,435		34,727
Ruth’s Hospitality Group, Inc.		1,195		19,407
Shake Shack, Inc., Class A*		200		9,480
Shoe Carnival, Inc.		458		10,900
Sonic Automotive, Inc., Class A		1,134		23,156
Sonic Corp.		1,832		42,044
Sportsman’s Warehouse Holdings, Inc.*		600		7,392
Stage Stores, Inc.		1,381		13,589
Stein Mart, Inc.		1,261		12,206
Systemax, Inc.*		262		1,962
Texas Roadhouse, Inc.		2,570		95,604
The Buckle, Inc.		1,049		38,782
The Cato Corp., Class A		1,104		37,569
The Cheesecake Factory, Inc.		1,716		92,595
The Children’s Place, Inc.		694		40,023
The Container Store Group, Inc.*		600		8,448
The Finish Line, Inc., Class A		1,793		34,605
The Habit Restaurants, Inc., Class A*		400		8,564
The Men’s Wearhouse, Inc.		1,756		74,665
The Pep Boys—Manny, Moe, & Jack*		2,305		28,098
Tile Shop Holdings, Inc.*		1,300		15,574
Tilly’s, Inc.*		400		2,944
Tuesday Morning Corp.*		1,629		8,813
Vera Bradley, Inc.*		800		10,088
Vitamin Shoppe, Inc.*		1,200		39,168
West Marine, Inc.*		664		5,830
Winmark Corp.		100		10,292
Zoe’s Kitchen, Inc.*		700		27,643
Zumiez, Inc.*		703		10,988

				3,742,738

Savings & Loans — 1.8%
Anchor Bancorp Wisconsin, Inc.*		200		8,518
Astoria Financial Corp.		3,201		51,536
Banc of California, Inc.		1,300		15,951
Bank Mutual Corp.		2,432		18,678
BankFinancial Corp.		609		7,570
BBX Capital Corp.*		110		1,771
Beneficial Bancorp, Inc.*		2,873		38,096
Berkshire Hills Bancorp, Inc.		1,102		30,349
BofI Holding, Inc.*		600		77,298
Brookline Bancorp, Inc.		2,122		21,517
BSB Bancorp*		500		10,570
Capitol Federal Financial, Inc.		5,000		60,600
Charter Financial Corp.		900		11,412
Clifton Bancorp, Inc.		1,146		15,906
Dime Community Bancshares, Inc.		1,030		17,407
EverBank Financial Corp.		3,600		69,480
First Defiance Financial Corp.		300		10,968
Flagstar Bancorp, Inc.*		800		16,448
Flushing Financial Corp.		1,338		26,787


	Number of Shares		Value†

Savings & Loans — (continued)
Fox Chase Bancorp, Inc.		420	$	7,291
Homestreet, Inc.*		600		13,860
HomeTrust Bancshares, Inc.*		900		16,695
Investors Bancorp, Inc.		12,555		154,929
Meridian Bancorp, Inc.		1,874		25,618
Meta Financial Group, Inc.		200		8,354
Northfield Bancorp, Inc.		1,593		24,230
Northwest Bancshares, Inc.		3,775		49,075
OceanFirst Financial Corp.		327		5,631
Oritani Financial Corp.		1,718		26,835
Pacific Premier Bancorp, Inc.*		700		14,224
Provident Financial Services, Inc.		2,403		46,858
Sterling Bancorp, Inc.		4,314		64,149
Territorial Bancorp, Inc.		243		6,328
United Community Financial Corp.		1,700		8,500
United Financial Bancorp, Inc.		2,131		27,810
Washington Federal, Inc.		3,400		77,350
Waterstone Financial, Inc.		1,000		13,480
WSFS Financial Corp.		1,071		30,855

				1,132,934

Semiconductors — 2.8%
Advanced Micro Devices, Inc.*		22,500		38,700
Alpha & Omega Semiconductor Ltd.*		400		3,116
Ambarella, Inc.*		1,100		63,569
Amkor Technology, Inc.*		3,211		14,417
Applied Micro Circuits Corp.*		2,958		15,707
Axcelis Technologies, Inc.*		4,100		10,947
Brooks Automation, Inc.		2,477		29,006
Cabot Microelectronics Corp.*		961		37,229
Cascade Microtech, Inc.*		700		9,898
Cavium, Inc.*		1,979		121,451
CEVA, Inc.*		671		12,461
Cirrus Logic, Inc.*		2,281		71,874
Cohu, Inc.		904		8,914
Diodes, Inc.*		1,399		29,897
DSP Group, Inc.*		557		5,074
Entegris, Inc.*		5,270		69,511
Exar Corp.*		1,532		9,115
Fairchild Semiconductor International, Inc.*		4,400		61,776
FormFactor, Inc.*		2,172		14,726
Gerber Scientific, Inc.~		500		0
Inphi Corp.*		1,400		33,656
Integrated Device Technology, Inc.*		5,593		113,538
Integrated Silicon Solution, Inc.		1,000		21,490
Intersil Corp., Class A		5,100		59,670
InvenSense, Inc.*		2,800		26,012
IXYS Corp.		1,266		14,129
Kopin Corp.*		1,507		4,732
Lattice Semiconductor Corp.*		4,924		18,957
M/A-COM Technology Solutions Holdings, Inc.*		800		23,192
Mattson Technology, Inc.*		2,300		5,359
MaxLinear, Inc., Class A*		2,243		27,903
Microsemi Corp.*		3,393		111,358
MKS Instruments, Inc.		1,996		66,926
Monolithic Power Systems, Inc.		1,467		75,110


	Number of Shares		Value†
COMMON STOCKS — (continued)
Semiconductors — (continued)
Nanometrics, Inc.*		900	$	10,926
OmniVision Technologies, Inc.*		2,119		55,645
Pericom Semiconductor Corp.		646		11,790
Photronics, Inc.*		2,192		19,860
PMC-Sierra, Inc.*		6,900		46,713
Power Integrations, Inc.		1,095		46,176
QLogic Corp.*		3,200		32,800
Rambus, Inc.*		4,123		48,651
Rovi Corp.*		3,100		32,519
Rudolph Technologies, Inc.*		1,054		13,122
Semtech Corp.*		2,609		39,396
Sigma Designs, Inc.*		1,200		8,268
Silicon Laboratories, Inc.*		1,500		62,310
Tessera Technologies, Inc.		1,823		59,083
Ultra Clean Holdings, Inc.*		900		5,166
Ultratech, Inc.*		978		15,668
Veeco Instruments, Inc.*		1,393		28,570
Xcerra Corp.*		2,466		15,487

				1,781,570

Software — 4.6%
2U, Inc.*		900		32,310
ACI Worldwide, Inc.*		4,027		85,050
Actua Corp.*		1,428		16,793
Acxiom Corp.*		2,967		58,628
Amber Road, Inc.*		600		2,532
American Software, Inc., Class A		593		5,586
Aspen Technology, Inc.*		3,053		115,739
AVG Technologies NV*		1,400		30,450
Avid Technology, Inc.*		1,100		8,756
Benefitfocus, Inc.*		200		6,250
Blackbaud, Inc.		1,750		98,210
Bottomline Technologies, Inc.*		1,545		38,640
BroadSoft, Inc.*		1,061		31,788
Callidus Software, Inc.*		2,000		33,980
Castlight Health, Inc., Class B*		1,200		5,040
CommVault Systems, Inc.*		1,648		55,966
Computer Programs & Systems, Inc.		447		18,832
Cornerstone OnDemand, Inc.*		2,100		69,300
CSG Systems International, Inc.		1,281		39,455
Cvent, Inc.*		800		26,928
Demandware, Inc.*		1,200		62,016
Digi International, Inc.*		657		7,746
Ebix, Inc.		1,036		25,859
Envestnet, Inc.*		1,300		38,961
Epiq Systems, Inc.		1,168		15,091
Everyday Health, Inc.*		700		6,398
Fair Isaac Corp.		1,188		100,386
Fleetmatics Group PLC*		1,500		73,635
Globant SA*		500		15,295
Glu Mobile, Inc.*		4,000		17,480
Guidance Software, Inc.*		400		2,408
Guidewire Software, Inc.*		2,600		136,708
Hortonworks, Inc.*		300		6,567
HubSpot, Inc.*		700		32,459
Imperva, Inc.*		1,000		65,480
inContact, Inc.*		2,100		15,771


	Number of Shares		Value†

Software — (continued)
Infoblox, Inc.*		2,100	$	33,558
InnerWorkings, Inc.*		1,724		10,775
Interactive Intelligence Group, Inc.*		597		17,737
Jive Software, Inc.*		1,500		7,005
Luxoft Holding, Inc.*		600		37,974
ManTech International Corp., Class A		1,039		26,702
MedAssets, Inc.*		2,448		49,107
Medidata Solutions, Inc.*		2,088		87,926
MicroStrategy, Inc., Class A*		318		62,478
Mobileiron, Inc.*		1,200		3,720
Model N, Inc.*		300		3,003
Monotype Imaging Holdings, Inc.		1,599		34,890
New Relic, Inc.*		200		7,622
Omnicell, Inc.*		1,435		44,629
OPOWER, Inc.*		600		5,346
Paycom Software, Inc.*		1,100		39,501
PDF Solutions, Inc.*		1,200		12,000
Pegasystems, Inc.		1,260		31,009
Press Ganey Holdings, Inc.*		300		8,877
Progress Software Corp.*		1,986		51,298
Proofpoint, Inc.*		1,500		90,480
PROS Holdings, Inc.*		917		20,302
QAD, Inc.		392		10,035
Qlik Technologies, Inc.*		3,441		125,424
Quality Systems, Inc.		1,704		21,266
RealPage, Inc.*		2,000		33,240
Rocket Fuel, Inc.*		800		3,736
Sapiens International Corp. N.V.*		800		9,216
SciQuest, Inc.*		900		9,000
Seachange International, Inc.*		1,273		8,020
SPS Commerce, Inc.*		600		40,734
Synchronoss Technologies, Inc.*		1,346		44,149
SYNNEX Corp.		1,094		93,056
Take-Two Interactive Software, Inc.*		3,044		87,454
Tangoe, Inc.*		1,769		12,737
TubeMogul, Inc.*		500		5,260
Tyler Technologies, Inc.*		1,252		186,936
Verint Systems, Inc.*		2,195		94,714
Xura, Inc.*		990		22,156

				2,895,565

Storage & Warehousing — 0.1%
Mobile Mini, Inc.		1,777		54,714
Wesco Aircraft Holdings, Inc.*		2,140		26,108

				80,822

Telecommunications — 3.0%
8X8, Inc.*		3,400		28,118
ADTRAN, Inc.		2,205		32,193
Aerohive Networks, Inc.*		1,300		7,774
Alliance Fiber Optic Products, Inc.		600		10,254
Anixter International, Inc.*		1,034		59,744
Atlantic Tele-Network, Inc.		349		25,802
Black Box Corp.		562		8,284
CalAmp Corp.*		1,400		22,526
Calix, Inc.*		1,487		11,584
Ciena Corp.*		4,600		95,312
Cincinnati Bell, Inc.*		7,785		24,289


	Number of Shares		Value†
COMMON STOCKS — (continued)
Telecommunications — (continued)
Clearfield, Inc.*		400	$	5,372
Comtech Telecommunications Corp.		552		11,377
Consolidated Communications Holdings, Inc.		1,841		35,476
DigitalGlobe, Inc.*		2,569		48,862
EarthLink Holdings Corp.		4,016		31,244
Extreme Networks, Inc.*		3,147		10,574
Fairpoint Communications, Inc.*		600		9,246
Finisar Corp.*		3,821		42,528
General Communication, Inc., Class A*		986		17,018
Gigamon, Inc.*		1,000		20,010
Globalstar, Inc.*		16,600		26,062
Gogo Inc*		2,200		33,616
GTT Communications, Inc.*		800		18,608
Harmonic, Inc.*		2,870		16,646
Hawaiian Telcom Holdco, Inc.*		500		10,390
HC2 Holdings, Inc.*		700		4,907
IDT Corp., Class B		800		11,440
Infinera Corp.*		4,694		91,815
Inteliquent, Inc.		1,226		27,377
Intelsat SA*		1,200		7,716
InterDigital, Inc.		1,294		65,476
Iridium Communications, Inc.*		3,500		21,525
Ixia*		2,113		30,617
j2 Global, Inc.		1,774		125,688
Knowles Corp.*		3,052		56,248
KVH Industries, Inc.*		354		3,540
LogMeIn, Inc.*		881		60,049
Loral Space & Communications, Inc.*		546		25,706
Lumos Networks Corp.		782		9,509
NeoPhotonics Corp.*		900		6,129
NETGEAR, Inc.*		1,329		38,767
NeuStar, Inc., Class A*		2,000		54,420
NTELOS Holdings Corp.*		382		3,449
Oclaro, Inc.*		3,000		6,900
ORBCOMM, Inc.*		2,000		11,160
Pacific Datavision, Inc.*		400		11,960
Plantronics, Inc.		1,367		69,512
Polycom, Inc.*		4,800		50,304
Preformed Line Products Co.		45		1,672
Premiere Global Services, Inc.*		1,656		22,753
RigNet, Inc.*		500		12,750
Ruckus Wireless, Inc.*		2,700		32,076
Shenandoah Telecommunications Co.		859		36,774
ShoreTel, Inc.*		2,281		17,039
Sonus Networks, Inc.*		1,843		10,542
Spok Holdings, Inc.		1,112		18,304
Straight Path Communications, Inc.*		300		12,123
Telenav, Inc.*		1,000		7,810
Ubiquiti Networks, Inc.		1,200		40,668
ViaSat, Inc.*		1,562		100,421
Vonage Holdings Corp.*		6,100		35,868
West Corp.		1,800		40,320
Windstream Holdings, Inc.		3,500		21,490

				1,867,733


	Number of Shares		Value†

Textiles — 0.2%
Culp, Inc.		300	$	9,621
G&K Services, Inc., Class A		776		51,697
UniFirst Corp.		577		61,630

				122,948

Toys, Games & Hobbies — 0.0%
JAKKS Pacific, Inc.		584		4,976

Transportation — 1.8%
Air Transport Services Group, Inc.*		2,085		17,827
ArcBest Corp.		995		25,641
Ardmore Shipping Corp.		800		9,664
Atlas Air Worldwide Holdings, Inc.*		848		29,307
Bristow Group, Inc.		1,350		35,316
CAI International, Inc.*		660		6,653
Celadon Group, Inc.		935		14,979
Con-way, Inc.		2,100		99,645
Covenant Transportation Group, Inc.*		400		7,188
DHT Holdings, Inc.		2,900		21,518
Dorian LPG Ltd.*		900		9,279
Eagle Bulk Shipping, Inc.*		1,200		7,116
Echo Global Logistics, Inc.*		1,000		19,600
Era Group, Inc.*		800		11,976
Forward Air Corp.		1,196		49,622
Frontline Ltd.*		3,900		10,491
GasLog Ltd.		1,700		16,354
Golden Ocean Group Ltd.		2,574		6,332
Gulfmark Offshore, Inc., Class A		979		5,982
Heartland Express, Inc.		1,967		39,222
Hub Group, Inc., Class A*		1,443		52,539
Knight Transportation, Inc.		2,264		54,336
Marten Transport Ltd.		651		10,526
Matson, Inc.		1,600		61,584
Navios Maritime Acq Corp.		3,700		13,024
Navios Maritime Holdings, Inc.		3,200		7,968
Nordic American Offshore Ltd.		900		5,400
Nordic American Tankers Ltd.		3,567		54,218
Pam Transportation Services, Inc.*		200		6,610
PHI, Inc.*		593		11,196
Radiant Logistics, Inc.*		1,000		4,460
Roadrunner Transportation Systems, Inc.*		1,000		18,400
Safe Bulkers, Inc.		1,700		4,692
Saia, Inc.*		961		29,743
Scorpio Bulkers, Inc.*		13,200		19,272
Scorpio Tankers, Inc.		6,300		57,771
Ship Finance International Ltd.		2,284		37,115
Swift Transportation Co.*		3,300		49,566
Teekay Tankers Ltd., Class A		3,193		22,032
Tidewater, Inc.		1,600		21,024
Universal Truckload Services, Inc.		100		1,557
USA Truck, Inc.*		200		3,446
UTi Worldwide, Inc.*		3,400		15,606
Werner Enterprises, Inc.		1,752		43,975
XPO Logistics, Inc.*		2,541		60,552
YRC Worldwide, Inc.*		1,300		17,238

