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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


	Par (000)		Value†
AGENCY OBLIGATION — 57.2%
Federal Farm Credit Banks
0.600%, 04/25/17	$	2,605	$	2,604,856
0.850%, 07/28/17		2,175		2,174,910
0.830%, 09/21/17		1,000		1,000,487
1.000%, 09/25/17		1,454		1,454,693
5.050%, 11/06/17		1,000		1,023,903
1.125%, 12/18/17		2,000		2,004,033
Federal Home Loan Banks
0.565%, 04/06/17•		4,500		4,500,020
0.625%, 04/26/17		2,000		2,000,138
0.745%, 06/01/17•		2,000		2,000,000
1.000%, 06/21/17		2,000		2,001,714
0.870%, 09/05/17•		1,885		1,885,814
1.082%, 09/07/17•		2,000		2,001,953
Federal Home Loan Mortgage Corp.
1.056%, 04/26/17•		300		300,058
1.250%, 05/12/17		1,299		1,299,969
0.650%, 05/15/17		2,000		2,000,232
1.000%, 06/29/17		4,554		4,558,495
0.921%, 11/13/17•		4,725		4,729,530
Federal National Mortgage Association
0.750%, 04/20/17		2,000		2,000,095
1.125%, 04/27/17		3,419		3,420,258
5.000%, 05/11/17		3,193		3,207,463
0.998%, 07/20/17•		1,500		1,500,778
0.875%, 08/28/17		2,447		2,447,226
0.950%, 09/19/17		1,500		1,501,761
1.000%, 09/27/17		329		329,486
2.500%, 09/29/17		1,160		1,169,491
Tennessee Valley Authority 5.500%, 07/18/17		7,000		7,098,736

Total AGENCY OBLIGATION (Cost $60,216,099)				60,216,099

U.S. TREASURY OBLIGATIONS — 37.2%
U.S. Treasury Note
0.875%, 04/17/17		4,000		4,000,000
0.500%, 04/30/17		3,700		3,699,643
0.856%, 04/30/17•		6,000		6,000,310
0.875%, 04/30/17		3,000		3,000,772
0.875%, 05/15/17		3,000		3,000,843
4.500%, 05/15/17		2,000		2,009,123
0.625%, 05/31/17		3,500		3,500,021
0.625%, 06/30/17		2,000		1,999,862
0.859%, 07/31/17•		9,000		9,001,647
0.950%, 10/31/17•		3,000		3,002,936
TOTAL U.S. TREASURY OBLIGATIONS (Cost $39,215,157)				39,215,157

	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 11.6%
Goldman Sachs Financial Square Funds - Government Fund (Cost $12,181,369)		12,181,369		12,181,369


	Par (000)	Value†

TOTAL INVESTMENTS — 106.0% (Cost $111,612,625)		$	111,612,625

Other Assets & Liabilities — (6.0)%			(6,319,139	)

TOTAL NET ASSETS — 100.0%		$	105,293,486

†	See Security Valuation Note.

Non-income producing security.

•	Variable Rate Security.


Maturity Schedule (days)	Market Value	Percentage of Portfolio		Cumulative
1 to 7	36,572,096	32.8	%	32.8	%
8 to 14	4,729,530	4.2	%	37.0	%
15 to 30	22,526,599	20.2	%	57.2	%
31 to 60	11,517,630	10.3	%	67.5	%
61 to 90	14,062,182	12.6	%	80.1	%
91 to 120	11,273,508	10.1	%	90.2	%
121 to 150	2,447,226	2.2	%	92.4	%
150+	8,483,854	7.6	%	100.00	%

Total Per Trial Balance	111,612,625	100.00	%

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
U.S. TREASURY OBLIGATIONS	$	39,215,157	$	—	$	39,215,157	$	—
AGENCY OBLIGATION		60,216,099		—		60,216,099		—
SHORT-TERM INVESTMENTS		12,181,369		12,181,369		—		—
TOTAL INVESTMENTS		111,612,625		12,181,369		99,431,256		—

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 Level 2 or Level 3 fair value hierarchy during the reporting period.

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


	Par (000)		Value†
ASSET BACKED SECURITIES — 24.6%
Ally Auto Receivables Trust 2014-2 2.100%, 03/16/20	$	1,000	$	1,003,597
Ally Master Owner Trust 2012-5 1.540%, 09/15/19		1,000		1,000,724
AmeriCredit Automobile Receivables Trust 2013-5 2.290%, 11/08/19		1,000		1,004,159
Black Diamond CLO Luxembourg S.A.144A @,•
1.729%, 04/29/19 2006-1A Class C		2,000		1,999,468
2.389%, 04/29/19 2006-1A Class D		2,500		2,500,262
BlueMountain CLO 2012-1 Ltd. 1A 2.350%, 07/20/23 144A @,•		1,490		1,491,004
BMW Vehicle Lease Trust 2015-1 1.240%, 12/20/17		485		485,233
Brentwood CLO Corp. 2006-1A 1.854%, 02/01/22 144A @,•		2,000		1,984,258
Chesapeake Funding LLC 2014-1A 1.634%, 03/07/26 144A @,•		1,080		1,069,343
Chrysler Capital Auto Receivables Trust 2013-BA 2.240%, 09/16/19 144A @		1,705		1,712,283
Chrysler Capital Auto Receivables Trust 2014-B BA 1.760%, 12/16/19		2,500		2,504,832
Consumers Securitization Funding LLC 2014-A 1.334%, 11/01/20		1,494		1,482,290
Emerald Aviation Finance Ltd. 2013- 1, STEP 4.650%, 10/15/38 144A @		2,397		2,409,127
Entergy Arkansas Restoration Funding LLC 2.300%, 08/01/21		1,124		1,129,552
Equity One Mortgage Pass-Through Trust 2004-1 4.145%, 04/25/34 •		4		3,762
Ford Credit Auto Owner Trust 2013-D 1.540%, 03/15/19		2,780		2,781,173
Ford Credit Auto Owner Trust 2014-A 1.710%, 05/15/19		1,450		1,451,444
Golden Credit Card Trust 2012-4A 1.390%, 07/15/19 144A @		2,000		2,000,571
Grayson CLO Ltd. 1A 1.734%, 11/01/21 144A @,•		2,000		1,970,490
Greenbriar CLO Ltd. 1A 2.784%, 11/01/21 144A @,•		2,500		2,500,880
Honda Auto Receivables Owner Trust 2014-2 0.770%, 03/19/18		275		274,675
Rockwall CDO II Ltd. 2007-1A 1.734%, 08/01/24 144A @,•		2,065		2,043,974
Santander Drive Auto Receivables Trust 2013-2 1.950%, 03/15/19		679		679,126
SLM Student Loan Trust 2005-10 1.308%, 10/26/26 •		2,438		2,416,215
SMB Private Education Loan Trust 2015-C 2.862%, 08/16/32 144A @,•		2,000		2,102,832


	Par (000)		Value†

Sound Point CLO IV Ltd. 3A 2.411%, 01/21/26 144A @,•	$	1,500	$	1,504,617
Susquehanna Auto Receivables Trust 2014-1 1A 1.430%, 08/15/19		1,409		1,409,045
Symphony CLO III Ltd. 2007-3A 1.699%, 05/15/19 144A @,•		2,500		2,497,005
Toyota Auto Receivables 2016-C 1.000%, 01/15/19		2,000		1,997,858
Westchester CLO Ltd. 2007-1A B 1.474%, 08/01/22 144A @,•		2,500		2,467,158
World Financial Network Credit Card Master Trust 2012-B 1.760%, 05/17/21		2,032		2,034,570
TOTAL ASSET BACKED SECURITIES (Cost $51,494,494)				51,911,527

COMMERCIAL MORTGAGE BACKED SECURITIES — 11.9%
BAMLL Commercial Mortgage Securities Trust 2013-DSNY, Class B 2.412%, 09/15/26 144A @,•		1,000		1,001,080
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17 1.571%, 06/11/50 144A @,•		2,000		2,000,077
Chicago Skyscraper Trust 2017 SKY SKY 2.013%, 04/15/30 144A @,•		1,000		999,963
FREMF Mortgage Trust Series 2010-K6 Class B 5.376%, 12/25/46 144A @,•		3,000		3,209,305
FREMF Mortgage Trust Series 2012144A @,•
3.751%, 02/25/45 K708 Class C		2,000		2,032,654
3.821%, 06/25/47 K710 Class C		2,110		2,141,815
FREMF Mortgage Trust Series 2013-KF02 Class C 4.779%, 12/25/45 144A @,•		399		402,908
Government National Mortgage Association 2011 3.200%, 11/16/44		1,671		1,686,315
GS Mortgage Securities Trust 2010-C1 C1 5.148%, 08/10/43		2,000		2,134,929
GS Mortgage Securities Trust 2013-NYC5 Class G 3.649%, 01/10/30 144A @,•		2,000		2,014,888
GSCCRE Commercial Mortgage Trust 2015-HULA Class B 3.212%, 08/15/32 144A @,•		2,000		2,008,731
Hilton USA Trust 2014-ORL Class B 1.970%, 07/15/29 144A @,•		2,500		2,470,948
WFRBS Commercial Mortgage Trust 2012-C7 Class XA 1.484%, 06/15/45 144A @,•		52,892		3,018,143

TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $25,596,229)				25,121,756


	Par (000)		Value†
CORPORATE BONDS — 51.0%
Airlines — 9.7%
American Airlines 2013-1 Class C Pass Through Trust 6.125%, 07/15/18	$	2,004	$	2,076,645
Continental Airlines 1999-1 Class A, Pass Through Trust 6.545%, 02/02/19		510		541,391
Continental Airlines 1999-2 Pass Through Trust 7.256%, 09/15/21		1,631		1,721,227
Continental Airlines 2000-2 Pass Through Trust 7.707%, 10/02/22		516		550,965
Continental Airlines 2012-3 Class C Pass Through Trust 6.125%, 04/29/18		1,500		1,558,350
Delta Air Lines 2007-1 Class B Pass Through Trust 8.021%, 02/10/24		1,165		1,333,915
Delta Air Lines 2010-1 Class A Pass Through Trust 6.200%, 01/02/20		1,090		1,145,486
Delta Air Lines 2012-1 Class B Pass Through Trust 6.875%, 05/07/19 144A @		2,209		2,341,438
Delta Air Lines, Inc. 2.875%, 03/13/20		2,000		2,016,191
Northwest Airlines 2007-1 Class A Pass Through Trust 7.027%, 05/01/21		2,563		2,832,362
Northwest Airlines 2007-1 Class B Pass-Through Trust 8.028%, 05/01/19		1,883		1,939,246
US Airways 2012-1 Class B Pass Through Trust 8.000%, 04/01/21		2,266		2,447,077

				20,504,293

Auto Manufacturers — 1.0%
American Honda Finance Corp. 1.550%, 12/11/17		2,000		2,003,382

Banks — 3.9%
Bank of America Corp. 1.891%, 09/15/26 •		1,290		1,171,455
JPMorgan Chase & Co. 2.000%, 08/15/17		2,000		2,004,466
JPMorgan Chase Bank NA 1.450%, 09/21/18		1,000		998,751
State Street Corp. 4.956%, 03/15/18		3,000		3,084,900
Wells Fargo Bank NA 6.000%, 11/15/17		1,000		1,027,020

				8,286,592

Beverages — 2.2%
Anheuser-Busch InBev Worldwide, Inc. 1.724%, 08/01/18 •		900		905,893


	Par (000)		Value†

Beverages — (continued)
Constellation Brands, Inc. 7.250%, 05/15/17	$	1,750	$	1,759,723
Molson Coors Brewing Co. 2.250%, 03/15/20		2,000		2,001,050

				4,666,666

Chemicals — 1.2%
CF Industries, Inc. 6.875%, 05/01/18		2,000		2,085,000
Methanex Corp. 3.250%, 12/15/19		453		456,184

				2,541,184

Computers — 0.9%
EMC Corp. 1.875%, 06/01/18		2,000		1,980,782

Diversified Financial Services — 4.6%
AerCap Aviation Solutions BV 6.375%, 05/30/17		1,000		1,007,220
Air Lease Corp. 2.625%, 09/04/18		2,000		2,016,764
Ally Financial, Inc.
3.600%, 05/21/18		1,000		1,012,500
3.250%, 11/05/18		1,000		1,006,880
Ford Motor Credit Co. LLC 1.724%, 12/06/17		2,000		1,999,974
Visa, Inc. 1.200%, 12/14/17		2,646		2,643,521

				9,686,859

Electric — 1.5%
Great Plains Energy, Inc. 2.500%, 03/09/20		2,000		2,008,420
San Diego Gas & Electric Co. 1.914%, 02/01/22		1,146		1,132,551

				3,140,971

Electronics — 0.7%
Fortive Corp. 1.800%, 06/15/19 144A @		1,500		1,490,667

Food — 3.1%
Kellogg Co. 1.750%, 05/17/17		1,500		1,500,063
McDonald’s Corp. 5.800%, 10/15/17		1,500		1,534,327
Mondelez International Holdings Netherlands BV 1.625%, 10/28/19 144A @		1,500		1,477,380
Smithfield Foods, Inc. 2.700%, 01/31/20		2,000		1,998,600

				6,510,370

Healthcare Products — 0.5%
Stryker Corp. 2.000%, 03/08/19		1,000		1,002,667


	Par (000)		Value†
CORPORATE BONDS — (continued)
Healthcare Services — 3.6%
Abbott Laboratories 2.350%, 11/22/19	$	2,000	$	2,008,290
Aetna Inc. 1.700%, 06/07/18		1,500		1,500,027
Fresenius Medical Care US Finance, Inc. 6.875%, 07/15/17		1,000		1,013,750
HCA, Inc. 3.750%, 03/15/19		3,000		3,067,500

				7,589,567

Housewares — 1.1%
Newell Brands, Inc. 5.000%, 11/15/23		2,250		2,411,242

Internet — 0.5%
eBay Inc. 2.500%, 03/09/18		1,000		1,007,602

Iron & Steel — 0.5%
Vale Overseas Ltd. 5.625%, 09/15/19		1,000		1,061,250

Machinery - Diversified — 1.4%
Stanley Black & Decker, Inc.
1.622%, 11/17/18		2,000		1,992,872
2.451%, 11/17/18		1,000		1,010,419

				3,003,291

Media — 1.0%
Cablevision Systems Corp. 8.625%, 09/15/17		1,000		1,027,500
Time Warner Cos, Inc. 7.250%, 10/15/17		1,117		1,150,852

				2,178,352

Oil & Gas — 1.9%
Chevron Corp. 1.345%, 11/15/17		2,000		2,000,136
Murphy Oil Corp. 3.500%, 12/01/17		1,000		1,000,000
Statoil ASA 3.125%, 08/17/17		1,000		1,006,373

				4,006,509

Oil & Gas Services — 1.0%
Schlumberger Holdings Corp. 2.350%, 12/21/18 144A @		2,000		2,013,244

Pharmaceuticals — 0.9%
Shire Acquisitions Investments Ireland DAC 1.900%, 09/23/19		2,000		1,985,586

Pipelines — 2.5%
Midcontinent Express Pipeline LLC 6.700%, 09/15/19 144A @		1,500		1,593,795
NuStar Logistics LP 8.150%, 04/15/18		1,500		1,582,500
Targa Resources Partners LP 5.000%, 01/15/18		1,000		1,010,000


	Par (000)		Value†

Pipelines — (continued)
Williams Partners LP/ACMP Finance Corp. 4.875%, 05/15/23	$	1,000	$	1,032,500

				5,218,795

Retail — 0.7%
QVC, Inc. 3.125%, 04/01/19		1,500		1,523,182

Semiconductors — 1.2%
NXP BV/NXP Funding LLC144A @
3.750%, 06/01/18		1,000		1,020,000
5.750%, 03/15/23		1,000		1,055,000
Samsung Electronics America, Inc. 1.750%, 04/10/17 144A @		495		495,019

				2,570,019

Software — 1.2%
Activision Blizzard Inc. 2.300%, 09/15/21 144A @		1,000		979,099
CDK Global, Inc. 3.800%, 10/15/19		1,500		1,529,100

				2,508,199

Telecommunications — 2.7%
Crown Castle Towers LLC 6.113%, 01/15/40 144A @		1,867		2,021,519
Sprint Communications, Inc. 9.000%, 11/15/18		1,500		1,633,125
Sprint Spectrum Co. LLC 3.360%, 03/20/23 144A @		2,000		1,995,000

				5,649,644

Transportation — 0.8%
Canadian National Railway Co. 5.850%, 11/15/17		1,700		1,746,786

Trucking and Leasing — 0.7%
Aviation Capital Group Corp. 2.875%, 09/17/18 144A @		1,500		1,515,041

TOTAL CORPORATE BONDS (Cost $107,693,921)				107,802,742

RESIDENTIAL MORTGAGE BACKED SECURITIES — 0.1%
Collateralized Mortgage Obligations — 0.0%
Fannie Mae REMICS 2017-14 A6 1.182%, 10/25/37 •		38		38,440

Fannie Mae Pool — 0.1%
4.000%, 06/01/20		77		79,533

TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $115,797)				117,973

U.S TREASURY OBLIGATION — 10.1%
U.S. Treasury Note 1.000%, 02/15/18		7,000		6,996,444


	Par (000)		Value†
U.S TREASURY OBLIGATION — (continued)
1.000%, 03/15/18	$	1,250	$	1,249,073
1.250%, 12/15/18		3,000		3,001,641
0.875%, 04/15/19		1,500		1,487,812
1.625%, 12/31/19		2,000		2,009,218
1.125%, 04/30/20		1,500		1,481,016
0.125%, 04/15/21		2,562		2,587,939
United States Treasury Inflation Indexed Bond. 0.125%, 04/15/20		2,592		2,631,081

Total U.S TREASURY OBLIGATION (Cost $21,523,350)				21,444,224

	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 0.2%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $544,785)		544,785		544,785

TOTAL INVESTMENTS — 97.9% (Cost $206,968,576)(a)			$	206,943,007

Other Assets & Liabilities — 2.1%				4,417,540

TOTAL NET ASSETS — 100.0%			$	211,360,547

†	See Security Valuation Note.

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.

•

Variable Rate Security.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $206,968,576. Net unrealized depreciation was $25,569. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $897,506 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $923,075.

CDO — Collateralized Debt Obligation.

CLO — Collateralized Loan Obligation.

LLC — Limited Liability Company.

LP — Limited Partnership.

REMICS — Real Estate Mortgage Investment Conduits.

STEP — Step Coupon Bond.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
U.S TREASURY OBLIGATION	$	21,444,224	$	—	$	21,444,224	$	—
ASSET BACKED SECURITIES		51,911,527		—		51,911,527		—
COMMERCIAL MORTGAGE BACKED SECURITIES		25,121,756		—		25,121,756		—
CORPORATE BONDS		107,802,742		—		107,802,742		—
RESIDENTIAL MORTGAGE BACKED SECURITIES		117,973		—		117,973		—
SHORT-TERM INVESTMENTS		544,785		544,785		—		—
TOTAL INVESTMENTS	$	206,943,007	$	544,785	$	206,398,222	$	—

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


	Par (000)		Value†
AGENCY OBLIGATIONS — 2.9%
Federal Home Loan Bank Bonds — 1.5%
Federal Home Loan Banks 2.750%, 07/11/31	$	8,000	$	7,540,632

Government National Mortgage Association — 1.4%
Government National Mortgage Association 3.443%, 12/16/52		5,000		5,039,870
Government National Mortgage Association 4.573%, 10/16/45 •		2,000		2,174,014

				7,213,884

Total AGENCY OBLIGATIONS (Cost $14,770,503)				14,754,516

ASSET BACKED SECURITIES — 11.6%
Brentwood CLO Corp. 2006-1A 1.854%, 02/01/22 144A @,•		4,000		3,968,516
Chrysler Capital Auto Receivables Trust 2014-BA 2.700%, 05/15/20 144A @		3,000		3,024,271
Cole Park CLO Ltd. 2015-1A 3.130%, 10/20/28 144A @		2,993		2,963,929
Emerson Place CLO Ltd. 2006-1A C 1.793%, 01/15/19 144A @,•		3,200		3,163,530
Ford Credit Auto Owner Trust 2013-D 1.540%, 03/15/19		6,800		6,802,870
Grayson CLO Ltd. 2006-1A C 2.584%, 11/01/21 144A @,•		3,000		2,874,123
Honda Auto Receivables Owner Trust 2014-1 1.040%, 02/21/20		3,004		3,003,346
KeyCorp Student Loan Trust 2006-A 1.463%, 09/27/35 •		2,891		2,871,835
Rockwall CDO II Ltd. 2007-1A144A @,•
1.284%, 08/01/24		1,411		1,409,473
1.734%, 08/01/24		4,000		3,959,272
SLM Student Loan Trust•
1.308%, 10/26/26 2005-10		5,000		4,955,321
1.982%, 04/27/43 2012-6		7,205		6,596,527
SMB Private Education Loan Trust 2015-C 2.862%, 08/16/32 144A @		5,000		5,257,079
Westchester CLO Ltd.144A @,•
1.474%, 08/01/22 2007-1A B		4,500		4,440,883
3.384%, 08/01/22 2007-1A D		4,000		3,855,892

TOTAL ASSET BACKED SECURITIES (Cost $58,478,668)				59,146,867

COMMERCIAL MORTGAGE BACKED SECURITIES — 17.4%
CFCRE Commercial Mortgage Trust 2011-C1 4.961%, 04/01/44 144A @,•		1,000		1,070,064
FHLMC Multifamily Structured Pass-Through Certificates
3.062%, 12/01/24 Series K058 Class A2		5,636		5,765,128
3.010%, 07/25/25 Series K049 Class A2		5,405		5,480,150
2.653%, 08/25/26 Series K058 Class A2		5,000		4,889,020


	Par (000)		Value†

FREMF Mortgage Trust Series 2010-K6 Class B 5.376%, 12/25/46 144A @,•	$	7,795	$	8,338,845
FREMF Mortgage Trust Series 2012 K710 Class C 3.821%, 06/01/47 144A @,•		5,175		5,253,029
FREMF Mortgage Trust Series 2012-K19 Class C 4.034%, 05/25/45 144A @,•		4,500		4,519,181
FREMF Mortgage Trust Series 2012-K20 Class C 3.869%, 05/01/45 144A @,•		6,000		5,883,517
FREMF Mortgage Trust Series 2012-K21 Class C 3.938%, 07/01/45 144A @,•		4,720		4,718,090
FREMF Mortgage Trust Series 2012-K23 Class C 3.656%, 10/01/45 144A @,•		5,000		4,899,594
FREMF Mortgage Trust Series 2012-K707 Class B 3.883%, 01/01/47 144A @,•		8,272		8,455,029
FREMF Mortgage Trust Series 2012-K711 Class C 3.562%, 08/01/45 144A @,•		6,000		6,062,975
FREMF Mortgage Trust Series 2013-K27 Class C 3.497%, 01/01/46 144A @,•		5,000		4,817,944
FREMF Mortgage Trust Series 2013-K28 Class C 3.494%, 06/01/46 144A @,•		4,751		4,571,066
FREMF Mortgage Trust Series 2013-KF02 Class C 4.779%, 12/25/45 144A @,•		399		402,908
FREMF Mortgage Trust Series 2014-K41 Class B 3.831%, 11/01/47 144A @,•		5,000		5,055,827
FREMF Mortgage Trust Series 2014-K503 Class B 3.002%, 10/01/47 144A @,•		5,000		4,984,028
GS Mortgage Securities Trust 2013-NYC5 Class G 3.649%, 01/01/30 144A @,•		2,000		2,014,888
Hilton USA Trust 2014-ORL Class B 1.970%, 07/15/29 144A @,•		1,500		1,482,569

TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $89,708,033)				88,663,852

CORPORATE BONDS — 41.2%
Aerospace & Defense — 0.6%
Lockheed Martin Corp. 3.100%, 01/15/23		3,000		3,041,040

Airlines — 3.6%
Continental Airlines 2012-3 Class C Pass Through Trust 6.125%, 04/29/18		3,500		3,636,150


	Par (000)		Value†
CORPORATE BONDS — (continued)
Airlines — (continued)
Delta Air Lines 2007-1 Class A Pass Through Trust 6.821%, 02/10/24	$	2,011	$	2,322,988
Delta Air Lines 2015-1 Class B Pass Through Trust 4.250%, 01/30/25		2,722		2,790,134
Northwest Airlines 2007-1 Class A Pass Through Trust 7.027%, 11/01/19		3,782		4,179,545
U.S. Airways 2010-1 Class B, Pass Through Trust 8.500%, 10/22/18		2,640		2,648,841
United Airlines 2016-1 Class AA Pass Through Trust 3.100%, 01/07/30		3,000		2,951,250

				18,528,908

Banks — 4.8%
Bank of America Corp.
5.650%, 05/01/18		1,000		1,040,418
4.450%, 03/03/26		3,000		3,076,638
JPMorgan Chase & Co. 3.875%, 09/10/24		3,600		3,648,895
Morgan Stanley 5.950%, 12/28/17		2,050		2,113,868
State Street Corp. 4.956%, 03/15/18		7,915		8,138,994
USB Capital IX 3.500%, 10/29/49 •		3,000		2,550,000
Wells Fargo & Co. 3.000%, 02/19/25		4,000		3,900,144

				24,468,957

Beverages — 0.6%
Anheuser-Busch InBev Finance, Inc. 3.650%, 02/01/26		3,000		3,033,600

Biotechnology — 0.8%
Amgen, Inc. 2.700%, 05/01/22		3,000		3,004,560
Biogen, Inc. 6.875%, 03/01/18		1,000		1,046,888

				4,051,448

Building Materials — 1.3%
Martin Marietta Materials, Inc. 4.250%, 07/02/24		3,000		3,097,824
Vulcan Materials Co. 4.500%, 04/01/25		3,565		3,749,225

				6,847,049

Chemicals — 0.6%
CF Industries, Inc. 6.875%, 05/01/18		3,000		3,127,500

Commercial Services — 0.6%
Drawbridge Special Opportunities Fund LP 5.000%, 08/01/21 144A @		2,000		1,967,654


	Par (000)		Value†

Commercial Services — (continued)
ERAC USA Finance LLC 2.350%, 10/15/19 144A @	$	1,000	$	1,000,108

				2,967,762

Computers — 0.6%
Diamond 1 Finance Corp. 5.450%, 06/15/23 144A @		3,000		3,237,039

Diversified Financial Services — 2.2%
Air Lease Corp. 3.750%, 02/01/22		2,000		2,059,930
American Express Co. 6.150%, 08/28/17		2,000		2,036,122
GE Capital International Funding Co. Unlimited Co. 4.418%, 11/15/35		4,000		4,223,816
General Electric Capital Corp. 7.500%, 08/21/35		2,263		3,130,494

				11,450,362

Electric — 0.2%
Enel Finance International NV 6.250%, 09/15/17 144A @		1,000		1,020,038

Engineering & Construction — 0.6%
SBA Tower Trust 3.156%, 10/15/45 144A @		3,000		3,015,300

Food — 2.7%
Kellogg Co.
2.650%, 12/01/23		3,000		2,930,247
4.500%, 04/01/46		3,000		2,939,664
Land O’ Lakes, Inc. 6.000%, 11/15/22 144A @		3,500		3,858,750
Smithfield Foods, Inc. 3.350%, 02/01/22 144A @		3,000		2,995,770
WM Wrigley Jr. Co. 2.400%, 10/21/18 144A @		1,000		1,008,115

				13,732,546

Forest Products & Paper — 0.5%
Georgia-Pacific LLC 3.163%, 11/15/21 144A @		2,500		2,540,860

Healthcare Products — 1.8%
Abbott Laboratories 3.750%, 11/30/26		3,000		2,996,226
Becton Dickinson and Co. 3.300%, 03/01/23		1,103		1,113,953
Covidien International Finance SA 6.000%, 10/15/17		1,000		1,024,209
Edwards Lifesciences Corp. 2.875%, 10/15/18		1,000		1,013,291
Stryker Corp. 3.375%, 11/01/25		2,000		2,008,284


	Par (000)		Value†
CORPORATE BONDS — (continued)
Healthcare Products — (continued)
Zimmer Biomet Holdings, Inc. 4.625%, 11/30/19	$	1,000	$	1,060,379

				9,216,342

Healthcare Services — 0.6%
HCA, Inc. 3.750%, 03/15/19		3,000		3,067,500

Housewares — 1.1%
Newell Brands, Inc. 5.000%, 11/15/23		3,517		3,769,039
Newell Rubbermaid, Inc. 4.200%, 04/01/26		2,000		2,081,486

				5,850,525

Insurance — 1.2%
New York Life Insurance Co. 5.875%, 05/15/33 144A @		4,925		6,001,260

Investment Companies — 0.2%
Ares Capital Corp. 4.875%, 11/30/18		1,000		1,037,539

Lodging — 1.3%
Hilton Worldwide Finance LLC 4.875%, 04/01/27 144A @		3,000		3,030,000
Marriott International, Inc. 4.500%, 10/01/34		3,500		3,537,243

				6,567,243

Media — 1.3%
Belo Corp. 7.750%, 06/01/27		2,000		2,165,000
Charter Communications Operating LLC 4.464%, 07/23/22		3,000		3,163,593
Comcast Cable Holdings LLC 9.875%, 06/15/22		1,000		1,274,018

				6,602,611

Mining — 0.2%
Goldcorp, Inc. 3.625%, 06/09/21		1,000		1,028,638

Oil & Gas — 2.7%
BG Energy Capital PLC 4.000%, 10/15/21 144A @		1,000		1,058,492
BP Capital Markets PLC 2.500%, 11/06/22		2,500		2,451,125
HollyFrontier Corp. 5.875%, 04/01/26		3,000		3,185,154
Murphy Oil Corp. 3.500%, 12/01/17		3,000		3,000,000
Tesoro Corp. 5.125%, 12/15/26 144A @		4,000		4,196,000

				13,890,771

Pharmaceuticals — 2.3%
AbbVie, Inc. 2.300%, 05/14/21		3,000		2,962,332


	Par (000)		Value†

Pharmaceuticals — (continued)
GlaxoSmithKline Capital, Inc. 5.375%, 04/15/34	$	1,000	$	1,166,028
Mead Johnson Nutrition Co. 4.125%, 11/15/25		2,000		2,095,452
Mylan NV 3.000%, 12/15/18		2,000		2,023,212
Zoetis, Inc. 4.500%, 11/13/25		3,000		3,231,444

				11,478,468

Pipelines — 1.5%
Midcontinent Express Pipeline LLC 6.700%, 09/15/19 144A @		3,500		3,718,855
Regency Energy Partners LP 5.875%, 03/01/22		2,000		2,198,172
Williams Partners LP/ACMP Finance Corp. 4.875%, 05/15/23		1,500		1,548,750

				7,465,777

Real Estate Investment Trusts — 1.1%
American Tower Corp. 4.700%, 03/15/22		2,500		2,677,388
Kimco Realty Corp. 2.800%, 10/01/26		3,000		2,756,823

				5,434,211

Retail — 1.1%
McDonald’s Corp. 5.700%, 02/01/39		2,110		2,443,021
Walgreens Boots Alliance, Inc. 1.750%, 05/30/18		3,000		3,003,651

				5,446,672

Semiconductors — 0.6%
NXP BV/NXP Funding LLC 5.750%, 03/15/23 144A @		2,824		2,979,320

Software — 1.1%
Activision Blizzard, Inc. 6.125%, 09/15/23 144A @		2,000		2,165,000
CDK Global, Inc. 3.800%, 10/15/19		3,500		3,567,900

				5,732,900

Telecommunications — 2.1%
Crown Castle Towers LLC 3.663%, 05/15/45 144A @		4,000		4,003,280
Sprint Communications, Inc. 9.000%, 11/15/18 144A @		3,500		3,810,625
Sprint Spectrum Co. LLC 3.360%, 03/20/23 144A @		3,000		2,992,500

				10,806,405

Transportation — 0.8%
BNSF Railway Co. 2015-1 Pass Through Trust 3.442%, 06/16/28 144A @		2,831		2,861,096


	Par (000)		Value†
CORPORATE BONDS — (continued)
Transportation — (continued)
Federal Express Corp 1999 Pass Through Trust 7.650%, 07/15/24	$	969	$	1,111,436

				3,972,532

Trucking and Leasing — 0.5%
Aviation Capital Group Corp. 2.875%, 09/17/18 144A @		2,500		2,525,068

TOTAL CORPORATE BONDS (Cost $208,316,428)				210,166,191

MUNICIPAL BONDS — 2.5%
Northeast Ohio Regional Sewer District 6.038%, 11/15/40		2,930		3,272,634
State of Georgia 5.000%, 12/01/27		3,500		4,310,530
State of North Carolina 5.000%, 06/01/26		4,100		4,959,483

Total MUNICIPAL BONDS (Cost $12,493,299)				12,542,647

RESIDENTIAL MORTGAGE BACKED SECURITIES — 8.9%
Fannie Mae Pool — 8.4%
4.000%, 08/01/41		5,100		5,368,268
2.500%, 01/01/43		2,795		2,676,628
2.500%, 02/01/43		8,085		7,742,727
2.500%, 05/01/43		11,180		10,687,941
3.500%, 09/01/43		1,427		1,465,310
3.000%, 05/01/47		15,000		14,840,625

				42,781,499

Freddie Mac Gold Pool — 0.4%
3.500%, 01/01/41		1,885		1,937,026

Ginnie Mae Pool — 0.1%
6.000%, 10/15/38		299		338,448
6.000%, 10/15/38		190		215,314

				553,762

TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $45,033,551)				45,272,287

U.S TREASURY OBLIGATION — 14.9%
U.S. Treasury Bond
2.250%, 11/15/24		3,000		2,992,617
2.125%, 05/15/25		2,500		2,462,305
1.625%, 05/15/26		2,700		2,532,622
4.375%, 02/15/38		4,350		5,428,835
3.000%, 05/15/42		3,000		2,998,827
3.125%, 02/15/43		4,000		4,079,376
2.875%, 05/15/43		3,000		2,920,899
3.625%, 08/15/43		2,500		2,783,692
3.750%, 11/15/43		3,500		3,982,618
2.500%, 05/15/46		3,000		2,686,758


	Par (000)		Value†

U.S. Treasury Inflation Indexed Bonds
0.625%, 01/15/24	$	4,683	$	4,794,357
0.250%, 01/15/25		9,740		9,657,216
0.375%, 07/15/25		7,168		7,186,462
1.000%, 02/15/46		4,100		4,161,829
U.S. Treasury Note
2.000%, 07/31/22		1,000		999,727
1.625%, 08/15/22		6,000		5,877,654
1.500%, 02/28/23		2,500		2,416,797
1.750%, 05/15/23		2,900		2,837,128
2.500%, 08/15/23		2,000		2,040,468
2.000%, 02/15/25		3,500		3,422,755

Total U.S TREASURY OBLIGATION (Cost $77,711,949)				76,262,942

	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 1.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $6,981,973)		6,981,973		6,981,973

TOTAL INVESTMENTS — 100.8% (Cost $513,494,404)(a)			$	513,791,275

Other Assets & Liabilities — (0.8)%				(3,940,105	)

TOTAL NET ASSETS — 100.0%			$	509,851,170

†	See Security Valuation Note.

144A

•	Variable Rate Security.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $513,526,438. Net unrealized appreciation was $264,837. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $5,224,810 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $4,959,973.

CDO — Collateralized Debt Obligation.

CLO — Collateralized Loan Obligation.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signif- icant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
U.S. TREASURY OBLIGATION	$	76,262,942	$	—	$	76,262,942	$	—
AGENCY OBLIGATIONS		14,754,516		—		14,754,516		—
ASSET BACKED SECURITIES		59,146,867		—		59,146,867		—
COMMERCIAL MORTGAGE BACKED SECURITIES		88,663,852		—		88,663,852		—
CORPORATE BONDS		210,166,191		—		210,166,191		—
RESIDENTIAL MORTGAGE BACKED SECURITIES		45,272,287		—		45,272,287		—
MUNICIPAL BONDS		12,542,647		—		12,542,647
SHORT-TERM INVESTMENTS		6,981,973		6,981,973		—		—

TOTAL INVESTMENTS	$	513,791,275	$	6,981,973	$	506,809,302	$	—

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


	Par (000)		Value†
ASSET BACKED SECURITIES — 0.1%
VB-S1 Issuer LLC, 2016-IA F 144A @ 6.901%, 06/15/46 (Cost $95,000)	$	95	$	98,882


	Number of Shares		Value†
COMMON STOCKS — 1.4%
Electric — 0.2%
NRG Energy, Inc.		18,174		339,854

Entertainment — 0.0%
New Cotai Participation Class B*144A @,^,~		1		26,352

Media — 0.3%
Liberty Broadband Corp., Class A*		2,225		189,325
Liberty Broadband Corp., Class C*		3,500		302,400
Liberty Global PLC LiLAC, Class C*		286		6,590

				498,315

Oil & Gas — 0.4%
Pacific Exploration & Production Corp.*~		9,079		282,357
Pacific Exploration & Production, Corp., REG D*~		4,300		133,730
Rowan Cos PLC, Class A*		14,775		230,194

				646,281

Real Estate — 0.1%
The Howard Hughes Corp.*		1,675		196,394

Telecommunications — 0.4%
T-Mobile US, Inc.*		9,400		607,146

				607,146

TOTAL COMMON STOCKS (Cost $1,787,435)				2,314,342

PREFERRED STOCKS — 0.6%
Diversified — 0.1%
American Tower Corp.		1,325		148,002
American Tower Corp.*		1,207		137,864

				285,866

Electric — 0.2%
NextEra Energy, Inc.		7,200		367,200

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

Pharmaceuticals — 0.2%
Allergan PLC		337		286,376

Telecommunications — 0.1%
T-Mobile US, Inc.		1,463		154,800


	Par (000)		Value†

TOTAL PREFERRED STOCKS (Cost $1,029,980)			$	1,094,242

REAL ESTATE INVESTMENT TRUSTS — 0.0%
Telecommunications — 0.0%
Crown Castle International Corp. (Cost $35)		0		38

CORPORATE BONDS — 78.4%
Advertising — 0.5%
MDC Partners, Inc. 6.500%, 05/01/24 144A @	$	491		468,291
Outfront Media Capital LLC 5.625%, 02/15/24		400		418,000

				886,291

Aerospace & Defense — 0.5%
Accudyne Industries LLC 7.750%, 12/15/20 144A @		200		168,000
StandardAero Aviation Holdings, Inc. 10.000%, 07/15/23 144A @		610		654,225

				822,225

Airlines — 1.0%
Air Canada 7.750%, 04/15/21 144A @		350		393,750
American Airlines 2013-1 Class B Pass Through Trust 5.625%, 01/15/21 144A @		61		62,792
American Airlines 2013-1 Class C Pass Through Trust 6.125%, 07/15/18 144A @,^		200		207,250
American Airlines Group, Inc. 5.500%, 10/01/19 144A @		650		676,000
United Airlines 2014-2 Class B Pass Through Trust 4.625%, 09/03/24		60		61,385
United Continental Holdings, Inc. 6.375%, 06/01/18		240		250,800

				1,651,977

Auto Manufacturers — 0.1%
Aston Martin Capital Holdings Ltd. 6.500%, 04/15/22 144A @		200		200,625

Auto Parts & Equipment — 1.1%
Allison Transmission, Inc. 5.000%, 10/01/24 144A @		175		176,750
American Axle & Manufacturing, Inc. 6.250%, 04/01/25 144A @		585		585,731
MPG Holdco I, Inc. 7.375%, 10/15/22		475		515,375
Nexteer Automotive Group Ltd. 5.875%, 11/15/21 144A @		200		207,500
TI Group Automotive Systems LLC 8.750%, 07/15/23 144A @		375		397,811

				1,883,167


	Par (000)		Value†
CORPORATE BONDS — (continued)
Banks — 2.5%
Ally Financial, Inc.
5.125%, 09/30/24	$	75	$	77,156
5.750%, 11/20/25		585		598,894
Banco Bilbao Vizcaya Argentaria S.A. 7.000%, 12/29/49 •		400		426,399
Credit Agricole SA 7.875%, 12/29/49 144A @,•		400		406,700
Credit Suisse Group AG 7.500%, 12/29/49 144A @,•		385		417,183
Halyk Savings Bank of Kazakhstan JSC 7.250%, 01/28/21 144A @		400		434,500
Intesa Sanpaolo SpA 7.700%, 12/29/49 144A @,•		375		358,125
Societe Generale SA 7.375%, 12/29/49 144A @,•		425		431,630
Standard Chartered PLC 7.500%, 12/29/49 144A @,•		675		697,275
UniCredit SpA 8.000%, 04/03/49 •		360		345,611

				4,193,473

Building Materials — 1.1%
LSF9 Balta Issuer S.A. 7.750%, 09/15/22		325		377,939
Masonite International Corp. 5.625%, 03/15/23 144A @		175		178,586
NCI Building Systems, Inc. 8.250%, 01/15/23 144A @		225		244,125
Norbord, Inc. 6.250%, 04/15/23 144A @		225		236,250
PCF GmbH 7. 875%, 08/01/19		400		444,183
Reliance Intermediate Holdings LP 6.500%, 04/01/23 144A @		450		479,250

				1,960,333

Chemicals — 2.1%
CF Industries, Inc.
7.125%, 05/01/20		150		163,304
5.375%, 03/15/44		335		292,288
CVR Partners LP 9.250%, 06/15/23 144A @		725		744,031
Huntsman International LLC 4.875%, 11/15/20		50		52,125
INEOS Group Holdings S.A. 5.625%, 08/01/24 144A @		375		375,937
Kissner Holdings LP 8.375%, 12/01/22 144A @		445		458,350
Platform Specialty Products Corp.144A @
10.375%, 05/01/21		300		333,750
6.500%, 02/01/22		225		233,438
PQ Corp. 6.750%, 11/15/22 144A @		175		186,375
Tronox Finance LLC 6.375%, 08/15/20		350		351,312


	Par (000)		Value†

Chemicals — (continued)
Univar USA, Inc. 6.750%, 07/15/23 144A @	$	315	$	326,812

				3,517,722

Coal — 0.1%
CONSOL Energy, Inc. 8.000%, 04/01/23		125		131,406

Commercial Services — 2.2%
Alliance Data Systems Corp.144A @
5.875%, 11/01/21		315		326,025
5.375%, 08/01/22		358		360,685
Avis Budget Car Rental LLC 5.250%, 03/15/25 144A @		475		439,375
Black Knight InfoServ LLC 5.750%, 04/15/23		128		134,078
Gartner, Inc. 5.125%, 04/01/25 144A @		110		112,063
H&E Equipment Services, Inc. 7.000%, 09/01/22		250		262,187
Harland Clarke Holdings Corp.144A @
6.875%, 03/01/20		125		126,875
8.375%, 08/15/22		230		235,750
Iron Mountain Europe PLC 6.125%, 09/15/22 144A @		225		298,957
Prime Security Services Borrower LLC 9.250%, 05/15/23 144A @		538		589,782
The ADT Corp.
6.250%, 10/15/21		175		190,208
4.875%, 07/15/32 144A @		110		87,450
The Hertz Corp.
7.375%, 01/15/21		295		293,156
6.250%, 10/15/22		45		42,750
United Rentals North America, Inc. 5.500%, 05/15/27		225		227,250

				3,726,591

Computers — 1.2%
Diamond 1 Finance Corp.144A @
5.875%, 06/15/21		175		183,983
7.125%, 06/15/24		300		331,644
Western Digital Corp.
7.375%, 04/01/23 144A @		265		290,506
10.500%, 04/01/24		1,025		1,208,219

				2,014,352

Cosmetics & Personal Care — 0.2%
Avon International Operations, Inc. 7.875%, 08/15/22 144A @		275		290,125

Distribution & Wholesale — 0.2%
American Builders & Contractors Supply Co., Inc. 5.750%, 12/15/23 144A @		150		156,000
Entertainment One Ltd. 6.875%, 12/15/22 144A @		100		136,628

				292,628


	Par (000)		Value†
CORPORATE BONDS — (continued)
Diversified Financial Services — 2.3%
Consolidated Energy Finance S.A. 6.750%, 10/15/19 144A @	$	750	$	755,625
Garfunkelux Holdco 3 S.A. 8.500%, 11/01/22 144A @		350		465,000
Icahn Enterprises LP 6.250%, 02/01/22 144A @		475		482,125
Ladder Capital Finance Holdings LLLP. 5.875%, 08/01/21 144A @		175		176,750
LPL Holdings, Inc. 5.750%, 09/15/25 144A @		425		429,250
Navient Corp. 8.000%, 03/25/20		250		271,563
NFP Corp. 9.000%, 07/15/21 144A @		75		79,264
Nord Anglia Education Finance LLC 5.750%, 07/15/22 144A @		175		184,321
OneMain Financial Holdings, LLC. 7.250%, 12/15/21 144A @		290		303,775
Quicken Loans, Inc. 5.750%, 05/01/25 144A @		350		343,875
Springleaf Finance Corp. 8.250%, 12/15/20		375		409,687

				3,901,235

Electric — 2.2%
AES Corp.
5.500%, 03/15/24		500		507,500
6.000%, 05/15/26		225		232,875
Calpine Corp.
5.375%, 01/15/23		300		302,640
5.500%, 02/01/24		200		198,938
DPL, Inc. 7.250%, 10/15/21		450		479,790
Dynegy, Inc.
7.375%, 11/01/22		295		292,050
5.875%, 06/01/23		130		119,112
NRG Energy, Inc.
6.625%, 03/15/23		375		383,672
7.250%, 05/15/26		535		551,050
6.625%, 01/15/27 144A @		690		688,275

				3,755,902

Entertainment — 3.9%
AMC Entertainment Holdings, Inc.144A @
6.375%, 11/15/24		100		132,807
5.875%, 11/15/26		175		176,969
Codere Finance 2 Luxembourg S.A.144A @
6.750%, 11/01/21		150		160,651
7.625%, 11/01/21		200		192,950
Eagle II Acquisition Co. LLC 6.000%, 04/01/25 144A @		135		139,050
Eldorado Resorts, Inc. 7.000%, 08/01/23		525		563,063
EMI Music Publishing Group North America Holdings, Inc. 7.625%, 06/15/24 144A @		125		136,250


	Par (000)		Value†

Entertainment — (continued)
Great Canadian Gaming Corp. 6.625%, 07/25/22 144A @	$	450	$	352,765
International Game Technology PLC144A @
6.250%, 02/15/22		600		640,500
6.500%, 02/15/25		975		1,038,375
Intralot Capital Luxembourg S.A. 6.750%, 09/15/21 144A @		175		190,723
Scientific Games International, Inc.
7.000%, 01/01/22 144A @		450		480,375
10.000%, 12/01/22		1,825		1,945,906
Shingle Springs Tribal Gaming Authority 9.750%, 09/01/21 144A @		440		471,900

				6,622,284

Environmental Control — 0.1%
Advanced Disposal Services, Inc. 5.625%, 11/15/24 144A @		175		176,750

Food — 1.7%
Agrokor dd 9.125%, 02/01/20		200		79,370
Albertsons Cos. LLC144A @
6.625%, 06/15/24		400		409,000
5.750%, 03/15/25		275		266,750
Chobani LLC 7.500%, 04/15/25 144A @		400		409,500
Dean Foods Co. 6.500%, 03/15/23 144A @		450		469,125
Lamb Weston Holdings, Inc. 4.625%, 11/01/24 144A @		225		229,500
Minerva Luxembourg S.A. 7.750%, 01/31/23 144A @,^		475		494,594
Post Holdings, Inc.144A @
5.500%, 03/01/25		170		170,850
8.000%, 07/15/25		175		196,437
5.750%, 03/01/27		170		169,575

				2,894,701

Forest Products & Paper — 0.2%
Cascades, Inc. 5.500%, 07/15/22 144A @		150		149,625
Mercer International, Inc. 7.750%, 12/01/22		200		214,060

				363,685

Gas — 0.5%
AmeriGas Partners LP 5.500%, 05/20/25		135		133,988
NGL Energy Partners LP
5.125%, 07/15/19		250		250,625
7.500%, 11/01/23 144A @		400		413,000
6.125%, 03/01/25 144A @		125		121,250

				918,863

Healthcare Products — 0.4%
Hill-Rom Holdings, Inc. 5.750%, 09/01/23 144A @		150		155,438


	Par (000)		Value†
CORPORATE BONDS — (continued)
Healthcare Products — (continued)
Kinetic Concepts, Inc. 12.500%, 11/01/21 144A @	$	230	$	254,725
Ortho-Clinical Diagnostics, Inc. 6.625%, 05/15/22 144A @		250		232,500

				642,663

Healthcare Services — 2.9%
Centene Corp. 6.125%, 02/15/24		100		107,375
Community Health Systems, Inc.
6.875%, 02/01/22		240		206,400
6.250%, 03/31/23		330		335,775
DaVita, Inc.
5.125%, 07/15/24		450		454,500
5.000%, 05/01/25		450		451,125
HCA, Inc. 5.000%, 03/15/24		220		230,725
IASIS Healthcare LLC 8.375%, 05/15/19		655		627,162
Molina Healthcare, Inc. 5.375%, 11/15/22		275		285,139
MPH Acquisition Holdings LLC 7.125%, 06/01/24 144A @		125		134,391
Surgery Center Holdings, Inc. 8.875%, 04/15/21 144A @		250		264,375
Synlab Bondco PLC 6.250%, 07/01/22 144A @		375		430,835
Synlab Unsecured Bondco PLC 8.250%, 07/01/23 144A @		150		176,023
Tenet Healthcare Corp.
7.500%, 01/01/22 144A @		125		135,000
8.125%, 04/01/22		525		547,969
6.750%, 06/15/23		475		466,687

				4,853,481

Holding Companies — 0.2%
James Hardie International Finance Ltd. 5.875%, 02/15/23 144A @		275		283,938

Home Builders — 0.6%
Shea Homes LP 5. 875%, 04/01/23 144A @		200		201,000
Taylor Morrison Communities, Inc. 5.875%, 04/15/23 144A @		250		262,500
William Lyon Homes, Inc.
7.000%, 08/15/22		375		391,875
5.875%, 01/31/25 144A @		160		161,200

				1,016,575

Home Furnishings — 0.1%
Tempur Sealy International, Inc. 5.625%, 10/15/23		250		251,250

Household Products & Wares — 0.2%
American Greetings Corp. 7.875%, 02/15/25 144A @		120		126,000


	Par (000)		Value†

Household Products & Wares — (continued)
Central Garden & Pet Co. 6.125%, 11/15/23	$	175	$	184,625

				310,625

Housewares — 0.5%
Bormioli Rocco Holdings S.A. 10.000%, 08/01/18 144A @		300		330,090
RSI Home Products, Inc. 6.500%, 03/15/23 144A @		450		463,500

				793,590

Insurance — 1.4%
Alliant Holdings Intermediate LLC 8.250%, 08/01/23 144A @		675		708,325
CNO Financial Group, Inc.
4.500%, 05/30/20		25		25,813
5.250%, 05/30/25		350		358,970
Hub Holdings LLC PIK (Cash coupon 8.125%, PIK 8.875%) 8.125%, 07/15/19 144A @		425		425,000
HUB International Ltd.144A @
9.250%, 02/15/21		125		128,975
7.875%, 10/01/21		95		99,037
USI, Inc. 7.750%, 01/15/21 144A @		650		661,375

				2,407,495

Internet — 0.8%
Match Group, Inc.
6.750%, 12/15/22		350		366,625
6.375%, 06/01/24		200		216,374
Zayo Group LLC
6.375%, 05/15/25		525		566,669
5.750%, 01/15/27 144A @		130		137,124

				1,286,792

Iron & Steel — 1.2%
AK Steel Corp. 7.625%, 10/01/21		50		52,188
BlueScope Steel Finance Ltd. 6.500%, 05/15/21 144A @		475		498,750
Joseph T Ryerson & Son, Inc. 11.000%, 05/15/22 144A @		635		714,375
Vale Overseas Ltd.
5.875%, 06/10/21		341		365,422
6.250%, 08/10/26		350		380,187

				2,010,922

Leisure Time — 1.0%
24 Hour Holdings III LLC 8.000%, 06/01/22 144A @		325		270,562
Carlson Travel, Inc. 6.750%, 12/15/23 144A @		200		208,000
ClubCorp Club Operations, Inc. 8.250%, 12/15/23 144A @		395		429,562
LTF Merger Sub, Inc. 8.500%, 06/15/23 144A @		400		424,000


	Par (000)		Value†
CORPORATE BONDS — (continued)
Leisure Time — (continued)
Sabre GLBL, Inc. 5.375%, 04/15/23 144A @	$	125	$	127,813
Silversea Cruise Finance Ltd. 7.250%, 02/01/25 144A @		90		94,500
Vista Outdoor, Inc. 5.875%, 10/01/23		225		218,813

				1,773,250

Lodging — 0.7%
Boyd Gaming Corp. 6.375%, 04/01/26		325		347,750
Playa Resorts Holding BV 8.000%, 08/15/20 144A @		450		473,063
Seminole Hard Rock Entertainment, Inc. 5.875%, 05/15/21 144A @		300		304,500

				1,125,313

Machinery—Diversified — 0.5%
Gardner Denver, Inc. 6.875%, 08/15/21 144A @		375		387,188
Welbilt, Inc. 9.500%, 02/15/24		100		115,250
Zebra Technologies Corp. 7.250%, 10/15/22		382		413,037

				915,475

Media — 7.3%
AMC Networks, Inc. 4.750%, 12/15/22		175		175,875
Block Communications, Inc. 6.875%, 02/15/25 144A @		125		132,500
Cable One, Inc. 5.750%, 06/15/22 144A @		175		182,000
CCO Holdings LLC 5.500%, 05/01/26 144A @		575		595,125
CCO Holdings LLC/CCO Holdings Capital Corp.
5.750%, 09/01/23		140		145,600
5.750%, 01/15/24		450		468,000
Cequel Communications Holdings I LLC 7.750%, 07/15/25 144A @		800		884,500
Clear Channel Worldwide Holdings, Inc. 6.500%, 11/15/22		350		364,000
CSC Holdings LLC144A @
6.625%, 10/15/25		600		652,500
10.875%, 10/15/25		1,925		2,314,812
DISH DBS Corp.
5.875%, 07/15/22		160		168,099
7.750%, 07/01/26		675		784,687
iHeartCommunications, Inc. 9.000%, 12/15/19		225		192,488
LGE HoldCo VI BV 7.125%, 05/15/24 144A @		325		389,617
Nexstar Broadcasting, Inc. 5.625%, 08/01/24 144A @		375		380,625
Sinclair Television Group, Inc. 5.875%, 03/15/26 144A @		150		153,750
Sirius XM Radio, Inc. 6.000%, 07/15/24 144A @		427		457,424


