N-Q

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

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


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANIES–100.04%
Asset Allocation Fund–19.83%
²American Funds^®–Capital Income Builder		2,854,280	$	169,658,404

				169,658,404

Equity Funds–24.82%
²American Funds^®–AMCAP Fund		1,473,481		42,480,467
American Mutual Fund		1,153,031		42,650,611
American Funds Insurance Series^®–Blue Chip Income & Growth Fund		2,876,496		42,428,314
Growth Fund		510,163		42,608,798
Growth-Income Fund		785,495		42,157,515

				212,325,705

Fixed Income Funds–33.37%
²American Funds^®–Intermediate Bond Fund of America		3,174,592		43,269,686
American Funds Insurance Series^®– Bond Fund		15,399,516		173,552,546
High-Income Bond Fund		3,961,022		42,779,043
Mortgage Bond Fund		2,390,876		25,917,100

				285,518,375

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Notes 1 and 3 of the “Notes to Financial Statements” as disclosed in the Fund’s most recent annual report.


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANIES–100.10%
Asset Allocation Fund–19.76%
²American Funds^®–Capital Income Builder		668,847	$	39,756,237

				39,756,237

Equity Funds–18.83%
²American Funds^®–AMCAP Fund		345,871		9,971,455
American Mutual Fund		216,521		8,009,119
American Funds Insurance Series^®–Blue Chip Income & Growth Fund		540,121		7,966,785
Growth Fund		47,901		4,000,706
Growth-Income Fund		147,949		7,940,432

				37,888,497

Fixed Income Funds–52.48%
²American Funds^®–Intermediate Bond Fund of America		1,192,367		16,251,962
American Funds Insurance Series^®–Bond Fund		5,418,572		61,067,305
High-Income Bond Fund		1,116,192		12,054,873
Mortgage Bond Fund		747,606		8,104,054
U.S. Government/AAA-Rated
Securities Fund		644,368		8,119,038

				105,597,232

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANIES–100.01%
Asset Allocation Fund–16.88%
²American Funds^®–Capital Income Builder		2,496,629	$	148,399,651

				148,399,651

Equity Funds–28.83%
²American Funds^®–AMCAP Fund		1,516,354		43,716,472
American Mutual Fund		1,661,174		61,446,821
American Funds Insurance Series^®–Blue Chip Income & Growth Fund		3,552,218		52,395,212
Growth Fund		629,994		52,617,061
Growth-Income Fund		808,361		43,384,754

				253,560,320

Fixed Income Funds–23.26%
²American Funds^®–Intermediate Bond Fund of America		2,613,255		35,618,662
American Funds Insurance Series^®–Bond Fund		9,497,150		107,032,883
High-Income Bond Fund		3,258,870		35,195,795
Mortgage Bond Fund		2,464,739		26,717,768

				204,565,108

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

« Includes $164,608 cash pledged as collateral for futures contracts as of March 31, 2015.

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional value presented above represents the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP American Century VP Mid Cap Value Managed Volatility Fund.

The LVIP American Global Growth Fund (Fund) invests substantially all of its assets in Class 1 shares of the Global Growth Fund, a series of the American Funds Insurance Series^® (Underlying Fund). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund’s financial statements.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

The LVIP American Global Small Capitalization Fund (Fund) invests substantially all of its assets in Class 1 shares of the Global Small Capitalization Fund, a series of the American Funds Insurance Series^® (Underlying Fund). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund’s financial statements.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

The LVIP American Growth Fund (Fund) invests substantially all of its assets in Class 1 shares of the Growth Fund, a series of the American Funds Insurance Series^® (Underlying Fund). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund’s financial statements.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

The LVIP American Growth-Income Fund (Fund) invests substantially all of its assets in Class 1 shares of the Growth-Income Fund, a series of the American Funds Insurance Series^® (Underlying Fund). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund’s financial statements.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

The LVIP American International Fund (Fund) invests substantially all of its assets in Class 1 shares of the International Fund, a series of the American Funds Insurance Series^® (Underlying Fund). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund’s financial statements.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of Shares		Value (U.S. $)

COMMON STOCK–77.64%
U.S. MARKETS–44.49%
Aerospace & Defense–2.35%
Boeing		100	$	15,008
General Dynamics		376		51,034
Honeywell International		100		10,431
L-3 Communications Holdings		308		38,743
Lockheed Martin		243		49,319
Northrop Grumman		400		64,384
Raytheon		400		43,700
United Technologies		100		11,720

				284,339

Air Freight & Logistics–0.27%
FedEx		194		32,097

				32,097

Airlines–1.51%
American Airlines Group		966		50,985
Delta Air Lines		1,039		46,713
Southwest Airlines		982		43,503
†United Continental Holdings		620		41,695

				182,896

Banks–1.81%
Bank of America		2,176		33,489
CIT Group		100		4,512
Citigroup		200		10,304
JPMorgan Chase		735		44,526
KeyCorp		500		7,080
PNC Financial Services Group		400		37,296
Wells Fargo		1,500		81,600

				218,807

Beverages–1.14%
Coca-Cola		1,000		40,550
Dr Pepper Snapple Group		300		23,544
†Monster Beverage		253		35,014
PepsiCo		400		38,248

				137,356

Biotechnology–3.18%
Amgen		295		47,156
†Biogen		300		126,672
†Celgene		415		47,841
†Gilead Sciences		1,137		111,574
†Medivation		300		38,721
†Vertex Pharmaceuticals		100		11,797

				383,761

Capital Markets–0.21%
Ameriprise Financial		100		13,084
Bank of New York Mellon		309		12,434

				25,518


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Chemicals–1.79%
CF Industries Holdings		200	$	56,736
Dow Chemical		600		28,788
LyondellBasell Industries Class A		723		63,479
PPG Industries		300		67,662

				216,665

Communications Equipment–0.43%
Cisco Systems		600		16,515
Harris		100		7,876
QUALCOMM		400		27,736

				52,127

Consumer Finance–0.59%
American Express		400		31,248
Capital One Financial		397		31,292
Navient		400		8,132

				70,672

Containers & Packaging–0.09%
Avery Dennison		200		10,582

				10,582

Diversified Financial Services–0.36%
†Berkshire Hathaway Class B		300		43,296

				43,296

Diversified Telecommunication Services–0.61%
AT&T		922		30,103
Verizon Communications		900		43,767

				73,870

Electric Utilities–1.26%
American Electric Power		1,053		59,231
Duke Energy		200		15,356
Edison International		500		31,235
Entergy		429		33,243
Pinnacle West Capital		200		12,750

				151,815

Electrical Equipment–0.09%
Emerson Electric		200		11,324

				11,324

Electronic Equipment, Instruments & Components–1.19%
†Arrow Electronics		400		24,460
Corning		1,400		31,752
†Flextronics International		6,893		87,369

				143,581

Food & Staples Retailing–0.61%
CVS Health		600		61,926
Walgreens Boots Alliance		141		11,940

				73,866


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Food Products–0.95%
Archer-Daniels-Midland		1,300	$	61,620
Bunge		292		24,049
Hormel Foods		200		11,370
Mondelez International		500		18,045

				115,084

Health Care Equipment & Supplies–0.98%
Abbott Laboratories		200		9,266
Becton, Dickinson		8		1,116
†Edwards Lifesciences		600		85,476
Medtronic		295		23,007

				118,865

Health Care Providers & Services–3.01%
Aetna		700		74,571
Anthem		400		61,764
Cardinal Health		500		45,135
Cigna		100		12,944
Humana		500		89,010
McKesson		200		45,240
UnitedHealth Group		300		35,487

				364,151

Hotels, Restaurants & Leisure–0.08%
Carnival		200		9,568

				9,568

Household Durables–0.05%
Horton (D.R.)		200		5,696

				5,696

Household Products–0.49%
Kimberly-Clark		300		32,133
Procter & Gamble		336		27,532

				59,665

Independent Power & Renewable Electricity Producers–0.02%
AES		200		2,570

				2,570

Industrial Conglomerates–0.41%
3M		200		32,990
Danaher		200		16,980

				49,970

Insurance–0.85%
Allstate		300		21,351
American International Group		109		5,972
Assurant		300		18,423
Travelers		200		21,626
Unum Group		1,041		35,113

				102,485


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Internet Software & Services–0.86%
†Facebook Class A		220	$	18,087
†Google Class C		100		54,800
†Rackspace Hosting		597		30,799

				103,686

IT Services–0.50%
Computer Sciences		265		17,299
Fidelity National Information Services		100		6,806
†Fiserv		300		23,820
MasterCard Class A		142		12,267

				60,192

Machinery–0.07%
SPX		100		8,490

				8,490

Media–0.62%
Comcast Class A		100		5,647
†DIRECTV		100		8,510
Time Warner		500		42,220
Time Warner Cable		100		14,988
Viacom Class B		47		3,210

				74,575

Multiline Retail–0.32%
Dollar General		296		22,312
†Dollar Tree		200		16,229

				38,541

Multi-Utilities–0.82%
Alliant Energy		200		12,600
Ameren		100		4,220
DTE Energy		500		40,345
Public Service Enterprise Group		1,007		42,213

				99,378

Oil, Gas & Consumable Fuels–2.52%
Anadarko Petroleum		300		24,843
Chevron		100		10,498
Denbury Resources		1,100		8,019
EOG Resources		190		17,421
Exxon Mobil		600		51,000
Marathon Oil		400		10,444
Marathon Petroleum		486		49,762
Phillips 66		553		43,466
Valero Energy		1,300		82,706
†Whiting Petroleum		200		6,180

				304,339

Pharmaceuticals–3.80%
AbbVie		1,561		91,381
†Actavis		37		10,961
Bristol-Myers Squibb		175		11,287


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Pharmaceuticals (continued)
Johnson & Johnson		1,000	$	100,600
Merck		1,968		113,121
Pfizer		3,200		111,328
†Valeant Pharmaceuticals International		100		19,754

				458,432

Professional Services–0.11%
Dun & Bradstreet		100		12,836

				12,836

Real Estate Investment Trusts–0.95%
American Tower		100		9,415
Boston Properties		100		14,048
Crown Castle International		100		8,254
Equity Residential		100		7,786
General Growth Properties		200		5,910
HCP		100		4,321
Health Care REIT		100		7,736
Host Hotels & Resorts		200		4,036
Prologis		200		8,712
Simon Property Group		100		19,564
Ventas		100		7,302
Vornado Realty Trust		100		11,200
Weyerhaeuser		200		6,630

				114,914

Road & Rail–0.54%
CSX		496		16,428
Union Pacific		450		48,739

				65,167

Semiconductors & Semiconductor Equipment–1.99%
Broadcom Class A		1,799		77,888
Intel		1,800		56,286
†Micron Technology		828		22,464
NVIDIA		1,000		20,925
†Qorvo		300		23,910
Skyworks Solutions		400		39,316

				240,789

Software–2.03%
†Citrix Systems		500		31,935
†Electronic Arts		1,100		64,697
Microsoft		2,900		117,899
Oracle		700		30,205

				244,736

Specialty Retail–1.84%
Best Buy		1,300		49,127
Home Depot		700		79,527
Lowe’s		800		59,512


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Specialty Retail (continued)
Staples		2,100	$	34,199

				222,365

Technology Hardware, Storage & Peripherals–2.73%
Apple		1,900		236,417
EMC		200		5,112
Hewlett-Packard		1,284		40,009
NetApp		600		21,276
Western Digital		300		27,303

				330,117

Tobacco–0.46%
Altria Group		500		25,010
Philip Morris International		400		30,132

				55,142

Total U.S. Markets (Cost $4,783,738)				5,374,325


§DEVELOPED MARKETS–33.15%
Aerospace & Defense–0.12%
Thales		263		14,595

				14,595

Air Freight & Logistics–0.18%
Deutsche Post		682		21,252

				21,252

Airlines–0.29%
†International Consolidated Airlines Group (London Stock Exchange)		1,446		12,958
Japan Airlines		700		21,771

				34,729

Auto Components–0.53%
Cie Generale des Etablissements Michelin		156		15,516
Delphi Automotive		300		23,922
Magna International		400		21,382
NOK		100		3,006

				63,826

Automobiles–1.37%
Daimler		462		44,376
†Fiat Chrysler Automobiles		933		15,149
Fuji Heavy Industries		300		9,957
Mitsubishi Motors		700		6,311
†Peugeot		2,790		46,645
Suzuki Motor		400		12,012
Toyota Motor		300		20,938
Yamaha Motor		400		9,635

				165,023


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Banks–3.85%
Australia & New Zealand Banking Group		660	$	18,360
Banco Santander		7,389		55,401
Bank of Montreal		100		5,992
Bank of Nova Scotia		200		10,033
Bank of Yokohama		2,000		11,711
Barclays		11,733		42,349
Canadian Imperial Bank of Commerce		200		14,498
Fukuoka Financial Group		2,000		10,283
HSBC Holdings		5,210		44,395
†ING Groep CVA		1,038		15,207
†Lloyds Banking Group		9,172		10,631
Mitsubishi UFJ Financial Group		4,000		24,770
National Australia Bank		444		12,997
National Bank of Canada		100		3,651
Natixis		3,213		24,072
Resona Holdings		4,800		23,817
Royal Bank of Canada		200		12,038
†Royal Bank of Scotland Group		2,006		10,133
Skandinaviska Enskilda Banken Class A		1,276		14,893
Societe Generale		248		11,976
Sumitomo Mitsui Financial Group		500		19,149
Toronto-Dominion Bank		300		12,839
UniCredit		7,684		52,117
Westpac Banking		129		3,856

				465,168

Building Products–0.09%
Cie de Saint-Gobain		248		10,891

				10,891

Capital Markets–0.30%
3i Group		276		1,972
Ci Financial		100		2,796
Daiwa Securities Group		1,000		7,871
Macquarie Group		95		5,522
Mediobanca		1,389		13,292
Nomura Holdings		900		5,285

				36,738

Chemicals–0.16%
Asahi Kasei		2,000		19,096

				19,096

Commercial Services & Supplies–0.26%
Secom		100		6,669
Societe BIC		171		24,367

				31,036


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Communications Equipment–0.18%
Ericsson Class B		1,753	$	22,009

				22,009

Construction & Engineering–0.44%
Boskalis Westminster		772		38,058
Leighton Holdings		205		3,285
Taisei		2,000		11,287

				52,630

Diversified Financial Services–0.18%
ASX		46		1,447
Deutsche Boerse		52		4,244
Hong Kong Exchanges & Clearing		300		7,354
Investor Class B		123		4,896
ORIX		300		4,215

				22,156

Diversified Telecommunication Services–2.58%
Belgacom		1,036		36,255
BT Group		8,914		57,920
Deutsche Telekom		363		6,641
Nippon Telegraph & Telephone		100		6,172
Orange		4,262		68,459
PCCW		1,000		611
Telefonica		3,224		45,884
Telefonica Deutschland Holding		2,184		12,561
Telstra		14,669		70,413
Vivendi		287		7,127

				312,043

Electric Utilities–1.06%
Enel		6,638		29,992
Fortum		627		13,138
Iberdrola		10,759		69,393
Power Assets Holdings		500		5,104
Red Electrica		68		5,530
†Tokyo Electric Power		1,400		5,298

				128,455

Electrical Equipment–0.46%
†ABB		524		11,116
Mitsubishi Electric		1,000		11,869
OSRAM Licht		648		32,084

				55,069

Electronic Equipment, Instruments & Components–1.01%
FUJIFILM Holdings		1,000		35,571
Hitachi High-Technologies		600		18,256
Hoya		500		20,014
Omron		200		9,008
TDK		100		7,080


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Electronic Equipment, Instruments & Components (continued)
TE Connectivity		443	$	31,728

				121,657

Food & Staples Retailing–0.40%
Alimentation Couche Tard Class B		447		17,811
Delhaize Group		187		16,803
Koninklijke Ahold		508		10,012
Seven & I Holdings		100		4,202

				48,828

Food Products–0.87%
†Aryzta		266		16,307
Associated British Foods		743		31,007
MEIJI Holdings		100		12,179
Nestle		432		32,531
Unilever		316		13,184

				105,208

Gas Utilities–0.27%
Snam		2,913		14,143
Tokyo Gas		3,000		18,857

				33,000

Health Care Providers & Services–0.08%
Suzuken		330		10,057

				10,057

Hotels, Restaurants & Leisure–0.05%
Whitbread		81		6,289

				6,289

Household Durables–1.43%
Electrolux Class B		859		24,540
Husqvarna Class B		5,442		39,420
Panasonic		2,200		28,886
Persimmon		2,664		65,648
Sekisui Chemical		1,000		12,973
Sekisui House		100		1,452

				172,919

Industrial Conglomerates–0.23%
Siemens		258		27,909

				27,909

Insurance–3.56%
Aegon		1,618		12,778
AIA Group		3,000		18,835
Allianz		55		9,551
Aon		100		9,612
AXA		343		8,635
Axis Capital Holdings		200		10,316
CNP Assurances		893		15,654
Delta Lloyd		2,400		45,272


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Insurance (continued)
Direct Line Insurance Group		6,589	$	31,092
Everest Re Group		100		17,400
Great-West Lifeco Class A		100		2,891
Hannover Rueckversicherung		335		34,624
Manulife Financial		800		13,585
Muenchener Rueckversicherungs		169		36,322
PartnerRe		400		45,732
Power Corp of Canada		100		2,646
Resolution		542		3,318
SCOR SE		406		13,696
Swiss Life Holding		309		76,337
Swiss Re		231		22,282

				430,578

Internet Software & Services–0.23%
United Internet		613		27,829

				27,829

IT Services–0.24%
Computershare		114		1,102
Fujitsu		4,000		27,274

				28,376

Leisure Products–0.16%
Namco Bandai Holdings		600		11,676
Yamaha		400		6,984

				18,660

Machinery–0.63%
JTEKT		900		14,030
Kawasaki Heavy Industries		2,000		10,088
Sumitomo Heavy Industries		6,000		39,259
Vallourec		218		5,322
Weir Group		270		6,813

				75,512

Media–0.90%
Hakuhodo DY Holdings		1,300		13,818
ITV		9,286		34,766
Lagardere		100		3,006
Reed Elsevier		687		17,122
Sky PLC		1,090		16,036
Wolters Kluwer		732		23,908

				108,656

Metals & Mining–0.40%
BHP Billiton		706		16,409
BHP Billiton		400		8,778
†Kinross Gold		3,500		7,765
†Newcrest Mining		183		1,846
Rio Tinto		313		12,907

				47,705


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Multiline Retail–0.17%
Next		200	$	20,799

				20,799

Multi-Utilities–0.51%
E.ON		1,944		28,911
GDF Suez		1,677		33,115

				62,026

Oil, Gas & Consumable Fuels–1.36%
BP		4,564		29,584
Canadian Natural Resources		500		15,324
Crescent Point Energy		100		2,229
Encana		1,000		11,163
Royal Dutch Shell Class A		1,084		32,234
Royal Dutch Shell Class B		473		14,734
Suncor Energy		1,700		49,672
TOTAL		193		9,595

				164,535

Personal Products–0.14%
Kao		200		9,985
L’Oreal		40		7,369

				17,354

Pharmaceuticals–3.16%
Astellas Pharma		800		13,106
AstraZeneca		376		25,800
Bayer		78		11,672
GlaxoSmithKline		1,202		27,669
Mitsubishi Tanabe Pharma		600		10,292
Novartis		654		64,550
Novo Nordisk Class B		362		19,325
Orion Class B		951		26,811
Otsuka Holdings		700		21,895
Roche Holding		257		70,622
Sanofi		701		69,243
Shionogi		400		13,314
Shire		96		7,653

				381,952

Professional Services–0.08%
Adecco		122		10,141

				10,141

Real Estate Investment Trusts–0.38%
Ascendas Real Estate Investment Trust		1,000		1,886
British Land		312		3,845
CapitaCommercial Trust		1,000		1,287
CapitaMall Trust		1,000		1,601
Dexus Property Group		219		1,262
Federation Centres		340		785
Goodman Group		408		1,964
GPT Group		406		1,410


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Real Estate Investment Trusts (continued)
H&R Real Estate Investment Trust		100	$	1,842
Japan Retail Fund Investment		1		1,987
Land Securities Group		258		4,790
Link REIT		500		3,085
Mirvac Group		879		1,342
Novion Property Group		508		968
RioCan Real Estate Investment Trust		100		2,287
Stockland		553		1,889
Unibail-Rodamco		32		8,643
United Urban Investment		1		1,559
Westfield		470		3,406

				45,838

Real Estate Management & Development–0.77%
Brookfield Asset Management		100		5,348
CK Hutchison Holdings		1,000		20,431
Daiwa House Industry		200		3,941
Hulic		100		1,123
Hysan Development		1,000		4,383
Lend Lease Group		2,867		36,210
New World Development		1,000		1,159
Scentre Group		1,243		3,531
Sino Land		10,000		16,306
Tokyu Fudosan Holdings		100		682

				93,114

Road & Rail–0.49%
Canadian National Railway		100		6,696
Central Japan Railway		200		36,138
West Japan Railway		300		15,727

				58,561

Semiconductors & Semiconductor Equipment–0.83%
ASM Pacific Technology		100		1,041
Infineon Technologies		653		7,770
Marvell Technology Group		3,430		50,421
Rohm		500		34,161
Tokyo Electron		100		6,935

				100,328

Specialty Retail–0.27%
Kingfisher		4,154		23,436
Shimamura		100		9,261

				32,697

Technology Hardware, Storage & Peripherals–0.75%
Brother Industries		1,700		27,005
Canon		100		3,538
Konica Minolta Holdings		2,600		26,345
Nokia		2,541		19,378
Seiko Epson		800		14,167

				90,433


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Textiles, Apparel & Luxury Goods–0.92%
Li & Fung		20,000	$	19,529
Pandora		750		68,283
Yue Yuen Industrial Holdings		6,500		23,000

				110,812

Tobacco–0.15%
Imperial Tobacco Group		423		18,555

				18,555

Trading Companies & Distributors–0.31%
Finning International		400		7,440
ITOCHU		400		4,328
Mitsubishi		200		4,018
Travis Perkins		747		21,567

				37,353

Transportation Infrastructure–0.06%
Aeroports de Paris		61		7,292

				7,292

Wireless Telecommunication Services–0.29%
NTT DOCOMO		200		3,495
Vodafone Group		9,554		31,263

				34,758

Total Developed Markets (Cost $4,038,682)				4,004,447

Total Common Stock (Cost $8,822,420)				9,378,772


	Number of Shares		Value (U.S. $)

PREFERRED STOCK–0.05%
Porsche Automobil Holding 2.01%		66	$	6,464

Total Preferred Stock (Cost $6,172)				6,464


RIGHTS–0.01%
† Telefonica, exercise price EUR 10.84,expiration date 4/12/15		3,224		520

Total Rights (Cost $0)				520


INVESTMENT COMPANIES–10.11%
AQR Managed Futures Strategy Fund		26,630		307,307
AQR Style Premia Alternative Fund		95,095		913,863

Total Investment Companies (Cost $1,234,037)				1,221,170


MONEY MARKET FUND–11.56%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		1,397,007		1,397,007

Total Money Market Fund (Cost $1,397,007)				1,397,007

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

As a result of international fair value pricing at March 31, 2015, a portion of the Fund’s common stock investments were categorized as Level 2.

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.


	Number of Shares		Value (U.S. $)

COMMON STOCK–96.11%
Beverages–1.36%
†Boston Beer Class A		30,600	$	8,182,440

				8,182,440

Biotechnology–0.49%
†ACADIA Pharmaceuticals		31,000		1,010,290
†Foundation Medicine		40,000		1,924,400

				2,934,690

Building Products–2.06%
†Masonite International		103,500		6,961,410
†Trex		100,000		5,453,000

				12,414,410

Capital Markets–3.70%
Artisan Partners Asset Management		145,636		6,620,613
Cohen & Steers		215,000		8,804,250
Financial Engines		163,793		6,851,461

				22,276,324

Commercial Services & Supplies–1.22%
†Copart		196,000		7,363,720

				7,363,720

Construction & Engineering–0.40%
Badger Daylighting		114,095		2,435,660

				2,435,660

Construction Materials–2.23%
CaesarStone Sdot-Yam		221,648		13,456,250

				13,456,250

Distributors–0.61%
†LKQ		143,000		3,655,080

				3,655,080

Diversified Consumer Services–2.05%
†Bright Horizons Family Solutions		165,000		8,459,550
†Nord Anglia Education		170,000		3,862,400

				12,321,950

Diversified Financial Services–1.27%
MSCI Class A		125,000		7,663,750

				7,663,750

Diversified Telecommunication Services–0.84%
†Iridium Communications		519,673		5,046,025

				5,046,025

Electric Utilities–1.57%
ITC Holdings		253,260		9,479,522

				9,479,522

Electrical Equipment–1.82%
†Generac Holdings		224,500		10,930,905

				10,930,905


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Energy Equipment & Services–0.70%
Core Laboratories		20,700	$	2,162,943
Helmerich & Payne		30,450		2,072,731

				4,235,674

Food & Staples Retailing–2.24%
†Smart & Final Stores		40,469		712,254
†United Natural Foods		165,792		12,772,616

				13,484,870

Food Products–2.53%
†TreeHouse Foods		179,000		15,218,580

				15,218,580

Health Care Equipment & Supplies–4.17%
Bio-Techne		48,600		4,874,094
†Edwards Lifesciences		27,000		3,846,420
†IDEXX Laboratories		66,300		10,242,024
†Neogen		32,550		1,521,062
West Pharmaceutical Services		76,910		4,630,751

				25,114,351

Health Care Providers & Services–2.24%
†Brookdale Senior Living		32,500		1,227,200
†Community Health Systems		235,000		12,285,800

				13,513,000

Hotels, Restaurants & Leisure–14.59%
†BRP		62,000		1,186,989
Choice Hotels International		310,000		19,861,700
ClubCorp Holdings		68,000		1,316,480
†Diamond Resorts International		18,116		605,618
Gaming and Leisure Properties		205,112		7,562,479
Interval Leisure Group		225,000		5,897,250
Marriott Vacations Worldwide		101,000		8,186,050
†Panera Bread Class A		36,000		5,759,820
†Penn National Gaming		156,600		2,452,356
†Pinnacle Entertainment		303,819		10,964,828
Vail Resorts		233,300		24,127,886

				87,921,456

Household Products–1.17%
Church & Dwight		82,800		7,072,776

				7,072,776

Insurance–4.04%
†Arch Capital Group		230,000		14,168,000
Primerica		200,000		10,180,000

				24,348,000

Internet & Catalog Retail–0.93%
†AO World		2,050,000		5,570,869

				5,570,869

Internet Software & Services–4.17%
†Benefitfocus		167,266		6,153,716


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Internet Software & Services (continued)
†CoStar Group		87,351	$	17,280,648
†Shutterstock		24,478		1,680,904

				25,115,268

IT Services–6.16%
Booz Allen Hamilton Holding		275,000		7,958,500
†Gartner		174,900		14,665,365
MAXIMUS		216,500		14,453,540

				37,077,405

Life Sciences Tools & Services–2.07%
†Mettler-Toledo International		38,000		12,488,700

				12,488,700

Machinery–4.45%
†Colfax		161,460		7,706,486
†Middleby		160,200		16,444,530
Valmont Industries		21,800		2,678,784

				26,829,800

Media–2.10%
†Manchester United Class A		396,063		6,301,362
Morningstar		85,000		6,367,350

				12,668,712

Oil, Gas & Consumable Fuels–1.25%
Targa Resources		78,262		7,496,717

				7,496,717

Pharmaceuticals–0.38%
†Diplomat Pharmacy		65,881		2,278,165

				2,278,165

Professional Services–0.16%
†IHS Class A		8,700		989,712

				989,712

Real Estate Investment Trusts–4.51%
Alexander’s		11,600		5,296,328
Alexandria Real Estate Equities		34,000		3,333,360
American Assets Trust		100,000		4,328,000
American Campus Communities		38,000		1,629,060
Douglas Emmett		270,000		8,048,700
LaSalle Hotel Properties		117,100		4,550,506

				27,185,954

Road & Rail–3.75%
†Genesee & Wyoming Class A		194,400		18,747,936
Landstar System		58,300		3,865,290

				22,613,226

Software–6.86%
†ANSYS		126,300		11,138,397
†Bottomline Technologies		60,000		1,642,200
FactSet Research Systems		50,900		8,103,280


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Software (continued)
†Guidewire Software		95,000	$	4,997,950
Pegasystems		165,986		3,610,196
SS&C Technologies Holdings		190,000		11,837,000

				41,329,023

Specialty Retail–2.30%
†Container Store Group		29,938		570,319
Dick’s Sporting Goods		233,300		13,295,767

				13,866,086

Textiles, Apparel & Luxury Goods–3.67%
†Under Armour Class A		274,000		22,125,500

				22,125,500

Trading Companies & Distributors–2.05%
Air Lease		225,000		8,491,500
MSC Industrial Direct Class A		53,400		3,855,480

				12,346,980

Total Common Stock (Cost $249,570,412)				579,051,550


CONVERTIBLE PREFERRED STOCK–0.17%
Iridium Communications 6.75% exercise price $7.47		2,926		1,029,513

Total Convertible Preferred Stock (Cost $731,500)				1,029,513


MASTER LIMITED PARTNERSHIPS–2.06%
Carlyle Group		166,000		4,498,600
Oaktree Capital Group		100,000		5,166,000
Sunoco		53,000		2,721,550

Total Master Limited Partnerships (Cost $9,333,998)				12,386,150


MONEY MARKET FUND–1.79%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		10,799,250		10,799,250

Total Money Market Fund (Cost $10,799,250)				10,799,250

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.


	Number of Shares		Value (U.S. $)

DCOMMON STOCK–82.32%
Brazil–4.56%
AES Tiete		6,100	$	27,997
All America Latina Logistica		26,400		33,248
Ambev		366,700		2,118,405
Arteris		5,857		13,762
Banco Bradesco		74,316		705,909
Banco do Brasil		90,100		649,499
BB Seguridade Participacoes		45,300		464,211
BM&FBovespa		105,800		368,908
BR Malls Participacoes		22,300		118,626
BR Properties		9,300		38,459
Bradespar		1,800		5,352
BRF		33,600		664,842
CCR		62,700		324,304
Centrais Eletricas Brasileiras		10,800		19,489
CETIP		19,115		190,731
Cia de Saneamento Basico do Estadode Sao Paulo		16,900		93,024
Cia de Saneamento de Minas Gerais-COPASA		4,000		23,434
Cia Energetica de Minas Gerais		6,582		26,703
Cia Paranaense de Energia		1,000		7,237
Cia Siderurgica Nacional		73,500		125,954
Cielo		43,560		623,514
Cosan Class A		14,813		93,766
Cosan Industria e Comercio		8,300		72,079
†Cosan Logistica		8,300		6,891
CPFL Energia		16,200		103,382
†CPFL Energias Renovaveis		4,300		17,445
Cyrela Brazil Realty		7,800		32,622
Duratex		13,200		36,184
EcoRodovias Infraestrutura e Logistica		8,600		24,060
Embraer		55,200		424,549
Energias do Brasil		12,600		41,132
Estacio Participacoes		18,200		107,421
†Fibria Celulose		14,800		210,269
@Gerdau		7,300		17,381
Grupo BTG Pactual		19,700		156,390
Guararapes Confeccoes		200		4,917
†Hypermarcas		35,900		221,676
Itau Unibanco Holding		16,731		169,407
Itausa - Investimentos Itau		55,177		174,590
†=Itausa - Investimentos Itau NVDR		1,301		4,080
†=Itausa - Investimentos Itau NVDR		405		1,270
JBS		69,000		306,739
Klabin		26,600		152,167
Kroton Educacional		99,172		320,942
Localiza Rent a Car		6,730		77,125
Lojas Americanas		7,350		30,234
Lojas Renner		10,100		284,806
M Dias Branco		1,700		46,084
Metalurgica Gerdau		1,409		3,598


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Brazil (continued)
Multiplan Empreendimentos Imobiliarios		5,300	$	93,265
Multiplus		1,800		18,880
Natura Cosmeticos		15,800		134,290
Odontoprev		9,900		33,961
†Oi		3,570		5,749
†Petroleo Brasileiro		195,000		586,466
Porto Seguro		3,100		34,496
†Qualicorp		18,200		131,026
Raia Drogasil		7,600		67,976
Souza Cruz		33,100		262,249
Sul America		8,357		36,837
Telefonica Brasil		1,700		21,676
Tim Participacoes		51,300		170,839
TOTVS		6,300		72,336
Tractebel Energia		11,500		128,042
Transmissora Alianca de Energia Eletrica		5,800		38,503
Ultrapar Participacoes		25,900		526,844
†Usinas Siderurgicas de Minas Gerais		8,800		59,825
Vale		93,300		524,959
†Via Varejo		4,600		23,850
WEG		17,020		170,467

				12,927,350

¨China–18.73%
†58.com ADR		3,799		200,891
AAC Technologies Holdings		46,000		283,988
Agile Property Holdings		99,000		59,629
Agricultural Bank of China		1,415,000		700,555
Air China		88,000		89,786
†Alibaba Group Holding ADR		30,652		2,551,472
†Aluminum Corp of China		206,000		102,786
Angang Steel		56,000		41,210
Anhui Conch Cement		66,500		251,120
ANTA Sports Products		98,000		179,247
†Autohome ADR		2,168		95,327
AviChina Industry & Technology		100,000		71,871
†Baidu ADR		17,306		3,606,570
Bank of China		5,105,000		2,951,077
Bank of Communications		480,000		412,535
Baoxin Auto Group		42,500		23,003
BBMG		42,000		38,805
Beijing Capital International Airport		50,000		48,827
Beijing Jingneng Clean Energy		68,000		28,605
Biostime International Holdings		8,500		35,594
†BOE Technology Group Class B		86,700		31,201
Byd		30,000		154,186
#†CGN Power 144A		400,000		175,424
China BlueChemical		122,000		46,559
†China Cinda Asset Management		189,000		93,610
China CITIC Bank		472,000		355,839


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
¨China (continued)
China Coal Energy		188,000	$	103,719
China Communications Construction		314,000		442,442
China Communications Services		154,000		68,310
China Construction Bank		5,547,000		4,603,939
†China COSCO Holdings		64,000		33,712
†China Eastern Airlines		94,000		59,954
China Everbright Bank		296,000		163,053
China Galaxy Securities		73,000		83,499
China Hongqiao Group		71,000		42,531
China Huishan Dairy Holdings		239,000		42,477
China International Marine Containers Group		29,300		63,873
China Life Insurance		448,000		1,969,299
China Longyuan Power Group		213,000		231,506
China Mengniu Dairy		91,000		483,602
China Merchants Bank		267,582		653,339
China Merchants Property Development Class B		16,350		48,295
China Minsheng Banking		345,800		421,699
China Molybdenum		96,000		67,727
China National Building Material		246,000		244,718
China Oilfield Services		102,000		169,844
China Pacific Insurance Group		147,200		700,179
China Petroleum & Chemical		1,478,000		1,177,838
China Railway Construction		105,500		157,281
China Railway Group		216,000		220,922
China Shenhua Energy		205,500		524,169
†China Shipping Container Lines		192,000		60,957
†China Shipping Development		68,000		49,636
China Southern Airlines		78,000		56,347
China Telecom		812,000		519,121
†China Vanke Class B		77,900		184,620
=Chongqing Changan Automobile Class B		44,900		122,608
Chongqing Rural Commercial Bank		74,000		47,972
CNOOC		1,043,000		1,472,012
Country Garden Holdings		283,733		114,440
=CSG Holding Class B		38,400		30,264
CSPC Pharmaceutical Group		82,000		69,385
=CSR		106,000		140,009
†Ctrip.com International ADR		9,534		558,883
#†Dalian Wanda Commercial Properties 144A		15,000		92,871
Datang International Power Generation		168,000		85,703
Dongfang Electric		13,400		25,856
Dongfeng Motor Group		178,000		284,700
ENN Energy Holdings		46,000		282,457
Evergrande Real Estate Group		291,000		146,687
†FIH Mobile		112,000		59,376
Fosun International		90,500		175,102
Golden Eagle Retail Group		17,000		20,722


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
¨China (continued)
Great Wall Motor		63,500	$	447,652
Greentown China Holdings		39,500		35,478
Guangdong Electric Power Development Class B		31,700		24,370
Guangshen Railway		98,000		45,478
Guangzhou Automobile Group		104,000		99,355
Guangzhou Baiyunshan Pharmaceutical Holdings		12,000		41,249
Guangzhou R&F Properties		56,800		58,368
Haitian International Holdings		25,000		57,400
Haitong Securities		71,200		173,741
#Harbin Bank 144A		56,000		19,936
Hengan International Group		50,000		601,841
Huadian Fuxin Energy		86,000		42,053
Huadian Power International		60,000		50,052
Huaneng Power International		180,000		213,782
Huaneng Renewables		150,000		54,299
Industrial & Commercial Bank of China		4,736,000		3,503,135
Inner Mongolia Yitai Coal		13,600		13,422
Inner Mongolia Yitai Coal Class B		57,200		83,560
Intime Retail Group		29,000		20,170
†JD.com ADR		16,719		491,204
Jiangling Motors Class B		20,922		99,447
Jiangsu Expressway		52,000		69,827
Jiangxi Copper		80,000		148,688
†Jumei International Holding ADR		2,207		34,915
Kingsoft		29,000		84,944
Lenovo Group		460,000		670,316
Longfor Properties		63,500		89,980
†Luye Pharma Group		40,000		48,433
Metallurgical Corp of China		160,000		58,818
Mindray Medical International ADR		7,981		218,280
NetEase ADR		4,953		521,551
New China Life Insurance		36,400		202,665
†New Oriental Education & Technology Group ADR		11,667		258,657
People’s Insurance Group of China		510,000		258,766
PetroChina		1,236,000		1,372,577
PICC Property & Casualty		202,060		398,936
Ping An Insurance Group of China		134,500		1,613,547
†Qihoo 360 Technology ADR		5,566		284,979
Shandong Weigao Group Medical Polymer		96,000		84,589
Shanghai Electric Group		162,000		107,409
=Shanghai Fosun Pharmaceutical Group		17,000		56,684
Shanghai Lujiazui Finance & Trade Zone Development Class B		25,700		61,522
Shanghai Pharmaceuticals Holding		38,800		103,269
†Shanghai Zhenhua Heavy Industries Class B		107,200		64,106


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
¨China (continued)
Shenzhou International Group Holdings		18,000	$	81,241
Shui On Land		95,500		22,540
†Shunfeng International Clean Energy		40,000		30,132
=Sihuan Pharmaceutical Holdings Group		350,000		199,093
†SINA		5,336		171,606
Sino-Ocean Land Holdings		270,000		163,332
Sinopec Engineering Group		35,000		30,318
†Sinopec Oilfield Service		162,000		70,701
Sinopec Shanghai Petrochemical		234,000		87,227
Sinopharm Group		63,200		257,341
SOHO China		210,000		143,029
†@Sohu.com		2,791		148,844
SouFun Holdings ADR		16,523		99,138
Sun Art Retail Group		235,000		204,701
Tencent Holdings		300,900		5,714,066
#†=Tianhe Chemicals Group 144A		546,000		82,400
Tingyi Cayman Islands Holding		144,000		310,033
Tsingtao Brewery		34,000		227,986
@Uni-President China Holdings		90,000		59,554
†Vipshop Holdings ADR		19,328		569,016
Want Want China Holdings		417,000		443,758
†Weibo ADR		2,785		35,899
Weichai Power		25,000		96,388
Weifu High-Technology Group Class B		3,900		16,246
Xinjiang Goldwind Science & Technology		21,200		39,836
Yantai Changyu Pioneer Wine Class B		12,600		44,954
Yanzhou Coal Mining		104,000		88,312
†Youku Tudou ADR		9,717		121,463
†YY ADR		2,185		119,203
Zhejiang Expressway		52,000		68,832
Zhongsheng Group Holdings		79,000		52,395
Zhuzhou CSR Times Electric		28,000		184,182
Zijin Mining Group		282,000		89,285
Zoomlion Heavy Industry Science & Technology		59,800		41,254
ZTE		17,600		40,377

				53,151,504

Colombia–0.48%
Almacenes Exito		11,594		110,321
Banco de Bogota		5,553		117,766
Bancolombia		11,538		108,546
Celsia		19,947		37,055
Cementos Argos		25,213		81,845
†Cemex Latam Holdings		9,618		49,940
Corp Financiera Colombiana		3,099		42,909
Ecopetrol		249,261		189,342
Empresa de Energia de Bogota		112,169		69,890
Grupo Argos		16,469		106,035


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Colombia (continued)
Grupo de Inversiones Suramericana		12,912	$	166,366
Grupo Nutresa		17,391		152,907
Interconexion Electrica		23,598		67,617
Isagen		50,532		59,278

				1,359,817

Cyprus–0.03%
Globaltrans Investment GDR		4,648		20,908
QIWI ADR		2,224		53,420

				74,328

Czech Republic–0.17%
CEZ		12,533		306,355
Komercni banka		646		139,341
O2 Czech Republic		5,448		43,587

				489,283

Greece–0.17%
†Alpha Bank		126,258		37,407
†Eurobank Ergasias		485,416		54,786
Hellenic Petroleum		5,309		20,228
†Hellenic Telecommunications Organization		15,716		139,224
†National Bank of Greece		73,666		88,016
OPAP		11,724		109,447
†Piraeus Bank		43,790		16,904
†Public Power		4,630		28,264

				494,276

nHong Kong–5.51%
†=Alibaba Health Information Technology		300,000		262,362
ASM Pacific Technology		13,900		144,679
Beijing Enterprises Holdings		41,000		322,112
†Beijing Enterprises Water Group		324,000		220,322
Belle International Holdings		379,000		442,416
BOC Hong Kong Holdings		229,500		818,503
Brilliance China Automotive Holdings		178,000		342,668
China Agri-Industries Holdings		139,100		53,884
China Everbright		44,000		114,674
China Everbright International		166,000		278,415
China Gas Holdings		182,000		297,801
China Merchants Holdings International		92,000		360,530
China Mobile		331,000		4,313,722
China Overseas Land & Investment		240,000		775,055
China Resources Cement Holdings		112,000		63,309
China Resources Enterprise		102,000		199,986
China Resources Gas Group		74,000		230,229
China Resources Land		129,555		366,149
China Resources Power Holdings		140,000		351,104
China State Construction International Holdings		158,000		219,972


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
nHong Kong (continued)
†China Taiping Insurance Holdings		62,194	$	212,157
China Unicom Hong Kong		332,000		505,401
Chow Tai Fook Jewelry Group		135,600		146,213
CITIC		353,000		604,189
COSCO Pacific		114,000		149,328
Far East Horizon		108,000		98,783
Franshion Properties China		264,000		80,061
†GCL-Poly Energy Holdings		779,000		206,241
Geely Automobile Holdings		415,000		213,184
Guangdong Investment		194,000		254,406
Haier Electronics Group		66,000		172,761
†Hanergy Thin Film Power Group		1,034,000		930,949
†Hopson Development Holdings		54,000		38,969
Kerry Properties		54,000		187,448
Kingboard Chemical Holdings		30,500		48,268
Kunlun Energy		252,000		244,757
Lee & Man Paper Manufacturing		67,000		32,406
New World China Land		128,000		81,864
Nine Dragons Paper Holdings		80,000		50,024
NWS Holdings		119,000		198,206
Shanghai Industrial Holdings		49,000		151,042
Shangri-La Asia		86,000		118,108
Shimao Property Holdings		76,500		160,520
Sino Biopharmaceutical		188,000		190,196
#†WH Group 144A		265,000		150,523
Yue Yuen Industrial Holdings		65,000		229,999

				15,633,895

Hungary–0.16%
MOL Hungarian Oil & Gas		2,218		96,050
OTP Bank		15,120		285,480
Richter Gedeon		4,959		68,035

				449,565

India–2.23%
Axis Bank GDR		17,328		775,563
Dr. Reddy’s Laboratories ADR		6,983		398,729
HDFC Bank ADR		14,727		867,273
ICICI Bank ADR		56,775		588,189
Infosys ADR		28,782		1,009,673
Larsen & Toubro GDR		8,973		249,129
Mahindra & Mahindra GDR		20,259		387,960
#Reliance Industries GDR 144A		23,715		627,262
State Bank of India GDR		9,926		419,868
Tata Motors ADR		12,107		545,541
Wipro ADR		34,300		456,876

				6,326,063

Indonesia–2.31%
Adaro Energy		725,200		52,556
Astra Agro Lestari		17,000		31,554
Astra International		1,204,000		788,584
Bank Central Asia		773,000		876,080


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Indonesia (continued)
Bank Danamon Indonesia		160,000	$	62,684
Bank Mandiri Persero		610,900		582,597
Bank Negara Indonesia Persero		333,100		183,899
Bank Rakyat Indonesia Persero		643,000		652,205
†Bank Tabungan Pensiunan Nasional		136,500		44,056
Bumi Serpong Damai		408,000		66,516
Charoen Pokphand Indonesia		422,000		114,366
Global Mediacom		251,500		33,612
Gudang Garam		24,500		95,525
Indo Tambangraya Megah		23,000		29,648
Indocement Tunggal Prakarsa		64,700		108,363
Indofood CBP Sukses Makmur		59,500		66,696
Indofood Sukses Makmur		385,800		219,699
Jasa Marga Persero		99,500		54,734
Kalbe Farma		1,933,100		275,814
Lippo Karawaci		883,500		91,156
Matahari Department Store		79,300		119,253
Mayora Indah		52,333		115,551
Media Nusantara Citra		228,500		50,021
Perusahaan Gas Negara Persero		796,200		291,830
Semen Indonesia Persero		236,500		246,571
Surya Citra Media		241,500		62,661
Tambang Batubara Bukit Asam Persero		47,000		38,535
Telekomunikasi Indonesia Persero		3,013,300		664,420
Tower Bersama Infrastructure		95,500		69,206
Unilever Indonesia		68,400		207,211
United Tractors		117,700		195,872
Vale Indonesia		139,500		34,465
XL Axiata		109,000		36,216

				6,562,156

Luxembourg–0.00%
O’Key Group GDR		2,545		9,276

				9,276

Malaysia–3.49%
AirAsia		106,500		68,440
AMMB Holdings		119,200		204,461
Astro Malaysia Holdings		146,100		126,031
Axiata Group		333,300		636,727
Batu Kawan		12,100		59,623
British American Tobacco Malaysia		8,000		148,294
Bumi Armada		193,800		53,789
CIMB Group Holdings		327,800		550,281
DiGi.com		273,100		464,219
Felda Global Ventures Holdings		136,300		79,751
Gamuda		93,200		128,342
Genting		132,000		320,385
Genting Malaysia		126,100		143,876
Hong Leong Bank		40,800		157,096
Hong Leong Financial Group		6,500		29,695


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Malaysia (continued)
IHH Healthcare		144,600	$	234,652
IJM		95,200		184,949
IOI		204,200		253,076
IOI Properties Group		106,691		62,707
KLCCP Stapled Group		23,300		43,976
Kuala Lumpur Kepong		28,400		174,915
Lafarge Malaysia		26,900		71,544
Malayan Banking		316,600		797,613
Malaysia Airports Holdings		60,300		113,945
Maxis		205,200		397,719
MISC		93,000		212,759
MMC		45,300		30,946
Nestle Malaysia		4,700		93,529
Petronas Chemicals Group		187,400		284,797
Petronas Dagangan		17,500		94,536
Petronas Gas		52,500		326,322
PPB Group		35,700		148,221
Public Bank		163,760		834,818
RHB Capital		34,900		74,516
Sapurakencana Petroleum		181,900		115,678
Sime Darby		253,800		635,217
SP Setia		50,500		47,179
Telekom Malaysia		101,200		198,136
Tenaga Nasional		220,100		852,167
@UEM Sunrise		304,600		113,237
UMW Holdings		24,800		72,672
Westports Holdings		38,200		41,464
YTL		288,200		129,955
YTL Power International		204,120		82,613

				9,894,868

Mexico–4.24%
†Alfa Class A		197,700		399,926
†Alpek		17,877		20,022
America Movil		1,511,700		1,547,340
†Arca Continental		58,800		361,658
†Cemex CPO		803,997		762,325
Coca-Cola Femsa		30,200		240,642
Concentradora Fibra Danhos		23,500		56,090
Controladora Comercial Mexicana		20,900		67,330
†El Puerto de Liverpool		12,200		143,116
Fibra Uno Administracion		126,800		335,906
†Fomento Economico Mexicano		116,700		1,091,132
Fresnillo		12,616		127,403
†Gentera		59,600		106,847
Gruma Class B		9,900		125,996
Grupo Aeroportuario del Pacifico Class B		19,400		127,502
†Grupo Aeroportuario del Sureste Class B		11,800		158,719
†Grupo Bimbo Class A		173,600		490,733
Grupo Carso Class A1		27,500		114,757


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Mexico (continued)
†Grupo Comercial Chedraui		20,300	$	61,484
Grupo Elektra		4,665		119,476
Grupo Financiero Banorte Class O		181,100		1,050,230
Grupo Financiero Inbursa		161,200		406,318
Grupo Financiero Santander Mexico Class B		107,800		235,457
Grupo Lala		43,300		87,620
Grupo Mexico Class B		243,600		718,479
Grupo Sanborns		19,200		31,386
†Grupo Televisa CPO		184,900		1,220,789
†IDEAL Class B1		50,800		122,616
†Industrias CH Class B		9,300		38,040
Industrias Penoles		6,605		114,720
Infraestructura Energetica Nova		13,500		73,748
Kimberly-Clark de Mexico Class A		77,500		161,958
†Megacable Holdings		10,300		40,334
Mexichem		55,300		144,247
†Minera Frisco		31,700		34,089
†OHL Mexico		22,700		42,913
Organizacion Soriana Class B		16,400		41,542
†Promotora y Operadora de Infraestructura		11,800		125,966
Wal-Mart de Mexico Class V		349,200		870,341

				12,019,197

Morocco–0.18%
Attijariwafa Bank		4,951		186,640
Banque Centrale Populaire		4,895		111,701
BMCE Bank		2,385		55,144
Douja Promotion Groupe Addoha		6,614		21,143
Maroc Telecom		10,485		139,978

				514,606

Peru–0.35%
Alicorp Class C		44,793		86,777
BBVA Banco Continental		19,816		27,768
Cia de Minas Buenaventura ADR		19,250		195,003
Credicorp		4,755		668,696
†Sociedad Minera Cerro Verde		1,206		24,759

				1,003,003

Philippines–1.39%
Aboitiz Equity Ventures		122,060		158,327
Aboitiz Power		132,000		131,342
Alliance Global Group		186,700		110,454
Ayala		13,670		242,963
Ayala Land		312,000		268,215
BDO Unibank		91,650		254,009
Bloomberry Resorts		141,400		33,003
DMCI Holdings		245,000		84,948
Emperador		168,500		44,866
Energy Development		491,400		93,323
Globe Telecom		2,200		98,958


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Philippines (continued)
GT Capital Holdings		2,120	$	63,478
International Container Terminal Services		31,600		76,283
JG Summit Holdings		177,339		287,663
Jollibee Foods		18,580		91,376
LT Group		204,900		74,593
Manila Electric		9,920		59,260
Megaworld		559,000		67,809
Metro Pacific Investments		556,000		59,985
Metropolitan Bank & Trust		60,748		132,356
Petron		458,500		101,950
Philippine Long Distance Telephone		6,525		415,119
San Miguel		21,640		32,657
Semirara Mining & Power		17,100		63,877
SM Investments		20,372		409,740
SM Prime Holdings		419,500		187,254
†Travellers International Hotel Group		87,700		13,049
Universal Robina		55,730		281,537

				3,938,394

Poland–1.08%
Bank Handlowy w Warszawie		1,490		42,551
Bank Millennium		11,313		19,792
Bank Pekao		7,330		355,032
Bank Zachodni WBK		1,646		149,654
Cyfrowy Polsat		5,738		37,735
Enea		2,486		10,835
ING Bank Slaski		1,650		59,551
KGHM Polska Miedz		8,188		258,717
LPP		41		76,526
mBank		529		61,378
Orange Polska		50,001		125,621
PGE		47,691		261,959
Polski Koncern Naftowy Orlen		21,805		340,318
Polskie Gornictwo Naftowe i Gazownictwo		116,525		168,828
Powszechna Kasa Oszczednosci Bank Polski		51,277		458,848
Powszechny Zaklad Ubezpieczen		4,127		532,373
Tauron Polska Energia		99,057		115,111

				3,074,829

Republic of Korea–11.97%
Amorepacific		184		556,214
AMOREPACIFIC Group		151		204,129
BS Financial Group		11,631		159,132
†Celltrion		4,090		257,033
†Cheil Industries		1,600		211,375
CJ		812		128,727
CJ CheilJedang		526		179,134
Coway		2,552		210,141
Daelim Industrial		1,371		79,667


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Republic of Korea (continued)
†Daewoo Engineering & Construction		6,943	$	49,531
Daewoo International		2,500		59,724
Daewoo Securities		13,036		151,643
Daewoo Shipbuilding & Marine Engineering		10,457		170,105
Dongbu Insurance		3,024		134,712
Doosan		454		47,635
Doosan Heavy Industries & Construction		6,591		167,826
†Doosan Infracore		6,520		69,820
E-Mart		1,224		256,687
GS Holdings		4,728		182,705
Halla Visteon Climate Control		1,630		56,316
Hana Financial Group		17,564		454,550
Hankook Tire		6,191		252,725
Hanwha		5,045		164,888
Hanwha Chemical		4,540		59,574
Hanwha Life Insurance		15,045		99,878
Hotel Shilla		1,595		140,553
Hyosung		2,370		184,909
Hyundai Department Store		1,025		137,475
Hyundai Development		2,510		128,725
Hyundai Engineering & Construction		4,522		204,828
Hyundai Glovis		851		173,085
†Hyundai Heavy Industries		2,517		276,507
†Hyundai Mipo Dockyard		1,645		112,838
Hyundai Mobis		4,321		957,574
Hyundai Motor		9,732		1,474,521
†Hyundai Rotem		4,515		77,569
Hyundai Steel		4,917		322,898
Hyundai Wia		713		90,842
Industrial Bank of Korea		10,180		122,254
Kangwon Land		6,702		209,104
KB Financial Group		20,894		737,879
@KCC		281		143,191
KEPCO Engineering & Construction		430		18,704
Kia Motors		16,548		672,792
Korea Aerospace Industries		3,910		198,660
Korea Electric Power		16,057		662,014
Korea Gas		2,017		73,517
Korea Investment Holdings		2,023		114,482
Korea Zinc		432		165,262
†Korean Air Lines		1,810		79,127
†KT		7,153		187,146
KT&G		7,119		569,428
Kumho Petro Chemical		746		52,727
LG		5,680		313,639
LG Chem		2,856		580,017
LG Display		14,002		396,441
LG Electronics		6,341		336,254
LG Household & Health Care		672		509,637
LG Uplus		16,646		164,986


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Republic of Korea (continued)
Lotte Chemical		807	$	147,516
Lotte Shopping		521		111,436
LS		1,532		71,686
NAVER		1,823		1,100,338
NCSoft		684		111,742
OCI		1,879		174,710
Orion		221		230,604
Paradise		2,735		59,665
POSCO		4,115		899,829
Samsung C&T		7,389		395,204
Samsung Card		1,545		57,129
Samsung Electro-Mechanics		3,361		232,762
Samsung Electronics		7,014		9,099,693
†Samsung Engineering		3,480		120,612
Samsung Fire & Marine Insurance		2,280		549,990
Samsung Heavy Industries		14,248		231,470
Samsung Life Insurance		5,176		450,627
Samsung SDI		3,131		384,722
Samsung SDS		4,813		1,158,747
Samsung Securities		3,029		141,722
†Samsung Techwin		1,915		40,806
Shinhan Financial Group		23,829		895,671
Shinsegae		526		79,807
SK C&C		798		167,149
SK Holdings		1,471		225,189
SK Hynix		31,306		1,279,344
†SK Innovation		3,448		295,922
S-Oil		2,993		173,191
Woori Bank		13,762		116,186

				33,956,925

Russia–3.68%
Alrosa		122,400		151,508
Bashneft		2,065		67,037
E.ON Russia		530,000		26,824
Federal Grid Unified Energy System		12,310,000		13,869
Gazprom		377,714		898,506
@Gazprom ADR		165,160		777,455
†Inter RAO		947,000		17,973
†Lenta GDR		10,109		77,457
Lukoil		16,849		781,922
Lukoil ADR		14,593		670,256
Magnit		3,629		707,801
Magnitogorsk Iron & Steel Works		74,200		19,154
†Mail.ru Group GDR		6,561		129,566
MegaFon		5,251		82,542
MMC Norilsk Nickel		3,509		627,057
Mobile Telesystems		58,130		245,877
Moscow Exchange MICEX		63,710		75,368
NOVATEK		145,304		1,075,903
Novolipetsk Steel		30,100		40,003
PhosAgro		900		31,084


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Russia (continued)
Polymetal International		9,179	$	78,235
Rosneft		57,980		250,540
†Rosseti		457,000		3,975
Rostelecom		63,400		85,995
RusHydro		7,627,000		68,801
Sberbank of Russia		459,260		495,157
Sberbank of Russia ADR		35,000		153,404
Severstal		15,720		177,970
Sistema JSFC		152,500		46,581
Surgutneftegas		1,145,550		689,986
Surgutneftegas ADR		113,978		699,107
Tatneft		100,470		494,370
TMK		13,497		10,144
†United RUSAL		120,000		74,792
Uralkali		59,230		159,128
Uralkali GDR		8,792		117,085
VTB Bank		210,920,000		216,975
VTB Bank GDR		44,000		90,834

				10,430,241

South Africa–6.80%
African Rainbow Minerals		7,982		64,930
†Anglo American Platinum		2,518		61,652
†AngloGold Ashanti		25,744		242,763
†Aspen Pharmacare Holdings		21,109		667,075
Assore		7,341		80,269
Barclays Africa Group		25,251		384,891
Barloworld		10,517		80,262
Bidvest Group		18,969		513,193
Capitec Bank Holdings		2,677		115,870
Coronation Fund Managers		14,952		120,876
Discovery		22,509		231,049
Exxaro Resources		8,203		67,744
FirstRand		221,957		1,020,505
Foschini Group		9,393		139,676
Gold Fields		51,693		214,406
Growthpoint Properties		140,448		331,664
†Impala Platinum Holdings		33,756		163,254
Imperial Holdings		9,629		152,688
Kumba Iron Ore		6,311		81,051
Liberty Holdings		6,683		92,499
Life Healthcare Group Holdings		48,192		167,874
†Lonmin		33,168		57,625
Massmart Holdings		6,144		75,797
Mediclinic International		21,960		220,507
MMI Holdings		68,754		186,071
Mr Price Group		12,197		260,912
MTN Group		105,337		1,775,960
Naspers Class N		25,146		3,857,775
Nedbank Group		18,375		359,940
Netcare		91,671		314,415
Pick n Pay Stores		13,295		54,163


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
South Africa (continued)
Rand Merchant Insurance Holdings		39,939	$	152,108
Redefine Properties		221,035		225,754
Remgro		32,969		721,591
RMB Holdings		33,786		194,379
Sanlam		111,245		717,064
Santam		3,100		57,767
Sasol		41,988		1,417,888
Shoprite Holdings		25,892		350,119
Standard Bank Group		82,675		1,142,658
Steinhoff International Holdings		189,621		1,186,981
Tiger Brands		8,958		225,441
Truworths International		17,934		130,196
Tsogo Sun Holdings		15,423		35,101
Vodacom Group		25,436		277,878
Woolworths Holdings		42,005		297,851

				19,290,132

Taiwan–10.57%
Advanced Semiconductor Engineering		355,000		481,287
Advantech		18,690		142,291
Asia Cement		221,805		279,014
Asustek Computer		45,000		452,920
AU Optronics		538,000		270,269
Catcher Technology		45,000		471,177
Cathay Financial Holding		515,743		822,712
Chang Hwa Commercial Bank		295,803		171,086
Cheng Shin Rubber Industry		116,750		268,313
China Development Financial Holding		842,000		291,846
China Steel		723,885		601,646
Chunghwa Telecom		247,000		790,323
Compal Electronics		284,000		236,213
CTBC Financial Holding		801,346		532,537
Delta Electronics		135,000		851,702
E.Sun Financial Holding		421,146		257,808
Epistar		83,000		133,595
†Evergreen Marine Taiwan		135,000		100,379
Far Eastern New Century		265,070		273,555
Far EasTone Telecommunications		118,000		285,006
First Financial Holding		371,007		220,580
Formosa Chemicals & Fibre		277,070		635,159
Formosa Petrochemical		114,000		249,749
Formosa Plastics		307,560		746,017
Foxconn Technology		83,262		223,509
Fubon Financial Holding		545,000		978,092
Hon Hai Precision Industry		770,784		2,258,864
Hotai Motor		29,000		447,974
†HTC		61,000		271,821
Hua Nan Financial Holdings		354,186		202,590
Innolux		460,050		229,479
†Inotera Memories		169,000		224,587
Inventec		261,000		188,713
Largan Precision		6,000		516,419


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Taiwan (continued)
Lite-On Technology		197,095	$	255,266
MediaTek		82,910		1,121,088
Mega Financial Holding		544,423		451,508
Nan Ya Plastics		341,800		758,880
†Nanya Technology		48,000		120,805
Novatek Microelectronics		47,000		242,851
Pegatron		92,000		248,514
Pou Chen		135,000		188,858
President Chain Store		27,000		203,176
Quanta Computer		140,000		338,312
Shin Kong Financial Holding		879,368		250,076
Siliconware Precision Industries		226,000		374,896
SinoPac Financial Holdings		732,664		305,763
Synnex Technology International		75,000		101,332
Taishin Financial Holding		540,078		229,474
Taiwan Cement		265,000		373,406
Taiwan Cooperative Financial Holding		460,503		233,312
Taiwan Fertilizer		79,000		137,049
Taiwan Glass Industry		73,000		52,619
Taiwan Mobile		104,000		364,030
Taiwan Semiconductor Manufacturing		1,506,000		7,007,514
TPK Holding		14,000		97,744
Uni-President Enterprises		254,518		425,849
United Microelectronics		826,000		409,746
Wistron		188,416		160,062
Yuanta Financial Holding		735,125		370,000
Yulon Motor		26,000		35,519
Yulon Nissan Motor		1,000		9,666

				29,974,547

Thailand–2.24%
Advanced Info Service NVDR		78,200		568,130
Airports of Thailand NVDR		5,000		42,956
Airports of Thailand-Foreign		20,200		173,763
Bangkok Airways NVDR		35,000		21,828
Bangkok Bank NVDR		41,300		233,928
Bangkok Dusit Medical Services - Foreign		216,000		130,728
Bank of Ayudhya NVDR		201,700		255,313
Banpu-Foreign		62,000		56,190
BEC World-Foreign		62,000		78,095
Berli Jucker-Foreign		24,400		27,548
Big C Supercenter NVDR		13,800		97,428
BTS Group Holdings NVDR		123,400		34,619
Central Pattana-Foreign		84,900		111,505
Charoen Pokphand Foods-Foreign		145,700		100,714
CP ALL NVDR		319,400		402,144
Glow Energy-Foreign		31,400		82,720
Home Product Center NVDR		164,057		41,077
Home Product Center-Foreign		38		10
Indorama Ventures-Foreign		80,500		64,301
Intouch Holdings - Foreign		9,500		22,546


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Thailand (continued)
Intouch Holdings NVDR		76,500	$	181,440
IRPC-Foreign		586,900		77,532
Kasikornbank NVDR		75,200		528,602
Krung Thai Bank-Foreign		209,100		146,466
Land & Houses NVDR		140,040		41,900
Minor International NVDR		67,800		72,822
Minor International-Foreign		35,900		38,602
PTT Exploration & Production NVDR		99,700		333,744
PTT Global Chemical NVDR		95,400		153,094
PTT NVDR		56,900		564,265
Robinson Department Store NVDR		37,300		54,414
Siam Cement NVDR		21,600		339,715
Siam City Cement NVDR		3,500		41,049
Siam Commercial Bank NVDR		105,500		576,819
Thai Oil-Foreign		97,500		155,760
Thai Union Frozen Products-Foreign		122,800		75,830
TMB Bank-Foreign		917,700		84,017
Total Access Communication NVDR		39,000		98,002
†True NVDR		639,751		245,053

				6,354,669

Turkey–1.27%
Akbank		103,087		302,461
†Anadolu Efes Biracilik Ve Malt Sanayii		13,470		112,370
Arcelik		11,710		67,472
BIM Birlesik Magazalar		16,023		283,922
Coca-Cola Icecek		4,593		77,574
Emlak Konut Gayrimenkul Yatirim Ortakligi		84,514		95,680
Enka Insaat ve Sanayi		35,375		70,703
Eregli Demir ve Celik Fabrikalari		85,078		132,249
Ford Otomotiv Sanayi		4,019		51,776
Haci Omer Sabanci Holding		60,788		214,419
KOC Holding		53,108		241,611
Tofas Turk Otomobil Fabrikasi		6,590		39,868
†Tupras Turkiye Petrol Rafinerileri		10,210		241,934
†Turk Hava Yollari		41,411		136,632
Turk Telekomunikasyon		34,175		90,621
Turkcell Iletisim Hizmetleri		61,926		317,679
Turkiye Garanti Bankasi		135,012		440,362
Turkiye Halk Bankasi		41,463		204,217
Turkiye Is Bankasi Class C		82,672		186,091
Turkiye Sise ve Cam Fabrikalari		83,578		103,097
Turkiye Vakiflar Bankasi Tao Class D		80,212		130,934
Yapi ve Kredi Bankasi		34,564		52,988

				3,594,660

United Arab Emirates–0.71%
Abu Dhabi Commercial Bank		126,881		223,009
Aldar Properties		237,073		152,455
†Arabtec Holding		100,367		61,911
†DAMAC Properties Dubai		121,000		67,535


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United Arab Emirates (continued)
DP World		10,733	$	231,633
Dragon Oil		21,906		193,241
Dubai Financial Market		82,016		33,466
Dubai Islamic Bank		50,000		84,113
†Emaar Malls Group		45,588		36,239
Emaar Properties		186,064		332,938
First Gulf Bank		71,729		284,876
National Bank of Abu Dhabi		70,161		227,167
Union National Bank		64,469		99,023

				2,027,606

Total Common Stock (Cost $221,623,015)				233,551,190


EXCHANGE-TRADED FUNDS–6.28%
iShares India 50		219,464		6,878,002
iShares MSCI Chile Capped		81,156		3,269,775
iShares MSCI India		239,441		7,683,662

Total Exchange-Traded Funds (Cost $15,731,976)				17,831,439


DPREFERRED STOCK–3.54%
Brazil–2.44%
AES Tiete 13.05%		3,800		20,452
Alpargatas 5.27%		2,553		7,838
Banco Bradesco 3.39%		150,156		1,393,835
Banco do Estado do Rio Grande do Sul 7.42%		8,800		30,629
Bradespar 16.02%		10,400		34,439
Braskem 5.19%		6,900		23,973
Centrais Eletricas Brasileiras 22.16%		16,900		36,373
Cia Brasileira de Distribuicao 1.00%		12,800		382,757
Cia de Gas de Sao Paulo COMGAS Class A 3.37%		1,100		16,886
Cia de Transmissao de Energia Eletrica Paulista 2.98%		2,015		25,276
Cia Energetica de Minas Gerais 23.80%		48,229		195,817
Cia Energetica de Sao Paulo Class B 12.69%		15,500		115,570
Cia Paranaense de Energia Class B 6.63%		6,200		65,069
Gerdau 3.34%		51,000		162,491
Itau Unibanco Holding 3.60%		161,407		1,791,051
Itausa - Investimentos Itau 4.20%		189,959		595,705
Lojas Americanas 0.56%		26,700		138,017
Metalurgica Gerdau 3.57%		13,400		45,842
†Oi		18,750		29,958
†Petroleo Brasileiro		251,700		772,763
Suzano Papel e Celulose 0.79%		21,600		100,150
Telefonica Brasil 9.79%		19,200		296,662
†Usinas Siderurgicas de Minas Gerais		38,400		60,271


	Number of Shares		Value (U.S. $)

DPREFERRED STOCK (continued)
Brazil (continued)
Vale 12.30%		122,200	$	592,624

				6,934,448

Colombia–0.18%
Banco Davivienda 2.98%		3,488		34,209
Bancolombia 3.04%		28,835		283,027
Cementos Argos 2.75%		12,000		38,308
Grupo Argos 1.40%		5,525		35,828
Grupo Aval Acciones y Valores 4.76%		165,853		74,315
Grupo de Inversiones Suramericana 2.23%		3,624		46,666

				512,353

Republic of Korea–0.66%
Amorepacific 0.48%		43		64,795
Doosan 6.16%		1,228		71,703
Hyundai Motor
2.71%		2,288		234,618
2.76%		1,038		103,602
LG Chem 2.28%		358		48,935
LG Electronics 1.62%		811		20,310
LG Household & Health Care 1.02%		184		62,353
Samsung Electronics 1.73%		1,235		1,226,878
Samsung Fire & Marine Insurance 3.04%		250		34,927

				1,868,121

Russia–0.26%
AK Transneft 0.58%		77		164,515
†Bashneft		2,295		52,671
†Rostelecom		8,225		8,185


	Number of Shares		Value (U.S. $)

DPREFERRED STOCK (continued)
Russia (continued)
Sberbank of Russia 5.99%		45,800	$	35,817
†Surgutneftegas		581,200		443,464
†Tatneft		7,000		19,907

				724,559

Total Preferred Stock (Cost $13,663,867)				10,039,481


DRIGHTS–0.00%
Philippines–0.00%
†=GT Capital Holdings, exercise price PHP 0.10, expiration date 4/8/15		2,120		0

				0

South Africa–0.00%
†Discovery, exercise price ZAR 90,expiration date 4/2/15		2,114		6,065

				6,065

Total Rights (Cost $0)				6,065


MONEY MARKET FUND–7.31%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		20,727,260		20,727,260

Total Money Market Fund (Cost $20,727,260)				20,727,260

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2015:

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

As a result of utilizing international fair value pricing at March 31, 2015, the majority of the portfolio was categorized as Level 2.

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value during the period. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

Effective May 1, 2015, the Fund’s name changed to LVIP BlackRock Emerging Markets Managed Volatility Fund.


	Number of Shares		Value (U.S. $)

COMMON STOCK–91.11%
Aerospace & Defense–7.69%
Honeywell International		106,530	$	11,112,144
Lockheed Martin		62,720		12,729,651
Northrop Grumman		90,380		14,547,565
Raytheon		163,320		17,842,710
United Technologies		82,740		9,697,128

				65,929,198

Air Freight & Logistics–1.00%
United Parcel Service Class B		88,220		8,552,047

				8,552,047

Banks–13.21%
Bank of America		588,400		9,055,476
Citigroup		278,570		14,351,926
Fifth Third Bancorp		335,410		6,322,479
JPMorgan Chase		437,480		26,502,538
SunTrust Banks		329,790		13,551,071
U.S. Bancorp		308,000		13,450,360
Wells Fargo		550,330		29,937,952

				113,171,802

Beverages–1.32%
Coca-Cola		95,150		3,858,333
Diageo		269,318		7,442,173

				11,300,506

Capital Markets–1.72%
Goldman Sachs Group		32,300		6,071,431
Morgan Stanley		243,250		8,681,593

				14,753,024

Chemicals–2.75%
Dow Chemical		118,630		5,691,867
duPont (E.I.) deNemours		198,340		14,175,360
Praxair		30,470		3,678,948

				23,546,175

Commercial Services & Supplies–0.46%
Tyco International		91,800		3,952,908

				3,952,908

Communications Equipment–1.81%
Motorola Solutions		95,780		6,385,653
QUALCOMM		131,280		9,102,955

				15,488,608

Consumer Finance–0.83%
American Express		90,522		7,071,579

				7,071,579

Diversified Financial Services–0.86%
CME Group		78,150		7,401,587

				7,401,587


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Diversified Telecommunication Services–1.91%
BCE		54,520	$	2,309,467
Verizon Communications		289,640		14,085,193

				16,394,660

Electric Utilities–1.82%
Eversource Energy		72,420		3,658,658
ITC Holdings		62,900		2,354,347
NextEra Energy		92,440		9,618,382

				15,631,387

Electrical Equipment–0.37%
Rockwell Automation		27,680		3,210,603

				3,210,603

Energy Equipment & Services–0.48%
Schlumberger		49,080		4,095,235

				4,095,235

Food & Staples Retailing–1.30%
Kroger		111,100		8,516,926
Wal-Mart Stores		32,240		2,651,740

				11,168,666

Food Products–0.64%
Mondelez International		104,980		3,788,728
Unilever		39,760		1,660,378

				5,449,106

Health Care Equipment & Supplies–0.97%
Abbott Laboratories		71,130		3,295,453
Becton, Dickinson		35,100		5,040,009

				8,335,462

Health Care Providers & Services–3.57%
Anthem		43,820		6,766,246
Quest Diagnostics		110,090		8,460,417
UnitedHealth Group		129,950		15,371,785

				30,598,448

Hotels, Restaurants & Leisure–0.95%
McDonald’s		83,124		8,099,602

				8,099,602

Household Products–1.82%
Procter & Gamble		189,820		15,553,851

				15,553,851

Industrial Conglomerates–3.52%
3M		62,550		10,317,623
General Electric		799,890		19,845,271

				30,162,894

Insurance–5.74%
ACE		76,790		8,561,317
American International Group		112,490		6,163,327


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Insurance (continued)
Chubb		46,320	$	4,682,952
MetLife		190,950		9,652,523
Prudential Financial		115,440		9,270,986
Travelers		100,620		10,880,041

				49,211,146

IT Services–1.08%
Automatic Data Processing		31,140		2,666,830
International Business Machines		41,180		6,609,390

				9,276,220

Media–2.41%
Comcast Class A		368,600		20,665,559

				20,665,559

Metals & Mining–0.43%
BHP Billiton		156,711		3,642,356

				3,642,356

Multi-Utilities–2.44%
CMS Energy		103,100		3,599,221
Dominion Resources		123,560		8,756,697
Sempra Energy		44,090		4,806,692
Wisconsin Energy		74,870		3,706,065

				20,868,675

Oil, Gas & Consumable Fuels–8.03%
Chevron		79,071		8,300,874
ConocoPhillips		61,000		3,797,860
Exxon Mobil		156,880		13,334,800
Marathon Oil		179,590		4,689,095
Marathon Petroleum		84,460		8,647,859
Occidental Petroleum		154,753		11,296,969
Phillips 66		39,400		3,096,840
Spectra Energy		101,490		3,670,893
TOTAL ADR		240,406		11,938,562

				68,773,752

Paper & Forest Products–1.08%
International Paper		167,010		9,267,385

				9,267,385

Pharmaceuticals–8.60%
AbbVie		71,130		4,163,950
Bristol-Myers Squibb		266,380		17,181,510
Johnson & Johnson		137,290		13,811,374
Merck		305,220		17,544,046
Pfizer		603,060		20,980,457

				73,681,337

Professional Services–0.36%
Nielsen		69,610		3,102,518

				3,102,518


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Real Estate Investment Trusts–0.45%
Weyerhaeuser		115,900	$	3,842,085

				3,842,085

Road & Rail–1.28%
CSX		95,250		3,154,680
Union Pacific		71,952		7,793,121

				10,947,801

Semiconductors & Semiconductor Equipment–1.70%
Intel		464,980		14,539,925

				14,539,925

Software–2.19%
Microsoft		462,100		18,786,675

				18,786,675

Specialty Retail–2.59%
Home Depot		195,030		22,157,358

				22,157,358

Technology Hardware, Storage & Peripherals–0.80%
Samsung Electronics GDR		10,710		6,888,239

				6,888,239

Textiles, Apparel & Luxury Goods–0.71%
VF		80,536		6,065,166

				6,065,166

Tobacco–1.46%
Altria Group		96,730		4,838,435
Lorillard		64,900		4,241,215
Philip Morris International		46,080		3,471,206

				12,550,856

Water Utilities–0.76%
American Water Works		120,370		6,525,258

				6,525,258

Total Common Stock (Cost $641,883,675)				780,659,659


MONEY MARKET FUND–7.55%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		64,665,763		64,665,763

Total Money Market Fund (Cost $64,665,763)				64,665,763

The use of futures contracts involves elements of market risk and risks in excess of the amount recognized in the financial statements. The notional value presented above represents the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

As a result of utilizing international fair value pricing at March 31, 2015, a portion of the Fund’s common stock was categorized as Level 2.

Effective May 1, 2015, the Fund’s name changed to LVIP BlackRock Equity Dividend Managed Volitility Fund.

The use futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP BlackRock Global Allocation V.I. Managed Volatility Fund.


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES–12.07%
Fannie Mae S.F. 30 yr 3.50% 4/1/45		70,984,365	$	74,630,051
Freddie Mac S.F. 30 yr 3.50% 3/1/45		70,975,000		74,459,390

Total Agency Mortgage-Backed Securities (Cost $149,395,402)				149,089,441


COMMERCIAL MORTGAGE-BACKED SECURITIES–0.54%
#BAMLL Commercial Mortgage Securities Trust Series 2012-PARK A 144A 2.959% 12/10/30		1,014,000		1,040,400
Banc of America Merrill Lynch Commercial Mortgage
•Series 2005-5 A4 5.115% 10/10/45		534,167		536,839
•Series 2005-5 AM 5.176% 10/10/45		601,000		613,709
#BB-UBS Trust Series 2012-SHOW A 144A 3.43% 11/5/36		930,000		967,964
#GS Mortgage Securities Trust Series 2012-ALOH A 144A 3.551% 4/10/34		883,000		943,472
#•Irvine Core Office Trust Series 2013-IRV A2 144A 3.174% 5/15/48		798,000		827,137
LB-UBS Commercial Mortgage Trust
•Series 2005-C5 AM 5.017% 9/15/40		751,000		756,848
•Series 2005-C7 AM 5.263% 11/15/40		667,000		674,858
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7 A4 2.918% 2/15/46		357,000		366,396

Total Commercial Mortgage-Backed Securities (Cost $6,853,083)				6,727,623


NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.18%
ABN Amro Mortgage
Series 2003-4 A4 5.50% 3/25/33		118,953		124,233
Series 2003-6 1A4 5.50% 5/25/33		252,012		263,240
Banc of America Mortgage Trust Series 2004-7 7A1 5.00% 8/25/19		97,115		98,040
tCendant Mortgage Capital Pass Through Series 2003-6 A3 5.25% 7/25/33		369,047		372,633
tCHL Mortgage Pass Through Trust Series 2004-5 2A4 5.50% 5/25/34		199,111		207,749


		Principal Amount°		Value (U.S. $)

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
MASTR Asset Securitization Trust Series 2003-10 3A1 5.50% 11/25/33			256,527	$	268,279
•PHHMC Trust Series 2007-6 A1 5.457% 12/18/37			185,428		184,953
•Sequoia Mortgage Trust Series 2011-1 A1 4.125% 2/25/41			46,804		47,251
tWaMu Mortgage Pass Through Certificates Trust Series 2003-S11 3A5 5.95% 11/25/33			329,678		339,859
Wells Fargo Mortgage Backed Securities Trust
Series 2003-17 1A14 5.25% 1/25/34			215,733		228,951
Series 2007-3 3A1 5.50% 4/25/22			76,912		79,200

Total Non-Agency Collateralized Mortgage Obligations (Cost $2,235,120)					2,214,388


DSOVEREIGN BONDS–18.36%
France–4.44%
France Government Bond O.A.T. 3.75% 4/25/17	EUR		47,150,000		54,828,156

					54,828,156

Germany–8.92%
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 0.75% 4/15/18	EUR		4,518,615		5,130,561
Bundesschatzanweisungen 0.00% 3/10/17	EUR		79,625,000		86,063,006
Deutsche Bundesrepublik Inflation Linked Bond 1.50% 4/15/16	EUR		17,255,246		19,051,869

					110,245,436

Italy–1.93%
Italy Buoni Poliennali Del Tesoro Inflation Linked Bonds 2.10% 9/15/16	EUR		5,087,808		5,727,210
#144A 2.35% 9/15/24	EUR		4,879,726		6,416,609
2.55% 9/15/41	EUR		1,738,966		2,773,829
2.60% 9/15/23	EUR		6,726,300		8,929,329

					23,846,977

Japan–0.06%
Japanese Government CPI Linked Bond 1.10% 12/10/16	JPY		86,852,700		772,555

					772,555


	Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Mexico–1.07%
Mexican Udibonos 4.00% 6/13/19	MXN	188,092,490	$	13,238,176

				13,238,176

New Zealand–1.35%
New Zealand Government Bonds 3.00% 9/20/30	NZD	18,710,000		16,627,030

				16,627,030

Spain–0.59%
Spain Government Inflation Linked Bond #144A 0.55% 11/30/19	EUR	6,484,600		7,330,666

				7,330,666

Total Sovereign Bonds (Cost $237,610,605)				226,888,996


U.S. TREASURY OBLIGATIONS–51.79%
U.S. Treasury Inflation Index Bonds
0.625% 2/15/43		50,565,273		49,660,610
0.75% 2/15/42		8,313,853		8,426,871
0.75% 2/15/45		15,219,374		15,511,875
1.375% 2/15/44		11,577,095		13,634,739
1.75% 1/15/28		27,068,190		31,722,647
2.00% 1/15/26		21,394,822		25,387,973
2.125% 2/15/40		1,179,460		1,577,436
2.125% 2/15/41		3,173,212		4,284,579
2.375% 1/15/25		21,149,609		25,667,039
2.375% 1/15/27		22,791,078		28,154,093
2.50% 1/15/29		29,295,717		37,489,377
3.375% 4/15/32		2,558,139		3,758,666
3.625% 4/15/28		32,454,588		45,852,232


	Principal Amount°		Value (U.S. $)

U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Inflation Index Bonds (continued)
3.875% 4/15/29		2,556,659	$	3,760,887
U.S. Treasury Inflation Index Notes
0.125% 4/15/16		7,517,409		7,595,522
0.125% 4/15/17		4,748,604		4,834,673
0.125% 4/15/18		46,191,482		47,136,975
0.125% 4/15/19		19,902,917		20,296,319
0.125% 1/15/22		11,121,708		11,226,842
0.125% 7/15/22		17,251,353		17,450,813
0.125% 1/15/23		9,758,475		9,812,605
0.125% 7/15/24		33,503,870		33,543,137
0.25% 1/15/25		12,289,473		12,393,172
0.375% 7/15/23		28,847,081		29,615,596
¥ 0.625% 7/15/21		19,890,599		20,871,145
0.625% 1/15/24		38,967,637		40,635,920
1.125% 1/15/21		44,438,968		47,758,026
1.25% 7/15/20		3,833,221		4,159,941
1.375% 1/15/20		16,302,033		17,650,765
2.50% 7/15/16		19,059,743		20,026,129

Total U.S. Treasury Obligations (Cost $621,822,255)				639,896,604


	Number of Shares

MONEY MARKET FUNDS–16.39%
BlackRock Liquidity TempFund.		101,045,532		101,045,532
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		101,485,522		101,485,522

Total Money Market Funds (Cost $202,531,054)				202,531,054

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at March 31, 2015:

The use of foreign currency exchange contracts, futures contracts and swap contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

«Includes $9,638 cash pledged as collateral for futures contracts as of March 31, 2015.

The use of futures contracts involve elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of Shares		Value (U.S. $)

COMMON STOCK–100.13%
Automobiles–1.57%
Harley-Davidson		119,446	$	7,255,150

				7,255,150

Beverages–3.11%
Anheuser-Busch InBev ADR		49,131		5,989,560
†Monster Beverage		60,255		8,338,991

				14,328,551

Biotechnology–9.82%
†Biogen		23,924		10,101,670
†Celgene		56,415		6,503,521
†Gilead Sciences		108,425		10,639,745
†Medivation		42,012		5,422,489
†Regeneron Pharmaceuticals		16,165		7,298,174
†Vertex Pharmaceuticals		45,467		5,363,742

				45,329,341

Capital Markets–2.52%
BlackRock		18,786		6,872,670
TD AmeriTrade Holding		127,694		4,757,878

				11,630,548

Chemicals–1.48%
Sherwin-Williams		24,011		6,831,129

				6,831,129

Commercial Services & Supplies–1.05%
†Stericycle		34,593		4,857,895

				4,857,895

Construction Materials–1.05%
Eagle Materials		57,942		4,841,633

				4,841,633

Electrical Equipment–1.23%
AMETEK		108,177		5,683,620

				5,683,620

Electronic Equipment, Instruments & Components–1.19%
CDW		147,452		5,491,112

				5,491,112

Food & Staples Retailing–2.57%
CVS Health		75,076		7,748,594
Whole Foods Market		78,956		4,112,028

				11,860,622

Food Products–1.64%
Mondelez International		209,783		7,571,068

				7,571,068

Health Care Equipment & Supplies–1.02%
Medtronic		60,085		4,686,029

				4,686,029


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Providers & Services–0.31%
McKesson		6,370	$	1,440,894

				1,440,894

Health Care Technology–0.95%
†IMS Health Holdings		162,657		4,403,125

				4,403,125

Hotels, Restaurants & Leisure–3.98%
Dunkin’ Brands Group		118,054		5,614,648
Las Vegas Sands		96,566		5,314,993
Wyndham Worldwide		48,461		4,384,267
Wynn Resorts		24,223		3,049,191

				18,363,099

Household Durables–5.12%
Harman International Industries		50,975		6,811,789
Horton (D.R.)		288,908		8,228,100
Lennar Class A		166,186		8,610,097

				23,649,986

Insurance–1.19%
†Markel		7,126		5,479,609

				5,479,609

Internet & Catalog Retail–4.95%
†Amazon.com		28,767		10,704,201
†Netflix		12,569		5,237,377
†Priceline Group		5,939		6,913,887

				22,855,465

Internet Software & Services–8.33%
†Alibaba Group Holding ADR		50,270		4,184,475
†Baidu ADR		15,670		3,265,628
†Facebook Class A		130,869		10,759,395
†Google Class C		20,517		11,243,316
†Twitter		110,320		5,524,826
†Yelp		72,653		3,440,120

				38,417,760

IT Services–8.54%
†Alliance Data Systems		23,295		6,901,144
†Cognizant Technology Solutions Class A		112,336		7,008,643
†FleetCor Technologies		44,810		6,762,725
MasterCard Class A		133,026		11,492,116
Visa Class A		110,477		7,226,301

				39,390,929

Life Sciences Tools & Services–0.84%
†Illumina		20,942		3,887,673

				3,887,673


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Machinery–0.42%
Pall		19,255	$	1,933,009

				1,933,009

Oil, Gas & Consumable Fuels–1.17%
†Cobalt International Energy		162,870		1,532,607
Pioneer Natural Resources		23,752		3,883,689

				5,416,296

Personal Products–1.04%
Estee Lauder Class A		57,735		4,801,243

				4,801,243

Pharmaceuticals–5.99%
†Actavis		31,217		9,290,804
AstraZeneca ADR		47,030		3,218,263
Bristol-Myers Squibb		162,942		10,509,759
Merck		80,159		4,607,539

				27,626,365

Professional Services–4.37%
Equifax		71,315		6,632,295
†IHS Class A		51,608		5,870,926
Nielsen		145,474		6,483,776
†Verisk Analytics Class A		16,545		1,181,313

				20,168,310

Real Estate Investment Trusts–1.47%
American Tower		72,026		6,781,248

				6,781,248

Road & Rail–1.71%
Hunt (J.B.) Transport Services		31,675		2,704,887
Kansas City Southern		50,704		5,175,864

				7,880,751


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Software–5.25%
†Adobe Systems		73,763	$	5,454,036
Intuit		56,232		5,452,255
Microsoft		39,495		1,605,669
†salesforce.com		104,652		6,991,800
†ServiceNow		60,095		4,734,284

				24,238,044

Specialty Retail–8.91%
†AutoZone		11,794		8,045,395
Home Depot		131,439		14,932,785
Lowe’s		125,928		9,367,784
Ross Stores		83,155		8,761,211

				41,107,175

Technology Hardware, Storage & Peripherals–7.34%
Apple		272,400		33,894,732

				33,894,732

Total Common Stock (Cost $321,806,476)				462,102,411


MONEY MARKET FUND–0.07%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		304,789		304,789

Total Money Market Fund (Cost $304,789)				304,789

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP Wellington Capital Growth Fund.


	Number of Shares		Value (U.S. $)

DCOMMON STOCK–98.63%
Australia–6.12%
Federation Centres		1,378,856	$	3,182,633
Goodman Group		1,689,485		8,134,593
GPT Group		1,259,687		4,375,051
†@=GPT Group In-Specie		4,536,115		0
Investa Office Fund		919,013		2,723,029
Mirvac Group		3,633,043		5,546,980
Novion Property Group		1,347,627		2,567,019
Scentre Group		988,672		2,808,472
Stockland		1,413,217		4,828,061
Westfield		266,901		1,934,135

				36,099,973

Canada–0.68%
Boardwalk Real Estate Investment Trust		49,900		2,322,350
Canadian Real Estate Investment Trust		46,600		1,711,101

				4,033,451

France–5.16%
ICADE		72,735		6,572,484
Klepierre		204,453		10,041,764
Mercialys		91,500		2,324,388
Unibail-Rodamco		42,446		11,464,086

				30,402,722

Germany–2.24%
Deutsche Annington Immobilien		46,406		1,564,063
Deutsche Wohnen		129,000		3,300,014
†LEG Immobilien		105,298		8,354,330

				13,218,407

nHong Kong–7.29%
China Overseas Land & Investment		980,919		3,167,777
CK Hutchison Holdings		147,000		3,003,287
Hongkong Land Holdings		986,000		7,444,300
Link REIT		835,700		5,155,586
New World Development		2,288,300		2,652,918
Sun Hung Kai Properties		931,900		14,369,423
Swire Properties		1,275,600		4,142,949
Wharf Holdings		430,900		3,008,047

				42,944,287

Japan–11.86%
GLP J-REIT		2,256		2,335,318
Japan Hotel REIT Investment		1,781		1,266,710
Japan Real Estate Investment		1,372		6,452,245
Japan Retail Fund Investment		3,051		6,061,576
Kenedix Office Investment		626		3,434,295
Mitsubishi Estate		344,800		7,995,257
Mitsui Fudosan		655,400		19,244,588
†Nippon Prologis REIT		1,689		3,717,494
NTT Urban Development		198,000		1,977,457


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Orix JREIT		2,064	$	2,955,676
Sumitomo Realty & Development		286,188		10,301,442
Tokyo Tatemono		122,200		895,126
United Urban Investment		2,078		3,238,886

				69,876,070

Netherlands–0.87%
Eurocommercial Properties CVA		51,009		2,338,367
NSI		619,110		2,786,925

				5,125,292

Singapore–2.98%
CapitaCommercial Trust		3,119,000		4,014,665
CapitaLand		2,913,300		7,593,452
CapitaMall Trust		1,955,400		3,130,321
Suntec Real Estate Investment Trust		2,075,200		2,802,566

				17,541,004

Sweden–0.38%
Hufvudstaden Class A		162,892		2,233,753

				2,233,753

Switzerland–0.28%
†PSP Swiss Property		17,492		1,648,583

				1,648,583

United Kingdom–6.99%
British Land		742,333		9,148,865
Derwent London		122,535		6,209,622
Great Portland Estates		375,172		4,507,507
Hammerson		635,740		6,260,660
Land Securities Group		631,974		11,732,377
Safestore Holdings		464,240		2,013,488
UNITE Group		150,295		1,305,314

				41,177,833

United States–53.78%
Alexandria Real Estate Equities		71,100		6,970,644
American Realty Capital Properties		645,500		6,358,175
AvalonBay Communities		83,865		14,613,476
Boston Properties		46,590		6,544,963
Brandywine Realty Trust		205,800		3,288,684
DCT Industrial Trust		98,550		3,415,743
DDR		465,100		8,660,162
Douglas Emmett		185,600		5,532,736
Duke Realty		363,300		7,909,041
Equity Residential		271,450		21,135,097
Essex Property Trust		47,383		10,893,352
†Forest City Enterprises Class A		70,200		1,791,504
General Growth Properties		501,600		14,822,280
Health Care REIT		258,000		19,958,880
Healthcare Realty Trust		173,500		4,819,830
Healthcare Trust of America Class A		149,600		4,167,856
Highwoods Properties		76,950		3,522,771


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United States (continued)
Host Hotels & Resorts		608,500	$	12,279,530
Kilroy Realty		133,000		10,130,610
Kimco Realty		396,830		10,654,886
Liberty Property Trust		105,300		3,759,210
Macerich		69,019		5,820,372
Paramount Group		284,600		5,492,780
Pebblebrook Hotel Trust		74,900		3,488,093
Post Properties		98,300		5,596,219
Prologis		344,790		15,019,052
Public Storage		41,000		8,082,740
Ramco-Gershenson Properties Trust		124,700		2,319,420
Simon Property Group		142,680		27,913,908
SL Green Realty		105,500		13,544,090
Spirit Realty Capital		577,200		6,972,576
†Strategic Hotels & Resorts		375,800		4,671,194
Sun Communities		60,900		4,063,248
Sunstone Hotel Investors		254,940		4,249,850
Taubman Centers		64,200		4,951,746
UDR		310,100		10,552,703
Urban Edge Properties		18,066		428,164
Vornado Realty Trust		111,500		12,488,000

				316,883,585

Total Common Stock (Cost $449,341,686)				581,184,960

The following foreign currency exchange contracts were outstanding at March 31, 2015:

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

As a result of utilizing international fair value pricing at March 31, 2015, a portion of the portfolio was categorized as Level 2.

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

«Includes $900,601 cash pledged as collateral for futures contracts as of March 31, 2015.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015.

Effective May 1, 2015, the Fund’s name changed to LVIP ClearBridge Variable Appreciation Managed Volatility Fund.


	Number of Shares		Value (U.S. $)

COMMON STOCK–90.34%
Airlines–2.21%
Alaska Air Group		67,871	$	4,491,703
American Airlines Group		45,207		2,386,025

				6,877,728

Auto Components–0.72%
†Gentherm		44,532		2,249,311

				2,249,311

Banks–1.21%
†Signature Bank		29,014		3,759,634

				3,759,634

Biotechnology–7.76%
†Alkermes		56,480		3,443,586
†AMAG Pharmaceuticals		21,668		1,184,373
†Auspex Pharmaceuticals		19,439		1,949,148
†Bluebird Bio		14,708		1,776,285
†Clovis Oncology		14,494		1,075,890
†Dyax		67,795		1,135,905
†Incyte		25,009		2,292,325
†Intercept Pharmaceuticals		5,573		1,571,697
†Isis Pharmaceuticals		16,440		1,046,735
†Pharmacyclics		4,541		1,162,269
†Puma Biotechnology		8,348		1,971,046
†Receptos		9,067		1,495,058
†Regulus Therapeutics		37,857		641,298
†TESARO		38,940		2,235,156
†United Therapeutics		6,847		1,180,662

				24,161,433

Building Products–0.73%
Lennox International		20,309		2,268,312

				2,268,312

Capital Markets–1.84%
†Affiliated Managers Group		10,988		2,360,003
Lazard Class A		41,330		2,173,545
Moelis & Co.		39,844		1,200,101

				5,733,649

Chemicals–1.81%
†Chemtura		56,519		1,542,403
International Flavors & Fragrances		11,155		1,309,597
RPM International		58,272		2,796,473

				5,648,473

Commercial Services & Supplies–1.07%
†Avis Budget Group		19,060		1,124,826
Waste Connections		46,050		2,216,847

				3,341,673

Communications Equipment–1.70%
†ARRIS Group		48,230		1,393,606
†Palo Alto Networks		17,407		2,542,815


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Communications Equipment (continued)
†Ruckus Wireless		105,555	$	1,358,493

				5,294,914

Construction Materials–3.01%
Eagle Materials		44,460		3,715,078
Martin Marietta Materials		40,537		5,667,073

				9,382,151

Consumer Finance–1.23%
†PRA Group		70,473		3,828,093

				3,828,093

Containers & Packaging–1.25%
Ball		19,761		1,395,917
†Crown Holdings		18,750		1,012,875
Sealed Air		32,860		1,497,102

				3,905,894

Diversified Consumer Services–1.41%
†Grand Canyon Education		49,155		2,128,411
†LifeLock		159,925		2,256,542

				4,384,953

Diversified Telecommunication Services–0.99%
Cogent Communications Group		55,967		1,977,314
Windstream Holdings		148,395		1,098,123

				3,075,437

Electrical Equipment–0.69%
Acuity Brands		12,781		2,149,253

				2,149,253

Electronic Equipment, Instruments & Components–1.51%
CDW		82,370		3,067,459
FLIR Systems		52,332		1,636,945

				4,704,404

Food & Staples Retailing–1.48%
†Diplomat Pharmacy		54,768		1,893,877
†United Natural Foods		35,451		2,731,145

				4,625,022

Food Products–0.77%
†Hain Celestial Group		37,254		2,386,119

				2,386,119

Health Care Equipment & Supplies–3.16%
†Align Technology		53,646		2,885,350
†DexCom		30,066		1,874,314
†IDEXX Laboratories		24,114		3,725,131
†Insulet		40,743		1,358,779

				9,843,574

Health Care Providers & Services–4.45%
†Brookdale Senior Living		39,446		1,489,481


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Providers & Services (continued)
†Catalent		98,771	$	3,076,717
†HealthEquity		41,060		1,026,089
HealthSouth		70,360		3,121,170
†LifePoint Hospitals		34,045		2,500,605
†Team Health Holdings		45,149		2,641,668

				13,855,730

Hotels, Restaurants & Leisure–6.08%
Domino’s Pizza		30,724		3,089,298
†El Pollo Loco Holdings		97,007		2,484,349
†Fiesta Restaurant Group		30,258		1,845,738
Jack in the Box		19,010		1,823,439
†La Quinta Holdings		63,970		1,514,810
Restaurant Brands International		45,755		1,757,450
Six Flags Entertainment		81,891		3,964,343
Sonic		77,212		2,447,620

				18,927,047

Household Durables–0.27%
Harman International Industries		6,323		844,942

				844,942

Insurance–0.31%
Gallagher (Arthur J.)		20,570		961,647

				961,647

Internet & Catalog Retail–0.85%
Expedia		28,185		2,653,054

				2,653,054

Internet Software & Services–4.79%
†comScore		46,713		2,391,706
†Constant Contact		58,052		2,218,167
†CoStar Group		9,041		1,788,581
†Endurance International Group Holdings		80,951		1,542,926
†GrubHub		34,102		1,547,890
†Rackspace Hosting		58,757		3,031,274
†Shutterstock		34,781		2,388,411

				14,908,955

IT Services–4.19%
†Alliance Data Systems		15,084		4,468,635
†CoreLogic		39,924		1,408,119
†Euronet Worldwide		30,270		1,778,363
†Qorvo		67,677		5,393,857

				13,048,974

Leisure Products–0.84%
Polaris Industries		18,634		2,629,257

				2,629,257


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Life Sciences Tools & Services–0.73%
†INC Research Holdings Class A		69,534	$	2,275,848

				2,275,848

Machinery–4.78%
†Colfax		41,085		1,960,987
IDEX		51,395		3,897,283
Lincoln Electric Holdings		55,580		3,634,376
†Middleby		11,310		1,160,971
†WABCO Holdings		25,113		3,085,885
Wabtec		12,285		1,167,198

				14,906,700

Media–3.09%
Cinemark Holdings		94,099		4,241,042
†IMAX		121,494		4,095,563
Interpublic Group		57,750		1,277,430

				9,614,035

Oil, Gas & Consumable Fuels–2.69%
†Carrizo Oil & Gas		34,393		1,707,612
†Diamondback Energy		57,652		4,429,980
Targa Resources		12,318		1,179,941
Western Refining		21,730		1,073,245

				8,390,778

Pharmaceuticals–4.64%
†Akorn		106,949		5,081,147
†Jazz Pharmaceuticals		10,730		1,854,037
†Pacira Pharmaceuticals		38,173		3,391,671
†Salix Pharmaceuticals		23,864		4,123,938

				14,450,793

Professional Services–0.81%
Corporate Executive Board		31,594		2,523,097

				2,523,097

Real Estate Investment Trusts–2.38%
Lamar Advertising		19,355		1,147,171
Sovran Self Storage		50,834		4,775,346
STORE Capital		64,132		1,497,482

				7,419,999

Road & Rail–1.53%
†Hub Group Class A		36,685		1,441,354
†Kirby		18,494		1,387,975
†Swift Transportation		74,196		1,930,580

				4,759,909

Semiconductors & Semiconductor Equipment–2.03%
Monolithic Power Systems		40,938		2,155,386
Skyworks Solutions		42,266		4,154,325

				6,309,711

Software–6.57%
†Aspen Technology		47,229		1,817,844


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Software (continued)
†Barracuda Networks		44,611	$	1,716,185
†CommVault Systems		44,180		1,930,666
†Fortinet		96,588		3,375,751
†Guidewire Software		27,919		1,468,819
†ServiceNow		23,886		1,881,739
†Synchronoss Technologies		77,865		3,695,473
†Tableau Software Class A		9,816		908,176
†Tyler Technologies		18,951		2,284,164
†Ultimate Software Group		8,205		1,394,481

				20,473,298

Specialty Retail–1.43%
Signet Jewelers		20,683		2,870,594
†Ulta Salon Cosmetics & Fragrance		10,450		1,576,383

				4,446,977

Textiles, Apparel & Luxury Goods–1.15%
†Skechers U.S.A. Class A		49,791		3,580,471

				3,580,471

Thrifts & Mortgage Finance–0.46%
Radian Group		85,410		1,434,034

				1,434,034


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Trading Companies & Distributors–1.72%
H&E Equipment Services		62,190	$	1,554,128
†HD Supply Holdings		75,835		2,362,639
MSC Industrial Direct		20,060		1,448,332

				5,365,099

Total Common Stock (Cost $227,125,604)				281,400,382


MASTER LIMITED PARTNERSHIPS–0.56%
Och-Ziff Capital Management Group		139,467		1,762,863

Total Master Limited Partnerships (Cost $1,689,413)				1,762,863


MONEY MARKET FUND–8.51%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		26,496,389		26,496,389

Total Money Market Fund (Cost $26,496,389)				26,496,389

« Includes $1,963,820 cash and $530 foriegn currencies pledged as collateral for futures contracts as of March 31, 2015.

The use of futures contracts involves elements of market risk and risks in excess of the amount recognized in the financial statements. The notional values presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP Ivy Mid Cap Growth Managed Volatility Fund.


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.50%
Fannie Mae REMIC Trust Series 2004-W11 1A2 6.50% 5/25/44		180,727	$	214,963
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		65,564		74,871
Series 2002-83 GH 5.00% 12/25/17		1,749,975		1,823,120
Series 2003-38 MP 5.50% 5/25/23		2,367,030		2,597,681
Series 2003-78 B 5.00% 8/25/23		90,133		97,807
Series 2003-106 WE 4.50% 11/25/22		1,131		1,132
Series 2005-110 MB 5.50% 9/25/35		605,599		653,397
Series 2007-40 PT 5.50% 5/25/37		238,250		266,467
Series 2010-41 PN 4.50% 4/25/40		120,000		131,432
Series 2011-113 CP 5.00% 9/25/39		41,599		43,054
Series 2011-134 PA 4.00% 9/25/40		167,271		175,429
Series 2012-19 HB 4.00% 1/25/42		67,331		71,006
•*Series 2012-122 SD 5.926% 11/25/42		5,888,426		1,430,923
*Series 2013-20 IH 3.00% 3/25/33		1,661,899		244,090
*Series 2013-31 MI 3.00% 4/25/33		18,326,543		2,674,670
Series 2013-34 GP 3.00% 5/25/42		51,691,201		52,878,031
*Series 2013-44 DI 3.00% 5/25/33		24,883,315		3,679,685
Series 2013-44 Z 3.00% 5/25/43		2,228,319		2,187,311
Freddie Mac REMICs
Series 1730 Z 7.00% 5/15/24		60,691		69,246
Series 2326 ZQ 6.50% 6/15/31		315,453		363,790
Series 2512 PG 5.50% 10/15/22		67,512		73,953
Series 2557 WE 5.00% 1/15/18		1,456,098		1,518,103
Series 2708 ZD 5.50% 11/15/33		372,382		419,323
Series 2717 MH 4.50% 12/15/18		553,730		580,568
Series 3123 HT 5.00% 3/15/26		219,116		240,880
Series 3290 PE 5.50% 3/15/37		72,468		81,744
Series 3416 GK 4.00% 7/15/22		109,012		109,853
Series 3455 MB 4.50% 6/15/23		5,209,962		5,526,415
Series 3574 D 5.00% 9/15/39		8,563		9,460


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Series 3656 PM 5.00% 4/15/40		7,080,479	$	7,852,789
•Series 3800 AF 0.675% 2/15/41		591,711		596,644
*Series 4185 LI 3.00% 3/15/33		5,858,081		901,085
*Series 4191 CI 3.00% 4/15/33		2,549,386		346,915
Freddie Mac Structured Agency Credit Risk Debt Notes
•Series 2014-DN2 M2 1.824% 4/25/24		5,027,000		4,996,295
•Series 2014-DN4 M2 2.574% 10/25/24		2,935,000		2,974,945
•Series 2015-DN1 M1 1.424% 1/25/25		3,916,603		3,924,585
Freddie Mac Structured Pass Through Securities
tSeries T-58 2A 6.50% 9/25/43		630,576		730,656
•tSeries T-60 1A4C 4.673% 3/25/44		176,194		176,300
GNMA
Series 2010-42 PC 5.00% 7/20/39		1,468,000		1,670,132
Series 2010-113 KE 4.50% 9/20/40		7,175,000		8,026,816

Total Agency Collateralized Mortgage Obligations (Cost $109,032,244)				110,435,566


AGENCY MORTGAGE-BACKED SECURITIES–27.27%
Fannie Mae 6.50% 8/1/17		88,747		91,696
Fannie Mae ARM
•2.311% 4/1/36		424,815		453,149
•2.315% 11/1/35		405,657		434,326
•2.325% 8/1/36		411		429
•2.42% 5/1/43		3,663,042		3,745,598
•2.546% 6/1/43		1,296,146		1,330,480
•2.962% 4/1/44		2,312,044		2,399,327
•3.196% 4/1/44		5,822,513		6,074,940
•3.266% 3/1/44		5,577,408		5,838,248
•3.31% 9/1/43		3,834,677		4,022,026
Fannie Mae Pool 5.50% 2/1/35		23,561		26,660
Fannie Mae Relocation 15 yr 4.00% 9/1/20		257,747		271,166
Fannie Mae Relocation 30 yr
5.00% 11/1/33		34,343		37,809
5.00% 1/1/34		125,486		138,130
5.00% 11/1/34		17,534		19,311
5.00% 10/1/35		134,094		147,679
5.00% 1/1/36		23,631		26,005
5.00% 2/1/36		243,537		267,149
Fannie Mae S.F. 15 yr
2.50% 2/1/28		7,768,441		7,999,403
2.50% 5/1/28		1,202,153		1,237,459
3.00% 12/1/25		104,125		109,531


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 15 yr (continued)
3.00% 11/1/26		148,362	$	156,269
3.00% 2/1/27		713,896		751,076
3.00% 3/1/27		383,440		403,198
3.00% 4/1/27		956,627		1,007,732
3.00% 6/1/27		1,113,947		1,169,791
3.00% 5/1/28		609,189		642,747
3.50% 1/1/26		516,695		548,909
3.50% 7/1/26		2,362,230		2,519,925
3.50% 7/1/27		502,484		536,313
3.50% 12/1/28		1,777,254		1,904,539
4.00% 3/1/24		216,321		228,964
4.00% 5/1/24		969,437		1,026,872
4.00% 7/1/24		89,011		94,325
4.00% 11/1/24		16,736		17,695
4.00% 2/1/25		668,064		707,913
4.00% 5/1/25		2,010,693		2,137,974
4.00% 6/1/25		6,765,102		7,192,471
4.00% 7/1/25		139,620		148,436
4.00% 9/1/25		214,161		226,912
4.00% 11/1/25		3,919,829		4,228,831
4.00% 1/1/26		401,909		430,597
4.00% 3/1/26		4,804,592		5,182,891
4.00% 12/1/26		3,331,594		3,530,429
4.00% 1/1/27		24,037,036		25,850,682
4.00% 4/1/27		643,397		686,678
4.00% 5/1/27		7,123,898		7,593,263
4.00% 8/1/27		4,069,611		4,325,162
4.50% 4/1/18		247,198		259,205
4.50% 9/1/18		6,822		7,153
4.50% 3/1/19		11,064		11,601
4.50% 4/1/20		5,104		5,352
4.50% 5/1/20		83,102		87,589
4.50% 7/1/20		30,690		32,391
4.50% 8/1/20		99,816		105,126
4.50% 10/1/20		94,486		99,708
4.50% 2/1/24		84,755		90,842
4.50% 9/1/24		198,499		214,091
4.50% 10/1/24		825,411		889,830
4.50% 12/1/24		271,266		292,508
4.50% 2/1/25		309,000		333,062
4.50% 4/1/25		1,691,891		1,824,088
4.50% 7/1/25		370,762		398,873
5.00% 6/1/19		39,271		41,283
5.00% 12/1/20		398,621		431,250
5.00% 2/1/21		2,792		2,937
5.00% 5/1/21		26,423		28,100
5.00% 12/1/21		19,497		20,718
5.00% 6/1/23		708,782		769,280
5.00% 9/1/25		1,574,236		1,719,916
5.50% 1/1/21		1,368		1,486
5.50% 10/1/21		6,413		6,977
6.00% 12/1/17		2,056		2,090


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 15 yr (continued)
6.00% 8/1/21		1,093,004	$	1,183,627
Fannie Mae S.F. 15 yr TBA 2.50% 5/1/30		152,748,000		156,560,728
Fannie Mae S.F. 20 yr
3.00% 2/1/33		791,705		820,723
3.00% 8/1/33		3,182,365		3,298,953
3.50% 11/1/31		807,301		853,452
3.50% 4/1/33		685,002		724,515
3.50% 9/1/33		4,716,434		5,038,093
4.00% 12/1/30		1,364,855		1,469,861
4.00% 1/1/31		947,352		1,020,328
4.00% 2/1/31		2,633,565		2,836,172
4.50% 9/1/23		79,436		86,575
4.50% 4/1/24		7,145		7,784
5.00% 7/1/23		22,321		24,913
5.00% 11/1/23		175,097		194,473
5.00% 12/1/23		18,207		20,222
5.00% 7/1/27		90,419		100,424
5.00% 3/1/28		18,694		20,762
5.50% 7/1/23		105,073		118,236
5.50% 10/1/23		116,669		131,284
5.50% 2/1/24		292,728		329,410
5.50% 7/1/24		182,354		205,197
5.50% 12/1/24		61,041		68,688
5.50% 2/1/25		143,472		161,445
5.50% 7/1/25		188,992		212,680
5.50% 11/1/25		271,601		305,624
5.50% 10/1/28		272,137		306,227
5.50% 12/1/29		210,245		236,583
6.00% 10/1/21		8,256		9,436
6.00% 12/1/21		245,025		279,058
6.00% 10/1/22		204,164		232,519
6.00% 9/1/29		1,893,467		2,156,442
6.50% 10/1/18		3,885		4,460
6.50% 2/1/19		7,671		8,807
6.50% 10/1/24		10,423		11,967
6.50% 10/1/27		54,193		62,219
Fannie Mae S.F. 30 yr
3.00% 7/1/42		3,101,463		3,178,507
3.00% 10/1/42		49,752,885		50,995,674
3.00% 12/1/42		11,498,109		11,785,237
3.00% 1/1/43		19,849,621		20,340,749
3.00% 2/1/43		2,189,818		2,244,307
3.00% 4/1/43		13,963,271		14,304,788
3.00% 5/1/43		56,043,558		57,415,686
3.50% 7/1/42		3,984		4,191
3.50% 3/1/43		875,085		926,446
4.00% 12/1/40		1,120,374		1,201,157
4.00% 1/1/41		5,699,456		6,111,829
4.00% 2/1/41		5,995,205		6,473,739
4.00% 1/1/42		3,370,687		3,615,302


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
4.00% 6/1/43		597,608	$	644,495
4.00% 7/1/43		1,142,845		1,234,720
4.00% 8/1/43		1,608,706		1,734,929
4.00% 9/1/43		1,074,466		1,158,773
4.50% 7/1/36		878,625		961,869
4.50% 11/1/39		584,721		639,193
4.50% 11/1/40		2,536,177		2,777,540
4.50% 3/1/41		4,894,402		5,364,366
4.50% 4/1/41		8,560,340		9,379,221
4.50% 5/1/41		277,556		306,786
4.50% 6/1/41		21,876,986		23,980,673
4.50% 7/1/41		2,601,454		2,852,256
4.50% 10/1/41		16,711,309		18,313,570
4.50% 1/1/42		84,378,213		92,323,576
4.50% 9/1/42		52,291,351		57,321,429
4.50% 10/1/42		84,494		93,389
4.50% 12/1/43		426,207		464,612
4.50% 2/1/44		1,210,690		1,322,708
4.50% 5/1/44		2,054,364		2,244,698
4.50% 6/1/44		5,975,520		6,539,369
5.00% 7/1/33		4,844		5,408
5.00% 11/1/33		15,272		17,051
5.00% 4/1/34		40,251		45,218
5.00% 2/1/35		4,724,693		5,276,906
5.00% 4/1/35		183,493		204,571
5.00% 5/1/35		82,733		92,153
5.00% 6/1/35		45,624		50,960
5.00% 7/1/35		2,074,846		2,311,573
5.00% 8/1/35		7,678		8,542
5.00% 9/1/35		4,868		5,436
5.00% 10/1/35		3,371,481		3,751,157
5.00% 11/1/35		2,492,451		2,773,507
5.00% 1/1/36		2,951		3,281
5.00% 2/1/36		3,830,311		4,261,828
5.00% 5/1/36		4,256		4,733
5.00% 6/1/36		11,548		12,844
5.00% 12/1/36		4,979		5,534
5.00% 4/1/37		903,500		1,005,739
5.00% 7/1/37		4,699		5,237
5.00% 8/1/37		279,763		311,557
5.00% 2/1/38		937,499		1,042,934
5.00% 1/1/39		51,684		57,403
5.00% 6/1/39		6,886		7,661
5.00% 11/1/40		87,901		97,627
5.50% 11/1/29		325,966		367,837
5.50% 12/1/32		198,231		224,600
5.50% 3/1/33		9,098		10,238
5.50% 4/1/33		246,327		278,978
5.50% 7/1/33		468,308		532,406
5.50% 10/1/33		31,723		36,202
5.50% 11/1/33		8,281		9,436
5.50% 12/1/33		182,107		206,045


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
5.50% 1/1/34		900,115	$	1,019,829
5.50% 2/1/34		488,033		552,925
5.50% 3/1/34		61,398		69,584
5.50% 4/1/34		940,053		1,064,462
5.50% 8/1/34		666,554		755,061
5.50% 11/1/34		683,128		773,673
5.50% 12/1/34		69,114		78,305
5.50% 1/1/35		589,805		667,349
5.50% 2/1/35		800,900		907,224
5.50% 3/1/35		475,251		534,786
5.50% 4/1/35		450,293		508,969
5.50% 5/1/35		6,834,695		7,726,357
5.50% 6/1/35		755,952		851,026
5.50% 7/1/35		32,378		36,562
5.50% 8/1/35		287,082		324,704
5.50% 9/1/35		19,598		22,158
5.50% 10/1/35		210,084		237,045
5.50% 11/1/35		370,940		418,987
5.50% 12/1/35		656,668		743,570
5.50% 1/1/36		1,297,391		1,464,689
5.50% 3/1/36		20,831		23,468
5.50% 4/1/36		2,870,090		3,230,453
5.50% 5/1/36		1,048,045		1,182,462
5.50% 7/1/36		1,453,623		1,643,861
5.50% 9/1/36		52,410		59,353
5.50% 10/1/36		5,883		6,620
5.50% 11/1/36		900,722		1,014,777
5.50% 12/1/36		15,505		17,448
5.50% 1/1/37		3,724,598		4,195,203
5.50% 2/1/37		4,327,431		4,871,706
5.50% 4/1/37		8,310,225		9,365,517
5.50% 5/1/37		14,710		16,553
5.50% 7/1/37		13,687		15,402
5.50% 8/1/37		11,001,545		12,442,793
5.50% 11/1/37		1,079,685		1,223,589
5.50% 1/1/38		2,505,238		2,819,071
5.50% 2/1/38		2,949,438		3,328,259
5.50% 3/1/38		2,311,224		2,602,393
5.50% 4/1/38		7,559,701		8,506,715
5.50% 6/1/38		8,412,358		9,466,189
5.50% 7/1/38		5,229,605		5,884,723
5.50% 8/1/38		21,491		24,183
5.50% 9/1/38		303,579		342,669
5.50% 10/1/38		13,846		15,588
5.50% 11/1/38		402,111		456,791
5.50% 12/1/38		1,268,279		1,433,310
5.50% 1/1/39		3,309,720		3,732,442
5.50% 2/1/39		10,971,961		12,398,907
5.50% 4/1/39		272,109		306,197
5.50% 10/1/39		8,797,269		9,899,314
5.50% 11/1/39		57,092		64,243
5.50% 12/1/39		3,095,434		3,526,798


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
5.50% 3/1/40		8,806	$	9,948
5.50% 5/1/40		618,073		695,500
5.50% 7/1/40		2,653,133		2,986,647
5.50% 7/1/41		3,472		3,907
5.50% 9/1/41		37,912,122		42,671,381
6.00% 4/1/32		14,149		16,298
6.00% 6/1/33		374,494		434,032
6.00% 8/1/34		334,209		383,915
6.00% 11/1/34		19,312		22,175
6.00% 12/1/34		6,329		7,272
6.00% 4/1/35		709,251		814,715
6.00% 7/1/35		68,241		78,329
6.00% 8/1/35		32,248		37,027
6.00% 9/1/35		138,109		157,616
6.00% 11/1/35		3,454		3,970
6.00% 12/1/35		538,560		617,431
6.00% 1/1/36		242,216		277,693
6.00% 3/1/36		103,309		118,553
6.00% 4/1/36		160,365		184,861
6.00% 5/1/36		2,058,577		2,352,803
6.00% 6/1/36		540,107		617,706
6.00% 8/1/36		6,676		7,631
6.00% 9/1/36		94,769		108,141
6.00% 10/1/36		846,919		977,973
6.00% 11/1/36		83,300		95,112
6.00% 12/1/36		390,139		448,464
6.00% 2/1/37		1,126,954		1,287,243
6.00% 4/1/37		245,685		280,453
6.00% 5/1/37		4,856,690		5,560,134
6.00% 6/1/37		204,323		235,485
6.00% 7/1/37		213,673		245,271
6.00% 8/1/37		2,872,211		3,284,464
6.00% 9/1/37		850,920		970,458
6.00% 10/1/37		586,718		669,904
6.00% 11/1/37		507,284		583,608
6.00% 12/1/37		16,279		18,782
6.00% 1/1/38		1,446,071		1,648,416
6.00% 3/1/38		8,358		9,610
6.00% 5/1/38		5,595,892		6,385,118
6.00% 6/1/38		190,923		219,433
6.00% 7/1/38		208,389		237,741
6.00% 8/1/38		7,393		8,507
6.00% 9/1/38		1,093,385		1,248,111
6.00% 10/1/38		4,399,520		5,026,747
6.00% 11/1/38		921,077		1,053,551
6.00% 12/1/38		29,048		33,365
6.00% 1/1/39		1,863,760		2,130,513
6.00% 2/1/39		5,443		6,275
6.00% 4/1/39		2,259,860		2,578,940
6.00% 9/1/39		15,626,215		17,835,572
6.00% 10/1/39		585,520		672,339
6.00% 1/1/40		548,121		625,863


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
6.00% 2/1/40		396,139	$	452,369
6.00% 3/1/40		1,734,330		1,979,150
6.00% 4/1/40		2,706,221		3,090,130
6.00% 9/1/40		1,386,689		1,582,916
6.00% 11/1/40		571,168		658,231
6.00% 5/1/41		15,954,972		18,229,367
6.00% 7/1/41		1,797,814		2,056,714
6.50% 3/1/32		185		213
6.50% 11/1/33		123,850		142,191
6.50% 8/1/34		5,223		5,997
6.50% 1/1/36		35,809		41,982
6.50% 2/1/36		22,320		25,754
6.50% 6/1/36		783,735		945,057
6.50% 8/1/36		56,462		64,824
6.50% 9/1/36		5,080		5,971
6.50% 10/1/36		637,925		776,772
6.50% 11/1/36		3,973		4,635
6.50% 3/1/37		6,454		7,411
6.50% 8/1/37		146,341		168,014
6.50% 10/1/37		2,534		3,021
6.50% 11/1/37		1,480		1,699
6.50% 1/1/38		1,177		1,403
6.50% 6/1/39		6,202		7,248
7.00% 12/1/37		77,514		84,294
7.50% 4/1/31		71,788		90,907
7.50% 4/1/32		7,505		8,897
7.50% 9/1/32		356		417
Fannie Mae S.F. 30 yr TBA
3.00% 5/1/45		457,739,000		466,849,059
3.50% 5/1/45		175,784,000		184,181,799
4.50% 5/1/45		190,003,000		206,761,930
Freddie Mac ARM
•2.307% 4/1/34		80,822		85,887
•2.532% 1/1/44		11,774,456		12,145,848
Freddie Mac Relocation 30 yr 5.00% 9/1/33		194,557		214,089
Freddie Mac S.F. 15 yr
3.00% 5/1/28		9,555,883		10,071,618
3.50% 11/1/25		886,746		943,007
3.50% 6/1/26		979,395		1,040,886
3.50% 1/1/27		890,186		945,541
4.00% 12/1/20		25,431		26,872
4.00% 4/1/25		407,668		434,225
4.00% 5/1/25		5,356,273		5,664,423
4.00% 8/1/25		44,913		47,844
4.00% 4/1/26		178,021		191,493
4.00% 9/1/26		1,472,225		1,569,433
4.00% 11/1/26		793,223		843,997
4.50% 7/1/25		635,314		685,019
4.50% 6/1/26		1,486,196		1,603,050
4.50% 9/1/26		2,399,733		2,591,446
5.00% 6/1/18		205,313		215,733


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 15 yr (continued)
5.50% 6/1/21		10,916	$	11,912
6.00% 4/1/17		510		524
6.00% 8/1/17		2,010		2,094
6.50% 8/1/16		250		255
Freddie Mac S.F. 20 yr
3.50% 1/1/34		780,929		823,609
3.50% 3/1/34		43,923		46,319
4.00% 11/1/32		1,279,577		1,380,436
5.00% 10/1/23		1,385		1,534
5.00% 9/1/25		1,789,415		1,982,033
5.50% 1/1/23		6,783		7,601
5.50% 2/1/24		227,648		255,106
5.50% 7/1/26		96,887		108,522
5.50% 3/1/27		218,761		245,080
5.50% 9/1/27		325,156		364,052
5.50% 10/1/27		135,418		151,619
Freddie Mac S.F. 30 yr
3.00% 10/1/42		3,630,713		3,713,375
3.00% 11/1/42		2,774,997		2,845,824
3.50% 11/1/41		381,756		403,292
4.50% 10/1/39		1,365,195		1,489,536
4.50% 4/1/41		11,953,674		13,066,186
4.50% 9/1/41		1,225,097		1,338,608
4.50% 3/1/42		11,447,254		12,507,915
5.00% 2/1/39		20,096		22,258
5.50% 4/1/33		12,729		14,368
5.50% 3/1/34		407,495		459,862
5.50% 12/1/34		400,257		452,518
5.50% 1/1/35		3,107		3,502
5.50% 11/1/35		177,603		199,997
5.50% 6/1/36		252,312		283,881
5.50% 11/1/36		572,044		640,402
5.50% 12/1/36		310,348		348,315
5.50% 1/1/37		375,073		420,851
5.50% 7/1/37		724,837		813,487
5.50% 9/1/37		571,284		641,294
5.50% 10/1/37		532,415		597,824
5.50% 11/1/37		26,112		29,308
5.50% 4/1/38		4,811,561		5,400,332
5.50% 6/1/38		339,773		381,425
5.50% 7/1/38		2,102,010		2,358,084
5.50% 8/1/38		1,304,393		1,462,702
5.50% 1/1/39		413,827		463,279
5.50% 4/1/39		237,359		266,071
5.50% 6/1/39		2,196,948		2,464,376
5.50% 2/1/40		2,527,373		2,833,929
5.50% 3/1/40		1,383,446		1,552,947
5.50% 5/1/40		441,100		494,958
5.50% 8/1/40		12,807,320		14,366,530
5.50% 1/1/41		1,573,563		1,763,084
5.50% 6/1/41		22,943,159		25,719,609
6.00% 6/1/34		334,281		381,573


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 30 yr (continued)
6.00% 2/1/36		1,252,711	$	1,439,017
6.00% 10/1/36		2,111		2,410
6.00% 1/1/38		557,215		632,442
6.00% 6/1/38		1,575,031		1,791,626
6.00% 7/1/38		49,467		56,343
6.00% 8/1/38		3,937,208		4,494,612
6.00% 5/1/40		660,705		751,384
6.00% 7/1/40		3,724,417		4,255,590
6.50% 8/1/36		244		284
6.50% 6/1/37		5,017		5,747
6.50% 9/1/38		703		817
6.50% 4/1/39		2,412,362		2,763,560
7.00% 11/1/33		45,479		55,886
GNMA I S.F. 30 yr
5.00% 6/15/40		771,566		860,506
7.00% 12/15/34		1,132,006		1,370,323
7.50% 12/15/31		6,074		7,635
7.50% 7/15/32		22,847		26,535
GNMA II S.F. 15 yr 3.50% 5/20/27		427,570		454,050

Total Agency Mortgage-Backed Securities (Cost $1,983,759,918)				2,007,937,857


AGENCY OBLIGATIONS–0.62%
Federal Home Loan Banks
0.25% 10/2/15		31,000,000		31,000,062
0.35% 3/7/16		15,000,000		15,001,620

Total Agency Obligations (Cost $46,000,000)				46,001,682


COMMERCIAL MORTGAGE-BACKED SECURITIES–5.77%
Banc of America Commercial Mortgage Trust
•Series 2006-1 AM 5.421% 9/10/45		14,230,000		14,620,101
Series 2006-4 A4 5.634% 7/10/46		3,689,461		3,825,783
•Series 2007-4 AM 5.821% 2/10/51		6,355,000		6,904,816
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PWR18 A4 5.70% 6/11/50		3,665,000		3,966,930
CD Commercial Mortgage Trust
•Series 2005-CD1 AM 5.225% 7/15/44		7,155,000		7,265,287
•Series 2005-CD1 C 5.225% 7/15/44		1,970,000		1,998,185
Citigroup Commercial Mortgage Trust
Series 2014-GC25 A4 3.635% 10/10/47		7,035,000		7,504,164
Series 2015-GC27 A5 3.137% 2/10/48		2,640,000		2,703,537


	Principal Amount°		Value (U.S. $)

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
COMM Mortgage Trust
Series 2014-CR19 A5 3.796% 8/10/47		6,835,000	$	7,385,682
Series 2014-CR20 A4 3.59% 11/10/47		11,658,000		12,402,107
Series 2014-CR20 AM 3.938% 11/10/47		4,730,000		5,051,664
Series 2014-CR21 A3 3.528% 12/10/47		5,635,000		5,965,870
#Series 2015-3BP A 144A 3.178% 2/10/35		20,950,000		21,443,205
Series 2015-DC1 A5 3.35% 2/10/48		3,615,000		3,769,538
Commercial Mortgage Trust
•Series 2005-GG5 A5 5.224% 4/10/37		4,173,244		4,204,038
Series 2007-GG9 AM 5.475% 3/10/39		3,320,209		3,501,672
•Credit Suisse First Boston Mortgage Securities Series 2005-C5 AM 5.10% 8/15/38		4,220,000		4,252,249
DB-UBS Mortgage Trust
#Series 2011-LC1A A3 144A 5.002% 11/10/46		17,406,000		19,873,492
#•Series 2011-LC1A C 144A 5.558% 11/10/46		7,500,000		8,510,880
FREMF Mortgage Trust
#•Series 2011-K10 144A 4.618% 11/25/49		12,945,000		14,202,128
#•Series 2011-K13 B 144A 4.60% 1/25/48		4,800,000		5,275,579
#•Series 2011-K15 B 144A 4.932% 8/25/44		4,485,000		4,987,665
#•Series 2011-K702 B 144A 4.771% 4/25/44		1,640,000		1,761,718
#•Series 2011-K703 B 144A 4.884% 7/25/44		1,600,000		1,727,966
#•Series 2012-K19 B 144A 4.037% 5/25/45		1,245,000		1,330,163
#•Series 2012-K22 B 144A 3.687% 8/25/45		5,215,000		5,417,186
#•Series 2012-K22 C 144A 3.687% 8/25/45		7,075,000		7,144,689
#•Series 2012-K707 B 144A 3.883% 1/25/47		2,105,000		2,206,358
#•Series 2012-K708 B 144A 3.761% 2/25/45		7,290,000		7,609,747
#•Series 2012-K708 C 144A 3.761% 2/25/45		1,700,000		1,741,069
#•Series 2012-K711 144A 3.562% 8/25/45		720,000		751,236
#•Series 2013-K26 144A 3.60% 12/25/45		4,900,000		5,059,735


	Principal Amount°		Value (U.S. $)

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
FREMF Mortgage Trust (continued)
#•Series 2013-K26 C 144A 3.60% 12/25/45		2,600,000	$	2,606,102
#•Series 2013-K30 C 144A 3.556% 6/25/45		4,835,000		4,770,738
#•Series 2013-K31 C 144A 3.627% 7/25/46		9,006,507		8,982,523
#•Series 2013-K33 B 144A 3.504% 8/25/46		4,025,000		4,119,712
#•Series 2013-K33 C 144A 3.504% 8/25/46		4,375,000		4,330,659
#•Series 2013-K712 144A 3.369% 5/25/45		12,055,000		12,403,655
#•Series 2013-K713 144A 3.165% 4/25/46		10,080,000		10,274,766
#•Series 2013-K713 C 144A 3.165% 4/25/46		6,617,000		6,561,861
#•Series 2014-K716 C 144A 3.954% 8/25/47		3,425,000		3,506,628
#GRACE Mortgage Trust Series 2014-GRCE A 144A 3.369% 6/10/28		19,510,000		20,616,393
GS Mortgage Securities Trust
•Series 2006-GG6 A4 5.553% 4/10/38		3,547,000		3,604,486
#Series 2010-C1 A2 144A 4.592% 8/10/43		8,565,000		9,564,193
#•Series 2010-C1 C 144A 5.635% 8/10/43		3,460,000		3,877,778
Hilton USA Trust
#Series 2013-HLT AFX 144A 2.662% 11/5/30		18,578,000		18,620,246
#Series 2013-HLT BFX 144A 3.367% 11/5/30		11,790,000		11,939,839
#Houston Galleria Mall Trust Series 2015-HGLR A1A2 144A 3.087% 3/5/37		10,600,000		10,712,572
JPMBB Commercial Mortgage Securities Trust
Series 2014-C18 A1 1.254% 2/15/47		7,783,663		7,779,459
•Series 2014-C22 B 4.562% 9/15/47		1,990,000		2,173,985
JPMorgan Chase Commercial Mortgage Securities Trust
•Series 2005-CB11 E 5.724% 8/12/37		1,895,000		2,058,112
•Series 2005-LDP5 D 5.382% 12/15/44		3,600,000		3,676,050
Series 2006-LDP8 AM 5.44% 5/15/45		11,962,000		12,563,748
#•Series 2011-C5 B 144A 5.323% 8/15/46		3,600,000		4,147,556


	Principal Amount°		Value (U.S. $)

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
LB-UBS Commercial Mortgage Trust
Series 2004-C1 A4 4.568% 1/15/31		234,647	$	238,709
•Series 2006-C6 AJ 5.452% 9/15/39		7,527,000		7,893,715
Series 2006-C6 AM 5.413% 9/15/39		16,607,000		17,525,616
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C18 A4 3.923% 10/15/47		3,075,000		3,353,478
Series 2014-C19 AS 3.832% 12/15/47		1,882,000		1,986,233
Morgan Stanley Capital I Trust
•Series 2005-HQ7 AJ 5.204% 11/14/42		4,770,000		4,830,631
•Series 2006-T21 AM 5.204% 10/12/52		7,785,000		7,982,723
#TimberStar Trust I Series 2006-1A A 144A 5.668% 10/15/36		3,716,000		3,932,784
WF-RBS Commercial Mortgage Trust Series 2014-C23 A5 3.917% 10/15/57		3,775,000		4,125,652

Total Commercial Mortgage-Backed Securities (Cost $419,998,698)				425,125,041


CORPORATE BONDS–38.67%
Aerospace & Defense–0.05%
Lockheed Martin 3.80% 3/1/45		3,590,000		3,584,522

				3,584,522

Air Freight & Logistics–0.18%
#Aviation Capital Group 144A 6.75% 4/6/21		5,665,000		6,455,064
United Parcel Service 5.125% 4/1/19		6,265,000		7,130,441

				13,585,505

Airlines–0.30%
#tAir Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27		4,080,000		4,080,000
tAmerican Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26		3,360,000		3,477,600
tAmerican Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27		4,985,000		5,022,387


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Airlines (continued)
tUnited Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26		2,650,000	$	2,795,750
tUnited Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26		6,320,000		6,588,600

				21,964,337

Auto Components–0.65%
BorgWarner 3.375% 3/15/25		2,010,000		2,073,142
Delphi 4.15% 3/15/24		13,206,000		14,064,628
Magna International 3.625% 6/15/24		14,785,000		15,091,966
#TRW Automotive 144A 4.45% 12/1/23		16,660,000		16,826,600

				48,056,336

Automobiles–0.18%
General Motors
3.50% 10/2/18		5,480,000		5,641,989
5.00% 4/1/35		4,410,000		4,720,773
#Hyundai Capital America 144A
2.55% 2/6/19		2,470,000		2,514,294

				12,877,056

Beverages–0.19%
#Pernod-Ricard 144A 5.75% 4/7/21		11,993,000		13,935,494

				13,935,494

Biotechnology–0.43%
Celgene
3.25% 8/15/22		15,170,000		15,535,172
3.95% 10/15/20		5,845,000		6,315,306
Gilead Sciences
3.50% 2/1/25		7,625,000		8,050,643
4.50% 2/1/45		1,490,000		1,649,755

				31,550,876

Capital Markets–0.49%
Affiliated Managers Group 3.50% 8/1/25		6,540,000		6,545,925
Bank of New York Mellon 2.15% 2/24/20		1,645,000		1,659,558
Jefferies Group
5.125% 1/20/23		7,770,000		8,078,213
6.45% 6/8/27		2,021,000		2,192,785
6.50% 1/20/43		1,560,000		1,557,147
Lazard Group
3.75% 2/13/25		10,210,000		10,089,992
6.85% 6/15/17		1,416,000		1,573,934
State Street 3.10% 5/15/23		4,195,000		4,250,844

				35,948,398


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Chemicals–1.32%
Braskem Finance 6.45% 2/3/24		1,755,000	$	1,697,963
CF Industries 6.875% 5/1/18		15,842,000		18,072,918
Dow Chemical
3.50% 10/1/24		3,085,000		3,138,966
8.55% 5/15/19		18,837,000		23,605,379
LYB International Finance 4.875% 3/15/44		589,000		635,201
LyondellBasell Industries 4.625% 2/26/55		11,980,000		11,983,318
Methanex 4.25% 12/1/24		8,935,000		9,070,481
OCP
#144A 5.625% 4/25/24		4,550,000		4,965,188
#144A 6.875% 4/25/44		3,640,000		4,081,350
#Phosagro 144A 4.204% 2/13/18		4,513,000		4,273,811
Potash of Saskatchewan 3.00% 4/1/25		5,280,000		5,298,163
PPG Industries 2.30% 11/15/19		5,345,000		5,411,315
Rockwood Specialties Group 4.625% 10/15/20		4,805,000		5,015,219

				97,249,272

Commercial Banks–4.13%
#Akbank 144A 4.00% 1/24/20		4,330,000		4,234,740
Bank of America 4.25% 10/22/26		15,845,000		16,379,832
Barclays Bank 7.625% 11/21/22		5,120,000		6,003,200
BB&T 5.25% 11/1/19		19,265,000		21,806,342
#BBVA Banco Continental 144A 5.00% 8/26/22		3,735,000		3,988,980
#BBVA Bancomer 144A 7.25% 4/22/20		6,425,000		7,131,750
Branch Banking & Trust
•0.59% 9/13/16		9,948,000		9,915,301
3.80% 10/30/26		10,380,000		10,944,599
City National 5.25% 9/15/20		5,562,000		6,392,156
Cooperatieve Centrale Raiffeisen-Boerenleenbank 4.625% 12/1/23		11,660,000		12,627,698
#Credit Suisse 144A 6.50% 8/8/23		7,495,000		8,576,431
#Credit Suisse Group Funding Guernsey 144A 3.75% 3/26/25		9,330,000		9,458,651
#Export-Import Bank of China 144A 2.50% 7/31/19		4,870,000		4,940,488
KeyBank 6.95% 2/1/28		9,418,000		12,567,106
Morgan Stanley 4.35% 9/8/26		9,025,000		9,473,380
•National City Bank 0.634% 6/7/17		5,705,000		5,680,143
Northern Trust 3.95% 10/30/25		4,620,000		4,969,642
#•Oversea-Chinese Banking 144A 4.00% 10/15/24		2,265,000		2,363,550
PNC Bank 3.30% 10/30/24		7,785,000		8,097,848


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Commercial Banks (continued)
PNC Bank (continued) 6.875% 4/1/18		10,370,000	$	11,900,259
PNC Funding 5.625% 2/1/17		78,000		83,887
#•PNC Preferred Funding Trust II 144A 1.493% 3/31/49		11,400,000		10,488,000
Santander Holdings USA 3.45% 8/27/18		14,065,000		14,647,797
#Santander UK 144A 5.00% 11/7/23		23,700,000		25,566,541
#•Standard Chartered 144A 6.50% 12/29/49		4,910,000		4,958,324
•SunTrust Bank 0.553% 8/24/15		3,810,000		3,808,907
SVB Financial Group 3.50% 1/29/25		8,080,000		8,043,680
U.S. Bancorp 3.60% 9/11/24		17,185,000		17,949,767
US Bank 2.80% 1/27/25		4,165,000		4,166,958
•USB Capital IX 3.50% 10/29/49		21,538,000		17,930,385
•Wells Fargo 5.875% 6/15/50		2,970,000		3,148,794
Woori Bank
#144A 2.875% 10/2/18		3,590,000		3,692,548
#144A 4.75% 4/30/24		4,750,000		5,086,623
Zions Bancorp 4.50% 6/13/23		6,497,000		6,882,461

				303,906,768

Commercial Services & Supplies–0.31%
Brambles USA
#144A 3.95% 4/1/15		2,880,000		2,880,000
#144A 5.35% 4/1/20		7,160,000		8,048,577
#CDK Global 144A 4.50% 10/15/24		7,210,000		7,445,356
#HPHT Finance 15 144A 2.875% 3/17/20		4,310,000		4,358,992

				22,732,925

Computers & Peripherals–0.61%
Apple 3.45% 2/9/45		25,505,000		24,276,577
NetApp 3.25% 12/15/22		6,120,000		6,062,668
Seagate HDD Cayman
#144A 4.75% 1/1/25		6,005,000		6,230,236
#144A 5.75% 12/1/34		7,910,000		8,479,615

				45,049,096

Construction Materials–0.63%
#Cemex 144A 4.375% 3/5/23	EUR	4,165,000		4,496,046
#Cemex Finance 144A 9.375% 10/12/22		5,605,000		6,389,700
#Hutchison Whampoa International 14 144A 3.625% 10/31/24		5,060,000		5,194,211
MUFG Americas Holdings
2.25% 2/10/20		4,820,000		4,834,773
3.00% 2/10/25		17,050,000		16,892,697


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Construction Materials (continued)
#Tenedora Nemak 144A 5.50% 2/28/23			5,870,000	$	6,101,865
#Votorantim Cimentos 144A 7.25% 4/5/41			2,695,000		2,654,694

					46,563,986

Consumer Finance–0.45%
Ford Motor Credit 5.875% 8/2/21			16,825,000		19,833,108
General Motors Financial
3.15% 1/15/20			2,450,000		2,481,838
4.00% 1/15/25			2,410,000		2,462,846
#Hyundai Capital America 144A 2.125% 10/2/17			4,480,000		4,526,968
SunTrust Banks 2.35% 11/1/18			3,990,000		4,055,464

					33,360,224

Diversified Consumer Services–0.05%
#ENA Norte Trust 144A 4.95% 4/25/23			2,018,506		2,084,108
#Red de Carreteras de Occidente 144A 9.00% 6/10/28	MXN		30,000,000		1,901,932

					3,986,040

Diversified Financial Services–2.67%
CME Group 3.00% 3/15/25			6,060,000		6,129,223
#•Corp Financiera De Desarrollo 144A 5.25% 7/15/29			2,085,000		2,173,300
Credit Suisse Group
#•144A 6.25% 12/29/49			3,375,000		3,326,063
#•144A 7.50% 12/11/49			1,300,000		1,399,125
ERAC USA Finance
#144A 4.50% 2/15/45			8,295,000		8,426,036
#144A 5.25% 10/1/20			11,406,000		13,029,941
Ford Motor Credit 3.664% 9/8/24			340,000		351,501
General Electric Capital
2.10% 12/11/19			3,860,000		3,938,640
2.20% 1/9/20			8,355,000		8,452,804
#144A 3.80% 6/18/19			4,305,000		4,611,998
5.55% 5/4/20			2,865,000		3,339,504
6.00% 8/7/19			8,039,000		9,400,131
•7.125% 12/15/49			16,055,000		18,904,763
General Motors Financial 4.375% 9/25/21			6,500,000		6,911,710
Goldman Sachs Group
2.60% 4/23/20			20,515,000		20,757,303
5.20% 12/17/19	NZD		2,521,000		1,931,292
•HSBC Holdings 6.375% 3/29/49			8,675,000		8,891,875
JPMorgan Chase
3.50% 12/18/26	GBP		241,000		389,740
4.125% 12/15/26			21,125,000		21,951,072
•6.75% 8/29/49			4,670,000		5,090,300


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Financial Services (continued)
Lloyds Banking Group
4.50% 11/4/24		8,268,000	$	8,604,557
•7.50% 4/30/49		9,525,000		10,144,125
National Rural Utilities Cooperative Finance
2.85% 1/27/25		6,755,000		6,815,930
•4.75% 4/30/43		9,921,000		9,975,566
#Peachtree Corners Funding Trust 144A 3.976% 2/15/25		4,220,000		4,289,596
#SUAM Finance 144A 4.875% 4/17/24		3,700,000		3,838,750
#Temasek Financial I 144A 2.375% 1/23/23		2,910,000		2,902,911
#•USB Realty 144A 1.40% 12/22/49		715,000		654,225

				196,631,981

Diversified Telecommunication Services–1.65%
AT&T
4.35% 6/15/45		5,495,000		5,277,464
5.35% 9/1/40		9,095,000		9,961,153
#Bharti Airtel International Netherlands 144A 5.35% 5/20/24		5,970,000		6,604,313
CenturyLink 5.80% 3/15/22		7,008,000		7,332,120
#Digicel Group 144A 8.25% 9/30/20		5,910,000		5,948,415
#MTN Mauritius Investments 144A 4.755% 11/11/24		2,205,000		2,225,947
#Oi 144A 5.75% 2/10/22		3,482,000		2,874,391
Orange 5.50% 2/6/44		6,863,000		8,179,866
SBA Tower Trust
#144A 2.24% 4/16/18		5,285,000		5,289,025
#144A 2.898% 10/15/19		4,020,000		4,068,859
#SES 144A 3.60% 4/4/23		12,271,000		12,876,623
Telefonica Emisiones 4.57% 4/27/23		7,990,000		8,807,201
#Telemar Norte Leste 144A 5.50% 10/23/20		810,000		715,635
Verizon Communications
4.40% 11/1/34		10,530,000		10,761,639
4.862% 8/21/46		20,670,000		21,693,351
5.15% 9/15/23		8,020,000		9,201,202

				121,817,204

Electric Utilities–3.63%
AES Gener
#144A 5.25% 8/15/21		2,390,000		2,576,759
#•144A 8.375% 12/18/73		3,031,000		3,334,403
Ameren Illinois 3.25% 3/1/25		6,315,000		6,595,184
#American Transmission Systems 144A 5.25% 1/15/22		11,987,000		13,791,883


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Berkshire Hathaway Energy
3.75% 11/15/23		9,680,000	$	10,337,466
4.50% 2/1/45		4,305,000		4,706,458
Cleveland Electric Illuminating 5.50% 8/15/24		7,535,000		9,089,681
ComEd Financing III 6.35% 3/15/33		4,578,000		4,728,419
Commonwealth Edison 5.95% 8/15/16		522,000		556,321
Dominion Gas Holdings 3.60% 12/15/24		16,465,000		17,298,096
DTE Energy 2.40% 12/1/19		6,970,000		7,091,083
#E.CL 144A 5.625% 1/15/21		1,240,000		1,378,563
Electricite de France
#144A 4.60% 1/27/20		5,470,000		6,105,603
#•144A 5.25% 12/29/49		14,330,000		14,989,180
#•Enel 144A 8.75% 9/24/73		10,820,000		13,075,689
Entergy Arkansas 3.70% 6/1/24		2,815,000		3,019,594
Entergy Louisiana 4.05% 9/1/23		7,435,000		8,176,574
Entergy Mississippi 3.10% 7/1/23		4,960,000		5,074,437
#Eskom Holdings 144A 7.125% 2/11/25		2,000,000		2,019,000
Great Plains Energy 4.85% 6/1/21		6,243,000		6,991,430
IPALCO Enterprises 5.00% 5/1/18		2,440,000		2,598,600
ITC Holdings 3.65% 6/15/24		16,070,000		16,687,875
LG&E & KU Energy
3.75% 11/15/20		6,819,000		7,225,467
4.375% 10/1/21		12,420,000		13,727,751
#Metropolitan Edison 144A 4.00% 4/15/25		8,455,000		8,850,356
NextEra Energy Capital Holdings
2.40% 9/15/19		15,525,000		15,723,580
3.625% 6/15/23		4,090,000		4,288,193
NV Energy 6.25% 11/15/20		8,185,000		9,725,949
Pennsylvania Electric 5.20% 4/1/20		6,983,000		7,739,042
Public Service of New Hampshire 3.50% 11/1/23		4,715,000		5,026,256
Public Service of Oklahoma 5.15% 12/1/19		7,063,000		7,983,012
Saudi Electricity Global Sukuk 3
#144A 4.00% 4/8/24		3,125,000		3,333,750
#144A 5.50% 4/8/44		951,000		1,036,400
Southwestern Electric Power 6.45% 1/15/19		3,925,000		4,579,851
State Grid Overseas Investment 2014
#144A 2.75% 5/7/19		3,220,000		3,284,110
#144A 4.125% 5/7/24		3,655,000		3,966,428


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
#Trans-Allegheny Interstate Line 144A 3.85% 6/1/25		4,895,000	$	5,123,709
#Transelec 144A 4.25% 1/14/25		5,145,000		5,269,010

				267,105,162

Electronic Equipment, Instruments & Components–0.23%
Thermo Fisher Scientific
2.40% 2/1/19		7,840,000		7,957,341
3.30% 2/15/22		2,415,000		2,480,053
4.15% 2/1/24		6,200,000		6,706,621

				17,144,015

Food & Staples Retailing–0.20%
#Cencosud 144A 5.15% 2/12/25		6,380,000		6,314,445
Walgreens Boots Alliance 3.80% 11/18/24		7,800,000		8,080,699

				14,395,144

Food Products–0.52%
#BRF 144A 3.95% 5/22/23		3,640,000		3,388,658
Campbell Soup 3.30% 3/19/25		8,960,000		9,128,726
#JBS Investments 144A 7.75% 10/28/20		6,410,000		6,810,625
#Minerva Luxembourg 144A 7.75% 1/31/23		2,800,000		2,765,000
Smucker (J.M.)
#144A 3.00% 3/15/22		2,275,000		2,312,763
#144A 3.50% 3/15/25		9,730,000		10,023,525
#144A 4.25% 3/15/35		3,430,000		3,564,624

				37,993,921

Health Care Equipment & Supplies–1.13%
Becton Dickinson 3.734% 12/15/24		7,810,000		8,190,230
Boston Scientific 6.00% 1/15/20		16,769,000		19,321,644
CareFusion 6.375% 8/1/19		11,104,000		12,994,534
Medtronic
#144A 3.15% 3/15/22		10,330,000		10,736,320
#144A 3.50% 3/15/25		9,985,000		10,451,389
Zimmer Holdings
3.15% 4/1/22		2,895,000		2,932,725
3.55% 4/1/25		9,200,000		9,402,391
4.625% 11/30/19		8,274,000		9,121,464

				83,150,697

Health Care Providers & Services–0.06%
Highmark
#144A 4.75% 5/15/21		2,823,000		2,973,175
#144A 6.125% 5/15/41		1,062,000		1,140,488

				4,113,663

Hotels, Restaurants & Leisure–0.55%
International Game Technology 5.35% 10/15/23		10,450,000		10,618,496


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Hotels, Restaurants & Leisure (continued)
Marriott International 3.375% 10/15/20		4,820,000	$	5,053,944
Starwood Hotels & Resorts Worldwide
3.75% 3/15/25		12,225,000		12,571,628
4.50% 10/1/34		1,810,000		1,889,416
Wyndham Worldwide
4.25% 3/1/22		4,970,000		5,194,306
5.625% 3/1/21		4,630,000		5,234,724

				40,562,514

Independent Power Producers & Energy Traders–0.03%
#Comision Federal de Electricidad 144A 4.875% 1/15/24		2,370,000		2,529,975

				2,529,975

Insurance–2.18%
American International Group
3.875% 1/15/35		23,660,000		23,860,258
•8.175% 5/15/58		1,500,000		2,134,575
Berkshire Hathaway Finance 2.90% 10/15/20		6,595,000		6,974,259
•Chubb 6.375% 3/29/67		8,398,000		8,943,870
#Five Corners Funding Trust 144A 4.419% 11/15/23		21,995,000		23,639,192
Liberty Mutual Group
#144A 4.25% 6/15/23		10,140,000		10,819,187
#144A 4.95% 5/1/22		1,974,000		2,183,838
MetLife
3.60% 4/10/24		1,185,000		1,253,814
6.40% 12/15/36		50,000		59,500
6.817% 8/15/18		9,639,000		11,242,554
#MetLife Capital Trust IV 144A 7.875% 12/15/37		589,000		783,370
#MetLife Capital Trust X 144A 9.25% 4/8/38		7,696,000		11,495,900
Prudential Financial
4.50% 11/15/20		1,836,000		2,045,640
•5.625% 6/15/43		3,710,000		3,951,150
•5.875% 9/15/42		3,195,000		3,486,544
TIAA Asset Management Finance
#144A 2.95% 11/1/19		5,690,000		5,837,849
#144A 4.125% 11/1/24		25,310,000		26,767,552
•Voya Financial 5.65% 5/15/53		7,175,000		7,533,750
XLIT
4.45% 3/31/25		3,160,000		3,186,822
•6.50% 12/29/49		5,100,000		4,526,250

				160,725,874

Internet & Catalog Retail–0.21%
Priceline Group 3.65% 3/15/25		15,335,000		15,637,713

				15,637,713


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Internet Software & Services–0.48%
#Alibaba Group Holding 144A 3.125% 11/28/21		13,025,000	$	13,136,403
Baidu
2.75% 6/9/19		5,245,000		5,309,708
3.25% 8/6/18		5,365,000		5,566,327
Tencent Holdings
#144A 2.875% 2/11/20		3,710,000		3,741,190
#144A 3.375% 5/2/19		5,225,000		5,418,921
#144A 3.80% 2/11/25		2,200,000		2,252,798

				35,425,347

Machinery–0.45%
Crane
2.75% 12/15/18		1,905,000		1,954,669
4.45% 12/15/23		8,380,000		8,983,670
Ingersoll-Rand Global Holding 4.25% 6/15/23		13,445,000		14,380,422
Parker Hannifin 3.30% 11/21/24		505,000		530,823
Trinity Industries 4.55% 10/1/24		7,045,000		7,095,886

				32,945,470

Media–2.00%
CC Holdings GS V 3.849% 4/15/23		995,000		1,009,059
#Columbus International 144A 7.375% 3/30/21		6,365,000		6,715,075
Comcast 3.375% 2/15/25		18,290,000		19,151,148
#Cox Communications 144A 3.85% 2/1/25		10,470,000		10,804,496
Grupo Televisa 5.00% 5/13/45		5,135,000		5,370,445
Historic TW 6.875% 6/15/18		17,977,000		20,922,460
Interpublic Group 2.25% 11/15/17		1,485,000		1,497,878
#SES GLOBAL Americas Holdings 144A 5.30% 3/25/44		8,236,000		9,277,393
#Sky 144A 3.75% 9/16/24		13,210,000		13,684,213
Time Warner Cable 8.25% 4/1/19		13,209,000		16,170,563
Viacom
4.85% 12/15/34		11,665,000		12,088,708
4.875% 6/15/43		13,200,000		13,262,462
#VTR Finance 144A 6.875% 1/15/24		6,790,000		7,061,600
WPP Finance 2010 5.625% 11/15/43		8,560,000		10,126,215

				147,141,715

Metals & Mining–0.40%
ArcelorMittal 10.60% 6/1/19		13,421,000		16,465,889
#Gerdau Holdings 144A 7.00% 1/20/20		3,080,000		3,303,300
#MMC Norilsk Nickel 144A 5.55% 10/28/20		2,000,000		1,925,260


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Metals & Mining (continued)
#Tupy Overseas 144A 6.625% 7/17/24		3,450,000	$	3,329,250
Yamana Gold 4.95% 7/15/24		4,385,000		4,319,308

				29,343,007

Multi-Utilities–0.85%
Ameren Illinois 9.75% 11/15/18		14,616,000		18,571,893
American Water Capital 3.40% 3/1/25		6,250,000		6,482,537
CenterPoint Energy 5.95% 2/1/17		299,000		324,452
CMS Energy 6.25% 2/1/20		3,749,000		4,434,092
•Integrys Energy Group 6.11% 12/1/66		9,088,000		8,909,675
NiSource Finance 6.125% 3/1/22		6,578,000		7,911,288
Puget Energy 6.00% 9/1/21		2,034,000		2,404,898
SCANA 4.125% 2/1/22		5,188,000		5,462,362
•Wisconsin Energy 6.25% 5/15/67		8,015,000		8,034,789