				1,127,562


	Number of Shares		Value†
COMMON STOCKS — (continued)
Trucking and Leasing — 0.1%
TAL International Group, Inc.*		1,293	$	17,675
Textainer Group Holdings Ltd.		812		13,390
The Greenbrier Cos., Inc.		1,047		33,619

				64,684

Water — 0.3%
American States Water Co.		1,524		63,094
Artesian Resources Corp., Class A		113		2,728
California Water Service Group		1,766		39,064
Connecticut Water Service, Inc.		319		11,650
Consolidated Water Co., Ltd.		800		9,280
Middlesex Water Co.		531		12,659
PICO Holdings, Inc.*		792		7,666
SJW Corp.		488		15,006
The York Water Co.		697		14,651

				175,798

TOTAL COMMON STOCKS (Cost $44,420,849)				54,458,817

REAL ESTATE INVESTMENT TRUSTS — 8.9%
Apartments — 0.3%
American Residential Properties, Inc.		1,300		22,451
Bluerock Residential Growth REIT, Inc.		600		7,188
Campus Crest Communities, Inc.		2,300		12,236
Education Realty Trust, Inc.		1,601		52,753
Independence Realty Trust, Inc.		1,792		12,920
Monogram Residential Trust, Inc.		5,900		54,929
Preferred Apartment Communities, Inc.		800		8,704
Silver Bay Realty Trust Corp.		1,637		26,209

				197,390

Building & Real Estate — 1.2%
Agree Realty Corp.		596		17,791
Altisource Residential Corp.		2,200		30,624
Anworth Mortgage Asset Corp.		3,731		18,431
Apollo Commercial Real Estate Finance, Inc.		2,200		34,562
Ares Commercial Real Estate Corp.		1,000		11,990
Capstead Mortgage Corp.		3,475		34,368
Colony Financial, Inc. Class A		4,016		78,553
CYS Investments, Inc.		5,856		42,514
Dynex Capital, Inc.		2,307		15,134
Getty Realty Corp.		1,163		18,375
Hatteras Financial Corp.		3,800		57,570
Invesco Mortgage Capital, Inc.		4,407		53,942
iStar Financial, Inc.*		3,318		41,740
New York Mortgage Trust, Inc.		3,400		18,666
PennyMac Mortgage Investment Trust		2,692		41,645
Redwood Trust, Inc.		2,877		39,818
Resource Capital Corp.		1,175		13,125
Select Income REIT		2,200		41,822
Starwood Waypoint Residential Trust		1,600		38,128
Sun Communities, Inc.		1,690		114,514

				763,312

Diversified — 0.9%
AG Mortgage Investment Trust, Inc.		1,188		18,081
Armada Hoffler Properties, Inc.		800		7,816


	Number of Shares		Value†

Diversified — (continued)
CatchMark Timber Trust, Inc., Class A		1,300	$	13,364
CorEnergy Infrastructure Trust, Inc.		1,500		6,630
CoreSite Realty Corp.		900		46,296
DuPont Fabros Technology, Inc.		2,450		63,406
EPR Properties		2,010		103,656
Gramercy Property Trust, Inc.		2,200		45,694
New York REIT, Inc.		6,200		62,372
Nexpoint Residential Trust, Inc.		600		8,016
PS Business Parks, Inc.		765		60,726
STAG lndustrial, Inc.		2,100		38,241
The GEO Group, Inc.		2,768		82,320
UMH Properties, Inc.		968		9,002
Whitestone REIT		800		9,224

				574,844

Diversified Financial Services — 0.6%
American Capital Mortgage Investment Corp.		2,043		30,114
Apollo Residential Mortgage, Inc.		1,332		16,863
Armour Residential REIT, Inc.		1,775		35,571
DCT Industrial Trust, Inc.		3,120		105,019
New Residential Investment Corp.		8,600		112,660
Orchid Island Capital, Inc.		600		5,550
RAIT Financial Trust		3,606		17,886
STORE Capital Corp.		1,200		24,792
United Development Funding IV		1,000		17,600
Western Asset Mortgage Capital Corp.		1,597		20,138

				386,193

Forest Products & Paper — 0.1%
Potlatch Corp.		1,578		45,431

Healthcare — 0.8%
CareTrust REIT, Inc.		1,795		20,373
Healthcare Realty Trust, Inc.		3,672		91,249
LTC Properties, Inc.		1,317		56,196
Medical Properties Trust, Inc.		8,507		94,088
National Health Investors, Inc.		1,357		78,014
New Senior Investment Group, Inc.		3,400		35,564
Physicians Realty Trust		2,600		39,234
Sabra Health Care REIT, Inc.		2,188		50,718
Universal Health Realty Income Trust		520		24,409

				489,845

Hotels & Resorts — 1.6%
Ashford Hospitality Prime, Inc.		987		13,848
Ashford Hospitality Trust, Inc.		3,020		18,422
Belmond Ltd., Class A*		3,745		37,862
Chatham Lodging Trust		1,400		30,072
Chesapeake Lodging Trust		2,089		54,439
DiamondRock Hospitality Co.		7,523		83,129
FelCor Lodging Trust, Inc.		5,018		35,477
Hersha Hospitality Trust		1,917		43,439
LaSalle Hotel Properties		4,217		119,721
Pebblebrook Hotel Trust		2,709		96,034
RLJ Lodging Trust		4,700		118,769
Ryman Hospitality Properties, Inc.		1,612		79,359
Strategic Hotels & Resorts, Inc.*		10,312		142,203


	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Hotels & Resorts — (continued)
Summitt Hotel Properties, Inc.		3,500	$	40,845
Sunstone Hotel Investors, Inc.		7,805		103,260

				1,016,879

Industrial — 0.6%
Chambers Street Properties		9,300		60,357
EastGroup Properties, Inc.		1,175		63,661
First Industrial Realty Trust, Inc.		4,129		86,503
First Potomac Realty Trust		2,392		26,312
InfraREIT, Inc.*		900		21,312
Monmouth Real Estate Investment Corp., Class A		2,049		19,978
QTS Realty Trust, Inc.		1,100		48,059
Rexford Industrial Realty, Inc.		2,000		27,580
Terreno Realty Corp.		1,675		32,897

				386,659

Internet — 0.1%
CyrusOne, Inc.		2,500		81,650

Mixed Industrial/Office — 0.4%
Cousins Properties, Inc.		7,761		71,556
Gladstone Commercial Corp.		652		9,200
Investors Real Estate Trust		4,618		35,743
Lexington Realty Trust		8,015		64,921
One Liberty Properties, Inc.		503		10,729
Washington Real Estate Investment Trust		2,606		64,968

				257,117

Office Property — 0.8%
American Assets Trust, Inc.		1,400		57,204
Easterly Government Proper, Inc.		500		7,975
Franklin Street Properties Corp.		3,245		34,884
Government Properties Income Trust		2,744		43,904
Highwoods Properties, Inc.		3,460		134,075
Hudson Pacific Properties, Inc.		2,700		77,733
Mack-Cali Realty Corp.		3,500		66,080
Parkway Properties, Inc.		2,980		46,369

				468,224

Real Estate — 0.1%
Xenia Hotels & Resorts, Inc.		4,000		69,840

Regional Malls — 0.1%
Pennsylvania Real Estate Investment Trust		2,715		53,838
Rouse Properties, Inc.		1,400		21,812

				75,650

Storage & Warehousing — 0.5%
CubeSmart		6,125		166,661
National Storage Affiliates Trust		700		9,485
Sovran Self Storage, Inc.		1,282		120,893

				297,039

Strip Centers — 0.8%
Acadia Realty Trust		2,520		75,776
Alexander’s, Inc.		57		21,318
Cedar Realty Trust, Inc.		2,826		17,550
Equity One, Inc.		2,454		59,730
Inland Real Estate Corp.		3,688		29,873


	Number of Shares		Value†

Strip Centers — (continued)
Kite Realty Group Trust		2,951	$	70,263
Ramco-Gershenson Properties Trust		3,141		47,147
Retail Opportunity Investments Corp.		3,300		54,582
Saul Centers, Inc.		451		23,339
Urban Edge Properties		3,100		66,929
Urstadt Biddle Properties, Inc., Class A		816		15,292

				481,799

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,055,119)				5,591,872

RIGHTS — 0.0%
Chelsea Therapeutics Intl Ltd. CVR~		1,600		0
Clinical Data, Inc.~		354		0
Cubist Pharmaceuticals, Inc. ~		1,200		0
Durata Therapeutics CVR Shares~		500		415
Furiex Pharmaceuticals Rights~		300		2,445
Leap Wireless CVR~		2,300		5,796

TOTAL RIGHTS (Cost $8,671)				8,656


	Par (000)		Value†
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bills
0.000%, 10/01/15	$	65		65,000
0.040%, 12/17/15		4		4,000

TOTAL U.S. TREASURY OBLIGATIONS (Cost $69,000)				69,000


	Number of Shares		Value†
WARRANTS — 0.0%
Magnum Hunter Resources Corp.~ (Cost $0)		780		0

SHORT-TERM INVESTMENTS — 1.9%
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares (Cost $1,194,871)		1,194,871		1,194,871

TOTAL INVESTMENTS — 97.1% (Cost $50,748,510)(a)			$	61,323,216

Other Assets & Liabilities — 2.9%				1,834,121

TOTAL NET ASSETS — 100.0%			$	63,157,337

~	Fair valued security. The total market value of fair valued securities at September 30, 2015 is $8,736.

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $51,047,888. Net unrealized appreciation was $10,275,328. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $17,832,127 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $7,556,799.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.


COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Advertising		0.1	%	$	62,409
Aerospace & Defense		1.4	%		762,518
Agriculture		0.3	%		174,737
Airlines		0.4	%		221,641
Apparel		0.9	%		515,032
Auto Manufacturers		0.1	%		50,430
Auto Parts & Equipment		1.3	%		714,122
Banks		9.5	%		5,191,610
Beverages		0.2	%		129,804
Biotechnology		3.8	%		2,055,838
Building Materials		1.5	%		790,683
Chemicals		1.8	%		963,569
Coal		0.1	%		46,615
Commercial Services		5.8	%		3,179,006
Computers		2.9	%		1,602,353
Cosmetics & Personal Care		0.1	%		41,152
Distribution & Wholesale		0.8	%		461,566
Diversified Financial Services		2.8	%		1,504,064
Electric		2.4	%		1,321,123
Electrical Components & Equipment		0.9	%		502,016
Electronics		2.5	%		1,335,971
Energy-Alternate Sources		0.3	%		181,178
Engineering & Construction		0.9	%		467,445
Entertainment		1.3	%		682,340
Environmental Control		0.5	%		266,639
Food		2.3	%		1,261,171
Forest Products & Paper		0.4	%		237,981
Gas		1.4	%		744,462
Hand & Machine Tools		0.1	%		45,474
Healthcare Products		4.5	%		2,454,959
Healthcare Services		2.2	%		1,212,080
Holding Companies		0.2	%		107,603
Home Builders		0.9	%		510,875
Home Furnishings		0.6	%		317,077
Hotels & Resorts		0.1	%		63,854
Household Products & Wares		0.6	%		314,264
Housewares		0.1	%		28,884
Insurance		3.5	%		1,900,490
Internet		2.4	%		1,288,732
Investment Companies		0.1	%		33,191
Iron & Steel		0.3	%		169,979
Leisure Time		0.6	%		311,850
Lodging		0.1	%		76,961
Machinery - Construction & Mining		0.1	%		43,284
Machinery - Diversified		0.6	%		348,762


Media	1.2	%	$	635,711
Metal Fabricate/Hardware	0.8	%		431,119
Mining	0.5	%		244,782
Miscellaneous Manufacturing	1.6	%		883,434
Office & Business Equipment	—	%+		12,496
Office Furnishings	0.5	%		293,656
Oil & Gas	1.5	%		822,621
Oil & Gas Services	0.8	%		415,436
Packaging and Containers	0.3	%		172,314
Pharmaceuticals	4.6	%		2,507,218
Pipelines	0.2	%		95,870
Real Estate	0.5	%		251,036
Retail	6.9	%		3,742,738
Savings & Loans	2.1	%		1,132,934
Semiconductors	3.3	%		1,781,570
Software	5.3	%		2,895,565
Storage & Warehousing	0.1	%		80,822
Telecommunications	3.4	%		1,867,733
Textiles	0.2	%		122,948
Toys, Games & Hobbies	—	%+		4,976
Transportation	2.1	%		1,127,562
Trucking and Leasing	0.1	%		64,684
Water	0.3	%		175,798
	100.0	%	$	54,458,817

Rounded.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Advertising	$	62,409	$	62,409	$	—	$	—
Aerospace & Defense		762,518		762,518		—		—
Agriculture		174,737		174,737		—		—
Airlines		221,641		221,641		—		—
Apparel		515,032		515,032		—		—
Auto Manufacturers		50,430		50,430		—		—
Auto Parts & Equipment		714,122		714,122		—		—
Banks		5,191,610		5,191,610		—		—
Beverages		129,804		129,804		—		—
Biotechnology		2,055,838		2,055,838		—		—
Building Materials		790,683		790,683		—		—
Chemicals		963,569		963,569		—		—
Coal		46,615		46,615		—		—
Commercial Services		3,179,006		3,179,006		—		—
Computers		1,602,353		1,602,353		—		—
Cosmetics & Personal Care		41,152		41,152		—		—
Distribution & Wholesale		461,566		461,566		—		—
Diversified Financial Services		1,504,064		1,503,984		80		—
Electric		1,321,123		1,321,123		—		—
Electrical Components & Equipment		502,016		502,016		—		—
Electronics		1,335,971		1,335,971		—		—
Energy-Alternate Sources		181,178		181,178		—		—
Engineering & Construction		467,445		467,445		—		—
Entertainment		682,340		682,340		—		—
Environmental Control		266,639		266,639		—		—
Food		1,261,171		1,261,171		—		—
Forest Products & Paper		237,981		237,981		—		—
Gas		744,462		744,462		—		—
Hand & Machine Tools		45,474		45,474		—		—
Healthcare Products		2,454,959		2,454,959		—		—
Healthcare Services		1,212,080		1,212,080		—		—
Holding Companies		107,603		107,603		—		—
Home Builders		510,875		510,875		—		—
Home Furnishings		317,077		317,077		—		—
Hotels & Resorts		63,854		63,854		—		—
Household Products & Wares		314,264		314,264		—		—
Housewares		28,884		28,884		—		—
Insurance		1,900,490		1,900,490		—		—
Internet		1,288,732		1,288,732		—		—


