N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

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

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENT–3.00%
Fixed Income Fund–3.00%
✢American Funds Insurance Series^®– Mortgage Bond Fund		2,397,369	$	25,531,983

Total Affiliated Investment (Cost $24,565,891)				25,531,983

UNAFFILIATED INVESTMENTS–97.06%
Asset Allocation Fund–18.06%
^²American Funds^®– Capital Income Builder		2,573,869		153,994,605

				153,994,605

Equity Funds–26.74%
^²American Funds^®–
AMCAP Fund		1,449,250		42,202,162
American Mutual Fund		1,753,619		67,216,227
✢American Funds Insurance Series^®–
Blue Chip Income & Growth Fund		3,578,035		50,486,075
Growth Fund		464,522		34,146,993
Growth-Income Fund		714,753		33,864,982

				227,916,439


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENTS (continued)
Fixed Income Funds–30.93%
✢American Funds Insurance Series^®–
Bond Fund		22,595,803	$	246,746,164
High-Income Bond Fund		1,614,971		16,924,898

				263,671,062

International Equity Funds–19.32%
✢American Funds Insurance Series^®–
Global Growth & Income Fund		1,235,630		17,261,752
Global Growth Fund		656,114		17,314,844
Global Small Capitalization Fund		1,577,934		34,477,866
International Fund		3,764,944		69,576,161
New World Fund		1,207,729		26,086,949

				164,717,572

International Fixed Income Fund–2.01%
✢American Funds Insurance Series^®– Global Bond Fund		1,492,056		17,128,807

				17,128,807

Total Unaffiliated Investments (Cost $746,643,125)				827,428,485

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP American Balanced Allocation Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests a substantial portion of its assets in the American Funds Insurance Series^® funds and American Funds^® retail funds (collectively, the “Underlying Funds”). The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Financial statements for the Underlying Funds can be found at www.sec.gov. Investments in government money market funds have a stable NAV

At March 31, 2017, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At March 31, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

During the period ended March 31, 2017, 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.

Affiliated investment companies, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, Lincoln Investment Advisors Corporation (LVIP Funds), or investments in issuers whereby the Funds held 5% or more of the issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:

On October 13, 2016, the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. The amendments are effective for the Fund for periods ending after August 1, 2017. At this time, management is evaluating the implications of adopting these amendments and their impact on the Schedule of Investments and accompanying notes.


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANIES–100.09%
Asset Allocation Fund–17.10%
^²American Funds^®– Capital Income Builder		572,471	$	34,250,913

				34,250,913

Equity Funds–19.84%
^²American Funds^®–
AMCAP Fund		273,092		7,952,451
American Mutual Fund		361,426		13,853,462
✢American Funds Insurance Series^®–
Blue Chip Income & Growth Fund		561,891		7,928,283
Growth Fund		82,057		6,032,022
Growth-Income Fund		84,177		3,988,325

				39,754,543

Fixed Income Funds–54.00%
^²American Funds^®– Intermediate Bond Fund of America		298,250		3,993,571
✢American Funds Insurance Series^®–
Bond Fund		7,890,381		86,162,965
High-Income Bond Fund		570,566		5,979,531
Mortgage Bond Fund		752,797		8,017,291
U.S. Government/AAA-Rated Securities Fund		329,464		4,009,575

				108,162,933


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANIES (continued)
International Equity Funds–7.14%
✢American Funds Insurance Series^®–
Global Small Capitalization Fund		185,792	$	4,059,544
International Fund		332,427		6,143,251
New World Fund		189,576		4,094,846

				14,297,641

International Fixed Income Fund–2.01%
✢American Funds Insurance Series^®– Global Bond Fund		351,355		4,033,557

				4,033,557

Money Market Fund–0.00%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		4,567		4,567

				4,567

Total Investment Companies (Cost $188,289,481)				200,504,154

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP American Income Allocation Fund (the “Fund” ) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENT–2.99%
Fixed Income Fund–2.99%
✢American Funds Insurance Series^®– Mortgage Bond Fund		2,382,783	$	25,376,643

Total Affiliated Investment (Cost $24,753,098)				25,376,643

UNAFFILIATED INVESTMENTS–97.11%
Asset Allocation Fund–15.03%
^²American Funds^®– Capital Income Builder		2,131,872		127,549,911

				127,549,911

Equity Funds–29.65%
^²American Funds^®–
AMCAP Fund		1,440,408		41,944,685
American Mutual Fund		1,960,792		75,157,150
✢American Funds Insurance Series^®–
Blue Chip Income & Growth Fund		4,148,915		58,541,186
Growth Fund		346,258		25,453,461
Growth-Income Fund		1,065,589		50,487,621

				251,584,103


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENTS (continued)
Fixed Income Funds–22.91%
✢American Funds Insurance Series^®–
Bond Fund		16,262,833	$	177,590,132
High-Income Bond Fund		1,605,076		16,821,198

				194,411,330

International Equity Funds–29.46%
^²American Funds^®– EuroPacific Growth Fund		351,802		17,329,743
✢American Funds Insurance Series^®–
Global Growth & Income Fund		1,842,192		25,735,429
Global Growth Fund		978,203		25,814,786
Global Small Capitalization Fund		1,960,452		42,835,866
International Fund		5,613,440		103,736,378
New World Fund		1,600,624		34,573,472

				250,025,674

Money Market Fund–0.06%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		475,214		475,214

				475,214

Total Unaffiliated Investments (Cost $731,735,998)				824,046,232

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP American Growth Allocation Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investment companies, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, Lincoln Investment Advisors Corporation (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:

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.

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP American Century Select Mid Cap Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all its assets in other open-end investment companies, primarily the American Century VP Mid Cap Value Fund (collectively, the “Underlying Funds”). The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Financial statements for the Underlying Funds can be found at www.sec.gov. Futures contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, Lincoln Investment Advisors Corporation (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017 were as follows:

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP American Global Growth Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in Class 1 shares of the Global Growth Fund, a series of the American Funds Insurance Series^® (the “Underlying Fund”). The Fund values an Underlying Fund that is an open-end fund at its published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Fund’s NAV, see the Underlying Fund’s prospectus and statement of additional information. Financial statements for the Underlying Fund can be found at www.sec.gov.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

During the period ended March 31, 2017, 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.

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP American Global Small Capitalization Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in Class 1 shares of the Global Small Capitalization Fund, a series of the American Funds Insurance Series^® (the “Underlying Fund”). The Fund values an Underlying Fund that is an open-end fund at its published net asset value (“NAV”) computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Fund’s NAV, see the Underlying Fund’s prospectus and statement of additional information. Financial statements for the Underlying Fund can be found at www.sec.gov.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP American Growth Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in Class 1 shares of the Growth Fund, a series of the American Funds Insurance Series^® (the “Underlying Fund”). The Fund values an Underlying Fund that is an open-end fund at its published net asset value (“NAV”) computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Fund’s NAV, see the Underlying Fund’s prospectus and statement of additional information. Financial statements for the Underlying Fund can be found at www.sec.gov.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP American Growth-Income Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in Class 1 shares of the Growth-Income Fund, a series of the American Funds Insurance Series^® (the “Underlying Fund”). The Fund values an Underlying Fund that is an open-end fund at its published net asset value (“NAV”) computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Fund’s NAV, see the Underlying Fund’s prospectus and statement of additional information. Financial statements for the Underlying Fund can be found at www.sec.gov.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP American International Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in Class 1 shares of the International Fund, a series of the American Funds Insurance Series^® (the “Underlying Fund”). The Fund values an Underlying Fund that is an open-end fund at its published net asset value (“NAV”) computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Fund’s NAV, see the Underlying Fund’s prospectus and statement of additional information. Financial statements for the Underlying Fund can be found at www.sec.gov.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–36.67%
Fixed Income Funds–36.67%
✢American Funds Insurance Series^®–
Bond Fund		58,409,018	$	637,826,480
Mortgage Bond Fund		7,047,766		75,058,713

Total Affiliated Investments (Cost $718,207,448)				712,885,193

UNAFFILIATED INVESTMENTS–63.41%
Asset Allocation Fund–17.47%
^²American Funds^®– Capital Income Builder		5,675,127		339,542,862

				339,542,862

Equity Funds–21.99%
^²American Funds^®–
AMCAP Fund		5,112,806		148,884,898
American Mutual Fund		5,316,575		203,784,310
✢American Funds Insurance Series^®– Growth-Income Fund		1,575,984		74,670,118

				427,339,326

Fixed Income Funds–5.77%
^²American Funds^®– Intermediate Bond Fund of America		1,396,069		18,693,363
✢American Funds Insurance Series^®–
High-Income Bond Fund		5,340,908		55,972,721
U.S. Government/AAA-Rated Securities Fund		3,084,485		37,538,182

				112,204,266


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENTS (continued)
International Equity Funds–12.77%
^²American Funds^®–
EuroPacific Growth Fund		1,560,780	$	76,884,034
New Perspective Fund		1,470,611		56,942,040
✢American Funds Insurance Series^®–
Global Growth & Income Fund		1,362,214		19,030,135
Global Small Capitalization Fund		2,609,339		57,014,068
New World Fund		1,775,242		38,345,219

				248,215,496

International Fixed Income Fund–1.94%
✢American Funds Insurance Series^®– Global Bond Fund		3,289,702		37,765,773

				37,765,773

Money Market Fund–3.47%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		67,439,515		67,439,515

				67,439,515

Total Unaffiliated Investments (Cost $1,119,075,804)				1,232,507,238

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)– LVIP American Global Balanced Allocation Managed Risk Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in the American Funds Insurance Series^® funds and American Funds^® retail funds (collectively, the “Underlying Funds”). The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Financial statements for the Underlying Funds can be found at www.sec.gov. Investments in government money market funds have a stable NAV.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investment companies, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, Lincoln Investment Advisors Corporation (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–27.91%
Fixed Income Funds–23.01%
✢American Funds Insurance Series^®–
Bond Fund		67,127,089	$	733,027,811
Mortgage Bond Fund		9,835,329		104,746,255

				837,774,066

International Equity Fund–4.90%
✢American Funds Insurance Series^®– New World Fund		8,259,287		178,400,591

				178,400,591

Total Affiliated Investments (Cost $1,008,720,316)				1,016,174,657

UNAFFILIATED INVESTMENTS–72.14%
Asset Allocation Fund–14.46%
²American Funds^®– Capital Income Builder		8,799,998		526,503,897

				526,503,897

Equity Funds–30.40%
²American Funds^®–
AMCAP Fund		10,701,914		311,639,726
American Mutual Fund		11,690,402		448,093,109
✢American Funds Insurance Series^®– Growth-Income Fund		7,330,722		347,329,624

				1,107,062,459


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENTS (continued)
Fixed Income Fund–1.91%
✢American Funds Insurance Series^®– High-Income Bond Fund		6,624,869	$	69,428,626

				69,428,626

International Equity Funds–21.47%
²American Funds^®–
EuroPacific Growth Fund		7,261,489		357,700,971
New Perspective Fund		5,473,044		211,916,262
✢American Funds Insurance Series^®–
Global Growth & Income Fund		2,534,815		35,411,369
Global Small Capitalization Fund		8,092,409		176,819,129

				781,847,731

Money Market Fund–3.90%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		142,178,635		142,178,635

				142,178,635

Total Unaffiliated Investments (Cost $2,374,899,200)				2,627,021,348

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP American Global Growth Allocation Managed Risk Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investment companies, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, Lincoln Investment Advisors Corporation (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–7.01%
Fixed Income Fund–5.02%
✢American Funds Insurance Series^®– Mortgage Bond Fund		2,983,275	$	31,771,881

				31,771,881

Money Market Fund–1.99%
*Lincoln Variable Insurance Products Trust–LVIP Government Money Market Fund (seven-day effective yield 0.34%)		1,256,918		12,569,184

				12,569,184

Total Affiliated Investments (Cost $44,156,419)				44,341,065

UNAFFILIATED INVESTMENTS–93.15%
Fixed Income Funds–92.04%
^²American Funds^®–
Bond Fund of America		2,480,107		31,745,364
Intermediate Bond Fund of America		12,765,260		170,926,825
Short-Term Bond Fund of America		23,445,859		233,286,300


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENTS (continued)
Fixed Income Funds (continued)
✢American Funds Insurance Series^®–
Bond Fund		4,652,354	$	50,803,707
High-Income Bond Fund		1,808,978		18,958,090
U.S. Government/AAA-Rated Securities Fund		6,267,017		76,269,602

				581,989,888

International Fixed Income Fund–1.01%
✢American Funds Insurance Series^®– Global Bond Fund		556,914		6,393,369

				6,393,369

Money Market Fund–0.10%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		631,904		631,904

				631,904

Total Unaffiliated Investments (Cost $590,550,093)				589,015,161

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP American Preservation Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S.GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests significantly all of its assets in other open-end investment companies that are advised by Lincoln Investment Advisors Corporation (“LIAC”), American Funds Insurance Series^® Funds and American Funds^® retail funds (collectively, the “Underlying Funds”). The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Financial statements for the Underlying Funds can be found at www.sec.gov. Investments in government money market funds have a stable NAV.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non- LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:


	Number of Shares		Value (U.S. $)

COMMON STOCK–97.96%
Building Products–5.16%
†Caesarstone		212,000	$	7,685,000
†Masonite International		133,500		10,579,875
†Trex		135,000		9,367,650

				27,632,525

Capital Markets–9.49%
Cohen & Steers		214,000		8,553,580
FactSet Research Systems		50,900		8,393,919
Financial Engines		215,000		9,363,250
Moelis & Co. Class A		151,000		5,813,500
Morningstar		84,000		6,602,400
MSCI Class A		125,000		12,148,750

				50,875,399

Diversified Consumer Services–4.81%
†Bright Horizons Family Solutions		165,000		11,960,850
†Nord Anglia Education		545,700		13,828,038

				25,788,888

Diversified Telecommunication Services–0.94%
†Iridium Communications		519,673		5,014,844

				5,014,844

Electronic Equipment, Instruments & Components–0.71%
Littelfuse		23,870		3,817,052

				3,817,052

Equity Real Estate Investment Trusts–8.11%
Alexander’s		11,500		4,966,390
Alexandria Real Estate Equities		57,000		6,299,640
American Assets Trust		100,000		4,184,000
Douglas Emmett		330,000		12,672,000
Gaming and Leisure Properties		460,000		15,373,200

				43,495,230

Food & Staples Retailing–1.97%
†Performance Food Group		247,500		5,890,500
†Smart & Final Stores		386,000		4,670,600

				10,561,100

Food Products–1.65%
†TreeHouse Foods		104,200		8,821,572

				8,821,572

Health Care Equipment & Supplies–5.61%
†Glaukos		30,379		1,558,443
†IDEXX Laboratories		131,000		20,253,910
†Neogen		32,550		2,133,652
West Pharmaceutical Services		75,000		6,120,750

				30,066,755

Health Care Technology–0.49%
†Inovalon Holdings Class A		210,405		2,651,103

				2,651,103


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Hotels, Restaurants & Leisure–21.35%
Choice Hotels International		310,000	$	19,406,000
ClubCorp Holdings		316,400		5,078,220
Marriott Vacations Worldwide		197,500		19,736,175
†Panera Bread Class A		36,000		9,427,320
†Penn National Gaming		363,500		6,699,305
†Pinnacle Entertainment		303,819		5,930,547
Red Rock Resorts Class A		152,116		3,373,933
Vail Resorts		233,300		44,770,270

				114,421,770

Household Products–1.47%
Church & Dwight		158,000		7,879,460

				7,879,460

Insurance–7.09%
†Arch Capital Group		230,000		21,797,100
Kinsale Capital Group		10,500		336,420
Primerica		193,000		15,864,600

				37,998,120

Internet & Direct Marketing Retail–0.78%
†AO World		2,487,293		4,207,045

				4,207,045

Internet Software & Services–4.51%
†Benefitfocus		189,112		5,285,680
†CoStar Group		87,000		18,028,140
†Wix.com		12,515		849,769

				24,163,589

IT Services–6.64%
Booz Allen Hamilton Holding		100,000		3,539,000
†Gartner		173,600		18,747,064
MAXIMUS		214,000		13,310,800

				35,596,864

Life Sciences Tools & Services–2.47%
Bio-Techne		48,500		4,930,025
†Mettler-Toledo International		17,300		8,285,143

				13,215,168

Machinery–1.90%
†Middleby		74,500		10,165,525

				10,165,525

Media–1.25%
Manchester United Class A		396,063		6,693,465

				6,693,465

Software–6.91%
†ANSYS		126,000		13,465,620
†Guidewire Software		95,000		5,351,350
Pegasystems		110,000		4,823,500


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Software (continued)
SS&C Technologies Holdings		379,000	$	13,416,600

				37,057,070

Specialty Retail–1.19%
Dick’s Sporting Goods		131,000		6,374,460

				6,374,460

Textiles, Apparel & Luxury Goods–1.95%
†Under Armour Class A		274,000		5,419,720
†Under Armour Class C		275,001		5,032,518

				10,452,238

Thrifts & Mortgage Finance–0.24%
†Essent Group		36,000		1,302,120

				1,302,120

Trading Companies & Distributors–1.27%
Air Lease		175,000		6,781,250

				6,781,250

Total Common Stock (Cost $224,732,241)				525,032,612


	Number of Shares		Value (U.S. $)

CONVERTIBLE PREFERRED STOCK–0.19%
Iridium Communications 6.75% exercise price $7.47		2,926	$	1,015,322

Total Convertible Preferred Stock (Cost $731,500)				1,015,322

MASTER LIMITED PARTNERSHIPS–1.33%
Carlyle Group		162,500		2,591,875
Oaktree Capital Group		100,000		4,530,000

Total Master Limited Partnerships (Cost $6,936,309)				7,121,875

MONEY MARKET FUND–0.30%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		1,645,021		1,645,021

Total Money Market Fund (Cost $1,645,021)				1,645,021

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Baron Growth Opportunities Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between their bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures, or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

COMMON STOCK–89.87%
Aerospace & Defense–2.67%
Lockheed Martin		74,598	$	19,962,425
Northrop Grumman		49,090		11,675,566

				31,637,991

Air Freight & Logistics–0.56%
United Parcel Service Class B		61,710		6,621,483

				6,621,483

Automobiles–0.07%
Ford Motor		68,441		796,653

				796,653

Banks–12.93%
Bank of America		1,402,380		33,082,144
Bank of Hawaii		33,061		2,722,904
BB&T		34,457		1,540,228
Citigroup		421,740		25,228,487
FNB		44,078		655,440
JPMorgan Chase & Co.		392,220		34,452,605
KeyCorp		241,070		4,286,225
PacWest Bancorp		49,820		2,653,413
People’s United Financial		51,432		936,062
SunTrust Banks		164,745		9,110,399
Trustmark		39,883		1,267,880
U.S. Bancorp		229,910		11,840,365
United Bankshares		42,290		1,786,753
Valley National Bancorp		51,326		605,647
Wells Fargo & Co.		410,790		22,864,571

				153,033,123

Beverages–1.64%
Coca-Cola		253,528		10,759,728
Diageo		303,978		8,696,802

				19,456,530

Capital Markets–3.83%
CME Group		83,664		9,939,283
Federated Investors Class B		47,851		1,260,395
Goldman Sachs Group		39,180		9,000,430
Invesco		144,674		4,431,365
Lazard Class A		88,867		4,086,993
Morgan Stanley		340,120		14,570,741
Waddell & Reed Financial Class A		121,676		2,068,492

				45,357,699

Chemicals–2.45%
CF Industries Holdings		56,569		1,660,300
Dow Chemical		325,080		20,655,583
EI du Pont de Nemours & Co.		30,960		2,487,017
Huntsman		31,493		772,838
Olin		34,851		1,145,552
Praxair		18,960		2,248,656

				28,969,946


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Commercial Services & Supplies–0.34%
Pitney Bowes		79,583	$	1,043,333
RR Donnelley & Sons		53,415		646,856
Waste Management		32,457		2,366,764

				4,056,953

Communications Equipment–0.55%
Motorola Solutions		76,040		6,556,169

				6,556,169

Containers & Packaging–1.21%
International Paper		129,399		6,570,881
Packaging Corp. of America		37,456		3,431,719
Sonoco Products		38,742		2,050,227
WestRock		43,154		2,245,303

				14,298,130

Distributors–0.31%
Genuine Parts		40,226		3,717,285

				3,717,285

Diversified Consumer Services–0.10%
H&R Block		51,785		1,204,001

				1,204,001

Diversified Telecommunication Services–1.56%
AT&T		64,935		2,698,049
BCE		46,620		2,063,867
CenturyLink		134,163		3,162,222
Verizon Communications		217,060		10,581,675

				18,505,813

Electric Utilities–5.70%
Alliant Energy		45,236		1,791,798
American Electric Power		50,057		3,360,326
Edison International		38,395		3,056,626
Entergy		65,893		5,005,232
Eversource Energy		45,677		2,684,894
Exelon		200,976		7,231,116
FirstEnergy		193,913		6,170,312
Great Plains Energy		54,229		1,584,571
IDACORP		37,824		3,137,879
NextEra Energy		123,906		15,905,813
OGE Energy		46,480		1,625,870
PG&E		118,683		7,875,804
Pinnacle West Capital		44,719		3,728,670
PPL		60,712		2,270,022
Xcel Energy		46,102		2,049,234

				67,478,167

Electrical Equipment–0.70%
Eaton		46,353		3,437,075
Emerson Electric		44,644		2,672,390
Rockwell Automation		13,870		2,159,698

				8,269,163


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Energy Equipment & Services–0.61%
Helmerich & Payne		58,371	$	3,885,757
Schlumberger		42,130		3,290,353

				7,176,110

Equity Real Estate Investment Trusts–0.29%
Weyerhaeuser		99,150		3,369,117

				3,369,117

Food & Staples Retailing–0.94%
Kroger		314,450		9,273,131
Sysco		34,766		1,805,051

				11,078,182

Food Products–0.52%
General Mills		44,221		2,609,481
Mondelez International		81,320		3,503,266

				6,112,747

Gas Utilities–0.13%
New Jersey Resources		37,608		1,489,277

				1,489,277

Health Care Equipment & Supplies–0.47%
Becton Dickinson & Co.		30,080		5,517,875

				5,517,875

Health Care Providers & Services–4.27%
Aetna		115,123		14,683,939
Anthem		106,570		17,624,547
McKesson		26,190		3,882,929
Quest Diagnostics		69,520		6,826,169
UnitedHealth Group		45,960		7,537,900

				50,555,484

Hotels, Restaurants & Leisure–1.05%
Darden Restaurants		41,225		3,449,296
†Hilton Grand Vacations		4,399		126,075
Hilton Worldwide Holdings		61,449		3,592,309
McDonald’s		40,633		5,266,443

				12,434,123

Household Durables–0.73%
Garmin		54,489		2,784,933
Leggett & Platt		38,786		1,951,711
Tupperware Brands		62,366		3,911,595

				8,648,239

Household Products–1.16%
Kimberly-Clark		40,570		5,340,229
Procter & Gamble		93,770		8,425,235

				13,765,464

Industrial Conglomerates–4.01%
3M		29,720		5,686,328
General Electric		713,790		21,270,942


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Industrial Conglomerates (continued)
Honeywell International		85,170	$	10,635,178
Koninklijke Philips		307,070		9,870,054

				47,462,502

Insurance–5.10%
Allstate		52,460		4,274,965
American International Group		243,170		15,181,103
Arthur J. Gallagher & Co.		38,447		2,173,793
Cincinnati Financial		38,535		2,784,924
Marsh & McLennan		56,280		4,158,529
Mercury General		59,243		3,613,231
MetLife		183,510		9,692,998
Old Republic International		51,677		1,058,345
Prudential Financial		112,250		11,974,830
Travelers		45,560		5,491,802

				60,404,520

Leisure Products–0.18%
Mattel		84,531		2,164,839

				2,164,839

Machinery–0.66%
Caterpillar		45,801		4,248,501
PACCAR		32,075		2,155,440
Pentair		21,400		1,343,492

				7,747,433

Media–2.09%
Cinemark Holdings		38,148		1,691,482
Comcast Class A		411,040		15,450,994
Meredith		45,156		2,917,078
Publicis Groupe		67,090		4,688,656

				24,748,210

Metals & Mining–0.06%
Commercial Metals		36,737		702,779

				702,779

Multiline Retail–1.35%
Dollar General		109,120		7,608,938
Kohl’s		75,568		3,008,362
Macy’s		66,311		1,965,458
Target		60,638		3,346,611

				15,929,369

Multi-Utilities–4.13%
Avista		51,483		2,010,411
Black Hills		38,959		2,589,605
CenterPoint Energy		53,744		1,481,722
CMS Energy		41,902		1,874,695
Dominion Resources		161,255		12,508,550
DTE Energy		45,542		4,650,294
NiSource		41,911		997,063
NorthWestern		51,327		3,012,895


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Multi-Utilities (continued)
Public Service Enterprise Group		200,647	$	8,898,694
SCANA		49,812		3,255,214
Sempra Energy		41,918		4,631,939
WEC Energy Group		49,251		2,986,088

				48,897,170

Oil, Gas & Consumable Fuels–9.10%
Anadarko Petroleum		36,620		2,270,440
Chevron		161,942		17,387,712
ConocoPhillips		32,021		1,596,887
Enbridge		85,440		3,574,810
Exxon Mobil		110,480		9,060,465
Hess		186,114		8,972,556
HollyFrontier		67,538		1,914,027
Marathon Oil		252,290		3,986,182
Marathon Petroleum		125,880		6,361,975
Occidental Petroleum		272,260		17,250,394
ONEOK		62,095		3,442,547
Royal Dutch Shell ADR Class A		39,600		2,088,108
Suncor Energy		402,160		12,366,420
TOTAL ADR		268,756		13,550,677
Valero Energy		58,067		3,849,261

				107,672,461

Paper & Forest Products–0.19%
Domtar		60,978		2,226,917

				2,226,917

Personal Products–0.99%
Nu Skin Enterprises Class A		39,709		2,205,438
Unilever (New York Shares)		190,800		9,478,944

				11,684,382

Pharmaceuticals–6.04%
AstraZeneca		215,441		13,260,116
Eli Lilly & Co.		34,481		2,900,197
Johnson & Johnson		36,590		4,557,285
Merck & Co.		311,779		19,810,438
Pfizer		905,082		30,962,855

				71,490,891

Professional Services–0.84%
Experian		275,590		5,621,268
Nielsen Holdings		105,860		4,373,077

				9,994,345

Road & Rail–0.38%
Union Pacific		42,762		4,529,351

				4,529,351

Semiconductors & Semiconductor Equipment–1.48%
Intel		40,491		1,460,510
QUALCOMM		84,390		4,838,923


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
Taiwan Semiconductor Manufacturing ADR		341,010	$	11,198,768

				17,498,201

Software–3.33%
Constellation Software		1,103		542,024
Microsoft		282,300		18,592,278
Oracle		453,310		20,222,159

				39,356,461

Specialty Retail–1.44%
Gap		209,650		5,092,399
Home Depot		55,640		8,169,621
L Brands		65,693		3,094,140
Staples		75,219		659,671

				17,015,831

Technology Hardware, Storage & Peripherals–1.79%
Lenovo Group		5,220,000		3,439,027
†Samsung Electronics GDR		15,675		14,381,814
Seagate Technology		72,652		3,336,906

				21,157,747

Thrifts & Mortgage Finance–0.08%
New York Community Bancorp		66,316		926,434

				926,434

Tobacco–1.35%
Altria Group		91,684		6,548,071
Philip Morris International		83,821		9,463,391

				16,011,462

Water Utilities–0.09%
American Water Works		14,300		1,112,111

				1,112,111

Wireless Telecommunication Services–0.40%
SK Telecom ADR		186,240		4,689,523

				4,689,523

Total Common Stock (Cost $857,819,816)				1,063,528,663


MONEY MARKET FUND–9.90%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		117,140,682		117,140,682

Total Money Market Fund (Cost $117,140,682)				117,140,682

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2017:

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.

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP BlackRock Dividend Value Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under the policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

During the period ended March 31, 2017, 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 that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. International fair value pricing was not utilized at March 31, 2017. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP BlackRock Global Allocation V.I. Managed Risk Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds stucture and invests substantially all its assets in other open-end investment companies, primarily the BlackRock Global Allocation V.I. Fund (collectively, the “Underlying Funds”). The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Financial statements for the Underlying Funds can be found at www.sec.gov. Investments in government money market funds have a stable NAV.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investment companies, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, Lincoln Investment Advisors Corporation (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANIES–100.38%
Equity Funds–48.85%
iShares Core S&P 500 ETF		121,710	$	28,878,131
iShares Core S&P Mid-Cap ETF		38,599		6,608,921
iShares Edge MSCI Min Vol USA ETF		522,752		24,945,725
iShares Russell 2000 ETF		47,958		6,593,266

				67,026,043

Fixed Income Funds–28.66%
iShares Core U.S. Aggregate Bond ETF		181,868		19,730,859
iShares Core U.S. Credit Bond ETF		56,879		6,251,571
iShares Core U.S. Treasury Bond ETF		268,034		6,714,252
iShares MBS ETF		62,286		6,636,573

				39,333,255


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANIES (continued)
International Equity Funds–18.55%
iShares Edge MSCI Min Vol EAFE ETF		263,540	$	17,393,640
iShares Edge MSCI Min Vol Emerging Markets ETF		150,663		8,060,471

				25,454,111

Money Market Fund–4.32%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		5,929,578		5,929,578

				5,929,578

Total Investment Companies (Cost $133,083,279)				137,742,987

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Blackrock Global Growth ETF Allocation Managed Risk Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in iShares Exchange-Traded Funds (“Underlying ETFs”) or financial instruments that provide explosure to such underlying ETFs (collectively, the “Underlying Funds”). ETFs, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (“NYSE”) on the valuation date. ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Investments in government money market fund have a stable NAV.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

During the period of March 31, 2017, 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.


		Principal Amount°		Value (U.S. $)

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.07%
ABN Amro Mortgage
Series 2003-4 A4 5.50% 3/25/33			64,601	$	65,451
Series 2003-6 1A4 5.50% 5/25/33			119,838		122,947
Banc of America Mortgage Trust Series 2004-7 7A1 5.00% 8/25/19			40,339		39,492
◆Cendant Mortgage Capital Pass Through Series 2003-6 A3 5.25% 7/25/33			228,273		228,444
◆CHL Mortgage Pass Through Trust Series 2004-5 2A4 5.50% 5/25/34			110,237		110,829
•PHHMC Trust Series 2007-6 A1 5.828% 12/18/37			67,391		69,150
◆WaMu Mortgage Pass Through Certificates Trust Series 2003-S11 3A5 5.95% 11/25/33			238,953		249,454
Wells Fargo Mortgage Backed Securities Trust Series 2007-3 3A1 5.50% 4/25/22			35,015		35,704

Total Non-Agency Collateralized Mortgage Obligations (Cost $934,644)					921,471


NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–0.30%
#BAMLL Commercial Mortgage Securities Trust Series 2012-PARK A 144A 2.959% 12/10/30			1,014,000		1,022,463
#BB-UBS Trust Series 2012-SHOW A 144A 3.43% 11/5/36			930,000		950,876
#Goldman Sachs Mortgage Securities Trust Series 2012-ALOH A 144A 3.551% 4/10/34			883,000		923,868
#•Irvine Core Office Trust Series 2013-IRV A2 144A 3.174% 5/15/48			798,000		811,822
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7 A4 2.918% 2/15/46			357,000		360,579

Total Non-Agency Commercial Mortgage-Backed Securities (Cost $4,064,485)					4,069,608

DSOVEREIGN BONDS–44.47%
Australia–1.55%
Australia Government Bonds 1.00% 11/21/18	AUD		4,875,000		3,987,804


		Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Australia (continued)
Australia Government Bonds (continued)
1.25% 2/21/22	AUD		4,903,900	$	4,273,349
3.00% 9/20/25	AUD		5,835,000		6,268,755
4.00% 8/20/20	AUD		4,780,000		6,801,537

					21,331,445

Canada–0.83%
Canadian Government Real Return Bonds
4.00% 12/1/31	CAD		3,854,566		4,361,630
4.25% 12/1/21	CAD		7,747,186		7,079,805

					11,441,435

Denmark–0.37%
Denmark Inflation Linked Government Bond 0.10% 11/15/23	DKK		32,438,441		5,011,789

					5,011,789

France–13.66%
France Government Bond O.A.T.
0.10% 3/1/21	EUR		8,018,400		9,013,055
0.10% 7/25/21	EUR		4,416,101		4,988,636
0.10% 3/1/25	EUR		14,175,717		16,001,387
0.25% 7/25/18	EUR		103,232,921		113,645,296
0.25% 7/25/24	EUR		8,051,035		9,229,143
1.00% 7/25/17	EUR		4,852,674		5,246,058
1.10% 7/25/22	EUR		2,581,388		3,086,569
1.30% 7/25/19	EUR		1,970,162		2,244,489
2.10% 7/25/23	EUR		8,470,963		10,805,411
2.25% 7/25/20	EUR		10,997,737		13,232,418

					187,492,462

Germany–2.77%
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 0.75% 4/15/18	EUR		23,570,455		25,699,533
Deutsche Bundesrepublik Inflation Linked Bonds
0.10% 4/15/23	EUR		1,748,137		2,029,101
1.75% 4/15/20	EUR		8,753,998		10,311,089

					38,039,723

Italy–6.47%
Italy Buoni Poliennali Del Tesoro Inflation Linked Bonds
#144A 1.25% 9/15/32	EUR		1,083,953		1,137,281
#144A 1.30% 5/15/28	EUR		10,766,779		11,498,634
2.10% 9/15/21	EUR		9,368,210		10,986,571
2.35% 9/15/19	EUR		5,972,827		6,838,559
#144A 2.35% 9/15/24	EUR		40,282,235		47,670,218
3.10% 9/15/26	EUR		8,537,911		10,725,685

					88,856,948

Japan–5.66%
Japanese Government CPI Linked Bonds
0.10% 9/10/23	JPY		970,200,000		9,085,004

Principal
Amount°

Value
(U.S. $)

DSOVEREIGN BONDS (continued)

Japan (continued)

Japanese Government CPI Linked Bonds (continued)

0.10% 3/10/24

JPY

788,900,000

7,397,931

0.10% 9/10/24

JPY

1,028,500,000

9,700,216

0.10% 3/10/25

JPY

4,496,100,000

42,505,571

0.10% 3/10/26

JPY

941,400,000

8,925,247

77,613,969

New Zealand–1.31%

New Zealand Government Bonds

2.50% 9/20/35

NZD

9,664,000

7,091,069

3.00% 9/20/30

NZD

13,644,000

10,909,300

18,000,369

Spain–2.93%

Spain Government Inflation Linked Bonds

0.30% 11/30/21

EUR

19,743,340

22,123,519

#144A 0.55% 11/30/19

EUR

6,391,148

7,133,972

#144A 1.80% 11/30/24

EUR

9,120,179

10,948,881

40,206,372

Sweden–0.98%

Sweden Inflation Linked Bonds

0.25% 6/1/22

SEK

29,680,000

3,777,765

1.00% 6/1/25

SEK

31,395,000

4,311,069

4.00% 12/1/20

SEK

30,130,000

5,371,224

13,460,058

United Kingdom–7.94%

United Kingdom Gilt Inflation Linked Bonds

0.125% 11/22/19

GBP

3,773,011

5,190,330

0.125% 3/22/26

GBP

14,362,697

21,850,096

1.25% 11/22/17

GBP

26,279,338

34,282,039

1.875% 11/22/22

GBP

19,467,948

31,149,223

2.50% 4/16/20

GBP

3,540,000

16,525,712

108,997,400

Total Sovereign Bonds
(Cost $606,376,133)

610,451,970


	Principal Amount°		Value (U.S. $)

U.S. TREASURY OBLIGATIONS–54.88%
U.S. Treasury Inflation Index Bonds
0.875% 2/15/47		2,922,401	$	2,880,760
1.00% 2/15/46		8,475,758		8,613,607
¥2.125% 2/15/41		15,217,878		19,320,177
2.50% 1/15/29		10,550,641		12,913,288
U.S. Treasury Inflation Index Notes
0.125% 4/15/20		75,159,586		76,302,688
0.125% 1/15/22		25,252,138		25,461,655
0.125% 7/15/22		49,568,171		49,992,276
0.125% 1/15/23		37,829,973		37,837,653
0.125% 7/15/24		26,263,193		26,040,192
0.125% 7/15/26		85,352,833		83,320,581
0.25% 1/15/25		62,136,488		61,645,859
0.375% 7/15/23		27,334,221		27,792,697
0.375% 7/15/25		37,018,323		37,130,488
0.375% 1/15/27		38,332,089		38,187,769
¥0.625% 7/15/21		40,417,520		41,951,082
0.625% 1/15/24		35,807,004		36,685,242
0.625% 1/15/26		29,683,990		30,239,081
1.125% 1/15/21		45,120,976		47,528,541
1.25% 7/15/20		35,422,662		37,498,288
1.375% 1/15/20		14,631,306		15,419,612
2.375% 1/15/25		31,715,381		36,603,609

Total U.S. Treasury Obligations (Cost $742,747,869)				753,365,145


	Number of Shares

MONEY MARKET FUND–0.93%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		12,713,303		12,713,303

Total Money Market Fund (Cost $12,713,303)				12,713,303

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2017:

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.

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP BlackRock Inflation Protected Bond Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Securities listed on a foreign exchange are valued at the last quoted sale price on the valuation date. U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Other debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. Index swap contracts and other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

During the period ended March 31, 2017, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. International fair value pricing was not utilized at March 31, 2017. 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. $)

INVESTMENT COMPANIES–99.69%
Equity Funds–18.70%
Alerian MLP ETF		29,445	$	374,246
iShares Core Dividend Growth ETF		6,694		203,832
iShares Core High Dividend ETF		6,369		534,104
iShares U.S. Energy ETF		3,432		132,269
iShares U.S. Preferred Stock ETF		28,307		1,095,481
iShares U.S. Real Estate ETF		2,617		205,408

				2,545,340

Fixed Income Funds–69.15%
iShares 0-5 Year High Yield Corporate Bond ETF		18,593		888,374
iShares 1-3 Year Credit Bond ETF		24,982		2,628,856
iShares 10+ Year Credit Bond ETF		16,306		965,967
iShares CMBS ETF		13,363		684,587
iShares Floating Rate Bond ETF		8,056		409,809
iShares iBoxx $ High Yield Corporate Bond ETF		37,461		3,288,327
iShares Intermediate Credit Bond ETF		5,022		547,197

				9,413,117

International Equity Funds–10.98%
iShares Emerging Markets Dividend ETF		6,726		268,031
iShares Europe ETF		8,152		341,161
iShares International Developed Real Estate ETF		7,402		203,259
iShares International Select Dividend ETF		21,709		682,965

				1,495,416

Money Market Fund–0.86%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		117,278		117,278

				117,278

Total Investment Companies (Cost $13,286,848)				13,571,151


	Number of Shares		Value (U.S. $)

OPTIONS PURCHASED–0.05%
Equity Call Options–0.02%
S&P 500 Index strike price $2,400, expiration date 5/19/17 (MSC)		1	$	1,509
S&P 500 Index strike price $2,450, expiration date 5/19/17 (JPMC)		1		375
S&P 500 Index strike price $2,460, expiration date 5/19/17 (MSC)		1		315
S&P 500 Index strike price $2,475, expiration date 6/16/17 (JPMC)		1		580

				2,779

Equity Put Options–0.03%
S&P 500 Index strike price $2,250, expiration date 5/19/17 (MSC)		2		2,140
S&P 500 Index strike price $2,250, expiration date 6/16/17 (MSC)		1		1,780

				3,920

Total Options Purchased (Premium paid $13,806)				6,699

« Includes $31,712 cash collateral and $5,049 foreign currencies collateral held at broker for futures contracts as of March 31, 2017.

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.

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP BlackRock Multi-Asset Income Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Exchange-traded funds(“ETFs”), except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market fund have a stable NAV. Futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANIES–100.08%
Equity Funds–67.29%
iShares Core S&P 500 ETF		209,843	$	49,789,449
iShares Core S&P Mid-Cap ETF		70,502		12,071,352
iShares Edge MSCI Min Vol USA ETF		898,503		42,876,563
iShares Russell 2000 ETF		112,646		15,486,572

				120,223,936

Fixed Income Funds–28.66%
iShares Core U.S. Aggregate Bond ETF		238,579		25,883,436
iShares Core U.S. Credit Bond ETF		70,377		7,735,136
iShares Core U.S. Treasury Bond ETF		362,599		9,083,105
iShares MBS ETF		79,839		8,506,845

				51,208,522

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in iShares Exchange-Traded Funds (“Underlying ETFs”) or financial instruments that provide exposure to such underlying ETFs (collectively, the “Underlying Funds”). ETFs, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (“NYSE”) on the valuation date. ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Financial statements for the Underlying Funds can be found at www.sec.gov. Futures contracts are valued at the daily quoted settlement prices. Investments in government money market funds have a stable NAV.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Blended Core Equity Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests a significant portion of its assets in other open-end investment companies, which, in turn, invest at least 80% of their assets in equity securities. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Financial statements for the Underlying Funds can be found at www.sec.gov. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK–91.57%
Aerospace & Defense–1.80%
Boeing		11,714	$	2,071,738
General Dynamics		8,481		1,587,643
Lockheed Martin		12,253		3,278,903
TransDigm Group		14,902		3,280,824
United Technologies		31,447		3,528,668

				13,747,776

Air Freight & Logistics–0.39%
FedEx		15,190		2,964,329

				2,964,329

Airlines–0.23%
American Airlines Group		30,330		1,282,959
†United Continental Holdings		7,206		509,032

				1,791,991

Banks–2.58%
Bank of America		566,484		13,363,358
Huntington Bancshares		133,215		1,783,749
PNC Financial Services Group		37,719		4,535,333

				19,682,440

Beverages–2.45%
Anheuser-Busch InBev ADR		6,802		746,587
Constellation Brands Class A		11,794		1,911,454
Dr Pepper Snapple Group		10,255		1,004,170
Molson Coors Brewing Class B		63,432		6,071,077
†Monster Beverage		97,424		4,498,066
PepsiCo		40,129		4,488,830

				18,720,184

Biotechnology–2.84%
†Biogen		1,948		532,622
†Celgene		86,303		10,738,682
Gilead Sciences		71,004		4,822,592
†Incyte		7,663		1,024,313
†Regeneron Pharmaceuticals		3,194		1,237,707
Shire ADR		11,000		1,916,530
†Vertex Pharmaceuticals		12,985		1,419,910

				21,692,356

Capital Markets–0.49%
Goldman Sachs Group		1,314		301,852
Intercontinental Exchange		17,428		1,043,414
Morgan Stanley		16,590		710,716
Northern Trust		11,146		965,021
TD Ameritrade Holding		18,927		735,503

				3,756,506

Chemicals–3.30%
Celanese Class A		20,510		1,842,823
Dow Chemical		60,161		3,822,630
Ecolab		67,801		8,498,177
Monsanto		10,600		1,199,920


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
Chemicals (continued)
PPG Industries		10,933	$	1,148,840
Sherwin-Williams		28,010		8,688,422

				25,200,812

Commercial Services & Supplies–0.31%
Waste Management		32,023		2,335,117

				2,335,117

Communications Equipment–0.25%
Cisco Systems		57,713		1,950,699

				1,950,699

Construction Materials–0.20%
CRH ADR		4,447		156,401
Martin Marietta Materials		1,695		369,934
Vulcan Materials		8,363		1,007,574

				1,533,909

Consumer Finance–1.34%
American Express		46,928		3,712,474
Capital One Financial		52,000		4,506,320
†Santander Consumer USA Holdings		153,439		2,043,807

				10,262,601

Containers & Packaging–0.47%
Ball		12,970		963,152
†Crown Holdings		19,540		1,034,643
International Paper		25,860		1,313,171
†Owens-Illinois		15,150		308,757

				3,619,723

Electric Utilities–1.41%
Avangrid		17,810		761,199
Edison International		16,800		1,337,448
Eversource Energy		16,456		967,284
Exelon		37,084		1,334,282
NextEra Energy		26,257		3,370,611
PG&E		30,962		2,054,638
Pinnacle West Capital		11,709		976,296

				10,801,758

Electrical Equipment–0.48%
AMETEK		37,060		2,004,205
Eaton		22,065		1,636,120

				3,640,325

Energy Equipment & Services–0.41%
Baker Hughes		42,223		2,525,780
Ensco Class A		17,450		156,177
Tenaris ADR		13,190		450,307

				3,132,264

Equity Real Estate Investment Trusts–1.59%
American Tower		32,917		4,000,732
Apartment Investment & Management		24,441		1,083,958


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
Equity Real Estate Investment Trusts (continued)
Boston Properties		11,970	$	1,584,948
Crown Castle International		22,026		2,080,356
Equinix		3,143		1,258,363
Park Hotels & Resorts		3,645		93,567
Prologis		16,157		838,225
Simon Property Group		6,906		1,188,039

				12,128,188

Food & Staples Retailing–0.63%
Costco Wholesale		18,923		3,173,198
Walgreens Boots Alliance		19,570		1,625,289

				4,798,487

Food Products–0.33%
Mondelez International		58,426		2,516,992

				2,516,992

Health Care Equipment & Supplies–4.56%
Abbott Laboratories		156,476		6,949,085
Baxter International		28,990		1,503,421
Becton Dickinson & Co.		8,420		1,544,565
†Boston Scientific		84,621		2,104,524
Cooper		32,058		6,408,074
Danaher		104,839		8,966,880
Medtronic		62,930		5,069,641
Stryker		17,320		2,280,178

				34,826,368

Health Care Providers & Services–2.07%
Aetna		20,400		2,602,020
Cardinal Health		10,800		880,740
Cigna		13,020		1,907,300
†HCA Holdings		23,040		2,050,330
McKesson		20,811		3,085,439
UnitedHealth Group		32,470		5,325,405

				15,851,234

Hotels, Restaurants & Leisure–1.41%
Hilton Worldwide Holdings		15,837		925,831
Starbucks		168,400		9,832,876

				10,758,707

Household Durables–0.19%
†Mohawk Industries		6,323		1,451,065

				1,451,065

Industrial Conglomerates–1.58%
3M		14,854		2,842,016
General Electric		104,010		3,099,498
Honeywell International		49,058		6,125,872

				12,067,386

Insurance–3.22%
Allstate		14,000		1,140,860


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
Insurance (continued)
American International Group		65,915	$	4,115,073
†Athene Holding Class A		23,000		1,149,770
Chubb		7,340		1,000,075
Hartford Financial Services Group		28,338		1,362,208
Manulife Financial (New York Shares)		71,913		1,275,737
Marsh & McLennan		118,953		8,789,437
MetLife		25,895		1,367,774
Prudential Financial		16,540		1,764,487
XL Group		67,148		2,676,519

				24,641,940

Internet & Direct Marketing Retail–4.64%
†Amazon.com		29,034		25,739,802
Expedia		30,232		3,814,371
†Netflix		20,512		3,031,879
†Priceline Group		1,604		2,855,072

				35,441,124

Internet Software & Services–7.27%
†Akamai Technologies		8,040		479,988
†Alphabet Class A		28,453		24,122,453
†Alphabet Class C		6,332		5,252,774
†eBay		50,802		1,705,423
†Facebook Class A		168,891		23,990,966

				55,551,604

IT Services–5.03%
Accenture Class A		7,759		930,149
Alliance Data Systems		6,496		1,617,504
Automatic Data Processing		4,788		490,243
†Cognizant Technology Solutions Class A		7,672		456,637
†FleetCor Technologies		50,433		7,637,069
Global Payments		36,005		2,904,883
Mastercard Class A		88,046		9,902,534
†PayPal Holdings		39,274		1,689,567
Total System Services		8,676		463,819
Visa Class A		138,624		12,319,515

				38,411,920

Life Sciences Tools & Services–0.16%
Thermo Fisher Scientific		8,160		1,253,376

				1,253,376

Machinery–1.46%
Caterpillar		3,827		354,992
Deere & Co.		2,335		254,188
Fortive		119,481		7,195,146
Illinois Tool Works		12,818		1,698,000
Pentair		26,104		1,638,809

				11,141,135

Media–3.62%
†Charter Communications Class A		11,237		3,678,095


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
Media (continued)
Comcast Class A		257,361	$	9,674,200
Twenty-First Century Fox Class A		104,901		3,397,743
Viacom Class B		57,900		2,699,298
Walt Disney		72,343		8,202,973

				27,652,309

Metals & Mining–0.08%
†Freeport-McMoRan		13,284		177,474
Nucor		6,665		398,034

				575,508

Multi-Utilities–0.54%
Dominion Resources		28,553		2,214,856
Sempra Energy		17,585		1,943,143

				4,157,999

Oil, Gas & Consumable Fuels–3.19%
†Antero Resources		45,686		1,042,098
Chevron		22,724		2,439,876
†Diamondback Energy		8,224		852,952
Exxon Mobil		5,987		490,994
Kinder Morgan		71,603		1,556,649
†Newfield Exploration		159,088		5,871,938
ONEOK		8,088		448,399
†Parsley Energy Class A		160,165		5,206,964
Pioneer Natural Resources		18,743		3,490,509
TransCanada		65,232		3,010,457

				24,410,836

Personal Products–1.92%
Coty Class A		216,095		3,917,802
Estee Lauder Class A		126,556		10,730,683

				14,648,485

Pharmaceuticals–3.35%
Allergan		49,011		11,709,708
AstraZeneca ADR		54,310		1,691,213
Bristol-Myers Squibb		59,940		3,259,537
Eli Lilly & Co.		29,344		2,468,124
Johnson & Johnson		24,060		2,996,673
Merck & Co.		30,503		1,938,161
†Mylan		30,042		1,171,338
Teva Pharmaceutical Industries ADR		10,509		337,234

				25,571,988

Professional Services–1.05%
Equifax		11,573		1,582,492
†IHS Markit		12,386		519,593
†Verisk Analytics Class A		72,605		5,891,170

				7,993,255

Road & Rail–1.34%
Canadian Pacific Railway		41,903		6,156,389
CSX		37,610		1,750,745


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
Road & Rail (continued)
JB Hunt Transport Services		23,594	$	2,164,514
Kansas City Southern		1,965		168,518

				10,240,166

Semiconductors & Semiconductor Equipment–3.48%
Analog Devices		31,724		2,599,782
Broadcom		60,617		13,272,698
Microchip Technology		44,341		3,271,479
†Micron Technology		40,605		1,173,485
NVIDIA		57,506		6,264,129

				26,581,573

Software–8.69%
Activision Blizzard		121,000		6,033,060
†Adobe Systems		69,389		9,029,591
†Electronic Arts		11,766		1,053,292
Microsoft		419,610		27,635,515
Oracle		47,000		2,096,670
†salesforce.com		109,041		8,994,792
†ServiceNow		106,327		9,300,423
SS&C Technologies Holdings		12,259		433,969
†Workday Class A		21,872		1,821,500

				66,398,812

Specialty Retail–4.80%
Advance Auto Parts		21,006		3,114,350
Home Depot		91,096		13,375,626
L Brands		3,538		166,640
†O’Reilly Automotive		38,335		10,344,316
TJX		122,623		9,697,027

				36,697,959

Technology Hardware, Storage & Peripherals–4.05%
Apple		207,326		29,784,453
Seagate Technology		24,612		1,130,429

				30,914,882

Textiles, Apparel & Luxury Goods–1.52%
NIKE Class B		198,199		11,045,630
†Under Armour Class C		4,910		89,853
VF		8,432		463,507

				11,598,990

Tobacco–0.85%
Altria Group		66,939		4,780,783
British American Tobacco ADR		25,827		1,712,847

				6,493,630

Total Common Stock (Cost $513,675,886)				699,608,708

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.

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Blended Large Cap Growth Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities and exchange-traded funds (“ETFs”) except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security or ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Equity securities or ETFs listed on a foreign exchange are generally valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Effective May 1, 2017, Goldman Sachs Asset Management, L.P. will replace UBS Asset Management (Americas) Inc. as a sub-adviser to the Fund.


	Number of Shares		Value (U.S. $)

COMMON STOCK–91.37%
Aerospace & Defense–0.63%
Rockwell Collins		15,000	$	1,457,400
Textron		14,000		666,260
TransDigm Group		5,000		1,100,800

				3,224,460

Air Freight & Logistics–1.20%
CH Robinson Worldwide		7,400		571,946
Expeditors International of Washington		99,734		5,633,974

				6,205,920

Airlines–0.70%
Alaska Air Group		10,800		995,976
Allegiant Travel		1,700		272,425
Copa Holdings Class A		4,600		516,350
Southwest Airlines		10,000		537,600
†Spirit Airlines		5,800		307,806
†United Continental Holdings		13,600		960,704

				3,590,861

Auto Components–1.22%
BorgWarner		129,937		5,430,067
Delphi Automotive		10,600		853,194

				6,283,261

Automobiles–0.26%
Ferrari		6,900		513,084
Harley-Davidson		5,600		338,800
†Tesla		1,800		500,940

				1,352,824

Banks–2.80%
BankUnited		13,100		488,761
Citizens Financial Group		23,500		811,925
Fifth Third Bancorp		21,100		535,940
First Republic Bank		62,303		5,844,644
†Signature Bank		31,067		4,610,032
†SVB Financial Group		6,700		1,246,803
Webster Financial		18,585		929,993

				14,468,098

Beverages–0.56%
Brown-Forman Class B		22,200		1,025,196
Constellation Brands Class A		2,200		356,554
Dr Pepper Snapple Group		13,900		1,361,088
†Monster Beverage		3,300		152,361

				2,895,199

Biotechnology–4.26%
†ACADIA Pharmaceuticals		120,832		4,154,204
†Agios Pharmaceuticals		3,800		221,920
†Alexion Pharmaceuticals		3,400		412,216
†Alkermes		92,094		5,387,499
†Alnylam Pharmaceuticals		4,000		205,000


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Biotechnology (continued)
†BioMarin Pharmaceutical		54,696	$	4,801,215
†Bluebird Bio		4,900		445,410
†Incyte		15,200		2,031,784
†Intercept Pharmaceuticals		2,100		237,510
†Ironwood Pharmaceuticals		29,900		510,094
†Neurocrine Biosciences		12,895		558,353
†Seattle Genetics		8,800		553,168
†TESARO		7,369		1,133,868
†Ultragenyx Pharmaceutical		3,200		216,896
†United Therapeutics		3,000		406,140
†Vertex Pharmaceuticals		6,400		699,840

				21,975,117

Building Products–1.95%
Allegion		32,068		2,427,548
AO Smith		53,373		2,730,563
Fortune Brands Home & Security		80,165		4,878,040

				10,036,151

Capital Markets–4.30%
CBOE Holdings		23,700		1,921,359
CME Group		49,922		5,930,734
†E*TRADE Financial		20,800		725,712
FactSet Research Systems		2,700		445,257
Financial Engines		9,100		396,305
Intercontinental Exchange		5,500		329,285
Invesco		7,200		220,536
Lazard Class A		23,800		1,094,562
MarketAxess Holdings		9,041		1,695,097
Moody’s		11,800		1,322,072
MSCI		7,200		699,768
Northern Trust		61,683		5,340,514
State Street		11,300		899,593
TD Ameritrade Holding		26,700		1,037,562
WisdomTree Investments		16,600		150,728

				22,209,084

Chemicals–1.99%
Air Products & Chemicals		5,300		717,037
Ashland Global Holdings		8,800		1,089,528
†Axalta Coating Systems		50,012		1,610,386
Celanese Class A		7,400		664,890
CF Industries Holdings		15,663		459,709
NewMarket		1,100		498,553
PolyOne		9,900		337,491
RPM International		22,900		1,260,187
Scotts Miracle-Gro Class A		19,225		1,795,423
Sherwin-Williams		4,400		1,364,836
Valvoline		18,700		459,085

				10,257,125

Commercial Services & Supplies–0.91%
†Copart		11,700		724,581


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Commercial Services & Supplies (continued)
KAR Auction Services		19,600	$	855,932
Ritchie Bros Auctioneers		11,600		381,640
Rollins		25,100		931,963
†Stericycle		7,600		629,964
Waste Connections		13,000		1,146,860

				4,670,940

Communications Equipment–1.74%
†Arista Networks		12,293		1,625,995
†F5 Networks		4,000		570,280
Harris		49,723		5,532,678
Motorola Solutions		5,500		474,210
†Palo Alto Networks		6,900		777,492

				8,980,655

Construction & Engineering–0.09%
Valmont Industries		3,000		466,500

				466,500

Construction Materials–0.54%
Eagle Materials		5,500		534,270
Vulcan Materials		18,900		2,277,072

				2,811,342

Containers & Packaging–0.50%
Ball		23,700		1,759,962
Sealed Air		19,300		841,094

				2,601,056

Diversified Consumer Services–0.31%
Service Corp. International		39,600		1,222,848
†Sotheby’s		8,500		386,580

				1,609,428

Electrical Equipment–0.97%
Acuity Brands		2,400		489,600
AMETEK		11,200		605,696
†Generac Holdings		67,603		2,520,240
Hubbell		3,900		468,195
†Sensata Technologies Holding		20,900		912,703

				4,996,434

Electronic Equipment, Instruments & Components–1.80%
Amphenol Class A		28,200		2,006,994
Cognex		5,900		495,305
†IPG Photonics		4,900		591,430
†Keysight Technologies		8,919		322,333
†Trimble		184,152		5,894,705

				9,310,767

Energy Equipment & Services–0.07%
Oceaneering International		12,500		338,500

				338,500


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Equity Real Estate Investment Trusts–2.11%
American Campus Communities		12,000	$	571,080
Crown Castle International		15,100		1,426,195
CubeSmart		17,700		459,492
Equinix		5,500		2,202,035
Federal Realty Investment Trust		4,800		640,800
Iron Mountain		19,700		702,699
MGM Growth Properties		23,100		624,855
†SBA Communications		19,900		2,395,363
SL Green Realty		6,200		661,044
Taubman Centers		7,600		501,752
VEREIT		80,009		679,276

				10,864,591

Food & Staples Retailing–1.20%
Casey’s General Stores		4,000		449,000
PriceSmart		3,400		313,480
†Sprouts Farmers Market		21,700		501,704
Whole Foods Market		166,155		4,938,127

				6,202,311

Food Products–3.29%
†Blue Buffalo Pet Products		133,493		3,070,339
Conagra Brands		23,200		935,888
Flowers Foods		29,500		572,595
†Hain Celestial Group		103,440		3,847,968
Hershey		13,600		1,485,800
JM Smucker		5,200		681,616
McCormick & Co.		12,800		1,248,640
Pinnacle Foods		13,300		769,671
Snyder’s-Lance		87,972		3,546,151
Tyson Foods Class A		12,900		796,059

				16,954,727

Gas Utilities–0.14%
Atmos Energy		8,900		703,011

				703,011

Health Care Equipment & Supplies–5.57%
†Align Technology		41,632		4,775,607
Cooper		7,700		1,539,153
CR Bard		5,100		1,267,554
DENTSPLY SIRONA		16,452		1,027,263
†Edwards Lifesciences		52,082		4,899,354
†Hologic		38,600		1,642,430
†IDEXX Laboratories		9,600		1,484,256
†Intuitive Surgical		13,479		10,331,249
STERIS		6,500		451,490
Teleflex		4,800		929,904
West Pharmaceutical Services		4,800		391,728

				28,739,988

Health Care Providers & Services–2.58%
†Acadia Healthcare		56,631		2,469,112


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Providers & Services (continued)
AmerisourceBergen		12,500	$	1,106,250
†Centene		16,000		1,140,160
†DaVita		8,600		584,542
†Envision Healthcare		6,810		417,589
†Henry Schein		7,000		1,189,790
Humana		2,200		453,508
†Laboratory Corp. of America Holdings		27,893		4,001,809
†MEDNAX		5,500		381,590
Universal Health Services Class B		7,100		883,595
†WellCare Health Plans		4,900		687,029

				13,314,974

Health Care Technology–0.45%
†athenahealth		1,900		214,111
†Cerner		15,500		912,175
†Medidata Solutions		6,500		374,985
†Veeva Systems Class A		16,100		825,608

				2,326,879

Hotels, Restaurants & Leisure–2.66%
Aramark		16,500		608,355
Bloomin’ Brands		17,500		345,275
Brinker International		7,300		320,908
†Chipotle Mexican Grill		1,100		490,072
Choice Hotels International		9,100		569,660
Dunkin’ Brands Group		101,540		5,552,207
Extended Stay America		23,800		379,372
†Hilton Grand Vacations		2,570		73,656
Hilton Worldwide Holdings		8,566		500,768
Marriott International Class A		13,600		1,280,848
MGM Resorts International		35,000		959,000
†Norwegian Cruise Line Holdings		9,900		502,227
†Panera Bread Class A		2,100		549,927
Papa John’s International		6,500		520,260
Royal Caribbean Cruises		5,800		569,038
Wynn Resorts		4,300		492,823

				13,714,396

Household Durables–0.97%
†Mohawk Industries		4,600		1,055,654
Newell Brands		26,600		1,254,722
†NVR		420		884,890
PulteGroup		19,300		454,515
†Tempur Sealy International		8,700		404,202
†Toll Brothers		12,800		462,208
Whirlpool		2,900		496,857

				5,013,048

Household Products–0.32%
Church & Dwight		22,400		1,117,088
Clorox		3,900		525,837

				1,642,925


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Industrial Conglomerates–0.21%
Roper Technologies		5,200	$	1,073,748

				1,073,748

Insurance–0.55%
FNF Group		34,200		1,331,748
Progressive		16,600		650,388
Willis Towers Watson		6,500		850,785

				2,832,921

Internet & Direct Marketing Retail–0.54%
†Ctrip.com International ADR		18,300		899,445
†Duluth Holdings		44,561		948,704
†TripAdvisor		4,100		176,956
†Vipshop Holdings ADR		28,500		380,190
†Wayfair Class A		9,000		364,410

				2,769,705

Internet Software & Services–4.48%
†CoStar Group		32,095		6,650,726
†GrubHub		123,411		4,058,988
†Match Group		36,000		587,880
MercadoLibre		25,784		5,452,542
†Pandora Media		363,397		4,291,719
†VeriSign		18,000		1,567,980
†Zillow Group		15,200		513,912

				23,123,747

IT Services–3.16%
Alliance Data Systems		4,900		1,220,100
†Black Knight Financial Services Class A		26,300		1,007,290
Booz Allen Hamilton Holding		18,100		640,559
†CoreLogic		24,800		1,009,856
CSRA		26,700		782,043
†EPAM Systems		7,200		543,744
Fidelity National Information Services		18,900		1,504,818
†Fiserv		21,200		2,444,572
†FleetCor Technologies		4,800		726,864
†Gartner		9,400		1,015,106
Genpact		19,000		470,440
Global Payments		14,200		1,145,656
Paychex		9,500		559,550
Sabre		46,200		978,978
†Vantiv Class A		25,500		1,635,060
†WEX		5,900		610,650

				16,295,286

Leisure Products–1.11%
Mattel		27,000		691,470
Polaris Industries		60,273		5,050,877

				5,742,347

Life Sciences Tools & Services–0.93%
Agilent Technologies		18,000		951,660


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Life Sciences Tools & Services (continued)
Bruker		19,600	$	457,268
†Illumina		8,378		1,429,622
†Mettler-Toledo International		2,643		1,265,759
†Quintiles IMS Holdings		8,700		700,611

				4,804,920

Machinery–3.28%
†Colfax		11,800		463,268
Donaldson		12,000		546,240
Flowserve		8,600		416,412
Fortive		10,500		632,310
Graco		9,900		931,986
IDEX		46,425		4,341,202
†Middleby		4,800		654,960
Nordson		4,000		491,360
PACCAR		6,800		456,960
Snap-on		5,200		877,084
Toro		12,100		755,766
†WABCO Holdings		19,900		2,336,658
Wabtec		45,829		3,574,662
Xylem		8,800		441,936

				16,920,804

Marine–0.06%
†Kirby		4,400		310,420

				310,420

Media–0.36%
Interpublic Group		33,300		818,181
Omnicom Group		11,800		1,017,278

				1,835,459

Metals & Mining–0.17%
Carpenter Technology		4,400		164,120
Compass Minerals International		4,200		284,970
Silver Wheaton (New York Shares)		20,200		420,968

				870,058

Multiline Retail–0.68%
Dollar General		31,300		2,182,549
†Dollar Tree		16,900		1,325,974

				3,508,523

Multi-Utilities–0.12%
NiSource		26,100		620,919

				620,919

Oil, Gas & Consumable Fuels–2.65%
Cabot Oil & Gas		110,660		2,645,881
†=Centennial Resource		8,036		139,171
†Centennial Resource Development Class A		18,000		328,140
Cimarex Energy		19,858		2,372,832
†Concho Resources		4,000		513,360


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
†Continental Resources		59,795	$	2,715,889
†Diamondback Energy		4,300		445,975
EQT		5,700		348,270
†Jagged Peak Energy		24,000		312,960
Noble Energy		75,460		2,591,296
†Parsley Energy Class A		6,500		211,315
Pioneer Natural Resources		2,400		446,952
Range Resources		6,400		186,240
Tesoro		5,000		405,300

				13,663,581

Pharmaceuticals–2.63%
†Akorn		8,000		192,640
†Catalent		14,200		402,144
†Endo International		14,500		161,820
†Horizon Pharma		15,300		226,134
†Jazz Pharmaceuticals		8,603		1,248,553
†Mallinckrodt		6,500		289,705
†Pacira Pharmaceuticals		41,620		1,897,872
Zoetis		171,888		9,173,662

				13,592,530

Professional Services–2.16%
Equifax		13,400		1,832,316
†IHS Markit		29,183		1,224,227
ManpowerGroup		5,600		574,392
Nielsen Holdings		24,000		991,440
Robert Half International		8,500		415,055
†TransUnion		23,200		889,720
†Verisk Analytics Class A		64,484		5,232,232

				11,159,382

Real Estate Management & Development–0.16%
Jones Lang LaSalle		7,500		835,875

				835,875

Road & Rail–0.52%
†Avis Budget Group		7,800		230,724
†Genesee & Wyoming		5,700		386,802
JB Hunt Transport Services		6,200		568,788
Kansas City Southern		6,600		566,016
Landstar System		3,400		291,210
Old Dominion Freight Line		7,700		658,889

				2,702,429

Semiconductors & Semiconductor Equipment–2.90%
†Integrated Device Technology		14,100		333,747
KLA-Tencor		7,700		732,039
Maxim Integrated Products		75,284		3,384,769
Microchip Technology		104,038		7,675,924
†Microsemi		14,600		752,338
Skyworks Solutions		13,500		1,322,730


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
Xilinx		12,900	$	746,781

				14,948,328

Software–7.73%
†ANSYS		3,600		384,732
†Atlassian		43,500		1,302,825
†Autodesk		8,400		726,348
†Electronic Arts		93,367		8,358,214
†Ellie Mae		30,346		3,042,793
†Fortinet		11,800		452,530
†Guidewire Software		61,591		3,469,421
Intuit		12,600		1,461,474
†Proofpoint		5,400		401,544
†Red Hat		72,369		6,259,919
†ServiceNow		78,104		6,831,757
†Snap Class A		10,600		238,818
†Splunk		12,800		797,312
SS&C Technologies Holdings		25,800		913,320
†Synopsys		8,100		584,253
†Tableau Software Class A		15,980		791,809
†Tyler Technologies		13,033		2,014,380
†Ultimate Software Group		4,100		800,361
†Workday Class A		10,500		874,440
†Zendesk		6,300		176,652

				39,882,902

Specialty Retail–6.25%
†AutoZone		2,835		2,049,847
†Burlington Stores		16,900		1,644,201
†CarMax		21,700		1,285,074
Dick’s Sporting Goods		20,700		1,007,262
†Five Below		9,000		389,790
L Brands		18,400		866,640
†Michaels		35,000		783,650
†O’Reilly Automotive		8,000		2,158,720
Ross Stores		32,800		2,160,536
Signet Jewelers		9,200		637,284
Tiffany & Co.		74,751		7,123,770
Tractor Supply		95,640		6,596,291


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Specialty Retail (continued)
†Ulta Beauty		4,900	$	1,397,627
Williams-Sonoma		77,022		4,129,920

				32,230,612

Textiles, Apparel & Luxury Goods–2.73%
Burberry Group		147,493		3,185,848
Carter’s		9,700		871,060
Coach		26,500		1,095,245
Hanesbrands		33,600		697,536
†Kate Spade & Co.		153,503		3,565,875
†Lululemon athletica		68,411		3,548,478
PVH		8,400		869,148
Wolverine World Wide		9,600		239,712

				14,072,902

Trading Companies & Distributors–1.90%
Fastenal		184,715		9,512,823
WW Grainger		1,300		302,588

				9,815,411

Total Common Stock (Cost $412,890,692)				471,373,381


MASTER LIMITED PARTNERSHIPS–0.44%
Oaktree Capital Group		50,914		2,306,404

Total Master Limited Partnerships (Cost $2,326,099)				2,306,404


MONEY MARKET FUND–8.06%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		41,572,641		41,572,641

Total Money Market Fund (Cost $41,572,641)				41,572,641

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Blended Mid Cap Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between their bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. Other securities and assets for which market quotations are not reliable or readily available, are generally valued at fair value as determined in good faith under the policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

DCOMMON STOCK–98.50%
Australia–6.01%
†=BGP Holdings		4,536,115	$	0
Dexus Property Group		344,393		2,570,646
Goodman Group		1,182,792		6,994,275
GPT Group		1,006,687		3,960,911
Mirvac Group		927,822		1,552,395
Scentre Group		2,563,936		8,403,454

				23,481,681

Austria–0.38%
†BUWOG		59,324		1,496,734

				1,496,734

France–3.64%
Gecina		31,344		4,253,286
Klepierre		173,154		6,734,916
Unibail-Rodamco		13,826		3,231,632

				14,219,834

Germany–3.70%
#ADO Properties 144A		43,005		1,542,409
Deutsche Wohnen		93,191		3,068,480
†LEG Immobilien		81,277		6,662,512
Vonovia		90,087		3,174,342

				14,447,743

∎Hong Kong–10.10%
Cheung Kong Property Holdings		1,311,500		8,834,462
Hang Lung Properties		2,432,000		6,321,354
Hongkong Land Holdings		485,800		3,735,802
Link REIT		1,116,200		7,820,510
New World Development		765,000		941,054
Sun Hung Kai Properties		603,900		8,874,140
Swire Properties		925,200		2,964,354

				39,491,676

Japan–11.08%
Activia Properties		489		2,332,336
Daito Trust Construction		18,500		2,541,609
Hulic		312,100		2,935,136
Japan Retail Fund Investment		2,408		4,723,859
Kenedix Office Investment		657		3,871,302
Mitsubishi Estate		71,800		1,309,207
Mitsui Fudosan		469,200		10,005,217
Mori Hills REIT Investment		2,167		2,904,127
Nippon Prologis REIT		3,025		6,556,476
Orix JREIT		2,700		4,278,092
Sumitomo Realty & Development		72,000		1,866,451

				43,323,812

Netherlands–0.81%
Eurocommercial Properties CVA		53,099		1,904,156
NSI		306,761		1,259,922

				3,164,078


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Singapore–0.80%
Global Logistic Properties		1,082,800	$	2,151,899
Mapletree Commercial Trust		911,718		997,197

				3,149,096

Spain–0.27%
Hispania Activos Inmobiliarios SOCIMI		74,305		1,067,748

				1,067,748

Sweden–0.77%
Fabege		48,371		769,232
Hufvudstaden Class A		150,750		2,234,168

				3,003,400

Switzerland–0.50%
PSP Swiss Property		21,388		1,946,305

				1,946,305

United Kingdom–4.65%
Great Portland Estates		193,429		1,578,892
Hammerson		447,752		3,203,244
Land Securities Group		535,350		7,103,137
Safestore Holdings		249,568		1,185,071
Segro		461,178		2,635,969
Tritax Big Box REIT		445,954		807,932
UNITE Group		208,554		1,663,157

				18,177,402

United States–55.79%
Alexandria Real Estate Equities		41,900		4,630,788
American Campus Communities		80,000		3,807,200
American Homes 4 Rent Class A		116,896		2,683,932
AvalonBay Communities		48,965		8,989,974
Boston Properties		28,600		3,786,926
Colony Starwood Homes		60,300		2,047,185
Crown Castle International		38,113		3,599,773
CubeSmart		90,830		2,357,947
DCT Industrial Trust		91,150		4,386,138
DDR		362,900		4,547,137
DiamondRock Hospitality		139,200		1,552,080
Digital Realty Trust		74,200		7,894,138
Equinix		10,000		4,003,700
Equity Residential		64,250		3,997,635
Forest City Realty Trust		69,200		1,507,176
Gaming and Leisure Properties		183,000		6,115,860
GGP		497,600		11,534,368
HCP		172,500		5,395,800
Healthcare Realty Trust		106,600		3,464,500
Healthcare Trust of America Class A		100,957		3,176,107
Host Hotels & Resorts		366,300		6,835,158
Hudson Pacific Properties		88,040		3,049,706
†Invitation Homes		92,000		2,008,360
Kilroy Realty		56,900		4,101,352
Kimco Realty		233,130		5,149,842


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United States (continued)
Mid-America Apartment Communities		49,400	$	5,025,956
Paramount Group		137,900		2,235,359
Prologis		222,290		11,532,405
Public Storage		43,300		9,478,803
Regency Centers		101,600		6,745,224
Simon Property Group		103,000		17,719,090
SL Green Realty		71,200		7,591,344
Spirit Realty Capital		463,224		4,692,459
Sun Communities		88,600		7,117,238
Sunstone Hotel Investors		211,666		3,244,840
UDR		160,000		5,801,600
VEREIT		709,200		6,021,108
Vornado Realty Trust		97,881		9,818,443
Welltower		147,100		10,417,622

				218,064,273

Total Common Stock (Cost $312,740,650)				385,033,782

The following foreign currency exchange contracts were outstanding at March 31, 2017:

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.

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Clarion Global Real Estate Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between their bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

During the period ended March 31, 2017, 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 that result from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP ClearBridge Large Cap Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies that are advised by Lincoln Investment Advisors Corporation or other unaffiliated managers, primarly ClearBridge Funds (collectively, the “Underlying Funds”). The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Financial statements for the Underlying Funds can be found at www.sec.gov. Futures contracts are valued at the daily quoted settlement prices.

At March 31, 2017, the cost of investments for federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. At March 31, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–5.45%
Fannie Mae Connecticut Avenue Securities
•Series 2015-C04 2M1 2.682% 4/25/28		3,485,499	$	3,495,557
•Series 2016-C04 1M1 2.432% 1/25/29		4,557,547		4,607,360
•Series 2016-C05 2M1 2.332% 1/25/29		2,754,482		2,769,903
•Series 2017-C01 1M1 2.282% 7/25/29		3,780,375		3,798,628
•*Fannie Mae Interest Strip Series 413 167 4.50% 7/25/42		87,970		21,646
Fannie Mae REMIC Trust Series 2004-W11 1A2 6.50% 5/25/44		122,994		141,992
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		2,172		2,520
Series 2002-83 GH 5.00% 12/25/17		194,500		195,851
Series 2003-38 MP 5.50% 5/25/23		1,187,655		1,284,463
Series 2005-70 PA 5.50% 8/25/35		424,971		475,077
Series 2005-110 MB 5.50% 9/25/35		241,584		254,168
Series 2007-40 PT 5.50% 5/25/37		126,247		139,526
•*Series 2008-15 SB 5.618% 8/25/36		910,185		172,883
Series 2009-11 LC 4.50% 3/25/49		41,506		44,105
Series 2009-11 MP 7.00% 3/25/49		46,836		55,046
Series 2010-41 PN 4.50% 4/25/40		235,000		253,610
Series 2010-43 HJ 5.50% 5/25/40		19,276		21,515
Series 2010-96 DC 4.00% 9/25/25		232,205		248,209
•*Series 2010-129 SM 5.018% 11/25/40		4,916,130		797,074
Series 2011-134 PA 4.00% 9/25/40		226,816		233,758
•*Series 2012-51 SA 5.518% 5/25/42		4,110,860		946,470
Series 2012-83 LB 2.50% 8/25/42		1,224,543		1,103,049
*Series 2012-99 AI 3.50% 5/25/39		4,185,996		446,326
*Series 2012-118 AI 3.50% 11/25/37		61,641		7,530
*Series 2012-120 WI 3.00% 11/25/27		9,333,741		944,725


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs (continued)
•*Series 2012-122 SD 5.118% 11/25/42		10,146,928	$	2,084,633
*Series 2012-125 MI 3.50% 11/25/42		102,593		20,542
•*Series 2012-139 NS 5.718% 12/25/42		4,081,530		959,806
Series 2012-145 MZ 3.50% 1/25/43		1,371,276		1,338,445
Series 2013-2 LZ 3.00% 2/25/43		602,371		570,964
Series 2013-6 ZJ 3.00% 2/25/43		572,836		532,760
*Series 2013-7 EI 3.00% 10/25/40		5,851,973		787,799
*Series 2013-20 IH 3.00% 3/25/33		283,909		39,813
*Series 2013-23 IL 3.00% 3/25/33		793,759		107,212
*Series 2013-26 ID 3.00% 4/25/33		5,461,877		766,218
Series 2013-28 YB 3.00% 4/25/43		142,000		135,980
*Series 2013-31 MI 3.00% 4/25/33		1,657,223		237,209
Series 2013-31 NT 3.00% 4/25/43		78,360		80,717
Series 2013-34 GP 3.00% 5/25/42		22,700,365		23,353,071
*Series 2013-38 AI 3.00% 4/25/33		4,819,223		652,122
*Series 2013-43 IX 4.00% 5/25/43		20,182,983		4,767,043
*Series 2013-44 DI 3.00% 5/25/33		16,231,134		2,589,137
Series 2013-44 Z 3.00% 5/25/43		1,362,924		1,284,181
*Series 2013-45 PI 3.00% 5/25/33		1,086,485		160,178
*Series 2013-55 AI 3.00% 6/25/33		12,364,072		1,789,043
Series 2013-59 PY 2.50% 6/25/43		820,000		749,003
Series 2013-62 PY 2.50% 6/25/43		64,000		58,558
*Series 2013-69 IJ 3.00% 7/25/33		2,639,608		383,830
*Series 2014-21 ID 3.50% 6/25/33		61,324		8,072


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs (continued)
*Series 2014-36 MI 3.50% 10/25/33		980,853	$	129,061
*Series 2014-64 IT 3.50% 6/25/41		2,402,616		237,076
•*Series 2014-68 BS 5.168% 11/25/44		6,838,905		1,338,856
Series 2014-72 KZ 3.00% 11/25/44		56,980		54,799
*Series 2014-77 AI 3.00% 10/25/40		118,754		13,500
*Series 2014-85 IB 3.00% 12/25/44		150,625		29,440
•*Series 2014-90 SA 5.168% 1/25/45		19,731,638		3,972,225
*Series 2015-10 KI 3.00% 7/25/40		1,944,592		207,935
*Series 2015-27 IA 4.00% 6/25/43		1,806,095		306,110
•*Series 2015-27 SA 5.468% 5/25/45		2,837,962		603,742
Series 2015-40 GZ 3.50% 5/25/45		3,001,270		2,856,365
*Series 2015-44 AI 3.50% 1/25/34		6,368,990		932,795
Series 2015-44 Z 3.00% 9/25/43		7,089,138		6,853,950
*Series 2015-45 AI 3.00% 1/25/33		2,248,653		237,678
*Series 2015-85 BI 4.50% 9/25/43		104,618		20,267
Series 2015-89 AZ 3.50% 12/25/45		995,316		962,094
Series 2015-90 AZ 3.00% 6/25/41		91,587		87,661
•*Series 2015-95 SH 5.018% 1/25/46		9,652,090		2,068,199
*Series 2016-2 HI 3.00% 12/25/41		91,226		12,197
*Series 2016-17 BI 4.00% 2/25/43		92,023		15,667
*Series 2016-30 CI 3.00% 5/25/36		6,792,476		914,617
*Series 2016-33 DI 3.50% 6/25/36		16,668,710		2,608,968
*Series 2016-50 IB 3.00% 2/25/46		926,260		139,665
*Series 2016-54 PI 3.00% 2/25/44		95,995		11,911


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs (continued)
•*Series 2016-55 SK 5.018% 8/25/46		8,040,668	$	1,926,845
•*Series 2016-62 SA 5.018% 9/25/46		15,328,052		3,679,894
•*Series 2016-74 GS 5.018% 10/25/46		16,372,591		4,034,642
Series 2016-79 NC 2.50% 9/25/45		617,253		546,850
*Series 2016-83 PI 3.50% 7/25/45		1,946,767		315,805
•*Series 2016-85 SA 5.018% 11/25/46		16,183,903		3,843,734
*Series 2016-90 CI 3.00% 2/25/45		1,160,737		178,617
*Series 2016-95 IO 3.00% 12/25/46		98,605		19,478
*Series 2016-99 DI 3.50% 1/25/46		4,577,054		764,051
•*Series 2016-105 SA 5.018% 1/25/47		11,086,961		2,368,485
*Series 2017-6 NI 3.50% 3/25/46		946,910		150,584
Series 2017-8 BZ 3.00% 2/25/47		7,280,132		6,530,113
•*Series 2017-8 SG 5.018% 2/25/47		13,538,475		3,021,292
*Series 2017-11 EI 3.00% 3/25/42		13,117,918		1,677,898
*Series 2017-12 JI 3.50% 5/25/40		4,613,969		652,068
*Series 2017-14 AI 3.00% 9/25/42		1,291,611		182,837
•*Series 2017-16 SM 5.068% 3/25/47		8,517,028		1,897,173
*Series 2017-16 WI 3.00% 1/25/45		2,799,317		385,631
Series 2017-16 YT 3.00% 7/25/46		1,865,000		1,826,574
Series 2017-16 YW 3.00% 3/25/47		506,000		465,599
Series 2017-19 MD 3.00% 1/25/47		57,000		53,251
*Series 2017-24 AI 3.00% 8/25/46		5,131,666		679,946
•*Series 2017-25 GS 5.73% 4/25/47		17,610,000		3,081,750
Freddie Mac REMICs
Series 2326 ZQ 6.50% 6/15/31		171,471		193,643


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Freddie Mac REMICs (continued)
Series 2717 MH 4.50% 12/15/18		129,289	$	132,331
•Series 3232 KF 1.362% 10/15/36		137,228		137,427
Series 3290 PE 5.50% 3/15/37		34,117		38,190
Series 3656 PM 5.00% 4/15/40		3,547,674		3,892,268
Series 3662 ZB 5.50% 8/15/36		166,530		185,532
•Series 3800 AF 1.412% 2/15/41		318,783		320,030
*Series 3939 EI 3.00% 3/15/26		3,568,138		252,232
*Series 4030 IL 3.50% 4/15/27		121,657		13,573
*Series 4050 EI 4.00% 2/15/39		1,863,839		191,055
Series 4097 VY 1.50% 8/15/42		100,000		81,724
*Series 4100 EI 3.00% 8/15/27		1,597,972		161,522
Series 4102 KG 2.50% 9/15/42		31,000		27,710
*Series 4109 AI 3.00% 7/15/31		19,096,424		2,055,197
*Series 4120 IK 3.00% 10/15/32		10,375,312		1,416,671
*Series 4122 LI 3.00% 10/15/27		163,846		17,195
Series 4142 HA 2.50% 12/15/32		121,210		121,829
*Series 4146 IA 3.50% 12/15/32		5,556,939		875,066
Series 4150 PQ 2.50% 1/15/43		33,494		29,877
Series 4158 ZT 3.00% 1/15/43		470,024		439,908
•*Series 4159 KS 5.238% 1/15/43		5,052,834		1,162,358
*Series 4161 IM 3.50% 2/15/43		2,880,098		651,940
Series 4163 CW 3.50% 4/15/40		882,478		908,147
Series 4171 MN 3.00% 2/15/43		74,000		71,305
Series 4171 Z 3.00% 2/15/43		1,780,912		1,661,439
Series 4180 ZB 3.00% 3/15/43		697,994		681,224
*Series 4181 DI 2.50% 3/15/33		5,030,706		565,848
•*Series 4184 GS 5.208% 3/15/43		8,191,645		1,867,005
*Series 4185 LI 3.00% 3/15/33		4,044,520		564,866
*Series 4191 CI 3.00% 4/15/33		1,688,469		237,439
Series 4210 Z 3.00% 5/15/43		115,338		106,005
*Series 4217 HI 2.50% 6/15/28		329,963		30,061
Series 4226 GZ 3.00% 7/15/43		287,960		268,764
*Series 4251 KI 2.50% 4/15/28		50,231		3,162
*Series 4342 CI 3.00% 11/15/33		64,294		8,328
Series 4356 GZ 2.00% 1/15/43		1,008,950		849,605
*Series 4366 DI 3.50% 5/15/33		111,997		15,250
Series 4391 GZ 2.50% 12/15/40		74,510		70,652
Series 4408 BC 3.00% 11/15/44		156,000		145,230
Series 4419 DC 3.00% 12/15/44		88,000		81,774
*Series 4433 DI 3.00% 8/15/32		239,836		24,200
Series 4435 DY 3.00% 2/15/35		5,504,000		5,463,851
*Series 4449 PI 4.00% 11/15/43		96,974		17,932


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Freddie Mac REMICs (continued)
*Series 4453 DI 3.50% 11/15/33		3,900,304	$	497,211
Series 4457 KZ 3.00% 4/15/45		6,545,295		6,119,954
*Series 4476 GI 3.00% 6/15/41		98,602		11,337
*Series 4479 TI 4.00% 7/15/34		1,629,729		259,780
•*Series 4494 SA 5.268% 7/15/45		2,295,002		512,316
*Series 4520 AI 3.50% 10/15/35		2,255,229		363,695
Series 4531 PZ 3.50% 11/15/45		733,391		708,867
*Series 4543 HI 3.00% 4/15/44		4,350,476		665,230
*Series 4567 LI 4.00% 8/15/45		463,612		87,906
*Series 4574 AI 3.00% 4/15/31		88,026		11,271
*Series 4581 LI 3.00% 5/15/36		4,057,510		567,430
Series 4592 WT 5.50% 6/15/46		16,403,175		18,309,754
•*Series 4594 SG 5.088% 6/15/46		401,622		98,140
Series 4614 HB 2.50% 9/15/46		3,937,000		3,520,466
•*Series 4618 SA 5.088% 9/15/46		5,552,954		1,363,885
*Series 4623 IY 4.00% 10/15/46		98,331		22,132
Series 4623 LZ 2.50% 10/15/46		3,350,686		2,859,498
Series 4623 MW 2.50% 10/15/46		3,922,000		3,562,118
*Series 4623 WI 4.00% 8/15/44		98,022		18,231
*Series 4625 BI 3.50% 6/15/46		15,458,474		3,066,746
•*Series 4631 GS 5.088% 11/15/46		22,464,375		4,904,362
Series 4636 NZ 3.00% 12/15/46		4,374,647		4,030,715
*Series 4643 QI 3.50% 9/15/45		141,066		23,234
Series 4648 ND 3.00% 9/15/46		633,732		603,535
•*Series 4648 SA 5.088% 1/15/47		11,969,004		2,737,103
Series 4653 VB 3.00% 4/15/40		959,208		929,750
*Series 4655 TI 3.00% 8/15/36		2,191,892		191,793
*Series 4656 HI 3.50% 5/15/42		204,275		25,321
Series 4657 NW 3.00% 4/15/45		1,002,318		990,552
•*Series 4657 PS 5.088% 2/15/47		3,224,380		687,130
*Series 4660 GI 3.00% 8/15/43		3,642,737		520,016
*Series 4663 AI 3.00% 3/15/42		8,409,833		1,088,064
Freddie Mac Strips
•*Series 267 S5 5.088% 8/15/42		10,378,648		2,104,119
•*Series 284 S6 5.188% 10/15/42		82,856		17,683
•*Series 299 S1 5.088% 1/15/43		7,871,983		1,612,107
•*Series 303 151 4.328% 12/15/42		68,766		16,623
•*Series 303 185 3.517% 1/15/43		78,629		15,777
•*Series 319 S2 5.088% 11/15/43		3,451,368		742,368
•*Series 326 S2 5.038% 3/15/44		5,406,520		1,071,384


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Freddie Mac Structured Agency Credit Risk Debt Notes
•Series 2014-DN4 M2 3.382% 10/25/24		196,796	$	197,291
•Series 2015-DNA3 M2 3.832% 4/25/28		4,088,276		4,241,396
•Series 2015-HQA1 M2 3.632% 3/25/28		3,044,648		3,119,810
•Series 2015-HQA2 M2 3.782% 5/25/28		3,615,670		3,727,693
•Series 2016-DNA1 M2 3.882% 7/25/28		2,223,000		2,316,134
•Series 2016-DNA3 M2 2.982% 12/25/28		1,935,000		1,975,043
•Series 2016-DNA4 M2 2.282% 3/25/29		1,700,000		1,704,953
•Series 2016-HQA2 M2 3.232% 11/25/28		2,237,000		2,307,175
•Series 2017-DNA1 M2 4.232% 7/25/29		3,500,000		3,493,575
◆Freddie Mac Structured Pass Through Certificates Series T-58 2A 6.50% 9/25/43		446,470		516,592
GNMA
Series 2010-113 KE 4.50% 9/20/40		6,843,000		7,459,263
Series 2012-136 MX 2.00% 11/20/42		1,540,000		1,396,636
Series 2012-145 PY 2.00% 12/20/42		55,000		48,978
Series 2013-79 KE 3.00% 5/20/43		4,000,000		3,942,451
Series 2013-113 AZ 3.00% 8/20/43		9,393,262		8,911,494
Series 2013-113 LY 3.00% 5/20/43		1,113,000		1,096,948
Series 2014-12 ZA 3.00% 1/20/44		117,650		112,203
Series 2014-62 Z 3.00% 4/20/44		100,402		95,574
Series 2015-64 GZ 2.00% 5/20/45		4,043,226		3,289,014
*Series 2015-74 CI 3.00% 10/16/39		8,795,035		1,116,146
Series 2015-76 MZ 3.00% 5/20/45		5,827,478		5,642,549
*Series 2015-82 GI 3.50% 12/20/38		77,410		7,773
Series 2015-133 AL 3.00% 5/20/45		7,251,000		7,086,262


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
GNMA (continued)
*Series 2015-142 AI 4.00% 2/20/44		3,116,952	$	394,062
Series 2015-157 HZ 3.00% 10/20/45		154,882		152,477
Series 2015-185 PZ 3.00% 12/20/45		2,369,089		2,288,937
Series 2016-5 GL 3.00% 7/20/45		343,000		334,454
Series 2016-80 JZ 3.00% 6/20/46		74,659		72,278
•*Series 2016-89 QS 5.072% 7/20/46		531,924		130,212
•*Series 2016-108 SK 5.072% 8/20/46		12,079,139		2,909,169
Series 2016-111 PB 2.50% 8/20/46		3,769,122		3,391,800
*Series 2016-116 GI 3.50% 11/20/44		16,118,056		2,782,255
*Series 2016-118 DI 3.50% 3/20/43		17,153,286		2,611,804
•*Series 2016-120 AS 5.122% 9/20/46		12,958,608		3,195,116
•*Series 2016-120 NS 5.122% 9/20/46		17,400,115		4,332,797
•*Series 2016-121 JS 5.122% 9/20/46		12,462,047		3,039,283
Series 2016-134 MW 3.00% 10/20/46		629,000		626,259
•*Series 2016-146 KS 5.122% 10/20/46		24,554,346		5,880,395
*Series 2016-149 GI 4.00% 11/20/46		4,093,465		895,095
Series 2016-156 PB 2.00% 11/20/46		2,342,000		1,888,371
*Series 2016-160 GI 3.50% 11/20/46		10,284,054		2,362,657
•*Series 2016-160 GS 5.122% 11/20/46		27,700,954		6,911,524
Series 2016-160 VZ 2.50% 11/20/46		1,207,297		983,553
Series 2016-161 ML 3.00% 11/20/46		1,263,539		1,165,941
*Series 2016-163 MI 3.50% 11/20/46		8,559,626		1,102,827
*Series 2016-163 PI 3.50% 5/20/43		21,392,742		3,493,396
Series 2016-163 WZ 3.00% 11/20/46		4,128,024		3,735,491


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
GNMA (continued)
*Series 2016-163 XI 3.00% 10/20/46		12,169,917	$	1,604,249
Series 2016-167 QM 3.00% 4/20/46		232,000		222,876
Series 2017-4 BW 3.00% 1/20/47		732,000		689,873
*Series 2017-4 WI 4.00% 2/20/44		5,358,378		1,032,894
Series 2017-14 EZ 3.00% 1/20/47		152,761		133,214
Series 2017-17 BV 3.00% 4/20/40		251,000		247,548
Series 2017-17 BZ 3.00% 2/20/47		939,807		862,604
Series 2017-25 CZ 3.50% 2/20/47		3,100,015		3,092,630
•*Series 2017-26 SA 5.122% 2/20/47		10,679,404		2,240,152

Total Agency Collateralized Mortgage Obligations (Cost $358,008,202)				348,403,336


AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–1.62%
Freddie Mac Multifamily Structured Pass Through Certificates
•◆Series K013 A2 3.974% 1/25/21		4,500,000		4,783,612
◆Series K037 A2 3.49% 1/25/24		9,370,000		9,929,322
◆Series K719 A1 2.53% 12/25/21		2,586,050		2,606,807
◆Series K724 A2 3.062% 11/25/23		6,500,000		6,700,028
•◆Series KS03 A4 3.161% 5/25/25		6,150,000		6,204,013
FREMF Mortgage Trust
#•Series 2010-K7 B 144A 5.509% 4/25/20		7,620,000		8,199,108
#•Series 2011-K10 144A 4.631% 11/25/49		5,718,000		6,070,686
#•Series 2011-K12 B 144A 4.345% 1/25/46		4,586,000		4,843,011
#•Series 2011-K13 B 144A 4.611% 1/25/48		1,765,000		1,882,949
#•Series 2011-K14 B 144A 5.167% 2/25/47		2,534,000		2,769,823
#•Series 2011-K15 B 144A 4.949% 8/25/44		3,918,000		4,255,947
#•Series 2011-K704 B 144A 4.536% 10/25/30		4,245,000		4,366,177


	Principal Amount°		Value (U.S. $)

AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
FREMF Mortgage Trust (continued)
#•Series 2012-K22 B 144A 3.686% 8/25/45		7,781,000	$	7,999,122
#•Series 2012-K708 B 144A 3.752% 2/25/45		5,456,000		5,576,104
#•Series 2013-K26 144A 3.599% 12/25/45		4,281,000		4,370,148
#•Series 2013-K32 B 144A 3.538% 10/25/46		4,300,000		4,298,748
#•Series 2013-K33 B 144A 3.502% 8/25/46		3,516,000		3,495,091
#•Series 2013-K712 B 144A 3.365% 5/25/45		7,057,068		7,198,598
#•Series 2013-K713 B 144A 3.166% 4/25/46		1,860,000		1,887,133
#•Series 2013-K713 C 144A 3.166% 4/25/46		6,215,000		6,231,611

Total Agency Commercial Mortgage-Backed Securities (Cost $103,707,785)				103,668,038


AGENCY MORTGAGE-BACKED SECURITIES–26.28%
Fannie Mae ARM
•2.531% 12/1/46		274,203		275,253
•2.91% 7/1/45		46,825		47,839
•2.946% 12/1/45		2,171,910		2,236,570
•2.963% 4/1/46		4,233		4,321
•3.218% 4/1/44		101,514		105,233
•3.225% 3/1/44		144,036		149,253
•3.272% 9/1/43		93,833		97,361
Fannie Mae S.F. 30 yr
3.00% 1/1/47		36,963,684		36,504,566
4.50% 3/1/39		118,544		128,378
4.50% 4/1/39		1,017,056		1,097,319
4.50% 6/1/39		16,665,731		17,990,789
4.50% 7/1/39		1,365,403		1,478,399
4.50% 9/1/39		969,982		1,049,546
4.50% 11/1/39		2,997,779		3,252,208
4.50% 1/1/40		1,591,639		1,722,425
4.50% 6/1/40		3,613,638		3,913,135
4.50% 7/1/40		3,697,019		3,997,974
4.50% 7/1/40		871,293		942,091
4.50% 8/1/40		1,293,994		1,394,906
4.50% 9/1/40		6,880,421		7,443,747
4.50% 5/1/41		867,324		937,749
4.50% 7/1/41		7,937,217		8,584,603
4.50% 8/1/41		8,218,418		8,913,691
4.50% 9/1/41		278,344		299,937
4.50% 1/1/42		6,504,708		7,035,854
4.50% 8/1/42		1,799,540		1,947,926
4.50% 10/1/42		95,055		102,539
4.50% 10/1/43		21,664,864		23,426,365


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
4.50% 12/1/43		129,493	$	140,200
4.50% 2/1/44		49,438,626		53,171,786
4.50% 6/1/44		519,868		557,796
4.50% 10/1/44		582,441		628,739
4.50% 2/1/45		27,665		29,800
4.50% 1/1/46		33,251		35,904
4.50% 2/1/46		192,608,972		207,059,460
4.50% 3/1/46		32,949,721		35,505,749
4.50% 7/1/46		9,008,179		9,698,063
5.00% 9/1/33		63,055		69,158
5.00% 11/1/33		132,979		145,831
5.00% 3/1/34		279,143		305,793
5.00% 2/1/35		3,261,759		3,576,299
5.00% 4/1/35		26,308		28,783
5.00% 5/1/35		422,556		462,344
5.00% 6/1/35		40,775		44,508
5.00% 7/1/35		742,345		812,931
5.00% 8/1/35		75,262		82,355
5.00% 9/1/35		41,146		45,069
5.00% 10/1/35		2,572,527		2,814,572
5.00% 11/1/35		858,995		939,528
5.00% 2/1/36		2,215,415		2,423,920
5.00% 3/1/36		148,264		162,220
5.00% 6/1/36		444,722		486,576
5.00% 7/1/36		62,118		68,060
5.00% 10/1/36		70,953		77,624
5.00% 12/1/36		13,266		14,506
5.00% 4/1/37		503,019		550,923
5.00% 10/1/37		296,510		327,809
5.00% 2/1/38		2,770,189		3,031,140
5.00% 5/1/38		332,178		363,484
5.00% 12/1/39		1,373,898		1,521,740
5.00% 1/1/40		5,333,507		5,927,724
5.00% 7/1/40		2,800,592		3,079,911
5.00% 5/1/41		1,568,880		1,723,497
5.00% 1/1/42		16,206,723		18,022,368
5.00% 10/1/43		19,864,816		21,796,826
5.50% 5/1/33		102,888		115,094
5.50% 3/1/34		21,187		23,752
5.50% 4/1/34		7,889		8,834
5.50% 5/1/34		2,402,695		2,690,325
5.50% 7/1/34		1,152		1,290
5.50% 8/1/34		453,939		509,867
5.50% 9/1/34		66,273		74,192
5.50% 11/1/34		646,958		724,274
5.50% 12/1/34		204,770		229,068
5.50% 2/1/35		73,950		82,786
5.50% 5/1/35		119,731		134,064
5.50% 6/1/35		1,042,692		1,168,597
5.50% 11/1/35		225,326		251,738
5.50% 12/1/35		63,832		71,312
5.50% 1/1/36		14,920		16,687


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
5.50% 4/1/36		3,061,827	$	3,420,554
5.50% 5/1/36		20,592		23,015
5.50% 7/1/36		170,506		190,883
5.50% 2/1/37		266,390		297,042
5.50% 4/1/37		40,666		45,308
5.50% 8/1/37		4,649,260		5,206,585
5.50% 9/1/37		2,425,315		2,701,999
5.50% 1/1/38		2,734,276		3,065,448
5.50% 2/1/38		3,754		4,193
5.50% 3/1/38		2,486,722		2,783,056
5.50% 4/1/38		132,541		148,307
5.50% 6/1/38		2,216,676		2,470,511
5.50% 7/1/38		1,987		2,217
5.50% 8/1/38		141,388		158,426
5.50% 11/1/38		198,264		221,053
5.50% 1/1/39		64,310		71,920
5.50% 2/1/39		327,650		366,829
5.50% 6/1/39		4,543,525		5,085,583
5.50% 7/1/39		44,733		51,275
5.50% 9/1/39		929,206		1,046,284
5.50% 10/1/39		1,556,025		1,734,275
5.50% 12/1/39		6,026,328		6,711,536
5.50% 3/1/40		295,970		331,009
5.50% 7/1/40		4,810,338		5,387,474
5.50% 3/1/41		686,351		768,310
5.50% 6/1/41		6,410,418		7,181,190
5.50% 9/1/41		1,914,695		2,135,510
5.50% 5/1/44		223,446,800		250,059,940
6.00% 11/1/23		1,820		2,055
6.00% 4/1/32		10,138		11,585
6.00% 3/1/34		15,992		18,289
6.00% 8/1/34		5,446		6,217
6.00% 4/1/35		635,756		724,987
6.00% 9/1/35		24,641		27,934
6.00% 2/1/36		137,016		155,021
6.00% 3/1/36		1,670,924		1,896,880
6.00% 5/1/36		1,353,203		1,531,949
6.00% 6/1/36		570,141		644,413
6.00% 9/1/36		1,010,700		1,169,709
6.00% 2/1/37		2,526,824		2,854,960
6.00% 5/1/37		1,292,975		1,461,297
6.00% 6/1/37		4,266,336		4,865,425
6.00% 7/1/37		1,562,187		1,784,775
6.00% 8/1/37		775,743		876,619
6.00% 9/1/37		267,987		302,614
6.00% 10/1/37		343,017		387,475
6.00% 1/1/38		592,524		668,995
6.00% 5/1/38		3,642,539		4,125,609
6.00% 8/1/38		294,016		343,376
6.00% 9/1/38		602,830		689,491
6.00% 10/1/38		1,299,772		1,468,494
6.00% 11/1/38		433,877		495,304


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
6.00% 12/1/38		19,490	$	22,023
6.00% 1/1/39		794,565		897,112
6.00% 2/1/39		36,075		40,792
6.00% 9/1/39		7,560,881		8,538,393
6.00% 10/1/39		11,788,871		13,485,467
6.00% 1/1/40		283,384		320,472
6.00% 3/1/40		902,535		1,019,015
6.00% 4/1/40		1,503,398		1,699,041
6.00% 9/1/40		691,971		782,099
6.00% 10/1/40		9,266,621		10,470,319
6.00% 5/1/41		10,576,240		11,955,513
6.00% 7/1/41		13,643,765		15,423,436
6.50% 1/1/36		52,072		59,787
6.50% 5/1/40		1,658,700		1,867,838
Fannie Mae S.F. 30 yr TBA
3.00% 4/1/45		337,165,000		334,214,806
4.50% 5/1/44		2,042,000		2,186,194
Freddie Mac ARM
•2.739% 2/1/47		156,756		158,262
•2.757% 10/1/45		52,404		53,737
•2.929% 10/1/45		93,925		96,069
•2.933% 11/1/44		29,579		30,434
•2.975% 11/1/45		17,161,868		17,510,170
•3.105% 3/1/46		129,223		132,265
Freddie Mac S.F. 30 yr
4.50% 4/1/39		500,112		540,766
4.50% 11/1/39		58,717		63,178
4.50% 2/1/40		186,389		202,535
4.50% 5/1/40		10,105,371		10,957,372
4.50% 3/1/42		6,424,556		6,928,741
4.50% 7/1/42		5,098,246		5,496,848
4.50% 8/1/42		139,824,097		151,214,238
4.50% 12/1/43		4,521,491		4,874,814
4.50% 8/1/44		7,494,066		8,085,183
4.50% 7/1/45		67,989,514		73,093,494
4.50% 9/1/46		7,074,155		7,586,398
5.00% 6/1/36		9,472,827		10,349,442
5.00% 5/1/41		4,968,686		5,473,947
5.00% 4/1/44		9,396,965		10,336,352
5.50% 12/1/34		292,435		328,815
5.50% 11/1/36		250,794		278,816
5.50% 7/1/37		511,910		568,163
5.50% 9/1/37		264,013		292,845
5.50% 4/1/38		2,273,231		2,520,996
5.50% 6/1/38		6,527		7,235
5.50% 7/1/38		956,282		1,059,652
5.50% 1/1/39		16,425,063		18,417,370
5.50% 6/1/39		1,230,375		1,364,246
5.50% 3/1/40		644,466		714,515
5.50% 8/1/40		5,745,919		6,369,420
5.50% 1/1/41		747,780		829,567
5.50% 6/1/41		23,061,766		25,667,696


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 30 yr (continued)
6.00% 2/1/36		441,606	$	502,737
6.00% 3/1/36		20,595		23,456
6.00% 9/1/37		655,529		741,434
6.00% 1/1/38		63,084		71,363
6.00% 8/1/38		1,890,186		2,166,252
6.00% 5/1/39		385,975		440,741
6.00% 9/1/39		989,067		1,125,580
6.00% 5/1/40		3,777,078		4,276,297
6.00% 7/1/40		3,547,637		4,023,575
6.50% 4/1/39		1,102,959		1,241,924
GNMA I S.F. 30 yr 5.00% 10/15/39		8,061,493		8,948,586
GNMA I S.F. 30 yr
5.50% 2/15/41		2,095,159		2,343,757
7.00% 12/15/34		699,262		822,777
GNMA II S.F. 30 yr 5.00% 9/20/46		10,967,512		11,777,820
GNMA II S.F. 30 yr
5.50% 5/20/37		1,463,953		1,628,491
5.50% 4/20/40		1,325,563		1,449,264
6.00% 10/20/39		6,606,760		7,378,194
6.00% 2/20/40		6,669,179		7,469,316
6.00% 4/20/46		2,038,450		2,280,930
6.50% 10/20/39		2,495,111		2,816,744

Total Agency Mortgage-Backed Securities (Cost $1,689,180,270)				1,681,213,184


CORPORATE BONDS–42.18%
Aerospace & Defense–0.18%
Rockwell Collins 3.20% 3/15/24		5,690,000		5,692,276
United Technologies 3.75% 11/1/46		6,075,000		5,718,507

				11,410,783


Air Freight & Logistics–0.40%
Aviation Capital Group
#144A 2.875% 1/20/22		10,725,000		10,662,698
#144A 4.875% 10/1/25		8,540,000		9,202,098
United Parcel Service 5.125% 4/1/19		5,473,000		5,850,062

				25,714,858


Airlines–0.36%
#◆Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27		3,336,328		3,357,180
◆American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26		1,918,648		1,928,241


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Airlines (continued)
◆American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27		4,046,783	$	3,970,905
◆American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28		3,883,240		3,878,386
◆United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26		2,118,722		2,198,174
◆United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26		5,045,017		5,127,402
◆United Airlines 2016-1 Class AA Pass Through Trust 3.10% 7/7/28		2,398,000		2,362,030

				22,822,318

Automobiles–0.07%
General Motors 6.75% 4/1/46		3,850,000		4,528,828

				4,528,828

Banks–7.48%
•Abbey National Treasury Services 1.573% 10/17/17		3,500,000		3,500,000
#Banco Nacional de Costa Rica 144A 5.875% 4/25/21		1,848,000		1,882,650
Bank of America
•3.124% 1/20/23		24,325,000		24,477,056
•3.824% 1/20/28		1,695,000		1,701,287
4.183% 11/25/27		10,585,000		10,644,403
•4.443% 1/20/48		13,100,000		13,239,161
•Barclays 8.25% 12/29/49		11,200,000		11,798,864
Branch Banking & Trust 2.625% 1/15/22		3,650,000		3,662,344
Capital One Financial 3.75% 3/9/27		4,870,000		4,850,564
Citizens Bank 2.55% 5/13/21		3,106,000		3,091,361
Citizens Financial Group
2.375% 7/28/21		1,135,000		1,120,354
4.30% 12/3/25		5,696,000		5,881,211
Compass Bank 3.875% 4/10/25		6,163,000		6,060,146
Cooperatieve Rabobank 3.75% 7/21/26		7,737,000		7,560,480
Credit Suisse Group Funding Guernsey
3.125% 12/10/20		5,796,000		5,833,187
3.80% 6/9/23		519,000		521,837
4.55% 4/17/26		12,569,000		13,014,747
Fifth Third Bancorp 2.875% 7/27/20		2,678,000		2,727,302
Fifth Third Bank
2.25% 6/14/21		4,586,000		4,536,668
3.85% 3/15/26		7,076,000		7,145,826


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Banks (continued)
HSBC Holdings
2.65% 1/5/22		3,525,000	$	3,482,418
•4.041% 3/13/28		4,830,000		4,888,230
4.375% 11/23/26		4,075,000		4,114,658
Huntington Bancshares 2.30% 1/14/22		8,415,000		8,210,314
ING Groep
3.15% 3/29/22		2,030,000		2,037,064
3.95% 3/29/27		6,685,000		6,714,554
JPMorgan Chase & Co.
1.65% 9/23/19		8,355,000		8,314,620
•3.782% 2/1/28		6,630,000		6,700,749
4.25% 10/1/27		8,227,000		8,446,529
•4.26% 2/22/48		14,725,000		14,719,640
•6.75% 8/29/49		6,595,000		7,279,231
KeyBank
3.30% 6/1/25		2,892,000		2,899,950
3.40% 5/20/26		14,269,000		13,903,357
6.95% 2/1/28		8,227,000		10,307,625
•KeyCorp 5.00% 12/29/49		13,670,000		13,567,475
•National City Bank 1.472% 6/7/17		4,984,000		4,984,214
PNC Bank
2.625% 2/17/22		4,320,000		4,326,493
6.875% 4/1/18		9,059,000		9,498,380
•PNC Financial Services Group 5.00% 12/29/49		7,895,000		7,875,263
Royal Bank of Scotland Group
3.875% 9/12/23		12,605,000		12,440,505
•8.625% 12/29/49		12,705,000		13,276,725
Santander UK Group Holdings
2.875% 10/16/20		3,005,000		3,014,141
3.125% 1/8/21		4,220,000		4,246,008
3.571% 1/10/23		4,750,000		4,756,037
#144A 5.00% 11/7/23		6,045,000		6,319,201
SunTrust Bank
2.70% 1/27/22		1,645,000		1,640,447
2.90% 3/3/21		2,936,000		2,973,883
3.30% 5/15/26		7,220,000		7,024,049
SVB Financial Group 3.50% 1/29/25		7,059,000		6,911,022
#Swedbank 144A 2.65% 3/10/21		7,849,000		7,892,303
Toronto-Dominion Bank
2.125% 4/7/21		5,796,000		5,747,940
2.50% 12/14/20		4,915,000		4,962,381
•3.625% 9/15/31		5,455,000		5,350,728
U.S. Bancorp
2.375% 7/22/26		4,930,000		4,612,133
2.625% 1/24/22		6,160,000		6,187,344
3.60% 9/11/24		11,522,000		11,876,797
UBS 7.625% 8/17/22		12,000,000		13,904,400
•USB Capital IX 3.50% 10/29/49		18,814,000		16,015,418


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Banks (continued)
Wachovia 5.75% 6/15/17		8,490,000	$	8,564,423
Wells Fargo
2.15% 12/6/19		4,255,000		4,270,986
3.069% 1/24/23		30,520,000		30,726,071
4.75% 12/7/46		3,560,000		3,645,696
Wells Fargo Capital X 5.95% 12/15/36		1,495,000		1,608,994
•Westpac Banking 4.322% 11/23/31		6,240,000		6,317,925
#Woori Bank 144A 4.75% 4/30/24		2,600,000		2,689,632
Zions Bancorporation 4.50% 6/13/23		5,676,000		5,891,648

				478,387,049

Beverages–1.31%
Anheuser-Busch InBev Finance 3.65% 2/1/26		34,836,000		35,290,645
#Becle 144A 3.75% 5/13/25		6,779,000		6,655,108
#Heineken 144A 3.50% 1/29/28		2,820,000		2,825,505
Molson Coors Brewing
3.00% 7/15/26		17,035,000		16,231,544
4.20% 7/15/46		5,924,000		5,569,994
#Pernod Ricard 144A 4.45% 1/15/22		16,073,000		17,128,401

				83,701,197

Biotechnology–0.39%
Biogen 5.20% 9/15/45		6,746,000		7,320,860
Celgene 3.25% 8/15/22		13,252,000		13,489,582
Gilead Sciences 4.15% 3/1/47		4,270,000		3,991,993

				24,802,435

Building Products–0.21%
Lennox International 3.00% 11/15/23		5,080,000		5,000,127
Masco 3.50% 4/1/21		8,461,000		8,652,303

				13,652,430

Capital Markets–3.07%
Affiliated Managers Group 3.50% 8/1/25		5,713,000		5,623,157
Bank of New York Mellon
2.20% 8/16/23		17,365,000		16,686,081
2.50% 4/15/21		3,661,000		3,672,646
•4.625% 12/29/49		21,405,000		20,602,314
Barclays
4.337% 1/10/28		5,570,000		5,570,874
4.375% 1/12/26		8,321,000		8,448,328
4.95% 1/10/47		8,220,000		8,242,942
BlackRock 3.20% 3/15/27		5,065,000		5,073,646
Goldman Sachs Group
3.85% 1/26/27		13,725,000		13,817,534
5.15% 5/22/45		12,695,000		13,389,607


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Capital Markets (continued)
Jefferies Group
4.85% 1/15/27		4,150,000	$	4,244,471
6.45% 6/8/27		1,766,000		2,001,507
6.50% 1/20/43		2,305,000		2,508,439
Lazard Group 3.75% 2/13/25		8,919,000		8,881,059
Morgan Stanley
2.625% 11/17/21		7,900,000		7,856,416
3.95% 4/23/27		5,040,000		5,001,827
4.375% 1/22/47		16,820,000		16,902,115
State Street
2.55% 8/18/20		3,914,000		3,968,467
3.10% 5/15/23		3,665,000		3,694,628
3.55% 8/18/25		6,505,000		6,692,259
UBS Group Funding Jersey
#144A 2.65% 2/1/22		5,715,000		5,609,095
#144A 4.125% 9/24/25		6,980,000		7,110,721
#144A 4.125% 4/15/26		6,169,000		6,282,923
UBS Group Funding Switzerland
#144A 3.491% 5/23/23		12,170,000		12,262,845
#144A 4.253% 3/23/28		1,955,000		1,987,021

				196,130,922

Chemicals–1.48%
CF Industries 6.875% 5/1/18		11,624,000		12,147,080
Dow Chemical 8.55% 5/15/19		26,226,000		29,744,638
#Equate Petrochemical 144A 3.00% 3/3/22		3,045,000		2,981,360
#INVISTA Finance 144A 4.25% 10/15/19		6,469,000		6,679,243
LYB International Finance II 3.50% 3/2/27		11,635,000		11,441,836
OCP
#144A 4.50% 10/22/25		4,543,000		4,492,459
#144A 6.875% 4/25/44		2,307,000		2,486,941
Potash Corp. of Saskatchewan 4.00% 12/15/26		5,755,000		5,903,312
PPG Industries 2.30% 11/15/19		4,669,000		4,712,095
#Westlake Chemical 144A 5.00% 8/15/46		13,850,000		14,276,289

				94,865,253

Commercial Services & Supplies–0.50%
#ERAC USA Finance 144A 5.25% 10/1/20		9,964,000		10,806,337
Penske Truck Leasing
#144A 3.30% 4/1/21		5,508,000		5,588,174
#144A 3.40% 11/15/26		1,815,000		1,748,284
#144A 4.20% 4/1/27		10,710,000		10,926,310
#Transurban Finance 144A 3.375% 3/22/27		2,985,000		2,892,510

				31,961,615


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Communications Equipment–0.17%
Cisco Systems
1.65% 6/15/18		7,421,000	$	7,446,113
1.85% 9/20/21		3,300,000		3,238,366

				10,684,479

Computers & Peripherals–0.07%
#Diamond 1 Finance 144A 6.02% 6/15/26		4,393,000		4,797,525

				4,797,525

Construction Materials–0.26%
#Cemex 144A 7.75% 4/16/26		2,476,000		2,792,210
LafargeHolcim Finance
#144A 3.50% 9/22/26		10,305,000		9,982,227
#144A 4.75% 9/22/46		3,825,000		3,844,190

				16,618,627

Consumer Finance–1.36%
#BMW U.S. Capital 144A 3.30% 4/6/27		6,910,000		6,893,243
Daimler Finance North America
#144A 2.20% 10/30/21		6,865,000		6,718,830
#144A 3.45% 1/6/27		9,235,000		9,273,011
Ford Motor Credit
3.096% 5/4/23		8,379,000		8,186,216
3.336% 3/18/21		9,346,000		9,464,433
4.389% 1/8/26		3,470,000		3,550,532
General Motors Financial
3.70% 5/9/23		4,380,000		4,402,325
5.25% 3/1/26		7,531,000		8,105,540
#Hyundai Capital America 144A 3.00% 3/18/21		9,745,000		9,787,079
#Nationwide Building Society 144A 4.00% 9/14/26		13,595,000		13,187,150
Toyota Motor Credit 2.80% 7/13/22		7,080,000		7,134,997

				86,703,356

Containers & Packaging–0.07%
#CCL Industries 144A 3.25% 10/1/26		4,815,000		4,617,585

				4,617,585

Diversified Financial Services–2.18%
AerCap Ireland Capital
3.95% 2/1/22		10,898,000		11,204,147
#•144A 6.50% 6/15/45		15,585,000		16,344,769
Berkshire Hathaway 2.75% 3/15/23		4,097,000		4,101,367
#CK Hutchison International 17 144A 3.50% 4/5/27		2,000,000		1,996,653
Credit Suisse Group
#144A 4.282% 1/9/28		8,900,000		8,880,251


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Financial Services (continued)
Credit Suisse Group (continued)
#•144A 6.25% 12/29/49		24,092,000	$	24,524,668
•E*TRADE Financial 5.875% 12/29/49		8,130,000		8,414,550
International Lease Finance 8.625% 1/15/22		10,490,000		12,875,048
Lloyds Banking Group
3.00% 1/11/22		8,705,000		8,664,792
3.75% 1/11/27		4,180,000		4,117,563
•7.50% 4/30/49		7,290,000		7,728,129
National Rural Utilities Cooperative Finance
2.70% 2/15/23		6,513,000		6,457,783
2.85% 1/27/25		4,774,000		4,717,476
•4.75% 4/30/43		8,142,000		8,345,550
•5.25% 4/20/46		3,504,000		3,656,624
#Peachtree Corners Funding Trust 144A 3.976% 2/15/25		5,123,000		5,152,529
#Temasek Financial I 144A 2.375% 1/23/23		2,542,000		2,506,896

				139,688,795

Diversified Telecommunication Services–1.56%
AT&T 5.25% 3/1/37		26,721,000		27,323,852
CenturyLink 5.80% 3/15/22		6,122,000		6,336,270
Deutsche Telekom International Finance
#144A 1.95% 9/19/21		4,085,000		3,950,269
#144A 2.485% 9/19/23		21,170,000		20,266,824
#144A 3.60% 1/19/27		3,715,000		3,706,329
#Digicel Group 144A 8.25% 9/30/20		2,652,000		2,292,389
#GTP Acquisition Partners I 144A 2.35% 6/15/20		3,071,000		3,035,469
SBA Tower Trust
#144A 2.24% 4/16/18		4,617,000		4,618,767
#144A 2.898% 10/15/19		3,512,000		3,522,912
Telefonica Emisiones 5.213% 3/8/47		18,430,000		18,726,944
Verizon Communications 5.25% 3/16/37		5,525,000		5,729,900

				99,509,925

Electric Utilities–5.01%
Ameren
2.70% 11/15/20		367,000		370,626
3.65% 2/15/26		6,517,000		6,597,185
#American Transmission Systems 144A 5.25% 1/15/22		10,471,000		11,538,320
Berkshire Hathaway Energy 3.75% 11/15/23		8,456,000		8,849,906
Cleveland Electric Illuminating 5.50% 8/15/24		6,397,000		7,310,575


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
ComEd Financing III 6.35% 3/15/33		3,999,000	$	4,276,623
Consumers Energy 3.25% 8/15/46		4,935,000		4,409,413
Dominion Resources 3.90% 10/1/25		7,796,000		7,951,811
Duke Energy 3.75% 4/15/24		2,272,000		2,340,339
•Emera 6.75% 6/15/76		25,885,000		28,376,431
Emera U.S. Finance
3.55% 6/15/26		7,200,000		7,091,554
4.75% 6/15/46		7,243,000		7,337,275
#•Enel 144A 8.75% 9/24/73		9,277,000		10,691,743
Enel Americas 4.00% 10/25/26		1,455,000		1,440,028
#Enel Finance International 144A 6.00% 10/7/39		3,870,000		4,425,035
Entergy
2.95% 9/1/26		3,630,000		3,448,562
4.00% 7/15/22		5,823,000		6,106,376
Entergy Louisiana 4.05% 9/1/23		6,495,000		6,858,564
Entergy Mississippi 3.10% 7/1/23		4,333,000		4,356,039
Exelon
3.497% 6/1/22		6,065,000		6,128,058
3.95% 6/15/25		9,985,000		10,284,300
#Fortis 144A 3.055% 10/4/26		24,550,000		23,011,550
Great Plains Energy
3.90% 4/1/27		4,665,000		4,719,907
4.85% 6/1/21		3,340,000		3,567,047
Interstate Power & Light 3.40% 8/15/25		4,311,000		4,329,089
IPALCO Enterprises
3.45% 7/15/20		10,898,000		11,075,093
5.00% 5/1/18		2,132,000		2,201,290
ITC Holdings 3.25% 6/30/26		2,593,000		2,523,920
Kansas City Power & Light 3.65% 8/15/25		10,103,000		10,160,425
LG&E & KU Energy
3.75% 11/15/20		5,957,000		6,185,963
4.375% 10/1/21		7,850,000		8,295,911
#Massachusetts Electric 144A 4.004% 8/15/46		6,150,000		6,000,549
#Metropolitan Edison 144A 4.00% 4/15/25		7,386,000		7,460,540
#New York State Electric & Gas 144A 3.25% 12/1/26		8,185,000		8,152,342
NextEra Energy Capital Holdings 2.40% 9/15/19		13,562,000		13,677,141
NV Energy 6.25% 11/15/20		6,447,000		7,246,770
Pennsylvania Electric 5.20% 4/1/20		6,100,000		6,489,839
Public Service Co. of New Hampshire 3.50% 11/1/23		4,119,000		4,245,074