	Par (000)		Value†

Media — (continued)
Townsquare Media, Inc. 6.500%, 04/01/23 144A @	$	386	$	385,517
Tribune Media Co. 5.875%, 07/15/22		225		234,563
Unitymedia GmbH 6.125%, 01/15/25 144A @		800		842,000
Unitymedia Hessen GmbH & Co. KG 5.000%, 01/15/25 144A @		400		409,000
Univision Communications, Inc.144A @
6.750%, 09/15/22		167		175,181
5.125%, 02/15/25		300		295,125
Videotron Ltd. 5.125%, 04/15/27 144A @		235		235,000
VTR Finance BV 6.875%, 01/15/24 144A @		750		780,000
WideOpenWest Finance LLC 10.250%, 07/15/19		219		228,034
Ziggo Bond Finance BV 6.000%, 01/15/27 144A @		375		373,125

				12,399,147

Metal Fabricate/Hardware — 0.5%
Grinding Media Inc 7.375%, 12/15/23 144A @		280		294,000
Zekelman Industries, Inc. 9.875%, 06/15/23 144A @		525		586,688

				880,688

Mining — 3.1%
Aleris International, Inc. 9.500%, 04/01/21 144A @		420		451,500
Constellium NV144A @
8.000%, 01/15/23		250		256,250
6.625%, 03/01/25		500		480,937
FMG Resources August 2006 Pty Ltd. 9.750%, 03/01/22 144A @		675		773,719
Freeport-McMoRan, Inc.
4.000%, 11/14/21		175		168,875
5.400%, 11/14/34		580		504,600
Hudbay Minerals, Inc.144A @
7.250%, 01/15/23		150		159,000
7.625%, 01/15/25		250		271,250
Lundin Mining Corp. 7.500%, 11/01/20 144A @		500		528,750
New Gold, Inc. 6.250%, 11/15/22 144A @		385		385,963
Novelis Corp.144A @
6.250%, 08/15/24		350		364,875
5.875%, 09/30/26		200		204,250
Nyrstar Netherlands Holdings BV
8.500%, 09/15/19 144A @		500		584,181
8.500%, 09/15/19		100		116,836

				5,250,986

Miscellaneous Manufacturing — 0.4%
Bombardier, Inc. 8.750%, 12/01/21 144A @		550		602,250


	Par (000)		Value†
CORPORATE BONDS — (continued)
Miscellaneous Manufacturing — (continued)
Koppers, Inc. 6.000%, 02/15/25 144A @	$	85	$	87,763

				690,013

Office & Business Equipment — 0.1%
CDW LLC 5.000%, 09/01/25		125		127,500

Oil & Gas — 8.3%
Alberta Energy Co., Ltd.
8.125%, 09/15/30		80		101,746
7.375%, 11/01/31		210		253,167
Atwood Oceanics, Inc. 6.500%, 02/01/20		270		243,338
Calumet Specialty Products Partners LP 11.500%, 01/15/21 144A @		155		179,025
Chesapeake Energy Corp.
6.125%, 02/15/21		175		169,750
8.000%, 12/15/22 144A @		406		425,285
Continental Resources, Inc.
5.000%, 09/15/22		175		176,750
4.900%, 06/01/44		235		202,100
CrownRock LP144A @
7.125%, 04/15/21		250		258,125
7.750%, 02/15/23		745		789,700
Encana Corp. 7.200%, 11/01/31		60		71,497
Ensco PLC
8.000%, 01/31/24		494		500,175
5.750%, 10/01/44		50		37,750
EP Energy LLC
9.375%, 05/01/20		65		61,276
8.000%, 11/29/24 144A @		75		78,750
8.000%, 02/15/25 144A @		130		120,900
Gulfport Energy Corp.
6.625%, 05/01/23		385		389,331
6.375%, 05/15/25 144A @		150		147,375
Hess Corp. 7.875%, 10/01/29		485		593,221
Kosmos Energy Ltd.144A @
7.875%, 08/01/21		800		806,000
7.875%, 08/01/21		600		604,500
Matador Resources Co.
6.875%, 04/15/23 144A @		125		130,625
6.875%, 04/15/23		641		669,845
MEG Energy Corp.144A @
7.000%, 03/31/24		465		416,175
6.500%, 01/15/25		110		110,000
Noble Holding International Ltd. 7.750%, 01/15/24		525		504,000
Pacific Exploration and Production Corp.^
10.000%, 11/02/21 144A @		475		533,781
10.000%, 11/02/21		172		193,285
Petrobras Global Finance BV
8.750%, 05/23/26		485		561,387
6.875%, 01/20/40		200		190,400
6.750%, 01/27/41		300		280,800


	Par (000)		Value†

Oil & Gas — (continued)
QEP Resources, Inc. 6.875%, 03/01/21	$	425	$	451,563
Range Resources Corp. 4.875%, 05/15/25		200		191,500
Rowan Cos, Inc. 7.375%, 06/15/25		355		356,775
Seven Generations Energy Ltd.144A @
6.750%, 05/01/23		500		522,500
6.875%, 06/30/23		150		156,750
SM Energy Co. 6.500%, 01/01/23		450		456,750
Sunoco LP
6.250%, 04/15/21		350		357,000
6.375%, 04/01/23		175		177,625
Transocean, Inc.
6.500%, 11/15/20		75		75,750
9.000%, 07/15/23 144A @		550		587,125
6.800%, 03/15/38		630		518,175
YPF S.A.144A @
8.500%, 03/23/21		100		109,569
8.750%, 04/04/24		250		277,125

				14,038,266

Oil & Gas Services — 0.6%
Archrock Partners LP
6.000%, 04/01/21		275		272,937
6.000%, 10/01/22		300		295,500
Exterran Energy Solutions LP 8.125%, 05/01/25 144A @		130		132,600
KCA Deutag UK Finance PLC 9.875%, 04/01/22 144A @		215		220,644
SESI LLC 7.125%, 12/15/21		175		177,188

				1,098,869

Packaging and Containers — 2.4%
ARD Finance S.A. PIK 7.125%, 09/15/23 144A @		825		849,750
Ardagh Packaging Finance PLC 7.250%, 05/15/24 144A @		725		775,750
BWAY Holding Co.144A @
5.500%, 04/15/24		315		317,561
7.250%, 04/15/25		330		330,000
Consolidated Container Co. LLC 10.125%, 07/15/20 144A @		375		386,250
Crown Cork & Seal Co., Inc. 7.375%, 12/15/26		100		114,750
Horizon Parent Holdings SARL 8.250%, 02/15/22 144A @		295		326,902
Pactiv LLC 7.950%, 12/15/25		175		189,875
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.750%, 10/15/20		225		231,471
7.000%, 07/15/24 144A @		275		294,422


	Par (000)		Value†
CORPORATE BONDS — (continued)
Packaging and Containers — (continued)
SIG Combibloc Holdings S.C.A. 7.750%, 02/15/23	$	225	$	255,932

				4,072,663

Pharmaceuticals — 1.1%
Capsugel S.A. PIK (Cash coupon 7.000%, PIK 7.75%) 7.000%, 05/15/19 144A @		310		309,225
DPx Holdings BV 7. 500%, 02/01/22 144A @		325		343,078
Endo Finance LLC 6.000%, 02/01/25 144A @		325		277,062
Valeant Pharmaceuticals International, Inc.144A @
6.750%, 08/15/18		10		10,013
7.000%, 10/01/20		125		113,750
6.375%, 10/15/20		370		334,850
7.500%, 07/15/21		70		61,338
6.750%, 08/15/21		90		77,625
6.500%, 03/15/22		410		421,787

				1,948,728

Pipelines — 2.9%
Antero Midstream Partners LP 5.375%, 09/15/24 144A @		235		238,525
Boardwalk Pipelines LP 5.950%, 06/01/26		130		143,958
Cheniere Corpus Christi Holdings LLC144A @
7.000%, 06/30/24		500		550,625
5.875%, 03/31/25		225		234,562
Crestwood Midstream Partners LP 6.250%, 04/01/23		500		518,750
DCP Midstream Operating, LP
9.750%, 03/15/19 144A @		125		140,313
8.125%, 08/16/30		75		88,125
6.450%, 11/03/36 144A @		150		159,000
5.850%, 05/21/43 144A @,•		105		95,813
Energy Transfer Equity LP
5.875%, 01/15/24		202		214,625
5.500%, 06/01/27		280		292,600
Gibson Energy, Inc. 6.750%, 07/15/21 144A @		108		112,860
NuStar Logistics LP 4.800%, 09/01/20		50		50,595
Rockies Express Pipeline LLC 6.000%, 01/15/19 144A @		100		104,250
SemGroup Corp. 6.375%, 03/15/25 144A @		335		329,137
Tallgrass Energy Partners LP 5.500%, 09/15/24 144A @		225		226,125
Targa Resources Partners LP
6.750%, 03/15/24		400		434,000
5.125%, 02/01/25 144A @		625		643,750
Targa Resources Partners LP/Tagra Resources Partners Finance Corp.
5.250%, 05/01/23		50		51,125
4.250%, 11/15/23		50		48,875
Tesoro Logistics LP
6.125%, 10/15/21		100		104,625


	Par (000)		Value†

Pipelines — (continued)
5.250%, 01/15/25	$	225	$	235,125

				5,017,363

Real Estate — 1.2%
Greystar Real Estate Partners LLC 8.250%, 12/01/22 144A @		300		323,625
Iron Mountain Canada Operations 5.375%, 09/15/23 144A @		275		212,477
MGM Growth Properties Operating Partnership LP 5.625%, 05/01/24		175		184,625
MPT Operating Partnership LP 6.375%, 03/01/24		250		268,750
The Howard Hughes Corp. 5.375%, 03/15/25 144A @		550		544,500
VEREIT Operating Partnership LP
4.125%, 06/01/21		150		153,536
4.875%, 06/01/26		330		343,612

				2,031,125

Retail — 2.1%
Ferrellgas Partners LP
8.625%, 06/15/20 144A @,^		155		148,413
6.500%, 05/01/21		240		228,000
6.750%, 01/15/22		65		61,425
6.750%, 06/15/23		100		94,000
Group 1 Automotive, Inc.
5.250%, 06/01/22		175		176,312
5.250%, 12/15/23 144A @		175		176,750
Jo-Ann Stores Holdings, Inc. PIK (Cash coupon 9.750%, PIK 10.500%) 9.750%, 10/15/19 144A @		425		411,187
Jo-Ann Stores LLC 8.125%, 03/15/19 144A @,^		133		132,668
KFC Holding Co. 5.250%, 06/01/26 144A @		250		254,375
KFC Holding Co./Pizza Hut Holdings/Taco Bell of America LLC 5.000%, 06/01/24 144A @		125		127,656
Kirk Beauty One GmbH 8.750%, 07/15/23 144A @		225		263,674
New Albertsons, Inc.
7.450%, 08/01/29		175		165,813
8.000%, 05/01/31		125		120,625
New Look Secured Issuer PLC 6.500%, 07/01/22 144A @		375		412,916
Penske Automotive Group, Inc. 5.750%, 10/01/22		200		207,000
PF Chang’s China Bistro, Inc. 10.250%, 06/30/20 144A @		175		174,562
Sonic Automotive, Inc. 5.000%, 05/15/23		200		194,376
Suburban Propane Partners LP 5.500%, 06/01/24		20		19,700
Yum! Brands, Inc.
6.875%, 11/15/37		70		72,100


	Par (000)		Value†
CORPORATE BONDS — (continued)
Retail — (continued)
5.350%, 11/01/43	$	135	$	117,450

				3,559,002

Semiconductors — 1.2%
Advanced Micro Devices, Inc.
7.500%, 08/15/22		75		83,063
7.000%, 07/01/24		825		878,625
Micron Technology, Inc. 5.250%, 08/01/23 144A @		250		256,250
Microsemi Corp. 9.125%, 04/15/23 144A @		375		430,781
Sensata Technologies UK Financing Co. PLC 6.250%, 02/15/26 144A @		425		450,500

				2,099,219

Software — 1.4%
Change Healthcare Holdings LLC 5.750%, 03/01/25 144A @		200		205,000
MSCI, Inc. 5.250%, 11/15/24 144A @		250		263,125
Rackspace Hosting, Inc. 8.625%, 11/15/24 144A @		150		158,055
RP Crown Parent LLC 7.375%, 10/15/24 144A @		150		156,375
SS&C Technologies Holdings, Inc. 5.875%, 07/15/23		200		211,624
Veritas US, Inc.144A @
7.500%, 02/01/23		600		633,000
10.500%, 02/01/24		800		846,000

				2,473,179

Telecommunications — 11.1%
Altice Financing S.A.144A @
6.625%, 02/15/23		350		364,350
7.500%, 05/15/26		525		557,812
Altice Finco S.A. 8.125%, 01/15/24 144A @		600		642,000
Altice Luxembourg S.A.144A @
7.750%, 05/15/22		1,250		1,326,562
7.625%, 02/15/25		1,050		1,109,719
CenturyLink, Inc. 7.500%, 04/01/24		650		687,173
Digicel Group Ltd. 8.250%, 09/30/20 144A @		980		842,212
Equinix, Inc.
5.375%, 01/01/22		275		289,438
5.750%, 01/01/25		150		158,625
5.375%, 05/15/27		250		258,125
First Data Corp.144A @
5.375%, 08/15/23		425		442,531
7.000%, 12/01/23		1,050		1,126,125
Frontier Communications Corp.
8.875%, 09/15/20		475		501,125
10.500%, 09/15/22		400		405,000
Hughes Satellite Systems Corp.
7.625%, 06/15/21		325		358,312
6.625%, 08/01/26 144A @		510		521,475


	Par (000)		Value†

Telecommunications — (continued)
Intelsat Jackson Holdings S.A.
7.250%, 10/15/20	$	640	$	583,200
9.500%, 09/30/22 144A @		250		294,063
8.000%, 02/15/24 144A @		625		662,500
Level 3 Communications, Inc. 5.750%, 12/01/22		175		181,125
Level 3 Financing, Inc.
5.625%, 02/01/23		150		155,250
5.375%, 05/01/25		175		178,063
5.250%, 03/15/26		125		125,625
OTE PLC 7.875%, 02/07/18		400		447,434
Sable International Finance Ltd. 6.875%, 08/01/22 144A @		450		475,875
Sprint Capital Corp. 8.750%, 03/15/32		430		517,075
Sprint Communications, Inc.
7.000%, 08/15/20		525		563,719
11.500%, 11/15/21		425		533,375
Sprint Corp. 7.250%, 09/15/21		525		566,737
T-Mobile US, Inc.
4.000%, 04/15/22		455		462,394
6.500%, 01/15/24		100		108,000
6.375%, 03/01/25		175		188,563
TBG Global Pte Ltd. 5.250%, 02/10/22		200		204,980
UPC Holding BV 6.750%, 03/15/23 144A @		200		229,745
VimpelCom Holdings BV 5.200%, 02/13/19 144A @		200		207,044
Virgin Media Finance PLC 6.000%, 10/15/24 144A @		200		207,250
Virgin Media Secured Finance PLC
5.250%, 01/15/26 144A @		200		201,000
5.500%, 08/15/26 144A @		600		609,000
6.250%, 03/28/29		175		236,962
West Corp. 5.375%, 07/15/22 144A @		550		540,375
Wind Acquisition Finance S.A. 7.375%, 04/23/21 144A @		750		780,000

				18,849,938

Transportation — 0.5%
Park Aerospace Holdings Ltd.144A @
5.250%, 08/15/22		280		291,200
5.500%, 02/15/24		145		150,800
The Kenan Advantage Group, Inc. 7.875%, 07/31/23 144A @		175		178,938
Watco Cos. LLC 6.375%, 04/01/23 144A @		250		253,750

				874,688

TOTAL CORPORATE BONDS (Cost $129,767,818)				133,287,078


	Par (000)		Value†
LOAN AGREEMENTS — 13.3%‡
Chemicals — 0.4%
Solenis International LP 7.804%, 07/31/22 •	$	675	$	666,144

Commercial Services — 0.5%
Laureate Education, Inc. 8.509%, 03/17/21 •		524		527,671
Nord Anglia Education Finance LLC 4.554%, 03/31/21 •		346		346,640

				874,311

Diversified Financial Services — 0.3%
National Financial Partners Corp. 4.500%, 01/08/24 •		274		277,055
Terra-Gen Finance Co., LLC 5.250%, 12/09/21 •		276		260,481

				537,536

Electric — 0.7%
Energy Future Intermediate Holding Co. LLC 4.304%, 06/30/17 •		875		873,539
Vistra Operations Co. LLC 4.193%, 12/14/23 •		100		99,825
Vistra Operations Co. LLC, Class B 3.531%, 08/04/23 •		223		222,810
Vistra Operations Co. LLC, Class C 3.531%, 08/04/23 •		51		50,944

				1,247,118

Electronics — 0.2%
Linxens France S.A. 4.500%, 10/14/22 •		346		345,625

Energy-Alternate Sources — 0.5%
Alliant Holdings I LLC 4.387%, 08/12/22		271		272,028
Fieldwood Energy LLC
3.875%, 10/01/18		85		81,175
8.000%, 08/31/20		50		47,094
8.375%, 09/30/20		340		242,250
Foresight Energy LLC 6.750%, 03/16/22		195		189,637

				832,184

Entertainment — 0.6%
Delta 2 (Lux) S.a.r.l.•
4.568%, 07/30/21		650		649,350
8.068%, 07/29/22		193		193,703
William Morris Endeavor Entertainment LLC 8.290%, 05/06/22		200		202,000

				1,045,053

Food — 0.2%
Hostess Brands LLC 4.000%, 08/03/22 •		272		274,265


	Par (000)		Value†

Healthcare — 0.3%
Life Time Fitness 4.000%, 06/10/22	$	273	$	272,758

Macdermid, Inc. 4.500%, 06/07/20		218		219,828

				492,586

Healthcare Services — 0.5%
Envision Healthcare Corp. 4.000%, 12/01/23 •		449		452,241
Inventiv Health, Inc. 4.804%, 11/09/23 •		324		324,862

				777,103

Insurance — 1.9%
Asurion LLC
4.031%, 07/08/20		55		55,220
8.500%, 03/03/21•		1,350		1,365,187
4.250%, 08/04/22•		622		624,504
4.750%, 11/03/23•		196		197,478
Lonestar Intermediate Super PIK 10.000%, 08/31/21 •		425		441,469
Sedgwick Claims Management Services, Inc. 6.750%, 02/28/22 •		375		374,062
USI, Inc. 4.250%, 12/27/19 •		165		165,384

				3,223,304

Internet — 1.4%
Ancestry.com, Inc.•
4.250%, 10/19/23		275		276,892
4.250%, 10/19/23		171		171,673
Go Daddy Operating Co. LLC 3.540%, 02/15/24		251		251,513
Match Group, Inc. 4.097%, 11/16/22 •		164		165,807
Rackspace Hosting, Inc. 4.535%, 11/03/23 •		349		351,258
Uber Technologies, Inc. 5.000%, 07/13/23 •		1,244		1,237,220

				2,454,363

Machinery — Diversified — 0.4%
Filtration Group, Inc. 4.304%, 11/23/20 •		494		497,362
Gardner Denver, Inc. Corp. 4.568%, 07/30/20 •		249		248,013

				745,375

Media — 0.5%
EIG Investors Corp.
6.532%, 11/09/19		239		239,617
6.042%, 02/09/23		129		130,200
iHeartCommunications, Inc. 7.530%, 01/30/19 •		525		449,967

				819,784


	Par (000)		Value†
LOAN AGREEMENTS‡ — (continued)
Metal Fabricate/Hardware — 0.2%
Zekelman Industries, Inc. 4.906%, 06/14/21 •	$	323	$	327,128

Miscellaneous Manufacturing — 0.1%
Bway Corp. 4.410%, 03/22/24		170		169,470

Oil & Gas — 0.9%
California Resources Corp. 11.380%, 12/31/21 •		680		750,264
Fairmount Santrol, Inc. 4.500%, 09/05/19 •		381		372,513
Hercules Offshore, Inc. 10.500%, 05/06/20 ^,•,¤		443		350,214

				1,472,991

Oil & Gas Services — 0.8%
CGG Holding (U.S.), Inc. 6.500%, 05/15/19 •		967		925,723
Expro Holdings 5.750%, 09/02/21 •		595		466,680

				1,392,403

Packaging and Containers — 0.1%
Flex Acquisition Co., Inc. 4.250%, 12/29/23 •		100		100,531
Tricorbraun, Inc. 4.750%, 11/30/23 •		125		125,776

				226,307

Real Estate Investment Trusts — 0.2%
Brickman Group Ltd. 4.001%, 12/18/20 •		323		323,957

Retail — 1.1%
Academy Ltd. 5.055%, 07/01/22		811		596,827
Jo-Ann Stores, Inc. 6.256%, 10/20/23 •		509		498,015
Serta Simmons•
4.538%, 11/08/23		500		501,250
9.038%, 11/08/24		350		351,166

				1,947,258

Software — 1.2%
Change Healthcare Holdings 3.750%, 03/01/24		235		235,294
Kronos, Inc. 5.034%, 11/01/23 •		424		426,104
SolarWinds Holdings, Inc. 4.500%, 02/03/23 •		372		372,006
Veritas US, Inc. 6.630%, 01/27/23 •		968		959,056

				1,992,460


	Par (000)		Value†

Telecommunications — 0.1%
Cyxtera Technologies, Inc. 4.000%, 03/14/24	$	110	$	110,550

Transportation — 0.2%
Navistar, Inc. 5.000%, 08/07/20		289		291,932

TOTAL LOAN AGREEMENTS‡ (Cost $22,330,781)				22,589,207

	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 6.1%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		1,169,160		1,169,160
T. Rowe Price Investment, Ltd.		9,243,355		9,243,355

TOTAL SHORT-TERM INVESTMENTS (Cost $10,412,515)				10,412,515

TOTAL INVESTMENTS — 99.9% (Cost $165,423,564)(a)			$	169,796,304

Other Assets & Liabilities — 0.1%				150,713

TOTAL NET ASSETS — 100.0%			$	169,947,017

†	See Security Valuation Note.

‡

Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at March 31, 2017. 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 March 31, 2017 is $2,086,557.

•	Variable Rate Security.

¤	Defaulted Security.

~	Fair valued security. The total market value of fair valued securities at March 31, 2017 is $442,439.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Electric	$	339,854	$	339,854	$	—	$	—
Entertainment		26,352		—		—		26,352
Media		498,315		498,315		—		—
Oil & Gas		646,281		230,194		416,087		—
Real Estate		196,394		196,394		—		—
Telecommunications		607,146		607,146		—		—
REAL ESTATE INVESTMENT TRUSTS		38		38		—		—
PREFERRED STOCKS		1,094,242		1,094,242		—		—
ASSET BACKED SECURITIES		98,882		—		98,882		—
CORPORATE BONDS		133,287,078		—		133,287,078		—
LOAN AGREEMENTS		22,589,207		—		22,589,207		—
SHORT-TERM INVESTMENTS		10,412,515		10,412,515		—		—
TOTAL INVESTMENTS	$	169,796,304,	$	13,378,698	$	156,391,254	$	26,352

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 12/31/2016	$	26,352
Purchases		—
Sales		—
Maturities		—
Change in Appreciation/(Depreciation)		—

Balance as of 3/31/2017	$	26,352

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


	Par (000)		Value†
ASSET BACKED SECURITIES — 0.3%
Continental Airlines 2009-2 Class A, Pass Through Trust 7.250%, 11/10/19	$	551	$	611,309
Continental Airlines 2012-1 Class A, Pass Through Trust 4.150%, 04/11/24		1,829		1,902,465
Continental Airlines 2012-1 Class B, Pass Through Trust 6.250%, 04/11/20		300		315,051
DB Master Finance LLC 2015-1A A21 3.262%, 02/20/45 144A @		1,436		1,443,240
Taco Bell Funding LLC 2016-1A A21 3.832%, 05/25/46 144A @		3,587		3,636,170
Wendys Funding LLC 2015-1A A21 3.371%, 06/15/45 144A @		2,285		2,295,813
TOTAL ASSET BACKED SECURITIES (Cost $9,996,092)				10,204,048

	Number of Shares		Value†
COMMON STOCKS — 59.7%
Aerospace & Defense — 0.4%
The Boeing Co.		80,800		14,290,288

Agriculture — 3.7%
Altria Group, Inc.		358,391		25,596,285
British American Tobacco PLC		424,710		28,202,256
Philip Morris International, Inc.		712,800		80,475,120

				134,273,661

Auto Parts & Equipment — 0.6%
Adient PLC		320,137		23,264,356

Banks — 3.9%
State Street Corp.		239,997		19,106,161
The Bank of New York Mellon Corp.		1,555,391		73,461,117
The PNC Financial Services Group, Inc.		107,700		12,949,848
Wells Fargo & Co.		636,000		35,399,760

				140,916,886

Beverages — 2.2%
Dr. Pepper Snapple Group, Inc.		510,023		49,941,452
PepsiCo, Inc.		278,129		31,111,510

				81,052,962

Biotechnology — 0.4%
Biogen, Inc.*		58,444		15,979,759
Bioverativ, Inc.*		6,455		351,539

				16,331,298

Building Materials — 1.0%
Johnson Controls International PLC		873,876		36,807,657

Commercial Services — 3.0%
Aramark		1,045,600		38,551,272
Equifax, Inc.		68,000		9,298,320
IHS Markit Ltd.*		306,464		12,856,165
Mastercard, Inc., Class A		291,571		32,792,990


	Number of Shares		Value†

Commercial Services — (continued)
RELX PLC		816,154	$	15,992,794

				109,491,541

Computers — 0.6%
Apple, Inc.		146,300		21,017,458

Diversified Financial Services — 2.1%
Visa, Inc., Class A		862,900		76,685,923

Electric — 2.4%
DTE Energy Co.		87,900		8,975,469
PG&E Corp.		1,200,084		79,637,574

				88,613,043

Electronics — 3.3%
Fortive Corp.		290,335		17,483,974
PerkinElmer, Inc.		898,799		52,184,270
Thermo Fisher Scientific, Inc.		344,030		52,843,008

				122,511,252

Food — 1.8%
Mondelez International, Inc., Class A		741,839		31,958,424
The Kraft Heinz Co.		256,069		23,253,626
Tyson Foods, Inc., Class A		167,460		10,333,957

				65,546,007

Healthcare Products — 1.6%
Becton Dickinson & Co.		313,017		57,419,839

Healthcare Services — 4.1%
Aetna, Inc.		246,253		31,409,570
Anthem, Inc.		157,100		25,981,198
Cigna Corp.		204,460		29,951,345
Humana, Inc.		106,919		22,040,283
UnitedHealth Group, Inc.		248,200		40,707,282

				150,089,678

Insurance — 3.2%
Marsh & McLennan Cos., Inc.		1,279,500		94,542,255
Willis Towers Watson PLC		170,579		22,327,085

				116,869,340

Internet — 3.9%
Alphabet, Inc., Class A*		8,700		7,375,860
Alphabet, Inc., Class C*		84,559		70,146,764
Amazon.com, Inc.*		74,839		66,347,767

				143,870,391

Machinery — Diversified — 0.7%
IDEX Corp.		5,600		523,656
Roper Technologies, Inc.		118,374		24,443,047

				24,966,703

Media — 0.5%
Liberty Global PLC*		492,232		17,247,809

Miscellaneous Manufacturing — 2.0%
Danaher Corp.		660,427		56,486,321


	Number of Shares		Value†
COMMON STOCKS — (continued)
Miscellaneous Manufacturing — (continued)
Pentair PLC		261,864	$	16,439,822

				72,926,143

Oil & Gas — 1.6%
Canadian Natural Resources Ltd.		1,100,800		36,095,232
TOTAL S.A.		470,701		23,809,246

				59,904,478

Packaging and Containers — 0.3%
Ball Corp.		165,779		12,310,749

Pharmaceuticals — 3.8%
Abbott Laboratories		1,411,702		62,693,686
GlaxoSmithKline PLC		468,633		9,743,738
Perrigo Co. PLC		230,200		15,282,978
Zoetis, Inc.		952,772		50,849,442

				138,569,844

Retail — 6.8%
AutoZone, Inc.*		42,669		30,851,820
CVS Health Corp.		191,800		15,056,300
Lowe’s Cos., Inc.		556,200		45,725,202
O’Reilly Automotive, Inc.*		195,962		52,878,386
The Home Depot, Inc.		271,921		39,926,160
Walgreens Boots Alliance, Inc.		330,513		27,449,105
Yum! Brands, Inc.		573,593		36,652,593

				248,539,566

Software — 5.1%
Fidelity National Information Services, Inc.		182,100		14,498,802
Fiserv, Inc.*		699,191		80,623,714
Intuit, Inc.		158,284		18,359,361
Microsoft Corp.		1,114,200		73,381,212

				186,863,089

Telecommunications — 0.7%
SBA Communications Corp.*		204,900		24,663,813

TOTAL COMMON STOCKS (Cost $1,829,494,154)				2,185,043,774

REAL ESTATE INVESTMENT TRUSTS — 0.5%
Diversified — 0.5%
American Tower Corp. (Cost $13,856,282)		139,700		16,979,138

PREFERRED STOCKS — 2.2%
Banks — 0.5%
State Street Corp.		86,000		2,256,640
State Street Corp.•		50,000		1,316,500
U.S. Bancorp, Series F•		71,000		2,034,860
U.S. Bancorp, Series G•		90,000		2,250,000


	Number of Shares		Value†

Banks — (continued)
Wells Fargo & Co.		6,301	$	7,813,240

				15,671,240

Diversified — 0.5%
American Tower Corp.		172,318		19,247,921

Diversified Financial Services — 0.1%
The Charles Schwab Corp.		150,000		4,002,000
The Charles Schwab Corp.		12,000		316,080

				4,318,080

Electric — 1.1%
DTE Energy Co.		267,708		14,383,951
NextEra Energy, Inc.		140,686		7,174,986
SCE Trust I		83,775		2,114,481
SCE Trust II		14,730		364,567
SCE Trust III•		161,355		4,388,856
SCE Trust IV•		340,000		9,163,000
SCE Trust V•		100,000		2,708,000

				40,297,841

TOTAL PREFERRED STOCKS (Cost $74,136,555)				79,535,082

	Par (000)		Value†
CORPORATE BONDS — 21.8%
Advertising — 0.0%
Lamar Media Corp. 5.875%, 02/01/22		1,450		1,498,285

Aerospace & Defense — 0.1%
Harris Corp. 1.999%, 04/27/18		1,080		1,081,414
Moog, Inc. 5.250%, 12/01/22 144A @		650		666,250

				1,747,664

Agriculture — 0.3%
Philip Morris International, Inc.
1.472%, 02/21/20•		2,285		2,295,593
2.000%, 02/21/20		3,420		3,411,467
2.625%, 02/18/22		4,270		4,267,118

				9,974,178

Airlines — 0.1%
Delta Air Lines 2009-1, Class A, Pass Through Trust 7.750%, 12/17/19		341		376,164
Delta Air Lines 2011-1, Class A , Pass Through Trust 5.300%, 04/15/19		372		394,289
U.S. Airways 2010-1 Class A, Pass Through Trust 6.250%, 04/22/23		1,593		1,736,333
U.S. Airways 2010-1 Class B, Pass Through Trust 8.500%, 04/22/17 ^		126		126,650


	Par (000)		Value†
CORPORATE BONDS — (continued)
Airlines — (continued)
U.S. Airways 2012-2 Class A, Pass Through Trust 4.625%, 06/03/25	$	226	$	237,391
U.S. Airways 2012-2 Class B, Pass Through Trust 6.750%, 06/03/21 ^		448		485,309
U.S. Airways 2013-1 Class A, Pass Through Trust 3.950%, 11/15/25		4		4,290
U.S. Airways 2013-1 Class B, Pass Through Trust 5.375%, 11/15/21		4		4,548

				3,364,974

Banks — 0.9%
The PNC Financial Services Group, Inc. 5.000%, 12/29/49 •		7,085		7,049,575
JPMorgan Chase & Co. 5.300%, 12/29/49 •		10,255		10,626,744
Regions Bank/Birmingham AL 7.500%, 05/15/18		75		79,409
State Street Corp. 5.250%, 12/29/49 •		4,360		4,567,100
Synovus Financial Corp. 5.125%, 06/15/17		32		32,200
The Bank of New York Mellon Corp.•
4.625%, 12/29/49		3,175		3,048,000
4.950%, 12/29/49		5,800		5,983,060
U.S. Bancorp 5.300%, 04/15/49 •		3,010		3,066,437

				34,452,525

Beverages — 0.3%
Anheuser-Busch InBev Finance, Inc.
1.900%, 02/01/19		2,995		2,999,343
2.290%, 02/01/21•		3,820		3,934,947
2.650%, 02/01/21		1,690		1,702,709
3.300%, 02/01/23		2,175		2,213,739
PepsiCo, Inc. 1.250%, 04/30/18		1,635		1,634,101

				12,484,839

Building Materials — 0.0%
Lennox International, Inc. 3.000%, 11/15/23		760		746,939

Chemicals — 0.2%
Cytec Industries, Inc. 3.950%, 05/01/25		3,680		3,700,822
Ecolab, Inc. 2.000%, 01/14/19		2,330		2,345,585

				6,046,407

Commercial Services — 0.7%
Aramark Services, Inc. 5.000%, 04/01/25 144A @		10,960		11,288,800
IHS Markit Ltd. 5.000%, 11/01/22 144A @		4,300		4,504,250


	Par (000)		Value†

Commercial Services — (continued)
Iron Mountain, Inc.
6.000%, 08/15/23	$	1,100	$	1,157,750
5.750%, 08/15/24		6,335		6,461,700
Service Corp. International 5.375%, 05/15/24		3,600		3,745,260

				27,157,760

Diversified Financial Services — 1.3%
American Honda Finance Corp. 0.950%, 05/05/17		2,200		2,199,415
Caterpillar Financial Services Corp.
1.250%, 11/06/17		1,645		1,644,455
2.250%, 12/01/19		1,155		1,163,997
Ford Motor Credit Co. LLC
6.625%, 08/15/17		1,675		1,705,549
1.626%, 09/08/17•		4,325		4,327,924
1.670%, 12/06/17•		6,325		6,329,548
1.724%, 12/06/17		2,150		2,149,972
2.145%, 01/09/18		3,360		3,368,538
5.000%, 05/15/18		1,800		1,859,713
2.375%, 03/12/19		4,275		4,289,933
2.597%, 11/04/19		5,350		5,378,970
National Rural Utilities Cooperative Finance Corp. 0.950%, 04/24/17		1,050		1,049,900
Visa, Inc. 1.200%, 12/14/17		11,030		11,019,665

				46,487,579

Electric — 0.8%
Berkshire Hathaway Energy Co. 2.400%, 02/01/20		2,550		2,569,071
CMS Energy Corp. 8.750%, 06/15/19		415		473,866
Dominion Resources Inc., STEP 2.962%, 07/01/19		350		354,973
DTE Energy Co. 3.800%, 03/15/27		8,575		8,695,856
Edison International 2.125%, 04/15/20		4,300		4,304,936
Pacific Gas & Electric Co. 3.300%, 03/15/27		4,300		4,322,498
The Southern Co.
1.550%, 07/01/18		3,795		3,780,450
1.850%, 07/01/19		1,770		1,760,375
Virginia Electric & Power Co.
3.150%, 01/15/26		1,525		1,516,542
3.500%, 03/15/27		3,010		3,071,886

				30,850,453

Electronics — 0.1%
Amphenol Corp.
1.550%, 09/15/17		920		920,029
2.200%, 04/01/20		2,585		2,583,374
3.200%, 04/01/24		1,290		1,291,757


	Par (000)		Value†
CORPORATE BONDS — (continued)
Electronics — (continued)
Fortive Corp. 1.800%, 06/15/19 144A @	$	345	$	342,853

				5,138,013

Engineering & Construction — 0.7%
SBA Communications Corp.
4.875%, 07/15/22		9,335		9,475,025
4.875%, 09/01/24 144A @		14,325		14,143,072

				23,618,097

Entertainment — 0.7%
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.
5.250%, 03/15/21		6,100		6,252,500
5.375%, 06/01/24		3,080		3,157,000
Six Flags Entertainment Corp. 5.250%, 01/15/21 144A @		15,158		15,585,456

				24,994,956

Food — 0.1%
B&G Foods, Inc. 4.625%, 06/01/21		2,525		2,543,937
The Kroger Co. 2.000%, 01/15/19		1,330		1,332,538
TreeHouse Foods, Inc. 6.000%, 02/15/24 144A @		600		628,500

				4,504,975

Gas — 0.1%
Southern California Gas Co. 3.200%, 06/15/25		3,625		3,681,876

Healthcare Products — 0.8%
Becton Dickinson and Co.
1.800%, 12/15/17		2,775		2,777,070
2.675%, 12/15/19		1,895		1,921,990
Hologic, Inc. 5.250%, 07/15/22		10,776		11,301,330
Medtronic Global Holdings SCA
1.700%, 03/28/19		4,300		4,298,852
3.350%, 04/01/27		2,465		2,482,524
Medtronic, Inc.
1.500%, 03/15/18		4,025		4,025,994
2.500%, 03/15/20		2,845		2,886,005
Teleflex, Inc. 4.875%, 06/01/26		900		904,500

				30,598,265

Healthcare Services — 2.9%
Centene Corp.
5.625%, 02/15/21		11,610		12,151,026
4.750%, 05/15/22		4,565		4,690,538
6.125%, 02/15/24		7,515		8,069,231
4.750%, 01/15/25		4,275		4,299,068
DaVita, Inc. 5.750%, 08/15/22		20,640		21,362,400
Fresenius Medical Care U.S. Finance II, Inc.144A @
5.625%, 07/31/19		8,075		8,539,312
5.875%, 01/31/22		5,400		5,845,500


	Par (000)		Value†

Healthcare Services — (continued)
Fresenius Medical Care U.S. Finance, Inc. 5.750%, 02/15/21 144A @	$	1,125	$	1,217,813
HCA, Inc.
8.000%, 10/01/18		8,669		9,384,192
3.750%, 03/15/19		1,725		1,763,813
4.250%, 10/15/19		3,781		3,913,335
6.500%, 02/15/20		18,920		20,705,670
UnitedHealth Group, Inc. 1.400%, 12/15/17		1,545		1,545,012
Universal Health Services, Inc. 3.750%, 08/01/19 144A @		520		526,500
WellCare Health Plans, Inc. 5.750%, 11/15/20		2,875		2,958,375

				106,971,785

Household Products & Wares — 0.1%
Spectrum Brands, Inc.
6.625%, 11/15/22		2,711		2,856,716
6.125%, 12/15/24		1,500		1,586,250

				4,442,966

Insurance — 0.5%
HUB International Ltd.144A @
9.250%, 02/15/21		2,200		2,269,960
7.875%, 10/01/21		11,201		11,677,043
Marsh & McLennan Cos., Inc.
2.350%, 03/06/20		1,205		1,210,231
2.750%, 01/30/22		1,705		1,714,611
3.300%, 03/14/23		525		534,761
Trinity Acquisition PLC 4.400%, 03/15/26		2,400		2,460,048

				19,866,654

Internet — 0.2%
Amazon.com, Inc. 2.600%, 12/05/19		4,155		4,237,531
Netflix, Inc. 4.375%, 11/15/26 144A @		1,525		1,498,312

				5,735,843

Lodging — 0.0%
Hilton Domestic Operating Co., Inc. 4.250%, 09/01/24 144A @		1,350		1,333,125

Machinery — Diversified — 0.3%
CNH Industrial Capital LLC
3.625%, 04/15/18		5,700		5,764,125
3.875%, 07/16/18		1,725		1,755,187
Welbilt, Inc. 9.500%, 02/15/24		425		489,813
Xylem, Inc.
4.875%, 10/01/21		415		450,549
3.250%, 11/01/26		640		631,975

				9,091,649

Media — 2.4%
Altice US Finance I Corp. 5.375%, 07/15/23 144A @		1,169		1,205,531


	Par (000)		Value†
CORPORATE BONDS — (continued)
Media — (continued)
CCO Holdings LLC/CCO Holdings Capital Corp.
5.250%, 03/15/21	$	1,900	$	1,952,250
5.250%, 09/30/22		7,165		7,433,687
5.125%, 02/15/23		5,100		5,240,250
5.125%, 05/01/23 144A @		1,200		1,236,000
5.750%, 09/01/23		3,600		3,744,000
5.750%, 01/15/24		4,225		4,394,000
5.875%, 04/01/24 144A @		2,575		2,716,625
Cequel Communications Holdings I LLC/ Cequel Capital Corp. 6.375%, 09/15/20 144A @		7,350		7,570,500
Charter Communications Operating LLC / Charter Communications Operating Capital 3.579%, 07/23/20		2,225		2,288,720
Cox Communications, Inc. 6.250%, 06/01/18 144A @		90		94,195
DISH DBS Corp.
4.625%, 07/15/17		5,200		5,232,500
4.250%, 04/01/18		850		864,085
Sirius XM Radio, Inc.144A @
4.250%, 05/15/20		300		302,625
5.750%, 08/01/21		2,800		2,909,200
6.000%, 07/15/24		6,280		6,727,450
Time Warner Cable LLC
5.850%, 05/01/17		1,760		1,765,405
6.750%, 07/01/18		3,975		4,203,292
Unitymedia GmbH 6.125%, 01/15/25 144A @		6,225		6,551,813
Unitymedia Hessen GmbH & Co. KG 5.500%, 01/15/23 144A @		14,070		14,631,252
Ziggo Secured Finance BV 5.500%, 01/15/27 144A @		7,925		7,924,207

				88,987,587

Oil & Gas — 1.4%
Canadian Natural Resources Ltd. 1.750%, 01/15/18		1,000		999,791
Chevron Corp. 1.365%, 03/02/18		4,400		4,397,457
Concho Resources, Inc.
5.500%, 10/01/22		4,150		4,290,062
5.500%, 04/01/23		11,900		12,316,500
Diamondback Energy, Inc. 4.750%, 11/01/24 144A @		1,200		1,207,080
EQT Corp.
6.500%, 04/01/18		1,620		1,690,878
8.125%, 06/01/19		1,754		1,958,308
Matador Resources Co. 6.875%, 04/15/23		3,300		3,448,500
Range Resources Corp.
5.000%, 08/15/22 144A @		2,475		2,450,250
5.000%, 03/15/23 144A @		6,175		6,082,375
4.875%, 05/15/25		4,100		3,925,750
Shell International Finance BV 1.484%, 05/11/20 •		6,720		6,762,618

				49,529,569


	Par (000)		Value†

Packaging and Containers — 0.5%
Reynolds Group Issuer, Inc.
6.875%, 02/15/21	$	681	$	699,257
4.523%, 07/15/21 144A @,•		4,875		4,987,759
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.750%, 10/15/20		10,400		10,699,104
5.125%, 07/15/23 144A @		370		380,175

				16,766,295

Pharmaceuticals — 0.4%
Eli Lilly & Co. 1.250%, 03/01/18		2,200		2,197,426
Grifols Worldwide Operations Ltd. 5.250%, 04/01/22		2,750		2,854,500
Johnson & Johnson 1.125%, 11/21/17		1,360		1,358,539
Pfizer, Inc. 1.200%, 06/01/18		8,525		8,514,242

				14,924,707

Pipelines — 0.2%
Enbridge Energy Partners LP 6.500%, 04/15/18		120		125,422
ONEOK Partners LP 2.000%, 10/01/17		830		830,973
Targa Resources Partners LP/Tagra Resources Partners Finance Corp.
4.125%, 11/15/19		1,760		1,788,600
5.250%, 05/01/23		2,775		2,837,438
4.250%, 11/15/23		3,325		3,250,187

				8,832,620

Real Estate — 0.5%
American Tower Corp. 3.300%, 02/15/21		3,575		3,625,182
CBRE Services, Inc. 5.000%, 03/15/23		2,100		2,184,307
Iron Mountain, Inc.144A @
6.000%, 10/01/20		8,750		9,165,625
4.375%, 06/01/21		2,940		3,020,850

				17,995,964

Retail — 1.5%
AutoZone, Inc.
1.625%, 04/21/19		365		361,368
2.500%, 04/15/21		1,915		1,897,039
Dollar Tree, Inc. 5.750%, 03/01/23		6,550		6,975,750
KFC Holding Co./Pizza Hut Holdings/Taco Bell of America LLC 5.000%, 06/01/24 144A @		1,300		1,327,625
L Brands, Inc.
8.500%, 06/15/19		6,784		7,564,160
7.000%, 05/01/20		1,726		1,894,285
6.625%, 04/01/21		8,221		8,969,933
McDonald’s Corp. 2.100%, 12/07/18		505		508,081
Rite Aid Corp. 6.750%, 06/15/21		1,400		1,406,125


	Par (000)		Value†
CORPORATE BONDS — (continued)
Retail — (continued)
Walgreens Boots Alliance, Inc. 1.750%, 05/30/18	$	2,545	$	2,548,097
Yum! Brands, Inc.
6.250%, 03/15/18		2,045		2,117,413
5.300%, 09/15/19		1,805		1,904,275
3.875%, 11/01/20		2,775		2,837,438
3.750%, 11/01/21		8,965		9,054,650
3.875%, 11/01/23		3,645		3,562,988

				52,929,227

Semiconductors — 0.6%
NXP BV/NXP Funding LLC144A @
3.750%, 06/01/18		22,510		22,960,200
4.125%, 06/15/20		450		467,438

				23,427,638

Software — 1.2%
Fiserv, Inc. 2.700%, 06/01/20		5,175		5,233,555
Microsoft Corp. 3.300%, 02/06/27		31,805		32,293,111
MSCI, Inc.144A @
5.250%, 11/15/24		2,944		3,098,560
5.750%, 08/15/25		2,814		2,989,875

				43,615,101

Telecommunications — 1.8%
Crown Castle International Corp.
4.875%, 04/15/22		7,850		8,444,206
5.250%, 01/15/23		13,865		15,130,015
Level 3 Financing, Inc.
5.375%, 08/15/22		3,500		3,618,125
5.625%, 02/01/23		2,975		3,079,125
T-Mobile USA, Inc. 6.542%, 04/28/20		13,000		13,260,000
UPC Holding BV 6.375%, 09/15/22 144A @		4,975		5,573,987
Verizon Communications, Inc.
2.137%, 03/16/22•		4,300		4,339,113
3.125%, 03/16/22		4,300		4,323,134
Virgin Media Finance PLC 6.000%, 10/15/24 144A @		3,125		3,238,281
Virgin Media Secured Finance PLC 5.250%, 01/15/26 144A @		3,450		3,467,250

				64,473,236

Transportation — 0.1%
Burlington Northern Santa Fe LLC 3.250%, 06/15/27		2,995		3,017,337

TOTAL CORPORATE BONDS (Cost $790,200,629)				799,289,088

LOAN AGREEMENTS — 1.7%‡
Beverages — 0.1%
De Master Blenders
3.000%, 07/02/22		298		320,486


	Par (000)		Value†

Beverages — (continued)
3.500%, 07/02/22	$	4,789	$	4,819,038

				5,139,524

Entertainment — 0.0%
Kasima LLC 3.632%, 05/17/21		365		366,872

Food — 0.2%
Chobani LLC
5.250%, 10/09/23		1,520		1,532,662
5.250%, 10/09/23		5,337		5,381,079

				6,913,741

Healthcare Services — 0.3%
DaVita, Inc. 3.732%, 06/24/21		9,316		9,414,577

Insurance — 0.6%
Hub International Ltd. 4.035%, 10/25/18		21,039		21,141,336

Machinery—Diversified — 0.1%
Welbit, Inc. 4.000%, 03/03/23		5,013		5,057,329

Media — 0.1%
Charter Communications Operating
2.990%, 07/01/20		3,035		3,041,767
2.990%, 01/03/21		1,427		1,430,329

				4,472,096

Pharmaceuticals — 0.0%
Prestige Brands Holdings, Inc. 3.531%, 01/26/24		431		434,557

Retail — 0.0%
Dollar Tree, Inc. 4.250%, 07/06/22		250		251,875

Software — 0.3%
Change Healthcare Holdings 3.750%, 03/01/24		9,100		9,111,375
Fiserv, Inc. 2.300%, 10/25/18		690		686,550

				9,797,925

TOTAL LOAN AGREEMENTS (Cost $62,057,935)				62,989,832


	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 14.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		12,542,757		12,542,757
T. Rowe Price Investment, Ltd.		512,931,752		512,931,752

TOTAL SHORT-TERM INVESTMENTS (Cost $525,474,509)				525,474,509


TOTAL INVESTMENTS — 100.5% (Cost $3,305,216,156)(a)				$	3,679,515,471

Other Assets & Liabilities — (0.5)%					(19,298,544	)

TOTAL NET ASSETS — 100.0%				$	3,660,216,927


	Number of Contracts			Value†
WRITTEN OPTIONS
Call Options
Alphabet Inc., $880.00, 01/19/2018	$	(116	)	$	(419,920	)
Alphabet Inc., $900.00, 01/19/2018		(192	)		(543,360	)
Alphabet Inc., $920.00, 01/19/2018		(186	)		(418,500	)
Alphabet Inc., $940.00, 01/19/2018		(168	)		(287,280	)
Amazon.com $1000.00 01/19/2018		(105	)		(387,450	)
Amazon.com $950.00 01/19/2018		(174	)		(922,548	)
American Tower Corp., $115.00, 01/19/2018		(337	)		(363,286	)
American Tower Corp., $120.00, 01/19/2018		(337	)		(283,417	)
Biogen, Inc., $350.00 01/19/2018		(129	)		(148,350	)
CVS Health Corp., $90.00, 01/19/2018		(1,747	)		(146,748	)
Danaher Corp., $90.00 01/19/2018		(1,974	)		(647,472	)
Fidelity National Information., $85.00 04/21/2017		(145	)		(1,450	)
Google $840.00 01/19/2018		(40	)		(220,000	)
Google $860.00 01/19/2018		(40	)		(180,000	)
Mastercard, Inc,. $120.00 01/19/2018		(55	)		(24,750	)
Mastercard, Inc,. $125.00 01/19/2018		(26	)		(7,410	)
Mastercard, Inc,. $130.00 01/19/2018		(1	)		(173	)
PNC Financial Services., $135.00 01/19/2018		(724	)		(257,020	)
The Boeing Co., $175.00 01/19/2018		(808	)		(997,880	)
UnitedHealth Group, Inc., $180.00 01/19/2018		(892	)		(388,020	)
Visa, Inc., $90.00 01/19/2018		(1,611	)		(974,655	)
Visa, Inc., $95.00, 01/19/2017		(2,485	)		(946,785	)
Wells fargo & Co,. $65.00 01/19/2018		(1,605	)		(147,660	)
Zoetis, Inc., $60.00 01/19/2018		(2,429	)		(376,495	)
Zoetis, Inc., $62.50 01/19/2018		(789	)		(78,900	)

TOTAL WRITTEN OPTIONS (Premiums $(8,345,641))					(9,169,529	)

†	See Security Valuation Note.

*	Non-income producing security.

144A

•	Variable Rate Security.

^	Illiquid security. The total market value of illiquid securities at March 31, 2017 is $611,959.