Investment Companies		33,191		33,191		—		—
Iron & Steel		169,979		169,979		—		—
Leisure Time		311,850		311,850		—		—
Lodging		76,961		76,961		—		—
Machinery - Construction & Mining		43,284		43,284		—		—
Machinery - Diversified		348,762		348,762		—		—
Media		635,711		635,711		—		—
Metal Fabricate/Hardware		431,119		431,119		—		—
Mining		244,782		244,782		—		—
Miscellaneous Manufacturing		883,434		883,434		—		—
Office & Business Equipment		12,496		12,496		—		—
Office Furnishings		293,656		293,656		—		—
Oil & Gas		822,621		822,621		—		—
Oil & Gas Services		415,436		415,436		—		—
Packaging and Containers		172,314		172,314		—		—
Pharmaceuticals		2,507,218		2,507,218		—		—
Pipelines		95,870		95,870		—		—
Real Estate		251,036		251,036		—		—
Retail		3,742,738		3,742,738		—		—
Savings & Loans		1,132,934		1,132,934		—		—
Semiconductors		1,781,570		1,781,570		—		—
Software		2,895,565		2,895,565		—		—
Storage & Warehousing		80,822		80,822		—		—
Telecommunications		1,867,733		1,867,733		—		—
Textiles		122,948		122,948		—		—
Toys, Games & Hobbies		4,976		4,976		—		—
Transportation		1,127,562		1,127,562		—		—
Trucking and Leasing		64,684		64,684		—		—
Water		175,798		175,798		—		—
REAL ESTATE INVESTMENT TRUSTS		5,591,872		5,591,872		—		—
U.S. TREASURY OBLIGATIONS		69,000		—		69,000		—
RIGHTS		8,656		—		8,656		—
WARRANTS		—		—		—		—
SHORT-TERM INVESTMENTS		1,194,871		1,194,871		—		—
TOTAL INVESTMENTS	$	61,323,216	$	61,245,480	$	77,736	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 96.2%
Australia — 6.2%
AGL Energy Ltd.		5,276	$	59,379
Alumina Ltd.		25,717		20,460
Amcor Ltd.		9,071		84,359
AMP Ltd.		24,438		95,983
APA Group		8,753		52,828
Aristocrat Leisure Ltd.		4,196		25,520
Asciano Ltd.		6,807		40,300
ASX Ltd.		1,401		37,403
Aurizon Holdings Ltd.		15,495		54,742
Ausnet Services		17,540		16,859
Australia & New Zealand Banking Group Ltd.		22,149		423,183
Bank of Queensland Ltd.		2,927		23,962
Bendigo & Adelaide Bank Ltd.		3,553		24,831
BHP Billiton Ltd.		24,967		394,338
Boral Ltd.		7,228		26,882
Brambles Ltd.		12,892		88,562
Caltex Australia Ltd.		2,100		46,357
CIMIC Group Ltd.		829		13,772
Coca-Cola Amatil Ltd.		4,963		31,463
Cochlear Ltd.		371		21,830
Commonwealth Bank of Australia		13,456		690,679
Computershare Ltd.		3,381		25,248
Crown Resorts Ltd.		2,801		19,592
CSL Ltd.		3,788		238,392
Dexus Property Group		6,834		34,464
Federation Centres		28,929		55,863
Flight Centre Travel Group Ltd.		439		11,182
Fortescue Metals Group Ltd.		13,816		17,836
Goodman Group		14,736		60,912
Harvey Norman Holdings Ltd.		3,235		8,861
Healthscope Ltd.		7,253		13,036
Iluka Resources Ltd.		2,885		12,675
Incitec Pivot Ltd.		13,612		37,518
Insurance Australia Group Ltd.		19,230		65,750
Lend Lease Group		4,333		38,361
Macquarie Group Ltd.		2,346		127,142
Medibank Pvt. Ltd.		21,209		36,132
Mirvac Group		26,971		32,747
National Australia Bank Ltd.		20,366		431,005
Newcrest Mining Ltd.*		6,279		56,504
Orica Ltd.		2,861		30,365
Origin Energy Ltd.~		8,958		35,597
Platinum Asset Management Ltd.		1,805		8,624
Qantas Airways Ltd.*		6,627		17,398
QBE Insurance Group Ltd.		10,872		99,009
Ramsay Health Care Ltd.		980		40,419
REA Group Ltd.		400		12,526
Rio Tinto Ltd.		3,224		110,920
Santos Ltd.		8,004		22,650
Scentre Group		41,494		114,204
Seek Ltd.		2,700		22,882
Sonic Healthcare Ltd.		3,379		43,462
South32 Ltd.*		24,967		24,133
South32 Ltd.*		16,770		16,082
Stockland		18,274		49,647


	Number of Shares		Value†

Australia — (continued)
Suncorp Group Ltd.		9,636	$	82,895
Sydney Airport		9,491		39,889
Tabcorp Holdings Ltd.		7,043		23,187
Tatts Group Ltd.		13,129		34,834
Telstra Corp. Ltd.		33,844		133,809
The GPT Group		15,260		48,499
The GPT Group, In Specie~		16,419		0
TPG Telecom Ltd.		2,224		17,046
Transurban Group		14,509		101,633
Treasury Wine Estates Ltd.		5,248		24,318
Wesfarmers Ltd.		8,949		247,379
Westfield Corp.		15,906		111,926
Westpac Banking Corp.		24,415		512,885
Woodside Petroleum Ltd.		5,940		121,571
Woolworths Ltd.		10,150		177,916
WorleyParsons Ltd.		1,418		5,936

				5,928,553

Austria — 0.2%
Andritz AG		668		30,101
Erste Group Bank AG*		1,965		57,105
Immoeast AG~		2,678		0
OMV AG		1,135		27,617
Raiffeisen Bank International AG*		750		9,857
Voestalpine AG		1,009		34,692

				159,372

Belgium — 1.3%
Ageas		1,719		70,645
Anheuser-Busch InBev N.V.		6,279		667,810
Belgacom S.A.		1,133		39,193
Colruyt S.A.		647		31,183
Delhaize Group S.A.		900		79,777
Groupe Bruxelles Lambert S.A.		667		50,335
KBC Groep N.V.		2,043		129,204
Solvay S.A.		480		49,056
Telenet Group Holding N.V.*		377		21,657
UCB S.A.		1,013		79,362
Umicore S.A.		738		28,462

				1,246,684

Bermuda — 0.0%
Seadrill Ltd.		3,129		18,274

China — 0.1%
Sands China Ltd.		19,200		58,319
Yangzijiang Shipbuilding Holdings Ltd.		19,000		15,193

				73,512

Denmark — 1.8%
A.P. Moller—Maersk A/S, B Shares		55		84,782
A.P. Moller—Maersk A/S, A Shares		31		46,696
Carlsberg A/S, B Shares		840		64,547
Coloplast A/S, B Shares		905		64,164
Danske Bank A/S		5,515		166,665
DSV A/S		1,264		47,232
ISS A/S		1,307		43,414
Novo Nordisk A/S, B Shares		15,353		828,518
Novozymes A/S, B Shares		1,916		83,618


	Number of Shares		Value†
COMMON STOCKS — (continued)
Denmark — (continued)
Pandora A/S		923	$	107,824
TDC A/S		6,200		31,975
Tryg A/S		965		18,749
Vestas Wind Systems A/S		1,794		93,268
William Demant Holding A/S*		138		11,465

				1,692,917

Finland — 0.8%
Elisa OYJ		1,000		33,827
Fortum OYJ		3,489		51,623
Kone OYJ, B Shares		2,641		100,511
Metso OYJ		661		13,751
Neste OYJ		812		18,688
Nokia OYJ		28,055		191,836
Nokian Renkaat OYJ		765		24,764
Orion OYJ, B Shares		750		28,381
Sampo OYJ, A Shares		3,551		171,859
Stora Enso OYJ, R Shares		4,323		32,710
UPM-Kymmene OYJ		4,158		62,415
Wartsila OYJ Abp		1,184		46,984

				777,349

France — 9.3%
Accor S.A.		1,648		77,271
Aeroports de Paris		215		24,403
Air Liquide S.A.		2,701		320,211
Alcatel-Lucent*		21,121		77,931
Alstom S.E.*		1,899		58,739
Arkema S.A.		594		38,502
AtoS S.A.		692		53,192
AXA S.A.		15,218		369,479
BNP Paribas S.A.		8,235		484,831
Bollore S.A.		6,795		33,129
Bouygues S.A.		1,571		55,753
Bureau Veritas S.A.		1,772		37,408
Cap Gemini S.A.		1,210		108,057
Carrefour S.A.		4,319		128,000
Casino Guichard Perrachon S.A.		468		24,923
Christian Dior S.E.		408		76,441
CNP Assurances		1,617		22,468
Compagnie de Saint-Gobain		3,782		164,141
Compagnie Generale des Establissements Michelin, B Shares		1,486		135,961
Credit Agricole S.A.		8,537		98,285
Danone S.A.		4,621		291,694
Dassault Systemes S.A.		982		72,575
Edenred		1,708		27,968
Electricite de France S.A.		2,020		35,668
Essilor International S.A.		1,615		197,303
Eurazeo S.A.		343		22,845
Eutelsat Communications S.A.		1,288		39,505
Fonciere Des Regions		278		24,240
GDF Suez		11,414		184,685
Gecina S.A.		313		38,171
Groupe Eurotunnel S.E.		3,742		50,983
Hermes International		218		79,355
ICADE		313		21,236
Iliad S.A.		205		41,470


	Number of Shares		Value†

France — (continued)
Imerys S.A.		213	$	13,684
Ingenico Group S.A.*		430		51,960
JCDecaux S.A.		742		26,973
Kering		625		102,309
Klepierre		1,527		69,208
L’Oreal S.A.		1,971		342,589
Lagardere S.C.A.		948		26,268
Legrand S.A.		2,075		110,397
LVMH Moet Hennessy Louis Vuitton S.E.		2,217		377,431
Natixis		7,282		40,319
Numericable-SFR*		671		31,064
Orange S.A.		15,576		236,122
Pernod Ricard S.A.		1,689		170,536
Peugeot S.A.*		3,574		54,156
Publicis Groupe S.A.		1,450		99,097
Remy Cointreau S.A.		152		9,989
Renault S.A.		1,493		107,725
Rexel S.A.		1,960		24,129
Safran S.A.		2,358		177,303
Sanofi S.A.		9,249		880,510
Schneider Electric S.E.		4,325		242,197
SCOR S.E.		1,378		49,485
Societe BIC S.A.		246		38,226
Societe Generale S.A.		5,784		258,494
Sodexo		765		63,476
Suez Environment Co.		2,507		45,049
Technip S.A.		869		41,124
Thales S.A.		773		53,898
TOTAL S.A.		16,943		762,149
Unibail-Rodamco S.E.		776		201,128
Valeo S.A.		573		77,801
Veolia Environment S.A.		3,504		79,913
Vinci S.A.		3,660		232,736
Vivendi S.A.		8,958		212,231
Wendel S.A.		253		29,664
Zodiac Aerospace		1,724		39,584

				8,895,747

Germany — 8.1%
Adidas AG		1,710		137,874
Allianz S.E.		3,570		560,825
Axel Springer S.E.		327		18,286
BASF S.E.		7,181		549,230
Bayer AG		6,542		839,333
Bayerische Motoren Werke AG		2,574		224,564
Beiersdorf AG		792		70,204
Brenntag AG		1,140		61,508
Commerzbank AG*		8,718		92,078
Continental AG		878		187,529
Daimler AG		7,498		545,880
Deutsche Annington Immobilien S.E.		3,477		111,911
Deutsche Bank AG		10,968		295,997
Deutsche Boerse AG		1,516		130,747
Deutsche Lufthansa AG		1,991		27,716
Deutsche Post AG		7,523		208,411
Deutsche Telekom AG		25,250		449,491
Deutsche Wohnen AG		2,580		69,001


	Number of Shares		Value†
COMMON STOCKS — (continued)
Germany — (continued)
E.ON S.E.		16,007	$	137,364
Evonik Industries AG		1,096		36,697
Fraport AG Frankfurt Airport Services Worldwide		272		16,819
Fresenius Medical Care AG & Co. KGaA		1,772		138,491
Fresenius S.E. & Co. KGaA		2,961		198,767
GEA Group AG		1,522		58,035
Hannover Rueck S.E.		474		48,553
HeidelbergCement AG		1,060		72,793
Henkel AG & Co. KGaA		823		72,744
Hugo Boss AG		567		63,754
Infineon Technologies AG		8,492		95,412
K+S AG		1,330		44,626
Kabel Deutschland Holding AG		172		22,430
LANXESS AG		691		32,355
Linde AG		1,444		234,542
MAN S.E.		297		30,255
Merck KGaA		1,016		89,953
Metro AG		1,566		43,328
Muenchener Ruckversicherungs AG		1,344		251,013
OSRAM Licht AG		667		34,556
ProSiebenSat.1 Media AG		1,773		87,029
RWE AG		3,801		43,194
SAP S.E.		7,655		495,922
Siemens AG		6,167		550,944
Symrise AG		897		54,048
Telefonica Deutschland Holding AG		4,698		28,728
ThyssenKrupp AG		2,865		50,344
TUI AG		3,510		64,853
United Internet AG		908		46,034
Volkswagen AG		247		29,102

				7,753,270

Hong Kong — 2.9%
AIA Group Ltd.		94,200		489,911
ASM Pacific Technology Ltd.		1,700		11,150
Bank of East Asia Ltd.		11,300		37,992
BOC Hong Kong Holdings Ltd.		27,500		81,105
Cathay Pacific Airways Ltd.		10,000		18,832
Cheung Kong Infrastructure Holdings Ltd.		6,000		53,777
Cheung Kong Property Holdings Ltd.		21,170		155,098
CK Hutchison Holdings Ltd.		21,128		274,825
CLP Holdings Ltd.		14,000		119,686
First Pacific Co., Ltd.		15,750		9,623
Galaxy Entertainment Group Ltd.		18,000		46,103
Hang Lung Properties Ltd.		19,000		42,738
Hang Seng Bank Ltd.		5,600		101,015
Henderson Land Development Co., Ltd.		10,123		60,532
HKT Trust & HKT Ltd.		21,240		25,241
Hong Kong & China Gas Co., Ltd.		54,059		101,370
Hong Kong Exchanges & Clearing Ltd.		8,891		203,968
Hysan Development Co., Ltd.		6,140		25,566
Kerry Properties Ltd.		3,509		9,634
Li & Fung Ltd.		50,000		38,302
Link REIT		18,176		100,067
MGM China Holdings Ltd.		8,400		9,785
MTR Corp., Ltd.		11,345		49,328


	Number of Shares		Value†

Hong Kong — (continued)
New World Development Co., Ltd.		46,930	$	45,704
Noble Group Ltd.		38,270		11,198
NWS Holdings Ltd.		12,549		16,542
PCCW Ltd.		33,068		17,022
Power Assets Holdings Ltd.		11,500		108,823
Shangri-La Asia Ltd.		6,666		5,787
Sino Land Co., Ltd.		21,063		32,071
SJM Holdings Ltd.		17,000		12,103
Sun Hung Kai Properties Ltd.		13,161		171,663
Swire Pacific Ltd., A Shares		5,000		56,043
Swire Properties Ltd.		9,336		25,877
Techtronic Industries Co.		11,000		41,009
The Wharf Holdings Ltd.		11,000		62,066
WH Group Ltd.*		45,343		22,565
Wheelock & Co., Ltd.		7,000		30,401
Yue Yuen Industrial Holdings Ltd.		7,000		26,043

				2,750,565

Ireland — 0.9%
Anglo Irish Bank Corp. PLC~		3,146		0
Bank of Ireland*		220,348		86,155
CRH PLC		6,433		169,820
Experian PLC		8,038		129,036
James Hardie Industries PLC		3,154		38,072
Kerry Group PLC, A Shares		1,174		88,321
Ryanair Holdings PLC ADR*		264		20,671
Shire PLC		4,642		317,335

				849,410

Israel — 0.6%
Azrieli Group		283		11,313
Bank Hapoalim BM		8,292		41,726
Bank Leumi Le-Israel BM*		11,337		42,317
Bezeq The Israeli Telecommunication Corp., Ltd.		15,011		28,728
Delek Group Ltd.		36		7,869
Israel Chemicals Ltd.		3,410		17,548
Mizrahi Tefahot Bank Ltd.		783		9,259
NICE Systems Ltd.		400		22,404
Teva Pharmaceutical Industries Ltd.		6,730		380,340
The Israel Corp. Ltd.		16		3,837

				565,341

Italy — 2.3%
Assicurazioni Generali SpA		9,446		172,827
Atlantia SpA		3,091		86,464
Banca Monte Dei Paschi di Siena SPA*		19,151		34,125
Banco Popolare SC*		3,001		44,401
Enel Green Power SpA		13,747		25,994
Enel SpA		54,931		245,103
Eni SpA		20,206		317,849
Exor SpA		848		36,969
Finmeccanica SpA*		3,179		39,810
Intesa Sanpaolo SpA		98,312		347,309
Intesa Sanpaolo SpA, RSP		8,795		28,341
Luxottica Group SpA		1,314		91,067
Mediobanca SpA		4,539		44,658
Pirelli & C. SpA		1,674		28,013