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Public Service Co. of Oklahoma 5.15% 12/1/19		4,900,000	$	5,253,976
Southern
2.75% 6/15/20		9,273,000		9,358,747
3.25% 7/1/26		8,295,000		7,928,925
4.40% 7/1/46		7,654,000		7,345,085
Southwestern Electric Power 6.45% 1/15/19		3,429,000		3,689,055
#Trans-Allegheny Interstate Line 144A 3.85% 6/1/25		3,506,000		3,597,310
Wisconsin Electric Power 4.30% 12/15/45		3,879,000		3,968,407

				320,672,718

Electronic Equipment, Instruments & Components–0.02%
#NXP 144A 4.625% 6/1/23		1,115,000		1,183,294

				1,183,294

Food & Staples Retailing–0.36%
Kroger 4.45% 2/1/47		6,750,000		6,646,766
Sysco 3.75% 10/1/25		300,000		306,693
Walgreens Boots Alliance
3.10% 6/1/23		12,234,000		12,234,110
3.45% 6/1/26		4,244,000		4,157,677

				23,345,246

Gas Utilities–0.13%
Dominion Gas Holdings 4.60% 12/15/44		3,045,000		3,065,140
Southern Co. Gas Capital 3.25% 6/15/26		5,524,000		5,385,900

				8,451,040

Health Care Equipment & Supplies–0.76%
Abbott Laboratories
2.80% 9/15/20		3,691,000		3,726,083
4.90% 11/30/46		9,415,000		9,791,063
Thermo Fisher Scientific 3.00% 4/15/23		27,966,000		27,750,382
Zimmer Holdings 4.625% 11/30/19		7,228,000		7,669,219

				48,936,747

Hotels, Restaurants & Leisure–0.18%
Marriott International 3.75% 3/15/25		7,194,000		7,323,334
Wyndham Worldwide 4.15% 4/1/24		4,075,000		4,115,787

				11,439,121

Independent Power & Renewable Electricity Producers–0.06%
#AES Gener 144A 5.00% 7/14/25		3,809,000		3,878,197

				3,878,197


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Industrial Conglomerates–0.52%
General Electric
#144A 3.80% 6/18/19		3,761,000	$	3,915,494
5.55% 5/4/20		2,503,000		2,770,190
6.00% 8/7/19		7,023,000		7,716,844
Siemens Financieringsmaatschappij
#144A 1.70% 9/15/21		8,760,000		8,451,000
#144A 3.125% 3/16/24		10,555,000		10,640,401

				33,493,929

Insurance–1.44%
Allstate 3.28% 12/15/26		3,265,000		3,284,770
Berkshire Hathaway Finance 2.90% 10/15/20		5,761,000		5,954,114
#Five Corners Funding Trust 144A 4.419% 11/15/23		3,093,000		3,292,932
•Manulife Financial 4.061% 2/24/32		8,175,000		8,206,735
MetLife
6.817% 8/15/18		8,289,000		8,838,610
#144A 9.25% 4/8/38		6,723,000		9,302,951
#Metropolitan Life Global Funding I 144A 3.45% 12/18/26		2,160,000		2,178,319
#Principal Life Global Funding II 144A 3.00% 4/18/26		5,172,000		5,041,593
•Prudential Financial 5.375% 5/15/45		4,665,000		4,893,585
TIAA Asset Management Finance
#144A 2.95% 11/1/19		4,971,000		5,055,935
#144A 4.125% 11/1/24		22,109,000		22,565,860
XLIT
4.45% 3/31/25		4,247,000		4,305,001
5.50% 3/31/45		6,060,000		6,077,513
•6.50% 12/29/49		3,823,000		3,220,878

				92,218,796

Internet Software & Services–0.10%
JD.com 3.125% 4/29/21		6,140,000		6,127,260

				6,127,260

Machinery–0.25%
Roper Technologies
2.80% 12/15/21		4,110,000		4,119,058
3.80% 12/15/26		11,615,000		11,688,976

				15,808,034

Media–1.51%
21st Century Fox America 4.95% 10/15/45		7,101,000		7,377,769
Charter Communications Operating
4.908% 7/23/25		11,799,000		12,488,380
#144A 5.375% 5/1/47		6,015,000		6,064,786


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Media (continued)
#Columbus Cable Barbados 144A 7.375% 3/30/21		2,446,000	$	2,620,278
Comcast 3.15% 3/1/26		19,119,000		18,832,731
Grupo Televisa
5.00% 5/13/45		3,294,000		3,018,828
6.125% 1/31/46		1,660,000		1,756,563
Historic TW 6.875% 6/15/18		13,957,000		14,809,173
Time Warner Cable 7.30% 7/1/38		19,765,000		24,564,574
#VTR Finance 144A 6.875% 1/15/24		2,599,000		2,709,458
WPP Finance 2010 5.625% 11/15/43		2,372,000		2,536,970

				96,779,510

Metals & Mining–0.60%
Barrick North America Finance 5.75% 5/1/43		4,910,000		5,718,780
#•BHP Billiton Finance USA 144A 6.25% 10/19/75		17,930,000		19,458,534
#Glencore Funding 144A 4.00% 3/27/27		3,690,000		3,650,355
#MMC Norilsk Nickel 144A 5.55% 10/28/20		1,748,000		1,880,331
Vale Overseas
5.875% 6/10/21		2,151,000		2,310,432
6.25% 8/10/26		4,815,000		5,242,331

				38,260,763

Mortgage Real Estate Investment Trusts–1.79%
American Tower
2.25% 1/15/22		5,895,000		5,695,295
4.00% 6/1/25		7,379,000		7,478,594
4.40% 2/15/26		9,275,000		9,611,914
#American Tower Trust I 144A 3.07% 3/15/23		5,831,000		5,819,731
Corporate Office Properties
3.60% 5/15/23		4,342,000		4,226,112
5.25% 2/15/24		4,857,000		5,141,406
Crown Castle International 5.25% 1/15/23		6,976,000		7,622,012
CubeSmart 3.125% 9/1/26		6,735,000		6,338,874
DDR 7.875% 9/1/20		5,322,000		6,160,465
Education Realty Operating Partnership 4.60% 12/1/24		5,761,000		5,814,018
Hospitality Properties Trust 4.50% 3/15/25		5,307,000		5,335,387
Host Hotels & Resorts
3.75% 10/15/23		5,643,000		5,694,769
3.875% 4/1/24		3,885,000		3,920,334
Kite Realty Group 4.00% 10/1/26		2,285,000		2,193,963


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Mortgage Real Estate Investment Trusts (continued)
LifeStorage 3.50% 7/1/26		4,958,000	$	4,753,155
Physicians Realty 4.30% 3/15/27		2,990,000		3,000,025
#PLA Administradora Industrial S de RL 144A 5.25% 11/10/22		2,305,000		2,339,345
Regency Centers 3.60% 2/1/27		3,435,000		3,415,118
#Trust F/14 01 144A 5.25% 1/30/26		2,071,000		2,091,710
#WEA Finance 144A 3.75% 9/17/24		12,693,000		12,859,532
WP Carey 4.60% 4/1/24		4,604,000		4,771,756

				114,283,515

Multiline Retail–0.34%
Dollar General 3.875% 4/15/27		14,090,000		14,129,818
Target 3.625% 4/15/46		8,702,000		7,874,335

				22,004,153

Multi-Utilities–0.80%
Ameren Illinois 9.75% 11/15/18		12,768,000		14,348,142
CMS Energy 6.25% 2/1/20		6,721,000		7,417,249
DTE Energy
2.85% 10/1/26		8,590,000		8,053,907
3.30% 6/15/22		6,657,000		6,766,934
3.80% 3/15/27		3,185,000		3,236,412
NiSource Finance 6.125% 3/1/22		5,747,000		6,589,780
SCANA 4.125% 2/1/22		4,532,000		4,597,845

				51,010,269

Oil, Gas & Consumable Fuels–2.94%
Anadarko Petroleum
5.55% 3/15/26		2,270,000		2,523,600
6.60% 3/15/46		13,735,000		16,674,400
BP Capital Markets
3.216% 11/28/23		11,675,000		11,745,073
3.224% 4/14/24		8,205,000		8,220,770
CNOOC Finance 2015 Australia 2.625% 5/5/20		2,170,000		2,164,426
Enbridge
4.25% 12/1/26		3,490,000		3,569,562
•6.00% 1/15/77		1,875,000		1,900,781
Energy Transfer Partners
6.125% 12/15/45		10,975,000		11,782,760
9.70% 3/15/19		4,172,000		4,746,209
•Enterprise Products Operating 7.034% 1/15/68		1,419,000		1,477,037
#Gazprom OAO Via Gaz Capital 144A 4.95% 3/23/27		3,170,000		3,163,593
Kinder Morgan Energy Partners 5.80% 3/1/21		6,480,000		7,125,311
MPLX
4.875% 12/1/24		10,915,000		11,499,738
4.875% 6/1/25		4,145,000		4,348,922


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Noble Energy 5.05% 11/15/44		4,835,000	$	4,962,567
#Pertamina Persero 144A 4.875% 5/3/22		4,600,000		4,884,933
Petrobras Global Finance
5.375% 1/27/21		1,410,000		1,450,890
7.375% 1/17/27		4,060,000		4,302,382
Petroleos Mexicanos
#•144A 4.77% 3/11/22		3,510,000		3,777,638
6.75% 9/21/47		1,370,000		1,393,153
Plains All American Pipeline 8.75% 5/1/19		6,275,000		7,080,817
Regency Energy Partners 5.00% 10/1/22		8,905,000		9,480,254
Sabine Pass Liquefaction
#144A 5.00% 3/15/27		1,435,000		1,503,000
5.625% 4/15/23		11,510,000		12,502,691
5.75% 5/15/24		3,945,000		4,305,395
Shell International Finance
4.00% 5/10/46		13,610,000		13,060,660
4.375% 5/11/45		4,335,000		4,406,818
#Tengizchevroil Finance Co. International 144A 4.00% 8/15/26		3,600,000		3,458,556
Transcanada Trust
•5.30% 3/15/77		3,300,000		3,267,000
•5.875% 8/15/76		4,235,000		4,504,981
Woodside Finance
#144A 3.65% 3/5/25		3,481,000		3,433,575
#144A 3.70% 9/15/26		2,050,000		2,006,575
#144A 8.75% 3/1/19		6,569,000		7,351,664

				188,075,731

Paper & Forest Products–0.33%
Georgia-Pacific 8.00% 1/15/24		16,242,000		20,835,904

				20,835,904

Pharmaceuticals–0.58%
Mylan 3.95% 6/15/26		16,166,000		15,853,851
Pfizer 3.00% 12/15/26		8,055,000		7,985,598
Shire Acquisitions Investments Ireland
2.40% 9/23/21		3,265,000		3,196,242
2.875% 9/23/23		10,330,000		10,038,074

				37,073,765

Road & Rail–0.35%
Burlington Northern Santa Fe 4.70% 9/1/45		13,834,000		15,065,779
Union Pacific 3.00% 4/15/27		7,415,000		7,341,517

				22,407,296

Semiconductors & Semiconductor Equipment–0.84%
Applied Materials 4.35% 4/1/47		6,595,000		6,693,279


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Semiconductors & Semiconductor Equipment (continued)
Broadcom
#144A 3.00% 1/15/22		6,690,000	$	6,688,869
#144A 3.625% 1/15/24		11,800,000		11,904,336
Intel 2.60% 5/19/26		4,818,000		4,627,371
National Semiconductor 6.60% 6/15/17		8,928,000		9,023,280
#NXP 144A 4.125% 6/1/21		14,460,000		15,038,400

				53,975,535

Software–0.61%
CDK Global 5.00% 10/15/24		5,523,000		5,599,880
Microsoft 4.25% 2/6/47		30,455,000		31,296,928
Oracle 1.90% 9/15/21		2,254,000		2,216,232

				39,113,040

Specialty Retail–0.20%
Lowe’s
3.375% 9/15/25		5,320,000		5,439,333
3.70% 4/15/46		7,727,000		7,199,424

				12,638,757

Technology Hardware, Storage & Peripherals–0.37%
Apple
3.45% 2/9/45		5,165,000		4,615,630
4.65% 2/23/46		2,485,000		2,672,876
#Diamond 1 Finance 144A 8.10% 7/15/36		3,535,000		4,451,226
DXC Technology
#144A 4.25% 4/15/24		2,500,000		2,545,830
#144A 4.75% 4/15/27		4,720,000		4,823,236
#Samsung Electronics America 144A 1.75% 4/10/17		4,617,000		4,617,185

				23,725,983

Tobacco–0.26%
Altria Group 3.875% 9/16/46		8,960,000		8,341,196
Reynolds American 4.00% 6/12/22		8,010,000		8,416,884

				16,758,080

Trading Companies & Distributors–0.20%
Air Lease
3.00% 9/15/23		7,140,000		6,987,411
3.625% 4/1/27		5,800,000		5,648,980

				12,636,391

Wireless Telecommunication Services–0.51%
#Crown Castle Towers 144A 4.883% 8/15/20		26,778,000		28,523,974
#Millicom International Cellular 144A 6.625% 10/15/21		1,778,000		1,869,034


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Wireless Telecommunication Services (continued)
#Vimpel Communications Via VIP Finance Ireland 144A 7.748% 2/2/21		1,927,000	$	2,185,879

				32,578,887

Total Corporate Bonds (Cost $2,668,630,018)				2,698,309,941


«LOAN AGREEMENTS–0.65%
First Data 1st Lien 3.984% 3/24/21		13,407,553		13,524,869
Level 3 Financing 2.25% 2/22/24		11,950,000		11,984,834
Univision Communications Tranche C4 1st Lien 3.75% 3/15/24		11,511,709		11,457,719
USI Tranche B 1st Lien 4.25% 12/27/19		4,348,371		4,359,242

Total Loan Agreements (Cost $40,906,114)				41,326,664

MUNICIPAL BONDS–2.32%
California State Various Purposes 7.55% 4/1/39		2,320,000		3,404,809
Commonwealth of Massachusetts Series C 5.00% 10/1/25		4,510,000		5,475,185
Los Angeles, California Department of Water & Power System Revenue Taxable Build America Bonds 6.574% 7/1/45		14,465,000		20,113,583
Massachusetts State Transportation Fund Revenue Recovery Zone Economic Development Taxable Build America Bonds 5.731% 6/1/40		5,615,000		7,168,334
New Jersey Turnpike Authority (Build America Bonds) Series F 7.414% 1/1/40		2,267,000		3,263,573
New Jersey Turnpike Authority (Build America Bonds) Series A 7.102% 1/1/41		11,776,000		16,446,362
New York City, New York
Series C 5.00% 8/1/26		1,500,000		1,797,825
Series C 5.00% 8/1/27		1,785,000		2,125,382
New York City, New York Taxable Build America Bonds Series F-1 6.271% 12/1/37		16,345,000		21,419,305


	Principal Amount°		Value (U.S. $)

MUNICIPAL BONDS (continued)
New York Metropolitan Transportation Authority Revenue Taxable Build America Bonds Series E 6.814% 11/15/40		3,225,000	$	4,342,656
New York Triborough Bridge & Tunnel Authority Revenue Taxable Build America Bond Series A2 5.45% 11/15/32		15,775,000		18,772,408
Oregon State Taxable Pension 5.892% 6/1/27		3,040,000		3,691,411
San Francisco Bay Area California Toll Authority Bridge Revenue Taxable Build America Bonds Series S3 6.907% 10/1/50		11,955,000		17,198,941
South Carolina Public Service Authority Series D 4.77% 12/1/45		2,763,000		2,602,884
Texas Water Development Board Water Implementation Revenue
5.00% 10/15/46		6,610,000		7,586,231
Series A 5.00% 10/15/45		2,315,000		2,636,785
University of Missouri (Curators University) Taxable Build America Bonds 5.792% 11/1/41		8,070,000		10,308,537

Total Municipal Bonds (Cost $121,455,642)				148,354,211

NON-AGENCY ASSET-BACKED SECURITIES–6.82%
Ally Master Owner Trust
Series 2012-5 A 1.54% 9/15/19		5,656,000		5,660,094
Series 2014-4 A2 1.43% 6/17/19		9,395,000		9,402,175
American Express Credit Account Master Trust
•Series 2012-1 A 1.182% 1/15/20		2,861,000		2,862,266
•Series 2013-2 A 1.332% 5/17/21		2,953,000		2,965,830
•Series 2014-5 A 1.202% 5/15/20		180,000		180,232
AMMC CLO 16
#•Series 2015-16A A1 144A 2.523% 4/14/27		9,135,000		9,130,434
#•Series 2015-16A AR 144A 0.00% 4/14/29		14,850,000		14,842,575
#•AMMC CLO 19 Series 2016-19A A 144A 2.381% 10/15/28		3,000,000		3,009,012
#ARI Fleet Lease Trust Series 2015-A A2 144A 1.11% 11/15/18		604,721		604,106


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
Avery Point VI
#•Series 2015-6A A 144A 2.484% 8/5/27		8,350,000	$	8,377,931
#•Series 2015-6A B 144A 2.984% 8/5/27		3,000,000		3,018,051
Avis Budget Rental Car Funding AESOP
#Series 2013-1A A 144A 1.92% 9/20/19		5,242,000		5,241,213
#Series 2014-1A A 144A 2.46% 7/20/20		6,919,000		6,952,465
BA Credit Card Trust
•Series 2016-A1 A 1.302% 10/15/21		6,421,000		6,462,990
Series 2017-A1 A1 1.95% 8/15/22		3,500,000		3,504,578
#•Benefit Street Partners CLO X Series 2016-10A A1 144A 2.233% 1/15/29		3,500,000		3,509,910
#•BlueMountain CLO Series 2013-4A B1 144A 2.923% 4/15/25		5,000,000		4,995,000
Cabela’s Credit Card Master Note Trust Series 2015-1A A1 2.26% 3/15/23		3,495,000		3,500,596
#California Republic Auto Receivables Trust Series 2013-1 A2 144A 1.41% 9/17/18		17,140		17,140
•Capital One Multi-Asset Execution Trust Series 2014-A4 A 1.272% 6/15/22		6,517,000		6,538,987
#•Cedar Funding VI CLO Series 2016-6A A1 144A 2.344% 10/20/28		9,600,000		9,620,112
#•Cent CLO 20 Series 2013-20A A 144A 2.518% 1/25/26		9,000,000		8,996,445
#•Chesapeake Funding Series 2014-1A A 144A 1.254% 3/7/26		2,284,727		2,282,308
#•CIFC Funding Series 2017-1A 144A 2.243% 4/23/29		9,500,000		9,531,474
•Citibank Credit Card Issuance Trust Series 2016-A3 A3 1.324% 12/7/23		10,000,000		10,070,671
•CNH Equipment Trust Series 2016-B A2B 1.312% 10/15/19		889,234		891,122
Discover Card Execution Note Trust
•Series 2014-A1 A1 1.342% 7/15/21		4,180,000		4,202,236
•Series 2016-A2 A2 1.452% 9/15/21		3,840,000		3,869,667
•Series 2017-A1 A1 1.402% 7/15/24		2,400,000		2,415,330


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
#•Flagship VII Series 2013-7A A1 144A 2.50% 1/20/26		14,000,000	$	13,994,386
Ford Credit Auto Lease Trust Series 2015-A A3 1.13% 6/15/18		2,193,581		2,193,357
#Ford Credit Auto Owner Trust Series 2016-2 A 144A 2.03% 12/15/27		5,575,000		5,498,667
Ford Credit Floorplan Master Owner Trust A
•Series 2015-2 A2 1.482% 1/15/22		8,736,000		8,799,473
•Series 2015-4 A2 1.512% 8/15/20		5,990,000		6,018,379
•GE Dealer Floorplan Master Note Trust Series 2015-1 A 1.478% 1/20/20		4,377,000		4,382,609
#•Golden Credit Card Trust Series 2014-2A A 144A 1.362% 3/15/21		11,265,000		11,292,862
#•GoldenTree Loan Management U.S. CLO 1 Series 2017-1A A 144A 1.00% 4/20/29		11,120,000		11,160,277
#•Grippen Park CLO Series 2017-1A A 144A 2.506% 1/20/30		12,000,000		11,993,784
#HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44		1,510,500		1,382,823
#•ICG U.S. CLO Series 2017-1A A 144A 2.59% 4/28/29		9,000,000		9,032,598
JFIN CLO
#•Series 2014-1A A 144A 2.53% 4/20/25		9,500,000		9,496,466
#•Series 2017-1A A1 144A 2.324% 4/24/29		14,245,000		14,266,410
#•KKR Financial CLO Series 2013-1A A1 144A 2.173% 7/15/25		10,000,000		9,998,660
•Mercedes-Benz Auto Lease Trust Series 2016-A A2B 1.472% 7/16/18		2,237,312		2,239,464
#•Mercedes-Benz Master Owner Trust Series 2016-AA A 144A 1.492% 5/15/20		5,054,000		5,073,945
•Morgan Stanley ABS Capital I Trust Series 2005-HE5 M1 1.612% 9/25/35		1,724,647		1,721,724
#•Navistar Financial Dealer Note Master Owner Trust II Series 2016-1 A 144A 2.332% 9/27/21		3,335,000		3,342,989


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
•New Century Home Equity Loan Trust Series 2005-2 M1 1.627% 6/25/35		1,392,025	$	1,390,949
•Nissan Auto Lease Trust Series 2015-B A2B 1.442% 12/15/17		691,675		691,918
#•OHA Credit Partners IX Series 2013-9A A1 144A 2.43% 10/20/25		3,373,174		3,371,838
•RAMP Series 2005-RS3 M1 1.402% 3/25/35		852,775		852,334
#•Saranac CLO I Series 2013-1A A1A 144A 2.512% 10/26/24		10,000,000		9,997,040
#•Shackleton V CLO Series 2014-5A A 144A 2.534% 5/7/26		10,425,000		10,421,508
#•Shackleton X CLO Series 2017-10A A 144A 0.00% 4/20/29		4,000,000		4,014,488
#•Sound Point CLO XV Series 2017-1A A 144A 2.496% 1/23/29		2,000,000		2,006,630
Synchrony Credit Card Master Note Trust
Series 2012-6 A 1.36% 8/17/20		6,875,000		6,879,852
Series 2015-2 A 1.60% 4/15/21		5,250,000		5,252,774
#•Telos CLO Series 2013-4A A 144A 2.323% 7/17/24		11,500,000		11,521,034
#•THL Credit Wind River CLO Series 2013-2A A2B 144A 2.664% 1/18/26		6,265,000		6,262,857
#•TIAA CLO II Series 2017-1A A 144A 2.49% 4/20/29		9,320,000		9,311,817
Towd Point Mortgage Trust
#•Series 2015-5 A1B 144A 2.75% 5/25/55		3,942,101		3,944,634
#•Series 2015-6 A1B 144A 2.75% 4/25/55		4,057,689		4,054,212
#•Series 2016-1 A1B 144A 2.75% 2/25/55		3,086,554		3,088,586
#•Series 2016-2 A1 144A 3.00% 8/25/55		2,652,453		2,661,089
#•Series 2016-3 A1 144A 2.25% 4/25/56		3,716,487		3,680,262
#•Series 2017-1 A1 144A 2.75% 10/25/56		2,911,874		2,909,140
Toyota Auto Receivables Owner Trust
Series 2015-B A3 1.27% 5/15/19		5,323,299		5,320,439
Series 2016-C A2A 1.00% 1/15/19		2,750,000		2,747,055
#•Venture CDO Series 2016-25A A1 144A 2.49% 4/20/29		3,920,000		3,932,779


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
#•Venture XVI CLO Series 2014-16A A1L 144A 2.523% 4/15/26		12,000,000	$	11,994,000
#Verizon Owner Trust Series 2016-2A A 144A 1.68% 5/20/21		4,405,000		4,390,310
#Volkswagen Credit Auto Master Trust Series 2014-1A A2 144A 1.40% 7/22/19		12,809,000		12,804,883
Volvo Financial Equipment
#Series 2014-1A A3 144A 0.82% 4/16/18		146,992		146,926
#Series 2014-1A B 144A 1.66% 11/16/20		3,757,000		3,755,413
#Series 2017-1A A2 144A 1.55% 10/15/19		4,940,000		4,934,017
#•Voya CLO Series 2017-1A A1 144A 0.00% 4/17/30		5,000,000		5,018,110
•World Financial Network Credit Card Master Trust Series 2015-A A 1.392% 2/15/22		4,220,000		4,232,207

Total Non-Agency Asset-Backed Securities (Cost $435,213,364)				436,132,924

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.95%
Agate Bay Mortgage Trust
#•Series 2015-1 B1 144A 3.825% 1/25/45		3,211,402		3,214,850
#•Series 2015-1 B2 144A 3.825% 1/25/45		1,814,643		1,789,569
fCiticorp Residential Mortgage Securities Series 2006-3 A5 5.718% 11/25/36		4,987,000		5,070,397
JPMorgan Mortgage Trust
#•Series 2014-2 B1 144A 3.423% 6/25/29		2,202,549		2,180,697
#•Series 2014-2 B2 144A 3.423% 6/25/29		820,604		803,918
#•Series 2014-IVR6 2A4 144A 2.50% 7/25/44		2,896,000		2,862,341
#•Series 2015-1 B1 144A 2.623% 12/25/44		4,015,272		3,979,335
#•Series 2015-1 B2 144A 2.623% 12/25/44		3,380,143		3,307,023
#•Series 2015-4 B1 144A 3.628% 6/25/45		3,022,627		2,946,160
#•Series 2015-4 B2 144A 3.628% 6/25/45		2,164,659		2,074,010
#•Series 2015-5 B2 144A 2.874% 5/25/45		3,333,441		3,149,110
#•Series 2015-6 B1 144A 3.623% 10/25/45		2,181,618		2,141,108


	Principal Amount°		Value (U.S. $)

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
JPMorgan Mortgage Trust (continued)
#•Series 2015-6 B2 144A 3.623% 10/25/45		2,115,187	$	2,046,014
#•Series 2016-4 B1 144A 3.91% 10/25/46		1,607,241		1,620,694
#•Series 2016-4 B2 144A 3.91% 10/25/46		2,742,039		2,696,099
#•Series 2017-1 B2 144A 3.576% 1/25/47		4,997,353		4,767,425
New Residential Mortgage Loan Trust
#•Series 2016-4A A1 144A 3.75% 11/25/56		1,669,509		1,704,400
#•Series 2017-1A A1 144A 4.00% 2/25/57		3,759,307		3,876,692
Sequoia Mortgage Trust
•Series 2013-4 B2 3.492% 4/25/43		1,965,613		1,944,202
#•Series 2014-2 A4 144A 3.50% 7/25/44		2,455,994		2,445,826
#•Series 2015-1 B2 144A 3.876% 1/25/45		2,296,933		2,261,301
Stru Series IFF-1748 SQ8 2.50% 12/31/49		2,219,000		1,863,613
•Thornburg Mortgage Securities Trust Series 2007-4 1A1 2.848% 9/25/37		2,310,428		2,261,018

Total Non-Agency Collateralized Mortgage Obligations (Cost $60,427,107)				61,005,802

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES– 5.37%
•Banc of America Commercial Mortgage Trust Series 2007-4 AM 5.961% 2/10/51		5,552,000		5,605,665
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18 A4 5.70% 6/11/50		2,714,844		2,747,325
CD Mortgage Trust
Series 2016-CD2 A3 3.248% 11/10/49		11,480,000		11,529,079
•Series 2016-CD2 A4 3.526% 11/10/49		4,020,000		4,111,356
CFCRE Commercial Mortgage Trust
#•Series 2011-C2 C 144A 5.755% 12/15/47		4,875,000		5,360,963
Series 2016-C7 A3 3.839% 12/10/54		3,535,000		3,638,443
Citigroup Commercial Mortgage Trust
•Series 2007-C6 AM 5.779% 12/10/49		3,102,000		3,139,408


	Principal Amount°		Value (U.S. $)

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Citigroup Commercial Mortgage Trust (continued)
Series 2014-GC25 A4 3.635% 10/10/47		6,146,000	$	6,341,062
Series 2015-GC27 A5 3.137% 2/10/48		14,090,000		14,041,368
Series 2016-P3 A4 3.329% 4/15/49		5,242,000		5,270,566
Series 2016-P5 A4 2.941% 10/10/49		4,855,000		4,719,740
COMM Mortgage Trust
#Series 2013-CR6 AM 144A 3.147% 3/10/46		5,355,000		5,362,209
#Series 2013-WWP A2 144A 3.424% 3/10/31		2,235,000		2,302,251
Series 2014-CR16 A4 4.051% 4/10/47		5,347,000		5,665,218
Series 2014-CR19 A5 3.796% 8/10/47		3,947,000		4,129,402
Series 2014-CR20 AM 3.938% 11/10/47		10,915,000		11,319,743
#Series 2015-3BP A 144A 3.178% 2/10/35		18,301,000		18,336,919
Series 2015-CR23 A4 3.497% 5/10/48		6,327,000		6,437,890
DB-JPM Mortgage Trust
Series 2016-C1 A4 3.276% 5/10/49		9,745,000		9,785,218
Series 2016-C3 A5 2.89% 9/10/49		11,535,000		11,199,885
DB-UBS Mortgage Trust
#Series 2011-LC1A A3 144A 5.002% 11/10/46		5,325,000		5,732,537
#•Series 2011-LC1A C 144A 5.686% 11/10/46		6,552,000		7,190,924
GRACE Mortgage Trust
#Series 2014-GRCE A 144A 3.369% 6/10/28		16,624,000		17,217,671
#Series 2014-GRCE B 144A 3.52% 6/10/28		5,588,000		5,751,657
GS Mortgage Securities Trust
#•Series 2010-C1 C 144A 5.635% 8/10/43		3,023,000		3,203,300
Series 2015-GC32 A4 3.764% 7/10/48		3,538,000		3,684,337
•Series 2017-GS5 XA 0.972% 3/10/50		60,155,000		4,030,505
#Houston Galleria Mall Trust Series 2015-HGLR A1A2 144A 3.087% 3/5/37		6,000,000		5,949,565
JPM-BB Commercial Mortgage Securities Trust Series 2015-C33 A4 3.77% 12/15/48		16,643,000		17,256,065


	Principal Amount°		Value (U.S. $)

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPM-DB Commercial Mortgage Securities Trust
Series 2016-C2 A4 3.144% 6/15/49		11,776,000	$	11,677,391
Series 2016-C4 A3 3.141% 12/15/49		7,000,000		6,915,060
JPMorgan Chase Commercial Mortgage Securities Trust
•Series 2005-CB11 E 5.525% 8/12/37		1,656,000		1,721,892
Series 2013-LC11 B 3.499% 4/15/46		6,289,000		6,260,667
Series 2015-JP1 A5 3.914% 1/15/49		8,627,000		9,064,146
Series 2016-JP2 A4 2.822% 8/15/49		10,654,000		10,286,069
#Series 2016-WIKI A 144A 2.798% 10/5/31		2,325,000		2,339,547
#Series 2016-WIKI B 144A 3.201% 10/5/31		4,395,000		4,441,889
•LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ 5.452% 9/15/39		4,915,735		4,344,232
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47		4,958,000		5,162,588
Series 2015-C23 A4 3.719% 7/15/50		18,182,000		18,838,972
Series 2015-C26 A5 3.531% 10/15/48		5,698,000		5,821,079
Series 2016-C29 A4 3.325% 5/15/49		4,910,000		4,934,846
Morgan Stanley Capital I Trust
•Series 2006-HQ10 B 5.448% 11/12/41		3,200,000		3,196,842
Series 2011-C3 A4 4.118% 7/15/49		5,645,000		6,012,125
Wells Fargo Commercial Mortgage Trust
Series 2012-LC5 B 4.142% 10/15/45		3,276,000		3,391,968
Series 2014-LC18 A5 3.405% 12/15/47		4,251,000		4,302,481
Series 2015-NXS3 A4 3.617% 9/15/57		4,455,000		4,562,942
Series 2016-BNK1 A3 2.652% 8/15/49		7,895,000		7,525,257
WF-RBS Commercial Mortgage Trust Series 2012-C10 A3 2.875% 12/15/45		11,490,000		11,576,429

Total Non-Agency Commercial Mortgage-Backed Securities (Cost $350,075,833)				343,436,693


	Principal Amount°		Value (U.S. $)
DREGIONAL BOND–0.05%
Canada–0.05%
Province of Quebec Canada 2.375% 1/31/22		2,890,000	$	2,907,733

				2,907,733

Total Regional Bond (Cost $2,887,428)				2,907,733


DSOVEREIGN BONDS–0.37%
Bermuda–0.03%
#Bermuda Government International Bond 144A 3.717% 1/25/27		2,200,000		2,128,566

				2,128,566

Colombia–0.08%
Colombia Government International Bond 5.00% 6/15/45		4,740,000		4,777,920

				4,777,920

Croatia–0.03%
#Croatia Government International Bond 144A 5.50% 4/4/23		1,748,000		1,886,669

				1,886,669

Hungary–0.06%
Hungary Government International Bond 5.75% 11/22/23		3,500,000		3,961,986

				3,961,986

Indonesia–0.03%
#Perusahaan Penerbit SBSN Indonesia III 144A 4.15% 3/29/27		1,600,000		1,608,720

				1,608,720

Japan–0.12%
#Development Bank of Japan 144A 1.625% 9/1/21		8,244,000		7,952,162

				7,952,162

Jordan–0.02%
#Jordan Government International Bond 144A 5.75% 1/31/27		1,300,000		1,276,701

				1,276,701

Total Sovereign Bonds (Cost $23,880,109)				23,592,724


	Principal Amount°		Value (U.S. $)

SUPRANATIONAL BANK–0.12%
European Investment Bank 1.375% 9/15/21		8,250,000	$	8,003,069

Total Supranational Bank (Cost $8,237,955)				8,003,069

U.S. TREASURY OBLIGATIONS–3.03%
U.S. Treasury Bond 2.875% 11/15/46		148,555,000		144,168,022
U.S. Treasury Inflation Index Note 0.02% 4/15/21		23,386,723		23,643,205
U.S. Treasury Notes
1.875% 2/28/22		6,105,000		6,092,601
1.875% 3/31/22		185,000		184,541
2.25% 2/15/27		19,870,000		19,618,903

Total U.S. Treasury Obligations (Cost $195,221,357)				193,707,272


	Number of Shares

PREFERRED STOCK–0.51%
•Bank of America 6.50%		8,780,000		9,592,150
•General Electric 5.00%		15,380,000		16,245,125
•Integrys Holding 6.00%		248,850		6,498,096
#•USB Realty 2.169%		615,000		524,288

Total Preferred Stock (Cost $31,662,890)				32,859,659


	Principal Amount°

SHORT-TERM INVESTMENTS–9.83%
Certificates of Deposit–1.81%
Abbey National Treasury Services 1.48% 12/7/17		2,500,000		2,500,579
Banco Estado Chile
1.14% 6/22/17		25,000,000		25,000,904
1.21% 7/28/17		8,500,000		8,500,000
Bank of Montreal Chicago 1.40% 12/7/17		2,500,000		2,501,246
BNP Paribas New York Branch 1.47% 12/7/17		2,500,000		2,500,714
Toronto Dominion Bank New York
0.91% 5/23/17		50,000,000		49,998,025
1.14% 6/23/17		25,000,000		25,002,370

				116,003,838

≠Discounted Commercial Paper–7.81%
Abbey National Treasury Services 0.81% 4/3/17		50,000,000		49,997,750
BMW U.S. Capital 0.913% 6/16/17		44,000,000		43,908,242


	Principal Amount°		Value (U.S. $)

SHORT-TERM INVESTMENTS (continued)
≠Discounted Commercial Paper (continued)
BNP Paribas New York Branch 0.80% 4/3/17		50,000,000	$	49,997,778
California University 0.751% 4/10/17		23,500,000		23,496,005
Chicago University 1.003% 6/20/17		30,000,000		29,931,600
Cornell University
0.718% 4/5/17		13,200,000		13,199,472
0.781% 5/3/17		14,250,000		14,239,028
0.902% 5/23/17		9,250,000		9,236,033
1.002% 6/8/17		15,000,000		14,969,550
CPPIB Capital 0.892% 4/20/17		6,500,000		6,496,992
Dartmouth College 0.741% 4/12/17		10,000,000		9,997,800
DNB Bank
0.761% 4/24/17		25,000,000		24,985,018
1.167% 6/19/17		25,000,000		24,943,610
Duke University
0.802% 5/10/17		5,909,000		5,903,275
0.832% 4/12/17		13,000,000		12,996,464


	Principal Amount°		Value (U.S. $)

SHORT-TERM INVESTMENTS (continued)
≠Discounted Commercial Paper (continued)
DZ Bank New York 1.60% 4/3/17		57,935,000	$	57,932,425
Harvard University 0.852% 4/12/17		5,068,000		5,066,698
JPMorgan Securities
1.018% 4/3/17		10,000,000		9,999,312
1.191% 7/10/17		14,000,000		14,010,094
Princeton University
0.82% 5/16/17		23,750,000		23,748,088
0.90% 5/15/17		17,500,000		17,500,399
Yale University 0.943% 6/6/17		37,000,000		36,936,578

				499,492,211

Floating Rate Note–0.21%
JPMorgan Securities 1.30% 10/19/17		13,500,000		13,523,058

				13,523,058

Total Short Term Investments (Cost $628,993,062)				629,019,107

The following futures contracts and swap contracts were outstanding at March 31, 2017:

The use of 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.

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Delaware Bond Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Other debt securities and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.63%
Fannie Mae Connecticut Avenue Securities
•Series 2015-C03 1M1 2.482% 7/25/25		79,836	$	79,863
•Series 2015-C03 2M1 2.482% 7/25/25		548,461		549,582
•Series 2015-C04 2M1 2.682% 4/25/28		373,115		374,192
•Series 2016-C03 1M1 2.982% 10/25/28		757,747		770,027
•Series 2016-C04 1M1 2.432% 1/25/29		528,829		534,609
•Series 2017-C01 1M1 2.282% 7/25/29		445,332		447,482
•Series 2017-C02 2M1 2.127% 9/25/29		3,710,000		3,716,550
Fannie Mae REMICs
•Series 2005-106 QF 1.492% 12/25/35		1,417,541		1,427,154
•Series 2006-40 F 1.282% 5/25/36		101,143		100,855
Freddie Mac REMICs
•Series 3152 JF 1.362% 8/15/35		94,201		94,204
•Series 3311 VF 1.152% 5/15/37		245,936		244,311
•Series 3780 LF 1.312% 3/15/29		5,849		5,852
•Series 3800 AF 1.412% 2/15/41		335,736		337,049
Freddie Mac Structured Agency Credit Risk Debt Notes
•Series 2016-DNA3 M1 2.082%12/25/28		2,021,775		2,029,340
•Series 2016-HQA2 M1 2.182% 11/25/28		2,422,290		2,431,471
•GNMA Series 2010-46 MF 1.328% 5/16/34		317,176		317,725

Total Agency Collateralized Mortgage Obligations (Cost $13,405,082)				13,460,266


AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–0.65%
FREMF Mortgage Trust
#•Series 2011-K13 B 144A 4.611% 1/25/48		420,000		448,067
#•Series 2014-K716 B 144A 3.952% 8/25/47		4,820,000		4,967,122

Total Agency Commercial Mortgage-Backed Securities (Cost $5,444,120)				5,415,189


	Principal Amount°		Value (U.S. $)

CONVERTIBLE BONDS–0.27%
#Aerojet Rocketdyne Holdings 144A 2.25%, exercise price $26.00, maturity date 12/15/23		24,000	$	25,995
Alaska Communications Systems Group 6.25%, exercise price $10.28, maturity date 5/1/18		100,000		104,250
#Ares Capital 144A 3.75%, exercise price $19.38, maturity date 2/1/22		13,000		13,008
BioMarin Pharmaceutical 1.50%, exercise price $94.15, maturity date 10/15/20		25,000		29,641
#Blackhawk Network Holdings 144A 1.50%, exercise price $49.83, maturity date 1/15/22		51,000		54,666
Blackstone Mortgage Trust 5.25%, exercise price $27.99, maturity date 12/1/18		117,000		134,331
Brookdale Senior Living 2.75%, exercise price $29.33, maturity date 6/15/18		92,000		90,850
Cardtronics 1.00%, exercise price $52.35, maturity date 12/1/20		65,000		70,647
Cemex 3.72%, exercise price $11.45, maturity date 3/15/20		33,000		37,434
Chart Industries 2.00%, exercise price $69.03, maturity date 8/1/18		59,000		58,557
#Clearwire Communications 144A 8.25%, exercise price $7.08, maturity date 12/1/40		114,000		118,417
#DISH Network 144A 2.375%, exercise price $82.22, maturity date 3/15/24		12,000		12,307
#DISH Network 144A 3.375%, exercise price $65.18, maturity date 8/15/26		18,000		21,836
GAIN Capital Holdings 4.125%, exercise price $12.00, maturity date 12/1/18		77,000		76,807
fGeneral Cable 4.50%, exercise price $31.67, maturity date 11/15/29		83,000		64,688
HealthSouth 2.00%, exercise price $37.16, maturity date 12/1/43		64,000		78,480
Helix Energy Solutions Group 4.25%, exercise price $13.89, maturity date 5/1/22		62,000		60,993


	Principal Amount°		Value (U.S. $)

CONVERTIBLE BONDS (continued)
#Hercules Capital 144A 4.375%, exercise price $16.41, maturity date 2/1/22		30,000	$	30,788
#Insulet 144A 1.25%, exercise price $58.37, maturity date 9/15/21		28,000		28,245
Jefferies Group 3.875%, exercise price $43.83, maturity date 11/1/29		124,000		125,705
#Knowles 144A 3.25%, exercise price $18.43, maturity date 11/1/21		46,000		57,845
#Liberty Interactive 144A 1.75%, exercise price $341.10, maturity date 9/30/46		45,000		50,822
#Liberty Media 144A 2.25%, exercise price $104.55, maturity date 9/30/46		15,000		16,237
#Medicines 144A 2.75%, exercise price $48.97, maturity date 7/15/23		33,000		39,930
fMeritor 4.00%, exercise price $26.73, maturity date 2/15/27		110,000		115,500
New Mountain Finance 5.00%, exercise price $15.81, maturity date 6/15/19		61,000		62,906
NuVasive 2.25%, exercise price $59.82, maturity date 3/15/21		22,000		30,113
NXP Semiconductors 1.00%, exercise price $102.84, maturity date 12/1/19		43,000		49,988
ON Semiconductor 1.00%, exercise price $18.50, maturity date 12/1/20		57,000		62,522
#Pacira Pharmaceuticals 144A 2.375%, exercise price $66.89, maturity date 4/1/22		2,000		2,081
PROS Holdings 2.00%, exercise price $33.79, maturity date 12/1/19		56,000		56,945
#Silicon Laboratories 144A 1.375%, exercise price $92.81, maturity date 3/1/22		5,000		5,328
Spectrum Pharmaceuticals 2.75%, exercise price $10.53, maturity date 12/15/18		79,000		79,691
Spirit Realty Capital 3.75%, exercise price $13.10, maturity date 5/15/21		74,000		75,989
Synchronoss Technologies 0.75%, exercise price $53.17, maturity date 8/15/19		38,000		36,029


	Principal Amount°		Value (U.S. $)

CONVERTIBLE BONDS (continued)
•Vector Group 1.75%, exercise price $23.46, maturity date 4/15/20		85,000	$	96,422
VEREIT 3.75%, exercise price $14.99, maturity date 12/15/20		112,000		112,631
Verint Systems 1.50%, exercise price $64.46, maturity date 6/1/21		69,000		68,353

Total Convertible Bonds (Cost $2,306,487)				2,256,977


	Number of Shares

CONVERTIBLE PREFERRED STOCK–0.01%
American Tower 5.50%, exercise price $116.40, expiration date 2/15/18		114		12,734
DTE Energy 6.50%, exercise price $116.31, expiration date 10/1/19		663		35,623
El Paso Energy Capital Trust I 4.75%, exercise price $50.00, expiration date 3/31/28		829		41,450
Teva Pharmaceutical Industries 7.00%, exercise price $75.00, expiration date 12/15/18		23		13,271

Total Convertible Preferred Stock (Cost $104,504)				103,078


	Principal Amount°

CORPORATE BONDS–64.63%
Air Freight & Logistics–0.95%
Aviation Capital Group
#144A 2.875% 9/17/18		1,500,000		1,515,546
#144A 2.875% 1/20/22		5,845,000		5,811,046
#SMBC Aviation Capital Finance 144A 2.65% 7/15/21		580,000		565,196


				7,891,788


Airlines–0.34%
#◆Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27		528,907		532,213
◆American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26		571,079		573,934
◆American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27		167,261		164,125


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Airlines (continued)
◆American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28		243,677	$	243,373
◆United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26		453,031		470,020
◆United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26		808,701		821,907


				2,805,572

Automobiles–2.30%
#•Daimler Finance North America 144A 1.374% 8/1/17		6,340,000		6,346,239
•Ford Motor Credit 1.964% 11/4/19		7,130,000		7,169,800
Toyota Motor Credit 2.00% 10/24/18		5,525,000		5,553,575


				19,069,614

Banks–19.69%
#•Akbank 144A 7.20% 3/16/27		230,000		238,073
#Banco Nacional de Costa Rica 144A 5.875% 4/25/21		605,000		616,344
•Bank of America 2.221% 10/21/22		9,955,000		10,118,979
•Bank of New York Mellon 2.089% 10/30/23		6,535,000		6,689,762
Barclays
4.337% 1/10/28		470,000		470,074
•8.25% 12/29/49		2,750,000		2,897,043
•BB&T 1.991% 6/15/18		4,135,000		4,166,562
#BBVA Bancomer 144A 7.25% 4/22/20		450,000		495,990
•Branch Banking & Trust 1.353% 5/23/17		2,575,000		2,575,373
Citigroup
•1.80% 1/10/20		3,820,000		3,834,314
•2.485% 9/1/23		6,940,000		7,141,808
Citizens Bank 2.55% 5/13/21		4,000,000		3,981,148
Citizens Financial Group
2.375% 7/28/21		1,000,000		987,096
4.30% 12/3/25		750,000		774,387
•CoBank 1.731% 6/15/22		425,000		410,588
Compass Bank 3.875% 4/10/25		970,000		953,812
#•Dexia Credit Local 144A 1.539% 2/15/19		4,440,000		4,439,041
Fifth Third Bank
•1.967% 8/20/18		1,770,000		1,780,909
2.25% 6/14/21		4,000,000		3,956,972
HSBC Holdings 2.65% 1/5/22		1,925,000		1,901,746


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Banks (continued)
Huntington Bancshares 2.30% 1/14/22		935,000	$	912,257
Huntington National Bank 2.375% 3/10/20		1,340,000		1,345,625
ING Groep
3.15% 3/29/22		815,000		817,836
3.95% 3/29/27		860,000		863,802
JPMorgan Chase
•1.656% 3/9/21		2,205,000		2,196,923
•2.273% 10/24/23		9,710,000		9,941,477
KeyBank
2.35% 3/8/19		4,750,000		4,788,641
2.50% 11/22/21		2,000,000		1,989,374
3.18% 5/22/22		1,630,000		1,646,510
•Kreditanstalt fuer Wiederaufbau 1.312% 12/29/17		4,130,000		4,129,934
Lloyds Banking Group
3.00% 1/11/22		4,625,000		4,603,637
3.75% 1/11/27		535,000		527,009
•Morgan Stanley 2.443% 10/24/23		11,035,000		11,277,924
•National City Bank 1.472% 6/7/17		3,360,000		3,360,144
•Oesterreichische Kontrollbank 1.214% 8/10/17		4,350,000		4,351,527
PNC Bank 2.625% 2/17/22		5,515,000		5,523,289
Regions Bank 2.25% 9/14/18		3,985,000		3,998,609
Royal Bank of Canada 2.75% 2/1/22		3,425,000		3,458,685
•Royal Bank of Scotland Group 8.625% 12/29/49		1,550,000		1,619,750
•Santander UK 1.904% 8/24/18		5,700,000		5,729,948
Santander UK Group Holdings 3.571% 1/10/23		675,000		675,858
SunTrust Banks 2.70% 1/27/22		1,360,000		1,356,236
SVB Financial Group 3.50% 1/29/25		770,000		753,858
•Toronto-Dominion Bank 1.589% 4/30/18		5,650,000		5,673,589
#Turkiye Garanti Bankasi 144A 5.25% 9/13/22		260,000		259,344
UBS Group Funding Jersey
#144A 2.65% 2/1/22		325,000		318,977
#144A 3.00% 4/15/21		10,365,000		10,392,757
•USB Capital IX 3.50% 10/29/49		465,000		395,831
•Wells Fargo 2.269% 10/31/23		11,300,000		11,516,282

				162,855,654

Beverages–3.41%
Anheuser-Busch InBev Finance 2.65% 2/1/21		6,600,000		6,655,519


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Beverages (continued)
•Anheuser-Busch Inbev Worldwide 1.724% 8/1/18		6,520,000	$	6,563,977
#Becle 144A 3.75% 5/13/25		1,340,000		1,315,510
Constellation Brands 4.25% 5/1/23		230,000		242,878
Molson Coors Brewing 3.00% 7/15/26		2,845,000		2,710,816
•PepsiCo 1.372% 10/13/17		4,900,000		4,908,658
#Pernod Ricard 144A 4.45% 1/15/22		5,455,000		5,813,192

				28,210,550

Building Products–0.10%
Fortune Brands Home & Security 3.00% 6/15/20		565,000		572,284
Masco 3.50% 4/1/21		255,000		260,766

				833,050

Capital Markets–1.08%
Barclays 3.20% 8/10/21		715,000		716,029
•Goldman Sachs Group 2.654% 11/29/23		7,945,000		8,237,654

				8,953,683

Chemicals–0.54%
CF Industries 6.875% 5/1/18		1,240,000		1,295,800
Dow Chemical 8.55% 5/15/19		1,560,000		1,769,299
#Equate Petrochemical 144A 3.00% 3/3/22		295,000		288,835
#OCP 144A 4.50% 10/22/25		1,170,000		1,156,984

				4,510,918

Commercial Services & Supplies–0.08%
Penske Truck Leasing
#144A 3.30% 4/1/21		405,000		410,895
#144A 4.20% 4/1/27		235,000		239,746

				650,641

Communications Equipment–1.15%
•Cisco Systems 1.555% 3/1/19		9,480,000		9,554,807

				9,554,807

Construction Materials–0.09%
#Cemex Finance 144A 9.375% 10/12/22		425,000		460,275
#Union Andina de Cementos 144A 5.875% 10/30/21		245,000		255,413

				715,688

Consumer Finance–1.35%
General Motors Financial
3.10% 1/15/19		4,120,000		4,188,273
4.375% 9/25/21		5,500,000		5,789,503


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Consumer Finance (continued)
Hyundai Capital America
#144A 3.00% 3/18/21		490,000	$	492,116
#144A 4.00% 6/8/17		690,000		692,849

				11,162,741

Containers & Packaging–0.37%
#•Ardagh Packaging Finance 144A 4.289% 5/15/21		2,955,000		3,032,569

				3,032,569

Diversified Financial Services–1.93%
AerCap Ireland Capital 3.95% 2/1/22		1,410,000		1,449,610
Credit Suisse Group Funding Guernsey 3.125% 12/10/20		4,835,000		4,866,021
#ERAC USA Finance 144A 4.50% 8/16/21		4,650,000		4,957,272
International Lease Finance 8.625% 1/15/22		3,640,000		4,467,605
#SUAM Finance 144A 4.875% 4/17/24		185,000		192,530

				15,933,038

Diversified Telecommunication Services–3.03%
•AT&T 2.082% 6/30/20		10,790,000		10,921,206
CenturyLink 5.80% 3/15/22		1,395,000		1,443,825
Deutsche Telekom International Finance
#144A 1.95% 9/19/21		485,000		469,004
#144A 2.485% 9/19/23		3,740,000		3,580,440
Digicel Group
#144A 7.125% 4/1/22		240,000		187,800
#144A 8.25% 9/30/20		200,000		172,880
#GTP Acquisition Partners I 144A 2.35% 6/15/20		470,000		464,562
SBA Tower Trust
#144A 2.24% 4/16/18		465,000		465,178
#144A 2.898% 10/15/19		1,145,000		1,148,558
#Verizon Communications 144A 2.946% 3/15/22		6,210,000		6,192,351

				25,045,804

Electric Utilities–3.56%
#•AES Gener 144A 8.375% 12/18/73		220,000		232,375
#American Transmission Systems 144A 5.25% 1/15/22		755,000		831,958
Berkshire Hathaway Energy 3.75% 11/15/23		1,525,000		1,596,039
Commonwealth Edison 2.15% 1/15/19		2,750,000		2,767,900
Duke Energy 1.80% 9/1/21		5,670,000		5,482,624
•Emera 6.75% 6/15/76		440,000		482,350
#•Enel 144A 8.75% 9/24/73		1,103,000		1,271,207


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Enel Americas 4.00% 10/25/26		210,000	$	207,839
Entergy Louisiana 4.05% 9/1/23		3,955,000		4,176,385
Entergy Mississippi 3.10% 7/1/23		250,000		251,329
Exelon 3.497% 6/1/22		735,000		742,642
#Fortis 144A 2.10% 10/4/21		4,985,000		4,835,295
Great Plains Energy
3.15% 4/1/22		3,895,000		3,937,280
4.85% 6/1/21		440,000		469,910
NextEra Energy Capital Holdings 3.625% 6/15/23		875,000		889,478
NV Energy 6.25% 11/15/20		800,000		899,242
#Pampa Energia 144A 7.50% 1/24/27		340,000		344,760

				29,418,613

Equity Real Estate Investment Trusts–1.67%
American Tower 2.25% 1/15/22		6,405,000		6,188,018
Crown Castle International 5.25% 1/15/23		3,410,000		3,725,783
DDR 3.625% 2/1/25		1,025,000		987,717
Host Hotels & Resorts 3.75% 10/15/23		1,895,000		1,912,385
WP Carey 4.60% 4/1/24		980,000		1,015,708

				13,829,611

Food & Staples Retailing–1.44%
#Cencosud 144A 5.15% 2/12/25		305,000		318,405
CVS Health 2.125% 6/1/21		6,885,000		6,760,023
Walgreens Boots Alliance 2.60% 6/1/21		4,800,000		4,810,411

				11,888,839

Food Products–0.14%
#ESAL 144A 6.25% 2/5/23		230,000		231,150
#Marfrig Holdings Europe 144A 8.00% 6/8/23		225,000		235,643
•Mondelez International 1.554% 2/1/19		675,000		678,568

				1,145,361

Health Care Equipment & Supplies–1.18%
Abbott Laboratories
2.80% 9/15/20		3,000,000		3,028,515
2.90% 11/30/21		6,690,000		6,726,420

				9,754,935

Hotels, Restaurants & Leisure–0.10%
Marriott International 3.75% 3/15/25		860,000		875,461

				875,461


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Industrial Conglomerates–1.88%
General Electric
•1.414% 5/5/26		3,900,000	$	3,828,802
•1.629% 1/9/20		3,840,000		3,886,399
•2.131% 3/15/23		2,450,000		2,514,496
#144A 3.80% 6/18/19		250,000		260,269
6.00% 8/7/19		1,385,000		1,521,832
#Siemens Financierings-maatschappij 144A 2.70% 3/16/22		3,530,000		3,535,517

				15,547,315

Insurance–1.83%
Prudential Financial
•1.819% 8/15/18		8,742,000		8,797,223
•5.375% 5/15/45		740,000		776,260
#TIAA Asset Management Finance 144A 2.95% 11/1/19		5,110,000		5,197,309
•XLIT 6.50% 12/29/49		460,000		387,550

				15,158,342

Internet Software & Services–0.12%
Alibaba Group Holding 3.125% 11/28/21		240,000		242,823
JD.com 3.125% 4/29/21		755,000		753,433

				996,256

Machinery–1.11%
Crane 2.75% 12/15/18		185,000		188,033
•PACCAR Financial 1.70% 12/6/18		5,850,000		5,897,572
Roper Technologies 2.80% 12/15/21		3,090,000		3,096,810

				9,182,415

Media–0.61%
21st Century Fox America 4.50% 2/15/21		2,290,000		2,444,996
Charter Communications Operating 4.908% 7/23/25		1,435,000		1,518,843
#Columbus Cable Barbados 144A 7.375% 3/30/21		625,000		669,531
Historic TW 6.875% 6/15/18		430,000		456,255

				5,089,625

Metals & Mining–0.50%
#•BHP Billiton Finance USA 144A 6.25% 10/19/75		2,120,000		2,300,730
#Cia Brasileira de Aluminio 144A 6.75% 4/5/21		405,000		439,425
#Evraz Group 144A 5.375% 3/20/23		230,000		231,150
Vale Overseas 5.875% 6/10/21		765,000		821,702


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Metals & Mining (continued)
#Vedanta Resources 144A 6.375% 7/30/22		315,000	$	317,363

				4,110,370

Multi-Utilities–0.52%
Ameren 3.65% 2/15/26		1,095,000		1,108,473
Ameren Illinois 9.75% 11/15/18		385,000		432,647
CMS Energy 6.25% 2/1/20		695,000		766,997
Sempra Energy 2.875% 10/1/22		1,995,000		1,989,739

				4,297,856

Oil, Gas & Consumable Fuels–5.03%
•Chevron 1.623% 3/3/22		5,645,000		5,662,483
CNOOC Finance 2015 Australia 2.625% 5/5/20		585,000		583,497
•ConocoPhillips 1.939% 5/15/22		5,100,000		5,194,931
Ecopetrol 5.875% 9/18/23		435,000		472,519
#Empresa Nacional del Petroleo 144A 4.75% 12/6/21		485,000		512,927
•Enterprise Products Operating 7.034% 1/15/68		175,000		182,157
•Exxon Mobil 1.47% 3/6/22		10,640,000		10,710,437
#Gazprom OAO Via Gaz Capital 144A 4.95% 3/23/27		295,000		294,404
Kinder Morgan Energy Partners 5.80% 3/1/21		740,000		813,693
#Kunlun Energy 144A 2.875% 5/13/20		465,000		467,790
#Pertamina Persero 144A 5.25% 5/23/21		845,000		908,289
#Perusahaan Gas Negara Persero 144A 5.125% 5/16/24		200,000		212,635
Petrobras Global Finance 5.375% 1/27/21		820,000		843,780
#•Petroleos Mexicanos 144A 4.77% 3/11/22		800,000		861,000
#Raizen Fuels Finance 144A 5.30% 1/20/27		260,000		263,900
Regency Energy Partners 5.00% 10/1/22		1,585,000		1,687,389
Sabine Pass Liquefaction 5.625% 4/15/23		1,580,000		1,716,269
•Statoil 1.498% 11/8/18		7,240,000		7,281,920
#Tengizchevroil Finance Co. International 144A 4.00% 8/15/26		335,000		321,838
#Woodside Finance 144A 8.75% 3/1/19		2,070,000		2,316,630
#YPF 144A 8.50% 3/23/21		290,000		318,475

				41,626,963

Paper & Forest Products–0.25%
Georgia-Pacific 8.00% 1/15/24		1,125,000		1,443,196


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Paper & Forest Products (continued)
#Suzano Austria GmbH 144A 5.75% 7/14/26		355,000	$	362,455
#Suzano Trading 144A 5.875% 1/23/21		245,000		262,224

				2,067,875

Pharmaceuticals–3.07%
#•Bayer US Finance 144A 1.43% 10/6/17		10,000,000		9,992,600
Mylan 3.95% 6/15/26		1,385,000		1,358,257
•Pfizer 1.431% 6/15/18		11,640,000		11,685,443
Shire Acquisitions Investments Ireland 2.40% 9/23/21		2,385,000		2,334,774

				25,371,074

Semiconductors & Semiconductor Equipment–0.53%
#Broadcom 144A 3.00% 1/15/22		805,000		804,864
National Semiconductor 6.60% 6/15/17		500,000		505,336
#NXP 144A 4.125% 6/15/20		3,000,000		3,123,750

				4,433,950

Software–1.84%
CDK Global 5.00% 10/15/24		620,000		628,630
Microsoft
2.40% 2/6/22		230,000		231,538
2.875% 2/6/24		255,000		256,871
•Oracle 1.519% 10/8/19		13,945,000		14,083,083

				15,200,122

Specialty Retail–0.74%
•Lowe’s 1.529% 9/10/19		6,055,000		6,096,816

				6,096,816

Technology Hardware, Storage & Peripherals–1.12%
Apple
•1.538% 2/9/22		3,820,000		3,853,505
•2.183% 2/23/21		4,050,000		4,182,075
#Samsung Electronics America 144A 1.75% 4/10/17		1,200,000		1,200,048

				9,235,628

Textiles, Apparel & Luxury Goods–0.16%
#INVISTA Finance 144A 4.25% 10/15/19		1,280,000		1,321,600

				1,321,600

Tobacco–0.56%
Reynolds American 4.00% 6/12/22		4,390,000		4,612,999

				4,612,999


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Wireless Telecommunication Services–0.26%
#Crown Castle Towers 144A 4.883% 8/15/20		1,615,000	$	1,720,301
#Millicom International Cellular 144A 6.00% 3/15/25		395,000		406,356

				2,126,657

Total Corporate Bonds (Cost $530,449,819)				534,614,800

«LOAN AGREEMENTS–10.00%
American Airlines 3.412% 12/14/23		2,426,212		2,433,115
Aramark Services Tranche B 1st Lien 2.00% 3/28/24		1,500,000		1,511,565
Burger King 1st Lien 3.397% 2/17/24		1,500,000		1,503,128
Calpine Construction Finance 3.03% 5/3/20		1,868,076		1,870,701
Charter Communications Operating 1st Lien 3.232% 1/15/24		1,485,000		1,493,873
Charter Communications Operating Tranche E 1st Lien 2.99% 7/1/20		3,797,063		3,811,567
Charter Communications Tranche H 1st Lien 2.99% 1/15/22		1,485,000		1,490,569
Community Health Systems Tranche G 1st Lien 3.804% 12/31/19		343,810		342,170
Community Health Systems Tranche H 1st Lien 4.054% 1/27/21		314,095		310,346
DaVita HealthCare Partners Tranche B 3.732% 6/24/21		8,363,500		8,474,149
FCA US Tranche B 1st Lien 3.39% 12/31/18		2,532,829		2,549,697
First Data 1st Lien 3.984% 3/24/21		4,996,735		5,040,457
Flying Fortress 3.397% 10/30/22		1,000,000		1,010,210
Hilton Worldwide Finance Tranche B2 1st Lien 2.00% 10/25/23		7,000,000		7,062,440
Houghton International 4.397% 12/20/19		1,211,262		1,223,374
Las Vegas Sands Tranche B 1st Lien 3.04% 12/19/20		3,989,717		3,997,198


	Principal Amount°		Value (U.S. $)

«LOAN AGREEMENTS (continued)
Level 3 Financing Tranche B 1st Lien 2.25% 2/22/24		2,165,000	$	2,171,311
MGM Growth Properties Operating Partners Tranche B 1st Lien 3.482% 4/25/23		4,950,000		4,980,937
RPI Finance Trust Tranche B6 1st Lien 3.153% 3/27/23		2,100,000		2,108,526
Seminole Tribe of Florida Tranche B 3.397% 4/29/20		3,580,228		3,598,129
Sinclair Television Group 3.24% 1/3/24		6,483,750		6,507,254
Sprint Communications Tranche B 1st Lien 3.50% 2/2/24		8,000,000		8,008,600
Team Health Holdings Tranche B 1st Lien 3.75% 2/6/24		1,950,000		1,939,031
Univision Communications Tranche C 1st Lien 3.75% 3/15/24		7,944,766		7,907,506
WideOpenWest Finance Tranche B 1st Lien 4.50% 8/19/23		1,350,912		1,359,727

Total Loan Agreement (Cost $82,311,186)				82,705,580


NON-AGENCY ASSET-BACKED SECURITIES–14.03%
•American Express Credit Account Secured Note Trust 2012-4 Series 2012-4 B 1.462% 5/15/20		7,000,000		7,010,674
#•AMMC CLO 16 Series 2015-16A AR 144A 0.00% 4/14/29		1,635,000		1,634,182
BA Credit Card Trust
•Series 2014-A1 A 1.292% 6/15/21		4,741,000		4,761,260
•Series 2014-A3 A 1.202% 1/15/20		1,190,000		1,191,093
•Series 2015-A1 A 1.242% 6/15/20		1,065,000		1,067,102
#•Ballyrock CLO Series 2013-1A A 144A 2.232% 5/20/25		2,000,000		2,000,036
#•Cedar Funding V CLO Series 2016-5A A1 144A 2.633% 7/17/28		4,200,000		4,245,360
Chase Issuance Trust
•Series 2013-A6 A6 1.332% 7/15/20		1,250,000		1,254,058


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
Chase Issuance Trust (continued)
•Series 2013-A9 A 1.332% 11/16/20		4,400,000	$	4,421,342
•Series 2014-A5 A5 1.282% 4/15/21		4,745,000		4,765,855
•Series 2016-A1 A 1.322% 5/17/21		1,155,000		1,161,371
•Series 2016-A3 A3 1.462% 6/15/23		5,000,000		5,051,425
#•Chesapeake Funding Series 2014-1A A 144A 1.254% 3/7/26		227,411		227,171
Citibank Credit Card Issuance Trust
•Series 2013-A4 A4 1.404% 7/24/20		5,000,000		5,021,866
•Series 2013-A7 A7 1.288% 9/10/20		4,700,000		4,719,208
•Series 2016-A3 A3 1.324% 12/7/23		5,750,000		5,790,636
Discover Card Execution Note Trust
•Series 2013-A1 A1 1.212% 8/17/20		2,000,000		2,003,501
•Series 2014-A1 A1 1.342% 7/15/21		6,955,000		6,991,998
•Ford Credit Auto Owner Trust Series 2016-B A2B 1.222% 3/15/19		2,980,428		2,981,011
•Ford Credit Floorplan Master Owner Trust Series 2016-3 A2 1.532% 7/15/21		7,000,000		7,057,557
#•Hertz Fleet Lease Funding Series 2014-1 A 144A 1.258% 4/10/28		105,302		105,284
•Hyundai Auto Receivables Trust Series 2017-A A2B 1.00% 2/18/20		11,000,000		11,000,000
JFIN CLO
#•Series 2014-1A A 144A 2.53% 4/20/25		2,500,000		2,499,070
#•Series 2015-2A AX 144A 2.473% 10/19/26		1,636,250		1,638,531
#•KKR Financial CLO Series 2013-1A A1 144A 2.173% 7/15/25		3,605,000		3,604,517
Nissan Auto Receivables Owner Trust
•Series 2015-B A2B 1.192% 7/16/18		684,005		684,084
•Series 2015-C A2B 1.262% 11/15/18		381,136		381,408
#•OCP CLO Series 2013-4A A1A 144A 2.443% 10/24/25		3,000,000		2,998,878


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
#•PFS Financing Series 2015-AA A 144A 1.532% 4/15/20		1,950,000	$	1,949,391
#•Shackleton V CLO Series 2014-5A A 144A 2.534% 5/7/26		1,095,000		1,094,633
#•Shackleton VIII CLO Series 2015-8A A1 144A 2.54% 10/20/27		1,340,000		1,341,587
#•Telos CLO Series 2013-4A A 144A 2.323% 7/17/24		3,000,000		3,005,487
•Toyota Auto Receivables Owner Trust Series 2016-A A2B 1.232% 7/16/18		4,213,739		4,216,359
#•Venture XVI CLO Series 2014-16A A1L 144A 2.523% 4/15/26		3,000,000		2,998,500
#•Venture XXI CLO Series 2015-21A A 144A 2.513% 7/15/27		2,230,000		2,230,207
•Wells Fargo Dealer Floorplan Master Note Trust Series 2012-2 A 1.728% 4/22/19		3,000,000		3,001,000

Total Non-Agency Asset-Backed Securities (Cost $115,618,075)				116,105,642


NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–1.40%
#COMM Mortgage Trust Series 2015-3BP A 144A 3.178% 2/10/35		3,280,000		3,286,438
JPM-BB Commercial Mortgage Securities Trust Series 2015-C33 A4 3.77% 12/15/48		8,000,000		8,294,690

Total Non-Agency Commercial Mortgage-Backed Securities (Cost $11,590,739)				11,581,128


DSOVEREIGN BONDS–0.87%
Argentina–0.14%
#Argentine Republic Government International Bond 144A 5.625% 1/26/22		500,000		512,625
#Provincia De Buenos Aires 144A 7.875% 6/15/27		285,000		289,332
#Provincia De Cordoba 144A 7.45% 9/1/24		300,000		304,650

				1,106,607

Brazil–0.04%
Brazilian Government International Bond 4.875% 1/22/21		305,000		322,156

				322,156


	Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Croatia–0.06%
#Croatia Government International Bond 144A 5.50% 4/4/23		470,000	$	507,285

				507,285

India–0.06%
Export-Import Bank of India 3.125% 7/20/21		505,000		509,457

				509,457

Japan–0.24%
•Japan Bank For International Cooperation 1.624% 2/24/20		1,984,000		1,983,461

				1,983,461

Norway–0.18%
#•Kommunalbanken 144A 1.232% 2/20/18		1,500,000		1,502,415

				1,502,415

Saudi Arabia–0.04%
#Saudi Government International Bond 144A 2.375% 10/26/21		355,000		349,013

				349,013

Sri Lanka–0.07%
#Sri Lanka Government International Bond 144A 5.75% 1/18/22		525,000		539,984

				539,984

Turkey–0.04%
#Export Credit Bank of Turkey 144A 5.375% 10/24/23		345,000		339,677

				339,677

Total Sovereign Bonds (Cost $7,118,669)				7,160,055


SUPRANATIONAL BANKS–1.72%
•Inter-American Development Bank 1.243% 10/15/20		6,065,000		6,100,359


	Principal Amount°		Value (U.S. $)

SUPRANATIONAL BANKS (continued)
•International Bank For Reconstruction & Development 1.277% 12/16/17		3,975,000	$	3,979,317
•International Finance 1.21% 1/9/19		4,115,000		4,118,522

Total Supranational Banks (Cost $14,122,751)				14,198,198


U.S. TREASURY OBLIGATIONS–2.06%
•U.S. Treasury Floating Rate Note 0.932% 1/31/19		12,000,000		12,011,028
U.S. Treasury Note 1.875% 1/31/22		5,020,000		5,009,704

Total U.S. Treasury Obligations (Cost $16,980,121)				17,020,732


	Number of Shares

PREFERRED STOCK–0.87%
AMG Capital Trust II 5.15%		725		41,370
•General Electric 5.00%		1,975,000		2,086,094
•Integrys Holdings 6.00%		34,900		911,326
#•USB Realty 144A 2.169%		4,900,000		4,177,250

Total Preferred Stock (Cost $7,166,592)				7,216,040


MONEY MARKET FUND–2.69%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		22,279,745		22,279,745

Total Money Market Fund (Cost $22,279,745)				22,279,745

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.

²Markit’s North American High Yield CDX Index, or the CDX.NA.HY Index, is composed of one hundred (100) of the most liquid North American entities with high yield credit ratings that trade in the CDS market.

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Delaware Diversified Floating Rate Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted principles (“U.S.GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sale price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Other debt securities, credit default swap (“CDS”) contracts and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instrument. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

COMMON STOCK–63.68%
U.S. MARKETS–40.17%
Aerospace & Defense–1.14%
Boeing		240	$	42,446
†Esterline Technologies		700		60,235
†KeyW Holding		6,590		62,210
†KLX		2,810		125,607
Lockheed Martin		500		133,800
Northrop Grumman		3,000		713,520
Raytheon		4,800		732,000
Rockwell Collins		1,000		97,160
United Technologies		2,320		260,327

				2,227,305

Air Freight & Logistics–0.28%
FedEx		2,027		395,569
†XPO Logistics		3,230		154,685

				550,254

Airlines–0.06%
†Hawaiian Holdings		660		30,657
Southwest Airlines		1,550		83,328

				113,985

Auto Components–0.15%
BorgWarner		3,005		125,579
Tenneco		2,640		164,789

				290,368

Automobiles–0.07%
Ford Motor		11,320		131,765

				131,765

Banks–1.80%
BB&T		15,000		670,500
Bryn Mawr Bank		1,970		77,815
Cardinal Financial		4,030		120,658
Citigroup		4,795		286,837
City Holding		2,390		154,107
CoBiz Financial		5,020		84,336
East West Bancorp		2,600		134,186
First Bancorp (North Carolina)		1,800		52,722
Flushing Financial		2,170		58,308
Great Western Bancorp		3,680		156,069
Hope Bancorp		6,850		131,315
Independent Bank (Massachusetts)		1,430		92,950
JPMorgan Chase & Co.		5,085		446,666
KeyCorp		12,175		216,471
Old National Bancorp		8,890		154,241
Prosperity Bancshares		2,350		163,819
Sterling Bancorp		8,040		190,548
Umpqua Holdings		8,380		148,661
Webster Financial		3,240		162,130

				3,502,339


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Beverages–0.08%
PepsiCo		1,430	$	159,960

				159,960

Biotechnology–1.38%
AbbVie		1,295		84,382
†Acorda Therapeutics		2,500		52,500
†Alkermes		1,305		76,343
Amgen		300		49,221
†Biogen		1,732		473,563
†Celgene		7,929		986,605
†Exact Sciences		2,640		62,357
Gilead Sciences		2,430		165,046
†Ligand Pharmaceuticals Class B		1,420		150,293
†Natera		2,290		20,312
†Repligen		2,230		78,496
†Retrophin		4,640		85,654
†Spectrum Pharmaceuticals		9,440		61,360
†TESARO		1,020		156,947
†Vanda Pharmaceuticals		6,530		91,420
†Vertex Pharmaceuticals		900		98,415

				2,692,914

Building Products–0.17%
AAON		4,793		169,433
†Continental Building Products		6,660		163,170

				332,603

Capital Markets–1.41%
Bank of New York Mellon		15,320		723,564
BlackRock		535		205,178
Charles Schwab		8,827		360,230
Evercore Partners Class A		1,480		115,292
Houlihan Lokey		2,770		95,427
Intercontinental Exchange		10,905		652,882
Invesco		5,525		169,231
Raymond James Financial		1,930		147,182
State Street		1,820		144,890
†Stifel Financial		2,520		126,479

				2,740,355

Chemicals–0.83%
†Axalta Coating Systems		5,275		169,855
Balchem		1,090		89,838
†Chemtura		1,770		59,118
Eastman Chemical		2,455		198,364
EI du Pont de Nemours & Co.		8,900		714,937
Minerals Technologies		2,520		193,032
Quaker Chemical		1,390		183,007

				1,608,151

Commercial Services & Supplies–0.60%
ABM Industries		3,360		146,496


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Commercial Services & Supplies (continued)
†Casella Waste Systems		1,960	$	27,656
Tetra Tech		3,560		145,426
U.S. Ecology		2,490		116,657
Waste Management		10,100		736,492

				1,172,727

Communications Equipment–0.54%
Cisco Systems		25,115		848,887
†NETGEAR		2,040		101,082
Plantronics		1,720		93,069

				1,043,038

Construction & Engineering–0.15%
Granite Construction		3,080		154,585
†MYR Group		3,290		134,890

				289,475

Consumer Finance–0.09%
Capital One Financial		2,090		181,119

				181,119

Containers & Packaging–0.07%
WestRock		2,798		145,580

				145,580

Diversified Telecommunication Services–1.03%
AT&T		27,572		1,145,617
ATN International		1,460		102,813
Verizon Communications		15,573		759,184

				2,007,614

Electric Utilities–0.37%
Edison International		9,000		716,490

				716,490

Electrical Equipment–0.07%
Eaton		1,800		133,470

				133,470

Electronic Equipment, Instruments & Components–0.10%
†Anixter International		1,490		118,157
†II-VI		2,020		72,821

				190,978

Energy Equipment & Services–0.48%
Halliburton		16,950		834,109
†Keane Group		1,880		26,884
†Pioneer Energy Services		5,340		21,360
†Superior Energy Services		3,410		48,627

				930,980

Equity Real Estate Investment Trusts–6.53%
American Campus Communities		2,000		95,180
American Tower		2,315		281,365


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Equity Real Estate Investment Trusts (continued)
Apartment Investment & Management		3,350	$	148,573
AvalonBay Communities		2,325		426,870
Boston Properties		1,450		191,995
Brandywine Realty Trust		10,025		162,706
Camden Property Trust		525		42,241
Corporate Office Properties Trust		2,650		87,715
Cousins Properties		6,275		51,894
Crown Castle International		6,421		606,463
DCT Industrial Trust		1,037		49,900
DDR		6,875		86,144
Douglas Emmett		6,300		241,920
Duke Realty		12,425		326,405
EastGroup Properties		1,740		127,942
EPR Properties		2,535		186,652
Equinix		820		328,303
Equity LifeStyle Properties		1,750		134,855
Equity Residential		17,743		1,103,969
Essex Property Trust		1,275		295,201
Extra Space Storage		1,750		130,183
Federal Realty Investment Trust		575		76,763
First Industrial Realty Trust		11,425		304,248
First Potomac Realty Trust		3,650		37,522
GGP		13,250		307,135
Gramercy Property Trust		5,743		151,041
Healthcare Realty Trust		3,575		116,187
Healthcare Trust of America Class A		3,337		104,982
Highwoods Properties		3,575		175,640
Host Hotels & Resorts		20,660		385,516
Kilroy Realty		2,175		156,774
Kimco Realty		6,575		145,242
Kite Realty Group Trust		6,132		131,838
LaSalle Hotel Properties		5,365		155,317
Lexington Realty Trust		7,550		75,349
Liberty Property Trust		1,825		70,354
Life Storage		1,555		127,697
LTC Properties		600		28,740
Macerich		1,950		125,580
Mack-Cali Realty		4,760		128,234
Mid-America Apartment Communities		1,579		160,647
National Retail Properties		6,460		281,785
Parkway		809		16,091
Pebblebrook Hotel Trust		6,385		186,506
Prologis		8,775		455,247
PS Business Parks		1,050		120,498
Public Storage		1,775		388,565
Ramco-Gershenson Properties Trust		13,550		189,971
Regency Centers		4,232		280,962
RLJ Lodging Trust		3,800		89,338
Sabra Health Care REIT		2,000		55,860
Simon Property Group		5,175		890,255
SL Green Realty		2,425		258,553


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Equity Real Estate Investment Trusts (continued)
Spirit Realty Capital		9,550	$	96,742
Tanger Factory Outlet Centers		3,800		124,526
Taubman Centers		1,000		66,020
UDR		5,600		203,056
Urban Edge Properties		1,775		46,683
Ventas		5,175		336,582
VEREIT		6,475		54,973
Vornado Realty Trust		3,575		358,608
Welltower		1,825		129,247

				12,701,350

Food & Staples Retailing–0.61%
Casey’s General Stores		1,000		112,250
CVS Health		11,443		898,275
Walgreens Boots Alliance		2,042		169,588

				1,180,113

Food Products–1.29%
Archer-Daniels-Midland		16,000		736,640
General Mills		1,820		107,398
J&J Snack Foods		968		131,222
Kraft Heinz		7,833		711,315
Mondelez International		16,800		723,744
Pinnacle Foods		1,850		107,059

				2,517,378

Gas Utilities–0.12%
South Jersey Industries		3,140		111,941
Spire		1,920		129,600

				241,541

Health Care Equipment & Supplies–1.01%
Abbott Laboratories		19,975		887,090
CONMED		3,120		138,559
†CryoLife		5,550		92,407
DENTSPLY SIRONA		5,671		354,097
†Edwards Lifesciences		1,300		122,291
†Merit Medical Systems		4,680		135,252
†Quidel		5,510		124,746
†Wright Medical Group		3,820		118,878

				1,973,320

Health Care Providers & Services–1.48%
†Air Methods		2,440		104,920
†Brookdale Senior Living		13,325		178,955
Cardinal Health		8,700		709,485
Cigna		1,425		208,748
†Express Scripts Holding		12,112		798,302
HealthSouth		2,420		103,600
Quest Diagnostics		7,400		726,606
UnitedHealth Group		310		50,843

				2,881,459


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Hotels, Restaurants & Leisure–0.42%
Aramark		2,925	$	107,845
Cheesecake Factory		1,630		103,277
†Chuy’s Holdings		1,720		51,256
†Del Frisco’s Restaurant Group		6,370		114,979
†Fiesta Restaurant Group		1,930		46,706
Jack in the Box		1,670		169,872
Starbucks		3,740		218,379

				812,314

Household Durables–0.10%
Newell Brands		4,056		191,322

				191,322

Household Products–0.10%
Kimberly-Clark		700		92,141
Procter & Gamble		1,075		96,589

				188,730

Industrial Conglomerates–0.25%
General Electric		12,335		367,583
Honeywell International		965		120,500

				488,083

Insurance–1.43%
Aflac		3,470		251,297
Allstate		9,000		733,410
American Equity Investment Life Holding		4,830		114,133
Infinity Property & Casualty		1,220		116,510
Marsh & McLennan		9,700		716,733
Primerica		2,080		170,976
Prudential Financial		1,620		172,822
Reinsurance Group of America		650		82,537
Selective Insurance Group		3,270		154,181
Travelers		990		119,335
United Fire Group		1,120		47,902
Validus Holdings		1,725		97,273

				2,777,109

Internet & Direct Marketing Retail–0.59%
†Amazon.com		250		221,635
†Liberty Interactive Corp. QVC Group Class A		24,342		487,327
†Shutterfly		2,070		99,960
†TripAdvisor		7,725		333,411

				1,142,333

Internet Software & Services–1.94%
†Alphabet Class A		1,319		1,118,248
†Alphabet Class C		479		397,359
†eBay		17,382		583,514
†Facebook Class A		7,762		1,102,592
†GrubHub		2,580		84,856


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Internet Software & Services (continued)
j2 Global		2,270	$	190,476
†Q2 Holdings		2,450		85,383
†Yahoo		4,482		208,010

				3,770,438

IT Services–1.36%
Accenture Class A		1,375		164,835
Convergys		5,690		120,343
†ExlService Holdings		2,990		141,606
Mastercard Class A		5,858		658,849
†PayPal Holdings		17,179		739,041
Visa Class A		9,298		826,313

				2,650,987

Leisure Products–0.07%
†Malibu Boats Class A		5,830		130,883

				130,883

Life Sciences Tools & Services–0.30%
†Quintiles IMS Holdings		5,332		429,386
Thermo Fisher Scientific		1,040		159,744

				589,130

Machinery–0.49%
Barnes Group		3,840		197,146
Columbus McKinnon		4,690		116,406
ESCO Technologies		3,310		192,311
Federal Signal		4,900		67,669
Kadant		2,750		163,213
Parker-Hannifin		1,355		217,234

				953,979

Media–0.74%
Cinemark Holdings		3,435		152,308
Comcast Class A		7,205		270,836
†Liberty Global Class A		2,622		94,051
†Liberty Global Class C		9,838		344,724
National CineMedia		5,960		75,275
Walt Disney		4,365		494,947

				1,432,141

Metals & Mining–0.14%
Kaiser Aluminum		1,480		118,252
Worthington Industries		3,260		146,993

				265,245

Multiline Retail–0.13%
Dollar General		3,515		245,101

				245,101

Multi-Utilities–0.08%
NorthWestern		2,600		152,620

				152,620


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Oil, Gas & Consumable Fuels–1.95%
†Carrizo Oil & Gas		4,090	$	117,219
Chevron		9,111		978,248
ConocoPhillips		14,800		738,076
EOG Resources		1,465		142,911
Marathon Oil		29,085		459,543
Occidental Petroleum		13,020		824,947
†PDC Energy		1,800		112,230
Pioneer Natural Resources		1,125		209,509
†RSP Permian		2,720		112,690
†SRC Energy		11,660		98,410

				3,793,783

Paper & Forest Products–0.13%
†Boise Cascade		3,770		100,659
Neenah Paper		2,040		152,388

				253,047

Pharmaceuticals–1.86%
Allergan		1,672		399,474
Bristol-Myers Squibb		760		41,329
†Catalent		5,110		144,715
Eli Lilly & Co.		1,850		155,603
Johnson & Johnson		7,662		954,302
†Medicines		2,820		137,898
Merck & Co.		14,415		915,929
Pfizer		21,395		731,923
†Prestige Brands Holdings		2,455		136,400

				3,617,573

Professional Services–0.52%
Kforce		4,630		109,963
Nielsen Holdings		9,882		408,225
†On Assignment		3,420		165,973
†TransUnion		2,400		92,040
†TriNet Group		3,670		106,063
†WageWorks		1,703		123,127

				1,005,391

Road & Rail–0.17%
†Swift Transportation		4,400		90,376
Union Pacific		2,335		247,323

				337,699

Semiconductors & Semiconductor Equipment–1.40%
Analog Devices		1,150		94,243
Broadcom		1,015		222,244
Brooks Automation		4,350		97,440
Intel		27,496		991,781
†MACOM Technology Solutions Holdings		2,589		125,071
Maxim Integrated Products		2,725		122,516
†MaxLinear Class A		5,330		149,507


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Semiconductors & Semiconductor Equipment (continued)
†Microsemi		3,660	$	188,600
QUALCOMM		6,339		363,478
†Semtech		4,980		168,324
†Silicon Laboratories		1,380		101,499
†Synaptics		1,940		96,049

				2,720,752

Software–2.58%
†Adobe Systems		2,100		273,273
CA		22,671		719,124
†Callidus Software		7,050		150,517
†Electronic Arts		5,162		462,102
†Guidewire Software		720		40,558
Intuit		2,259		262,021
Microsoft		20,074		1,322,074
Oracle		16,300		727,143
†Proofpoint		2,200		163,592
†salesforce.com		2,635		217,361
SS&C Technologies Holdings		2,800		99,120
Symantec		14,254		437,313
†Tyler Technologies		975		150,696

				5,024,894

Specialty Retail–0.65%
†Five Below		2,470		106,976
Home Depot		2,330		342,114
Lowe’s		8,800		723,448
Tractor Supply		1,465		101,041

				1,273,579

Technology Hardware, Storage & Peripherals–0.36%
Apple		4,925		707,525

				707,525

Textiles, Apparel & Luxury Goods–0.17%
NIKE Class B		3,305		184,188
†Steven Madden		4,030		155,357

				339,545

Thrifts & Mortgage Finance–0.26%
†Essent Group		4,240		153,361
†MGIC Investment		22,055		223,417
WSFS Financial		2,870		131,877

				508,655

Trading Companies & Distributors–0.07%
Applied Industrial Technologies		2,360		145,966

				145,966

Total U.S. Markets (Cost $50,606,746)				78,175,455


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS–14.12%
Aerospace & Defense–0.31%
†Leonardo		10,645	$	150,922
Meggitt		81,468		454,523

				605,445

Air Freight & Logistics–0.45%
Deutsche Post		25,731		881,277

				881,277

Auto Components–0.54%
Sumitomo Rubber Industries		38,400		654,314
Valeo		5,823		387,814

				1,042,128

Automobiles–0.79%
Bayerische Motoren Werke		7,211		657,802
Toyota Motor		16,200		879,192

				1,536,994

Banks–2.06%
BNP Paribas		677		45,088
ING Groep		45,490		687,652
Mitsubishi UFJ Financial Group		173,600		1,091,062
Nordea Bank		83,954		958,468
†Standard Chartered		72,497		693,044
UniCredit		34,831		536,929

				4,012,243

Beverages–0.57%
Carlsberg Class B		6,622		611,530
Coca-Cola Amatil		60,366		499,014

				1,110,544

Biotechnology–0.25%
Shire		8,292		484,233

				484,233

Construction & Engineering–0.52%
Vinci		12,706		1,007,119

				1,007,119

Diversified Telecommunication Services–0.46%
Nippon Telegraph & Telephone		20,828		889,021

				889,021

Food Products–0.20%
†Aryzta		12,424		398,774

				398,774

Household Durables–0.32%
Techtronic Industries		155,000		627,260

				627,260


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Industrial Conglomerates–0.41%
Koninklijke Philips		24,921	$	801,028

				801,028

Insurance–0.40%
AXA		30,383		786,167

				786,167

IT Services–0.32%
†CGI Group Class A		11,132		533,392
†InterXion Holding		2,320		91,779

				625,171

Life Sciences Tools & Services–0.07%
†ICON		1,610		128,349

				128,349

Machinery–0.27%
MINEBEA MITSUMI		39,400		525,546

				525,546

Media–0.14%
Publicis Groupe		3,788		264,728

				264,728

Metals & Mining–0.44%
Alamos Gold		26,293		211,159
†Anglo American ADR		8,985		68,376
Rio Tinto		11,989		482,100
Yamana Gold		34,039		93,938

				855,573

Multi-Utilities–0.09%
National Grid		13,508		171,527

				171,527

Oil, Gas & Consumable Fuels–0.54%
Suncor Energy		15,400		472,822
TOTAL		11,585		585,996

				1,058,818

Pharmaceuticals–1.25%
Novartis		11,165		828,750
Sanofi		11,641		1,050,864
Teva Pharmaceutical Industries ADR		17,200		551,948

				2,431,562

Professional Services–0.31%
Teleperformance		5,661		611,464

				611,464

Road & Rail–0.40%
East Japan Railway		8,872		772,525

				772,525


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Semiconductors & Semiconductor Equipment–0.11%
†ASML Holding (New York Shares)		1,557	$	206,770

				206,770

Software–0.29%
Playtech		48,829		569,566

				569,566

Specialty Retail–0.30%
Nitori Holdings		4,618		583,628

				583,628

Textiles, Apparel & Luxury Goods–0.73%
Kering		2,204		570,055
Yue Yuen Industrial Holdings		216,500		851,068

				1,421,123

Tobacco–0.65%
Imperial Brands		11,439		554,215
Japan Tobacco		21,600		701,956

				1,256,171

Trading Companies & Distributors–0.64%
ITOCHU		65,160		924,753
Rexel		17,282		313,788

				1,238,541

Wireless Telecommunication Services–0.29%
Tele2 Class B		58,922		562,546

				562,546

Total Developed Markets (Cost $21,561,813)				27,465,841

×EMERGING MARKETS–9.39%
Air Freight & Logistics–0.00%
†ZTO Express Cayman ADR		420		5,498

				5,498

Airlines–0.03%
†Gol Linhas Aereas Inteligentes ADR		2,320		61,480

				61,480

Automobiles–0.16%
Astra International		331,400		214,500
Hyundai Motor		660		92,954

				307,454

Banks–1.04%
Akbank		108,425		254,472
Banco Bradesco ADR		21,700		222,208
Bangkok Bank		28,093		148,385
Grupo Financiero Banorte		19,400		111,640
Grupo Financiero Santander Mexico Class B ADR		18,800		169,764
ICICI Bank ADR		34,700		298,420


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Banks (continued)
Industrial & Commercial Bank of China		110,001	$	71,904
Itau Unibanco Holding ADR		24,000		289,680
†KB Financial Group ADR		4,403		193,600
=Sberbank of Russia		95,206		270,338

				2,030,411

Beverages–0.54%
Anadolu Efes Biracilik Ve Malt Sanayii		15,613		85,101
Cia Cervecerias Unidas ADR		5,800		146,566
Coca-Cola Femsa ADR		5,406		387,610
Fomento Economico Mexicano ADR		2,865		253,610
Lotte Chilsung Beverage		135		170,817

				1,043,704

Building Products–0.09%
KCC		570		180,435

				180,435

Chemicals–0.12%
Braskem ADR		6,568		133,659
Sociedad Quimica y Minera de Chile ADR		2,800		96,236

				229,895

Construction Materials–0.26%
†Cemex ADR		18,164		164,751
†Cemex Latam Holdings		11,203		41,305
UltraTech Cement		5,027		308,483

				514,539

Diversified Telecommunication Services–0.20%
LG Uplus		8,812		112,681
Telefonica Brasil ADR		18,895		280,591

				393,272

Electronic Equipment, Instruments & Components–0.18%
Hon Hai Precision Industry		73,794		221,316
Samsung SDI		1,018		125,623

				346,939

Food & Staples Retailing–0.24%
Cia Brasileira de Distribuicao ADR		6,800		130,560
Wal-Mart de Mexico		44,077		101,704
†X5 Retail Group GDR		6,904		232,320

				464,584

Food Products–0.51%
BRF ADR		12,299		150,663
China Mengniu Dairy		74,000		153,304
JBS		14,400		47,194
Lotte Confectionery		1,400		240,365
Tingyi Cayman Islands Holding		151,541		190,316


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Food Products (continued)
Uni-President China Holdings		306,600	$	215,802

				997,644

Hotels, Restaurants & Leisure–0.08%
†Arcos Dorados Holdings		18,900		152,145

				152,145

Insurance–0.13%
Samsung Life Insurance		2,595		251,773

				251,773

Internet & Direct Marketing Retail–0.27%
†B2W Cia Digital		76,522		301,874
†Ctrip.com International ADR		4,600		226,090

				527,964

Internet Software & Services–1.33%
†Alibaba Group Holding ADR		5,300		571,499
†Baidu ADR		3,600		621,072
†SINA		4,696		338,676
†Sohu.com		9,400		369,702
Tencent Holdings		22,900		656,517
†Weibo ADR		470		24,504

				2,581,970

IT Services–0.06%
†WNS Holdings ADR		3,740		107,001

				107,001

Media–0.18%
Grupo Televisa ADR		13,514		350,553

				350,553

Metals & Mining–0.05%
Cia de Minas Buenaventura ADR		5,900		71,036
†Impala Platinum Holdings		6,221		20,968

				92,004

Multiline Retail–0.06%
Woolworths Holdings		22,910		119,380

				119,380

Oil, Gas & Consumable Fuels–1.43%
Cairn India		30,123		141,882
China Petroleum & Chemical		198,850		161,199
Gazprom ADR		53,977		241,277
LUKOIL ADR		4,908		260,418
†Petroleo Brasileiro ADR		29,669		287,493
PTT-Foreign		18,778		211,483
#Reliance Industries GDR 144A		32,114		1,294,194
Rosneft Oil GDR		31,246		177,790

				2,775,736


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Pharmaceuticals–0.06%
Hypermarcas		11,900	$	110,234

				110,234

Real Estate Management & Development–0.12%
#=Etalon Group GDR 144A		10,500		39,690
†IRSA Inversiones y Representaciones ADR		4,400		107,844
UEM Sunrise		313,668		90,014

				237,548

Road & Rail–0.01%
†Rumo		5,070		13,863

				13,863

Semiconductors & Semiconductor Equipment–0.54%
MediaTek		48,000		340,117
Taiwan Semiconductor Manufacturing		58,944		367,156
Taiwan Semiconductor Manufacturing ADR		10,700		351,388

				1,058,661

Technology Hardware, Storage & Peripherals–0.56%
Samsung Electronics		595		1,096,039

				1,096,039

Transportation Infrastructure–0.01%
†Santos Brasil Participacoes		38,875		28,188

				28,188

Wireless Telecommunication Services–1.13%
America Movil ADR		17,079		242,009
China Mobile		36,848		403,258
China Mobile ADR		1,193		65,889
Mobile TeleSystems ADR		7,900		87,137
SK Telecom ADR		31,000		780,580
TIM Participacoes ADR		22,400		357,952
†Turkcell Iletisim Hizmetleri ADR		11,210		92,819
VEON ADR		20,800		84,864
Vodacom Group		7,343		83,193

				2,197,701

Total Emerging Markets (Cost $15,991,837)				18,276,615

Total Common Stock (Cost $88,160,396)				123,917,911


	Number of Shares		Value (U.S. $)

EXCHANGE-TRADED FUNDS–10.14%
iShares MSCI EAFE ETF		61,865		3,853,571
iShares MSCI EAFE Growth ETF		125,120		8,694,589


	Number of Shares		Value (U.S. $)

EXCHANGE-TRADED FUNDS (continued)
iShares Russell 1000 Growth ETF		16,100	$	1,832,180
Vanguard FTSE Developed Markets ETF		131,435		5,165,396
Vanguard Mega Cap Growth ETF		835		79,918
Vanguard Russell 1000 Growth ETF		890		103,863

Total Exchange-Traded Funds (Cost $14,727,972)				19,729,517

PREFERRED STOCK–0.13%
•Bank of America 6.50%		65,000		71,013
•General Electric 5.00%		123,000		129,919
•Integrys Holding 6.00%		1,700		44,391

Total Preferred Stock (Cost $236,357)				245,323


	Principal Amount°

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.91%
Fannie Mae Grantor Trust Series 2001-T7 A1 7.50% 2/25/41		36		43
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		621		720
Series 2005-70 PA 5.50% 8/25/35		3,095		3,460
•*Series 2008-15 SB 5.618% 8/25/36		22,303		4,236
Series 2010-41 PN 4.50% 4/25/40		65,000		70,147
Series 2010-43 HJ 5.50% 5/25/40		5,029		5,613
•*Series 2010-129 SM 5.018% 11/25/40		47,404		7,686
*Series 2012-98 MI 3.00% 8/25/31		71,167		8,037
•*Series 2012-122 SD 5.118% 11/25/42		129,079		26,519
*Series 2013-7 EI 3.00% 10/25/40		63,402		8,535
*Series 2013-26 ID 3.00% 4/25/33		63,150		8,859
*Series 2013-38 AI 3.00% 4/25/33		58,721		7,946
*Series 2013-43 IX 4.00% 5/25/43		193,420		45,684
*Series 2013-44 DI 3.00% 5/25/33		154,075		24,577


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs (continued)
*Series 2013-55 AI 3.00% 6/25/33		82,480	$	11,935
Series 2014-36 ZE 3.00% 6/25/44		38,101		34,809
•*Series 2014-68 BS 5.168% 11/25/44		68,671		13,444
•*Series 2014-90 SA 5.168% 1/25/45		185,274		37,298
•*Series 2015-27 SA 5.468% 5/25/45		74,782		15,909
Series 2015-44 Z 3.00% 9/25/43		67,445		65,208
Series 2015-89 AZ 3.50% 12/25/45		7,334		7,089
•*Series 2015-95 SH 5.018% 1/25/46		88,131		18,884
*Series 2016-30 CI 3.00% 5/25/36		82,723		11,139
•*Series 2016-55 SK 5.018% 8/25/46		94,429		22,629
•*Series 2016-62 SA 5.018% 9/25/46		115,219		27,661
•*Series 2016-85 SA 5.018% 11/25/46		110,507		26,246
*Series 2017-11 EI 3.00% 3/25/42		99,719		12,755
Freddie Mac REMICs
Series 2326 ZQ 6.50% 6/15/31		4,529		5,115
Series 4065 DE 3.00% 6/15/32		10,000		10,063
*Series 4109 AI 3.00% 7/15/31		153,258		16,494
*Series 4120 IK 3.00% 10/15/32		99,927		13,644
*Series 4146 IA 3.50% 12/15/32		57,831		9,107
•*Series 4159 KS 5.238% 1/15/43		62,527		14,384
*Series 4181 DI 2.50% 3/15/33		64,596		7,266
•*Series 4184 GS 5.208% 3/15/43		63,105		14,383
*Series 4185 LI 3.00% 3/15/33		62,911		8,786
*Series 4191 CI 3.00% 4/15/33		65,956		9,275
*Series 4342 CI 3.00% 11/15/33		64,294		8,328
Series 4435 DY 3.00% 2/15/35		54,000		53,606
Series 4457 KZ 3.00% 4/15/45		45,542		42,582
•*Series 4494 SA 5.268% 7/15/45		79,351		17,714
*Series 4543 HI 3.00% 4/15/44		85,583		13,086
Series 4592 WT 5.50% 6/15/46		113,556		126,755
•*Series 4594 SG 5.088% 6/15/46		174,452		42,629
Series 4614 HB 2.50% 9/15/46		30,000		26,826
Series 4623 LZ 2.50% 10/15/46		26,272		22,421


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Freddie Mac REMICs (continued)
Series 4623 MW 2.50% 10/15/46		30,000	$	27,247
*Series 4625 BI 3.50% 6/15/46		111,068		22,034
•*Series 4631 GS 5.088% 11/15/46		106,301		23,207
Series 4636 NZ 3.00% 12/15/46		33,248		30,634
Freddie Mac Strips
•*Series 267 S5 5.088% 8/15/42		70,812		14,356
•*Series 299 S1 5.088% 1/15/43		65,573		13,429
•*Series 326 S2 5.038% 3/15/44		73,900		14,644
GNMA
Series 2010-113 KE 4.50% 9/20/40		155,000		168,959
Series 2012-136 MX 2.00% 11/20/42		10,000		9,069
Series 2013-113 AZ 3.00% 8/20/43		69,027		65,487
Series 2013-113 LY 3.00% 5/20/43		9,000		8,870
Series 2015-64 GZ 2.00% 5/20/45		32,157		26,158
*Series 2015-74 CI 3.00% 10/16/39		75,677		9,604
Series 2015-133 AL 3.00% 5/20/45		71,000		69,387
*Series 2015-142 AI 4.00% 2/20/44		68,429		8,651
•*Series 2016-108 SK 5.072% 8/20/46		97,873		23,572
Series 2016-111 PB 2.50% 8/20/46		28,000		25,197
*Series 2016-116 GI 3.50% 11/20/44		107,097		18,487
*Series 2016-118 DI 3.50% 3/20/43		125,985		19,183
•*Series 2016-120 AS 5.122% 9/20/46		98,395		24,261
•*Series 2016-120 NS 5.122% 9/20/46		125,853		31,339
Series 2016-134 MW 3.00% 10/20/46		5,000		4,978
Series 2016-156 PB 2.00% 11/20/46		19,000		15,320
*Series 2016-160 GI 3.50% 11/20/46		99,072		22,761
•*Series 2016-160 GS 5.122% 11/20/46		168,184		41,963
*Series 2016-163 PI 3.50% 5/20/43		152,936		24,974


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
GNMA (continued)
*Series 2016-163 XI 3.00% 10/20/46		98,218	$	12,947

Total Agency Collateralized Mortgage Obligations (Cost $1,875,247)				1,766,250

AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–0.33%
Freddie Mac Multifamily Structured Pass Through Certificates
◆Series K037 A2 3.49% 1/25/24		65,000		68,880
◆Series K719 A1 2.53% 12/25/21		23,945		24,137
◆Series K724 A2 3.062% 11/25/23		45,000		46,385
•◆Series KS03 A4 3.161% 5/25/25		50,000		50,439
FREMF Mortgage Trust
#•Series 2011-K10 B 144A 4.631% 11/25/49		110,000		116,785
#•Series 2011-K12 B 144A 4.345% 1/25/46		35,000		36,961
#•Series 2011-K14 B 144A 5.167% 2/25/47		20,000		21,861
#•Series 2011-K15 B 144A 4.949% 8/25/44		10,000		10,863
#•Series 2011-K704 B 144A 4.536% 10/25/30		30,000		30,856
#•Series 2012-K18 B 144A 4.256% 1/25/45		20,000		21,165
#•Series 2012-K22 B 144A 3.686% 8/25/45		35,000		35,981
#•Series 2012-K708 B 144A 3.752% 2/25/45		35,000		35,770
#•Series 2013-K32 B 144A 3.538% 10/25/46		30,000		29,991
#•Series 2013-K33 B 144A 3.502% 8/25/46		30,000		29,822
#•Series 2013-K712 B 144A 3.365% 5/25/45		25,000		25,501
#•Series 2013-K713 B 144A 3.166% 4/25/46		15,000		15,219
#•Series 2013-K713 C 144A 3.166% 4/25/46		45,000		45,120

Total Agency Commercial Mortgage-Backed Securities (Cost $647,778)				645,736

AGENCY MORTGAGE-BACKED SECURITIES–2.63%
Fannie Mae 3.00% 1/1/47		266,819		263,505
Fannie Mae ARM
•2.91% 7/1/45		10,870		11,105


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae ARM (continued)
•2.946% 12/1/45		17,127	$	17,636
•3.076% 8/1/35		1,714		1,809
•3.218% 4/1/44		21,018		21,788
•3.225% 3/1/44		28,807		29,851
Fannie Mae S.F. 30 yr
4.50% 11/1/39		20,837		22,605
4.50% 1/1/40		264,351		286,032
4.50% 6/1/40		24,673		26,722
4.50% 7/1/40		28,996		31,357
4.50% 8/1/40		7,209		7,776
4.50% 7/1/41		62,130		67,198
4.50% 8/1/41		442,889		478,014
4.50% 1/1/42		24,450		26,446
4.50% 8/1/42		95,957		103,869
4.50% 10/1/44		20,715		22,332
4.50% 7/1/46		70,215		75,591
5.50% 11/1/34		1,397		1,565
5.50% 4/1/37		21,211		23,950
5.50% 8/1/37		6,553		7,339
5.50% 3/1/38		6,790		7,596
5.50% 6/1/39		16,424		18,383
5.50% 7/1/40		14,928		16,702
5.50% 6/1/41		42,874		48,029
5.50% 5/1/44		914,654		1,023,592
6.00% 5/1/36		14,205		16,081
6.00% 6/1/36		1,464		1,654
6.00% 7/1/36		2,844		3,211
6.00% 9/1/36		7,997		9,256
6.00% 12/1/36		1,526		1,738
6.00% 2/1/37		4,851		5,479
6.00% 5/1/37		10,067		11,377
6.00% 6/1/37		838		956
6.00% 7/1/37		650		734
6.00% 8/1/37		5,654		6,384
6.00% 9/1/37		1,509		1,704
6.00% 11/1/37		271		306
6.00% 5/1/38		25,275		28,627
6.00% 9/1/38		54,369		61,566
6.00% 10/1/38		2,033		2,296
6.00% 11/1/38		3,585		4,092
6.00% 1/1/39		6,555		7,401
6.00% 9/1/39		58,893		66,504
6.00% 10/1/39		56,062		64,188
6.00% 3/1/40		6,672		7,534
6.00% 7/1/40		22,335		25,222
6.00% 9/1/40		5,852		6,614
6.00% 11/1/40		2,323		2,661
6.00% 5/1/41		69,045		78,046
6.00% 6/1/41		25,203		28,476
6.00% 7/1/41		101,910		115,079
6.50% 3/1/40		43,174		48,856
6.50% 5/1/40		13,265		14,938


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr TBA 4.50% 5/1/44		50,000	$	53,531
Freddie Mac ARM
•2.553% 10/1/46		39,609		39,787
•2.739% 2/1/47		8,986		9,072
•2.757% 10/1/45		13,974		14,330
•2.929% 10/1/45		21,862		22,361
•2.975% 11/1/45		18,801		19,182
•3.105% 3/1/46		31,875		32,625
Freddie Mac S.F. 30 yr
4.50% 4/1/39		3,209		3,470
4.50% 5/1/40		140,226		152,048
4.50% 7/1/42		41,825		45,095
4.50% 8/1/42		447,015		483,429
4.50% 12/1/43		39,524		42,612
4.50% 8/1/44		56,016		60,440
4.50% 7/1/45		200,719		215,787
5.00% 6/1/36		32,955		36,005
5.00% 5/1/41		26,448		29,138
5.50% 3/1/34		1,780		2,002
5.50% 12/1/34		1,539		1,731
5.50% 12/1/35		1,659		1,865
5.50% 11/1/36		1,165		1,295
5.50% 12/1/36		439		486
5.50% 9/1/37		1,946		2,158
5.50% 4/1/38		6,984		7,745
5.50% 6/1/38		751		832
5.50% 7/1/38		7,030		7,790
5.50% 6/1/39		6,989		7,749
5.50% 3/1/40		5,713		6,334
5.50% 8/1/40		3,459		3,836
5.50% 1/1/41		3,256		3,612
5.50% 6/1/41		92,453		103,177
6.00% 2/1/36		3,423		3,896
6.00% 3/1/36		4,887		5,566
6.00% 9/1/37		5,193		5,874
6.00% 1/1/38		2,037		2,304
6.00% 6/1/38		5,463		6,184
6.00% 8/1/38		7,475		8,567
6.00% 5/1/40		29,110		32,952
6.00% 7/1/40		26,907		30,517
6.50% 4/1/39		7,942		8,942
GNMA I S.F. 30 yr 5.50% 2/15/41		23,796		26,619
GNMA II S.F. 30 yr
5.00% 9/20/46		113,902		122,317
5.50% 5/20/37		10,054		11,184
5.50% 4/20/40		9,094		9,942
6.00% 2/20/39		14,323		16,235
6.00% 10/20/39		51,562		57,582
6.00% 2/20/40		50,584		56,653
6.00% 4/20/46		17,543		19,629


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
GNMA II S.F. 30 yr (continued)
6.50% 10/20/39		19,123	$	21,588

Total Agency Mortgage-Backed Securities (Cost $5,146,150)				5,117,847


CORPORATE BONDS–14.18%
Aerospace & Defense–0.08%
Rockwell Collins 3.20% 3/15/24		45,000		45,018
TransDigm 6.375% 6/15/26		55,000		55,170
United Technologies 3.75% 11/1/46		50,000		47,066

				147,254

Air Freight & Logistics–0.27%
Aviation Capital Group
#144A 2.875% 1/20/22		250,000		248,548
#144A 4.875% 10/1/25		65,000		70,039
#Park Aerospace Holdings 144A 5.50% 2/15/24		72,000		75,060
United Parcel Service 5.125% 4/1/19		45,000		48,100
#XPO Logistics 144A 6.125% 9/1/23		80,000		83,500

				525,247

Airlines–0.09%
#◆Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27		23,403		23,549
◆American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26		22,135		22,246
◆American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27		23,231		22,795
◆American Airlines 2015-2 Class AA Pass Through Trust 3.60% 9/22/27		14,290		14,386
◆American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28		14,621		14,602
◆United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26		18,304		18,991
◆United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26		41,120		41,792
◆United Airlines 2016-1 Class AA Pass Through Trust 3.10% 7/7/28		15,000		14,775

				173,136


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Auto Components–0.08%
#Allison Transmission 144A 5.00% 10/1/24			28,000	$	28,350
Goodyear Tire & Rubber
4.875% 3/15/27			100,000		100,250
5.00% 5/31/26			35,000		35,963

					164,563

Automobiles–0.04%
Daimler 2.75% 12/10/18	NOK		320,000		38,292
General Motors 6.75% 4/1/46			30,000		35,290

					73,582

Banks–1.74%
Bank Nederlandse Gemeenten 3.50% 7/19/27	AUD		18,000		13,658
Bank of America
•3.124% 1/20/23			215,000		216,344
3.30% 8/5/21	AUD		20,000		15,234
•3.824% 1/20/28			65,000		65,241
4.183% 11/25/27			40,000		40,224
•4.443% 1/20/48			50,000		50,531
Barclays 4.337% 1/10/28			200,000		200,031
BB&T 2.45% 1/15/20			75,000		75,795
Capital One Financial 3.75% 3/9/27			35,000		34,860
Citigroup 3.75% 10/27/23	AUD		13,000		9,933
Citizens Financial Group
2.375% 7/28/21			35,000		34,548
4.30% 12/3/25			40,000		41,301
#Export-Import Bank of India 144A 3.375% 8/5/26			200,000		191,554
Fifth Third Bancorp 2.875% 7/27/20			20,000		20,368
Huntington Bancshares 2.30% 1/14/22			50,000		48,784
JPMorgan Chase & Co.
•3.782% 2/1/28			140,000		141,494
4.25% 10/1/27			65,000		66,734
•4.26% 2/22/48			115,000		114,958
•6.75% 8/29/49			50,000		55,187
KeyBank 3.40% 5/20/26			250,000		243,594
•KeyCorp 5.00% 12/29/49			60,000		59,550
Landwirtschaftliche Rentenbank 5.375% 4/23/24	NZD		20,000		15,316
•National City Bank 1.472% 6/7/17			335,000		335,014
•PNC Financial Services Group 5.00% 12/29/49			65,000		64,837
Popular 7.00% 7/1/19			85,000		89,144
Santander UK Group Holdings
2.875% 10/16/20			105,000		105,319
3.125% 1/8/21			25,000		25,154


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Banks (continued)
SunTrust Banks 2.70% 1/27/22			70,000	$	69,806
Toronto-Dominion Bank
2.125% 4/7/21			240,000		238,010
2.50% 12/14/20			40,000		40,386
•3.625% 9/15/31			60,000		58,853
U.S. Bancorp 3.10% 4/27/26			65,000		63,980
•USB Capital IX 3.50% 10/29/49			275,000		234,094
Wells Fargo & Co.
3.00% 7/27/21	AUD		40,000		30,109
3.069% 1/24/23			150,000		151,013
4.75% 12/7/46			45,000		46,083
Wells Fargo Capital X 5.95% 12/15/36			15,000		16,144
•Westpac Banking 4.322% 11/23/31			45,000		45,562
Zions Bancorporation 4.50% 6/13/23			20,000		20,760

					3,389,507

Beverages–0.36%
Anheuser-Busch InBev Finance 3.65% 2/1/26			245,000		248,197
#Heineken 144A 3.50% 1/29/28			20,000		20,039
Molson Coors Brewing
3.00% 7/15/26			250,000		238,209
4.20% 7/15/46			45,000		42,311
#Pernod Ricard 144A 4.45% 1/15/22			150,000		159,849

					708,605

Biotechnology–0.22%
Biogen 5.20% 9/15/45			140,000		151,930
Celgene
3.25% 8/15/22			175,000		178,137
3.875% 8/15/25			15,000		15,358
4.625% 5/15/44			60,000		59,736
Gilead Sciences 4.15% 3/1/47			35,000		32,721

					437,882

Building Products–0.26%
#Boise Cascade 144A 5.625% 9/1/24			40,000		40,800
#Builders FirstSource 144A 5.625% 9/1/24			90,000		91,687
Fortune Brands Home & Security 3.00% 6/15/20			25,000		25,322
Lennox International 3.00% 11/15/23			40,000		39,371
Masco 3.50% 4/1/21			60,000		61,357
#NCI Building Systems 144A 8.25% 1/15/23			25,000		27,250
#Standard Industries 144A 5.00% 2/15/27			160,000		157,200


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Building Products (continued)
U.S. Concrete
#144A 6.375% 6/1/24			50,000	$	52,000
6.375% 6/1/24			5,000		5,200

					500,187

Capital Markets–0.49%
Affiliated Managers Group 3.50% 8/1/25			40,000		39,371
Bank of New York Mellon
2.15% 2/24/20			10,000		10,045
2.20% 8/16/23			70,000		67,263
2.50% 4/15/21			95,000		95,302
•3.442% 2/7/28			55,000		55,487
•4.625% 12/29/49			75,000		72,187
BlackRock 3.20% 3/15/27			40,000		40,068
Goldman Sachs Group
3.85% 1/26/27			90,000		90,607
5.15% 5/22/45			100,000		105,471
Jefferies Group
6.45% 6/8/27			25,000		28,334
6.50% 1/20/43			15,000		16,324
Morgan Stanley
2.625% 11/17/21			55,000		54,697
3.95% 4/23/27			35,000		34,735
4.375% 1/22/47			120,000		120,586
5.00% 9/30/21	AUD		14,000		11,427
State Street
2.55% 8/18/20			45,000		45,626
3.10% 5/15/23			25,000		25,202
3.55% 8/18/25			45,000		46,295

					959,027

Chemicals–0.40%
CF Industries 6.875% 5/1/18			80,000		83,600
Dow Chemical 8.55% 5/15/19			223,000		252,919
#INVISTA Finance 144A 4.25% 10/15/19			50,000		51,625
LYB International Finance II 3.50% 3/2/27			85,000		83,589
Olin 5.125% 9/15/27			45,000		45,873
PolyOne 5.25% 3/15/23			25,000		25,313
Potash Corp. of Saskatchewan 4.00% 12/15/26			45,000		46,160
#Westlake Chemical 144A 5.00% 8/15/46			100,000		103,078
#WR Grace & Co. 144A 5.625% 10/1/24			81,000		85,657

					777,814

Commercial Services & Supplies–0.46%
#Avis Budget Car Rental 144A 6.375% 4/1/24			80,000		80,500


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Commercial Services & Supplies (continued)
ERAC USA Finance
#144A 3.30% 12/1/26		75,000	$	71,990
#144A 4.20% 11/1/46		5,000		4,565
Herc Rentals
#144A 7.50% 6/1/22		19,000		20,283
#144A 7.75% 6/1/24		13,000		13,943
#Live Nation Entertainment 144A 4.875% 11/1/24		50,000		50,125
#NES Rentals Holdings 144A 7.875% 5/1/18		35,000		35,308
#Nielsen Co. Luxembourg 144A 5.00% 2/1/25		60,000		59,925
Penske Truck Leasing
#144A 3.30% 4/1/21		40,000		40,582
#144A 4.20% 4/1/27		200,000		204,039
#Prime Security Services Borrower 144A 9.25% 5/15/23		60,000		65,925
#ServiceMaster 144A 5.125% 11/15/24		60,000		61,650
#Transurban Finance 144A 3.375% 3/22/27		20,000		19,380
United Rentals North America
5.50% 5/15/27		140,000		141,750
5.875% 9/15/26		20,000		20,925

				890,890

Communications Equipment–0.05%
Cisco Systems 1.85% 9/20/21		55,000		53,973
#CommScope Technologies 144A 5.00% 3/15/27		45,000		45,043

				99,016

Computers & Peripherals–0.05%
#Diamond 1 Finance 144A 6.02% 6/15/26		35,000		38,223
DXC Technology
#144A 4.25% 4/15/24		20,000		20,367
#144A 4.75% 4/15/27		35,000		35,766

				94,356

Consumer Finance–0.27%
#BMW U.S. Capital 144A 3.30% 4/6/27		55,000		54,867
#Daimler Finance North America 144A 3.45% 1/6/27		150,000		150,617
General Motors Financial
3.70% 5/9/23		30,000		30,153
5.25% 3/1/26		190,000		204,495
Hyundai Capital America
#144A 2.55% 2/6/19		50,000		50,287
#144A 3.00% 3/18/21		20,000		20,086


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Consumer Finance (continued)
Toyota Motor Credit 2.80% 7/13/22			20,000	$	20,155

					530,660

Containers & Packaging–0.14%
Ball 5.25% 7/1/25			120,000		127,500
#BWAY Holding 144A 5.50% 4/15/24			50,000		50,531
#CCL Industries 144A 3.25% 10/1/26			35,000		33,565
#Crown Americas 144A 4.25% 9/30/26			19,000		18,323
#Owens-Brockway Glass Container 144A 5.875% 8/15/23			35,000		37,100

					267,019

Diversified Financial Services–0.61%
AerCap Ireland Capital 3.95% 2/1/22			150,000		154,214
Air Lease
3.00% 9/15/23			55,000		53,825
3.625% 4/1/27			185,000		180,183
Berkshire Hathaway 2.75% 3/15/23			25,000		25,027
Credit Suisse Group Funding Guernsey 3.80% 6/9/23			275,000		276,503
•E*TRADE Financial 5.875% 12/29/49			60,000		62,100
Lazard Group 3.625% 3/1/27			40,000		39,086
National Rural Utilities Cooperative Finance
2.85% 1/27/25			115,000		113,638
•4.75% 4/30/43			60,000		61,500
•5.25% 4/20/46			20,000		20,871
#UBS Group Funding Switzerland 144A 3.491% 5/23/23			200,000		201,526

					1,188,473

Diversified Telecommunication Services–0.34%
AT&T 5.25% 3/1/37			195,000		199,399
Bell Canada 3.35% 3/22/23	CAD		19,000		14,950
CenturyLink
5.80% 3/15/22			45,000		46,575
6.75% 12/1/23			105,000		109,856
#Cincinnati Bell 144A 7.00% 7/15/24			40,000		42,050
SBA Tower Trust
#144A 2.24% 4/16/18			40,000		40,015
#144A 2.898% 10/15/19			25,000		25,078
Telefonica Emisiones 5.213% 3/8/47			150,000		152,417


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Telecommunication Services (continued)
Verizon Communications 5.25% 3/16/37		40,000	$	41,483

				671,823

Electric Utilities–1.29%
AES 5.50% 4/15/25		25,000		25,437
Berkshire Hathaway Energy 3.75% 11/15/23		110,000		115,124
Cleveland Electric Illuminating 5.50% 8/15/24		5,000		5,714
ComEd Financing III 6.35% 3/15/33		60,000		64,165
Consumers Energy 3.25% 8/15/46		40,000		35,740
Dominion Resources 3.90% 10/1/25		90,000		91,799
DTE Energy
2.85% 10/1/26		60,000		56,255
3.30% 6/15/22		45,000		45,743
3.80% 3/15/27		25,000		25,404
Duke Energy
2.65% 9/1/26		155,000		144,712
4.80% 12/15/45		20,000		21,202
•Emera 6.75% 6/15/76		85,000		93,181
Emera U.S. Finance
3.55% 6/15/26		225,000		221,611
4.75% 6/15/46		55,000		55,716
Enel Americas 4.00% 10/25/26		10,000		9,897
Entergy
2.95% 9/1/26		10,000		9,500
4.00% 7/15/22		110,000		115,353
Entergy Louisiana 4.95% 1/15/45		20,000		20,531
Entergy Mississippi 2.85% 6/1/28		65,000		61,913
Exelon
3.497% 6/1/22		45,000		45,468
3.95% 6/15/25		40,000		41,199
#Fortis 144A 3.055% 10/4/26		115,000		107,793
Great Plains Energy
3.90% 4/1/27		45,000		45,530
4.85% 6/1/21		25,000		26,699
Indiana Michigan Power
3.20% 3/15/23		165,000		166,913
4.55% 3/15/46		25,000		26,514
IPALCO Enterprises 5.00% 5/1/18		45,000		46,463
ITC Holdings 3.25% 6/30/26		25,000		24,334
Kansas City Power & Light 3.65% 8/15/25		65,000		65,369
LG&E & KU Energy 4.375% 10/1/21		115,000		121,532


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
#Massachusetts Electric 144A 4.004% 8/15/46		45,000	$	43,906
#Metropolitan Edison 144A 4.00% 4/15/25		30,000		30,303
MidAmerican Energy 4.25% 5/1/46		45,000		46,575
#New York State Electric & Gas 144A 3.25% 12/1/26		55,000		54,781
NextEra Energy Capital Holdings
2.40% 9/15/19		65,000		65,552
3.625% 6/15/23		25,000		25,414
NV Energy 6.25% 11/15/20		45,000		50,582
Pennsylvania Electric 5.20% 4/1/20		55,000		58,515
Southern
2.75% 6/15/20		70,000		70,647
3.25% 7/1/26		75,000		71,690
#Trans-Allegheny Interstate Line 144A 3.85% 6/1/25		25,000		25,651
Wisconsin Electric Power 4.30% 12/15/45		25,000		25,576

				2,506,003

Electronic Equipment, Instruments & Components–0.01%
CDW 5.00% 9/1/25		10,000		10,250