				62,535,986

Office Electronics–0.06%
Xerox 6.35% 5/15/18		3,891,000		4,397,429

				4,397,429

Oil, Gas & Consumable Fuels–4.20%
Anadarko Petroleum 4.50% 7/15/44		2,485,000		2,552,592
Chevron
1.961% 3/3/20		7,050,000		7,100,027
2.411% 3/3/22		4,035,000		4,046,330
Cimarex Energy 4.375% 6/1/24		3,940,000		3,930,150
#CNOOC Finance 2012 144A 3.875% 5/2/22		3,322,000		3,465,441
ConocoPhillips 4.30% 11/15/44		3,370,000		3,585,966
Continental Resources 4.50% 4/15/23		16,930,000		16,458,381
•Enbridge Energy Partners 8.05% 10/1/37		7,852,000		8,460,530
Energy Transfer Partners
4.05% 3/15/25		9,870,000		9,973,339
4.90% 3/15/35		3,930,000		3,915,809
5.15% 3/15/45		4,395,000		4,439,302
9.70% 3/15/19		4,776,000		6,008,447
EnLink Midstream Partners 5.05% 4/1/45		6,845,000		6,989,833
•Enterprise Products Operating 7.034% 1/15/68		11,034,000		11,936,669
EOG Resources 3.15% 4/1/25		5,965,000		6,091,178
Exxon Mobil
2.397% 3/6/22		4,225,000		4,262,188
2.709% 3/6/25		13,400,000		13,553,765


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Freeport-McMoran Oil & Gas 6.50% 11/15/20		2,909,000	$	3,094,449
#@Georgia-Pacific 144A 2.539% 11/15/19		1,035,000		1,050,440
#KazMunayGas National 144A 6.375% 4/9/21		2,755,000		2,760,510
#Kinder Morgan 144A 5.00% 2/15/21		4,225,000		4,521,371
Kinder Morgan Energy Partners 9.00% 2/1/19		8,231,000		10,034,453
#Lukoil International Finance 144A 3.416% 4/24/18		3,970,000		3,665,303
Newfield Exploration 5.625% 7/1/24		5,105,000		5,334,725
Noble Energy
3.90% 11/15/24		2,855,000		2,910,190
5.05% 11/15/44		5,535,000		5,830,519
Noble Holding International 4.00% 3/16/18		1,855,000		1,866,557
ONEOK Partners 3.80% 3/15/20		3,645,000		3,720,645
ONGC Videsh 3.25% 7/15/19		2,500,000		2,544,615
Petrobras Global Finance
3.00% 1/15/19		3,741,000		3,239,033
4.875% 3/17/20		10,100,000		9,095,050
#Petroleos Mexicanos 144A 4.25% 1/15/25		3,210,000		3,261,521
#Petronas Capital 144A 4.50% 3/18/45		1,135,000		1,144,628
#Petronas Global Sukuk 144A 2.707% 3/18/20		5,475,000		5,508,562
Plains All American Pipeline 8.75% 5/1/19		7,183,000		8,960,965
Pride International 6.875% 8/15/20		18,001,000		20,523,264
#•PTT Exploration & Production 144A 4.875% 12/29/49		4,070,000		4,090,350
Regency Energy Partners 5.875% 3/1/22		2,435,000		2,654,150
Sunoco Logistics Partners Operations 3.45% 1/15/23		10,245,000		10,097,288
Talisman Energy 5.50% 5/15/42		10,460,000		10,396,131
TransCanada PipeLines
3.80% 10/1/20		132,000		140,072
•6.35% 5/15/67		12,098,000		11,765,305
Valero Energy
3.65% 3/15/25		6,190,000		6,343,586
4.90% 3/15/45		3,645,000		3,783,331
Williams 4.55% 6/24/24		5,800,000		5,627,804
Williams Partners
4.00% 9/15/25		10,965,000		10,776,819
7.25% 2/1/17		6,510,000		7,154,920


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Woodside Finance
#144A 3.65% 3/5/25		7,645,000	$	7,591,875
#144A 8.75% 3/1/19		7,519,000		9,244,047
YPF
#144A 8.75% 4/4/24		1,820,000		1,866,592
#144A 8.875% 12/19/18		1,820,000		1,876,329

				309,245,346

Paper & Forest Products–0.45%
Fibria Overseas Finance 5.25% 5/12/24		3,405,000		3,387,975
Georgia-Pacific
#144A 3.60% 3/1/25		6,335,000		6,507,299
8.00% 1/15/24		13,854,000		18,411,675
Masco 4.45% 4/1/25		4,295,000		4,445,325

				32,752,274

Pharmaceuticals–1.81%
Actavis Funding
3.45% 3/15/22		5,555,000		5,698,425
3.80% 3/15/25		9,145,000		9,457,018
4.55% 3/15/35		1,030,000		1,077,078
AmerisourceBergen 3.25% 3/1/25		4,710,000		4,782,605
#Bayer US Finance 144A 2.375% 10/8/19		4,475,000		4,554,369
EMD Finance
#144A 2.95% 3/19/22		5,010,000		5,076,513
#144A 3.25% 3/19/25		8,210,000		8,323,487
Express Scripts Holding
2.25% 6/15/19		5,730,000		5,761,538
3.50% 6/15/24		7,935,000		8,184,929
Lilly (Eli) 2.75% 6/1/25		4,790,000		4,817,375
Merck
2.35% 2/10/22		5,905,000		5,915,788
2.75% 2/10/25		28,755,000		28,822,085
Perrigo
4.00% 11/15/23		8,890,000		9,305,474
5.30% 11/15/43		2,800,000		3,184,087
Perrigo Finance 3.50% 12/15/21		6,330,000		6,555,987
Zoetis
1.875% 2/1/18		7,750,000		7,759,726
3.25% 2/1/23		13,950,000		13,926,438

				133,202,922

Real Estate Investment Trusts–2.00%
Alexandria Real Estate Equities
4.50% 7/30/29		3,600,000		3,810,370
4.60% 4/1/22		6,817,000		7,214,043
American Tower Trust I
#144A 1.551% 3/15/43		9,885,000		9,872,841
#144A 3.07% 3/15/23		6,675,000		6,726,421


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Real Estate Investment Trusts (continued)
AvalonBay Communities 3.50% 11/15/24		11,870,000	$	12,219,856
CBL & Associates
4.60% 10/15/24		7,765,000		7,909,584
5.25% 12/1/23		1,285,000		1,377,882
Corporate Office Properties
3.60% 5/15/23		4,970,000		4,831,923
5.25% 2/15/24		5,560,000		6,060,139
DDR
3.625% 2/1/25		3,750,000		3,750,060
7.50% 4/1/17		1,730,000		1,924,198
7.875% 9/1/20		6,092,000		7,601,129
9.625% 3/15/16		478,000		515,682
Education Realty Operating Partnership 4.60% 12/1/24		6,595,000		6,868,758
Excel Trust 4.625% 5/15/24		3,845,000		4,042,049
Hospitality Properties Trust 4.50% 3/15/25		6,075,000		6,227,993
Host Hotels & Resorts
3.75% 10/15/23		11,990,000		12,174,502
4.75% 3/1/23		1,775,000		1,916,139
5.875% 6/15/19		2,475,000		2,568,661
#Omega Healthcare Investors 144A 4.50% 4/1/27		6,710,000		6,624,783
Regency Centers 5.875% 6/15/17		2,897,000		3,168,631
#Trust F/1401 144A 5.25% 12/15/24		4,560,000		4,913,400
#WEA Finance 144A 3.75% 9/17/24		15,585,000		16,151,172
Weyerhaeuser 4.625% 9/15/23		8,148,000		8,972,830

				147,443,046

Real Estate Management & Development–0.07%
Carey (W.P.) 4.60% 4/1/24		5,270,000		5,460,384

				5,460,384

Road & Rail–0.34%
Burlington Northern Santa Fe
3.40% 9/1/24		5,810,000		6,075,796
4.15% 4/1/45		4,965,000		5,187,055
Norfolk Southern 3.85% 1/15/24		12,590,000		13,611,905

				24,874,756

Semiconductors & Semiconductor Equipment–0.23%
National Semiconductor 6.60% 6/15/17		10,220,000		11,440,309
#Samsung Electronics America 144A 1.75% 4/10/17		5,285,000		5,331,793

				16,772,102


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Software–0.48%
Microsoft
2.70% 2/12/25		3,710,000	$	3,729,010
3.50% 2/12/35		3,935,000		3,933,009
3.75% 2/12/45		23,935,000		24,090,195
Oracle 4.30% 7/8/34		3,365,000		3,658,415

				35,410,629

Specialty Retail–0.73%
Bed Bath & Beyond 4.915% 8/1/34		14,740,000		15,834,666
QVC
4.375% 3/15/23		16,300,000		16,634,998
5.45% 8/15/34		7,900,000		7,858,920
Signet UK Finance 4.70% 6/15/24		9,645,000		9,918,484
Target 2.30% 6/26/19		3,070,000		3,147,643

				53,394,711

Textiles, Apparel & Luxury Goods–0.10%
#INVISTA Finance 144A 4.25% 10/15/19		7,405,000		7,395,744

				7,395,744

Transportation Infrastructure–0.05%
#AP Moeller - Maersk 144A 2.55% 9/22/19		3,915,000		3,983,473

				3,983,473

Wireless Telecommunication Services–0.94%
America Movil 5.00% 3/30/20		12,637,000		14,383,686
#Crown Castle Towers 144A 4.883% 8/15/20		30,655,000		33,752,672
Millicom International Cellular
#144A 6.00% 3/15/25		2,700,000		2,703,375
#144A 6.625% 10/15/21		2,750,000		2,918,438
Motorola Solutions 4.00% 9/1/24		9,215,000		9,540,658
#VimpelCom Communications 144A 7.748% 2/2/21		5,705,000		5,669,059

				68,967,888

Total Corporate Bonds (Cost $2,735,166,981)				2,846,850,927


MUNICIPAL BONDS–2.82%
City of Atlanta, Georgia Water & Wastewater Revenue 5.00% 11/1/40		4,120,000		4,750,607
Golden State, California Tobacco Securitization Asset-Back Series A
5.00% 6/1/40		12,350,000		14,045,037
5.00% 6/1/45		3,900,000		4,417,374


	Principal Amount°		Value (U.S. $)

MUNICIPAL BONDS (continued)
Los Angeles, California Department of Water & Power Revenue Taxable Build America Bonds 6.574% 7/1/45		16,555,000	$	24,292,476
Massachusetts State Transportation Fund Revenue Recovery Zone Economic Development Taxable Build America Bonds 5.731% 6/1/40		6,425,000		8,462,817
New Jersey State Turnpike Authority Revenue Taxable Build America Bonds Series A 7.102% 1/1/41		13,481,000		19,747,238
New Jersey Transportation Trust Fund Authority Transportation Program Series AA 5.00% 6/15/44		4,970,000		5,285,645
New York City, New York Series I 5.00% 8/1/22		2,260,000		2,721,153
New York City, New York Water & Sewer System Series EE 5.00% 6/15/45		6,115,000		7,012,193
New York Metropolitan Transportation Authority Revenue Taxable Build America Bonds Series E 6.814% 11/15/40		3,690,000		5,202,642
New York State Thruway Authority Series A 5.00% 5/1/19		3,280,000		3,741,266
New York Triborough Bridge & Tunnel Authority Revenue Taxable Build America Bond Series A2 5.45% 11/15/32		18,055,000		21,877,424
New York, New York Taxable Build America Bonds Series F-1 6.271% 12/1/37		18,710,000		25,377,683
Oregon State Taxable Pension 5.892% 6/1/27		3,475,000		4,357,893
San Francisco Bay Area California Toll Authority Bridge Revenue Taxable Build America Bonds Series S3 6.907% 10/1/50		11,030,000		16,466,135
State of California 5.00% 3/1/45		7,170,000		8,290,671
State of Maryland Local Facilities Series A 5.00% 8/1/21		3,085,000		3,737,755


	Principal Amount°		Value (U.S. $)

MUNICIPAL BONDS (continued)
State of Texas Transportation Commission Series A 5.00% 10/1/44		10,395,000	$	12,137,618
Texas Private Activity Bond Surface Transportation Senior Lien Revenue Bond (NTE Mobility) 6.75% 6/30/43 (AMT)		2,365,000		2,897,551
University of Missouri (Curators University) Taxable Build America Bonds 5.792% 11/1/41		9,235,000		12,679,563

Total Municipal Bonds (Cost $171,117,681)				207,500,741


NON-AGENCY ASSET-BACKED SECURITIES–5.25%
AEP Texas Central Transition Funding II 5.17% 1/1/18		2,000,000		2,125,464
Ally Master Owner Trust Series 2012-5 A 1.54% 9/15/19		4,000,000		4,014,816
•Series 2013-2 A 0.625% 4/15/18		5,000,000		5,003,690
•Series 2014-2 A 0.545% 1/16/18		11,750,000		11,749,060
#•ALM VII Series 2012-7A A1 144A 1.677% 10/19/24		14,750,000		14,716,075
American Express Credit Account Master Trust
•Series 2013-2 A 0.595% 5/17/21		4,230,000		4,244,069
•Series 2014-1 A 0.545% 12/15/21		5,100,000		5,088,097
Series 2014-3 A 1.49% 4/15/20		6,195,000		6,244,492
Avis Budget Rental Car Funding AESOP
#Series 2011-3A A 144A 3.41% 11/20/17		4,665,000		4,814,947
#Series 2013-1A A 144A 1.92% 9/20/19		6,000,000		5,999,370
#Series 2014-1A A 144A 2.46% 7/20/20		7,920,000		8,017,598
•BA Credit Card Trust Series 2014-A3 A 0.462% 1/15/20		7,745,000		7,741,732
#Cabela’s Credit Card Master Note Trust Series 2012-2A A1 144A 1.45% 6/15/20		7,190,000		7,224,411
#California Republic Auto Receivables Trust Series 2013-1 A2 144A 1.41% 9/17/18		1,449,431		1,455,481
Capital One Multi-Asset Execution Trust
•Series 2006-A11 A11 0.265% 6/17/19		20,000,000		19,954,660


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
Capital One Multi-Asset Execution Trust (continued)
•Series 2007-A2 A2 0.255% 12/16/19		6,840,000	$	6,814,480
•Series 2014-A4 A 0.535% 6/15/22		7,230,000		7,241,807
#•Cent CLO 20 Series 2013-20A A 144A 1.736% 1/25/26		9,000,000		8,991,900
Chase Issuance Trust
•Series 2007-B1 B1 0.425% 4/15/19		20,592,000		20,478,456
•Series 2013-A9 A 0.595% 11/16/20		7,500,000		7,519,463
•Series 2014-A5 A5 0.545% 4/15/21		7,600,000		7,600,000
•Series 2014-A8 A 0.425% 11/15/18		6,670,000		6,671,667
#•Chesapeake Funding Series 2012-2A A 144A 0.628% 5/7/24		2,619,028		2,619,677
Citibank Credit Card Issuance Trust
•Series 2013-A4 A4 0.594% 7/24/20		4,500,000		4,510,953
•Series 2013-A7 A7 0.605% 9/10/20		750,000		752,183
fCiticorp Residential Mortgage Securities Series 2006-3 A5 5.948% 11/25/36		5,708,000		5,692,811
#DB Master Finance Series 2015-1A A2I 144A 3.262% 2/20/45		4,340,000		4,381,968
#Dell Equipment Finance Trust Series 2014-1 A3 144A 0.94% 6/22/20		4,420,000		4,418,815
Discover Card Execution Note Trust Series 2014-A3 A3 1.22% 10/15/19		6,875,000		6,899,867
#•Dryden XVI-Leveraged Loan CDO Series 2006-16A A1 144A 0.497% 10/20/20		5,572,228		5,529,879
#•Flagship VII Series 2013-7A A1 144A 1.727% 1/20/26		14,000,000		13,946,800
Ford Credit Floorplan Master Owner Trust A #Series 2013-2 A 144A 2.09% 3/15/22		11,600,000		11,614,384
Series 2013-3 B 1.14% 6/15/17		3,180,000		3,184,392
GE Dealer Floorplan Master Note Trust
•Series 2014-2 A 0.626% 10/20/19		925,000		924,548
•Series 2015-1 A 0.676% 1/20/20		5,010,000		5,013,116
Golden Credit Card Trust #Series 2012-5A A 144A 0.79% 9/15/17		2,420,000		2,421,844


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
Golden Credit Card Trust (continued)
#•Series 2014-2A A 144A 0.625% 3/15/21		12,895,000	$	12,899,384
#GreatAmerica Leasing Receivables Series 2014-1 A3 144A 0.89% 7/15/17		5,600,000		5,594,221
#HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44		1,801,800		1,806,305
#Hyundai Auto Lease Securitization Trust Series 2014-A A4 144A 1.01% 9/15/17		7,145,000		7,151,373
#•JFIN CLO Series 2014-1A A 144A 1.757% 4/20/25		9,500,000		9,475,300
#•KKR Financial CLO Series 2013-1A A1 144A 1.403% 7/15/25		10,000,000		9,867,000
#•MAPS CLO Fund II Series 2007-2A A1 144A 0.497% 7/20/22		12,356,340		12,227,834
#•MASTR Specialized Loan Trust Series 2005-2 A2 144A 5.006% 7/25/35		40,985		40,866
Mid-State Trust Series 11 A1 4.864% 7/15/38		655,964		696,444
#MMAF Equipment Finance Series 2014-AA A4 144A 1.59% 2/8/22		6,750,000		6,723,067
#•Navistar Financial Dealer Note Master Trust Series 2013-2 A 144A 0.854% 9/25/18		1,000,000		1,000,789
Nissan Auto Lease Trust Series 2014-A A4 1.04% 10/15/19		5,900,000		5,905,210
Synchrony Credit Card Master Note Trust
Series 2012-6 A 1.36% 8/17/20		7,870,000		7,868,772
Series 2014-1 A 1.61% 11/15/20		6,405,000		6,423,619
Series 2015-1 A 2.37% 3/15/23		6,245,000		6,325,891
#•Telos CLO Series 2013-4A A 144A 1.553% 7/17/24		11,500,000		11,389,600
Trade MAPS 1
#•Series 2013-1A A 144A 0.875% 12/10/18		3,970,000		3,967,749
#•Series 2013-1A B 144A 1.425% 12/10/18		5,491,000		5,492,631
#•Trafigura Securitisation Finance Series 2012-1A A 144A 2.575% 10/15/15		522,000		522,188
#•Venture XVI CLO Series 2014-16A A1L 144A 1.753% 4/15/26		12,000,000		11,983,200
Volkswagen Auto Lease Trust
•Series 2014-A A2B 0.386% 10/20/16		1,026,533		1,026,015


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
Volkswagen Auto Lease Trust (continued)
Series 2015-A A3 1.25% 12/20/17		5,365,000	$	5,372,892
Volvo Financial Equipment
#Series 2014-1A A3 144A 0.82% 4/16/18		2,530,000		2,525,039
#Series 2014-1A B 144A 1.66% 11/16/20		4,300,000		4,291,916

Total Non-Agency Asset-Backed Securities (Cost $384,982,646)				386,200,277


NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.11%
Bank of America Alternative Loan Trust Series 2005-3 2A1 5.50% 4/25/20		101,356		104,425
•Bank of America Mortgage Securities Series 2004-L 4A1 2.566% 1/25/35		318,648		314,727
#•GSMPS Mortgage Loan Trust 144A Series 1998-3 A 144A 7.75% 9/19/27		213,835		223,858
MASTR Alternative Loans Trust Series 2003-2 6A1 6.00% 3/25/33		107,005		113,169
•MASTR ARM Trust Series 2003-6 1A2 2.45% 12/25/33		221,040		220,012
#•Sequoia Mortgage Trust Series 2013-11 B1 144A 3.705% 9/25/43		3,222,211		3,137,921
#•Springleaf Mortgage Loan Trust Series 2012-1A A 144A 2.667% 9/25/57		3,287,426		3,329,837
•Structured ARM Loan Trust Series 2004-3AC A2 2.397% 3/25/34		131,890		132,996
tWaMu Mortgage Pass Through Certificates Trust Series 2003-S10 A2 5.00% 10/25/18		195,557		200,671

Total Non-Agency Collateralized Mortgage Obligations (Cost $7,711,770)				7,777,616


«SENIOR SECURED LOANS–0.86%
Avago Technologies Tranche B 1st Lien 3.75% 5/6/21		8,030,706		8,058,091
FCA US Tranche B 1st Lien 3.50% 5/24/17		5,858,270		5,868,024
First Data Tranche B 1st Lien 4.174% 3/24/21		15,000,000		15,067,200
Level 3 Financing Tranche B 4.00% 1/15/20		11,950,000		11,992,363
PQ 1st Lien 4.00% 8/7/17		5,924,242		5,913,134


		Principal Amount°		Value (U.S. $)

«SENIOR SECURED LOANS (continued)
Univision Communications Tranche C4 4.00% 3/1/20			11,758,895	$	11,753,662
USI Insurance Services Tranche B 1st Lien 4.25% 12/27/19			4,721,868		4,735,656

Total Senior Secured Loans (Cost $62,858,410)					63,388,130


DSOVEREIGN BONDS–1.42%
Armenia–0.06%
#Republic of Armenia 144A 7.15% 3/26/25			4,300,000		4,214,000

					4,214,000

Brazil–0.02%
Brazil Notas do Tesouro Nacional Series F 10.00% 1/1/17	BRL		4,262,000		1,269,249

					1,269,249

Chile–0.05%
Chile Government International Bond 5.50% 8/5/20	CLP		2,274,000,000		3,889,068

					3,889,068

Colombia–0.10%
Colombia Government International Bonds
4.375% 3/21/23	COP		2,910,000,000		1,023,604
5.00% 6/15/45			4,900,000		5,059,250
9.85% 6/28/27	COP		2,580,000,000		1,288,775

					7,371,629

Costa Rica–0.05%
Costa Rica Government International Bond 5.625% 4/30/43			4,197,000		3,688,114

					3,688,114

Dominican Republic–0.07%
Dominican Republic International Bonds
#144A 5.50% 1/27/25			2,700,000		2,801,250
#144A 6.85% 1/27/45			2,600,000		2,743,000

					5,544,250

Indonesia–0.12%
#Indonesia Government International Bond 144A 4.625% 4/15/43			3,525,000		3,458,906
Indonesia Treasury Bond 8.375% 3/15/24	IDR		66,167,000,000		5,390,776

					8,849,682

Italy–0.52%
Italy Buoni Poliennali Del Tesoro 1.35% 4/15/22	EUR		11,033,000		12,205,147

Principal

Amount°

Value

(U.S. $)

DSOVEREIGN BONDS (continued)

Italy (continued)

Italy Buoni Poliennali Del Tesoro (continued)

2.50% 12/1/24

EUR

21,689,000

25,998,808

38,203,955

Ivory Coast–0.05%

#Ivory Coast Government International Bond 144A

6.375% 3/3/28

3,491,000

3,508,455

3,508,455

Kazakhstan–0.08%

#Kazakhstan Government
International Bond 144A

3.875% 10/14/24

6,262,000

5,816,772

5,816,772

Mexico–0.06%

Mexican Bonos
7.50% 6/3/27

MXN

66,128,000

4,823,004

4,823,004

Pakistan–0.07%

#Pakistan Government
International Bond 144A
7.25% 4/15/19

4,719,000

4,874,232

4,874,232

Peru–0.05%

#Peruvian Government
International Bond 144A
6.95% 8/12/31

PEN

12,000,000

3,993,213

3,993,213

Senegal–0.02%

#Senegal Government
International Bond 144A 6.25% 7/30/24

1,300,000

1,273,306

1,273,306

South Africa–0.07%

South Africa Government Bond
8.00% 1/31/30

ZAR

60,453,000

4,920,894

4,920,894

Sweden–0.00%

Sweden Government Bonds

1.50% 11/13/23

SEK

645,000

82,462

3.00% 7/12/16

SEK

1,270,000

153,690

236,152


		Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Uruguay–0.03%
Uruguay Government International Bond 5.10% 6/18/50			1,836,000	$	1,914,030

					1,914,030

Total Sovereign Bonds (Cost $105,732,402)					104,390,005


SUPRANATIONAL BANKS–0.15%
European Bank for Reconstruction & Development
6.00% 3/3/16	INR		158,700,000		2,535,116
7.375% 4/15/19	IDR		21,820,000,000		1,660,072
Inter-American Development Bank
6.00% 9/5/17	INR		235,400,000		3,761,854
7.25% 7/17/17	IDR		20,780,000,000		1,565,056
International Bank for Reconstruction & Development 4.625% 10/6/21	NZD		2,338,000		1,828,026

Total Supranational Banks (Cost $11,837,177)					11,350,124


U.S. TREASURY OBLIGATIONS–9.80%
U.S. Treasury Bonds
2.50% 2/15/45			157,485,000		156,057,871
5.25% 2/15/29			42,275,000		57,840,782
U.S. Treasury Notes
¥1.375% 2/29/20			77,895,000		77,919,303
1.375% 3/31/20			235,130,000		235,185,020
2.00% 2/15/25			139,955,000		140,851,552
2.25% 11/15/24			52,285,000		53,755,516

Total U.S. Treasury Obligations (Cost $715,465,181)					721,610,044


		Number of Shares

PREFERRED STOCK–0.45%
Alabama Power 5.625%			137,242		3,527,119
•Bank of America 6.10%			4,480,000		4,555,600
•Integrys Energy Group 6.00%			285,850		8,035,243
•Morgan Stanley 5.55%			10,450,000		10,580,625
National Retail Properties 5.70%			147,630		3,683,369
Public Storage 5.20%			125,605		3,042,153

Total Preferred Stock (Cost $32,136,072)					33,424,109


	Number of Shares		Value (U.S. $)

MONEY MARKET FUND–0.00%
Dreyfus Treasury & Agency Cash Management - Institutional Shares		277,283	$	277,283

Total Money Market Fund (Cost $277,283)				277,283


	Principal Amount°

SHORT-TERM INVESTMENTS–19.39%
Certificates of Deposit–7.41%
Abbey National Treasury Services 0.50% 10/15/15		7,250,000		7,252,067
Banco Estado Chile
0.20% 4/7/15		25,000,000		25,000,145
0.20% 5/11/15		32,000,000		32,000,362
0.39% 11/16/15		9,750,000		9,750,579
Bank of Montreal Chicago
0.18% 5/11/15		25,000,000		25,001,137
0.23% 5/13/15		37,000,000		37,003,970
Bank of Nova Scotia Houston 0.21% 5/18/15		40,000,000		40,007,464
BNP Paribas New York Branch 0.51% 11/16/15		7,250,000		7,249,620
Canadian Imperial Bank of Commerce New York 0.28% 5/26/15		52,675,000		52,676,638
Credit Suisse New York 0.22% 5/7/15		25,000,000		25,000,770
DnB NOR Bank New York 0.20% 4/1/15		65,000,000		65,000,019
HSBC Bank USA
0.27% 7/13/15		20,000,000		20,002,880
0.315% 9/15/15		40,000,000		39,995,336
Lloyds TSB Bank New York 0.47% 10/16/15		9,750,000		9,751,724
Rabobank Nederland New York 0.30% 9/10/15		50,000,000		50,006,775
Standard Chartered Bank New York 0.32% 8/17/15		25,000,000		24,999,033
Toronto Dominion Bank New York
0.18% 5/19/15		50,000,000		50,001,015
0.20% 7/29/15		25,000,000		24,998,750

				545,698,284

≠Discounted Commercial Paper–11.98%
Abbey National North America 0.12% 4/1/15		65,000,000		65,000,000
Abbott Laboratories 0.12% 6/23/15		10,000,000		9,997,947
Astrazeneca 0.12% 6/25/15		34,955,000		34,941,056
Barclays US Funding 0.25% 4/30/15		38,975,000		38,970,128


	Principal Amount°		Value (U.S. $)

SHORT-TERM INVESTMENTS (continued)
≠Discounted Commercial Paper (continued)
BASF 0.01% 4/1/15		35,165,000	$	35,165,000
BNP Paribas Finance
0.11% 4/2/15		35,000,000		34,999,818
0.22% 4/6/15		25,000,000		24,999,583
Brown University 0.10% 6/17/15		6,500,000		6,498,700
Cornell University
0.09% 4/9/15		9,000,000		8,999,820
0.12% 5/12/15		5,000,000		4,999,350
0.12% 5/27/15		8,750,000		8,748,513
0.12% 6/9/15		6,800,000		6,798,368
Credit Agricole CIB New York 0.02% 4/1/15		8,000,000		8,000,000
General Electric Capital 0.27% 8/25/15		50,000,000		49,952,020
HSBC USA 0.24% 4/20/15		5,000,000		4,999,728
Illinois Tool Works 0.10% 4/2/15		35,590,000		35,589,744
JPMorgan Securities
0.301% 8/4/15		15,000,000		14,987,085
0.46% 4/9/15		55,000,000		54,998,350
KFW 0.12% 4/10/15		29,800,000		29,799,669
Kimberly-Clark
0.10% 5/4/15		19,000,000		18,997,399
0.22% 4/6/15		51,280,000		51,278,974
Koch Resources 0.10% 4/1/15		23,000,000		22,999,943


	Principal Amount°		Value (U.S. $)

SHORT-TERM INVESTMENTS (continued)
≠Discounted Commercial Paper (continued)
Koch Resources (continued) 0.10% 4/7/15		35,000,000	$	34,999,387
Leland Stanford Junior University 0.10% 5/7/15		1,602,000		1,601,856
Lloyds Bank 0.21% 5/4/15		50,000,000		49,992,585
L’oreal USA
0.11% 4/28/15		37,400,000		37,396,858
0.11% 5/6/15		17,940,000		17,937,883
Merck ×0.08% 4/16/15		40,000,000		39,999,288
PNC Bank 0.281% 7/13/15		25,000,000		24,984,183
Roche Holdings 0.11% 7/14/15		14,600,000		14,591,909
Toyota Motor Credit 0.24% 9/14/15		31,350,000		31,328,475
University of California 0.12% 4/13/15		10,000,000		9,999,700
Westpac Securities New Zealand 0.27% 7/20/15		25,000,000		24,989,440
Yale University
0.10% 6/3/15		17,000,000		16,995,376
0.10% 6/15/15		5,000,000		4,998,301

				881,536,436

Total Short Term Investments (Cost $1,427,177,551)				1,427,234,720

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2015:

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.28%
Fannie Mae Connecticut Avenue Securities
•Series 2014-C01 M1 1.774% 1/25/24		2,217,536	$	2,229,970
•Series 2015-C01 1M1 1.674% 2/25/25		3,085,721		3,106,858
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		4,522		5,164
•Series 2005-106 QF 0.684% 12/25/35		1,885,847		1,903,393
•Series 2006-40 F 0.474% 5/25/36		171,505		172,101
Freddie Mac REMICs
•Series 3152 JF 0.625% 8/15/35		166,799		167,986
•Series 3311 VF 0.415% 5/15/37		357,418		357,797
•Series 3780 LF 0.575% 3/15/29		30,100		30,134
•Series 3800 AF 0.675% 2/15/41		544,536		549,075
Freddie Mac Structured Agency Credit Risk Debt Notes
•Series 2014-DN2 M1 1.024% 4/25/24		3,453,850		3,450,375
•Series 2015-DN1 M1 1.424% 1/25/25		587,737		588,935
•GNMA Series 2010-46 MF 0.575% 5/16/34		435,011		437,794

Total Agency Collateralized Mortgage Obligations (Cost $12,952,379)				12,999,582

CONVERTIBLE BONDS–0.25%
Alaska Communications Systems Group 6.25% exercise price $10.28, expiration date 4/27/18		90,000		88,706
Blackstone Mortgage Trust 5.25% exercise price $28.66, expiration date 12/1/18		150,000		156,469
#Campus Crest Communities Operating Partnership 144A 4.75% exercise price $12.56, expiration date 10/11/18		207,000		200,402
Cardtronics 1.00% exercise price $52.35, expiration date 11/27/20		22,000		21,876
Cemex 3.25% exercise price $9.65, expiration date 3/9/16		13,000		14,617
Chart Industries 2.00% exercise price $69.03, expiration date 7/30/18		26,000		25,139


	Principal Amount°		Value (U.S. $)

CONVERTIBLE BONDS (continued)
Chesapeake Energy 2.50% exercise price $47.77, expiration date 5/15/37		21,000	$	20,226
#Ciena 144A 3.75% exercise price $20.17, expiration date 10/15/18		23,000		28,304
fGeneral Cable 4.50% exercise price $34.47, expiration date 11/15/29		83,000		66,141
Jefferies Group 3.875% exercise price $44.94, expiration date 10/31/29		175,000		177,516
#Liberty Interactive 144A 1.00% exercise price $64.31, expiration date 9/28/43		38,000		37,335
fMeritor 4.00% exercise price $26.73, expiration date 2/12/27		110,000		114,331
Mylan 3.75% exercise price $13.32, expiration date 9/10/15		42,000		186,926
Nuance Communications 2.75% exercise price $32.30, expiration date 11/1/31		323,000		322,193
NuVasive 2.75% exercise price $42.13, expiration date 6/30/17		200,000		250,750
SanDisk 1.50% exercise price $51.16, expiration date 8/11/17		199,000		272,008
Spectrum Pharmaceuticals 2.75% exercise price $10.53, expiration date 12/13/18		27,000		24,823
Spirit Realty Capital 3.75% exercise price $13.10, expiration date 5/13/21		184,000		184,231
Titan Machinery 3.75% exercise price $43.17, expiration date 4/30/19		190,000		132,050
#TPG Specialty Lending 144A 4.50% exercise price $25.83, expiration date 12/15/19		76,000		75,905
#Vantage Drilling 144A 5.50% exercise price $2.39, expiration date 7/15/43		126,000		76,860
Vector Group 1.75% exercise price $25.87, expiration date 4/15/20		90,000		96,863

Total Convertible Bonds (Cost $2,438,165)				2,573,671


	Number of Shares		Value (U.S. $)

CONVERTIBLE PREFERRED STOCK–0.05%
Alcoa 5.375% exercise price $19.39, expiration date 10/1/17		280	$	12,275
ArcelorMittal 6.00% exercise price $20.36, expiration date 12/21/15		1,875		28,623
#Chesapeake Energy 144A 5.75% exercise price $26.14, expiration date 12/31/49		87		75,364
Crown Castle International 4.50% exercise price $90.25, expiration date 11/1/16		1,120		117,410
@Dynegy 5.375% exercise price $38.75, expiration date 11/1/17		490		53,483
Intelsat 5.75% exercise price $22.05, expiration date 5/1/16		2,045		71,166
Maiden Holdings 7.25% exercise price $15.35, expiration date 9/15/16		1,653		86,518
SandRidge Energy 8.50% exercise price $8.01, expiration date 12/31/49		520		19,825

Total Convertible Preferred Stock (Cost $552,594)				464,664


	Principal Amount°

CORPORATE BONDS–70.58%
Aerospace & Defense–0.75%
•Rockwell Collins 0.621% 12/15/16		7,610,000		7,620,380

				7,620,380

Air Freight & Logistics–0.12%
#Aviation Capital Group 144A 6.75% 4/6/21		1,095,000		1,247,713

				1,247,713

Airlines–0.28%
#tAir Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27		565,000		565,000
tAmerican Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26		645,000		667,575
tAmerican Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27		180,000		181,350
tUnited Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26		495,000		522,225
tUnited Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26		885,000		922,613

				2,858,763


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Auto Components–0.34%
BorgWarner 3.375% 3/15/25		305,000	$	314,581
#TRW Automotive 144A 4.45% 12/1/23		3,060,000		3,090,600

				3,405,181

Automobiles–3.77%
Daimler Finance North America
#•144A 0.595% 8/1/17		6,340,000		6,331,783
#•144A 0.615% 3/10/17		5,400,000		5,407,339
General Motors 3.50% 10/2/18		4,865,000		5,008,809
•PACCAR Financial 0.864% 12/6/18		5,850,000		5,886,697
Toyota Motor Credit 2.00% 10/24/18		6,700,000		6,842,301
#•Volkswagen International Finance 144A 0.696% 11/18/16		8,755,000		8,775,049

				38,251,978

Beverages–1.75%
•Anheuser-Busch InBev Finance 0.655% 2/1/19		4,060,000		4,063,743
Constellation Brands 4.25% 5/1/23		230,000		237,187
•PepsiCo 0.471% 2/26/16		4,925,000		4,931,664
#Pernod-Ricard 144A 5.75% 4/7/21		1,725,000		2,004,397
#•SABMiller Holdings 144A 0.945% 8/1/18		6,520,000		6,544,417

				17,781,408

Biotechnology–0.07%
Genzyme 3.625% 6/15/15		700,000		704,411

				704,411

Capital Markets–1.15%
Affiliated Managers Group 3.50% 8/1/25		990,000		990,897
•Bank of New York Mellon 0.747% 9/11/19		6,470,000		6,442,787
•Goldman Sachs Group 1.455% 4/30/18		2,290,000		2,323,510
Jefferies Group 5.125% 1/20/23		1,695,000		1,762,236
Lazard Group 6.85% 6/15/17		163,000		181,180

				11,700,610

Chemicals–0.89%
CF Industries
6.875% 5/1/18		1,240,000		1,414,621
7.125% 5/1/20		500,000		603,128
Dow Chemical 8.55% 5/15/19		475,000		595,241
Methanex 4.25% 12/1/24		1,355,000		1,375,546
#OCP 144A 5.625% 4/25/24		2,355,000		2,569,894


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Chemicals (continued)
Potash of Saskatchewan 3.00% 4/1/25		725,000	$	727,494
PPG Industries 2.30% 11/15/19		915,000		926,352
Rockwood Specialties Group 4.625% 10/15/20		820,000		855,875

				9,068,151

Commercial Banks–8.20%
•Abbey National Treasury Services 0.78% 3/13/17		2,500,000		2,501,955
•Bank of Montreal 0.773% 7/15/16		4,320,000		4,340,032
Bank of Nova Scotia
•0.671% 3/15/16		2,100,000		2,107,031
•0.773% 7/15/16		4,860,000		4,883,775
Barclays Bank 7.625% 11/21/22		600,000		703,500
•BB&T 1.131% 6/15/18		3,635,000		3,672,157
#BBVA Banco Continental 144A 5.00% 8/26/22		635,000		678,180
BBVA Bancomer
#144A 6.50% 3/10/21		785,000		872,826
#144A 7.25% 4/22/20		685,000		760,350
Branch Banking & Trust
•0.562% 5/23/17		2,575,000		2,558,839
•0.59% 9/13/16		1,755,000		1,749,231
#•CoBank 144A 0.871% 6/15/22		425,000		400,443
#Credit Suisse 144A 6.50% 8/8/23		945,000		1,081,351
#Credit Suisse Group Funding Guernsey 144A 3.75% 3/26/25		520,000		527,170
#Export-Import Bank of China 144A 2.50% 7/31/19		2,545,000		2,581,836
•Export-Import Bank of Korea 1.003% 1/14/17		5,000,000		5,025,910
•Fifth Third Bank 0.671% 2/26/16		6,390,000		6,399,873
#•HSBC Bank 144A 0.897% 5/15/18		3,800,000		3,820,398
#•ING Bank 144A 1.907% 9/25/15		1,500,000		1,510,332
•MUFG Union Bank 1.019% 9/26/16		5,000,000		5,027,920
•National City Bank 0.634% 6/7/17		3,360,000		3,345,360
#•Oversea-Chinese Banking 144A 4.00% 10/15/24		210,000		219,137
#•PNC Preferred Funding Trust II 144A 1.493% 3/31/49		6,200,000		5,704,000
•Royal Bank of Canada 0.724% 9/9/16		2,490,000		2,499,656
#•Standard Chartered 144A 6.50% 12/29/49		650,000		656,397
•SunTrust Bank 0.553% 8/24/15		1,415,000		1,414,594


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Commercial Banks (continued)
SVB Financial Group 3.50% 1/29/25		770,000	$	766,539
•Svenska Handelsbanken 0.715% 3/21/16		1,385,000		1,390,515
•Toronto-Dominion Bank 0.805% 4/30/18		2,800,000		2,814,025
•USB Capital IX 3.50% 10/29/49		465,000		387,113
Wells Fargo
•0.935% 1/30/20		11,655,000		11,729,033
•5.875% 6/15/50		450,000		477,090
Woori Bank #144A 2.875% 10/2/18		285,000		293,141
#144A 4.75% 4/30/24		200,000		214,174

				83,113,883

Commercial Services & Supplies–0.20%
#CDK Global 144A 4.50% 10/15/24		1,245,000		1,285,641
#HPHT Finance 15 144A 2.875% 3/17/20		695,000		702,900

				1,988,541

Communications Equipment–1.24%
•Cisco Systems 0.762% 3/1/19		12,480,000		12,588,064

				12,588,064

Computers & Peripherals–1.71%
•Apple 0.555% 5/6/19		14,990,000		15,071,306
#Seagate HDD Cayman 144A 4.75% 1/1/25		2,205,000		2,287,705

				17,359,011

Construction Materials–0.41%
#•Cemex 144A 5.003% 10/15/18		2,965,000		3,104,355
#Hutchison Whampoa International 14 144A 3.625% 10/31/24		1,020,000		1,047,054

				4,151,409

Consumer Finance–0.72%
•Bank of America 0.727% 11/14/16		6,025,000		6,031,031
#INVISTA Finance 144A 4.25% 10/15/19		1,280,000		1,278,400

				7,309,431

Containers & Packaging–0.10%
#Beverage Packaging Holdings Luxembourg II 144A 6.00% 6/15/17		1,000,000		1,005,000

				1,005,000


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Financial Services–8.43%
Bank of America
•0.513% 10/14/16		1,350,000	$	1,345,608
•1.293% 1/15/19		8,250,000		8,370,648
CME Group 3.00% 3/15/25		915,000		925,452
Credit Suisse Group
#•144A 6.25% 12/29/49		1,190,000		1,172,745
#•144A 7.50% 12/11/49		225,000		242,156
#ERAC USA Finance 144A 4.50% 8/16/21		2,650,000		2,915,564
•Ford Motor Credit 1.182% 11/4/19		9,000,000		9,017,712
General Electric Capital
•0.635% 5/5/26		2,000,000		1,881,026
•0.872% 1/9/20		5,740,000		5,778,860
•1.271% 3/15/23		2,450,000		2,486,169
#144A 3.80% 6/18/19		250,000		267,828
6.00% 8/7/19		1,385,000		1,619,503
•7.125% 12/15/49		2,400,000		2,826,000
Goldman Sachs Group 2.60% 4/23/20		1,100,000		1,112,992
•HSBC Holdings 6.375% 3/29/49		695,000		712,375
#Hyundai Capital America 144A 4.00% 6/8/17		690,000		724,830
#•Hyundai Capital Services 144A 1.07% 3/18/17		2,895,000		2,900,049
JPMorgan Chase
2.25% 1/23/20		635,000		636,785
•6.75% 8/29/49		645,000		703,050
•JPMorgan Chase Bank 0.60% 6/13/16		7,955,000		7,935,852
Lloyds Banking Group
4.50% 11/4/24		2,470,000		2,570,544
•7.50% 4/30/49		1,325,000		1,411,125
•Morgan Stanley 1.396% 1/27/20		9,705,000		9,861,580
National Rural Utilities Cooperative Finance
•0.511% 5/27/16		9,925,000		9,930,022
•4.75% 4/30/43		2,790,000		2,805,345
#Peachtree Corners Funding Trust 144A 3.976% 2/15/25		865,000		879,266
#•USB Realty 144A 1.40% 12/22/49		4,900,000		4,483,500

				85,516,586

Diversified Telecommunication Services–3.28%
AT&T
•0.937% 3/11/19		6,200,000		6,146,110
•1.171% 11/27/18		4,655,000		4,720,649
CenturyLink 5.80% 3/15/22		1,395,000		1,459,519
#Digicel Group 144A 8.25% 9/30/20		2,020,000		2,033,130
#Oi 144A 5.75% 2/10/22		380,000		313,690


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Telecommunication Services (continued)
SBA Tower Trust #144A 2.24% 4/16/18		465,000	$	465,354
#144A 2.898% 10/15/19		1,145,000		1,158,916
#SES 144A 3.60% 4/4/23		1,705,000		1,789,149
Telefonica Emisiones 4.57% 4/27/23		1,110,000		1,223,529
#Telemar Norte Leste 144A 5.50% 10/23/20		215,000		189,953
Verizon Communications
2.00% 11/1/16		1,255,000		1,273,820
•2.021% 9/14/18		12,005,000		12,531,971

				33,305,790

Electric Utilities–5.52%
#American Transmission Systems 144A 5.25% 1/15/22		4,170,000		4,797,877
Berkshire Hathaway Energy 3.75% 11/15/23		1,525,000		1,628,578
Cleveland Electric Illuminating 5.50% 8/15/24		1,825,000		2,201,549
Commonwealth Edison 2.15% 1/15/19		3,000,000		3,066,768
DTE Energy 2.40% 12/1/19		1,180,000		1,200,499
•Duke Energy Indiana 0.602% 7/11/16		5,695,000		5,702,523
Electricite de France
#•144A 0.717% 1/20/17		5,465,000		5,476,181
#•144A 5.25% 12/29/49		1,980,000		2,071,080
#•Enel 144A 8.75% 9/24/73		1,543,000		1,864,675
Entergy Louisiana 4.05% 9/1/23		3,955,000		4,349,476
Entergy Mississippi 3.10% 7/1/23		250,000		255,768
•Georgia Power 0.591% 3/15/16		5,400,000		5,398,288
Great Plains Energy 4.85% 6/1/21		3,255,000		3,645,219
ITC Holdings 3.65% 6/15/24		1,570,000		1,630,365
NextEra Energy Capital Holdings 2.70% 9/15/19		7,255,000		7,441,541
•NSTAR Electric 0.497% 5/17/16		1,750,000		1,748,729
NV Energy 6.25% 11/15/20		800,000		950,612
#State Grid Overseas Investment 2014 144A 2.75% 5/7/19		2,535,000		2,585,472

				56,015,200

Electronic Equipment, Instruments & Components–0.26%
Thermo Fisher Scientific 3.30% 2/15/22		2,520,000		2,587,881

				2,587,881


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Energy Equipment & Services–0.13%
Noble Holding International 3.05% 3/1/16		1,300,000	$	1,307,657

				1,307,657

Food & Staples Retailing–0.10%
#Cencosud 144A 5.15% 2/12/25		970,000		960,033

				960,033

Food Products–1.86%
#BRF 144A 3.95% 5/22/23		550,000		512,023
Campbell Soup 3.30% 3/19/25		1,245,000		1,268,445
General Mills
•0.456% 1/28/16		4,245,000		4,241,995
•0.553% 1/29/16		1,730,000		1,730,242
Ingredion 1.80% 9/25/17		1,500,000		1,500,774
#JBS Investments 144A 7.75% 10/28/20		1,110,000		1,179,375
#Minerva Luxembourg 144A 7.75% 1/31/23		515,000		508,563
•Mondelez International 0.775% 2/1/19		5,725,000		5,678,799
Smucker (J.M.)
#144A 3.00% 3/15/22		315,000		320,229
#144A 3.50% 3/15/25		1,825,000		1,880,055

				18,820,500

Health Care Equipment & Supplies–1.44%
Boston Scientific 6.00% 1/15/20		465,000		535,784
CareFusion 6.375% 8/1/19		1,615,000		1,889,965
•Medtronic 0.351% 2/27/17		11,200,000		11,170,846
Zimmer Holdings 3.55% 4/1/25		975,000		996,449

				14,593,044

Health Care Providers & Services–0.39%
•McKesson 0.665% 9/10/15		4,000,000		4,001,720

				4,001,720

Hotels, Restaurants & Leisure–0.66%
Carnival 1.20% 2/5/16		1,445,000		1,447,470
International Game Technology 5.35% 10/15/23		2,020,000		2,052,570
Starwood Hotels & Resorts Worldwide 3.75% 3/15/25		1,635,000		1,681,359
Wyndham Worldwide 4.25% 3/1/22		1,470,000		1,536,344

				6,717,743

Insurance–4.34%
Berkshire Hathaway Finance
•0.402% 1/10/17		6,460,000		6,463,941
2.90% 10/15/20		7,100,000		7,508,300
•Chubb 6.375% 3/29/67		1,045,000		1,112,925


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Insurance (continued)
#•Metropolitan Life Global Funding I 144A 0.783% 7/15/16		6,500,000	$	6,534,281
#•Pricoa Global Funding I 144A 0.527% 8/19/15		2,000,000		2,001,108
#•Principal Life Global Funding II 144A 0.631% 5/27/16		3,170,000		3,177,738
Prudential Financial
•1.037% 8/15/18		8,742,000		8,801,131
•5.625% 6/15/43		630,000		670,950
•5.875% 9/15/42		565,000		616,556
#TIAA Asset Management Finance 144A 2.95% 11/1/19		5,110,000		5,242,778
•Voya Financial 5.65% 5/15/53		735,000		771,750
XLIT
4.45% 3/31/25		590,000		595,008
•6.50% 12/29/49		530,000		470,375

				43,966,841

Internet & Catalog Retail–0.09%
Priceline Group 3.65% 3/15/25		865,000		882,075

				882,075

Internet Software & Services–0.89%
#•Alibaba Group Holding 144A 0.782% 11/28/17		4,705,000		4,693,030
Baidu
2.75% 6/9/19		1,000,000		1,012,337
3.25% 8/6/18		1,445,000		1,499,225
Tencent Holdings
#144A 2.875% 2/11/20		545,000		549,582
#144A 3.375% 5/2/19		860,000		891,918
#144A 3.80% 2/11/25		325,000		332,800

				8,978,892

Machinery–0.16%
Crane 2.75% 12/15/18		355,000		364,256
Trinity Industries 4.55% 10/1/24		1,235,000		1,243,920

				1,608,176

Media–1.91%
#Columbus International 144A 7.375% 3/30/21		1,970,000		2,078,350
#Cox Communications 144A 3.85% 2/1/25		1,445,000		1,491,165
Historic TW 6.875% 6/15/18		430,000		500,454
#•NBCUniversal Enterprise 144A 0.938% 4/15/18		10,385,000		10,469,098
Time Warner Cable
4.00% 9/1/21		1,030,000		1,104,045
8.25% 4/1/19		3,015,000		3,690,987

				19,334,099


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Metals & Mining–0.46%
ArcelorMittal 10.60% 6/1/19		415,000	$	509,153
#FMG Resources August 2006 144A 6.875% 4/1/22		760,000		564,300
#Gerdau Holdings 144A 7.00% 1/20/20		935,000		1,002,787
•Rio Tinto Finance USA 1.111% 6/17/16		1,975,000		1,980,034
Yamana Gold 4.95% 7/15/24		605,000		595,937

				4,652,211

Multi-Utilities–0.94%
Ameren Illinois 9.75% 11/15/18		385,000		489,202
CenterPoint Energy 6.50% 5/1/18		850,000		967,841
•Integrys Energy Group 6.11% 12/1/66		870,000		852,929
•Laclede Group 1.007% 8/15/17		5,900,000		5,896,253
Sempra Energy 2.875% 10/1/22		495,000		495,688
•Wisconsin Energy 6.25% 5/15/67		856,000		858,113

				9,560,026

Oil, Gas & Consumable Fuels–7.11%
•Chesapeake Energy 3.503% 4/15/19		3,250,000		3,136,250
Chevron
•0.792% 3/3/22		5,645,000		5,665,757
1.961% 3/3/20		1,065,000		1,072,557
2.411% 3/3/22		610,000		611,713
Cimarex Energy 4.375% 6/1/24		655,000		653,363
#CNOOC Finance 2012 144A 3.875% 5/2/22		360,000		375,544
Continental Resources 4.50% 4/15/23		460,000		447,186
•Enbridge Energy Partners 8.05% 10/1/37		855,000		921,263
Energy Transfer Partners 4.05% 3/15/25		2,365,000		2,389,762
•Enterprise Products Operating 7.034% 1/15/68		995,000		1,076,399
EOG Resources 3.15% 4/1/25		850,000		867,980
Exxon Mobil
•0.634% 3/6/22		10,640,000		10,679,379
2.397% 3/6/22		640,000		645,633
2.709% 3/6/25		610,000		617,000
Freeport-McMoran Oil & Gas 6.50% 11/15/20		428,000		455,285
Noble Holding International 4.00% 3/16/18		170,000		171,059
ONEOK Partners 3.80% 3/15/20		505,000		515,480
ONGC Videsh 3.25% 7/15/19		200,000		203,569


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Petrobras Global Finance
•2.393% 1/15/19		2,540,000	$	2,206,625
3.00% 1/15/19		70,000		60,607
4.875% 3/17/20		1,160,000		1,044,580
#Petronas Global Sukuk 144A 2.707% 3/18/20		760,000		764,659
Regency Energy Partners 5.875% 3/1/22		365,000		397,850
Statoil
•0.547% 5/15/18		4,870,000		4,857,304
•0.716% 11/8/18		7,240,000		7,246,190
•Total Capital International 0.826% 8/10/18		8,620,000		8,672,668
TransCanada PipeLines
•0.953% 6/30/16		7,732,000		7,758,095
•6.35% 5/15/67		1,285,000		1,249,663
Valero Energy 3.65% 3/15/25		865,000		886,462
Williams Partners
4.00% 9/15/25		2,100,000		2,063,960
7.25% 2/1/17		575,000		631,963
#Woodside Finance 144A 8.75% 3/1/19		2,070,000		2,544,910
•YPF 7.758% 8/15/18		1,235,294		1,260,000

				72,150,715

Paper & Forest Products–0.33%
Fibria Overseas Finance 5.25% 5/12/24		725,000		721,375
Georgia-Pacific 8.00% 1/15/24		1,125,000		1,495,101
#Inversiones 144A 6.125% 11/5/19		465,000		517,545
Masco 4.45% 4/1/25		595,000		615,825

				3,349,846

Pharmaceuticals–5.24%
Actavis Funding
•1.348% 3/12/18		2,985,000		3,005,999
3.45% 3/15/22		1,345,000		1,379,727
Allergan 1.35% 3/15/18		4,500,000		4,424,580
AmerisourceBergen 3.25% 3/1/25		715,000		726,022
#•Bayer US Finance 144A 0.551% 10/6/17		8,000,000		8,008,920
EMD Finance
#144A 2.95% 3/19/22		625,000		633,297
#144A 3.25% 3/19/25		1,215,000		1,231,795
Express Scripts Holding 2.25% 6/15/19		1,055,000		1,060,807
Lilly (Eli) 2.75% 6/1/25		725,000		729,143
Merck
•0.616% 5/18/18		7,495,000		7,523,916


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Pharmaceuticals (continued)
Merck (continued)
2.35% 2/10/22		885,000	$	886,617
2.75% 2/10/25		1,585,000		1,585,754
Perrigo 4.00% 11/15/23		1,235,000		1,292,718
Perrigo Finance 3.50% 12/15/21		1,465,000		1,517,302
•Pfizer 0.571% 6/15/18		11,140,000		11,152,432
Zoetis 1.875% 2/1/18		8,013,000		8,023,056

				53,182,085

Real Estate Investment Trusts–1.22%
Alexandria Real Estate Equities 4.60% 4/1/22		725,000		767,226
#American Tower Trust I 144A 1.551% 3/15/43		2,505,000		2,501,919
CBL & Associates 4.60% 10/15/24		1,085,000		1,105,203
Corporate Office Properties 5.25% 2/15/24		1,040,000		1,133,551
DDR 3.625% 2/1/25		1,025,000		1,025,016
Excel Trust 4.625% 5/15/24		710,000		746,386
Host Hotels & Resorts
3.75% 10/15/23		2,660,000		2,700,932
4.75% 3/1/23		140,000		151,132
#Omega Healthcare Investors 144A 4.50% 4/1/27		930,000		918,189
Weyerhaeuser 4.625% 9/15/23		1,230,000		1,354,514

				12,404,068

Real Estate Management & Development–0.10%
Carey (W.P.) 4.60% 4/1/24		980,000		1,015,403

				1,015,403

Road & Rail–0.49%
•Kansas City Southern de Mexico 0.956% 10/28/16		4,950,000		4,941,080

				4,941,080

Semiconductors & Semiconductor Equipment–0.17%
National Semiconductor 6.60% 6/15/17		500,000		559,702
#Samsung Electronics America 144A 1.75% 4/10/17		1,200,000		1,210,625

				1,770,327

Software–1.38%
•Oracle 0.784% 10/8/19		13,945,000		14,022,283

				14,022,283

Specialty Retail–1.19%
•Lowe’s 0.685% 9/10/19		6,755,000		6,788,403
QVC 4.375% 3/15/23		3,325,000		3,393,335


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Specialty Retail (continued)
Signet UK Finance 4.70% 6/15/24		1,785,000	$	1,835,614

				12,017,352

Wireless Telecommunication Services–0.79%
•America Movil 1.268% 9/12/16		2,500,000		2,510,655
#Bharti Airtel International Netherlands 144A 5.35% 5/20/24		1,550,000		1,714,687
#Crown Castle Towers 144A 4.883% 8/15/20		1,615,000		1,778,195
#Millicom International Cellular 144A 6.00% 3/15/25		695,000		695,869
•Verizon Communications 0.664% 6/9/17		1,315,000		1,313,619

				8,013,025

Total Corporate Bonds (Cost $708,555,398)				715,828,592


MUNICIPAL BONDS–4.00%
•Missouri Higher Education Loan Authority Student Revenue Class A-1 1.083% 8/27/29		417,097		419,979
Missouri Highway & Transportation Commission 5.00% 5/1/26		1,950,000		2,499,627
•New Mexico Educational Assistance Foundation (Libor Floating) Series A-3 1.462% 12/1/38		580,000		579,774
New York City, New York Series I 5.00% 8/1/22		350,000		421,417
New York State Thruway Authority Series A 5.00% 5/1/19		575,000		655,862
North Texas Higher Education Authority Student Loan Revenue (Libor Floating)
•Series 1 1.374% 4/1/40		471,825		474,769
•Series 1 Class A-2 1.155% 7/1/30		905,000		911,878
Oklahoma Student Loan Authority Revenue (Libor-Indexed)
•Series 1 1.412% 6/1/40		1,312,951		1,320,815
•Series 2010-A Class A2A 1.462% 9/1/37		655,000		666,011
•Pennsylvania Turnpike Commission Series B1 1.00% 12/1/21		5,000,000		5,020,650
•State of California Series D 0.823% 12/1/28		5,000,000		5,047,150
•State of Connecticut Series A 1.57% 3/1/21		1,750,000		1,750,997
State of Maryland Local Facilities Series A 5.00% 8/1/21		415,000		502,810


	Principal Amount°		Value (U.S. $)

MUNICIPAL BONDS (continued)
State of Mississippi 5.00% 10/1/25		2,455,000	$	3,098,210
State of Washington 5.00% 2/1/25		4,290,000		5,358,382
University of California 5.00% 5/15/25		1,555,000		1,959,191
•Series Y-1 0.679% 7/1/41		7,425,000		7,426,188
Utah Transit Authority 5.00% 6/15/25		1,975,000		2,498,355

Total Municipal Bonds (Cost $40,463,266)				40,612,065


NON-AGENCY ASSET-BACKED SECURITIES–9.72%
•Ally Master Owner Trust Series 2013-2 A 0.625% 4/15/18		600,000		600,443
#ARI Fleet Lease Trust Series 2014-A A2 144A 0.81% 11/15/22		2,763,065		2,762,452
#•Avenue CLO VI Series 2007-6A A1 144A 0.482% 7/17/19		366,519		363,367
•BA Credit Card Trust Series 2014-A1 A 0.555% 6/15/21		4,741,000		4,738,544
#•Babson CLO Series 2005-3A A 144A 0.506% 11/10/19		182,144		181,525
#•Ballyrock CLO Series 2013-1A A 144A 1.441% 5/20/25		2,000,000		1,967,600
#•BMW Floorplan Master Owner Trust Series 2012-1A A 144A 0.575% 9/15/17		2,500,000		2,505,295
Capital One Multi-Asset Execution Trust
•Series 2007-A1 A1 0.225% 11/15/19		4,979,000		4,956,351
•Series 2007-A2 A2 0.255% 12/16/19		965,000		961,400
Chase Issuance Trust
•Series 2007-A5 A5 0.215% 3/15/19		3,000,000		2,987,046
•Series 2012-A9 A9 0.325% 10/16/17		2,000,000		1,999,222
•Series 2013-A9 A 0.595% 11/16/20		1,000,000		1,002,595
•Series 2014-A5 A5 0.545% 4/15/21		930,000		930,000
Chesapeake Funding
#•Series 2012-2A A 144A 0.628% 5/7/24		2,023,283		2,023,785
#•Series 2014-1A A 144A 0.595% 3/7/26		600,000		599,569
#•CIFC Funding Series 2011-1AR A1R 144A 1.553% 1/19/23		4,000,000		3,989,600
•Citibank Credit Card Issuance Trust Series 2013-A7 A7 0.605% 9/10/20		2,000,000		2,005,820


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
Discover Card Execution Note Trust
•Series 2013-A1 A1 0.475% 8/17/20		2,000,000	$	1,997,796
•Series 2014-A1 A1 0.605% 7/15/21		665,000		666,520
•Ford Credit Floorplan Master Owner Trust Series 2014-1 A2 0.575% 2/15/19		4,000,000		4,001,592
GE Dealer Floorplan Master Note Trust
•Series 2012-2 A 0.926% 4/22/19		3,000,000		3,019,335
•Series 2013-1 A 0.576% 4/20/18		1,165,000		1,165,374
Golden Credit Card Trust
#Series 2012-5A A 144A 0.79% 9/15/17		180,000		180,137
#•Series 2013-2A A 144A 0.605% 9/15/18		3,850,000		3,857,396
#•Hertz Fleet Lease Funding Series 2014-1 A 144A 0.575% 4/10/28		500,000		499,381
#•JFIN CLO Series 2014-1A A 144A 1.757% 4/20/25		2,500,000		2,493,500
#•KKR Financial CLO Series 2013-1A A1 144A 1.403% 7/15/25		3,605,000		3,557,053
#•LCM VI Series 6A A 144A 0.492% 5/28/19		542,729		538,604
#•LightPoint CLO V Series 2006-5A A1 144A 0.506% 8/5/19		348,169		346,637
#•MAPS CLO Fund II Series 2007-2A A1 144A 0.497% 7/20/22		2,758,632		2,729,942
#Master Credit Card Trust Series 2012-2A A 144A 0.78% 4/21/17		1,600,000		1,600,933
#•Mountain View CLO Series 2007-3A A1 144A 0.469% 4/16/21		3,052,589		3,034,578
#•Navistar Financial Dealer Note Master Trust Series 2013-2 A 144A 0.854% 9/25/18		7,000,000		7,005,523
Nissan Master Owner Trust Receivables
•Series 2012-A A 0.645% 5/15/17		1,100,000		1,100,303
•Series 2013-A A 0.475% 2/15/18		1,290,000		1,289,850
#•NYLIM Flatiron CLO Series 2006-1A A2A 144A 0.476% 8/8/20		225,014		223,664


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
#•OCP CLO Series 2013-4A A1A 144A 1.656% 10/24/25		3,000,000	$	2,981,400
#•PFS Financing Series 2013-AA A 144A 0.725% 2/15/18		1,900,000		1,899,983
#•Sudbury Mill CLO Series 2013-1A X 144A 1.257% 1/17/26		399,231		399,151
Telos CLO
#•Series 2013-4A A 144A 1.553% 7/17/24		3,000,000		2,971,200
#•Series 2013-4A X 144A 1.203% 7/17/24		900,000		899,550
#•Trade MAPS 1 Series 2013-1A A 144A 0.875% 12/10/18		8,830,000		8,824,993
#•Trafigura Securitisation Finance Series 2012-1A A 144A 2.575% 10/15/15		3,705,000		3,706,334
#•Venture XVI CLO Series 2014-16A A1L 144A 1.753% 4/15/26		3,000,000		2,995,800

Total Non-Agency Asset-Backed Securities (Cost $98,490,495)				98,561,143


«SENIOR SECURED LOANS–11.46%
Activision Blizzard Tranche B 1st Lien 3.25% 10/11/20		2,152,800		2,164,910
Ashland Water 1st Lien 4.25% 7/31/21		731,325		727,899
Calpine Construction Finance Tranche B 3.00% 5/3/20		3,107,001		3,071,068
Charter Communications Operating 3.00% 7/1/20		3,875,963		3,867,067
Charter Communications Tranche B 1st Lien 4.25% 9/12/21		2,000,000		2,019,450
Community Health Systems Tranche D 4.25% 1/27/21		1,332,533		1,340,628
Community Health Systems Tranche F 1st Lien 3.428% 12/31/18		202,574		202,880
Crown Castle Operating Tranche B2 3.00% 1/31/21		1,974,700		1,972,616
CSC Holdings Tranche B 2.678% 4/17/20		1,699,747		1,694,698
DaVita Healthcare Partners Tranche B 3.50% 6/24/21		8,535,500		8,566,953


	Principal Amount°		Value (U.S. $)

«SENIOR SECURED LOANS (continued)
Dealer Computer Services Tranche B 2.178% 4/21/16		671,155	$	671,158
Dynegy Tranche B2 4.00% 4/23/20		461,875		463,464
Emdeon 1st Lien 3.75% 11/2/18		1,359,635		1,363,741
Energy Transfer Equity 1st Lien
3.25% 12/2/19		185,000		182,384
4.00% 12/2/19		570,000		569,003
FCA US Tranche B 1st Lien 3.25% 12/31/18		4,356,000		4,358,723
FCA US Tranche B 1st Lien 3.50% 5/24/17		122,455		122,659
First Data Tranche B 1st Lien 4.174% 3/24/21		2,590,209		2,601,813
Flying Fortress 1st Lien 3.50% 6/30/17		1,000,000		1,002,290
Gardner Denver 1st Lien 4.25% 7/30/20		985,000		936,459
HD Supply Tranche B 4.00% 6/28/18		2,062,738		2,068,751
Hilton Worldwide Finance Tranche B2 3.50% 10/25/20		2,552,632		2,559,013
Houghton International 1st Lien 4.00% 12/20/19		1,236,562		1,235,530
Huntsman International Tranche B 1st Lien 3.75% 10/1/21		2,992,500		3,006,834
IASIS Healthcare Tranche B 1st Lien 4.50% 5/3/18		1,026,410		1,029,869
Immucor Tranche B2 5.00% 8/19/18		444,046		446,475
Ineos US Finance Tranche 1 2.678% 11/28/16		483,085		484,795
Ineos US Finance Tranche B 3.75% 5/4/18		2,226,055		2,214,458
Intelsat Jackson Holdings Tranche B2 3.75% 6/30/19		2,937,881		2,930,169
Kinetic Concepts Tranche E1 4.50% 5/4/18		1,967,573		1,977,411
Landry’s Tranche B 4.00% 4/24/18		1,115,504		1,119,787
Las Vegas Sands Tranche B 3.25% 12/19/20		3,950,000		3,952,034
Level 3 Financing Tranche B 4.00% 1/15/20		2,665,000		2,674,447


	Principal Amount°		Value (U.S. $)

«SENIOR SECURED LOANS (continued)
Lightower Fiber Networks 1st Lien 4.00% 4/13/20		276,482	$	275,965
MGM Resorts International 3.50% 12/20/19		1,719,221		1,715,817
Mission Broadcasting Tranche B2 1st Lien 3.75% 10/1/20		1,782,142		1,782,142
Nexstar Broadcasting Tranche B2 3.75% 10/1/20		2,020,978		2,020,978
Novelis Tranche B 3.75% 3/10/17		196,994		197,097
NRG Energy Tranche B 2.75% 7/1/18		622,947		621,910
OSI Restaurants Tranche B 1st Lien 3.50% 10/26/19		131,150		131,479
Penn National Gaming Tranche B 3.25% 10/30/20		1,481,250		1,481,406
PQ 1st Lien 4.00% 8/7/17		987,374		985,522
PVH Tranche B 1st Lien 3.25% 2/13/20		986,074		993,391
Rite Aid 2nd Lien 4.875% 6/21/21		750,000		752,573
RPI Finance Tranche B2 1st Lien 3.25% 5/9/18		2,431,852		2,441,470
Scientific Games International 6.00% 10/18/20		1,565,188		1,572,231
Seminole Tribe of Florida Tranche B 3.00% 4/29/20		4,276,383		4,276,918
Sinclair Broadcasting Tranche B1 1st Lien 3.50% 7/30/21		7,500,000		7,523,608
Smart & Final Tranche B 1st Lien 4.75% 11/15/19		1,676,832		1,687,840
Sprouts Farmers 4.00% 4/23/20		710,858		713,748
Stena 1st Lien 4.00% 3/3/21		1,980,000		1,788,197
TransDigm Tranche C 3.75% 2/28/20		3,090,913		3,090,341
United Continental Tranche B 3.50% 4/1/19		352,800		353,329
Univision Communications Tranche C4 4.00% 3/1/20		1,415,564		1,414,934


	Principal Amount°		Value (U.S. $)

«SENIOR SECURED LOANS (continued)
Univision Communications 1st Lien 4.00% 3/1/20		1,069,838	$	1,068,918
US Airways Tranche B1 3.50% 5/23/19		435,000		434,456
USI Insurance Services Tranche B 1st Lien 4.25% 12/27/19		1,617,949		1,622,673
Valeant Pharmaceuticals International Tranche BE 3.50% 8/5/20		1,035,056		1,036,805
Valeant Pharmaceuticals Tranche B Series C 3.03% 12/11/19		3,197,975		3,203,380
W.R. Grace 2.75% 2/3/21		847,811		848,871
W.R. Grace Tranche B 1st Lien 2.75% 2/3/21		2,356,023		2,358,968
Wide Open West Finance 4.75% 4/1/19		1,489,600		1,493,093
Windstream Tranche B4 3.50% 1/23/20		488,750		489,769
Windstream Tranche B5 1st Lien 3.50% 8/8/19		1,072,672		1,072,940
Zayo Group Tranche B 1st Lien 4.00% 7/2/19		229,114		229,766
Ziggo Tranche B 2nd Lien 3.50% 1/15/22		714,894		711,319
Ziggo Tranche B 3rd Lien 3.50% 1/15/22		1,175,745		1,169,866
Ziggo Tranche B1 1st Lien 3.50% 1/15/22		1,109,362		1,103,815

Total Senior Secured Loans (Cost $116,110,747)				116,264,971


DSOVEREIGN BONDS–0.52%
Colombia–0.08%
•Colombia Government International Bond 2.057% 11/16/15		760,000		763,952

				763,952

Norway–0.44%
#•Kommunalbanken
144A 0.385% 10/31/16		3,000,000		3,003,213
144A 0.441% 2/20/18		1,500,000		1,504,905

				4,508,118

Total Sovereign Bonds (Cost $5,259,683)				5,272,070

The use of swap contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹Notional value shown is stated in U.S. Dollars unless noted that the swap is denominated in another currency.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK–71.85%
U.S. MARKETS–44.52%
Aerospace & Defense–1.35%
Boeing		1,250	$	187,600
†Esterline Technologies		2,195		251,152
Honeywell International		2,190		228,439
†KEYW Holding		11,860		97,608
Lockheed Martin		1,125		228,330
Northrop Grumman		5,800		933,568
Raytheon		8,500		928,625
Rockwell Collins		950		91,723
United Technologies		2,170		254,324

				3,201,369

Air Freight & Logistics–0.18%
FedEx		1,465		242,384
†XPO Logistics		4,280		194,612

				436,996

Auto Components–0.55%
BorgWarner		2,355		142,430
Johnson Controls		18,800		948,272
†Tenneco		3,450		198,099

				1,288,801

Automobiles–0.09%
Ford Motor		13,545		218,616

				218,616

Banks–1.71%
BB&T		23,500		916,265
BBCN Bancorp		7,890		114,168
Bryn Mawr Bank		1,470		44,703
Cardinal Financial		6,340		126,673
Citigroup		5,845		301,134
City Holding		3,030		142,501
†First NBC Bank Holding		3,600		118,728
Flushing Financial		5,380		107,977
@Independent Bank (Massachusetts)		3,530		154,861
JPMorgan Chase		6,635		401,948
KeyCorp		11,025		156,114
Old National Bancorp		7,850		111,391
Prosperity Bancshares		3,260		171,085
Sterling Bancorp		12,090		162,127
Susquehanna Bancshares		9,410		129,011
†Texas Capital Bancshares		2,900		141,085
Webster Financial		4,870		180,433
Wells Fargo		7,315		397,936
†Western Alliance Bancorp		5,580		165,391

				4,043,531

Beverages–0.18%
Coca-Cola		2,350		95,293
PepsiCo		3,355		320,805

				416,098


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Biotechnology–1.77%
†Acorda Therapeutics		4,830	$	160,742
†Alkermes		2,480		151,206
†Biogen		1,300		548,912
†Celgene		17,502		2,017,631
†Cepheid		3,880		220,772
†Gilead Sciences		3,505		343,946
†Isis Pharmaceuticals		2,630		167,452
†Ligand Pharmaceuticals Class B		2,610		201,257
†Spectrum Pharmaceuticals		11,100		67,377
†TESARO		1,400		80,360
†Vanda Pharmaceuticals		9,560		88,908
†Vertex Pharmaceuticals		1,250		147,463

				4,196,026

Building Products–0.14%
AAON		6,663		163,443
†Continental Building Products		7,670		173,265

				336,708

Capital Markets–0.94%
Ameriprise Financial		1,350		176,634
Bank of New York Mellon		22,520		906,205
BlackRock		435		159,140
Evercore Partners Class A		4,920		254,167
Greenhill		1,920		76,128
Invesco		3,400		134,946
Raymond James Financial		2,805		159,268
State Street		2,445		179,781
†Stifel Financial		3,140		175,055

				2,221,324

Chemicals–0.83%
Axiall		3,380		158,657
†Chemtura		4,370		119,257
duPont (E.I.) deNemours		12,200		871,934
Eastman Chemical		2,780		192,543
Huntsman		6,030		133,685
Innophos Holdings		1,930		108,775
LyondellBasell Industries Class A		1,125		98,775
Minerals Technologies		1,920		140,352
Quaker Chemical		1,600		137,024

				1,961,002

Commercial Services & Supplies–0.68%
McGrath RentCorp		4,630		152,373
Republic Services		3,150		127,764
Tetra Tech		4,490		107,850
United Stationers		4,360		178,716
US Ecology		1,990		99,440
Waste Management		17,300		938,179

				1,604,322


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Communications Equipment–1.42%
Cisco Systems		39,715	$	1,093,155
†NETGEAR		3,720		122,314
Plantronics		2,560		135,552
QUALCOMM		28,786		1,996,021

				3,347,042

Construction & Engineering–0.12%
Granite Construction		4,200		147,588
†MasTec		1,420		27,406
†MYR Group		3,510		110,003

				284,997

Consumer Finance–0.09%
Capital One Financial		2,815		221,878

				221,878

Containers & Packaging–0.08%
MeadWestvaco		4,020		200,477

				200,477

Diversified Financial Services–0.40%
Intercontinental Exchange		4,029		939,845

				939,845

Diversified Telecommunication Services–1.02%
AT&T		37,122		1,212,033
Atlantic Tele-Network		1,680		116,290
†inContact		14,740		160,666
Verizon Communications		18,943		921,198

				2,410,187

Electric Utilities–0.56%
Cleco		3,160		172,283
Edison International		16,270		1,016,387
OGE Energy		4,355		137,662

				1,326,332

Electrical Equipment–0.06%
Eaton		2,175		147,770

				147,770

Electronic Equipment, Instruments & Components–0.19%
†Anixter International		1,820		138,557
†FARO Technologies		3,430		213,106
†Rofin-Sinar Technologies		3,600		87,228

				438,891

Energy Equipment & Services–0.54%
Bristow Group		1,130		61,529
Core Laboratories		975		101,878
Halliburton		18,600		816,168
†Pioneer Energy Services		3,520		19,078
†RigNet		3,420		97,778


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Energy Equipment & Services (continued)
Schlumberger		2,145	$	178,979

				1,275,410

Food & Staples Retailing–1.25%
Casey’s General Stores		3,935		354,543
CVS Health		11,768		1,214,575
Walgreens Boots Alliance		16,301		1,380,369

				2,949,487

Food Products–1.50%
Archer-Daniels-Midland		19,800		938,520
General Mills		3,770		213,382
J&J Snack Foods		1,470		156,849
Kraft Foods Group		14,533		1,266,042
Mondelez International		27,000		974,430

				3,549,223

Gas Utilities–0.02%
South Jersey Industries		930		50,480

				50,480

Health Care Equipment & Supplies–0.84%
Baxter International		13,800		945,300
CONMED		3,940		198,931
CryoLife		10,430		108,159
†DexCom		3,630		226,294
†Merit Medical Systems		5,430		104,527
†Quidel		5,960		160,801
West Pharmaceutical Services		4,050		243,851

				1,987,863

Health Care Providers & Services–1.23%
†Air Methods		3,710		172,849
Cardinal Health		10,400		938,808
†Express Scripts Holding		3,040		263,781
Quest Diagnostics		12,500		960,625
UnitedHealth Group		3,250		384,443
†WellCare Health Plans		2,000		182,920

				2,903,426

Hotels, Restaurants & Leisure–0.65%
†Buffalo Wild Wings		950		172,178
Cheesecake Factory		3,600		177,588
†Del Frisco’s Restaurant Group		7,360		148,304
Jack in the Box		2,130		204,310
McDonald’s		555		54,079
†Popeyes Louisiana Kitchen		3,440		205,781
Starbucks		2,970		281,259
Wynn Resorts		2,384		300,098

				1,543,597

Household Products–0.22%
Kimberly-Clark		1,400		149,954


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Household Products (continued)
Procter & Gamble		4,375	$	358,487

				508,441

Industrial Conglomerates–0.16%
General Electric		15,285		379,221

				379,221

Insurance–1.38%
Aflac		3,370		215,714
Allstate		13,500		960,795
American Equity Investment Life Holding		5,890		171,576
Fidelity & Guaranty Life		5,430		115,116
@Infinity Property & Casualty		1,600		131,280
Marsh & McLennan		16,200		908,658
Primerica		2,650		134,885
Prudential Financial		1,520		122,071
@Selective Insurance Group		5,000		145,250
Travelers		2,315		250,321
United Fire Group		3,410		108,336

				3,264,002

Internet & Catalog Retail–1.22%
†Liberty Interactive Class A		41,670		1,216,347
†Priceline Group		663		771,831
†Shutterfly		2,880		130,291
†TripAdvisor		9,197		764,914

				2,883,383

Internet Software & Services–2.39%
†Coupons.com		4,330		50,834
†eBay		24,746		1,427,349
†Endurance International Group Holdings		1,260		24,016
Equinix		5,336		1,242,488
†Facebook Class A		3,270		268,843
†Google Class A		1,713		950,201
†Google Class C		1,154		632,392
†GrubHub		4,000		181,560
@j2 Global		2,610		171,425
†SciQuest		7,570		128,160
†Yahoo		5,482		243,593
†Yelp		7,111		336,706

				5,657,567

IT Services–1.95%
Accenture Class A		3,000		281,070
Convergys		6,710		153,458
†ExlService Holdings		2,240		83,328
International Business Machines		405		65,003
†InterXion Holding		4,670		131,694
MasterCard Class A		15,140		1,307,945


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
IT Services (continued)
TeleTech Holdings		4,950	$	125,977
Visa Class A		23,262		1,521,567
Xerox		73,600		945,760

				4,615,802

Life Sciences Tools & Services–0.13%
Thermo Fisher Scientific		2,315		310,997

				310,997

Machinery–0.53%
Barnes Group		4,920		199,211
Caterpillar		815		65,224
Columbus McKinnon		5,630		151,672
Cummins		855		118,537
Deere		1,030		90,321
ESCO Technologies		3,920		152,802
Federal Signal		6,360		100,424
Kadant		4,230		222,540
Parker-Hannifin		1,280		152,038

				1,252,769

Media–0.65%
Cinemark Holdings		1,560		70,309
Comcast Class A		4,415		247,527
†Discovery Communications Class A		8,057		247,833
†Discovery Communications Class C		21,781		641,995
Disney (Walt)		1,150		120,623
National CineMedia		6,030		91,053
Regal Entertainment Group Class A		1,450		33,118
Viacom Class B		1,130		77,179

				1,529,637

Metals & Mining–0.12%
Kaiser Aluminum		1,820		139,940
Worthington Industries		5,280		140,501

				280,441

Multiline Retail–0.19%
Macy’s		3,730		242,114
Nordstrom		2,625		210,840

				452,954

Multi-Utilities–0.18%
MDU Resources Group		4,855		103,606
NorthWestern		2,900		155,991
Sempra Energy		1,515		165,165

				424,762

Oil, Gas & Consumable Fuels–3.03%
†Bonanza Creek Energy		2,160		53,266
†Carrizo Oil & Gas		3,170		157,391
Chevron		11,676		1,225,746
ConocoPhillips		13,800		859,188


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Oil, Gas & Consumable Fuels (continued)
†Diamondback Energy		1,840	$	141,386
EOG Resources		8,852		811,640
Exxon Mobil		4,050		344,250
Kinder Morgan		16,888		710,309
Marathon Oil		33,305		869,594
Occidental Petroleum		14,845		1,083,685
†Parsley Energy Class A		2,870		45,863
†RSP Permian		2,130		53,655
Williams		15,923		805,545

				7,161,518

Paper & Forest Products–0.16%
†Boise Cascade		3,250		121,745
International Paper		2,115		117,361
Neenah Paper		2,190		136,963

				376,069

Pharmaceuticals–3.11%
AbbVie		4,520		264,601
†Actavis		4,478		1,332,612
†Akorn		4,320		205,243
Johnson & Johnson		10,262		1,032,357
†Medicines		2,500		70,050
Merck		21,890		1,258,237
Perrigo		3,757		621,971
Pfizer		39,945		1,389,687
†Prestige Brands Holdings		3,230		138,535
†Valeant Pharmaceuticals International		5,300		1,052,686

				7,365,979

Professional Services–0.25%
Kforce		8,610		192,089
Nielsen		2,890		128,807
†On Assignment		3,210		123,168
†WageWorks		2,620		139,725

				583,789

Real Estate Investment Trusts–4.43%
American Campus Communities		1,550		66,449
American Realty Capital Properties		5,150		50,727
American Tower		2,415		227,372
Apartment Investment & Management		2,500		98,400
AvalonBay Communities		1,775		309,294
Boston Properties		2,350		330,128
Brandywine Realty Trust		7,675		122,647
Camden Property Trust		1,050		82,037
Corporate Office Properties Trust		2,000		58,760
Cousins Properties		4,875		51,675
Crown Castle International		13,458		1,110,823
DCT Industrial Trust		5,632		195,205
DDR		8,725		162,459
Douglas Emmett		4,800		143,088


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Real Estate Investment Trusts (continued)
Duke Realty		9,425	$	205,182
DuPont Fabros Technology		4,350		142,158
EastGroup Properties		1,810		108,853
EPR Properties		4,655		279,440
Equity Lifestyle Properties		1,325		72,809
Equity One		2,500		66,725
Equity Residential		4,675		363,995
Essex Property Trust		975		224,153
Extra Space Storage		1,275		86,152
Federal Realty Investment Trust		525		77,285
First Industrial Realty Trust		5,475		117,329
First Potomac Realty Trust		2,925		34,778
General Growth Properties		10,075		297,716
Health Care REIT		1,425		110,238
Healthcare Realty Trust		2,725		75,701
Healthcare Trust of America Class A		2,512		69,984
Highwoods Properties		2,700		123,606
Host Hotels & Resorts		15,410		310,974
Kilroy Realty		1,625		123,776
Kimco Realty		5,000		134,250
Kite Realty Group Trust		5,512		155,273
LaSalle Hotel Properties		5,855		227,525
Lexington Realty Trust		5,750		56,523
Liberty Property Trust		1,350		48,195
LTC Properties		500		23,000
Macerich		1,450		122,279
National Retail Properties		5,610		229,842
Pebblebrook Hotel Trust		1,950		90,811
Post Properties		1,700		96,781
Prologis		6,675		290,763
PS Business Parks		775		64,356
Public Storage		1,275		251,353
Ramco-Gershenson Properties Trust		11,320		210,552
Regency Centers		2,075		141,183
RLJ Lodging Trust		2,900		90,799
Sabra Health Care REIT		1,475		48,896
Simon Property Group		3,975		777,669
SL Green Realty		1,825		234,293
Sovran Self Storage		1,640		154,062
Spirit Realty Capital		7,325		88,486
†Strategic Hotels & Resorts		7,825		97,265
Tanger Factory Outlet Centers		2,875		101,114
Taubman Centers		725		55,919
UDR		4,325		147,180
Urban Edge Properties		1,350		31,995
Ventas		4,000		292,080
Vornado Realty Trust		2,700		302,400

				10,464,762

Road & Rail–0.25%
Hunt (J.B.) Transport Services		1,425		121,688


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Road & Rail (continued)
†Roadrunner Transportation Systems		3,500	$	88,445
†Swift Transportation		3,570		92,891
Union Pacific		2,735		296,228

				599,252

Semiconductors & Semiconductor Equipment–1.22%
†Applied Micro Circuits		18,280		93,228
Avago Technologies		1,715		217,771
Broadcom Class A		21,200		917,854
Intel		35,946		1,124,031
Maxim Integrated Products		5,750		200,157
†Semtech		6,500		173,193
†Synaptics		2,070		168,301

				2,894,535

Software–2.24%
†Adobe Systems		8,059		595,882
CA		29,871		974,093
†Callidus Software		8,600		109,048
†Electronic Arts		15,225		895,458
†Guidewire Software		2,970		156,252
Intuit		6,198		600,958
Microsoft		31,116		1,265,021
†Proofpoint		3,150		186,543
†salesforce.com		2,535		169,363
SS&C Technologies Holdings		3,220		200,606
†Tyler Technologies		1,180		142,225

				5,295,449

Specialty Retail–1.34%
†Boot Barn Holdings		1,910		45,687
DSW Class A		3,770		139,038
†Express		6,460		106,784
L Brands		10,506		990,611
Lowe’s		12,400		922,436
†Sally Beauty Holdings		14,061		483,277
Tractor Supply		2,515		213,926
†Urban Outfitters		5,670		258,835

				3,160,594

Technology Hardware, Storage & Peripherals–0.36%
Apple		5,165		642,681
EMC		8,070		206,269

				848,950

Textiles, Apparel & Luxury Goods–0.55%
†G-III Apparel Group		1,780		200,517
†Iconix Brand Group		4,440		149,495
†Madden (Steven)		5,910		224,580
NIKE Class B		7,281		730,503

				1,305,095


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Trading Companies & Distributors–0.07%
Applied Industrial Technologies		3,650	$	165,491

				165,491

Total U.S. Markets (Cost $63,998,858)				105,283,157

§DEVELOPED MARKETS–16.86%
Aerospace & Defense–0.26%
Meggitt		74,771		607,767

				607,767

Air Freight & Logistics–0.45%
Deutsche Post		33,821		1,053,885

				1,053,885

Airlines–0.17%
@Westjet Airlines Class VV		17,187		402,860

				402,860

Auto Components–0.39%
Sumitomo Rubber Industries		50,100		923,357

				923,357

Automobiles–0.61%
Toyota Motor		20,800		1,451,675

				1,451,675

Banks–2.38%
BNP Paribas		678		41,237
†ING Groep CVA		59,153		866,633
Mitsubishi UFJ Financial Group		225,600		1,397,001
Nordea Bank		109,163		1,329,665
Standard Chartered		74,688		1,209,659
UniCredit		116,311		788,886

				5,633,081

Beverages–0.61%
Carlsberg Class B		9,758		804,603
Coca-Cola Amatil		78,497		642,640

				1,447,243

Construction & Engineering–0.40%
Vinci		16,526		944,368

				944,368

Containers & Packaging–0.39%
Rexam		107,361		920,089

				920,089

Diversified Telecommunication Services–0.49%
Nippon Telegraph & Telephone		18,714		1,155,042

				1,155,042

Energy Equipment & Services–0.19%
†Saipem		37,171		378,173


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Energy Equipment & Services (continued)
Subsea 7		7,069	$	60,711

				438,884

Food & Staples Retailing–0.33%
Tesco		221,962		792,279

				792,279

Food Products–0.46%
†Aryzta		17,885		1,096,400

				1,096,400

Household Durables–0.29%
Techtronic Industries		202,000		681,023

				681,023

Industrial Conglomerates–0.39%
Koninklijke Philips		32,416		919,812

				919,812

Insurance–0.59%
AXA		54,991		1,384,336

				1,384,336

IT Services–0.98%
†CGI Group Class A		30,832		1,307,619
Teleperformance		14,686		1,006,644

				2,314,263

Life Sciences Tools & Services–0.09%
†ICON		3,090		217,938

				217,938

Media–0.16%
Publicis Groupe		4,931		380,530

				380,530

Metals & Mining–0.45%
Anglo American ADR		11,085		82,639
AuRico Gold		67,847		187,474
Rio Tinto		15,586		642,696
Yamana Gold		44,739		160,356

				1,073,165

Multi-Utilities–0.18%
National Grid		32,536		418,270

				418,270

Oil, Gas & Consumable Fuels–0.49%
Suncor Energy		20,200		590,220
TOTAL		11,678		580,586

				1,170,806

Pharmaceuticals–3.07%
Novartis		14,521		1,433,230
Novo Nordisk ADR		18,555		990,651


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Pharmaceuticals (continued)
Sanofi		13,206	$	1,304,455
STADA Arzneimittel		21,303		708,978
Teva Pharmaceutical Industries ADR		45,400		2,828,420

				7,265,734

Road & Rail–0.39%
East Japan Railway		11,472		919,144

				919,144

Software–0.18%
Playtech		36,062		414,785

				414,785

Specialty Retail–0.58%
Nitori Holdings		20,118		1,361,632

				1,361,632

Textiles, Apparel & Luxury Goods–0.62%
Kering		2,870		560,382
Yue Yuen Industrial Holdings		259,000		916,456

				1,476,838

Tobacco–0.38%
Japan Tobacco		28,300		894,551

				894,551

Trading Companies & Distributors–0.57%
ITOCHU		84,660		916,028
Rexel		22,477		423,900

				1,339,928

Wireless Telecommunication Services–0.32%
Tele2 Class B		64,147		767,254

				767,254

Total Developed Markets (Cost $31,259,953)				39,866,939

×EMERGING MARKETS–10.47%
Airlines–0.03%
Gol Linhas Aereas Inteligentes ADR		27,200		66,096

				66,096

Automobiles–0.16%
Hyundai Motor		877		132,877
Mahindra & Mahindra		12,890		245,858

				378,735

Banks–1.38%
Akbank		84,642		248,343
Banco Santander Brasil ADR		35,004		154,368
Bangkok Bank		39,193		221,994
China Construction Bank		351,239		291,524
Grupo Financiero Banorte Class O		22,000		127,582
ICICI Bank ADR		35,600		368,816


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Banks (continued)
Industrial & Commercial Bank of China		447,238	$	330,814
Itau Unibanco Holding ADR		22,472		248,540
†KB Financial Group ADR		10,503		369,075
Powszechna Kasa Oszczednosci Bank Polski		11,073		99,086
@=Sberbank		136,705		147,677
Shinhan Financial Group		7,467		280,665
Standard Bank Group		27,673		382,471

				3,270,955

Beverages–0.50%
†Anadolu Efes Biracilik Ve Malt Sanayii		26,082		217,583
Cia Cervecerias Unidas ADR		6,300		130,788
†Fomento Economico Mexicano ADR		3,165		295,927
@Lotte Chilsung Beverage		226		351,433
Tsingtao Brewery		26,072		174,825

				1,170,556

Building Products–0.22%
@KCC		1,033		526,391

				526,391

Chemicals–0.09%
Braskem ADR		16,068		111,512
Sociedad Quimica y Minera de Chile ADR		5,500		100,375

				211,887

Construction & Engineering–0.03%
†Empresas ICA ADR		19,000		61,940

				61,940

Construction Materials–0.42%
†Cemex ADR		38,255		362,275
†Cemex Latam Holdings		13,816		71,737
Siam Cement - Foreign		9,904		155,181
Siam Cement NVDR		7,859		123,603
Ultratech Cement		6,199		286,590

				999,386

Diversified Financial Services–0.15%
Reliance Capital		17,708		120,802
Remgro		10,875		238,021

				358,823

Diversified Telecommunication Services–0.15%
†KT ADR		12,066		157,823
Telefonica Brasil ADR		12,695		194,107

				351,930

Electronic Equipment, Instruments & Components–0.33%
Hon Hai Precision Industry		128,004		375,131


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Electronic Equipment, Instruments & Components (continued)
†LG Display ADR		17,791	$	254,589
Samsung SDI		1,255		154,208

				783,928

Food & Staples Retailing–0.16%
Cia Brasileira de Distribuicao ADR		5,400		161,028
Wal-Mart de Mexico Class V		83,577		208,306

				369,334

Food Products–0.54%
BRF ADR		12,599		249,208
China Mengniu Dairy		58,000		308,230
@Lotte Confectionery		152		244,631
Tingyi Cayman Islands Holding		99,541		214,312
@Uni-President China Holdings		407,600		269,713

				1,286,094

Hotels, Restaurants & Leisure–0.04%
@Arcos Dorados Holdings		19,600		96,628

				96,628

Household Durables–0.07%
LG Electronics		2,998		158,979

				158,979

Insurance–0.11%
Samsung Life Insurance		2,945		256,394

				256,394

Internet Software & Services–1.01%
†Baidu ADR		8,738		1,820,999
†SINA		5,296		170,319
†@Sohu.com		7,400		394,642

				2,385,960

IT Services–0.06%
†WNS Holdings ADR		6,210		151,027

				151,027

Media–0.26%
†Grupo Televisa ADR		18,514		611,147

				611,147

Metals & Mining–0.14%
†Anglo American Platinum		3,671		89,882
@Gerdau		18,100		43,095
Gerdau ADR		14,100		45,120
†Impala Platinum Holdings		7,671		37,099
Vale ADR		22,152		125,159

				340,355


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Multiline Retail–0.08%
Woolworths Holdings		28,251	$	200,323

				200,323

Oil, Gas & Consumable Fuels–1.40%
Cairn India		37,143		127,745
China Petroleum & Chemical		198,850		158,466
CNOOC ADR		1,177		166,922
@Gazprom ADR		50,996		240,053
Lukoil ADR		6,108		280,540
PetroChina ADR		1,836		204,182
†Petroleo Brasileiro ADR		44,869		269,663
Polski Koncern Naftowy Orlen		10,070		157,166
PTT-Foreign		23,078		229,007
#Reliance Industries GDR 144A		32,314		854,705
@Rosneft GDR		33,951		145,638
Sasol ADR		5,353		182,216
Tambang Batubara Bukit Asam Persero		133,400		109,373
YPF ADR		6,600		181,170

				3,306,846

Paper & Forest Products–0.20%
†Fibria Celulose ADR		26,010		367,521
Nine Dragons Paper Holdings		156,500		97,860

				465,381

Personal Products–0.10%
†Hypermarcas		37,200		229,703

				229,703

Real Estate Management & Development–0.07%
#@=Etalon Group GDR 144A		10,500		22,418
@UEM Sunrise		386,868		143,821

				166,239

Road & Rail–0.01%
America Latina Logistica		21,742		27,381

				27,381

Semiconductors & Semiconductor Equipment–0.54%
MediaTek		22,000		297,479
Taiwan Semiconductor Manufacturing		98,944		460,393
Taiwan Semiconductor Manufacturing ADR		13,100		307,588
United Microelectronics		432,000		214,298

				1,279,758

Technology Hardware, Storage & Peripherals–0.64%
Samsung Electronics		1,169		1,516,616

				1,516,616


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Transportation Infrastructure–0.01%
Santos Brasil Participacoes		9,575	$	32,757

				32,757

Wireless Telecommunication Services–1.57%
America Movil ADR		10,858		222,155
China Mobile		45,348		590,993
China Mobile ADR		5,893		383,222
MegaFon GDR		10,726		170,695
Mobile Telesystems ADR		9,700		97,970
MTN Group		12,693		214,001
SK Telecom ADR		42,600		1,159,146
Tim Participacoes ADR		28,200		467,556
Turkcell Iletisim Hizmetleri ADR		13,810		179,944
Vodacom Group		20,666		225,767

				3,711,449

Total Emerging Markets (Cost $24,821,102)				24,772,998

Total Common Stock (Cost $120,079,913)				169,923,094


CONVERTIBLE PREFERRED STOCK–0.08%
Alcoa 5.375% exercise price $19.39, expiration date 10/1/17		250		10,960
ArcelorMittal 6.00% exercise price $20.36, expiration date 12/21/15		500		7,633
Bank of America 7.25% exercise price $50.00, expiration date 12/31/49		13		14,913
#Chesapeake Energy 144A 5.75% exercise price $26.14, expiration date 12/31/49		13		11,261
Crown Castle International 4.50% exercise price $90.25, expiration date 11/1/16		150		15,725
Dominion Resources 6.125% exercise price $65.06, expiration date 4/1/16		158		8,873
@Dynegy 5.375% exercise price $38.75, expiration date 11/1/17		90		9,823
Exelon 6.50% exercise price $43.75, expiration date 6/1/17		150		7,297
Halcon Resources 5.75% exercise price $6.16, expiration date 12/31/49		14		4,133


	Number of Shares		Value (U.S. $)

CONVERTIBLE PREFERRED STOCK (continued)
HealthSouth 6.50% exercise price $29.70, expiration date 12/31/49		14	$	20,855
Huntington Bancshares 8.50% exercise price $11. 95, expiration date 12/31/49		14		18,662
Intelsat 5.75% exercise price $22.05, expiration date 5/1/16		539		18,757
Maiden Holdings 7.25% exercise price $15.35, expiration date 9/15/16		249		13,033
SandRidge Energy 8.50% exercise price $8.01, expiration date 12/31/49		138		5,261
T-Mobile US 5.50% exercise price $31.02, expiration date 12/15/17		222		13,023
Wells Fargo 7.50% exercise price $156.71, expiration date 12/31/49		13		15,899

Total Convertible Preferred Stock (Cost $221,733)				196,108


EXCHANGE-TRADED FUNDS–9.55%
iShares MSCI EAFE Growth Index ETF		163,775		11,472,439
iShares MSCI EAFE Index ETF		83,270		5,343,436
Vanguard FTSE Developed Markets ETF		144,660		5,761,808

Total Exchange-Traded Funds (Cost $16,390,029)				22,577,683


PREFERRED STOCK–0.11%
Alabama Power 5.625%		2,475		63,607
•Bank of America 6.10%		30,000		30,506
•Integrys Energy Group 6.00%		1,700		47,787
•Morgan Stanley 5.55%		55,000		55,687
National Retail Properties 5.70%		1,125		28,069
Public Storage 5.20%		1,200		29,064
U.S. Airways 0.00%		8		0

Total Preferred Stock (Cost $245,947)				254,720


	Principal Amount°

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.18%
Fannie Mae Grantor Trust
Series 2001-T7 A1 7.50% 2/25/41		50		60


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		904	$	1,033
Series 2003-26 AT 5.00% 11/25/32		18,479		19,071
Series 2010-41 PN 4.50% 4/25/40		65,000		71,193
•*Series 2012-122 SD 5.926% 11/25/42		86,277		20,966
*Series 2013-26 ID 3.00% 4/25/33		85,445		12,850
*Series 2013-38 AI 3.00% 4/25/33		82,769		11,727
*Series 2013-44 DI 3.00% 5/25/33		207,397		30,669
Series 2014-36 ZE 3.00% 6/25/44		35,885		33,193
Freddie Mac REMICs
Series 2326 ZQ 6.50% 6/15/31		7,450		8,592
Series 4065 DE 3.00% 6/15/32		10,000		10,276
*Series 4185 LI 3.00% 3/15/33		85,707		13,183
*Series 4191 CI 3.00% 4/15/33		87,010		11,840
GNMA Series 2010-113 KE 4.50% 9/20/40		155,000		173,402

Total Agency Collateralized Mortgage Obligations (Cost $403,844)				418,055


AGENCY MORTGAGE-BACKED SECURITIES–3.67%
Fannie Mae ARM
•2.42% 5/1/43		28,252		28,889
•2.546% 6/1/43		9,963		10,227
•3.196% 4/1/44		41,570		43,373
•3.266% 3/1/44		38,492		40,292
•3.31% 9/1/43		29,593		31,039
•5.141% 8/1/35		2,025		2,160
Fannie Mae S.F. 15 yr
2.50% 2/1/28		88,759		91,398
3.00% 5/1/28		6,593		6,919
3.50% 7/1/26		21,772		23,225
4.00% 5/1/25		14,294		15,199
4.00% 6/1/25		50,074		53,237
4.00% 11/1/25		99,560		107,409
4.00% 12/1/26		23,427		24,825
4.00% 1/1/27		152,653		164,184
4.00% 5/1/27		51,599		54,999
4.00% 8/1/27		28,315		30,093
4.50% 4/1/18		2,253		2,363
4.50% 5/1/20		574		605
4.50% 8/1/20		717		755
4.50% 10/1/20		766		808
4.50% 9/1/24		1,342		1,447


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 15 yr (continued)
4.50% 12/1/24		1,843	$	1,987
4.50% 4/1/25		11,889		12,818
5.00% 12/1/20		2,545		2,754
5.00% 6/1/23		4,957		5,380
Fannie Mae S.F. 15 yr TBA
2.50% 5/1/30		206,000		211,142
Fannie Mae S.F. 20 yr
3.00% 2/1/33		3,373		3,496
3.00% 8/1/33		13,251		13,736
3.50% 4/1/33		4,063		4,297
3.50% 9/1/33		19,031		20,329
4.00% 1/1/31		6,263		6,746
4.00% 2/1/31		18,867		20,319
5.00% 11/1/23		1,572		1,746
6.00% 9/1/29		14,412		16,414
Fannie Mae S.F. 30 yr
3.00% 7/1/42		25,658		26,295
3.00% 10/1/42		399,685		409,668
3.00% 12/1/42		63,729		65,321
3.00% 1/1/43		148,051		151,714
3.00% 2/1/43		13,440		13,774
3.00% 4/1/43		99,825		102,270
3.00% 5/1/43		86,579		88,689
4.00% 8/1/43		11,503		12,406
4.50% 7/1/36		8,303		9,090
4.50% 11/1/40		21,927		24,013
4.50% 3/1/41		45,888		50,295
4.50% 4/1/41		58,646		64,256
4.50% 7/1/41		16,150		17,707
4.50% 10/1/41		27,432		30,071
4.50% 1/1/42		542,726		593,837
4.50% 9/1/42		325,260		356,548
4.50% 12/1/43		1,561		1,702
4.50% 5/1/44		6,803		7,433
4.50% 6/1/44		37,459		40,994
5.00% 2/1/35		34,171		38,165
5.00% 4/1/35		8,043		8,958
5.00% 7/1/35		10,183		11,329
5.00% 10/1/35		24,166		26,887
5.00% 11/1/35		12,096		13,461
5.00% 4/1/37		6,477		7,210
5.00% 8/1/37		18,074		20,128
5.00% 2/1/38		6,741		7,499
5.50% 12/1/32		1,333		1,510
5.50% 2/1/33		19,445		22,030
5.50% 11/1/34		7,402		8,384
5.50% 12/1/34		32,505		36,788
5.50% 3/1/35		3,410		3,837
5.50% 5/1/35		11,872		13,421
5.50% 6/1/35		5,223		5,880
5.50% 1/1/36		3,816		4,313


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
5.50% 4/1/36		17,755	$	19,984
5.50% 5/1/36		3,333		3,761
5.50% 7/1/36		1,998		2,260
5.50% 9/1/36		39,197		44,389
5.50% 11/1/36		5,728		6,454
5.50% 1/1/37		23,343		26,292
5.50% 4/1/37		79,111		89,683
5.50% 8/1/37		7,709		8,704
5.50% 1/1/38		700		788
5.50% 2/1/38		12,302		13,905
5.50% 3/1/38		14,166		16,093
5.50% 6/1/38		52,535		59,116
5.50% 9/1/38		51,648		58,298
5.50% 12/1/38		28,125		31,833
5.50% 1/1/39		21,189		23,895
5.50% 2/1/39		81,014		91,550
5.50% 10/1/39		63,676		71,653
5.50% 7/1/40		18,817		21,182
5.50% 9/1/41		228,988		257,685
6.00% 5/1/36		25,128		28,720
6.00% 6/1/36		2,523		2,885
6.00% 7/1/36		5,283		6,017
6.00% 12/1/36		2,810		3,230
6.00% 2/1/37		8,298		9,478
6.00% 5/1/37		22,065		25,178
6.00% 6/1/37		1,464		1,688
6.00% 7/1/37		1,464		1,680
6.00% 8/1/37		18,857		21,567
6.00% 9/1/37		2,704		3,088
6.00% 11/1/37		3,847		4,426
6.00% 5/1/38		34,863		39,780
6.00% 7/1/38		974		1,112
6.00% 9/1/38		88,050		100,771
6.00% 10/1/38		30,635		35,001
6.00% 11/1/38		6,345		7,259
6.00% 1/1/39		12,937		14,790
6.00% 9/1/39		108,633		123,987
6.00% 3/1/40		11,201		12,782
6.00% 7/1/40		44,444		50,706
6.00% 9/1/40		10,244		11,694
6.00% 11/1/40		3,890		4,483
6.00% 5/1/41		104,800		119,736
6.50% 3/1/40		73,788		85,928
Fannie Mae S.F. 30 yr TBA
3.00% 5/1/45		1,806,000		1,841,944
3.50% 5/1/45		726,000		760,683
4.50% 5/1/45		336,000		365,636
Freddie Mac ARM
•2.342% 12/1/33		12,239		13,092
•2.482% 6/1/37		5,198		5,578
•2.532% 1/1/44		80,098		82,625


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 15 yr
3.50% 11/1/25		5,689	$	6,050
3.50% 6/1/26		5,990		6,366
3.50% 1/1/27		6,795		7,218
4.00% 5/1/25		3,974		4,232
4.50% 5/1/20		5,274		5,567
4.50% 7/1/25		4,562		4,919
4.50% 6/1/26		10,588		11,420
4.50% 9/1/26		16,693		18,027
5.50% 5/1/20		140,369		152,237
Freddie Mac S.F. 20 yr
3.00% 6/1/34		14,596		15,089
3.50% 1/1/34		30,729		32,414
Freddie Mac S.F. 30 yr
3.00% 10/1/42		29,097		29,760
3.00% 11/1/42		25,204		25,848
4.50% 6/1/39		4,471		4,872
4.50% 10/1/39		11,645		12,705
4.50% 4/1/41		79,296		86,675
5.50% 3/1/34		2,819		3,181
5.50% 12/1/34		2,576		2,912
5.50% 6/1/36		1,797		2,022
5.50% 11/1/36		2,322		2,599
5.50% 12/1/36		846		950
5.50% 9/1/37		3,678		4,129
5.50% 4/1/38		12,913		14,493
5.50% 6/1/38		1,365		1,532
5.50% 7/1/38		13,498		15,142
5.50% 6/1/39		14,027		15,734
5.50% 3/1/40		10,714		12,027
5.50% 8/1/40		6,523		7,315
5.50% 1/1/41		6,226		6,975
5.50% 6/1/41		74,377		83,351
6.00% 2/1/36		5,939		6,820
6.00% 1/1/38		3,784		4,295
6.00% 6/1/38		10,637		12,099
6.00% 8/1/38		13,601		15,527
6.00% 5/1/40		4,112		4,677
6.00% 7/1/40		23,175		26,480
6.50% 4/1/39		15,174		17,383
GNMA I S.F. 30 yr 5.00% 6/15/40		5,686		6,341

Total Agency Mortgage-Backed Securities (Cost $8,526,602)				8,672,945


COMMERCIAL MORTGAGE-BACKED SECURITIES–1.18%
Banc of America Commercial Mortgage Trust
•Series 2006-1 AM 5.421% 9/10/45		10,000		10,274


	Principal Amount°		Value (U.S. $)

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Banc of America Commercial Mortgage Trust (continued)
•Series 2007-4 AM 5.821% 2/10/51		40,000	$	43,461
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PWR18 A4 5.70% 6/11/50		25,000		27,060
CD Commercial Mortgage Trust
•Series 2005-CD1 AM 5.225% 7/15/44		50,000		50,771
•Series 2005-CD1 C 5.225% 7/15/44		15,000		15,215
Citigroup Commercial Mortgage Trust
Series 2014-GC25 A4 3.635% 10/10/47		45,000		48,001
Series 2015-GC27 A5 3.137% 2/10/48		15,000		15,361
COMM Mortgage Trust
Series 2014-CR19 A5 3.796% 8/10/47		25,000		27,014
Series 2014-CR20 A4 3.59% 11/10/47		70,000		74,468
Series 2014-CR20 AM 3.938% 11/10/47		35,000		37,380
Series 2014-CR21 A3 3.528% 12/10/47		35,000		37,055
#Series 2015-3BP A 144A 3.178% 2/10/35		100,000		102,354
Series 2015-DC1 A5 3.35% 2/10/48		25,000		26,069
Commercial Mortgage Trust Series 2007-GG9 AM 5.475% 3/10/39		25,000		26,366
•Credit Suisse First Boston Mortgage Securities Series 2005-C5 AM 5.10% 8/15/38		25,000		25,191
#•DB-UBS Mortgage Trust Series 2011-LC1A C 144A 5.558% 11/10/46		100,000		113,478
FREMF Mortgage Trust
#•Series 2011-K10 B 144A 4.618% 11/25/49		25,000		27,428
#•Series 2011-K15 B 144A 4.932% 8/25/44		10,000		11,121
#•Series 2011-K702 B 144A 4.771% 4/25/44		10,000		10,742
#•Series 2011-K703 B 144A 4.884% 7/25/44		10,000		10,800
#•Series 2012-K19 B 144A 4.037% 5/25/45		10,000		10,684


	Principal Amount°		Value (U.S. $)

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
FREMF Mortgage Trust (continued)
#•Series 2012-K22 B 144A 3.687% 8/25/45		35,000	$	36,357
#•Series 2012-K22 C 144A 3.687% 8/25/45		30,000		30,295
#•Series 2012-K707 B 144A 3.883% 1/25/47		15,000		15,722
#•Series 2012-K708 B 144A 3.761% 2/25/45		45,000		46,974
#•Series 2012-K708 C 144A 3.761% 2/25/45		10,000		10,242
#•Series 2013-K26 C 144A 3.60% 12/25/45		15,000		15,035
#•Series 2013-K30 C 144A 3.556% 6/25/45		30,000		29,601
#•Series 2013-K31 C 144A 3.627% 7/25/46		65,000		64,827
#•Series 2013-K33 B 144A 3.504% 8/25/46		30,000		30,706
#•Series 2013-K33 C 144A 3.504% 8/25/46		20,000		19,797
#•Series 2013-K712 144A 3.369% 5/25/45		70,000		72,025
#•Series 2013-K713 144A 3.165% 4/25/46		75,000		76,449
#•Series 2013-K713 C 144A 3.165% 4/25/46		45,000		44,625
#•Series 2014-K716 C 144A 3.954% 8/25/47		20,000		20,477
#GRACE Mortgage Trust Series 2014-GRCE A 144A 3.369% 6/10/28		700,000		739,696
#GS Mortgage Securities Trust Series 2010-C1 A2 144A 4.592% 8/10/43		100,000		111,666
#Hilton USA Trust Series 2013-HLT BFX 144A 3.367% 11/5/30		100,000		101,271
#Houston Galleria Mall Trust Series 2015-HGLR A1A2 144A 3.087% 3/5/37		100,000		101,062
JPMBB Commercial Mortgage Securities Trust
Series 2014-C18 A1 1.254% 2/15/47		50,024		49,997
•Series 2014-C22 B 4.562% 9/15/47		15,000		16,387
JPMorgan Chase Commercial Mortgage Securities Trust
•Series 2005-CB11 E 5.724% 8/12/37		15,000		16,291


	Principal Amount°		Value (U.S. $)

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust (continued)
•Series 2005-LDP4 AJ 5.04% 10/15/42		60,000	$	60,444
•Series 2005-LDP5 D 5.382% 12/15/44		25,000		25,528
Series 2006-LDP8 AM 5.44% 5/15/45		89,000		93,477
LB-UBS Commercial Mortgage Trust
Series 2004-C1 A4 4.568% 1/15/31		3,759		3,824
•Series 2006-C6 AJ 5.452% 9/15/39		35,000		36,705
Series 2006-C6 AM 5.413% 9/15/39		35,000		36,936
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C18 A4 3.923% 10/15/47		20,000		21,811
Series 2014-C19 AS 3.832% 12/15/47		10,000		10,554
Morgan Stanley Capital I Trust
•Series 2005-HQ7 AJ 5.204% 11/14/42		50,000		50,636
•Series 2006-T21 AM 5.204% 10/12/52		35,000		35,889
WF-RBS Commercial Mortgage Trust Series 2014-C23 A5 3.917% 10/15/57		20,000		21,858


Total Commercial Mortgage-Backed Securities (Cost $2,753,492)				2,797,457


CONVERTIBLE BONDS–0.20%
Alaska Communications Systems Group 6.25% exercise price $10.28, expiration date 4/27/18		24,000		23,655
BGC Partners 4.50% exercise price $9.84, expiration date 7/13/16		11,000		11,990
BioMarin Pharmaceutical 1.50% exercise price $94.15, expiration date 10/13/20		12,000		18,233
Blackstone Mortgage Trust 5.25% exercise price $28. 66, expiration date 12/1/18		21,000		21,906
#Campus Crest Communities Operating Partnership 144A 4.75% exercise price $12.56, expiration date 10/11/18		13,000		12,586
Cardtronics 1.00% exercise price $52.35, expiration date 11/27/20		19,000		18,893


	Principal Amount°		Value (U.S. $)

CONVERTIBLE BONDS (continued)
Cemex 3.25% exercise price $9.65, expiration date 3/9/16		14,000	$	15,741
Chart Industries 2.00% exercise price $69.03, expiration date 7/30/18		5,000		4,834
Chesapeake Energy 2.25% exercise price $80.28, expiration date 12/14/38		11,000		10,037
Chesapeake Energy 2.50% exercise price $47.77, expiration date 5/15/37		12,000		11,557
#Ciena 144A 3.75% exercise price $20.17, expiration date 10/15/18		13,000		15,998
Gain Capital Holdings 4.125% exercise price $12.00, expiration date 11/30/18		6,000		6,469
fGeneral Cable 4.50% exercise price $34.47, expiration date 11/15/29		19,000		15,141
Gilead Sciences 1.625% exercise price $22.71, expiration date 4/29/16		4,000		17,240
Illumina 0.25% exercise price $83.55, expiration date 3/11/16		5,000		11,066
Intel 3.25% exercise price $21.47, expiration date 8/1/39		5,000		7,903
Jefferies Group 3.875% exercise price $44.94, expiration date 10/31/29		17,000		17,244
#Lexington Realty Trust 144A 6.00% exercise price $6.60, expiration date 1/11/30		7,000		10,163
Liberty Interactive 0.75% exercise price $1,000.00, expiration date 3/30/43		19,000		26,612
#Liberty Interactive 144A 1.00% exercise price $64.31, expiration date 9/28/43		14,000		13,755
Mylan 3.75% exercise price $13.32, expiration date 9/10/15		5,000		22,253
Novellus Systems 2.625% exercise price $34.78, expiration date 5/14/41		10,000		20,469
NuVasive 2.75% exercise price $42.13, expiration date 6/30/17		16,000		20,060
#NXP Semiconductors 144A 1.00% exercise price $102.84, expiration date 11/27/19		8,000		9,570


	Principal Amount°		Value (U.S. $)

CONVERTIBLE BONDS (continued)
#Oclaro 144A 6.00% exercise price $1.95, expiration date 2/14/20		4,000	$	4,893
Peabody Energy 4.75% exercise price $57.15, expiration date 12/15/41		19,000		6,804
#PROS Holdings 144A 2.00% exercise price $33.79, expiration date 11/27/19		9,000		9,293
SanDisk 1.50% exercise price $51.16, expiration date 8/11/17		8,000		10,935
Spectrum Pharmaceuticals 2.75% exercise price $10.53, expiration date 12/13/18		5,000		4,597
Spirit Realty Capital 3.75% exercise price $13.10, expiration date 5/13/21		15,000		15,019
Titan Machinery 3.75% exercise price $43.17, expiration date 4/30/19		5,000		3,475
#TPG Specialty Lending 144A 4.50% exercise price $25.83, expiration date 12/15/19		17,000		16,979
#Vantage Drilling 144A 5.50% exercise price $2.39, expiration date 7/15/43		21,000		12,810
Vector Group 1.75% exercise price $25.87, expiration date 4/15/20		16,000		17,220
•Vector Group 2.50% exercise price $16.78, expiration date 1/14/19		7,000		9,903

Total Convertible Bonds (Cost $429,614)				475,303


CORPORATE BONDS–9.20%
Aerospace & Defense–0.03%
Lockheed Martin 3.80% 3/1/45		20,000		19,969
TransDigm
6.00% 7/15/22		30,000		30,150
6.50% 7/15/24		25,000		25,250

				75,369

Air Freight & Logistics–0.04%
#Aviation Capital Group 144A 6.75% 4/6/21		40,000		45,579
United Parcel Service 5.125% 4/1/19		45,000		51,216

				96,795


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Airlines–0.06%
#tAir Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27			25,000	$	25,000
tAmerican Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26			25,000		25,875
tAmerican Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27			25,000		25,187
tUnited Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26			20,000		21,100
tUnited Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26			45,000		46,913

					144,075

Auto Components–0.11%
American Axle & Manufacturing 6.25% 3/15/21			35,000		37,013
BorgWarner 3.375% 3/15/25			10,000		10,314
Dana Holding 5.50% 12/15/24			12,000		12,420
Lear 5.25% 1/15/25			85,000		87,125
TRW Automotive
#144A 4.45% 12/1/23			70,000		70,700
#144A 4.50% 3/1/21			40,000		40,400

					257,972

Automobiles–0.14%
Daimler 2.75% 12/10/18	NOK		320,000		41,779
Ford Motor 7.45% 7/16/31			51,000		70,595
General Motors
3.50% 10/2/18			80,000		82,365
5.00% 4/1/35			40,000		42,819
#Hyundai Capital America 144A 2.55% 2/6/19			50,000		50,897
Toyota Finance Australia 3.04% 12/20/16	NZD		50,000		36,906

					325,361

Beverages–0.07%
#Pernod-Ricard 144A 5.75% 4/7/21			150,000		174,295

					174,295

Biotechnology–0.08%
Celgene
3.95% 10/15/20			55,000		59,425
4.625% 5/15/44			10,000		10,680
Gilead Sciences
3.50% 2/1/25			50,000		52,791
4.50% 2/1/45			10,000		11,072


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Biotechnology (continued)
Immucor 11.125% 8/15/19		55,000	$	59,331

				193,299

Building Products–0.04%
#Builders FirstSource 144A 7.625% 6/1/21		20,000		20,200
Nortek 8.50% 4/15/21		60,000		64,500

				84,700

Capital Markets–0.08%
Affiliated Managers Group 3.50% 8/1/25		40,000		40,036
Bank of New York Mellon 2.15% 2/24/20		10,000		10,089
E*TRADE Financial 4.625% 9/15/23		30,000		30,600
Jefferies Group
5.125% 1/20/23		20,000		20,793
6.45% 6/8/27		25,000		27,125
6.50% 1/20/43		15,000		14,973
Lazard Group 6.85% 6/15/17		28,000		31,123
State Street 3.10% 5/15/23		25,000		25,333

				200,072

Chemicals–0.37%
CF Industries
6.875% 5/1/18		95,000		108,378
7.125% 5/1/20		50,000		60,313
Dow Chemical
3.50% 10/1/24		20,000		20,350
8.55% 5/15/19		223,000		279,450
#Grace (W.R.) 144A 5.125% 10/1/21		20,000		20,800
LYB International Finance 4.875% 3/15/44		5,000		5,392
LyondellBasell Industries 4.625% 2/26/55		100,000		100,028
Methanex 4.25% 12/1/24		55,000		55,834
#NOVA Chemicals 144A 5.00% 5/1/25		63,000		65,993
PolyOne 5.25% 3/15/23		25,000		26,063
Potash of Saskatchewan 3.00% 4/1/25		35,000		35,120
PPG Industries 2.30% 11/15/19		35,000		35,434
Rockwood Specialties Group 4.625% 10/15/20		30,000		31,313
#TPC Group 144A 8.75% 12/15/20		25,000		23,000

				867,468


		Principal		Value
		Amount°		(U.S. $)

CORPORATE BONDS (continued)
Commercial Banks–0.53%
Australia & New Zealand Banking Group 2.625% 12/10/18	CAD		25,000	$	20,631
BB&T 2.45% 1/15/20			35,000		35,628
#BBVA Banco Continental 144A 5.00% 8/26/22			25,000		26,700
#BBVA Bancomer 144A 7.25% 4/22/20			100,000		111,000
City National 5.25% 9/15/20			45,000		51,716
Cooperatieve Centrale Raiffeisen-Boerenleenbank 4.25% 1/13/22	AUD		12,000		9,642
KeyBank 5.45% 3/3/16			250,000		260,173
•National City Bank 0.634% 6/7/17			335,000		333,540
Northern Trust 3.95% 10/30/25			30,000		32,270
#•PNC Preferred Funding Trust II 144A 1.493% 3/31/49			100,000		92,000
•USB Capital IX 3.50% 10/29/49			275,000		228,937
•Wells Fargo 5.875% 6/15/50			20,000		21,204
Zions Bancorp 4.50% 6/13/23			20,000		21,187

					1,244,628

Commercial Services & Supplies–0.22%
#Algeco Scotsman Global Finance 144A 8.50% 10/15/18			200,000		199,250
#Brambles USA 144A 3.95% 4/1/15			20,000		20,000
#CDK Global 144A 4.50% 10/15/24			30,000		30,979
HD Supply
7.50% 7/15/20			15,000		16,125
11.50% 7/15/20			30,000		34,837
#Prestige Brands 144A 5.375% 12/15/21			55,000		55,963
Service International 5.375% 5/15/24			35,000		36,750
Spectrum Brands 6.375% 11/15/20			35,000		37,275
United Rentals North America
4.625% 7/15/23			35,000		35,481
5.75% 11/15/24			55,000		57,063

					523,723

Computers & Peripherals–0.06%
Apple 3.45% 2/9/45			10,000		9,518
NetApp 3.25% 12/15/22			40,000		39,625
Seagate HDD Cayman
#144A 4.75% 1/1/25			40,000		41,500
#144A 5.75% 12/1/34			50,000		53,601

					144,244


		Principal		Value
		Amount°		(U.S. $)

CORPORATE BONDS (continued)
Construction & Engineering–0.02%
AECOM
#144A 5.75% 10/15/22			10,000	$	10,375
#144A 5.875% 10/15/24			39,000		41,047

					51,422

Construction Materials–0.09%
#Cemex 144A 4.375% 3/5/23	EUR		100,000		107,948
MUFG Americas Holdings
2.25% 2/10/20			30,000		30,092
3.00% 2/10/25			70,000		69,354

					207,394

Consumer Finance–0.09%
Ally Financial
4.125% 2/13/22			15,000		14,663
4.625% 3/30/25			85,000		83,937
General Motors Financial
4.00% 1/15/25			15,000		15,329
4.375% 9/25/21			35,000		37,217
SunTrust Banks 2.35% 11/1/18			60,000		60,984

					212,130

Containers & Packaging–0.06%
Berry Plastics 5.50% 5/15/22			25,000		25,719
#BWAY Holding 144A 9.125% 8/15/21			50,000		52,250
#Consolidated Container 144A 10.125% 7/15/20			20,000		17,500
#Plastipak Holdings 144A 6.50% 10/1/21			50,000		51,125

					146,594

Diversified Consumer Services–0.05%
#Red de Carreteras de Occidente 144A 9.00% 6/10/28	MXN		2,000,000		126,795

					126,795

Diversified Financial Services–0.50%
Bank of America 4.25% 10/22/26			50,000		51,688
CME Group 3.00% 3/15/25			40,000		40,457
#ERAC USA Finance 144A 4.50% 2/15/45			10,000		10,158
General Electric Capital
2.10% 12/11/19			70,000		71,426
2.20% 1/9/20			30,000		30,351
4.25% 1/17/18	NZD		50,000		37,673
5.55% 5/4/20			30,000		34,969
6.00% 8/7/19			56,000		65,482
•7.125% 12/15/49			100,000		117,750
Goldman Sachs Group
2.60% 4/23/20			115,000		116,358
5.20% 12/17/19	NZD		33,000		25,281


		Principal		Value
		Amount°		(U.S. $)

CORPORATE BONDS (continued)
Diversified Financial Services (continued)
JPMorgan Chase
•0.886% 1/28/19			26,000	$	26,073
4.125% 12/15/26			135,000		140,279
•6.75% 8/29/49			30,000		32,700
Morgan Stanley
4.35% 9/8/26			55,000		57,732
5.00% 9/30/21	AUD		14,000		11,431
National Rural Utilities Cooperative Finance
2.85% 1/27/25			45,000		45,406
•4.75% 4/30/43			60,000		60,330
#Peachtree Corners Funding Trust 144A 3.976% 2/15/25			100,000		101,649
#SUAM Finance 144A 4.875% 4/17/24			100,000		103,750

					1,180,943

Diversified Telecommunication Services–0.48%
AT&T
4.35% 6/15/45			30,000		28,812
5.35% 9/1/40			60,000		65,714
Bell Canada 3.35% 3/22/23	CAD		19,000		15,803
CenturyLink
5.80% 3/15/22			120,000		125,550
6.75% 12/1/23			45,000		49,725
Hughes Satellite Systems 7.625% 6/15/21			15,000		16,556
Intelsat Luxembourg 8.125% 6/1/23			115,000		106,375
Level 3 Financing 5.375% 8/15/22			55,000		56,873
Motorola Solutions 4.00% 9/1/24			65,000		67,297
Orange 5.50% 2/6/44			45,000		53,635
SBA Tower Trust
#144A 2.24% 4/16/18			40,000		40,030
#144A 2.898% 10/15/19			25,000		25,304
#SES 144A 3.60% 4/4/23			75,000		78,702
Telefonica Emisiones 6.421% 6/20/16			75,000		79,714
Verizon Communications
4.40% 11/1/34			75,000		76,650
4.862% 8/21/46			115,000		120,694
5.15% 9/15/23			70,000		80,310
Windstream
7.50% 4/1/23			15,000		14,400
7.75% 10/1/21			30,000		30,075

					1,132,219

Electric Utilities–0.47%
Berkshire Hathaway Energy 3.75% 11/15/23			110,000		117,471


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Cleveland Electric Illuminating 5.50% 8/15/24		5,000	$	6,032
ComEd Financing III 6.35% 3/15/33		60,000		61,971
Dominion Gas Holdings 3.60% 12/15/24		115,000		120,819
DTE Energy 2.40% 12/1/19		45,000		45,782
#•Electricite de France 144A 5.25% 12/29/49		100,000		104,600
Entergy Arkansas 3.70% 6/1/24		20,000		21,454
Great Plains Energy 4.85% 6/1/21		30,000		33,596
Indiana Michigan Power 3.20% 3/15/23		15,000		15,431
IPALCO Enterprises 5.00% 5/1/18		45,000		47,925
ITC Holdings 3.65% 6/15/24		65,000		67,499
LG&E & KU Energy
3.75% 11/15/20		60,000		63,576
4.375% 10/1/21		115,000		127,109
#Metropolitan Edison 144A 4.00% 4/15/25		30,000		31,403
NextEra Energy Capital Holdings
2.40% 9/15/19		65,000		65,831
3.625% 6/15/23		25,000		26,211
NV Energy 6.25% 11/15/20		65,000		77,237
Pennsylvania Electric 5.20% 4/1/20		55,000		60,955
#Trans-Allegheny Interstate Line 144A 3.85% 6/1/25		15,000		15,701

				1,110,603

Electronic Equipment, Instruments & Components–0.07%
CDW 5.00% 9/1/23		10,000		10,175
Thermo Fisher Scientific
2.40% 2/1/19		60,000		60,898
4.15% 2/1/24		85,000		91,946

				163,019

Energy Equipment & Services–0.02%
Bristow Group 6.25% 10/15/22		35,000		33,425
Exterran Partners 6.00% 4/1/21		15,000		13,875

				47,300

Food & Staples Retailing–0.02%
Walgreens Boots Alliance 3.80% 11/18/24		55,000		56,979

				56,979

Food Products–0.08%
Campbell Soup 3.30% 3/19/25		55,000		56,036
Smithfield Foods 6.625% 8/15/22		25,000		26,844


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Food Products (continued)
Smucker (J.M.)
#144A 3.00% 3/15/22		15,000	$	15,249
#144A 3.50% 3/15/25		65,000		66,961
#144A 4.25% 3/15/35		20,000		20,785

				185,875

Gas Utilities–0.02%
AmeriGas Finance 7.00% 5/20/22		40,000		43,100

				43,100

Health Care Equipment & Supplies–0.21%
Becton Dickinson 3.734% 12/15/24		50,000		52,434
Boston Scientific
2.65% 10/1/18		5,000		5,059
6.00% 1/15/20		80,000		92,178
CareFusion 6.375% 8/1/19		75,000		87,769
Kinetic Concepts 10.50% 11/1/18		35,000		37,975
Medtronic
#144A 3.15% 3/15/22		30,000		31,180
#144A 3.50% 3/15/25		110,000		115,138
Zimmer Holdings
3.15% 4/1/22		20,000		20,261
3.55% 4/1/25		60,000		61,320

				503,314

Health Care Providers & Services–0.21%
Air Medical Group Holdings 9.25% 11/1/18		7,000		7,385
Community Health Systems 6.875% 2/1/22		45,000		48,319
DaVita Healthcare Partners 5.125% 7/15/24		90,000		91,969
#Fresenius Medical Care US Finance II 144A 5.875% 1/31/22		40,000		44,200
HCA 5.375% 2/1/25		125,000		131,719
HealthSouth
5.125% 3/15/23		10,000		10,225
5.75% 11/1/24		10,000		10,450
Highmark
#144A 4.75% 5/15/21		40,000		42,128
#144A 6.125% 5/15/41		20,000		21,478
#Milacron 144A 7.75% 2/15/21		30,000		31,200
Tenet Healthcare 6.00% 10/1/20		58,000		61,625

				500,698

Hotels, Restaurants & Leisure–0.26%
#Caesars Growth Properties Holdings 144A 9.375% 5/1/22		35,000		27,037


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Hotels, Restaurants & Leisure (continued)
International Game Technology 5.35% 10/15/23		75,000	$	76,209
#Landry’s 144A 9.375% 5/1/20		20,000		21,550
Marriott International 3.375% 10/15/20		40,000		41,941
MGM Resorts International 6.00% 3/15/23		85,000		87,763
#PF Chang’s China Bistro 144A 10.25% 6/30/20		15,000		15,600
Pinnacle Entertainment 7.50% 4/15/21		40,000		42,400
Starwood Hotels & Resorts Worldwide
3.75% 3/15/25		35,000		35,992
4.50% 10/1/34		10,000		10,439
Wyndham Worldwide
4.25% 3/1/22		5,000		5,226
5.625% 3/1/21		55,000		62,184
Wynn Las Vegas
5.375% 3/15/22		15,000		15,600
#144A 5.50% 3/1/25		180,000		183,150

				625,091

Independent Power Producers & Energy Traders–0.10%
AES
5.50% 3/15/24		45,000		45,113
5.50% 4/15/25		50,000		49,500
Calpine 5.375% 1/15/23		30,000		30,150
Dynegy Finance I/II
#144A 6.75% 11/1/19		15,000		15,544
#144A 7.375% 11/1/22		20,000		21,100
#144A 7.625% 11/1/24		80,000		84,100

				245,507

Industrial Conglomerates–0.02%
#Gates Global 144A 6.00% 7/15/22		50,000		47,437

				47,437

Insurance–0.31%
American International Group 3.875% 1/15/35		70,000		70,592
Berkshire Hathaway Finance 2.90% 10/15/20		55,000		58,163
•Chubb 6.375% 3/29/67		55,000		58,575
#Five Corners Funding Trust 144A 4.419% 11/15/23		100,000		107,475
#HUB International 144A 7.875% 10/1/21		50,000		51,375
MetLife 6.817% 8/15/18		85,000		99,141
Prudential Financial
•5.625% 6/15/43		20,000		21,300
•5.875% 9/15/42		55,000		60,019


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Insurance (continued)
TIAA Asset Management Finance
#144A 2.95% 11/1/19		35,000	$	35,909
#144A 4.125% 11/1/24		80,000		84,607
#USI 144A 7.75% 1/15/21		10,000		10,300
•Voya Financial 5.65% 5/15/53		35,000		36,750
XLIT
4.45% 3/31/25		20,000		20,170
•6.50% 12/29/49		35,000		31,063

				745,439

Internet & Catalog Retail–0.09%
#Netflix 144A 5.875% 2/15/25		110,000		113,437
Priceline Group 3.65% 3/15/25		90,000		91,777

				205,214

Internet Software & Services–0.12%
Baidu 3.25% 8/6/18		200,000		207,505
Equinix
4.875% 4/1/20		23,000		23,863
5.375% 4/1/23		52,000		54,236

				285,604

IT Services–0.04%
First Data
11.25% 1/15/21		49,000		55,860
11.75% 8/15/21		20,000		23,225
Xerox 6.35% 5/15/18		5,000		5,651

				84,736

Machinery–0.10%
Crane
2.75% 12/15/18		15,000		15,391
4.45% 12/15/23		60,000		64,322
Ingersoll-Rand Global Holding
4.25% 6/15/23		55,000		58,827
LSB Industries 7.75% 8/1/19		10,000		10,475
Meritor 6.75% 6/15/21		25,000		26,000
Parker Hannifin 3.30% 11/21/24		5,000		5,256
Trinity Industries 4.55% 10/1/24		50,000		50,361

				230,632

Media–0.74%
CC Holdings GS V 3.849% 4/15/23		15,000		15,212
CCO Holdings 5.25% 9/30/22		25,000		25,656
CCOH Safari 5.75% 12/1/24		90,000		92,925
#Columbus International 144A 7.375% 3/30/21		200,000		211,000
Comcast 3.375% 2/15/25		155,000		162,298
#Cox Communications 144A 3.85% 2/1/25		65,000		67,077
#CSC Holdings 144A 5.25% 6/1/24		105,000		107,363


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Media (continued)
DISH DBS 5.00% 3/15/23		75,000	$	73,110
Gray Television 7.50% 10/1/20		80,000		84,600
Historic TW 6.875% 6/15/18		175,000		203,673
Lamar Media 5.00% 5/1/23		35,000		35,963
#MDC Partners 144A 6.75% 4/1/20		30,000		31,725
#Nielsen Finance 144A 5.00% 4/15/22		35,000		35,350
#SES GLOBAL Americas Holdings 144A 5.30% 3/25/44		110,000		123,909
Sinclair Television Group
5.375% 4/1/21		45,000		46,350
#144A 5.625% 8/1/24		5,000		5,113
Sirius XM Radio
#144A 5.375% 4/15/25		35,000		35,263
#144A 6.00% 7/15/24		55,000		57,887
Time Warner Cable 8.25% 4/1/19		108,000		132,214
#Univision Communications 144A 5.125% 5/15/23		25,000		25,500
Viacom 4.85% 12/15/34		115,000		119,177
WPP Finance 2010 5.625% 11/15/43		55,000		65,063

				1,756,428

Metals & Mining–0.30%
AK Steel 7.625% 5/15/20		25,000		21,625
ArcelorMittal 10.60% 6/1/19		145,000		177,897
FMG Resources August 2006
#144A 6.875% 4/1/22		79,000		58,657
#144A 8.25% 11/1/19		12,000		10,365
#Gerdau Holdings 144A 7.00% 1/20/20		100,000		107,250
#Lundin Mining 144A 7.50% 11/1/20		25,000		26,000
Novelis 8.75% 12/15/20		50,000		53,813
Ryerson
9.00% 10/15/17		25,000		25,313
11.25% 10/15/18		6,000		6,120
#Tupy Overseas 144A 6.625% 7/17/24		200,000		193,000
Yamana Gold 4.95% 7/15/24		25,000		24,625

				704,665

Multi-Utilities–0.25%
Ameren Illinois 9.75% 11/15/18		263,000		334,182
CMS Energy 6.25% 2/1/20		60,000		70,964
•Integrys Energy Group 6.11% 12/1/66		85,000		83,332
Puget Energy 6.00% 9/1/21		35,000		41,382


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Multi-Utilities (continued)
•Wisconsin Energy 6.25% 5/15/67		50,000	$	50,123

				579,983

Oil, Gas & Consumable Fuels–1.25%
Anadarko Petroleum 4.50% 7/15/44		15,000		15,408
California Resources
#144A 5.50% 9/15/21		25,000		22,305
#144A 6.00% 11/15/24		30,000		26,475
Chaparral Energy 7.625% 11/15/22		10,000		6,800
Chesapeake Energy
4.875% 4/15/22		60,000		56,550
5.75% 3/15/23		45,000		44,100
Chevron
1.961% 3/3/20		45,000		45,319
2.411% 3/3/22		25,000		25,070
Cimarex Energy 4.375% 6/1/24		25,000		24,937
ConocoPhillips 4.30% 11/15/44		25,000		26,602
Continental Resources 4.50% 4/15/23		105,000		102,075
•Enbridge Energy Partners 8.05% 10/1/37		125,000		134,687
Energy Transfer Partners
4.05% 3/15/25		55,000		55,576
4.90% 3/15/35		20,000		19,928
5.15% 3/15/45		30,000		30,302
9.70% 3/15/19		65,000		81,773
EnLink Midstream Partners 5.05% 4/1/45		45,000		45,952
•Enterprise Products Operating 7.034% 1/15/68		130,000		140,635
EOG Resources 3.15% 4/1/25		40,000		40,846
Exxon Mobil
2.397% 3/6/22		25,000		25,220
2.709% 3/6/25		90,000		91,033
Freeport-McMoran Oil & Gas 6.50% 11/15/20		23,000		24,466
#Kinder Morgan 144A 5.00% 2/15/21		25,000		26,754
Kinder Morgan Energy Partners 9.00% 2/1/19		115,000		140,197
Laredo Petroleum 7.375% 5/1/22		50,000		51,813
MarkWest Energy Partners 4.875% 12/1/24		70,000		71,918
Murphy Oil USA 6.00% 8/15/23		60,000		64,650
Newfield Exploration
5.375% 1/1/26		50,000		50,600
5.625% 7/1/24		45,000		47,025


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Noble Energy
3.90% 11/15/24		20,000	$	20,387
5.05% 11/15/44		35,000		36,869
Noble Holding International 4.00% 3/16/18		5,000		5,031
Oasis Petroleum 6.875% 3/15/22		45,000		44,100
ONEOK Partners 3.80% 3/15/20		25,000		25,519
PDC Energy 7.75% 10/15/22		15,000		15,825
Petrobras Global Finance
3.00% 1/15/19		33,000		28,572
4.875% 3/17/20		90,000		81,045
Petroleos Mexicanos
6.00% 3/5/20		100,000		114,550
6.50% 6/2/41		25,000		28,437
Plains All American Pipeline 8.75% 5/1/19		120,000		149,703
Pride International 6.875% 8/15/20		210,000		239,425
Regency Energy Partners 5.875% 3/1/22		15,000		16,350
Sunoco Logistics Partners Operations 3.45% 1/15/23		30,000		29,567
Talisman Energy 5.50% 5/15/42		65,000		64,603
•TransCanada PipeLines 6.35% 5/15/67		130,000		126,425
Valero Energy
3.65% 3/15/25		40,000		40,992
4.90% 3/15/45		20,000		20,759
Williams 4.55% 6/24/24		40,000		38,812
Williams Partners
4.00% 9/15/25		10,000		9,828
7.25% 2/1/17		95,000		104,411
#Woodside Finance 144A 8.75% 3/1/19		105,000		129,090
YPF
#144A 8.75% 4/4/24		25,000		25,640
#144A 8.875% 12/19/18		25,000		25,774

				2,960,730

Paper & Forest Products–0.10%
Fibria Overseas Finance 5.25% 5/12/24		25,000		24,875
Georgia-Pacific
#144A 3.60% 3/1/25		10,000		10,272
8.00% 1/15/24		125,000		166,122
Masco 4.45% 4/1/25		25,000		25,875

				227,144

Pharmaceuticals–0.23%
Actavis Funding 3.45% 3/15/22		40,000		41,033


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Pharmaceuticals (continued)
Actavis Funding (continued)
3.80% 3/15/25		55,000	$	56,877
4.55% 3/15/35		5,000		5,229
AmerisourceBergen 3.25% 3/1/25		30,000		30,462
EMD Finance
#144A 2.95% 3/19/22		25,000		25,332
#144A 3.25% 3/19/25		55,000		55,760
Express Scripts Holding
2.25% 6/15/19		40,000		40,220
3.50% 6/15/24		45,000		46,417
Lilly (Eli) 2.75% 6/1/25		30,000		30,171
Merck
2.35% 2/10/22		40,000		40,073
2.75% 2/10/25		90,000		90,043
Omnicare 5.00% 12/1/24		25,000		26,250
#VRX Escrow 144A 5.875% 5/15/23		45,000		46,237

				534,104

Real Estate Investment Trusts–0.48%
Alexandria Real Estate Equities 4.50% 7/30/29		25,000		26,461
American Tower Trust I
#144A 1.551% 3/15/43		20,000		19,975
#144A 3.07% 3/15/23		55,000		55,424
AvalonBay Communities 3.50% 11/15/24		30,000		30,884
CBL & Associates
4.60% 10/15/24		50,000		50,931
5.25% 12/1/23		10,000		10,723
Corporate Office Properties
3.60% 5/15/23		40,000		38,889
5.25% 2/15/24		40,000		43,598
DDR
3.625% 2/1/25		65,000		65,001
7.50% 4/1/17		10,000		11,123
7.875% 9/1/20		85,000		106,056
Education Realty Operating Partnership 4.60% 12/1/24		45,000		46,868
Excel Trust 4.625% 5/15/24		25,000		26,281
GEO Group
5.125% 4/1/23		30,000		30,750
5.875% 10/15/24		35,000		36,575
Hospitality Properties Trust 4.50% 3/15/25		45,000		46,133
Host Hotels & Resorts
3.75% 10/15/23		45,000		45,692
4.75% 3/1/23		65,000		70,168
5.875% 6/15/19		30,000		31,135
#Omega Healthcare Investors 144A 4.50% 4/1/27		40,000		39,492


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Real Estate Investment Trusts (continued)
#WEA Finance 144A 3.75% 9/17/24		300,000	$	310,898

				1,143,057

Real Estate Management & Development–0.02%
Carey (W.P.) 4.60% 4/1/24		35,000		36,264

				36,264

Road & Rail–0.02%
Norfolk Southern 3.85% 1/15/24		40,000		43,247

				43,247

Semiconductors & Semiconductor Equipment–0.13%
#Micron Technology 144A 5.25% 8/1/23		110,000		112,200
National Semiconductor 6.60% 6/15/17		165,000		184,702

				296,902

Software–0.07%
#Activision Blizzard 144A 6.125% 9/15/23		50,000		54,625
Microsoft
2.70% 2/12/25		25,000		25,128
3.50% 2/12/35		25,000		24,987
3.75% 2/12/45		50,000		50,324
Oracle 4.30% 7/8/34		20,000		21,744

				176,808

Specialty Retail–0.16%
Bed Bath & Beyond 4.915% 8/1/34		50,000		53,713
#~Chinos Intermediate Holdings A PIK 144A 7.75% 5/1/19		35,000		30,800
QVC
4.375% 3/15/23		85,000		86,747
5.45% 8/15/34		55,000		54,714
Sally Holdings 5.75% 6/1/22		30,000		32,063
Signet UK Finance 4.70% 6/15/24		115,000		118,261

				376,298

Textiles, Apparel & Luxury Goods–0.02%
#INVISTA Finance 144A 4.25% 10/15/19		50,000		49,937

				49,937

Transportation Infrastructure–0.01%
#AP Moeller - Maersk 144A 2.55% 9/22/19		25,000		25,437

				25,437


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Wireless Telecommunication Services–0.16%
#Crown Castle Towers 144A 4.883% 8/15/20		210,000	$	231,220
Sprint
7.125% 6/15/24		75,000		73,500
7.875% 9/15/23		20,000		20,500
T-Mobile USA 6.125% 1/15/22		60,000		62,100

				387,320

Total Corporate Bonds (Cost $21,066,129)				21,768,370


MUNICIPAL BONDS–0.20%
City of Atlanta, Georgia Water & Wastewater Revenue 5.00% 11/1/40		25,000		28,827
Golden State, California Tobacco Securitization Asset-Back Senior Notes Series A-1
5.125% 6/1/47		20,000		15,455
5.75% 6/1/47		25,000		21,161
Golden State, California Tobacco Securitization Asset-Back Series A
5.00% 6/1/40		75,000		85,294
5.00% 6/1/45		25,000		28,317
New Jersey State Transportation Trust Fund Series AA 5.00% 6/15/44		25,000		26,588
New York City, New York Series I 5.00% 8/1/22		20,000		24,081
New York City, New York Water & Sewer System Series EE 5.00% 6/15/45		35,000		40,135
New York State Thruway Authority Series A 5.00% 5/1/19		25,000		28,516
State of California 5.00% 3/1/45		45,000		52,033
State of Maryland Local Facilities Series A 5.00% 8/1/21		25,000		30,290
State of Texas Transportation Commission Series A 5.00% 10/1/44		65,000		75,897
Texas Private Activity Bond Surface Transportation Senior Lien Revenue Bond (NTE Mobility) 6.75% 6/30/43 (AMT)		20,000		24,504

Total Municipal Bonds (Cost $469,272)				481,098


NON-AGENCY ASSET-BACKED SECURITIES–0.67%
AEP Texas Central Transition Funding II Series 2006-A A4 5.17% 1/1/18		100,000		106,273
•Ally Master Owner Trust Series 2013-2 A 0.625% 4/15/18		100,000		100,074
American Express Credit Account Master Trust
•Series 2012-3 B 0.675% 3/15/18		100,000		99,993


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
American Express Credit Account Master Trust (continued)
•Series 2013-2 A 0.595% 5/17/21		100,000	$	100,333
Avis Budget Rental Car Funding AESOP
#Series 2011-3A A 144A 3.41% 11/20/17		100,000		103,214
#Series 2013-1A A 144A 1.92% 9/20/19		100,000		99,989
#Series 2014-1A A 144A 2.46% 7/20/20		100,000		101,232
BA Credit Card Trust
•Series 2014-A2 A 0.445% 9/16/19		30,000		30,006
•Series 2014-A3 A 0.462% 1/15/20		35,000		34,985
#Cabela’s Credit Card Master Note Trust Series 2012-2A A1 144A 1.45% 6/15/20		100,000		100,479
Chase Issuance Trust
•Series 2014-A5 A5 0.545% 4/15/21		100,000		100,000
•Series 2014-A8 A 0.425% 11/15/18		40,000		40,010
Ford Credit Floorplan Master Owner Trust A Series 2013-3 B 1.14% 6/15/17		20,000		20,028
•GE Dealer Floorplan Master Note Trust Series 2014-2 A 0.626% 10/20/19		50,000		49,976
#HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44		49,500		49,624
#MMAF Equipment Finance Series 2014-AA A4 144A 1.59% 2/8/22		100,000		99,601
Synchrony Credit Card Master Note Trust
Series 2012-6 A 1.36% 8/17/20		100,000		99,984
Series 2014-1 A 1.61% 11/15/20		100,000		100,291
#•Trafigura Securitisation Finance Series 2012-1A A 144A 2.575% 10/15/15		150,000		150,054

Total Non-Agency Asset-Backed Securities (Cost $1,585,353)				1,586,146


NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.14%
Bank of America Alternative Loan Trust Series 2005-3 2A1 5.50% 4/25/20		3,216		3,313
Series 2005-6 7A1 5.50% 7/25/20		2,789		2,806
•ChaseFlex Trust Series 2006-1 A4 4.925% 6/25/36		100,000		86,575


		Principal Amount°		Value (U.S. $)

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35			27,762	$	27,811
•GSR Mortgage Loan Trust Series 2006-AR1 3A1 2.78% 1/25/36			18,896		17,060
JPMorgan Mortgage Trust Series 2006-S1 1A1 6.00% 4/25/36			30,505		30,800
•Series 2007-A1 7A4 2.517% 7/25/35			17,676		15,558
#•Sequoia Mortgage Trust Series 2013-11 B1 144A 3.705% 9/25/43			96,676		94,147
#•Springleaf Mortgage Loan Trust Series 2012-1A A 144A 2.667% 9/25/57			29,716		30,099
¿Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2004-20 2A1 5.50% 11/25/34			16,812		17,159

Total Non-Agency Collateralized Mortgage Obligations (Cost $291,088)					325,328


DREGIONAL BONDS–0.06%
Australia–0.03%
New South Wales Treasury 4.00% 5/20/26	AUD		66,700		56,970
Queensland Treasury #144A 4.75% 7/21/25	AUD		14,000		12,451

					69,421

Canada–0.03%
Province of Ontario Canada 3.45% 6/2/45	CAD		12,000		10,697
Province of Quebec Canada 6.00% 10/1/29	CAD		50,000		56,274

					66,971

Total Regional Bonds (Cost $141,182)					136,392


«SENIOR SECURED LOANS–2.37%
Activision Blizzard Tranche B 1st Lien 3.25% 10/11/20			104,650		105,303
Aramark Tranche E 3.25% 9/7/19			67,900		68,148
Azure Midstream Tranche B 7.50% 11/15/18			23,723		22,626
BJ’s Wholesale Club Tranche B 1st Lien 4.50% 9/26/19			362,558		363,321
Caesars Growth Partners Tranche B 1st Lien 6.25% 5/8/21			44,663		39,778


	Principal Amount°		Value (U.S. $)

«SENIOR SECURED LOANS (continued)
Calpine Construction Finance Tranche B 3.00% 5/3/20		107,728	$	106,482
Charter Communications Tranche B 1st Lien 4.25% 9/12/21		190,000		191,848
Community Health Systems Tranche D 4.25% 1/27/21		89,315		89,858
Community Health Systems Tranche F 1st Lien 3.428% 12/31/18		24,309		24,346
Dollar Tree Tranche B 1st Lien 4.25% 3/9/22		160,000		161,878
Drillships Financing Holding Tranche B1 6.00% 3/31/21		44,325		34,013
Emdeon 1st Lien 3.75% 11/2/18		72,312		72,531
Energy Transfer Equity 1st Lien 3.25% 12/2/19		235,000		231,677
FCA US Tranche B 1st Lien 3.50% 5/24/17		9,796		9,813
First Data Tranche B 1st Lien 4.174% 3/24/21		225,450		226,460
Gardner Denver 1st Lien 4.25% 7/30/20		189,519		180,179
HCA Tranche B5 1st Lien 2.928% 3/31/17		116,230		116,412
Hilton Worldwide Finance Tranche B2 3.50% 10/25/20		232,800		233,382
Huntsman International Tranche B 1st Lien 3.75% 10/1/21		189,525		190,433
IASIS Healthcare Tranche B 1st Lien 4.50% 5/3/18		63,056		63,269
iHeartCommunications Tranche D 6.928% 1/30/19		120,000		114,341
Immucor Tranche B2 5.00% 8/19/18		77,895		78,322
Infor US Tranche B5 1st Lien 3.75% 6/3/20		176,296		174,947
Intelsat Jackson Holdings Tranche B2 3.75% 6/30/19		134,296		133,944
JLL/Delta Dutch Newco 1st Lien 4.25% 3/11/21		24,813		24,745
KIK Custom Products 1st Lien 5.50% 4/29/19		394,486		394,880
Landry’s Tranche B 4.00% 4/24/18		38,793		38,942
Level 3 Financing Tranche B 4.00% 1/15/20		75,000		75,266
MPH Acquisition Tranche B 3.75% 3/31/21		227,066		226,681
Neiman Marcus Tranche 1st Lien 4.25% 10/25/20		70,000		69,869
NEP/NCP Tranche B 1st Lien 4.25% 1/22/20		44,551		43,548


		Principal Amount°		Value (U.S. $)

«SENIOR SECURED LOANS (continued)
Novelis Tranche B 3.75% 3/10/17			46,900	$	46,924
Numericable 4.50% 5/21/20			85,570		85,912
Numericable U.S. Tranche B2 1st Lien 4.50% 5/21/20			74,030		74,325
OSI Restaurants Tranche B 1st Lien 3.50% 10/26/19			30,100		30,175
Panda Liberty Tranche B 7.50% 8/21/20			5,000		5,038
Republic of Angola (Unsecured) 6.594% 12/16/23			92,000		91,080
Salix Pharmaceuticals Tranche B 5.50% 1/2/20			157,895		158,156
Scientific Games International 6.00% 10/18/20			69,125		69,436
Sensus 2nd Lien 8.50% 5/9/18			80,000		79,000
Smart & Final Tranche B 1st Lien 4.75% 11/15/19			23,097		23,249
Sprouts Farmers 4.00% 4/23/20			50,363		50,568
Univision Communications Tranche C4 4.00% 3/1/20			185,219		185,136
USI Insurance Services Tranche B 1st Lien 4.25% 12/27/19			53,769		53,926
Valeant Pharmaceuticals International Tranche BE 3.50% 8/5/20			245,734		246,149
Wide Open West Finance 4.75% 4/1/19			274,400		275,043
Zayo Group Tranche B 1st Lien 4.00% 7/2/19			213,243		213,850

Total Senior Secured Loans (Cost $5,584,749)					5,595,209


DSOVEREIGN BONDS–0.91%
Australia–0.01%
Australia Government Bond 3.75% 4/21/37	AUD		35,000		30,776

					30,776

Brazil–0.01%
Brazil Notas do Tesouro Nacional Series F 10.00% 1/1/17	BRL		58,000		17,273

					17,273

Canada–0.00%
Canadian Government Bond 2.75% 12/1/48	CAD		10,000		9,392

					9,392


		Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Chile–0.04%
Chile Government International Bond 5.50% 8/5/20	CLP		50,000,000	$	85,512

					85,512

Colombia–0.11%
Colombia Government International Bonds
4.375% 3/21/23	COP		90,000,000		31,658
5.00% 6/15/45			200,000		206,500
9.85% 6/28/27	COP		37,000,000		18,482

					256,640

Dominican Republic–0.04%
#Dominican Republic International Bond 144A 6.85% 1/27/45			100,000		105,500

					105,500

Indonesia–0.11%
#Indonesia Government International Bond 144A 4.625% 4/15/43			200,000		196,250
Indonesia Treasury Bond 8.375% 3/15/24	IDR		927,000,000		75,525

					271,775

Italy–0.16%
Italy Buoni Poliennali Del Tesoro
1.35% 4/15/22	EUR		145,000		160,405
2.50% 12/1/24	EUR		182,000		218,165

					378,570

Ivory Coast–0.09%
#Ivory Coast Government International Bond 144A 6.375% 3/3/28			200,000		201,000

					201,000

Kazakhstan–0.08%
#Kazakhstan Government International Bond 144A 3.875% 10/14/24			200,000		185,780

					185,780

Mexico–0.05%
Mexican Bonos 7.50% 6/3/27	MXN		1,507,000		109,912

					109,912

Norway–0.04%
Kommunalbanken 5.00% 3/28/19	NZD		24,000		18,690
Norway Government Bonds
2.00% 5/24/23	NOK		113,000		14,727
3.00% 3/14/24	NOK		455,000		64,105

					97,522


		Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Peru–0.01%
#Peruvian Government International Bond 144A 6.95% 8/12/31	PEN		100,000	$	33,277

					33,277

Poland–0.01%
Poland Government Bond 3.25% 7/25/25	PLN		95,000		27,262

					27,262

Portugal–0.01%
#Portugal Government International Bond 144A 5.125% 10/15/24			18,000		19,931

					19,931

Republic of Korea–0.03%
Inflation Linked Korea Treasury Bond 1.125% 6/10/23	KRW		76,923,191		66,986

					66,986

South Africa–0.04%
South Africa Government Bond 8.00% 1/31/30	ZAR		1,224,000		99,634

					99,634

Sweden–0.01%
Sweden Government Bond 1.50% 11/13/23	SEK		150,000		19,177

					19,177

United Kingdom–0.05%
United Kingdom Gilt 3.50% 1/22/45	GBP		21,100		39,211
United Kingdom Gilt Inflation Linked 0.125% 3/22/24	GBP		41,088		67,674

					106,885

Uruguay–0.01%
Uruguay Government International Bond 5.10% 6/18/50			25,000		26,063

					26,063

Total Sovereign Bonds (Cost $2,178,176)					2,148,867


		Principal Amount°		Value (U.S. $)

SUPRANATIONAL BANKS–0.08%
European Bank for Reconstruction & Development
6.00% 3/3/16	INR		2,300,000	$	36,741
7.375% 4/15/19	IDR		300,000,000		22,824
Inter-American Development Bank
6.00% 9/5/17	INR		3,300,000		52,736
7.25% 7/17/17	IDR		470,000,000		35,398
International Bank for Reconstruction & Development 4.625% 10/6/21	NZD		47,000		36,748

Total Supranational Banks (Cost $192,816)					184,447


U.S. TREASURY OBLIGATIONS–0.44%
U.S. Treasury Bond 2.50% 2/15/45			890,000		881,935
U.S. Treasury Notes
1.375% 2/29/20			30,000		30,009
1.375% 3/31/20			15,000		15,004
2.00% 2/15/25			115,000		115,737
2.25% 11/15/24			10,000		10,281

Total U.S. Treasury Obligations (Cost $1,040,541)					1,052,966


		Number of Shares

MONEY MARKET FUND–0.07%
Dreyfus Treasury & Agency Cash Management - Institutional Shares			171,487		171,487

Total Money Market Fund (Cost $171,487)					171,487


		Principal Amount°

SHORT-TERM INVESTMENT–0.53%
≠Discounted Commercial Paper–0.53%
Abbey National North America 0.06% 4/1/15			1,255,000		1,255,000

Total Short-Term Investment (Cost $1,255,000)					1,255,000

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2015:

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

As a result of utilizing international fair value pricing at March 31, 2015, a portion of the Fund’s common stock investments were categorized as Level 2.