	Number of Shares		Value†
COMMON STOCKS — (continued)
Italy — (continued)
Prysmian SpA		1,833	$	37,887
Saipem SpA*		2,015		16,157
Snam SpA		17,071		87,675
Telecom Italia SpA*		84,348		103,945
Telecom Italia SpA, RSP		52,300		53,639
Terna Rete Elettrica Nasionale SpA		11,628		56,515
UniCredit SpA		37,928		236,452
Unione di Banche Italiane SCpA		7,359		52,216
Unipolsai SPA		8,602		18,705

				2,206,121

Japan — 21.7%
ABC-Mart, Inc.		200		11,181
Acom Co., Ltd.*		3,200		16,374
Aeon Co., Ltd.		4,900		76,018
AEON Financial Service Co., Ltd.		700		13,850
Aeon Mall Co., Ltd.		710		10,907
Air Water, Inc.		1,000		15,021
Aisin Seiki Co., Ltd.		1,400		46,973
Ajinomoto Co., Inc.		5,000		105,440
Alfresa Holdings Corp.		1,600		27,324
Alps Electric Co., Ltd.		1,400		39,536
Amada Holdings Co., Ltd.		3,000		22,874
ANA Holdings, Ltd.		11,000		30,816
Aozora Bank Ltd.		10,000		34,683
Asahi Glass Co., Ltd.		7,000		40,903
Asahi Group Holdings Ltd.		3,200		103,818
Asahi Kasei Corp.		9,000		63,463
Asics Corp.		1,000		23,834
Astellas Pharma, Inc.		17,000		220,049
Bandai Namco Holdings, Inc.		1,100		25,530
Benesse Holdings, Inc.		700		18,715
Bridgestone Corp.		5,200		179,952
Brother Industries Ltd.		1,500		18,081
Calbee, Inc.		400		12,944
Canon, Inc.		8,300		240,098
Casio Computer Co., Ltd.		1,500		27,303
Central Japan Railway Co.		1,100		177,350
Chubu Electric Power Co., Inc.		5,100		75,196
Chugai Pharmaceutical Co., Ltd.		1,800		55,284
Citizen Holdings Co., Ltd.		1,400		9,676
Credit Saison Co., Ltd.		1,500		27,251
Dai Nippon Printing Co., Ltd.		5,000		48,312
Daicel Corp.		2,000		24,552
Daihatsu Motor Co., Ltd.		1,800		20,821
Daiichi Sankyo Co., Ltd.		5,300		91,965
Daikin Industries Ltd.		1,800		100,955
Daito Trust Construction Co., Ltd.		600		60,963
Daiwa House Industry Co., Ltd.		4,900		121,475
Daiwa Securities Group, Inc.		13,000		84,117
Denso Corp.		3,900		165,200
Dentsu, Inc.		1,800		92,376
Don Quijote Holdings Co., Ltd.		800		30,141
East Japan Railway Co.		2,700		227,517
Eisai Co., Ltd.		2,000		118,003
Electric Power Development Co., Ltd.		1,000		30,519
FamilyMart Co., Ltd.		500		22,796


	Number of Shares		Value†

Japan — (continued)
FANUC Corp.		1,600	$	246,142
Fast Retailing Co., Ltd.		400		162,704
Fuji Electric Co., Ltd.		4,000		14,507
Fuji Heavy Industries Ltd.		4,500		161,930
FUJIFILM Holdings Corp.		3,700		138,314
Fujitsu Ltd.		15,000		65,247
Fukuoka Financial Group, Inc.		6,000		28,577
GungHo Online Entertainment, Inc.		3,000		8,911
Hakuhodo DY Holdings, Inc.		2,500		23,702
Hamamatsu Photonics K.K.		1,000		22,631
Hankyu Hanshin Holdings, Inc.		10,000		61,161
Hikari Tsushin, Inc.		200		13,998
Hino Motors Ltd.		2,000		20,382
Hirose Electric Co., Ltd.		210		22,861
Hisamitsu Pharmaceutical Co., Inc.		400		13,375
Hitachi Chemical Co., Ltd.		1,000		13,797
Hitachi Construction Machinery Co., Ltd.		1,000		13,403
Hitachi High-Technologies Corp.		500		10,827
Hitachi Ltd.		38,000		191,749
Hitachi Metals Ltd.		2,000		23,226
Hokuhoku Financial Group, Inc.		10,000		22,897
Hokuriku Electric Power Co.		1,200		16,140
Honda Motor Co., Ltd.		12,800		382,038
Hoya Corp.		3,500		114,632
Hulic Co., Ltd.		2,500		22,616
Ibiden Co., Ltd.		1,300		17,019
Idemitsu Kosan Co., Ltd.		400		6,127
IHI Corp.		12,000		30,836
Iida Group Holdings Co., Ltd.		1,000		15,644
Inpex Corp.		7,200		64,373
Isetan Mitsukoshi Holdings Ltd.		2,500		37,511
Isuzu Motors Ltd.		4,500		45,189
ITOCHU Corp.		11,800		124,741
Itochu Technology Solutions Corp.		600		12,796
J. Front Retailing Co., Ltd.		2,000		32,397
Japan Airlines Co., Ltd.		1,000		35,385
Japan Airport Terminal Co., Ltd.		300		12,966
Japan Exchange Group, Inc.		4,000		58,473
Japan Prime Realty Investment Corp.		5		16,253
Japan Real Estate Investment Corp.		10		46,063
Japan Retail Fund Investment Corp.		20		38,697
Japan Tobacco, Inc.		8,700		269,876
JFE Holdings, Inc.		3,700		48,596
JGC Corp.		2,000		26,534
JSR Corp.		1,100		15,856
JTEKT Corp.		1,500		21,002
JX Holdings, Inc.		17,690		63,877
Kajima Corp.		7,000		37,148
Kakaku.Com, Inc.		1,100		17,864
Kamigumi Co., Ltd.		2,000		16,388
Kaneka Corp.		2,000		14,728
Kansai Paint Co., Ltd.		2,000		27,201
Kao Corp.		4,100		185,856
Kawasaki Heavy Industries Ltd.		10,000		34,523
KDDI Corp.		13,800		308,887
Keihan Electric Railway Co., Ltd.		3,000		20,009


	Number of Shares		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Keikyu Corp.		4,000	$	31,839
Keio Corp.		5,000		35,547
Keisei Electric Railway Co., Ltd.		2,000		21,940
Keyence Corp.		341		152,283
Kikkoman Corp.		1,000		27,543
Kintetsu Group Holdings Co., Ltd.		13,000		46,694
Kirin Holdings Co., Ltd.		6,800		89,194
Kobe Steel Ltd.		26,000		28,191
Koito Manufacturing Co., Ltd.		600		19,606
Komatsu Ltd.		7,300		107,153
Konami Corp.		600		12,967
Konica Minolta, Inc.		4,000		42,139
Kose Corp.		200		18,254
Kubota Corp.		9,000		123,862
Kuraray Co., Ltd.		2,400		29,911
Kurita Water Industries Ltd.		800		16,985
Kyocera Corp.		2,600		119,080
Kyowa Hakko Kirin Co., Ltd.		2,000		29,815
Kyushu Electric Power Co., Inc.*		2,900		31,640
Lawson, Inc.		600		44,270
LIXIL Group Corp.		2,300		46,810
M3, Inc.		1,800		35,771
Mabuchi Motor Co., Ltd.		400		17,368
Makita Corp.		800		42,554
Marubeni Corp.		13,000		63,692
Marui Group Co., Ltd.		1,500		18,093
Maruichi Steel Tube Ltd.		300		6,791
Mazda Motor Corp.		3,900		61,625
McDonald’s Holdings Co., Japan Ltd.		700		15,712
Medipal Holdings Corp.		1,500		23,801
MEIJI Holdings Co., Ltd.		1,000		73,331
Minebea Co., Ltd.		3,000		31,846
Miraca Holdings, Inc.		400		16,963
Mitsubishi Chemical Holdings Corp.		9,500		49,605
Mitsubishi Corp.		10,500		172,111
Mitsubishi Electric Corp.		15,000		137,408
Mitsubishi Estate Co., Ltd.		10,000		204,275
Mitsubishi Gas Chemical Co., Inc.		3,000		13,848
Mitsubishi Heavy Industries Ltd.		24,000		107,334
Mitsubishi Logistics Corp.		1,000		11,596
Mitsubishi Materials Corp.		7,000		21,269
Mitsubishi Motors Corp.		5,200		39,771
Mitsubishi Tanabe Pharma Corp.		1,900		33,531
Mitsubishi UFJ Financial Group, Inc.		99,100		598,786
Mitsubishi UFJ Lease & Finance Co., Ltd.		4,600		20,265
Mitsui & Co., Ltd.		13,800		155,105
Mitsui Chemicals, Inc.		5,000		16,025
Mitsui Fudosan Co., Ltd.		8,000		219,291
Mitsui OSK Lines Ltd.		10,000		24,020
Mixi, Inc.		200		6,845
Mizuho Financial Group, Inc.		186,580		349,017
MS&AD Insurance Group Holdings, Inc.		4,090		109,734
Murata Manufacturing Co., Ltd.		1,600		206,679
Nabtesco Corp.		700		12,789
Nagoya Railroad Co., Ltd.		7,000		27,509
NEC Corp.		21,000		64,655


	Number of Shares		Value†

Japan — (continued)
Nexon Co. Ltd.		1,100	$	14,707
NGK Insulators Ltd.		2,000		38,271
NGK Spark Plug Co., Ltd.		1,400		32,138
NH Foods Ltd.		1,000		20,407
NHK Spring Co., Ltd.		1,200		11,636
Nidec Corp.		1,700		116,902
Nikon Corp.		2,900		35,071
Nintendo Co., Ltd.		800		134,841
Nippon Building Fund, Inc.		10		48,388
Nippon Electric Glass Co., Ltd.		2,000		9,660
Nippon Express Co., Ltd.		8,000		38,227
Nippon Paint Holdings Co., Ltd.		1,000		17,490
Nippon Prologis REIT, Inc.		10		18,145
Nippon Steel & Sumitomo Metal Corp.		5,917		107,824
Nippon Telegraph & Telephone Corp.		6,000		211,342
Nippon Yusen K.K.		13,000		30,127
Nissan Motor Co., Ltd.		19,400		178,375
Nisshin Seifun Group, Inc.		1,815		26,393
Nissin Foods Holdings Co., Ltd.		500		23,001
Nitori Holdings Co., Ltd.		600		46,983
Nitto Denko Corp.		1,200		71,871
NOK Corp.		1,000		21,636
Nomura Holdings, Inc.		28,500		165,424
Nomura Real Estate Holdings, Inc.		1,000		20,104
Nomura Research Institute Ltd.		1,100		42,226
NSK Ltd.		4,000		38,772
NTT Data Corp.		1,000		50,417
NTT DOCOMO, Inc.		11,200		188,911
NTT Urban Development Corp.		1,000		9,214
Obayashi Corp.		6,000		51,193
Odakyu Electric Railway Co., Ltd.		5,000		45,027
Oji Holdings Corp.		6,000		25,753
Olympus Corp.		2,000		62,397
Omron Corp.		1,600		48,164
Ono Pharmaceutical Co., Ltd.		600		71,139
Oracle Corp. Japan		200		8,446
Oriental Land Co., Ltd.		1,600		89,349
ORIX Corp.		10,600		136,733
Osaka Gas Co., Ltd.		16,000		60,663
Otsuka Corp.		300		14,617
Otsuka Holdings Co., Ltd.		3,000		95,795
Panasonic Corp.		17,500		177,102
Park24 Co., Ltd.		800		15,014
Rakuten, Inc.		7,300		93,312
Recruit Holdings Co., Ltd.		1,000		29,984
Resona Holdings, Inc.		17,800		90,695
Ricoh Co., Ltd.		5,000		50,465
Rinnai Corp.		300		22,889
Rohm Co., Ltd.		800		35,576
Ryohin Keikaku Co. Ltd.		200		40,722
Sankyo Co., Ltd.		400		14,230
Sanrio Co., Ltd.		300		8,195
Santen Pharmaceutical Co., Ltd.		3,000		40,277
SBI Holdings, Inc.		1,710		19,321
Secom Co., Ltd.		1,700		102,239
Sega Sammy Holdings, Inc.		1,200		11,710


	Number of Shares		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Seibu Holdings, Inc.		1,000	$	20,265
Seiko Epson Corp.		2,200		31,121
Sekisui Chemical Co., Ltd.		3,000		31,577
Sekisui House Ltd.		4,600		72,054
Seven & I Holdings Co., Ltd.		6,000		273,799
Seven Bank Ltd.		5,300		22,939
Sharp Corp/Japan*		11,000		12,616
Shikoku Electric Power Co., Inc.		1,300		21,201
Shimadzu Corp.		2,000		28,875
Shimamura Co., Ltd.		200		21,543
Shimano, Inc.		600		84,298
Shimizu Corp.		5,000		42,931
Shin-Etsu Chemical Co., Ltd.		3,200		164,109
Shinsei Bank Ltd.		14,000		28,779
Shionogi & Co., Ltd.		2,500		89,613
Shiseido Co., Ltd.		3,200		69,781
Showa Shell Sekiyu K.K.		1,000		7,883
SMC Corp.		400		87,583
SoftBank Corp.		7,500		346,799
Sompo Japan Nipponkoa Holdings, Inc.		2,825		82,052
Sony Corp.		9,900		242,670
Sony Financial Holdings, Inc.		1,200		19,696
Stanley Electric Co., Ltd.		1,300		25,937
Sumitomo Chemical Co., Ltd.		12,000		60,681
Sumitomo Corp.		8,100		78,330
Sumitomo Dainippon Pharma Co., Ltd.		1,400		13,996
Sumitomo Electric Industries Ltd.		5,900		75,480
Sumitomo Heavy Industries Ltd.		5,000		19,813
Sumitomo Metal Mining Co., Ltd.		4,000		45,439
Sumitomo Mitsui Financial Group, Inc.		10,000		379,203
Sumitomo Mitsui Trust Holdings, Inc.		25,430		93,202
Sumitomo Realty & Development Co., Ltd.		3,000		95,482
Sumitomo Rubber Industries Ltd.		1,200		16,657
Suntory Beverage & Food Ltd.		1,000		38,419
Suruga Bank Ltd.		1,600		29,772
Suzuken Co., Ltd.		440		14,673
Suzuki Motor Corp.		2,800		86,100
Sysmex Corp.		1,000		52,812
T&D Holdings, Inc.		5,100		60,240
Taiheiyo Cement Corp.		8,000		23,971
Taisei Corp.		8,000		52,153
Taisho Pharmaceutical Holdings Co., Ltd.		300		17,247
Taiyo Nippon Sanso Corp.		1,000		9,500
Takashimaya Co., Ltd.		2,000		16,160
Takeda Pharmaceutical Co., Ltd.		6,200		272,008
TDK Corp.		900		50,902
Teijin Ltd.		6,000		18,225
Terumo Corp.		2,200		62,266
The Bank of Kyoto Ltd.		3,000		30,512
The Bank of Yokohama Ltd.		10,000		60,780
The Chiba Bank Ltd.		5,000		35,505
The Chugoku Bank Ltd.		1,000		14,841
The Chugoku Electric Power Co., Inc.		2,100		28,945
The Dai-ichi Life Insurance Co., Ltd.		8,500		135,319
The Gunma Bank Ltd.		3,000		19,201
The Hachijuni Bank Ltd.		4,000		28,393