				10,250

Equity Real Estate Investment Trusts–0.73%
American Tower
4.00% 6/1/25		65,000		65,877
4.40% 2/15/26		145,000		150,267
#American Tower Trust I 144A 3.07% 3/15/23		60,000		59,884
CC Holdings GS V 3.849% 4/15/23		15,000		15,385
Corporate Office Properties
3.60% 5/15/23		40,000		38,932
5.25% 2/15/24		40,000		42,342
Crown Castle International 5.25% 1/15/23		50,000		54,630
CubeSmart 3.125% 9/1/26		50,000		47,059
#CyrusOne 144A 5.00% 3/15/24		25,000		25,750
DDR
7.50% 4/1/17		10,000		10,000
7.875% 9/1/20		45,000		52,090
Education Realty Operating Partnership 4.60% 12/1/24		45,000		45,414
Equinix 5.375% 5/15/27		55,000		56,925
#ESH Hospitality 144A 5.25% 5/1/25		75,000		75,797
GEO Group 5.125% 4/1/23		10,000		9,975


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Equity Real Estate Investment Trusts (continued)
GEO Group (continued) 5.875% 10/15/24		10,000	$	10,275
Hospitality Properties Trust 4.50% 3/15/25		45,000		45,241
Host Hotels & Resorts
3.75% 10/15/23		10,000		10,092
3.875% 4/1/24		20,000		20,182
4.50% 2/1/26		40,000		41,455
#Iron Mountain U.S. Holdings 144A 5.375% 6/1/26		85,000		85,213
Kite Realty Group 4.00% 10/1/26		20,000		19,203
LifeStorage 3.50% 7/1/26		40,000		38,347
MGM Growth Properties Operating Partnership 4.50% 9/1/26		40,000		39,000
Physicians Realty 4.30% 3/15/27		20,000		20,067
Realty Income 4.125% 10/15/26		40,000		41,301
Regency Centers 3.60% 2/1/27		25,000		24,855
#SBA Communications 144A 4.875% 9/1/24		40,000		39,592
UDR 4.00% 10/1/25		155,000		158,381
Uniti Group 8.25% 10/15/23		30,000		31,800
WP Carey 4.60% 4/1/24		35,000		36,275

				1,411,606

Food & Staples Retailing–0.17%
#Albertsons 144A 5.75% 3/15/25		125,000		121,563
KFC Holding
#144A 5.00% 6/1/24		18,000		18,427
#144A 5.25% 6/1/26		18,000		18,360
Kroger 4.45% 2/1/47		50,000		49,235
Walgreens Boots Alliance
3.10% 6/1/23		95,000		95,001
3.45% 6/1/26		35,000		34,288

				336,874

Food Products–0.15%
Aramark Services
4.75% 6/1/26		10,000		10,087
5.125% 1/15/24		55,000		57,819
#JBS USA Finance 144A 5.75% 6/15/25		50,000		50,750
Lamb Weston Holdings
#144A 4.625% 11/1/24		30,000		30,675
#144A 4.875% 11/1/26		60,000		61,350
#Post Holdings 144A 5.00% 8/15/26		75,000		72,000

				282,681

Gas Utilities–0.19%
AmeriGas Partners 5.50% 5/20/25		60,000		59,850


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Gas Utilities (continued)
AmeriGas Partners (continued) 5.875% 8/20/26		70,000	$	70,000
Dominion Gas Holdings 4.60% 12/15/44		20,000		20,132
Southern Co. Gas Capital 3.25% 6/15/26		225,000		219,375

				369,357

Health Care Equipment & Supplies–0.21%
Abbott Laboratories 4.90% 11/30/46		70,000		72,796
Hill-Rom Holdings
#144A 5.00% 2/15/25		30,000		30,037
#144A 5.75% 9/1/23		50,000		52,063
Thermo Fisher Scientific 3.00% 4/15/23		260,000		257,995

				412,891

Health Care Providers & Services–0.17%
DaVita 5.00% 5/1/25		65,000		65,325
HCA 5.375% 2/1/25		55,000		57,475
HealthSouth
5.125% 3/15/23		10,000		10,050
5.75% 11/1/24		140,000		141,750
5.75% 9/15/25		5,000		5,019
New York and Presbyterian Hospital 4.063% 8/1/56		40,000		37,618
#Universal Health Services 144A 5.00% 6/1/26		10,000		10,325

				327,562

Hotels, Restaurants & Leisure–0.22%
Boyd Gaming 6.375% 4/1/26		90,000		96,525
#Hilton Worldwide Finance 144A 4.875% 4/1/27		60,000		60,750
Marriott International
3.75% 3/15/25		35,000		35,629
4.50% 10/1/34		5,000		5,068
MGM Resorts International 4.625% 9/1/26		65,000		63,375
#Penn National Gaming 144A 5.625% 1/15/27		135,000		134,325
Wyndham Worldwide 4.15% 4/1/24		30,000		30,300

				425,972

Household Durables–0.05%
Lennar 4.875% 12/15/23		50,000		51,375
PulteGroup 5.00% 1/15/27		50,000		50,187

				101,562


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Household Products–0.07%
#ACCO Brands 144A 5.25% 12/15/24			25,000	$	25,187
#Scotts Miracle-Gro 144A 5.25% 12/15/26			65,000		65,975
Tempur Sealy International 5.50% 6/15/26			40,000		39,540

					130,702

Independent Power & Renewable Electricity Producers–0.07%
#AES Gener 144A 5.25% 8/15/21			25,000		26,458
Calpine
#144A 5.25% 6/1/26			30,000		30,600
5.375% 1/15/23			30,000		30,414
Dynegy 6.75% 11/1/19			40,000		41,300

					128,772

Industrial Conglomerates–0.10%
General Electric
2.10% 12/11/19			70,000		70,687
4.25% 1/17/18	NZD		50,000		35,482
5.55% 5/4/20			30,000		33,202
6.00% 8/7/19			56,000		61,533

					200,904

Insurance–0.46%
Allstate 3.28% 12/15/26			215,000		216,302
Berkshire Hathaway Finance 2.90% 10/15/20			55,000		56,844
•Manulife Financial 4.061% 2/24/32			60,000		60,233
MetLife
•5.25% 12/29/49			50,000		51,704
6.817% 8/15/18			85,000		90,636
#Principal Life Global Funding II 144A 3.00% 4/18/26			165,000		160,840
•Prudential Financial 5.375% 5/15/45			35,000		36,715
TIAA Asset Management Finance
#144A 2.95% 11/1/19			35,000		35,598
#144A 4.125% 11/1/24			80,000		81,653
#USI 144A 7.75% 1/15/21			10,000		10,181
XLIT
4.45% 3/31/25			30,000		30,410
5.50% 3/31/45			40,000		40,116
•6.50% 12/29/49			30,000		25,275

					896,507

Internet Software & Services–0.07%
#Symantec 144A 5.00% 4/15/25			80,000		82,125
Zayo Group
#144A 5.75% 1/15/27			20,000		21,146
6.00% 4/1/23			35,000		37,144

					140,415


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
IT Services–0.08%
Fidelity National Information Services 5.00% 10/15/25		40,000	$	43,579
First Data
#144A 5.75% 1/15/24		50,000		51,763
#144A 7.00% 12/1/23		56,000		60,200

				155,542

Machinery–0.07%
Crane
2.75% 12/15/18		10,000		10,164
4.45% 12/15/23		60,000		63,045
Parker-Hannifin 3.30% 11/21/24		5,000		5,093
Roper Technologies
2.80% 12/15/21		30,000		30,066
3.80% 12/15/26		25,000		25,159

				133,527

Media–0.60%
21st Century Fox America 4.95% 10/15/45		55,000		57,144
CCO Holdings
#144A 5.125% 5/1/23		50,000		51,625
#144A 5.125% 5/1/27		65,000		65,487
#144A 5.75% 2/15/26		10,000		10,525
Charter Communications Operating 4.908% 7/23/25		90,000		95,258
Comcast 3.00% 2/1/24		70,000		70,034
CSC Holdings 5.25% 6/1/24		16,000		15,980
DISH DBS 7.75% 7/1/26		30,000		34,950
GLP Capital 5.375% 4/15/26		60,000		62,100
#Gray Television 144A 5.875% 7/15/26		100,000		102,000
Lamar Media 5.75% 2/1/26		25,000		26,844
#Midcontinent Communications 144A 6.875% 8/15/23		45,000		48,094
#Nexstar Broadcasting 144A 5.625% 8/1/24		40,000		40,700
#Scientific Games International 144A 7.00% 1/1/22		80,000		85,600
#Sinclair Television Group 144A 5.125% 2/15/27		55,000		53,350
#Sirius XM Radio 144A 5.375% 7/15/26		80,000		82,000
Time Warner Cable 7.30% 7/1/38		150,000		186,425
Tribune Media 5.875% 7/15/22		55,000		57,613
WPP Finance 2010 5.625% 11/15/43		20,000		21,391

				1,167,120

Metals & Mining–0.24%
ArcelorMittal 6.125% 6/1/25		40,000		44,600


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Metals & Mining (continued)
Barrick North America Finance 5.75% 5/1/43		40,000	$	46,589
#Cliffs Natural Resources 144A 5.75% 3/1/25		25,000		24,375
#Freeport-McMoRan 144A 6.875% 2/15/23		45,000		46,687
#Glencore Funding 144A 4.00% 3/27/27		30,000		29,678
#Hudbay Minerals 144A 7.625% 1/15/25		40,000		43,600
#Novelis 144A 6.25% 8/15/24		100,000		104,500
Southern Copper 5.875% 4/23/45		30,000		31,258
#Steel Dynamics 144A 5.00% 12/15/26		50,000		50,750
Vale Overseas
5.875% 6/10/21		5,000		5,371
6.25% 8/10/26		40,000		43,550

				470,958

Multiline Retail–0.10%
Dollar General 3.875% 4/15/27		90,000		90,254
JC Penney 8.125% 10/1/19		40,000		43,400
Target 3.625% 4/15/46		65,000		58,818

				192,472

Multi-Utilities–0.19%
Ameren Illinois 9.75% 11/15/18		263,000		295,548
CMS Energy 6.25% 2/1/20		60,000		66,216

				361,764

Oil, Gas & Consumable Fuels–1.20%
Anadarko Petroleum
5.55% 3/15/26		30,000		33,352
6.60% 3/15/46		110,000		133,541
BP Capital Markets
3.216% 11/28/23		90,000		90,540
3.224% 4/14/24		50,000		50,096
#Cheniere Corpus Christi Holdings 144A 5.875% 3/31/25		20,000		20,925
#Diamondback Energy 144A 4.75% 11/1/24		85,000		85,927
Ecopetrol 7.375% 9/18/43		5,000		5,367
Enbridge
4.25% 12/1/26		25,000		25,570
•6.00% 1/15/77		15,000		15,206
Energy Transfer Equity 7.50% 10/15/20		35,000		39,200
Energy Transfer Partners
6.125% 12/15/45		85,000		91,256
9.70% 3/15/19		60,000		68,258
•Enterprise Products Operating 7.034% 1/15/68		10,000		10,409


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Genesis Energy 6.75% 8/1/22		40,000	$	41,440
Gulfport Energy
#144A 6.00% 10/15/24		35,000		34,125
6.625% 5/1/23		70,000		71,137
#Hilcorp Energy I 144A 5.00% 12/1/24		110,000		103,675
Kinder Morgan Energy Partners 5.80% 3/1/21		40,000		43,983
Laredo Petroleum 6.25% 3/15/23		35,000		35,700
MPLX
4.875% 12/1/24		85,000		89,554
4.875% 6/1/25		30,000		31,476
Murphy Oil 6.875% 8/15/24		125,000		132,813
Murphy Oil USA 6.00% 8/15/23		60,000		63,150
#Nabors Industries 144A 5.50% 1/15/23		37,000		37,948
Newfield Exploration 5.75% 1/30/22		25,000		26,656
Noble Energy 5.05% 11/15/44		35,000		35,923
Petrobras Global Finance
6.75% 1/27/41		5,000		4,705
7.375% 1/17/27		15,000		15,895
Petroleos Mexicanos 6.75% 9/21/47		15,000		15,253
Plains All American Pipeline 8.75% 5/1/19		120,000		135,410
QEP Resources 5.25% 5/1/23		50,000		49,269
Regency Energy Partners 5.00% 10/1/22		40,000		42,584
Sabine Pass Liquefaction
#144A 4.20% 3/15/28		50,000		49,498
5.625% 4/15/23		100,000		108,625
Shell International Finance
4.00% 5/10/46		85,000		81,569
4.375% 5/11/45		50,000		50,828
Southwestern Energy
4.10% 3/15/22		20,000		18,800
6.70% 1/23/25		10,000		9,900
Targa Resources Partners
#144A 5.125% 2/1/25		25,000		25,844
#144A 5.375% 2/1/27		30,000		31,200
Tesoro Logistics 5.25% 1/15/25		45,000		47,194
Transcanada Trust
•5.30% 3/15/77		25,000		24,750
•5.875% 8/15/76		30,000		31,913
#Transocean Proteus 144A 6.25% 12/1/24		50,000		51,875
#Woodside Finance 144A 8.75% 3/1/19		105,000		117,510


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
#•YPF 144A 23.854% 7/7/20		10,000	$	11,195

				2,341,044

Paper & Forest Products–0.15%
Georgia-Pacific 8.00% 1/15/24		125,000		160,355
International Paper 4.40% 8/15/47		135,000		127,959

				288,314

Personal Products–0.02%
Revlon Consumer Products 6.25% 8/1/24		45,000		45,000

				45,000

Pharmaceuticals–0.32%
#Mallinckrodt International Finance 144A 5.50% 4/15/25		55,000		50,875
Mylan 3.95% 6/15/26		210,000		205,945
#Pacira Pharmaceuticals 144A 2.375% 4/1/22		1,000		1,041
Pfizer 3.00% 12/15/26		60,000		59,483
Shire Acquisitions Investments Ireland
2.40% 9/23/21		65,000		63,631
2.875% 9/23/23		240,000		233,218

				614,193

Road & Rail–0.09%
Burlington Northern Santa Fe 4.70% 9/1/45		105,000		114,349
Union Pacific 3.00% 4/15/27		60,000		59,405

				173,754

Semiconductors & Semiconductor Equipment–0.17%
Applied Materials 4.35% 4/1/47		50,000		50,745
Broadcom
#144A 3.00% 1/15/22		50,000		49,992
#144A 3.625% 1/15/24		235,000		237,078
#Silicon Laboratories 144A 1.375% 3/1/22		2,000		2,131

				339,946

Software–0.21%
CDK Global 5.00% 10/15/24		40,000		40,557
Microsoft 4.25% 2/6/47		365,000		375,090

				415,647

Specialty Retail–0.13%
Lowe’s 3.70% 4/15/46		270,000		251,565

				251,565

Technology Hardware, Storage & Peripherals–0.05%
Apple
3.45% 2/9/45		35,000		31,277
4.65% 2/23/46		20,000		21,512


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Technology Hardware, Storage & Peripherals (continued)
#Western Digital 144A 7.375% 4/1/23		35,000	$	38,456

				91,245

Textiles, Apparel & Luxury Goods–0.10%
#Hanesbrands 144A 4.875% 5/15/26		65,000		64,187
Levi Strauss & Co. 5.00% 5/1/25		135,000		139,077

				203,264

Tobacco–0.25%
Altria Group 3.875% 9/16/46		270,000		251,353
Reynolds American 4.00% 6/12/22		215,000		225,921

				477,274

Trading Companies & Distributors–0.03%
#HD Supply 144A 5.75% 4/15/24		60,000		63,258

				63,258

Wireless Telecommunication Services–0.27%
#Crown Castle Towers 144A 4.883% 8/15/20		210,000		223,692
#Deutsche Telekom International Finance 144A 1.95% 9/19/21		150,000		145,053
Level 3 Financing 5.375% 5/1/25		25,000		25,500
Sprint 7.875% 9/15/23		97,000		107,670
T-Mobile USA 6.50% 1/15/26		30,000		32,925

				534,840

Total Corporate Bonds (Cost $27,438,232)				27,601,826

«LOAN AGREEMENTS–0.10%
Cablevision Tranche B 1st Lien 3.943% 10/11/24		129,675		129,635
Republic of Angola (Unsecured) 7.57% 12/16/23		80,500		70,035

Total Loan Agreements (Cost $210,948)				199,670

MUNICIPAL BONDS–0.18%
Bay Area Toll Authority
(Build America Bonds) Series S3 6.907% 10/1/50		65,000		93,512
California State Various Purposes
(Build America Bonds) 7.55% 4/1/39		50,000		73,379
Commonwealth of Massachusetts Series C 5.00% 10/1/25		30,000		36,420


	Principal Amount°		Value (U.S. $)

MUNICIPAL BONDS (continued)
New Jersey Turnpike Authority
(Build America Bonds) Series A 7.102% 1/1/41		30,000	$	41,898
(Build America Bonds) Series F 7.414% 1/1/40		15,000		21,594
New York, New York
Series C 5.00% 8/1/26		5,000		5,993
Series C 5.00% 8/1/27		10,000		11,907
South Carolina Public Service Authority Series D 4.77% 12/1/45		20,000		18,841
Texas Water Development Board Water Implementation Revenue
5.00% 10/15/46		40,000		45,908
Series A 5.00% 10/15/45		10,000		11,390

Total Municipal Bonds (Cost $384,882)				360,842

NON-AGENCY ASSET-BACKED SECURITIES–0.77%
AEP Texas Central Transition Funding II Series 2006-A A4 5.17% 1/1/18		32,331		32,912
Ally Master Owner Trust Series 2014-4 A2 1.43% 6/17/19		70,000		70,053
Avis Budget Rental Car Funding AESOP
#Series 2013-1A A 144A 1.92% 9/20/19		100,000		99,985
#Series 2014-1A A 144A 2.46% 7/20/20		100,000		100,484
BA Credit Card Trust
•Series 2014-A2 A 1.182% 9/16/19		30,000		30,000
•Series 2014-A3 A 1.202% 1/15/20		35,000		35,032
•CNH Equipment Trust Series 2016-B A2B 1.312% 10/15/19		7,241		7,257
Ford Credit Auto Lease Trust Series 2015-A A3 1.13% 6/15/18		14,670		14,668
#Ford Credit Auto Owner Trust Series 2016-2 A 144A 2.03% 12/15/27		100,000		98,631
#HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44		47,500		43,485
#Hyundai Auto Lease Securitization Trust Series 2016-C A3 144A 1.49% 2/18/20.		100,000		99,728
•Mercedes-Benz Auto Lease Trust Series 2016-A A2B 1.472% 7/16/18		16,830		16,847
#•Mercedes-Benz Master Owner Trust Series 2016-AA A 144A 1.492% 5/15/20		100,000		100,395


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
#•Navistar Financial Dealer Note Master Owner Trust II Series 2016-1 A 144A 2.332% 9/27/21		25,000	$	25,060
Nissan Auto Lease Trust
•Series 2015-B A2B 1.442% 12/15/17		5,656		5,658
Series 2016-B A3 1.50% 7/15/19		100,000		99,737
#•PFS Financing Series 2015-AA A 144A 1.532% 4/15/20		100,000		99,969
Synchrony Credit Card Master Note Trust Series 2012-6 A 1.36% 8/17/20		100,000		100,071
#•Towd Point Mortgage Trust Series 2015-5 A1B 144A 2.75% 5/25/55		73,029		73,076
Verizon Owner Trust
#Series 2016-2A A 144A 1.68% 5/20/21		100,000		99,667
#Series 2017-1A A 144A 2.06% 9/20/21		100,000		100,322
#Volkswagen Credit Auto Master Trust Series 2014-1A A2 144A 1.40% 7/22/19		100,000		99,968
•Wells Fargo Dealer Floorplan Master Note Trust Series 2014-2 A 1.428% 10/20/19		50,000		50,034

Total Non-Agency Asset-Backed Securities (Cost $1,507,667)				1,503,039

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.11%
Bank of America Alternative Loan Trust Series 2005-6 7A1 5.50% 7/25/20		1,306		1,250
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35		17,804		17,718
JPMorgan Mortgage Trust
Series 2006-S1 1A1 6.00% 4/25/36		22,318		22,817
•Series 2007-A1 7A4 3.286% 7/25/35		11,060		9,824
#•New Residential Mortgage Loan Trust Series 2017-1A A1 144A 4.00% 2/25/57		98,283		101,351
Sequoia Mortgage Trust
#•Series 2014-2 A4 144A 3.50% 7/25/44		40,163		39,997
#•Series 2015-1 B2 144A 3.876% 1/25/45		14,255		14,034


	Principal Amount°		Value (U.S. $)

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
◆Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2004-20 2A1 5.50% 11/25/34		10,179	$	10,398

Total Non-Agency Collateralized Mortgage Obligations (Cost $213,721)				217,389

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–1.48%
•Banc of America Commercial Mortgage Trust Series 2007-4 AM 5.961% 2/10/51		40,000		40,387
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18 A4 5.70% 6/11/50		21,196		21,450
CD Mortgage Trust
Series 2016-CD2 A3 3.248% 11/10/49		60,000		60,256
•Series 2016-CD2 A4 3.526% 11/10/49		30,000		30,682
CFCRE Commercial Mortgage Trust Series 2016-C7 A3 3.839% 12/10/54		25,000		25,732
Citigroup Commercial Mortgage Trust
•Series 2007-C6 AM 5.779% 12/10/49		25,000		25,301
Series 2014-GC25 A4 3.635% 10/10/47		45,000		46,428
Series 2015-GC27 A5 3.137% 2/10/48		50,000		49,827
Series 2016-P3 A4 3.329% 4/15/49		35,000		35,191
Series 2016-P5 A4 2.941% 10/10/49		40,000		38,886
COMM Mortgage Trust
#Series 2013-CR6 AM 144A 3.147% 3/10/46		40,000		40,054
Series 2014-CR19 A5 3.796% 8/10/47		30,000		31,386
Series 2014-CR20 AM 3.938% 11/10/47		85,000		88,152
#Series 2015-3BP A 144A 3.178% 2/10/35		100,000		100,196
Series 2015-CR23 A4 3.497% 5/10/48		45,000		45,789
DB-JPM Mortgage Trust
Series 2016-C1 A4 3.276% 5/10/49		75,000		75,310


	Principal Amount°		Value (U.S. $)

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
DB-JPM Mortgage Trust (continued)
Series 2016-C3 A5 2.89% 9/10/49		45,000	$	43,693
#•DB-UBS Mortgage Trust Series 2011-LC1A C 144A 5.686% 11/10/46		100,000		109,752
#GRACE Mortgage Trust Series 2014-GRCE A 144A 3.369% 6/10/28		600,000		621,427
GS Mortgage Securities Trust
Series 2015-GC32 A4 3.764% 7/10/48		30,000		31,241
Series 2017-GS5 A4 3.674% 3/10/50		65,000		67,196
JPM-BB Commercial Mortgage Securities Trust Series 2015-C33 A4 3.77% 12/15/48		220,000		228,104
JPM-DB Commercial Mortgage Securities Trust Series 2016-C2 A4 3.144% 6/15/49		75,000		74,372
JPMorgan Chase Commercial Mortgage Securities Trust
•Series 2005-CB11 E 5.525% 8/12/37		15,000		15,597
Series 2013-LC11 B 3.499% 4/15/46		35,000		34,842
Series 2015-JP1 A5 3.914% 1/15/49		30,000		31,520
Series 2016-JP2 A4 2.822% 8/15/49		95,000		91,719
Series 2016-JP2 AS 3.056% 8/15/49		60,000		58,041
•Series 2016-JP3 B 3.397% 8/15/49		20,000		19,526
#Series 2016-WIKI A 144A 2.798% 10/5/31		20,000		20,125
#Series 2016-WIKI B 144A 3.201% 10/5/31		35,000		35,373
•LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ 5.452% 9/15/39		27,616		24,406
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47		40,000		41,651
Series 2015-C23 A4 3.719% 7/15/50		115,000		119,155
Series 2015-C26 A5 3.531% 10/15/48		35,000		35,756


		Principal Amount°		Value (U.S. $)

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Bank of America Merrill Lynch Trust (continued)
Series 2016-C29 A4 3.325% 5/15/49			35,000	$	35,177
•Morgan Stanley Capital I Trust Series 2006-HQ10 B 5.448% 11/12/41			100,000		99,901
Wells Fargo Commercial Mortgage Trust
•Series 2015-C30 XA 1.009% 9/15/58			984,717		61,631
Series 2015-NXS3 A4 3.617% 9/15/57			65,000		66,575
Series 2016-BNK1 A3 2.652% 8/15/49			60,000		57,190
•Series 2017-RB1 XA 1.446% 3/15/50			1,000,000		97,852

Total Non-Agency Commercial Mortgage-Backed Securities (Cost $2,906,739)					2,876,849

DREGIONAL BONDS–0.12%
Australia–0.09%
New South Wales Treasury
3.00% 3/20/28	AUD		147,200		111,289
4.00% 5/20/26	AUD		34,700		28,861
Queensland Treasury
#144A 2.75% 8/20/27	AUD		14,000		10,262
#144A 3.25% 7/21/28	AUD		29,000		22,058

					172,470

Canada–0.03%
Province of Ontario Canada 3.45% 6/2/45	CAD		12,000		9,420
Province of Quebec Canada 6.00% 10/1/29	CAD		50,000		50,456

					59,876

Total Regional Bonds (Cost $240,641)					232,346

DSOVEREIGN BONDS–0.85%
Argentina–0.02%
Argentine Bonos del Tesoro 15.50% 10/17/26	ARS		258,000		18,947
#Argentine Republic Government International Bond 144A 5.625% 1/26/22			20,000		20,505

					39,452

Australia–0.01%
Australia Government Bond 3.75% 4/21/37	AUD		35,000		28,472

					28,472

Principal
Amount°

Value
(U.S. $)

DSOVEREIGN BONDS (continued)

Brazil–0.02%

Brazil Notas do Tesouro Nacional Series F 10.00% 1/1/25

BRL

93,000

29,782

29,782

Canada–0.00%

Canadian Government Bond 2.75% 12/1/48

CAD

10,000

8,250

8,250

Hungary–0.02%

Hungary Government International Bond 5.75% 11/22/23

40,000

45,280

45,280

Indonesia–0.12%

Indonesia Treasury Bond

7.50% 8/15/32

IDR

777,000,000

59,277

8.375% 9/15/26

IDR

740,000,000

60,447

9.00% 3/15/29

IDR

1,287,000,000

107,321

227,045

Mexico–0.19%

Mexican Bonos 5.75% 3/5/26

MXN

7,664,800

375,133

375,133

New Zealand–0.03%

New Zealand Government Bond

2.75% 4/15/25

NZD

75,000

51,330

4.50% 4/15/27

NZD

22,000

17,144

68,474

Peru–0.10%

Peruvian Government International Bond

#144A 6.90% 8/12/37

PEN

197,000

64,956

6.95% 8/12/31

PEN

369,000

122,106

187,062

Poland–0.06%

Poland Government Bond

2.50% 7/25/26

PLN

413,000

97,046

3.25% 7/25/25

PLN

97,000

24,414

121,460

Portugal–0.01%

#Portugal Government International Bond 144A 5.125% 10/15/24

28,000

27,198

27,198

Principal
Amount°

Value
(U.S. $)

DSOVEREIGN BONDS (continued)

Republic of Korea–0.04%

Inflation Linked Korea Treasury Bond 1.125% 6/10/23

KRW

79,072,124

72,688

72,688

South Africa–0.11%

South Africa Government Bond 8.00% 1/31/30

ZAR

3,036,000

205,544

205,544

Turkey–0.10%

Turkey Government Bond 8.00% 3/12/25

TRY

810,000

191,220

191,220

United Kingdom–0.02%

United Kingdom Gilt 3.50% 1/22/45

GBP

21,100

36,503

36,503

Total Sovereign Bonds
(Cost $1,688,901)

1,663,563

SUPRANATIONAL BANKS–0.09%

International Bank for Reconstruction & Development

3.50% 1/22/21

NZD

99,000

70,470

4.625% 10/6/21

NZD

13,000

9,642

International Finance

3.625% 5/20/20

NZD

12,000

8,582

6.30% 11/25/24

INR

5,890,000

91,317

Total Supranational Banks
(Cost $173,052)

180,011

U.S. TREASURY OBLIGATIONS–3.07%

U.S. Treasury Bond 2.875% 11/15/46

505,000

490,087

U.S. Treasury Inflation Index Note 0.125% 4/15/21

179,307

181,273

U.S. Treasury Notes

1.875% 1/31/22

215,000

214,559

2.25% 2/15/27

5,145,000

5,079,983

Total U.S. Treasury Obligations
(Cost $5,945,133)

5,965,902

Number of
Shares

RIGHT–0.01%

†B2W Cia Digital exercise price BRL 11.00, expiration date 4/25/17

24,579

11,149

Total Right
(Cost $0)

11,149

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at March 31, 2017:

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 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.

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

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Delaware Foundation^® Aggressive Allocation Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities and Exchange-Traded Funds (“ETFs”), except those traded on The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security or ETF does not trade, then the mean between the bid and ask prices will be used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sales price on the valuation date. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Short-term debt securities having less than 60 days to maturity are valued using the evaluated mean. Open-end investment companies are valued at published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of Trustees. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. International fair value pricing was not utilized at March 31, 2017. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

On December 6, 2016, the Fund’s Board approved a proposal to change the Fund’s name and sub-adviser. Effective May 1, 2017, the Fund’s name will be LVIP Delaware Wealth Builder Fund and Jackson Square Partners, LLC will no longer serve as sub-adviser to the Fund.

Management has determined that no additional material events or transactions occurred that would require recognition or disclosure in the Fund’s financial statements.


	Number of Shares		Value (U.S. $)

COMMON STOCK–30.93%
U.S. MARKETS–19.18%
Aerospace & Defense–0.55%
†Esterline Technologies		510	$	43,885
†KeyW Holding		4,470		42,197
†KLX		1,940		86,718
Lockheed Martin		350		93,660
Northrop Grumman		2,000		475,680
Raytheon		3,200		488,000
Rockwell Collins		670		65,097
United Technologies		1,530		171,681

				1,466,918

Air Freight & Logistics–0.12%
FedEx		1,154		225,203
†XPO Logistics		2,220		106,316

				331,519

Airlines–0.03%
†Hawaiian Holdings		450		20,903
Southwest Airlines		1,060		56,986

				77,889

Auto Components–0.07%
BorgWarner		1,950		81,491
Tenneco		1,820		113,604

				195,095

Automobiles–0.03%
Ford Motor		7,720		89,861

				89,861

Banks–0.89%
BB&T		10,200		455,940
Bryn Mawr Bank		1,350		53,325
Cardinal Financial		2,790		83,533
Citigroup		3,300		197,406
City Holding		1,580		101,878
CoBiz Financial		3,430		57,624
East West Bancorp		1,790		92,382
First Bancorp (North Carolina)		1,250		36,613
Flushing Financial		1,430		38,424
Great Western Bancorp		2,530		107,297
Hope Bancorp		4,770		91,441
Independent Bank (Massachusetts)		960		62,400
JPMorgan Chase & Co.		3,440		302,170
KeyCorp		8,300		147,574
Old National Bancorp		6,130		106,355
Prosperity Bancshares		1,630		113,627
Sterling Bancorp		5,510		130,587
Umpqua Holdings		5,720		101,473
Webster Financial		2,170		108,587

				2,388,636


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Beverages–0.04%
PepsiCo		1,030	$	115,216

				115,216

Biotechnology–0.62%
AbbVie		900		58,644
†Acorda Therapeutics		1,730		36,330
†Alkermes		850		49,725
†Biogen		990		270,686
†Celgene		4,607		573,249
†Exact Sciences		1,810		42,752
Gilead Sciences		1,620		110,030
†Ligand Pharmaceuticals Class B		950		100,548
†Natera		1,570		13,926
†Repligen		1,510		53,152
†Retrophin		3,140		57,964
†Spectrum Pharmaceuticals		6,620		43,030
†TESARO		710		109,248
†Vanda Pharmaceuticals		4,490		62,860
†Vertex Pharmaceuticals		620		67,797

				1,649,941

Building Products–0.08%
AAON		3,155		111,529
†Continental Building Products		4,520		110,740

				222,269

Capital Markets–0.66%
Bank of New York Mellon		10,300		486,469
BlackRock		380		145,734
Charles Schwab		5,044		205,846
Evercore Partners Class A		1,020		79,458
Houlihan Lokey		1,910		65,799
Intercontinental Exchange		6,512		389,873
Invesco		3,700		113,331
Raymond James Financial		1,250		95,325
State Street		1,250		99,513
†Stifel Financial		1,710		85,825

				1,767,173

Chemicals–0.41%
†Axalta Coating Systems		3,660		117,852
Balchem		740		60,991
†Chemtura		1,210		40,414
Eastman Chemical		1,650		133,320
EI du Pont de Nemours & Co.		6,178		496,279
Minerals Technologies		1,690		129,454
Quaker Chemical		950		125,077

				1,103,387

Commercial Services & Supplies–0.30%
ABM Industries		2,290		99,844
†Casella Waste Systems		1,380		19,472


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Commercial Services & Supplies (continued)
Tetra Tech		2,460	$	100,491
U.S. Ecology		1,730		81,051
Waste Management		6,900		503,148

				804,006

Communications Equipment–0.27%
Cisco Systems		17,500		591,500
†NETGEAR		1,390		68,875
Plantronics		1,170		63,309

				723,684

Construction & Engineering–0.07%
Granite Construction		2,100		105,399
†MYR Group		2,250		92,250

				197,649

Consumer Finance–0.05%
Capital One Financial		1,420		123,057

				123,057

Containers & Packaging–0.04%
WestRock		1,883		97,972

				97,972

Diversified Telecommunication Services–0.50%
AT&T		18,887		784,755
ATN International		980		69,012
Verizon Communications		9,960		485,550

				1,339,317

Electric Utilities–0.19%
Edison International		6,300		501,543

				501,543

Electrical Equipment–0.04%
Eaton		1,250		92,687

				92,687

Electronic Equipment, Instruments & Components–0.05%
†Anixter International		1,020		80,886
†II-VI		1,380		49,749

				130,635

Energy Equipment & Services–0.24%
Halliburton		11,530		567,391
†Keane Group		1,280		18,304
†Pioneer Energy Services		3,650		14,600
†Superior Energy Services		2,300		32,798

				633,093

Equity Real Estate Investment Trusts–3.27%
American Tower		1,550		188,387
Apartment Investment & Management		2,450		108,657
AvalonBay Communities		1,750		321,300


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Equity Real Estate Investment Trusts (continued)
Boston Properties		1,025	$	135,720
Brandywine Realty Trust		7,300		118,479
Camden Property Trust		400		32,184
Cousins Properties		4,650		38,455
Crown Castle International		3,670		346,631
DCT Industrial Trust		743		35,753
DDR		4,900		61,397
Douglas Emmett		4,525		173,760
Duke Realty		8,975		235,773
EastGroup Properties		1,150		84,559
EPR Properties		1,690		124,435
Equinix		469		187,774
Equity LifeStyle Properties		1,175		90,545
Equity Residential		12,443		774,204
Essex Property Trust		825		191,012
Extra Space Storage		1,175		87,408
Federal Realty Investment Trust		475		63,413
First Industrial Realty Trust		8,065		214,771
First Potomac Realty Trust		2,800		28,784
GGP		9,575		221,949
Gramercy Property Trust		3,913		102,912
Healthcare Realty Trust		2,550		82,875
Healthcare Trust of America Class A		2,462		77,454
Highwoods Properties		2,550		125,281
Host Hotels & Resorts		14,490		270,383
Kilroy Realty		1,525		109,922
Kimco Realty		4,725		104,375
Kite Realty Group Trust		4,232		90,988
LaSalle Hotel Properties		3,855		111,602
Lexington Realty Trust		5,525		55,139
Liberty Property Trust		1,175		45,296
Life Storage		1,050		86,226
LTC Properties		475		22,753
Macerich		1,375		88,550
Mack-Cali Realty		3,240		87,286
Mid-America Apartment Communities		1,096		111,507
National Retail Properties		4,580		199,780
Parkway		590		11,735
Pebblebrook Hotel Trust		4,550		132,905
Prologis		6,350		329,438
PS Business Parks		725		83,201
Public Storage		1,175		257,219
Ramco-Gershenson Properties Trust		9,450		132,489
Regency Centers		3,177		210,921
RLJ Lodging Trust		2,825		66,416
Sabra Health Care REIT		1,400		39,102
Simon Property Group		3,800		653,714
SL Green Realty		1,750		186,585
Spirit Realty Capital		6,975		70,657
Tanger Factory Outlet Centers		2,825		92,575
Taubman Centers		650		42,913


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Equity Real Estate Investment Trusts (continued)
UDR		4,075	$	147,759
Urban Edge Properties		1,275		33,533
Ventas		3,825		248,778
VEREIT		4,700		39,903
Vornado Realty Trust		2,525		253,283
Welltower		1,300		92,066

				8,762,871

Food & Staples Retailing–0.29%
Casey’s General Stores		670		75,207
CVS Health		7,850		616,225
Walgreens Boots Alliance		1,165		96,753

				788,185

Food Products–0.64%
Archer-Daniels-Midland		10,900		501,836
General Mills		1,250		73,763
J&J Snack Foods		660		89,470
Kraft Heinz		5,333		484,290
Mondelez International		11,500		495,420
Pinnacle Foods		1,250		72,337

				1,717,116

Gas Utilities–0.06%
South Jersey Industries		2,110		75,221
Spire		1,300		87,750

				162,971

Health Care Equipment & Supplies–0.49%
Abbott Laboratories		13,600		603,976
CONMED		2,110		93,705
†CryoLife		3,746		62,371
DENTSPLY SIRONA		3,241		202,368
†Edwards Lifesciences		890		83,722
†Merit Medical Systems		3,187		92,104
†Quidel		3,770		85,353
†Wright Medical Group		2,590		80,601

				1,304,200

Health Care Providers & Services–0.73%
†Air Methods		1,640		70,520
†Brookdale Senior Living		9,475		127,249
Cardinal Health		6,100		497,455
Cigna		980		143,560
†Express Scripts Holding		8,180		539,144
HealthSouth		1,670		71,493
Quest Diagnostics		5,100		500,769

				1,950,190

Hotels, Restaurants & Leisure–0.20%
Aramark		1,990		73,371
Cheesecake Factory		1,120		70,963
†Chuy’s Holdings		1,150		34,270


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Hotels, Restaurants & Leisure (continued)
†Del Frisco’s Restaurant Group		4,350	$	78,517
†Fiesta Restaurant Group		1,310		31,702
Jack in the Box		1,050		106,806
Starbucks		2,460		143,639

				539,268

Household Durables–0.05%
Newell Brands		3,026		142,736

				142,736

Household Products–0.05%
Kimberly-Clark		510		67,131
Procter & Gamble		740		66,489

				133,620

Industrial Conglomerates–0.13%
General Electric		8,540		254,492
Honeywell International		660		82,414

				336,906

Insurance–0.71%
Aflac		2,360		170,911
Allstate		6,100		497,089
American Equity Investment Life Holding		3,260		77,034
Infinity Property & Casualty		840		80,220
Marsh & McLennan		6,800		502,452
Primerica		1,430		117,546
Prudential Financial		1,020		108,814
Reinsurance Group of America		440		55,871
Selective Insurance Group		2,220		104,673
Travelers		710		85,583
United Fire Group		760		32,505
Validus Holdings		1,180		66,540

				1,899,238

Internet & Direct Marketing Retail–0.26%
†Amazon.com		180		159,577
†Liberty Interactive Corp. QVC Group Class A		13,911		278,498
†Shutterfly		1,400		67,606
†TripAdvisor		4,376		188,868

				694,549

Internet Software & Services–0.81%
†Alphabet Class A		720		610,416
†Alphabet Class C		274		227,299
†eBay		9,933		333,451
†Facebook Class A		4,411		626,583
†GrubHub		1,780		58,544
j2 Global		1,540		129,221
†Q2 Holdings		1,640		57,154


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Internet Software & Services (continued)
†Yahoo		3,000	$	139,230

				2,181,898

IT Services–0.56%
Accenture Class A		940		112,687
Convergys		3,900		82,485
†ExlService Holdings		2,010		95,194
Mastercard Class A		3,087		347,195
†PayPal Holdings		9,817		422,327
Visa Class A		4,902		435,641

				1,495,529

Leisure Products–0.03%
†Malibu Boats Class A		4,010		90,025

				90,025

Life Sciences Tools & Services–0.13%
†Quintiles IMS Holdings		3,047		245,375
Thermo Fisher Scientific		720		110,592

				355,967

Machinery–0.24%
Barnes Group		2,580		132,457
Columbus McKinnon		3,220		79,920
ESCO Technologies		2,230		129,563
Federal Signal		3,450		47,645
Kadant		1,870		110,985
Parker-Hannifin		890		142,685

				643,255

Media–0.32%
Cinemark Holdings		2,450		108,633
Comcast Class A		4,000		150,360
†Liberty Global Class A		1,498		53,733
†Liberty Global Class C		5,622		196,995
National CineMedia		3,990		50,394
Walt Disney		2,680		303,885

				864,000

Metals & Mining–0.07%
Kaiser Aluminum		1,000		79,900
Worthington Industries		2,220		100,100

				180,000

Multiline Retail–0.05%
Dollar General		2,009		140,088

				140,088

Multi-Utilities–0.04%
NorthWestern		1,830		107,421

				107,421

Oil, Gas & Consumable Fuels–0.97%
†Carrizo Oil & Gas		2,720		77,955


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Oil, Gas & Consumable Fuels (continued)
Chevron		6,271	$	673,317
ConocoPhillips		10,300		513,661
EOG Resources		1,040		101,452
Marathon Oil		19,915		314,657
Occidental Petroleum		8,930		565,805
†PDC Energy		1,220		76,067
Pioneer Natural Resources		770		143,397
†RSP Permian		1,870		77,474
†SRC Energy		7,920		66,845

				2,610,630

Paper & Forest Products–0.06%
†Boise Cascade		2,590		69,153
Neenah Paper		1,380		103,086

				172,239

Pharmaceuticals–0.89%
Allergan		955		228,169
†Catalent		3,460		97,987
Eli Lilly & Co.		1,260		105,979
Johnson & Johnson		5,179		645,044
†Medicines		1,920		93,888
Merck & Co.		9,837		625,043
Pfizer		14,514		496,524
†Prestige Brands Holdings		1,458		81,006

				2,373,640

Professional Services–0.24%
Kforce		3,340		79,325
Nielsen Holdings		5,846		241,498
†On Assignment		2,310		112,104
†TransUnion		1,640		62,894
†TriNet Group		2,510		72,539
†WageWorks		1,123		81,193

				649,553

Road & Rail–0.09%
†Swift Transportation		3,030		62,236
Union Pacific		1,560		165,235

				227,471

Semiconductors & Semiconductor Equipment–0.69%
Analog Devices		760		62,282
Broadcom		710		155,462
Brooks Automation		2,920		65,408
Intel		19,151		690,777
†MACOM Technology Solutions Holdings		1,779		85,939
Maxim Integrated Products		1,840		82,726
†MaxLinear Class A		3,670		102,943
†Microsemi		2,470		127,279
QUALCOMM		3,775		216,459


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Semiconductors & Semiconductor Equipment (continued)
†Semtech		3,360	$	113,568
†Silicon Laboratories		950		69,873
†Synaptics		1,300		64,363

				1,837,079

Software–1.17%
†Adobe Systems		1,460		189,990
CA		15,509		491,946
†Callidus Software		4,770		101,839
†Electronic Arts		2,940		263,189
†Guidewire Software		490		27,602
Intuit		1,291		149,743
Microsoft		11,203		737,830
Oracle		11,100		495,171
†Proofpoint		1,480		110,053
†salesforce.com		1,780		146,832
SS&C Technologies Holdings		1,920		67,968
Symantec		8,145		249,889
†Tyler Technologies		670		103,555

				3,135,607

Specialty Retail–0.31%
†Five Below		1,690		73,194
Home Depot		1,270		186,474
Lowe’s		6,100		501,481
Tractor Supply		980		67,591

				828,740

Technology Hardware, Storage & Peripherals–0.14%
Apple		2,600		373,516

				373,516

Textiles, Apparel & Luxury Goods–0.07%
NIKE Class B		1,630		90,840
†Steven Madden		2,572		99,151

				189,991

Thrifts & Mortgage Finance–0.13%
†Essent Group		2,870		103,808
†MGIC Investment		15,090		152,862
WSFS Financial		1,940		89,143

				345,813

Trading Companies & Distributors–0.04%
Applied Industrial Technologies		1,640		101,434

				101,434

Total U.S. Markets (Cost $32,937,224)				51,387,293


§DEVELOPED MARKETS–6.98%
Aerospace & Defense–0.15%
†Leonardo		7,325		103,852


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Aerospace & Defense (continued)
Meggitt		55,366	$	308,896

				412,748

Air Freight & Logistics–0.22%
Deutsche Post		17,433		597,074

				597,074

Auto Components–0.27%
Sumitomo Rubber Industries		26,800		456,657
Valeo		3,952		263,204

				719,861

Automobiles–0.39%
Bayerische Motoren Werke		4,927		449,451
Toyota Motor		11,000		596,982

				1,046,433

Banks–1.01%
ING Groep		31,222		471,969
Mitsubishi UFJ Financial Group		118,600		745,391
Nordea Bank		57,307		654,250
†Standard Chartered		49,287		471,165
UniCredit		23,600		363,800

				2,706,575

Beverages–0.28%
Carlsberg Class B		4,517		417,137
Coca-Cola Amatil		41,219		340,736

				757,873

Biotechnology–0.12%
Shire		5,652		330,064

				330,064

Construction & Engineering–0.26%
Vinci		8,782		696,090

				696,090

Diversified Telecommunication Services–0.23%
Nippon Telegraph & Telephone		14,082		601,075

				601,075

Food Products–0.10%
†Aryzta		8,503		272,921

				272,921

Household Durables–0.16%
Techtronic Industries		106,000		428,965

				428,965

Industrial Conglomerates–0.21%
Koninklijke Philips		17,034		547,518

				547,518


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Insurance–0.20%
AXA		20,658	$	534,531

				534,531

IT Services–0.16%
†CGI Group Class A		7,499		359,316
†InterXion Holding		1,580		62,505

				421,821

Life Sciences Tools & Services–0.03%
†ICON		1,080		86,098

				86,098

Machinery–0.13%
MINEBEA MITSUMI		26,700		356,144

				356,144

Media–0.07%
Publicis Groupe		2,590		181,005

				181,005

Metals & Mining–0.22%
Alamos Gold		18,311		147,055
†Anglo American ADR		6,200		47,182
Rio Tinto		8,093		325,434
Yamana Gold		24,237		66,887

				586,558

Multi-Utilities–0.04%
National Grid		9,152		116,213

				116,213

Oil, Gas & Consumable Fuels–0.27%
Suncor Energy		10,500		322,378
TOTAL		7,925		400,865

				723,243

Pharmaceuticals–0.62%
Novartis		7,740		574,521
Sanofi		7,926		715,501
Teva Pharmaceutical Industries ADR		11,900		381,871

				1,671,893

Professional Services–0.16%
Teleperformance		3,880		419,092

				419,092

Road & Rail–0.19%
East Japan Railway		5,667		493,451

				493,451

Semiconductors & Semiconductor Equipment–0.05%
†ASML Holding (New York Shares)		890		118,192

				118,192


	Number of		Value
	Shares		(U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Software–0.15%
Playtech		33,499	$	390,749

				390,749

Specialty Retail–0.15%
Nitori Holdings		3,206		405,178

				405,178

Textiles, Apparel & Luxury Goods–0.36%
Kering		1,502		388,486
Yue Yuen Industrial Holdings		149,000		585,723

				974,209

Tobacco–0.32%
Imperial Brands		7,841		379,894
Japan Tobacco		15,000		487,470

				867,364

Trading Companies & Distributors–0.32%
ITOCHU		45,742		649,172
Rexel		11,714		212,690

				861,862

Wireless Telecommunication Services–0.14%
Tele2 Class B		40,013		382,016

				382,016

Total Developed Markets (Cost $14,740,231)				18,706,816


×EMERGING MARKETS–4.77%
Air Freight & Logistics–0.00%
†ZTO Express Cayman ADR		285		3,731

				3,731

Airlines–0.02%
†Gol Linhas Aereas Inteligentes ADR		2,481		65,747

				65,747

Automobiles–0.08%
Astra International		233,800		151,328
Hyundai Motor		467		65,772

				217,100

Banks–0.54%
Akbank		77,374		181,596
Banco Bradesco ADR		15,200		155,648
Bangkok Bank		19,705		104,080
Grupo Financiero Banorte		13,600		78,263
Grupo Financiero Santander Mexico Class B ADR		13,200		119,196
ICICI Bank ADR		24,800		213,280
Industrial & Commercial Bank of China		78,000		50,986


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Banks (continued)
Itau Unibanco Holding ADR		18,811	$	227,049
†KB Financial Group ADR		3,122		137,274
=Sberbank of Russia		67,341		191,215

				1,458,587

Beverages–0.27%
Anadolu Efes Biracilik Ve Malt Sanayii		10,880		59,303
Cia Cervecerias Unidas ADR		4,000		101,080
Coca-Cola Femsa ADR		3,800		272,460
Fomento Economico Mexicano ADR		2,034		180,050
Lotte Chilsung Beverage		95		120,205

				733,098

Building Products–0.05%
KCC		403		127,570

				127,570

Chemicals–0.06%
Braskem ADR		4,703		95,706
Sociedad Quimica y Minera de Chile ADR		2,000		68,740

				164,446

Construction Materials–0.13%
†Cemex ADR		12,683		115,031
†Cemex Latam Holdings		7,601		28,025
UltraTech Cement		3,479		213,490

				356,546

Diversified Telecommunication Services–0.11%
LG Uplus		6,316		80,764
Telefonica Brasil ADR		13,495		200,401

				281,165

Electronic Equipment, Instruments & Components–0.09%
Hon Hai Precision Industry		51,680		154,994
Samsung SDI		706		87,122

				242,116

Food & Staples Retailing–0.12%
Cia Brasileira de Distribuicao ADR		4,900		94,080
Wal-Mart de Mexico		30,957		71,431
†X5 Retail Group GDR		4,842		162,933

				328,444

Food Products–0.26%
BRF ADR		8,701		106,587
China Mengniu Dairy		51,000		105,655
JBS		10,200		33,429
Lotte Confectionery		950		163,105
Tingyi Cayman Islands Holding		106,606		133,883
Uni-President China Holdings		219,000		154,144

				696,803


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Hotels, Restaurants & Leisure–0.04%
†Arcos Dorados Holdings		13,400	$	107,870

				107,870

Insurance–0.07%
Samsung Life Insurance		1,825		177,066

				177,066

Internet & Direct Marketing Retail–0.14%
†B2W Cia Digital		54,703		215,800
†Ctrip.com International ADR		3,300		162,195

				377,995

Internet Software & Services–0.69%
†Alibaba Group Holding ADR		3,740		403,284
†Baidu ADR		2,500		431,300
†SINA		3,955		285,235
†Sohu.com		6,500		255,645
Tencent Holdings		15,900		455,835
†Weibo ADR		333		17,350

				1,848,649

IT Services–0.03%
†WNS Holdings ADR		2,590		74,100

				74,100

Media–0.09%
Grupo Televisa ADR		9,198		238,596

				238,596

Metals & Mining–0.02%
Cia de Minas Buenaventura ADR		4,200		50,568
†Impala Platinum Holdings		4,458		15,026

				65,594

Multiline Retail–0.03%
Woolworths Holdings		15,815		82,410

				82,410

Oil, Gas & Consumable Fuels–0.68%
Cairn India		22,734		107,079
China Petroleum & Chemical		140,050		113,532
Gazprom ADR		38,183		170,678
LUKOIL ADR		2,998		159,074
†Petroleo Brasileiro ADR		20,655		200,147
PTT-Foreign		13,878		156,298
#Reliance Industries GDR 144A		19,612		790,364
Rosneft Oil GDR		21,867		124,423

				1,821,595

Pharmaceuticals–0.03%
Hypermarcas		8,400		77,813

				77,813


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Real Estate Management & Development–0.06%
#=Etalon Group GDR 144A		6,900	$	26,082
†IRSA Inversiones y Representaciones ADR		3,100		75,981
UEM Sunrise		183,302		52,603

				154,666

Road & Rail–0.00%
†Rumo		3,630		9,926

				9,926

Semiconductors & Semiconductor Equipment–0.28%
MediaTek		33,000		233,830
Taiwan Semiconductor Manufacturing		41,594		259,084
Taiwan Semiconductor Manufacturing ADR		7,400		243,016

				735,930

Technology Hardware, Storage & Peripherals–0.29%
Samsung Electronics		418		769,990

				769,990

Transportation Infrastructure–0.01%
†Santos Brasil Participacoes		29,190		21,166

				21,166

Wireless Telecommunication Services–0.58%
America Movil ADR		11,882		168,368
China Mobile		25,120		274,909
China Mobile ADR		800		44,184
Mobile TeleSystems ADR		5,600		61,768
SK Telecom ADR		22,200		558,996
TIM Participacoes ADR		15,900		254,082
†Turkcell Iletisim Hizmetleri ADR		7,751		64,178
VEON ADR		14,700		59,976
Vodacom Group		5,149		58,336

				1,544,797

Total Emerging Markets (Cost $11,139,901)				12,783,516


Total Common Stock (Cost $58,817,356)				82,877,625


EXCHANGE-TRADED FUNDS–6.12%
iShares MSCI EAFE ETF		53,025		3,302,927
iShares MSCI EAFE Growth ETF		92,500		6,427,825
iShares Russell 1000 Growth ETF		24,280		2,763,064
Vanguard FTSE Developed Markets ETF		81,695		3,210,613
Vanguard Mega Cap Growth ETF		3,470		332,114


	Number of Shares		Value (U.S. $)

EXCHANGE-TRADED FUNDS (continued)
Vanguard Russell 1000 Growth ETF		3,030	$	353,601

Total Exchange-Traded Funds (Cost $12,633,897)				16,390,144


PREFERRED STOCK–0.37%
•Bank of America 6.50%		225,000		245,812
•General Electric 5.00%		410,000		433,063
•Integrys Holding 6.00%		8,750		228,484
#•USB Realty 144A 2.169%		100,000		85,250

Total Preferred Stock (Cost $951,100)				992,609


	Principal Amount°

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–2.39%
Fannie Mae REMICs
•*Series 2008-15 SB 5.618% 8/25/36		25,425		4,829
•*Series 2010-129 SM 5.018% 11/25/40		195,351		31,673
*Series 2012-98 MI 3.00% 8/25/31		272,888		30,816
•*Series 2012-122 SD 5.118% 11/25/42		329,152		67,623
*Series 2013-7 EI 3.00% 10/25/40		152,164		20,484
*Series 2013-26 ID 3.00% 4/25/33		230,499		32,336
*Series 2013-38 AI 3.00% 4/25/33		214,331		29,003
*Series 2013-43 IX 4.00% 5/25/43		797,444		188,349
*Series 2013-44 DI 3.00% 5/25/33		693,336		110,599
*Series 2013-55 AI 3.00% 6/25/33		326,621		47,261
Series 2014-36 ZE 3.00% 6/25/44		160,024		146,197
•*Series 2014-68 BS 5.168% 11/25/44		273,996		53,640
•*Series 2014-90 SA 5.168% 1/25/45		763,572		153,717
•*Series 2015-27 SA 5.468% 5/25/45		103,199		21,954
Series 2015-40 GZ 3.50% 5/25/45		72,500		68,999
Series 2015-44 Z 3.00% 9/25/43		276,104		266,944
Series 2015-89 AZ 3.50% 12/25/45		25,145		24,306


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs (continued)
•*Series 2015-95 SH 5.018% 1/25/46		247,648	$	53,065
*Series 2016-50 IB 3.00% 2/25/46		96,653		14,574
•*Series 2016-55 SK 5.018% 8/25/46		203,023		48,652
•*Series 2016-62 SA 5.018% 9/25/46		395,585		94,970
•*Series 2016-74 GS 5.018% 10/25/46		97,282		23,973
*Series 2017-12 JI 3.50% 5/25/40		114,479		16,179
Freddie Mac REMICs
Series 4065 DE 3.00% 6/15/32		40,000		40,252
*Series 4109 AI 3.00% 7/15/31		496,139		53,396
*Series 4120 IK 3.00% 10/15/32		411,701		56,215
*Series 4146 IA 3.50% 12/15/32		217,443		34,241
•*Series 4159 KS 5.238% 1/15/43		195,085		44,878
*Series 4161 IM 3.50% 2/15/43		68,737		15,559
*Series 4181 DI 2.50% 3/15/33		132,421		14,895
•*Series 4184 GS 5.208% 3/15/43		217,712		49,620
*Series 4185 LI 3.00% 3/15/33		169,859		23,723
*Series 4191 CI 3.00% 4/15/33		72,551		10,202
*Series 4342 CI 3.00% 11/15/33		80,367		10,410
Series 4435 DY 3.00% 2/15/35		222,000		220,381
Series 4457 KZ 3.00% 4/15/45		118,620		110,912
•*Series 4494 SA 5.268% 7/15/45		79,351		17,714
*Series 4543 HI 3.00% 4/15/44		107,835		16,489
•*Series 4594 SG 5.088% 6/15/46		592,368		144,751
Series 4614 HB 2.50% 9/15/46		101,000		90,314
•*Series 4618 SA 5.088% 9/15/46		121,669		29,884
Series 4623 LZ 2.50% 10/15/46		87,910		75,023
Series 4623 MW 2.50% 10/15/46		105,000		95,365
*Series 4625 BI 3.50% 6/15/46		381,494		75,683
•*Series 4631 GS 5.088% 11/15/46		434,869		94,939
•*Series 4648 SA 5.088% 1/15/47		291,565		66,676
Freddie Mac Strips
•*Series 267 S5 5.088% 8/15/42		274,014		55,552
•*Series 299 S1 5.088% 1/15/43		209,176		42,837
•*Series 326 S2 5.038% 3/15/44		144,105		28,557


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Freddie Mac Structured Agency Credit Risk Debt Notes
•Series 2014-DN4 M2 3.382% 10/25/24		38,377	$	38,473
•Series 2015-DNA3 M2 3.832% 4/25/28		491,616		510,028
•Series 2015-HQA1 M2 3.632% 3/25/28		204,999		210,060
•Series 2016-DNA3 M2 2.982% 12/25/28		250,000		255,174
•Series 2016-DNA4 M2 2.282% 3/25/29		500,000		501,457
•Series 2016-HQA2 M2 3.232% 11/25/28		250,000		257,843
◆Freddie Mac Structured Pass Through Certificates Series T-58 2A 6.50% 9/25/43		70,392		81,448
GNMA
Series 2012-136 MX 2.00% 11/20/42		40,000		36,276
Series 2013-113 AZ 3.00% 8/20/43		276,109		261,947
Series 2013-113 LY 3.00% 5/20/43		29,000		28,582
Series 2015-64 GZ 2.00% 5/20/45		106,844		86,913
*Series 2015-74 CI 3.00% 10/16/39		218,706		27,755
Series 2015-133 AL 3.00% 5/20/45		294,000		287,321
*Series 2015-142 AI 4.00% 2/20/44		78,694		9,949
•*Series 2016-108 SK 5.072% 8/20/46		300,471		72,366
Series 2016-111 PB 2.50% 8/20/46		97,000		87,289
*Series 2016-116 GI 3.50% 11/20/44		374,839		64,704
*Series 2016-118 DI 3.50% 3/20/43		426,409		64,926
•*Series 2016-120 AS 5.122% 9/20/46		324,703		80,060
•*Series 2016-120 NS 5.122% 9/20/46		431,635		107,481
•*Series 2016-121 JS 5.122% 9/20/46		318,093		77,577
Series 2016-134 MW 3.00% 10/20/46		16,000		15,930
Series 2016-156 PB 2.00% 11/20/46		61,000		49,185
*Series 2016-160 GI 3.50% 11/20/46		255,605		58,723


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
GNMA (continued)
*Series 2016-163 MI 3.50% 11/20/46		209,604	$	27,005
*Series 2016-163 XI 3.00% 10/20/46		302,511		39,877

Total Agency Collateralized Mortgage Obligations (Cost $6,754,899)				6,406,960

AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–0.64%
Freddie Mac Multifamily Structured Pass Through Certificates
◆Series K719 A1 2.53% 12/25/21		71,835		72,411
◆Series K724 A2 3.062% 11/25/23		165,000		170,078
•◆Series KS03 A4 3.161% 5/25/25		150,000		151,317
FREMF Mortgage Trust
#•Series 2011-K10 B 144A 4.631% 11/25/49		60,000		63,701
#•Series 2011-K12 B 144A 4.345% 1/25/46		115,000		121,445
#•Series 2011-K14 B 144A 5.167% 2/25/47		70,000		76,515
#•Series 2011-K15 B 144A 4.949% 8/25/44		15,000		16,294
#•Series 2011-K704 144A 4.536% 10/25/30		110,000		113,140
#•Series 2012-K18 B 144A 4.256% 1/25/45		85,000		89,953
#•Series 2012-K22 B 144A 3.686% 8/25/45		150,000		154,205
#•Series 2012-K708 B 144A 3.752% 2/25/45		145,000		148,192
#•Series 2013-K32 B 144A 3.538% 10/25/46		110,000		109,968
#•Series 2013-K33 B 144A 3.502% 8/25/46		120,000		119,286
#•Series 2013-K712 B 144A 3.365% 5/25/45		80,000		81,604
#•Series 2013-K713 B 144A 3.166% 4/25/46		50,000		50,729
#•Series 2013-K713 C 144A 3.166% 4/25/46		165,000		165,441

Total Agency Commercial Mortgage-Backed Securities (Cost $1,712,763)				1,704,279

AGENCY MORTGAGE-BACKED SECURITIES–1.49%
Fannie Mae ARM
•2.91% 7/1/45		44,317		45,276


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae ARM (continued)
•3.076% 8/1/35		1,372	$	1,448
•3.225% 3/1/44		122,431		126,865
Fannie Mae S.F. 30 yr
5.50% 11/1/34		5,939		6,650
5.50% 4/1/37		125,245		141,421
5.50% 8/1/37		22,572		25,278
5.50% 3/1/38		28,468		31,845
5.50% 6/1/39		61,963		69,354
5.50% 7/1/40		64,690		72,376
5.50% 5/1/44		1,393,058		1,558,976
6.00% 9/1/36		27,261		31,555
6.00% 12/1/36		6,264		7,133
6.00% 6/1/37		3,430		3,911
6.00% 9/1/38		18,617		21,293
6.00% 11/1/38		14,631		16,702
6.00% 10/1/39		214,054		245,080
6.00% 11/1/40		10,066		11,533
7.50% 6/1/31		8,861		10,748
Freddie Mac ARM
•2.553% 10/1/46		170,318		171,084
•2.929% 10/1/45		89,067		91,100
•3.105% 3/1/46		120,608		123,447
Freddie Mac S.F. 30 yr
5.00% 6/1/36		113,082		123,547
5.50% 3/1/34		7,511		8,445
5.50% 12/1/34		7,118		8,004
5.50% 12/1/35		7,542		8,478
5.50% 8/1/40		17,297		19,181
5.50% 6/1/41		77,102		86,122
6.00% 2/1/36		14,888		16,949
6.00% 3/1/36		19,647		22,377
6.00% 8/1/38		23,330		26,737
6.00% 5/1/40		36,438		41,453
6.50% 4/1/39		36,532		41,135
7.00% 11/1/33		1,271		1,465
GNMA I S.F. 30 yr
5.50% 2/15/41		51,398		57,497
7.00% 12/15/34		67,827		79,808
GNMA II S.F. 30 yr
5.50% 5/20/37		38,668		43,013
5.50% 4/20/40		34,975		38,239
6.00% 2/20/39		50,130		56,822
6.00% 10/20/39		163,609		182,712
6.00% 2/20/40		169,227		189,529
6.00% 4/20/46		56,136		62,814
6.50% 10/20/39		63,105		71,239

Total Agency Mortgage-Backed Securities (Cost $3,984,644)				3,998,641


	Principal Amount°		Value (U.S. $)

CONVERTIBLE BOND–0.00%
#Pacira Pharmaceuticals 144A 2.375% exercise price $66.89, maturity date 4/1/22		3,000	$	3,122

Total Convertible Bond (Cost $3,000)				3,122


CORPORATE BONDS–37.28%
Aerospace & Defense–0.11%
Rockwell Collins 3.20% 3/15/24		150,000		150,060
United Technologies 3.75% 11/1/46		165,000		155,317

				305,377

Air Freight & Logistics–0.52%
#•AerCap Global Aviation Trust 144A 6.50% 6/15/45		400,000		419,500
Aviation Capital Group
#144A 2.875% 9/17/18		10,000		10,104
#144A 2.875% 1/20/22		500,000		497,095
#144A 4.875% 10/1/25		175,000		188,567
#Park Aerospace Holdings 144A 5.50% 2/15/24		262,000		273,135

				1,388,401

Airlines–0.25%
#◆Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27		102,973		103,617
◆American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26		88,539		88,982
◆American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27		111,507		109,416
◆American Airlines 2015-2 Class AA Pass Through Trust 3.60% 9/22/27		33,343		33,568
◆American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28		68,230		68,144
◆United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26		73,217		75,963
◆United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26		169,051		171,811
◆United Airlines 2016-1 Class AA Pass Through Trust 3.10% 7/7/28		10,000		9,850

				661,351

Auto Components–0.10%
#Allison Transmission 144A 5.00% 10/1/24		100,000		101,250


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Auto Components (continued)
Goodyear Tire & Rubber 5.00% 5/31/26		155,000	$	159,263

				260,513

Automobiles–0.07%
Daimler 2.75% 12/10/18	NOK	580,000		69,404
General Motors 6.75% 4/1/46		100,000		117,632

				187,036

Banks–6.17%
#Banco Nacional de Costa Rica 144A 5.875% 4/25/21		200,000		203,750
Bank Nederlandse Gemeenten 3.50% 7/19/27	AUD	31,000		23,522
Bank of America
•3.124% 1/20/23		655,000		659,094
3.30% 8/5/21	AUD	30,000		22,850
•3.824% 1/20/28		215,000		215,797
4.183% 11/25/27		185,000		186,038
•4.443% 1/20/48		240,000		242,550
Barclays
4.337% 1/10/28		500,000		500,079
4.95% 1/10/47		200,000		200,558
•8.25% 12/29/49		400,000		421,388
BB&T 2.45% 1/15/20		185,000		186,961
#BBVA Bancomer 144A 6.50% 3/10/21		150,000		165,000
Branch Banking & Trust 2.85% 4/1/21		315,000		320,012
Capital One Financial 3.75% 3/9/27		125,000		124,501
Citigroup 3.75% 10/27/23	AUD	39,000		29,799
Citizens Bank 2.55% 5/13/21		250,000		248,822
Citizens Financial Group 4.30% 12/3/25		160,000		165,203
Compass Bank 3.875% 4/10/25		250,000		245,828
Cooperatieve Rabobank
2.50% 9/4/20	NOK	270,000		32,737
3.75% 7/21/26		250,000		244,296
#Export-Import Bank of India 144A 3.375% 8/5/26		300,000		287,330
Export-Import Bank of Korea 4.00% 6/7/27	AUD	20,000		15,214
Fifth Third Bancorp 2.875% 7/27/20		80,000		81,473
Fifth Third Bank 3.85% 3/15/26		460,000		464,539
Huntington Bancshares 2.30% 1/14/22		120,000		117,081
#ICICI Bank 144A 4.00% 3/18/26		200,000		199,514
ING Groep 3.95% 3/29/27		500,000		502,211
JPMorgan Chase & Co.
•3.782% 2/1/28		450,000		454,802


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Banks (continued)
JPMorgan Chase & Co. (continued)
4.25% 10/1/27		215,000	$	220,737
•4.26% 2/22/48		345,000		344,874
•6.75% 8/29/49		165,000		182,119
JPMorgan Chase Bank 1.65% 9/23/19		250,000		248,792
KeyBank 6.95% 2/1/28		615,000		770,535
•KeyCorp 5.00% 12/29/49		275,000		272,937
Landwirtschaftliche Rentenbank 5.375% 4/23/24	NZD	88,000		67,389
Lloyds Banking Group
3.00% 1/11/22		200,000		199,076
•7.50% 4/30/49		200,000		212,020
PNC Bank
2.45% 11/5/20		250,000		251,209
2.625% 2/17/22		250,000		250,376
6.875% 4/1/18		740,000		775,891
•PNC Financial Services Group 5.00% 12/29/49		205,000		204,487
Popular 7.00% 7/1/19		295,000		309,381
Royal Bank of Scotland Group
3.875% 9/12/23		200,000		197,390
•8.625% 12/29/49		400,000		418,000
#Santander UK 144A 5.00% 11/7/23		200,000		209,072
Santander UK Group Holdings
3.125% 1/8/21		20,000		20,123
3.571% 1/10/23		400,000		400,508
SunTrust Bank 3.30% 5/15/26		200,000		194,572
SunTrust Banks 2.70% 1/27/22		100,000		99,723
SVB Financial Group 3.50% 1/29/25		200,000		195,807
#Swedbank 144A 2.65% 3/10/21		400,000		402,207
Toronto-Dominion Bank
2.125% 4/7/21		140,000		138,839
2.50% 12/14/20		130,000		131,253
•3.625% 9/15/31		200,000		196,177
U.S. Bancorp
2.375% 7/22/26		250,000		233,881
3.10% 4/27/26		240,000		236,232
•UBS Group 6.875% 12/29/49		305,000		314,565
UBS Group Funding Jersey
#144A 2.65% 2/1/22		200,000		196,294
#144A 3.00% 4/15/21		200,000		200,536
•USB Capital IX 3.50% 10/29/49		780,000		663,975
Wells Fargo & Co.
3.00% 7/27/21	AUD	47,000		35,378
3.069% 1/24/23		285,000		286,924
4.75% 12/7/46		175,000		179,213
Wells Fargo Bank 2.15% 12/6/19		300,000		301,127
Wells Fargo Capital X 5.95% 12/15/36		60,000		64,575


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Banks (continued)
•Westpac Banking 4.322% 11/23/31		160,000	$	161,998
Zions Bancorporation 4.50% 6/13/23		170,000		176,459

				16,525,600

Beverages–0.76%
Anheuser-Busch InBev Finance 3.65% 2/1/26		985,000		997,855
#Becle 144A 3.75% 5/13/25		350,000		343,603
#Heineken 144A 3.50% 1/29/28		75,000		75,146
Molson Coors Brewing
3.00% 7/15/26		175,000		166,746
4.20% 7/15/46		155,000		145,738
#Pernod Ricard 144A 4.45% 1/15/22		300,000		319,699

				2,048,787

Biotechnology–0.31%
Biogen 5.20% 9/15/45		175,000		189,913
Celgene
3.25% 8/15/22		405,000		412,261
4.625% 5/15/44		115,000		114,494
Gilead Sciences 4.15% 3/1/47		110,000		102,838

				819,506

Building Products–0.51%
#Boise Cascade 144A 5.625% 9/1/24		55,000		56,100
#Builders FirstSource 144A 5.625% 9/1/24		150,000		152,813
Fortune Brands Home & Security 3.00% 6/15/20		105,000		106,354
LafargeHolcim Finance US
#144A 3.50% 9/22/26		200,000		193,736
#144A 4.75% 9/22/46		200,000		201,003
Lennox International 3.00% 11/15/23		135,000		132,877
Masco 3.50% 4/1/21		230,000		235,200
#NCI Building Systems 144A 8.25% 1/15/23		80,000		87,200
U.S. Concrete
#144A 6.375% 6/1/24		175,000		182,000
6.375% 6/1/24		10,000		10,400

				1,357,683

Capital Markets–1.63%
Affiliated Managers Group 3.50% 8/1/25		175,000		172,248
Bank of New York Mellon
2.15% 2/24/20		45,000		45,203
2.20% 8/16/23		160,000		153,745
2.50% 4/15/21		355,000		356,129


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Capital Markets (continued)
Bank of New York Mellon (continued)
•3.442% 2/7/28		220,000	$	221,949
•4.625% 12/29/49		255,000		245,437
BlackRock 3.20% 3/15/27		135,000		135,230
#Export Credit Bank of Turkey 144A 5.375% 2/8/21		200,000		201,698
Goldman Sachs Group
•3.08% 8/21/19	AUD	10,000		7,703
3.85% 1/26/27		320,000		322,157
5.15% 5/22/45		330,000		348,056
•HSBC Holdings 4.041% 3/13/28		200,000		202,411
Jefferies Group
6.45% 6/8/27		110,000		124,669
6.50% 1/20/43		60,000		65,296
Morgan Stanley
2.625% 11/17/21		195,000		193,924
3.95% 4/23/27		125,000		124,053
4.375% 1/22/47		465,000		467,270
5.00% 9/30/21	AUD	38,000		31,017
#Nationwide Building Society 144A 4.00% 9/14/26		500,000		485,000
State Street
2.55% 8/18/20		175,000		177,435
3.10% 5/15/23		110,000		110,889
3.55% 8/18/25		170,000		174,894

				4,366,413

Chemicals–1.35%
CF Industries 6.875% 5/1/18		315,000		329,175
Dow Chemical 8.55% 5/15/19		1,129,000		1,280,473
#Equate Petrochemical 144A 3.00% 3/3/22		200,000		195,820
#INVISTA Finance 144A 4.25% 10/15/19		215,000		221,987
LYB International Finance II 3.50% 3/2/27		285,000		280,268
#OCP 144A 4.50% 10/22/25		200,000		197,775
Olin 5.125% 9/15/27		140,000		142,716
PolyOne 5.25% 3/15/23		145,000		146,813
Potash Corp. of Saskatchewan 4.00% 12/15/26		150,000		153,866
#Westlake Chemical 144A 5.00% 8/15/46		340,000		350,465
#WR Grace & Co. 144A 5.625% 10/1/24		295,000		311,963

				3,611,321

Commercial Services & Supplies–0.90%
#Avis Budget Car Rental 144A 6.375% 4/1/24		155,000		155,969
ERAC USA Finance #144A 3.30% 12/1/26		265,000		254,363


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Commercial Services & Supplies (continued)
ERAC USA Finance (continued)
#144A 4.20% 11/1/46		5,000	$	4,565
#Herc Rentals 144A 7.50% 6/1/22		84,000		89,670
#Live Nation Entertainment 144A 4.875% 11/1/24		170,000		170,425
#NES Rentals Holdings 144A 7.875% 5/1/18		125,000		126,101
#Nielsen Co. Luxembourg 144A 5.00% 2/1/25		210,000		209,737
Penske Truck Leasing
#144A 3.30% 4/1/21		150,000		152,183
#144A 3.40% 11/15/26		40,000		38,530
#144A 4.20% 4/1/27		290,000		295,857
#Prime Security Services Borrower 144A 9.25% 5/15/23		200,000		219,750
#ServiceMaster 144A 5.125% 11/15/24		200,000		205,500
#SMBC Aviation Capital Finance 144A 2.65% 7/15/21		200,000		194,895
#Transurban Finance 144A 3.375% 3/22/27		75,000		72,676
United Rentals North America
5.50% 7/15/25		151,000		156,096
5.875% 9/15/26		65,000		68,006

				2,414,323

Communications Equipment–0.07%
Cisco Systems 1.85% 9/20/21		180,000		176,638

				176,638

Computers & Peripherals–0.12%
Diamond 1 Finance
#144A 6.02% 6/15/26		115,000		125,590
#144A 8.10% 7/15/36		5,000		6,296
DXC Technology
#144A 4.25% 4/15/24		65,000		66,192
#144A 4.75% 4/15/27		125,000		127,734

				325,812

Construction Materials–0.23%
#Cemex 144A 7.75% 4/16/26		400,000		451,084
#Union Andina de Cementos 144A 5.875% 10/30/21		150,000		156,375

				607,459

Consumer Finance–0.85%
#BMW U.S. Capital 144A 3.30% 4/6/27		180,000		179,563
Daimler Finance North America
#144A 2.20% 10/30/21		150,000		146,806
#144A 3.45% 1/6/27		215,000		215,885
Ford Motor Credit 3.096% 5/4/23		200,000		195,398


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Consumer Finance (continued)
Ford Motor Credit (continued)
4.389% 1/8/26		500,000	$	511,604
General Motors Financial
3.70% 5/9/23		110,000		110,561
5.25% 3/1/26		450,000		484,331
Hyundai Capital America
#144A 2.125% 10/2/17		155,000		155,251
#144A 3.00% 3/18/21		110,000		110,475
Toyota Motor Credit 2.80% 7/13/22		155,000		156,204

				2,266,078

Containers & Packaging–0.35%
#Ardagh Packaging Finance 144A 6.00% 2/15/25		255,000		258,506
Ball 5.25% 7/1/25		140,000		148,750
#BWAY Holding 144A 5.50% 4/15/24		155,000		156,648
#CCL Industries 144A 3.25% 10/1/26		125,000		119,875
#Crown Americas 144A 4.25% 9/30/26		70,000		67,507
#Owens-Brockway Glass Container 144A 5.875% 8/15/23		165,000		174,900

				926,186

Diversified Financial Services–1.64%
AerCap Ireland Capital 3.95% 2/1/22		285,000		293,006
Air Lease
3.00% 9/15/23		185,000		181,046
3.625% 4/1/27		430,000		418,804
Berkshire Hathaway 2.75% 3/15/23		110,000		110,117
#CK Hutchison International 17 144A 3.50% 4/5/27		200,000		199,665
#•Credit Suisse Group 144A 6.25% 12/29/49		600,000		610,775
Credit Suisse Group Funding Guernsey 4.55% 4/17/26		730,000		755,889
•E*TRADE Financial 5.875% 12/29/49		210,000		217,350
International Lease Finance 8.625% 1/15/22		165,000		202,515
Lazard Group 3.625% 3/1/27		120,000		117,257
National Rural Utilities Cooperative Finance
2.70% 2/15/23		220,000		218,135
•4.75% 4/30/43		200,000		205,000
•5.25% 4/20/46		155,000		161,751
#Peachtree Corners Funding Trust 144A 3.976% 2/15/25		130,000		130,749


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Financial Services (continued)
#SUAM Finance 144A 4.875% 4/17/24		100,000	$	104,070
UBS Group Funding Switzerland
#144A 3.491% 5/23/23		200,000		201,526
#144A 4.253% 3/23/28		260,000		264,259

				4,391,914

Diversified Telecommunication Services–1.18%
AT&T 5.25% 3/1/37		665,000		680,003
Bell Canada 3.35% 3/22/23	CAD	53,000		41,703
CenturyLink
5.80% 3/15/22		185,000		191,475
6.75% 12/1/23		360,000		376,650
#Cincinnati Bell 144A 7.00% 7/15/24		140,000		147,175
#Digicel 144A 6.00% 4/15/21		200,000		182,750
#GTP Acquisition Partners I 144A 2.35% 6/15/20		100,000		98,843
SBA Tower Trust
#144A 2.24% 4/16/18		180,000		180,069
#144A 2.898% 10/15/19		90,000		90,280
Telefonica Emisiones 5.213% 3/8/47		600,000		609,667
Verizon Communications 5.25% 3/16/37		140,000		145,192
#Virgin Media Secured Finance 144A 5.25% 1/15/26		200,000		201,750
#Wind Acquisition Finance 144A 7.375% 4/23/21		200,000		208,500

				3,154,057

Electric Utilities–3.50%
#AES Andres 144A 7.95% 5/11/26		200,000		215,074
Berkshire Hathaway Energy 3.75% 11/15/23		310,000		324,441
ComEd Financing III 6.35% 3/15/33		220,000		235,273
Consumers Energy 3.25% 8/15/46		130,000		116,155
Dominion Resources 3.90% 10/1/25		360,000		367,195
DTE Energy
2.85% 10/1/26		160,000		150,015
3.30% 6/15/22		180,000		182,972
3.80% 3/15/27		75,000		76,211
Duke Energy
2.65% 9/1/26		440,000		410,796
4.80% 12/15/45		70,000		74,207
•Emera 6.75% 6/15/76		285,000		312,431
Emera U.S. Finance
3.55% 6/15/26		585,000		576,189
4.75% 6/15/46		190,000		192,473


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
#•Enel 144A 8.75% 9/24/73		390,000	$	449,475
Enel Americas 4.00% 10/25/26		95,000		94,022
#Enel Finance International 144A 6.00% 10/7/39		105,000		120,059
Entergy
2.95% 9/1/26		35,000		33,251
4.00% 7/15/22		440,000		461,413
Entergy Louisiana 4.95% 1/15/45		50,000		51,326
Entergy Mississippi 2.85% 6/1/28		155,000		147,639
Exelon
3.497% 6/1/22		150,000		151,560
3.95% 6/15/25		145,000		149,346
#Fortis 144A 3.055% 10/4/26		370,000		346,814
Great Plains Energy
3.90% 4/1/27		90,000		91,059
4.85% 6/1/21		95,000		101,458
Indiana Michigan Power
3.20% 3/15/23		125,000		126,449
4.55% 3/15/46		55,000		58,332
IPALCO Enterprises 5.00% 5/1/18		175,000		180,687
ITC Holdings 3.25% 6/30/26		165,000		160,604
Kansas City Power & Light 3.65% 8/15/25		275,000		276,563
LG&E & KU Energy 4.375% 10/1/21		395,000		417,438
#Massachusetts Electric 144A 4.004% 8/15/46		155,000		151,233
#Metropolitan Edison 144A 4.00% 4/15/25		125,000		126,261
MidAmerican Energy 4.25% 5/1/46		200,000		207,000
#New York State Electric & Gas 144A 3.25% 12/1/26		190,000		189,242
NextEra Energy Capital Holdings 3.625% 6/15/23		195,000		198,226
NV Energy 6.25% 11/15/20		195,000		219,190
#Pampa Energia 144A 7.50% 1/24/27		185,000		187,590
Pennsylvania Electric 5.20% 4/1/20		220,000		234,060
Public Service Co. of New Hampshire 3.50% 11/1/23		160,000		164,897
Public Service Co. of Oklahoma 5.15% 12/1/19		120,000		128,669
Southern
2.75% 6/15/20		240,000		242,219
3.25% 7/1/26		295,000		281,981
4.40% 7/1/46		205,000		196,726


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
#Trans-Allegheny Interstate Line 144A 3.85% 6/1/25		90,000	$	92,344
Wisconsin Electric Power 4.30% 12/15/45		105,000		107,420

				9,377,985

Electronic Equipment, Instruments & Components–0.10%
#NXP 144A 4.625% 6/1/23		250,000		265,313

				265,313

Equity Real Estate Investment Trusts–1.70%
American Tower
4.00% 6/1/25		220,000		222,969
4.40% 2/15/26		100,000		103,632
#American Tower Trust I 144A 3.07% 3/15/23		270,000		269,478
CC Holdings GS V 3.849% 4/15/23		175,000		179,488
Corporate Office Properties
3.60% 5/15/23		175,000		170,329
5.25% 2/15/24		180,000		190,540
Crown Castle International 5.25% 1/15/23		165,000		180,280
CubeSmart 3.125% 9/1/26		175,000		164,707
DDR
7.50% 4/1/17		110,000		110,000
7.875% 9/1/20		190,000		219,934
Education Realty Operating Partnership 4.60% 12/1/24		185,000		186,703
Equinix 5.375% 5/15/27		170,000		175,950
#ESH Hospitality 144A 5.25% 5/1/25		270,000		272,867
GEO Group 5.125% 4/1/23		50,000		49,875
Hospitality Properties Trust 4.50% 3/15/25		180,000		180,963
Host Hotels & Resorts
3.75% 10/15/23		45,000		45,413
3.875% 4/1/24		40,000		40,364
4.50% 2/1/26		150,000		155,455
#Iron Mountain U.S. Holdings 144A 5.375% 6/1/26		300,000		300,750
Kite Realty Group 4.00% 10/1/26		60,000		57,610
LifeStorage 3.50% 7/1/26		130,000		124,629
MGM Growth Properties Operating Partnership 4.50% 9/1/26		140,000		136,500
Physicians Realty 4.30% 3/15/27		75,000		75,251
Realty Income 4.125% 10/15/26		140,000		144,554
Regency Centers 3.60% 2/1/27		85,000		84,508
#SBA Communications 144A 4.875% 9/1/24		165,000		163,317


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Equity Real Estate Investment Trusts (continued)
#Trust F 144A 5.25% 1/30/26		200,000	$	202,000
UDR 4.00% 10/1/25		55,000		56,200
Uniti Group 8.25% 10/15/23		110,000		116,600
WP Carey 4.60% 4/1/24		160,000		165,830

				4,546,696

Food & Staples Retailing–0.42%
#Albertsons 144A 5.75% 3/15/25		210,000		204,225
#Cencosud 144A 5.15% 2/12/25		200,000		208,790
KFC Holding
#144A 5.00% 6/1/24		64,000		65,520
#144A 5.25% 6/1/26		60,000		61,200
Kroger 4.45% 2/1/47		170,000		167,400
Walgreens Boots Alliance
3.10% 6/1/23		320,000		320,003
3.45% 6/1/26		110,000		107,763

				1,134,901

Food Products–0.35%
Aramark Services 5.125% 1/15/24		190,000		199,737
#ESAL 144A 6.25% 2/5/23		200,000		201,000
Lamb Weston Holdings
#144A 4.625% 11/1/24		65,000		66,463
#144A 4.875% 11/1/26		80,000		81,800
#Post Holdings 144A 5.00% 8/15/26		190,000		182,400
#Sigma Alimentos 144A 4.125% 5/2/26		200,000		196,000

				927,400

Gas Utilities–0.33%
AmeriGas Partners
5.50% 5/20/25		205,000		204,487
5.875% 8/20/26		240,000		240,000
Dominion Gas Holdings
4.60% 12/15/44		75,000		75,496
Southern Co. Gas Capital
3.25% 6/15/26		375,000		365,625

				885,608

Health Care Equipment & Supplies–0.34%
Abbott Laboratories 4.90% 11/30/46		235,000		244,387
#Hill-Rom Holdings 144A 5.75% 9/1/23		150,000		156,187
Thermo Fisher Scientific 3.00% 4/15/23		365,000		362,186
Zimmer Biomet Holdings 3.375% 11/30/21		140,000		141,779

				904,539


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Health Care Providers & Services–0.27%
DaVita 5.00% 5/1/25		210,000	$	211,050
HCA 5.375% 2/1/25		190,000		198,550
HealthSouth
5.125% 3/15/23		50,000		50,250
5.75% 9/15/25		80,000		80,300
New York and Presbyterian Hospital 4.063% 8/1/56		140,000		131,663
#Universal Health Services 144A 5.00% 6/1/26		40,000		41,300

				713,113

Hotels, Restaurants & Leisure–0.50%
Boyd Gaming 6.375% 4/1/26		250,000		268,125
#Hilton Worldwide Finance 144A 4.875% 4/1/27		180,000		182,250
Marriott International
3.75% 3/15/25		150,000		152,697
4.50% 10/1/34		35,000		35,477
MGM Resorts International 4.625% 9/1/26		155,000		151,125
#Penn National Gaming 144A 5.625% 1/15/27		440,000		437,800
Wyndham Worldwide 4.15% 4/1/24		105,000		106,051

				1,333,525

Household Durables–0.13%
Lennar 4.875% 12/15/23		175,000		179,813
PulteGroup 5.00% 1/15/27		175,000		175,656

				355,469

Household Products–0.17%
#ACCO Brands 144A 5.25% 12/15/24		80,000		80,600
#Scotts Miracle-Gro 144A 5.25% 12/15/26		215,000		218,225
Tempur Sealy International 5.50% 6/15/26		160,000		158,160

				456,985

Independent Power & Renewable Electricity Producers–0.12%
Calpine
#144A 5.25% 6/1/26		80,000		81,600
5.375% 1/15/23		125,000		126,725
Dynegy 6.75% 11/1/19		115,000		118,737

				327,062

Independent Power Producers & Energy Traders–0.08%
#Perusahaan Listrik Negara 144A 5.50% 11/22/21		210,000		228,648

				228,648


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Industrial Conglomerates–0.29%
General Electric
2.10% 12/11/19			235,000	$	237,308
4.25% 1/17/18	NZD		175,000		124,186
5.55% 5/4/20			150,000		166,012
6.00% 8/7/19			234,000		257,118

					784,624

Insurance–1.04%
Allstate 3.28% 12/15/26			655,000		658,966
•Manulife Financial 4.061% 2/24/32			200,000		200,776
MetLife
•5.25% 12/29/49			190,000		196,476
#144A 9.25% 4/8/38			400,000		553,500
#Principal Life Global Funding II 144A 3.00% 4/18/26			140,000		136,470
•Prudential Financial 5.375% 5/15/45			140,000		146,860
TIAA Asset Management Finance
#144A 2.95% 11/1/19			160,000		162,734
#144A 4.125% 11/1/24			335,000		341,922
#USI 144A 7.75% 1/15/21			40,000		40,725
XLIT
4.45% 3/31/25			110,000		111,502
5.50% 3/31/45			160,000		160,462
•6.50% 12/29/49			95,000		80,037

					2,790,430

Internet Software & Services–0.08%
Zayo Group
#144A 5.75% 1/15/27			70,000		74,011
6.00% 4/1/23			135,000		143,269

					217,280

IT Services–0.19%
Fidelity National Information Services 5.00% 10/15/25			125,000		136,185
First Data
#144A 5.75% 1/15/24			155,000		160,464
#144A 7.00% 12/1/23			192,000		206,400

					503,049

Machinery–0.45%
Crane
2.75% 12/15/18			35,000		35,574
4.45% 12/15/23			245,000		257,436
Parker-Hannifin 3.30% 11/21/24			15,000		15,278
Roper Technologies
2.80% 12/15/21			105,000		105,231
3.80% 12/15/26			90,000		90,573
Siemens Financieringsmaatschappij
#144A 1.70% 9/15/21			480,000		463,068


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Machinery (continued)
Siemens Financieringsmaatschappij (continued)
#144A 3.125% 3/16/24		250,000	$	252,023

				1,219,183

Media–1.69%
21st Century Fox America 4.95% 10/15/45		185,000		192,211
#Cablevision 144A 6.50% 6/15/21		160,000		168,960
#CCO Holdings 144A 5.125% 5/1/23		205,000		211,663
Charter Communications Operating 4.908% 7/23/25		300,000		317,528
#Columbus Cable Barbados 144A 7.375% 3/30/21		290,000		310,663
Comcast 3.00% 2/1/24		240,000		240,117
#CSC Holdings 144A 5.50% 4/15/27		200,000		203,750
DISH DBS 7.75% 7/1/26		95,000		110,675
GLP Capital 5.375% 4/15/26		200,000		207,000
#Gray Television 144A 5.125% 10/15/24		90,000		89,100
Lamar Media 5.75% 2/1/26		90,000		96,637
#Midcontinent Communications 144A 6.875% 8/15/23		165,000		176,344
#Myriad International Holdings 144A 5.50% 7/21/25		200,000		208,200
#Nexstar Broadcasting 144A 5.625% 8/1/24		165,000		167,887
#Sinclair Television Group 144A 5.125% 2/15/27		190,000		184,300
#Sirius XM Radio 144A 5.375% 7/15/26		255,000		261,375
Time Warner Cable 7.30% 7/1/38		500,000		621,416
Tribune Media 5.875% 7/15/22		250,000		261,875
#Unitymedia 144A 6.125% 1/15/25		200,000		211,500
#VTR Finance 144A 6.875% 1/15/24		200,000		208,500
WPP Finance 2010 5.625% 11/15/43		65,000		69,521

				4,519,222

Metals & Mining–0.91%
ArcelorMittal 6.125% 6/1/25		130,000		144,950
Barrick North America Finance 5.75% 5/1/43		130,000		151,414
#•BHP Billiton Finance USA 144A 6.25% 10/19/75		600,000		651,150
#Cia Brasileira de Aluminio 144A 6.75% 4/5/21		120,000		130,200


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Metals & Mining (continued)
#Freeport-McMoRan 144A 6.875% 2/15/23		170,000	$	176,375
#Glencore Funding 144A 4.00% 3/27/27		95,000		93,979
#Hudbay Minerals 144A 7.625% 1/15/25		145,000		158,050
#MMC Norilsk Nickel OJSC via MMC Finance 144A 6.625% 10/14/22		200,000		225,784
Southern Copper 5.875% 4/23/45		130,000		135,452
#Steel Dynamics 144A 5.00% 12/15/26		170,000		172,550
Vale Overseas
5.875% 6/10/21		65,000		69,818
6.25% 8/10/26		105,000		114,319
#Vedanta Resources 144A 6.375% 7/30/22		200,000		201,500

				2,425,541

Multiline Retail–0.25%
Dollar General 3.875% 4/15/27		320,000		320,904
JC Penney 8.125% 10/1/19		145,000		157,325
Target 3.625% 4/15/46		220,000		199,075

				677,304

Multi-Utilities–0.54%
Ameren Illinois 9.75% 11/15/18		1,087,000		1,221,525
CMS Energy 6.25% 2/1/20		215,000		237,272

				1,458,797

Oil, Gas & Consumable Fuels–2.81%
Anadarko Petroleum
5.55% 3/15/26		80,000		88,937
6.60% 3/15/46		360,000		437,043
BP Capital Markets
3.216% 11/28/23		315,000		316,891
3.224% 4/14/24		80,000		80,154
#Cheniere Corpus Christi Holdings 144A 5.875% 3/31/25		75,000		78,469
CNOOC Finance 2015 Australia 2.625% 5/5/20		200,000		199,486
Ecopetrol
5.875% 9/18/23		50,000		54,313
7.375% 9/18/43		55,000		59,043
#Empresa Nacional del Petroleo 144A 4.75% 12/6/21		165,000		174,501
Enbridge
4.25% 12/1/26		90,000		92,052
•6.00% 1/15/77		45,000		45,619
Energy Transfer Equity 7.50% 10/15/20		145,000		162,400


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Energy Transfer Partners
6.125% 12/15/45		220,000	$	236,192
9.70% 3/15/19		238,000		270,757
•Enterprise Products Operating 7.034% 1/15/68		40,000		41,636
Genesis Energy 6.75% 8/1/22		130,000		134,680
#Gulfport Energy 144A 6.00% 10/15/24		125,000		121,875
Kinder Morgan Energy Partners 5.80% 3/1/21		165,000		181,432
MPLX
4.875% 12/1/24		90,000		94,821
4.875% 6/1/25		100,000		104,920
Murphy Oil USA 6.00% 8/15/23		285,000		299,963
#Nabors Industries 144A 5.50% 1/15/23		121,000		124,101
Newfield Exploration 5.75% 1/30/22		90,000		95,963
Noble Energy 5.05% 11/15/44		150,000		153,958
Petrobras Global Finance
5.375% 1/27/21		85,000		87,465
6.75% 1/27/41		80,000		75,280
7.375% 1/17/27		125,000		132,463
Petroleos Mexicanos
#144A 6.50% 3/13/27		65,000		70,005
6.75% 9/21/47		65,000		66,099
Plains All American Pipeline 8.75% 5/1/19		435,000		490,861
QEP Resources 5.25% 5/1/23		180,000		177,370
#Raizen Fuels Finance 144A 5.30% 1/20/27		200,000		203,000
Regency Energy Partners 5.00% 10/1/22		155,000		165,013
Sabine Pass Liquefaction
#144A 5.00% 3/15/27		55,000		57,606
5.625% 4/15/23		275,000		298,718
5.75% 5/15/24		200,000		218,271
Shell International Finance
4.00% 5/10/46		105,000		100,762
4.375% 5/11/45		250,000		254,142
Southwestern Energy
4.10% 3/15/22		55,000		51,700
6.70% 1/23/25		25,000		24,750
Targa Resources Partners
#144A 5.125% 2/1/25		85,000		87,869
#144A 5.375% 2/1/27		95,000		98,800
#Tengizchevroil Finance Co. International 144A 4.00% 8/15/26		200,000		192,142
Tesoro Logistics 5.25% 1/15/25		160,000		167,800
Transcanada Trust
•5.30% 3/15/77		80,000		79,200


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Transcanada Trust (continued)
•5.875% 8/15/76		105,000	$	111,694
#Transocean Proteus 144A 6.25% 12/1/24		65,000		67,437
#Woodside Finance 144A 8.75% 3/1/19		380,000		425,275
YPF
#144A 8.50% 3/23/21		40,000		43,928
#•144A 23.854% 7/7/20		125,000		139,937

				7,536,793

Paper & Forest Products–0.46%
Georgia-Pacific 8.00% 1/15/24		520,000		667,077
International Paper 4.40% 8/15/47		475,000		450,227
#Suzano Trading 144A 5.875% 1/23/21		120,000		128,436

				1,245,740

Personal Products–0.02%
Revlon Consumer Products 6.25% 8/1/24		50,000		50,000

				50,000

Pharmaceuticals–0.61%
#Mallinckrodt International Finance 144A 5.50% 4/15/25		215,000		198,875
Mylan 3.95% 6/15/26		600,000		588,415
Pfizer 3.00% 12/15/26		205,000		203,234
Shire Acquisitions Investments Ireland
2.40% 9/23/21		215,000		210,472
2.875% 9/23/23		455,000		442,142

				1,643,138

Road & Rail–0.22%
Burlington Northern Santa Fe 4.70% 9/1/45		360,000		392,054
Union Pacific 3.00% 4/15/27		195,000		193,068

				585,122

Semiconductors & Semiconductor Equipment–0.37%
Applied Materials 4.35% 4/1/47		175,000		177,608
Broadcom
#144A 3.00% 1/15/22		165,000		164,972
#144A 3.625% 1/15/24		640,000		645,659

				988,239

Software–0.50%
CDK Global 5.00% 10/15/24		140,000		141,949
Microsoft
2.40% 2/6/22		50,000		50,334
2.875% 2/6/24		50,000		50,367
4.10% 2/6/37		100,000		103,413
4.25% 2/6/47		760,000		781,010


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Software (continued)
#Quintiles IMS 144A 5.00% 10/15/26		200,000	$	201,250

				1,328,323

Specialty Retail–0.09%
Lowe’s 3.70% 4/15/46		270,000		251,565

				251,565

Technology Hardware, Storage & Peripherals–0.24%
Apple 3.45% 2/9/45		130,000		116,173
#Samsung Electronics America 144A 1.75% 4/10/17		415,000		415,017
#Western Digital 144A 7.375% 4/1/23		110,000		120,863

				652,053

Textiles, Apparel & Luxury Goods–0.14%
#Hanesbrands 144A 4.875% 5/15/26		275,000		271,563
Levi Strauss & Co. 5.00% 5/1/25		110,000		113,322

				384,885

Tobacco–0.26%
Altria Group 3.875% 9/16/46		530,000		493,397
Reynolds American 4.00% 6/12/22		205,000		215,413

				708,810

Trading Companies & Distributors–0.08%
#HD Supply 144A 5.75% 4/15/24		200,000		210,860

				210,860

Wireless Telecommunication Services–0.91%
#Crown Castle Towers 144A 4.883% 8/15/20		900,000		958,682
Deutsche Telekom International Finance
#144A 1.95% 9/19/21		315,000		304,611
#144A 2.485% 9/19/23		390,000		373,361
#144A 3.60% 1/19/27		150,000		149,650
#Millicom International Cellular 144A 6.00% 3/15/25		200,000		205,750
#Sprint Communications 144A 7.00% 3/1/20		115,000		125,637
T-Mobile USA 6.50% 1/15/26		100,000		109,750
#VimpelCom Holdings 144A 5.95% 2/13/23		200,000		213,500

				2,440,941

Total Corporate Bonds (Cost $99,178,583)				99,873,598

«LOAN AGREEMENTS–0.28%
Cablevision Tranche B 1st Lien 3.943% 10/11/24		438,900		438,764


	Principal Amount°		Value (U.S. $)

«LOAN AGREEMENTS (continued)
Republic of Angola (Unsecured) 7.57% 12/16/23		350,000	$	304,500

Total Loan Agreements (Cost $790,941)				743,264

MUNICIPAL BONDS–0.64%
Bay Area Toll Authority (Build America Bonds) Series S3 6.907% 10/1/50		185,000		266,148
California State Various Purposes (Build America Bonds) 7.55% 4/1/39		120,000		176,111
Commonwealth of Massachusetts Series C 5.00% 10/1/25		95,000		115,331
New Jersey Turnpike Authority
(Build America Bonds) Series A 7.102% 1/1/41		100,000		139,660
(Build America Bonds) Series F 7.414% 1/1/40		50,000		71,980
New York, New York
Series C 5.00% 8/1/26		35,000		41,949
Series C 5.00% 8/1/27		35,000		41,674
Oregon State Taxable Pension 5.892% 6/1/27		485,000		588,926
South Carolina Public Service Authority Series D 4.77% 12/1/45		60,000		56,523
Texas Water Development Board Water Implementation Revenue
5.00% 10/15/46		140,000		160,677
Series A 5.00% 10/15/45		50,000		56,950

Total Municipal Bonds (Cost $1,684,887)				1,715,929

NON-AGENCY ASSET-BACKED SECURITIES–2.72%
AEP Texas Central Transition Funding II Series 2006-A A4 5.17% 1/1/18		40,413		41,140
Ally Master Owner Trust
Series 2012-5 A 1.54% 9/15/19		150,000		150,109
Series 2014-4 A2 1.43% 6/17/19		280,000		280,214
#•Avery Point III CLO Series 2013-3A A 144A 2.424% 1/18/25		250,000		249,895
Avis Budget Rental Car Funding AESOP
#Series 2013-1A A 144A 1.92% 9/20/19		190,000		189,971
#Series 2014-1A A 144A 2.46% 7/20/20		240,000		241,161
BA Credit Card Trust
•Series 2014-A2 A 1.182% 9/16/19		120,000		120,000


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
BA Credit Card Trust (continued)
•Series 2014-A3 A 1.202% 1/15/20		155,000	$	155,142
#•Benefit Street Partners CLO IV Series 2014-IVA A1R 144A 2.515% 1/20/29		500,000		501,433
#•Cedar Funding III CLO Series 2014-3A A1 144A 2.582% 5/20/26		250,000		249,996
#•Cedar Funding VI CLO Series 2016-6A A1 144A 2.344% 10/20/28		250,000		250,524
•CNH Equipment Trust Series 2016-B A2B 1.312% 10/15/19		25,345		25,398
Discover Card Execution Note Trust
•Series 2014-A1 A1 1.342% 7/15/21		200,000		201,064
•Series 2017-A1 A1 1.402% 7/15/24		185,000		186,182
Ford Credit Auto Lease Trust Series 2015-A A3 1.13% 6/15/18		66,013		66,006
#Ford Credit Auto Owner Trust Series 2016-2 A 144A 2.03% 12/15/27		325,000		320,550
#•Golden Credit Card Trust Series 2014-2A A 144A 1.362% 3/15/21		100,000		100,247
#•GoldenTree Loan Management U.S. CLO 1 Series 2017-1A A 144A 2.404% 4/20/29		250,000		250,905
#HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44		242,250		221,774
#Hyundai Auto Lease Securitization Trust Series 2016-C A3 144A 1.49% 2/18/20		125,000		124,659
#•Magnetite IX Series 2014-9A A1 144A 2.458% 7/25/26		485,000		485,485
•Mercedes-Benz Auto Lease Trust Series 2016-A A2B 1.472% 7/16/18		61,711		61,771
#•Mercedes-Benz Master Owner Trust Series 2016-AA A 144A 1.492% 5/15/20		135,000		135,533
#•Navistar Financial Dealer Note Master Owner Trust II Series 2016-1 A 144A 2.332% 9/27/21		90,000		90,216
#•Neuberger Berman CLO XIX Series 2015-19A A1 144A 2.443% 7/15/27		250,000		249,995
#•Neuberger Berman CLO XVII Series 2014-17A A 144A 2.504% 8/4/25		250,000		249,941


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
Nissan Auto Lease Trust Series 2016-B A3 1.50% 7/15/19		100,000	$	99,737
#•PFS Financing Series 2015-AA A 144A 1.532% 4/15/20		100,000		99,969
#•Shackleton V CLO Series 2014-5A A 144A 2.534% 5/7/26		250,000		249,916
Synchrony Credit Card Master Note Trust
Series 2012-6 A 1.36% 8/17/20		155,000		155,109
Series 2015-2 A 1.60% 4/15/21		135,000		135,071
#•TIAA CLO II Series 2017-1A A 144A 2.49% 4/20/29		250,000		249,781
Towd Point Mortgage Trust
#•Series 2015-5 A1B 144A 2.75% 5/25/55		105,892		105,960
#•Series 2015-6 A1B 144A 2.75% 4/25/55		109,954		109,860
#•Series 2016-1 A1B 144A 2.75% 2/25/55		75,492		75,542
#•Series 2016-2 A1 144A 3.00% 8/25/55		83,175		83,446
#•Series 2016-3 A1 144A 2.25% 4/25/56		94,977		94,051
#•Venture CDO Series 2016-25A A1 144A 2.49% 4/20/29		100,000		100,326
#•Venture XXIV CLO Series 2016-24A A1D 144A 2.419% 10/20/28		205,000		205,272
#Verizon Owner Trust Series 2016-2A A 144A 1.68% 5/20/21		115,000		114,617
•Wells Fargo Dealer Floorplan Master Note Trust Series 2014-2 A 1.428% 10/20/19		200,000		200,135

Total Non-Agency Asset-Backed Securities (Cost $7,297,088)				7,278,103

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.79%
Bank of America Alternative Loan Trust Series 2005-6 7A1 5.50% 7/25/20		5,224		4,998
fCiticorp Residential Mortgage Securities Series 2006-3 A5 5.718% 11/25/36		400,000		406,689
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35		73,757		73,402
JPMorgan Mortgage Trust Series 2006-S1 1A1 6.00% 4/25/36		94,584		96,702
#•Series 2014-2 B1 144A 3.423% 6/25/29		79,285		78,499
#•Series 2014-2 B2 144A 3.423% 6/25/29		79,285		77,673


	Principal Amount°		Value (U.S. $)

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
JPMorgan Mortgage Trust (continued)
#•Series 2014-IVR6 2A4 144A 2.50% 7/25/44		100,000	$	98,838
#•Series 2015-1 B1 144A 2.623% 12/25/44		196,634		194,874
#•Series 2015-4 B1 144A 3.628% 6/25/45		96,293		93,857
#•Series 2015-4 B2 144A 3.628% 6/25/45		96,293		92,260
#•Series 2015-5 B2 144A 2.874% 5/25/45		97,755		92,349
#•Series 2015-6 B1 144A 3.623% 10/25/45		96,276		94,488
#•Series 2015-6 B2 144A 3.623% 10/25/45		96,276		93,128
#•Series 2016-4 B1 144A 3.91% 10/25/46		99,170		100,000
#•Series 2016-4 B2 144A 3.91% 10/25/46		99,170		97,508
New Residential Mortgage Loan Trust
#•Series 2016-4A A1 144A 3.75% 11/25/56		92,751		94,689
#•Series 2017-1A A1 144A 4.00% 2/25/57		98,283		101,351
Sequoia Mortgage Trust
#•Series 2014-2 A4 144A 3.50% 7/25/44		74,302		73,995
#•Series 2015-1 B2 144A 3.876% 1/25/45		66,523		65,491
◆Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2004-20 2A1 5.50% 11/25/34		42,324		43,235
Wells Fargo Mortgage Backed Securities Trust Series 2006-2 3A1 5.75% 3/25/36		43,552		43,660

Total Non-Agency Collateralized Mortgage Obligations (Cost $2,062,576)				2,117,686

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–3.51%
•Banc of America Commercial Mortgage Trust Series 2007-4 AM 5.961% 2/10/51		130,000		131,257
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18 A4 5.70% 6/11/50		84,786		85,800
CD Mortgage Trust Series 2016-CD2 A3 3.248% 11/10/49		200,000		200,855


	Principal Amount°		Value (U.S. $)

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
CD Mortgage Trust (continued)
•Series 2016-CD2 A4 3.526% 11/10/49		105,000	$	107,386
CFCRE Commercial Mortgage Trust Series 2016-C7 A3 3.839% 12/10/54		90,000		92,634
Citigroup Commercial Mortgage Trust
•Series 2007-C6 AM 5.779% 12/10/49		100,000		101,206
Series 2014-GC25 A4 3.635% 10/10/47		195,000		201,189
Series 2015-GC27 A5 3.137% 2/10/48		215,000		214,258
Series 2016-P3 A4 3.329% 4/15/49		145,000		145,790
Series 2016-P5 A4 2.941% 10/10/49		130,000		126,378
COMM Mortgage Trust
#Series 2013-CR6 AM 144A 3.147% 3/10/46		145,000		145,195
#Series 2013-WWP A2 144A 3.424% 3/10/31		100,000		103,009
Series 2014-CR19 A5 3.796% 8/10/47		100,000		104,621
Series 2014-CR20 AM 3.938% 11/10/47		340,000		352,608
#Series 2015-3BP A 144A 3.178% 2/10/35		400,000		400,785
Series 2015-CR23 A4 3.497% 5/10/48		170,000		172,979
DB-JPM Mortgage Trust
Series 2016-C1 A4 3.276% 5/10/49		250,000		251,032
Series 2016-C3 A5 2.89% 9/10/49		160,000		155,352
#•DB-UBS Mortgage Trust Series 2011-LC1A C 144A 5.686% 11/10/46		300,000		329,255
GRACE Mortgage Trust
#Series 2014-GRCE A 144A 3.369% 6/10/28		1,190,000		1,232,497
#Series 2014-GRCE B 144A 3.52% 6/10/28		200,000		205,858
GS Mortgage Securities Trust
Series 2015-GC32 A4 3.764% 7/10/48		105,000		109,343
Series 2017-GS5 A4 3.674% 3/10/50		210,000		217,096
#Houston Galleria Mall Trust Series 2015-HGLR A1A2 144A 3.087% 3/5/37		160,000		158,655


	Principal Amount°		Value (U.S. $)

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPM-BB Commercial Mortgage Securities Trust
Series 2015-C32 A5 3.598% 11/15/48		225,000	$	230,476
Series 2015-C33 A4 3.77% 12/15/48		340,000		352,524
JPM-DB Commercial Mortgage Securities Trust Series 2016-C2 A4 3.144% 6/15/49		275,000		272,697
JPMorgan Chase Commercial Mortgage Securities Trust
•Series 2005-CB11 E 5.525% 8/12/37		60,000		62,387
#•Series 2011-C5 C 144A 5.409% 8/15/46		100,000		106,308
Series 2013-LC11 B 3.499% 4/15/46		130,000		129,414
Series 2015-JP1 A5 3.914% 1/15/49		130,000		136,587
Series 2016-JP2 A4 2.822% 8/15/49		310,000		299,294
Series 2016-JP2 AS 3.056% 8/15/49		210,000		203,144
•Series 2016-JP3 B 3.397% 8/15/49		60,000		58,579
#Series 2016-WIKI A 144A 2.798% 10/5/31		75,000		75,469
#Series 2016-WIKI B 144A 3.201% 10/5/31		115,000		116,227
•LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ 5.452% 9/15/39		165,699		146,435
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47		135,000		140,571
Series 2015-C23 A4 3.719% 7/15/50		440,000		455,899
Series 2015-C26 A5 3.531% 10/15/48		140,000		143,024
Series 2016-C29 A4 3.325% 5/15/49		130,000		130,658
•Morgan Stanley Capital I Trust Series 2006-HQ10 B 5.448% 11/12/41		205,000		204,798
Wells Fargo Commercial Mortgage Trust
•Series 2015-C30 XA 1.009% 9/15/58		1,142,272		71,492
Series 2015-NXS3 A4 3.617% 9/15/57		250,000		256,057
Series 2016-BNK1 A3 2.652% 8/15/49		205,000		195,399

Principal
Amount°

Value

(U.S. $)

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

Wells Fargo Commercial Mortgage Trust (continued)

•Series 2017-RB1 XA 1.446% 3/15/50

1,475,000

144,331

WF-RBS Commercial Mortgage Trust Series 2012-C10 A3 2.875% 12/15/45

130,000

130,978

Total Non-Agency Commercial Mortgage-Backed Securities
(Cost $9,589,166)

9,407,786

DREGIONAL BONDS–0.09%

Australia–0.03%

New South Wales Treasury 4.00% 5/20/26

AUD

41,900

34,849

Queensland Treasury #144A 2.75% 8/20/27

AUD

63,000

46,181

81,030

Canada–0.06%

Province of Ontario Canada 3.45% 6/2/45

CAD

37,000

29,046

Province of Quebec Canada 6.00% 10/1/29

CAD

118,000

119,076

148,122

Total Regional Bonds
(Cost $256,331)

229,152

DSOVEREIGN BONDS–2.84%

Argentina–0.11%

Argentine Bonos del Tesoro 15.50% 10/17/26

ARS

773,000

56,766

Argentine Republic Government International Bond

#144A 5.625% 1/26/22

95,000

97,399

#144A 7.125% 7/6/36

150,000

145,575

299,740

Australia–0.01%

Australia Government Bond 3.75% 4/21/37

AUD

41,000

33,353

33,353

Bahrain–0.08%

#Bahrain Government International Bond 144A 7.00% 10/12/28

200,000

209,159

209,159

Bermuda–0.07%

#Bermuda Government International Bond 144A 3.717% 1/25/27

200,000

193,506

193,506

Principal

Amount°

Value

(U.S. $)

DSOVEREIGN BONDS (continued)

Brazil–0.04%

Brazil Notas do Tesouro Nacional Series F 10.00% 1/1/25

BRL

307,000

98,311

98,311

Canada–0.01%

Canadian Government Bond 2.75% 12/1/48

CAD

26,000

21,450

21,450

Colombia–0.08%

Colombia Government International Bonds 5.00% 6/15/45

210,000

211,680

211,680

Hungary–0.08%

Hungary Government International Bond 5.75% 11/22/23

200,000

226,399

226,399

Indonesia–0.37%

Indonesia Treasury Bond

7.50% 8/15/32

IDR

2,641,000,000

201,480

8.375% 9/15/26

IDR

2,550,000,000

208,298

9.00% 3/15/29

IDR

4,633,000,000

386,339

#Perusahaan Penerbit SBSN Indonesia III 144A 4.15% 3/29/27

200,000

201,090

997,207

Jamaica–0.04%

Jamaica Government International Bond 8.00% 3/15/39

100,000

115,063

115,063

Mexico–0.54%

Mexican Bonos 5.75% 3/5/26

MXN

25,530,400

1,249,517

Mexico Government International Bond 4.35% 1/15/47

200,000

184,500

1,434,017

New Zealand–0.10%

New Zealand Government Bond

2.75% 4/15/25

NZD

285,000

195,055

4.50% 4/15/27

NZD

86,000

67,019

262,074

Principal

Amount°

Value

(U.S. $)

DSOVEREIGN BONDS (continued)

Nigeria–0.08%

#Nigeria Government International Bond 144A 7.875% 2/16/32

200,000

209,120

209,120

Peru–0.23%

Peruvian Government International Bond

#144A 6.90% 8/12/37

PEN

632,000

208,386

6.95% 8/12/31

PEN

1,256,000

415,622

624,008

Poland–0.16%

Poland Government Bond

2.50% 7/25/26

PLN

1,487,000

349,411

3.25% 7/25/25

PLN

272,000

68,461

417,872

Portugal–0.07%

#Portugal Government International Bond 144A 5.125% 10/15/24

195,000

189,417

189,417

Republic of Korea–0.08%

Inflation Linked Korea Treasury Bond 1.125% 6/10/23

KRW

226,564,819

208,271

208,271

South Africa–0.30%

South Africa Government Bond 8.00% 1/31/30

ZAR

11,771,000

796,924

796,924

Sri Lanka–0.07%

#Sri Lanka Government International Bond 144A 6.125% 6/3/25

200,000

200,472

200,472

Turkey–0.23%

Turkey Government Bond 8.00% 3/12/25

TRY

2,606,000

615,209

615,209

Ukraine–0.05%

#Ukraine Government International Bond 144A 7.75% 9/1/22

150,000

144,394

144,394

Principal
Amount°

Value

(U.S. $)

DSOVEREIGN BONDS (continued)

United Kingdom–0.04%

United Kingdom Gilt 3.50% 1/22/45

GBP

56,200

97,226

97,226

Total Sovereign Bonds
(Cost $7,673,288)

7,604,872

SUPRANATIONAL BANKS–0.13%

International Bank for Reconstruction & Development

3.50% 1/22/21

NZD

415,000

295,403

4.625% 10/6/21

NZD

35,000

25,960

International Finance 3.625% 5/20/20

NZD

24,000

17,164

Total Supranational Banks
(Cost $324,735)

338,527

U.S. TREASURY OBLIGATIONS–7.38%

U.S. Treasury Bond 2.875% 11/15/46

295,000

286,288

U.S. Treasury Inflation Index Note 0.125% 4/15/21

594,274

600,791

U.S. Treasury Notes

1.875% 1/31/22

375,000

374,231

2.00% 11/15/26

10,000

9,662

2.25% 2/15/27

18,750,000

18,513,056

Total U.S. Treasury Obligations
(Cost $19,722,705)

19,784,028

Number of
Shares

RIGHT–0.00%

†B2W Cia Digital exercise price BRL 11.00, expiration date 4/25/17

17,571

7,970

Total Right
(Cost $0)

7,970


	Number of Contracts		Value (U.S. $)

OPTIONS PURCHASED–0.00%
Futures Currency Call Options–0.00%
USD vs TWD strike price $32.50, expiration date 4/17/17		350,000	$	1

Total Options Purchased (Cost $2,135)				1


	Number of Shares

MONEY MARKET FUND–0.01%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		19,933		19,933

Total Money Market Fund (Cost $19,933)				19,933

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at March 31, 2017:

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

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Delaware Foundation^® Conservative Allocation Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities and exchange-traded funds (“ETFs”), except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security or ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Other debt securities and credit default swap contracts are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sales price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

During the period ended March 31, 2017, 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 that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. International fair value pricing was not utilized at March 31, 2017. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

On December 6, 2016, the Fund’s Board approved a proposal to change the Fund’s name and sub-adviser. Effective May 1, 2017, the Fund’s name will be LVIP JPMorgan Retirement Income Fund and J.P. Morgan Investment Management, Inc. will replace Delaware Investments Fund Advisers and Jackson Square Partners, LLC as sub-adviser to the Fund.

Management has determined that no other material events or transactions occurred that would require recognition or disclosure in the Fund’s financial statements.