‡

(a)

At March 31, 2017, the cost for Federal income tax purposes was $3,310,969,186. Net unrealized appreciation was $368,546,285. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $380,675,069 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $12,128,784.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

STEP — Step Coupon Bond.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
ASSET BACKED SECURITIES	$	10,204,048	$	—	$	10,204,048	$	—
COMMON STOCKS		2,185,043,774		2,185,043,774		—		—
REAL ESTATE INVESTMENT TRUSTS		16,979,138		16,979,138		—		—
PREFERRED STOCKS		79,535,082		79,535,082		—		—
CORPORATE BONDS		799,289,088		—		799,289,088		—
LOAN AGREEMENTS		62,989,832		—		62,989,832		—
SHORT-TERM INVESTMENTS		525,474,509		525,474,509		—		—

TOTAL INVESTMENTS	$	3,679,515,471	$	2,807,032,503	$	872,482,968	$	—


LIABILITIES TABLE
Description	Total Market Value at 03/31/2017			Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input			Level 3 Signi- ficant Unobser- vable Input
WRITTEN OPTIONS	$	(9,169,529	)	$	—	$	(9,169,529	)	$	—

TOTAL LIABILITIES	$	(9,169,529	)	$	—	$	(9,169,529	)	$	—

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 $28,648,314 was transferred from Level 2 into Level 1 at 3/31/17 as a result of using quoted prices in active market for such foreign securities. 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†
AFFILIATED EQUITY FUNDS — 59.8%
Penn Series Index 500 Fund* (Cost $20,313,490)		2,495,125	$	47,606,986

AFFILIATED FIXED INCOME FUNDS — 39.8%
Penn Series Quality Bond Fund* (Cost $26,051,623)		2,231,926		31,737,991

SHORT-TERM INVESTMENTS — 0.3%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $239,341)		239,341		239,341

TOTAL INVESTMENTS — 99.9% (Cost $46,604,454)(a)			$	79,584,318

Other Assets & Liabilities — 0.1%				111,137

TOTAL NET ASSETS — 100.0%			$	79,695,455

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $49,436,421. Net unrealized appreciation was $30,147,897. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $32,979,864 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,831,967.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	47,606,986	$	47,606,986	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		31,737,991		31,737,991		—		—
SHORT-TERM INVESTMENTS		239,341		239,341		—		—

TOTAL INVESTMENTS	$	79,584,318	$	79,584,318	$	—	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 95.1%
Aerospace & Defense — 1.5%
The Boeing Co.		23,100	$	4,085,466

Agriculture — 1.6%
Philip Morris International, Inc.		39,900		4,504,710

Airlines — 0.7%
American Airlines Group, Inc.		47,700		2,017,710

Auto Manufacturers — 2.4%
Ferrari N.V.		31,963		2,376,769
Tesla Motors, Inc.*		15,643		4,353,447

				6,730,216

Auto Parts & Equipment — 0.8%
Delphi Automotive PLC		26,600		2,141,034

Banks — 3.3%
First Republic Bank		16,077		1,508,183
JPMorgan Chase & Co.		25,500		2,239,920
Morgan Stanley		79,600		3,410,064
State Street Corp.		24,200		1,926,562

				9,084,729

Biotechnology — 4.2%
Alexion Pharmaceuticals, Inc.*		26,400		3,200,736
Biogen, Inc.*		9,832		2,688,265
Celgene Corp.*		13,200		1,642,476
Illumina, Inc.*		8,131		1,387,474
Vertex Pharmaceuticals, Inc.*		25,726		2,813,138

				11,732,089

Building Materials — 0.1%
Fortune Brands Home & Security, Inc.		2,735		166,425

Chemicals — 0.3%
Ashland Global Holdings, Inc.		5,900		730,479

Commercial Services — 5.1%
Equifax, Inc.		13,918		1,903,147
IHS Markit Ltd.*		24,152		1,013,177
Mastercard, Inc., Class A		51,700		5,814,699
PayPal Holdings, Inc.*		126,455		5,440,094

				14,171,117

Computers — 5.7%
Apple, Inc.		110,400		15,860,064

Diversified Financial Services — 5.7%
Intercontinental Exchange, Inc.		51,800		3,101,266
TD Ameritrade Holding Corp.		41,983		1,631,460
The Charles Schwab Corp.		52,500		2,142,525
Visa, Inc., Class A		102,500		9,109,175

				15,984,426

Electric — 0.8%
NextEra Energy, Inc.		18,100		2,323,497


	Number of Shares		Value†

Electrical Components & Equipment — 0.5%
Acuity Brands, Inc.		6,747	$	1,376,388

Electronics — 1.3%
Fortive Corp.		17,800		1,071,916
Honeywell International, Inc.		19,900		2,484,913

				3,556,829

Food — 0.6%
Mondelez International, Inc., Class A		36,800		1,585,344

Healthcare Products — 2.7%
Intuitive Surgical, Inc.*		5,760		4,414,867
Stryker Corp.		24,700		3,251,755

				7,666,622

Healthcare Services — 5.4%
Aetna, Inc.		13,223		1,686,594
Anthem, Inc.		6,900		1,141,122
Centene Corp.*		9,635		686,590
Cigna Corp.		15,333		2,246,131
HCA Holdings, Inc.*		21,061		1,874,218
Humana, Inc.		15,311		3,156,210
UnitedHealth Group, Inc.		26,500		4,346,265

				15,137,130

Internet — 27.5%
		0		0
Alibaba Group Holding Ltd. ADR*		37,900		4,086,757
Alphabet, Inc., Class A*		11,700		9,919,260
Alphabet, Inc., Class C*		10,040		8,328,783
Amazon.com, Inc.*		23,230		20,594,324
Ctrip.com International Ltd. ADR*		28,900		1,420,435
Facebook, Inc., Class A*		86,927		12,347,980
MercadoLibre, Inc.		6,200		1,311,114
Netflix, Inc.*		2,747		406,034
Snap, Inc., Class A*^		28,385		639,514
Tencent Holdings Ltd.		124,500		3,569,272
The Priceline Group, Inc.*		7,200		12,815,784
VeriSign, Inc.*		16,936		1,475,295

				76,914,552

Lodging — 1.4%
Hilton Grand Vacations, Inc.*		4,960		142,154
Hilton Worldwide Holdings, Inc.		11,933		697,603
Marriott International, Inc., Class A		20,339		1,915,527
MGM Resorts International		45,890		1,257,386

				4,012,670

Machinery - Diversified — 1.1%
Roper Technologies, Inc.		13,223		2,730,417
Wabtec Corp.		5,703		444,834

				3,175,251

Miscellaneous Manufacturing — 1.9%
Danaher Corp.		45,000		3,848,850
Illinois Tool Works, Inc.		11,300		1,496,911

				5,345,761


	Number of Shares		Value†
COMMON STOCKS — (continued)
Pharmaceuticals — 2.1%
Allergan PLC		5,513	$	1,317,166
Bristol-Myers Squibb Co.		12,134		659,847
Merck & Co., Inc.		29,200		1,855,368
Zoetis, Inc.		37,700		2,012,049

				5,844,430

Retail — 7.7%
AutoZone, Inc.*		3,912		2,828,571
Costco Wholesale Corp.		2,100		352,149
Dollar General Corp.		27,100		1,889,683
Lowe’s Cos., Inc.		33,200		2,729,372
O’Reilly Automotive, Inc.*		6,700		1,807,928
Ross Stores, Inc.		26,900		1,771,903
Starbucks Corp.		36,400		2,125,396
The Home Depot, Inc.		18,700		2,745,721
Tractor Supply Co.		19,311		1,331,880
Walgreens Boots Alliance, Inc.		31,399		2,607,687
Yum! Brands, Inc.		22,800		1,456,920

				21,647,210

Semiconductors — 1.0%
ASML Holding N.V.		10,700		1,420,960
NXP Semiconductors N.V.*		13,898		1,438,443

				2,859,403

Software — 9.0%
Electronic Arts, Inc.*		18,700		1,674,024
Fidelity National Information Services, Inc.		20,300		1,616,286
Fiserv, Inc.*		19,503		2,248,891
Intuit, Inc.		13,200		1,531,068
Microsoft Corp.		157,600		10,379,536
salesforce.com, Inc.*		56,500		4,660,685
ServiceNow, Inc.*		16,939		1,481,654
Workday, Inc., Class A*		20,100		1,673,928

				25,266,072

Telecommunications — 0.7%
T-Mobile US, Inc.*		29,600		1,911,864

TOTAL COMMON STOCKS (Cost $192,383,689)				265,831,488

PREFERRED STOCKS — 1.7%
Internet — 0.9%
Dropbox Inc., Class A*^,~		24,940		203,261
Flipkart Ltd., Ordinary Shares*^,~		566		52,723
Flipkart Ltd., Series A*^,~		196		18,257
Flipkart Ltd., Series C*^,~		341		31,764
Flipkart Ltd., Series E*^,~		636		59,243
Flipkart Ltd., Series G*^,~		2,888		269,017
Flipkart Ltd., Series H*^,~		2,579		240,234
Snapchat Inc., Class A*^,~		12,884		275,763
Snapchat, Inc., Class B*^,~		12,884		275,763
Uber Technologies, Inc., Series G, CONV*^,~		12,545		611,847
Xiaoju Kuaizhi, Inc (didi), CONV*^,~		11,920		455,667

				2,493,539


	Number of Shares		Value†

Lodging — 0.5%
Airbnb, Inc., Series D, CONV*^,~		9,999	$	1,049,895
Airbnb, Inc., Series E, CONV*^,~		3,694		387,870

				1,437,765

Real Estate — 0.2%
WeWork Companies, Inc., Class A*^,~		923		47,821
WeWork Companies, Inc., Series E, CONV*^,~		8,297		429,867

				477,688

Software — 0.1%
Magic Leap Inc., Series C, CONV*^,~		15,808		364,106

TOTAL PREFERRED STOCKS (Cost $4,140,225)				4,773,098

REAL ESTATE INVESTMENT TRUSTS — 3.1%
Diversified — 1.5%
American Tower Corp.		35,400		4,302,516
Telecommunications — 1.6%
Crown Castle International Corp.		23,900		2,257,355
Equinix, Inc.		5,189		2,077,520

				4,334,875

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,388,715)				8,637,391

SHORT-TERM INVESTMENTS — 1.5%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares		799,850		799,850
T. Rowe Price Investment, Ltd.		3,196,257		3,196,257

TOTAL SHORT-TERM INVESTMENTS (Cost $3,996,107)				3,996,107

TOTAL INVESTMENTS — 101.4% (Cost $206,908,736)(a)			$	283,238,084

Other Assets & Liabilities — (1.4)%				(3,793,585	)

TOTAL NET ASSETS — 100.0%			$	279,444,499

^	Illiquid security. The total market value of illiquid securities at March 31, 2017 is $5,412,612.

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $207,616,557. Net unrealized appreciation was $75,621,527. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $78,194,930 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,573,403.

~	Fair valued security. The total market value of fair valued securities at March 31, 2017 is $4,773,098.

ADR — American Depository Receipt.

CONV — Convertible Security.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	265,831,488	$	265,831,488	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		8,637,391		8,637,391		—		—
PREFERRED STOCKS		4,773,098		—		551,526		4,221,572
SHORT-TERM INVESTMENTS		3,996,107		3,996,107		—		—

TOTAL INVESTMENTS	$	283,238,084	$	278,464,986	$	551,526	$	4,221,572

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 12/31/2016	$	4,474,572
Transfers Out of Level 3		(395,797	)
Purchases		—
Sales		—
Realized Gain (Loss)		—
Change in Appreciation/(Depreciation)		142,797

Balance as of 3/31/2017	$	4,221,572

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 had transfers of $395,797 from level 3 to level 2 fair value hierarchy during the reporting period. On March 1, 2017, Snapchat, Inc. began publically trading, therefore obtaining a significant observable input for the valuation of Snapchat, Inc. Class A and Class B Shares.

An amount of $3,173,947 was transferred from Level 2 into Level 1 at 3/31/17 as a result of using quoted prices in active market for such foreign securities. 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 — 100.4%
Aerospace & Defense — 1.3%
United Technologies Corp.		5,292	$	593,815

Apparel — 5.5%
LVMH Moet Hennessy Louis Vuitton S.E.		3,558		781,342
NIKE, Inc., Class B		20,763		1,157,122
VF Corp.		10,751		590,982

				2,529,446

Beverages — 3.2%
Ambev S.A. ADR		62,080		357,581
PepsiCo, Inc.		5,949		665,455
Pernod Ricard S.A.		3,691		436,677

				1,459,713

Chemicals — 8.7%
Ecolab, Inc.		9,046		1,133,826
LyondellBasell Industries NV, Class A		1,838		167,607
Monsanto Co.		8,655		979,746
PPG Industries, Inc.		6,917		726,838
Praxair, Inc.		1,310		155,366
The Sherwin-Williams Co.		2,684		832,550

				3,995,933

Commercial Services — 6.2%
Equifax, Inc.		5,671		775,453
Mastercard, Inc., Class A		6,186		695,739
Moody’s Corp.		6,438		721,313
Verisk Analytics, Inc.*		8,155		661,697

				2,854,202

Computers — 8.9%
Accenture PLC, Class A		16,346		1,959,559
Apple, Inc.		8,373		1,202,865
Cognizant Technology Solutions Corp., Class A*		15,639		930,833

				4,093,257

Cosmetics & Personal Care — 7.4%
Colgate-Palmolive Co.		17,329		1,268,310
Coty, Inc., Class A		34,878		632,338
L’Oreal S.A.		1,955		375,721
The Estee Lauder Cos., Inc., Class A		12,993		1,101,676

				3,378,045

Distribution & Wholesale — 0.7%
Fastenal Co.		3,644		187,666
W.W. Grainger, Inc.		536		124,759

				312,425

Diversified Financial Services — 6.5%
CME Group, Inc.		2,162		256,846
The Blackstone Group LP		27,903		828,719
The Charles Schwab Corp.		9,729		397,040
Visa, Inc., Class A		16,746		1,488,217

				2,970,822

Electronics — 8.2%
Amphenol Corp., Class A		9,790		696,754
Fortive Corp.		5,188		312,422
Mettler-Toledo International, Inc.*		1,577		755,241


	Number of Shares		Value†

Electronics — (continued)
Thermo Fisher Scientific, Inc.		9,512	$	1,461,043
Waters Corp.*		3,531		551,931

				3,777,391

Entertainment — 1.0%
Paddy Power Betfair PLC		4,202		452,762

Food — 0.9%
Compass Group PLC		22,496		424,469

Healthcare Products — 2.7%
DENTSPLY SIRONA, Inc.		2,528		157,848
The Cooper Cos., Inc.		2,248		449,353
Zimmer Biomet Holdings, Inc.		5,078		620,075

				1,227,276

Household Products & Wares — 0.8%
Church & Dwight Co., Inc.		6,928		345,499

Insurance — 1.7%
Aon PLC		6,387		758,073

Internet — 6.1%
Alphabet, Inc., Class A*		3,277		2,778,241

Media — 2.8%
The Walt Disney Co.		1,950		221,111
Time Warner, Inc.		2,723		266,064
Twenty-First Century Fox, Inc., Class A		25,025		810,560

				1,297,735

Miscellaneous Manufacturing — 2.3%
Colfax Corp.*		8,914		349,964
Danaher Corp.		8,340		713,320

				1,063,284

Oil & Gas Services — 0.5%
Schlumberger Ltd.		2,984		233,050

Pharmaceuticals — 9.8%
Abbott Laboratories		25,837		1,147,421
Eli Lilly & Co.		7,218		607,106
Express Scripts Holding Co.*		4,809		316,961
Mead Johnson Nutrition Co.		9,723		866,125
Roche Holding AG		2,558		653,259
Zoetis, Inc.		16,957		904,995

				4,495,867

Retail — 6.2%
AutoZone, Inc.*		950		686,897
CVS Health Corp.		7,203		565,436
Starbucks Corp.		12,997		758,895
The TJX Cos., Inc.		10,577		836,429

				2,847,657

Semiconductors — 3.2%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		16,047		526,983


	Number of Shares		Value†
COMMON STOCKS — (continued)
Semiconductors — (continued)
Texas Instruments, Inc.		11,553	$	930,710

				1,457,693

Software — 4.5%
Electronic Arts, Inc.*		6,408		573,644
Fidelity National Information Services, Inc.		11,192		891,107
Fiserv, Inc.*		5,075		585,198

				2,049,949

Transportation — 1.3%
Union Pacific Corp.		5,722		606,074

TOTAL COMMON STOCKS (Cost $37,571,572)				46,002,678

SHORT-TERM INVESTMENTS — 1.4%
Money Market — 1.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $657,385)		657,385		657,385

TOTAL INVESTMENTS — 101.8% (Cost $38,228,957)(a)			$	46,660,063

Other Assets & Liabilities — (1.8)%				(819,123	)

TOTAL NET ASSETS — 100.0%			$	45,840,940

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $38,372,700. Net unrealized appreciation was $8,287,363. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $8,846,781 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $559,418.

LP — Limited Partnership.

ADR — American Depository Receipt.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input

COMMON STOCKS	$	46,002,678	$	46,002,678	$	—	$	—
SHORT-TERM INVESTMENTS		657,385		657,385		—		—

TOTAL INVESTMENTS	$	46,660,063	$	46,660,063	$	—	$	—

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 $2,709,505 was transferred from Level 2 into Level 1 at 3/31/17 as a result of using quoted prices in active market for such foreign securities. 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 — 97.3%
Aerospace & Defense — 6.6%
TransDigm Group, Inc.		10,726	$	2,361,436
United Technologies Corp.		43,551		4,886,858

				7,248,294

Apparel — 3.0%
Christian Dior S.E.		14,052		3,264,979

Auto Parts & Equipment — 0.0%
Adient PLC		0		22

Building Materials — 0.9%
Martin Marietta Materials, Inc.		4,692		1,024,029

Chemicals — 1.0%
The Sherwin-Williams Co.		3,463		1,074,188

Commercial Services — 14.4%
IHS Markit Ltd.*		69,863		2,930,753
Mastercard, Inc., Class A		45,698		5,139,654
S&P Global Inc.		37,859		4,949,686
Verisk Analytics, Inc.*		33,060		2,682,488

				15,702,581

Diversified Financial Services — 3.0%
Visa, Inc., Class A		36,949		3,283,658

Electronics — 1.1%
Fortive Corp.		20,535		1,236,618

Insurance — 4.6%
Berkshire Hathaway, Inc., Class B*		30,158		5,026,735

Internet — 29.6%
Alphabet, Inc., Class C*		8,595		7,130,068
Amazon.com, Inc.*		11,532		10,223,579
Facebook, Inc., Class A*		70,711		10,044,498
The Priceline Group, Inc.*		1,639		2,917,371
Twitter, Inc.*		137,576		2,056,761

				32,372,277

Leisure Time — 1.6%
Harley-Davidson, Inc.		28,575		1,728,787

Lodging — 2.7%
Marriott International, Inc., Class A		31,323		2,950,000

Media — 1.1%
The Walt Disney Co.		10,727		1,216,334

Miscellaneous Manufacturing — 1.6%
Danaher Corp.		20,235		1,730,699

Oil & Gas — 1.0%
Phillips 66		13,001		1,029,939

Pharmaceuticals — 2.7%
Zoetis, Inc.		54,091		2,886,837


	Number of Shares		Value†

Retail — 12.5%
Dollar Tree, Inc.*		20,063	$	1,574,143
Dunkin’ Brands Group, Inc.		28,679		1,568,168
Starbucks Corp.		70,117		4,094,132
The Home Depot, Inc.		12,070		1,772,238
The TJX Cos., Inc.		35,197		2,783,379
Tiffany & Co.		19,922		1,898,566

				13,690,626

Software — 9.9%
MSCI, Inc.		32,126		3,122,326
salesforce.com, Inc.*		47,031		3,879,587
Workday, Inc., Class A*		46,123		3,841,124

				10,843,037

TOTAL COMMON STOCKS (Cost $91,921,328)				106,309,640

SHORT-TERM INVESTMENTS — 3.2%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $3,497,488)		3,497,488		3,497,488

TOTAL INVESTMENTS — 100.5% (Cost $95,418,816)(a)			$	109,807,128

Other Assets & Liabilities — (0.5)%				(583,438	)

TOTAL NET ASSETS — 100.0%			$	109,223,690

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $95,426,026. Net unrealized appreciation was $14,381,102. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $15,410,282 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,029,180.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	106,309,640	$	106,309,640	$	—	$	—
SHORT-TERM INVESTMENTS		3,497,488		3,497,488		—		—

TOTAL INVESTMENTS	$	109,807,128	$	109,807,128	$	—	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 95.9%
Aerospace & Defense — 5.2%
Harris Corp.		30,722	$	3,418,437
Northrop Grumman Corp.		12,772		3,037,693
United Technologies Corp.		37,654		4,225,155

				10,681,285

Agriculture — 1.6%
Philip Morris International, Inc.		29,433		3,322,986

Banks — 15.2%
Bank of America Corp.		248,470		5,861,407
Citigroup, Inc.		64,306		3,846,785
Fifth Third Bancorp		90,471		2,297,963
JPMorgan Chase & Co.		80,417		7,063,829
State Street Corp.		26,777		2,131,717
The PNC Financial Services Group, Inc.		37,749		4,538,940
Wells Fargo & Co.		105,240		5,857,659

				31,598,300

Beverages — 1.5%
PepsiCo, Inc.		26,948		3,014,403

Building Materials — 2.7%
Johnson Controls International PLC		81,066		3,414,500
Vulcan Materials Co.		18,772		2,261,650

				5,676,150

Chemicals — 1.6%
E.I. du Pont de Nemours & Co.		40,546		3,257,060

Commercial Services — 1.4%
Alliance Data Systems Corp.		11,620		2,893,380

Computers — 2.4%
Apple, Inc.		27,677		3,976,078
Diebold Nixdorf, Inc.		33,811		1,037,998

				5,014,076

Diversified Financial Services — 5.0%
American Express Co.		27,922		2,208,909
Ameriprise Financial, Inc.		22,318		2,894,198
Discover Financial Services		39,028		2,669,125
FNF Group		68,874		2,681,954

				10,454,186

Electric — 3.0%
NextEra Energy, Inc.		24,747		3,176,773
PG&E Corp.		46,695		3,098,680

				6,275,453

Electronics — 1.6%
Honeywell International, Inc.		26,172		3,268,098

Food — 1.4%
Mondelez International, Inc., Class A		67,122		2,891,616

Healthcare Products — 1.9%
Medtronic PLC		49,056		3,951,951

Healthcare Services — 3.9%
Aetna, Inc.		18,380		2,344,369


	Number of Shares		Value†

Healthcare Services — (continued)
Humana, Inc.		9,600	$	1,978,944
UnitedHealth Group, Inc.		22,766		3,733,852

				8,057,165

Housewares — 1.2%
Newell Brands, Inc.		52,883		2,494,491

Insurance — 5.9%
American International Group, Inc.		55,135		3,442,078
MetLife, Inc.		58,583		3,094,354
The Travelers Cos., Inc.		24,297		2,928,761
Unum Group		57,442		2,693,455

				12,158,648

Internet — 2.0%
Liberty Interactive Corp. QVC Group, Class A*		101,163		2,025,283
Symantec Corp.		67,878		2,082,497

				4,107,780

Leisure Time — 1.0%
Harley-Davidson, Inc.		35,429		2,143,454

Media — 2.1%
Comcast Corp., Class A		115,196		4,330,218

Miscellaneous Manufacturing — 2.4%
Eaton Corp. PLC		29,903		2,217,308
Pentair PLC		42,431		2,663,818

				4,881,126

Oil & Gas — 6.7%
Anadarko Petroleum Corp.		51,701		3,205,462
Chevron Corp.		37,098		3,983,212
Hess Corp.		38,053		1,834,535
Marathon Petroleum Corp.		54,770		2,768,076
Royal Dutch Shell PLC ADR, Class A		37,915		1,999,258

				13,790,543

Oil & Gas Services — 2.4%
Baker Hughes, Inc.		23,438		1,402,061
Halliburton Co.		72,925		3,588,639

				4,990,700

Packaging and Containers — 1.2%
Sealed Air Corp.		59,445		2,590,613

Pharmaceuticals — 7.6%
Abbott Laboratories		71,876		3,192,013
Allergan PLC		12,552		2,998,924
Eli Lilly & Co.		26,153		2,199,729
Merck & Co., Inc.		47,398		3,011,669
Pfizer, Inc.		127,668		4,367,522

				15,769,857

Real Estate — 1.1%
CBRE Group, Inc., Class A*		65,957		2,294,644

Retail — 3.5%
Advance Auto Parts, Inc.		15,492		2,296,844


	Number of Shares		Value†
COMMON STOCKS — (continued)
Retail — (continued)
CVS Health Corp.		33,635	$	2,640,347
Dollar General Corp.		31,978		2,229,826

				7,167,017

Semiconductors — 1.4%
QUALCOMM, Inc.		49,478		2,837,069

Software — 3.8%
Microsoft Corp.		64,914		4,275,236
Oracle Corp.		80,721		3,600,964

				7,876,200

Telecommunications — 3.9%
Cisco Systems, Inc.		110,494		3,734,697
Verizon Communications, Inc.		54,894		2,676,083
Vodafone Group PLC-ADR		66,707		1,763,066

				8,173,846

Transportation — 1.3%
Norfolk Southern Corp.		25,063		2,806,304

TOTAL COMMON STOCKS (Cost $153,566,665)				198,768,619

REAL ESTATE INVESTMENT TRUSTS — 1.9%
Advertising — 0.5%
Outfront Media, Inc.		41,337		1,097,497

Diversified — 1.4%
Weyerhaeuser Co.		84,400		2,867,912

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,395,462)				3,965,409

SHORT-TERM INVESTMENTS — 1.9%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $3,825,209)		3,825,209		3,825,209

TOTAL INVESTMENTS — 99.7% (Cost $160,787,336)(a)			$	206,559,237

Other Assets & Liabilities — 0.3%				668,032

TOTAL NET ASSETS — 100.0%			$	207,227,269

†	See Security Valuation Note.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $161,141,539. Net unrealized appreciation was $45,417,698. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $48,345,816 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,928,118.

*	Non-income producing security.

ADR — American Depository Receipt.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	198,768,619	$	198,768,619	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		3,965,409		3,965,409		—		—
SHORT-TERM INVESTMENTS		3,825,209		3,825,209		—		—

TOTAL INVESTMENTS	$	206,559,237	$	206,559,237	$	—	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 92.4%
Aerospace & Defense — 1.3%
United Technologies Corp.		22,177	$	2,488,481

Agriculture — 2.2%
Altria Group, Inc.		31,990		2,284,726
Philip Morris International, Inc.		16,772		1,893,559

				4,178,285

Auto Parts & Equipment — 1.4%
The Goodyear Tire & Rubber Co.		73,972		2,662,992

Banks — 14.3%
Credit Suisse Group AG ADR		127,784		1,896,315
Great Western Bancorp, Inc.		28,286		1,199,609
JPMorgan Chase & Co.		99,710		8,758,527
KeyCorp.		156,571		2,783,832
The Goldman Sachs Group, Inc.		9,874		2,268,255
U.S. Bancorp		48,430		2,494,145
Wells Fargo & Co.		142,576		7,935,780

				27,336,463

Chemicals — 0.4%
PPG Industries, Inc.		6,783		712,758

Computers — 1.6%
Apple, Inc.		21,887		3,144,286

Cosmetics & Personal Care — 3.4%
Colgate-Palmolive Co.		31,521		2,307,022
The Estee Lauder Cos., Inc., Class A		28,832		2,444,666
The Procter & Gamble Co.		20,465		1,838,780

				6,590,468

Diversified Financial Services — 3.6%
ETRADE Financial Corp.		44,013		1,535,613
Lazard Ltd., Class A		39,891		1,834,587
The Charles Schwab Corp.		26,507		1,081,751
Visa, Inc., Class A		28,595		2,541,238

				6,993,189

Electric — 4.3%
NextEra Energy, Inc.		36,668		4,707,071
PG&E Corp.		52,550		3,487,218

				8,194,289

Electrical Components & Equipment — 1.1%
Hubbell, Inc.		18,255		2,191,513

Electronics — 0.9%
Thermo Fisher Scientific, Inc.		10,740		1,649,664

Food — 3.0%
General Mills, Inc.		19,085		1,126,206
Kellogg Co.		17,829		1,294,564
McCormick & Co., Inc.		14,632		1,427,351
Mondelez International, Inc., Class A		43,067		1,855,326

				5,703,447

Forest Products & Paper — 0.6%
International Paper Co.		24,121		1,224,864


	Number of Shares		Value†

Gas — 2.2%
Sempra Energy		38,158	$	4,216,459

Healthcare Products — 2.3%
Boston Scientific Corp.*		38,157		948,964
Zimmer Biomet Holdings, Inc.		28,243		3,448,753

				4,397,717

Healthcare Services — 1.0%
Aetna, Inc.		15,450		1,970,648

Home Furnishings — 1.1%
Whirlpool Corp.		11,871		2,033,858

Insurance — 5.5%
Alleghany Corp.*		2,584		1,588,282
American Financial Group, Inc.		19,508		1,861,453
Chubb, Ltd.		37,090		5,053,513
W. R. Berkley Corp.		30,326		2,141,925

				10,645,173

Internet — 4.0%
Alphabet, Inc., Class C*		4,419		3,665,826
eBay, Inc.*		116,629		3,915,235

				7,581,061

Leisure Time — 0.4%
Polaris Industries, Inc.		8,603		720,931

Machinery—Construction & Mining — 1.5%
Caterpillar, Inc.		30,278		2,808,587

Miscellaneous Manufacturing — 3.8%
General Electric Co.		242,272		7,219,706

Oil & Gas — 9.7%
Anadarko Petroleum Corp.		22,001		1,364,062
Chevron Corp.		46,837		5,028,889
ConocoPhillips		72,311		3,606,150
EOG Resources, Inc.		20,853		2,034,210
Exxon Mobil Corp.		13,236		1,085,484
Occidental Petroleum Corp.		32,798		2,078,081
Phillips 66		19,462		1,541,780
Pioneer Natural Resources Co.		10,309		1,919,845

				18,658,501

Oil & Gas Services — 2.9%
Halliburton Co.		33,186		1,633,083
Oceaneering International, Inc.		43,937		1,189,814
Schlumberger Ltd.		34,080		2,661,648

				5,484,545

Pharmaceuticals — 9.6%
Allergan PLC		11,164		2,667,303
Eli Lilly & Co.		26,921		2,264,325
Johnson & Johnson		58,701		7,311,209
Pfizer, Inc.		124,441		4,257,127
Zoetis, Inc.		35,397		1,889,138

				18,389,102


	Number of Shares		Value†
COMMON STOCKS — (continued)
Retail — 1.7%
The Home Depot, Inc.		22,313	$	3,276,218

Semiconductors — 2.8%
Intel Corp.		121,615		4,386,653
NXP Semiconductors N.V.*		9,262		958,617

				5,345,270

Telecommunications — 1.8%
Verizon Communications, Inc.		72,183		3,518,921

Transportation — 4.0%
C.H. Robinson Worldwide, Inc.		54,258		4,193,601
CSX Corp.		75,656		3,521,787

				7,715,388

TOTAL COMMON STOCKS (Cost $154,649,050)				177,052,784

REAL ESTATE INVESTMENT TRUSTS — 5.4%
Apartments — 1.2%
Equity Residential		37,536		2,335,490

Regional Malls — 1.9%
Simon Property Group, Inc.		21,105		3,630,693

Storage & Warehousing — 1.2%
Public Storage		10,473		2,292,645

Strip Centers — 1.1%
Federal Realty Investment Trust		15,648		2,089,008

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $11,365,115)				10,347,836

SHORT-TERM INVESTMENTS — 1.0%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,816,276)		1,816,276		1,816,276

TOTAL INVESTMENTS — 98.8% (Cost $167,830,441)(a)			$	189,216,896

Other Assets & Liabilities — 1.2%				2,389,060

TOTAL NET ASSETS — 100.0%			$	191,605,956

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $168,502,880. Net unrealized appreciation was $20,714,016. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $23,175,283 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,461,267.

ADR — American Depository Receipt.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signifi- cant Obser- vable Input		Level 3 Signifi- cant Unobser- vable Input
COMMON STOCKS	$	177,052,784	$	177,052,784	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		10,347,836		10,347,836		—		—
SHORT-TERM INVESTMENTS		1,816,276		1,816,276		—		—

TOTAL INVESTMENTS	$	189,216,896	$	189,216,896	$	—	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 96.4%
Advertising — 0.1%
Omnicom Group, Inc.		5,167	$	445,447
The Interpublic Group of Cos., Inc.		9,034		221,965

				667,412

Aerospace & Defense — 2.2%
Arconic, Inc.		9,449		248,887
General Dynamics Corp.		6,297		1,178,798
Harris Corp.		2,600		289,302
L3 Technologies, Inc.		1,800		297,522
Lockheed Martin Corp.		5,498		1,471,265
Northrop Grumman Corp.		3,892		925,673
Raytheon Co.		6,476		987,590
Rockwell Collins, Inc.		2,945		286,136
The Boeing Co.		12,521		2,214,464
TransDigm Group, Inc.		1,100		242,176
United Technologies Corp.		16,842		1,889,841

				10,031,654

Agriculture — 1.9%
Altria Group, Inc.		42,878		3,062,347
Archer-Daniels-Midland Co.		12,499		575,454
Philip Morris International, Inc.		34,053		3,844,584
Reynolds American, Inc.		18,054		1,137,763

				8,620,148

Airlines — 0.6%
Alaska Air Group, Inc.		2,800		258,216
American Airlines Group, Inc.		11,400		482,220
Delta Air Lines, Inc.		16,100		739,956
Southwest Airlines Co.		13,417		721,298
United Continental Holdings, Inc.*		6,200		437,968

				2,639,658

Apparel — 0.6%
Coach, Inc.		6,277		259,429
Hanesbrands, Inc.		8,700		180,612
Michael Kors Holdings Ltd.*		3,400		129,574
NIKE, Inc., Class B		29,292		1,632,443
Ralph Lauren Corp.		1,228		100,229
Under Armour, Inc., Class A*		3,900		77,142
Under Armour, Inc., Class C*		3,927		71,864
VF Corp.		7,232		397,543

				2,848,836

Auto Manufacturers — 0.6%
Ford Motor Co.		85,167		991,344
General Motors Co.		30,700		1,085,552
PACCAR, Inc.		7,644		513,677

				2,590,573

Auto Parts & Equipment — 0.2%
BorgWarner, Inc.		4,300		179,697
Delphi Automotive PLC		5,900		474,891
The Goodyear Tire & Rubber Co.		5,606		201,816

				856,404

Banks — 7.8%
Bank of America Corp.		221,311		5,220,727
BB&T Corp.		17,799		795,615


	Number of Shares		Value†

Banks — (continued)
Capital One Financial Corp.		10,641	$	922,149
Citigroup, Inc.		60,969		3,647,166
Citizens Financial Group, Inc.		11,300		390,415
Comerica, Inc.		3,844		263,622
Fifth Third Bancorp		16,746		425,348
Huntington Bancshares, Inc.		24,565		328,925
JPMorgan Chase & Co.		78,864		6,927,414
KeyCorp.		23,399		416,034
M&T Bank Corp.		3,452		534,128
Morgan Stanley		31,463		1,347,875
Northern Trust Corp.		4,647		402,337
Regions Financial Corp.		26,494		384,958
State Street Corp.		7,847		624,700
SunTrust Banks, Inc.		10,688		591,046
The Bank of New York Mellon Corp.		23,080		1,090,068
The Goldman Sachs Group, Inc.		8,143		1,870,610
The PNC Financial Services Group, Inc.		10,683		1,284,524
U.S. Bancorp		35,056		1,805,384
Wells Fargo & Co.		99,037		5,512,399
Zions Bancorporation		4,304		180,768

				34,966,212

Beverages — 2.0%
Brown-Forman Corp., Class B		3,886		179,455
Constellation Brands, Inc., Class A		3,923		635,801
Dr. Pepper Snapple Group, Inc.		4,000		391,680
Molson Coors Brewing Co., Class B		4,138		396,048
Monster Beverage Corp.*		8,904		411,098
PepsiCo, Inc.		31,539		3,527,952
The Coca-Cola Co.		84,986		3,606,806

				9,148,840

Biotechnology — 2.4%
Alexion Pharmaceuticals, Inc.*		5,000		606,200
Amgen, Inc.		16,345		2,681,724
Biogen, Inc.*		4,733		1,294,097
Celgene Corp.*		17,056		2,122,278
Gilead Sciences, Inc.		28,878		1,961,394
Illumina, Inc.*		3,200		546,048
Incyte Corp.*		3,800		507,946
Regeneron Pharmaceuticals, Inc.*		1,700		658,767
Vertex Pharmaceuticals, Inc.*		5,400		590,490

				10,968,944

Building Materials — 0.4%
Fortune Brands Home & Security, Inc.		3,500		212,975
Johnson Controls International PLC		20,398		859,164
Martin Marietta Materials, Inc.		1,400		305,550
Masco Corp.		7,377		250,744
Vulcan Materials Co.		2,841		342,284

				1,970,717

Chemicals — 2.1%
Air Products & Chemicals, Inc.		4,721		638,704
Albemarle Corp.		2,400		253,536
CF Industries Holdings, Inc.		5,300		155,555
E.I. du Pont de Nemours & Co.		19,023		1,528,117
Eastman Chemical Co.		3,282		265,186


	Number of Shares		Value†
COMMON STOCKS — (continued)
Chemicals — (continued)
Ecolab, Inc.		5,833	$	731,108
FMC Corp.		3,100		215,729
International Flavors & Fragrances, Inc.		1,675		221,988
LyondellBasell Industries NV, Class A		7,200		656,568
Monsanto Co.		9,536		1,079,475
PPG Industries, Inc.		5,828		612,406
Praxair, Inc.		6,226		738,404
The Dow Chemical Co.		24,579		1,561,750
The Mosaic Co.		7,600		221,768
The Sherwin-Williams Co.		1,734		537,869

				9,418,163

Commercial Services — 1.9%
Allegion PLC		2,266		171,536
Alliance Data Systems Corp.		1,300		323,700
Automatic Data Processing, Inc.		9,943		1,018,064
Cintas Corp.		1,955		247,386
Equifax, Inc.		2,677		366,053
Global Payments, Inc.		3,481		280,847
H&R Block, Inc.		4,166		96,859
Mastercard, Inc., Class A		20,900		2,350,623
Moody’s Corp.		3,673		411,523
Paychex, Inc.		6,975		410,827
PayPal Holdings, Inc.*		24,728		1,063,799
Quanta Services, Inc.*		3,400		126,174
Robert Half International, Inc.		2,707		132,183
S&P Global Inc.		5,686		743,388
The Western Union Co.		11,178		227,472
Total System Services, Inc.		3,477		185,880
United Rentals, Inc.*		1,900		237,595
Verisk Analytics, Inc.*		3,300		267,762

				8,661,671

Computers — 5.6%
Accenture PLC, Class A		13,600		1,630,368
Apple, Inc.		115,702		16,621,749
Cognizant Technology Solutions Corp., Class A*		13,204		785,902
CSRA, Inc.		3,357		98,327
Hewlett Packard Enterprise Co.		36,383		862,277
HP, Inc.		37,583		671,984
International Business Machines Corp.		19,020		3,312,143
NetApp, Inc.		5,821		243,609
Seagate Technology PLC		6,300		289,359
Teradata Corp.*		2,616		81,410
Western Digital Corp.		6,197		511,438

				25,108,566

Cosmetics & Personal Care — 1.6%
Colgate-Palmolive Co.		19,470		1,425,009
Coty, Inc., Class A		10,656		193,193
The Estee Lauder Cos., Inc., Class A		4,774		404,788
The Procter & Gamble Co.		56,268		5,055,680

				7,078,670

Distribution & Wholesale — 0.2%
Fastenal Co.		6,200		319,300
Genuine Parts Co.		3,205		296,174


	Number of Shares		Value†

Distribution & Wholesale — (continued)
LKQ Corp.*		7,000	$	204,890
W.W. Grainger, Inc.		1,172		272,795

				1,093,159

Diversified Financial Services — 2.8%
Affiliated Managers Group, Inc.		1,300		213,122
American Express Co.		16,880		1,335,377
Ameriprise Financial, Inc.		3,446		446,877
BlackRock, Inc.		2,699		1,035,093
CBOE Holdings, Inc.		2,000		162,140
CME Group, Inc.		7,460		886,248
Discover Financial Services		8,578		586,649
ETRADE Financial Corp.		5,881		205,188
Franklin Resources, Inc.		7,656		322,624
Intercontinental Exchange, Inc.		12,950		775,317
Invesco Ltd.		8,867		271,596
Nasdaq, Inc.		2,500		173,625
Navient Corp.		6,134		90,538
Raymond James Financial, Inc.		2,800		213,528
Synchrony Financial		17,012		583,512
T. Rowe Price Group, Inc.		5,281		359,900
The Charles Schwab Corp.		26,369		1,076,119
Visa, Inc., Class A		41,056		3,648,647

				12,386,100

Diversified Operations — 0.0%
Leucadia National Corp.		7,260		188,760

Electric — 2.9%
AES Corp.		14,644		163,720
Alliant Energy Corp.		5,200		205,972
Ameren Corp.		5,398		294,677
American Electric Power Co., Inc.		10,657		715,404
CMS Energy Corp.		6,243		279,312
Consolidated Edison, Inc.		6,834		530,728
Dominion Resources, Inc.		13,809		1,071,164
DTE Energy Co.		3,892		397,412
Duke Energy Corp.		15,518		1,272,631
Edison International		7,100		565,231
Entergy Corp.		3,847		292,218
Eversource Energy		6,793		399,293
Exelon Corp.		20,310		730,754
FirstEnergy Corp.		9,256		294,526
NextEra Energy, Inc.		10,315		1,324,137
NRG Energy, Inc.		6,300		117,810
PG&E Corp.		10,950		726,642
Pinnacle West Capital Corp.		2,569		214,203
PPL Corp.		14,698		549,558
Public Service Enterprise Group, Inc.		11,249		498,893
SCANA Corp.		3,100		202,585
The Southern Co.		21,643		1,077,389
WEC Energy Group, Inc.		7,050		427,442
Xcel Energy, Inc.		11,030		490,283

				12,841,984

Electrical Components & Equipment — 0.3%
Acuity Brands, Inc.		1,000		204,000
AMETEK, Inc.		5,000		270,400


	Number of Shares		Value†
COMMON STOCKS — (continued)
Electrical Components & Equipment — (continued)
Emerson Electric Co.		14,176	$	848,575

				1,322,975

Electronics — 1.4%
Agilent Technologies, Inc.		7,045		372,469
Amphenol Corp., Class A		6,900		491,073
FLIR Systems, Inc.		3,043		110,400
Fortive Corp.		6,784		408,533
Garmin Ltd.		2,400		122,664
Honeywell International, Inc.		16,708		2,086,328
Mettler-Toledo International, Inc.*		600		287,346
PerkinElmer, Inc.		2,516		146,079
TE Connectivity Ltd.		7,900		588,945
Thermo Fisher Scientific, Inc.		8,682		1,333,555
Waters Corp.*		1,758		274,793

				6,222,185

Engineering & Construction — 0.1%
Fluor Corp.		3,170		166,806
Jacobs Engineering Group, Inc.		2,583		142,788

				309,594

Environmental Control — 0.3%
Republic Services, Inc.		4,914		308,648
Stericycle, Inc.*		2,000		165,780
Waste Management, Inc.		9,000		656,280

				1,130,708

Food — 1.6%
Campbell Soup Co.		4,016		229,876
Conagra Brands, Inc.		9,202		371,208
General Mills, Inc.		13,010		767,720
Hormel Foods Corp.		6,200		214,706
Kellogg Co.		5,466		396,886
Lamb Weston Holdings, Inc.		0		0
McCormick & Co., Inc.		2,619		255,483
Mondelez International, Inc., Class A		33,863		1,458,818
Sysco Corp.		11,252		584,204
The Hershey Co.		2,987		326,330
The J.M. Smucker Co.		2,634		345,265
The Kraft Heinz Co.		13,054		1,185,434
The Kroger Co.		20,590		607,199
Tyson Foods, Inc., Class A		6,249		385,626
Whole Foods Market, Inc.		6,786		201,680

				7,330,435

Forest Products & Paper — 0.1%
International Paper Co.		8,867		450,266

Gas — 0.2%
CenterPoint Energy, Inc.		9,322		257,008
NiSource, Inc.		7,365		175,213
Sempra Energy		5,398		596,479

				1,028,700

Hand & Machine Tools — 0.2%
Snap-on, Inc.		1,328		223,994


	Number of Shares		Value†

Hand & Machine Tools — (continued)
Stanley Black & Decker, Inc.		3,340	$	443,786

				667,780

Healthcare Products — 2.0%
Baxter International, Inc.		10,542		546,708
Becton Dickinson & Co.		4,635		850,244
Boston Scientific Corp.*		29,548		734,859
C.R. Bard, Inc.		1,642		408,103
DENTSPLY SIRONA, Inc.		5,100		318,444
Edwards Lifesciences Corp.*		4,700		442,129
Henry Schein, Inc.*		1,700		288,949
Hologic, Inc.*		6,400		272,320
IDEXX Laboratories, Inc.*		2,000		309,220
Intuitive Surgical, Inc.*		807		618,541
Medtronic PLC		30,097		2,424,614
Patterson Cos., Inc.		1,974		89,284
Stryker Corp.		6,881		905,884
The Cooper Cos., Inc.		1,100		219,879
Varex Imaging Corp.*		1		27
Varian Medical Systems, Inc.*		2,157		196,568
Zimmer Biomet Holdings, Inc.		4,329		528,614

				9,154,387

Healthcare Services — 2.0%
Aetna, Inc.		7,693		981,242
Anthem, Inc.		5,795		958,377
Centene Corp.*		3,900		277,914
Cigna Corp.		5,694		834,114
DaVita, Inc.*		3,398		230,962
Envision Healthcare Corp.*		2,623		160,842
HCA Holdings, Inc.*		6,500		578,435
Humana, Inc.		3,310		682,323
Laboratory Corp. of America Holdings*		2,177		312,334
Quest Diagnostics, Inc.		2,987		293,294
UnitedHealth Group, Inc.		21,241		3,483,737
Universal Health Services, Inc., Class B		2,055		255,745

				9,049,319

Home Builders — 0.1%
D.R. Horton, Inc.		7,376		245,694
Lennar Corp., Class A		4,636		237,317
PulteGroup, Inc.		6,834		160,941

				643,952

Home Furnishings — 0.1%
Whirlpool Corp.		1,669		285,950

Household Products & Wares — 0.4%
Avery Dennison Corp.		1,883		151,770
Church & Dwight Co., Inc.		5,600		279,272
Kimberly-Clark Corp.		7,787		1,025,003
The Clorox Co.		2,797		377,119

				1,833,164

Housewares — 0.1%
Newell Brands, Inc.		10,416		491,323

Insurance — 4.2%
Aflac, Inc.		8,910		645,262


	Number of Shares		Value†
COMMON STOCKS — (continued)
Insurance — (continued)
American International Group, Inc.		20,485	$	1,278,879
Aon PLC		5,744		681,755
Arthur J Gallagher & Co.		4,000		226,160
Assurant, Inc.		1,160		110,977
Berkshire Hathaway, Inc., Class B*		41,950		6,992,226
Chubb, Ltd.		10,160		1,384,300
Cincinnati Financial Corp.		3,292		237,913
Lincoln National Corp.		5,073		332,028
Loews Corp.		6,225		291,143
Marsh & McLennan Cos., Inc.		11,409		843,011
MetLife, Inc.		23,985		1,266,888
Principal Financial Group, Inc.		5,765		363,829
Prudential Financial, Inc.		9,430		1,005,992
The Allstate Corp.		7,976		649,964
The Hartford Financial Services Group, Inc.		8,257		396,914
The Progressive Corp.		12,956		507,616
The Travelers Cos., Inc.		6,231		751,085
Torchmark Corp.		2,552		196,606
Unum Group		4,976		233,325
Willis Towers Watson PLC		2,845		372,382
XL Group Ltd.		6,149		245,099

				19,013,354

Internet — 7.2%
Alphabet, Inc., Class A*		6,570		5,570,046
Alphabet, Inc., Class C*		6,502		5,393,799
Amazon.com, Inc.*		8,775		7,779,388
eBay, Inc.*		22,928		769,693
Expedia, Inc.		2,594		327,285
F5 Networks, Inc.*		1,500		213,855
Facebook, Inc., Class A*		51,800		7,358,190
Netflix, Inc.*		9,400		1,389,414
Symantec Corp.		13,538		415,346
The Priceline Group, Inc.*		1,100		1,957,967
TripAdvisor, Inc.*		2,594		111,957
VeriSign, Inc.*		1,909		166,293
Yahoo!, Inc.*		19,417		901,143

				32,354,376

Iron & Steel — 0.1%
Nucor Corp.		7,135		426,102

Leisure Time — 0.3%
Carnival Corp.		9,145		538,732
Harley-Davidson, Inc.		3,828		231,594
Royal Caribbean Cruises Ltd.		3,700		363,007

				1,133,333

Lodging — 0.2%
Marriott International, Inc., Class A		7,066		665,476
Wyndham Worldwide Corp.		2,260		190,496
Wynn Resorts Ltd.		1,730		198,275

				1,054,247

Machinery — Construction & Mining — 0.3%
Caterpillar, Inc.		12,728		1,180,649


	Number of Shares		Value†

Machinery — Diversified — 0.5%
Cummins, Inc.		3,374	$	510,149
Deere & Co.		6,432		700,188
Flowserve Corp.		2,800		135,576
Rockwell Automation, Inc.		2,771		431,472
Roper Technologies, Inc.		2,200		454,278
Xylem, Inc.		4,154		208,614

				2,440,277

Media — 3.1%
CBS Corp., Class B		8,054		558,625
Charter Communications, Inc., Class A*		4,700		1,538,404
Comcast Corp., Class A		104,754		3,937,703
Discovery Communications, Inc., Class A*		3,500		101,815
Discovery Communications, Inc., Class C*		4,700		133,057
DISH Network Corp., Class A*		5,000		317,450
News Corp., Class B		2,500		33,750
News Corp., Class A		9,115		118,495
Nielsen Holdings PLC		7,400		305,694
Scripps Networks Interactive, Inc., Class A		2,056		161,129
TEGNA, Inc.		4,374		112,062
The Walt Disney Co.		32,108		3,640,726
Time Warner, Inc.		16,904		1,651,690
Twenty-First Century Fox, Inc., Class A		23,460		759,869
Twenty-First Century Fox, Inc., Class B		10,400		330,512
Viacom, Inc., Class B		7,381		344,102

				14,045,083

Mining — 0.2%
Freeport-McMoRan, Inc.*		29,996		400,746
Newmont Mining Corp.		11,883		391,664

				792,410

Miscellaneous Manufacturing — 2.9%
3M Co.		13,180		2,521,729
Danaher Corp.		13,268		1,134,812
Dover Corp.		3,405		273,592
Eaton Corp. PLC		10,006		741,945
General Electric Co.		191,974		5,720,825
Illinois Tool Works, Inc.		6,919		916,560
Ingersoll-Rand PLC		5,800		471,656
Leggett & Platt, Inc.		2,854		143,613
Parker-Hannifin Corp.		2,981		477,914
Pentair PLC		3,619		227,201
Textron, Inc.		6,076		289,157

				12,919,004

Office & Business Equipment — 0.0%
Xerox Corp.		18,155		133,258

Oil & Gas — 5.1%
Anadarko Petroleum Corp.		12,059		747,658
Apache Corp.		8,157		419,188
Cabot Oil & Gas Corp.		9,788		234,031
Chesapeake Energy Corp.*		18,110		107,573
Chevron Corp.		41,770		4,484,845
Cimarex Energy Co.		2,100		250,929
Concho Resources, Inc.*		3,200		410,688
ConocoPhillips		27,180		1,355,466


	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — (continued)
Devon Energy Corp.		11,729	$	489,334
EOG Resources, Inc.		12,816		1,250,201
EQT Corp.		3,600		219,960
Exxon Mobil Corp.		91,565		7,509,246
Helmerich & Payne, Inc.		2,300		153,111
Hess Corp.		5,697		274,652
Marathon Oil Corp.		18,151		286,786
Marathon Petroleum Corp.		11,650		588,791
Murphy Oil Corp.		3,917		111,987
Newfield Exploration Co.*		4,100		151,331
Noble Energy, Inc.		9,538		327,535
Occidental Petroleum Corp.		16,758		1,061,787
Phillips 66		9,640		763,681
Pioneer Natural Resources Co.		3,700		689,051
Range Resources Corp.		3,923		114,159
Southwestern Energy Co.*		11,890		97,141
Tesoro Corp.		2,594		210,270
Valero Energy Corp.		9,840		652,294

				22,961,695

Oil & Gas Services — 1.0%
Baker Hughes, Inc.		9,428		563,983
Halliburton Co.		19,069		938,386
National Oilwell Varco, Inc.		8,483		340,083
Schlumberger Ltd.		30,587		2,388,845
TechnipFMC PLC*		10,372		337,090
Transocean Ltd.*		8,300		103,335

				4,671,722

Packaging and Containers — 0.2%
Ball Corp.		3,926		291,545
Sealed Air Corp.		4,333		188,832
WestRock Co.		5,446		283,355

				763,732

Pharmaceuticals — 6.5%
Abbott Laboratories		37,895		1,682,928
AbbVie, Inc.		35,696		2,325,951
Allergan PLC		7,313		1,747,222
AmerisourceBergen Corp.		3,600		318,600
Bristol-Myers Squibb Co.		36,697		1,995,583
Cardinal Health, Inc.		7,082		577,537
Eli Lilly & Co.		21,254		1,787,674
Express Scripts Holding Co.*		13,464		887,412
Johnson & Johnson		59,841		7,453,197
Mallinckrodt PLC*		2,400		106,968
McKesson Corp.		4,625		685,703
Mead Johnson Nutrition Co.		4,168		371,285
Merck & Co., Inc.		60,330		3,833,368
Mylan NV*		10,356		403,780
Perrigo Co. PLC		3,200		212,448
Pfizer, Inc.		131,005		4,481,681
Zoetis, Inc.		10,707		571,433

				29,442,770

Pipelines — 0.4%
Kinder Morgan, Inc.		41,936		911,689
ONEOK, Inc.		4,800		266,112


	Number of Shares		Value†

Pipelines — (continued)
The Williams Cos., Inc.		17,934	$	530,667

				1,708,468

Real Estate — 0.1%
CBRE Group, Inc., Class A*		6,401		222,691

Retail — 5.7%
Advance Auto Parts, Inc.		1,600		237,216
AutoNation, Inc.*		1,319		55,781
AutoZone, Inc.*		641		463,475
Bed Bath & Beyond, Inc.		3,366		132,822
Best Buy Co., Inc.		6,168		303,157
CarMax, Inc.*		4,300		254,646
Chipotle Mexican Grill, Inc.*		600		267,312
Costco Wholesale Corp.		9,577		1,605,967
CVS Health Corp.		22,567		1,771,510
Darden Restaurants, Inc.		2,640		220,889
Dollar General Corp.		5,600		390,488
Dollar Tree, Inc.*		5,154		404,383
Foot Locker, Inc.		3,100		231,911
Kohl’s Corp.		4,001		159,280
L Brands, Inc.		5,260		247,746
Lowe’s Cos., Inc.		19,040		1,565,278
Macy’s, Inc.		7,027		208,280
McDonald’s Corp.		18,278		2,369,012
Nordstrom, Inc.		2,737		127,462
O’Reilly Automotive, Inc.*		2,100		566,664
PVH Corp.		1,700		175,899
Ross Stores, Inc.		8,800		579,656
Signet Jewelers Ltd.		1,600		110,832
Staples, Inc.		13,737		120,473
Starbucks Corp.		31,888		1,861,940
Target Corp.		12,432		686,122
The Gap, Inc.		5,282		128,300
The Home Depot, Inc.		26,917		3,952,223
The TJX Cos., Inc.		14,218		1,124,359
Tiffany & Co.		2,464		234,819
Tractor Supply Co.		3,000		206,910
Ulta Beauty, Inc.*		1,300		370,799
Wal-Mart Stores, Inc.		33,047		2,382,028
Walgreens Boots Alliance, Inc.		18,779		1,559,596
Yum! Brands, Inc.		7,625		487,238

				25,564,473

Savings & Loans — 0.0%
People’s United Financial, Inc.		6,500		118,300

Semiconductors — 3.4%
Advanced Micro Devices, Inc.*		17,000		247,350
Analog Devices, Inc.		7,869		644,883
Applied Materials, Inc.		23,821		926,637
Broadcom Ltd.		8,851		1,938,015
Intel Corp.		104,203		3,758,602
KLA-Tencor Corp.		3,427		325,805
Lam Research Corp.		3,559		456,833
Microchip Technology, Inc.		4,518		333,338
Micron Technology, Inc.*		22,886		661,406


	Number of Shares		Value†
COMMON STOCKS — (continued)
Semiconductors — (continued)
NVIDIA Corp.		12,954	$	1,411,079
Qorvo, Inc.*		2,800		191,968
QUALCOMM, Inc.		32,399		1,857,759
Skyworks Solutions, Inc.		4,200		411,516
Texas Instruments, Inc.		21,893		1,763,700
Xilinx, Inc.		5,364		310,522

				15,239,413

Software — 4.9%
Activision Blizzard, Inc.		15,400		767,844
Adobe Systems, Inc.*		10,905		1,419,068
Akamai Technologies, Inc.*		3,760		224,472
Autodesk, Inc.*		4,381		378,825
CA, Inc.		6,995		221,881
Cerner Corp.*		6,600		388,410
Citrix Systems, Inc.*		3,391		282,775
Electronic Arts, Inc.*		6,930		620,374
Fidelity National Information Services, Inc.		7,159		570,000
Fiserv, Inc.*		4,814		555,102
Intuit, Inc.		5,292		613,819
Microsoft Corp.		170,615		11,236,704
Oracle Corp.		65,817		2,936,096
Red Hat, Inc.*		3,900		337,350
salesforce.com, Inc.*		14,500		1,196,105
Synopsys, Inc.*		3,300		238,029
The Dun & Bradstreet Corp.		900		97,146

				22,084,000

Telecommunications — 3.4%
AT&T, Inc.		135,593		5,633,889
CenturyLink, Inc.		12,326		290,524
Cisco Systems, Inc.		110,380		3,730,844
Corning, Inc.		20,915		564,705
Juniper Networks, Inc.		7,971		221,833
Level 3 Communications, Inc.*		6,600		377,652
Motorola Solutions, Inc.		3,488		300,736
Verizon Communications, Inc.		90,039		4,389,401

				15,509,584

Textiles — 0.1%
Mohawk Industries, Inc.*		1,400		321,286

Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		2,412		240,766
Mattel, Inc.		7,481		191,588

				432,354

Transportation — 1.6%
C.H. Robinson Worldwide, Inc.		3,139		242,613
CSX Corp.		20,466		952,692
Expeditors International of Washington, Inc.		3,882		219,294
FedEx Corp.		5,366		1,047,175
J.B. Hunt Transport Services, Inc.		2,000		183,480
Kansas City Southern		2,400		205,824
Norfolk Southern Corp.		6,352		711,234
Ryder System, Inc.		1,125		84,870
Union Pacific Corp.		18,120		1,919,271


	Number of Shares		Value†

Transportation — (continued)
United Parcel Service, Inc., Class B		15,074	$	1,617,440

				7,183,893

Water — 0.1%
American Water Works Co., Inc.		3,800		295,526

TOTAL COMMON STOCKS (Cost $227,862,119)				434,019,209

REAL ESTATE INVESTMENT TRUSTS — 2.9%
Apartments — 0.4%
Apartment Investment & Management Co., Class A		3,662		162,410
AvalonBay Communities, Inc.		2,992		549,331
Equity Residential		7,892		491,040
Essex Property Trust, Inc.		1,400		324,142
Mid-America Apartment Communities, Inc.		2,500		254,350
UDR, Inc.		6,000		217,560

				1,998,833

Building & Real Estate — 0.1%
Realty Income Corp.		6,100		363,133

Commercial Services — 0.1%
Iron Mountain, Inc.		5,697		203,212

Diversified — 0.6%
American Tower Corp.		9,459		1,149,647
Digital Realty Trust, Inc.		3,500		372,365
Vornado Realty Trust		3,787		379,874
Weyerhaeuser Co.		16,301		553,908

				2,455,794

Healthcare — 0.3%
HCP, Inc.		10,040		314,051
Ventas, Inc.		7,653		497,751
Welltower, Inc.		8,100		573,642

				1,385,444

Hotels & Resorts — 0.1%
Host Hotels & Resorts, Inc.		16,376		305,576

Industrial — 0.1%
Prologis, Inc.		11,499		596,568

Office Property — 0.2%
Alexandria Real Estate Equities, Inc.		2,000		221,040
Boston Properties, Inc.		3,442		455,755
SL Green Realty Corp.		2,300		245,226

				922,021

Regional Malls — 0.4%
GGP, Inc.		12,500		289,750
Simon Property Group, Inc.		7,128		1,226,230
The Macerich Co.		2,800		180,320

				1,696,300

Storage & Warehousing — 0.2%
Extra Space Storage, Inc.		2,800		208,292


	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Storage & Warehousing — (continued)
Public Storage		3,316	$	725,906

				934,198

Strip Centers — 0.1%
Federal Realty Investment Trust		1,600		213,600
Kimco Realty Corp.		9,564		211,269
Regency Centers Corp.		3,200		212,434

				637,303

Telecommunications — 0.3%
Crown Castle International Corp.		7,900		746,155
Equinix, Inc.		1,735		694,642

				1,440,797

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $9,337,698)				12,939,179


	Par (000)		Value†
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bill¤
0.685%, 08/03/17 (Cost $374,115)		375		373,996


	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 0.8%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $3,684,940)		3,684,940		3,684,940

TOTAL INVESTMENTS — 100.2% (Cost $241,258,872)(a)			$	451,017,324

Other Assets & Liabilities — (0.2)%				(883,218	)

TOTAL NET ASSETS — 100.0%			$	450,134,106

†	See Security Valuation Note.