	Number of Shares		Value†

Japan — (continued)
The Hiroshima Bank Ltd.		4,000	$	23,117
The Iyo Bank Ltd.		2,000		22,991
The Joyo Bank Ltd.		6,000		31,609
The Kansai Electric Power Co., Inc.*		5,900		65,592
The Shizuoka Bank Ltd.		4,000		40,143
The Yokohama Rubber Co., Ltd.		1,000		17,637
THK Co., Ltd.		1,000		15,929
Tobu Railway Co., Ltd.		9,000		38,661
Toho Co., Ltd.		900		20,514
Toho Gas Co., Ltd.		3,000		17,690
Tohoku Electric Power Co., Inc.		3,100		42,010
Tokio Marine Holdings, Inc.		5,400		201,744
Tokyo Electric Power Co., Inc.*		12,200		81,491
Tokyo Electron Ltd.		1,400		66,101
Tokyo Gas Co., Ltd.		17,000		82,234
Tokyo Tatemono Co., Ltd.		1,500		17,885
Tokyu Corp.		10,000		73,386
Tokyu Fudosan Holdings Corp.		4,000		26,614
TonenGeneral Sekiyu K.K.		2,000		19,382
Toppan Printing Co., Ltd.		4,000		32,222
Toray Industries, Inc.		11,000		95,098
Toshiba Corp.*		32,000		80,616
TOTO Ltd.		1,000		31,164
Toyo Seikan Group Holdings Ltd.		1,000		15,917
Toyo Suisan Kaisha Ltd.		600		22,747
Toyoda Gosei Co., Ltd.		400		7,862
Toyota Industries Corp.		1,200		57,083
Toyota Motor Corp.		21,500		1,258,780
Toyota Tsusho Corp.		1,800		37,941
Trend Micro, Inc.		800		28,259
Unicharm Corp.		3,000		53,136
United Urban Investment Corp.		19		25,374
USS Co., Ltd.		2,200		36,591
West Japan Railway Co.		1,300		81,479
Yahoo Japan Corp.		10,400		39,593
Yakult Honsha Co., Ltd.		700		34,869
Yamada Denki Co., Ltd.		5,300		21,367
Yamaguchi Financial Group, Inc.		2,000		24,516
Yamaha Corp.		1,600		35,437
Yamaha Motor Co., Ltd.		2,400		48,284
Yamato Holdings Co., Ltd.		2,800		53,609
Yamazaki Baking Co., Ltd.		1,000		15,409
Yaskawa Electric Corp.		2,000		20,410
Yokogawa Electric Corp.		2,000		20,934

				20,790,761

Jersey — 0.1%
Randgold Resources Ltd.		741		43,663

Luxembourg — 0.2%
ArcelorMittal		8,260		42,836
Millicom International Cellular S.A.		489		30,581
RTL Group S.A.		294		25,345
SES S.A.		2,387		75,332
Tenaris S.A.		3,987		47,933

				222,027


	Number of Shares		Value†
COMMON STOCKS — (continued)
Macau — 0.0%
Wynn Macau Ltd.		12,400	$	14,187

Netherlands — 4.3%
Aegon N.V.		13,628		78,145
Airbus Group N.V.		4,687		277,566
Akzo Nobel N.V.		1,976		128,518
Altice N.V.*		694		15,483
Altice N.V.*		2,082		43,563
ASML Holding N.V.		2,705		237,779
CNH Industrial N.V.		7,320		47,715
Delta Lloyd N.V.		1,694		14,234
Gemalto N.V.		668		43,428
Heineken Holdings N.V.		898		64,024
Heineken N.V.		1,880		152,222
ING Groep N.V.		29,989		424,872
Koninklijke Ahold N.V.		7,270		141,824
Koninklijke Boskalis Westminster N.V.		654		28,627
Koninklijke DSM N.V.		1,465		67,613
Koninklijke KPN N.V.		25,159		94,357
Koninklijke Philips N.V.		7,261		170,829
Koninklijke Vopak N.V.		584		23,350
NN Group N.V.		1,270		36,458
OCI N.V.*		783		20,086
QIAGEN N.V.*		1,994		51,436
Randstad Holding N.V.		923		55,169
Reed Elsevier N.V.		7,963		130,092
Royal Dutch Shell PLC, A Shares		30,516		720,390
Royal Dutch Shell PLC, B Shares		18,971		448,573
TNT Express N.V.		3,470		26,480
Unilever N.V.		12,833		514,414
Wolters Kluwer N.V.		2,160		66,613

				4,123,860

New Zealand — 0.1%
Auckland International Airport Ltd.		7,482		23,422
Contact Energy Ltd.		7,262		23,046
Fletcher Building Ltd.		4,795		20,906
Meridian Energy Ltd.		7,526		10,134
Mighty River Power Ltd.		4,163		6,706
Ryman Healthcare Ltd.		2,831		13,260
Spark New Zealand Ltd.		16,634		31,788

				129,262

Norway — 0.5%
DNB ASA		7,620		99,169
Gjensidige Forsikring ASA		1,418		19,093
Norsk Hydro ASA		10,203		34,023
Orkla ASA		6,430		47,552
Statoil ASA		8,879		129,448
Telenor ASA		6,070		113,427
Yara International ASA		1,246		49,706

				492,418

Portugal — 0.1%
Banco Comercial Portugues S.A.*		240,809		11,768
Banco Espirito Santo S.A.*~		27,017		0
EDP—Energias de Portugal S.A.		16,826		61,643
Galp Energia SGPS, S.A.		2,726		26,900


	Number of Shares		Value†

Portugal — (continued)
Jeronimo Martins SGPS, S.A.		2,107	$	28,437

				128,748

Singapore — 1.2%
Ascendas Real Estate Investment Trust		15,000		24,712
CapitaLand Commercial Trust Ltd.		16,000		15,106
CapitaLand Ltd.		18,000		33,988
CapitaLand Mall Trust		21,700		29,017
City Developments Ltd.		3,000		16,255
ComfortDelGro Corp. Ltd.		14,000		28,283
DBS Group Holdings Ltd.		13,707		156,456
Genting Singapore PLC		54,000		27,583
Global Logistic Properties Ltd.		26,000		37,380
Golden Agri-Resources Ltd.		65,000		15,109
Hutchison Port Holdings Trust		35,100		19,305
Jardine Cycle & Carriage Ltd.		1,111		21,109
Keppel Corp. Ltd.		11,600		55,477
Oversea-Chinese Banking Corp. Ltd.		24,017		148,720
Sembcorp Industries Ltd.		9,000		21,965
SembCorp Marine Ltd.		7,000		11,301
Singapore Airlines Ltd.		4,000		30,111
Singapore Exchange Ltd.		6,000		29,682
Singapore Press Holdings Ltd.		10,000		26,991
Singapore Technologies Engineering Ltd.		12,000		25,176
Singapore Telecommunications Ltd.		63,000		159,460
StarHub Ltd.		5,000		12,174
Suntec Real Estate Investment Trust		16,000		16,901
United Overseas Bank Ltd.		10,609		138,523
UOL Group Ltd.		4,210		17,825
Wilmar International Ltd.		17,000		30,760

				1,149,369

South Africa — 0.1%
Mondi PLC		2,860		59,943

Spain — 3.3%
Abertis Infraestructuras S.A.		3,623		57,324
ACS Actividades de Construccion y Servicios S.A.		1,422		40,914
Aena S.A. ADR*		465		51,436
Amadeus IT Holding S.A.		3,406		145,931
Banco Bilbao Vizcaya Argentaria S.A.		49,034		414,625
Banco de Sabadell S.A.		38,708		71,245
Banco Popular Espanol S.A.		13,546		49,484
Banco Popular I-2015 Share~		74		269
Banco Santander S.A.		112,285		597,069
Bankia S.A.		36,141		46,906
Bankinter S.A.		4,820		35,510
CaixaBank		20,351		78,540
Caixabank SA I-2015 Shares~		214		824
Distribuidora Internacional de Alimentacion S.A.		4,084		24,723
Enagas S.A.		1,740		49,896
Endesa S.A.		2,463		51,941
Ferrovial S.A.		3,493		83,553
Gas Natural SDG S.A.		2,914		56,859
Grifols S.A.		1,252		51,765
Iberdrola S.A.		43,078		287,040


	Number of Shares		Value†
COMMON STOCKS — (continued)
Spain — (continued)
Inditex S.A.		8,480	$	284,348
Mapfre S.A.		8,177		21,382
Red Electrica Corp. S.A.		908		75,397
Repsol S.A.		8,648		100,864
Telefonica S.A.		34,797		422,159
Zardoya Otis S.A.		1,605		17,345

				3,117,349

Sweden — 2.8%
Alfa Laval AB		2,688		44,005
Assa Abloy AB		8,124		145,710
Atlas Copco AB, A Shares		3,255		72,808
Atlas Copco AB, B Shares		5,275		126,859
Boliden AB		1,883		29,484
Electrolux AB, B Shares		1,720		48,602
Getinge AB, B Shares		1,448		32,319
Hennes & Mauritz AB, B Shares		7,381		269,675
Hexagon AB, B Shares		2,081		63,578
Husqvarna AB, B Shares		2,834		18,586
ICA Gruppen AB		521		17,638
Industrivarden AB, C Shares		1,227		21,552
Investment AB Kinnevik, B Shares		1,832		52,368
Investor AB, B Shares		3,414		117,308
Lundin Petroleum AB*		1,488		19,204
Nordea Bank AB		24,214		270,144
Sandvik AB		8,213		69,961
Securitas AB, B Shares		1,984		24,265
Skandinaviska Enskilda Banken AB, A Shares		12,133		129,765
Skanska AB, B Shares		2,985		58,604
SKF AB, B Shares		3,338		61,347
Svenska Cellulosa AB SCA, B Shares		4,703		131,600
Svenska Handelsbanken AB		11,286		161,896
Swedbank AB, A Shares		7,333		162,209
Swedish Match AB		1,496		45,222
Tele2 AB, B Shares		2,927		28,546
Telefonaktiebolaget LM Ericsson, B Shares		23,658		232,076
TeliaSonera AB		21,208		114,476
Volvo AB, B Shares		11,928		114,260

				2,684,067

Switzerland — 9.7%
ABB Ltd.		17,471		309,124
Actelion Ltd.		835		106,125
Adecco S.A.		1,364		99,893
Aryzta AG		739		31,321
Baloise Holding AG		408		46,758
Barry Callebaut AG		17		18,511
Chocoladefabriken Lindt & Spruengli AG		1		70,937
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		7		41,042
Cie Financiere Richemont S.A.		4,087		318,013
Coca-Cola HBC AG		1,371		29,022
Credit Suisse Group AG		11,988		288,154
Dufry AG*		317		37,118
EMS-Chemie Holding AG		65		26,741
Geberit AG		311		95,140
Givaudan S.A.		74		120,410


	Number of Shares		Value†

Switzerland — (continued)
Glencore PLC		86,508	$	120,078
Holcim Ltd.		3,404		178,438
Julius Baer Group Ltd.		1,895		86,056
Kuehne + Nagel International AG		444		57,093
Lonza Group AG		459		60,228
Nestle S.A.		25,283		1,901,426
Novartis AG		17,829		1,638,697
Pargesa Holding S.A.		272		15,963
Partners Group Holding AG		138		46,774
Roche Holding AG		5,526		1,466,996
Schindler Holding AG		145		21,267
Schindler Holding AG, Participation Certificates		349		50,133
SGS S.A.		43		75,138
Sika AG		18		55,522
Sonova Holding AG		427		54,984
STMicroelectronics N.V.		4,919		33,606
Sulzer AG		188		18,421
Swiss Life Holding AG		272		60,674
Swiss Prime Site AG		430		31,418
Swiss Re AG		2,781		238,602
Swisscom AG		202		100,812
Syngenta AG		723		231,657
The Swatch Group AG		253		93,830
The Swatch Group AG, Registered Shares		366		26,403
Transocean Ltd.		3,010		38,827
UBS Group AG		28,612		528,982
Wolseley PLC		2,086		122,018
Zurich Insurance Group AG		1,170		287,242

				9,279,594

United Kingdom — 17.6%
3i Group PLC		8,442		59,633
Aberdeen Asset Management PLC		7,687		34,530
Admiral Group PLC		1,518		34,525
Aggreko PLC		2,157		31,096
Amec Foster Wheeler PLC		2,494		27,092
Anglo American PLC		10,459		87,365
Antofagasta PLC		3,403		25,777
ARM Holdings PLC		11,309		162,478
Ashtead Group PLC		3,679		52,027
Associated British Foods PLC		2,872		145,349
AstraZeneca PLC		9,861		625,369
Aviva PLC		32,002		218,879
Babcock International Group PLC		1,759		24,334
BAE Systems PLC		25,041		169,742
Barclays PLC		131,262		485,772
Barratt Developments PLC		7,726		75,467
BG Group PLC		27,035		390,003
BHP Billiton PLC		16,770		255,266
BP PLC		144,592		733,567
British American Tobacco PLC		14,699		811,026
BT Group PLC		66,556		423,597
Bunzl PLC		2,435		65,341
Burberry Group PLC		3,582		74,250
Capita PLC		5,526		100,363
Carnival PLC		1,577		81,659


	Number of Shares		Value†
COMMON STOCKS — (continued)
United Kingdom — (continued)
Centrica PLC		39,110	$	135,869
Cobham PLC		8,466		36,646
Compass Group PLC		13,243		211,528
Croda International PLC		1,214		49,815
Diageo PLC		19,654		528,041
Direct Line Insurance Group PLC		9,512		53,972
Dixons Carphone PLC		7,844		50,413
easyJet PLC		1,334		36,010
Fiat Chrysler Automobiles N.V.*		7,378		95,896
Fresnillo PLC		1,200		10,750
G4S PLC		12,521		43,771
GKN PLC		13,828		56,167
GlaxoSmithKline PLC		38,526		739,462
Hammerson PLC		6,570		62,038
Hargreaves Lansdown PLC		1,892		34,601
HSBC Holdings PLC		152,918		1,153,566
ICAP PLC		4,325		29,955
IMI PLC		1,958		28,135
Imperial Tobacco Group PLC		7,532		389,394
Inmarsat PLC		3,494		51,978
Intercontinental Hotels Group PLC		1,943		67,314
International Consolidated Airlines Group S.A. (London Main Market Exchange)*		2,764		24,690
International Consolidated Airlines Group S.A. (Spanish Stock Exchange)*		5,668		50,780
Intertek Group PLC		1,257		46,386
Intu Properties PLC		8,219		41,023
Investec PLC		4,543		34,785
ITV PLC		30,751		114,592
J. Sainsbury PLC		9,762		38,607
Johnson Matthey PLC		1,610		59,692
Kingfisher PLC		18,641		101,262
Land Securities Group PLC		6,374		121,513
Legal & General Group PLC		47,123		169,914
Lloyds Banking Group PLC		447,156		509,068
London Stock Exchange Group PLC		2,429		89,033
Marks & Spencer Group PLC		12,979		98,520
Meggitt PLC		5,739		41,402
Melrose Industries PLC		7,834		31,339
Merlin Entertainments PLC		5,527		31,142
National Grid PLC		28,998		403,858
Next PLC		1,131		130,338
Old Mutual PLC		38,468		110,244
Pearson PLC		6,696		114,454
Persimmon PLC		2,549		77,582
Petrofac Ltd.		1,906		22,198
Prudential PLC		20,038		422,731
Reckitt Benckiser Group PLC		5,052		458,143
Reed Elsevier PLC		8,393		143,952
Rexam PLC		5,992		47,574
Rio Tinto PLC		9,892		331,907
Rolls-Royce Holdings PLC		15,117		155,072
Royal Bank of Scotland Group PLC*		25,364		121,014
Royal Mail PLC		5,386		37,424
RSA Insurance Group PLC		7,501		45,730
SABMiller PLC		7,565		428,388


	Number of Shares		Value†

United Kingdom — (continued)
Schroders PLC		1,078	$	45,806
Segro PLC		6,438		41,886
Severn Trent PLC		2,104		69,600
Sky PLC		7,899		124,970
Smith & Nephew PLC		7,021		122,665
Smiths Group PLC		3,378		51,470
Sports Direct International PLC*		2,156		24,735
SSE PLC		7,972		180,430
St James’s Place PLC		4,100		52,767
Standard Chartered PLC		19,411		188,382
Standard Life PLC		16,040		94,205
Subsea 7 S.A.*		1,806		13,595
Tate & Lyle PLC		3,269		29,129
Taylor Wimpey PLC		25,341		75,080
Tesco PLC		64,072		177,965
The British Land Co. PLC		7,941		100,848
The Sage Group PLC		8,870		67,106
The Weir Group PLC		1,674		29,699
Travis Perkins PLC		2,061		61,485
Tullow Oil PLC		7,372		18,949
Unilever PLC		10,072		410,229
United Utilities Group PLC		5,606		78,574
Vodafone Group PLC		210,003		662,365
W.M. Morrison Supermarkets PLC		17,966		45,211
Whitbread PLC		1,474		104,427
William Hill PLC		7,259		38,608
WPP PLC		9,883		205,754

				16,830,125

TOTAL COMMON STOCKS (Cost $80,844,779)				91,982,488

PREFERRED STOCKS — 0.4%
Germany — 0.4%
Bayerische Motoren Werke AG		477		32,806
Fuchs Petrolub S.E.		598		26,468
Henkel AG & Co. KGaA		1,395		143,679
Porsche Automobil Holding S.E.		1,203		51,183
Volkswagen AG		1,278		140,386
TOTAL PREFERRED STOCKS (Cost $371,468)				394,522

WARRANTS — 0.0%
Belgium — 0.0%
Anheuser-Busch InBev N.V. 02/27/13 * (Cost $0)		256		0

SHORT-TERM INVESTMENTS — 1.7%
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares (Cost $1,636,600)		1,636,600		1,636,600


TOTAL INVESTMENTS — 98.3% (Cost $82,852,847)(a)	$	94,013,610

Other Assets & Liabilities — 1.7%		1,623,618

TOTAL NET ASSETS — 100.0%	$	95,637,228

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $83,296,344. Net unrealized appreciation was $10,717,266. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $20,538,535 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $9,821,269.