	Number of Shares		Value (U.S. $)

COMMON STOCK–46.12%
U.S. MARKETS–28.66%
Aerospace & Defense–0.81%
†Esterline Technologies		255	$	21,943
†KeyW Holding		2,360		22,278
†KLX		985		44,029
Lockheed Martin		170		45,492
Northrop Grumman		1,100		261,624
Raytheon		1,700		259,250
Rockwell Collins		350		34,006
United Technologies		670		75,181

				763,803

Air Freight & Logistics–0.19%
FedEx		614		119,822
†XPO Logistics		1,185		56,750

				176,572

Airlines–0.04%
†Hawaiian Holdings		235		10,916
Southwest Airlines		550		29,568

				40,484

Auto Components–0.11%
BorgWarner		1,080		45,133
Tenneco		930		58,051

				103,184

Automobiles–0.05%
Ford Motor		3,970		46,211

				46,211

Banks–1.32%
BB&T		5,300		236,910
Bryn Mawr Bank		695		27,453
Cardinal Financial		1,460		43,712
Citigroup		1,700		101,694
City Holding		820		52,874
CoBiz Financial		1,755		29,484
East West Bancorp		920		47,481
First Bancorp (North Carolina)		630		18,453
Flushing Financial		730		19,615
Great Western Bancorp		1,315		55,769
Hope Bancorp		2,485		47,637
Independent Bank (Massachusetts)		515		33,475
JPMorgan Chase & Co.		1,820		159,869
KeyCorp		4,320		76,810
Old National Bancorp		3,190		55,347
Prosperity Bancshares		835		58,208
Sterling Bancorp		2,840		67,308
Umpqua Holdings		3,005		53,309
Webster Financial		1,115		55,795

				1,241,203


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Beverages–0.06%
PepsiCo		510	$	57,049

				57,049

Biotechnology–0.93%
AbbVie		480		31,277
†Acorda Therapeutics		885		18,585
†Alkermes		460		26,910
†Biogen		526		143,819
†Celgene		2,437		303,236
†Exact Sciences		930		21,967
Gilead Sciences		880		59,770
†Ligand Pharmaceuticals Class B		495		52,391
†Natera		830		7,362
†Repligen		785		27,632
†Retrophin		1,645		30,367
†Spectrum Pharmaceuticals		3,405		22,133
†TESARO		365		56,163
†Vanda Pharmaceuticals		2,325		32,550
†Vertex Pharmaceuticals		340		37,179

				871,341

Building Products–0.13%
AAON		1,785		63,100
†Continental Building Products		2,350		57,575

				120,675

Capital Markets–0.99%
Bank of New York Mellon		5,500		259,765
BlackRock		190		72,867
Charles Schwab		2,679		109,330
Evercore Partners Class A		510		39,729
Houlihan Lokey		990		34,105
Intercontinental Exchange		3,463		207,330
Invesco		1,950		59,729
Raymond James Financial		680		51,857
State Street		670		53,339
†Stifel Financial		905		45,422

				933,473

Chemicals–0.62%
†Axalta Coating Systems		1,890		60,858
Balchem		380		31,320
†Chemtura		610		20,374
Eastman Chemical		870		70,296
EI du Pont de Nemours & Co.		3,300		265,089
Minerals Technologies		895		68,557
Quaker Chemical		480		63,197

				579,691

Commercial Services & Supplies–0.44%
ABM Industries		1,185		51,666
†Casella Waste Systems		685		9,665


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Commercial Services & Supplies (continued)
Tetra Tech		1,255	$	51,267
U.S. Ecology		870		40,759
Waste Management		3,600		262,512

				415,869

Communications Equipment–0.40%
Cisco Systems		9,160		309,608
†NETGEAR		710		35,181
Plantronics		615		33,278

				378,067

Construction & Engineering–0.11%
Granite Construction		1,095		54,958
†MYR Group		1,120		45,920

				100,878

Consumer Finance–0.07%
Capital One Financial		740		64,128

				64,128

Containers & Packaging–0.05%
WestRock		983		51,145

				51,145

Diversified Telecommunication Services–0.75%
AT&T		9,820		408,021
ATN International		540		38,027
Verizon Communications		5,300		258,375

				704,423

Electric Utilities–0.28%
Edison International		3,300		262,713

				262,713

Electrical Equipment–0.05%
Eaton		670		49,681

				49,681

Electronic Equipment, Instruments & Components–0.07%
†Anixter International		525		41,633
†II-VI		705		25,415

				67,048

Energy Equipment & Services–0.36%
Halliburton		6,120		301,165
†Keane Group		655		9,367
†Pioneer Energy Services		1,895		7,580
†Superior Energy Services		1,195		17,041

				335,153

Equity Real Estate Investment Trusts–4.85%
American Campus Communities		725		34,503
American Tower		810		98,447
Apartment Investment & Management		1,350		59,873


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Equity Real Estate Investment Trusts (continued)
AvalonBay Communities		800	$	146,880
Boston Properties		1,100		145,651
Brandywine Realty Trust		3,675		59,645
Camden Property Trust		175		14,081
Corporate Office Properties Trust		1,050		34,755
Cousins Properties		2,150		17,781
Crown Castle International		1,949		184,083
DCT Industrial Trust		925		44,511
DDR		1,975		24,747
Douglas Emmett		2,200		84,480
Duke Realty		4,525		118,872
EastGroup Properties		555		40,809
EPR Properties		845		62,217
Equinix		249		99,692
Equity LifeStyle Properties		550		42,383
Equity Residential		6,300		391,986
Essex Property Trust		425		98,400
Extra Space Storage		600		44,634
Federal Realty Investment Trust		275		36,713
First Industrial Realty Trust		4,095		109,050
First Potomac Realty Trust		1,275		13,107
GGP		4,725		109,525
Gramercy Property Trust		2,048		53,862
Healthcare Realty Trust		1,175		38,187
Healthcare Trust of America Class A		1,162		36,557
Highwoods Properties		1,175		57,728
Host Hotels & Resorts		7,325		136,685
Kilroy Realty		725		52,258
Kimco Realty		2,250		49,703
Kite Realty Group Trust		2,182		46,913
LaSalle Hotel Properties		1,775		51,386
Lexington Realty Trust		2,650		26,447
Liberty Property Trust		550		21,203
Life Storage		565		46,398
LTC Properties		275		13,173
Macerich		600		38,640
Mack-Cali Realty		1,700		45,798
Mid-America Apartment Communities		642		65,317
National Retail Properties		2,305		100,544
Parkway		281		5,589
Pebblebrook Hotel Trust		2,260		66,015
Prologis		3,000		155,640
PS Business Parks		475		54,511
Public Storage		550		120,401
Ramco-Gershenson Properties Trust		4,760		66,735
Regency Centers		1,467		97,394
RLJ Lodging Trust		1,450		34,089
Sabra Health Care REIT		600		16,758
Simon Property Group		1,975		339,759
SL Green Realty		900		95,958
Spirit Realty Capital		3,400		34,442


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Equity Real Estate Investment Trusts (continued)
Tanger Factory Outlet Centers		1,325	$	43,420
Taubman Centers		350		23,107
UDR		2,075		75,239
Urban Edge Properties		712		18,726
Ventas		1,975		128,454
VEREIT		2,200		18,678
Vornado Realty Trust		1,175		117,864
Welltower		600		42,492

				4,552,895

Food & Staples Retailing–0.45%
Casey’s General Stores		350		39,287
CVS Health		4,170		327,345
Walgreens Boots Alliance		620		51,491

				418,123

Food Products–0.96%
Archer-Daniels-Midland		5,700		262,428
General Mills		640		37,766
J&J Snack Foods		339		45,955
Kraft Heinz		2,833		257,265
Mondelez International		6,000		258,480
Pinnacle Foods		660		38,194

				900,088

Gas Utilities–0.09%
South Jersey Industries		1,140		40,641
Spire		690		46,575

				87,216

Health Care Equipment & Supplies–0.73%
Abbott Laboratories		7,110		315,755
CONMED		1,100		48,851
†CryoLife		1,920		31,968
DENTSPLY SIRONA		1,721		107,459
†Edwards Lifesciences		460		43,272
†Merit Medical Systems		1,655		47,829
†Quidel		1,965		44,488
†Wright Medical Group		1,365		42,479

				682,101

Health Care Providers & Services–1.10%
†Air Methods		855		36,765
†Brookdale Senior Living		4,775		64,128
Cardinal Health		3,200		260,960
Cigna		510		74,710
†Express Scripts Holding		4,590		302,527
HealthSouth		865		37,031
Quest Diagnostics		2,600		255,294

				1,031,415

Hotels, Restaurants & Leisure–0.30%
Aramark		1,070		39,451


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Hotels, Restaurants & Leisure (continued)
Cheesecake Factory		570	$	36,115
†Chuy’s Holdings		620		18,476
†Del Frisco’s Restaurant Group		2,275		41,064
†Fiesta Restaurant Group		680		16,456
Jack in the Box		560		56,963
Starbucks		1,320		77,075

				285,600

Household Durables–0.08%
Newell Brands		1,499		70,708

				70,708

Household Products–0.08%
Kimberly-Clark		270		35,540
Procter & Gamble		390		35,041

				70,581

Industrial Conglomerates–0.19%
General Electric		4,430		132,014
Honeywell International		360		44,953

				176,967

Insurance–1.05%
Aflac		1,210		87,628
Allstate		3,200		260,768
American Equity Investment Life Holding		1,630		38,517
Infinity Property & Casualty		435		41,543
Marsh & McLennan		3,500		258,615
Primerica		740		60,828
Prudential Financial		540		57,607
Reinsurance Group of America		230		29,205
Selective Insurance Group		1,180		55,637
Travelers		370		44,600
United Fire Group		405		17,322
Validus Holdings		600		33,834

				986,104

Internet & Direct Marketing Retail–0.39%
†Amazon.com		90		79,789
†Liberty Interactive Corp. QVC Group Class A		7,388		147,908
†Shutterfly		730		35,252
†TripAdvisor		2,324		100,304

				363,253

Internet Software & Services–1.23%
†Alphabet Class A		378		320,468
†Alphabet Class C		145		120,286
†eBay		5,276		177,115
†Facebook Class A		2,338		332,113
†GrubHub		915		30,094
j2 Global		830		69,645


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Internet Software & Services (continued)
†Q2 Holdings		840	$	29,274
†Yahoo		1,600		74,256

				1,153,251

IT Services–0.85%
Accenture Class A		510		61,139
Convergys		2,015		42,617
†ExlService Holdings		1,100		52,096
Mastercard Class A		1,640		184,451
†PayPal Holdings		5,214		224,306
Visa Class A		2,603		231,329

				795,938

Leisure Products–0.05%
†Malibu Boats Class A		2,035		45,686

				45,686

Life Sciences Tools & Services–0.20%
†Quintiles IMS Holdings		1,618		130,281
Thermo Fisher Scientific		380		58,368

				188,649

Machinery–0.36%
Barnes Group		1,330		68,282
Columbus McKinnon		1,545		38,347
ESCO Technologies		1,145		66,525
Federal Signal		1,780		24,582
Kadant		980		58,163
Parker-Hannifin		500		80,160

				336,059

Media–0.48%
=Century Communications		5,000		0
Cinemark Holdings		1,200		53,208
Comcast Class A		2,150		80,819
†Liberty Global Class A		796		28,553
†Liberty Global Class C		2,986		104,629
National CineMedia		2,050		25,891
Walt Disney		1,400		158,746

				451,846

Metals & Mining–0.10%
Kaiser Aluminum		520		41,548
Worthington Industries		1,160		52,304

				93,852

Multiline Retail–0.08%
Dollar General		1,067		74,402

				74,402

Multi-Utilities–0.06%
NorthWestern		910		53,417

				53,417


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Oil, Gas & Consumable Fuels–1.45%
†Carrizo Oil & Gas		1,390	$	39,837
Chevron		3,370		361,837
ConocoPhillips		5,500		274,285
EOG Resources		520		50,726
Marathon Oil		9,900		156,420
Occidental Petroleum		4,590		290,822
†PDC Energy		635		39,592
Pioneer Natural Resources		410		76,354
†RSP Permian		980		40,601
†SRC Energy		4,095		34,562

				1,365,036

Paper & Forest Products–0.09%
†Boise Cascade		1,300		34,710
Neenah Paper		720		53,784

				88,494

Pharmaceuticals–1.32%
Allergan		508		121,371
†Catalent		1,830		51,826
Eli Lilly & Co.		660		55,513
Johnson & Johnson		2,670		332,549
†Medicines		990		48,411
Merck & Co.		5,140		326,596
Pfizer		7,543		258,046
†Prestige Brands Holdings		816		45,337

				1,239,649

Professional Services–0.36%
Kforce		1,615		38,356
Nielsen Holdings		3,118		128,805
†On Assignment		1,210		58,721
†TransUnion		860		32,981
†TriNet Group		1,290		37,281
†WageWorks		598		43,235

				339,379

Road & Rail–0.13%
†Swift Transportation		1,565		32,145
Union Pacific		850		90,032

				122,177

Semiconductors & Semiconductor Equipment–1.01%
Analog Devices		420		34,419
Broadcom		380		83,205
Brooks Automation		1,500		33,600
Intel		9,810		353,847
†MACOM Technology Solutions Holdings		920		44,439
Maxim Integrated Products		970		43,611
†MaxLinear Class A		1,865		52,313
†Microsemi		1,280		65,958


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Semiconductors & Semiconductor Equipment (continued)
QUALCOMM		1,998	$	114,565
†Semtech		1,645		55,601
†Silicon Laboratories		490		36,039
†Synaptics		690		34,162

				951,759

Software–1.76%
†Adobe Systems		730		94,995
CA		8,266		262,198
†Callidus Software		2,480		52,948
†Electronic Arts		1,568		140,367
†Guidewire Software		240		13,519
Intuit		686		79,569
Microsoft		5,976		393,579
Oracle		5,700		254,277
†Proofpoint		770		57,257
†salesforce.com		970		80,015
SS&C Technologies Holdings		1,010		35,754
Symantec		4,326		132,722
†Tyler Technologies		330		51,005

				1,648,205

Specialty Retail–0.46%
†Five Below		875		37,896
Home Depot		660		96,908
Lowe’s		3,200		263,072
Tractor Supply		520		35,864

				433,740

Technology Hardware, Storage & Peripherals–0.21%
Apple		1,340		192,504

				192,504

Textiles, Apparel & Luxury Goods–0.11%
NIKE Class B		860		47,928
†Steven Madden		1,446		55,724

				103,652

Thrifts & Mortgage Finance–0.19%
†Essent Group		1,500		54,255
†MGIC Investment		7,735		78,356
WSFS Financial		1,025		47,099

				179,710

Trading Companies & Distributors–0.06%
Applied Industrial Technologies		855		52,882

				52,882

Total U.S. Markets (Cost $17,499,217)				26,898,129

§DEVELOPED MARKETS–10.42%
Aerospace & Defense–0.23%
†Leonardo		3,814		54,074


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Aerospace & Defense (continued)
Meggitt		29,115	$	162,437

				216,511

Air Freight & Logistics–0.34%
Deutsche Post		9,330		319,549

				319,549

Auto Components–0.41%
Sumitomo Rubber Industries		13,900		236,848
Valeo		2,186		145,588

				382,436

Automobiles–0.59%
Bayerische Motoren Werke		2,597		236,904
Toyota Motor		5,900		320,199

				557,103

Banks–1.51%
ING Groep		16,502		249,453
Mitsubishi UFJ Financial Group		61,600		387,151
Nordea Bank		29,664		338,661
†Standard Chartered		25,918		247,766
UniCredit		12,489		192,521

				1,415,552

Beverages–0.42%
Carlsberg Class B		2,365		218,404
Coca-Cola Amatil		21,588		178,457

				396,861

Biotechnology–0.18%
Shire		2,960		172,857

				172,857

Construction & Engineering–0.38%
Vinci		4,508		357,319

				357,319

Diversified Telecommunication Services–0.34%
Nippon Telegraph & Telephone		7,448		317,910

				317,910

Food Products–0.15%
†Aryzta		4,457		143,056

				143,056

Household Durables–0.24%
Techtronic Industries		55,500		224,599

				224,599

Industrial Conglomerates–0.30%
Koninklijke Philips		8,805		283,016

				283,016


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Insurance–0.30%
AXA		10,866	$	281,160

				281,160

IT Services–0.24%
†CGI Group Class A		3,965		189,984
†InterXion Holding		815		32,241

				222,225

Life Sciences Tools & Services–0.05%
†ICON		560		44,643

				44,643

Machinery–0.20%
MINEBEA MITSUMI		14,100		188,076

				188,076

Media–0.10%
Publicis Groupe		1,361		95,115

				95,115

Metals & Mining–0.32%
Alamos Gold		9,339		75,001
†Anglo American ADR		2,300		17,503
Rio Tinto		4,337		174,399
Yamana Gold		12,426		34,292

				301,195

Multi-Utilities–0.07%
National Grid		4,844		61,510

				61,510

Oil, Gas & Consumable Fuels–0.41%
Suncor Energy		5,600		171,935
TOTAL		4,196		212,243

				384,178

Pharmaceuticals–0.93%
Novartis		3,984		295,722
Sanofi		4,172		376,617
Teva Pharmaceutical Industries ADR		6,200		198,958

				871,297

Professional Services–0.23%
Teleperformance		2,033		219,591

				219,591

Road & Rail–0.28%
East Japan Railway		3,066		266,970

				266,970

Semiconductors & Semiconductor Equipment–0.07%
†ASML Holding (New York Shares)		473		62,814

				62,814


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Software–0.22%
Playtech		17,514	$	204,292

				204,292

Specialty Retail–0.22%
Nitori Holdings		1,640		207,265

				207,265

Textiles, Apparel & Luxury Goods–0.55%
Kering		800		206,917
Yue Yuen Industrial Holdings		77,500		304,655

				511,572

Tobacco–0.48%
Imperial Brands		4,102		198,740
Japan Tobacco		7,600		246,985

				445,725

Trading Companies & Distributors–0.45%
ITOCHU		22,014		312,424
Rexel		6,130		111,302

				423,726

Wireless Telecommunication Services–0.21%
Tele2 Class B		21,037		200,847

				200,847

Total Developed Markets (Cost $7,669,031)				9,778,970

×EMERGING MARKETS–7.04%
Air Freight & Logistics–0.00%
†ZTO Express Cayman ADR		171		2,238

				2,238

Airlines–0.04%
†Gol Linhas Aereas Inteligentes ADR		1,320		34,980

				34,980

Automobiles–0.12%
Astra International		119,900		77,606
Hyundai Motor		241		33,942

				111,548

Banks–0.83%
Akbank		39,886		93,612
Banco Bradesco ADR		7,900		80,896
Bangkok Bank		10,230		54,034
Grupo Financiero Banorte		11,800		67,905
Grupo Financiero Santander Mexico Class B ADR		6,900		62,307
ICICI Bank ADR		12,800		110,080
Industrial & Commercial Bank of China		40,001		26,147
Itau Unibanco Holding ADR		9,457		114,146


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Banks (continued)
†KB Financial Group ADR		1,578	$	69,385
=Sberbank of Russia		34,743		98,653

				777,165

Beverages–0.41%
Anadolu Efes Biracilik Ve Malt Sanayii		5,703		31,085
Cia Cervecerias Unidas ADR		2,000		50,540
Coca-Cola Femsa ADR		1,949		139,743
Fomento Economico Mexicano ADR		1,100		97,372
Lotte Chilsung Beverage		49		62,000

				380,740

Building Products–0.07%
KCC		208		65,843

				65,843

Chemicals–0.09%
Braskem ADR		2,400		48,840
Sociedad Quimica y Minera de Chile ADR		1,000		34,370

				83,210

Construction Materials–0.20%
†Cemex ADR		6,606		59,917
†Cemex Latam Holdings		3,890		14,342
UltraTech Cement		1,827		112,114

				186,373

Diversified Telecommunication Services–0.16%
LG Uplus		3,269		41,802
Telefonica Brasil ADR		7,480		111,078

				152,880

Electronic Equipment, Instruments & Components–0.13%
Hon Hai Precision Industry		26,566		79,673
Samsung SDI		359		44,301

				123,974

Food & Staples Retailing–0.18%
Cia Brasileira de Distribuicao ADR		2,500		48,000
Wal-Mart de Mexico		16,059		37,055
†X5 Retail Group GDR		2,523		84,899

				169,954

Food Products–0.40%
BRF ADR		4,440		54,390
China Mengniu Dairy		27,000		55,935
JBS		5,300		17,370
Lotte Confectionery		560		96,146
Tingyi Cayman Islands Holding		54,000		67,817
Uni-President China Holdings		113,600		79,958

				371,616


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Hotels, Restaurants & Leisure–0.06%
†Arcos Dorados Holdings		6,800	$	54,740

				54,740

Insurance–0.10%
Samsung Life Insurance		948		91,977

				91,977

Internet & Direct Marketing Retail–0.21%
†B2W Cia Digital		28,099		110,849
†Ctrip.com International ADR		1,700		83,555

				194,404

Internet Software & Services–0.98%
†Alibaba Group Holding ADR		1,900		204,877
†Baidu ADR		1,050		181,146
†SINA		2,050		147,846
†Sohu.com		3,500		137,655
Tencent Holdings		8,400		240,818
†Weibo ADR		190		9,914

				922,256

IT Services–0.04%
†WNS Holdings ADR		1,385		39,625

				39,625

Media–0.13%
Grupo Televisa ADR		4,800		124,512

				124,512

Metals & Mining–0.03%
Cia de Minas Buenaventura ADR		2,100		25,284
†Impala Platinum Holdings		1,965		6,623

				31,907

Multiline Retail–0.05%
Woolworths Holdings		9,032		47,064

				47,064

Oil, Gas & Consumable Fuels–1.02%
Cairn India		8,045		37,893
China Petroleum & Chemical		66,750		54,111
Gazprom ADR		19,622		87,710
LUKOIL ADR		1,500		79,590
†Petroleo Brasileiro ADR		10,800		104,652
PTT-Foreign		7,324		82,485
#Reliance Industries GDR 144A		11,335		456,801
Rosneft Oil GDR		9,900		56,331

				959,573

Pharmaceuticals–0.04%
Hypermarcas		4,200		38,906

				38,906


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Real Estate Management & Development–0.08%
#=Etalon Group GDR 144A		3,000	$	11,340
†IRSA Inversiones y Representaciones ADR		1,600		39,216
UEM Sunrise		99,106		28,441

				78,997

Road & Rail–0.01%
†Rumo		2,163		5,914

				5,914

Semiconductors & Semiconductor Equipment–0.38%
MediaTek		15,000		106,287
Taiwan Semiconductor Manufacturing		20,204		125,848
Taiwan Semiconductor Manufacturing ADR		3,700		121,508

				353,643

Technology Hardware, Storage & Peripherals–0.42%
Samsung Electronics		215		396,048

				396,048

Wireless Telecommunication Services–0.86%
America Movil ADR		6,273		88,888
China Mobile		14,298		156,475
China Mobile ADR		200		11,046
Mobile TeleSystems ADR		3,100		34,193
SK Telecom ADR		11,400		287,052
TIM Participacoes ADR		8,200		131,036
†Turkcell Iletisim Hizmetleri ADR		4,400		36,432
VEON ADR		7,600		31,008
Vodacom Group		2,695		30,533

				806,663

Total Emerging Markets (Cost $5,615,378)				6,606,750

Total Common Stock (Cost $30,783,626)				43,283,849


EXCHANGE-TRADED FUNDS–9.19%
iShares MSCI EAFE ETF		23,505		1,464,126
iShares MSCI EAFE Growth ETF		48,945		3,401,188
iShares Russell 1000 Growth ETF		12,650		1,439,570
Vanguard FTSE Developed Markets ETF		49,375		1,940,437
Vanguard Mega Cap Growth ETF		1,795		171,799
Vanguard Russell 1000 Growth ETF		1,760		205,392

Total Exchange-Traded Funds (Cost $6,785,052)				8,622,512


	Number of Shares		Value (U.S. $)

PREFERRED STOCK–0.26%
•Bank of America 6.50%		55,000	$	60,087
•General Electric 5.00%		123,000		129,919
•Integrys Holding 6.00%		1,900		49,614

Total Preferred Stock (Cost $230,451)				239,620


	Principal Amount°

AGENCY ASSET-BACKED SECURITY–0.00%
•Fannie Mae REMIC Trust Series 2002-W11 AV1 1.322% 11/25/32		152		149

Total Agency Asset-Backed Security (Cost $152)				149


AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.71%
Fannie Mae REMIC Trust Series 2004-W11 1A2 6.50% 5/25/44		7,040		8,127
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		2,793		3,240
Series 2005-70 PA 5.50% 8/25/35		3,095		3,460
•*Series 2008-15 SB 5.618% 8/25/36		22,303		4,236
Series 2010-41 PN 4.50% 4/25/40		40,000		43,168
Series 2010-43 HJ 5.50% 5/25/40		4,191		4,677
•*Series 2010-129 SM 5.018% 11/25/40		45,131		7,317
*Series 2012-98 MI 3.00% 8/25/31		65,277		7,372
•*Series 2012-122 SD 5.118% 11/25/42		129,079		26,519
*Series 2013-7 EI 3.00% 10/25/40		63,402		8,535
*Series 2013-26 ID 3.00% 4/25/33		63,150		8,859
*Series 2013-38 AI 3.00% 4/25/33		58,721		7,946
*Series 2013-43 IX 4.00% 5/25/43		184,178		43,501
*Series 2013-44 DI 3.00% 5/25/33		125,186		19,969
*Series 2013-55 AI 3.00% 6/25/33		75,882		10,980
Series 2014-36 ZE 3.00% 6/25/44		34,835		31,825


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs (continued)
•*Series 2014-68 BS 5.168% 11/25/44		68,671	$	13,444
•*Series 2014-90 SA 5.168% 1/25/45		176,419		35,515
•*Series 2015-27 SA 5.468% 5/25/45		74,782		15,909
Series 2015-44 Z 3.00% 9/25/43		64,284		62,151
Series 2015-89 AZ 3.50% 12/25/45		6,286		6,076
•*Series 2015-95 SH 5.018% 1/25/46		88,131		18,884
*Series 2016-30 CI 3.00% 5/25/36		82,723		11,139
•*Series 2016-55 SK 5.018% 8/25/46		94,429		22,629
•*Series 2016-62 SA 5.018% 9/25/46		96,976		23,282
•*Series 2016-85 SA 5.018% 11/25/46		97,794		23,226
*Series 2017-11 EI 3.00% 3/25/42		99,719		12,755
Freddie Mac REMICs
Series 1730 Z 7.00% 5/15/24		1,911		2,130
Series 2326 ZQ 6.50% 6/15/31		8,412		9,499
Series 3656 PM 5.00% 4/15/40		35,563		39,017
Series 4065 DE 3.00% 6/15/32		5,000		5,032
*Series 4109 AI 3.00% 7/15/31		145,465		15,655
*Series 4120 IK 3.00% 10/15/32		95,359		13,021
*Series 4146 IA 3.50% 12/15/32		57,831		9,107
•*Series 4159 KS 5.238% 1/15/43		62,527		14,384
*Series 4181 DI 2.50% 3/15/33		64,596		7,266
•*Series 4184 GS 5.208% 3/15/43		63,105		14,383
*Series 4185 LI 3.00% 3/15/33		62,911		8,786
*Series 4191 CI 3.00% 4/15/33		65,956		9,275
*Series 4342 CI 3.00% 11/15/33		64,294		8,328
Series 4435 DY 3.00% 2/15/35		51,000		50,628
Series 4457 KZ 3.00% 4/15/45		36,010		33,670
•*Series 4494 SA 5.268% 7/15/45		79,351		17,714
*Series 4543 HI 3.00% 4/15/44		85,583		13,086
Series 4592 WT 5.50% 6/15/46		102,200		114,079
•*Series 4594 SG 5.088% 6/15/46		144,737		35,368
Series 4614 HB 2.50% 9/15/46		25,000		22,355
Series 4623 LZ 2.50% 10/15/46		22,230		18,971


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Freddie Mac REMICs (continued)
Series 4623 MW 2.50% 10/15/46		25,000	$	22,706
*Series 4625 BI 3.50% 6/15/46		96,581		19,160
•*Series 4631 GS 5.088% 11/15/46		96,638		21,098
Series 4636 NZ 3.00% 12/15/46		27,203		25,064
Freddie Mac Strips
•*Series 267 S5 5.088% 8/15/42		64,655		13,108
•*Series 299 S1 5.088% 1/15/43		65,573		13,429
•*Series 326 S2 5.038% 3/15/44		73,900		14,644
◆Freddie Mac Structured Pass Through Certificates Series T-58 2A 6.50% 9/25/43		9,276		10,733
GNMA
Series 2010-113 KE 4.50% 9/20/40		95,000		103,555
Series 2012-136 MX 2.00% 11/20/42		10,000		9,069
Series 2013-113 AZ 3.00% 8/20/43		63,460		60,206
Series 2013-113 LY 3.00% 5/20/43		7,000		6,899
Series 2015-64 GZ 2.00% 5/20/45		25,933		21,095
*Series 2015-74 CI 3.00% 10/16/39		75,677		9,604
Series 2015-133 AL 3.00% 5/20/45		68,000		66,455
*Series 2015-142 AI 4.00% 2/20/44		68,429		8,651
•*Series 2016-108 SK 5.072% 8/20/46		97,873		23,572
Series 2016-111 PB 2.50% 8/20/46		24,000		21,597
*Series 2016-116 GI 3.50% 11/20/44		97,361		16,806
*Series 2016-118 DI 3.50% 3/20/43		101,757		15,494
•*Series 2016-120 AS 5.122% 9/20/46		98,395		24,261
•*Series 2016-120 NS 5.122% 9/20/46		103,239		25,707
Series 2016-134 MW 3.00% 10/20/46		5,000		4,978
Series 2016-156 PB 2.00% 11/20/46		15,000		12,095
*Series 2016-160 GI 3.50% 11/20/46		99,072		22,761


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
GNMA (continued)
•*Series 2016-160 GS 5.122% 11/20/46		138,505	$	34,558
*Series 2016-163 PI 3.50% 5/20/43		128,269		20,946
*Series 2016-163 XI 3.00% 10/20/46		98,218		12,947

Total Agency Collateralized Mortgage Obligations (Cost $1,714,017)				1,607,693


AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–0.63%
Freddie Mac Multifamily Structured Pass Through Certificates
◆Series K719 A1 2.53% 12/25/21		19,156		19,310
•◆Series K719 A2 2.731% 6/25/22		100,000		100,687
◆Series K724 A2 3.062% 11/25/23		40,000		41,231
•◆Series KS03 A4 3.161% 5/25/25		40,000		40,351
FREMF Mortgage Trust
#•Series 2011-K10 B 144A 4.631% 11/25/49		95,000		100,860
#•Series 2011-K12 B 144A 4.345% 1/25/46		25,000		26,401
#•Series 2011-K14 B 144A 5.167% 2/25/47		15,000		16,396
#•Series 2011-K15 B 144A 4.949% 8/25/44		10,000		10,863
#•Series 2011-K704 B 144A 4.536% 10/25/30		25,000		25,714
#•Series 2012-K18 B 144A 4.256% 1/25/45		20,000		21,165
#•Series 2012-K22 B 144A 3.686% 8/25/45		35,000		35,981
#•Series 2012-K708 B 144A 3.752% 2/25/45		35,000		35,770
#•Series 2013-K32 B 144A 3.538% 10/25/46		25,000		24,993
#•Series 2013-K33 B 144A 3.502% 8/25/46		25,000		24,851
#•Series 2013-K712 B 144A 3.365% 5/25/45		20,000		20,401
#•Series 2013-K713 B 144A 3.166% 4/25/46		10,000		10,146
#•Series 2013-K713 C 144A 3.166% 4/25/46		40,000		40,107

Total Agency Commercial Mortgage-Backed Securities (Cost $598,004)				595,227


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES–6.10%
Fannie Mae 3.00% 1/1/47		225,004	$	222,210
Fannie Mae ARM
•2.91% 7/1/45		10,034		10,251
•2.946% 12/1/45		13,521		13,923
•3.225% 3/1/44		25,206		26,119
•6.098% 8/1/37		1,765		1,774
Fannie Mae S.F. 30 yr
4.50% 11/1/39		16,738		18,158
4.50% 1/1/40		219,767		237,792
4.50% 6/1/40		20,828		22,557
4.50% 7/1/40		23,559		25,477
4.50% 8/1/40		5,936		6,404
4.50% 7/1/41		52,340		56,609
4.50% 8/1/41		40,977		44,448
4.50% 1/1/42		4,682		5,064
4.50% 8/1/42		77,183		83,547
4.50% 10/1/44		16,048		17,303
4.50% 2/1/46		267,197		287,243
4.50% 3/1/46		10,286		11,084
4.50% 7/1/46		27,487		29,537
5.00% 2/1/35		5,942		6,511
5.00% 10/1/35		13,415		14,677
5.00% 11/1/35		6,081		6,651
5.00% 4/1/37		3,714		4,068
5.00% 8/1/37		9,556		10,460
5.00% 12/1/39		9,589		10,621
5.00% 1/1/40		2,146		2,376
5.00% 1/1/42		119,837		133,263
5.00% 11/1/44		114,180		125,103
5.50% 11/1/34		1,223		1,369
5.50% 4/1/37		15,151		17,107
5.50% 8/1/37		5,461		6,116
5.50% 7/1/40		14,928		16,702
5.50% 6/1/41		38,751		43,410
5.50% 5/1/44		529,382		592,433
6.00% 6/1/36		1,255		1,418
6.00% 9/1/36		6,543		7,573
6.00% 12/1/36		1,369		1,558
6.00% 2/1/37		4,240		4,789
6.00% 5/1/37		9,237		10,439
6.00% 6/1/37		762		869
6.00% 7/1/37		16,345		18,679
6.00% 8/1/37		5,096		5,754
6.00% 9/1/37		1,509		1,704
6.00% 11/1/37		232		262
6.00% 5/1/38		23,093		26,156
6.00% 7/1/38		63,575		71,842
6.00% 9/1/38		50,469		57,148
6.00% 10/1/38		2,033		2,296
6.00% 11/1/38		3,197		3,650
6.00% 1/1/39		5,900		6,661
6.00% 9/1/39		52,871		59,704


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
6.00% 10/1/39		50,965	$	58,352
6.00% 3/1/40		5,907		6,669
6.00% 7/1/40		20,270		22,891
6.00% 9/1/40		5,120		5,787
6.00% 11/1/40		2,323		2,661
6.00% 5/1/41		63,895		72,225
6.00% 6/1/41		23,763		26,849
6.00% 7/1/41		93,481		105,561
6.50% 2/1/36		3,207		3,637
6.50% 5/1/40		10,978		12,362
7.50% 6/1/31		3,865		4,689
Fannie Mae S.F. 30 yr TBA
4.50% 4/1/47		40,000		42,887
3.00% 4/1/47		737,000		730,551
Freddie Mac ARM
•2.553% 10/1/46		34,658		34,814
•2.739% 2/1/47		7,988		8,064
•2.757% 10/1/45		10,481		10,747
•2.929% 10/1/45		21,052		21,533
•2.975% 11/1/45		16,237		16,566
•3.105% 3/1/46		29,291		29,980
Freddie Mac S.F. 30 yr
4.50% 4/1/39		3,031		3,277
4.50% 5/1/40		124,378		134,865
4.50% 7/1/42		33,754		36,392
4.50% 8/1/42		670,064		724,648
4.50% 12/1/43		31,619		34,090
4.50% 8/1/44		47,945		51,729
4.50% 7/1/45		181,603		195,236
5.00% 6/1/36		60,095		65,656
5.00% 5/1/41		21,933		24,163
5.00% 4/1/44		41,237		45,359
5.50% 3/1/34		1,613		1,814
5.50% 12/1/34		1,539		1,731
5.50% 12/1/35		1,584		1,780
5.50% 9/1/37		1,799		1,995
5.50% 12/1/37		232,008		260,288
5.50% 4/1/38		6,571		7,287
5.50% 6/1/38		1,098		1,217
5.50% 7/1/38		6,530		7,236
5.50% 3/1/40		4,642		5,146
5.50% 8/1/40		10,360		11,486
5.50% 1/1/41		4,703		5,217
5.50% 6/1/41		51,689		57,906
6.00% 2/1/36		3,166		3,604
6.00% 3/1/36		4,638		5,282
6.00% 9/1/37		4,327		4,895
6.00% 1/1/38		1,860		2,104
6.00% 6/1/38		5,011		5,672
6.00% 8/1/38		16,156		18,515
6.00% 5/1/40		25,174		28,504


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 30 yr (continued)
6.00% 7/1/40		23,839	$	27,038
6.50% 4/1/39		7,942		8,942
7.00% 11/1/33		1,694		1,953
GNMA I S.F. 30 yr
5.00% 10/15/39		41,961		46,578
5.50% 2/15/41		23,796		26,619
GNMA II S.F. 30 yr
5.00% 9/20/46		89,876		96,516
5.50% 5/20/37		9,280		10,323
5.50% 4/20/40		8,394		9,177
6.00% 2/20/39		12,370		14,021
6.00% 10/20/39		43,629		48,723
6.00% 2/20/40		42,307		47,382
6.00% 4/20/46		14,034		15,703
6.50% 10/20/39		16,254		18,350

Total Agency Mortgage-Backed Securities (Cost $5,776,717)				5,726,113


CORPORATE BONDS–21.95%
Aerospace & Defense–0.08%
Rockwell Collins 3.20% 3/15/24		35,000		35,014
United Technologies 3.75% 11/1/46		40,000		37,653

				72,667

Air Freight & Logistics–0.30%
Aviation Capital Group
#144A 2.875% 9/17/18		5,000		5,052
#144A 2.875% 1/20/22		165,000		164,042
#144A 4.875% 10/1/25		45,000		48,489
#Park Aerospace Holdings 144A 5.50% 2/15/24		60,000		62,550

				280,133

Airlines–0.16%
#◆Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27		23,403		23,549
◆American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26		17,708		17,796
◆American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27		27,877		27,354
◆American Airlines 2015-2 Class AA Pass Through Trust 3.60% 9/22/27		9,527		9,591
◆American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28		14,621		14,602


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Airlines (continued)
◆United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26			13,728	$	14,243
◆United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26			41,120		41,792
◆United Airlines 2016-1 Class AA Pass Through Trust 3.10% 7/7/28			5,000		4,925

					153,852

Auto Components–0.07%
#Allison Transmission 144A 5.00% 10/1/24			24,000		24,300
Goodyear Tire & Rubber 5.00% 5/31/26			35,000		35,963

					60,263

Automobiles–0.06%
Daimler 2.75% 12/10/18	NOK		200,000		23,932
General Motors 6.75% 4/1/46			25,000		29,408

					53,340

Banks–2.73%
Bank Nederlandse Gemeenten 3.50% 7/19/27	AUD		17,000		12,899
Bank of America
•3.124% 1/20/23			165,000		166,031
3.30% 8/5/21	AUD		10,000		7,617
•3.824% 1/20/28			50,000		50,185
4.183% 11/25/27			50,000		50,281
•4.443% 1/20/48			45,000		45,478
Barclays 4.95% 1/10/47			200,000		200,558
BB&T 2.45% 1/15/20			40,000		40,424
Capital One Financial 3.75% 3/9/27			30,000		29,880
Citigroup 3.75% 10/27/23	AUD		26,000		19,866
Citizens Financial Group
2.375% 7/28/21			30,000		29,613
4.30% 12/3/25			35,000		36,138
Cooperatieve Rabobank 2.50% 9/4/20	NOK		110,000		13,337
#Export-Import Bank of India 144A 3.375% 8/5/26			200,000		191,554
Fifth Third Bancorp 2.875% 7/27/20			20,000		20,368
Huntington Bancshares 2.30% 1/14/22			35,000		34,149
JPMorgan Chase & Co.
•3.782% 2/1/28			85,000		85,907
4.25% 10/1/27			55,000		56,468
•4.26% 2/22/48			95,000		94,965
•6.75% 8/29/49			40,000		44,150


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Banks (continued)
KeyBank 3.40% 5/20/26			250,000	$	243,594
•KeyCorp 5.00% 12/29/49			25,000		24,813
Landwirtschaftliche Rentenbank 5.375% 4/23/24	NZD		19,000		14,550
•PNC Financial Services Group 5.00% 12/29/49			50,000		49,875
Popular 7.00% 7/1/19			70,000		73,413
Santander UK Group Holdings
2.875% 10/16/20			100,000		100,304
3.125% 1/8/21			20,000		20,123
SunTrust Banks 2.70% 1/27/22			60,000		59,834
Toronto-Dominion Bank
2.125% 4/7/21			160,000		158,673
2.50% 12/14/20			30,000		30,289
•3.625% 9/15/31			50,000		49,044
U.S. Bancorp
2.375% 7/22/26			15,000		14,033
2.625% 1/24/22			25,000		25,111
3.60% 9/11/24			75,000		77,309
•USB Capital IX 3.50% 10/29/49			140,000		119,175
Wells Fargo & Co.
3.00% 7/27/21	AUD		27,000		20,323
3.069% 1/24/23			120,000		120,810
4.75% 12/7/46			35,000		35,843
Wells Fargo Capital X 5.95% 12/15/36			15,000		16,144
•Westpac Banking 4.322% 11/23/31			40,000		40,500
Zions Bancorporation 4.50% 6/13/23			40,000		41,520

					2,565,148

Beverages–0.46%
Anheuser-Busch InBev Finance 3.65% 2/1/26			240,000		243,132
#Heineken 144A 3.50% 1/29/28			20,000		20,039
Molson Coors Brewing
3.00% 7/15/26			140,000		133,397
4.20% 7/15/46			40,000		37,610

					434,178

Biotechnology–0.31%
Biogen 5.20% 9/15/45			85,000		92,243
Celgene
3.25% 8/15/22			150,000		152,689
3.875% 8/15/25			5,000		5,119
4.625% 5/15/44			15,000		14,934
Gilead Sciences 4.15% 3/1/47			30,000		28,047

					293,032

Building Products–0.27%
#Boise Cascade 144A 5.625% 9/1/24			15,000		15,300


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Building Products (continued)
#Builders FirstSource 144A 5.625% 9/1/24			50,000	$	50,937
Fortune Brands Home & Security 3.00% 6/15/20			25,000		25,322
Lennox International 3.00% 11/15/23			35,000		34,450
Masco 3.50% 4/1/21			55,000		56,244
#NCI Building Systems 144A 8.25% 1/15/23			25,000		27,250
U.S. Concrete
#144A 6.375% 6/1/24			40,000		41,600
6.375% 6/1/24			5,000		5,200

					256,303

Capital Markets–0.90%
Affiliated Managers Group 3.50% 8/1/25			40,000		39,371
Bank of New York Mellon
2.15% 2/24/20			10,000		10,045
2.20% 8/16/23			40,000		38,436
2.50% 4/15/21			85,000		85,270
•3.442% 2/7/28			45,000		45,399
•4.625% 12/29/49			65,000		62,563
BlackRock 3.20% 3/15/27			35,000		35,060
Goldman Sachs Group
3.85% 1/26/27			75,000		75,506
5.15% 5/22/45			80,000		84,377
Jefferies Group
6.45% 6/8/27			30,000		34,001
6.50% 1/20/43			10,000		10,883
Lazard Group 3.75% 2/13/25			10,000		9,957
Morgan Stanley
2.625% 11/17/21			50,000		49,724
3.95% 4/23/27			30,000		29,773
4.375% 1/22/47			110,000		110,537
5.00% 9/30/21	AUD		25,000		20,406
State Street
2.55% 8/18/20			40,000		40,557
3.10% 5/15/23			25,000		25,202
3.55% 8/18/25			40,000		41,151

					848,218

Chemicals–0.65%
CF Industries 6.875% 5/1/18			75,000		78,375
Dow Chemical 8.55% 5/15/19			155,000		175,796
#INVISTA Finance 144A 4.25% 10/15/19			45,000		46,463
LYB International Finance II 3.50% 3/2/27			70,000		68,838
Olin 5.125% 9/15/27			35,000		35,679
PolyOne 5.25% 3/15/23			15,000		15,187


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Chemicals (continued)
Potash Corp. of Saskatchewan 4.00% 12/15/26		35,000	$	35,902
#Westlake Chemical 144A 5.00% 8/15/46		80,000		82,462
#WR Grace & Co. 144A 5.625% 10/1/24		71,000		75,083

				613,785

Commercial Services & Supplies–0.72%
#Avis Budget Car Rental 144A 6.375% 4/1/24		35,000		35,219
#ERAC USA Finance 144A 3.30% 10/15/22		95,000		95,737
#Herc Rentals 144A 7.50% 6/1/22		16,000		17,080
#Live Nation Entertainment 144A 4.875% 11/1/24		40,000		40,100
#NES Rentals Holdings 144A 7.875% 5/1/18		30,000		30,264
#Nielsen Co. Luxembourg 144A 5.00% 2/1/25		50,000		49,937
Penske Truck Leasing
#144A 3.30% 4/1/21		35,000		35,509
#144A 4.20% 4/1/27		180,000		183,635
#Prime Security Services Borrower 144A 9.25% 5/15/23		50,000		54,937
#ServiceMaster 144A 5.125% 11/15/24		50,000		51,375
#Transurban Finance 144A 3.375% 3/22/27		20,000		19,380
United Rentals North America
5.50% 7/15/25		44,000		45,485
5.875% 9/15/26		15,000		15,694

				674,352

Communications Equipment–0.05%
Cisco Systems 1.85% 9/20/21		45,000		44,160

				44,160

Computers & Peripherals–0.08%
#Diamond 1 Finance 144A 6.02% 6/15/26		30,000		32,763
DXC Technology
#144A 4.25% 4/15/24		15,000		15,275
#144A 4.75% 4/15/27		30,000		30,656

				78,694

Consumer Finance–0.27%
#BMW U.S. Capital 144A 3.30% 4/6/27		45,000		44,891
General Motors Financial
3.70% 5/9/23		25,000		25,127
5.25% 3/1/26		105,000		113,010


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Consumer Finance (continued)
Hyundai Capital America
#144A 2.55% 2/6/19			45,000	$	45,258
#144A 3.00% 3/18/21			20,000		20,086
Toyota Motor Credit 2.80% 7/13/22			5,000		5,039

					253,411

Containers & Packaging–0.16%
Ball 5.25% 7/1/25			30,000		31,875
#BWAY Holding 144A 5.50% 4/15/24			35,000		35,372
#CCL Industries 144A 3.25% 10/1/26			30,000		28,770
#Crown Americas 144A 4.25% 9/30/26			15,000		14,466
#Owens-Brockway Glass Container 144A 5.875% 8/15/23			37,000		39,220

					149,703

Diversified Financial Services–0.95%
Air Lease
3.00% 9/15/23			45,000		44,038
3.625% 4/1/27			155,000		150,964
Berkshire Hathaway 2.75% 3/15/23			25,000		25,027
Credit Suisse Group Funding Guernsey 3.80% 6/9/23			250,000		251,459
•E*TRADE Financial 5.875% 12/29/49			50,000		51,750
Lazard Group 3.625% 3/1/27			25,000		24,428
National Rural Utilities Cooperative Finance
2.70% 2/15/23			35,000		34,703
2.85% 1/27/25			40,000		39,526
•4.75% 4/30/43			50,000		51,250
•5.25% 4/20/46			20,000		20,871
#UBS Group Funding Switzerland 144A 3.491% 5/23/23			200,000		201,526

					895,542

Diversified Telecommunication Services–0.64%
AT&T 5.25% 3/1/37			160,000		163,610
Bell Canada 3.35% 3/22/23	CAD		18,000		14,163
CenturyLink
5.80% 3/15/22			55,000		56,925
6.75% 12/1/23			85,000		88,931
#Cincinnati Bell 144A 7.00% 7/15/24			35,000		36,794
SBA Tower Trust
#144A 2.24% 4/16/18			35,000		35,013
#144A 2.898% 10/15/19			25,000		25,078


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Telecommunication Services (continued)
Telefonica Emisiones 5.213% 3/8/47		150,000	$	152,417
Verizon Communications 5.25% 3/16/37		30,000		31,113

				604,044

Electric Utilities–2.51%
#American Transmission Systems 144A 5.25% 1/15/22		75,000		82,645
Berkshire Hathaway Energy 3.75% 11/15/23		145,000		151,755
Cleveland Electric Illuminating 5.50% 8/15/24		40,000		45,712
ComEd Financing III 6.35% 3/15/33		50,000		53,471
Consumers Energy 3.25% 8/15/46		30,000		26,805
Dominion Resources 3.90% 10/1/25		75,000		76,499
DTE Energy
2.85% 10/1/26		50,000		46,880
3.30% 6/15/22		40,000		40,661
3.80% 3/15/27		15,000		15,242
Duke Energy
2.65% 9/1/26		135,000		126,040
4.80% 12/15/45		15,000		15,901
•Emera 6.75% 6/15/76		70,000		76,737
Emera U.S. Finance
3.55% 6/15/26		185,000		182,214
4.75% 6/15/46		45,000		45,586
Enel Americas 4.00% 10/25/26		5,000		4,949
Entergy
2.95% 9/1/26		10,000		9,500
4.00% 7/15/22		35,000		36,703
Entergy Louisiana 4.05% 9/1/23		90,000		95,038
Entergy Mississippi 2.85% 6/1/28		40,000		38,100
Exelon
3.497% 6/1/22		35,000		35,364
3.95% 6/15/25		35,000		36,049
#Fortis 144A 3.055% 10/4/26		90,000		84,360
Great Plains Energy
3.90% 4/1/27		30,000		30,353
4.85% 6/1/21		20,000		21,360
Indiana Michigan Power
3.20% 3/15/23		155,000		156,797
4.55% 3/15/46		15,000		15,909
IPALCO Enterprises 5.00% 5/1/18		35,000		36,137
ITC Holdings 3.25% 6/30/26		15,000		14,600
Kansas City Power & Light 3.65% 8/15/25		65,000		65,369


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
LG&E & KU Energy 4.375% 10/1/21		130,000	$	137,385
#Massachusetts Electric 144A 4.004% 8/15/46		40,000		39,028
#Metropolitan Edison 144A 4.00% 4/15/25		35,000		35,353
#New York State Electric & Gas 144A 3.25% 12/1/26		45,000		44,820
NextEra Energy Capital Holdings
2.40% 9/15/19		55,000		55,467
3.625% 6/15/23		25,000		25,414
NV Energy 6.25% 11/15/20		45,000		50,582
Pennsylvania Electric 5.20% 4/1/20		70,000		74,474
Public Service Co. of New Hampshire 3.50% 11/1/23		30,000		30,918
Public Service Co. of Oklahoma 5.15% 12/1/19		30,000		32,167
Southern
2.75% 6/15/20		60,000		60,555
3.25% 7/1/26		55,000		52,573
4.40% 7/1/46		5,000		4,798
#Trans-Allegheny Interstate Line 144A 3.85% 6/1/25		20,000		20,521
Wisconsin Electric Power 4.30% 12/15/45		25,000		25,576

				2,356,367

Equity Real Estate Investment Trusts–1.20%
American Tower
2.25% 1/15/22		10,000		9,661
4.00% 6/1/25		55,000		55,742
4.40% 2/15/26		25,000		25,908
#American Tower Trust I 144A 3.07% 3/15/23		55,000		54,894
CC Holdings GS V 3.849% 4/15/23		15,000		15,385
Corporate Office Properties
3.60% 5/15/23		35,000		34,066
5.25% 2/15/24		45,000		47,635
Crown Castle International 5.25% 1/15/23		55,000		60,093
CubeSmart 3.125% 9/1/26		45,000		42,353
DDR
7.50% 4/1/17		20,000		20,000
7.875% 9/1/20		40,000		46,302
Education Realty Operating Partnership 4.60% 12/1/24		40,000		40,368
Equinix 5.375% 5/15/27		40,000		41,400
#ESH Hospitality 144A 5.25% 5/1/25		60,000		60,637
GEO Group 5.125% 4/1/23		15,000		14,963


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Equity Real Estate Investment Trusts (continued)
Hospitality Properties Trust 4.50% 3/15/25		40,000	$	40,214
Host Hotels & Resorts
3.75% 10/15/23		30,000		30,275
3.875% 4/1/24		15,000		15,136
4.50% 2/1/26		15,000		15,546
#Iron Mountain U.S. Holdings 144A 5.375% 6/1/26		70,000		70,175
Kite Realty Group 4.00% 10/1/26		15,000		14,402
LifeStorage 3.50% 7/1/26		30,000		28,761
MGM Growth Properties Operating Partnership 4.50% 9/1/26		35,000		34,125
Physicians Realty 4.30% 3/15/27		20,000		20,067
Realty Income 4.125% 10/15/26		35,000		36,139
Regency Centers 3.60% 2/1/27		20,000		19,884
#SBA Communications 144A 4.875% 9/1/24		35,000		34,643
UDR 4.00% 10/1/25		130,000		132,836
Uniti Group 8.25% 10/15/23		25,000		26,500
WP Carey 4.60% 4/1/24		35,000		36,275

				1,124,385

Food & Staples Retailing–0.24%
#Albertsons 144A 5.75% 3/15/25		55,000		53,487
KFC Holding
#144A 5.00% 6/1/24		14,000		14,333
#144A 5.25% 6/1/26		12,000		12,240
Kroger 4.45% 2/1/47		40,000		39,388
Walgreens Boots Alliance
3.10% 6/1/23		80,000		80,001
3.45% 6/1/26		25,000		24,491

				223,940

Food Products–0.23%
Aramark Services
4.75% 6/1/26		5,000		5,044
5.125% 1/15/24		45,000		47,306
JBS USA Finance
#144A 5.75% 6/15/25		25,000		25,375
#144A 5.875% 7/15/24		45,000		46,575
Lamb Weston Holdings
#144A 4.625% 11/1/24		25,000		25,563
#144A 4.875% 11/1/26		25,000		25,563
#Post Holdings 144A 5.00% 8/15/26		45,000		43,200

				218,626

Gas Utilities–0.31%
AmeriGas Partners
5.50% 5/20/25		50,000		49,875
5.875% 8/20/26		55,000		55,000


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Gas Utilities (continued)
Dominion Gas Holdings 4.60% 12/15/44		20,000	$	20,132
Southern Co. Gas Capital 3.25% 6/15/26		165,000		160,875

				285,882

Health Care Equipment & Supplies–0.46%
Abbott Laboratories 4.90% 11/30/46		55,000		57,197
#Hill-Rom Holdings 144A 5.75% 9/1/23		35,000		36,444
Thermo Fisher Scientific 3.00% 4/15/23		220,000		218,304
Zimmer Biomet Holdings
3.375% 11/30/21		35,000		35,445
4.625% 11/30/19		80,000		84,883

				432,273

Health Care Providers & Services–0.19%
DaVita 5.00% 5/1/25		55,000		55,275
HCA 5.375% 2/1/25		45,000		47,025
HealthSouth
5.125% 3/15/23		10,000		10,050
5.75% 11/1/24		10,000		10,125
5.75% 9/15/25		10,000		10,037
New York and Presbyterian Hospital 4.063% 8/1/56		40,000		37,618
#Universal Health Services 144A 5.00% 6/1/26		10,000		10,325

				180,455

Hotels, Restaurants & Leisure–0.37%
Boyd Gaming 6.375% 4/1/26		75,000		80,437
#Hilton Worldwide Finance 144A 4.875% 4/1/27		45,000		45,563
Marriott International
3.75% 3/15/25		35,000		35,629
4.50% 10/1/34		5,000		5,068
MGM Resorts International 4.625% 9/1/26		55,000		53,625
#Penn National Gaming 144A 5.625% 1/15/27		100,000		99,500
Wyndham Worldwide 4.15% 4/1/24		25,000		25,250

				345,072

Household Durables–0.10%
Lennar 4.875% 12/15/23		45,000		46,237
PulteGroup 5.00% 1/15/27		45,000		45,169

				91,406


		Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Household Products–0.15%
#ACCO Brands 144A 5.25% 12/15/24			55,000	$	55,413
#Scotts Miracle-Gro 144A 5.25% 12/15/26			50,000		50,750
Tempur Sealy International 5.50% 6/15/26			35,000		34,597

					140,760

Independent Power & Renewable Electricity Producers–0.10%
#AES Gener 144A 5.25% 8/15/21			10,000		10,583
Calpine
#144A 5.25% 6/1/26			30,000		30,600
5.375% 1/15/23			20,000		20,276
Dynegy 6.75% 11/1/19			30,000		30,975

					92,434

Industrial Conglomerates–0.16%
General Electric
2.10% 12/11/19			35,000		35,344
4.25% 1/17/18	NZD		40,000		28,385
5.55% 5/4/20			25,000		27,669
6.00% 8/7/19			50,000		54,940

					146,338

Insurance–0.96%
Allstate 3.28% 12/15/26			190,000		191,150
Berkshire Hathaway Finance 2.90% 10/15/20			50,000		51,676
#Liberty Mutual Group 144A 4.95% 5/1/22			15,000		16,316
•Manulife Financial 4.061% 2/24/32			50,000		50,194
MetLife
6.40% 12/15/36			50,000		55,000
6.817% 8/15/18			130,000		138,620
#Principal Life Global Funding II 144A 3.00% 4/18/26			145,000		141,344
Prudential Financial
4.50% 11/15/20			20,000		21,477
•5.375% 5/15/45			30,000		31,470
TIAA Asset Management Finance
#144A 2.95% 11/1/19			35,000		35,598
#144A 4.125% 11/1/24			75,000		76,550
#USI 144A 7.75% 1/15/21			5,000		5,091
XLIT
4.45% 3/31/25			25,000		25,341
5.50% 3/31/45			40,000		40,116
•6.50% 12/29/49			25,000		21,063

					901,006

Internet Software & Services–0.05%
Zayo Group
#144A 5.75% 1/15/27			15,000		15,859


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Internet Software & Services (continued)
Zayo Group (continued)
6.00% 4/1/23		30,000	$	31,837

				47,696

IT Services–0.14%
Fidelity National Information Services 5.00% 10/15/25		30,000		32,684
First Data
#144A 5.75% 1/15/24		40,000		41,410
#144A 7.00% 12/1/23		49,000		52,675

				126,769

Machinery–0.13%
Crane
2.75% 12/15/18		10,000		10,164
4.45% 12/15/23		55,000		57,792
Parker-Hannifin 3.30% 11/21/24		5,000		5,093
Roper Technologies
2.80% 12/15/21		25,000		25,055
3.80% 12/15/26		25,000		25,159

				123,263

Media–0.85%
21st Century Fox America 4.95% 10/15/45		50,000		51,949
CCO Holdings
#144A 5.125% 5/1/23		45,000		46,463
#144A 5.75% 2/15/26		5,000		5,263
Charter Communications Operating 4.908% 7/23/25		75,000		79,382
Comcast 3.00% 2/1/24		60,000		60,029
CSC Holdings 5.25% 6/1/24		13,000		12,984
DISH DBS 7.75% 7/1/26		25,000		29,125
GLP Capital 5.375% 4/15/26		50,000		51,750
#Gray Television 144A 5.125% 10/15/24		20,000		19,800
Lamar Media 5.75% 2/1/26		20,000		21,475
#Midcontinent Communications 144A 6.875% 8/15/23		40,000		42,750
#Nexstar Broadcasting 144A 5.625% 8/1/24		40,000		40,700
#Sinclair Television Group 144A 5.125% 2/15/27		45,000		43,650
Sirius XM Radio
#144A 5.375% 4/15/25		15,000		15,390
#144A 5.375% 7/15/26		50,000		51,250
Time Warner Cable 7.30% 7/1/38		125,000		155,354
Tribune Media 5.875% 7/15/22		55,000		57,613
WPP Finance 2010 5.625% 11/15/43		15,000		16,043

				800,970


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Metals & Mining–0.27%
ArcelorMittal 6.125% 6/1/25		35,000	$	39,025
Barrick North America Finance 5.75% 5/1/43		30,000		34,942
#Freeport-McMoRan 144A 6.875% 2/15/23		40,000		41,500
#Glencore Funding 144A 4.00% 3/27/27		25,000		24,731
#Hudbay Minerals 144A 7.625% 1/15/25		35,000		38,150
Southern Copper 5.875% 4/23/45		25,000		26,049
#Steel Dynamics 144A 5.00% 12/15/26		40,000		40,600
Vale Overseas
5.875% 6/10/21		5,000		5,371
6.25% 8/10/26		5,000		5,444

				255,812

Multiline Retail–0.17%
Dollar General 3.875% 4/15/27		75,000		75,212
JC Penney 8.125% 10/1/19		35,000		37,975
Target 3.625% 4/15/46		55,000		49,769

				162,956

Multi-Utilities–0.35%
Ameren Illinois 9.75% 11/15/18		170,000		191,039
CMS Energy 6.25% 2/1/20		30,000		33,108
NiSource Finance 6.125% 3/1/22		40,000		45,866
SCANA 4.125% 2/1/22		55,000		55,799

				325,812

Oil, Gas & Consumable Fuels–1.57%
Anadarko Petroleum
5.55% 3/15/26		20,000		22,234
6.60% 3/15/46		90,000		109,261
BP Capital Markets
3.216% 11/28/23		75,000		75,450
3.224% 4/14/24		20,000		20,038
#Cheniere Corpus Christi Holdings 144A 5.875% 3/31/25		15,000		15,694
Ecopetrol 7.375% 9/18/43		5,000		5,367
Enbridge
4.25% 12/1/26		25,000		25,570
•6.00% 1/15/77		10,000		10,137
Energy Transfer Equity 7.50% 10/15/20		35,000		39,200
Energy Transfer Partners
6.125% 12/15/45		50,000		53,680
9.70% 3/15/19		48,000		54,606
•Enterprise Products Operating 7.034% 1/15/68		10,000		10,409
Genesis Energy 6.75% 8/1/22		35,000		36,260


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
#Gulfport Energy 144A 6.00% 10/15/24		30,000	$	29,250
Kinder Morgan Energy Partners 5.80% 3/1/21		40,000		43,983
MPLX
4.875% 12/1/24		20,000		21,071
4.875% 6/1/25		25,000		26,230
Murphy Oil USA 6.00% 8/15/23		50,000		52,625
#Nabors Industries 144A 5.50% 1/15/23		31,000		31,794
Newfield Exploration 5.75% 1/30/22		20,000		21,325
Noble Energy 5.05% 11/15/44		35,000		35,923
Petrobras Global Finance
5.375% 1/27/21		5,000		5,145
6.75% 1/27/41		10,000		9,410
7.375% 1/17/27		5,000		5,299
Petroleos Mexicanos 6.75% 9/21/47		15,000		15,253
Plains All American Pipeline 8.75% 5/1/19		95,000		107,200
QEP Resources 5.25% 5/1/23		40,000		39,416
Regency Energy Partners 5.00% 10/1/22		15,000		15,969
Sabine Pass Liquefaction
#144A 4.20% 3/15/28		40,000		39,598
5.625% 4/15/23		100,000		108,625
Shell International Finance
4.00% 5/10/46		70,000		67,175
4.375% 5/11/45		40,000		40,663
Southwestern Energy
4.10% 3/15/22		10,000		9,400
6.70% 1/23/25		5,000		4,950
Targa Resources Partners
#144A 5.125% 2/1/25		20,000		20,675
#144A 5.375% 2/1/27		25,000		26,000
Tesoro Logistics 5.25% 1/15/25		40,000		41,950
Transcanada Trust
•5.30% 3/15/77		20,000		19,800
•5.875% 8/15/76		25,000		26,594
#Transocean Proteus 144A 6.25% 12/1/24		15,000		15,563
Woodside Finance
#144A 3.70% 9/15/26		5,000		4,894
#144A 8.75% 3/1/19		85,000		95,127
#•YPF 144A 23.854% 7/7/20		10,000		11,195

				1,470,008

Paper & Forest Products–0.27%
Georgia-Pacific 8.00% 1/15/24		110,000		141,112


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Paper & Forest Products (continued)
International Paper 4.40% 8/15/47		115,000	$	109,002

				250,114

Personal Products–0.01%
Revlon Consumer Products 6.25% 8/1/24		10,000		10,000

				10,000

Pharmaceuticals–0.46%
#Mallinckrodt International Finance 144A 5.50% 4/15/25		50,000		46,250
Mylan 3.95% 6/15/26		145,000		142,200
#Pacira Pharmaceuticals 144A 2.375% 4/1/22		1,000		1,041
Pfizer 3.00% 12/15/26		50,000		49,569
Shire Acquisitions Investments Ireland
2.40% 9/23/21		50,000		48,947
2.875% 9/23/23		150,000		145,761

				433,768

Road & Rail–0.16%
Burlington Northern Santa Fe 4.70% 9/1/45		90,000		98,014
Union Pacific 3.00% 4/15/27		50,000		49,505

				147,519

Semiconductors & Semiconductor Equipment–0.27%
Applied Materials 4.35% 4/1/47		45,000		45,671
Broadcom
#144A 3.00% 1/15/22		40,000		39,993
#144A 3.625% 1/15/24		170,000		171,503

				257,167

Software–0.29%
CDK Global 5.00% 10/15/24		35,000		35,487
Microsoft
2.40% 2/6/22		10,000		10,067
2.875% 2/6/24		15,000		15,110
4.10% 2/6/37		25,000		25,853
4.25% 2/6/47		180,000		184,976

				271,493

Specialty Retail–0.11%
Lowe’s 3.70% 4/15/46		115,000		107,148

				107,148

Technology Hardware, Storage & Peripherals–0.06%
Apple 3.45% 2/9/45		30,000		26,809
#Western Digital 144A 7.375% 4/1/23		25,000		27,469

				54,278


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Textiles, Apparel & Luxury Goods–0.09%
#Hanesbrands 144A 4.875% 5/15/26		60,000	$	59,250
Levi Strauss & Co. 5.00% 5/1/25		25,000		25,755

				85,005

Tobacco–0.35%
Altria Group 3.875% 9/16/46		180,000		167,569
Reynolds American 4.00% 6/12/22		150,000		157,620

				325,189

Trading Companies & Distributors–0.06%
#HD Supply 144A 5.75% 4/15/24		50,000		52,715

				52,715

Wireless Telecommunication Services–0.45%
#Crown Castle Towers 144A 4.883% 8/15/20		190,000		202,388
#Deutsche Telekom International Finance 144A 2.485% 9/19/23		150,000		143,601
Level 3 Financing 5.375% 5/1/25		20,000		20,400
#Sprint Communications 144A 7.00% 3/1/20		25,000		27,313
T-Mobile USA 6.50% 1/15/26		25,000		27,437

				421,139

Total Corporate Bonds (Cost $20,551,469)				20,598,590

«LOAN AGREEMENTS–0.17%
Cablevision Tranche B 1st Lien 3.943% 10/11/24		109,725		109,691
Republic of Angola (Unsecured) 7.57% 12/16/23		63,000		54,810

Total Loan Agreements (Cost $173,274)				164,501

MUNICIPAL BONDS–0.36%
Bay Area Toll Authority (Build America Bonds) Series S3 6.907% 10/1/50		45,000		64,739
California State Various Purposes (Build America Bonds) 7.55% 4/1/39		35,000		51,366
Commonwealth of Massachusetts Series C 5.00% 10/1/25		25,000		30,350
New Jersey Turnpike Authority
(Build America Bonds) Series A 7.102% 1/1/41		25,000		34,915
(Build America Bonds) Series F 7.414% 1/1/40		15,000		21,594


	Principal Amount°		Value (U.S. $)

MUNICIPAL BONDS (continued)
New York, New York
Series C 5.00% 8/1/26		5,000	$	5,993
Series C 5.00% 8/1/27		10,000		11,907
Oregon State Taxable Pension 5.892% 6/1/27		35,000		42,500
South Carolina Public Service Authority Series D 4.77% 12/1/45		15,000		14,131
Texas Water Development Board Water Implementation Revenue
5.00% 10/15/46		35,000		40,169
Series A 5.00% 10/15/45		15,000		17,085

Total Municipal Bonds (Cost $345,956)				334,749

NON-AGENCY ASSET-BACKED SECURITIES–1.01%
Ally Master Owner Trust Series 2014-4 A2 1.43% 6/17/19		65,000		65,050
#Avis Budget Rental Car Funding AESOP Series 2013-1A A 144A 1.92% 9/20/19		100,000		99,985
BA Credit Card Trust
•Series 2014-A2 A 1.182% 9/16/19		30,000		30,000
•Series 2014-A3 A 1.202% 1/15/20		35,000		35,032
•Capital One Multi-Asset Execution Trust Series 2016-A1 A1 1.362% 2/15/22		65,000		65,377
•CNH Equipment Trust Series 2016-B A2B 1.312% 10/15/19		7,241		7,257
Ford Credit Auto Lease Trust Series 2015-A A3 1.13% 6/15/18		14,670		14,668
#HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44		47,500		43,485
•Mercedes-Benz Auto Lease Trust Series 2016-A A2B 1.472% 7/16/18		14,025		14,039
#•Mercedes-Benz Master Owner Trust Series 2016-AA A 144A 1.492% 5/15/20		100,000		100,395
#•Navistar Financial Dealer Note Master Owner Trust II Series 2016-1 A 144A 2.332% 9/27/21		20,000		20,048
Nissan Auto Lease Trust
•Series 2015-B A2B 1.442% 12/15/17		5,656		5,658
Series 2016-B A3 1.50% 7/15/19		100,000		99,737
#•PFS Financing Series 2015-AA A 144A 1.532% 4/15/20		100,000		99,969


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
#Verizon Owner Trust Series 2017-1A A 144A 2.06% 9/20/21		100,000	$	100,322
#Volkswagen Credit Auto Master Trust Series 2014-1A A2 144A 1.40% 7/22/19		95,000		94,969
•Wells Fargo Dealer Floorplan Master Note Trust Series 2014-2 A 1.428% 10/20/19		50,000		50,034

Total Non-Agency Asset-Backed Securities (Cost $948,590)				946,025

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.10%
fAmerican Home Mortgage Investment Trust Series 2005-2 5A1 5.064% 9/25/35		4,489		4,427
Bank of America Alternative Loan Trust Series 2005-6 7A1 5.50% 7/25/20		653		625
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35		16,532		16,452
JPMorgan Mortgage Trust Series 2006-S1 1A1 6.00% 4/25/36		21,255		21,731
#•Sequoia Mortgage Trust Series 2014-2 A4 144A 3.50% 7/25/44		40,163		39,997
◆Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2004-20 2A1 5.50% 11/25/34		8,572		8,757

Total Non-Agency Collateralized Mortgage Obligations (Cost $92,507)				91,989

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES– 2.15%
•Banc of America Commercial Mortgage Trust Series 2007-4 AM 5.961% 2/10/51		40,000		40,387
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18 A4 5.70% 6/11/50		21,196		21,450
CD Mortgage Trust
Series 2016-CD2 A3 3.248% 11/10/49		30,000		30,128


	Principal Amount°		Value (U.S. $)

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
CD Mortgage Trust (continued)
•Series 2016-CD2 A4 3.526% 11/10/49		25,000	$	25,568
CFCRE Commercial Mortgage Trust Series 2016-C7 A3 3.839% 12/10/54		20,000		20,585
Citigroup Commercial Mortgage Trust
•Series 2007-C6 AM 5.779% 12/10/49		20,000		20,241
Series 2014-GC25 A4 3.635% 10/10/47		40,000		41,270
Series 2015-GC27 A5 3.137% 2/10/48		50,000		49,827
Series 2016-P3 A4 3.329% 4/15/49		35,000		35,191
Series 2016-P5 A4 2.941% 10/10/49		30,000		29,164
COMM Mortgage Trust
#Series 2013-CR6 AM 144A 3.147% 3/10/46		35,000		35,047
Series 2014-CR19 A5 3.796% 8/10/47		25,000		26,155
Series 2014-CR20 AM 3.938% 11/10/47		80,000		82,966
#Series 2015-3BP A 144A 3.178% 2/10/35		100,000		100,196
Series 2015-CR23 A4 3.497% 5/10/48		40,000		40,701
DB-JPM Mortgage Trust
Series 2016-C1 A4 3.276% 5/10/49		65,000		65,268
Series 2016-C3 A5 2.89% 9/10/49		40,000		38,838
#•DB-UBS Mortgage Trust Series 2011-LC1A C 144A 5.686% 11/10/46		100,000		109,752
#GRACE Mortgage Trust Series 2014-GRCE A 144A 3.369% 6/10/28		100,000		103,571
GS Mortgage Securities Trust
Series 2015-GC32 A4 3.764% 7/10/48		30,000		31,241
Series 2017-GS5 A4 3.674% 3/10/50		50,000		51,689
JPM-BB Commercial Mortgage Securities Trust
Series 2015-C32 A5 3.598% 11/15/48		55,000		56,339
Series 2015-C33 A4 3.77% 12/15/48		195,000		202,183
JPM-DB Commercial Mortgage Securities Trust
Series 2016-C2 A4 3.144% 6/15/49		70,000		69,414


		Principal Amount°		Value (U.S. $)

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPM-DB Commercial Mortgage Securities Trust (continued)
Series 2016-C4 A3 3.141% 12/15/49			45,000	$	44,454
JPMorgan Chase Commercial Mortgage Securities Trust
•Series 2005-CB11 E 5.525% 8/12/37			10,000		10,398
Series 2013-LC11 B 3.499% 4/15/46			30,000		29,865
Series 2015-JP1 A5 3.914% 1/15/49			30,000		31,520
Series 2016-JP2 A4 2.822% 8/15/49			75,000		72,410
Series 2016-JP2 AS 3.056% 8/15/49			50,000		48,368
•Series 2016-JP3 B 3.397% 8/15/49			15,000		14,645
#Series 2016-WIKI A 144A 2.798% 10/5/31			20,000		20,125
#Series 2016-WIKI B 144A 3.201% 10/5/31			30,000		30,320
•LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ 5.452% 9/15/39			23,671		20,919
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47			30,000		31,238
Series 2015-C23 A4 3.719% 7/15/50			100,000		103,613
Series 2015-C26 A5 3.531% 10/15/48			35,000		35,756
Series 2016-C29 A4 3.325% 5/15/49			30,000		30,152
Wells Fargo Commercial Mortgage Trust
•Series 2015-C30 XA 1.009% 9/15/58			984,717		61,631
Series 2015-NXS3 A4 3.617% 9/15/57			60,000		61,454
Series 2016-BNK1 A3 2.652% 8/15/49			50,000		47,658

Total Non-Agency Commercial Mortgage-Backed Securities (Cost $2,066,047)					2,021,697

DREGIONAL BONDS–0.21%
Australia–0.15%
New South Wales Treasury
3.00% 3/20/28	AUD		119,400		90,271
4.00% 5/20/26	AUD		21,000		17,466
Queensland Treasury
#144A 2.75% 8/20/27	AUD		15,000		10,996


		Principal Amount°		Value (U.S. $)

DREGIONAL BONDS (continued)
Australia (continued)
Queensland Treasury (continued)
#144A 3.25% 7/21/28	AUD		29,000	$	22,058

					140,791

Canada–0.06%
Province of Ontario Canada 3.45% 6/2/45	CAD		11,000		8,635
Province of Quebec Canada 6.00% 10/1/29	CAD		50,000		50,456

					59,091

Total Regional Bonds (Cost $209,633)					199,882

DSOVEREIGN BONDS–1.40%
Argentina–0.04%
Argentine Bonos del Tesoro 15.50% 10/17/26	ARS		258,000		18,947
#Argentine Republic Government International Bond 144A 5.625% 1/26/22			15,000		15,379

					34,326

Australia–0.00%
Australia Government Bond 3.75% 4/21/37	AUD		4,000		3,254

					3,254

Brazil–0.03%
Brazil Notas do Tesouro Nacional Series F 10.00% 1/1/25	BRL		76,000		24,338

					24,338

Canada–0.01%
Canadian Government Bond 2.75% 12/1/48	CAD		11,000		9,075

					9,075

Hungary–0.05%
Hungary Government International Bond 5.75% 11/22/23			40,000		45,280

					45,280

Indonesia–0.20%
Indonesia Treasury Bond
7.50% 8/15/32	IDR		621,000,000		47,376
8.375% 9/15/26	IDR		610,000,000		49,828
9.00% 3/15/29	IDR		1,113,000,000		92,811

					190,015


		Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Mexico–0.31%
Mexican Bonos 5.75% 3/5/26	MXN		5,955,700	$	291,486

					291,486

New Zealand–0.07%
New Zealand Government Bond
2.75% 4/15/25	NZD		72,000		49,277
4.50% 4/15/27	NZD		20,000		15,586

					64,863

Peru–0.16%
Peruvian Government International Bond
#144A 6.90% 8/12/37	PEN		158,000		52,096
6.95% 8/12/31	PEN		299,000		98,942

					151,038

Poland–0.09%
Poland Government Bond
2.50% 7/25/26	PLN		330,000		77,543
3.25% 7/25/25	PLN		48,000		12,081

					89,624

Portugal–0.01%
#Portugal Government International Bond 144A 5.125% 10/15/24			14,000		13,599

					13,599

Republic of Korea–0.07%
Inflation Linked Korea Treasury Bond 1.125% 6/10/23	KRW		69,642,366		64,019

					64,019

South Africa–0.18%
South Africa Government Bond 8.00% 1/31/30	ZAR		2,437,000		164,990

					164,990

Turkey–0.15%
Turkey Government Bond 8.00% 3/12/25	TRY		592,000		139,756

					139,756

United Kingdom–0.03%
United Kingdom Gilt 3.50% 1/22/45	GBP		18,700		32,351

					32,351

Total Sovereign Bonds (Cost $1,330,255)					1,318,014

SUPRANATIONAL BANKS–0.09%
International Bank for Reconstruction & Development
3.50% 1/22/21	NZD		93,000		66,199


		Principal Amount°		Value (U.S. $)

SUPRANATIONAL BANKS (continued)
International Bank for Reconstruction & Development (continued)
4.625% 10/6/21	NZD		13,000	$	9,642
International Finance 3.625% 5/20/20	NZD		11,000		7,867

Total Supranational Banks (Cost $80,726)					83,708

U.S. TREASURY OBLIGATIONS–6.60%
U.S. Treasury Bond 2.875% 11/15/46			405,000		393,040
U.S. Treasury Inflation Index Note 0.125% 4/15/21			148,568		150,198
U.S. Treasury Notes
1.875% 1/31/22			150,000		149,692
2.25% 2/15/27			5,570,000		5,499,612

Total U.S. Treasury Obligations (Cost $6,178,814)					6,192,542


		Number of Shares

RIGHT–0.00%
†B2W Cia Digital exercise price BRL 11.00, expiration date 4/25/17			9,025		4,094

Total Right (Cost $0)					4,094


		Number of Contracts

OPTIONS PURCHASED–0.00%
Futures Currency Call Option–0.00%
USD vs TWD strike price $32.50, expiration date 4/17/17			25,000		—

Total Options Purchased (Cost $152)					—


		Number of Shares

MONEY MARKET FUND–0.06%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)			58,105		58,105

Total Money Market Fund (Cost $58,105)					58,105

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at March 31, 2017:

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

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Delaware Foundation^® Moderate Allocation Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities and exchange-traded funds (“ETFs”), except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security or ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Other debt securities, credit default swap contracts, and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

At March 31, 2017, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At March 31, 2017, the cost of investments and net unrealized appreciation (depreciation) for the Fund were as follows:

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

During the period ended March 31, 2017, 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 that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. International fair value pricing was not utilized at March 31, 2017. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

On December 6, 2016, the Fund’s Board approved a proposal to change the Fund’s name and sub-adviser. Effective May 1, 2017, the Fund’s name will be LVIP BlackRock Scientific Allocation Fund and BlackRock Investment Management, LLC will replace Delaware Investments Fund Advisers and Jackson Square Partners as sub-adviser to the Fund.


	Number of Shares		Value (U.S. $)

COMMON STOCK–99.62%
Aerospace & Defense–2.60%
AAR		6,789	$	228,314
†Aerojet Rocketdyne Holdings		9,478		205,673
†Aerovironment		2,215		62,086
Arconic		22,374		589,331
†Astronics		2,505		79,484
†Astronics Class B		806		25,631
B/E Aerospace		6,033		386,776
Boeing		37,923		6,707,062
BWX Technologies		11,734		558,538
Cubic		3,873		204,494
Curtiss-Wright		6,659		607,700
†DigitalGlobe		10,882		356,385
†Ducommun		1,600		46,064
†Engility Holdings		376		10,881
†Esterline Technologies		4,509		387,999
General Dynamics		13,232		2,477,030
HEICO		3,473		302,846
HEICO Class A		4,578		343,350
Hexcel		12,095		659,782
Huntington Ingalls Industries		3,927		786,343
†KLX		6,809		304,362
†Kratos Defense & Security Solutions		5,182		40,316
L3 Technologies		3,767		622,647
Lockheed Martin		14,443		3,864,947
†Mercury Systems		3,446		134,566
†Moog Class A		5,219		351,500
Northrop Grumman		9,036		2,149,122
Orbital ATK		5,421		531,258
Raytheon		13,074		1,993,785
Rockwell Collins		10,875		1,056,615
Spirit AeroSystems Holdings Class A		12,728		737,206
†TASER International		1,811		41,273
†Teledyne Technologies		4,923		622,563
Textron		22,144		1,053,833
TransDigm Group		3,095		681,395
Triumph Group		6,690		172,268
United Technologies		33,672		3,778,335
†Wesco Aircraft Holdings		14,929		170,191

				33,331,951

Air Freight & Logistics–0.74%
†Air Transport Services Group		11,784		189,133
†Atlas Air Worldwide Holdings		3,789		210,100
CH Robinson Worldwide		11,156		862,247
†Echo Global Logistics		2,584		55,168
Expeditors International of Washington		11,713		661,667
FedEx		11,653		2,274,083
Forward Air		3,352		159,455
†Hub Group Class A		4,075		189,080
Park-Ohio Holdings		801		28,796
United Parcel Service Class B		39,912		4,282,558


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Air Freight & Logistics (continued)
†XPO Logistics		12,314	$	589,718

				9,502,005

Airlines–0.91%
Alaska Air Group		16,423		1,514,529
Allegiant Travel		2,149		344,377
American Airlines Group		34,769		1,470,729
Copa Holdings Class A		4,803		539,137
Delta Air Lines		46,387		2,131,947
†Hawaiian Holdings		9,950		462,177
†JetBlue Airways		38,403		791,486
SkyWest		6,659		228,071
Southwest Airlines		39,453		2,120,993
†Spirit Airlines		10,860		576,340
†United Continental Holdings		21,708		1,533,453

				11,713,239

Auto Components–0.81%
Adient		4,561		331,448
†American Axle & Manufacturing Holdings		9,868		185,321
Autoliv		7,240		740,362
BorgWarner		18,858		788,076
Cooper Tire & Rubber		10,762		477,295
†Cooper-Standard Holdings		1,794		199,008
Dana		30,421		587,430
Delphi Automotive		16,408		1,320,680
†Dorman Products		2,401		197,194
†Fox Factory Holding		4,534		130,126
Gentex		29,894		637,639
†Gentherm		4,875		191,344
Goodyear Tire & Rubber		38,344		1,380,384
†Horizon Global		2,190		30,397
LCI Industries		3,305		329,839
Lear		7,285		1,031,410
†Modine Manufacturing		8,303		101,297
†Motorcar Parts of America		2,029		62,351
Standard Motor Products		2,906		142,801
†Stoneridge		3,532		64,070
Superior Industries International		3,283		83,224
Tenneco		8,836		551,543
Tower International		4,230		114,633
†Visteon		6,978		683,495

				10,361,367

Automobiles–0.63%
Ford Motor		270,509		3,148,725
General Motors		75,934		2,685,026
Harley-Davidson		15,921		963,221
†Tesla		1,541		428,860
Thor Industries		7,273		699,154


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Automobiles (continued)
Winnebago Industries		3,677	$	107,552

				8,032,538

Banks–6.95%
1st Source		2,576		120,943
Ameris Bancorp		3,331		153,559
Arrow Financial		444		15,052
Associated Banc-Corp		16,938		413,287
Banc of California		1,402		29,021
BancFirst		1,055		94,845
†Bancorp		1,514		7,721
BancorpSouth		11,664		352,836
Bank of America		405,963		9,576,667
Bank of Hawaii		5,806		478,182
Bank of the Ozarks		9,112		473,915
BankUnited		12,210		455,555
Banner		3,101		172,540
BB&T		30,370		1,357,539
Berkshire Hills Bancorp		5,646		203,538
BNC Bancorp		3,131		109,742
BOK Financial		5,174		404,969
Boston Private Financial Holdings		14,301		234,536
Brookline Bancorp		9,134		142,947
Bryn Mawr Bank		2,262		89,349
Camden National		636		28,009
Capital Bank Financial		4,655		202,027
Cardinal Financial		3,968		118,802
Cathay General Bancorp		8,683		327,175
CenterState Banks of Florida		2,822		73,090
Central Pacific Financial		5,001		152,731
Chemical Financial		8,810		450,631
CIT Group		10,255		440,247
Citigroup		111,720		6,683,090
Citizens Financial Group		10,989		379,670
City Holding		2,841		183,188
CoBiz Financial		3,260		54,768
Columbia Banking System		8,265		322,252
Comerica		9,594		657,957
Commerce Bancshares		9,141		513,359
Community Bank System		7,256		398,935
Community Trust Bancorp		1,117		51,103
ConnectOne Bancorp		2,533		61,425
Cullen/Frost Bankers		6,810		605,886
†Customers Bancorp		3,657		115,305
CVB Financial		14,317		316,263
†Eagle Bancorp		3,814		227,696
East West Bancorp		14,663		756,757
Enterprise Financial Services		1,260		53,424
†FCB Financial Holdings Class A		2,662		131,902
Fidelity Southern		1,928		43,149
Fifth Third Bancorp		49,269		1,251,433
†First BanCorp (Puerto Rico)		32,583		184,094


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Banks (continued)
First Busey		2,410	$	70,854
First Citizens BancShares Class A		925		310,217
First Commonwealth Financial		14,092		186,860
First Financial		880		41,800
First Financial Bancorp		9,348		256,603
First Financial Bankshares		1,744		69,934
First Horizon National		26,832		496,392
First Interstate BancSystem Class A		3,666		145,357
First Merchants		5,490		215,867
First Midwest Bancorp		14,084		333,509
†First NBC Bank Holding		2,270		9,080
First of Long Island		1,200		32,460
First Republic Bank		13,071		1,226,191
Flushing Financial		4,876		131,018
FNB		32,839		488,322
Fulton Financial		20,249		361,445
Glacier Bancorp		10,015		339,809
Great Southern Bancorp		946		47,773
Great Western Bancorp		1,016		43,089
Guaranty Bancorp		864		21,038
Hancock Holding		11,693		532,616
Hanmi Financial		4,000		123,000
Heartland Financial USA		2,621		130,919
Heritage Commerce		487		6,867
Heritage Financial		3,857		95,461
Hilltop Holdings		13,115		360,269
Home BancShares		17,596		476,324
†HomeTrust Bancshares		901		21,173
Hope Bancorp		16,420		314,771
Huntington Bancshares		96,681		1,294,559
IBERIABANK		4,674		369,713
Independent Bank (Massachusetts)		3,374		219,310
Independent Bank Group		1,383		88,927
International Bancshares		10,063		356,230
Investors Bancorp		34,004		488,978
JPMorgan Chase & Co.		156,544		13,750,825
KeyCorp		52,577		934,819
Lakeland Bancorp		1,264		24,774
Lakeland Financial		2,847		122,763
LegacyTexas Financial Group		5,666		226,073
M&T Bank		4,922		761,581
MB Financial		9,240		395,657
Mercantile Bank		836		28,758
National Bank Holdings Class A		3,583		116,447
NBT Bancorp		5,373		199,177
OFG Bancorp		4,091		48,274
Old National Bancorp		17,834		309,420
Opus Bank		660		13,299
†Pacific Premier Bancorp		1,415		54,548
PacWest Bancorp		8,124		432,684
Park National		762		80,162
Peapack Gladstone Financial		548		16,215


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Banks (continued)
Peoples Bancorp		481	$	15,228
People’s United Financial		17,358		315,916
Pinnacle Financial Partners		4,255		282,745
PNC Financial Services Group		21,686		2,607,525
Popular		10,058		409,662
Preferred Bank		230		12,342
PrivateBancorp		11,176		663,519
Prosperity Bancshares		7,549		526,241
Regions Financial		67,173		976,024
Renasant		5,232		207,658
S&T Bancorp		3,442		119,093
Sandy Spring Bancorp		3,312		135,759
†Seacoast Banking Corp. of Florida		1,194		28,632
ServisFirst Bancshares		3,091		112,451
†Signature Bank		2,593		384,775
Simmons First National Class A		2,933		161,755
South State		3,499		312,636
Southside Bancshares		1,256		42,164
Southwest Bancorp		2,660		69,559
State Bank Financial		5,416		141,466
Sterling Bancorp		15,776		373,891
Stock Yards Bancorp		2,112		85,853
SunTrust Banks		21,339		1,180,047
†SVB Financial Group		4,498		837,033
Synovus Financial		16,013		656,853
TCF Financial		27,139		461,906
†Texas Capital Bancshares		5,756		480,338
Tompkins Financial		1,213		97,707
Towne Bank		6,489		210,244
TriCo Bancshares		1,599		56,812
Trustmark		10,322		328,136
U.S. Bancorp		66,061		3,402,141
UMB Financial		5,641		424,824
Umpqua Holdings		24,155		428,510
Union Bankshares		7,033		247,421
United Bankshares		8,323		351,647
United Community Banks		8,010		221,797
Univest Corp. of Pennsylvania		1,042		26,988
Valley National Bancorp		29,056		342,861
Washington Trust Bancorp		1,086		53,540
Webster Financial		10,666		533,727
Wells Fargo & Co.		219,055		12,192,601
WesBanco		4,468		170,275
Westamerica Bancorporation		2,893		161,516
†Western Alliance Bancorp		10,465		513,727
Wintrust Financial		5,764		398,408
Zions Bancorporation		9,912		416,304

				89,073,579

Beverages–1.68%
†Boston Beer Class A		1,347		194,844
Brown-Forman Class A		1,046		49,235


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Beverages (continued)
Brown-Forman Class B		13,772	$	635,991
Coca-Cola		186,990		7,935,856
Coca-Cola Bottling Consolidated		1,354		278,951
Constellation Brands Class A		5,045		817,643
Dr Pepper Snapple Group		10,927		1,069,972
MGP Ingredients		1,497		81,182
Molson Coors Brewing Class B		3,961		379,107
†Monster Beverage		12,489		576,617
National Beverage		1,899		160,522
PepsiCo		83,267		9,314,247

				21,494,167

Biotechnology–2.33%
AbbVie		94,538		6,160,096
†ACADIA Pharmaceuticals		1,923		66,113
†Acorda Therapeutics		4,839		101,619
†Alexion Pharmaceuticals		3,085		374,025
†Alkermes		3,336		195,156
†Alnylam Pharmaceuticals		2,227		114,134
Amgen		29,424		4,827,596
†Aptevo Therapeutics		2,879		5,931
†Biogen		9,631		2,633,308
†BioMarin Pharmaceutical		3,163		277,648
†Bioverativ		5,633		306,773
†Bluebird Bio		2,058		187,072
†Celgene		33,922		4,220,915
†Emergent BioSolutions		5,759		167,241
†Exelixis		16,852		365,183
†Five Prime Therapeutics		4,086		147,709
Gilead Sciences		83,604		5,678,384
†Incyte		4,184		559,275
†Insys Therapeutics		2,779		29,207
†Ionis Pharmaceuticals		1,152		46,310
†Ligand Pharmaceuticals Class B		1,549		163,946
†Myriad Genetics		6,072		116,582
†Neurocrine Biosciences		2,841		123,015
†OPKO Health		26,983		215,864
†Otonomy		619		7,583
†Regeneron Pharmaceuticals		3,070		1,189,656
†Seattle Genetics		3,269		205,489
†TESARO		1,081		166,334
†United Therapeutics		5,963		807,271
†Vertex Pharmaceuticals		3,259		356,372

				29,815,807

Building Products–0.63%
AAON		7,398		261,519
Allegion		3,626		274,488
†American Woodmark		2,433		223,349
AO Smith		9,577		489,959
Apogee Enterprises		3,439		204,999
†Armstrong Flooring		3,796		69,922


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Building Products (continued)
†Armstrong World Industries		7,192	$	331,192
†Builders FirstSource		12,418		185,028
†Continental Building Products		6,258		153,321
Fortune Brands Home & Security		8,581		522,154
†Gibraltar Industries		3,900		160,680
Insteel Industries		1,756		63,462
Johnson Controls International		36,216		1,525,418
Lennox International		3,124		522,645
Masco		20,498		696,727
†NCI Building Systems		6,362		109,108
Owens Corning		12,082		741,473
†Patrick Industries		2,667		189,090
†PGT		8,191		88,053
†Ply Gem Holdings		5,809		114,437
Quanex Building Products		4,360		88,290
Simpson Manufacturing		4,772		205,626
†Trex		4,106		284,916
Universal Forest Products		1,882		185,452
†USG		10,447		332,215

				8,023,523

Capital Markets–2.65%
Affiliated Managers Group		4,373		716,910
Ameriprise Financial		12,380		1,605,438
Artisan Partners Asset Management		3,789		104,576
Bank of New York Mellon		46,195		2,181,790
BGC Partners Class A		34,768		394,964
BlackRock		3,395		1,302,016
CBOE Holdings		7,500		608,025
Charles Schwab		33,576		1,370,237
CME Group		9,460		1,123,848
Cohen & Steers		4,673		186,780
Diamond Hill Investment Group		152		29,572
†Donnelley Financial Solutions		4,245		81,886
†E*TRADE Financial		15,622		545,052
Eaton Vance		18,805		845,473
Evercore Partners Class A		5,155		401,575
FactSet Research Systems		3,459		570,424
Federated Investors Class B		13,518		356,064
Financial Engines		913		39,761
Franklin Resources		16,357		689,284
GAIN Capital Holdings		5,501		45,823
Goldman Sachs Group		13,801		3,170,366
Greenhill & Co.		3,574		104,718
Interactive Brokers Group		9,047		314,112
Intercontinental Exchange		15,955		955,226
†INTL. FCStone		1,728		65,595
Invesco		26,923		824,651
Investment Technology Group		5,918		119,839
Janus Capital Group		23,005		303,666
†KCG Holdings Class A		12,555		223,856
Legg Mason		11,109		401,146


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Capital Markets (continued)
LPL Financial Holdings		16,584	$	660,541
MarketAxess Holdings		3,353		628,654
Moelis & Co. Class A		434		16,709
Moody’s		7,458		835,594
Morgan Stanley		56,694		2,428,771
Morningstar		5,529		434,579
MSCI		6,463		628,139
Nasdaq		10,110		702,139
Northern Trust		8,720		754,978
OM Asset Management		6,371		96,330
Oppenheimer Holdings Class A		566		9,679
Raymond James Financial		13,800		1,052,388
S&P Global		15,553		2,033,399
SEI Investments		9,432		475,750
State Street		13,574		1,080,626
†Stifel Financial		8,209		412,010
T. Rowe Price Group		16,110		1,097,896
TD Ameritrade Holding		11,630		451,942
Virtus Investment Partners		817		86,520
Waddell & Reed Financial Class A		15,478		263,126
Westwood Holdings Group		147		7,851
WisdomTree Investments		12,979		117,849

				33,958,143

Chemicals–2.73%
A Schulman		4,438		139,575
†AdvanSix		1,467		40,078
Air Products & Chemicals		8,136		1,100,719
Albemarle		6,061		640,284
American Vanguard		3,629		60,241
Ashland Global Holdings		4,435		549,097
†Axalta Coating Systems		2,237		72,031
Balchem		2,885		237,782
Cabot		7,734		463,344
Calgon Carbon		8,361		122,071
Celanese Class A		9,212		827,698
CF Industries Holdings		25,668		753,356
Chemours		6,008		231,308
†Chemtura		8,458		282,497
Dow Chemical		51,650		3,281,841
Eastman Chemical		18,625		1,504,900
Ecolab		11,805		1,479,639
EI du Pont de Nemours & Co.		37,593		3,019,846
†Ferro		1,001		15,205
FMC		6,207		431,945
FutureFuel		4,566		64,746
†GCP Applied Technologies		5,509		179,869
Hawkins		819		40,131
HB Fuller		5,740		295,954
Huntsman		46,016		1,129,233
†Ingevity		2,439		148,413
Innophos Holdings		2,701		145,773


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Chemicals (continued)
Innospec		4,258	$	275,705
International Flavors & Fragrances		5,956		789,349
KMG Chemicals		1,701		78,365
†Koppers Holdings		1,784		75,552
†Kraton		4,560		140,995
Kronos Worldwide		6,569		107,929
†LSB Industries		2,575		24,153
LyondellBasell Industries Class A		22,803		2,079,406
Minerals Technologies		4,368		334,589
Monsanto		24,155		2,734,346
Mosaic		18,141		529,354
NewMarket		1,327		601,436
Olin		18,769		616,937
†OMNOVA Solutions		2,534		25,087
†Platform Specialty Products		22,651		294,916
PolyOne		12,817		436,932
PPG Industries		13,312		1,398,825
Praxair		16,799		1,992,361
Quaker Chemical		1,377		181,296
RPM International		9,175		504,900
Scotts Miracle-Gro Class A		7,037		657,185
Sensient Technologies		3,376		267,582
Sherwin-Williams		4,501		1,396,165
Stepan		2,486		195,922
†Trecora Resources		1,810		20,091
Tredegar		492		8,635
Trinseo		4,781		320,805
Tronox		7,502		138,412
Valspar		7,308		810,749
Westlake Chemical		3,913		258,454
WR Grace & Co.		5,509		384,032

				34,938,041

Commercial Services & Supplies–1.00%
ABM Industries		7,883		343,699
†ACCO Brands		15,297		201,156
†ARC Document Solutions		6,046		20,859
Brady Class A		6,379		246,548
Brink’s		6,531		349,082
†Casella Waste Systems		2,209		31,169
Cintas		8,381		1,060,532
†Clean Harbors		9,325		518,657
†Copart		11,571		716,592
Covanta Holding		22,488		353,062
Deluxe		9,390		677,676
Ennis		3,323		56,491
Essendant		5,795		87,794
Healthcare Services Group		333		14,349
Herman Miller		8,070		254,608
HNI		6,100		281,149
†InnerWorkings		2,041		20,328
Interface Class A		8,682		165,392


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Commercial Services & Supplies (continued)
KAR Auction Services		13,984	$	610,681
Kimball International Class B		4,901		80,867
Knoll		7,864		187,242
LSC Communications		4,245		106,804
Matthews International Class A		3,204		216,751
McGrath RentCorp		3,969		133,239
Mobile Mini		5,916		180,438
MSA Safety		4,253		300,645
Multi-Color		1,912		135,752
Pitney Bowes		23,939		313,840
Quad/Graphics		5,244		132,359
Republic Services		16,148		1,014,256
Rollins		13,074		485,438
RR Donnelley & Sons		11,320		137,085
†SP Plus		3,002		101,317
Steelcase Class A		12,090		202,507
†Stericycle		4,662		386,433
†Team		2,683		72,575
Tetra Tech		7,691		314,177
†TRC		1,338		23,348
U.S. Ecology		3,569		167,208
UniFirst		2,026		286,578
Viad		1,892		85,518
VSE		600		24,480
Waste Management		20,630		1,504,340
West		11,036		269,499

				12,872,520

Communications Equipment–1.18%
ADTRAN		4,884		101,343
†Arista Networks		2,962		391,784
†ARRIS International		16,393		433,595
Brocade Communications Systems		61,076		762,228
†CalAmp		2,806		47,113
†Calix		3,340		24,215
†Ciena		14,673		346,430
Cisco Systems		193,426		6,537,799
†CommScope Holding		12,171		507,652
Comtech Telecommunications		2,467		36,364
†EchoStar Class A		6,579		374,674
†F5 Networks		4,506		642,420
†Finisar		13,225		361,572
†Harmonic		15,891		94,551
Harris		7,795		867,350
†Infinera		2,440		24,961
InterDigital		6,220		536,786
†Ixia		8,963		176,123
Juniper Networks		22,261		619,524
†Lumentum Holdings		2,840		151,514
Motorola Solutions		5,314		458,173
†NETGEAR		4,473		221,637
†NetScout Systems		3,994		151,572


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Communications Equipment (continued)
†Oclaro		5,900	$	57,938
†Palo Alto Networks		1,493		168,231
Plantronics		3,909		211,516
†ShoreTel		4,568		28,093
†Sonus Networks		7,554		49,781
†Ubiquiti Networks		5,466		274,721
†ViaSat		4,826		307,995
†Viavi Solutions		12,536		134,386

				15,102,041

Construction & Engineering–0.43%
†AECOM		14,324		509,791
†Aegion		4,365		100,002
Argan		2,865		189,520
Chicago Bridge & Iron		11,492		353,379
Comfort Systems USA		5,275		193,329
†Dycom Industries		5,163		479,901
EMCOR Group		9,724		612,126
Fluor		13,179		693,479
Granite Construction		4,504		226,056
†Great Lakes Dredge & Dock		483		1,932
Jacobs Engineering Group		6,624		366,175
KBR		15,549		233,701
†MasTec		4,810		192,641
†MYR Group		2,986		122,426
Primoris Services		3,904		90,651
†Quanta Services		16,456		610,682
†Tutor Perini		7,043		223,967
Valmont Industries		2,153		334,791

				5,534,549

Construction Materials–0.19%
Eagle Materials		5,781		561,566
†Headwaters		9,629		226,089
Martin Marietta Materials		3,480		759,510
†Summit Materials Class A		4,831		119,374
†US Concrete		2,396		154,662
Vulcan Materials		5,108		615,412

				2,436,613

Consumer Finance–1.07%
Ally Financial		26,793		544,702
American Express		43,293		3,424,909
Capital One Financial		24,777		2,147,175
†Credit Acceptance		2,546		507,698
Discover Financial Services		25,340		1,733,003
†Encore Capital Group		3,358		103,426
†Enova International		937		13,914
†EZCORP Class A		6,690		54,523
FirstCash		6,980		343,061
†Green Dot Class A		5,819		194,122
†LendingClub		25,885		142,109
Navient		57,265		845,231


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Consumer Finance (continued)
Nelnet Class A		4,320	$	189,475
†OneMain Holdings		11,443		284,359
†PRA Group		6,942		230,127
†Santander Consumer USA Holdings		30,471		405,874
†SLM		54,985		665,319
Synchrony Financial		56,805		1,948,411

				13,777,438

Containers & Packaging–0.79%
AptarGroup		8,671		667,580
Avery Dennison		8,912		718,307
Ball		10,056		746,759
Bemis		16,843		822,949
†Berry Plastics Group		11,557		561,323
†Crown Holdings		7,001		370,703
Graphic Packaging Holding		63,505		817,309
Greif Class A		4,106		226,200
International Paper		21,242		1,078,669
Myers Industries		2,920		46,282
†Owens-Illinois		23,503		478,991
Packaging Corp. of America		9,201		842,996
Sealed Air		16,972		739,640
Silgan Holdings		11,004		653,197
Sonoco Products		12,990		687,431
WestRock		13,391		696,734

				10,155,070

Distributors–0.19%
Core-Mark Holding		5,228		163,061
Genuine Parts		11,206		1,035,546
†LKQ		21,855		639,696
Pool		4,978		594,025

				2,432,328

Diversified Consumer Services–0.29%
†American Public Education		2,213		50,678
†Bright Horizons Family Solutions		6,159		446,466
Capella Education		1,427		121,331
†Career Education		2,503		21,776
Carriage Services		2,326		63,081
DeVry Education Group		4,230		149,954
Graham Holdings		553		331,551
†Grand Canyon Education		6,766		484,513
H&R Block		19,342		449,702
†Houghton Mifflin Harcourt		14,700		149,205
†K12		6,889		131,924
Service Corp. International		19,815		611,887
†ServiceMaster Global Holdings		8,653		361,263
†Sotheby’s		4,738		215,484
Strayer Education		1,056		84,997

				3,673,812


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Diversified Financial Services–0.93%
†Berkshire Hathaway Class B		65,443	$	10,908,039
Leucadia National		19,765		513,890
†PICO Holdings		2,699		37,786
Voya Financial		10,615		402,946

				11,862,661

Diversified Telecommunication Services–2.32%
AT&T		358,244		14,885,038
ATN International		1,514		106,616
CenturyLink		54,832		1,292,390
†Cincinnati Bell		5,095		90,182
Cogent Communications Holdings		5,986		257,697
Consolidated Communications Holdings		8,146		190,779
†FairPoint Communications		2,657		44,106
Frontier Communications		73,062		156,353
†General Communication Class A		7,752		161,242
IDT Class B		3,397		43,210
†Level 3 Communications		12,561		718,740
†Lumos Networks		2,700		47,790
†ORBCOMM		9,336		89,159
Verizon Communications		236,167		11,513,141
Windstream Holdings		15,687		85,494

				29,681,937

Electric Utilities–1.56%
ALLETE		6,594		446,480
Alliant Energy		12,308		487,520
American Electric Power		19,483		1,307,894
Duke Energy		24,883		2,040,655
Edison International		12,899		1,026,889
El Paso Electric		4,644		234,522
Entergy		8,182		621,505
Eversource Energy		14,361		844,140
Exelon		35,590		1,280,528
FirstEnergy		22,090		702,904
Great Plains Energy		11,571		338,105
Hawaiian Electric Industries		5,424		180,673
IDACORP		6,633		550,274
MGE Energy		3,422		222,430
NextEra Energy		17,820		2,287,553
OGE Energy		10,930		382,331
Otter Tail		4,368		165,547
PG&E		18,216		1,208,814
Pinnacle West Capital		6,414		534,799
PNM Resources		8,628		319,236
Portland General Electric		9,526		423,145
PPL		26,960		1,008,034
Southern		36,734		1,828,619
Westar Energy		12,179		660,954
Xcel Energy		21,310		947,229

				20,050,780


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Electrical Equipment–0.72%
Acuity Brands		2,185	$	445,740
Allied Motion Technologies		1,708		34,331
AMETEK		19,210		1,038,877
AZZ		4,022		239,309
†Babcock & Wilcox Enterprises		3,921		36,622
Eaton		14,735		1,092,600
Emerson Electric		32,448		1,942,337
Encore Wire		2,356		108,376
EnerSys		5,114		403,699
†Generac Holdings		10,296		383,835
General Cable		9,785		175,641
Hubbell		5,553		666,638
Powell Industries		1,827		62,922
†Power Solutions International		813		8,203
Regal Beloit		4,821		364,709
Rockwell Automation		10,776		1,677,931
†Sensata Technologies Holding		10,345		451,766
†Thermon Group Holdings		3,728		77,691

				9,211,227

Electronic Equipment, Instruments & Components–1.40%
Amphenol Class A		16,494		1,173,878
†Anixter International		4,994		396,024
†Arrow Electronics		8,559		628,316
Avnet		8,016		366,812
AVX		10,683		174,988
Badger Meter		2,792		102,606
Belden		3,678		254,481
†Benchmark Electronics		2,500		79,500
CDW		15,967		921,456
Cognex		8,502		713,743
†Coherent		2,520		518,213
Corning		37,771		1,019,817
Daktronics		5,746		54,300
Dolby Laboratories Class A		6,088		319,072
†Fabrinet		5,499		231,123
†FARO Technologies		354		12,655
†Flextronics International		43,138		724,718
FLIR Systems		17,970		651,952
†II-VI		7,979		287,643
†IPG Photonics		5,456		658,539
†Itron		3,730		226,411
Jabil Circuit		33,466		967,837
†Keysight Technologies		15,670		566,314
†Knowles		5,974		113,207
Littelfuse		2,295		366,993
Methode Electronics		4,593		209,441
MTS Systems		1,823		100,356
National Instruments		10,428		339,536
†Novanta		700		18,585
†OSI Systems		2,992		218,386
Park Electrochemical		2,423		43,275


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Electronic Equipment, Instruments & Components (continued)
PC Connection		3,183	$	94,822
†Plexus		3,674		212,357
†Rogers		2,571		220,772
†Sanmina		10,665		432,999
†ScanSource		4,669		183,258
SYNNEX		5,679		635,707
TE Connectivity		16,123		1,201,970
†Tech Data		5,267		494,571
†Trimble		14,950		478,549
†TTM Technologies		12,750		205,657
Universal Display		1,856		159,802
†VeriFone Systems		12,652		236,972
Vishay Intertechnology		23,342		383,976
†Zebra Technologies		5,558		507,167

				17,908,756

Energy Equipment & Services–0.82%
Archrock		11,511		142,736
†Atwood Oceanics		8,344		79,518
Baker Hughes		8,654		517,682
Bristow Group		5,275		80,233
Core Laboratories		3,764		434,817
†Diamond Offshore Drilling		14,549		243,114
†Dril-Quip		5,598		305,371
Ensco Class A		15,059		134,778
†Era Group		2,010		26,653
†Exterran		5,755		180,995
†Forum Energy Technologies		11,621		240,555
Frank’s International		310		3,277
Halliburton		11,983		589,683
†Helix Energy Solutions Group		6,861		53,310
Helmerich & Payne		5,510		366,801
†Matrix Service		3,017		49,781
Nabors Industries		32,530		425,167
National Oilwell Varco		7,048		282,554
†Newpark Resources		12,083		97,872
Noble		26,081		161,441
Oceaneering International		12,328		333,842
†Oil States International		6,670		221,111
†Parker Drilling		15,756		27,573
Patterson-UTI Energy		16,123		391,305
†Pioneer Energy Services		7,354		29,416
†RigNet		1,617		34,685
†Rowan		15,208		236,941
RPC		9,483		173,634
Schlumberger		36,422		2,844,558
†SEACOR Holdings		2,936		203,142
†Superior Energy Services		16,774		239,197
†TechnipFMC		10,460		339,950
†Tesco		5,029		40,483
†TETRA Technologies		6,536		26,602
†Transocean		38,916		484,504


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Energy Equipment & Services (continued)
†Unit		3,873	$	93,572
US Silica Holdings		2,676		128,421
†Weatherford International		45,377		301,757

				10,567,031

Equity Real Estate Investment Trusts–0.04%
†SBA Communications		4,059		488,582

				488,582

Food & Staples Retailing–1.74%
Andersons		4,370		165,623
Casey’s General Stores		3,835		430,479
†Chefs’ Warehouse		2,580		35,862
Costco Wholesale		21,531		3,610,534
CVS Health		44,394		3,484,929
Ingles Markets Class A		2,345		101,187
Kroger		54,430		1,605,141
PriceSmart		3,470		319,934
†Rite Aid		49,757		211,467
SpartanNash		5,888		206,021
†Sprouts Farmers Market		18,502		427,766
†SUPERVALU		35,583		137,350
Sysco		29,408		1,526,863
†United Natural Foods		6,297		272,219
Village Super Market Class A		618		16,377
Walgreens Boots Alliance		33,645		2,794,217
Wal-Mart Stores		84,502		6,090,904
Weis Markets		1,437		85,717
Whole Foods Market		27,380		813,734

				22,336,324

Food Products–1.75%
Alico		234		6,178
Archer-Daniels-Midland		21,094		971,168
B&G Foods		9,162		368,770
†Blue Buffalo Pet Products		14,232		327,336
Bunge		7,929		628,453
Calavo Growers		1,666		100,960
Cal-Maine Foods		5,325		195,960
Campbell Soup		13,392		766,558
Conagra Brands		17,420		702,723
†Darling Ingredients		11,907		172,890
Dean Foods		10,300		202,498
†Farmer Brothers		400		14,140
Flowers Foods		26,330		511,065
Fresh Del Monte Produce		6,313		373,919
General Mills		29,451		1,737,903
†Hain Celestial Group		9,937		369,656
Hershey		8,647		944,685
Hormel Foods		14,127		489,218
Ingredion		8,589		1,034,373
J&J Snack Foods		2,310		313,144
JM Smucker		8,646		1,133,318


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Food Products (continued)
John B Sanfilippo & Son		748	$	54,746
Kellogg		12,773		927,448
Kraft Heinz		19,951		1,811,750
Lamb Weston Holdings		5,100		214,506
Lancaster Colony		3,385		436,123
†Landec		1,935		23,220
McCormick & Co.		7,654		746,648
Mead Johnson Nutrition		12,413		1,105,750
Mondelez International		39,498		1,701,574
Pilgrim’s Pride		10,200		229,551
Pinnacle Foods		6,596		381,710
†Post Holdings		7,545		660,338
Sanderson Farms		1,794		186,289
Seaboard		14		58,372
Snyders-Lance		9,740		392,619
†TreeHouse Foods		5,048		427,364
Tyson Foods Class A		19,211		1,185,511
†WhiteWave Foods		8,805		494,401

				22,402,835

Gas Utilities–0.34%
Atmos Energy		6,368		503,008
Chesapeake Utilities		1,638		113,350
National Fuel Gas		8,672		517,025
New Jersey Resources		11,433		452,747
Northwest Natural Gas		3,933		232,440
ONE Gas		6,456		436,426
South Jersey Industries		7,029		250,584
Southwest Gas		4,816		399,294
Spire		5,436		366,930
UGI		12,319		608,559
WGL Holdings		6,029		497,573

				4,377,936

Health Care Equipment & Supplies–2.01%
Abaxis		2,179		105,681
Abbott Laboratories		46,898		2,082,740
†ABIOMED		2,200		275,440
†Alere		10,100		401,273
†Align Technology		5,112		586,398
Analogic		1,712		129,941
†AngioDynamics		5,678		98,513
†Anika Therapeutics		1,937		84,143
Atrion		226		105,813
Baxter International		13,777		714,475
Becton Dickinson & Co.		6,106		1,120,085
†Boston Scientific		19,203		477,579
Cantel Medical		4,304		344,750
CONMED		2,672		118,664
Cooper		1,674		334,616
CR Bard		6,214		1,544,428
Danaher		16,508		1,411,929


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Equipment & Supplies (continued)
DENTSPLY SIRONA		11,965	$	747,095
†DexCom		1,908		161,665
†Edwards Lifesciences		9,179		863,469
†Exactech		917		23,108
†Globus Medical		8,601		254,762
†Haemonetics		5,852		237,416
†Halyard Health		7,052		268,611
Hill-Rom Holdings		7,662		540,937
†Hologic		23,305		991,628
†ICU Medical		1,730		264,171
†IDEXX Laboratories		6,797		1,050,884
†Inogen		1,392		107,963
†Integer Holdings		3,432		137,966
†Integra LifeSciences Holdings		7,495		315,764
†Intuitive Surgical		1,073		822,422
Invacare		4,463		53,110
†LivaNova		3,945		193,344
†Masimo		6,795		633,702
Medtronic		32,253		2,598,302
Meridian Bioscience		6,320		87,216
†Merit Medical Systems		5,462		157,852
†Natus Medical		2,545		99,891
†Neogen		3,194		209,367
†NuVasive		4,865		363,318
†Nuvectra		1,144		7,813
†OraSure Technologies		3,636		47,013
†Orthofix International		1,657		63,215
†Quidel		952		21,553
ResMed		7,991		575,112
†RTI Surgical		7,962		31,848
†SeaSpine Holdings		1,244		9,765
STERIS		5,889		409,050
Stryker		9,708		1,278,058
†Surmodics		1,196		28,764
Teleflex		2,482		480,838
†Varex Imaging		2,529		84,974
†Varian Medical Systems		6,323		576,215
West Pharmaceutical Services		3,226		263,274
†Wright Medical Group		3,239		100,798
Zimmer Biomet Holdings		5,071		619,220

				25,717,941

Health Care Providers & Services–2.89%
†Acadia Healthcare		5,448		237,533
Aceto		3,288		51,983
†Addus HomeCare		500		16,000
Aetna		19,426		2,477,786
†Air Methods		7,270		312,610
†Almost Family		1,338		65,027
†Amedisys		2,782		142,132
AmerisourceBergen		5,593		494,980
†AMN Healthcare Services		7,388		299,953


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Providers & Services (continued)
Anthem		12,049	$	1,992,664
†BioTelemetry		1,479		42,817
†Brookdale Senior Living		13,344		179,210
†Capital Senior Living		3,628		51,010
Cardinal Health		16,212		1,322,089
†Centene		9,428		671,839
Chemed		2,440		445,764
Cigna		10,510		1,539,610
†Community Health Systems		21,088		187,051
†CorVel		4,063		176,740
†Cross Country Healthcare		2,295		32,956
†DaVita		17,515		1,190,495
†Diplomat Pharmacy		3,200		51,040
Ensign Group		7,140		134,232
†Envision Healthcare		12,024		737,312
†Express Scripts Holding		30,374		2,001,950
†Hanger		4,881		65,113
†HCA Holdings		12,467		1,109,438
†HealthEquity		1,093		46,398
HealthSouth		12,718		544,458
†Henry Schein		5,219		887,073
Humana		6,239		1,286,107
Kindred Healthcare		12,991		108,475
†Laboratory Corp. of America Holdings		7,556		1,084,059
Landauer		60		2,925
†LHC Group		2,482		133,780
†LifePoint Health		7,221		472,975
†Magellan Health		4,141		285,936
McKesson		11,235		1,665,701
†MEDNAX		8,411		583,555
†Molina Healthcare		7,676		350,026
National HealthCare		513		36,577
Owens & Minor		8,370		289,602
Patterson		12,944		585,457
†PharMerica		3,751		87,773
†Premier Class A		5,449		173,442
†Providence Service		1,930		85,769
Quest Diagnostics		17,031		1,672,274
†Quorum Health		5,272		28,680
†Select Medical Holdings		20,300		271,005
†Tenet Healthcare		15,569		275,727
†Tivity Health		6,476		188,452
†Triple-S Management Class B		3,127		54,941
U.S. Physical Therapy		1,600		104,480
UnitedHealth Group		44,210		7,250,836
†Universal American		11,905		118,693
Universal Health Services Class B		8,291		1,031,815
†VCA		7,421		679,021
†WellCare Health Plans		4,647		651,556

				37,066,902


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Technology–0.15%
†Allscripts Healthcare Solutions		20,550	$	260,574
†athenahealth		1,791		201,828
†Cerner		11,856		697,725
Computer Programs & Systems		971		27,188
†HealthStream		2,606		63,143
†HMS Holdings		8,554		173,903
†Omnicell		4,404		179,023
†Quality Systems		5,557		84,689
†Veeva Systems Class A		4,571		234,401

				1,922,474

Hotels, Restaurants & Leisure–2.32%
Aramark		21,338		786,732
†Belmond Class A		12,445		150,584
†Biglari Holdings		1		432
†BJ’s Restaurants		3,790		153,116
Bloomin’ Brands		16,537		326,275
Bob Evans Farms		3,052		197,983
†Bojangles’		982		20,131
†Boyd Gaming		3,668		80,733
†Bravo Brio Restaurant Group		2,116		10,792
Brinker International		6,684		293,829
†Buffalo Wild Wings		3,038		464,055
Carnival		13,164		775,491
†Carrols Restaurant Group		5,537		78,349
Cheesecake Factory		6,977		442,063
†Chipotle Mexican Grill		782		348,397
Choice Hotels International		7,826		489,908
†Chuy’s Holdings		1,400		41,720
ClubCorp Holdings		7,852		126,025
Cracker Barrel Old Country Store		3,884		618,527
Darden Restaurants		5,562		465,373
†Dave & Buster’s Entertainment		4,590		280,403
†Del Frisco’s Restaurant Group		2,666		48,121
†Denny’s		10,416		128,846
DineEquity		3,027		164,729
Domino’s Pizza		3,057		563,405
Dunkin’ Brands Group		8,637		472,271
†Fiesta Restaurant Group		2,409		58,298
†Hilton Grand Vacations		1,233		35,338
Hilton Worldwide Holdings		9,065		529,940
†Hyatt Hotels Class A		2,033		109,741
ILG		12,750		267,240
International Game Technology		10,873		257,690
International Speedway Class A		1,628		60,155
Jack in the Box		4,071		414,102
†La Quinta Holdings		15,085		203,949
Las Vegas Sands		22,692		1,295,032
Marriott International Class A		9,978		939,728
Marriott Vacations Worldwide		3,991		398,821
McDonald’s		37,391		4,846,247
†Norwegian Cruise Line Holdings		12,252		621,544


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
†Panera Bread Class A		2,372	$	621,156
Papa John’s International		4,299		344,092
†Pinnacle Entertainment		4,347		84,853
Planet Fitness Class A		2,250		43,357
†Red Robin Gourmet Burgers		2,551		149,106
Royal Caribbean Cruises		9,377		919,977
†Ruby Tuesday		8,013		22,517
Ruth’s Hospitality Group		5,354		107,348
†Scientific Games Class A		3,260		77,099
SeaWorld Entertainment		15,297		279,476
Six Flags Entertainment		7,468		444,271
Sonic		4,619		117,138
Speedway Motorsports		5,420		102,113
Starbucks		93,795		5,476,690
Texas Roadhouse		9,489		422,545
Vail Resorts		2,700		518,130
Wendy’s		50,385		685,740
Wyndham Worldwide		8,697		733,070
Wynn Resorts		268		30,715
Yum Brands		15,248		974,347

				29,719,855

Household Durables–0.88%
CalAtlantic Group		14,064		526,697
†Cavco Industries		858		99,871
DR Horton		23,627		787,015
Ethan Allen Interiors		3,617		110,861
Flexsteel Industries		262		13,205
Garmin		10,598		541,664
†GoPro		11,800		102,660
†Green Brick Partners		1,200		11,940
†Helen of Troy		2,994		282,035
†Installed Building Products		1,727		91,099
†iRobot		1,300		85,982
La-Z-Boy		7,762		209,574
Leggett & Platt		7,668		385,854
Lennar Class A		15,130		774,505
Libbey		2,727		39,760
†M/I Homes		4,399		107,776
MDC Holdings		8,519		255,996
†Meritage Homes		6,285		231,288
†Mohawk Industries		6,223		1,428,116
NACCO Industries Class A		200		13,960
Newell Brands		10,479		494,294
†NVR		399		840,645
PulteGroup		27,725		652,924
†Taylor Morrison Home Class A		2,655		56,605
†Tempur Sealy International		7,403		343,943
†Toll Brothers		12,830		463,291
†TopBuild		3,133		147,251
†TRI Pointe Group		24,489		307,092
Tupperware Brands		6,114		383,470


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Household Durables (continued)
†Universal Electronics		1,276	$	87,406
Whirlpool		7,624		1,306,220
†William Lyon Homes Class A		2,599		53,591
†ZAGG		1,799		12,953

				11,249,543

Household Products–1.20%
†Central Garden & Pet Class A		5,487		190,509
Church & Dwight		15,548		775,379
Clorox		8,441		1,138,100
Colgate-Palmolive		37,187		2,721,716
Energizer Holdings		6,574		366,500
†HRG Group		27,905		539,125
Kimberly-Clark		15,473		2,036,711
Procter & Gamble		78,688		7,070,117
Spectrum Brands Holdings		2,955		410,774
WD-40		1,305		142,180

				15,391,111

Independent Power & Renewable Electricity Producers–0.19%
AES		39,067		436,769
†Calpine		58,583		647,342
†Dynegy		13,812		108,562
NRG Energy		33,448		625,478
NRG Yield Class A		4,200		73,038
NRG Yield Class C		7,003		123,953
Ormat Technologies		4,099		233,971
Pattern Energy Group		8,394		168,971

				2,418,084

Industrial Conglomerates–1.33%
3M		34,245		6,552,096
Carlisle		4,973		529,177
General Electric		158,068		4,710,427
Honeywell International		36,684		4,580,731
Raven Industries		2,462		71,521
Roper Technologies		2,662		549,676

				16,993,628

Insurance–3.29%
Aflac		19,358		1,401,906
†Alleghany		771		473,903
Allied World Assurance Holdings		10,104		536,522
Allstate		14,910		1,215,016
†Ambac Financial Group		5,809		109,558
American Equity Investment Life Holding		11,818		279,259
American Financial Group		5,298		505,535
American International Group		35,690		2,228,127
American National Insurance		2,284		269,581
AMERISAFE		3,206		208,069
AmTrust Financial Services		24,542		453,045
Aon		10,160		1,205,890


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Insurance (continued)
†Arch Capital Group		6,078	$	576,012
Argo Group International Holdings		1,705		115,599
Arthur J. Gallagher & Co.		13,473		761,763
Aspen Insurance Holdings		6,811		354,513
Assurant		5,037		481,890
Assured Guaranty		22,041		817,941
AXIS Capital Holdings		4,311		288,966
Brown & Brown		13,664		570,062
Chubb		16,475		2,244,719
Cincinnati Financial		8,752		632,507
CNA Financial		2,638		116,520
†eHealth		183		2,203
Employers Holdings		4,584		173,963
†Enstar Group		1,045		199,908
Erie Indemnity Class A		2,801		343,683
Everest Re Group		2,259		528,177
Federated National Holding		2,034		35,453
Fidelity & Guaranty Life		4,327		120,291
First American Financial		14,738		578,909
FNF Group		7,370		286,988
†Genworth Financial		43,794		180,431
†Greenlight Capital Re Class A		4,459		98,544
Hanover Insurance Group		4,961		446,788
Hartford Financial Services Group		18,239		876,749
HCI Group		2,595		118,280
Horace Mann Educators		2,135		87,642
James River Holdings L		1,600		68,576
Kemper		7,867		313,893
Loews		17,738		829,606
Maiden Holdings		12,125		169,750
†Markel		790		770,929
Marsh & McLennan		26,368		1,948,332
†MBIA		23,888		202,331
Mercury General		6,071		370,270
MetLife		35,720		1,886,730
National General Holdings		6,442		153,062
National Western Life Group Class A		200		60,832
Navigators Group		4,398		238,811
Old Republic International		27,874		570,860
OneBeacon Insurance Group Class A		3,300		52,800
Primerica		7,888		648,394
Principal Financial Group		27,024		1,705,485
ProAssurance		5,875		353,969
Progressive		23,061		903,530
Prudential Financial		16,460		1,755,953
Reinsurance Group of America		3,072		390,083
RenaissanceRe Holdings		3,717		537,664
RLI		4,751		285,155
Safety Insurance Group		2,774		194,457
Selective Insurance Group		9,030		425,765
State Auto Financial		500		13,725
Stewart Information Services		3,350		148,003


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Insurance (continued)
Torchmark		5,882	$	453,149
Travelers		23,242		2,801,591
United Fire Group		2,487		106,369
United Insurance Holdings		3,254		51,901
Universal Insurance Holdings		7,335		179,707
Unum Group		13,712		642,956
Validus Holdings		9,014		508,299
White Mountains Insurance Group		507		446,099
Willis Towers Watson		4,602		602,356
WR Berkley		12,012		848,408
XL Group		14,394		573,745

				42,138,457

Internet & Direct Marketing Retail–1.82%
†1-800-Flowers.com Class A		5,253		53,581
†Amazon.com		18,776		16,645,675
Expedia		3,181		401,347
†FTD		4,356		87,730
HSN		6,625		245,787
†Liberty Interactive Corp. QVC Group Class A		11,659		233,413
†Liberty TripAdvisor Holdings Class A		10,113		142,593
†Liberty Ventures Class A		6,606		293,835
†Netflix		6,481		957,957
Nutrisystem		3,791		210,400
†Priceline Group		2,055		3,657,838
†Shutterfly		4,144		200,114
†TripAdvisor		5,112		220,634