*	Non-income producing security.

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

(a)

At March 31, 2017, the cost for Federal income tax purposes was $249,597,729. Net unrealized appreciation was $201,419,595. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $215,174,788 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $13,755,193.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	434,019,209	$	434,019,209	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		12,939,179		12,939,179		—		—
U.S. TREASURY OBLIGATIONS		373,996		—		373,996		—
SHORT-TERM INVESTMENTS		3,684,940		3,684,940		—		—

TOTAL INVESTMENTS	$	451,017,324	$	450,643,328	$	373,996	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 97.2%
Aerospace & Defense — 1.5%
Harris Corp.		14,979	$	1,666,713

Apparel — 1.3%
Burberry Group PLC		66,008		1,425,770

Auto Parts & Equipment — 2.8%
BorgWarner, Inc.		53,023		2,215,831
WABCO Holdings, Inc.*		7,203		845,776

				3,061,607

Banks — 5.6%
First Republic Bank		22,243		2,086,616
Northern Trust Corp.		25,173		2,179,478
Signature Bank*		12,307		1,826,236

				6,092,330

Building Materials — 1.5%
Fortune Brands Home & Security, Inc.		27,548		1,676,296

Chemicals — 0.7%
Axalta Coating Systems Ltd.*		22,840		735,448

Commercial Services — 5.1%
Allegion PLC		6,516		493,261
CoStar Group, Inc.*		12,937		2,680,805
MarketAxess Holdings, Inc.		4,082		765,334
Verisk Analytics, Inc.*		20,266		1,644,384

				5,583,784

Distribution & Wholesale — 3.9%
Fastenal Co.		81,390		4,191,585

Diversified Financial Services — 4.6%
CME Group, Inc.		24,602		2,922,717
Ellie Mae, Inc.*		11,073		1,110,290
Oaktree Capital Group LLC		20,566		931,640

				4,964,647

Electrical Components & Equipment — 0.9%
Generac Holdings, Inc.*		26,382		983,521

Electronics — 2.3%
Trimble, Inc.*		76,680		2,454,527

Food — 5.7%
Blue Buffalo Pet Products, Inc.*		49,829		1,146,067
Snyder’s-Lance, Inc.		34,542		1,392,388
The Hain Celestial Group, Inc.*		41,999		1,562,363
Whole Foods Market, Inc.		70,490		2,094,963

				6,195,781

Healthcare Products — 6.9%
Align Technology, Inc.*		15,936		1,828,019
Edwards Lifesciences Corp.*		22,476		2,114,317
Intuitive Surgical, Inc.*		4,625		3,544,924

				7,487,260

Healthcare Services — 2.3%
Acadia Healthcare Co., Inc.*		16,704		728,294


	Number of Shares		Value†

Healthcare Services — (continued)
Laboratory Corp. of America Holdings*		12,503	$	1,793,806

				2,522,100

Household Products & Wares — 1.0%
The Scotts Miracle-Gro Co.		11,642		1,087,246

Internet — 5.5%
GrubHub, Inc.*		56,430		1,855,983
MercadoLibre, Inc.		10,327		2,183,850
Pandora Media, Inc.*		165,922		1,959,539

				5,999,372

Leisure Time — 2.0%
Polaris Industries, Inc.		26,083		2,185,755

Machinery — Diversified — 2.8%
IDEX Corp.		17,668		1,652,135
Wabtec Corp.		17,193		1,341,054

				2,993,189

Miscellaneous Manufacturing — 1.1%
A.O. Smith Corp.		23,909		1,223,184

Oil & Gas — 4.0%
Cabot Oil & Gas Corp.		45,004		1,076,046
Cimarex Energy Co.		7,371		880,761
Continental Resources, Inc.*		26,836		1,218,891
Noble Energy, Inc.		32,918		1,130,404

				4,306,102

Pharmaceuticals — 9.0%
ACADIA Pharmaceuticals, Inc.*		50,336		1,730,552
Alkermes PLC*		35,911		2,100,793
BioMarin Pharmaceutical, Inc.*		18,523		1,625,949
Jazz Pharmaceuticals PLC*		1,875		272,119
Pacira Pharmaceuticals, Inc.*		14,424		657,734
Zoetis, Inc.		62,770		3,350,035

				9,737,182

Retail — 11.4%
Duluth Holdings, Inc., Class B*		20,313		432,464
Dunkin’ Brands Group, Inc.		42,299		2,312,909
Kate Spade & Co.*		62,570		1,453,501
Lululemon Athletica, Inc.*		28,274		1,466,572
Tiffany & Co.		29,318		2,794,006
Tractor Supply Co.		34,225		2,360,498
Williams-Sonoma, Inc.		28,706		1,539,216

				12,359,166

Semiconductors — 4.1%
Maxim Integrated Products, Inc.		33,127		1,489,390
Microchip Technology, Inc.		39,950		2,947,511

				4,436,901

Software — 8.4%
Electronic Arts, Inc.*		32,235		2,885,677
Guidewire Software, Inc.*		19,652		1,106,997
Red Hat, Inc.*		23,667		2,047,196
ServiceNow, Inc.*		26,809		2,344,983


	Number of Shares		Value†
COMMON STOCKS — (continued)
Software — (continued)
Tyler Technologies, Inc.*		4,393	$	678,982

				9,063,835

Telecommunications — 0.7%
Arista Networks, Inc.*		5,616		742,828

Transportation — 2.1%
Expeditors International of Washington, Inc.		40,420		2,283,326

TOTAL COMMON STOCKS (Cost $93,863,022)				105,459,455

SHORT-TERM INVESTMENTS — 3.6%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $3,960,312)		3,960,312		3,960,312

TOTAL INVESTMENTS — 100.8% (Cost $97,823,334)(a)			$	109,419,767

Other Assets & Liabilities — (0.8)%				(880,003	)

TOTAL NET ASSETS — 100.0%			$	108,539,764

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $98,243,026. Net unrealized appreciation was $11,176,741. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $18,602,574 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $7,425,833.

LLC — Limited Liability Company.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	105,459,455	$	105,459,455	$	—	$	—
SHORT-TERM INVESTMENTS		3,960,312		3,960,312		—		—

TOTAL INVESTMENTS	$	109,419,767	$	109,419,767	$	—	$	—

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 $1,216,464 was transferred from Level 2 into Level 1 at 3/31/17 as a result of using quoted prices in active market for such foreign securities. 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 — 95.1%
Aerospace & Defense — 12.7%
AerCap Holdings N.V.*		119,000	$	5,470,430
B/E Aerospace, Inc.		71,900		4,609,509
General Dynamics Corp.		29,350		5,494,320
Orbital ATK, Inc.		43,200		4,233,600
Spirit AeroSystems Holdings, Inc., Class A		43,100		2,496,352

				22,304,211

Airlines — 2.0%
American Airlines Group, Inc.		84,700		3,582,810

Auto Parts & Equipment — 0.0%
Adient PLC		1		65

Banks — 5.4%
BB&T Corp.		52,200		2,333,340
Comerica, Inc.		52,600		3,607,308
State Street Corp.		44,800		3,566,528

				9,507,176

Building Materials — 2.4%
Johnson Controls International PLC		99,129		4,175,314

Chemicals — 4.2%
Ashland Global Holdings, Inc.		33,900		4,197,159
Valvoline, Inc.		129,500		3,179,225

				7,376,384

Commercial Services — 1.8%
Avis Budget Group, Inc.*		105,500		3,120,690

Computers — 5.3%
Teradata Corp.*		110,200		3,429,424
Western Digital Corp.		70,723		5,836,769

				9,266,193

Electric — 5.4%
AES Corp.		270,700		3,026,426
Edison International		46,100		3,670,021
Flex Ltd.*		161,300		2,709,840

				9,406,287

Electronics — 1.4%
Itron, Inc.*		39,400		2,391,580

Entertainment — 1.1%
Lions Gate Entertainment Corp., Class A		39,100		1,038,496
Lions Gate Entertainment Corp., Class B*		39,100		953,258

				1,991,754

Environmental Control — 2.3%
Covanta Holding Corp.		254,500		3,995,650

Food — 3.8%
Whole Foods Market, Inc.		223,400		6,639,448

Gas — 2.5%
CenterPoint Energy, Inc.		160,000		4,411,200


	Number of Shares		Value†

Healthcare Products — 3.5%
Zimmer Biomet Holdings, Inc.		49,900	$	6,093,289

Healthcare Services — 2.0%
Quintiles IMS Holdings Inc.*		43,600		3,511,108

Home Furnishings — 2.0%
Whirlpool Corp.		20,300		3,477,999

Household Products & Wares — 1.8%
Avery Dennison Corp.		38,500		3,103,100

Lodging — 1.6%
Wyndham Worldwide Corp.		33,500		2,823,715

Media — 1.2%
CBS Corp., Class B		30,900		2,143,224

Miscellaneous Manufacturing — 2.4%
Valmont Industries, Inc.		26,900		4,182,950

Oil & Gas — 3.9%
Cabot Oil & Gas Corp.		148,400		3,548,244
Devon Energy Corp.		78,900		3,291,708

				6,839,952

Pharmaceuticals — 3.6%
Perrigo Co. PLC		50,000		3,319,500
Teva Pharmaceutical Industries Ltd. ADR		96,300		3,090,267

				6,409,767

Pipelines — 3.6%
ONEOK, Inc.		67,000		3,714,480
The Williams Cos., Inc.		89,700		2,654,223

				6,368,703

Retail — 2.9%
Best Buy Co., Inc.		36,900		1,813,635
Macy’s, Inc.		57,800		1,713,192
Office Depot, Inc.		356,100		1,661,207

				5,188,034

Savings & Loans — 2.4%
BankUnited, Inc.		115,200		4,298,112

Semiconductors — 6.1%
ON Semiconductor Corp.*		314,200		4,866,958
Skyworks Solutions, Inc.		58,900		5,771,022

				10,637,980

Software — 5.0%
Check Point Software Technologies Ltd.*		49,200		5,050,872
Nuance Communications, Inc.*		213,788		3,700,670

				8,751,542

Telecommunications — 2.8%
Amdocs Ltd.		79,500		4,848,705


	Number of Shares		Value†
COMMON STOCKS — (continued)
TOTAL COMMON STOCKS (Cost $129,600,186)			$	166,846,942

REAL ESTATE INVESTMENT TRUSTS — 4.2%
Building & Real Estate — 4.2%
Colony Starwood Homes		108,020		3,667,279
Starwood Property Trust, Inc.		165,900		3,746,022
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,832,889)				7,413,301

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 — 0.7%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,202,356)		1,202,356		1,202,356

TOTAL INVESTMENTS — 100.0% (Cost $136,685,744)(a)			$	175,462,599

Other Assets & Liabilities — 0.0%				38,399

TOTAL NET ASSETS — 100.0%			$	175,500,998

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $136,685,744. Net unrealized appreciation was $38,776,855. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $44,294,450 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $5,517,595.

~	Fair valued security. The total market value of fair valued securities at March 31, 2017 is 0.

ADR	— American Depository Receipt.

CVR	— Contingent Valued Rights.

PLC	— Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	166,846,942	$	166,846,942	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		7,413,301		7,413,301		—		—
RIGHTS		—		—		—		—
SHORT-TERM INVESTMENTS		1,202,356		1,202,356		—		—
TOTAL INVESTMENTS	$	175,462,599	$	175,462,599	$	—	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 90.2%
Apparel — 0.5%
Ralph Lauren Corp.		5,281	$	431,035

Auto Manufacturers — 0.9%
Honda Motor Co. Ltd. ADR		29,075		879,809

Auto Parts & Equipment — 1.0%
Delphi Automotive PLC		11,871		955,497

Banks — 10.5%
Bank of Hawaii Corp.		5,770		475,217
BB&T Corp.		26,833		1,199,435
Comerica, Inc.		7,657		525,117
Commerce Bancshares, Inc.		16,669		936,131
M&T Bank Corp.		6,585		1,018,897
Northern Trust Corp.		32,006		2,771,080
State Street Corp.		8,150		648,822
SunTrust Banks, Inc.		6,640		367,192
The PNC Financial Services Group, Inc.		7,789		936,549
UMB Financial Corp.		5,041		379,638
Westamerica Bancorporation		13,969		779,889

				10,037,967

Building Materials — 3.0%
Johnson Controls International PLC		68,648		2,891,454

Computers — 0.7%
NetApp, Inc.		16,966		710,027

Diversified Financial Services — 3.3%
Ameriprise Financial, Inc.		8,454		1,096,315
Invesco Ltd.		44,386		1,359,543
T. Rowe Price Group, Inc.		10,660		726,479

				3,182,337

Electric — 6.9%
Ameren Corp.		12,220		667,090
Consolidated Edison, Inc.		7,571		587,964
Edison International		17,092		1,360,694
Eversource Energy		6,939		407,874
NorthWestern Corp.		9,828		576,904
PG&E Corp.		21,040		1,396,214
Westar Energy, Inc.		5,155		279,762
Xcel Energy, Inc.		29,417		1,307,586

				6,584,088

Electrical Components & Equipment — 2.0%
Emerson Electric Co.		11,957		715,746
Hubbell, Inc.		9,875		1,185,494

				1,901,240

Electronics — 3.3%
Keysight Technologies, Inc.*		32,370		1,169,852
Koninklijke Philips N.V.		33,899		1,089,608
TE Connectivity Ltd.		12,381		923,003

				3,182,463

Environmental Control — 1.2%
Republic Services, Inc.		18,331		1,151,370


	Number of Shares		Value†

Food — 5.9%
Conagra Brands, Inc.		35,746	$	1,441,994
General Mills, Inc.		11,279		665,574
Kellogg Co.		11,248		816,717
Lamb Weston Holdings, Inc.		7,019		295,219
Mondelez International, Inc., Class A		26,964		1,161,609
Sysco Corp.		14,314		743,183
The J.M. Smucker Co.		3,774		494,696

				5,618,992

Gas — 1.3%
Atmos Energy Corp.		7,178		566,990
Spire, Inc.		10,540		711,450

				1,278,440

Healthcare Products — 3.6%
Baxter International, Inc.		14,115		732,004
STERIS PLC		10,814		751,140
Zimmer Biomet Holdings, Inc.		15,842		1,934,467

				3,417,611

Healthcare Services — 3.0%
HCA Holdings, Inc.*		7,125		634,054
LifePoint Health, Inc.*		20,789		1,361,680
Quest Diagnostics, Inc.		8,291		814,093

				2,809,827

Home Builders — 0.9%
PulteGroup, Inc.		35,699		840,711

Insurance — 6.1%
Aflac, Inc.		6,564		475,365
Brown & Brown, Inc.		16,138		673,277
Chubb, Ltd.		9,286		1,265,218
MetLife, Inc.		8,354		441,258
ProAssurance Corp.		7,372		444,163
Reinsurance Group of America, Inc.		6,641		843,274
The Allstate Corp.		5,129		417,962
Torchmark Corp.		4,085		314,708
Unum Group		20,459		959,323

				5,834,548

Leisure Time — 0.8%
Carnival Corp.		12,545		739,026

Machinery — Diversified — 1.4%
Cummins, Inc.		5,346		808,315
Rockwell Automation, Inc.		3,118		485,504

				1,293,819

Miscellaneous Manufacturing — 3.3%
Ingersoll-Rand PLC		15,206		1,236,552
ITT, Inc.		3,401		139,509
Parker-Hannifin Corp.		3,561		570,899
Textron, Inc.		24,200		1,151,678

				3,098,638

Oil & Gas — 9.6%
Anadarko Petroleum Corp.		18,729		1,161,198
Cimarex Energy Co.		2,653		317,007


	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — (continued)
Devon Energy Corp.		21,470	$	895,728
EQT Corp.		28,162		1,720,698
Helmerich & Payne, Inc.		5,185		345,166
Imperial Oil Ltd.		52,009		1,584,694
Marathon Petroleum Corp.		13,998		707,459
Noble Energy, Inc.		37,624		1,292,008
Occidental Petroleum Corp.		18,311		1,160,185

				9,184,143

Oil & Gas Services — 3.0%
Baker Hughes, Inc.		23,711		1,418,392
Frank’s International N.V.		8,996		95,088
Halliburton Co.		6,922		340,632
National Oilwell Varco, Inc.		26,215		1,050,959

				2,905,071

Packaging and Containers — 2.6%
Bemis Co., Inc.		15,313		748,193
Sonoco Products Co.		13,882		734,636
WestRock Co.		18,509		963,023

				2,445,852

Pharmaceuticals — 3.5%
Abbott Laboratories		13,358		593,229
Cardinal Health, Inc.		10,110		824,471
Express Scripts Holding Co.*		8,496		559,971
McKesson Corp.		4,419		655,161
Mead Johnson Nutrition Co.		7,540		671,663

				3,304,495

Pipelines — 0.2%
Spectra Energy Partners LP		5,082		221,880

Retail — 2.8%
Advance Auto Parts, Inc.		6,929		1,027,293
CST Brands, Inc.		13,499		649,167
L Brands, Inc.		3,968		186,893
Target Corp.		13,816		762,505

				2,625,858

Savings & Loans — 0.9%
Capitol Federal Financial, Inc.		57,295		838,226

Semiconductors — 5.5%
Applied Materials, Inc.		44,478		1,730,194
Lam Research Corp.		8,566		1,099,532
Maxim Integrated Products, Inc.		27,318		1,228,217
Teradyne, Inc.		36,535		1,136,239

				5,194,182

Telecommunications — 0.9%
Level 3 Communications, Inc.*		14,806		847,199

Toys, Games & Hobbies — 0.6%
Mattel, Inc.		20,952		536,581

Transportation — 1.0%
Heartland Express, Inc.		49,699		996,465


	Number of Shares		Value†

TOTAL COMMON STOCKS (Cost $72,958,761)			$	85,938,851

REAL ESTATE INVESTMENT TRUSTS — 4.4%
Diversified — 2.7%
American Tower Corp.		6,110		742,609
Weyerhaeuser Co.		53,020		1,801,620

				2,544,229

Hotels & Resorts — 0.5%
MGM Growth Properties LLC, Class A		19,284		521,632

Office Property — 1.2%
Empire State Realty Trust, Inc., Class A		18,492		381,675
Piedmont Office Realty Trust, Inc., Class A		36,690		784,432

				1,166,107

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,668,953)				4,231,968

EXCHANGE TRADED FUNDS — 2.2%
Investment Companies — 2.2%
iShares Russell Mid-Cap Value Index Fund (Cost $1,917,982)		25,027		2,076,991

SHORT-TERM INVESTMENTS — 2.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $2,276,789)		2,276,789		2,276,789

TOTAL INVESTMENTS — 99.2% (Cost $80,822,485)(a)			$	94,524,599

Other Assets & Liabilities — 0.8%				807,224

TOTAL NET ASSETS — 100.0%			$	95,331,823

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $81,976,894. Net unrealized appreciation was $12,547,705. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $14,901,139 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $2,353,434.

ADR — American Depository Receipt.

LLC — Limited Liability Company.

LP — Limited Partnership.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	85,938,851	$	85,938,851	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		4,231,968		4,231,968		—		—
EXCHANGE TRADED FUNDS		2,076,991		2,076,991		—		—
SHORT-TERM INVESTMENTS		2,276,789		2,276,789		—		—
TOTAL INVESTMENTS	$	94,524,599	$	94,524,599	$	—	$	—

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 $1,109,306 was transferred from Level 2 into Level 1 at 3/31/17 as a result of using quoted prices in active market for such foreign securities. 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 — 99.7%
Aerospace & Defense — 2.5%
Aerovironment, Inc.*		31,634	$	886,701
L3 Technologies, Inc.		3,486		576,201

				1,462,902

Auto Parts & Equipment — 1.0%
WABCO Holdings, Inc.*		5,197		610,232

Banks — 3.1%
Eagle Bancorp, Inc.*		16,529		986,781
First Republic Bank		9,064		850,294

				1,837,075

Beverages — 1.3%
MGP Ingredients, Inc.		14,628		793,276

Biotechnology — 2.2%
Acceleron Pharma, Inc.*		11,196		296,358
Alder Biopharmaceuticals, Inc.*		10,742		223,434
Exelixis, Inc.*		23,976		519,560
Ultragenyx Pharmaceutical, Inc.*		4,117		279,050

				1,318,402

Building Materials — 2.1%
Fortune Brands Home & Security, Inc.		12,010		730,808
Summit Materials, Inc., Class A*		21,347		527,483

				1,258,291

Chemicals — 4.3%
Ashland Global Holdings, Inc.		6,739		834,355
RPM International, Inc.		25,565		1,406,842
Valvoline, Inc.		13,134		322,440

				2,563,637

Commercial Services — 6.1%
FleetCor Technologies, Inc.*		2,542		384,935
Gartner, Inc.*		2,824		304,964
Global Payments, Inc.		15,097		1,218,026
Healthcare Services Group, Inc.		26,052		1,122,581
Total System Services, Inc.		11,525		616,126

				3,646,632

Computers — 2.7%
Electronics For Imaging, Inc.*		26,088		1,273,877
Kornit Digital Ltd.*		16,982		324,356

				1,598,233

Distribution & Wholesale — 1.0%
Fastenal Co.		11,697		602,396

Diversified Financial Services — 5.3%
Affiliated Managers Group, Inc.		5,703		934,950
Evercore Partners, Inc., Class A		5,558		432,968
Lazard Ltd., Class A		26,986		1,241,086
SLM Corp.*		42,448		513,621

				3,122,625

Electrical Components & Equipment — 1.1%
Hubbell, Inc.		5,620		674,681


	Number of Shares		Value†

Electronics — 7.5%
Agilent Technologies, Inc.		11,954	$	632,008
Amphenol Corp., Class A		8,397		597,615
Badger Meter, Inc.		23,009		845,581
Mettler-Toledo International, Inc.*		1,912		915,676
PerkinElmer, Inc.		11,120		645,627
Sensata Technologies Holding NV*		18,451		805,755

				4,442,262

Food — 3.5%
Blue Buffalo Pet Products, Inc.*		25,006		575,138
Snyder’s-Lance, Inc.		11,699		471,587
TreeHouse Foods, Inc.*		7,986		676,095
Whole Foods Market, Inc.		11,838		351,825

				2,074,645

Healthcare Products — 5.7%
ABIOMED, Inc.*		5,426		679,335
C.R. Bard, Inc.		3,607		896,484
ICU Medical, Inc.*		3,870		590,949
IDEXX Laboratories, Inc.*		2,906		449,296
Nevro Corp.*		7,924		742,479

				3,358,543

Healthcare Services — 0.9%
Acadia Healthcare Co., Inc.*		12,335		537,806

Home Builders — 1.1%
M/I Homes, Inc.*		25,722		630,189

Household Products & Wares — 1.3%
Avery Dennison Corp.		9,827		792,056

Internet — 2.1%
GoDaddy, Inc., Class A*		27,291		1,034,329
Yelp, Inc.*		6,796		222,569

				1,256,898

Machinery — Diversified — 10.6%
Cognex Corp.		5,523		463,656
Graco, Inc.		9,625		906,097
IDEX Corp.		6,866		642,040
Rockwell Automation, Inc.		3,852		599,795
Tennant Co.		6,354		461,618
The Gorman-Rupp Co.		10,539		330,925
The Middleby Corp.*		9,820		1,339,939
Xylem, Inc.		31,564		1,585,144

				6,329,214

Miscellaneous Manufacturing — 1.5%
John Bean Technologies Corp.		9,781		860,239

Oil & Gas — 0.7%
Concho Resources, Inc.*		3,388		434,816

Oil & Gas Services — 0.4%
Dril-Quip, Inc.*		4,029		219,782

Pharmaceuticals — 4.9%
ACADIA Pharmaceuticals, Inc.*		13,648		469,218


	Number of Shares		Value†
COMMON STOCKS — (continued)
Pharmaceuticals — (continued)
Agios Pharmaceuticals, Inc.*		8,605	$	502,532
Alkermes PLC*		14,463		846,086
Galapagos NV*		3,649		314,507
Neurocrine Biosciences, Inc.*		9,614		416,286
Revance Therapeutics, Inc.*		8,868		184,455
TESARO, Inc.*		1,131		174,027

				2,907,111

Real Estate — 1.4%
HFF, Inc., Class A		29,385		813,083

Retail — 14.0%
Advance Auto Parts, Inc.		4,904		727,067
Burlington Stores, Inc.*		11,861		1,153,957
Chipotle Mexican Grill, Inc.*		2,223		990,391
Five Below, Inc.*		14,382		622,884
Jack in the Box, Inc.		6,166		627,206
Kate Spade & Co.*		21,165		491,663
Panera Bread Co., Class A*		4,674		1,223,980
PVH Corp.		2,874		297,373
Shake Shack, Inc., Class A*		9,597		320,540
Tractor Supply Co.		6,135		423,131
Ulta Beauty, Inc.*		3,041		867,384
Wingstop, Inc.		20,951		592,494

				8,338,070

Semiconductors — 1.6%
Cavium, Inc.*		5,608		401,869
Qorvo, Inc.*		5,475		375,366
Xilinx, Inc.		2,988		172,976

				950,211

Software — 9.2%
Black Knight Financial Services, Inc., Class A*		30,775		1,178,682
Evolent Health, Inc., Class A*		16,464		367,147
Guidewire Software, Inc.*		10,926		615,462
InterXion Holding NV*		17,454		690,480
Red Hat, Inc.*		7,429		642,609
ServiceNow, Inc.*		5,673		496,217
Splunk, Inc.*		8,780		546,906
Tyler Technologies, Inc.*		6,091		941,425

				5,478,928

Telecommunications — 0.6%
SBA Communications Corp.*		2,919		351,360

TOTAL COMMON STOCKS (Cost $54,557,474)				59,263,595

SHORT-TERM INVESTMENTS — 0.9%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $557,281)		557,281		557,281

TOTAL INVESTMENTS — 100.6% (Cost $55,114,755)(a)			$	59,820,876

Other Assets & Liabilities — (0.6)%				(362,748	)

TOTAL NET ASSETS — 100.0%			$	59,458,128

†	See Security Valuation Note.

*	Non-income producing security.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	59,263,595	$	59,263,595	$	—	$	—
SHORT-TERM INVESTMENTS		557,281		557,281		—		—

TOTAL INVESTMENTS	$	59,820,876	$	59,820,876	$	—	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 93.2%
Aerospace & Defense — 1.1%
Esterline Technologies Corp.*		10,270	$	883,734

Airlines — 1.3%
SkyWest, Inc.		30,750		1,053,188

Apparel — 0.6%
Crocs, Inc.*		68,670		485,497

Auto Manufacturers — 1.4%
Oshkosh Corp.		16,900		1,159,171

Auto Parts & Equipment — 3.4%
Dana, Inc.		51,970		1,003,541
Lear Corp.		5,310		751,790
Tenneco, Inc.		16,730		1,044,286

				2,799,617

Banks — 10.6%
Associated Banc-Corp.		37,790		922,076
Comerica, Inc.		19,705		1,351,369
Fulton Financial Corp.		46,910		837,344
Huntington Bancshares, Inc.		106,780		1,429,784
Synovus Financial Corp.		24,020		985,300
Texas Capital Bancshares, Inc.*		10,560		881,232
Webster Financial Corp.		20,888		1,045,236
Zions Bancorporation		32,990		1,385,580

				8,837,921

Chemicals — 1.7%
Huntsman Corp.		29,510		724,175
Ingevity Corp.*		10,969		667,464

				1,391,639

Commercial Services — 4.5%
ABM Industries, Inc.		13,420		585,112
Booz Allen Hamilton Holding Corp.		34,390		1,217,062
Quanta Services, Inc.*		24,140		895,835
Sotheby’s*		23,300		1,059,684

				3,757,693

Computers — 3.4%
Genpact Ltd.		41,190		1,019,864
NCR Corp.*		21,190		967,959
VeriFone Systems, Inc.*		44,060		825,244

				2,813,067

Diversified Financial Services — 0.6%
OneMain Holdings, Inc.*		19,580		486,563

Electric — 2.3%
PNM Resources, Inc.		27,730		1,026,010
Portland General Electric Co.		19,270		855,973

				1,881,983

Electrical Components & Equipment — 1.2%
EnerSys		12,380		977,277

Electronics — 2.2%
Avnet, Inc.		24,680		1,129,357


	Number of Shares		Value†

Electronics — (continued)
Vishay Intertechnology, Inc.		42,410	$	697,644

				1,827,001

Engineering & Construction — 2.7%
AECOM*		29,444		1,047,912
Tutor Perini Corp.*		38,700		1,230,660

				2,278,572

Entertainment — 1.4%
Regal Entertainment Group, Class A		53,340		1,204,417

Food — 0.5%
Ingredion, Inc.		3,859		464,739

Gas — 0.6%
Southwest Gas Holdings, Inc.		5,950		493,315

Hand & Machine Tools — 1.4%
Regal Beloit Corp.*		15,500		1,172,575

Healthcare Services — 4.9%
ICON PLC*		15,150		1,207,758
LifePoint Health, Inc.*		18,170		1,190,135
Molina Healthcare, Inc.*		17,840		813,504
WellCare Health Plans, Inc.*		6,270		879,117

				4,090,514

Home Builders — 2.3%
CalAtlantic Group, Inc.		30,680		1,148,966
PulteGroup, Inc.		31,860		750,303

				1,899,269

Insurance — 8.1%
American Financial Group, Inc.		13,780		1,314,888
Essent Group Ltd.*		31,334		1,133,351
First American Financial Corp.		23,420		919,938
Reinsurance Group of America, Inc.		9,610		1,220,278
Selective Insurance Group, Inc.		16,520		778,918
The Hanover Insurance Group, Inc.		5,290		476,417
Validus Holdings Ltd.		15,850		893,781

				6,737,571

Internet — 1.1%
CDW Corp.		16,410		947,021

Machinery — Construction & Mining — 1.2%
Terex Corp.		32,880		1,032,432

Machinery — Diversified — 1.2%
SPX FLOW, Inc.*		28,360		984,376

Media — 0.8%
Scholastic Corp.		15,710		668,775

Miscellaneous Manufacturing — 2.0%
ITT, Inc.		15,760		646,475
Trinseo SA		14,690		985,699

				1,632,174


	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — 4.7%
Helmerich & Payne, Inc.		16,370	$	1,089,751
Oasis Petroleum, Inc.*		63,080		899,521
QEP Resources, Inc.*		77,160		980,703
SM Energy Co.		38,610		927,412

				3,897,387

Oil & Gas Services — 4.3%
HollyFrontier Corp.		20,440		579,270
Oil States International, Inc.*		23,910		792,617
RPC, Inc.		55,720		1,020,233
SRC Energy, Inc.*		139,330		1,175,945

				3,568,065

Packaging and Containers — 1.5%
Graphic Packaging Holding Co.		94,200		1,212,354

Pharmaceuticals — 0.7%
Horizon Pharma PLC*		39,980		590,904

Retail — 7.0%
Big Lots, Inc.		9,046		440,359
Bloomin’ Brands, Inc.		57,730		1,139,013
Brinker International, Inc.		22,845		1,004,266
Burlington Stores, Inc.*		7,485		728,216
Caleres, Inc.		25,280		667,898
The Children’s Place, Inc.		6,107		733,145
The Michaels Cos, Inc.*		47,950		1,073,600

				5,786,497

Semiconductors — 4.2%
Cypress Semiconductor Corp.		83,500		1,148,960
Integrated Device Technology, Inc.*		30,120		712,940
Mellanox Technologies Ltd.*		11,140		567,583
Qorvo, Inc.*		14,990		1,027,715

				3,457,198

Software — 1.4%
Verint Systems, Inc.*		27,530		1,194,114

Telecommunications — 4.1%
Amdocs Ltd.		20,615		1,257,309
Anixter International, Inc.*		14,160		1,122,888
Infinera Corp.*		50,670		518,354
NETGEAR, Inc.*		11,163		553,127

				3,451,678

Transportation — 2.8%
Atlas Air Worldwide Holdings, Inc.*		14,620		810,679
Ryder System, Inc.		9,580		722,715
Werner Enterprises, Inc.		29,970		785,214

				2,318,608

TOTAL COMMON STOCKS (Cost $61,893,778)				77,436,906

REAL ESTATE INVESTMENT TRUSTS — 3.6%
Apartments — 1.3%
Education Realty Trust, Inc.		27,340		1,116,839


	Number of Shares		Value†

Office Property — 2.3%
Empire State Realty Trust, Inc., Class A		33,180	$	684,835
Gramercy Property Trust		46,033		1,210,659

				1,895,494

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,021,523)				3,012,333

SHORT-TERM INVESTMENTS — 1.7%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,387,765)		1,387,765		1,387,765

TOTAL INVESTMENTS — 98.5% (Cost $66,303,066)(a)			$	81,837,004

Other Assets & Liabilities — 1.5%				1,204,990

TOTAL NET ASSETS — 100.0%			$	83,041,994

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $66,399,153. Net unrealized appreciation was $15,437,851. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $16,537,551 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,099,700.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	77,436,906	$	77,436,906	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		3,012,333		3,012,333		—		—
SHORT-TERM INVESTMENTS		1,387,765		1,387,765		—		—

TOTAL INVESTMENTS	$	81,837,004	$	81,837,004	$	—	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 98.0%
Aerospace & Defense — 2.4%
HEICO Corp., Class A		29,081	$	2,181,075

Apparel — 0.7%
Carter’s, Inc.		7,364		661,287

Auto Parts & Equipment — 1.1%
Gentherm, Inc.*		13,670		536,547
Visteon Corp.*		4,810		471,140

				1,007,687

Banks — 2.1%
Bank of the Ozarks, Inc.		12,575		654,026
Kearny Financial Corp.		39,534		594,987
SVB Financial Group*		3,741		696,162

				1,945,175

Beverages — 0.3%
Britvic PLC		33,152		268,946

Biotechnology — 1.6%
Ligand Pharmaceuticals, Inc.*		6,736		712,938
NeoGenomics, Inc.*		45,425		358,404
Puma Biotechnology, Inc.*		9,576		356,227

				1,427,569

Building Materials — 1.5%
Summit Materials, Inc., Class A*		26,978		666,634
Trex Co., Inc.*		9,734		675,442

				1,342,076

Chemicals — 3.4%
CSW Industrials, Inc.*		19,715		723,541
H.B. Fuller Co.		10,630		548,083
Sensient Technologies Corp.		23,163		1,835,899

				3,107,523

Commercial Services — 15.1%
Alarm.com Holdings, Inc.*		18,623		572,471
CEB, Inc.		14,077		1,106,452
CoStar Group, Inc.*		4,423		916,534
Euronet Worldwide, Inc.*		23,198		1,983,893
Gartner, Inc.*		7,273		785,412
Healthcare Services Group, Inc.		21,112		909,716
HealthEquity, Inc.*		14,907		632,802
MarketAxess Holdings, Inc.		6,631		1,243,246
MAXIMUS, Inc.		16,751		1,041,912
Nord Anglia Education Inc.*		44,405		1,125,223
Rollins, Inc.		16,855		625,826
ServiceMaster Global Holdings, Inc.*		42,277		1,765,065
SP Plus Corp.*		12,820		432,675
The Advisory Board Co.*		12,280		574,704

				13,715,931

Computers — 3.8%
Cadence Design Systems, Inc.*		65,813		2,066,528
Jack Henry & Associates, Inc.		15,377		1,431,599

				3,498,127

Diversified Financial Services — 3.1%
Financial Engines, Inc.		22,698		988,498


	Number of Shares		Value†

Diversified Financial Services — (continued)
LPL Financial Holdings, Inc.		25,933	$	1,032,911
SLM Corp.*		38,235		462,643
WisdomTree Investments, Inc.		38,160		346,493

				2,830,545

Electrical Components & Equipment — 2.6%
Belden, Inc.		21,715		1,502,461
EnerSys		11,219		885,628

				2,388,089

Electronics — 3.3%
Coherent, Inc.*		1,475		303,319
CTS Corp.		33,276		708,779
National Instruments Corp.		15,914		518,160
OSI Systems, Inc.*		11,766		858,800
Sensata Technologies Holding NV*		14,877		649,678

				3,038,736

Energy-Alternate Sources — 0.3%
SolarEdge Technologies Inc.*		17,873		278,819

Entertainment — 3.0%
AMC Entertainment Holdings, Inc., Class A		26,716		840,218
Cedar Fair LP		13,805		936,117
Manchester United PLC, Class A		32,130		542,997
National CineMedia, Inc.		35,348		446,445

				2,765,777

Environmental Control — 0.7%
Clean Harbors, Inc.*		10,827		602,198

Food — 0.5%
Amplify Snack Brands, Inc.*		49,778		418,135

Hand & Machine Tools — 0.7%
Kennametal, Inc.		15,536		609,477

Healthcare Products — 4.4%
Bio-Techne Corp.		8,750		889,438
Globus Medical, Inc., Class A*		14,754		437,013
ICU Medical, Inc.*		5,450		832,215
Masimo Corp.*		216		20,144
Merit Medical Systems, Inc.*		16,874		487,659
STERIS PLC		19,602		1,361,555

				4,028,024

Healthcare Services — 1.6%
Catalent, Inc.*		51,946		1,471,111

Holding Companies — 0.3%
Capitol Acquisition Corp. IIII*		26,296		277,423

Hotels & Resorts — 0.4%
Playa Hotels & Resorts NV*		33,082		347,361

Household Products & Wares — 1.1%
Ontex Group NV		30,563		981,402


	Number of Shares		Value†
COMMON STOCKS — (continued)
Insurance — 0.7%
RLI Corp.		11,306	$	678,586

Internet — 1.9%
ChannelAdvisor Corp.*		27,144		302,656
The Trade Desk Inc., Class A*		10,322		384,494
Zendesk, Inc.*		16,395		459,716
Zillow Group, Inc., Class A*		16,070		543,327

				1,690,193

Machinery — Diversified — 1.6%
Nordson Corp.		8,197		1,006,919
Wabtec Corp.		6,093		475,254

				1,482,173

Medical Instruments — 0.3%
Novadaq Technologies, Inc.*		40,411		314,802

Metal Fabricate/Hardware — 1.2%
Rexnord Corp.*		47,012		1,085,037

Miscellaneous Manufacturing — 2.9%
Hillenbrand, Inc.		21,447		768,875
ITT, Inc.		17,500		717,850
Proto Labs, Inc.*		9,243		472,317
Standex International Corp.		6,675		668,501

				2,627,543

Oil & Gas Services — 0.4%
Dril-Quip, Inc.*		7,485		408,307

Pharmaceuticals — 8.5%
ACADIA Pharmaceuticals, Inc.*		19,663		676,014
Akorn, Inc.*		18,416		443,457
Amicus Therapeutics, Inc.*		27,750		197,858
Axovant Sciences Ltd.*		9,765		145,889
DBV Technologies SA*		13,870		488,501
Diplomat Pharmacy, Inc.*		19,795		315,730
Eagle Pharmaceuticals, Inc.*		10,976		910,350
GW Pharmaceuticals PLC ADR*		3,615		437,198
Heron Therapeutics, Inc.*		26,886		403,290
Ironwood Pharmaceuticals, Inc.*		41,173		702,411
Knight Therapeutics Inc.*		66,568		520,090
Patheon NV*		12,924		340,418
Phibro Animal Health Corp., Class A		23,246		653,213
Prestige Brands Holdings, Inc.*		19,245		1,069,252
Teligent, Inc.*		53,370		416,820

				7,720,491

Publishing / Newspapers — 0.8%
Cimpress NV*		8,436		727,099

Real Estate — 0.9%
Jones Lang LaSalle, Inc.		4,721		526,155
The St. Joe Co.*		19,337		329,696

				855,851

Real Estate Investment Trusts — 1.1%
Lamar Advertising Co., Class A		12,840		959,662


	Number of Shares		Value†

Retail — 5.1%
Biglari Holdings, Inc.*		2,905	$	1,254,902
Casey’s General Stores, Inc.		6,987		784,291
Dunkin’ Brands Group, Inc.		11,852		648,067
Sally Beauty Holdings, Inc.*		43,979		898,931
Texas Roadhouse, Inc.		12,600		561,078
Williams-Sonoma, Inc.		9,760		523,331

				4,670,600

Semiconductors — 2.1%
ON Semiconductor Corp.*		89,207		1,381,816
Xperi Corp.		15,630		530,639

				1,912,455

Software — 12.8%
ACI Worldwide, Inc.*		20,126		430,495
athenahealth, Inc.*		5,378		606,047
Blackbaud, Inc.		26,699		2,047,012
Broadridge Financial Solutions, Inc.		29,049		1,973,880
Callidus Software, Inc.*		23,955		511,439
Descartes Systems Group Inc.*		33,005		756,222
Envestnet, Inc.*		24,811		801,395
Guidewire Software, Inc.*		13,484		759,554
Instructure, Inc.*		19,385		453,609
RealPage, Inc.*		25,413		886,914
SPS Commerce, Inc.*		7,713		451,133
SS&C Technologies Holdings, Inc.		55,381		1,960,488

				11,638,188

Telecommunications — 2.0%
Nice Ltd. ADR		26,828		1,823,767

Transportation — 1.7%
Landstar System, Inc.		8,016		686,571
Old Dominion Freight Line, Inc.		10,169		870,161

				1,556,732

TOTAL COMMON STOCKS (Cost $68,305,332)				89,343,979

RIGHTS — 0.1%
Pharmaceuticals — 0.1%
Playa Hotels & Resorts NV		33,082		25,308
Dyax Corp. CVR~		36,639		40,669
TOTAL RIGHTS (Cost $23,158)				65,977


	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 2.1%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,892,833)		1,892,833		1,892,833

TOTAL INVESTMENTS — 100.2% (Cost $70,221,323)(a)			$	91,302,789

Other Assets & Liabilities — (0.2)%				(183,113	)

TOTAL NET ASSETS — 100.0%			$	91,119,676

~	Fair valued security. The total market value of fair valued securities at March 31, 2017 is $40,669.

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $70,337,823. Net unrealized appreciation was $20,964,966. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $24,248,500 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $3,283,534.

ADR — American Depository Receipt.

LP — Limited Partnership.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	89,343,979	$	89,343,979	$	—	$	—
RIGHTS		65,977		25,308		40,669		—
SHORT-TERM INVESTMENTS		1,892,833		1,892,833		—		—

TOTAL INVESTMENTS	$	91,302,789	$	91,262,120	$	40,669	$	—

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 $1,138,838 was transferred from Level 2 into Level 1 at 3/31/17 as a result of using quoted prices in active market for such foreign securities. 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 — 87.4%
Aerospace & Defense — 2.5%
Curtiss-Wright Corp.		10,761	$	982,049
Esterline Technologies Corp.*		13,844		1,191,276
Kaman Corp.		23,295		1,121,188
KLX, Inc.*		36,792		1,644,602
Moog, Inc., Class A*		18,850		1,269,548

				6,208,663

Airlines — 0.3%
Spirit Airlines, Inc.*		12,133		643,898

Apparel — 0.5%
Columbia Sportswear Co.		6,503		382,051
Wolverine World Wide, Inc.		38,281		955,877

				1,337,928

Auto Parts & Equipment — 0.7%
Cooper Tire & Rubber Co.		3,285		145,690
Dana, Inc.		49,241		950,844
Standard Motor Products, Inc.		6,904		339,262
Tower International, Inc.		12,289		333,032

				1,768,828

Banks — 19.2%
Ameris Bancorp		22,655		1,044,396
BancorpSouth, Inc.		34,609		1,046,922
Bank of the Ozarks, Inc.		13,587		706,660
Banner Corp.		33,359		1,856,095
BNC Bancorp		36,520		1,280,026
Boston Private Financial Holdings, Inc.		57,379		941,016
CenterState Banks, Inc.		31,004		803,004
CoBiz Financial, Inc.		38,805		651,924
Columbia Banking System, Inc.		46,327		1,806,290
Community Bank System, Inc.		24,275		1,334,640
ConnectOne Bancorp, Inc.		29,544		716,442
CU Bancorp*		13,619		539,993
CVB Financial Corp.		75,383		1,665,210
First Financial Bankshares, Inc.		33,553		1,345,475
First Merchants Corp.		36,103		1,419,570
First Midwest Bancorp, Inc.		42,188		999,012
Glacier Bancorp, Inc.		42,347		1,436,834
Great Western Bancorp, Inc.		45,812		1,942,887
Heritage Financial Corp.		22,037		545,416
Home BancShares, Inc.		42,427		1,148,499
Independent Bank Corp.		19,792		1,286,480
Independent Bank Group, Inc.		10,609		682,159
Lakeland Financial Corp.		18,334		790,562
LegacyTexas Financial Group, Inc.		48,441		1,932,796
MB Financial, Inc.		44,071		1,887,120
PacWest Bancorp		33,551		1,786,926
Pinnacle Financial Partners, Inc.		29,579		1,965,525
PrivateBancorp, Inc.		13,985		830,289
Prosperity Bancshares, Inc.		28,969		2,019,429
Renasant Corp.		39,006		1,548,148
Sandy Spring Bancorp, Inc.		14,359		588,575
South State Corp.		17,298		1,545,576
State Bank Financial Corp.		29,118		760,562
Texas Capital Bancshares, Inc.*		24,455		2,040,770
The First of Long Island Corp.		15,058		407,305


	Number of Shares		Value†

Banks — (continued)
TriCo Bancshares		15,851	$	563,186
Webster Financial Corp.		62,086		3,106,783

				46,972,502

Building Materials — 1.9%
Eagle Materials, Inc.		15,261		1,482,454
Gibraltar Industries, Inc.*		28,847		1,188,496
Masonite International Corp.*		5,272		417,806
Patrick Industries, Inc.*		8,585		608,676
Summit Materials, Inc., Class A*		39,929		986,646

				4,684,078

Chemicals — 2.4%
Minerals Technologies, Inc.		20,989		1,607,757
Olin Corp.		23,521		773,135
Quaker Chemical Corp.		5,165		680,024
Tronox Ltd.		29,402		542,467
Univar, Inc.*		49,759		1,525,611
WR Grace & Co.		10,039		699,819

				5,828,813

Commercial Services — 3.1%
ABM Industries, Inc.		42,005		1,831,418
AMN Healthcare Services, Inc.*		16,032		650,899
Herc Holdings, Inc.*		27,161		1,327,901
HMS Holdings Corp.*		24,721		502,578
Live Nation Entertainment, Inc.*		56,979		1,730,452
Monro Muffler Brake, Inc.		5,831		303,795
On Assignment, Inc.*		23,658		1,148,123

				7,495,166

Computers — 2.0%
Convergys Corp.		31,787		672,295
DST Systems, Inc.		8,077		989,433
Electronics For Imaging, Inc.*		16,783		819,514
Mercury Systems, Inc.*		26,758		1,044,900
NetScout Systems, Inc.*		37,136		1,409,311

				4,935,453

Distribution & Wholesale — 1.1%
Beacon Roofing Supply, Inc.*		32,422		1,593,866
WESCO International, Inc.*		14,304		994,843

				2,588,709

Diversified Financial Services — 1.2%
OM Asset Management PLC		56,901		860,343
Stifel Financial Corp.*		35,375		1,775,471
Virtu Financial, Inc.		21,981		373,677

				3,009,491

Electric — 3.8%
Black Hills Corp.		44,292		2,944,089
IDACORP, Inc.		22,337		1,853,078
PNM Resources, Inc.		58,293		2,156,841
Portland General Electric Co.		53,834		2,391,306

				9,345,314

Electronics — 1.8%
CTS Corp.		35,971		766,182
OSI Systems, Inc.*		10,805		788,657


	Number of Shares		Value†
COMMON STOCKS — (continued)
Electronics — (continued)
Tech Data Corp.*		19,641	$	1,844,290
Watts Water Technologies, Inc.		14,989		934,564

				4,333,693

Engineering & Construction — 1.3%
EMCOR Group, Inc.		25,878		1,629,020
Granite Construction, Inc.		12,803		642,583
TopBuild Corp.*		19,670		924,490

				3,196,093

Entertainment — 1.7%
Marriott Vacations Worldwide Corp.		19,866		1,985,209
Regal Entertainment Group, Class A		37,007		835,618
Vail Resorts, Inc.		6,975		1,338,503

				4,159,330

Environmental Control — 0.3%
Advanced Disposal Services, Inc.*		35,068		792,537

Food — 1.5%
AdvancePierre Foods Holdings, Inc.		48,563		1,513,709
Pinnacle Foods, Inc.		21,115		1,221,925
SpartanNash Co.		13,554		474,254
SUPERVALU, Inc.*		119,346		460,676

				3,670,564

Forest Products & Paper — 0.1%
Mercer International, Inc.		14,062		164,525

Gas — 1.7%
New Jersey Resources Corp.		59,050		2,338,380
South Jersey Industries, Inc.		50,644		1,805,459

				4,143,839

Healthcare Products — 2.3%
CONMED Corp.		22,837		1,014,191
Hill-Rom Holdings, Inc.		13,269		936,792
ICU Medical, Inc.*		4,460		681,042
Integra LifeSciences Holdings Corp.*		23,137		974,762
VWR Corp.*		31,442		886,664
Wright Medical Group NV*		34,831		1,083,941

				5,577,392

Healthcare Services — 1.3%
Acadia Healthcare Co., Inc.*		23,780		1,036,808
Almost Family, Inc.*		12,851		624,558
American Renal Associates Holdings, Inc.*		16,476		278,115
Catalent, Inc.*		34,328		972,169
Envision Healthcare Corp.*		5,456		334,562

				3,246,212

Home Builders — 0.9%
CalAtlantic Group, Inc.		3,483		130,438
Foundation Building Materials, Inc.*		45,689		729,653
Meritage Homes Corp.*		16,375		602,600
William Lyon Homes, Class A*		15,943		328,745
Winnebago Industries, Inc.		10,158		297,122

				2,088,558


	Number of Shares		Value†

Household Products & Wares — 0.3%
Spectrum Brands Holdings, Inc.		6,157	$	855,885

Insurance — 5.2%
AMERISAFE, Inc.		10,798		700,790
AmTrust Financial Services, Inc.		24,791		457,642
CNO Financial Group, Inc.		95,597		1,959,738
Enstar Group Ltd.*		5,349		1,023,264
Kinsale Capital Group, Inc.		16,442		526,802
Maiden Holdings Ltd.		61,440		860,160
National General Holdings Corp.		46,689		1,109,331
Primerica, Inc.		13,138		1,079,944
ProAssurance Corp.		17,476		1,052,929
Radian Group, Inc.		136,691		2,454,970
RLI Corp.		18,853		1,131,557
Selective Insurance Group, Inc.		7,617		359,141

				12,716,268

Internet — 0.2%
Imperva, Inc.*		11,176		458,775

Investment Companies — 0.1%
Golub Capital BDC, Inc.		14,970		297,604

Iron & Steel — 1.0%
AK Steel Holding Corp.*		116,954		840,899
Allegheny Technologies, Inc.		8,506		152,768
Cliffs Natural Resources, Inc.*		40,243		330,395
Commercial Metals Co.		41,861		800,801
Ryerson Holding Corp.*		29,804		375,530

				2,500,393

Lodging — 0.6%
Extended Stay America, Inc.		36,237		577,618
Red Rock Resorts, Inc.		36,266		804,380

				1,381,998

Machinery — Construction & Mining — 0.5%
Terex Corp.		37,376		1,173,606

Media — 1.1%
Nexstar Media Group, Inc.		18,622		1,306,333
TEGNA, Inc.		29,535		756,687
Time, Inc.		30,380		587,853

				2,650,873

Metal Fabricate/Hardware — 1.2%
CIRCOR International, Inc.		15,273		907,827
RBC Bearings, Inc.*		5,366		520,985
Rexnord Corp.*		21,683		500,444
TriMas Corp.*		52,863		1,096,907

				3,026,163

Mining — 0.9%
Century Aluminum Co.*		17,153		217,671
Fairmount Santrol Holdings, Inc.*		85,140		624,076
Hecla Mining Co.		67,907		359,228
Kaiser Aluminum Corp.		7,102		567,450


	Number of Shares		Value†
COMMON STOCKS — (continued)
Mining — (continued)
Royal Gold, Inc.		5,476	$	383,594

				2,152,019

Miscellaneous Manufacturing — 1.9%
Barnes Group, Inc.		20,000		1,026,800
Federal Signal Corp.		54,444		751,872
ITT, Inc.		37,633		1,543,706
Standex International Corp.		6,815		682,522
Trinseo SA		11,105		745,145

				4,750,045

Oil & Gas — 3.8%
Callon Petroleum Co.*		99,056		1,303,577
Carrizo Oil & Gas, Inc.*		21,169		606,704
Oasis Petroleum, Inc.*		25,611		365,213
PDC Energy, Inc.*		28,717		1,790,505
Rice Energy, Inc.*		42,837		1,015,237
RSP Permian, Inc.*		54,116		2,242,026
SM Energy Co.		26,603		639,004
WPX Energy, Inc.*		96,983		1,298,602

				9,260,868

Oil & Gas Services — 1.3%
Basic Energy Services, Inc.*		16,818		561,048
C&J Energy Services, Inc.*		13,973		475,781
Jagged Peak Energy, Inc.*		46,656		608,394
SRC Energy, Inc.*		93,750		791,250
Thermon Group Holdings, Inc.*		32,112		669,214

				3,105,687

Packaging and Containers — 1.1%
Berry Plastics Group, Inc.*		31,551		1,532,432
KapStone Paper and Packaging Corp.		46,128		1,065,557

				2,597,989

Pharmaceuticals — 0.6%
PRA Health Sciences, Inc.*		17,414		1,135,915
Prestige Brands Holdings, Inc.*		4,693		260,743

				1,396,658

Real Estate — 0.6%
Kennedy-Wilson Holdings, Inc.		70,464		1,564,301

Retail — 2.9%
Bojangles’, Inc.*		5,094		104,427
Boot Barn Holdings, Inc.*		32,628		322,691
Burlington Stores, Inc.*		20,888		2,032,193
DSW, Inc.		17,925		370,689
J.C. Penney Co., Inc.*		17,743		109,297
Jack in the Box, Inc.		17,027		1,731,986
Lithia Motors, Inc.		13,512		1,157,303
Office Depot, Inc.		77,429		361,206
Party City Holdco, Inc.*		22,941		322,321
The Children’s Place, Inc.		5,851		702,413

				7,214,526

Savings & Loans — 2.3%
Brookline Bancorp, Inc.		47,980		750,887
Dime Community Bancshares, Inc.		10,214		207,344


	Number of Shares		Value†

Savings & Loans — (continued)
Flushing Financial Corp.		26,897	$	722,722
OceanFirst Financial Corp.		18,092		509,742
Oritani Financial Corp.		21,151		359,567
Provident Financial Services, Inc.		38,807		1,003,161
Washington Federal, Inc.		33,197		1,098,821
WSFS Financial Corp.		18,767		862,344

				5,514,588

Semiconductors — 3.2%
Cabot Microelectronics Corp.		10,992		842,097
Cypress Semiconductor Corp.		81,786		1,125,375
Entegris, Inc.*		83,422		1,952,075
MACOM Technology Solutions Holdings, Inc.*		15,877		766,859
MKS Instruments, Inc.		17,824		1,225,400
Semtech Corp.*		40,973		1,384,888
Silicon Laboratories, Inc.*		7,393		543,755

				7,840,449

Software — 2.8%
Bottomline Technologies, Inc.*		25,188		595,696
CommVault Systems, Inc.*		30,147		1,531,468
Cornerstone OnDemand, Inc.*		23,711		922,121
SYNNEX Corp.		15,215		1,703,167
Verint Systems, Inc.*		48,616		2,108,719

				6,861,171

Storage & Warehousing — 0.3%
Mobile Mini, Inc.		24,050		733,525

Telecommunications — 1.3%
Anixter International, Inc.*		15,793		1,252,385
Viavi Solutions, Inc.*		175,314		1,879,366

				3,131,751

Transportation — 2.6%
Forward Air Corp.		12,465		592,960
Golar LNG Ltd.		47,412		1,324,217
Knight Transportation, Inc.		17,910		561,478
Marten Transport Ltd.		14,660		343,777
Saia, Inc.*		17,666		782,604
XPO Logistics, Inc.*		59,694		2,858,746

				6,463,782

TOTAL COMMON STOCKS (Cost $167,106,391)				213,840,510

REAL ESTATE INVESTMENT TRUSTS — 9.7%
Apartments — 0.7%
Mid-America Apartment Communities, Inc.		16,421		1,670,706

Building & Real Estate — 1.9%
Blackstone Mortgage Trust, Inc., Class A		52,231		1,617,072
PennyMac Mortgage Investment Trust		70,835		1,257,321
Two Harbors Investment Corp.		178,511		1,711,920

				4,586,313


	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Diversified — 0.5%
PS Business Parks, Inc.		10,180	$	1,168,257

Hotels & Resorts — 2.3%
Chesapeake Lodging Trust		85,545		2,049,658
Pebblebrook Hotel Trust		88,046		2,571,824
RLJ Lodging Trust		44,426		1,044,455

				5,665,937

Industrial — 0.4%
Terreno Realty Corp.		34,232		958,496

Internet — 0.7%
CyrusOne, Inc.		35,617		1,833,207

Office Property — 0.9%
Columbia Property Trust, Inc.		21,255		472,924
Highwoods Properties, Inc.		15,283		750,854
Hudson Pacific Properties, Inc.		31,266		1,083,054

				2,306,832

Real Estate Investment Trusts — 0.7%
Care Capital Properties, Inc.		60,880		1,635,846

Storage & Warehousing — 0.9%
Life Storage Inc.		26,985		2,216,008

Strip Centers — 0.7%
Acadia Realty Trust		55,068		1,655,344

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $21,517,028)				23,696,946

EXCHANGE TRADED FUNDS — 1.2%
iShares Russell 2000 Value ETF (Cost $3,116,356)		25,678		3,034,112

SHORT-TERM INVESTMENTS — 0.6%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,416,275)		1,416,275		1,416,275

TOTAL INVESTMENTS — 98.9% (Cost $193,156,050)(a)			$	241,987,843

Other Assets & Liabilities — 1.1%				2,802,861

TOTAL NET ASSETS — 100.0%			$	244,790,704

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $193,876,589. Net unrealized appreciation was $48,111,254. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $53,825,867 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $5,714,613.