~	Fair valued security. The total market value of fair valued securities at September 30, 2015 is $36,690.

ADR — American Depository Receipt.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.


COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Advertising		0.5	%	$	447,902
Aerospace & Defense		0.9	%		835,951
Agriculture		1.7	%		1,561,387
Airlines		0.3	%		292,409
Apparel		0.9	%		858,982
Auto Manufacturers		3.7	%		3,426,594
Auto Parts & Equipment		1.3	%		1,209,034
Banks		14.0	%		12,873,987
Beverages		2.6	%		2,401,791
Biotechnology		0.4	%		322,010
Building & Real Estate		0.2	%		228,129
Building Materials		1.2	%		1,102,090
Building-Maintenance Service		—	%+		43,414
Chemicals		3.7	%		3,387,176
Commercial Services		1.6	%		1,472,528
Computers		0.5	%		423,904
Cosmetics & Personal Care		0.8	%		721,566
Distribution & Wholesale		0.9	%		813,349
Diversified		—	%+		24,712
Diversified Financial Services		2.0	%		1,839,146
Diversified Operations		0.1	%		134,448
Electric		2.7	%		2,492,449
Electrical Components & Equipment		1.0	%		933,848
Electronics		1.3	%		1,178,697
Energy-Alternate Sources		0.2	%		178,641
Engineering & Construction		1.3	%		1,163,729
Entertainment		0.2	%		207,634
Environmental Control		—	%+		16,985
Food		5.6	%		5,120,911
Forest Products & Paper		0.3	%		312,421
Gas		1.0	%		912,467
Hand & Machine Tools		0.4	%		342,943
Healthcare Products		1.1	%		989,953
Healthcare Services		0.3	%		248,668
Holding Companies		0.3	%		317,012
Home Builders		0.3	%		240,750
Home Furnishings		0.5	%		480,990
Hotels & Resorts		0.2	%		195,270
Household Products & Wares		0.6	%		587,699


Industrial	0.2	%		155,072
Insurance	5.9	%		5,417,594
Internet	0.4	%	$	351,351
Investment Companies	0.3	%		293,272
Iron & Steel	0.4	%		353,545
Leisure Time	0.4	%		337,423
Lodging	0.3	%		228,779
Machinery - Construction & Mining	0.4	%		320,223
Machinery - Diversified	1.1	%		989,867
Media	1.3	%		1,203,363
Metal Fabricate/Hardware	0.3	%		300,553
Mining	1.8	%		1,698,960
Miscellaneous Manufacturing	1.1	%		1,049,219
Mixed Industrial/Office	0.6	%		510,340
Office & Business Equipment	0.4	%		321,684
Oil & Gas	4.5	%		4,172,714
Oil & Gas Services	0.1	%		106,571
Packaging and Containers	0.2	%		147,850
Pharmaceuticals	9.2	%		8,477,671
Pipelines	0.1	%		52,828
Real Estate	1.8	%		1,672,916
Real Estate Investment Trusts	1.0	%		959,020
Real Estate Management Services	0.1	%		111,911
Retail	3.2	%		2,931,487
Semiconductors	0.7	%		642,102
Shipbuilding	—	%+		26,494
Software	0.9	%		868,791
Storage & Warehousing	—	%+		11,596
Telecommunications	5.6	%		5,161,166
Textiles	0.2	%		143,234
Toys, Games & Hobbies	0.2	%		168,566
Transportation	2.0	%		1,880,531
Unknown	0.3	%		241,450
Venture Capital	0.1	%		59,633
Water	0.3	%		273,136
	100.0	%	$	91,982,488

+ Rounded.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
COMMON STOCKS
Australia	$	5,928,553	$	—	$	5,928,553	$	—
Austria		159,372		—		159,372		—
Belgium		1,246,684		—		1,246,684		—
Bermuda		18,274		—		18,274		—
China		73,512		—		73,512		—
Denmark		1,692,917		—		1,692,917		—
Finland		777,349		—		777,349		—
France		8,895,747		—		8,895,747		—
Germany		7,753,270		—		7,753,270		—
Hong Kong		2,750,565		25,241		2,725,324		—
Ireland		849,410		20,671		828,739		—
Israel		565,341		—		565,341		—
Italy		2,206,121		—		2,206,121		—
Japan		20,790,761		—		20,790,761		—
Jersey		43,663		—		43,663		—
Luxembourg		222,027		—		222,027		—
Macau		14,187		—		14,187		—
Netherlands		4,123,860		59,046		4,064,814		—
New Zealand		129,262		—		129,262		—
Norway		492,418		—		492,418		—
Portugal		128,748		—		128,748		—
Singapore		1,149,369		19,305		1,130,064		—
South Africa		59,943		—		59,943		—
Spain		3,117,349		—		3,117,349		—
Sweden		2,684,067		—		2,684,067		—
Switzerland		9,279,594		—		9,279,594		—
United Kingdom		16,830,125		81,659		16,748,466		—
PREFERRED STOCKS		394,522		—		394,522		—
SHORT-TERM INVESTMENTS		1,636,600		1,636,600		—		—

TOTAL INVESTMENTS	$	94,013,610	$	1,842,522	$	92,171,088	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 98.0%
Australia — 4.3%
CSL Ltd.		127,280	$	8,010,166
Ramsay Health Care Ltd.		146,942		6,060,488
Sonic Healthcare Ltd.		124,462		1,600,877

				15,671,531

Canada — 4.1%
Alimentation Couche Tard, Inc., Class B		148,652		6,836,098
Enbridge, Inc.		219,196		8,138,750

				14,974,848

Denmark — 3.7%
Coloplast A/S, B Shares		33,769		2,394,187
Novo Nordisk A/S, B Shares		208,582		11,256,039

				13,650,226

France — 7.6%
Air Liquide S.A.		41,368		4,904,294
Bureau Veritas S.A.		257,469		5,435,273
Essilor International S.A.		58,196		7,109,749
Hermes International		12,953		4,715,086
L’Oreal S.A.		30,830		5,358,718

				27,523,120

Germany — 4.9%
Bayer AG		63,848		8,191,641
Fresenius Medical Care AG & Co. KGaA		47,200		3,688,934
SAP SE		94,507		6,122,546

				18,003,121

Hong Kong — 2.1%
Cheung Kong Infrastructure Holdings Ltd.		424,981		3,809,003
Link REIT		682,558		3,757,775

				7,566,778

India — 12.1%
HDFC Bank Ltd.~		963,918		18,823,274
HDFC Bank Ltd. ADR		14,591		891,364
Housing Development Finance Corp., Ltd.		843,178		15,621,993
ITC Ltd.		1,716,281		8,605,886

				43,942,517

Ireland — 1.9%
Accenture PLC, Class A		23,815		2,340,062
Paddy Power PLC		39,384		4,557,102

				6,897,164

Japan — 2.1%
Daito Trust Construction Co., Ltd.		41,700		4,236,920
Unicharm Corp.		192,600		3,411,310

				7,648,230

Netherlands — 3.4%
Unilever N.V.		312,327		12,519,693

South Africa — 1.4%
Naspers Ltd., N Shares		39,972		5,009,579

South Korea — 0.5%
Amorepacific Corp.		5,454		1,777,287

Spain — 2.6%
Banco Bilbao Vizcaya Argentaria S.A.		475,402		4,019,942


	Number of Shares		Value†

Spain — (continued)
Grifols S.A.		133,802	$	5,532,202

				9,552,144

Switzerland — 13.6%
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates*		1,142		6,695,701
DKSH Holding AG*		29,805		1,890,906
Nestle S.A.		242,071		18,205,117
Roche Holding AG		61,120		16,225,622
UBS Group AG		358,748		6,632,579

				49,649,925

United Kingdom — 22.8%
British American Tobacco PLC		429,673		23,707,446
Diageo PLC		210,042		5,643,163
Domino’s Pizza Group PLC		389,363		5,239,050
Imperial Tobacco Group PLC		173,946		8,992,772
Lloyds Banking Group PLC		3,719,665		4,234,679
Persimmon PLC		230,129		7,004,266
Reckitt Benckiser Group PLC		178,122		16,153,086
SABMiller PLC		214,573		12,150,764

				83,125,226

United States — 10.9%
Google, Inc., Class C		11,717		7,128,857
PayPal Holdings, Inc.*		242,425		7,524,872
Philip Morris International, Inc.		215,143		17,067,294
The Priceline Group, Inc.*		6,577		8,134,828

				39,855,851

TOTAL COMMON STOCKS (Cost $291,188,565)				357,367,240

SHORT-TERM INVESTMENTS — 1.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $5,127,464)		5,127,464		5,127,464

TOTAL INVESTMENTS — 99.4% (Cost $296,316,029)(a)			$	362,494,704

Other Assets & Liabilities — 0.6%				2,168,017

TOTAL NET ASSETS — 100.0%			$	364,662,721

~	Fair valued security. The total market value of fair valued securities at September 30, 2015 is $18,823,274.

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $296,704,695. Net unrealized appreciation was $65,790,009. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $75,264,249 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $9,474,240.

ADR — American Depository Receipt.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.


Country Weightings as of 09/30/2015 ††
United Kingdom	23	%
Switzerland	14
India	12
United States	12
France	8
Germany	5
Australia	4
Other	22

Total	100	%

††	% of total investments as of September 30, 2015


COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Advertising		0.5	%	$	1,890,906
Agriculture		16.3	%		58,373,398
Apparel		1.3	%		4,715,086
Banks		9.7	%		34,601,838
Beverages		5.0	%		17,793,927
Biotechnology		2.2	%		8,010,166
Building & Real Estate		2.0	%		7,004,266
Chemicals		2.3	%		8,191,641
Commercial Services		3.6	%		12,960,145
Computers		0.6	%		2,340,062
Cosmetics & Personal Care		2.9	%		10,547,315
Diversified Financial Services		4.4	%		15,621,993
Entertainment		1.3	%		4,557,102
Food		10.5	%		37,420,511
Gas		1.4	%		4,904,294
Healthcare Products		2.7	%		9,503,936
Healthcare Services		3.2	%		11,350,299
Household Products & Wares		4.5	%		16,153,086
Internet		4.3	%		15,263,685
Investment Companies		1.1	%		3,809,003
Media		1.4	%		5,009,579
Oil & Gas Services		2.3	%		8,138,750
Pharmaceuticals		9.2	%		33,013,863
Real Estate		1.2	%		4,236,920
Real Estate Investment Trusts		1.0	%		3,757,775
Retail		3.4	%		12,075,148
Software		1.7	%		6,122,546

		100.0	%	$	357,367,240

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Australia	$	15,671,531	$	—	$	15,671,531	$	—
Canada		14,974,848		14,974,848		—		—
Denmark		13,650,226		—		13,650,226		—
France		27,523,120		—		27,523,120		—
Germany		18,003,121		—		18,003,121		—
Hong Kong		7,566,778		—		7,566,778		—
India		43,942,517		891,364		43,051,153		—
Ireland		6,897,164		2,340,062		4,557,102		—
Japan		7,648,230		—		7,648,230		—
Netherlands		12,519,693		—		12,519,693		—
South Africa		5,009,579		—		5,009,579		—
South Korea		1,777,287		—		1,777,287		—
Spain		9,552,144		—		9,552,144		—
Switzerland		49,649,925		—		49,649,925		—
United Kingdom		83,125,226		—		83,125,226		—
United States		39,855,851		39,855,851		—		—
SHORT-TERM INVESTMENTS		5,127,464		5,127,464		—		—

TOTAL INVESTMENTS	$	362,494,704	$	63,189,589	$	299,305,115	$	—

It is the Fund’s practice to recognize transfers in and transfers out at the fair value as of the beginning of period.

An amount of $5,330,323 was transferred from Level 1 into Level 2 at 9/30/2015 which was a result of valuing investments using third-party vendor modeling tools.

The Fund did not have any transfers in and transfers out of level 3 fair value hierarchy during the reporting period.