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.


	Number of Shares		Value (U.S. $)

COMMON STOCK–34.82%
U.S. MARKETS–22.06%
Aerospace & Defense–0.67%
Boeing		850	$	127,568
†Esterline Technologies		1,540		176,207
Honeywell International		1,500		156,465
†KEYW Holding		8,120		66,828
Lockheed Martin		750		152,220
Northrop Grumman		4,000		643,840
Raytheon		5,900		644,575
Rockwell Collins		650		62,757
United Technologies		1,500		175,800

				2,206,260

Air Freight & Logistics–0.09%
FedEx		1,050		173,723
†XPO Logistics		2,930		133,227

				306,950

Auto Components–0.27%
BorgWarner		1,600		96,768
Johnson Controls		12,900		650,676
†Tenneco		2,350		134,937

				882,381

Automobiles–0.04%
Ford Motor		9,000		145,260

				145,260

Banks–0.84%
BB&T		16,200		631,638
BBCN Bancorp		5,480		79,296
Bryn Mawr Bank		1,030		31,322
Cardinal Financial		4,350		86,913
Citigroup		4,050		208,656
City Holding		1,990		93,590
†First NBC Bank Holding		2,460		81,131
Flushing Financial		3,530		70,847
@Independent Bank (Massachusetts)		2,360		103,533
JPMorgan Chase		4,550		275,639
KeyCorp		7,600		107,616
Old National Bancorp		5,410		76,768
Prosperity Bancshares		2,250		118,080
Sterling Bancorp		8,250		110,633
Susquehanna Bancshares		6,360		87,196
†Texas Capital Bancshares		1,810		88,057
Webster Financial		3,240		120,042
Wells Fargo		5,000		272,000
†Western Alliance Bancorp		3,830		113,521

				2,756,478

Beverages–0.09%
Coca-Cola		1,550		62,853
PepsiCo		2,350		224,707

				287,560


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Biotechnology–0.88%
†Acorda Therapeutics		3,330	$	110,822
†Alkermes		1,650		100,601
†Biogen		925		390,572
†Celgene		12,034		1,387,279
†Cepheid		2,680		152,492
†Gilead Sciences		2,410		236,493
†Isis Pharmaceuticals		1,770		112,696
†Ligand Pharmaceuticals Class B		1,810		139,569
†Spectrum Pharmaceuticals		7,640		46,375
†TESARO		980		56,252
†Vanda Pharmaceuticals		6,570		61,101
†Vertex Pharmaceuticals		850		100,275

				2,894,527

Building Products–0.08%
AAON		5,655		138,717
†Continental Building Products		5,190		117,242

				255,959

Capital Markets–0.47%
Ameriprise Financial		900		117,756
Bank of New York Mellon		15,500		623,720
BlackRock		350		128,044
Evercore Partners Class A		3,380		174,611
Greenhill		1,290		51,149
Invesco		2,350		93,271
Raymond James Financial		1,900		107,882
State Street		1,650		121,325
†Stifel Financial		2,140		119,305

				1,537,063

Chemicals–0.42%
Axiall		2,270		106,554
†Chemtura		2,900		79,141
duPont (E.I.) deNemours		8,478		605,923
Eastman Chemical		1,850		128,131
Huntsman		4,200		93,114
Innophos Holdings		1,340		75,522
LyondellBasell Industries Class A		750		65,850
Minerals Technologies		1,710		125,001
Quaker Chemical		1,110		95,060

				1,374,296

Commercial Services & Supplies–0.33%
McGrath RentCorp		3,120		102,679
Republic Services		2,100		85,176
Tetra Tech		3,100		74,462
United Stationers		2,980		122,150
US Ecology		1,360		67,959
Waste Management		11,700		634,491

				1,086,917


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Communications Equipment–0.71%
Cisco Systems		27,750	$	763,819
†NETGEAR		2,510		82,529
Plantronics		1,760		93,192
QUALCOMM		19,804		1,373,209

				2,312,749

Construction & Engineering–0.06%
Granite Construction		2,870		100,852
†MasTec		980		18,914
†MYR Group		2,400		75,216

				194,982

Consumer Finance–0.05%
Capital One Financial		1,950		153,699

				153,699

Containers & Packaging–0.04%
MeadWestvaco		2,800		139,636

				139,636

Diversified Financial Services–0.20%
Intercontinental Exchange		2,759		643,592

				643,592

Diversified Telecommunication Services–0.51%
AT&T		25,557		834,436
Atlantic Tele-Network		1,150		79,603
†inContact		10,210		111,289
Verizon Communications		13,060		635,108

				1,660,436

Electric Utilities–0.28%
Cleco		2,150		117,218
Edison International		11,150		696,541
OGE Energy		3,100		97,991

				911,750

Electrical Equipment–0.03%
Eaton		1,500		101,910

				101,910

Electronic Equipment, Instruments & Components–0.09%
†Anixter International		1,250		95,163
†FARO Technologies		2,320		144,142
†Rofin-Sinar Technologies		2,450		59,363

				298,668

Energy Equipment & Services–0.27%
Bristow Group		770		41,927
Core Laboratories		750		78,367
Halliburton		13,000		570,440
†Pioneer Energy Services		2,350		12,737
†RigNet		2,280		65,185


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Energy Equipment & Services (continued)
Schlumberger		1,500	$	125,160

				893,816

Food & Staples Retailing–0.62%
Casey’s General Stores		2,700		243,270
CVS Health		8,090		834,969
Walgreens Boots Alliance		11,223		950,364

				2,028,603

Food Products–0.73%
Archer-Daniels-Midland		13,400		635,160
General Mills		2,500		141,500
J&J Snack Foods		1,010		107,767
Kraft Foods Group		9,733		847,890
Mondelez International		18,400		664,056

				2,396,373

Gas Utilities–0.01%
South Jersey Industries		630		34,196

				34,196

Health Care Equipment & Supplies–0.42%
Baxter International		9,600		657,600
CONMED		2,670		134,808
CryoLife		7,190		74,560
†DexCom		2,500		155,850
†Merit Medical Systems		3,737		71,937
†Quidel		4,010		108,190
West Pharmaceutical Services		3,130		188,457

				1,391,402

Health Care Providers & Services–0.61%
†Air Methods		2,560		119,270
Cardinal Health		7,100		640,917
†Express Scripts Holding		2,100		182,217
Quest Diagnostics		8,600		660,910
UnitedHealth Group		2,250		266,153
†WellCare Health Plans		1,380		126,215

				1,995,682

Hotels, Restaurants & Leisure–0.33%
†Buffalo Wild Wings		650		117,806
Cheesecake Factory		2,480		122,338
†Del Frisco’s Restaurant Group		5,000		100,750
Jack in the Box		1,500		143,880
McDonald’s		450		43,848
†Popeyes Louisiana Kitchen		2,350		140,577
Starbucks		2,050		194,135
Wynn Resorts		1,644		206,947

				1,070,281

Household Products–0.11%
Kimberly-Clark		1,000		107,110


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Household Products (continued)
Procter & Gamble		3,020	$	247,459

				354,569

Industrial Conglomerates–0.08%
General Electric		10,500		260,505

				260,505

Insurance–0.68%
Aflac		2,300		147,223
Allstate		9,100		647,647
American Equity Investment Life Holding		4,000		116,520
Fidelity & Guaranty Life		3,810		80,772
@Infinity Property & Casualty		1,120		91,896
Marsh & McLennan		11,200		628,208
Primerica		1,840		93,656
Prudential Financial		1,100		88,341
@Selective Insurance Group		3,390		98,479
Travelers		1,530		165,439
United Fire Group		2,350		74,659

				2,232,840

Internet & Catalog Retail–0.61%
†Liberty Interactive Class A		28,686		837,344
†Priceline Group		456		530,852
†Shutterfly		1,970		89,123
†TripAdvisor		6,320		525,634

				1,982,953

Internet Software & Services–1.20%
†Coupons.com		4,850		56,939
†eBay		17,038		982,752
†Endurance International Group Holdings		870		16,582
Equinix		3,671		854,792
†Facebook Class A		2,250		184,984
†Google Class A		1,236		685,609
†Google Class C		795		435,660
†GrubHub		2,730		123,915
@j2 Global		1,770		116,254
†SciQuest		5,210		88,205
†Yahoo		3,700		164,409
†Yelp		4,897		231,873

				3,941,974

IT Services–0.97%
Accenture Class A		2,050		192,065
Convergys		4,580		104,745
†ExlService Holdings		1,500		55,800
International Business Machines		290		46,545
†InterXion Holding		3,210		90,522
MasterCard Class A		10,429		900,961


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
IT Services (continued)
TeleTech Holdings		3,370	$	85,767
Visa Class A		16,022		1,047,999
Xerox		51,000		655,350

				3,179,754

Life Sciences Tools & Services–0.06%
Thermo Fisher Scientific		1,550		208,227

				208,227

Machinery–0.26%
Barnes Group		3,330		134,832
Caterpillar		600		48,018
Columbus McKinnon		3,820		102,911
Cummins		600		83,184
Deere		650		56,999
ESCO Technologies		2,650		103,297
Federal Signal		4,440		70,108
Kadant		2,900		152,569
Parker-Hannifin		850		100,963

				852,881

Media–0.32%
Cinemark Holdings		1,150		51,831
Comcast Class A		3,050		170,998
†Discovery Communications Class A		5,542		170,472
†Discovery Communications Class C		14,994		441,948
Disney (Walt)		750		78,667
National CineMedia		4,050		61,155
Regal Entertainment Group Class A		950		21,698
Viacom Class B		800		54,640

				1,051,409

Metals & Mining–0.06%
Kaiser Aluminum		1,250		96,113
Worthington Industries		3,630		96,594

				192,707

Multiline Retail–0.09%
Macy’s		2,500		162,275
Nordstrom		1,750		140,560

				302,835

Multi-Utilities–0.09%
MDU Resources Group		3,450		73,623
NorthWestern		2,020		108,656
Sempra Energy		1,100		119,922

				302,201

Oil, Gas & Consumable Fuels–1.50%
†Bonanza Creek Energy		1,500		36,990
†Carrizo Oil & Gas		2,100		104,265
Chevron		7,971		836,796
ConocoPhillips		9,400		585,244


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Oil, Gas & Consumable Fuels (continued)
†Diamondback Energy		1,280	$	98,355
EOG Resources		6,105		559,767
Exxon Mobil		2,750		233,750
Kinder Morgan		11,626		488,990
Marathon Oil		22,765		594,394
Occidental Petroleum		10,200		744,600
†Parsley Energy Class A		1,960		31,321
†RSP Permian		1,450		36,525
Williams		10,959		554,416

				4,905,413

Paper & Forest Products–0.08%
†Boise Cascade		2,230		83,536
International Paper		1,500		83,235
Neenah Paper		1,480		92,559

				259,330

Pharmaceuticals–1.56%
AbbVie		3,100		181,474
†Actavis		3,083		917,458
†Akorn		2,980		141,580
Johnson & Johnson		7,089		713,153
†Medicines		1,750		49,035
Merck		15,647		899,390
Perrigo		2,582		427,450
Pfizer		27,464		955,473
†Prestige Brands Holdings		2,250		96,503
†Valeant Pharmaceuticals International		3,651		725,162

				5,106,678

Professional Services–0.12%
Kforce		5,900		131,629
Nielsen		1,950		86,911
†On Assignment		2,180		83,647
†WageWorks		1,730		92,261

				394,448

Real Estate Investment Trusts–2.13%
American Campus Communities		950		40,727
American Realty Capital Properties		3,375		33,244
American Tower		1,700		160,055
Apartment Investment & Management		1,675		65,928
AvalonBay Communities		1,200		209,100
Boston Properties		1,575		221,256
Brandywine Realty Trust		5,050		80,699
Camden Property Trust		725		56,644
Corporate Office Properties Trust		1,325		38,929
Cousins Properties		3,225		34,185
Crown Castle International		9,264		764,651
DCT Industrial Trust		3,828		132,678
DDR		5,775		107,531
Douglas Emmett		3,150		93,901


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Real Estate Investment Trusts (continued)
Duke Realty		6,225	$	135,518
DuPont Fabros Technology		3,000		98,040
EastGroup Properties		1,360		81,790
EPR Properties		3,105		186,393
Equity Lifestyle Properties		875		48,081
Equity One		1,625		43,371
Equity Residential		3,100		241,366
Essex Property Trust		625		143,687
Extra Space Storage		875		59,124
Federal Realty Investment Trust		300		44,163
First Industrial Realty Trust		3,625		77,684
First Potomac Realty Trust		1,925		22,888
General Growth Properties		6,650		196,507
Health Care REIT		900		69,624
Healthcare Realty Trust		1,800		50,004
Healthcare Trust of America Class A		1,662		46,303
Highwoods Properties		1,800		82,404
Host Hotels & Resorts		10,255		206,946
Kilroy Realty		1,075		81,883
Kimco Realty		3,300		88,605
Kite Realty Group Trust		3,802		107,102
LaSalle Hotel Properties		4,020		156,217
Lexington Realty Trust		3,825		37,600
Liberty Property Trust		875		31,237
LTC Properties		300		13,800
Macerich		950		80,113
National Retail Properties		3,875		158,759
Pebblebrook Hotel Trust		1,300		60,541
Post Properties		1,100		62,623
Prologis		4,400		191,664
PS Business Parks		500		41,520
Public Storage		875		172,497
Ramco-Gershenson Properties Trust		7,675		142,755
Regency Centers		1,425		96,957
RLJ Lodging Trust		1,925		60,272
Sabra Health Care REIT		950		31,493
Simon Property Group		2,625		513,555
SL Green Realty		1,200		154,056
Sovran Self Storage		1,140		107,092
Spirit Realty Capital		4,800		57,984
†Strategic Hotels & Resorts		5,150		64,015
Tanger Factory Outlet Centers		1,925		67,702
Taubman Centers		425		32,780
UDR		2,875		97,836
Urban Edge Properties		875		20,737
Ventas		2,650		193,503
Vornado Realty Trust		1,750		196,000

				6,994,319

Road & Rail–0.13%
Hunt (J.B.) Transport Services		1,000		85,395


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Road & Rail (continued)
†Roadrunner Transportation Systems		2,360	$	59,637
†Swift Transportation		2,440		63,489
Union Pacific		1,900		205,789

				414,310

Semiconductors & Semiconductor Equipment–0.60%
†Applied Micro Circuits		12,390		63,189
Avago Technologies		1,200		152,376
Broadcom Class A		14,400		623,448
Intel		24,711		772,713
Maxim Integrated Products		3,950		137,499
†Semtech		4,360		116,172
†Synaptics		1,390		113,014

				1,978,411

Software–1.11%
†Adobe Systems		5,542		409,775
CA		20,609		672,059
†Callidus Software		5,870		74,432
†Electronic Arts		10,484		616,616
†Guidewire Software		2,020		106,272
Intuit		4,261		413,147
Microsoft		21,576		877,172
†Proofpoint		2,130		126,139
†salesforce.com		1,700		113,577
SS&C Technologies Holdings		2,220		138,306
†Tyler Technologies		820		98,835

				3,646,330

Specialty Retail–0.66%
†Boot Barn Holdings		1,330		31,814
DSW Class A		2,550		94,044
†Express		4,440		73,393
L Brands		7,228		681,528
Lowe’s		8,600		639,754
†Sally Beauty Holdings		9,683		332,805
Tractor Supply		1,700		144,602
†Urban Outfitters		3,900		178,035

				2,175,975

Technology Hardware, Storage & Peripherals–0.18%
Apple		3,530		439,238
EMC		5,550		141,858

				581,096

Textiles, Apparel & Luxury Goods–0.28%
†G-III Apparel Group		1,230		138,559
†Iconix Brand Group		3,060		103,030
†Madden (Steven)		4,322		164,236
NIKE Class B		5,012		502,854

				908,679


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Trading Companies & Distributors–0.04%
Applied Industrial Technologies		2,510	$	113,803

				113,803

Total U.S. Markets (Cost $43,715,835)				72,303,073


§DEVELOPED MARKETS–7.52%
Aerospace & Defense–0.11%
Meggitt		45,490		369,760

				369,760

Air Freight & Logistics–0.20%
Deutsche Post		20,628		642,783

				642,783

Airlines–0.07%
@Westjet Airlines Class VV		10,416		244,149

				244,149

Auto Components–0.17%
Sumitomo Rubber Industries		31,000		571,339

				571,339

Automobiles–0.27%
Toyota Motor		12,800		893,339

				893,339

Banks–1.05%
†ING Groep CVA		36,608		536,333
Mitsubishi UFJ Financial Group		138,900		860,122
Nordea Bank		67,188		818,387
Standard Chartered		45,700		740,165
UniCredit		71,556		485,332

				3,440,339

Beverages–0.27%
Carlsberg Class B		5,945		490,200
Coca-Cola Amatil		48,317		395,562

				885,762

Construction & Engineering–0.18%
Vinci		10,294		588,244

				588,244

Containers & Packaging–0.17%
Rexam		65,032		557,328

				557,328

Diversified Telecommunication Services–0.22%
Nippon Telegraph & Telephone		11,641		718,491

				718,491

Energy Equipment & Services–0.08%
†Saipem		22,708		231,028


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Energy Equipment & Services (continued)
Subsea 7		4,289	$	36,835

				267,863

Food & Staples Retailing–0.15%
Tesco		136,601		487,588

				487,588

Food Products–0.21%
†Aryzta		10,993		673,901

				673,901

Household Durables–0.13%
Techtronic Industries		123,500		416,368

				416,368

Industrial Conglomerates–0.17%
Koninklijke Philips		19,967		566,569

				566,569

Insurance–0.26%
AXA		33,843		851,959

				851,959

IT Services–0.44%
†CGI Group Class A		18,999		805,768
Teleperformance		9,458		648,293

				1,454,061

Life Sciences Tools & Services–0.05%
†ICON		2,140		150,934

				150,934

Media–0.07%
Publicis Groupe		3,035		234,214

				234,214

Metals & Mining–0.20%
Anglo American ADR		7,600		56,658
AuRico Gold		42,269		116,797
Rio Tinto		9,486		391,160
Yamana Gold		28,037		100,492

				665,107

Multi-Utilities–0.08%
National Grid		20,168		259,272

				259,272

Oil, Gas & Consumable Fuels–0.22%
Suncor Energy		12,300		359,391
TOTAL		7,264		361,139

				720,530

Pharmaceuticals–1.40%
Novartis		9,071		895,312
Novo Nordisk ADR		12,739		680,135


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Pharmaceuticals (continued)
Sanofi		8,127	$	802,764
STADA Arzneimittel		13,027		433,547
Teva Pharmaceutical Industries ADR		28,600		1,781,780

				4,593,538

Road & Rail–0.17%
East Japan Railway		6,967		558,201

				558,201

Software–0.08%
Playtech		22,077		253,930

				253,930

Specialty Retail–0.25%
Nitori Holdings		12,306		832,898

				832,898

Textiles, Apparel & Luxury Goods–0.28%
Kering		1,760		343,649
Yue Yuen Industrial Holdings		161,000		569,689

				913,338

Tobacco–0.17%
Japan Tobacco		17,400		550,007

				550,007

Trading Companies & Distributors–0.26%
ITOCHU		53,242		576,082
Rexel		13,737		259,070

				835,152

Wireless Telecommunication Services–0.14%
Tele2 Class B		39,238		469,321

				469,321

Total Developed Markets (Cost $19,272,449)				24,666,285


×EMERGING MARKETS–5.24%
Airlines–0.02%
Gol Linhas Aereas Inteligentes ADR		29,513		71,717

				71,717

Automobiles–0.09%
Hyundai Motor		709		107,422
Mahindra & Mahindra		9,127		174,084

				281,506

Banks–0.69%
Akbank		58,536		171,747
Banco Santander Brasil ADR		24,400		107,604
Bangkok Bank		27,505		155,791
China Construction Bank		233,619		193,901
Grupo Financiero Banorte Class O		15,200		88,147


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Banks (continued)
ICICI Bank ADR		25,300	$	262,108
Industrial & Commercial Bank of China		302,080		223,443
Itau Unibanco Holding ADR		17,365		192,057
†KB Financial Group ADR		7,322		257,295
Powszechna Kasa Oszczednosci Bank Polski		7,525		67,337
@=Sberbank		93,948		101,489
Shinhan Financial Group		5,128		192,748
Standard Bank Group		18,623		257,390

				2,271,057

Beverages–0.25%
†Anadolu Efes Biracilik Ve Malt Sanayii		17,754		148,108
Cia Cervecerias Unidas ADR		4,400		91,344
†Fomento Economico Mexicano ADR		2,234		208,879
@Lotte Chilsung Beverage		155		241,027
Tsingtao Brewery		17,542		117,627

				806,985

Building Products–0.11%
@KCC		702		357,722

				357,722

Chemicals–0.04%
Braskem ADR		10,903		75,667
Sociedad Quimica y Minera de Chile ADR		3,600		65,700

				141,367

Construction & Engineering–0.01%
†Empresas ICA ADR		13,100		42,706

				42,706

Construction Materials–0.22%
†Cemex ADR		25,591		242,347
†Cemex Latam Holdings		9,350		48,548
Siam Cement - Foreign		7,393		115,837
Siam Cement NVDR		6,400		100,656
Ultratech Cement		4,280		197,872

				705,260

Diversified Financial Services–0.08%
Reliance Capital		12,259		83,629
Remgro		7,509		164,349

				247,978

Diversified Telecommunication Services–0.08%
†KT ADR		8,200		107,256
Telefonica Brasil ADR		9,095		139,063

				246,319


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Electronic Equipment, Instruments & Components–0.16%
Hon Hai Precision Industry		86,166	$	252,520
†LG Display ADR		12,100		173,151
Samsung SDI		868		106,655

				532,326

Food & Staples Retailing–0.07%
Cia Brasileira de Distribuicao ADR		3,400		101,388
Wal-Mart de Mexico Class V		56,157		139,965

				241,353

Food Products–0.24%
BRF ADR		8,601		170,128
China Mengniu Dairy		40,000		212,572
@Lotte Confectionery		105		168,989
Tingyi Cayman Islands Holding		22,606		48,671
@Uni-President China Holdings		269,000		178,000

				778,360

Hotels, Restaurants & Leisure–0.02%
@Arcos Dorados Holdings		13,100		64,583

				64,583

Household Durables–0.03%
LG Electronics		2,085		110,564

				110,564

Insurance–0.05%
Samsung Life Insurance		2,036		177,256

				177,256

Internet Software & Services–0.48%
†Baidu ADR		5,936		1,237,062
†SINA		3,725		119,796
†@Sohu.com		4,100		218,653

				1,575,511

IT Services–0.03%
†WNS Holdings ADR		4,260		103,603

				103,603

Media–0.13%
†Grupo Televisa ADR		12,698		419,161

				419,161

Metals & Mining–0.08%
†Anglo American Platinum		2,531		61,970
@Gerdau		12,300		29,286
Gerdau ADR		9,200		29,440
†Impala Platinum Holdings		5,484		26,522
Steel Authority of India		27,341		29,602
Vale ADR		15,700		88,705

				265,525


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Multiline Retail–0.04%
Woolworths Holdings		19,455	$	137,952

				137,952

Oil, Gas & Consumable Fuels–0.70%
Cairn India		27,966		96,182
China Petroleum & Chemical		140,050		111,608
CNOOC ADR		890		126,220
@Gazprom ADR		35,057		165,023
Lukoil ADR		3,598		165,256
PetroChina ADR		1,008		112,100
†Petroleo Brasileiro ADR		29,755		178,828
Polski Koncern Naftowy Orlen		7,265		113,387
PTT-Foreign		17,078		169,468
#Reliance Industries GDR 144A		24,127		638,159
@Rosneft GDR		24,108		103,415
Sasol ADR		3,424		116,553
Tambang Batubara Bukit Asam Persero		92,000		75,430
YPF ADR		4,800		131,760

				2,303,389

Paper & Forest Products–0.10%
†Fibria Celulose ADR		18,405		260,063
Nine Dragons Paper Holdings		106,000		66,282

				326,345

Personal Products–0.05%
†Hypermarcas		25,800		159,310

				159,310

Real Estate Management & Development–0.03%
#@=Etalon Group GDR 144A		6,900		14,731
@UEM Sunrise		225,402		83,795

				98,526

Road & Rail–0.01%
America Latina Logistica		15,422		19,422

				19,422

Semiconductors & Semiconductor Equipment–0.29%
MediaTek		18,000		243,392
Taiwan Semiconductor Manufacturing		75,594		351,744
Taiwan Semiconductor Manufacturing ADR		9,100		213,668
United Microelectronics		298,000		147,826

				956,630

Technology Hardware, Storage & Peripherals–0.35%
Samsung Electronics		886		1,149,462

				1,149,462


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Transportation Infrastructure–0.01%
Santos Brasil Participacoes		7,138	$	24,419

				24,419

Wireless Telecommunication Services–0.78%
America Movil ADR		7,500		153,450
China Mobile		31,120		405,568
China Mobile ADR		4,200		273,126
MegaFon GDR		7,736		123,112
Mobile Telesystems ADR		6,900		69,690
MTN Group		8,529		143,797
SK Telecom ADR		29,000		789,090
Tim Participacoes ADR		18,600		308,388
Turkcell Iletisim Hizmetleri ADR		9,551		124,450
Vodacom Group		14,772		161,378

				2,552,049

Total Emerging Markets (Cost $17,051,085)				17,168,363

Total Common Stock (Cost $80,039,369)				114,137,721


CONVERTIBLE PREFERRED STOCK–0.29%
Alcoa 5.375% exercise price $19.39, expiration date 10/1/17		1,250		54,800
ArcelorMittal 6.00% exercise price $20.36, expiration date 12/21/15		2,325		35,492
Bank of America 7.25% exercise price $50.00, expiration date 12/31/49		42		48,179
#Chesapeake Energy 144A 5.75% exercise price $26.14, expiration date 12/31/49		70		60,637
Dominion Resources 6.125% exercise price $65.06, expiration date 4/1/16		788		44,254
@Dynegy 5.375% exercise price $38.75, expiration date 11/1/17		520		56,758
Exelon 6.50% exercise price $43.75, expiration date 6/1/17		1,200		58,380
Halcon Resources 5.75% exercise price $6.16, expiration date 12/31/49		55		16,239
HealthSouth 6.50% exercise price $29.70, expiration date 12/31/49		81		120,660


	Number of		Value
	Shares		(U.S. $)

CONVERTIBLE PREFERRED STOCK (continued)
Huntington Bancshares 8.50% exercise price $11.95, expiration date 12/31/49		62	$	82,646
Intelsat 5.75% exercise price $22.05, expiration date 5/1/16		2,626		91,385
Maiden Holdings 7.25% exercise price $15.35, expiration date 9/15/16		2,150		112,531
SandRidge Energy 8.50% exercise price $8.01, expiration date 12/31/49		838		31,949
T-Mobile US 5.50% exercise price $31.02, expiration date 12/15/17		785		46,048
Wells Fargo 7.50% exercise price $156.71, expiration date 12/31/49		84		102,732

Total Convertible Preferred Stock (Cost $1,104,394)				962,690


EXCHANGE-TRADED FUNDS–5.65%
iShares MSCI EAFE Growth Index ETF		126,335		8,849,767
iShares MSCI EAFE Index ETF		72,500		4,652,325
Vanguard FTSE Developed Markets ETF		125,855		5,012,805

Total Exchange-Traded Funds (Cost $13,729,946)				18,514,897


PREFERRED STOCK–0.31%
Alabama Power 5.625%		9,280		238,496
•Bank of America 6.10%		120,000		122,025
•Integrys Energy Group 6.00%		8,750		245,963
•Morgan Stanley 5.55%		170,000		172,125
National Retail Properties 5.70%		5,050		125,997
Public Storage 5.20%		5,000		121,100

Total Preferred Stock (Cost $986,174)				1,025,706


	Principal
	Amount°

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.02%
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		3,165		3,614
Series 2003-26 AT 5.00% 11/25/32		67,359		69,517
Series 2010-41 PN 4.50% 4/25/40		235,000		257,388


	Principal		Value
	Amount°		(U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs (continued)
Series 2010-96 DC 4.00% 9/25/25		432,890	$	457,827
•*Series 2012-122 SD 5.926% 11/25/42		232,949		56,608
*Series 2013-26 ID 3.00% 4/25/33		311,874		46,903
*Series 2013-38 AI 3.00% 4/25/33		302,105		42,803
*Series 2013-44 DI 3.00% 5/25/33		933,286		138,012
Series 2014-36 ZE 3.00% 6/25/44		150,717		139,409
Freddie Mac REMICs
Series 2326 ZQ 6.50% 6/15/31		6,386		7,364
Series 2557 WE 5.00% 1/15/18		7,059		7,359
Series 3416 GK 4.00% 7/15/22		8,262		8,326
Series 4065 DE 3.00% 6/15/32		40,000		41,105
*Series 4185 LI 3.00% 3/15/33		231,409		35,595
*Series 4191 CI 3.00% 4/15/33		95,711		13,024
Freddie Mac Structured Agency Credit Risk Debt Notes
•Series 2014-DN2 M2 1.824% 4/25/24		524,600		521,396
•Series 2014-DN4 M2 2.574% 10/25/24		500,000		506,805
•Series 2015-DN1 M1 1.424% 1/25/25		246,948		247,452
¨Freddie Mac Structured Pass Through Securities Series T-58 2A 6.50% 9/25/43		86,851		100,635
GNMA Series 2010-113 KE 4.50% 9/20/40		575,000		643,264

Total Agency Collateralized Mortgage Obligations (Cost $3,291,503)				3,344,406

AGENCY MORTGAGE-BACKED SECURITIES–10.99%
Fannie Mae 6.50% 8/1/17		10,281		10,622
Fannie Mae ARM
•2.311% 4/1/36		35,502		37,870
•2.315% 11/1/35		24,706		26,452
•2.42% 5/1/43		120,954		123,680
•2.546% 6/1/43		42,840		43,974
•3.196% 4/1/44		171,589		179,028
•3.266% 3/1/44		163,591		171,242
•3.31% 9/1/43		126,161		132,325
•5.141% 8/1/35		1,620		1,728
Fannie Mae Relocation 15 yr 4.00% 9/1/20		34,901		36,718
Fannie Mae Relocation 30 yr 5.00% 1/1/34		20,957		23,069


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae Relocation 30 yr (continued)
5.00% 10/1/35		8,546	$	9,412
5.00% 2/1/36		35,806		39,278
Fannie Mae S.F. 15 yr
2.50% 2/1/28		342,821		353,013
3.00% 5/1/28		29,667		31,136
3.50% 7/1/26		100,150		106,836
3.50% 12/1/28		35,545		38,091
4.00% 5/1/25		60,750		64,595
4.00% 6/1/25		214,049		227,571
4.00% 11/1/25		389,945		420,684
4.00% 12/1/26		102,073		108,165
4.00% 1/1/27		645,982		694,781
4.00% 5/1/27		224,656		239,458
4.00% 8/1/27		120,123		127,667
4.50% 4/1/18		9,625		10,093
5.50% 6/1/23		67,172		73,830
Fannie Mae S.F. 15 yr TBA
2.50% 5/1/30		944,000		967,563
Fannie Mae S.F. 20 yr
3.00% 2/1/33		14,333		14,859
3.00% 8/1/33		57,421		59,525
3.50% 4/1/33		17,064		18,048
3.50% 9/1/33		80,654		86,154
4.00% 1/1/31		27,011		29,092
4.00% 2/1/31		82,152		88,472
5.00% 11/1/23		6,994		7,768
6.00% 9/1/29		63,825		72,689
Fannie Mae S.F. 30 yr
3.00% 7/1/42		105,134		107,746
3.00% 10/1/42		1,692,355		1,734,629
3.00% 12/1/42		273,650		280,482
3.00% 1/1/43		642,107		657,995
3.00% 2/1/43		67,200		68,872
3.00% 4/1/43		407,183		417,155
3.00% 5/1/43		353,178		361,779
4.00% 5/1/43		89,325		96,607
4.00% 8/1/43		48,668		52,487
4.00% 7/1/44		185,857		201,094
4.50% 7/1/36		36,232		39,665
4.50% 11/1/40		97,573		106,859
4.50% 3/1/41		196,409		215,273
4.50% 4/1/41		244,910		268,338
4.50% 7/1/41		72,251		79,216
4.50% 10/1/41		116,059		127,223
4.50% 1/1/42		2,334,200		2,553,993
4.50% 9/1/42		1,385,498		1,518,774
4.50% 12/1/43		17,173		18,721
4.50% 5/1/44		81,630		89,193
4.50% 6/1/44		164,456		179,974
5.00% 2/1/35		119,223		133,157
5.00% 7/1/35		44,331		49,321


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
5.00% 10/1/35		105,023	$	116,849
5.00% 11/1/35		51,099		56,864
5.00% 4/1/37		27,526		30,641
5.00% 8/1/37		76,041		84,683
5.00% 2/1/38		29,297		32,592
5.50% 12/1/32		5,830		6,606
5.50% 2/1/33		82,113		93,031
5.50% 4/1/34		30,207		34,204
5.50% 11/1/34		31,545		35,728
5.50% 12/1/34		141,400		160,030
5.50% 1/1/35		13,239		14,982
5.50% 3/1/35		14,869		16,731
5.50% 5/1/35		51,007		57,662
5.50% 6/1/35		22,925		25,808
5.50% 1/1/36		19,079		21,563
5.50% 4/1/36		75,128		84,561
5.50% 7/1/36		8,706		9,845
5.50% 11/1/36		24,254		27,326
5.50% 1/1/37		99,378		111,930
5.50% 4/1/37		392,283		445,264
5.50% 8/1/37		81,606		92,223
5.50% 1/1/38		2,412		2,715
5.50% 2/1/38		54,309		61,388
5.50% 3/1/38		59,388		67,469
5.50% 6/1/38		223,671		251,691
5.50% 9/1/38		221,705		250,253
5.50% 1/1/39		89,729		101,189
5.50% 2/1/39		342,601		387,157
5.50% 10/1/39		275,380		309,877
5.50% 7/1/40		82,375		92,730
5.50% 9/1/41		977,857		1,100,398
6.00% 5/1/36		107,761		123,163
6.00% 6/1/36		10,091		11,538
6.00% 12/1/36		11,529		13,252
6.00% 2/1/37		34,106		38,957
6.00% 5/1/37		95,843		109,363
6.00% 6/1/37		5,990		6,903
6.00% 7/1/37		6,010		6,898
6.00% 8/1/37		79,960		91,442
6.00% 9/1/37		12,361		14,118
6.00% 11/1/37		15,994		18,402
6.00% 5/1/38		150,454		171,674
6.00% 7/1/38		4,157		4,743
6.00% 9/1/38		371,876		425,605
6.00% 10/1/38		132,870		151,811
6.00% 11/1/38		25,896		29,625
6.00% 1/1/39		56,404		64,486
6.00% 2/1/39		69,062		78,968
6.00% 9/1/39		470,146		536,592
6.00% 3/1/40		47,008		53,643
6.00% 7/1/40		186,739		213,049
6.00% 9/1/40		42,258		48,238


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
6.00% 11/1/40		16,855	$	19,424
6.00% 5/1/41		444,140		507,448
6.50% 2/1/36		56,633		68,320
6.50% 6/1/36		61,403		74,042
6.50% 10/1/36		49,905		60,767
6.50% 8/1/37		3,078		3,534
7.00% 12/1/37		7,437		8,087
7.50% 6/1/31		12,842		16,202
Fannie Mae S.F. 30 yr TBA
3.00% 5/1/45		7,248,000		7,392,252
3.50% 5/1/45		3,103,000		3,251,241
4.50% 5/1/45		1,076,000		1,170,907
Freddie Mac ARM
•2.249% 7/1/36		36,434		38,850
•2.307% 4/1/34		9,580		10,180
•2.342% 12/1/33		9,179		9,819
•2.482% 6/1/37		3,713		3,984
•2.532% 1/1/44		347,643		358,609
Freddie Mac S.F. 15 yr
3.50% 11/1/25		23,842		25,354
3.50% 6/1/26		26,956		28,648
3.50% 1/1/27		23,784		25,263
4.00% 5/1/25		17,221		18,339
4.50% 5/1/20		3,691		3,897
4.50% 8/1/24		101,557		109,505
4.50% 7/1/25		19,929		21,488
4.50% 6/1/26		46,809		50,490
4.50% 9/1/26		64,809		69,986
5.00% 6/1/18		24,122		25,347
Freddie Mac S.F. 20 yr
3.00% 6/1/34		58,385		60,356
3.50% 1/1/34		140,476		148,180
Freddie Mac S.F. 30 yr
3.00% 10/1/42		124,472		127,306
3.00% 11/1/42		111,739		114,591
4.50% 6/1/39		19,161		20,878
4.50% 10/1/39		52,907		57,725
4.50% 4/1/41		328,430		358,997
4.50% 3/1/42		94,679		103,452
5.50% 3/1/34		11,892		13,420
5.50% 12/1/34		11,914		13,470
5.50% 6/1/36		7,976		8,974
5.50% 11/1/36		3,129		3,503
5.50% 12/1/36		3,666		4,116
5.50% 9/1/37		15,475		17,372
5.50% 4/1/38		55,400		62,180
5.50% 6/1/38		1,889		2,121
5.50% 7/1/38		56,986		63,928
5.50% 6/1/39		60,674		68,060
5.50% 3/1/40		43,526		48,858
5.50% 8/1/40		32,616		36,575
5.50% 1/1/41		8,993		10,076


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 30 yr (continued)
5.50% 6/1/41		309,156	$	346,457
6.00% 2/1/36		25,834		29,667
6.00% 1/1/38		16,287		18,485
6.00% 6/1/38		45,994		52,319
6.00% 8/1/38		42,449		48,458
6.00% 5/1/40		20,561		23,383
6.00% 7/1/40		100,425		114,748
6.50% 4/1/39		69,802		79,964
7.00% 11/1/33		1,842		2,264
GNMA I S.F.30 yr
5.00% 6/15/40		23,312		25,999
7.00% 12/15/34		95,917		116,110
7.50% 1/15/32		6,741		8,497

Total Agency Mortgage-Backed Securities (Cost $35,456,609)				36,012,973

COMMERCIAL MORTGAGE-BACKED SECURITIES–3.61%
Banc of America Commercial Mortgage Trust
•Series 2006-1 AM 5.421% 9/10/45		45,000		46,234
•Series 2007-4 AM 5.821% 2/10/51		130,000		141,247
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PWR18 A4 5.70% 6/11/50		100,000		108,238
CD Commercial Mortgage Trust
•Series 2005-CD1 AM 5.225% 7/15/44		205,000		208,160
•Series 2005-CD1 C 5.225% 7/15/44		55,000		55,787
Citigroup Commercial Mortgage Trust
Series 2014-GC25 A4 3.635% 10/10/47		195,000		208,005
Series 2015-GC27 A5 3.137% 2/10/48		70,000		71,685
COMM Mortgage Trust
Series 2014-CR19 A5 3.796% 8/10/47		110,000		118,862
Series 2014-CR20 A4 3.59% 11/10/47		290,000		308,510
Series 2014-CR20 AM 3.938% 11/10/47		135,000		144,181
Series 2014-CR21 A3 3.528% 12/10/47		160,000		169,395
#Series 2015-3BP A 144A 3.178% 2/10/35		400,000		409,417
Series 2015-DC1 A5 3.35% 2/10/48		100,000		104,275
Commercial Mortgage Trust Series 2007-GG9 AM 5.475% 3/10/39		85,000		89,646


	Principal Amount°		Value (U.S. $)

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
•Credit Suisse First Boston Mortgage Securities Series 2005-C5 AM 5.10% 8/15/38		115,000	$	115,879
DB-UBS Mortgage Trust
#Series 2011-LC1A A3 144A 5.002% 11/10/46		705,000		804,941
#•Series 2011-LC1A C 144A 5.558% 11/10/46		200,000		226,957
FREMF Mortgage Trust
#•Series 2011-K10 B 144A 4.618% 11/25/49		110,000		120,682
#•Series 2011-K15 B 144A 4.932% 8/25/44		15,000		16,681
#•Series 2011-K702 B 144A 4.771% 4/25/44		50,000		53,711
#•Series 2011-K703 B 144A 4.884% 7/25/44		40,000		43,199
#•Series 2012-K19 B 144A 4.037% 5/25/45		40,000		42,736
#•Series 2012-K22 B 144A 3.687% 8/25/45		150,000		155,815
#•Series 2012-K22 C 144A 3.687% 8/25/45		120,000		121,182
#•Series 2012-K707 B 144A 3.883% 1/25/47		60,000		62,889
#•Series 2012-K708 B 144A 3.761% 2/25/45		195,000		203,553
#•Series 2012-K708 C 144A 3.761% 2/25/45		60,000		61,449
#•Series 2012-K711 144A 3.562% 8/25/45		520,000		542,559
#•Series 2013-K26 C 144A 3.60% 12/25/45		70,000		70,164
#•Series 2013-K30 C 144A 3.556% 6/25/45		130,000		128,272
#•Series 2013-K31 C 144A 3.627% 7/25/46		250,000		249,334
#•Series 2013-K33 B 144A 3.504% 8/25/46		120,000		122,824
#•Series 2013-K33 C 144A 3.504% 8/25/46		75,000		74,240
#•Series 2013-K712 144A 3.369% 5/25/45		285,000		293,243
#•Series 2013-K713 144A 3.165% 4/25/46		300,000		305,797
#•Series 2013-K713 C 144A 3.165% 4/25/46		180,000		178,500
#•Series 2014-K716 C 144A 3.954% 8/25/47		95,000		97,264
#GRACE Mortgage Trust Series 2014-GRCE A 144A 3.369% 6/10/28		1,440,000		1,521,661


	Principal Amount°		Value (U.S. $)

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Trust
•Series 2006-GG6 A4 5.553% 4/10/38		215,000	$	218,484
#Series 2010-C1 A2 144A 4.592% 8/10/43		345,000		385,248
Hilton USA Trust
#Series 2013-HLT AFX 144A 2.662% 11/5/30		485,000		486,103
#Series 2013-HLT BFX 144A 3.367% 11/5/30		285,000		288,622
#Houston Galleria Mall Trust Series 2015-HGLR A1A2 144A 3.087% 3/5/37		280,000		282,974
JPMBB Commercial Mortgage Securities Trust
Series 2014-C18 A1 1.254% 2/15/47		220,937		220,818
•Series 2014-C22 B 4.562% 9/15/47		55,000		60,085
JPMorgan Chase Commercial Mortgage Securities Trust
•Series 2005-CB11 E 5.724% 8/12/37		60,000		65,165
•Series 2005-LDP4 AJ 5.04% 10/15/42		255,000		256,888
•Series 2005-LDP5 D 5.382% 12/15/44		105,000		107,218
Series 2006-LDP8 AM 5.44% 5/15/45		384,000		403,317
#•Series 2011-C5 C 144A 5.323% 8/15/46		100,000		112,229
LB-UBS Commercial Mortgage Trust
Series 2004-C1 A4 4.568% 1/15/31		13,961		14,202
•Series 2006-C6 AJ 5.452% 9/15/39		210,000		220,231
Series 2006-C6 AM 5.413% 9/15/39		140,000		147,744
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C18 A4 3.923% 10/15/47		85,000		92,698
Series 2014-C19 AS 3.832% 12/15/47		50,000		52,769
Morgan Stanley Capital I Trust
•Series 2005-HQ7 AJ 5.204% 11/14/42		155,000		156,970
•Series 2005-HQ7 C 5.204% 11/14/42		200,000		201,256
•Series 2006-T21 AM 5.204% 10/12/52		140,000		143,556


	Principal Amount°		Value (U.S. $)

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
WF-RBS Commercial Mortgage Trust Series 2014-C23 A5 3.917% 10/15/57		105,000	$	114,753

Total Commercial Mortgage-Backed Securities (Cost $11,667,014)				11,828,504


CONVERTIBLE BONDS–0.83%
Alaska Communications Systems Group 6.25% exercise price $10.28, expiration date 4/27/18		131,000		129,117
Ares Capital 5.75% exercise price $19.13, expiration date 2/1/16		39,000		40,389
BGC Partners 4.50% exercise price $9.84, expiration date 7/13/16		66,000		71,940
BioMarin Pharmaceutical 1.50% exercise price $94.15, expiration date 10/13/20		59,000		89,643
Blackstone Mortgage Trust 5.25% exercise price $28.66, expiration date 12/1/18		115,000		119,959
Blucora 4.25% exercise price $21.66, expiration date 3/29/19		64,000		59,800
#Campus Crest Communities Operating Partnership 144A 4.75% exercise price $12.56, expiration date 10/11/18		96,000		92,940
Cardtronics 1.00% exercise price $52.35, expiration date 11/27/20		95,000		94,466
Cemex 3.25% exercise price $9.65, expiration date 3/9/16		71,000		79,831
Chart Industries 2.00% exercise price $69.03, expiration date 7/30/18		31,000		29,973
Chesapeake Energy 2.25% exercise price $80.28, expiration date 12/14/38		49,000		44,713
#Ciena 144A 3.75% exercise price $20.17, expiration date 10/15/18		65,000		79,991
fGeneral Cable 4.50% exercise price $34.47, expiration date 11/15/29		97,000		77,297
Gilead Sciences 1.625% exercise price $22.71, expiration date 4/29/16		25,000		107,750
Illumina 0.25% exercise price $83.55, expiration date 3/11/16		27,000		59,754


	Principal Amount°		Value (U.S. $)

CONVERTIBLE BONDS (continued)
Intel 3.25% exercise price $21.47, expiration date 8/1/39		30,000	$	47,419
j2 Global 3.25% exercise price $69.37, expiration date 6/14/29		98,000		113,313
Jefferies Group 3.875% exercise price $44.94, expiration date 10/31/29		65,000		65,934
#Lexington Realty Trust 144A 6.00% exercise price $6.60, expiration date 1/11/30		34,000		49,364
Liberty Interactive 0.75% exercise price $1,000.00, expiration date 3/30/43		114,000		159,671
#Liberty Interactive 144A 1.00% exercise price $64.31, expiration date 9/28/43		77,000		75,653
fMeritor 4.00% exercise price $26.73, expiration date 2/12/27		49,000		50,929
Mylan 3.75% exercise price $13.32, expiration date 9/10/15		20,000		89,013
Novellus Systems 2.625% exercise price $34.78, expiration date 5/14/41		50,000		102,344
NuVasive 2.75% exercise price $42.13, expiration date 6/30/17		109,000		136,659
#NXP Semiconductors 144A 1.00% exercise price $102.84, expiration date 11/27/19		51,000		61,009
#Oclaro 144A 6.00% exercise price $1.95, expiration date 2/14/20		19,000		23,239
Peabody Energy 4.75% exercise price $57.15, expiration date 12/15/41		88,000		31,515
#PROS Holdings 144A 2.00% exercise price $33.79, expiration date 11/27/19		53,000		54,723
SanDisk 1.50% exercise price $51.16, expiration date 8/11/17		53,000		72,444
Spectrum Pharmaceuticals 2.75% exercise price $10.53, expiration date 12/13/18		31,000		28,501
Spirit Realty Capital 3.75% exercise price $13.10, expiration date 5/13/21		73,000		73,092
Titan Machinery 3.75% exercise price $43.17, expiration date 4/30/19		31,000		21,545


	Principal Amount°		Value (U.S. $)

CONVERTIBLE BONDS (continued)
#TPG Specialty Lending 144A 4.50% exercise price $25.83, expiration date 12/15/19		84,000	$	83,895
#Vantage Drilling 144A 5.50% exercise price $2.39, expiration date 7/15/43		119,000		72,590
Vector Group 1.75% exercise price $25.87, expiration date 4/15/20		73,000		78,566
•Vector Group 2.50% exercise price $16.78, expiration date 1/14/19		35,000		49,514

Total Convertible Bonds (Cost $2,475,517)				2,718,495


CORPORATE BONDS–30.54%
Aerospace & Defense–0.16%
#Accudyne Industries 144A 7.75% 12/15/20		215,000		192,963
Lockheed Martin 3.80% 3/1/45		80,000		79,878
TransDigm
6.00% 7/15/22		145,000		145,725
6.50% 7/15/24		105,000		106,050

				524,616

Air Freight & Logistics–0.06%
#Aviation Capital Group 144A 6.75% 4/6/21		165,000		188,012

				188,012

Airlines–0.19%
#tAir Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27		110,000		110,000
tAmerican Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26		100,000		103,500
tAmerican Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27		120,000		120,900
tUnited Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26		80,000		84,400
tUnited Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26		185,000		192,863

				611,663

Auto Components–0.45%
American Axle & Manufacturing 6.25% 3/15/21		210,000		222,075
BorgWarner 3.375% 3/15/25		55,000		56,728
Lear 5.25% 1/15/25		375,000		384,375


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Auto Components (continued)
Magna International 3.625% 6/15/24			300,000	$	306,229
TRW Automotive
#144A 4.45% 12/1/23			295,000		297,950
#144A 4.50% 3/1/21			190,000		191,900

					1,459,257

Automobiles–0.25%
Daimler 2.75% 12/10/18	NOK		720,000		94,002
Ford Motor 7.45% 7/16/31			225,000		311,450
General Motors
3.50% 10/2/18			190,000		195,616
5.00% 4/1/35			155,000		165,923
Toyota Finance Australia 3.04% 12/20/16	NZD		80,000		59,050

					826,041

Beverages–0.13%
Pernod-Ricard
#144A 4.25% 7/15/22			150,000		161,921
#144A 5.75% 4/7/21			225,000		261,443

					423,364

Biotechnology–0.33%
Celgene
3.95% 10/15/20			390,000		421,381
4.625% 5/15/44			115,000		122,823
Gilead Sciences
3.50% 2/1/25			205,000		216,443
4.50% 2/1/45			85,000		94,114
Immucor 11.125% 8/15/19			220,000		237,325

					1,092,086

Building Products–0.11%
#Builders FirstSource 144A 7.625% 6/1/21			80,000		80,800
Nortek 8.50% 4/15/21			265,000		284,875

					365,675

Capital Markets–0.27%
Affiliated Managers Group 3.50% 8/1/25			175,000		175,159
Bank of New York Mellon 2.15% 2/24/20			45,000		45,398
E*TRADE Financial 4.625% 9/15/23			120,000		122,400
Jefferies Group
5.125% 1/20/23			135,000		140,355
6.45% 6/8/27			110,000		119,350
6.50% 1/20/43			60,000		59,890
Lazard Group 6.85% 6/15/17			101,000		112,265
State Street 3.10% 5/15/23			110,000		111,464

					886,281


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Chemicals–1.22%
CF Industries
6.875% 5/1/18			345,000	$	393,584
7.125% 5/1/20			210,000		253,314
Dow Chemical
3.50% 10/1/24			85,000		86,487
8.55% 5/15/19			1,129,000		1,414,794
#Grace (W.R.) 144A 5.125% 10/1/21			80,000		83,200
LYB International Finance 4.875% 3/15/44			15,000		16,177
LyondellBasell Industries 4.625% 2/26/55			430,000		430,119
Methanex 4.25% 12/1/24			245,000		248,715
#NOVA Chemicals 144A 5.00% 5/1/25			162,000		169,695
#OCP 144A 5.625% 4/25/24			200,000		218,250
PolyOne 5.25% 3/15/23			145,000		151,163
Potash of Saskatchewan 3.00% 4/1/25			140,000		140,482
PPG Industries 2.30% 11/15/19			155,000		156,923
Rockwood Specialties Group 4.625% 10/15/20			135,000		140,906
#TPC Group 144A 8.75% 12/15/20			120,000		110,400

					4,014,209

Commercial Banks–2.65%
#Akbank 144A 4.00% 1/24/20			200,000		195,600
Australia & New Zealand Banking Group 2.625% 12/10/18	CAD		59,000		48,689
Barclays Bank 7.625% 11/21/22			200,000		234,500
BB&T 5.25% 11/1/19			520,000		588,596
#BBVA Banco Continental 144A 5.00% 8/26/22			110,000		117,480
#BBVA Bancomer 144A 6.50% 3/10/21			300,000		333,564
Branch Banking & Trust 3.80% 10/30/26			260,000		274,142
City National 5.25% 9/15/20			195,000		224,105
Cooperatieve Centrale Raiffeisen-Boerenleenbank
2.50% 9/4/20	NOK		270,000		35,000
4.25% 1/13/22	AUD		36,000		28,927
4.625% 12/1/23			330,000		357,388
#Credit Suisse 144A 6.50% 8/8/23			250,000		286,072
#Credit Suisse Group Funding Guernsey 144A 3.75% 3/26/25			350,000		354,826
#Export-Import Bank of China 144A 2.50% 7/31/19			200,000		202,895
KeyBank 6.95% 2/1/28			615,000		820,638
Northern Trust 3.95% 10/30/25			135,000		145,217


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Commercial Banks (continued)
PNC Bank
3.30% 10/30/24			250,000	$	260,047
6.875% 4/1/18			740,000		849,199
#•PNC Preferred Funding Trust II 144A 1.493% 3/31/49			500,000		460,000
#Santander UK 144A 5.00% 11/7/23			400,000		431,503
•SunTrust Bank 0.553% 8/24/15			220,000		219,937
SVB Financial Group 3.50% 1/29/25			200,000		199,101
#Turkiye Garanti Bankasi 144A 4.75% 10/17/19			200,000		202,404
US Bank 2.80% 1/27/25			250,000		250,117
•USB Capital IX 3.50% 10/29/49			780,000		649,350
Wells Fargo
4.75% 8/27/24	AUD		30,000		24,798
•5.875% 6/15/50			80,000		84,816
Woori Bank
#144A 2.875% 10/2/18			200,000		205,713
#144A 4.75% 4/30/24			400,000		428,347
Zions Bancorp 4.50% 6/13/23			170,000		180,086

					8,693,057

Commercial Services & Supplies–0.65%
#Algeco Scotsman Global Finance 144A 8.50% 10/15/18			365,000		363,631
#Brambles USA 144A 3.95% 4/1/15			95,000		95,000
#CDK Global 144A 4.50% 10/15/24			140,000		144,570
HD Supply
7.50% 7/15/20			87,000		93,525
11.50% 7/15/20			95,000		110,319
#HPHT Finance 15 144A 2.875% 3/17/20			200,000		202,273
#Prestige Brands 144A 5.375% 12/15/21			275,000		279,813
Reynolds Group Issuer 8.25% 2/15/21			100,000		107,500
Service International 5.375% 5/15/24			145,000		152,250
Spectrum Brands 6.375% 11/15/20			190,000		202,350
United Rentals North America
4.625% 7/15/23			145,000		146,994
5.75% 11/15/24			235,000		243,813

					2,142,038

Computers & Peripherals–0.20%
Apple 3.45% 2/9/45			50,000		47,592
NetApp 3.25% 12/15/22			195,000		193,173


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Computers & Peripherals (continued)
Seagate HDD Cayman
#144A 4.75% 1/1/25			170,000	$	176,376
#144A 5.75% 12/1/34			220,000		235,843

					652,984

Construction & Engineering–0.05%
#AECOM 144A 5.875% 10/15/24			166,000		174,715

					174,715

Construction Materials–0.39%
#Cemex 144A 7.25% 1/15/21			200,000		214,000
#Cemex Finance 144A 9.375% 10/12/22			200,000		228,000
#Hutchison Whampoa International 14 144A 3.625% 10/31/24			200,000		205,305
MUFG Americas Holdings
2.25% 2/10/20			130,000		130,398
3.00% 2/10/25			295,000		292,278
#Tenedora Nemak 144A 5.50% 2/28/23			200,000		207,900

					1,277,881

Consumer Finance–0.33%
Ally Financial
4.125% 2/13/22			60,000		58,650
4.625% 3/30/25			360,000		355,500
Ford Motor Credit 5.875% 8/2/21			200,000		235,758
General Motors Financial
3.15% 1/15/20			30,000		30,390
4.00% 1/15/25			65,000		66,425
4.375% 9/25/21			160,000		170,134
#Hyundai Capital America 144A 2.125% 10/2/17			155,000		156,625

					1,073,482

Containers & Packaging–0.18%
Berry Plastics 5.50% 5/15/22			115,000		118,306
#BWAY Holding 144A 9.125% 8/15/21			200,000		209,000
#Consolidated Container 144A 10.125% 7/15/20			95,000		83,125
#Plastipak Holdings 144A 6.50% 10/1/21			175,000		178,937

					589,368

Diversified Consumer Services–0.15%
#ENA Norte Trust 144A 4.95% 4/25/23			224,278		231,568
#Red de Carreteras de Occidente 144A 9.00% 6/10/28	MXN		4,000,000		253,591

					485,159


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Financial Services–1.86%
Bank of America 4.25% 10/22/26			180,000	$	186,076
CME Group 3.00% 3/15/25			160,000		161,828
#Consolidated Energy Finance 144A 6.75% 10/15/19			476,000		481,950
#•Corp Financiera De Desarrollo 144A 5.25% 7/15/29			200,000		208,470
ERAC USA Finance
#144A 4.50% 2/15/45			35,000		35,553
#144A 5.25% 10/1/20			425,000		485,510
General Electric Capital
2.10% 12/11/19			235,000		239,788
4.25% 1/17/18	NZD		175,000		131,855
5.55% 5/4/20			150,000		174,843
6.00% 8/7/19			234,000		273,620
•7.125% 12/15/49			400,000		471,000
Goldman Sachs Group
2.60% 4/23/20			485,000		490,728
•3.617% 8/21/19	AUD		10,000		7,694
5.20% 12/17/19	NZD		141,000		108,018
•HSBC Holdings 6.375% 3/29/49			485,000		497,125
JPMorgan Chase
•0.886% 1/28/19			74,000		74,206
4.125% 12/15/26			545,000		566,312
•6.75% 8/29/49			125,000		136,250
Morgan Stanley
•1.106% 1/24/19			77,000		77,328
4.35% 9/8/26			245,000		257,172
5.00% 9/30/21	AUD		38,000		31,026
National Rural Utilities Cooperative Finance
2.85% 1/27/25			175,000		176,579
•4.75% 4/30/43			275,000		276,513
#Peachtree Corners Funding Trust 144A 3.976% 2/15/25			140,000		142,309
#SUAM Finance 144A 4.875% 4/17/24			305,000		316,437
#•USB Realty 144A 1.40% 12/22/49			100,000		91,500

					6,099,690

Diversified Telecommunication Services–1.88%
#Altice 144A 7.75% 5/15/22			200,000		203,875
AT&T
4.35% 6/15/45			140,000		134,458
5.35% 9/1/40			250,000		273,809
Bell Canada 3.35% 3/22/23	CAD		53,000		44,082
#Bharti Airtel International Netherlands 144A 5.35% 5/20/24			200,000		221,250
CenturyLink
5.80% 3/15/22			420,000		439,425
6.75% 12/1/23			195,000		215,475


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Telecommunication Services (continued)
#Digicel Group 144A 8.25% 9/30/20		400,000	$	402,600
Hughes Satellite Systems 7.625% 6/15/21		95,000		104,856
Intelsat Luxembourg 8.125% 6/1/23		475,000		439,375
Level 3 Financing 5.375% 8/15/22		40,000		41,362
Motorola Solutions 4.00% 9/1/24		270,000		279,542
#MTN Mauritius Investments 144A 4.755% 11/11/24		200,000		201,900
Orange 5.50% 2/6/44		180,000		214,538
SBA Tower Trust
#144A 2.24% 4/16/18		180,000		180,137
#144A 2.898% 10/15/19		90,000		91,094
#SES 144A 3.60% 4/4/23		325,000		341,040
Telefonica Emisiones 4.57% 4/27/23		150,000		165,342
#Telemar Norte Leste 144A 5.50% 10/23/20		265,000		234,127
#UPCB Finance IV 144A 5.375% 1/15/25		200,000		200,000
Verizon Communications
4.40% 11/1/34		305,000		311,709
4.862% 8/21/46		470,000		493,269
5.15% 9/15/23		275,000		315,503
#Virgin Media Finance 144A 6.375% 4/15/23		200,000		214,000
#Wind Acquisition Finance 144A 7.375% 4/23/21		220,000		228,800
Windstream
7.50% 4/1/23		60,000		57,600
7.75% 10/1/21		125,000		125,313

				6,174,481

Electric Utilities–1.82%
#AES Gener 144A 5.25% 8/15/21		200,000		215,628
Berkshire Hathaway Energy
3.75% 11/15/23		310,000		331,055
4.50% 2/1/45		120,000		131,190
Cleveland Electric Illuminating 5.50% 8/15/24		285,000		343,803
ComEd Financing III 6.35% 3/15/33		220,000		227,229
Dominion Gas Holdings 3.60% 12/15/24		270,000		283,661
DTE Energy 2.40% 12/1/19		195,000		198,388
Electricite de France
#144A 4.60% 1/27/20		95,000		106,039
#•144A 5.25% 12/29/49		370,000		387,020
#•Enel 144A 8.75% 9/24/73		390,000		471,305


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Entergy Arkansas 3.70% 6/1/24		85,000	$	91,178
#Eskom Holdings 144A 7.125% 2/11/25		200,000		201,900
Great Plains Energy 4.85% 6/1/21		125,000		139,985
Indiana Michigan Power 3.20% 3/15/23		125,000		128,589
IPALCO Enterprises 5.00% 5/1/18		175,000		186,375
ITC Holdings 3.65% 6/15/24		265,000		275,189
LG&E & KU Energy
3.75% 11/15/20		265,000		280,796
4.375% 10/1/21		395,000		436,591
#Metropolitan Edison 144A 4.00% 4/15/25		125,000		130,845
NextEra Energy Capital Holdings
2.40% 9/15/19		245,000		248,134
3.625% 6/15/23		125,000		131,057
NV Energy 6.25% 11/15/20		280,000		332,714
Pennsylvania Electric 5.20% 4/1/20		220,000		243,819
Public Service of New Hampshire 3.50% 11/1/23		160,000		170,562
Public Service of Oklahoma 5.15% 12/1/19		165,000		186,493
#Trans-Allegheny Interstate Line 144A 3.85% 6/1/25		75,000		78,504

				5,958,049

Electronic Equipment, Instruments & Components–0.17%
Jabil Circuit 7.75% 7/15/16		85,000		91,587
Thermo Fisher Scientific
2.40% 2/1/19		245,000		248,667
3.30% 2/15/22		210,000		215,657

				555,911

Energy Equipment & Services–0.07%
Bristow Group 6.25% 10/15/22		165,000		157,575
Exterran Partners 6.00% 4/1/21		75,000		69,375

				226,950

Food & Staples Retailing–0.15%
#Cencosud 144A 5.15% 2/12/25		260,000		257,329
Walgreens Boots Alliance 3.80% 11/18/24		220,000		227,917

				485,246

Food Products–0.44%
#BRF 144A 3.95% 5/22/23		200,000		186,190
Campbell Soup 3.30% 3/19/25		240,000		244,519
#JBS Investments 144A 7.75% 10/28/20		430,000		456,875


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Food Products (continued)
Smithfield Foods 6.625% 8/15/22		120,000	$	128,850
Smucker (J.M.)
#144A 3.00% 3/15/22		60,000		60,996
#144A 3.50% 3/15/25		270,000		278,145
#144A 4.25% 3/15/35		85,000		88,336

				1,443,911

Gas Utilities–0.07%
AmeriGas Finance 7.00% 5/20/22		205,000		220,887

				220,887

Health Care Equipment & Supplies–0.70%
Becton Dickinson 3.734% 12/15/24		210,000		220,224
Boston Scientific
2.65% 10/1/18		75,000		75,888
6.00% 1/15/20		285,000		328,384
CareFusion 6.375% 8/1/19		330,000		386,185
Kinetic Concepts 10.50% 11/1/18		165,000		179,025
Medtronic
#144A 3.15% 3/15/22		140,000		145,507
#144A 3.50% 3/15/25		285,000		298,312
Zimmer Holdings
3.15% 4/1/22		75,000		75,977
3.375% 11/30/21		330,000		339,610
3.55% 4/1/25		245,000		250,390

				2,299,502

Health Care Providers & Services–0.54%
Air Medical Group Holdings 9.25% 11/1/18		24,000		25,320
Community Health Systems 6.875% 2/1/22		120,000		128,850
DaVita Healthcare Partners 5.125% 7/15/24		205,000		209,484
#Fresenius Medical Care US Finance II 144A 5.875% 1/31/22		175,000		193,375
HCA 5.375% 2/1/25		510,000		537,413
HealthSouth 5.125% 3/15/23		50,000		51,125
Highmark
#144A 4.75% 5/15/21		150,000		157,980
#144A 6.125% 5/15/41		65,000		69,804
#Milacron 144A 7.75% 2/15/21		145,000		150,800
Tenet Healthcare 6.00% 10/1/20		238,000		252,875

				1,777,026

Hotels, Restaurants & Leisure–0.75%
#Caesars Growth Properties Holdings 144A 9.375% 5/1/22		155,000		119,737


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Hotels, Restaurants & Leisure (continued)
International Game Technology 5.35% 10/15/23		310,000	$	314,998
#Landry’s 144A 9.375% 5/1/20		90,000		96,975
MGM Resorts International 6.00% 3/15/23		360,000		371,700
#PF Chang’s China Bistro 144A 10.25% 6/30/20		80,000		83,200
Pinnacle Entertainment 7.50% 4/15/21		155,000		164,300
Starwood Hotels & Resorts Worldwide
3.75% 3/15/25		150,000		154,253
4.50% 10/1/34		50,000		52,194
Wyndham Worldwide
4.25% 3/1/22		40,000		41,805
5.625% 3/1/21		210,000		237,428
Wynn Las Vegas
5.375% 3/15/22		65,000		67,600
#144A 5.50% 3/1/25		740,000		752,950

				2,457,140

Independent Power Producers & Energy Traders–0.39%
AES
5.50% 3/15/24		205,000		205,513
5.50% 4/15/25		215,000		212,850
Calpine 5.375% 1/15/23		125,000		125,625
Dynegy Finance I/II
#144A 6.75% 11/1/19		55,000		56,994
#144A 7.375% 11/1/22		85,000		89,675
#144A 7.625% 11/1/24		330,000		346,913
#Perusahaan Listrik Negara 144A 5.50% 11/22/21		210,000		230,213

				1,267,783

Industrial Conglomerates–0.05%
#Gates Global 144A 6.00% 7/15/22		190,000		180,263

				180,263

Insurance–0.85%
American International Group 3.875% 1/15/35		270,000		272,285
•Chubb 6.375% 3/29/67		223,000		237,495
#Five Corners Funding Trust 144A 4.419% 11/15/23		325,000		349,295
#HUB International 144A 7.875% 10/1/21		220,000		226,050
#MetLife Capital Trust X 144A 9.25% 4/8/38		400,000		597,500
•Prudential Financial 5.625% 6/15/43		165,000		175,725
TIAA Asset Management Finance
#144A 2.95% 11/1/19		160,000		164,157
#144A 4.125% 11/1/24		335,000		354,292


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Insurance (continued)
#USI 144A 7.75% 1/15/21		40,000	$	41,200
•Voya Financial 5.65% 5/15/53		165,000		173,250
XLIT
4.45% 3/31/25		80,000		80,679
•6.50% 12/29/49		140,000		124,250

				2,796,178

Internet & Catalog Retail–0.23%
#Netflix 144A 5.875% 2/15/25		360,000		371,250
Priceline Group 3.65% 3/15/25		380,000		387,501

				758,751

Internet Software & Services–0.51%
#Alibaba Group Holding 144A 3.125% 11/28/21		515,000		519,405
Baidu
2.75% 6/9/19		200,000		202,467
3.25% 8/6/18		350,000		363,134
Equinix
4.875% 4/1/20		108,000		112,050
5.375% 4/1/23		247,000		257,621
#Tencent Holdings 144A 2.875% 2/11/20		200,000		201,681

				1,656,358

IT Services–0.03%
First Data 11.75% 8/15/21		98,000		113,803

				113,803

Machinery–0.31%
Crane
2.75% 12/15/18		60,000		61,564
4.45% 12/15/23		245,000		262,649
Ingersoll-Rand Global Holding 4.25% 6/15/23		310,000		331,568
LSB Industries 7.75% 8/1/19		50,000		52,375
Meritor 6.75% 6/15/21		95,000		98,800
Parker Hannifin 3.30% 11/21/24		15,000		15,767
Trinity Industries 4.55% 10/1/24		205,000		206,481

				1,029,204

Media–2.32%
CC Holdings GS V 3.849% 4/15/23		175,000		177,473
CCO Holdings 5.25% 9/30/22		110,000		112,887
CCOH Safari 5.75% 12/1/24		380,000		392,350
#Columbus International 144A 7.375% 3/30/21		290,000		305,950
Comcast 3.375% 2/15/25		665,000		696,310
#Cox Communications 144A 3.85% 2/1/25		280,000		288,945
#CSC Holdings 144A 5.25% 6/1/24		450,000		460,125


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Media (continued)
DISH DBS 5.00% 3/15/23		155,000	$	151,094
Gray Television 7.50% 10/1/20		145,000		153,337
Historic TW 6.875% 6/15/18		620,000		721,584
Interpublic Group 2.25% 11/15/17		130,000		131,127
Lamar Media 5.00% 5/1/23		210,000		215,775
#MDC Partners 144A 6.75% 4/1/20		140,000		148,050
#Nielsen Finance 144A 5.00% 4/15/22		145,000		146,450
#Numericable-SFR 144A 6.00% 5/15/22		200,000		202,750
#SES GLOBAL Americas Holdings 144A 5.30% 3/25/44		495,000		557,590
Sinclair Television Group
5.375% 4/1/21		125,000		128,750
#144A 5.625% 8/1/24		65,000		66,463
Sirius XM Radio
#144A 5.375% 4/15/25		135,000		136,013
#144A 6.00% 7/15/24		240,000		252,600
#Sky 144A 3.75% 9/16/24		270,000		279,692
Time Warner Cable 8.25% 4/1/19		482,000		590,068
#Unitymedia KabelBW 144A 6.125% 1/15/25		200,000		212,000
#Univision Communications 144A 5.125% 5/15/23		100,000		102,000
Viacom 4.85% 12/15/34		480,000		497,435
#VTR Finance 144A 6.875% 1/15/24		200,000		208,000
WPP Finance 2010 5.625% 11/15/43		230,000		272,083

				7,606,901

Metals & Mining–0.60%
AK Steel 7.625% 5/15/20		105,000		90,825
ArcelorMittal 10.60% 6/1/19		410,000		503,019
FMG Resources August 2006
#144A 6.875% 4/1/22		331,000		245,767
#144A 8.25% 11/1/19		49,000		42,324
#Gerdau Holdings 144A 7.00% 1/20/20		145,000		155,513
#Gerdau Trade 144A 5.75% 1/30/21		100,000		100,375
#Lundin Mining 144A 7.50% 11/1/20		105,000		109,200
Novelis 8.75% 12/15/20		215,000		231,394
Ryerson
9.00% 10/15/17		120,000		121,500
11.25% 10/15/18		32,000		32,640
#Tupy Overseas 144A 6.625% 7/17/24		230,000		221,950


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Metals & Mining (continued)
Yamana Gold 4.95% 7/15/24		115,000	$	113,277

				1,967,784

Multi-Utilities–0.71%
Ameren Illinois 9.75% 11/15/18		1,087,000		1,381,202
CenterPoint Energy 5.95% 2/1/17		10,000		10,851
CMS Energy 6.25% 2/1/20		215,000		254,289
•Integrys Energy Group 6.11% 12/1/66		325,000		318,623
Puget Energy 6.00% 9/1/21		130,000		153,705
•Wisconsin Energy 6.25% 5/15/67		215,000		215,531

				2,334,201

Oil, Gas & Consumable Fuels–3.78%
Anadarko Petroleum 4.50% 7/15/44		55,000		56,496
California Resources
#144A 5.50% 9/15/21		110,000		98,142
#144A 6.00% 11/15/24		145,000		127,963
Chaparral Energy 7.625% 11/15/22		45,000		30,600
Chesapeake Energy
4.875% 4/15/22		245,000		230,913
5.75% 3/15/23		190,000		186,200
Chevron
1.961% 3/3/20		190,000		191,348
2.411% 3/3/22		105,000		105,295
Cimarex Energy 4.375% 6/1/24		110,000		109,725
ConocoPhillips 4.30% 11/15/44		100,000		106,409
Continental Resources 4.50% 4/15/23		450,000		437,464
•Enbridge Energy Partners 8.05% 10/1/37		470,000		506,425
Energy Transfer Partners
4.05% 3/15/25		245,000		247,565
4.90% 3/15/35		85,000		84,693
5.15% 3/15/45		120,000		121,210
9.70% 3/15/19		253,000		317,928
EnLink Midstream Partners 5.05% 4/1/45		185,000		188,914
•Enterprise Products Operating 7.034% 1/15/68		505,000		546,313
EOG Resources 3.15% 4/1/25		160,000		163,384
Exxon Mobil
2.397% 3/6/22		115,000		116,012
2.709% 3/6/25		375,000		379,303
Freeport-McMoran Oil & Gas 6.50% 11/15/20		113,000		120,204
#Kinder Morgan 144A 5.00% 2/15/21		110,000		117,716


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Kinder Morgan Energy Partners 9.00% 2/1/19		440,000	$	536,406
Laredo Petroleum 7.375% 5/1/22		235,000		243,519
#Lukoil International Finance 144A 3.416% 4/24/18		200,000		184,650
MarkWest Energy Partners 4.875% 12/1/24		285,000		292,809
Murphy Oil USA 6.00% 8/15/23		285,000		307,087
Newfield Exploration
5.375% 1/1/26		140,000		141,680
5.625% 7/1/24		195,000		203,775
Noble Energy
3.90% 11/15/24		75,000		76,450
5.05% 11/15/44		150,000		158,009
Noble Holding International 4.00% 3/16/18		30,000		30,187
Oasis Petroleum 6.875% 3/15/22		200,000		196,000
ONEOK Partners 3.80% 3/15/20		95,000		96,972
ONGC Videsh 3.25% 7/15/19		200,000		203,569
PDC Energy 7.75% 10/15/22		75,000		79,125
Petrobras Global Finance
3.00% 1/15/19		140,000		121,215
4.875% 3/17/20		230,000		207,115
Petroleos Mexicanos
#144A 4.25% 1/15/25		30,000		30,481
6.50% 6/2/41		170,000		193,375
#Petronas Global Sukuk 144A 2.707% 3/18/20		220,000		221,349
Plains All American Pipeline 8.75% 5/1/19		435,000		542,673
Pride International 6.875% 8/15/20		875,000		997,603
Regency Energy Partners 5.875% 3/1/22		65,000		70,850
#Reliance Industries 144A 4.875% 2/10/45		250,000		239,217
Talisman Energy 5.50% 5/15/42		280,000		278,290
•TransCanada PipeLines 6.35% 5/15/67		560,000		544,600
Valero Energy
3.65% 3/15/25		165,000		169,094
4.90% 3/15/45		100,000		103,795
Williams 4.55% 6/24/24		165,000		160,101
Williams Partners
4.00% 9/15/25		110,000		108,112
7.25% 2/1/17		340,000		373,682
#Woodside Finance 144A 8.75% 3/1/19		380,000		467,181
YPF #144A 8.75% 4/4/24		110,000		112,816


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
YPF (continued)
#144A 8.875% 12/19/18		110,000	$	113,405

				12,395,414

Paper & Forest Products–0.30%
Georgia-Pacific
#144A 3.60% 3/1/25		45,000		46,224
8.00% 1/15/24		520,000		691,069
#Inversiones 144A 6.125% 11/5/19		100,000		111,300
Masco 4.45% 4/1/25		115,000		119,025

				967,618

Pharmaceuticals–0.72%
Actavis Funding
3.45% 3/15/22		170,000		174,389
3.80% 3/15/25		240,000		248,189
4.55% 3/15/35		30,000		31,371
AmerisourceBergen 3.25% 3/1/25		125,000		126,927
EMD Finance
#144A 2.95% 3/19/22		120,000		121,593
#144A 3.25% 3/19/25		230,000		233,179
Lilly (Eli) 2.75% 6/1/25		130,000		130,743
Merck
2.35% 2/10/22		160,000		160,292
2.75% 2/10/25		390,000		390,186
Omnicare 5.00% 12/1/24		120,000		126,000
Perrigo
4.00% 11/15/23		200,000		209,347
5.30% 11/15/43		200,000		227,435
#VRX Escrow 144A 5.875% 5/15/23		185,000		190,087

				2,369,738

Real Estate Investment Trusts–1.36%
Alexandria Real Estate Equities 4.50% 7/30/29		110,000		116,428
American Tower Trust I
#144A 1.551% 3/15/43		95,000		94,883
#144A 3.07% 3/15/23		245,000		246,887
AvalonBay Communities 3.50% 11/15/24		140,000		144,126
CBL & Associates
4.60% 10/15/24		205,000		208,817
5.25% 12/1/23		35,000		37,530
Corporate Office Properties
3.60% 5/15/23		175,000		170,138
5.25% 2/15/24		180,000		196,192
DDR
3.625% 2/1/25		100,000		100,002
7.50% 4/1/17		110,000		122,348
7.875% 9/1/20		365,000		455,419


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Real Estate Investment Trusts (continued)
Education Realty Operating Partnership 4.60% 12/1/24		185,000	$	192,679
Excel Trust 4.625% 5/15/24		115,000		120,893
GEO Group
5.125% 4/1/23		120,000		123,000
5.875% 10/15/24		150,000		156,750
Hospitality Properties Trust 4.50% 3/15/25		180,000		184,533
Host Hotels & Resorts
3.75% 10/15/23		190,000		192,924
4.75% 3/1/23		235,000		253,686
5.875% 6/15/19		115,000		119,352
#Omega Healthcare Investors 144A 4.50% 4/1/27		180,000		177,714
Regency Centers 5.875% 6/15/17		171,000		187,033
#Trust F/1401 144A 5.25% 12/15/24		200,000		215,500
#WEA Finance 144A 3.75% 9/17/24		620,000		642,523

				4,459,357

Real Estate Management & Development–0.05%
Carey (W.P.) 4.60% 4/1/24		160,000		165,780

				165,780

Road & Rail–0.06%
Burlington Northern Santa Fe 3.40% 9/1/24		5,000		5,229
Norfolk Southern 3.85% 1/15/24		165,000		178,393

				183,622

Semiconductors & Semiconductor Equipment–0.48%
#Micron Technology 144A 5.25% 8/1/23		460,000		469,200
National Semiconductor 6.60% 6/15/17		605,000		677,239
#Samsung Electronics America 144A 1.75% 4/10/17		415,000		418,674

				1,565,113

Software–0.29%
#Activision Blizzard 144A 6.125% 9/15/23		235,000		256,737
Microsoft
2.70% 2/12/25		100,000		100,512
3.50% 2/12/35		110,000		109,944
3.75% 2/12/45		220,000		221,426
#MTS International Funding 144A 8.625% 6/22/20		150,000		157,887
Oracle 4.30% 7/8/34		95,000		103,284

				949,790


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Specialty Retail–0.49%
Bed Bath & Beyond 4.915% 8/1/34		225,000	$	241,710
#~Chinos Intermediate Holdings A PIK 144A 7.75% 5/1/19		165,000		145,200
QVC
4.375% 3/15/23		360,000		367,399
5.45% 8/15/34		230,000		228,804
Sally Holdings 5.75% 6/1/22		175,000		187,031
Signet UK Finance 4.70% 6/15/24		430,000		442,193

				1,612,337

Textiles, Apparel & Luxury Goods–0.07%
#INVISTA Finance 144A 4.25% 10/15/19		215,000		214,731

				214,731

Transportation Infrastructure–0.04%
#AP Moeller - Maersk 144A 2.55% 9/22/19		115,000		117,011

				117,011

Wireless Telecommunication Services–0.68%
#Crown Castle Towers 144A 4.883% 8/15/20		900,000		990,945
Millicom International Cellular
#144A 6.00% 3/15/25		200,000		200,250
#144A 6.625% 10/15/21		200,000		212,250
Sprint 7.125% 6/15/24		340,000		333,200
T-Mobile USA 6.125% 1/15/22		270,000		279,450
#VimpelCom Communications 144A 7.748% 2/2/21		200,000		198,740

				2,214,835

Total Corporate Bonds (Cost $97,098,238)				100,105,253


MUNICIPAL BONDS–0.81%
City of Atlanta, Georgia Water & Wastewater Revenue 5.00% 11/1/40		105,000		121,071
Golden State, California Tobacco Securitization Asset-Back Senior Notes Series A-1
5.125% 6/1/47		95,000		73,410
5.75% 6/1/47		105,000		88,874
Golden State, California Tobacco Securitization Asset-Back Series A
5.00% 6/1/40		325,000		369,606
5.00% 6/1/45		100,000		113,266
New Jersey State Transportation Trust Fund Series AA 5.00% 6/15/44		110,000		116,986
New York City, New York Series I 5.00% 8/1/22		75,000		90,304


	Principal		Value
	Amount°		(U.S. $)

MUNICIPAL BONDS (continued)
New York City, New York Water & Sewer System Series EE 5.00% 6/15/45		160,000	$	183,475
New York State Thruway Authority Series A 5.00% 5/1/19		105,000		119,766
Oregon State Taxable Pension 5.892% 6/1/27		485,000		608,224
State of California 5.00% 3/1/45		185,000		213,915
State of Maryland Local Facilities Series A 5.00% 8/1/21		105,000		127,217
State of Texas Transportation Commission Series A 5.00% 10/1/44		270,000		315,263
Texas Private Activity Bond Surface Transportation Senior Lien Revenue Bond (NTE Mobility) 6.75% 6/30/43 (AMT)		80,000		98,014

Total Municipal Bonds (Cost $2,468,139)				2,639,391


NON-AGENCY ASSET-BACKED SECURITIES–1.31%
AEP Texas Central Transition Funding II Series 2006-A A4 5.17% 1/1/18		125,000		132,841
•Ally Master Owner Trust Series 2013-2 A 0.625% 4/15/18		230,000		230,170
American Express Credit Account Master Trust
•Series 2012-3 B 0.675% 3/15/18		170,000		169,989
•Series 2013-2 A 0.595% 5/17/21		125,000		125,416
Avis Budget Rental Car Funding AESOP
#Series 2011-3A A 144A 3.41% 11/20/17		140,000		144,500
#Series 2013-1A A 144A 1.92% 9/20/19		190,000		189,980
#Series 2014-1A A 144A 2.46% 7/20/20		240,000		242,957
BA Credit Card Trust
•Series 2014-A2 A 0.445% 9/16/19		120,000		120,025
•Series 2014-A3 A 0.462% 1/15/20		155,000		154,935
#Cabela’s Credit Card Master Note Trust Series 2012-2A A1 144A 1.45% 6/15/20		195,000		195,933
Chase Issuance Trust
•Series 2014-A5 A5 0.545% 4/15/21		200,000		200,000
•Series 2014-A8 A 0.425% 11/15/18		170,000		170,043
fCiticorp Residential Mortgage Securities Series 2006-3 A5 5.948% 11/25/36		400,000		398,936


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
#DB Master Finance Series 2015-1A A2I 144A 3.262% 2/20/45		115,000	$	116,112
Ford Credit Floorplan Master Owner Trust A Series 2013-3 B 1.14% 6/15/17		85,000		85,117
•GE Dealer Floorplan Master Note Trust Series 2014-2 A 0.626% 10/20/19		200,000		199,902
#•Golden Credit Card Trust Series 2014-2A A 144A 0.625% 3/15/21		100,000		100,034
#Great America Leasing Receivables Series 2013-1 B 144A 1.44% 5/15/18		100,000		99,650
#HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44		252,450		253,081
#•MASTR Specialized Loan Trust Series 2005-2 A2 144A 5.006% 7/25/35		3,643		3,633
Mid-State Trust Series 11 A1 4.864% 7/15/38		87,886		93,309
#MMAF Equipment Finance Series 2014-AA A4 144A 1.59% 2/8/22		195,000		194,222
Synchrony Credit Card Master Note Trust
Series 2012-6 A 1.36% 8/17/20		155,000		154,976
Series 2014-1 A 1.61% 11/15/20		180,000		180,523
Series 2015-1 A 2.37% 3/15/23		160,000		162,072
#•Trafigura Securitisation Finance Series 2012-1A A 144A 2.575% 10/15/15		180,000		180,065

Total Non-Agency Asset-Backed Securities (Cost $4,243,628)				4,298,421


NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.28%
Bank of America Alternative Loan Trust
Series 2005-3 2A1 5.50% 4/25/20		12,219		12,589
Series 2005-6 7A1 5.50% 7/25/20		11,156		11,226
•ChaseFlex Trust Series 2006-1 A4 4.925% 6/25/36		255,000		220,767
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35		115,012		115,216
#•GSMPS Mortgage Loan Trust 144A Series 1998-3 A 144A 7.75% 9/19/27		26,786		28,042
JPMorgan Mortgage Trust Series 2006-S1 1A1 6.00% 4/25/36		129,283		130,534


		Principal Amount°		Value (U.S. $)

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
•MASTR ARM Trust Series 2003-6 1A2 2.45% 12/25/33			24,873	$	24,757
#•Sequoia Mortgage Trust Series 2013-11 B1 144A 3.705% 9/25/43			96,676		94,147
#•Springleaf Mortgage Loan Trust Series 2012-1A A 144A 2.667% 9/25/57			87,661		88,792
t Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2004-20 2A1 5.50% 11/25/34			69,901		71,344
t WaMu Mortgage Pass Through Certificates Trust Series 2003-S10 A2 5.00% 10/25/18			38,398		39,402
Wells Fargo Mortgage Backed Securities Trust Series 2006-2 3A1 5.75% 3/25/36			90,291		92,730

Total Non-Agency Collateralized Mortgage Obligations (Cost $833,317)					929,546


DREGIONAL BONDS–0.07%
Australia–0.02%
New South Wales Treasury 4.00% 5/20/26	AUD		49,900		42,621
Queensland Treasury #144A 4.75% 7/21/25	AUD		36,000		32,016

					74,637

Canada–0.05%
Province of Ontario Canada 3.45% 6/2/45	CAD		37,000		32,981
Province of Quebec Canada 6.00% 10/1/29	CAD		118,000		132,807

					165,788

Total Regional Bonds (Cost $249,516)					240,425


«SENIOR SECURED LOANS–7.31%
Activision Blizzard Tranche B 1st Lien 3.25% 10/11/20			444,763		447,264
Aramark Tranche E 3.25% 9/7/19			281,300		282,325
Azure Midstream Tranche B 7.50% 11/15/18			93,520		89,195
BJ’s Wholesale Club Tranche B 1st Lien 4.50% 9/26/19			1,524,818		1,528,028
Caesars Growth Partners Tranche B 1st Lien 6.25% 5/8/21			203,463		181,209
Calpine Construction Finance Tranche B 3.00% 5/3/20			450,164		444,957


	Principal Amount°		Value (U.S. $)

«SENIOR SECURED LOANS (continued)
Charter Communications Tranche B 1st Lien 4.25% 9/12/21		805,000	$	812,829
Community Health Systems Tranche D 4.25% 1/27/21		399,900		402,329
Community Health Systems Tranche F 1st Lien 3.428% 12/31/18		103,988		104,145
Dollar Tree Tranche B 1st Lien 4.25% 3/9/22		685,000		693,038
Drillships Financing Holding Tranche B1 6.00% 3/31/21		201,925		154,946
Emdeon 1st Lien 3.75% 11/2/18		304,063		304,982
Energy Transfer Equity 1st Lien 3.25% 12/2/19		995,000		980,931
FCA US Tranche B 1st Lien 3.50% 5/24/17		39,186		39,251
First Data Tranche B 1st Lien 4.174% 3/24/21		953,637		957,909
Gardner Denver 1st Lien 4.25% 7/30/20		797,975		758,650
HCA Tranche B4 3.025% 5/1/18		788,000		789,312
HCA Tranche B5 1st Lien 2.928% 3/31/17		523,035		523,854
Hilton Worldwide Finance Tranche B2 3.50% 10/25/20		656,367		658,008
Huntsman International Tranche B 1st Lien 3.75% 10/1/21		807,975		811,845
IASIS Healthcare Tranche B 1st Lien 4.50% 5/3/18		116,411		116,804
iHeartCommunications Tranche D 6.928% 1/30/19		510,000		485,951
Immucor Tranche B2 5.00% 8/19/18		495,600		498,311
Infor US Tranche B5 1st Lien 3.75% 6/3/20		537,489		533,374
Intelsat Jackson Holdings Tranche B2 3.75% 6/30/19		604,575		602,988
JLL/Delta Dutch Newco 1st Lien 4.25% 3/11/21		357,300		356,323
KIK Custom Products 1st Lien 5.50% 4/29/19		987,459		988,447
Landry’s Tranche B 4.00% 4/24/18		181,036		181,731
Level 3 Financing Tranche B 4.00% 1/15/20		300,000		301,063
MPH Acquisition Tranche B 3.75% 3/31/21		967,500		965,860
Neiman Marcus Tranche 1st Lien 4.25% 10/25/20		295,000		294,447
NEP/NCP Tranche B 1st Lien 4.25% 1/22/20		198,004		193,549


		Principal Amount°		Value (U.S. $)

«SENIOR SECURED LOANS (continued)
Novelis Tranche B 3.75% 3/10/17			205,187	$	205,294
Numericable 4.50% 5/21/20			363,673		365,124
Numericable U.S. Tranche B2 1st Lien 4.50% 5/21/20			314,627		315,882
OSI Restaurants Tranche B 1st Lien 3.50% 10/26/19			116,100		116,391
Panda Liberty Tranche B 7.50% 8/21/20			20,000		20,150
Republic of Angola (Unsecured) 6.594% 12/16/23			400,000		396,000
Salix Pharmaceuticals Tranche B 5.50% 1/2/20			671,053		672,163
Scientific Games International 6.00% 10/18/20			311,062		312,462
Sensus 2nd Lien 8.50% 5/9/18			300,000		296,250
Smart & Final Tranche B 1st Lien 4.75% 11/15/19			89,088		89,673
Sprouts Farmers 4.00% 4/23/20			208,646		209,494
Stena 1st Lien 4.00% 3/3/21			396,000		357,639
Univision Communications Tranche C4 4.00% 3/1/20			725,708		725,385
USI Insurance Services Tranche B 1st Lien 4.25% 12/27/19			205,299		205,898
Valeant Pharmaceuticals International Tranche BE 3.50% 8/5/20			1,038,859		1,040,615
Wide Open West Finance 4.75% 4/1/19			1,244,600		1,247,519
Zayo Group Tranche B 1st Lien 4.00% 7/2/19			894,464		897,009

Total Senior Secured Loans (Cost $23,952,385)					23,956,803


DSOVEREIGN BONDS–1.84%
Australia–0.01%
Australia Government Bond 3.75% 4/21/37	AUD		41,000		36,052

					36,052

Brazil–0.02%
Brazil Notas do Tesouro Nacional Series F 10.00% 1/1/17	BRL		221,000		65,815

					65,815

Canada–0.01%
Canadian Government Bond 2.75% 12/1/48	CAD		26,000		24,420

					24,420


		Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Chile–0.07%
Chile Government International Bond 5.50% 8/5/20	CLP		135,000,000	$	230,881

					230,881

Colombia–0.13%
Colombia Government International Bonds
4.375% 3/21/23	COP		377,000,000		132,611
5.00% 6/15/45			200,000		206,500
9.85% 6/28/27	COP		154,000,000		76,927

					416,038

Dominican Republic–0.03%
#Dominican Republic International Bond 144A 6.85% 1/27/45			100,000		105,500

					105,500

Indonesia–0.15%
#Indonesia Government International Bond 144A 4.625% 4/15/43			200,000		196,250
Indonesia Treasury Bond 8.375% 3/15/24	IDR		3,754,000,000		305,847

					502,097

Italy–0.63%
Italy Buoni Poliennali Del Tesoro
1.35% 4/15/22	EUR		746,000		825,255
2.50% 12/1/24	EUR		1,024,000		1,227,478

					2,052,733

Ivory Coast–0.06%
#Ivory Coast Government International Bond 144A 6.375% 3/3/28			200,000		201,000

					201,000

Kazakhstan–0.06%
#Kazakhstan Government International Bond 144A 3.875% 10/14/24			200,000		185,780

					185,780

Mexico–0.12%
Mexican Bonos 7.50% 6/3/27	MXN		5,441,000		396,836

					396,836

Norway–0.02%
Kommunalbanken 5.00% 3/28/19	NZD		91,000		70,867

					70,867


		Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Pakistan–0.06%
#Pakistan Government International Bond 144A 7.25% 4/15/19			200,000	$	206,579

					206,579

Peru–0.06%
#Peruvian Government International Bond 144A 6.95% 8/12/31	PEN		600,000		199,661

					199,661

Poland–0.02%
Poland Government Bond 3.25% 7/25/25	PLN		265,000		76,047

					76,047

Portugal–0.01%
#Portugal Government International Bond 144A 5.125% 10/15/24			15,000		16,609

					16,609

Republic of Korea–0.06%
Inflation Linked Korea Treasury Bond 1.125% 6/10/23	KRW		220,407,494		191,934

					191,934

Senegal–0.06%
#Senegal Government International Bond 144A 6.25% 7/30/24			200,000		195,893

					195,893

South Africa–0.12%
South Africa Government Bond 8.00% 1/31/30	ZAR		4,971,000		404,641

					404,641

Sweden–0.02%
Sweden Government Bond 1.50% 11/13/23	SEK		425,000		54,335

					54,335

United Kingdom–0.09%
United Kingdom Gilt 3.50% 1/22/45	GBP		56,200		104,440
United Kingdom Gilt Inflation Linked 0.125% 3/22/24	GBP		113,783		187,406

					291,846


		Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Uruguay–0.03%
Uruguay Government International Bond 5.10% 6/18/50			97,000	$	101,123

					101,123

Total Sovereign Bonds (Cost $6,181,330)					6,026,687


SUPRANATIONAL BANKS–0.24%
European Bank for Reconstruction & Development
6.00% 3/3/16	INR		9,400,000		150,158
7.375% 4/15/19	IDR		1,210,000,000		92,057
Inter-American Development Bank
6.00% 9/5/17	INR		13,100,000		209,347
7.25% 7/17/17	IDR		1,720,000,000		129,543
International Bank for Reconstruction & Development
•2.465% 9/24/18	AUD		104,000		79,286
4.625% 10/6/21	NZD		170,000		132,919

Total Supranational Banks (Cost $844,319)					793,310


U.S. TREASURY OBLIGATIONS–0.41%
U.S. Treasury Bond 2.50% 2/15/45			790,000		782,841
U.S. Treasury Notes
1.375% 2/29/20			115,000		115,036
1.375% 3/31/20			55,000		55,013
2.00% 2/15/25			375,000		377,402

Total U.S. Treasury Obligations (Cost $1,306,374)					1,330,292

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2015:

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The foreign currency exchange contracts and notional values presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

As a result of utilizing international fair value pricing at March 31, 2015, a portion of the Fund’s common stock investments were categorized as Level 2.

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK–52.57%
U.S. MARKETS–33.40%
Aerospace & Defense–1.01%
Boeing		450	$	67,536
†Esterline Technologies		750		85,815
Honeywell International		780		81,362
†KEYW Holding		4,120		33,908
Lockheed Martin		390		79,154
Northrop Grumman		2,000		321,920
Raytheon		2,900		316,825
Rockwell Collins		320		30,896
United Technologies		760		89,072

				1,106,488

Air Freight & Logistics–0.14%
FedEx		510		84,379
†XPO Logistics		1,515		68,887

				153,266

Auto Components–0.41%
BorgWarner		820		49,594
Johnson Controls		6,500		327,860
†Tenneco		1,175		67,469

				444,923

Automobiles–0.07%
Ford Motor		4,700		75,858

				75,858

Banks–1.27%
BB&T		8,200		319,718
BBCN Bancorp		2,790		40,371
Bryn Mawr Bank		510		15,509
Cardinal Financial		2,230		44,555
Citigroup		2,090		107,677
City Holding		1,010		47,500
†First NBC Bank Holding		1,240		40,895
Flushing Financial		1,805		36,226
@Independent Bank (Massachusetts)		1,215		53,302
JPMorgan Chase		2,330		141,151
KeyCorp		3,900		55,224
Old National Bancorp		2,750		39,023
Prosperity Bancshares		1,135		59,565
Sterling Bancorp		4,140		55,517
Susquehanna Bancshares		3,195		43,803
†Texas Capital Bancshares		835		40,623
Webster Financial		1,630		60,392
Wells Fargo		2,490		135,456
†Western Alliance Bancorp		1,930		57,205

				1,393,712

Beverages–0.13%
Coca-Cola		810		32,845
PepsiCo		1,180		112,832

				145,677


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Biotechnology–1.34%
†Acorda Therapeutics		1,690	$	56,243
†Alkermes		870		53,044
†Biogen		475		200,564
†Celgene		6,114		704,822
†Cepheid		1,355		77,099
†Gilead Sciences		1,240		121,681
†Isis Pharmaceuticals		895		56,985
†Ligand Pharmaceuticals Class B		920		70,941
†Spectrum Pharmaceuticals		3,900		23,673
†TESARO		500		28,700
†Vanda Pharmaceuticals		3,315		30,830
†Vertex Pharmaceuticals		450		53,087

				1,477,669

Building Products–0.11%
AAON		2,710		66,476
†Continental Building Products		2,630		59,412

				125,888

Capital Markets–0.72%
Ameriprise Financial		480		62,803
Bank of New York Mellon		8,100		325,944
BlackRock		170		62,193
Evercore Partners Class A		1,705		88,080
Greenhill		650		25,773
Invesco		1,190		47,231
Raymond James Financial		990		56,212
State Street		880		64,706
†Stifel Financial		1,095		61,046

				793,988

Chemicals–0.65%
Axiall		1,175		55,155
†Chemtura		1,455		39,707
duPont (E.I.) deNemours		4,500		321,615
Eastman Chemical		980		67,875
Huntsman		2,180		48,331
Innophos Holdings		640		36,070
LyondellBasell Industries Class A		390		34,242
Minerals Technologies		875		63,963
Quaker Chemical		540		46,246

				713,204

Commercial Services & Supplies–0.50%
McGrath RentCorp		1,540		50,681
Republic Services		1,080		43,805
Tetra Tech		1,535		36,871
United Stationers		1,525		62,510
US Ecology		670		33,480
Waste Management		5,900		319,957

				547,304


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Communications Equipment–1.06%
Cisco Systems		13,790	$	379,570
†NETGEAR		1,285		42,251
Plantronics		865		45,802
QUALCOMM		10,056		697,283

				1,164,906

Construction & Engineering–0.09%
Granite Construction		1,445		50,777
†MasTec		505		9,747
†MYR Group		1,160		36,354

				96,878

Consumer Finance–0.07%
Capital One Financial		950		74,879

				74,879

Containers & Packaging–0.06%
MeadWestvaco		1,420		70,815

				70,815

Diversified Financial Services–0.30%
Intercontinental Exchange		1,433		334,276

				334,276

Diversified Telecommunication Services–0.77%
AT&T		13,120		428,368
Atlantic Tele-Network		595		41,186
†inContact		5,135		55,971
Verizon Communications		6,600		320,958

				846,483

Electric Utilities–0.41%
Cleco		1,070		58,336
Edison International		5,500		343,585
OGE Energy		1,490		47,099

				449,020

Electrical Equipment–0.05%
Eaton		770		52,314

				52,314

Electronic Equipment, Instruments & Components–0.14%
†Anixter International		620		47,201
†FARO Technologies		1,175		73,003
†Rofin-Sinar Technologies		1,240		30,045

				150,249

Energy Equipment & Services–0.40%
Bristow Group		390		21,235
Core Laboratories		330		34,482
Halliburton		6,300		276,444
†Pioneer Energy Services		1,170		6,341
†RigNet		1,160		33,164


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Energy Equipment & Services (continued)
Schlumberger		750	$	62,580

				434,246

Food & Staples Retailing–0.93%
Casey’s General Stores		1,355		122,085
CVS Health		4,080		421,097
Walgreens Boots Alliance		5,686		481,490

				1,024,672

Food Products–1.13%
Archer-Daniels-Midland		7,000		331,800
General Mills		1,270		71,882
J&J Snack Foods		510		54,417
Kraft Foods Group		5,133		447,161
Mondelez International		9,400		339,246

				1,244,506

Gas Utilities–0.02%
South Jersey Industries		330		17,912

				17,912

Health Care Equipment & Supplies–0.64%
Baxter International		4,800		328,800
CONMED		1,335		67,404
CryoLife		3,640		37,747
†DexCom		1,275		79,483
†Merit Medical Systems		1,915		36,864
†Quidel		2,040		55,039
West Pharmaceutical Services		1,595		96,035

				701,372

Health Care Providers & Services–0.92%
†Air Methods		1,295		60,334
Cardinal Health		3,600		324,972
†Express Scripts Holding		1,080		93,712
Quest Diagnostics		4,300		330,455
UnitedHealth Group		1,130		133,668
†WellCare Health Plans		685		62,650

				1,005,791

Hotels, Restaurants & Leisure–0.49%
†Buffalo Wild Wings		330		59,809
Cheesecake Factory		1,235		60,923
†Del Frisco’s Restaurant Group		2,545		51,282
Jack in the Box		770		73,858
McDonald’s		200		19,488
†Popeyes Louisiana Kitchen		1,175		70,289
Starbucks		1,040		98,488
Wynn Resorts		834		104,984

				539,121

Household Products–0.16%
Kimberly-Clark		490		52,484


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Household Products (continued)
Procter & Gamble		1,540	$	126,188

				178,672

Industrial Conglomerates–0.12%
General Electric		5,340		132,485

				132,485

Insurance–1.03%
Aflac		1,130		72,331
Allstate		4,700		334,499
American Equity Investment Life
Holding		1,955		56,949
Fidelity & Guaranty Life		1,915		40,598
@Infinity Property & Casualty		560		45,948
Marsh & McLennan		5,700		319,713
Primerica		910		46,319
Prudential Financial		520		41,761
@Selective Insurance Group		1,750		50,838
Travelers		790		85,423
United Fire Group		1,220		38,759

				1,133,138

Internet & Catalog Retail–0.92%
†Liberty Interactive Class A		14,544		424,539
†Priceline Group		232		270,083
†Shutterfly		1,000		45,240
†TripAdvisor		3,205		266,560

				1,006,422

Internet Software & Services–1.81%
†Coupons.com		2,455		28,822
†eBay		8,638		498,240
†Endurance International Group
Holdings		440		8,386
Equinix		1,860		433,101
†Facebook Class A		1,130		92,903
†Google Class A		607		336,703
†Google Class C		406		222,488
†GrubHub		1,395		63,319
@j2 Global		930		61,082
†SciQuest		2,610		44,187
†Yahoo		1,900		84,427
†Yelp		2,484		117,617

				1,991,275

IT Services–1.46%
Accenture Class A		1,020		95,564
Convergys		2,320		53,058
†ExlService Holdings		800		29,760
International Business Machines		140		22,470
†InterXion Holding		1,625		45,825
MasterCard Class A		5,282		456,312


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
IT Services (continued)
TeleTech Holdings		1,720	$	43,774
Visa Class A		8,110		530,475
Xerox		25,500		327,675

				1,604,913

Life Sciences Tools & Services–0.10%
Thermo Fisher Scientific		810		108,815

				108,815

Machinery–0.40%
Barnes Group		1,905		77,133
Caterpillar		260		20,808
Columbus McKinnon		1,870		50,378
Cummins		280		38,819
Deere		360		31,568
ESCO Technologies		1,335		52,038
Federal Signal		2,235		35,291
Kadant		1,440		75,758
Parker-Hannifin		450		53,451

				435,244

Media–0.49%
†=Century Communications		5,000		0
Cinemark Holdings		540		24,338
Comcast Class A		1,560		87,461
†Discovery Communications Class A		2,809		86,405
†Discovery Communications Class C		7,607		224,216
Disney (Walt)		400		41,956
National CineMedia		2,050		30,955
Regal Entertainment Group Class A		510		11,648
Viacom Class B		420		28,686

				535,665

Metals & Mining–0.09%
Kaiser Aluminum		620		47,672
Worthington Industries		1,875		49,894

				97,566

Multiline Retail–0.14%
Macy’s		1,310		85,032
Nordstrom		910		73,091

				158,123

Multi-Utilities–0.13%
MDU Resources Group		1,660		35,424
NorthWestern		985		52,983
Sempra Energy		530		57,781

				146,188

Oil, Gas & Consumable Fuels–2.30%
†Bonanza Creek Energy		730		18,002
†Carrizo Oil & Gas		1,050		52,133
Chevron		4,330		454,563


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Oil, Gas & Consumable Fuels (continued)
ConocoPhillips		4,790	$	298,225
†Diamondback Energy		645		49,562
EOG Resources		3,099		284,147
Exxon Mobil		1,420		120,700
Kinder Morgan		5,890		247,733
Marathon Oil		11,370		296,871
Occidental Petroleum		5,260		383,980
†Parsley Energy Class A		1,030		16,459
†RSP Permian		750		18,893
Williams		5,559		281,230

				2,522,498

Paper & Forest Products–0.12%
†Boise Cascade		1,095		41,019
International Paper		730		40,508
Neenah Paper		750		46,905

				128,432

Pharmaceuticals–2.35%
AbbVie		1,580		92,493
†Actavis		1,552		461,916
†Akorn		1,510		71,740
Johnson & Johnson		3,660		368,196
†Medicines		885		24,798
Merck		7,900		454,092
Perrigo		1,309		216,705
Pfizer		13,879		482,850
†Prestige Brands Holdings		1,055		45,249
†Valeant Pharmaceuticals International		1,848		367,050

				2,585,089

Professional Services–0.18%
Kforce		2,925		65,257
Nielsen		1,000		44,570
†On Assignment		1,105		42,399
†WageWorks		885		47,197

				199,423

Real Estate Investment Trusts–3.24%
American Campus Communities		525		22,507
American Realty Capital Properties		1,800		17,730
American Tower		870		81,911
Apartment Investment & Management		850		33,456
AvalonBay Communities		600		104,550
Boston Properties		800		112,384
Brandywine Realty Trust		2,600		41,548
Camden Property Trust		350		27,345
Corporate Office Properties Trust		700		20,566
Cousins Properties		1,650		17,490
Crown Castle International		4,693		387,360
DCT Industrial Trust		1,913		66,305
DDR		3,000		55,860


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Real Estate Investment Trusts (continued)
Douglas Emmett		1,600	$	47,696
Duke Realty		3,200		69,664
DuPont Fabros Technology		1,510		49,347
EastGroup Properties		640		38,490
EPR Properties		1,560		93,647
Equity Lifestyle Properties		425		23,354
Equity One		850		22,687
Equity Residential		1,550		120,683
Essex Property Trust		300		68,970
Extra Space Storage		450		30,407
Federal Realty Investment Trust		175		25,762
First Industrial Realty Trust		1,850		39,645
First Potomac Realty Trust		1,000		11,890
General Growth Properties		3,425		101,209
Health Care REIT		450		34,812
Healthcare Realty Trust		925		25,697
Healthcare Trust of America Class A		837		23,319
Highwoods Properties		925		42,347
Host Hotels & Resorts		5,260		106,147
Kilroy Realty		550		41,893
Kimco Realty		1,700		45,645
Kite Realty Group Trust		1,917		54,002
LaSalle Hotel Properties		2,050		79,663
Lexington Realty Trust		1,950		19,169
Liberty Property Trust		450		16,065
LTC Properties		175		8,050
Macerich		500		42,165
National Retail Properties		1,960		80,301
Pebblebrook Hotel Trust		675		31,435
Post Properties		575		32,735
Prologis		2,225		96,921
PS Business Parks		275		22,836
Public Storage		425		83,785
Ramco-Gershenson Properties Trust		3,860		71,796
Regency Centers		725		49,329
RLJ Lodging Trust		1,000		31,310
Sabra Health Care REIT		500		16,575
Simon Property Group		1,350		264,114
SL Green Realty		650		83,447
Sovran Self Storage		570		53,546
Spirit Realty Capital		2,475		29,898
†Strategic Hotels & Resorts		2,650		32,940
Tanger Factory Outlet Centers		950		33,412
Taubman Centers		250		19,283
UDR		1,500		51,045
Urban Edge Properties		462		10,949
Ventas		1,350		98,577
Vornado Realty Trust		900		100,800

				3,566,471


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Road & Rail–0.19%
Hunt (J.B.) Transport Services		500	$	42,697
†Roadrunner Transportation Systems		1,185		29,945
†Swift Transportation		1,235		32,135
Union Pacific		960		103,978

				208,755

Semiconductors & Semiconductor Equipment–0.93%
†Applied Micro Circuits		6,285		32,053
Avago Technologies		640		81,267
Broadcom Class A		7,600		329,042
Intel		12,820		400,881
Maxim Integrated Products		2,020		70,316
†Semtech		2,085		55,555
†Synaptics		710		57,727

				1,026,841

Software–1.68%
†Adobe Systems		2,809		207,697
CA		10,366		338,035
†Callidus Software		2,960		37,533
†Electronic Arts		5,315		312,602
†Guidewire Software		1,010		53,136
Intuit		2,165		209,918
Microsoft		11,021		448,059
†Proofpoint		1,080		63,958
†salesforce.com		920		61,465
SS&C Technologies Holdings		1,120		69,776
†Tyler Technologies		410		49,417

				1,851,596

Specialty Retail–1.00%
†Boot Barn Holdings		675		16,146
DSW Class A		1,300		47,944
†Express		2,290		37,854
L Brands		3,663		345,384
Lowe’s		4,300		319,877
†Sally Beauty Holdings		4,912		168,825
Tractor Supply		890		75,703
†Urban Outfitters		1,980		90,387

				1,102,120

Technology Hardware, Storage & Peripherals–0.27%
Apple		1,820		226,463
EMC		2,850		72,846

				299,309

Textiles, Apparel & Luxury Goods–0.41%
†G-III Apparel Group		610		68,717
†Iconix Brand Group		1,520		51,178
†Madden (Steven)		2,051		77,919
NIKE Class B		2,537		254,537

				452,351


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Trading Companies & Distributors–0.05%
Applied Industrial Technologies		1,290	$	58,489

				58,489

Total U.S. Markets (Cost $22,950,582)				36,715,297


§DEVELOPED MARKETS–11.36%
Aerospace & Defense–0.17%
Meggitt		23,222		188,757

				188,757

Air Freight & Logistics–0.30%
Deutsche Post		10,699		333,388

				333,388

Airlines–0.11%
@Westjet Airlines Class VV		5,243		122,895

				122,895

Auto Components–0.26%
Sumitomo Rubber Industries		15,800		291,199

				291,199

Automobiles–0.42%
Toyota Motor		6,600		460,628

				460,628

Banks–1.58%
†ING Groep CVA		18,733		274,452
Mitsubishi UFJ Financial Group		69,900		432,847
Nordea Bank		33,669		410,107
Standard Chartered		23,270		376,885
UniCredit		36,306		246,247

				1,740,538

Beverages–0.41%
Carlsberg Class B		3,072		253,304
Coca-Cola Amatil		24,507		200,634

				453,938

Construction & Engineering–0.27%
Vinci		5,116		292,351

				292,351

Containers & Packaging–0.25%
Rexam		32,345		277,198

				277,198

Diversified Telecommunication Services–0.33%
Nippon Telegraph & Telephone		5,874		362,548

				362,548

Energy Equipment & Services–0.13%
†Saipem		11,967		121,751


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Energy Equipment & Services (continued)
Subsea 7		2,158	$	18,533

				140,284

Food & Staples Retailing–0.23%
Tesco		69,517		248,136

				248,136

Food Products–0.32%
†Aryzta		5,662		347,096

				347,096

Household Durables–0.19%
Techtronic Industries		63,500		214,084

				214,084

Industrial Conglomerates–0.26%
Koninklijke Philips		9,994		283,582

				283,582

Insurance–0.39%
AXA		16,969		427,175

				427,175

IT Services–0.67%
†CGI Group Class A		9,665		409,903
Teleperformance		4,726		323,941

				733,844

Life Sciences Tools & Services–0.07%
†ICON		1,075		75,820

				75,820

Media–0.11%
Publicis Groupe		1,544		119,152

				119,152

Metals & Mining–0.30%
Anglo American ADR		2,900		21,619
AuRico Gold		21,000		58,027
Rio Tinto		4,920		202,879
Yamana Gold		14,226		50,990

				333,515

Multi-Utilities–0.12%
National Grid		10,124		130,150

				130,150

Oil, Gas & Consumable Fuels–0.33%
Suncor Energy		6,300		184,078
TOTAL		3,586		178,283

				362,361

Pharmaceuticals–2.12%
Novartis		4,521		446,225
Novo Nordisk ADR		6,452		344,472


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Pharmaceuticals (continued)
Sanofi		4,071	$	402,123
STADA Arzneimittel		6,628		220,584
Teva Pharmaceutical Industries ADR		14,800		922,040

				2,335,444

Road & Rail–0.25%
East Japan Railway		3,466		277,698

				277,698

Software–0.12%
Playtech		11,342		130,456

				130,456

Specialty Retail–0.39%
Nitori Holdings		6,340		429,106

				429,106

Textiles, Apparel & Luxury Goods–0.42%
Kering		907		177,096
Yue Yuen Industrial Holdings		81,000		286,614

				463,710

Tobacco–0.25%
Japan Tobacco		8,800		278,164

				278,164

Trading Companies & Distributors–0.37%
ITOCHU		25,014		270,653
Rexel		6,960		131,261

				401,914

Wireless Telecommunication Services–0.22%
Tele2 Class B		19,951		238,631

				238,631

Total Developed Markets (Cost $9,834,125)				12,493,762


×EMERGING MARKETS–7.81%
Airlines–0.04%
Gol Linhas Aereas Inteligentes ADR		16,500		40,095

				40,095

Automobiles–0.11%
Hyundai Motor		258		39,090
Mahindra & Mahindra		4,244		80,948

				120,038

Banks–1.08%
Akbank		29,356		86,132
Banco Santander Brasil ADR		11,200		49,392
Bangkok Bank		19,430		110,054
China Construction Bank		133,028		110,411
Grupo Financiero Banorte Class O		14,300		82,928
ICICI Bank ADR		11,600		120,176


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Banks (continued)
Industrial & Commercial Bank of China		153,406	$	113,471
Itau Unibanco Holding ADR		7,908		87,462
†KB Financial Group ADR		3,678		129,245
Powszechna Kasa Oszczednosci Bank Polski		3,658		32,733
@=Sberbank		43,680		47,186
Shinhan Financial Group		2,493		93,705
Standard Bank Group		9,258		127,956

				1,190,851

Beverages–0.36%
†Anadolu Efes Biracilik Ve Malt Sanayii		8,730		72,828
Cia Cervecerias Unidas ADR		2,200		45,672
†Fomento Economico Mexicano ADR		1,200		112,200
@Lotte Chilsung Beverage		85		132,176
Tsingtao Brewery		5,305		35,572

				398,448

Building Products–0.17%
@KCC		358		182,428

				182,428

Chemicals–0.07%
Braskem ADR		6,100		42,334
Sociedad Quimica y Minera de Chile ADR		2,100		38,325

				80,659

Construction & Engineering–0.02%
†Empresas ICA ADR		6,100		19,886

				19,886

Construction Materials–0.26%
†Cemex ADR		10,834		102,598
†Cemex Latam Holdings		4,717		24,492
Siam Cement - Foreign		2,599		40,722
Siam Cement NVDR		1,900		29,882
Ultratech Cement		2,012		93,018

				290,712

Diversified Financial Services–0.11%
Reliance Capital		6,162		42,036
Remgro		3,534		77,348

				119,384

Diversified Telecommunication Services–0.10%
†KT ADR		4,200		54,936
Telefonica Brasil ADR		3,380		51,680

				106,616

Electronic Equipment, Instruments & Components–0.23%
Hon Hai Precision Industry		43,664		127,962


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Electronic Equipment, Instruments & Components (continued)
†LG Display ADR		5,100	$	72,981
Samsung SDI		436		53,573

				254,516

Food & Staples Retailing–0.11%
Cia Brasileira de Distribuicao ADR		1,800		53,676
Wal-Mart de Mexico Class V		27,159		67,691

				121,367

Food Products–0.39%
BRF ADR		4,240		83,867
China Mengniu Dairy		19,000		100,972
@Lotte Confectionery		60		96,565
Tingyi Cayman Islands Holding		24,000		51,672
@Uni-President China Holdings		139,600		92,375

				425,451

Hotels, Restaurants & Leisure–0.04%
@Arcos Dorados Holdings		8,200		40,426

				40,426

Household Durables–0.04%
LG Electronics		829		43,961

				43,961

Insurance–0.08%
Samsung Life Insurance		966		84,101

				84,101

Internet Software & Services–0.80%
†Baidu ADR		3,236		674,382
†SINA		1,900		61,104
†@Sohu.com		2,600		138,658

				874,144

IT Services–0.05%
†WNS Holdings ADR		2,165		52,653

				52,653

Media–0.17%
†Grupo Televisa ADR		5,800		191,458

				191,458

Metals & Mining–0.09%
†Anglo American Platinum		1,012		24,778
@Gerdau		4,000		9,524
Gerdau ADR		2,900		9,280
†Impala Platinum Holdings		2,386		11,539
Vale ADR		7,100		40,115

				95,236


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Multiline Retail–0.12%
Woolworths Holdings		19,249	$	136,492

				136,492

Oil, Gas & Consumable Fuels–0.93%
Cairn India		9,748		33,526
China Petroleum & Chemical		60,750		48,412
CNOOC ADR		300		42,546
@Gazprom ADR		16,397		77,185
Lukoil ADR		1,800		82,674
PetroChina ADR		900		100,089
†Petroleo Brasileiro ADR		15,000		90,150
PTT-Foreign		8,924		88,555
#Reliance Industries GDR 144A		12,479		330,070
@Rosneft GDR		10,702		45,908
Sasol ADR		1,700		57,868
Tambang Batubara Bukit Asam Persero		36,700		30,090

				1,027,073

Paper & Forest Products–0.13%
†Fibria Celulose ADR		7,731		109,239
Nine Dragons Paper Holdings		52,000		32,516

				141,755

Personal Products–0.09%
†Hypermarcas		15,500		95,710

				95,710

Real Estate Management & Development–0.04%
#@=Etalon Group GDR 144A		3,000		6,405
@UEM Sunrise		109,206		40,598

				47,003

Road & Rail–0.01%
America Latina Logistica		9,250		11,649

				11,649

Semiconductors & Semiconductor Equipment–0.36%
MediaTek		10,000		135,218
Taiwan Semiconductor Manufacturing		22,204		103,317
Taiwan Semiconductor Manufacturing ADR		4,000		93,920
United Microelectronics		136,600		67,762

				400,217

Technology Hardware, Storage & Peripherals–0.54%
Samsung Electronics		454		589,002

				589,002

Wireless Telecommunication Services–1.27%
America Movil ADR		6,600		135,036
China Mobile		15,298		199,370
China Mobile ADR		2,300		149,569


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Wireless Telecommunication Services (continued)
MegaFon GDR		3,508	$	55,827
Mobile Telesystems ADR		3,400		34,340
MTN Group		3,801		64,084
SK Telecom ADR		17,100		465,291
Tim Participacoes ADR		9,700		160,826
Turkcell Iletisim Hizmetleri ADR		4,900		63,847
Vodacom Group		6,506		71,075

				1,399,265

Total Emerging Markets (Cost $8,426,027)				8,580,596

Total Common Stock (Cost $41,210,734)				57,789,655


CONVERTIBLE PREFERRED STOCK–0.18%
Alcoa 5.375% exercise price $19.39, expiration date 10/1/17		250		10,960
ArcelorMittal 6.00% exercise price $20.36, expiration date 12/21/15		475		7,251
Bank of America 7.25% exercise price $50.00, expiration date 12/31/49		10		11,471
#Chesapeake Energy 144A 5.75% exercise price $26.14, expiration date 12/31/49		15		12,994
Dominion Resources 6.125% exercise price $65.06, expiration date 4/1/16		193		10,839
@Dynegy 5.375% exercise price $38.75, expiration date 11/1/17		110		12,007
Exelon 6.50% exercise price $43.75, expiration date 6/1/17		250		12,163
Halcon Resources 5.75% exercise price $6.16, expiration date 12/31/49		12		3,543
HealthSouth 6.50% exercise price $29.70, expiration date 12/31/49		17		25,324
Huntington Bancshares 8.50% exercise price $11.95, expiration date 12/31/49		12		15,996
Intelsat 5.75% exercise price $22.05, expiration date 5/1/16		545		18,966
Maiden Holdings 7.25% exercise price $15.35, expiration date 9/15/16		450		23,553


	Number of Shares		Value (U.S. $)

CONVERTIBLE PREFERRED STOCK (continued)
SandRidge Energy 8.50% exercise price $8.01, expiration date 12/31/49		178	$	6,786
T-Mobile US 5.50% exercise price $31.02, expiration date 12/15/17		172		10,090
Wells Fargo 7.50% exercise price $156.71, expiration date 12/31/49		17		20,791

Total Convertible Preferred Stock (Cost $229,989)				202,734


EXCHANGE-TRADED FUNDS–8.60%
iShares MSCI EAFE Growth Index ETF		65,135		4,562,707
iShares MSCI EAFE Index ETF		29,200		1,873,764
Vanguard FTSE Developed Markets ETF		75,640		3,012,741

Total Exchange-Traded Funds (Cost $7,178,939)				9,449,212


PREFERRED STOCK–0.35%
Alabama Power 5.625%		1,650		42,405
#Ally Financial 144A 7.00%		200		205,281
•Bank of America 6.10%		25,000		25,422
•Integrys Energy Group 6.00%		1,900		53,409
•Morgan Stanley 5.55%		15,000		15,187
National Retail Properties 5.70%		950		23,703
Public Storage 5.20%		1,000		24,220

Total Preferred Stock (Cost $370,966)				389,627


	Principal Amount°

AGENCY ASSET-BACKED SECURITY–0.00%
•Fannie Mae REMIC Trust Series 2002-W11 AV1 0.514% 11/25/32		305		280

Total Agency Asset-Backed Security (Cost $305)				280


AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.38%
Fannie Mae REMIC Trust Series 2004-W11 1A2 6.50% 5/25/44		9,036		10,748
Fannie Mae REMICs Series 1996-46 ZA 7.50% 11/25/26		4,069		4,647


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs (continued)
Series 2003-26 AT 5.00% 11/25/32		11,326	$	11,689
Series 2010-41 PN 4.50% 4/25/40		40,000		43,811
•*Series 2012-122 SD 5.926% 11/25/42		86,277		20,966
*Series 2013-26 ID 3.00% 4/25/33		85,445		12,850
*Series 2013-38 AI 3.00% 4/25/33		82,769		11,727
*Series 2013-44 DI 3.00% 5/25/33		168,510		24,919
Series 2014-36 ZE 3.00% 6/25/44		32,809		30,347
Freddie Mac REMICs
Series 1730 Z 7.00% 5/15/24		3,128		3,569
Series 2326 ZQ 6.50% 6/15/31		13,836		15,956
Series 2557 WE 5.00% 1/15/18		7,059		7,359
Series 3656 PM 5.00% 4/15/40		62,008		68,772
Series 4065 DE 3.00% 6/15/32		5,000		5,138
*Series 4185 LI 3.00% 3/15/33		85,707		13,183
*Series 4191 CI 3.00% 4/15/33		87,010		11,840
¿Freddie Mac Structured Pass Through Securities Series T-58 2A 6.50% 9/25/43		11,445		13,262
GNMA Series 2010-113 KE 4.50% 9/20/40		95,000		106,278

Total Agency Collateralized Mortgage Obligations (Cost $406,253)				417,061


AGENCY MORTGAGE-BACKED SECURITIES–7.67%
Fannie Mae 6.50% 8/1/17		1,210		1,250
Fannie Mae ARM
•2.08% 3/1/38		3,012		3,195
•2.311% 4/1/36		2,421		2,582
•2.315% 11/1/35		1,647		1,763
•2.42% 5/1/43		23,838		24,375
•2.546% 6/1/43		8,966		9,204
•3.196% 4/1/44		37,148		38,759
•3.266% 3/1/44		33,681		35,256
•3.31% 9/1/43		25,700		26,955
•5.646% 8/1/37		3,510		3,688
Fannie Mae Relocation 30 yr 5.00% 11/1/34		1,277		1,407
Fannie Mae S.F. 15 yr
2.50% 2/1/28		60,258		62,050
3.00% 5/1/28		5,769		6,054
3.50% 7/1/26		17,417		18,580
4.00% 4/1/24		7,570		8,017
4.00% 5/1/25		13,103		13,932


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 15 yr (continued)
4.00% 6/1/25		45,561	$	48,439
4.00% 11/1/25		60,151		64,893
4.00% 12/1/26		21,753		23,052
4.00% 1/1/27		141,483		152,171
4.00% 5/1/27		46,836		49,922
4.00% 8/1/27		25,741		27,357
4.50% 4/1/18		1,964		2,059
5.00% 5/1/21		4,448		4,731
5.50% 4/1/23		5,199		5,738
Fannie Mae S.F. 15 yr TBA 2.50% 5/1/30		205,000		210,117
Fannie Mae S.F. 20 yr
3.00% 2/1/33		3,373		3,496
3.00% 8/1/33		11,484		11,905
3.50% 4/1/33		3,250		3,438
3.50% 9/1/33		16,312		17,424
4.00% 1/1/31		5,872		6,324
4.00% 2/1/31		16,902		18,202
5.00% 11/1/23		1,257		1,397
6.00% 9/1/29		12,353		14,069
Fannie Mae S.F. 30 yr
3.00% 7/1/42		21,903		22,447
3.00% 10/1/42		348,674		357,383
3.00% 12/1/42		55,705		57,096
3.00% 1/1/43		132,247		135,520
3.00% 2/1/43		13,440		13,774
3.00% 4/1/43		83,188		85,225
3.00% 5/1/43		56,908		58,291
4.00% 5/1/43		17,865		19,321
4.00% 8/1/43		9,734		10,497
4.00% 7/1/44		38,125		41,250
4.50% 7/1/36		6,793		7,437
4.50% 11/1/40		17,541		19,211
4.50% 3/1/41		25,610		28,065
4.50% 4/1/41		53,277		58,374
4.50% 7/1/41		16,150		17,707
4.50% 10/1/41		5,275		5,783
4.50% 1/1/42		512,919		561,216
4.50% 9/1/42		309,905		339,716
4.50% 6/1/44		37,459		40,994
5.00% 2/1/35		5,905		6,595
5.00% 7/1/35		9,130		10,157
5.00% 10/1/35		21,711		24,156
5.00% 11/1/35		10,740		11,951
5.00% 4/1/37		5,829		6,489
5.00% 8/1/37		16,267		18,115
5.00% 2/1/38		6,093		6,778
5.50% 12/1/32		1,166		1,321
5.50% 2/1/33		17,033		19,298
5.50% 11/1/34		6,435		7,288
5.50% 12/1/34		64,014		72,448
5.50% 3/1/35		3,137		3,530


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
5.50% 6/1/35		4,643	$	5,227
5.50% 1/1/36		3,816		4,313
5.50% 4/1/36		16,592		18,675
5.50% 7/1/36		1,855		2,098
5.50% 9/1/36		37,300		42,241
5.50% 11/1/36		5,302		5,973
5.50% 1/1/37		21,773		24,522
5.50% 2/1/37		14,237		16,033
5.50% 4/1/37		67,838		76,818
5.50% 8/1/37		264		299
5.50% 1/1/38		311		350
5.50% 2/1/38		11,800		13,339
5.50% 3/1/38		13,076		14,856
5.50% 6/1/38		48,302		54,354
5.50% 9/1/38		36,682		41,405
5.50% 1/1/39		19,675		22,188
5.50% 2/1/39		75,157		84,932
5.50% 10/1/39		57,061		64,209
5.50% 7/1/40		17,144		19,299
5.50% 9/1/41		213,867		240,667
6.00% 6/1/36		2,162		2,472
6.00% 11/1/36		28,114		32,100
6.00% 12/1/36		2,519		2,895
6.00% 2/1/37		7,252		8,284
6.00% 5/1/37		20,245		23,101
6.00% 6/1/37		1,331		1,534
6.00% 7/1/37		1,310		1,503
6.00% 8/1/37		16,563		18,941
6.00% 9/1/37		2,704		3,088
6.00% 11/1/37		3,297		3,794
6.00% 5/1/38		31,864		36,357
6.00% 7/1/38		909		1,037
6.00% 9/1/38		81,743		93,553
6.00% 10/1/38		27,935		31,915
6.00% 11/1/38		5,659		6,474
6.00% 1/1/39		11,643		13,311
6.00% 9/1/39		97,521		111,304
6.00% 3/1/40		9,916		11,315
6.00% 7/1/40		40,336		46,019
6.00% 9/1/40		8,964		10,232
6.00% 11/1/40		3,890		4,483
6.00% 5/1/41		98,061		112,040
6.50% 2/1/36		7,308		8,815
7.50% 6/1/31		5,602		7,068
Fannie Mae S.F. 30 yr TBA
3.00% 5/1/45		1,960,000		1,999,008
3.50% 5/1/45		665,000		696,769
4.50% 5/1/45		699,000		760,654
Freddie Mac ARM
•2.265% 10/1/36		3,720		3,979
•2.249% 7/1/36		2,530		2,698
•2.307% 4/1/34		1,105		1,175


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac ARM (continued)
•2.532% 1/1/44		71,841	$	74,107
Freddie Mac S.F. 15 yr
3.50% 11/1/25		5,148		5,474
3.50% 6/1/26		5,990		6,366
3.50% 10/1/26		6,649		7,125
3.50% 1/1/27		6,795		7,218
4.00% 5/1/25		3,974		4,232
4.50% 8/1/24		21,135		22,789
4.50% 7/1/25		4,082		4,401
4.50% 6/1/26		9,473		10,218
4.50% 9/1/26		14,729		15,906
5.00% 6/1/18		1,451		1,525
Freddie Mac S.F. 20 yr
3.00% 6/1/34		14,596		15,089
3.50% 1/1/34		30,729		32,414
Freddie Mac S.F. 30 yr
3.00% 10/1/42		25,056		25,627
3.00% 11/1/42		20,163		20,678
4.50% 6/1/39		3,832		4,176
4.50% 10/1/39		9,619		10,496
4.50% 4/1/41		72,887		79,670
5.50% 3/1/34		2,555		2,883
5.50% 12/1/34		2,576		2,912
5.50% 6/1/36		1,685		1,896
5.50% 11/1/36		3,331		3,729
5.50% 12/1/36		846		950
5.50% 9/1/37		3,400		3,817
5.50% 4/1/38		12,149		13,636
5.50% 6/1/38		1,994		2,239
5.50% 7/1/38		12,538		14,065
5.50% 6/1/39		13,374		15,002
5.50% 3/1/40		8,705		9,772
5.50% 8/1/40		20,000		22,433
5.50% 1/1/41		8,993		10,076
5.50% 6/1/41		67,477		75,618
6.00% 2/1/36		5,493		6,309
6.00% 1/1/38		3,455		3,921
6.00% 6/1/38		9,756		11,098
6.00% 8/1/38		29,395		33,557
6.00% 5/1/40		4,112		4,677
6.00% 7/1/40		22,209		25,377
6.50% 4/1/39		15,174		17,383
7.00% 11/1/33		2,456		3,018
GNMA I S.F.30 yr
5.00% 6/15/40		5,117		5,707
7.50% 1/15/32		1,553		1,952

Total Agency Mortgage-Backed Securities (Cost $8,331,223)				8,436,488


	Principal Amount°		Value (U.S. $)

COMMERCIAL MORTGAGE-BACKED SECURITIES–2.05%
Banc of America Commercial Mortgage Trust
•Series 2006-1 AM 5.421% 9/10/45		10,000	$	10,274
Series 2006-4 A4 5.634% 7/10/46		9,198		9,538
•Series 2007-4 AM 5.821% 2/10/51		40,000		43,461
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PWR18 A4 5.70% 6/11/50		25,000		27,060
CD Commercial Mortgage Trust
•Series 2005-CD1 AM 5.225% 7/15/44		40,000		40,617
•Series 2005-CD1 C 5.225% 7/15/44		15,000		15,215
Citigroup Commercial Mortgage Trust
Series 2014-GC25 A4 3.635% 10/10/47		40,000		42,668
Series 2015-GC27 A5 3.137% 2/10/48		15,000		15,361
COMM Mortgage Trust
Series 2014-CR19 A5 3.796% 8/10/47		25,000		27,014
Series 2014-CR20 A4 3.59% 11/10/47		60,000		63,830
Series 2014-CR20 AM 3.938% 11/10/47		35,000		37,380
Series 2014-CR21 A3 3.528% 12/10/47		35,000		37,055
#Series 2015-3BP A 144A 3.178% 2/10/35		100,000		102,354
Series 2015-DC1 A5 3.35% 2/10/48		20,000		20,855
Commercial Mortgage Trust
Series 2007-GG9 AM 5.475% 3/10/39		25,000		26,366
•Credit Suisse First Boston Mortgage Securities Series 2005-C5 AM 5.10% 8/15/38		25,000		25,191
DB-UBS Mortgage Trust
#Series 2011-LC1A A3 144A 5.002% 11/10/46		100,000		114,176
#•Series 2011-LC1A C 144A 5.558% 11/10/46		100,000		113,478
FREMF Mortgage Trust
#•Series 2011-K10 B 144A 4.618% 11/25/49		25,000		27,428
#•Series 2011-K15 B 144A 4.932% 8/25/44		10,000		11,121
#•Series 2011-K702 B 144A 4.771% 4/25/44		10,000		10,742


	Principal Amount°		Value (U.S. $)

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
FREMF Mortgage Trust (continued)
#•Series 2011-K703 B 144A 4.884% 7/25/44		10,000	$	10,800
#•Series 2012-K19 B 144A 4.037% 5/25/45		10,000		10,684
#•Series 2012-K22 B 144A 3.687% 8/25/45		35,000		36,357
#•Series 2012-K22 C 144A 3.687% 8/25/45		25,000		25,246
#•Series 2012-K707 B 144A 3.883% 1/25/47		15,000		15,722
#•Series 2012-K708 B 144A 3.761% 2/25/45		45,000		46,974
#•Series 2012-K708 C 144A 3.761% 2/25/45		10,000		10,242
#•Series 2013-K26 C 144A 3.60% 12/25/45		15,000		15,035
#•Series 2013-K30 C 144A 3.556% 6/25/45		30,000		29,601
#•Series 2013-K31 C 144A 3.627% 7/25/46		60,000		59,840
#•Series 2013-K33 B 144A 3.504% 8/25/46		25,000		25,588
#•Series 2013-K33 C 144A 3.504% 8/25/46		15,000		14,848
#•Series 2013-K712 144A 3.369% 5/25/45		70,000		72,025
#•Series 2013-K713 144A 3.165% 4/25/46		65,000		66,256
#•Series 2013-K713 C 144A 3.165% 4/25/46		40,000		39,667
#•Series 2014-K716 C 144A 3.954% 8/25/47		20,000		20,477
#GRACE Mortgage Trust Series 2014-GRCE A 144A 3.369% 6/10/28		100,000		105,671
GS Mortgage Securities Trust
•Series 2006-GG6 A4 5.553% 4/10/38		20,000		20,324
#Series 2010-C1 A2 144A 4.592% 8/10/43		150,000		167,499
#Hilton USA Trust Series 2013-HLT BFX 144A 3.367% 11/5/30		100,000		101,271
#Houston Galleria Mall Trust Series 2015-HGLR A1A2 144A 3.087% 3/5/37		100,000		101,062
JPMBB Commercial Mortgage Securities Trust
Series 2014-C18 A1 1.254% 2/15/47		50,024		49,997
•Series 2014-C22 B 4.562% 9/15/47		10,000		10,925


	Principal Amount°		Value (U.S. $)

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust
•Series 2005-CB11 E 5.724% 8/12/37		10,000	$	10,861
•Series 2005-LDP4 AJ 5.04% 10/15/42		55,000		55,407
•Series 2005-LDP5 D 5.382% 12/15/44		20,000		20,423
Series 2006-LDP8 AM 5.44% 5/15/45		79,000		82,974
LB-UBS Commercial Mortgage Trust
Series 2004-C1 A4 4.568% 1/15/31		3,222		3,277
•Series 2006-C6 AJ 5.452% 9/15/39		30,000		31,462
Series 2006-C6 AM 5.413% 9/15/39		35,000		36,936
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C18 A4 3.923% 10/15/47		20,000		21,811
Series 2014-C19 AS 3.832% 12/15/47		10,000		10,554
Morgan Stanley Capital I Trust
•Series 2005-HQ7 AJ 5.204% 11/14/42		50,000		50,636
•Series 2006-T21 AM 5.204% 10/12/52		30,000		30,762
WF-RBS Commercial Mortgage Trust Series 2014-C23 A5 3.917% 10/15/57		20,000		21,858

Total Commercial Mortgage-Backed Securities (Cost $2,234,475)				2,254,256


CONVERTIBLE BONDS–0.52%
Alaska Communications Systems Group 6.25% exercise price $10.28, expiration date 4/27/18		28,000		27,597
Ares Capital 5.75% exercise price $19.13, expiration date 2/1/16		8,000		8,285
BGC Partners 4.50% exercise price $9.84, expiration date 7/13/16		16,000		17,440
BioMarin Pharmaceutical 1.50% exercise price $94.15, expiration date 10/13/20		13,000		19,752
Blackstone Mortgage Trust 5.25% exercise price $28.66, expiration date 12/1/18		23,000		23,992


	Principal Amount°		Value (U.S. $)

CONVERTIBLE BONDS (continued)
#Campus Crest Communities Operating Partnership 144A 4.75% exercise price $12.56, expiration date 10/11/18		21,000	$	20,331
Cardtronics 1.00% exercise price $52.35, expiration date 11/27/20		24,000		23,865
Cemex 3.25% exercise price $9.65, expiration date 3/9/16		15,000		16,866
Chart Industries 2.00% exercise price $69.03, expiration date 7/30/18		7,000		6,768
Chesapeake Energy 2.25% exercise price $80.28, expiration date 12/14/38		15,000		13,687
#Ciena 144A 3.75% exercise price $20.17, expiration date 10/15/18		14,000		17,229
fGeneral Cable 4.50% exercise price $34.47, expiration date 11/15/29		21,000		16,734
Gilead Sciences 1.625% exercise price $22.71, expiration date 4/29/16		5,000		21,550
Illumina 0.25% exercise price $83.55, expiration date 3/11/16		6,000		13,279
Intel 3.25% exercise price $21.47, expiration date 8/1/39		6,000		9,484
j2 Global 3.25% exercise price $69.37, expiration date 6/14/29		22,000		25,437
Jefferies Group 3.875% exercise price $44.94, expiration date 10/31/29		14,000		14,201
#Lexington Realty Trust 144A 6.00% exercise price $6.60, expiration date 1/11/30		7,000		10,163
Liberty Interactive 0.75% exercise price $1,000.00, expiration date 3/30/43		25,000		35,016
#Liberty Interactive 144A 1.00% exercise price $64.31, expiration date 9/28/43		16,000		15,720
Mylan 3.75% exercise price $13.32, expiration date 9/10/15		5,000		22,253
Novellus Systems 2.625% exercise price $34.78, expiration date 5/14/41		10,000		20,469
NuVasive 2.75% exercise price $42.13, expiration date 6/30/17		23,000		28,836


	Principal Amount°		Value (U.S. $)

CONVERTIBLE BONDS (continued)
#NXP Semiconductors 144A 1.00% exercise price $102.84, expiration date 11/27/19		11,000	$	13,159
#Oclaro 144A 6.00% exercise price $1.95, expiration date 2/14/20		4,000		4,893
Peabody Energy 4.75% exercise price $57.15, expiration date 12/15/41		18,000		6,446
#PROS Holdings 144A 2.00% exercise price $33.79, expiration date 11/27/19		11,000		11,357
SanDisk 1.50% exercise price $51.16, expiration date 8/11/17		12,000		16,403
Spectrum Pharmaceuticals 2.75% exercise price $10.53, expiration date 12/13/18		7,000		6,436
Spirit Realty Capital 3.75% exercise price $13.10, expiration date 5/13/21		15,000		15,019
Titan Machinery 3.75% exercise price $43.17, expiration date 4/30/19		7,000		4,865
#TPG Specialty Lending 144A 4.50% exercise price $25.83, expiration date 12/15/19		17,000		16,979
#Vantage Drilling 144A 5.50% exercise price $2.39, expiration date 7/15/43		25,000		15,250
Vector Group 1.75% exercise price $25.87, expiration date 4/15/20		15,000		16,144
•Vector Group 2.50% exercise price $16.78, expiration date 1/14/19		7,000		9,903
VeriSign 4.136% exercise price $34.37, expiration date 8/15/37		6,000		11,929

Total Convertible Bonds (Cost $505,260)				577,737


CORPORATE BONDS–19.00%
Aerospace & Defense–0.06%
Lockheed Martin 3.80% 3/1/45		20,000		19,969
TransDigm
6.00% 7/15/22		30,000		30,150
6.50% 7/15/24		20,000		20,200

				70,319


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Air Freight & Logistics–0.04%
#Aviation Capital Group 144A 6.75% 4/6/21			35,000	$	39,881

					39,881

Airlines–0.13%
#tAir Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27			25,000		25,000
tAmerican Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26			20,000		20,700
tAmerican Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27			30,000		30,225
tUnited Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26			15,000		15,825
tUnited Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26			45,000		46,913

					138,663

Auto Components–0.52%
American Axle & Manufacturing 6.25% 3/15/21			25,000		26,437
BorgWarner 3.375% 3/15/25			10,000		10,314
Dana Holding 5.50% 12/15/24			12,000		12,420
Delphi
4.15% 3/15/24			40,000		42,601
5.00% 2/15/23			20,000		21,500
Lear 5.25% 1/15/25			80,000		82,000
Magna International 3.625% 6/15/24			65,000		66,350
#Schaeffler Finance 144A 4.75% 5/15/23			200,000		202,500
TRW Automotive
#144A 4.45% 12/1/23			80,000		80,800
#144A 4.50% 3/1/21			25,000		25,250

					570,172

Automobiles–0.24%
Daimler 2.75% 12/10/18	NOK		200,000		26,112
Ford Motor 7.45% 7/16/31			45,000		62,290
General Motors
3.50% 10/2/18			40,000		41,182
5.00% 4/1/35			35,000		37,466
#Hyundai Capital America 144A 2.55% 2/6/19			45,000		45,807
Toyota Finance Australia
2.25% 8/31/16	NOK		30,000		3,767
3.04% 12/20/16	NZD		60,000		44,288

					260,912


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Beverages–0.16%
#Pernod-Ricard 144A 5.75% 4/7/21		150,000	$	174,295

				174,295

Biotechnology–0.24%
Celgene
3.95% 10/15/20		150,000		162,069
4.625% 5/15/44		15,000		16,020
Gilead Sciences
3.50% 2/1/25		30,000		31,675
4.50% 2/1/45		10,000		11,072
Immucor 11.125% 8/15/19		45,000		48,544

				269,380

Building Products–0.05%
#Builders FirstSource 144A 7.625% 6/1/21		15,000		15,150
Nortek 8.50% 4/15/21		35,000		37,625

				52,775

Capital Markets–0.18%
Affiliated Managers Group 3.50% 8/1/25		40,000		40,036
Bank of New York Mellon 2.15% 2/24/20		10,000		10,089
E*TRADE Financial 4.625% 9/15/23		25,000		25,500
Jefferies Group
5.125% 1/20/23		20,000		20,793
6.45% 6/8/27		30,000		32,550
6.50% 1/20/43		10,000		9,982
Lazard Group
3.75% 2/13/25		10,000		9,882
6.85% 6/15/17		19,000		21,119
State Street 3.10% 5/15/23		25,000		25,333

				195,284

Chemicals–0.55%
CF Industries
6.875% 5/1/18		105,000		119,786
7.125% 5/1/20		30,000		36,188
Dow Chemical
3.50% 10/1/24		20,000		20,350
4.625% 10/1/44		70,000		73,470
#Grace (W.R.) 144A 5.125% 10/1/21		15,000		15,600
LYB International Finance 4.875% 3/15/44		5,000		5,392
LyondellBasell Industries 4.625% 2/26/55		95,000		95,026
Methanex 4.25% 12/1/24		50,000		50,758
#NOVA Chemicals 144A 5.00% 5/1/25		56,000		58,660


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Chemicals (continued)
PolyOne 5.25% 3/15/23			15,000	$	15,637
Potash of Saskatchewan 3.00% 4/1/25			30,000		30,103
PPG Industries 2.30% 11/15/19			35,000		35,434
Rockwood Specialties Group 4.625% 10/15/20			30,000		31,313
#TPC Group 144A 8.75% 12/15/20			15,000		13,800

					601,517

Commercial Banks–0.89%
Australia & New Zealand Banking Group 2.625% 12/10/18	CAD		25,000		20,631
BB&T
2.45% 1/15/20			70,000		71,255
5.25% 11/1/19			117,000		132,434
#BBVA Banco Continental 144A 5.00% 8/26/22			25,000		26,700
#BBVA Bancomer 144A 6.50% 3/10/21			150,000		166,782
City National 5.25% 9/15/20			40,000		45,970
Cooperatieve Centrale Raiffeisen-Boerenleenbank
2.50% 9/4/20	NOK		110,000		14,259
4.25% 1/13/22	AUD		24,000		19,284
Northern Trust 3.95% 10/30/25			35,000		37,649
PNC Funding 5.625% 2/1/17			38,000		40,868
#•PNC Preferred Funding Trust II 144A 1.493% 3/31/49			100,000		92,000
Santander Holdings USA 3.45% 8/27/18			40,000		41,657
U.S. Bancorp 3.60% 9/11/24			80,000		83,560
•USB Capital IX 3.50% 10/29/49			140,000		116,550
Wells Fargo
4.75% 8/27/24	AUD		10,000		8,266
•5.875% 6/15/50			20,000		21,204
Zions Bancorp 4.50% 6/13/23			40,000		42,373

					981,442

Commercial Services & Supplies–0.54%
#Algeco Scotsman Global Finance 144A 8.50% 10/15/18			200,000		199,250
#Brambles USA 144A 3.95% 4/1/15			20,000		20,000
#CDK Global 144A 4.50% 10/15/24			35,000		36,142
HD Supply
7.50% 7/15/20			10,000		10,750
11.50% 7/15/20			30,000		34,837
#Prestige Brands 144A 5.375% 12/15/21			50,000		50,875


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Commercial Services & Supplies (continued)
Reynolds Group Issuer 8.25% 2/15/21			100,000	$	107,500
Service International 5.375% 5/15/24			25,000		26,250
Spectrum Brands 6.375% 11/15/20			20,000		21,300
United Rentals North America
4.625% 7/15/23			30,000		30,413
5.50% 7/15/25			5,000		5,106
5.75% 11/15/24			45,000		46,688

					589,111

Computers & Peripherals–0.15%
Apple 3.45% 2/9/45			10,000		9,518
NetApp 3.25% 12/15/22			65,000		64,391
Seagate HDD Cayman
#144A 4.75% 1/1/25			35,000		36,313
#144A 5.75% 12/1/34			50,000		53,601

					163,823

Construction & Engineering–0.04%
AECOM
#144A 5.75% 10/15/22			10,000		10,375
#144A 5.875% 10/15/24			37,000		38,943

					49,318

Construction Materials–0.18%
#Cemex 144A 4.375% 3/5/23	EUR		100,000		107,948
MUFG Americas Holdings
2.25% 2/10/20			30,000		30,092
3.00% 2/10/25			65,000		64,400

					202,440

Consumer Finance–0.11%
Ally Financial 4.125% 2/13/22			10,000		9,775
General Motors Financial
3.15% 1/15/20			5,000		5,065
4.00% 1/15/25			15,000		15,329
4.375% 9/25/21			30,000		31,900
SunTrust Banks 2.35% 11/1/18			60,000		60,984

					123,053

Containers & Packaging–0.09%
Berry Plastics 5.50% 5/15/22			20,000		20,575
#BWAY Holding 144A 9.125% 8/15/21			45,000		47,025
#Consolidated Container 144A 10.125% 7/15/20			10,000		8,750
#Plastipak Holdings 144A 6.50% 10/1/21			25,000		25,563

					101,913


		Principal		Value
		Amount°		(U.S. $)

CORPORATE BONDS (continued)
Diversified Consumer Services–0.12%
#Red de Carreteras de Occidente 144A 9.00% 6/10/28	MXN		2,000,000	$	126,795

					126,795

Diversified Financial Services–1.15%
Bank of America 4.25% 10/22/26			95,000		98,207
CME Group 3.00% 3/15/25			35,000		35,400
ERAC USA Finance
#144A 3.30% 10/15/22			95,000		96,751
#144A 4.50% 2/15/45			10,000		10,158
General Electric Capital
2.10% 12/11/19			35,000		35,713
2.20% 1/9/20			25,000		25,293
4.25% 1/17/18	NZD		40,000		30,138
5.55% 5/4/20			25,000		29,141
6.00% 8/7/19			50,000		58,466
•7.125% 12/15/49			100,000		117,750
Goldman Sachs Group
2.60% 4/23/20			110,000		111,299
5.20% 12/17/19	NZD		31,000		23,749
JPMorgan Chase
•0.886% 1/28/19			25,000		25,070
4.125% 12/15/26			115,000		119,497
•6.75% 8/29/49			30,000		32,700
Morgan Stanley
•1.106% 1/24/19			26,000		26,111
4.35% 9/8/26			55,000		57,732
5.00% 9/30/21	AUD		25,000		20,412
National Rural Utilities Cooperative Finance
2.85% 1/27/25			50,000		50,451
•4.75% 4/30/43			50,000		50,275
#Peachtree Corners Funding Trust 144A 3.976% 2/15/25			100,000		101,649
#SUAM Finance 144A 4.875% 4/17/24			100,000		103,750

					1,259,712

Diversified Telecommunication Services–0.85%
AT&T
4.35% 6/15/45			35,000		33,614
5.35% 9/1/40			55,000		60,238
Bell Canada 3.35% 3/22/23	CAD		18,000		14,971
CenturyLink
5.80% 3/15/22			105,000		109,856
6.75% 12/1/23			30,000		33,150
Hughes Satellite Systems 7.625% 6/15/21			10,000		11,037
Intelsat Luxembourg 8.125% 6/1/23			85,000		78,625
Level 3 Financing 5.375% 8/15/22			40,000		41,362


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Diversified Telecommunication Services (continued)
Motorola Solutions 4.00% 9/1/24		60,000	$	62,120
Orange 5.50% 2/6/44		40,000		47,675
SBA Tower Trust
#144A 2.24% 4/16/18		35,000		35,027
#144A 2.898% 10/15/19		25,000		25,304
#SES 144A 3.60% 4/4/23		70,000		73,455
Telefonica Emisiones 6.421% 6/20/16		10,000		10,629
Verizon Communications
4.40% 11/1/34		65,000		66,430
4.862% 8/21/46		120,000		125,941
5.15% 9/15/23		70,000		80,310
Windstream
7.50% 4/1/23		5,000		4,800
7.75% 10/1/21		20,000		20,050