PLC — Public Limited Company.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	213,840,510	$	213,840,510	$	—	$	—
EXCHANGE TRADED FUNDS		3,034,112		3,034,112		—		—
SHORT-TERM INVESTMENTS		1,416,275		1,416,275		—		—

TOTAL INVESTMENTS	$	241,987,843	$	241,987,843	$	—	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 89.0%
Advertising — 0.0%
Marchex, Inc., Class B*		1,545	$	4,202
MDC Partners, Inc., Class A		1,800		16,920

				21,122

Aerospace & Defense — 1.2%
AAR Corp.		1,269		42,676
Aerojet Rocketdyne Holdings, Inc.*		2,440		52,948
Aerovironment, Inc.*		718		20,126
Astronics Corp.*		779		24,718
Cubic Corp.		1,069		56,443
Curtiss-Wright Corp.		1,726		157,515
Ducommun, Inc.*		400		11,516
Esterline Technologies Corp.*		1,140		98,097
Kaman Corp.		1,048		50,440
KLX, Inc.*		2,100		93,870
Kratos Defense & Security Solutions, Inc.*		2,422		18,843
Moog, Inc., Class A*		1,291		86,949
National Presto Industries, Inc.		246		25,141
Teledyne Technologies, Inc.*		1,404		177,550
Triumph Group, Inc.		2,000		51,500

				968,332

Agriculture — 0.3%
Alico, Inc.		151		3,986
Alliance One International, Inc.*		301		3,868
Limoneira Co.		600		12,546
Tejon Ranch Co.*		688		15,060
The Andersons, Inc.		1,132		42,903
Universal Corp.		855		60,491
Vector Group Ltd.		3,520		73,208

				212,062

Airlines — 0.3%
Allegiant Travel Co.		501		80,285
Hawaiian Holdings, Inc.*		2,126		98,753
SkyWest, Inc.		2,081		71,274

				250,312

Apparel — 0.6%
Columbia Sportswear Co.		1,122		65,917
Crocs, Inc.*		2,900		20,503
Deckers Outdoor Corp.*		1,300		77,649
Delta Apparel, Inc.*		300		5,289
G-III Apparel Group Ltd.*		1,708		37,388
Iconix Brand Group, Inc.*		1,842		13,852
Oxford Industries, Inc.		608		34,814
Perry Ellis International, Inc.*		414		8,893
Sequential Brands Group, Inc.*		1,740		6,769
Steven Madden Ltd.*		2,549		98,264
Superior Uniform Group, Inc.		500		9,300
Unifi, Inc.*		660		18,737
Vince Holding Corp.*		527		817
Weyco Group, Inc.		100		2,808
Wolverine World Wide, Inc.		3,882		96,934

				497,934

Auto Manufacturers — 0.1%
Navistar International Corp.*		2,000		49,240


	Number of Shares		Value†

Auto Manufacturers — (continued)
Wabash National Corp.		2,600	$	53,794

				103,034

Auto Parts & Equipment — 1.2%
American Axle & Manufacturing Holdings, Inc.*		3,016		56,641
Cooper Tire & Rubber Co.		2,249		99,743
Cooper-Standard Holding, Inc.*		600		66,558
Dana, Inc.		5,796		111,921
Dorman Products, Inc.*		1,092		89,686
Douglas Dynamics, Inc.		900		27,585
Gentherm, Inc.*		1,468		57,619
Horizon Global Corp.*		718		9,966
Meritor, Inc.*		3,545		60,726
Metaldyne Performance Group, Inc.		800		18,280
Miller Industries, Inc.		443		11,673
Modine Manufacturing Co.*		2,077		25,339
Motorcar Parts of America, Inc.*		700		21,511
Spartan Motors, Inc.		1,500		12,000
Standard Motor Products, Inc.		900		44,226
Strattec Security Corp.		100		2,780
Superior Industries International, Inc.		1,119		28,367
Supreme Industries, Inc., Class A		600		12,156
Tenneco, Inc.		2,200		137,324
Titan International, Inc.		1,913		19,780
Tower International, Inc.		800		21,680

				935,561

Banks — 10.5%
1st Source Corp.		688		32,302
Access National Corp.		400		12,008
ACNB Corp.		300		8,655
Allegiance Bancshares, Inc.*		500		18,600
American National Bankshares, Inc.		400		14,900
Ameris Bancorp		1,447		66,707
Ames National Corp.		299		9,149
Arrow Financial Corp.		389		13,187
Atlantic Capital Bancshares, Inc.*		800		15,160
BancFirst Corp.		360		32,364
Banco Latinoamericano de Comercio Exterior S.A.		1,110		30,791
BancorpSouth, Inc.		3,449		104,332
Bank of Marin Bancorp		290		18,662
Bank of NT Butterfield & Son Ltd.		600		19,146
Bank of the Ozarks, Inc.		3,503		182,191
Bankwell Financial Group, Inc.		300		10,317
Banner Corp.		1,200		66,768
Bar Harbor Bankshares		597		19,749
BB&T Corp.		0		0
Blue Hills Bancorp, Inc.		1,100		19,635
BNC Bancorp		1,600		56,080
Boston Private Financial Holdings, Inc.		3,358		55,071
Bridge Bancorp, Inc.		707		24,745
Bryn Mawr Bank Corp.		732		28,914
C&F Financial Corp.		200		9,260
Camden National Corp.		539		23,738
Capital Bank Financial Corp., Class A		1,013		43,945


	Number of Shares		Value†
COMMON STOCKS — (continued)
Banks — (continued)
Capital City Bank Group, Inc.		269	$	5,754
Cardinal Financial Corp.		1,218		36,467
Carolina Financial Corp.		500		15,000
Cascade Bancorp*		1,262		9,730
Cass Information Systems, Inc.		454		30,009
Cathay General Bancorp		2,950		111,156
CenterState Banks, Inc.		1,932		50,039
Central Pacific Financial Corp.		1,300		39,702
Central Valley Community Bancorp		400		8,200
Century Bancorp, Inc., Class A		69		4,197
Chemical Financial Corp.		2,600		132,990
Chemung Financial Corp.		200		7,900
Citizens & Northern Corp.		356		8,288
City Holding Co.		548		35,335
CNB Financial Corp.		474		11,324
CoBiz Financial, Inc.		1,700		28,560
Codorus Valley Bancorp, Inc.		420		10,882
Columbia Banking System, Inc.		2,214		86,324
Community Bank System, Inc.		1,711		94,071
Community Trust Bancorp, Inc.		683		31,247
ConnectOne Bancorp, Inc.		1,060		25,705
County Bancorp, Inc.		300		8,718
CU Bancorp*		700		27,755
Customers Bancorp, Inc.*		980		30,899
CVB Financial Corp.		3,992		88,183
Eagle Bancorp, Inc.*		1,173		70,028
Enterprise Bancorp, Inc.		313		10,880
Enterprise Financial Services Corp.		782		33,157
Equity Bancshares, Inc., Class A*		300		9,531
Farmers Capital Bank Corp.		300		12,120
Farmers National Banc Corp.		1,100		15,785
FB Financial Corp.*		400		14,144
Fidelity Southern Corp.		907		20,299
Financial Institutions, Inc.		440		14,498
First Bancorp		824		24,135
First BanCorp Puerto Rico*		4,700		26,555
First Bancorp, Inc.		434		11,827
First Busey Corp.		1,334		39,220
First Business Financial Services, Inc.		400		10,384
First Citizens BancShares, Inc., Class A		304		101,952
First Commonwealth Financial Corp.		3,721		49,340
First Community Bancshares, Inc.		626		15,631
First Community Financial Partners, Inc.*		200		2,550
First Connecticut Bancorp, Inc.		659		16,343
First Financial Bancorp		2,505		68,762
First Financial Bankshares, Inc.		2,452		98,325
First Financial Corp.		480		22,800
First Foundation, Inc.*		1,200		18,612
First Internet Bancorp		300		8,850
First Interstate BancSystem, Inc., Class A		800		31,720
First Merchants Corp.		1,538		60,474
First Mid-Illinois Bancshares, Inc.		300		10,152
First Midwest Bancorp, Inc.		3,214		76,108
First NBC Bank Holding Co.*		600		2,400
First Northwest Bancorp*		500		7,750
FNB Corp.		13,071		194,366


	Number of Shares		Value†

Banks — (continued)
Franklin Financial Network, Inc.*		400	$	15,500
Fulton Financial Corp.		6,900		123,165
German American Bancorp, Inc.		492		23,291
Glacier Bancorp, Inc.		3,121		105,896
Great Southern Bancorp, Inc.		471		23,785
Great Western Bancorp, Inc.		2,400		101,784
Green Bancorp, Inc.*		700		12,460
Guaranty Bancorp		900		21,915
Hancock Holding Co.		3,372		153,595
Hanmi Financial Corp.		1,213		37,300
HarborOne Bancorp, Inc.*		600		11,394
Heartland Financial USA, Inc.		917		45,804
Heritage Commerce Corp.		1,200		16,920
Heritage Financial Corp.		1,130		27,967
Heritage Oaks Bancorp		1,200		16,020
Home BancShares, Inc.		4,828		130,694
Hope Bancorp, Inc.		5,067		97,134
Horizon Bancorp		900		23,598
IBERIABANK Corp.		1,746		138,109
Independent Bank Corp.		1,071		69,615
Independent Bank Corp.		1,000		20,700
Independent Bank Group, Inc.		400		25,720
International Bancshares Corp.		2,225		78,765
Kearny Financial Corp.		3,776		56,829
Lakeland Bancorp, Inc.		1,711		33,536
Lakeland Financial Corp.		891		38,420
LCNB Corp.		400		9,540
LegacyTexas Financial Group, Inc.		1,866		74,453
Live Oak Bancshares, Inc.		900		19,485
Macatawa Bank Corp.		1,300		12,844
MainSource Financial Group, Inc.		921		30,329
MB Financial, Inc.		3,084		132,057
MBT Financial Corp.		900		10,215
Mercantile Bank Corp.		700		24,080
Merchants Bancshares, Inc.		186		9,058
Middleburg Financial Corp.		300		12,012
Midland States Bancorp, Inc.		200		6,878
MidWestOne Financial Group, Inc.		400		13,716
National Bankshares, Inc.		319		11,978
National Commerce Corp.*		400		14,640
NBT Bancorp, Inc.		1,769		65,577
Nicolet Bankshares, Inc.*		300		14,202
Northrim BanCorp, Inc.		300		9,015
OFG Bancorp		1,810		21,358
Old Line Bancshares, Inc.		400		11,392
Old National Bancorp		5,361		93,013
Old Second Bancorp, Inc.		800		9,000
Opus Bank		700		14,105
Orrstown Financial Services, Inc.		400		8,940
Pacific Continental Corp.		862		21,119
Pacific Mercantile Bancorp*		800		6,040
Park National Corp.		524		55,125
Park Sterling Corp.		2,300		28,313
Peapack Gladstone Financial Corp.		636		18,819
Penns Woods Bancorp, Inc.		268		11,645
People’s Utah Bancorp		600		15,870


	Number of Shares		Value†
COMMON STOCKS — (continued)
Banks — (continued)
Peoples Bancorp, Inc.		572	$	18,110
Peoples Financial Services Corp.		300		12,540
Pinnacle Financial Partners, Inc.		1,907		126,720
Preferred Bank		500		26,830
Premier Financial Bancorp, Inc.		440		9,253
PrivateBancorp, Inc.		3,098		183,928
Prosperity Bancshares, Inc.		2,626		183,058
QCR Holdings, Inc.		400		16,940
Renasant Corp.		1,635		64,893
Republic Bancorp, Inc., Class A		387		13,309
Republic First Bancorp, Inc.*		1,700		14,110
S&T Bancorp, Inc.		1,259		43,561
Sandy Spring Bancorp, Inc.		985		40,375
Seacoast Banking Corp of Florida*		1,040		24,939
ServisFirst Bancshares, Inc.		1,800		65,484
Shore Bancshares, Inc.		600		10,026
Sierra Bancorp		312		8,558
Simmons First National Corp., Class A		1,200		66,180
South State Corp.		1,058		94,532
Southern First Bancshares, Inc.*		300		9,795
Southern National Bancorp of Virginia, Inc.		600		10,158
Southside Bancshares, Inc.		946		31,759
Southwest Bancorp, Inc.		636		16,631
State Bank Financial Corp.		1,500		39,180
Stock Yards Bancorp, Inc.		767		31,179
Stonegate Bank		500		23,545
Suffolk Bancorp		443		17,902
Summit Financial Group, Inc.		400		8,616
Sun Bancorp, Inc.		520		12,688
Texas Capital Bancshares, Inc.*		1,973		164,647
The Bancorp, Inc.*		1,512		7,711
The First of Long Island Corp.		890		24,061
Tompkins Financial Corp.		558		44,947
Towne Bank		2,232		72,317
TriCo Bancshares		904		32,119
TriState Capital Holdings, Inc.*		1,000		23,350
Triumph Bancorp., Inc.*		500		12,900
TrustCo Bank Corp.		3,252		25,528
Trustmark Corp.		2,630		83,608
UMB Financial Corp.		1,781		134,127
Umpqua Holdings Corp.		8,901		157,904
Union Bankshares Corp.		1,828		64,309
Union Bankshares Inc/Morrisville VT		100		4,295
United Bankshares, Inc.		2,792		117,962
United Community Banks, Inc.		2,878		79,692
Univest Corp. of Pennsylvania		1,087		28,153
Valley National Bancorp		10,035		118,413
Veritex Holdings, Inc.*		600		16,872
Walker & Dunlop, Inc.*		1,100		45,859
Washington Trust Bancorp, Inc.		570		28,101
WashingtonFirst Bankshares Inc.		420		11,760
Webster Financial Corp.		3,728		186,549
WesBanco, Inc.		1,624		61,883
West Bancorporation, Inc.		778		17,855
Westamerica Bancorporation		973		54,323
Western New England Bancorp, Inc.		1,000		10,500


	Number of Shares		Value†

Banks — (continued)
Wintrust Financial Corp.		2,042	$	141,143
Xenith Bankshares, Inc.*		300		7,611

				8,211,541

Beverages — 0.2%
Coca-Cola Bottling Co. Consolidated		174		35,848
Craft Brew Alliance, Inc.*		700		9,345
Farmer Brothers Co.*		204		7,211
MGP Ingredients, Inc.		500		27,115
National Beverage Corp.		442		37,362
Primo Water Corp.*		1,000		13,580
The Boston Beer Co., Inc., Class A*		359		51,929

				182,390

Biotechnology — 3.5%
Acceleron Pharma, Inc.*		1,100		29,117
Achillion Pharmaceuticals, Inc.*		4,300		18,103
Acorda Therapeutics, Inc.*		1,731		36,351
Aduro Biotech, Inc.*		1,500		16,125
Advaxis, Inc.*		1,000		8,170
Adverum Biotechnologies, Inc.*		700		1,890
Aevi Genomic Medicine, Inc.*		1,000		1,860
Agenus, Inc.*		3,200		12,064
Alder Biopharmaceuticals, Inc.*		1,900		39,520
AMAG Pharmaceuticals, Inc.*		1,456		32,833
Anavex Life Sciences Corp.*		2,000		11,480
ANI Pharmaceuticals, Inc.*		300		14,853
Applied Genetic Technologies Corp.*		600		4,140
Aptevo Therapeutics, Inc.*		629		1,296
Ardelyx, Inc.*		1,400		17,710
Arena Pharmaceuticals, Inc.*		8,506		12,419
Arrowhead Pharmaceuticals, Inc.*		2,100		3,885
Asterias Biotherapeutics, Inc.*		1,300		4,420
Atara Biotherapeutics, Inc.*		1,000		20,550
Athersys, Inc.*		3,600		6,156
Bellicum Pharmaceuticals, Inc.*		900		11,106
BioCryst Pharmaceuticals, Inc.*		2,900		24,360
BioTime, Inc.*		3,100		10,695
Bluebird Bio, Inc.*		1,700		154,530
Blueprint Medicines Corp.*		900		35,991
Cambrex Corp.*		1,267		69,748
Celldex Therapeutics, Inc.*		3,644		13,155
Cellular Biomedicine Group, Inc.*		300		3,540
ChromaDex Corp.*		1,400		3,766
Clearside Biomedical, Inc.*		500		3,970
Coherus Biosciences, Inc.*		1,300		27,495
Curis, Inc.*		3,600		10,008
Cytokinetics, Inc.*		1,400		17,990
CytomX Therapeutics, Inc.*		900		15,543
CytRx Corp.*		2,600		1,155
Dermira, Inc.*		900		30,699
Dynavax Technologies Corp.*		1,320		7,854
Edge Therapeutics, Inc.*		800		7,288
Editas Medicine, Inc.*		400		8,928
Emergent BioSolutions, Inc.*		1,258		36,532
Enzo Biochem, Inc.*		1,800		15,066
Epizyme, Inc.*		1,900		32,585


	Number of Shares		Value†
COMMON STOCKS — (continued)
Biotechnology — (continued)
Exact Sciences Corp.*		4,200	$	99,204
Exelixis, Inc.*		9,069		196,525
Five Prime Therapeutics, Inc.*		1,100		39,765
Foundation Medicine, Inc.*		518		16,705
Galena Biopharma, Inc.*		400		244
Geron Corp.*		6,550		14,868
Halozyme Therapeutics, Inc.*		4,489		58,177
Idera Pharmaceuticals, Inc.*		2,300		5,681
ImmunoGen, Inc.*		3,263		12,628
Immunomedics, Inc.*		4,636		29,995
Innoviva, Inc.*		3,400		47,022
Inovio Pharmaceuticals, Inc.*		2,500		16,550
Insmed, Inc.*		2,300		40,273
Intellia Therapeutics, Inc.*		300		4,227
Karyopharm Therapeutics, Inc.*		800		10,272
Kite Pharma, Inc.*		1,600		125,584
Lexicon Pharmaceuticals, Inc.*		1,760		25,238
Ligand Pharmaceuticals, Inc.*		744		78,745
Lion Biotechnologies, Inc.*		2,500		18,625
Loxo Oncology, Inc.*		600		25,248
MacroGenics, Inc.*		1,300		24,180
Merrimack Pharmaceuticals, Inc.*		4,500		13,860
Momenta Pharmaceuticals, Inc.*		2,682		35,805
Myriad Genetics, Inc.*		2,700		51,840
NeoGenomics, Inc.*		1,700		13,413
NewLink Genetics Corp.*		700		16,870
Novavax, Inc.*		10,129		12,965
Omeros Corp.*		1,400		21,168
OncoMed Pharmaceuticals, Inc.*		600		5,526
Organovo Holdings, Inc.*		4,900		15,582
Otonomy, Inc.*		1,100		13,475
Pacific Biosciences of California, Inc.*		3,200		16,544
Paratek Pharmaceuticals, Inc.*		900		17,325
PDL BioPharma, Inc.		6,217		14,113
Pfenex, Inc.*		500		2,905
PharmAthene, Inc.		3,100		2,516
Prothena Corp. PLC*		1,400		78,106
PTC Therapeutics, Inc.*		1,200		11,808
Puma Biotechnology, Inc.*		1,200		44,640
REGENXBIO, Inc.*		800		15,440
Repligen Corp.*		1,300		45,760
Retrophin, Inc.*		1,500		27,690
Rigel Pharmaceuticals, Inc.*		2,690		8,904
RTI Surgical, Inc.*		2,035		8,140
Sage Therapeutics, Inc.*		1,200		85,284
Sangamo Therapeutics, Inc.*		2,403		12,496
Selecta Biosciences, Inc.*		300		4,296
Spark Therapeutics, Inc.*		700		37,338
Spectrum Pharmaceuticals, Inc.*		2,414		15,691
Stemline Therapeutics, Inc.*		400		3,420
Synthetic Biologics, Inc.*		3,800		2,397
The Medicines Co.*		2,792		136,529
Theravance Biopharma, Inc.*		1,500		55,230
Tokai Pharmaceuticals, Inc.*		600		501
Trovagene, Inc.*		800		920
Ultragenyx Pharmaceutical, Inc.*		1,500		101,670


	Number of Shares		Value†

Biotechnology — (continued)
Veracyte Inc.*		800	$	7,344
Versartis, Inc.*		1,200		25,620
WaVe Life Sciences Ltd.*		400		11,000
XBiotech, Inc.*		800		13,192
ZIOPHARM Oncology, Inc.*		4,627		29,335

				2,761,360

Building Materials — 1.6%
AAON, Inc.		1,585		56,030
Apogee Enterprises, Inc.		1,243		74,095
Armstrong Flooring, Inc.*		1,000		18,420
Boise Cascade Co.*		1,400		37,380
Builders FirstSource, Inc.*		3,473		51,748
Caesarstone Ltd.*		1,000		36,250
Comfort Systems USA, Inc.		1,527		55,965
Continental Building Products, Inc.*		1,500		36,750
Forterra, Inc.*		900		17,550
Gibraltar Industries, Inc.*		1,201		49,481
Griffon Corp.		1,256		30,960
Headwaters, Inc.*		2,880		67,622
Louisiana-Pacific Corp.*		5,794		143,807
LSI Industries, Inc.		1,314		13,258
Masonite International Corp.*		1,200		95,100
NCI Building Systems, Inc.*		1,264		21,678
Patrick Industries, Inc.*		550		38,995
PGT Innovations, Inc.*		1,700		18,275
Ply Gem Holdings, Inc.*		1,000		19,700
Quanex Building Products Corp.		1,425		28,856
Simpson Manufacturing Co., Inc.		1,685		72,607
Summit Materials, Inc., Class A*		4,249		104,997
Trex Co., Inc.*		1,162		80,631
Universal Forest Products, Inc.		783		77,157
US Concrete, Inc.*		600		38,730

				1,286,042

Chemicals — 2.5%
A. Schulman, Inc.		1,188		37,363
Aceto Corp.		1,042		16,474
American Vanguard Corp.		1,078		17,895
Balchem Corp.		1,205		99,316
Chemtura Corp.*		2,514		83,968
Codexis, Inc.*		1,600		7,680
CSW Industrials, Inc.*		600		22,020
Ferro Corp.*		3,438		52,223
GCP Applied Technologies, Inc.*		2,900		94,685
H.B. Fuller Co.		1,980		102,089
Hawkins, Inc.		449		22,001
Ingevity Corp.*		1,700		103,445
Innophos Holdings, Inc.		796		42,960
Innospec, Inc.		900		58,275
KMG Chemicals, Inc.		300		13,821
Kraton Corp.*		1,241		38,372
Kronos Worldwide, Inc.		900		14,787
Landec Corp.*		1,218		14,616
Minerals Technologies, Inc.		1,428		109,385
Oil-Dri Corp of America		97		3,615
Olin Corp.		6,592		216,679


	Number of Shares		Value†
COMMON STOCKS — (continued)
Chemicals — (continued)
OMNOVA Solutions, Inc.*		1,268	$	12,553
PolyOne Corp.		3,355		114,372
Quaker Chemical Corp.		511		67,278
Rayonier Advanced Materials, Inc.		1,900		25,555
Sensient Technologies Corp.		1,774		140,607
Stepan Co.		808		63,678
The Chemours Co.		7,200		277,200
Tronox Ltd.		2,400		44,280
Univar, Inc.*		1,700		52,122

				1,969,314

Coal — 0.0%
SunCoke Energy, Inc.*		2,341		20,975
Westmoreland Coal Co.*		600		8,712

				29,687

Commercial Services — 4.7%
Aaron’s, Inc.		2,700		80,298
ABM Industries, Inc.		2,139		93,260
Acacia Research Corp.*		1,880		10,810
Alarm.com Holdings, Inc.*		400		12,296
Albany Molecular Research, Inc.*		900		12,627
American Public Education, Inc.*		755		17,290
AMN Healthcare Services, Inc.*		1,909		77,505
ARC Document Solutions, Inc.*		1,436		4,954
Ascent Capital Group, Inc., Class A*		531		7,503
B. Riley Financial, Inc.		500		7,500
Barrett Business Services, Inc.		342		18,680
Bridgepoint Education, Inc.*		480		5,122
Bright Horizons Family Solutions, Inc.*		1,700		123,233
Capella Education Co.		407		34,605
Cardtronics PLC, Class A*		1,763		82,420
Care.com, Inc.*		200		2,502
Career Education Corp.*		2,300		20,010
Carriage Services, Inc.		600		16,272
CBIZ, Inc.*		2,140		28,997
CEB, Inc.		1,269		99,743
Collectors Universe, Inc.		400		10,440
CorVel Corp.*		362		15,747
Cotiviti Holdings, Inc.*		600		24,978
CPI Card Group, Inc.		800		3,360
CRA International, Inc.		274		9,680
Cross Country Healthcare, Inc.*		1,084		15,566
Deluxe Corp.		1,907		137,628
DeVry Education Group, Inc.		2,500		88,625
Ennis, Inc.		858		14,586
EVERTEC, Inc.		2,600		41,340
ExlService Holdings, Inc.*		1,300		61,568
Forrester Research, Inc.		375		14,906
Franklin Covey Co.*		597		12,059
FTI Consulting, Inc.*		1,556		64,061
Grand Canyon Education, Inc.*		1,756		125,747
Great Lakes Dredge & Dock Corp.*		2,751		11,004
Green Dot Corp., Class A*		1,800		60,048
Healthcare Services Group, Inc.		2,880		124,099
HealthEquity, Inc.*		1,800		76,410
Heidrick & Struggles International, Inc.		669		17,628


	Number of Shares		Value†

Commercial Services — (continued)
HMS Holdings Corp.*		3,415	$	69,427
Huron Consulting Group, Inc.*		828		34,859
ICF International, Inc.*		748		30,892
INC Research Holdings, Inc., Class A*		1,700		77,945
Information Services Group, Inc.*		1,600		5,040
Insperity, Inc.		624		55,318
James River Group Holdings Ltd.		600		25,716
K12, Inc.*		1,152		22,061
Kelly Services, Inc., Class A		1,014		22,166
Kforce, Inc.		1,086		25,793
Korn/Ferry International		2,390		75,261
Landauer, Inc.		380		18,525
LendingTree, Inc.*		300		37,605
Liberty Tax, Inc.		200		2,850
Matthews International Corp., Class A		1,305		88,283
MAXIMUS, Inc.		2,588		160,974
McGrath RentCorp		953		31,992
Medifast, Inc.		331		14,686
MoneyGram International, Inc.*		878		14,759
Monro Muffler Brake, Inc.		1,237		64,448
Multi-Color Corp.		567		40,257
National Research Corp., Class A		187		3,684
Navigant Consulting, Inc.*		1,984		45,354
Neff Corp., Class A*		600		11,670
On Assignment, Inc.*		1,952		94,731
PAREXEL International Corp.*		2,099		132,468
Patriot National, Inc.*		500		1,410
Paylocity Holding Corp.*		900		34,767
PFSweb, Inc.*		400		2,612
Quad/Graphics, Inc.		1,300		32,812
Rent-A-Center, Inc.		1,953		17,323
Resources Connection, Inc.		1,522		25,494
RPX Corp.*		2,100		25,200
ServiceSource International, Inc.*		2,400		9,312
Sotheby’s*		2,041		92,825
SP Plus Corp.*		793		26,764
Strayer Education, Inc.		400		32,196
Team, Inc.*		1,183		32,000
TeleTech Holdings, Inc.		707		20,927
The Advisory Board Co.*		1,550		72,540
The Brink’s Co.		1,910		102,090
The Hackett Group, Inc.		1,116		21,751
The Providence Service Corp.*		600		26,664
Travelport Worldwide Ltd.		4,700		55,319
TriNet Group, Inc.*		1,700		49,130
TrueBlue, Inc.*		1,576		43,104
Vectrus, Inc.*		300		6,705
Viad Corp.		771		34,849
Weight Watchers International, Inc.*		1,200		18,684

				3,676,349

Computers — 2.2%
3D Systems Corp.*		4,400		65,824
A10 Networks, Inc.*		2,000		18,300
Agilysys, Inc.*		376		3,553
Barracuda Networks, Inc.*		1,000		23,110
CACI International, Inc., Class A*		950		111,435


	Number of Shares		Value†
COMMON STOCKS — (continued)
Computers — (continued)
Carbonite, Inc.*		800	$	16,240
Convergys Corp.		3,583		75,780
Cray, Inc.*		1,599		35,018
Diebold Nixdorf, Inc.		2,700		82,890
Digimarc Corp.*		300		8,100
DMC Global, Inc.		700		8,680
Electronics For Imaging, Inc.*		1,824		89,066
Engility Holdings, Inc.*		700		20,258
EPAM Systems, Inc.*		1,900		143,488
Globant SA*		1,100		40,040
Immersion Corp.*		842		7,292
Insight Enterprises, Inc.*		1,543		63,402
LivePerson, Inc.*		1,925		13,186
Lumentum Holdings, Inc.*		2,100		112,035
Maxwell Technologies, Inc.*		1,500		8,715
Mercury Systems, Inc.*		1,836		71,696
Mitek Systems, Inc.*		1,400		9,310
MTS Systems Corp.		660		36,333
NetScout Systems, Inc.*		3,565		135,292
Nimble Storage, Inc.*		2,700		33,750
Pure Storage, Inc., Class A*		2,600		25,558
Qualys, Inc.*		1,100		41,690
Radisys Corp.*		1,700		6,800
Science Applications International Corp.		1,700		126,480
Silver Spring Networks, Inc.*		1,500		16,935
Stratasys Ltd.*		1,800		36,882
Super Micro Computer, Inc.*		1,471		37,290
Sykes Enterprises, Inc.*		1,536		45,158
Syntel, Inc.		1,360		22,889
The Key W Holding Corp.*		1,300		12,272
Unisys Corp.*		2,224		31,025
USA Technologies, Inc.*		1,800		7,650
Varonis Systems, Inc.*		300		9,540
Virtusa Corp.*		1,089		32,910
Vocera Communications, Inc.*		800		19,864

				1,705,736

Cosmetics & Personal Care — 0.2%
Avon Products, Inc.*		17,000		74,800
elf Beauty, Inc.*		500		14,400
Inter Parfums, Inc.		624		22,807
Revlon, Inc., Class A*		570		15,875

				127,882

Distribution & Wholesale — 0.6%
Beacon Roofing Supply, Inc.*		2,381		117,050
Core-Mark Holding Co., Inc.		1,764		55,019
Essendant, Inc.		1,519		23,013
Fossil Group, Inc.*		1,700		29,665
H&E Equipment Services, Inc.		1,159		28,419
Owens & Minor, Inc.		2,476		85,670
ScanSource, Inc.*		981		38,504
SiteOne Landscape Supply, Inc.*		500		24,205
Titan Machinery, Inc.*		523		8,023
Triton International Ltd.		1,693		43,662
Veritiv Corp.*		300		15,540

				468,770


	Number of Shares		Value†

Diversified Financial Services — 2.4%
Aircastle Ltd.		1,976	$	47,681
Altisource Portfolio Solutions SA*		500		18,400
Associated Capital Group, Inc., Class A		262		9,471
BGC Partners, Inc., Class A		8,807		100,048
Blackhawk Network Holdings, Inc.*		2,200		89,320
Cohen & Steers, Inc.		817		32,655
Cowen Group Inc., Class A*		948		14,165
Diamond Hill Investment Group, Inc.		107		20,817
Ellie Mae, Inc.*		1,300		130,351
Encore Capital Group, Inc.*		997		30,708
Enova International, Inc.*		1,029		15,281
Evercore Partners, Inc., Class A		1,522		118,564
Federal Agricultural Mortgage Corp., Class C		300		17,271
Financial Engines, Inc.		2,100		91,455
FNFV Group*		2,800		37,100
GAIN Capital Holdings, Inc.		1,800		14,994
GAMCO Investors, Inc., Class A		262		7,753
Greenhill & Co., Inc.		1,100		32,230
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,600		32,320
Houlihan Lokey, Inc.		600		20,670
Impac Mortgage Holdings, Inc.*		500		6,230
INTL. FCStone, Inc.*		593		22,510
Investment Technology Group, Inc.		1,300		26,325
Janus Capital Group, Inc.		5,600		73,920
KCG Holdings, Inc., Class A*		1,581		28,189
Ladder Capital Corp. REIT		1,548		22,348
Ladenburg Thalmann Financial Services, Inc.*		4,000		9,920
LendingClub Corp.*		13,400		73,566
Manning & Napier, Inc.		700		3,990
Marlin Business Services Corp.		200		5,150
Moelis & Co., Class A		900		34,650
Nationstar Mortgage Holdings, Inc.*		1,300		20,488
Nelnet, Inc., Class A		799		35,044
NewStar Financial, Inc.		1,300		13,754
Ocwen Financial Corp.*		3,800		20,786
OM Asset Management PLC		1,700		25,704
On Deck Capital, Inc.*		2,200		11,088
Oppenheimer Holdings, Inc., Class A		238		4,070
PennyMac Financial Service, Class A*		500		8,525
PHH Corp.*		1,989		25,320
Piper Jaffray Cos.		587		37,480
PJT Partners, Inc., Class A		800		28,072
PRA Group, Inc.*		1,848		61,261
Pzena Investment Management, Inc., Class A		830		8,167
Regional Management Corp.*		300		5,829
Stifel Financial Corp.*		2,506		125,776
Teton Advisors, Inc., Class B*~		2		0
Virtu Financial, Inc.		1,100		18,700
Virtus Investment Partners, Inc.		140		14,826
Waddell & Reed Financial, Inc., Class A		3,200		54,400
WageWorks, Inc.*		1,500		108,450
Walter Investment Management Corp.*		1,353		1,461
Westwood Holdings Group, Inc.		311		16,611


	Number of Shares		Value†
COMMON STOCKS — (continued)
Diversified Financial Services — (continued)
WisdomTree Investments, Inc.		4,400	$	39,952
World Acceptance Corp.*		262		13,566

				1,887,382

Electric — 1.9%
ALLETE, Inc.		1,951		132,102
Ameresco, Inc., Class A*		1,100		7,205
Atlantic Power Corp.*		4,127		10,937
Atlantica Yield PLC		2,500		52,400
Avista Corp.		2,439		95,243
Black Hills Corp.		2,048		136,131
Dynegy, Inc.*		4,300		33,798
El Paso Electric Co.		1,577		79,638
EnerNOC, Inc.*		1,300		7,800
Genie Energy Ltd., Class B		800		5,792
IDACORP, Inc.		2,001		166,003
MGE Energy, Inc.		1,342		87,230
NorthWestern Corp.		1,880		110,356
NRG Yield, Inc., Class A		1,500		26,085
NRG Yield, Inc., Class C		2,500		44,250
Ormat Technologies, Inc.		1,500		85,620
Otter Tail Corp.		1,592		60,337
PNM Resources, Inc.		3,110		115,070
Portland General Electric Co.		3,656		162,399
Spark Energy, Inc., Class A		200		6,390
Unitil Corp.		463		20,849

				1,445,635

Electrical Components & Equipment — 1.2%
Advanced Energy Industries, Inc.*		1,593		109,216
Belden, Inc.		1,655		114,509
Encore Wire Corp.		771		35,466
Energous Corp.*		700		10,920
EnerSys		1,723		136,013
Generac Holdings, Inc.*		2,649		98,755
General Cable Corp.		1,900		34,105
Graham Corp.		466		10,718
Insteel Industries, Inc.		691		24,973
Littelfuse, Inc.		878		140,401
Novanta, Inc.*		1,300		34,515
Powell Industries, Inc.		429		14,775
Universal Display Corp.		1,649		141,979
Vicor Corp.*		422		6,794

				913,139

Electronics — 2.4%
Allied Motion Technologies, Inc.		400		8,040
Applied Optoelectronics, Inc.*		700		39,305
AVX Corp.		1,600		26,208
Badger Meter, Inc.		1,118		41,087
Bel Fuse, Inc., Class B		269		6,873
Benchmark Electronics, Inc.*		2,077		66,049
Brady Corp., Class A		1,857		71,773
Coherent, Inc.*		973		200,088
Control4 Corp.*		1,000		15,790
CTS Corp.		1,263		26,902
Electro Scientific Industries, Inc.*		1,300		9,061
ESCO Technologies, Inc.		1,034		60,075


	Number of Shares		Value†

Electronics — (continued)
FARO Technologies, Inc.*		620	$	22,165
Fluidigm Corp.*		1,100		6,259
GoPro, Inc., Class A*		3,700		32,190
II-VI, Inc.*		2,456		88,539
IMAX Corp.*		2,400		81,600
Itron, Inc.*		1,300		78,910
Kimball Electronics, Inc.*		933		15,814
Mesa Laboratories, Inc.		100		12,270
Methode Electronics, Inc.		1,460		66,576
NVE Corp.		209		17,303
OSI Systems, Inc.*		657		47,955
Park Electrochemical Corp.		833		14,877
Plexus Corp.*		1,303		75,313
Rogers Corp.*		760		65,261
Sanmina Corp.*		2,926		118,796
Sparton Corp.*		400		8,396
Stoneridge, Inc.*		1,273		23,092
TASER International, Inc.*		0		0
Tech Data Corp.*		1,400		131,460
TTM Technologies, Inc.*		2,829		45,632
Vishay Intertechnology, Inc.		5,400		88,830
Vishay Precision Group, Inc.*		300		4,740
Watts Water Technologies, Inc.		1,117		69,645
Woodward, Inc.		2,123		144,194
ZAGG, Inc.*		900		6,480

				1,837,548

Energy-Alternate Sources — 0.3%
Clean Energy Fuels Corp.*		2,900		7,395
FuelCell Energy, Inc.*		581		799
FutureFuel Corp.		1,100		15,598
Green Plains, Inc.		1,467		36,308
Pacific Ethanol, Inc.*		900		6,165
Pattern Energy Group, Inc.		2,600		52,338
Plug Power, Inc.*		6,800		9,384
Renewable Energy Group, Inc.*		1,600		16,720
REX American Resources Corp.*		192		17,374
Sunrun, Inc.*		2,700		14,580
TerraForm Global, Inc., Class A*		3,600		17,280
TerraForm Power, Inc., Class A*		3,700		45,769
TPI Composites, Inc.*		400		7,604
Vivint Solar, Inc.*		800		2,240

				249,554

Engineering & Construction — 1.1%
Aegion Corp.*		1,555		35,625
Argan, Inc.		536		35,457
Dycom Industries, Inc.*		1,253		116,466
EMCOR Group, Inc.		2,363		148,751
Exponent, Inc.		1,040		61,932
Granite Construction, Inc.		1,544		77,493
Hill International, Inc.*		1,500		6,225
IES Holdings, Inc.*		400		7,240
Layne Christensen Co.*		700		6,188
MasTec, Inc.*		2,664		106,693
McDermott International, Inc.*		9,300		62,775
Mistras Group, Inc.*		800		17,104


	Number of Shares		Value†
COMMON STOCKS — (continued)
Engineering & Construction — (continued)
MYR Group, Inc.*		683	$	28,003
NV5 Global, Inc.*		300		11,280
Orion Group Holdings, Inc.*		1,137		8,493
TopBuild Corp.*		1,600		75,200
Tutor Perini Corp.*		1,397		44,425
VSE Corp.		408		16,647

				865,997

Entertainment — 0.8%
AMC Entertainment Holdings, Inc., Class A		2,156		67,806
Churchill Downs, Inc.		520		82,602
Eldorado Resorts, Inc.*		1,000		18,925
Eros International PLC*		1,200		12,360
Golden Entertainment, Inc.		500		6,615
International Speedway Corp., Class A		1,100		40,645
Isle of Capri Casinos, Inc.*		841		22,169
Marriott Vacations Worldwide Corp.		900		89,937
National CineMedia, Inc.		2,374		29,983
Penn National Gaming, Inc.*		3,200		58,976
Pinnacle Entertainment, Inc.*		2,382		46,497
Reading International, Inc., Class A*		700		10,878
Scientific Games Corp., Class A*		1,900		44,935
SeaWorld Entertainment, Inc.		2,700		49,329
Speedway Motorsports, Inc.		316		5,953

				587,610

Environmental Control — 0.6%
Advanced Disposal Services, Inc.*		700		15,820
Aqua Metals, Inc.*		600		11,724
AquaVenture Holdings Ltd.*		400		6,828
Calgon Carbon Corp.		2,162		31,565
Casella Waste Systems, Inc., Class A*		1,500		21,165
CECO Environmental Corp.		1,309		13,758
Darling Ingredients, Inc.*		6,567		95,353
Energy Recovery, Inc.*		1,500		12,480
Heritage-Crystal Clean, Inc.*		600		8,220
MSA Safety, Inc.		1,221		86,312
Tetra Tech, Inc.		2,364		96,569
TRC Cos., Inc.*		900		15,705
U.S. Ecology, Inc.		942		44,133

				459,632

Food — 1.6%
AdvancePierre Foods Holdings, Inc.		900		28,053
Amplify Snack Brands, Inc.*		900		7,560
B&G Foods, Inc.		2,572		103,523
Cal-Maine Foods, Inc.		1,246		45,853
Calavo Growers, Inc.		651		39,451
Dean Foods Co.		3,700		72,742
Fresh Del Monte Produce, Inc.		1,316		77,947
Ingles Markets, Inc., Class A		604		26,063
Inventure Foods, Inc.*		500		2,210
J&J Snack Foods Corp.		596		80,794
John B Sanfilippo & Son, Inc.		300		21,957
Lancaster Colony Corp.		733		94,440
Lifeway Foods, Inc.*		87		933
Nutrisystem, Inc.		1,237		68,653
Performance Food Group Co.*		1,500		35,700


	Number of Shares		Value†

Food — (continued)
Sanderson Farms, Inc.		834	$	86,602
Seaboard Corp.		11		45,864
Seneca Foods Corp., Class A*		211		7,617
Smart & Final Stores, Inc.*		1,100		13,310
Snyder’s-Lance, Inc.		3,212		129,476
SpartanNash Co.		1,530		53,535
SUPERVALU, Inc.*		10,300		39,758
TerraVia Holdings, Inc.*		3,100		2,246
The Chefs’ Warehouse, Inc.*		750		10,425
Tootsie Roll Industries, Inc.		680		25,390
United Natural Foods, Inc.*		1,900		82,137
Village Super Market, Inc., Class A		268		7,102
Weis Markets, Inc.		366		21,832

				1,231,173

Forest Products & Paper — 0.3%
Clearwater Paper Corp.*		678		37,968
Deltic Timber Corp.		392		30,623
Neenah Paper, Inc.		674		50,348
Orchids Paper Products Co.		400		9,600
P.H. Glatfelter Co.		1,659		36,066
Schweitzer-Mauduit International, Inc.		1,176		48,710

				213,315

Gas — 1.2%
Chesapeake Utilities Corp.		635		43,942
Delta Natural Gas Co., Inc.		300		9,105
New Jersey Resources Corp.		3,464		137,174
Northwest Natural Gas Co.		1,050		62,055
ONE Gas, Inc.		2,100		141,960
South Jersey Industries, Inc.		3,180		113,367
Southwest Gas Holdings, Inc.		1,894		157,032
Spire, Inc.		1,756		118,530
WGL Holdings, Inc.		1,994		164,565

				947,730

Hand & Machine Tools — 0.3%
Franklin Electric Co., Inc.		1,870		80,504
Hardinge, Inc.		700		7,868
Kennametal, Inc.		3,200		125,536
Milacron Holdings Corp.*		700		13,027

				226,935

Healthcare Products — 3.2%
Abaxis, Inc.		829		40,206
Accelerate Diagnostics, Inc.*		951		23,014
Accuray, Inc.*		2,738		13,006
Analogic Corp.		507		38,481
AngioDynamics, Inc.*		958		16,621
AtriCure, Inc.*		1,200		22,980
Atrion Corp.		61		28,560
AxoGen, Inc.*		1,200		12,540
BioTelemetry, Inc.*		1,200		34,740
Cantel Medical Corp.		1,475		118,147
Cardiovascular Systems, Inc.*		1,300		36,758
Cerus Corp.*		3,600		16,020
ConforMIS, Inc.*		1,600		8,352
CONMED Corp.		1,003		44,543


	Number of Shares		Value†
COMMON STOCKS — (continued)
Healthcare Products — (continued)
CryoLife, Inc.*		1,399	$	23,293
Cutera, Inc.*		500		10,350
Endologix, Inc.*		3,198		23,154
Entellus Medical, Inc.*		400		5,520
Exactech, Inc.*		509		12,827
GenMark Diagnostics, Inc.*		1,700		21,794
Genomic Health, Inc.*		709		22,326
Glaukos Corp.*		700		35,910
Globus Medical, Inc., Class A*		2,900		85,898
Haemonetics Corp.*		2,046		83,006
Halyard Health, Inc.*		1,900		72,371
ICU Medical, Inc.*		579		88,413
Inogen, Inc.*		700		54,292
Insulet Corp.*		2,246		96,780
Integer Holdings Corp.*		1,293		51,979
Integra LifeSciences Holdings Corp.*		2,452		103,303
Intersect ENT, Inc.*		1,100		18,865
Invacare Corp.		1,190		14,161
InVivo Therapeutics Holdings Corp.*		900		3,645
iRhythm Technologies, Inc.*		400		15,040
IRIDEX Corp.*		400		4,748
K2M Group Holdings, Inc.*		1,100		22,561
LeMaitre Vascular, Inc.		400		9,852
Luminex Corp.		1,653		30,366
Masimo Corp.*		1,604		149,589
Meridian Bioscience, Inc.		1,760		24,288
Merit Medical Systems, Inc.*		1,575		45,517
MiMedx Group, Inc.*		3,800		36,214
NanoString Technologies, Inc.*		600		11,922
Natus Medical, Inc.*		1,375		53,969
Nevro Corp.*		1,000		93,700
Novan, Inc.*		200		1,276
Novocure Ltd.*		2,100		17,010
NuVasive, Inc.*		2,006		149,808
NxStage Medical, Inc.*		2,584		69,329
Ocular Therapeutix, Inc.*		700		6,496
OraSure Technologies, Inc.*		2,201		28,459
Orthofix International NV*		671		25,599
Oxford Immunotec Global PLC*		1,000		15,490
Penumbra, Inc.*		1,000		83,450
Quidel Corp.*		1,051		23,795
Rockwell Medical, Inc.*		1,800		11,268
STAAR Surgical Co.*		1,400		13,720
Surmodics, Inc.*		373		8,971
T2 Biosystems, Inc.*		600		3,156
Tandem Diabetes Care, Inc.*		400		480
The Spectranetics Corp.*		1,665		48,493
TransEnterix, Inc.*		2,500		3,025
Utah Medical Products, Inc.		100		6,230
Wright Medical Group NV*		4,218		131,264
Zeltiq Aesthetics, Inc.*		1,500		83,415

				2,510,355

Healthcare Services — 1.4%
AAC Holdings, Inc.*		200		1,706
Addus HomeCare Corp.*		400		12,800
Adeptus Health, Inc., Class A*		500		900


	Number of Shares		Value†

Healthcare Services — (continued)
Air Methods Corp.*		1,487	$	63,941
Almost Family, Inc.*		477		23,182
Amedisys, Inc.*		1,206		61,614
American Renal Associates Holdings, Inc.*		400		6,752
Capital Senior Living Corp.*		1,036		14,566
Catalent, Inc.*		4,000		113,280
Chemed Corp.		629		114,912
Civitas Solutions, Inc.*		400		7,340
Community Health Systems, Inc.*		4,500		39,915
Genesis Healthcare, Inc.*		1,861		4,913
HealthSouth Corp.		3,536		151,376
Invitae Corp.*		1,100		12,166
Kindred Healthcare, Inc.		3,374		28,173
LHC Group, Inc.*		582		31,370
Magellan Health, Inc.*		941		64,976
Medpace Holdings, Inc.*		300		8,955
Molina Healthcare, Inc.*		1,668		76,061
Natera, Inc.*		700		6,209
National HealthCare Corp.		406		28,948
Nobilis Health Corp.*		1,200		2,040
OvaScience, Inc.*		800		1,496
Quorum Health Corp.*		1,300		7,072
RadNet, Inc.*		1,500		8,850
Select Medical Holdings Corp.*		4,400		58,740
Surgery Partners, Inc.*		700		13,650
Teladoc, Inc.*		800		20,000
The Ensign Group, Inc.		1,880		35,344
Tivity Health, Inc.*		1,258		36,608
Triple-S Management Corp., Class B*		1,091		19,169
U.S. Physical Therapy, Inc.		491		32,062
UnitedHealth Group, Inc.		0		11
Universal American Corp.*		1,780		17,747