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


	Number of Shares		Value†
COMMON STOCKS — 91.6%
Argentina — 0.6%
MercadoLibre, Inc.		8,980	$	817,719

Austria — 2.2%
Erste Group Bank AG*		76,208		2,214,683
Vienna Insurance Group AG Wiener Versicherung Gruppe		31,533		929,779

				3,144,462

Brazil — 2.9%
BRF S.A.		151,698		2,703,358
Raia Drogasil S.A.		78,060		770,066
Ultrapar Participacoes S.A.		40,204		675,289

				4,148,713

Chile — 0.5%
S.A.C.I. Falabella		118,517		734,394

China — 10.9%
Bank of China Ltd., Class H		6,689,000		2,884,516
China Construction Bank Corp., Class H		3,255,930		2,172,788
China Life Insurance Co. Ltd., Class H		356,000		1,240,439
China Machinery Engineering Corp.		322,000		278,311
China Pacific Insurance Group Co. Ltd., Class H		230,800		860,965
Chongqing Changan Automobile Co. Ltd., Class B		148,500		250,908
Huadian Power International Corp. Ltd., Class H		572,000		448,814
JD.Com, Inc. ADR*		27,722		722,435
NetEase.com, Inc. ADR		3,003		360,720
Shenzhou International Group Holdings Ltd.		90,000		466,313
Sihuan Pharmaceutical Holdings Group Ltd.~		1,282,000		594,348
TAL Education Group ADR*		15,958		513,050
Tencent Holdings Ltd.*		267,400		4,507,452
Tsingtao Brewery Co. Ltd., Class H		40,000		175,938

				15,476,997

Colombia — 0.2%
Grupo de Inversiones Suramericana S.A.		26,894		312,506

Czech Republic — 1.2%
Komercni Banka, A.S.		7,888		1,709,659

Egypt — 0.5%
Commercial International Bank Egypt SAE		112,727		765,868

Hong Kong — 5.1%
AIA Group Ltd.		251,400		1,307,469
China Mengniu Dairy Co. Ltd.		144,000		507,784
China Mobile Ltd.		285,500		3,417,367
China Overseas Land & Investment Ltd.		288,000		875,629
China Taiping Insurance Holdings Co. Ltd.*		141,200		441,902
CSPC Pharmaceutical Group Ltd.		436,000		383,884
Shenzhen International Holdings Ltd.		262,500		361,511

				7,295,546

India — 11.7%
Ashok Leyland Ltd.		1,643,077		2,322,742
Bharat Petroleum Corp. Ltd.		81,611		1,058,885


	Number of Shares		Value†

India — (continued)
Glenmark Pharmaceuticals Ltd.		88,906	$	1,423,407
HDFC Bank Ltd.~		83,566		1,631,867
Idea Cellular Ltd.		185,253		423,546
IndusInd Bank Ltd.		117,956		1,697,695
Larsen & Toubro Ltd.		49,679		1,113,603
Marico Ltd.		166,061		1,023,094
Maruti Suzuki India Ltd.		26,946		1,930,522
Shree Cement Ltd.*		7,115		1,272,554
Shriram Transport Finance Co. Ltd.		93,175		1,316,662
Sun Pharmaceutical Industries Ltd.		40,790		539,754
Tata Consultancy Services Ltd.		22,065		872,215

				16,626,546

Indonesia — 2.3%
AKR Corporindo Tbk PT		805,300		322,493
Kalbe Farma Tbk PT		5,899,100		555,064
Link Net Tbk PT*		1,477,200		453,821
Matahari Department Store Tbk PT		989,200		1,092,583
Surya Citra Media Tbk PT		1,741,900		327,546
Xl Axiata Tbk PT*		2,547,700		455,759

				3,207,266

Japan — 0.5%
Nexon Co. Ltd.		55,200		738,001

Malaysia — 0.6%
Astro Malaysia Holdings Bhd		442,400		283,632
IHH Healthcare Bhd		457,700		621,288

				904,920

Mexico — 6.7%
Alfa S.A.B. de C.V.		782,537		1,522,033
Cemex S.A.B. de C.V. ADR*		285,139		1,993,122
El Puerto de Liverpool S.A.B. de C.V.		51,658		670,626
Fomento Economico Mexicano S.A.B. de C.V. ADR		32,049		2,860,373
Grupo Financiero Banorte S.A.B. de C.V., Series O		221,480		1,086,378
Grupo Financiero Inbursa S.A.B de C.V., Series O		300,472		620,855
Mexichem S.A.B. de C.V.		335,208		823,897

				9,577,284

Pakistan — 0.9%
Lucky Cement Ltd.		84,200		424,486
United Bank Ltd.		634,700		891,344

				1,315,830

Panama — 0.2%
Copa Holdings S.A., Class A		6,138		257,366

Peru — 1.0%
Credicorp Ltd.		12,906		1,372,682

Philippines — 3.9%
BDO Unibank, Inc.		268,770		596,072
DMCI Holdings, Inc.		1,695,850		463,781
International Container Terminal Services, Inc.		271,320		435,214
LT Group, Inc.		2,077,300		448,563


	Number of Shares		Value†
COMMON STOCKS — (continued)
Philippines — (continued)
Metro Pacific Investments Corp.		9,064,300	$	966,307
Metropolitan Bank & Trust Co.		692,263		1,209,387
SM Investments Corp.		71,350		1,360,069

				5,479,393

Poland — 2.4%
Bank Pekao S.A.		23,939		973,000
Bank Zachodni WBK S.A.*		828		64,045
CCC S.A.		13,980		603,872
LPP S.A.		132		272,109
PKP Cargo S.A.		35,177		625,746
Polski Koncern Naftowy Orlen S.A.		50,801		886,973

				3,425,745

Portugal — 1.0%
Jeronimo Martins SGPS, S.A.		106,002		1,430,645

Russia — 1.5%
Mail.Ru Group Ltd. GDR*		39,051		679,487
NOVATEK OAO GDR		4,707		435,398
X5 Retail Group N.V. GDR*		31,875		554,625
Yandex N.V., Class A*		48,715		522,712

				2,192,222

South Africa — 5.7%
Life Healthcare Group Holdings Ltd.		291,584		750,090
MTN Group Ltd.		106,269		1,366,545
Naspers Ltd., N Shares		18,622		2,333,843
Sasol Ltd.		33,407		935,821
Steinhoff International Holdings Ltd.		247,780		1,521,480
Vodacom Group Ltd.		113,742		1,131,409

				8,039,188

South Korea — 10.7%
Amorepacific Corp.		3,383		1,102,413
Cosmax, Inc.		3,417		617,985
Coway Co. Ltd.		17,890		1,265,918
Hotel Shilla Co. Ltd.		12,446		1,213,099
KB Financial Group, Inc.		33,319		990,398
Kia Motors Corp.		24,071		1,091,168
Kolao Holdings		19,259		220,923
Korea Aerospace Industries Ltd.		8,502		489,735
LG Chem Ltd.		3,124		757,253
LIG Nex1 Co. Ltd.*~		1,713		109,835
Lotte Chemical Corp.		2,347		537,833
NAVER Corp.		1,375		595,974
Samsung Electronics Co. Ltd.		3,557		3,412,777
Samsung Life Insurance Co. Ltd.		9,370		783,569
SK Holdings Co. Ltd.		3,351		691,701
SK Hynix, Inc.		28,650		817,113
SK Telecom Co. Ltd.		2,378		527,526

				15,225,220

Spain — 0.3%
Cemex Latam Holdings S.A.*		96,727		385,304

Switzerland — 0.7%
DKSH Holding AG*		14,972		949,862


	Number of Shares		Value†

Taiwan — 11.0%
Advanced Semiconductor Engineering, Inc.		1,175,000	$	1,280,264
Advanced Semiconductor Engineering, Inc. ADR		9,768		53,626
Catcher Technology Co. Ltd.		117,000		1,250,813
Chailease Holding Co. Ltd.		423,540		665,938
Delta Electronics, Inc.		147,000		693,364
Eclat Textile Co. Ltd.		48,644		772,401
Fubon Financial Holding Co. Ltd.		684,310		1,071,247
Hermes Microvision, Inc.		11,012		419,766
Hon Hai Precision Industry Co. Ltd.		760,400		1,986,507
Largan Precision Co. Ltd.		10,000		780,449
Nan Ya Plastics Corp.		161,000		273,223
PChome Online, Inc.		11,000		126,817
Pegatron Corp.		317,000		775,791
Siliconware Precision Industries Co.		256,000		319,145
Siliconware Precision Industries Co. ADR		9,039		56,810
Taiwan Mobile Co. Ltd.		187,000		572,520
Taiwan Semiconductor Manufacturing Co. Ltd.		794,769		3,185,178
Uni-President Enterprises Corp.		761,962		1,323,186

				15,607,045

Thailand — 2.2%
Advanced Info Service PCL NVDR		174,100		1,085,856
BTS Rail Mass Transit Growth Infrastructure Fund		2,532,000		697,617
Land and Houses PCL NVDR		1,921,300		426,992
Minor International PCL NVDR		700,970		556,355
Total Access Communication PCL NVDR		244,400		389,389

				3,156,209

Turkey — 0.9%
Arcelik A.S.		141,624		690,451
Ulker Biskuvi Sanayi A.S.		95,588		605,476

				1,295,927

United Kingdom — 1.0%
Mondi PLC		68,903		1,441,670

United States — 2.3%
Samsonite International S.A.		708,000		2,306,695
Yum! Brands, Inc.		11,312		904,394

				3,211,089

TOTAL COMMON STOCKS (Cost $119,945,350)				130,245,278

PREFERRED STOCKS — 2.7%
Brazil — 1.9%
Banco Bradesco S.A.		173,251		931,259
Itau Unibanco Holding S.A.		197,258		1,310,078
Telefonica Brasil S.A.		50,700		465,501

				2,706,838

Colombia — 0.3%
Grupo de Inversiones Suramericana S.A.		31,247		358,230

South Korea — 0.5%
Samsung Electronics Co. Ltd.		981		761,517


	Number of Shares		Value†
PREFERRED STOCKS — (continued)
TOTAL PREFERRED STOCKS (Cost $6,639,275)			$	3,826,585

SHORT-TERM INVESTMENTS — 1.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,935,776)		1,935,776	$	1,935,776

TOTAL INVESTMENTS — 95.7% (Cost $128,520,401)(a)			$	136,007,639

Other Assets & Liabilities — 4.3%				6,167,395

TOTAL NET ASSETS — 100.0%			$	142,175,034

~	Fair valued security. The total market value of fair valued securities at September 30, 2015 is $2,336,050.

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $129,149,044. Net unrealized appreciation was $6,858,595. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $23,458,733 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $16,600,138.

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	%	$	949,862
Aerospace & Defense		0.5	%		599,570
Airlines		0.2	%		257,366
Apparel		1.2	%		1,510,823
Auto Manufacturers		4.3	%		5,595,340
Banks		15.3	%		19,890,839
Beverages		2.7	%		3,484,874
Building Materials		3.1	%		4,075,466
Chemicals		2.4	%		3,067,495
Commercial Services		1.0	%		1,309,775
Computers		1.2	%		1,563,916
Cosmetics & Personal Care		1.3	%		1,720,398
Distribution & Wholesale		0.2	%		322,493
Diversified Financial Services		3.1	%		4,044,245
Electric		0.3	%		448,814
Electrical Components & Equipment		1.4	%		1,888,921
Electronics		1.5	%		1,986,507
Engineering & Construction		1.4	%		1,855,695
Food		5.5	%		7,125,074
Forest Products & Paper		1.1	%		1,441,670
Healthcare Services		1.1	%		1,371,378
Holding Companies		1.2	%		1,522,033
Home Builders		0.3	%		426,992
Home Furnishings		2.7	%		3,477,849
Hotels & Resorts		0.9	%		1,213,099
Household Products & Wares		2.6	%		3,329,789
Insurance		4.3	%		5,564,123
Internet		6.5	%		8,426,417
Investment Companies		0.2	%		312,506
Media		2.3	%		2,945,021
Metal Fabricate/Hardware		1.0	%		1,250,813
Miscellaneous Manufacturing		0.6	%		780,449
Oil & Gas		2.5	%		3,317,077
Pharmaceuticals		2.7	%		3,496,457
Real Estate		0.7	%		875,629
Retail		5.3	%		6,913,282
Semiconductors		7.0	%		9,124,913
Software		0.8	%		1,098,721
Telecommunications		7.2	%		9,369,917
Transportation		1.0	%		1,323,363
Water		0.7	%		966,307

		100.0	%	$	130,245,278

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Argentina	$	817,719	$	817,719	$	—	$	—
Austria		3,144,462		—		3,144,462		—
Brazil		4,148,713		4,148,713		—		—
Chile		734,394		734,394		—		—
China		15,476,997		1,596,205		13,880,792		—
Colombia		312,506		312,506		—		—
Czech Republic		1,709,659		—		1,709,659		—
Egypt		765,868		—		765,868		—
Hong Kong		7,295,546		—		7,295,546		—
India		16,626,546		1,272,554		15,353,992		—
Indonesia		3,207,266		—		3,207,266		—
Japan		738,001		—		738,001		—
Malaysia		904,920		—		904,920		—
Mexico		9,577,284		9,577,284		—		—
Pakistan		1,315,830		1,315,830		—		—
Panama		257,366		257,366		—		—
Peru		1,372,682		1,372,682		—		—
Philippines		5,479,393		—		5,479,393		—
Poland		3,425,745		—		3,425,745		—
Portugal		1,430,645		—		1,430,645		—
Russia		2,192,222		2,192,222		—		—
South Africa		8,039,188		—		8,039,188		—
South Korea		15,225,220		—		15,225,220		—
Spain		385,304		385,304		—		—
Switzerland		949,862		—		949,862		—
Taiwan		15,607,045		110,436		15,496,609		—
Thailand		3,156,209		697,617		2,458,592		—
Turkey		1,295,927		—		1,295,927		—
United Kingdom		1,441,670		—		1,441,670		—
United States		3,211,089		3,211,089		—		—
PREFERRED STOCKS		3,826,585		3,065,068		761,517		—
SHORT-TERM INVEST- MENTS		1,935,776		1,935,776		—		—

TOTAL INVEST- MENTS	$	136,007,639	$	33,002,765	$	103,004,874	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 1.2%
Hotels & Resorts — 0.7%
La Quinta Holdings Inc*		59,861	$	944,607

Lodging — 0.5%
Extended Stay America, Inc.		38,554		646,936

TOTAL COMMON STOCKS (Cost $2,090,162)				1,591,543

REAL ESTATE INVESTMENT TRUSTS — 98.9%
Apartments — 18.8%
American Homes 4 Rent		99,626		1,601,986
Apartment Investment & Management Co., Class A		119,501		4,423,927
Education Realty Trust, Inc.		25,946		854,921
Equity Residential		120,555		9,056,091
Monogram Residential Trust, Inc.		141,858		1,320,698
UDR, Inc.		206,645		7,125,120

				24,382,743

Building & Real Estate — 1.9%
Spirit Realty Capital, Inc.		273,035		2,495,540

Diversified — 13.0%
American Assets Trust, Inc.		28,474		1,163,448
Equinix, Inc.		17,968		4,912,451
Liberty Property Trust		57,496		1,811,699
Retail Properties of America, Inc. Class A		141,235		1,990,001
Vornado Realty Trust		78,083		7,060,265

				16,937,864

Healthcare — 11.1%
HCP, Inc.		71,443		2,661,252
Healthcare Trust of America, Inc.		69,472		1,702,759
Omega Healthcare Investors, Inc.		116,521		4,095,713
Welltower, Inc.		88,846		6,016,651

				14,476,375

Hotels & Resorts — 6.1%
Belmond Ltd.*		52,489		530,664
DiamondRock Hospitality Co.		130,684		1,444,058
Host Hotels & Resorts, Inc.		283,932		4,488,965
Sunstone Hotel Investors, Inc.		109,474		1,448,341

				7,912,028

Industrial — 3.8%
Prologis, Inc.		77,718		3,023,230
QTS Realty Trust, Inc.		43,053		1,880,986

				4,904,216

Manufactured Homes — 1.5%
Sun Communities, Inc.		29,015		1,966,056

Office Property — 11.2%
BioMed Realty Trust, Inc.		152,862		3,054,183
Douglas Emmett, Inc.		69,879		2,006,925
Empire State Realty Trust, Inc.		58,848		1,002,181
Kilroy Realty Corp.		34,097		2,221,760
SL Green Realty Corp.		57,411		6,209,574

				14,494,623



	Number of Shares		Value†

Regional Malls — 14.9%
Pennsylvania Real Estate Investment Trust		79,838	$	1,583,188
Simon Property Group, Inc.		73,639		13,528,957
The Macerich Co.		55,000		4,225,100

				19,337,245

Storage & Warehousing — 10.4%
CubeSmart		221,603		6,029,817
Public Storage		35,460		7,504,400

				13,534,217

Strip Centers — 6.2%
DDR Corp.		321,807		4,949,392
Regency Centers Corp.		50,876		3,161,943

				8,111,335

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $119,139,829)				128,552,242

SHORT-TERM INVESTMENTS — 2.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $3,078,675)		3,078,675		3,078,675

TOTAL INVESTMENTS — 102.5% (Cost $124,308,666)(a)			$	133,222,460

Other Assets & Liabilities — (2.5)%				(3,307,950	)

TOTAL NET ASSETS — 100.0%			$	129,914,510

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $124,410,755. Net unrealized appreciation was $8,811,705. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $13,834,828 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $5,023,123.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	1,591,543	$	1,591,543	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		128,552,242		128,552,242		—		—
SHORT-TERM INVESTMENTS		3,078,675		3,078,675		—		—

TOTAL INVESTMENTS	$	133,222,460	$	133,222,460	$	—	$	—

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


	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 6.7%
Penn Series Flexibly Managed Fund*		60,066	$	2,418,273
Penn Series Index 500 Fund*		200,321		3,022,841
Penn Series Large Cap Growth Fund*		146,621		1,813,705
Penn Series Large Cap Value Fund*		285,713		6,045,683
Penn Series Large Core Value Fund*		306,000		4,231,978
Penn Series Large Growth Stock Fund*		87,271		2,418,273
Penn Series Mid Cap Growth Fund*		133,263		1,813,705
Penn Series Mid Cap Value Fund*		188,144		3,627,410
Penn Series Mid Core Value Fund*		215,789		3,627,410
Penn Series Real Estate Securities Fund*		137,636		2,418,273
Penn Series Small Cap Growth Fund*		66,145		1,813,705
Penn Series Small Cap Index Fund*		37,458		604,568
Penn Series Small Cap Value Fund*		93,877		2,418,273
Penn Series SMID Cap Growth Fund*		94,562		1,811,814
Penn Series SMID Cap Value Fund*		155,656		3,021,285

TOTAL AFFILIATED EQUITY FUNDS (Cost $27,581,803)				41,107,196

AFFILIATED FIXED INCOME FUNDS — 0.2%
Penn Series Quality Bond Fund* (Cost $1,100,289)		89,169		1,209,137

AFFILIATED INTERNATIONAL EQUITY FUNDS — 3.0%
Penn Series Developed International Index Fund*		439,686		4,836,547
Penn Series Emerging Markets Equity Fund*		497,587		4,836,546
Penn Series International Equity Fund*		366,088		8,463,956

TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $15,319,472)				18,137,049

SHORT-TERM INVESTMENTS — 0.1%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $463,045)		463,045		463,045

TOTAL INVESTMENTS — 10.0% (Cost $44,464,609)(a)			$	60,916,427

Other Assets & Liabilities — 90.0%				21,308

TOTAL NET ASSETS — 100.0%			$	609,937,735

*	Non-income producing security.