				23,350,904

Internet Software & Services–2.37%
†Actua		5,753		80,830
†Akamai Technologies		9,655		576,404
†Alphabet Class A		7,894		6,692,533
†Alphabet Class C		8,266		6,857,143
†Angie’s List		2,100		11,970
†Bazaarvoice		527		2,266
†Blucora		5,281		91,361
†Cimpress		4,105		353,810
†comScore		2,587		55,853
†CoStar Group		768		159,145
†DHI Group		5,517		21,792
†eBay		42,250		1,418,333
†Envestnet		1,992		64,342
†Facebook Class A		64,139		9,110,945
†GoDaddy Class A		367		13,909
†GrubHub		5,087		167,311
†GTT Communications		2,310		56,249
†InterActiveCorp		4,677		344,789
†Internap		6,320		23,510
j2 Global		6,291		527,878
†Limelight Networks		5,104		13,168


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Internet Software & Services (continued)
†Liquidity Services		356	$	2,848
LogMeIn		3,576		348,660
NIC		6,405		129,381
†Shutterstock		1,235		51,067
†Stamps.com		964		114,089
†Twitter		7,054		105,457
†VeriSign		6,660		580,153
†Web.com Group		9,420		181,806
†WebMD Health		4,349		229,105
†XO Group		1,837		31,615
†Yahoo		32,869		1,525,450
†Yelp		2,468		80,827
†Zillow Group		4,254		143,828
†Zillow Group Class C		5,985		201,515

				30,369,342

IT Services–4.11%
Accenture Class A		37,147		4,453,182
†Acxiom		9,820		279,575
Alliance Data Systems		4,827		1,201,923
Amdocs		10,852		661,863
Automatic Data Processing		23,070		2,362,137
†Blackhawk Network Holdings Class A		5,669		230,161
Booz Allen Hamilton Holding		17,715		626,934
Broadridge Financial Solutions		9,459		642,739
†CACI International Class A		4,037		473,540
†Cardtronics Class A		8,238		385,127
Cass Information Systems		587		38,801
†Ciber		6,327		2,531
†Cognizant Technology Solutions Class A		23,912		1,423,242
Computer Sciences		15,899		1,097,190
†Conduent		9,837		165,065
Convergys		8,676		183,497
†CoreLogic		11,629		473,533
CSG Systems International		5,410		204,552
CSRA		10,486		307,135
DST Systems		5,265		644,963
†EPAM Systems		4,126		311,596
†Euronet Worldwide		5,965		510,127
†Everi Holdings		7,580		36,308
†ExlService Holdings		3,213		152,168
Fidelity National Information Services		10,239		815,229
†First Data		1,118		17,329
†Fiserv		14,006		1,615,032
†FleetCor Technologies		4,616		699,001
Forrester Research		2,034		80,851
†Gartner		4,792		517,488
Genpact		15,431		382,072
Global Payments		6,238		503,282
Hackett Group		2,613		50,927
International Business Machines		53,161		9,257,457


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
IT Services (continued)
Jack Henry & Associates		6,663	$	620,325
Leidos Holdings		16,068		821,718
ManTech International Class A		3,157		109,327
Mastercard Class A		57,083		6,420,125
MAXIMUS		8,374		520,863
†MoneyGram International		6,116		102,810
Paychex		19,815		1,167,103
†PayPal Holdings		19,280		829,426
†Perficient		3,999		69,423
Sabre		10,487		222,220
Science Applications International		6,731		500,786
†Sykes Enterprises		6,187		181,898
Syntel		9,000		151,470
TeleTech Holdings		3,912		115,795
†Teradata		13,485		419,653
Total System Services		12,198		652,105
Travelport Worldwide		8,446		99,409
†Unisys		5,740		80,073
†Vantiv Class A		12,254		785,726
†Virtusa		1,578		47,687
Visa Class A		74,156		6,590,244
Western Union		43,533		885,897
†WEX		4,036		417,726

				52,618,366

Leisure Products–0.26%
†American Outdoor Brands		8,067		159,807
Brunswick		11,643		712,552
Callaway Golf		9,101		100,748
Hasbro		9,226		920,939
Mattel		22,859		585,419
†Nautilus		4,229		77,179
Polaris Industries		6,283		526,515
Sturm Ruger & Co.		1,692		90,607
†Vista Outdoor		7,301		150,328

				3,324,094

Life Sciences Tools & Services–0.84%
Agilent Technologies		19,240		1,017,219
†Bio-Rad Laboratories Class A		1,608		320,539
Bio-Techne		3,697		375,800
Bruker		15,441		360,239
†Cambrex		5,069		279,048
†Charles River Laboratories International		7,518		676,244
†Illumina		6,238		1,064,452
†INC Research Holdings Class A		4,220		193,487
Luminex		4,176		76,713
†Mettler-Toledo International		2,275		1,089,520
†PAREXEL International		10,224		645,237
PerkinElmer		7,329		425,522
†PRA Health Sciences		4,979		324,780


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Life Sciences Tools & Services (continued)
†Quintiles IMS Holdings		4,505	$	362,788
Thermo Fisher Scientific		15,949		2,449,766
†VWR		16,109		454,274
†Waters		4,541		709,804

				10,825,432

Machinery–2.69%
Actuant Class A		3,465		91,303
AGCO		12,977		780,956
Alamo Group		328		24,990
Albany International		4,803		221,178
Allison Transmission Holdings		13,329		480,644
Altra Industrial Motion		3,166		123,316
Astec Industries		3,444		211,789
Barnes Group		7,276		373,550
Briggs & Stratton		6,831		153,356
Caterpillar		25,731		2,386,808
†Chart Industries		3,942		137,733
CIRCOR International		2,161		128,450
†Colfax		13,541		531,620
Crane		5,256		393,306
Cummins		7,472		1,129,766
Deere & Co.		15,561		1,693,970
Donaldson		11,488		522,934
Douglas Dynamics		3,817		116,991
Dover		14,382		1,155,594
EnPro Industries		3,111		221,379
ESCO Technologies		2,378		138,162
Federal Signal		9,771		134,938
Flowserve		7,916		383,293
Fortive		8,836		532,104
Franklin Electric		6,304		271,387
Global Brass & Copper Holdings		1,864		64,122
Graco		7,673		722,336
†Harsco		14,587		185,984
Hillenbrand		9,705		347,924
Hyster-Yale Materials Handling		2,265		127,723
IDEX		5,045		471,758
Illinois Tool Works		17,309		2,292,923
Ingersoll-Rand		17,550		1,427,166
ITT		10,472		429,561
John Bean Technologies		2,830		248,899
Joy Global		12,246		345,949
Kennametal		9,700		380,531
LB Foster Class A		1,339		16,737
Lincoln Electric Holdings		7,292		633,383
†Lydall		278		14,901
†Manitowoc		21,116		120,361
†Meritor		14,282		244,651
†Middleby		3,797		518,101
†Milacron Holdings		5,200		96,772
Mueller Industries		7,847		268,603


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Machinery (continued)
Mueller Water Products Class A		27,592	$	326,137
†Navistar International		1,718		42,297
NN		2,981		75,121
Nordson		5,211		640,119
Oshkosh		11,156		765,190
PACCAR		15,873		1,066,666
Parker-Hannifin		6,370		1,021,238
Pentair		9,608		603,190
†Proto Labs		1,861		95,097
†RBC Bearings		2,276		220,977
†Rexnord		17,542		404,869
Snap-on		4,695		791,906
†SPX		4,663		113,078
†SPX FLOW		4,663		161,853
Standex International		1,405		140,711
Stanley Black & Decker		9,968		1,324,448
Sun Hydraulics		2,590		93,525
Tennant		2,035		147,843
Terex		12,427		390,208
Timken		8,361		377,917
Titan International		4,215		43,583
Toro		10,402		649,709
†TriMas		5,477		113,648
Trinity Industries		23,272		617,872
Wabash National		13,252		274,184
†WABCO Holdings		4,566		536,140
Wabtec		4,860		379,080
Watts Water Technologies Class A		2,752		171,587
†Welbilt		20,316		398,803
Woodward		9,748		662,084
Xylem		10,270		515,759

				34,462,741

Marine–0.06%
†Kirby		7,077		499,282
Matson		7,118		226,068

				725,350

Media–3.31%
AMC Entertainment Holdings		5,436		170,962
†AMC Networks Class A		4,165		244,402
Cable One		675		421,517
CBS Class B		22,175		1,538,058
†Charter Communications Class A		8,882		2,907,256
Cinemark Holdings		15,721		697,069
Clear Channel Outdoor Holdings Class A		2,039		12,336
Comcast Class A		265,883		9,994,542
†Discovery Communications Class A		16,083		467,854
†Discovery Communications Class C		18,277		517,422
†DISH Network Class A		12,793		812,228
Entercom Communications Class A		1,204		17,217


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Media (continued)
Entravision Communications Class A		11,605	$	71,951
Gannett		12,945		108,479
†Gray Television		12,929		187,471
†Harte-Hanks		6,110		8,554
†IMAX		1,534		52,156
Interpublic Group		29,757		731,129
John Wiley & Sons Class A		8,331		448,208
†Liberty Braves Group Class A		594		14,220
†Liberty Braves Group Class C		1,227		29,019
†Liberty Broadband Class A		1,624		138,186
†Liberty Broadband Class C		4,561		394,070
†Liberty Media Group Class A		1,485		48,559
†Liberty Media Group Class C		3,069		104,806
†Liberty SiriusXM Group		5,940		231,185
†Liberty SiriusXM Group Class C		12,277		476,102
Lions Gate Entertainment Class A		3,325		88,312
†Lions Gate Entertainment Class B		6,480		157,982
†Live Nation Entertainment		17,689		537,215
†Madison Square Garden Class A		1,945		388,436
Meredith		5,810		375,326
†MSG Networks		7,386		172,463
National CineMedia		6,797		85,846
New York Times Class A		15,478		222,883
News Class A		20,540		267,020
News Class B		8,371		113,009
Nexstar Media Group Class A		5,697		399,645
Omnicom Group		14,332		1,235,562
†Reading International Class A		489		7,599
Regal Entertainment Group Class A		20,086		453,542
Scholastic		4,716		200,760
†Scripps (E.W.) Class A		6,953		162,978
Scripps Networks Interactive Class A		7,846		614,891
Sinclair Broadcast Group Class A		9,958		403,299
Sirius XM Holdings		83,241		428,691
TEGNA		26,053		667,478
Time		16,596		321,133
Time Warner		32,926		3,217,199
Tribune Media Class A		5,496		204,836
Twenty-First Century Fox Class A		52,996		1,716,540
Twenty-First Century Fox Class B		17,580		558,692
Viacom Class A		300		14,625
Viacom Class B		26,734		1,246,339
Walt Disney		64,400		7,302,316

				42,409,575

Metals & Mining–0.62%
†AK Steel Holding		26,497		190,514
Alcoa		7,458		256,555
Allegheny Technologies		11,771		211,407
Carpenter Technology		7,558		281,913
†Century Aluminum		1,404		17,817
†Cliffs Natural Resources		18,689		153,437


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Metals & Mining (continued)
†Coeur Mining		21,436	$	173,203
Commercial Metals		17,961		343,594
Compass Minerals International		6,373		432,408
Ferroglobe		8,766		90,553
†Freeport-McMoRan		52,994		708,000
Haynes International		1,268		48,336
Hecla Mining		48,398		256,025
Kaiser Aluminum		1,961		156,684
Materion		3,100		104,005
Newmont Mining		25,436		838,371
Nucor		12,815		765,312
Reliance Steel & Aluminum		6,813		545,176
Royal Gold		7,027		492,241
†Ryerson Holding		607		7,648
Schnitzer Steel Industries		2,756		56,911
Southern Copper		3,216		115,422
Steel Dynamics		16,544		575,070
†Stillwater Mining		15,568		268,859
†SunCoke Energy		1,400		12,544
†TimkenSteel		6,778		128,172
United States Steel		14,338		484,768
Worthington Industries		5,243		236,407

				7,951,352

Multiline Retail–0.58%
Big Lots		8,831		429,893
Dillard’s Class A		6,398		334,232
Dollar General		15,063		1,050,343
†Dollar Tree		7,909		620,540
Fred’s Class A		5,241		68,657
†JC Penney		41,484		255,542
Kohl’s		28,811		1,146,966
Macy’s		31,905		945,664
Nordstrom		16,663		775,996
†Ollie’s Bargain Outlet Holdings		3,936		131,856
Target		30,038		1,657,797

				7,417,486

Multi-Utilities–0.90%
Ameren		14,689		801,873
Avista		8,017		313,064
Black Hills		4,628		307,623
CenterPoint Energy		22,804		628,706
CMS Energy		16,911		756,598
Consolidated Edison		11,555		897,361
Dominion Resources		23,695		1,838,021
DTE Energy		9,673		987,710
MDU Resources Group		15,289		418,460
NiSource		20,881		496,759
NorthWestern		5,837		342,632
Public Service Enterprise Group		19,089		846,597
SCANA		7,858		513,520


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Multi-Utilities (continued)
Sempra Energy		8,892	$	982,566
Unitil		1,492		67,185
Vectren		10,681		626,014
WEC Energy Group		12,771		774,306

				11,598,995

Oil, Gas & Consumable Fuels–3.85%
†Abraxas Petroleum		9,714		19,622
Alon USA Energy		9,006		109,783
Anadarko Petroleum		11,224		695,888
†Antero Resources		6,335		144,501
Apache		6,314		324,476
Cabot Oil & Gas		15,184		363,049
†Callon Petroleum		12,029		158,302
†Cheniere Energy		13,897		656,911
Cheniere Energy Partners Holdings		1,388		33,895
†Chesapeake Energy		61,123		363,071
Chevron		73,722		7,915,531
Cimarex Energy		2,056		245,671
†Clayton Williams Energy		525		69,342
†Cobalt International Energy		49,489		26,397
†Concho Resources		2,825		362,561
ConocoPhillips		43,215		2,155,132
†CONSOL Energy		25,588		429,367
†Continental Resources		10,703		486,130
CVR Energy		6,305		126,604
Delek U.S. Holdings		9,540		231,536
†Denbury Resources		3,667		9,461
Devon Energy		8,118		338,683
DHT Holdings		14,019		62,665
†Diamondback Energy		2,433		252,339
†Energen		8,153		443,849
EnLink Midstream		13,242		256,895
EOG Resources		14,108		1,376,235
†EP Energy Class A		16,914		80,341
EQT		7,020		428,922
Exxon Mobil		119,360		9,788,714
GasLog		9,204		141,281
Green Plains		4,898		121,225
†Gulfport Energy		13,145		225,963
Hess		11,154		537,734
HollyFrontier		16,197		459,023
Kinder Morgan		60,700		1,319,618
†Kosmos Energy		37,603		250,436
†Laredo Petroleum		19,201		280,335
Marathon Oil		33,764		533,471
Marathon Petroleum		34,535		1,745,399
Murphy Oil		15,164		433,539
†Newfield Exploration		4,736		174,806
Noble Energy		22,379		768,495
†Oasis Petroleum		18,018		256,937
Occidental Petroleum		18,761		1,188,697


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
ONEOK		15,751	$	873,235
Panhandle Oil and Gas Class A		1,806		34,675
†Par Pacific Holdings		1,067		17,595
†Parsley Energy Class A		7,407		240,802
PBF Energy Class A		14,133		313,329
†PDC Energy		5,391		336,129
Phillips 66		14,533		1,151,304
Pioneer Natural Resources		4,157		774,158
†QEP Resources		24,720		314,191
Range Resources		11,488		334,301
†Renewable Energy Group		5,557		58,071
†Rice Energy		17,630		417,831
†RSP Permian		12,683		525,457
Scorpio Tankers		27,600		122,544
SemGroup Class A		5,993		215,748
SM Energy		11,793		283,268
†Southwestern Energy		32,813		268,082
†SRC Energy		17,299		146,004
Targa Resources		9,743		583,606
Teekay		13,659		124,980
Tesoro		18,972		1,537,870
Valero Energy		30,128		1,997,185
Western Refining		17,616		617,793
†Whiting Petroleum		30,928		292,579
Williams		20,050		593,279
World Fuel Services		7,994		289,783
†WPX Energy		32,521		435,456

				49,292,087

Paper & Forest Products–0.16%
†Boise Cascade		5,938		158,545
†Clearwater Paper		2,473		138,488
Deltic Timber		456		35,623
Domtar		10,267		374,951
KapStone Paper and Packaging		17,293		399,468
†Louisiana-Pacific		15,346		380,888
Mercer International		10,372		121,352
Neenah Paper		2,359		176,217
PH Glatfelter		4,944		107,483
†Resolute Forest Products		7,351		40,063
Schweitzer-Mauduit International		4,384		181,585

				2,114,663

Personal Products–0.30%
†Avon Products		40,949		180,176
Coty Class A		38,027		689,429
†Edgewell Personal Care		5,853		428,088
Estee Lauder Class A		12,377		1,049,446
†Herbalife		8,001		465,178
Inter Parfums		3,508		128,217
Medifast		1,745		77,426
Natural Health Trends		1,722		49,766


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Personal Products (continued)
Nu Skin Enterprises Class A		9,513	$	528,352
†Revlon Class A		4,768		132,789
†USANA Health Sciences		1,848		106,445

				3,835,312

Pharmaceuticals–3.26%
†Akorn		9,574		230,542
Allergan		12,481		2,981,960
Bristol-Myers Squibb		33,192		1,804,981
†Catalent		17,323		490,587
†Depomed		3,876		48,644
Eli Lilly & Co.		38,525		3,240,338
†Endo International		13,792		153,919
†Horizon Pharma		15,728		232,460
†Impax Laboratories		7,524		95,179
†Innoviva		911		12,599
†Jazz Pharmaceuticals		2,576		373,855
Johnson & Johnson		113,080		14,084,114
†Lannett		7,113		158,975
†Mallinckrodt		8,454		376,795
†Medicines		9,062		443,132
Merck & Co.		87,602		5,566,231
†Mylan		6,277		244,740
Pfizer		255,180		8,729,708
Phibro Animal Health Class A		1,442		40,520
†Prestige Brands Holdings		7,338		407,699
†SciClone Pharmaceuticals		5,143		50,401
†Sucampo Pharmaceuticals Class A		3,401		37,411
†Supernus Pharmaceuticals		3,800		118,940
†Taro Pharmaceutical Industries		2,437		284,203
Zoetis		29,532		1,576,123

				41,784,056

Professional Services–0.63%
†Advisory Board		2,548		119,246
Barrett Business Services		300		16,386
†CBIZ		6,360		86,178
CEB		3,863		303,632
Dun & Bradstreet		4,540		490,048
Equifax		7,987		1,092,142
Exponent		4,158		247,609
†Franklin Covey		993		20,059
†FTI Consulting		6,870		282,838
†GP Strategies		1,772		44,832
Heidrick & Struggles International		2,100		55,335
†Huron Consulting Group		2,990		125,879
†ICF International		3,173		131,045
Insperity		3,305		292,988
Kelly Services Class A		3,655		79,898
Kforce		4,767		113,216
Korn/Ferry International		6,340		199,647
ManpowerGroup		9,027		925,899


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Professional Services (continued)
†Mistras Group		3,448	$	73,718
†Navigant Consulting		4,750		108,585
Nielsen Holdings		16,119		665,876
†On Assignment		6,674		323,889
Resources Connection		4,071		68,189
Robert Half International		12,985		634,058
†RPX		7,879		94,548
†TransUnion		1,042		39,961
†TriNet Group		8,091		233,830
†TrueBlue		5,561		152,093
†Verisk Analytics Class A		13,318		1,080,623

				8,102,247

Real Estate Management & Development–0.26%
Alexander & Baldwin		8,202		365,153
†Altisource Portfolio Solutions		2,089		76,875
†CBRE Group Class A		23,540		818,957
†Forestar Group		4,339		59,227
HFF Class A		5,680		157,166
†Howard Hughes		4,225		495,381
Jones Lang LaSalle		4,388		489,043
Kennedy-Wilson Holdings		10,248		227,506
†Marcus & Millichap		3,589		88,218
RE/MAX Holdings		1,148		68,248
Realogy Holdings		15,344		457,098
†St. Joe		3,370		57,458

				3,360,330

Road & Rail–1.25%
AMERCO		1,614		615,241
ArcBest		3,735		97,110
†Avis Budget Group		13,860		409,979
Celadon Group		4,136		27,091
†Covenant Transportation Group Class A		3,400		63,920
CSX		47,982		2,233,562
†Genesee & Wyoming		5,867		398,135
Heartland Express		13,599		272,660
†Hertz Global Holdings		1,947		34,150
JB Hunt Transport Services		10,200		935,748
Kansas City Southern		10,638		912,315
Knight Transportation		13,495		423,068
Landstar System		5,452		466,964
Marten Transport		4,762		111,669
Norfolk Southern		13,859		1,551,792
Old Dominion Freight Line		10,109		865,027
†Roadrunner Transportation Systems		5,207		35,772
Ryder System		10,618		801,022
†Saia		3,643		161,385
†Swift Transportation		17,811		365,838
Union Pacific		46,025		4,874,968
†USA Truck		1,448		10,643


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Road & Rail (continued)
Werner Enterprises		12,297	$	322,181
†YRC Worldwide		1,455		16,019

				16,006,259

Semiconductors & Semiconductor Equipment–3.55%
†Advanced Energy Industries		5,778		396,140
†Advanced Micro Devices		62,118		903,817
†Alpha & Omega Semiconductor		1,200		20,628
†Amkor Technology		37,829		438,438
Analog Devices		12,424		1,018,147
Applied Materials		33,111		1,288,018
†Axcelis Technologies		1,050		19,740
Broadcom		6,124		1,340,911
Brooks Automation		9,566		214,278
Cabot Microelectronics		2,668		204,395
†Cavium		1,140		81,692
†CEVA		2,353		83,531
†Cirrus Logic		8,845		536,803
Cohu		497		9,175
†Cree		10,967		293,148
Cypress Semiconductor		32,772		450,943
†Diodes		7,611		183,045
†DSP Group		4,368		52,416
†Entegris		15,222		356,195
†Exar		3,720		48,397
†First Solar		9,258		250,892
†FormFactor		7,433		88,081
†Integrated Device Technology		11,976		283,472
Intel		292,083		10,535,434
IXYS		4,008		58,316
KLA-Tencor		12,919		1,228,209
†Kulicke & Soffa Industries		12,689		257,840
Lam Research		8,046		1,032,785
†Lattice Semiconductor		17,582		121,667
†MACOM Technology Solutions Holdings		3,725		179,917
Marvell Technology Group		34,452		525,738
Maxim Integrated Products		11,953		537,407
†MaxLinear Class A		3,029		84,963
Microchip Technology		8,427		621,744
†Micron Technology		71,704		2,072,246
†Microsemi		9,527		490,926
MKS Instruments		6,800		467,500
Monolithic Power Systems		128		11,789
†Nanometrics		2,667		81,237
†NeoPhotonics		2,126		19,155
NVE		50		4,139
NVIDIA		46,520		5,067,424
†ON Semiconductor		59,904		927,913
†PDF Solutions		3,040		68,765
†Photronics		5,636		60,305
Power Integrations		2,120		139,390


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
†Qorvo		6,884	$	471,967
QUALCOMM		55,727		3,195,386
†Rambus		9,571		125,763
†Rudolph Technologies		4,102		91,885
†Semtech		6,166		208,411
†Sigma Designs		1,968		12,300
†Silicon Laboratories		3,260		239,773
Skyworks Solutions		10,149		994,399
†SunPower		12,428		75,811
†Synaptics		4,025		199,278
Teradyne		22,477		699,035
Texas Instruments		55,321		4,456,660
†Ultratech		3,675		108,853
†Veeco Instruments		5,210		155,519
†Versum Materials		4,068		124,481
†Xcerra		5,880		52,273
Xilinx		16,247		940,539
Xperi		7,199		244,406

				45,553,850

Software–3.71%
†ACI Worldwide		14,185		303,417
Activision Blizzard		15,960		795,766
†Adobe Systems		9,671		1,258,487
†ANSYS		5,401		577,205
†Aspen Technology		10,168		599,099
†Autodesk		4,443		384,186
†Barracuda Networks		2,732		63,137
Blackbaud		4,439		340,338
†BroadSoft		500		20,100
CA		53,474		1,696,195
†Cadence Design Systems		19,616		615,942
CDK Global		6,967		452,925
†Citrix Systems		8,053		671,540
†Dell Technologies Class V		12,928		828,426
†Electronic Arts		13,033		1,166,714
†Ellie Mae		801		80,316
†EnerNOC		4,615		27,690
Fair Isaac		3,741		482,402
†FireEye		6,823		86,038
†Fortinet		3,418		131,080
†Globant		250		9,100
†Guidewire Software		3,953		222,672
Intuit		14,939		1,732,775
†Manhattan Associates		8,875		461,944
Microsoft		319,000		21,009,340
†MicroStrategy		1,106		207,707
Monotype Imaging Holdings		3,104		62,390
†Nuance Communications		30,262		523,835
Oracle		133,496		5,955,257
†Paycom Software		2,924		168,159
Pegasystems		8,394		368,077


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Software (continued)
Progress Software		4,679	$	135,925
†PTC		6,288		330,434
QAD Class A		1,105		30,774
†Qualys		453		17,169
†RealPage		4,008		139,879
†Red Hat		9,877		854,361
†salesforce.com		8,643		712,961
†Seachange International		2,000		4,960
†ServiceNow		3,069		268,445
†Silver Spring Networks		2,590		29,241
†Splunk		2,645		164,757
SS&C Technologies Holdings		10,860		384,444
Symantec		16,929		519,382
†Synchronoss Technologies		4,423		107,921
†Synopsys		8,263		596,010
†Tableau Software Class A		2,254		111,686
†Take-Two Interactive Software		6,889		408,311
†Telenav		2,300		19,895
TiVo		16,231		304,331
†Tyler Technologies		1,278		197,528
†Ultimate Software Group		1,171		228,591
†VASCO Data Security International		584		7,884
†Verint Systems		3,983		172,763
†VMware Class A		1,975		181,977
†Workday Class A		1,507		125,503
†Zedge Class B		1,132		3,475
†Zynga Class A		82,444		234,965

				47,595,831

Specialty Retail–3.48%
Aaron’s		13,763		409,312
Abercrombie & Fitch		1,003		11,966
Advance Auto Parts		4,940		732,404
American Eagle Outfitters		28,359		397,877
†America’s Car-Mart		962		35,065
†Asbury Automotive Group		5,290		317,929
†Ascena Retail Group		28,043		119,463
†AutoNation		13,117		554,718
†AutoZone		1,214		877,783
Barnes & Noble		9,682		89,559
†Barnes & Noble Education		6,119		58,681
Bed Bath & Beyond		20,862		823,215
Best Buy		44,427		2,183,587
Big 5 Sporting Goods		900		13,590
†Build-A-Bear Workshop		2,901		25,674
†Burlington Stores		4,740		461,155
†Cabela’s		9,948		528,338
Caleres		7,320		193,394
†CarMax		11,906		705,073
Cato Class A		4,303		94,494
Chico’s FAS		18,957		269,189
Children’s Place		3,021		362,671


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Specialty Retail (continued)
Citi Trends		2,149	$	36,533
CST Brands		12,256		589,391
Dick’s Sporting Goods		11,492		559,201
DSW Class A		11,901		246,113
†Express		12,788		116,499
Finish Line Class A		5,944		84,583
†Five Below		5,269		228,200
Foot Locker		14,273		1,067,763
†Francesca’s Holdings		6,695		102,768
GameStop Class A		18,683		421,302
Gap		31,510		765,378
†Genesco		3,102		172,006
GNC Holdings		14,677		108,023
Group 1 Automotive		3,419		253,280
Guess		11,019		122,862
Haverty Furniture		2,655		64,649
†Hibbett Sports		4,645		137,027
Home Depot		73,781		10,833,264
†Kirkland’s		2,488		30,851
L Brands		11,417		537,741
Lithia Motors Class A		3,884		332,665
Lowe’s		54,082		4,446,081
†MarineMax		2,439		52,804
†Michaels		7,693		172,246
Monro Muffler Brake		3,844		200,272
†Murphy USA		7,912		580,899
Office Depot		4,866		22,700
†O’Reilly Automotive		5,785		1,561,024
†Party City Holdco		1,834		25,768
Penske Automotive Group		13,958		653,374
Rent-A-Center		8,035		71,270
†RH		5,147		238,100
Ross Stores		23,514		1,548,867
†Sally Beauty Holdings		19,812		404,957
†Select Comfort		8,853		219,466
Shoe Carnival		1,575		38,698
Signet Jewelers		8,178		566,490
Sonic Automotive Class A		5,355		107,368
†Sportsman’s Warehouse Holdings		165		789
Stage Stores		4,087		10,585
Staples		33,564		294,356
Stein Mart		6,897		20,760
Tailored Brands		2,664		39,800
Tiffany & Co.		8,129		774,694
Tile Shop Holdings		2,643		50,878
TJX		38,771		3,066,011
Tractor Supply		10,859		748,945
†Ulta Beauty		4,365		1,245,029
†Urban Outfitters		22,925		544,698
†Vitamin Shoppe		3,839		77,356
†West Marine		1,000		9,540
Williams-Sonoma		11,411		611,858


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Specialty Retail (continued)
†Zumiez		4,241	$	77,610

				44,558,529

Technology Hardware, Storage & Peripherals–4.37%
Apple		331,435		47,613,952
†Avid Technology		6,614		30,821
†Cray		1,551		33,967
Diebold Nixdorf		5,855		179,749
†Electronics For Imaging		5,336		260,557
Hewlett Packard Enterprise		75,577		1,791,175
HP		77,017		1,377,064
†NCR		16,424		750,248
NetApp		23,621		988,539
Seagate Technology		26,122		1,199,783
†Super Micro Computer		6,166		156,308
Western Digital		13,187		1,088,323
Xerox		75,525		554,354

				56,024,840

Textiles, Apparel & Luxury Goods–0.86%
Carter’s		4,642		416,852
Coach		19,971		825,401
Columbia Sportswear		6,536		383,990
†Crocs		5,293		37,422
Culp		695		21,684
†Deckers Outdoor		5,238		312,866
†Fossil Group		8,573		149,599
†G-III Apparel Group		5,901		129,173
Hanesbrands		28,474		591,120
†Kate Spade & Co.		11,466		266,355
†Lululemon athletica		9,083		471,135
†Michael Kors Holdings		15,972		608,693
Movado Group		2,255		56,262
NIKE Class B		64,610		3,600,715
Oxford Industries		2,792		159,870
†Perry Ellis International		2,325		49,941
PVH		4,626		478,652
Ralph Lauren		4,415		360,352
†Skechers U.S.A. Class A		13,059		358,470
†Steven Madden		7,834		302,001
†Under Armour Class A		8,228		162,750
†Under Armour Class C		8,286		151,634
†Vera Bradley		810		7,541
VF		12,928		710,652
Wolverine World Wide		16,475		411,381

				11,024,511

Thrifts & Mortgage Finance–0.42%
Astoria Financial		15,660		321,187
Beneficial Bancorp		11,715		187,440
†BofI Holding		7,624		199,215
Capitol Federal Financial		21,314		311,824
Clifton Bancorp		3,028		49,023


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Thrifts & Mortgage Finance (continued)
Dime Community Bancshares		6,872	$	139,502
†Essent Group		3,604		130,357
EverBank Financial		18,905		368,269
First Defiance Financial		802		39,707
†Flagstar Bancorp		7,368		207,704
†HomeStreet		2,845		79,518
Kearny Financial		1,011		15,216
Meridian Bancorp		8,312		152,110
Meta Financial Group		741		65,578
†MGIC Investment		35,831		362,968
New York Community Bancorp		25,070		350,228
†NMI Holdings Class A		299		3,409
Northfield Bancorp		6,724		121,166
Northwest Bancshares		14,286		240,576
OceanFirst Financial		629		17,722
Oritani Financial		6,244		106,148
†PennyMac Financial Services Class A		1,643		28,013
†PHH		1,434		18,255
Provident Financial Services		9,985		258,112
Radian Group		23,244		417,462
TFS Financial		9,915		164,787
TrustCo Bank		12,472		97,905
United Community Financial		2,888		24,086
United Financial Bancorp		4,707		80,066
†Walker & Dunlop		4,483		186,896
Washington Federal		10,936		361,982
Waterstone Financial		3,925		71,631
WSFS Financial		3,684		169,280

				5,347,342

Tobacco–1.30%
Altria Group		112,753		8,052,819
Philip Morris International		58,687		6,625,762
Reynolds American		24,190		1,524,454
Universal		2,033		143,835
Vector Group		14,950		310,960

				16,657,830

Trading Companies & Distributors–0.62%
Air Lease		16,007		620,271
Applied Industrial Technologies		5,007		309,683
†Beacon Roofing Supply		6,388		314,034
†BMC Stock Holdings		522		11,797
†CAI International		2,879		45,316
†DXP Enterprises		131		4,961
Fastenal		18,484		951,926
H&E Equipment Services		2,771		67,945
†HD Supply Holdings		11,623		477,996
†Herc Holdings		1,633		79,837
Kaman		3,636		175,001
†MRC Global		13,960		255,887
MSC Industrial Direct		6,411		658,794


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Trading Companies & Distributors (continued)
†NOW		8,471	$	143,668
†Rush Enterprises Class A		69		2,283
Triton International		4,292		110,691
†United Rentals		12,021		1,503,226
†Univar		7,423		227,589
†Veritiv		1,100		56,980
Watsco		3,045		435,983
†WESCO International		6,714		466,959
WW Grainger		4,437		1,032,756

				7,953,583

Transportation Infrastructure–0.03%
Macquarie Infrastructure		5,269		424,576

				424,576

Water Utilities–0.14%
Water Utilities–0.14%
American States Water		4,789		212,153
American Water Works		10,364		806,008
Aqua America		10,568		339,761
California Water Service Group		6,748		241,916
Connecticut Water Service		819		43,530
Middlesex Water		1,357		50,141
SJW Group		2,258		108,881
York Water		591		20,714

				1,823,104

Wireless Telecommunication Services–0.19%
†Boingo Wireless		4,098		53,233
Shenandoah Telecommunications		6,684		187,486
Spok Holdings		1,858		35,302
†Sprint		74,780		649,090


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Wireless Telecommunication Services (continued)
Telephone & Data Systems		13,099	$	347,255
†T-Mobile US		15,158		979,055
†United States Cellular		3,838		143,273

				2,394,694

Total Common Stock (Cost $960,052,839)				1,276,642,076


	Principal Amount°

CORPORATE BOND–0.00%
Machinery–0.00%
Mueller Industries 6.00% 3/1/27		39,000		38,903

Total Corporate Bond (Cost $39,000)				38,903


	Number of Shares

RIGHTS–0.00%
†=Dyax		7,132		7,917
†=Media General		16,818		31,954

Total Rights (Cost $7,917)				39,871

MONEY MARKET FUND–0.26%

Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		3,270,680		3,270,680

Total Money Market Fund (Cost $3,270,680)				3,270,680

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Dimensional U.S. Core Equity 1 Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

During the period ended March 31, 2017, 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. $)

COMMON STOCK–98.60%
Aerospace & Defense–1.85%
Rockwell Collins		134,000	$	13,019,440

				13,019,440

Airlines–0.50%
Southwest Airlines		65,600		3,526,656

				3,526,656

Auto Components–1.11%
BorgWarner		186,900		7,810,551

				7,810,551

Automobiles–0.94%
Ford Motor		568,100		6,612,684

				6,612,684

Banks–3.70%
East West Bancorp		103,800		5,357,118
KeyCorp		478,100		8,500,618
U.S. Bancorp		236,300		12,169,450

				26,027,186

Biotechnology–3.97%
AbbVie		55,900		3,642,444
†Alkermes		54,500		3,188,250
†Celgene		73,900		9,195,377
Gilead Sciences		111,800		7,593,456
†Vertex Pharmaceuticals		39,400		4,308,390

				27,927,917

Capital Markets–5.39%
BlackRock		23,900		9,165,889
Intercontinental Exchange		132,250		7,917,808
Invesco		290,200		8,888,826
Raymond James Financial		69,900		5,330,574
State Street		83,900		6,679,279

				37,982,376

Chemicals–1.63%
†Axalta Coating Systems		258,500		8,323,700
Praxair		26,400		3,131,040

				11,454,740

Communications Equipment–1.09%
Cisco Systems		226,600		7,659,080

				7,659,080

Consumer Finance–1.44%
Capital One Financial		117,150		10,152,219

				10,152,219

Containers & Packaging–0.85%
WestRock		115,500		6,009,465

				6,009,465


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Diversified Telecommunication Services–2.39%
AT&T		406,000	$	16,869,300

				16,869,300

Electric Utilities–1.61%
PPL		303,200		11,336,648

				11,336,648

Electrical Equipment–0.25%
Acuity Brands		8,800		1,795,200

				1,795,200

Equity Real Estate Investment Trusts–4.66%
American Tower		97,800		11,886,612
Host Hotels & Resorts		420,700		7,850,262
Life Storage		61,000		5,009,320
National Retail Properties		184,600		8,052,252

				32,798,446

Food & Staples Retailing–1.76%
Casey’s General Stores		37,200		4,175,700
CVS Health		104,900		8,234,650

				12,410,350

Food Products–1.51%
General Mills		103,800		6,125,238
Pinnacle Foods		77,600		4,490,712

				10,615,950

Health Care Equipment & Supplies–2.54%
Abbott Laboratories		182,100		8,087,061
†DexCom		50,700		4,295,811
†Edwards Lifesciences		58,300		5,484,281

				17,867,153

Health Care Providers & Services–2.12%
Cigna		61,000		8,935,890
†Express Scripts Holding		91,500		6,030,765

				14,966,655

Hotels, Restaurants & Leisure–2.05%
Aramark		132,700		4,892,649
Starbucks		163,400		9,540,926

				14,433,575

Household Durables–1.22%
Newell Brands		182,226		8,595,600

				8,595,600

Industrial Conglomerates–1.22%
Roper Technologies		41,500		8,569,335

				8,569,335

Insurance–5.91%
Aflac		157,800		11,427,876
Arthur J. Gallagher & Co.		68,100		3,850,374


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Insurance (continued)
Prudential Financial		103,100	$	10,998,708
Reinsurance Group of America		35,600		4,520,488
Travelers		58,600		7,063,644
Validus Holdings		66,900		3,772,491

				41,633,581

Internet & Direct Marketing Retail–1.46%
†Amazon.com		11,600		10,283,864

				10,283,864

Internet Software & Services–5.39%
†Alphabet Class A		32,800		27,807,840
†Facebook Class A		71,400		10,142,370

				37,950,210

IT Services–1.01%
Accenture Class A		59,600		7,144,848

				7,144,848

Life Sciences Tools & Services–0.96%
Thermo Fisher Scientific		43,900		6,743,040

				6,743,040

Machinery–2.37%
Lincoln Electric Holdings		87,100		7,565,506
Parker-Hannifin		56,800		9,106,176

				16,671,682

Media–5.17%
Cinemark Holdings		146,800		6,509,112
Comcast Class A		318,600		11,976,174
Walt Disney		158,200		17,938,298

				36,423,584

Oil, Gas & Consumable Fuels–6.12%
EOG Resources		123,400		12,037,670
EQT		94,700		5,786,170
Noble Energy		208,300		7,153,022
Occidental Petroleum		99,400		6,297,984
Pioneer Natural Resources		63,700		11,862,851

				43,137,697

Pharmaceuticals–3.82%
Allergan		39,203		9,366,381
Merck & Co.		142,600		9,060,804
Pfizer		248,700		8,508,027

				26,935,212

Professional Services–1.51%
Nielsen Holdings		162,400		6,708,744
†TransUnion		102,200		3,919,370

				10,628,114


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Road & Rail–1.68%
Union Pacific		111,400	$	11,799,488

				11,799,488

Semiconductors & Semiconductor Equipment–4.99%
Analog Devices		36,400		2,982,980
Broadcom		53,600		11,736,256
Intel		350,300		12,635,321
Maxim Integrated Products		107,300		4,824,208
QUALCOMM		51,700		2,964,478

				35,143,243

Software–6.49%
†Adobe Systems		95,100		12,375,363
Microsoft		292,800		19,283,808
†salesforce.com		113,900		9,395,611
†Tyler Technologies		30,300		4,683,168

				45,737,950

Specialty Retail–2.52%
Home Depot		96,200		14,125,046
Tractor Supply		53,000		3,655,410

				17,780,456

Technology Hardware, Storage & Peripherals–3.62%
Apple		177,300		25,470,918

				25,470,918

Textiles, Apparel & Luxury Goods–1.17%
NIKE Class B		147,800		8,236,894

				8,236,894

Thrifts & Mortgage Finance–0.61%
†MGIC Investment		421,600		4,270,808

				4,270,808

Total Common Stock (Cost $460,923,373)				694,432,115


MONEY MARKET FUND–1.90%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		13,355,844		13,355,844

Total Money Market Fund (Cost $13,355,844)				13,355,844

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Delaware Social Awareness Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

COMMON STOCK–98.85%
Aerospace & Defense–0.71%
Spirit AeroSystems Holdings Class A		80,200	$	4,645,184

				4,645,184

Airlines–0.92%
Southwest Airlines		113,200		6,085,632

				6,085,632

Auto Components–1.16%
BorgWarner		104,700		4,375,413
Tenneco		51,800		3,233,356

				7,608,769

Banks–10.82%
Bank of Hawaii		89,700		7,387,692
Comerica		214,200		14,689,836
East West Bancorp		456,900		23,580,609
Fifth Third Bancorp		395,000		10,033,000
Hancock Holding		191,700		8,731,935
Zions Bancorporation		163,600		6,871,200

				71,294,272

Beverages–1.10%
Dr Pepper Snapple Group		74,000		7,246,080

				7,246,080

Building Products–1.59%
Johnson Controls International		87,695		3,693,713
†USG		213,200		6,779,760

				10,473,473

Capital Markets–2.52%
Raymond James Financial		217,950		16,620,867

				16,620,867

Chemicals–7.08%
Albemarle		84,000		8,873,760
†Axalta Coating Systems		311,300		10,023,860
Celanese Class A		110,600		9,937,410
Eastman Chemical		105,600		8,532,480
†GCP Applied Technologies		78,600		2,566,290
WR Grace & Co.		96,700		6,740,957

				46,674,757

Commercial Services & Supplies–0.79%
Brink’s		97,800		5,227,410

				5,227,410

Construction & Engineering–2.60%
†AECOM		213,000		7,580,670
KBR		311,100		4,675,833
†Quanta Services		130,700		4,850,277

				17,106,780


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Consumer Finance–0.72%
Synchrony Financial		137,900	$	4,729,970

				4,729,970

Containers & Packaging–2.58%
†Berry Plastics Group		218,182		10,597,100
Graphic Packaging Holding		495,500		6,377,085

				16,974,185

Diversified Consumer Services–0.80%
Service Corp. International		171,600		5,299,008

				5,299,008

Electric Utilities–3.86%
Edison International		112,500		8,956,125
IDACORP		101,800		8,445,328
PPL		214,100		8,005,199

				25,406,652

Electronic Equipment, Instruments & Components–2.86%
Avnet		252,900		11,572,704
†Flex		97,300		1,634,640
†Keysight Technologies		155,950		5,636,033

				18,843,377

Energy Equipment & Services–2.12%
Helmerich & Payne		50,700		3,375,099
†Rowan		213,600		3,327,888
†Superior Energy Services		509,600		7,266,896

				13,969,883

Equity Real Estate Investment Trusts–7.31%
Apartment Investment & Management Class A		93,800		4,160,030
Brandywine Realty Trust		554,600		9,001,158
CBL & Associates Properties		367,500		3,505,950
Equity Residential		106,500		6,626,430
Highwoods Properties		184,000		9,039,920
Host Hotels & Resorts		509,400		9,505,404
Kimco Realty		287,400		6,348,666

				48,187,558

Food Products–0.97%
JM Smucker		48,600		6,370,488

				6,370,488

Health Care Equipment & Supplies–2.18%
Becton Dickinson & Co.		29,100		5,338,104
Zimmer Biomet Holdings		73,700		8,999,507

				14,337,611

Health Care Providers & Services–2.13%
Cigna		33,300		4,878,117
†MEDNAX		59,500		4,128,110


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Providers & Services (continued)
Quest Diagnostics		51,100	$	5,017,509

				14,023,736

Hotels, Restaurants & Leisure–1.72%
Darden Restaurants		61,300		5,128,971
Marriott International Class A		65,740		6,191,393

				11,320,364

Household Durables–1.10%
DR Horton		217,033		7,229,369

				7,229,369

Insurance–11.29%
American Financial Group		242,750		23,163,205
Reinsurance Group of America		117,600		14,932,848
Torchmark		205,150		15,804,756
Validus Holdings		172,300		9,715,997
WR Berkley		151,950		10,732,230

				74,349,036

IT Services–1.48%
†Fiserv		84,500		9,743,695

				9,743,695

Leisure Products–0.95%
Hasbro		62,600		6,248,732

				6,248,732

Life Sciences Tools & Services–2.29%
Agilent Technologies		147,900		7,819,473
Thermo Fisher Scientific		47,500		7,296,000

				15,115,473

Machinery–2.40%
ITT		187,100		7,674,842
Stanley Black & Decker		61,400		8,158,218

				15,833,060

Media–1.59%
Cinemark Holdings		127,600		5,657,784
Meredith		74,625		4,820,775

				10,478,559

Multiline Retail–0.48%
Macy’s		106,800		3,165,552

				3,165,552

Multi-Utilities–2.66%
Public Service Enterprise Group		200,700		8,901,045
WEC Energy Group		142,600		8,645,838

				17,546,883

Oil, Gas & Consumable Fuels–5.52%
Marathon Oil		309,100		4,883,780
†Newfield Exploration		304,200		11,228,022


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
SM Energy		365,100	$	8,769,702
Tesoro		102,300		8,292,438
†Whiting Petroleum		337,300		3,190,858

				36,364,800

Professional Services–0.64%
ManpowerGroup		41,200		4,225,884

				4,225,884

Road & Rail–1.71%
CSX		138,000		6,423,900
JB Hunt Transport Services		53,000		4,862,220

				11,286,120

Semiconductors & Semiconductor Equipment–1.93%
†Qorvo		72,500		4,970,600
Teradyne		249,300		7,753,230

				12,723,830

Software–4.73%
†Citrix Systems		41,900		3,494,041
Symantec		296,700		9,102,756
†Synopsys		257,700		18,587,901

				31,184,698

Specialty Retail–0.34%
Staples		254,300		2,230,211

				2,230,211

Technology Hardware, Storage & Peripherals–0.79%
Western Digital		63,200		5,215,896

				5,215,896

Textiles, Apparel & Luxury Goods–0.58%
VF		69,900		3,842,403

				3,842,403

Trading Companies & Distributors–1.83%
†HD Supply Holdings		161,400		6,637,575
†United Rentals		43,300		5,414,665

				12,052,240

Total Common Stock (Cost $410,011,978)				651,282,497


MONEY MARKET FUND–0.04%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		224,706		224,706

Total Money Market Fund (Cost $224,706)				224,706

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Delaware Special Opportunities Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

At March 31, 2017, the cost of investments for federal income tax purpose has been estimated since final tax characteristics cannot be determined until fiscal year end. At March 31, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENT–46.67%
International Equity Fund–46.67%
*Lincoln Variable Insurance Products Trust - LVIP Dimensional International Core Equity Fund		14,674,276	$	144,776,409

Total Affiliated Investment (Cost $139,595,203)				144,776,409

UNAFFILIATED INVESTMENTS–52.95%
Common Stock–0.00%
Bank of East Asia		1,968		8,142

				8,142


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENTS (continued)
International Equity Fund–46.37%
**DFA International Value Portfolio		8,126,534	$	143,839,644

				143,839,644

Money Market Fund–6.58%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		20,415,556		20,415,556

				20,415,556

Total Unaffiliated Investments (Cost $135,366,675)				164,263,342

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Dimensional International Equity Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or other unaffiliated managers (collectively, the “Underlying Funds”). The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Investments in government money market funds have a stable NAV. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Financial statements for the Underlying Funds can be found at www.sec.gov. Futures contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Dimensional U.S. Equity Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or other unaffiliated managers (collectively, the “Underlying Funds”). The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Investments in government money market funds have a stable NAV. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Financial statements for the Underlying Funds can be found at www.sec.gov. Futures contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–30.02%
Fixed Income Funds–28.04%
*DFA Intermediate Term Extended Quality Portfolio		10,847,941	$	115,313,612
*DFA VA Global Bond Portfolio		2,257,873		24,136,662
*DFA VA Short-Term Fixed Portfolio		2,941,568		30,033,411


				169,483,685

Money Market Fund–1.98%
**Lincoln Variable Insurance Products Trust–LVIP Government Money Market Fund (seven-day effective yield 0.34%)		1,199,223		11,992,227


				11,992,227

Total Affiliated Investments (Cost $182,345,475)				181,475,912


UNAFFILIATED INVESTMENTS–70.11%
Fixed Income Funds–69.97%
*DFA Inflation Protected Securities Portfolio		1,028,601		12,158,062
*DFA One-Year Fixed Income Portfolio		4,665,204		48,051,599


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENTS (continued)
Fixed Income Funds (continued)
*DFA Two-Year Global Fixed Income Portfolio		6,646,355	$	66,131,234
Vanguard Long-Term Bond ETF		203,892		18,358,436
Vanguard Mortgage-Backed Securities ETF		1,381,765		72,570,298
Vanguard Short-Term Corporate Bond ETF		302,185		24,096,232
Vanguard Total Bond Market ETF		2,239,551		181,582,795


				422,948,656

Money Market Fund–0.14%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		822,661		822,661


				822,661

Total Unaffiliated Investments (Cost $425,186,471)				423,771,317

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Dimensional/Vanguard Total Bond Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in Underlying Funds and Exchange-Traded Funds (“ETFs”). ETFs, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (“NYSE”) on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Investments in government money market funds have a stable NAV. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

During the period ended March 31, 2017, 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.

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, Lincoln Investment Advisors Corporation (LVIP Funds or ETFs), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017 were as follows:

On October. 13, 2016, the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. The amendments are effective for the Fund for periods ending after August 1, 2017. At this time, management is evaluating the implications of adopting these amendments and their impact on the Schedule of Investments and accompanying notes.


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENT–1.99%
Money Market Fund–1.99%
*Lincoln Variable Insurance Products Trust– LVIP Government Money Market Fund (seven-day effective yield 0.34%)		615,158	$	6,151,576

Total Affiliated Investment (Cost $6,151,576)				6,151,576


UNAFFILIATED INVESTMENTS–98.11%
Equity Funds–97.58%
Vanguard Dividend Appreciation ETF		339,787		30,560,443
Vanguard Mega Cap 300 Growth ETF		582,794		55,779,214
Vanguard Mega Cap 300 Value ETF		839,652		57,541,352
Vanguard Mid-Cap Growth ETF		109,949		12,418,739
Vanguard Mid-Cap Value ETF		181,374		18,485,638
Vanguard REIT ETF		75,088		6,201,518
Vanguard Small-Cap Growth ETF		44,204		6,218,177


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENTS (continued)
Equity Funds (continued)
Vanguard Small-Cap Value ETF		125,789	$	15,454,436
Vanguard Total Stock Market ETF		759,040		92,086,733
**Vanguard Variable Insurance Fund– Small Company Growth Portfolio		294,174		6,257,090


				301,003,340

Money Market Fund–0.53%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		1,636,040		1,636,040

				1,636,040

Total Unaffiliated Investments (Cost $216,638,008)				302,639,380

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Vanguard Domestic Equity ETF Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests a significant portion of its assets in Underlying Funds and Exchange-Traded Funds (“ETFs”), which, in turn, invest in U.S. stocks and money market instruments. The underlying ETFs will primarily be Vanguard ETFs^®. ETFs, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (“NYSE”) on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Investments in government money market funds have a stable NAV. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, Lincoln Investment Advisors Corporation (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds or ETFs). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017 were as follows:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENT–1.94%
Money Market Fund–1.94%
*Lincoln Variable Insurance Products Trust– LVIP Government Money Market Fund (seven-day effective yield 0.34%)		369,551	$	3,695,507

Total Affiliated Investment (Cost $3,695,507)				3,695,507


UNAFFILIATED INVESTMENTS–98.33%
International Equity Funds–97.86%
Vanguard FTSE All-World ex-U.S. ETF		675,101		32,290,081
Vanguard FTSE All-World ex-U.S. Small-Cap ETF		204,675		21,009,888
Vanguard FTSE Developed Markets ETF		1,064,325		41,827,973
Vanguard FTSE Emerging Markets ETF		429,797		17,071,537
Vanguard FTSE European ETF		483,084		24,912,642


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENTS (continued)
International Equity Funds (continued)
Vanguard FTSE Pacific ETF		447,864	$	28,340,834
Vanguard Global ex-U.S. Real Estate ETF		71,251		3,794,828
**Vanguard VA International Portfolio		801,594		17,298,404

				186,546,187

Money Market Fund–0.47%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		903,771		903,771

				903,771

Total Unaffiliated Investments (Cost $169,813,608)				187,449,958

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Vanguard International Equity ETF Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests a significant portion of its assets in Underlying Funds and Exchange-Traded Funds (“ETFs”), which, in turn invest in foreign stocks and money market instruments. The underlying ETFs will primarily be Vanguard ETFs^®. ETFs, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (“NYSE”) on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Investments in government money market funds have a stable NAV. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, Lincoln Investment Advisors Corporation (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds or ETFs). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017 were as follows:


	Number of Shares		Value (U.S. $)

DCOMMON STOCK–98.47%
Australia–6.21%
Adelaide Brighton		12,534	$	54,392
AGL Energy		2,783		56,068
Ainsworth Game Technology		6,705		9,426
Alumina		49,422		67,588
Alumina ADR		2,200		11,979
Amcor		7,139		82,140
AMP		78,519		310,741
Ansell		4,303		79,130
AP Eagers		1,590		11,042
APA Group		4,803		32,879
ARB		745		8,378
Aristocrat Leisure		6,690		91,848
Aurizon Holdings		19,965		80,080
Ausdrill		4,028		4,370
AusNet Services		18,433		23,729
Austal		8,748		11,562
Australia & New Zealand Banking Group		13,074		317,835
†Australian Agricultural		17,102		21,689
Australian Pharmaceutical Industries		13,270		20,682
Automotive Holdings Group		8,745		27,526
Aveo Group		10,918		26,776
Bank of Queensland		10,383		96,461
Beach Energy		51,415		31,425
Bendigo & Adelaide Bank		12,081		112,052
BHP Billiton		32,060		588,832
BHP Billiton ADR		4,100		148,912
Blackmores		209		17,970
BlueScope Steel		23,996		224,762
Boral		27,282		121,726
†Bradken		5,627		13,972
Brambles		5,959		42,568
Breville Group		2,406		18,988
Brickworks		2,502		28,061
BT Investment Management		2,160		16,502
Cabcharge Australia		7,280		16,797
Caltex Australia		1,697		38,234
†Cardno		10,023		9,802
carsales.com		2,285		19,482
Cedar Woods Properties		6,372		27,262
Challenger		9,166		87,885
Cleanaway Waste Management		50,865		46,633
Coca-Cola Amatil		6,680		55,220
Cochlear		684		70,668
†Collins Foods		508		2,018
Collins Foods (Athens Exchange)		4,637		18,422
Commonwealth Bank of Australia		9,736		639,025
Computershare		5,618		60,348
Corporate Travel Management		894		13,681
Credit Corp Group		1,365		18,031
Crown Resorts		3,281		29,604
CSG		9,755		3,466


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Australia (continued)
CSL		1,214	$	116,243
CSR		19,012		65,509
Domino’s Pizza Enterprises		795		35,301
†Downer EDI		21,992		97,283
†=Downer EDI Interim Shares		8,797		38,914
†=DSHE Holdings		11,325		0
DUET Group		16,455		35,075
DuluxGroup		3,860		19,257
Eclipx Group		8,271		24,707
†Energy Resources of Australia		12,324		6,779
†Energy World		39,810		10,949
ERM Power		5,246		5,250
Event Hospitality & Entertainment		2,844		28,029
Evolution Mining		43,737		70,172
Fairfax Media		80,391		62,954
Flight Centre Travel Group		2,450		54,058
Fortescue Metals Group		42,223		200,970
G8 Education		9,725		30,314
Genworth Mortgage Insurance Australia		9,798		23,505
GrainCorp Class A		6,889		47,842
Greencross		3,054		16,799
GUD Holdings		1,292		11,687
GWA Group		8,661		19,189
Hansen Technologies		6,741		17,665
Harvey Norman Holdings		12,146		42,036
Healthscope		28,065		48,672
HFA Holdings		2,382		4,022
Iluka Resources		3,994		23,252
Incitec Pivot		45,343		130,254
Independence Group		17,723		48,475
Insurance Australia Group		9,229		42,658
InvoCare		2,555		27,602
IOOF Holdings		6,700		43,663
IRESS		2,733		24,451
isentia Group		6,749		7,734
James Hardie Industries CDI		3,210		50,447
Japara Healthcare		6,227		9,562
JB Hi-Fi		2,149		40,553
Link Administration Holdings		5,697		33,645
Macquarie Atlas Roads Group		7,100		27,773
Macquarie Group		4,569		314,863
Magellan Financial Group		1,909		34,464
Mantra Group		4,886		10,900
†Mayne Pharma Group		20,988		22,850
McMillan Shakespeare		2,428		24,523
Medibank Pvt		33,796		72,813
†Metals X		23,081		13,754
†Metcash		35,847		67,646
Mineral Resources		7,647		62,805
Monadelphous Group		2,631		24,784
Myer Holdings		37,090		34,429


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Australia (continued)
National Australia Bank		16,733	$	426,219
Navitas		8,596		29,093
Newcrest Mining		8,764		149,113
nib holdings		7,558		34,184
Nine Entertainment Holdings		14,493		13,896
Northern Star Resources		8,386		26,012
Nufarm		3,573		26,479
OFX Group		8,551		9,636
Oil Search		9,328		51,454
Orica		16,321		219,459
†Origin Energy		18,265		98,379
Orora		33,159		74,987
OZ Minerals		12,366		73,975
Pacific Current Group		1,154		3,959
Pact Group Holdings		4,699		25,130
Perpetual		1,243		49,524
†Perseus Mining		24,054		5,697
Platinum Asset Management		4,023		15,767
Premier Investments		2,680		29,320
Primary Health Care		18,901		51,552
Programmed Maintenance Services		6,193		8,871
Qantas Airways		9,895		29,407
QBE Insurance Group		7,149		70,403
Qube Holdings		26,587		52,000
Quintis		11,219		8,914
Ramsay Health Care		886		47,309
RCR Tomlinson		2,087		5,039
REA Group		640		29,010
Regis Resources		5,650		14,245
Reject Shop		2,536		16,043
Resolute Mining		20,493		20,354
Rio Tinto		3,216		148,552
Sandfire Resources		5,612		27,355
†Santos		21,093		61,237
†Saracen Mineral Holdings		31,831		23,954
SEEK		3,406		41,427
Select Harvests		2,007		9,016
Seven Group Holdings		3,584		29,326
Seven West Media		48,144		28,874
SG Fleet Group		6,686		17,367
Sigma Pharmaceuticals		22,208		21,887
†Silver Lake Resources		18,565		8,227
Sims Metal Management		6,252		59,038
Sirtex Medical		1,494		20,431
†Slater & Gordon		15,496		1,539
SMS Management & Technology		4,019		5,082
Sonic Healthcare		3,151		53,251
South32		32,485		68,499
South32 ADR		4,200		44,016
Southern Cross Media Group		32,767		35,048
Spark Infrastructure Group		24,227		43,867
Spotless Group Holdings		25,020		20,740


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Australia (continued)
†St Barbara		15,960	$	29,020
Star Entertainment Group		22,146		92,550
Steadfast Group		10,681		20,727
Suncorp Group		4,677		47,202
Super Retail Group		4,725		37,001
Sydney Airport		4,421		22,867
Tabcorp Holdings		35,276		128,017
Tassal Group		6,917		23,939
Tatts Group		29,582		100,121
Technology One		8,398		32,914
Telstra		11,902		42,374
Thorn Group		8,175		8,182
Tox Free Solutions		5,658		10,072
TPG Telecom		1,899		10,112
Transurban Group		3,992		35,592
Treasury Wine Estates		1,807		16,884
Villa World		10,756		19,558
Village Roadshow		3,360		10,782
†Virgin Australia Holdings		38,668		5,613
Virtus Health		2,673		11,804
Vocus Group		8,948		29,533
Webjet		4,869		42,705
Wesfarmers		6,044		208,116
†Western Areas		6,865		12,116
†Westgold Resources		5,952		10,731
Westpac Banking		24,871		666,191
Westpac Banking ADR		1,600		42,752
†Whitehaven Coal		17,815		40,696
Woodside Petroleum		7,506		183,965
Woolworths		3,465		70,152
†WorleyParsons		7,803		65,636

				10,857,837

Austria–0.62%
ANDRITZ		1,114		55,719
†Atrium European Real Estate		4,170		16,873
Austria Technologie & Systemtechnik		1,434		15,742
†BUWOG		2,953		74,504
†CA Immobilien Anlagen		1,602		35,197
DO & CO		154		10,004
Erste Group Bank		3,609		117,524
EVN		934		11,907
Lenzing		116		19,509
Mayr Melnhof Karton		125		14,555
Oesterreichische Post		634		25,255
OMV		2,874		113,089
Palfinger		421		15,585
POLYTEC Holding		1,389		19,648
Porr		255		9,472
†Raiffeisen Bank International		4,321		97,517
RHI		479		12,266
†S IMMO		1,531		18,358


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Austria (continued)
Schoeller-Bleckmann Oilfield Equipment		215	$	14,977
Semperit Holding		457		12,695
Strabag		572		22,331
Telekom Austria		5,124		34,919
UNIQA Insurance Group		5,225		40,573
Verbund		1,857		31,528
Vienna Insurance Group		1,697		41,059
voestalpine		3,317		130,573
Wienerberger		2,941		62,373
Zumtobel Group		329		6,342

				1,080,094

Belgium–1.35%
Ackermans & van Haaren		757		118,955
Ageas		4,970		194,265
†AGFA-Gevaert		10,744		52,575
Anheuser-Busch InBev		4,442		487,615
Anheuser-Busch InBev ADR		1,200		131,712
Barco		498		49,886
Bekaert		1,429		69,919
bpost		1,996		46,877
Cie d’Entreprises CFE		299		41,849
Colruyt		2,057		100,987
D’ieteren		1,058		49,549
Econocom Group		1,537		22,759
Elia System Operator		497		26,213
Euronav		2,462		19,690
EVS Broadcast Equipment		474		18,075
†Fagron		1,585		20,299
†Galapagos		316		27,501
Ion Beam Applications		247		13,515
KBC Group		1,055		69,993
Kinepolis Group		347		17,732
Lotus Bakeries		6		14,861
Melexis		433		37,513
†Nyrstar		2,513		15,623
Ontex Group		1,053		33,812
†Orange Belgium		1,441		30,807
Proximus SADP		2,859		89,715
Recticel		1,679		13,144
Sioen Industries		782		23,208
Sipef		180		12,163
Solvay Class A		2,177		266,034
†Telenet Group Holding		551		32,770
†Tessenderlo Chemie		1,566		62,314
UCB		592		45,920
Umicore		1,752		99,806
Van de Velde		150		8,574

				2,366,230


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Canada–9.30%
Absolute Software		1,400	$	7,938
†Advantage Oil & Gas		4,200		27,729
†Advantage Oil & Gas (New York Shares)		4,123		27,212
Aecon Group		2,600		33,569
AGF Management Class B		2,300		10,654
Agnico Eagle Mines		1,585		67,268
Agrium		400		38,176
Agrium (New York Shares)		497		47,488
AGT Food & Ingredients		800		18,757
Aimia		2,561		17,332
†Air Canada		2,506		26,005
†Alacer Gold		10,000		20,228
Alamos Gold		7,580		60,875
Alamos Gold (New York Shares)		5,800		46,574
Alaris Royalty		489		8,204
Algonquin Power & Utilities		6,021		57,500
Alimentation Couche-Tard Class B		1,200		54,214
AltaGas		5,362		124,187
Altus Group		800		17,506
†Amaya		3,470		58,990
Andrew Peller Class A		100		847
ARC Resources		6,700		95,725
†Argonaut Gold		3,300		5,782
Atco		1,300		50,549
†Athabasca Oil		13,108		15,081
†ATS Automation Tooling Systems		3,200		32,653
†AuRico Metals		5,788		5,092
AutoCanada		579		9,770
†Avigilon		1,400		16,254
†B2Gold		24,900		70,964
Badger Daylighting		700		18,397
Bank of Montreal		1,500		112,039
Bank of Montreal (New York Shares)		6,284		469,980
Bank of Nova Scotia		5,700		333,466
Bank of Nova Scotia (New York Shares)		8,042		471,020
Barrick Gold		2,500		47,487
Barrick Gold		900		17,091
†Baytex Energy		7,212		24,621
BCE		1,429		63,273
†Bellatrix Exploration		6,491		5,125
Birchcliff Energy		8,212		46,684
Bird Construction		622		4,682
Black Diamond Group		2,500		7,275
†BlackBerry		11,829		91,618
†BlackBerry (New York Shares)		1,400		10,850
†BlackPearl Resources		4,845		4,736
†Bombardier Class B		30,946		47,471
Bonavista Energy		10,324		26,861
Bonterra Energy		913		15,749
Boralex Class A		1,496		24,141


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Canada (continued)
Brookfield Asset Management		1,800	$	65,579
Brookfield Asset Management (New York Shares) Class A		899		32,778
†BRP		951		22,383
CAE		2,800		42,784
CAE (New York Shares)		2,826		43,210
†Calfrac Well Services		2,400		6,389
Cameco		8,936		98,912
Cameco (New York Shares)		4,973		55,051
†Canaccord Genuity Group		3,700		14,162
†Canacol Energy		800		2,364
Canadian Imperial Bank of Commerce		2,745		236,646
Canadian National Railway		1,700		125,482
Canadian National Railway (New York Shares)		502		37,113
Canadian Natural Resources		4,052		132,865
Canadian Pacific Railway		200		29,384
Canadian Tire Class A		909		107,985
Canadian Utilities Class A		1,000		29,297
Canadian Western Bank		4,045		89,517
Canam Group		2,500		12,426
†Canfor		3,400		46,353
Canfor Pulp Products		1,800		16,364
†Canyon Services Group		3,100		15,502
Capital Power		1,600		31,354
†Capstone Mining		14,500		14,175
Cascades		3,168		32,660
CCL Industries		400		87,270
†Celestica		5,920		86,018
Cenovus Energy		7,810		88,386
Cenovus Energy (New York Shares)		2,698		30,487
Centerra Gold		10,627		61,132
†CGI Group Class A		500		23,958
†CGI Group (New York Shares) Class A		1,196		57,324
†China Gold International Resources		14,900		29,915
CI Financial		3,400		67,573
Cineplex		1,100		41,772
Cogeco		500		22,394
Cogeco Communications		600		32,056
Colliers International Group		100		4,731
Colliers International Group (New York Shares)		599		28,273
Computer Modelling Group		1,300		10,118
Constellation Software		100		49,141
Corus Entertainment Class B		5,500		54,014
Cott		3,200		39,607
Cott (New York Shares)		1,710		21,136
Crescent Point Energy		3,657		39,517
Crescent Point Energy (New York Shares)		2,503		27,082
†Crew Energy		5,725		21,353
†CRH Medical		1,667		13,669


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Canada (continued)
†Delphi Energy		4,020	$	4,020
†Descartes Systems Group		700		16,030
†Detour Gold		3,495		40,052
DH		1,558		29,570
DHX Media		2,100		8,859
Dollarama		800		66,299
Dominion Diamond		2,600		32,838
Dorel Industries Class B		1,100		26,238
†Dundee Precious Metals		1,500		3,181
ECN Capital		8,700		23,486
Eldorado Gold		27,866		95,342
Element Fleet Management		11,500		106,452
Emera		109		3,851
Empire Class A		5,861		89,556
Enbridge		2,615		109,547
Enbridge (New York Shares)		1,997		83,554
Enbridge Income Fund Holdings		4,300		107,189
Encana		2,000		23,431
Encana (New York Shares)		7,474		87,521
†Endeavour Mining		2,394		46,445
Enercare		2,770		43,263
Enerflex		3,900		55,662
Enghouse Systems		500		21,645
Ensign Energy Services		5,600		33,562
Equitable Group		556		29,003
Evertz Technologies		800		9,673
Exchange Income		808		23,720
Exco Technologies		2,400		20,700
Extendicare		1,700		12,898
Fairfax Financial Holdings		300		136,527
Finning International		4,800		89,658
First Capital Realty		1,500		22,593
†First Majestic Silver		4,128		33,493
First Quantum Minerals		13,864		147,309
FirstService		700		42,326
Fortis		2,600		86,162
†Fortuna Silver Mines		4,027		20,955
Franco-Nevada		199		13,036
Gamehost		1,600		12,104
Genworth MI Canada		1,900		52,535
George Weston		700		61,075
Gibson Energy		2,800		40,215
Gildan Activewear		1,700		45,931
Gildan Activewear (New York Shares)		499		13,493
Gluskin Sheff + Associates		900		11,898
†GMP Capital		3,200		8,759
Goldcorp		3,707		54,078
Goldcorp (New York Shares)		7,337		107,047
†Gran Tierra Energy		17,600		46,850
Granite Oil		867		3,988
†Great Canadian Gaming		1,654		30,634
Great-West Lifeco		2,169		60,103


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Canada (continued)
†Heroux-Devtek		1,187	$	10,372
High Liner Foods		600		8,144
Home Capital Group		2,212		43,297
Horizon North Logistics		5,000		6,542
Hudbay Minerals		8,499		55,857
Hudbay Minerals (New York Shares)		2,400		15,720
Hudson’s Bay		2,000		16,257
†Husky Energy		4,784		53,997
#Hydro One 144A		600		10,941
†IAMGOLD		19,100		76,409
IGM Financial		1,300		38,770
Imperial Oil		1,600		48,751
Imperial Oil (New York Shares)		898		27,389
Industrial Alliance Insurance & Financial Services		4,123		178,673
Innergex Renewable Energy		1,751		18,829
Intact Financial		500		35,560
Inter Pipeline		2,300		48,478
†Interfor		2,800		36,173
Intertape Polymer Group		1,327		23,330
†Ithaca Energy		13,900		20,173
Jean Coutu Group Class A		1,400		22,034
Just Energy Group		1,946		12,219
Just Energy Group (New York Shares)		2,000		12,520
†Kelt Exploration		400		2,009
Keyera		2,500		73,335
†Kinross Gold		41,359		145,861
†Kirkland Lake Gold		2,100		15,491
†Klondex Mines		6,555		25,582
Laurentian Bank of Canada		1,887		83,108
Leon’s Furniture		369		4,653
Linamar		2,000		90,973
Loblaw		1,133		61,479
Lucara Diamond		8,031		18,661
Lundin Mining		26,700		150,380
MacDonald Dettwiler & Associates		565		29,846
Magellan Aerospace		1,000		14,701
Magna International		2,600		112,204
Magna International (New York Shares)		2,697		116,403
†Major Drilling Group International		3,266		17,339
Mandalay Resources		14,708		6,525
Manulife Financial		9,853		174,781
Manulife Financial (New York Shares)		7,306		129,608
Maple Leaf Foods		2,822		68,500
Martinrea International		4,000		31,041
Medical Facilities		2,453		33,995
†MEG Energy		5,238		26,547
Methanex		200		9,371
Methanex (New York Shares)		1,787		83,810
Metro Class A		1,500		46,077
†Mitel Networks		2,719		18,851


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Canada (continued)
Morguard		200	$	27,522
Morneau Shepell		2,000		30,033
MTY Food Group		600		22,514
Mullen Group		4,700		59,729
National Bank of Canada		6,600		277,132
Nevsun Resources		13,699		35,230
New Flyer Industries		1,600		59,050
†New Gold		19,577		58,443
†New Gold (New York Shares)		2,694		8,028
Norbord		1,200		34,154
North West		800		19,076
Northland Power		2,146		39,633
†NuVista Energy		9,000		41,621
OceanaGold		26,800		79,401
Onex		600		43,065
Open Text		1,596		54,280
Osisko Gold Royalties		3,300		36,676
†Painted Pony Petroleum		4,000		16,182
Pan American Silver		2,619		45,848
Pan American Silver (New York Shares)		2,800		49,056
†Paramount Resources Class A		1,500		19,153
†Parex Resources		2,387		30,424
Parkland Fuel		1,700		37,839
Pembina Pipeline		1,800		57,038
Pembina Pipeline (New York Shares)		499		15,823
†Pengrowth Energy		23,764		23,767
†Penn West Petroleum		20,800		35,505
Peyto Exploration & Development		1,900		39,076
†PHX Energy Services		2,800		7,706
Pizza Pizza Royalty		900		11,674
Potash Corp of Saskatchewan		2,500		42,712
Potash Corp of Saskatchewan (New York Shares)		8,372		142,994
PrairieSky Royalty		228		4,817
†Precision Drilling		7,507		35,507
†Precision Drilling (New York Shares)		5,200		24,544
Premium Brands Holdings		800		51,224
Quebecor Class B		1,000		30,838
†Raging River Exploration		3,267		22,921
Restaurant Brands International		569		31,697
Richelieu Hardware		900		18,611
†Richmont Mines		4,400		31,201
Ritchie Bros Auctioneers		1,492		49,087
Rogers Communications Class B		500		22,108
Rogers Communications (New York Shares) Class B		500		22,110
Rogers Sugar		3,400		15,979
Royal Bank of Canada		5,563		405,598
Russel Metals		1,400		27,393
†Sandstorm Gold		8,400		36,130
Sandvine		5,400		12,507


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Canada (continued)
Saputo		2,500	$	86,269
Secure Energy Services		5,400		39,794
†SEMAFO		13,600		41,009
†Seven Generations Energy Class A		753		13,759
Shaw Communications Class B		4,180		86,610
ShawCor		1,261		36,915
†Sherritt International		9,600		6,786
†Shopify Class A		400		27,284
Sienna Senior Living		700		9,117
†Sierra Wireless		900		23,890
†Sierra Wireless (Nasdaq Stock Market)		507		13,461
†Silver Standard Resources		5,463		57,999
Silver Wheaton		770		16,044
Silver Wheaton (New York Shares)		700		14,588
SNC-Lavalin Group		2,800		109,865
†Spartan Energy		10,900		21,803
Sprott		5,700		9,558
Stantec		2,500		64,876
Stantec (New York Shares)		1,534		39,807
Stella-Jones		900		26,462
Student Transportation		3,000		17,573
Student Transportation (New York Shares)		1,945		11,398
Sun Life Financial		1,700		62,076
Sun Life Financial (New York Shares)		3,673		134,248
Suncor Energy		13,192		405,034
†SunOpta		4,163		28,933
Superior Plus		4,300		41,711
Surge Energy		7,100		13,881
Tahoe Resources		3,572		28,690
Tahoe Resources (New York Shares)		4,400		35,332
†Taseko Mines		7,100		9,450
Teck Resources Class B		2,115		46,249
Teck Resources (New York Shares) Class B		5,285		115,742
†Teranga Gold		14,800		9,460
TFI International		4,100		95,729
Thomson Reuters		700		30,272
Thomson Reuters (New York Shares)		300		12,969
TMX Group		1,518		76,947
TORC Oil & Gas		6,234		32,017
Toromont Industries		1,400		48,984
Toronto-Dominion Bank		7,400		370,654
Toronto-Dominion Bank (New York Shares)		5,265		263,724
Torstar Class B		2,100		2,858
Total Energy Services		1,899		18,992
†Tourmaline Oil		3,700		82,494
TransAlta		11,388		66,620
TransAlta Renewables		2,064		24,445
TransCanada		2,495		115,144
Transcontinental Class A		4,100		75,781


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Canada (continued)
†Trican Well Service		7,600	$	23,145
†Trinidad Drilling		8,700		15,047
†Turquoise Hill Resources		10,841		33,097
Uni-Select		1,700		45,215
†Valeant Pharmaceuticals International		5,897		65,044
Valener		700		11,507
Veresen		8,359		92,399
Vermilion Energy		800		30,000
Wajax		700		12,059
Waste Connections		400		35,288
West Fraser Timber		3,000		125,473
Western Forest Products		15,500		25,292
Westjet Airlines		1,300		22,288
Westshore Terminals Investment		1,600		31,835
Whitecap Resources		15,200		118,299
Wi-LAN		7,500		13,761
Winpak		695		27,751
WSP Global		2,875		101,544
Yamana Gold		23,603		65,137
†Yellow Pages		600		3,826

				16,263,238

☐China–0.01%
K Wah International Holdings		36,000		23,903

				23,903

Denmark–1.78%
ALK-Abello Class A		105		15,147
Alm Brand		2,384		19,315
Ambu Class B		636		27,360
AP Moller - Maersk Class A		26		41,944
AP Moller - Maersk Class B		42		69,683
†Bang & Olufsen		1,372		18,986
†Bavarian Nordic		821		41,676
Carlsberg Class B		893		82,467
Chr Hansen Holding		1,372		88,062
Coloplast Class B		99		7,730
†D/S Norden		1,234		24,986
Danske Bank		3,750		127,714
Dfds		1,405		77,265
DSV		5,018		259,765
FLSmidth		1,523		81,461
†Genmab		148		28,502
GN Store Nord		4,158		97,129
H Lundbeck		1,804		83,660
IC Group		491		11,582
ISS		3,121		118,018
Jyske Bank		2,471		125,010
Matas		1,226		17,405
NKT Holding		1,030		75,549
Nordjyske Bank		540		8,905
Novo Nordisk Class B		12,030		413,156


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Denmark (continued)
Novo Nordisk ADR		2,700	$	92,556
Novozymes Class B		2,145		85,018
Pandora		1,322		146,350
Per Aarsleff Holding Class B		810		19,397
Ringkjoebing Landbobank		159		35,226
Rockwool International Class A		17		2,886
Rockwool International Class B		226		40,089
Royal Unibrew		1,093		46,033
Schouw & Co		547		50,162
SimCorp		1,167		70,285
Solar Class B		133		7,343
Spar Nord Bank		2,717		30,098
Sydbank		2,661		92,228
TDC		26,912		138,774
†Topdanmark		1,484		37,623
Tryg		2,587		46,928
Vestas Wind Systems		1,932		157,084
†William Demant Holding		2,645		55,262

				3,115,819

Finland–1.98%
Ahlstrom		608		8,834
Aktia Bank		1,025		10,694
†Amer Sports Class A		5,961		134,688
Cargotec Class B		848		41,976
†Caverion		638		5,023
Citycon		10,113		23,951
Cramo		1,559		35,558
Elisa		1,673		59,165
Fiskars		1,151		23,784
Fortum		3,569		56,464
Huhtamaki		6,263		222,824
Kemira		3,334		40,938
Kesko Class A		640		30,205
Kesko Class B		4,692		223,743
Kone Class B		2,104		92,386
Konecranes		1,835		65,187
Lassila & Tikanoja		1,511		29,643
Lemminkainen		505		9,913
Metsa Board		12,062		74,569
Metso		3,349		101,394
Neste		6,313		246,221
Nokia		19,400		104,100
Nokian Renkaat		3,744		156,329
Olvi Class A		782		22,541
Oriola Class B		5,656		23,954
Orion Class A		901		46,790
Orion Class B		1,511		78,775
Outokumpu		9,356		91,226
†Outotec		4,443		26,946
Raisio		7,392		26,575
Ramirent		2,803		22,576


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Finland (continued)
Sampo Class A		2,733	$	129,626
Sanoma		4,161		34,824
†Stockmann Class B		1,585		12,242
Stora Enso Class R		17,391		205,564
Technopolis		5,160		16,679
Tieto		2,524		68,742
Tikkurila		1,661		33,667
UPM-Kymmene		25,857		607,405
Uponor		1,300		23,035
Vaisala Class A		415		15,504
Valmet		3,035		47,174
Wartsila		2,037		108,979
YIT		2,540		17,166

				3,457,579

France–6.84%
Aeroports de Paris		216		26,695
†Air France-KLM		4,973		37,656
Air Liquide		1,568		179,151
Airbus		1,379		104,935
Akka Technologies		602		27,487
Albioma		1,323		23,387
†Alstom		3,511		104,931
Alten		981		75,225
†Altran Technologies		4,400		74,070
#Amundi 144A		304		17,937
Arkema		2,332		230,070
Assystem		625		21,863
Atos		1,592		196,923
AXA		10,194		263,772
Beneteau		810		10,637
BNP Paribas		6,830		454,880
Boiron		217		19,839
Bollore		9,488		36,783
Bonduelle		350		11,015
Bourbon		1,171		12,430
Bouygues		3,777		153,738
Bureau Veritas		2,471		52,128
Capgemini		568		52,450
Carrefour		10,001		235,786
Casino Guichard Perrachon		1,190		66,559
†CGG		750		5,281
Chargeurs		1,133		25,818
Christian Dior		229		53,208
Cie de Saint-Gobain		3,115		159,956
Cie des Alpes		539		11,172
Cie Generale des Etablissements Michelin		3,640		442,097
Cie Plastic Omnium		1,106		40,281
CNP Assurances		3,456		70,345
†Coface		2,535		19,066
Credit Agricole		6,923		93,795


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
France (continued)
Danone		1,243	$	84,548
Dassault Aviation		6		7,629
Dassault Systemes		720		62,323
Derichebourg		4,013		20,010
Devoteam		373		25,387
Edenred		4,380		103,498
Eiffage		1,061		83,102
Electricite de France		8,717		73,390
#Elior Participations 144A		2,525		57,281
Elis		600		11,790
Engie		10,006		141,756
†Eramet		180		7,704
Essilor International		545		66,222
Euler Hermes Group		379		34,828
Eurofins Scientific		126		54,822
#Euronext 144A		1,225		53,456
Eutelsat Communications		5,367		119,835
Faurecia		2,318		110,252
Gaztransport Et Technigaz		801		30,117
GL Events		693		16,124
Groupe Crit		166		12,906
Groupe Eurotunnel		4,235		42,613
†Groupe Fnac		298		21,497
Guerbet		341		28,917
Havas		4,643		41,359
Hermes International		73		34,585
Iliad		164		36,679
Imerys		411		34,888
Ingenico Group		661		62,378
Interparfums		107		3,536
Ipsen		355		35,508
IPSOS		1,469		45,603
Jacquet Metal Service		688		16,573
JCDecaux		423		14,887
Kering		54		13,967
Korian		775		23,464
Lagardere		5,677		167,212
Le Noble Age		292		13,395
Lectra		805		17,914
Legrand		1,419		85,559
Linedata Services		218		11,684
LISI		866		31,318
L’Oreal		414		79,564
LVMH Moet Hennessy Louis Vuitton		1,061		232,996
Manitou BF		108		2,823
Mersen		554		14,952
Metropole Television		1,918		42,805
MGI Coutier		593		20,560
Natixis		11,377		70,103
†Naturex		119		10,458
Neopost		1,745		66,998
†Nexans		888		46,035


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
France (continued)
Nexity		866	$	42,576
Oeneo		1,987		18,208
Orange		28,642		445,038
Orange ADR		1,900		29,526
Orpea		889		85,336
†Peugeot		13,688		275,619
Plastivaloire		178		29,724
Publicis Groupe		1,397		97,631
Rallye		692		14,012
Renault		3,128		271,728
Rexel		11,991		217,720
Robertet		45		16,802
Rothschild & Co		861		24,676
Rubis		885		86,736
Safran		1,748		130,590
Sanofi		3,046		274,970
Sartorius Stedim Biotech		594		40,017
Savencia		172		14,320
Schneider Electric		1,436		105,136
SCOR		4,583		173,222
SEB		610		85,183
†Sequana		2,004		2,972
SES FDR		5,082		118,215
†SFR Group		770		24,224
Societe BIC		290		36,135
Societe Generale		5,036		255,458
Sodexo		581		68,334
†Solocal Group		22,858		24,336
Somfy		32		13,996
Sopra Steria Group		327		46,623
SPIE		2,022		48,782
†Ste Industrielle d’Aviation Latecoere		2,261		9,745
Stef		120		10,337
STK Etablissememen		4,634		0
STMicroelectronics		13,472		205,950
STMicroelectronics (New York Shares)		1,700		26,282
Suez		2,249		35,521
Synergie		481		19,006
Tarkett		680		29,383
Technicolor		4,240		19,500
Teleperformance		2,918		315,183
Television Francaise 1		2,522		30,133
Thales		671		64,898
Thermador Groupe		42		4,032
TOTAL		13,367		676,134
TOTAL ADR		6,262		315,730
Trigano		425		40,891
†Ubisoft Entertainment		6,574		280,841
Valeo		2,853		190,011
†Vallourec		13,488		89,557
Veolia Environnement		1,881		35,237
Vicat		888		63,054


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
France (continued)
Vilmorin & Cie		152	$	10,470
Vinci		2,000		158,526
†Virbac		66		10,332
Vivendi		9,417		183,089
#†Worldline 144A		650		20,248
Zodiac Aerospace		1,964		49,132

				11,970,243

Germany–6.87%
Aareal Bank		2,331		90,019
adidas		657		124,968
†ADVA Optical Networking		937		10,541
†AIXTRON		2,094		7,781
Allianz		2,491		461,457
Amadeus Fire		168		13,648
Aurubis		929		62,258
Axel Springer		1,516		83,726
BASF		8,719		864,289
BASF ADR		500		49,588
Bauer		208		3,162
Bayer		1,941		223,735
Bayer ADR		245		28,253
Bayerische Motoren Werke		4,500		410,499
BayWa		299		9,861
Bechtle		283		30,719
Beiersdorf		317		30,006
Bertrandt		246		23,915
†Bilfinger		1,421		54,710
Borussia Dortmund & Co.		3,145		19,124
Brenntag		1,493		83,698
CANCOM		637		35,969
Cewe Stiftung & Co.		267		23,399
Commerzbank		10,518		95,128
CompuGroup Medical		449		19,984
Continental		508		111,367
#Covestro 144A		288		22,170
CTS Eventim & Co.		1,099		42,535
Daimler		13,083		965,821
†Deutsche Bank		9,779		168,481
†Deutsche Bank (New York Shares)		2,452		42,076
†Deutsche Boerse		819		75,060
Deutsche Lufthansa		10,495		170,180
#Deutsche Pfandbriefbank 144A		1,328		16,512
Deutsche Post		3,394		116,243
Deutsche Telekom		33,238		582,403
Deutsche Telekom ADR		4,300		75,465
Deutsche Wohnen		6,765		222,750
Deutz		5,128		35,389
†Dialog Semiconductor		2,460		125,613
DIC Asset		876		8,691
Drillisch		779		39,640
Duerr		907		80,968


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Germany (continued)
E.ON		43,082	$	342,447
Elmos Semiconductor		625		14,942
ElringKlinger		1,289		25,054
Evonik Industries		1,444		47,084
Fielmann		516		39,876
Fraport Frankfurt Airport Services Worldwide		733		51,868
Freenet		3,140		102,134
Fresenius & Co.		1,630		130,990
Fresenius Medical Care & Co.		1,495		126,074
FUCHS PETROLUB		814		34,548
GEA Group		1,147		48,749
Gerresheimer		1,004		79,516
Gerry Weber International		1,052		13,579
Gesco		261		6,950
GFT Technologies		786		14,984
Grammer		483		29,690
†H&R & Co.		1,260		20,317
Hamburger Hafen und Logistik		1,312		24,557
Hannover Rueck		427		49,265
HeidelbergCement		1,203		112,628
†Heidelberger Druckmaschinen		10,839		27,046
Hella Hueck & Co.		1,181		52,317
HOCHTIEF		246		40,664
Hornbach Baumarkt		449		14,001
HUGO BOSS		1,234		90,057
Indus Holding		759		49,044
Infineon Technologies		5,788		118,213
Jenoptik		1,125		27,892
K+S		6,991		162,510
KION Group		2,068		135,082
†Kloeckner & Co.		2,448		26,468
†Koenig & Bauer		498		31,233
Krones		391		43,860
KWS Saat		66		20,485
LANXESS		2,917		195,705
†LEG Immobilien		965		79,104
Leoni		1,588		81,731
Linde		1,759		292,922
MAN		153		15,772
Merck		528		60,157
METRO		5,221		166,982
MLP		2,356		13,610
MTU Aero Engines		1,455		189,290
Muenchener Rueckversicherungs- Gesellschaft in Muenchen		878		171,782
Nemetschek		370		22,195
†Nordex		1,096		15,305
Norma Group		500		23,654
OSRAM Licht		2,600		162,954
†PATRIZIA Immobilien		1,383		24,491
Pfeiffer Vacuum Technology		182		22,930


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Germany (continued)
ProSiebenSat.1 Media		2,575	$	114,015
Puma		53		16,544
†QIAGEN		2,551		74,049
QSC		4,933		8,173
Rational		63		29,340
Rheinmetall		1,366		114,583
RHOEN-KLINIKUM		858		23,405
RIB Software		1,099		14,538
RTL Group		239		19,250
†RWE		18,432		305,469
SAF-Holland		1,626		27,129
Salzgitter		1,649		59,697
SAP		1,351		132,566
Schaltbau Holding		392		13,808
SHW		537		18,498
Siemens		2,682		367,373
Sixt		694		35,759
Software		1,165		46,065
Stabilus		228		14,691
STADA Arzneimittel		2,081		127,406
Stroeer & Co.		471		26,218
Suedzucker		2,688		67,445
Symrise		1,322		87,919
TAG Immobilien		2,870		38,624
Takkt		1,454		33,729
Talanx		1,737		61,252
Telefonica Deutschland Holding		10,748		53,317
thyssenkrupp		2,218		54,327
TLG Immobilien		545		10,619
†Tom Tailor Holding		912		8,589
†Uniper		5,182		87,238
United Internet		1,547		68,456
VERBIO Vereinigte BioEnergie		2,083		23,555
Volkswagen		558		83,130
Vonovia		1,583		55,779
†Vossloh		415		26,386
VTG		245		7,957
Wacker Chemie		801		82,503
Wacker Neuson		967		21,684
Washtec		578		35,085
Wirecard		439		24,306
XING		87		17,996
#†Zalando 144A		276		11,166
Zeal Network		283		8,000

				12,012,147

∎Hong Kong–2.85%
AIA Group		55,400		349,302
Allied Group		4,000		26,764
Allied Properties		50,000		12,803
APT Satellite Holdings		27,500		14,685
Asia Financial Holdings		24,000		13,125


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
∎Hong Kong (continued)
†Asia Satellite Telecommunications Holdings		6,500	$	8,021
ASM Pacific Technology		3,100		42,163
Bank of East Asia		10,600		43,851
BOC Hong Kong Holdings		31,000		126,649
Bright Smart Securities & Commodities Group		48,000		15,873
†Brightoil Petroleum Holdings		76,000		21,808
†Burwill Holdings		208,000		4,282
Cafe de Coral Holdings		6,000		19,649
Cathay Pacific Airways		50,000		72,573
Century City International Holdings		124,000		9,254
Cheung Kong Infrastructure Holdings		4,000		31,397
Cheung Kong Property Holdings		3,680		24,789
Chinese Estates Holdings		7,500		11,542
Chow Sang Sang Holdings International		15,000		35,360
Chow Tai Fook Jewellery Group		10,600		10,298
CITIC Telecom International Holdings		95,000		28,849
CK Hutchison Holdings		28,180		346,652
CK Life Sciences International Holdings		84,000		7,134
CLP Holdings		4,000		41,819
†Convoy Financial Holdings		120,000		3,165
CW Group Holdings		24,000		4,385
Dah Sing Banking Group		19,600		38,638
Dah Sing Financial Holdings		6,400		48,752
†Dragonite International		24,000		5,775
Emperor Capital Group		72,000		6,300
Emperor Entertainment Hotel		45,000		10,365
Emperor International Holdings		44,000		13,701
†Emperor Watch & Jewellery		270,000		11,986
†Esprit Holdings		50,500		42,303
Far East Consortium International		64,000		29,647
FIH Mobile		68,000		26,512
First Pacific		62,000		44,995
First Shanghai Investments		16,000		2,326
Galaxy Entertainment Group		10,000		54,751
Get Nice Financial Group		4,800		574
Get Nice Holdings		192,000		6,671
Giordano International		64,000		34,670
†Global Brands Group Holding		140,000		14,952
Great Eagle Holdings		1,000		4,703
G-Resources Group		1,176,000		22,244
Guoco Group		2,000		23,226
Guotai Junan International Holdings		90,000		29,184
Haitong International Securities Group		40,226		23,655
Hang Lung Group		24,000		102,374
Hang Lung Properties		21,000		54,584
Hang Seng Bank		6,400		129,787
Hanison Construction Holdings		16,639		2,912
Henderson Land Development		11,150		69,082


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
∎Hong Kong (continued)
#HK Electric Investments 144A		12,000	$	11,056
†HKR International		45,600		24,351
HKT Trust & HKT		46,000		59,309
Hong Kong & China Gas		12,600		25,195
Hong Kong Aircraft Engineering		1,200		8,307
Hong Kong Exchanges & Clearing		2,600		65,439
Hongkong & Shanghai Hotels		34,000		39,900
Hopewell Holdings		16,500		61,996
Hutchison Telecommunications Hong Kong Holdings		74,000		21,996
Hysan Development		8,000		36,286
IGG		20,000		27,742
IT		32,000		13,876
Johnson Electric Holdings		9,000		26,867
Kerry Logistics Network		28,500		39,973
Kerry Properties		16,000		55,485
Kingston Financial Group		128,000		41,670
†Kong Sun Holdings		175,000		6,418
Kowloon Development		15,000		15,557
Lai Sun Development		420,000		10,809
Lai Sun Garment International		71,000		18,455
Li & Fung		200,000		86,727
Lifestyle International Holdings		28,500		38,653
Liu Chong Hing Investment		12,000		17,140
L’Occitane International		4,750		9,669
Luk Fook Holdings International		22,000		69,922
Man Wah Holdings		24,800		19,689
†Mason Financial Holdings		629,200		9,149
Melco Crown Entertainment ADR		600		11,124
Melco International Development		22,000		38,839
MGM China Holdings		20,400		42,525
†Midland IC & I		150,000		965
Miramar Hotel & Investment		10,000		21,489
MTR		7,000		39,317
NagaCorp		106,000		60,560
New World Development		55,604		68,400
NewOcean Energy Holdings		62,000		17,711
NWS Holdings		34,185		62,374
Orient Overseas International		9,000		48,060
†=Pacific Andes International Holdings		338,000		6,350
†Pacific Basin Shipping		119,000		25,265
Pacific Textiles Holdings		12,000		13,279
PCCW		98,000		57,755
Pico Far East Holdings		58,000		23,360
Playmates Holdings		6,000		7,890
Polytec Asset Holdings		85,000		6,891
Power Assets Holdings		5,500		47,417
PRADA		4,700		19,746
Public Financial Holdings		24,000		11,087
Regal Hotels International Holdings		18,000		10,006
Samsonite International		18,300		66,640
Sands China		6,800		31,500


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
∎Hong Kong (continued)
=SEA Holdings		4,000	$	9,079
Shangri-La Asia		32,000		46,611
Shenwan Hongyuan		20,000		8,544
†Shun Tak Holdings		36,000		12,739
†Singamas Container Holdings		72,000		11,766
Sino Land		32,000		56,082
SITC International Holdings		35,000		24,049
Sitoy Group Holdings		26,000		5,386
SJM Holdings		59,000		47,980
SmarTone Telecommunications Holdings		14,500		18,695
Stella International Holdings		14,000		23,131
Sun Hung Kai & Co.		29,000		19,031
Sun Hung Kai Properties		8,000		117,558
Swire Pacific		10,000		17,345
Swire Pacific Class A		5,000		49,926
Swire Properties		3,600		11,534
Tao Heung Holdings		2,000		579
Techtronic Industries		7,500		30,351
Television Broadcasts		9,800		39,596
Texwinca Holdings		36,000		24,227
Transport International Holdings		6,400		19,559
Tsui Wah Holdings		20,000		3,243
†United Laboratories International Holdings		36,000		23,486
Varitronix International		21,000		9,485
Victory City International Holdings		87,604		3,044
Vitasoy International Holdings		20,000		39,735
VST Holdings		32,000		11,200
VTech Holdings		3,000		35,862
#WH Group 144A		150,000		129,319
Wharf Holdings		9,000		77,244
Wheelock & Co.		13,000		102,792
Wing On International		3,000		9,959
Wing Tai Properties		16,000		11,262
Wynn Macau		17,200		35,013
Xinyi Glass Holdings		48,000		42,247
Yue Yuen Industrial Holdings		20,500		80,586

				4,989,292

Ireland–0.67%
†Bank of Ireland		634,892		159,166
C&C Group		10,133		39,294
CRH ADR		7,167		252,063
Glanbia		3,258		62,926
Irish Continental Group		3,656		19,306
Kerry Group Class A		693		54,486
Kingspan Group		4,667		148,890
Paddy Power Betfair		1,536		164,680
Paddy Power Betfair (London Stock Exchange)		643		69,259


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Ireland (continued)
Smurfit Kappa Group		7,455	$	196,996

				1,167,066

Israel–0.67%
†Airport City		1,223		15,731
Amot Investments		1,281		6,185
Bank Hapoalim		15,117		92,142
†Bank Leumi Le-Israel		29,179		128,879
Bezeq The Israeli Telecommunication		18,168		32,650
Brack Capital Properties		74		6,945
†Cellcom Israel		2,790		28,921
†Clal Insurance Enterprises Holdings		812		12,788
Delek Automotive Systems		1,361		12,421
Delek Group		60		14,410
Delta-Galil Industries		368		10,037
El Al Israel Airlines		17,349		12,787
Elbit Systems		270		30,902
Elbit Systems (New York Shares)		192		21,821
Electra		116		23,152
First International Bank of Israel		1,446		23,531
Formula Systems 1985		272		10,827
Frutarom Industries		1,025		57,298
Harel Insurance Investments & Financial Services		4,108		21,660
Israel Chemicals		6,492		27,599
†Israel Discount Bank Class A		13,543		31,815
†Jerusalem Oil Exploration		498		25,364
†Kamada		634		4,410
Matrix IT		1,514		14,277
Melisron		262		14,574
Migdal Insurance & Financial Holding		13,553		13,095
Mizrahi Tefahot Bank		4,998		84,769
†Naphtha Israel Petroleum		2,641		18,598
Nice ADR		489		33,242
Oil Refineries		40,638		16,087
†Partner Communications		2,962		15,577
Paz Oil		225		37,267
Shikun & Binui		16,387		39,731
Shufersal		5,699		27,610
Strauss Group		436		7,456
Teva Pharmaceutical Industries ADR		5,149		165,231
†Tower Semiconductor		1,696		39,093

				1,178,882

Italy–2.87%
A2A		43,167		65,300
ACEA		861		11,720
Amplifon		2,061		24,845
#Anima Holding 144A		6,515		38,921
Ansaldo STS		1,232		16,179
Ascopiave		4,301		15,921
Assicurazioni Generali		17,818		283,223


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Italy (continued)
Astaldi		1,991	$	13,296
Atlantia		2,932		75,694
Autogrill		2,409		23,926
Azimut Holding		1,440		25,086
†Banca Carige		7,846		2,240
Banca Generali		1,077		28,149
Banca IFIS		815		31,239
Banca Mediolanum		1,752		12,831
†=Banca Monte dei Paschi di Siena		99		1,597
Banca Popolare di Sondrio		12,218		42,074
Banco BPM		47,835		141,762
BPER Banca		17,783		88,784
Brembo		539		39,877
Buzzi Unicem		1,906		48,800
Cairo Communication		307		1,454
Cementir Holding		2,477		13,397
Cerved Information Solutions		3,768		36,439
CIR-Compagnie Industriali Riunite		21,107		32,244
CNH Industrial		14,972		144,388
Credito Emiliano		2,363		16,222
Credito Valtellinese		3,782		14,283
Datalogic		1,125		28,912
Davide Campari-Milano		5,578		64,683
De’ Longhi		2,087		60,692
DiaSorin		536		36,195
Ei Towers		438		24,625
El.En		460		13,534
Enel		59,261		279,051
Eni		14,274		233,742
ERG		2,382		29,985
Esprinet		1,533		13,001
Ferrari		2,515		187,139
†Fiat Chrysler Automobiles		25,152		275,030
FinecoBank Banca Fineco		5,296		36,046
Geox		789		1,985
Hera		10,732		29,859
Industria Macchine Automatiche		275		22,384
#Infrastrutture Wireless Italiane 144A		3,449		18,184
Interpump Group		2,344		54,513
Intesa Sanpaolo		63,077		171,322
Iren		16,051		33,322
†Italgas		1,734		7,606
Italmobiliare		357		19,861
†Leonardo		7,069		100,223
Luxottica Group		774		42,730
MARR		652		14,120
Mediaset		31,335		129,701
Mediobanca		13,928		125,553
Moncler		1,529		33,487
#OVS 144A		2,123		13,181
Parmalat		5,975		19,543
Piaggio & C		5,671		11,295


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Italy (continued)
Prysmian		2,264	$	59,850
Recordati		1,750		59,311
Reply		121		19,117
†Safilo Group		802		5,698
†Saipem		212,995		96,683
Salini Impregilo		8,251		27,463
Salvatore Ferragamo		950		28,458
Saras		16,581		31,680
Snam		8,671		37,500
Societa Cattolica di Assicurazioni		6,053		48,495
Societa Iniziative Autostradali e Servizi		2,301		21,970
SOL		1,200		12,290
†Telecom Italia		165,439		148,781
†Telecom Italia ADR		6,900		62,169
Tenaris		1,152		19,749
Terna Rete Elettrica Nazionale		15,845		78,601
Tod’s		380		29,735
UniCredit		32,233		496,880
Unione di Banche Italiane		32,523		124,835
Unipol Gruppo Finanziario		18,054		74,652
UnipolSai Assicurazioni		34,433		75,964
Vittoria Assicurazioni		1,077		13,431
†Yoox Net-A-Porter Group		960		22,859

				5,017,566

Japan–23.52%
77 Bank		12,000		51,954
ABC-Mart		100		5,847
Adastria		600		14,945
ADEKA		3,000		43,708
Advantest		800		14,947
Aeon		7,500		109,472
Aeon Delight		600		18,836
Aeon Fantasy		300		7,788
AEON Financial Service		1,800		33,905
Aeon Hokkaido		2,300		12,520
Aeon Mall		1,200		18,884
Ahresty		1,900		19,404
Ai Holdings		400		9,503
Aica Kogyo		1,900		50,039
Aichi Bank		300		16,680
Aichi Steel		400		15,917
Aida Engineering		1,500		13,312
Ain Holdings		400		26,983
Air Water		4,000		73,727
Aisan Industry		2,000		16,833
Aisin Seiki		7,300		358,672
Ajinomoto		1,800		35,513
†Akebono Brake Industry		7,100		22,193
Alfresa Holdings		1,200		20,792
Alpen		600		10,428


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Alpine Electronics		1,800	$	25,885
Alps Electric		3,300		93,519
Amada Holdings		2,000		22,833
Amano		2,700		53,913
Amiyaki Tei		300		11,129
Amuse		600		13,425
ANA Holdings		10,000		30,522
Anritsu		2,600		19,664
AOKI Holdings		1,100		12,736
Aomori Bank		7,000		24,019
Aoyama Trading		1,600		54,900
Aozora Bank		7,000		25,779
Arakawa Chemical Industries		1,000		18,306
Arata		300		8,165
Arcland Sakamoto		1,600		19,229
Arcs		1,200		28,704
Ariake Japan		300		18,890
†Arisawa Manufacturing		1,300		9,131
Asahi Diamond Industrial		3,900		28,585
Asahi Glass		17,000		137,735
Asahi Group Holdings		1,400		52,917
Asahi Holdings		1,700		30,754
Asahi Intecc		1,400		58,286
Asahi Kasei		22,000		213,420
Asante		800		11,684
Asia Pile Holdings		1,700		9,315
Asics		2,200		35,333
ASKA Pharmaceutical		300		4,400
ASKUL		400		11,731
Astellas Pharma		3,700		48,722
Atom		1,800		11,754
Autobacs Seven		1,200		17,807
Avex Group Holdings		1,000		14,453
Awa Bank		6,000		38,049
Axial Retailing		700		26,659
Azbil		1,200		40,313
Bandai Namco Holdings		1,300		38,884
Bando Chemical Industries		1,500		13,312
Bank of Iwate		600		25,411
Bank of Kyoto		9,000		65,562
Bank of Nagoya		400		14,408
Bank of Okinawa		680		26,020
Bank of Saga		7,000		19,177
Belc		400		15,557
Belluna		2,000		14,965
Benefit One		900		27,607
Benesse Holdings		1,200		37,510
Bic Camera		2,200		20,216
BML		1,000		22,016
Bridgestone		7,000		283,131
Brother Industries		11,500		240,164
Bunka Shutter		2,900		22,402


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
C Uyemura & Co.		300	$	16,330
Calbee		600		20,453
Canon		4,700		146,535
Canon Electronics		1,000		16,204
Canon Marketing Japan		1,600		31,819
Capcom		1,300		25,351
Casio Computer		4,000		55,654
Cawachi		600		16,222
Central Glass		9,000		38,319
Central Japan Railway		300		48,882
Central Sports		600		18,890
Chiba Bank		4,000		25,689
Chiba Kogyo Bank		3,800		20,992
Chiyoda		200		4,691
Chiyoda Integre		500		10,693
Chubu Electric Power		2,700		36,160
Chubu Shiryo		900		9,636
Chudenko		500		10,595
Chugai Ro		3,000		5,847
Chugoku Bank		3,800		55,295
Chugoku Electric Power		1,200		13,279
Chugoku Marine Paints		2,000		14,857
Chukyo Bank		700		14,776
CI Takiron		4,000		20,803
Ci:z Holdings		400		11,875
Citizen Watch		11,600		74,395
CKD		2,700		34,147
Clarion		6,000		24,737
CMIC Holdings		800		10,305
†CMK		100		640
Coca-Cola Bottlers Japan Class C		3,475		112,057
cocokara fine		600		26,004
COLOPL		1,900		17,613
Colowide		1,200		20,113
COMSYS Holdings		2,100		37,518
Concordia Financial Group		24,869		115,131
COOKPAD		900		7,599
Cosmo Energy Holdings		1,800		30,914
Cosmos Pharmaceutical		100		19,528
Create SD Holdings		400		9,514
Credit Saison		3,700		66,004
CTI Engineering		400		4,107
CyberAgent		1,200		35,516
Dai Nippon Printing		5,000		53,894
Dai Nippon Toryo		10,000		22,276
Daibiru		1,800		15,812
Daicel		5,400		65,044
Dai-Dan		2,000		19,042
Daido Metal		1,300		11,420
Daido Steel		11,000		52,564
Daifuku		1,500		37,389
Daihatsu Diesel Manufacturing		2,400		14,875


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Daihen		4,000	$	26,013
Daiho		2,000		9,952
Dai-ichi Life Holdings		7,900		141,672
Daiichi Sankyo		2,000		45,037
Dai-ichi Seiko Class C		300		4,735
Daiichikosho		500		20,053
Daiken		800		14,810
Daikin Industries		800		80,374
†Daikokuya Holdings		11,000		7,114
Daikyo		7,000		13,896
Daikyonishikawa		900		11,795
Dainichiseika Color & Chemicals Manufacturing		3,000		20,291
Daio Paper		4,000		51,127
Daisan Bank		300		4,476
Daiseki		500		10,195
Daishi Bank		10,000		39,612
Daito Pharmaceutical		600		12,115
Daito Trust Construction		400		54,954
Daiwa House Industry		2,700		77,510
Daiwa Securities Group		6,000		36,535
Daiwabo Holdings		4,000		11,785
DCM Holdings		3,400		31,364
DeNA		2,400		48,698
Denka		12,000		62,301
Denso		4,200		184,743
Dentsu		900		48,828
Denyo		900		13,614
Descente		1,100		13,052
†Dexerials		200		1,976
DIC		2,400		88,601
Digital Garage		600		12,390
Dip		600		13,091
Disco		300		45,621
DMG Mori		3,900		60,814
Don Quijote Holdings		600		20,803
Doshisha		900		16,661
Doutor Nichires Holdings		600		11,743
Dowa Holdings		7,000		50,427
DTS		1,100		27,448
Eagle Industry		1,000		13,572
Earth Chemical		300		16,087
East Japan Railway		700		60,952
Ebara		2,400		78,362
EDION		2,000		18,378
Ehime Bank		1,400		17,115
Eisai		300		15,532
Elecom		1,300		24,767
Electric Power Development		600		14,039
Elematec		100		1,726
Endo Lighting		1,600		12,748
en-japan		400		8,910


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Enplas		400	$	11,084
EPS Holdings		900		12,643
Exedy		1,300		37,133
Ezaki Glico		600		29,103
FamilyMart UNY Holdings		500		29,821
Fast Retailing		100		31,366
FCC		1,300		25,946
Ferrotec Holdings		1,100		13,546
FIDEA Holdings		7,000		13,015
Fields		800		8,307
Financial Products Group		1,500		13,298
Foster Electric		700		11,997
FP		1,000		46,528
Fudo Tetra		4,900		8,451
Fuji Ehime		600		13,112
Fuji Electric		15,000		89,060
Fuji Kyuko		2,000		17,731
Fuji Media Holdings		1,300		17,936
Fuji Oil		800		2,702
Fuji Oil Holdings		1,700		39,809
Fuji Seal International		1,200		25,955
Fuji Soft		1,000		25,492
Fujibo Holdings		300		8,286
FUJIFILM Holdings		2,200		85,921
Fujikura		24,000		172,676
Fujimori Kogyo		900		25,020
Fujisash		13,300		11,946
Fujita Kanko		1,000		3,126
Fujitec		1,500		16,465
Fujitsu		32,000		195,714
Fujitsu Frontech		700		9,909
Fujitsu General		3,000		59,283
Fukui Bank		8,000		18,971
Fukuoka Financial Group		9,000		38,965
Fukushima Industries		700		24,396
Fukuyama Transporting		4,000		24,001
Furukawa		8,000		14,731
Furukawa Electric		2,100		75,451
Fuso Chemical		1,200		37,564
Futaba		700		12,336
Futaba Industrial		1,700		12,201
Future		2,000		15,809
Fuyo General Lease		600		26,893
G-7 Holdings		800		18,080
Gakken Holdings		600		16,626
Gecoss		900		8,763
Geo Holdings		1,000		10,976
Giken		800		15,471
Glory		1,200		39,343
GMO internet		1,300		15,367
GMO Payment Gateway		100		4,985
Goldcrest		600		10,773


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Gree		3,000	$	18,890
GS Yuasa		20,000		93,236
G-Tekt		1,000		17,668
Gun-Ei Chemical Industry		400		13,078
GungHo Online Entertainment		9,800		21,831
Gunma Bank		10,100		52,709
Gunze		3,000		12,261
Gurunavi		700		14,650
H2O Retailing		2,800		45,019
Hachijuni Bank		11,200		63,279
Hakuhodo DY Holdings		1,000		11,857
Hamakyorex		1,000		20,489
Hamamatsu Photonics		400		11,515
Hankyu Hanshin Holdings		3,500		113,806
Hanwa		5,000		35,525
Happinet		1,100		17,024
Haseko		5,800		62,725
Hazama Ando		6,000		40,366
Heiwa		2,100		52,212
Heiwa Real Estate		1,500		21,207
Heiwado		1,100		26,697
Hibiya Engineering		900		13,193
Hikari Tsushin		300		29,318
HI-LEX		900		23,872
Hino Motors		4,200		50,816
Hioki EE		100		2,104
Hirose Electric		100		13,833
Hiroshima Bank		14,000		59,481
HIS		1,900		44,373
Hisamitsu Pharmaceutical		200		11,425
Hitachi		96,000		519,537
Hitachi Capital		2,100		50,779
Hitachi Chemical		2,100		58,098
Hitachi Construction Machinery		2,500		62,315
Hitachi High-Technologies		300		12,220
Hitachi Maxell		1,900		34,662
Hitachi Metals		6,200		86,988
Hitachi Transport System		1,900		39,475
Hitachi Zosen		8,800		50,114
Hochiki		1,300		17,013
Hogy Medical		400		25,186
Hokkaido Electric Power		3,100		23,446
Hokkoku Bank		9,000		34,196
Hokuetsu Bank		500		12,899
Hokuetsu Industries		2,000		18,324
Hokuetsu Kishu Paper		5,000		34,851
Hokuhoku Financial Group		3,400		53,353
Hokuriku Electric Power		2,700		26,192
Hokuto		600		10,816
Honda Motor		9,100		273,907
Honda Motor ADR		4,400		133,144
Horiba		600		32,175


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Hoshizaki		200	$	15,737
Hosokawa Micron		400		15,216
House Foods Group		1,200		26,171
Hoya		1,200		57,731
Hulic		1,200		11,285
Hyakugo Bank		7,000		27,917
Hyakujushi Bank		8,000		27,019
Ibiden		4,300		66,974
IBJ Leasing		900		19,208
Ichibanya		600		19,833
Ichigo		3,700		10,834
Ichiken		4,000		15,809
Ichinen Holdings		1,200		12,514
Idemitsu Kosan		2,400		83,428
IDOM		3,000		19,025
Ihara Chemical Industry		1,000		9,072
†IHI		51,000		160,792
Iida Group Holdings		2,300		35,286
Iino Kaiun Kaisha		5,000		21,872
Imasen Electric Industrial		600		5,416
Inaba Denki Sangyo		400		14,300
Inabata		1,400		17,065
Inageya		600		8,359
Infocom		400		6,916
Information Services International- Dentsu		900		20,364
Intage Holdings		1,000		17,965
Internet Initiative Japan		1,000		18,045
Iriso Electronics		400		25,653
Iseki & Co.		7,000		14,336
Isetan Mitsukoshi Holdings		3,600		39,515
†Ishihara Sangyo Kaisha		1,600		15,996
Isuzu Motors		11,100		146,814
Ito En		800		29,210
ITOCHU		6,700		95,087
Itochu Enex		2,400		19,833
Itochu Techno-Solutions		300		8,812
Itochu-Shokuhin		300		12,355
Itoki		1,700		10,719
Iwatani		9,000		52,385
Iyo Bank		4,100		27,584
Izumi		800		35,893
J Front Retailing		4,900		72,622
J Trust		2,900		24,434
Jaccs		7,000		30,432
†Jalux		300		7,233
Jamco		400		8,892
Janome Sewing Machine		1,000		6,979
Japan Airlines		800		25,337
Japan Airport Terminal		500		17,358
Japan Aviation Electronics Industry		2,000		25,671
†Japan Display		14,100		32,929


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
†Japan Drilling		300	$	6,308
Japan Exchange Group		2,800		39,863
Japan Lifeline		700		13,430
Japan Pulp & Paper		4,000		13,330
Japan Radio		600		7,454
Japan Securities Finance		4,300		22,865
Japan Steel Works		2,000		32,229
Japan Tobacco		3,100		100,744
Japan Wool Textile		1,400		11,054
JCU		600		19,105
Jeol		3,000		15,953
JFE Holdings		2,600		44,571
JGC		700		12,167
Jimoto Holdings		7,400		12,563
JINS		200		10,437
J-Oil Mills		400		15,090
Joshin Denki		2,000		20,408
JSP		300		6,987
JSR		3,000		50,579
JTEKT		6,700		104,054
Juki		2,600		30,617
Juroku Bank		10,000		32,246
JVC Kenwood		4,200		10,940
JXTG Holdings		34,450		169,171
K&O Energy Group		900		14,293
kabu.com Securities		7,000		22,761
Kadokawa Dwango		600		8,601
Kaga Electronics		1,200		21,299
Kagome		500		12,993
Kajima		16,000		104,338
Kakaku.com		2,700		36,742
Kaken Pharmaceutical		300		16,950
Kakiyasu Honten		700		12,160
Kameda Seika		300		13,150
Kamei		1,600		17,792
Kamigumi		6,000		51,846
Kanagawa Chuo Kotsu		2,000		12,773
Kanamoto		900		24,228
Kandenko		4,000		35,750
Kaneka		8,000		59,499
Kanematsu		19,000		34,133
Kansai Electric Power		3,000		36,836
Kansai Paint		1,000		21,225
Kansai Urban Banking		1,000		12,710
Kanto Denka Kogyo		2,000		17,246
Kao		2,500		137,070
Kasai Kogyo		1,400		17,983
Kato Sangyo		800		20,523
Kato Works		400		9,902
KAWADA TECHNOLOGIES		200		12,773
Kawai Musical Instruments
Manufacturing		900		18,860


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Kawasaki Heavy Industries		23,000	$	69,828
†Kawasaki Kisen Kaisha		22,000		58,493
KDDI		8,000		209,970
Keihan Holdings		11,000		67,286
Keihin		1,900		31,163
Keikyu		5,000		54,882
Keio		5,000		39,612
Keisei Electric Railway		500		11,601
Keiyo		600		3,067
Keiyo Bank		9,000		38,884
Kenedix		6,000		23,875
Kenko Mayonnaise		500		12,292
Kewpie		2,200		62,346
Key Coffee		700		13,713
Keyence		200		80,086
KFC Holdings Japan		700		12,292
Kinden		3,700		51,646
Kintetsu Group Holdings		7,000		25,213
Kintetsu World Express		1,000		15,108
Kirin Holdings		3,600		67,922
Kitagawa Iron Works		600		11,819
Kita-Nippon Bank		400		11,551
Kito		700		7,470
Kitz		2,100		13,996
Kiyo Bank		2,000		30,648
Koa		1,100		14,495
Koatsu Gas Kogyo		2,000		12,845
Kobayashi Pharmaceutical		300		14,524
†Kobe Steel		8,300		75,746
Kohnan Shoji		1,200		22,689
Koito Manufacturing		500		26,004
Kokusai		1,000		7,635
Kokuyo		2,500		32,224
Komatsu		4,800		125,098
Komeri		1,100		27,201
Komori		1,800		23,104
Konami Holdings		1,000		42,441
Konica Minolta		10,600		94,832
Konishi		1,200		14,433
Konoike Transport		600		7,427
Kose		200		18,090
Koshidaka Holdings		900		19,119
Kotobuki Spirits		500		12,292
Kourakuen Holdings		500		7,527
K’s Holdings		1,800		33,015
Kubota		2,500		37,524
Kubota ADR		300		22,605
Kumagai Gumi		17,000		44,283
Kura		200		8,354
Kurabo Industries		8,000		17,605
Kuraray		4,200		63,681
Kureha		700		30,778


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Kurita Water Industries		2,200	$	53,217
Kuroda Electric		600		13,064
Kusuri No Aoki Holdings		600		26,758
KYB		7,000		36,468
Kyocera ADR		473		26,550
Kyodo Printing		4,000		13,006
Kyoei Steel		1,000		17,857
Kyokuto Kaihatsu Kogyo		1,200		19,919
Kyokuyo		500		13,186
KYORIN Holdings		900		19,006
Kyoritsu Maintenance		800		23,821
Kyowa Exeo		3,100		44,859
Kyowa Hakko Kirin		2,100		33,236
Kyudenko		1,500		40,892
Kyushu Electric Power		1,800		19,175
Kyushu Financial Group		8,200		50,159
Lasertec		2,400		32,164
Lawson		200		13,563
Leopalace21		10,400		53,714
Life		200		5,847
Lifull		1,800		12,207
Lintec		1,200		25,578
Lion		2,000		35,965
LIXIL Group		2,900		73,588
M3		1,200		29,782
Macnica Fuji Electronics Holdings		900		12,765
Maeda		4,000		35,426
Maeda Kosen		900		11,261
Maeda Road Construction		2,000		35,336
Makino Milling Machine		2,000		17,336
Makita		1,000		35,031
Mandom		300		14,066
Marubeni		10,100		62,189
Marudai Food		4,000		17,498
Maruha Nichiro		1,700		51,460
Marui Group		1,800		24,462
Maruichi Steel Tube		900		25,586
Marusan Securities		1,100		9,070
Maruzen Showa Unyu		2,000		7,940
Matsui Construction		1,800		16,168
Matsui Securities		1,300		10,171
Matsumotokiyoshi Holdings		900		42,684
Matsuya Foods		200		7,455
Max		1,000		13,294
Mazda Motor		14,300		205,900
MCJ		1,200		14,077
Mebuki Financial		7,190		28,739
Medipal Holdings		4,900		76,847
Megmilk Snow Brand		1,600		44,049
Meidensha		5,000		17,740
MEIJI Holdings		200		16,653
Meisei Industrial		2,100		12,091


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Meitec		600	$	24,360
Michinoku Bank		6,000		10,078
Mie Bank		600		12,665
Milbon		400		20,120
Minato Bank		600		11,151
MINEBEA MITSUMI		10,332		137,816
Miraca Holdings		1,000		45,989
Mirait Holdings		1,900		18,654
Misawa Homes		1,400		13,078
MISUMI Group		2,600		46,988
Mitani		600		19,617
Mitsuba		2,400		47,168
Mitsubishi		8,100		175,016
Mitsubishi Chemical Holdings		29,800		230,573
Mitsubishi Electric		28,000		401,653
Mitsubishi Estate		3,000		54,702
Mitsubishi Gas Chemical		6,000		124,603
Mitsubishi Heavy Industries		43,000		172,494
Mitsubishi Logistics		2,000		27,558
Mitsubishi Materials		3,100		93,838
Mitsubishi Motors		4,800		28,844
Mitsubishi Nichiyu Forklift		3,300		21,164
†Mitsubishi Paper Mills		2,100		13,808
Mitsubishi Shokuhin		500		15,494
Mitsubishi Steel Manufacturing		6,000		12,935
Mitsubishi Tanabe Pharma		1,300		27,067
Mitsubishi UFJ Financial Group		28,400		178,492
Mitsubishi UFJ Financial Group ADR		35,500		225,070
Mitsubishi UFJ Lease & Finance		13,900		69,294
Mitsuboshi Belting		2,000		18,575
Mitsui & Co.		8,000		115,872
Mitsui Chemicals		42,000		207,491
Mitsui Engineering & Shipbuilding		24,000		37,079
Mitsui Fudosan		3,000		63,972
Mitsui Home		3,000		16,761
Mitsui Mining & Smelting		24,000		81,703
Mitsui OSK Lines		13,000		40,869
Mitsui Sugar		300		7,300
Mitsui-Soko Holdings		5,000		14,911
Miura		1,000		16,051
Miyazaki Bank		5,000		15,405
Mizuho Financial Group		118,800		217,688
Mizuho Financial Group ADR		5,700		21,033
Mizuno		3,000		15,468
Mochida Pharmaceutical		300		22,258
Modec		900		19,135
Monex Group		6,400		15,349
Monogatari		100		4,581
MonotaRO		700		21,629
Morinaga & Co.		600		26,624
Morinaga Milk Industry		7,000		51,936
Morita Holdings		1,100		15,987