				1,126,844

Holding Companies — 0.3%
FCB Financial Holdings, Inc., Class A*		1,200		59,460
HRG Group, Inc.*		4,875		94,185
National Bank Holdings Corp., Class A		1,000		32,500
Tiptree Financial, Inc., Class A		1,100		8,030
Wins Finance Holdings, Inc.*		100		14,499

				208,674

Home Builders — 0.7%
Beazer Homes USA, Inc.*		1,424		17,273
Cavco Industries, Inc.*		369		42,951
Century Communities, Inc.*		500		12,700
Green Brick Partners, Inc.*		1,100		10,945
Hovnanian Enterprises, Inc., Class A*		4,810		10,919
Installed Building Products, Inc.*		700		36,925
KB Home		3,400		67,592
LGI Homes, Inc.*		600		20,346
M/I Homes, Inc.*		836		20,482
MDC Holdings, Inc.		1,575		47,329
Meritage Homes Corp.*		1,490		54,832
Tailored Brands, Inc.		1,956		29,223
Taylor Morrison Home Corp., Class A*		1,600		34,112
The New Home Co., Inc.*		600		6,276


	Number of Shares		Value†
COMMON STOCKS — (continued)
Home Builders — (continued)
TRI Pointe Group, Inc.*		6,100	$	76,494
William Lyon Homes, Class A*		1,000		20,620
Winnebago Industries, Inc.		1,122		32,818

				541,837

Home Furnishings — 0.5%
American Woodmark Corp.*		569		52,234
Bassett Furniture Industries, Inc.		300		8,070
Daktronics, Inc.		1,209		11,425
Ethan Allen Interiors, Inc.		1,028		31,508
Flexsteel Industries, Inc.		200		10,080
Hooker Furniture Corp.		500		15,525
iRobot Corp.*		1,082		71,564
Kimball International, Inc., Class B		1,244		20,526
La-Z-Boy, Inc.		1,962		52,974
Select Comfort Corp.*		1,872		46,407
Universal Electronics, Inc.*		600		41,100

				361,413

Hotels & Resorts — 0.1%
Caesars Entertainment Corp.*		2,000		19,100
La Quinta Holdings, Inc.*		3,400		45,968

				65,068

Household Products & Wares — 0.4%
ACCO Brands Corp.*		4,393		57,768
Central Garden & Pet Co.*		500		18,535
Central Garden & Pet Co., Class A*		1,402		48,677
CSS Industries, Inc.		412		10,679
Helen of Troy Ltd.*		1,095		103,149
WD-40 Co.		546		59,487

				298,295

Housewares — 0.0%
Libbey, Inc.		800		11,664
Lifetime Brands, Inc.		400		8,040

				19,704

Insurance — 3.0%
Ambac Financial Group, Inc.*		1,700		32,062
American Equity Investment Life Holding Co.		3,476		82,138
AMERISAFE, Inc.		708		45,949
Argo Group International Holdings Ltd.		1,160		78,614
Atlas Financial Holdings, Inc.*		400		5,460
Baldwin & Lyons, Inc., Class B		325		7,946
Blue Capital Reinsurance Holdings Ltd.		300		5,790
Citizens, Inc.*		1,466		10,892
CNO Financial Group, Inc.		7,193		147,457
Crawford & Co., Class B		638		6,399
Donegal Group, Inc., Class A		283		4,987
eHealth, Inc.*		720		8,669
EMC Insurance Group, Inc.		450		12,627
Employers Holdings, Inc.		1,282		48,652
Enstar Group Ltd.*		474		90,676
Essent Group Ltd.*		3,000		108,510
FBL Financial Group, Inc., Class A		427		27,947
Federated National Holding Co.		500		8,715


	Number of Shares		Value†

Insurance — (continued)
Fidelity & Guaranty Life		500	$	13,900
Genworth Financial, Inc., Class A*		20,500		84,460
Global Indemnity Ltd.*		383		14,742
Greenlight Capital Re Ltd., Class A*		1,128		24,929
Hallmark Financial Services, Inc.*		255		2,818
HCI Group, Inc.		300		13,674
Heritage Insurance Holdings, Inc.		800		10,216
Hilltop Holdings, Inc.		2,983		81,943
Horace Mann Educators Corp.		1,709		70,154
Independence Holding Co.		100		1,860
Infinity Property & Casualty Corp.		420		40,110
Investors Title Co.		100		15,815
Kemper Corp.		1,500		59,850
Kinsale Capital Group, Inc.		200		6,408
Maiden Holdings Ltd.		2,768		38,752
MBIA, Inc.*		5,500		46,585
MGIC Investment Corp.*		13,527		137,029
National General Holdings Corp.		2,000		47,520
National Western Life Group, Inc., Class A		95		28,895
NMI Holdings, Inc., Class A*		2,100		23,940
OneBeacon Insurance Group Ltd., Class A		900		14,400
Primerica, Inc.		1,900		156,180
Radian Group, Inc.		8,703		156,306
RLI Corp.		1,522		91,350
Safety Insurance Group, Inc.		582		40,798
Selective Insurance Group, Inc.		2,175		102,551
State Auto Financial Corp.		476		13,066
State National Cos., Inc.		1,000		14,400
Stewart Information Services Corp.		908		40,115
The Navigators Group, Inc.		990		53,757
Third Point Reinsurance Ltd.*		2,300		27,830
Trupanion, Inc.*		600		8,532
United Fire Group, Inc.		880		37,638
United Insurance Holdings Corp.		800		12,760
Universal Insurance Holdings, Inc.		1,251		30,650
WMIH Corp.*		8,700		12,615

				2,310,038

Internet — 1.8%
1-800-Flowers.com, Inc., Class A*		737		7,517
Angie’s List, Inc.*		1,600		9,120
Autobytel, Inc.*		300		3,759
Bankrate, Inc.*		1,923		18,557
Bazaarvoice, Inc.*		3,500		15,050
Blucora, Inc.*		1,496		25,881
Boingo Wireless, Inc.*		1,700		22,083
Box, Inc., Class A*		2,100		34,251
Brightcove, Inc.*		1,200		10,680
ChannelAdvisor Corp.*		900		10,035
Chegg, Inc.*		3,100		26,164
Cogent Communications Holdings, Inc.		1,619		69,698
DHI Group, Inc.*		1,863		7,359
Endurance International Group Holdings, Inc.*		2,100		16,485
ePlus, Inc.*		245		33,087
Etsy, Inc.*		4,300		45,709
FTD Cos., Inc.*		818		16,475


	Number of Shares		Value†
COMMON STOCKS — (continued)
Internet — (continued)
Global Eagle Entertainment, Inc.*		1,500	$	4,785
GrubHub, Inc.*		3,300		108,537
HealthStream, Inc.*		900		21,807
Imperva, Inc.*		1,100		45,155
Limelight Networks, Inc.*		1,172		3,024
Liquidity Services, Inc.*		1,035		8,280
MeetMe, Inc.		1,900		11,191
New Media Investment Group, Inc.		1,700		24,157
NIC, Inc.		2,629		53,106
Overstock.com, Inc.*		571		9,821
Perficient, Inc.*		1,245		21,613
Q2 Holdings, Inc.*		900		31,365
QuinStreet, Inc.*		1,815		7,078
Quotient Technology, Inc.*		2,700		25,785
Rapid7, Inc.*		800		11,984
RealNetworks, Inc.*		515		2,493
Reis, Inc.		400		7,160
RetailMeNot, Inc.*		1,300		10,530
RingCentral, Inc., Class A*		2,400		67,920
Safeguard Scientifics, Inc.*		850		10,795
Shutterfly, Inc.*		1,390		67,123
Shutterstock, Inc.*		800		33,080
Stamps.com, Inc.*		662		78,348
TechTarget, Inc.*		500		4,515
The Rubicon Project, Inc.*		1,200		7,068
The Trade Desk Inc., Class A*		300		11,175
TrueCar, Inc.*		2,300		35,581
VASCO Data Security International, Inc.*		1,028		13,878
VirnetX Holding Corp.*		1,583		3,641
Wayfair, Inc., Class A*		1,300		52,637
Web.com Group, Inc.*		1,500		28,950
WebMD Health Corp.*		1,432		75,438
XO Group, Inc.*		859		14,783
Zendesk, Inc.*		3,300		92,532
Zix Corp.*		1,848		8,889

				1,386,134

Investment Companies — 0.1%
Arlington Asset Investment Corp., Class A		900		12,717
Caesars Acquisition Co., Class A*		1,900		29,260
Real Industry, Inc.*		800		2,280

				44,257

Iron & Steel — 0.6%
AK Steel Holding Corp.*		12,000		86,280
Allegheny Technologies, Inc.		4,400		79,024
Carpenter Technology Corp.		1,800		67,140
Cliffs Natural Resources, Inc.*		11,200		91,952
Commercial Metals Co.		4,500		86,085
Ryerson Holding Corp.*		800		10,080
Schnitzer Steel Industries, Inc., Class A		900		18,585
TimkenSteel Corp.*		1,400		26,474

				465,620

Leisure Time — 0.5%
Acushnet Holdings Corp.		1,100		19,008
Callaway Golf Co.		3,946		43,682
Camping World Holdings Inc., Class A		600		19,344


	Number of Shares		Value†

Leisure Time — (continued)
ClubCorp Holdings, Inc.		2,700	$	43,335
Escalade, Inc.		600		7,740
Fox Factory Holding Corp.*		1,000		28,700
Johnson Outdoors, Inc., Class A		200		7,300
LCI Industries		991		98,902
Liberty TripAdvisor Holdings, Inc., Class A*		2,900		40,890
Lindblad Expeditions Holdings Inc.*		700		6,272
Malibu Boats, Inc., Class A*		900		20,205
Marine Products Corp.		688		7,479
Nautilus, Inc.*		1,300		23,725
Planet Fitness, Inc., Class A		1,000		19,270

				385,852

Lodging — 0.4%
Belmond Ltd., Class A*		3,445		41,685
Boyd Gaming Corp.*		3,400		74,834
Century Casinos, Inc.*		1,100		8,316
ILG, Inc.		4,416		92,559
Intrawest Resorts Holdings, Inc.*		600		15,006
Monarch Casino & Resort, Inc.*		485		14,327
Red Lion Hotels Corp.*		800		5,640
Red Rock Resorts, Inc.		1,300		28,834
The Marcus Corp.		633		20,319

				301,520

Machinery—Construction & Mining — 0.3%
Astec Industries, Inc.		798		49,073
Babcock & Wilcox Enterprises, Inc.*		1,900		17,746
Hyster-Yale Materials Handling, Inc.		344		19,398
Joy Global, Inc.		4,000		113,000

				199,217

Machinery—Diversified — 0.8%
Alamo Group, Inc.		417		31,771
Albany International Corp., Class A		1,132		52,129
Altra Industrial Motion Corp.		1,003		39,067
Applied Industrial Technologies, Inc.		1,482		91,662
Briggs & Stratton Corp.		1,836		41,218
Chart Industries, Inc.*		1,177		41,124
Columbus McKinnon Corp.		685		17,002
DXP Enterprises, Inc.*		522		19,768
Gencor Industries, Inc.*		500		7,475
Hurco Cos., Inc.		200		6,220
Kadant, Inc.		399		23,681
Lindsay Corp.		453		39,918
NACCO Industries, Inc., Class A		122		8,516
Power Solutions International, Inc.*		100		1,009
SPX FLOW, Inc.*		1,500		52,065
Tennant Co.		736		53,470
The ExOne Co.*		500		5,095
The Gorman-Rupp Co.		751		23,581
The Manitowoc Co., Inc.*		5,300		30,210

				584,981

Media — 1.4%
Central European Media Enterprises Ltd., Class A*		3,100		9,610
Daily Journal Corp.*		41		8,786


	Number of Shares		Value†
COMMON STOCKS — (continued)
Media — (continued)
Entercom Communications Corp., Class A		1,200	$	17,160
Entravision Communications Corp., Class A		2,800		17,360
Gannett Co., Inc.		4,800		40,224
Gray Television, Inc.*		2,600		37,700
Houghton Mifflin Harcourt Co.*		4,600		46,690
Liberty Braves Corp., Class A*		500		11,970
Liberty Braves Corp., Class C*		1,300		30,745
Liberty Media Corp., Class C*		1,900		64,885
Liberty Media Corp., Class A*		1,000		32,700
Meredith Corp.		1,500		96,900
MSG Networks, Inc., Class A*		2,500		58,375
Nexstar Media Group, Inc.		1,750		122,732
Saga Communications, Inc., Class A		133		6,790
Scholastic Corp.		1,156		49,211
Sinclair Broadcast Group, Inc., Class A		2,617		105,988
The E.W. Scripps Co., Class A*		2,329		54,592
The New York Times Co., Class A		5,121		73,742
Time, Inc.		3,900		75,465
TiVo Corp.		4,624		86,697
tronc, Inc.*		1,100		15,312
World Wrestling Entertainment, Inc., Class A		1,314		29,197

				1,092,831

Metal Fabricate/Hardware — 0.8%
Advanced Drainage Systems, Inc.		1,200		26,280
Ampco-Pittsburgh Corp.		500		7,025
Atkore International Group, Inc.*		500		13,140
CIRCOR International, Inc.		635		37,744
Global Brass & Copper Holdings, Inc.		1,000		34,400
Haynes International, Inc.		564		21,500
Lawson Products, Inc.*		400		8,980
Mueller Industries, Inc.		2,188		74,895
Mueller Industries, Inc.		10,940		10,858
Mueller Water Products, Inc., Class A		6,192		73,189
NN, Inc.		1,000		25,200
Olympic Steel, Inc.		231		4,287
Omega Flex, Inc.		59		2,820
RBC Bearings, Inc.*		937		90,973
Rexnord Corp.*		3,400		78,472
Sun Hydraulics Corp.		859		31,019
TriMas Corp.*		1,795		37,246
Worthington Industries, Inc.		1,784		80,441

				658,469

Mining — 0.7%
Century Aluminum Co.*		1,754		22,258
Coeur Mining, Inc.*		7,528		60,826
Fairmount Santrol Holdings, Inc.*		3,300		24,189
Ferroglobe PLC		2,414		24,937
Ferroglobe Representation & Warranty Insurance Trust Units~		2,414		0
Gold Resource Corp.		2,400		10,848
Hecla Mining Co.		15,517		82,085
Kaiser Aluminum Corp.		716		57,208
Materion Corp.		857		28,752
Ring Energy, Inc.*		1,600		17,312


	Number of Shares		Value†

Mining — (continued)
Smart Sand, Inc.*		700	$	11,375
Stillwater Mining Co.*		4,924		85,038
United States Lime & Minerals, Inc.		29		2,291
US Silica Holdings, Inc.		3,000		143,970

				571,089

Miscellaneous Manufacturing — 1.5%
Actuant Corp., Class A		2,406		63,398
American Outdoor Brands Corp.*		2,179		43,166
American Railcar Industries, Inc.		400		16,440
AZZ, Inc.		976		58,072
Barnes Group, Inc.		2,065		106,017
Chase Corp.		300		28,620
EnPro Industries, Inc.		817		58,138
Fabrinet*		1,300		54,639
Federal Signal Corp.		2,343		32,357
FreightCar America, Inc.		570		7,142
GP Strategies Corp.*		400		10,120
Handy & Harman Ltd.*		200		5,440
Harsco Corp.*		3,200		40,800
Hillenbrand, Inc.		2,374		85,108
John Bean Technologies Corp.		1,129		99,296
Koppers Holdings, Inc.*		820		34,727
LSB Industries, Inc.*		749		7,026
Lydall, Inc.*		600		32,160
Movado Group, Inc.		460		11,477
Myers Industries, Inc.		1,125		17,831
NL Industries, Inc.*		90		580
Park-Ohio Holdings Corp.		400		14,380
Proto Labs, Inc.*		1,000		51,100
Raven Industries, Inc.		1,346		39,101
SPX Corp.*		1,700		41,225
Standex International Corp.		500		50,075
Sturm Ruger & Co., Inc.		719		38,502
Tredegar Corp.		1,061		18,621
Trinseo SA		1,100		73,810

				1,139,368

Office & Business Equipment — 0.0%
Eastman Kodak Co.*		800		9,200

Office Furnishings — 0.4%
Herman Miller, Inc.		2,432		76,729
HNI Corp.		1,843		84,944
Interface, Inc.		2,595		49,435
Knoll, Inc.		1,953		46,501
Steelcase, Inc., Class A		3,531		59,144

				316,753

Oil & Gas — 1.6%
Abraxas Petroleum Corp.*		4,100		8,282
Adams Resources & Energy, Inc.		100		3,735
Alon USA Energy, Inc.		1,352		16,481
Atwood Oceanics, Inc.*		3,000		28,590
Bill Barrett Corp.*		2,025		9,214
California Resources Corp.*		1,400		21,056
Callon Petroleum Co.*		7,400		97,384
Carrizo Oil & Gas, Inc.*		2,365		67,781


	Number of Shares		Value†
COMMON STOCKS — (continued)
Oil & Gas — (continued)
Clayton Williams Energy, Inc.*		217	$	28,661
Cobalt International Energy, Inc.*		17,000		9,068
Contango Oil & Gas Co.*		703		5,146
CVR Energy, Inc.		700		14,056
Delek US Holdings, Inc.		2,498		60,626
Denbury Resources, Inc.*		14,400		37,152
Eclipse Resources Corp.*		1,400		3,556
EP Energy Corp., Class A*		1,800		8,550
Evolution Petroleum Corp.		1,200		9,600
EXCO Resources, Inc.*		6,375		3,952
Isramco, Inc.*		21		2,460
Jones Energy, Inc., Class A*		3,262		8,319
Matador Resources Co.*		3,700		88,023
Northern Oil & Gas, Inc.*		2,253		5,858
Oasis Petroleum, Inc.*		9,600		136,896
Panhandle Oil and Gas, Inc., Class A		634		12,173
Par Pacific Holdings, Inc.*		1,318		21,734
Parker Drilling Co.*		5,217		9,130
PDC Energy, Inc.*		2,212		137,918
RSP Permian, Inc.*		4,000		165,720
Sanchez Energy Corp.*		2,700		25,758
Seadrill Ltd.		15,500		25,575
Trecora Resources*		1,000		11,100
Unit Corp.*		2,100		50,736
W&T Offshore, Inc.*		1,643		4,551
Western Refining, Inc.		3,237		113,521

				1,252,362

Oil & Gas Services — 0.9%
Archrock, Inc.		2,600		32,240
CARBO Ceramics, Inc.*		800		10,432
Dawson Geophysical Co.*		1,000		5,560
Exterran Corp.*		1,300		40,885
Flotek Industries, Inc.*		2,000		25,580
Forum Energy Technologies, Inc.*		2,300		47,610
Geospace Technologies Corp.*		476		7,725
Helix Energy Solutions Group, Inc.*		6,001		46,628
Hornbeck Offshore Services, Inc.*		1,378		6,105
Independence Contract Drilling, Inc.*		1,100		6,061
Mammoth Energy Services, Inc.*		100		2,151
Matrix Service Co.*		987		16,285
MRC Global, Inc.*		3,700		67,821
Natural Gas Services Group, Inc.*		594		15,474
Newpark Resources, Inc.*		3,512		28,447
NOW, Inc.*		4,300		72,928
Oil States International, Inc.*		2,100		69,615
Pioneer Energy Services Corp.*		2,650		10,600
SEACOR Holdings, Inc.*		600		41,514
SRC Energy, Inc.*		7,600		64,144
Tesco Corp.*		1,400		11,270
TETRA Technologies, Inc.*		5,379		21,893
Thermon Group Holdings, Inc.*		1,100		22,924
Willbros Group, Inc.*		2,600		7,124

				681,016

Packaging and Containers — 0.2%
Berry Plastics Group, Inc.*		0		0


	Number of Shares		Value†

Packaging and Containers — (continued)
Greif, Inc., Class B		200	$	13,060
Greif, Inc., Class A		1,000		55,090
KapStone Paper and Packaging Corp.		3,640		84,084
Multi Packaging Solutions International Ltd.*		800		14,360
UFP Technologies, Inc.*		300		7,770

				174,364

Pharmaceuticals — 3.2%
AcelRx Pharmaceuticals, Inc.*		1,800		5,670
Aclaris Therapeutics, Inc.*		300		8,946
Adamas Pharmaceuticals, Inc.*		700		12,250
Aerie Pharmaceuticals, Inc.*		1,200		54,420
Aimmune Therapeutics, Inc.*		1,100		23,903
Akebia Therapeutics, Inc.*		1,200		11,040
Amicus Therapeutics, Inc.*		5,600		39,928
Amphastar Pharmaceuticals, Inc.*		1,400		20,300
Ampio Pharmaceuticals, Inc.*		2,200		1,760
Anika Therapeutics, Inc.*		500		21,720
Anthera Pharmaceuticals, Inc.*		1,100		468
Aratana Therapeutics, Inc.*		900		4,770
Array BioPharma, Inc.*		6,948		62,115
Avexis, Inc.*		200		15,206
Axovant Sciences Ltd.*		800		11,952
Bio-Path Holdings, Inc.*		4,000		3,308
BioScrip, Inc.*		4,411		7,499
BioSpecifics Technologies Corp.*		300		16,440
Cara Therapeutics, Inc.*		800		14,712
Cempra, Inc.*		1,800		6,750
ChemoCentryx, Inc.*		1,000		7,280
Chimerix, Inc.*		1,700		10,846
Cidara Therapeutics, Inc.*		500		3,900
Clovis Oncology, Inc.*		1,500		95,505
Collegium Pharmaceutical, Inc.*		400		4,024
Concert Pharmaceuticals, Inc.*		500		8,530
Corcept Therapeutics, Inc.*		2,900		31,784
Depomed, Inc.*		2,283		28,652
Diplomat Pharmacy, Inc.*		1,900		30,305
Durect Corp.*		3,500		3,675
Eagle Pharmaceuticals, Inc.*		400		33,176
Egalet Corp.*		900		4,590
Enanta Pharmaceuticals, Inc.*		600		18,480
Endocyte, Inc.*		1,500		3,855
Esperion Therapeutics, Inc.*		500		17,655
FibroGen, Inc.*		2,200		54,230
Flexion Therapeutics, Inc.*		900		24,219
Global Blood Therapeutics, Inc.*		700		25,795
Heron Therapeutics, Inc.*		1,900		28,500
Heska Corp.*		300		31,494
Horizon Pharma PLC*		6,500		96,070
Ignyta, Inc.*		1,600		13,760
Immune Design Corp.*		400		2,720
Impax Laboratories, Inc.*		2,837		35,888
Infinity Pharmaceuticals, Inc.*		1,828		5,904
Inotek Pharmaceuticals Corp.*		900		1,800
Insys Therapeutics, Inc.*		800		8,408
Intra-Cellular Therapies, Inc.*		1,400		22,750


	Number of Shares		Value†
COMMON STOCKS — (continued)
Pharmaceuticals — (continued)
Ironwood Pharmaceuticals, Inc.*		5,161	$	88,047
Keryx Biopharmaceuticals, Inc.*		3,500		21,560
La Jolla Pharmaceutical Co.*		400		11,940
Lannett Co., Inc.*		997		22,283
Lifevantage Corp.*		700		3,759
MannKind Corp.*		1,781		2,636
MediciNova, Inc.*		1,400		8,386
Minerva Neurosciences, Inc.*		800		6,480
Mirati Therapeutics, Inc.*		500		2,600
MyoKardia, Inc.*		500		6,575
Myovant Sciences Ltd.*		100		1,174
NantKwest, Inc.*		800		2,840
Natural Grocers by Vitamin Cottage, Inc.*		400		4,156
Natural Health Trends Corp.		300		8,670
Nature’s Sunshine Products, Inc.		200		2,000
Nektar Therapeutics*		5,533		129,860
Neogen Corp.*		1,402		91,901
Neos Therapeutics, Inc.*		400		2,880
Nutraceutical International Corp.		396		12,335
Omega Protein Corp.		1,000		20,050
Ophthotech Corp.*		1,200		4,392
Pacira Pharmaceuticals, Inc.*		1,400		63,840
PharMerica Corp.*		1,220		28,548
Phibro Animal Health Corp., Class A		700		19,670
Portola Pharmaceuticals, Inc.*		1,900		74,461
PRA Health Sciences, Inc.*		1,000		65,230
Prestige Brands Holdings, Inc.*		2,072		115,120
Progenics Pharmaceuticals, Inc.*		2,601		24,553
Protagonist Therapeutics, Inc.*		400		5,124
Proteostasis Therapeutics, Inc.*		600		4,692
Ra Pharmaceuticals, Inc.*		600		12,774
Radius Health, Inc.*		1,200		46,380
Reata Pharmaceuticals, Inc., Class A*		300		6,795
Regulus Therapeutics, Inc.*		1,200		1,980
Revance Therapeutics, Inc.*		700		14,560
Sarepta Therapeutics, Inc.*		1,900		56,240
SciClone Pharmaceuticals, Inc.*		2,277		22,315
Seres Therapeutics, Inc.*		800		9,016
Sorrento Therapeutics, Inc.*		900		3,555
Sucampo Pharmaceuticals, Inc., Class A*		871		9,581
Supernus Pharmaceuticals, Inc.*		1,900		59,470
Synergy Pharmaceuticals, Inc.*		7,600		35,416
Synutra International, Inc.*		311		1,850
Teligent, Inc.*		1,800		14,058
TESARO, Inc.*		1,100		169,257
Tetraphase Pharmaceuticals, Inc.*		1,200		11,028
TG Therapeutics, Inc.*		1,200		13,980
TherapeuticsMD, Inc.*		5,900		42,480
Trevena, Inc.*		2,000		7,340
USANA Health Sciences, Inc.*		448		25,805
Vanda Pharmaceuticals, Inc.*		1,441		20,174
Vital Therapies, Inc.*		800		3,200
Voyager Therapeutics, Inc.*		300		3,972
Xencor, Inc.*		1,300		31,096
Zafgen, Inc.*		600		2,796


	Number of Shares		Value†

Pharmaceuticals — (continued)
Zogenix, Inc.*		1,175	$	12,749

				2,490,581

Pipelines — 0.2%
Primoris Services Corp.		1,490		34,598
SemGroup Corp., Class A		2,700		97,200

				131,798

Publishing / Newspapers — 0.1%
Cimpress NV*		1,000		86,190

Real Estate — 0.6%
Alexander & Baldwin, Inc.		1,800		80,136
AV Homes, Inc.*		595		9,788
Community Healthcare Trust, Inc.		600		14,340
Consolidated-Tomoka Land Co.		124		6,639
Farmland Partners, Inc.		1,400		15,638
Forestar Group, Inc.*		1,163		15,875
Four Corners Property Trust, Inc.		2,500		57,075
FRP Holdings, Inc.*		169		6,760
HFF, Inc., Class A		1,500		41,505
Kennedy-Wilson Holdings, Inc.		3,281		72,838
Marcus & Millichap, Inc.*		500		12,290
RE/MAX Holdings, Inc., Class A		700		41,615
Stratus Properties, Inc.		300		8,220
The RMR Group, Inc., Class A		367		18,166
The St. Joe Co.*		2,100		35,805
Trinity Place Holdings, Inc.*		900		6,579

				443,269

Retail — 4.4%
Abercrombie & Fitch Co., Class A		2,800		33,404
America’s Car-Mart, Inc.*		227		8,274
American Eagle Outfitters, Inc.		6,700		94,001
Asbury Automotive Group, Inc.*		849		51,025
Ascena Retail Group, Inc.*		6,713		28,597
At Home Group, Inc.*		500		7,580
Barnes & Noble Education, Inc.*		1,737		16,658
Barnes & Noble, Inc.		2,600		24,050
Big 5 Sporting Goods Corp.		581		8,773
Big Lots, Inc.		1,800		87,624
Biglari Holdings, Inc.*		40		17,279
BJ’s Restaurants, Inc.*		920		37,168
Bloomin’ Brands, Inc.		4,100		80,893
BMC Stock Holdings, Inc.*		2,300		51,980
Bob Evans Farms, Inc.		842		54,621
Bojangles’, Inc.*		500		10,250
Boot Barn Holdings, Inc.*		400		3,956
Buffalo Wild Wings, Inc.*		747		114,104
Build-A-Bear Workshop, Inc.*		700		6,195
Caleres, Inc.		1,654		43,699
Carrols Restaurant Group, Inc.*		1,113		15,749
Chico’s FAS, Inc.		5,300		75,260
Chuy’s Holdings, Inc.*		600		17,880
Citi Trends, Inc.		503		8,551
Conn’s, Inc.*		1,104		9,660
Cracker Barrel Old Country Store, Inc.		724		115,297
Dave & Buster’s Entertainment, Inc.*		1,500		91,635


	Number of Shares		Value†
COMMON STOCKS — (continued)
Retail — (continued)
Del Frisco’s Restaurant Group, Inc.*		1,000	$	18,050
Del Taco Restaurants, Inc.*		1,100		14,586
Denny’s Corp.*		3,152		38,990
Destination XL Group, Inc.*		1,500		4,275
DineEquity, Inc.		671		36,516
DSW, Inc.		2,800		57,904
Duluth Holdings, Inc., Class B*		500		10,645
El Pollo Loco Holdings, Inc.*		900		10,755
Express, Inc.*		3,154		28,733
EZCORP, Inc., Class A*		1,766		14,393
Fiesta Restaurant Group, Inc.*		1,013		24,515
FirstCash, Inc.		1,939		95,302
Five Below, Inc.*		2,100		90,951
Francesca’s Holdings Corp.*		1,658		25,450
Fred’s, Inc., Class A		1,431		18,746
Freshpet, Inc.*		700		7,700
Genesco, Inc.*		795		44,083
GMS, Inc.*		300		10,512
GNC Holdings, Inc., Class A		2,800		20,608
Group 1 Automotive, Inc.		807		59,783
Guess?, Inc.		2,400		26,760
Haverty Furniture Cos., Inc.		550		13,392
Hibbett Sports, Inc.*		955		28,172
HSN, Inc.		1,279		47,451
J. Alexander’s Holding, Inc.*		483		4,854
Jack in the Box, Inc.		1,314		133,660
Jamba, Inc.*		440		3,982
Kirkland’s, Inc.*		827		10,255
Kona Grill, Inc.*		500		3,150
Lands’ End, Inc.*		700		15,015
Lithia Motors, Inc.		994		85,136
Lumber Liquidators Holdings, Inc.*		1,033		21,683
MarineMax, Inc.*		1,000		21,650
Nathan’s Famous, Inc.*		100		6,265
Noodles & Co.*		300		1,725
Office Depot, Inc.		22,500		104,962
Ollie’s Bargain Outlet Holdings, Inc.*		900		30,150
Papa John’s International, Inc.		1,110		88,844
Party City Holdco, Inc.*		1,200		16,860
PC Connection, Inc.		565		16,831
PetMed Express, Inc.		613		12,346
Pier 1 Imports, Inc.		3,644		26,091
Potbelly Corp.*		1,000		13,900
PriceSmart, Inc.		831		76,618
Red Robin Gourmet Burgers, Inc.*		520		30,394
Regis Corp.*		1,332		15,611
RH*		1,600		74,016
Ruby Tuesday, Inc.*		2,213		6,218
Rush Enterprises, Inc., Class A*		1,135		37,546
Rush Enterprises, Inc., Class B*		300		9,354
Ruth’s Hospitality Group, Inc.		1,195		23,960
Sears Holding Corp.*		500		5,745
Shake Shack, Inc., Class A*		700		23,380
Shoe Carnival, Inc.		458		11,253
Sonic Automotive, Inc., Class A		1,134		22,737
Sonic Corp.		1,732		43,923


	Number of Shares		Value†

Retail — (continued)
Sportsman’s Warehouse Holdings, Inc.*		600	$	2,868
Stage Stores, Inc.		1,381		3,577
Stein Mart, Inc.		1,261		3,796
Systemax, Inc.		262		2,906
Texas Roadhouse, Inc.		2,670		118,895
The Buckle, Inc.		1,049		19,511
The Cato Corp., Class A		1,104		24,244
The Cheesecake Factory, Inc.		1,816		115,062
The Children’s Place, Inc.		794		95,320
The Container Store Group, Inc.*		600		2,538
The Finish Line, Inc., Class A		1,793		25,514
The Habit Restaurants, Inc., Class A*		400		7,080
Tile Shop Holdings, Inc.		1,300		25,025
Tilly’s, Inc., Class A		400		3,608
Tuesday Morning Corp.*		1,629		6,109
Vera Bradley, Inc.*		800		7,448
Vitamin Shoppe, Inc.*		1,000		20,150
West Marine, Inc.*		664		6,335
Wingstop, Inc.		700		19,796
Winmark Corp.		100		11,300
Zoe’s Kitchen, Inc.*		700		12,950
Zumiez, Inc.*		703		12,865

				3,407,446

Savings & Loans — 2.0%
Astoria Financial Corp.		3,701		75,908
Banc of California, Inc.		1,900		39,330
Bank Mutual Corp.		1,632		15,341
BankFinancial Corp.		609		8,843
Bear State Financial, Inc.		800		7,520
Beneficial Bancorp, Inc.		2,773		44,368
Berkshire Hills Bancorp, Inc.		1,302		46,937
BofI Holding, Inc.*		2,400		62,712
Brookline Bancorp, Inc.		2,922		45,729
BSB Bancorp, Inc.*		300		8,475
Capitol Federal Financial, Inc.		5,100		74,613
Charter Financial Corp.		700		13,769
Clifton Bancorp, Inc.		646		10,459
Dime Community Bancshares, Inc.		1,430		29,029
ESSA Bancorp, Inc.		500		7,290
EverBank Financial Corp.		4,200		81,816
First Defiance Financial Corp.		300		14,853
First Financial Northwest, Inc.		100		1,767
Flagstar Bancorp, Inc.*		800		22,552
Flushing Financial Corp.		1,138		30,578
Hingham Institution for Savings		100		17,685
Home Bancorp, Inc.		300		10,125
HomeStreet, Inc.*		1,000		27,950
HomeTrust Bancshares, Inc.*		500		11,750
Investors Bancorp, Inc.		11,855		170,475
Meridian Bancorp, Inc.		1,874		34,294
Meta Financial Group, Inc.		300		26,550
MutualFirst Financial, Inc.		300		9,465
Northfield Bancorp, Inc.		1,793		32,310
Northwest Bancshares, Inc.		3,775		63,571
OceanFirst Financial Corp.		927		26,118
Oritani Financial Corp.		1,718		29,206


	Number of Shares		Value†
COMMON STOCKS — (continued)
Savings & Loans — (continued)
Pacific Premier Bancorp, Inc.*		1,000	$	38,550
Provident Financial Holdings, Inc.		300		5,595
Provident Financial Services, Inc.		2,403		62,118
SI Financial Group, Inc.		500		7,025
Southern Missouri Bancorp, Inc.		300		10,656
Sterling Bancorp, Inc.		5,114		121,202
Territorial Bancorp, Inc.		243		7,574
United Community Financial Corp.		1,700		14,178
United Financial Bancorp, Inc.		2,131		36,248
Washington Federal, Inc.		3,700		122,470
Waterstone Financial, Inc.		1,000		18,250
WSFS Financial Corp.		1,071		49,212

				1,594,466

Semiconductors — 3.8%
Advanced Micro Devices, Inc.*		29,900		435,045
Alpha & Omega Semiconductor Ltd.*		900		15,471
Ambarella, Inc.*		1,300		71,123
Amkor Technology, Inc.*		4,011		46,487
Axcelis Technologies, Inc.*		1,025		19,270
Brooks Automation, Inc.		2,877		64,445
Cabot Microelectronics Corp.		961		73,622
Cavium, Inc.*		2,593		185,786
CEVA, Inc.*		671		23,821
Cirrus Logic, Inc.*		2,481		150,572
Cohu, Inc.		904		16,688
Diodes, Inc.*		1,399		33,646
DSP Group, Inc.*		557		6,684
EMCORE Corp.		1,200		10,800
Entegris, Inc.*		5,670		132,678
Exar Corp.*		1,532		19,931
FormFactor, Inc.*		2,629		31,154
Gerber Scientific, Inc. Escrow Shares~		500		0
GigPeak, Inc.		2,900		8,932
Impinj, Inc.*		200		6,054
Inphi Corp.*		1,600		78,112
Integrated Device Technology, Inc.*		5,493		130,019
InvenSense, Inc.*		3,300		41,679
IXYS Corp.		1,266		18,420
Kopin Corp.*		1,507		6,179
Lattice Semiconductor Corp.*		4,924		34,074
MACOM Technology Solutions Holdings, Inc.*		1,222		59,029
MaxLinear, Inc., Class A*		2,243		62,916
Microsemi Corp.*		4,524		233,122
MKS Instruments, Inc.		2,096		144,100
Monolithic Power Systems, Inc.		1,567		144,321
Nanometrics, Inc.*		900		27,414
Photronics, Inc.*		2,692		28,804
Power Integrations, Inc.		1,095		71,996
Rambus, Inc.*		4,423		58,118
Rudolph Technologies, Inc.*		1,054		23,610
Semtech Corp.*		2,609		88,184
Sigma Designs, Inc.*		1,200		7,500
Silicon Laboratories, Inc.*		1,600		117,680
Synaptics, Inc.*		1,416		70,106
Ultra Clean Holdings, Inc.*		1,600		26,992


	Number of Shares		Value†

Semiconductors — (continued)
Ultratech, Inc.*		978	$	28,968
Veeco Instruments, Inc.*		1,693		50,536
Xcerra Corp.*		2,466		21,923
Xperi Corp.		2,023		68,681

				2,994,692

Software — 3.8%
2U, Inc.*		1,500		59,490
ACI Worldwide, Inc.*		4,527		96,833
Actua Corp.*		1,128		15,848
Acxiom Corp.*		2,967		84,470
Amber Road, Inc.*		600		4,632
American Software, Inc., Class A		1,193		12,264
Appfolio, Inc., Class A*		300		8,160
Apptio, Inc., Class A*		100		1,173
Aspen Technology, Inc.*		3,153		185,775
Avid Technology, Inc.*		1,100		5,126
Benefitfocus, Inc.*		400		11,180
Blackbaud, Inc.		1,850		141,840
Blackline, Inc.*		300		8,928
Bottomline Technologies, Inc.*		1,545		36,539
BroadSoft, Inc.*		1,261		50,692
Callidus Software, Inc.*		2,400		51,240
Castlight Health, Inc., Class B*		1,200		4,380
CommVault Systems, Inc.*		1,548		78,638
Computer Programs & Systems, Inc.		447		12,516
Cornerstone OnDemand, Inc.*		2,100		81,669
Coupa Software, Inc.*		500		12,700
CSG Systems International, Inc.		1,281		48,435
Digi International, Inc.*		1,157		13,768
Ebix, Inc.		1,036		63,455
Envestnet, Inc.*		1,713		55,330
Everbridge, Inc.*		500		10,265
Evolent Health, Inc., Class A*		700		15,610
Exa Corp.*		700		8,890
Fair Isaac Corp.		1,188		153,193
Five9, Inc.*		1,100		18,106
Glu Mobile, Inc.*		4,000		9,080
Guidance Software, Inc.*		400		2,360
Hortonworks, Inc.*		1,700		16,677
HubSpot, Inc.*		1,200		72,660
InnerWorkings, Inc.*		1,724		17,171
Instructure, Inc.*		300		7,020
Jive Software, Inc.*		1,500		6,450
ManTech International Corp., Class A		1,039		35,981
Medidata Solutions, Inc.*		2,188		126,226
MicroStrategy, Inc., Class A*		375		70,425
MINDBODY, Inc., Class A*		500		13,725
MobileIron, Inc.*		1,200		5,220
Model N, Inc.*		1,100		11,495
Monotype Imaging Holdings, Inc.		1,599		32,140
New Relic, Inc.*		900		33,363
Omnicell, Inc.*		1,435		58,333
Park City Group, Inc.*		700		8,645
Paycom Software, Inc.*		1,800		103,518
PDF Solutions, Inc.*		1,200		27,144
pdvWireless, Inc.*		500		10,925


	Number of Shares		Value†
COMMON STOCKS — (continued)
Software — (continued)
Pegasystems, Inc.		1,460	$	64,021
Planet Payment, Inc.*		2,000		7,960
Progress Software Corp.		1,986		57,693
Proofpoint, Inc.*		1,600		118,976
PROS Holdings, Inc.*		917		22,182
QAD, Inc., Class A		392		10,917
Quality Systems, Inc.*		2,204		33,589
RealPage, Inc.*		2,200		76,780
Rosetta Stone, Inc.*		1,000		9,750
Sapiens International Corp. NV		800		10,304
SPS Commerce, Inc.*		700		40,943
Synchronoss Technologies, Inc.*		1,646		40,162
SYNNEX Corp.		1,194		133,656
Take-Two Interactive Software, Inc.*		3,344		198,199
Verint Systems, Inc.*		2,395		103,883
Workiva, Inc.*		900		14,085
Xactly Corp.*		1,000		11,900

				2,974,703

Storage & Warehousing — 0.1%
Mobile Mini, Inc.		1,777		54,199
Wesco Aircraft Holdings, Inc.*		2,240		25,536

				79,735

Telecommunications — 3.2%
8X8, Inc.*		3,400		51,850
Acacia Communications, Inc.*		200		11,724
ADTRAN, Inc.		1,905		39,529
Aerohive Networks, Inc.*		1,300		5,473
Anixter International, Inc.*		1,134		89,926
ATN International, Inc.		449		31,619
Black Box Corp.		562		5,030
CalAmp Corp.*		1,400		23,506
Calix, Inc.*		1,487		10,781
Ciena Corp.*		5,500		129,855
Cincinnati Bell, Inc.*		1,557		27,559
Clearfield, Inc.*		400		6,580
Comtech Telecommunications Corp.		552		8,136
Consolidated Communications Holdings, Inc.		1,841		43,116
DigitalGlobe, Inc.*		2,569		84,135
Extreme Networks, Inc.*		4,147		31,144
FairPoint Communications, Inc.*		1,000		16,600
Finisar Corp.*		4,221		115,402
General Communication, Inc., Class A*		886		18,429
Gigamon, Inc.*		1,300		46,215
Globalstar, Inc.*		14,900		23,840
Gogo, Inc.*		2,200		24,200
GTT Communications, Inc.*		1,100		26,785
Harmonic, Inc.*		2,870		17,077
Hawaiian Telcom Holdco, Inc.*		200		4,582
HC2 Holdings, Inc.*		700		4,340
IDT Corp., Class B		800		10,176
Infinera Corp.*		5,994		61,319
Intelsat SA*		1,200		4,980
InterDigital, Inc.		1,394		120,302
Iridium Communications, Inc.*		3,500		33,775


	Number of Shares		Value†

Telecommunications — (continued)
Ixia*		2,713	$	53,310
j2 Global, Inc.		1,874		157,247
Knowles Corp.*		3,452		65,415
KVH Industries, Inc.*		354		2,974
LogMeIn, Inc.		2,081		202,898
Loral Space & Communications, Inc.*		546		21,512
Lumos Networks Corp.*		782		13,841
NeoPhotonics Corp.*		1,300		11,713
NETGEAR, Inc.*		1,329		65,852
NeuStar, Inc., Class A*		2,200		72,930
NII Holdings, Inc.		2,500		3,250
Numerex Corp., Class A*		800		3,816
Oclaro, Inc.*		4,400		43,208
ORBCOMM, Inc.*		2,700		25,785
Plantronics, Inc.		1,367		73,968
Preformed Line Products Co.		45		2,347
Quantenna Communications, Inc.*		100		2,083
RigNet, Inc.*		500		10,725
Shenandoah Telecommunications Co.		1,718		48,190
ShoreTel, Inc.*		2,281		14,028
Silicom Ltd.		300		14,901
Sonus Networks, Inc.*		1,843		12,145
Spok Holdings, Inc.		612		11,628
Straight Path Communications, Inc., Class B*		300		10,791
Telenav, Inc.*		1,000		8,650
Ubiquiti Networks, Inc.*		1,000		50,260
ViaSat, Inc.*		2,162		137,979
Viavi Solutions, Inc.*		9,600		102,912
Vonage Holdings Corp.*		7,500		47,400
West Corp.		1,700		41,514
Windstream Holdings, Inc.		6,785		36,979

				2,498,236

Textiles — 0.1%
Culp, Inc.		500		15,600
UniFirst Corp.		577		81,617

				97,217

Toys, Games & Hobbies — 0.0%
JAKKS Pacific, Inc.*		584		3,212

Transportation — 1.6%
Air Transport Services Group, Inc.*		2,085		33,464
ArcBest Corp.		995		25,870
Ardmore Shipping Corp.		800		6,440
Atlas Air Worldwide Holdings, Inc.*		1,048		58,112
Bristow Group, Inc.		1,350		20,534
CAI International, Inc.*		660		10,388
Celadon Group, Inc.		935		6,124
Costamare, Inc.		1,200		7,992
Covenant Transportation Group, Inc., Class A*		400		7,520
DHT Holdings, Inc.		3,900		17,433
Dorian LPG Ltd.*		900		9,477
Echo Global Logistics, Inc.*		1,300		27,755
Era Group, Inc.*		800		10,608


	Number of Shares		Value†
COMMON STOCKS — (continued)
Transportation — (continued)
Forward Air Corp.		1,196	$	56,894
Frontline Ltd.		2,800		18,872
GasLog Ltd.		1,700		26,095
Gener8 Maritime, Inc.*		900		5,103
Golar LNG Ltd.		4,000		111,720
Heartland Express, Inc.		1,967		39,438
Hub Group, Inc., Class A*		1,443		66,955
International Seaways, Inc.*		533		10,191
Knight Transportation, Inc.		2,564		80,381
Marten Transport Ltd.		1,051		24,646
Matson, Inc.		1,800		57,168
Navios Maritime Acquisition Corp.		3,700		6,364
Nordic American Tankers Ltd.		3,567		29,178
Overseas Shipholding Group, Inc., Class A		1,600		6,176
P.A.M. Transportation Services, Inc.*		200		3,258
PHI, Inc.*		593		7,104
Radiant Logistics, Inc.*		1,000		5,000
Roadrunner Transportation Systems, Inc.*		1,000		6,870
Saia, Inc.*		961		42,572
Scorpio Bulkers, Inc.*		2,600		23,920
Scorpio Tankers, Inc.		7,100		31,524
Ship Finance International Ltd.		2,284		33,575
Swift Transportation Co.*		3,000		61,620
Teekay Corp.		1,900		17,385
Teekay Tankers Ltd., Class A		3,193		6,546
Tidewater, Inc.*		1,600		1,840
Universal Logistics Holdings, Inc.		100		1,435
USA Truck, Inc.*		200		1,470
Werner Enterprises, Inc.		1,752		45,902
XPO Logistics, Inc.*		3,941		188,735
YRC Worldwide, Inc.*		1,300		14,313

				1,273,967

Trucking and Leasing — 0.2%
GATX Corp.		1,600		97,536
Textainer Group Holdings Ltd.		812		12,423
The Greenbrier Cos., Inc.		1,047		45,126

				155,085

Water — 0.3%
American States Water Co.		1,524		67,513
Artesian Resources Corp., Class A		413		13,447
California Water Service Group		1,966		70,481
Connecticut Water Service, Inc.		419		22,270
Consolidated Water Co. Ltd.		800		9,320
Middlesex Water Co.		531		19,621
PICO Holdings, Inc.*		792		11,088
SJW Group		688		33,175
The York Water Co.		597		20,925

				267,840

TOTAL COMMON STOCKS (Cost $49,378,705)				69,476,776

REAL ESTATE INVESTMENT TRUSTS — 8.0%
Apartments — 0.3%
Bluerock Residential Growth REIT, Inc.		600		7,386


	Number of Shares		Value†

Apartments — (continued)
Education Realty Trust, Inc.		2,901	$	118,506
Independence Realty Trust, Inc.		1,892		17,728
Monogram Residential Trust, Inc.		6,500		64,805
Preferred Apartment Communities, Inc., Class A		800		10,568
Silver Bay Realty Trust Corp.		1,337		28,705

				247,698

Building & Real Estate — 0.9%
Agree Realty Corp.		1,096		52,564
Altisource Residential Corp.		2,200		33,550
Anworth Mortgage Asset Corp.		3,731		20,707
Apollo Commercial Real Estate Finance, Inc.		3,256		61,249
Ares Commercial Real Estate Corp.		1,000		13,380
Capstead Mortgage Corp.		3,475		36,626
Colony Starwood Homes		2,600		88,270
CYS Investments, Inc.		5,856		46,555
Dynex Capital, Inc.		2,307		16,357
Getty Realty Corp.		1,169		29,541
Invesco Mortgage Capital, Inc.		4,407		67,956
iStar, Inc.*		2,718		32,072
New York Mortgage Trust, Inc.		4,700		28,999
PennyMac Mortgage Investment Trust		2,692		47,783
Redwood Trust, Inc.		3,277		54,431
Resource Capital Corp.		1,175		11,480
Select Income REIT		2,600		67,054

				708,574

Diversified — 1.0%
AG Mortgage Investment Trust, Inc.		1,188		21,443
Armada Hoffler Properties, Inc.		1,400		19,446
CatchMark Timber Trust, Inc., Class A		1,300		14,976
CorEnergy Infrastructure Trust, Inc.		500		16,890
CoreSite Realty Corp.		1,300		117,065
DuPont Fabros Technology, Inc.		3,050		151,250
NexPoint Residential Trust, Inc.		600		14,496
NorthStar Realty Europe Corp.		2,500		28,975
PS Business Parks, Inc.		765		87,792
STAG lndustrial, Inc.		3,300		82,566
The GEO Group, Inc.		2,968		137,626
Tier REIT, Inc.		2,000		34,720
UMH Properties, Inc.		968		14,723
Whitestone REIT		800		11,072

				753,040

Diversified Financial Services — 0.4%
ARMOUR Residential REIT, Inc.		1,375		31,226
Great Ajax Corp.		600		7,830
New Residential Investment Corp.		11,900		202,062
Orchid Island Capital, Inc.		1,200		11,988
Owens Realty Mortgage, Inc.		500		8,900
RAIT Financial Trust		3,606		11,539
Western Asset Mortgage Capital Corp.		1,597		15,603

				289,148

Forest Products & Paper — 0.1%
Potlatch Corp.		1,578		72,115


	Number of Shares		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Healthcare — 1.0%
CareTrust REIT, Inc.		2,395	$	40,284
Global Medical REIT, Inc.		900		8,172
Healthcare Realty Trust, Inc.		4,572		148,590
LTC Properties, Inc.		1,517		72,664
MedEquities Realty Trust, Inc.		500		5,605
Medical Properties Trust, Inc.		12,007		154,770
National Health Investors, Inc.		1,457		105,822
New Senior Investment Group, Inc.		2,700		27,540
Physicians Realty Trust		5,300		105,311
Sabra Health Care REIT, Inc.		2,588		72,283
Universal Health Realty Income Trust		520		33,540

				774,581

Hotels & Resorts — 1.1%
Ashford Hospitality Prime, Inc.		987		10,472
Ashford Hospitality Trust, Inc.		3,020		19,237
Chatham Lodging Trust		1,400		27,650
Chesapeake Lodging Trust		2,389		57,240
DiamondRock Hospitality Co.		8,223		91,687
FelCor Lodging Trust, Inc.		4,918		36,934
Hersha Hospitality Trust		1,717		32,262
LaSalle Hotel Properties		4,217		122,082
Pebblebrook Hotel Trust		2,709		79,130
RLJ Lodging Trust		4,900		115,199
Ryman Hospitality Properties, Inc.		1,712		105,853
Summit Hotel Properties, Inc.		3,500		55,930
Sunstone Hotel Investors, Inc.		8,747		134,092

				887,768

Industrial — 0.6%
EastGroup Properties, Inc.		1,275		93,751
First Industrial Realty Trust, Inc.		4,729		125,933
First Potomac Realty Trust		2,392		24,590
InfraREIT, Inc.*		1,700		30,600
Monmouth Real Estate Investment Corp., Class A		2,649		37,801
QTS Realty Trust, Inc.		1,900		92,625
Rexford Industrial Realty, Inc.		2,600		58,552
Terreno Realty Corp.		1,675		46,900

				510,752

Mixed Industrial/Office — 0.5%
Axon Enterprise, Inc.*		2,011		45,831
Cousins Properties, Inc.		13,070		108,092
Gladstone Commercial Corp.		1,052		21,745
Investors Real Estate Trust		4,618		27,385
Lexington Realty Trust		9,315		92,964
One Liberty Properties, Inc.		503		11,750
Washington Real Estate Investment Trust		3,006		94,027

				401,794

Office Property — 0.8%
American Assets Trust, Inc.		1,600		66,944
City Office REIT, Inc.		900		10,935
Easterly Government Properties, Inc.		1,300		25,727
Franklin Street Properties Corp.		4,045		49,106
Government Properties Income Trust		2,744		57,432
Gramercy Property Trust		5,639		148,306


	Number of Shares		Value†

Office Property — (continued)
Hudson Pacific Properties, Inc.		4,700	$	162,808
Mack-Cali Realty Corp.		3,500		94,290
Parkway, Inc.		1,746		34,734

				650,282

Real Estate — 0.2%
Global Net Lease, Inc.		2,333		56,187
Xenia Hotels & Resorts, Inc.		4,200		71,694

				127,881

Regional Malls — 0.3%
CBL & Associates Properties, Inc.		6,900		65,826
MTGE Investment Corp.		2,043		34,220
Pennsylvania Real Estate Investment Trust		2,715		41,105
Washington Prime Group, Inc.		7,000		60,830

				201,981

Storage & Warehousing — 0.1%
National Storage Affiliates Trust		1,800		43,020

Strip Centers — 0.7%
Acadia Realty Trust		3,120		93,787
Alexander’s, Inc.		86		37,140
Cedar Realty Trust, Inc.		2,826		14,187
Kite Realty Group Trust		3,251		69,896
Ramco-Gershenson Properties Trust		3,141		44,037
Retail Opportunity Investments Corp.		4,300		90,429
Saul Centers, Inc.		351		21,629
Seritage Growth Properties		1,000		43,150
Urban Edge Properties		3,500		92,050
Urstadt Biddle Properties, Inc., Class A		1,216		25,001

				531,306

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,196,383)				6,199,940

RIGHTS — 0.0%
Chelsea Therapeutics International Ltd. CVR~		1,600		0
Clinical Data, Inc.~		354		0
Cubist Pharmaceuticals, Inc.~		1,200		0
Durata Therapeutics CVR Shares~		500		0
Dyax Corp. CVR~		5,620		6,238
Furiex Pharmaceuticals Rights~		300		0
Media General CVR~		4,400		8,360
Tobira Therapeutic, Inc. CVR~		400		5,496
Trinity Place Holdings, Inc.*		113		0

TOTAL RIGHTS (Cost $5,624)				20,094


	Par (000)		Value†
U.S. TREASURY OBLIGATIONS — 0.1%¤
U.S. Treasury Bill
0.000%, 06/08/17	$	19		18,476



	Par (000)		Value†
U.S. TREASURY OBLIGATIONS¤ — (continued)
0.000%, 08/03/17	$	71	$	70,810
TOTAL U.S. TREASURY OBLIGATIONS (Cost $89,295)				89,286


	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 2.0%
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares (Cost $1,538,899)		1,538,899		1,538,899

TOTAL INVESTMENTS — 99.1% (Cost $56,208,906)(a)			$	77,324,995

Other Assets & Liabilities — 0.9%				737,228

TOTAL NET ASSETS — 100.0%			$	78,062,223

~	Fair valued security. The total market value of fair valued securities at March 31, 2017 is $20,094.