				934,594

Electric Utilities–1.62%
#•AES Gener 144A 8.375% 12/18/73		200,000		220,020
Ameren Illinois 3.25% 3/1/25		40,000		41,775
#American Transmission Systems 144A 5.25% 1/15/22		75,000		86,293
Berkshire Hathaway Energy
3.75% 11/15/23		145,000		154,848
4.50% 2/1/45		25,000		27,331
Cleveland Electric Illuminating 5.50% 8/15/24		35,000		42,221
ComEd Financing III 6.35% 3/15/33		50,000		51,643
Dominion Gas Holdings 3.60% 12/15/24		55,000		57,783
DTE Energy 2.40% 12/1/19		40,000		40,695
#•Electricite de France 144A 5.25% 12/29/49		100,000		104,600
Entergy Louisiana 4.05% 9/1/23		90,000		98,977
Great Plains Energy 4.85% 6/1/21		45,000		50,395
Indiana Michigan Power 3.20% 3/15/23		55,000		56,579
IPALCO Enterprises 5.00% 5/1/18		35,000		37,275
ITC Holdings 3.65% 6/15/24		60,000		62,307
LG&E & KU Energy
3.75% 11/15/20		70,000		74,173
4.375% 10/1/21		130,000		143,688
#Metropolitan Edison 144A 4.00% 4/15/25		35,000		36,637
NextEra Energy Capital Holdings
2.40% 9/15/19		55,000		55,704
3.625% 6/15/23		25,000		26,211


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
NV Energy 6.25% 11/15/20		85,000	$	101,003
Pennsylvania Electric 5.20% 4/1/20		75,000		83,120
Public Service of New Hampshire 3.50% 11/1/23		30,000		31,980
Public Service of Oklahoma 5.15% 12/1/19		60,000		67,815
#Trans-Allegheny Interstate Line 144A 3.85% 6/1/25		25,000		26,168

				1,779,241

Electronic Equipment, Instruments & Components–0.16%
CDW 5.00% 9/1/23		10,000		10,175
Thermo Fisher Scientific
2.40% 2/1/19		50,000		50,748
4.15% 2/1/24		110,000		118,988

				179,911

Energy Equipment & Services–0.04%
Bristow Group 6.25% 10/15/22		40,000		38,200
Exterran Partners 6.00% 4/1/21		10,000		9,250

				47,450

Food & Staples Retailing–0.05%
Walgreens Boots Alliance 3.80% 11/18/24		50,000		51,799

				51,799

Food Products–0.16%
Campbell Soup 3.30% 3/19/25		55,000		56,036
Smithfield Foods 6.625% 8/15/22		20,000		21,475
Smucker (J.M.)
#144A 3.00% 3/15/22		15,000		15,249
#144A 3.50% 3/15/25		60,000		61,810
#144A 4.25% 3/15/35		20,000		20,785

				175,355

Gas Utilities–0.02%
AmeriGas Finance 7.00% 5/20/22		25,000		26,937

				26,937

Health Care Equipment & Supplies–0.56%
Becton Dickinson 3.734% 12/15/24		45,000		47,191
Boston Scientific
2.65% 10/1/18		15,000		15,178
6.00% 1/15/20		65,000		74,895
CareFusion 6.375% 8/1/19		70,000		81,918
Kinetic Concepts 10.50% 11/1/18		30,000		32,550
Medtronic
#144A 3.15% 3/15/22		60,000		62,360


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Health Care Equipment & Supplies (continued)
Medtronic (continued)
#144A 3.50% 3/15/25		65,000	$	68,036
Zimmer Holdings
3.15% 4/1/22		15,000		15,195
3.375% 11/30/21		70,000		72,039
3.55% 4/1/25		55,000		56,210
4.625% 11/30/19		80,000		88,194

				613,766

Health Care Providers & Services–0.34%
Community Health Systems 6.875% 2/1/22		40,000		42,950
DaVita Healthcare Partners 5.125% 7/15/24		45,000		45,984
#Fresenius Medical Care US Finance II 144A 5.875% 1/31/22		20,000		22,100
HCA 5.375% 2/1/25		105,000		110,644
HealthSouth
5.125% 3/15/23		10,000		10,225
5.75% 11/1/24		10,000		10,450
Highmark
#144A 4.75% 5/15/21		40,000		42,128
#144A 6.125% 5/15/41		15,000		16,109
#Milacron 144A 7.75% 2/15/21		20,000		20,800
Tenet Healthcare 6.00% 10/1/20		53,000		56,313

				377,703

Hotels, Restaurants & Leisure–0.51%
#Caesars Growth Properties
Holdings 144A 9.375% 5/1/22		25,000		19,313
International Game Technology 5.35% 10/15/23		65,000		66,048
#Landry’s 144A 9.375% 5/1/20		45,000		48,487
Marriott International 3.375% 10/15/20		40,000		41,941
MGM Resorts International 6.00% 3/15/23		80,000		82,600
#PF Chang’s China Bistro 144A 10.25% 6/30/20		10,000		10,400
Starwood Hotels & Resorts Worldwide
3.75% 3/15/25		35,000		35,992
4.50% 10/1/34		10,000		10,439
Wyndham Worldwide
4.25% 3/1/22		30,000		31,354
5.625% 3/1/21		45,000		50,877
Wynn Las Vegas
5.375% 3/15/22		10,000		10,400
#144A 5.50% 3/1/25		150,000		152,625

				560,476


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Household Durables–0.04%
Spectrum Brands 6.625% 11/15/22		40,000	$	43,000

				43,000

Independent Power Producers & Energy Traders–0.19%
AES
5.50% 3/15/24		45,000		45,113
5.50% 4/15/25		45,000		44,550
Calpine 5.375% 1/15/23		20,000		20,100
Dynegy Finance I/II
#144A 6.75% 11/1/19		10,000		10,363
#144A 7.375% 11/1/22		15,000		15,825
#144A 7.625% 11/1/24		65,000		68,331

				204,282

Industrial Conglomerates–0.03%
#Gates Global 144A 6.00% 7/15/22		40,000		37,950

				37,950

Insurance–0.78%
American International Group
3.875% 1/15/35		45,000		45,381
•8.175% 5/15/58		95,000		135,190
Berkshire Hathaway Finance 2.90% 10/15/20		50,000		52,875
•Chubb 6.375% 3/29/67		50,000		53,250
#HUB International 144A 7.875% 10/1/21		35,000		35,963
Liberty Mutual Group
#144A 4.25% 6/15/23		40,000		42,679
#144A 4.95% 5/1/22		15,000		16,595
MetLife
6.40% 12/15/36		50,000		59,500
6.817% 8/15/18		130,000		151,627
Prudential Financial
4.50% 11/15/20		20,000		22,284
•5.875% 9/15/42		40,000		43,650
TIAA Asset Management Finance
#144A 2.95% 11/1/19		35,000		35,909
#144A 4.125% 11/1/24		75,000		79,319
#USI 144A 7.75% 1/15/21		5,000		5,150
•Voya Financial 5.65% 5/15/53		30,000		31,500
XLIT
4.45% 3/31/25		20,000		20,170
•6.50% 12/29/49		30,000		26,625

				857,667

Internet & Catalog Retail–0.15%
#Netflix 144A 5.875% 2/15/25		80,000		82,500
Priceline Group 3.65% 3/15/25		80,000		81,579

				164,079


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Internet Software & Services–0.24%
Baidu 3.25% 8/6/18		200,000	$	207,505
Equinix
4.875% 4/1/20		12,000		12,450
5.375% 4/1/23		43,000		44,849

				264,804

IT Services–0.15%
First Data
11.25% 1/15/21		43,000		49,020
11.75% 8/15/21		17,000		19,741
Xerox 6.35% 5/15/18		85,000		96,063

				164,824

Machinery–0.27%
Crane
2.75% 12/15/18		10,000		10,261
4.45% 12/15/23		55,000		58,962
Ingersoll-Rand Global Holding 4.25% 6/15/23		140,000		149,740
LSB Industries 7.75% 8/1/19		10,000		10,475
Meritor 6.75% 6/15/21		15,000		15,600
Parker Hannifin 3.30% 11/21/24		5,000		5,256
Trinity Industries 4.55% 10/1/24		45,000		45,325

				295,619

Media–1.47%
CC Holdings GS V 3.849% 4/15/23		15,000		15,212
CCO Holdings 5.25% 9/30/22		15,000		15,394
CCOH Safari 5.75% 12/1/24		95,000		98,087
#Columbus International 144A 7.375% 3/30/21		200,000		211,000
Comcast 3.375% 2/15/25		145,000		151,827
#Cox Communications 144A 3.85% 2/1/25		65,000		67,077
#CSC Holdings 144A 5.25% 6/1/24		100,000		102,250
DISH DBS 5.00% 3/15/23		55,000		53,614
Gray Television 7.50% 10/1/20		65,000		68,737
Historic TW 6.875% 6/15/18		160,000		186,215
Interpublic Group 2.25% 11/15/17		25,000		25,217
Lamar Media 5.00% 5/1/23		25,000		25,687
#MDC Partners 144A 6.75% 4/1/20		25,000		26,437
#Nielsen Finance 144A 5.00% 4/15/22		30,000		30,300
#SES GLOBAL Americas Holdings 144A 5.30% 3/25/44		80,000		90,116
Sinclair Television Group
5.375% 4/1/21		20,000		20,600
#144A 5.625% 8/1/24		25,000		25,563


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Media (continued)
Sirius XM Radio
#144A 5.375% 4/15/25		30,000	$	30,225
#144A 6.00% 7/15/24		55,000		57,888
Time Warner Cable 8.25% 4/1/19		100,000		122,421
#Univision Communications 144A 5.125% 5/15/23		20,000		20,400
Viacom 4.85% 12/15/34		105,000		108,814
WPP Finance 2010 5.625% 11/15/43		50,000		59,148

				1,612,229

Metals & Mining–0.31%
ArcelorMittal 10.60% 6/1/19		65,000		79,747
FMG Resources August 2006
#144A 6.875% 4/1/22		73,000		54,203
#144A 8.25% 11/1/19		8,000		6,910
#Gerdau Holdings 144A 7.00% 1/20/20		100,000		107,250
#Lundin Mining 144A 7.50% 11/1/20		22,000		22,880
Novelis 8.75% 12/15/20		30,000		32,287
Ryerson
9.00% 10/15/17		15,000		15,187
11.25% 10/15/18		3,000		3,060
Yamana Gold 4.95% 7/15/24		25,000		24,625

				346,149

Multiline Retail–0.02%
Target 2.30% 6/26/19		20,000		20,506

				20,506

Multi-Utilities–0.43%
Ameren Illinois 9.75% 11/15/18		170,000		216,011
American Water Capital 3.40% 3/1/25		40,000		41,488
•Integrys Energy Group 6.11% 12/1/66		60,000		58,823
NiSource Finance 6.125% 3/1/22		40,000		48,108
SCANA 4.125% 2/1/22		55,000		57,909
•Wisconsin Energy 6.25% 5/15/67		50,000		50,123

				472,462

Oil, Gas & Consumable Fuels–2.48%
Anadarko Petroleum 4.50% 7/15/44		10,000		10,272
California Resources
#144A 5.50% 9/15/21		20,000		17,844
#144A 6.00% 11/15/24		25,000		22,063
Chaparral Energy 7.625% 11/15/22		5,000		3,400


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Chesapeake Energy
4.875% 4/15/22		55,000	$	51,837
5.75% 3/15/23		40,000		39,200
Chevron
1.961% 3/3/20		40,000		40,284
2.411% 3/3/22		25,000		25,070
Cimarex Energy 4.375% 6/1/24		25,000		24,937
ConocoPhillips 4.30% 11/15/44		20,000		21,282
Continental Resources 4.50% 4/15/23		100,000		97,214
•Enbridge Energy Partners 8.05% 10/1/37		95,000		102,363
Energy Transfer Partners
4.05% 3/15/25		55,000		55,576
4.90% 3/15/35		20,000		19,928
5.15% 3/15/45		25,000		25,252
9.70% 3/15/19		48,000		60,386
EnLink Midstream Partners 5.05% 4/1/45		40,000		40,846
•Enterprise Products Operating 7.034% 1/15/68		110,000		118,999
EOG Resources 3.15% 4/1/25		35,000		35,740
Exxon Mobil
2.397% 3/6/22		25,000		25,220
2.709% 3/6/25		85,000		85,975
Freeport-McMoran Oil & Gas 6.50% 11/15/20		23,000		24,466
#Kinder Morgan 144A 5.00% 2/15/21		25,000		26,754
Kinder Morgan Energy Partners 9.00% 2/1/19		95,000		115,815
Laredo Petroleum 7.375% 5/1/22		40,000		41,450
MarkWest Energy Partners 4.875% 12/1/24		85,000		87,329
Murphy Oil USA 6.00% 8/15/23		50,000		53,875
Newfield Exploration
5.375% 1/1/26		50,000		50,600
5.625% 7/1/24		40,000		41,800
Noble Energy
3.90% 11/15/24		15,000		15,290
5.05% 11/15/44		35,000		36,869
Noble Holding International 4.00% 3/16/18		10,000		10,062
Northern Oil and Gas 8.00% 6/1/20		15,000		13,387
Oasis Petroleum 6.875% 3/15/22		45,000		44,100
ONEOK Partners 3.80% 3/15/20		20,000		20,415
PDC Energy 7.75% 10/15/22		10,000		10,550
Petrobras Global Finance
3.00% 1/15/19		46,000		39,828
4.875% 3/17/20		70,000		63,035


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Petroleos Mexicanos
6.00% 3/5/20		100,000	$	114,550
6.50% 6/2/41		20,000		22,750
Plains All American Pipeline 8.75% 5/1/19		95,000		118,515
Pride International 6.875% 8/15/20		125,000		142,515
Regency Energy Partners 5.50% 4/15/23		40,000		41,500
Sunoco Logistics Partners Operations 3.45% 1/15/23		95,000		93,630
Talisman Energy
3.75% 2/1/21		40,000		39,409
5.50% 5/15/42		60,000		59,634
•TransCanada PipeLines 6.35% 5/15/67		115,000		111,838
Valero Energy
3.65% 3/15/25		35,000		35,868
4.90% 3/15/45		25,000		25,949
Williams 4.55% 6/24/24		35,000		33,961
Williams Partners
4.00% 9/15/25		15,000		14,743
7.25% 2/1/17		85,000		93,421
#Woodside Finance 144A 8.75% 3/1/19		85,000		104,501
YPF
#144A 8.75% 4/4/24		25,000		25,640
#144A 8.875% 12/19/18		25,000		25,774

				2,723,511

Paper & Forest Products–0.19%
Fibria Overseas Finance 5.25% 5/12/24		25,000		24,875
Georgia-Pacific
#144A 3.60% 3/1/25		15,000		15,408
8.00% 1/15/24		110,000		146,188
Masco 4.45% 4/1/25		25,000		25,875

				212,346

Pharmaceuticals–0.51%
Actavis Funding
3.45% 3/15/22		35,000		35,904
3.80% 3/15/25		55,000		56,877
4.55% 3/15/35		5,000		5,229
AmerisourceBergen 3.25% 3/1/25		30,000		30,462
EMD Finance
#144A 2.95% 3/19/22		25,000		25,332
#144A 3.25% 3/19/25		55,000		55,760
Express Scripts Holding
2.25% 6/15/19		35,000		35,193
3.50% 6/15/24		45,000		46,417


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Pharmaceuticals (continued)
Lilly (Eli) 2.75% 6/1/25		30,000	$	30,171
Merck
2.35% 2/10/22		35,000		35,064
2.75% 2/10/25		90,000		90,043
Omnicare 5.00% 12/1/24		25,000		26,250
Par Pharmaceutical 7.375% 10/15/20		40,000		42,400
#VRX Escrow 144A 5.875% 5/15/23		40,000		41,100

				556,202

Real Estate Investment Trusts–0.84%
Alexandria Real Estate Equities
4.50% 7/30/29		25,000		26,461
4.60% 4/1/22		80,000		84,659
American Tower Trust I
#144A 1.551% 3/15/43		20,000		19,975
#144A 3.07% 3/15/23		50,000		50,385
AvalonBay Communities 3.50% 11/15/24		30,000		30,884
CBL & Associates
4.60% 10/15/24		45,000		45,838
5.25% 12/1/23		10,000		10,723
Corporate Office Properties
3.60% 5/15/23		35,000		34,028
5.25% 2/15/24		45,000		49,048
DDR
3.625% 2/1/25		40,000		40,001
7.50% 4/1/17		20,000		22,245
7.875% 9/1/20		70,000		87,341
Education Realty Operating Partnership 4.60% 12/1/24		40,000		41,660
Excel Trust 4.625% 5/15/24		25,000		26,281
GEO Group
5.125% 4/1/23		30,000		30,750
5.875% 10/15/24		25,000		26,125
Hospitality Properties Trust 4.50% 3/15/25		40,000		41,007
Host Hotels & Resorts
3.75% 10/15/23		60,000		60,923
4.75% 3/1/23		80,000		86,361
#Omega Healthcare Investors 144A 4.50% 4/1/27		40,000		39,492
Regency Centers 5.875% 6/15/17		15,000		16,406
Weyerhaeuser 4.625% 9/15/23		50,000		55,062

				925,655

Real Estate Management & Development–0.03%
Carey (W.P.) 4.60% 4/1/24		35,000		36,264

				36,264


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Road & Rail–0.10%
Burlington Northern Santa Fe 3.40% 9/1/24		85,000	$	88,889
Norfolk Southern 3.85% 1/15/24		15,000		16,218

				105,107

Semiconductors & Semiconductor Equipment–0.13%
#Micron Technology 144A 5.25% 8/1/23		135,000		137,700

				137,700

Software–0.15%
#Activision Blizzard 144A 6.125% 9/15/23		40,000		43,700
Microsoft
2.70% 2/12/25		25,000		25,128
3.50% 2/12/35		25,000		24,987
3.75% 2/12/45		45,000		45,292
Oracle 4.30% 7/8/34		20,000		21,744

				160,851

Specialty Retail–0.33%
Bed Bath & Beyond 4.915% 8/1/34		45,000		48,342
#~Chinos Intermediate Holdings A PIK 144A 7.75% 5/1/19		35,000		30,800
QVC
4.375% 3/15/23		85,000		86,747
5.45% 8/15/34		50,000		49,740
Sally Holdings 5.75% 6/1/22		20,000		21,375
Signet UK Finance 4.70% 6/15/24		125,000		128,544

				365,548

Textiles, Apparel & Luxury Goods–0.04%
#INVISTA Finance 144A 4.25% 10/15/19		45,000		44,944

				44,944

Transportation Infrastructure–0.02%
#AP Moeller - Maersk 144A 2.55% 9/22/19		25,000		25,437

				25,437

Wireless Telecommunication Services–0.35%
#Crown Castle Towers 144A 4.883% 8/15/20		190,000		209,199
Sprint
7.125% 6/15/24		60,000		58,800
7.875% 9/15/23		35,000		35,875
T-Mobile USA
6.125% 1/15/22		70,000		72,450


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Wireless Telecommunication Services (continued)
T-Mobile USA (continued)
6.836% 4/28/23		10,000	$	10,563

				386,887

Total Corporate Bonds (Cost $20,364,997)				20,882,060


MUNICIPAL BONDS–0.44%
City of Atlanta, Georgia Water & Wastewater Revenue 5.00% 11/1/40		25,000		28,827
Golden State, California Tobacco Securitization Asset-Back Senior Notes Series A-1
5.125% 6/1/47		20,000		15,455
5.75% 6/1/47		20,000		16,928
Golden State, California Tobacco Securitization Asset-Back Series A
5.00% 6/1/40		75,000		85,294
5.00% 6/1/45		25,000		28,317
New Jersey State Transportation Trust Fund Series AA 5.00% 6/15/44		20,000		21,270
New York City, New York Series I 5.00% 8/1/22		15,000		18,061
New York City, New York Water & Sewer System Series EE 5.00% 6/15/45		35,000		40,135
New York State Thruway Authority Series A 5.00% 5/1/19		20,000		22,813
Oregon State Taxable Pension 5.892% 6/1/27		35,000		43,892
State of California 5.00% 3/1/45		40,000		46,252
State of Maryland Local Facilities Series A 5.00% 8/1/21		20,000		24,232
State of Texas Transportation Commission Series A 5.00% 10/1/44		60,000		70,058
Texas Private Activity Bond Surface Transportation Senior Lien Revenue Bond (NTE Mobility) 6.75% 6/30/43 (AMT)		15,000		18,378

Total Municipal Bonds (Cost $462,603)				479,912


NON-AGENCY ASSET-BACKED SECURITIES–0.88%
•American Express Credit Account Master Trust Series 2012-3 B 0.675% 3/15/18		100,000		99,993
#Avis Budget Rental Car Funding AESOP Series 2013-1A A 144A 1.92% 9/20/19		100,000		99,989


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
BA Credit Card Trust
•Series 2014-A2 A 0.445% 9/16/19		30,000	$	30,006
•Series 2014-A3 A 0.462% 1/15/20		35,000		34,985
#Cabela’s Credit Card Master Note Trust Series 2012-2A A1 144A 1.45% 6/15/20		100,000		100,479
Chase Issuance Trust
•Series 2014-A5 A5 0.545% 4/15/21		100,000		100,000
•Series 2014-A8 A 0.425% 11/15/18		35,000		35,009
Ford Credit Floorplan Master Owner Trust A Series 2013-3 B 1.14% 6/15/17		20,000		20,028
•GE Dealer Floorplan Master Note Trust Series 2014-2 A 0.626% 10/20/19		50,000		49,976
#HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44		49,500		49,624
#•MASTR Specialized Loan Trust Series 2005-2 A2 144A 5.006% 7/25/35		414		413
Mid-State Trust Series 11 A1 4.864% 7/15/38		11,219		11,912
#MMAF Equipment Finance Series 2014-AA A4 144A 1.59% 2/8/22		100,000		99,601
Synchrony Credit Card Master Note Trust Series 2014-1 A 1.61% 11/15/20		100,000		100,291
#•Trafigura Securitisation Finance Series 2012-1A A 144A 2.575% 10/15/15		140,000		140,050

Total Non-Agency Asset-Backed Securities (Cost $972,246)				972,356


NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.20%
fAmerican Home Mortgage Investment Trust Series 2005-2 5A1 5.064% 9/25/35		10,000		9,845
Bank of America Alternative Loan Trust
Series 2005-3 2A1 5.50% 4/25/20		7,717		7,951
Series 2005-6 7A1 5.50% 7/25/20		1,395		1,403
•ChaseFlex Trust Series 2006-1 A4 4.925% 6/25/36		100,000		86,575


		Principal Amount°		Value (U.S. $)

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35			25,779	$	25,824
#•GSMPS Mortgage Loan Trust 144A Series 1998-3 A 7.75% 9/19/27			7,610		7,966
JPMorgan Mortgage Trust Series 2006-S1 1A1 6.00% 4/25/36			29,052		29,333
•MASTR ARM Trust Series 2003-6 1A2 2.45% 12/25/33			3,050		3,036
#•Springleaf Mortgage Loan Trust Series 2012-1A A 2.667% 9/25/57			29,716		30,099
tStructured Asset Securities Corporation Mortgage Pass Through Certificates Series 2004-20 2A1 5.50% 11/25/34			14,157		14,449

Total Non-Agency Collateralized Mortgage Obligations (Cost $180,891)					216,481


DREGIONAL BONDS–0.09%
Australia–0.03%
New South Wales Treasury 4.00% 5/20/26	AUD		21,000		17,937
Queensland Treasury #144A 4.75% 7/21/25	AUD		13,000		11,561

					29,498

Canada–0.06%
Province of Ontario Canada 3.45% 6/2/45	CAD		11,000		9,805
Province of Quebec Canada 6.00% 10/1/29	CAD		50,000		56,274

					66,079

Total Regional Bonds (Cost $99,283)					95,577


«SENIOR SECURED LOANS–4.49%
Activision Blizzard Tranche B 1st Lien 3.25% 10/11/20			63,538		63,895
Aramark Tranche E 3.25% 9/7/19			58,200		58,412
Azure Midstream Tranche B 7.50% 11/15/18			22,271		21,241
BJ’s Wholesale Club Tranche B 1st Lien 4.50% 9/26/19			327,871		328,561
Caesars Growth Partners Tranche B 1st Lien 6.25% 5/8/21			44,663		39,778


	Principal Amount°		Value (U.S. $)

«SENIOR SECURED LOANS (continued)
Calpine Construction Finance Tranche B 3.00% 5/3/20		98,052	$	96,918
Charter Communications Tranche B 1st Lien 4.25% 9/12/21		165,000		166,605
Community Health Systems Tranche D 4.25% 1/27/21		191,856		193,022
Community Health Systems Tranche F 1st Lien 3.428% 12/31/18		21,608		21,641
Dollar Tree Tranche B 1st Lien 4.25% 3/9/22		150,000		151,760
Drillships Financing Holding Tranche B1 6.00% 3/31/21		39,400		30,233
Emdeon 1st Lien 3.75% 11/2/18		62,790		62,979
Energy Transfer Equity 1st Lien 3.25% 12/2/19		220,000		216,889
FCA US Tranche B 1st Lien 3.50% 5/24/17		4,898		4,906
First Data Tranche B 1st Lien 4.174% 3/24/21		217,237		218,210
Gardner Denver 1st Lien 4.25% 7/30/20		174,557		165,955
HCA Tranche B4 3.025% 5/1/18		88,650		88,798
HCA Tranche B5 1st Lien 2.928% 3/31/17		96,530		96,681
Hilton Worldwide Finance Tranche B2 3.50% 10/25/20		200,467		200,968
Huntsman International Tranche B 1st Lien 3.75% 10/1/21		194,513		195,444
iHeartCommunications Tranche D 6.928% 1/30/19		115,000		109,577
Immucor Tranche B2 5.00% 8/19/18		38,856		39,069
Infor US Tranche B5 1st Lien 3.75% 6/3/20		150,497		149,345
Intelsat Jackson Holdings Tranche B2 3.75% 6/30/19		110,553		110,263
JLL/Delta Dutch Newco 1st Lien 4.25% 3/11/21		173,688		173,212
KIK Custom Products 1st Lien 5.50% 4/29/19		123,432		123,556
Landry’s Tranche B 4.00% 4/24/18		30,173		30,289
Level 3 Financing Tranche B 4.00% 1/15/20		60,000		60,213
MPH Acquisition Tranche B 3.75% 3/31/21		212,258		211,898
Neiman Marcus Tranche 1st Lien 4.25% 10/25/20		65,000		64,878
NEP/NCP Tranche B 1st Lien 4.25% 1/22/20		39,601		38,710


		Principal Amount°		Value (U.S. $)

«SENIOR SECURED LOANS (continued)
Novelis Tranche B 3.75% 3/10/17			37,129	$	37,148
Numericable 4.50% 5/21/20			80,222		80,542
Numericable U.S. Tranche B2 1st Lien 4.50% 5/21/20			69,403		69,680
OSI Restaurants Tranche B 1st Lien 3.50% 10/26/19			20,425		20,476
Panda Liberty Tranche B 7.50% 8/21/20			5,000		5,038
Republic of Angola (Unsecured) 6.594% 12/16/23			72,000		71,280
Salix Pharmaceuticals Tranche B 5.50% 1/2/20			148,026		148,271
Scientific Games International 6.00% 10/18/20			59,250		59,517
Sprouts Farmers 4.00% 4/23/20			43,168		43,344
Univision Communications Tranche C4 4.00% 3/1/20			193,015		192,929
USI Insurance Services Tranche B 1st Lien 4.25% 12/27/19			39,105		39,219
Valeant Pharmaceuticals International Tranche BE 3.50% 8/5/20			222,772		223,148
Wide Open West Finance 4.75% 4/1/19			225,400		225,929
Zayo Group Tranche B 1st Lien 4.00% 7/2/19			181,749		182,266

Total Senior Secured Loans (Cost $4,916,701)					4,932,693


DSOVEREIGN BONDS–1.56%
Australia–0.00%
Australia Government Bond 3.75% 4/21/37	AUD		4,000		3,517

					3,517

Brazil–0.01%
Brazil Notas do Tesouro Nacional Series F 10.00% 1/1/17	BRL		47,000		13,997

					13,997

Canada–0.01%
Canadian Government Bond 2.75% 12/1/48	CAD		11,000		10,332

					10,332

Chile–0.08%
Chile Government International Bond 5.50% 8/5/20	CLP		50,000,000		85,512

					85,512


		Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Colombia–0.23%
Colombia Government International Bonds
4.375% 3/21/23	COP		75,000,000	$	26,382
5.00% 6/15/45			200,000		206,500
9.85% 6/28/27	COP		33,000,000		16,484

					249,366

Dominican Republic–0.10%
#Dominican Republic International Bond 144A 6.85% 1/27/45			100,000		105,500

					105,500

Indonesia–0.06%
Indonesia Treasury Bond 8.375% 3/15/24	IDR		791,000,000		64,445

					64,445

Italy–0.32%
Italy Buoni Poliennali Del Tesoro
1.35% 4/15/22	EUR		134,000		148,236
2.50% 12/1/24	EUR		167,000		200,184

					348,420

Ivory Coast–0.18%
#Ivory Coast Government International Bond 144A 6.375% 3/3/28			200,000		201,000

					201,000

Kazakhstan–0.17%
#Kazakhstan Government International Bond 144A 3.875% 10/14/24			200,000		185,780

					185,780

Mexico–0.08%
Mexican Bonos 7.50% 6/3/27	MXN		1,169,000		85,260

					85,260

Norway–0.03%
Kommunalbanken 5.00% 3/28/19	NZD		22,000		17,133
Norway Government Bonds
2.00% 5/24/23	NOK		33,000		4,301
3.00% 3/14/24	NOK		57,000		8,031

					29,465

Peru–0.03%
#Peruvian Government International Bond 144A 6.95% 8/12/31	PEN		100,000		33,277

					33,277

Poland–0.01%
Poland Government Bond 3.25% 7/25/25	PLN		47,000		13,488

					13,488

Principal
Amount°

Value

(U.S. $)

DSOVEREIGN BONDS (continued)

Portugal–0.00%

#Portugal Government International Bond 144A 5.125% 10/15/24

4,000

4,429

4,429

Republic of Korea–0.05%

Inflation Linked Korea Treasury Bond 1.125% 6/10/23

KRW

67,749,704

58,997

58,997

South Africa–0.07%

South Africa Government Bond 8.00% 1/31/30

ZAR

993,000

80,831

80,831

Sweden–0.02%

Sweden Government Bond 1.50% 11/13/23

SEK

140,000

17,899

17,899

United Kingdom–0.09%

United Kingdom Gilt 3.50% 1/22/45

GBP

18,700

34,751

United Kingdom Gilt Inflation Linked 0.125% 3/22/24

GBP

40,035

65,939

100,690

Uruguay–0.02%

Uruguay Government International Bond 5.10% 6/18/50

21,000

21,893

21,893

Total Sovereign Bonds
(Cost $1,742,478)

1,714,098

SUPRANATIONAL BANKS–0.15%

European Bank for Reconstruction & Development

6.00% 3/3/16

INR

2,000,000

31,949

7.375% 4/15/19

IDR

240,000,000

18,259

Inter-American Development Bank

6.00% 9/5/17

INR

2,600,000

41,550

7.25% 7/17/17

IDR

370,000,000

27,867

International Bank for Reconstruction & Development

•2.465% 9/24/18

AUD

17,000

12,960

4.625% 10/6/21

NZD

40,000

31,275

Total Supranational Banks
(Cost $173,668)

163,860

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2015:

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The foreign currency exchange contracts and notional values presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

As a result of utilizing international fair value pricing at March 31, 2015, a portion of the Fund’s common stock investments was categorized as Level 2.

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK–99.14%
Aerospace & Defense–5.45%
Boeing		82,800	$	12,426,624
†Esterline Technologies		63,200		7,231,344
Honeywell International		143,100		14,926,761
Lockheed Martin		74,900		15,201,704
Rockwell Collins		66,500		6,420,575
United Technologies		145,400		17,040,880


				73,247,888

Air Freight & Logistics–1.19%
FedEx		96,500		15,965,925


				15,965,925

Auto Components–0.70%
BorgWarner		156,200		9,446,976


				9,446,976

Automobiles–1.10%
Ford Motor		915,200		14,771,328


				14,771,328

Banks–6.22%
Citigroup		393,700		20,283,424
JPMorgan Chase		453,600		27,479,088
KeyCorp		730,600		10,345,296
Wells Fargo		469,565		25,544,336


				83,652,144

Beverages–1.90%
Coca-Cola		99,400		4,030,670
PepsiCo		225,200		21,533,624


				25,564,294

Biotechnology–4.69%
†Alkermes		165,150		10,069,196
†Celgene		177,500		20,462,200
†Gilead Sciences		231,200		22,687,656
†Vertex Pharmaceuticals		82,700		9,756,119


				62,975,171

Capital Markets–4.66%
Ameriprise Financial		96,200		12,586,808
BlackRock		28,200		10,316,688
Evercore Partners Class A		135,100		6,979,266
Invesco		228,400		9,065,196
Raymond James Financial		189,700		10,771,166
State Street		176,600		12,985,398


				62,704,522

Chemicals–2.12%
Eastman Chemical		188,500		13,055,510
Huntsman		406,000		9,001,020
LyondellBasell Industries Class A		73,200		6,426,960


				28,483,490


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
Commercial Services & Supplies–0.64%
Republic Services		212,200	$	8,606,832


				8,606,832

Communications Equipment–2.12%
Cisco Systems		424,200		11,676,105
QUALCOMM		243,200		16,863,488


				28,539,593

Consumer Finance–1.02%
Capital One Financial		174,765		13,774,977


				13,774,977

Containers & Packaging–1.01%
MeadWestvaco		271,400		13,534,718


				13,534,718

Diversified Financial Services–1.02%
Intercontinental Exchange		58,650		13,681,286


				13,681,286

Diversified Telecommunication Services–1.47%
AT&T		605,100		19,756,515


				19,756,515

Electric Utilities–1.28%
Edison International		123,200		7,696,304
OGE Energy		301,600		9,533,576


				17,229,880

Electrical Equipment–0.75%
Eaton		148,000		10,055,120


				10,055,120

Energy Equipment & Services–1.01%
Core Laboratories		65,000		6,791,850
Schlumberger		81,700		6,817,048


				13,608,898

Food & Staples Retailing–1.92%
Casey’s General Stores		77,700		7,000,770
CVS Health		182,600		18,846,146


				25,846,916

Food Products–1.08%
General Mills		255,300		14,449,980


				14,449,980

Health Care Providers & Services–3.17%
†Express Scripts Holding		201,800		17,510,186
UnitedHealth Group		211,900		25,065,651


				42,575,837

Hotels, Restaurants & Leisure–1.61%
McDonald’s		36,400		3,546,816


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
Starbucks		190,500	$	18,040,350


				21,587,166

Household Products–2.52%
Kimberly-Clark		95,200		10,196,872
Procter & Gamble		288,800		23,664,272


				33,861,144

Industrial Conglomerates–1.89%
General Electric		1,024,300		25,412,883


				25,412,883

Insurance–2.75%
Aflac		217,000		13,890,170
Prudential Financial		102,300		8,215,713
Travelers		137,100		14,824,623


				36,930,506

Internet Software & Services–2.91%
†Facebook Class A		217,300		17,865,319
†Google Class A		38,400		21,300,480


				39,165,799

IT Services–1.69%
Accenture Class A		200,300		18,766,107
International Business Machines		24,300		3,900,150


				22,666,257

Life Sciences Tools & Services–1.36%
Thermo Fisher Scientific		136,500		18,337,410


				18,337,410

Machinery–2.14%
Caterpillar		54,600		4,369,638
Cummins		59,700		8,276,808
Deere.		68,400		5,997,996
Parker-Hannifin		85,300		10,131,934


				28,776,376

Media–2.74%
Cinemark Holdings		106,200		4,786,434
Comcast Class A		296,600		16,628,879
Disney (Walt)		75,400		7,908,706
Regal Entertainment Group Class A		97,248		2,221,144
Viacom Class B		77,248		5,276,038


				36,821,201

Multiline Retail–2.23%
Macy’s		250,400		16,253,464
Nordstrom		170,200		13,670,464


				29,923,928

Multi-Utilities–1.38%
MDU Resources Group		336,000		7,170,240


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
Multi-Utilities (continued)
Sempra Energy		104,500	$	11,392,590


				18,562,830

Oil, Gas & Consumable Fuels–5.94%
Chevron		245,500		25,772,590
ConocoPhillips		94,200		5,864,892
EOG Resources		76,900		7,050,961
Exxon Mobil		272,800		23,188,000
Marathon Oil		285,100		7,443,961
Occidental Petroleum		143,400		10,468,200


				79,788,604

Paper & Forest Products–0.48%
International Paper		116,400		6,459,036


				6,459,036

Pharmaceuticals–6.76%
AbbVie		296,500		17,357,110
†Actavis		51,500		15,327,430
Johnson & Johnson		66,800		6,720,080
Merck		392,600		22,566,648
Pfizer		831,942		28,943,262


				90,914,530

Professional Services–0.65%
Nielsen		195,000		8,691,150


				8,691,150

Real Estate Investment Trusts–2.58%
American Tower		163,800		15,421,770
Host Hotels & Resorts		474,364		9,572,666
National Retail Properties		237,300		9,722,181


				34,716,617

Road & Rail–2.03%
Hunt (J.B.) Transport Services		94,200		8,044,209
Union Pacific		178,200		19,300,842


				27,345,051

Semiconductors & Semiconductor Equipment–3.03%
Avago Technologies		112,700		14,310,646
Intel		422,200		13,202,194
Maxim Integrated Products		378,600		13,179,066


				40,691,906

Software–2.73%
Microsoft		617,400		25,100,397
†salesforce.com		173,100		11,564,811


				36,665,208

Specialty Retail–3.04%
DSW Class A		253,924		9,364,717
Tractor Supply		170,400		14,494,224

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

Effective May 1, 2015, the Fund’s name changed to LVIP Dimensional U.S. Core Equity 1 Fund.


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK–98.38%
Aerospace & Defense–1.32%
Rockwell Collins		108,100	$	10,437,055


				10,437,055

Air Freight & Logistics–1.26%
FedEx		60,400		9,993,180


				9,993,180

Auto Components–0.98%
BorgWarner		128,400		7,765,632


				7,765,632

Automobiles–1.35%
Ford Motor		662,600		10,694,364


				10,694,364

Banks–2.74%
KeyCorp		551,800		7,813,488
U.S. Bancorp		318,500		13,908,895


				21,722,383

Beverages–1.92%
PepsiCo		158,800		15,184,456


				15,184,456

Biotechnology–6.21%
†Alkermes		101,800		6,206,746
†Celgene		157,200		18,122,016
†Gilead Sciences		189,400		18,585,822
†Vertex Pharmaceuticals		53,000		6,252,410


				49,166,994

Capital Markets–6.46%
Ameriprise Financial		70,600		9,237,304
BlackRock		29,500		10,792,280
Invesco		301,400		11,962,566
Raymond James Financial		150,300		8,534,034
State Street		143,900		10,580,967


				51,107,151

Chemicals–2.33%
Huntsman		275,400		6,105,618
LyondellBasell Industries Class A		48,600		4,267,080
Praxair		67,100		8,101,654


				18,474,352

Communications Equipment–2.50%
Cisco Systems		249,000		6,853,725
QUALCOMM		186,900		12,959,646


				19,813,371

Consumer Finance–1.35%
Capital One Financial		135,350		10,668,287


				10,668,287


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
Containers & Packaging–1.27%
MeadWestvaco		201,900	$	10,068,753


				10,068,753

Diversified Financial Services–1.22%
Intercontinental Exchange		41,550		9,692,369


				9,692,369

Diversified Telecommunication Services–1.64%
AT&T		397,700		12,984,905


				12,984,905

Electric Utilities–0.90%
OGE Energy		225,600		7,131,216


				7,131,216

Electrical Equipment–0.58%
Acuity Brands		27,200		4,573,952


				4,573,952

Energy Equipment & Services–1.02%
Baker Hughes		66,000		4,196,280
Core Laboratories		37,000		3,866,130


				8,062,410

Food & Staples Retailing–2.40%
CVS Health		183,900		18,980,319


				18,980,319

Food Products–2.21%
General Mills		308,800		17,478,080


				17,478,080

Health Care Equipment & Supplies–2.12%
Abbott Laboratories		195,800		9,071,414
Baxter International		112,700		7,719,950


				16,791,364

Health Care Providers & Services–3.98%
†Express Scripts Holding		145,900		12,659,743
UnitedHealth Group		159,200		18,831,768


				31,491,511

Health Care Technology–0.85%
†Cerner		92,100		6,747,246


				6,747,246

Hotels, Restaurants & Leisure–2.05%
Starbucks		171,700		16,259,990


				16,259,990

Industrial Conglomerates–1.52%
Roper Industries		69,800		12,005,600


				12,005,600

Insurance–5.01%
Aflac		236,400		15,131,964


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
Insurance (continued)
Prudential Financial		148,600	$	11,934,066
Travelers		116,200		12,564,706


				39,630,736

Internet Software & Services–2.28%
†Google Class A		32,600		18,083,220


				18,083,220

IT Services–2.57%
Accenture Class A		167,300		15,674,337
International Business Machines		29,100		4,670,550


				20,344,887

Life Sciences Tools & Services–1.70%
Thermo Fisher Scientific		100,100		13,447,434


				13,447,434

Machinery–3.25%
Cummins		33,000		4,575,120
Deere		128,200		11,241,858
Lincoln Electric Holdings		64,600		4,224,194
Parker-Hannifin		47,600		5,653,928


				25,695,100

Media–5.16%
Comcast Class A		381,400		21,537,655
Disney (Walt)		64,200		6,733,938
Regal Entertainment Group Class A		209,800		4,791,832
Viacom Class B		113,760		7,769,808


				40,833,233

Multiline Retail–3.15%
Macy’s		177,300		11,508,543
Nordstrom		167,000		13,413,440


				24,921,983

Oil, Gas & Consumable Fuels–4.56%
EOG Resources		192,400		17,641,156
EQT		47,500		3,936,325
Marathon Oil		369,200		9,639,812
†Whiting Petroleum		159,100		4,916,190


				36,133,483

Pharmaceuticals–3.68%
AbbVie		240,400		14,073,016
†Actavis		50,504		15,030,947


				29,103,963


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
Professional Services–0.90%
Nielsen		159,100	$	7,091,087


				7,091,087

Real Estate Investment Trusts–2.24%
American Tower		114,100		10,742,515
National Retail Properties		170,100		6,968,997


				17,711,512

Road & Rail–1.85%
Hunt (J.B.) Transport Services		50,100		4,278,289
Union Pacific		95,900		10,386,929


				14,665,218

Semiconductors & Semiconductor Equipment–3.87%
Avago Technologies		69,000		8,761,620
Intel		237,000		7,410,990
Maxim Integrated Products		414,700		14,435,707


				30,608,317

Software–2.89%
Microsoft		330,300		13,428,347
†salesforce.com		141,900		9,480,339


				22,908,686

Specialty Retail–3.50%
DSW Class A		193,490		7,135,911
Tractor Supply		127,300		10,828,138
†Urban Outfitters		212,700		9,709,755


				27,673,804

Technology Hardware, Storage & Peripherals–1.59%
EMC		494,000		12,626,640


				12,626,640

Total Common Stock (Cost $435,192,875)				778,774,243


MONEY MARKET FUND–1.59%
Dreyfus Treasury & Agency Cash Management - Institutional Shares		12,625,446		12,625,445

Total Money Market Fund (Cost $12,625,446)				12,625,445

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK–97.68%
Auto Components–2.47%
BorgWarner		104,700	$	6,332,256
Johnson Controls		88,500		4,463,940
†Tenneco		91,300		5,242,446


				16,038,642

Banks–9.52%
Associated Banc-Corp		175,900		3,271,740
Bank of Hawaii		120,800		7,394,168
Comerica		300,700		13,570,591
East West Bancorp		471,800		19,089,028
First Horizon National		536,110		7,661,012
Hancock Holding		210,700		6,291,502
Zions Bancorporation		168,800		4,557,600


				61,835,641

Beverages–1.38%
Dr Pepper Snapple Group		114,600		8,993,808


				8,993,808

Capital Markets–1.92%
Raymond James Financial		219,550		12,466,049


				12,466,049

Chemicals–7.58%
Albemarle		163,000		8,612,920
Celanese Class A		190,900		10,663,674
Cytec Industries		255,400		13,801,816
FMC		89,100		5,100,975
†Grace (W.R.)		111,700		11,043,779


				49,223,164

Commercial Services & Supplies–0.35%
Brink’s		82,000		2,265,660


				2,265,660

Construction & Engineering–0.68%
KBR		304,200		4,404,816


				4,404,816

Containers & Packaging–1.45%
Graphic Packaging Holding		330,800		4,809,832
†Owens-Illinois		196,900		4,591,708


				9,401,540

Diversified Consumer Services–1.50%
Service International		374,600		9,758,330


				9,758,330

Electric Utilities–2.19%
Edison International		134,300		8,389,721
PPL		172,700		5,813,082


				14,202,803


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
Electrical Equipment–1.53%
Regal-Beloit		124,100	$	9,918,072


				9,918,072

Electronic Equipment, Instruments & Components–2.32%
Avnet		252,900		11,254,050
†Keysight Technologies		103,150		3,832,023


				15,086,073

Energy Equipment & Services–2.00%
Helmerich & Payne		50,700		3,451,149
Rowan		99,100		1,755,061
Superior Energy Services		348,600		7,787,724


				12,993,934

Food Products–0.78%
Tyson Foods Class A		132,700		5,082,410


				5,082,410

Health Care Equipment & Supplies–2.63%
Becton, Dickinson		74,000		10,625,660
Zimmer Holdings		54,700		6,428,344


				17,054,004

Health Care Providers & Services–5.51%
Cigna		80,300		10,394,032
McKesson		49,900		11,287,380
Omnicare		73,400		5,656,204
Universal Health Services Class B		71,600		8,428,036


				35,765,652

Hotels, Restaurants & Leisure–1.63%
Bloomin’ Brands		211,300		5,140,929
Starwood Hotels & Resorts Worldwide		64,900		5,419,150


				10,560,079

Household Durables–2.57%
Horton (D.R.)		280,933		8,000,972
Newell Rubbermaid		222,700		8,700,889


				16,701,861

Insurance–11.59%
American Financial Group		274,650		17,618,797
Berkley (W.R.)		197,350		9,968,149
HCC Insurance Holdings		225,300		12,767,751
Reinsurance Group of America		141,000		13,139,790
Torchmark		261,150		14,342,358
Validus Holdings		176,500		7,430,650


				75,267,495

IT Services–2.71%
†Fiserv		180,800		14,355,520
†Qorvo		40,600		3,235,820


				17,591,340


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
Leisure Products–1.29%
Hasbro		132,500	$	8,379,300


				8,379,300

Life Sciences Tools & Services–2.32%
Agilent Technologies		166,700		6,926,385
Thermo Fisher Scientific		60,500		8,127,570


				15,053,955

Machinery–2.03%
ITT		235,400		9,394,814
Terex		143,800		3,823,642


				13,218,456

Media–0.72%
Meredith		83,625		4,663,766


				4,663,766

Multiline Retail–2.62%
Macy’s		131,800		8,555,138
Nordstrom		105,100		8,441,632


				16,996,770

Multi-Utilities–2.35%
Public Service Enterprise Group		161,400		6,765,888
Wisconsin Energy		171,500		8,489,250


				15,255,138

Oil, Gas & Consumable Fuels–3.00%
†Newfield Exploration		256,700		9,007,603
Tesoro		41,900		3,825,051
†Whiting Petroleum		214,300		6,621,870


				19,454,524

Pharmaceuticals–0.80%
†Mylan		87,300		5,181,255


				5,181,255

Professional Services–1.19%
ManpowerGroup		89,800		7,736,270


				7,736,270

Real Estate Investment Trusts–5.89%
Boston Properties		55,000		7,726,400
Brandywine Realty Trust		407,400		6,510,252
CBL & Associates Properties		322,200		6,379,560
Highwoods Properties		230,400		10,547,712
Kimco Realty		264,600		7,104,510


				38,268,434

Road & Rail–2.22%
Canadian National Railway		101,200		6,767,244
CSX		230,900		7,647,408


				14,414,652


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment–0.75%
Teradyne		258,000	$	4,863,300


				4,863,300

Software–4.59%
†Adobe Systems		132,300		9,782,262
†Citrix Systems		41,900		2,676,153
Symantec		209,300		4,890,295
†Synopsys		268,400		12,432,288


				29,780,998

Specialty Retail–1.29%
Staples		254,300		4,141,275
Tiffany		48,400		4,259,684


				8,400,959

Textiles, Apparel & Luxury Goods–0.81%
VF		69,900		5,264,169


				5,264,169

Tobacco–1.29%
Reynolds American		121,400		8,365,674


				8,365,674

Trading Companies & Distributors–2.21%
†United Rentals		157,300		14,339,468


				14,339,468

Total Common Stock (Cost $344,807,636)				634,248,461


MONEY MARKET FUND–0.03%
Dreyfus Treasury & Agency Cash Management - Institutional Shares		203,051		203,051


Total Money Market Fund (Cost $203,051)				203,051


	Principal
	Amount°

SHORT-TERM INVESTMENT–2.27%
≠Discounted Commercial Paper–2.27%
Abbey National North America 0.06% 4/1/15		14,745,000		14,745,000


Total Short-Term Investment (Cost $14,745,000)				14,745,000

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP Dimensional International Core Equity Managed Volatility Fund.

« Includes $1,082,251 cash pledged as collateral for futures contracts as of March 31, 2015.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP Dimensional U.S. Core Equity 2 Managed Volatility Fund.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP Franklin Mutual Shares VIP Managed Volatility Fund.


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK–30.97%
U.S. MARKETS–14.65%
Aerospace & Defense–0.16%
Rockwell Collins		180	$	17,379


				17,379

Air Freight & Logistics–0.12%
United Parcel Service Class B		140		13,572


				13,572

Automobiles–0.19%
General Motors		580		21,750


				21,750

Banks–0.99%
Citigroup		930		47,914
JPMorgan Chase		770		46,647
SunTrust Banks		380		15,614


				110,175

Biotechnology–0.94%
Amgen		310		49,553
†Gilead Sciences		450		44,159
†Isis Pharmaceuticals		180		11,461


				105,173

Capital Markets–0.26%
Morgan Stanley		810		28,909


				28,909

Communications Equipment–0.12%
Cisco Systems		480		13,212


				13,212

Consumer Finance–0.27%
Capital One Financial		380		29,952


				29,952

Diversified Financial Services–0.27%
Voya Financial		690		29,746


				29,746

Electronic Equipment, Instruments & Components–0.19%
†Knowles		1,110		21,390


				21,390

Energy Equipment & Services–0.58%
Baker Hughes		320		20,346
Halliburton		690		30,277
Noble		1,020		14,566


				65,189

Food & Staples Retailing–0.51%
CVS Health		380		39,220
Walgreens Boots Alliance		210		17,783


				57,003


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Health Care Equipment & Supplies–0.34%
Medtronic		480	$	37,435


				37,435

Insurance–0.26%
American International Group		530		29,039


				29,039

Machinery–0.21%
Stanley Black & Decker		240		22,886


				22,886

Media–0.79%
Comcast Class A		740		41,488
†News Class A		1,190		19,052
Twenty-First Century Fox Class A		800		27,072


				87,612

Metals & Mining–0.24%
Allegheny Technologies		890		26,709


				26,709

Multiline Retail–0.55%
Macy’s		590		38,297
Target		280		22,980


				61,277

Oil, Gas & Consumable Fuels–0.20%
Chesapeake Energy		740		10,478
Chevron		110		11,548


				22,026

Pharmaceuticals–1.05%
†Actavis		228		67,857
Merck		220		12,646
Pfizer		1,060		36,877


				117,380

Real Estate Investment Trusts–5.45%
Boston Properties		200		28,096
Equity Lifestyle Properties		400		21,980
Equity Residential		700		54,502
Essex Property Trust		200		45,980
Extra Space Storage		600		40,542
General Growth Properties		1,800		53,190
Health Care REIT		500		38,680
Kilroy Realty		400		30,468
Kimco Realty		1,500		40,275
Pebblebrook Hotel Trust		1,200		55,884
Prologis		500		21,780
Realty Income		700		36,120
Sabra Health Care REIT		800		26,520
Simon Property Group		260		50,866
STAG Industrial		900		21,168


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Real Estate Investment Trusts (continued)
Urban Edge Properties		350	$	8,295
Vornado Realty Trust		300		33,600


				607,946

Semiconductors & Semiconductor Equipment–0.25%
Applied Materials		1,260		28,426


				28,426

Software–0.44%
Microsoft		1,210		49,193


				49,193

Specialty Retail–0.27%
Foot Locker		470		29,610


				29,610

Total U.S. Markets (Cost $1,445,946)				1,632,989


§DEVELOPED MARKETS–13.79%
Aerospace & Defense–0.20%
BAE Systems		2,880		22,318


				22,318

Airlines–0.15%
Deutsche Lufthansa		1,220		17,086


				17,086

Auto Components–0.21%
Cie Generale des Etablissements Michelin		230		22,877


				22,877

Automobiles–0.62%
Nissan Motor		3,900		39,659
Toyota Motor ADR		213		29,797


				69,456

Banks–1.82%
Barclays		4,000		14,438
BNP Paribas		670		40,774
Credit Agricole		2,010		29,542
DBS Group Holdings		1,000		14,827
HSBC Holdings		4,000		34,231
†Lloyds Banking Group		21,620		25,060
Standard Chartered		980		15,872
UniCredit		4,218		28,609


				203,353

Beverages–0.31%
Suntory Beverage & Food		800		34,250


				34,250


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Building Products–0.23%
Cie de Saint-Gobain		590	$	25,910


				25,910

Capital Markets–0.29%
Credit Suisse Group		1,210		32,554


				32,554

Chemicals–0.28%
Akzo Nobel		420		31,762


				31,762

Commercial Services & Supplies–0.03%
Serco Group		1,730		3,539


				3,539

Construction Materials–0.44%
CRH		1,120		29,297
HeidelbergCement		250		19,774


				49,071

Containers & Packaging–0.14%
Rexam		1,840		15,769


				15,769

Diversified Financial Services–0.49%
Deutsche Boerse		300		24,487
†ING Groep CVA		2,040		29,887


				54,374

Diversified Telecommunication Services–0.81%
Singapore Telecommunications		9,000		28,718
Telefonica		2,181		31,040
Telenor		1,500		30,274


				90,032

Electrical Equipment–0.24%
†ABB		1,250		26,517


				26,517

Energy Equipment & Services–0.39%
Petrofac		1,340		18,864
†Saipem		761		7,742
Technip		270		16,335


				42,941

Food & Staples Retailing–0.35%
METRO		540		18,304
Tesco		5,850		20,881


				39,185

Health Care Equipment & Supplies–0.18%
Getinge Class B		830		20,508


				20,508


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Industrial Conglomerates–0.24%
Siemens ADR		129	$	13,958
Toshiba		3,000		12,568


				26,526

Insurance–1.13%
AIA Group		4,000		25,114
Aviva		4,240		33,931
AXA		1,160		29,202
Muenchener Rueckversicherungs		50		10,746
†NN Group		400		11,342
Swiss Re		160		15,433


				125,768

Life Sciences Tools & Services–0.15%
†QIAGEN		660		16,565


				16,565

Media–0.26%
Sky PLC		1,980		29,129


				29,129

Multiline Retail–0.24%
Marks & Spencer Group		3,380		26,731


				26,731

Oil, Gas & Consumable Fuels–1.34%
BP ADR		768		30,036
Eni		1,418		24,548
Galp Energia		1,650		17,847
Kunlun Energy		12,000		11,655
Royal Dutch Shell Class B		510		15,886
Talisman Energy		2,100		16,098
TOTAL		670		33,310


				149,380

Pharmaceuticals–2.14%
Bayer		250		37,411
GlaxoSmithKline		1,470		33,838
Merck		240		26,865
Novartis		130		12,831
Roche Holding		150		41,219
Sanofi		400		39,511
Teva Pharmaceutical Industries ADR		747		46,538


				238,213

Semiconductors & Semiconductor Equipment–0.13%
Infineon Technologies ADR		1,200		14,382


				14,382

Specialty Retail–0.19%
Kingfisher		3,760		21,213


				21,213


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Technology Hardware, Storage & Peripherals–0.15%
Konica Minolta Holdings		1,700	$	17,225


				17,225

Textiles, Apparel & Luxury Goods–0.25%
†Michael Kors Holdings		430		28,273


				28,273

Trading Companies & Distributors–0.13%
Noble Group		21,000		14,066


				14,066

Wireless Telecommunication Services–0.26%
Vodafone Group ADR		879		28,726


				28,726

Total Developed Markets (Cost $1,688,341)				1,537,699


×EMERGING MARKETS–2.53%
Auto Components–0.10%
Hyundai Mobis		52		11,524


				11,524

Banks–0.22%
Bangkok Bank NVDR		3,200		18,125
†KB Financial Group ADR		168		5,904


				24,029

Diversified Telecommunication Services–0.32%
China Telecom		56,000		35,801


				35,801

Health Care Providers & Services–0.16%
Sinopharm Group		4,400		17,916


				17,916

Insurance–0.32%
China Life Insurance		8,000		35,166


				35,166

Machinery–0.28%
=CSR		15,300		20,209
Weichai Power		3,000		11,567


				31,776

Metals & Mining–0.32%
MMC Norilsk Nickel OJSC ADR		804		14,332
POSCO ADR		394		21,536


				35,868

Oil, Gas & Consumable Fuels–0.14%
China Shenhua Energy		5,000		12,753
Petroleo Brasileiro ADR		391		2,381


				15,134


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Semiconductors & Semiconductor Equipment–0.67%
Samsung Electronics GDR		100	$	64,942
Taiwan Semiconductor Manufacturing ADR		432		10,143


				75,085

Total Emerging Markets (Cost $265,032)				282,299

Total Common Stock (Cost $3,399,319)				3,452,987


EXCHANGE-TRADED FUNDS–5.14%
Wisdomtree Europe Hedged Equity Fund		4,500		297,630
WisdomTree Japan Hedged Equity Fund		5,000		275,600

Total Exchange-Traded Funds (Cost $498,653)				573,230


INVESTMENT COMPANIES–51.26%
_²Franklin Focused Core Equity Fund		91,183		1,393,270
_²Franklin High Income Fund		224,412		446,579
_²Franklin Mutual European Fund		21,300		481,177

The following foreign currency exchange contracts and swap contracts were outstanding at March 31, 2015:

The use of foreign currency exchange contracts and swap contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The foreign currency exchange contracts and notional values presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES–0.43%
Fannie Mae ARM
•1.919% 11/1/34		44,866	$	47,197
•1.933% 10/1/37		41,535		43,989
•1.978% 11/1/37		64,903		68,821
•2.053% 4/1/38		233,612		247,665
•2.09% 9/1/33		310,378		328,598
•2.125% 9/1/34		186,608		198,805
•2.247% 2/1/35		29,696		31,714
•2.25% 10/1/32		70,233		74,791
•2.281% 7/1/34		67,601		72,122
•2.33% 9/1/33		132,005		140,773
•2.331% 6/1/35		750,644		799,819
•2.338% 4/1/34		251,326		268,198
•2.345% 6/1/36		55,349		59,888
•2.358% 8/1/36		58,473		62,798
•2.366% 1/1/37		14,495		15,570
•2.368% 5/1/36		14,634		15,800
•2.375% 3/1/35		97,536		104,046
•2.424% 1/1/37		145,400		156,711
•3.963% 4/1/38		85,241		91,412
•4.574% 5/1/38		154,809		165,983
•5.059% 10/1/35		318,710		332,400
Freddie Mac ARM
•1.985% 1/1/36		52,189		54,928
•2.212% 5/1/38		586,622		624,487
•2.367% 1/1/35		189,484		202,672
•2.375% 10/1/34		48,450		51,129
•2.405% 1/1/35		200,469		214,491
•2.424% 4/1/38		889,186		952,527
•2.427% 3/1/34		24,372		26,081
•2.471% 5/1/38		100,387		107,801
•2.52% 8/1/31		48,297		51,397
•2.534% 11/1/33		23,654		25,405
•2.564% 4/1/30		64,881		68,419
•2.575% 7/1/36		224,721		235,252
•2.612% 11/1/36		29,999		32,403


Total Agency Mortgage-Backed Securities (Cost $5,864,066)				5,974,092


COMMERCIAL MORTGAGE-BACKED SECURITIES–1.30%
Bank of America Commercial Mortgage Trust
•Series 2006-1 D 5.448% 9/10/45		170,000		170,064
•Series 2006-4 AJ 5.695% 7/10/46		750,000		775,745
Bear Stearns Commercial Mortgage Securities Trust
•Series 2006-PW11 AJ 5.438% 3/11/39		700,000		716,482
•Series 2006-PW12 AJ 5.742% 9/11/38		700,000		718,710
#•Series 2006-PW12 B 144A 5.742% 9/11/38		180,000		176,047


	Principal Amount°		Value (U.S. $)

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns Commercial Mortgage Securities Trust (continued)
•Series 2006-PW13 AJ 5.611% 9/11/41		750,000	$	772,068
•Series 2007-PW16 AM 5.708% 6/11/40		500,000		544,301
CD Commercial Mortgage Trust
•Series 2005-CD1 E 5.225% 7/15/44		370,000		370,152
Series 2006-CD3 AJ 5.688% 10/15/48		500,000		496,304
•Citigroup Commercial Mortgage Trust Series 2007-C6 AM 5.703% 12/10/49		850,000		905,264
#Colony Multifamily Mortgage
Trust Series 2014-1 A 144A 2.543% 4/20/50		1,054,773		1,057,070
Commercial Mortgage Trust
•Series 2005-GG5 AJ 5.237% 4/10/37		590,000		593,731
•Series 2006-GG7 AJ 5.785% 7/10/38		700,000		716,435
•Series 2006-GG7 AM 5.785% 7/10/38		260,000		272,210
Series 2007-GG9 A4 5.444% 3/10/39		900,000		949,678
Series 2007-GG9 AM 5.475% 3/10/39		525,000		553,693
#•G-FORCE Series 2005-RR2
A3FL 144A 0.474% 12/25/39		254,244		239,625
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2004-LN2 A2 5.115% 7/15/41		50,301		50,331
#•Series 2005-LDP1 E 144A 5.984% 3/15/46		25,037		25,022
•Series 2005-LDP5 E 5.382% 12/15/44		650,000		655,698
Series 2006-CB17 AM 5.464% 12/12/43		500,000		515,958
LB-UBS Commercial Mortgage Trust
#•Series 2004-C7 H 144A 4.866% 10/15/36		700,000		718,790
•Series 2006-C4 AJ 5.842% 6/15/38		750,000		786,221
•Series 2006-C4 AM 5.842% 6/15/38		730,000		768,398
•Merrill Lynch Mortgage Trust Series 2005-CKI1 D 5.282% 11/12/37		170,000		170,906
Morgan Stanley Capital I Trust •Series 2007-HQ11 A1A 5.422% 2/12/44		706,427		752,210


		Principal Amount°		Value (U.S. $)

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital I Trust (continued)
•Series 2007-IQ16 AM 6.086% 12/12/49			500,000	$	548,994
•Series 2007-IQ16 AMA 6.082% 12/12/49			700,000		761,461
#•Resource Capital Series 2014-CRE2 A 144A 1.227% 4/15/32			355,000		352,924
•Talisman-6 Finance Series 6 A 0.251% 10/22/16	EUR		318,131		338,285
Wachovia Bank Commercial Mortgage Trust
•Series 2006-C23 AJ 5.515% 1/15/45			650,000		669,440
•Series 2006-C28 AM 5.603% 10/15/48			800,000		847,686


Total Commercial Mortgage-Backed Securities (Cost $18,357,934)					17,989,903


DCORPORATE BONDS–6.19%
Australia–0.02%
FMG Resources August 2006
#144A 6.875% 2/1/18			133,333		131,000
#144A 8.25% 11/1/19			100,000		86,375


					217,375

Belgium–0.01%
Anheuser-Busch InBev 2.875% 9/25/24	EUR		100,000		126,087


					126,087

British Virgin Islands–0.08%
#Sinopec Group Overseas Development 2014 144A 1.75% 4/10/17			800,000		801,638
#State Grid Overseas Investment
2014 144A 2.75% 5/7/19			300,000		305,973


					1,107,611

Canada–0.06%
Canadian Natural Resources 1.75% 1/15/18			500,000		497,859
#VRX Escrow 144A 5.375% 3/15/20			300,000		303,375


					801,234

Cayman Islands–0.02%
#•Seven & Seven 144A 1.404% 9/11/19			270,000		269,714


					269,714

China–0.16%
#Alibaba Group Holding 144A 2.50% 11/28/19			600,000		600,861


		Principal Amount°		Value (U.S. $)

DCORPORATE BONDS (continued)
China (continued)
#Export-Import Bank of China 144A 2.50% 7/31/19			1,000,000	$	1,014,474
Industrial & Commercial Bank of China 3.231% 11/13/19			600,000		617,968


					2,233,303

Denmark–0.12%
Nykredit Realkredit 2.00% 4/1/16	DKK		11,127,000		1,636,862


					1,636,862

France–0.13%
Arkema 1.50% 1/20/25	EUR		200,000		218,996
Casino Guichard Perrachon 3.311% 1/25/23	EUR		200,000		245,836
#Electricite de France 144A 2.15% 1/22/19			1,000,000		1,013,994
Pernod Ricard 2.125% 9/27/24	EUR		100,000		115,701
Veolia Environnement 4.625% 3/30/27	EUR		100,000		145,308


					1,739,835

Germany–0.22%
KFW 2.05% 2/16/26	JPY		250,000,000		2,468,474
#Norddeutsche Landesbank Girozentrale 144A 2.00% 2/5/19			600,000		609,282


					3,077,756

Hong Kong–0.11%
CNOOC Nexen Finance 2014 1.625% 4/30/17			1,100,000		1,098,015
#Hutchison Whampoa International 14 144A 1.625% 10/31/17			500,000		498,261


					1,596,276

Ireland–0.07%
Depfa ACS Bank 1.65% 12/20/16	JPY		120,000,000		1,021,992


					1,021,992

Italy–0.30%
Aeroporti di Roma 3.25% 2/20/21	EUR		200,000		243,212
Banca Monte dei Paschi di Siena 2.875% 4/16/21	EUR		600,000		724,838
Intesa Sanpaolo
•0.198% 5/18/17	EUR		200,000		213,988
•1.555% 7/29/15	EUR		500,000		540,159
2.375% 1/13/17			200,000		202,472
3.875% 1/16/18			700,000		734,912
UniCredit •1.02% 4/10/17	EUR		300,000		325,090


		Principal Amount°		Value (U.S. $)

DCORPORATE BONDS (continued)
Italy (continued)
UniCredit (continued)
•1.605% 7/24/15	EUR		500,000	$	539,683
Unione di Banche Italiane 2.875% 2/18/19	EUR		500,000		576,537


					4,100,891

Luxembourg–0.07%
Actavis Funding 2.35% 3/12/18			600,000		608,545
ArcelorMittal 6.125% 6/1/18			350,000		376,950


					985,495

Mexico–0.05%
Coca-Cola Femsa 2.375% 11/26/18			700,000		716,618


					716,618

Netherlands–0.13%
#•ING Bank 144A 0.964% 10/1/19			1,000,000		1,002,855
Koninklijke KPN 4.25% 3/1/22	EUR		100,000		131,067
•Petrobras Global Finance 3.151% 3/17/20			700,000		605,500


					1,739,422

Portugal–0.02%
Banco Comercial Portugues 4.75% 6/22/17	EUR		200,000		235,568


					235,568

Republic of Korea–0.20%
•Export-Import Bank of Korea 1.003% 1/14/17			1,500,000		1,507,773
#Hyundai Capital Services 144A 2.625% 9/29/20			600,000		603,285
#Woori Bank 144A 4.75% 4/30/24			650,000		696,064


					2,807,122

South Africa–0.01%
#Edcon 144A 9.50% 3/1/18	EUR		150,000		123,424


					123,424

Spain–0.05%
Bankinter 1.75% 6/10/19	EUR		600,000		675,167


					675,167

Sweden–0.05%
•Svenska Handelsbanken 0.761% 6/17/19			700,000		700,951


					700,951

Switzerland–0.04%
•Credit Suisse New York 0.751% 5/26/17			600,000		600,152


					600,152


		Principal Amount°		Value (U.S. $)

DCORPORATE BONDS (continued)
United Kingdom–0.22%
•Barclays Bank 0.837% 2/17/17			1,300,000	$	1,302,951
#Petrofac 144A 3.40% 10/10/18			600,000		592,105
Royal Bank of Scotland 6.934% 4/9/18	EUR		200,000		247,343
•Yorkshire Building Society 2.314% 3/23/16	GBP		641,000		965,209


					3,107,608

United States–4.05%
Altria Group 2.625% 1/14/20			600,000		610,294
American Tower 3.40% 2/15/19			500,000		516,809
•Amgen 0.862% 5/22/19			1,000,000		1,001,768
•Apple 0.503% 5/3/18			1,000,000		1,003,509
Bank of America
•1.293% 1/15/19			1,000,000		1,014,624
2.65% 4/1/19			700,000		713,927
#Bayer US Finance 144A 2.375% 10/8/19			1,000,000		1,017,736
BB&T 1.60% 8/15/17			1,300,000		1,309,048
Beazer Homes USA 5.75% 6/15/19			3,000,000		2,940,000
Becton Dickinson 2.675% 12/15/19			600,000		613,524
#California Resources 144A 5.50% 9/15/21			300,000		267,660
Capital One Bank USA 2.30% 6/5/19			800,000		802,294
Celgene 1.90% 8/15/17			1,000,000		1,013,322
CenturyLink 6.00% 4/1/17			1,000,000		1,068,750
Chesapeake Energy
•3.503% 4/15/19			100,000		96,500
7.25% 12/15/18			300,000		325,500
CIT Group 3.875% 2/19/19			300,000		297,750
Citigroup
•0.534% 6/9/16			1,000,000		994,238
•1.044% 4/8/19			200,000		200,117
Constellation Brands 3.875% 11/15/19			300,000		309,750
Dell 3.10% 4/1/16			1,500,000		1,516,875
DIRECTV Holdings 2.40% 3/15/17			1,000,000		1,018,427
DISH DBS 7.125% 2/1/16			2,500,000		2,603,125
Dominion Resources 1.40% 9/15/17			1,000,000		1,001,816
DPL 6.50% 10/15/16			350,000		368,375
Eastman Chemical 2.40% 6/1/17			1,000,000		1,021,506
#Enable Midstream Partners 144A 2.40% 5/15/19			800,000		784,700
#Energy XXI Gulf Coast 144A 11.00% 3/15/20			200,000		190,750


	Principal		Value
	Amount°		(U.S. $)
DCORPORATE BONDS (continued)
United States (continued)
EnLink Midstream Partners 2.70% 4/1/19		300,000	$	300,214
Enterprise Products Operating 3.20% 2/1/16		1,000,000		1,017,926
Ford Motor Credit
•0.784% 9/8/17		200,000		198,969
1.50% 1/17/17		1,000,000		1,002,552
Freeport-McMoRan 2.30% 11/14/17		600,000		598,462
#Glencore Funding 144A 3.125% 4/29/19		500,000		512,400
•Goldman Sachs Group 1.417% 4/23/20		1,000,000		1,013,944
Halcon Resources 9.75% 7/15/20		100,000		71,000
HCA 4.25% 10/15/19		300,000		308,625
#Hyundai Capital America 144A 1.45% 2/6/17		400,000		400,623
JPMorgan Chase
•1.156% 1/25/18		1,200,000		1,215,487
2.20% 10/22/19		1,000,000		1,003,368
Juniper Networks 3.30% 6/15/20		400,000		405,260
KB Home 4.75% 5/15/19		100,000		98,000
Kinder Morgan 3.05% 12/1/19		700,000		707,697
#Kinder Morgan Finance 144A 6.00% 1/15/18		300,000		328,993
Kraft Foods Group 2.25% 6/5/17		1,000,000		1,018,603
•Kroger 0.787% 10/17/16		1,000,000		1,002,286
Linn Energy
6.25% 11/1/19		150,000		119,250
6.50% 5/15/19		100,000		84,563
Lorillard Tobacco 2.30% 8/21/17		700,000		707,231
#Metropolitan Life Global
Funding I 144A 1.30% 4/10/17		1,000,000		1,005,877
MGM Resorts International 8.625% 2/1/19		300,000		343,500
•Mondelez International 0.775% 2/1/19		1,000,000		991,930
Morgan Stanley
•1.106% 1/24/19		1,000,000		1,004,264
•1.396% 1/27/20		200,000		203,227
Navient 5.50% 1/15/19		350,000		357,875
#•NBCUniversal Enterprise 144A 0.938% 4/15/18		1,000,000		1,008,098
#New York Life Global Funding 144A 2.10% 1/2/19		1,000,000		1,015,486
NGL Energy Partners 5.125% 7/15/19		200,000		197,000
Pactiv 8.125% 6/15/17		1,000,000		1,085,000
Peabody Energy 6.00% 11/15/18		400,000		318,000


	Principal Amount°		Value (U.S. $)

DCORPORATE BONDS (continued)
United States (continued)
PPL Energy Supply 6.20% 5/15/16		2,000,000	$	2,069,244
#Prudential Covered Trust 2012-1 144A 2.997% 9/30/15		1,120,000		1,131,235
Regions Financial 2.00% 5/15/18		1,000,000		999,824
Reynolds Group Issuer 9.00% 4/15/19		300,000		315,750
Sanchez Energy 7.75% 6/15/21		250,000		243,750
Sempra Energy 2.30% 4/1/17		1,000,000		1,020,492
#Sprint Communications 144A 9.00% 11/15/18		400,000		460,000
#Tenet Healthcare 144A 5.00% 3/1/19		100,000		99,500
#TIAA Asset Management Finance 144A 2.95% 11/1/19		600,000		615,590
Time Warner 2.10% 6/1/19		500,000		503,037
Tyson Foods 2.65% 8/15/19		500,000		512,491
Verizon Communications 1.10% 11/1/17		1,000,000		991,724
Viacom 2.75% 12/15/19		600,000		610,109
Walgreens Boots Alliance 1.75% 11/17/17		600,000		605,837
•Wells Fargo 0.887% 4/23/18		1,400,000		1,409,919


				55,856,906


Total Corporate Bonds (Cost $86,947,038)				85,477,369


MUNICIPAL BONDS–0.06%
University of California
•Series Y-1 0.679% 7/1/41		785,000		785,126
•Series Y-2 0.679% 7/1/41		40,000		40,007


Total Municipal Bonds (Cost $825,000)				825,133


NON-AGENCY ASSET-BACKED SECURITIES–3.02%
American Express Credit Account Master Trust
•Series 2008-2 A 1.435% 9/15/20		300,000		307,848
•Series 2008-6 A 1.375% 2/15/18		930,000		932,681
•Series 2012-1 A 0.445% 1/15/20		1,310,000		1,310,701
•Series 2012-3 A 0.325% 3/15/18		260,000		260,000
#•American Homes 4 Rent Series 2014-SFR1 A 144A 1.25% 6/17/31		325,582		322,056
#•ARES IIIR/IVR CLO Series 2007-3RA B 144A 0.624% 4/16/21		1,000,000		953,100


	Principal		Value
	Amount°		(U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
#•ARES XI CLO Series 2007-11A A1C 144A 0.522% 10/11/21		448,758	$	443,014
•BA Credit Card Trust Series 2014-A2 A 0.445% 9/16/19		1,000,000		1,000,207
#•Babson CLO Series 2007-1A A1 144A 0.482% 1/18/21		648,400		642,630
#•Bridgeport CLO Series 2006-1A B 144A 0.906% 7/21/20		1,000,000		950,700
Capital One Multi-Asset Execution Trust
•Series 2007-A1 A1 0.225% 11/15/19		1,240,000		1,234,359
•Series 2007-A2 A2 0.255% 12/16/19		1,230,000		1,225,411
•Series 2007-A5 A5 0.215% 7/15/20		960,000		953,249
#•Catamaran CLO Series 2014-2A B 144A 3.257% 10/18/26		606,600		595,924
#•Cent CDO 15 Series 2007-15A A2B 144A 0.607% 3/11/21		1,000,000		949,400
#•Centerline REIT Series 2004-RR3 A2 144A 4.933% 9/21/45		655,836		671,412
Chase Issuance Trust
•Series 2007-A2 A2 0.225% 4/15/19		1,290,000		1,283,747
•Series 2007-B1 B1 0.425% 4/15/19		1,000,000		994,486
•Series 2007-C1 C1 0.635% 4/15/19		400,000		398,471
Series 2012-A3 A3 0.79% 6/15/17		260,000		260,183
•Series 2012-A6 A 0.305% 8/15/17		1,100,000		1,099,915
Series 2012-A8 A8 0.54% 10/16/17		670,000		670,007
•Series 2012-A9 A9 0.325% 10/16/17		600,000		599,767
•Series 2013-A3 A3 0.455% 4/15/20		653,000		651,815
•Series 2014-A3 A3 0.375% 5/15/18		1,280,000		1,279,123
•Series 2014-A5 A5 0.545% 4/15/21		750,000		750,000
Citibank Credit Card Issuance Trust
Series 2003-A7 A7 4.15% 7/7/17		500,000		504,895
•Series 2006-A8 A8 0.293% 12/17/18		600,000		598,454
•Series 2008-A6 A6 1.376% 5/22/17		600,000		600,833
Series 2012-A1 A1 0.55% 10/10/17		470,000		470,012


	Principal		Value
	Amount°		(U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
Citibank Credit Card Issuance Trust (continued)
•Series 2013-A1 A1 0.274% 4/24/17		1,200,000	$	1,199,832
•Series 2013-A11 A11 0.418% 2/7/18		1,000,000		999,913
•Series 2013-A12 A12 0.486% 11/7/18		660,000		659,543
•Series 2014-A3 A3 0.375% 5/9/18		230,000		229,974
Colony American Homes
#•Series 2014-1A A 144A 1.327% 5/17/31		284,814		282,658
#•Series 2014-1A C 144A 2.027% 5/17/31		100,000		99,697
#•Cornerstone CLO Series 2007-1A A1J 144A 0.653% 7/15/21		1,200,000		1,190,400
#•CountryPlace Manufactured Housing Contract Trust Series 2005-1 A3 144A 4.80% 12/15/35		79,653		81,114
#•CT CDO IV Series 2006-4A A1 144A 0.486% 10/20/43		529,551		517,372
Discover Card Execution Note Trust
Series 2012-A3 A3 0.86% 11/15/17		630,000		630,330
•Series 2012-A4 A4 0.545% 11/15/19		1,000,000		1,002,317
•Series 2012-A5 A5 0.375% 1/16/18		1,300,000		1,300,268
•Series 2013-A6 A6 0.625% 4/15/21		580,000		581,601
•Series 2014-A1 A1 0.605% 7/15/21		800,000		801,828
Eaton Vance CLO
#•Series 2014-1A B 144A 2.303% 7/15/26		200,800		201,141
#•Series 2014-1A C 144A 3.253% 7/15/26		171,300		170,872
#•Fairfield Street Solar Series 2004-1A A1 144A 0.612% 11/28/39		712,560		684,627
Ford Credit Auto Owner Trust Series 2012-D A3 0.51% 4/15/17		360,970		360,935
Invitation Homes Trust
#•Series 2014-SFR1 B 144A 1.677% 6/17/31		130,000		129,481
#•Series 2014-SFR2 B 144A 1.775% 9/17/31		740,000		740,346
#•Series 2015-SFR1 A 144A 1.627% 3/17/32		215,819		216,847


	Principal		Value
	Amount°		(U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
Invitation Homes Trust (continued)
#•Series 2015-SFR2 A 144A 1.528% 6/17/32		330,000	$	330,000
LNR CDO
#•Series 2002-1A DFL 144A 1.574% 7/24/37		727,631		703,182
#•Series 2003-1A EFL 144A 3.173% 7/23/36		185,236		184,309
Mercedes-Benz Auto Lease Trust Series 2013-A A4 0.72% 12/17/18		1,000,000		1,000,148
#•Newcastle CDO V Series 2004-5A 1 144A 0.607% 12/24/39		54,528		53,034
#•N-Star REL CDO VI Series 2006-6A A1 144A 0.601% 6/16/41		547,950		518,306
•¿Park Place Securities Asset-Backed Pass Through Certificates Series 2004-WHQ2 M2 1.119% 2/25/35		59,009		58,818
Progress Residential Trust
#•Series 2014-SFR1 B 144A 2.077% 10/17/31		200,000		201,475
#•Series 2015-SFR1 A 144A 1.577% 2/17/32		1,010,000		1,012,863
•RAAC Trust Series 2004-SP1 AII 0.874% 3/25/34		405,140		386,319
Silver Bay Realty Trust
#•Series 2014-1 A 144A 1.177% 9/17/31		129,001		127,184
#•Series 2014-1 B 144A 1.627% 9/17/31		100,000		99,239
#•SWAY Residential Trust Series 2014-1 A 144A 1.477% 1/17/32 .		475,824		475,192
#•Trade MAPS 1 Series 2013-1A A 144A 0.875% 12/10/18		500,000		499,717
West CLO
#•Series 2014-1A A2 144A 2.357% 7/18/26		310,000		303,428
#•Series 2014-1A B 144A 3.107% 7/18/26		830,000		784,765


Total Non-Agency Asset-Backed Securities (Cost $41,785,345)				41,733,475


NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.91%
•Bear Stearns Alternative A Trust Series 2004-10 1A3 1.174% 9/25/34		439,058		438,696
CHL Mortgage Pass Through Trust
•¿Series 2004-6 1A1 2.496% 5/25/34		425,983		424,294


	Principal		Value
	Amount°		(U.S. $)

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
CHL Mortgage Pass Through Trust (continued)
•¿Series 2004-11 2A1 2.078% 7/25/34		167,499	$	165,873
Credit Suisse First Boston Mortgage Securities
•Series 2003-AR9 3M1 1.674% 3/25/33		393,561		392,145
•Series 2005-C5 C 5.10% 8/15/38		300,000		303,662
•Fannie Mae Connecticut Avenue Securities Series 2014-C02 2M1 1.124% 5/25/24		147,406		146,565
•First Horizon Alternative Mortgage Securities Trust Series 2004-AA5 2A1 2.068% 12/25/34		492,410		479,657
•Freddie Mac Structured Agency Credit Risk Debt Notes Series 2015-HQ1 M1 1.223% 3/25/25		390,000		390,366
•HarborView Mortgage Loan Trust Series 2004-1 3A 2.185% 4/19/34		421,515		420,674
•Impac Secured Assets CMN Owner Trust Series 2004-4 M1 0.939% 2/25/35		100,000		93,579
•IndyMac INDX Mortgage Loan Trust Series 2005-AR1 1A1 2.526% 3/25/35		581,100		570,432
•JPMorgan Mortgage Trust Series 2004-A1 5A1 2.522% 2/25/34		565,560		561,189
#•Kildare Securities Series 2007-1A A2 144A 0.385% 12/10/43		194,596		194,198
•Merrill Lynch Mortgage Investors Trust Series 2003-A 1A 0.914% 3/25/28		82,521		78,186
Morgan Stanley Mortgage Loan Trust
•Series 2004-8AR 4A2 2.419% 10/25/34		490,936		487,380
•Series 2004-10AR 2A2 2.467% 11/25/34		477,644		487,463
•New York Mortgage Trust Series 2005-3 M1 0.624% 2/25/36		50,713		46,523
Sequoia Mortgage Trust
•Series 2003-4 1A1 0.796% 7/20/33		753,827		706,657
•Series 2004-10 A2 0.816% 11/20/34		601,214		566,160
•Structured Adjustable Rate Mortgage Loan Trust Series 2004-12 3A1 2.431% 9/25/34		525,275		529,470


	Principal		Value
	Amount°		(U.S. $)

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Structured Asset Mortgage Investments II Trust
•Series 2003-AR4 A1 0.878% 1/19/34		467,024	$	452,215
•Series 2004-AR6 A1A 0.878% 2/19/35		483,140		452,880
Structured Asset Mortgage Investments Trust
•Series 2003-AR1 A1 0.918% 10/19/33		522,308		491,639
•Series 2003-AR2 A1 0.914% 12/19/33		133,683		128,417
Thornburg Mortgage Securities Trust
•Series 2003-4 A1 0.814% 9/25/43		408,669		394,569
•Series 2007-4 1A1 2.374% 9/25/37		444,408		435,240
WaMu Mortgage Pass Through Certificates Trust
•¿Series 2005-AR2 1A1A 0.504% 1/25/45		453,519		418,695
•¿Series 2005-AR8 2AB2 0.594% 7/25/45		195,663		180,653
•¿Series 2005-AR19 A1A1 0.444% 12/25/45		512,677		492,338
Wells Fargo Mortgage-Backed Securities Trust
•Series 2003-L 1A2 2.49% 11/25/33		403,489		402,710
•Series 2003-O 1A2 2.491% 1/25/34		158,179		159,033
•Series 2004-I 2A1 2.601% 7/25/34		211,794		211,362
•Series 2004-X 1A1 2.615% 11/25/34		236,360		236,802
•Series 2005-AR9 2A2 2.591% 10/25/33		614,089		606,030


Total Non-Agency Collateralized Mortgage Obligations (Cost $12,544,292)				12,545,752


«SENIOR SECURED LOANS–0.72%
24 Hour Fitness Tranche B 1st Lien 4.75% 5/30/21		161,627		161,375
Allison Transmission Tranche B4 1st Lien 3.50% 8/23/19		41,594		41,490
Appvion Tranche B 1st Lien 5.75% 6/28/19		219,644		202,896
Autoparts Holdings 1st Lien 6.50% 7/29/17		213,231		213,231
AZ Chem US Tranche B 1st Lien 4.50% 6/12/21		73,396		73,630
BMC Software 1st Lien 5.00% 9/10/20		797,100		781,533
Bowie Recourse Tranche B 1st Lien 0.068% 8/12/20		22,176		21,746


	Principal		Value
	Amount°		(U.S. $)
«SENIOR SECURED LOANS (continued)
Boyd Gaming Tranche A 1st Lien 3.00% 8/14/18		7,845	$	7,810
Calpine Construction Finance Tranche B 3.00% 5/3/20		122,398		120,982
Calpine Construction Tranche B2 1st Lien 0.033% 1/31/22		66,726		66,217
Ciena Tranche B 3.75% 7/15/19		31,179		31,218
CITGO Petroleum Tranche B 4.50% 7/29/21		14,979		14,886
Connolly Tranche 1st Lien 5.00% 5/14/21		226,740		228,229
Crowne Group Tranche B 1st Lien 6.00% 10/2/21		223,577		222,319
Diamond Reports 1st Lien 5.50% 5/9/21		75,662		76,135
Dollar Tree Tranche B 1st Lien 4.25% 3/9/22		138,050		139,670
Doncasters Group Tranche B 1st Lien 4.50% 4/9/20		38,390		38,510
FGI Operating Tranche B 5.50% 4/19/19		926,023		904,665
Fieldwood Energy 1st Lien 3.875% 9/25/18		235,257		220,385
Grifols Worldwide Operations Tranche B 1st Lien 0.032% 2/27/21		141,904		141,928
Guggenheim Partners Tranche B 4.25% 7/22/20		55,676		56,163
Henniges Automotive Tranche B 1st Lien 5.50% 6/12/21		146,415		147,604
Ineos US Finance Tranche B 1st Lien 4.25% 3/31/22		35,462		35,547
Interactive Data 1st Lien 4.75% 5/2/21		181,490		182,530
Kinetic Concepts Tranche E1 4.50% 5/4/18		137,257		137,943
M/A-COM Tech Solutions Tranche B 4.50% 5/8/21		76,423		77,202
Men’s Wearhouse Tranche B 1st Lien 4.50% 6/18/21		171,958		173,006
MoneyGram International Tranche B 1st Lien 4.25% 3/28/20		649,307		614,407
Ocean Rig (Drillship) Tranche B 1st Lien 5.50% 7/25/21		300,847		251,959
OCI Beaumont Tranche B3 1st Lien 5.50% 8/20/19		605,241		610,159
Onsite Rental Group Tranche B 1st Lien 5.50% 7/31/21		228,489		223,897
Overseas Shipholding Tranche B- Exit 5.25% 8/5/19		135,012		134,422
Oxbow Carbon & Minerals Tranche B 1st Lien 4.25% 7/19/19		79,012		76,661


	Principal		Value
	Amount°		(U.S. $)

«SENIOR SECURED LOANS (continued)
Party City Tranche B 1st Lien 4.00% 7/27/19		86,984	$	87,039
Peabody Energy Tranche B 4.25% 9/24/20		164,853		148,523
Post Holdings Ince Tranche B 1st Lien 3.75% 6/2/21		40,480		40,520
Radio One 7.50% 3/31/16		132,721		132,776
Regal Cinemas 1st Lien 2.78% 8/23/17		59,062		59,152
Regal Entertainment (Cinemas) 1st Lien 0.038% 3/27/22		37,482		37,605
ROC Finance 1st Lien 5.00% 6/20/19		75,480		73,144
Savers Tranche C 5.00% 10/3/19		221,428		217,069
Seaworld Tranche B2 1st Lien 0.03% 5/14/20		169,558		165,797
Sensus 4.50% 5/9/17		174,607		174,825
Signode Industrial Group Tranche B 1st Lien 3.75% 5/1/21		89,110		88,720
SunGard Availability Services Capital Tranche B 1st Lien 6.00% 3/31/19		403,786		357,351
TGI Friday’s 1st Lien 5.25% 7/15/20		29,380		29,435
TransDigm Tranche C 3.75% 2/28/20		55,288		55,277
TransDigm Tranche D 1st Lien 3.75% 6/4/21		40,114		40,078
Tronox Pigments Tranche B 4.25% 3/19/20		53,406		53,475
UCI International Tranche B 5.50% 7/26/17		78,643		77,562
Univar Tranche B 5.00% 6/30/17		60,086		60,081
UPC Broadband Holding Tranche AH 3.25% 6/30/21		140,567		140,030
Utex Industries Tranche B 5.00% 5/22/21		378,629		343,606
Valeant Pharma International Tranche BF2-DD 1st Lien 4.00% 3/13/22		305,985		307,706
Wayne Fueling Systems 1st Lien 4.75% 6/20/21		228,970		229,185
William Morris Endeavor Entertainment Tranche B 1st Lien 6.50% 5/6/21		476,729		473,869
WireCo WorldGroup 6.00% 2/15/17		5,972		5,957
Worldpay Tranche B 1st Lien 4.00% 11/30/19		32,052		32,363


		Principal		Value
		Amount°		(U.S. $)

«SENIOR SECURED LOANS (continued)
Zuffa Tranche B 1st Lien 3.75% 2/25/20			46,792	$	46,588


Total Senior Secured Loans (Cost $10,099,287)					9,908,088

DSOVEREIGN BONDS–51.20%
Australia–0.49%
Australia Government Bonds
5.25% 3/15/19	AUD		1,565,000		1,351,666
5.75% 5/15/21	AUD		5,770,000		5,349,135


					6,700,801


Brazil–1.34%
Brazil Letras do Tesouro Nacional
≠0.396% 1/1/16	BRL		2,860,000		814,562
≠2.267% 1/1/17	BRL		14,140,000		3,552,719
≠11.133% 10/1/15	BRL		530,000		155,909
≠11.269% 7/1/16	BRL		160,000		42,788
≠11.307% 10/1/16	BRL		500,000		129,384
≠12.256% 1/1/18	BRL		8,530,000		1,899,144
Brazil Notas do Tesouro Nacional Series B
6.00% 5/15/15	BRL		146,500		1,226,121
6.00% 8/15/18	BRL		100,000		81,255
6.00% 5/15/19	BRL		12,000		98,765
6.00% 8/15/20	BRL		1,000		8,073
6.00% 8/15/22	BRL		432,000		3,474,669
6.00% 5/15/23	BRL		335,500		2,729,598
6.00% 8/15/24	BRL		3,000		23,959
6.00% 5/15/45	BRL		50,000		394,102
Brazil Notas do Tesouro Nacional Series F
10.00% 1/1/17	BRL		3,000,000		893,418
10.00% 1/1/21	BRL		2,800,000		776,728
10.00% 1/1/23	BRL		8,250,000		2,232,822


					18,534,016


Finland–1.40%
Finland Government Bonds
#144A 3.50% 4/15/21	EUR		6,700,000		8,710,999
#144A 4.25% 7/4/15	EUR		9,800,000		10,660,159


					19,371,158


Germany–3.63%
Bundesrepublik Deutschland
1.50% 9/4/22	EUR		5,450,000		6,505,636
2.25% 9/4/20	EUR		17,200,000		20,864,895
3.25% 7/4/21	EUR		8,000,000		10,385,620
3.50% 7/4/19	EUR		6,700,000		8,333,444
4.25% 7/4/39	EUR		1,100,000		2,174,546
4.75% 7/4/34	EUR		1,000,000		1,919,503


					50,183,644


Hungary–2.28%
Hungary Government Bonds
4.00% 4/25/18	HUF		35,650,000		134,403


		Principal		Value
		Amount°		(U.S. $)

DSOVEREIGN BONDS (continued)
Hungary (continued)
Hungary Government Bonds (continued)
5.50% 2/12/16	HUF		230,900,000	$	853,158
5.50% 12/22/16	HUF		134,120,000		510,853
5.50% 12/20/18	HUF		44,780,000		178,691
5.50% 6/24/25	HUF		933,240,000		3,971,228
6.00% 11/24/23	HUF		292,820,000		1,267,871
6.50% 6/24/19	HUF		461,600,000		1,920,692
6.75% 2/24/17	HUF		1,145,000,000		4,480,813
6.75% 11/24/17	HUF		183,690,000		741,649
7.00% 6/24/22	HUF		370,680,000		1,655,767
7.50% 11/12/20	HUF		31,620,000		141,065
Hungary Government International Bonds
4.125% 2/19/18			2,510,000		2,630,229
5.375% 2/21/23			4,640,000		5,208,400
6.25% 1/29/20			4,182,000		4,780,143
6.375% 3/29/21			2,580,000		3,004,152


					31,479,114


Iceland–0.08%
#Iceland Government International Bond 144A
5.875% 5/11/22			950,000		1,098,732


					1,098,732


Indonesia–1.12%
Indonesia Treasury Bills
≠5.741% 5/4/15	IDR		288,000,000		21,932
≠6.217% 2/4/16	IDR		5,650,000,000		410,542
≠6.438% 1/7/16	IDR		9,170,000,000		670,879
Indonesia Treasury Bonds
7.875% 4/15/19	IDR		19,546,000,000		1,533,034
8.25% 7/15/21	IDR		590,000,000		47,228
8.375% 3/15/24	IDR		56,010,000,000		4,563,262
8.375% 3/15/34	IDR		29,440,000,000		2,400,597
10.00% 9/15/24	IDR		25,030,000,000		2,238,287
10.00% 2/15/28	IDR		7,040,000,000		643,674
11.00% 11/15/20	IDR		233,000,000		20,894
12.80% 6/15/21	IDR		29,990,000,000		2,919,407


					15,469,736


Ireland–0.81%
Ireland Government Bond 5.40% 3/13/25	EUR		7,191,700		11,169,199


					11,169,199


Japan–4.38%
Japan Government 10 Yr Bonds
1.70% 12/20/16	JPY		700,000,000		6,002,283
1.70% 3/20/17	JPY		700,000,000		6,026,186
1.90% 6/20/16	JPY		1,350,000,000		11,510,929
Japan Government 20 Yr Bond
1.50% 3/20/34	JPY		2,050,000,000		18,382,666


		Principal		Value
		Amount°		(U.S. $)

DSOVEREIGN BONDS (continued)
Japan (continued)
Japan Government 20 Yr Bonds
1.90% 3/22/21	JPY		1,050,000,000	$	9,664,175
1.90% 6/20/25	JPY		453,000,000		4,338,796
Japan Government 30 Yr Bond
1.70% 9/20/44	JPY		500,000,000		4,517,582


					60,442,617


Malaysia–5.90%
Bank Negara Malaysia Monetary Notes
≠3.002% 5/19/15	MYR		10,795,000		2,902,686
≠3.054% 7/16/15	MYR		2,530,000		676,867
≠3.073% 4/16/15	MYR		800,000		215,729
≠3.076% 4/28/15	MYR		1,480,000		398,685
≠3.103% 6/16/15	MYR		18,560,000		4,978,493
≠3.134% 6/3/15	MYR		1,610,000		432,351
≠3.167% 8/11/15	MYR		13,220,000		3,528,759
≠3.185% 6/4/15	MYR		1,830,000		491,388
≠3.197% 6/18/15	MYR		360,000		96,565
≠3.20% 4/23/15	MYR		290,000		78,154
≠3.205% 8/18/15	MYR		640,000		170,727
≠3.209% 11/12/15	MYR		230,000		60,893
≠3.216% 10/1/15	MYR		1,620,000		430,460
≠3.234% 11/24/15	MYR		720,000		190,412
≠3.279% 11/3/15	MYR		51,540,000		13,654,318
≠3.28% 10/27/15	MYR		360,000		95,434
≠3.286% 6/30/15	MYR		20,380,000		5,460,016
≠3.302% 5/28/15	MYR		5,900,000		1,585,220
≠6.193% 8/4/15	MYR		37,390,000		9,986,201
Malaysia Government Bonds
3.172% 7/15/16	MYR		6,350,000		1,712,995
3.197% 10/15/15	MYR		29,245,000		7,904,232
3.314% 10/31/17	MYR		6,230,000		1,681,438
3.654% 10/31/19	MYR		12,400,000		3,359,375
3.835% 8/12/15	MYR		39,330,000		10,651,644
4.181% 7/15/24	MYR		6,100,000		1,679,489
4.72% 9/30/15	MYR		26,359,000		7,177,245
Malaysia Treasury Bills
≠2.989% 7/24/15	MYR		370,000		98,925
≠2.993% 3/18/16	MYR		420,000		109,886
≠2.999% 6/26/15	MYR		100,000		26,806
≠3.001% 9/11/15	MYR		420,000		111,795
≠3.03% 6/5/15	MYR		280,000		75,177
≠3.04% 9/25/15	MYR		110,000		29,259
≠3.15% 8/14/15	MYR		2,360,000		629,809
≠3.20% 5/13/15	MYR		2,760,000		742,519
≠3.25% 1/22/16	MYR		190,000		49,959


					81,473,911


Mexico–6.82%
Mexican Bonos
6.00% 6/18/15	MXN		59,571,000		3,939,054


		Principal		Value
		Amount°		(U.S. $)

DSOVEREIGN BONDS (continued)
Mexico (continued)
Mexican Bonos (continued)
6.25% 6/16/16	MXN		354,770,000	$	23,998,470
6.50% 6/10/21	MXN		341,000,000		23,509,098
7.25% 12/15/16	MXN		196,822,000		13,642,847
7.50% 6/3/27	MXN		79,700,000		5,812,869
7.75% 12/14/17	MXN		24,000,000		1,704,682
7.75% 11/23/34	MXN		50,000,000		3,777,239
8.00% 12/17/15	MXN		55,139,000		3,734,825
8.50% 12/13/18	MXN		94,640,000		6,947,767
Mexican Cetes
≠3.093% 5/28/15	MXN		225,562,000		1,471,789
≠3.604% 4/1/15	MXN		256,070,000		1,678,964
≠3.669% 3/31/16	MXN		70,660,000		446,709
≠3.819% 10/1/15	MXN		70,239,000		452,975
≠3.842% 9/17/15	MXN		105,358,000		680,316
≠4.682% 4/16/15	MXN		122,918,000		804,900
Mexican Udibonos
2.50% 12/10/20	MXN		3,968,487		260,968
3.50% 12/14/17	MXN		7,264,079		501,831
4.00% 6/13/19	MXN		5,038,759		354,634
5.00% 6/16/16	MXN		7,163,410		493,415

					94,213,352


Netherlands–1.91%
Netherlands Government Bond
5.50% 1/15/28	EUR		15,000,000		26,338,113


					26,338,113


New Zealand–2.94%
New Zealand Government Bonds
5.50% 4/15/23	NZD		7,300,000		6,333,615
6.00% 12/15/17	NZD		21,000,000		16,875,203
6.00% 5/15/21	NZD		20,000,000		17,310,365


					40,519,183

Peru–0.01%
Peru Government Bond
7.84% 8/12/20	PEN		427,000		157,521


					157,521


Philippines–0.28%
Philippine Government Bonds
1.625% 4/25/16	PHP		55,520,000		1,232,450
7.00% 1/27/16	PHP		10,500,000		243,151
9.125% 9/4/16	PHP		6,310,000		153,627
Philippine Treasury Bills
≠1.196% 4/8/15	PHP		5,680,000		126,926
≠1.355% 11/4/15	PHP		5,590,000		123,515
≠1.358% 5/6/15	PHP		4,830,000		107,823
≠1.402% 6/3/15	PHP		7,340,000		163,524
≠1.406% 8/5/15	PHP		12,150,000		270,066
≠1.427% 7/8/15	PHP		1,800,000		39,889
≠1.432% 3/2/16	PHP		11,590,000		252,244


		Principal		Value
		Amount°		(U.S. $)

DSOVEREIGN BONDS (continued)
Philippines (continued)
Philippine Treasury Bills (continued)
≠1.435% 12/2/15	PHP		13,890,000	$	306,309
≠1.435% 2/3/16	PHP		14,940,000		326,531
≠1.492% 9/2/15	PHP		6,110,000		135,221
≠1.493% 10/7/15	PHP		17,940,000		394,008


					3,875,284


Poland–3.05%
Poland Government Bonds
•2.01% 1/25/17	PLN		13,308,000		3,518,521
•2.01% 1/25/21	PLN		11,269,000		2,970,002
4.75% 10/25/16	PLN		41,750,000		11,554,320
5.25% 10/25/17	PLN		30,030,000		8,635,252
5.25% 10/25/20	PLN		25,500,000		7,885,049
5.50% 10/25/19	PLN		13,750,000		4,203,034
5.75% 10/25/21	PLN		8,050,000		2,606,001
Poland Government International Bonds 6.375% 7/15/19			680,000		801,550


					42,173,729

Portugal–1.07%
#Portugal Government International Bond 144A 5.125% 10/15/24			4,160,000		4,606,285
Portugal Obrigacoes do Tesouro OT
#144A 3.875% 2/15/30	EUR		7,500,000		9,924,978
#144A 4.95% 10/25/23	EUR		38,200		52,703
#144A 5.65% 2/15/24	EUR		94,800		137,040


					14,721,006

Republic of Korea–4.57%
Korea Monetary Stabilization Bonds
1.92% 3/9/16	KRW		126,640,000		114,431
1.96% 2/2/17	KRW		733,200,000		664,104
1.977% 8/4/15	KRW		338,160,000		303,226
2.00% 5/5/15	KRW		507,240,000		456,742
2.07% 12/2/16	KRW 3,019,200,000				2,738,506
2.47% 4/2/15	KRW 4,724,870,000				4,260,747
2.76% 6/2/15	KRW11,470,000,000				10,360,939
2.79% 6/2/16	KRW 1,445,500,000				1,319,949
2.80% 8/2/15	KRW 9,507,160,000				8,604,437
2.80% 4/2/16	KRW 6,149,000,000				5,605,059
2.81% 10/2/15	KRW		142,000,000		128,749
2.90% 12/2/15	KRW13,179,200,000				11,978,498
Korea Treasury Bonds
2.75% 12/10/15	KRW 6,928,300,000				6,293,586
2.75% 6/10/16	KRW 4,452,000,000				4,064,306
3.00% 12/10/16	KRW 5,054,100,000				4,654,655
3.25% 6/10/15	KRW		849,700,000		768,426
4.00% 9/10/15	KRW		661,400,000		602,374


		Principal		Value
		Amount°		(U.S. $)

DSOVEREIGN BONDS (continued)
Republic of Korea (continued)
Korea Treasury Bonds (continued)
4.00% 3/10/16	KRW		253,600,000	$	233,584


					63,152,318


Republic of Lithuania–0.24%
Lithuania Government International Bonds
#144A 6.125% 3/9/21			1,640,000		1,966,606
#144A 7.375% 2/11/20			1,060,000		1,304,944


					3,271,550


Russia–0.10%
Russian-Eurobond
#144A 7.50% 3/31/30			1,049,850		1,207,223
7.50% 3/31/30			181,325		208,506


					1,415,729


Serbia–0.29%
Republic of Serbia
#144A 4.875% 2/25/20			1,370,000		1,409,251
#144A 5.25% 11/21/17			880,000		916,828
#144A 7.25% 9/28/21			1,390,000		1,607,049


					3,933,128


Singapore–1.62%
Monetary Authority of Singapore
≠0.63% 5/4/15	SGD		18,260,000		13,294,528
≠0.67% 4/10/15	SGD		3,600,000		2,622,570
≠0.739% 4/6/15	SGD		1,160,000		845,132
≠0.804% 5/15/15	SGD		3,456,000		2,515,532
≠0.853% 5/22/15	SGD		2,020,000		1,470,056
Singapore Government Bond 1.125% 4/1/16	SGD		2,310,000		1,683,523


					22,431,341


Slovenia–0.65%
Slovenia Government International Bonds
#144A 5.50% 10/26/22			4,340,000		5,018,299
#144A 5.85% 5/10/23			3,285,000		3,900,937


					8,919,236


Ukraine–0.81%
Financing of Infrastrucural Projects State Enterprise
#144A 7.40% 4/20/18			200,000		78,500
#144A 8.375% 11/3/17			100,000		38,704
Ukraine Government International Bonds
#144A 4.95% 10/13/15	EUR		100,000		47,926
#144A 6.25% 6/17/16			1,090,000		441,781
#144A 6.58% 11/21/16			1,028,000		414,150
#144A 6.75% 11/14/17			1,790,000		709,538
#144A 7.50% 4/17/23			4,330,000		1,830,291
#144A 7.75% 9/23/20			3,443,000		1,382,020
#144A 7.80% 11/28/22			2,960,000		1,182,402


		Principal		Value
		Amount°		(U.S. $)

DSOVEREIGN BONDS (continued)
Ukraine (continued)
Ukraine Government International Bonds (continued)
#144A 7.95% 2/23/21			3,670,000	$	1,463,082
#144A 9.25% 7/24/17			8,870,000		3,568,845


					11,157,239


United Kingdom–5.41%
United Kingdom Gilt
4.25% 12/7/27	GBP		14,060,000		26,726,962
4.50% 9/7/34	GBP		10,650,000		21,722,043
4.75% 3/7/20	GBP		8,700,000		15,185,264
5.00% 3/7/25	GBP		5,700,000		11,104,693


					74,738,962


Total Sovereign Bonds (Cost $762,166,804)					706,940,619


SUPRANATIONAL BANKS–1.69%
Asian Development Bank
2.35% 6/21/27	JPY		620,000,000		6,357,761
European Investment Bank
1.40% 6/20/17	JPY		1,960,000,000		16,931,864


Total Supranational Banks (Cost $24,817,932)					23,289,625


U.S. TREASURY OBLIGATIONS–23.56%
U.S. Treasury Bonds
3.125% 8/15/44			8,724,000		9,775,652
3.625% 8/15/43			11,143,000		13,618,841
U.S. Treasury Notes
0.625% 8/15/16			38,000,000		38,115,786
0.625% 5/31/17			31,000,000		31,004,836
0.625% 4/30/18			29,000,000		28,739,464
0.875% 12/31/16			29,500,000		29,702,813
1.00% 8/31/19			30,000,000		29,625,000
1.125% 4/30/20			24,500,000		24,180,349
1.25% 9/30/15			5,000,000		5,027,735
1.625% 6/30/19			32,264,900		32,769,039
1.625% 8/15/22			21,000,000		20,832,651
1.75% 5/15/22			30,000,000		30,084,360
2.50% 5/15/24			14,680,000		15,422,030
4.25% 8/15/15			10,000,000		10,154,690
4.50% 11/15/15			6,000,000		6,160,782


Total U.S. Treasury Obligations (Cost $314,406,874)					325,214,028

The following foreign currency exchange contracts, foreign cross currency exchange contracts, futures contracts and swap contracts were outstanding at March 31, 2015:

Foreign Currency Exchange Contracts and Foreign Cross Currency Exchange Contracts

Foreign Currency Exchange Contracts and Foreign Cross Currency Exchange Contracts (continued)

The use of foreign currency exchange contracts, foreign cross currency exchange contracts, futures contracts, and swap contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹Notional value shown is stated in U.S. Dollars unless noted that the swap is denominated in another currency.

Summary of Abbreviations:

ARM–Adjustable Rate Mortgage

AUD–Australian Dollar

BAML–Bank of America Merrill Lynch

BBA-LIBOR–British Bankers Association London

Interbank Offered Rate

BCLY–Barclays Bank

BNYM–Bank of New York Mellon

BRL–Brazilian Real

CITI–Citigroup Global Markets

CDO–Collateralized Debt Obligation

CDS–Credit Default Swap

CSFB–Credit Suisse First Boston

CLO–Collateralized Loan Obligation

CLP–Chilean Peso

CMBX.NA–Commercial Mortgage Backed Securities Index

North America

CDX.NA.HY–Credit Default Swap Index North American

High-Yield

DB–Deutsche Bank

DKK–Danish Krone

EUR–Euro

GBP–British Pound Sterling

GCM–Greenwich Capital Management

GSC–Goldman Sachs Capital

HSBC–Hong Kong Shanghai Bank

HUF–Hungarian Forint

ICE–IntercontinentalExchange, Inc.

IDR–Indonesia Rupiah

INR–Indian Rupee

JPMC–JPMorgan Chase Bank

JPY–Japanese Yen

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of Shares		Value (U.S. $)

COMMON STOCK–46.15%
U.S. MARKETS–37.52%
Aerospace & Defense–0.71%
Boeing		426	$	63,934


				63,934

Automobiles–0.68%
General Motors		1,630		61,125


				61,125

Banks–3.26%
BB&T		1,242		48,426
JPMorgan Chase		2,827		171,260
Wells Fargo		1,332		72,461


				292,147

Beverages–0.45%
PepsiCo		421		40,256


				40,256

Capital Markets–1.76%
Ameriprise Financial		474		62,018
Ares Capital		5,584		95,877


				157,895

Commercial Services & Supplies–0.88%
Waste Management		1,448		78,525


				78,525

Communications Equipment–1.35%
Cisco Systems		2,915		80,235
QUALCOMM		594		41,188


				121,423

Consumer Finance–1.02%
Capital One Financial		312		24,592
Navient		3,309		67,272


				91,864

Containers & Packaging–0.91%
Packaging Corp of America		1,044		81,630


				81,630

Diversified Telecommunication Services–1.73%
AT&T		1,274		41,596
Verizon Communications		2,330		113,308


				154,904

Electric Utilities–1.58%
FirstEnergy		2,314		81,129
NextEra Energy		583		60,661


				141,790

Electrical Equipment–0.52%
Eaton		686		46,607


				46,607


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Food & Staples Retailing–0.48%
Wal-Mart Stores		526	$	43,263


				43,263

Food Products–0.44%
ConAgra Foods		1,085		39,635


				39,635

Hotels, Restaurants & Leisure–0.41%
Starwood Hotels & Resorts Worldwide		443		36,991


				36,991

Household Products–0.75%
Procter & Gamble		821		67,273


				67,273

Industrial Conglomerates–2.46%
General Electric		8,897		220,735


				220,735

Insurance–2.05%
Gallagher (Arthur J.)		984		46,002
MetLife		1,125		56,869
Prudential Financial		1,007		80,872


				183,743

Media–0.81%
Viacom Class B		1,067		72,876


				72,876

Multi-Utilities–0.56%
PG&E		939		49,833


				49,833

Oil, Gas & Consumable Fuels–1.49%
Devon Energy		979		59,043
Exxon Mobil		638		54,230
Williams		411		20,792


				134,065

Pharmaceuticals–3.86%
Johnson & Johnson		956		96,174
Lilly (Eli)		533		38,722
Merck		1,112		63,918
Pfizer		4,233		147,266


				346,080

Real Estate Investment Trusts–2.68%
Brixmor Property Group		2,006		53,259
Starwood Property Trust		4,278		103,955
Two Harbors Investment		7,806		82,900


				240,114

Semiconductors & Semiconductor Equipment–1.36%
Altera		1,719		73,762


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Semiconductors & Semiconductor Equipment (continued)
Maxim Integrated Products		1,395	$	48,560


				122,322

Software–0.98%
Microsoft		2,165		88,018


				88,018

Specialty Retail–1.39%
Gap		1,701		73,704
L Brands		537		50,634


				124,338

Technology Hardware, Storage & Peripherals–1.64%
Apple		545		67,814
EMC		1,586		40,538
Hewlett-Packard		1,248		38,888


				147,240

Thrifts & Mortgage Finance–0.77%
New York Community Bancorp		4,107		68,710


				68,710

Tobacco–0.54%
Altria Group		962		48,119


				48,119


Total U.S. Markets (Cost $3,191,639)				3,365,455


§DEVELOPED MARKETS–8.63%
Auto Components–0.27%
Nokian Renkaat ADR		1,596		23,828


				23,828

Automobiles–0.54%
Volvo ADR		4,060		48,842


				48,842

Banks–1.13%
Australia & New Zealand Banking Group ADR		1,946		54,079
Banco Bilbao Vizcaya Argentaria ADR		4,718		47,322


				101,401

Beverages–0.38%
Anheuser-Busch InBev ADR		277		33,769


				33,769

Communications Equipment–0.47%
Ericsson ADR		3,387		42,507


				42,507


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Diversified Telecommunication Services–0.37%
Telefonica ADR		2,347	$	33,679


				33,679

Food Products–0.79%
Unilever		1,702		71,076


				71,076

Insurance–1.91%
Direct Line Insurance Group ADR		2,701		51,859
Everest Re Group		270		46,980
Validus Holdings		892		37,553
†Zurich Insurance Group ADR		1,027		34,656


				171,048

Oil, Gas & Consumable Fuels–1.05%
Royal Dutch Shell ADR		662		39,488
TOTAL ADR		1,096		54,427


				93,915

Pharmaceuticals–1.11%
Novartis ADR		393		38,754
Sanofi ADR		1,232		60,910


				99,664

Wireless Telecommunication Services–0.61%
Vodafone Group ADR		1,672		54,641


				54,641


Total Developed Markets (Cost $803,286)				774,370


Total Common Stock (Cost $3,994,925)				4,139,825


CONVERTIBLE PREFERRED STOCK–4.65%
Capital One Financial 6.00% exercise price $25.00, expiration date 12/31/49		1,000		25,240
Exelon 6.50% exercise price $43.75, expiration date 6/1/17		446		21,698
•Morgan Stanley 6.375% exercise price $25.00, expiration date 12/31/49		837		21,795
Public Storage 5.75% exercise price $25.00, expiration date 12/31/49		1,733		44,053
•SCE Trust III 5.75% exercise price $25.00, expiration date 12/31/49		4,000		109,800
Taubman Centers 6.50% exercise price $25.00, expiration date 12/31/49		1,701		43,920


	Number of		Value
	Shares		(U.S. $)

CONVERTIBLE PREFERRED STOCK (continued)
Verizon Communications 5.90% exercise price $25.00, expiration date 2/15/54		4,000	$	108,200
Vornado Realty Trust 6.625% exercise price $25.00, expiration date 12/31/49		1,649		42,363


Total Convertible Preferred Stock (Cost $397,999)				417,069


PREFERRED STOCK–0.56%
•Morgan Stanley 5.55%		50,000		50,625


Total Preferred Stock (Cost $50,500)				50,625


MASTER LIMITED PARTNERSHIPS–5.77%
AllianceBernstein Holding		3,213		99,185
DCP Midstream Partners		1,073		39,647
Energy Transfer Partners		1,230		68,573
Enterprise Products Partners		1,159		38,166
MarkWest Energy Partners		627		41,445
ONEOK Partners		845		34,510
Plains All American Pipeline		1,176		57,353
Regency Energy Partners		1,605		36,706
Rose Rock Midstream		218		10,355
Spectra Energy Partners		635		32,887
Targa Resources Partners		996		41,195
Teekay LNG Partners		478		17,853


Total Master Limited Partnerships (Cost $568,309)				517,875


	Principal
	Amount°

CORPORATE BONDS–36.61%
Airlines–0.30%
#Air Canada 144A 6.75% 10/1/19		25,000		26,750


				26,750

Beverages–0.54%
#Cott Beverages 144A 5.375% 7/1/22		50,000		48,313


				48,313

Chemicals–0.85%
Ashland 6.875% 5/15/43		50,000		54,250
Hexion 8.875% 2/1/18		25,000		22,125


				76,375

Commercial Banks–2.56%
•Bank of America 5.125% 12/29/49		75,000		74,055


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Commercial Banks (continued)
•JPMorgan Chase 6.125% 12/29/49		50,000	$	51,245
•Wells Fargo 5.90% 12/29/49		100,000		104,375


				229,675

Commercial Services & Supplies–1.51%
#@Ahern Rentals 144A 9.50% 6/15/18		25,000		26,594
HD Supply 7.50% 7/15/20		50,000		53,750
#Speedy Cash Intermediate Holdings 144A 10.75% 5/15/18		25,000		24,375
United Rentals North America 5.50% 7/15/25		30,000		30,637


				135,356

Computers & Peripherals–0.58%
NCR 5.875% 12/15/21		50,000		52,313


				52,313

Containers & Packaging–0.87%
BWAY Holding 9.125% 8/15/21		25,000		26,125
#Sealed Air 144A 5.25% 4/1/23		50,000		52,375


				78,500

Diversified Financial Services–3.71%
•Citigroup 5.90% 12/29/49		150,000		151,875
CoreLogic 7.25% 6/1/21		25,000		26,750
•General Electric Capital 5.25% 6/29/49		100,000		103,250
HRG Group 7.875% 7/15/19		25,000		26,437
Nationstar Mortgage 6.50% 7/1/21		25,000		24,375


				332,687

Diversified Telecommunication Services–1.92%
Frontier Communications 8.50% 4/15/20		50,000		56,375
Intelsat Luxembourg 7.75% 6/1/21		125,000		115,781


				172,156

Food & Staples Retailing–1.36%
~BI-LO PIK 8.625% 9/15/18		50,000		44,500
Ingles Markets 5.75% 6/15/23		25,000		25,937
#Rite Aid 144A 6.125% 4/1/23		50,000		51,500


				121,937

Food Products–1.17%
#Heinz (H.J.) 144A 4.875% 2/15/25		50,000		54,313
#Post Holdings 144A 6.75% 12/1/21		50,000		50,625


				104,938


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Health Care Equipment & Supplies–0.50%
#@Crimson Merger Sub 144A 6.625% 5/15/22		50,000	$	44,437


				44,437

Health Care Providers & Services–3.82%
Amsurg 5.625% 7/15/22		50,000		51,375
Community Health Systems 6.875% 2/1/22		150,000		161,063
HCA 4.75% 5/1/23		125,000		130,000


				342,438

Hotels, Restaurants & Leisure–2.06%
#BC ULC 144A 6.00% 4/1/22		50,000		52,000
MGM Resorts International 6.625% 12/15/21		100,000		107,313
#Seminole Hard Rock Entertainment 144A 5.875% 5/15/21		25,000		25,219


				184,532

Household Durables–0.85%
Spectrum Brands 6.625% 11/15/22		25,000		26,875
#@TRI Pointe Holdings 144A 4.375% 6/15/19		50,000		49,000


				75,875

Independent Power Producers & Energy Traders–0.23%
#Dynegy Finance I/II 144A 6.75% 11/1/19		20,000		20,725


				20,725

Industrial Conglomerates–1.75%
ADS Waste Holdings 8.25% 10/1/20		50,000		52,500
AECOM
#144A 5.75% 10/15/22		50,000		51,875
#144A 5.875% 10/15/24		50,000		52,625


				157,000

Internet Software & Services–0.58%
Equinix 5.375% 4/1/23		50,000		52,150


				52,150

IT Services–0.90%
#First Data 144A 8.25% 1/15/21		75,000		80,625


				80,625

Media–3.68%
#Cequel Communications Holdings I 144A 5.125% 12/15/21		25,000		25,063
iHeartCommunications 9.00% 12/15/19		50,000		49,687


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Media (continued)
#Nielsen Finance 144A 5.00% 4/15/22		50,000	$	50,500
Outfront Media Capital 5.875% 3/15/25		50,000		53,063
#Sirius XM Radio 144A 4.625% 5/15/23		25,000		24,156
#Videotron 144A 5.375% 6/15/24		75,000		77,437
#WMG Acquisition 144A 5.625% 4/15/22		50,000		50,313


				330,219

Multiline Retail–0.59%
#Neiman Marcus Group 144A 8.00% 10/15/21		50,000		53,250


				53,250

Oil, Gas & Consumable Fuels–1.72%
Antero Resources 5.125% 12/1/22		25,000		24,125
#144A 5.625% 6/1/23		25,000		24,781
Halcon Resources 8.875% 5/15/21		50,000		35,000
MEG Energy
#144A 6.375% 1/30/23		25,000		23,125
#144A 7.00% 3/31/24		50,000		47,375


				154,406

Pharmaceuticals–0.57%
#Valeant Pharmaceuticals International 144A 6.75% 8/15/21		25,000		26,219
#VRX Escrow 144A 5.375% 3/15/20		25,000		25,281


				51,500

Software–1.11%
#@BMC Software Finance 144A 8.125% 7/15/21		25,000		23,000
#Infor US 144A 6.50% 5/15/22		50,000		51,375
#Nuance Communications 144A 5.375% 8/15/20		25,000		25,375


				99,750

Wireless Telecommunication Services–2.88%
Crown Castle International 5.25% 1/15/23		50,000		52,750
#SBA Communications 144A 4.875% 7/15/22		25,000		24,552
Sprint 7.875% 9/15/23		125,000		128,125


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Wireless Telecommunication Services (continued)
T-Mobile USA 6.625% 4/1/23		50,000	$	52,563


				257,990


Total Corporate Bonds (Cost $3,308,814)				3,283,897


«SENIOR SECURED LOANS–0.42%
Dollar Tree Tranche B 1st Lien 4.25% 3/9/22		25,000		25,293
Valeant Pharmaceuticals International Tranche B-F1 1st Lien 4.00% 3/13/22		12,387		12,457


Total Senior Secured Loans (Cost $37,200)				37,750

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP Invesco Diversified Equity-Income Managed Volatility Fund.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP Invesco V.I. Comstock Managed Volatility Fund.


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK–90.16%
Banks–5.23%
Citizens Financial Group		95,870	$	2,313,343
City National		28,078		2,501,188
Fifth Third Bancorp		229,574		4,327,470
First Republic Bank		35,985		2,054,384
Huntington Bancshares		122,929		1,358,365
M&T Bank		24,801		3,149,727
SunTrust Banks		104,656		4,300,315
Zions Bancorporation		40,047		1,081,269


				21,086,061

Beverages–1.77%
†Constellation Brands Class A		31,180		3,623,428
Dr Pepper Snapple Group		44,646		3,503,818


				7,127,246

Building Products–0.69%
Fortune Brands Home & Security		58,707		2,787,408


				2,787,408

Capital Markets–4.09%
Ameriprise Financial		34,598		4,526,802
Invesco		87,902		3,488,830
Legg Mason		40,072		2,211,974
Northern Trust		36,399		2,535,190
T. Rowe Price Group		46,162		3,738,199


				16,500,995

Chemicals–2.76%
Airgas		41,200		4,371,732
Albemarle		49,751		2,628,843
Sherwin-Williams		10,599		3,015,415
Sigma-Aldrich		8,163		1,128,535


				11,144,525

Communications Equipment–0.54%
†CommScope Holding		76,167		2,173,806


				2,173,806

Consumer Finance–0.56%
†Ally Financial		108,401		2,274,253


				2,274,253

Containers & Packaging–2.39%
Ball		42,350		2,991,604
Rock-Tenn Class A		39,592		2,553,684
Silgan Holdings		70,250		4,083,633


				9,628,921

Electric Utilities–2.61%
Edison International		52,134		3,256,811
Westar Energy		97,214		3,768,015
Xcel Energy		100,118		3,485,108


				10,509,934


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
Electrical Equipment–2.69%
AMETEK		68,888	$	3,619,376
Hubbell Class B		38,823		4,255,777
Regal-Beloit		37,055		2,961,436


				10,836,589

Electronic Equipment, Instruments & Components–2.46%
Amphenol Class A		64,562		3,804,639
†Arrow Electronics		100,097		6,120,932


				9,925,571

Food & Staples Retailing–2.25%
Kroger		69,229		5,307,095
†Rite Aid		434,107		3,772,390


				9,079,485

Food Products–0.76%
Hershey		30,479		3,075,636


				3,075,636

Gas Utilities–1.85%
National Fuel Gas		38,514		2,323,550
Questar		215,296		5,136,963


				7,460,513

Health Care Equipment & Supplies–0.17%
Becton, Dickinson		4,770		684,880


				684,880

Health Care Providers & Services–5.74%
AmerisourceBergen		44,901		5,103,897
†Brookdale Senior Living		94,391		3,564,204
Cigna		51,740		6,697,226
†Henry Schein		17,356		2,423,245
Humana		29,960		5,333,479


				23,122,051

Hotels, Restaurants & Leisure–1.30%
Marriott International Class A		19,807		1,590,898
Starwood Hotels & Resorts Worldwide		43,917		3,667,069


				5,257,967

Household Durables–2.75%
†Jarden		94,275		4,987,147
†Mohawk Industries		32,907		6,112,475


				11,099,622

Household Products–1.02%
Energizer Holdings		29,633		4,090,836


				4,090,836

Industrial Conglomerates–1.04%
Carlisle		45,063		4,174,186


				4,174,186


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
Insurance–8.21%
†Alleghany		5,118	$	2,492,466
Berkley (W.R.)		35,863		1,811,440
Chubb		29,257		2,957,883
Hartford Financial Services Group		103,737		4,338,281
Loews		148,596		6,067,175
Marsh & McLennan		83,905		4,706,231
Old Republic International		115,409		1,724,210
Progressive		63,917		1,738,542
Unum Group		96,661		3,260,376
XL Group		108,551		3,994,677


				33,091,281

Internet & Catalog Retail–1.45%
Expedia		61,970		5,833,236


				5,833,236

IT Services–1.58%
Jack Henry & Associates		91,098		6,366,839


				6,366,839

Machinery–2.42%
IDEX		55,537		4,211,371
†Rexnord		75,365		2,011,492
Snap-on		23,954		3,522,675


				9,745,538

Media–2.89%
CBS Class B		43,941		2,664,143
Clear Channel Outdoor Holdings Class A		75,095		759,961
†DISH Network Class A		56,637		3,967,988
Gannett		70,869		2,627,823
Time		73,394		1,646,961


				11,666,876

Multiline Retail–2.73%
Kohl’s		102,471		8,018,356
Nordstrom		37,399		3,003,888


				11,022,244

Multi-Utilities–4.10%
CenterPoint Energy		186,623		3,808,975
CMS Energy		117,535		4,103,147
NiSource		38,493		1,699,851
Sempra Energy		34,668		3,779,505
Wisconsin Energy		63,641		3,150,230


				16,541,708

Oil, Gas & Consumable Fuels–3.93%
Energen		79,222		5,228,652
EQT		42,938		3,558,272
PBF Energy		50,689		1,719,371
QEP Resources		72,278		1,506,996


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
†Southwestern Energy		164,871	$	3,823,358


				15,836,649

Professional Services–0.93%
Equifax		40,394		3,756,642


				3,756,642

Real Estate Investment Trusts–8.17%
American Campus Communities		69,014		2,958,630
AvalonBay Communities		22,060		3,843,955
Boston Properties		14,349		2,015,748
Brixmor Property Group		100,135		2,658,584
General Growth Properties		111,990		3,309,305
Kimco Realty		162,600		4,365,810
Outfront Media		66,068		1,976,755
Rayonier		78,611		2,119,353
Regency Centers		42,741		2,908,098
Vornado Realty Trust		34,834		3,901,408
Weyerhaeuser		86,856		2,879,276


				32,936,922

Semiconductors & Semiconductor Equipment–2.38%
Analog Devices		64,438		4,059,594
KLA-Tencor		25,117		1,464,070
Xilinx		96,675		4,089,353


				9,613,017

Software–1.18%
†Synopsys		102,728		4,758,361


				4,758,361

Specialty Retail–5.01%
†AutoZone		6,300		4,297,608
†Bed Bath & Beyond		40,109		3,079,368
Best Buy		98,769		3,732,480
Gap		114,910		4,979,050
Tiffany		46,720		4,111,827


				20,200,333

Textiles, Apparel & Luxury Goods–1.21%
PVH		29,518		3,145,438
VF		23,035		1,734,766


				4,880,204

Thrifts & Mortgage Finance–0.40%
Hudson City Bancorp		151,851		1,591,398


				1,591,398

« Includes $1,750,647 cash pledged as collateral for futures contracts as of March 31, 2015.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP JPMorgan Mid Cap Value Managed Volatility Fund.


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS–90.36%
Aerospace & Defense–0.59%
Bombardier
#144A 4.75% 4/15/19		453,000	$	446,205
#144A 5.50% 9/15/18		250,000		250,000
#144A 6.125% 1/15/23		257,000		244,150
#144A 7.50% 3/15/18		575,000		614,172
#144A 7.75% 3/15/20		112,000		117,768
GenCorp 7.125% 3/15/21		153,000		164,475
Kratos Defense & Security Solutions 7.00% 5/15/19		455,000		399,263
#Orbital ATK 144A 5.25% 10/1/21		310,000		316,200
Spirit Aerosystems
5.25% 3/15/22		214,000		223,630
TransDigm
6.00% 7/15/22		956,000		960,780
6.50% 7/15/24		461,000		465,610


				4,202,253

Airlines–0.81%
Continental Airlines Pass Through Trust
¿Series 2003-ERJ1 7.875% 7/2/18		682,784		721,156
¿Series 2004-ERJ1 9.558% 9/1/19		387,073		429,650
¿Series 2005-ERJ1 9.798% 4/1/21		272,332		307,735
Series 2012-3 Class C 6.125% 4/29/18		577,000		608,735
Delta Air Lines Pass Through Trust
¿Series 2012-1 Class A 4.75% 5/7/20		138,374		149,270
#¿Series 2012-1 Class B 144A 6.875% 5/7/19		510,446		565,319
¿Northwest Airlines Pass Through Trust 7.027% 11/1/19		761,020		882,250
¿UAL Pass Through Trust Series 2007-1 Class A 6.636% 7/2/22		317,114		342,483
¿US Airways Series 2013-1 Class B Pass Through Trust 5.375% 11/15/21		1,755,748		1,830,367


				5,836,965

Auto Components–0.81%
Dana Holding 6.75% 2/15/21		18,000		19,080
Goodyear Tire & Rubber
7.00% 5/15/22		2,088,000		2,296,800
8.25% 8/15/20		400,000		425,000
#MPG Holdco I 144A 7.375% 10/15/22		1,132,000		1,215,485
#Pittsburgh Glass Works 144A 8.00% 11/15/18		641,000		681,063
#Poindexter (J.B.) 144A 9.00% 4/1/22		609,000		663,810


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Auto Components (continued)
Tenneco 5.375% 12/15/24		476,000	$	497,420


				5,798,658

Automobiles–1.68%
FCA US
8.00% 6/15/19		2,722,000		2,868,307
8.25% 6/15/21		4,466,000		4,975,615
General Motors
3.50% 10/2/18		593,000		610,529
4.00% 4/1/25		476,000		485,467
4.875% 10/2/23		750,000		815,785
Jaguar Land Rover Automotive
#144A 4.125% 12/15/18		1,461,000		1,508,483
#144A 4.25% 11/15/19		589,000		608,143
#144A 5.625% 2/1/23		150,000		158,625


				12,030,954

Beverages–0.43%
Constellation Brands
3.75% 5/1/21		159,000		162,975
4.75% 11/15/24		671,000		711,260
6.00% 5/1/22		5,000		5,725
7.25% 5/15/17		150,000		165,844
#Cott Beverages 144A
6.75% 1/1/20		696,000		722,100
#DS Services of America 144A
10.00% 9/1/21		1,137,000		1,341,660


				3,109,564

Building Products–1.13%
Building Materials Corp of America
#144A 5.375% 11/15/24		732,000		746,640
#144A 6.75% 5/1/21		1,145,000		1,219,425
#Calcipar 144A 6.875% 5/1/18		525,000		534,187
Griffon 5.25% 3/1/22		343,000		339,690
#Hardwoods Acquisition 144A
7.50% 8/1/21		970,000		931,200
Headwaters 7.25% 1/15/19		661,000		695,703
Masco
4.45% 4/1/25		562,000		581,670
5.95% 3/15/22		156,000		175,890
7.125% 3/15/20		20,000		23,550
Masonite International
#144A 5.625% 3/15/23		480,000		493,200
#144A 8.25% 4/15/21		1,040,000		1,114,100
#NCI Building Systems 144A
8.25% 1/15/23		340,000		361,250
#NWH Escrow 144A 7.50% 8/1/21		500,000		472,500
USG
#144A 5.50% 3/1/25		390,000		398,775
#144A 7.875% 3/30/20		18,000		19,507


				8,107,287


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Capital Markets–0.24%
E*TRADE Financial
4.625% 9/15/23		494,000	$	503,880
5.375% 11/15/22		335,000		354,263
#~Jaguar Holding I PIK 144A
9.375% 10/15/17		90,000		92,250
#Neuberger Berman Group 144A
5.625% 3/15/20		560,000		586,600
Oppenheimer Holdings 8.75% 4/15/18		170,000		179,180


				1,716,173

Chemicals–2.05%
Ashland
3.00% 3/15/16		344,000		348,300
3.875% 4/15/18		423,000		435,161
4.75% 8/15/22		1,262,000		1,287,240
Axiall 4.875% 5/15/23		970,000		966,363
#Basell Finance 144A
8.10% 3/15/27		435,000		600,278
Celanese U.S. Holdings
4.625% 11/15/22		225,000		227,813
Eagle Spinco 4.625% 2/15/21		120,000		119,100
#Evolution Escrow Issuer 144A
7.50% 3/15/22		789,000		800,835
Grace (W.R.)
#144A 5.125% 10/1/21		415,000		431,600
#144A 5.625% 10/1/24		138,000		147,833
Hexion 6.625% 4/15/20		975,000		897,000
Huntsman International
4.875% 11/15/20		750,000		753,750
#144A 5.125% 11/15/22		273,000		274,365
INEOS Group Holdings
#144A 5.875% 2/15/19		200,000		198,250
#144A 6.125% 8/15/18		236,000		238,360
LyondellBasell Industries
5.00% 4/15/19		430,000		474,600
6.00% 11/15/21		580,000		682,738
Momentive Performance Materials
3.88% 10/24/21		950,000		845,500
=‡8.875% 10/15/20		600,000		0
NOVA Chemicals
#144A 5.00% 5/1/25		331,000		346,723
#144A 5.25% 8/1/23		450,000		471,937
Olin 5.50% 8/15/22		560,000		590,800
#Platform Specialty Products
144A 6.50% 2/1/22		564,000		592,200
PolyOne
5.25% 3/15/23		1,200,000		1,251,000
7.375% 9/15/20		513,000		543,139
Rain CII Carbon
#144A 8.00% 12/1/18		630,000		601,650


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Chemicals (continued)
Rain CII Carbon (continued)
#144A 8.25% 1/15/21		625,000	$	585,937


				14,712,472

Commercial Banks–3.03%
•Bank of America 8.00% 12/30/49		1,169,000		1,255,214
•Barclays 8.25% 12/29/49		320,000		343,493
Barclays Bank 7.625% 11/21/22		810,000		949,725
CIT Group
4.25% 8/15/17		338,000		343,070
5.00% 5/15/17		749,000		772,174
5.00% 8/15/22		1,960,000		2,016,350
5.375% 5/15/20		1,948,000		2,055,140
#144A 6.625% 4/1/18		1,306,000		1,403,950
Citigroup
•5.875% 12/29/49		1,135,000		1,149,187
•5.95% 12/29/49		635,000		643,731
#•Credit Agricole 144A 6.625% 9/29/49		722,000		725,069
•Goldman Sachs Group 5.70% 12/29/49		594,000		613,305
•HSBC Holdings 6.375% 3/29/49		526,000		539,150
•Morgan Stanley 5.45% 12/29/49		300,000		302,625
Royal Bank of Scotland Group
5.125% 5/28/24		680,000		714,698
6.00% 12/19/23		293,000		326,476
6.10% 6/10/23		2,409,000		2,683,313
6.125% 12/15/22		2,370,000		2,673,000
•9.50% 3/16/22		697,000		787,562
•Wachovia Capital Trust III 5.57% 3/29/49		300,000		297,720
•Wells Fargo 5.90% 12/29/49		1,073,000		1,119,944


				21,714,896

Commercial Services & Supplies–2.36%
ADT
3.50% 7/15/22		171,000		156,037
4.125% 4/15/19		230,000		234,313
4.125% 6/15/23		2,569,000		2,408,437
6.25% 10/15/21		1,280,000		1,366,400
#Alliance Data Systems 144A 5.375% 8/1/22		650,000		650,000
Casella Waste Systems 7.75% 2/15/19		1,435,000		1,442,175
Cenveo
#144A 6.00% 8/1/19		715,000		673,887
#144A 8.50% 9/15/22		570,000		483,075
Covanta Holding
5.875% 3/1/24		200,000		208,000
6.375% 10/1/22		144,000		154,800


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Commercial Services & Supplies (continued)
Donnelley (R.R.)
6.00% 4/1/24		580,000	$	601,750
6.50% 11/15/23		340,000		362,950
#Garda World Security 144A
7.25% 11/15/21		1,220,000		1,204,750
#~Igloo Holdings PIK 144A
8.25% 12/15/17		208,000		209,820
International Lease Finance
5.875% 4/1/19		260,000		282,750
6.25% 5/15/19		1,345,000		1,472,775
8.25% 12/15/20		2,371,000		2,892,620
8.625% 1/15/22		845,000		1,074,206
#Mustang Merger 144A
8.50% 8/15/21		308,000		313,390
#Quad Graphics 144A
7.00% 5/1/22		490,000		473,463
#Speedy Cash Intermediate
Holdings 144A 10.75% 5/15/18		295,000		287,625


				16,953,223

Communications Equipment–0.78%
Alcatel-Lucent USA
#144A 4.625% 7/1/17		266,000		272,983
6.45% 3/15/29		489,000		496,335
#144A 6.75% 11/15/20		323,000		345,610
Avaya
#144A 7.00% 4/1/19		1,879,000		1,874,303
#144A 10.50% 3/1/21		1,093,000		934,515
Goodman Networks
12.125% 7/1/18		1,081,000		1,010,735
Nokia
5.375% 5/15/19		418,000		451,440
6.625% 5/15/39		158,000		188,020


				5,573,941

Computers & Peripherals–0.12%
#IHS 144A 5.00% 11/1/22		370,000		373,478
NCR
5.00% 7/15/22		373,000		378,595
6.375% 12/15/23		130,000		139,100


				891,173

Construction & Engineering–0.77%
AECOM
#144A 5.75% 10/15/22		820,000		850,750
#144A 5.875% 10/15/24		1,520,000		1,599,800
Dycom Investments
7.125% 1/15/21		525,000		552,563
MasTec 4.875% 3/15/23		900,000		846,000
Tutor Perini 7.625% 11/1/18		1,605,000		1,673,213


				5,522,326


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Construction Materials–1.42%
Cemex
#144A 6.125% 5/5/25		352,000	$	356,294
#144A 7.25% 1/15/21		2,277,000		2,436,390
Cemex Finance
#144A 6.00% 4/1/24		300,000		300,000
#144A 9.375% 10/12/22		3,670,000		4,183,800
Lafarge 7.125% 7/15/36		225,000		293,625
US Concrete 8.50% 12/1/18		375,000		398,437
Vulcan Materials
4.50% 4/1/25		766,000		781,320
7.50% 6/15/21		1,160,000		1,397,800


				10,147,666

Consumer Finance–1.35%
#ACE Cash Express 144A
11.00% 2/1/19		1,477,000		832,659
Ally Financial
4.75% 9/10/18		15,000		15,469
6.25% 12/1/17		1,505,000		1,606,587
7.50% 9/15/20		1,487,000		1,745,366
8.00% 12/31/18		450,000		509,625
8.00% 3/15/20		1,453,000		1,736,335
8.00% 11/1/31		1,240,000		1,554,650
Navient
7.25% 1/25/22		164,000		173,430
8.00% 3/25/20		1,331,000		1,480,871


				9,654,992

Containers & Packaging–1.37%
Ardagh Packaging Finance
#144A 6.25% 1/31/19		565,000		569,237
#144A 7.00% 11/15/20		88,235		88,787
#144A 9.125% 10/15/20		567,000		606,690
#144A 9.125% 10/15/20		224,000		240,800
Ball
4.00% 11/15/23		354,000		346,920
5.00% 3/15/22		135,000		141,750
Berry Plastics 5.50% 5/15/22		425,000		437,219
Beverage Packaging Holdings Luxembourg II
#144A 5.625% 12/15/16		440,000		442,750
#144A 6.00% 6/15/17		150,000		150,750
Crown Americas
4.50% 1/15/23		445,000		451,119
6.25% 2/1/21		250,000		264,687
Graphic Packaging
International 4.75% 4/15/21		357,000		373,065
Owens Illinois 7.80% 5/15/18		400,000		450,500
Owens-Brockway Glass Container
#144A 5.00% 1/15/22		685,000		700,344
#144A 5.375% 1/15/25		249,000		257,093
Reynolds Group Issuer
5.75% 10/15/20		885,000		917,081


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Containers & Packaging (continued)
Reynolds Group Issuer (continued)
6.875% 2/15/21		435,000	$	460,013
7.125% 4/15/19		750,000		779,063
9.875% 8/15/19		448,000		481,600
Sealed Air
#144A 4.875% 12/1/22		360,000		368,100
#144A 5.125% 12/1/24		660,000		684,750
#144A 5.25% 4/1/23		200,000		209,500
#144A 6.50% 12/1/20		355,000		396,713


				9,818,531

Distributors–0.19%
#Brightstar 144A 9.50% 12/1/16		710,000		745,500
VWR Funding 7.25% 9/15/17		610,000		638,975


				1,384,475

Diversified Consumer Services–0.14%
Service International
5.375% 1/15/22		83,000		87,150
5.375% 5/15/24		300,000		315,000
8.00% 11/15/21		500,000		592,500


				994,650

Diversified Financial Services–1.78%
#AerCap Ireland Capital 144A
4.50% 5/15/21		455,000		471,494
#Argos Merger Sub 144A
7.125% 3/15/23		1,358,000		1,410,623
#Chukchansi Economic Development Authority 144A
10.25% 5/30/20		236,584		153,779
#CNG Holdings 144A
9.375% 5/15/20		1,118,000		807,755
#Denali Borrower 144A
5.625% 10/15/20		1,644,000		1,741,818
Fly Leasing 6.75% 12/15/20		200,000		204,750
General Motors Financial
3.25% 5/15/18		56,000		57,190
4.25% 5/15/23		94,000		97,615
4.75% 8/15/17		275,000		290,317
Icahn Enterprises
3.50% 3/15/17		894,000		902,940
4.875% 3/15/19		455,000		464,669
5.875% 2/1/22		1,244,000		1,285,985
#•ILFC E-Capital Trust I 144A
4.09% 12/21/65		2,595,000		2,458,763
#•ILFC E-Capital Trust II 144A
6.25% 12/21/65		1,886,000		1,782,270
#National Financial Partners
144A 9.00% 7/15/21		591,000		607,253


				12,737,221


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Diversified Telecommunication Services–5.04%
Altice
#144A 7.625% 2/15/25		958,000	$	964,586
#144A 7.75% 5/15/22		1,316,000		1,341,497
Altice Financing
#144A 6.50% 1/15/22		1,030,000		1,059,613
#144A 6.625% 2/15/23		986,000		1,020,510
Altice Finco
#144A 7.625% 2/15/25		200,000		206,000
#144A 8.125% 1/15/24		200,000		212,625
#CenturyLink 144A
5.625% 4/1/25		780,000		786,825
Cincinnati Bell 8.375% 10/15/20		875,000		935,156
#Clearwire Communications
144A 14.75% 12/1/16		288,000		344,880
Embarq 7.995% 6/1/36		4,665,000		5,558,814
Frontier Communications
8.50% 4/15/20		275,000		310,063
8.75% 4/15/22		926,000		1,032,490
9.25% 7/1/21		1,153,000		1,341,804
Intelsat Jackson Holdings
5.50% 8/1/23		533,000		505,017
6.625% 12/15/22		3,689,000		3,578,330
7.25% 4/1/19		233,000		242,378
7.25% 10/15/20		1,145,000		1,182,213
7.50% 4/1/21		630,000		650,475
Intelsat Luxembourg
7.75% 6/1/21		1,536,000		1,422,720
Level 3 Communications
5.75% 12/1/22		828,000		854,413
Level 3 Financing
5.375% 8/15/22		1,070,000		1,106,446
6.125% 1/15/21		975,000		1,027,406
7.00% 6/1/20		1,335,000		1,431,787
8.125% 7/1/19		1,318,000		1,392,137
8.625% 7/15/20		617,000		671,759
Qwest 7.25% 9/15/25		340,000		396,036
Qwest Capital Funding
6.875% 7/15/28		124,000		127,100
7.75% 2/15/31		1,229,000		1,296,595
#UPCB Finance III 144A
6.625% 7/1/20		150,000		156,937
#UPCB Finance IV 144A
5.375% 1/15/25		500,000		500,000
#UPCB Finance V 144A
7.25% 11/15/21		596,000		644,425
Virgin Media Finance
#144A 5.75% 1/15/25		200,000		208,060
#144A 6.375% 4/15/23		680,000		727,600
Virgin Media Secured Finance
#144A 5.25% 1/15/26		455,000		465,237
#144A 5.375% 4/15/21		200,000		210,750


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Diversified Telecommunication Services (continued)
Windstream
6.375% 8/1/23		180,000	$	162,225
7.50% 6/1/22		314,000		304,187
7.75% 10/15/20		1,476,000		1,518,435
7.75% 10/1/21		88,000		88,220
7.875% 11/1/17		125,000		135,937


				36,121,688

Electric Utilities–0.38%
#InterGen 144A 7.00% 6/30/23		353,000		343,293
#RJS Power Holdings 144A
5.125% 7/15/19		390,000		386,100
#‡Texas Competitive Electric
Holdings 144A 11.50% 10/1/20		3,115,000		1,962,450


				2,691,843

Electrical Equipment–0.15%
Belden
#144A 5.25% 7/15/24		213,000		215,663
#144A 5.50% 9/1/22		70,000		72,100
#International Wire Group
Holdings 144A 8.50% 10/15/17		775,000		806,000


				1,093,763

Electronic Equipment, Instruments & Components–0.27%
CDW
5.00% 9/1/23		259,000		263,533
5.50% 12/1/24		335,000		351,750
6.00% 8/15/22		515,000		554,758
8.50% 4/1/19		225,000		234,563
#Viasystems 144A 7.875% 5/1/19		529,000		559,417


				1,964,021

Energy Equipment & Services–1.01%
Basic Energy Services
7.75% 10/15/22		566,000		421,670
#Ocean Rig UDW 144A
7.25% 4/1/19		414,000		242,190
Parker Drilling 7.50% 8/1/20		600,000		490,500
Precision Drilling
6.50% 12/15/21		581,000		544,687
6.625% 11/15/20		914,000		866,015
SESI 7.125% 12/15/21		500,000		507,500
#TerraForm Power Operating
144A 5.875% 2/1/23		415,000		431,600
Transocean
6.375% 12/15/21		978,000		825,187
6.50% 11/15/20		212,000		178,875
#Trinidad Drilling 144A
7.875% 1/15/19		590,000		551,650
Unit 6.625% 5/15/21		2,315,000		2,187,675


				7,247,549


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Food & Staples Retailing–1.34%
#Albertsons Holdings 144A
7.75% 10/15/22		1,630,000	$	1,752,250
CST Brands 5.00% 5/1/23		942,000		965,550
Ingles Markets 5.75% 6/15/23		680,000		705,500
New Albertsons
6.625% 6/1/28		390,000		324,675
7.45% 8/1/29		288,000		264,960
7.75% 6/15/26		320,000		304,000
8.00% 5/1/31		132,000		126,060
8.70% 5/1/30		71,000		70,290
Rite Aid
#144A 6.125% 4/1/23		1,236,000		1,273,080
6.75% 6/15/21		440,000		470,250
8.00% 8/15/20		600,000		638,250
9.25% 3/15/20		225,000		248,625
#Shearer’s Foods 144A
9.00% 11/1/19		142,000		155,490
SUPERVALU 7.75% 11/15/22		1,125,000		1,203,750
Tops Holding 8.875% 12/15/17		1,016,000		1,074,420


				9,577,150

Food Products–3.14%
Aramark Services
5.75% 3/15/20		600,000		628,500
#Bumble Bee Holdings 144A
9.00% 12/15/17		2,226,000		2,342,865
Darling Ingredients
5.375% 1/15/22		2,155,000		2,179,244
#Dean Foods 144A 6.50% 3/15/23		550,000		554,125
Heinz (H.J.)
4.25% 10/15/20		1,362,000		1,399,115
#144A 4.875% 2/15/25		520,000		564,850
JBS USA Finance
#144A 5.875% 7/15/24		2,098,000		2,129,470
#144A 7.25% 6/1/21		2,614,000		2,774,107
#144A 7.25% 6/1/21		872,000		925,410
#144A 8.25% 2/1/20		1,236,000		1,319,430
#Nufarm Australia 144A
6.375% 10/15/19		574,000		583,327
#Pilgrim’s Pride 144A
5.75% 3/15/25		508,000		520,700
#Post Holdings 144A
6.75% 12/1/21		1,209,000		1,224,113
Smithfield Foods
#144A 5.25% 8/1/18		1,052,000		1,078,300
#144A 5.875% 8/1/21		2,216,000		2,329,570
6.625% 8/15/22		1,312,000		1,408,760
7.75% 7/1/17		240,000		268,200
#Wells Enterprises 144A
6.75% 2/1/20		260,000		265,200


				22,495,286


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Gas Utilities–0.42%
AmeriGas Finance
6.75% 5/20/20		122,000	$	129,015
7.00% 5/20/22		1,357,000		1,462,167
AmeriGas Partners
6.25% 8/20/19		415,000		432,637
6.50% 5/20/21		27,000		28,350
NGL Energy Partners
5.125% 7/15/19		199,000		196,015
6.875% 10/15/21		352,000		369,600
Suburban Propane Partners
5.50% 6/1/24		300,000		308,250
7.375% 8/1/21		68,000		73,440


				2,999,474

Health Care Equipment & Supplies–1.49%
Alere 6.50% 6/15/20		442,000		459,680
Biomet
6.50% 8/1/20		1,632,000		1,734,000
6.50% 10/1/20		925,000		973,563
#~ConvaTec Finance International PIK 144A
8.25% 1/15/19		346,000		350,541
#ConvaTec Healthcare 144A
10.50% 12/15/18		2,000,000		2,114,500
#Halyard Health 144A
6.25% 10/15/22		235,000		246,750
Hologic 6.25% 8/1/20		820,000		854,850
Hospira 5.20% 8/12/20		71,000		81,078
Mallinckrodt International Finance
3.50% 4/15/18		72,000		71,280
4.75% 4/15/23		429,000		409,695
#144A 5.75% 8/1/22		1,069,000		1,105,079
#Milacron 144A 7.75% 2/15/21		1,090,000		1,133,600
Teleflex
#144A 5.25% 6/15/24		405,000		414,113
6.875% 6/1/19		720,000		754,200


				10,702,929

Health Care Providers & Services–5.15%
Acadia Healthcare
5.125% 7/1/22		410,000		412,563
#144A 5.625% 2/15/23		330,000		337,425
6.125% 3/15/21		340,000		354,450
Amsurg
5.625% 11/30/20		500,000		512,500
5.625% 7/15/22		490,000		503,475
Centene 4.75% 5/15/22		486,000		504,833
Community Health Systems
5.125% 8/15/18		305,000		315,294
5.125% 8/1/21		700,000		724,500
6.875% 2/1/22		1,455,000		1,562,306


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Health Care Providers & Services (continued)
Community Health Systems (continued)
7.125% 7/15/20		810,000	$	859,613
8.00% 11/15/19		1,255,000		1,336,575
DaVita HealthCare Partners
5.125% 7/15/24		660,000		674,437
5.75% 8/15/22		400,000		426,500
6.625% 11/1/20		329,000		345,656
#Envision Healthcare 144A
5.125% 7/1/22		550,000		563,750
Fresenius Medical Care US Finance
#144A 5.75% 2/15/21		630,000		693,000
#144A 6.50% 9/15/18		225,000		252,000
Fresenius Medical Care US Finance II
#144A 4.125% 10/15/20		385,000		393,422
#144A 4.75% 10/15/24		230,000		242,075
#144A 5.625% 7/31/19		176,000		191,928
#144A 5.875% 1/31/22		763,000		843,115
HCA
3.75% 3/15/19		444,000		451,077
4.25% 10/15/19		630,000		648,113
4.75% 5/1/23		255,000		265,200
5.00% 3/15/24		506,000		537,625
5.25% 4/15/25		705,000		762,281
5.375% 2/1/25		666,000		701,797
5.875% 3/15/22		1,019,000		1,130,774
5.875% 5/1/23		445,000		481,713
6.50% 2/15/20		1,550,000		1,749,175
7.50% 2/15/22		1,415,000		1,653,781
8.00% 10/1/18		1,000,000		1,161,250
HCA Holdings 6.25% 2/15/21		470,000		509,339
HealthSouth 5.75% 11/1/24		777,000		811,965
IASIS Healthcare
8.375% 5/15/19		1,496,000		1,559,580
#inVentiv Health 144A
9.00% 1/15/18		325,000		342,875
LifePoint Hospitals
5.50% 12/1/21		495,000		520,987
6.625% 10/1/20		250,000		263,125
#MPH Acquisition Holdings 144A
6.625% 4/1/22		1,540,000		1,599,675
Tenet Healthcare
4.375% 10/1/21		495,000		486,337
4.50% 4/1/21		996,000		979,815
4.75% 6/1/20		485,000		493,943
#144A 5.00% 3/1/19		551,000		548,245
#144A 5.50% 3/1/19		1,535,000		1,554,187
6.00% 10/1/20		658,000		699,125
6.25% 11/1/18		150,000		163,125
6.75% 2/1/20		115,000		121,756
8.00% 8/1/20		1,205,000		1,268,263
8.125% 4/1/22		1,390,000		1,535,950