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
MS&AD Insurance Group Holdings		3,800	$	120,830
MTI		1,200		7,276
Murata Manufacturing		700		99,564
Musashi Seimitsu Industry		800		20,451
Musashino Bank		1,000		29,642
Nabtesco		2,000		52,996
Nachi-Fujikoshi		8,000		40,959
Nagase & Co.		3,800		52,940
Nagatanien Holdings		2,000		26,013
Nagoya Railroad		4,000		18,001
Nakanishi		400		15,593
Nankai Electric Railway		6,000		29,210
Nanto Bank		800		29,282
NEC		55,000		132,399
NEC Capital Solutions		700		10,746
NEC Networks & System Integration		800		15,471
NET One Systems		2,200		17,844
NGK Insulators		2,000		45,271
NGK Spark Plug		2,700		61,698
NH Foods		3,000		80,544
NHK Spring		7,700		85,002
Nichias		4,000		40,205
Nichiban		3,000		24,791
Nichiha		1,000		29,372
Nichi-iko Pharmaceutical		1,400		21,768
Nichirei		5,500		136,055
Nichireki		2,000		16,330
Nichirin		1,000		19,321
Nidec		300		28,550
Nidec ADR		1,000		23,915
Nifco		600		30,127
Nihon Chouzai		400		13,599
Nihon House Holdings		2,600		11,397
Nihon Kohden		1,300		29,064
Nihon M&A Center		1,200		39,019
Nihon Nohyaku		2,400		15,069
Nihon Parkerizing		1,800		22,247
Nihon Unisys		3,000		40,959
Nikkiso		3,300		37,793
Nikkon Holdings		2,100		44,799
Nikon		3,100		44,942
Nintendo		100		23,206
Nippo		3,000		56,885
Nippon Carbide Industries		8,000		10,994
Nippon Carbon		4,000		12,000
Nippon Chemi-Con		6,000		19,671
Nippon Chemiphar		300		14,255
Nippon Coke & Engineering		18,200		15,530
Nippon Denko		4,300		14,986
Nippon Densetsu Kogyo		1,000		18,027
Nippon Electric Glass		8,000		48,361
Nippon Express		11,000		56,517


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Nippon Flour Mills		2,800	$	41,347
Nippon Gas		1,200		34,977
Nippon Kayaku		3,000		40,690
Nippon Koei		800		20,975
Nippon Light Metal Holdings		22,200		48,855
Nippon Paint Holdings		800		27,845
Nippon Paper Industries		3,000		53,948
Nippon Road		3,000		13,770
†Nippon Sheet Glass		3,900		28,340
Nippon Shinyaku		300		15,279
Nippon Shokubai		900		61,277
Nippon Signal		1,200		10,790
Nippon Soda		4,000		22,096
Nippon Steel & Sumikin Bussan		400		16,815
Nippon Steel & Sumitomo Metal		4,200		96,766
Nippon Suisan Kaisha		10,100		50,350
Nippon Telegraph & Telephone		1,500		64,026
Nippon Thompson		3,200		17,390
Nippon Valqua Industries		800		13,143
Nippon Yakin Kogyo		5,800		11,097
†Nippon Yusen		48,000		101,320
Nipro		4,700		66,280
Nishimatsu Construction		8,000		39,378
Nishimatsuya Chain		1,000		11,273
Nishi-Nippon Financial Holdings		3,800		37,990
Nishi-Nippon Railroad		5,000		21,064
Nishio Rent All		700		19,680
Nissan Chemical Industries		2,100		61,116
Nissan Motor		25,200		242,991
Nissan Shatai		2,800		25,201
Nissei ASB Machine		400		9,974
Nissei Build Kogyo		3,000		14,848
Nissha Printing		400		9,478
Nisshin Oillio Group		4,000		22,779
Nisshin Seifun Group		1,400		20,887
†Nisshin Steel		3,114		40,949
Nisshinbo Holdings		4,800		47,987
Nissin		5,000		16,707
Nissin Electric		2,100		24,258
Nissin Kogyo		2,100		37,650
Nitori Holdings		400		50,552
Nitta		600		16,734
Nittetsu Mining		300		16,222
Nitto Boseki		4,000		19,905
Nitto Denko		900		69,539
Nitto Kogyo		1,100		15,177
Nittoc Construction		3,400		13,254
NOF		7,000		74,320
Nohmi Bosai		900		12,361
Nojima		1,000		12,737
NOK		3,400		78,915
Nomura		1,000		17,614


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Nomura Holdings		8,500	$	52,826
Nomura Holdings ADR		6,763		42,404
Nomura Real Estate Holdings		3,500		55,771
Nomura Research Institute		440		16,204
Noritake		700		17,926
Noritz		1,200		22,765
North Pacific Bank		9,700		36,768
NS Solutions		1,100		23,773
NS United Kaiun Kaisha		7,000		15,090
NSD		900		12,999
NS		12,500		178,748
NTN		12,000		59,714
NTT Data		1,200		56,912
NTT DOCOMO		4,000		93,147
NTT DOCOMO ADR		1,000		23,350
NTT Urban Development		1,900		16,486
NuFlare Technology		300		18,243
Obara Group		900		39,774
Obayashi		12,100		113,142
Obayashi Road		2,000		11,929
Obic		200		9,521
Odakyu Electric Railway		1,100		21,401
Ogaki Kyoritsu Bank		16,000		47,570
Ohashi Technica		1,100		13,635
Ohsho Food Service		400		14,785
Oiles		300		5,530
Oita Bank		3,000		11,722
Oji Holdings		18,000		84,236
Okabe		1,500		13,635
Okamoto Industries		1,000		10,698
Okamura		1,800		15,990
Okasan Securities Group		6,000		36,594
Oki Electric Industry		3,700		53,242
Okinawa Cellular Telephone		800		25,905
Okinawa Electric Power		1,350		32,086
OKUMA		3,000		31,420
Okumura		4,000		24,288
Okuwa		1,000		10,159
Olympus		400		15,378
Omron		1,200		52,654
Onward Holdings		4,000		27,414
Open House		1,000		23,929
Optex		400		10,905
Oracle Japan		500		28,564
Organo		3,000		13,473
Orient		8,200		14,805
Oriental Land		500		28,667
Osaka Gas		8,000		30,396
Osaka Soda		4,000		17,857
Osaka Steel		700		12,657
Osaki Electric		2,000		17,372
OSG		2,400		49,087


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
OSJB Holdings		3,400	$	8,429
Otsuka		300		16,276
Outsourcing		400		15,881
Pacific Industrial		1,500		21,328
†Pacific Metals		5,000		17,426
Pack		700		19,806
PAL GROUP Holdings		1,100		26,677
PALTAC		600		16,707
PanaHome		2,000		18,324
Panasonic		27,100		306,223
Panasonic ADR		1,085		12,369
Paramount Bed Holdings		600		24,037
Parco		1,200		12,838
Park24		600		15,705
Pasona Group		500		3,593
Penta-Ocean Construction		11,500		55,574
Pigeon		1,300		41,512
Pilot		400		16,366
Piolax		900		20,606
†Pioneer		13,800		27,394
Plenus		1,000		22,150
Press Kogyo		4,300		21,514
Pressance		2,000		24,073
Prestige International		1,700		15,316
Prima Meat Packers		5,000		22,096
Proto		700		9,192
Raito Kogyo		2,000		20,336
Rakuten		2,100		21,032
Relo Holdings		2,000		33,163
Rengo		11,000		63,532
Resona Holdings		28,900		155,208
Resorttrust		1,200		21,126
Ricoh		13,800		113,544
Ricoh Leasing		800		25,653
Riken		300		13,231
Riken Technos		700		3,345
Riken Vitamin		500		18,054
Ringer Hut		400		8,203
Rinnai		200		15,917
Riso Kagaku		700		12,267
Rohm		400		26,588
Rohto Pharmaceutical		1,800		33,727
Rokko Butter		500		10,887
Roland DG		400		12,036
Round One		5,000		39,747
Royal Holdings		800		16,161
Ryobi		6,000		26,085
Ryohin Keikaku		100		21,908
Ryosan		1,100		33,100
S Foods		500		14,551
Sac’s Bar Holdings		900		10,226
Saibu Gas		5,000		11,497


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Saizeriya		1,100	$	27,646
Sakata INX		1,200		16,524
Sala		100		559
SAMTY		900		8,957
San-A Class A		600		27,270
San-Ai Oil		2,400		20,329
†Sanden Holdings		5,000		16,617
Sangetsu		1,100		18,388
San-In Godo Bank		3,300		26,440
†Sanken Electric		7,000		30,746
Sanki Engineering		2,200		18,931
Sankyo		1,000		33,414
Sankyo Tateyama		1,100		16,402
Sankyu		10,000		60,631
Sanoh Industrial		1,700		12,720
Sanrio		800		14,695
Sanshin Electronics		1,200		13,700
Santen Pharmaceutical		1,700		24,615
Sanwa Holdings		5,400		50,542
Sanyo Chemical Industries		500		20,996
Sanyo Denki		2,000		14,929
Sanyo Electric Railway		3,000		15,252
Sanyo Shokai		5,000		7,410
Sanyo Special Steel		3,000		15,926
Sanyo Trading		500		7,891
Sapporo Holdings		2,300		62,185
Sato Holdings		800		17,045
†Sawada Holdings		1,600		14,602
Sawai Pharmaceutical		900		48,666
Saxa Holdings		7,000		13,518
SBI Holdings		5,500		76,673
SBS Holdings		1,000		7,222
SCREEN Holdings		1,000		73,565
SCSK		300		11,911
Secom		700		50,106
Sega Sammy Holdings		3,000		40,205
Seibu Holdings		600		9,900
Seikagaku		500		8,331
Seikitokyu Kogyo		1,000		4,770
Seiko Epson		3,200		67,374
Seiko Holdings		6,000		24,468
Seino Holdings		4,000		44,912
Seiren		1,900		28,347
Sekisui Chemical		4,300		72,265
Sekisui House		3,100		50,984
Sekisui Plastics		2,500		17,471
Senko Group Holdings		5,000		32,202
Senshu Ikeda Holdings		7,900		32,642
Senshukai		1,500		10,806
Septeni Holdings		4,000		14,372
Seria		800		34,492
Seven & i Holdings		2,700		105,788


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Seven Bank		10,300	$	33,676
Shibuya		600		16,303
Shiga Bank		9,000		46,160
Shikoku Bank		8,000		20,911
Shikoku Chemicals		2,000		21,576
Shikoku Electric Power		1,800		19,774
Shima Seiki Manufacturing		800		30,109
Shimachu		1,700		41,397
Shimadzu		1,000		15,890
Shimamura		200		26,426
Shimano		200		29,192
Shimizu		6,000		53,786
Shimizu Bank		400		12,180
Shindengen Electric Manufacturing		3,000		12,557
Shin-Etsu Chemical		2,000		173,251
Shinko Electric Industries		4,100		27,510
Shinko Plantech		1,300		9,890
Shinko Shoji		1,100		12,005
Shinmaywa Industries		3,000		28,645
Shinnihon		2,400		19,272
Shinoken Group		600		11,328
Shinsei Bank		20,000		36,827
Shinwa		400		6,730
Shionogi & Co		500		25,815
Ship Healthcare Holdings		1,100		29,256
Shiseido		600		15,791
Shizuoka Bank		3,000		24,414
Shizuoka Gas		1,300		8,816
†Showa		1,900		16,128
†Showa Denko		5,000		89,149
Showa Sangyo		3,000		15,845
Siix		600		24,144
Sinfonia Technology		6,000		17,515
Sinko Industries		400		5,745
SKY Perfect JSAT Holdings		8,900		37,573
Skylark		1,200		17,580
SMC		100		29,570
SMK		2,000		7,114
SMS		500		12,679
Sodick		2,000		19,761
SoftBank Group		4,000		282,476
Sogo Medical		400		15,054
Sohgo Security Services		400		14,929
Sojitz		27,300		68,416
Sompo Holdings		2,300		84,269
Sony		10,700		361,953
Sony Financial Holdings		1,700		27,318
†Sosei Group		200		19,546
Sotetsu Holdings		5,000		23,219
Sparx Group		5,300		10,045
Square Enix Holdings		800		22,635
St Marc Holdings		900		26,435


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Stanley Electric		2,600	$	74,149
Star Micronics		1,000		15,333
Start Today		2,100		46,459
Starts		1,200		25,050
Starzen		400		16,060
Stella Chemifa		400		11,425
Studio Alice		300		6,168
Subaru		1,900		69,682
Sugi Holdings		300		13,770
Sumco		4,000		66,613
Sumida		1,300		19,384
Sumitomo		7,200		96,847
Sumitomo Bakelite		8,000		48,145
Sumitomo Chemical		49,000		273,763
Sumitomo Dainippon Pharma		400		6,604
Sumitomo Densetsu		900		10,348
Sumitomo Electric Industries		18,800		311,729
Sumitomo Forestry		2,700		40,986
Sumitomo Heavy Industries		14,000		97,584
Sumitomo Metal Mining		3,000		42,670
Sumitomo Mitsui Construction		36,500		39,670
Sumitomo Mitsui Financial Group		7,200		261,601
Sumitomo Mitsui Trust Holdings		2,000		69,343
Sumitomo Osaka Cement		13,000		54,064
Sumitomo Real Estate Sales		600		19,321
Sumitomo Realty & Development		2,000		51,846
Sumitomo Riko		1,300		13,148
Sumitomo Rubber Industries		5,000		85,197
Sumitomo Seika Chemicals		400		17,012
Sumitomo Warehouse		5,000		27,486
Sun Frontier Fudousan		1,300		11,327
Sundrug		400		13,420
Suntory Beverage & Food		600		25,276
Suruga Bank		1,300		27,371
Suzuken Aichi		2,100		68,849
Suzuki Motor		1,500		62,274
†SWCC Showa Holdings		16,000		12,360
Sysmex		900		54,568
T Hasegawa		800		15,191
T RAD		8,000		23,713
T&D Holdings		7,700		111,769
T&K Toka		1,200		11,425
Tachi-S		1,400		27,879
Tadano		3,000		35,004
Taihei Dengyo Kaisha		2,000		19,581
Taiheiyo Cement		34,000		113,608
Taiho Kogyo		900		13,436
Taikisha		500		12,234
Taiko Bank		6,000		11,911
Taisei		5,000		36,423
Taiyo Holdings		400		17,480
Taiyo Nippon Sanso		5,600		65,492


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Taiyo Yuden		4,500	$	56,831
Takara Holdings		1,600		17,260
Takara Leben		4,000		17,821
Takara Standard		1,200		19,100
Takasago International		600		19,240
Takasago Thermal Engineering		800		11,253
Takashimaya		8,000		69,990
†Takata		1,700		7,330
Takeda Pharmaceutical		2,800		131,512
Takeei		900		8,472
Takeuchi Manufacturing		1,800		33,921
Takuma		1,000		9,782
Tamron		700		12,657
Tamura		4,000		17,749
Tatsuta Electric Wire & Cable		3,600		16,362
TDK		1,700		107,653
TechnoPro Holdings		500		19,290
Teijin		6,000		113,123
Temp Holdings		1,500		27,944
Terumo		500		17,358
THK		2,300		57,908
TIS		4,500		114,470
Toa Hyogo		1,000		8,677
TOA ROAD		3,000		8,973
†Toa Tokyo		600		10,881
Toagosei		3,700		42,208
Tobishima		6,800		10,384
Tobu Railway		9,000		45,594
Tocalo		600		15,581
Tochigi Bank		4,000		18,432
Toda		4,000		24,073
Toei		3,000		25,627
Toenec		1,000		4,994
Toho		300		7,009
Toho Bank		7,000		26,345
Toho Gas		4,000		28,276
Toho Holdings		1,900		39,765
Toho Titanium		1,700		13,300
Toho Zinc		5,000		24,522
Tohoku Electric Power		1,900		25,736
Tokai Carbon		7,000		30,495
Tokai Gifu		500		18,279
TOKAI Holdings		2,800		21,529
Tokai Rika		2,700		54,398
Tokai Tokyo Financial Holdings		3,700		19,243
Token		300		23,579
Tokio Marine Holdings		4,000		168,724
Tokushu Tokai Paper		400		14,965
†Tokuyama		13,000		62,822
Tokyo Century		1,400		47,660
Tokyo Dome		2,000		18,575
†Tokyo Electric Power Holdings		6,000		23,498


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Tokyo Electron		600	$	65,508
Tokyo Gas		10,000		45,504
Tokyo Keiki		5,000		10,375
Tokyo Ohka Kogyo		600		19,914
Tokyo Rope Manufacturing		600		9,081
Tokyo Seimitsu		600		18,890
Tokyo Steel Manufacturing		1,600		13,438
Tokyo Tatemono		5,800		76,479
Tokyo TY Financial Group		700		20,969
Tokyotokeiba		5,000		11,587
Tokyu		5,000		35,390
Tokyu Construction		2,600		20,435
Tokyu Fudosan Holdings		14,100		76,497
TOMONY Holdings		4,800		25,438
Tomy		3,600		35,990
Tonami Holdings		5,000		18,189
Topcon		2,600		46,521
Toppan Forms		1,800		17,623
Toppan Printing		5,000		50,975
Topre		1,600		41,635
Topy Industries		500		13,285
Toray Industries		7,000		62,059
Toridoll		400		8,691
Torii Pharmaceutical		600		15,478
Torishima Pump Manufacturing		200		1,965
Toshiba Machine		6,000		24,360
Toshiba Plant Systems & Services		1,400		20,435
†Toshiba TEC		8,000		44,768
Tosoh		22,000		193,263
Totetsu Kogyo		700		20,089
TOTO		700		26,439
Tottori Bank		600		9,431
Towa Bank		13,000		13,779
Towa Pharmaceutical		300		15,171
Toyo Construction		5,200		18,683
Toyo Ink SC Holdings		6,000		28,887
Toyo Kohan		2,600		8,991
Toyo Seikan Group Holdings		3,600		58,464
Toyo Suisan Kaisha		300		11,170
Toyo Tire & Rubber		3,300		59,283
Toyobo		33,000		57,208
Toyoda Gosei		3,800		96,630
Toyota Boshoku		3,200		74,244
Toyota Motor		22,684		1,231,085
Toyota Motor ADR		1,489		161,735
Toyota Tsusho		7,600		230,055
TPR		800		26,264
Trancom		200		10,348
†Transcosmos		800		18,798
Trend Micro		400		17,785
Trusco Nakayama		1,000		23,183
TS Tech		2,100		56,438


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Tsubakimoto Chain		6,000	$	50,013
Tsukishima Kikai		1,500		15,831
Tsukuba Bank		3,300		9,248
Tsukui		2,800		16,574
Tsumura		1,300		40,753
Tsuruha Holdings		200		18,504
Tsurumi Manufacturing		800		11,691
Tv Tokyo Holdings		700		16,002
UACJ		10,000		26,228
Ube Industries		49,000		110,473
UKC Holdings		100		1,836
Ulvac		1,600		74,589
Unicharm		500		11,980
Unipres		1,800		37,494
United Arrows		700		21,189
United Super Markets Holdings		1,800		16,459
†Unitika		25,000		20,884
Universal Entertainment		400		12,791
Unizo Holdings		500		12,337
Usen		1,100		4,555
Ushio		5,200		65,718
USS		1,100		18,338
V Technology		100		15,414
Valor Holdings		1,500		35,395
Vital KSK Holdings		400		3,708
VT Holdings		3,300		17,133
Wacoal Holdings		3,000		37,025
Wakita		1,300		12,354
Warabeya Nichiyo Holdings		500		11,596
Welcia Holdings		800		22,384
West Holdings		300		2,239
West Japan Railway		400		26,016
Xebio Holdings		1,000		15,503
Yahagi Construction		1,500		13,244
Yahoo Japan		9,000		41,552
Yakult Honsha		300		16,653
YAMABIKO		1,600		18,741
Yamada Denki		9,100		45,365
Yamagata Bank		6,000		26,139
Yamaguchi Financial Group		5,000		54,208
Yamaha		800		22,025
Yamaha Motor		3,300		79,469
Yamaichi Electronics		1,500		22,191
Yamanashi Chuo Bank		6,000		26,839
Yamatane		900		12,272
Yamato Holdings		2,300		48,188
Yamato Kogyo		1,300		33,536
Yamazaki Baking		1,000		20,569
Yamazen		2,400		21,601
Yaoko		500		18,998
Yaskawa Electric		5,000		100,332
Yellow Hat		500		11,587


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Yodogawa Steel Works		1,000	$	27,127
Yokogawa Bridge Holdings		900		10,428
Yokogawa Electric		4,600		72,390
Yokohama Reito		1,200		11,921
Yokohama Rubber		3,200		62,632
Yondoshi Holdings		500		11,125
Yorozu		1,000		15,387
Yoshinoya Holdings		800		11,634
Yurtec		1,000		6,880
Yusen Logistics		900		9,062
Zenkoku Hosho		400		13,617
Zenrin		600		12,757
Zensho Holdings		1,500		25,128
Zeon		6,000		68,499
ZERIA Pharmaceutical		700		10,764
Zojirushi		1,100		15,957

				41,145,081

Netherlands–2.66%
Aalberts Industries		3,092		115,449
#ABN AMRO Group CVA 144A		4,146		100,622
Accell Group		622		17,020
Aegon		15,661		79,710
Aegon (New York Shares)		1,600		8,208
Akzo Nobel		4,488		372,156
†Altice Class A		2,117		47,890
AMG Advanced Metallurgical Group		1,768		40,976
Amsterdam Commodities		644		16,145
APERAM		1,419		70,921
Arcadis		2,678		42,225
†ArcelorMittal (New York Shares)		19,211		160,412
ASM International		1,280		71,853
†ASML Holding		433		57,463
†ASML Holding (New York Shares)		200		26,560
BE Semiconductor Industries		2,089		85,208
Beter Bed Holding		484		7,977
BinckBank		3,253		16,619
Boskalis Westminster		2,904		100,142
Brunel International		605		9,843
Coca-Cola European Partners		1,244		46,515
Corbion		2,379		65,085
Delta Lloyd		14,307		81,533
#Flow Traders 144A		328		10,336
†Fugro CVA		1,289		20,083
Gemalto		1,791		100,079
#Grandvision 144A		498		12,195
Heineken		1,086		92,452
Hunter Douglas		186		12,503
IMCD Group		759		37,311
ING Groep		12,643		191,119
ING Groep ADR		6,300		95,067
Kendrion		498		15,911


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Netherlands (continued)
Koninklijke Ahold Delhaize		26,515	$	567,421
Koninklijke Ahold Delhaize ADR		1,216		26,071
Koninklijke BAM Groep		7,074		38,201
Koninklijke DSM		2,035		137,659
Koninklijke KPN		103,811		312,635
Koninklijke Philips		3,264		104,914
Koninklijke Philips (New York Shares)		3,494		112,192
Koninklijke Vopak		1,961		85,510
Nederland Apparatenfabriek		289		12,002
NN Group		3,118		101,402
†OCI		993		19,084
†PostNL		11,482		54,239
Randstad Holding		2,595		149,768
RELX		3,294		61,004
RELX ADR		1,230		22,829
SBM Offshore		4,543		74,514
Sligro Food Group		739		27,829
TKH Group CVA		1,290		55,357
†TomTom		3,995		38,898
Unilever (New York Shares)		2,400		119,232
Unilever CVA		2,188		108,702
Van Lanschot CVA		475		11,363
Wessanen		2,505		33,832
Wolters Kluwer		3,500		145,488

				4,647,734

New Zealand–0.43%
†a2 Milk		9,041		18,950
Air New Zealand		17,408		30,019
Auckland International Airport		4,027		19,083
Chorus		14,273		43,223
Contact Energy		4,150		14,720
EBOS Group		4,086		52,273
Fisher & Paykel Healthcare		6,224		42,321
Fletcher Building		14,790		86,260
Freightways		3,723		19,548
Genesis Energy		17,212		25,097
Infratil		11,249		22,947
Mainfreight		2,869		45,432
Mercury		3,950		8,722
Metlifecare		6,446		27,699
New Zealand Refining		7,205		12,021
Port of Tauranga		7,990		23,356
Restaurant Brands New Zealand		1,401		5,352
SKY Network Television		9,600		26,380
SKYCITY Entertainment Group		17,553		51,064
Spark New Zealand		22,300		54,713
Summerset Group Holdings		11,663		42,269
Trade Me Group		12,535		45,078
Warehouse Group		6,110		9,894
Z Energy		3,466		16,911

				743,332


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Norway–0.89%
ABG Sundal Collier Holding		15,637	$	9,925
†AF Gruppen		854		15,267
†Akastor		6,130		9,246
Aker Class A		1,440		55,680
Aker BP		5,231		83,831
†Aker Solutions		2,616		15,767
†Atea		3,763		44,264
Austevoll Seafood		4,213		30,912
Bakkafrost		490		15,157
Borregaard		3,905		43,774
#BW LPG 144A		3,677		18,706
†BW Offshore		2,693		6,587
DNB		4,687		74,294
†DNO		17,098		14,397
Ekornes		768		9,660
#Entra 144A		1,053		11,497
†Fred Olsen Energy		1,724		5,662
Frontline		2,974		19,916
Gjensidige Forsikring		1,459		22,226
Grieg Seafood		1,259		9,450
†Kongsberg Automotive		21,255		14,482
Kongsberg Gruppen		716		11,133
Leroy Seafood Group		517		22,640
†Marine Harvest		3,316		50,554
†Nordic Semiconductor		2,947		10,743
Norsk Hydro		12,370		71,833
†Norwegian Air Shuttle		259		7,134
Ocean Yield		2,180		15,488
†Opera Software		2,227		10,453
Orkla		3,459		30,980
†Petroleum Geo-Services		12,922		34,087
†Prosafe		520		2,048
Protector Forsikring		1,286		9,548
†REC Silicon		113,969		13,672
Salmar		1,165		25,128
Schibsted		331		8,520
†Seadrill		2,073		3,262
†Seadrill (New York Shares)		13,905		22,943
SpareBank 1 SR-Bank		2,441		18,266
Statoil		9,007		153,890
Statoil ADR		700		12,026
Stolt-Nielsen		777		13,212
†Storebrand		11,785		78,373
†Subsea 7		7,571		117,098
Telenor		3,119		51,909
TGS Nopec Geophysical		5,590		118,490
Tomra Systems		1,480		16,203
Veidekke		2,004		26,374
Wilh Wilhelmsen Holding Class A		394		10,417
#XXL 144A		431		4,693


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Norway (continued)
Yara International		1,484	$	57,139

				1,558,956

Portugal–0.28%
Altri		3,521		15,738
†Banco Comercial Portugues Class R		346,560		72,500
CTT-Correios de Portugal		1,773		9,688
EDP - Energias de Portugal		11,203		37,946
EDP Renovaveis		5,921		43,780
Galp Energia		5,479		83,145
Jeronimo Martins		2,133		38,160
†Navigator		20,963		84,220
NOS		6,275		34,207
REN - Redes Energeticas Nacionais		7,613		22,911
Semapa-Sociedade de Investimento e Gestao		826		12,601
†Sonae		42,299		42,778

				497,674

Singapore–1.06%
Accordia Golf Trust		23,400		12,295
Boustead Singapore		12,700		7,899
Bukit Sembawang Estates		7,100		30,809
CapitaLand		16,300		42,298
Chip Eng Seng		1,600		835
City Developments		4,800		35,000
ComfortDelGro		23,000		42,092
CSE Global		25,500		9,662
†CWT		7,500		10,723
Dairy Farm International Holdings		3,100		28,148
DBS Group Holdings		11,100		153,941
Delfi		3,900		6,217
†Ezion Holdings		44,590		11,316
First Resources		15,000		20,803
Frasers Centrepoint		17,500		21,705
GL		20,900		11,579
Golden Agri-Resources		271,300		74,669
Great Eastern Holdings		700		10,684
†Halcyon Agri		27,812		12,923
Hong Fok		19,800		11,324
Hong Leong Finance		7,100		13,704
Hongkong Land Holdings		2,000		15,380
Hutchison Port Holdings Trust		183,000		75,945
Hyflux		16,000		6,520
Indofood Agri Resources		26,500		9,851
Jardine Cycle & Carriage		588		18,436
Keppel		6,400		31,752
Keppel Infrastructure Trust		64,700		23,589
M1		8,600		13,095
Mandarin Oriental International		4,700		6,110
†Noble Group		369,300		51,216
Olam International		9,600		13,177


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Singapore (continued)
OUE		6,300	$	9,638
Oversea-Chinese Banking		21,488		149,311
QAF		12,400		12,366
Raffles Medical Group		15,100		15,274
RHT Health Trust		23,800		15,142
Riverstone Holdings		20,800		12,862
SATS		6,900		24,071
Sembcorp Industries		32,900		74,791
Sembcorp Marine		18,400		25,189
†SIIC Environment Holdings		19,160		7,602
Sinarmas Land		50,600		17,725
Singapore Airlines		16,100		115,900
Singapore Exchange		5,000		27,523
Singapore Post		26,300		25,570
Singapore Technologies Engineering		4,100		10,933
Singapore Telecommunications		27,900		78,184
StarHub		6,600		13,588
Super Group		38,000		35,451
United Engineers		16,300		33,209
United Industrial		4,400		9,719
United Overseas Bank		6,643		104,998
UOB-Kay Hian Holdings		6,400		6,382
UOL Group		10,000		49,827
Venture		10,300		84,456
Wheelock Properties Singapore		8,400		11,199
Wilmar International		12,800		32,301
Wing Tai Holdings		8,100		10,915

				1,847,823

Spain–2.47%
Abertis Infraestructuras		3,699		59,586
Acciona		933		74,779
Acerinox		1,708		23,915
ACS Actividades de Construccion y Servicios		3,335		113,465
#Aena 144A		166		26,262
Almirall		977		15,863
Amadeus IT Group		2,372		120,348
Applus Services		3,430		41,220
Atresmedia de Medios de Comunicacion		2,420		30,567
Banco Bilbao Vizcaya Argentaria		62,241		482,719
Banco Bilbao Vizcaya Argentaria ADR		5,745		43,719
Banco de Sabadell		133,083		243,910
†Banco Popular Espanol		65,263		63,357
Banco Santander		66,083		405,007
Banco Santander ADR		26,050		158,124
Bankia		45,966		52,273
Bankinter		4,796		40,271
Bolsas y Mercados Espanoles SHMSF		1,398		46,382
CaixaBank		18,548		79,722
#Cellnex Telecom 144A		2,275		37,557


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Spain (continued)
CIE Automotive		1,021	$	20,128
Construcciones Y Auxiliar de Ferrocarriles		400		15,298
Distribuidora Internacional de Alimentacion		10,903		63,053
Ebro Foods		879		17,770
Elecnor		1,157		11,504
Enagas		3,734		96,997
Ence Energia y Celulosa		4,260		13,134
Endesa		2,284		53,678
Faes Farma		5,195		18,538
Ferrovial		1,473		29,480
Gamesa Tecnologica		5,257		124,389
Gas Natural SDG		8,813		193,111
Grifols		1,754		43,018
Grupo Catalana Occidente		1,101		39,089
Iberdrola		53,167		380,296
†Indra Sistemas		984		12,565
Industria de Diseno Textil		2,536		89,387
Inmobiliaria Colonial		5,040		37,654
†Liberbank		7,747		9,967
Mapfre		23,231		79,677
Mediaset Espana Comunicacion		4,186		53,967
Melia Hotels International		1,845		25,390
Miquel y Costas & Miquel		539		15,232
†NH Hotel Group		4,059		19,139
Obrascon Huarte Lain		5,166		23,654
Papeles y Cartones de Europa		2,420		16,677
†Promotora de Informaciones Class A		2,956		13,591
Prosegur Cia de Seguridad		5,213		31,365
Red Electrica		2,660		51,078
Repsol		9,261		143,008
†Sacyr		11,977		29,758
#†Talgo 144A		2,704		14,994
Tecnicas Reunidas		621		24,479
Telefonica		1,540		17,225
Telefonica ADR		19,864		222,278
Tubacex		2,817		8,895
Vidrala		512		26,605
Viscofan		946		48,911
Zardoya Otis		3,503		32,362

				4,326,387

Sweden–2.63%
AAK.		551		36,280
†AddLife		258		4,765
AddTech Class B		828		13,722
AF		1,091		22,549
Alfa Laval		3,498		66,012
Assa Abloy Class B		2,405		49,465
Atlas Copco Class A		1,827		64,491
Atlas Copco Class B		1,068		33,945


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Sweden (continued)
Atrium Ljungberg Class B		1,277	$	19,439
Avanza Bank Holding		406		15,265
Axfood		915		13,744
B&B Tools Class B		1,030		22,070
Beijer Alma Class B		1,082		28,859
Beijer Ref		567		14,680
†Betsson		1,775		15,451
Bilia Class A		2,716		56,074
BillerudKorsnas		6,702		108,077
BioGaia Class B		302		11,257
Boliden		5,797		172,733
Bonava Class B		1,495		21,856
Byggmax Group		1,674		11,489
Castellum		1,871		24,806
Clas Ohlson Class B		1,203		18,829
Cloetta Class B		9,063		35,804
Com Hem Holding		3,686		42,246
Concentric		2,269		34,818
Dios Fastigheter		2,766		13,582
Duni		1,284		18,771
Electrolux Class B		2,047		56,905
Elekta Class B		1,918		18,761
Fabege		2,827		44,957
†Fastighets Balder Class B		915		19,095
†Fingerprint Cards Class B		5,400		21,779
Getinge Class B		2,540		44,560
Granges		1,166		10,670
Gunnebo		3,239		16,194
Haldex		1,307		17,394
Hemfosa Fastigheter		2,376		21,213
Hennes & Mauritz Class B		2,629		67,187
Hexagon Class B		1,095		43,992
Hexpol		6,700		68,715
†HIQ International		2,708		19,568
Holmen Class B		1,385		53,959
Hufvudstaden Class A		1,839		27,255
Husqvarna Class B		10,966		96,252
ICA Gruppen		1,191		40,645
Indutrade		903		17,212
Intrum Justitia		1,317		49,164
Inwido		1,523		18,356
ITAB Shop Concept Class B		1,500		11,885
JM		2,030		64,090
KappAhl		3,150		16,276
Kindred Group SDR		7,464		77,383
Klovern Class B		10,210		10,169
KNOW IT		1,633		21,596
Kungsleden		3,733		21,392
Lagercrantz Group Class B		1,482		14,389
Lifco Class B		441		11,713
Lindab International		2,706		22,981
Loomis Class B		2,437		77,130


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Sweden (continued)
†Lundin Petroleum		917	$	18,605
†Medivir Class B		1,410		11,054
Mekonomen		1,414		27,852
Millicom International Cellular SDR		1,381		77,013
Modern Times Group Class B		1,336		44,699
Mycronic		2,215		22,680
NCC Class B		1,871		46,250
†NetEnt		3,048		24,491
New Wave Group Class B		1,826		12,736
Nibe Industrier Class B		3,204		25,619
Nobia		3,968		40,740
Nolato Class B		1,916		57,091
Nordea Bank		17,200		196,365
Oriflame Holding		868		34,737
Peab		6,554		62,573
Proact IT Group		780		15,320
Ratos Class B		10,146		47,692
Recipharm Class B		441		6,115
Rezidor Hotel Group		5,074		19,366
Saab Class B		1,001		42,260
Sagax Class B		1,345		12,871
Sandvik		9,776		146,084
†SAS		6,329		10,100
Scandi Standard		2,058		12,517
Securitas Class B		2,390		37,341
Skandinaviska Enskilda Banken Class A		8,602		95,710
Skanska Class B		2,396		56,420
SKF Class B		4,536		89,752
SkiStar		1,095		20,346
†SSAB (Aquis Exchange) Class B		20,728		67,963
†SSAB (BATS Europe) Class A		8,412		33,298
†SSAB (Turquoise ) Class B		7,881		25,760
Svenska Cellulosa Class B		4,553		146,844
Svenska Handelsbanken Class A		7,315		100,329
Sweco Class B		1,012		23,062
Swedbank Class A		4,429		102,611
Swedish Match		1,220		39,688
Telefonaktiebolaget LM Ericsson Class B		12,295		82,052
Telia		27,462		115,203
#Thule Group 144A		1,578		26,468
Trelleborg Class B		2,976		63,734
Victoria Park Class B		9,142		24,078
Vitrolife		148		7,086
Volvo Class A		4,893		72,188
Volvo Class B		12,462		183,996
Wallenstam Class B		3,583		28,890
Wihlborgs Fastigheter		1,310		24,839

				4,596,404


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Switzerland–6.35%
†ABB		23,839	$	557,628
†Actelion		511		143,967
Adecco		2,931		208,197
†Allreal Holding		451		73,662
†Alpiq Holding		237		20,857
†ALSO Holding		129		15,854
ams		2,708		146,397
APG SGA		29		13,528
†Arbonia		984		16,651
†Aryzta		2,457		78,862
Ascom Holding		1,103		19,491
Autoneum Holding		103		30,258
Baloise Holding		1,138		156,444
Bank Coop Class B		246		11,236
Banque Cantonale de Geneve		72		11,249
Banque Cantonale Vaudoise		83		57,259
†Barry Callebaut		62		81,024
Belimo Holding Class R		16		55,908
Bell		30		12,459
Berner Kantonalbank		121		22,276
Bobst Group		566		52,297
†Bossard Holding Class A		279		49,914
Bucher Industries		208		60,844
Burckhardt Compression Holding		82		22,206
Burkhalter Holding		128		19,168
†Calida Holding		290		11,407
†Cembra Money Bank		703		58,148
†Chocoladefabriken Lindt & Spruengli Class R		1		66,415
Cie Financiere Richemont		2,028		160,353
†Clariant		7,901		149,083
Coltene Holding		149		11,848
Conzzeta		36		32,005
†Credit Suisse Group		9,010		134,028
†Credit Suisse Group ADR		583		8,652
Daetwyler Holding Class B		454		69,982
DKSH Holding		919		71,105
†dormakaba Holding Class B		62		49,333
†Dufry		1,140		173,677
†EFG International		4,332		26,857
†Emmi		84		57,236
†EMS-Chemie Holding		85		49,516
†Feintool International Holding		85		9,997
Flughafen Zuerich		1,195		254,712
†Forbo Holding		24		36,731
Galenica		70		73,798
†GAM Holding		4,041		49,824
Geberit		234		100,875
Georg Fischer		126		114,597
Givaudan		48		86,449
†Gurit Holding Class B		24		20,750
Helvetia Holding		174		96,411


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Switzerland (continued)
†HOCHDORF Holding		35	$	10,561
Huber + Suhner		499		32,431
Implenia		591		41,479
†Inficon Holding		61		30,267
Interroll Holding Class R		40		45,924
Intershop Holding		22		10,938
†Julius Baer Group		2,037		101,682
Jungfraubahn Holding		78		7,487
†Kardex		391		38,196
†Komax Holding Class R		113		27,470
Kudelski Class B		1,531		25,067
Kuehne + Nagel International		221		31,220
†LafargeHolcim		3,837		226,776
LEM Holding		12		11,190
Liechtensteinische Landesbank Class B		592		29,315
Logitech International Class R		1,164		37,012
Logitech International (New York Shares) Class R		2,260		72,026
†Lonza Group		1,027		194,193
Luzerner Kantonalbank		86		36,404
Metall Zug		4		15,978
†Meyer Burger Technology		4,175		3,543
†Mobilezone Holding		775		12,264
Mobimo Holding		218		56,423
Nestle		18,404		1,412,018
Novartis		9,232		685,269
Novartis ADR		161		11,958
†OC Oerlikon		7,769		82,991
Orior		228		16,321
Panalpina Welttransport Holding		333		40,193
Partners Group Holding		200		107,523
Phoenix Mecano Class B		34		17,481
Plazza Class A		48		10,830
PSP Swiss Property		521		47,411
†Rieter Holding		85		17,880
Roche Holding		1,655		422,652
Roche Holding Class B		103		26,196
Romande Energie Holding		5		6,265
Schindler Holding		107		20,286
†Schmolz + Bickenbach		14,538		11,176
Schweiter Technologies Class B		42		46,585
†SFS Group		456		43,180
SGS		34		72,538
†Siegfried Holding		157		41,341
Sika Bearer Shares		45		270,005
Sonova Holding		924		128,132
St Galler Kantonalbank		88		36,877
Straumann Holding Class R		160		74,238
Sulzer		1,096		114,672
#†Sunrise Communications Group 144A		1,211		91,280
Swatch Group		273		97,764


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Switzerland (continued)
Swatch Group Bearer Shares		552	$	38,466
†Swiss Life Holding		313		100,995
Swiss Re		1,043		93,663
Swisscom		223		102,879
Syngenta		2,057		907,902
Tamedia		63		9,686
Tecan Group Class R		215		34,365
Temenos Group		1,071		85,111
†u-blox Holding		155		34,121
UBS Group		5,789		92,645
UBS Group (New York Shares)		11,920		190,124
Valiant Holding		521		55,447
Valora Holding		110		38,025
Vaudoise Assurances Holding		22		11,355
Vetropack Holding Class B		7		13,110
Vontobel Holding Class R		782		44,735
VP Bank		13		1,499
VZ Holding		61		16,747
†Ypsomed Holding		55		10,460
Zuger Kantonalbank Class B		3		15,559
Zurich Insurance Group		898		239,730

				11,098,957

United Kingdom–16.14%
4imprint Group		461		10,316
888 Holdings		9,831		32,887
A.G. Barr		3,587		26,021
AA		9,619		32,009
Aberdeen Asset Management		18,845		62,498
Acacia Mining		5,399		30,406
Acal		3,315		9,335
Admiral Group		3,375		84,106
Aggreko		7,474		82,733
†Aldermore Group		3,674		10,260
Amec Foster Wheeler		8,863		59,020
†Anglo American		21,144		323,062
Antofagasta		10,457		109,333
Arrow Global Group		5,259		23,638
Ashmore Group		11,961		52,975
Ashtead Group		10,501		217,480
Associated British Foods		432		14,105
AstraZeneca ADR		11,131		346,619
#Auto Trader Group 144A		9,975		49,028
AVEVA Group		2,625		64,133
Aviva		13,942		92,929
Avon Rubber		818		9,854
B&M European Value Retail		15,771		59,160
Babcock International Group		13,229		146,188
BAE Systems		19,577		157,593
Balfour Beatty		21,252		71,732
Barclays ADR		20,318		228,374
Barratt Developments		54,678		374,386


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United Kingdom (continued)
BBA Aviation		30,369	$	115,860
Beazley		16,454		88,233
Bellway		11,002		372,593
Berendsen		7,561		69,438
Berkeley Group Holdings		4,039		162,289
BGEO group		973		39,278
BHP Billiton		1,342		20,748
BHP Billiton ADR		9,149		284,991
Bodycote		10,306		102,847
Booker Group		46,542		113,943
Bovis Homes Group		5,572		59,061
BP ADR		23,405		807,941
Brewin Dolphin Holdings		11,192		43,806
British American Tobacco		2,251		149,475
British American Tobacco ADR		3,000		198,960
Britvic		7,850		63,683
BT Group		27,339		108,993
BT Group ADR		2,800		56,252
†BTG		3,088		22,691
Bunzl		1,748		50,810
Burberry Group		5,077		109,663
Cape		7,155		22,053
Capita		2,329		16,472
Capital & Counties Properties		14,157		51,545
Card Factory		7,755		27,691
Carillion		16,572		46,302
Carnival		801		45,944
Carnival ADR		548		31,724
Centamin		43,833		94,844
Centrica		44,093		119,880
†Chemring Group		10,580		25,451
Chesnara		3,030		13,647
Cineworld Group		5,160		42,830
Clarkson		917		29,872
Close Brothers Group		5,595		107,813
Cobham		37,266		62,098
†Coca-Cola HBC		4,056		104,735
Compass Group		4,674		88,192
Computacenter		4,566		42,648
Connect Group		11,057		18,667
Consort Medical		1,673		21,716
Costain Group		5,650		32,563
Countrywide		2,878		5,625
Cranswick		1,431		45,880
Crest Nicholson Holdings		7,287		49,575
Croda International		1,416		63,229
Daily Mail & General Trust		6,496		58,600
Dairy Crest Group		10,235		70,978
DCC		3,323		292,478
De La Rue		3,905		30,138
Debenhams		32,597		22,217
Dechra Pharmaceuticals		2,720		57,048


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United Kingdom (continued)
Devro		10,377	$	23,630
DFS Furniture		4,052		12,946
Diageo		3,922		112,208
Diageo ADR		143		16,528
Dignity		883		26,319
Diploma		4,716		62,573
Direct Line Insurance Group		40,870		177,890
Dixons Carphone		31,836		126,682
Domino’s Pizza Group		9,282		35,912
Drax Group		12,781		52,107
DS Smith		71,337		387,990
easyJet		4,436		57,024
†EI Group		18,886		32,122
Electrocomponents		9,327		55,321
Elementis		15,959		57,826
†EnQuest		56,768		29,872
Entertainment One		7,687		23,558
Essentra		4,006		26,350
esure Group		9,338		27,447
Euromoney Institutional Investor		529		7,045
†Evraz		13,963		37,840
Experian		3,396		69,269
FDM Group Holdings		1,557		14,397
Fenner		4,323		15,856
Ferrexpo		12,597		26,578
Fidessa Group		2,138		66,753
†Firstgroup		39,397		65,156
Foxtons Group		7,206		8,690
Fresnillo		2,052		40,004
Fuller Smith & Turner		1,225		15,310
G4S		42,078		160,426
Galliford Try		2,255		41,588
GAME Digital		3,172		1,828
Gem Diamonds		5,209		6,118
Genus		1,882		40,675
GKN		38,500		175,244
GlaxoSmithKline		10,422		216,693
GlaxoSmithKline ADR		7,200		303,552
†Glencore		77,472		303,958
Go-Ahead Group		1,221		26,420
†Gocompare.Com Group		9,338		10,530
Grafton Group		4,564		40,885
Greencore Group		19,257		59,304
Greene King		8,823		77,546
Greggs		4,632		60,530
GVC Holdings		7,183		66,012
Halfords Group		5,506		24,469
Halma		12,799		164,207
Hargreaves Lansdown		6,159		100,393
Hays		46,958		92,369
Headlam Group		2,792		21,828
Helical Bar		2,976		11,680


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United Kingdom (continued)
Henderson Group		7,136	$	20,841
Hikma Pharmaceuticals		2,646		65,674
Hill & Smith Holdings		2,969		47,317
Hilton Food Group		1,426		11,533
Hiscox		8,934		122,456
Hochschild Mining		6,662		23,196
HomeServe		20,431		144,627
Howden Joinery Group		7,861		42,715
HSBC Holdings ADR		20,729		846,158
Hunting		6,303		44,618
IG Group Holdings		11,120		69,285
†Imagination Technologies Group		4,251		14,287
IMI		8,093		120,967
Imperial Brands		2,280		110,465
Inchcape		19,753		208,259
Indivior		16,665		67,253
Informa		13,314		108,761
Inmarsat		17,144		182,685
InterContinental Hotels Group ADR		1,394		68,208
International Consolidated Airlines Group (London Stock Exchange)		7,151		47,396
International Personal Finance		3,182		6,528
Interserve		4,306		12,004
Intertek Group		3,526		173,793
Investec		14,346		97,779
ITE Group		10,902		21,991
ITV		16,089		44,126
IWG		26,664		106,569
J D Wetherspoon		4,566		54,061
J Sainsbury		60,231		199,450
†Jackpotjoy		1,380		9,492
James Fisher & Sons		2,703		54,084
Jardine Lloyd Thompson Group		4,141		58,731
JD Sports Fashion		6,260		30,220
#John Laing Group 144A		3,522		12,025
John Menzies		2,045		17,372
John Wood Group		9,726		92,672
Johnson Matthey		5,004		193,101
JRP Group		6,051		9,969
Jupiter Fund Management		14,407		76,895
†Just Eat		2,120		15,034
†KAZ Minerals		17,192		97,963
KCOM Group		15,335		17,292
Keller Group		2,004		22,773
Kier Group		1,594		27,321
Kingfisher		32,323		132,062
Ladbrokes Coral Group		17,525		28,369
Laird		13,309		25,513
†Lamprell		12,474		17,465
Lancashire Holdings		4,719		39,761
Laura Ashley Holdings		18,438		3,407
Legal & General Group		57,165		177,121


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United Kingdom (continued)
†Liberty Global Class A		1,294	$	46,426
†Liberty Global Class C		3,169		111,029
†Liberty Global LiLAC		440		10,138
†Liberty Global LiLAC Class A		161		3,581
Lloyds Banking Group		218,784		181,793
Lloyds Banking Group ADR		62,026		210,888
†Lonmin		4,567		4,864
Lookers		14,659		23,555
LSL Property Services		3,879		10,157
Man Group		38,684		71,392
Marks & Spencer Group		47,327		199,828
Marshalls		7,159		31,644
Marston’s		22,098		37,155
†McBride		15,062		37,365
Mears Group		4,643		29,290
Mediclinic International		1,944		17,342
Meggitt		24,247		135,278
Melrose Industries		51,168		142,962
#Merlin Entertainments 144A		12,367		74,312
Micro Focus International		4,516		128,891
Millennium & Copthorne Hotels		5,194		28,698
Mitchells & Butlers		9,179		28,118
Mitie Group		10,021		27,860
Mondi		5,636		136,072
Moneysupermarket.com Group		8,492		35,132
Morgan Advanced Materials		12,176		47,292
Morgan Sindall Group		854		10,459
†Mothercare		4,436		6,461
N Brown Group		4,375		11,497
National Express Group		12,378		55,830
National Grid		5,875		74,602
National Grid ADR		640		40,627
NCC Group		2,225		3,708
NEX Group		9,717		69,214
Next		569		30,797
Northgate		5,722		39,430
Novae Group		2,374		18,813
†Ocado Group		19,406		58,596
Old Mutual		67,356		169,287
OneSavings Bank		3,383		17,132
Oxford Instruments		679		6,976
Pagegroup		7,805		41,844
PayPoint		2,476		31,797
†Paysafe Group		13,209		77,386
Pearson ADR		6,249		52,992
Pendragon		38,325		16,806
Pennon Group		9,382		103,677
Persimmon		14,510		380,680
†Petra Diamonds		33,481		55,917
Petrofac		4,374		50,363
†Petropavlovsk		107,235		9,808
Pets at Home Group		11,411		26,106


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United Kingdom (continued)
Phoenix Group Holdings		7,137	$	66,796
Photo-Me International		13,399		26,441
Playtech		7,387		86,166
Polypipe Group		3,459		16,512
†Premier Foods		42,105		23,212
†Premier Oil		32,723		25,829
Provident Financial		2,185		82,045
Prudential		2,934		61,978
Prudential ADR		3,897		165,077
PZ Cussons		5,431		21,849
QinetiQ Group		18,814		65,766
Randgold Resources		1,638		142,939
Rank Group		8,180		21,389
Rathbone Brothers		299		8,972
Reckitt Benckiser Group		993		90,647
Redrow		8,355		53,387
RELX		2,920		57,218
RELX ADR		3,200		63,360
Renewi		30,109		36,026
Renishaw		1,075		41,928
Rentokil Initial		33,628		103,941
Restaurant Group		8,740		36,519
Ricardo		2,769		30,200
Rightmove		1,237		61,808
Rio Tinto		2,407		96,790
Rio Tinto ADR		9,200		374,256
Robert Walters		1,758		9,603
†Rolls-Royce Holdings		32,336		305,474
Rotork		33,011		100,628
†Royal Bank of Scotland Group ADR		8,233		49,974
Royal Dutch Shell Class A		11,035		289,788
Royal Dutch Shell ADR Class A		6,751		355,980
Royal Dutch Shell ADR Class B		9,516		531,278
Royal Mail		19,599		104,361
RPC Group		11,345		111,083
RPS Group		7,026		21,699
RSA Insurance Group		12,029		88,392
Saga		18,154		46,218
Sage Group		5,815		45,936
Savills		5,233		60,385
Schroders		1,157		43,923
Schroders Non-voting		590		16,285
SDL		2,560		18,603
Senior		18,448		47,637
†Serco Group		13,782		19,944
Severfield		10,593		11,082
Severn Trent		3,032		90,487
#†Shawbrook Group 144A		4,155		17,663
Shire		2,387		139,395
SIG		19,607		27,342
Sky		5,378		65,764
Smith & Nephew		4,107		62,571


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United Kingdom (continued)
Smith & Nephew ADR		1,200	$	37,116
Smiths Group		10,203		206,962
Soco International		5,696		9,670
Spectris		3,662		114,611
Spirax-Sarco Engineering		2,357		140,833
#Spire Healthcare Group 144A		6,438		26,134
Spirent Communications		15,901		23,757
†Sports Direct International		7,540		29,115
SSE		10,921		201,960
SSP Group		8,193		42,774
St Ives		1,227		815
St James’s Place		9,414		125,261
St Modwen Properties		7,644		31,126
Stagecoach Group		4,168		10,935
†Standard Chartered		12,117		115,834
Standard Life		18,629		82,788
Stock Spirits Group		4,714		11,045
SuperGroup		1,368		25,470
Synthomer		12,723		75,830
TalkTalk Telecom Group		5,938		14,098
Tate & Lyle		17,144		164,212
Taylor Wimpey		144,942		350,665
Ted Baker		856		29,601
Telecom Plus		2,063		30,939
†Tesco		78,345		182,182
Thomas Cook Group		66,553		71,294
TP ICAP		15,035		87,498
Travis Perkins		9,776		185,440
Trinity Mirror		20,389		29,505
TT Electronics		4,717		11,909
TUI		8,315		115,222
†Tullow Oil		33,426		97,998
U & I Group		6,068		12,715
UBM		8,501		81,426
UDG Healthcare		6,282		55,252
Ultra Electronics Holdings		2,968		77,050
Unilever ADR		3,600		177,624
UNITE Group		4,651		37,090
United Utilities Group		2,845		35,413
†Vectura Group		12,867		24,617
Vedanta Resources		4,337		44,014
Vesuvius		6,715		43,791
Victrex		4,154		98,886
Virgin Money Holdings		6,914		27,772
Vodafone Group		176,629		460,522
Vodafone Group ADR		2,400		63,432
Vp		1,013		10,338
Weir Group		5,272		126,623
WH Smith		2,162		48,026
Whitbread		1,309		64,913
William Hill		29,234		106,512
Wincanton		4,471		14,648


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United Kingdom (continued)
Wm Morrison Supermarkets		58,267	$	175,207
Wolseley		1,855		116,671
#Worldpay Group 144A		15,622		57,818
WPP		4,681		102,752
WPP ADR		400		43,760
WS Atkins		3,195		61,646
Xaar		3,092		13,753
XP Power		694		18,347
#ZPG 144A		2,641		12,011

				28,232,933

United States–0.02%
†TechnipFMC		1,332		43,468

				43,468

Total Common Stock (Cost $167,685,951)				172,238,645


DPREFERRED STOCK–0.52%
Germany–0.52%
Bayerische Motoren Werke 4.89%		824		64,891
Biotest 0.36%		765		14,584
Draegerwerk & Co 0.19%		221		22,723
FUCHS PETROLUB 1.93%		1,072		52,297
Jungheinrich 1.42%		1,563		51,923
Porsche Automobil Holding 2.03%		1,717		93,673
Sartorius 0.58%		1,144		100,379
Schaeffler 3.21%		594		10,443
Sixt 3.98%		905		36,876
STO 0.31%		44		4,554
Villeroy & Boch 2.80%		830		16,292


	Number of Shares		Value (U.S. $)

DPREFERRED STOCK (continued)
Germany (continued)
Volkswagen 1.55%		3,034	$	442,129

Total Preferred Stock (Cost $1,024,365)				910,764


DRIGHTS–0.02%
Germany–0.02%
†Deutsche Bank exercise price EUR 11.65, expiration date 4/6/17		9,779		23,368
†Deutsche Bank exercise price EUR 12.48, expiration date 4/6/17		2,452		6,173

				29,541

United Kingdom–0.00%
†Laird exercise price GBP 85, expiration date 4/3/17		10,647		9,271

				9,271

Total Rights (Cost $20,594)				38,812


MONEY MARKET FUND–0.44%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		769,530		769,530

Total Money Market Fund (Cost $769,530)				769,530

The following foreign currency exchange contracts were outstanding at March 31, 2017:

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Dimensional International Core Equity Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Equity securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

During the period ended March 31, 2017, 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 that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. International fair value pricing was not utilized at March 31,2017. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

On October 13, 2016, the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. The amendments are effective the fund for periods ending after August 1, 2017. At this time, management is evaluating the implications of adopting these amendments and their impact on the Schedule of Investments and accompanying notes.


	Number of Shares		Value (U.S. $)

COMMON STOCK–99.42%
Aerospace & Defense–2.07%
AAR		1,552	$	52,194
†Aerojet Rocketdyne Holdings		2,796		60,673
†Aerovironment		1,567		43,923
Arconic		7,399		194,890
†Astronics		1,340		42,518
†Astronics Class B		755		24,009
B/E Aerospace		2,519		161,493
Boeing		3,778		668,177
BWX Technologies		2,786		132,614
Cubic		1,722		90,922
Curtiss-Wright		2,325		212,179
†DigitalGlobe		4,137		135,487
†Ducommun		1,095		31,525
†Engility Holdings		2,146		62,105
†Esterline Technologies		1,787		153,771
General Dynamics		2,770		518,544
HEICO		877		76,474
HEICO Class A		1,714		128,550
Hexcel		5,774		314,972
Huntington Ingalls Industries		934		187,024
†KeyW Holding		2,189		20,664
†KLX		2,760		123,372
†Kratos Defense & Security Solutions		2,339		18,197
L3 Technologies		1,556		257,191
Lockheed Martin		1,667		446,089
†Mercury Systems		2,137		83,450
†Moog Class A		2,078		139,953
National Presto Industries		380		38,836
Northrop Grumman		1,151		273,754
Orbital ATK		3,091		302,918
Raytheon		2,913		444,233
Rockwell Collins		1,565		152,055
†Sparton		651		13,664
Spirit AeroSystems Holdings Class A		4,286		248,245
†TASER International		1,980		45,124
†Teledyne Technologies		1,770		223,834
Textron		7,851		373,629
TransDigm Group		397		87,404
Triumph Group		2,184		56,238
United Technologies		15,092		1,693,473
†Vectrus		700		15,645
†Wesco Aircraft Holdings		5,108		58,231

				8,408,243

Air Freight & Logistics–0.56%
†Air Transport Services Group		5,125		82,256
†Atlas Air Worldwide Holdings		1,487		82,454
CH Robinson Worldwide		1,945		150,329
†Echo Global Logistics		1,585		33,840
Expeditors International of Washington		2,494		140,886
FedEx		3,838		748,986


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Air Freight & Logistics (continued)
Forward Air		1,503	$	71,498
†Hub Group Class A		2,257		104,725
Park-Ohio Holdings		841		30,234
†Radiant Logistics		4,220		21,100
United Parcel Service Class B		4,366		468,472
†XPO Logistics		6,749		323,210

				2,257,990

Airlines–1.05%
Alaska Air Group		5,691		524,824
Allegiant Travel		1,038		166,339
American Airlines Group		4,187		177,110
Copa Holdings Class A		1,782		200,029
Delta Air Lines		22,260		1,023,070
†Hawaiian Holdings		4,649		215,946
†JetBlue Airways		17,573		362,180
SkyWest		2,826		96,791
Southwest Airlines		9,962		535,557
†Spirit Airlines		4,963		263,386
†United Continental Holdings		10,021		707,883

				4,273,115

Auto Components–0.94%
Adient		1,943		141,198
†American Axle & Manufacturing Holdings		5,406		101,525
Autoliv		2,860		292,464
BorgWarner		6,550		273,725
Cooper Tire & Rubber		3,194		141,654
†Cooper-Standard Holdings		1,257		139,439
Dana		11,458		221,254
Delphi Automotive		1,895		152,529
†Dorman Products		2,133		175,183
†Fox Factory Holding		2,570		73,759
Gentex		13,176		281,044
†Gentherm		1,970		77,323
Goodyear Tire & Rubber		12,999		467,964
†Horizon Global		1,513		21,000
LCI Industries		1,744		174,051
Lear		3,268		462,683
†Modine Manufacturing		3,332		40,650
†Motorcar Parts of America		986		30,300
Standard Motor Products		2,098		103,096
†Stoneridge		2,301		41,740
Superior Industries International		1,457		36,935
Tenneco		2,248		140,320
Tower International		1,402		37,994
†Visteon		1,837		179,934

				3,807,764

Automobiles–0.76%
Ford Motor		99,921		1,163,080
General Motors		36,321		1,284,311


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Automobiles (continued)
Harley-Davidson		3,312	$	200,376
†Tesla		215		59,835
Thor Industries		3,525		338,858
Winnebago Industries		1,195		34,954

				3,081,414

Banks–8.87%
1st Source		1,769		83,055
Access National		600		18,012
†Allegiance Bancshares		697		25,928
Ameris Bancorp		1,669		76,941
Arrow Financial		587		19,899
Associated Banc-Corp		7,179		175,168
†Atlantic Capital Bancshares		1,167		22,115
Banc of California		2,993		61,955
BancFirst		1,077		96,822
†Bancorp		3,933		20,058
BancorpSouth		4,978		150,585
Bank of America		107,812		2,543,285
Bank of Hawaii		2,642		217,595
Bank of Marin Bancorp		451		29,022
Bank of the Ozarks		3,688		191,813
BankUnited		5,935		221,435
Banner		2,275		126,581
BB&T		13,195		589,817
Berkshire Hills Bancorp		2,242		80,824
Blue Hills Bancorp		1,301		23,223
BNC Bancorp		2,399		84,085
BOK Financial		2,151		168,359
Boston Private Financial Holdings		5,510		90,364
Bridge Bancorp		778		27,230
Brookline Bancorp		4,177		65,370
Bryn Mawr Bank		1,024		40,448
Camden National		1,271		55,953
Capital Bank Financial		2,219		96,305
Cardinal Financial		1,427		42,724
Carolina Financial		545		16,350
†Cascade Bancorp		1,783		13,747
Cathay General Bancorp		4,152		156,447
CenterState Banks		2,710		70,189
Central Pacific Financial		1,797		54,880
Chemical Financial		3,467		177,337
CIT Group		6,204		266,338
Citigroup		30,126		1,802,137
Citizens & Northern		430		10,010
Citizens Financial Group		10,744		371,205
City Holding		834		53,776
CNB Financial		584		13,952
CoBiz Financial		2,929		49,207
Columbia Banking System		3,616		140,988
Comerica		3,491		239,413
Commerce Bancshares		5,029		282,429


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Banks (continued)
Community Bank System		2,425	$	133,327
Community Trust Bancorp		1,117		51,103
ConnectOne Bancorp		2,112		51,216
†CU Bancorp		909		36,042
Cullen/Frost Bankers		2,916		259,436
†Customers Bancorp		1,959		61,767
CVB Financial		6,174		136,384
†Eagle Bancorp		1,641		97,968
East West Bancorp		4,363		225,174
Enterprise Financial Services		1,394		59,106
Farmers Capital Bank		466		18,826
Farmers National Banc		405		5,812
†FCB Financial Holdings Class A		2,398		118,821
Fidelity Southern		1,670		37,375
Fifth Third Bancorp		20,220		513,588
Financial Institutions		846		27,876
First BanCorp		1,423		41,680
†First BanCorp (Puerto Rico)		15,480		87,462
First Busey		2,523		74,176
First Business Financial Services		400		10,384
First Citizens BancShares Class A		620		207,929
First Commonwealth Financial		5,294		70,198
First Community Bancshares		1,227		30,638
First Connecticut Bancorp		902		22,370
First Financial		910		43,225
First Financial Bancorp		3,923		107,686
First Financial Bankshares		2,932		117,573
†First Foundation		2,148		33,315
First Horizon National		13,555		250,767
First Interstate BancSystem		1,477		58,563
First Merchants		2,572		101,131
First Midwest Bancorp		5,394		127,730
†First NBC Bank Holding		1,064		4,256
First of Long Island		1,230		33,271
First Republic Bank		3,203		300,473
Flushing Financial		1,741		46,781
FNB		14,943		222,208
†Franklin Financial Network		624		24,180
Fulton Financial		9,122		162,828
German American Bancorp		700		33,138
Glacier Bancorp		4,439		150,615
Great Southern Bancorp		880		44,440
Great Western Bancorp		2,801		118,790
†Green Bancorp		2,278		40,548
Guaranty Bancorp		1,516		36,915
Hancock Holding		4,070		185,389
Hanmi Financial		1,836		56,457
Heartland Financial USA		1,573		78,571
Heritage Commerce		1,727		24,351
Heritage Financial		2,083		51,554
Hilltop Holdings		4,920		135,152
Home BancShares		8,726		236,213


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Banks (continued)
†HomeTrust Bancshares		1,279	$	30,057
Hope Bancorp		6,421		123,091
Horizon Bancorp		1,191		31,228
Huntington Bancshares		34,499		461,942
IBERIABANK		2,544		201,230
Independent Bank		1,685		109,525
Independent Bank Group		1,234		79,346
International Bancshares		4,142		146,627
Investors Bancorp		14,642		210,552
JPMorgan Chase & Co.		57,767		5,074,253
KeyCorp		24,375		433,387
Lakeland Bancorp		3,567		69,913
Lakeland Financial		1,247		53,771
LegacyTexas Financial Group		2,465		98,353
M&T Bank		2,226		344,429
MainSource Financial Group		1,404		46,234
MB Financial		4,103		175,690
Mercantile Bank		1,121		38,562
National Bank Holdings Class A		1,689		54,893
NBT Bancorp		2,905		107,688
OFG Bancorp		3,457		40,793
Old National Bancorp		8,874		153,964
Opus Bank		1,518		30,588
Pacific Continental		830		20,335
†Pacific Premier Bancorp		1,366		52,659
PacWest Bancorp		4,607		245,369
Park National		722		75,954
Park Sterling		4,529		55,752
Peapack Gladstone Financial		901		26,661
Peoples Bancorp		1,224		38,752
People’s United Financial		13,117		238,729
Pinnacle Financial Partners		2,302		152,968
PNC Financial Services Group		7,410		890,978
Popular		5,265		214,443
Preferred Bank		736		39,494
PrivateBancorp		3,063		181,850
Prosperity Bancshares		3,450		240,499
QCR Holdings		440		18,634
Regions Financial		36,102		524,562
Renasant		2,499		99,185
Republic Bancorp Class A		900		30,951
†Republic First Bancorp		1,391		11,545
S&T Bancorp		1,882		65,117
Sandy Spring Bancorp		1,367		56,033
†Seacoast Banking Corp. of Florida		2,229		53,451
ServisFirst Bancshares		2,538		92,332
Sierra Bancorp		878		24,084
†Signature Bank		1,182		175,397
Simmons First National Class A		1,649		90,942
South State		1,525		136,259
Southside Bancshares		1,440		48,341
Southwest Bancorp		899		23,509


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Banks (continued)
State Bank Financial		1,643	$	42,915
Sterling Bancorp		6,011		142,461
Stock Yards Bancorp		886		36,016
Stonegate Bank		919		43,276
Sun Bancorp		1,066		26,010
SunTrust Banks		7,705		426,087
†SVB Financial Group		1,455		270,761
Synovus Financial		6,754		277,049
TCF Financial		10,469		178,182
†Texas Capital Bancshares		2,530		211,129
Tompkins Financial		757		60,976
Towne Bank		3,347		108,443
TriCo Bancshares		1,330		47,255
†TriState Capital Holdings		1,385		32,340
†Triumph Bancorp		490		12,642
Trustmark		3,858		122,646
U.S. Bancorp		25,580		1,317,370
UMB Financial		2,248		169,297
Umpqua Holdings		9,892		175,484
Union Bankshares		2,283		80,316
United Bankshares		3,673		155,184
United Community Banks		4,289		118,762
Univest Corp. of Pennsylvania		1,016		26,314
Valley National Bancorp		12,810		151,158
†Veritex Holdings		396		11,136
Washington Trust Bancorp		1,005		49,547
Webster Financial		4,704		235,388
Wells Fargo & Co.		76,975		4,284,429
WesBanco		2,273		86,624
West Bancorporation		758		17,396
Westamerica Bancorporation		989		55,216
†Western Alliance Bancorp		5,374		263,810
Wintrust Financial		2,899		200,379
Zions Bancorporation		3,896		163,632

				36,008,685

Beverages–0.94%
†Boston Beer Class A		499		72,180
Brown-Forman Class A		428		20,146
Brown-Forman Class B		3,441		158,905
Coca-Cola		30,069		1,276,128
Coca-Cola Bottling Consolidated		632		130,205
Constellation Brands Class A		1,773		287,350
†Craft Brewers Alliance		613		8,184
Dr Pepper Snapple Group		2,705		264,874
MGP Ingredients		1,309		70,987
Molson Coors Brewing Class B		3,748		358,721
†Monster Beverage		1,425		65,792
National Beverage		964		81,487
PepsiCo		9,218		1,031,125
†Primo Water		745		10,117

				3,836,201


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Biotechnology–1.45%
AbbVie		9,549	$	622,213
†ACADIA Pharmaceuticals		2,135		73,401
†Acorda Therapeutics		2,536		53,256
†Adamas Pharmaceuticals		1,097		19,197
†Akebia Therapeutics		1,002		9,218
†Alexion Pharmaceuticals		1,251		151,671
†Alkermes		638		37,323
†Alnylam Pharmaceuticals		447		22,909
†AMAG Pharmaceuticals		1,449		32,675
Amgen		7,509		1,232,002
†Aptevo Therapeutics		1,004		2,068
†Biogen		1,629		445,401
†BioMarin Pharmaceutical		900		79,002
†BioSpecifics Technologies		665		36,442
†Bioverativ		2,404		130,922
†Bluebird Bio		1,165		105,899
†Celgene		5,000		622,150
†Celldex Therapeutics		2,682		9,682
†Chimerix		1,691		10,789
†Concert Pharmaceuticals		1,000		17,060
†Emergent BioSolutions		2,719		78,960
†Enanta Pharmaceuticals		866		26,673
†Exelixis		6,236		135,134
†Five Prime Therapeutics		2,499		90,339
Gilead Sciences		7,180		487,666
†Incyte		1,361		181,925
†Insys Therapeutics		1,480		15,555
†Ionis Pharmaceuticals		1,239		49,808
†Karyopharm Therapeutics		1,386		17,796
†Kite Pharma		706		55,414
†Ligand Pharmaceuticals Class B		194		20,533
†Momenta Pharmaceuticals		2,972		39,676
†Myriad Genetics		2,645		50,784
†Neurocrine Biosciences		1,020		44,166
†NewLink Genetics		196		4,724
†OPKO Health		6,890		55,120
†Otonomy		732		8,967
PDL BioPharma		8,018		18,201
†Regeneron Pharmaceuticals		318		123,228
†Repligen		1,034		36,397
†Retrophin		2,257		41,664
†Sarepta Therapeutics		400		11,840
†Seattle Genetics		500		31,430
†Spectrum Pharmaceuticals		1,980		12,870
†TESARO		300		46,161
†Ultragenyx Pharmaceutical		591		40,058
†United Therapeutics		2,735		370,264
†Vertex Pharmaceuticals		408		44,615
†Xencor		1,202		28,752

				5,882,000


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Building Products–0.86%
AAON		2,821	$	99,722
Advanced Drainage Systems		2,948		64,561
Allegion		1,342		101,589
†American Woodmark		1,320		121,176
AO Smith		1,106		56,583
Apogee Enterprises		1,890		112,663
†Armstrong Flooring		1,730		31,867
†Armstrong World Industries		2,482		114,296
†Builders FirstSource		7,695		114,655
†Continental Building Products		2,885		70,683
†CSW Industrials		803		29,470
Fortune Brands Home & Security		3,952		240,479
†Gibraltar Industries		1,829		75,355
Griffon		2,547		62,784
Insteel Industries		1,555		56,198
Johnson Controls International		14,483		610,024
Lennox International		699		116,943
Masco		3,737		127,021
†Masonite International		1,962		155,489
†NCI Building Systems		5,674		97,309
Owens Corning		4,720		289,666
†Patrick Industries		1,335		94,651
†PGT		5,032		54,094
†Ply Gem Holdings		2,902		57,169
Quanex Building Products		1,644		33,291
Simpson Manufacturing		2,054		88,507
†Trex		1,025		71,125
Universal Forest Products		980		96,569
†USG		8,222		261,460

				3,505,399

Capital Markets–3.13%
Affiliated Managers Group		1,396		228,860
Ameriprise Financial		4,670		605,606
Artisan Partners Asset Management		2,502		69,055
Bank of New York Mellon		16,712		789,308
BGC Partners Class A		17,801		202,219
BlackRock		1,974		757,049
CBOE Holdings		2,552		206,891
Charles Schwab		11,701		477,518
CME Group		3,329		395,485
Cohen & Steers		2,586		103,362
†Cowen Group Class A		1,499		22,410
Diamond Hill Investment Group		200		38,910
†Donnelley Financial Solutions		933		17,998
†E*TRADE Financial		8,906		310,730
Eaton Vance		5,340		240,086
Evercore Partners Class A		2,348		182,909
FactSet Research Systems		656		108,181
Federated Investors Class B		4,812		126,748
Financial Engines		2,617		113,970
Franklin Resources		6,758		284,782


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Capital Markets (continued)
GAIN Capital Holdings		2,244	$	18,693
Goldman Sachs Group		3,897		895,219
Greenhill & Co		1,658		48,579
Houlihan Lokey		1,286		44,303
Interactive Brokers Group		5,300		184,016
Intercontinental Exchange		8,887		532,065
†INTL. FCStone		1,244		47,222
Invesco		13,298		407,318
Investment Technology Group		1,487		30,112
Janus Capital Group		8,191		108,121
†KCG Holdings		5,141		91,664
Legg Mason		4,809		173,653
LPL Financial Holdings		6,437		256,386
MarketAxess Holdings		688		128,993
Moelis & Co. Class A		1,121		43,159
Moody’s		891		99,828
Morgan Stanley		21,404		916,947
Morningstar		1,393		109,490
MSCI		1,329		129,166
Nasdaq		4,281		297,315
Northern Trust		4,855		420,346
OM Asset Management		4,990		75,449
Oppenheimer Holdings Class A		765		13,081
Piper Jaffray		673		42,971
Raymond James Financial		3,602		274,689
S&P Global		1,712		223,827
†Safeguard Scientifics		1,565		19,875
SEI Investments		1,515		76,417
State Street		6,052		481,800
†Stifel Financial		3,341		167,685
T. Rowe Price Group		9,539		650,083
TD Ameritrade Holding		4,848		188,393
Virtu Financial Class A		1,903		32,351
Virtus Investment Partners		382		40,454
Waddell & Reed Financial Class A		4,351		73,967
Westwood Holdings Group		439		23,447
WisdomTree Investments		5,289		48,024

				12,697,185

Chemicals–2.56%
A Schulman		1,598		50,257
†AdvanSix		1,637		44,723
Air Products & Chemicals		2,542		343,907
Albemarle		3,062		323,470
American Vanguard		1,373		22,792
Ashland Global Holdings		1,542		190,915
†Axalta Coating Systems		3,124		100,593
Balchem		1,397		115,141
Cabot		4,349		260,549
Calgon Carbon		3,597		52,516
Celanese Class A		3,643		327,324
CF Industries Holdings		8,601		252,439


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Chemicals (continued)
Chase		640	$	61,056
Chemours		3,983		153,345
†Chemtura		2,919		97,495
Dow Chemical		22,758		1,446,043
Eastman Chemical		5,577		450,622
Ecolab		1,877		235,263
EI du Pont de Nemours & Co.		5,227		419,885
†Ferro		7,033		106,831
†Flotek Industries		3,167		40,506
FMC		4,040		281,144
FutureFuel		2,591		36,740
†GCP Applied Technologies		3,136		102,390
Hawkins		465		22,785
HB Fuller		2,975		153,391
Huntsman		17,518		429,892
†Ingevity		1,981		120,544
Innophos Holdings		1,429		77,123
Innospec		1,358		87,931
International Flavors & Fragrances		740		98,072
KMG Chemicals		636		29,301
†Koppers Holdings		530		22,445
†Kraton		1,707		52,780
Kronos Worldwide		3,617		59,427
†LSB Industries		2,413		22,634
LyondellBasell Industries Class A		3,486		317,888
Minerals Technologies		2,235		171,201
Monsanto		1,828		206,930
Mosaic		7,084		206,711
NewMarket		466		211,205
Olin		9,233		303,489
†OMNOVA Solutions		2,345		23,215
†Platform Specialty Products		16,902		220,064
PolyOne		5,394		183,881
PPG Industries		1,490		156,569
Praxair		1,892		224,391
Quaker Chemical		589		77,548
Rayonier Advanced Materials		3,769		50,693
RPM International		2,332		128,330
Scotts Miracle-Gro Class A		1,850		172,771
Sensient Technologies		2,225		176,353
Sherwin-Williams		394		122,215
Stepan		1,260		99,301
†Trecora Resources		817		9,069
Tredegar		1,894		33,240
Trinseo		2,479		166,341
Tronox		4,414		81,438
Valspar		875		97,073
Westlake Chemical		2,177		143,791
WR Grace & Co.		1,682		117,252

				10,393,230


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Commercial Services & Supplies–1.15%
ABM Industries		2,328	$	101,501
†ACCO Brands		7,956		104,621
†ARC Document Solutions		3,148		10,861
Brady Class A		2,770		107,061
Brink’s		3,738		199,796
†Casella Waste Systems		2,159		30,463
CECO Environmental		1,187		12,475
Cintas		1,398		176,903
†Clean Harbors		3,676		204,459
†Copart		2,128		131,787
Covanta Holding		10,499		164,834
Deluxe		3,130		225,892
Ennis		1,143		19,431
Essendant		1,656		25,088
Healthcare Services Group		1,609		69,332
Herman Miller		4,911		154,942
HNI		2,838		130,803
†Hudson Technologies		1,167		7,702
†InnerWorkings		2,700		26,892
Interface Class A		5,000		95,250
KAR Auction Services		5,554		242,543
Kimball International Class B		3,544		58,476
Knoll		3,200		76,192
LSC Communications		933		23,484
Matthews International Class A		2,054		138,953
McGrath RentCorp		1,645		55,223
Mobile Mini		2,671		81,465
MSA Safety		1,802		127,383
Multi-Color		1,058		75,118
†NL Industries		2,090		13,481
Pitney Bowes		4,363		57,199
Quad		3,100		78,244
Republic Services		6,256		392,939
Rollins		2,327		86,402
RR Donnelley & Sons		2,489		30,142
†SP Plus		1,195		40,331
Steelcase Class A		4,018		67,301
†Stericycle		2,400		198,936
†Team		1,744		47,175
Tetra Tech		2,976		121,570
†TRC		1,726		30,119
U.S. Ecology		1,083		50,739
UniFirst		728		102,976
Viad		1,421		64,229
VSE		190		7,752
Waste Management		4,643		338,568
West		3,298		80,537

				4,687,570

Communications Equipment–1.71%
ADTRAN		3,319		68,869
†Applied Optoelectronics		691		38,800


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Communications Equipment (continued)
†Arista Networks		691	$	91,399
†ARRIS International		10,109		267,383
Bel Fuse Class B		100		2,555
Black Box		1,723		15,421
Brocade Communications Systems		21,104		263,378
†CalAmp		1,620		27,200
†Calix		2,250		16,313
†Ciena		7,923		187,062
Cisco Systems		91,527		3,093,613
†CommScope Holding		3,189		133,013
Comtech Telecommunications		715		10,539
†Digi International		1,498		17,826
†EchoStar Class A		2,743		156,214
†Extreme Networks		5,103		38,324
†F5 Networks		834		118,903
†Finisar		5,923		161,935
†Harmonic		3,856		22,943
Harris		4,658		518,296
†Infinera		4,538		46,424
InterDigital		1,960		169,148
†Ixia		4,141		81,371
Juniper Networks		8,881		247,158
†Lumentum Holdings		2,231		119,024
Motorola Solutions		1,654		142,608
†NETGEAR		1,744		86,415
†NetScout Systems		3,759		142,654
†Oclaro		7,443		73,090
†Palo Alto Networks		444		50,030
Plantronics		2,355		127,429
†ShoreTel		1,706		10,492
†Sonus Networks		3,105		20,462
†Ubiquiti Networks		2,329		117,056
†ViaSat		2,486		158,657
†Viavi Solutions		10,641		114,072

				6,956,076

Construction & Engineering–0.64%
†AECOM		9,254		329,350
†Aegion		1,719		39,382
Argan		1,180		78,057
Chicago Bridge & Iron		5,367		165,035
Comfort Systems USA		2,598		95,217
†Dycom Industries		1,884		175,118
EMCOR Group		3,811		239,902
Fluor		4,113		216,426
†Goldfield		1,529		8,792
Granite Construction		2,068		103,793
†Great Lakes Dredge & Dock		5,107		20,428
†IES Holdings		1,179		21,340
Jacobs Engineering Group		2,664		147,266
KBR		8,326		125,140
†MasTec		4,566		182,868


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Construction & Engineering (continued)
†MYR Group		1,177	$	48,257
†Northwest Pipe		539		8,468
†NV5 Global		440		16,544
Primoris Services		2,711		62,949
†Quanta Services		7,857		291,573
†Tutor Perini		2,795		88,881
Valmont Industries		893		138,861

				2,603,647

Construction Materials–0.31%
Eagle Materials		2,584		251,010
†Headwaters		4,098		96,221
Martin Marietta Materials		1,469		320,609
†Summit Materials Class A		6,417		158,564
†U.S. Concrete		1,122		72,425
United States Lime & Minerals		277		21,877
Vulcan Materials		2,925		352,404

				1,273,110

Consumer Finance–1.29%
Ally Financial		19,868		403,916
American Express		13,130		1,038,714
Capital One Financial		7,850		680,281
†Credit Acceptance		1,148		228,923
Discover Financial Services		9,833		672,479
†Encore Capital Group		1,119		34,465
†Enova International		2,659		39,486
†EZCORP Class A		2,772		22,592
FirstCash		2,904		142,724
†Green Dot Class A		2,915		97,244
†LendingClub		10,106		55,482
Navient		21,662		319,731
Nelnet Class A		1,923		84,343
†OneMain Holdings		6,278		156,008
†PRA Group		2,993		99,218
†Regional Management		129		2,506
†Santander Consumer USA Holdings		19,372		258,035
†SLM		27,460		332,266
Synchrony Financial		16,367		561,388
†World Acceptance		395		20,453

				5,250,254

Containers & Packaging–0.83%
AptarGroup		4,033		310,501
Avery Dennison		1,309		105,505
Ball		3,654		271,346
Bemis		6,020		294,137
†Berry Plastics Group		3,128		151,927
†Crown Holdings		2,329		123,321
Graphic Packaging Holding		23,782		306,074
Greif Class A		1,982		109,188
International Paper		4,000		203,120
Myers Industries		2,439		38,658


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Containers & Packaging (continued)
†Owens-Illinois		7,627	$	155,438
Packaging Corp. of America		2,985		273,486
Sealed Air		2,558		111,478
Silgan Holdings		3,389		201,171
Sonoco Products		6,472		342,498
WestRock		7,171		373,107

				3,370,955

Distributors–0.25%
Core-Mark Holding		2,242		69,928
Genuine Parts		5,733		529,787
†LKQ		7,749		226,813
Pool		1,302		155,368
Weyco Group		507		14,237

				996,133

Diversified Consumer Services–0.42%
†American Public Education		1,300		29,770
†Ascent Capital Group Class A		345		4,875
†Bridgepoint Education		2,198		23,453
†Bright Horizons Family Solutions		2,131		154,476
Capella Education		988		84,005
†Career Education		6,090		52,983
Carriage Services		768		20,828
DeVry Education Group		4,089		144,955
Graham Holdings		162		97,127
†Grand Canyon Education		3,284		235,167
H&R Block		5,002		116,297
†Houghton Mifflin Harcourt		4,461		45,279
†K12		2,788		53,390
†Regis		2,095		24,553
Service Corp. International		8,782		271,188
†ServiceMaster Global Holdings		3,160		131,930
†Sotheby’s		2,959		134,575
Strayer Education		800		64,392

				1,689,243

Diversified Financial Services–0.52%
†Berkshire Hathaway Class B		10,289		1,714,970
Leucadia National		7,755		201,630
Marlin Business Services		729		18,772
NewStar Financial		1,435		15,182
†On Deck Capital		2,037		10,266
†PICO Holdings		1,481		20,734
Voya Financial		3,680		139,693

				2,121,247

Diversified Telecommunication Services–2.39%
AT&T		161,641		6,716,184
ATN International		873		61,477
CenturyLink		22,415		528,322
†Cincinnati Bell		1,239		21,930
Cogent Communications Holdings		2,252		96,949


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Diversified Telecommunication Services (continued)
Consolidated Communications Holdings		3,804	$	89,090
†FairPoint Communications		1,193		19,804
Frontier Communications		25,266		54,069
†General Communication Class A		2,677		55,682
†Hawaiian Telcom Holdco		500		11,455
IDT Class B		1,774		22,565
†Iridium Communications		4,205		40,578
†Level 3 Communications		4,870		278,661
†Lumos Networks		1,037		18,355
†ORBCOMM		2,840		27,122
Verizon Communications		31,078		1,515,053
†Vonage Holdings		9,457		59,768
Windstream Holdings		2,822		15,380
†Zayo Group Holdings		2,542		83,632

				9,716,076

Electric Utilities–0.86%
ALLETE		1,303		88,226
Alliant Energy		2,790		110,512
American Electric Power		2,844		190,918
Avangrid		717		30,645
Duke Energy		3,616		296,548
Edison International		1,747		139,079
El Paso Electric		1,899		95,899
Entergy		2,019		153,363
Eversource Energy		3,381		198,735
Exelon		4,912		176,734
FirstEnergy		4,142		131,798
Great Plains Energy		2,778		81,173
Hawaiian Electric Industries		3,350		111,589
IDACORP		1,455		120,707
MGE Energy		1,434		93,210
NextEra Energy		2,606		334,532
OGE Energy		2,074		72,549
Otter Tail		1,714		64,961
PG&E		2,867		190,254
Pinnacle West Capital		1,088		90,717
PNM Resources		2,378		87,986
Portland General Electric		2,134		94,792
PPL		3,451		129,033
Southern		5,032		250,493
Westar Energy		1,044		56,658
Xcel Energy		2,482		110,325

				3,501,436

Electrical Equipment–0.75%
Acuity Brands		524		106,896
Allied Motion Technologies		758		15,236
AMETEK		6,959		376,343
AZZ		1,479		88,001
†Babcock & Wilcox Enterprises		2,436		22,752


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Electrical Equipment (continued)
Eaton		6,495	$	481,604
Emerson Electric		6,411		383,762
Encore Wire		1,573		72,358
EnerSys		2,490		196,561
†Generac Holdings		4,872		181,628
General Cable		3,093		55,519
Hubbell		2,390		286,919
LSI Industries		457		4,611
Powell Industries		509		17,530
Regal Beloit		2,423		183,300
Rockwell Automation		1,662		258,790
†Sensata Technologies Holding		6,429		280,754
†Thermon Group Holdings		1,338		27,884
†Vicor		1,194		19,223

				3,059,671

Electronic Equipment, Instruments & Components–1.91%
Amphenol Class A		2,484		176,786
†Anixter International		2,020		160,186
†Arrow Electronics		3,850		282,629
Avnet		5,367		245,594
AVX		7,956		130,319
Badger Meter		1,828		67,179
Belden		2,615		180,932
†Benchmark Electronics		2,914		92,665
CDW		2,109		121,710
Cognex		2,283		191,658
†Coherent		1,139		234,224
†Control4		614		9,695
Corning		15,126		408,402
CTS		2,254		48,010
Daktronics		1,460		13,797
Dolby Laboratories Class A		3,127		163,886
†Electro Scientific Industries		460		3,206
†ePlus		532		71,847
†Fabrinet		2,165		90,995
†FARO Technologies		954		34,105
†Fitbit Class A		1,208		7,151
†Flex		20,706		347,861
FLIR Systems		7,477		271,266
†II-VI		2,715		97,876
†Insight Enterprises		3,069		126,105
†InvenSense		2,500		31,575
†IPG Photonics		2,284		275,679
†Itron		1,951		118,426
Jabil Circuit		13,360		386,371
†KEMET		3,824		45,888
†Keysight Technologies		6,402		231,368
†Kimball Electronics		1,253		21,238
†Knowles		4,393		83,247
Littelfuse		903		144,399
Mesa Laboratories		195		23,927


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Electronic Equipment, Instruments & Components (continued)
Methode Electronics		2,434	$	110,990
MTS Systems		843		46,407
National Instruments		5,162		168,075
†Novanta		1,849		49,091
†OSI Systems		916		66,859
Park Electrochemical		1,422		25,397
PC Connection		1,762		52,490
†PCM		468		13,127
†Plexus		1,827		105,601
†Rogers		1,055		90,593
†Sanmina		3,928		159,477
†ScanSource		1,186		46,551
SYNNEX		2,512		281,193
Systemax		1,538		17,056
TE Connectivity		7,604		566,878
†Tech Data		2,372		222,731
†Trimble		5,235		167,572
†TTM Technologies		5,712		92,135
Universal Display		689		59,323
†VeriFone Systems		5,436		101,816
Vishay Intertechnology		7,503		123,424
†Zebra Technologies		2,662		242,907

				7,749,895

Energy Equipment & Services–1.37%
Archrock		6,266		77,698
†Atwood Oceanics		5,615		53,511
Baker Hughes		3,689		220,676
Bristow Group		2,547		38,740
†CARBO Ceramics		560		7,302
Core Laboratories		1,387		160,226
†Diamond Offshore Drilling		5,355		89,482
†Dril-Quip		2,531		138,066
Ensco Class A		16,853		150,834
†Era Group		1,340		17,768
†Exterran		3,133		98,533
†Forum Energy Technologies		6,039		125,007
Frank’s International		3,834		40,525
†Geospace Technologies		1,182		19,184
†Gulfmark Offshore		2,023		708
Halliburton		4,187		206,042
†Helix Energy Solutions Group		9,439		73,341
Helmerich & Payne		2,373		157,971
†Hornbeck Offshore Services		1,588		7,035
†ION Geophysical		332		1,610
†Matrix Service		1,451		23,941
†McDermott International		16,513		111,463
Nabors Industries		15,348		200,598
National Oilwell Varco		8,228		329,861
†Natural Gas Services Group		679		17,688
†Newpark Resources		6,448		52,229
Noble		14,315		88,610


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Energy Equipment & Services (continued)
Oceaneering International		5,893	$	159,582
†Oil States International		2,950		97,793
†Parker Drilling		2,258		3,951
Patterson-UTI Energy		8,986		218,090
†PHI		903		10,818
†Pioneer Energy Services		5,840		23,360
†Rowan		7,100		110,618
RPC		3,412		62,474
Schlumberger		14,597		1,140,026
†SEACOR Holdings		1,038		71,819
†Superior Energy Services		6,675		95,185
†TechnipFMC		7,143		232,147
†Tesco		2,570		20,689
†TETRA Technologies		3,841		15,633
†Tidewater		2,609		3,000
†Transocean		19,921		248,016
U.S. Silica Holdings		3,541		169,933
†Unit		3,218		77,747
†Weatherford International		45,493		302,528

				5,572,058

Equity Real Estate Investment Trusts–0.03%
†SBA Communications		931		112,064

				112,064

Food & Staples Retailing–2.09%
Andersons		1,719		65,150
Casey’s General Stores		2,344		263,114
†Chefs’ Warehouse		1,611		22,393
Costco Wholesale		3,237		542,813
CVS Health		18,148		1,424,618
Ingles Markets Class A		1,007		43,452
Kroger		9,582		282,573
†Natural Grocers by Vitamin Cottage		985		10,234
†Performance Food Group		918		21,848
PriceSmart		1,613		148,719
†Rite Aid		12,700		53,975
†Smart & Final Stores		2,200		26,620
SpartanNash		2,065		72,254
†Sprouts Farmers Market		7,238		167,343
†SUPERVALU		15,733		60,729
Sysco		3,283		170,453
†United Natural Foods		3,051		131,895
Village Super Market Class A		310		8,215
Walgreens Boots Alliance		19,330		1,605,357
Wal-Mart Stores		40,446		2,915,348
Weis Markets		1,415		84,405
Whole Foods Market		12,080		359,018

				8,480,526

Food Products–2.04%
Alico		310		8,184
Archer-Daniels-Midland		6,427		295,899


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Food Products (continued)
B&G Foods		4,431	$	178,348
†Blue Buffalo Pet Products		6,135		141,105
Bunge		4,968		393,764
Calavo Growers		882		53,449
Cal-Maine Foods		2,580		94,944
Campbell Soup		4,235		242,411
Conagra Brands		12,138		489,647
†Darling Ingredients		8,307		120,618
Dean Foods		6,682		131,368
†Farmer Brothers		1,079		38,143
Flowers Foods		11,325		219,818
Fresh Del Monte Produce		2,732		161,816
General Mills		3,749		221,228
†Hain Celestial Group		4,249		158,063
Hershey		945		103,241
Hormel Foods		13,860		479,972
Ingredion		2,517		303,122
J&J Snack Foods		1,165		157,927
JM Smucker		2,861		375,020
John B Sanfilippo & Son		672		49,184
Kellogg		1,742		126,487
Kraft Heinz		6,558		595,532
Lamb Weston Holdings		1,825		76,759
Lancaster Colony		1,006		129,613
†Landec		2,083		24,996
†Lifeway Foods		699		7,500
McCormick & Co		1,484		144,764
Mead Johnson Nutrition		1,906		169,786
Mondelez International		13,741		591,962
Omega Protein		1,390		27,869
Pilgrim’s Pride		3,828		86,149
Pinnacle Foods		3,750		217,013
†Post Holdings		4,139		362,245
Sanderson Farms		1,422		147,660
Seaboard		59		245,998
†Seneca Foods Class A		364		13,140
Snyder’s-Lance		4,228		170,431
Tootsie Roll Industries		1,420		53,051
†TreeHouse Foods		2,587		219,015
Tyson Foods Class A		6,506		401,485
†WhiteWave Foods		1,301		73,051

				8,301,777

Gas Utilities–0.26%
Atmos Energy		1,323		104,504
Chesapeake Utilities		620		42,904
National Fuel Gas		2,570		153,223
New Jersey Resources		2,264		89,654
Northwest Natural Gas		1,438		84,986
ONE Gas		1,574		106,402
South Jersey Industries		2,141		76,327
Southwest Gas		1,094		90,704


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Gas Utilities (continued)
Spire		954	$	64,395
UGI		3,296		162,822
WGL Holdings		1,065		87,894

				1,063,815

Health Care Equipment & Supplies–2.18%
Abaxis		1,053		51,071
Abbott Laboratories		17,917		795,714
†ABIOMED		714		89,393
†Accuray		2,299		10,920
†Alere		3,613		143,544
†Align Technology		787		90,277
Analogic		568		43,111
†AngioDynamics		2,264		39,280
†Anika Therapeutics		1,049		45,569
Atrion		84		39,329
Baxter International		7,843		406,738
Becton Dickinson & Co.		1,412		259,017
†Boston Scientific		6,822		169,663
Cantel Medical		1,223		97,962
CONMED		1,227		54,491
Cooper		1,149		229,674
CR Bard		1,065		264,695
†CryoLife		1,100		18,315
Danaher		9,545		816,384
DENTSPLY SIRONA		4,158		259,626
†DexCom		500		42,365
†Edwards Lifesciences		716		67,354
†Exactech		800		20,160
†Globus Medical		5,049		149,551
†Haemonetics		2,807		113,880
†Halyard Health		2,747		104,633
Hill-Rom Holdings		4,036		284,942
†Hologic		5,007		213,048
†ICU Medical		755		115,289
†IDEXX Laboratories		1,272		196,664
†Inogen		544		42,193
†Integer Holdings		1,963		78,913
†Integra LifeSciences Holdings		3,098		130,519
†Intuitive Surgical		124		95,042
Invacare		1,522		18,112
†Lantheus Holdings		1,324		16,550
LeMaitre Vascular		1,009		24,852
†LivaNova		605		29,651
†Masimo		1,668		155,558
Medtronic		12,179		981,140
Meridian Bioscience		2,980		41,124
†Merit Medical Systems		1,908		55,141
†Natus Medical		1,650		64,763
†Neogen		1,118		73,285
†NuVasive		2,105		157,201
†Nuvectra		338		2,309


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Equipment & Supplies (continued)
†OraSure Technologies		2,370	$	30,644
†Orthofix International		627		23,920
†Quidel		1,563		35,386
ResMed		1,486		106,947
†RTI Surgical		2,100		8,400
†SeaSpine Holdings		660		5,181
STERIS		4,599		319,447
Stryker		1,836		241,709
†Surmodics		576		13,853
Teleflex		760		147,235
†Varex Imaging		354		11,894
†Varian Medical Systems		2,072		188,821
West Pharmaceutical Services		873		71,246
†Wright Medical Group		2,103		65,445
Zimmer Biomet Holdings		3,063		374,023

				8,843,163

Health Care Providers & Services–3.25%
†Acadia Healthcare		3,082		134,375
Aceto		1,439		22,751
†Addus HomeCare		433		13,856
Aetna		7,197		917,977
†Air Methods		2,476		106,468
†Almost Family		684		33,242
†Amedisys		1,799		91,911
AmerisourceBergen		2,836		250,986
†AMN Healthcare Services		3,740		151,844
Anthem		4,347		718,907
†BioScrip		3,413		5,802
†BioTelemetry		1,656		47,941
†Brookdale Senior Living		7,337		98,536
†Capital Senior Living		1,634		22,974
Cardinal Health		3,733		304,426
†Centene		4,553		324,447
Chemed		949		173,373
Cigna		2,079		304,553
†Civitas Solutions		2,257		41,416
†Community Health Systems		5,888		52,227
†CorVel		1,234		53,679
†Cross Country Healthcare		2,183		31,348
†DaVita		7,273		494,346
†Diplomat Pharmacy		2,267		36,159
Ensign Group		2,803		52,696
†Envision Healthcare		4,912		301,204
†Express Scripts Holding		15,411		1,015,739
†Five Star Senior Living		461		991
†Hanger		1,874		24,999
†HCA Holdings		1,747		155,466
†HealthEquity		1,480		62,826
HealthSouth		4,250		181,943
†Henry Schein		788		133,936
Humana		3,461		713,451


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Providers & Services (continued)
Kindred Healthcare		3,711	$	30,987
†Laboratory Corp. of America Holdings		3,195		458,387
Landauer		434		21,157
†LHC Group		1,107		59,667
†LifePoint Health		2,605		170,627
†Magellan Health		1,562		107,856
McKesson		2,300		340,998
†MEDNAX		2,382		165,263
†Molina Healthcare		3,472		158,323
National HealthCare		926		66,024
National Research Class A		927		18,262
Owens & Minor		3,431		118,713
Patterson		6,302		285,039
†PharMerica		1,576		36,878
†Premier Class A		3,076		97,909
†Providence Service		766		34,041
Quest Diagnostics		4,224		414,755
†Quorum Health		1,472		8,008
†RadNet		1,663		9,812
†Select Medical Holdings		6,600		88,110
†Tenet Healthcare		4,780		84,654
†Tivity Health		1,928		56,105
†Triple-S Management Class B		1,017		17,869
U.S. Physical Therapy		459		29,973
UnitedHealth Group		12,833		2,104,726
†Universal American		6,344		63,250
Universal Health Services Class B		3,346		416,410
†VCA		3,726		340,929
†WellCare Health Plans		2,253		315,893

				13,197,420

Health Care Technology–0.22%
†Allscripts Healthcare Solutions		7,664		97,180
†athenahealth		955		107,619
†Cerner		6,263		368,578
Computer Programs & Systems		313		8,764
†HealthStream		1,113		26,968
†HMS Holdings		3,921		79,714
†Medidata Solutions		448		25,845
†Omnicell		2,195		89,227
†Quality Systems		2,697		41,102
†Veeva Systems Class A		886		45,434

				890,431

Hotels, Restaurants & Leisure–2.30%
Aramark		10,967		404,353
†Belmond		6,085		73,629
†Biglari Holdings		51		22,031
†BJ’s Restaurants		1,462		59,065
Bloomin’ Brands		6,385		125,976
Bob Evans Farms		1,324		85,888
†Bojangles’		3,222		66,051


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
†Boyd Gaming		3,072	$	67,615
†Bravo Brio Restaurant Group		1,400		7,140
Brinker International		2,294		100,844
†Buffalo Wild Wings		1,127		172,149
Carnival		5,447		320,883
†Carrols Restaurant Group		3,714		52,553
Cheesecake Factory		2,411		152,761
†Chipotle Mexican Grill		288		128,310
Choice Hotels International		1,406		88,016
Churchill Downs		487		77,360
†Chuy’s Holdings		1,208		35,998
ClubCorp Holdings		5,242		84,134
Cracker Barrel Old Country Store		1,206		192,055
Darden Restaurants		1,986		166,169
†Dave & Buster’s Entertainment		3,378		206,362
†Del Frisco’s Restaurant Group		884		15,956
†Del Taco Restaurants		1,259		16,694
†Denny’s		3,309		40,932
DineEquity		1,438		78,256
Domino’s Pizza		603		111,133
Dunkin’ Brands Group		2,451		134,021
†El Pollo Loco Holdings		2,025		24,199
†Eldorado Resorts		595		11,260
†Fiesta Restaurant Group		1,638		39,640
†Habit Restaurants Class A		628		11,116
†Hilton Grand Vacations		2,717		77,869
Hilton Worldwide Holdings		3,736		218,407
†Hyatt Hotels Class A		1,582		85,396
ILG		6,455		135,297
International Game Technology		8,417		199,483
International Speedway Class A		1,007		37,209
†Intrawest Resorts Holdings		3,884		97,139
†Isle of Capri Casinos		725		19,111
Jack in the Box		968		98,465
†La Quinta Holdings		6,452		87,231
Las Vegas Sands		3,696		210,931
Marcus		1,216		39,034
Marriott International Class A		2,572		242,231
Marriott Vacations Worldwide		1,605		160,388
McDonald’s		4,575		592,966
MGM Resorts International		17,547		480,788
†Norwegian Cruise Line Holdings		7,010		355,617
†Panera Bread Class A		664		173,882
Papa John’s International		1,135		90,845
†Papa Murphy’s Holdings		207		987
†Penn National Gaming		2,255		41,560
†Pinnacle Entertainment		1,797		35,077
Planet Fitness Class A		3,422		65,942
†Potbelly		1,460		20,294
†Red Robin Gourmet Burgers		617		36,064
Royal Caribbean Cruises		5,753		564,427
†Ruby Tuesday		2,748		7,722


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
Ruth’s Hospitality Group		3,110	$	62,355
†Scientific Games Class A		3,331		78,778
SeaWorld Entertainment		6,946		126,903
†Shake Shack Class A		500		16,700
Six Flags Entertainment		2,282		135,756
Sonic		1,631		41,362
Speedway Motorsports		3,631		68,408
Starbucks		9,184		536,254
Texas Roadhouse		3,405		151,625
Vail Resorts		651		124,927
Wendy’s		13,624		185,423
Wingstop		900		25,452
Wyndham Worldwide		2,178		183,584
Wynn Resorts		948		108,650
Yum Brands		2,149		137,321

				9,330,409

Household Durables–1.11%
†AV Homes		1,200		19,740
Bassett Furniture Industries		722		19,422
CalAtlantic Group		6,199		232,153
†Cavco Industries		502		58,433
†Century Communities		1,715		43,561
CSS Industries		543		14,075
DR Horton		9,540		317,777
Ethan Allen Interiors		1,870		57,315
Flexsteel Industries		419		21,118
Garmin		4,366		223,146
†GoPro		2,100		18,270
†Green Brick Partners		3,200		31,840
†Helen of Troy		1,362		128,300
Hooker Furniture		602		18,692
†Hovnanian Enterprises Class A		5,034		11,427
†Installed Building Products		1,531		80,760
†iRobot		1,320		87,305
KB Home		4,086		81,230
La-Z-Boy		3,341		90,207
Leggett & Platt		2,057		103,508
Lennar		6,297		322,343
Lennar Class B		300		12,540
Libbey		1,451		21,156
Lifetime Brands		785		15,779
†M/I Homes		1,091		26,729
MDC Holdings		3,075		92,404
†Meritage Homes		2,325		85,560
†Mohawk Industries		2,313		530,810
NACCO Industries Class A		326		22,755
Newell Brands		4,058		191,416
†NVR		36		75,848
PulteGroup		9,265		218,191
†Taylor Morrison Home Class A		1,266		26,991
†Tempur Sealy International		2,133		99,099


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Household Durables (continued)
†Toll Brothers		7,489	$	270,428
†TopBuild		2,248		105,656
†TRI Pointe Group		7,988		100,170
Tupperware Brands		1,115		69,933
†Universal Electronics		767		52,539
Whirlpool		2,778		475,955
†William Lyon Homes Class A		1,617		33,343
†ZAGG		980		7,056

				4,514,980

Household Products–0.98%
†Central Garden & Pet		894		33,141
†Central Garden & Pet Class A		2,897		100,584
Church & Dwight		3,166		157,888
Clorox		1,759		237,166
Colgate-Palmolive		4,673		342,017
Energizer Holdings		1,824		101,688
†HRG Group		8,385		161,998
Kimberly-Clark		2,042		268,788
Oil-Dri Corp. of America		282		10,510
Orchids Paper Products		536		12,864
Procter & Gamble		26,064		2,341,850
Spectrum Brands Holdings		1,217		169,175
WD-40		428		46,631

				3,984,300

Independent Power & Renewable Electricity Producers–0.23%
AES		6,566		73,408
Atlantica Yield		3,409		71,453
†Calpine		17,884		197,618
†Dynegy		6,438		50,603
NRG Energy		15,728		294,114
NRG Yield Class A		911		15,842
NRG Yield Class C		1,315		23,275
Ormat Technologies		2,822		161,080
Pattern Energy Group		2,827		56,908

				944,301

Industrial Conglomerates–0.93%
3M		3,540		677,308
Carlisle		1,683		179,088
General Electric		59,988		1,787,642
Honeywell International		6,453		805,786
Raven Industries		1,213		35,238
Roper Technologies		1,343		277,316

				3,762,378

Insurance–4.14%
Aflac		6,300		456,246
†Alleghany		332		204,067
Allied World Assurance Holdings		3,620		192,222
Allstate		5,966		486,169
†Ambac Financial Group		2,234		42,133


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Insurance (continued)
American Equity Investment Life Holding		5,666	$	133,888
American Financial Group		2,684		256,107
American International Group		10,777		672,808
American National Insurance		950		112,129
AMERISAFE		1,181		76,647
AmTrust Financial Services		11,446		211,293
Aon		1,931		229,190
†Arch Capital Group		3,794		359,557
Argo Group International Holdings		1,633		110,717
Arthur J. Gallagher & Co.		4,018		227,178
Aspen Insurance Holdings		3,477		180,978
Assurant		3,432		328,339
Assured Guaranty		7,548		280,106
Axis Capital Holdings		2,524		169,184
Baldwin & Lyons Class B		771		18,851
Brown & Brown		4,513		188,282
Chubb		4,853		661,221
Cincinnati Financial		3,498		252,800
CNA Financial		800		35,336
CNO Financial Group		6,176		126,608
Donegal Group Class A		996		17,550
EMC Insurance Group		1,480		41,529
Employers Holdings		2,070		78,557
†Enstar Group		875		167,387
Erie Indemnity Class A		810		99,387
Everest Re Group		1,159		270,986
FBL Financial Group Class A		1,968		128,806
Federated National Holding		630		10,981
Fidelity & Guaranty Life		1,767		49,123
First American Financial		6,407		251,667
FNF Group		2,798		108,954
†Genworth Financial		22,919		94,426
†Global Indemnity		541		20,823
†Greenlight Capital Re Class A		1,907		42,145
†Hallmark Financial Services		1,100		12,155
Hanover Insurance Group		2,039		183,632
Hartford Financial Services Group		11,882		571,168
HCI Group		887		40,429
Heritage Insurance Holdings		1,522		19,436
Horace Mann Educators		2,504		102,789
Infinity Property & Casualty		768		73,344
James River Group Holdings		1,709		73,248
Kemper		3,094		123,451
Loews		7,240		338,615
Maiden Holdings		5,121		71,694
†Markel		259		252,748
Marsh & McLennan		4,021		297,112
†MBIA		8,307		70,360
Mercury General		2,761		168,393
MetLife		10,102		533,588
National General Holdings		6,472		153,775


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Insurance (continued)
National Western Life Group Class A		202	$	61,440
Navigators Group		1,830		99,369
Old Republic International		15,592		319,324
OneBeacon Insurance Group Class A		1,009		16,144
Primerica		3,109		255,560
Principal Financial Group		9,145		577,141
ProAssurance		2,516		151,589
Progressive		9,293		364,100
Prudential Financial		4,695		500,863
Reinsurance Group of America		1,996		253,452
RenaissanceRe Holdings		1,738		251,402
RLI		2,013		120,820
Safety Insurance Group		893		62,599
Selective Insurance Group		3,158		148,900
State Auto Financial		2,262		62,092
State National		2,067		29,765
Stewart Information Services		1,222		53,988
†Third Point Reinsurance		4,097		49,574
Torchmark		3,599		277,267
Travelers		7,508		905,014
United Fire Group		1,596		68,261
United Insurance Holdings		739		11,787
Universal Insurance Holdings		1,971		48,289
Unum Group		7,016		328,980
Validus Holdings		4,136		233,229
White Mountains Insurance Group		255		224,369
Willis Towers Watson		2,792		365,445
†WMIH		7,240		10,498
WR Berkley		3,767		266,063
XL Group		5,561		221,661

				16,819,299

Internet & Direct Marketing Retail–1.10%
†1-800-Flowers.com Class A		2,100		21,420
†Amazon.com		2,597		2,302,344
†Duluth Holdings		753		16,031
†Etsy		3,586		38,119
Expedia		4,069		513,386
†FTD		1,699		34,218
HSN		1,732		64,257
†Liberty Expedia Holdings Class A		200		9,114
†Liberty Interactive Corp. QVC Group Class A		16,175		323,823
†Liberty TripAdvisor Holdings Class A		3,875		54,637
†Liberty Ventures Class A		3,951		175,740
†Netflix		1,027		151,801
Nutrisystem		1,262		70,041
†Overstock.com		1,526		26,247
PetMed Express		1,442		29,042
†Priceline Group		276		491,272
†Shutterfly		1,832		88,467


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Internet & Direct Marketing Retail (continued)
†TripAdvisor		970	$	41,865

				4,451,824

Internet Software & Services–2.27%
†Actua		2,754		38,694
†Akamai Technologies		5,089		303,813
†Alphabet Class A		2,304		1,953,331
†Alphabet Class C		2,455		2,036,570
†Angie’s List		1,639		9,342
†Bankrate		2,961		28,574
†Bazaarvoice		2,600		11,180
†Blucora		3,219		55,689
†Carbonite		1,257		25,517
†Cimpress		694		59,816
†CommerceHub Class A		50		774
†CommerceHub Class C		100		1,553
†comScore		172		3,713
†CoStar Group		508		105,268
†DHI Group		3,155		12,462
†eBay		10,687		358,763
†Envestnet		932		30,104
†Facebook Class A		13,698		1,945,801
†GoDaddy Class A		1,139		43,168
†GrubHub		3,321		109,228
†GTT Communications		2,765		67,328
†InterActiveCorp		3,707		273,280
†Internap		5,106		18,994
j2 Global		3,193		267,925
†Limelight Networks		3,333		8,599
†Liquidity Services		1,758		14,064
LogMeIn		2,452		239,070
†Match Group		1,211		19,776
†MeetMe		1,889		11,126
NIC		3,826		77,285
†QuinStreet		4,100		15,990
Reis		689		12,333
†RetailMeNot		2,163		17,520
†Shutterstock		791		32,708
†Stamps.com		437		51,719
†TechTarget		112		1,011
†Twitter		10,043		150,143
†VeriSign		951		82,842
†Web.com Group		3,670		70,831
†WebMD Health		2,389		125,853
†XO Group		950		16,349
†Yahoo		7,692		356,986
†Yelp		1,016		33,274
†Zillow Group		1,031		34,858
†Zillow Group Class C		2,736		92,121

				9,225,345


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
IT Services–2.92%
Accenture Class A		3,733	$	447,512
†Acxiom		3,387		96,428
Alliance Data Systems		877		218,373
Amdocs		3,215		196,083
Automatic Data Processing		2,744		280,958
†Black Knight Financial Services Class A		276		10,571
†Blackhawk Network Holdings Class A		2,741		111,285
Booz Allen Hamilton Holding		4,145		146,692
Broadridge Financial Solutions		1,674		113,748
†CACI International Class A		1,559		182,871
†Cardtronics Class A		3,683		172,180
Cass Information Systems		511		33,777
†Ciber		3,950		1,580
†Cognizant Technology Solutions Class A		10,555		628,234
Computer Sciences		5,056		348,915
†Conduent		3,937		66,063
Convergys		5,654		119,582
†CoreLogic		5,117		208,364
CSG Systems International		2,367		89,496
CSRA		5,233		153,275
DST Systems		1,694		207,515
†EPAM Systems		1,438		108,598
†Euronet Worldwide		2,285		195,413
†Everi Holdings		5,686		27,236
†ExlService Holdings		1,522		72,082
Fidelity National Information Services		6,324		503,517
†First Data		5,778		89,559
†Fiserv		1,384		159,589
†FleetCor Technologies		2,663		403,258
Forrester Research		1,302		51,755
†Gartner		812		87,688
Genpact		10,428		258,197
Global Payments		3,163		255,191
Hackett Group		2,748		53,559
International Business Machines		5,540		964,736
Jack Henry & Associates		1,095		101,945
Leidos Holdings		4,371		223,533
†Luxoft Holding		405		25,333
ManTech International Class A		1,488		51,529
Mastercard Class A		5,876		660,874
MAXIMUS		2,553		158,797
†MoneyGram International		2,316		38,932
Paychex		1,970		116,033
†PayPal Holdings		15,590		670,682
†Perficient		1,473		25,571
†PFSweb		867		5,662
†Planet Payment		2,351		9,357
Sabre		2,707		57,361
Science Applications International		2,057		153,041
†Sykes Enterprises		2,312		67,973


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
IT Services (continued)
Syntel		2,786	$	46,888
TeleTech Holdings		3,257		96,407
†Teradata		8,098		252,010
Total System Services		6,202		331,559
Travelport Worldwide		4,753		55,943
†Unisys		1,659		23,143
†Vantiv Class A		2,171		139,205
†Virtusa		1,810		54,698
Visa Class A		11,900		1,057,553
Western Union		6,598		134,269
†WEX		2,248		232,668

				11,854,846

Leisure Products–0.27%
†American Outdoor Brands		3,929		77,833
Brunswick		4,960		303,552
Callaway Golf		4,882		54,044
Hasbro		1,500		149,730
Johnson Outdoors Class A		435		15,877
†Malibu Boats Class A		533		11,966
Mattel		4,612		118,113
†Nautilus		2,105		38,416
Polaris Industries		2,948		247,042
Sturm Ruger & Co.		863		46,214
†Vista Outdoor		2,470		50,857

				1,113,644

Life Sciences Tools & Services–0.89%
Agilent Technologies		7,384		390,392
†Albany Molecular Research		1,179		16,541
†Bio-Rad Laboratories Class A		638		127,179
Bio-Techne		1,431		145,461
Bruker		5,417		126,379
†Cambrex		2,850		156,893
†Charles River Laboratories International		1,734		155,973
†Enzo Biochem		3,075		25,738
†Illumina		736		125,591
†INC Research Holdings Class A		2,650		121,503
Luminex		1,878		34,499
†Mettler-Toledo International		504		241,371
†NeoGenomics		2,833		22,352
†PAREXEL International		2,122		133,919
PerkinElmer		2,771		160,884
†PRA Health Sciences		2,024		132,026
†Quintiles IMS Holdings		2,911		234,423
Thermo Fisher Scientific		6,135		942,336
†VWR		7,736		218,155
†Waters		738		115,357

				3,626,972

Machinery–3.02%
Actuant Class A		1,957		51,567


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Machinery (continued)
AGCO		4,610	$	277,430
Alamo Group		601		45,790
Albany International		1,561		71,884
Allison Transmission Holdings		5,770		208,066
Altra Industrial Motion		1,931		75,212
American Railcar Industries		879		36,127
Astec Industries		1,382		84,986
Barnes Group		3,140		161,208
Briggs & Stratton		1,714		38,479
Caterpillar		7,041		653,123
†Chart Industries		1,938		67,714
CIRCOR International		730		43,391
†Colfax		6,044		237,287
Columbus McKinnon		1,631		40,481
†Commercial Vehicle Group		2,148		14,542
Crane		3,007		225,014
Cummins		2,644		399,773
Deere & Co.		2,726		296,752
Donaldson		4,422		201,289
Douglas Dynamics		2,086		63,936
Dover		4,722		379,413
EnPro Industries		730		51,947
ESCO Technologies		1,266		73,555
Federal Signal		3,041		41,996
Flowserve		3,617		175,135
Fortive		1,508		90,812
Franklin Electric		2,303		99,144
Global Brass & Copper Holdings		881		30,306
Gorman-Rupp		1,446		45,404
Graco		2,000		188,280
Greenbrier		1,266		54,565
†Harsco		8,374		106,769
Hillenbrand		4,858		174,159
Hurco		300		9,330
Hyster-Yale Materials Handling		834		47,029
IDEX		2,318		216,756
Illinois Tool Works		2,173		287,857
Ingersoll-Rand		6,180		502,558
ITT		5,656		232,009
John Bean Technologies		1,239		108,970
Joy Global		4,273		120,712
Kadant		799		47,421
Kennametal		3,992		156,606
LB Foster Class A		762		9,525
Lincoln Electric Holdings		2,466		214,197
Lindsay		431		37,980
†Lydall		1,558		83,509
†Manitowoc		9,983		56,903
†Meritor		4,351		74,533
†Middleby		712		97,152
†Milacron Holdings		4,151		77,250
Miller Industries		637		16,785


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Machinery (continued)
Mueller Industries		3,350	$	114,671
Mueller Water Products Class A		10,139		119,843
†Navistar International		3,225		79,399
NN		1,515		38,178
Nordson		977		120,015
Omega Flex		460		21,983
Oshkosh		4,312		295,760
PACCAR		4,579		307,709
Parker-Hannifin		2,142		343,405
Pentair		3,906		245,219
†Proto Labs		947		48,392
†RBC Bearings		1,262		122,528
†Rexnord		6,889		158,998
Snap-on		1,689		284,884
†SPX		2,348		56,939
†SPX FLOW		2,588		89,829
Standex International		693		69,404
Stanley Black & Decker		4,222		560,977
Sun Hydraulics		1,373		49,579
Supreme Industries Class A		541		10,961
Tennant		1,073		77,953
Terex		4,799		150,689
Timken		4,140		187,128
Titan International		2,511		25,964
Toro		2,244		140,160
†TriMas		2,338		48,513
Trinity Industries		9,556		253,712
Wabash National		3,313		68,546
†WABCO Holdings		640		75,149
Wabtec		3,262		254,436
Watts Water Technologies Class A		1,597		99,573
†Welbilt		5,383		105,668
Woodward		3,071		208,582
Xylem		4,173		209,568

				12,246,932

Marine–0.08%
†Kirby		2,999		211,579
Matson		3,187		101,219

				312,798

Media–3.75%
AMC Entertainment Holdings		3,569		112,245
†AMC Networks Class A		1,731		101,575
Cable One		299		186,717
CBS Class B		3,643		252,678
†Charter Communications Class A		4,587		1,501,417
Cinemark Holdings		8,197		363,455
Comcast Class A		89,302		3,356,862
†Discovery Communications Class A		5,913		172,009
†Discovery Communications Class C		8,901		251,987
†DISH Network Class A		2,000		126,980


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Media (continued)
Entercom Communications Class A		1,617	$	23,123
Entravision Communications Class A		4,034		25,011
†EW Scripps Class A		3,871		90,736
Gannett		4,323		36,227
†Global Eagle Entertainment		248		791
†Gray Television		4,357		63,177
†IMAX		3,030		103,020
Interpublic Group		7,286		179,017
John Wiley & Sons Class A		2,920		157,096
†Liberty Braves Group Class A		161		3,854
†Liberty Braves Group Class C		328		7,757
†Liberty Broadband Class A		589		50,118
†Liberty Broadband Class C		3,273		282,787
†Liberty Media-Liberty Formula One Class A		404		13,211
†Liberty Media-Liberty Formula One Class C		820		28,003
†Liberty Media-Liberty SiriusXM Group		1,616		62,895
†Liberty Media-Liberty SiriusXM Group Class C		3,281		127,237
Lions Gate Entertainment Class A		2,488		66,081
†Lions Gate Entertainment Class B		2,358		57,488
†Live Nation Entertainment		5,479		166,397
†Madison Square Garden Class A		1,022		204,104
Meredith		2,605		168,283
†MSG Networks		2,905		67,832
National CineMedia		3,142		39,683
New Media Investment Group		3,310		47,035
New York Times Class A		8,928		128,563
News Class A		8,728		113,464
News Class B		4,704		63,504
Nexstar Media Group Class A		3,381		237,177
Omnicom Group		1,610		138,798
†Radio One Class D		4,509		14,880
†Reading International Class A		1,404		21,818
Regal Entertainment Group Class A		2,934		66,250
Saga Communications Class A		635		32,417
Scholastic		2,212		94,165
Scripps Networks Interactive Class A		1,944		152,351
Sinclair Broadcast Group Class A		3,808		154,224
Sirius XM Holdings		11,685		60,178
TEGNA		14,048		359,910
Time		5,270		101,975
Time Warner		13,201		1,289,870
Tribune Media Class A		2,049		76,366
†tronc		3,161		44,001
Twenty-First Century Fox Class A		13,507		437,492
Twenty-First Century Fox Class B		5,341		169,737
Viacom Class A		672		32,760
Viacom Class B		15,924		742,377
Walt Disney		19,131		2,169,264


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Media (continued)
World Wrestling Entertainment Class A		1,212	$	26,931