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $56,456,299. Net unrealized appreciation was $20,868,696. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $26,954,693 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $6,085,997.

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

PLC — Public Limited Company.

CVR — Contingent Valued Rights

REIT — Real Estate Investment Trust.


COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Advertising		—	%+	$	21,122
Aerospace & Defense		1.4	%		968,332
Agriculture		0.3	%		212,062
Airlines		0.4	%		250,312
Apparel		0.7	%		497,934
Auto Manufacturers		0.2	%		103,034
Auto Parts & Equipment		1.3	%		935,561
Banks		11.8	%		8,211,541
Beverages		0.3	%		182,390
Biotechnology		4.0	%		2,761,360
Building Materials		1.9	%		1,286,042
Chemicals		2.8	%		1,969,314
Coal		—	%+		29,687
Commercial Services		5.3	%		3,676,349
Computers		2.5	%		1,705,736
Cosmetics & Personal Care		0.2	%		127,882
Distribution & Wholesale		0.7	%		468,770
Diversified Financial Services		2.7	%		1,887,382


Electric	2.1	%		1,445,635
Electrical Components & Equipment	1.3	%		913,139
Electronics	2.6	%		1,837,548
Energy-Alternate Sources	0.4	%		249,554
Engineering & Construction	1.2	%		865,997
Entertainment	0.8	%		587,610
Environmental Control	0.7	%		459,632
Food	1.8	%		1,231,173
Forest Products & Paper	0.3	%		213,315
Gas	1.4	%		947,730
Hand & Machine Tools	0.3	%		226,935
Healthcare Products	3.6	%		2,510,355
Healthcare Services	1.6	%		1,126,844
Holding Companies	0.3	%		208,674
Home Builders	0.8	%		541,837
Home Furnishings	0.5	%		361,413
Hotels & Resorts	0.1	%		65,068
Household Products & Wares	0.4	%		298,295
Housewares	—	%+		19,704
Insurance	3.3	%		2,310,038
Internet	2.0	%		1,386,134
Investment Companies	0.1	%		44,257
Iron & Steel	0.7	%		465,620
Leisure Time	0.6	%		385,852
Lodging	0.4	%		301,520
Machinery—Construction & Mining	0.3	%		199,217
Machinery—Diversified	0.8	%		584,981
Media	1.6	%		1,092,831
Metal Fabricate/Hardware	1.0	%		658,469
Mining	0.8	%		571,089
Miscellaneous Manufacturing	1.6	%		1,139,368
Office & Business Equipment	—	%+		9,200
Office Furnishings	0.5	%		316,753
Oil & Gas	1.8	%		1,252,362
Oil & Gas Services	1.0	%		681,016
Packaging and Containers	0.3	%		174,364
Pharmaceuticals	3.6	%		2,490,581
Pipelines	0.2	%		131,798
Publishing / Newspapers	0.1	%		86,190
Real Estate	0.6	%		443,269
Retail	4.9	%		3,407,446
Savings & Loans	2.3	%		1,594,466
Semiconductors	4.3	%		2,994,692
Software	4.3	%		2,974,703
Storage & Warehousing	0.1	%		79,735
Telecommunications	3.6	%		2,498,236
Textiles	0.1	%		97,217
Toys, Games & Hobbies	—	%+		3,212
Transportation	1.8	%		1,273,967
Trucking and Leasing	0.2	%		155,085
Water	0.4	%		267,840
	100.0	%	$	69,476,776

+ Rounded

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Advertising	$	21,122	$	21,122	$	—	$	—
Aerospace & Defense		968,332		968,332		—		—
Agriculture		212,062		212,062		—		—
Airlines		250,312		250,312		—		—
Apparel		497,934		497,934		—		—
Auto Manufacturers		103,034		103,034		—		—
Auto Parts & Equipment		935,561		935,561		—		—
Banks		8,211,541		8,211,541		—		—
Beverages		182,390		182,390		—		—
Biotechnology		2,761,360		2,761,360		—		—
Building Materials		1,286,042		1,286,042		—		—
Chemicals		1,969,314		1,969,314		—		—
Coal		29,687		29,687		—		—
Commercial Services		3,676,349		3,676,349		—		—
Computers		1,705,736		1,705,736		—		—
Cosmetics & Personal Care		127,882		127,882		—		—
Distribution & Wholesale		468,770		468,770		—		—
Diversified Financial Services		1,887,382		1,887,382		—		—
Electric		1,445,635		1,445,635		—		—
Electrical Components & Equipment		913,139		913,139		—		—
Electronics		1,837,548		1,837,548		—		—
Energy-Alternate Sources		249,554		249,554		—		—
Engineering & Construction		865,997		865,997		—		—
Entertainment		587,610		587,610		—		—
Environmental Control		459,632		459,632		—		—
Food		1,231,173		1,231,173		—		—
Forest Products & Paper		213,315		213,315		—		—
Gas		947,730		947,730		—		—
Hand & Machine Tools		226,935		226,935		—		—
Healthcare Products		2,510,355		2,510,355		—		—
Healthcare Services		1,126,844		1,126,844		—		—
Holding Companies		208,674		208,674		—		—
Home Builders		541,837		541,837		—		—
Home Furnishings		361,413		361,413		—		—
Hotels & Resorts		65,068		65,068		—		—
Household Products & Wares		298,295		298,295		—		—
Housewares		19,704		19,704		—		—
Insurance		2,310,038		2,310,038		—		—
Internet		1,386,134		1,386,134		—		—
Investment Companies		44,257		44,257		—		—
Iron & Steel		465,620		465,620		—		—
Leisure Time		385,852		385,852		—		—
Lodging		301,520		301,520		—		—
Machinery - Construction & Mining		199,217		199,217		—		—
Machinery - Diversified		584,981		584,981		—		—
Media		1,101,191		1,092,831		8,360		—
Metal Fabricate/Hardware		658,469		647,611		10,858		—
Mining		571,089		571,089		—		—
Miscellaneous Manufacturing		1,139,368		1,139,368		—		—
Office & Business Equipment		9,200		9,200		—		—
Office Furnishings		316,753		316,753		—		—
Oil & Gas		1,252,362		1,252,362		—		—
Oil & Gas Services		681,016		681,016		—		—
Packaging and Containers		174,364		174,364		—		—
Pharmaceuticals		2,490,581		2,490,581		—		—
Pipelines		131,798		131,798		—		—
Publishing / Newspapers		86,190		86,190		—		—
Real Estate		443,269		443,269		—		—
Retail		3,407,446		3,407,446		—		—


Savings & Loans		1,594,466		1,594,466		—		—
Semiconductors		2,994,692		2,994,692		—		—
Software		2,974,703		2,974,703		—		—
Storage & Warehousing		79,735		79,735		—		—
Telecommunications		2,498,236		2,498,236		—		—
Textiles		97,217		97,217		—		—
Toys, Games & Hobbies		3,212		3,212		—		—
Transportation		1,273,967		1,273,967		—		—
Trucking and Leasing		155,085		155,085		—		—
Water		267,840		267,840		—		—
REAL ESTATE INVESTMENT TRUSTS
Apartments		247,698		247,698		—		—
Building & Real Estate		708,574		708,574		—		—
Diversified		753,040		753,040		—		—
Diversified Financial Services		289,148		289,148		—		—
Forest Products & Paper		72,115		72,115		—		—
Healthcare		774,581		774,581		—		—
Hotels & Resorts		887,768		887,768		—		—
Industrial		510,752		510,752		—		—
Mixed Industrial/Office		401,794		401,794		—		—
Office Property		650,282		650,282		—		—
Real Estate		127,881		127,881		—		—
Regional Malls		201,981		201,981		—		—
Storage & Warehousing		43,020		43,020		—		—
Strip Centers		531,306		531,306		—		—
U.S. TREASURY OBLIGATIONS		89,286		—		89,286		—
RIGHTS		11,734		—		11,734		—
SHORT-TERM INVESTMENTS		1,538,899		1,538,899		—		—
TOTAL INVESTMENTS	$	77,324,995	$	77,204,757	$	120,238	$	—

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


	Number of Shares		Value†
COMMON STOCKS — 99.4%
Australia — 7.5%
AGL Energy Ltd.		5,276	$	106,294
Alumina Ltd.		15,918		21,769
Amcor Ltd.		9,071		104,370
AMP Ltd.		24,438		96,714
APA Group		8,753		59,918
Aristocrat Leisure Ltd.		4,196		57,607
ASX Ltd.		1,401		54,032
Aurizon Holdings Ltd.		15,495		62,150
AusNet Services		19,132		24,629
Australia & New Zealand Banking Group Ltd.		23,523		571,856
Bank of Queensland Ltd.		3,231		30,017
Bendigo & Adelaide Bank Ltd.		3,923		36,386
BHP Billiton Ltd.		25,265		464,031
Boral Ltd.		10,576		47,188
Brambles Ltd.		12,161		86,871
Caltex Australia Ltd.		2,100		47,314
Challenger Ltd/Australia		4,465		42,811
CIMIC Group Ltd.		829		22,757
Coca-Cola Amatil Ltd.		4,963		41,027
Cochlear Ltd.		418		43,186
Commonwealth Bank of Australia		13,735		901,500
Computershare Ltd.		3,381		36,318
Crown Resorts Ltd.		2,801		25,273
CSL Ltd.		3,584		343,176
Dexus Property Group		8,629		64,409
Domino’s Pizza Enterprises Ltd.		473		21,003
DUET Group		18,815		40,105
Flight Centre Travel Group Ltd.		439		9,686
Fortescue Metals Group Ltd.		13,816		65,760
Goodman Group		13,411		79,304
Harvey Norman Holdings Ltd.		3,235		11,196
Healthscope Ltd.		13,599		23,585
Incitec Pivot Ltd.		13,612		39,102
Insurance Australia Group Ltd.		19,230		88,885
LendLease Group		4,333		51,576
Macquarie Group Ltd.		2,369		163,255
Medibank Pvt. Ltd.		21,209		45,694
Mirvac Group		26,971		45,127
National Australia Bank Ltd.		21,369		544,306
Newcrest Mining Ltd.		6,279		106,833
Oil Search Ltd.		10,741		59,248
Orica Ltd.		2,861		38,470
Origin Energy Ltd.*		14,077		75,822
Qantas Airways Ltd.		2,415		7,177
QBE Insurance Group Ltd.		10,872		107,067
Ramsay Health Care Ltd.		1,058		56,493
REA Group Ltd.		400		18,131
Rio Tinto Ltd.		3,268		150,954
Santos Ltd.*		12,884		37,405
Scentre Group		41,172		134,944
SEEK Ltd.		2,700		32,840
Sonic Healthcare Ltd.		3,512		59,352
South32 Ltd.		16,770		35,036
South32 Ltd.		24,967		52,646
Stockland		19,857		70,392


	Number of Shares		Value†

Australia — (continued)
Suncorp Group Ltd.		9,789	$	98,795
Sydney Airport		9,694		50,140
Tabcorp Holdings Ltd.		7,043		25,559
Tatts Group Ltd.		13,129		44,435
Telstra Corp. Ltd.		33,844		120,493
The GPT Group		15,260		60,042
The GPT Group, In Specie~		16,419		0
TPG Telecom Ltd.		2,224		11,843
Transurban Group		15,707		140,042
Treasury Wine Estates Ltd.		5,948		55,576
Vicinity Centres		25,092		54,252
Vocus Group Ltd.		4,003		13,212
Wesfarmers Ltd.		8,823		303,807
Westfield Corp.		15,906		107,911
Westpac Banking Corp.		26,843		719,013
Woodside Petroleum Ltd.		6,074		148,868
Woolworths Ltd.		10,150		205,497

				7,822,482

Austria — 0.2%
ANDRITZ AG		668		33,412
Erste Group Bank AG		2,497		81,313
Immoeast AG~		2,678		0
OMV AG		1,135		44,661
Raiffeisen Bank International AG*		750		16,926
voestalpine AG		1,009		39,719

				216,031

Belgium — 1.2%
Ageas		1,453		56,794
Anheuser-Busch InBev N.V.		6,036		662,596
Colruyt S.A.		647		31,764
Groupe Bruxelles Lambert S.A.		667		60,553
KBC Groep N.V.		2,043		135,542
Proximus SADP		1,133		35,554
Solvay S.A.		600		73,321
Telenet Group Holding N.V.*		377		22,422
UCB S.A.		1,013		78,576
Umicore S.A.		738		42,042

				1,199,164

Bermuda — 0.1%
Jardine Strategic Holdings Ltd.		2,000		84,000

China — 0.1%
Sands China Ltd.		19,200		88,941
Yangzijiang Shipbuilding Holdings Ltd.		19,000		15,348

				104,289

Denmark — 1.6%
A.P. Moller - Maersk A/S, B Shares		55		91,251
A.P. Moller - Maersk A/S, A Shares		31		50,010
Carlsberg A/S, B Shares		840		77,573
Chr Hansen Holding AS		775		49,743
Coloplast A/S, B Shares		905		70,663
Danske Bank A/S		5,455		185,781
DONG Energy AS144A @		1,171		45,153
DSV A/S		1,517		78,530


	Number of Shares		Value†
COMMON STOCKS — (continued)
Denmark — (continued)
Genmab AS*		490	$	94,366
ISS A/S		1,307		49,423
Novo Nordisk A/S, B Shares		15,146		520,171
Novozymes A/S, B Shares		1,916		75,941
Pandora A/S		881		97,530
TDC A/S		6,200		31,971
Tryg A/S		965		17,505
Vestas Wind Systems A/S		1,794		145,864
William Demant Holding A/S*		690		14,416

				1,695,891

Finland — 1.0%
Elisa OYJ		1,000		35,365
Fortum OYJ		3,489		55,198
Kone OYJ, B Shares		2,641		115,965
Metso OYJ		1,066		32,274
Neste OYJ		1,183		46,140
Nokia OYJ		48,031		257,735
Nokian Renkaat OYJ		765		31,942
Orion OYJ, B Shares		750		39,101
Sampo OYJ, A Shares		3,551		168,424
Stora Enso OYJ, R Shares		4,323		51,099
UPM-Kymmene OYJ		4,158		97,676
Wartsila OYJ Abp		1,184		63,344

				994,263

France — 9.5%
Accor S.A.		1,361		56,697
Aeroports de Paris		215		26,572
Air Liquide S.A.		3,077		351,561
Alstom S.E.*		1,018		30,424
Arkema S.A.		594		58,603
AtoS S.A.		702		86,834
AXA S.A.		15,235		394,210
BNP Paribas S.A.		8,510		566,770
Bollore S.A.*		39		148
Bollore S.A.		6,919		26,823
Bouygues S.A.		1,571		63,946
Bureau Veritas S.A.		2,393		50,483
Capgemini S.A.		1,393		128,633
Carrefour S.A.		4,457		105,080
Casino Guichard Perrachon S.A.		468		26,176
Christian Dior S.E.		408		94,799
Cie de Saint-Gobain		4,041		207,508
Cie Generale des Etablissements Michelin, B Shares		1,486		180,483
CNP Assurances		1,617		32,913
Credit Agricole S.A.		8,537		115,663
Danone S.A.		4,633		315,134
Dassault Aviation S.A.		18		22,887
Dassault Systemes S.A.		988		85,522
Edenred		1,755		41,470
Eiffage S.A.		442		34,620
Electricite de France S.A.		2,739		23,060
Engie SA		12,593		178,407
Essilor International S.A.		1,632		198,302
Eurazeo S.A.		360		23,707


	Number of Shares		Value†

France — (continued)
Eutelsat Communications S.A.		1,342	$	29,964
Fonciere Des Regions		278		23,224
Gecina S.A.		313		42,473
Groupe Eurotunnel S.E.		3,742		37,652
Hermes International		218		103,281
ICADE		313		22,933
Iliad S.A.		205		45,849
Imerys S.A.		213		18,081
Ingenico Group S.A.		436		41,145
JCDecaux S.A.		510		17,949
Kering		600		155,188
Klepierre		1,908		74,213
L’Oreal S.A.		1,990		382,447
Lagardere S.C.A.		948		27,923
Legrand S.A.		2,075		125,114
LVMH Moet Hennessy Louis Vuitton S.E.		2,191		481,147
Natixis		7,282		44,871
Orange S.A.		15,519		241,134
Pernod Ricard S.A.		1,689		199,823
Peugeot S.A.*		3,574		71,966
Publicis Groupe S.A.		1,489		104,061
Remy Cointreau S.A.		155		15,175
Renault S.A.		1,493		129,697
Rexel S.A.		2,700		49,024
Safran S.A.		2,428		181,392
Sanofi S.A.		9,294		838,996
Schneider Electric S.E.		4,545		332,761
SCOR S.E.		1,438		54,352
SEB S.A.		179		24,996
SFR Group S.A.*		671		21,110
Societe BIC S.A.		246		30,652
Societe Generale S.A.		6,206		314,809
Sodexo S.A.		765		89,976
Suez Environment Co.		2,507		39,596
Thales S.A.		920		88,979
TOTAL S.A.		18,389		930,168
Unibail-Rodamco S.E.		772		180,445
Valeo SA		1,888		125,742
Veolia Environment S.A.		3,504		65,641
Vinci S.A.		3,958		313,725
Vivendi S.A.		8,154		158,534
Wendel S.A.		253		32,064
Zodiac Aerospace		1,736		43,421

				9,879,128

Germany — 8.8%
adidas AG		1,472		279,991
Allianz S.E.		3,601		667,087
Axel Springer S.E.		327		18,060
BASF S.E.		7,245		718,178
Bayer AG		6,525		752,124
Bayerische Motoren Werke AG		2,582		235,536
Beiersdorf AG		792		74,969
Brenntag AG		1,140		63,909
Commerzbank AG		8,718		78,849
Continental AG		878		192,482
Covestro AG144A @		547		42,108


	Number of Shares		Value†
COMMON STOCKS — (continued)
Germany — (continued)
Daimler AG		7,587	$	560,093
Deutsche Annington Immobilien S.E.		3,943		138,938
Deutsche Bank AG*		10,968		188,966
Deutsche Bank AG*		10,968		26,210
Deutsche Boerse AG		1,516		138,940
Deutsche Lufthansa AG		1,991		32,285
Deutsche Post AG		7,576		259,476
Deutsche Telekom AG		26,342		461,571
Deutsche Wohnen AG		2,580		84,951
E.ON S.E.		16,007		127,236
Evonik Industries AG		1,096		35,737
Fraport AG Frankfurt Airport Services Worldwide		272		19,247
Fresenius Medical Care AG & Co. KGaA		1,701		143,447
Fresenius S.E. & Co. KGaA		3,201		257,240
GEA Group AG		1,522		64,687
Hannover Rueck S.E.		474		54,688
HeidelbergCement AG		1,217		113,939
Henkel AG & Co. KGaA		823		91,441
HOCHTIEF AG		160		26,448
HUGO BOSS AG		567		41,380
Infineon Technologies AG		8,762		178,955
Innogy SE*144A @		1,102		41,599
K+S AG		1,330		30,917
LANXESS AG		691		46,360
Linde AG		1,451		241,632
MAN S.E.		297		30,616
Merck KGaA		1,016		115,757
METRO AG		1,566		50,085
Muenchener Ruckversicherungs AG		1,315		257,282
OSRAM Licht AG		667		41,804
ProSiebenSat.1 Media AG		1,773		78,504
RWE AG*		3,801		62,993
SAP S.E.		7,758		761,250
Siemens AG		6,129		839,535
Symrise AG		1,079		71,758
Telefonica Deutschland Holding AG		4,698		23,305
thyssenkrupp AG		2,865		70,175
TUI AG		3,650		50,578
United Internet AG		908		40,180
Volkswagen AG		247		36,798
Zalando SE*144A @		677		27,390

				9,087,686

Hong Kong — 3.1%
AIA Group Ltd.		95,000		598,983
ASM Pacific Technology Ltd.		1,700		23,122
Bank of East Asia Ltd.		8,162		33,765
BOC Hong Kong Holdings Ltd.		28,000		114,392
Cathay Pacific Airways Ltd.		10,000		14,515
Cheung Kong Infrastructure Holdings Ltd.		5,000		39,246
Cheung Kong Property Holdings Ltd.		21,170		142,604
CK Hutchison Holdings Ltd.		21,128		259,903
CLP Holdings Ltd.		12,500		130,686
First Pacific Co., Ltd.		15,750		11,430
Galaxy Entertainment Group Ltd.		18,000		98,552
Hang Lung Group Ltd.		7,000		29,859


	Number of Shares		Value†

Hong Kong — (continued)
Hang Lung Properties Ltd.		19,000	$	49,386
Hang Seng Bank Ltd.		5,900		119,647
Henderson Land Development Co., Ltd.		8,935		55,359
HK Electric Investments & HK Electric Investments Ltd.144A @		20,777		19,142
HKT Trust & HKT Ltd.		30,240		38,989
Hong Kong & China Gas Co., Ltd.		59,464		118,905
Hong Kong Exchanges & Clearing Ltd.		9,054		227,879
Hongkong Land Holdings Ltd.		9,000		69,210
Hysan Development Co., Ltd.		6,140		27,850
Kerry Properties Ltd.		3,509		12,168
Li & Fung Ltd.		50,000		21,682
Link REIT		18,176		127,348
Melco Crown Entertainment Ltd. ADR		1,467		27,198
MGM China Holdings Ltd.		8,400		17,510
MTR Corp., Ltd.		11,599		65,148
New World Development Co., Ltd.		43,273		53,232
NWS Holdings Ltd.		13,664		24,932
PCCW Ltd.		33,068		19,488
Power Assets Holdings Ltd.		10,500		90,523
Shangri-La Asia Ltd.		6,666		9,710
Sino Land Co., Ltd.		21,298		37,326
SJM Holdings Ltd.		17,000		13,825
Sun Hung Kai Properties Ltd.		11,161		164,008
Swire Pacific Ltd., A Shares		4,000		39,941
Swire Properties Ltd.		9,336		29,913
Techtronic Industries Co.		11,000		44,515
The Wharf Holdings Ltd.		11,000		94,409
WH Group Ltd.144A @		63,823		55,023
Wheelock & Co., Ltd.		7,000		55,350
Yue Yuen Industrial Holdings Ltd.		7,000		27,517

				3,254,190

Ireland — 1.1%
Anglo Irish Bank Corp. PLC~		3,146		0
Bank of Ireland*		220,348		55,241
CRH PLC		6,548		231,008
DCC PLC		683		60,115
Experian PLC		7,589		154,794
James Hardie Industries PLC		3,958		62,202
Kerry Group PLC, A Shares		1,349		106,063
Paddy Power Betfair PLC		632		67,759
Ryanair Holdings PLC ADR*		257		21,326
Shire PLC		7,072		412,987

				1,171,495

Israel — 0.7%
Azrieli Group		283		15,015
Bank Hapoalim BM		8,292		50,542
Bank Leumi Le-Israel BM*		11,337		50,074
Bezeq The Israeli Telecommunication Corp., Ltd.		15,011		26,976
Check Point Software Technologies Ltd.*		1,012		103,892
Elbit Systems Ltd.		186		21,288
Frutarom Industries Ltd.		303		16,938
Israel Chemicals Ltd.		3,410		14,497
Mizrahi Tefahot Bank Ltd.		783		13,280


	Number of Shares		Value†
COMMON STOCKS — (continued)
Israel — (continued)
Mobileye NV*		1,353	$	83,074
Nice Ltd.		400		26,876
Taro Pharmaceutical Industries Ltd.*		116		13,528
Teva Pharmaceutical Industries Ltd.		7,232		237,773

				673,753

Italy — 1.9%
Assicurazioni Generali SpA		9,446		150,148
Atlantia SpA		3,570		92,165
Enel SpA		60,404		284,435
Eni SpA		20,152		329,998
Ferrari NV		1,122		83,487
Intesa Sanpaolo SpA		100,509		272,991
Intesa Sanpaolo SpA, RSP		8,795		22,368
Leonardo SpA*		3,179		45,071
Luxottica Group SpA		1,314		72,542
Mediobanca SpA		4,539		40,917
Poste Italiane Spa144A @		4,029		26,863
Prysmian SpA		1,389		36,719
Saipem SpA*		46,345		21,037
Snam SpA		20,845		90,151
Telecom Italia SpA*		90,713		81,580
Telecom Italia SpA, RSP		52,300		38,163
Terna Rete Elettrica Nasionale SpA		11,628		57,682
UniCredit SpA		15,628		240,910
UnipolSai Assicurazioni SpA		8,602		18,977

				2,006,204

Japan — 23.5%
ABC-Mart, Inc.		200		11,695
Acom Co., Ltd.*		3,200		12,791
Aeon Co., Ltd.		5,700		83,199
AEON Financial Service Co., Ltd.		700		13,185
Aeon Mall Co., Ltd.		710		11,173
Air Water, Inc.		1,000		18,432
Aisin Seiki Co., Ltd.		1,400		68,786
Ajinomoto Co., Inc.		4,700		92,729
Alfresa Holdings Corp.		1,600		27,723
Alps Electric Co., Ltd.		1,400		39,675
Amada Holdings Co., Ltd.		3,000		34,250
ANA Holdings, Ltd.		11,000		33,574
Aozora Bank Ltd.		10,000		36,827
Asahi Glass Co., Ltd.		9,000		72,918
Asahi Group Holdings Ltd.		3,200		120,952
Asahi Kasei Corp.		11,000		106,710
Asics Corp.		1,000		16,060
Astellas Pharma, Inc.		17,500		230,441
Bandai Namco Holdings, Inc.		1,500		44,867
Benesse Holdings, Inc.		700		21,881
Bridgestone Corp.		5,200		210,326
Brother Industries Ltd.		2,100		43,856
Calbee, Inc.		800		27,270
Canon, Inc.		8,300		258,774
Casio Computer Co., Ltd.		1,500		20,870
Central Japan Railway Co.		1,200		195,527
Chubu Electric Power Co., Inc.		5,100		68,302
Chugai Pharmaceutical Co., Ltd.		1,800		61,843


	Number of Shares		Value†

Japan — (continued)
Concordia Financial Group Ltd.		10,300	$	47,684
Credit Saison Co., Ltd.		1,000		17,839
CYBERDYNE, Inc.*		1,000		14,354
Dai Nippon Printing Co., Ltd.		4,000		43,115
Daicel Corp.		2,000		24,091
Daiichi Sankyo Co., Ltd.		4,800		108,089
Daikin Industries Ltd.		1,800		180,841
Daito Trust Construction Co., Ltd.		600		82,431
Daiwa House Industry Co., Ltd.		4,500		129,184
Daiwa House REIT Investment Corp.		11		28,594
Daiwa Securities Group, Inc.		13,000		79,158
DeNA Co., Ltd.		800		16,233
Denso Corp.		3,900		171,547
Dentsu, Inc.		1,800		97,656
Don Quijote Holdings Co., Ltd.		800		27,737
East Japan Railway Co.		2,600		226,394
Eisai Co., Ltd.		2,000		103,548
Electric Power Development Co., Ltd.		1,000		23,399
FamilyMart Co., Ltd.		700		41,750
FANUC Corp.		1,500		307,464
Fast Retailing Co., Ltd.		400		125,465
Fuji Electric Co., Ltd.		4,000		23,749
Fuji Heavy Industries Ltd.		4,900		179,706
FUJIFILM Holdings Corp.		3,700		144,504
Fujitsu Ltd.		15,000		91,741
Fukuoka Financial Group, Inc.		6,000		25,977
Hakuhodo DY Holdings, Inc.		1,500		17,785
Hamamatsu Photonics K.K.		1,000		28,788
Hankyu Hanshin Holdings, Inc.		1,800		58,529
Hikari Tsushin, Inc.		200		19,546
Hino Motors Ltd.		2,000		24,198
Hirose Electric Co., Ltd.		210		29,049
Hisamitsu Pharmaceutical Co., Inc.		400		22,851
Hitachi Chemical Co., Ltd.		1,000		27,666
Hitachi Construction Machinery Co., Ltd.		1,000		24,926
Hitachi High-Technologies Corp.		500		20,367
Hitachi Ltd.		38,000		205,650
Hitachi Metals Ltd.		2,000		28,061
Hokuriku Electric Power Co.		1,200		11,641
Honda Motor Co., Ltd.		12,800		385,276
Hoshizaki Electric Co., Ltd.		500		39,342
Hoya Corp.		3,300		158,760
Hulic Co., Ltd.		2,500		23,511
Idemitsu Kosan Co., Ltd.		900		31,285
IHI Corp.*		12,000		37,833
Iida Group Holdings Co., Ltd.		1,000		15,342
Inpex Corp.		7,200		70,784
Isetan Mitsukoshi Holdings Ltd.		2,500		27,441
Isuzu Motors Ltd.		4,500		59,519
ITOCHU Corp.		12,000		170,304
J. Front Retailing Co., Ltd.		2,000		29,642
Japan Airlines Co., Ltd.		1,000		31,672
Japan Airport Terminal Co., Ltd.		300		10,415
Japan Exchange Group, Inc.		4,000		56,948
Japan Post Bank Co., Ltd.		3,000		37,214
Japan Post Holdings Co., Ltd.		4,000		50,193


	Number of Shares		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Japan Prime Realty Investment Corp.		8	$	30,971
Japan Real Estate Investment Corp.		10		52,996
Japan Retail Fund Investment Corp.		20		39,235
Japan Tobacco, Inc.		8,600		279,483
JFE Holdings, Inc.		4,600		78,857
JGC Corp.		2,000		34,762
JSR Corp.		1,800		30,348
JTEKT Corp.		1,500		23,296
JX Holdings, Inc.		22,790		111,913
Kajima Corp.		7,000		45,648
Kakaku.com, Inc.		1,100		14,969
Kamigumi Co., Ltd.		2,000		17,282
Kaneka Corp.		2,000		14,875
Kansai Paint Co., Ltd.		2,000		42,450
Kao Corp.		3,900		213,829
Kawasaki Heavy Industries Ltd.		10,000		30,360
KDDI Corp.		14,400		377,947
Keihan Holdings Co. Ltd.		5,000		30,585
Keikyu Corp.		4,000		43,906
Keio Corp.		5,000		39,612
Keisei Electric Railway Co., Ltd.		1,000		23,201
Keyence Corp.		782		313,137
Kikkoman Corp.		1,000		29,866
Kintetsu Group Holdings Co., Ltd.		16,000		57,630
Kirin Holdings Co., Ltd.		6,800		128,298
Kobe Steel Ltd.*		2,600		23,728
Koito Manufacturing Co., Ltd.		1,000		52,008
Komatsu Ltd.		7,300		190,254
Konami Corp.		600		25,465
Konica Minolta, Inc.		4,000		35,786
Kose Corp.		200		18,090
Kubota Corp.		8,200		123,077
Kuraray Co., Ltd.		3,100		47,003
Kurita Water Industries Ltd.		800		19,351
Kyocera Corp.		2,600		144,841
Kyowa Hakko Kirin Co., Ltd.		2,000		31,654
Kyushu Electric Power Co., Inc.		2,900		30,894
Kyushu Financial Group Inc.		3,000		18,351
Lawson, Inc.		400		27,127
Lion Corp.		2,000		35,965
LIXIL Group Corp.		2,300		58,363
M3, Inc.		1,700		42,191
Mabuchi Motor Co., Ltd.		400		22,528
Makita Corp.		2,000		70,062
Marubeni Corp.		13,000		80,046
Marui Group Co., Ltd.		1,500		20,385
Maruichi Steel Tube Ltd.		300		8,529
Mazda Motor Corp.		5,000		71,993
McDonald’s Holdings Co., Japan Ltd.		700		20,435
Mebuki Financial Group Inc.		7,020		28,060
Medipal Holdings Corp.		1,700		26,661
MEIJI Holdings Co., Ltd.		900		74,939
MINEBEA MITSUMI, Inc.		3,000		40,016
Miraca Holdings, Inc.		400		18,396
MISUMI Group, Inc.		2,200		39,759
Mitsubishi Chemical Holdings Corp.		10,800		83,563


	Number of Shares		Value†

Japan — (continued)
Mitsubishi Corp.		11,800	$	254,962
Mitsubishi Electric Corp.		15,300		219,475
Mitsubishi Estate Co., Ltd.		10,000		182,341
Mitsubishi Gas Chemical Co., Inc.		1,500		31,151
Mitsubishi Heavy Industries Ltd.		27,000		108,310
Mitsubishi Logistics Corp.		1,000		13,779
Mitsubishi Materials Corp.		700		21,189
Mitsubishi Motors Corp.		5,200		31,248
Mitsubishi Tanabe Pharma Corp.		1,900		39,560
Mitsubishi UFJ Financial Group, Inc.		102,300		642,947
Mitsubishi UFJ Lease & Finance Co., Ltd.		4,600		22,932
Mitsui & Co., Ltd.		13,300		192,637
Mitsui Chemicals, Inc.		9,000		44,462
Mitsui Fudosan Co., Ltd.		7,000		149,268
Mitsui OSK Lines Ltd.		10,000		31,438
Mixi, Inc.		500		24,073
Mizuho Financial Group, Inc.		194,680		356,730
MS&AD Insurance Group Holdings, Inc.		4,090		130,051
Murata Manufacturing Co., Ltd.		1,500		213,352
Nabtesco Corp.		700		18,548
Nagoya Railroad Co., Ltd.		7,000		31,501
NEC Corp.		21,000		50,552
Nexon Co., Ltd.		1,100		17,479
NGK Insulators Ltd.		2,000		45,271
NGK Spark Plug Co., Ltd.		1,400		31,991
NH Foods Ltd.		1,000		26,848
Nidec Corp.		1,900		180,818
Nikon Corp.		2,900		42,043
Nintendo Co., Ltd.		900		208,852
Nippon Building Fund, Inc.		12		65,643
Nippon Electric Glass Co., Ltd.		4,000		24,180
Nippon Express Co., Ltd.		6,000		30,827
Nippon Paint Holdings Co., Ltd.		1,500		52,210
Nippon Prologis REIT, Inc.		15		32,511
Nippon Steel & Sumitomo Metal Corp.		6,417		147,845
Nippon Telegraph & Telephone Corp.		5,400		230,493
Nippon Yusen K.K.*		13,000		27,441
Nissan Chemical Industries Ltd.		1,000		29,103
Nissan Motor Co., Ltd.		19,200		185,136
Nisshin Seifun Group, Inc.		1,815		27,079
Nissin Foods Holdings Co., Ltd.		500		27,710
Nitori Holdings Co., Ltd.		600		75,829
Nitto Denko Corp.		1,400		108,172
NOK Corp.		1,000		23,210
Nomura Holdings, Inc.		28,500		177,123
Nomura Real Estate Holdings, Inc.		1,000		15,935
Nomura Real Estate Master Fund, Inc.		28		43,460
Nomura Research Institute Ltd.		1,210		44,561
NSK Ltd.		4,000		57,199
NTT Data Corp.		1,000		47,427
NTT DOCOMO, Inc.		11,300		263,139
Obayashi Corp.		5,000		46,753
Obic Co. Ltd.		500		23,803
Odakyu Electric Railway Co., Ltd.		2,500		48,639
Oji Holdings Corp.		6,000		28,079
Olympus Corp.		2,200		84,577


	Number of Shares		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Omron Corp.		1,600	$	70,206
Ono Pharmaceutical Co., Ltd.		3,500		72,449
Oracle Corp. Japan		200		11,425
Oriental Land Co., Ltd.		1,700		97,468
ORIX Corp.		10,600		156,862
Osaka Gas Co., Ltd.		16,000		60,792
Otsuka Corp.		300		16,276
Otsuka Holdings Co., Ltd.		3,300		148,860
Panasonic Corp.		17,500		197,745
Park24 Co., Ltd.		800		20,940
Pola Orbis Holdings, Inc.		800		19,308
Rakuten, Inc.		7,300		73,111
Recruit Holdings Co., Ltd.		2,900		147,957
Resona Holdings, Inc.		17,800		95,595
Ricoh Co., Ltd.		5,000		41,139
Rinnai Corp.		300		23,875
Rohm Co., Ltd.		800		53,175
Ryohin Keikaku Co. Ltd.		200		43,816
Sankyo Co., Ltd.		400		13,366
Santen Pharmaceutical Co., Ltd.		3,000		43,438
SBI Holdings, Inc.		1,710		23,838
Secom Co., Ltd.		1,700		121,686
Sega Sammy Holdings, Inc.		1,200		16,082
Seibu Holdings, Inc.		1,600		26,401
Seiko Epson Corp.		2,200		46,320
Sekisui Chemical Co., Ltd.		3,000		50,418
Sekisui House Ltd.		4,600		75,654
Seven & I Holdings Co., Ltd.		5,900		231,167
Seven Bank Ltd.		5,300		17,329
Sharp Corp/Japan*		12,000		50,660
Shimadzu Corp.		2,000		31,779
Shimamura Co., Ltd.		200		26,426
Shimano, Inc.		600		87,577
Shimizu Corp.		5,000		44,822
Shin-Etsu Chemical Co., Ltd.		3,200		277,201
Shinsei Bank Ltd.		14,000		25,779
Shionogi & Co., Ltd.		2,500		129,076
Shiseido Co., Ltd.		3,300		86,850
Showa Shell Sekiyu K.K.		1,000		10,123
SMC Corp.		500		147,849
SoftBank Corp.		6,600		466,085
Sohgo Security Services Co., Ltd.		500		18,661
Sompo Holdings, Inc.		3,025		110,832
Sony Corp.		9,900		334,891
Sony Financial Holdings, Inc.		1,200		19,283
Stanley Electric Co., Ltd.		1,300		37,074
Start Today Co., Ltd.		1,500		33,185
Sumitomo Chemical Co., Ltd.		12,000		67,044
Sumitomo Corp.		9,400		126,439
Sumitomo Dainippon Pharma Co., Ltd.		1,400		23,113
Sumitomo Electric Industries Ltd.		5,900		97,830
Sumitomo Heavy Industries Ltd.		5,000		34,851
Sumitomo Metal Mining Co., Ltd.		4,000		56,894
Sumitomo Mitsui Financial Group, Inc.		10,800		392,401
Sumitomo Mitsui Trust Holdings, Inc.		2,543		88,170
Sumitomo Realty & Development Co., Ltd.		3,000		77,769


	Number of Shares		Value†

Japan — (continued)
Sumitomo Rubber Industries Ltd.		1,200	$	20,447
Sundrug Co., Ltd.		600		20,129
Suntory Beverage & Food Ltd.		1,000		42,127
Suruga Bank Ltd.		1,600		33,687
Suzuken Co., Ltd.		440		14,426
Suzuki Motor Corp.		2,800		116,245
Sysmex Corp.		1,200		72,757
T&D Holdings, Inc.		4,300		62,416
Taiheiyo Cement Corp.		8,000		26,731
Taisei Corp.		8,000		58,277
Taisho Pharmaceutical Holdings Co., Ltd.		300		24,360
Taiyo Nippon Sanso Corp.		1,000		11,695
Takashimaya Co., Ltd.		2,000		17,498
Takeda Pharmaceutical Co., Ltd.		5,600		263,023
TDK Corp.		900		56,993
Teijin Ltd.		1,200		22,625
Terumo Corp.		2,900		100,678
The Bank of Kyoto Ltd.		3,000		21,854
The Chiba Bank Ltd.		5,000		32,112
The Chugoku Bank Ltd.		1,000		14,551
The Chugoku Electric Power Co., Inc.		2,100		23,239
The Dai-ichi Life Insurance Co., Ltd.		8,500		152,432
The Hachijuni Bank Ltd.		4,000		22,599
The Hiroshima Bank Ltd.		4,000		16,995
The Kansai Electric Power Co., Inc.		5,900		72,445
The Shizuoka Bank Ltd.		4,000		32,552
The Yokohama Rubber Co., Ltd.		1,000		19,572
THK Co., Ltd.		1,000		25,177
Tobu Railway Co., Ltd.		9,000		45,594
Toho Co., Ltd.		900		23,856
Toho Gas Co., Ltd.		3,000		21,207
Tohoku Electric Power Co., Inc.		4,100		55,536
Tokio Marine Holdings, Inc.		5,400		227,777
Tokyo Electric Power Co., Inc.*		12,200		47,779
Tokyo Electron Ltd.		1,300		141,934
Tokyo Gas Co., Ltd.		17,000		77,357
Tokyo Tatemono Co., Ltd.		1,500		19,779
Tokyu Corp.		8,000		56,624
Tokyu Fudosan Holdings Corp.		4,000		21,701
Toppan Printing Co., Ltd.		4,000		40,780
Toray Industries, Inc.		11,000		97,521
Toshiba Corp.*		32,000		69,387
TOTO Ltd.		1,000		37,771
Toyo Seikan Group Holdings Ltd.		1,000		16,240
Toyo Suisan Kaisha Ltd.		600		22,339
Toyoda Gosei Co., Ltd.		400		10,172
Toyota Industries Corp.		1,200		59,607
Toyota Motor Corp.		20,768		1,127,102
Toyota Tsusho Corp.		1,800		54,487
Trend Micro, Inc.		800		35,570
Tsuruha Holdings, Inc.		300		27,755
Unicharm Corp.		3,000		71,881
United Urban Investment Corp.		27		41,471
USS Co., Ltd.		1,500		25,007
West Japan Railway Co.		1,300		84,553
Yahoo Japan Corp.		10,400		48,016


	Number of Shares		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Yakult Honsha Co., Ltd.		700	$	38,857
Yamada Denki Co., Ltd.		5,300		26,421
Yamaguchi Financial Group, Inc.		2,000		21,683
Yamaha Corp.		1,200		33,037
Yamaha Motor Co., Ltd.		2,400		57,796
Yamato Holdings Co., Ltd.		2,800		58,663
Yamazaki Baking Co., Ltd.		1,000		20,569
Yaskawa Electric Corp.		2,000		40,133
Yokogawa Electric Corp.		2,000		31,474

				24,322,732

Jersey — 0.1%
Randgold Resources Ltd.		746		65,099

Luxembourg — 0.3%
ArcelorMittal*		14,042		118,133
Eurofins Scientific SE		87		37,853
Millicom International Cellular S.A.		489		27,270
RTL Group S.A.		294		23,680
SES S.A.		3,201		74,460
Tenaris S.A.		3,987		68,351

				349,747

Macau — 0.0%
Wynn Macau Ltd.*		12,400		25,242

Netherlands — 5.6%
ABN AMRO Group N.V.144A @		2,462		59,752
Aegon N.V.		14,584		74,229
AerCap Holdings N.V.*		1,313		60,359
Airbus S.E.		4,576		348,211
Akzo Nobel N.V.		1,920		159,211
Altice N.V. Class A*		2,890		65,376
Altice N.V. Class B*		694		15,696
ASML Holding N.V.		2,888		383,267
Boskalis Westminster		686		23,656
CNH Industrial N.V.		8,978		86,583
EXOR N.V.		848		43,857
Gemalto N.V.		668		37,327
Heineken Holdings N.V.		751		59,743
Heineken N.V.		1,784		151,874
ING Groep N.V.		30,459		460,437
Koninklijke Ahold Delhaize N.V.		9,999		213,979
Koninklijke DSM N.V.		1,382		93,487
Koninklijke KPN N.V.		25,935		78,106
Koninklijke Philips N.V.		7,707		247,724
Koninklijke Vopak N.V.		584		25,466
NN Group N.V.		2,599		84,523
NXP Semiconductors N.V.*		2,296		237,636
QIAGEN N.V.		1,867		54,195
Randstad Holding N.V.		923		53,270
RELX N.V.		7,963		147,472
Royal Dutch Shell PLC, A Shares		35,921		943,307
Royal Dutch Shell PLC, B Shares		29,982		820,594
Unilever N.V.		12,846		638,203
Wolters Kluwer N.V.		2,305		95,814

				5,763,354


	Number of Shares		Value†

New Zealand — 0.2%
Auckland International Airport Ltd.		7,482	$	35,455
Contact Energy Ltd.		7,262		25,759
Fletcher Building Ltd.		4,795		27,966
Mercury NZ Ltd.		4,163		9,193
Meridian Energy Ltd.		7,526		14,772
Ryman Healthcare Ltd.		2,831		16,690
Spark New Zealand Ltd.		16,634		40,812

				170,647

Norway — 0.6%
DNB ASA		7,620		120,785
Gjensidige Forsikring ASA		1,418		21,601
Marine Harvest ASA		2,950		44,974
Norsk Hydro ASA		10,203		59,249
Orkla ASA		6,430		57,589
Schibsted ASA		593		15,263
Schibsted ASA		698		15,974
Statoil ASA		9,154		156,401
Telenor ASA		6,070		101,023
Yara International ASA		1,614		62,145

				655,004

Portugal — 0.2%
Banco Espirito Santo S.A.~		27,017		0
EDP—Energias de Portugal S.A.		16,826		56,991
Galp Energia SGPS, S.A.		4,313		65,451
Jeronimo Martins SGPS, S.A.		2,107		37,695

				160,137

Singapore — 1.5%
Ascendas Real Estate Investment Trust		15,562		28,035
CapitaLand Commercial Trust Ltd.		16,000		17,672
CapitaLand Ltd.		23,000		59,685
CapitaLand Mall Trust		21,700		30,560
City Developments Ltd.		3,000		21,875
ComfortDelGro Corp. Ltd.		20,000		36,601
DBS Group Holdings Ltd.		14,004		194,215
Genting Singapore PLC		54,000		39,375
Global Logistic Properties Ltd.		26,000		51,671
Golden Agri-Resources Ltd.		65,000		17,890
Hutchison Port Holdings Trust		35,100		14,566
Jardine Cycle & Carriage Ltd.		1,111		34,835
Jardine Matheson Holdings Ltd.		2,000		128,500
Keppel Corp. Ltd.		11,600		57,550
Oversea-Chinese Banking Corp. Ltd.		24,550		170,587
SATS Ltd.		5,300		18,489
Sembcorp Industries Ltd.		9,000		20,460
Singapore Airlines Ltd.		4,000		28,795
Singapore Exchange Ltd.		6,000		33,027
Singapore Press Holdings Ltd.		15,000		38,067
Singapore Technologies Engineering Ltd.		12,000		31,998
Singapore Telecommunications Ltd.		63,200		177,105
StarHub Ltd.		5,000		10,294
Suntec Real Estate Investment Trust		16,000		20,474
United Overseas Bank Ltd.		10,843		171,383
UOL Group Ltd.		4,210		20,977


	Number of Shares		Value†
COMMON STOCKS — (continued)
Singapore — (continued)
Wilmar International Ltd.		17,000	$	42,900

				1,517,586

South Africa — 0.1%
Mediclinic International PLC		2,866		25,567
Mondi PLC		2,860		69,050

				94,617

Spain — 3.3%
Abertis Infraestructuras S.A.		5,591		90,064
ACS Actividades de Construccion y Servicios S.A.		1,506		51,243
Aena S.A.144A @		588		93,026
Amadeus IT Holding S.A.		3,476		176,362
Banco Bilbao Vizcaya Argentaria S.A.		52,114		404,178
Banco de Sabadell S.A.		40,310		73,879
Banco Popular Espanol S.A.*		26,681		25,902
Banco Santander S.A.		115,661		708,861
Bankia S.A.		36,141		41,100
Bankinter S.A.		4,820		40,473
CaixaBank		26,158		112,431
Distribuidora Internacional de Alimentacion S.A.		4,084		23,618
Enagas S.A.		1,740		45,199
Endesa S.A.		2,463		57,885
Ferrovial S.A.		3,695		73,949
Gas Natural SDG S.A.		2,914		63,852
Grifols S.A.		2,504		61,413
Iberdrola S.A.		45,253		323,689
Industria de Diseno Textil S.A.		8,641		304,571
Mapfre S.A.		8,177		28,045
Red Electrica Corp. S.A.		3,632		69,743
Repsol S.A.		8,778		135,550
Telefonica S.A.		36,890		412,630
Zardoya Otis S.A.		1,669		15,419

				3,433,082

Sweden — 2.9%
Alfa Laval AB		2,088		39,403
Assa Abloy AB		8,433		173,447
Atlas Copco AB, A Shares		3,255		103,455
Atlas Copco AB, B Shares		5,275		186,201
Boliden AB		2,486		74,075
Electrolux AB, B Shares		1,720		47,815
Getinge AB, B Shares		1,448		25,403
Hennes & Mauritz AB, B Shares		7,521		192,208
Hexagon AB, B Shares		2,081		83,606
Husqvarna AB, B Shares		2,834		24,875
ICA Gruppen AB		521		17,780
Industrivarden AB, C Shares		1,227		26,578
Investor AB, B Shares		3,870		162,908
Kinnevik AB		1,832		48,863
L E Lundbergforetagen AB		301		20,407
Lundin Petroleum AB*		1,488		30,190
Nordea Bank AB		24,214		276,441
Sandvik AB		8,213		122,728
Securitas AB, B Shares		2,875		44,919


	Number of Shares		Value†

Sweden — (continued)
Skandinaviska Enskilda Banken AB, A Shares		12,133	$	134,997
Skanska AB, B Shares		2,985		70,289
SKF AB, B Shares		3,338		66,047
Svenska Cellulosa AB SCA, B Shares		5,106		164,679
Svenska Handelsbanken AB		12,645		173,433
Swedbank AB, A Shares		7,333		169,891
Swedish Match AB		1,496		48,667
Tele2 AB, B Shares		3,292		31,430
Telefonaktiebolaget LM Ericsson, B Shares		25,521		170,317
Telia Co AB		21,208		88,968
Volvo AB, B Shares		11,928		176,112

				2,996,132

Switzerland — 9.3%
ABB Ltd.		14,913		348,836
Actelion Ltd.		793		223,812
Adecco S.A.		1,364		96,889
Aryzta AG		739		23,720
Baloise Holding AG		408		56,089
Barry Callebaut AG		17		22,216
Chocoladefabriken Lindt & Spruengli AG		1		66,415
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		7		39,694
Cie Financiere Richemont S.A.		4,079		322,525
Coca-Cola HBC AG		1,371		35,402
Credit Suisse Group AG		15,728		233,961
Dufry AG*		332		50,580
EMS-Chemie Holding AG		65		37,865
Galenica AG		31		32,682
Geberit AG		291		125,447
Givaudan S.A.		74		133,276
Glencore PLC*		95,699		375,470
Julius Baer Group Ltd.		1,680		83,862
Kuehne + Nagel International AG		444		62,722
LafargeHolcim Ltd.		3,541		209,282
Lonza Group AG		461		87,170
Nestle S.A.		24,841		1,905,886
Novartis AG		17,842		1,324,367
Pargesa Holding S.A.		272		19,226
Partners Group Holding AG		130		69,890
Roche Holding AG		5,614		1,433,696
Schindler Holding AG		145		27,490
Schindler Holding AG, Participation Certificates		349		67,525
SGS S.A.		43		91,740
Sika AG		16		96,002
Sonova Holding AG		427		59,213
STMicroelectronics N.V.		4,919		75,198
Swiss Life Holding AG		234		75,504
Swiss Prime Site AG		512		45,058
Swiss Re AG		2,605		233,934
Swisscom AG		202		93,190
Syngenta AG		773		341,180
The Swatch Group AG		253		90,602
The Swatch Group AG, Registered Shares		366		25,505
UBS Group AG*		28,746		460,039


	Number of Shares		Value†
COMMON STOCKS — (continued)
Switzerland — (continued)
Wolseley PLC		2,086	$	131,200
Zurich Insurance Group AG		1,179		314,745

				9,649,105

United Kingdom — 15.0%
3i Group PLC		8,609		80,842
Aberdeen Asset Management PLC		7,687		25,493
Admiral Group PLC		1,518		37,829
Anglo American PLC*		11,108		169,720
Antofagasta PLC		3,403		35,580
Ashtead Group PLC		3,679		76,193
Associated British Foods PLC		2,872		93,772
AstraZeneca PLC		9,978		614,132
Auto Trader Group PLC144A @		7,720		37,945
Aviva PLC		32,002		213,307
Babcock International Group PLC		1,759		19,438
BAE Systems PLC		25,041		201,577
Barclays PLC		132,415		373,446
Barratt Developments PLC		7,726		52,901
Berkeley Group Holdings PLC		1,009		40,542
BHP Billiton PLC		16,770		259,277
BP PLC		152,990		877,038
British American Tobacco PLC		14,737		978,589
BT Group PLC		66,205		263,941
Bunzl PLC		2,897		84,208
Burberry Group PLC		3,582		77,371
Capita PLC		4,936		34,910
Carnival PLC		1,658		95,099
Centrica PLC		46,740		127,076
Cobham PLC		12,699		21,161
Coca-Cola European Partners PLC		1,676		62,668
Compass Group PLC		12,839		242,254
Croda International PLC		923		41,215
Diageo PLC		19,844		567,735
Direct Line Insurance Group PLC		9,937		43,251
Dixons Carphone PLC		7,844		31,213
easyJet PLC		1,334		17,148
Fiat Chrysler Automobiles N.V.*		7,378		80,676
Fresnillo PLC		2,026		39,497
G4S PLC		12,521		47,737
GKN PLC		13,828		62,942
GlaxoSmithKline PLC		38,485		800,174
Hammerson PLC		6,716		48,047
Hargreaves Lansdown PLC		1,892		30,840
Hikma Pharmaceuticals PLC		1,108		27,500
HSBC Holdings PLC		161,685		1,318,558
IMI PLC		1,958		29,266
Imperial Brands PLC		7,534		365,019
Inmarsat PLC		3,494		37,232
Intercontinental Hotels Group PLC		1,619		79,271
International Consolidated Airlines Group S.A. (London Main Market Exchange)		2,764		18,319
International Consolidated Airlines Group S.A. (Spanish Stock Exchange)		3,606		23,851
Intertek Group PLC		1,257		61,956
Intu Properties PLC		8,417		29,443
Investec PLC		4,543		30,964


	Number of Shares		Value†

United Kingdom — (continued)
ITV PLC		30,751	$	84,337
J. Sainsbury PLC		12,992		43,022
Johnson Matthey PLC		1,520		58,656
Kingfisher PLC		18,641		76,161
Land Securities Group PLC		6,374		84,571
Legal & General Group PLC		47,123		146,007
Lloyds Banking Group PLC		504,359		419,083
London Stock Exchange Group PLC		2,429		96,503
Marks & Spencer Group PLC		12,979		54,801
Meggitt PLC		5,739		32,019
Merlin Entertainments PLC144A @		5,527		33,211
National Grid PLC		29,465		374,150
Next PLC		1,131		61,216
Old Mutual PLC		38,468		96,682
Pearson PLC		6,696		57,258
Persimmon PLC		2,549		66,875
Petrofac Ltd.		1,906		21,946
Provident Financial PLC		1,152		43,257
Prudential PLC		20,772		438,785
Reckitt Benckiser Group PLC		4,997		456,157
RELX PLC		8,480		166,168
Rio Tinto PLC		9,702		390,134
Rolls-Royce Holdings PLC		15,541		146,813
Royal Bank of Scotland Group PLC*		30,610		92,848
Royal Mail PLC		7,054		37,561
RSA Insurance Group PLC		7,501		55,119
Schroders PLC		1,078		40,924
Segro PLC		7,978		45,598
Severn Trent PLC		1,743		52,018
Sky PLC		7,899		96,591
Smith & Nephew PLC		7,021		106,966
Smiths Group PLC		3,378		68,521
SSE PLC		8,450		156,264
St James’s Place PLC		4,100		54,554
Standard Chartered PLC*		25,573		244,468
Standard Life PLC		16,040		71,282
Tate & Lyle PLC		3,269		31,312
Taylor Wimpey PLC		25,341		61,309
Tesco PLC*		64,072		148,992
The British Land Co. PLC		7,994		61,095
The Sage Group PLC		8,870		70,069
The Weir Group PLC		1,731		41,575
Travis Perkins PLC		2,061		39,095
Unilever PLC		10,105		498,761
United Utilities Group PLC		5,606		69,781
Vodafone Group PLC		209,469		546,144
W.M. Morrison Supermarkets PLC		17,966		54,023
Whitbread PLC		1,474		73,095
William Hill PLC		7,259		26,448
Worldpay Group PLC144A @		12,768		47,255
WPP PLC		10,082		221,308

				15,588,951

TOTAL COMMON STOCKS (Cost $84,652,577)				102,980,011


	Number of Shares		Value†
PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG		477	$	37,564
FUCHS PETROLUB S.E.		598		29,173
Henkel AG & Co. KGaA		1,385		177,451
Porsche Automobil Holding S.E.		1,203		65,631
Schaeffler AG		1,280		22,504
Volkswagen AG		1,443		210,282
TOTAL PREFERRED STOCKS (Cost $422,269)				542,605

SHORT-TERM INVESTMENTS — 0.2%
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares (Cost $185,146)		185,146		185,146

TOTAL INVESTMENTS — 100.1% (Cost $85,259,992)(a)			$	103,707,762

Other Assets & Liabilities — (0.1)%				(78,234	)

TOTAL NET ASSETS — 100.0%			$	103,629,528

†	See Security Valuation Note.