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Health Care Providers & Services (continued)
United Surgical Partners International 9.00% 4/1/20		1,430,000	$	1,542,613
Universal Health Services
#144A 3.75% 8/1/19		128,000		130,720
#144A 4.75% 8/1/22		187,000		196,817


				36,920,645

Health Care Technology–0.03%
#IMS Health 144A 6.00% 11/1/20		220,000		229,625


				229,625

Hotels, Restaurants & Leisure–4.02%
AMC Entertainment
5.875% 2/15/22		1,241,000		1,293,743
#BC ULC 144A 6.00% 4/1/22		1,010,000		1,050,400
#CCM Merger 144A
9.125% 5/1/19		260,000		284,700
Cedar Fair
5.25% 3/15/21		1,093,000		1,133,987
#144A 5.375% 6/1/24		265,000		271,294
Choice Hotels International
5.75% 7/1/22		373,000		406,570
Cinemark USA 5.125% 12/15/22		1,025,000		1,045,500
#Downstream Development Authority of the Quapaw Tribe of Oklahoma 144A
10.50% 7/1/19		641,000		568,887
#Graton Economic Development Authority 144A 9.625% 9/1/19		595,000		654,500
Hilton Worldwide Finance
5.625% 10/15/21		475,000		502,313
Isle of Capri Casinos
5.875% 3/15/21		300,000		309,750
8.875% 6/15/20		590,000		640,150
#Landry’s 144A 9.375% 5/1/20		725,000		781,187
MGM Resorts International
6.00% 3/15/23		550,000		567,875
6.75% 10/1/20		675,000		725,625
7.75% 3/15/22		3,362,000		3,794,857
8.625% 2/1/19		210,000		240,450
11.375% 3/1/18		250,000		302,500
MTR Gaming Group
11.50% 8/1/19		580,000		630,750
#NCL 144A 5.25% 11/15/19		474,000		488,220
Pinnacle Entertainment
6.375% 8/1/21		425,000		452,625
7.50% 4/15/21		345,000		365,700
#Rivers Pittsburgh Borrower
144A 9.50% 6/15/19		372,000		393,390
Royal Caribbean Cruises
7.50% 10/15/27		50,000		59,250


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Hotels, Restaurants & Leisure (continued)
Scientific Games International
#144A 7.00% 1/1/22		310,000	$	318,525
#144A 10.00% 12/1/22		2,010,000		1,889,400
#Seminole Hard Rock Entertainment 144A
5.875% 5/15/21		1,080,000		1,089,450
#Shingle Springs Tribal Gaming Authority 144A 9.75% 9/1/21		480,000		541,200
#Six Flags Entertainment 144A
5.25% 1/15/21		1,000,000		1,032,500
#Speedway Motorsports 144A
5.125% 2/1/23		480,000		489,600
Station Casinos 7.50% 3/1/21		1,000,000		1,070,000
#Studio City Finance 144A
8.50% 12/1/20		1,250,000		1,268,750
Vail Resorts 6.50% 5/1/19		106,000		109,909
#Viking Cruises 144A
8.50% 10/15/22		892,000		996,810
Wynn Las Vegas
5.375% 3/15/22		525,000		546,000
#144A 5.50% 3/1/25		1,285,000		1,307,487
#Wynn Macau 144A
5.25% 10/15/21		1,278,000		1,217,295


				28,841,149

Household Durables–1.40%
#Brookfield Residential Properties 144A
6.125% 7/1/22		680,000		707,200
Horton (D.R.) 6.50% 4/15/16		57,000		59,993
Jarden 7.50% 5/1/17		650,000		719,875
K Hovnanian Enterprises
#144A 7.25% 10/15/20		124,000		130,820
11.875% 10/15/15		445,000		463,913
Lennar
4.50% 6/15/19		344,000		356,040
4.50% 11/15/19		755,000		777,650
6.95% 6/1/18		322,000		355,810
12.25% 6/1/17		245,000		294,613
M/I Homes 8.625% 11/15/18		513,000		533,520
Meritage Homes
7.00% 4/1/22		464,000		499,960
7.15% 4/15/20		230,000		248,975
#Serta Simmons Holdings 144A
8.125% 10/1/20		519,000		548,843
Spectrum Brands
#144A 6.125% 12/15/24		525,000		563,063
6.625% 11/15/22		333,000		357,975
6.75% 3/15/20		1,000,000		1,057,500
Standard Pacific
5.875% 11/15/24		285,000		294,263


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Household Durables (continued)
Standard Pacific (continued)
8.375% 1/15/21		500,000	$	581,250
10.75% 9/15/16		193,000		216,643
#Taylor Morrison Communities
144A 7.75% 4/15/20		134,000		142,710
Toll Brothers Finance
6.75% 11/1/19		64,000		72,640
WCI Communities
6.875% 8/15/21		725,000		746,750
#Woodside Homes 144A
6.75% 12/15/21		320,000		308,000


				10,038,006

Independent Power & Renewable Electricity Producers–1.96%
AES
•3.262% 6/1/19		800,000		798,000
4.875% 5/15/23		190,000		186,200
5.50% 3/15/24		1,289,000		1,292,223
5.50% 4/15/25		710,000		702,900
Calpine
5.375% 1/15/23		521,000		523,605
5.50% 2/1/24		675,000		681,750
5.75% 1/15/25		520,000		525,850
#144A 5.875% 1/15/24		1,110,000		1,204,905
#144A 6.00% 1/15/22		500,000		537,500
Dynegy 5.875% 6/1/23		400,000		391,000
Dynegy Finance I/II
#144A 6.75% 11/1/19		870,000		901,537
#144A 7.375% 11/1/22		870,000		917,850
#144A 7.625% 11/1/24		285,000		299,606
GenOn Energy
7.875% 6/15/17		450,000		450,000
9.875% 10/15/20		1,414,000		1,438,745
NRG Energy
6.25% 7/15/22		250,000		258,125
6.25% 5/1/24		625,000		632,813
6.625% 3/15/23		939,000		976,560
7.875% 5/15/21		267,000		288,360
8.25% 9/1/20		1,000,000		1,063,750


				14,071,279

Insurance–0.40%
#A-S Co-Issuer Subsidiary 144A
7.875% 12/15/20		598,000		618,930
#Fidelity & Guaranty Life
Holdings 144A 6.375% 4/1/21		527,000		555,985
#Liberty Mutual Group 144A
7.80% 3/15/37		837,000		1,027,417
#USI 144A 7.75% 1/15/21		661,000		680,830


				2,883,162


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Internet & Catalog Retail–0.30%
IAC/InterActive
4.875% 11/30/18		105,000	$	108,675
Netflix
5.375% 2/1/21		536,000		549,400
#144A 5.50% 2/15/22		335,000		344,213
5.75% 3/1/24		785,000		803,644
#144A 5.875% 2/15/25		335,000		345,469


				2,151,401

Internet Software & Services–0.66%
Equinix
4.875% 4/1/20		187,000		194,013
5.375% 1/1/22		689,000		721,727
5.375% 4/1/23		500,000		521,500
5.75% 1/1/25		203,000		212,643
VeriSign
4.625% 5/1/23		423,000		424,057
#144A 5.25% 4/1/25		192,000		196,320
#Ymobile 144A 8.25% 4/1/18		650,000		676,813
Zayo Group
#144A 6.00% 4/1/23		1,035,000		1,045,350
10.125% 7/1/20		675,000		766,969


				4,759,392

IT Services–1.49%
First Data
#144A 6.75% 11/1/20		991,000		1,057,893
#144A 8.25% 1/15/21		1,195,000		1,284,625
#144A 8.875% 8/15/20		500,000		533,750
10.625% 6/15/21		340,000		388,450
11.25% 1/15/21		162,000		184,680
11.75% 8/15/21		850,000		987,063
12.625% 1/15/21		1,278,000		1,517,625
#~First Data PIK 144A
8.75% 1/15/22		673,589		728,318
Harland Clarke Holdings
#144A 9.25% 3/1/21		315,000		306,731
#144A 9.75% 8/1/18		1,405,000		1,492,813
#Sabre 144A 8.50% 5/15/19		72,000		77,198
SITEL
#144A 11.00% 8/1/17		443,000		460,720
11.50% 4/1/18		889,000		813,435
SunGard Data Systems
6.625% 11/1/19		290,000		299,787
7.625% 11/15/20		496,000		526,380


				10,659,468

Machinery–0.52%
Amsted Industries
#144A 5.00% 3/15/22		235,000		237,350
#144A 5.375% 9/15/24		200,000		201,000
#BlueLine Rental Finance 144A
7.00% 2/1/19		944,000		974,680


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Machinery (continued)
Briggs & Stratton
6.875% 12/15/20		500,000	$	550,185
#Gardner Denver 144A
6.875% 8/15/21		300,000		271,500
#Huber (J.M.) 144A
9.875% 11/1/19		170,000		184,663
#Oshkosh 144A 5.375% 3/1/25		250,000		258,125
#Zebra Technologies 144A
7.25% 10/15/22		951,000		1,027,080


				3,704,583

Marine–0.90%
#Bluewater Holding 144A
10.00% 12/10/19		1,800,000		1,606,500
Martin Midstream Partners
7.25% 2/15/21		681,000		657,165
#Navios Maritime Acquisition
144A 8.125% 11/15/21		565,000		570,650
Navios Maritime Holdings
#144A 7.375% 1/15/22		690,000		646,875
8.125% 2/15/19		125,000		108,750
#Navios South American Logistics 144A 7.25% 5/1/22		1,034,000		1,006,857
#Ridgebury Crude Tankers 144A
7.625% 3/20/17		546,667		564,434
Ultrapetrol Bahamas
8.875% 6/15/21		1,393,000		1,326,833


				6,488,064

Media–8.36%
Cablevision Systems
7.75% 4/15/18		156,000		173,745
8.00% 4/15/20		3,157,000		3,583,195
CCO Holdings
5.25% 9/30/22		1,086,000		1,114,507
5.75% 9/1/23		350,000		367,063
6.50% 4/30/21		2,697,000		2,841,964
7.25% 10/30/17		340,000		354,875
8.125% 4/30/20		406,000		425,285
CCOH Safari 5.75% 12/1/24		1,979,000		2,043,317
Clear Channel Worldwide Holdings
6.50% 11/15/22		2,007,000		2,122,403
6.50% 11/15/22		1,593,000		1,660,703
7.625% 3/15/20		2,093,000		2,213,347
7.625% 3/15/20		45,000		46,800
DISH DBS
5.875% 7/15/22		818,000		833,337
5.875% 11/15/24		1,773,000		1,779,649
6.75% 6/1/21		4,328,000		4,620,140
7.875% 9/1/19		475,000		532,000
Gannett
5.125% 7/15/20		430,000		449,887


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Media (continued)
Gannett (continued)
#144A 5.50% 9/15/24		265,000	$	277,919
6.375% 10/15/23		1,005,000		1,094,194
GLP Capital 5.375% 11/1/23		330,000		342,787
Gray Television 7.50% 10/1/20		1,530,000		1,617,975
iHeartCommunications
9.00% 12/15/19		1,344,000		1,335,600
Lamar Media
5.00% 5/1/23		168,000		172,620
5.875% 2/1/22		50,000		52,875
Liberty Interactive
8.25% 2/1/30		380,000		418,000
#LIN Television 144A
5.875% 11/15/22		1,060,000		1,083,850
Live Nation Entertainment
#144A 5.375% 6/15/22		220,000		225,500
#144A 7.00% 9/1/20		445,000		476,150
#NAI Entertainment Holdings
144A 5.00% 8/1/18		176,000		183,260
Nexstar Broadcasting
#144A 6.125% 2/15/22		405,000		416,137
6.875% 11/15/20		492,000		521,520
Nielsen Finance
4.50% 10/1/20		300,000		306,750
#144A 5.00% 4/15/22		1,050,000		1,060,500
#Nielsen Luxembourg 144A
5.50% 10/1/21		155,000		160,813
Numericable-SFR
#144A 6.00% 5/15/22		3,325,000		3,370,719
#144A 6.25% 5/15/24		1,106,000		1,121,207
Outfront Media Capital
5.25% 2/15/22		336,000		352,800
5.625% 2/15/24		330,000		346,913
5.875% 3/15/25		285,000		302,456
Quebecor Media 5.75% 1/15/23		240,000		248,100
#RCN Telecom Services 144A
8.50% 8/15/20		563,000		599,595
Regal Entertainment Group
5.75% 3/15/22		1,072,000		1,100,140
5.75% 6/15/23		550,000		558,250
Sinclair Television Group
5.375% 4/1/21		915,000		942,450
#144A 5.625% 8/1/24		830,000		848,675
6.125% 10/1/22		915,000		963,221
Sirius XM Radio
#144A 4.625% 5/15/23		288,000		278,280
#144A 5.375% 4/15/25		490,000		493,675
#144A 5.75% 8/1/21		550,000		575,437
#144A 5.875% 10/1/20		850,000		888,250
#144A 6.00% 7/15/24		963,000		1,013,557
Time Warner Cable
7.30% 7/1/38		307,000		415,167


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Media (continued)
Unitymedia Hessen
#144A 5.00% 1/15/25		666,000	$	674,325
#144A 5.50% 1/15/23		200,000		210,260
#Unitymedia KabelBW 144A
6.125% 1/15/25		358,000		379,480
Univision Communications
#144A 5.125% 5/15/23		1,850,000		1,887,000
#144A 6.75% 9/15/22		2,776,000		2,987,670
#144A 8.50% 5/15/21		350,000		375,375
Videotron
5.00% 7/15/22		124,000		128,340
#144A 5.375% 6/15/24		867,000		895,177
#VTR Finance 144A
6.875% 1/15/24		1,195,000		1,242,800
#WMG Acquisition 144A
6.75% 4/15/22		1,516,000		1,443,990
#Ziggo Bond Finance 144A
5.875% 1/15/25		391,000		411,039


				59,963,015

Metals & Mining–4.58%
AK Steel 8.75% 12/1/18		520,000		555,750
Alcoa
5.125% 10/1/24		1,025,000		1,099,098
5.40% 4/15/21		508,000		553,774
5.72% 2/23/19		550,000		603,354
5.87% 2/23/22		519,000		576,380
5.90% 2/1/27		1,186,000		1,308,836
6.15% 8/15/20		449,000		507,197
6.75% 1/15/28		614,000		707,451
Aleris International
7.625% 2/15/18		80,000		81,900
7.875% 11/1/20		552,000		564,420
#APERAM 144A 7.75% 4/1/18		1,275,000		1,324,406
ArcelorMittal
7.00% 2/25/22		2,845,000		3,129,500
7.75% 10/15/39		1,080,000		1,139,400
10.60% 6/1/19		2,000,000		2,453,750
#BlueScope Steel Finance 144A
7.125% 5/1/18		402,000		418,080
Coeur Mining 7.875% 2/1/21		1,243,000		1,065,873
Commercial Metals
4.875% 5/15/23		155,000		147,250
6.50% 7/15/17		500,000		532,500
7.35% 8/15/18		620,000		671,150
#Constellium 144A
5.75% 5/15/24		600,000		570,000
First Quantum Minerals
#144A 6.75% 2/15/20		1,081,000		1,005,330
#144A 7.00% 2/15/21		491,000		455,403
#144A 7.25% 10/15/19		500,000		470,000
#144A 7.25% 5/15/22		670,000		619,750


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Metals & Mining (continued)
FMG Resources August 2006
#144A 6.875% 2/1/18		275,556	$	270,733
#144A 6.875% 4/1/22		743,000		551,677
#144A 8.25% 11/1/19		1,125,000		971,719
Hecla Mining 6.875% 5/1/21		1,476,000		1,313,640
HudBay Minerals 9.50% 10/1/20		454,000		474,430
Kaiser Aluminum 8.25% 6/1/20		656,000		718,320
#KGHM International 144A
7.75% 6/15/19		262,000		271,170
Lundin Mining
#144A 7.50% 11/1/20		575,000		598,000
#144A 7.875% 11/1/22		725,000		757,625
New Gold
#144A 6.25% 11/15/22		1,049,000		1,043,755
#144A 7.00% 4/15/20		328,000		338,250
Novelis 8.75% 12/15/20		1,273,000		1,370,066
#Prince Mineral Holding 144A
11.50% 12/15/19		390,000		379,275
Ryerson 9.00% 10/15/17		265,000		268,313
#Signode Industrial Group 144A
6.375% 5/1/22		435,000		434,456
Steel Dynamics
#144A 5.125% 10/1/21		215,000		217,419
5.25% 4/15/23		275,000		279,813
#144A 5.50% 10/1/24		275,000		279,469
6.125% 8/15/19		120,000		128,400
6.375% 8/15/22		695,000		745,387
Taseko Mines 7.75% 4/15/19		685,000		503,475
#Wise Metals Group 144A
8.75% 12/15/18		320,000		343,200


				32,819,144

Multiline Retail–0.13%
#Neiman Marcus Group 144A
8.00% 10/15/21		702,000		747,630
Penney (J.C.) 8.125% 10/1/19		203,000		199,955


				947,585

Oil, Gas & Consumable Fuels–12.32%
Antero Resources
5.125% 12/1/22		343,000		330,995
5.375% 11/1/21		725,000		705,969
6.00% 12/1/20		1,087,000		1,092,979
Baytex Energy
#144A 5.125% 6/1/21		157,000		144,833
#144A 5.625% 6/1/24		267,000		245,306
#Blue Racer Midstream 144A
6.125% 11/15/22		616,000		634,480
California Resources
#144A 5.50% 9/15/21		1,859,000		1,658,600
#144A 6.00% 11/15/24		972,000		857,790


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Chesapeake Energy
4.875% 4/15/22		2,567,000	$	2,419,397
5.375% 6/15/21		340,000		331,500
5.75% 3/15/23		740,000		725,200
6.125% 2/15/21		542,000		551,485
7.25% 12/15/18		33,000		35,805
Chesapeake Oil Operating
6.625% 11/15/19		125,000		94,687
Cimarex Energy
4.375% 6/1/24		462,000		460,845
5.875% 5/1/22		594,000		635,580
#Citgo Holding 144A
10.75% 2/15/20		675,000		696,937
#CITGO Petroleum 144A
6.25% 8/15/22		903,000		880,425
Cloud Peak Energy Resources
6.375% 3/15/24		300,000		261,000
#Compressco Partners 144A
7.25% 8/15/22		720,000		633,600
Comstock Resources
7.75% 4/1/19		813,000		345,525
9.50% 6/15/20		443,000		194,920
#144A 10.00% 3/15/20		675,000		654,750
Concho Resources
5.50% 10/1/22		300,000		303,750
5.50% 4/1/23		120,000		121,488
6.50% 1/15/22		850,000		894,625
CONSOL Energy 5.875% 4/15/22		1,060,000		964,600
Crestwood Midstream Partners
6.00% 12/15/20		143,000		144,430
6.125% 3/1/22		454,000		459,675
#144A 6.25% 4/1/23		659,000		667,237
7.75% 4/1/19		500,000		519,675
Diamondback Energy
7.625% 10/1/21		742,000		784,665
Energy Transfer Equity
5.875% 1/15/24		2,112,000		2,238,720
7.50% 10/15/20		147,000		165,375
EnLink Midstream Partners
7.125% 6/1/22		165,000		186,175
EP Energy
6.875% 5/1/19		129,000		132,870
7.75% 9/1/22		1,370,000		1,404,250
9.375% 5/1/20		1,633,000		1,718,733
EXCO Resources
7.50% 9/15/18		224,000		133,840
8.50% 4/15/22		507,000		287,089
Exterran Partners
6.00% 10/1/22		575,000		529,000
Genesis Energy
5.625% 6/15/24		429,000		405,405


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Genesis Energy (continued)
5.75% 2/15/21		375,000	$	363,750
7.875% 12/15/18		315,000		324,450
#Global Partners 144A
6.25% 7/15/22		227,000		224,730
Halcon Resources
8.875% 5/15/21		400,000		280,000
9.25% 2/15/22		860,000		597,700
9.75% 7/15/20		251,000		178,210
Hiland Partners
#144A 5.50% 5/15/22		280,000		288,400
#144A 7.25% 10/1/20		1,000,000		1,082,500
Hilcorp Energy I
#144A 5.00% 12/1/24		995,000		940,275
#144A 7.625% 4/15/21		1,365,000		1,426,425
#144A 8.00% 2/15/20		673,000		699,920
Holly Energy Partners
6.50% 3/1/20		137,000		135,630
Jones Energy Holdings
6.75% 4/1/22		270,000		253,800
#Jupiter Resources 144A
8.50% 10/1/22		950,000		783,750
Kinder Morgan
#144A 5.00% 2/15/21		323,000		345,657
#144A 5.625% 11/15/23		323,000		355,780
Linn Energy 6.50% 9/15/21		567,000		451,119
MarkWest Energy Partners
4.50% 7/15/23		256,000		254,720
4.875% 12/1/24		1,273,000		1,307,880
5.50% 2/15/23		1,250,000		1,290,625
6.25% 6/15/22		78,000		81,900
6.75% 11/1/20		344,000		362,920
MEG Energy
#144A 6.375% 1/30/23		300,000		277,500
#144A 6.50% 3/15/21		300,000		279,000
#144A 7.00% 3/31/24		265,000		251,087
#Memorial Resource Development 144A
5.875% 7/1/22		811,000		764,367
Murphy Oil USA 6.00% 8/15/23		95,000		102,363
Newfield Exploration
5.375% 1/1/26		425,000		430,100
5.625% 7/1/24		694,000		725,230
5.75% 1/30/22		400,000		419,000
6.875% 2/1/20		100,000		103,545
Oasis Petroleum 6.875% 3/15/22		650,000		637,000
Parker Drilling 6.75% 7/15/22		172,000		137,170
Peabody Energy
6.25% 11/15/21		597,000		369,394
#144A 10.00% 3/15/22		1,208,000		1,081,160
Penn Virginia 8.50% 5/1/20		725,000		685,125


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Penn Virginia Resource Partners 6.50% 5/15/21		87,000	$	92,003
Pioneer Energy Services
6.125% 3/15/22		617,000		484,345
#Precision Drilling 144A
5.25% 11/15/24		631,000		530,040
QEP Resources
5.25% 5/1/23		733,000		722,005
5.375% 10/1/22		1,062,000		1,048,725
6.875% 3/1/21		1,335,000		1,425,113
Range Resources
5.00% 8/15/22		210,000		210,000
5.00% 3/15/23		210,000		210,000
5.75% 6/1/21		215,000		225,683
6.75% 8/1/20		10,000		10,425
Regency Energy Partners
4.50% 11/1/23		133,000		134,330
5.00% 10/1/22		360,000		376,200
5.50% 4/15/23		2,045,000		2,121,687
5.875% 3/1/22		500,000		545,000
6.50% 7/15/21		370,000		389,425
#Rice Energy 144A 7.25% 5/1/23		516,000		516,645
Rose Rock Midstream
5.625% 7/15/22		297,000		294,030
Rosetta Resources
5.625% 5/1/21		1,025,000		968,625
5.875% 6/1/22		933,000		884,017
5.875% 6/1/24		771,000		720,885
#RSP Permian 144A
6.625% 10/1/22		246,000		248,460
Sabine Oil & Gas 9.75% 2/15/17		178,000		34,265
Sabine Pass Liquefaction
5.625% 2/1/21		400,000		404,624
5.625% 4/15/23		1,773,000		1,777,433
#144A 5.625% 3/1/25		672,000		666,960
5.75% 5/15/24		490,000		494,900
6.25% 3/15/22		490,000		508,375
SandRidge Energy
7.50% 3/15/21		220,000		137,500
#Sea Trucks Group 144A
9.00% 3/26/18		1,250,000		787,500
SemGroup 7.50% 6/15/21		266,000		279,965
Seventy Seven Energy
6.50% 7/15/22		756,000		347,760
#Shelf Drilling Holdings 144A
8.625% 11/1/18		225,000		186,187
SM Energy
5.00% 1/15/24		530,000		501,645
6.50% 11/15/21		2,413,000		2,461,260
6.50% 1/1/23		1,050,000		1,081,500
6.625% 2/15/19		772,000		785,510
Stone Energy 7.50% 11/15/22		744,000		677,040


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Summit Midstream Holdings
5.50% 8/15/22		525,000	$	500,063
7.50% 7/1/21		185,000		193,325
#SunCoke Energy Partners 144A
7.375% 2/1/20		250,000		257,500
#Sunoco 144A 6.375% 4/1/23		1,070,000		1,104,775
#Talos Production 144A
9.75% 2/15/18		630,000		447,300
Targa Resources Partners
#144A 5.00% 1/15/18		550,000		567,875
5.25% 5/1/23		850,000		858,500
6.375% 8/1/22		54,000		56,835
6.875% 2/1/21		485,000		510,463
Tesoro 5.125% 4/1/24		230,000		235,750
Tesoro Logistics
#144A 5.50% 10/15/19		400,000		414,000
5.875% 10/1/20		1,656,000		1,705,680
6.125% 10/15/21		450,000		465,750
#144A 6.25% 10/15/22		384,000		399,360
Ultra Petroleum
#144A 5.75% 12/15/18		1,155,000		1,048,163
#144A 6.125% 10/1/24		1,129,000		973,763
W&T Offshore 8.50% 6/15/19		720,000		439,200
Western Refining 6.25% 4/1/21		379,000		379,000
#Western Refining Logistics 144A
7.50% 2/15/23		500,000		511,250
Whiting Petroleum
5.00% 3/15/19		875,000		864,063
Williams Partners
4.875% 5/15/23		1,010,000		1,019,267
5.875% 4/15/21		621,000		648,361
6.125% 7/15/22		2,006,000		2,126,248
WPX Energy
5.25% 9/15/24		1,338,000		1,183,461
6.00% 1/15/22		3,416,000		3,193,960


				88,340,371

Paper & Forest Products–0.56%
#Cascades 144A 5.50% 7/15/22		665,000		677,469
Clearwater Paper
4.50% 2/1/23		180,000		178,200
#144A 5.375% 2/1/25		450,000		460,125
Louisiana-Pacific 7.50% 6/1/20		117,000		125,483
Mercer International
7.00% 12/1/19		667,000		693,680
7.75% 12/1/22		655,000		697,575
Resolute Forest Products
5.875% 5/15/23		75,000		72,450
#Sappi Papier Holding 144A
8.375% 6/15/19		200,000		216,000
Unifrax I
#144A 7.50% 2/15/19		350,000		353,500


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Paper & Forest Products (continued)
Unifrax I (continued)
#144A 7.50% 2/15/19		280,000	$	282,800
Verso Paper Holdings
11.75% 1/15/19		290,000		271,150


				4,028,432

Personal Products–0.03%
Revlon Consumer Products
5.75% 2/15/21		194,000		201,275


				201,275

Pharmaceuticals–2.89%
#~Capsugel PIK 144A
7.00% 5/15/19		615,000		626,147
Catamaran 4.75% 3/15/21		337,000		375,334
Endo Finance
#144A 5.75% 1/15/22		675,000		693,563
#144A 6.00% 2/1/25		960,000		993,600
#144A 7.00% 7/15/19		120,000		125,550
#144A 7.00% 12/15/20		365,000		381,881
#Grifols Worldwide Operations
144A 5.25% 4/1/22		480,000		489,000
Omnicare
4.75% 12/1/22		680,000		705,500
5.00% 12/1/24		450,000		472,500
Par Pharmaceutical
7.375% 10/15/20		755,000		800,300
#Prestige Brands 144A
5.375% 12/15/21		775,000		788,563
#Salix Pharmaceuticals 144A
6.50% 1/15/21		350,000		388,937
Valeant Pharmaceuticals International
#144A 5.50% 3/1/23		675,000		683,437
#144A 5.625% 12/1/21		380,000		386,650
#144A 6.375% 10/15/20		1,915,000		1,996,387
#144A 6.75% 8/15/18		1,309,000		1,382,631
#144A 6.75% 8/15/21		245,000		256,944
#144A 7.00% 10/1/20		875,000		917,656
#144A 7.25% 7/15/22		244,000		258,945
#144A 7.50% 7/15/21		717,000		778,167
VRX Escrow
#144A 5.375% 3/15/20		1,730,000		1,749,463
#144A 5.875% 5/15/23		3,320,000		3,411,300
#144A 6.125% 4/15/25		1,990,000		2,064,625


				20,727,080

Professional Services–0.09%
FTI Consulting
6.00% 11/15/22		125,000		132,034
6.75% 10/1/20		480,000		508,800


				640,834


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Real Estate Investment Trusts–0.46%
CNL Lifestyle Properties
7.25% 4/15/19		305,000	$	312,625
Crown Castle International
4.875% 4/15/22		400,000		416,250
5.25% 1/15/23		750,000		791,250
DuPont Fabros Technology
5.875% 9/15/21		445,000		461,687
Iron Mountain
5.75% 8/15/24		636,000		646,335
7.75% 10/1/19		346,000		369,787
8.375% 8/15/21		35,000		36,531
RHP Hotel Properties
5.00% 4/15/21		244,000		250,710


				3,285,175

Real Estate Management & Development–0.24%
CBRE Services 5.00% 3/15/23		945,000		992,250
Kennedy-Wilson 5.875% 4/1/24		304,000		305,520
#Mattamy Group 144A
6.50% 11/15/20		458,000		443,115


				1,740,885

Road & Rail–1.84%
Ashtead Capital
#144A 5.625% 10/1/24		650,000		679,250
#144A 6.50% 7/15/22		625,000		668,750
Avis Budget Car Rental
#144A 5.125% 6/1/22		710,000		719,748
#144A 5.25% 3/15/25		705,000		703,237
9.75% 3/15/20		545,000		596,448
#CEVA Group 144A 4.00% 5/1/18		215,000		196,187
Hertz
6.25% 10/15/22		95,000		98,563
7.375% 1/15/21		1,255,000		1,324,025
#Jurassic Holdings III 144A
6.875% 2/15/21		1,020,000		892,500
PHI 5.25% 3/15/19		292,000		265,720
United Rentals North America
4.625% 7/15/23		1,268,000		1,285,435
5.50% 7/15/25		1,512,000		1,544,130
5.75% 7/15/18		103,000		107,403
5.75% 11/15/24		120,000		124,500
6.125% 6/15/23		1,943,000		2,066,866
7.375% 5/15/20		200,000		217,125
7.625% 4/15/22		267,000		293,433
8.375% 9/15/20		1,300,000		1,398,215


				13,181,535

Semiconductors & Semiconductor Equipment–1.25%
Advanced Micro Devices
6.75% 3/1/19		845,000		823,875
7.00% 7/1/24		887,000		769,473
7.50% 8/15/22		52,000		50,050


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Semiconductors & Semiconductor Equipment (continued)
Advanced Micro Devices (continued)
7.75% 8/1/20		811,000	$	778,560
Amkor Technology
6.625% 6/1/21		165,000		172,425
7.375% 5/1/18		450,000		460,125
CommScope
#144A 5.00% 6/15/21		428,000		429,605
#144A 5.50% 6/15/24		710,000		713,550
#Entegris 144A 6.00% 4/1/22		202,000		211,595
Freescale Semiconductor
#144A 5.00% 5/15/21		490,000		519,400
#144A 6.00% 1/15/22		263,000		286,999
Micron Technology
#144A 5.25% 8/1/23		304,000		310,080
#144A 5.50% 2/1/25		495,000		499,950
5.875% 2/15/22		181,000		191,726
NXP
#144A 3.50% 9/15/16		200,000		203,000
#144A 3.75% 6/1/18		420,000		429,450
#144A 5.75% 2/15/21		200,000		212,250
#144A 5.75% 3/15/23		200,000		213,000
Sensata Technologies
#144A 4.875% 10/15/23		435,000		449,137
#144A 5.00% 10/1/25		641,000		651,416
#144A 5.625% 11/1/24		531,000		567,506


				8,943,172

Software–0.70%
Activision Blizzard
#144A 5.625% 9/15/21		580,000		619,150
#144A 6.125% 9/15/23		1,100,000		1,201,750
Audatex North America
#144A 6.00% 6/15/21		781,000		829,813
#144A 6.125% 11/1/23		189,000		200,576
Emdeon 11.00% 12/31/19		354,000		387,630
Infor US 9.375% 4/1/19		535,000		574,349
#MSCI 144A 5.25% 11/15/24		255,000		264,244
#Nuance Communications 144A
5.375% 8/15/20		603,000		612,045
#Open Text 144A 5.625% 1/15/23		337,000		350,480


				5,040,037

Specialty Retail–1.02%
AutoNation 5.50% 2/1/20		100,000		110,021
#~Chinos Intermediate Holdings A
PIK 144A 7.75% 5/1/19		228,000		200,640
Claire’s Stores
#144A 6.125% 3/15/20		1,074,000		907,530
8.875% 3/15/19		1,075,000		618,125
#144A 9.00% 3/15/19		2,417,000		2,205,513
#Family Tree Escrow 144A
5.75% 3/1/23		331,000		350,033


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Specialty Retail (continued)
#Guitar Center 144A
6.50% 4/15/19		433,000	$	379,957
L Brands
5.625% 2/15/22		615,000		679,575
5.625% 10/15/23		500,000		557,500
Penske Automotive Group
5.75% 10/1/22		130,000		137,150
#Radio Systems 144A
8.375% 11/1/19		475,000		513,000
Sally Holdings 5.50% 11/1/23		615,000		650,363


				7,309,407

Thrift & Mortgage Finance–0.09%
Nationstar Mortgage
6.50% 7/1/21		172,000		167,700
7.875% 10/1/20		338,000		348,140
9.625% 5/1/19		143,000		153,367


				669,207

Trading Companies & Distributors–0.46%
Aircastle
5.125% 3/15/21		49,000		51,327
6.25% 12/1/19		318,000		350,398
7.625% 4/15/20		553,000		638,715
H&E Equipment Services
7.00% 9/1/22		811,000		839,385
HD Supply
#144A 5.25% 12/15/21		670,000		691,775
7.50% 7/15/20		676,000		726,700


				3,298,300

Wireless Telecommunication Services–4.22%
‡NII Capital 7.625% 4/1/21		2,354,000		741,510
NII International Telecom
#‡144A 7.875% 8/15/19		1,102,000		1,027,615
#‡144A 11.375% 8/15/19		402,000		383,910
#SBA Communications 144A
4.875% 7/15/22		683,000		670,748
SBA Telecommunications
5.75% 7/15/20		232,000		245,050
#SoftBank 144A 4.50% 4/15/20		1,165,000		1,194,125
Sprint
7.125% 6/15/24		437,000		428,260
7.25% 9/15/21		243,000		245,126
7.625% 2/15/25		1,479,000		1,479,000
7.875% 9/15/23		2,217,000		2,272,425
Sprint Capital
6.875% 11/15/28		370,000		341,325
6.90% 5/1/19		1,111,000		1,154,051
8.75% 3/15/32		2,287,000		2,372,763
Sprint Communications
6.00% 11/15/22		1,190,000		1,134,963


	Principal		Value
	Amount°		(U.S. $)

CORPORATE BONDS (continued)
Wireless Telecommunication Services (continued)
Sprint Communications (continued)
#144A 7.00% 3/1/20		2,577,000	$	2,854,027
7.00% 8/15/20		1,250,000		1,275,781
#144A 9.00% 11/15/18		860,000		989,000
9.125% 3/1/17		334,000		365,730
11.50% 11/15/21		90,000		109,125
T-Mobile USA
5.25% 9/1/18		476,000		493,255
6.00% 3/1/23		414,000		425,257
6.125% 1/15/22		451,000		466,785
6.25% 4/1/21		793,000		827,694
6.375% 3/1/25		414,000		428,242
6.464% 4/28/19		325,000		335,969
6.50% 1/15/24		129,000		135,127
6.625% 11/15/20		534,000		560,033
6.625% 4/1/23		833,000		875,691
6.633% 4/28/21		591,000		621,289
6.731% 4/28/22		2,153,000		2,274,106
6.836% 4/28/23		1,089,000		1,150,256
#West 144A 5.375% 7/15/22		1,017,000		996,660
Wind Acquisition Finance
#144A 4.75% 7/15/20		745,000		748,725
#144A 7.375% 4/23/21		595,000		618,800


				30,242,423


Total Corporate Bonds (Cost $643,171,699)				647,925,774


«SENIOR SECURED LOANS–5.76%
Albertson’s Holdings Tranche B4 1st Lien
5.50% 8/25/21		840,000		848,182
Alon USA Partners Tranche B 1st Lien
9.25% 11/13/18		70,597		70,244
Altice Financing
5.50% 7/1/19		395,000		401,419
American Casino & Entertainment Properties Tranche B 1st Lien
4.50% 7/3/19		273,964		275,505
Avago Technologies Tranche B 1st Lien
3.75% 5/6/21		409,307		410,703
Avaya Tranche B-3
4.676% 10/26/17		157,958		155,661
Avaya Tranche B6
6.50% 3/31/18		97,404		97,323
Axalta Coating Systems U.S. Holdings 1st Lien
3.75% 2/1/20		360,670		359,112


	Principal		Value
	Amount°		(U.S. $)

«SENIOR SECURED LOANS (continued)
AZ Chem US 2nd Lien
7.50% 6/12/22		174,000	$	172,078
Calpine Tranche B3 1st Lien
4.00% 10/9/19		497,449		499,347
Carestream Health Tranche B
5.00% 6/7/19		172,004		172,840
CDW
3.25% 4/29/20		196,001		194,458
CEVA Group Canadian
6.50% 3/19/21		8,291		7,778
CEVA Group Dutch
6.50% 3/19/21		48,086		45,110
CEVA Group Pre-Funded L
6.50% 3/19/21		46,059		43,209
CEVA Group Tranche B
6.50% 3/19/21		66,325		62,221
Cincinnati Bell Tranche B 1st Lien
4.00% 9/10/20		315,200		315,398
Clear Channel Communications Tranche E 1st Lien
7.678% 7/30/19		850,642		821,520
Cumulus Media Holdings Tranche B 1st Lien
4.25% 12/23/20		1,000,000		984,250
Dell Tranche B
4.50% 4/29/20		1,063,538		1,072,083
Delta Air Lines Tranche B1
3.25% 10/18/18		977,500		978,717
Dole Food Tranche B
4.50% 11/1/18		763,333		766,795
Ducommun Tranche B1 1st Lien
4.75% 6/28/17		52,632		52,895
EMI Music Publishing Tranche B 1st Lien
3.75% 6/29/18		85,225		85,266
Energy Future Intermediate Holding 1st Lien
4.25% 6/19/16		305,118		306,517
Entercom Radio Tranche B2
4.00% 11/23/18		69,667		69,819
FCA US Tranche B 1st Lien
3.50% 5/24/17		681,470		682,604
Fieldwood Energy 2nd Lien
8.375% 9/30/20		720,000		530,489
First Data Tranche B1
3.674% 9/24/18		213,043		213,131
Floatel International Tranche B 1st Lien
6.00% 6/13/20		388,385		289,832
Formula One Tranche B 2nd Lien
7.75% 7/29/22		825,000		821,217


	Principal		Value
	Amount°		(U.S. $)

«SENIOR SECURED LOANS (continued)
Fortescue Resources 1st Lien
3.75% 6/30/19		400,000	$	362,386
Freedom Group Operating Tranche B
5.50% 4/19/19		338,003		330,398
Freescale Semiconductor Tranche B4
4.25% 3/1/20		294,028		294,966
Freescale Semiconductor Tranche B5
5.00% 1/15/21		561,450		564,998
Go Daddy Tranche B 1st Lien
4.75% 5/13/21		402,955		405,189
Hanson Building Tranche B 1st Lien
6.50% 3/13/22		406,000		406,002
Harland Clarke Holdings Tranche B
5.525% 6/30/17		64,053		64,293
Heinz (H.J.) Tranche B2 1st Lien
3.25% 6/5/20		1,184,000		1,187,611
iHeartCommunications Tranche D
6.928% 1/30/19		2,982,692		2,842,043
Intrawest Tranche 1st Lien
5.50% 12/9/20		274,168		276,524
Inventiv Health Tranche B4 1st Lien
7.75% 5/15/18		288,875		290,441
J. Crew Group Tranche B 1st Lien
4.00% 3/5/21		956,384		889,136
MEG Energy Tranche B
3.75% 3/31/20		80,983		77,825
Ocean Rig (Drillship) Tranche B 1st Lien
5.50% 7/25/21		367,008		307,369
OCI Beaumont Tranche B3 1st Lien
5.50% 8/20/19		118,315		119,277
Overseas Shipholding Tranche B - Exit
5.25% 8/5/19		286,715		285,460
Peabody Energy Tranche B
4.25% 9/24/20		398,987		359,464
Penney (J.C.) 1st Lien
6.00% 5/22/18		1,080,750		1,080,166
PetSmart Tranche B 1st Lien
5.00% 3/10/22		600,000		605,196
Pinnacle Foods Tranche H 1st Lien
3.00% 4/29/20		492,500		491,229


	Principal		Value
	Amount°		(U.S. $)

«SENIOR SECURED LOANS (continued)
Quickrete 2nd Lien
7.00% 3/30/21		77,775	$	78,310
Realogy
0.005% 10/10/16		10,583		10,484
Rite Aid 2nd Lien
4.875% 6/21/21		1,038,889		1,042,452
Rite Aid Tranche 2nd Lien
5.75% 8/21/20		155,000		156,937
Riverbed Technology 1st Lien
6.00% 2/25/22		300,000		303,300
ROC Finance 1st Lien
5.00% 6/20/19		1,173,583		1,137,273
Sabine Oil & Gas 2nd Lien
8.75% 12/31/18		466,667		232,823
Scientific Games International
6.00% 10/18/20		321,434		322,880
Sears Tranche B
5.50% 6/30/18		804,813		794,499
Serta Simmons Holdings Tranche B 1st Lien
4.25% 10/1/19		387,113		388,524
Shelf Drilling MidCo 1st Lien
10.00% 10/8/18		300,000		205,500
Shingle Springs Tribal Gaming Authority Tranche B
6.25% 8/29/19		315,357		317,328
Stallion Oilfield Holdings
8.00% 6/19/18		256,347		187,133
Summit Materials Tranche B
5.00% 1/30/19		170,214		170,799
Supervalu 1st Lien
4.50% 3/21/19		1,542,136		1,550,595
Syniverse Holdings 1st Lien
4.00% 4/23/19		512,877		484,669
‡Texas Competitive Electric Holdings
3.75% 5/5/16		436,921		439,925
4.668% 10/10/17		6,255,000		3,766,298
‡Texas Competitive Electric Holdings Nonext
4.668% 10/10/15		1,920,000		1,142,995
Tribune Tranche B 1st Lien
4.00% 12/27/20		553,268		554,513
Univision Communications 1st Lien
4.00% 3/1/20		205,761		205,584
Univision Communications Tranche C4
4.00% 3/1/20		1,458,305		1,457,656
UPC Broadband Holding Tranche AH
3.25% 6/30/21		170,000		169,351


	Principal		Value
	Amount°		(U.S. $)

«SENIOR SECURED LOANS (continued)
Valeant Pharmaceuticals International Tranche B-F1 1st Lien
4.00% 3/13/22		1,050,000	$	1,055,906
Veresen Midstream Tranche B 1st Lien
6.00% 3/31/22		350,000		350,700
@Vertis
14.00% 12/20/15		243,194		229
Visant Tranche 1st Lien
7.00% 9/23/21		323,375		325,294
Weather Channel 1st Lien
3.50% 2/13/17		499,831		480,729
WMG Acquisition 1st Lien
3.75% 7/1/20		321,734		314,609
XO Communications
4.25% 3/19/21		439,945		441,540
Zayo Group Tranche B 1st Lien
4.00% 7/2/19		197,465		198,026


Total Senior Secured Loans (Cost $43,570,137)				41,332,557


	Number of
	Shares
COMMON STOCK–0.01%
†Dynegy		2,750		86,433
†@Escrow General Motors		425,000		43
†@Escrow General Motors		400,000		40
†@Escrow General Motors		325,000		33
†@=General Maritime		85		663
†Verso		7,222		13,000


Total Common Stock (Cost $211,301)				100,212

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of		Value
	Shares		(U.S. $)

INVESTMENT COMPANIES–99.57%
Asset Allocation Fund–19.11%
_² American Funds^®–
Capital Income Builder		6,476,751	$	384,978,101


				384,978,101

Equity Funds–21.04%
_² American Funds^®–
AMCAP Fund		6,011,185		173,302,474
American Mutual Fund		4,709,112		174,190,039
American Funds Insurance Series^®–
Growth-Income Fund		1,424,935		76,476,260


				423,968,773

Fixed Income Funds–41.89%
_² American Funds^®–
Intermediate Bond Fund of America		8,642,355		117,795,304
American Funds Insurance Series^®–
Bond Fund		43,640,071		491,823,604
High-Income Bond Fund		8,987,722		97,067,397
Mortgage Bond Fund		7,235,506		78,432,889
U.S. Government/AAA-Rated Securities Fund		4,665,834		58,789,513


				843,908,707


	Number of		Value
	Shares		(U.S. $)

INVESTMENT COMPANIES (continued)
International Equity Funds–11.60%
_² American Funds^®–
EuroPacific Growth Fund		1,957,324	$	97,670,448
New Perspective Fund		503,284		19,129,829
American Funds Insurance Series^®–
Global Small Capitalization Fund		4,282,478		116,954,478


				233,754,755

International Fixed Income Fund–2.91%
American Funds Insurance Series^®–
Global Bond Fund		4,994,604		58,586,708


				58,586,708

Money Market Fund–3.02%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		60,807,922		60,807,922


				60,807,922


Total Investment Companies (Cost $1,904,157,548)				2,006,004,966

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP American Global Balanced Allocation Managed Risk Fund.


	Number of		Value
	Shares		(U.S. $)

INVESTMENT COMPANIES–100.07%
Asset Allocation Fund–16.19%
_²American Funds^®–
Capital Income Builder		10,867,538	$	645,966,482


				645,966,482

Equity Funds–28.59%
_²American Funds^®–
AMCAP Fund		14,499,768		418,028,298
American Mutual Fund		10,329,054		382,071,715
American Funds Insurance Series^®–
Growth-Income Fund		6,342,282		340,390,274


				1,140,490,287

Fixed Income Funds–22.32%
_²American Funds^®–
Intermediate Bond Fund of America		11,374,482		155,034,196
American Funds Insurance Series^®–
Bond Fund		41,335,948		465,856,137
High-Income Bond Fund		14,187,259		153,222,398
Mortgage Bond Fund		10,727,823		116,289,602


				890,402,333


	Number of		Value
	Shares		(U.S. $)

INVESTMENT COMPANIES (continued)
International Equity Funds–26.03%
_²American Funds^®–
EuroPacific Growth Fund		9,273,746	$	462,759,909
New Perspective Fund		5,022,022		190,887,072
American Funds Insurance Series^®–
Global Small Capitalization Fund		9,860,848		269,299,762
New World Fund		5,418,532		115,523,104


				1,038,469,847

International Fixed Income Fund–2.90%
American Funds Insurance Series^®–
Global Bond Fund		9,859,990		115,657,688


				115,657,688

Money Market Fund–4.04%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		161,338,395		161,338,395


				161,338,395

Total Investment Companies (Cost $3,753,782,657)				3,992,325,032

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP American Global Growth Allocation Manged Risk Fund.


	Number of		Value
	Shares		(U.S. $)

AFFILIATED INVESTMENT COMPANIES–88.35%
Equity Funds–21.62%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA Large Cap 100 Fund		1,751,523	$	28,407,945
LVIP SSgA Mid-Cap Index Fund		5,467,452		58,151,817
LVIP SSgA S&P 500 Index Fund		12,818,966		189,489,955
LVIP SSgA Small-Cap Index Fund		1,560,644		43,930,565


				319,980,282

Fixed Income Funds–55.17%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		2,741,118		28,740,625
LVIP Delaware Bond Fund		39,442,020		557,946,812
LVIP Delaware Diversified Floating Rate Fund		2,838,859		28,675,310
LVIP JPMorgan High Yield Fund		5,037,819		57,133,901
LVIP PIMCO Low Duration Bond Fund		7,148,821		71,838,506
LVIP SSgA Bond Index Fund		6,241,160		72,416,174


				816,751,328

International Equity Funds–8.65%
*Lincoln Variable Insurance Products Trust–
LVIP MFS International Growth Fund		1,973,741		28,569,894
LVIP Mondrian International Value Fund		1,592,475		28,420,893
LVIP SSgA Developed International 150 Fund		1,467,598		14,086,010
LVIP SSgA International Index Fund		6,251,334		56,962,157


				128,038,954

International Fixed Income Fund–2.91%
*Lincoln Variable Insurance Products Trust–
LVIP Global Income Fund		3,732,467		43,061,476


				43,061,476

Total Affiliated Investment Companies (Cost $1,166,119,721)				1,307,832,040


	Number of		Value
	Shares		(U.S. $)

UNAFFILIATED INVESTMENT COMPANIES–11.28%
Equity Funds–3.47%
*Delaware VIP^® Trust–
Delaware VIP U.S. Growth Series		1,616,699	$	22,860,131
Delaware VIP Value Series		470,797		14,025,046
XFidelity^® Variable Life Insurance Products–
Fidelity VIP Mid Cap Portfolio		411,884		14,448,886


				51,334,063

Fixed Income Funds–3.32%
_² American Funds^®–
American Funds Mortgage Fund		1,992,523		20,443,286
*Delaware VIP^® Trust–
Delaware VIP Diversified Income Series		2,602,374		28,730,205


				49,173,491

International Equity Fund–1.96%
iShares MSCI Emerging Markets ETF		722,620		28,998,741


				28,998,741

Money Market Fund–2.53%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		37,438,137		37,438,137


				37,438,137

Total Unaffiliated Investment Companies (Cost $139,104,038)				166,944,432

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

For information on the Fund’s policy regarding valuation of investments, fair value heirarchy levels and other significant accounting policies, please refer to Notes 1 and 3 of the “Notes to Financial Statements” as disclosed in the Fund’s most recent annual report.

Effective May 1, 2015, the Fund’s name changed to LVIP Global Conservative Allocation Managed Risk Fund.


	Number of		Value
	Shares		(U.S. $)

AFFILIATED INVESTMENT COMPANIES–89.69%
Equity Funds–30.92%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA Large Cap 100 Fund		13,142,649	$	213,160,627
LVIP SSgA Mid-Cap Index Fund		34,457,176		366,486,520
LVIP SSgA S&P 500 Index Fund		87,226,276		1,289,378,818
LVIP SSgA Small-Cap Index Fund		10,452,868		294,237,789
†LVIP T. Rowe Price Growth Stock Fund		2,152,938		71,165,357
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		3,082,818		72,335,246


				2,306,764,357

Fixed Income Funds–35.62%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		13,785,762		144,543,714
LVIP Delaware Bond Fund		105,970,736		1,499,062,037
LVIP Delaware Diversified Floating Rate Fund		7,139,523		72,116,322
LVIP JPMorgan High Yield Fund		19,003,293		215,516,349
LVIP PIMCO Low Duration Bond Fund		35,953,984		361,301,587
LVIP SSgA Bond Index Fund		31,388,133		364,196,506


				2,656,736,515

International Equity Funds–19.27%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		14,321,255		144,959,745
LVIP MFS International Growth Fund		19,853,445		287,378,610
LVIP Mondrian International Value Fund		12,013,778		214,409,895
LVIP SSgA Developed International 150 Fund		22,398,782		214,983,512
LVIP SSgA Emerging Markets 100 Fund		15,535,056		146,076,133
LVIP SSgA International Index Fund		47,160,170		429,723,466


				1,437,531,361


	Number of		Value
	Shares		(U.S. $)

AFFILIATED INVESTMENT COMPANIES (continued)
International Fixed Income Fund–3.88%
*Lincoln Variable Insurance Products Trust–
LVIP Global Income Fund		25,063,756	$	289,160,554


				289,160,554


Total Affiliated Investment Companies (Cost $5,852,875,059)				6,690,192,787


UNAFFILIATED INVESTMENT COMPANIES–10.05%
Commodity Fund–0.93%
**PIMCO CommodityRealReturn Strategy Portfolio		16,315,178		69,339,508


				69,339,508

Equity Funds–2.75%
*Delaware VIP^® Trust–
Delaware VIP U.S. Growth Series		4,476,338		63,295,420
Delaware VIP Value Series		2,327,972		69,350,299
X Fidelity^® Variable Life Insurance Products–
Fidelity VIP Mid Cap Portfolio		2,071,500		72,668,225


				205,313,944

Fixed Income Funds–1.34%
²American Funds^® –
American Funds Mortgage Fund		1,753,001		17,985,794
*Delaware VIP^® Trust–
Delaware VIP Diversified Income Series		7,434,604		82,078,033


				100,063,827

International Equity Fund–1.95%
iShares MSCI Emerging Markets ETF		3,620,695		145,298,490


				145,298,490

Money Market Fund–3.08%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		229,468,284		229,468,284


				229,468,284


Total Unaffiliated Investment Companies (Cost $691,877,487)				749,484,053

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP Global Moderate Allocation Managed Risk Fund.


	Number of		Value
	Shares		(U.S. $)

AFFILIATED INVESTMENT COMPANIES–92.98%
Equity Funds–39.31%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA Large Cap 100 Fund		21,763,302	$	352,978,990
LVIP SSgA Mid-Cap Index Fund		42,564,552		452,716,577
LVIP SSgA S&P 500 Index Fund		142,425,462		2,105,333,178
LVIP SSgA Small-Cap Index Fund		16,128,990		454,014,948
†LVIP T. Rowe Price Growth Stock Fund		5,397,628		178,418,606
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		3,808,160		89,354,659


				3,632,816,958

Fixed Income Funds–26.01%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		8,514,934		89,279,088
LVIP Delaware Bond Fund		106,740,311		1,509,948,445
LVIP Delaware Diversified Floating Rate Fund		8,818,270		89,073,343
LVIP JPMorgan High Yield Fund		15,650,659		177,494,128
LVIP PIMCO Low Duration Bond Fund		35,533,113		357,072,253
LVIP SSgA Bond Index Fund		15,537,825		180,285,382


				2,403,152,639

International Equity Funds–23.80%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Emerging Markets RPM Fund		7,440,912		70,740,748
LVIP Clarion Global Real Estate Fund		17,689,980		179,057,974
LVIP MFS International Growth Fund		24,525,078		355,000,505
LVIP Mondrian International Value Fund		14,840,643		264,860,949
LVIP SSgA Developed International 150 Fund		18,340,524		176,032,346
LVIP SSgA Emerging Markets 100 Fund		19,190,659		180,449,770
LVIP SSgA International Index Fund		106,803,808		973,196,300


				2,199,338,592


	Number of		Value
	Shares		(U.S. $)

AFFILIATED INVESTMENT COMPANIES (continued)
International Fixed Income Fund–3.86%
*Lincoln Variable Insurance Products Trust–
LVIP Global Income Fund		30,930,153	$	356,841,170


				356,841,170


Total Affiliated Investment Companies (Cost $7,601,398,740)				8,592,149,359


UNAFFILIATED INVESTMENT COMPANIES–6.93%
Commodity Fund–0.93%
**PIMCO CommodityRealReturn Strategy Portfolio		20,154,825		85,658,005


				85,658,005

Equity Fund–0.97%
XFidelity^® Variable Life Insurance Products–
Fidelity VIP Mid Cap Portfolio		2,558,890		89,765,845


				89,765,845

Fixed Income Fund–0.18%
²American Funds^®–
American Funds Mortgage Fund		1,627,862		16,701,861


				16,701,861

International Equity Fund–1.17%
iShares MSCI Emerging Markets ETF		2,697,715		108,259,303


				108,259,303

Money Market Fund–3.68%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		339,850,342		339,850,342


				339,850,342


Total Unaffiliated Investment Companies (Cost $668,532,453)				640,235,356

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP Global Growth Allocation Managed Risk Fund.


	Number of		Value
	Shares		(U.S. $)

AFFILIATED INVESTMENT COMPANIES–94.30%
Equity Funds–29.26%
*Lincoln Variable Insurance Products Trust–
LVIP Delaware Special Opportunities Fund		20,640	$	887,871
LVIP SSgA Mid-Cap Index Fund		42,350		450,431
LVIP SSgA S&P 500 Index Fund		651,267		9,627,025
LVIP SSgA Small-Cap Index Fund		64,398		1,812,741
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		18,988		445,537


				13,223,605

Fixed Income Funds–43.48%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		382,186		4,007,219
LVIP Delaware Bond Fund		95,170		1,346,277
LVIP Delaware Diversified Floating Rate Fund		175,928		1,777,053
LVIP JPMorgan High Yield Fund		117,060		1,327,576
LVIP PIMCO Low Duration Bond Fund		177,217		1,780,857
LVIP SSgA Bond Index Fund		811,306		9,413,586


				19,652,568

International Equity Funds–14.66%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		132,313		1,339,274
LVIP SSgA International Index Fund		580,304		5,287,729


				6,627,003


	Number of		Value
	Shares		(U.S. $)

AFFILIATED INVESTMENT COMPANIES (continued)
International Fixed Income Fund–6.90%
*Lincoln Variable Insurance Products Trust–
LVIP Global Income Fund		270,226	$	3,117,599


				3,117,599


Total Affiliated Investment Companies (Cost $31,773,796)				42,620,775


UNAFFILIATED INVESTMENT COMPANIES–5.80%
Fixed Income Fund–0.99%
American Funds^®–
Mortgage Bond Fund		41,277		447,442


				447,442

International Equity Fund–2.91%
*Delaware VIP Trust–
Delaware VIP Emerging Markets Series		68,775		1,318,423


				1,318,423

Money Market Fund–1.90%
Dreyfus Treasury & Agency Cash Management Fund -Institutional Shares		857,907		857,907


				857,907


Total Unaffiliated Investment Companies (Cost $2,475,291)				2,623,772

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of		Value
	Shares		(U.S. $)

AFFILIATED INVESTMENT COMPANIES–95.46%
Equity Funds–36.80%
*Lincoln Variable Insurance Products Trust–
LVIP Baron Growth Opportunities Fund		64,536	$	3,257,346
LVIP Delaware Special Opportunities Fund		73,844		3,176,568
LVIP SSgA Mid-Cap Index Fund		151,484		1,611,180
LVIP SSgA S&P 500 Index Fund		2,966,452		43,850,089
LVIP SSgA Small-Cap Index Fund		114,770		3,230,663
LVIP SSgA Small-Mid Cap 200 Fund		103,607		1,612,645
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		135,861		3,187,832


				59,926,323

Fixed Income Funds–32.38%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		759,470		7,963,048
LVIP Delaware Diversified Floating Rate Fund		314,643		3,178,204
LVIP JPMorgan High Yield Fund		419,160		4,753,695
LVIP PIMCO Low Duration Bond Fund		633,866		6,369,715
LVIP SSgA Bond Index Fund		2,625,267		30,460,975


				52,725,637

International Equity Funds–20.41%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		473,323		4,790,974


	Number of		Value
	Shares		(U.S. $)

AFFILIATED INVESTMENT COMPANIES (continued)
International Equity Funds (continued)
LVIP SSgA Emerging Markets 100 Fund		171,161	$	1,609,431
LVIP SSgA International Index Fund .		2,944,228		26,827,809


				33,228,214

International Fixed Income Fund–5.87%
*Lincoln Variable Insurance Products Trust–
LVIP Global Income Fund		828,467		9,558,027


				9,558,027


Total Affiliated Investment Companies (Cost $112,331,405)				155,438,201


UNAFFILIATED INVESTMENT COMPANIES–4.77%
International Equity Fund–1.93%
*Delaware VIP Trust–
Delaware VIP Emerging Markets Series		163,380		3,131,986


				3,131,986

Money Market Fund–2.84%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		4,625,877		4,625,877


				4,625,877


Total Unaffiliated Investment Companies (Cost $7,034,962)				7,757,863

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of		Value
	Shares		(U.S. $)

AFFILIATED INVESTMENT COMPANIES–92.50%
Equity Funds–38.32%
*Lincoln Variable Insurance Products Trust–
LVIP Baron Growth Opportunities Fund		33,573	$	1,694,553
LVIP Delaware Special Opportunities Fund		77,222		3,321,855
LVIP MFS Value Fund		43,764		1,643,658
LVIP SSgA Mid-Cap Index Fund		158,415		1,684,901
LVIP SSgA S&P 500 Index Fund		3,212,830		47,492,052
LVIP SSgA Small-Cap Index Fund		120,844		3,401,645
LVIP SSgA Small-Mid Cap 200 Fund		108,344		1,686,379
†LVIP T. Rowe Price Growth Stock Fund		49,609		1,639,837
LVIP T. Rowe Price Structured
Mid-Cap Growth Fund		142,081		3,333,789


				65,898,669

Fixed Income Funds–26.25%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		476,552		4,996,643
LVIP Delaware Diversified Floating Rate Fund		329,061		3,323,842
LVIP JPMorgan High Yield Fund		291,986		3,311,410
LVIP PIMCO Low Duration Bond Fund		331,486		3,331,100
LVIP SSgA Bond Index Fund		2,601,236		30,182,144


				45,145,139

International Equity Funds–23.09%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		494,894		5,009,315
LVIP Mondrian International Value Fund		184,529		3,293,282
LVIP SSgA Emerging Markets 100 Fund		359,871		3,383,867
LVIP SSgA International Index Fund		3,076,194		28,030,279


				39,716,743


	Number of		Value
	Shares		(U.S. $)

AFFILIATED INVESTMENT COMPANIES (continued)
International Fixed Income Fund–4.84%
*Lincoln Variable Insurance Products Trust–
LVIP Global Income Fund		722,056	$	8,330,358


				8,330,358


Total Affiliated Investment Companies (Cost $113,552,482)				159,090,909


UNAFFILIATED INVESTMENT COMPANIES–7.68%
Commodity Fund–0.93%
**PIMCO CommodityRealReturn Strategy Portfolio		375,933		1,597,714


				1,597,714

International Equity Fund–2.86%
*Delaware VIP Trust–
Delaware VIP Emerging Markets Series		256,236		4,912,035


				4,912,035

Money Market Fund–3.89%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		6,690,559		6,690,559


				6,690,559


Total Unaffiliated Investment Companies (Cost $12,732,528)				13,200,308

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of		Value
	Shares		(U.S. $)

AFFILIATED INVESTMENT COMPANIES–91.53%
Equity Funds–44.64%
*Lincoln Variable Insurance Products Trust–
LVIP Baron Growth Opportunities Fund		45,480	$	2,295,517
LVIP Delaware Special Opportunities Fund		52,299		2,249,759
LVIP MFS Value Fund		59,276		2,226,247
LVIP SSgA Mid-Cap Index Fund		107,296		1,141,199
LVIP SSgA S&P 500 Index Fund		2,476,059		36,601,104
LVIP SSgA Small-Cap Index Fund		123,071		3,464,322
LVIP SSgA Small-Mid Cap 200 Fund		73,385		1,142,240
†LVIP T. Rowe Price Growth Stock Fund		33,598		1,110,580
LVIP T. Rowe Price Structured
Mid-Cap Growth Fund		96,228		2,257,892


				52,488,860

Fixed Income Funds–16.37%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		216,190		2,266,754
LVIP JPMorgan High Yield Fund		197,752		2,242,701
LVIP PIMCO Low Duration Bond Fund		224,509		2,256,089
LVIP SSgA Bond Index Fund		1,076,090		12,485,877


				19,251,421

International Equity Funds–26.68%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		335,204		3,392,936
LVIP MFS International Growth Fund		309,831		4,484,810
LVIP Mondrian International Value Fund		249,963		4,461,096


	Number of		Value
	Shares		(U.S. $)

AFFILIATED INVESTMENT COMPANIES (continued)
International Equity Funds (continued)
LVIP SSgA Emerging Markets 100 Fund		243,762	$	2,292,090
LVIP SSgA International Index Fund		1,836,629		16,735,365


				31,366,297

International Fixed Income Fund–3.84%
*Lincoln Variable Insurance Products Trust–
LVIP Global Income Fund		391,240		4,513,733


				4,513,733


Total Affiliated Investment Companies (Cost $71,501,237)				107,620,311


UNAFFILIATED INVESTMENT COMPANIES–8.58%
Commodity Fund–0.92%
**PIMCO CommodityRealReturn Strategy Portfolio		254,594		1,082,023


				1,082,023

International Equity Fund–2.83%
*Delaware VIP Trust–
Delaware VIP Emerging Markets Series		173,539		3,326,740


				3,326,740

Money Market Fund–4.83%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		5,672,445		5,672,445


				5,672,445


Total Unaffiliated Investment Companies (Cost $9,740,776)				10,081,208

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of		Value
	Shares		(U.S. $)

AFFILIATED INVESTMENT COMPANIES–89.73%
Equity Funds–46.61%
*Lincoln Variable Insurance Products Trust–
LVIP Baron Growth Opportunities Fund		4,933	$	248,982
LVIP Delaware Special Opportunities Fund		11,350		488,259
LVIP MFS Value Fund		12,866		483,224
LVIP SSgA Mid-Cap Index Fund		23,281		247,619
LVIP SSgA S&P 500 Index Fund		586,127		8,664,128
LVIP SSgA Small-Cap Index Fund		26,696		751,462
LVIP SSgA Small-Mid Cap 200 Fund		31,847		495,697
†LVIP T. Rowe Price Growth Stock Fund		7,293		241,074
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		20,883		490,008


				12,110,453

Fixed Income Funds–6.60%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		46,902		491,766
LVIP JPMorgan High Yield Fund		42,967		487,292
LVIP PIMCO Low Duration Bond Fund		24,351		244,707
LVIP SSgA Bond Index Fund		42,216		489,831


				1,713,596

International Equity Funds–35.58%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		97,014		981,980
LVIP MFS International Growth Fund		50,436		730,060
LVIP Mondrian International Value Fund		54,261		968,400


	Number of		Value
	Shares		(U.S. $)

AFFILIATED INVESTMENT COMPANIES (continued)
International Equity Funds (continued)
LVIP SSgA Emerging Markets 100 Fund		79,213	$	744,838
LVIP SSgA International Index Fund		638,624		5,819,138


				9,244,416

International Fixed Income Fund–0.94%
*Lincoln Variable Insurance Products Trust–
LVIP Global Income Fund		21,220		244,812


				244,812


Total Affiliated Investment Companies (Cost $17,762,405)				23,313,277


UNAFFILIATED INVESTMENT COMPANIES–10.39%
Commodity Fund–0.91%
**PIMCO CommodityRealReturn Strategy Portfolio		55,289		234,978


				234,978

International Equity Fund–2.78%
*Delaware VIP Trust–
Delaware VIP Emerging Markets Series		37,680		722,325


				722,325

Money Market Fund–6.70%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		1,741,247		1,741,247


				1,741,247


Total Unaffiliated Investment Companies (Cost $2,696,516)				2,698,550

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional value presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of Shares		Value (U.S. $)

DCOMMON STOCK–98.81%
Australia–0.32%
Brambles		367,164	$	3,210,714

				3,210,714

Belgium–1.13%
†KBC Groep		186,437		11,524,387

				11,524,387

Brazil–0.83%
Ambev ADR		647,022		3,726,847
BM&FBovespa		418,680		1,459,871
Itau Unibanco Holding ADR		70,819		783,258
Lojas Renner		59,635		1,681,625
M Dias Branco		29,276		793,625

				8,445,226

Canada–4.26%
Canadian National Railway		461,068		30,831,617
Dollarama		37,127		2,075,231
Loblaw		81,075		3,963,340
Suncor Energy		221,672		6,476,991

				43,347,179

¨China–0.86%
Guangzhou Automobile Group		4,131,600		3,947,062
Want Want China Holdings		4,535,000		4,826,002

				8,773,064

Denmark–3.83%
Carlsberg Class B		165,566		13,651,872
Chr Hansen Holding		178,259		8,184,504
Novo Nordisk Class B		320,988		17,135,431

				38,971,807

France–15.51%
Air Liquide		93,879		12,088,175
Danone		438,966		29,595,253
Dassault Systemes		146,697		9,929,482
Essilor International		68,449		7,860,442
Kering		27,512		5,371,860
Legrand		81,281		4,403,629
L’Oreal		91,589		16,872,975
LVMH Moet Hennessy Louis Vuitton		170,239		29,964,756
Pernod-Ricard		199,738		23,621,763
Schneider Electric		232,563		18,101,136

				157,809,471

Germany–9.96%
Bayer		200,761		30,042,622
Brenntag		270,554		16,167,143
Fresenius Medical Care		145,965		12,135,124
Linde		97,554		19,841,227
SAP		140,447		10,153,029
Symrise		205,575		12,964,658

				101,303,803


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
nHong Kong–3.55%
AIA Group		4,682,400	$	29,398,381
Dairy Farm International Holdings		350,100		3,287,439
Li & Fung		3,516,000		3,433,164

				36,118,984

India–1.04%
HDFC Bank ADR		178,898		10,535,303

				10,535,303

Ireland–4.77%
Accenture Class A		274,918		25,757,067
Experian		372,052		6,158,374
Paddy Power		83,824		7,163,201
Shire		118,358		9,435,551

				48,514,193

Israel–1.96%
NICE Systems ADR		327,688		19,966,030

				19,966,030

Italy–0.93%
Prysmian		461,382		9,510,799

				9,510,799

Japan–8.60%
AEON Financial Service		366,300		9,238,810
Inpex		828,900		9,131,952
Japan Tobacco		271,600		8,585,166
Nippon Paint		224,100		8,191,002
Nitto Denko		108,000		7,210,385
OBIC		315,700		13,385,132
SoftBank		177,400		10,329,955
Sundrug		161,700		8,391,987
Terumo		241,600		6,363,394
Unicharm		256,400		6,711,431

				87,539,214

Mexico–0.31%
Grupo Financiero Banorte Class O		538,079		3,120,413

				3,120,413

Netherlands–0.64%
Akzo Nobel		86,275		6,524,433

				6,524,433

Panama–0.47%
Copa Holdings Class A		47,593		4,805,465

				4,805,465

Peru–0.41%
Credicorp		29,485		4,146,476

				4,146,476

Republic of Korea–1.31%
LG Chem		17,155		3,483,961


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Republic of Korea (continued)
NAVER		3,670	$	2,215,161
Samsung Electronics		5,892		7,644,049

				13,343,171

Russia–0.16%
Sberbank of Russia ADR		379,507		1,663,366

				1,663,366

Spain–0.90%
Amadeus IT Holding		213,361		9,145,730

				9,145,730

Sweden–1.98%
Atlas Copco Class A		168,416		5,452,276
Ericsson Class B		1,170,969		14,701,533

				20,153,809

Switzerland–11.79%
†Julius Baer Group		188,277		9,410,811
Nestle		480,076		36,150,895
Roche Holding		118,261		32,497,188
Schindler Holding		46,159		7,660,629
Sonova Holding		43,770		6,073,206
†UBS Group		1,454,821		28,099,371

				119,892,100

Taiwan–2.22%
MediaTek		551,000		7,450,485
Taiwan Semiconductor Manufacturing ADR		643,385		15,106,680

				22,557,165

Thailand–0.36%
Kasikornbank NVDR		516,000		3,627,108

				3,627,108

United Kingdom–19.04%
BG Group		828,270		10,165,626
Burberry Group		544,186		13,974,493
Capita		660,551		10,919,066
Compass Group		1,486,969		25,811,806
Croda International		196,939		7,987,200
Diageo		578,592		15,988,467
HSBC Holdings		1,251,131		10,661,058
Intertek Group		257,026		9,520,120
Reckitt Benckiser Group		212,997		18,297,017
†Rolls-Royce Holdings		942,976		13,299,240
Standard Chartered		714,710		11,575,563
Weir Group		403,309		10,176,593
Whitbread		203,071		15,767,918
WPP		861,051		19,554,345

				193,698,512

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

As a result of utilizing international fair value pricing at March 31, 2015, the majority of the Fund’s common stock was categorized as Level 2.

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP MFS International Growth Managed Volatility Fund.


	Number of Shares		Value (U.S. $)

COMMON STOCK–98.52%
Aerospace & Defense–7.33%
Honeywell International		225,503	$	23,522,218
Lockheed Martin		112,581		22,849,440
Northrop Grumman		57,445		9,246,347
United Technologies		188,887		22,137,556

				77,755,561

Air Freight & Logistics–1.33%
United Parcel Service Class B		145,698		14,123,964

				14,123,964

Auto Components–1.77%
Delphi Automotive		104,041		8,296,229
Johnson Controls		207,961		10,489,553

				18,785,782

Banks–10.53%
Citigroup		69,968		3,604,751
JPMorgan Chase		737,880		44,700,770
PNC Financial Services Group		95,470		8,901,623
U.S. Bancorp		458,224		20,010,642
Wells Fargo		634,812		34,533,773

				111,751,559

Beverages–1.46%
Diageo		487,031		13,458,325
Dr Pepper Snapple Group		25,979		2,038,832

				15,497,157

Capital Markets–6.11%
Bank of New York Mellon		321,278		12,928,227
BlackRock		28,840		10,550,826
Franklin Resources		236,818		12,153,500
Goldman Sachs Group		105,180		19,770,685
State Street		127,654		9,386,399

				64,789,637

Chemicals–1.67%
duPont (E.I.) deNemours		34,674		2,478,151
PPG Industries		67,368		15,194,179

				17,672,330

Commercial Services & Supplies–1.23%
Tyco International		303,986		13,089,637

				13,089,637

Consumer Finance–0.56%
American Express		75,387		5,889,232

				5,889,232

Containers & Packaging–0.52%
†Crown Holdings		102,919		5,559,684

				5,559,684

Diversified Financial Services–1.29%
McGraw-Hill Financial		51,547		5,329,960


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Diversified Financial Services (continued)
NASDAQ OMX Group		163,860	$	8,347,028

				13,676,988

Diversified Telecommunication Services–1.96%
AT&T		85,591		2,794,546
Verizon Communications		371,092		18,046,204

				20,840,750

Electric Utilities–0.66%
Duke Energy		91,529		7,027,597

				7,027,597

Electrical Equipment–0.84%
Eaton		130,567		8,870,722

				8,870,722

Energy Equipment & Services–0.82%
Baker Hughes		32,565		2,070,483
Schlumberger		79,461		6,630,226

				8,700,709

Food & Staples Retailing–1.96%
CVS Health		200,939		20,738,914

				20,738,914

Food Products–4.18%
Archer-Daniels-Midland		14,901		706,307
Danone		110,290		7,435,793
General Mills		287,530		16,274,198
Kellogg		45,903		3,027,303
Nestle		224,793		16,927,462

				44,371,063

Health Care Equipment & Supplies–3.91%
Abbott Laboratories		284,583		13,184,730
Medtronic		270,317		21,082,023
St. Jude Medical		109,552		7,164,701

				41,431,454

Health Care Providers & Services–1.07%
†Express Scripts Holding		130,835		11,352,553

				11,352,553

Hotels, Restaurants & Leisure–0.79%
McDonald’s		86,016		8,381,399

				8,381,399

Household Durables–0.17%
Newell Rubbermaid		47,095		1,840,002

				1,840,002

Household Products–0.49%
Procter & Gamble		63,043		5,165,743

				5,165,743


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Industrial Conglomerates–3.38%
3M		133,115	$	21,957,319
Danaher		164,066		13,929,203

				35,886,522

Insurance–7.52%
ACE		101,640		11,331,844
Aon		129,513		12,448,790
Chubb		78,406		7,926,847
MetLife		366,684		18,535,876
Prudential Financial		118,452		9,512,880
Travelers		185,136		20,018,756

				79,774,993

IT Services–5.18%
Accenture Class A		283,697		26,579,572
Fidelity National Information Service		84,039		5,719,694
†Fiserv		102,464		8,135,642
International Business Machines		90,266		14,487,693

				54,922,601

Leisure Products–0.60%
Hasbro		86,018		5,439,778
Mattel		39,577		904,334

				6,344,112

Life Sciences Tools & Services–1.15%
Thermo Fisher Scientific		90,622		12,174,159

				12,174,159

Machinery–1.53%
Illinois Tool Works		77,187		7,497,945
Pentair		61,583		3,872,955
Stanley Black & Decker		50,503		4,815,966

				16,186,866

Media–4.51%
Comcast Class A		214,368		12,018,542
Disney (Walt)		71,840		7,535,298
Omnicom Group		161,699		12,609,288
Time		11,315		253,909
Time Warner		105,821		8,935,525
Viacom Class B		94,860		6,478,938

				47,831,500

Multiline Retail–2.06%
Kohl’s		40,415		3,162,474
Target		227,209		18,647,043

				21,809,517

Oil, Gas & Consumable Fuels–4.63%
Chevron		137,791		14,465,299
EOG Resources		65,819		6,034,944
Exxon Mobil		217,287		18,469,395


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum		139,126	$	10,156,198

				49,125,836

Pharmaceuticals–8.21%
Johnson & Johnson		352,449		35,456,369
Merck		247,341		14,217,161
Novartis		35,691		3,522,719
Pfizer		893,524		31,085,700
Roche Holding		10,240		2,813,871

				87,095,820

Professional Services–0.23%
Equifax		26,545		2,468,685

				2,468,685

Road & Rail–0.58%
Canadian National Railway		92,444		6,181,730

				6,181,730

Semiconductors & Semiconductor Equipment–1.24%
Texas Instruments		230,246		13,166,617

				13,166,617

Software–0.98%
Oracle		241,134		10,404,932

				10,404,932

Specialty Retail–0.76%
Advance Auto Parts		35,009		5,240,497
†Bed Bath & Beyond		36,915		2,834,149

				8,074,646

Tobacco–4.78%
Altria Group		113,177		5,661,114
Imperial Tobacco Group		48,249		2,116,432
Lorillard		171,954		11,237,194
Philip Morris International		421,166		31,726,435

				50,741,175

Wireless Telecommunication Services–0.53%
Vodafone Group		1,706,083		5,582,671

				5,582,671


Total Common Stock (Cost $650,713,082)		1,045,084,819


CONVERTIBLE PREFERRED STOCK–0.08%
United Technologies 7.50% exercise price $98.52, expiration date 8/1/15		14,230		875,714


Total Convertible Preferred Stock (Cost $715,786)				875,714

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.


	Number of Shares		Value (U.S. $)

COMMON STOCK–98.34%
Aerospace & Defense–6.18%
Curtiss-Wright		19,785	$	1,462,903
†Esterline Technologies		17,480		2,000,062
†Moog Class A		30,855		2,315,668
Orbital ATK		27,212		2,085,256
†Teledyne Technologies		3,440		367,151

				8,231,040

Auto Components–1.07%
Goodyear Tire & Rubber		52,620		1,424,950

				1,424,950

Banks–7.41%
BankUnited		56,074		1,835,863
CIT Group		27,700		1,249,824
Comerica		46,615		2,103,735
Iberiabank		26,830		1,691,095
South State		12,500		854,875
Zions Bancorporation		79,105		2,135,835

				9,871,227

Beverages–0.55%
Treasury Wine Estates		189,003		734,306

				734,306

Capital Markets–0.96%
LPL Financial Holdings		29,230		1,282,028
†*@=Solar Cayman Escrow		26,800		1,876

				1,283,904

Chemicals–5.94%
Cabot		37,060		1,667,700
Celanese Class A		30,400		1,698,144
Huntsman		63,500		1,407,795
Methanex		58,675		3,143,220

				7,916,859

Communications Equipment–1.41%
†ARRIS Group		65,000		1,878,175

				1,878,175

Containers & Packaging–0.67%
Packaging Corp of America		11,445		894,885

				894,885

Diversified Financial Services–1.14%
MSCI		24,700		1,514,357

				1,514,357

Electric Utilities–3.17%
Great Plains Energy		43,380		1,157,378
Portland General Electric		46,850		1,737,667
Westar Energy		34,215		1,326,173

				4,221,218


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Electrical Equipment–4.41%
†Generac Holdings		38,200	$	1,859,958
Hubbell Class B		19,540		2,141,975
†Sensata Technologies Holding		32,740		1,880,913

				5,882,846

Electronic Equipment, Instruments & Components–2.14%
†Arrow Electronics		46,705		2,856,011

				2,856,011

Energy Equipment & Services–0.18%
Trican Well Service		87,500		238,325

				238,325

Food Products–1.63%
Ebro Foods		25,320		472,277
Ingredion		21,910		1,705,036

				2,177,313

Gas Utilities–1.61%
UGI		65,877		2,146,931

				2,146,931

Health Care Providers & Services–2.86%
†Brookdale Senior Living		67,165		2,536,150
†WellCare Health Plans		13,950		1,275,867

				3,812,017

Hotels, Restaurants & Leisure–1.64%
†Norwegian Cruise Line Holdings		40,545		2,189,835

				2,189,835

Household Durables–7.20%
Horton (D.R.)		55,200		1,572,096
Lennar Class A		46,795		2,424,449
Newell Rubbermaid		75,520		2,950,566
Sanwa Holdings		109,900		815,138
†Toll Brothers		46,570		1,832,064

				9,594,313

Insurance–8.32%
Argo Group International Holdings		28,978		1,453,247
Hanover Insurance Group		30,430		2,208,609
Reinsurance Group of America		27,716		2,582,854
StanCorp Financial Group		2,600		178,360
Unum Group		75,615		2,550,494
XL Group		57,465		2,114,712

				11,088,276

IT Services–1.11%
Booz Allen Hamilton Holding		51,025		1,476,663

				1,476,663


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Leisure Products–1.39%
†Performance Sports Group		95,300	$	1,858,350

				1,858,350

Life Sciences Tools & Services–0.68%
†WuXi PharmaTech Cayman ADR		23,200		899,696

				899,696

Machinery–2.00%
Barnes Group		65,930		2,669,506

				2,669,506

Media–2.39%
AMC Entertainment Holdings		10,030		355,965
Interpublic Group		71,325		1,577,709
Quebecor Class B		46,900		1,254,468

				3,188,142

Metals & Mining–0.52%
Reliance Steel & Aluminum		11,300		690,204

				690,204

Multi-Utilities–0.56%
Alliant Energy		11,885		748,755

				748,755

Oil, Gas & Consumable Fuels–4.94%
†Cobalt International Energy		117,315		1,103,934
†Diamondback Energy		31,585		2,426,991
HollyFrontier		21,745		875,671
†Laredo Petroleum		59,000		769,360
†Newfield Exploration		10,640		373,358
QEP Resources		49,850		1,039,373

				6,588,687

Paper & Forest Products–1.00%
†Louisiana-Pacific		80,905		1,335,742

				1,335,742

Pharmaceuticals–4.29%
†Almirall		149,796		2,753,910
Ono Pharmaceutical		21,100		2,380,611
UCB		7,992		577,458

				5,711,979

Real Estate Investment Trusts–7.48%
American Assets Trust		40,080		1,734,662
Blackstone Mortgage Trust		56,660		1,607,444
Equity Lifestyle Properties		44,310		2,434,835
Extra Space Storage		33,620		2,271,703
Plum Creek Timber		3,805		165,327
SL Green Realty		13,625		1,749,177

				9,963,148


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Real Estate Management & Development–1.37%
†Forest City Enterprises Class A		71,620	$	1,827,742

				1,827,742

Semiconductors & Semiconductor Equipment–4.64%
†Microsemi		75,460		2,671,284
†NXP Semiconductor		2,240		224,806
†Qorvo		31,125		2,480,663
†Synaptics		9,900		804,919

				6,181,672

Software–2.88%
†Check Point Software Technologies		14,035		1,150,449
†Verint Systems		43,335		2,683,737

				3,834,186

Specialty Retail–1.33%
DSW Class A		47,940		1,768,027

				1,768,027

Textiles, Apparel & Luxury Goods–0.39%
Samsonite International		149,100		518,824

				518,824

Thrifts & Mortgage Finance–0.47%
EverBank Financial		34,795		627,354

				627,354

Trading Companies & Distributors–2.41%
Rexel		60,577		1,142,439
†WESCO International		29,600		2,068,744

				3,211,183


Total Common Stock (Cost $93,341,654)		131,056,648


MONEY MARKET FUND–1.50%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		2,007,544		2,007,544


Total Money Market Fund (Cost $2,007,544)		2,007,544

The following table summarizes the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2015:

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

Effective May 1, 2015, the Fund’s name changed to LVIP Wellington Mid-Cap Value Fund.


	Number of Shares		Value (U.S. $)

DCOMMON STOCK–99.20%
Australia–1.44%
AMP		471,547	$	2,301,401
QBE Insurance Group		1,591,914		15,734,746

				18,036,147

Belgium–0.00%
†*=Ageas VVPR Strip		17,029		0

				0

Denmark–0.12%
†ISS		47,099		1,484,544

				1,484,544

France–9.48%
Cie de Saint-Gobain		590,360		25,925,939
†*=GDF Suez VVPR Strip		60,186		0
Orange		360,163		5,785,136
Sanofi		386,683		38,195,549
Societe Generale		284,603		13,743,765
TOTAL		523,064		26,004,784
Vallourec		355,492		8,678,285

				118,333,458

Germany–8.13%
Daimler		203,681		19,564,088
Deutsche Telekom		2,274,464		41,608,644
RWE		646,446		16,461,536
SAP		330,488		23,891,248

				101,525,516

nHong Kong–2.68%
China Mobile		1,608,000		20,956,090
Jardine Matheson Holdings		198,100		12,518,185

				33,474,275

Israel–1.98%
Teva Pharmaceutical Industries ADR		397,000		24,733,100

				24,733,100

Italy–1.73%
Eni		1,247,759		21,600,409

				21,600,409

Japan–18.73%
Canon		1,056,900		37,388,259
Honda Motor		989,200		32,285,012
Hoya		334,600		13,393,256
Kao		483,200		24,124,107
Kirin Holdings		1,769,800		23,209,305
NTT DOCOMO		804,900		14,064,106
Seven & I Holdings		488,400		20,520,745
Takeda Pharmaceutical		690,300		34,452,586
Tokio Marine Holdings		732,900		27,660,039
Tokyo Electron		97,700		6,775,709

				233,873,124


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Netherlands–5.97%
Koninklijke Ahold		1,722,097	$	33,941,734
Reed Elsevier		650,677		16,216,323
Royal Dutch Shell Class A		816,256		24,360,527

				74,518,584

Norway–0.12%
Telenor		76,446		1,542,901

				1,542,901

Singapore–4.48%
Sembcorp Industries		3,832,200		11,764,097
Singapore Telecommunications		7,857,000		25,071,078
United Overseas Bank		1,138,486		19,082,796

				55,917,971

Spain–6.39%
Banco Santander		1,383,026		10,369,605
Iberdrola		5,844,126		37,693,169
Telefonica		2,233,982		31,794,378

				79,857,152

Sweden–3.65%
Ericsson Class B		1,224,846		15,377,960
TeliaSonera		4,758,052		30,236,100

				45,614,060

Switzerland–13.67%
†ABB		1,740,885		36,931,150
Nestle		442,484		33,320,125
Novartis		359,428		35,475,719
Syngenta		84,801		28,809,326
†Zurich Insurance Group		107,137		36,212,544

				170,748,864

Taiwan–1.05%
Taiwan Semiconductor Manufacturing ADR		559,916		13,146,828

				13,146,828

United Kingdom–19.58%
Amec Foster Wheeler		1,465,441		19,601,963
BG Group		1,730,238		21,235,771
BP		3,808,443		24,686,120
G4S		4,536,085		19,882,923
GlaxoSmithKline		1,619,824		37,286,998
National Grid		2,381,828		30,619,872
Pearson		639,309		13,759,813
Tesco		8,245,285		29,431,012
Unilever		851,004		35,505,633

The following foreign currency exchange contracts were outstanding at March 31, 2015:

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

As a result of international fair value pricing at March 31, 2015, the majority of the portfolio was categorized as Level 2.


	Principal Amount°		Value (U.S. $)

AGENCY OBLIGATIONS–3.72%
Federal Home Loan Banks
0.25% 10/2/15		15,000,000	$	15,000,000
0.35% 3/7/16		10,000,000		10,000,000


Total Agency Obligations (Cost $25,000,000)				25,000,000


CERTIFICATES OF DEPOSIT–27.07%
Banco Estado Chile
0.20% 4/7/15		20,000,000		20,000,000
0.20% 5/11/15		14,000,000		14,000,000
Bank of Montreal Chicago
0.18% 5/11/15		15,000,000		15,000,000
0.23% 5/13/15		10,000,000		10,000,000
Bank of Nova Scotia Houston 0.21% 5/18/15		20,000,000		20,000,000
DnB NOR Bank New York 0.10% 4/1/15		33,000,000		33,000,000
HSBC Bank USA 0.27% 7/13/15		25,000,000		25,000,000
Rabobank Nederland New York 0.30% 9/10/15		20,000,000		20,000,000
Toronto Dominion Bank New York 0.20% 7/29/15		25,000,000		25,000,825


Total Certificates of deposit (Cost $182,000,825)				182,000,825


COMMERCIAL PAPER–66.78%
Aerospace & Defense–0.56%
≠United Technologies 0.11% 6/26/15		3,750,000		3,749,014

				3,749,014

Chemicals–4.91%
BASF 0.01% 4/1/15		33,000,000		33,000,000

				33,000,000

Colleges & Universities–20.50%
Brown University
≠0.10% 6/17/15		15,000,000		14,996,792
≠0.11% 5/19/15		11,780,000		11,778,272
Cornell University
≠0.09% 4/9/15		10,000,000		9,999,800
≠0.12% 5/12/15		5,000,000		4,999,317
≠0.12% 5/27/15		5,000,000		4,999,067
≠0.12% 6/9/15		10,000,000		9,997,700
Dartmouth College
≠0.15% 7/16/15		5,000,000		4,997,792
≠0.15% 7/22/15		3,500,000		3,498,367
Duke University
≠0.15% 5/12/15		2,912,000		2,911,502
≠0.15% 7/22/15		6,000,000		5,997,200


	Principal Amount°		Value (U.S. $)

COMMERCIAL PAPER (continued)
Colleges & Universities (continued)
≠Leland Stanford Junior University 0.10% 5/7/15		7,580,000	$	7,579,242
University of California
≠0.12% 4/13/15		10,000,000		9,999,600
≠0.12% 5/12/15		5,000,000		4,999,317
University of Chicago
≠0.12% 7/7/15		6,100,000		6,098,028
≠0.14% 6/3/15		5,000,000		4,998,775
Yale University
≠0.10% 6/3/15		15,000,000		14,997,375
≠0.10% 6/15/15		15,000,000		14,996,875

				137,845,021

Commercial Banks–21.04%
Abbey National North America 0.06% 4/1/15		33,000,000		33,000,000
≠BNP Paribas Finance 0.11% 4/2/15		33,000,000		32,999,899
Credit Agricole CIB New York 0.02% 4/1/15		33,000,000		33,000,000
≠HSBC USA 0.24% 4/20/15		2,500,000		2,499,683
≠PNC Bank 0.281% 7/13/15		15,000,000		14,987,983
≠Westpac Securities New Zealand 0.27% 7/20/15		25,000,000		24,979,375

				141,466,940

Consumer Finance–2.60%
≠Toyota Motor Credit 0.20% 6/2/15		17,490,000		17,483,976

				17,483,976

Diversified Financial Services–5.94%
≠General Electric Capital 0.27% 8/25/15		25,000,000		24,972,625
≠JPMorgan Securities 0.23% 4/9/15		15,000,000		14,999,233

				39,971,858

Household Products–4.46%
Kimberly-Clark
≠«0.07% 4/8/15		10,000,000		9,999,864
≠0.10% 5/4/15		20,000,000		19,998,167

				29,998,031

Oil, Gas & Consumable Fuels–4.91%
Koch Resources
0.10% 4/1/15		22,000,000		22,000,000
≠0.10% 4/7/15		11,000,000		10,999,817

				32,999,817

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENT COMPANIES–38.85%
Equity Funds–21.28%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA S&P 500 Index Fund		253,511	$	3,747,392
LVIP SSgA Small-Cap Index Fund		48,521		1,365,828

				5,113,220

International Equity Funds–17.57%
*Lincoln Variable Insurance Products Trust–
LVIP MFS International Growth Fund		92,297		1,335,993
LVIP SSgA International Index Fund		316,625		2,885,086

				4,221,079


Total Affiliated Investment Companies (Cost $9,122,498)				9,334,299


UNAFFILIATED INVESTMENT COMPANIES–59.91%
Equity Funds–39.68%
XAmerican Century VP Mid Cap Value		35,216		673,689
**BlackRock Equity Dividend Fund		35,536		877,744
#Clearbridge Variable Appreciation Portfolio		37,079		1,324,093
XFidelity^® - VIP Contrafund^® Portfolio		44,061		1,549,193
XFidelity^® Variable Life Insurance Products–Fidelity^® VIP Mid Cap Portfolio		19,333		678,189
Franklin Templeton Variable Insurance Products Trust– Templeton Growth Securities		88,288		1,333,148


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENT COMPANIES (continued)
Equity Funds (continued)
Franklin Templeton Variable Insurance Products Trust–Mutual Shares VIP Fund		56,628	$	1,327,361
#Invesco V.I. Comstock Fund		34,368		658,156
#Invesco V.I. Core Equity Fund		26,985		1,110,444

				9,532,017

International Equity Funds–13.89%
**DFA International Core Equity Portfolio		163,512		1,989,946
iShares Core MSCI Emerging Markets ETF		27,879		1,347,392

				3,337,338

Money Market Fund–6.34%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		1,523,704		1,523,704

				1,523,704


Total Unaffiliated Investment Companies (Cost $14,444,063)				14,393,059

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP Multi-Manger Global Equity Managed Volatility Fund.


	Principal Amount°		Value (U.S. $)

COMMERCIAL MORTGAGE-BACKED SECURITIES–4.29%
BAMLL Commercial Mortgage Securities Trust
#•Series 2014-ICTS XCP 144A 0.83% 6/15/16		151,650,000	$	1,505,885
#•Series 2015-ASHF A 144A 1.394% 1/15/28		850,000		850,000
•Banc of America Commercial Mortgage Trust Series 2006-4 A1A 5.617% 7/10/46		697,238		733,617
•COBALT Commercial Mortgage Trust Series 2007-C3 A1A 5.761% 5/15/46		2,593,167		2,760,011
#•COMM Mortgage Trust Series 2014-KYO A 144A 1.077% 6/11/27		3,200,000		3,187,942
JPMorgan Chase Commercial Mortgage Securities Trust
#Series 2002-CIB5 H 144A 5.50% 10/12/37		700,000		731,009
•Series 2006-CIB15 A1A 5.811% 6/12/43		4,320,413		4,498,540
Series 2012-C8 A1 0.705% 10/15/45		479,969		479,961
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5 A1 0.916% 8/15/45		1,273,712		1,273,766
#Selkirk Series 3 A 144A 1.86% 12/20/41		5,591,595		5,657,128
Wachovia Bank Commercial Mortgage Trust
#•Series 2006-C28 A4FL 144A 0.327% 10/15/48		7,860,201		7,795,472
#•Series 2007-C32 A4FL 144A 0.352% 6/15/49		6,600,000		6,471,795
Wells Fargo Commercial Mortgage Trust Series 2012-LC5 A1 0.687% 10/15/45		952,479		950,996
WF-RBS Commercial Mortgage Trust Series 2012-C9 A1 0.673% 11/15/45		1,132,959		1,130,179


Total Commercial Mortgage-Backed Securities (Cost $38,869,294)				38,026,301


CORPORATE BONDS–70.39%
Aerospace & Defense–0.65%
Embraer Overseas 6.375% 1/24/17		1,500,000		1,604,250
Penerbangan Malaysia 5.625% 3/15/16		4,000,000		4,160,396

				5,764,646


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Air Freight & Logistics–0.14%
#AWAS Aviation Capital 144A 7.00% 10/17/16		1,232,000	$	1,262,738

				1,262,738

Airlines–0.77%
¿Delta Air Lines 2010-2 Class B Pass Through Trust 6.75% 11/23/15		3,250,000		3,348,475
¿UAL 2009-1 Pass Through Trust 10.40% 11/1/16		3,190,283		3,481,556

				6,830,031

Auto Components–0.21%
Schaeffler Finance 7.75% 2/15/17		EUR 1,500,000		1,834,986

				1,834,986

Automobiles–1.90%
•General Motors Financial 1.812% 1/15/20		800,000		802,372
Hyundai Capital America
#144A 1.45% 2/6/17		3,000,000		3,004,674
@1.625% 10/2/15		350,000		351,365
Hyundai Motor Manufacturing Czech Sro 4.50% 4/15/15		2,900,000		2,902,514
Kia Motors 3.625% 6/14/16		1,590,000		1,632,526
Nissan Motor Acceptance
#•144A 0.969% 9/26/16		4,800,000		4,829,424
#144A 1.95% 9/12/17		3,180,000		3,232,584
•PACCAR Financial 0.864% 12/6/18		100,000		100,627

				16,856,086

Building Products–0.67%
Lafarge @6.20% 7/9/15		1,020,000		1,030,200
#144A 6.20% 7/9/15		470,000		474,700
Masco 6.125% 10/3/16		4,150,000		4,442,990

				5,947,890

Capital Markets–2.14%
Export-Import Bank of Korea 1.25% 11/20/15		1,300,000		1,304,220
•Goldman Sachs Group 1.455% 4/30/18		2,500,000		2,536,583
Industrial Bank of Korea
2.375% 7/17/17		2,250,000		2,290,606
4.375% 8/4/15		1,150,000		1,164,882
Korea Development Bank
•0.882% 1/22/17		4,000,000		3,999,948
2.25% 8/7/17		2,200,000		2,238,238
3.875% 5/4/17		2,000,000		2,100,090
4.00% 9/9/16		1,285,000		1,338,886


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Capital Markets (continued)
Malaysia Sukuk Global B 3.93% 6/4/15		2,000,000	$	2,009,928

				18,983,381

Chemicals–0.06%
LyondellBasell Industries 5.00% 4/15/19		500,000		551,861

				551,861

Commercial Banks–21.44%
Abbey National Treasury Services 2.35% 9/10/19		2,100,000		2,135,385
•Banco Bilbao Vizcaya Argentaria 1.007% 10/23/15		4,700,000		4,696,954
#Banco Bradesco 144A 4.50% 1/12/17		2,000,000		2,060,000
#Banco Continental via Continental Senior Trustees II 144A 5.75% 1/18/17		2,000,000		2,136,000
#Banco del Estado de Chile 144A 2.00% 11/9/17		5,000,000		5,021,965
#Banco Nacional de Desenvolvimento Economicoe Social 144A 3.375% 9/26/16		700,000		704,375
#Banco Santander Brasil 144A 4.25% 1/14/16		5,000,000		5,075,000
#•Banco Santander Chile 144A 1.857% 1/19/16		1,000,000		1,007,500
Bank of America
•0.872% 8/25/17		1,000,000		1,000,764
5.30% 3/15/17		4,300,000		4,594,498
#•@Banque Federative du Credit Mutuel 144A 1.107% 1/20/17		3,000,000		3,023,136
BBVA Bancomer
4.50% 3/10/16		2,950,000		3,045,875
#144A 4.50% 3/10/16		200,000		206,500
BPCE
•0.826% 11/18/16		1,500,000		1,503,396
•0.901% 6/17/17		3,250,000		3,255,727
•1.364% 3/6/17		GBP 2,500,000		3,733,291
CIT Group 4.25% 8/15/17		5,200,000		5,278,000
#•@Credit Agricole 144A 1.053% 4/15/19		1,100,000		1,109,035
•DBS Bank 0.863% 7/15/21		6,700,000		6,649,750
@Depfa ACS Bank 5.75% 3/28/17		1,100,000		1,200,751
Eksportfinans
2.00% 9/15/15		3,000,000		3,008,730
2.375% 5/25/16		5,000,000		5,030,350
5.50% 6/26/17		100,000		106,750
First Horizon National 5.375% 12/15/15		7,000,000		7,181,867


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Commercial Banks (continued)
•Goldman Sachs Group 1.417% 4/23/20		14,000,000	$	14,195,216
Hana Bank
1.375% 2/5/16		4,200,000		4,209,223
•1.381% 11/9/16		750,000		755,719
3.50% 10/25/17		3,300,000		3,444,893
4.50% 10/30/15		2,117,000		2,159,185
•HBOS 0.964% 9/6/17		4,000,000		4,002,000
Intesa Sanpaolo
1.65% 4/7/15		600,000		600,018
3.125% 1/15/16		1,500,000		1,520,723
#144A 3.625% 8/12/15		6,000,000		6,056,934
Itau Unibanco 1.19% 6/26/15		3,000,000		2,999,841
JPMorgan Chase
•1.212% 1/23/20		10,000,000		10,164,090
4.10% 5/17/18		AUD 1,480,000		1,166,382
Korea Exchange Bank 1.75% 9/27/15		200,000		200,675
Macquarie Bank
#•144A 1.057% 3/24/17		5,000,000		5,021,445
#144A 1.65% 3/24/17		3,795,000		3,816,051
#@144A 5.00% 2/22/17		50,000		53,272
#•@Mizuho Bank 144A 0.909% 3/26/18		3,800,000		3,800,521
QNB Finance 3.125% 11/16/15		3,000,000		3,049,740
Regions Bank 7.50% 5/15/18		250,000		290,994
Royal Bank of Scotland Group 2.55% 9/18/15		5,000,000		5,037,040
•Santander Bank 1.182% 1/12/18		5,000,000		5,004,735
Shinhan Bank
•0.924% 4/8/17		2,000,000		2,005,362
#•144A 0.924% 4/8/17		1,000,000		1,002,681
#@Standard Chartered 144A 2.40% 9/8/19		6,000,000		6,098,742
Standard Chartered Bank Hong Kong 5.875% 6/24/20		100,000		114,926
#Swedbank Hypotek 144A 2.95% 3/28/16		14,200,000		14,529,270
•UBS 0.897% 8/14/19		2,500,000		2,517,543
US Bank
•0.736% 10/28/19		5,000,000		5,018,940
•3.778% 4/29/20		1,250,000		1,252,278
•Wells Fargo 0.671% 9/14/18		7,000,000		6,976,795

				189,830,833

Commercial Services & Supplies–0.42%
#Asciano Finance 144A 5.00% 4/7/18		3,000,000		3,228,267
#@Penske Truck Leasing 144A 3.125% 5/11/15		500,000		501,069

				3,729,336


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Construction & Engineering–0.74%
•Cheung Kong Infrastructure Finance BVI 0.97% 6/20/17		3,500,000	$	3,496,171
#Korea Land & Housing 144A 1.875% 8/2/17		1,000,000		1,002,736
Toll Brothers Finance 8.91% 10/15/17		1,800,000		2,088,000

				6,586,907

Consumer Finance–8.46%
#AerCap Ireland Capital 144A 2.75% 5/15/17		4,400,000		4,367,000
Ally Financial
2.75% 1/30/17		200,000		199,762
3.50% 7/18/16		2,100,000		2,131,500
4.625% 6/26/15		1,050,000		1,056,563
5.50% 2/15/17		4,600,000		4,795,500
American Express Credit 1.55% 9/22/17		3,000,000		3,023,343
•@BMW US Capital 0.602% 6/2/17		200,000		199,951
#BOC Aviation 144A 3.00% 3/30/20		4,400,000		4,397,065
•Ford Motor Credit 1.098% 3/12/19		10,200,000		10,177,815
General Motors Financial
2.625% 7/10/17		400,000		404,227
2.75% 5/15/16		2,600,000		2,633,891
3.00% 9/25/17		4,500,000		4,590,000
•HSBC Finance 0.692% 6/1/16		8,000,000		7,990,528
International Lease Finance
4.875% 4/1/15		300,000		300,000
5.75% 5/15/16		2,400,000		2,497,800
8.625% 9/15/15		1,300,000		1,339,000
8.75% 3/15/17		1,800,000		1,993,500
LeasePlan #144A 2.50% 5/16/18		1,700,000		1,720,419
#@144A 3.00% 10/23/17		6,000,000		6,177,186
Navient
6.00% 1/25/17		300,000		316,313
6.25% 1/25/16		6,476,000		6,678,375
RCI Banque 4.60% 4/12/16		760,000		785,960
#144A 4.60% 4/12/16		3,943,000		4,077,685
#•Volkswagen Group of America Finance 144A 0.632% 5/23/17		3,100,000		3,101,420

				74,954,803

Diversified Consumer Services–0.57%
#Hutchison Whampoa International 144A 4.625% 9/11/15		2,300,000		2,339,562


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Consumer Services (continued)
Hutchison Whampoa International 11 3.50% 1/13/17		1,000,000	$	1,034,580
#@144A 3.50% 1/13/17		1,000,000		1,035,475
#Hutchison Whampoa International 14 144A 1.625% 10/31/17		600,000		597,913

				5,007,530

Diversified Financial Services–2.59%
Amsouth Bank 5.20% 4/1/15		3,500,000		3,500,000
#Denali Borrower 144A 5.625% 10/15/20		700,000		741,650
Hyundai Capital Services
•1.07% 3/18/17		3,000,000		3,005,232
#•144A 1.07% 3/18/17		1,135,000		1,136,979
•JPMorgan Chase Bank 0.60% 6/13/16		4,800,000		4,788,446
#•@Piper Jaffray 144A 4.775% 11/30/15		3,200,000		3,213,718
PTTEP Australia International Finance 4.152% 7/19/15		2,100,000		2,117,810
Synchrony Financial
•1.485% 2/3/20		2,400,000		2,413,937
1.875% 8/15/17		2,000,000		2,002,728

				22,920,500

Diversified Telecommunication Services–5.72%
AT&T
•0.693% 3/30/17		8,500,000		8,489,137
•0.937% 3/11/19		750,000		743,481
KT
#144A 1.75% 4/22/17		1,000,000		1,002,268
3.875% 1/20/17		6,000,000		6,242,202
#Ooredoo International Finance 144A 3.375% 10/14/16		3,000,000		3,090,030
Orange 5.00% 5/12/16		GBP 1,700,000		2,636,936
Telecom Italia Capital 5.25% 10/1/15		6,000,000		6,115,140
Telefonica Emisiones
3.729% 4/27/15		2,975,000		2,980,611
3.992% 2/16/16		1,560,000		1,600,050
6.421% 6/20/16		3,000,000		3,188,562
Verizon Communications
•1.041% 6/17/19		4,390,000		4,428,513
•2.021% 9/14/18		7,400,000		7,724,830
2.50% 9/15/16		2,400,000		2,451,946

				50,693,706

Electric Utilities–1.83%
Dominion Gas Holdings 2.50% 12/15/19		1,000,000		1,019,981
DTE Energy 2.40% 12/1/19		300,000		305,212


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
FirstEnergy 2.75% 3/15/18		2,950,000	$	3,023,198
#Kentucky Power 144A 6.00% 9/15/17		3,700,000		4,081,803
#Korea East-West Power 144A 2.50% 7/16/17		1,000,000		1,019,127
Korea Hydro & Nuclear Power
#144A 2.875% 10/2/18		1,750,000		1,805,823
#144A 3.125% 9/16/15		1,800,000		1,819,391
Korea Western Power
3.125% 5/10/17		2,800,000		2,882,370
#144A 3.125% 5/10/17		200,000		205,884

				16,162,789

Electronic Equipment, Instruments & Components–0.44%
Thermo Fisher Scientific 3.30% 2/15/22		3,800,000		3,902,361

				3,902,361

Food Products–0.12%
Tyson Foods 2.65% 8/15/19		1,000,000		1,024,981

				1,024,981

Gas Utilities–0.88%
#Korea Gas 144A 2.25% 7/25/17		1,200,000		1,215,990
Sabine Pass LNG 7.50% 11/30/16		6,200,000		6,618,500

				7,834,490

Health Care Equipment & Supplies–2.07%
Becton Dickinson •0.721% 6/15/16		7,500,000		7,511,377
2.675% 12/15/19		1,000,000		1,022,540
Boston Scientific 2.65% 10/1/18		3,500,000		3,541,461
Covidien International Finance 1.35% 5/29/15		3,000,000		3,004,281
#Medtronic 144A 2.50% 3/15/20		3,200,000		3,273,123

				18,352,782

Health Care Providers & Services–0.61%
Humana 2.625% 10/1/19		1,000,000		1,020,608
McKesson 0.95% 12/4/15		3,000,000		3,007,266
#Universal Health Services 144A 3.75% 8/1/19		1,300,000		1,327,625

				5,355,499

Household Durables–0.05%
Whirlpool 1.65% 11/1/17		400,000		402,808

				402,808

Insurance–0.56%
#Stone Street Trust 144A 5.902% 12/15/15		2,000,000		2,061,838


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Insurance (continued)
#TIAA Asset Management Finance 144A 2.95% 11/1/19		2,800,000	$	2,872,755

				4,934,593

IT Services–0.28%
Xerox Business Services 5.20% 6/1/15		2,500,000		2,517,567

				2,517,567

Media–1.94%
#BSKYB Finance 144A 5.625% 10/15/15		5,000,000		5,125,670
Cox Communications
5.50% 10/1/15		800,000		818,758
#144A 5.875% 12/1/16		1,100,000		1,181,550
7.25% 11/15/15		1,000,000		1,038,669
DISH DBS 7.125% 2/1/16		7,650,000		7,965,563
#@Sky 144A 2.625% 9/16/19		1,000,000		1,016,586

				17,146,796

Metals & Mining–0.93%
Freeport-McMoRan 2.30% 11/14/17		2,600,000		2,593,334
Glencore Canada 5.375% 6/1/15		3,100,000		3,120,175
#@Glencore Finance Canada 144A 2.05% 10/23/15		2,500,000		2,510,843

				8,224,352

Oil, Gas & Consumable Fuels–8.75%
•BG Energy Capital 6.50% 11/30/72		4,200,000		4,500,422
•BP Capital Markets 0.676% 11/7/16		8,000,000		8,019,320
•Canadian Natural Resources 0.648% 3/30/16		3,150,000		3,146,299
#Enable Midstream Partners 144A 2.40% 5/15/19		700,000		686,613
#•ENI Finance USA 144A 0.536% 10/26/15		7,000,000		6,999,524
Enterprise Products Operating 1.25% 8/13/15		5,178,000		5,186,016
#@Georgia-Pacific 144A 2.539% 11/15/19		2,400,000		2,435,803
#Harvest Operations 144A 2.125% 5/14/18		1,000,000		1,007,177
#IPIC GMTN 144A 3.75% 3/1/17		2,000,000		2,090,000
Kinder Morgan 4.30% 6/1/25		200,000		205,702
Kinder Morgan Energy Partners
3.50% 3/1/16		1,000,000		1,020,924
5.80% 3/1/21		700,000		789,937
6.00% 2/1/17		2,500,000		2,687,628
#Kinder Morgan Finance 144A 6.00% 1/15/18		1,800,000		1,973,961


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Korea National Oil
3.125% 4/3/17		2,250,000	$	2,317,939
#144A 3.125% 4/3/17		1,500,000		1,545,293
4.00% 10/27/16		3,650,000		3,801,398
Petrobras Global Finance
•1.881% 5/20/16		2,900,000		2,748,040
•2.393% 1/15/19		400,000		347,500
•2.631% 3/17/17		4,600,000		4,243,040
•3.151% 3/17/20		800,000		692,000
3.25% 3/17/17		400,000		370,000
Petroleos Mexicanos 5.75% 3/1/18		1,000,000		1,101,000
Pioneer Natural Resources 6.875% 5/1/18		800,000		907,265
Plains All American Pipeline 2.60% 12/15/19		2,300,000		2,313,331
Rockies Express Pipeline
#144A 3.90% 4/15/15		2,050,000		2,051,281
#144A 6.85% 7/15/18		900,000		976,500
Sinopec Group Overseas Development 2014
#•144A 1.032% 4/10/17		6,500,000		6,494,157
•1.172% 4/10/19		200,000		199,804
Southwestern Energy
4.05% 1/23/20		200,000		206,896
7.50% 2/1/18		1,000,000		1,130,322
Tennessee Gas Pipeline 7.50% 4/1/17		2,212,000		2,443,546
Transocean 4.95% 11/15/15		2,000,000		2,042,500
#Woodside Finance 144A 3.65% 3/5/25		800,000		794,441

				77,475,579

Pharmaceuticals–1.92%
AbbVie 1.75% 11/6/17		3,000,000		3,012,537
Actavis 1.875% 10/1/17		3,290,000		3,299,633
Actavis Funding
•1.523% 3/12/20		1,000,000		1,014,785
1.85% 3/1/17		2,800,000		2,821,515
3.00% 3/12/20		3,900,000		3,994,520
Express Scripts Holding 2.25% 6/15/19		60,000		60,330
#Forest Laboratories 144A 4.375% 2/1/19		1,400,000		1,500,997
Mylan
1.80% 6/24/16		300,000		302,504
2.60% 6/24/18		1,000,000		1,021,923

				17,028,744


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Road & Rail–0.34%
•Kansas City Southern de Mexico 0.956% 10/28/16		3,000,000	$	2,994,594

				2,994,594

Semiconductors & Semiconductor Equipment–0.12%
KLA-Tencor 3.375% 11/1/19		1,000,000		1,039,484

				1,039,484

Software–0.47%
Symantec
2.75% 9/15/15		1,000,000		1,007,933
2.75% 6/15/17		3,100,000		3,157,257

				4,165,190

Specialty Retail–0.52%
•Lowe’s 0.685% 9/10/19		1,000,000		1,004,945
Walgreens Boots Alliance
•0.706% 5/18/16		600,000		601,070
1.75% 11/17/17		3,000,000		3,029,184

				4,635,199

Tobacco–0.55%
Altria Group 4.125% 9/11/15		2,900,000		2,944,010
Imperial Tobacco Finance 2.05% 2/11/18		1,500,000		1,509,600
Philip Morris International 3.25% 11/10/24		400,000		411,164

				4,864,774

Wireless Telecommunication Services–1.53%
•America Movil 1.268% 9/12/16		1,660,000		1,667,075
Sprint Communications
6.00% 12/1/16		1,000,000		1,045,875
8.375% 8/15/17		4,800,000		5,226,000
9.125% 3/1/17		2,400,000		2,628,000
•Verizon Communications 1.801% 9/15/16		2,900,000		2,947,786

				13,514,736


Total Corporate Bonds (Cost $623,835,322)				623,332,552


MUNICIPAL BONDS–1.09%
Educational Enhancement Funding Series A 1.906% 6/1/17		3,300,000		3,298,317
Energy Northwest 1.793% 7/1/18		300,000		305,274
Louisville Regional Airport Authority Series C 0.769% 7/1/16		3,000,000		3,001,920
•State of Texas Series C-2 0.58% 6/1/19		3,000,000		3,012,300


Total Municipal Bonds (Cost $9,614,686)				9,617,811


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES–6.76%
Accredited Mortgage Loan Trust
•Series 2004-3 2A2 1.374% 10/25/34		29,763	$	29,704
•Series 2005-3 A1 0.41% 9/25/35		473,285		471,847
#•ALM IV Series 2011-4A A 144A 1.493% 7/18/22		2,362,140		2,360,770
•Ameriquest Mortgage Securities Trust Series 2006-R2 A2B 0.354% 4/25/36		399,598		397,615
•Amortizing Residential Collateral Trust Series 2004-1 A5 1.174% 10/25/34		119,699		117,648
•Avoca CLO V Series V-X A1B 0.352% 8/3/22		EUR 195,246		208,823
•Bear Stearns Asset-Backed Securities I Trust Series 2004-BO1 M4 1.374% 10/25/34		1,046,000		1,039,324
•Bear Stearns Asset-Backed Securities Trust Series 2003-2 A3 1.674% 3/25/43		110,530		108,044
California Republic Auto Receivables Trust Series 2014-4 A2 0.77% 9/15/17		5,000,000		5,001,000
#•CIFC Funding Series 2011-1AR A1R 144A 1.553% 1/19/23		1,600,000		1,595,840
#•COA Summit CLO Series 2014-1A A1 144A 1.607% 4/20/23		2,200,000		2,198,900
•Cordatus CLO I Series 2006-1X A1 0.37% 1/30/24		EUR 7,785,912		8,299,673
#Dell Equipment Finance Trust Series 2014-1 A2 144A 0.64% 7/22/16		1,500,000		1,500,408
#•@Drug Royalty II Series 2014-1 A1 144A 3.081% 7/15/23		280,870		285,221
#•Dryden XXII Senior Loan Fund Series 2011-22A A1R 144A 1.417% 1/15/22		2,000,000		1,984,000
#@Eagle I Series 2014-1A A1 144A 2.57% 12/15/39		937,500		936,328
#Exeter Automobile Receivables Trust Series 2014-2A A 144A 1.06% 8/15/18		28,362		28,290
#•Galaxy XI CLO Series 2011-11A A 144A 1.551% 8/20/22		2,500,000		2,497,250
•GSAA Home Equity Trust Series 2004-11 2A2 0.814% 12/25/34		166,708		163,875
#•Highbridge Loan Management Series 2012-1AR A1R 144A 1.497% 9/20/22		5,000,000		4,994,800
•Jubilee CDO IV Series IV-X B1 0.932% 10/15/19		EUR 1,383,146		1,475,901


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
#•Madison Park Funding Series 2011-7A A 144A 1.521% 6/15/22		954,101	$	952,947
Navient Private Education Loan Trust
#•Series 2014-CTA A 144A 0.875% 9/16/24		1,133,194		1,130,915
#•Series 2015-AA A2B 144A 1.402% 12/15/28		2,500,000		2,512,100
#•Ocean Trails CLO I Series 2006-1A A1 144A 0.502% 10/12/20		1,673,493		1,663,954
•Option One Mortgage Loan Trust Series 2005-5 A3 0.384% 12/25/35		1,366,154		1,356,018
Santander Drive Auto Receivables Trust Series 2014-1 A2A 0.66% 6/15/17		35,283		35,282
Securitized Asset-Backed Receivables Trust Series 2006-OP1 0.525% 10/25/35		5,000,000		4,766,175
•Skellig Rock Series 2006-1X A1 0.401% 11/30/22		EUR 576,501		618,013
•Specialty Underwriting & Residential Finance Trust Series 2005-AB1 M1 0.604% 3/25/36		516,500		506,470
#•Symphony CLO VIII Series 2012-8AR AR 144A 1.352% 1/9/23		6,500,000		6,448,650
Voya CLO
#•@Series 2012-2AR AR 144A 1.57% 10/15/22		2,000,000		1,999,000
#•@Series 2012-3AR AR 144A 1.615% 10/15/22		600,000		596,100
•Wood Street CLO 1 Series I B 0.561% 11/22/21		EUR 1,500,000		1,570,426


Total Non-Agency Asset-Backed Securities (Cost $60,705,679)				59,851,311


NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.87%
#•BCAP Trust Series 2009-RR4 9A1 144A 2.394% 10/26/35		164,123		165,307
Bear Stearns ARM Trust
•Series 2003-1 5A1 2.249% 4/25/33		95,138		95,142
•Series 2005-5 A1 2.16% 8/25/35		1,100,308		1,110,146
•Credit Suisse First Boston Mortgage Securities Series 2003-AR18 2A3 2.244% 7/25/33		20,692		20,505


	Principal Amount°		Value (U.S. $)

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
•Eurosail-UK Series 2007-4X A2A 0.862% 6/13/45		GBP 1,619,546	$	2,394,528
•Granite Mortgages Series 2004-3 2A1 0.55% 9/20/44		239,003		238,071
•GSR Mortgage Loan Trust Series 2005-5F 8A1 0.674% 6/25/35		1,080,128		1,045,777
Merrill Lynch Mortgage Investors Trust
•Series 2003-A3 1A 2.199% 5/25/33		23,443		22,666
•Series 2005-2 1A 1.582% 10/25/35		68,369		66,246
•New York Mortgage Trust Series 2005-3 A1 0.414% 2/25/36		1,774,940		1,636,531
•Prime Mortgage Trust Series 2004-CL1 2A2 0.574% 2/25/19		286		282
•Sequoia Mortgage Trust Series 2004-6 A1 1.884% 7/20/34		18,566		18,202
•Structured Adjustable Rate Mortgage Loan Trust Series 2004-6 3A2 2.415% 6/25/34		244,639		244,732
•Structured Asset Mortgage Investments II Trust Series 2005-AR5 A3 0.428% 7/19/35		642,316		615,938


Total Non-Agency Collateralized Mortgage Obligations (Cost $7,722,125)				7,674,073


«SENIOR SECURED LOANS–0.93%
Community Health Systems Tranche F 1st Lien 3.428% 12/31/18		4,100,000		4,106,191
FCA US Tranche B 1st Lien 3.50% 5/24/17		4,100,000		4,106,826

Total Senior Secured Loans (Cost $8,207,656)				8,213,017


DSOVEREIGN BOND–0.55%
Brazil–0.55%
≠Brazil Letras do Tesouro Nacional 0.396% 1/1/16		BRL 17,100,000		4,870,286


Total Sovereign Bond (Cost $6,782,686)				4,870,286

U.S. TREASURY OBLIGATIONS–19.90%
U.S. Treasury Inflation Indexed Notes
0.125% 4/15/16		3,441,068		3,476,824
¥0.125% 4/15/19		68,321,215		69,671,652
×U.S. Treasury Note 0.625% 12/31/16		102,800,000		103,057,000


Total U.S. Treasury Obligations (Cost $174,933,327)				176,205,476


	Number of Shares		Value (U.S. $)

PREFERRED STOCK–0.02%
•Citigroup Capital XIII 7.875%		8,500	$	225,420


Total Preferred Stock (Cost $229,075)				225,420


MONEY MARKET FUND–0.22%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		1,961,971		1,961,971


Total Money Market Fund (Cost $1,961,971)				1,961,971

	Principal Amount°

SHORT-TERM INVESTMENTS–1.48%
Certificates of Deposit–0.71%
Banco de Brasil New York 1.21% 6/29/15		3,100,000		3,100,403
Kookmin Bank New York 0.75% 7/15/15		3,200,000		3,200,160

				6,300,563

Discounted Commercial Paper–0.77%
Tesco Treasury Services
≠0.96% 8/18/15		5,100,000		5,046,986
≠1.01% 8/17/15		1,800,000		1,781,430

				6,828,416


Total Short-Term Investments (Cost $13,174,393)				13,128,979

The following foreign currency exchange contracts, futures contracts, reverse repurchase agreements and swap contracts were outstanding at March 31, 2015:

The use of foreign currency exchange contracts, futures contracts, reverse repurchase agreements and swap contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The foreign currency exchange contracts, notional values and reverse repurchase agreements presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

During the period ended March 31, 2015, transfers out of Level 3 investments into Level 2 investments were made in the amount of $11,251,561 for the Fund. The transfer was due to the Fund’s pricing vendor being able to supply a matrix price for the investments that had been utilizing a broker quoted price. During the period ended March 31, 2015, there were no transfers between Level 1 investments and Level 2 investments

that had a significant impact to the Fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENT COMPANIES–86.00%
Equity Funds–21.77%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA S&P 500 Index Fund		945,450	$	13,975,647
LVIP SSgA Small-Cap Index Fund		113,743		3,201,752

				17,177,399

Fixed Income Fund–50.35%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA Bond Index Fund		3,423,848		39,726,907

				39,726,907

International Equity Fund–13.88%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA International Index Fund		1,201,424		10,947,380

				10,947,380


Total Affiliated Investment Companies (Cost $58,331,568)				67,851,686

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENT COMPANIES–90.09%
Equity Funds–21.80%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA Large Cap 100 Fund		1,155,390	$	18,739,277
LVIP SSgA S&P 500 Index Fund		1,261,585		18,648,750
LVIP SSgA Small-Cap Index Fund		151,886		4,275,435
LVIP SSgA Small-Mid Cap 200 Fund		274,256		4,268,787

				45,932,249

Fixed Income Fund–50.36%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA Bond Index Fund		9,142,424		106,079,551

				106,079,551

International Equity Funds–17.93%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA Developed International 150 Fund		1,524,009		14,627,442
LVIP SSgA Emerging Markets 100 Fund		906,003		8,519,144
LVIP SSgA International Index Fund		1,604,302		14,618,404

				37,764,990


Total Affiliated Investment Companies (Cost $164,057,344)				189,776,790

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENT COMPANIES–84.81%
Equity Funds–37.76%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA S&P 500 Index Fund		4,187,196	$	61,895,139
LVIP SSgA Small-Cap Index Fund		809,635		22,790,426

				84,685,565

Fixed Income Fund–25.21%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA Bond Index Fund		4,874,323		56,556,765

				56,556,765

International Equity Fund–21.84%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA International Index Fund		5,375,899		48,985,195

				48,985,195


Total Affiliated Investment Companies (Cost $152,768,675)				190,227,525

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENT COMPANIES–95.00%
Equity Funds–37.82%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA Large Cap 100 Fund		4,192,139	$	67,992,300
LVIP SSgA S&P 500 Index Fund		4,577,864		67,669,983
LVIP SSgA Small-Cap Index Fund		885,167		24,916,563
LVIP SSgA Small-Mid Cap 200 Fund		1,598,219		24,876,284

				185,455,130

Fixed Income Fund–25.21%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA Bond Index Fund		10,656,207		123,643,969

				123,643,969

International Equity Funds–31.97%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA Developed International 150 Fund		5,582,596		53,581,752
LVIP SSgA Emerging Markets 100 Fund		5,280,196		49,649,683
LVIP SSgA International Index Fund		5,877,032		53,551,513

				156,782,948


Total Affiliated Investment Companies (Cost $385,962,042)				465,882,047

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENT COMPANIES–83.94%
Equity Funds–33.79%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA S&P 500 Index Fund		4,233,049	$	62,572,927
LVIP SSgA Small-Cap Index Fund		705,144		19,849,108

				82,422,035

Fixed Income Fund–30.28%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA Bond Index Fund		6,367,393		73,880,860

				73,880,860

International Equity Fund–19.87%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA International Index Fund		5,320,538		48,480,746

				48,480,746


Total Affiliated Investment Companies (Cost $167,837,573)				204,783,641

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENT COMPANIES–89.98%
Equity Funds–33.80%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA Large Cap 100 Fund		7,375,103	$	119,616,801
LVIP SSgA S&P 500 Index Fund		8,053,664		119,049,264
LVIP SSgA Small-Cap Index Fund		1,341,896		37,773,018
LVIP SSgA Small-Mid Cap 200 Fund		2,422,844		37,711,561

				314,150,644

Fixed Income Fund–30.25%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA Bond Index Fund		24,230,746		281,149,349

				281,149,349

International Equity Funds–25.93%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA Developed International 150 Fund		9,617,243		92,306,294
LVIP SSgA Emerging Markets 100 Fund		6,002,981		56,446,029
LVIP SSgA International Index Fund		10,124,343		92,253,012

				241,005,335


Total Affiliated Investment Companies (Cost $703,992,553)				836,305,328

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES–28.18%
Fannie Mae ARM
Ÿ2.285% 7/1/38		165,688	$	176,411
Ÿ2.335% 9/1/37		247,361		264,697
Ÿ2.41% 3/1/37		379,018		405,863
Ÿ2.872% 11/1/35		303,356		317,000
Ÿ2.901% 11/1/41		196,706		207,220
Ÿ3.286% 1/1/41		1,625,424		1,718,078
Ÿ3.29% 6/1/41		2,639,370		2,825,454
Fannie Mae S.F. 10 yr
4.00% 8/1/19		75,099		79,351
4.00% 6/1/20		356,431		376,673
4.00% 5/1/23		205,791		217,443
5.50% 11/1/15		677		711
6.00% 3/1/16		46,803		47,520
6.00% 10/1/16		52,905		54,408
6.00% 12/1/17		22,277		22,885
6.00% 9/1/18		12,034		12,777
Fannie Mae S.F. 15 yr
2.50% 10/1/27		1,617,720		1,665,775
2.50% 3/1/28		3,690,594		3,801,312
2.50% 4/1/28		4,122,058		4,241,883
2.50% 7/1/28		837,060		861,305
2.50% 9/1/28		1,700,475		1,749,695
2.50% 10/1/28		5,299,575		5,451,716
2.50% 2/1/30		2,985,090		3,068,958
3.00% 11/1/26		3,384,199		3,553,982
3.00% 6/1/27		860,834		903,960
3.00% 8/1/27		1,586,201		1,665,747
3.00% 9/1/27		6,537,834		6,865,937
3.00% 10/1/27		943,740		991,040
3.00% 12/1/27		298,509		313,488
3.50% 11/1/25		928,372		986,236
3.50% 12/1/25		2,190,289		2,340,073
3.50% 12/1/26		1,294,804		1,375,132
3.50% 1/1/27		1,794,308		1,904,110
3.50% 10/1/29		3,303,210		3,506,947
4.00% 7/1/18		121,088		127,943
4.00% 8/1/18		74,341		78,550
4.00% 5/1/20		2,549,662		2,694,020
4.00% 4/1/24		171,060		181,165
4.00% 5/1/24		311,352		329,408
4.00% 6/1/24		414,332		439,020
4.00% 7/1/24		172,182		182,479
4.00% 10/1/24		12,761		13,517
4.00% 12/1/24		485,160		513,978
4.00% 1/1/25		674,986		729,996
4.00% 3/1/25		739,033		798,792
4.00% 5/1/25		300,028		317,934
4.00% 7/1/25		5,942		6,318
4.00% 8/1/25		23,104		24,569
4.00% 9/1/25		261,124		278,266
4.00% 10/1/25		322,087		342,616
4.00% 1/1/26		8,764		9,311


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 15 yr (continued)
4.00% 3/1/26		736,310	$	784,731
4.00% 5/1/26		8,652		9,218
4.00% 7/1/26		726,338		772,036
4.50% 2/1/23		129,958		137,952
4.50% 4/1/23		13,383		14,339
4.50% 5/1/23		16,814		18,040
4.50% 6/1/23		450,121		482,697
4.50% 11/1/23		20,578		22,065
4.50% 1/1/24		2,217		2,325
4.50% 2/1/24		4,036		4,323
4.50% 3/1/24		6,698		7,220
4.50% 4/1/24		184,453		197,847
4.50% 5/1/24		351,422		377,043
4.50% 7/1/24		303,220		326,981
4.50% 8/1/24		428,243		461,691
4.50% 11/1/24		192,253		207,213
4.50% 4/1/25		320,195		345,222
4.50% 5/1/25		30,007		32,341
4.50% 6/1/25		8,220		8,817
5.00% 6/1/19		1,670		1,757
5.00% 4/1/23		35,700		38,812
5.00% 6/1/23		661,806		721,516
5.00% 9/1/23		298,405		324,576
5.00% 11/1/23		174,186		189,023
5.00% 12/1/23		174,746		190,434
5.00% 3/1/25		73,330		80,105
5.00% 6/1/25		3,459		3,777
5.50% 12/1/18		134,529		141,413
5.50% 3/1/20		244,430		256,937
5.50% 4/1/22		69,679		76,415
5.50% 7/1/22		82,897		89,375
6.00% 12/1/18		9		9
6.00% 6/1/20		10,198		10,825
6.00% 8/1/22		18,678		20,251
6.00% 9/1/22		60,427		65,287
Fannie Mae S.F. 15 yr TBA 3.00% 4/15/30		6,000,000		6,289,687
Fannie Mae S.F. 20 yr
3.00% 11/1/34		2,268,483		2,350,470
3.00% 12/1/34		1,724,352		1,786,801
3.00% 2/1/35		2,976,265		3,085,417
3.50% 6/1/34		7,010,514		7,406,218
3.50% 7/1/34		8,729,358		9,222,505
6.50% 12/1/17		221		254
Fannie Mae S.F. 30 yr
3.00% 9/1/42		2,646,290		2,712,357
3.00% 10/1/42		3,828,333		3,923,843
3.00% 11/1/42		2,582,365		2,646,821
3.00% 12/1/42		2,375,116		2,434,338
3.00% 1/1/43		5,169,316		5,298,269
3.00% 3/1/43		10,940,894		11,208,922
3.00% 4/1/43		2,751,885		2,819,320


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
3.00% 5/1/43		1,799,098	$	1,842,860
3.00% 6/1/43		7,789,232		7,977,841
3.00% 8/1/43		6,032,545		6,177,617
3.50% 10/1/40		1,247,417		1,312,859
3.50% 12/1/40		636,580		669,998
3.50% 2/1/41		1,111,123		1,169,322
3.50% 8/1/42		898,413		945,848
3.50% 9/1/42		9,507,181		9,999,263
3.50% 10/1/42		5,537,673		5,824,646
3.50% 11/1/42		2,091,346		2,199,889
3.50% 1/1/43		3,810,598		4,007,638
3.50% 7/1/43		7,664,210		8,057,837
3.50% 10/1/44		4,232,174		4,449,534
3.50% 1/1/45		3,488,110		3,667,256
4.00% 1/1/39		59,342		63,443
4.00% 2/1/39		106,695		114,070
4.00% 3/1/39		4,429		4,735
4.00% 4/1/39		397,925		425,430
4.00% 6/1/39		177,904		190,220
4.00% 8/1/39		685,900		739,300
4.00% 9/1/39		863,233		938,242
4.00% 11/1/39		57,744		61,736
4.00% 12/1/39		1,427,556		1,526,392
4.00% 1/1/40		593,238		635,271
4.00% 5/1/40		317,284		339,248
4.00% 8/1/40		126,791		135,926
4.00% 9/1/40		248,471		266,402
4.00% 10/1/40		1,077,252		1,154,868
4.00% 11/1/40		1,536,031		1,648,466
4.00% 12/1/40		2,333,755		2,517,993
4.00% 1/1/41		6,224,989		6,673,837
4.00% 2/1/41		1,410,918		1,512,942
4.00% 3/1/41		36,742		39,287
4.00% 4/1/41		496,878		532,719
4.00% 5/1/41		2,577,167		2,762,328
4.00% 6/1/41		33,725		36,061
4.00% 9/1/41		555,022		594,788
4.00% 10/1/41		312,167		334,612
4.00% 11/1/41		597,013		639,882
4.00% 12/1/41		26,476		28,379
4.00% 1/1/42		21,544		23,091
4.00% 3/1/42		432,035		462,715
4.00% 10/1/43		6,209,439		6,638,637
4.00% 12/1/43		2,225,518		2,389,426
4.00% 7/1/44		4,850,519		5,185,788
4.00% 9/1/44		5,082,443		5,433,743
4.00% 10/1/44		3,854,895		4,122,339
4.50% 8/1/33		37,234		40,760
4.50% 1/1/34		22,152		24,250
4.50% 9/1/35		130,778		143,298
4.50% 2/1/38		49,230		53,816
4.50% 4/1/38		70,491		76,995


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
4.50% 7/1/38		71,624	$	78,144
4.50% 11/1/38		254,630		278,247
4.50% 2/1/39		554,922		605,043
4.50% 3/1/39		463,828		506,111
4.50% 4/1/39		1,529,276		1,677,962
4.50% 5/1/39		597,624		663,351
4.50% 6/1/39		191,660		209,252
4.50% 7/1/39		782,850		855,501
4.50% 9/1/39		395,964		437,173
4.50% 1/1/40		1,266,617		1,406,014
4.50% 2/1/40		2,344,371		2,592,686
4.50% 5/1/40		1,377,295		1,514,221
4.50% 6/1/40		629,830		689,235
4.50% 8/1/40		272,436		297,693
4.50% 9/1/40		772,416		845,563
4.50% 10/1/40		4,414,275		4,838,997
4.50% 11/1/40		745,682		815,957
4.50% 2/1/41		3,022,464		3,312,516
4.50% 4/1/41		29,251		31,893
4.50% 5/1/41		3,669,892		4,017,658
4.50% 6/1/41		346,337		377,745
4.50% 1/1/42		4,005,298		4,383,413
4.50% 9/1/43		2,005,489		2,192,020
4.50% 10/1/44		999,817		1,092,277
5.00% 9/1/33		238,360		266,170
5.00% 4/1/34		889,444		993,769
5.00% 7/1/34		563,786		630,035
5.00% 11/1/34		282,096		314,939
5.00% 4/1/35		174,823		194,970
5.00% 6/1/35		281,442		313,728
5.00% 7/1/35		3,328,937		3,719,500
5.00% 9/1/35		54,601		60,701
5.00% 10/1/35		224,448		249,708
5.00% 12/1/35		1,052,261		1,170,638
5.00% 2/1/36		2,380,337		2,648,502
5.00% 3/1/36		134,199		149,291
5.00% 11/1/36		48,108		53,487
5.00% 8/1/37		34,700		38,540
5.00% 4/1/38		295,242		327,913
5.00% 7/1/38		41,272		45,839
5.00% 11/1/38		25,839		28,699
5.00% 8/1/39		1,550,121		1,721,654
5.00% 12/1/39		323,250		359,368
5.00% 1/1/40		694,731		787,994
5.00% 7/1/40		2,705,690		3,021,989
5.00% 9/1/40		798,413		888,313
5.50% 11/1/33		79,205		89,513
5.50% 1/1/34		113,953		129,084
5.50% 5/1/34		151,573		171,592
5.50% 7/1/34		204,615		231,054
5.50% 10/1/34		249,272		284,045
5.50% 9/1/35		141,340		159,429


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
5.50% 10/1/35		150,102	$	169,253
5.50% 12/1/35		530,325		598,288
5.50% 1/1/36		757,303		854,455
5.50% 4/1/36		1,910,899		2,152,297
5.50% 8/1/36		437,802		493,257
5.50% 1/1/37		584,051		657,216
5.50% 2/1/37		36,374		40,948
5.50% 3/1/37		176,523		198,637
5.50% 5/1/37		229,763		261,158
5.50% 6/1/37		170,966		194,842
5.50% 8/1/37		70,704		79,562
5.50% 11/1/37		2,094		2,356
5.50% 12/1/37		679		764
5.50% 1/1/38		4,183,822		4,709,280
5.50% 2/1/38		108,055		121,591
5.50% 5/1/38		304,031		342,118
5.50% 6/1/38		20,468		23,032
5.50% 7/1/38		166,548		187,412
5.50% 10/1/38		71,244		80,169
5.50% 1/1/39		327,255		368,251
5.50% 5/1/39		681,867		767,285
5.50% 6/1/39		685,471		771,341
5.50% 10/1/39		299,217		336,700
5.50% 7/1/41		567,989		639,142
6.00% 12/1/35		215,696		250,090
6.00% 2/1/36		89,437		102,446
6.00% 6/1/36		58,304		66,618
6.00% 7/1/36		172,784		197,167
6.00% 8/1/36		101,158		115,208
6.00% 9/1/36		155,217		177,516
6.00% 10/1/36		166,802		190,349
6.00% 11/1/36		10,356		11,837
6.00% 1/1/37		123,058		140,558
6.00% 2/1/37		657,537		753,144
6.00% 3/1/37		57,218		65,325
6.00% 4/1/37		7,271		8,280
6.00% 5/1/37		194,377		221,844
6.00% 6/1/37		115,928		132,109
6.00% 8/1/37		236,059		269,430
6.00% 9/1/37		349,151		398,175
6.00% 10/1/37		504,280		574,715
6.00% 11/1/37		122,301		139,380
6.00% 1/1/38		64,506		73,632
6.00% 2/1/38		62,602		71,297
6.00% 4/1/38		7,080		8,069
6.00% 5/1/38		232,458		264,764
6.00% 6/1/38		88,775		101,163
6.00% 8/1/38		103,795		118,211
6.00% 9/1/38		63,440		72,448
6.00% 10/1/38		57,644		65,650
6.00% 11/1/38		46,713		53,255
6.00% 12/1/38		906,393		1,041,088


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
6.00% 4/1/40		712,263	$	813,563
6.00% 6/1/40		1,317,102		1,504,179
6.50% 3/1/32		1,264		1,452
6.50% 7/1/36		128,908		153,770
6.50% 9/1/36		121,646		142,993
6.50% 11/1/36		162,691		194,033
6.50% 9/1/37		21,631		24,834
6.50% 10/1/37		252,993		299,623
6.50% 2/1/38		199,017		228,490
6.50% 3/1/38		462,437		532,994
6.50% 5/1/38		78,587		90,225
6.50% 7/1/38		186,937		214,622
6.50% 10/1/38		198,361		227,738
7.00% 8/1/39		618,682		747,351
Fannie Mae S.F. 30 yr TBA
3.00% 4/15/45		5,500,000		5,622,891
3.50% 4/15/45		20,400,000		21,426,375
4.00% 4/15/45		18,100,000		19,352,860
4.50% 4/15/45		5,000,000		5,454,689
Freddie Mac ARM
Ÿ2.272% 11/1/37		200,086		213,230
Ÿ2.29% 9/1/37		375,905		400,412
Ÿ3.575% 9/1/40		836,220		895,892
Ÿ3.694% 8/1/40		511,327		537,829
Ÿ5.983% 6/1/36		75,257		78,577
Freddie Mac S.F. 15 yr
2.50% 4/1/28		188,725		193,895
2.50% 7/1/28		549,951		564,986
2.50% 8/1/28		4,287,890		4,405,125
2.50% 9/1/28		3,153,015		3,239,417
2.50% 10/1/28		4,337,405		4,455,997
2.50% 10/1/29		2,876,735		2,952,883
3.00% 11/1/26		4,284,123		4,493,276
3.00% 2/1/27		385,546		404,853
3.00% 3/1/27		1,820,108		1,910,749
3.00% 4/1/27		1,620,307		1,699,505
3.00% 11/1/27		721,654		756,648
3.00% 2/1/29		1,808,426		1,900,201
3.50% 12/1/25		2,194,263		2,353,834
3.50% 3/1/26		1,640,603		1,743,552
4.00% 2/1/24		109,359		116,427
4.00% 8/1/24		168,988		179,852
4.00% 2/1/25		237,831		253,440
4.00% 7/1/25		692,094		737,075
4.00% 4/1/26		1,473,226		1,570,436
4.50% 8/1/15		454		476
4.50% 3/1/18		111,803		117,236
4.50% 4/1/18		97,869		102,624
4.50% 10/1/18		37,303		39,115
4.50% 11/1/18		154,489		161,997
4.50% 12/1/18		76,457		80,298


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 15 yr (continued)
4.50% 1/1/19		71,631	$	75,230
4.50% 2/1/19		85,456		89,638
4.50% 7/1/19		133,253		139,996
4.50% 12/1/19		46,831		49,186
4.50% 4/1/21		39,795		41,816
4.50% 6/1/24		7,949		8,572
4.50% 7/1/24		290,298		313,106
4.50% 8/1/24		133,330		143,770
4.50% 11/1/24		254,426		274,421
4.50% 5/1/25		96,571		103,924
5.00% 10/1/17		8,647		9,084
5.00% 4/1/18		192,823		202,726
5.00% 4/1/23		171,826		186,916
5.00% 1/1/25		26,249		27,610
5.00% 3/1/25		93,081		101,208
5.50% 12/1/15		8,801		9,228
5.50% 11/1/16		95,843		100,490
5.50% 11/1/17		10,567		11,079
5.50% 4/1/18		54,845		57,504
6.00% 11/1/23		120,937		136,345
Freddie Mac S.F. 15 yr TBA
2.50% 4/15/30		3,000,000		3,075,586
3.00% 4/15/30		1,000,000		1,047,031
3.50% 4/15/30		2,000,000		2,123,438
Freddie Mac S.F. 30 yr
3.00% 10/1/42		2,562,078		2,620,528
3.00% 1/1/43		5,575,559		5,702,833
3.00% 3/1/43		6,627,943		6,777,567
3.00% 4/1/43		4,437,017		4,535,267
3.00% 7/1/43		1,800,465		1,839,827
3.00% 8/1/43		719,487		735,233
3.00% 10/1/43		2,160,037		2,207,714
3.50% 2/1/42		3,538,914		3,716,683
3.50% 5/1/42		3,369,452		3,537,845
3.50% 10/1/42		3,307,103		3,472,862
3.50% 2/1/43		1,909,977		2,007,624
3.50% 5/1/43		2,569,477		2,696,410
3.50% 8/1/43		4,959,330		5,203,924
3.50% 2/1/44		1,781,686		1,869,155
3.50% 3/1/44		130,857		137,281
3.50% 6/1/44		2,230,473		2,339,975
3.50% 8/1/44		2,315,288		2,428,953
3.50% 1/1/45		4,959,156		5,202,617
4.00% 5/1/39		493,596		528,596
4.00% 2/1/40		159,798		171,285
4.00% 5/1/40		283,249		303,636
4.00% 8/1/40		70,469		75,516
4.00% 9/1/40		641,653		687,703
4.00% 10/1/40		2,255,627		2,417,133
4.00% 11/1/40		4,897,735		5,266,362
4.00% 12/1/40		2,310,657		2,476,660
4.00% 2/1/41		1,990,779		2,144,487


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 30 yr (continued)
4.00% 12/1/41		3,132,241	$	3,355,422
4.00% 1/1/42		852,501		912,155
4.00% 3/1/42		178,470		191,259
4.00% 4/1/42		4,704,480		5,058,934
4.00% 6/1/42		17,557		18,809
4.00% 5/1/44		6,220,178		6,659,536
4.00% 9/1/44		1,873,702		2,001,591
4.50% 2/1/39		129,231		140,716
4.50% 4/1/39		43,144		46,984
4.50% 5/1/39		185,438		205,280
4.50% 6/1/39		1,342,550		1,479,728
4.50% 7/1/39		294,933		321,708
4.50% 9/1/39		1,023,247		1,140,561
4.50% 10/1/39		1,012,174		1,108,987
4.50% 1/1/40		2,523,503		2,793,522
4.50% 2/1/40		1,494,120		1,654,464
4.50% 7/1/40		271,928		296,691
4.50% 9/1/40		1,407,979		1,559,023
4.50% 2/1/41		5,794,895		6,398,711
4.50% 3/1/41		632,222		699,426
4.50% 9/1/41		1,684,861		1,838,232
4.50% 3/1/44		910,728		991,290
4.50% 5/1/44		33,968		36,989
5.00% 10/1/34		373,358		415,527
5.00% 2/1/35		67,801		75,258
5.00% 8/1/35		147,322		163,871
5.00% 10/1/35		66,658		74,054
5.00% 11/1/35		28,237		31,334
5.00% 12/1/35		239,389		265,922
5.00% 2/1/37		175,716		194,890
5.00% 4/1/37		184,953		205,115
5.00% 5/1/37		189,925		210,715
5.00% 12/1/37		620,219		687,480
5.00% 1/1/38		8,408		9,312
5.00% 4/1/38		6,468		7,164
5.00% 6/1/38		348,337		385,808
5.00% 7/1/38		41,141		45,567
5.00% 9/1/38		16,830		18,640
5.00% 10/1/38		331,293		366,931
5.00% 12/1/38		968,942		1,073,192
5.00% 1/1/39		82,449		91,318
5.00% 2/1/39		1,524,870		1,688,905
5.00% 3/1/39		554,835		620,210
5.00% 8/1/39		167,387		187,346
5.00% 9/1/39		962,807		1,071,865
5.00% 1/1/40		910,939		1,014,841
5.00% 5/1/40		387,113		433,642
5.00% 6/1/40		2,184,832		2,442,591
5.00% 9/1/40		211,856		234,646
5.00% 3/1/41		492,481		545,940
5.50% 8/1/33		77,361		87,281
5.50% 6/1/34		182,749		206,101


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 30 yr (continued)
5.50% 6/1/35		120,846	$	136,552
5.50% 11/1/35		225,340		253,102
5.50% 1/1/37		107,158		120,227
5.50% 5/1/37		133,419		149,811
5.50% 7/1/37		68,703		78,063
5.50% 1/1/38		582,912		653,451
5.50% 2/1/38		137,226		154,022
5.50% 5/1/38		863,663		972,227
5.50% 6/1/38		36,033		40,409
5.50% 8/1/38		130,276		148,173
5.50% 12/1/38		136,278		153,766
5.50% 8/1/39		201,241		226,158
5.50% 12/1/39		751,224		842,499
5.50% 3/1/40		634,985		711,727
5.50% 4/1/40		1,513,212		1,698,633
5.50% 5/1/40		502,505		563,946
5.50% 6/1/41		120,418		135,115
6.00% 11/1/28		22,622		25,991
6.00% 7/1/33		22,482		25,833
6.00% 8/1/36		35,435		40,547
6.00% 11/1/36		104,759		119,133
6.00% 4/1/37		1,573		1,794
6.00% 5/1/37		202,302		229,927
6.00% 8/1/37		419,005		476,810
6.00% 9/1/37		257,577		294,093
6.00% 10/1/37		63,487		72,092
6.00% 11/1/37		369,019		419,457
6.00% 12/1/37		25,824		29,386
6.00% 1/1/38		285,083		323,571
6.00% 4/1/38		20,597		23,396
6.00% 6/1/38		46,275		52,568
6.00% 7/1/38		70,644		80,282
6.00% 8/1/38		96,991		110,164
6.00% 9/1/38		50,870		57,817
6.00% 10/1/38		138,876		157,664
6.00% 11/1/38		21,573		24,507
6.00% 3/1/39		63,157		71,729
6.00% 5/1/40		1,766,639		2,009,658
6.50% 11/1/36		309,339		363,244
6.50% 8/1/37		168,334		200,038
6.50% 10/1/37		37,215		44,024
6.50% 6/1/38		78,457		89,879
6.50% 4/1/39		172,533		199,269
Freddie Mac S.F. 30 yr TBA
3.00% 4/15/45		3,500,000		3,570,547
3.50% 4/15/45		6,000,000		6,288,164
4.00% 4/15/45		5,000,000		5,340,625
GNMA I S.F. 30yr
3.00% 9/15/42		2,340,555		2,414,138
3.00% 11/15/42		2,017,974		2,081,415
3.00% 12/15/42		621,199		640,728


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
GNMA I S.F. 30 yr (continued)
3.50% 10/15/40		370,841	$	390,952
3.50% 1/15/41		143,453		151,366
3.50% 7/15/41		97,470		103,768
3.50% 10/15/41		1,102,197		1,161,980
3.50% 3/15/42		85,363		89,993
3.50% 6/15/42		4,341,672		4,577,108
3.50% 7/15/42		1,791,687		1,888,845
3.50% 10/15/42		561,749		592,408
3.50% 4/15/43		1,229,177		1,295,831
4.00% 6/15/39		152,217		163,443
4.00% 7/15/39		237,335		254,839
4.00% 8/15/39		178,946		192,144
4.00% 8/15/40		1,030,665		1,108,813
4.00% 10/15/40		937,452		1,022,440
4.00% 12/15/40		1,291,964		1,417,342
4.00% 1/15/41		1,282,673		1,406,534
4.00% 9/15/41		2,035,122		2,189,492
4.50% 2/15/39		334,810		369,916
4.50% 3/15/39		1,796,200		1,984,540
4.50% 4/15/39		163,388		180,530
4.50% 5/15/39		154,566		173,077
4.50% 6/15/39		582,003		643,029
4.50% 7/15/39		691,442		763,942
4.50% 8/15/39		116,768		129,011
4.50% 9/15/39		623,053		688,808
4.50% 10/15/39		1,461,771		1,638,125
4.50% 11/15/39		908,576		1,007,594
4.50% 12/15/39		404,484		447,667
4.50% 1/15/40		1,913,192		2,130,178
4.50% 4/15/40		523,454		579,765
4.50% 5/15/40		558,075		624,201
4.50% 6/15/40		1,425,236		1,591,775
4.50% 8/15/40		541,604		598,843
4.50% 9/15/40		370,439		412,187
4.50% 1/15/41		489,392		549,677
4.50% 2/15/41		3,102,423		3,450,107
4.50% 3/15/41		432,643		478,568
4.50% 6/15/41		391,601		433,492
4.50% 7/15/41		49,754		55,066
5.00% 3/15/35		106,305		118,800
5.00% 3/15/38		35,472		39,561
5.00% 4/15/38		38,858		43,371
5.00% 5/15/38		5,988		6,678
5.00% 8/15/38		18,148		20,240
5.00% 11/15/38		58,386		65,165
5.00% 1/15/39		355,562		397,486
5.00% 4/15/39		385,030		430,858
5.00% 5/15/39		1,512,595		1,696,796
5.00% 6/15/39		1,342,753		1,517,441
5.00% 9/15/39		2,925,970		3,320,082
5.00% 10/15/39		254,552		287,841
5.00% 11/15/39		656,898		745,115


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
GNMA I S.F. 30 yr (continued)
5.00% 1/15/40		1,907,711	$	2,152,667
5.00% 2/15/40		833,685		944,889
5.00% 4/15/40		619,399		692,166
5.00% 7/15/40		673,489		753,246
5.50% 10/15/33		340,078		386,962
5.50% 4/15/37		82,729		93,742
5.50% 7/15/37		44,761		50,576
5.50% 1/15/38		553,133		624,983
5.50% 2/15/38		381,320		432,090
5.50% 7/15/38		153,282		173,627
5.50% 8/15/38		66,563		75,146
5.50% 9/15/38		782,962		884,267
5.50% 12/15/38		574,225		648,323
5.50% 1/15/39		297,073		335,607
5.50% 5/15/39		417,853		471,650
5.50% 7/15/39		6,091		6,876
5.50% 10/15/39		443,741		500,871
5.50% 12/15/39		133,132		150,273
5.50% 4/15/40		794,561		900,277
5.50% 2/15/41		112,140		126,578
6.00% 5/15/37		212,096		246,022
6.00% 1/15/38		161,920		184,399
6.00% 3/15/38		7,725		8,796
6.00% 5/15/38		378,136		435,416
6.00% 7/15/38		208,012		236,851
6.00% 8/15/38		240,599		273,957
6.00% 10/15/38		235,967		268,729
6.00% 11/15/38		159,207		181,499
6.00% 12/15/38		262,329		298,988
6.00% 1/15/39		50,752		57,897
6.00% 5/15/39		7,746		8,833
6.00% 6/15/39		6,315		7,197
6.00% 8/15/39		11,836		13,486
6.00% 10/15/39		13,690		15,769
6.00% 6/15/40		7,617		8,688
6.00% 12/15/40		1,150,132		1,309,610
6.50% 3/15/38		9,960		11,402
6.50% 5/15/38		29,668		33,963
6.50% 7/15/38		102,210		117,009
6.50% 8/15/38		3,920		4,516
6.50% 9/15/38		5,719		6,569
6.50% 10/15/38		32,634		37,359
6.50% 2/15/39		279,081		320,247
6.50% 8/15/39		26,439		30,934
GNMA I S.F. 30 yr TBA 4.00% 4/15/45		2,000,000		2,146,250
GNMA II S.F. 30 yr
3.00% 9/20/42		3,198,049		3,299,800
3.00% 11/20/42		1,620,984		1,672,558
3.00% 12/20/42		2,541,111		2,621,962
3.00% 1/20/43		2,484,976		2,564,041
3.00% 2/20/43		3,114,551		3,230,379