				15,225,360

Metals & Mining–0.94%
†AK Steel Holding		14,640		105,262
Alcoa		2,466		84,830
Allegheny Technologies		5,267		94,595
Carpenter Technology		3,350		124,955
†Century Aluminum		5,866		74,440
†Cliffs Natural Resources		8,606		70,655
†Coeur Mining		2,410		19,473
Commercial Metals		7,019		134,273
Compass Minerals International		2,097		142,281
Ferroglobe		7,907		81,679
†Freeport-McMoRan		40,128		536,110
Gold Resource		2,205		9,967
Haynes International		793		30,229
Hecla Mining		21,793		115,285
Kaiser Aluminum		589		47,061
Materion		1,145		38,415
Newmont Mining		8,790		289,718
Nucor		7,346		438,703
†Real Industry		1,000		2,850
Reliance Steel & Aluminum		3,440		275,269
Royal Gold		2,568		179,888
†Ryerson Holding		977		12,310
Schnitzer Steel Industries		1,849		38,182
Southern Copper		1,057		37,936
Steel Dynamics		7,164		249,021
†Stillwater Mining		6,473		111,789
†SunCoke Energy		2,834		25,393
†TimkenSteel		2,590		48,977
United States Steel		7,509		253,879
Worthington Industries		3,081		138,922

				3,812,347

Multiline Retail–0.58%
Big Lots		4,298		209,227
Dillard’s Class A		1,631		85,203
Dollar General		3,702		258,140
†Dollar Tree		3,552		278,690
Fred’s Class A		1,654		21,667
†JC Penney		20,415		125,756
Kohl’s		9,455		376,404
Macy’s		12,404		367,655
Nordstrom		2,520		117,356
†Ollie’s Bargain Outlet Holdings		3,343		111,991
Target		7,036		388,317
†Tuesday Morning		170		637

				2,341,043

Multi-Utilities–0.53%
Ameren		2,381		129,979


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Multi-Utilities (continued)
Avista		2,686	$	104,888
Black Hills		1,611		107,083
CenterPoint Energy		4,094		112,872
CMS Energy		3,042		136,099
Consolidated Edison		1,868		145,069
Dominion Resources		3,289		255,128
DTE Energy		1,911		195,132
MDU Resources Group		5,199		142,297
NiSource		4,110		97,777
NorthWestern		1,427		83,765
Public Service Enterprise Group		2,496		110,698
SCANA		1,325		86,589
Sempra Energy		1,017		112,379
Unitil		413		18,597
Vectren		2,100		123,081
WEC Energy Group		3,050		184,921

				2,146,354

Oil, Gas & Consumable Fuels–4.61%
Alon USA Energy		5,367		65,424
Anadarko Petroleum		6,053		375,286
†Antero Resources		4,574		104,333
Apache		3,694		189,835
†Bill Barrett		2,976		13,541
Cabot Oil & Gas		6,886		164,644
†Callon Petroleum		3,597		47,336
†Cheniere Energy		2,688		127,062
Cheniere Energy Partners Holdings		1,154		28,181
†Chesapeake Energy		22,724		134,981
Chevron		20,446		2,195,287
Cimarex Energy		447		53,412
†Clayton Williams Energy		850		112,268
†Clean Energy Fuels		6,062		15,458
†Cloud Peak Energy		4,877		22,337
†Cobalt International Energy		20,470		10,919
†Concho Resources		2,246		288,252
ConocoPhillips		13,425		669,505
†CONSOL Energy		12,588		211,227
†Contango Oil & Gas		934		6,837
†Continental Resources		4,192		190,401
CVR Energy		1,979		39,738
Delek U.S. Holdings		4,114		99,847
†Denbury Resources		22,775		58,759
Devon Energy		2,300		95,956
DHT Holdings		4,056		18,130
†Diamondback Energy		1,537		159,410
†Dorian LPG		2,800		29,484
†Eclipse Resources		12,076		30,673
†Energen		2,683		146,062
EnLink Midstream		6,510		126,294
EOG Resources		3,740		364,837
†EP Energy Class A		5,898		28,015


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
EQT		1,600	$	97,760
Exxon Mobil		46,115		3,781,891
GasLog		4,669		71,669
Green Plains		2,499		61,850
†Gulfport Energy		4,653		79,985
Hallador Energy		143		1,145
Hess		6,711		323,537
HollyFrontier		9,133		258,829
Kinder Morgan		20,524		446,192
†Kosmos Energy		17,649		117,542
†Laredo Petroleum		7,013		102,390
Marathon Oil		17,781		280,940
Marathon Petroleum		11,253		568,727
Murphy Oil		9,158		261,827
†Newfield Exploration		899		33,182
Noble Energy		9,420		323,483
†Northern Oil and Gas		4,490		11,674
†Oasis Petroleum		13,316		189,886
Occidental Petroleum		6,577		416,719
ONEOK		3,218		178,406
Overseas Shipholding Group Class A		5,002		19,308
†Pacific Ethanol		1,059		7,254
Panhandle Oil and Gas Class A		655		12,576
†Par Pacific Holdings		2,297		37,878
†Parsley Energy Class A		4,190		136,217
PBF Energy Class A		6,711		148,783
†PDC Energy		3,200		199,520
Phillips 66		5,073		401,883
Pioneer Natural Resources		1,757		327,206
†QEP Resources		10,395		132,120
Range Resources		4,892		142,357
†Renewable Energy Group		2,053		21,454
†REX American Resources		304		27,509
†Rice Energy		8,710		206,427
†Ring Energy		1,091		11,805
†RSP Permian		4,523		187,388
Scorpio Tankers		10,278		45,634
SemGroup Class A		3,790		136,440
Ship Finance International		3,968		58,330
SM Energy		4,130		99,203
†Southwestern Energy		6,000		49,020
†SRC Energy		12,672		106,952
Targa Resources		4,180		250,382
Teekay		3,211		29,381
Teekay Tankers Class A		3,937		8,071
Tesoro		6,063		491,467
Valero Energy		9,585		635,390
Western Refining		5,866		205,721
†Whiting Petroleum		16,040		151,738
Williams		7,087		209,704
World Fuel Services		3,337		120,966


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
†WPX Energy		19,382	$	259,525

				18,708,974

Paper & Forest Products–0.24%
†Boise Cascade		2,520		67,284
†Clearwater Paper		1,000		56,000
Deltic Timber		400		31,248
Domtar		4,124		150,608
KapStone Paper and Packaging		6,227		143,844
†Louisiana-Pacific		9,795		243,112
Mercer International		3,828		44,788
Neenah Paper		1,233		92,105
PH Glatfelter		2,899		63,024
†Resolute Forest Products		4,585		24,988
Schweitzer-Mauduit International		1,582		65,526

				982,527

Personal Products–0.28%
†Avon Products		19,264		84,762
Coty Class A		9,281		168,265
†Edgewell Personal Care		3,412		249,554
Estee Lauder Class A		1,109		94,032
†Herbalife		1,198		69,652
Inter Parfums		2,061		75,330
Medifast		651		28,885
Natural Health Trends		462		13,352
Nu Skin Enterprises Class A		3,358		186,503
Nutraceutical International		800		24,920
†Revlon Class A		2,272		63,275
†USANA Health Sciences		1,178		67,853

				1,126,383

Pharmaceuticals–3.00%
†Akorn		6,787		163,431
Allergan		3,516		840,043
†Amphastar Pharmaceuticals		2,961		42,935
†ANI Pharmaceuticals		691		34,211
†Assembly Biosciences		746		19,016
Bristol-Myers Squibb		9,763		530,912
†Catalent		6,034		170,883
†Corcept Therapeutics		1,459		15,991
†Depomed		2,277		28,576
Eli Lilly & Co.		4,865		409,195
†Endo International		9,138		101,980
†Heska		204		21,416
†Horizon Pharma		7,374		108,988
†Impax Laboratories		2,344		29,652
†Jazz Pharmaceuticals		1,268		184,025
Johnson & Johnson		24,099		3,001,530
†Lannett		1,820		40,677
†Lipocine		800		3,120
†Mallinckrodt		2,737		121,988
†Medicines		1,266		61,907


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Pharmaceuticals (continued)
Merck & Co.		28,005	$	1,779,438
†Mylan		7,414		289,072
Perrigo		1,373		91,153
Pfizer		102,786		3,516,309
Phibro Animal Health Class A		601		16,888
†Prestige Brands Holdings		2,210		122,788
†SciClone Pharmaceuticals		2,470		24,206
†Sucampo Pharmaceuticals Class A		2,493		27,423
†Supernus Pharmaceuticals		1,662		52,021
†Taro Pharmaceutical Industries		1,308		152,539
†Tetraphase Pharmaceuticals		1,930		17,737
Zoetis		2,916		155,627

				12,175,677

Professional Services–0.62%
†Advisory Board		1,391		65,099
Barrett Business Services		764		41,730
†CBIZ		3,969		53,780
†CDI		963		8,234
CEB		1,233		96,914
CRA International		465		16,428
Dun & Bradstreet		980		105,781
Equifax		1,374		187,881
Exponent		1,516		90,278
†Franklin Covey		769		15,534
†FTI Consulting		2,547		104,860
†GP Strategies		1,061		26,843
Heidrick & Struggles International		849		22,371
†Huron Consulting Group		1,078		45,384
†ICF International		1,623		67,030
Insperity		1,129		100,086
Kelly Services Class A		2,630		57,492
Kforce		2,861		67,949
Korn/Ferry International		3,126		98,438
ManpowerGroup		2,067		212,012
†Mistras Group		1,671		35,726
†Navigant Consulting		2,640		60,350
Nielsen Holdings		2,853		117,857
†On Assignment		3,074		149,181
Resources Connection		1,629		27,286
Robert Half International		3,458		168,854
†RPX		2,409		28,908
†TransUnion		2,826		108,377
†TriNet Group		2,353		68,002
†TrueBlue		2,288		62,577
†Verisk Analytics Class A		2,206		178,995
†Volt Information Sciences		1,104		7,618

				2,497,855

Real Estate Management & Development–0.46%
Alexander & Baldwin		2,901		129,152
†Altisource Portfolio Solutions		1,304		47,987


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Real Estate Management & Development (continued)
†CBRE Group Class A		10,533	$	366,443
Consolidated-Tomoka Land		242		12,957
†Forestar Group		2,419		33,019
†FRP Holdings		425		17,000
HFF Class A		3,142		86,939
†Howard Hughes		1,966		230,513
Jones Lang LaSalle		2,550		284,197
Kennedy-Wilson Holdings		5,467		121,367
†Marcus & Millichap		3,035		74,600
RE/MAX Holdings		783		46,549
Realogy Holdings		8,716		259,650
RMR Group Class A		1,199		59,351
†St. Joe		3,458		58,959
†Tejon Ranch		1,057		23,138

				1,851,821

Road & Rail–1.28%
AMERCO		572		218,041
ArcBest		1,859		48,334
†Avis Budget Group		5,061		149,704
Celadon Group		1,233		8,076
†Covenant Transportation Group Class A		696		13,085
CSX		15,537		723,247
†Genesee & Wyoming		3,508		238,053
Heartland Express		6,842		137,182
†Hertz Global Holdings		4,919		86,279
JB Hunt Transport Services		1,708		156,692
Kansas City Southern		2,675		229,408
Knight Transportation		5,155		161,609
Landstar System		1,631		139,695
Marten Transport		1,652		38,739
Norfolk Southern		6,331		708,882
Old Dominion Freight Line		3,641		311,560
†PAM Transportation Services		682		11,110
†Roadrunner Transportation Systems		1,695		11,645
Ryder System		4,401		332,011
†Saia		1,797		79,607
†Swift Transportation		6,007		123,384
Union Pacific		10,656		1,128,684
Universal Logistics Holdings		1,605		23,032
†USA Truck		643		4,726
Werner Enterprises		4,299		112,634
†YRC Worldwide		1,800		19,818

				5,215,237

Semiconductors & Semiconductor Equipment–3.90%
†Advanced Energy Industries		2,277		156,111
†Advanced Micro Devices		19,495		283,652
†Alpha & Omega Semiconductor		978		16,812
†Amkor Technology		14,529		168,391
Analog Devices		2,811		230,361


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
Applied Materials		13,871	$	539,582
†Axcelis Technologies		829		15,585
Broadcom		1,795		393,033
Brooks Automation		3,851		86,262
Cabot Microelectronics		1,233		94,460
†Cavium		1,040		74,526
†CEVA		1,455		51,653
†Cirrus Logic		4,130		250,650
Cohu		1,543		28,484
†Cree		4,698		125,578
Cypress Semiconductor		15,215		209,358
†Diodes		3,180		76,479
†DSP Group		1,135		13,620
†Entegris		8,055		188,487
†Exar		3,141		40,864
†First Solar		3,707		100,460
†FormFactor		5,162		61,170
†Inphi		1,028		50,187
†Integrated Device Technology		5,470		129,475
Intel		99,577		3,591,742
IXYS		1,526		22,203
KLA-Tencor		2,498		237,485
†Kulicke & Soffa Industries		4,248		86,319
Lam Research		3,645		467,872
†Lattice Semiconductor		3,916		27,099
†MACOM Technology Solutions Holdings		1,103		53,275
Marvell Technology Group		11,419		174,254
Maxim Integrated Products		6,113		274,840
†MaxLinear Class A		3,252		91,219
Microchip Technology		1,920		141,658
†Micron Technology		33,849		978,236
†Microsemi		4,349		224,104
MKS Instruments		2,984		205,150
Monolithic Power Systems		626		57,655
†Nanometrics		1,404		42,766
†NeoPhotonics		1,612		14,524
NVE		106		8,776
NVIDIA		8,978		977,974
†ON Semiconductor		22,039		341,384
†PDF Solutions		980		22,168
†Photronics		4,937		52,826
Power Integrations		1,502		98,757
†Qorvo		2,418		165,778
QUALCOMM		27,793		1,593,651
†Rambus		5,518		72,507
†Rudolph Technologies		2,362		52,909
†Semtech		2,818		95,248
†Sigma Designs		1,840		11,500
†Silicon Laboratories		1,141		83,921
Skyworks Solutions		6,234		610,807
†SunPower		4,083		24,906


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
†Synaptics		1,672	$	82,781
Teradyne		7,963		247,649
Texas Instruments		8,466		682,021
†Ultra Clean Holdings		1,666		28,105
†Ultratech		1,171		34,685
†Veeco Instruments		2,191		65,401
†Versum Materials		2,470		75,582
†Xcerra		3,827		34,022
Xilinx		3,359		194,452
Xperi		2,825		95,909

				15,829,360

Software–2.75%
†ACI Worldwide		7,357		157,366
Activision Blizzard		4,077		203,279
†Adobe Systems		2,544		331,051
American Software Class A		1,038		10,671
†ANSYS		1,920		205,190
†Aspen Technology		2,177		128,269
†Autodesk		1,227		106,099
†Barracuda Networks		2,078		48,023
Blackbaud		866		66,396
CA		13,300		421,876
†Cadence Design Systems		3,771		118,409
CDK Global		1,962		127,550
†Citrix Systems		4,174		348,070
†Dell Technologies Class V		4,518		289,513
Ebix		1,122		68,723
†Electronic Arts		1,842		164,896
†Ellie Mae		441		44,219
†EnerNOC		2,209		13,254
Fair Isaac		869		112,058
†FireEye		1,388		17,503
†Fortinet		636		24,391
†Globant		900		32,760
†Glu Mobile		4,125		9,364
†Guidewire Software		960		54,077
Intuit		1,582		183,496
†Manhattan Associates		1,618		84,217
Microsoft		54,652		3,599,381
†MicroStrategy		568		106,670
Monotype Imaging Holdings		2,693		54,129
†Nuance Communications		13,695		237,060
Oracle		30,166		1,345,705
†Paycom Software		1,636		94,086
Pegasystems		2,820		123,657
Progress Software		3,296		95,749
†PTC		1,498		78,720
QAD Class A		624		17,378
†Qualys		1,772		67,159
†RealPage		1,817		63,413
†Red Hat		1,608		139,092


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Software (continued)
†Rubicon Project		543	$	3,198
†salesforce.com		1,355		111,774
†ServiceNow		568		49,683
†Silver Spring Networks		2,022		22,828
†Splunk		369		22,985
SS&C Technologies Holdings		4,747		168,044
Symantec		12,357		379,113
†Synchronoss Technologies		2,306		56,266
†Synopsys		3,432		247,550
†Tableau Software Class A		608		30,126
†Take-Two Interactive Software		2,433		144,204
†Tangoe		146		774
†Telenav		2,040		17,646
TiVo		6,495		121,781
†Tyler Technologies		267		41,268
†Ultimate Software Group		259		50,559
†VASCO Data Security International		611		8,249
†Verint Systems		2,278		98,808
†VMware Class A		307		28,287
†Workday Class A		310		25,817
†Zedge Class B		591		1,814
†Zynga Class A		44,336		126,358

				11,150,051

Specialty Retail–2.64%
Aaron’s		3,699		110,008
Abercrombie & Fitch		2,976		35,504
Advance Auto Parts		2,658		394,075
American Eagle Outfitters		11,096		155,677
†America’s Car-Mart		623		22,708
†Asbury Automotive Group		1,686		101,329
†Ascena Retail Group		6,778		28,874
†AutoNation		7,273		307,575
†AutoZone		117		84,597
Barnes & Noble		3,386		31,321
†Barnes & Noble Education		2,352		22,556
Bed Bath & Beyond		5,651		222,988
Best Buy		14,267		701,223
Big 5 Sporting Goods		952		14,375
Buckle		1,237		23,008
†Build-A-Bear Workshop		1,134		10,036
†Burlington Stores		1,087		105,754
†Cabela’s		3,742		198,738
Caleres		2,926		77,305
†CarMax		7,318		433,372
Cato Class A		1,385		30,415
Chico’s FAS		9,593		136,221
Children’s Place		1,567		188,118
Citi Trends		672		11,424
†Conn’s		1,428		12,495
CST Brands		3,810		183,223
†Destination XL Group		2,180		6,213


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Specialty Retail (continued)
Dick’s Sporting Goods		4,988	$	242,716
DSW Class A		3,958		81,851
†Express		5,117		46,616
Finish Line Class A		1,965		27,962
†Five Below		2,010		87,053
Foot Locker		4,916		367,766
†Francesca’s Holdings		3,674		56,396
GameStop Class A		5,865		132,256
Gap		17,010		413,173
†Genesco		1,278		70,865
GNC Holdings		3,076		22,639
Group 1 Automotive		1,049		77,710
Guess		4,809		53,620
Haverty Furniture		1,170		28,489
†Hibbett Sports		1,445		42,627
Home Depot		7,598		1,115,614
†Kirkland’s		1,522		18,873
L Brands		954		44,933
Lithia Motors Class A		1,598		136,869
Lowe’s		4,559		374,795
†MarineMax		1,717		37,173
†Michaels		2,855		63,923
Monro Muffler Brake		2,026		105,555
†Murphy USA		2,216		162,699
Office Depot		30,011		140,001
†O’Reilly Automotive		662		178,634
†Party City Holdco		3,179		44,665
Penske Automotive Group		5,331		249,544
Pier 1 Imports		5,916		42,359
Rent-A-Center		3,348		29,697
†RH		1,494		69,112
Ross Stores		2,793		183,975
†Sally Beauty Holdings		2,786		56,946
†Select Comfort		2,804		69,511
Shoe Carnival		1,009		24,791
Signet Jewelers		2,462		170,543
Sonic Automotive Class A		1,673		33,544
†Sportsman’s Warehouse Holdings		1,747		8,351
Stage Stores		1,354		3,507
Staples		23,946		210,006
Stein Mart		2,840		8,548
Tailored Brands		801		11,967
Tiffany & Co.		3,739		356,327
Tile Shop Holdings		2,800		53,900
TJX		4,109		324,940
Tractor Supply		1,796		123,870
†Ulta Beauty		760		216,775
†Urban Outfitters		7,015		166,676
†Vitamin Shoppe		1,290		25,993
†West Marine		1,342		12,803
Williams-Sonoma		7,058		378,450
Winmark		403		45,539


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Specialty Retail (continued)
†Zumiez		2,034	$	37,222

				10,739,501

Technology Hardware, Storage & Peripherals–2.72%
Apple		55,416		7,961,063
†Avid Technology		1,312		6,114
†Cray		1,700		37,230
Diebold Nixdorf		3,240		99,468
†Eastman Kodak		1,542		17,733
†Electronics For Imaging		2,085		101,811
Hewlett Packard Enterprise		35,542		842,345
HP		8,950		160,026
†NCR		5,626		256,996
NetApp		8,063		337,437
Seagate Technology		4,182		192,079
†Stratasys		3,145		64,441
†Super Micro Computer		1,844		46,745
Western Digital		7,354		606,926
Xerox		40,739		299,024

				11,029,438

Textiles, Apparel & Luxury Goods–0.76%
Carter’s		1,911		171,608
Coach		8,330		344,279
Columbia Sportswear		3,442		202,217
†Crocs		2,540		17,958
Culp		857		26,738
†Deckers Outdoor		1,432		85,533
†Fossil Group		2,664		46,487
†G-III Apparel Group		2,017		44,152
Hanesbrands		3,615		75,047
†Iconix Brand Group		4,220		31,734
†Kate Spade & Co.		4,402		102,258
†Lululemon Athletica		1,527		79,205
†Michael Kors Holdings		2,900		110,519
Movado Group		888		22,156
NIKE Class B		9,868		549,944
Oxford Industries		1,193		68,311
†Perry Ellis International		696		14,950
PVH		2,239		231,669
Ralph Lauren		1,302		106,269
†Sequential Brands Group		1,209		4,703
†Skechers U.S.A. Class A		7,817		214,577
†Steven Madden		3,897		150,229
†Under Armour Class A		1,470		29,077
†Under Armour Class C		602		11,017
†Unifi		789		22,400
†Vera Bradley		1,584		14,747
VF		3,835		210,810
†Vince Holding		660		1,024
Wolverine World Wide		4,658		116,310

				3,105,928


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Thrifts & Mortgage Finance–0.65%
Astoria Financial		7,927	$	162,583
Bank Mutual		3,078		28,933
BankFinancial		1,093		15,870
Beneficial Bancorp		4,972		79,552
†BofI Holding		2,791		72,929
Capitol Federal Financial		8,607		125,920
Charter Financial		652		12,825
Clifton Bancorp		1,283		20,772
Dime Community Bancshares		2,608		52,942
†Essent Group		5,333		192,895
EverBank Financial		6,344		123,581
Federal Agricultural Mortgage Class C		554		31,894
First Defiance Financial		445		22,032
†Flagstar Bancorp		3,909		110,195
†HomeStreet		1,845		51,568
Kearny Financial		5,674		85,394
†LendingTree		300		37,605
Meridian Bancorp		3,189		58,359
Meta Financial Group		500		44,250
†MGIC Investment		3,265		33,074
New York Community Bancorp		10,582		147,831
†NMI Holdings Class A		3,651		41,621
Northfield Bancorp		3,246		58,493
Northwest Bancshares		6,875		115,775
OceanFirst Financial		1,991		56,096
†Ocwen Financial		7,897		43,197
Oritani Financial		3,138		53,346
†PennyMac Financial Services Class A		2,294		39,113
†PHH		3,946		50,233
Provident Financial Services		4,489		116,041
Radian Group		2,073		37,231
Territorial Bancorp		299		9,320
TFS Financial		6,896		114,612
TrustCo Bank		5,644		44,305
United Community Financial		2,433		20,291
United Financial Bancorp		2,907		49,448
†Walker & Dunlop		1,799		75,000
Washington Federal		3,292		108,965
Waterstone Financial		984		17,958
WSFS Financial		1,365		62,722

				2,624,771

Tobacco–0.58%
†Alliance One International		554		7,119
Altria Group		12,276		876,752
Philip Morris International		7,711		870,572
Reynolds American		6,693		421,793
Universal		1,313		92,895
Vector Group		3,878		80,662

				2,349,793


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Trading Companies & Distributors–0.81%
Air Lease		6,688	$	259,160
Applied Industrial Technologies		1,738		107,495
†Beacon Roofing Supply		3,948		194,084
†BMC Stock Holdings		2,911		65,789
†CAI International		1,223		19,250
†DXP Enterprises		1,012		38,324
Fastenal		3,457		178,035
GATX		1,878		114,483
H&E Equipment Services		3,129		76,723
†HD Supply Holdings		3,179		130,736
†Herc Holdings		1,944		95,042
Kaman		1,597		76,864
†MRC Global		5,251		96,251
MSC Industrial Direct		2,154		221,345
†NOW		6,473		109,782
†Rush Enterprises Class A		1,341		44,360
†Rush Enterprises Class B		547		17,055
Textainer Group Holdings		1,155		17,671
Triton International		3,138		80,929
†United Rentals		4,629		578,856
†Univar		5,583		171,175
†Veritiv		960		49,728
Watsco		956		136,880
†WESCO International		2,703		187,994
†Willis Lease Finance		616		13,768
WW Grainger		895		208,320

				3,290,099

Transportation Infrastructure–0.04%
Macquarie Infrastructure		1,943		156,567

				156,567

Water Utilities–0.14%
American States Water		1,932		85,588
American Water Works		1,905		148,152
Aqua America		4,903		157,631
California Water Service Group		2,214		79,372
Connecticut Water Service		380		20,197
Middlesex Water		539		19,916
SJW Group		1,042		50,245
York Water		500		17,525

				578,626

Wireless Telecommunication Services–0.24%
†Boingo Wireless		2,168		28,162
Shenandoah Telecommunications		3,487		97,810
Spok Holdings		803		15,257
†Sprint		22,111		191,923
Telephone & Data Systems		5,193		137,666
†T-Mobile U.S		7,475		482,810


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Wireless Telecommunication Services (continued)
†United States Cellular		894	$	33,373

				987,001

Total Common Stock (Cost $366,245,946)				403,700,534


	Principal Amount°

CORPORATE BOND–0.00%
Machinery–0.00%
Mueller Industries 6.00% 3/1/27		13,000		12,967

				12,967

Total Corporate Bond (Cost $13,000)				12,967

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Dimensional U.S. Core Equity 2 Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation––Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Futures contracts are valued at the daily quoted settlement prices. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

During the period ended March 31, 2017, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investment 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–90.21%
Argentina–0.07%
MercadoLibre		2,800	$	592,116

				592,116

Belgium–0.02%
Ion Beam Applications		2,700		147,734

				147,734

Canada–0.63%
Alamos Gold (New York Shares)		276,300		2,218,689
Crescent Point Energy		32,356		349,630
†Shopify Class A		200		13,642
Silver Wheaton		149,200		3,108,871

				5,690,832

China–0.58%
†Alibaba Group Holding ADR		2,800		301,924
†Baidu ADR		22,800		3,933,456
†Yum China Holdings		37,330		1,015,376

				5,250,756

Denmark–0.08%
AP Moller - Maersk Class B		453		751,579

				751,579

Finland–0.11%
Nokia		95,800		514,063
Nokia ADR		85,700		464,494

				978,557

France–4.28%
Accor		26,964		1,123,281
AXA		203,686		5,270,423
BNP Paribas		119,290		7,944,753
Cie de Saint-Gobain		95,520		4,904,992
Cie Generale des Etablissements Michelin		32,350		3,929,075
Credit Agricole		221,860		3,005,839
Sanofi		66,396		5,993,741
Societe Generale		12,400		629,007
TOTAL		70,150		3,548,350
Zodiac Aerospace		85,480		2,138,407

				38,487,868

Germany–3.88%
Bayer		43,560		5,021,063
Deutsche Lufthansa		254,850		4,132,485
Deutsche Telekom		28,600		501,135
HeidelbergCement		22,620		2,117,738
Infineon Technologies ADR		160,316		3,282,470
#†Innogy 144A		67,656		2,553,927
KUKA		2,500		269,634
LANXESS		91,310		6,126,084
Merck		39,030		4,446,853
METRO		17,651		564,526


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Germany (continued)
†QIAGEN		85,659	$	2,486,478
Siemens ADR		42,192		2,890,152
thyssenkrupp		20,400		499,672

				34,892,217

Hong Kong–1.99%
AIA Group		294,800		1,858,740
China Life Insurance		896,000		2,749,739
China Pacific Insurance Group		144,400		521,189
China Shenhua Energy		201,200		467,046
China Telecom		10,447,800		5,095,176
Jardine Strategic Holdings		7,571		317,982
Kunlun Energy		1,416,000		1,311,870
NetEase ADR		2,700		766,800
Sands China		73,700		341,401
Sinopharm Group		529,600		2,456,679
Tencent Holdings		69,000		1,978,151

				17,864,773

Ireland–0.58%
Adient		11,758		854,454
CRH		124,369		4,387,623

				5,242,077

Israel–0.81%
†Check Point Software Technologies		12,798		1,313,843
Teva Pharmaceutical Industries ADR		186,438		5,982,795

				7,296,638

Italy–0.80%
CNH Industrial		42,400		408,900
Enel		196,199		923,873
Eni		327,888		5,369,291
†Telecom Italia		532,232		478,643

				7,180,707

Japan–4.52%
†IHI		774,000		2,440,259
Inpex		245,500		2,413,543
Keyence		500		200,215
Konica Minolta		402,700		3,602,705
Nissan Motor		537,300		5,180,917
Omron		120,700		5,296,142
Panasonic		389,200		4,397,859
SoftBank Group		94,300		6,659,360
Start Today		20,000		442,468
Sumitomo Metal Mining		160,000		2,275,757
Suntory Beverage & Food		126,400		5,324,854
T&D Holdings		23,142		335,915
Toyota Motor ADR		19,181		2,083,440

				40,653,434

Netherlands–2.32%
Akzo Nobel		48,000		3,980,273


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Netherlands (continued)
†ASML Holding (New York Shares)		5,500	$	730,400
ING Groep		292,882		4,427,367
Koninklijke KPN		337,760		1,017,190
Koninklijke Philips		37,920		1,218,850
NN Group		92,160		2,997,172
Royal Dutch Shell Class B		236,790		6,480,848

				20,852,100

Norway–1.09%
†Subsea 7		184,640		2,855,768
Telenor		288,550		4,802,333
Yara International		54,820		2,110,770

				9,768,871

Portugal–0.40%
Galp Energia		238,290		3,616,105

				3,616,105

Republic of Korea–2.24%
Hana Financial Group		98,564		3,256,675
Hyundai Mobis		15,070		3,240,933
Hyundai Motor		2,100		295,761
KB Financial Group		17,683		774,807
Samsung Electronics		6,825		12,572,208

				20,140,384

Singapore–0.62%
Broadcom		8,200		1,795,472
DBS Group Holdings		134,605		1,866,774
Singapore Telecommunications		671,160		1,880,793

				5,543,039

South Africa–0.05%
Naspers Class N		2,700		465,890

				465,890

Spain–0.38%
Telefonica		303,840		3,398,571

				3,398,571

Sweden–0.17%
Getinge Class B		87,360		1,532,589

				1,532,589

Switzerland–2.50%
†ABB		141,170		3,302,164
Chubb		24,076		3,280,355
†LafargeHolcim		15,000		886,537
Novartis		29,960		2,223,857
Novartis ADR		23,040		1,711,181
Roche Holding		21,670		5,534,055
Roche Holding ADR		32,000		1,024,960
Syngenta		510		225,100


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Switzerland (continued)
UBS Group		270,670	$	4,331,693

				22,519,902

Taiwan–0.50%
Taiwan Semiconductor Manufacturing ADR		137,400		4,512,216

				4,512,216

Thailand–0.43%
Bangkok Bank NVDR		740,300		3,910,206

				3,910,206

United Kingdom–6.39%
†Atlassian		8,500		254,575
Aviva		386,490		2,576,121
BAE Systems		511,820		4,120,091
Barclays		1,851,100		5,220,616
BP		107,730		617,578
BP ADR		241,329		8,330,677
British American Tobacco		18,540		1,231,125
GlaxoSmithKline		220,530		4,585,232
HSBC Holdings		828,050		6,744,588
HSBC Holdings (London Shares)		51,440		419,500
Imperial Brands		14,300		692,830
Kingfisher		587,878		2,401,897
Petrofac		171,850		1,978,707
RELX		37,425		733,356
Royal Dutch Shell Class A		52,762		1,385,492
Royal Dutch Shell (London Shares) Class A		19,560		513,661
RSA Insurance Group		58,500		429,873
Sky		356,460		4,358,901
†Standard Chartered		482,532		4,612,826
Vodafone Group		309,760		807,632
Vodafone Group ADR		204,962		5,417,146

				57,432,424

United States–54.77%
†2U		9,400		372,804
Abbott Laboratories		86,040		3,821,036
AbbVie		27,900		1,817,964
Accenture Class A		49,900		5,982,012
Activision Blizzard		100		4,986
†Adobe Systems		13,600		1,769,768
Aflac		33,400		2,418,828
Air Products & Chemicals		47,000		6,358,630
†Alarm.com Holdings		5,600		172,144
Albemarle		95,990		10,140,384
†Align Technology		200		22,942
†Alleghany		300		184,398
Allegheny Technologies		98,770		1,773,909
Allergan		26,710		6,381,553
Ally Financial		15,200		309,016


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United States (continued)
†Alphabet Class A		13,860	$	11,750,508
†Alphabet Class C		1,600		1,327,296
Altria Group		9,540		681,347
†Amazon.com		6,300		5,585,202
American International Group		90,510		5,650,539
American Tower		7,900		960,166
Amgen		40,770		6,689,134
Amphenol Class A		13,500		960,795
Analog Devices		39,542		3,240,467
†ANSYS		5,400		577,098
Apache		57,702		2,965,306
Apple		72,340		10,392,364
Applied Materials		88,500		3,442,650
Archer-Daniels-Midland		75,700		3,485,228
†Arista Networks		200		26,454
†Array BioPharma		4,000		35,760
†Aspen Technology		13,800		813,096
†Autodesk		2,400		207,528
B/E Aerospace		6,700		429,537
Baker Hughes		49,180		2,941,948
Becton Dickinson & Co.		39,010		7,155,994
Bemis		19,100		933,226
†Biogen		2,700		738,234
†Bioverativ		1,400		76,244
†BlackLine		2,700		80,352
†Bluebird Bio		400		36,360
Boeing		3,300		583,638
Bunge		60,500		4,795,230
†Cadence Design Systems		2,400		75,360
Capital Bank Financial		12,100		525,140
Capital One Financial		79,865		6,921,101
Carlisle		42,030		4,472,412
Caterpillar		9,855		914,150
†Celgene		52,630		6,548,751
Charles Schwab		6,400		261,184
†Charter Communications Class A		2,941		962,648
Chevron		42,940		4,610,468
Cintas		23,200		2,935,728
Cisco Systems		26,340		890,292
CIT Group		16,670		715,643
Citigroup		149,580		8,947,876
Citizens Financial Group		39,510		1,365,071
Cognex		1,000		83,950
†Cognizant Technology Solutions Class A		15,100		898,752
†Coherent		1,000		205,640
Colgate-Palmolive		46,600		3,410,654
Comcast Class A		208,710		7,845,409
†CommerceHub Class A		8,020		124,150
†CommerceHub Class C		3,040		47,211
ConocoPhillips		97,550		4,864,819
†CONSOL Energy		20,300		340,634


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United States (continued)
Core Laboratories		1,800	$	207,936
†CoStar Group		600		124,332
†Coupa Software		700		17,780
CR Bard		4,100		1,019,014
CVS Health		41,511		3,258,613
Danaher		1,200		102,636
†Dell Technologies Class V		3,589		229,984
DENTSPLY SIRONA		17,300		1,080,212
Devon Energy		30,200		1,259,944
†DISH Network Class A		15,343		974,127
Donaldson		46,900		2,134,888
Dover		66,500		5,343,275
Eastman Chemical		34,820		2,813,456
Ecolab		23,800		2,983,092
†Edwards Lifesciences		10,800		1,015,956
†Electronic Arts		12,300		1,101,096
Eli Lilly & Co.		79,271		6,667,484
†Ellie Mae		3,500		350,945
EOG Resources		15,000		1,463,250
Equinix		5,500		2,202,035
Erie Indemnity Class A		10,700		1,312,890
Exxon Mobil		25,700		2,107,657
†Facebook Class A		30,400		4,318,320
FedEx		3,300		643,995
†Fiserv		8,100		934,011
Fortive		3,100		186,682
†Freeport-McMoRan		20,510		274,014
Gap		81,020		1,967,976
General Dynamics		29,300		5,484,960
General Motors		22,120		782,163
Gilead Sciences		70,450		4,784,964
Goldman Sachs Group		800		183,776
Hartford Financial Services Group		8,004		384,752
†Henry Schein		5,400		917,838
Hewlett Packard Enterprise		31,750		752,475
Honeywell International		56,200		7,017,694
†HubSpot		6,700		405,685
†IDEXX Laboratories		10,500		1,623,405
†Illumina		2,100		358,344
†Incyte		8,200		1,096,094
†Inphi		3,000		146,460
Intel		21,500		775,505
Intercontinental Exchange		20,600		1,233,322
International Paper		10,700		543,346
Intuit		6,600		765,534
†Intuitive Surgical		280		214,612
†Ionis Pharmaceuticals		18,820		756,564
†iRhythm Technologies		1,000		37,600
John Wiley & Sons Class A		43,700		2,351,060
Johnson & Johnson		49,900		6,215,045
Johnson Controls International		117,582		4,952,554
JPMorgan Chase & Co.		99,580		8,747,107


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United States (continued)
Kinder Morgan		47,390	$	1,030,259
KLA-Tencor		2,000		190,140
†KLX		3,200		143,040
†Knowles		163,530		3,098,893
Lam Research		9,500		1,219,420
Leggett & Platt		22,520		1,133,206
†Liberty Broadband Class A		8,300		706,247
†Liberty Broadband Class C		3,400		293,760
†Liberty Expedia Holdings Class A		6,080		276,518
†Liberty Ventures Class A		9,120		405,658
†MACOM Technology Solutions Holdings		6,800		328,440
Marathon Oil		42,903		677,867
MarketAxess Holdings		2,600		487,474
Mastercard Class A		27,500		3,092,925
Matthews International Class A		34,000		2,300,100
McCormick & Co Non-Voting Shares		23,900		2,331,445
McDonald’s		25,300		3,279,133
Medtronic		129,120		10,401,907
Merck & Co.		26,060		1,655,852
MetLife		14,210		750,572
Microsoft		323,830		21,327,444
Monolithic Power Systems		5,300		488,130
Monsanto		7,470		845,604
Moody’s		8,000		896,320
Morgan Stanley		48,870		2,093,591
MSCI		4,100		398,479
†MuleSoft Class A		1,900		46,227
†Netflix		5,300		783,393
†Neurocrine Biosciences		2,700		116,910
†Nevro		3,400		318,580
NIKE Class B		67,200		3,745,056
Nucor		25,300		1,510,916
NVIDIA		9,500		1,034,835
Occidental Petroleum		30,600		1,938,816
Oracle		199,610		8,904,602
Pentair		89,100		5,593,698
PepsiCo		43,960		4,917,366
Perrigo		28,900		1,918,671
Pfizer		108,840		3,723,416
Philip Morris International		3,040		343,216
Pioneer Natural Resources		1,400		260,722
PNC Financial Services Group		10,110		1,215,626
Praxair		57,400		6,807,640
†Priceline Group		850		1,512,975
Procter & Gamble		45,700		4,106,145
†PTC		1,000		52,550
†Q2 Holdings		800		27,880
Raytheon		6,700		1,021,750
†Regeneron Pharmaceuticals		2,800		1,085,028
Reynolds American		15,030		947,191
†Rite Aid		42,585		180,986


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United States (continued)
Rockwell Automation		700	$	108,997
Rockwell Collins		28,840		2,802,094
Roper Technologies		48,300		9,973,467
Ross Stores		63,500		4,182,745
†salesforce.com		23,000		1,897,270
†SBA Communications		8,200		987,034
Schlumberger		54,400		4,248,640
†ServiceNow		13,800		1,207,086
†Snap Class A		2,610		58,803
†Splunk		3,000		186,870
†Square Class A		3,000		51,840
Stanley Black & Decker		32,150		4,271,771
Stryker		72,468		9,540,412
Symantec		43,687		1,340,317
Target		51,100		2,820,209
†TESARO		5,500		846,285
†Tesla		600		166,980
Texas Instruments		78,250		6,303,820
Thermo Fisher Scientific		5,500		844,800
Tiffany & Co.		47,600		4,536,280
Time Warner		16,990		1,660,093
Twenty-First Century Fox Class A		123,030		3,984,942
†Twilio Class A		2,800		80,836
†Tyler Technologies		2,000		309,120
†Ultimate Software Group		4,400		858,924
United Parcel Service Class B		29,800		3,197,540
United Technologies		60,400		6,777,484
UnitedHealth Group		9,800		1,607,298
†Veeva Systems Class A		16,600		851,248
†Versum Materials		23,500		719,100
Visa Class A		32,110		2,853,616
Voya Financial		120,040		4,556,718
Walgreens Boots Alliance		106,010		8,804,131
Wal-Mart Stores		43,700		3,149,896
†Waters		2,700		422,037
Wells Fargo & Co.		25,110		1,397,623
West Pharmaceutical Services		36,600		2,986,926
Williams		22,838		675,776
†Workday Class A		5,500		458,040
WW Grainger		8,900		2,071,564
Xilinx		6,100		353,129
XL Group		28,600		1,139,996
Yum Brands		37,330		2,385,387
†Zendesk		8,200		229,928

				492,559,268

Total Common Stock (Cost $650,078,772)				811,280,853


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS–0.14%
Health Care Providers & Services–0.02%
Community Health Systems
6.875% 2/1/22		142,000	$	122,653
7.125% 7/15/20		93,000		85,560

				208,213

Pharmaceuticals–0.06%
Valeant Pharmaceuticals International
#144A 5.375% 3/15/20		15,000		13,481
#144A 5.625% 12/1/21		37,000		29,970
#144A 6.75% 8/15/21		55,000		47,713
#144A 7.25% 7/15/22		27,000		23,153
#VPI Escrow 144A 6.375% 10/15/20		343,000		312,130
#VPII Escrow 144A 7.50% 7/15/21		83,000		73,040

				499,487

Software–0.06%
Veritas US
#144A 7.50% 2/1/23		200,000		211,500
#144A 10.50% 2/1/24		280,000		297,500

				509,000

Total Corporate Bonds (Cost $1,093,285)				1,216,700

«LOAN AGREEMENT–0.02%
Veritas US Tranche B1, 1st Lien 6.772% 1/27/23		219,343		218,018

Total Loan Agreement (Cost $189,083)				218,018


	Number of Shares		Value (U.S. $)

PREFERRED STOCK–0.10%
Volkswagen 1.57%		6,300	$	918,067

Total Preferred Stock (Cost $691,703)				918,067


MONEY MARKET FUND–8.01%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		72,014,000		72,014,000

Total Money Market Fund (Cost $72,014,000)				72,014,000


	Principal Amount°
SHORT-TERM INVESTMENTS–0.87%
≠Discount Note–0.76%
Federal Home Loan Bank Discount Notes 0.45% 4/3/17		6,845,000		6,844,829

				6,844,829


≠U.S. Treasury Obligation–0.11%
U.S. Treasury Bill 0.617% 8/10/17		1,000,000		997,187

				997,187


Total Short Term Investments (Cost $7,842,582)				7,842,016

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2017:

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 notional values 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.

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Franklin Templeton Global Equity Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sales price on the valuation date. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. U.S. government securities are valued at the mean between the bid and ask prices, which approximates fair value. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between their bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement price. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANIES–100.16%
Equity Funds–36.40%
²Franklin Growth Fund		16,661	$	1,382,695
²† Franklin Strategic Series–Franklin Growth Opportunities Fund		20,195		736,309
✢Franklin Templeton Variable Insurance Products Trust– Franklin Rising Dividends VIP Fund		51,586		1,381,464
†Franklin Small Cap Value VIP Fund		67,877		1,347,352

				4,847,820

Fixed Income Funds–42.52%
^²Franklin Total Return Fund		187,927		1,832,288
†iShares Barclays TIPS Bond ETF		5,300		607,645
iShares Core U.S. Aggregate Bond ETF		29,715		3,223,780

				5,663,713

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Franklin Templeton Multi-Asset Opportunities Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies, including exchange-traded funds (“ETFs”), and mutual funds that are advised by unaffiliated managers (collectively, the “Underlying Funds”). ETFs, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (“NYSE”) on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Financial statements for the Underlying Funds can be found at www.sec.gov. Investments in money market funds have a stable NAV.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENT–9.28%
Equity Fund–9.28%
✢Franklin Templeton Variable Insurance Products Trust– Franklin Growth & Income VIP Fund		1,744,888	$	28,877,901

Total Affiliated Investment (Cost $26,027,610)				28,877,901


UNAFFILIATED INVESTMENTS–90.54%
Equity Funds–83.75%
✢Franklin Templeton Variable Insurance Products Trust–
Franklin Income VIP Fund		5,321,195		87,374,017
Franklin Rising Dividends VIP Fund		1,087,507		29,123,437
Mutual Shares VIP Fund		6,800,965		144,112,442

				260,609,896

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)– LVIP Franklin Templeton Value Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in other open-end investment companies, primarily series of The Franklin Templeton Variable Insurance Products Trust (collectively, the “Underlying Funds”). The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Financial statements for the Underlying Funds can be found at www.sec.gov. Futures contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, Lincoln Investment Advisors Corporation (LVIP Funds), or investments in issuers whereby a Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–91.70%
Equity Funds–25.10%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		3,723,057	$	54,099,745
LVIP SSGA Mid-Cap Index Fund		3,427,767		40,896,688
LVIP SSGA S&P 500 Index Fund		11,501,726		189,755,474
LVIP SSGA Small-Cap Index Fund		934,740		27,524,339
LVIP T. Rowe Price Growth Stock Fund		1,114,663		41,141,085

				353,417,331

Fixed Income Funds–55.72%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		4,005,014		40,871,171
LVIP Delaware Bond Fund		22,441,124		303,987,468
LVIP JPMorgan High Yield Fund		7,408,543		81,656,955
LVIP PIMCO Low Duration Bond Fund		6,732,555		67,891,082
LVIP SSGA Bond Index Fund		6,083,087		68,361,733
LVIP Western Asset Core Bond Fund		22,855,050		221,762,547

				784,530,956

International Equity Funds–8.93%
*Lincoln Variable Insurance Products Trust–
LVIP MFS International Growth Fund		1,896,222		28,012,883
LVIP Mondrian International Value Fund		2,532,347		41,902,746
LVIP SSGA Developed International 150 Fund		1,646,318		13,822,482
LVIP SSGA International Index Fund		4,785,353		41,900,555

				125,638,666

International Fixed Income Fund–1.95%
*Lincoln Variable Insurance Products Trust– †LVIP Global Income Fund		2,468,443		27,424,407

				27,424,407

Total Affiliated Investments (Cost $1,144,720,105)				1,291,011,360


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENTS–8.33%
Commodity Fund–0.97%
**PIMCO Variable Insurance Products Trust– PIMCO CommodityRealReturn Strategy Portfolio		1,953,681	$	13,656,227

				13,656,227

Equity Fund–1.94%
XFidelity^®Variable Life Insurance Products– Fidelity VIP Mid Cap Portfolio		792,987		27,270,833

				27,270,833

Fixed Income Fund–1.51%
^²American Funds^®– American Funds Mortgage Fund		2,109,511		21,306,062

				21,306,062

International Equity Fund–1.00%
iShares MSCI Emerging Markets ETF		357,681		14,089,055

				14,089,055

Money Market Fund–2.91%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		41,046,811		41,046,811

				41,046,811

Total Unaffiliated Investments (Cost $112,802,270)				117,368,988

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Global Conservative Allocation Managed Risk Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies, including in exchange-traded funds (“ETFs”), that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or unaffiliated managers (collectively, the “Underlying Funds”). ETFs, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (“NYSE”) on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Financial statements for the Underlying Funds can be found at www.sec.gov. Investments in government money market funds have a stable NAV.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds or ETFs). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–90.09%
Equity Funds–39.11%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		29,083,668	$	422,614,783
LVIP SSGA Mid-Cap Index Fund		42,832,566		511,035,344
LVIP SSGA S&P 500 Index Fund		118,051,735		1,947,617,522
LVIP SSGA Small-Cap Index Fund		8,760,117		257,950,419
LVIP T. Rowe Price Growth Stock Fund		6,963,746		257,024,908
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		3,699,333		85,439,805

				3,481,682,781

Fixed Income Funds–27.59%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		16,681,637		170,236,101
LVIP Delaware Bond Fund		69,829,353		945,908,418
LVIP JPMorgan High Yield Fund		23,145,376		255,108,338
LVIP PIMCO Low Duration Bond Fund		33,650,650		339,333,156
LVIP SSGA Bond Index Fund		22,803,800		256,269,102
LVIP Western Asset Core Bond Fund		50,376,613		488,804,277

				2,455,659,392

International Equity Funds–21.46%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		18,810,852		171,893,569
LVIP MFS International Growth Fund		17,767,782		262,483,438
LVIP Mondrian International Value Fund		15,819,750		261,769,410
LVIP SSGA Developed International 150 Fund		30,855,460		259,062,443
LVIP SSGA Emerging Markets 100 Fund		18,514,240		169,423,806
LVIP SSGA International Index Fund		89,700,399		785,416,692

				1,910,049,358


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS (continued)
International Fixed Income Fund–1.93%
*Lincoln Variable Insurance Products Trust– †LVIP Global Income Fund		15,422,274	$	171,341,459

				171,341,459

Total Affiliated Investments (Cost $6,858,786,342)				8,018,732,990

UNAFFILIATED INVESTMENTS–9.91%
Commodity Fund–0.96%
**PIMCO Variable Insurance Products Trust– PIMCO CommodityRealReturn Strategy Portfolio		12,207,777		85,332,359

				85,332,359

Equity Fund–1.91%
XFidelity^®Variable Life Insurance Products– Fidelity VIP Mid Cap Portfolio		4,954,362		170,380,508

				170,380,508

Fixed Income Fund–0.20%
²American Funds^®– American Funds Mortgage Fund		1,723,439		17,406,736

				17,406,736

International Equity Fund–2.96%
iShares MSCI Emerging Markets ETF		6,701,236		263,961,686

				263,961,686

Money Market Fund–3.88%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		345,173,052		345,173,052

				345,173,052

Total Unaffiliated Investments (Cost $874,866,691)				882,254,341

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Global Growth Allocation Managed Risk Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds or ETFs). Affilated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–90.03%
Equity Funds–35.33%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		23,446,181	$	340,696,455
LVIP SSGA Mid-Cap Index Fund		23,025,740		274,720,108
LVIP SSGA S&P 500 Index Fund		78,639,093		1,297,387,756
LVIP SSGA Small-Cap Index Fund		7,063,748		207,999,126
LVIP T. Rowe Price Growth Stock Fund		7,487,204		276,345,200
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		5,966,069		137,792,328

				2,534,940,973

Fixed Income Funds–37.13%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		20,177,409		205,910,458
LVIP Delaware Bond Fund		66,486,903		900,631,583
LVIP JPMorgan High Yield Fund		18,663,460		205,708,653
LVIP PIMCO Low Duration Bond Fund		33,918,851		342,037,694
LVIP SSGA Bond Index Fund		36,776,406		413,293,252
LVIP Western Asset Core Bond Fund		61,425,364		596,010,310

				2,663,591,950

International Equity Funds–15.64%
*Lincoln Variable Insurance Products Trust–
LVIP MFS International Growth Fund		23,879,004		352,764,519
LVIP Mondrian International Value Fund		12,756,349		211,079,300
LVIP SSGA Developed International 150 Fund		24,880,327		208,895,230
LVIP SSGA Emerging Markets 100 Fund		7,463,662		68,299,971
LVIP SSGA International Index Fund		32,140,501		281,422,228

				1,122,461,248


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS (continued)
International Fixed Income Fund–1.93%
*Lincoln Variable Insurance Products Trust– †LVIP Global Income Fund		12,435,971	$	138,163,638

				138,163,638

Total Affiliated Investments (Cost $5,546,691,746)				6,459,157,809


UNAFFILIATED INVESTMENTS–10.00%
Commodity Fund–0.96%
**PIMCO Variable Insurance Products Trust– PIMCO CommodityRealReturn Strategy Portfolio		9,843,653		68,807,132

				68,807,132

Equity Fund–1.92%
XFidelity^®Variable Life Insurance Products– Fidelity VIP Mid Cap Portfolio		3,999,195		137,532,304

				137,532,304

Fixed Income Fund–0.26%
^²American Funds^®– American Funds Mortgage Fund		1,855,926		18,744,855

				18,744,855

International Equity Fund–2.96%
iShares MSCI Emerging Markets ETF		5,403,298		212,835,908

				212,835,908

Money Market Fund–3.90%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		279,604,055		279,604,055

				279,604,055

Total Unaffiliated Investments (Cost $720,109,058)				717,524,254

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Global Moderate Allocation Managed Risk Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds or ETF’s). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.67%
Freddie Mac Structured Agency Credit Risk Debt Notes
•Series 2014-DN1 M2 3.182% 2/25/24		250,000	$	257,125
•Series 2014-DN3 M3 4.982% 8/25/24		250,000		267,070
•Series 2015-DN1 M3 5.132% 1/25/25		600,000		639,843
•Series 2015-DNA2 M2 3.582% 12/25/27		801,258		820,720
•Series 2015-DNA2 M3 4.882% 12/25/27		250,000		271,708
•Series 2015-DNA3 M2 3.832% 4/25/28		845,579		877,249
•Series 2015-HQ1 M3 4.782% 3/25/25		610,000		656,128
•Series 2015-HQA1 M2 3.632% 3/25/28		1,123,396		1,151,128
•Series 2015-HQA2 M2 3.782% 5/25/28		855,667		882,178
•Series 2016-HQA1 M2 3.732% 9/25/28		500,000		520,195
•Series 2016-HQA2 M2 3.232% 11/25/28		275,000		283,627
•Series 2016-HQA3 M2 2.332% 3/25/29		250,000		251,706

Total Agency Collateralized Mortgage Obligations (Cost $6,775,977)				6,878,677


AGENCY MORTGAGE-BACKED SECURITIES–0.37%
Fannie Mae ARM
•2.25% 4/1/38		17,927		19,132
•2.541% 4/1/38		160,695		168,149
•2.551% 9/1/34		119,731		126,625
•2.59% 10/1/37		27,882		29,145
•2.625% 10/1/32		61,743		65,166
•2.705% 9/1/33		103,905		109,997
•2.72% 6/1/35		663,410		699,503
•2.776% 7/1/34		36,802		38,608
•2.787% 11/1/34		37,462		38,986
•2.789% 4/1/34		151,713		160,265
•2.794% 11/1/37		50,092		52,558
•2.805% 10/1/35		289,936		300,948
•2.834% 9/1/33		157,853		165,679
•2.963% 5/1/36		9,903		10,463
•3.049% 5/1/38		108,892		116,039
•3.074% 6/1/36		39,786		42,388
•3.149% 8/1/36		43,560		46,515
•3.275% 2/1/35		17,746		18,684
•3.398% 1/1/37		7,381		7,801
•3.468% 1/1/37		115,427		122,446
•3.495% 3/1/35		60,212		63,900


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac ARM
•2.75% 10/1/34		27,850	$	29,456
•2.785% 1/1/35		146,085		154,510
•2.831% 1/1/36		26,450		27,524
•2.921% 1/1/35		156,371		165,252
•2.946% 11/1/33		16,091		17,060
•2.949% 8/1/31		26,060		27,509
•2.95% 7/1/36		69,137		71,640
•2.972% 3/1/34		17,137		18,057
•3.037% 4/1/30		57,521		60,121
•3.049% 5/1/38		308,514		326,654
•3.136% 4/1/38		354,002		375,848
•3.313% 5/1/38		70,850		74,940
•3.575% 11/1/36		20,533		22,104

Total Agency Mortgage-Backed Securities (Cost $3,714,822)				3,773,672


DCORPORATE BONDS–6.33%
Australia–0.27%
#BlueScope Steel Finance 144A 6.50% 5/15/21		200,000		210,500
National Australia Bank 1.875% 7/23/18		600,000		602,285
Westpac Banking
#144A 2.10% 2/25/21		1,500,000		1,488,630
#144A 2.25% 11/9/20		500,000		500,571

				2,801,986

Canada–0.15%
Canadian Natural Resources 1.75% 1/15/18		500,000		499,991
CNOOC Nexen Finance 2014 1.625% 4/30/17		300,000		300,072
Royal Bank of Canada 2.10% 10/14/20		500,000		498,318
#Valeant Pharmaceuticals International 144A 5.375% 3/15/20		250,000		224,688

				1,523,069

Cayman Islands–0.14%
Alibaba Group Holding 2.50% 11/28/19		600,000		603,282
#Hutchison Whampoa International 14 144A 1.625% 10/31/17		500,000		499,838
#Park Aerospace Holdings 144A 5.25% 8/15/22		200,000		208,750
#•Seven & Seven 144A 2.43% 9/11/19		150,000		149,020

				1,460,890


		Principal Amount°		Value (U.S. $)

DCORPORATE BONDS (continued)
China–0.16%
#Export-Import Bank of China 144A 2.50% 7/31/19			1,000,000	$	1,008,867
Industrial & Commercial Bank of China 3.231% 11/13/19			600,000		612,247

					1,621,114


France–0.11%
#Electricite de France 144A 2.15% 1/22/19			1,000,000		1,001,413
Veolia Environnement 4.625% 3/30/27	EUR		100,000		139,159

					1,140,572


Germany–0.12%
•Deutsche Bank 2.362% 8/20/20			600,000		603,293
#Norddeutsche Landesbank Girozentrale 144A 2.00% 2/5/19			600,000		602,380

					1,205,673


Italy–0.29%
Banca Monte dei Paschi di Siena 2.875% 4/16/21	EUR		600,000		685,753
Intesa Sanpaolo
•0.70% 5/18/17	EUR		200,000		213,391
3.875% 1/16/18			700,000		709,579
3.875% 1/15/19			500,000		512,079
•UniCredit 0.629% 4/10/17	EUR		300,000		320,080
Unione di Banche Italiane 2.875% 2/18/19	EUR		500,000		560,363

					3,001,245


Luxembourg–0.06%
Actavis Funding 2.35% 3/12/18			600,000		602,755

					602,755


Mexico–0.04%
Coca-Cola Femsa 2.375% 11/26/18			400,000		402,629

					402,629


Netherlands–0.05%
#•ING Bank 144A 1.838% 10/1/19			500,000		501,676

					501,676


Portugal–0.02%
Banco Comercial Portugues 4.75% 6/22/17	EUR		200,000		215,573

					215,573


Republic of Korea–0.03%
#Woori Bank 144A 4.75% 4/30/24			350,000		362,066

					362,066


		Principal Amount°		Value (U.S. $)

DCORPORATE BONDS (continued)
South Africa–0.00%
#¥K2016470219 South Africa 144A PIK 3.00% 12/31/22	ZAR		90,921	$	11,670

					11,670


Spain–0.04%
Banco Popular Espanol 1.00% 3/3/22	EUR		400,000		437,928

					437,928


Switzerland–0.06%
•Credit Suisse New York 1.542% 5/26/17			600,000		600,403

					600,403


United Kingdom–0.35%
Delphi Automotive 3.15% 11/19/20			800,000		816,826
Ensco 4.70% 3/15/21			350,000		344,750
HSBC Holdings 3.40% 3/8/21			200,000		204,657
#Imperial Brands Finance 144A 2.95% 7/21/20			600,000		608,123
#Petrofac 144A 3.40% 10/10/18			600,000		605,912
#Sinopec Group Overseas Development 2015 144A 2.50% 4/28/20			700,000		697,361
#State Grid Overseas Investment 2014 144A 2.75% 5/7/19			300,000		303,809

					3,581,438


United States–4.44%
AbbVie 1.80% 5/14/18			800,000		801,119
American Tower
3.30% 2/15/21			500,000		507,467
3.40% 2/15/19			300,000		306,844
•Amgen 1.65% 5/22/19			1,000,000		1,008,262
Anheuser-Busch InBev Finance 2.65% 2/1/21			600,000		605,047
•Apple 1.873% 2/22/19			400,000		406,173
AT&T 2.45% 6/30/20			700,000		700,491
Bank of America
•2.063% 1/15/19			1,000,000		1,012,385
2.65% 4/1/19			700,000		709,323
•Bank of New York Mellon 1.912% 8/17/20			500,000		509,252
Beazer Homes USA 5.75% 6/15/19			3,000,000		3,150,000
Becton Dickinson 2.675% 12/15/19			523,000		530,793
#California Resources 144A 8.00% 12/15/22			73,000		59,586
Capital One Bank USA 2.30% 6/5/19			800,000		802,096
CIT Group 5.00% 8/15/22			100,000		104,937


	Principal Amount°		Value (U.S. $)

DCORPORATE BONDS (continued)
United States (continued)
Citigroup
•1.779% 4/8/19		200,000	$	201,060
2.40% 2/18/20		800,000		803,352
CNH Industrial Capital 3.875% 10/15/21		200,000		200,602
#Diamond 1 Finance 144A 3.48% 6/1/19		400,000		410,097
Dollar General 1.875% 4/15/18		500,000		500,594
Dominion Resources 2.50% 12/1/19		500,000		505,993
Enable Midstream Partners 2.40% 5/15/19		400,000		396,571
Energy Transfer Partners 4.15% 10/1/20		100,000		103,921
EnLink Midstream Partners 2.70% 4/1/19		100,000		100,276
Enterprise Products Operating 2.55% 10/15/19		200,000		201,807
Fiserv 2.70% 6/1/20		600,000		607,235
Ford Motor Credit 3.157% 8/4/20		1,200,000		1,220,540
•Goldman Sachs Group 2.331% 9/15/20		1,600,000		1,623,958
HCA 5.875% 5/1/23		100,000		108,250
•Hewlett Packard Enterprise 3.08% 10/5/18		600,000		612,388
HSBC USA 2.00% 8/7/18		600,000		601,058
#Jackson National Life Global Funding 144A 2.25% 4/29/21		500,000		493,695
JPMorgan Chase & Co.
1.85% 3/22/19		500,000		500,273
2.20% 10/22/19		1,000,000		1,005,223
2.40% 6/7/21		200,000		199,087
Juniper Networks 3.125% 2/26/19		500,000		509,627
KB Home 4.75% 5/15/19		200,000		206,500
Kinder Morgan 3.05% 12/1/19		700,000		712,225
Kinder Morgan Energy Partners 6.85% 2/15/20		800,000		890,890
#Kinder Morgan Finance 144A 6.00% 1/15/18		300,000		309,431
Kraft Heinz Foods
2.00% 7/2/18		500,000		501,396
2.25% 6/5/17		300,000		300,512
Kroger 2.60% 2/1/21		800,000		800,344
Lockheed Martin 1.85% 11/23/18		300,000		300,952
Marriott International 2.875% 3/1/21		800,000		809,572
Maxim Integrated Products 2.50% 11/15/18		1,000,000		1,008,569


	Principal Amount°		Value (U.S. $)

DCORPORATE BONDS (continued)
United States (continued)
Metropolitan Life Global Funding I
#144A 1.30% 4/10/17		1,000,000	$	1,000,020
#144A 3.875% 4/11/22		300,000		317,070
Morgan Stanley
•1.893% 1/24/19		500,000		504,025
•2.177% 1/27/20		800,000		814,150
Navient
5.50% 1/15/19		200,000		207,700
6.625% 7/26/21		100,000		103,750
#NBCUniversal Enterprise 144A 1.974% 4/15/19		1,000,000		1,002,559
#New York Life Global Funding 144A 2.10% 1/2/19		1,000,000		1,006,167
Pactiv 8.125% 6/15/17		1,000,000		1,013,750
#Pricoa Global Funding I 144A 2.55% 11/24/20		400,000		401,942
Procter & Gamble 1.70% 11/3/21		200,000		196,378
Prologis 2.75% 2/15/19		300,000		304,201
#Protective Life Global Funding 144A 1.722% 4/15/19		300,000		296,867
•Prudential Financial 1.819% 8/15/18		600,000		603,790
PSEG Power 3.00% 6/15/21		500,000		504,430
Regions Financial 2.00% 5/15/18		500,000		499,884
Reynolds American 2.30% 6/12/18		500,000		503,150
Sabine Pass Liquefaction 5.625% 2/1/21		300,000		323,500
Sanchez Energy 7.75% 6/15/21		150,000		148,875
Sempra Energy 2.85% 11/15/20		700,000		708,675
Southern 2.35% 7/1/21		400,000		393,143
#Sprint Communications 144A 9.00% 11/15/18		100,000		109,125
#Sprint Spectrum 144A 3.36% 9/20/21		200,000		200,000
Tenet Healthcare
5.50% 3/1/19		300,000		305,250
#144A 7.50% 1/1/22		100,000		108,250
#TIAA Asset Management Finance 144A 2.95% 11/1/19		300,000		305,126
Time Warner 2.10% 6/1/19		500,000		501,062
Toys R Us 7.375% 10/15/18		475,000		450,063
TransDigm 6.00% 7/15/22		300,000		304,680
United Technologies 4.50% 4/15/20		500,000		538,614
Verizon Communications 2.625% 2/21/20		1,000,000		1,013,109
Viacom 2.75% 12/15/19		600,000		604,763
Walgreens Boots Alliance 1.75% 11/17/17		600,000		600,633


	Principal Amount°		Value (U.S. $)

DCORPORATE BONDS (continued)
United States (continued)
Wells Fargo
•1.921% 7/22/20		1,100,000	$	1,110,249
2.50% 3/4/21		200,000		199,538
Zimmer Biomet Holdings 2.70% 4/1/20		700,000		705,440

				45,869,701

Total Corporate Bonds (Cost $65,294,769)				65,340,388


MUNICIPAL BONDS–0.07%
Commonwealth of Pennsylvania Series 5.00% 1/15/20		400,000		438,400
State of Texas Series A 5.00% 4/1/21		180,000		204,979
•University of California Series Y-2 1.483% 7/1/41		40,000		40,002

Total Municipal Bonds (Cost $679,283)				683,381


NON-AGENCY ASSET-BACKED SECURITIES–1.60%
•American Express Credit Account Master Trust Series 2008-2 A 2.172% 9/15/20		300,000		303,091
#•American Homes 4 Rent Series 2014-SFR1 A 144A 1.943% 6/17/31		299,506		299,599
#•ARES IIIR/IVR CLO Series 2007-3RA B 144A 1.393% 4/16/21		1,000,000		994,502
#•Carlyle Global Market Strategies CLO Series 2014-4A A1R 144A 2.223% 10/15/26		820,000		820,349
#•Carlyle US CLO Series 2017-1A A1A 144A 2.458% 4/20/31		800,000		802,898
#•Catamaran CLO Series 2014-2A BR 144A 3.974% 10/18/26		606,600		609,643
#•Cent CDO 15 Series 2007-15A A2B 144A 1.46% 3/11/21		1,000,000		970,988
#•Centerline REIT Series 2004-RR3 A2 144A 5.544% 9/21/45		190,295		190,428
•Chase Issuance Trust Series 2014-A5 A5 1.282% 4/15/21		750,000		753,296
Colony American Homes
#•Series 2014-1A A 144A 2.093% 5/17/31		265,971		266,190
#•Series 2014-1A C 144A 2.793% 5/17/31		100,000		100,000
•Conseco Financial Series 1997-3 A7 7.64% 3/15/28		89,033		91,379


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
Discover Card Execution Note Trust
•Series 2012-A4 A4 1.282% 11/15/19		1,000,000	$	1,000,363
•Series 2013-A6 A6 1.362% 4/15/21		580,000		582,864
•Series 2014-A1 A1 1.342% 7/15/21		800,000		804,256
#•Dryden 34 Senior Loan Fund Series 2014-34A AR 144A 2.318% 10/15/26		800,000		802,898
#•Dryden 38 Senior Loan Fund Series 2015-38A A 144A 2.453% 7/15/27		542,857		544,448
Invitation Homes Trust
#•Series 2014-SFR1 B 144A 2.443% 6/17/31		56,382		56,397
#•Series 2014-SFR2 A 144A 2.013% 9/17/31		393,915		394,285
#•Series 2014-SFR2 B 144A 2.543% 9/17/31		740,000		740,736
#•Series 2015-SFR1 A 144A 2.393% 3/17/32		210,843		212,026
#•Series 2015-SFR2 A 144A 2.293% 6/17/32		322,515		323,316
•Madison Avenue Manufactured Housing Contract Trust Series 2002-A B1 4.232% 3/25/32		144,142		145,515
#•Octagon Investment Partners 24 Series 2015-1A A1 144A 2.502% 5/21/27		170,000		169,965
•◆Park Place Securities Asset-Backed Pass Through Certificates Series 2004-WHQ2 M2 1.927% 2/25/35		16,084		16,108
•RAAC Trust Series 2004-SP1 AII 1.682% 3/25/34		248,143		235,074
Silver Bay Realty Trust
#•Series 2014-1 A 144A 1.913% 9/17/31		119,610		119,685
#•Series 2014-1 B 144A 2.393% 9/17/31		100,000		99,281
#•SWAY Residential Trust Series 2014-1 A 144A 2.243% 1/17/32		591,427		592,718
Towd Point Mortgage Trust
#•Series 2015-3 A1B 144A 3.00% 3/25/54		168,774		169,931
#•Series 2016-1 A1 144A 3.50% 2/25/55		647,076		658,260
#•Series 2016-5 A1 144A 2.50% 10/25/56		430,170		427,175


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
Towd Point Mortgage Trust (continued)
#•Series 2017-1 A1 144A 2.75% 10/25/56		404,017	$	403,637
#•Tricon American Homes Trust Series 2015-SFR1 A 144A 2.193% 5/17/32		676,716		675,690
West CLO
#•Series 2014-1A A2 144A 3.124% 7/18/26		310,000		309,705
#•Series 2014-1A B 144A 3.874% 7/18/26		830,000		828,112

Total Non-Agency Asset-Backed Securities (Cost $16,480,008)				16,514,808


NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.93%
•Bear Stearns Alternative A Trust Series 2004-10 1A3 1.982% 9/25/34		141,808		140,727
CHL Mortgage Pass Through Trust
•◆Series 2004-6 1A1 3.051% 5/25/34		277,160		275,128
•◆Series 2004-11 2A1 2.658% 7/25/34		96,409		96,269
•Credit Suisse First Boston Mortgage Securities Series 2003-AR9 3M1 2.482% 3/25/33		37,713		37,337
#•CSMC Trust Series 2014-IVR3 A1 144A 3.50% 7/25/44		151,816		152,540
Fannie Mae Connecticut Avenue Securities
•Series 2014-C02 2M1 1.932% 5/25/24		28,379		28,405
•Series 2014-C03 1M2 3.982% 7/25/24		761,000		784,953
•Series 2014-C04 1M2 5.882% 11/25/24		49,000		54,974
•Series 2014-C04 2M2 5.982% 11/25/24		243,941		269,511
•Series 2015-C01 1M2 5.282% 2/25/25		171,854		182,398
•Series 2015-C01 2M2 5.532% 2/25/25		700,788		745,564
•Series 2015-C02 1M2 4.982% 5/25/25		196,550		206,892
•Series 2015-C02 2M2 4.982% 5/25/25		358,951		377,332
•Series 2015-C03 2M2 5.982% 7/25/25		400,000		437,788
•Series 2017-C01 1M2 4.532% 7/25/29		465,000		470,625
•First Horizon Alternative Mortgage Securities Trust Series 2004-AA5 2A1 2.675% 12/25/34		210,215		203,332


	Principal Amount°		Value (U.S. $)

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
•HarborView Mortgage Loan Trust Series 2004-1 3A 2.825% 4/19/34		233,421	$	239,863
•Impac Secured Assets CMN Owner Trust Series 2004-4 M1 1.747% 2/25/35		100,000		98,238
•IndyMac INDX Mortgage Loan Trust Series 2005-AR1 1A1 3.242% 3/25/35		366,308		355,376
•JPMorgan Mortgage Trust Series 2004-A1 5A1 3.393% 2/25/34		350,754		347,146
•Merrill Lynch Mortgage Investors Trust Series 2003-A 1A 1.722% 3/25/28		53,915		51,072
Morgan Stanley Mortgage Loan Trust
•Series 2004-8AR 4A2 3.211% 10/25/34		308,220		308,471
•Series 2004-10AR 2A2 3.317% 11/25/34		262,453		265,597
•New York Mortgage Trust Series 2005-3 M1 1.657% 2/25/36		32,876		29,111
•Sequoia Mortgage Trust Series 2004-10 A2 1.618% 11/20/34		390,624		360,762
•Structured ARM Loan Trust Series 2004-12 3A1 3.321% 9/25/34		340,234		337,762
Structured Asset Mortgage Investments Trust
•Series 2003-AR1 A1 1.718% 10/19/33		399,071		371,809
•Series 2003-AR2 A1 1.718% 12/19/33		89,210		85,609
Structured Asset Mortgage Investments II Trust
•Series 2003-AR4 A1 1.678% 1/19/34		311,838		300,658
•Series 2004-AR6 A1A 1.678% 2/19/35		359,641		334,048
•Thornburg Mortgage Securities Trust Series 2003-4 A1 1.622% 9/25/43		273,234		262,630
WaMu Mortgage Pass Through Certificates Trust
•◆Series 2005-AR8 2AB2 1.402% 7/25/45		139,976		133,068
•◆Series 2005-AR19 A1A1 1.252% 12/25/45		372,545		353,573
Wells Fargo Mortgage-Backed Securities Trust
•Series 2003-L 1A2 2.886% 11/25/33		292,818		293,501
•Series 2003-O 1A2 2.889% 1/25/34		90,817		92,630


	Principal Amount°		Value (U.S. $)

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Wells Fargo Mortgage-Backed Securities Trust (continued)
•Series 2004-X 1A1 3.038% 11/25/34		134,991	$	135,071
•Series 2005-AR9 2A2 3.069% 10/25/33		371,520		367,030

Total Non-Agency Collateralized Mortgage Obligations (Cost $9,587,681)				9,586,800


NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–0.52%
Bank of America Commercial Mortgage Trust
•Series 2006-1 D 5.626% 9/10/45		170,000		169,723
•Series 2006-4 AJ 5.695% 7/10/46		149,993		149,700
Bear Stearns Commercial Mortgage Securities Trust
•Series 2006-PW13 AJ 5.611% 9/11/41		29,641		29,614
•Series 2007-PW16 AM 5.768% 6/11/40		378,404		379,202
•CD Commercial Mortgage Trust Series 2005-CD1 E 5.256% 7/15/44		192,026		191,739
•Citigroup Commercial Mortgage Trust Series 2015-GC27 XA 1.43% 2/10/48		1,966,665		164,090
•COBALT Commercial Mortgage Trust Series 2007-C2 AMFX 5.526% 4/15/47		730,000		733,723
Commercial Mortgage Trust
•Series 2006-GG7 AJ 5.728% 7/10/38		351,000		294,822
•Series 2006-GG7 AM 5.728% 7/10/38		110,247		110,192
•Csail Commercial Mortgage Trust Series 2015-C2 XA 0.875% 6/15/57		6,852,671		337,739
•GE Commercial Mortgage Series 2007-C1 AM 5.606% 12/10/49		150,000		149,123
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2004-LN2 A2 5.115% 7/15/41		10,952		10,933
•Series 2005-LDP5 F 5.699% 12/15/44		572,388		570,934
•Merrill Lynch Mortgage Trust Series 2005-CKI1 D 5.331% 11/12/37		52,903		52,840


	Principal Amount°		Value (U.S. $)

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital I Trust
•Series 2007-IQ16 AM 6.068% 12/12/49		500,000	$	509,990
•Series 2007-IQ16 AMA 6.064% 12/12/49		700,000		715,255
Multi Security Asset Trust Commercial Mortgage-Backed Securities Pass-Through
#•◆Series 2005-RR4A J 144A 5.88% 11/28/35		420,000		416,791
#•◆Series 2005-RR4A K 144A 5.88% 11/28/35		260,000		264,927
Resource Capital
#•Series 2014-CRE2 A 144A 1.993% 4/15/32		79,539		79,512
#•Series 2015-CRE4 A 144A 2.343% 8/15/32		42,031		41,859

Total Non-Agency Commercial Mortgage-Backed Securities (Cost $5,655,608)				5,372,708


«LOAN AGREEMENTS–0.83%
Air Canada Tranche B 1st Lien 3.755% 10/6/23		6,423		6,471
Allison Transmission Tranche B 1st Lien 2.00% 9/23/22		115,360		116,530
Altice US Finance I 1st Lien 3.781% 1/25/25		24,928		24,944
AMC Entertainment Holdings 1st Lien
3.285% 12/15/23		9,719		9,818
3.733% 12/15/22		15,167		15,320
Appvion Tranche B 1st Lien 7.75% 6/28/19		149,211		145,388
Aramark Services Tranche A 1st Lien 1.75% 3/28/22		20,948		21,052
Aristocrat International Tranche B 1st Lien 3.50% 10/20/21		16,621		16,742
Ascena Retail Group 1st Lien 5.50% 8/21/22		340,921		307,681
Avis Budget Car Rental Tranche B 1st Lien 3.25% 3/15/22		38,989		39,121
Bowie Resource Holdings Tranche B 1st Lien 6.75% 8/12/20		160,312		156,237
Calpine Construction Finance 3.03% 5/3/20		200,000		200,281
Caraustar Industries 1st Lien 6.647% 3/9/22		36,059		36,459
Carestream Health 1st Lien 5.147% 6/7/19		66,912		64,787
Chemours Tranche B 1st Lien 6.00% 5/12/22		108,178		108,888
Ciena Tranche B 1st Lien 3.478% 7/15/19		24,846		25,094


	Principal Amount°		Value (U.S. $)

«LOAN AGREEMENTS (continued)
Consolidated Communications Tranche B 1st Lien 4.00% 10/5/23		24,163	$	24,316
CSC Holdings 1st Lien 3.943% 10/11/24		83,040		83,014
Cyanco Intermediate 1st Lien 5.50% 4/29/20		56,195		56,547
Dell International Tranche A3 1st Lien 2.99% 12/31/18		104,098		104,293
Dollar Tree Tranche A 1st Lien 2.75% 7/6/20		70,491		70,623
EFS Cogen Holdings I Tranche B 1st Lien 4.65% 6/28/23		16,199		16,377
Endo Luxembourg Finance I Tranche B 1st Lien 4.00% 9/25/22		268,884		268,995
Energy Transfer Equity 1st Lien 2.75% 2/2/24		200,000		199,844
Evergreen Acqco 1 Tranche C 1st Lien 5.00% 10/3/19		184,524		163,535
FGI Operating Tranche B 1st Lien 5.50% 4/19/19		911,591		890,323
Fieldwood Energy 1st Lien 3.875% 9/28/18		582,393		560,553
First Eagle Holdings Tranche B 1st Lien 5.147% 12/1/22		29,862		29,993
FMG Resources August 2006 Pty 1st Lien 3.75% 6/30/19		201,348		202,827
Global Payments 1st Lien 3.198% 10/31/21		138,795		139,142
Global Telecommunciations Link Tranche B 1st Lien 5.00% 5/21/20		26,655		26,652
Goodyear Tire & Rubber 2nd Lien 2.86% 4/30/19		17,839		17,979
Gray Television Tranche B 1st Lien 2.50% 2/7/24		181,364		182,800
Greektown Holdings Tranche B 1st Lien 3.75% 3/21/24		25,935		25,976
Harsco 1st Lien 6.00% 11/2/23		29,086		29,558
Huntsman International Tranche B-Ext 1st Lien 3.982% 4/19/19		49,074		49,380
JBS USA LUX Tranche B 1st Lien 3.289% 10/30/22		21,300		21,409
KAR Auction Services Tranche B3 1st Lien 4.50% 3/9/23		60,838		61,611
Leidos Innovations Tranche B 1st Lien 3.25% 8/16/23		22,692		22,930
Lions Gate Entertainment 1st Lien 3.482% 12/8/21		66,426		66,924
Live Nation Entertainment 1st Lien 3.50% 10/27/23		9,671		9,780
MACOM Technology Solutions Holdings Tranche B 1st Lien 3.858% 5/8/21		100,227		101,887


	Principal Amount°		Value (U.S. $)

«LOAN AGREEMENTS (continued)
McDermott Finance 8.397% 4/16/19		12,562	$	12,774
MKS Instruments Tranche B 1st Lien 3.732% 4/29/23		40,840		41,364
Navios Maritime Midstream Partners Tranche B 1st Lien 5.66% 6/18/20		133,317		132,984
Navistar Tranche B 1st Lien 5.00% 8/7/20		134,200		135,906
NRG Energy Tranche B 1st Lien 3.232% 6/30/23		119,100		119,750
OCI Beaumont Tranche B3 1st Lien 8.025% 8/20/19		357,554		367,387
ON Semiconductor Tranche B 1st Lien 4.232% 3/31/23		290,330		292,024
Onsite Rental Group Operations Pty Tranche B 1st Lien 5.50% 7/31/21		247,929		182,228
OSG Bulk Ships Tranche B - Exit 1st Lien 5.29% 8/5/19		107,601		106,929
PetSmart 1st Lien 4.02% 3/10/22		318,811		305,261
Pinnacle Foods Finance Tranche B 1st Lien 2.811% 1/30/24		243,318		244,659
Prime Security Services Borrower 1st Lien 4.25% 5/2/22		94,178		95,257
Rackspace Hosting Tranche B 1st Lien 4.535% 11/3/23		48,476		48,897
Radio One Tranche 1st Lien 5.49% 12/31/18		543,370		547,219
Russell Investments US Institutional Holdco Tranche B 1st Lien 6.75% 6/1/23		26,184		26,552
Sungard Availability Services Capital Tranche B 1st Lien 6.00% 3/31/19		356,523		346,273
TI Group Automotive Systems Tranche B 1st Lien 3.732% 6/30/22		125,300		125,822
United Airlines Tranche B 1st Lien 2.25% 4/1/24		27,068		27,170
UPC Financing Partnership Tranche AP 1st Lien 3.662% 4/15/25		30,254		30,383
UTEX Industries Tranche B 1st Lien 5.00% 5/22/21		360,023		338,692
Valeant Pharmaceuticals International 1st Lien 5.25% 12/11/19		53,979		54,191
Valeant Pharmaceuticals International Tranche BD2 1st Lien 5.00% 2/13/19		80,233		80,549
Western Digital Tranche B 1st Lien 4.50% 4/29/23		66,990		67,484
XPO Logistics Tranche B 1st Lien 2.25% 10/30/21		87,979		88,396


		Principal Amount°		Value (U.S. $)

«LOAN AGREEMENTS (continued)
Zebra Technologies 1st Lien 3.60% 10/27/21			40,210	$	40,587

Total Loan Agreements (Cost $8,687,962)					8,580,819


DSOVEREIGN BONDS–47.74%
Australia–2.31%
Australia Government Bonds
3.25% 4/21/25	AUD		7,600,000		6,089,834
4.75% 4/21/27	AUD		12,365,000		11,146,445
5.25% 3/15/19	AUD		8,150,000		6,641,541

					23,877,820

Brazil–2.56%
Brazil Notas do Tesouro Nacional Series B
6.00% 8/15/18	BRL		100,000		97,056
6.00% 5/15/19	BRL		29,000		28,832
6.00% 8/15/22	BRL		4,143,000		4,113,702
6.00% 5/15/23	BRL		2,647,000		2,675,575
6.00% 8/15/24	BRL		30,000		30,122
6.00% 5/15/45	BRL		500,000		537,031
Brazil Notas do Tesouro Nacional Series F
10.00% 1/1/21	BRL		4,300,000		1,383,100
10.00% 1/1/23	BRL		15,164,000		4,864,021
10.00% 1/1/25	BRL		35,825,000		11,472,315
10.00% 1/1/27	BRL		3,889,000		1,242,800

					26,444,554

France–3.02%
French Republic Government Bond O.A.T.
0.00% 5/25/20	EUR		5,000,000		5,383,163
0.50% 5/25/25	EUR		10,000,000		10,504,684
#144A 1.25% 5/25/36	EUR		9,040,000		8,988,262
3.00% 4/25/22	EUR		3,800,000		4,650,322
3.75% 4/25/17	EUR		1,500,000		1,604,303

					31,130,734

India–1.33%
India Government Bond 8.13% 9/21/22	INR		840,000,000		13,675,423

					13,675,423

Indonesia–3.04%
Indonesia Treasury Bonds
5.625% 5/15/23	IDR		24,833,000,000		1,748,316
7.00% 5/15/22	IDR		23,406,000,000		1,771,412
7.00% 5/15/27	IDR		177,944,000,000		13,353,619
8.25% 7/15/21	IDR		2,600,000,000		205,349
8.375% 3/15/24	IDR		56,713,000,000		4,540,760
8.375% 9/15/26	IDR		34,281,000,000		2,800,260
8.375% 3/15/34	IDR		29,440,000,000		2,346,274
8.75% 5/15/31	IDR		14,332,000,000		1,195,185
9.00% 3/15/29	IDR		5,142,000,000		428,783


		Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Indonesia (continued)
Indonesia Treasury Bonds (continued)
10.00% 9/15/24	IDR		25,030,000,000	$	2,207,157
10.00% 2/15/28	IDR		7,040,000,000		629,343
10.50% 8/15/30	IDR		1,160,000,000		108,815
12.90% 6/15/22	IDR		142,000,000		13,397

					31,348,670

Japan–7.31%
Japan Government 5 yr Bonds 0.10% 6/20/26	JPY		1,773,500,000		16,022,847
Japan Government 10 yr Bonds
0.10% 6/20/21	JPY		1,550,000,000		14,067,548
1.30% 3/20/19	JPY		250,000,000		2,312,427
Japan Government 20 yr Bonds
0.20% 6/20/36	JPY		400,000,000		3,330,998
1.50% 3/20/34	JPY		570,000,000		5,982,348
1.60% 6/20/30	JPY		350,000,000		3,700,386
1.90% 3/22/21	JPY		809,000,000		7,856,144
1.90% 6/20/25	JPY		653,000,000		6,778,777
Japan Government 30 yr Bonds
0.30% 6/20/46	JPY		850,000,000		6,614,325
1.70% 9/20/44	JPY		795,000,000		8,742,372

					75,408,172

Malaysia–0.50%
Malaysia Government Bonds
3.314% 10/31/17	MYR		4,230,000		956,018
3.58% 9/28/18	MYR		1,270,000		287,574
3.654% 10/31/19	MYR		4,000,000		903,577
4.181% 7/15/24	MYR		13,023,000		2,954,630

					5,101,799

Mexico–7.43%
Mexican Bonos
4.75% 6/14/18	MXN		40,718,000		21,314,790
5.00% 6/15/17	MXN		4,133,000		2,204,333
5.00% 12/11/19	MXN		38,488,000		19,708,956
6.50% 6/10/21	MXN		14,000,000		7,391,366
7.50% 6/3/27	MXN		52,500,000		2,885,176
7.75% 12/14/17	MXN		27,000,000		1,452,979
7.75% 11/23/34	MXN		65,170,000		3,606,267
8.50% 12/13/18	MXN		174,350,000		9,583,255
Mexican Cetes
≠1.10% 11/9/17	MXN		71,544,300		3,666,243
≠1.151% 7/20/17	MXN		10,534,800		551,300
≠1.237% 7/6/17	MXN		6,071,500		318,570
≠2.029% 9/14/17	MXN		51,281,600		2,655,202
≠6.66% 8/17/17	MXN		3,165,900		164,872
≠6.76% 8/31/17	MXN		3,966,200		205,927
Mexican Udibonos 2.50% 12/10/20	MXN		4,287,568		223,786


		Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Mexico (continued)
Mexican Udibonos (continued)
3.50% 12/14/17	MXN		7,848,139	$	419,459
4.00% 6/13/19	MXN		5,443,895		296,901

					76,649,382

New Zealand–3.96%
New Zealand Government Bonds
4.50% 4/15/27	NZD		15,592,000		12,150,697
5.50% 4/15/23	NZD		14,860,000		11,979,847
6.00% 12/15/17	NZD		4,330,000		3,123,743
6.00% 5/15/21	NZD		17,000,000		13,550,106

					40,804,393

Peru–0.01%
Peru Government Bond 7.84% 8/12/20	PEN		427,000		144,396

					144,396

Philippines–0.46%
Philippine Government Bonds
2.125% 5/23/18	PHP		82,264,000		1,622,774
2.875% 5/22/17	PHP		18,560,000		370,167
3.375% 8/20/20	PHP		6,330,000		123,209
3.875% 11/22/19	PHP		88,610,000		1,756,117
5.00% 8/18/18	PHP		6,960,000		141,836
5.875% 1/31/18	PHP		9,410,000		191,912
Philippine Treasury Bills
≠1.119% 4/19/17	PHP		2,000,000		39,829
≠1.334% 9/27/17	PHP		7,610,000		149,618
≠1.40% 6/7/17	PHP		6,280,000		124,699
≠1.445% 5/17/17	PHP		4,270,000		84,911
≠1.475% 5/3/17	PHP		9,210,000		183,265

					4,788,337

Poland–2.96%
Republic of Poland Government Bonds
1.75% 7/25/21	PLN		25,000,000		6,066,394
5.25% 10/25/20	PLN		20,500,000		5,657,311
5.50% 10/25/19	PLN		21,750,000		5,938,210
5.75% 10/25/21	PLN		15,050,000		4,285,362
5.75% 4/25/29	PLN		28,000,000		8,613,158

					30,560,435

Portugal–0.27%
#Portugal Government International Bond 144A 5.125% 10/15/24			2,832,000		2,750,914

					2,750,914

Republic of Korea–3.54%
Korea Treasury Bonds
1.375% 9/10/21	KRW		27,558,000,000		24,204,194


		Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Republic of Korea (continued)
Korea Treasury Bonds (continued)
2.00% 9/10/20	KRW		1,785,000,000	$	1,610,484
2.00% 3/10/21	KRW		11,902,500,000		10,739,593

					36,554,271

Serbia–0.30%
Serbia international Bonds
#144A 4.875% 2/25/20			1,040,000		1,079,946
#144A 5.25% 11/21/17			880,000		898,570
#144A 7.25% 9/28/21			990,000		1,130,749

					3,109,265

Singapore–2.58%
Singapore Government Bonds
2.00% 7/1/20	SGD		17,000,000		12,357,008
2.375% 4/1/17	SGD		3,500,000		2,502,556
2.875% 9/1/30	SGD		15,593,000		11,796,940

					26,656,504

South Africa–0.13%
Republic of South Africa Government Bonds
6.25% 3/31/36	ZAR		60,000		3,186
7.00% 2/28/31	ZAR		930,000		57,133
8.00% 1/31/30	ZAR		4,530,000		306,691
8.25% 3/31/32	ZAR		3,230,000		218,664
8.50% 1/31/37	ZAR		70,000		4,682
8.875% 2/28/35	ZAR		3,030,000		212,836
10.50% 12/21/26	ZAR		7,005,000		577,839

					1,381,031

Spain–3.57%
Spain Government Bonds
1.40% 1/31/20	EUR		16,576,000		18,432,411
#144A 1.60% 4/30/25	EUR		12,770,000		13,959,103
#144A 4.20% 1/31/37	EUR		3,298,000		4,460,741

					36,852,255

Thailand–1.52%
Thailand Government Bond 3.875% 6/13/19	THB		514,000,000		15,687,766

					15,687,766

Ukraine–0.94%
Ukraine Government International Bonds
#144A 7.75% 9/1/24			880,000		825,660
#144A 7.75% 9/1/25			2,340,000		2,170,331
#144A 7.75% 9/1/26			2,580,000		2,374,310


		Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Ukraine (continued)
Ukraine Government International Bonds (continued)
#144A 7.75% 9/1/27			2,460,000	$	2,261,995
#•Ukraine Government International Bonds GDP Linked 144A 3.34% 5/31/40			5,516,000		2,065,742

					9,698,038

Total Sovereign Bonds (Cost $489,905,746)					492,624,159


SUPRANATIONAL BANKS–1.88%
Asian Development Bank 2.35% 6/21/27	JPY		1,000,000,000		11,190,317
European Investment Bank 1.40% 6/20/17	JPY		910,000,000		8,194,700

Total Supranational Banks (Cost $17,544,146)					19,385,017


U.S. TREASURY OBLIGATIONS–23.46%
U.S. Treasury Bonds
2.50% 2/15/46			4,000,000		3,585,860
3.125% 8/15/44			9,307,000		9,490,413
3.625% 8/15/43			6,143,000		6,841,527
4.50% 5/15/38			8,776,000		11,133,865
5.375% 2/15/31			6,202,000		8,283,912
U.S. Treasury Inflation Index Notes
0.125% 1/15/22			2,467,716		2,488,191
0.125% 7/15/22			1,055,990		1,065,025
0.125% 1/15/23			1,788,502		1,788,865
0.125% 7/15/24			664,761		659,117
1.375% 1/15/20			1,589,017		1,674,630
1.875% 7/15/19			1,563,815		1,661,860
U.S. Treasury Notes
0.625% 5/31/17			9,500,000		9,499,154
0.625% 4/30/18			23,200,000		23,081,726
1.00% 8/15/18			3,000,000		2,994,081
1.00% 8/31/19			20,400,000		20,222,296
1.125% 4/30/20			23,300,000		23,008,750
1.375% 2/28/19			4,500,000		4,511,250
1.50% 12/31/18			3,300,000		3,315,985
1.50% 2/28/19			6,000,000		6,029,064
1.625% 3/31/19			2,000,000		2,014,336
1.625% 6/30/19			19,264,900		19,393,204
1.625% 8/15/22			21,840,000		21,396,386
1.625% 2/15/26			22,200,000		20,876,236
1.75% 9/30/19			16,596,000		16,747,057


	Principal Amount°		Value (U.S. $)

U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Notes (continued)
2.50% 5/15/24		11,750,000	$	11,962,734
3.125% 5/15/19		4,000,000		4,152,812
3.375% 11/15/19		4,000,000		4,203,360

Total U.S. Treasury Obligations (Cost $241,811,441)				242,081,696


	Number of Shares

COMMON STOCK–0.01%
†=Holdco Class A		1,232,692		919
†Energy XXI Gulf Coast		3,848		115,324
†Halcon Resources		4,396		33,849

Total Common Stock (Cost $164,257)				150,092


EXCHANGE-TRADED FUND–0.06%
PowerShares Senior Loan Portfolio		26,000		604,760

Total Exchange-Traded Fund (Cost $603,655)				604,760


MONEY MARKET FUND–12.38%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		127,725,125		127,725,125

Total Money Market Fund (Cost $127,725,125)				127,725,125


	Principal Amount°

SHORT-TERM INVESTMENTS–2.00%
¹Discount Notes–2.00%
Federal Farm Credit 0.50% 4/3/17		5,630,000		5,629,844
Federal Home Loan Bank 0.38% 4/3/17		15,000,000		14,999,687

Total Short-Term Investments (Cost $20,629,531)				20,629,531

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at March 31, 2017:

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.

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

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Global Income Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities and exchange-traded funds (“ETFs”), except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security or ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Other debt securities, credit default swap (“CDS”) contracts and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Open-end investment companies are valued at their published net asset value(“NAV”). Investments in government money market funds have a stable value. Futures contracts are valued at the daily quoted settlement prices. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between their bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security.

based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

COMMON STOCK–35.36%
U.S. MARKETS–30.46%
Aerospace & Defense–0.38%
United Technologies		468	$	52,514

				52,514


Air Freight & Logistics–0.35%
United Parcel Service Class B		460		49,358

				49,358


Banks–4.22%
BB&T		1,906		85,198
JPMorgan Chase & Co.		1,212		106,462
M&T Bank		1,010		156,277
Wells Fargo & Co.		4,310		239,895

				587,832


Biotechnology–0.28%
Gilead Sciences		569		38,646

				38,646


Capital Markets–0.37%
Invesco		1,706		52,255

				52,255


Chemicals–0.74%
EI du Pont de Nemours & Co.		662		53,178
Praxair		419		49,693

				102,871


Communications Equipment–0.86%
Cisco Systems		3,539		119,618

				119,618


Consumer Finance–0.81%
American Express		1,437		113,681

				113,681


Diversified Telecommunication Services–0.90%
Verizon Communications		2,583		125,921

				125,921


Electric Utilities–2.25%
Duke Energy		1,898		155,655
FirstEnergy		3,680		117,098
PG&E		611		40,546

				313,299


Electrical Equipment–0.88%
Eaton		736		54,574
Emerson Electric		1,150		68,839

				123,413


Energy Equipment & Services–0.55%
Halliburton		614		30,215
Schlumberger		592		46,235

				76,450


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Equity Real Estate Investment Trusts–2.33%
AvalonBay Communities		407	$	74,725
Crown Castle International		856		80,849
DDR		2,634		33,004
Federal Realty Investment Trust		210		28,035
Mid-America Apartment Communities		602		61,247
RLJ Lodging Trust		1,997		46,949

				324,809


Food & Staples Retailing–0.27%
Wal-Mart Stores		520		37,482

				37,482


Food Products–0.25%
Campbell Soup		603		34,516

				34,516


Health Care Equipment & Supplies–1.31%
Abbott Laboratories		2,700		119,907
Medtronic		788		63,481

				183,388


Health Care Providers & Services–0.50%
Aetna		549		70,025

				70,025


Hotels, Restaurants & Leisure–0.63%
McDonald’s		682		88,394

				88,394


Household Products–0.69%
Kimberly-Clark		390		51,336
Procter & Gamble		505		45,374

				96,710


Industrial Conglomerates–1.15%
General Electric		5,379		160,294

				160,294


Insurance–1.18%
Arthur J. Gallagher & Co.		526		29,740
Hartford Financial Services Group		835		40,138
MetLife		1,803		95,234

				165,112


Media–0.94%
Comcast Class A		1,614		60,670
Viacom Class B		1,505		70,163

				130,833


Oil, Gas & Consumable Fuels–2.02%
Chevron		923		99,102
ConocoPhillips		687		34,261
Exxon Mobil		1,176		96,444


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
U.S. MARKETS (continued)
Oil, Gas & Consumable Fuels (continued)
Williams		1,750	$	51,783

				281,590


Pharmaceuticals–3.02%
Allergan		123		29,387
Bristol-Myers Squibb		1,085		59,002
Eli Lilly & Co.		704		59,213
Johnson & Johnson		413		51,439
Merck & Co.		620		39,395
Pfizer		5,322		182,066

				420,502


Road & Rail–0.43%
Union Pacific		571		60,480

				60,480


Semiconductors & Semiconductor Equipment–0.28%
Texas Instruments		485		39,072

				39,072


Software–1.47%
Microsoft		1,866		122,895
Oracle		1,843		82,216

				205,111


Specialty Retail–0.24%
L Brands		700		32,970

				32,970


Technology Hardware, Storage & Peripherals–0.58%
Apple		559		80,306

				80,306


Tobacco–0.58%
Altria Group		379		27,068
Reynolds American		844		53,189

				80,257

Total U.S. Markets (Cost $3,823,471)				4,247,709


§DEVELOPED MARKETS–4.90%
Beverages–0.38%
Anheuser-Busch InBev ADR		481		52,795

				52,795


Construction & Engineering–0.50%
Vinci ADR		3,553		70,456

				70,456


Electric Utilities–0.51%
Fortis		2,165		71,791

				71,791


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Electronic Equipment, Instruments & Components–0.21%
TE Connectivity		386	$	28,776

				28,776


Oil, Gas & Consumable Fuels–1.39%
BP ADR		2,283		78,809
Royal Dutch Shell ADR Class A		2,173		114,582

				193,391


Personal Products–0.51%
Unilever (New York Shares)		1,433		71,191

				71,191


Tobacco–0.35%
Japan Tobacco ADR		3,018		48,831

				48,831


Transportation Infrastructure–0.56%
Atlantia ADR		6,024		77,890

				77,890


Wireless Telecommunication Services–0.49%
Vodafone Group ADR		2,605		68,850

				68,850

Total Developed Markets (Cost $667,989)				683,971

Total Common Stock (Cost $4,491,460)				4,931,680


CONVERTIBLE PREFERRED STOCK–1.06%
Allergan 5.50%, exercise price $352.80, expiration date 3/1/18		38		32,292
American Tower 5.50%, exercise price $116.40, expiration date 2/15/18		286		31,946
Exelon 6.50%, exercise price $43.75,expiration date 6/1/17		446		22,015
Wells Fargo & Co. 7.50%, exercise price $156.71, expiration date 12/31/49		50		62,000

Total Convertible Preferred Stock (Cost $146,880)				148,253


PREFERRED STOCK–1.87%
•Bank of America 6.10%		50,000		53,037
•Morgan Stanley 6.375%		837		23,151
Public Storage 5.75%		1,251		31,400
Qwest 6.50%		248		6,155
•SCE Trust III 5.75%		4,000		108,800


	Number of Shares		Value (U.S. $)

PREFERRED STOCK (continued)
Verizon Communications 5.90%		1,433	$	37,874

Total Preferred Stock (Cost $244,797)				260,417


MASTER LIMITED PARTNERSHIPS–1.01%
AllianceBernstein Holding		2,348		53,652
Energy Transfer Partners		1,319		48,170
Plains All American Pipeline		1,218		38,501

Total Master Limited Partnerships (Cost $137,149)				140,323


	Principal Amount°

CORPORATE BONDS–38.90%
Automobiles–0.21%
General Motors 6.75% 4/1/46		25,000		29,408

				29,408


Banks–4.13%
Bank of America 3.248% 10/21/27		100,000		95,393
•CoBank 6.25% 12/29/49		50,000		54,582
#Deutsche Bank 144A 4.25% 10/14/21		150,000		153,888
JPMorgan Chase
3.625% 12/1/27		100,000		97,229
•6.10% 10/29/49		25,000		26,450
•6.125% 12/29/49		50,000		53,063
Wells Fargo & Co 3.90% 5/1/45		100,000		95,986

				576,591


Beverages–1.34%
Anheuser-Busch InBev Finance
4.70% 2/1/36		125,000		132,656
4.90% 2/1/46		50,000		54,250

				186,906


Building Products–0.18%
#BMC East 144A 5.50% 10/1/24		25,000		25,500

				25,500


Capital Markets–0.74%
Morgan Stanley 4.00% 7/23/25		100,000		103,297

				103,297


Chemicals–0.39%
Ashland 6.875% 5/15/43		50,000		53,750

				53,750


Commercial Services & Supplies–0.73%
#Penske Truck Leasing 144A 3.375% 2/1/22		100,000		101,578

				101,578


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Financial Services–1.83%
Citigroup 4.45% 9/29/27		150,000	$	152,123
#International Lease Finance 144A 7.125% 9/1/18		25,000		26,728
#Ladder Capital Finance Holdings 144A 5.25% 3/15/22		50,000		50,500
#Neuberger Berman Group 144A 4.50% 3/15/27		25,000		25,451

				254,802


Diversified Telecommunication Services–2.84%
AT&T 4.75% 5/15/46		150,000		140,496
#Intelsat Jackson Holdings 144A 8.00% 2/15/24		50,000		53,125
#SBA Communications 144A 4.875% 9/1/24		50,000		49,490
Telefonica Emisiones 7.045% 6/20/36		50,000		62,009
Verizon Communications 4.522% 9/15/48		100,000		90,959

				396,079


Electric Utilities–0.69%
Southern 4.40% 7/1/46		100,000		95,964

				95,964


Equity Real Estate Investment Trusts–1.65%
American Tower
3.375% 10/15/26		75,000		71,652
5.00% 2/15/24		75,000		81,113
DuPont Fabros Technology 5.625% 6/15/23		50,000		52,125
Equinix 5.375% 5/15/27		25,000		25,875

				230,765


Food & Staples Retailing–1.72%
CVS Health 5.125% 7/20/45		100,000		110,755
Sysco
3.75% 10/1/25		100,000		102,231
4.85% 10/1/45		25,000		26,533

				239,519


Food Products–1.04%
Kraft Heinz Foods 4.375% 6/1/46		100,000		94,216
#Post Holdings 144A 5.50% 3/1/25		50,000		50,500

				144,716


Health Care Providers & Services–1.93%
Community Health Systems 6.875% 2/1/22		50,000		43,187


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Health Care Providers & Services (continued)
DaVita 5.00% 5/1/25		75,000	$	75,375
HCA
4.75% 5/1/23		50,000		52,250
5.875% 2/15/26		25,000		26,438
Tenet Healthcare
•4.631% 6/15/20		50,000		50,500
#144A 7.50% 1/1/22		20,000		21,650

				269,400

Independent Power & Renewable Electricity Producers–0.43%
Dynegy 6.75% 11/1/19		45,000		46,463
NRG Energy 7.875% 5/15/21		13,000		13,423

				59,886

Insurance–0.69%
American International Group 4.50% 7/16/44		100,000		95,794

				95,794

Internet & Catalog Retail–1.31%
Amazon.com 4.95% 12/5/44		50,000		56,704
Priceline Group 3.65% 3/15/25		125,000		125,990

				182,694

Internet Software & Services–0.33%
Symantec 5.00% 4/15/25		20,000		20,475
VeriSign 5.25% 4/1/25		25,000		26,031

				46,506

IT Services–0.18%
#WEX 144A 4.75% 2/1/23		25,000		24,718

				24,718

Life Sciences Tools & Services–0.73%
Thermo Fisher Scientific 3.65% 12/15/25		100,000		101,529

				101,529

Media–2.78%
21st Century Fox America 6.15% 2/15/41		25,000		29,953
Charter Communications Operating 6.484% 10/23/45		50,000		57,766
Clear Channel Worldwide Holdings 6.50% 11/15/22		25,000		25,500
Comcast 4.60% 8/15/45		25,000		25,911
DISH DBS
5.875% 11/15/24		30,000		31,620
7.75% 7/1/26		10,000		11,650
#Sirius XM Radio 144A 4.625% 5/15/23		75,000		76,969
#Univision Communications 144A 5.125% 5/15/23		50,000		49,563
#Videotron 144A 5.375% 6/15/24		75,000		78,188

				387,120


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Metals & Mining–0.19%
#Glencore Finance Canada 144A 5.55% 10/25/42		25,000	$	26,138

				26,138

Oil, Gas & Consumable Fuels–5.85%
Apache 4.75% 4/15/43		50,000		50,097
#Chesapeake Energy 144A 8.00% 1/15/25		20,000		20,075
#DCP Midstream Operating 144A 6.75% 9/15/37		25,000		27,000
Enterprise Products Operating
•4.742% 8/1/66		25,000		24,969
5.10% 2/15/45		100,000		104,838
#Halcon Resources 144A 6.75% 2/15/25		50,000		49,350
Kinder Morgan 5.55% 6/1/45		25,000		25,635
Kinder Morgan Energy Partners 7.30% 8/15/33		50,000		58,444
Laredo Petroleum 5.625% 1/15/22		25,000		25,063
Noble Holding International 7.75% 1/15/24		25,000		24,125
Plains All American Pipeline
3.60% 11/1/24		25,000		24,239
4.70% 6/15/44		100,000		90,832
Sabine Pass Liquefaction 5.625% 3/1/25		125,000		135,730
Weatherford International 6.80% 6/15/37		50,000		48,375
Williams Partners 6.30% 4/15/40		95,000		106,806

				815,578

Pharmaceuticals–2.48%
Mylan
3.95% 6/15/26		75,000		73,552
5.25% 6/15/46		100,000		102,788
Shire Acquisitions Investments Ireland 3.20% 9/23/26		100,000		95,414
Valeant Pharmaceuticals International
#144A 6.375% 10/15/20		25,000		22,750
#144A 7.00% 3/15/24		50,000		51,438

				345,942

Semiconductors & Semiconductor Equipment–0.76%
#Broadcom 144A 3.875% 1/15/27		50,000		50,363
#Micron Technology 144A 7.50% 9/15/23		50,000		55,938

				106,301

Software–0.70%
#BMC Software Finance 144A 8.125% 7/15/21		50,000		50,625
Microsoft 3.75% 2/12/45		50,000		47,552

				98,177

Specialty Retail–0.17%
L Brands 6.875% 11/1/35		25,000		24,250

				24,250


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Technology Hardware, Storage & Peripherals–0.45%
#Diamond 1 Finance 144A 8.10% 7/15/36		50,000	$	62,959

				62,959

Thrift & Mortgage Finance–0.36%
Nationstar Mortgage 6.50% 7/1/21		50,000		50,875

				50,875

Tobacco–1.27%
Reynolds American 5.85% 8/15/45		150,000		176,813

				176,813

Wireless Telecommunication Services–0.80%
Sprint 7.875% 9/15/23		100,000		111,000

				111,000

Total Corporate Bonds (Cost $5,326,994)				5,424,555


NON-AGENCY ASSET-BACKED SECURITIES–8.44%
#•Carlyle Global Market Strategies CLO Series 2014-4A A1R 144A 2.223% 10/15/26		350,000		350,149
•Chase Education Loan Trust Series 2007-A A3 1.221% 12/28/23		77,780		77,519
#•Limerock CLO II Series 2014-2A AR 144A 2.31% 4/18/26		250,000		249,897
#•Madison Park Funding XII Series 2014-12A AR 144A 2.275% 7/20/26		250,000		250,221
#•Staniford Street CLO Series 2014-1A AR 144A 2.311% 6/15/25		250,000		249,948

Total Non-Agency Asset-Backed Securities (Cost $1,176,711)				1,177,734


«LOAN AGREEMENTS–4.51%
AdvancePierre Foods Tranche B 1st Lien 4.00% 6/2/23		13,377		13,562
Axalta Coating Systems US Holdings Tranche B 1st Lien 3.647% 2/1/23		18,863		19,049
Builders Firstsource Tranche B 1st Lien 4.00% 2/29/24		24,875		24,903
EnergySolutions Tranche B 1st Lien 6.75% 5/29/20		21,192		21,466
Equinix Tranche B 1st Lien 3.281% 1/9/23		49,750		50,216
First Data 1st Lien 3.984% 3/24/21		22,346		22,541
First Data Tranche B 1st Lien 3.984% 7/10/22		23,324		23,528
Getty Images Tranche B 1st Lien 4.75% 10/18/19		24,552		21,568
Global Payments Tranche B 1st Lien 3.482% 4/22/23		12,943		13,044


	Principal Amount°		Value (U.S. $)

«LOAN AGREEMENTS (continued)
Infor US Tranche B 1st Lien 3.897% 2/6/22		24,687	$	24,649
Intelsat Jackson Holdings Tranche B2 1st Lien 3.887% 6/30/19		50,000		49,071
MEG Energy Tranche B 1st Lien 4.50% 12/31/23		24,349		24,393
Micron Technology Tranche B 1st Lien 4.74% 4/26/22		24,813		24,995
Neiman Marcus Group 1st Lien 4.25% 10/25/20		24,557		19,810
Sabre GLBL Tranche B 1st Lien 3.732% 2/22/24		12,253		12,368
Shearer’s Foods 1st Lien 5.397% 7/30/21		24,688		24,780
SIG Combibloc US Acquisition Tranche B 1st Lien 4.00% 3/13/22		24,026		24,238
SS&C European Holdings Tranche B2 1st Lien 3.031% 7/8/22		1,592		1,603
SS&C Technologies Tranche B1 1st Lien 3.232% 7/8/22		16,594		16,700
Sybil Software Tranche B 1st Lien 5.00% 8/3/22		24,688		24,934
TransDigm Tranche C 1st Lien 3.982% 2/28/20		49,487		49,525
U.S. Renal Care 1st Lien 5.397% 12/31/22		24,688		23,229
Univar USA Tranche B 1st Lien 3.732% 7/1/22		24,688		24,776
Valeant Pharmaceuticals International Tranche B-F1 1st Lien 5.57% 4/1/22		44,106		44,280
Victory Capital Operating 1st Lien 8.647% 10/31/21		29,577		29,935

Total Loan Agreements (Cost $628,605)				629,163


U.S. TREASURY OBLIGATIONS–5.48%
U.S. Treasury Bond 3.00% 11/15/45		370,000		367,803
U.S. Treasury Note 1.375% 9/30/20		400,000		396,055

Total U.S. Treasury Obligations (Cost $771,506)				763,858

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Goldman Sachs Income Builder Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Other debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under the policies adopted by Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

During the period ended March 31, 2017, 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 that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. International fair value pricing was not utilized at March 31,2017. 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 OBLIGATIONS–58.30%
Fannie Mae Discount Notes
≠0.51% 4/3/17		14,045,000	$	14,044,602
≠0.74% 5/1/17		9,290,000		9,285,897
≠0.76% 6/1/17		1,785,000		1,783,094
≠0.88% 6/1/17		9,000,000		8,988,603
Federal Farm Credit Banks
•0.883% 12/28/17		2,445,000		2,444,835
•0.921% 7/14/17		3,750,000		3,749,577
•1.023% 9/5/17		3,555,000		3,554,843
•1.023% 1/2/18		3,750,000		3,748,861
•1.033% 4/20/17		15,000,000		15,000,118
•1.086% 9/21/17		5,000,000		5,000,000
Federal Farm Credit Discount Notes
≠0.79% 7/11/17		4,620,000		4,612,223
≠0.87% 9/29/17		3,565,000		3,552,632
≠0.98% 1/11/18		4,680,000		4,648,137
Federal Home Loan Bank Discount Notes
≠0.70% 4/7/17		37,365,000		37,361,677
≠0.70% 4/11/17		6,500,000		6,499,115
≠0.70% 4/19/17		11,500,000		11,497,217
≠0.74% 5/1/17		4,000,000		3,998,167
≠0.74% 5/3/17		8,660,000		8,655,782
≠0.74% 5/10/17		8,980,000		8,974,679
≠0.74% 5/12/17		5,500,000		5,496,555
≠0.80% 8/1/17		8,060,000		8,042,519
≠0.80% 8/11/17		6,780,000		6,763,990
≠0.80% 8/23/17		3,500,000		3,490,270
≠0.80% 8/25/17		4,240,000		4,228,393
≠0.80% 8/30/17		9,000,000		8,973,764
≠0.89% 10/18/17		5,375,000		5,352,604
≠0.914% 9/22/17		3,000,000		2,986,805
≠0.921% 9/20/17		6,500,000		6,471,522
Federal Home Loan Banks
0.625% 5/30/17		6,445,000		6,444,047
•0.688% 5/10/17		6,000,000		5,999,869
•0.688% 5/9/18		3,500,000		3,500,000
•0.741% 4/13/18		14,350,000		14,350,000
•0.79% 3/13/18		6,635,000		6,635,000
•0.803% 5/4/17		3,760,000		3,760,000
•0.812% 8/25/17		4,200,000		4,200,000
•0.814% 7/9/18		7,000,000		7,000,000
0.875% 3/19/18		5,500,000		5,488,011
•0.885% 7/6/17		3,630,000		3,630,000
•0.889% 7/7/17		9,000,000		9,000,000
•0.912% 8/22/17		3,800,000		3,799,959
•0.957% 10/27/17		10,660,000		10,659,858
•0.996% 6/15/17		8,425,000		8,425,000
•1.013% 10/16/17		5,600,000		5,600,000
•1.106% 3/8/18		2,825,000		2,825,267
1.375% 3/9/18		5,000,000		5,012,597
Federal Home Loan Mortgage 0.75% 7/14/17		2,500,000		2,500,833


	Principal Amount°		Value (U.S. $)

AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage (continued)
•0.921% 11/13/17		1,920,000	$	1,920,859
•0.979% 1/8/18		3,395,000		3,395,000
•0.988% 1/12/18		3,395,000		3,395,000
1.00% 9/29/17		4,900,000		4,906,579
Federal National Mortgage Association
0.875% 10/26/17		9,270,000		9,277,160
0.875% 3/28/18		6,000,000		5,986,621
•0.938% 8/16/17		4,180,000		4,179,679
Freddie Mac Discount Notes
≠0.70% 4/6/17		3,980,000		3,979,735
≠0.74% 5/10/17		5,980,000		5,976,631
≠0.803% 8/2/17		5,530,000		5,514,885
≠0.833% 8/3/17		10,485,000		10,455,024
≠0.89% 10/16/17		11,380,000		11,334,309

Total Agency Obligations (Cost $388,358,404)				388,358,404


U.S. TREASURY OBLIGATIONS–6.19%
U.S. Treasury Bills
≠0.74% 4/27/17		7,200,000		7,196,854
≠0.909% 9/28/17		6,000,000		5,972,850
•U.S. Treasury Floating Rate Note 0.982% 4/30/18		20,000,000		19,998,801
U.S. Treasury Note 0.75% 2/28/18		8,040,000		8,028,321

Total U.S. Treasury Obligations (Cost $41,196,826)				41,196,826


REPURCHASE AGREEMENTS–37.03%
Bank of Montreal 0.78%, dated 3/31/17, to be repurchased on 4/3/17, repurchase price $20,001,300 (collateralized by U.S. government obligations 1.25%–5.50% 4/30/18–3/20/47; market value $20,533,895)		20,000,000		20,000,000
Bank of Nova Scotia 0.79%, dated 3/31/17, to be repurchased on 4/3/17, repurchase price $25,001,646 (collateralized by U.S. government obligations 1.00%–5.25% 11/30/18–11/15/28; market value $25,501,773)		25,000,000		25,000,000


	Principal Amount°		Value (U.S. $)

REPURCHASE AGREEMENTS (continued)
BNP Paribas 0.80%, dated 3/31/17, to be repurchased on 4/3/17, repurchase price $35,002,333 (collateralized by U.S. government obligations 0.00%–8.75% 7/15/17–11/15/44; market value $35,700,000)		35,000,000	$	35,000,000
Citigroup Global Markets 0.80%, dated 3/31/17, to be repurchased on 4/3/17, repurchase price $25,001,667 (collateralized by U.S. government obligations 0.000% 9/28/17; market value $25,500,057)		25,000,000		25,000,000
Goldman Sachs & Co. 0.79%, dated 3/31/17, to be repurchased on 4/3/17, repurchase price $20,001,317 (collateralized by U.S. government agency obligations 4.00%–4.50% 10/1/41–3/1/42; market value $20,600,000)		20,000,000		20,000,000
Mizuho Securities USA 0.81%, dated 3/31/17, to be repurchased on 4/3/17, repurchase price $25,001,688 (collateralized by U.S. government obligations 0.375%–3.375% 8/15/18– 5/15/44; market value $25,500,102)		25,000,000		25,000,000
Morgan Stanley & Co. 0.76%, dated 3/31/17, to be repurchased on 4/3/17, repurchase price $20,001, 267 (collateralized by U.S. government obligations 6.25% 5/15/30; market value $20,400,038)		20,000,000		20,000,000


	Principal Amount°		Value (U.S. $)

REPURCHASE AGREEMENTS (continued)
RBC Capital Markets 0.78%, dated 3/31/17, to be repurchased on 4/3/17, repurchase price $30,001,950 (collateralized by U.S. government agency obligations 2.50%–7.17% 10/15/31–3/1/47; market value $31,471,396)		30,000,000	$	30,000,000
Societe Generale: 0.78%, dated 3/31/17, to be repurchased on 4/3/17, repurchase price $21,701,411 (collateralized by U.S. government obligations 0.00%–3.375% 10/12/17–4/15/32; market value $22,134,023)		21,700,000		21,700,000
TD Securities USA 0.81%, dated 3/31/17, to be repurchased on 4/3/17, repurchase price $25,001,688 (collateralized by U.S. government agency obligations 3.500% 12/1/46; market value $25,750,001)		25,000,000		25,000,000

Total Repurchase Agreements (Cost $246,700,000)				246,700,000


	Number of Shares

MONEY MARKET FUND–0.05%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.66%)		319,586		319,586

Total Money Market Fund (Cost $319,586)				319,586

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Government Money Market Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Securities are valued at amortized cost, which approximates market value and is permitted under Rule 2a-7 under the 1940 Act. This method involves valuing a portfolio security initially at its cost and thereafter adjusting for amortization of premium or accretion of discount to maturity. Significant inputs to the amortization cost method include purchase cost security, premium or discount at the purchase date and time to maturity. U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Invesco Diversified Equity-Income Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in other open-end investment companies, primarily the Invesco Funds (collectively, the “Underlying Funds”). The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Financial statements for the Underlying Funds can be found at www.sec.gov. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, Lincoln Investment Advisors Corporation (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuer’s outstanding securities (non-LVIP Funds). Affilated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:

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 represents the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Invesco Select Equity Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in other open-end investment companies, primarily the Invesco V.I. Comstock Fund and the Invesco V.I. Equally-Weighted S&P 500 Fund (collectively, the “Underlying Funds”). The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Financial statements for the Underlying Funds can be found at www.sec.gov. Futures contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS–91.21%
Aerospace & Defense–1.76%
Arconic
5.125% 10/1/24		1,025,000	$	1,063,950
5.40% 4/15/21		768,000		819,494
5.87% 2/23/22		1,574,000		1,706,688
6.75% 1/15/28		614,000		676,551
Bombardier
#144A 4.75% 4/15/19		410,000		417,687
#144A 6.00% 10/15/22		1,232,000		1,219,064
#144A 6.125% 1/15/23		1,956,000		1,921,770
#144A 7.50% 3/15/25		449,000		461,348
#144A 7.75% 3/15/20		112,000		120,120
#144A 8.75% 12/1/21		840,000		921,900
#Koppers 144A 6.00% 2/15/25		465,000		481,275
Orbital ATK
5.25% 10/1/21		400,000		414,500
5.50% 10/1/23		505,000		522,675
TransDigm
5.50% 10/15/20		500,000		503,125
6.00% 7/15/22		1,956,000		1,986,514
6.375% 6/15/26		632,000		633,953
6.50% 7/15/24		175,000		177,844
#144A 6.50% 5/15/25		682,000		689,673
6.50% 5/15/25		400,000		404,500

				15,142,631

Air Freight & Logistics–0.20%
XPO Logistics
#144A 6.125% 9/1/23		400,000		417,500
#144A 6.50% 6/15/22		1,200,000		1,264,500

				1,682,000

Airlines–0.46%
#American Airlines Group 144A 5.50% 10/1/19		300,000		313,500
◆Continental Airlines 2004-ERJ1 Pass Through Trust 9.558% 9/1/19		220,392		235,544
◆UAL Pass Through Trust Series 2007-1 Class A 6.636% 7/2/22		269,651		291,897
United Continental Holdings 5.00% 2/1/24		1,480,000		1,481,850
◆US Airways Series 2013-1 Class B Pass Through Trust 5.375% 11/15/21		1,552,509		1,622,372

				3,945,163

Auto Components–1.32%
American Axle & Manufacturing
#144A 6.25% 4/1/25		1,575,000		1,580,906
#144A 6.50% 4/1/27		1,717,000		1,715,918
6.625% 10/15/22		76,000		78,660
#Cooper-Standard Automotive 144A 5.625% 11/15/26		571,000		572,427
Dana 5.50% 12/15/24		422,000		429,385