*	Non-income producing security.

~	Fair valued security. The total market value of fair valued securities at March 31, 2017 is $0.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $85,728,354. Net unrealized appreciation was $17,979,408. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $25,611,888 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $7,632,480.

144A

PLC — Public Limited Company.

ADR — American Depository Receipt.

REIT — Real Estate Investment Trust.


COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Advertising		0.4	%	$	458,759
Aerospace & Defense		1.0	%		1,066,365
Agriculture		1.7	%		1,732,548
Airlines		0.2	%		228,662
Apparel		1.1	%		1,121,546
Auto Manufacturers		3.5	%		3,554,788
Auto Parts & Equipment		1.4	%		1,419,457
Banks		13.6	%		14,021,454
Beverages		2.2	%		2,220,569
Biotechnology		0.5	%		513,483


Building & Real Estate	0.2	%	$	181,085
Building Materials	1.5	%		1,539,122
Building-Maintenance Service	—	%+		49,423
Chemicals	4.1	%		4,171,624
Commercial Services	1.9	%		1,948,693
Computers	0.5	%		566,497
Cosmetics & Personal Care	1.5	%		1,541,542
Distribution & Wholesale	1.0	%		1,066,592
Diversified	—	%+		28,035
Diversified Financial Services	2.1	%		2,120,035
Diversified Operations	0.2	%		244,425
Electric	2.5	%		2,560,930
Electrical Components & Equipment	1.2	%		1,229,595
Electronics	1.6	%		1,615,115
Energy-Alternate Sources	0.3	%		293,757
Engineering & Construction	1.5	%		1,515,393
Entertainment	0.3	%		330,050
Environmental Control	—	%+		19,351
Food	4.8	%		4,891,793
Food Service	0.1	%		89,976
Forest Products & Paper	0.4	%		410,583
Gas	0.9	%		956,100
Hand & Machine Tools	0.5	%		529,095
Healthcare Products	1.0	%		1,067,499
Healthcare Services	0.4	%		417,182
Holding Companies	0.4	%		427,557
Home Builders	0.3	%		311,140
Home Furnishings	0.7	%		695,449
Hotels & Resorts	0.2	%		172,036
Household Products & Wares	0.6	%		603,125
Industrial	0.1	%		146,813
Insurance	5.4	%		5,581,185
Internet	0.5	%		468,000
Investment Companies	0.3	%		352,373
Iron & Steel	0.6	%		572,278
Leisure Time	0.3	%		349,855
Lodging	0.4	%		391,092
Machinery—Construction & Mining	0.5	%		504,836
Machinery—Diversified	1.1	%		1,164,567
Media	0.9	%		959,659
Metal Fabricate/Hardware	0.4	%		413,332
Mining	2.4	%		2,457,965
Miscellaneous Manufacturing	1.3	%		1,346,979
Mixed Industrial/Office	0.5	%		466,947
Office & Business Equipment	0.3	%		346,233
Oil & Gas	4.9	%		5,032,375
Oil & Gas Services	—	%+		42,983
Packaging and Containers	0.1	%		120,610
Pharmaceuticals	7.9	%		8,164,176
Pipelines	0.1	%		59,918
Real Estate	1.8	%		1,838,989
Real Estate Investment Trusts	1.1	%		1,157,467
Real Estate Management Services	0.1	%		138,938
Retail	2.8	%		2,870,228
Semiconductors	1.1	%		1,093,287
Shipbuilding	—	%+		15,348
Software	1.3	%		1,296,025
Storage & Warehousing	—	%+		13,779
Telecommunications	4.9	%		5,007,227
Textiles	0.2	%		167,149
Toys, Games & Hobbies	0.2	%		253,719

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Australia	$	7,822,482	$	7,822,482	$	—	$	—
Austria		216,031		216,031		—		—
Belgium		1,199,164		1,199,164		—		—
Bermuda		84,000		84,000		—		—
China		104,289		104,289		—		—
Denmark		1,695,891		1,695,891		—		—
Finland		994,263		994,263		—		—
France		9,879,128		9,879,128		—		—
Germany		9,087,686		9,087,686		—		—
Hong Kong		3,254,190		3,254,190		—		—
Ireland		1,171,495		1,111,380		60,115		—
Israel		673,753		673,753		—		—
Italy		2,006,204		2,006,204		—		—
Japan		24,322,732		24,322,732		—		—
Jersey		65,099		65,099		—		—
Luxembourg		349,747		349,747		—		—
Macau		25,242		25,242		—		—
Netherlands		5,763,354		5,763,354		—		—
New Zealand		170,647		170,647		—		—
Norway		655,004		655,004		—		—
Portugal		160,137		160,137		—		—
Singapore		1,517,586		1,517,586		—		—
South Africa		94,617		94,617		—		—
Spain		3,433,082		3,433,082		—		—
Sweden		2,996,132		2,996,132		—		—
Switzerland		9,649,105		9,649,105		—		—
United Kingdom		15,588,951		6,325,349		9,263,602		—

TOTAL COMMON STOCKS		102,980,011		93,656,294		9,323,717		—

PREFERRED STOCKS
Germany		542,605		542,605		—		—
SHORT-TERM INVESTMENTS		185,146		185,146		—		—

TOTAL INVESTMENTS	$	103,707,762	$	94,384,045	$	9,323,717	$	—

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 $95,249,262 was transferred from Level 2 into Level 1 at 3/31/17 as a result of using quoted prices in active market for such foreign securities. 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 — 99.3%
Australia — 2.5%
CSL Ltd.		36,629	$	3,507,306
Ramsay Health Care Ltd.		94,082		5,023,601

				8,530,907

Belgium — 3.0%
Anheuser-Busch InBev N.V.		94,971		10,425,351

Brazil — 1.2%
Ambev S.A. ADR		737,902		4,250,316

Canada — 6.0%
Alimentation Couche-Tard, Inc., Class B		251,035		11,341,266
Canadian National Railway Co.		129,168		9,534,257

				20,875,523

China — 4.5%
Alibaba Group Holding Ltd. ADR*		71,359		7,694,641
Tencent Holdings Ltd.		272,090		7,800,508

				15,495,149

Denmark — 1.1%
Coloplast A/S, B Shares		47,106		3,678,045

France — 8.1%
Bureau Veritas S.A.		225,621		4,759,708
Essilor International S.A.		37,204		4,520,617
Hermes International		7,677		3,637,112
L’Oreal S.A.		18,836		3,619,989
LVMH Moet Hennessy Louis Vuitton S.E.		18,600		4,084,587
Sodexo S.A.		32,131		3,779,089
Teleperformance		32,767		3,539,289

				27,940,391

Germany — 3.5%
SAP S.E.		124,399		12,206,597

Hong Kong — 1.0%
Link REIT		496,316		3,477,373

India — 9.3%
HDFC Bank Ltd.~		800,436		18,109,071
Housing Development Finance Corp., Ltd.		600,126		13,882,333

				31,991,404

Ireland — 5.9%
Accenture PLC, Class A		51,204		6,138,336
DCC PLC		64,869		5,709,512
Paddy Power Betfair PLC		80,685		8,650,539

				20,498,387

Japan — 4.6%
Daito Trust Construction Co., Ltd.		34,361		4,720,664
Shimano, Inc.		39,800		5,809,305
Unicharm Corp.		220,700		5,288,038

				15,818,007

Mexico — 1.4%
Fomento Economico Mexicano S.A.B. de C.V. ADR*		53,945		4,775,211


	Number of Shares		Value†

Netherlands — 6.6%
RELX N.V.		379,431	$	7,026,950
Unilever N.V.		316,805		15,739,197

				22,766,147

South Africa — 2.1%
Naspers Ltd., N Shares		41,202		7,109,485

Spain — 4.7%
Aena S.A.144A @		62,868		9,946,152
Grifols S.A.		262,866		6,447,001

				16,393,153

Switzerland — 8.7%
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		654		3,708,601
Nestle S.A.		138,938		10,659,796
Roche Holding AG		45,633		11,653,693
UBS Group AG*		250,899		4,015,286

				30,037,376

Taiwan — 1.8%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		194,660		6,392,634

United Kingdom — 12.8%
British American Tobacco PLC		270,708		17,975,975
Diageo PLC		210,918		6,034,345
Domino’s Pizza Group PLC		1,082,782		4,189,226
Lloyds Banking Group PLC		2,505,074		2,081,520
Reckitt Benckiser Group PLC		151,274		13,809,213

				44,090,279

United States — 10.5%
Mastercard, Inc., Class A		125,727		14,140,516
Philip Morris International, Inc.		114,624		12,941,050
The Priceline Group, Inc.*		5,257		9,357,302

				36,438,868

TOTAL COMMON STOCKS (Cost $276,209,279)				343,190,603

SHORT-TERM INVESTMENTS — 2.7%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $9,268,167)		9,268,167		9,268,167

TOTAL INVESTMENTS — 102.0% (Cost $285,477,446)(a)			$	352,458,770

Other Assets & Liabilities — (2.0)%				(6,764,799	)

TOTAL NET ASSETS — 100.0%			$	345,693,971

144A


COMMON STOCKS INDUSTRY DIVERSIFICATION	% of Market Value			Value†
Agriculture	9.0	%	$	30,917,025
Apparel	2.2	%		7,721,699
Banks	7.1	%		24,205,877
Beverages	7.4	%		25,485,223
Biotechnology	1.0	%		3,507,306
Commercial Services	5.5	%		18,900,224
Computers	2.8	%		9,677,625
Cosmetics & Personal Care	7.2	%		24,647,224
Diversified Financial Services	4.0	%		13,882,333
Engineering & Construction	2.9	%		9,946,152
Entertainment	2.5	%		8,650,539
Food	4.2	%		14,368,397
Food Service	1.1	%		3,779,089
Healthcare Products	2.4	%		8,198,662
Healthcare Services	1.5	%		5,023,601
Household Products & Wares	4.0	%		13,809,213
Internet	7.2	%		24,852,451
Leisure Time	1.7	%		5,809,305
Media	4.1	%		14,136,435
Oil & Gas	1.7	%		5,709,512
Pharmaceuticals	5.3	%		18,100,694
Real Estate	1.4	%		4,720,664
Real Estate Investment Trusts	1.0	%		3,477,373
Retail	4.5	%		15,530,492
Semiconductors	1.9	%		6,392,634
Software	3.6	%		12,206,597
Transportation	2.8	%		9,534,257

	100.0	%	$	343,190,603

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Australia	$	8,530,907	$	8,530,907	$	—	$	—
Belgium		10,425,351		10,425,351		—		—
Brazil		4,250,316		4,250,316		—		—
Canada		20,875,523		20,875,523		—		—
China		15,495,149		15,495,149		—		—
Denmark		3,678,045		3,678,045		—		—
France		27,940,391		27,940,391		—		—
Germany		12,206,597		12,206,597		—		—
Hong Kong		3,477,373		3,477,373		—		—
India		31,991,404		13,882,333		18,109,071		—
Ireland		20,498,387		20,498,387		—		—
Japan		15,818,007		15,818,007		—		—
Mexico		4,775,211		4,775,211		—		—
Netherlands		22,766,147		22,766,147		—		—
South Africa		7,109,485		7,109,485		—		—
Spain		16,393,153		16,393,153		—		—
Switzerland		30,037,376		30,037,376		—		—
Taiwan		6,392,634		6,392,634		—		—
United Kingdom		44,090,279		44,090,279		—		—
United States		36,438,868		36,438,868		—		—
SHORT-TERM INVESTMENTS		9,268,167		9,268,167		—		—

TOTAL INVESTMENTS	$	352,458,770	$	334,349,699	$	18,109,071	$	—

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 $192,966,576 was transferred from Level 2 into Level 1 at 3/31/17 as a result of using quoted prices in active market for such foreign securities. 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 — 95.4%
Argentina — 2.5%
Banco Macro S.A. ADR*		9,626	$	834,574
Grupo Financiero Galicia S.A. ADR*		24,132		913,637
MercadoLibre, Inc.		10,782		2,280,070

				4,028,281

Austria — 0.9%
Erste Group Bank AG		47,449		1,545,137

Brazil — 3.8%
BRF S.A.		130,426		1,608,557
Lojas Renner S.A.		194,154		1,724,104
Petroleo Brasileiro S.A.		262,789		1,279,277
Raia Drogasil S.A.		82,528		1,554,551

				6,166,489

Chile — 0.6%
S.A.C.I. Falabella		124,113		1,043,856

China — 15.5%
Alibaba Group Holding Ltd. ADR*		31,526		3,399,449
Bank of China Ltd., Class H		7,079,000		3,516,044
China Construction Bank Corp., Class H		3,516,930		2,828,387
China Pacific Insurance Group Co. Ltd., Class H		429,000		1,548,408
CRCC High-Tech Equipment Corp. Ltd.		613,500		285,771
JD.com, Inc. ADR*		38,189		1,188,060
NetEase, Inc. ADR*		2,415		685,860
New Oriental Education & Technology Group, Inc ADR*		11,859		716,046
PetroChina Co. Ltd., Class H		1,040,000		761,449
Shanghai Jin Jiang International Hotels Group Co. Ltd., Class H		0		0
Shenzhou International Group Holdings Ltd.		141,000		889,925
TAL Education Group ADR*		9,012		960,409
Tencent Holdings Ltd.		288,400		8,268,097
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H		485,200		260,347

				25,308,252

Colombia — 0.3%
Grupo de Inversiones Suramericana S.A.		32,944		447,812

Czech Republic — 1.1%
Komercni Banka, A.S.		50,070		1,858,109

Egypt — 0.6%
Commercial International Bank Egypt SAE		252,976		1,058,575

Germany — 0.8%
adidas AG		7,002		1,331,858

Hong Kong — 4.7%
AIA Group Ltd.		313,400		1,976,015
China Mengniu Dairy Co. Ltd.		315,000		652,577
China Mobile Ltd.		224,000		2,451,419
China Overseas Land & Investment Ltd.		126,000		359,930
China Unicom Hong Kong Ltd.		796,000		1,065,225
CSPC Pharmaceutical Group Ltd.		562,000		736,172


	Number of Shares		Value†

Hong Kong — (continued)
Sino Biopharmaceutical Ltd.		444,000	$	365,644

				7,606,982

Hungary — 0.9%
OTP Bank PLC		52,715		1,474,721

India — 8.2%
Ashok Leyland Ltd.		1,084,051		1,411,512
Bharat Financial Inclusion L		43,908		546,627
Bharat Petroleum Corp. Ltd.		153,503		1,536,212
HDFC Bank Ltd. ADR		10,600		797,332
IndusInd Bank Ltd.		84,670		1,858,280
Marico Ltd.		346,894		1,575,140
Maruti Suzuki India Ltd.		16,381		1,517,566
Shree Cement Ltd.		6,522		1,715,818
Shriram Transport Finance Co. Ltd.		40,365		670,108
Zee Entertainment Enterprises Ltd.		217,849		1,796,705

				13,425,300

Indonesia — 5.3%
Astra International Tbk PT		2,647,200		1,713,414
Bank Mandiri Persero Tbk PT		1,731,800		1,520,548
Bank Negara Indonesia Persero Tbk PT		502,800		244,316
Bumi Serpong Damai Tbk PT		5,868,500		830,147
Link Net Tbk PT		817,000		332,612
Semen Indonesia Persero Tbk PT		1,701,100		1,148,918
Telekomunikasi Indonesia Persero Tbk PT		5,253,300		1,628,166
Unilever Indonesia Tbk PT		133,100		432,746
XL Axiata Tbk PT*		3,646,275		837,312

				8,688,179

Malaysia — 1.6%
Genting Malaysia Bhd		715,800		881,507
Malayan Banking Bhd		443,300		893,512
Sime Darby Bhd		405,100		849,469

				2,624,488

Mexico — 6.2%
Alsea S.A.B.de C.V.		249,170		832,463
Cemex S.A.B. de C.V. ADR*		245,277		2,224,662
Fomento Economico Mexicano S.A.B. de C.V. ADR*		25,143		2,225,658
Grupo Financiero Banorte S.A.B. de C.V., Series O		558,946		3,216,539
Grupo Financiero Santander Mexico S.A.B. de C.V., Series B ADR*		79,847		721,019
Mexichem S.A.B. de C.V.		358,692		976,897

				10,197,238

Netherlands — 0.9%
Steinhoff International Holdings NV		311,599		1,490,380

Pakistan — 1.3%
Lucky Cement Ltd.		104,800		837,151
United Bank Ltd.		559,200		1,214,258

				2,051,409


	Number of Shares		Value†
COMMON STOCKS — (continued)
Panama — 0.7%
Copa Holdings S.A., Class A		10,599	$	1,189,738

Peru — 1.7%
Cia de Minas Buenaventura S.A.A. ADR*		73,571		885,795
Credicorp Ltd.		11,356		1,854,435

				2,740,230

Philippines — 3.6%
Ayala Corp.		48,450		815,949
Ayala Land, Inc.		1,974,100		1,300,329
BDO Unibank, Inc.		276,691		648,508
DMCI Holdings, Inc.		1,341,750		304,852
Metro Pacific Investments Corp.		557,100		66,841
Metropolitan Bank & Trust Co.		818,453		1,304,957
SM Investments Corp.		104,480		1,451,371

				5,892,807

Poland — 3.5%
Bank Pekao S.A.		16,352		544,696
Bank Zachodni WBK S.A.		15,114		1,305,329
CCC S.A.		22,036		1,322,482
LPP S.A.		489		837,855
Powszechna Kasa Oszczednosci Bank Polski S.A.		204,001		1,649,210

				5,659,572

Portugal — 0.8%
Jeronimo Martins SGPS, S.A.		70,251		1,256,811

Russia — 3.0%
Gazprom PJSC ADR		27,132		121,958
Gazprom PJSC ADR		337,258		1,507,543
Mail.Ru Group Ltd. GDR*		40,031		884,685
MMC Norilsk Nickel PJSC. ADR		2,447		38,394
MMC Norilsk Nickel PJSC. ADR		41,644		654,644
X5 Retail Group N.V. GDR*		24,675		830,314
Yandex NV, Class A*		39,456		865,270

				4,902,808

South Africa — 3.0%
AVI Ltd.		134,265		990,756
Capitec Bank Holdings Ltd.		11,312		641,954
Clicks Group Ltd.		76,916		734,404
Naspers Ltd., N Shares		8,242		1,422,173
Vodacom Group Ltd.		96,833		1,097,074

				4,886,361

South Korea — 10.3%
Amorepacific Corp.		3,113		780,825
CJ Corp.		6,154		957,521
Cosmax, Inc.		2,572		312,789
Coway Co. Ltd.		11,044		950,043
Hanwha Techwin Co. Ltd.		12,310		518,466
Hugel, Inc		2,392		789,491
Hyundai Development Co.		28,557		1,038,042
Hyundai Motor Co.		9,669		1,361,770
Innocean Worldwide, Inc.		7,527		414,614
Korea Aerospace Industries Ltd.		14,651		754,625
Mando Corp.		3,457		802,192


	Number of Shares		Value†

South Korea — (continued)
NAVER Corp.		2,109	$	1,612,443
Samsung Electronics Co. Ltd.		3,566		6,568,864

				16,861,685

Spain — 0.2%
Cemex Latam Holdings S.A.		93,428		344,467

Switzerland — 0.7%
DKSH Holding AG		15,212		1,176,988

Taiwan — 8.1%
Advanced Semiconductor Engineering, Inc.		908,517		1,160,254
Advantech Co. Ltd.		52,000		435,297
Delta Electronics, Inc.		168,242		901,024
E.Sun Financial Holding Co. Ltd		978,600		595,046
Eclat Textile Co. Ltd.		12,314		123,373
Hon Hai Precision Industry Co. Ltd.		524,140		1,571,945
Largan Precision Co. Ltd.		8,000		1,260,278
Nien Made Enterprise Co. Ltd		80,000		746,148
Taiwan Mobile Co. Ltd.		155,000		569,581
Taiwan Semiconductor Manufacturing Co. Ltd.		772,769		4,813,491
Uni-President Enterprises Corp.		594,962		1,115,707

				13,292,144

Thailand — 2.2%
Bangkok Dusit Medical Services PCL		1,401,400		864,596
Central Pattana PCL		518,000		885,631
PTT PCL		118,000		1,328,949
Sino-Thai Engineering & Construction PCL		850,500		594,019

				3,673,195

United Kingdom — 0.7%
Mondi PLC		47,804		1,147,153

United States — 1.7%
Samsonite International S.A.		764,400		2,783,571

TOTAL COMMON STOCKS (Cost $130,193,217)				156,154,596

PREFERRED STOCKS — 5.8%
Brazil — 4.5%
Banco Bradesco S.A.		267,322		2,756,390
Itau Unibanco Holding S.A.		253,994		3,083,042
Petroleo Brasileiro S.A.		331,817		1,544,296

				7,383,728

Colombia — 0.2%
Grupo de Inversiones Suramericana S.A.		26,106		346,872

South Korea — 1.1%
Samsung Electronics Co. Ltd.		1,265		1,813,284

TOTAL PREFERRED STOCKS (Cost $8,729,866)				9,543,884


	Number of Shares		Value†
SHORT-TERM INVESTMENTS — 1.5%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $2,460,224)		2,460,224	$	2,460,224

TOTAL INVESTMENTS — 102.7% (Cost $141,383,307)(a)			$	168,158,704

Other Assets & Liabilities — (2.7)%				(4,456,918	)

TOTAL NET ASSETS — 100.0%			$	163,701,786

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $142,980,197. Net unrealized appreciation was $25,178,507. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $31,623,236 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $6,444,729.

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	1.0	%	$	1,591,602
Aerospace & Defense	0.8	%		1,273,091
Airlines	0.8	%		1,189,738
Apparel	2.0	%		3,183,011
Auto Manufacturers	2.7	%		4,290,848
Auto Parts & Equipment	0.5	%		802,192
Banks	20.4	%		31,802,123
Beverages	1.4	%		2,225,658
Biotechnology	0.5	%		789,491
Building Materials	4.5	%		7,017,164
Chemicals	0.6	%		976,897
Commercial Services	1.1	%		1,676,455
Computers	0.3	%		435,297
Cosmetics & Personal Care	0.7	%		1,093,614
Diversified Financial Services	1.6	%		2,453,735
Electrical Components & Equipment	0.6	%		901,024
Electronics	1.0	%		1,571,945
Engineering & Construction	1.4	%		2,222,684
Food	3.5	%		5,463,966
Forest Products & Paper	0.7	%		1,147,153
Healthcare Services	0.5	%		864,596
Holding Companies	1.8	%		2,797,746
Home Furnishings	1.6	%		2,440,423
Household Products & Wares	3.1	%		4,791,457
Insurance	2.3	%		3,524,423
Internet	12.1	%		18,830,686
Investment Companies	0.3	%		447,812
Lodging	0.6	%		881,507
Machinery - Construction & Mining	0.2	%		260,347
Media	2.1	%		3,218,878
Mining	1.0	%		1,578,833
Miscellaneous Manufacturing	0.8	%		1,260,278
Oil & Gas	4.2	%		6,535,388
Pharmaceuticals	0.7	%		1,101,816
Real Estate	2.7	%		4,191,986
Retail	6.6	%		10,376,645
Semiconductors	8.0	%		12,542,609
Software	0.4	%		685,860
Telecommunications	4.9	%		7,648,777
Water	—	%⁺		66,841

	100.0	%	$	156,154,596

Rounded

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS
Argentina	$	4,028,281	$	4,028,281	$	—	$	—
Austria		1,545,137		1,545,137		—		—
Brazil		6,166,489		6,166,489		—		—
Chile		1,043,856		1,043,856		—		—
China		25,308,252		25,308,252		—		—
Colombia		447,812		447,812		—		—
Czech Republic		1,858,109		1,858,109		—		—
Egypt		1,058,575		1,058,575		—		—
Germany		1,331,858		1,331,858		—		—
Hong Kong		7,606,982		7,606,982		—		—
Hungary		1,474,721		1,474,721		—		—
India		13,425,300		13,425,300		—		—
Indonesia		8,688,179		8,688,179		—		—
Malaysia		2,624,488		2,624,488		—		—
Mexico		10,197,238		10,197,238		—		—
Netherlands		1,490,380		1,490,380		—		—
Pakistan		2,051,409		2,051,409		—		—
Panama		1,189,738		1,189,738		—		—
Peru		2,740,230		2,740,230		—		—
Philippines		5,892,807		5,892,807		—		—
Poland		5,659,572		5,659,572		—		—
Portugal		1,256,811		1,256,811		—		—
Russia		4,902,808		4,902,808		—		—
South Africa		4,886,361		4,886,361		—		—
South Korea		16,861,685		16,861,685		—		—
Spain		344,467		344,467		—		—
Switzerland		1,176,988		1,176,988		—		—
Taiwan		13,292,144		13,292,144		—		—
Thailand		3,673,195		3,673,195		—		—
United Kingdom		1,147,153		1,147,153		—		—
United States		2,783,571		2,783,571		—		—
PREFERRED STOCKS		9,543,884		9,543,884		—		—
SHORT-TERM INVESTMENTS		2,460,224		2,460,224		—		—

TOTAL INVESTMENTS	$	168,158,704	$	168,158,704	$	—	$	—

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 $92,085,192 was transferred from Level 2 into Level 1 at 3/31/17 as a result of using quoted prices in active market for such foreign securities. 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 — 3.2%
Entertainment — 1.0%
Red Rock Resorts, Inc.		62,527	$	1,386,849

Healthcare Services — 0.5%
Brookdale Senior Living, Inc.*		48,917		656,955

Lodging — 1.7%
Hilton Worldwide Holdings, Inc.		41,365		2,418,237

TOTAL COMMON STOCKS (Cost $4,190,702)				4,462,041

REAL ESTATE INVESTMENT TRUSTS — 93.7%
Apartments — 19.1%
American Campus Communities, Inc.		73,166		3,481,970
American Homes 4 Rent, Class A		95,676		2,196,721
Apartment Investment & Management Co., Class A		62,316		2,763,715
AvalonBay Communities, Inc.		26,524		4,869,806
Education Realty Trust, Inc.		49,716		2,030,899
Essex Property Trust, Inc.		15,616		3,615,572
Invitation Homes, Inc.*		48,579		1,060,480
UDR, Inc.		182,375		6,612,917

				26,632,080

Building & Real Estate — 3.9%
Colony Starwood Homes		28,952		982,920
Spirit Realty Capital, Inc.		303,650		3,075,975
STORE Capital Corp.		55,260		1,319,609

				5,378,504

Diversified — 13.8%
American Tower Corp.		15,137		1,839,751
CoreCivic, Inc.		23,269		731,112
Cousins Properties, Inc.		251,399		2,079,070
Digital Realty Trust, Inc.		12,916		1,374,133
DuPont Fabros Technology, Inc.		64,047		3,176,091
Gaming and Leisure Properties, Inc.		55,385		1,850,967
Gramercy Property Trust		60,135		1,581,551
Lamar Advertising Co., Class A		28,883		2,158,715
The GEO Group, Inc.		47,137		2,185,743
Vornado Realty Trust		22,537		2,260,686

				19,237,819

Healthcare — 5.0%
Healthcare Trust of America, Inc., Class A		81,773		2,572,579
Medical Properties Trust, Inc.		97,181		1,252,663
Physicians Realty Trust		87,882		1,746,215
Ventas, Inc.		22,488		1,462,620

				7,034,077

Hotels & Resorts — 3.4%
Apple Hospitality REIT, Inc.		82,684		1,579,264
Host Hotels & Resorts, Inc.		114,651		2,139,388
Park Hotels & Resorts, Inc.		42,842		1,099,754

				4,818,406

Industrial — 6.2%
CyrusOne, Inc.		42,330		2,178,725


	Number of Shares		Value†

Industrial — (continued)
Prologis, Inc.		121,164	$	6,285,988
QTS Realty Trust, Inc.		2,652		129,285

				8,593,998

Manufactured Homes — 3.1%
Equity LifeStyle Properties, Inc.		18,576		1,431,467
Sun Communities, Inc.		36,395		2,923,610

				4,355,077

Office Property — 18.0%
Alexandria Real Estate Equities, Inc.		28,421		3,141,089
Boston Properties, Inc.		26,158		3,463,581
Corporate Office Properties Trust		68,681		2,273,341
Douglas Emmett, Inc.		82,061		3,151,143
Empire State Realty Trust, Inc., Class A		100,585		2,076,074
Highwoods Properties, Inc.		26,563		1,305,040
Hudson Pacific Properties, Inc.		65,136		2,256,311
Kilroy Realty Corp.		36,551		2,634,596
SL Green Realty Corp.		44,765		4,772,844

				25,074,019

Regional Malls — 5.4%
Simon Property Group, Inc.		44,211		7,605,618

Storage & Warehousing — 5.8%
CubeSmart		71,750		1,862,630
Extra Space Storage, Inc.		32,122		2,389,556
Public Storage		17,332		3,794,148

				8,046,334

Strip Centers — 5.2%
Brixmor Property Group, Inc.		176,999		3,798,398
DDR Corp.		11,396		142,792
Kimco Realty Corp.		59,788		1,320,717
Regency Centers Corp.		7,463		495,469
Weingarten Realty Investors		46,050		1,537,609

				7,294,985

Telecommunications — 4.8%
Equinix, Inc.		16,737		6,700,993

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $123,651,688)				130,771,910

SHORT-TERM INVESTMENTS — 1.6%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $2,178,131)		2,178,131		2,178,131

TOTAL INVESTMENTS — 98.5% (Cost $130,020,522)(a)			$	137,412,082

Other Assets & Liabilities — 1.5%				2,124,860

TOTAL NET ASSETS — 100.0%			$	139,536,942

†	See Security Valuation Note.

*	Non-income producing security.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
COMMON STOCKS	$	4,462,041	$	4,462,041	$	—	$	—
REAL ESTATE INVESTMENT TRUSTS		130,771,910		130,771,910		—		—
SHORT-TERM INVESTMENTS		2,178,131		2,178,131		—		—
TOTAL INVESTMENTS	$	137,412,082	$	137,412,082	$	—	$	—

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


	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 55.7%
Penn Series Flexibly Managed Fund*		40,255	$	1,926,204
Penn Series Index 500 Fund*		134,605		2,568,272
Penn Series Large Cap Growth Fund*		84,874		1,284,136
Penn Series Large Cap Value Fund*		199,866		5,136,545
Penn Series Large Core Value Fund*		309,058		5,136,545
Penn Series Large Growth Stock Fund*		38,048		1,284,136
Penn Series Mid Cap Growth Fund*		80,763		1,284,136
Penn Series Mid Cap Value Fund*		133,542		3,210,341
Penn Series Mid Core Value Fund*		144,026		3,210,340
Penn Series Real Estate Securities Fund*		94,840		1,926,204
Penn Series Small Cap Growth Fund*		58,158		1,926,204
Penn Series Small Cap Index Fund*		31,229		642,068
Penn Series Small Cap Value Fund*		57,379		1,926,204
Penn Series SMID Cap Growth Fund*		56,396		1,284,136
Penn Series SMID Cap Value Fund*		127,953		3,210,341

TOTAL AFFILIATED EQUITY FUNDS (Cost $24,821,536)				35,955,812

AFFILIATED FIXED INCOME FUNDS — 9.0%
Penn Series High Yield Bond Fund*		102,159		1,284,136
Penn Series Limited Maturity Bond Fund*		161,054		1,926,204
Penn Series Quality Bond Fund*		180,610		2,568,272

TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $5,626,324)				5,778,612

AFFILIATED INTERNATIONAL EQUITY FUNDS — 34.8%
Penn Series Developed International Index Fund*		522,431		6,420,680
Penn Series Emerging Markets Equity Fund*		620,083		7,062,749
Penn Series International Equity Fund*		350,720		8,988,953

TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $18,752,120)				22,472,382

SHORT-TERM INVESTMENTS — 0.6%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $372,076)		372,076		372,076

TOTAL INVESTMENTS — 100.1% (Cost $49,572,056)(a)			$	64,578,882

Other Assets & Liabilities — (0.1)%				(51,036	)

TOTAL NET ASSETS — 100.0%			$	64,527,846

*	Non-income producing security.

†	See Security Valuation Note.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $49,941,058. Net unrealized appreciation was $14,637,824. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $15,006,826 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $369,002.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	35,955,812	$	35,955,812	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		5,778,612		5,778,612		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		22,472,382		22,472,382		—		—
SHORT-TERM INVESTMENTS		372,076		372,076		—		—

TOTAL INVESTMENTS	$	64,578,882	$	64,578,882	$	—	$	—

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


	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 54.8%
Penn Series Flexibly Managed Fund*		315,181	$	15,081,433
Penn Series Index 500 Fund*		526,954		10,054,289
Penn Series Large Cap Growth Fund*		332,263		5,027,144
Penn Series Large Cap Value Fund*		782,435		20,108,577
Penn Series Large Core Value Fund*		1,209,902		20,108,578
Penn Series Large Growth Stock Fund*		148,952		5,027,144
Penn Series Mid Cap Growth Fund*		316,173		5,027,144
Penn Series Mid Cap Value Fund*		418,232		10,054,289
Penn Series Mid Core Value Fund*		451,067		10,054,289
Penn Series Real Estate Securities Fund*		371,281		7,540,717
Penn Series Small Cap Growth Fund*		151,786		5,027,144
Penn Series Small Cap Index Fund*		244,511		5,027,144
Penn Series Small Cap Value Fund*		224,627		7,540,717
Penn Series SMID Cap Growth Fund*		110,390		2,513,572
Penn Series SMID Cap Value Fund*		400,729		10,054,289

TOTAL AFFILIATED EQUITY FUNDS (Cost $89,369,150)				138,246,470

AFFILIATED FIXED INCOME FUNDS — 17.9%
Penn Series High Yield Bond Fund*		399,932		5,027,144
Penn Series Limited Maturity Bond Fund*		1,260,989		15,081,433
Penn Series Quality Bond Fund*		1,767,632		25,135,722

TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $41,834,503)				45,244,299

AFFILIATED INTERNATIONAL EQUITY FUNDS — 26.9%
Penn Series Developed International Index Fund*		1,431,652		17,595,005
Penn Series Emerging Markets Equity Fund*		1,765,459		20,108,578
Penn Series International Equity Fund*		1,176,858		30,162,866

TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $55,425,357)				67,866,449

SHORT-TERM INVESTMENTS — 0.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $1,094,749)		1,094,749		1,094,749

TOTAL INVESTMENTS — 100.0% (Cost $187,723,759)(a)			$	252,451,967

Other Assets & Liabilities — 0.0%				(116,672	)

TOTAL NET ASSETS — 100.0%			$	252,335,295

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $188,799,672. Net unrealized appreciation was $63,652,295. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $64,728,208 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,075,913.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	138,246,470	$	138,246,470	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		45,244,299		45,244,299		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		67,866,449		67,866,449		—		—
SHORT-TERM INVESTMENTS		1,094,749		1,094,749		—		—

TOTAL INVESTMENTS	$	252,451,967	$	252,451,967	$	—	$	—

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


	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 42.8%
Penn Series Flexibly Managed Fund*		422,286	$	20,206,369
Penn Series Index 500 Fund*		529,517		10,103,185
Penn Series Large Cap Growth Fund*		222,586		3,367,728
Penn Series Large Cap Value Fund*		655,200		16,838,641
Penn Series Large Core Value Fund*		1,013,155		16,838,641
Penn Series Large Growth Stock Fund*		199,569		6,735,456
Penn Series Mid Cap Growth Fund*		423,614		6,735,457
Penn Series Mid Cap Value Fund*		420,266		10,103,185
Penn Series Mid Core Value Fund*		755,435		16,838,641
Penn Series Real Estate Securities Fund*		331,633		6,735,456
Penn Series Small Cap Growth Fund*		101,683		3,367,728
Penn Series Small Cap Index Fund*		327,600		6,735,456
Penn Series Small Cap Value Fund*		300,959		10,103,185
Penn Series SMID Cap Growth Fund*		147,902		3,367,728
Penn Series SMID Cap Value Fund*		268,452		6,735,456

TOTAL AFFILIATED EQUITY FUNDS (Cost $88,029,471)				144,812,312

AFFILIATED FIXED INCOME FUNDS — 37.9%
Penn Series High Yield Bond Fund*		803,754		10,103,184
Penn Series Limited Maturity Bond Fund*		2,534,244		30,309,554
Penn Series Quality Bond Fund*		6,157,590		87,560,933

TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $114,565,653)				127,973,671

AFFILIATED INTERNATIONAL EQUITY FUNDS — 18.9%
Penn Series Developed International Index Fund*		1,370,109		16,838,641
Penn Series Emerging Markets Equity Fund*		1,478,371		16,838,641
Penn Series International Equity Fund*		1,182,581		30,309,554

TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $48,633,301)				63,986,836

SHORT-TERM INVESTMENTS — 0.1%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $317,916)		317,916		317,916

TOTAL INVESTMENTS — 99.7% (Cost $251,546,341)(a)			$	337,090,735

Other Assets & Liabilities — 0.3%				1,070,545

TOTAL NET ASSETS — 100.0%			$	338,161,280

(a)

At March 31, 2017, the cost for Federal income tax purposes was $252,661,576. Net unrealized appreciation was $84,429,159. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $85,544,394 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $1,115,235.

†	See Security Valuation Note.

*	Non-income producing security.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
AFFILIATED EQUITY FUNDS	$	144,812,312	$	144,812,312	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		127,973,671		127,973,671		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		63,986,836		63,986,836		—		—
SHORT-TERM INVESTMENTS		317,916		317,916		—		—

TOTAL INVESTMENTS	$	337,090,735	$	337,090,735	$	—	$	—

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


	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 30.7%
Penn Series Flexibly Managed Fund*		163,492	$	7,823,101
Penn Series Index 500 Fund*		102,504		1,955,775
Penn Series Large Cap Growth Fund*		64,632		977,888
Penn Series Large Cap Value Fund*		190,251		4,889,438
Penn Series Large Core Value Fund*		294,190		4,889,438
Penn Series Large Growth Stock Fund*		28,974		977,888
Penn Series Mid Cap Value Fund*		40,678		977,888
Penn Series Mid Core Value Fund*		87,742		1,955,775
Penn Series Real Estate Securities Fund*		96,296		1,955,775
Penn Series Small Cap Index Fund*		47,563		977,888
Penn Series Small Cap Value Fund*		58,260		1,955,775
Penn Series SMID Cap Value Fund*		38,975		977,888

TOTAL AFFILIATED EQUITY FUNDS (Cost $18,979,932)				30,314,517

AFFILIATED FIXED INCOME FUNDS — 56.5%
Penn Series High Yield Bond Fund*		233,386		2,933,663
Penn Series Limited Maturity Bond Fund*		1,553,500		18,579,865
Penn Series Quality Bond Fund*		2,406,896		34,226,068

TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $49,586,705)				55,739,596

AFFILIATED INTERNATIONAL EQUITY FUNDS — 11.9%
Penn Series Developed International Index Fund*		238,703		2,933,663
Penn Series Emerging Markets Equity Fund*		257,565		2,933,663
Penn Series International Equity Fund*		228,924		5,867,326

TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $9,075,377)				11,734,652

SHORT-TERM INVESTMENTS — 0.9%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $881,710)		881,710		881,710

TOTAL INVESTMENTS — 100.0% (Cost $78,523,724)(a)			$	98,670,475

Other Assets & Liabilities — 0.0%				31,793

TOTAL NET ASSETS — 100.0%			$	98,702,268

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $78,840,069. Net unrealized appreciation was $19,830,406. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $20,146,751 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $316,345.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	30,314,517	$	30,314,517	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		55,739,596		55,739,596		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		11,734,652		11,734,652		—		—
SHORT-TERM INVESTMENTS		881,710		881,710		—		—

TOTAL INVESTMENTS	$	98,670,475	$	98,670,475	$	—	$	—

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


	Number of Shares		Value†
AFFILIATED EQUITY FUNDS — 18.0%
Penn Series Flexibly Managed Fund*		92,944	$	4,447,382
Penn Series Index 500 Fund*		29,136		555,923
Penn Series Large Cap Value Fund*		64,894		1,667,768
Penn Series Large Core Value Fund*		100,347		1,667,768
Penn Series Mid Core Value Fund*		49,881		1,111,846
Penn Series Real Estate Securities Fund*		27,372		555,923

TOTAL AFFILIATED EQUITY FUNDS (Cost $7,412,253)				10,006,610

AFFILIATED FIXED INCOME FUNDS — 77.1%
Penn Series High Yield Bond Fund*		132,678		1,667,769
Penn Series Limited Maturity Bond Fund*		1,347,973		16,121,761
Penn Series Quality Bond Fund*		1,759,249		25,016,526

TOTAL AFFILIATED FIXED INCOME FUNDS (Cost $38,531,586)				42,806,056

AFFILIATED INTERNATIONAL EQUITY FUNDS — 5.0%
Penn Series Developed International Index Fund*		90,468		1,111,846
Penn Series Emerging Markets Equity Fund*		48,808		555,923
Penn Series International Equity Fund*		43,381		1,111,845

TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS (Cost $2,545,199)				2,779,614

SHORT-TERM INVESTMENTS — 1.4%
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares (Cost $752,594)		752,594		752,594

TOTAL INVESTMENTS — 101.5% (Cost $49,241,632)(a)			$	56,344,874

Other Assets & Liabilities — (1.5)%				(825,723	)

TOTAL NET ASSETS — 100.0%			$	55,519,151

†	See Security Valuation Note.

*	Non-income producing security.

(a)

At March 31, 2017, the cost for Federal income tax purposes was $49,339,795. Net unrealized appreciation was $7,005,079. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost of $7,112,460 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value of $107,381.

Summary of inputs used to value the Fund’s investments as of 03/31/2017 are as follows (See Security Valuation Note):


ASSETS TABLE
Description	Total Market Value at 03/31/2017		Level 1 Quoted Price		Level 2 Signi- ficant Obser- vable Input		Level 3 Signi- ficant Unobser- vable Input
AFFILIATED EQUITY FUNDS	$	10,006,610	$	10,006,610	$	—	$	—
AFFILIATED FIXED INCOME FUNDS		42,806,056		42,806,056		—		—
AFFILIATED INTERNATIONAL EQUITY FUNDS		2,779,614		2,779,614		—		—
SHORT-TERM INVESTMENTS		752,594		752,594		—		—

TOTAL INVESTMENTS	$	56,344,874	$	56,344,874	$	—	$	—

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

Money Market Fund — Investments in securities are valued using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, which involves initially valuing investments at cost and thereafter assuming a constant amortization to maturity of any premium or discount. This method approximates market value.

Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities Funds — Portfolio securities listed on a securities exchange or an automated quotation system for which quotations are readily available, including securities traded over the counter, are valued at the last quoted sale price on the principal exchange or market on which they are traded on the valuation date or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. Debt and fixed income securities are valued by recognized independent third-party valuation services, employing evaluation methodologies that utilize actual market transactions, broker-dealer supplied valuations, and matrix pricing. Matrix pricing for corporate bonds, floating rate notes, municipal securities and U.S. government and government agency obligations considers yield or price of bonds of comparable quality, coupon, maturity and type and, for asset backed securities, commercial mortgage securities and U.S. government agency mortgage securities, also considers prepayment speed assumptions and attributes and performance of the underlying collateral. Securities valued according to these evaluation methods are generally categorized as level 2 in the fair value hierarchy described below. To the extent that bid prices are provided by the pricing service, the Funds will use the bid price. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Securities for which market quotations are not readily available are valued by methods deemed by the Board of Directors to represent fair value. The Penn Series Valuation Committee (the “Valuation Committee”) , established by and subject to oversight by the Board of Directors, develops pricing related policies and procedures and approves all fair value determinations. The Valuation Committee consists of representatives from the Adviser and Administrator. The Valuation Committee regularly makes good faith judgments, using sources and information obtained, including recommendations and supporting rationales and inputs from the Adviser or the applicable sub adviser, to establish and /or adjust fair valuations of securities as events occur and circumstances warrant. The information and inputs may include but are not limited to cost of the security, last sale price, private transaction trading prices, comparable publically traded security prices, illiquidity premiums, publically disclosed news stories and regulatory filings, estimated cash flows and yield curves. As part of its procedures, the Valuation Committee monitors the fair valued securities, considers additional news or significant developments relative to the specific security, reviews the valuations with the Adviser or respective sub adviser on a regular basis and applies back testing procedures to valuations as applicable. Reasons for which securities may be valued in this manner include, but are not limited to, trading on an exchange for a security has not begun or has been halted or suspended, a security has been de-listed from a national exchange, trading on a security’s primary market is temporarily closed at a time when under normal conditions it would be open or valuation by a third party pricing service is currently not available or is no longer available.

Options are valued at the last traded price on the market where such options are principally traded or, if there was no trade on such day, at the last bid quote. Futures contracts are valued at the last settlement price on the market where such futures contracts are principally traded.

To assess the continuing appropriateness of third party pricing service security valuations, the Adviser or sub adviser, as applicable, or the fund accounting service provider, who is subject to oversight by the Administrator, regularly monitor the prices and compare prices to alternate sources where applicable. Pricing challenges are issued for valuation differences exceeding certain tolerances or when considered not reflective of market by the Adviser or sub adviser, as applicable.

Certain events may occur between the time that foreign markets close, on which securities held by the Fund principally trade, and the time at which the Fund’s NAV is calculated. These securities are valued at a fair value utilizing an independent third-party valuation service in accordance with procedures adopted by the Fund’s Board of Directors. The methodology and procedures followed by the valuation service consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes as well as prices for similar securities. Securities valued using such valuation service are classified as Level 2 of the fair value hierarchy as these adjustment factors are considered other observable inputs to the valuation. Values from the valuation service are applied in the event that there is a movement in U.S. market that exceeds a specific threshold that has been established by the Valuation Committee. The Valuation Committee has also established a “confidence interval,” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Valuation Committee is exceeded on a specific day, the Funds shall value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation service.

The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds — The valuation of each Fund’s investment in its Underlying Funds is based on the net asset values of the Underlying Funds each business day.

Fair value measurements are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. These inputs are summarized into three broad levels as follows:

Transfers between levels 1 and 2 during the period ended March 31, 2017, if any, are shown as notes on the Schedule of Investments of the individual fund.

Significant Level 3 items at March 31, 2017 consist of $4,221,572 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 Limited Maturity Bond, Quality Bond, Index 500, Small Cap Index and Developed International Index Funds have entered into futures contracts during the period ended March 31, 2017. Open futures contracts held by the Limited Maturity Bond, Quality Bond, Index 500, Developed International Index and Small Cap Index Funds at March 31, 2017 were as follows:

The total market value of futures contracts held in the Limited Maturity Bond, Quality Bond, Index 500, Developed International Index and Small Cap Index Funds as of March 31, 2017 are classified as Level 1.

Open forward foreign currency contracts held by High Yield Bond Fund at March 31, 2017 were as follows:

Open forward foreign currency contracts held by Mid Core Value Fund at March 31, 2017 were as follows:

The total market value of forward foreign currency contracts held in the High Yield Bond and Mid Core Value Funds as of March 31, 2017 are classified as Level 2.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Country Weightings as of 03/31/2017 ††
United States	88	%
Cayman Islands	6
Canada	2
Luxembourg	2
Ireland	1
Netherlands	1
Total	100	%


Country Weightings as of 03/31/2017††
United States	93	%
Ireland	3
Argentina	2
Canada	1
United Kingdom	1

Total	100	%


Transportation	1.9	%	$	1,947,371
Venture Capital	0.1	%		80,842
Water	0.2	%		227,036
	100.0	%	$	102,980,011


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		6/30/2017		100			2,000	$	108	$	(19,531	)

															(19,531	)
Quality Bond		Sell/Short		US Treasury Note		6/21/2017		(305	)		1,000		125		(174,883	)
Quality Bond		Buy/Long		US Treasury Note		6/30/2017		150			1,000		118		23,438
Quality Bond		Buy/Long		US Treasury Note		6/30/2017		150			2,000		108		103,124
Quality Bond		Sell/Short		US Treasury Note		6/21/2017		(35	)		1,000		151		(127,344	)
Quality Bond		Buy/Long		US Treasury Ultra Bond		6/21/2017		20			1,000		161		83,125

															(92,540	)
Index 500		Buy/Long		E-Mini S&P 500 Index		6/16/2017		40			50		2,359		(12,888	)

															(12,888	)
Small Cap Index		Buy/Long		Russell 2000 Mini Index		6/16/2017		21			50		1,384		21,587

															21,587
Developed International Index		Buy/Long		E-Mini MSCI EAFE Index		6/16/2017		17			50		1,782		34,168

															34,168


	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		HSBC Securities		06/23/2017		(1,129,000	)		1.32828	$	(844,886	)	$	(849,968	)	$	(5,082	)
Buy		Euro		Barclays Bank		05/26/2017		239,873			0.93495		255,128			256,562			1,433
Buy		Euro		BNYMellon		05/26/2017		7,000			0.93495		7,421			7,487			66
Buy		Euro		Citibank		05/26/2017		269,587			0.93495		286,380			288,342			1,963
Buy		Euro		HSBC Securities		05/26/2017		180,694			0.93495		194,618			193,265			(1,353	)
Sell		Euro		BAML		05/26/2017		(1,760,000	)		0.93495		(1,883,939	)		(1,882,445	)		1,494
Sell		Euro		Citibank		05/26/2017		(2,094,000	)		0.93495		(2,242,402	)		(2,239,682	)		2,720
Sell		Euro		JP Morgan Chase		05/26/2017		(1,803,000	)		0.93495		(1,930,169	)		(1,928,437	)		1,732
Buy		Pounds Sterling		BAML		04/21/2017		137,253			0.79776		171,607			172,049			442
Buy		Pounds Sterling		BNYMellon		04/21/2017		8,906			0.79776		11,160			11,164			4
Buy		Pounds Sterling		HSBC Securities		04/21/2017		164,733			0.79776		205,859			206,495			636
Buy		Pounds Sterling		Royal Bank of Scotland		04/21/2017		315,750			0.79776		393,150			395,797			2,647
Sell		Pounds Sterling		CIBC World Markets		04/21/2017		(1,986,000	)		0.79776		(2,424,513	)		(2,489,477	)		(64,964	)
Sell		Swiss Francs		BNP Paribas		05/26/2017		(185,000	)		0.99833		(185,352	)		(185,309	)		44

Total																		$	(58,217	)


	Currency		Counterparty		Settlement Date		Foreign Currency Contract			Forward Rate		U.S. Contract Amount			U.S. Contract Value			Unrealized Foreign Exchange Gain/ (Loss)
Buy		Canadian Dollar		Morgan Stanley		06/30/2017		(1,846,632	)		1.32814	$	(1,381,926	)	$	(1,390,390	)	$	(8,464	)
Sell		Canadian Dollar		Morgan Stanley		06/30/2017		48,265			1.32814		36,330			36,340			10
Buy		Euro		UBS		06/30/2017		24,883			0.93324		26,704			26,663			(41	)
Sell		Euro		UBS		06/30/2017		(889,307	)		0.93324		(969,043	)		(952,925	)		16,118
Sell		Japanese Yen		Credit Suisse		06/30/2017		(57,966,714	)		110.91895		(527,505	)		(522,604	)		4,901

Total																		$	12,524


(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)