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
GNMA II S.F. 30 yr (continued)
3.00% 3/20/43		5,179,923	$	5,361,176
3.00% 6/20/43		2,195,931		2,265,870
3.00% 9/20/43		3,626,855		3,742,478
3.00% 12/20/44		3,464,969		3,575,870
3.50% 4/20/42		1,302,493		1,374,394
3.50% 6/20/42		3,840,903		4,052,936
3.50% 10/20/42		1,470,467		1,551,644
3.50% 12/20/42		2,984,187		3,148,932
3.50% 2/20/43		5,161,835		5,446,804
3.50% 3/20/43		3,131,625		3,334,442
3.50% 5/20/43		3,705,256		3,909,816
3.50% 1/20/44		5,616,843		5,925,529
3.50% 10/20/44		4,805,931		5,065,577
3.50% 12/20/44		3,449,762		3,636,298
4.00% 5/20/39		1,712,973		1,832,331
4.00% 8/20/40		1,008,742		1,083,077
4.00% 10/20/41		174,612		187,483
4.00% 11/20/41		2,927,461		3,143,325
4.00% 12/20/41		1,205,901		1,294,751
4.00% 5/20/42		2,774,711		2,976,687
4.00% 7/20/42		1,704,254		1,827,898
4.00% 8/20/42		1,265,552		1,357,024
4.00% 8/20/43		2,656,658		2,840,735
4.00% 3/20/44		3,894,273		4,154,995
4.00% 8/20/44		5,319,131		5,687,719
4.00% 10/20/44		1,622,800		1,739,395
4.50% 7/20/41		4,392,534		4,790,147
4.50% 12/20/43		3,088,208		3,357,345
4.50% 1/20/44		2,645,481		2,876,035
5.00% 4/20/43		2,252,085		2,525,845
GNMA II S.F. 30 yr TBA
3.00% 4/15/45		5,000,000		5,148,339
3.50% 4/15/45		10,000,000		10,522,266
4.00% 4/15/45		7,000,000		7,458,008
4.50% 4/15/45		2,000,000		2,173,125


Total Agency Mortgage-Backed Securities (Cost $738,126,607)				758,724,627


AGENCY OBLIGATIONS–3.23%
Fannie Mae
0.625% 8/26/16		6,000,000		6,017,190
0.875% 10/26/17		750,000		751,119
0.875% 12/20/17		500,000		500,165
0.875% 2/8/18		1,000,000		999,630
0.875% 5/21/18		1,750,000		1,746,381
0.90% 11/7/17		750,000		744,493
1.00% 8/21/17		100,000		99,915
1.00% 10/11/17		2,000,000		2,000,500
1.00% 5/21/18		100,000		99,441
1.25% 1/30/17		6,500,000		6,575,705
1.70% 10/4/19		125,000		124,872


	Principal Amount°		Value (U.S. $)

AGENCY OBLIGATIONS (continued)
Fannie Mae (continued)
1.75% 1/30/19		1,100,000	$	1,122,696
1.75% 9/12/19		1,000,000		1,016,690
1.875% 9/18/18		1,000,000		1,025,485
2.375% 4/11/16		10,000,000		10,202,130
2.625% 9/6/24		2,085,000		2,162,954
3.40% 9/27/32		250,000		250,407
4.875% 12/15/16		500,000		536,432
5.00% 2/13/17		1,000,000		1,082,125
5.00% 5/11/17		500,000		545,165
5.375% 6/12/17		600,000		660,556
5.625% 7/15/37		100,000		143,894
6.00% 4/18/36		100,000		105,404
6.25% 5/15/29		500,000		717,949
6.625% 11/15/30		300,000		452,270
7.125% 1/15/30		500,000		777,735
7.25% 5/15/30		500,000		794,218
8.95% 2/12/18		1,000,000		1,218,796
Federal Farm Credit Banks
2.50% 6/20/22		125,000		125,029
4.875% 1/17/17		300,000		322,924
5.125% 8/25/16		100,000		106,461
Federal Home Loan Banks
0.375% 6/24/16		2,500,000		2,499,083
0.875% 5/24/17		500,000		502,427
1.125% 9/28/16		500,000		501,746
1.20% 11/21/18		750,000		746,636
2.25% 9/8/17		500,000		517,101
4.125% 3/13/20		400,000		450,460
4.625% 9/11/20		1,000,000		1,156,406
4.875% 5/17/17		200,000		217,581
5.00% 11/17/17		1,700,000		1,882,221
5.375% 5/18/16		2,000,000		2,112,682
5.375% 5/15/19		1,000,000		1,165,987
5.50% 7/15/36		300,000		421,512
Federal Home Loan Mortgage
0.50% 5/27/16		2,970,000		2,969,219
0.75% 1/12/18		1,000,000		998,504
0.875% 10/14/16		1,100,000		1,106,163
0.875% 3/7/18		1,250,000		1,248,351
1.00% 6/29/17		1,000,000		1,005,900
1.25% 8/1/19		500,000		499,407
1.25% 10/2/19		1,000,000		992,102
1.375% 5/1/20		2,600,000		2,582,655
1.75% 5/30/19		500,000		507,787
2.00% 8/25/16		500,000		510,749
2.00% 7/30/19		100,000		102,918
2.375% 1/13/22		6,500,000		6,725,843
2.50% 5/27/16		500,000		511,999
3.75% 3/27/19		700,000		768,401
4.875% 6/13/18		1,150,000		1,291,000
5.00% 2/16/17		500,000		540,680
5.00% 4/18/17		1,000,000		1,088,968


	Principal Amount°		Value (U.S. $)

AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage (continued)
5.125% 11/17/17		250,000	$	277,884
5.25% 4/18/16		1,000,000		1,050,910
5.50% 8/23/17		500,000		556,045
5.625% 11/23/35		100,000		103,261
6.25% 7/15/32		750,000		1,114,625
6.75% 9/15/29		100,000		151,577
6.75% 3/15/31		300,000		457,963
Financing
9.40% 2/8/18		480,000		592,652
10.70% 10/6/17		150,000		185,695
Tennessee Valley Authority
3.875% 2/15/21		400,000		447,242
4.625% 9/15/60		150,000		176,627
4.65% 6/15/35		500,000		602,753
4.70% 7/15/33		200,000		240,803
4.875% 12/15/16		100,000		107,168
5.25% 9/15/39		1,025,000		1,347,228
5.375% 4/1/56		200,000		268,528
5.50% 7/18/17		100,000		110,362
5.88% 4/1/36		75,000		105,442
6.15% 1/15/38		100,000		147,047
7.125% 5/1/30		100,000		150,093


Total Agency Obligations (Cost $84,041,864)				86,847,124


COMMERCIAL MORTGAGE-BACKED SECURITIES–1.93%
Banc of America Commercial Mortgage Trust
Series 2006-6 A3 5.369% 10/10/45		250,000		253,249
Series 2006-6 A4 5.356% 10/10/45		450,000		462,759
ŸSeries 2007-2 A4 5.587% 4/10/49		400,000		423,537
ŸSeries 2007-3 A4 5.575% 6/10/49		200,000		213,431
Series 2007-5 A4 5.492% 2/10/51		25,000		26,602
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PWR13 A4 5.54% 9/11/41		136,273		142,223
Series 2006-TOP24 A4 5.537% 10/12/41		937,284		983,184
ŸSeries 2007-PWR16 A4 5.708% 6/11/40		250,000		269,606
ŸSeries 2007-PWR17 A4 5.694% 6/11/50		500,000		540,361
Series 2007-PWR18 A4 5.70% 6/11/50		360,000		389,658
ŸSeries 2007-TOP28 AM 5.835% 9/11/42		1,075,000		1,176,432
CD Commercial Mortgage Trust Series
2006-CD3 A5 5.617% 10/15/48		419,864		438,731
Citigroup Commercial Mortgage Trust
ŸSeries 2007-C6 A4 5.703% 12/10/49		400,000		432,717
Series 2013-GC11 AS 3.422% 4/10/46		770,000		801,952
Series 2013-GC15 A1 1.378% 9/10/46		550,679		551,693
ŸCOBALT Commercial Mortgage Trust Series 2007-C2 A3 5.484% 4/15/47		424,545		453,006


	Principal Amount°		Value (U.S. $)

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
COMM Mortgage Trust
ŸSeries 2007-C9 A4 5.798% 12/10/49		500,000	$	543,375
Series 2013-LC6 AM 3.282% 1/10/46		1,000,000		1,033,580
Series 2014-CR17 A5 3.977% 5/10/47		1,365,000		1,499,257
Series 2014-UBS3 A4 3.819% 6/10/47		1,500,000		1,622,765
¿Commercial Mortgage Pass Through Certificates Series 2014-CR14 A3 3.955% 2/10/47		545,000		600,208
Commercial Mortgage Trust Series 2007-GG11 A4 5.736% 12/10/49		100,000		107,772
Credit Suisse Commercial Mortgage Trust
ŸSeries 2007-C3 A4 5.704% 6/15/39		165,389		176,950
ŸSeries 2008-C1 A3 5.971% 2/15/41		200,000		219,146
Fannie Mae-Aces
ŸSeries 2014-M1 ASQ2 2.323% 11/25/18		3,000,000		3,083,439
ŸSeries 2014-M2 A2 3.513% 12/25/23		1,285,000		1,390,781
Freddie Mac Multifamily Structured Pass Through Certificates
¿Series K006 A1 3.398% 7/25/19		1,265,695		1,327,435
¿Series K010 A1 3.32% 7/25/20		662,819		694,454
¿Series K025 A1 1.875% 4/25/22		1,468,235		1,478,682
¿Series K026 A2 2.51% 11/25/22		1,000,000		1,018,844
Ÿ¿Series K030 A2 3.25% 4/25/23		6,000,000		6,421,782
General Electric Capital Commercial Mortgage Series 2007-C1 A4 5.543% 12/10/49		725,000		766,634
GS Mortgage Securities Trust
ŸSeries 2007-GG10 A4 5.796% 8/10/45		449,390		485,298
Series 2013-GC12-A3 2.86% 6/10/46		1,500,000		1,532,700
ŸJPMBB Commercial Mortgage Securities Trust Series 2013-C14 A4 4.133% 8/15/46		1,500,000		1,665,449
JPMorgan Chase Commercial Mortgage Securities Trust
ŸSeries 2006-CB15 A4 5.814% 6/12/43		210,943		218,964
Series 2006-CB17 A4 5.429% 12/12/43		350,667		367,956
Series 2006-LDP8 A4 5.399% 5/15/45		904,902		942,915
Series 2013-C10 ASB 2.702% 12/15/47		1,000,000		1,023,647
LB-UBS Commercial Mortgage Trust
ŸSeries 2005-C7 A4 5.197% 11/15/30		108,648		109,163
Series 2006-C6 A4 5.372% 9/15/39		250,000		262,493
ŸSeries 2007-C6 A4 5.858% 7/15/40		553,215		580,476
ŸSeries 2007-C7 A3 5.866% 9/15/45		693,412		762,228
ŸSeries 2008-C1 A2 6.147% 4/15/41		346,162		379,490
Merrill Lynch Mortgage Trust
ŸSeries 2007-C1 A4 5.837% 6/12/50		255,000		274,348
Series 2008-C1 A4 5.69% 2/12/51		658,804		715,280
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-4 A3 5.172% 12/12/49		704,779		740,641
Series 2007-5 A4 5.378% 8/12/48		298,891		315,888
ŸSeries 2007-9 AM 5.856% 9/12/49		1,050,000		1,146,645


	Principal Amount°		Value (U.S. $)

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C11 A2 3.085% 8/15/46		750,000	$	785,317
Series 2013-C9 A4 3.102% 5/15/46		725,000		752,298
Series 2014-C17 A2 3.119% 8/15/47		1,000,000		1,050,383
Morgan Stanley Capital I Trust
ŸSeries 2006-HQ9 AJ 5.793% 7/12/44		500,000		524,270
ŸSeries 2007-IQ15 A4 5.909% 6/11/49		238,701		259,258
Series 2007-IQ16 A4 5.809% 12/12/49		1,471,139		1,594,756
UBS-Barclays Commercial Mortgage Trust Series 2012-C2 A4 3.525% 5/10/63		1,000,000		1,066,484
Wachovia Bank Commercial Mortgage Trust
ŸSeries 2006-C27 AM 5.795% 7/15/45		250,000		262,813
Series 2006-C29 AM 5.339% 11/15/48		750,000		795,328
ŸSeries 2007-C32 A3 5.707% 6/15/49		200,000		213,877
ŸSeries 2007-C33 A5 5.964% 2/15/51		500,000		545,892
Series 2007-C34 A3 5.678% 5/15/46		500,000		537,643
ŸWells Fargo Commercial Mortgage Trust Series 2013-LC12 B 4.301% 7/15/46		400,000		433,227
WFRBS Commercial Mortgage Trust
Series 2012-C9 A3 2.87% 11/15/45		940,000		966,270
ŸSeries 2013-C15 C 4.482% 8/15/46		1,000,000		1,062,468


Total Commercial Mortgage-Backed Securities (Cost $49,397,757)				51,918,110


CORPORATE BONDS–24.66%
Aerospace & Defense–0.36%
Boeing
2.50% 3/1/25		50,000		49,872
3.30% 3/1/35		100,000		99,587
3.50% 3/1/45		25,000		24,869
4.875% 2/15/20		200,000		230,124
6.00% 3/15/19		100,000		116,901
6.125% 2/15/33		50,000		68,015
6.875% 3/15/39		100,000		151,117
Boeing Capital
2.125% 8/15/16		100,000		101,972
4.70% 10/27/19		300,000		338,054
Embraer Overseas 5.15% 6/15/22		50,000		51,937
General Dynamics
1.00% 11/15/17		100,000		100,041
2.25% 7/15/16		150,000		153,419
2.25% 11/15/22		250,000		245,961
Honeywell International
3.35% 12/1/23		200,000		211,484
4.25% 3/1/21		50,000		56,233
5.00% 2/15/19		100,000		112,715
5.30% 3/1/18		100,000		111,847
5.375% 3/1/41		65,000		83,637
5.70% 3/15/36		150,000		194,139
5.70% 3/15/37		100,000		130,525


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Aerospace & Defense (continued)
L-3 Communications
3.95% 11/15/16		100,000	$	103,952
3.95% 5/28/24		450,000		462,721
4.75% 7/15/20		100,000		109,137
4.95% 2/15/21		100,000		110,740
Lockheed Martin
2.90% 3/1/25		300,000		302,794
3.35% 9/15/21		100,000		106,272
3.60% 3/1/35		150,000		150,454
4.07% 12/15/42		279,000		292,639
4.25% 11/15/19		200,000		219,900
4.85% 9/15/41		100,000		116,252
Northrop Grumman
1.75% 6/1/18		150,000		150,555
3.25% 8/1/23		350,000		361,497
3.50% 3/15/21		100,000		105,542
5.05% 11/15/40		100,000		116,313
Northrop Grumman Systems
7.75% 2/15/31		150,000		212,975
Precision Castparts
1.25% 1/15/18		200,000		199,354
2.50% 1/15/23		200,000		197,426
3.90% 1/15/43		50,000		51,459
Raytheon
2.50% 12/15/22		125,000		124,874
3.125% 10/15/20		200,000		211,224
4.40% 2/15/20		100,000		111,254
4.70% 12/15/41		200,000		228,068
6.40% 12/15/18		50,000		58,517
7.20% 8/15/27		100,000		138,116
Rockwell Collins
3.70% 12/15/23		150,000		160,620
4.80% 12/15/43		100,000		119,675
5.25% 7/15/19		50,000		56,607
United Technologies
1.80% 6/1/17		150,000		152,842
3.10% 6/1/22		409,000		426,222
4.50% 4/15/20		210,000		236,159
4.50% 6/1/42		400,000		445,460
5.375% 12/15/17		150,000		166,749
5.40% 5/1/35		200,000		245,816
6.05% 6/1/36		150,000		198,925
6.125% 2/1/19		250,000		291,359
6.125% 7/15/38		200,000		267,155

				9,642,073

Air Freight & Logistics–0.09%
FedEx
2.625% 8/1/22		55,000		55,331
3.20% 2/1/25		200,000		203,129
3.875% 8/1/42		100,000		96,905


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Air Freight & Logistics (continued)
FedEx (continued)
4.00% 1/15/24		120,000	$	129,779
4.10% 4/15/43		100,000		100,776
4.10% 2/1/45		200,000		200,556
4.90% 1/15/34		60,000		67,774
8.00% 1/15/19		100,000		121,354
Hunt (J.B.) Transport Services
3.85% 3/15/24		150,000		159,054
United Parcel Service
2.45% 10/1/22		125,000		126,074
3.125% 1/15/21		350,000		372,416
3.625% 10/1/42		75,000		75,872
4.875% 11/15/40		55,000		65,804
5.125% 4/1/19		200,000		227,628
6.20% 1/15/38		255,000		347,303

				2,349,755

Airlines–0.07%
¿American Airlines 2013-2 Class A Pass Through Trust 4.95% 1/15/23		366,336		401,138
¿American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27		100,000		100,750
Continental Airlines Pass Through Trust
¿Series 2009-1 9.00% 7/8/16		142,948		154,741
¿Series 2010-1 Class A 4.75% 1/12/21		79,929		85,723
¿Series 2012-1 Class A 4.15% 4/11/24		231,543		245,436
Delta Air Lines Pass Through Trust
¿Series 2009-1 Class A 7.75% 12/17/19		56,451		65,201
¿Series 2010-1 Class A 6.20% 7/2/18		61,850		68,035
¿Series 2010-2 Class A 4.95% 5/23/19		67,827		72,660
¿Hawaiian Airlines Pass Through Certificates Series 2013-1 Class A 3.90% 1/15/26		38,708		39,386
Southwest Airlines
2.75% 11/6/19		50,000		51,192
5.125% 3/1/17		100,000		106,972
¿United Airlines 2014-2 Class A Pass Through Trust Series 2014-2 Class A 3.75% 9/3/26		200,000		208,500
US Airways Pass Through Trust
¿Series 2012-1 Class A 5.90% 10/1/24		44,716		51,088
¿Series 2012-2 Class A 4.625% 6/3/25		90,568		96,908
¿Series 2013-1 Class A 3.95% 11/15/25		97,088		100,729

				1,848,459

Auto Components–0.06%
Delphi 5.00% 2/15/23		300,000		322,500
Johnson Controls
1.40% 11/2/17		500,000		498,822
3.625% 7/2/24		107,000		111,085
4.25% 3/1/21		60,000		65,245


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Auto Components (continued)
Johnson Controls (continued)
4.95% 7/2/64		94,000	$	101,270
5.00% 3/30/20		100,000		111,845
5.70% 3/1/41		70,000		85,676
Magna International 3.625% 6/15/24		200,000		204,152

				1,500,595

Automobiles–0.06%
Daimler Finance North America 8.50% 1/18/31		200,000		317,413
Ford Motor
4.75% 1/15/43		400,000		439,094
7.45% 7/16/31		650,000		899,744

				1,656,251

Beverages–0.49%
Anheuser-Busch 6.45% 9/1/37		100,000		132,396
Anheuser-Busch InBev Finance
1.125% 1/27/17		250,000		251,437
1.25% 1/17/18		250,000		250,416
2.625% 1/17/23		150,000		148,026
4.00% 1/17/43		100,000		101,967
4.625% 2/1/44		550,000		611,150
Anheuser-Busch InBev Worldwide
1.375% 7/15/17		500,000		503,370
2.50% 7/15/22		450,000		444,692
3.75% 7/15/42		136,000		133,184
4.375% 2/15/21		30,000		33,410
5.375% 1/15/20		400,000		461,240
6.375% 1/15/40		200,000		263,103
7.75% 1/15/19		500,000		605,601
8.20% 1/15/39		200,000		313,631
Beam Suntory 1.75% 6/15/18		250,000		250,167
Bottling Group
5.125% 1/15/19		200,000		225,340
5.50% 4/1/16		250,000		262,284
Brown-Forman
1.00% 1/15/18		250,000		247,144
3.75% 1/15/43		125,000		124,605
Coca-Cola
1.65% 3/14/18		250,000		254,302
1.65% 11/1/18		500,000		506,279
1.80% 9/1/16		245,000		249,276
2.45% 11/1/20		500,000		515,516
2.50% 4/1/23		250,000		251,458
3.15% 11/15/20		170,000		181,002
3.30% 9/1/21		250,000		267,390
Coca-Cola Enterprises
3.50% 9/15/20		100,000		106,313
4.50% 9/1/21		200,000		223,333
Coca-Cola Femsa
2.375% 11/26/18		200,000		204,748


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Beverages (continued)
Coca-Cola Femsa (continued)
3.875% 11/26/23		200,000	$	215,506
Diageo Capital
0.625% 4/29/16		300,000		299,935
1.50% 5/11/17		125,000		126,235
2.625% 4/29/23		350,000		348,754
3.875% 4/29/43		30,000		30,110
4.828% 7/15/20		100,000		113,730
5.50% 9/30/16		100,000		107,009
5.75% 10/23/17		100,000		111,182
5.875% 9/30/36		100,000		128,325
Diageo Investment 8.00% 9/15/22		100,000		133,090
Dr. Pepper Snapple Group
2.00% 1/15/20		66,000		65,608
6.82% 5/1/18		100,000		115,398
Fomento Economico Mexicano
2.875% 5/10/23		150,000		144,459
4.375% 5/10/43		200,000		197,170
Molson Coors Brewing 5.00% 5/1/42		250,000		266,457
PepsiCo
1.25% 8/13/17		100,000		100,500
2.75% 3/1/23		250,000		252,942
3.00% 8/25/21		100,000		104,943
3.125% 11/1/20		250,000		265,695
3.60% 3/1/24		779,000		831,900
3.60% 8/13/42		250,000		243,471
4.00% 3/5/42		100,000		103,121
4.50% 1/15/20		100,000		112,301
4.875% 11/1/40		100,000		115,893
5.00% 6/1/18		150,000		166,356
5.50% 1/15/40		150,000		188,078
7.90% 11/1/18		200,000		242,619

				13,253,567

Biotechnology–0.25%
Amgen
2.125% 5/15/17		250,000		254,725
2.20% 5/22/19		650,000		658,780
2.30% 6/15/16		150,000		152,296
2.50% 11/15/16		100,000		102,417
3.625% 5/15/22		100,000		106,051
3.625% 5/22/24		150,000		158,047
3.875% 11/15/21		200,000		215,505
4.10% 6/15/21		100,000		108,436
4.50% 3/15/20		150,000		165,848
5.15% 11/15/41		250,000		289,031
5.65% 6/15/42		200,000		246,013
5.75% 3/15/40		200,000		243,980
6.15% 6/1/18		250,000		285,505
6.375% 6/1/37		100,000		129,728
6.40% 2/1/39		50,000		65,076
6.90% 6/1/38		150,000		207,825


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Biotechnology (continued)
Biogen Idec 6.875% 3/1/18		100,000	$	115,167
Celgene
2.30% 8/15/18		143,000		145,184
3.25% 8/15/22		250,000		256,018
3.625% 5/15/24		200,000		208,250
3.95% 10/15/20		100,000		108,046
4.00% 8/15/23		100,000		108,077
4.625% 5/15/44		300,000		320,407
Genzyme 5.00% 6/15/20		100,000		114,511
Gilead Sciences
3.50% 2/1/25		670,000		707,401
4.40% 12/1/21		200,000		223,859
4.50% 4/1/21		100,000		112,535
4.50% 2/1/45		80,000		88,577
4.80% 4/1/44		400,000		462,091
5.65% 12/1/41		250,000		319,699

				6,679,085

Building Products–0.03%
CRH America
6.00% 9/30/16		150,000		160,036
8.125% 7/15/18		125,000		148,977
Martin Marietta Materials 4.25% 7/2/24		55,000		57,771
Owens Corning
4.20% 12/15/22		212,000		221,587
7.00% 12/1/36		100,000		122,867

				711,238

Capital Markets–2.22%
Affiliated Managers Group 4.25% 2/15/24		100,000		106,971
Ameriprise Financial
5.30% 3/15/20		200,000		230,301
7.30% 6/28/19		200,000		241,888
Apollo Investment 5.25% 3/3/25		50,000		50,909
Ares Capital
3.875% 1/15/20		30,000		30,558
4.875% 11/30/18		100,000		105,218
Bank of America
4.25% 10/22/26		1,133,000		1,171,243
6.11% 1/29/37		200,000		244,329
6.40% 8/28/17		200,000		221,790
6.875% 4/25/18		800,000		915,726
6.875% 11/15/18		300,000		348,399
7.75% 5/14/38		200,000		288,932
Bank of New York Mellon
f1.969% 6/20/17		250,000		254,816
2.10% 8/1/18		500,000		509,547
2.10% 1/15/19		200,000		202,557
2.15% 2/24/20		150,000		151,327
2.30% 7/28/16		200,000		204,048


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Capital Markets (continued)
Bank of New York Mellon (continued)
2.30% 9/11/19		500,000	$	509,215
3.00% 2/24/25		100,000		101,581
3.55% 9/23/21		200,000		213,771
3.95% 11/18/25		100,000		110,482
4.15% 2/1/21		100,000		110,565
5.45% 5/15/19		100,000		114,011
Bear Stearns
4.65% 7/2/18		500,000		544,977
5.55% 1/22/17		300,000		321,050
7.25% 2/1/18		300,000		345,603
BlackRock
3.375% 6/1/22		150,000		158,099
5.00% 12/10/19		100,000		113,922
6.25% 9/15/17		100,000		112,326
Comerica Bank 5.75% 11/21/16		100,000		107,241
Credit Suisse USA 5.85% 8/16/16		100,000		106,809
Deutsche Bank
1.40% 2/13/17		700,000		700,911
3.70% 5/30/24		490,000		502,850
Ÿ4.296% 5/24/28		200,000		197,502
4.50% 4/1/25		200,000		200,125
6.00% 9/1/17		500,000		551,345
Export-Import Bank of Korea
2.375% 8/12/19		200,000		203,447
2.875% 1/21/25		500,000		502,787
3.75% 10/20/16		200,000		207,935
4.00% 1/11/17		100,000		104,841
4.00% 1/29/21		100,000		108,739
5.00% 4/11/22		250,000		290,167
5.125% 6/29/20		100,000		114,607
Franklin Resources
2.85% 3/30/25		100,000		99,920
4.625% 5/20/20		100,000		111,882
FS Investment 4.00% 7/15/19		100,000		101,703
Goldman Sachs Group
2.375% 1/22/18		500,000		510,422
2.55% 10/23/19		750,000		761,238
2.90% 7/19/18		500,000		516,999
3.625% 1/22/23		450,000		466,257
3.85% 7/8/24		400,000		419,107
5.25% 7/27/21		400,000		455,258
5.375% 3/15/20		200,000		227,101
5.625% 1/15/17		500,000		536,279
5.75% 10/1/16		700,000		747,158
5.75% 1/24/22		750,000		876,271
5.95% 1/18/18		700,000		779,937
5.95% 1/15/27		200,000		234,900
6.00% 6/15/20		500,000		584,244
6.125% 2/15/33		250,000		319,807
6.15% 4/1/18		500,000		562,353


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Capital Markets (continued)
Goldman Sachs Group (continued)
6.25% 9/1/17		300,000	$	332,868
6.25% 2/1/41		255,000		333,584
6.45% 5/1/36		600,000		752,636
6.75% 10/1/37		800,000		1,052,483
7.50% 2/15/19		825,000		985,466
Invesco Finance 4.00% 1/30/24		500,000		533,899
Jefferies Group
5.125% 1/20/23		150,000		155,950
6.25% 1/15/36		100,000		100,425
8.50% 7/15/19		200,000		240,202
KFW
^0.419% 4/18/36		200,000		116,081
^0.43% 6/29/37		500,000		276,156
0.50% 4/19/16		650,000		650,792
0.75% 3/17/17		1,000,000		1,001,455
0.875% 9/5/17		350,000		350,526
1.00% 1/26/18		1,000,000		1,002,348
1.00% 6/11/18		1,000,000		998,873
1.25% 2/15/17		750,000		758,231
2.00% 6/1/16		700,000		712,865
2.00% 10/4/22		700,000		709,228
2.125% 1/17/23		1,000,000		1,020,537
2.625% 1/25/22		400,000		422,641
2.75% 9/8/20		2,500,000		2,656,395
4.00% 1/27/20		750,000		838,773
4.375% 3/15/18		350,000		384,663
4.50% 7/16/18		800,000		886,922
4.875% 1/17/17		500,000		537,567
4.875% 6/17/19		500,000		571,998
Korea Development Bank
2.25% 8/7/17		250,000		254,345
3.00% 3/17/19		500,000		520,637
3.25% 9/20/16		100,000		103,039
3.50% 8/22/17		250,000		261,405
3.875% 5/4/17		200,000		210,009
4.00% 9/9/16		100,000		104,193
Landwirtschaftliche Rentenbank
1.00% 4/4/18		500,000		499,493
1.375% 10/23/19		300,000		299,763
1.75% 4/15/19		1,125,000		1,145,433
2.375% 9/13/17		300,000		311,157
5.125% 2/1/17		400,000		432,288
Lazard Group
3.75% 2/13/25		100,000		98,825
4.25% 11/14/20		106,000		113,427
Legg Mason 5.625% 1/15/44		100,000		118,894
Lloyds Bank
2.30% 11/27/18		250,000		254,395
4.20% 3/28/17		500,000		528,683
6.375% 1/21/21		300,000		363,397


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Capital Markets (continued)
Morgan Stanley
1.875% 1/5/18		600,000	$	604,508
2.125% 4/25/18		300,000		303,519
2.50% 1/24/19		250,000		254,855
3.70% 10/23/24		1,125,000		1,175,264
3.75% 2/25/23		500,000		524,563
4.10% 5/22/23		350,000		364,626
4.30% 1/27/45		500,000		520,317
4.35% 9/8/26		300,000		314,905
4.75% 3/22/17		700,000		745,567
4.875% 11/1/22		250,000		273,475
5.00% 11/24/25		175,000		193,557
5.45% 1/9/17		800,000		856,148
5.50% 1/26/20		200,000		227,542
5.50% 7/28/21		300,000		348,492
5.55% 4/27/17		350,000		378,852
5.625% 9/23/19		350,000		398,793
5.75% 10/18/16		200,000		213,464
5.75% 1/25/21		650,000		759,720
5.95% 12/28/17		300,000		332,819
6.25% 8/9/26		100,000		124,447
6.375% 7/24/42		850,000		1,137,857
6.625% 4/1/18		500,000		569,067
7.25% 4/1/32		100,000		139,735
7.30% 5/13/19		300,000		359,221
fMurray Street Investment Trust I 4.647% 3/9/17		300,000		318,060
NCUA Guaranteed Notes 2.35% 6/12/17		100,000		103,209
Nomura Holdings
2.00% 9/13/16		150,000		151,462
2.75% 3/19/19		100,000		102,427
6.70% 3/4/20		83,000		99,384
Northern Trust
3.45% 11/4/20		100,000		108,081
3.95% 10/30/25		250,000		268,920
6.50% 8/15/18		850,000		984,321
Oesterreichische Kontrollbank
1.125% 5/29/18		350,000		349,700
1.375% 2/10/20		300,000		298,855
2.00% 6/3/16		300,000		305,375
PennantPark Investment 4.50% 10/1/19.		150,000		152,584
Prospect Capital 5.00% 7/15/19		200,000		208,852
Raymond James Financial 8.60% 8/15/19		200,000		248,546
Schwab (Charles)
1.50% 3/10/18		50,000		50,266
3.00% 3/10/25		100,000		101,268
3.225% 9/1/22		100,000		103,441
4.45% 7/22/20		100,000		112,131
TD Ameritrade Holding 2.95% 4/1/22		250,000		254,419

				59,689,864


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Chemicals–0.53%
Agrium
3.15% 10/1/22		100,000	$	100,436
4.125% 3/15/35		500,000		497,396
6.125% 1/15/41		245,000		305,645
6.75% 1/15/19		100,000		116,557
Air Products & Chemicals
2.00% 8/2/16		55,000		55,990
3.35% 7/31/24		250,000		259,433
4.375% 8/21/19		50,000		54,973
Airgas 2.90% 11/15/22		150,000		148,992
Albemarle 5.45% 12/1/44		500,000		541,308
Cabot 5.00% 10/1/16		50,000		52,829
CF Industries
3.45% 6/1/23		38,000		38,419
4.95% 6/1/43		38,000		40,314
5.15% 3/15/34		450,000		494,686
7.125% 5/1/20		200,000		241,251
Cytec Industries 3.95% 5/1/25		100,000		102,923
Dow Chemical
3.00% 11/15/22		150,000		151,542
4.25% 11/15/20		700,000		769,807
4.375% 11/15/42		400,000		402,946
5.25% 11/15/41		100,000		112,888
5.70% 5/15/18		197,000		221,688
7.375% 11/1/29		125,000		169,995
8.55% 5/15/19		355,000		444,864
9.40% 5/15/39		100,000		166,041
duPont (E.I.) deNemours
2.80% 2/15/23		300,000		299,905
3.625% 1/15/21		100,000		107,094
4.15% 2/15/43		100,000		102,956
4.25% 4/1/21		150,000		165,132
5.25% 12/15/16		25,000		26,891
5.75% 3/15/19		100,000		114,559
6.00% 7/15/18		400,000		456,218
6.50% 1/15/28		150,000		195,406
Eastman Chemical
3.60% 8/15/22		225,000		234,255
3.80% 3/15/25		100,000		104,084
4.65% 10/15/44		70,000		73,760
4.80% 9/1/42		250,000		261,889
5.50% 11/15/19		100,000		113,215
Ecolab
2.25% 1/12/20		200,000		201,477
3.00% 12/8/16		250,000		257,872
4.35% 12/8/21		200,000		220,704
FMC
3.95% 2/1/22		100,000		105,021
4.10% 2/1/24		100,000		105,973
International Flavors & Fragrances
3.20% 5/1/23		50,000		49,968
Lubrizol 8.875% 2/1/19		150,000		187,360


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Chemicals (continued)
LYB International Finance 4.00% 7/15/23		200,000	$	212,228
LyondellBasell Industries
5.00% 4/15/19		500,000		551,861
6.00% 11/15/21		350,000		411,997
Methanex 5.65% 12/1/44		200,000		210,826
Monsanto
2.125% 7/15/19		400,000		405,871
2.20% 7/15/22		100,000		97,205
2.75% 4/15/16		100,000		101,761
3.60% 7/15/42		125,000		118,867
4.70% 7/15/64		250,000		273,419
5.125% 4/15/18		25,000		27,625
5.875% 4/15/38		50,000		63,027
Mosaic
4.25% 11/15/23		125,000		133,550
5.45% 11/15/33		104,000		120,617
5.625% 11/15/43		200,000		238,415
NewMarket 4.10% 12/15/22		50,000		51,991
Potash of Saskatchewan
3.00% 4/1/25		300,000		301,032
3.625% 3/15/24		200,000		211,084
4.875% 3/30/20		10,000		11,268
6.50% 5/15/19		145,000		170,943
PPG Industries
2.30% 11/15/19		100,000		101,241
3.60% 11/15/20		100,000		105,665
Praxair
1.05% 11/7/17		175,000		174,495
1.25% 11/7/18		100,000		99,263
2.20% 8/15/22		100,000		97,636
2.70% 2/21/23		100,000		100,728
4.05% 3/15/21		100,000		110,130
4.50% 8/15/19		100,000		110,959
Rohm & Haas 7.85% 7/15/29		150,000		213,675
RPM International 6.125% 10/15/19		100,000		114,408
Sherwin-Williams 1.35% 12/15/17		200,000		200,430
Syngenta Finance 3.125% 3/28/22		100,000		102,020
Valspar 7.25% 6/15/19		50,000		58,764
Westlake Chemical 3.60% 7/15/22		50,000		50,544

				14,228,207

Commercial Banks–2.38%
Abbey National Treasury Services
2.35% 9/10/19		335,000		340,645
3.05% 8/23/18		250,000		260,630
4.00% 4/27/16		150,000		154,704
American Express Bank 6.00% 9/13/17		250,000		277,263
American Express Centurion Bank
5.95% 6/12/17		100,000		110,186
6.00% 9/13/17		100,000		111,033


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Commercial Banks (continued)
Australia & New Zealand Banking Group
1.25% 6/13/17		350,000	$	351,407
1.45% 5/15/18		250,000		249,259
Banco do Brasil 3.875% 10/10/22		300,000		277,860
Bancolombia 5.95% 6/3/21		200,000		221,940
Bank of America North America
1.125% 11/14/16		300,000		300,433
1.25% 2/14/17		650,000		651,446
5.30% 3/15/17		650,000		694,517
6.00% 10/15/36		400,000		515,861
Bank of Montreal
1.30% 7/15/16		194,000		195,452
1.45% 4/9/18		500,000		500,017
2.50% 1/11/17		300,000		308,587
2.55% 11/6/22		300,000		298,884
Bank of Nova Scotia
1.10% 12/13/16		400,000		401,568
1.25% 4/11/17		200,000		200,659
1.375% 7/15/16		200,000		201,776
1.375% 12/18/17		150,000		150,201
1.45% 4/25/18		250,000		249,488
2.55% 1/12/17		300,000		308,152
2.80% 7/21/21		550,000		562,654
Bank One 8.00% 4/29/27		100,000		139,173
Barclays 2.75% 11/8/19		1,000,000		1,010,777
Barclays Bank
3.75% 5/15/24		500,000		527,061
5.00% 9/22/16		400,000		422,900
5.125% 1/8/20		250,000		284,452
5.14% 10/14/20		200,000		222,473
BB&T
2.05% 6/19/18		350,000		354,982
2.45% 1/15/20		700,000		712,551
3.95% 4/29/16		100,000		103,550
4.90% 6/30/17		100,000		107,413
BNP Paribas
1.375% 3/17/17		600,000		601,273
2.375% 9/14/17		250,000		254,982
2.70% 8/20/18		300,000		309,502
3.25% 3/3/23		500,000		511,773
4.25% 10/15/24		200,000		206,259
5.00% 1/15/21		300,000		340,489
BPCE
1.70% 4/25/16		250,000		252,393
2.25% 1/27/20		250,000		251,724
2.50% 12/10/18		250,000		256,209
2.50% 7/15/19		250,000		255,145
Branch Banking & Trust
1.35% 10/1/17		250,000		250,724
1.45% 10/3/16		250,000		252,504
2.30% 10/15/18		250,000		255,930


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Commercial Banks (continued)
Canadian Imperial Bank of Commerce
1.35% 7/18/16		200,000	$	201,780
1.55% 1/23/18		200,000		200,962
Comerica
2.125% 5/23/19		50,000		50,220
3.80% 7/22/26		60,000		61,191
Commonwealth Bank of Australia
1.90% 9/18/17		250,000		254,533
2.25% 3/13/19		250,000		253,609
2.30% 9/6/19		250,000		253,092
2.50% 9/20/18		800,000		824,686
Compass Bank 6.40% 10/1/17		100,000		109,009
Cooperatieve Centrale Raiffeisen-Boerenleenbank
1.70% 3/19/18		250,000		252,388
2.25% 1/14/19		300,000		305,430
3.375% 1/19/17		400,000		417,063
3.875% 2/8/22		250,000		269,453
3.95% 11/9/22		250,000		259,224
4.50% 1/11/21		550,000		616,528
4.625% 12/1/23		350,000		379,048
5.25% 5/24/41		150,000		182,899
#Corpbanca 144A 3.875% 9/22/19		300,000		301,012
#Credit Suisse Group Funding Guernsey 144A 2.75% 3/26/20		600,000		604,121
Credit Suisse New York
1.375% 5/26/17		1,000,000		1,002,118
2.30% 5/28/19		250,000		252,699
3.625% 9/9/24		700,000		724,363
4.375% 8/5/20		200,000		222,116
5.30% 8/13/19		100,000		113,079
6.00% 2/15/18		500,000		557,885
Discover Bank
2.00% 2/21/18		250,000		250,459
4.20% 8/8/23		250,000		264,887
Fifth Third Bancorp
3.50% 3/15/22		200,000		209,714
4.30% 1/16/24		250,000		267,697
5.45% 1/15/17		100,000		107,059
8.25% 3/1/38		100,000		150,992
Fifth Third Bank 1.15% 11/18/16		300,000		300,555
HSBC Bank USA
5.625% 8/15/35		500,000		622,541
5.875% 11/1/34		100,000		126,327
7.00% 1/15/39		100,000		141,778
HSBC Holdings
4.00% 3/30/22		500,000		538,665
4.25% 3/14/24		300,000		315,390
5.10% 4/5/21		300,000		343,069
5.25% 3/14/44		250,000		285,777
6.10% 1/14/42		200,000		266,083
6.50% 5/2/36		200,000		253,654
6.50% 9/15/37		200,000		256,027


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Commercial Banks (continued)
HSBC Holdings (continued)
6.80% 6/1/38		200,000	$	263,870
HSBC USA
1.625% 1/16/18		500,000		500,351
2.25% 6/23/19		300,000		302,699
3.50% 6/23/24		800,000		836,945
5.00% 9/27/20		300,000		337,173
Huntington Bancshares 2.60% 8/2/18		250,000		255,164
Huntington National Bank 2.40% 4/1/20		250,000		252,181
Industrial & Commercial Bank of China 3.231% 11/13/19		500,000		514,973
Intesa Sanpaolo
3.875% 1/16/18		300,000		314,962
3.875% 1/15/19		600,000		633,370
KeyBank 1.65% 2/1/18		250,000		251,176
KeyCorp 5.10% 3/24/21		300,000		341,171
Manufacturers & Traders Trust
2.25% 7/25/19		350,000		355,145
2.30% 1/30/19		250,000		254,032
MUFG Union Bank
2.625% 9/26/18		250,000		257,220
3.00% 6/6/16		250,000		256,065
National Australia Bank 3.00% 1/20/23		500,000		511,146
National City 6.875% 5/15/19		100,000		118,100
PNC Bank
1.15% 11/1/16		269,000		270,317
1.30% 10/3/16		250,000		251,593
2.70% 11/1/22		250,000		249,246
4.20% 11/1/25		1,000,000		1,092,752
6.875% 4/1/18		150,000		172,135
PNC Funding
2.70% 9/19/16		200,000		204,823
3.30% 3/8/22		300,000		316,487
5.125% 2/8/20		100,000		114,395
6.70% 6/10/19		150,000		178,592
Regions Financial 2.00% 5/15/18		250,000		249,956
Royal Bank of Canada
1.20% 1/23/17		250,000		251,628
1.20% 9/19/17		350,000		350,387
1.25% 6/16/17		450,000		450,938
1.45% 9/9/16		750,000		758,345
2.15% 3/15/19		200,000		203,132
2.15% 3/6/20		250,000		252,018
2.20% 7/27/18		150,000		153,283
2.20% 9/23/19		550,000		560,658
2.30% 7/20/16		100,000		101,997
2.875% 4/19/16		200,000		204,399
Royal Bank of Scotland 5.625% 8/24/20		150,000		174,210
Royal Bank of Scotland Group
1.875% 3/31/17		200,000		199,810
6.40% 10/21/19		300,000		347,603
Societe Generale 2.75% 10/12/17		150,000		154,570


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Commercial Banks (continued)
Sumitomo Mitsui Banking
1.30% 1/10/17		250,000	$	250,027
1.80% 7/18/17		250,000		251,781
2.45% 1/10/19		300,000		305,044
2.45% 1/16/20		300,000		304,009
2.50% 7/19/18		250,000		255,709
3.20% 7/18/22		250,000		256,499
SunTrust Bank
1.35% 2/15/17		200,000		200,721
7.25% 3/15/18		200,000		231,571
SunTrust Banks 2.50% 5/1/19		450,000		457,701
SVB Financial Group 5.375% 9/15/20		150,000		171,117
Svenska Handelsbanken
1.625% 3/21/18		250,000		251,271
2.50% 1/25/19		250,000		256,693
3.125% 7/12/16		200,000		205,784
Toronto-Dominion Bank
1.125% 5/2/17		250,000		250,721
1.40% 4/30/18		350,000		350,379
1.50% 9/9/16		200,000		202,115
2.125% 7/2/19		200,000		202,748
2.25% 11/5/19		250,000		254,296
2.50% 7/14/16		200,000		204,629
2.625% 9/10/18		100,000		103,401
U.S. Bancorp
1.65% 5/15/17		550,000		557,824
1.95% 11/15/18		600,000		609,880
2.20% 11/15/16		200,000		204,277
2.95% 7/15/22		200,000		203,781
3.00% 3/15/22		150,000		155,625
3.60% 9/11/24		250,000		261,125
3.70% 1/30/24		250,000		269,644
UBS
4.875% 8/4/20		595,000		674,691
5.75% 4/25/18		350,000		391,783
5.875% 7/15/16		500,000		529,123
5.875% 12/20/17		475,000		527,615
US Bank 1.375% 9/11/17		250,000		251,594
Wachovia
5.50% 8/1/35		150,000		177,302
5.625% 10/15/16		100,000		106,957
5.75% 2/1/18		600,000		671,384
Wells Fargo
1.15% 6/2/17		250,000		250,004
1.25% 7/20/16		800,000		804,666
1.50% 1/16/18		250,000		251,367
2.15% 1/15/19		1,187,000		1,206,580
3.30% 9/9/24		250,000		258,521
3.45% 2/13/23		250,000		256,064
3.50% 3/8/22		600,000		637,574
f3.676% 6/15/16		750,000		776,818
4.10% 6/3/26		740,000		781,802


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Commercial Banks (continued)
Wells Fargo (continued)
4.125% 8/15/23		300,000	$	320,559
4.60% 4/1/21		350,000		393,387
4.65% 11/4/44		225,000		241,916
5.375% 11/2/43		775,000		916,512
5.625% 12/11/17		150,000		166,722
Wells Fargo Bank
5.85% 2/1/37		450,000		582,538
6.00% 11/15/17		300,000		335,392
6.60% 1/15/38		450,000		638,400
Wells Fargo Capital X 5.95% 12/15/36		100,000		104,125
Westpac Banking
1.05% 11/25/16		350,000		351,344
1.20% 5/19/17		158,000		158,250
1.50% 12/1/17		150,000		150,845
1.60% 1/12/18		250,000		251,495
2.00% 8/14/17		250,000		254,967
2.25% 7/30/18		100,000		102,159
2.25% 1/17/19		150,000		153,025
4.875% 11/19/19		250,000		281,329

				64,152,242

Commercial Services & Supplies–0.09%
Avery Dennison 5.375% 4/15/20		50,000		55,053
#CDK Global 144A 3.30% 10/15/19		135,000		136,248
Cintas No. 2
2.85% 6/1/16		100,000		102,360
4.30% 6/1/21		60,000		65,441
Pitney Bowes
4.625% 3/15/24		200,000		210,166
4.75% 5/15/18		200,000		214,621
Republic Services
3.20% 3/15/25		250,000		251,604
3.80% 5/15/18		100,000		106,100
4.75% 5/15/23		100,000		112,861
5.25% 11/15/21		100,000		115,009
5.50% 9/15/19		299,000		339,321
5.70% 5/15/41		50,000		63,185
Verisk Analytics 4.125% 9/12/22		100,000		104,429
Waste Management
3.125% 3/1/25		100,000		101,173
3.50% 5/15/24		250,000		260,766
3.90% 3/1/35		50,000		51,421
4.10% 3/1/45		55,000		56,441

				2,346,199

Communications Equipment–0.14%
Cisco Systems
1.10% 3/3/17		570,000		573,836
2.90% 3/4/21		615,000		647,931
3.625% 3/4/24		100,000		108,152


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Communications Equipment (continued)
Cisco Systems (continued)
4.45% 1/15/20		300,000	$	336,072
4.95% 2/15/19		450,000		506,560
5.50% 1/15/40		200,000		247,839
5.90% 2/15/39		300,000		386,909
Ericsson 4.125% 5/15/22		250,000		268,637
Harris
5.95% 12/1/17		150,000		166,834
6.375% 6/15/19		35,000		40,050
Juniper Networks
4.60% 3/15/21		100,000		106,513
5.95% 3/15/41		100,000		104,427
Motorola Solutions
3.50% 3/1/23		100,000		100,519
4.00% 9/1/24		250,000		258,835

				3,853,114

Computers & Peripherals–0.32%
Apple
0.45% 5/3/16		200,000		200,098
1.00% 5/3/18		750,000		745,961
1.55% 2/7/20		950,000		944,642
2.15% 2/9/22		250,000		246,998
2.40% 5/3/23		822,000		812,795
2.50% 2/9/25		250,000		244,973
3.45% 5/6/24		350,000		371,908
3.45% 2/9/45		125,000		118,979
3.85% 5/4/43		350,000		356,445
4.45% 5/6/44		600,000		671,302
Cadence Design Systems 4.375% 10/15/24		75,000		78,083
EMC
1.875% 6/1/18		250,000		253,039
2.65% 6/1/20		300,000		308,448
3.375% 6/1/23		250,000		260,142
Hewlett-Packard
2.60% 9/15/17		425,000		436,020
3.00% 9/15/16		150,000		154,012
3.30% 12/9/16		300,000		310,341
4.30% 6/1/21		200,000		215,064
4.375% 9/15/21		150,000		161,844
4.65% 12/9/21		350,000		383,205
5.50% 3/1/18		200,000		221,681
6.00% 9/15/41		305,000		340,623
Lexmark International 5.125% 3/15/20		100,000		107,336
NetApp 3.375% 6/15/21		150,000		153,238
Seagate HDD Cayman 3.75% 11/15/18		600,000		625,834

				8,723,011

Construction & Engineering–0.03%
ABB Finance USA
2.875% 5/8/22		250,000		255,493


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Construction & Engineering (continued)
ABB Finance USA (continued)
4.375% 5/8/42		187,000	$	210,774
Fluor 3.50% 12/15/24		100,000		103,220
Leucadia National 5.50% 10/18/23		200,000		207,025

				776,512

Consumer Finance–0.67%
American Express
1.55% 5/22/18		250,000		250,160
2.65% 12/2/22		115,000		114,530
4.05% 12/3/42		135,000		138,095
6.15% 8/28/17		300,000		333,705
Ÿ6.80% 9/1/66		100,000		105,270
7.00% 3/19/18		100,000		115,611
8.125% 5/20/19		100,000		123,747
American Express Credit
1.30% 7/29/16		500,000		503,036
2.125% 7/27/18		500,000		509,983
2.25% 8/15/19		200,000		203,024
2.375% 3/24/17		550,000		565,027
2.80% 9/19/16		200,000		205,695
American Honda Finance
1.20% 7/14/17		200,000		200,585
1.55% 12/11/17		200,000		201,812
2.125% 10/10/18		200,000		203,822
Capital One 2.40% 9/5/19		300,000		301,393
Capital One Bank USA
2.25% 2/13/19		500,000		503,109
8.80% 7/15/19		200,000		250,795
Capital One Financial
2.45% 4/24/19		350,000		354,496
3.15% 7/15/16		60,000		61,553
3.20% 2/5/25		150,000		149,066
3.50% 6/15/23		600,000		617,041
4.75% 7/15/21		100,000		112,277
6.15% 9/1/16		100,000		106,581
Caterpillar Financial Services
1.00% 11/25/16		500,000		502,279
1.00% 3/3/17		100,000		100,389
1.35% 9/6/16		500,000		505,039
2.05% 8/1/16		125,000		127,285
2.45% 9/6/18		250,000		257,890
2.65% 4/1/16		100,000		102,064
3.30% 6/9/24		150,000		156,594
7.15% 2/15/19		200,000		240,138
Discover Financial Services
3.75% 3/4/25		100,000		100,937
3.95% 11/6/24		100,000		103,041
5.20% 4/27/22		100,000		111,513
Ford Motor Credit
1.70% 5/9/16		200,000		200,985


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Consumer Finance (continued)
Ford Motor Credit (continued)
1.724% 12/6/17		550,000	$	549,139
2.375% 1/16/18		250,000		254,497
2.375% 3/12/19		200,000		202,513
2.459% 3/27/20		200,000		200,253
3.00% 6/12/17		250,000		257,781
3.664% 9/8/24		250,000		258,457
3.984% 6/15/16		250,000		257,833
4.207% 4/15/16		250,000		257,211
5.00% 5/15/18		500,000		545,629
5.75% 2/1/21		200,000		232,676
5.875% 8/2/21		750,000		884,091
HSBC Finance 6.676% 1/15/21		323,000		384,010
John Deere Capital
1.05% 10/11/16		100,000		100,567
1.05% 12/15/16		150,000		150,419
1.70% 1/15/20		350,000		347,342
2.25% 6/7/16		100,000		101,926
2.25% 4/17/19		200,000		204,419
2.30% 9/16/19		500,000		510,831
2.80% 3/4/21		200,000		206,652
5.50% 4/13/17		150,000		163,690
Paccar Financial
1.15% 8/16/16		150,000		151,163
1.60% 3/15/17		100,000		101,427
Toyota Motor Credit
0.80% 5/17/16		100,000		100,352
1.25% 10/5/17		250,000		250,896
1.75% 5/22/17		550,000		558,864
2.00% 9/15/16		250,000		254,977
2.10% 1/17/19		350,000		356,383
2.125% 7/18/19		200,000		203,314
2.75% 5/17/21		250,000		258,561
3.30% 1/12/22		400,000		424,350
3.40% 9/15/21		600,000		638,968

				18,107,758

Containers & Packaging–0.04%
Bemis
4.50% 10/15/21		300,000		332,259
6.80% 8/1/19		10,000		11,843
Packaging Corporation of America
3.90% 6/15/22		50,000		52,055
4.50% 11/1/23		150,000		161,824
Rock-Tenn 4.90% 3/1/22		200,000		220,718
Sonoco Products
4.375% 11/1/21		100,000		108,121
5.75% 11/1/40		100,000		119,589

				1,006,409

Diversified Consumer Services–0.06%
Cornell University 5.45% 2/1/19		200,000		228,746


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Consumer Services (continued)
George Washington University 4.30% 9/15/44		100,000	$	104,923
Massachusetts Institute of Technology 5.60% 7/1/11		200,000		274,046
Metropolitan Museum of Art 3.40% 7/1/45		50,000		48,767
President and Fellows of Harvard College 3.619% 10/1/37		72,000		75,236
Princeton University
4.95% 3/1/19		100,000		112,113
5.70% 3/1/39		50,000		68,078
Stanford University
4.25% 5/1/16		100,000		103,706
4.75% 5/1/19		250,000		279,424
Trustees of Dartmouth College 4.75% 6/1/19		50,000		56,037
Vanderbilt University 5.25% 4/1/19		50,000		56,424
Yale University 2.086% 4/15/19		100,000		102,239

				1,509,739

Diversified Financial Services–2.00%
Air Lease
3.375% 1/15/19		250,000		256,250
3.875% 4/1/21		125,000		129,375
4.25% 9/15/24		300,000		309,750
Bank of America
1.35% 11/21/16		200,000		200,084
2.00% 1/11/18		500,000		504,112
2.60% 1/15/19		543,000		552,959
3.30% 1/11/23		1,000,000		1,014,075
3.75% 7/12/16		500,000		515,535
3.875% 3/22/17		250,000		261,758
4.00% 4/1/24		475,000		505,839
4.10% 7/24/23		1,350,000		1,442,040
5.00% 5/13/21		350,000		395,599
5.00% 1/21/44		650,000		749,099
5.625% 10/14/16		400,000		426,028
5.625% 7/1/20		250,000		288,551
5.65% 5/1/18		500,000		555,029
5.75% 12/1/17		550,000		605,569
5.875% 1/5/21		250,000		292,567
5.875% 2/7/42		218,000		278,367
6.00% 9/1/17		500,000		550,349
6.50% 8/1/16		200,000		213,518
7.625% 6/1/19		300,000		362,426
BP Capital Markets
1.375% 11/6/17		150,000		150,024
1.375% 5/10/18		150,000		149,395
1.846% 5/5/17		150,000		151,883
2.237% 5/10/19		400,000		404,544
2.241% 9/26/18		400,000		406,812


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Financial Services (continued)
BP Capital Markets (continued)
2.315% 2/13/20		650,000	$	655,905
2.75% 5/10/23		250,000		244,139
3.245% 5/6/22		200,000		206,274
3.535% 11/4/24		100,000		101,962
3.994% 9/26/23		250,000		265,023
4.742% 3/11/21		500,000		558,790
4.75% 3/10/19		300,000		332,339
Citigroup
1.55% 8/14/17		250,000		250,321
1.75% 5/1/18		500,000		499,495
1.85% 11/24/17		50,000		50,384
2.40% 2/18/20		750,000		753,536
2.50% 7/29/19		500,000		507,439
3.375% 3/1/23		200,000		205,320
3.75% 6/16/24		400,000		418,553
3.875% 10/25/23		350,000		370,123
3.953% 6/15/16		250,000		258,548
4.05% 7/30/22		107,000		112,429
4.30% 11/20/26		400,000		414,663
4.45% 1/10/17		500,000		527,199
4.50% 1/14/22		730,000		807,179
5.30% 5/6/44		167,000		188,446
5.375% 8/9/20		200,000		229,098
5.50% 2/15/17		450,000		482,789
5.50% 9/13/25		200,000		227,137
5.85% 8/2/16		100,000		106,170
5.875% 2/22/33		200,000		233,428
5.875% 1/30/42		150,000		192,095
6.00% 8/15/17		800,000		880,462
6.00% 10/31/33		100,000		118,553
6.125% 11/21/17		300,000		333,531
6.125% 5/15/18		350,000		394,208
6.125% 8/25/36		200,000		242,975
6.625% 6/15/32		100,000		125,057
6.675% 9/13/43		150,000		200,755
6.875% 3/5/38		350,000		486,037
8.125% 7/15/39		350,000		552,400
8.50% 5/22/19		300,000		373,950
CME Group
3.00% 9/15/22		300,000		311,487
5.30% 9/15/43		100,000		124,221
Countrywide Financial 6.25% 5/15/16		450,000		473,532
•GE Capital Trust I 6.375% 11/15/67		200,000		217,000
General Electric Capital
1.60% 11/20/17		850,000		858,657
1.625% 4/2/18		250,000		252,053
2.30% 4/27/17		250,000		256,635
2.90% 1/9/17		600,000		622,056
2.95% 5/9/16		200,000		205,100
3.10% 1/9/23		600,000		618,628
3.15% 9/7/22		500,000		517,955


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Financial Services (continued)
General Electric Capital (continued)
4.375% 9/16/20		750,000	$	833,597
4.65% 10/17/21		500,000		566,695
5.30% 2/11/21		800,000		924,810
5.375% 10/20/16		400,000		427,767
5.50% 1/8/20		100,000		115,913
5.625% 5/1/18		1,050,000		1,179,485
5.875% 1/14/38		950,000		1,230,822
6.00% 8/7/19		100,000		116,932
•6.375% 11/15/67		100,000		108,750
6.75% 3/15/32		780,000		1,081,879
6.875% 1/10/39		700,000		1,010,421
IntercontinentalExchange Group 4.00% 10/15/23		200,000		216,365
#International Lease Finance 144A 6.75% 9/1/16		400,000		426,000
JPMorgan Chase
1.35% 2/15/17		400,000		401,656
1.625% 5/15/18		250,000		249,292
1.70% 3/1/18		680,000		683,013
1.80% 1/25/18		600,000		604,773
2.00% 8/15/17		450,000		456,931
3.15% 7/5/16		800,000		820,914
3.20% 1/25/23		1,000,000		1,017,688
3.25% 9/23/22		550,000		563,419
3.375% 5/1/23		200,000		201,557
3.625% 5/13/24		250,000		260,250
3.875% 2/1/24		250,000		264,759
4.125% 12/15/26		1,000,000		1,039,104
4.25% 10/15/20		750,000		818,477
4.35% 8/15/21		600,000		660,904
4.40% 7/22/20		700,000		769,314
4.50% 1/24/22		350,000		387,441
5.40% 1/6/42		200,000		240,394
5.50% 10/15/40		100,000		122,419
5.60% 7/15/41		500,000		614,067
6.00% 1/15/18		400,000		447,588
6.30% 4/23/19		200,000		232,454
6.40% 5/15/38		450,000		605,782
JPMorgan Chase Bank 6.00% 10/1/17		950,000		1,052,116
McGraw-Hill Financial 6.55% 11/15/37		400,000		451,788
Moody’s 4.50% 9/1/22		250,000		271,562
MUFG Americas Holdings
1.625% 2/9/18		100,000		100,067
2.25% 2/10/20		100,000		100,307
3.00% 2/10/25		150,000		148,616
NASDAQ OMX Group
5.25% 1/16/18		60,000		65,670
5.55% 1/15/20		100,000		112,460
National Rural Utilities Cooperative Finance
1.10% 1/27/17		150,000		150,687


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Financial Services (continued)
National Rural Utilities Cooperative Finance (continued)
2.35% 6/15/20		300,000	$	304,900
4.023% 11/1/32		100,000		107,181
Ÿ4.75% 4/30/43		100,000		100,550
5.45% 2/1/18		25,000		27,787
8.00% 3/1/32		150,000		224,069
10.375% 11/1/18		100,000		129,664
NYSE Holdings 2.00% 10/5/17		150,000		152,191
Private Export Funding
1.375% 2/15/17		275,000		277,056
1.875% 7/15/18		250,000		253,691
2.45% 7/15/24		250,000		249,187
4.30% 12/15/21		100,000		113,835
Synchrony Financial
1.875% 8/15/17		45,000		45,061
2.70% 2/3/20		500,000		502,729
4.25% 8/15/24		150,000		157,048
#Washington Prime Group 144A
3.85% 4/1/20		50,000		50,477

				53,885,904

Diversified Telecommunication Services–1.07%
AT&T
1.40% 12/1/17		550,000		547,447
2.375% 11/27/18		600,000		608,252
2.40% 8/15/16		175,000		178,155
2.625% 12/1/22		500,000		487,782
2.95% 5/15/16		200,000		204,434
3.00% 2/15/22		400,000		401,986
3.875% 8/15/21		30,000		31,827
4.35% 6/15/45		532,000		510,939
4.45% 5/15/21		100,000		109,693
4.80% 6/15/44		987,000		1,014,719
5.35% 9/1/40		638,000		698,759
5.50% 2/1/18		500,000		550,785
5.55% 8/15/41		40,000		45,149
5.80% 2/15/19		150,000		170,123
6.15% 9/15/34		150,000		177,871
6.30% 1/15/38		200,000		240,219
6.40% 5/15/38		5,000		6,099
6.50% 9/1/37		150,000		184,325
6.55% 2/15/39		550,000		677,403
8.00% 11/15/31		360,000		525,492
British Telecommunications
2.35% 2/14/19		300,000		305,209
9.625% 12/15/30		350,000		578,665
Deutsche Telekom International Finance
6.00% 7/8/19		250,000		291,329
8.75% 6/15/30		460,000		704,898
Embarq 7.995% 6/1/36		150,000		178,740


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Telecommunication Services (continued)
GTE
6.94% 4/15/28		100,000	$	128,155
8.75% 11/1/21		100,000		131,094
Koninklijke KPN 8.375% 10/1/30		100,000		144,950
Nippon Telegraph & Telephone 1.40% 7/18/17		100,000		100,419
Orange
2.75% 9/14/16		100,000		102,290
4.125% 9/14/21		100,000		110,128
5.375% 7/8/19		300,000		342,194
5.375% 1/13/42		100,000		116,577
9.00% 3/1/31		800,000		1,238,029
Qwest
6.75% 12/1/21		650,000		746,078
6.875% 9/15/33		250,000		252,133
Telefonica Emisiones
3.192% 4/27/18		250,000		260,926
5.134% 4/27/20		690,000		779,706
5.462% 2/16/21		140,000		160,200
5.877% 7/15/19		100,000		115,767
6.421% 6/20/16		175,000		185,999
7.045% 6/20/36		175,000		242,490
Telefonica Europe 8.25% 9/15/30		200,000		292,090
Telefonos de Mexico 5.50% 11/15/19		100,000		113,700
Verizon Communications
2.45% 11/1/22		200,000		194,197
2.50% 9/15/16		267,000		272,779
3.45% 3/15/21		500,000		523,345
3.50% 11/1/24		700,000		717,808
3.65% 9/14/18		1,150,000		1,223,447
3.85% 11/1/42		150,000		136,820
#144A 4.272% 1/15/36		904,000		900,157
4.50% 9/15/20		686,000		758,084
#144A 4.522% 9/15/48		1,324,000		1,323,656
4.60% 4/1/21		250,000		278,039
#144A 4.672% 3/15/55		1,182,000		1,162,753
4.862% 8/21/46		692,000		726,260
5.05% 3/15/34		800,000		870,293
5.15% 9/15/23		950,000		1,089,918
6.00% 4/1/41		100,000		120,697
6.35% 4/1/19		250,000		291,187
6.40% 9/15/33		764,000		955,245
6.40% 2/15/38		200,000		250,134
6.55% 9/15/43		1,122,000		1,463,169
6.90% 4/15/38		350,000		458,596

				28,709,809

Electric Utilities–1.44%
Alabama Power
3.75% 3/1/45		150,000		153,174
5.50% 3/15/41		185,000		238,276
6.125% 5/15/38		100,000		137,189


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Ameren Illinois 4.80% 12/15/43		150,000	$	179,809
American Electric Power
1.65% 12/15/17		200,000		201,293
2.95% 12/15/22		125,000		126,250
Appalachian Power
4.60% 3/30/21		150,000		166,992
5.00% 6/1/17		100,000		107,597
6.70% 8/15/37		235,000		323,099
Arizona Public Service
2.20% 1/15/20		150,000		151,112
4.50% 4/1/42		100,000		113,335
5.05% 9/1/41		100,000		122,274
Atlantic City Electric 7.75% 11/15/18		15,000		18,078
Baltimore Gas & Electric
3.35% 7/1/23		100,000		105,304
6.35% 10/1/36		100,000		138,894
Berkshire Hathaway Energy
3.75% 11/15/23		900,000		961,128
5.15% 11/15/43		200,000		238,845
5.75% 4/1/18		100,000		112,410
5.95% 5/15/37		125,000		159,611
6.125% 4/1/36		250,000		326,939
6.50% 9/15/37		100,000		135,830
Black Hills 4.25% 11/30/23		100,000		107,843
CenterPoint Energy Houston Electric 2.25% 8/1/22		250,000		245,441
Cleco Power 6.50% 12/1/35		50,000		66,556
Cleveland Electric Illuminating
5.50% 8/15/24		200,000		241,266
5.95% 12/15/36		100,000		122,259
CMS Energy 4.875% 3/1/44		100,000		116,938
Commonwealth Edison
3.40% 9/1/21		100,000		106,448
4.00% 8/1/20		300,000		328,275
5.95% 8/15/16		150,000		159,863
6.45% 1/15/38		100,000		141,363
Connecticut Light & Power 5.65% 5/1/18		100,000		113,494
Consumers Energy
2.85% 5/15/22		100,000		102,434
3.125% 8/31/24		100,000		103,470
3.375% 8/15/23		200,000		212,126
3.95% 5/15/43		150,000		159,138
5.65% 9/15/18		100,000		114,214
5.65% 4/15/20		100,000		116,693
Dayton Power & Light 1.875% 9/15/16		75,000		75,835
Delmarva Power & Light
3.50% 11/15/23		150,000		159,703
4.00% 6/1/42		100,000		105,757
Dominion Gas Holdings
1.05% 11/1/16		250,000		250,586


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Dominion Gas Holdings (continued)
2.50% 12/15/19		50,000	$	50,999
3.60% 12/15/24		25,000		26,265
4.60% 12/15/44		850,000		919,726
4.80% 11/1/43		94,000		106,502
DTE Electric
2.65% 6/15/22		50,000		50,674
3.65% 3/15/24		250,000		269,904
6.625% 6/1/36		100,000		144,404
Duke Energy
1.625% 8/15/17		250,000		252,847
2.10% 6/15/18		650,000		662,946
5.05% 9/15/19		100,000		112,949
Duke Energy Carolinas
3.90% 6/15/21		100,000		110,457
4.00% 9/30/42		150,000		159,780
4.30% 6/15/20		100,000		111,495
5.25% 1/15/18		250,000		277,475
5.30% 2/15/40		100,000		126,561
6.10% 6/1/37		170,000		226,246
7.00% 11/15/18		100,000		119,017
Duke Energy Florida
3.85% 11/15/42		100,000		104,110
5.65% 6/15/18		150,000		170,086
6.40% 6/15/38		300,000		427,524
Duke Energy Indiana
6.12% 10/15/35		100,000		133,660
6.45% 4/1/39		130,000		186,431
Duke Energy Ohio
3.80% 9/1/23		500,000		543,475
5.45% 4/1/19		50,000		57,096
Duke Energy Progress
4.10% 3/15/43		100,000		108,515
5.30% 1/15/19		100,000		113,229
6.30% 4/1/38		250,000		352,309
Empresa Nacional de Electricidad 4.25% 4/15/24		100,000		104,009
Entergy
4.70% 1/15/17		100,000		105,196
5.125% 9/15/20		100,000		111,337
Entergy Arkansas
3.05% 6/1/23		100,000		102,292
3.70% 6/1/24		200,000		214,536
Entergy Louisiana 4.05% 9/1/23		150,000		164,961
Entergy Mississippi 3.10% 7/1/23		100,000		102,307
Entergy Texas 7.125% 2/1/19		200,000		238,139
Eversource Energy
1.45% 5/1/18		250,000		248,458
3.15% 1/15/25		100,000		101,199
4.50% 11/15/19		110,000		121,384
FirstEnergy Solutions 6.80% 8/15/39		150,000		160,563


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Florida Power & Light
3.80% 12/15/42		100,000	$	104,682
4.05% 6/1/42		150,000		163,179
5.69% 3/1/40		50,000		66,955
5.85% 5/1/37		100,000		134,557
5.95% 2/1/38		200,000		272,962
5.96% 4/1/39		100,000		137,831
6.20% 6/1/36		200,000		278,977
Georgia Power
4.25% 12/1/19		80,000		88,484
4.30% 3/15/42		200,000		217,359
4.30% 3/15/43		100,000		108,681
4.75% 9/1/40		100,000		114,265
5.95% 2/1/39		100,000		132,108
Great Plains Energy 4.85% 6/1/21		50,000		55,994
Hydro-Quebec
1.375% 6/19/17		100,000		101,010
2.00% 6/30/16		300,000		305,359
8.05% 7/7/24		250,000		355,873
8.50% 12/1/29		115,000		181,946
Iberdrola International 6.75% 7/15/36		100,000		131,854
Indiana Michigan Power 7.00% 3/15/19		100,000		119,252
Interstate Power & Light 6.25% 7/15/39		130,000		186,021
ITC Holdings 3.65% 6/15/24		75,000		77,884
Jersey Central Power & Light 7.35% 2/1/19		100,000		118,288
Kansas City Power & Light 6.375% 3/1/18		200,000		227,371
Kentucky Utilities
3.25% 11/1/20		100,000		105,361
4.65% 11/15/43		150,000		178,036
5.125% 11/1/40		100,000		125,282
MidAmerican Energy
2.40% 3/15/19		250,000		257,121
4.40% 10/15/44		100,000		113,812
4.80% 9/15/43		250,000		299,443
5.30% 3/15/18		100,000		111,161
5.75% 11/1/35		25,000		33,140
5.95% 7/15/17		200,000		221,215
Nevada Power
5.45% 5/15/41		60,000		76,729
6.50% 8/1/18		50,000		57,895
6.75% 7/1/37		100,000		143,755
7.125% 3/15/19		100,000		119,809
NextEra Energy Capital Holdings
2.40% 9/15/19		500,000		506,395
3.625% 6/15/23		100,000		104,846
4.50% 6/1/21		100,000		110,555
6.00% 3/1/19		200,000		229,088
Northern States Power
2.60% 5/15/23		100,000		101,065


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Northern States Power (continued)
5.25% 3/1/18		100,000	$	111,330
5.35% 11/1/39		40,000		52,101
6.20% 7/1/37		100,000		139,903
NorthWestern 4.176% 11/15/44		150,000		163,821
Ohio Edison
6.875% 7/15/36		100,000		132,898
8.25% 10/15/38		600,000		984,665
Oklahoma Gas & Electric
4.55% 3/15/44		150,000		173,758
5.25% 5/15/41		100,000		124,000
Oncor Electric Delivery
#144A 2.95% 4/1/25		100,000		101,174
#144A 3.75% 4/1/45		100,000		100,658
4.10% 6/1/22		100,000		109,839
4.55% 12/1/41		150,000		169,877
5.30% 6/1/42		200,000		252,777
6.80% 9/1/18		100,000		116,865
7.00% 9/1/22		100,000		128,294
7.00% 5/1/32		50,000		70,953
Pacific Gas & Electric
3.25% 9/15/21		200,000		210,072
3.25% 6/15/23		250,000		258,841
3.40% 8/15/24		150,000		156,678
5.125% 11/15/43		200,000		241,874
6.05% 3/1/34		500,000		655,243
6.25% 3/1/39		300,000		404,763
8.25% 10/15/18		200,000		244,414
PacifiCorp
2.95% 6/1/23		100,000		102,820
4.10% 2/1/42		100,000		108,309
5.75% 4/1/37		100,000		131,318
6.00% 1/15/39		100,000		135,317
6.35% 7/15/38		25,000		34,821
7.70% 11/15/31		100,000		150,949
PECO Energy
5.35% 3/1/18		200,000		223,089
5.95% 10/1/36		100,000		132,827
Portland General Electric 6.10% 4/15/19		100,000		115,833
Potomac Electric Power 7.90% 12/15/38		100,000		163,484
PPL Capital Funding
3.40% 6/1/23		200,000		207,737
3.50% 12/1/22		100,000		104,409
3.95% 3/15/24		200,000		216,282
4.20% 6/15/22		150,000		163,647
PPL Electric Utilities
3.00% 9/15/21		100,000		104,371
4.125% 6/15/44		100,000		110,523
6.25% 5/15/39		30,000		42,324


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Progress Energy
6.00% 12/1/39		50,000	$	66,549
7.05% 3/15/19		100,000		119,434
7.75% 3/1/31		150,000		217,650
Public Service Electric & Gas
2.375% 5/15/23		200,000		196,666
3.05% 11/15/24		100,000		103,078
3.50% 8/15/20		150,000		160,475
3.75% 3/15/24		150,000		164,382
5.30% 5/1/18		50,000		55,846
5.50% 3/1/40		100,000		130,807
Public Service of Colorado
3.20% 11/15/20		100,000		106,552
3.95% 3/15/43		250,000		272,138
5.125% 6/1/19		135,000		153,787
6.25% 9/1/37		100,000		143,175
Public Service of Oklahoma 5.15% 12/1/19		75,000		84,769
Sierra Pacific Power 6.00% 5/15/16		100,000		105,847
South Carolina Electric & Gas
5.25% 11/1/18		80,000		90,538
6.05% 1/15/38		225,000		299,472
Southern
1.95% 9/1/16		300,000		304,754
2.15% 9/1/19		300,000		302,000
2.45% 9/1/18		90,000		92,844
Southern California Edison
3.50% 10/1/23		150,000		160,407
3.875% 6/1/21		70,000		76,879
3.90% 3/15/43		100,000		105,196
4.05% 3/15/42		300,000		322,974
4.50% 9/1/40		100,000		113,933
4.65% 10/1/43		100,000		118,345
5.55% 1/15/36		59,000		76,610
5.95% 2/1/38		25,000		33,647
6.00% 1/15/34		200,000		268,263
6.05% 3/15/39		170,000		230,498
6.65% 4/1/29		100,000		134,707
Southwestern Electric Power
3.90% 4/1/45		300,000		297,982
6.20% 3/15/40		200,000		266,982
Tampa Electric
2.60% 9/15/22		100,000		98,835
4.10% 6/15/42		100,000		108,472
4.35% 5/15/44		50,000		56,113
6.10% 5/15/18		50,000		56,999
TECO Finance 6.572% 11/1/17		100,000		110,583
Union Electric
3.50% 4/15/24		100,000		107,455
3.65% 4/15/45		100,000		107,780
3.90% 9/15/42		250,000		267,388
8.45% 3/15/39		80,000		140,988


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Virginia Electric & Power
2.75% 3/15/23		100,000	$	101,326
4.45% 2/15/44		625,000		706,083
4.65% 8/15/43		150,000		175,084
5.00% 6/30/19		200,000		225,265
5.95% 9/15/17		100,000		111,245
6.00% 5/15/37		25,000		33,706
6.35% 11/30/37		100,000		141,105
8.875% 11/15/38		100,000		167,776
Westar Energy 4.10% 4/1/43		300,000		322,811
Western Massachusetts Electric 3.50% 9/15/21		150,000		159,787
Wisconsin Electric Power
1.70% 6/15/18		250,000		251,872
2.95% 9/15/21		100,000		104,326
4.25% 12/15/19		25,000		27,434
Wisconsin Power & Light 4.10% 10/15/44		125,000		135,986
Wisconsin Public Service 4.752% 11/1/44		200,000		240,750
Xcel Energy
0.75% 5/9/16		200,000		200,099
4.70% 5/15/20		100,000		112,083
6.50% 7/1/36		100,000		140,321

				38,783,520

Electrical Equipment–0.02%
Emerson Electric
4.25% 11/15/20		50,000		55,982
5.25% 10/15/18		225,000		252,871
5.25% 11/15/39		50,000		61,951
Rockwell Automation 6.25% 12/1/37		100,000		133,973
Roper Industries 6.25% 9/1/19		100,000		115,955

				620,732

Electronic Equipment, Instruments & Components–0.04%
Amphenol 2.55% 1/30/19		150,000		152,889
Arrow Electronics
3.00% 3/1/18		100,000		102,666
3.50% 4/1/22		100,000		100,385
6.00% 4/1/20		50,000		57,049
Avnet 4.875% 12/1/22		100,000		107,735
Corning
4.25% 8/15/20		65,000		71,837
4.75% 3/15/42		250,000		273,829
5.75% 8/15/40		25,000		30,416
6.625% 5/15/19		20,000		23,640
Tech Data 3.75% 9/21/17		100,000		103,099

				1,023,545

Energy Equipment & Services–0.24%
Baker Hughes
5.125% 9/15/40		200,000		228,629


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Energy Equipment & Services (continued)
Baker Hughes (continued)
6.875% 1/15/29		100,000	$	128,873
Cameron International
1.15% 12/15/16		63,000		62,566
4.00% 12/15/23		100,000		103,299
5.125% 12/15/43		56,000		55,346
5.95% 6/1/41		100,000		111,214
6.375% 7/15/18		100,000		112,166
Diamond Offshore Drilling
3.45% 11/1/23		125,000		120,278
5.70% 10/15/39		100,000		92,633
5.875% 5/1/19		40,000		44,623
Ensco
4.50% 10/1/24		400,000		388,440
4.70% 3/15/21		350,000		354,210
5.75% 10/1/44		100,000		97,189
FMC Technologies 3.45% 10/1/22		100,000		98,479
Halliburton
2.00% 8/1/18		250,000		252,439
3.25% 11/15/21		200,000		208,640
4.75% 8/1/43		200,000		219,215
5.90% 9/15/18		50,000		56,924
6.15% 9/15/19		250,000		294,013
7.45% 9/15/39		200,000		286,791
Nabors Industries
4.625% 9/15/21		150,000		144,556
5.10% 9/15/23		500,000		479,639
6.15% 2/15/18		100,000		106,866
9.25% 1/15/19		150,000		174,448
National Oilwell Varco
2.60% 12/1/22		200,000		196,861
3.95% 12/1/42		150,000		142,637
Oceaneering International 4.65% 11/15/24		100,000		101,294
Rowan
4.75% 1/15/24		75,000		71,099
4.875% 6/1/22		100,000		96,257
5.40% 12/1/42		175,000		144,001
7.875% 8/1/19		65,000		72,555
Schlumberger Investment 3.65% 12/1/23		504,000		537,735
Transocean 7.35% 12/15/41		55,000		42,281
Weatherford International
4.50% 4/15/22		100,000		91,533
5.95% 4/15/42		100,000		88,173
6.00% 3/15/18		150,000		157,777
6.75% 9/15/40		100,000		94,077
7.00% 3/15/38		150,000		142,412
9.625% 3/1/19		100,000		114,655
9.875% 3/1/39		50,000		58,631

				6,373,454


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Food & Staples Retailing–0.50%
Costco Wholesale 5.50% 3/15/17		450,000	$	491,195
CVS Health
2.25% 8/12/19		250,000		254,117
2.75% 12/1/22		200,000		201,280
4.00% 12/5/23		600,000		651,566
4.125% 5/15/21		100,000		110,041
4.75% 5/18/20		100,000		113,155
5.75% 6/1/17		150,000		164,803
5.75% 5/15/41		150,000		192,187
6.25% 6/1/27		130,000		165,517
Delhaize America 9.00% 4/15/31		125,000		171,726
Delhaize Group 5.70% 10/1/40		500,000		554,482
Kroger
1.20% 10/17/16		93,000		93,298
2.20% 1/15/17		100,000		101,747
2.30% 1/15/19		250,000		253,855
3.30% 1/15/21		250,000		259,998
3.40% 4/15/22		50,000		51,734
5.00% 4/15/42		100,000		114,234
6.90% 4/15/38		100,000		136,976
7.50% 4/1/31		250,000		341,683
Sysco
3.00% 10/2/21		755,000		780,237
4.35% 10/2/34		65,000		68,420
5.375% 3/17/19		100,000		113,384
6.625% 3/17/39		50,000		70,824
Walgreen
1.80% 9/15/17		100,000		101,091
3.10% 9/15/22		150,000		151,349
5.25% 1/15/19		150,000		168,341
Walgreens Boots Alliance
1.75% 11/17/17		600,000		605,837
3.80% 11/18/24		700,000		725,191
4.80% 11/18/44		500,000		541,854
Wal-Mart Stores
0.60% 4/11/16		600,000		601,346
1.125% 4/11/18		700,000		701,164
2.55% 4/11/23		300,000		302,660
2.80% 4/15/16		400,000		409,797
3.25% 10/25/20		300,000		321,731
3.625% 7/8/20		100,000		108,970
4.00% 4/11/43		325,000		345,618
4.125% 2/1/19		100,000		109,827
4.875% 7/8/40		300,000		354,041
5.00% 10/25/40		200,000		240,369
5.25% 9/1/35		300,000		371,919
5.625% 4/15/41		250,000		325,068
5.80% 2/15/18		200,000		226,444
5.875% 4/5/27		100,000		130,922
6.20% 4/15/38		300,000		409,925


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Food & Staples Retailing (continued)
Wal-Mart Stores(continued)
6.50% 8/15/37		350,000	$	490,599
7.55% 2/15/30		200,000		302,407

				13,502,929

Food Products–0.31%
Archer-Daniels-Midland
4.016% 4/16/43		100,000		104,352
4.479% 3/1/21		235,000		263,843
5.375% 9/15/35		100,000		123,817
5.45% 3/15/18		100,000		112,127
Bunge Limited Finance 8.50% 6/15/19		135,000		166,655
Campbell Soup
2.50% 8/2/22		61,000		59,620
3.05% 7/15/17		100,000		103,700
4.25% 4/15/21		250,000		273,643
4.50% 2/15/19		35,000		38,152
ConAgra Foods
1.90% 1/25/18		250,000		250,482
3.20% 1/25/23		250,000		246,519
4.65% 1/25/43		125,000		125,893
5.819% 6/15/17		50,000		54,435
6.625% 8/15/39		50,000		63,329
7.00% 4/15/19		100,000		117,017
8.25% 9/15/30		100,000		142,712
General Mills
2.20% 10/21/19		300,000		302,840
3.15% 12/15/21		200,000		207,507
3.65% 2/15/24		111,000		116,746
5.40% 6/15/40		45,000		53,630
5.65% 2/15/19		100,000		113,811
5.70% 2/15/17		100,000		108,433
Hershey 4.125% 12/1/20		200,000		220,463
Ingredion 1.80% 9/25/17		100,000		100,052
Kellogg
1.75% 5/17/17		150,000		151,601
3.125% 5/17/22		150,000		152,547
3.25% 5/21/18		135,000		141,325
4.00% 12/15/20		64,000		69,379
7.45% 4/1/31		100,000		135,259
Kraft Foods Group
2.25% 6/5/17		150,000		152,790
3.50% 6/6/22		150,000		155,445
5.00% 6/4/42		250,000		277,725
5.375% 2/10/20		250,000		284,558
6.125% 8/23/18		650,000		738,604
6.50% 2/9/40		150,000		194,898
McCormick
3.50% 9/1/23		107,000		114,057
3.90% 7/15/21		50,000		54,948
Mead Johnson Nutrition
4.90% 11/1/19		100,000		110,941


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Food Products (continued)
Mead Johnson Nutrition (continued)
5.90% 11/1/39		50,000	$	61,509
Mondelez International 6.125% 2/1/18		150,000		168,463
Smucker (J.M.)
#144A 1.75% 3/15/18		60,000		60,346
#144A 2.50% 3/15/20		100,000		101,459
#144A 3.00% 3/15/22		150,000		152,490
#144A 3.50% 3/15/25		150,000		154,525
#144A 4.25% 3/15/35		100,000		103,925
#144A 4.375% 3/15/45		50,000		52,329
Tyson Foods
3.95% 8/15/24		240,000		254,042
4.50% 6/15/22		200,000		220,992
Unilever Capital
2.20% 3/6/19		250,000		255,613
4.25% 2/10/21		200,000		224,738
4.80% 2/15/19		100,000		111,969
5.90% 11/15/32		133,000		186,279

				8,312,534

Gas Utilities–0.11%
AGL Capital
4.40% 6/1/43		100,000		108,886
5.25% 8/15/19		100,000		112,629
5.875% 3/15/41		70,000		91,973
Atmos Energy
4.125% 10/15/44		150,000		160,735
8.50% 3/15/19		100,000		124,325
CenterPoint Energy 5.95% 2/1/17		100,000		108,512
CenterPoint Energy Resources
4.50% 1/15/21		65,000		72,652
5.85% 1/15/41		115,000		144,412
6.00% 5/15/18		100,000		113,007
Laclede Group 4.70% 8/15/44		100,000		109,580
National Fuel Gas
3.75% 3/1/23		156,000		156,473
8.75% 5/1/19		115,000		139,728
One Gas
3.61% 2/1/24		100,000		107,270
4.658% 2/1/44		50,000		58,019
Panhandle Eastern Pipe Line
6.20% 11/1/17		50,000		55,734
7.00% 6/15/18		300,000		341,318
Piedmont Natural Gas 4.65% 8/1/43		50,000		60,087
Southern California Gas
3.15% 9/15/24		100,000		104,201
4.45% 3/15/44		150,000		173,892
5.75% 11/15/35		100,000		130,778
Southern Natural Gas
4.40% 6/15/21		300,000		313,703
#144A 5.90% 4/1/17		25,000		26,890
8.00% 3/1/32		100,000		124,695


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Gas Utilities (continued)
Southwest Gas 4.875% 10/1/43		100,000	$	120,056

				3,059,555

Health Care Equipment & Supplies–0.39%
Bard (C.R.) 4.40% 1/15/21		65,000		71,502
Baxter International
0.95% 6/1/16		250,000		250,477
3.20% 6/15/23		225,000		228,489
3.65% 8/15/42		100,000		96,249
4.50% 8/15/19		250,000		277,381
6.25% 12/1/37		50,000		66,986
Becton Dickinson
1.75% 11/8/16		200,000		202,266
2.675% 12/15/19		145,000		148,268
3.125% 11/8/21		200,000		205,746
3.25% 11/12/20		100,000		104,125
3.734% 12/15/24		350,000		367,040
5.00% 11/12/40		35,000		39,822
6.00% 5/15/39		100,000		127,953
Boston Scientific
2.65% 10/1/18		125,000		126,481
6.00% 1/15/20		100,000		115,222
6.40% 6/15/16		100,000		105,967
7.375% 1/15/40		201,000		273,219
CareFusion
3.30% 3/1/23		100,000		101,223
4.875% 5/15/44		100,000		111,293
6.375% 8/1/19		150,000		175,539
Covidien International Finance
2.95% 6/15/23		100,000		101,710
3.20% 6/15/22		150,000		156,023
4.20% 6/15/20		100,000		110,457
6.00% 10/15/17		25,000		27,897
6.55% 10/15/37		100,000		141,117
DENTSPLY International 2.75% 8/15/16		55,000		56,077
Edwards Lifesciences 2.875% 10/15/18		150,000		154,713
Medtronic
1.375% 4/1/18		125,000		125,132
#144A 1.50% 3/15/18		115,000		115,549
#144A 2.50% 3/15/20		135,000		138,085
2.75% 4/1/23		1,125,000		1,128,592
3.125% 3/15/22		150,000		155,766
#144A 3.50% 3/15/25		975,000		1,020,541
3.625% 3/15/24		500,000		531,467
4.00% 4/1/43		350,000		363,498
#144A 4.375% 3/15/35		150,000		163,448
4.50% 3/15/42		100,000		109,784
#144A 4.625% 3/15/45		590,000		670,457
5.55% 3/15/40		100,000		124,989
5.60% 3/15/19		200,000		229,461
St. Jude Medical 3.25% 4/15/23		200,000		204,926


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Health Care Equipment & Supplies (continued)
Stryker
1.30% 4/1/18		100,000	$	99,945
2.00% 9/30/16		45,000		45,743
3.375% 5/15/24		150,000		154,416
4.375% 1/15/20		100,000		110,099
4.375% 5/15/44		100,000		105,414
Zimmer Holdings
2.70% 4/1/20		250,000		253,661
3.15% 4/1/22		250,000		253,258
3.55% 4/1/25		180,000		183,960
4.25% 8/15/35		105,000		108,526
4.45% 8/15/45		155,000		160,933
5.75% 11/30/39		100,000		119,954

				10,620,846

Health Care Providers & Services–0.48%
Aetna
1.75% 5/15/17		100,000		101,333
2.20% 3/15/19		300,000		303,437
2.75% 11/15/22		150,000		150,456
4.50% 5/15/42		100,000		111,413
6.625% 6/15/36		100,000		135,461
6.75% 12/15/37		100,000		140,130
AmerisourceBergen
3.40% 5/15/24		250,000		257,057
4.875% 11/15/19		200,000		223,234
Anthem
2.30% 7/15/18		250,000		253,845
3.125% 5/15/22		250,000		253,839
3.50% 8/15/24		250,000		256,797
4.35% 8/15/20		100,000		110,516
4.625% 5/15/42		100,000		108,827
4.65% 1/15/43		125,000		136,038
4.65% 8/15/44		100,000		110,550
5.85% 1/15/36		125,000		152,537
5.875% 6/15/17		50,000		54,722
6.375% 6/15/37		100,000		130,443
7.00% 2/15/19		400,000		472,071
Cardinal Health
3.20% 3/15/23		100,000		102,155
3.50% 11/15/24		300,000		310,692
4.625% 12/15/20		100,000		111,824
Children’s Hospital Medical Center 4.268% 5/15/44		50,000		53,379
Cigna
2.75% 11/15/16		100,000		103,093
5.375% 2/15/42		400,000		497,113
5.875% 3/15/41		200,000		263,762
7.875% 5/15/27		25,000		34,800
Coventry Health Care 5.45% 6/15/21		80,000		93,357
Dignity Health 3.812% 11/1/24		200,000		210,207


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Health Care Providers & Services (continued)
Express Scripts Holding
2.65% 2/15/17		200,000	$	204,962
3.125% 5/15/16		200,000		204,922
3.90% 2/15/22		450,000		478,535
4.75% 11/15/21		200,000		225,344
6.125% 11/15/41		300,000		381,025
Howard Hughes Medical Institute 3.50% 9/1/23		150,000		159,846
Humana
3.15% 12/1/22		100,000		100,795
4.625% 12/1/42		175,000		182,949
7.20% 6/15/18		100,000		116,203
Kaiser Foundation Hospitals
3.50% 4/1/22		50,000		51,251
Laboratory Corporation of America Holdings
2.20% 8/23/17		250,000		254,620
4.625% 11/15/20		150,000		165,093
4.70% 2/1/45		500,000		516,717
McKesson
2.284% 3/15/19		250,000		253,040
2.70% 12/15/22		400,000		397,810
4.75% 3/1/21		300,000		335,250
4.883% 3/15/44		125,000		144,034
Medco Health Solutions 7.125% 3/15/18		225,000		259,183
Memorial Sloan-Kettering Cancer Center 4.20% 7/1/55		127,000		129,281
New York and Presbyterian Hospital 4.024% 8/1/45		75,000		75,995
Owens & Minor 3.875% 9/15/21		50,000		52,378
Quest Diagnostics
2.70% 4/1/19		150,000		152,757
3.20% 4/1/16		200,000		204,598
4.75% 1/30/20		60,000		65,836
5.75% 1/30/40		59,000		66,764
UnitedHealth Group
1.875% 11/15/16		500,000		508,538
2.75% 2/15/23		107,000		108,218
2.875% 12/15/21		400,000		411,004
2.875% 3/15/23		250,000		256,363
4.25% 3/15/43		100,000		108,461
4.375% 3/15/42		100,000		110,543
4.625% 11/15/41		200,000		226,685
4.70% 2/15/21		100,000		114,023
6.00% 2/15/18		200,000		226,476
6.50% 6/15/37		150,000		211,664
6.625% 11/15/37		100,000		143,110
6.875% 2/15/38		100,000		144,467

				12,991,828

Hotels, Restaurants & Leisure–0.13%
Brinker International 3.875% 5/15/23		100,000		100,210
Carnival 3.95% 10/15/20		133,000		141,546


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Hotels, Restaurants & Leisure (continued)
Darden Restaurants 7.05% 10/15/37		84,000	$	106,937
Hyatt Hotels 3.875% 8/15/16		100,000		103,623
Marriott International
3.375% 10/15/20		208,000		218,095
6.375% 6/15/17		100,000		110,096
McDonald’s
1.875% 5/29/19		250,000		252,931
2.625% 1/15/22		100,000		101,308
3.25% 6/10/24		300,000		311,611
3.625% 5/20/21		100,000		108,146
3.625% 5/1/43		100,000		98,810
5.80% 10/15/17		300,000		334,745
6.30% 3/1/38		50,000		66,117
Starbucks
3.85% 10/1/23		100,000		109,300
6.25% 8/15/17		100,000		111,723
Starwood Hotels & Resorts Worldwide 3.125% 2/15/23		211,000		209,552
Wyndham Worldwide 4.25% 3/1/22		300,000		313,540
Yum Brands
3.75% 11/1/21		65,000		68,494
3.875% 11/1/23		250,000		260,309
5.30% 9/15/19		150,000		167,420
5.35% 11/1/43		100,000		111,188

				3,405,701

Household Durables–0.14%
Church & Dwight 2.45% 12/15/19		100,000		101,349
Clorox
3.50% 12/15/24		150,000		152,975
5.95% 10/15/17		100,000		111,344
Energizer Holdings 4.70% 5/19/21		100,000		105,874
Kimberly-Clark
1.90% 5/22/19		250,000		252,774
3.875% 3/1/21		45,000		49,700
6.125% 8/1/17		200,000		223,450
6.625% 8/1/37		100,000		142,183
7.50% 11/1/18		100,000		120,316
Leggett & Platt 3.40% 8/15/22		50,000		50,745
Procter & Gamble
1.60% 11/15/18		200,000		202,769
1.90% 11/1/19		200,000		202,847
2.30% 2/6/22		250,000		253,410
3.10% 8/15/23		200,000		210,787
4.70% 2/15/19		200,000		223,910
5.50% 2/1/34		100,000		130,930
5.55% 3/5/37		200,000		265,742
Tupperware Brands 4.75% 6/1/21		100,000		108,303
Whirlpool
3.70% 3/1/23		650,000		671,661
4.70% 6/1/22		100,000		110,499

				3,691,568


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Independent Power Producers & Energy Traders–0.08%
Constellation Energy Group 5.15% 12/1/20		200,000	$	226,195
Exelon Generation
2.95% 1/15/20		200,000		203,600
4.25% 6/15/22		250,000		264,195
5.60% 6/15/42		292,000		335,366
6.20% 10/1/17		25,000		27,709
6.25% 10/1/39		100,000		121,354
Oglethorpe Power
4.55% 6/1/44		100,000		109,169
5.95% 11/1/39		100,000		129,428
PSEG Power
4.15% 9/15/21		250,000		267,709
5.125% 4/15/20		60,000		67,331
Southern Power 5.25% 7/15/43		120,000		140,435
TransAlta 6.50% 3/15/40		250,000		254,211

				2,146,702

Industrial Conglomerates–0.18%
3M
1.00% 6/26/17		100,000		100,278
1.375% 9/29/16		250,000		253,290
2.00% 6/26/22		500,000		494,861
3.875% 6/15/44		150,000		160,849
5.70% 3/15/37		100,000		133,435
6.375% 2/15/28		25,000		33,709
Danaher
2.30% 6/23/16		100,000		102,176
3.90% 6/23/21		100,000		109,921
5.625% 1/15/18		100,000		111,833
General Electric
2.70% 10/9/22		1,150,000		1,171,650
4.125% 10/9/42		311,000		329,618
5.25% 12/6/17		550,000		607,366
Koninklijke Philips Electronics
3.75% 3/15/22		100,000		104,768
5.00% 3/15/42		100,000		112,597
5.75% 3/11/18		300,000		335,512
6.875% 3/11/38		50,000		67,637
Tyco Electronics Group
2.35% 8/1/19		75,000		75,875
2.375% 12/17/18		60,000		61,183
3.50% 2/3/22		150,000		156,723
6.55% 10/1/17		100,000		112,178
Tyco International Finance
8.50% 1/15/19		100,000		121,693

				4,757,152

Insurance–0.87%
ACE INA Holdings
2.70% 3/13/23		100,000		99,969


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Insurance (continued)
ACE INA Holdings (continued)
4.15% 3/13/43		100,000	$	108,280
5.70% 2/15/17		50,000		54,338
5.90% 6/15/19		125,000		144,288
Aflac
6.45% 8/15/40		100,000		132,556
6.90% 12/17/39		530,000		742,093
8.50% 5/15/19		200,000		252,764
Alleghany
4.90% 9/15/44		95,000		100,468
4.95% 6/27/22		100,000		110,971
Allied World Assurance 7.50% 8/1/16		200,000		215,944
Allstate
4.50% 6/15/43		100,000		114,243
5.55% 5/9/35		150,000		191,739
Ÿ5.75% 8/15/53		225,000		245,391
7.45% 5/16/19		100,000		121,545
American Financial Group 9.875% 6/15/19		100,000		127,963
American International Group 2.30% 7/16/19		350,000		355,551
4.50% 7/16/44		500,000		538,951
4.875% 6/1/22		500,000		569,097
5.85% 1/16/18		300,000		335,359
6.25% 5/1/36		100,000		130,753
6.40% 12/15/20		200,000		242,560
Ÿ8.175% 5/15/58		500,000		711,525
Aon
3.125% 5/27/16		100,000		102,581
3.50% 6/14/24		100,000		103,068
4.00% 11/27/23		150,000		160,432
4.45% 5/24/43		100,000		104,281
5.00% 9/30/20		100,000		112,736
Arch Capital Group US 5.144% 11/1/43		105,000		116,472
Aspen Insurance Holdings 4.65% 11/15/23		100,000		105,967
Assurant 2.50% 3/15/18		150,000		152,719
Assured Guaranty US Holdings 5.00% 7/1/24		100,000		107,140
AXA 8.60% 12/15/30		200,000		279,500
Axis Specialty Finance 5.875% 6/1/20		100,000		115,204
Berkley (W.R.) 7.375% 9/15/19		100,000		120,309
Berkshire Hathaway
1.90% 1/31/17		300,000		306,093
2.10% 8/14/19		200,000		204,769
3.00% 2/11/23		100,000		104,017
3.40% 1/31/22		300,000		321,679
4.50% 2/11/43		250,000		282,766
Berkshire Hathaway Finance
1.30% 5/15/18		150,000		150,530
1.60% 5/15/17		150,000		152,333
3.00% 5/15/22		100,000		104,169


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Insurance (continued)
Berkshire Hathaway Finance (continued)
4.25% 1/15/21		100,000	$	112,211
4.30% 5/15/43		100,000		109,440
4.40% 5/15/42		100,000		110,576
5.40% 5/15/18		50,000		56,341
5.75% 1/15/40		100,000		131,436
Chubb
5.75% 5/15/18		100,000		113,189
6.00% 5/11/37		100,000		134,447
Ÿ6.375% 3/29/67		100,000		106,500
Cincinnati Financial 6.92% 5/15/28		100,000		130,409
CNA Financial
3.95% 5/15/24		125,000		129,792
5.75% 8/15/21		30,000		34,667
7.35% 11/15/19		120,000		144,637
Delphi Financial Group 7.875% 1/31/20		25,000		30,177
Everest Reinsurance Holdings 4.868% 6/1/44		100,000		105,462
Fidelity National Financial 6.60% 5/15/17		100,000		109,314
First American Financial 4.60% 11/15/24		100,000		104,709
Hartford Financial Services Group
4.30% 4/15/43		43,000		45,814
5.125% 4/15/22		100,000		114,122
5.50% 3/30/20		100,000		114,937
5.95% 10/15/36		250,000		319,135
6.10% 10/1/41		50,000		65,546
6.625% 3/30/40		100,000		134,575
HCC Insurance Holdings 6.30% 11/15/19		50,000		58,166
Kemper 4.35% 2/15/25		100,000		102,536
ßLincoln National 4.00% 9/1/23		500,000		529,475
Loews
4.125% 5/15/43		500,000		495,187
6.00% 2/1/35		100,000		123,844
Markel 7.125% 9/30/19		100,000		119,842
Marsh & McLennan
2.35% 3/6/20		150,000		151,020
2.55% 10/15/18		100,000		102,777
3.50% 3/10/25		150,000		154,298
4.80% 7/15/21		100,000		112,959
MetLife
3.00% 3/1/25		150,000		150,520
4.05% 3/1/45		150,000		155,751
4.368% 9/15/23		367,000		408,251
4.75% 2/8/21		200,000		226,390
4.875% 11/13/43		200,000		231,402
5.70% 6/15/35		50,000		63,607
5.875% 2/6/41		100,000		130,340
6.375% 6/15/34		100,000		135,460
6.40% 12/15/36		100,000		119,000


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Insurance (continued)
MetLife (continued)
6.50% 12/15/32		100,000	$	135,112
6.75% 6/1/16		200,000		213,516
6.817% 8/15/18		400,000		466,544
7.717% 2/15/19		200,000		242,724
10.75% 8/1/39		150,000		252,675
Montpelier Re Holdings 4.70% 10/15/22		100,000		105,612
Old Republic International 4.875% 10/1/24		100,000		106,567
OneBeacon US Holdings 4.60% 11/9/22		100,000		104,865
PartnerRe Finance B 5.50% 6/1/20		100,000		114,088
Primerica 4.75% 7/15/22		100,000		111,052
Principal Financial Group
1.85% 11/15/17		250,000		252,331
8.875% 5/15/19		100,000		125,957
ProAssurance 5.30% 11/15/23		100,000		110,889
Progressive
3.75% 8/23/21		100,000		108,679
4.35% 4/25/44		250,000		277,191
Protective Life
7.375% 10/15/19		50,000		60,275
8.45% 10/15/39		25,000		38,102
Prudential Financial
2.30% 8/15/18		250,000		255,460
5.10% 8/15/43		250,000		281,987
Ÿ5.20% 3/15/44		100,000		102,175
5.70% 12/14/36		350,000		418,179
Ÿ5.875% 9/15/42		250,000		272,813
5.90% 3/17/36		250,000		308,286
6.00% 12/1/17		200,000		223,404
6.625% 12/1/37		400,000		532,810
6.625% 6/21/40		200,000		271,565
Reinsurance Group of America
4.70% 9/15/23		150,000		164,154
6.45% 11/15/19		90,000		105,309
Swiss Re Solutions Holding 7.00% 2/15/26		100,000		129,264
Symetra Financial 4.25% 7/15/24		50,000		52,323
Torchmark
6.375% 6/15/16		100,000		106,337
9.25% 6/15/19		25,000		31,769
Transatlantic Holdings 8.00% 11/30/39		100,000		141,804
Travelers
3.90% 11/1/20		100,000		109,101
4.60% 8/1/43		250,000		291,532
5.80% 5/15/18		250,000		282,534
5.90% 6/2/19		100,000		116,480
6.25% 6/15/37		100,000		138,113
6.75% 6/20/36		100,000		144,010
Trinity Acquisition 6.125% 8/15/43		100,000		118,427
Unum Group 7.125% 9/30/16		200,000		216,894


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Insurance (continued)
Voya Financial
2.90% 2/15/18		100,000	$	103,251
5.50% 7/15/22		100,000		115,736
5.70% 7/15/43		100,000		123,468
XLIT
2.30% 12/15/18		100,000		101,668
5.25% 12/15/43		200,000		234,134
5.75% 10/1/21		100,000		117,959

				23,318,499

Internet & Catalog Retail–0.06%
Amazon.com
1.20% 11/29/17		800,000		800,653
3.80% 12/5/24		500,000		526,537
Expedia
4.50% 8/15/24		200,000		202,519
5.95% 8/15/20		100,000		113,019

				1,642,728

Internet Software & Services–0.10%
Alibaba Group Holding
#144A 2.50% 11/28/19		500,000		500,717
#144A 3.60% 11/28/24		633,000		636,302
Baidu
3.25% 8/6/18		200,000		207,505
3.50% 11/28/22		200,000		203,726
eBay
2.60% 7/15/22		250,000		239,317
2.875% 8/1/21		350,000		351,454
3.25% 10/15/20		100,000		103,553
Google
2.125% 5/19/16		200,000		203,919
3.375% 2/25/24		200,000		212,563
3.625% 5/19/21		100,000		109,004

				2,768,060

IT Services–0.19%
Broadridge Financial Solutions
3.95% 9/1/20		100,000		106,163
Computer Sciences 6.50% 3/15/18		150,000		165,895
Fidelity National Information Services
2.00% 4/15/18		43,000		43,241
3.50% 4/15/23		311,000		312,604
3.875% 6/5/24		100,000		103,049
Fiserv
3.125% 6/15/16		100,000		102,595
3.50% 10/1/22		150,000		154,808
4.625% 10/1/20		100,000		110,614
HP Enterprise Services 7.45% 10/15/29		25,000		31,737
International Business Machines
0.45% 5/6/16		150,000		149,977
1.125% 2/6/18		100,000		99,795
1.25% 2/6/17		350,000		353,473


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
IT Services (continued)
International Business Machines (continued)
1.25% 2/8/18		250,000	$	250,983
1.625% 5/15/20		150,000		148,168
1.875% 8/1/22		600,000		571,779
1.95% 7/22/16		300,000		305,550
1.95% 2/12/19		200,000		203,047
2.90% 11/1/21		150,000		156,516
4.00% 6/20/42		200,000		201,871
5.60% 11/30/39		210,000		259,565
5.70% 9/14/17		300,000		333,435
5.875% 11/29/32		120,000		152,994
7.625% 10/15/18		300,000		362,469
Total System Services 3.75% 6/1/23		125,000		124,959
Western Union
2.875% 12/10/17		150,000		155,143
3.65% 8/22/18		100,000		105,098
5.253% 4/1/20		107,000		119,031

				5,184,559

Leisure Equipment & Products–0.02%
Hasbro
3.15% 5/15/21		75,000		76,466
5.10% 5/15/44		65,000		69,455
6.35% 3/15/40		65,000		77,287
Mattel
2.35% 5/6/19		200,000		199,675
6.20% 10/1/40		100,000		119,407

				542,290

Life Sciences Tools & Services–0.09%
Agilent Technologies
3.875% 7/15/23		150,000		154,072
5.00% 7/15/20		100,000		109,175
#Keysight Technologies 144A 4.55% 10/30/24		250,000		252,381
Life Technologies 6.00% 3/1/20		150,000		173,421
Thermo Fisher Scientific
3.30% 2/15/22		650,000		667,509
3.60% 8/15/21		100,000		104,529
4.15% 2/1/24		500,000		540,857
4.50% 3/1/21		240,000		262,868
4.70% 5/1/20		100,000		110,212
Trimble Navigation 4.75% 12/1/24		100,000		105,634

				2,480,658

Machinery–0.27%
Caterpillar
1.50% 6/26/17		100,000		101,153
2.60% 6/26/22		50,000		50,145
3.803% 8/15/42		168,000		171,150
3.90% 5/27/21		150,000		165,326
4.75% 5/15/64		50,000		55,082


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Machinery (continued)
Caterpillar (continued)
5.70% 8/15/16		125,000	$	133,621
6.05% 8/15/36		200,000		260,775
7.90% 12/15/18		100,000		122,008
Cooper US
3.875% 12/15/20		100,000		108,576
6.10% 7/1/17		100,000		110,547
Crane 4.45% 12/15/23		100,000		107,204
Cummins
3.65% 10/1/23		139,000		149,289
4.875% 10/1/43		64,000		76,121
Deere
2.60% 6/8/22		100,000		100,542
3.90% 6/9/42		150,000		156,790
4.375% 10/16/19		350,000		389,186
5.375% 10/16/29		100,000		123,347
Dover
4.30% 3/1/21		100,000		111,563
5.375% 3/1/41		100,000		123,659
6.60% 3/15/38		25,000		35,566
Eaton
1.50% 11/2/17		200,000		200,886
2.75% 11/2/22		250,000		250,947
4.15% 11/2/42		150,000		155,179
6.95% 3/20/19		50,000		59,392
Flowserve 4.00% 11/15/23		64,000		67,256
Illinois Tool Works
1.95% 3/1/19		300,000		303,878
3.375% 9/15/21		60,000		63,862
3.90% 9/1/42		150,000		155,253
4.875% 9/15/41		100,000		116,933
6.25% 4/1/19		100,000		116,463
Ingersoll-Rand Global Holding
4.25% 6/15/23		250,000		267,393
5.75% 6/15/43		100,000		122,548
6.875% 8/15/18		250,000		290,726
Joy Global 5.125% 10/15/21		80,000		89,401
Kennametal 2.65% 11/1/19		150,000		150,563
Parker Hannifin
3.30% 11/21/24		60,000		63,068
4.20% 11/21/34		140,000		152,891
6.25% 5/15/38		550,000		754,604
Pentair Finance 5.00% 5/15/21		200,000		221,456
Snap-on 6.125% 9/1/21		50,000		60,343
Stanley Black & Decker
2.90% 11/1/22		150,000		152,718
5.20% 9/1/40		100,000		118,610
5.75% 12/15/53		100,000		108,190
Textron 3.875% 3/1/25		170,000		175,971
#Timken 144A 3.875% 9/1/24		70,000		71,412
Valmont Industries 5.25% 10/1/54		150,000		148,436
Wabtec 4.375% 8/15/23		100,000		107,984


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Machinery (continued)
Xylem 3.55% 9/20/16		100,000	$	103,183

				7,301,196

Media–1.04%
21st Century Fox America
3.00% 9/15/22		600,000		608,238
4.50% 2/15/21		150,000		166,365
4.75% 9/15/44		60,000		67,525
5.65% 8/15/20		300,000		348,629
6.15% 3/1/37		30,000		38,866
6.15% 2/15/41		450,000		583,900
6.40% 12/15/35		300,000		395,935
6.65% 11/15/37		175,000		236,767
6.90% 8/15/39		100,000		137,253
8.15% 10/17/36		100,000		149,484
CBS
2.30% 8/15/19		200,000		200,237
3.375% 3/1/22		100,000		101,889
4.85% 7/1/42		150,000		158,750
4.90% 8/15/44		125,000		132,958
7.875% 7/30/30		200,000		278,095
CC Holdings GS V
2.381% 12/15/17		100,000		100,903
3.849% 4/15/23		150,000		152,119
Comcast
3.125% 7/15/22		100,000		103,765
3.375% 2/15/25		125,000		130,885
4.20% 8/15/34		83,000		90,098
4.25% 1/15/33		200,000		215,220
4.65% 7/15/42		24,000		26,860
4.75% 3/1/44		350,000		403,735
5.15% 3/1/20		300,000		345,178
5.70% 5/15/18		200,000		225,845
5.70% 7/1/19		200,000		231,592
6.40% 5/15/38		250,000		339,767
6.45% 3/15/37		200,000		271,718
6.50% 1/15/17		200,000		219,435
6.50% 11/15/35		200,000		272,708
6.95% 8/15/37		250,000		356,267
7.05% 3/15/33		500,000		711,329
DIRECTV Holdings
1.75% 1/15/18		75,000		75,062
3.80% 3/15/22		200,000		207,613
3.95% 1/15/25		225,000		232,282
4.45% 4/1/24		300,000		320,993
4.60% 2/15/21		300,000		328,467
5.00% 3/1/21		200,000		222,897
5.15% 3/15/42		150,000		157,341
5.20% 3/15/20		65,000		73,443
5.875% 10/1/19		40,000		46,123
6.00% 8/15/40		200,000		227,506
6.35% 3/15/40		50,000		59,372


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Media (continued)
Discovery Communications
3.30% 5/15/22		150,000	$	151,094
4.375% 6/15/21		100,000		108,004
4.875% 4/1/43		100,000		104,897
5.05% 6/1/20		200,000		222,869
5.625% 8/15/19		200,000		227,073
6.35% 6/1/40		150,000		185,937
Disney (Walt)
0.875% 5/30/17		150,000		150,005
1.125% 2/15/17		250,000		251,945
1.35% 8/16/16		200,000		202,196
2.35% 12/1/22		300,000		300,221
3.70% 12/1/42		150,000		153,049
3.75% 6/1/21		200,000		217,860
4.125% 12/1/41		100,000		109,975
4.125% 6/1/44		83,000		92,050
6.00% 7/17/17		150,000		167,199
Grupo Televisa
6.625% 1/15/40		100,000		124,318
8.50% 3/11/32		200,000		283,157
Historic TW
6.625% 5/15/29		300,000		388,267
6.875% 6/15/18		400,000		465,538
Interpublic Group
2.25% 11/15/17		150,000		151,301
4.00% 3/15/22		70,000		73,441
NBCUniversal Media
2.875% 1/15/23		575,000		585,069
4.375% 4/1/21		200,000		223,122
4.45% 1/15/43		675,000		735,984
5.15% 4/30/20		670,000		769,825
5.95% 4/1/41		200,000		262,532
Omnicom Group
3.625% 5/1/22		200,000		210,065
4.45% 8/15/20		35,000		38,556
6.25% 7/15/19		250,000		290,933
Reed Elsevier Capital 8.625% 1/15/19		100,000		122,791
Scripps Networks Interactive
2.75% 11/15/19		50,000		50,476
3.90% 11/15/24		150,000		155,066
Thomson Reuters
0.875% 5/23/16		100,000		99,990
1.30% 2/23/17		107,000		107,171
4.30% 11/23/23		200,000		215,386
4.70% 10/15/19		400,000		440,854
6.50% 7/15/18		150,000		171,809
Time Warner
3.55% 6/1/24		200,000		207,536
4.70% 1/15/21		100,000		111,473
4.75% 3/29/21		150,000		167,696
4.875% 3/15/20		200,000		224,076
4.90% 6/15/42		200,000		222,788


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Media (continued)
Time Warner (continued)
5.875% 11/15/16		150,000	$	161,572
6.10% 7/15/40		100,000		126,785
6.25% 3/29/41		800,000		1,036,174
6.50% 11/15/36		100,000		130,195
7.625% 4/15/31		325,000		455,599
7.70% 5/1/32		330,000		470,558
Time Warner Cable
4.00% 9/1/21		500,000		535,944
5.00% 2/1/20		145,000		161,989
5.50% 9/1/41		100,000		115,298
5.85% 5/1/17		500,000		544,106
5.875% 11/15/40		100,000		120,028
6.55% 5/1/37		200,000		251,973
6.75% 7/1/18		300,000		344,948
6.75% 6/15/39		200,000		257,200
7.30% 7/1/38		150,000		202,851
8.25% 4/1/19		250,000		306,052
8.75% 2/14/19		200,000		247,099
Time Warner Entertainment
8.375% 3/15/23		250,000		336,453
8.375% 7/15/33		200,000		294,113
Viacom
2.50% 9/1/18		120,000		122,166
3.125% 6/15/22		550,000		550,716
3.25% 3/15/23		250,000		247,162
3.50% 4/1/17		100,000		103,877
3.875% 4/1/24		200,000		206,153
4.375% 3/15/43		477,000		446,439
5.625% 9/15/19		200,000		226,124
5.85% 9/1/43		150,000		169,472
6.875% 4/30/36		125,000		155,056
WPP Finance 2010
4.75% 11/21/21		100,000		112,812
5.625% 11/15/43		250,000		295,742

				28,031,664

Metals & Mining–0.53%
Barrick Gold
3.85% 4/1/22		250,000		244,834
4.10% 5/1/23		200,000		197,638
5.25% 4/1/42		300,000		290,607
6.95% 4/1/19		100,000		116,838
Barrick North America Finance
4.40% 5/30/21		200,000		205,669
5.70% 5/30/41		500,000		504,491
5.75% 5/1/43		150,000		156,130
7.50% 9/15/38		25,000		29,114
Barrick PD Australia Finance 5.95% 10/15/39		100,000		100,469
BHP Billiton Finance USA
1.625% 2/24/17		350,000		354,963


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Metals & Mining (continued)
BHP Billiton Finance USA (continued)
1.875% 11/21/16		250,000	$	253,955
3.25% 11/21/21		250,000		261,523
3.85% 9/30/23		200,000		214,054
4.125% 2/24/42		125,000		128,319
5.00% 9/30/43		500,000		574,900
5.40% 3/29/17		100,000		108,578
6.50% 4/1/19		150,000		176,758
Freeport-McMoRan
2.15% 3/1/17		100,000		99,677
2.375% 3/15/18		400,000		398,320
3.10% 3/15/20		775,000		755,985
3.55% 3/1/22		300,000		277,939
3.875% 3/15/23		225,000		208,651
5.45% 3/15/43		225,000		202,349
Goldcorp
2.125% 3/15/18		100,000		100,730
3.70% 3/15/23		200,000		198,309
Kinross Gold 5.95% 3/15/24		139,000		128,940
Newmont Mining
3.50% 3/15/22		150,000		145,808
4.875% 3/15/42		650,000		580,416
5.125% 10/1/19		180,000		197,609
6.25% 10/1/39		100,000		102,107
Nucor
4.00% 8/1/23		139,000		146,103
4.125% 9/15/22		100,000		107,049
5.20% 8/1/43		100,000		112,961
5.75% 12/1/17		50,000		55,624
5.85% 6/1/18		100,000		111,844
Reliance Steel & Aluminum
4.50% 4/15/23		150,000		151,780
Rio Tinto Alcan 6.125% 12/15/33		150,000		182,654
Rio Tinto Finance USA
1.375% 6/17/16		500,000		502,855
1.625% 8/21/17		250,000		251,523
2.25% 12/14/18		150,000		152,615
2.50% 5/20/16		100,000		101,913
2.875% 8/21/22		250,000		248,691
3.50% 11/2/20		250,000		263,969
3.75% 9/20/21		150,000		158,436
4.125% 5/20/21		200,000		215,739
4.125% 8/21/42		150,000		148,334
5.20% 11/2/40		100,000		113,147
6.50% 7/15/18		250,000		287,423
7.125% 7/15/28		75,000		100,577
9.00% 5/1/19		100,000		126,923
Southern Copper
3.50% 11/8/22		89,000		89,501
5.25% 11/8/42		150,000		137,483
5.375% 4/16/20		125,000		139,375


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Metals & Mining (continued)
Southern Copper (continued)
6.75% 4/16/40		110,000	$	118,371
7.50% 7/27/35		200,000		230,108
Teck Resources
2.50% 2/1/18		250,000		249,362
4.50% 1/15/21		100,000		102,049
4.75% 1/15/22		104,000		104,867
5.20% 3/1/42		250,000		223,040
6.00% 8/15/40		100,000		95,447
6.25% 7/15/41		201,000		195,341
Vale 5.625% 9/11/42		150,000		130,560
Vale Overseas
4.375% 1/11/22		250,000		241,567
4.625% 9/15/20		100,000		100,419
5.625% 9/15/19		300,000		320,121
6.25% 1/23/17		250,000		265,151
6.875% 11/21/36		350,000		340,270
6.875% 11/10/39		170,000		165,067
Worthington Industries 4.55% 4/15/26		40,000		43,039
Yamana Gold 4.95% 7/15/24		50,000		49,251

				14,196,229

Multiline Retail–0.15%
Dollar General 3.25% 4/15/23		200,000		194,691
Family Dollar Stores 5.00% 2/1/21		100,000		105,297
Kohl’s
4.00% 11/1/21		200,000		212,616
4.75% 12/15/23		150,000		165,049
6.00% 1/15/33		100,000		115,495
6.25% 12/15/17		50,000		55,862
Macy’s Retail Holdings
2.875% 2/15/23		100,000		99,585
3.625% 6/1/24		150,000		156,154
4.375% 9/1/23		90,000		99,274
5.125% 1/15/42		100,000		112,509
5.90% 12/1/16		107,000		115,468
6.70% 7/15/34		150,000		201,282
6.90% 4/1/29		150,000		195,227
Nordstrom
4.75% 5/1/20		100,000		112,850
5.00% 1/15/44		281,000		325,508
Target
2.30% 6/26/19		200,000		205,058
2.90% 1/15/22		300,000		309,241
3.875% 7/15/20		100,000		109,866
4.00% 7/1/42		150,000		159,588
5.875% 7/15/16		100,000		106,652
6.00% 1/15/18		250,000		282,659
6.35% 11/1/32		100,000		133,183
6.50% 10/15/37		200,000		279,220
7.00% 1/15/38		200,000		292,475

				4,144,809


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Multi-Utilities–0.29%
American Water Capital
3.85% 3/1/24		250,000	$	269,965
4.30% 12/1/42		100,000		108,360
6.085% 10/15/17		100,000		111,427
Avista
5.125% 4/1/22		30,000		34,880
5.95% 6/1/18		100,000		113,385
Consolidated Edison New York
3.95% 3/1/43		150,000		155,203
4.45% 3/15/44		200,000		222,949
4.625% 12/1/54		500,000		563,116
5.50% 12/1/39		250,000		319,339
5.85% 3/15/36		100,000		130,654
6.30% 8/15/37		20,000		27,178
6.65% 4/1/19		200,000		237,335
6.75% 4/1/38		25,000		35,686
7.125% 12/1/18		200,000		238,411
Dominion Resources
2.50% 12/1/19		600,000		610,422
2.75% 9/15/22		250,000		249,093
4.45% 3/15/21		100,000		110,819
4.90% 8/1/41		60,000		67,698
5.20% 8/15/19		80,000		90,136
5.95% 6/15/35		25,000		30,707
6.40% 6/15/18		76,000		86,980
DTE Energy
2.40% 12/1/19		150,000		152,606
3.50% 6/1/24		100,000		104,102
6.35% 6/1/16		50,000		53,166
KeySpan 8.00% 11/15/30		25,000		35,707
NiSource Finance
3.85% 2/15/23		50,000		52,857
4.80% 2/15/44		100,000		112,878
5.25% 2/15/43		59,000		70,495
5.45% 9/15/20		125,000		144,065
5.80% 2/1/42		100,000		127,716
6.125% 3/1/22		100,000		120,269
6.40% 3/15/18		300,000		341,225
Puget Energy 6.00% 9/1/21		200,000		236,470
Puget Sound Energy
4.434% 11/15/41		100,000		113,306
5.638% 4/15/41		80,000		104,748
5.764% 7/15/40		50,000		66,369
5.795% 3/15/40		100,000		134,562
San Diego Gas & Electric
3.00% 8/15/21		175,000		183,361
3.60% 9/1/23		200,000		215,263
6.00% 6/1/39		110,000		150,526
SCANA
4.125% 2/1/22		500,000		526,442
6.25% 4/1/20		100,000		115,089


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Multi-Utilities (continued)
Sempra Energy
2.40% 3/15/20		250,000	$	253,069
2.875% 10/1/22		150,000		150,208
6.00% 10/15/39		125,000		161,210
6.15% 6/15/18		25,000		28,519
6.50% 6/1/16		230,000		244,760
United Utilities 5.375% 2/1/19		100,000		107,760

				7,920,491

Office Electronics–0.03%
Xerox
2.80% 5/15/20		250,000		252,542
4.50% 5/15/21		345,000		374,875
6.35% 5/15/18		250,000		282,539

				909,956

Oil, Gas & Consumable Fuels–2.75%
Anadarko Finance 7.50% 5/1/31		250,000		332,443
Anadarko Petroleum
5.95% 9/15/16		200,000		213,432
6.375% 9/15/17		300,000		333,980
6.45% 9/15/36		250,000		311,105
7.95% 6/15/39		200,000		282,847
8.70% 3/15/19		200,000		244,705
Apache
1.75% 4/15/17		50,000		50,424
3.25% 4/15/22		73,000		74,296
4.25% 1/15/44		100,000		98,631
4.75% 4/15/43		200,000		209,847
5.10% 9/1/40		350,000		376,137
5.25% 2/1/42		100,000		109,978
5.625% 1/15/17		200,000		215,688
6.00% 1/15/37		50,000		59,883
Boardwalk Pipelines
3.375% 2/1/23		100,000		92,622
4.95% 12/15/24		50,000		50,489
5.75% 9/15/19		100,000		108,934
Buckeye Partners
4.875% 2/1/21		260,000		275,983
5.50% 8/15/19		50,000		55,046
5.85% 11/15/43		500,000		505,961
Burlington Resources Finance 7.20% 8/15/31		100,000		140,175
Canadian Natural Resources
3.80% 4/15/24		43,000		43,116
3.90% 2/1/25		200,000		202,324
5.70% 5/15/17		250,000		270,681
5.85% 2/1/35		200,000		219,787
5.90% 2/1/18		100,000		110,437
6.25% 3/15/38		150,000		176,252
Cenovus Energy
3.80% 9/15/23		250,000		248,670


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Cenovus Energy (continued)
4.45% 9/15/42		100,000	$	91,997
5.70% 10/15/19		100,000		111,583
6.75% 11/15/39		200,000		239,807
Chevron
1.104% 12/5/17		300,000		300,456
1.345% 11/15/17		500,000		504,270
1.718% 6/24/18		500,000		506,569
2.193% 11/15/19		500,000		510,763
2.355% 12/5/22		500,000		494,819
3.191% 6/24/23		550,000		573,484
4.95% 3/3/19		100,000		112,291
CNOOC Finance 2013
3.00% 5/9/23		250,000		244,634
4.25% 5/9/43		1,000,000		1,010,923
ConocoPhillips
1.05% 12/15/17		250,000		249,245
2.40% 12/15/22		450,000		440,235
4.15% 11/15/34		90,000		95,850
4.30% 11/15/44		150,000		159,613
5.75% 2/1/19		425,000		488,521
5.90% 5/15/38		450,000		576,270
6.00% 1/15/20		200,000		235,985
6.50% 2/1/39		380,000		514,379
ConocoPhillips Canada Funding I 5.625% 10/15/16		100,000		107,292
ConocoPhillips Holding 6.95% 4/15/29		200,000		273,961
Continental Resources
3.80% 6/1/24		435,000		401,716
4.50% 4/15/23		700,000		680,500
4.90% 6/1/44		100,000		88,512
Devon Energy
3.25% 5/15/22		250,000		252,932
4.00% 7/15/21		100,000		106,808
4.75% 5/15/42		100,000		107,363
5.60% 7/15/41		300,000		350,614
6.30% 1/15/19		100,000		114,698
7.95% 4/15/32		100,000		137,889
Devon Financing 7.875% 9/30/31		200,000		273,312
Ecopetrol
4.125% 1/16/25		500,000		479,940
5.875% 9/18/23		200,000		215,200
5.875% 5/28/45		155,000		144,995
7.625% 7/23/19		200,000		235,800
El Paso Natural Gas
5.95% 4/15/17		100,000		106,925
8.375% 6/15/32		100,000		128,885
El Paso Pipeline Partners Operating 5.00% 10/1/21		250,000		268,531
Enable Midstream Partners
#144A 3.90% 5/15/24		200,000		193,076
#144A 5.00% 5/15/44		70,000		64,108


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Enbridge
3.50% 6/10/24		100,000	$	98,420
4.00% 10/1/23		150,000		152,809
4.50% 6/10/44		100,000		93,183
5.60% 4/1/17		100,000		107,303
Enbridge Energy Partners
5.20% 3/15/20		100,000		110,323
6.50% 4/15/18		50,000		55,739
7.50% 4/15/38		300,000		376,276
9.875% 3/1/19		50,000		63,018
Encana
5.90% 12/1/17		50,000		56,353
6.50% 5/15/19		300,000		344,962
6.50% 2/1/38		100,000		114,849
6.625% 8/15/37		250,000		289,879
7.20% 11/1/31		50,000		59,996
Energy Transfer Partners
3.60% 2/1/23		100,000		99,227
4.05% 3/15/25		100,000		101,047
4.15% 10/1/20		150,000		157,660
5.15% 3/15/45		150,000		151,512
5.20% 2/1/22		250,000		272,769
5.95% 10/1/43		125,000		138,379
6.50% 2/1/42		150,000		174,587
7.50% 7/1/38		200,000		253,534
7.60% 2/1/24		150,000		187,191
EnLink Midstream Partners
4.40% 4/1/24		150,000		157,963
5.60% 4/1/44		100,000		111,293
Enterprise Products Operating
3.35% 3/15/23		350,000		354,413
3.75% 2/15/25		640,000		661,988
3.90% 2/15/24		200,000		209,629
4.05% 2/15/22		100,000		106,755
4.45% 2/15/43		125,000		127,419
4.85% 8/15/42		200,000		214,638
4.85% 3/15/44		125,000		135,282
5.20% 9/1/20		100,000		112,810
5.25% 1/31/20		100,000		112,987
5.70% 2/15/42		150,000		180,182
5.75% 3/1/35		250,000		296,899
5.95% 2/1/41		100,000		121,769
6.125% 10/15/39		50,000		61,665
6.30% 9/15/17		100,000		111,699
6.50% 1/31/19		100,000		115,688
7.55% 4/15/38		100,000		141,382
EOG Resources
2.625% 3/15/23		150,000		150,114
3.15% 4/1/25		250,000		255,288
3.90% 4/1/35		350,000		359,649
4.40% 6/1/20		150,000		166,594
6.875% 10/1/18		25,000		29,351


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
EQT
4.875% 11/15/21		100,000	$	105,386
8.125% 6/1/19		75,000		89,678
EQT Midstream Partners 4.00% 8/1/24		55,000		54,705
Exxon Mobil
1.305% 3/6/18		500,000		503,094
1.819% 3/15/19		500,000		506,961
3.567% 3/6/45		800,000		831,793
Freeport-McMoran Oil & Gas 6.875% 2/15/23		196,000		208,495
Hess
5.60% 2/15/41		200,000		219,193
7.125% 3/15/33		100,000		122,100
7.30% 8/15/31		250,000		305,361
8.125% 2/15/19		285,000		342,475
Husky Energy
3.95% 4/15/22		150,000		152,633
4.00% 4/15/24		50,000		50,744
7.25% 12/15/19		125,000		148,510
Kerr-McGee 6.95% 7/1/24		100,000		125,363
Kinder Morgan
2.00% 12/1/17		110,000		109,899
4.30% 6/1/25		200,000		205,702
5.55% 6/1/45		700,000		740,803
Kinder Morgan Energy Partners
2.65% 2/1/19		300,000		300,734
3.50% 3/1/21		520,000		524,807
3.50% 9/1/23		500,000		491,077
3.95% 9/1/22		100,000		101,722
5.00% 8/15/42		500,000		487,357
5.00% 3/1/43		250,000		245,073
5.30% 9/15/20		250,000		275,498
5.80% 3/15/35		150,000		165,566
5.95% 2/15/18		50,000		55,314
6.50% 9/1/39		100,000		114,171
6.55% 9/15/40		200,000		225,203
7.75% 3/15/32		200,000		248,837
Magellan Midstream Partners
3.20% 3/15/25		100,000		99,962
4.20% 3/15/45		150,000		145,920
4.25% 2/1/21		150,000		162,352
6.55% 7/15/19		50,000		58,650
Marathon Oil
2.80% 11/1/22		125,000		121,955
5.90% 3/15/18		500,000		554,088
6.60% 10/1/37		100,000		121,023
Marathon Petroleum
3.625% 9/15/24		250,000		253,341
5.00% 9/15/54		500,000		503,994
5.125% 3/1/21		135,000		152,042
6.50% 3/1/41		145,000		177,276
Murphy Oil 2.50% 12/1/17		500,000		493,233


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Nexen
6.20% 7/30/19		130,000	$	148,821
6.40% 5/15/37		150,000		190,549
7.50% 7/30/39		200,000		283,844
Noble Energy
4.15% 12/15/21		100,000		106,069
5.05% 11/15/44		800,000		842,713
5.25% 11/15/43		250,000		262,251
6.00% 3/1/41		135,000		152,492
8.25% 3/1/19		100,000		119,735
Noble Holding International
2.50% 3/15/17		100,000		98,507
3.95% 3/15/22		100,000		88,946
6.20% 8/1/40		125,000		108,656
Northwest Pipeline 6.05% 6/15/18		300,000		337,097
Occidental Petroleum
1.50% 2/15/18		100,000		99,947
1.75% 2/15/17		250,000		253,153
2.70% 2/15/23		200,000		198,955
3.125% 2/15/22		150,000		154,715
4.10% 2/1/21		100,000		109,805
4.125% 6/1/16		150,000		155,691
ONEOK Partners
3.20% 9/15/18		100,000		101,307
3.375% 10/1/22		150,000		142,545
3.80% 3/15/20		100,000		102,075
4.90% 3/15/25		100,000		101,380
6.125% 2/1/41		100,000		102,774
6.15% 10/1/16		50,000		53,442
6.20% 9/15/43		178,000		185,984
6.65% 10/1/36		100,000		106,494
8.625% 3/1/19		100,000		118,587
Petrobras Global Finance
2.00% 5/20/16		200,000		191,800
3.00% 1/15/19		500,000		432,910
3.25% 3/17/17		700,000		647,500
3.50% 2/6/17		600,000		563,010
4.375% 5/20/23		350,000		300,160
5.375% 1/27/21		700,000		638,505
5.625% 5/20/43		225,000		183,353
5.75% 1/20/20		200,000		186,016
5.875% 3/1/18		200,000		192,000
6.875% 1/20/40		450,000		411,102
7.25% 3/17/44		1,000,000		943,980
7.875% 3/15/19		400,000		409,184
Petro-Canada
5.95% 5/15/35		200,000		240,079
6.80% 5/15/38		100,000		132,421
9.25% 10/15/21		50,000		67,522
Petroleos Mexicanos
2.378% 4/15/25		190,000		193,566


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Petroleos Mexicanos (continued)
3.125% 1/23/19		80,000	$	81,800
3.50% 7/18/18		200,000		208,500
3.50% 1/30/23		800,000		783,200
#144A 4.50% 1/23/26		250,000		255,375
4.875% 1/24/22		1,250,000		1,329,687
4.875% 1/18/24		500,000		530,500
5.50% 1/21/21		400,000		441,000
6.00% 3/5/20		260,000		297,830
6.375% 1/23/45		609,000		682,385
6.50% 6/2/41		800,000		910,000
6.625% 6/15/35		250,000		287,500
8.00% 5/3/19		550,000		660,687
Phillips 66
2.95% 5/1/17		950,000		983,058
4.65% 11/15/34		350,000		372,044
5.875% 5/1/42		250,000		298,905
Pioneer Natural Resources 3.95% 7/15/22		100,000		103,005
Plains All American Pipeline
4.30% 1/31/43		100,000		95,717
4.70% 6/15/44		600,000		612,040
5.15% 6/1/42		200,000		212,848
5.75% 1/15/20		100,000		113,961
6.65% 1/15/37		125,000		156,538
8.75% 5/1/19		150,000		187,129
Shell International Finance
0.90% 11/15/16		200,000		201,071
1.125% 8/21/17		500,000		501,766
2.00% 11/15/18		300,000		305,791
2.375% 8/21/22		250,000		249,506
3.40% 8/12/23		650,000		688,829
4.30% 9/22/19		200,000		222,070
4.375% 3/25/20		75,000		84,001
4.55% 8/12/43		100,000		113,825
5.50% 3/25/40		100,000		127,385
6.375% 12/15/38		300,000		416,820
Southwestern Energy
3.30% 1/23/18		500,000		509,931
4.10% 3/15/22		200,000		197,104
Spectra Energy Capital
5.65% 3/1/20		100,000		110,269
7.50% 9/15/38		350,000		427,089
Spectra Energy Partners
2.95% 6/15/16		100,000		102,268
2.95% 9/25/18		350,000		361,082
Statoil
1.15% 5/15/18		250,000		248,870
1.25% 11/9/17		250,000		250,559
2.45% 1/17/23		200,000		197,142
2.65% 1/15/24		100,000		98,415
3.15% 1/23/22		200,000		208,978


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Statoil (continued)
3.70% 3/1/24		600,000	$	642,073
3.95% 5/15/43		250,000		257,165
4.80% 11/8/43		150,000		175,915
5.10% 8/17/40		200,000		241,218
5.25% 4/15/19		250,000		284,502
7.15% 1/15/29		25,000		35,024
Suncor Energy
3.60% 12/1/24		250,000		255,527
6.10% 6/1/18		150,000		169,094
6.50% 6/15/38		250,000		322,216
6.85% 6/1/39		100,000		132,185
7.15% 2/1/32		25,000		32,884
Sunoco Logistics Partners Operations
3.45% 1/15/23		200,000		197,116
5.30% 4/1/44		200,000		207,097
6.85% 2/15/40		100,000		121,851
Talisman Energy
3.75% 2/1/21		250,000		246,304
7.75% 6/1/19		125,000		144,372
TC PipeLines 4.375% 3/13/25		150,000		151,785
Tennessee Gas Pipeline
7.50% 4/1/17		400,000		441,871
7.625% 4/1/37		150,000		193,495
Tosco 8.125% 2/15/30		100,000		147,671
Total Capital
4.125% 1/28/21		100,000		110,477
4.45% 6/24/20		100,000		111,843
Total Capital Canada
1.45% 1/15/18		200,000		200,793
2.75% 7/15/23		300,000		299,459
Total Capital International
1.00% 8/12/16		200,000		201,164
1.00% 1/10/17		500,000		502,307
1.55% 6/28/17		150,000		151,766
2.10% 6/19/19		300,000		304,537
2.70% 1/25/23		200,000		199,657
2.875% 2/17/22		200,000		205,155
3.70% 1/15/24		100,000		106,241
TransCanada PipeLines
2.50% 8/1/22		150,000		146,704
3.75% 10/16/23		150,000		157,586
3.80% 10/1/20		100,000		106,115
4.625% 3/1/34		200,000		215,954
6.10% 6/1/40		100,000		124,581
Ÿ6.35% 5/15/67		150,000		145,875
6.50% 8/15/18		200,000		228,743
7.25% 8/15/38		100,000		139,249
7.625% 1/15/39		250,000		361,269
Transcontinental Gas Pipe Line
4.45% 8/1/42		100,000		91,662


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Valero Energy
3.65% 3/15/25		100,000	$	102,481
4.90% 3/15/45		150,000		155,693
6.125% 2/1/20		65,000		75,379
6.625% 6/15/37		300,000		371,466
7.50% 4/15/32		100,000		130,289
9.375% 3/15/19		200,000		250,729
Western Gas Partners
4.00% 7/1/22		150,000		152,707
5.45% 4/1/44		100,000		106,584
Williams
3.70% 1/15/23		139,000		128,705
4.55% 6/24/24		250,000		242,578
5.75% 6/24/44		100,000		93,780
8.75% 3/15/32		109,000		130,758
Williams Partners
3.90% 1/15/25		425,000		416,371
4.00% 11/15/21		100,000		102,800
4.30% 3/4/24		195,000		194,933
5.25% 3/15/20		200,000		220,426
6.30% 4/15/40		470,000		518,835
XTO Energy 6.50% 12/15/18		100,000		117,283

				73,973,608

Paper & Forest Products–0.09%
Celulosa Arauco y Constitucion
4.50% 8/1/24		200,000		205,018
5.00% 1/21/21		100,000		105,996
Domtar
4.40% 4/1/22		100,000		103,515
6.75% 2/15/44		100,000		115,633
Georgia-Pacific 8.00% 1/15/24		250,000		332,245
International Paper
4.75% 2/15/22		200,000		221,418
4.80% 6/15/44		200,000		206,216
6.00% 11/15/41		135,000		160,810
7.30% 11/15/39		100,000		133,856
7.50% 8/15/21		80,000		100,644
7.95% 6/15/18		300,000		354,633
9.375% 5/15/19		100,000		127,555
Plum Creek Timberlands 4.70% 3/15/21		100,000		110,584
Westvaco 8.20% 1/15/30		150,000		212,361

				2,490,484

Personal Products–0.04%
Colgate-Palmolive
0.90% 5/1/18		100,000		99,477
1.30% 1/15/17		200,000		202,210
1.50% 11/1/18		250,000		252,546
1.75% 3/15/19		344,000		348,061
2.30% 5/3/22		100,000		100,037

				1,002,331


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Pharmaceuticals–0.94%
Abbott Laboratories
5.125% 4/1/19		478,000	$	539,086
5.30% 5/27/40		250,000		316,842
6.00% 4/1/39		50,000		66,893
6.15% 11/30/37		50,000		68,078
AbbVie
1.75% 11/6/17		750,000		753,134
2.90% 11/6/22		500,000		496,818
4.40% 11/6/42		300,000		310,069
Actavis
3.25% 10/1/22		250,000		250,177
4.625% 10/1/42		125,000		127,854
6.125% 8/15/19		45,000		51,461
Actavis Funding
2.35% 3/12/18		1,000,000		1,014,241
2.45% 6/15/19		210,000		211,073
3.45% 3/15/22		500,000		512,909
4.55% 3/15/35		1,000,000		1,045,707
4.85% 6/15/44		650,000		693,139
Allergan
1.35% 3/15/18		50,000		49,162
5.75% 4/1/16		100,000		104,697
AstraZeneca
4.00% 9/18/42		150,000		156,041
5.90% 9/15/17		350,000		389,696
6.45% 9/15/37		450,000		621,109
Bristol-Myers Squibb
1.75% 3/1/19		200,000		200,820
2.00% 8/1/22		100,000		96,711
3.25% 8/1/42		100,000		93,887
4.50% 3/1/44		500,000		569,611
5.875% 11/15/36		195,000		255,520
6.125% 5/1/38		103,000		137,780
GlaxoSmithKline Capital
2.85% 5/8/22		750,000		762,827
5.375% 4/15/34		100,000		123,302
5.65% 5/15/18		450,000		509,381
6.375% 5/15/38		450,000		613,237
Johnson & Johnson
1.65% 12/5/18		800,000		815,793
2.15% 5/15/16		400,000		407,713
2.45% 12/5/21		150,000		156,126
2.95% 9/1/20		100,000		106,104
3.55% 5/15/21		100,000		109,540
4.375% 12/5/33		183,000		210,162
4.85% 5/15/41		100,000		123,600
5.15% 7/15/18		250,000		282,143
5.85% 7/15/38		100,000		139,209
Lilly (Eli)
1.25% 3/1/18		610,000		612,279
1.95% 3/15/19		250,000		254,417
2.75% 6/1/25		110,000		110,629


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Pharmaceuticals (continued)
Lilly (Eli) (continued)
5.20% 3/15/17		140,000	$	151,709
5.50% 3/15/27		100,000		123,526
5.95% 11/15/37		100,000		132,818
Merck
0.70% 5/18/16		125,000		125,210
1.10% 1/31/18		150,000		149,818
1.30% 5/18/18		100,000		100,156
1.85% 2/10/20		400,000		402,836
2.40% 9/15/22		150,000		149,905
2.75% 2/10/25		900,000		900,428
2.80% 5/18/23		250,000		256,137
3.60% 9/15/42		100,000		99,767
3.875% 1/15/21		400,000		438,032
4.15% 5/18/43		242,000		261,221
5.00% 6/30/19		100,000		113,469
5.85% 6/30/39		50,000		66,296
6.50% 12/1/33		100,000		138,419
6.55% 9/15/37		100,000		141,399
Mylan
2.55% 3/28/19		75,000		75,464
2.60% 6/24/18		200,000		204,385
5.40% 11/29/43		133,000		154,142
Novartis Capital
2.40% 9/21/22		250,000		251,973
3.40% 5/6/24		250,000		267,355
3.70% 9/21/42		150,000		156,800
4.40% 4/24/20		100,000		112,087
4.40% 5/6/44		250,000		289,172
Novartis Securities Investment 5.125% 2/10/19		400,000		451,823
Perrigo
1.30% 11/8/16		206,000		205,954
4.00% 11/15/23		250,000		261,684
Pfizer
0.90% 1/15/17		500,000		501,379
3.00% 6/15/23		200,000		205,057
3.40% 5/15/24		200,000		210,173
4.40% 5/15/44		400,000		441,031
6.20% 3/15/19		400,000		468,394
7.20% 3/15/39		300,000		442,572
Sanofi
1.25% 4/10/18		91,000		91,191
4.00% 3/29/21		325,000		357,583
Teva Pharmaceutical Finance
2.95% 12/18/22		175,000		174,945
6.15% 2/1/36		100,000		127,476
Teva Pharmaceutical Finance IV
2.25% 3/18/20		250,000		251,791
3.65% 11/10/21		250,000		263,685
Wyeth
5.95% 4/1/37		350,000		449,595


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Pharmaceuticals (continued)
Wyeth (continued)
6.00% 2/15/36		100,000	$	129,858
6.50% 2/1/34		100,000		136,332
Zoetis
3.25% 2/1/23		163,000		162,725
4.70% 2/1/43		150,000		157,022

				25,221,771

Real Estate Investment Trusts–0.61%
Alexandria Real Estate Equities 4.50% 7/30/29		110,000		116,428
American Tower
3.45% 9/15/21		250,000		255,559
3.50% 1/31/23		250,000		248,230
4.50% 1/15/18		200,000		214,837
4.70% 3/15/22		225,000		241,662
5.00% 2/15/24		100,000		109,547
5.05% 9/1/20		100,000		110,589
5.90% 11/1/21		65,000		75,024
AvalonBay Communities
3.50% 11/15/24		200,000		205,895
3.625% 10/1/20		200,000		212,075
6.10% 3/15/20		100,000		116,944
BioMed Realty
2.625% 5/1/19		100,000		100,923
3.85% 4/15/16		100,000		102,470
Boston Properties
3.70% 11/15/18		100,000		106,608
3.85% 2/1/23		125,000		132,284
4.125% 5/15/21		250,000		272,057
5.625% 11/15/20		150,000		174,685
5.875% 10/15/19		100,000		116,182
Brandywine Operating Partnership
4.55% 10/1/29		200,000		208,448
4.95% 4/15/18		100,000		107,685
Brixmor Operating Partnership 3.85% 2/1/25		70,000		70,200
Brookfield Asset Management 4.00% 1/15/25		150,000		150,894
Camden Property Trust
4.25% 1/15/24		67,000		71,600
4.625% 6/15/21		100,000		109,775
CBL & Associates 5.25% 12/1/23		67,000		71,843
Corporate Office Properties 3.70% 6/15/21		150,000		151,843
CubeSmart 4.375% 12/15/23		100,000		107,793
DDR
3.50% 1/15/21		150,000		155,540
7.50% 4/1/17		200,000		222,451
Digital Realty Trust 5.25% 3/15/21		100,000		111,439
Duke Realty
3.75% 12/1/24		250,000		257,106


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Real Estate Investment Trusts (continued)
Duke Realty (continued)
4.375% 6/15/22		100,000	$	107,557
6.75% 3/15/20		50,000		59,489
EPR Properties
5.25% 7/15/23		75,000		81,090
5.75% 8/15/22		100,000		110,414
ERP Operating
2.375% 7/1/19		150,000		152,105
4.50% 7/1/44		150,000		162,106
4.625% 12/15/21		150,000		167,789
4.75% 7/15/20		100,000		111,841
Essex Portfolio
3.25% 5/1/23		100,000		100,039
3.375% 1/15/23		250,000		253,167
Excel Trust 4.625% 5/15/24		50,000		52,562
Federal Realty Investment Trust
2.75% 6/1/23		100,000		98,957
4.50% 12/1/44		50,000		54,247
Government Properties Income Trust 3.75% 8/15/19		100,000		103,718
HCP
2.625% 2/1/20		200,000		200,721
3.75% 2/1/19		100,000		105,505
3.875% 8/15/24		200,000		203,629
4.25% 11/15/23		186,000		195,838
5.375% 2/1/21		200,000		225,433
6.30% 9/15/16		125,000		134,094
Health Care REIT
4.50% 1/15/24		250,000		268,895
5.25% 1/15/22		100,000		112,871
6.125% 4/15/20		135,000		156,683
6.20% 6/1/16		50,000		52,977
6.50% 3/15/41		250,000		331,278
Healthcare Realty Trust
5.75% 1/15/21		200,000		226,236
6.50% 1/17/17		100,000		108,817
Healthcare Trust of America Holdings
3.375% 7/15/21		100,000		101,661
Hospitality Properties Trust
5.00% 8/15/22		300,000		319,784
5.625% 3/15/17		100,000		106,734
Host Hotels & Resorts
4.75% 3/1/23		150,000		161,927
5.25% 3/15/22		400,000		445,623
Kilroy Realty
4.25% 8/15/29		150,000		156,746
4.80% 7/15/18		100,000		107,702
Kimco Realty
3.20% 5/1/21		150,000		154,009
6.875% 10/1/19		150,000		178,687
Lexington Realty Trust 4.40% 6/15/24		60,000		62,549


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Real Estate Investment Trusts (continued)
Liberty Property
4.125% 6/15/22		50,000	$	52,400
4.40% 2/15/24		100,000		107,071
5.50% 12/15/16		100,000		106,335
6.625% 10/1/17		50,000		55,777
Mack-Cali Realty 7.75% 8/15/19		100,000		115,726
Mid-America Apartments
3.75% 6/15/24		100,000		102,646
4.30% 10/15/23		50,000		53,506
National Retail Properties
3.30% 4/15/23		100,000		100,040
5.50% 7/15/21		100,000		114,619
Omega Healthcare Investors
#144A 4.50% 4/1/27		200,000		197,460
4.95% 4/1/24		57,000		60,340
6.75% 10/15/22		100,000		106,125
Prologis
4.25% 8/15/23		150,000		161,568
4.50% 8/15/17		100,000		107,124
6.875% 3/15/20		104,000		122,775
Realty Income
3.875% 7/15/24		65,000		67,565
4.65% 8/1/23		100,000		109,464
5.75% 1/15/21		100,000		115,309
5.875% 3/15/35		50,000		58,491
5.95% 9/15/16		110,000		117,695
Retail Opportunity Investments Partnership 4.00% 12/15/24		50,000		51,249
Senior Housing Properties Trust 4.75% 5/1/24		200,000		207,927
Simon Property Group
3.375% 3/15/22		150,000		156,276
3.375% 10/1/24		250,000		256,823
4.125% 12/1/21		300,000		328,971
5.65% 2/1/20		200,000		231,641
6.75% 2/1/40		300,000		421,097
10.35% 4/1/19		200,000		259,449
Tanger Properties 3.875% 12/1/23		100,000		104,532
UDR
4.25% 6/1/18		100,000		107,272
4.625% 1/10/22		100,000		109,428
Ventas Realty
2.70% 4/1/20		100,000		101,199
3.75% 5/1/24		150,000		154,386
4.00% 4/30/19		200,000		213,872
4.25% 3/1/22		200,000		214,733
4.75% 6/1/21		100,000		110,541
Vornado Realty 2.50% 6/30/19		100,000		100,902
Washington Real Estate Investment Trust 3.95% 10/15/22		100,000		101,239
Weingarten Realty Investors 3.375% 10/15/22		150,000		149,975


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Real Estate Investment Trusts (continued)
Weyerhaeuser
4.625% 9/15/23		250,000	$	275,308
7.375% 3/15/32		250,000		336,775

				16,467,727

Real Estate Management & Development–0.02%
American Campus Communities Operating Partnership 4.125% 7/1/24		100,000		103,888
Carey (W.P.) 4.60% 4/1/24		100,000		103,613
Jones Lang LaSalle 4.40% 11/15/22		100,000		105,349
Regency Centers 4.80% 4/15/21		100,000		110,780

				423,630

Road & Rail–0.33%
Burlington Northern Santa Fe
3.00% 3/15/23		100,000		102,182
3.00% 4/1/25		250,000		252,652
3.05% 3/15/22		150,000		154,363
3.45% 9/15/21		200,000		212,649
3.85% 9/1/23		100,000		108,105
4.10% 6/1/21		100,000		110,027
4.15% 4/1/45		114,000		119,099
4.40% 3/15/42		100,000		106,771
4.45% 3/15/43		100,000		107,569
4.95% 9/15/41		100,000		114,571
5.05% 3/1/41		100,000		116,955
5.15% 9/1/43		150,000		175,660
5.65% 5/1/17		350,000		383,029
5.75% 5/1/40		200,000		250,897
6.15% 5/1/37		100,000		134,469
7.95% 8/15/30		100,000		148,029
Canadian National Railway
2.95% 11/21/24		100,000		102,860
4.50% 11/7/43		75,000		86,962
5.55% 3/1/19		200,000		228,395
5.85% 11/15/17		150,000		167,881
6.20% 6/1/36		100,000		135,322
6.25% 8/1/34		100,000		135,418
Canadian Pacific Railway
2.90% 2/1/25		150,000		149,943
4.45% 3/15/23		100,000		111,492
7.125% 10/15/31		150,000		208,218
7.25% 5/15/19		65,000		78,114
Con-way 7.25% 1/15/18		100,000		113,090
CSX
3.70% 10/30/20		275,000		296,638
3.70% 11/1/23		94,000		100,571
4.10% 3/15/44		100,000		104,592
4.40% 3/1/43		200,000		218,934
5.50% 4/15/41		200,000		249,995
6.15% 5/1/37		120,000		157,723
6.22% 4/30/40		100,000		136,038


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Road & Rail (continued)
CSX (continued)
7.375% 2/1/19		100,000	$	120,217
Kansas City Southern de Mexico 2.35% 5/15/20		150,000		147,924
Kansas City Southern Railway 4.30% 5/15/43		100,000		106,051
Norfolk Southern
2.903% 2/15/23		121,000		122,021
3.00% 4/1/22		118,000		120,687
3.25% 12/1/21		100,000		104,341
3.85% 1/15/24		150,000		162,175
4.80% 8/15/43		125,000		144,629
4.837% 10/1/41		111,000		126,914
5.75% 4/1/18		100,000		112,369
5.90% 6/15/19		100,000		115,565
6.00% 5/23/11		100,000		127,512
7.70% 5/15/17		240,000		271,644
Ryder System
2.45% 9/3/19		250,000		250,695
2.50% 3/1/17		200,000		203,895
5.85% 11/1/16		100,000		106,926
Union Pacific
3.25% 1/15/25		95,000		99,613
3.375% 2/1/35		200,000		195,787
3.646% 2/15/24		185,000		200,371
3.875% 2/1/55		94,000		91,971
4.00% 2/1/21		65,000		71,993
4.163% 7/15/22		190,000		212,916
4.75% 9/15/41		200,000		233,964
4.75% 12/15/43		105,000		122,698
4.821% 2/1/44		25,000		29,776