†	See Security Valuation Note.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $44,944,000. Net unrealized appreciation was $15,972,427. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $16,589,983 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $617,556.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	41,107,196	$	41,107,196	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		1,209,137		1,209,137		—		—
AFFILIATED INTER- NATIONAL EQUITY FUNDS		18,137,049		18,137,049		—		—
SHORT-TERM INVESTMENTS		463,045		463,045		—		—

TOTAL INVESTMENTS	$	60,916,427	$	60,916,427	$	—	$	—

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


	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 59.6%
Penn Series Flexibly Managed Fund*		348,231	$	14,019,786
Penn Series Index 500 Fund*		619,385		9,346,524
Penn Series Large Cap Growth Fund*		566,685		7,009,893
Penn Series Large Cap Value Fund*		883,414		18,693,049
Penn Series Large Core Value Fund*		1,182,677		16,356,417
Penn Series Large Growth Stock Fund*		252,973		7,009,893
Penn Series Mid Cap Growth Fund*		515,055		7,009,893
Penn Series Mid Cap Value Fund*		605,973		11,683,155
Penn Series Mid Core Value Fund*		695,012		11,683,155
Penn Series Real Estate Securities Fund*		398,969		7,009,893
Penn Series Small Cap Growth Fund*		170,433		4,673,262
Penn Series Small Cap Index Fund*		289,545		4,673,262
Penn Series Small Cap Value Fund*		272,123		7,009,893
Penn Series SMID Cap Growth Fund*		243,653		4,668,389
Penn Series SMID Cap Value Fund*		481,283		9,341,711

TOTAL AFFILIATED EQUITY FUNDS (Cost $89,844,699)				140,188,175

AFFILIATED FIXED INCOME FUNDS — 15.9%
Penn Series High Yield Bond Fund*		652,690		7,009,893
Penn Series Limited Maturity Bond Fund*		602,742		7,009,893
Penn Series Quality Bond Fund*		1,723,179		23,366,310

TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $33,583,738)				37,386,096

AFFILIATED INTERNATIONAL EQUITY FUNDS — 23.9%
Penn Series Developed International Index Fund*		1,486,947		16,356,417
Penn Series Emerging Markets Equity Fund*		1,201,971		11,683,155
Penn Series International Equity Fund*		1,212,784		28,039,572

TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $44,944,229)				56,079,144

SHORT-TERM INVESTMENTS — 0.5%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,197,178)		1,197,178		1,197,178

TOTAL INVESTMENTS — 99.9% (Cost $169,569,844)(a)			$	234,850,593

Other Assets & Liabilities — 0.1%				268,431

TOTAL NET ASSETS — 100.0%			$	235,119,024

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $171,529,107. Net unrealized appreciation was $63,321,486. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $65,718,166 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,396,680.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	140,188,175	$	140,188,175	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		37,386,096		37,386,096		—		—
AFFILIATED INTER- NATIONAL EQUITY FUNDS		56,079,144		56,079,144		—		—
SHORT-TERM INVESTMENTS		1,197,178		1,197,178		—		—

TOTAL INVESTMENTS	$	234,850,593	$	234,850,593	$	—	$	—

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


	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 46.9%
Penn Series Flexibly Managed Fund*		592,436	$	23,851,482
Penn Series Index 500 Fund*		903,209		13,629,419
Penn Series Large Cap Growth Fund*		275,453		3,407,355
Penn Series Large Cap Value Fund*		966,169		20,444,128
Penn Series Large Core Value Fund*		1,478,245		20,444,128
Penn Series Large Growth Stock Fund*		245,930		6,814,709
Penn Series Mid Cap Growth Fund*		500,713		6,814,709
Penn Series Mid Cap Value Fund*		530,190		10,222,064
Penn Series Mid Core Value Fund*		1,013,490		17,036,773
Penn Series Real Estate Securities Fund*		387,861		6,814,709
Penn Series Small Cap Growth Fund*		124,265		3,407,355
Penn Series Small Cap Index Fund*		422,225		6,814,709
Penn Series Small Cap Value Fund*		396,819		10,222,064
Penn Series SMID Cap Growth Fund*		177,651		3,403,802
Penn Series SMID Cap Value Fund*		350,912		6,811,200

TOTAL AFFILIATED EQUITY FUNDS (Cost $103,051,362)				160,138,606

AFFILIATED FIXED INCOME FUNDS — 34.9%
Penn Series High Yield Bond Fund*		1,269,033		13,629,419
Penn Series Limited Maturity Bond Fund*		1,757,879		20,444,128
Penn Series Quality Bond Fund*		6,281,996		85,183,866

TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $105,029,675)				119,257,413

AFFILIATED INTERNATIONAL EQUITY FUNDS — 16.9%
Penn Series Developed International Index Fund*		1,548,798		17,036,773
Penn Series Emerging Markets Equity Fund*		1,051,653		10,222,064
Penn Series International Equity Fund*		1,326,392		30,666,192

TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $43,911,044)				57,925,029

AFFILIATED MONEY MARKET FUND — 1.0%
Penn Series Money Market Fund (Cost $3,407,413)		3,407,413		3,407,413

SHORT-TERM INVESTMENTS — 0.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,241,861)		1,241,861		1,241,861

TOTAL INVESTMENTS — 100.1% (Cost $256,641,355)(a)			$	341,970,322

Other Assets & Liabilities — (0.1)%				(446,888	)

TOTAL NET ASSETS — 100.0%			$	341,523,434

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $258,224,475. Net unrealized appreciation was $83,745,847. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $85,530,101 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,784,254.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	160,138,606	$	160,138,606	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		119,257,413		119,257,413		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		57,925,029		57,925,029		—		—
AFFILIATED MONEY MARKET FUNDS		3,407,413		3,407,413		—		—
SHORT-TERM INVESTMENTS		1,241,861		1,241,861		—		—

TOTAL INVESTMENTS	$	341,970,322	$	341,970,322	$	—	$	—

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


	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 33.7%
Penn Series Flexibly Managed Fund*		202,763	$	8,163,221
Penn Series Index 500 Fund*		135,242		2,040,805
Penn Series Large Cap Growth Fund*		82,490		1,020,402
Penn Series Large Cap Value Fund*		241,116		5,102,013
Penn Series Large Core Value Fund*		368,909		5,102,013
Penn Series Large Growth Stock Fund*		36,824		1,020,402
Penn Series Mid Cap Value Fund*		105,851		2,040,805
Penn Series Mid Core Value Fund*		182,106		3,061,208
Penn Series Real Estate Securities Fund*		116,153		2,040,805
Penn Series Small Cap Index Fund*		63,222		1,020,402
Penn Series Small Cap Value Fund*		79,224		2,040,805
Penn Series SMID Cap Growth Fund*		53,201		1,019,339
Penn Series SMID Cap Value Fund*		52,544		1,019,877

TOTAL AFFILIATED EQUITY FUNDS (Cost $22,362,601)				34,692,097

AFFILIATED FIXED INCOME FUNDS — 54.4%
Penn Series High Yield Bond Fund*		570,057		6,122,416
Penn Series Limited Maturity Bond Fund*		1,316,082		15,306,038
Penn Series Quality Bond Fund*		2,558,531		34,693,687

TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $48,297,422)				56,122,141

AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.9%
Penn Series Developed International Index Fund*		278,292		3,061,208
Penn Series Emerging Markets Equity Fund*		104,980		1,020,403
Penn Series International Equity Fund*		264,810		6,122,415

TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $7,518,193)				10,204,026

AFFILIATED MONEY MARKET FUND — 1.0%
Penn Series Money Market Fund (Cost $1,020,420)		1,020,420		1,020,420

SHORT-TERM INVESTMENTS — 0.7%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $709,267)		709,267		709,267

TOTAL INVESTMENTS — 99.7% (Cost $79,907,903)(a)			$	102,747,951

Other Assets & Liabilities — 0.3%				294,373

TOTAL NET ASSETS — 100.0%			$	103,042,324

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $80,507,091. Net unrealized appreciation was $22,240,860. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $23,032,136 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $791,276.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	34,692,097	$	34,692,097	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		56,122,141		56,122,141		—		—
AFFILIATED INTER- NATIONAL EQUITY FUNDS		10,204,026		10,204,026		—		—
AFFILIATED MONEY MARKET FUNDS		1,020,420		1,020,420		—		—
SHORT-TERM INVESTMENTS		709,267		709,267		—		—

TOTAL INVESTMENTS	$	102,747,951	$	102,747,951	$	—	$	—

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


	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 18.8%
Penn Series Flexibly Managed Fund*		116,353	$	4,684,367
Penn Series Index 500 Fund*		38,804		585,546
Penn Series Large Cap Value Fund*		83,017		1,756,637
Penn Series Large Core Value Fund*		169,355		2,342,183
Penn Series Mid Cap Value Fund*		30,371		585,546
Penn Series Mid Core Value Fund*		69,666		1,171,092

TOTAL AFFILIATED EQUITY FUNDS (Cost $7,718,124)				11,125,371

AFFILIATED FIXED INCOME FUNDS — 71.1%
Penn Series High Yield Bond Fund*		381,641		4,098,821
Penn Series Limited Maturity Bond Fund*		1,057,305		12,296,462
Penn Series Quality Bond Fund*		1,900,001		25,764,017

TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $35,450,554)				42,159,300

AFFILIATED INTERNATIONAL EQUITY FUNDS — 3.9%
Penn Series Developed International Index Fund*		53,231		585,546
Penn Series International Equity Fund*		75,979		1,756,637

TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $1,694,151)				2,342,183

AFFILIATED MONEY MARKET FUND — 4.9%
Penn Series Money Market Fund (Cost $2,927,759)		2,927,759		2,927,759

SHORT-TERM INVESTMENTS — 1.6%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $926,270)		926,270		926,270

TOTAL INVESTMENTS — 100.3% (Cost $48,716,858)(a)			$	59,480,883

Other Assets & Liabilities — (0.3)%				(184,980	)

TOTAL NET ASSETS — 100.0%			$	59,295,903

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At September 30, 2015, the cost for Federal income tax purposes was $49,055,238. Net unrealized appreciation was $10,425,645. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $10,764,025 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $338,380.

Summary of inputs used to value the Fund’s investments as of 09/30/2015 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 09/30/2015		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	11,125,371	$	11,125,371	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		42,159,300		42,159,300		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		2,342,183		2,342,183		—		—
AFFILIATED MONEY MARKET FUNDS		2,927,759		2,927,759		—		—
SHORT-TERM INVESTMENTS		926,270		926,270		—		—

TOTAL INVESTMENTS	$	59,480,883	$	59,480,883	$	—	$	—

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 September 30, 2015, if any, are shown as notes on the Schedule of Investments of the individual fund.

Significant Level 3 items at September 30, 2015 consist of $3,080,679 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 September 30, 2015. Open futures contracts held by the Index 500, Developed International Index and Small Cap Index Funds at September 30, 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 September 30, 2015 are classified as Level 1.

Open forward foreign currency contracts held by High Yield Bond Fund at September 30, 2015 were as follows:

Open forward foreign currency contracts held by Mid Core Value Fund at September 30, 2015 were as follows:

Open forward foreign currency contracts held by Emerging Market Equity Fund at September 30, 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 September 30, 2015 are classified as Level 2.

[Please verify, please provide further information if this statement is not correct.]

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 09/30/2015 ††
United States	73	%
Cayman Islands	19
Netherlands	3
Canada	1
Ireland	1
Israel	1
United Kingdom	1
Other	1

Total	100	%


Fund	Type		Futures Contract		Expiration Date		Number of Contracts			Units per Contract		Closing Price		Unrealized Appreciation (Depreciation)
Limited Maturity Bond		Buy/Long		US Treasury Note		12/31/2015		310			2,000		110		67,813
Limited Maturity Bond		Sell/Short		US Treasury Note		12/31/2015		(90	)		1,000		121		(57,656	)
Limited Maturity Bond		Sell/Short		US Treasury Note		12/31/2015		(20	)		1,000		129		(27,813	)
Quality Bond		Sell/Short		90 Day Euro Dollar		9/16/2016		(100	)		2,500		99		(202,643	)
Quality Bond		Buy/Long		US Treasury Note		12/31/2015		170			1,000		121		108,906
Quality Bond		Sell/Short		US Treasury Note		12/31/2015		(250	)		1,000		129		(347,656	)
Quality Bond		Sell/Short		US Treasury Ultra Bond		12/31/2015		(145	)		1,000		160		(296,797	)
Index 500		Buy/Long		E-Mini S&P 500 Index		12/18/2015		92			50		1,909		(122,608	)
Small Cap Index		Buy/Long		Russell 2000 Mini Index		12/18/2015		11			100		1,096		(61,965	)
Developed International Index		Buy/Long		E-Mini MSCI EAFE Index		12/18/2015		35			50		1,650		(93,670	)


	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	BAML	12/31/2015		(796,713	)		1.33499		(597,168	)		(596,793	)	$	375
Sell	Euro	Citigroup	12/15/2015		(332,911	)		0.89373		(374,564	)		(372,496	)		2,068
Sell	Euro	Goldman Sachs	12/15/2015		(214,406	)		0.89373		(241,092	)		(239,901	)		1,191
Sell	Euro	BAML	12/15/2015		(215,363	)		0.89373		(241,500	)		(240,971	)		529
Sell	Euro	Citigroup	12/15/2015		(7,040,145	)		0.89373		(7,862,448	)		(7,877,279	)		(14,831	)
Buy	Pounds Sterling	BNYMellon	10/13/2015		18,375			0.66109		28,850			27,795			(1,055	)
Sell	Pounds Sterling	BAML	10/13/2015		(98,378	)		0.66109		(153,691	)		(148,812	)		4,879
Sell	Pounds Sterling	Citigroup	10/13/2015		(2,757,498	)		0.66109		(4,253,328	)		(4,171,133	)		82,195
Buy	Swiss Francs	JP Morgan	11/12/2015		8,656			0.97313		8,955.00			8,895			(60	)
Sell	Swiss Francs	RBS	11/12/2015		(601,443	)		0.97313		(614,551	)		(618,047	)		(3,496	)

Total															$	71,795


	Currency	Counterparty	Settlement Date		Foreign Currency Contract			Forward Rate		U.S. Contract Amount			U.S. Contract Value			Unrealized Foreign Exchange Gain/(Loss)
Sell	Euro	UBS		10/15/2015		(3,837,562	)		0.89473		(4,326,830	)		(4,289,084	)	$	37,746
Sell	South Korea Won	State Street		10/19/2015		(6,559,212,871	)		1186.23962		(5,483,375	)		(5,529,416	)		(46,041	)

Total																$	(8,295	)


(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/ Steven Viola
		Steven Viola, Treasurer
		(principal financial officer)