				8,981,867

Semiconductors & Semiconductor Equipment–0.16%
Altera 2.50% 11/15/18		250,000		256,871
Analog Devices 3.00% 4/15/16		100,000		102,096
Applied Materials 5.85% 6/15/41		350,000		430,724
Broadcom 2.50% 8/15/22		250,000		245,707
Intel
1.35% 12/15/17		400,000		402,282
1.95% 10/1/16		200,000		203,836
2.70% 12/15/22		150,000		151,515
3.30% 10/1/21		254,000		270,783
4.00% 12/15/32		250,000		260,877
4.25% 12/15/42		250,000		261,539
4.80% 10/1/41		172,000		194,552
KLA-Tencor 4.65% 11/1/24		300,000		315,666
Lam Research 2.75% 3/15/20		100,000		100,672
Maxim Integrated Products
2.50% 11/15/18		200,000		204,063
3.375% 3/15/23		100,000		100,212


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Semiconductors & Semiconductor Equipment (continued)
Texas Instruments
1.65% 8/3/19		100,000	$	99,621
2.25% 5/1/23		250,000		243,769
2.375% 5/16/16		100,000		102,121
2.75% 3/12/21		200,000		205,613
Xilinx 3.00% 3/15/21		200,000		206,598

				4,359,117

Software–0.35%
Adobe Systems
3.25% 2/1/25		95,000		96,217
4.75% 2/1/20		85,000		95,024
Autodesk 1.95% 12/15/17		100,000		100,145
CA
2.875% 8/15/18		150,000		153,927
5.375% 12/1/19		100,000		111,946
Intuit 5.75% 3/15/17		100,000		108,395
Microsoft
1.85% 2/12/20		500,000		505,099
2.375% 5/1/23		150,000		150,007
3.00% 10/1/20		300,000		319,263
3.50% 11/15/42		150,000		145,003
3.625% 12/15/23		300,000		327,350
3.75% 2/12/45		500,000		503,242
4.20% 6/1/19		200,000		221,664
4.50% 10/1/40		100,000		112,358
4.875% 12/15/43		800,000		959,946
5.20% 6/1/39		200,000		246,405
5.30% 2/8/41		400,000		502,520
Oracle
1.20% 10/15/17		350,000		351,269
2.25% 10/8/19		300,000		306,121
2.375% 1/15/19		200,000		205,604
2.50% 10/15/22		550,000		550,966
3.875% 7/15/20		100,000		109,699
4.30% 7/8/34		700,000		761,037
4.50% 7/8/44		500,000		558,684
5.00% 7/8/19		250,000		283,074
5.375% 7/15/40		400,000		492,542
5.75% 4/15/18		375,000		423,997
6.125% 7/8/39		150,000		199,655
6.50% 4/15/38		200,000		275,400
Symantec
3.95% 6/15/22		150,000		155,775
4.20% 9/15/20		100,000		105,517

				9,437,851

Specialty Retail–0.25%
Advance Auto Parts
4.50% 1/15/22		100,000		107,544
4.50% 12/1/23		100,000		107,419


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Specialty Retail (continued)
AutoZone
2.875% 1/15/23		100,000	$	98,765
4.00% 11/15/20		75,000		80,967
Bed Bath & Beyond
3.749% 8/1/24		50,000		52,029
4.915% 8/1/34		530,000		569,360
Gap 5.95% 4/12/21		150,000		172,324
Home Depot
2.00% 6/15/19		900,000		916,354
2.25% 9/10/18		143,000		147,795
2.70% 4/1/23		150,000		152,427
3.75% 2/15/24		200,000		218,215
4.20% 4/1/43		150,000		164,284
4.40% 4/1/21		100,000		113,175
4.875% 2/15/44		96,000		115,069
5.40% 9/15/40		100,000		125,312
5.875% 12/16/36		350,000		464,518
5.95% 4/1/41		100,000		134,029
Lowe’s
1.625% 4/15/17		150,000		152,256
3.12% 4/15/22		100,000		104,963
3.875% 9/15/23		200,000		219,261
4.25% 9/15/44		250,000		271,799
4.625% 4/15/20		150,000		167,025
4.65% 4/15/42		100,000		115,071
5.40% 10/15/16		200,000		213,908
5.80% 10/15/36		200,000		257,120
5.80% 4/15/40		20,000		26,043
6.65% 9/15/37		100,000		141,471
O’Reilly Automotive
3.80% 9/1/22		100,000		104,629
4.875% 1/14/21		45,000		50,259
QVC 4.375% 3/15/23		600,000		612,331
Ross Stores 3.375% 9/15/24		100,000		102,636
Signet UK Finance 4.70% 6/15/24		50,000		51,418
#Tiffany 144A 3.80% 10/1/24		180,000		183,320
TJX
2.50% 5/15/23		100,000		98,664
6.95% 4/15/19		55,000		65,686

				6,677,446

Textiles, Apparel & Luxury Goods–0.02%
NIKE
2.25% 5/1/23		100,000		99,456
3.625% 5/1/43		100,000		100,899
Ralph Lauren 2.125% 9/26/18		50,000		50,786
VF 6.00% 10/15/33		150,000		196,599

				447,740

Thrift & Mortgage Finance–0.01%
People’s United Financial 3.65% 12/6/22		150,000		153,089


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Thrift & Mortgage Finance (continued)
Santander Holdings USA
4.625% 4/19/16		100,000	$	103,595

				256,684

Tobacco–0.23%
Altria Group
2.625% 1/14/20		1,000,000		1,017,156
2.85% 8/9/22		200,000		199,152
4.00% 1/31/24		89,000		95,674
4.50% 5/2/43		100,000		103,850
4.75% 5/5/21		200,000		223,538
5.375% 1/31/44		63,000		73,969
9.70% 11/10/18		119,000		150,156
9.95% 11/10/38		113,000		196,712
10.20% 2/6/39		97,000		172,067
Lorillard Tobacco
2.30% 8/21/17		100,000		101,033
3.50% 8/4/16		45,000		46,266
3.75% 5/20/23		200,000		203,978
8.125% 6/23/19		100,000		122,413
8.125% 5/1/40		100,000		144,124
Philip Morris International
1.875% 1/15/19		500,000		503,607
2.50% 5/16/16		250,000		255,339
2.90% 11/15/21		250,000		257,348
3.60% 11/15/23		600,000		636,044
4.125% 3/4/43		150,000		154,325
4.375% 11/15/41		200,000		212,433
4.50% 3/26/20		100,000		111,692
4.50% 3/20/42		100,000		108,838
5.65% 5/16/18		300,000		339,180
6.375% 5/16/38		150,000		199,469
Reynolds American
4.75% 11/1/42		125,000		129,435
4.85% 9/15/23		225,000		249,037
6.15% 9/15/43		125,000		155,022

				6,161,857

Trading Companies & Distributors–0.02%
GATX
2.50% 3/15/19		167,000		167,430
2.60% 3/30/20		100,000		100,382
3.90% 3/30/23		101,000		105,915
5.20% 3/15/44		50,000		56,293
Ingram Micro 4.95% 12/15/24		150,000		155,678

				585,698

Wireless Telecommunication Services–0.18%
America Movil
2.375% 9/8/16		400,000		407,056
3.125% 7/16/22		200,000		203,920
4.375% 7/16/42		200,000		200,972


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Wireless Telecommunication Services (continued)
America Movil (continued)
5.00% 3/30/20		200,000	$	227,644
6.125% 11/15/37		150,000		184,919
6.125% 3/30/40		250,000		312,453
6.375% 3/1/35		25,000		31,512
Rogers Communications
3.00% 3/15/23		125,000		124,611
4.10% 10/1/23		300,000		320,447
4.50% 3/15/43		100,000		102,983
5.00% 3/15/44		100,000		110,662
6.80% 8/15/18		150,000		174,151
7.50% 8/15/38		25,000		36,223
Vodafone Group
1.50% 2/19/18		350,000		350,010
2.50% 9/26/22		300,000		290,627
2.95% 2/19/23		225,000		221,738
4.375% 2/19/43		150,000		148,128
5.45% 6/10/19		200,000		227,373
5.625% 2/27/17		300,000		324,139
6.15% 2/27/37		700,000		852,156
7.875% 2/15/30		100,000		137,266

				4,988,990


Total Corporate Bonds (Cost $624,160,485)				663,837,797


MUNICIPAL BONDS–0.83%
American Municipal Power, Ohio Taxable Build America Bonds Series B
6.449% 2/15/44		50,000		66,305
7.834% 2/15/41		55,000		82,573
8.084% 2/15/50		800,000		1,294,464
Bay Area Toll Authority, California Toll Bridge Revenue Taxable Build America Bonds
Series F-2 6.263% 4/1/49		200,000		286,814
Series S1 6.793% 4/1/30		100,000		128,180
Series S1 6.918% 4/1/40		100,000		140,632
Series S1 7.043% 4/1/50		100,000		150,564
California State Taxable Build America Bonds
5.75% 3/1/17		100,000		109,039
6.65% 3/1/22		200,000		246,000
7.30% 10/1/39		1,100,000		1,644,016
7.60% 11/1/40		80,000		126,037
7.625% 3/1/40		85,000		132,572
7.95% 3/1/36		100,000		123,302
California State Various Purposes
5.95% 4/1/16		35,000		36,857
6.20% 10/1/19		100,000		118,152
7.50% 4/1/34		325,000		486,366
7.55% 4/1/39		600,000		940,848


	Principal Amount°		Value (U.S. $)

MUNICIPAL BONDS (continued)
Central Puget Sound, Washington Regional Transportation Authority Sales & Use Tax Revenue Taxable Build America Bonds 5.491% 11/1/39		50,000	$	65,257
Chicago, Illinois Board of Education 6.319% 11/1/29		100,000		102,294
Chicago, Illinois Transit Authority Transfer Tax Receipts Revenue
Series A 6.899% 12/1/40		100,000		129,009
Series B 6.899% 12/1/40		40,000		51,604
City & County of Denver, Colorado Taxable Build America Bonds 5.65% 8/1/30		100,000		116,767
Clark County, Nevada Airport Revenue Taxable Build America Bonds
6.881% 7/1/42		50,000		57,523
Series C 6.82% 7/1/45		75,000		109,736
Commonwealth of Massachusetts Consolidated Loan Taxable Build America Bonds 5.456% 12/1/39		100,000		127,051
Commonwealth of Massachusetts Taxable Build America Bonds
4.91% 5/1/29		100,000		117,683
Series E 4.20% 12/1/21		100,000		111,189
Connecticut State Taxable Build America Bonds
Series A 5.85% 3/15/32		100,000		126,887
Series D 5.09% 10/1/30		200,000		231,978
Dallas Area, Texas Rapid Transit 5.999% 12/1/44		200,000		277,360
Dallas, Texas Independent School District Taxable Build America Bonds Series C 6.45% 2/15/35		100,000		119,313
East Baton Rouge, Louisiana Sewerage Commission 6.087% 2/1/45		100,000		113,001
East Bay Municipal Utility District Taxable Build America Bonds 5.874% 6/1/40		100,000		134,459
Georgia State Taxable Build America Bonds Series H 4.503% 11/1/25		100,000		113,208
Greater Chicago Metropolitan Water Reclamation District Taxable Build America Bonds 5.72% 12/1/38		150,000		190,512
Illinois State 5.665% 3/1/18		250,000		274,463
Illinois State Taxable Pension
4.35% 6/1/18		500,000		523,560
4.95% 6/1/23		100,000		106,622
5.10% 6/1/33		800,000		810,000
Illinois State Toll Highway Authority Taxable Build America Bonds Series B 5.851% 12/1/34		100,000		129,830
Los Angeles, California Community College District
6.60% 8/1/42		100,000		143,044
6.75% 8/1/49		100,000		150,628


	Principal Amount°		Value (U.S. $)

MUNICIPAL BONDS (continued)
Los Angeles, California County Public Works Financing Authority
7.488% 8/1/33		100,000	$	135,802
7.618% 8/1/40		100,000		145,506
Los Angeles, California Department of Airports Taxable Build America Bonds 6.582% 5/15/39		25,000		33,915
Los Angeles, California Department of Water & Power Taxable Build America Bonds Series C 6.008% 7/1/39		25,000		32,747
Los Angeles, California Unified School District Taxable Build America Bonds 6.758% 7/1/34		315,000		440,127
Massachusetts State Water Pollution Abatement 5.192% 8/1/40		70,000		83,279
Metropolitan Government of Nashville & Davidson County Convention Center Authority Taxable Build America Bonds Series B 6.731% 7/1/43		50,000		66,901
Metropolitan Transportation Authority, New York Revenue Taxable Build America Bonds
5.871% 11/15/39		100,000		127,811
6.668% 11/15/39		130,000		182,485
Series E 6.814% 11/15/40		500,000		704,965
Mississippi State Taxable Build America Bonds Series F 5.245% 11/1/34		100,000		119,260
Municipal Electric Authority, Georgia Build America Bonds (PLT Vogtle Units 3 & 4 Project)
6.655% 4/1/57		125,000		164,779
Taxable 6.637% 4/1/57		150,000		200,382
Taxable 7.055% 4/1/57		100,000		118,675
New Jersey Economic Development Authority
1.096% 6/15/16		250,000		249,667
Series A 7.425% 2/15/29		225,000		283,212
^Series B 6.23% 2/15/22		200,000		157,074
New Jersey State Transportation Trust Fund Authority Taxable Build America Bonds
6.561% 12/15/40		100,000		127,920
Series C 5.754% 12/15/28		100,000		112,893
Series C 6.104% 12/15/28		200,000		222,458
New Jersey State Turnpike Authority Revenue Taxable Build America Bonds
Series A 7.102% 1/1/41		350,000		512,687
Series F 7.414% 1/1/40		90,000		135,313
New York City, New York 5.517% 10/1/37		85,000		106,758
New York City, New York Municipal Water Finance Authority Taxable Build America Bonds 5.724% 6/15/42		65,000		86,618


	Principal Amount°		Value (U.S. $)

MUNICIPAL BONDS (continued)
New York City, New York Municipal Water Finance Authority Taxable Build America Bonds (continued)
5.75% 6/15/41		100,000	$	132,164
5.79% 6/15/41		200,000		226,900
5.952% 6/15/42		100,000		136,645
6.011% 6/15/42		35,000		48,051
New York City, New York Taxable Build America Bonds
Series A2 5.206% 10/1/31		100,000		118,185
Series F-1 6.271% 12/1/37		100,000		135,637
New York City, New York Transitional Finance Authority 5.508% 8/1/37		200,000		252,114
New York City, New York Transitional Finance Authority Taxable Build America Bonds 5.572% 11/1/38		65,000		82,497
New York State Dormitory Authority Taxable Build America Bonds
5.50% 3/15/30		100,000		119,824
5.60% 3/15/40		100,000		130,011
New York State Urban Development Taxable Build America Bonds 5.77% 3/15/39		50,000		62,137
Ohio State University Taxable Build America Bonds Series C 4.91% 6/1/40		100,000		118,874
Oregon School Boards Association Taxable Pension Series B 5.55% 6/30/28		250,000		299,487
Oregon State Department of Transportation Taxable Series A Sub-Lien 5.834% 11/15/34		75,000		98,881
Pennsylvania State Public School Building Authority Revenue Qualified School Construction Bond Taxable (Direct Subsidiary) Series A 5.00% 9/15/27		100,000		109,985
Pennsylvania State Taxable Series B 2nd 5.35% 5/1/30		100,000		113,105
Pennsylvania State Turnpike Commission Revenue Taxable Build America Bonds
5.561% 12/1/49		200,000		255,576
Series B 5.511% 12/1/45		150,000		189,909
Series B 6.105% 12/1/39		100,000		130,912
Philadelphia Authority for Industrial Development 3.964% 4/15/26		105,000		107,506
Port Authority of New York & New Jersey Consolidated
Series 165th 5.647% 11/1/40		250,000		319,767
Series 168th 4.926% 10/1/51		350,000		418,523
Series 174th 4.458% 10/1/62		250,000		273,437
Series 181st 4.96% 8/1/46		156,250		189,952
Port of Seattle, Washington Taxable Series-B1 7.00% 5/1/36		100,000		115,975


	Principal Amount°		Value (U.S. $)

MUNICIPAL BONDS (continued)
Rutgers State University of New Jersey/New Brunswick Taxable Build America Bonds 5.665% 5/1/40		155,000	$	199,341
Salt River, Arizona Project Agricultural Improvement & Power District 4.839% 1/1/41		60,000		73,756
San Antonio, Texas Electric & Gas Taxable Build America Bonds
4.427% 2/1/42		250,000		285,660
5.985% 2/1/39		50,000		68,741
San Diego County, California Regional Transportation Commission 5.911% 4/1/48		100,000		142,128
San Diego County, California Water Authority Financing Agency Revenue Taxable Build America Bonds Series B 6.138% 5/1/49		100,000		137,582
San Francisco City & County Public Utilities Commission Taxable Build America Bonds 6.00% 11/1/40		100,000		131,160
Series B 6.00% 11/1/40		100,000		130,368
Texas State Taxable Build America Bonds 5.517% 4/1/39		100,000		134,776
Texas State Transportation Commission 1st Tier 5.178% 4/1/30		200,000		243,536
University of California Build America Bonds Series H 6.548% 5/15/48		100,000		138,378
University of California Taxable Series AD 4.858% 5/15/12		250,000		265,217
University of Massachusetts Building Authority Taxable Build America Bonds 5.45% 11/1/40		100,000		126,604
University of Missouri (Curators University) Taxable Build America Bonds 5.792% 11/1/41		100,000		137,299
University of Texas System Revenue Taxable Build America Bonds Series C 4.794% 8/15/46		90,000		109,971
University of Virginia Revenue Taxable Build America Bonds 6.20% 9/1/39		50,000		73,267
Utah State Taxable Build America Bonds
Series B 3.539% 7/1/25		100,000		107,723
Series D 4.554% 7/1/24		60,000		68,376
Virginia Commonwealth Transportation Board Taxable Build America Bonds 5.35% 5/15/35		100,000		121,779
Washington State Convention Center Public Facilities District 6.79% 7/1/40		50,000		65,885
Washington State Taxable Build America Bonds Series D 5.481% 8/1/39		50,000		64,215


	Principal Amount°		Value (U.S. $)

MUNICIPAL BONDS (continued)
Washington State Taxable Build America Bonds (continued)
Series F 5.09% 8/1/33		100,000	$	120,107

Total Municipal Bonds (Cost $18,377,451)				22,228,856

NON-AGENCY ASSET-BACKED SECURITIES–0.47%
AEP Texas Central Transition Funding II Series 2006-A A4 5.17% 1/1/18		250,000		265,683
AmeriCredit Automobile Receivables Trust Series 2014-3 A3 1.15% 6/10/19		2,000,000		1,999,678
Capital Auto Receivables Asset Trust Series 2013-3 A4 1.68% 4/20/18		1,770,000		1,786,636
Capital One Multi-Asset Execution Trust Series 2014-A5 A 1.48% 7/15/20		1,000,000		1,007,350
CarMax Auto Owner Trust
Series 2013-2 A4 0.84% 11/15/18		750,000		747,496
Series 2013-3 A4 1.49% 1/15/19		400,000		402,727
CenterPoint Energy Restoration Bond Series 2009-1 A2 3.46% 8/15/19		389,205		404,785
Chase Issuance Trust Series 2014-A2 A2 2.77% 3/15/23		1,100,000		1,136,203
Citibank Credit Card Issuance Trust
Series 2007-A3 A3 6.15% 6/15/39		750,000		1,046,806
Series 2008-A1 A1 5.35% 2/7/20		500,000		555,739
Series 2014-A5 A5 2.68% 6/7/23		1,000,000		1,025,644
Discover Card Execution Note Trust Series 2007-A1 A1 5.65% 3/16/20		750,000		829,884
Volkswagen Auto Lease Trust Series 2014-A A4 0.99% 7/20/18		800,000		801,035
World Financial Network Credit Card Master Trust Series 2013-B A 0.91% 3/16/20		750,000		750,092

Total Non-Agency Asset-Backed Securities (Cost $12,578,966)				12,759,758

DREGIONAL BONDS–0.28%
Canada–0.26%
Province of British Columbia
1.20% 4/25/17		200,000		201,606
2.00% 10/23/22		150,000		150,424
2.10% 5/18/16		200,000		203,747
6.50% 1/15/26		100,000		136,417
7.25% 9/1/36		100,000		162,555
Province of Manitoba Canada
1.30% 4/3/17		250,000		252,490
2.10% 9/6/22		63,000		63,140
4.90% 12/6/16		300,000		321,006
Province of New Brunswick Canada 2.75% 6/15/18		200,000		209,685
Province of Nova Scotia Canada 5.125% 1/26/17		50,000		53,947


	Principal Amount°		Value (U.S. $)

DREGIONAL BONDS (continued)
Canada (continued)
Province of Ontario Canada
1.00% 7/22/16		300,000	$	301,719
1.10% 10/25/17		500,000		501,385
1.20% 2/14/18		100,000		100,240
1.60% 9/21/16		400,000		405,597
1.65% 9/27/19		100,000		100,505
2.00% 9/27/18		300,000		307,064
2.30% 5/10/16		300,000		305,936
2.45% 6/29/22		150,000		154,013
3.00% 7/16/18		200,000		211,240
3.15% 12/15/17		250,000		263,935
4.00% 10/7/19		200,000		221,205
4.40% 4/14/20		400,000		452,823
5.45% 4/27/16		300,000		315,775
Province of Quebec Canada
2.625% 2/13/23		350,000		361,317
3.50% 7/29/20		300,000		326,318
4.625% 5/14/18		200,000		220,724
7.50% 7/15/23		200,000		274,955
7.50% 9/15/29		175,000		265,993
Province of Saskatchewan Canada
8.50% 7/15/22		100,000		140,689

				6,986,450

Italy–0.01%
Region of Lombardy
5.804% 10/25/32		100,000		114,983

				114,983

Japan–0.01%
Japan Finance Organization for Municipalities
4.00% 1/13/21		100,000		111,301
5.00% 5/16/17		200,000		217,101

				328,402

Total Regional Bonds (Cost $7,093,054)				7,429,835

DSOVEREIGN BONDS–1.69%
Brazil–0.19%
Brazilian Government International Bonds
4.25% 1/7/25		1,140,000		1,118,625
4.875% 1/22/21		600,000		633,000
5.625% 1/7/41		325,000		332,313
6.00% 1/17/17		500,000		536,875
7.125% 1/20/37		600,000		715,500
8.00% 1/15/18		66,667		72,167
8.25% 1/20/34		150,000		195,000
8.75% 2/4/25		271,000		357,043
8.875% 10/14/19		200,000		248,000
8.875% 4/15/24		100,000		132,500
10.125% 5/15/27		226,000		339,000


	Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Brazil (continued)
Brazilian Government International Bonds (continued)
11.00% 8/17/40		300,000	$	310,650

				4,990,673

Canada–0.08%
Canada Government International Bonds
0.875% 2/14/17		500,000		502,763
1.625% 2/27/19		800,000		812,637
Export Development Canada
0.625% 12/15/16		500,000		500,085
0.75% 12/15/17		200,000		199,175

				2,014,660

Chile–0.01%
Chile Government International Bonds
2.25% 10/30/22		100,000		99,750
3.875% 8/5/20		250,000		274,125

				373,875

Colombia–0.13%
Colombia Government International Bonds
2.625% 3/15/23		700,000		659,750
4.00% 2/26/24		250,000		258,375
5.00% 6/15/45		500,000		516,250
6.125% 1/18/41		200,000		238,500
7.375% 3/18/19		700,000		830,550
7.375% 9/18/37		500,000		671,250
8.125% 5/21/24		250,000		333,125

				3,507,800

Israel–0.04%
Israel Government AID Bond 5.50% 4/26/24		200,000		251,595
Israel Government International Bonds
3.15% 6/30/23		200,000		209,160
4.00% 6/30/22		150,000		166,545
4.50% 1/30/43		200,000		213,790
5.125% 3/26/19		175,000		199,063
5.50% 11/9/16		100,000		107,873

				1,148,026

Italy–0.08%
Italy Government International Bonds
5.25% 9/20/16		400,000		424,371
5.375% 6/12/17		200,000		217,598
5.375% 6/15/33		800,000		976,655
6.875% 9/27/23		350,000		455,881

				2,074,505

Japan–0.09%
Development Bank of Japan 5.125% 2/1/17		200,000		215,592


	Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Japan (continued)
Japan Bank for International Cooperation
1.125% 7/19/17		250,000	$	250,937
1.75% 7/31/18		500,000		506,881
1.75% 11/13/18		500,000		505,793
1.75% 5/29/19		200,000		201,768
2.25% 7/13/16		200,000		204,176
2.50% 5/18/16		400,000		408,777
3.375% 7/31/23		200,000		219,074

				2,512,998

Mexico–0.26%
Mexico Government International Bonds
3.50% 1/21/21		120,000		125,220
3.60% 1/30/25		1,400,000		1,443,750
3.625% 3/15/22		868,000		903,588
4.00% 10/2/23		550,000		582,587
4.75% 3/8/44		1,000,000		1,055,000
5.625% 1/15/17		650,000		698,750
5.75% 10/12/10		800,000		876,000
6.05% 1/11/40		475,000		589,000
6.75% 9/27/34		500,000		670,000

				6,943,895

Panama–0.08%
Panama Government International Bonds
5.20% 1/30/20		1,300,000		1,452,750
6.70% 1/26/36		200,000		263,000
7.125% 1/29/26		100,000		130,875
8.875% 9/30/27		100,000		148,000
9.375% 4/1/29		100,000		153,500

				2,148,125

Peru–0.06%
Peruvian Government International Bonds
5.625% 11/18/50		100,000		122,750
6.55% 3/14/37		500,000		668,125
7.125% 3/30/19		225,000		270,000
7.35% 7/21/25		100,000		136,500
8.375% 5/3/16		100,000		108,250
8.75% 11/21/33		200,000		318,750

				1,624,375

Philippines–0.14%
Philippine Government International Bonds
5.00% 1/13/37		500,000		614,375
7.75% 1/14/31		1,000,000		1,505,590
8.375% 6/17/19		1,000,000		1,260,000
9.50% 2/2/30		300,000		505,125

				3,885,090

Poland–0.08%
Poland Government International Bonds
3.00% 3/17/23		250,000		257,250


	Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Poland (continued)
Poland Government International Bonds (continued)
5.00% 3/23/22		500,000	$	575,625
5.125% 4/21/21		700,000		805,910
6.375% 7/15/19		380,000		447,925

				2,086,710

Republic of Korea–0.02%
Republic of Korea
3.875% 9/11/23		200,000		222,470
5.125% 12/7/16		100,000		107,353
7.125% 4/16/19		200,000		241,820

				571,643

South Africa–0.07%
South Africa Government International Bonds
4.665% 1/17/24		250,000		265,625
5.375% 7/24/44		500,000		538,550
5.875% 5/30/22		100,000		114,155
5.875% 9/16/25		200,000		229,640
6.25% 3/8/41		100,000		120,500
6.875% 5/27/19		500,000		577,450

				1,845,920

Sweden–0.03%
Svensk Exportkredit
0.625% 5/31/16		200,000		200,347
1.125% 4/5/18		300,000		299,915
5.125% 3/1/17		250,000		270,651

				770,913

Turkey–0.27%
Turkey Government International Bonds
4.875% 4/16/43		500,000		495,625
5.75% 3/22/24		200,000		223,420
6.00% 1/14/41		1,100,000		1,254,220
6.25% 9/26/22		400,000		456,000
6.625% 2/17/45		800,000		992,760
6.75% 4/3/18		1,800,000		1,997,784
7.375% 2/5/25		1,500,000		1,864,950

				7,284,759

Uruguay–0.06%
Uruguay Government International Bonds
5.10% 6/18/50		1,000,000		1,042,500
7.625% 3/21/36		250,000		355,000
8.00% 11/18/22		200,000		264,000

				1,661,500


Total Sovereign Bonds (Cost $43,181,804)				45,445,467


SUPRANATIONAL BANKS–1.65%
African Development Bank
0.75% 10/18/16		250,000		250,887


	Principal Amount°		Value (U.S. $)

SUPRANATIONAL BANKS (continued)
African Development Bank (continued)
0.875% 5/15/17		115,000	$	115,264
0.875% 3/15/18		250,000		248,956
1.125% 3/15/17		200,000		201,684
1.25% 9/2/16		350,000		353,698
Andina de Fomento
4.375% 6/15/22		250,000		273,849
8.125% 6/4/19		140,000		173,648
Asian Development Bank
1.125% 3/15/17		500,000		504,143
1.375% 3/23/20		200,000		199,147
1.50% 9/28/18		400,000		405,017
1.75% 9/11/18		500,000		510,153
1.75% 3/21/19		350,000		356,604
1.875% 4/12/19		300,000		307,093
1.875% 2/18/22		600,000		604,607
5.50% 6/27/16		200,000		212,388
5.593% 7/16/18		700,000		792,282
Council of Europe Development Bank
1.125% 5/31/18		300,000		300,464
1.25% 9/22/16		200,000		202,021
1.50% 2/22/17		100,000		101,492
1.50% 6/19/17		100,000		101,471
1.75% 11/14/19		400,000		405,520
European Bank for Reconstruction & Development
1.00% 2/16/17		250,000		252,066
1.00% 6/15/18		250,000		248,842
1.00% 9/17/18		150,000		148,845
1.50% 3/16/20		250,000		250,712
1.625% 4/10/18		250,000		252,936
1.625% 11/15/18		500,000		506,063
1.875% 2/23/22		400,000		401,975
European Investment Bank
0.50% 8/15/16		1,500,000		1,501,053
0.625% 4/15/16		2,000,000		2,005,972
0.875% 4/18/17		500,000		501,997
1.00% 3/15/18		1,000,000		1,000,731
1.00% 6/15/18		1,000,000		998,797
1.125% 9/15/17		200,000		201,521
1.625% 6/15/17		1,000,000		1,017,999
1.625% 3/16/20		1,500,000		1,510,861
1.75% 6/17/19		1,500,000		1,527,423
1.875% 3/15/19		500,000		511,973
2.125% 7/15/16		200,000		204,268
2.50% 4/15/21		1,500,000		1,571,129
2.875% 9/15/20		350,000		374,454
3.25% 1/29/24		600,000		663,071
4.00% 2/16/21		400,000		452,953
4.875% 1/17/17		400,000		429,906
4.875% 2/15/36		700,000		945,328
5.125% 5/30/17		500,000		546,393
FMS Wertmanagement
0.625% 4/18/16		600,000		601,262


	Principal Amount°		Value (U.S. $)

SUPRANATIONAL BANKS (continued)
FMS Wertmanagement (continued)
1.00% 11/21/17		250,000	$	250,486
1.625% 11/20/18		500,000		507,431
Inter-American Development Bank
0.875% 11/15/16		200,000		200,824
0.875% 3/15/18		500,000		498,577
1.00% 7/14/17		200,000		201,037
1.125% 3/15/17		250,000		252,279
1.25% 1/16/18		900,000		908,021
1.375% 7/15/20		1,250,000		1,241,009
1.75% 8/24/18		500,000		509,679
2.125% 11/9/20		400,000		411,730
3.00% 10/4/23		500,000		545,004
3.00% 2/21/24		400,000		434,780
3.20% 8/7/42		100,000		103,394
3.875% 2/14/20		200,000		222,921
3.875% 10/28/41		100,000		114,616
4.375% 1/24/44		56,000		71,787
5.125% 9/13/16		500,000		532,601
International Bank for Reconstruction & Development
0.50% 4/15/16		500,000		500,533
0.50% 5/16/16		600,000		600,422
0.625% 10/14/16		600,000		600,077
0.875% 4/17/17		624,000		627,907
1.00% 9/15/16		750,000		754,633
1.125% 7/18/17		150,000		151,467
1.625% 2/10/22		600,000		594,479
1.875% 3/15/19		1,000,000		1,025,330
1.875% 10/7/19		700,000		716,411
2.125% 11/1/20		1,000,000		1,031,247
2.125% 2/13/23		100,000		103,615
2.50% 11/25/24		900,000		932,975
4.75% 2/15/35		50,000		64,970
5.00% 4/1/16		300,000		313,883
7.625% 1/19/23		100,000		141,098
International Finance
0.50% 5/16/16		150,000		150,181
0.625% 11/15/16		200,000		200,013
0.625% 12/21/17		200,000		197,792
0.875% 6/15/18		1,000,000		990,000
1.00% 4/24/17		250,000		251,077
1.125% 11/23/16		300,000		302,112
1.75% 9/16/19		400,000		405,434
2.125% 11/17/17		200,000		205,513
2.25% 4/11/16		300,000		305,789
Nordic Investment Bank
0.50% 4/14/16		375,000		375,347
1.00% 3/7/17		350,000		352,167
2.25% 9/30/21		200,000		206,399


	Principal Amount°		Value (U.S. $)

SUPRANATIONAL BANKS (continued)
North American Development Bank
4.375% 2/11/20		100,000	$	110,940


Total Supranational Banks (Cost $43,468,512)				44,466,905


U.S. TREASURY OBLIGATIONS–35.80%
U.S. Treasury Bonds
2.75% 8/15/42		2,600,000		2,706,642
2.75% 11/15/42		3,500,000		3,638,085
2.875% 5/15/43		12,500,000		13,320,313
3.00% 5/15/42		2,850,000		3,109,618
3.125% 11/15/41		4,000,000		4,471,876
3.125% 2/15/42		3,050,000		3,409,805
3.125% 2/15/43		9,000,000		10,051,875
3.125% 8/15/44		21,000,000		23,531,487
3.50% 2/15/39		2,650,000		3,138,594
3.625% 8/15/43		5,000,000		6,110,940
3.625% 2/15/44		3,000,000		3,668,673
3.75% 8/15/41		3,850,000		4,785,431
3.875% 8/15/40		3,750,000		4,721,190
4.25% 11/15/40		4,000,000		5,324,376
4.375% 5/15/40		2,500,000		3,378,320
4.375% 5/15/41		2,750,000		3,748,594
4.50% 5/15/38		950,000		1,293,262
4.50% 8/15/39		3,350,000		4,586,096
4.625% 2/15/40		4,100,000		5,723,666
4.75% 2/15/41		3,750,000		5,376,855
5.00% 5/15/37		3,000,000		4,361,250
5.25% 11/15/28		500,000		682,539
5.25% 2/15/29		1,200,000		1,641,844
5.375% 2/15/31		500,000		710,625
5.50% 8/15/28		500,000		695,469
6.00% 2/15/26		750,000		1,045,019
6.125% 11/15/27		800,000		1,158,625
6.125% 8/15/29		300,000		445,945
6.625% 2/15/27		750,000		1,113,223
6.75% 8/15/26		500,000		741,836
6.875% 8/15/25		1,000,000		1,464,922
U.S. Treasury Notes
0.25% 4/15/16		10,000,000		9,994,530
0.375% 5/31/16		10,000,000		10,003,910
0.50% 8/31/16		35,000,000		35,046,480
0.50% 7/31/17		9,000,000		8,966,250
0.625% 7/15/16		14,000,000		14,043,750
0.625% 8/15/16		4,000,000		4,012,188
0.625% 10/15/16		9,000,000		9,024,606
0.625% 5/31/17		4,350,000		4,350,679
0.625% 8/31/17		19,600,000		19,566,308
0.625% 9/30/17		12,500,000		12,468,750
0.625% 11/30/17		2,250,000		2,240,683
0.625% 4/30/18		4,000,000		3,964,064
0.75% 10/31/17		15,000,000		15,000,000


	Principal Amount°		Value (U.S. $)

U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Notes (continued)
0.75% 12/31/17		4,000,000	$	3,992,812
0.75% 2/28/18		2,500,000		2,491,993
0.75% 3/31/18		20,000,000		19,912,500
0.875% 9/15/16		4,000,000		4,025,936
0.875% 11/30/16		5,000,000		5,034,375
0.875% 12/31/16		12,200,000		12,283,875
0.875% 1/31/17		5,000,000		5,033,205
0.875% 2/28/17		6,200,000		6,239,717
0.875% 4/30/17		6,000,000		6,034,686
0.875% 1/31/18		32,500,000		32,530,485
0.875% 7/31/19		6,000,000		5,904,372
1.00% 8/31/16		4,000,000		4,033,436
1.00% 9/30/16		9,000,000		9,078,048
1.00% 10/31/16		5,250,000		5,296,347
1.00% 5/31/18		2,300,000		2,302,875
1.00% 11/30/19		28,500,000		28,070,277
1.125% 5/31/19		2,000,000		1,992,656
1.125% 4/30/20		17,000,000		16,778,201
1.25% 11/30/18		3,000,000		3,014,532
1.25% 1/31/19		3,750,000		3,764,355
1.375% 6/30/18		3,000,000		3,037,266
1.375% 7/31/18		35,000,000		35,410,165
1.375% 9/30/18		2,000,000		2,021,406
1.375% 11/30/18		3,000,000		3,029,298
1.375% 12/31/18		3,500,000		3,530,625
1.375% 1/31/20		23,000,000		23,035,926
1.50% 6/30/16		3,000,000		3,041,952
1.50% 7/31/16		5,000,000		5,073,440
1.50% 8/31/18		6,000,000		6,092,814
1.50% 12/31/18		18,300,000		18,544,470
1.625% 8/31/19		11,000,000		11,161,568
1.625% 11/15/22		16,750,000		16,590,356
1.75% 5/31/16		5,000,000		5,081,640
1.75% 10/31/18		2,000,000		2,047,188
1.75% 5/15/22		9,000,000		9,025,308
1.75% 5/15/23		25,000,000		24,867,200
1.875% 8/31/17		3,000,000		3,084,609
1.875% 9/30/17		2,000,000		2,056,406
1.875% 10/31/17		2,000,000		2,057,500
2.00% 4/30/16		6,000,000		6,108,282
2.00% 9/30/20		14,000,000		14,381,724
2.00% 8/31/21		5,000,000		5,106,250
2.00% 11/15/21		4,700,000		4,805,750
2.00% 2/15/22		8,000,000		8,165,624
2.00% 2/15/23		14,150,000		14,381,041
2.125% 8/31/20		19,000,000		19,647,178
2.125% 8/15/21		7,500,000		7,720,313
2.25% 11/30/17		3,750,000		3,895,313
2.25% 7/31/18		3,000,000		3,121,641
2.25% 3/31/21		4,500,000		4,672,265
2.375% 7/31/17		2,000,000		2,079,218
2.375% 5/31/18		4,000,000		4,177,188


	Principal Amount°		Value (U.S. $)

U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Notes (continued)
2.375% 6/30/18		3,000,000	$	3,132,423
2.375% 8/15/24		19,000,000		19,752,571
2.50% 6/30/17		1,900,000		1,978,671
2.50% 8/15/23		18,250,000		19,208,125
2.625% 4/30/16		1,000,000		1,024,922
2.625% 1/31/18		2,000,000		2,099,532
2.625% 4/30/18		3,000,000		3,155,625
2.625% 8/15/20		6,000,000		6,358,596
2.625% 11/15/20		6,500,000		6,886,951
2.75% 11/30/16		2,500,000		2,594,923
2.75% 5/31/17		3,000,000		3,137,109
2.75% 12/31/17		2,000,000		2,105,782
2.75% 2/28/18		2,500,000		2,635,353
2.75% 2/15/19		5,000,000		5,298,440
2.75% 2/15/24		24,000,000		25,723,128
2.875% 3/31/18		3,000,000		3,175,314
3.00% 8/31/16		2,000,000		2,073,594
3.00% 9/30/16		2,000,000		2,077,032
3.00% 2/28/17		2,000,000		2,093,750
3.125% 10/31/16		2,500,000		2,606,055
3.125% 1/31/17		3,500,000		3,666,523
3.125% 5/15/19		4,000,000		4,303,436
3.125% 5/15/21		3,500,000		3,810,625
3.25% 5/31/16		1,700,000		1,757,640
3.25% 6/30/16		1,500,000		1,553,907
3.25% 7/31/16		1,850,000		1,920,820
3.25% 12/31/16		2,500,000		2,620,117
3.25% 3/31/17		2,500,000		2,633,397
3.375% 11/15/19		6,500,000		7,098,201
3.50% 2/15/18		4,100,000		4,408,140
3.50% 5/15/20		4,000,000		4,413,752
3.625% 8/15/19		5,500,000		6,049,142
3.625% 2/15/20		6,000,000		6,648,750
3.625% 2/15/21		9,000,000		10,046,952
3.75% 11/15/18		3,630,000		3,973,431
3.875% 5/15/18		4,850,000		5,289,153
4.00% 8/15/18		5,550,000		6,107,170
4.25% 11/15/17		2,500,000		2,725,977
4.50% 5/15/17		1,350,000		1,461,059
4.625% 11/15/16		3,600,000		3,844,123


	Principal Amount°		Value (U.S. $)

U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Notes (continued)
4.625% 2/15/17		1,700,000	$	1,830,023
4.75% 8/15/17		2,500,000		2,739,845
4.875% 8/15/16		2,000,000		2,123,124
5.125% 5/15/16		1,500,000		1,580,274
6.25% 8/15/23		1,600,000		2,158,000
7.125% 2/15/23		1,000,000		1,398,828
7.25% 5/15/16		1,000,000		1,077,500
7.25% 8/15/22		500,000		694,649
7.50% 11/15/16		800,000		891,062
7.50% 11/15/24		500,000		749,179
7.625% 11/15/22		500,000		713,399
7.625% 2/15/25		500,000		760,156
7.875% 2/15/21		750,000		1,018,945
8.00% 11/15/21		1,700,000		2,376,015
8.125% 8/15/19		750,000		970,606
8.125% 5/15/21		500,000		691,601
8.125% 8/15/21		700,000		978,468
8.50% 2/15/20		150,000		200,859
8.75% 5/15/17		1,000,000		1,172,344
8.75% 5/15/20		900,000		1,228,570
8.75% 8/15/20		800,000		1,103,750
8.875% 8/15/17		750,000		895,254
8.875% 2/15/19		750,000		972,656
9.125% 5/15/18		250,000		313,613


Total U.S. Treasury Obligations (Cost $924,092,129)				963,793,731


	Number of Shares

MONEY MARKET FUND–6.68%
Dreyfus Treasury & Agency
Cash Management Fund -
Institutional Shares		179,824,641		179,824,641


Total Money Market Fund (Cost $179,824,641)				179,824,641

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of Shares		Value (U.S. $)
DCOMMON STOCK–96.98%
Australia–6.08%
Aurizon Holdings		1,492,484	$	5,493,051
Bendigo & Adelaide Bank		570,175		5,432,760
BHP Billiton		249,730		5,480,219
BHP Billiton		237,110		5,511,031
Incitec Pivot		816,464		2,521,688
Orica		365,460		5,549,243
Santos		966,655		5,228,672
Sonic Healthcare		356,534		5,538,711
Wesfarmers		168,124		5,613,948
Woolworths		252,185		5,647,059

				52,016,382

Austria–1.32%
OMV		206,026		5,652,657
voestalpine		154,095		5,637,853

				11,290,510

Belgium–1.68%
Ageas		158,551		5,695,020
Belgacom		160,889		5,630,280
Groupe Bruxelles Lambert		36,628		3,037,362

				14,362,662

Canada–1.38%
RioCan Real Estate Investment Trust		107,866		2,467,041
Shaw Communications Class B		172,896		3,879,291
Teck Resources Class B		395,863		5,431,729

				11,778,061

Denmark–1.91%
A.P. Moller - Maersk Class B		2,462		5,146,102
Carlsberg Class B		68,403		5,640,222
TDC		780,284		5,590,664

				16,376,988

Finland–1.97%
Fortum		265,524		5,563,814
Nokian Renkaat		189,509		5,648,763
UPM-Kymmene		291,058		5,655,421

				16,867,998

France–7.88%
AXA		225,210		5,669,406
Bouygues		141,959		5,573,748
Casino Guichard Perrachon		62,671		5,550,302
Cie Generale des Etablissements Michelin		57,014		5,670,809
Electricite de France		231,893		5,561,430
GDF Suez		280,833		5,545,526
Rexel		301,795		5,691,639
Sanofi		57,301		5,660,045
SCOR SE		170,725		5,759,233
TOTAL		112,388		5,587,511
Vinci		96,804		5,531,802


	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
France (continued)
Vivendi		228,055	$	5,663,155

				67,464,606

Germany–4.77%
Allianz		32,702		5,678,666
Bayerische Motoren Werke		44,965		5,600,764
Daimler		59,198		5,686,121
Deutsche Lufthansa		403,245		5,647,560
Hannover Rueckversicherung		11,757		1,215,131
Muenchener Rueckversicherungs		26,306		5,653,743
Siemens		52,435		5,672,118
Volkswagen		22,063		5,673,944

				40,828,047

nHong Kong–10.01%
Bank of East Asia		1,147,600		4,571,449
CK Hutchison Holdings		283,826		5,798,714
Hang Lung Properties		2,091,000		5,874,664
Henderson Land Development		824,046		5,788,977
Hutchison Whampoa		414,333		5,743,009
Li & Fung		6,040,000		5,897,700
Link REIT		917,881		5,662,576
MTR		1,217,958		5,792,984
New World Development		5,015,121		5,814,232
Power Assets Holdings		576,000		5,879,718
Sino Land		3,598,512		5,867,852
Sun Hung Kai Properties		371,304		5,725,318
Swire Pacific Class A		425,876		5,797,227
Swire Properties		1,759,273		5,713,843
Wharf Holdings		831,776		5,806,501

				85,734,764

Israel–1.28%
Bank Hapoalim		398,047		1,913,184
Bezeq The Israeli Telecommunication		1,793,383		3,338,194
Teva Pharmaceutical Industries		91,239		5,699,897

				10,951,275

Italy–0.66%
Eni		327,463		5,668,831

				5,668,831

Japan–25.87%
Aeon		509,100		5,583,602
Aisin Seiki		154,700		5,607,763
Bridgestone		142,723		5,713,666
Brother Industries		348,700		5,539,175
Canon		162,044		5,732,371
Daiichi Sankyo		342,900		5,448,080
FUJIFILM Holdings		160,137		5,696,174
Hitachi		819,631		5,597,026
Honda Motor		168,000		5,483,100
ITOCHU		504,400		5,457,646


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Japan Airlines		178,800	$	5,561,050
Japan Tobacco		180,200		5,696,049
JFE Holdings		247,501		5,462,205
JGC		283,000		5,618,736
Kobe Steel		2,997,815		5,528,296
Komatsu		278,800		5,464,316
Konica Minolta Holdings		543,100		5,503,043
Marubeni		924,300		5,342,945
Mitsubishi		271,333		5,451,211
Mitsubishi Heavy Industries		1,014,000		5,578,377
Mitsubishi Materials		1,667,000		5,600,605
Mitsubishi Tanabe Pharma		327,700		5,620,883
Mitsubishi UFJ Financial Group		889,432		5,507,702
Mitsui		400,000		5,355,980
Mitsui OSK Lines		1,635,000		5,544,478
Mizuho Financial Group		3,054,300		5,366,969
NEC		1,916,000		5,627,166
Nissan Motor		542,450		5,516,096
Nomura Research Institute		151,300		5,683,427
Otsuka Holdings		182,882		5,720,265
Resona Holdings		1,069,134		5,304,978
Ricoh		511,200		5,557,572
Seiko Epson		293,005		5,188,649
Sekisui House		392,901		5,703,986
Sumitomo Electric Industries		423,100		5,545,261
Sumitomo Metal Mining		371,049		5,422,249
Sumitomo Mitsui Financial Group		143,900		5,511,111
Toyota Motor		79,082		5,519,298
Toyota Tsusho		206,526		5,463,272
Yamada Denki		1,369,200		5,637,339

				221,462,117

Netherlands–1.95%
Boskalis Westminster		112,629		5,552,360
Delta Lloyd		298,866		5,637,627
Royal Dutch Shell Class B		177,516		5,529,493

				16,719,480

Norway–0.65%
Statoil		315,350		5,576,525

				5,576,525

Portugal–0.64%
Energias de Portugal		1,461,793		5,475,645

				5,475,645

Singapore–4.03%
Ascendas Real Estate Investment Trust		3,067,100		5,785,053
CapitaMall Trust		3,587,700		5,743,405
Hutchison Port Holdings Trust		8,285,600		5,751,499
Keppel		864,200		5,662,072
Singapore Press Holdings		1,884,600		5,752,634


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Singapore (continued)
Wilmar International		2,428,900	$	5,765,954

				34,460,617

Spain–3.27%
ACS Actividades de Construccion y
Servicios		158,455		5,609,451
Banco Santander		757,215		5,677,421
Endesa		291,626		5,630,841
Repsol		299,979		5,585,253
Telefonica		387,575		5,516,027

				28,018,993

Sweden–2.66%
Investment Kinnevik Class B		171,140		5,713,079
Investor Class B		143,437		5,709,804
Svenska Cellulosa Class B		248,032		5,699,527
TeliaSonera		887,693		5,641,043

				22,763,453

Switzerland–3.94%
Baloise Holding		42,230		5,580,995
Glencore		1,296,127		5,471,729
Novartis		57,350		5,660,473
Swiss Life Holding		22,759		5,622,541
Swiss Re		58,918		5,683,110
†Zurich Insurance Group		16,853		5,696,351

				33,715,199

United Kingdom–15.03%
Amlin		435,285		3,259,644
Anglo American		357,835		5,344,075
Antofagasta		531,689		5,751,768
AstraZeneca		82,117		5,634,552
BP		863,504		5,597,186
Centrica		1,490,747		5,575,661
Cobham		464,356		2,091,708
HSBC Holdings		662,213		5,642,807
J Sainsbury		1,456,918		5,590,612
Kingfisher		1,073,903		6,058,835
Meggitt		686,036		5,576,364
Melrose Industries		1,337,067		5,491,308
Persimmon		226,860		5,590,424
Rio Tinto		133,893		5,521,142
Rio Tinto		129,173		5,596,699
Royal Mail		870,726		5,647,510
Smiths Group		326,725		5,403,607
Standard Chartered		350,190		5,671,736
Tate & Lyle		645,241		5,718,781
Tesco		1,618,525		5,777,221
Vodafone Group		1,719,683		5,627,173
Weir Group		216,775		5,469,828
William Hill		1,019,341		5,597,283

The following foreign currency exchange contracts, foreign cross currency exchange contracts and futures contracts were outstanding at March 31, 2015:

The use of foreign currency exchange contracts, foreign cross currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The foreign currency exchange contracts and notional values presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

As a result of utilizing international fair value pricing at March 31, 2015, the majority of the Fund’s common stock was categorized as Level 2.

Fund utilizing international fair value pricing. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.


	Number of Shares		Value (U.S. $)
DCOMMON STOCK–91.20%
Brazil–6.22%
Banco do Brasil		1,003,326	$	7,232,623
BR Malls Participacoes		1,343,300		7,145,750
Cia de Saneamento Basico do Estadode Sao Paulo ADR		1,121,814		6,080,232
Cia Energetica de Minas Gerais ADR		601,528		2,460,249
Cia Siderurgica Nacional		143,200		245,396
Cia Siderurgica Nacional ADR		511,904		859,999
Cyrela Brazil Realty		781,400		3,268,073
Kroton Educacional		2,187,900		7,080,516
Petroleo Brasileiro ADR		1,185,250		7,218,173
Tim Participacoes		893,200		2,974,535

				44,565,546

Chile–0.48%
Cencosud		1,434,434		3,398,770

				3,398,770

Greece–0.54%
OPAP		413,078		3,856,214

				3,856,214

¡Hong Kong–30.87%
Agricultural Bank of China		15,632,000		7,739,280
Bank of China		12,503,100		7,227,741
Bank of Communications		8,466,000		7,276,085
Belle International Holdings		6,838,000		7,982,159
China CITIC Bank		9,577,000		7,220,066
China Communications Construction		5,418,000		7,634,237
China Construction Bank		9,729,000		8,074,945
China Merchants Bank		2,932,500		7,160,107
China Minsheng Banking		5,903,000		7,198,633
China Mobile		540,500		7,044,009
China National Building Material		6,852,000		6,816,288
China Railway Construction		5,316,000		7,925,194
China Railway Group		7,967,000		8,148,553
China Resources Enterprise		3,592,000		7,042,650
China Resources Power Holdings		2,784,000		6,981,959
China Telecom		11,206,000		7,164,130
CITIC Pacific		3,875,000		6,632,386
CNOOC		5,144,000		7,259,858
COSCO Pacific		985,710		1,291,175
Country Garden Holdings		16,450,733		6,635,203
CSPC Pharmaceutical Group		8,532,000		7,219,457
Dongfeng Motor Group		4,854,000		7,763,675
Evergrande Real Estate Group		14,677,000		7,398,350
Guangzhou Automobile Group		7,650,000		7,308,313
Huaneng Power International		6,152,000		7,306,609
Industrial & Commercial Bank of China		11,075,000		8,191,981
Jiangsu Expressway		2,044,000		2,744,722
Jiangxi Copper		4,087,000		7,596,085
Longfor Properties		2,811,500		3,983,927
Shanghai Industrial Holdings		342,000		1,054,209


	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
¡Hong Kong (continued)
Shanghai Pharmaceuticals Holding		1,479,900	$	3,938,878
Shimao Property Holdings		3,131,500		6,570,820
Sinopharm Group		1,824,800		7,430,327
Sun Art Retail Group		2,478,000		2,158,504

				221,120,515

Hungary–0.91%
Richter Gedeon		476,277		6,534,282

				6,534,282

India–1.75%
Cairn India		375,000		1,289,723
Hindalco Industries		1,022,935		2,118,319
NTPC		1,036,717		2,444,984
Sesa Sterlite		2,200,920		6,696,945

				12,549,971

Indonesia–0.98%
Indofood Sukses Makmur		12,294,500		7,001,258

				7,001,258

Malaysia–2.41%
AMMB Holdings		2,009,600		3,447,017
IOI		5,507,500		6,825,728
UMW Holdings		1,339,800		3,926,056
YTL		6,768,100		3,051,863

				17,250,664

Mexico–0.80%
Coca-Cola Femsa		714,347		5,692,124

				5,692,124

Poland–2.32%
KGHM Polska Miedz		219,935		6,949,294
Orange Polska		619,075		1,555,349
PGE		1,242,449		6,824,573
Tauron Polska Energia		1,100,000		1,278,276

				16,607,492

Qatar–0.49%
Industries Qatar		91,183		3,475,423

				3,475,423

Republic of Korea–14.00%
CJ CheilJedang		9,487		3,230,875
Daewoo Shipbuilding & Marine Engineering		422,860		6,878,718
DGB Financial Group		632,559		6,897,092
Hyundai Mobis		31,307		6,937,927
Hyundai Motor		45,664		6,918,674
Industrial Bank of Korea		553,550		6,647,704
Kia Motors		170,546		6,933,886
KT&G		91,525		7,320,811
LG		125,913		6,952,687


	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Republic of Korea (continued)
Lotte Shopping		33,050	$	7,069,009
POSCO		30,323		6,630,745
Samsung Electronics		5,451		7,071,917
Shinhan Financial Group		184,620		6,939,393
SK Holdings		46,073		7,053,102
SK Telecom		27,512		6,772,956

				100,255,496

Russia–3.09%
@Gazprom ADR		1,506,895		7,093,378
Lukoil ADR		152,538		7,050,044
@Rosneft GDR		1,682,642		7,217,964
Rostelecom ADR		99,032		783,343

				22,144,729

South Africa–6.08%
AVI		725,000		4,922,374
Barloworld		568,499		4,338,583
Imperial Holdings		444,252		7,044,527
Investec		460,465		3,811,112
Life Healthcare Group Holdings		646,989		2,253,745
MTN Group		408,794		6,892,183
Netcare		651,059		2,233,017
SPAR Group		345,101		5,359,881
Tiger Brands		266,822		6,714,954

				43,570,376

Taiwan–13.47%
Asia Cement		1,927,000		2,424,018
Asustek Computer		688,000		6,924,649
AU Optronics		8,469,000		4,254,472
Cheng Shin Rubber Industry		1,619,000		3,720,757
Compal Electronics		5,268,000		4,381,583
Far Eastern New Century		1,010,000		1,042,329
Inventec		5,622,000		4,064,910
Lite-On Technology		5,110,956		6,619,419
Mega Financial Holding		8,932,000		7,407,595
Pegatron		1,179,000		3,184,761
Quanta Computer		1,489,000		3,598,193
Radiant Opto-Electronics		764,000		2,375,327
SinoPac Financial Holdings		7,882,000		3,289,394
Synnex Technology International		4,761,000		6,432,568
Taishin Financial Holding		7,385,000		3,137,815
Taiwan Cement		2,853,000		4,020,101
Taiwan Fertilizer		2,340,000		4,059,422
Teco Electric and Machinery		4,911,000		4,672,887
Uni-President Enterprises		1,514,040		2,533,232
Wistron		8,446,723		7,175,597
WPG Holdings		5,736,000		7,389,322
Yuanta Financial Holding		7,562,000		3,806,076

				96,514,427


	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Thailand–3.93%
Bangkok Bank NVDR		1,244,700	$	7,050,120
Charoen Pokphand Foods-Foreign		10,587,900		7,318,825
Krung Thai Bank NVDR		9,981,500		6,990,418
PTT Global Chemical NVDR		4,235,170		6,796,418

				28,155,781

Turkey–1.76%
Eregli Demir ve Celik Fabrikalari		2,957,570		4,597,361
KOC Holding		212,289		965,793
Turkiye Is Bankasi Class C		3,142,243		7,073,036

				12,636,190

United Arab Emirates–1.10%
Aldar Properties		5,274,707		3,392,015
Dubai Islamic Bank		2,679,923		4,508,349

				7,900,364

Total Common Stock (Cost $650,078,822)				653,229,622


PREFERRED STOCK–0.54%
Brazil–0.54%
Bradespar 15.91%		608,100		2,013,664
Metalurgica Gerdau 3.54%		541,600		1,852,842

Total Preferred Stock (Cost $9,105,190)				3,866,506


MONEY MARKET FUND–0.23%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		1,672,487		1,672,487

Total Money Market Fund (Cost $1,672,487)				1,672,487


DSOVEREIGN BOND–0.10%
India–0.10%
NTPC 8.49% 3/25/25		INR 43,453,850		694,981

				694,981

Total Sovereign Bond (Cost $708,168)				694,981

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2015:

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The foreign currency exchange contracts and notional values presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

As a result of utilizing international fair value pricing at March 31, 2015, the majority of the Fund’s common stock was categorized as Level 2.

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.


	Number of Shares		Value (U.S. $)

COMMON STOCK–99.43%
Aerospace & Defense–0.99%
L-3 Communications Holdings		101,422	$	12,757,873

				12,757,873

Auto Components–2.01%
Johnson Controls		258,082		13,017,656
Lear		117,199		12,987,993

				26,005,649

Automobiles–2.98%
Ford Motor		792,946		12,798,148
General Motors		339,895		12,746,063
Harley-Davidson		211,655		12,855,925

				38,400,136

Banks–4.96%
BB&T		328,377		12,803,419
CIT Group		286,635		12,932,971
Fifth Third Bancorp		665,010		12,535,439
JPMorgan Chase		213,219		12,916,807
Regions Financial		1,363,594		12,885,963

				64,074,599

Chemicals–2.98%
Dow Chemical		270,915		12,998,502
Eastman Chemical		184,440		12,774,314
LyondellBasell Industries Class A		144,491		12,686,310

				38,459,126

Commercial Services & Supplies–0.99%
Republic Services		315,014		12,776,968

				12,776,968

Communications Equipment–3.01%
Cisco Systems		468,625		12,898,903
Juniper Networks		569,029		12,848,675
QUALCOMM		189,041		13,108,103

				38,855,681

Consumer Finance–0.99%
Navient		629,715		12,802,106

				12,802,106

Diversified Financial Services–0.98%
Voya Financial		293,799		12,665,675

				12,665,675

Diversified Telecommunication Services–0.98%
CenturyLink		367,334		12,691,390

				12,691,390

Electric Utilities–3.03%
Duke Energy		170,747		13,109,955
Entergy		165,905		12,855,978


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Electric Utilities (continued)
Exelon		390,377	$	13,120,571

				39,086,504

Electrical Equipment–1.99%
Eaton		190,417		12,936,931
Emerson Electric		224,810		12,728,742

				25,665,673

Electronic Equipment, Instruments & Components–0.99%
Corning		564,978		12,813,701

				12,813,701

Energy Equipment & Services–1.00%
National Oilwell Varco		259,347		12,964,756

				12,964,756

Food & Staples Retailing–0.99%
Wal-Mart Stores		155,026		12,750,889

				12,750,889

Food Products–6.09%
Archer-Daniels-Midland		274,192		12,996,701
Bunge		161,721		13,319,342
Kellogg		201,509		13,289,518
Kraft Foods Group		150,433		13,104,971
Mondelez International		361,889		13,060,574
Smucker (J.M.)		110,894		12,833,763

				78,604,869

Health Care Equipment & Supplies–2.98%
Baxter International		186,638		12,784,703
St. Jude Medical		194,470		12,718,338
Zimmer Holdings		109,772		12,900,405

				38,403,446

Health Care Providers & Services–5.97%
Aetna		119,867		12,769,431
Anthem		83,071		12,826,993
Cigna		100,587		13,019,981
Quest Diagnostics		167,326		12,859,003
UnitedHealth Group		109,205		12,917,859
Universal Health Services Class B		108,190		12,735,045

				77,128,312

Hotels, Restaurants & Leisure–2.05%
Carnival		285,796		13,672,481
Las Vegas Sands		232,128		12,776,325

				26,448,806

Household Durables–1.05%
Horton (D.R.)		475,648		13,546,455

				13,546,455


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Household Products–0.98%
Procter & Gamble		154,536	$	12,662,680

				12,662,680

Industrial Conglomerates–0.98%
General Electric		511,898		12,700,189

				12,700,189

Insurance–8.90%
ACE		114,103		12,721,343
Aflac		199,922		12,797,007
American International Group		234,356		12,840,365
Cincinnati Financial		239,642		12,768,126
Everest Re Group		72,772		12,662,328
MetLife		250,990		12,687,545
Principal Financial Group		249,854		12,835,000
Prudential Financial		158,609		12,737,889
Unum Group		380,661		12,839,695

				114,889,298

IT Services–2.04%
Western Union		654,722		13,624,765
Xerox		986,407		12,675,330

				26,300,095

Leisure Products–0.99%
Mattel		557,902		12,748,061

				12,748,061

Life Sciences Tools & Services–1.00%
Agilent Technologies		311,918		12,960,193

				12,960,193

Machinery–5.92%
Caterpillar		158,927		12,718,928
Cummins		92,814		12,867,733
Deere		144,245		12,648,844
Dover		182,663		12,625,666
Parker-Hannifin		108,172		12,848,670
Stanley Black & Decker		133,830		12,762,029

				76,471,870

Media–2.98%
Comcast Class A		227,062		12,822,191
Gannett		352,054		13,054,162
Time Warner		149,830		12,651,645

				38,527,998

Metals & Mining–1.95%
Freeport-McMoRan Copper & Gold		651,029		12,336,999
Nucor		269,477		12,808,242

				25,145,241

Multiline Retail–2.04%
Kohl’s		169,290		13,246,943


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Multiline Retail (continued)
Macy’s		200,681	$	13,026,204

				26,273,147

Multi-Utilities–2.00%
CenterPoint Energy		621,697		12,688,836
Consolidated Edison		215,902		13,170,022

				25,858,858

Oil, Gas & Consumable Fuels–5.87%
Chevron		120,618		12,662,478
ConocoPhillips		200,744		12,498,321
Exxon Mobil		150,558		12,797,430
Marathon Oil		481,238		12,565,124
Occidental Petroleum		172,183		12,569,359
Valero Energy		200,300		12,743,086

				75,835,798

Paper & Forest Products–1.01%
International Paper		234,183		12,994,815

				12,994,815

Pharmaceuticals–2.97%
Johnson & Johnson		126,773		12,753,364
Merck		220,400		12,668,592
Pfizer		371,635		12,929,182

				38,351,138

Real Estate Investment Trusts–0.95%
Annaly Capital Management		1,173,295		12,202,268

				12,202,268

Road & Rail–0.97%
Norfolk Southern		122,173		12,574,045

				12,574,045

Semiconductors & Semiconductor Equipment–2.06%
Intel		422,043		13,197,285
Xilinx		317,535		13,431,731

				26,629,016

Software–2.97%
CA		398,839		13,006,140
Microsoft		308,058		12,524,098
Symantec		545,320		12,741,402

				38,271,640

Specialty Retail–1.97%
Best Buy		330,601		12,493,412
Staples		792,451		12,905,064

				25,398,476

Technology Hardware, Storage & Peripherals–2.89%
EMC		491,866		12,572,095
Hewlett-Packard		396,596		12,357,931

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of Shares		Value (U.S. $)

COMMON STOCK–98.51%
Aerospace & Defense–0.50%
National Presto Industries		18,553	$	1,176,075

				1,176,075


Auto Components–0.48%
Superior Industries International		60,250		1,140,533

				1,140,533


Banks–1.97%
First Niagara Financial Group		130,571		1,154,248
Hancock Holding		39,400		1,176,484
Trustmark		48,200		1,170,296
Valley National Bancorp		123,000		1,161,120

				4,662,148


Biotechnology–0.98%
PDL BioPharma		163,300		1,148,815
†Xencor		77,200		1,182,704

				2,331,519


Building Products–0.51%
Universal Forest Products		21,600		1,198,368

				1,198,368


Capital Markets–1.45%
Arlington Asset Investment Class A		46,083		1,108,757
Calamos Asset Management Class A		74,700		1,004,715
Fidus Investment		15,600		239,772
Gladstone Capital		27,600		243,156
Gladstone Investment		41,800		309,320
Golub Capital		6,900		121,095
MCG Capital		49,000		194,040
Medallion Financial		9,200		85,192
Solar Senior Capital		8,600		138,546

				3,444,593


Chemicals–0.99%
Huntsman		53,700		1,190,529
Kronos Worldwide		91,600		1,158,740

				2,349,269


Commercial Services & Supplies–4.22%
Brady Class A		41,778		1,181,900
Civeo		445,800		1,132,332
Ennis		82,983		1,171,720
Kimball International Class B		78,900		826,872
McGrath RentCorp		35,264		1,160,538
Quad Graphics		50,576		1,162,236
Tetra Tech		47,700		1,145,754
United Stationers		28,964		1,187,234
Viad		37,400		1,040,468

				10,009,054


Communications Equipment–2.55%
ADTRAN		63,000		1,176,210


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Communications Equipment (continued)
Black Box		55,113	$	1,153,515
Comtech Telecommunications		40,310		1,166,975
Harris		15,800		1,244,408
†NETGEAR		36,060		1,185,653
TESSCO Technologies		4,400		108,504

				6,035,265


Diversified Consumer Services–0.97%
DeVry Education Group		34,600		1,154,256
Graham Holdings		1,100		1,154,593

				2,308,849


Diversified Telecommunication Services–0.50%
†Iridium Communications		122,450		1,188,989

				1,188,989


Electric Utilities–0.99%
Empire District Electric		46,985		1,166,168
Westar Energy		30,507		1,182,451

				2,348,619


Electrical Equipment–0.49%
Global Power Equipment Group		84,554		1,116,113
Preformed Line Products		1,278		53,842

				1,169,955


Electronic Equipment, Instruments & Components–3.80%
Avnet		26,523		1,180,273
AVX		81,529		1,163,419
CTS		47,900		861,721
Daktronics		97,800		1,057,218
†Fabrinet		62,467		1,186,248
†Kimball Electronics		66,000		933,240
Park Electrochemical		11,500		247,940
SYNNEX		15,230		1,176,517
Vishay Intertechnology		86,525		1,195,776

				9,002,352


Energy Equipment & Services–3.34%
Atwood Oceanics		40,400		1,135,644
CARBO Ceramics		37,700		1,150,227
Diamond Offshore Drilling		43,218		1,157,810
†Hornbeck Offshore Services		58,400		1,098,504
Nabors Industries		84,700		1,156,155
Rowan		63,900		1,131,669
Tidewater		57,203		1,094,865

				7,924,874


Food & Staples Retailing–0.68%
Andersons		28,500		1,179,045
†Roundy’s		17,800		87,042
Weis Markets		7,000		348,320

				1,614,407


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Food Products–1.48%
Cal-Maine Foods		29,800	$	1,163,988
Fresh Del Monte Produce		30,061		1,169,674
Sanderson Farms		14,800		1,178,820

				3,512,482


Gas Utilities–0.50%
AGL Resources		23,800		1,181,670

				1,181,670


Health Care Equipment & Supplies–4.99%
Analogic		12,812		1,164,611
CONMED		23,394		1,181,163
CryoLife		115,674		1,199,539
DENTSPLY International		22,879		1,164,312
†Greatbatch		20,800		1,203,280
†Halyard Health		23,800		1,170,960
Hill-Rom Holdings		24,210		1,186,290
Meridian Bioscience		60,400		1,152,432
STERIS		16,861		1,184,822
†Symmetry Surgical		5,200		38,116
Teleflex		9,650		1,166,009

				11,811,534


Health Care Providers & Services–5.95%
Chemed		9,519		1,136,569
Ensign Group		25,425		1,191,415
†IPC Healthcare		25,170		1,173,929
Kindred Healthcare		49,348		1,173,989
†LHC Group		36,936		1,219,996
†Magellan Health		16,921		1,198,345
Omnicare		15,212		1,172,237
Owens & Minor		34,232		1,158,411
Patterson		23,866		1,164,422
Select Medical Holdings		78,838		1,169,168
†Triple-S Management Class B		57,947		1,151,986
U.S. Physical Therapy		24,800		1,178,000

				14,088,467


Health Care Technology–0.91%
Quality Systems		73,100		1,168,138
†Vocera Communications		100,700		998,944

				2,167,082


Hotels, Restaurants & Leisure–0.50%
Marcus		55,528		1,182,191

				1,182,191


Household Durables–3.54%
CSS Industries		39,598		1,193,880
Ethan Allen Interiors		44,600		1,232,744
KB Home		76,400		1,193,368
MDC Holdings		42,270		1,204,695
NACCO Industries Class A		21,943		1,162,760
PulteGroup		53,647		1,192,573


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Household Durables (continued)
Ryland Group		24,755	$	1,206,559

				8,386,579


Household Products–0.42%
Orchids Paper Products		36,600		986,736

				986,736


Insurance–5.37%
Aspen Insurance Holdings		24,600		1,161,858
Assurant		18,800		1,154,508
Assured Guaranty		44,800		1,182,272
Axis Capital Holdings		22,400		1,155,392
Endurance Specialty Holdings		18,340		1,121,308
Meadowbrook Insurance Group		21,400		181,900
Old Republic International		78,410		1,171,445
OneBeacon Insurance Group Class A		59,400		903,474
PartnerRe		10,200		1,166,166
Safety Insurance Group		19,561		1,168,770
Symetra Financial		50,300		1,180,038
Validus Holdings		27,737		1,167,728

				12,714,859


Internet Software & Services–0.43%
†Liquidity Services		88,700		876,356
†QuinStreet		25,200		149,940

				1,026,296


IT Services–3.04%
Brocade Communications Systems		99,800		1,184,127
Computer Task Group		16,400		119,884
CSG Systems International		38,712		1,176,458
DST Systems		10,876		1,204,082
InterActiveCorp		17,400		1,173,978
Leidos Holdings		27,745		1,164,180
ManTech International Class A		34,777		1,180,331

				7,203,040


Life Sciences Tools & Services–0.49%
PerkinElmer		22,872		1,169,674

				1,169,674


Machinery–5.64%
AGCO		24,748		1,178,995
American Railcar Industries		23,300		1,158,709
Briggs & Stratton		59,007		1,212,004
Hyster-Yale Materials Handling		16,000		1,172,640
Joy Global		29,456		1,154,086
Kadant		3,300		173,613
Kennametal		33,909		1,142,394
Miller Industries		10,900		267,050
Oshkosh		24,400		1,190,476
SPX		13,800		1,171,620
Terex		43,700		1,161,983
Timken		28,100		1,184,134


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Machinery (continued)
Trinity Industries		33,600	$	1,193,136

				13,360,840


Media–3.50%
AMC Entertainment Holdings		33,300		1,181,817
Dolby Laboratories Class A		30,400		1,160,064
Harte-Hanks		148,620		1,159,236
†Media General		72,800		1,200,472
Meredith		21,364		1,191,470
Scholastic		30,469		1,247,401
Time		51,700		1,160,148

				8,300,608


Metals & Mining–3.49%
Commercial Metals		75,600		1,223,964
Kaiser Aluminum		15,207		1,169,266
Reliance Steel & Aluminum		19,321		1,180,127
Schnitzer Steel Industries		75,154		1,191,942
TimkenSteel		44,600		1,180,562
United States Steel		46,500		1,134,600
Worthington Industries		44,200		1,176,162

				8,256,623


Multi-Utilities–1.00%
Avista		34,900		1,192,882
SCANA		21,260		1,169,087

				2,361,969


Oil, Gas & Consumable Fuels–1.79%
†Approach Resources		155,600		1,025,404
Denbury Resources		145,832		1,063,115
Murphy Oil		24,400		1,137,040
†Rex Energy		274,300		1,020,396

				4,245,955


Paper & Forest Products–0.91%
Domtar		24,700		1,141,634
†Veritiv		22,900		1,010,577

				2,152,211


Pharmaceuticals–0.44%
†Endocyte		167,400		1,047,924

				1,047,924


Professional Services–0.50%
CDI		84,656		1,189,417

				1,189,417


Real Estate Investment Trusts–10.17%
AG Mortgage Investment Trust		62,100		1,169,964
American Capital Mortgage Investment		62,800		1,127,888
Anworth Mortgage Asset		220,728		1,123,506


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
Apollo Commercial Real Estate Finance		65,861	$	1,131,492
Apollo Residential Mortgage		71,500		1,140,425
Ares Commercial Real Estate		103,166		1,139,984
Capstead Mortgage		94,799		1,115,784
Chimera Investment		354,181		1,112,128
CYS Investments		130,200		1,160,082
Dynex Capital		137,799		1,167,158
Hatteras Financial		64,400		1,169,504
JAVELIN Mortgage Investment		9,400		71,064
MFA Financial		147,468		1,159,098
New Residential Investment		76,291		1,146,654
New York Mortgage Trust		148,990		1,156,162
PennyMac Mortgage Investment Trust		54,113		1,152,066
Redwood Trust		62,468		1,116,303
Resource Capital		247,261		1,122,565
Select Income REIT		46,550		1,163,285
Starwood Property Trust		47,310		1,149,633
Two Harbors Investment		106,734		1,133,515
Western Asset Mortgage Capital		77,093		1,162,562

				24,090,822


Real Estate Management & Development–0.49%
Altisource Residential		55,400		1,155,644

				1,155,644


Semiconductors & Semiconductor Equipment–4.26%
Brooks Automation		99,040		1,151,835
†First Solar		19,362		1,157,654
Integrated Silicon Solution		64,300		1,150,327
Intersil Class A		82,800		1,185,696
IXYS		75,100		925,232
Marvell Technology Group		77,150		1,134,105
MKS Instruments		34,075		1,152,076
Pericom Semiconductor		68,400		1,058,148
Teradyne		62,600		1,180,010

				10,095,083


Software–1.68%
Ebix		38,832		1,179,716
†EnerNOC		105,700		1,204,980
Epiq Systems		22,200		398,046
Mentor Graphics		49,727		1,194,940

				3,977,682


Specialty Retail–5.33%
Abercrombie & Fitch		52,700		1,161,508
Big 5 Sporting Goods		87,702		1,163,806
†Christopher & Banks		152,400		847,344
Destination Maternity		73,133		1,101,383
Finish Line Class A		48,200		1,181,864
GameStop Class A		29,722		1,128,247
Group 1 Automotive		13,833		1,194,203


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Specialty Retail (continued)
Guess		60,710	$	1,128,599
Penske Automotive Group		23,300		1,199,717
Rent-A-Center		42,396		1,163,346
Shoe Carnival		5,300		156,032
Sonic Automotive Class A		48,100		1,197,690

				12,623,739


Technology Hardware, Storage & Peripherals–0.48%
Lexmark International Class A		26,756		1,132,849

				1,132,849


Textiles, Apparel & Luxury Goods–0.58%
Movado Group		48,000		1,368,960

				1,368,960


Thrifts & Mortgage Finance–2.31%
Federal Agricultural Mortgage Class C		34,800		981,012
Home Loan Servicing Solutions		67,415		1,115,044
New York Community Bancorp		69,400		1,161,062
Northwest Bancshares		98,800		1,170,780
Oritani Financial		71,400		1,038,870

				5,466,768


Tobacco–0.50%
Universal		25,212		1,188,998

				1,188,998


Trading Companies & Distributors–2.91%
Aceto		47,900		1,053,800
Aircastle		52,289		1,174,411
Applied Industrial Technologies		26,600		1,206,044


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Trading Companies & Distributors (continued)
†CAI International		46,773	$	1,149,213
GATX		20,100		1,165,398
TAL International Group		28,197		1,148,464

				6,897,330


Wireless Telecommunication Services–0.49%
Spok Holdings		60,169		1,153,440

				1,153,440


Total Common Stock (Cost $224,952,923)				233,402,341


MONEY MARKET FUND–1.72%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		4,066,019		4,066,019

Total Money Market Fund (Cost $4,066,019)				4, 066,019


	Principal Amount°

SHORT-TERM INVESTMENT–0.10%
≠U.S. Treasury Obligations–0.10%
U.S. Treasury Bill
¥ 0.015% 6/4/15		250,000		249,996


Total Short-Term Investment (Cost $250,000)				249,996

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENT COMPANIES–53.85%
Equity Funds–21.65%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA Large Cap 100 Fund		8,094,740	$	131,288,587
LVIP SSgA S&P 500 Index Fund		4,078,707		60,291,449
LVIP SSgA Small-Cap Index Fund		366,185		10,307,745
LVIP SSgA Small-Mid Cap 200 Fund		1,632,046		25,402,796

				227,290,577


Fixed Income Fund–15.45%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA Bond Index Fund		13,975,252		162,154,853

				162,154,853


International Equity Funds–16.75%
*Lincoln Variable Insurance Products Trust–
LVIP SSgA Developed International 150 Fund		12,027,878		115,443,576
LVIP SSgA Emerging Markets 100 Fund		1,074,963		10,107,873
LVIP SSgA International Index Fund		5,522,191		50,318,207

				175,869,656


Total Affiliated Investment Companies (Cost $474,865,344)				565,315,086


UNAFFILIATED INVESTMENT COMPANIES–45.57%
Equity Funds–14.44%
Financial Select Sector SPDR^® Fund		836,101		20,158,395
Health Care Select Sector SPDR^® Fund		278,217		20,170,733
SPDR^® Dow Jones REIT ETF		163,943		15,504,089


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENT COMPANIES (continued)
Equity Funds (continued)
SPDR^® S&P 500 ETF		144,456	$	29,820,052
SPDR^® S&P 600 Small Cap ETF		146,307		15,859,679
Technology Select Sector SPDR^® Fund		473,011		19,601,576
WisdomTree Japan Hedged Equity Fund		552,857		30,473,478

				151,588,002

Fixed Income Funds–19.76%
SPDR^® Barclays Aggregate Bond ETF		857,006		50,529,074
SPDR^® Barclays High Yield Bond ETF		509,124		19,967,843
SPDR^® Barclays TIPS ETF		1,160,451		65,797,572
SPDR^® DB International Government Inflation-Protected Bond ETF		89,307		4,872,590
Vanguard Long-Term Bond ETF		688,729		66,310,828

				207,477,907

International Equity Funds–5.32%
SPDR^® S&P Emerging Markets ETF		159,443		10,239,429
SPDR^® S&P World ex-US ETF		1,615,403		45,602,827

				55,842,256

Money Market Fund–6.05%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		63,550,330		63,550,330

				63,550,330

Total Unaffiliated Investment Companies (Cost $450,640,123)				478,458,495

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional value presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP SSgA Global Tactical Allocation Managed Volatility Fund.


	Number of Shares		Value (U.S. $)

DCOMMON STOCK–96.92%
Australia–7.28%
AGL Energy		127,435	$	1,475,228
ALS		57,681		216,643
Alumina		445,290		541,844
Amcor		202,424		2,156,677
AMP		484,656		2,365,379
APA Group		208,320		1,432,752
Asciano		155,556		748,017
ASX		33,510		1,054,203
Aurizon Holdings		359,343		1,322,553
AusNet Services		244,760		271,624
Australia & New Zealand Banking Group		477,966		13,296,232
Bank of Queensland		54,020		566,026
Bendigo & Adelaide Bank		73,184		697,314
BHP Billiton		556,812		12,941,706
BHP Billiton		368,248		8,081,046
Boral		130,004		630,143
Brambles		273,963		2,395,705
Caltex Australia		21,130		560,741
Coca-Cola Amatil		102,339		837,830
Cochlear		8,574		589,396
Commonwealth Bank of Australia		280,272		19,878,569
Computershare		73,999		715,216
Crown Resorts		59,112		599,945
CSL		80,820		5,653,988
Dexus Property Group		145,229		836,036
Federation Centres		245,337		566,279
Flight Centre Travel Group		8,399		252,774
Fortescue Metals Group		243,687		360,706
Goodman Group		320,244		1,541,922
GPT Group		277,959		965,387
†@=GPT Group In-Specie		160,069		0
Harvey Norman Holdings		112,540		380,363
Healthscope		228,851		532,007
Iluka Resources		71,132		458,482
Incitec Pivot		285,136		880,656
Insurance Australia Group		394,306		1,825,119
Leighton Holdings		17,957		287,719
Lend Lease Group		94,753		1,196,708
Macquarie Group		48,416		2,814,064
†Medibank		527,768		930,732
Mirvac Group		599,563		915,421
National Australia Bank		410,920		12,028,606
†Newcrest Mining		141,761		1,429,638
Novion Property Group		315,644		601,252
Orica		59,674		906,106
Origin Energy		184,608		1,582,311
†Qantas Airways		94,179		223,369
QBE Insurance Group		242,521		2,397,118
Ramsay Health Care		21,099		1,077,152
REA Group		8,246		302,038
Santos		163,295		883,269


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Australia (continued)
Scentre Group		950,611	$	2,700,354
Seek		55,169		715,260
Sonic Healthcare		60,784		944,272
Stockland		434,960		1,485,981
Suncorp Group		215,966		2,214,501
Sydney Airport		174,088		685,023
Tabcorp Holdings		157,922		568,955
Tatts Group		242,800		734,514
Telstra		750,734		3,603,630
Toll Holdings		118,261		795,615
TPG Telecom		40,572		281,648
Transurban Group		302,822		2,192,553
Treasury Wine Estates		126,488		491,426
Wesfarmers		196,205		6,551,621
Westfield		353,094		2,558,745
Westpac Banking		538,414		16,092,709
Woodside Petroleum		127,500		3,340,145
Woolworths		214,761		4,809,041
WorleyParsons		29,413		212,854

				166,182,858

Austria–0.19%
ANDRITZ		13,432		802,135
Erste Group Bank		48,008		1,180,460
=IMMOEAST		13,053		0
†IMMOFINANZ		155,075		456,810
OMV		22,930		629,122
Raiffeisen Bank International		19,247		267,528
Vienna Insurance Group		5,870		259,952
voestalpine		18,078		661,417

				4,257,424

Belgium–1.30%
Ageas		37,789		1,357,349
Anheuser-Busch InBev		139,172		17,005,163
*=Anheuser-Busch InBev VVPR Strip		1,896		0
Belgacom		23,376		818,039
Colruyt		11,778		512,707
Delhaize Group		19,030		1,709,975
Groupe Bruxelles Lambert		15,148		1,256,142
†KBC Groep		43,789		2,706,766
Solvay Class A		11,016		1,592,660
†Telenet Group Holding		7,983		439,350
UCB		22,480		1,624,282
Umicore		15,771		658,802

				29,681,235

¨China–0.01%
Yangzijiang Shipbuilding Holdings		294,000		270,290

				270,290

Denmark–1.63%
A.P. Moller - Maersk Class A		643		1,305,696


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Denmark (continued)
A.P. Moller - Maersk Class B		1,280	$	2,675,471
Carlsberg Class B		17,731		1,462,023
Coloplast Class B		20,362		1,538,240
Danske Bank		116,786		3,078,826
DSV		28,607		889,065
†ISS		18,465		582,010
Novo Nordisk Class B		347,438		18,547,422
Novozymes Class B		39,462		1,801,388
Pandora		19,333		1,760,162
TDC		153,000		1,096,231
Tryg		3,270		384,577
Vestas Wind Systems		41,346		1,704,721
†William Demant Holding		3,899		331,056

				37,156,888

Finland–0.84%
Elisa		21,162		531,552
Fortum		73,886		1,548,214
Kone Class B		52,497		2,328,165
Metso		16,203		473,487
Neste Oil		23,689		621,714
Nokia		639,361		4,875,880
Nokian Renkaat		19,229		573,166
Orion Class B		16,843		474,853
Sampo Class A		79,121		3,991,478
Stora Enso Class R		87,244		897,213
UPM-Kymmene		90,038		1,749,489
Wartsila		23,154		1,024,302

				19,089,513

France–9.29%
Accor		28,706		1,497,184
Aeroports de Paris		4,250		508,072
Air Liquide		58,479		7,529,952
Airbus Group		100,135		6,511,078
†Alcatel-Lucent		458,117		1,722,593
†Alstom		34,453		1,060,357
Arkema		12,795		1,013,477
AtoS		13,576		934,693
AXA		308,210		7,758,836
BNP Paribas		184,053		11,200,977
Bollore		79,600		424,205
†Bollore Class NEW		300		1,574
Bouygues		30,962		1,215,664
Bureau Veritas		34,457		739,404
Cap Gemini		23,724		1,946,716
Carrefour		108,000		3,608,622
Casino Guichard Perrachon		8,803		779,616
Christian Dior		8,860		1,667,920
Cie de Saint-Gobain		78,385		3,442,314
Cie Generale des Etablissements Michelin		32,338		3,216,449


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
France (continued)
CNP Assurances		27,678	$	485,193
Credit Agricole		180,111		2,647,216
Danone		98,439		6,636,795
Dassault Systemes		20,356		1,377,837
Edenred		32,232		804,334
Electricite de France		37,423		897,506
Essilor International		35,122		4,033,287
Eurazeo		5,472		375,081
Eutelsat Communications		26,686		885,372
Fonciere Des Regions		4,115		407,559
†Fonciere Des Regions		257		24,806
GDF Suez		246,448		4,866,535
Gecina		5,042		682,063
Groupe Eurotunnel		75,374		1,080,765
Hermes International		4,846		1,711,366
ICADE		5,292		478,196
Iliad		4,074		952,075
Imerys		5,370		394,087
JCDecaux		10,481		353,002
Kering		13,190		2,575,416
Klepierre		26,897		1,321,053
Lafarge		33,634		2,186,975
Lagardere		18,306		550,297
Legrand		46,259		2,506,213
L’Oreal		42,669		7,860,693
LVMH Moet Hennessy Louis Vuitton		48,686		8,569,506
Natixis		171,606		1,285,669
†Numericable-SFR		18,274		997,182
Orange		324,911		5,218,899
Pernod-Ricard		37,420		4,425,429
†Peugeot		75,557		1,263,216
Publicis Groupe		32,603		2,516,005
Remy Cointreau		3,794		279,479
Renault		34,501		3,134,310
Rexel		43,641		823,038
Safran		46,960		3,281,778
Sanofi		205,636		20,312,194
Schneider Electric		89,185		6,941,559
SCOR SE		22,969		774,836
Societe BIC		4,470		636,962
Societe Generale		123,448		5,961,428
Sodexo		15,633		1,525,022
Suez Environnement		46,507		800,837
Technip		19,488		1,179,006
Thales		17,875		991,933
TOTAL		370,167		18,403,318
Unibail-Rodamco		17,253		4,659,800
Valeo		13,495		2,013,224
Vallourec		18,537		452,526
Veolia Environnement		69,734		1,319,165
Vinci		80,958		4,626,293
Vivendi		207,176		5,144,679


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
France (continued)
Wendel		4,961	$	591,437
Zodiac Aerospace		31,381		1,038,483

				212,040,638

Germany–8.72%
adidas		36,422		2,876,536
Allianz		79,129		13,740,663
Axel Springer		6,481		382,591
BASF		159,175		15,760,550
Bayer		142,934		21,389,175
Bayerische Motoren Werke		56,325		7,015,746
Beiersdorf		18,607		1,613,705
Brenntag		27,756		1,658,579
Celesio		9,059		267,559
†Commerzbank		169,160		2,324,893
Continental		18,901		4,451,947
Daimler		166,783		16,019,940
Deutsche Annington Immobilien		59,156		1,993,788
Deutsche Bank		233,970		8,110,378
Deutsche Boerse		32,437		2,647,642
Deutsche Lufthansa		35,835		501,879
Deutsche Post		169,673		5,287,127
Deutsche Telekom		552,320		10,104,045
Deutsche Wohnen		46,841		1,198,263
E.ON		340,349		5,061,566
Fraport		6,547		391,137
Fresenius		67,023		3,996,419
Fresenius Medical Care		37,748		3,138,264
GEA Group		33,906		1,630,211
Hannover Rueckversicherung		9,135		944,137
HeidelbergCement		22,809		1,804,124
Henkel		20,647		2,131,019
HUGO BOSS		9,660		1,173,828
Infineon Technologies		198,849		2,366,133
K+S		32,389		1,055,496
†Kabel Deutschland Holding		3,440		446,622
LANXESS		13,318		708,450
Linde		31,621		6,431,304
MAN		6,236		656,580
Merck		23,284		2,606,380
METRO		31,210		1,057,899
Muenchener Rueckversicherungs Class R		29,448		6,329,028
OSRAM Licht		12,830		635,241
ProSiebenSat.1 Media		40,068		1,960,207
†QIAGEN		44,456		1,115,804
RWE		84,832		2,160,219
SAP		159,970		11,564,362
Siemens		137,278		14,849,948
Symrise		21,484		1,354,896
Telefonica Deutschland Holding		86,810		499,287
ThyssenKrupp		82,203		2,152,491


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Germany (continued)
TUI Class DI		84,794	$	1,487,583
United Internet		20,046		910,042
Volkswagen		4,562		1,173,210

				199,136,893

¢Hong Kong–3.06%
AIA Group		2,089,600		13,119,523
ASM Pacific Technology		34,000		353,892
Bank of East Asia		205,272		817,698
BOC Hong Kong Holdings		606,500		2,163,059
Cathay Pacific Airways		188,000		435,041
Cheung Kong Infrastructure Holdings		95,000		815,936
CK Hutchison Holdings		238,000		4,862,464
CLP Holdings		329,500		2,879,871
First Pacific		369,750		369,147
Galaxy Entertainment Group		422,000		1,916,025
Hang Lung Properties		349,000		980,515
Hang Seng Bank		125,100		2,264,168
Henderson Land Development		164,608		1,156,382
HKT Trust		420,592		541,971
Hong Kong & China Gas		1,130,885		2,618,618
Hong Kong Exchanges & Clearing		190,135		4,660,638
Hutchison Whampoa		365,000		5,059,211
Hysan Development		120,850		529,721
Kerry Logistics Network		15		22
Kerry Properties		101,531		352,440
Li & Fung		916,000		894,419
Link REIT		413,715		2,552,284
MGM China Holdings		135,995		255,505
MTR		238,339		1,133,614
New World Development		840,443		974,359
Noble Group		676,155		452,897
NWS Holdings		269,593		449,033
PCCW		636,596		389,008
Power Assets Holdings		228,000		2,327,388
Sands China		396,668		1,640,315
Shangri-La Asia		254,166		349,059
Sino Land		451,405		736,076
SJM Holdings		287,591		375,615
Sun Hung Kai Properties		281,005		4,332,954
Swire Pacific Class A		117,000		1,592,660
Swire Properties		170,761		554,605
Techtronic Industries		269,000		906,906
#†WH Group 144A		741,639		421,260
Wharf Holdings		268,000		1,870,867
Wheelock		155,000		792,063
Wynn Macau		271,153		585,995
Yue Yuen Industrial Holdings		118,500		419,305

				69,902,529

Ireland–1.04%
=Anglo Irish Bank		3,965		0


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Ireland (continued)
†Bank of Ireland		4,858,979	$	1,854,279
CRH		131,646		3,443,557
Experian		172,105		2,848,760
James Hardie Industries CDI		69,632		805,438
Kerry Group Class A		25,979		1,746,195
Shire		100,074		7,977,942
WPP		225,351		5,117,689

				23,793,860

Israel–0.59%
Bank Hapoalim		181,640		873,039
†Bank Leumi Le-Israel BM		232,588		862,152
Bezeq The Israeli Telecommunication		354,913		660,633
Delek Group		735		189,079
Israel		558		194,282
Israel Chemicals		69,597		494,099
†Mizrahi Tefahot Bank		17,430		176,805
NICE Systems		11,008		671,644
Teva Pharmaceutical Industries		149,146		9,317,473

				13,439,206

Italy–2.05%
Assicurazioni Generali		200,324		3,939,537
Atlantia		73,410		1,928,131
†Banca Monte Dei Paschi Di Siena		637,089		422,907
†Banco Popolare		55,320		861,335
Enel		1,123,473		5,076,150
Enel Green Power		280,471		523,080
Eni		431,026		7,461,647
EXOR		15,044		682,525
†Finmeccanica		67,349		800,129
Intesa Sanpaolo		2,136,216		7,251,672
Intesa Sanpaolo RSP		202,428		628,829
Luxottica Group		30,110		1,907,393
Mediobanca		113,127		1,082,545
Pirelli & C		39,571		655,130
Prysmian		33,255		685,509
†Saipem		39,228		399,101
Snam		360,146		1,748,523
†Telecom Italia		1,671,810		1,957,890
Telecom Italia RSP		970,500		912,746
Terna Rete Elettrica Nazionale		283,703		1,249,503
UniCredit		750,636		5,091,229
Unione di Banche Italiane SCpA		134,094		1,046,005
UnipolSai		165,713		482,269

				46,793,785

Japan–21.59%
ABC-Mart		4,800		280,683
†Acom		83,400		289,159
Advantest		23,400		294,965
Aeon		123,300		1,352,304
AEON Financial Service		19,500		491,829


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Aeon Mall		16,390	$	324,519
Air Water		24,000		428,515
Aisin Seiki		30,700		1,112,853
Ajinomoto		100,000		2,193,478
Alfresa Holdings		29,600		417,033
Amada		49,000		471,826
ANA Holdings		199,000		532,668
Aozora Bank		189,000		669,810
Asahi Glass		163,000		1,067,471
Asahi Group Holdings		70,000		2,219,222
Asahi Kasei		228,000		2,176,952
Asics		29,200		794,468
Astellas Pharma		366,500		6,004,065
Bank of Kyoto		61,000		639,229
Bank of Yokohama		191,000		1,118,432
Benesse Holdings		10,300		323,964
Bridgestone		111,800		4,475,718
Brother Industries		35,000		555,983
Calbee		12,400		538,221
Canon		192,900		6,823,914
Casio Computer		39,300		744,282
Central Japan Railway		24,900		4,499,169
Chiba Bank		128,000		937,964
Chiyoda		27,000		230,612
Chubu Electric Power		101,800		1,213,653
Chugai Pharmaceutical		36,500		1,151,782
Chugoku Bank		25,500		380,703
Chugoku Electric Power		45,600		594,311
Citizen Holdings		51,700		396,186
COLOPL		12,000		258,637
Credit Saison		24,400		437,634
Dai Nippon Printing		93,000		903,171
Daicel		43,000		512,454
Daihatsu Motor		31,800		486,319
Dai-ichi Life Insurance		187,400		2,717,805
Daiichi Sankyo		117,500		1,866,869
Daikin Industries		40,800		2,727,191
Dainippon Sumitomo Pharma		22,500		266,451
Daito Trust Construction		13,100		1,462,577
Daiwa House Industry		107,800		2,124,412
Daiwa Securities Group		300,000		2,361,173
Denso		83,500		3,805,740
Dentsu		39,800		1,702,303
Don Quijote Holdings		10,800		877,767
East Japan Railway		58,900		4,719,106
Eisai		44,900		3,193,107
Electric Power Development		17,100		575,954
FamilyMart		8,500		356,077
FANUC		32,700		7,137,671
Fast Retailing		9,200		3,556,662
Fuji Electric		83,000		391,529
Fuji Heavy Industries		103,900		3,448,514


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
FUJIFILM Holdings		83,000	$	2,952,363
Fujitsu		299,000		2,038,732
Fukuoka Financial Group		136,000		699,261
GungHo Online Entertainment		59,000		230,445
Gunma Bank		57,000		384,999
Hachijuni Bank		58,000		408,897
Hakuhodo DY Holdings		34,100		362,467
Hamamatsu Photonics		25,800		777,538
Hankyu Hanshin Holdings		179,000		1,105,571
Hikari Tsushin		2,400		155,412
Hino Motors		47,200		671,479
Hirose Electric		5,040		648,795
Hiroshima Bank		75,000		404,134
Hisamitsu Pharmaceutical		8,900		365,473
Hitachi		822,000		5,613,204
Hitachi Chemical		21,400		456,890
Hitachi Construction Machinery		14,900		260,053
Hitachi High-Technologies		9,200		279,931
Hitachi Metals		34,000		521,016
Hokuhoku Financial Group		180,000		401,168
Hokuriku Electric Power		23,600		312,234
Honda Motor		283,800		9,262,522
Hoya		76,300		3,054,111
Hulic		37,500		421,281
Ibiden		20,100		338,782
Idemitsu Kosan		14,400		250,750
IHI		260,000		1,215,487
IIda Group Holdings		25,000		310,961
Inpex		140,600		1,548,984
Isetan Mitsukoshi Holdings		53,500		883,822
Isuzu Motors		110,500		1,465,812
ITOCHU		269,000		2,910,600
Itochu Techno-Solutions		7,200		149,334
Iyo Bank		38,000		450,577
J Front Retailing		43,000		674,928
Japan Airlines		20,000		622,041
†Japan Display		53,000		189,064
Japan Exchange Group		40,800		1,181,078
Japan Prime Realty Investment		116		399,397
Japan Real Estate Investment		235		1,105,159
Japan Retail Fund Investment		384		762,912
Japan Tobacco		187,400		5,923,638
JFE Holdings		79,900		1,763,347
JGC		31,000		615,480
Joyo Bank		119,000		611,459
JSR		31,300		541,937
JTEKT		31,200		486,372
JX Holdings		362,210		1,393,427
Kajima		125,000		579,430
Kakaku.com		22,800		378,274
Kamigumi		41,000		386,982
Kaneka		43,000		302,263


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
†Kansai Electric Power		110,200	$	1,050,128
Kansai Paint		36,000		655,082
Kao		89,100		4,448,381
Kawasaki Heavy Industries		244,000		1,230,781
KDDI		297,600		6,722,416
Keihan Electric Railway		102,000		620,652
Keikyu		74,000		591,396
Keio		91,000		712,598
Keisei Electric Railway		39,000		483,966
Keyence		7,844		4,279,733
Kikkoman		21,000		665,784
Kintetsu		284,000		1,041,789
Kirin Holdings		134,900		1,769,090
Kobe Steel		596,000		1,099,089
Koito Manufacturing		14,100		423,899
Komatsu		160,700		3,149,625
Konami		13,300		248,776
Konica Minolta Holdings		72,500		734,617
Kubota		195,000		3,080,273
Kuraray		52,900		716,134
Kurita Water Industries		16,000		386,482
Kyocera		53,600		2,928,898
Kyowa Hakko Kirin		36,000		469,175
†Kyushu Electric Power		65,500		634,505
Lawson		11,400		790,115
LIXIL Group		50,900		1,204,387
M3		35,600		755,124
Mabuchi Motor		9,800		518,352
Makita		18,600		963,697
Marubeni		271,000		1,566,524
Marui Group		39,100		442,997
Maruichi Steel Tube		7,000		165,663
Mazda Motor		97,600		1,977,225
McDonald’s Holdings Japan		13,100		290,267
Medipal Holdings		20,600		268,458
MEIJI Holdings		9,834		1,197,678
Minebea		60,000		943,549
Miraca Holdings		8,200		376,916
Mitsubishi		236,500		4,751,399
Mitsubishi Chemical Holdings		254,300		1,475,983
Mitsubishi Electric		341,000		4,047,501
Mitsubishi Estate		214,000		4,962,253
Mitsubishi Gas Chemical		61,000		300,148
Mitsubishi Heavy Industries		526,000		2,893,715
Mitsubishi Logistics		25,000		389,017
Mitsubishi Materials		180,000		604,744
Mitsubishi Motors		121,700		1,097,156
Mitsubishi Tanabe Pharma		39,700		680,955
Mitsubishi UFJ Financial Group		2,212,300		13,699,404
Mitsubishi UFJ Lease & Finance		69,900		345,374
Mitsui		301,600		4,038,409
Mitsui Chemicals		129,000		413,607


	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Mitsui Fudosan		166,000	$	4,874,278
Mitsui OSK Lines		166,000		562,926
Mixi		8,300		335,464
Mizuho Financial Group		3,921,320		6,890,483
MS&AD Insurance Group Holdings		89,054		2,492,743
Murata Manufacturing		34,800		4,778,608
Nabtesco		22,000		635,457
Nagoya Railroad		122,000		487,074
Namco Bandai Holdings		27,800		541,009
NEC		484,000		1,421,476
Nexon		30,200		321,549
NGK Insulators		41,000		873,422
NGK Spark Plug		30,000		805,186
NH Foods		34,000		783,353
NHK Spring		23,500		244,432
Nidec		39,000		2,588,455
Nikon		49,900		668,974
Nintendo		17,400		2,552,587
Nippon Building Fund		238		1,168,985
Nippon Electric Glass		61,000		298,068
Nippon Express		166,000		927,340
Nippon Paint		30,000		1,096,520
†Nippon Prologis REIT		225		495,226
Nippon Steel & Sumitomo Metal		1,311,220		3,296,389
Nippon Telegraph & Telephone		64,800		3,999,504
Nippon Yusen		248,000		713,311
Nissan Motor		427,200		4,344,136
Nisshin Seifun Group		32,065		377,347
Nissin Foods Holdings		8,500		417,672
Nitori Holdings		10,700		724,200
Nitto Denko		28,700		1,916,093
NKSJ Holdings		61,475		1,910,838
NOK		14,100		423,882
Nomura Holdings		624,600		3,668,060
Nomura Real Estate Holdings		25,100		451,955
Nomura Research Institute		16,500		619,805
NSK		90,000		1,313,382
NTT Data		19,400		842,449
NTT DOCOMO		269,500		4,709,003
NTT Urban Development		13,800		137,823
Obayashi		110,000		712,907
Odakyu Electric Railway		102,000		1,038,690
Oji Holdings		123,000		503,177
†Olympus		44,200		1,638,468
Omron		34,000		1,531,416
Ono Pharmaceutical		13,200		1,489,292
Oracle Japan		5,900		253,857
Oriental Land		35,600		2,695,116
ORIX		229,300		3,221,387
Osaka Gas		293,000		1,225,057
Otsuka		7,300		311,039
Otsuka Holdings		68,800		2,151,957


	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Panasonic		388,700	$	5,103,574
Park24		17,800		364,123
Rakuten		132,300		2,329,169
Recruit Holdings		26,000		811,103
Resona Holdings		360,500		1,788,779
Ricoh		110,800		1,204,575
Rinnai		5,600		414,952
Rohm		14,900		1,017,990
Sankyo		7,600		269,881
Sanrio		5,700		152,237
Santen Pharmaceutical		54,500		794,795
SBI Holdings		27,270		330,058
Secom		38,000		2,534,190
Sega Sammy Holdings		31,700		461,807
Seibu Holdings		18,000		464,897
Seiko Epson		42,800		757,919
Sekisui Chemical		82,000		1,063,772
Sekisui House		100,700		1,461,924
Seven & I Holdings		128,900		5,415,897
Seven Bank		91,400		450,594
†Sharp		244,000		477,842
†Shikoku Electric Power		27,900		343,330
Shimadzu		41,000		456,537
Shimamura		3,500		324,119
Shimano		13,100		1,946,364
Shimizu		118,000		797,643
Shin-Etsu Chemical		70,200		4,582,461
Shinsei Bank		258,000		512,906
Shionogi		55,000		1,830,674
Shiseido		57,900		1,026,978
Shizuoka Bank		82,000		817,705
Showa Shell Sekiyu		36,300		331,494
SMC		9,600		2,858,056
SoftBank		166,900		9,718,543
†Sony		197,200		5,272,962
Sony Financial Holdings		24,400		392,433
Stanley Electric		19,600		442,344
Sumitomo		198,400		2,116,766
Sumitomo Chemical		230,000		1,180,267
Sumitomo Electric Industries		121,800		1,596,343
Sumitomo Heavy Industries		79,000		516,914
Sumitomo Metal Mining		83,000		1,212,904
Sumitomo Mitsui Financial Group		215,700		8,260,922
Sumitomo Mitsui Trust Holdings		581,460		2,415,026
Sumitomo Realty & Development		63,000		2,267,708
Sumitomo Rubber Industries		23,600		434,955
Suntory Beverage & Food		21,800		933,301
Suruga Bank		28,300		587,599
Suzuken		11,550		351,997
Suzuki Motor		66,200		1,987,934
Sysmex		27,400		1,518,991
T&D Holdings		90,700		1,245,657


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Taiheiyo Cement		198,000	$	604,452
Taisei		192,000		1,083,525
Taisho Pharmaceutical Holdings		4,800		356,592
Taiyo Nippon Sanso		34,000		462,588
Takashimaya		42,000		412,524
Takeda Pharmaceutical		134,600		6,717,830
TDK		20,700		1,465,471
Teijin		135,000		457,953
Terumo		48,900		1,287,955
THK		16,500		419,208
Tobu Railway		169,000		800,541
Toho		17,100		418,038
Toho Gas		58,000		338,037
Tohoku Electric Power		86,900		986,882
Tokio Marine Holdings		119,000		4,491,124
†Tokyo Electric Power		235,400		890,828
Tokyo Electron		31,000		2,149,918
Tokyo Gas		419,000		2,633,702
Tokyo Tatemono		64,000		468,806
Tokyu		178,000		1,101,064
Tokyu Fudosan Holdings		72,000		490,999
TonenGeneral Sekiyu		39,000		336,284
Toppan Printing		86,000		661,431
Toray Industries		259,000		2,167,464
Toshiba		718,000		3,007,964
TOTO		44,000		653,245
Toyo Seikan Kaisha		22,000		321,733
Toyo Suisan Kaisha		14,000		492,471
Toyoda Gosei		15,200		339,255
Toyota Industries		30,100		1,721,340
Toyota Motor		469,000		32,732,490
Toyota Tsusho		35,000		925,862
Trend Micro		18,500		609,483
Unicharm		68,200		1,785,178
United Urban Investment		394		614,110
USS		31,700		547,671
West Japan Railway		29,800		1,562,166
Yahoo Japan		219,300		904,393
Yakult Honsha		17,100		1,191,031
Yamada Denki		149,900		617,176
Yamaguchi Financial Group		32,000		367,724
Yamaha		25,900		452,201
Yamaha Motor		43,500		1,047,768
Yamato Holdings		67,600		1,557,829
Yamato Kogyo		5,900		142,189
Yamazaki Baking		17,000		306,261
Yaskawa Electric		35,500		518,719
Yokogawa Electric		31,000		333,924
Yokohama Rubber		32,000		329,803

				492,888,165


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Luxembourg–0.34%
†Altice		16,305	$	1,768,426
ArcelorMittal		161,711		1,517,550
Millicom International Cellular SDR		10,274		742,908
RTL Group		6,015		578,512
SES FDR		53,702		1,904,101
Tenaris		85,654		1,200,925

				7,712,422

Mexico–0.01%
Fresnillo		32,375		326,940

				326,940

Netherlands–4.13%
Aegon		318,904		2,518,426
Akzo Nobel		42,099		3,183,681
ASML Holding		60,780		6,162,991
Boskalis Westminster		14,511		715,360
CNH Industrial		172,123		1,410,860
Delta Lloyd		31,199		588,519
Gemalto		14,967		1,192,768
Heineken		39,904		3,046,305
Heineken Holding		15,794		1,087,057
†ING Groep CVA		671,598		9,839,382
Koninklijke Ahold		150,609		2,968,434
Koninklijke DSM		30,437		1,696,703
Koninklijke KPN		568,418		1,927,098
Koninklijke Philips		163,596		4,642,077
Koninklijke Vopak		11,600		640,287
†NN Group		23,016		652,620
†OCI		15,255		472,189
Randstad Holding		22,091		1,339,404
Reed Elsevier		121,351		3,024,338
Royal Dutch Shell Class A		670,646		19,942,389
Royal Dutch Shell Class B		422,849		13,171,437
TNT Express		74,375		472,503
Unilever CVA		284,456		11,888,934
Wolters Kluwer		54,061		1,765,673

				94,349,435

New Zealand–0.14%
Auckland International Airport		168,953		567,573
Contact Energy		57,389		256,301
Fletcher Building		102,878		646,231
Meridian Energy Class PPS		274,764		415,427
Mighty River Power		154,373		357,524
Ryman Healthcare		58,695		343,543
Spark New Zealand		284,798		633,463

				3,220,062

Norway–0.62%
DNB		175,892		2,823,367
Gjensidige Forsikring		31,313		540,350
Norsk Hydro		250,639		1,317,606


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Norway (continued)
Orkla		155,897	$	1,176,751
Seadrill		61,742		578,199
Statoil		192,396		3,402,255
Telenor		134,035		2,705,214
Yara International		32,920		1,671,652

				14,215,394

Portugal–0.14%
†Banco Comercial Portugues Class R		5,144,244		529,006
EDP		412,560		1,545,384
Galp Energia		62,209		672,873
Jeronimo Martins		39,399		495,880

				3,243,143

Singapore–1.36%
Ascendas Real Estate Investment Trust		325,000		613,003
CapitaCommercial Trust		294,000		378,426
CapitaLand		485,000		1,264,142
CapitaMall Trust		405,000		648,348
City Developments		63,000		461,753
ComfortDelGro		318,000		669,879
DBS Group Holdings		303,552		4,500,861
Genting Singapore		955,800		639,055
Global Logistic Properties		492,000		949,572
Golden Agri-Resources		1,199,480		371,176
Hutchison Port Holdings Trust		909,400		631,265
Jardine Cycle & Carriage		17,000		507,753
Keppel		259,815		1,702,258
OCBC Bank		499,669		3,847,512
Sembcorp Industries		151,000		463,540
Sembcorp Marine		131,000		278,039
Singapore Airlines		83,000		722,617
Singapore Exchange		126,000		747,073
Singapore Press Holdings		241,000		735,639
Singapore Technologies Engineering		239,000		606,057
Singapore Telecommunications		1,407,000		4,489,628
StarHub		118,000		374,076
Suntec Real Estate Investment Trust		451,000		609,077
United Overseas Bank		221,397		3,710,958
UOL Group		73,832		410,890
Wilmar International		294,000		697,925

				31,030,522

Spain–3.37%
Abertis Infraestructuras		74,755		1,351,416
ACS Actividades de Construccion y Servicios		28,505		1,009,103
#†Aena 144A		10,291		1,034,918
Amadeus IT Holding		73,786		3,162,841
Banco Bilbao Vizcaya Argentaria		1,053,017		10,636,944
Banco de Sabadell		608,247		1,486,441
Banco Popular Espanol		320,159		1,566,237
Banco Santander		2,418,501		18,133,356


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Spain (continued)
†Bankia		835,065	$	1,163,981
Bankinter		120,397		918,120
CaixaBank		411,034		1,949,672
Distribuidora Internacional de Alimentacion		94,473		737,401
Enagas		38,364		1,097,217
Endesa		54,479		1,051,904
Ferrovial		76,820		1,633,655
Gas Natural SDG		62,405		1,401,385
Grifols		22,781		976,319
Iberdrola		879,125		5,670,139
Inditex		186,149		5,977,553
Mapfre		133,095		486,037
Red Electrica		19,282		1,568,175
Repsol		178,808		3,329,193
Telefonica		731,980		10,417,653
Zardoya Otis		24,729		319,218

				77,078,878

Sweden–2.97%
Alfa Laval		49,082		963,994
Assa Abloy Class B		59,404		3,538,442
Atlas Copco Class A		116,041		3,756,695
Atlas Copco Class B		64,423		1,902,384
Boliden		42,382		839,573
Electrolux Class B		39,106		1,117,203
Elekta Class B		68,131		612,713
Ericsson Class B		517,475		6,496,906
Getinge Class B		35,029		865,530
Hennes & Mauritz Class B		161,295		6,535,347
Hexagon Class B		43,305		1,537,557
Husqvarna Class B		76,246		552,298
ICA Gruppen		14,943		500,881
Industrivarden Class C		25,640		481,077
Investment Kinnevik Class B		43,919		1,466,126
Investor Class B		81,335		3,237,706
†Lundin Petroleum		36,176		494,991
Nordea Bank		516,584		6,292,276
Sandvik		188,613		2,112,109
Securitas Class B		44,925		644,965
Skandinaviska Enskilda Banken Class A		270,230		3,154,071
Skanska Class B		70,159		1,572,926
SKF Class B		66,956		1,728,881
Svenska Cellulosa Class B		96,263		2,212,027
Svenska Handelsbanken Class A		85,699		3,859,608
Swedbank Class A		155,605		3,714,893
Swedish Match		34,439		1,012,605
Tele2 Class B		49,952		597,470
TeliaSonera		425,879		2,706,343
Volvo Class B		273,154		3,305,793

				67,813,390


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Switzerland–9.60%
†ABB		372,586	$	7,904,043
Actelion		18,532		2,137,361
Adecco		27,813		2,311,914
†Aryzta		13,724		841,319
Baloise Holding		8,008		1,058,314
Barry Callebaut		344		335,862
Cie Financiere Richemont Class A		90,927		7,306,065
Coca-Cola HBC		29,554		531,613
Credit Suisse Group		259,325		6,976,866
EMS-Chemie Holding		1,211		492,440
Geberit		6,801		2,545,041
Givaudan		1,644		2,970,129
Glencore		1,806,801		7,627,590
Holcim		40,850		3,043,426
†Julius Baer Group		36,933		1,846,054
Kuehne & Nagel International Class R		10,068		1,494,811
Lindt & Spruengli Class R		16		1,012,171
Lindt & Spruengli PC		184		984,882
Lonza Group		8,938		1,112,763
Nestle		553,119		41,651,211
Novartis		394,542		38,941,488
Pargesa Holding Bearer Shares		4,834		339,249
Partners Group Holding		2,857		851,750
Roche Holding		121,169		33,296,284
Schindler Holding		4,023		657,377
Schindler Holding PC		7,686		1,275,582
SGS		995		1,897,084
Sika Bearer Shares		336		1,203,030
Sonova Holding		9,098		1,262,372
STMicroelectronics		123,283		1,149,091
Sulzer		4,424		485,613
Swatch Group		5,539		2,342,480
Swatch Group Bearer Shares		7,766		650,892
Swiss Life Holding		5,963		1,473,141
Swiss Prime Site		8,926		775,021
Swiss Re		60,140		5,800,982
Swisscom		4,211		2,441,918
Syngenta		16,302		5,538,256
Transocean		59,076		851,101
†UBS Group		634,147		12,248,342
Wolseley		44,649		2,638,868
†Zurich Insurance Group		26,026		8,796,846

				219,100,642

United Arab Emirates–0.00%
†Orascom Construction		1		7

				7

United Kingdom–16.65%
3i Group		152,165		1,087,232
Aberdeen Asset Management		174,782		1,189,055
Admiral Group		28,308		640,947


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United Kingdom (continued)
Aggreko		48,532	$	1,097,781
Amec Foster Wheeler		68,198		912,227
Anglo American		246,182		3,676,597
Antofagasta		57,751		624,746
ARM Holdings		242,263		3,934,528
Ashtead Group		87,092		1,396,716
Associated British Foods		61,707		2,575,141
AstraZeneca		218,551		14,996,128
Aviva		506,531		4,053,572
Babcock International Group		38,977		568,572
BAE Systems		541,982		4,199,982
Barclays		2,853,256		10,298,559
BG Group		577,755		7,090,974
BP		3,128,543		20,279,046
British American Tobacco		322,420		16,695,648
British Land		170,388		2,099,943
BT Group		1,416,893		9,206,443
Bunzl		59,747		1,619,775
Burberry Group		78,328		2,011,434
Capita		117,067		1,935,146
Capital Shopping Centres Group		151,559		781,337
Carnival		33,231		1,624,958
Centrica		863,301		3,228,901
Cobham		175,520		790,636
Compass Group		294,637		5,114,507
Croda International		25,935		1,051,839
Diageo		435,666		12,038,935
Direct Line Insurance Group		280,423		1,323,270
Dixons Carphone		153,105		936,334
easyJet		25,867		719,891
†Fiat Chrysler Automobiles		147,674		2,397,801
G4S		242,856		1,064,505
GKN		294,248		1,560,749
GlaxoSmithKline		838,669		19,305,461
Hammerson		145,910		1,436,897
Hargreaves Lansdown		34,732		592,412
HSBC Holdings		3,303,872		28,152,744
ICAP		84,379		658,091
IMI		52,372		988,241
Imperial Tobacco Group		162,429		7,124,914
Inmarsat		67,267		921,165
Intercontinental Hotels Group Loan		43,219		1,685,643
†International Consolidated Airlines Group		102,223		911,105
†International Consolidated Airlines Group (London Stock Exchange)		60,078		538,393
Intertek Group		30,680		1,136,372
Investec		86,438		716,853
ITV		672,350		2,517,226
Johnson Matthey		36,309		1,819,138
Kingfisher		417,530		2,355,655
Land Securities Group		132,377		2,457,533


	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
Legal & General Group		1,020,812	$	4,203,916
†Lloyds Banking Group		9,910,946		11,487,763
London Stock Exchange Group		36,522		1,328,261
Marks & Spencer Group		287,310		2,272,220
Meggitt		128,773		1,046,716
Melrose Industries		146,811		602,949
#Merlin Entertainments 144A		99,164		649,194
National Grid		655,835		8,431,165
Next		26,659		2,772,403
Old Mutual		855,083		2,806,857
Pearson		142,714		3,071,626
Persimmon		47,874		1,179,741
Petrofac		37,994		534,867
Prudential		445,906		11,064,982
Randgold Resources		16,516		1,144,888
Reckitt Benckiser Group		113,034		9,709,926
Reed Elsevier		202,659		3,485,197
Resolution		255,304		1,562,925
Rexam		109,921		942,029
Rio Tinto		221,155		9,119,432
Rio Tinto		75,025		3,250,620
†Rolls-Royce Holdings		332,379		4,687,699
†Royal Bank of Scotland Group		440,200		2,223,685
Royal Mail		100,422		651,335
RSA Insurance Group		189,977		1,184,092
SABMiller		168,336		8,817,442
Sage Group		196,607		1,358,062
Sainsbury (J.)		189,939		728,850
Schroders		23,299		1,103,670
Segro		113,659		701,843
Severn Trent		44,502		1,356,488
Sky PLC		180,030		2,648,510
Smith & Nephew		149,294		2,545,611
Smiths Group		61,765		1,021,513
†Sports Direct International		39,327		353,433
SSE		172,193		3,821,342
Standard Chartered		420,111		6,804,188
Standard Life		340,522		2,392,660
Subsea 7		42,965		368,995
Tate & Lyle		91,019		806,703
Tesco		1,429,341		5,101,940
Travis Perkins		46,274		1,336,026
Tullow Oil		139,390		584,332


	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
Unilever		223,236	$	9,313,864
United Utilities Group		121,692		1,682,612
Vodafone Group		4,586,531		15,008,116
Weir Group		32,941		831,192
Whitbread		30,586		2,374,921
William Hill		130,580		717,025
WM Morrison Supermarkets		337,113		963,416

				380,298,940


Total Common Stock (Cost $1,939,200,487)				2,213,023,059


DPREFERRED STOCK–0.66%
Germany–0.66%
Bayerische Motoren Werke 2.62%		8,838		816,480
Fuchs Petrolub 0.70%		12,670		505,455
Henkel 1.22%		31,583		3,710,471
Porsche Automobil Holding 2.01%		26,841		2,628,985
Volkswagen 4.06%		27,654		7,335,274


Total Preferred Stock (Cost $10,864,206)				14,996,665


DRIGHTS–0.02%
Spain–0.02%
†Banco Bilbao Vizcaya Argentaria		1,053,017		151,751
†Banco De Sabadell, exercise price EUR 1.48, expiration date 4/17/15		608,247		154,377
†Telefonica, exercise price EUR 10.84, expiration date 4/12/15		731,980		118,081

				424,209


Total Rights (Cost $152,649)				424,209


MONEY MARKET FUND–1.53%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		34,906,204		34,906,204

Total Money Market Fund (Cost $34,906,204)				34,906,204

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

As a result of utilizing international fair value pricing at March 31, 2015, the majority of the Fund’s common stock was categorized as Level 2.

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP SSgA International Managed Volatility Fund.

« Includes $1,306,090 cash pledged as collateral for futures contracts as of March 31, 2015.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP SSgA Large Cap Managed Volatility Fund.


	Number of Shares		Value (U.S. $)

COMMON STOCK–97.67%
Aerospace & Defense–2.06%
B/E Aerospace		55,582	$	3,536,127
†Esterline Technologies		16,059		1,837,471
Exelis		97,749		2,382,143
Huntington Ingalls Industries		25,290		3,544,394
†KLX		26,491		1,020,963
Orbital ATK		30,300		2,321,889
†Teledyne Technologies		18,400		1,963,832
Triumph Group		26,596		1,588,313

				18,195,132

Airlines–0.81%
Alaska Air Group		68,853		4,556,692
†JetBlue Airways		136,821		2,633,804

				7,190,496

Auto Components–0.52%
Dana Holding		85,300		1,804,948
Gentex		154,738		2,831,705

				4,636,653

Automobiles–0.17%
Thor Industries		24,182		1,528,544

				1,528,544

Banks–4.77%
Associated Banc-Corp		76,494		1,422,788
BancorpSouth		45,256		1,050,844
Bank of Hawaii		22,982		1,406,728
Cathay General Bancorp		39,236		1,116,264
City National		25,188		2,243,747
Commerce Bancshares		43,456		1,839,058
Cullen/Frost Bankers		28,798		1,989,366
East West Bancorp		75,264		3,045,181
First Horizon National		122,136		1,745,323
First Niagara Financial Group		185,552		1,640,280
FirstMerit		86,704		1,652,578
Fulton Financial		93,248		1,150,680
Hancock Holding		41,052		1,225,813
International Bancshares		29,205		760,206
PacWest Bancorp		49,430		2,317,773
Prosperity Bancshares		31,610		1,658,893
†Signature Bank		26,392		3,419,875
†SVB Financial Group		26,692		3,390,952
Synovus Financial		71,356		1,998,682
TCF Financial		84,207		1,323,734
Trustmark		33,924		823,675
Umpqua Holdings		115,544		1,985,046
Valley National Bancorp		116,569		1,100,411
Webster Financial		47,466		1,758,615

				42,066,512


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Beverages–0.14%
†Boston Beer Class A		4,800	$	1,283,520

				1,283,520

Biotechnology–0.48%
†United Therapeutics		24,481		4,221,381

				4,221,381

Building Products–1.00%
Fortune Brands Home & Security		83,206		3,950,621
Lennox International		20,983		2,343,591
Smith (A.O.)		38,440		2,523,970

				8,818,182

Capital Markets–1.87%
Eaton Vance		62,122		2,586,760
Federated Investors Class B		49,974		1,693,619
Janus Capital Group		77,176		1,326,655
Raymond James Financial		66,629		3,783,195
SEI Investments		68,162		3,005,263
†Stifel Financial		34,800		1,940,100
Waddell & Reed Financial Class A		43,957		2,177,630

				16,513,222

Chemicals–3.14%
Albemarle		58,746		3,104,139
Ashland		33,433		4,256,355
Cabot		33,610		1,512,450
Cytec Industries		37,079		2,003,749
Minerals Technologies		18,263		1,335,025
NewMarket		5,520		2,637,456
Olin		39,345		1,260,614
PolyOne		45,773		1,709,622
RPM International		70,059		3,362,131
Scotts Miracle-Gro Class A		23,142		1,554,448
Sensient Technologies		24,291		1,673,164
Valspar		38,843		3,263,977

				27,673,130

Commercial Services & Supplies–2.13%
CDK Global		84,300		3,941,868
†Clean Harbors		27,502		1,561,564
†Copart		59,807		2,246,949
Deluxe		26,192		1,814,582
Donnelley (R.R.) & Sons		104,768		2,010,498
Herman Miller		29,909		830,274
HNI		22,383		1,234,870
MSA Safety		15,858		790,997
Rollins		50,727		1,254,479
Waste Connections		65,028		3,130,448

				18,816,529

Communications Equipment–1.07%
†ARRIS Group		69,220		2,000,112
†Ciena		56,493		1,090,880


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Communications Equipment (continued)
InterDigital		18,674	$	947,519
†JDS Uniphase		121,932		1,599,748
Plantronics		22,678		1,200,800
†Polycom		68,654		919,964
†Riverbed Technology		81,296		1,699,899

				9,458,922

Construction & Engineering–0.48%
†AECOM		81,486		2,511,399
Granite Construction		18,167		638,388
KBR		73,071		1,058,068

				4,207,855

Construction Materials–0.25%
Eagle Materials		26,392		2,205,316

				2,205,316

Consumer Finance–0.23%
†SLM		221,978		2,059,956

				2,059,956

Containers & Packaging–1.99%
AptarGroup		32,621		2,072,086
Bemis		51,000		2,361,810
Greif Class A		17,056		669,789
Packaging of America		51,581		4,033,118
Rock-Tenn Class A		73,364		4,731,978
Silgan Holdings		21,981		1,277,756
Sonoco Products		52,888		2,404,289

				17,550,826

Distributors–0.46%
†LKQ		159,352		4,073,037

				4,073,037

Diversified Consumer Services–0.97%
†Apollo Education Group Class A		50,883		962,706
DeVry Education Group		30,305		1,010,975
Graham Holdings		2,358		2,475,028
Service International		105,993		2,761,118
Sotheby’s		32,327		1,366,139

				8,575,966

Diversified Financial Services–0.70%
CBOE Holdings		44,158		2,534,890
MSCI		58,915		3,612,079

				6,146,969

Electric Utilities–1.64%
Cleco		31,711		1,728,884
Great Plains Energy		80,783		2,155,290
Hawaiian Electric Industries		53,887		1,730,850
IDACORP		26,393		1,659,328
OGE Energy		104,567		3,305,363


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Electric Utilities (continued)
PNM Resources		42,047	$	1,227,772
Westar Energy		69,237		2,683,626

				14,491,113

Electrical Equipment–0.99%
Acuity Brands		22,780		3,830,685
Hubbell Class B		27,699		3,036,364
Regal-Beloit		23,483		1,876,761

				8,743,810

Electronic Equipment, Instruments & Components–3.71%
†Arrow Electronics		49,483		3,025,886
Avnet		71,455		3,179,748
Belden		22,180		2,075,161
†Cognex		44,500		2,206,755
FEI		21,878		1,670,167
†Ingram Micro		81,886		2,056,976
†IPG Photonics		18,700		1,733,490
†Itron		19,672		718,225
Jabil Circuit		101,300		2,368,394
†Keysight Technologies		88,300		3,280,345
†Knowles		42,857		825,854
National Instruments		53,081		1,700,715
†Tech Data		20,170		1,165,221
†Trimble Navigation		135,880		3,424,176
Vishay Intertechnology		68,250		943,215
†Zebra Technologies		25,993		2,357,955

				32,732,283

Energy Equipment & Services–2.00%
Atwood Oceanics		30,107		846,308
†Dresser-Rand Group		40,141		3,225,329
†Dril-Quip		19,875		1,359,251
†Helix Energy Solutions Group		49,381		738,740
Nabors Industries		151,700		2,070,705
Oceaneering International		52,199		2,815,092
†Oil States International		26,798		1,065,756
Patterson-UTI Energy		77,164		1,448,754
Rowan		65,729		1,164,061
Superior Energy Services		79,788		1,782,464
Tidewater		23,591		451,532
†Unit		23,181		648,604

				17,616,596

Food & Staples Retailing–0.37%
†SUPERVALU		108,853		1,265,960
†United Natural Foods		26,191		2,017,755

				3,283,715

Food Products–2.02%
Dean Foods		47,272		781,406
Flowers Foods		96,624		2,197,230
†Hain Celestial Group		53,284		3,412,840


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Food Products (continued)
Ingredion		37,595	$	2,925,643
Lancaster Colony		9,736		926,575
†Post Holdings		27,481		1,287,210
Tootsie Roll Industries		10,385		352,264
†TreeHouse Foods		22,400		1,904,448
†Whitewave Foods		91,420		4,053,563

				17,841,179

Gas Utilities–1.52%
Atmos Energy		52,884		2,924,485
National Fuel Gas		44,155		2,663,871
ONE Gas		27,496		1,188,652
Questar		92,023		2,195,669
UGI		90,618		2,953,241
WGL Holdings		25,896		1,460,534

				13,386,452

Health Care Equipment & Supplies–3.77%
†Align Technology		38,032		2,045,551
Bio-Techne		19,461		1,951,744
Cooper		25,288		4,739,477
†Halyard Health		24,600		1,210,320
Hill-Rom Holdings		28,905		1,416,345
†Hologic		127,709		4,217,590
†IDEXX Laboratories		24,694		3,814,729
ResMed		73,658		5,287,171
†Sirona Dental Systems		29,102		2,618,889
STERIS		31,209		2,193,056
Teleflex		21,676		2,619,111
†Thoratec		27,705		1,160,562

				33,274,545

Health Care Providers & Services–2.82%
†Centene		62,310		4,404,694
†Community Health Systems		61,212		3,200,163
†Health Net		40,348		2,440,651
†LifePoint Hospitals		22,814		1,675,688
†MEDNAX		50,383		3,653,271
Omnicare		50,882		3,920,967
Owens & Minor		33,316		1,127,413
†VCA		42,963		2,355,232
†WellCare Health Plans		23,081		2,110,988

				24,889,067

Health Care Technology–0.20%
†Allscripts Healthcare Solutions		89,594		1,071,544
†HMS Holdings		44,161		682,287

				1,753,831

Hotels, Restaurants & Leisure–1.78%
Brinker International		32,920		2,026,555
†Buffalo Wild Wings		9,900		1,794,276
Cheesecake Factory		24,485		1,207,845


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
Domino’s Pizza		29,202	$	2,936,261
International Game Technology		126,355		2,199,841
International Speedway Class A		14,051		458,203
†Life Time Fitness		18,969		1,346,040
†Panera Bread Class A		13,348		2,135,613
Wendy’s		144,486		1,574,897

				15,679,531

Household Durables–1.79%
†Jarden		94,031		4,974,240
KB Home		45,866		716,427
MDC Holdings		19,672		560,652
†NVR		1,975		2,624,104
†Tempur Sealy International		31,912		1,842,599
†Toll Brothers		83,895		3,300,429
Tupperware Brands		26,193		1,807,841

				15,826,292

Household Products–1.17%
Church & Dwight		68,150		5,821,373
Energizer Holdings		32,514		4,488,558

				10,309,931

Industrial Conglomerates–0.36%
Carlisle		34,118		3,160,350

				3,160,350

Insurance–4.53%
†Alleghany		8,430		4,105,410
American Financial Group		38,532		2,471,828
Aspen Insurance Holdings		32,420		1,531,197
Berkley (W.R.)		52,890		2,671,474
Brown & Brown		61,719		2,043,516
Everest Re Group		23,085		4,016,790
First American Financial		56,497		2,015,813
Gallagher (Arthur J.)		86,389		4,038,686
Hanover Insurance Group		23,181		1,682,477
HCC Insurance Holdings		50,584		2,866,595
Kemper		25,194		981,558
Mercury General		19,167		1,106,894
Old Republic International		125,646		1,877,151
Primerica		26,700		1,359,030
Reinsurance Group of America		36,027		3,357,356
RenaissanceRe Holdings		23,612		2,354,825
StanCorp Financial Group		21,981		1,507,897

				39,988,497

Internet & Catalog Retail–0.13%
HSN		17,162		1,170,963

				1,170,963

Internet Software & Services–0.54%
†AOL		41,147		1,629,833


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Internet Software & Services (continued)
†Rackspace Hosting		60,815	$	3,137,446

				4,767,279

IT Services–3.91%
†Acxiom		38,742		716,340
Broadridge Financial Solutions		63,322		3,483,343
Convergys		50,487		1,154,638
†CoreLogic		46,869		1,653,070
DST Systems		14,764		1,634,522
†Gartner		45,866		3,845,864
Global Payments		35,226		3,229,520
Jack Henry & Associates		42,856		2,995,206
Leidos Holdings		31,317		1,314,061
MAXIMUS		34,600		2,309,896
†NeuStar Class A		27,603		679,586
†Qorvo		77,855		6,205,044
Science Applications International		20,375		1,046,256
†VeriFone Systems		59,606		2,079,653
†WEX		20,371		2,187,031

				34,534,030

Leisure Products–0.79%
Brunswick		47,471		2,442,383
Polaris Industries		32,021		4,518,163

				6,960,546

Life Sciences Tools & Services–0.94%
†Bio-Rad Laboratories Class A		10,837		1,464,946
†Charles River Laboratories International		24,789		1,965,520
†Mettler-Toledo International		14,754		4,848,902

				8,279,368

Machinery–4.51%
AGCO		42,161		2,008,550
CLARCOR		26,293		1,736,916
Crane		25,691		1,603,375
Donaldson		66,742		2,516,841
Graco		30,412		2,194,530
Harsco		40,649		701,602
IDEX		40,548		3,074,755
ITT		47,669		1,902,470
Kennametal		41,745		1,406,389
Lincoln Electric Holdings		40,748		2,664,512
Nordson		30,010		2,350,983
Oshkosh		40,156		1,959,211
SPX		21,481		1,823,737
Terex		54,603		1,451,894
Timken		38,841		1,636,760
Trinity Industries		81,585		2,897,083
Valmont Industries		12,350		1,517,568
Wabtec		50,476		4,795,725


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Machinery (continued)
Woodward		30,509	$	1,556,264

				39,799,165

Media–1.39%
†AMC Networks Class A		31,009		2,376,530
Cinemark Holdings		53,192		2,397,363
†DreamWorks Animation SKG Class A		36,432		881,654
John Wiley & Sons Class A		24,486		1,497,074
†Live Nation Entertainment		76,056		1,918,893
Meredith		18,368		1,024,383
New York Times Class A		66,232		911,352
Time		57,705		1,294,900

				12,302,149

Metals & Mining–1.61%
Carpenter Technology		26,798		1,041,906
Cliffs Natural Resources		77,082		370,764
Commercial Metals		59,517		963,580
Compass Minerals International		17,662		1,646,275
Reliance Steel & Aluminum		40,643		2,482,474
Royal Gold		34,220		2,159,624
Steel Dynamics		123,388		2,480,099
TimkenSteel		19,271		510,103
United States Steel		76,316		1,862,110
Worthington Industries		25,496		678,449

				14,195,384

Multiline Retail–0.30%
Big Lots		26,902		1,292,103
†Penney (J.C.)		160,861		1,352,841

				2,644,944

Multi-Utilities–1.01%
Alliant Energy		58,104		3,660,552
Black Hills		23,582		1,189,476
MDU Resources Group		101,953		2,175,677
Vectren		43,252		1,909,143

				8,934,848

Oil, Gas & Consumable Fuels–2.23%
California Resources		162,800		1,238,908
Denbury Resources		185,200		1,350,108
Energen		38,334		2,530,044
†Gulfport Energy		44,957		2,063,976
HollyFrontier		102,744		4,137,501
Peabody Energy		145,400		715,368
†Rosetta Resources		37,013		629,961
SM Energy		35,410		1,829,989
Western Refining		36,700		1,812,613
World Fuel Services		37,933		2,180,389
†WPX Energy		107,572		1,175,762

				19,664,619


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Paper & Forest Products–0.32%
Domtar		33,620	$	1,553,916
†Louisiana-Pacific		75,060		1,239,241

				2,793,157

Personal Products–0.21%
Avon Products		227,900		1,820,921

				1,820,921

Pharmaceuticals–0.86%
†Akorn		39,000		1,852,890
†Salix Pharmaceuticals		33,417		5,774,792

				7,627,682

Professional Services–1.19%
Corporate Executive Board		17,662		1,410,487
†FTI Consulting		20,675		774,486
ManpowerGroup		40,347		3,475,894
Towers Watson Class A		36,418		4,813,913

				10,474,780

Real Estate Investment Trusts–9.78%
Alexandria Real Estate Equities		37,732		3,699,245
American Campus Communities		58,793		2,520,456
BioMed Realty Trust		105,581		2,392,466
Camden Property Trust		45,458		3,551,634
Corporate Office Properties Trust		46,561		1,367,962
Corrections of America		61,214		2,464,476
Duke Realty		180,707		3,933,991
Equity One		40,917		1,092,075
Extra Space Storage		58,003		3,919,263
Federal Realty Investment Trust		36,024		5,303,093
Highwoods Properties		48,666		2,227,930
Home Properties		30,305		2,099,833
Hospitality Properties Trust		78,576		2,592,222
Kilroy Realty		45,251		3,446,769
Lamar Advertising		42,021		2,490,585
LaSalle Hotel Properties		59,192		2,300,201
Liberty Property Trust		78,072		2,787,170
Mack-Cali Realty		42,163		812,903
Mid-America Apartment Communitie		39,438		3,047,374
National Retail Properties		69,327		2,840,327
Omega Healthcare Investors		72,632		2,946,680
Potlatch		20,475		819,819
Rayonier		66,333		1,788,338
Realty Income		118,008		6,089,213
Regency Centers		49,370		3,359,135
Senior Housing Properties Trust		123,175		2,733,253
Tanger Factory Outlet Centers		48,300		1,698,711
Taubman Centers		33,216		2,561,950
UDR		135,663		4,616,612
Urban Edge Properties		46,100		1,092,570
Weingarten Realty Investors		59,107		2,126,670


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
WP GLIMCHER		97,016	$	1,613,376

				86,336,302

Real Estate Management & Development–0.56%
Alexander & Baldwin		22,779		983,597
Jones Lang LaSalle		23,482		4,001,333

				4,984,930

Road & Rail–1.73%
Con-way		30,305		1,337,360
†Genesee & Wyoming		26,923		2,596,454
Hunt (J.B.) Transport Services		48,268		4,121,846
†Kirby		29,297		2,198,740
Landstar System		23,483		1,556,923
†Old Dominion Freight Line		35,629		2,754,122
Werner Enterprises		22,384		703,081

				15,268,526

Semiconductors & Semiconductor Equipment–2.03%
†Advanced Micro Devices		316,093		847,129
Atmel		218,175		1,795,580
†Cree		58,525		2,077,052
†Cypress Semiconductor		166,556		2,350,105
†Fairchild Semiconductor International		59,830		1,087,709
†Integrated Device Technology		77,350		1,548,547
Intersil Class A		68,937		987,178
†Semtech		33,624		895,912
†Silicon Laboratories		19,874		1,009,003
†SunEdison		132,053		3,169,272
Teradyne		114,177		2,152,236

				17,919,723

Software–4.12%
†ACI Worldwide		60,409		1,308,459
Advent Software		23,782		1,049,024
†ANSYS		46,871		4,133,554
†Cadence Design Systems		153,233		2,825,617
†CommVault Systems		21,682		947,503
FactSet Research Systems		20,365		3,242,108
Fair Isaac		16,159		1,433,627
†Fortinet		74,352		2,598,602
†Informatica		57,402		2,517,365
Mentor Graphics		51,578		1,239,419
†PTC		60,218		2,178,085
†Rovi		47,674		868,144
†SolarWinds		34,821		1,784,228
Solera Holdings		35,327		1,824,993
†Synopsys		80,685		3,737,329
†Tyler Technologies		17,600		2,121,328
†Ultimate Software Group		14,952		2,541,167

				36,350,552


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Specialty Retail–4.45%
Aaron’s		32,433	$	918,178
Abercrombie & Fitch		35,934		791,985
Advance Auto Parts		38,325		5,736,869
American Eagle Outfitters		92,015		1,571,616
†ANN		22,986		943,116
†Ascena Retail Group		66,338		962,564
†Cabela’s		25,086		1,404,314
Chico’s FAS		80,782		1,429,034
CST Brands		39,139		1,715,462
Dick’s Sporting Goods		51,383		2,928,317
Foot Locker		74,468		4,691,484
Guess		32,210		598,784
†Murphy USA		22,382		1,619,785
†Office Depot		257,296		2,367,123
Rent-A-Center		26,597		729,822
Signet Jewelers		42,048		5,835,842
†Vista Outdoor		33,618		1,439,523
Williams-Sonoma		44,861		3,575,870

				39,259,688

Technology Hardware, Storage & Peripherals–0.75%
†3D Systems		54,488		1,494,061
Diebold		34,119		1,209,860
Lexmark International Class A		31,115		1,317,409
†NCR		88,409		2,608,950

				6,630,280

Textiles, Apparel & Luxury Goods–0.69%
Carter’s		26,999		2,496,598
†Deckers Outdoor		18,264		1,330,898
†Kate Spade		66,833		2,231,554

				6,059,050


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Thrifts & Mortgage Finance–0.57%
New York Community Bancorp		232,015	$	3,881,611
Washington Federal		51,787		1,129,216

				5,010,827

Trading Companies & Distributors–0.71%
GATX		22,285		1,292,084
MSC Industrial Direct		26,686		1,926,729
†NOW		56,498		1,222,617
Watsco		14,350		1,803,795

				6,245,225

Water Utilities–0.28%
Aqua America		92,726		2,443,330

				2,443,330

Wireless Telecommunication Services–0.15%
Telephone & Data Systems		51,782		1,289,372

				1,289,372

Total Common Stock (Cost $824,014,632)				861,966,980


MONEY MARKET FUND–2.13%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		18,784,301		18,784,301

Total Money Market Fund (Cost $18,784,301)				18,784,301

« Includes $512,492 cash pledged as collateral for futures contracts as of March 31, 2015.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of Shares		Value (U.S. $)

COMMON STOCK–97.67%
Aerospace & Defense–2.70%
Boeing		232,689	$	34,921,965
General Dynamics		110,480		14,995,450
Honeywell International		274,772		28,661,467
L-3 Communications Holdings		29,876		3,758,102
Lockheed Martin		94,203		19,119,441
Northrop Grumman		70,933		11,417,376
Precision Castparts		50,047		10,509,870
Raytheon		108,201		11,820,959
Rockwell Collins		47,305		4,567,298
Textron		97,822		4,336,449
United Technologies		292,459		34,276,195

				178,384,572

Air Freight & Logistics–0.70%
Expeditors International of Washington		67,776		3,265,448
FedEx		92,403		15,288,076
Robinson (C.H.) Worldwide		51,527		3,772,807
United Parcel Service Class B		244,624		23,713,851

				46,040,182

Airlines–0.56%
American Airlines Group		253,900		13,400,842
Delta Air Lines		293,700		13,204,752
Southwest Airlines		238,181		10,551,418

				37,157,012

Auto Components–0.42%
BorgWarner		79,998		4,838,279
Delphi Automotive		103,924		8,286,900
Goodyear Tire & Rubber		96,337		2,608,806
Johnson Controls		233,837		11,794,738

				27,528,723

Automobiles–0.68%
Ford Motor		1,400,202		22,599,260
General Motors		473,706		17,763,975
Harley-Davidson		76,193		4,627,963

				44,991,198

Banks–5.64%
Bank of America		3,723,301		57,301,602
BB&T		252,826		9,857,686
Citigroup		1,073,762		55,320,218
Comerica		63,052		2,845,537
Fifth Third Bancorp		292,212		5,508,196
Huntington Bancshares		285,820		3,158,311
JPMorgan Chase		1,319,560		79,938,945
KeyCorp		307,095		4,348,465
M&T Bank		46,324		5,883,148
PNC Financial Services Group		184,646		17,216,393
Regions Financial		483,114		4,565,427
SunTrust Banks		183,064		7,522,100


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Banks (continued)
U.S. Bancorp		628,056	$	27,427,206
Wells Fargo		1,656,882		90,134,381
Zions Bancorporation		71,242		1,923,534

				372,951,149

Beverages–2.09%
Brown-Forman Class B		55,370		5,002,679
Coca-Cola		1,383,597		56,104,858
Coca-Cola Enterprises		78,032		3,449,014
†Constellation Brands Class A		58,935		6,848,836
Dr Pepper Snapple Group		68,258		5,356,888
Molson Coors Brewing Class B		55,717		4,148,131
†Monster Beverage		50,568		6,998,358
PepsiCo		525,275		50,226,796

				138,135,560

Biotechnology–2.96%
†Alexion Pharmaceuticals		69,605		12,062,547
Amgen		266,957		42,673,076
†Biogen		82,849		34,982,162
†Celgene		280,340		32,317,595
†Gilead Sciences		529,549		51,964,643
†Regeneron Pharmaceuticals		26,062		11,766,472
†Vertex Pharmaceuticals		84,400		9,956,668

				195,723,163

Building Products–0.08%
Allegion		33,625		2,056,841
Masco		128,321		3,426,171

				5,483,012

Capital Markets–2.19%
†Affiliated Managers Group		19,500		4,188,210
Ameriprise Financial		64,782		8,476,077
Bank of New York Mellon		395,103		15,898,945
BlackRock		44,691		16,349,755
†E*TRADE Financial		101,343		2,893,849
Franklin Resources		137,656		7,064,506
Goldman Sachs Group		142,186		26,726,702
Invesco		151,239		6,002,676
Legg Mason		36,847		2,033,954
Morgan Stanley		535,820		19,123,416
Northern Trust		77,684		5,410,691
Schwab (Charles)		403,325		12,277,213
State Street		146,490		10,771,410
T. Rowe Price Group		91,035		7,372,014

				144,589,418

Chemicals–2.31%
Air Products & Chemicals		67,499		10,211,249
Airgas		23,551		2,498,997
CF Industries Holdings		17,458		4,952,485
Dow Chemical		388,857		18,657,359


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Chemicals (continued)
duPont (E.I.) deNemours		317,960	$	22,724,601
Eastman Chemical		52,227		3,617,242
Ecolab		94,759		10,838,534
FMC		46,801		2,679,357
International Flavors & Fragrances		28,420		3,336,508
LyondellBasell Industries Class A		139,860		12,279,708
Monsanto		169,852		19,115,144
Mosaic		110,747		5,101,007
PPG Industries		48,128		10,854,789
Praxair		102,284		12,349,770
Sherwin-Williams		28,616		8,141,252
Sigma-Aldrich		41,844		5,784,933

				153,142,935

Commercial Services & Supplies–0.38%
ADT		61,257		2,543,391
Cintas		33,808		2,759,747
Iron Mountain		65,400		2,385,792
Pitney Bowes		70,554		1,645,319
Republic Services		88,437		3,587,005
†Stericycle		29,701		4,170,911
Waste Management		149,471		8,105,812

				25,197,977

Communications Equipment–1.64%
Cisco Systems		1,794,724		49,399,778
†F5 Networks		25,896		2,976,486
Harris		36,758		2,895,060
Juniper Networks		127,104		2,870,008
†Level 3 Communications		97,900		5,270,936
Motorola Solutions		66,880		4,458,890
QUALCOMM		583,524		40,461,554

				108,332,712

Construction & Engineering–0.11%
Fluor		51,837		2,963,003
†Jacobs Engineering Group		45,834		2,069,863
†Quanta Services		79,787		2,276,323

				7,309,189

Construction Materials–0.11%
Martin Marietta Materials		21,700		3,033,660
Vulcan Materials		46,963		3,958,981

				6,992,641

Consumer Finance–0.78%
American Express		312,350		24,400,782
Capital One Financial		195,130		15,380,147
Discover Financial Services		159,111		8,965,905
Navient		143,964		2,926,788

				51,673,622

Containers & Packaging–0.19%
Avery Dennison		31,943		1,690,104


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Containers & Packaging (continued)
Ball		48,478	$	3,424,486
MeadWestvaco		58,535		2,919,140
†Owens-Illinois		57,882		1,349,808
Sealed Air		74,097		3,375,859

				12,759,397

Distributors–0.08%
Genuine Parts		53,641		4,998,805

				4,998,805

Diversified Consumer Services–0.05%
Block (H&R)		96,614		3,098,411

				3,098,411

Diversified Financial Services–2.03%
†Berkshire Hathaway Class B		645,469		93,154,086
CME Group		111,153		10,527,301
Intercontinental Exchange		39,526		9,220,230
Leucadia National		111,225		2,479,205
McGraw-Hill Financial		95,279		9,851,849
Moody’s		65,142		6,761,740
NASDAQ OMX Group		41,177		2,097,556

				134,091,967

Diversified Telecommunication Services–2.15%
AT&T		1,836,940		59,976,091
CenturyLink		200,303		6,920,469
Frontier Communications		351,749		2,479,830
Verizon Communications		1,470,758		71,522,962
Windstream Holdings		211,592		1,565,781

				142,465,133

Electric Utilities–1.67%
American Electric Power		171,678		9,656,887
Duke Energy		248,248		19,060,481
Edison International		114,304		7,140,571
Entergy		63,372		4,910,696
Eversource Energy		111,174		5,616,510
Exelon		301,656		10,138,658
FirstEnergy		147,706		5,178,572
NextEra Energy		153,158		15,936,090
Pepco Holdings		88,409		2,372,013
Pinnacle West Capital		39,983		2,548,916
PPL		233,398		7,856,176
Southern		315,826		13,984,775
Xcel Energy		177,477		6,177,974

				110,578,319

Electrical Equipment–0.53%
AMETEK		86,300		4,534,202
Eaton		166,617		11,319,959
Emerson Electric		243,430		13,783,007


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Electrical Equipment (continued)
Rockwell Automation		48,290	$	5,601,157

				35,238,325

Electronic Equipment, Instruments & Components–0.53%
Amphenol Class A		109,832		6,472,400
Corning		449,860		10,202,825
FLIR Systems		49,450		1,546,796
TE Connectivity		142,711		10,220,962
Tyco International		146,863		6,323,921

				34,766,904

Energy Equipment & Services–1.24%
Baker Hughes		151,897		9,657,611
†Cameron International		69,300		3,126,816
Diamond Offshore Drilling		23,552		630,958
ENSCO Class A		84,759		1,785,872
†FMC Technologies		82,116		3,039,113
Halliburton		297,437		13,051,536
Helmerich & Payne		38,008		2,587,205
National Oilwell Varco		151,090		7,552,989
Noble		88,463		1,263,252
Schlumberger		451,655		37,686,093
Transocean		119,500		1,753,065

				82,134,510

Food & Staples Retailing–2.47%
Costco Wholesale		153,648		23,276,904
CVS Health		397,421		41,017,821
Kroger		172,323		13,210,281
Sysco		206,318		7,784,378
Walgreens Boots Alliance		305,962		25,908,862
Wal-Mart Stores		554,295		45,590,764
Whole Foods Market		126,300		6,577,704

				163,366,714

Food Products–1.63%
Archer-Daniels-Midland		225,923		10,708,750
Campbell Soup		62,850		2,925,667
ConAgra Foods		149,152		5,448,523
General Mills		211,912		11,994,219
Hershey		51,930		5,240,256
Hormel Foods		47,136		2,679,682
Kellogg		89,577		5,907,603
Keurig Green Mountain		42,600		4,759,698
Kraft Foods Group		206,624		18,000,050
McCormick		45,419		3,502,259
Mead Johnson Nutrition		70,859		7,123,455
Mondelez International		589,608		21,278,953
Smucker (J.M.)		35,647		4,125,427
Tyson Foods Class A		102,850		3,939,155

				107,633,697


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Gas Utilities–0.03%
AGL Resources		41,983	$	2,084,456

				2,084,456

Health Care Equipment & Supplies–2.13%
Abbott Laboratories		528,503		24,485,544
Bard (C.R.)		26,337		4,407,497
Baxter International		190,235		13,031,097
Becton, Dickinson		72,902		10,467,948
†Boston Scientific		465,587		8,264,169
DENTSPLY International		49,675		2,527,961
†Edwards Lifesciences		37,508		5,343,390
†Intuitive Surgical		12,723		6,425,497
Medtronic		504,396		39,337,844
St. Jude Medical		100,342		6,562,367
Stryker		104,912		9,678,132
†Varian Medical Systems		35,132		3,305,570
Zimmer Holdings		59,390		6,979,513

				140,816,529

Health Care Providers & Services–2.73%
Aetna		123,444		13,150,489
AmerisourceBergen		72,878		8,284,042
Anthem		94,788		14,636,215
Cardinal Health		116,161		10,485,853
Cigna		91,856		11,889,841
†DaVita HealthCare Partners		60,328		4,903,460
†Express Scripts Holding		257,632		22,354,729
†HCA Holdings		106,500		8,011,995
†Henry Schein		29,500		4,118,790
Humana		53,832		9,583,173
†Laboratory Corporation of America Holdings		34,947		4,406,467
McKesson		81,387		18,409,739
Patterson		30,024		1,464,871
Quest Diagnostics		50,611		3,889,455
†Tenet Healthcare		34,468		1,706,511
UnitedHealth Group		336,846		39,845,513
Universal Health Services Class B		32,000		3,766,720

				180,907,863

Health Care Technology–0.12%
†Cerner		106,629		7,811,641

				7,811,641

Hotels, Restaurants & Leisure–1.68%
Carnival		158,091		7,563,073
†Chipotle Mexican Grill		10,922		7,105,198
Darden Restaurants		43,530		3,018,370
Marriott International Class A		74,583		5,990,507
McDonald’s		341,618		33,287,258
Royal Caribbean Cruises		58,600		4,796,410
Starbucks		262,603		24,868,504
Starwood Hotels & Resorts Worldwide		62,705		5,235,868


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
Wyndham Worldwide		43,873	$	3,969,190
Wynn Resorts		28,350		3,568,698
Yum Brands		153,524		12,085,409

				111,488,485

Household Durables–0.45%
Garmin.		42,324		2,011,236
Harman International Industries		24,006		3,207,922
Horton (D.R.)		116,474		3,317,180
Leggett & Platt		48,336		2,227,806
Lennar Class A		62,643		3,245,534
†Mohawk Industries		21,700		4,030,775
Newell Rubbermaid		95,104		3,715,713
PulteGroup		117,141		2,604,044
Whirlpool		27,308		5,517,854

				29,878,064

Household Products–1.79%
Clorox		45,385		5,010,050
Colgate-Palmolive		300,652		20,847,210
Kimberly-Clark		130,731		14,002,597
Procter & Gamble		955,768		78,315,630

				118,175,487

Independent Power & Renewable Electricity Producers–0.09%
AES		230,215		2,958,263
NRG Energy		118,655		2,988,919

				5,947,182

Industrial Conglomerates–2.26%
3M		224,871		37,092,471
Danaher		214,601		18,219,625
General Electric		3,562,369		88,382,375
Roper Industries		35,164		6,048,208

				149,742,679

Insurance–2.65%
ACE.		116,397		12,977,102
Aflac		158,111		10,120,685
Allstate		147,172		10,474,231
American International Group		491,344		26,920,738
Aon		100,096		9,621,228
Assurant		25,316		1,554,656
Chubb		82,793		8,370,372
Cincinnati Financial		52,875		2,817,180
†Genworth Financial		184,251		1,346,875
Hartford Financial Services Group		151,389		6,331,088
ßLincoln National		91,136		5,236,675
Loews		105,008		4,287,477
Marsh & McLennan		189,869		10,649,752
MetLife		398,715		20,155,043
Principal Financial Group		95,833		4,922,941
Progressive		188,518		5,127,690


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Insurance (continued)
Prudential Financial		160,725	$	12,907,825
Torchmark		45,179		2,481,231
Travelers		116,306		12,576,168
Unum Group		89,211		3,009,087
XL Group		92,942		3,420,266

				175,308,310

Internet & Catalog Retail–1.31%
†Amazon.com		134,758		50,143,452
Expedia		34,749		3,270,923
†Netflix		21,100		8,792,159
†Priceline Group		18,375		21,391,256
†TripAdvisor		39,134		3,254,775

				86,852,565

Internet Software & Services–3.34%
†Akamai Technologies		62,403		4,433,421
†eBay		396,744		22,884,194
Equinix		20,000		4,657,000
†Facebook Class A		743,000		61,085,745
†Google Class A		101,120		56,091,264
†Google Class C		101,320		55,523,360
†VeriSign		39,387		2,637,747
†Yahoo		309,223		13,740,324

				221,053,055

IT Services–3.28%
Accenture Class A		220,267		20,636,815
†Alliance Data Systems		22,400		6,636,000
Automatic Data Processing		169,168		14,487,548
†Cognizant Technology Solutions
Class A		213,716		13,333,741
Computer Sciences		49,285		3,217,325
Fidelity National Information Services		99,589		6,778,027
†Fiserv		85,612		6,797,593
International Business Machines		323,063		51,851,612
MasterCard Class A		343,920		29,711,249
Paychex		114,576		5,684,688
†Teradata		53,728		2,371,554
Total System Services		58,068		2,215,294
Visa Class A		685,528		44,840,386
Western Union		183,387		3,816,283
Xerox		376,585		4,839,117

				217,217,232

Leisure Products–0.08%
Hasbro		39,684		2,509,616
Mattel		118,368		2,704,709

				5,214,325

Life Sciences Tools & Services–0.44%
Agilent Technologies		117,037		4,862,887
PerkinElmer		39,675		2,028,980


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Life Sciences Tools & Services (continued)
Thermo Fisher Scientific		140,353	$	18,855,022
†Waters		29,216		3,632,133

				29,379,022

Machinery–1.43%
Caterpillar		212,481		17,004,854
Cummins		59,629		8,266,965
Deere		119,900		10,514,031
Dover		58,351		4,033,221
Flowserve		47,884		2,704,967
Illinois Tool Works		126,219		12,260,914
Ingersoll-Rand		93,175		6,343,354
Joy Global		34,434		1,349,124
PACCAR		124,255		7,845,461
Pall		37,408		3,755,389
Parker-Hannifin		52,182		6,198,178
Pentair		65,594		4,125,207
Snap-on		20,375		2,996,348
Stanley Black & Decker		54,940		5,239,078
Xylem		63,873		2,236,832

				94,873,923

Media–3.46%
Cablevision Systems Class A		76,841		1,406,190
CBS Class B		167,303		10,143,581
Comcast Class A		904,172		51,058,593
†DIRECTV		176,296		15,002,790
†Discovery Communications Class A		52,143		1,603,919
†Discovery Communications Class C		95,943		2,827,920
Disney (Walt)		553,390		58,045,077
Gannett		79,305		2,940,629
Interpublic Group		147,580		3,264,470
†News Class A		175,090		2,803,191
Omnicom Group		87,097		6,791,824
Scripps Networks Interactive Class A		35,653		2,444,370
Time Warner		294,333		24,853,479
Time Warner Cable		98,423		14,751,639
Twenty-First Century Fox Class A		650,757		22,021,617
Viacom Class B		129,623		8,853,251

				228,812,540

Metals & Mining–0.34%
Alcoa		413,781		5,346,051
Allegheny Technologies		38,171		1,145,512
Freeport-McMoRan Copper & Gold		364,661		6,910,326
Newmont Mining		175,032		3,799,945
Nucor		111,943		5,320,651

				22,522,485

Multiline Retail–0.79%
Dollar General		106,529		8,030,156
†Dollar Tree		72,160		5,855,423
Family Dollar Stores		34,715		2,750,817


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Multiline Retail (continued)
Kohl’s		70,903	$	5,548,160
Macy’s		121,217		7,868,195
Nordstrom		49,411		3,968,692
Target		223,538		18,345,764

				52,367,207

Multi-Utilities–1.15%
Ameren		85,201		3,595,482
CenterPoint Energy		150,835		3,078,542
CMS Energy		96,538		3,370,142
Consolidated Edison		102,812		6,271,532
Dominion Resources		204,910		14,521,972
DTE Energy		62,092		5,010,203
Integrys Energy Group		28,036		2,019,153
NiSource		110,795		4,892,707
PG&E		166,773		8,850,643
Public Service Enterprise Group		177,589		7,444,531
SCANA		49,706		2,733,333
Sempra Energy		81,088		8,840,214
TECO Energy		78,862		1,529,923
Wisconsin Energy		79,034		3,912,183

				76,070,560

Oil, Gas & Consumable Fuels–6.61%
Anadarko Petroleum		177,727		14,717,573
Apache		132,126		7,971,162
Cabot Oil & Gas		146,196		4,317,168
Chesapeake Energy		182,105		2,578,607
Chevron		663,534		69,657,799
Cimarex Energy		30,600		3,521,754
ConocoPhillips		432,010		26,896,943
CONSOL Energy		80,832		2,254,404
Devon Energy		135,014		8,142,694
EOG Resources		192,302		17,632,170
EQT		53,107		4,400,977
Exxon Mobil		1,486,210		126,327,850
Hess		89,220		6,055,361
Kinder Morgan		596,381		25,083,785
Marathon Oil		236,829		6,183,605
Marathon Petroleum		98,310		10,065,961
Murphy Oil		58,565		2,729,129
†Newfield Exploration		53,397		1,873,701
Noble Energy		132,085		6,458,957
Occidental Petroleum		272,198		19,870,454
ONEOK		73,077		3,525,234
Phillips 66		194,271		15,269,701
Pioneer Natural Resources		52,214		8,537,511
QEP Resources		58,167		1,212,782
Range Resources		59,106		3,075,876
†Southwestern Energy		133,050		3,085,430
Spectra Energy		235,490		8,517,673
Tesoro		44,961		4,104,490


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
Valero Energy		182,945	$	11,638,961
Williams		236,118		11,945,210

				437,652,922

Paper & Forest Products–0.12%
International Paper		148,701		8,251,418

				8,251,418

Personal Products–0.10%
Estee Lauder Class A		78,567		6,533,632

				6,533,632

Pharmaceuticals–6.17%
AbbVie		559,210		32,736,153
†Actavis		138,204		41,132,141
Bristol-Myers Squibb		582,226		37,553,577
†Endo International		58,300		5,229,510
†Hospira		59,371		5,215,149
Johnson & Johnson		982,381		98,827,529
Lilly (Eli)		343,852		24,980,848
†Mallinckrodt		40,800		5,167,320
Merck		1,000,581		57,513,396
†Mylan		130,905		7,769,212
Perrigo		49,451		8,186,613
Pfizer		2,169,248		75,468,138
Zoetis		175,921		8,143,383

				407,922,969

Professional Services–0.21%
Dun & Bradstreet		13,178		1,691,528
Equifax		42,618		3,963,474
Nielsen		113,700		5,067,609
Robert Half International		47,717		2,887,833

				13,610,444

Real Estate Investment Trusts–2.42%
American Tower		145,903		13,736,767
Apartment Investment & Management		56,213		2,212,544
AvalonBay Communities		46,348		8,076,139
Boston Properties		53,712		7,545,462
Crown Castle International		117,165		9,670,799
Equity Residential		127,142		9,899,276
Essex Property Trust		22,400		5,149,760
General Growth Properties		220,200		6,506,910
HCP		161,223		6,966,446
Health Care REIT		121,001		9,360,637
Host Hotels & Resorts		265,751		5,362,855
Kimco Realty		143,945		3,864,923
Macerich		49,310		4,158,312
Plum Creek Timber		61,686		2,680,257
Prologis		175,489		7,644,301
Public Storage		50,951		10,044,480
Simon Property Group		109,048		21,334,151


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
SL Green Realty		34,900	$	4,480,462
Ventas		112,295		8,199,781
Vornado Realty Trust		61,274		6,862,688
Weyerhaeuser		184,010		6,099,932

				159,856,882

Real Estate Management & Development–0.06%
†CBRE Group Class A		98,176		3,800,393

				3,800,393

Road & Rail–0.94%
CSX		349,404		11,572,260
Kansas City Southern		38,738		3,954,375
Norfolk Southern		108,632		11,180,405
Ryder System		18,586		1,763,626
Union Pacific		312,002		33,792,937

				62,263,603

Semiconductors & Semiconductor Equipment–2.34%
Altera		108,227		4,644,021
Analog Devices		109,222		6,880,986
Applied Materials		427,653		9,647,852
Avago Technologies		88,800		11,275,824
Broadcom Class A		189,072		8,185,872
†First Solar		26,332		1,574,390
Intel		1,676,228		52,415,650
KLA-Tencor		57,921		3,376,215
Lam Research		56,750		3,985,836
Linear Technology		83,733		3,918,704
Microchip Technology		70,503		3,447,597
†Micron Technology		376,759		10,221,472
NVIDIA		180,310		3,772,987
Skyworks Solutions		66,900		6,575,601
Texas Instruments		370,724		21,199,852
Xilinx		92,855		3,927,767

				155,050,626

Software–3.51%
†Adobe Systems		166,300		12,296,222
†Autodesk		79,903		4,685,512
CA		112,419		3,665,984
†Citrix Systems		56,456		3,605,845
†Electronic Arts		109,179		6,421,363
Intuit		100,240		9,719,270
Microsoft		2,903,588		118,045,370
Oracle		1,135,378		48,991,561
†Red Hat		65,903		4,992,152
†salesforce.com		214,136		14,306,426
Symantec		242,225		5,659,587

				232,389,292

Specialty Retail–2.43%
†AutoNation		26,206		1,685,832


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Specialty Retail (continued)
†AutoZone		11,227	$	7,658,610
†Bed Bath & Beyond		65,026		4,992,371
Best Buy		101,677		3,842,374
†CarMax		76,809		5,300,589
GameStop Class A		38,063		1,444,871
Gap		93,650		4,057,855
Home Depot		466,385		52,986,000
L Brands		86,243		8,131,852
Lowe’s		341,497		25,403,962
†O’Reilly Automotive		35,557		7,688,846
Ross Stores		73,613		7,755,866
Staples		224,535		3,656,552
Tiffany		39,515		3,477,715
TJX		241,746		16,934,307
Tractor Supply		47,700		4,057,362
†Urban Outfitters		35,117		1,603,091

				160,678,055

Technology Hardware, Storage & Peripherals–4.79%
Apple		2,058,389		256,125,343
EMC		714,167		18,254,109
Hewlett-Packard		654,976		20,409,052
NetApp		111,843		3,965,953
SanDisk		78,527		4,995,888
Seagate Technology		114,872		5,976,790
Western Digital		76,652		6,976,099

				316,703,234

Textiles, Apparel & Luxury Goods–0.89%
Coach		96,734		4,007,690
†Fossil Group		15,783		1,301,308
Hanesbrands		141,900		4,755,069
†Michael Kors Holdings		72,300		4,753,725
NIKE Class B		244,934		24,574,228
PVH		28,933		3,083,100
Ralph Lauren		21,272		2,797,268
†Under Armour Class A		58,500		4,723,875
VF		121,252		9,131,488

				59,127,751

Thrifts & Mortgage Finance–0.05%
Hudson City Bancorp		168,852		1,769,569
People’s United Financial		108,817		1,654,018

				3,423,587


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Tobacco–1.38%
Altria Group		693,701	$	34,698,924
Lorillard		126,367		8,258,083
Philip Morris International		545,316		41,078,654
Reynolds American		108,160		7,453,306

				91,488,967

Trading Companies & Distributors–0.18%
Fastenal		95,603		3,961,310
Grainger (W.W.)		21,253		5,011,670
†United Rentals		36,000		3,281,760

				12,254,740

Total Common Stock (Cost $4,304,417,753)				6,462,297,372


MONEY MARKET FUND–2.02%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		133,529,917		133,529,917

Total Money Market Fund (Cost $133,529,917)				133,529,917


	Principal Amount°

SHORT-TERM INVESTMENTS–0.20%
≠U.S. Treasury Obligations–0.20%
U.S. Treasury Bills
¥0.002% 4/9/15		1,065,000		1,064,997
¥0.005% 4/16/15		11,895,000		11,895,000


Total Short-Term Investments (Cost $12,959,984)				12,959,997

« Includes $1,251,295 cash pledged as collateral for futures contracts as of March 31, 2015.

ß Considered an affiliated company. Investments in companies considered to be affiliates of the Fund were as follows:

° Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:


	Number of Shares		Value (U.S. $)

COMMON STOCK–97.66%
Aerospace & Defense–1.61%
AAR		35,998	$	1,105,139
†Aerovironment		14,181		375,938
American Science & Engineering		6,301		307,867
†Astronics		16,576		1,221,651
Cubic		18,617		963,802
Curtiss-Wright		42,444		3,138,309
†DigitalGlobe		66,766		2,274,718
†Ducommun		6,800		176,120
Engility Holdings		13,900		417,556
†Erickson		7,600		32,832
†Esterline Technologies		28,022		3,206,277
†GenCorp		53,968		1,251,518
HEICO		58,418		3,567,587
†KEYW Holding		20,408		167,958
†Kratos Defense & Security Solutions		39,750		219,817
†LMI Aerospace		5,541		67,656
†Moog Class A		36,481		2,737,899
National Presto Industries		4,172		264,463
SIFCO Industries		400		8,716
†Sparton		6,600		161,700
†TASER International		48,945		1,180,064
†Teledyne Technologies		30,964		3,304,788

				26,152,375

Air Freight & Logistics–0.50%
†Air Transport Services Group		43,976		405,459
†Atlas Air Worldwide Holdings		20,720		891,374
†Echo Global Logistics		20,591		561,311
Forward Air		27,839		1,511,658
†Hub Group Class A		32,944		1,294,370
Park-Ohio Holdings		7,516		395,868
†UTi Worldwide		82,600		1,015,980
†XPO Logistics		46,518		2,115,173

				8,191,193

Airlines–0.56%
Allegiant Travel		12,184		2,342,861
†Hawaiian Holdings		37,025		815,476
†JetBlue Airways		218,383		4,203,873
†Republic Airways Holdings		46,349		637,299
SkyWest		46,892		685,092
†Virgin America		11,700		355,680

				9,040,281

Auto Components–1.19%
†American Axle & Manufacturing
Holdings		60,381		1,559,641
Cooper Tire & Rubber		51,517		2,206,988
†Cooper-Standard Holding		12,600		745,920
Dana Holding		149,072		3,154,364
†Dorman Products		24,373		1,212,557
Drew Industries		21,204		1,304,894
†Federal-Mogul Class A		25,034		333,203


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Auto Components (continued)
†Fox Factory Holding		6,400	$	98,176
†Fuel Systems Solutions		8,782		96,953
†Gentherm		31,506		1,591,368
†Metaldyne Performance Group		10,000		180,200
†Modine Manufacturing		39,264		528,886
†Motorcar Parts of America		14,700		408,513
Remy International		25,900		575,239
†Shiloh Industries		8,074		113,359
Spartan Motors		20,504		99,444
Standard Motor Products		18,151		767,061
†Stoneridge		21,231		239,698
Strattec Security		2,500		184,600
Superior Industries International		19,207		363,589
†Tenneco		53,577		3,076,391
†Tower International		19,420		516,572

				19,357,616

Automobiles–0.03%
Winnebago Industries		25,473		541,556

				541,556

Banks–7.39%
1st Source		12,359		397,095
American National Bankshares		5,995		135,367
Ameris Bancorp		26,579		701,420
Ames National		4,997		124,175
Arrow Financial		10,315		280,052
Banc of California		27,838		342,686
BancFirst		5,593		341,061
Banco Latinoamericano de Exportacions		27,758		910,185
†Bancorp		26,347		237,913
BancorpSouth		85,231		1,979,064
Bank of Kentucky Financial		5,495		269,530
Bank of Marin Bancorp		5,149		262,084
Bank of the Ozarks		75,020		2,770,489
Banner		16,019		735,272
BBCN Bancorp		71,933		1,040,870
†Blue Hills Bancorp		24,053		317,981
BNC Bancorp		17,200		311,320
Boston Private Financial Holdings		72,638		882,552
Bridge Bancorp		10,192		263,259
†Bridge Capital Holdings		6,125		159,924
Bryn Mawr Bank		13,164		400,317
Camden National		5,058		201,511
†Capital Bank Financial		19,770		545,850
Capital City Bank Group		6,384		103,740
Cardinal Financial		29,821		595,824
†Cascade Bancorp		18,443		88,526
Cathay General Bancorp		70,703		2,011,500
Centerstate Banks of Florida		32,205		383,562
Central Pacific Financial		18,230		418,743


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Banks (continued)
Century Bancorp Class A		2,361	$	93,732
Chemical Financial		29,812		934,904
Citizens & Northern		12,361		249,445
City Holding		14,497		681,794
CNB Financial		12,991		221,107
CoBiz Financial		29,853		367,789
Columbia Banking System		51,383		1,488,566
Community Bank System		36,446		1,289,824
Community Trust Bancorp		11,746		389,497
†CommunityOne Bancorp		5,605		55,153
ConnectOne Bancorp		19,969		388,597
†CU Bancorp		6,000		136,500
†Customers Bancorp		22,280		542,741
CVB Financial		94,559		1,507,270
†Eagle Bancorp		21,509		825,946
Enterprise Bancorp		6,760		143,650
Enterprise Financial Services		15,538		321,015
Fidelity Southern		12,915		218,005
Financial Institutions		11,888		272,592
First Bancorp (Maine)		5,538		96,638
First Bancorp (North Carolina)		19,585		343,913
†First Bancorp (Puerto Rico)		87,135		540,237
First Busey		57,291		383,277
First Business Financial Services		2,900		125,396
First Citizens BancShares Class A		8,500		2,207,365
First Commonwealth Financial		86,339		777,051
First Community Bancshares		17,663		309,632
First Connecticut Bancorp		16,728		257,109
First Financial		11,159		400,496
First Financial Bancorp		47,773		850,837
First Financial Bankshares		57,114		1,578,631
First Interstate Bancsystem		13,498		375,514
First Merchants		33,083		778,774
First Midwest Bancorp		67,755		1,176,904
†First NBC Bank Holding		14,200		468,316
First of Long Island		12,036		306,918
FirstMerit		145,907		2,780,987
Flushing Financial		28,330		568,583
FNB		153,984		2,023,350
German American Bancorp		10,082		296,713
Glacier Bancorp		66,374		1,669,306
Great Southern Bancorp		8,370		329,694
Great Western Bancorp		14,000		308,140
†Green Bancorp		5,400		60,372
Guaranty Bancorp		15,168		257,249
Hancock Holding		72,864		2,175,719
Hanmi Financial		29,620		626,463
Heartland Financial USA		12,338		402,589
Heritage Commerce		11,254		102,749
Heritage Financial		23,755		403,835
Heritage Oaks Bancorp		19,116		158,854
Home Bancshares		48,314		1,637,361


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Banks (continued)
†HomeTrust Bancshares		20,577	$	328,615
Horizon Bancorp		8,337		195,002
Hudson Valley Holding		14,338		366,479
Iberiabank		27,904		1,758,789
Independent Bank		16,600		212,978
@Independent Bank (Massachusetts)		23,184		1,017,082
Independent Bank Group		6,600		256,806
International Bancshares		48,864		1,271,930
Investors Bancorp		314,886		3,690,464
Lakeland Bancorp		33,778		388,447
Lakeland Financial		15,378		624,039
LegacyTexas Financial Group		36,427		827,986
Macatawa Bank		25,100		134,285
MainSource Financial Group		19,820		389,265
MB Financial		59,026		1,848,104
Mercantile Bank		15,733		307,580
Merchants Bancshares		2,742		79,984
†Meridian Bancorp		14,154		186,408
Metro Bancorp		13,810		380,742
MidSouth Bancorp		4,611		68,012
MidWestOne Financial Group		3,742		107,882
National Bank Holdings Class A		29,752		559,635
National Bankshares		3,739		111,572
National Penn Bancshares		111,413		1,199,918
NBT Bancorp		39,939		1,000,871
NewBridge Bancorp		24,200		215,864
Northrim BanCorp		3,625		88,957
OFG Bancorp		41,388		675,452
Old Line Bancshares		7,600		120,080
Old National Bancorp		105,225		1,493,143
Opus Bank		5,800		179,104
Pacific Continental		11,170		147,667
†Pacific Premier Bancorp		14,000		226,660
Palmetto Bancshares		800		15,200
Park National		11,876		1,016,111
Park Sterling		30,733		218,204
Peapack Gladstone Financial		15,091		325,966
Penns Woods Bancorp		5,076		248,267
Peoples Bancorp		9,640		227,890
Peoples Financial Services		5,500		246,785
Pinnacle Financial Partners		31,804		1,414,006
Preferred Bank		10,329		283,738
PrivateBancorp		63,405		2,229,954
Prosperity Bancshares		61,351		3,219,700
Renasant		28,696		862,315
Republic Bancorp Class A		6,086		150,507
†Republic First Bancorp		13,200		47,916
S&T Bancorp		27,156		770,687
Sandy Spring Bancorp		21,513		564,286
†Seacoast Banking Corp of Florida		17,844		254,634
Sierra Bancorp		8,220		137,274
Simmons First National Class A		20,041		911,264


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Banks (continued)
South State		21,591	$	1,476,608
Southside Bancshares		20,058		575,464
Southwest Bancorp		19,498		346,869
†Square 1 Financial Class A		7,900		211,483
State Bank Financial		32,428		680,988
Sterling Bancorp		81,933		1,098,722
Stock Yards Bancorp		13,055		449,484
Stonegate Bank		7,200		217,368
Suffolk Bancorp		11,049		262,524
†Sun Bancorp		5,281		99,864
Susquehanna Bancshares		166,010		2,275,997
Talmer Bancorp Class A		12,700		194,501
†Texas Capital Bancshares		40,515		1,971,055
Tompkins Financial		13,697		737,583
TowneBank		41,190		662,335
Trico Bancshares		19,153		462,162
†Tristate Capital Holdings		22,700		237,669
†Triumph Bancorp		9,300		127,038
Trustmark		60,279		1,463,574
UMB Financial		33,582		1,776,152
Umpqua Holdings		147,181		2,528,570
Union Bankshares		42,031		933,509
United Bankshares		61,135		2,297,453
United Community Banks		41,756		788,353
Univest of Pennsylvania		13,432		265,819
Valley National Bancorp		201,199		1,899,319
Washington Trust Bancorp		12,675		484,058
Webster Financial		79,653		2,951,144
Wesbanco		29,610		964,694
West Bancorporation		11,475		228,238
Westamerica Bancorporation		23,781		1,027,577
†Western Alliance Bancorp		66,990		1,985,584
Wilshire Bancorp		59,947		597,672
Wintrust Financial		41,307		1,969,518
†Yadkin Financial		18,486		375,266

				120,347,691

Beverages–0.17%
†Boston Beer Class A		7,416		1,983,038
Coca-Cola Bottling Consolidated		4,013		453,710
†Craft Brewers Alliance		6,450		87,978
†National Beverage		12,367		301,878

				2,826,604

Biotechnology–6.00%
†ACADIA Pharmaceuticals		69,500		2,265,005
†Acceleron Pharma		15,200		578,512
†Achillion Pharmaceuticals		102,672		1,012,346
†Acorda Therapeutics		37,271		1,240,379
†Actinium Pharmaceuticals		14,300		35,321
†Aegerion Pharmaceuticals		27,043		707,715
†Agenus		45,000		230,850


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Biotechnology (continued)
†Agios Pharmaceuticals		13,100	$	1,235,330
†Akebia Therapeutics		5,700		63,327
†Alder Biopharmaceuticals		10,200		294,372
†AMAG Pharmaceuticals		22,929		1,253,299
†Anacor Pharmaceuticals		29,451		1,703,740
†Applied Genetic Technologies		6,000		119,940
†Ardelyx		5,700		74,613
†Arena Pharmaceuticals		199,343		871,129
†ARIAD Pharmaceuticals		149,400		1,231,056
†Array BioPharma		126,233		930,337
†Arrowhead Research		52,400		354,486
†Atara Biotherapeutics		6,200		257,734
†Auspex Pharmaceuticals		9,600		962,592
†Avalanche Biotechnologies		7,700		312,004
†BioCryst Pharmaceuticals		64,700		584,241
†BioSpecifics Technologies		3,700		144,855
†Biotime		49,144		244,246
†Bluebird Bio		21,800		2,632,786
†Celldex Therapeutics		85,840		2,392,361
†Cellular Dynamics International		6,100		100,223
†Cepheid		61,306		3,488,311
†ChemoCentryx		15,750		118,913
†Chimerix		27,200		1,025,168
†Clovis Oncology		21,935		1,628,235
†Coherus Biosciences		7,200		220,176
†CTI BioPharma		108,200		195,842
†Cytokinetics		32,466		220,119
†Cytori Therapeutics		30,696		36,221
†CytRx		40,400		136,148
†Dermira		5,900		90,565
=Durata Therapeutics		14,227		11,808
†Dyax		120,531		2,019,497
†Dynavax Technologies		22,157		496,982
†Emergent BioSolutions		24,548		706,000
†Enanta Pharmaceuticals		7,500		229,650
†Epizyme		9,300		174,654
†Exact Sciences		78,750		1,734,075
†Exelixis		170,468		438,103
†Five Prime Therapeutics		17,800		406,730
†Foundation Medicine		12,400		596,564
†Galectin Therapeutics		13,000		43,550
†Galena Biopharma		84,600		117,594
†Genomic Health		15,677		478,932
†Geron		134,144		505,723
†Halozyme Therapeutic		92,443		1,320,086
†Heron Therapeutics		22,800		331,740
†Hyperion Therapeutics		12,434		570,721
†Idera Pharmaceuticals		82,800		307,188
†ImmunoGen		67,993		608,537
†Immunomedics		64,026		245,220
†Infinity Pharmaceuticals		39,224		548,352
†Inovio Pharmaceuticals		59,400		484,704


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Biotechnology (continued)
†Insmed		46,000	$	956,800
†Insys Therapeutics		8,750		508,637
†Intrexon		33,700		1,528,969
†Ironwood Pharmaceuticals		106,372		1,701,952
†Isis Pharmaceuticals		102,741		6,541,519
†Karyopharm Therapeutics		13,400		410,174
†Keryx Biopharmaceuticals		92,887		1,182,452
†Kindred Biosciences		11,000		78,540
†KYTHERA Biopharmaceuticals		14,446		724,467
†Lexicon Pharmaceutical		168,816		159,413
†Ligand Pharmaceuticals Class B		17,665		1,362,148
†MacroGenics		18,500		580,345
†MannKind		210,036		1,092,187
†Merrimack Pharmaceuticals		90,670		1,077,160
†MiMedx Group		84,700		880,880
†Momenta Pharmaceuticals		44,382		674,606
†NanoViricides		29,000		65,250
†Navidea Biopharmaceuticals		114,850		182,611
†Neuralstem		49,800		94,620
†Neurocrine Biosciences		74,353		2,952,558
†NewLink Genetics		16,447		899,815
†Northwest Biotherapeutics		25,700		189,409
†Novavax		211,336		1,747,749
†Ohr Pharmaceutical		15,200		38,608
†OncoMed Pharmaceuticals		12,100		311,938
†Oncothyreon		51,200		83,456
†Ophthotech		11,900		553,707
†OPKO Health		174,039		2,466,133
†Orexigen Therapeutics		111,420		872,419
†Organovo Holdings		45,200		160,008
†Osiris Therapeutics		15,147		266,284
†OvaScience		15,800		548,734
PDL BioPharma		145,081		1,020,645
†Peregrine Pharmaceuticals		135,900		183,465
†Portola Pharmaceuticals		38,100		1,446,276
†Progenics Pharmaceuticals		66,198		395,864
†Prothena		24,600		938,244
†PTC Therapeutics		21,800		1,326,530
†Puma Biotechnology		21,600		5,099,976
†Raptor Pharmaceutical		50,730		551,435
†Receptos		19,400		3,198,866
†Regulus Therapeutics		14,327		242,699
†Repligen		26,525		805,299
†Retrophin		21,100		505,556
†Rigel Pharmaceuticals		61,674		220,176
†Sage Therapeutics		5,400		271,242
†Sangamo Biosciences		61,289		961,012
†Sarepta Therapeutics		32,100		426,288
†Spark Therapeutics		7,100		550,250
†Spectrum Pharmaceuticals		63,225		383,776
†Stemline Therapeutics		14,700		212,709
†Sunesis Pharmaceuticals		39,097		95,788


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Biotechnology (continued)
†Synageva BioPharma		20,607	$	2,009,801
†Synergy Pharmaceuticals		86,618		400,175
†Synta Pharmaceuticals		46,890		90,967
†TESARO		18,704		1,073,610
†TG Therapeutics		20,600		318,888
†Threshold Pharmaceuticals		48,147		195,477
†Ultragenyx Pharmaceutical		7,400		459,466
†Vanda Pharmaceuticals		29,481		274,173
†Veracyte		4,300		31,304
†Verastem		28,203		286,825
†Versartis		5,000		91,850
†Xencor		11,100		170,052
†XOMA		89,370		325,307
†ZIOPHARM Oncology		81,734		880,275

				97,706,721

Building Products–0.82%
AAON		38,517		944,822
†American Woodmark		9,775		534,986
Apogee Enterprises		26,147		1,129,550
†Builders FirstSource		41,066		273,910
†Continental Building Products		9,600		216,864
†Gibraltar Industries		23,856		391,477
Griffon		35,364		616,395
Insteel Industries		15,439		333,946
†Masonite International		26,200		1,762,212
†NCI Building Systems		27,891		481,956
†Norcraft		6,800		173,876
†Nortek		7,276		642,107
†Patrick Industries		6,101		379,909
†PGT		43,195		482,704
†Ply Gem Holdings		19,100		248,300
Quanex Building Products		33,352		658,368
Simpson Manufacturing		36,989		1,382,279
†Trex		29,894		1,630,120
†Trinseo		10,600		209,880
Universal Forest Products		16,570		919,304

				13,412,965

Capital Markets–1.53%
†Altisource Asset Management		1,000		185,130
Arlington Asset Investment Class A		20,885		502,493
BGC Partners Class A		155,909		1,473,340
Calamos Asset Management Class A		11,459		154,124
CIFC		325		2,486
Cohen & Steers		17,769		727,641
CorEnergy Infrastructure Trust		42,700		295,911
†Cowen Group Class A		107,635		559,702
Diamond Hill Investment Group		2,432		389,120
Evercore Partners Class A		29,492		1,523,557
†FBR		5,231		120,888
Fifth Street Asset Management		5,200		58,604


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Capital Markets (continued)
Financial Engines		45,622	$	1,908,368
FXCM Class A		32,953		70,190
GAMCO Investors		5,496		431,491
Greenhill		25,590		1,014,643
Hannon Armstrong Sustainable Infrastructure Capital		25,100		458,828
HFF Class A		29,681		1,114,225
†INTL. FCStone		14,724		437,745
†Investment Technology Group		29,942		907,542
Janus Capital Group		132,400		2,275,956
†KCG Holdings		38,166		467,915
†Ladenburg Thalmann Financial Services		83,408		321,955
Manning & Napier		12,216		158,930
†Marcus & Millichap		7,400		277,352
Moelis & Co		5,300		159,636
OM Asset Management		18,400		342,976
Oppenheimer Holdings Class A		7,302		171,305
†Piper Jaffray		15,268		800,959
Pzena Investment Management Class A		4,622		42,384
†Safeguard Scientifics		17,820		322,186
Silvercrest Asset Management Group Class A		7,300		104,025
†Stifel Financial		57,647		3,213,820
@=Teton Advisors Class B		19		0
Virtus Investment Partners		6,472		846,343
†Walter Investment Management		35,218		568,771
Westwood Holdings Group		7,114		428,974
WisdomTree Investments		95,508		2,049,602

				24,889,117

Chemicals–2.06%
American Vanguard		19,795		210,223
Axiall		61,621		2,892,490
Balchem		27,107		1,501,186
Calgon Carbon		44,040		927,923
Chase		4,411		192,893
†Chemtura		64,720		1,766,209
=Chemtura		37,800		0
†Ferro		67,287		844,452
†Flotek Industries		50,886		750,060
Fuller (H.B.)		44,409		1,903,814
FutureFuel		17,308		177,753
Hawkins		8,139		309,201
Innophos Holdings		19,764		1,113,899
Innospec		22,604		1,048,600
†Intrepid Potash		51,400		593,670
KMG Chemicals		9,772		261,206
Koppers Holdings		14,660		288,509
†Kraton Performance Polymers		30,441		615,213
Kronos Worldwide		15,200		192,280


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Chemicals (continued)
†Landec		20,233	$	282,250
†LSB Industries		17,761		734,062
†Marrone Bio Innovations		3,600		13,932
Minerals Technologies		30,564		2,234,228
Olin		70,017		2,243,345
OM Group		26,741		803,032
†OMNOVA Solutions		39,840		339,835
PolyOne		78,464		2,930,630
Quaker Chemical		12,013		1,028,793
†Rentech		182,573		204,482
Schulman (A.)		24,131		1,163,114
†Senomyx		30,800		135,828
Sensient Technologies		43,595		3,002,824
Stepan		17,670		736,132
†Trecora Resources		17,392		212,182
Tredegar		23,630		475,199
Tronox		55,400		1,126,282
Zep		18,945		322,633

				33,578,364

Commercial Services & Supplies–2.22%
ABM Industries		49,923		1,590,547
†ACCO Brands		94,724		787,156
†ARC Document Solutions		31,770		293,237
Brady Class A		43,137		1,220,346
Brink’s		43,557		1,203,480
†Casella Waste Systems		36,534		200,937
Ceco Environmental		13,767		146,068
†Cenveo		27,711		59,302
†Cimpress		29,434		2,483,641
Civeo		68,000		172,720
Deluxe		44,140		3,058,019
Ennis		23,860		336,903
G&K Services Class A		17,861		1,295,458
Healthcare Services Group		62,281		2,001,089
†Heritage-Crystal Clean		4,288		50,170
Herman Miller		52,887		1,468,143
HNI		39,975		2,205,421
†InnerWorkings		28,357		190,559
Interface Class A		60,321		1,253,470
James River Holdings L		9,600		225,888
Kimball International Class B		26,702		279,837
Knoll		40,182		941,464
†Lendingtree		5,905		330,739
†Liberty Tax		1,700		47,311
McGrath RentCorp		20,640		679,262
Mobile Mini		41,566		1,772,374
MSA Safety		26,518		1,322,718
Multi-Color		10,092		699,678
†Neff Class CL A		6,900		72,726
†NL Industries		4,936		38,254
†Performant Financial		28,495		96,883


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Commercial Services & Supplies (continued)
Quad Graphics		23,523	$	540,559
†SP Plus		12,197		266,504
Steelcase Class A		74,034		1,402,204
†Team		16,413		639,779
Tetra Tech		52,691		1,265,638
UniFirst		13,167		1,549,624
United Stationers		35,219		1,443,627
US Ecology		19,519		975,364
Viad		15,713		437,136
West		34,700		1,170,431

				36,214,666

Communications Equipment–1.51%
ADTRAN		46,848		874,652
†Aerohive Networks		11,200		49,952
Alliance Fiber Optic Products		10,600		184,652
†Applied Optoelectronics		10,700		148,516
†Aruba Networks		94,388		2,311,562
Bel Fuse Class B		6,538		124,418
Black Box		12,650		264,765
†CalAmp		33,272		538,674
†Calix		32,331		271,257
†Ciena		93,240		1,800,464
†Clearfield		8,300		123,006
Comtech Telecommunications		12,775		369,836
†Digi International		14,522		144,930
†Emulex		65,406		521,286
†Extreme Networks		71,245		225,134
†Finisar		91,867		1,960,442
†Harmonic		75,788		561,589
†Infinera		108,741		2,138,935
InterDigital		33,088		1,678,885
†Ixia		49,691		602,752
†KVH Industries		16,575		250,614
†NETGEAR		31,334		1,030,262
†Numerex Class A		7,573		86,332
†Oclaro		67,800		134,244
†Parkervision		57,733		47,918
Plantronics		37,751		1,998,915
†Polycom		123,000		1,648,200
†Procera Networks		18,335		172,166
†Ruckus Wireless		52,211		671,956
†ShoreTel		52,268		356,468
†Sonus Networks		39,702		312,852
TESSCO Technologies		2,972		73,290
Ubiquiti Networks		27,029		798,707
†ViaSat		36,546		2,178,507

				24,656,138

Construction & Engineering–0.69%
†Aegion		35,228		635,865
†Ameresco Class A		10,729		79,395


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Construction & Engineering (continued)
Argan		12,051	$	435,885
Comfort Systems USA		34,836		732,949
†Dycom Industries		31,029		1,515,456
EMCOR Group		55,177		2,564,075
†Furmanite		33,418		263,668
Granite Construction		35,140		1,234,820
†Great Lakes Dredge & Dock		52,797		317,310
†Layne Christensen		10,946		54,839
†MasTec		58,678		1,132,485
†MYR Group		19,994		626,612
†Northwest Pipe		8,096		185,803
†Orion Marine Group		17,195		152,348
Primoris Services		30,838		530,105
†Sterling Construction		9,910		44,793
†Tutor Perini		30,983		723,453

				11,229,861

Construction Materials–0.10%
†Headwaters		60,823		1,115,494
United States Lime & Minerals		1,487		95,912
†US Concrete		12,000		406,560

				1,617,966

Consumer Finance–0.64%
Cash America International		26,856		625,745
†Consumer Portfolio Services		14,500		101,355
†Credit Acceptance		5,801		1,131,195
†Encore Capital Group		23,363		971,667
†Enova International		24,223		476,951
†Ezcorp Class A		43,419		396,415
†First Cash Financial Services		26,017		1,210,311
†Green Dot Class A		24,241		385,917
Nelnet Class A		19,438		919,806
†Nicholas Financial		6,497		91,023
†PRA Group		44,323		2,407,625
†Regional Management		11,943		176,279
†Springleaf Holdings		20,400		1,056,108
†World Acceptance		7,301		532,389

				10,482,786

Containers & Packaging–0.47%
†AEP Industries		2,547		140,187
†Berry Plastics Group		79,287		2,869,397
Graphic Packaging Holding		286,996		4,172,922
Myers Industries		24,897		436,444
†UFP Technologies		3,077		70,094

				7,689,044

Distributors–0.27%
Core-Mark Holding		20,730		1,333,354
Pool		39,771		2,774,425
†VOXX International Class A		11,189		102,491


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Distributors (continued)
Weyco Group		4,458	$	133,294

				4,343,564

Diversified Consumer Services–0.96%
†2U		7,400		189,292
†American Public Education		13,160		394,537
†Ascent Capital Group Class A		12,977		516,614
†Bridgepoint Education		15,373		148,349
†Bright Horizons Family Solutions		25,263		1,295,234
Capella Education		8,980		582,622
†Career Education		62,568		314,717
Carriage Services		13,935		332,628
†Chegg		68,600		545,370
Collectors Universe		8,200		184,992
†Grand Canyon Education		41,408		1,792,966
†Houghton Mifflin Harcourt		96,700		2,270,516
†ITT Educational Services		15,000		101,850
†K12		32,200		506,184
†LifeLock		66,181		933,814
Matthews International Class A		26,710		1,375,832
†Regis		36,946		604,437
Sotheby’s		53,875		2,276,758
†Steiner Leisure		12,380		586,812
†Strayer Education		9,165		489,503
Universal Technical Institute		12,295		118,032
†Weight Watchers International		20,000		139,800

				15,700,859

Diversified Financial Services–0.33%
†FCB Financial Holdings Class A		7,700		210,749
Gain Capital Holdings		22,453		219,366
†JG Wentworth		5,000		51,950
MarketAxess Holdings		33,285		2,759,327
Marlin Business Services		5,686		113,891
†NewStar Financial		27,098		317,860
†On Deck Capital		10,100		215,029
†PHH		45,852		1,108,243
†PICO Holdings		17,571		284,826
RCS Capital		7,300		77,672
Resource America Class A		6,711		61,070

				5,419,983

Diversified Telecommunication Services–0.61%
†8x8		84,640		710,976
Atlantic Tele-Network		7,492		518,596
†Cincinnati Bell		168,526		594,897
Cogent Communications Group		41,604		1,469,869
Consolidated Communications Holdings		46,735		953,394
†FairPoint Communications		19,237		338,571
†General Communication Class A		32,619		514,075
†Globalstar		253,000		842,490
†Hawaiian Telcom Holdco		9,271		246,887


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Diversified Telecommunication Services (continued)
IDT Class B		16,415	$	291,366
†InContact		48,894		532,945
Inteliquent		25,889		407,493
†Intelsat		19,800		237,600
†Iridium Communications		65,550		636,491
Lumos Networks		13,157		200,776
†magicJack VocalTec		10,994		75,199
†ORBCOMM		39,294		234,585
†Premiere Global Services		39,536		377,964
†Vonage Holdings		160,053		785,860

				9,970,034

Electric Utilities–1.36%
Abengoa Yield		26,029		879,260
ALLETE		39,383		2,077,847
Cleco		53,187		2,899,755
El Paso Electric		36,141		1,396,488
Empire District Electric		39,314		975,773
IDACORP		44,376		2,789,919
MGE Energy		31,026		1,375,072
NRG Yield Class A		21,400		1,085,622
Otter Tail		32,881		1,057,782
PNM Resources		70,636		2,062,571
Portland General Electric		69,014		2,559,729
UIL Holdings		49,940		2,567,915
Unitil		11,541		401,281

				22,129,014

Electrical Equipment–0.94%
AZZ		23,127		1,077,487
†Capstone Turbine		284,287		184,787
Encore Wire		19,026		720,705
EnerSys		39,006		2,505,745
†Enphase Energy		18,600		245,334
Franklin Electric		42,540		1,622,476
†FuelCell Energy		193,034		241,293
†Generac Holdings		60,682		2,954,607
General Cable		44,800		771,904
Global Power Equipment Group		10,815		142,758
†GrafTech International		87,000		338,430
LSI Industries		13,077		106,578
†Plug Power		159,000		411,810
†Polypore International		39,900		2,350,110
Powell Industries		6,608		223,152
†Power Solutions International		3,200		205,728
†PowerSecure International		18,500		243,460
Preformed Line Products		1,286		54,179
†Revolution Lighting Technologies		30,400		33,744
†Thermon Group Holdings		29,403		707,730
†Vicor		11,771		178,919

				15,320,936


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Electronic Equipment, Instruments & Components–2.64%
†Agilysys		10,614	$	104,442
†Anixter International		24,101		1,834,809
Badger Meter		13,261		794,864
Belden		38,342		3,587,278
†Benchmark Electronics		48,566		1,167,041
Checkpoint Systems		39,172		423,841
†Cognex		76,330		3,785,205
†Coherent		22,232		1,444,191
†Control4		6,500		77,870
CTS		26,711		480,531
†CUI Global		14,900		87,314
Daktronics		33,261		359,551
†DTS		15,365		523,486
Electro Rent		16,047		181,973
Electro Scientific Industries		13,023		80,482
†Fabrinet		32,641		619,853
†FARO Technologies		14,299		888,397
FEI		37,211		2,840,688
=Gerber Scientific		6,600		0
†GSI Group		26,763		356,483
†II-VI		47,951		885,175
†Imprivata		6,500		91,000
†Insight Enterprises		37,003		1,055,326
†InvenSense		58,752		893,618
†Itron		35,200		1,285,152
†KEMET		26,326		108,990
†Kimball Electronics		20,026		283,168
Littelfuse		20,006		1,988,396
†Maxwell Technologies		24,876		200,501
†Mercury Computer Systems		28,051		436,193
Mesa Laboratories		2,530		182,666
Methode Electronics		33,866		1,593,057
MTS Systems		13,657		1,033,152
†Multi-Fineline Electronix		5,497		100,430
†Newport		36,649		698,530
†OSI Systems		17,868		1,326,878
Park Electrochemical		15,488		333,921
PC Connection		8,824		230,218
†Plexus		30,463		1,241,977
†RealD		34,440		440,488
†Rofin-Sinar Technologies		26,047		631,119
†Rogers		16,252		1,336,077
†Sanmina		73,295		1,773,006
†ScanSource		25,837		1,050,274
†Speed Commerce		43,000		27,464
SYNNEX		25,323		1,956,202
†TTM Technologies		40,422		364,202
†Universal Display		36,241		1,694,267
†Viasystems Group		1,851		32,374
†Vishay Precision Group		7,609		121,211

				43,033,331


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Energy Equipment & Services–0.96%
†Basic Energy Services		23,879	$	165,481
Bristow Group		31,591		1,720,130
†C&J Energy Services		35,529		395,438
CARBO Ceramics		18,200		555,282
†CHC Group		25,200		33,516
†Dawson Geophysical		9,511		40,612
†Era Group		17,100		356,364
Exterran Holdings		52,100		1,748,997
†Forum Energy Technologies		53,846		1,055,382
†Geospace Technologies		8,853		146,163
Gulf Island Fabrication		15,379		228,532
Gulfmark Offshore		21,498		280,334
†Helix Energy Solutions Group		94,456		1,413,062
†Hercules Offshore		110,376		46,270
†Hornbeck Offshore Services		33,459		629,364
†ION Geophysical		93,938		203,845
†Key Energy Services		106,617		194,043
†Matrix Service		20,607		361,859
†McDermott International		218,100		837,504
†Mitcham Industries		7,277		33,474
†Natural Gas Services Group		7,585		145,784
†Newpark Resources		77,841		709,132
Nordic American Offshore		11,100		101,676
North Atlantic Drill		50,600		58,696
†Nuverra Environmental Solutions		13,492		48,032
†Parker Drilling		92,445		322,633
†PHI		10,182		306,275
†Pioneer Energy Services		43,983		238,388
†RigNet		9,674		276,580
†SEACOR Holdings		16,700		1,163,489
†TerraForm Power Class A		23,700		865,287
Tesco		27,946		317,746
†TETRA Technologies		79,142		489,098
†Vantage Drilling		144,726		47,398
†Willbros Group		28,802		95,335

				15,631,201

Food & Staples Retailing–0.96%
Andersons		25,363		1,049,267
Casey’s General Stores		33,912		3,055,471
†Chefs’ Warehouse Holdings		15,895		356,525
†Fairway Group Holdings		10,100		68,377
†Fresh Market		38,200		1,552,448
Ingles Markets Class A		11,131		550,762
†Natural Grocers by Vitamin Cottage		7,253		200,255
PriceSmart		16,832		1,430,383
†Roundy’s		24,045		117,580
†Smart & Final Stores		10,200		179,520
SpartanNash		34,258		1,081,182
†SUPERVALU		180,047		2,093,947
†United Natural Foods		43,599		3,358,867
Village Super Market Class A		4,613		145,033


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Food & Staples Retailing (continued)
Weis Markets		9,200	$	457,792

				15,697,409

Food Products–1.43%
Alico		2,463		126,253
B&G Foods Class A		48,014		1,413,052
†Boulder Brands		56,713		540,475
Calavo Growers		13,454		691,805
Cal-Maine Foods		28,030		1,094,852
†Darling International		145,559		2,039,282
Dean Foods		83,700		1,383,561
†Diamond Foods		17,771		578,801
†Farmer Bros		5,201		128,725
Fresh Del Monte Produce		29,556		1,150,024
†Inventure Foods		13,960		156,212
J&J Snack Foods		13,387		1,428,393
John B. Sanfilippo & Son		7,302		314,716
Lancaster Colony		16,554		1,575,444
†Lifeway Foods		1,079		23,080
Limoneira		9,287		202,457
†Omega Protein		21,568		295,266
†Post Holdings		46,254		2,166,537
Sanderson Farms		20,490		1,632,029
†Seaboard		257		1,061,924
†Seneca Foods Class A		7,410		220,892
Snyders-Lance		42,715		1,365,171
Tootsie Roll Industries		18,135		615,148
†TreeHouse Foods		37,013		3,146,845

				23,350,944

Gas Utilities–1.06%
Chesapeake Utilities		13,465		681,464
Laclede Group		38,267		1,960,036
New Jersey Resources		74,582		2,316,517
Northwest Natural Gas		24,419		1,170,891
ONE Gas		46,100		1,992,903
Piedmont Natural Gas		68,868		2,541,918
South Jersey Industries		29,352		1,593,227
Southwest Gas		41,195		2,396,313
WGL Holdings		45,824		2,584,474

				17,237,743

Health Care Equipment & Supplies–3.57%
Abaxis		20,113		1,289,444
†ABIOMED		35,339		2,529,566
†Accuray		64,818		602,807
Analogic		11,537		1,048,713
†AngioDynamics		21,092		375,227
†Anika Therapeutics		13,495		555,589
†Antares Pharma		85,224		230,957
†AtriCure		23,203		475,429
Atrion		1,267		437,761
Cantel Medical		30,250		1,436,875


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Equipment & Supplies (continued)
†Cardiovascular Systems		25,082	$	979,201
†Cerus		79,383		331,027
CONMED		24,422		1,233,067
CryoLife		18,010		186,764
†Cyberonics		23,904		1,551,848
†Cynosure Class A		18,442		565,616
†Derma Sciences		18,164		153,849
†DexCom		65,777		4,100,538
†Endologix		58,132		992,313
†Exactech		8,883		227,671
†GenMark Diagnostics		39,200		508,816
†Globus Medical		58,874		1,485,980
†Greatbatch		22,325		1,291,501
†Haemonetics		46,134		2,072,339
†HeartWare International		15,180		1,332,349
†ICU Medical		11,067		1,030,780
†Inogen		4,500		143,955
†Insulet		49,385		1,646,990
†Integra LifeSciences Holdings		22,375		1,379,419
†Intersect ENT		6,400		165,312
Invacare		29,939		581,116
†K2M Group Holdings		8,400		185,220
†LDR Holding		15,500		567,920
†Masimo		40,158		1,324,411
Meridian Bioscience		35,075		669,231
†Merit Medical Systems		39,374		757,949
†NanoString Technologies		12,600		128,394
†Natus Medical		29,063		1,147,117
†Neogen.		32,712		1,528,632
†NuVasive		41,337		1,901,089
†NxStage Medical		55,654		962,814
†Ocular Therapeutix		6,500		272,903
†OraSure Technologies		47,106		308,073
†Orthofix International		14,003		502,568
†Oxford Immunotec Global		17,300		243,584
†PhotoMedex		7,198		14,468
†Quidel		26,325		710,249
†Rockwell Medical Technologies		39,735		434,304
†RTI Biologics		56,500		279,110
†Sientra		4,100		78,679
†Spectranetics		37,269		1,295,470
†Staar Surgical		30,099		223,636
STERIS		51,967		3,651,721
†SurModics		10,565		275,007
†Symmetry Surgical		7,915		58,017
†Tandem Diabetes Care		5,200		65,624
†Thoratec		47,700		1,998,153
†Tornier		29,465		772,572
†TransEnterix		29,600		86,728
†TriVascular Technologies		5,100		53,499
†Unilife		118,287		474,331
Utah Medical Products		2,266		135,643


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Equipment & Supplies (continued)
†Vascular Solutions		14,273	$	432,757
West Pharmaceutical Services		62,200		3,745,062
†Wright Medical Group		44,860		1,157,388
†Zeltiq Aesthetics		25,556		787,891

				58,173,033

Health Care Providers & Services–2.63%
†AAC Holdings		4,400		134,552
†Acadia Healthcare		37,777		2,704,833
†Addus HomeCare		4,700		108,194
†Adeptus Health Class A		5,500		276,210
†Air Methods		34,796		1,621,146
†Alliance HealthCare Services		4,300		95,374
†Almost Family		7,976		356,607
†Amedisys		23,016		616,368
†AMN Healthcare Services		38,574		889,902
†Amsurg.		37,442		2,303,432
†Bio-Reference Labs		22,470		791,843
†BioScrip		59,631		264,165
†BioTelemetry		19,100		169,035
†Capital Senior Living		23,931		620,770
†Catalent		43,800		1,364,370
Chemed		15,598		1,862,401
†Civitas Solutions		8,900		186,366
†CorVel		9,812		337,631
†Cross Country Healthcare		28,617		339,398
Ensign Group		20,445		958,053
†ExamWorks Group		31,104		1,294,548
†Five Star Quality Care		27,022		119,978
†Genesis Healthcare		13,045		92,880
†Hanger		32,132		729,075
†HealthEquity		9,700		242,403
HealthSouth		77,567		3,440,872
†Healthways		25,136		495,179
†IPC Healthcare		13,694		638,688
Kindred Healthcare		69,651		1,656,997
Landauer		7,171		251,989
†LHC Group		9,106		300,771
†Magellan Health		24,595		1,741,818
†Molina Healthcare		26,881		1,808,822
National Healthcare		8,475		539,942
National Research Class A		4,281		61,646
†NeoStem		23,200		58,928
Owens & Minor		55,954		1,893,483
†PharMerica		28,249		796,339
†Providence Service		9,433		501,081
†RadNet.		23,700		199,080
Select Medical Holdings		64,867		961,978
†Surgical Care Affiliates		11,600		398,228
†T2 Biosystems		5,900		91,568
†Team Health Holdings		61,759		3,613,519
†Triple-S Management Class B		23,738		471,911


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Providers & Services (continued)
U.S. Physical Therapy		9,349	$	444,078
†Universal American		36,111		385,665
†WellCare Health Plans		38,559		3,526,606

				42,758,722

Health Care Technology–0.50%
†Castlight Health Class B		9,400		72,944
Computer Programs & Systems		10,449		566,963
†HealthStream		19,945		502,614
†HMS Holdings		78,620		1,214,679
†MedAssets		55,174		1,038,375
†Medidata Solutions		47,834		2,345,779
†Merge Healthcare		65,988		294,966
†Omnicell.		33,125		1,162,688
Quality Systems		45,528		727,537
†Vocera Communications		13,540		134,317

				8,060,862

Hotels, Restaurants & Leisure–3.28%
†Belmond		87,322		1,072,314
†Biglari Holdings		1,590		658,419
†BJ’s Restaurants		19,574		987,508
Bloomin’ Brands		68,652		1,670,303
Bob Evans Farms		22,232		1,028,452
†Boyd Gaming		70,183		996,599
†Bravo Brio Restaurant Group		13,326		195,759
†Buffalo Wild Wings		16,668		3,020,908
†Caesars Acquisition		33,100		225,080
†Caesars Entertainment		41,000		431,730
†Carrols Restaurant Group		34,765		288,202
Cheesecake Factory		44,286		2,184,628
Churchill Downs		12,021		1,382,054
†Chuy’s Holdings		13,532		304,876
ClubCorp Holdings		19,900		385,264
Cracker Barrel Old Country Store		16,894		2,570,253
†Dave & Buster’s Entertainment		5,100		155,346
†Del Frisco’s Restaurant Group		22,787		459,158
†Denny’s		72,156		822,578
†Diamond Resorts International		29,300		979,499
DineEquity		14,832		1,587,172
†El Pollo Loco Holdings		6,100		156,221
†Empire Resorts		16,500		75,900
†Famous Dave’s of America		5,900		168,150
†Fiesta Restaurant Group		23,857		1,455,277
†Habit Restaurants Class A		4,400		141,416
†Ignite Restaurant Group		3,734		18,110
International Speedway Class A		23,318		760,400
Interval Leisure Group		32,536		852,769
†Intrawest Resorts Holdings		12,700		110,744
†Isle of Capri Casinos		21,773		305,911
Jack in the Box		35,215		3,377,823
†Jamba		15,291		224,931


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
†Krispy Kreme Doughnuts		58,457	$	1,168,555
†La Quinta Holdings		40,200		951,936
†Life Time Fitness		36,283		2,574,642
Marcus		17,634		375,428
Marriott Vacations Worldwide		23,872		1,934,826
†Monarch Casino & Resort		6,584		126,018
†Morgans Hotel Group		26,125		202,469
Nathan’s Famous		2,835		153,515
†Noodles		7,800		136,032
Papa John’s International		27,222		1,682,592
†Papa Murphy’s Holdings		8,200		148,748
†Penn National Gaming		72,300		1,132,218
†Pinnacle Entertainment		53,285		1,923,056
†Popeyes Louisiana Kitchen		21,229		1,269,919
†Potbelly		16,600		227,420
†Red Robin Gourmet Burgers		12,922		1,124,214
†Ruby Tuesday		53,395		320,904
Ruth’s Hospitality Group		29,208		463,823
†Scientific Games Class A		41,452		434,002
†Shake Shack Class A		5,000		250,250
Sonic		48,375		1,533,488
Speedway Motorsports		7,375		167,781
Texas Roadhouse		61,640		2,245,545
Travelport Worldwide		22,800		380,760
Vail Resorts		31,846		3,293,513
†Zoe’s Kitchen		4,200		139,818

				53,415,226

Household Durables–1.20%
†Beazer Homes USA		25,566		453,030
†Cavco Industries		7,426		557,396
CSS Industries		9,455		285,068
†Dixie Group		10,800		97,740
Ethan Allen Interiors		20,832		575,796
Flexsteel Industries		2,528		79,101
†Helen of Troy		25,347		2,065,527
†Hovnanian Enterprises Class A		101,192		360,244
†Installed Building Products		4,918		107,016
†iRobot		26,732		872,265
KB Home		75,636		1,181,434
La-Z-Boy		47,033		1,322,098
†LGI Homes		9,600		159,936
Libbey		19,788		789,739
Lifetime Brands		6,178		94,400
†M/I Homes		23,074		550,084
MDC Holdings		35,434		1,009,869
†Meritage Homes		34,884		1,696,758
NACCO Industries Class A		2,792		147,948
†New Home		10,900		173,855
Ryland Group		41,636		2,029,339
†Skullcandy		20,219		228,475
†Standard Pacific		130,398		1,173,582


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Household Durables (continued)
†TRI Pointe Homes		130,052	$	2,006,702
†UCP		5,100		44,370
†Universal Electronics		14,511		819,001
†WCI Communities		12,200		292,190
†William Lyon Homes Class A		13,000		335,660

				19,508,623

Household Products–0.17%
†Central Garden & Pet Class A		33,822		359,190
†HRG Group		68,456		854,331
Oil-Dri Corp of America		3,441		115,790
Orchids Paper Products		8,292		223,552
WD-40		13,539		1,198,743

				2,751,606

Independent Power & Renewable Electricity Producers–0.37%
Atlantic Power		87,333		245,406
†Dynegy		108,300		3,403,869
Ormat Technologies		27,256		1,036,273
Pattern Energy Group		39,600		1,121,472
†Vivint Solar		15,700		190,598

				5,997,618

Industrial Conglomerates–0.04%
Raven Industries		28,951		592,337

				592,337

Insurance–2.48%
†Ambac Financial Group		40,700		984,940
American Equity Investment Life Holding		66,055		1,924,182
AMERISAFE		17,199		795,454
Amtrust Financial Services		26,833		1,529,078
Argo Group International Holdings		25,827		1,295,224
†Atlas Financial Holdings		8,300		146,661
Baldwin & Lyons Class B		9,743		228,571
†Citizens		32,091		197,681
CNO Financial Group		180,712		3,111,861
Crawford Class B		17,053		147,338
Donegal Group Class A		5,144		80,864
†eHealth		14,419		135,250
EMC Insurance Group		2,600		87,880
Employers Holdings		28,927		780,740
†Enstar Group		7,711		1,093,882
FBL Financial Group Class A		8,674		537,875
Federated National Holding		11,700		358,020
Fidelity & Guaranty Life		8,100		171,720
First American Financial		94,076		3,356,632
†Global Indemnity		6,337		175,852
†Greenlight Capital Re Class A		25,857		822,253
†Hallmark Financial Services		8,751		92,761
HCI Group		8,707		399,390
†Heritage Insurance Holdings		9,300		204,693


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Insurance (continued)
†Hilltop Holdings		67,349	$	1,309,265
Horace Mann Educators		36,631		1,252,780
Independence Holding		6,117		83,130
@Infinity Property & Casualty		10,489		860,622
Kansas City Life Insurance		2,714		124,654
Kemper		39,600		1,542,816
Maiden Holdings		39,495		585,711
Meadowbrook Insurance Group		46,248		393,108
Montpelier Re Holdings		32,876		1,263,753
National General Holdings		33,000		617,100
National Interstate		7,601		213,436
National Western Life Insurance Class A		1,816		461,809
†Navigators Group		8,816		686,237
OneBeacon Insurance Group Class A		20,187		307,044
†Phoenix Companies		5,106		255,249
Primerica		48,222		2,454,500
RenaissanceRe Holdings		1		63
RLI		38,134		1,998,603
Safety Insurance Group		10,799		645,240
@Selective Insurance Group		50,307		1,461,418
State Auto Financial		12,495		303,504
State National		24,100		239,795
Stewart Information Services		17,739		720,913
Symetra Financial		67,299		1,578,835
†Third Point Reinsurance		52,100		737,215
United Fire Group		19,321		613,828
United Insurance Holdings		12,000		270,000
Universal Insurance Holdings		28,603		731,951

				40,371,381

Internet & Catalog Retail–0.46%
†1-800-FLOWERS.com Class A		19,282		228,106
†Blue Nile		9,397		299,200
†FTD		17,637		528,052
HSN		29,412		2,006,781
†Lands End		15,400		552,552
NutriSystem		22,126		442,077
†Orbitz Worldwide		48,211		562,140
†Overstock.com		7,697		186,421
PetMed Express		20,172		333,241
†RetailMeNot		28,900		520,489
†Shutterfly		34,272		1,550,465
†Wayfair Class A		9,600		308,352

				7,517,876

Internet Software & Services–2.08%
†Actua		38,259		592,632
†Angie’s List		34,117		200,267
†Bankrate		61,282		694,938
†Bazaarvoice		44,580		251,877
†Benefitfocus		3,000		110,370


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Internet Software & Services (continued)
†Blucora		39,368	$	537,767
†Borderfree		8,700		52,287
†Box Class A		11,000		217,250
†Brightcove		32,686		239,588
†Carbonite		15,170		216,931
†ChannelAdvisor		15,000		145,350
†comScore		30,954		1,584,845
†Constant Contact		28,632		1,094,029
†Cornerstone OnDemand		47,410		1,369,675
†Coupons.com		8,700		102,138
†Cvent		16,900		473,876
†Dealertrack Technologies		47,512		1,830,162
†Demandware		26,730		1,627,857
†Dice Holdings		33,216		296,287
EarthLink Holdings		77,353		343,447
†Endurance International Group Holdings		28,200		537,492
†Envestnet		30,293		1,698,831
†Global Eagle Entertainment		31,700		421,927
†Gogo		50,500		962,530
†GrubHub		6,500		295,035
†HubSpot		4,400		175,560
†Internap		45,421		464,657
†IntraLinks Holdings		30,405		314,388
@j2 Global		41,887		2,751,138
†Limelight Networks		67,249		244,114
†Liquidity Services		16,626		164,265
†LivePerson		41,318		422,890
†LogMeIn		22,271		1,246,953
Marchex Class B		24,554		100,180
†Marin Software		19,100		120,139
†Marketo		23,700		607,194
†Millennial Media		54,576		79,135
†Monster Worldwide		88,473		560,919
NIC		58,947		1,041,593
†Perficient		28,925		598,458
†Q2 Holdings		11,600		245,224
†QuinStreet		29,711		176,780
†RealNetworks		13,048		87,813
Reis		5,300		135,892
†Rightside Group		9,023		91,583
†Rocket Fuel		13,300		122,360
†Rubicon Project		8,700		155,904
†SciQuest		21,945		371,529
†Shutterstock		13,852		951,217
†SPS Commerce		14,701		986,437
†Stamps.com		13,038		877,327
†TechTarget		10,197		117,571
†Textura		18,500		502,830
†Travelzoo		3,660		35,282
†Tremor Video		25,700		60,138
†TrueCar		10,500		187,425


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Internet Software & Services (continued)
†Unwired Planet		56,263	$	32,171
†Web.com Group		47,251		895,406
†WebMD Health		34,530		1,513,623
†Wix.Com		13,900		266,324
†XO Group		23,301		411,729
†Xoom		29,247		429,638
†Yodlee		9,300		125,178
†YuMe		23,900		124,041
†Zix		39,474		155,133

				33,847,526

IT Services–2.98%
†Acxiom		68,872		1,273,443
†Blackhawk Network Holdings Class A		16,900		604,513
†Blackhawk Network Holdings Class B		28,800		1,023,840
†CACI International Class A		20,861		1,875,821
†Cardtronics		39,740		1,494,224
Cass Information Systems		9,894		555,449
†Ciber		65,925		271,611
Computer Task Group		9,430		68,933
Convergys		90,022		2,058,803
CSG Systems International		28,288		859,672
†Datalink		17,567		211,507
†EPAM Systems		31,645		1,939,522
†Euronet Worldwide		45,048		2,646,570
EVERTEC		58,900		1,287,554
†ExlService Holdings		29,548		1,099,186
Forrester Research		8,233		302,810
†Global Cash Access Holdings		52,394		399,242
Hackett Group		26,091		233,254
Heartland Payment Systems		31,895		1,494,281
†Higher One Holdings		17,208		41,643
†IGATE		32,898		1,403,429
†Lionbridge Technologies		47,270		270,384
†Luxoft Holding		7,900		408,746
Mantech International Class A		19,817		672,589
MAXIMUS		59,464		3,969,817
†Moduslink Global Solutions		26,611		102,452
†MoneyGram International		24,587		212,432
†NeuStar Class A		50,500		1,243,310
†PRGX Global		28,962		116,427
†Qorvo		125,073		9,968,318
Science Applications International		35,300		1,812,655
†ServiceSource International		71,460		221,526
†Sykes Enterprises		35,877		891,543
†Syntel		27,728		1,434,369
TeleTech Holdings		12,960		329,832
†Unisys		46,154		1,071,234
†Virtusa		23,636		978,058
†WEX		34,098		3,660,761

				48,509,760


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Leisure Products–0.49%
Arctic Cat		12,314	$	447,244
†Black Diamond		20,345		192,260
Brunswick		81,371		4,186,538
Callaway Golf		66,427		633,049
Escalade		7,200		125,136
†JAKKS Pacific		10,637		72,757
Johnson Outdoors Class A		3,886		128,665
†LeapFrog Enterprises		51,308		111,851
†Malibu Boats Class A		5,800		135,430
Marine Products		5,709		48,926
†Nautilus		27,600		421,452
†Smith & Wesson Holding		44,132		561,800
Sturm Ruger		17,614		874,183

				7,939,291

Life Sciences Tools & Services–0.54%
†Accelerate Diagnostics		22,521		506,723
†Affymetrix		66,465		834,800
†Albany Molecular Research		19,400		341,440
†Cambrex		27,746		1,099,574
†Enzo Biochem		24,700		72,865
†Fluidigm		25,845		1,088,075
†INC Research Holdings Class A		7,100		232,383
†Luminex		30,307		484,912
†Pacific Biosciences of California		49,998		291,988
†Parexel International		50,059		3,453,570
†Sequenom		103,956		410,626

				8,816,956

Machinery–2.86%
†Accuride		28,827		134,334
Actuant Class A		52,814		1,253,804
Alamo Group		5,435		343,112
Albany International		25,483		1,012,949
Altra Holdings		24,978		690,392
American Railcar Industries		7,546		375,263
Astec Industries		17,347		743,839
Barnes Group		48,139		1,949,148
†Blount International		41,249		531,287
Briggs & Stratton		42,514		873,238
†Chart Industries		27,574		967,158
CIRCOR International		16,127		882,147
CLARCOR		44,460		2,937,028
Columbus McKinnon		15,808		425,868
†Commercial Vehicle Group		25,826		166,319
Douglas Dynamics		17,949		409,955
Dynamic Materials		7,816		99,810
†Energy Recovery		30,070		77,881
EnPro Industries		20,309		1,339,379
ESCO Technologies		22,038		859,041
†ExOne		9,291		126,822
Federal Signal		57,207		903,299


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Machinery (continued)
Foster (L.B.) Class A		9,988	$	474,230
FreightCar America		10,041		315,589
Global Brass & Copper Holdings		15,400		237,930
Gorman-Rupp		17,282		517,596
Graham		7,462		178,864
Greenbrier Companies		24,647		1,429,526
Harsco		72,600		1,253,076
Hillenbrand		55,836		1,723,657
Hurco Companies		4,207		138,536
Hyster-Yale Materials Handling		9,566		701,092
John Bean Technologies		26,492		946,294
Kadant		9,297		489,115
Lindsay		10,207		778,284
†Lydall		14,802		469,519
†Manitex International		12,400		120,652
†Meritor		87,912		1,108,570
Miller Industries		11,629		284,911
Mueller Industries		50,440		1,822,397
Mueller Water Products Class A		142,727		1,405,861
NN		14,656		367,572
Omega Flex		648		16,297
†Proto Labs		20,243		1,417,010
RBC Bearings		20,818		1,593,410
†Rexnord		66,764		1,781,931
Standex International		10,654		875,013
Sun Hydraulics		18,228		753,910
Tennant		16,781		1,096,974
Titan International		37,010		346,414
†Trimas		40,625		1,250,844
Twin Disc		5,164		91,248
†Wabash National		62,640		883,224
Watts Water Technologies Class A		25,528		1,404,806
Woodward		58,458		2,981,943
†Xerium Technologies		11,200		181,664

				46,540,032

Marine–0.16%
Baltic Trading		35,600		53,044
International Shipholding		3,168		38,364
Knightsbridge Tankers		60,883		304,415
Matson		38,300		1,614,728
Navios Maritime Holdings		57,400		239,932
Safe Bulkers		28,200		101,238
†Scorpio Bulkers		93,500		221,595

				2,573,316

Media–1.42%
AH Belo Class A		19,000		156,370
AMC Entertainment Holdings		19,400		688,506
†Carmike Cinemas		22,935		770,616
†Central European Media Enterprises Class A		49,011		130,369


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Media (continued)
†Crown Media Holdings Class A		18,679	$	74,716
†Cumulus Media Class A		138,424		341,907
†Daily Journal		1,150		210,680
†Demand Media		9,023		51,612
†Dex Media		11,000		46,090
†Entercom Communications Class A		25,921		314,940
Entravision Communications Class A		46,030		291,370
†Eros International		19,800		345,906
†EVINE Live		43,300		290,543
†Global Sources		10,283		60,258
†Gray Television		42,600		588,732
Harte-Hanks		46,142		359,908
†Hemisphere Media Group		9,200		116,380
†Journal Communications Class A		37,603		557,276
†Lee Enterprises		38,800		122,996
†Loral Space & Communications		11,961		818,611
†Martha Stewart Living Omnimedia Class A		17,996		116,974
†McClatchy Class A		37,072		68,212
MDC Partners Class A		39,235		1,112,312
†Media General		73,200		1,207,068
Meredith		31,934		1,780,959
National CineMedia		55,429		836,978
New Media Investment Group		36,900		883,017
New York Times Class A		123,211		1,695,383
Nexstar Broadcasting Group Class A		27,356		1,565,310
†Radio One Class D		11,900		36,652
†ReachLocal		6,392		18,601
†Reading International Class A		17,940		241,293
†Rentrak		8,553		475,205
Saga Communications Class A		2,612		116,338
Salem Communications Class A		5,612		34,570
Scholastic		24,691		1,010,850
†Scripps (E.W.) Class A		28,903		822,001
†SFX Entertainment		32,000		130,880
Sinclair Broadcast Group Class A		61,132		1,920,156
†Sizmek		15,184		110,236
Time		97,700		2,192,388
†Townsquare Media		9,400		120,790
World Wrestling Entertainment Class A		22,707		318,125

				23,152,084

Metals & Mining–1.00%
Advanced Drainage Systems		11,300		338,322
†AK Steel Holding		163,356		730,201
†AM Castle		10,172		37,128
Ampco-Pittsburgh		5,257		91,787
†Century Aluminum		40,487		558,721
†Coeur Mines		88,386		416,298
Commercial Metals		105,000		1,699,950
Globe Specialty Metals		57,733		1,092,308
Gold Resource		39,956		127,460


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Metals & Mining (continued)
†Handy & Harman		2,948	$	121,045
Haynes International		11,781		525,550
Hecla Mining		331,200		986,976
†Horsehead Holding		51,630		653,636
Kaiser Aluminum		16,222		1,247,310
Materion.		18,984		729,555
†Molycorp		108,200		41,689
Noranda Aluminum Holding		40,745		121,013
Olympic Steel		5,606		75,457
†RTI International Metals		25,740		924,323
†Ryerson Holding		13,725		87,428
Schnitzer Steel Industries Class A		25,201		399,688
†Stillwater Mining		106,915		1,381,342
SunCoke Energy		55,147		823,896
†Universal Stainless & Alloy		4,193		109,940
US Silica Holdings		47,983		1,708,675
Walter Energy		47,600		29,512
Worthington Industries		46,208		1,229,595

				16,288,805

Multiline Retail–0.16%
Bon-Ton Stores		8,513		59,250
†Burlington Stores		25,600		1,521,152
Fred’s Class A		30,277		517,434
†Tuesday Morning		35,283		568,056

				2,665,892

Multi-Utilities–0.37%
Avista.		53,526		1,829,519
Black Hills		39,543		1,994,549
NorthWestern		41,506		2,232,608

				6,056,676

Oil, Gas & Consumable Fuels–2.24%
†Abraxas Petroleum		71,212		231,439
Adams Resources & Energy		1,206		81,055
Alon USA Energy		22,092		366,064
†Alpha Natural Resources		156,100		156,084
†American Eagle Energy		22,000		3,960
†Amyris		20,329		48,790
†Approach Resources		31,346		206,570
†Arch Coal		148,445		148,430
Ardmore Shipping		13,100		131,917
†Bill Barrett		38,690		321,127
†Bonanza Creek Energy		35,668		879,573
†Callon Petroleum		45,416		339,258
†Carrizo Oil & Gas		44,989		2,233,704
†Clayton Williams Energy		4,848		245,454
†Clean Energy Fuels		57,195		305,135
†Cloud Peak Energy		58,217		338,823
Comstock Resources		34,394		122,787
†Contango Oil & Gas		14,481		318,582
Delek U.S. Holdings		52,688		2,094,348


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
DHT Holdings		75,600	$	527,688
†Diamondback Energy		38,903		2,989,307
†Dorian LPG		5,300		69,059
†Eclipse Resources		22,400		125,888
†Emerald Oil		43,186		31,958
Energy XXI Bermuda		68,557		249,547
Evolution Petroleum		10,647		63,350
EXCO Resources		109,950		201,209
†FMSA Holdings		19,000		137,560
†Frontline		62,083		139,066
†FX Energy		31,200		39,000
GasLog		38,607		749,748
†Gastar Exploration		48,116		126,064
†Glori Energy		8,500		18,105
†Goodrich Petroleum		28,740		102,027
Green Plains Renewable Energy		34,043		971,928
†Halcon Resources		203,598		313,541
Hallador Energy		10,532		123,119
†Harvest Natural Resources		30,500		13,633
†Independence Contract Drilling		10,500		73,185
†Isramco		651		81,896
†Jones Energy Class A		7,200		64,656
†Magnum Hunter Resources		187,451		500,494
†Matador Resources		65,495		1,435,650
†Midstates Petroleum		32,989		28,041
†Miller Energy Resources		20,565		12,855
Navios Maritime Acquisition		59,500		210,630
Nordic American Tankers		83,298		992,079
†Northern Oil & Gas		44,937		346,464
†Pacific Ethanol		14,700		158,613
Panhandle Oil & Gas Class A		12,494		247,256
†Parsley Energy Class A		42,000		671,160
†PDC Energy		34,950		1,888,698
†Penn Virginia		53,079		343,952
†PetroQuest Energy		50,819		116,884
†Renewable Energy Group		24,964		230,168
†Resolute Energy		64,527		36,355
†Rex American Resources		4,950		301,010
†Rex Energy		38,927		144,808
†Ring Energy		13,500		143,370
†Rosetta Resources		55,571		945,818
†RSP Permian		21,700		546,623
†Sanchez Energy		47,038		611,964
Scorpio Tankers		146,509		1,380,115
SemGroup Class A		37,505		3,050,657
Ship Finance International		55,642		823,502
†Solazyme		55,040		157,414
†Stone Energy		51,071		749,722
†Swift Energy		32,599		70,414
†Synergy Resources		73,813		874,684
Teekay Tankers Class A		76,841		441,067
†Transatlantic Petroleum		16,400		87,576


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
†Triangle Petroleum		56,696	$	285,181
†Vaalco Energy		49,400		121,030
†Vertex Energy		16,300		60,310
W&T Offshore		25,736		131,511
†Warren Resources		65,016		57,864
Western Refining		43,341		2,140,612
†Westmoreland Coal		14,557		389,545

				36,518,730

Paper & Forest Products–0.75%
†Boise Cascade		35,346		1,324,061
†Clearwater Paper		16,751		1,093,840
Deltic Timber		10,255		679,394
Glatfelter		39,017		1,074,138
KapStone Paper & Packaging		74,764		2,455,250
†Louisiana-Pacific		125,078		2,065,038
Neenah Paper		14,995		937,787
†Resolute Forest Products		60,471		1,043,125
Schweitzer-Mauduit International		27,367		1,262,166
Wausau Paper		36,529		348,121

				12,282,920

Personal Products–0.16%
†Elizabeth Arden		22,300		347,880
Female Health		10,133		28,676
†IGI Laboratories		20,800		169,728
Inter Parfums		16,393		534,740
†Medifast		10,787		323,286
Nature’s Sunshine Products		5,554		72,868
†Nutraceutical International		4,606		90,738
†Revlon Class A		10,254		422,465
†Synutra International		8,658		55,411
†USANA Health Sciences		5,339		593,270

				2,639,062

Pharmaceuticals–2.05%
†AcelRx Pharmaceuticals		13,400		51,724
†Achaogen		8,900		86,864
†Aerie Pharmaceuticals		10,800		338,472
†Akorn		54,986		2,612,385
†Alimera Sciences		21,000		105,210
†Amphastar Pharmaceuticals		9,600		143,616
†Ampio Pharmaceuticals		42,764		322,013
†ANI Pharmaceuticals		5,000		312,750
†Aratana Therapeutics		24,400		390,644
†Bellicum Pharmaceuticals		7,400		171,458
†BioDelivery Sciences International		33,609		352,895
†Bio-Path Holdings		53,100		95,580
†Calithera Biosciences		6,100		100,162
†Cempra		25,096		861,044
†Corcept Therapeutics		53,911		301,902
†Depomed		52,057		1,166,597
†Dicerna Pharmaceuticals		4,800		115,344


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Pharmaceuticals (continued)
†Diplomat Pharmacy		11,700	$	404,586
†Endocyte		21,599		135,210
†Esperion Therapeutics		4,900		453,740
†FibroGen		7,100		222,798
†Flexion Therapeutics		5,200		117,104
†Horizon Pharma		58,455		1,518,076
†Immune Design		6,500		137,215
†Impax Laboratories		61,902		2,901,347
†Intra-Cellular Therapies		16,500		394,020
†Kite Pharma		7,700		444,136
†Lannett		22,980		1,555,976
Liberator Medical Holdings		15,800		55,300
†Medicines		57,833		1,620,481
†Mirati Therapeutics		5,500		161,260
†Nektar Therapeutics		113,288		1,246,168
†Nevro		6,100		292,373
†Omeros		34,166		752,677
†Otonomy		6,800		240,448
†Pacira Pharmaceuticals		31,375		2,787,669
†Pain Therapeutics		27,500		51,975
†Pernix Therapeutics Holdings		24,062		257,223
Phibro Animal Health Class A		13,900		492,199
†POZEN		17,689		136,559
†PRA Health Sciences		14,900		429,716
†Prestige Brands Holdings		46,055		1,975,299
†Radius Health		6,800		279,888
†Relypsa		15,600		562,692
†Repros Therapeutics		17,431		149,732
†Revance Therapeutics		4,900		101,577
†Sagent Pharmaceuticals		20,475		476,044
†SciClone Pharmaceuticals		46,674		413,532
†Sucampo Pharmaceuticals Class A		16,810		261,564
†Supernus Pharmaceuticals		29,385		355,265
†Tetraphase Pharmaceuticals		23,700		868,368
†TherapeuticsMD		110,700		669,735
Theravance		73,600		1,156,992
†Theravance Biopharma		22,800		395,580
†Tokai Pharmaceuticals		2,100		23,730
†Vitae Pharmaceuticals		8,600		100,706
†Vital Therapies		6,300		157,563
†VIVUS		69,061		169,890
†XenoPort		48,601		346,039
†Zafgen		6,800		269,348
†Zogenix		67,371		92,298
†ZS Pharma		5,000		210,400

				33,373,158

Professional Services–1.38%
Acacia Research		40,076		428,813
†Advisory Board		37,224		1,983,295
Barrett Business Services		5,232		224,139
†CBIZ		38,146		355,902


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Professional Services (continued)
CDI		7,887	$	110,812
Corporate Executive Board		29,902		2,387,974
†CRA International		6,351		197,643
Exponent		11,865		1,054,799
†Franklin Covey		8,762		168,756
†FTI Consulting		36,606		1,371,261
†GP Strategies		11,700		432,900
Heidrick & Struggles International		13,764		338,319
†Hill International		25,600		91,904
†Huron Consulting Group		21,078		1,394,310
†ICF International		18,251		745,553
Information Services Group		37,600		150,024
Insperity		18,601		972,646
Kelly Services Class A		20,677		360,607
Kforce		21,938		489,437
Korn/Ferry International		44,545		1,464,194
†Mistras Group		14,147		272,471
†Navigant Consulting		47,136		610,883
†On Assignment		45,182		1,733,633
†Paylocity Holding		6,100		174,704
†Pendrell		141,559		184,027
Resources Connection		32,809		574,158
†RPX		48,774		701,858
†TriNet Group		14,800		521,404
†TrueBlue		38,487		937,158
VSE		3,983		326,128
†WageWorks		31,230		1,665,496

				22,425,208

Real Estate Investment Trusts–8.67%
Acadia Realty Trust		60,315		2,103,787
AG Mortgage Investment Trust		22,184		417,947
Agree Realty		16,466		542,884
Alexander’s		1,876		856,544
†Altisource Portfolio Solutions		10,600		136,422
American Assets Trust		32,073		1,388,119
American Capital Mortgage Investment		46,711		838,930
†American Residential Properties		30,200		543,298
Anworth Mortgage Asset		106,931		544,279
Apollo Commercial Real Estate Finance		51,195		879,530
Apollo Residential Mortgage		25,181		401,637
Ares Commercial Real Estate		28,089		310,383
Armada Hoffler Properties		22,500		239,850
Armour Residential REIT		322,629		1,022,734
Ashford Hospitality Prime		24,479		410,513
Ashford Hospitality Trust		72,698		699,355
Associated Estates Realty		51,671		1,275,240
Aviv REIT		16,200		591,300
Campus Crest Communities		61,176		438,020
Capstead Mortgage		86,508		1,018,199


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
CareTrust REIT		20,781	$	281,790
CatchMark Timber Trust		13,100		153,532
Cedar Realty Trust		73,061		547,227
Chambers Street Properties		211,000		1,662,680
Chatham Lodging Trust		31,631		930,268
Chesapeake Lodging Trust		48,815		1,651,411
Colony Financial		94,879		2,459,264
Coresite Realty		17,368		845,474
Cousins Properties		195,046		2,067,488
CubeSmart		142,586		3,443,452
CyrusOne		29,906		930,675
CYS Investments		145,167		1,293,438
DCT Industrial Trust		72,665		2,518,569
DiamondRock Hospitality		172,974		2,444,123
DuPont Fabros Technology		56,645		1,851,159
Dynex Capital		45,630		386,486
†Easterly Government Properties		12,100		194,205
EastGroup Properties		27,869		1,676,042
Education Realty Trust		41,486		1,467,775
Empire State Realty Trust		81,900		1,540,539
EPR Properties		50,340		3,021,910
Equity One		54,905		1,465,414
Excel Trust		55,925		784,069
FelCor Lodging Trust		111,666		1,283,042
First Industrial Realty Trust		97,606		2,091,697
First Potomac Realty Trust		49,518		588,769
Franklin Street Properties		81,304		1,042,317
GEO Group		63,984		2,798,660
Getty Realty		21,100		384,020
Gladstone Commercial		19,805		368,571
Government Properties Income Trust		61,003		1,393,919
Hatteras Financial		86,100		1,563,576
Healthcare Realty Trust		84,892		2,358,300
Hersha Hospitality Trust		180,364		1,166,955
Highwoods Properties		79,206		3,626,051
Hudson Pacific Properties		58,151		1,930,032
†InfraREIT		20,200		577,518
Inland Real Estate		79,596		850,881
Invesco Mortgage Capital		109,461		1,699,929
Investors Real Estate Trust		102,662		769,965
†iStar Financial		76,870		999,310
Kite Realty Group Trust		26,854		756,477
LaSalle Hotel Properties		98,111		3,812,593
Lexington Realty Trust		182,486		1,793,837
LTC Properties		31,173		1,433,958
Mack-Cali Realty		79,200		1,526,976
Medical Properties Trust		183,272		2,701,429
Monmouth Real Estate Investment		45,689		507,605
National Health Investors		33,134		2,352,845
New Residential Investment		125,100		1,880,253
New York Mortgage Trust		88,132		683,904
New York REIT		144,800		1,517,504


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
One Liberty Properties		10,738	$	262,222
Owens Realty Mortgage		7,800		116,844
Parkway Properties		70,610		1,225,084
Pebblebrook Hotel Trust		62,910		2,929,719
Pennsylvania Real Estate Investment Trust		61,499		1,428,622
PennyMac Mortgage Investment Trust		66,221		1,409,845
Physicians Realty Trust		63,900		1,125,279
Potlatch		36,292		1,453,132
PS Business Parks		17,362		1,441,740
QTS Realty Trust		12,000		436,920
RAIT Financial Trust		70,832		485,908
Ramco-Gershenson Properties Trust		69,205		1,287,213
Redwood Trust		74,146		1,324,989
Resource Capital		120,329		546,294
Retail Opportunity Investments		80,667		1,476,206
Rexford Industrial Realty		52,400		828,444
RLJ Lodging Trust		115,061		3,602,560
Rouse Properties		34,360		651,466
Ryman Hospitality Properties		38,403		2,339,127
Sabra Health Care REIT		52,555		1,742,198
Saul Centers		9,166		524,295
Select Income REIT		33,663		841,238
Silver Bay Realty Trust		35,852		579,368
Sovran Self Storage		31,188		2,929,801
STAG Industrial		50,934		1,197,968
Starwood Waypoint Residential Trust		35,500		917,675
STORE Capital		29,300		684,155
†Strategic Hotels & Resorts		235,553		2,927,924
Summit Hotel Properties		77,173		1,085,824
Sun Communities		42,339		2,824,858
Sunstone Hotel Investors		180,974		3,016,837
Terreno Realty		34,814		793,759
Trade Street Residential		9,780		70,025
UMH Properties		17,967		180,928
Universal Health Realty Income Trust		11,273		634,106
Urstadt Biddle Properties Class A		25,117		579,198
Washington Real Estate Investment Trust		59,375		1,640,531
Western Asset Mortgage Capital		32,984		497,399
Whitestone REIT		21,971		348,899

				141,125,454

Real Estate Management & Development–0.53%
Alexander & Baldwin		43,400		1,874,012
Altisource Residential		51,500		1,074,290
†AV Homes		8,780		140,129
Consolidated-Tomoka Land		4,399		262,444
†Forestar Group		32,877		518,470
†FRP Holdings		5,972		217,381
Gramercy Property Trust		41,928		1,176,912
Kennedy-Wilson Holdings		63,953		1,671,731


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Real Estate Management & Development (continued)
RE/MAX Holdings		11,100	$	368,631
†St. Joe		52,200		968,832
†Tejon Ranch		10,465		276,799

				8,549,631

Road & Rail–0.66%
ArcBest		23,542		892,006
Celadon Group		17,246		469,436
†General Finance		6,300		50,841
Heartland Express		48,909		1,162,078
Knight Transportation		53,182		1,715,119
Marten Transport		19,478		451,890
†P.A.M. Transportation Services		2,100		120,267
†Patriot Transportation Holding		1,990		49,690
†Quality Distribution		19,881		205,371
†Roadrunner Transportation Systems		25,803		652,042
†Saia		22,263		986,251
†Swift Transportation		75,368		1,961,075
Universal Truckload Services		3,287		82,767
†USA Truck		8,100		224,289
Werner Enterprises		40,056		1,258,159
†YRC Worldwide		25,400		456,184

				10,737,465

Semiconductors & Semiconductor Equipment–3.29%
†Advanced Energy Industries		37,379		959,145
†Alpha & Omega Semiconductor		19,771		176,160
†Ambarella		25,692		1,945,141
†Amkor Technology		69,765		616,374
†Applied Micro Circuits		59,890		305,439
†Audience		16,706		75,845
†Axcelis Technologies		93,334		222,135
Brooks Automation		61,390		713,966
†Cabot Microelectronics		21,771		1,087,897
†Cascade Microtech		9,200		124,936
†Cavium		46,473		3,291,218
†CEVA		19,023		405,570
†Cirrus Logic		55,188		1,835,553
Cohu		21,843		238,962
†Cypress Semiconductor		271,095		3,825,150
†Diodes		33,065		944,336
†DSP Group		17,252		206,679
†Entegris		123,950		1,696,875
†Entropic Communications		58,414		172,905
†Exar		31,384		315,409
†Fairchild Semiconductor International		102,600		1,865,268
†FormFactor		48,314		428,545
†Inphi		29,294		522,312
†Integrated Device Technology		118,119		2,364,742
Integrated Silicon Solution		25,748		460,632
Intersil Class A		114,495		1,639,568
IXYS		23,122		284,863


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
†Kopin.		64,942	$	228,596
†Lattice Semiconductor		108,126		685,519
†M/A-COM Technology Solutions Holdings		11,007		410,121
†MaxLinear Class A		27,521		223,746
Micrel		39,283		592,388
†Microsemi		83,714		2,963,476
MKS Instruments		47,624		1,610,167
Monolithic Power Systems		34,353		1,808,685
†Nanometrics		22,922		385,548
NVE.		3,528		243,150
†OmniVision Technologies		50,166		1,322,877
†PDF Solutions		25,878		463,734
Pericom Semiconductor		20,862		322,735
†Photronics		62,260		529,210
†PMC - Sierra		154,800		1,436,544
Power Integrations		27,156		1,414,284
†QuickLogic		39,900		77,007
†Rambus		102,086		1,283,731
†Rubicon Technology		19,297		76,030
†Rudolph Technologies		28,138		310,081
†Semtech		59,984		1,598,274
†Silicon Laboratories		38,600		1,959,722
†Synaptics		31,852		2,589,727
Tessera Technologies		47,435		1,910,682
†Ultra Clean Holdings		28,866		206,392
†Ultratech		26,455		458,730
†Veeco Instruments		36,107		1,103,069
†Vitesse Semiconductor		58,800		312,228
†Xcerra		43,741		388,857

				53,640,935

Software–4.42%
†A10 Networks		13,600		58,888
†ACI Worldwide		100,851		2,184,433
Advent Software		45,621		2,012,342
†Amber Road		11,100		102,675
American Software Class A		25,261		258,167
†Aspen Technology		81,075		3,120,577
†AVG Technologies		31,996		692,713
†Barracuda Networks		7,500		288,525
Blackbaud		41,033		1,944,144
†Bottomline Technologies		35,771		979,052
†BroadSoft		23,414		783,432
†Callidus Software		40,157		509,191
†Cinedigm Class A		55,400		89,748
†CommVault Systems		41,802		1,826,747
†Comverse		16,341		321,918
†Covisint		33,785		68,584
†Cyan		36,900		147,231
Digimarc		3,858		84,683
Ebix		25,978		789,212


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Software (continued)
†Ellie Mae		25,192	$	1,393,370
†EnerNOC		20,785		236,949
Epiq Systems		24,159		433,171
†ePlus		4,979		432,824
†Everyday Health		9,400		120,884
Fair Isaac		28,439		2,523,108
†Five9		12,000		66,720
†Fleetmatics Group		33,339		1,495,254
†Gigamon		22,800		484,272
†Globant		7,400		155,844
†Glu Mobile		74,232		371,902
†Guidance Software		9,449		51,119
†Guidewire Software		59,778		3,144,921
†Imperva		20,061		856,605
†Infoblox		48,492		1,157,504
†Interactive Intelligence Group		15,520		639,114
†Jive Software		25,355		130,071
†Kofax		70,400		770,880
†Manhattan Associates		66,680		3,374,675
†Mavenir Systems		7,600		134,824
Mentor Graphics		85,890		2,063,937
†MicroStrategy		8,084		1,367,732
†MobileIron		12,300		113,898
†Model N		14,400		172,224
Monotype Imaging Holdings		35,531		1,159,732
†Netscout Systems		32,656		1,431,966
†New Relic		5,000		173,500
†OPOWER		9,700		98,261
†Park City Group		12,800		176,384
†Paycom Software		6,800		218,008
Pegasystems		32,802		713,444
†Progress Software		46,100		1,252,537
†Proofpoint		32,820		1,943,600
†PROS Holdings		22,037		544,534
QAD Class A		4,773		115,507
†Qlik Technologies		79,180		2,464,873
†Qualys		17,125		795,970
†Rally Software Development		18,000		282,420
†RealPage		47,111		948,816
†Rosetta Stone		22,571		171,765
†Sapiens International		23,890		195,898
†Seachange International		21,379		167,825
†Silver Spring Networks		25,300		226,182
SS&C Technologies Holdings		59,817		3,726,599
†Synchronoss Technologies		31,544		1,497,078
†Take-Two Interactive Software		74,141		1,887,259
†Tangoe		33,351		460,244
†TeleCommunication Systems Class A		50,000		191,500
†Telenav		25,300		200,376
†TiVo		83,699		888,046
†Tyler Technologies		29,036		3,499,709
†Ultimate Software Group		24,868		4,226,441


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Software (continued)
†Varonis Systems		3,800	$	97,508
†VASCO Data Security International		24,959		537,617
†Verint Systems		52,670		3,261,853
†VirnetX Holding		29,605		180,294
†Vringo		43,000		27,967
†Zendesk		8,200		186,058

				71,903,835

Specialty Retail–3.22%
†Aeropostale		56,182		194,952
American Eagle Outfitters		171,400		2,927,512
†America’s Car-Mart		6,185		335,536
†ANN		41,732		1,712,264
†Asbury Automotive Group		24,144		2,006,366
†Barnes & Noble		33,072		785,460
bebe stores		22,415		81,366
Big 5 Sporting Goods		14,893		197,630
†Boot Barn Holdings		6,700		160,264
Brown Shoe		39,225		1,286,580
Buckle		25,308		1,292,986
†Build-A-Bear Workshop		14,600		286,890
Cato Class A		22,482		890,287
Children’s Place Retail Stores		19,901		1,277,445
†Christopher & Banks		23,300		129,548
†Citi Trends		13,276		358,452
†Conn’s		25,502		772,201
†Container Store Group		15,800		300,990
Destination Maternity		11,333		170,675
†Destination XL Group		25,722		127,067
†Express		76,075		1,257,520
Finish Line Class A		43,608		1,069,268
†Five Below		48,518		1,725,785
†Francesca’s Holdings		34,662		616,984
†Freshpet		9,100		176,813
†Gaiam Class A		4,300		31,347
†Genesco		21,432		1,526,601
Group 1 Automotive		21,535		1,859,117
Guess		56,000		1,041,040
Haverty Furniture		15,814		393,452
†hhgregg		10,548		64,659
†Hibbett Sports		23,283		1,142,264
†Kirkland’s		13,075		310,531
Lithia Motors Class A		20,237		2,011,760
†Lumber Liquidators Holdings		25,016		769,992
†MarineMax		20,040		531,260
†Mattress Firm Holding		13,619		948,427
Men’s Wearhouse		42,542		2,220,692
Monro Muffler Brake		28,049		1,824,587
†New York		18,830		47,075
†Office Depot		469,177		4,316,428
Outerwall		17,044		1,126,949
†Pacific Sunwear of California		42,000		115,920


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Specialty Retail (continued)
†Pep Boys-Manny Moe & Jack		52,464	$	504,704
Pier 1 Imports		85,425		1,194,242
Rent-A-Center		47,310		1,298,186
†Restoration Hardware Holdings		27,567		2,734,371
†Sears Hometown and Outlet Stores		5,500		42,460
†Select Comfort		48,411		1,668,727
Shoe Carnival		12,521		368,618
Sonic Automotive Class A		33,031		822,472
Stage Stores		29,395		673,733
Stein Mart		24,246		301,863
†Systemax		5,558		67,919
†Tile Shop Holdings		20,300		245,833
†Tilly’s Class A		5,063		79,236
†Vitamin Shoppe		27,707		1,141,251
†West Marine		9,450		87,602
Winmark		1,509		132,143
†Zumiez		17,023		685,176

				52,471,478

Technology Hardware, Storage & Peripherals–0.41%
†Cray		36,669		1,029,666
†Dot Hill Systems		43,400		230,020
†Eastman Kodak		12,800		243,072
†Electronics for Imaging		41,467		1,731,247
†Immersion		17,427		159,980
†Intevac		17,300		106,222
†Nimble Storage		6,700		149,477
†QLogic		78,441		1,156,220
†Quantum		200,628		321,005
†Silicon Graphics International		24,767		215,225
†Super Micro Computer		31,815		1,056,576
†Violin Memory		58,000		218,660

				6,617,370

Textiles, Apparel & Luxury Goods–1.05%
Columbia Sportswear		24,520		1,493,268
†Crocs		69,100		816,071
Culp		7,341		196,372
†G-III Apparel Group		17,098		1,926,090
†Iconix Brand Group		42,951		1,446,160
†Madden (Steven)		51,734		1,965,892
Movado Group		14,680		418,674
Oxford Industries		11,876		896,044
†Perry Ellis International		10,714		248,136
†Quiksilver		91,745		169,728
†Sequential Brands Group		12,200		130,540
†Skechers U.S.A. Class A		34,613		2,489,021
†Tumi Holdings		45,846		1,121,393
†Unifi		12,374		446,578
†Vera Bradley		16,479		267,454
†Vince Holding		7,100		131,705


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Textiles, Apparel & Luxury Goods (continued)
Wolverine World Wide		89,508	$	2,994,043

				17,157,169

Thrifts & Mortgage Finance–1.66%
†Anchor BanCorp Wisconsin		5,000		173,650
†Ashford		642		76,244
Astoria Financial		71,353		924,021
Bank Mutual		42,625		312,015
BankFinancial		13,649		179,348
†BBX Capital Class A		5,500		102,300
†Beneficial Bancorp		30,256		341,591
Berkshire Hills Bancorp		23,265		644,441
†BofI Holding		13,540		1,259,762
Brookline Bancorp		65,419		657,461
Capitol Federal Financial		127,500		1,593,750
Charter Financial		14,593		167,819
Clifton Bancorp		19,162		270,376
Dime Community Bancshares		24,751		398,491
†Essent Group		41,400		989,874
EverBank Financial		81,365		1,467,011
Federal Agricultural Mortgage Class C		8,874		250,158
First Defiance Financial		9,643		316,483
First Financial Northwest		8,909		110,026
†Flagstar Bancorp		20,300		294,553
Fox Chase Bancorp		7,723		129,978
Home Loan Servicing Solutions		63,826		1,055,682
†HomeStreet		21,529		394,411
†Kearny Financial		9,068		123,143
†Ladder Capital Class A		10,800		199,908
Meta Financial Group		6,800		270,164
†MGIC Investment		298,550		2,875,037
†NMI Holdings Class A		36,600		274,134
Northfield Bancorp		44,556		660,320
Northwest Bancshares		85,666		1,015,142
OceanFirst Financial		7,880		136,088
Oritani Financial		42,511		618,535
†PennyMac Financial Services Class A		8,200		139,154
Provident Financial Services		54,531		1,017,003
Radian Group		168,454		2,828,343
†Stonegate Mortgage		9,300		100,626
Territorial Bancorp		6,742		160,190
Trustco Bank		88,003		605,461
United Community Financial		45,200		246,792
United Financial Bancorp		42,554		528,946
†Walker & Dunlop		13,463		238,699
Washington Federal		90,000		1,962,450
Waterstone Financial		24,864		319,254
WSFS Financial		8,297		627,502

				27,056,336

Tobacco–0.16%
†22nd Century Group		55,300		47,558


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Tobacco (continued)
†Alliance One International		48,310	$	53,141
Universal		21,042		992,341
Vector Group		67,296		1,478,493

				2,571,533

Trading Companies & Distributors–0.83%
Aceto		27,057		595,254
Aircastle		57,844		1,299,176
Applied Industrial Technologies		37,230		1,688,008
†Beacon Roofing Supply		45,190		1,414,447
†CAI International		13,507		331,867
†DXP Enterprises		12,112		534,018
H&E Equipment Services		28,781		719,237
Houston Wire & Cable		11,627		113,131
Kaman Class A		24,752		1,050,227
†Rush Enterprises Class A		27,719		758,392
†Stock Building Supply Holdings		14,700		265,482
TAL International Group		30,486		1,241,695
Textainer Group Holdings		16,720		501,433
†Titan Machinery		14,270		190,505
Watsco		22,773		2,862,566

				13,565,438

Transportation Infrastructure–0.05%
†Wesco Aircraft Holdings		49,520		758,646

				758,646

Water Utilities–0.24%
American States Water		34,754		1,386,337
Artesian Resources Class A		4,044		86,501
California Water Service Group		43,142		1,057,410
Connecticut Water Service		9,225		335,144
Middlesex Water		13,731		312,518
SJW		14,815		457,932
York Water		9,003		218,593

				3,854,435

Wireless Telecommunication Services–0.12%
†Boingo Wireless		21,997		165,857
†GTT Communications		15,700		296,416
=Leap Wireless International		38,182		96,219
NTELOS Holdings		8,357		40,114
†RingCentral Class A		20,300		311,199
Shenandoah Telecommunications		22,425		698,763
Spok Holdings		19,077		365,706

				1,974,274

Total Common Stock (Cost $1,221,353,977)				1,590,530,661


	Number of Shares		Value (U.S. $)

RIGHTS–0.00%
=Forest Laboratories		3,000	$	0
=Furiex Pharmaceuticals		5,671		46,219
=Trius Therapeutics		28,563		0

Total Rights (Cost $0)				46,219


WARRANTS–0.00%
@Greenhunter Energy, exercise price $27.50, expiration date 12/31/15		90		0
@Magnum Hunter Resources, exercise price $8.50, expiration date 4/15/16		11,015		0
Tejon Ranch, exercise price $40.00, expiration date 8/31/16		1,546		1,237

Total Warrants (Cost $9,275)				1,237


MONEY MARKET FUND–2.38%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		38,695,164		38,695,164

Total Money Market Fund (Cost $38,695,164)				38,695,164

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments of Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

« Includes $337,324 cash pledged as collateral for futures contracts as of March 31, 2015.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP SSgA Small-Cap Managed Volatility Fund.


	Number of Shares		Value (U.S. $)

COMMON STOCK–97.65%
Aerospace & Defense–3.17%
Boeing		69,300	$	10,400,544
Precision Castparts		40,900		8,589,000

				18,989,544

Air Freight & Logistics–0.71%
FedEx		25,800		4,268,610

				4,268,610

Airlines–2.72%
American Airlines Group		213,400		11,263,252
†United Continental Holdings		74,800		5,030,300

				16,293,552

Auto Components–0.93%
BorgWarner		42,800		2,588,544
Delphi Automotive		37,300		2,974,302

				5,562,846

Automobiles–0.97%
†Tesla Motors		30,800		5,814,116

				5,814,116

Biotechnology–11.16%
†Alexion Pharmaceuticals		51,800		8,976,940
†Biogen		28,800		12,160,512
†BioMarin Pharmaceutical		31,000		3,863,220
†Celgene		79,600		9,176,288
†Gilead Sciences		126,500		12,413,445
†Incyte		47,400		4,344,684
†Pharmacyclics		28,700		7,345,765
†Regeneron Pharmaceuticals		10,200		4,605,096
†Vertex Pharmaceuticals		33,800		3,987,386

				66,873,336

Capital Markets–2.77%
BlackRock		7,500		2,743,800
Morgan Stanley		188,400		6,723,996
State Street		52,800		3,882,384
TD AmeriTrade Holding		87,700		3,267,702

				16,617,882

Chemicals–1.90%
Ashland		22,200		2,826,282
duPont (E.I.) deNemours		45,700		3,266,179
Sherwin-Williams		18,500		5,263,250

				11,355,711

Communications Equipment–0.25%
†Palo Alto Networks		10,300		1,504,624

				1,504,624

Construction Materials–0.31%
Martin Marietta Materials		13,500		1,887,300

				1,887,300


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Diversified Financial Services–0.70%
Intercontinental Exchange		18,100	$	4,222,187

				4,222,187

Electronic Equipment, Instruments & Components–0.91%
†Mobileye		59,000		2,479,770
Tyco International		68,600		2,953,916

				5,433,686

Food & Staples Retailing–2.38%
Costco Wholesale		18,700		2,832,957
CVS Health		62,700		6,471,267
Walgreens Boots Alliance		58,300		4,936,844

				14,241,068

Health Care Equipment & Supplies–1.20%
†Intuitive Surgical		14,200		7,171,426

				7,171,426

Health Care Providers & Services–4.53%
Anthem		21,200		3,273,492
Humana		30,300		5,394,006
McKesson		58,700		13,277,940
UnitedHealth Group		44,100		5,216,589

				27,162,027

Hotels, Restaurants & Leisure–3.86%
†Chipotle Mexican Grill		2,000		1,301,080
Las Vegas Sands		56,500		3,109,760
†MGM Resorts International		268,410		5,644,662
Starbucks		62,200		5,890,340
Wynn Macau		1,006,400		2,174,954
Wynn Resorts		39,590		4,983,589

				23,104,385

Industrial Conglomerates–3.22%
Danaher		149,240		12,670,476
Roper Industries		38,600		6,639,200

				19,309,676

Internet & Catalog Retail–9.13%
†Amazon.com		64,900		24,149,290
†Ctrip.com International ADR		11,800		691,716
@=Flipkart Limited Series A		274		31,174
@=Flipkart Limited Series C		482		55,310
@=Flipkart Limited Series E		894		103,464
†@=Flipkart Limited Series G		4,035		483,232
@=Flipkart Limited Ordinary Shares		800		91,018
†Netflix		10,900		4,541,921
†Priceline Group		15,500		18,044,325
†Vipshop Holdings ADR		221,600		6,523,904

				54,715,354

Internet Software & Services–13.57%
†Alibaba Group Holding ADR		103,488		8,614,341


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Internet Software & Services (continued)
†Baidu ADR		45,600	$	9,503,040
†@=Dropbox Class A		34,588		660,672
†Facebook Class A		174,800		14,371,182
†Google Class A		28,500		15,808,950
†Google Class C		29,900		16,385,200
†LinkedIn Class A		18,800		4,697,368
NAVER		2,251		1,358,673
†Pandora Media		51,000		826,710
Tencent Holdings		258,300		4,905,096
†Twitter		83,200		4,166,656

				81,297,888

IT Services–5.39%
†Fiserv		30,000		2,382,000
MasterCard Class A		147,600		12,751,164
Visa Class A		262,000		17,137,420

				32,270,584

Machinery–1.36%
Flowserve		59,500		3,361,155
Wabtec		50,500		4,798,005

				8,159,160

Media–1.44%
Disney (Walt)		82,100		8,611,469

				8,611,469

Oil, Gas & Consumable Fuels–2.27%
†Concho Resources		7,100		823,032
†Continental Resources		41,800		1,825,406
EOG Resources		11,900		1,091,111
EQT		42,400		3,513,688
Pioneer Natural Resources		22,400		3,662,624
Range Resources		51,388		2,674,231

				13,590,092

Personal Products–0.39%
Estee Lauder Class A		28,400		2,361,744

				2,361,744

Pharmaceuticals–4.45%
†Actavis		46,312		13,783,291
†Valeant Pharmaceuticals International		64,800		12,870,576

				26,653,867

Real Estate Investment Trusts–2.53%
American Tower		91,000		8,567,650
Crown Castle International		80,200		6,619,708

				15,187,358

Road & Rail–0.41%
Hunt (J.B.) Transport Services		29,000		2,476,455

				2,476,455


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment–0.39%
ASML Holding		23,000	$	2,323,690

				2,323,690

Software–3.50%
†NetSuite		28,900		2,680,764
†Red Hat		53,400		4,045,050
†salesforce.com		127,600		8,524,956
†ServiceNow		39,200		3,088,176
†Workday Class A		30,900		2,608,269

				20,947,215

Specialty Retail–5.94%
†AutoZone		10,100		6,889,816
†CarMax		76,200		5,258,562
Home Depot		53,800		6,112,218
Lowe’s		108,500		8,071,315
Ross Stores		31,600		3,329,376
Tractor Supply		69,500		5,911,670

				35,572,957

Technology Hardware, Storage & Peripherals–3.34%
Apple		143,900		17,905,477
SanDisk		32,700		2,080,374

				19,985,851

Textiles, Apparel & Luxury Goods–1.85%
Hanesbrands		172,900		5,793,879
NIKE Class B		36,800		3,692,144
†Under Armour Class A		20,100		1,623,075

				11,109,098

Total Common Stock (Cost $413,172,421)				585,074,758


PREFERRED STOCK–0.10%
†@=Airbnb		14,304		582,359
†@=Livingsocial Series F		14,245		3,704

Total Preferred Stock (Cost $691,903)				586,063


MONEY MARKET FUND–2.39%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		14,308,527		14,308,527

Total Money Market Fund (Cost $14,308,527)				14,308,527

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

As a result of utilizing international fair value pricing at March 31, 2015, a portion of the Fund’s common stock investments were categorized as Level 2.

Fund utilizing international fair value pricing. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.


	Number of Shares		Value (U.S. $)

COMMON STOCK–99.50%
Aerospace & Defense–1.24%
†DigitalGlobe		32,700	$	1,114,089
Textron		71,200		3,156,296
TransDigm Group		13,200		2,887,104

				7,157,489

Air Freight & Logistics–0.48%
Expeditors International of Washington		35,500		1,710,390
Robinson (C.H.) Worldwide		14,100		1,032,402

				2,742,792

Airlines–2.38%
Alaska Air Group		31,000		2,051,580
Copa Holdings Class A		22,500		2,271,825
Southwest Airlines		92,600		4,102,180
†Spirit Airlines		24,300		1,879,848
†United Continental Holdings		50,900		3,423,025

				13,728,458

Auto Components–0.89%
BorgWarner		41,700		2,522,016
Delphi Automotive		17,400		1,387,476
Gentex		61,400		1,123,620
Remy International		3,372		74,892

				5,108,004

Automobiles–0.55%
Harley-Davidson		18,900		1,147,986
†Tesla Motors		10,600		2,000,962

				3,148,948

Banks–0.60%
BankUnited		51,100		1,673,014
†SVB Financial Group		13,800		1,753,152

				3,426,166

Beverages–0.69%
Brown-Forman Class B		30,262		2,734,172
Dr Pepper Snapple Group		15,900		1,247,832

				3,982,004

Biotechnology–4.51%
†ACADIA Pharmaceuticals		42,600		1,388,334
†Alkermes		49,200		2,999,724
†Alnylam Pharmaceuticals		9,700		1,012,874
†BioMarin Pharmaceutical		20,100		2,504,862
†Bluebird Bio		5,000		603,850
†Clovis Oncology		7,600		564,148
†Dyax		18,300		306,617
†Incyte		36,400		3,336,424
†Intercept Pharmaceuticals		5,200		1,466,504
†Ironwood Pharmaceuticals		26,600		425,600
†Myriad Genetics		28,300		1,001,820
†Neurocrine Biosciences		13,800		547,998


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Biotechnology (continued)
†Puma Biotechnology		8,200	$	1,936,102
†Receptos		3,700		610,093
†Seattle Genetics		23,600		834,260
†Synageva BioPharma		10,600		1,033,818
†United Therapeutics		8,400		1,448,454
†Vertex Pharmaceuticals		33,600		3,963,792

				25,985,274

Building Products–0.59%
†Armstrong World Industries		18,100		1,040,207
Fortune Brands Home & Security		49,400		2,345,512

				3,385,719

Capital Markets–2.40%
Artisan Partners Asset Management		24,900		1,131,954
†E*TRADE Financial		99,000		2,826,945
Financial Engines		21,300		890,979
Invesco		28,300		1,123,227
Lazard Class A		51,500		2,708,385
LPL Financial Holdings		36,300		1,592,118
Northern Trust		12,600		877,590
TD AmeriTrade Holding		70,800		2,638,008

				13,789,206

Chemicals–3.97%
Airgas		26,400		2,801,304
Ashland		14,100		1,795,071
Celanese Class A		53,300		2,977,338
CF Industries Holdings		4,900		1,390,032
FMC		18,800		1,076,300
NewMarket		3,700		1,767,860
RPM International		41,200		1,977,188
Sherwin-Williams		19,300		5,490,850
Sociedad Quimica y Minera de Chile ADR		37,700		688,025
Valspar		34,200		2,873,826

				22,837,794

Commercial Services & Supplies–1.17%
†Clean Harbors		16,500		936,870
†Copart		24,100		905,437
KAR Auction Services		37,600		1,426,168
Ritchie Bros Auctioneers		54,800		1,366,712
†Stericycle		7,200		1,011,096
Waste Connections		22,250		1,071,115

				6,717,398

Communications Equipment–0.71%
†F5 Networks		11,700		1,344,798
Motorola Solutions		16,400		1,093,388
†Palo Alto Networks		11,200		1,636,096

				4,074,282


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Construction & Engineering–0.32%
†Jacobs Engineering Group		23,200	$	1,047,712
†Quanta Services		28,100		801,693

				1,849,405

Construction Materials–0.68%
Eagle Materials		14,000		1,169,840
Vulcan Materials		32,800		2,765,040

				3,934,880

Containers & Packaging–0.57%
Ball		46,300		3,270,632

				3,270,632

Diversified Consumer Services–0.14%
Sotheby’s		19,600		828,296

				828,296

Diversified Financial Services–2.31%
CBOE Holdings		45,700		2,623,409
†FNFV Group		18,864		265,982
Intercontinental Exchange		13,400		3,125,818
McGraw-Hill Financial		29,800		3,081,320
Moody’s		26,500		2,750,700
MSCI Class A		23,500		1,440,785

				13,288,014

Electrical Equipment–1.68%
AMETEK		32,625		1,714,117
†Generac Holdings		20,700		1,007,883
Hubbell Class B		19,900		2,181,438
†Sensata Technologies Holding		83,200		4,779,840

				9,683,278

Electronic Equipment, Instruments & Components–1.65%
Amphenol Class A		52,200		3,076,146
†Cognex		29,000		1,438,110
FEI		14,500		1,106,930
†IPG Photonics		17,100		1,585,170
†Keysight Technologies		23,150		860,023
†Trimble Navigation		57,800		1,456,560

				9,522,939

Energy Equipment & Services–0.55%
†Cameron International		17,400		785,088
Core Laboratories		5,800		606,042
Frank’s International		43,000		804,100
Oceaneering International		17,600		949,168

				3,144,398

Food & Staples Retailing–1.44%
†Fresh Market		24,700		1,003,808
PriceSmart		10,400		883,792
†Rite Aid		320,400		2,784,276
†Sprouts Farmers Market		56,900		2,004,587


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Food & Staples Retailing (continued)
Whole Foods Market		31,500	$	1,640,520

				8,316,983

Food Products–2.37%
Flowers Foods		90,950		2,068,203
†Hain Celestial Group		18,000		1,152,900
Hershey		19,500		1,967,745
Keurig Green Mountain		9,400		1,050,262
McCormick		37,900		2,922,469
Mead Johnson Nutrition		30,800		3,096,324
Smucker (J.M.)		11,900		1,377,187

				13,635,090

Health Care Equipment & Supplies–2.62%
†Align Technology		25,400		1,366,139
DENTSPLY International		20,200		1,027,978
†IDEXX Laboratories		18,300		2,826,984
†Intuitive Surgical		6,600		3,333,198
†Sirona Dental Systems		22,300		2,006,777
Teleflex		17,300		2,090,359
†Thoratec		32,200		1,348,858
West Pharmaceutical Services		18,000		1,083,780

				15,084,073

Health Care Providers & Services–3.66%
AmerisourceBergen		38,100		4,330,827
†Catamaran		20,490		1,219,975
Cigna		11,200		1,449,728
†DaVita HealthCare Partners		23,400		1,901,952
†Envision Healthcare Holdings		37,700		1,445,795
†Henry Schein		16,300		2,275,806
Humana		14,300		2,545,686
†MEDNAX		27,300		1,979,523
†Team Health Holdings		19,600		1,146,796
Universal Health Services Class B		11,300		1,330,123
†WellCare Health Plans		15,500		1,417,630

				21,043,841

Health Care Technology–0.92%
†athenahealth		6,100		728,279
†Cerner		26,900		1,970,694
†Medidata Solutions		18,400		902,336
†Veeva Systems Class A		65,300		1,667,109

				5,268,418

Hotels, Restaurants & Leisure–4.09%
Bloomin’ Brands		58,400		1,420,872
Brinker International		29,100		1,791,396
†Chipotle Mexican Grill		5,000		3,252,700
Choice Hotels International		30,900		1,979,763
Extended Stay America		43,100		841,743
Marriott International Class A		33,657		2,703,330
†MGM Resorts International		93,600		1,968,408


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
†Norwegian Cruise Line Holdings		8,400	$	453,684
†Panera Bread Class A		7,000		1,119,965
Papa John’s International		22,700		1,403,087
Royal Caribbean Cruises		14,800		1,211,380
Starwood Hotels & Resorts Worldwide		35,900		2,997,650
Wynn Resorts		19,200		2,416,896

				23,560,874

Household Durables–0.59%
Newell Rubbermaid		43,100		1,683,917
†Toll Brothers		43,900		1,727,026

				3,410,943

Household Products–0.61%
Church & Dwight		26,200		2,238,004
Clorox		11,600		1,280,524

				3,518,528

Industrial Conglomerates–0.69%
Roper Industries		23,200		3,990,400

				3,990,400

Insurance–0.98%
FNF Group		79,000		2,904,040
HCC Insurance Holdings		18,000		1,020,060
Progressive		63,000		1,713,600

				5,637,700

Internet & Catalog Retail–2.33%
†Ctrip.com International ADR		21,200		1,242,744
†HomeAway		29,600		893,032
†Liberty Interactive Class A		48,600		1,418,634
†Liberty Ventures Class A		6,909		290,247
†Netflix		10,400		4,333,576
†TripAdvisor		12,700		1,056,259
†Vipshop Holdings ADR		89,800		2,643,712
†Wayfair Class A		29,330		942,080
†zulily Class A		45,700		593,643

				13,413,927

Internet Software & Services–4.10%
†Akamai Technologies		27,500		1,953,737
†CoStar Group		11,500		2,275,045
†Coupons.com		57,566		675,825
†Dealertrack Technologies		21,800		839,736
†@=Dropbox		7,607		145,303
†@=Dropbox Class A		27,601		527,212
Equinix		8,291		1,930,559
†LendingClub		22,900		449,985
†LinkedIn Class A		17,000		4,247,620
MercadoLibre		10,900		1,335,468
†Pandora Media		40,100		650,021
†Rackspace Hosting		29,600		1,527,064
†Twitter		77,000		3,856,160


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Internet Software & Services (continued)
†VeriSign		47,700	$	3,194,469

				23,608,204

IT Services–4.35%
†Alliance Data Systems		5,500		1,629,375
†CoreLogic		69,100		2,437,157
†EPAM Systems		18,600		1,139,994
Fidelity National Information Services		62,200		4,233,332
†Fiserv		43,000		3,414,200
†@=Flipkart Limited Series G		5,529		662,153
†Gartner		37,600		3,152,760
†Genpact		37,200		864,900
Global Payments		22,900		2,099,472
Paychex		22,200		1,101,453
†Vantiv Class A		83,200		3,136,640
†WEX		10,900		1,170,224

				25,041,660

Leisure Products–0.59%
Mattel		43,500		993,975
Polaris Industries		17,000		2,398,700

				3,392,675

Life Sciences Tools & Services–1.28%
Agilent Technologies		61,400		2,551,170
†Bruker		47,400		875,478
†Mettler-Toledo International		8,600		2,826,390
†Quintiles Transnational Holdings		17,000		1,138,490

				7,391,528

Machinery–5.17%
CLARCOR		14,200		938,052
†Colfax		33,500		1,598,955
Donaldson		56,400		2,126,844
Flowserve		45,900		2,592,891
Graco		32,900		2,374,064
IDEX		18,625		1,412,334
†Middleby		11,400		1,170,210
Nordson		13,800		1,081,092
PACCAR		24,900		1,572,186
Pall		30,800		3,092,012
†Rexnord		66,500		1,774,885
Snap-on		13,900		2,044,134
Terex		36,900		981,171
Valmont Industries		9,300		1,142,784
†WABCO Holdings		12,100		1,486,848
Wabtec		28,700		2,726,787
Xylem		47,600		1,666,952

				29,782,201

Media–1.23%
†Charter Communications Class A		9,100		1,757,301
†Discovery Communications Class C		36,800		1,084,680


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Media (continued)
Interpublic Group		80,600	$	1,782,872
†Markit		52,700		1,417,630
Omnicom Group		13,600		1,060,528

				7,103,011

Metals & Mining–0.75%
Carpenter Technology		16,800		653,184
Compass Minerals International		12,100		1,127,841
Eldorado Gold		125,100		574,209
Silver Wheaton		52,900		1,006,158
†Stillwater Mining		73,700		952,204

				4,313,596

Multiline Retail–1.30%
†Burlington Stores		19,200		1,140,864
Dollar General		40,900		3,083,042
†Dollar Tree		40,400		3,278,258

				7,502,164

Multi-Utilities–0.31%
NiSource		40,600		1,792,896

				1,792,896

Oil, Gas & Consumable Fuels–3.66%
†Antero Resources		15,000		529,800
Cabot Oil & Gas		40,400		1,193,012
Cimarex Energy		14,700		1,691,823
†Concho Resources		19,800		2,295,216
†Continental Resources		16,000		698,720
†Diamondback Energy		27,800		2,136,152
EQT		40,800		3,381,096
Pioneer Natural Resources		15,100		2,469,001
Range Resources		62,400		3,247,296
†Rice Energy		35,500		772,480
SM Energy		14,500		749,360
Tesoro		15,100		1,378,479
†WPX Energy		46,400		507,152

				21,049,587

Pharmaceuticals–2.47%
†Akorn		28,100		1,335,031
†Catalent		118,962		3,705,666
†Endo International		35,000		3,139,500
†Jazz Pharmaceuticals		9,100		1,572,389
†Pacira Pharmaceuticals		12,200		1,083,970
Zoetis		73,000		3,379,170

				14,215,726

Professional Services–3.29%
Corporate Executive Board		13,700		1,094,082
Equifax		32,000		2,976,000
†IHS Class A		30,900		3,515,184
ManpowerGroup		26,100		2,248,515
Nielsen		32,400		1,444,068


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Professional Services (continued)
Robert Half International		27,300	$	1,652,196
Towers Watson Class A		8,800		1,163,228
†Verisk Analytics Class A		55,300		3,948,420
†@=Wework		5,617		93,530
†@=Wework Series D1		27,915		464,817
†@=Wework Series D2		21,933		365,210

				18,965,250

Real Estate Investment Trusts–1.12%
Crown Castle International		63,500		5,241,290
Federal Realty Investment Trust		8,000		1,177,680

				6,418,970

Real Estate Management & Development–0.59%
Jones Lang LaSalle		12,200		2,078,880
†Zillow Group		13,300		1,333,990

				3,412,870

Road & Rail–1.40%
†Genesee & Wyoming		16,300		1,571,972
†Hertz Global Holdings		31,900		691,592
Hunt (J.B.) Transport Services		27,100		2,314,205
Kansas City Southern		23,900		2,439,712
Landstar System		16,100		1,067,430

				8,084,911

Semiconductors & Semiconductor Equipment–3.03%
Altera		100,700		4,321,037
ARM Holdings ADR		61,600		3,036,880
KLA-Tencor		27,400		1,597,146
Linear Technology		42,200		1,974,960
Microchip Technology		28,600		1,398,540
Skyworks Solutions		31,700		3,115,793
Xilinx		47,100		1,992,330

				17,436,686

Software–5.09%
†ANSYS		12,800		1,128,832
†@=Atlassian Class A		20,989		335,824
†@=Atlassian Series 1		6,969		111,504
†@=Atlassian Series 2		18,662		298,592
†@=Atlassian Series A		13,800		220,800
†Autodesk		18,300		1,073,112
†Check Point Software Technologies		13,400		1,098,398
FactSet Research Systems		7,750		1,233,800
†Fortinet		32,900		1,149,855
†Guidewire Software		32,700		1,720,347
†Inovalon Holdings Class A		6,400		193,344
Intuit		33,900		3,286,944
†Mobileye		38,600		1,622,358
†NetSuite		20,500		1,901,580
†Red Hat		61,100		4,628,325
†ServiceNow		47,300		3,726,294


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Software (continued)
Solera Holdings		18,600	$	960,876
†Splunk		20,300		1,201,760
†Tableau Software Class A		15,000		1,387,800
†Workday Class A		23,605		1,992,498

				29,272,843

Specialty Retail–6.83%
†AutoZone		7,700		5,252,632
†CarMax		82,100		5,665,721
Dick’s Sporting Goods		24,400		1,390,556
†Five Below		37,400		1,330,318
L Brands		36,700		3,460,443
†Lumber Liquidators Holdings		10,800		332,424
†Michaels		60,600		1,639,836
†O’Reilly Automotive		18,400		3,978,816
†Restoration Hardware Holdings		15,400		1,527,526
Ross Stores		47,000		4,951,920
Tiffany		33,000		2,904,330
Tractor Supply		40,900		3,478,954
†Ulta Salon Cosmetics & Fragrance		9,600		1,448,160
Williams-Sonoma		24,600		1,960,866

				39,322,502

Technology Hardware, Storage & Peripherals–0.44%
SanDisk		29,100		1,851,342
†Stratasys		12,900		680,862

				2,532,204

Textiles, Apparel & Luxury Goods–2.18%
Coach		28,600		1,184,898
†Fossil Group		13,300		1,096,585
Hanesbrands		170,300		5,706,753
†Kate Spade		58,700		1,959,993
†lululemon athletica		21,500		1,376,430
Wolverine World Wide		37,100		1,240,995

				12,565,654


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Trading Companies & Distributors–0.75%
Fastenal		34,100	$	1,412,933
Grainger (W.W.)		12,400		2,924,044

				4,336,977

Wireless Telecommunication Services–1.19%
†SBA Communications Class A		46,700		5,468,570
†T-Mobile US		42,700		1,353,163

				6,821,733

Total Common Stock (Cost $361,613,863)				572,850,001


PREFERRED STOCK–0.32%
†@=Airbnb		18,795		765,201
†@=Dropbox Series A		9,449		180,487
†@=Dropbox Series A-1		46,402		886,334

Total Preferred Stock (Cost $1,270,602)				1,832,022


MONEY MARKET FUND–0.36%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		2,048,487		2,048,487

Total Money Market Fund (Cost $2,048,487)				2,048,487

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers betwween Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.


	Number of Shares		Value (U.S. $)

DCOMMON STOCK–90.45%
Brazil–0.06%
Petroleo Brasileiro ADR		77,178	$	470,014

				470,014

Canada–0.51%
Talisman Energy		532,660		4,083,313

				4,083,313

France–7.53%
AXA		294,106		7,403,784
BNP Paribas		179,550		10,926,936
Cie de Saint-Gobain		154,240		6,773,523
Cie Generale des Etablissements Michelin		65,780		6,542,706
Credit Agricole		440,310		6,471,541
Sanofi		92,166		9,103,920
Technip		70,330		4,254,898
TOTAL		170,520		8,477,616

				59,954,924

Germany–6.41%
Bayer		64,570		9,662,495
Deutsche Boerse		68,110		5,559,420
Deutsche Lufthansa		347,430		4,865,855
HeidelbergCement		75,270		5,953,633
Infineon Technologies ADR		411,748		4,934,800
Merck		63,760		7,137,208
METRO		111,350		3,774,336
Muenchener Rueckversicherungs		11,130		2,392,084
†QIAGEN		88,954		2,232,663
Siemens ADR		41,850		4,528,170

				51,040,664

nHong Kong–6.25%
AIA Group		839,800		5,272,672
China Life Insurance		2,135,000		9,384,942
China Shenhua Energy		1,105,000		2,818,523
China Telecom		12,606,000		8,059,167
=CSR		2,984,500		3,942,043
Kunlun Energy		2,812,000		2,731,177
†Michael Kors Holdings		111,590		7,337,043
Noble Group		4,335,000		2,903,638
Sinopharm Group		1,051,600		4,281,966
Weichai Power		782,000		3,015,018

				49,746,189

Ireland–1.03%
CRH		314,119		8,216,631

				8,216,631

Israel–1.55%
Teva Pharmaceutical Industries ADR		198,275		12,352,533

				12,352,533


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Italy–1.96%
Eni		343,275	$	5,942,558
†Saipem		231,077		2,350,949
UniCredit		1,079,701		7,323,129

				15,616,636

Japan–4.66%
ITOCHU		205,980		2,228,719
Konica Minolta Holdings		499,900		5,065,312
Nissan Motor		955,400		9,715,326
Suntory Beverage & Food		197,000		8,433,961
Toshiba		910,000		3,812,322
Toyota Motor ADR		55,741		7,797,608

				37,053,248

Netherlands–3.53%
Akzo Nobel		116,350		8,798,815
†ING Groep CVA		502,212		7,357,758
†NN Group		103,200		2,926,241
Royal Dutch Shell Class A		38,050		1,131,458
Royal Dutch Shell Class B		106,430		3,315,217
TNT Express		714,790		4,541,049

				28,070,538

Norway–0.90%
Telenor		356,310		7,191,366

				7,191,366

Portugal–0.45%
Galp Energia		329,170		3,560,410

				3,560,410

Republic of Korea–3.13%
Hyundai Mobis		15,430		3,419,434
KB Financial Group		35,093		1,239,322
POSCO ADR		83,745		4,577,502
Samsung Electronics		12,084		15,677,316

				24,913,574

Russia–0.39%
MMC Norilsk Nickel OJSC ADR		171,593		3,058,736

				3,058,736

Singapore–1.03%
DBS Group Holdings		267,105		3,960,450
Singapore Telecommunications		1,331,860		4,249,862

				8,210,312

Spain–0.79%
Telefonica		440,654		6,271,456

				6,271,456

Sweden–0.54%
Getinge Class B		173,390		4,284,283

				4,284,283


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Switzerland–4.17%
†ABB		317,230	$	6,729,720
ACE		16,150		1,800,563
Credit Suisse Group		312,344		8,403,287
Novartis		27,010		2,665,900
Roche Holding		38,740		10,645,446
Swiss Re		30,470		2,939,074

				33,183,990

Taiwan–0.29%
Taiwan Semiconductor Manufacturing ADR		97,374		2,286,341

				2,286,341

Thailand–0.58%
Bangkok Bank NVDR		810,000		4,587,930

				4,587,930

United Kingdom–12.07%
Aviva		885,400		7,085,514
BAE Systems		641,730		4,972,960
Barclays		1,635,210		5,902,136
BP ADR		232,353		9,087,326
GlaxoSmithKline		370,310		8,524,227
HSBC Holdings		1,002,450		8,578,743
Kingfisher		815,318		4,599,929
†Lloyds Banking Group		4,341,190		5,031,867
Marks & Spencer Group		781,810		6,183,024
Petrofac		341,080		4,801,615
Rexam		363,483		3,115,069
Serco Group		328,970		672,921
Sky PLC		596,340		8,773,051
Standard Chartered		238,220		3,858,251
Tesco		1,839,230		6,565,013
Vodafone Group ADR		254,800		8,326,864

				96,078,510

United States–32.62%
†Actavis		61,650		18,348,273
Allegheny Technologies		211,880		6,358,519
American International Group		159,280		8,726,951
Amgen		82,560		13,197,216
Applied Materials		253,710		5,723,698
Baker Hughes		84,180		5,352,164
Bank of New York Mellon		81,040		3,261,050
Capital One Financial		95,330		7,513,911
Chesapeake Energy		267,710		3,790,774
Chevron		23,190		2,434,486
Cisco Systems		248,480		6,839,412
Citigroup		214,220		11,036,614
Comcast Class A		190,355		10,672,253
CVS Health		77,900		8,040,059
Foot Locker		122,960		7,746,480
General Motors		149,100		5,591,250


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United States (continued)
†Gilead Sciences		113,910	$	11,177,988
Halliburton		176,060		7,725,513
†Isis Pharmaceuticals		37,250		2,371,707
JPMorgan Chase		188,310		11,407,820
†Knowles		324,550		6,254,079
Macy’s		141,700		9,197,747
Medtronic		91,920		7,168,841
Merck		96,800		5,564,064
Microsoft		305,130		12,405,060
Morgan Stanley		199,260		7,111,589
†News Class A		354,450		5,674,745
Noble		248,130		3,543,296
Pfizer		245,510		8,541,293
Stanley Black & Decker		63,810		6,084,922
Symantec		67,430		1,575,502
Target		58,120		4,769,908
Twenty-First Century Fox Class A		192,420		6,511,493
United Parcel Service Class B		29,510		2,860,699
Voya Financial		173,520		7,480,447
Walgreens Boots Alliance		88,610		7,503,495

				259,563,318

Total Common Stock (Cost $612,957,552)				719,794,916


DRIGHTS–0.03%
Spain–0.01%
†Telefonica, exercise price EUR 10.84,expiration date 4/12/15		440,654		71,085

				71,085

United Kingdom–0.02%
†Serco Group, exercise price GBP 1.01, expiration date 04/16/15		328,970		200,071

				200,071

Total Rights (Cost $434,775)				271,156


MONEY MARKET FUND–8.72%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		69,349,668		69,349,668

Total Money Market Fund (Cost $69,349,668)				69,349,668

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2015:

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amount disclosed in the financial statements. The foreign currency exchange contracts and futures contracts presented above represents the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

As a result of utilizing international fair value pricing at March 31, 2015 a majority of the Fund’s common stock investments were categorized as Level 2.

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

Effective May 1, 2015, the Fund’s name changed to LVIP Templeton Growth Managed Volatility Fund.


	Number of Shares		Value (U.S. $)

COMMON STOCK–93.10%
Airlines–1.32%
†Spirit Airlines		98,400	$	7,612,224

				7,612,224

Auto Components–1.08%
BorgWarner		103,300		6,247,584

				6,247,584

Banks–0.55%
†Signature Bank		24,500		3,174,710

				3,174,710

Biotechnology–7.25%
Amgen		18,900		3,021,165
†Celgene		102,900		11,862,312
†Gilead Sciences		122,900		12,060,177
†Regeneron Pharmaceuticals		19,000		8,578,120
†Vertex Pharmaceuticals		54,000		6,370,380

				41,892,154

Capital Markets–1.27%
†Affiliated Managers Group		34,200		7,345,476

				7,345,476

Chemicals–3.47%
Ecolab		92,800		10,614,464
Sherwin-Williams		33,200		9,445,400

				20,059,864

Communications Equipment–0.92%
Cisco Systems		192,600		5,301,315

				5,301,315

Consumer Finance–0.26%
†Synchrony Financial		50,300		1,526,605

				1,526,605

Diversified Financial Services–2.56%
Intercontinental Exchange		38,200		8,910,914
McGraw-Hill Financial		56,730		5,865,882

				14,776,796

Electrical Equipment–1.26%
AMETEK		138,900		7,297,806

				7,297,806

Energy Equipment & Services–0.95%
Schlumberger		66,000		5,507,040

				5,507,040

Food Products–1.40%
†Hain Celestial Group		126,000		8,070,300

				8,070,300

Health Care Equipment & Supplies–2.88%
†Intuitive Surgical		15,090		7,620,903


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Equipment & Supplies (continued)
Zimmer Holdings		76,600	$	9,002,032

				16,622,935

Health Care Providers & Services–2.55%
†Catamaran		59,900		3,566,446
†Express Scripts Holding		128,500		11,149,945

				14,716,391

Hotels, Restaurants & Leisure–4.76%
Las Vegas Sands		213,500		11,751,040
Starbucks		166,400		15,758,080

				27,509,120

Industrial Conglomerates–1.45%
Danaher		98,600		8,371,140

				8,371,140

Internet & Catalog Retail–5.04%
†Amazon.com		44,800		16,670,080
†Priceline Group		10,680		12,433,122

				29,103,202

Internet Software & Services–11.10%
†Facebook Class A		279,570		22,984,848
†Google Class A		30,000		16,641,000
†Google Class C		17,400		9,535,200
†LinkedIn Class A		31,900		7,970,534
†Yelp		147,300		6,974,655

				64,106,237

IT Services–4.10%
MasterCard Class A		97,800		8,448,942
Visa Class A		232,800		15,227,448

				23,676,390

Life Sciences Tools & Services–1.90%
Thermo Fisher Scientific		81,900		11,002,446

				11,002,446

Machinery–1.36%
Cummins		56,500		7,833,160

				7,833,160

Media–2.34%
Comcast Class A		98,500		5,562,295
Viacom Class B		116,100		7,929,630

				13,491,925

Personal Products–1.76%
Estee Lauder Class A		122,000		10,145,520

				10,145,520

Pharmaceuticals–2.03%
†Actavis		23,200		6,904,784



	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Pharmaceuticals (continued)
†Catalent		155,700	$	4,850,055

				11,754,839

Real Estate Investment Trusts–0.46%
Crown Castle International		31,900		2,633,026

				2,633,026

Road & Rail–1.39%
Canadian Pacific Railway		44,100		8,057,070

				8,057,070

Semiconductors & Semiconductor Equipment–1.71%
Altera		230,000		9,869,300

				9,869,300

Software–6.21%
†salesforce.com		238,600		15,940,866
†ServiceNow		117,800		9,280,284
†VMware Class A		86,100		7,061,061
†Workday Class A		42,800		3,612,748

				35,894,959

Specialty Retail–5.52%
Home Depot		159,400		18,109,434
TJX		196,520		13,766,226

				31,875,660

Technology Hardware, Storage & Peripherals–6.86%
Apple		318,300		39,606,069

				39,606,069



	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Textiles, Apparel & Luxury Goods–5.39%
†Michael Kors Holdings		116,400	$	7,653,300
NIKE Class B		175,100		17,567,783
Ralph Lauren		44,800		5,891,200

				31,112,283

Trading Companies & Distributors–2.00%
†United Rentals		126,600		11,540,856

				11,540,856

Total Common Stock (Cost $405,791,862)				537,734,402


EXCHANGE-TRADED FUND–1.04%
iShares Russell 1000 Growth Index Fund		60,745		6,008,895

Total Exchange-Traded Fund (Cost $5,578,898)				6,008,895


MONEY MARKET FUND–4.74%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		27,387,555		27,387,555

Total Money Market Fund (Cost $27,387,555)				27,387,555

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP UBS Large Cap Growth Managed Volatility Fund.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP VIP Contrafund^® Managed Volatility Portfolio.

« Includes $70,255 cash pledged as collateral for futures contracts as of March 31, 2015.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

Effective May 1, 2015, the Fund’s name changed to LVIP VIP Mid Cap Managed Volatility Portfolio.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.CERT.

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.


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANIES (continued)
International Equity Funds–19.00%
American Funds Insurance Series^®–Global Growth Fund		1,172,539	$	34,214,681
Global Small Capitalization Fund		2,201,566		60,124,763
International Fund		3,179,893		68,208,706

				162,548,150

International Fixed Income Fund–3.02%
American Funds Insurance Series^®–Global Bond Fund		2,201,442		25,822,910

				25,822,910

Total Investment Companies (Cost $750,331,617)				855,873,544


TOTAL VALUE OF SECURITIES–100.04% (Cost $750,331,617)		855,873,544
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.04%)		(311,624	)

NET ASSETS APPLICABLE TO 65,727,800 SHARES OUTSTANDING–100.00%	$	855,561,920


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANIES (continued)
International Equity Funds–6.02%
American Funds Insurance Series^®–Global Growth Fund		138,402	$	4,038,563
Global Small Capitalization Fund		295,258		8,063,503

				12,102,066

International Fixed Income Fund–3.01%
American Funds Insurance Series^®–Global Bond Fund		516,729		6,061,225

				6,061,225

Total Investment Companies (Cost $184,624,684)				201,405,257


TOTAL VALUE OF SECURITIES–100.10% (Cost $184,624,684)		201,405,257
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.10%)		(197,143	)

NET ASSETS APPLICABLE TO 16,789,826 SHARES OUTSTANDING–100.00%	$	201,208,114


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANIES (continued)
International Equity Funds–28.02%
American Funds Insurance Series^®–Global Growth & Income Fund		1,324,407	$	17,468,930
Global Growth Fund		1,509,986		44,061,378
Global Small Capitalization Fund		2,265,489		61,870,518
International Fund		4,908,343		105,283,951
New World Fund		829,860		17,692,615

				246,377,392

International Fixed Income Fund–3.02%
American Funds Insurance Series^®–Global Bond Fund		2,265,259		26,571,485

				26,571,485

Total Investment Companies
(Cost $757,734,102)				879,473,956


TOTAL VALUE OF SECURITIES–100.01% (Cost $757,734,102)		879,473,956
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.01%)		(44,351	)

NET ASSETS APPLICABLE TO 64,687,010 SHARES OUTSTANDING–100.00%	$	879,429,605


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANIES–99.25%
Equity Fund–92.12%
*American Century VP Mid Cap Value		5,742,479	$	109,853,619

				109,853,619


TOTAL VALUE OF SECURITIES–99.25% (Cost $117,946,174)		118,355,112
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.75%		888,794

NET ASSETS APPLICABLE TO 10,446,840 SHARES OUTSTANDING–100.00%	$	119,243,906


Contracts to Buy (Sell)		Notional Cost (Proceeds)	Notional Value	Expiration Date	Unrealized Appreciation (Depreciation)
67	E-mini S&P 500 Index	$6,813,692	$6,903,680	6/22/15	$89,988


	Level 1
Investment Companies	$	118,355,112

Futures Contracts	$	89,988


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANY–100.06%
International Equity Fund–100.06%
American Funds Insurance Series^®–Global Growth Fund Class 1		3,553,329	$	103,686,128

Total Investment Company (Cost $83,324,639)				103,686,128


TOTAL VALUE OF SECURITIES–100.06% (Cost $83,324,639)				103,686,128
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)				(61,506	)

NET ASSETS APPLICABLE TO 5,548,014 SHARES OUTSTANDING–100.00%			$	103,624,622


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANY–100.07%
International Equity Fund–100.07%
American Funds Insurance Series^®–Global Small Capitalization Fund Class 1		2,588,696	$	70,697,253

Total Investment Company (Cost $50,619,414)				70,697,253


TOTAL VALUE OF SECURITIES–100.07% (Cost $50,619,414)				70,697,253
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.07%)				(49,065	)

NET ASSETS APPLICABLE TO 4,345,525 SHARES OUTSTANDING–100.00%			$	70,648,188


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANY–100.05%
Equity Fund–100.05%
American Funds Insurance Series^®–Growth-Income Fund Class 1		5,013,646	$	269,082,348

Total Investment Company (Cost $184,172,223)				269,082,348


TOTAL VALUE OF SECURITIES–100.05% (Cost $184,172,223)				269,082,348
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.05%)				(140,181	)

NET ASSETS APPLICABLE TO 13,291,115 SHARES OUTSTANDING–100.00%			$	268,942,167


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENT COMPANY–1.99%
Money Market Fund–1.99%
*Lincoln Variable Insurance Products Trust–LVIP Money Market Fund		676,439	$	6,764,392

Total Affiliated Investment Company (Cost $6,764,392)				6,764,392

UNAFFILIATED INVESTMENT COMPANIES–98.01%
Fixed Income Funds–94.97%
²American Funds^®–Bond Fund of America		789,022		10,225,723
Intermediate Bond Fund of America		6,743,886		91,919,170
Short-Term Bond Fund of America		11,514,630		115,376,597
American Funds Insurance Series^®–Bond Fund		2,727,025		30,733,572
High-Income Bond Fund		1,557,383		16,819,736
Mortgage Bond Fund		1,569,996		17,018,755
U.S. Government/AAA-Rated Securities Fund		3,248,909		40,936,254

				323,029,807


TOTAL VALUE OF SECURITIES–100.00% (Cost $337,439,672)		340,124,072
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.00%		1,759

NET ASSETS APPLICABLE TO 34,061,959 SHARES OUTSTANDING–100.00%	$	340,125,831


TOTAL VALUE OF SECURITIES–99.37% (Cost $11,459,636)	$	12,003,933
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.63%		76,510

NET ASSETS APPLICABLE TO 1,151,435 SHARES OUTSTANDING–100.00%	$	12,080,443


Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date	Unrealized Appreciation (Depreciation)
(2)	10 yr Mini JGB	$	(245,547	)	$	(245,292	)	6/11/15	$	255
1	E-mini MSCI EAFE Index		89,981			91,495		6/22/15		1,514
1	Long Gilt		175,952			179,115		6/29/15		3,163
3	U.S. Treasury 10 yr Notes		382,345			386,719		6/22/15		4,374

		$	402,731						$	9,306


	Level 1			Level 2			Total
Common Stock
U.S. Markets
Aerospace & Defense		$	284,339		$	—		$	284,339
Air Freight & Logistics			32,097			—			32,097
Airlines			182,896			—			182,896
Banks			218,807			—			218,807
Beverages			137,356			—			137,356
Biotechnology			383,761			—			383,761
Capital Markets			25,518			—			25,518
Chemicals			216,665			—			216,665
Communications Equipment			52,127			—			52,127
Consumer Finance			70,672			—			70,672
Containers & Packaging			10,582			—			10,582
Diversified Financial Services			43,296			—			43,296
Diversified Telecommunication Services			73,870			—			73,870
Electric Utilities			151,815			—			151,815
Electrical Equipment			11,324			—			11,324
Electronic Equipment, Instruments & Components			143,581			—			143,581
Food & Staples Retailing			73,866			—			73,866
Food Products			115,084			—			115,084
Health Care Equipment & Supplies			118,865			—			118,865
Health Care Providers & Services			364,151			—			364,151
Hotels, Restaurants & Leisure			9,568			—			9,568
Household Durables			5,696			—			5,696
Household Products			59,665			—			59,665
Independent Power & Renewable Electricity Producers			2,570			—			2,570
Industrial Conglomerates			49,970			—			49,970
Insurance			102,485			—			102,485
Internet Software & Services			103,686			—			103,686
IT Services			60,192			—			60,192
Machinery			8,490			—			8,490
Media			74,575			—			74,575
Multiline Retail			38,541			—			38,541
Multi-Utilities			99,378			—			99,378
Oil, Gas & Consumable Fuels			304,339			—			304,339
Pharmaceuticals			458,432			—			458,432
Professional Services			12,836			—			12,836
Real Estate Investment Trusts			114,914			—			114,914
Road & Rail			65,167			—			65,167
Semiconductors & Semiconductor Equipment			240,789			—			240,789
Software			244,736			—			244,736
Specialty Retail			222,365			—			222,365
Technology Hardware, Storage & Peripherals			330,117			—			330,117
Tobacco			55,142			—			55,142
Developed Markets
Aerospace & Defense			—			14,595			14,595


TOTAL VALUE OF SECURITIES–100.13% (Cost $270,435,160)	$	603,266,463
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.13%)		(807,822	)

NET ASSETS APPLICABLE TO 12,134,528 SHARES OUTSTANDING–100.00%	$	602,458,641


	Level 1
Common Stock		$579,051,550
Convertible Preferred Stock		1,029,513
Master Limited Partnerships		12,386,150
Money Market Fund		10,799,250

Total		$603,266,463


TOTAL VALUE OF SECURITIES–99.45% (Cost $271,746,118)		282,155,435
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.55%		1,551,358

NET ASSETS APPLICABLE TO 29,849,522 SHARES OUTSTANDING–100.00%	$	283,706,793


Counterparty	Contracts to Receive (Deliver)			In Exchange For				Settlement Date	Unrealized Appreciation (Depreciation)
BNYM	KRW	240,000,000			USD	(217,649	)	4/2/15	$	(1,239	)
CITI	HKD	500,000			USD	(64,491	)	4/2/15		3
CITI	MXN	(966,000	)		USD	63,403		4/7/15		91
CITI	ZAR	3,000,000			USD	(247,601	)	4/2/15		(308	)

									$	(1,453	)


	Level 1		Level 2			Level 3		Total
Common Stock
Brazil	$	12,922,000	$	—		$	5,350	$	12,927,350
China		11,773,668		40,803,462			574,374		53,151,504
Colombia		1,359,817		—			—		1,359,817
Cyprus		74,328		—			—		74,328
Czech Republic		43,587		445,696			—		489,283
Greece		—		494,276			—		494,276
Hong Kong		930,949		14,440,584			262,362		15,633,895
Hungary		—		449,565			—		449,565
India		5,301,371		1,024,692			—		6,326,063
Indonesia		113,262		6,448,894			—		6,562,156
Luxembourg		9,276		—			—		9,276
Malaysia		2,304,243		7,590,625			—		9,894,868
Mexico		11,891,794		127,403			—		12,019,197
Morocco		374,628		139,978			—		514,606
Peru		1,003,003		—			—		1,003,003
Philippines		392,629		3,545,765			—		3,938,394
Poland		146,912		2,927,917			—		3,074,829
Republic of Korea.		1,840,430		32,116,495			—		33,956,925
Russia		747,713		9,682,528			—		10,430,241
South Africa		313,671		18,976,461			—		19,290,132
Taiwan		—		29,974,547			—		29,974,547
Thailand		62,905		6,291,764			—		6,354,669
Turkey		—		3,594,660			—		3,594,660
United Arab Emirates		67,535		1,960,071			—		2,027,606
Exchange-Traded Funds		17,831,439		—			—		17,831,439
Preferred Stock		7,511,596		2,527,885			—		10,039,481
Rights		—		6,065			—		6,065
Money Market Fund		20,727,260		—			—		20,727,260

Total	$	97,744,016	$	183,569,333		$	842,086	$	282,155,435

Foreign Currency Exchange Contracts	$	—	$	(1,453	)	$	—	$	(1,453	)

Futures Contracts	$	688,933	$	—		$	—	$	688,933


TOTAL VALUE OF SECURITIES–98.66% (Cost $706,549,438)	$	845,325,422
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.34%		11,489,609

NET ASSETS APPLICABLE TO 49,528,962 SHARES OUTSTANDING–100.00%	$	856,815,031


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANIES–99.89%
International Equity Fund–96.20%
*BlackRock Global Allocation V.I. Fund		50,977,312	$	850,301,558

				850,301,558


TOTAL VALUE OF SECURITIES–99.89% (Cost $922,495,246)		882,933,446
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.11%		995,941

NET ASSETS APPLICABLE TO 83,052,933 SHARES OUTSTANDING–100.00%	$	883,929,387


	Level 1
Investment Companies	$	882,933,446

Futures Contracts	$	(608,429	)


TOTAL VALUE OF SECURITIES–99.33% (Cost $1,220,447,519)		1,227,348,106
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.67%		8,237,179

NET ASSETS APPLICABLE TO 117,876,607 SHARES OUTSTANDING–100.00%	$	1,235,585,285


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANIES–99.69%
Equity Funds–24.79%
iShares Core High Dividend ETF		14,704	$	1,102,653
iShares U.S. Preferred Stock ETF		18,717		750,739

				1,853,392

Fixed Income Funds–55.24%
iShares 1-3 Year Credit Bond ETF		8,543		901,543
iShares 10+ Year Credit Bond ETF		5,975		374,035
iShares CMBS ETF		7,186		374,822
iShares iBoxx $ High Yield Corporate Bond ETF		24,043		2,178,536
iShares Intermediate Credit Bond ETF		2,717		300,690

				4,129,626


TOTAL VALUE OF SECURITIES–99.69% (Cost $7,570,295)		7,452,605
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.31%		23,069

NET ASSETS APPLICABLE TO 764,949 SHARES OUTSTANDING–100.00%	$	7,475,674


	Level 1
Investment Companies	$	7,452,605

Futures Contracts	$	(11,622	)


TOTAL VALUE OF SECURITIES–100.20% (Cost $322,111,265)		462,407,200
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.20%)		(921,891	)

NET ASSETS APPLICABLE TO 10,538,326 SHARES OUTSTANDING–100.00%	$	461,485,309


	Level 1
Common Stock	$	462,102,411
Money Market Fund		304,789

Total	$	462,407,200


	Number of Shares		Value (U.S. $)

DWARRANT–0.02%
Hong Kong–0.02%
Sun Hung Kai Properties		46,341	$	134,194

Total Warrant (Cost $34,358)				134,194


MONEY MARKET FUND–0.96%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares		5,660,917		5,660,917

Total Money Market Fund (Cost $5,660,917)				5,660,917


TOTAL VALUE OF SECURITIES–99.61% (Cost $455,036,961)		586,980,071
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.39%		2,282,302

NET ASSETS APPLICABLE TO 58,340,741 SHARES OUTSTANDING–100.00%	$	589,262,373