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Auto Components (continued)
Goodyear Tire & Rubber
4.875% 3/15/27		1,037,000	$	1,039,593
5.00% 5/31/26		1,060,000		1,089,150
5.125% 11/15/23		885,000		923,166
IHO Verwaltungs PIK
#~144A 4.50% 9/15/23		420,000		416,325
#~144A 4.75% 9/15/26		300,000		293,250
#JB Poindexter 144A 9.00% 4/1/22		609,000		639,450
Tenneco 5.375% 12/15/24		296,000		305,434
Titan International 6.875% 10/1/20		695,000		721,062
#ZF North America Capital 144A 4.75% 4/29/25		1,504,000		1,562,280

				11,367,006

Automobiles–0.55%
Fiat Chrysler Automobiles 5.25% 4/15/23		2,034,000		2,102,139
#Jaguar Land Rover Automotive 144A 5.625% 2/1/23		150,000		156,563
=‡Motors Liquidation 8.80% 3/1/21		425,000		0
Navistar International 8.25% 11/1/21		2,445,000		2,457,200

				4,715,902

Banks–2.10%
•Barclays 8.25% 12/29/49		1,085,000		1,143,015
CIT Group
5.00% 8/15/22		2,835,000		2,974,964
5.375% 5/15/20		1,963,000		2,096,739
Citigroup
•5.95% 12/31/49		495,000		516,042
•6.125% 12/29/49		495,000		522,844
•6.25% 12/29/49		660,000		712,800
#•Credit Agricole 144A 8.125% 12/29/49		784,000		837,900
#Provident Funding Associates 144A 6.75% 6/15/21		400,000		410,000
Royal Bank of Scotland Group
5.125% 5/28/24		680,000		688,641
6.10% 6/10/23		3,304,000		3,515,658
6.125% 12/15/22		2,370,000		2,512,665
•7.50% 12/29/49		908,000		897,785
•8.625% 12/29/49		335,000		350,075
#•Societe Generale 144A 7.375% 12/29/49		864,000		879,638

				18,058,766

Beverages–0.12%
#Cott Holdings 144A 5.50% 4/1/25		1,016,000		1,036,625

				1,036,625

Biotechnology–0.09%
Concordia International
#‡144A 7.00% 4/15/23		2,596,000		512,710
#144A 9.00% 4/1/22		337,000		244,746

				757,456


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Building Products–1.00%
#Airxcel 144A 8.50% 2/15/22		480,000	$	495,600
#Hardwoods Acquisition 144A 7.50% 8/1/21		1,069,000		956,755
#Masonite International 144A 5.625% 3/15/23		835,000		856,284
#NCI Building Systems 144A 8.25% 1/15/23		730,000		795,700
#NWH Escrow 144A 7.50% 8/1/21		585,000		520,650
Standard Industries
#144A 5.50% 2/15/23		492,000		504,300
#144A 6.00% 10/15/25		1,118,000		1,159,925
Summit Materials 6.125% 7/15/23		2,435,000		2,495,875
U.S. Concrete 6.375% 6/1/24		810,000		842,400

				8,627,489

Capital Markets–0.19%
•Goldman Sachs Group 5.70% 12/29/49		594,000		614,879
#MSCI 144A 5.25% 11/15/24		955,000		1,009,913

				1,624,792

Chemicals–2.24%
#Axalta Coating Systems 144A 4.875% 8/15/24		560,000		575,400
Blue Cube Spinco
9.75% 10/15/23		1,802,000		2,166,905
10.00% 10/15/25		817,000		990,613
CF Industries
#144A 4.50% 12/1/26		509,000		518,264
5.15% 3/15/34		1,531,000		1,435,313
5.375% 3/15/44		236,000		206,795
Chemours 7.00% 5/15/25		790,000		854,385
#GCP Applied Technologies 144A 9.50% 2/1/23		969,000		1,102,237
Hexion 6.625% 4/15/20		4,100,000		3,792,500
Momentive Performance Materials
3.88% 10/24/21		775,000		766,281
=‡8.875% 10/15/20		600,000		0
NOVA Chemicals
#144A 5.00% 5/1/25		401,000		409,020
#144A 5.25% 8/1/23		880,000		903,100
#Nufarm Australia 144A 6.375% 10/15/19		574,000		590,503
Olin 5.125% 9/15/27		900,000		917,460
PolyOne 5.25% 3/15/23		2,064,000		2,089,800
Scotts Miracle-Gro
#144A 5.25% 12/15/26		435,000		441,525
6.00% 10/15/23		450,000		480,375
#Valvoline 144A 5.50% 7/15/24		175,000		184,187
#Versum Materials 144A 5.50% 9/30/24		820,000		849,725

				19,274,388

Commercial Services & Supplies–2.09%
#ACCO Brands 144A 5.25% 12/15/24		529,000		532,967
#ACE Cash Express 144A 11.00% 2/1/19		2,182,000		2,149,270


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Commercial Services & Supplies (continued)
ADT
3.50% 7/15/22		262,000	$	252,175
4.125% 6/15/23		3,718,000		3,569,280
Covanta Holding
5.875% 3/1/24		350,000		356,125
5.875% 7/1/25		156,000		156,683
6.375% 10/1/22		144,000		149,040
#Garda World Security 144A
7.25% 11/15/21		1,768,000		1,714,960
Harland Clarke Holdings
#144A 6.875% 3/1/20		700,000		712,250
#144A 8.375% 8/15/22		574,000		589,785
#Live Nation Entertainment 144A 4.875% 11/1/24		1,230,000		1,233,075
#Nielsen Co. Luxembourg 144A 5.00% 2/1/25		825,000		823,969
#Prime Security Services Borrower 144A 9.25% 5/15/23		4,735,000		5,202,581
Quad/Graphics 7.00% 5/1/22		490,000		492,450

				17,934,610

Communications Equipment–0.75%
Avaya
#‡144A 7.00% 4/1/19		2,137,000		1,698,915
#‡144A 10.50% 3/1/21		862,000		146,540
CommScope
#144A 5.00% 6/15/21		928,000		957,000
#144A 5.50% 6/15/24		810,000		840,634
CommScope Technologies
#144A 5.00% 3/15/27		620,000		620,589
#144A 6.00% 6/15/25		547,000		575,717
‡Goodman Networks 12.125% 7/1/18		1,072,000		439,520
Nokia
5.375% 5/15/19		418,000		442,557
6.625% 5/15/39		658,000		701,593

				6,423,065

Construction & Engineering–0.95%
AECOM
#144A 5.125% 3/15/27		2,230,000		2,241,150
5.875% 10/15/24		2,624,000		2,801,120
MasTec 4.875% 3/15/23		1,674,000		1,661,445
Tutor Perini 7.625% 11/1/18		1,491,000		1,493,796

				8,197,511

Construction Materials–1.21%
Cemex
#144A 5.70% 1/11/25		2,925,000		3,042,000
#144A 6.125% 5/5/25		2,536,000		2,712,759
#144A 7.75% 4/16/26		560,000		631,518
Cemex Finance
#144A 6.00% 4/1/24		200,000		210,800


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Construction Materials (continued)
Cemex Finance (continued)
#144A 9.375% 10/12/22		3,470,000	$	3,758,010

				10,355,087

Consumer Finance–1.20%
Ally Financial
4.625% 5/19/22		6,399,000		6,542,977
5.75% 11/20/25		2,005,000		2,060,138
8.00% 11/1/31		1,430,000		1,705,275

				10,308,390

Containers & Packaging–1.77%
#Ardagh Packaging Finance 144A 7.25% 5/15/24		525,000		563,719
Ball
4.375% 12/15/20		700,000		735,875
5.00% 3/15/22		135,000		142,931
5.25% 7/1/25		1,066,000		1,132,625
Berry Plastics
5.125% 7/15/23		1,385,000		1,424,819
5.50% 5/15/22		500,000		521,250
6.00% 10/15/22		500,000		530,625
#BWAY Holding 144A 5.50% 4/15/24		1,530,000		1,546,264
Cascades
#144A 5.50% 7/15/22		465,000		466,163
#144A 5.75% 7/15/23		510,000		512,550
#Crown Americas 144A 4.25% 9/30/26		690,000		665,422
#Flex Acquisition 144A 6.875% 1/15/25		266,000		272,244
Graphic Packaging International 4.75% 4/15/21		357,000		373,957
Owens-Brockway Glass Container
#144A 5.00% 1/15/22		685,000		707,263
#144A 5.375% 1/15/25		199,000		202,731
#144A 5.875% 8/15/23		105,000		111,300
#144A 6.375% 8/15/25		460,000		492,487
Reynolds Group Issuer
#144A 5.125% 7/15/23		850,000		874,438
5.75% 10/15/20		1,385,000		1,426,564
6.875% 2/15/21		281,939		290,045
Sealed Air
#144A 4.875% 12/1/22		360,000		376,423
#144A 5.125% 12/1/24		660,000		688,875
#144A 5.25% 4/1/23		200,000		211,000
#144A 5.50% 9/15/25		500,000		531,250
#144A 6.50% 12/1/20		355,000		399,375

				15,200,195

Diversified Consumer Services–0.16%
Service Corp International
5.375% 5/15/24		775,000		809,177
8.00% 11/15/21		500,000		584,375

				1,393,552


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Financial Services–1.17%
#CNG Holdings 144A 9.375% 5/15/20		1,518,000	$	1,392,765
#Dana Financing Luxembourg 144A 5.75% 4/15/25		987,000		998,104
Fly Leasing 6.75% 12/15/20		200,000		210,250
Icahn Enterprises
5.875% 2/1/22		884,000		901,680
#144A 6.25% 2/1/22		312,000		317,460
#144A 6.75% 2/1/24		312,000		322,530
#Ladder Capital Finance Holdings 144A 5.25% 3/15/22		625,000		631,250
#LPL Holdings 144A 5.75% 9/15/25		673,000		681,413
#NFP 144A 9.00% 7/15/21		796,000		844,238
#Quicken Loans 144A 5.75% 5/1/25		2,570,000		2,537,875
Springleaf Finance
7.75% 10/1/21		475,000		507,656
8.25% 12/15/20		666,000		729,270

				10,074,491

Diversified Telecommunication Services–4.88%
#Cincinnati Bell 144A 7.00% 7/15/24		878,000		922,997
Consolidated Communications 6.50% 10/1/22		853,000		823,145
Embarq 7.995% 6/1/36		10,256,000		10,256,000
Frontier Communications
6.25% 9/15/21		2,665,000		2,491,775
8.50% 4/15/20		3,044,000		3,222,835
9.25% 7/1/21		2,406,000		2,442,090
10.50% 9/15/22		1,290,000		1,312,575
11.00% 9/15/25		1,240,000		1,212,100
Hughes Satellite Systems
#144A 5.25% 8/1/26		1,641,000		1,641,000
#144A 6.625% 8/1/26		564,000		578,100
#Intelsat Connect Finance 144A 12.50% 4/1/22		398,000		357,205
Intelsat Jackson Holdings
5.50% 8/1/23		1,275,000		1,058,250
7.25% 4/1/19		711,000		681,671
7.25% 10/15/20		1,205,000		1,104,081
7.50% 4/1/21		1,165,000		1,052,869
#144A 8.00% 2/15/24		2,416,000		2,567,000
Level 3 Financing
5.125% 5/1/23		210,000		215,250
5.25% 3/15/26		1,335,000		1,345,013
5.375% 8/15/22		585,000		606,206
5.375% 1/15/24		421,000		432,051
5.375% 5/1/25		1,600,000		1,632,000
5.625% 2/1/23		524,000		543,650
Qwest 7.25% 9/15/25		400,000		437,904
Qwest Capital Funding
6.875% 7/15/28		124,000		118,265
7.75% 2/15/31		832,000		784,160


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Telecommunication Services (continued)
SBA Communications
4.875% 7/15/22		683,000	$	694,953
#144A 4.875% 9/1/24		290,000		287,042
#Virgin Media Finance 144A 6.375% 4/15/23		1,760,000		1,843,600
#Virgin Media Secured Finance 144A 5.25% 1/15/26		455,000		458,981
Windstream Services
7.50% 6/1/22		469,000		459,620
7.50% 4/1/23		353,000		333,585

				41,915,973

Electric Utilities–0.00%
‡Texas Competitive Electric Holdings 11.50% 10/1/20		3,115,000		38,938

				38,938

Electrical Equipment–0.38%
#EnerSys 144A 5.00% 4/30/23		1,255,000		1,267,550
Sensata Technologies
#144A 4.875% 10/15/23		435,000		437,445
#144A 5.00% 10/1/25		391,000		395,887
#144A 5.625% 11/1/24		531,000		555,559
#Sensata Technologies UK Financing 144A 6.25% 2/15/26		597,000		635,805

				3,292,246

Electronic Equipment, Instruments & Components–0.14%
CDW
5.00% 9/1/23		259,000		262,561
5.50% 12/1/24		335,000		352,588
6.00% 8/15/22		515,000		546,837

				1,161,986

Energy Equipment & Services–3.41%
Archrock Partners 6.00% 10/1/22		575,000		569,250
CSI Compressco 7.25% 8/15/22		720,000		687,600
Ensco
4.50% 10/1/24		172,000		145,770
5.20% 3/15/25		316,000		275,710
8.00% 1/31/24		167,000		169,923
#KCA Deutag UK Finance 144A 9.875% 4/1/22		561,000		576,427
Parker Drilling
6.75% 7/15/22		1,658,000		1,479,765
7.50% 8/1/20		493,000		463,420
Precision Drilling
5.25% 11/15/24		631,000		601,027
6.50% 12/15/21		226,000		226,615
#‡Sea Trucks Group 144A 9.00% 3/26/18		1,218,750		463,125
SESI 7.125% 12/15/21		2,953,000		3,004,677
#Shelf Drilling Holdings 144A 9.50% 11/2/20		1,687,311		1,586,072


	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Energy Equipment & Services (continued)
Summit Midstream Holdings
5.50% 8/15/22		652,000	$	655,260
5.75% 4/15/25		821,000		821,000
Transocean
5.55% 10/15/22		615,000		581,559
6.80% 3/15/38		2,389,000		1,976,897
7.50% 4/15/31		204,000		184,620
#144A 9.00% 7/15/23		3,570,000		3,828,825
9.10% 12/15/41		488,000		468,480
#Transocean Proteus 144A 6.25% 12/1/24		1,219,000		1,264,713
#Trinidad Drilling 144A 6.625% 2/15/25		651,000		651,814
Unit 6.625% 5/15/21		1,762,000		1,744,380
Weatherford International
4.50% 4/15/22		846,000		814,275
5.95% 4/15/42		302,000		264,250
6.50% 8/1/36		1,106,000		1,050,700
6.75% 9/15/40		167,000		159,485
6.80% 6/15/37		105,000		101,588
7.00% 3/15/38		1,087,000		1,054,390
7.75% 6/15/21		222,000		240,038
8.25% 6/15/23		555,000		604,950
#144A 9.875% 2/15/24		1,871,000		2,175,038
Western Refining Logistics 7.50% 2/15/23		400,000		432,000

				29,323,643

Equity Real Estate Investment Trusts–1.07%
CyrusOne
#144A 5.00% 3/15/24		671,000		691,130
#144A 5.375% 3/15/27		407,000		412,087
DuPont Fabros Technology 5.875% 9/15/21		470,000		489,094
Equinix
4.875% 4/1/20		187,000		192,143
5.375% 1/1/22		1,189,000		1,257,368
5.375% 4/1/23		500,000		523,125
5.75% 1/1/25		412,000		437,750
5.875% 1/15/26		300,000		319,875
#ESH Hospitality 144A 5.25% 5/1/25		1,265,000		1,278,434
Iron Mountain
5.75% 8/15/24		1,372,000		1,406,300
#144A 6.00% 10/1/20		967,000		1,015,350
MGM Growth Properties Operating Partnership 5.625% 5/1/24		315,000		333,900
#Uniti Group 144A 6.00% 4/15/23		802,000		834,080

				9,190,636

Food & Staples Retailing–1.80%
#Albertsons 144A 5.75% 3/15/25		1,863,000		1,811,767
Ingles Markets 5.75% 6/15/23		101,000		102,263
New Albertsons
#144A 6.625% 6/15/24		2,269,000		2,325,725


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Food & Staples Retailing (continued)
New Albertsons (continued)
6.625% 6/1/28		844,000	$	759,600
7.45% 8/1/29		511,000		486,728
7.75% 6/15/26		600,000		589,500
8.00% 5/1/31		625,000		606,250
8.70% 5/1/30		106,000		105,470
#Performance Food Group 144A 5.50% 6/1/24		265,000		271,625
Rite Aid
#144A 6.125% 4/1/23		1,236,000		1,229,820
6.75% 6/15/21		440,000		444,156
9.25% 3/15/20		225,000		231,609
SUPERVALU
6.75% 6/1/21		2,253,000		2,253,000
7.75% 11/15/22		4,290,000		4,231,013

				15,448,526

Food Products–1.85%
B&G Foods 5.25% 4/1/25		759,000		767,539
#Bumble Bee Holdings 144A 9.00% 12/15/17		2,051,000		2,004,853
#Dean Foods 144A 6.50% 3/15/23		2,300,000		2,403,500
#Dole Food 144A 7.25% 6/15/25		1,122,000		1,124,805
JBS USA Finance
#144A 5.75% 6/15/25		1,443,000		1,464,645
#144A 5.875% 7/15/24		2,448,000		2,533,680
#144A 7.25% 6/1/21		1,663,000		1,717,047
#Pilgrim’s Pride 144A 5.75% 3/15/25		508,000		514,350
Post Holdings
#144A 5.00% 8/15/26		799,000		767,040
#144A 5.50% 3/1/25		717,000		724,170
#144A 5.75% 3/1/27		651,000		652,627
#144A 7.75% 3/15/24		362,000		400,991
#144A 8.00% 7/15/25		725,000		817,438

				15,892,685

Gas Utilities–0.34%
AmeriGas Partners
5.50% 5/20/25		630,000		628,425
5.625% 5/20/24		406,000		410,060
5.75% 5/20/27		520,000		515,970
NGL Energy Partners
5.125% 7/15/19		199,000		200,493
#144A 6.125% 3/1/25		819,000		798,525
6.875% 10/15/21		352,000		359,920

				2,913,393

Health Care Equipment & Supplies–0.75%
Alere
#144A 6.375% 7/1/23		772,000		788,405
6.50% 6/15/20		442,000		447,525
7.25% 7/1/18		375,000		379,922
#Hologic 144A 5.25% 7/15/22		985,000		1,036,713


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Health Care Equipment & Supplies (continued)
Mallinckrodt International Finance
3.50% 4/15/18		72,000	$	72,270
4.75% 4/15/23		136,000		115,940
#144A 5.50% 4/15/25		640,000		592,000
#144A 5.625% 10/15/23		811,000		776,533
#144A 5.75% 8/1/22		875,000		866,687
#Sterigenics-Nordion Holdings 144A 6.50% 5/15/23		800,000		820,000
Teleflex
4.875% 6/1/26		148,000		149,480
5.25% 6/15/24		405,000		415,125

				6,460,600

Health Care Providers & Services–5.57%
Acadia Healthcare
5.125% 7/1/22		410,000		416,150
5.625% 2/15/23		330,000		343,405
6.50% 3/1/24		400,000		422,000
#AMN Healthcare 144A 5.125% 10/1/24		763,000		772,537
Centene
4.75% 5/15/22		486,000		501,795
4.75% 1/15/25		1,125,000		1,134,146
5.625% 2/15/21		1,040,000		1,091,064
6.125% 2/15/24		700,000		753,375
Community Health Systems
5.125% 8/1/21		450,000		446,625
6.875% 2/1/22		1,124,000		970,855
7.125% 7/15/20		786,000		723,120
DaVita
5.00% 5/1/25		1,125,000		1,130,625
5.125% 7/15/24		1,919,000		1,941,788
5.75% 8/15/22		400,000		415,500
Envision Healthcare
#144A 5.125% 7/1/22		1,186,000		1,213,053
5.625% 7/15/22		1,794,000		1,845,577
#Fresenius Medical Care US Finance 144A 5.75% 2/15/21		630,000		685,125
Fresenius Medical Care US Finance II
#144A 4.125% 10/15/20		385,000		391,160
#144A 5.875% 1/31/22		1,488,000		1,618,200
#144A 6.50% 9/15/18		225,000		239,625
HCA
4.25% 10/15/19		630,000		653,625
4.50% 2/15/27		905,000		907,263
5.00% 3/15/24		506,000		531,933
5.25% 4/15/25		705,000		750,825
5.25% 6/15/26		1,035,000		1,091,925
5.375% 2/1/25		2,276,000		2,378,420
5.875% 3/15/22		1,019,000		1,123,447
5.875% 5/1/23		1,220,000		1,320,650
5.875% 2/15/26		2,125,000		2,247,187


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Health Care Providers & Services (continued)
HCA (continued)
6.50% 2/15/20		1,250,000	$	1,371,100
7.50% 2/15/22		1,065,000		1,220,756
8.00% 10/1/18		1,000,000		1,085,000
HCA Holdings 6.25% 2/15/21		470,000		508,481
IASIS Healthcare 8.375% 5/15/19		2,528,000		2,433,200
LifePoint Health 5.50% 12/1/21		245,000		254,341
#MPH Acquisition Holdings 144A 7.125% 6/1/24		2,780,000		2,995,797
#Team Health Holdings 144A 6.375% 2/1/25		1,464,000		1,438,380
Tenet Healthcare
4.375% 10/1/21		495,000		497,475
4.50% 4/1/21		2,021,000		2,031,105
4.75% 6/1/20		840,000		862,428
5.50% 3/1/19		1,535,000		1,561,863
6.00% 10/1/20		658,000		697,480
6.25% 11/1/18		150,000		158,156
6.75% 2/1/20		115,000		117,013
6.75% 6/15/23		885,000		871,725
#144A 7.50% 1/1/22		360,000		389,700
8.00% 8/1/20		858,000		874,088
8.125% 4/1/22		377,000		395,379

				47,824,467

Hotels, Restaurants & Leisure–3.96%
Boyd Gaming
6.375% 4/1/26		395,000		423,637
6.875% 5/15/23		781,000		844,456
Cedar Fair 5.375% 6/1/24		265,000		272,950
#‡Chukchansi Economic Development Authority 144A 9.75% 5/30/20		236,584		95,816
#Downstream Development Authority of the Quapaw Tribe of Oklahoma 144A 10.50% 7/1/19		866,000		848,680
#Eagle II Acquisition 144A 6.00% 4/1/25		150,000		155,063
Eldorado Resorts 7.00% 8/1/23		225,000		242,156
#Gateway Casinos & Entertainment 144A 8.25% 3/1/24		475,000		482,125
#Golden Nugget 144A 8.50% 12/1/21		790,000		841,350
#Hilton Domestic Operating 144A 4.25% 9/1/24		935,000		927,987
#Hilton Grand Vacations Borrower 144A 6.125% 12/1/24		357,000		376,635
Hilton Worldwide Finance
#144A 4.625% 4/1/25		562,000		570,261
#144A 4.875% 4/1/27		279,000		282,487
International Game Technology
#144A 6.25% 2/15/22		800,000		858,000
#144A 6.50% 2/15/25		1,580,000		1,690,600
Isle of Capri Casinos 5.875% 3/15/21		635,000		655,336
#Jack Ohio Finance 144A 6.75% 11/15/21		865,000		897,437


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Hotels, Restaurants & Leisure (continued)
KFC Holding
#144A 5.00% 6/1/24		820,000	$	839,475
#144A 5.25% 6/1/26		820,000		836,400
#Landry’s 144A 6.75% 10/15/24		916,000		952,640
MGM Resorts International
4.625% 9/1/26		941,000		917,475
6.00% 3/15/23		1,505,000		1,629,163
7.75% 3/15/22		3,212,000		3,713,875
#NCL 144A 4.75% 12/15/21		1,256,000		1,277,980
New Red Finance
#144A 4.625% 1/15/22		830,000		851,787
#144A 6.00% 4/1/22		1,635,000		1,700,400
Ruby Tuesday 7.625% 5/15/20		150,000		146,250
Sabre GLBL
#144A 5.25% 11/15/23		142,000		145,905
#144A 5.375% 4/15/23		474,000		487,035
Scientific Games International
#144A 7.00% 1/1/22		795,000		850,650
10.00% 12/1/22		1,615,000		1,728,050
#Seminole Hard Rock Entertainment 144A 5.875% 5/15/21		1,755,000		1,790,100
#Shingle Springs Tribal Gaming Authority 144A 9.75% 9/1/21		1,101,000		1,186,327
Six Flags Entertainment
#144A 4.875% 7/31/24		1,396,000		1,385,530
#144A 5.25% 1/15/21		815,000		838,187
Speedway Motorsports 5.125% 2/1/23		480,000		487,200
Wynn Las Vegas
5.375% 3/15/22		715,000		733,769
#144A 5.50% 3/1/25		1,000,000		1,018,750

				33,981,924

Household Durables–0.69%
CalAtlantic Group
5.25% 6/1/26		294,000		294,000
5.375% 10/1/22		250,000		262,188
5.875% 11/15/24		1,117,000		1,177,039
8.375% 1/15/21		500,000		581,875
Mattamy Group
#144A 6.50% 11/15/20		848,000		875,560
#144A 6.875% 12/15/23		207,000		215,797
#New Home 144A 7.25% 4/1/22		1,202,000		1,217,025
Tempur Sealy International 5.625% 10/15/23		680,000		686,800
Toll Brothers Finance
4.875% 11/15/25		260,000		262,600
5.625% 1/15/24		375,000		397,031

				5,969,915

Household Products–0.40%
Central Garden & Pet 6.125% 11/15/23		310,000		328,600


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Household Products (continued)
#Kronos Acquisition Holdings 144A 9.00% 8/15/23		850,000	$	867,000
Spectrum Brands
5.75% 7/15/25		1,561,000		1,658,562
6.125% 12/15/24		525,000		557,813

				3,411,975

Independent Power & Renewable Electricity Producers–2.60%
AES
4.875% 5/15/23		190,000		190,000
5.50% 3/15/24		1,289,000		1,314,780
5.50% 4/15/25		960,000		976,800
Calpine
#144A 5.25% 6/1/26		1,210,000		1,234,200
5.375% 1/15/23		521,000		528,190
5.50% 2/1/24		675,000		674,791
5.75% 1/15/25		520,000		519,350
#144A 5.875% 1/15/24		1,560,000		1,651,650
Dynegy
5.875% 6/1/23		2,646,000		2,437,627
7.375% 11/1/22		940,000		932,950
7.625% 11/1/24		285,000		273,600
#144A 8.00% 1/15/25		630,000		606,375
GenOn Energy 9.875% 10/15/20		2,313,000		1,520,797
NRG Energy
6.25% 5/1/24		1,375,000		1,377,578
#144A 6.625% 1/15/27		1,467,000		1,470,667
NRG Yield Operating
#144A 5.00% 9/15/26		535,000		522,963
5.375% 8/15/24		300,000		306,000
#Pattern Energy Group 144A 5.875% 2/1/24		750,000		763,125
Talen Energy Supply
#144A 4.625% 7/15/19		390,000		399,750
6.50% 6/1/25		1,087,000		926,667
#Terraform Global Operating 144A 9.75% 8/15/22		1,906,000		2,146,633
TerraForm Power Operating
#f144A 6.375% 2/1/23		729,000		760,894
#f144A 6.625% 6/15/25		730,000		782,925

				22,318,312

Industrial Conglomerates–0.15%
#Gates Global 144A 6.00% 7/15/22		1,233,000		1,260,743

				1,260,743

Insurance–0.55%
CNO Financial Group 5.25% 5/30/25		1,299,000		1,338,788
#Fidelity & Guaranty Life Holdings 144A 6.375% 4/1/21		527,000		530,953
#Liberty Mutual Group 144A 7.80% 3/15/37		837,000		964,642
Radian Group 7.00% 3/15/21		927,000		1,028,970


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Insurance (continued)
•XLIT 6.50% 12/29/49		1,020,000	$	859,350

				4,722,703

Internet & Direct Marketing Retail–0.13%
Netflix
#144A 4.375% 11/15/26		425,000		418,094
5.50% 2/15/22		335,000		357,612
5.75% 3/1/24		360,000		385,632

				1,161,338

Internet Software & Services–0.51%
Match Group 6.375% 6/1/24		355,000		385,395
#Symantec 144A 5.00% 4/15/25		987,000		1,013,218
VeriSign 5.25% 4/1/25		192,000		199,920
Zayo Group
#144A 5.75% 1/15/27		702,000		742,224
6.00% 4/1/23		1,311,000		1,391,299
6.375% 5/15/25		575,000		622,794

				4,354,850

IT Services–0.99%
Alliance Data Systems
#144A 5.375% 8/1/22		708,000		716,850
#144A 5.875% 11/1/21		385,000		399,438
First Data
#144A 5.00% 1/15/24		2,045,000		2,088,456
#144A 5.375% 8/15/23		325,000		339,219
#144A 5.75% 1/15/24		2,573,000		2,663,698
#144A 7.00% 12/1/23		2,172,000		2,334,900

				8,542,561

Leisure Equipment & Products–0.14%
Park Aerospace Holdings
#144A 5.25% 8/15/22		561,000		585,544
#144A 5.50% 2/15/24		581,000		605,692

				1,191,236

Life Sciences Tools & Services–0.30%
#IMS Health 144A 4.875% 5/15/23		580,000		590,875
#Jaguar Holding II 144A 6.375% 8/1/23		1,000,000		1,045,000
#Quintiles IMS 144A 5.00% 10/15/26		965,000		971,031

				2,606,906

Machinery–0.85%
#ATS Automation Tooling Systems 144A 6.50% 6/15/23		932,000		976,270
Oshkosh 5.375% 3/1/25		250,000		259,375
#Terex 144A 5.625% 2/1/25		1,742,000		1,770,308
#Vertiv Group 144A 9.25% 10/15/24		3,996,000		4,295,700

				7,301,653

Marine–0.28%
#Bluewater Holding 144A 10.00% 12/10/19		2,100,000		1,569,750


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Marine (continued)
Martin Midstream Partners 7.25% 2/15/21		431,000	$	437,465
‡Ultrapetrol Bahamas 8.875% 6/15/21		1,903,000		380,600

				2,387,815

Media–10.68%
Altice Financing
#144A 6.50% 1/15/22		1,330,000		1,397,152
#144A 6.625% 2/15/23		686,000		715,841
#144A 7.50% 5/15/26		1,475,000		1,570,875
Altice Luxembourg
#144A 7.625% 2/15/25		200,000		212,125
#144A 7.75% 5/15/22		1,829,000		1,945,599
Altice US Finance I
#144A 5.375% 7/15/23		2,590,000		2,680,650
#144A 5.50% 5/15/26		1,484,000		1,528,520
AMC Entertainment Holdings
5.875% 2/15/22		486,000		508,477
#144A 5.875% 11/15/26		540,000		547,425
#144A 6.125% 5/15/27		444,000		448,995
AMC Networks
4.75% 12/15/22		15,000		15,112
5.00% 4/1/24		1,985,000		1,989,963
Cablevision Systems
8.00% 4/15/20		2,191,000		2,432,010
8.625% 9/15/17		235,000		241,756
#CCM Merger 144A 6.00% 3/15/22		272,000		278,120
CCO Holdings
#144A 5.125% 5/1/27		1,104,000		1,112,280
#144A 5.50% 5/1/26		1,090,000		1,130,875
#144A 5.75% 2/15/26		2,869,000		3,019,623
#144A 5.875% 4/1/24		5,627,000		5,950,553
Clear Channel Worldwide Holdings
6.50% 11/15/22		1,632,000		1,705,440
6.50% 11/15/22		1,593,000		1,624,860
7.625% 3/15/20		1,833,000		1,853,621
7.625% 3/15/20		45,000		44,887
CSC Holdings
#144A 5.50% 4/15/27		1,638,000		1,668,713
6.75% 11/15/21		1,195,000		1,298,816
8.625% 2/15/19		608,000		668,800
DISH DBS
5.875% 7/15/22		400,000		421,248
5.875% 11/15/24		821,000		865,334
6.75% 6/1/21		6,307,000		6,823,386
7.75% 7/1/26		1,502,000		1,749,830
#EMI Music Publishing Group North America Holdings 144A 7.625% 6/15/24		725,000		793,875
GLP Capital
5.375% 11/1/23		1,555,000		1,656,075
5.375% 4/15/26		755,000		781,425


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Media (continued)
Gray Television
#144A 5.125% 10/15/24		875,000	$	866,250
#144A 5.875% 7/15/26		555,000		566,100
iHeartCommunications 9.00% 12/15/19		1,384,000		1,189,202
Lamar Media
5.00% 5/1/23		66,000		68,310
5.375% 1/15/24		50,000		51,875
5.75% 2/1/26		780,000		837,525
Liberty Interactive 8.25% 2/1/30		380,000		410,400
LIN Television 5.875% 11/15/22		789,000		820,560
Mediacom Broadband 6.375% 4/1/23		978,000		1,029,345
Nexstar Broadcasting
#144A 5.625% 8/1/24		385,000		391,737
#144A 6.125% 2/15/22		405,000		423,225
Nielsen Finance
4.50% 10/1/20		300,000		306,000
#144A 5.00% 4/15/22		1,820,000		1,865,500
Outfront Media Capital
5.25% 2/15/22		336,000		349,020
5.625% 2/15/24		1,000,000		1,048,750
5.875% 3/15/25		500,000		525,625
Quebecor Media 5.75% 1/15/23		318,000		332,707
Regal Entertainment Group
5.75% 3/15/22		1,072,000		1,121,580
5.75% 6/15/23		550,000		573,375
SFR Group
#144A 6.00% 5/15/22		3,325,000		3,458,000
#144A 6.25% 5/15/24		1,106,000		1,117,060
#144A 7.375% 5/1/26		1,100,000		1,137,125
Sinclair Television Group
#144A 5.125% 2/15/27		995,000		965,150
#144A 5.625% 8/1/24		584,000		592,760
6.125% 10/1/22		915,000		961,894
Sirius XM Radio
#144A 4.625% 5/15/23		1,100,000		1,128,875
#144A 5.375% 4/15/25		1,295,000		1,328,670
#144A 5.75% 8/1/21		406,000		422,345
TEGNA
5.125% 7/15/20		430,000		445,050
#144A 5.50% 9/15/24		265,000		272,287
6.375% 10/15/23		1,025,000		1,087,781
#Unitymedia 144A 6.125% 1/15/25		1,645,000		1,739,587
Unitymedia Hessen
#144A 5.00% 1/15/25		600,000		616,500
#144A 5.50% 1/15/23		1,050,000		1,095,822
Univision Communications
#144A 5.125% 5/15/23		2,000,000		1,982,500
#144A 5.125% 2/15/25		2,147,000		2,120,163
#144A 6.75% 9/15/22		986,000		1,038,002
#UPCB Finance IV 144A 5.375% 1/15/25		1,095,000		1,107,319
Videotron
#144A 5.125% 4/15/27		313,000		313,000


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Media (continued)
Videotron (continued)
#144A 5.375% 6/15/24		1,318,000	$	1,374,015
WMG Acquisition
#144A 4.875% 11/1/24		185,000		186,850
#144A 5.00% 8/1/23		255,000		258,506
#144A 5.625% 4/15/22		815,000		846,581
#144A 6.75% 4/15/22		1,316,000		1,388,380
#Ziggo Bond Finance 144A 5.875% 1/15/25		520,000		526,500
#Ziggo Secured Finance 144A 5.50% 1/15/27		1,750,000		1,754,200

				91,724,269

Metals & Mining–4.89%
AK Steel
7.00% 3/15/27		1,160,000		1,160,719
7.50% 7/15/23		1,135,000		1,237,150
#Alcoa Nederland Holding 144A 6.75% 9/30/24		797,000		858,767
Aleris International
7.875% 11/1/20		96,000		95,280
#144A 9.50% 4/1/21		795,000		858,600
Anglo American Capital
#144A 3.625% 5/14/20		415,000		420,187
#144A 4.125% 9/27/22		1,328,000		1,347,920
#144A 4.45% 9/27/20		100,000		104,500
#144A 4.875% 5/14/25		1,881,000		1,928,401
ArcelorMittal
6.125% 6/1/25		1,180,000		1,315,700
7.00% 2/25/22		4,685,000		5,352,050
7.50% 3/1/41		191,000		214,722
7.75% 10/15/39		1,283,000		1,462,620
Coeur Mining 7.875% 2/1/21		581,000		605,693
Commercial Metals 4.875% 5/15/23		1,252,000		1,283,300
#Constellium 144A 6.625% 3/1/25		1,159,000		1,117,711
Freeport-McMoRan
3.55% 3/1/22		1,375,000		1,282,187
3.875% 3/15/23		3,510,000		3,245,416
4.00% 11/14/21		1,193,000		1,157,210
5.40% 11/14/34		150,000		131,250
5.45% 3/15/43		2,120,000		1,804,650
Hecla Mining 6.875% 5/1/21		1,191,000		1,220,775
#Hudbay Minerals 144A 7.25% 1/15/23		360,000		383,400
#International Wire Group 144A 10.75% 8/1/21		860,000		838,500
Kaiser Aluminum 5.875% 5/15/24		388,000		405,340
Lundin Mining
#144A 7.50% 11/1/20		870,000		924,375
#144A 7.875% 11/1/22		725,000		796,594
Novelis
#144A 5.875% 9/30/26		1,210,000		1,238,737
#144A 6.25% 8/15/24		1,290,000		1,348,050


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Metals & Mining (continued)
Steel Dynamics
#144A 5.00% 12/15/26		425,000	$	431,375
5.125% 10/1/21		85,000		88,081
5.25% 4/15/23		275,000		286,687
5.50% 10/1/24		1,030,000		1,078,925
6.375% 8/15/22		695,000		727,144
Teck Resources
3.00% 3/1/19		520,000		530,598
4.75% 1/15/22		633,000		656,864
5.40% 2/1/43		560,000		536,200
6.00% 8/15/40		1,025,000		1,037,813
6.125% 10/1/35		1,200,000		1,251,000
#144A 8.00% 6/1/21		145,000		159,138
#144A 8.50% 6/1/24		556,000		642,875
#United States Steel 144A 8.375% 7/1/21		397,000		441,663

				42,008,167

Multiline Retail–0.47%
Dollar Tree 5.75% 3/1/23		1,831,000		1,959,170
#JC Penney 144A 5.875% 7/1/23		1,410,000		1,413,525
#Neiman Marcus Group 144A 8.00% 10/15/21		1,042,000		632,619

				4,005,314

Oil, Gas & Consumable Fuels–10.03%
Antero Resources
#144A 5.00% 3/1/25		510,000		502,666
5.125% 12/1/22		2,971,000		3,024,849
5.375% 11/1/21		1,426,000		1,469,978
Baytex Energy
#144A 5.125% 6/1/21		157,000		142,477
#144A 5.625% 6/1/24		267,000		236,295
#Blue Racer Midstream 144A 6.125% 11/15/22		415,000		422,263
#California Resources 144A 8.00% 12/15/22		3,229,000		2,635,671
#Callon Petroleum 144A 6.125% 10/1/24		815,000		851,675
Cenovus Energy 6.75% 11/15/39		1,496,000		1,711,396
Cheniere Corpus Christi Holdings
#144A 5.875% 3/31/25		820,000		857,925
#144A 7.00% 6/30/24		825,000		912,656
Chesapeake Energy
4.875% 4/15/22		1,233,000		1,115,865
5.75% 3/15/23		363,000		332,145
6.125% 2/15/21		703,000		685,425
#144A 8.00% 1/15/25		849,000		852,184
#Citgo Holding 144A 10.75% 2/15/20		828,000		894,240
#CITGO Petroleum 144A 6.25% 8/15/22		903,000		918,803
CONSOL Energy 5.875% 4/15/22		1,060,000		1,053,375
Continental Resources
3.80% 6/1/24		265,000		247,775


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Continental Resources (continued)
4.50% 4/15/23		486,000	$	475,366
5.00% 9/15/22		1,671,000		1,693,976
Crestwood Midstream Partners
#144A 5.75% 4/1/25		860,000		880,425
6.25% 4/1/23		684,000		713,070
#CVR Partners 144A 9.25% 6/15/23		3,211,000		3,307,330
DCP Midstream Operating
3.875% 3/15/23		1,667,000		1,608,655
#144A 4.75% 9/30/21		248,000		253,456
4.95% 4/1/22		270,000		274,050
#144A 5.35% 3/15/20		70,000		72,800
#144A 6.75% 9/15/37		735,000		793,800
Encana 3.90% 11/15/21		72,000		73,631
Energy Transfer Equity 5.875% 1/15/24		2,432,000		2,596,160
EP Energy
6.375% 6/15/23		348,000		268,830
7.75% 9/1/22		1,370,000		1,116,550
#144A 8.00% 2/15/25		7,728,000		7,225,680
9.375% 5/1/20		2,910,000		2,757,807
Ferrellgas 6.75% 6/15/23		449,000		424,305
Genesis Energy
5.625% 6/15/24		429,000		421,493
5.75% 2/15/21		375,000		381,563
6.00% 5/15/23		500,000		505,000
6.75% 8/1/22		355,000		367,780
Hilcorp Energy I
#144A 5.00% 12/1/24		995,000		937,787
#144A 5.75% 10/1/25		1,100,000		1,067,000
#Holly Energy Partners 144A 6.00% 8/1/24		833,000		876,733
MEG Energy
#144A 6.375% 1/30/23		1,475,000		1,325,656
#144A 6.50% 1/15/25		2,554,000		2,563,577
#144A 7.00% 3/31/24		261,000		234,900
#Nabors Industries 144A 5.50% 1/15/23		693,000		710,758
Newfield Exploration 5.75% 1/30/22		392,000		417,970
#NGPL PipeCo 144A 9.625% 6/1/19		500,000		520,000
Noble Holding International
5.25% 3/15/42		66,000		44,550
6.20% 8/1/40		441,000		319,725
7.75% 1/15/24		547,000		527,855
NuStar Logistics
4.80% 9/1/20		479,000		487,095
6.75% 2/1/21		291,000		309,915
Oasis Petroleum 6.50% 11/1/21		982,000		989,365
ONEOK
4.25% 2/1/22		745,000		763,625
7.50% 9/1/23		146,000		170,843
PBF Holding 7.00% 11/15/23		604,000		608,530
PBF Logistics 6.875% 5/15/23		411,000		418,193


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
#Peabody Securities Finance 144A 6.00% 3/31/22		249,000	$	248,533
=‡Penn Virginia Escrow 8.50% 5/1/20		927,000		20,858
QEP Resources
5.25% 5/1/23		328,000		323,208
5.375% 10/1/22		2,169,000		2,147,309
6.875% 3/1/21		718,000		766,465
Range Resources
4.875% 5/15/25		77,000		74,113
#144A 5.00% 3/15/23		177,000		175,009
#144A 5.75% 6/1/21		215,000		221,450
Rice Energy 7.25% 5/1/23		516,000		552,120
#Rockies Express Pipeline 144A 5.625% 4/15/20		486,000		513,945
Rose Rock Midstream
5.625% 7/15/22		362,000		359,513
5.625% 11/15/23		497,000		489,545
Rowan 7.375% 6/15/25		1,208,000		1,220,080
RSP Permian
#144A 5.25% 1/15/25		420,000		425,250
6.625% 10/1/22		1,170,000		1,237,275
SM Energy
5.00% 1/15/24		530,000		503,500
5.625% 6/1/25		423,000		406,926
6.50% 1/1/23		433,000		441,660
6.75% 9/15/26		250,000		253,281
Stone Energy 7.50% 5/31/22		89,671		87,653
Sunoco
5.50% 8/1/20		500,000		505,625
6.25% 4/15/21		778,000		795,505
6.375% 4/1/23		750,000		765,000
#Tallgrass Energy Partners 144A 5.50% 9/15/24		850,000		858,500
Targa Resources Partners
4.25% 11/15/23		537,000		527,603
#144A 5.125% 2/1/25		1,187,000		1,227,061
5.25% 5/1/23		850,000		873,375
#144A 5.375% 2/1/27		380,000		395,200
6.375% 8/1/22		54,000		55,957
Tesoro
#144A 4.75% 12/15/23		725,000		751,890
5.125% 4/1/24		235,000		245,575
Tesoro Logistics
5.25% 1/15/25		780,000		818,025
5.875% 10/1/20		1,786,000		1,844,045
6.25% 10/15/22		384,000		407,520
6.375% 5/1/24		230,000		250,125
#‡Ultra Petroleum 144A 6.125% 10/1/24		459,000		328,185
W&T Offshore 8.50% 6/15/19		720,000		585,000
Whiting Petroleum
5.00% 3/15/19		2,574,000		2,580,435


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Whiting Petroleum (continued)
5.75% 3/15/21		580,000	$	577,100
6.25% 4/1/23		106,000		106,000
Williams
3.70% 1/15/23		870,000		859,125
5.75% 6/24/44		695,000		701,950
7.50% 1/15/31		64,000		74,880
7.75% 6/15/31		451,000		532,180
WPX Energy
5.25% 9/15/24		62,000		60,295
6.00% 1/15/22		593,000		606,343

				86,173,659

Paper & Forest Products–0.27%
Clearwater Paper
4.50% 2/1/23		630,000		614,250
#144A 5.375% 2/1/25		450,000		446,625
#Unifrax I 144A 7.50% 2/15/19		1,285,000		1,281,788

				2,342,663

Personal Products–0.15%
Revlon Consumer Products
5.75% 2/15/21		778,000		780,918
6.25% 8/1/24		493,000		493,000

				1,273,918

Pharmaceuticals–2.27%
#~Capsugel PIK 144A 7.00% 5/15/19		243,000		242,453
Endo Finance
#144A 5.375% 1/15/23		223,000		193,591
#144A 5.75% 1/15/22		827,000		756,705
#144A 6.00% 7/15/23		1,600,000		1,408,000
#144A 6.00% 2/1/25		960,000		823,200
Grifols Worldwide Operations 5.25% 4/1/22		480,000		498,312
#Nature’s Bounty 144A 7.625% 5/15/21		1,970,000		2,078,350
Prestige Brands
#144A 5.375% 12/15/21		825,000		847,687
#144A 6.375% 3/1/24		325,000		342,875
Valeant Pharmaceuticals International
#144A 5.375% 3/15/20		1,203,000		1,081,196
#144A 5.875% 5/15/23		2,542,000		1,985,937
#144A 6.125% 4/15/25		1,293,000		1,000,459
#144A 6.375% 10/15/20		2,514,000		2,287,740
#144A 6.50% 3/15/22		521,000		537,281
#144A 6.75% 8/15/18		207,000		207,647
#144A 6.75% 8/15/21		1,236,000		1,072,230
#144A 7.00% 10/1/20		1,502,000		1,374,330
#144A 7.00% 3/15/24		1,113,000		1,144,999
#144A 7.25% 7/15/22		1,133,000		971,548
#144A 7.50% 7/15/21		717,000		630,960

				19,485,500


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Professional Services–0.18%
FTI Consulting 6.00% 11/15/22		350,000	$	363,563
#Gartner 144A 5.125% 4/1/25		805,000		822,106
#IHS Markit 144A 5.00% 11/1/22		381,000		401,002

				1,586,671

Semiconductors & Semiconductor Equipment–0.98%
Micron Technology
#144A 5.25% 8/1/23		944,000		972,320
#144A 5.25% 1/15/24		325,000		335,462
5.50% 2/1/25		299,000		311,708
#144A 5.625% 1/15/26		392,000		413,560
5.875% 2/15/22		125,000		131,094
#144A 7.50% 9/15/23		1,163,000		1,301,106
#Microsemi 144A 9.125% 4/15/23		768,000		886,080
NXP
#144A 3.75% 6/1/18		420,000		429,450
#144A 4.125% 6/1/21		1,165,000		1,211,600
#144A 4.625% 6/15/22		1,243,000		1,317,580
#144A 5.75% 3/15/23		200,000		211,500
Qorvo 6.75% 12/1/23		803,000		874,266

				8,395,726

Software–1.31%
#Camelot Finance 144A 7.875% 10/15/24		1,174,000		1,238,570
#CURO Financial Technologies 144A 12.00% 3/1/22		373,000		385,123
#Genesys Telecommunications Laboratories 144A 10.00% 11/30/24		1,965,000		2,141,850
#~Infor Software Parent PIK 144A 7.125% 5/1/21		750,000		770,625
Infor US
#144A 5.75% 8/15/20		988,000		1,030,929
6.50% 5/15/22		996,000		1,028,470
#Informatica 144A 7.125% 7/15/23		451,000		440,852
#Nuance Communications 144A 5.375% 8/15/20		483,000		491,464
Open Text
#144A 5.625% 1/15/23		737,000		770,165
#144A 5.875% 6/1/26		945,000		992,250
#Rackspace Hosting 144A 8.625% 11/15/24		495,000		522,819
#Solera 144A 10.50% 3/1/24		815,000		935,212
SS&C Technologies Holdings 5.875% 7/15/23		474,000		503,919

				11,252,248

Specialty Retail–1.35%
#American Greetings 144A 7.875% 2/15/25		536,000		565,480
Caleres 6.25% 8/15/23		500,000		523,750
Claire’s Stores
#‡144A 6.125% 3/15/20		1,074,000		418,860
#‡144A 9.00% 3/15/19		2,417,000		978,885


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Specialty Retail (continued)
#Group 1 Automotive 144A 5.25% 12/15/23		1,335,000	$	1,355,025
#Guitar Center 144A 6.50% 4/15/19		148,000		125,060
#Jo-Ann Stores 144A 8.125% 3/15/19		156,000		156,000
L Brands
5.625% 2/15/22		615,000		648,056
5.625% 10/15/23		525,000		551,250
6.75% 7/1/36		825,000		790,185
#Party City Holdings 144A 6.125% 8/15/23		465,000		473,137
Penske Automotive Group 5.50% 5/15/26		1,062,000		1,043,415
#PetSmart 144A 7.125% 3/15/23		1,423,000		1,355,407
#Radio Systems 144A 8.375% 11/1/19		475,000		494,297
Sally Holdings
5.50% 11/1/23		615,000		621,919
5.625% 12/1/25		617,000		619,314
#Sonic Automotive 144A 6.125% 3/15/27		277,000		278,039
#Tops Holding 144A 8.00% 6/15/22		732,000		603,900

				11,601,979

Technology Hardware, Storage & Peripherals–1.15%
Diamond 1 Finance
#144A 3.48% 6/1/19		10,000		10,252
#144A 4.42% 6/15/21		526,000		550,578
#144A 5.45% 6/15/23		1,520,000		1,642,214
#144A 5.875% 6/15/21		565,000		594,173
#144A 6.02% 6/15/26		1,520,000		1,659,968
#144A 7.125% 6/15/24		585,000		647,035
Diebold Nixdorf 8.50% 4/15/24		1,375,000		1,524,531
EMC 2.65% 6/1/20		448,000		436,818
NCR
5.00% 7/15/22		373,000		380,460
6.375% 12/15/23		130,000		137,150
Western Digital
#144A 7.375% 4/1/23		773,000		849,334
10.50% 4/1/24		1,216,000		1,436,400

				9,868,913

Textiles, Apparel & Luxury Goods–0.00%
Levi Strauss & Co. 5.00% 5/1/25		25,000		25,755

				25,755

Thrift & Mortgage Finance–0.15%
Nationstar Mortgage
6.50% 7/1/21		527,000		536,223
6.50% 6/1/22		173,000		173,865
7.875% 10/1/20		565,000		586,187

				1,296,275

Trading Companies & Distributors–1.76%
#Ahern Rentals 144A 7.375% 5/15/23		1,534,000		1,326,910


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Trading Companies & Distributors (continued)
Aircastle
5.00% 4/1/23		1,202,000	$	1,268,110
5.125% 3/15/21		202,000		214,877
Ashtead Capital
#144A 5.625% 10/1/24		1,395,000		1,475,213
#144A 6.50% 7/15/22		625,000		653,125
Global Partners
6.25% 7/15/22		697,000		686,545
7.00% 6/15/23		250,000		248,750
H&E Equipment Services 7.00% 9/1/22		565,000		595,369
HD Supply
#144A 5.25% 12/15/21		819,000		864,045
#144A 5.75% 4/15/24		775,000		817,083
United Rentals North America
4.625% 7/15/23		570,000		589,237
5.50% 5/15/27		495,000		501,188
5.75% 11/15/24		1,830,000		1,914,637
5.875% 9/15/26		235,000		245,869
6.125% 6/15/23		1,943,000		2,037,721
#Univar USA 144A 6.75% 7/15/23		758,000		790,215
WESCO Distribution 5.375% 6/15/24		870,000		896,100

				15,124,994

Wireless Telecommunication Services–4.50%
#SoftBank Group 144A 4.50% 4/15/20		1,615,000		1,665,469
Sprint
7.125% 6/15/24		2,422,000		2,591,540
7.25% 9/15/21		1,718,000		1,858,876
7.625% 2/15/25		1,479,000		1,619,505
7.875% 9/15/23		3,535,000		3,923,850
Sprint Capital
6.875% 11/15/28		313,000		331,389
8.75% 3/15/32		2,422,000		2,918,510
Sprint Communications
6.00% 11/15/22		1,190,000		1,219,750
#144A 7.00% 3/1/20		2,752,000		3,006,560
7.00% 8/15/20		1,250,000		1,345,313
#144A 9.00% 11/15/18		1,876,000		2,047,185
11.50% 11/15/21		90,000		113,400
T-Mobile USA
5.125% 4/15/25		849,000		880,837
5.375% 4/15/27		565,000		584,775
6.00% 3/1/23		1,054,000		1,128,096
6.00% 4/15/24		1,624,000		1,735,650
6.125% 1/15/22		951,000		1,006,871
6.375% 3/1/25		2,389,000		2,580,120
6.50% 1/15/24		129,000		139,642
6.50% 1/15/26		755,000		828,612
6.625% 4/1/23		1,129,000		1,207,669
6.633% 4/28/21		941,000		974,876
6.731% 4/28/22		1,657,000		1,718,475
6.836% 4/28/23		1,089,000		1,167,953


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Wireless Telecommunication Services (continued)
West
#144A 4.75% 7/15/21		550,000	$	561,000
#144A 5.375% 7/15/22		1,520,000		1,499,100

				38,655,023

Total Corporate Bonds (Cost $770,067,557)				783,615,217


«LOAN AGREEMENTS–4.06%
Alon USA Partners Tranche B 1st Lien 9.25% 11/13/18		69,153		69,325
Avaya 1st Lien 6.282% 5/29/20		250,069		200,104
Avaya DIP 1st Lien 8.50% 1/23/18		241,000		248,464
Avaya Tranche B-3 1st Lien 5.39% 10/26/17		280,000		223,213
Avaya Tranche B6 6.532% 3/31/18		585,000		467,196
Berry Plastics Tranche I 1st Lien 3.482% 10/1/22		235,683		237,476
Berry Plastics Tranche L 1st Lien 3.108% 1/6/21		255,000		256,674
California Resources 1st Lien 11.375% 12/31/21		1,024,000		1,136,640
Chesapeake Energy 1st Lien 8.553% 8/23/21		2,499,009		2,666,655
Cincinnati Bell Tranche B 1st Lien 4.00% 9/10/20		248,907		250,867
Concordia International Tranche B 1st Lien 5.25% 10/21/21		1,020,347		718,324
Consolidated Communications 4.00% 10/5/23		578,000		581,665
Delta 2 Lux 1st Lien 4.568% 7/30/21		550,000		550,619
Delta 2 Lux Tranche B 2nd Lien 8.068% 7/29/22		577,500		582,192
Drillship Ocean Ventures Tranche B 1st Lien 5.563% 7/25/21		359,631		326,514
FGI Operating Tranche B 1st Lien 5.50% 4/19/19		331,081		323,357
First Data Tranche B 1st Lien 3.984% 7/10/22		1,131,713		1,141,615
Floatel International Tranche B 1st Lien 6.00% 6/27/20		838,923		700,501


	Principal Amount°		Value (U.S. $)

«LOAN AGREEMENTS (continued)
Genesys Telecommunications Laboratories Tranche B 1st Lien 5.025% 1/19/24		353,139	$	356,449
Go Daddy Operating Tranche B 1st Lien 2.50% 2/15/24		395,000		396,063
Graton Economic Development Authority 1st Lien 4.75% 9/1/22		736,934		745,224
Gulf Finance Tranche B 1st Lien 6.25% 8/25/23		1,773,219		1,773,955
iHeartCommunications Tranche D 1st Lien 7.732% 1/30/19		2,532,692		2,185,327
iHeartCommunications Tranche E 1st Lien 8.482% 7/30/19		850,642		730,489
Intrawest Operations Group 5.00% 12/9/20		242,492		244,008
J Crew Group Tranche B 1st Lien 4.00% 3/5/21		2,662,676		1,630,290
Landry’s 4.039% 10/4/23		472,907		477,508
MEG Energy Tranche B 1st Lien 4.50% 12/31/23		1,728,480		1,731,600
Microsemi Tranche B 1st Lien 2.25% 1/15/23		505,242		508,715
Moran Foods Tranche B 1st Lien 7.00% 12/5/23		2,194,500		2,183,527
MTL Publishing Tranche B3 1st Lien 3.58% 8/20/22		242,948		244,268
ON Semiconductor Tranche B 1st Lien 4.232% 3/31/23		501,743		504,670
Peabody Energy Tranche B 1st Lien 4.25% 9/24/20		568,601		579,831
PetSmart 1st Lien 4.02% 3/10/22		189,500		181,446
Quest Software US Holdings 1st Lien 7.00% 10/31/22		492,265		500,265
Revlon Consumer Products Tranche B 1st Lien 4.482% 9/7/23		1,466,646		1,468,890
Rite Aid 2nd Lien
4.875% 6/21/21		1,038,889		1,043,216
5.75% 8/21/20		155,000		155,711
Scientific Games International 1st Lien 6.00% 10/18/20		247,934		251,653
Sears Roebuck Acceptance Tranche B 1st Lien 5.50% 6/30/18		594,317		588,282
SolarWinds Holdings 1st Lien 4.50% 2/5/23		158,802		159,130
Syniverse Holdings 1st Lien 4.00% 4/23/19		501,190		462,190


	Principal Amount°		Value (U.S. $)

«LOAN AGREEMENTS (continued)
Tribune Media 1st Lien 3.982% 12/27/20		373,469	$	377,438
=‡Vertis 1st Lien 14.50% 10/20/17		243,194		0
Vertiv Group Tranche B 1st Lien 5.039% 11/30/23		743,314		752,144
Viskase Tranche B 1st Lien 4.397% 1/30/21		830,072		803,094
Vistra Operations Tranche B 1st Lien 5.00% 8/4/23		1,519,720		1,518,610
Vistra Operations Tranche C 1st Lien 3.732% 8/4/23		347,471		347,218
Western Refining 5.50% 6/23/23		742,500		743,892
XPO Logistics Tranche B 1st Lien 2.25% 10/30/21		581,292		584,044

Total Loan Agreements (Cost $35,845,546)				34,910,548


	Number of Shares
COMMON STOCK–0.46%
†Dynegy		1,250		9,825
†=Escrow General Motors		400,000		0
†=General Motors Escrow		325,000		0
†NII Holdings		84,804		110,245
†=Penn Virginia		7,023		317,791
†Penn Virginia (New)		5,667		256,432
†Sabine Oil & Gas Holdings		167		5,678
†Stone Energy		7,572		165,372
†=Texas Competitive Electric Holdings Escrow		6,255,000		20,016
†=Texas Competitive Electric Holdings Escrow (Nonext)		1,920,000		6,144
Vistra Energy		188,914		3,079,298

Total Common Stock (Cost $5,069,225)				3,970,801


	Number of Shares		Value (U.S. $)

PREFERRED STOCK–0.89%
•Bank of America 6.10%		1,201,000	$	1,273,961
•Hartford Financial Services Group 7.875%		5,600		174,160
#•ILFC E-Capital Trust I 144A 4.66%		3,320,000		3,145,700
#•ILFC E-Capital Trust II 144A 4.91%		1,886,000		1,782,270
•XLIT 4.10%		1,505		1,305,587

Total Preferred Stock (Cost $6,676,554)				7,681,678


RIGHT–0.03%
=Vistra Energy		188,914		226,697


Total Right (Cost $0)				226,697


WARRANTS–0.00%
Sabine Oil & Gas Holdings Tranche 1, exercise price $48.25		531		2,921
Sabine Oil & Gas Holdings Tranche 2, exercise price $25.37		95		427

Total Warrants (Cost $3,348)				3,348


MONEY MARKET FUND–2.42%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		20,779,480		20,779,480

Total Money Market Fund (Cost $20,779,480)				20,779,480

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP JPMorgan High Yield Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

COMMON STOCK–88.93%
Aerospace & Defense–0.75%
Boeing		3,400	$	601,324
Curtiss-Wright		7,100		647,946
HEICO Class A		11,100		832,500
Huntington Ingalls Industries		8,835		1,769,120
L3 Technologies		3,340		552,069
Northrop Grumman		310		73,730
Spirit AeroSystems Holdings Class A		6,180		357,946

				4,834,635

Airlines–0.73%
Copa Holdings Class A		4,600		516,350
Delta Air Lines		23,700		1,089,252
†JetBlue Airways		21,110		435,077
†United Continental Holdings		37,750		2,666,660

				4,707,339

Auto Components–0.72%
BorgWarner		90,468		3,780,658
†Visteon		9,200		901,140

				4,681,798

Automobiles–0.33%
General Motors		37,900		1,340,144
Thor Industries		8,200		788,266

				2,128,410

Banks–7.06%
Bank of America		150,100		3,540,859
Citigroup		48,700		2,913,234
Citizens Financial Group		125,301		4,329,150
Comerica		7,500		514,350
East West Bancorp		4,700		242,567
Fifth Third Bancorp		214,794		5,455,768
First Republic Bank		42,811		4,016,100
Huntington Bancshares		234,256		3,136,688
KeyCorp		20,300		360,934
M&T Bank		43,099		6,668,708
PNC Financial Services Group		18,500		2,224,440
Popular		46,400		1,889,872
Regions Financial		85,240		1,238,537
†Signature Bank		1,000		148,390
SunTrust Banks		99,374		5,495,382
†SVB Financial Group		1,950		362,876
Synovus Financial		31,900		1,308,538
Zions Bancorporation		42,951		1,803,942

				45,650,335

Beverages–1.40%
Constellation Brands Class A		23,229		3,764,724
Dr Pepper Snapple Group		53,767		5,264,865

				9,029,589

Biotechnology–0.52%
†ACADIA Pharmaceuticals		2,200		75,636


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Biotechnology (continued)
†Alnylam Pharmaceuticals		4,850	$	248,563
Amgen		3,900		639,873
†BioMarin Pharmaceutical		1,500		131,670
Gilead Sciences		19,700		1,338,024
†Incyte		3,300		441,111
†Intercept Pharmaceuticals		1,550		175,305
†Juno Therapeutics		5,000		110,950
†Neurocrine Biosciences		2,500		108,250
†Seattle Genetics		1,400		88,004

				3,357,386

Building Products–0.62%
Fortune Brands Home & Security		64,711		3,937,664
Owens Corning		800		49,096

				3,986,760

Capital Markets–3.74%
Ameriprise Financial		28,607		3,709,756
Goldman Sachs Group		4,100		941,852
Intercontinental Exchange		4,400		263,428
Invesco		131,260		4,020,494
Lazard Class A		1,610		74,044
Morgan Stanley		24,400		1,045,296
MSCI		14,190		1,379,126
Northern Trust		47,370		4,101,295
Raymond James Financial		57,716		4,401,422
T. Rowe Price Group		62,117		4,233,274

				24,169,987

Chemicals–0.83%
Cabot		26,690		1,598,998
Huntsman		36,160		887,366
Sherwin-Williams		9,338		2,896,554

				5,382,918

Commercial Services & Supplies–0.13%
KAR Auction Services		19,210		838,901
LSC Communications		312		7,850

				846,751

Communications Equipment–0.76%
†ARRIS International		24,660		652,257
†CommScope Holding		96,024		4,005,161
†F5 Networks		1,750		249,498

				4,906,916

Construction & Engineering–0.23%
Fluor		2,680		141,022
Jacobs Engineering Group		18,040		997,251
KBR		24,500		368,235

				1,506,508

Consumer Finance–1.04%
Ally Financial		147,145		2,991,458


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Consumer Finance (continued)
Capital One Financial		1,000	$	86,660
Discover Financial Services		35,460		2,425,109
Navient		19,100		281,916
Synchrony Financial		27,520		943,936

				6,729,079

Containers & Packaging–2.68%
Avery Dennison		4,290		345,774
Ball		72,862		5,410,732
†Berry Plastics Group		19,100		927,687
International Paper		7,480		379,834
Packaging Corp. of America		5,700		522,234
Sealed Air		2,530		110,257
Silgan Holdings		64,951		3,855,491
WestRock		111,642		5,808,733

				17,360,742

Distributors–0.47%
Genuine Parts		33,138		3,062,283

				3,062,283

Diversified Financial Services–0.02%
Voya Financial		3,800		144,248

				144,248

Diversified Telecommunication Services–0.41%
AT&T		22,000		914,100
CenturyLink		16,350		385,369
Verizon Communications		28,400		1,384,500

				2,683,969

Electric Utilities–2.70%
Alliant Energy		6,060		240,037
American Electric Power		100		6,713
Edison International		91,750		7,304,217
Exelon		16,600		597,268
FirstEnergy		11,500		365,930
Great Plains Energy		5,200		151,944
NextEra Energy		5,800		744,546
Pinnacle West Capital		620		51,696
Portland General Electric		16,200		719,604
Westar Energy		19,088		1,035,906
Xcel Energy		139,693		6,209,354

				17,427,215

Electrical Equipment–1.85%
AMETEK		79,735		4,312,069
EnerSys		7,500		592,050
Hubbell		32,893		3,948,805
Regal Beloit		30,385		2,298,625
Rockwell Automation		5,100		794,121

				11,945,670


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Electronic Equipment, Instruments & Components–3.06%
Amphenol Class A		66,617	$	4,741,132
†Arrow Electronics		71,518		5,250,136
Avnet		6,100		279,136
CDW		80,473		4,644,097
†Fitbit Class A		11,900		70,448
FLIR Systems		4,800		174,144
†Keysight Technologies		128,301		4,636,798

				19,795,891

Energy Equipment & Services–0.88%
Baker Hughes		38,420		2,298,284
†Dril-Quip		2,800		152,740
Ensco Class A		22,500		201,375
Halliburton		38,400		1,889,664
†Rowan		5,410		84,288
Schlumberger		5,384		420,490
†TechnipFMC		19,900		646,750

				5,693,591

Equity Real Estate Investment Trusts–7.95%
American Campus Communities		45,876		2,183,239
American Homes 4 Rent Class A		102,195		2,346,397
Apartment Investment & Management		4,630		205,341
Apple Hospitality		44,800		855,680
AvalonBay Communities		19,847		3,643,909
Boston Properties		28,484		3,771,566
Brandywine Realty Trust		37,100		602,133
Brixmor Property Group		143,658		3,082,901
Corecivic		18,500		581,270
Corporate Office Properties Trust		14,000		463,400
Crown Castle International		1,550		146,397
CyrusOne		4,600		236,762
Digital Realty Trust		920		97,879
Douglas Emmett		2,560		98,304
DuPont Fabros Technology		6,100		302,499
Equinix		4,370		1,749,617
Equity Commonwealth		45,760		1,428,627
Equity LifeStyle Properties		3,830		295,140
Essex Property Trust		8,105		1,876,551
Federal Realty Investment Trust		8,200		1,094,700
GGP		71,714		1,662,331
HCP		25,160		787,005
Hospitality Properties Trust		9,400		296,382
Kimco Realty		153,329		3,387,038
Liberty Property Trust		3,600		138,780
Mid-America Apartment Communities		4,399		447,554
Outfront Media		115,231		3,059,383
Park Hotels & Resorts		49,800		1,278,366
Piedmont Office Realty Trust Class A		31,000		662,780
Rayonier		93,313		2,644,490
Regency Centers		31,829		2,113,127
Retail Properties of America		11,800		170,156


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Equity Real Estate Investment Trusts (continued)
SL Green Realty		250	$	26,655
Spirit Realty Capital		35,000		354,550
Taubman Centers		2,190		144,584
Ventas		300		19,512
Vornado Realty Trust		44,778		4,491,681
Welltower		1,130		80,027
Weyerhaeuser		99,618		3,385,020
WP Carey ADR		19,496		1,213,041

				51,424,774

Food & Staples Retailing–1.11%
Kroger		153,892		4,538,275
†Rite Aid		30,400		129,200
Sysco		28,400		1,474,528
†US Foods Holding		6,500		181,870
Wal-Mart Stores		12,000		864,960

				7,188,833

Food Products–1.64%
Archer-Daniels-Midland		10,300		474,212
Bunge		9,100		721,266
Conagra Brands		18,200		734,188
Ingredion		12,170		1,465,633
Pilgrim’s Pride		71,800		1,615,859
†TreeHouse Foods		35,817		3,032,267
Tyson Foods Class A		41,640		2,569,604

				10,613,029

Gas Utilities–0.90%
National Fuel Gas		69,455		4,140,907
UGI		34,570		1,707,758

				5,848,665

Health Care Equipment & Supplies–0.62%
Hill-Rom Holdings		15,300		1,080,180
†Hologic		38,390		1,633,495
Zimmer Biomet Holdings		10,610		1,295,587

				4,009,262

Health Care Providers & Services–4.39%
Aetna		5,000		637,750
AmerisourceBergen		58,454		5,173,179
Anthem		1,700		281,146
†Centene		1,300		92,638
Cigna		26,025		3,812,402
†Express Scripts Holding		15,500		1,021,605
†Henry Schein		23,151		3,934,975
Humana		25,578		5,272,649
†Laboratory Corp. of America Holdings		7,626		1,094,102
McKesson		2,500		370,650
†Premier Class A		29,400		935,802
Quest Diagnostics		1,600		157,104
UnitedHealth Group		6,300		1,033,263


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Providers & Services (continued)
Universal Health Services Class B		25,797	$	3,210,437
†WellCare Health Plans		9,600		1,346,016

				28,373,718

Hotels, Restaurants & Leisure–1.29%
Brinker International		5,900		259,364
Darden Restaurants		6,775		566,864
†Hilton Grand Vacations		33,314		954,779
Hilton Worldwide Holdings		63,263		3,698,355
International Game Technology		27,600		654,120
Marriott International Class A		15,250		1,436,245
Restaurant Brands International		5,500		306,570
Vail Resorts		2,400		460,560

				8,336,857

Household Durables–2.20%
DR Horton		18,175		605,409
†Mohawk Industries		35,204		8,078,966
Newell Brands		116,839		5,511,296

				14,195,671

Household Products–0.51%
Energizer Holdings		48,298		2,692,614
Procter & Gamble		6,600		593,010

				3,285,624

Independent Power & Renewable Electricity Producers–0.33%
AES		63,600		711,048
NRG Energy		75,100		1,404,370

				2,115,418

Industrial Conglomerates–0.67%
Carlisle		41,011		4,363,980

				4,363,980

Insurance–6.97%
†Alleghany		3,938		2,420,531
Allied World Assurance Holdings		5,660		300,546
American Financial Group		5,770		550,573
American International Group		17,700		1,105,011
American National Insurance		400		47,212
Aon		1,820		216,016
†Arch Capital Group		9,740		923,060
Aspen Insurance Holdings		2,770		144,179
Assurant		2,790		266,919
Assured Guaranty		23,170		859,839
Axis Capital Holdings		9,900		663,597
Chubb		15,617		2,127,816
Everest Re Group		3,700		865,097
First American Financial		1,300		51,064
FNF Group		1,150		44,781
Hanover Insurance Group		5,960		536,758
Hartford Financial Services Group		112,965		5,430,228
Loews		164,063		7,673,227


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Insurance (continued)
Marsh & McLennan		65,397	$	4,832,184
Principal Financial Group		3,400		214,574
Progressive		59,961		2,349,272
Prudential Financial		5,200		554,736
RenaissanceRe Holdings		5,400		781,110
Torchmark		10,230		788,119
Unum Group		77,118		3,616,063
Validus Holdings		5,000		281,950
White Mountains Insurance Group		600		527,928
WR Berkley		27,495		1,941,972
XL Group		123,947		4,940,527

				45,054,889

Internet & Direct Marketing Retail–0.92%
Expedia		46,948		5,923,429

				5,923,429

Internet Software & Services–0.75%
†eBay		56,700		1,903,419
†InterActiveCorp		16,000		1,179,520
†Match Group		95,071		1,552,509
†Pandora Media		17,200		203,132
†Yelp		900		29,475

				4,868,055

IT Services–1.32%
Computer Sciences		6,600		455,466
Jack Henry & Associates		57,246		5,329,603
Leidos Holdings		4,300		219,902
Science Applications International		8,400		624,960
†Square Class A		9,000		155,520
Total System Services		6,700		358,182
†Vantiv Class A		20,470		1,312,536
Western Union		4,000		81,400

				8,537,569

Machinery–2.05%
Allison Transmission Holdings		7,600		274,056
Crane		12,070		903,198
Cummins		4,000		604,800
IDEX		48,756		4,559,174
Illinois Tool Works		800		105,976
Parker-Hannifin		10,450		1,675,344
Snap-on		30,520		5,147,808

				13,270,356

Media–1.63%
Cable One		50		31,223
CBS Class B		55,564		3,853,919
†Discovery Communications Class C		2,730		77,286
†DISH Network Class A		67,648		4,294,972
†Liberty SiriusXM Group		28,300		1,101,436
Sirius XM Holdings		140,200		722,030


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Media (continued)
Viacom Class B		9,400	$	438,228

				10,519,094

Metals & Mining–0.38%
Newmont Mining		6,500		214,240
Reliance Steel & Aluminum		2,650		212,053
Steel Dynamics		53,940		1,874,954
United States Steel		4,300		145,383

				2,446,630

Mortgage Real Estate Investment Trusts–0.29%
Agnc Investment		12,800		254,592
Annaly Capital Management		1,930		21,442
Chimera Investment		40,600		819,308
Two Harbors Investment		82,000		786,380

				1,881,722

Multiline Retail–1.26%
Kohl’s		99,901		3,977,059
Macy’s		24,130		715,213
Nordstrom		73,528		3,424,199

				8,116,471

Multi-Utilities–3.33%
Ameren		3,750		204,713
CenterPoint Energy		105,323		2,903,755
CMS Energy		140,696		6,294,739
Consolidated Edison		2,770		215,118
DTE Energy		1,530		156,228
MDU Resources Group		21,500		588,455
Public Service Enterprise Group		7,220		320,207
Sempra Energy		48,368		5,344,664
WEC Energy Group		90,500		5,487,015

				21,514,894

Oil, Gas & Consumable Fuels–5.19%
Apache		2,800		143,892
Chevron		3,200		343,584
Cimarex Energy		4,955		592,073
ConocoPhillips		3,700		184,519
Devon Energy		26,800		1,118,096
†Energen		155,410		8,460,520
EOG Resources		12,400		1,209,620
EQT		121,936		7,450,290
Exxon Mobil		5,200		426,452
†Gulfport Energy		2,300		39,537
Hess		2,500		120,525
Marathon Oil		43,210		682,718
Marathon Petroleum		4,040		204,182
Murphy Oil		4,440		126,940
Noble Energy		630		21,634
Occidental Petroleum		9,600		608,256
ONEOK		2,200		121,968


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
PBF Energy Class A		140,467	$	3,114,153
†QEP Resources		30,030		381,681
†Rice Energy		1,900		45,030
Tesoro		10,400		843,024
Valero Energy		28,330		1,877,996
Williams		157,818		4,669,835
World Fuel Services		15,180		550,275
†WPX Energy		15,580		208,616

				33,545,416

Personal Products–1.36%
Coty Class A		185,832		3,369,134
†Edgewell Personal Care		50,003		3,657,219
†Herbalife		5,640		327,910
Nu Skin Enterprises Class A		26,100		1,449,594

				8,803,857

Pharmaceuticals–0.48%
Allergan		2,700		645,084
†Endo International		20,700		231,012
†Mallinckrodt		9,000		401,130
Perrigo		4,150		275,519
Pfizer		45,100		1,542,871

				3,095,616

Professional Services–0.46%
ManpowerGroup		23,850		2,446,295
†TransUnion		13,900		533,065

				2,979,360

Real Estate Management & Development–0.33%
†CBRE Group Class A		61,000		2,122,190

				2,122,190

Road & Rail–0.02%
Landstar System		1,460		125,049

				125,049

Semiconductors & Semiconductor Equipment–1.60%
Analog Devices		36,875		3,021,906
Applied Materials		31,770		1,235,853
KLA-Tencor		14,928		1,419,205
Lam Research		1,900		243,884
Marvell Technology Group		115,340		1,760,088
†Micron Technology		7,300		210,970
†ON Semiconductor		17,260		267,357
QUALCOMM		32,430		1,859,536
Skyworks Solutions		600		58,788
Teradyne		8,100		251,910

				10,329,497

Software–1.19%
Activision Blizzard		5,850		291,681
†Citrix Systems		7,520		627,093


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Software (continued)
†Donnelley Financial Solutions		312	$	6,018
†Nuance Communications		47,000		813,570
†Snap Class A		3,000		67,590
Symantec		2,300		70,564
†Synopsys		78,577		5,667,759
†Zynga Class A		58,200		165,870

				7,710,145

Specialty Retail–3.44%
†AutoZone		4,973		3,595,728
Bed Bath & Beyond		71,861		2,835,635
Best Buy		127,158		6,249,816
†Burlington Stores		5,600		544,824
Foot Locker		9,900		740,619
Gap		124,710		3,029,206
Ross Stores		3,300		217,371
Tiffany		51,811		4,937,588
†Ulta Beauty		300		85,569

				22,236,356

Technology Hardware, Storage & Peripherals–1.27%
HP		122,800		2,195,664
†NCR		47,546		2,171,901
NetApp		17,500		732,375
Western Digital		19,400		1,601,082
Xerox		207,280		1,521,435

				8,222,457

Textiles, Apparel & Luxury Goods–1.08%
†Michael Kors Holdings		2,100		80,031
PVH		43,168		4,466,593
Ralph Lauren		29,696		2,423,788

				6,970,412

Trading Companies & Distributors–1.03%
MSC Industrial Direct		40,249		4,135,987
†United Rentals		5,400		675,270
†WESCO International		26,300		1,829,165

				6,640,422

Wireless Telecommunication Services–0.04%
†Sprint		13,700		118,916
Telephone & Data Systems		5,200		137,852

				256,768

Total Common Stock (Cost $471,919,855)				574,958,505

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.

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

On October 13, 2016, the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. The amendments are effective for the Fund for periods ending after August 2017. At this time, management is evaluating the implications of adopting these amendments and their impact on the Schedule of Investments and accompanying notes.


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–92.44%
Equity Funds–26.79%
*Lincoln Variable Insurance Products Trust–
LVIP Delaware Special Opportunities Fund		8,519	$	349,423
LVIP SSGA Mid-Cap Index Fund		29,449		351,350
LVIP SSGA S&P 500 Index Fund		487,055		8,035,436
LVIP SSGA Small-Cap Index Fund		24,092		709,421
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		15,264		352,545

				9,798,175

Fixed Income Funds–50.00%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		378,672		3,864,343
LVIP Delaware Bond Fund		164,264		2,225,114
LVIP JPMorgan High Yield Fund		222,681		2,454,387
LVIP PIMCO Low Duration Bond Fund		138,809		1,399,750
LVIP SSGA Bond Index Fund		564,339		6,342,042
LVIP Western Asset Core Bond Fund		206,560		2,004,249

				18,289,885

International Equity Funds–12.76%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		116,332		1,063,040
LVIP SSGA International Index Fund		411,499		3,603,083

				4,666,123


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS (continued)
International Fixed Income Fund–2.89%
*Lincoln Variable Insurance Products Trust– †LVIP Global Income Fund		95,182	$	1,057,474

				1,057,474

Total Affiliated Investments (Cost $25,165,863)				33,811,657


UNAFFILIATED INVESTMENTS–6.97%
Fixed Income Fund–1.93%
✢American Funds^®– Mortgage Bond Fund		66,304		706,142

				706,142

International Equity Fund–1.97%
*Delaware VIP Trust– Delaware VIP Emerging Markets Series		35,183		720,909

				720,909

Money Market Fund–3.07%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		1,123,069		1,123,069

				1,123,069

Total Unaffiliated Investments (Cost $2,290,416)				2,550,120

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Managed Risk Profile 2010 Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or unaffiliated managers (collectively, the “Underlying Funds”). The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Financial statements for the Underlying Funds can be found at www.sec.gov. Futures contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–92.44%
Equity Funds–35.99%
*Lincoln Variable Insurance Products Trust–
LVIP Baron Growth Opportunities Fund		27,667	$	1,257,229
LVIP Delaware Special Opportunities Fund		59,741		2,450,410
LVIP SSGA Mid-Cap Index Fund		103,243		1,231,792
LVIP SSGA S&P 500 Index Fund		2,152,762		35,516,266
LVIP SSGA Small-Cap Index Fund		84,461		2,487,043
LVIP SSGA Small-Mid Cap 200 Fund		87,495		1,240,148
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		107,026		2,471,861

				46,654,749

Fixed Income Funds–38.03%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		723,669		7,385,040
LVIP Delaware Bond Fund		428,407		5,803,203
LVIP JPMorgan High Yield Fund		444,717		4,901,670
LVIP PIMCO Low Duration Bond Fund		486,540		4,906,266
LVIP SSGA Bond Index Fund		1,978,527		22,234,689
LVIP Western Asset Core Bond Fund		420,573		4,080,822

				49,311,690

International Equity Funds–16.51%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		407,723		3,725,770


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS (continued)
International Equity Funds (continued)
LVIP SSGA International Index Fund		2,018,871	$	17,677,234

				21,403,004

International Fixed Income Fund–1.91%
*Lincoln Variable Insurance Products Trust– †LVIP Global Income Fund		222,686		2,474,036

				2,474,036

Total Affiliated Investments (Cost $84,545,583)				119,843,479


UNAFFILIATED INVESTMENTS–6.58%
International Equity Funds–2.92%
iShares MSCI Emerging Markets ETF		64,620		2,545,382
*Delaware VIP Trust– Delaware VIP Emerging Markets Series		60,166		1,232,809

				3,778,191

Money Market Fund–3.66%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		4,747,507		4,747,507

				4,747,507

Total Unaffiliated Investments (Cost $7,746,625)				8,525,698

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Managed Risk Profile 2020 Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies, including exchange traded funds (“ETF”), that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or unaffiliated managers (collectively, the “Underlying Funds”). ETFs, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (“NYSE”) on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Financial statements for the Underlying Funds can be found at www.sec.gov. Futures contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–91.61%
Equity Funds–35.97%
*Lincoln Variable Insurance Products Trust–
LVIP Baron Growth Opportunities Fund		34,080	$	1,548,669
LVIP Delaware Special Opportunities Fund		36,796		1,509,261
LVIP MFS Value Fund		75,359		2,995,131
LVIP SSGA Mid-Cap Index Fund		127,192		1,517,530
LVIP SSGA S&P 500 Index Fund		2,560,522		42,243,488
LVIP SSGA Small-Cap Index Fund		51,805		1,525,446
LVIP SSGA Small-Mid Cap 200 Fund		107,815		1,528,166
LVIP T. Rowe Price Growth Stock Fund		41,358		1,526,467
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		131,827		3,044,677

				57,438,835

Fixed Income Funds–31.42%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		594,350		6,065,341
LVIP Delaware Bond Fund		253,032		3,427,566
LVIP JPMorgan High Yield Fund		549,760		6,059,450
LVIP PIMCO Low Duration Bond Fund		299,748		3,022,656
LVIP SSGA Bond Index Fund		2,166,476		24,346,862
LVIP Western Asset Core Bond Fund		746,053		7,238,948

				50,160,823

International Equity Funds–22.31%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		500,702		4,575,419
LVIP MFS International Growth Fund		316,075		4,669,371
LVIP Mondrian International Value Fund		281,821		4,663,298
LVIP SSGA Emerging Markets 100 Fund		164,889		1,508,898
LVIP SSGA International Index Fund		2,307,765		20,206,789

				35,623,775


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS (continued)
International Fixed Income Fund–1.91%
*Lincoln Variable Insurance Products Trust– †LVIP Global Income Fund		274,733	$	3,052,279

				3,052,279

Total Affiliated Investments (Cost $105,298,988)				146,275,712


UNAFFILIATED INVESTMENTS–7.38%
International Equity Funds–3.91%
iShares MSCI Emerging Markets ETF		79,412		3,128,039
*Delaware VIP Trust– Delaware VIP Emerging Markets Series		151,876		3,111,936

				6,239,975

Money Market Fund–3.47%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		5,546,453		5,546,453

				5,546,453

Total Unaffiliated Investments (Cost $10,543,302)				11,786,428

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Managed Risk Profile 2030 Fund (the “Fund”) is an investment company in conformity with U.S generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies, including exchange-traded funds (“ETF”) that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or unaffiliated managers (collectively, the “Underlying Funds”). ETFs, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (“NYSE”) on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Financial statements for the Underlying Funds can be found at www.sec.gov. Futures contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–91.15%
Equity Funds–42.39%
*Lincoln Variable Insurance Products Trust–
LVIP Baron Growth Opportunities Fund		23,536	$	1,069,515
LVIP Delaware Special Opportunities Fund		25,407		1,042,130
LVIP MFS Value Fund		78,054		3,102,246
LVIP SSGA Mid-Cap Index Fund		87,828		1,047,879
LVIP SSGA S&P 500 Index Fund		2,020,742		33,338,194
LVIP SSGA Small-Cap Index Fund		71,852		2,115,757
LVIP SSGA Small-Mid Cap 200 Fund		74,450		1,055,255
LVIP T. Rowe Price Growth Stock Fund		57,095		2,107,328
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		91,034		2,102,532

				46,980,836

Fixed Income Funds–24.64%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		204,946		2,091,470
LVIP Delaware Bond Fund		115,438		1,563,728
LVIP JPMorgan High Yield Fund		380,138		4,189,883
LVIP PIMCO Low Duration Bond Fund		206,979		2,087,177
LVIP SSGA Bond Index Fund		1,029,091		11,564,925
LVIP Western Asset Core Bond Fund		598,589		5,808,112

				27,305,295

International Equity Funds–24.12%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		462,733		4,228,459
LVIP MFS International Growth Fund		218,951		3,234,562
LVIP Mondrian International Value Fund		259,639		4,296,251


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS (continued)
International Equity Funds (continued)
LVIP SSGA Emerging Markets 100 Fund		227,771	$	2,084,332
LVIP SSGA International Index Fund		1,471,405		12,883,626

				26,727,230

Total Affiliated Investments (Cost $67,446,873)				101,013,361


UNAFFILIATED INVESTMENTS–8.34%
Commodity Fund–0.95%
**PIMCO Variable Insurance Products Trust– PIMCO CommodityRealReturn Strategy Portfolio		150,155		1,049,585

				1,049,585

International Equity Funds–2.91%
iShares MSCI Emerging Markets ETF		27,402		1,079,365
*Delaware VIP Trust– Delaware VIP Emerging Markets Series		104,908		2,149,558

				3,228,923

Money Market Fund–4.48%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		4,965,787		4,965,787

				4,965,787

Total Unaffiliated Investments (Cost $8,704,980)				9,244,295

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Managed Risk Profile 2040 Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies, including exchange-traded funds (“ETF”), that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or unaffiliated managers (collectively, the “Underlying Funds”). ETFs, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (“NYSE”) on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Financial statements for the Underlying Funds can be found at www.sec.gov. Futures contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–86.35%
Equity Funds–46.96%
*Lincoln Variable Insurance Products Trust–
LVIP Baron Growth Opportunities Fund		8,040	$	365,335
LVIP Delaware Special Opportunities Fund		8,681		356,066
LVIP MFS Value Fund		35,545		1,412,726
LVIP SSGA Mid-Cap Index Fund		90,137		1,075,424
LVIP SSGA S&P 500 Index Fund		712,039		11,747,226
LVIP SSGA Small-Cap Index Fund		36,821		1,084,240
LVIP SSGA Small-Mid Cap 200 Fund		25,439		360,566
LVIP T. Rowe Price Growth Stock Fund		29,262		1,080,015
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		31,099		718,253

				18,199,851

Fixed Income Funds–11.12%
*Lincoln Variable Insurance Products Trust–
LVIP Delaware Bond Fund		17,480		236,787
LVIP JPMorgan High Yield Fund		97,297		1,072,407
LVIP PIMCO Low Duration Bond Fund		35,362		356,593
LVIP SSGA Bond Index Fund		96,031		1,079,198
LVIP Western Asset Core Bond Fund		161,131		1,563,454

				4,308,439

International Equity Funds–28.27%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		157,705		1,441,111
LVIP MFS International Growth Fund		74,657		1,102,910


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS (continued)
International Equity Funds (continued)
LVIP Mondrian International Value Fund		88,632	$	1,466,593
LVIP SSGA Emerging Markets 100 Fund		77,817		712,106
LVIP SSGA International Index Fund		711,884		6,233,255

				10,955,975

Total Affiliated Investments (Cost $26,251,586)				33,464,265


UNAFFILIATED INVESTMENTS–13.27%
Commodity Fund–0.93%
**PIMCO Variable Insurance Products Trust– PIMCO CommodityRealReturn Strategy Portfolio		51,317		358,705

				358,705

International Equity Funds–5.71%
iShares MSCI Emerging Markets ETF		28,193		1,110,522
*Delaware VIP Trust– Delaware VIP Emerging Markets Series		53,747		1,101,280

				2,211,802

Money Market Fund–6.63%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		2,571,403		2,571,403

				2,571,403

Total Unaffiliated Investments (Cost $4,918,632)				5,141,910

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Managed Risk Profile 2050 Fund (the “Fund”) is an investment company in conformity with U.S generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies, including exchange traded funds (“ETF”), that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or unaffiliated managers (collectively, the “Underlying Funds”). ETFs, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (“NYSE”) on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Financial statements for the Underlying Funds can be found at www.sec.gov. Futures contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–93.09%
Equity Fund–8.99%
*Lincoln Variable Insurance Products Trust– LVIP MFS Value Fund		522,933	$	20,783,969

				20,783,969

International Equity Funds–84.10%
*Lincoln Variable Insurance Products Trust– LVIP MFS International Growth Fund		10,250,373		151,428,755
MFS^® Variable Insurance Trust II– XMFS^® Research International Portfolio		2,957,985		43,038,685

				194,467,440

Total Affiliated Investments (Cost $196,486,987)				215,251,409

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP MFS International Equity Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in other mutual funds that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or other unaffiliated managers (collectively, the “Underlying Funds”). The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Financial statements for the Underlying Funds can be found at www.sec.gov. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017 were as follows:


	Number of Shares		Value (U.S. $)

DCOMMON STOCK–98.71%
Australia–1.25%
Brambles		892,747	$	6,377,249
Oil Search		1,249,475		6,892,204

				13,269,453

Brazil–0.38%
Ambev ADR		691,205		3,981,341

				3,981,341

Canada–4.43%
Canadian National Railway		381,646		28,215,089
Element Fleet Management		435,978		4,035,710
Ritchie Bros Auctioneers		191,619		6,306,849
Suncor Energy		275,399		8,455,496

				47,013,144

☐China–2.31%
†Alibaba Group Holding ADR		138,025		14,883,236
†Baidu ADR		39,733		6,854,737
†Yum China Holdings		99,464		2,705,421

				24,443,394

Denmark–1.60%
Carlsberg Class B		103,128		9,523,694
Novo Nordisk Class B		217,905		7,483,688

				17,007,382

France–17.46%
Air Liquide		134,758		15,396,678
Danone		292,123		19,869,963
Dassault Systemes		170,880		14,791,399
Essilor International		94,701		11,506,978
Kering		59,144		15,297,339
Legrand		73,614		4,438,596
L’Oreal		124,499		23,926,718
LVMH Moet Hennessy Louis Vuitton		129,671		28,475,853
Pernod Ricard		213,809		25,295,341
Publicis Groupe		112,153		7,837,932
Schneider Electric		249,822		18,290,589

				185,127,386

Germany–10.81%
Bayer		179,306		20,668,197
Brenntag		181,590		10,179,997
Fresenius Medical Care & Co.		171,356		14,450,544
GEA Group		202,316		8,598,695
Linde		75,341		12,546,347
†QIAGEN		243,813		7,077,313
SAP		301,986		29,632,154
Symrise		172,308		11,459,225

				114,612,472

∎Hong Kong–3.26%
AIA Group		4,934,200		31,110,571


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
∎Hong Kong (continued)
Dairy Farm International Holdings		375,000	$	3,405,000

				34,515,571

India–2.08%
†Adani Ports & Special Economic Zone		276,359		1,445,315
HDFC Bank ADR		202,901		15,262,213
ITC		1,229,455		5,307,098

				22,014,626

Ireland–1.06%
Paddy Power Betfair		104,020		11,208,093

				11,208,093

Israel–1.79%
Nice ADR		278,688		18,945,210

				18,945,210

Italy–0.86%
Prysmian		343,443		9,079,020

				9,079,020

Japan–9.69%
AEON Financial Service		402,600		7,583,331
Japan Tobacco		382,000		12,414,228
Keyence		18,800		7,528,106
Nippon Paint Holdings		159,500		5,551,626
Obic		179,200		8,531,034
Shiseido		234,200		6,163,712
SoftBank Group		157,400		11,115,412
Sundrug		347,000		11,641,471
Terumo		374,300		12,994,427
TOTO		236,400		8,928,968
Unicharm		273,600		6,555,538
Yamato Holdings		176,400		3,695,796

				102,703,649

Mexico–0.74%
Grupo Financiero Banorte		961,594		5,533,637
Grupo Financiero Inbursa		1,415,638		2,343,991

				7,877,628

Netherlands–1.49%
Akzo Nobel		190,981		15,836,596

				15,836,596

Peru–0.48%
Credicorp		31,497		5,143,460

				5,143,460

Republic of Korea–0.28%
NAVER		3,912		2,990,933

				2,990,933


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Singapore–1.17%
DBS Group Holdings		897,000	$	12,440,076

				12,440,076

Spain–1.57%
Amadeus IT Group		327,990		16,641,231

				16,641,231

Sweden–0.94%
Telefonaktiebolaget LM Ericsson Class B		1,490,308		9,945,754

				9,945,754

Switzerland–14.55%
†Julius Baer Group		196,077		9,787,700
Nestle		562,881		43,186,148
Novartis		339,029		25,165,283
Roche Holding		159,980		40,855,472
Sika Bearer Shares		1,053		6,318,105
Sonova Holding		47,203		6,545,696
UBS Group		1,400,210		22,408,392

				154,266,796

Taiwan–1.99%
MediaTek		586,000		4,152,262
Taiwan Semiconductor Manufacturing ADR		515,332		16,923,503

				21,075,765

United Kingdom–13.99%
Burberry Group		432,783		9,348,111
Compass Group		770,011		14,529,087
Croda International		177,345		7,919,049
Diageo		613,120		17,541,346
Experian		401,202		8,183,402
HSBC Holdings		1,906,618		15,548,710
Intertek Group		230,229		11,347,777
Reckitt Benckiser Group		236,381		21,578,345
†Rolls-Royce Holdings		1,075,988		10,164,714
Smith & Nephew		513,545		7,823,994
Whitbread		235,391		11,672,988
WPP		576,986		12,665,309

				148,322,832


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United States–4.53%
Accenture Class A		225,252	$	27,003,210
†Mellanox Technologies		57,615		2,935,484
†Mettler-Toledo International		37,722		18,065,443

				48,004,137

Total Common Stock (Cost $884,545,928)				1,046,465,949


MONEY MARKET FUND–0.79%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		8,361,253		8,361,253

Total Money Market Fund (Cost $8,361,253)				8,361,253

The following foreign currency exchange contracts were outstanding at March 31, 2017:

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 foreign currency exchange contracts 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.

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP MFS International Growth Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

COMMON STOCK–98.29%
Aerospace & Defense–3.33%
Lockheed Martin		57,785	$	15,463,266
Northrop Grumman		56,309		13,392,533
United Technologies		128,882		14,461,849

				43,317,648

Air Freight & Logistics–1.46%
United Parcel Service Class B		176,721		18,962,163

				18,962,163

Auto Components–0.99%
Delphi Automotive		159,730		12,856,668

				12,856,668

Automobiles–0.30%
Harley-Davidson		64,292		3,889,666

				3,889,666

Banks–13.27%
Citigroup		380,498		22,761,390
JPMorgan Chase & Co.		678,078		59,562,371
PNC Financial Services Group		137,623		16,547,790
US Bancorp		572,264		29,471,596
Wells Fargo & Co.		795,674		44,287,215

				172,630,362

Beverages–1.62%
Diageo		468,263		13,396,991
PepsiCo		68,445		7,656,258

				21,053,249

Building Products–2.03%
Johnson Controls International		626,236		26,377,060

				26,377,060

Capital Markets–7.64%
Bank of New York Mellon		293,657		13,869,420
BlackRock		30,855		11,833,201
Franklin Resources		162,629		6,853,186
Goldman Sachs Group		127,031		29,181,562
Moody’s		76,750		8,599,070
Nasdaq		195,073		13,547,820
S&P Global		20,861		2,727,367
State Street		131,343		10,456,216
T. Rowe Price Group		34,053		2,320,712

				99,388,554

Chemicals–3.53%
EI du Pont de Nemours & Co.		81,144		6,518,298
Monsanto		44,980		5,091,736
PPG Industries		236,437		24,844,800
Sherwin-Williams		30,502		9,461,415

				45,916,249


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Consumer Finance–0.95%
American Express		156,738	$	12,399,543

				12,399,543

Containers & Packaging–0.45%
†Crown Holdings		110,114		5,830,536

				5,830,536

Diversified Telecommunication Services–1.09%
Verizon Communications		290,521		14,162,899

				14,162,899

Electric Utilities–1.37%
Duke Energy		167,276		13,718,305
Xcel Energy		92,259		4,100,912

				17,819,217

Electrical Equipment–0.90%
Eaton		158,633		11,762,637

				11,762,637

Energy Equipment & Services–1.31%
Schlumberger		217,494		16,986,281

				16,986,281

Equity Real Estate Investment Trusts–0.30%
Public Storage		17,779		3,892,001

				3,892,001

Food & Staples Retailing–1.60%
CVS Health		265,882		20,871,737

				20,871,737

Food Products–4.18%
Archer-Daniels-Midland		147,692		6,799,740
Danone		80,879		5,501,322
General Mills		193,074		11,393,297
JM Smucker		45,728		5,994,026
Mead Johnson Nutrition		44,433		3,958,091
Nestle		270,560		20,758,285

				54,404,761

Health Care Equipment & Supplies–5.04%
Abbott Laboratories		444,698		19,749,038
Danaher		172,030		14,713,726
Medtronic		385,608		31,064,581

				65,527,345

Health Care Providers & Services–1.84%
Cigna		46,438		6,802,703
†Express Scripts Holding		100,776		6,642,146
McKesson		58,499		8,673,062
UnitedHealth Group		11,204		1,837,568

				23,955,479


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Household Durables–0.16%
Newell Brands		45,521	$	2,147,226

				2,147,226

Household Products–0.40%
Procter & Gamble		57,324		5,150,561

				5,150,561

Industrial Conglomerates–3.95%
3M		140,137		26,812,412
Honeywell International		196,871		24,583,282

				51,395,694

Insurance–7.62%
Aon		180,465		21,419,391
Chubb		177,764		24,220,345
MetLife		347,191		18,338,628
Prudential Financial		93,881		10,015,225
Travelers		208,405		25,121,139

				99,114,728

IT Services–5.25%
Accenture Class A		277,052		33,212,994
Amdocs		51,939		3,167,760
†Cognizant Technology Solutions Class A		81,935		4,876,771
Fidelity National Information Services		153,212		12,198,739
†Fiserv		50,626		5,837,684
International Business Machines		52,080		9,069,211

				68,363,159

Life Sciences Tools & Services–1.13%
Thermo Fisher Scientific		95,402		14,653,747

				14,653,747

Machinery–2.05%
Illinois Tool Works		92,708		12,281,029
Ingersoll-Rand		88,851		7,225,363
Stanley Black & Decker		54,033		7,179,365

				26,685,757

Media–4.35%
Comcast Class A		458,708		17,242,834
Interpublic Group		272,686		6,699,895
Omnicom Group		214,099		18,457,475
Time Warner		113,748		11,114,317
Walt Disney		27,665		3,136,934

				56,651,455

Multiline Retail–0.36%
Target		84,597		4,668,909

				4,668,909

Oil, Gas & Consumable Fuels–3.48%
Chevron		103,918		11,157,676
EOG Resources		127,759		12,462,891


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
Exxon Mobil		148,302	$	12,162,247
Occidental Petroleum		148,851		9,431,199

				45,214,013

Personal Products–0.40%
Coty Class A		287,735		5,216,636

				5,216,636

Pharmaceuticals–7.04%
Johnson & Johnson		356,691		44,425,864
Merck & Co.		199,134		12,652,974
Novartis		38,187		2,834,526
Pfizer		845,765		28,933,621
Roche Holding		10,955		2,797,673

				91,644,658

Professional Services–0.46%
Equifax		43,873		5,999,194

				5,999,194

Road & Rail–1.28%
Canadian National Railway		97,321		7,194,942
Union Pacific		89,497		9,479,522

				16,674,464

Semiconductors & Semiconductor Equipment–1.47%
Texas Instruments		237,756		19,153,623

				19,153,623

Software–0.54%
Oracle		158,830		7,085,406

				7,085,406

Specialty Retail–0.28%
Advance Auto Parts		24,224		3,591,450

				3,591,450

Textiles, Apparel & Luxury Goods–0.40%
Hanesbrands		250,515		5,200,691

				5,200,691

Tobacco–4.47%
Altria Group		112,916		8,064,461
Philip Morris International		443,708		50,094,633

				58,159,094

Total Common Stock (Cost $799,332,842)				1,278,774,520

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP MFS Value Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Equity securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

DCOMMON STOCK–98.81%
Australia–1.52%
QBE Insurance Group		1,806,517	$	17,790,507

				17,790,507

Denmark–1.07%
ISS		330,421		12,494,553

				12,494,553

France–7.17%
Cie de Saint-Gobain		536,424		27,545,597
Sanofi		437,183		39,465,653
Societe Generale		331,073		16,794,122

				83,805,372

Germany–9.31%
Allianz		155,139		28,739,472
Bayerische Motoren Werke		55,601		5,072,038
Daimler		279,171		20,609,118
Deutsche Telekom		1,481,700		25,962,629
SAP		289,528		28,409,722

				108,792,979

∎Hong Kong–1.38%
China Mobile		1,473,000		16,120,266

				16,120,266

Italy–5.06%
Enel		5,638,987		26,553,173
Eni		1,991,765		32,615,909

				59,169,082

Japan–17.26%
Canon		919,000		28,652,196
Honda Motor		1,110,300		33,419,701
Hoya		248,200		11,940,710
Kirin Holdings		1,883,100		35,529,072
Kyushu Railway		332,500		10,229,161
Mitsubishi Electric		1,227,300		17,605,300
Santen Pharmaceutical		27,100		392,394
Sekisui Chemical		304,600		5,119,075
Sumitomo Electric Industries		250,200		4,148,650
Takeda Pharmaceutical		683,300		32,093,557
Tokio Marine Holdings		532,800		22,473,986

				201,603,802

Netherlands–5.33%
Koninklijke Ahold Delhaize		1,095,854		23,451,284
Royal Dutch Shell Class A		510		13,393
Royal Dutch Shell Class B		1,418,033		38,810,997

				62,275,674

Singapore–6.53%
Ascendas Real Estate Investment Trust		7,556,800		13,613,422
Jardine Matheson Holdings		175,700		11,288,725
Sembcorp Industries		274,200		623,338


	Number of		Value
	Shares		(U.S. $)

DCOMMON STOCK (continued)
Singapore (continued)
Singapore Telecommunications		7,242,600	$	20,295,952
United Overseas Bank		1,925,798		30,438,856

				76,260,293

Spain–5.57%
Banco Santander		1,332,776		8,168,272
Iberdrola		4,370,326		31,260,480
Telefonica		2,296,978		25,692,613

				65,121,365

Sweden–4.05%
Telefonaktiebolaget LM Ericsson Class B		2,431,155		16,224,612
Telia		7,418,270		31,119,703

				47,344,315

Switzerland–12.21%
†ABB		1,469,124		34,364,873
Nestle		266,230		20,426,073
Novartis		321,304		23,849,601
Syngenta		80,786		35,656,657
Zurich Insurance Group		106,210		28,353,770

				142,650,974

Taiwan–1.74%
Taiwan Semiconductor Manufacturing		721,000		4,491,027
Taiwan Semiconductor Manufacturing ADR		481,616		15,816,269

				20,307,296

United Kingdom–20.61%
Amec Foster Wheeler		1,575,239		10,489,774
BP		4,707,331		26,985,453
G4S		6,351,480		24,215,492
GlaxoSmithKline		1,639,100		34,079,963
Kingfisher		6,952,921		28,407,597
Lloyds Banking Group		35,536,621		29,528,206
National Grid		1,721,522		21,860,130
Next		118,486		6,413,088
Pearson		1,684,816		14,406,933
†Tesco		14,389,058		33,460,062
Unilever		221,261		10,920,999

				240,767,697

Total Common Stock (Cost $1,058,672,738)				1,154,504,175

The following foreign currency exchange contracts were outstanding at March 31, 2017:

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Mondrian International Value Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

During the period ended March 31, 2017, 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 that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. International fair value pricing was not utilized at March 31, 2017. 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 INVESTMENTS–36.47%
Equity Funds–19.40%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA S&P 500 Index Fund		421,830	$	6,959,355
LVIP SSGA Small-Cap Index Fund		95,992		2,826,589

				9,785,944

International Equity Funds–17.07%
*Lincoln Variable Insurance Products Trust–
LVIP MFS International Growth Fund		194,594		2,874,739
LVIP SSGA International Index Fund		654,834		5,733,725

				8,608,464

Total Affiliated Investments (Cost $16,920,707)				18,394,408


UNAFFILIATED INVESTMENTS–63.40%
Equity Funds–43.39%
XAmerican Century VP–Mid Cap Value Fund		131,423		2,796,683
**BlackRock Equity Dividend Fund		79,388		1,846,564
#ClearBridge^®–Variable Appreciation Portfolio		59,780		2,311,683
XFidelity^® Variable Life Insurance Products–Fidelity^® VIP Mid Cap Portfolio		95,009		3,267,370
XFidelity^®–VIP Contrafund^® Portfolio		108,805		3,735,264


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENTS (continued)
Equity Funds (continued)
✢Franklin Templeton Variable Insurance Products Trust–
Mutual Shares VIP Fund		108,994	$	2,309,592
✢Franklin Templeton Variable Insurance Products Trust–
Templeton Growth Securities		190,895		2,827,157
#Invesco V.I. Comstock Fund		24,037		458,139
#Invesco V.I. Core Equity Fund		64,643		2,330,365

				21,882,817

International Equity Funds–13.27%
**DFA International Core Equity Portfolio		304,373		3,810,750
iShares Core MSCI Emerging Markets ETF		60,360		2,884,604

				6,695,354

Money Market Fund–6.74%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		3,399,947		3,399,947

				3,399,947

Total Unaffiliated Investments (Cost $30,732,956)				31,978,118

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)– LVIP Multi-Manager Global Equity Managed Volatility Fund is an investment company in conformity with U.S generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies including exchange-traded Funds (“ETFs”) that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or other unaffiliated managers (collectively, the “Underlying Funds”). ETFs, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (“NYSE”) on the valuation date. ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of each Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Financial statements for the Underlying Funds can be found at www.sec.gov. Future contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Funds held 5% or more of the issuers’ outstanding securities (non-LVIP Funds or ETFs). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:


	Principal Amount°		Value (U.S. $)

AGENCY ASSET-BACKED SECURITY–0.26%
#•Navient Student Loan Trust Series 2016-5A A 144A 2.232% 6/25/65		2,986,751	$	3,032,028

Total Agency Asset-Backed Security (Cost $2,986,751)				3,032,028


AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.95%
•Fannie Mae REMICs Series 2011-86 NF 1.532% 9/25/41		3,270,108		3,281,154
GNMA
•Series 2016-H11 F 1.58% 5/20/66		2,666,735		2,670,069
•Series 2016-H17 FC 1.61% 8/20/66		2,671,468		2,679,287
•Series 2016-H19 FA 1.56% 9/20/66		2,496,479		2,496,940

Total Agency Collateralized Mortgage Obligations (Cost $11,101,680)				11,127,450


AGENCY OBLIGATION–3.44%
Freddie Mac 1.25% 8/15/19		41,000,000		40,508,738

Total Agency Obligation (Cost $40,987,700)				40,508,738


CORPORATE BONDS–56.97%
Air Freight & Logistics–0.40%
#Aviation Capital Group 144A 2.875% 9/17/18		4,680,000		4,728,503

				4,728,503

Airlines–0.11%
◆Northwest Airlines 2002-1 Class G-2 Pass Through Trust 6.264% 11/20/21		240,697		259,952
#◆Virgin Australia Trust 2013-1A Series 144A 5.00% 10/23/23		228,207		237,335
#WestJet Airlines 144A 3.50% 6/16/21		850,000		845,162

				1,342,449

Auto Components–0.31%
Delphi Automotive 3.15% 11/19/20		3,600,000		3,675,715

				3,675,715

Automobiles–5.44%
Daimler Finance North America
#144A 1.65% 5/18/18		2,600,000		2,597,442
#•144A 1.659% 10/30/19		3,000,000		3,015,786
#•144A 1.89% 7/5/19		1,500,000		1,510,105
#144A 2.00% 8/3/18		10,025,000		10,050,654
#144A 2.70% 8/3/20		2,400,000		2,421,701


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Automobiles (continued)
Ford Motor Credit 2.943% 1/8/19		3,400,000	$	3,447,916
General Motors 3.50% 10/2/18		5,200,000		5,316,080
General Motors Financial
•2.37% 4/10/18		2,500,000		2,525,053
2.40% 4/10/18		1,600,000		1,608,578
•2.583% 1/15/20		200,000		204,760
3.00% 9/25/17		4,500,000		4,527,441
3.25% 5/15/18		2,500,000		2,535,033
#Kia Motors 144A 2.625% 4/21/21		4,500,000		4,471,254
Nissan Motor Acceptance
#•144A 1.912% 1/13/22		3,100,000		3,119,329
#144A 2.00% 3/8/19		10,900,000		10,904,098
#RCI Banque 144A 3.50% 4/3/18		1,000,000		1,015,323
Volkswagen Financial Services 2.375% 11/13/18	GBP	3,691,000		4,718,793

				63,989,346

Banks–12.82%
#ABN AMRO Bank 144A 1.80% 9/20/19		5,900,000		5,846,027
#Banco do Brasil 144A 6.00% 1/22/20		300,000		320,250
Bank of America
6.875% 4/25/18		8,383,000		8,823,133
6.875% 11/15/18		1,200,000		1,292,674
Barclays
2.00% 3/16/18		5,000,000		5,006,900
•3.144% 8/10/21		2,800,000		2,922,962
#Barclays Bank 144A 6.05% 12/4/17		5,675,000		5,825,189
CIT Group
4.25% 8/15/17		9,200,000		9,292,000
#144A 5.00% 5/15/18		665,000		670,320
5.25% 3/15/18		500,000		514,063
5.375% 5/15/20		900,000		961,317
#144A 5.50% 2/15/19		2,500,000		2,634,375
•Cooperatieve Rabobank 8.40% 11/29/49		1,600,000		1,625,309
•Credit Suisse 1.92% 9/12/17		6,000,000		6,014,250
•DBS Bank 3.625% 9/21/22		3,480,000		3,501,719
Eksportfinans 5.50% 6/26/17		2,000,000		2,013,626
•HBOS 1.80% 9/6/17		7,000,000		6,994,316
•HSBC Holdings 2.712% 5/25/21		4,100,000		4,232,754
Intesa Sanpaolo 3.875% 1/16/18		600,000		608,210
•JPMorgan Chase 7.90% 4/29/49		700,000		726,250
KEB Hana Bank 3.50% 10/25/17		3,300,000		3,333,726
#•Macquarie Bank 144A 2.159% 7/29/20		4,000,000		4,037,624
Mitsubishi UFJ Trust & Banking
#144A 2.45% 10/16/19		4,000,000		4,016,372
#144A 2.65% 10/19/20		5,200,000		5,221,096


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Banks (continued)
Mizuho Bank
•1.82% 12/12/17		13,800,000	$	13,835,130
#144A 2.45% 4/16/19		3,200,000		3,217,165
•MUFG Americas Holdings 1.608% 2/9/18		1,000,000		1,000,592
Royal Bank of Scotland 6.934% 4/9/18	EUR	2,300,000		2,615,117
•Santander Holdings USA 2.504% 11/24/17		1,000,000		1,006,607
Santander U.K.
2.35% 9/10/19		4,100,000		4,123,632
2.50% 3/14/19		2,000,000		2,016,968
Shinhan Bank •1.659% 4/8/17		2,000,000		2,000,058
#•144A 1.659% 4/8/17		1,000,000		1,000,029
#Standard Chartered 144A 2.40% 9/8/19		6,000,000		5,989,914
Sumitomo Mitsui Financial Group 2.058% 7/14/21		2,500,000		2,435,080
#Sumitomo Mitsui Trust Bank 144A 2.05% 3/6/19		11,800,000		11,785,993
UBS Group Funding Jersey
#•144A 2.597% 9/24/20		1,500,000		1,529,785
#144A 3.00% 4/15/21		5,200,000		5,213,926
•United Overseas Bank 2.875% 10/17/22		1,200,000		1,207,248
•Wells Fargo 1.719% 1/30/20		5,500,000		5,525,509

				150,937,215

Beverages–0.77%
Anheuser-Busch InBev Finance
2.65% 2/1/21		4,400,000		4,437,013
3.30% 2/1/23		4,500,000		4,586,035

				9,023,048

Capital Markets–2.45%
Goldman Sachs Group
•2.201% 4/23/20		5,000,000		5,072,270
•2.331% 9/15/20		1,000,000		1,014,974
Industrial Bank of Korea 2.375% 7/17/17		2,250,000		2,254,846
Korea Development Bank 2.25% 8/7/17		2,200,000		2,205,069
Macquarie Group
3.00% 12/3/18		6,000,000		6,089,802
7.625% 8/13/19		6,000,000		6,688,602
#144A 7.625% 8/13/19		1,000,000		1,114,767
Morgan Stanley
•2.443% 10/24/23		1,500,000		1,533,021
6.625% 4/1/18		400,000		418,774
S&P Global 3.30% 8/14/20		2,400,000		2,453,782

				28,845,907


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Chemicals–0.39%
#Air Liquide Finance 144A 1.75% 9/27/21		3,800,000	$	3,673,418
#Solvay Finance America 144A 3.40% 12/3/20		900,000		926,752

				4,600,170

Commercial Services & Supplies–0.42%
#AP Moeller - Maersk 144A 2.875% 9/28/20		2,500,000		2,530,803
#Penske Truck Leasing 144A 4.875% 7/11/22		175,000		189,135
#SMBC Aviation Capital Finance 144A 2.65% 7/15/21		2,300,000		2,241,293

				4,961,231

Construction & Engineering–0.11%
#Heathrow Funding 144A 4.875% 7/15/21		300,000		321,618
#SBA Tower Trust 144A 3.598% 4/15/18		1,000,000		1,000,600

				1,322,218

Consumer Finance–5.75%
AerCap Ireland Capital
2.75% 5/15/17		4,400,000		4,405,887
5.00% 10/1/21		300,000		321,454
Ally Financial
3.60% 5/21/18		1,500,000		1,522,500
4.125% 3/30/20		2,100,000		2,147,250
4.75% 9/10/18		200,000		206,000
BGC Partners 5.125% 5/27/21		5,200,000		5,432,279
#BMW U.S. Capital 144A 1.50% 4/11/19		4,000,000		3,973,944
BOC Aviation
2.875% 10/10/17		1,300,000		1,306,798
3.00% 3/30/20		2,000,000		2,012,984
Credit Suisse Group Funding Guernsey 3.45% 4/16/21		4,000,000		4,061,512
Ford Motor Credit 5.00% 5/15/18		9,000,000		9,301,086
General Motors Financial 4.75% 8/15/17		4,870,000		4,923,370
International Lease Finance
4.625% 4/15/21		600,000		633,804
5.875% 8/15/22		500,000		558,189
6.25% 5/15/19		3,860,000		4,161,188
8.25% 12/15/20		500,000		591,352
LeasePlan
#144A 2.50% 5/16/18		4,091,000		4,102,287
#144A 2.875% 1/22/19		5,770,000		5,797,125
#144A 3.00% 10/23/17		7,000,000		7,040,747


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Consumer Finance (continued)
Navient
5.50% 1/15/19		4,650,000	$	4,829,025
8.00% 3/25/20		300,000		326,625

				67,655,406

Diversified Consumer Services–0.39%
#Hutchison Whampoa International 12 II 144A 2.00% 11/8/17		1,000,000		1,001,288
#Hutchison Whampoa International 14 144A 1.625% 10/31/17		3,600,000		3,598,834

				4,600,122

Diversified Financial Services–1.31%
AerCap Ireland Capital 4.625% 10/30/20		2,000,000		2,115,366
#Cantor Fitzgerald 144A 6.50% 6/17/22		1,000,000		1,089,507
Synchrony Financial 1.875% 8/15/17		2,000,000		2,000,882
•2.265% 2/3/20		4,200,000		4,229,631
•2.438% 11/9/17		6,000,000		6,034,032

				15,469,418

Diversified Telecommunication Services–0.78%
#KT 144A 1.75% 4/22/17		1,000,000		999,994
Telecom Italia Capital 6.999% 6/4/18		2,900,000		3,055,875
Telefonica Emisiones 6.221% 7/3/17		5,070,000		5,126,089

				9,181,958

Electric Utilities–3.70%
•Cheung Kong Infrastructure Finance BVI 1.852% 6/20/17		3,500,000		3,497,833
Dominion Gas Holdings 2.50% 12/15/19		1,200,000		1,214,207
#E.On International Finance 144A 5.80% 4/30/18		4,400,000		4,584,043
#Enel Finance International 144A 6.25% 9/15/17		828,000		844,684
Entergy 4.00% 7/15/22		636,000		666,951
Exelon 2.45% 4/15/21		1,300,000		1,285,660
FirstEnergy 2.75% 3/15/18		3,200,000		3,212,365
#Iberdrola Finance Ireland 144A 5.00% 9/11/19		4,555,000		4,848,210
Jersey Central Power & Light 5.65% 6/1/17		3,000,000		3,018,330
#Kentucky Power 144A 6.00% 9/15/17		3,700,000		3,769,945
#Korea East-West Power 144A 2.50% 7/16/17		1,000,000		1,001,747


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Korea Hydro & Nuclear Power
#•144A 1.83% 5/22/17		1,000,000	$	999,787
#144A 2.875% 10/2/18		1,750,000		1,771,548
Korea Western Power 3.125% 5/10/17		2,800,000		2,803,313
#144A 3.125% 5/10/17		200,000		200,237
Pennsylvania Electric 5.20% 4/1/20		1,400,000		1,489,471
PSEG Power 3.00% 6/15/21		5,340,000		5,387,312
Southern 2.35% 7/1/21		3,000,000		2,948,574

				43,544,217

Food & Staples Retailing–0.52%
CVS Health 3.50% 7/20/22		1,000,000		1,030,420
#Tesco 144A 5.50% 11/15/17		1,500,000		1,530,581
Walgreens Boots Alliance 1.75% 11/17/17		3,000,000		3,003,165
#Wesfarmers 144A 1.874% 3/20/18		500,000		500,721

				6,064,887

Food Products–0.61%
Kraft Heinz Foods 2.00% 7/2/18		4,300,000		4,312,001
#Mondelez International Holdings Netherlands 144A 2.00% 10/28/21		3,000,000		2,889,729

				7,201,730

Gas Utilities–0.10%
#Korea Gas 144A 2.25% 7/25/17		1,200,000		1,202,798

				1,202,798

Health Care Equipment & Supplies–1.02%
Boston Scientific
2.65% 10/1/18		3,500,000		3,535,823
3.375% 5/15/22		5,800,000		5,916,447
Zimmer Biomet Holdings
0.45% 4/1/17		1,000,000		1,000,000
2.00% 4/1/18		1,600,000		1,602,998

				12,055,268

Health Care Providers & Services–0.37%
Anthem 1.875% 1/15/18		200,000		200,191
Cardinal Health 1.95% 6/15/18		1,800,000		1,806,041
Humana 2.625% 10/1/19		1,000,000		1,011,572
#Universal Health Services 144A 3.75% 8/1/19		1,300,000		1,321,125

				4,338,929

Hotels, Restaurants & Leisure–0.49%
MGM Resorts International 8.625% 2/1/19		3,800,000		4,189,500
Wyndham Worldwide 2.50% 3/1/18		1,000,000		1,005,018


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Hotels, Restaurants & Leisure (continued)
#Wynn Las Vegas 144A 5.50% 3/1/25		500,000	$	509,375

				5,703,893

Household Durables–0.93%
DR Horton
3.75% 3/1/19		2,000,000		2,050,462
4.00% 2/15/20		6,797,000		7,076,506
Toll Brothers Finance 8.91% 10/15/17		1,800,000		1,872,000

				10,998,968

Insurance–0.24%
#TIAA Asset Management Finance 144A 2.95% 11/1/19		2,800,000		2,847,841

				2,847,841

IT Services–0.12%
Fidelity National Information Services 3.625% 10/15/20		1,400,000		1,456,014

				1,456,014

Life Sciences Tools & Services–0.40%
Thermo Fisher Scientific 3.30% 2/15/22		4,600,000		4,695,602

				4,695,602

Media–0.95%
Charter Communications Operating 3.579% 7/23/20		1,000,000		1,029,417
DISH DBS 4.25% 4/1/18		2,000,000		2,038,140
Scripps Networks Interactive 3.50% 6/15/22		2,600,000		2,651,823
Sky
#144A 2.625% 9/16/19		1,000,000		1,006,459
#144A 6.10% 2/15/18		1,000,000		1,036,104
#144A 9.50% 11/15/18		2,000,000		2,231,458
Time Warner Cable
6.75% 7/1/18		500,000		528,875
8.25% 4/1/19		600,000		669,229

				11,191,505

Metals & Mining–0.23%
#Minera y Metalurgica del Boleo de CV 144A 2.875% 5/7/19		2,611,000		2,641,277

				2,641,277

Multi-Utilities–0.03%
DTE Energy 2.40% 12/1/19		300,000		302,025

				302,025


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels–6.92%
BG Energy Capital
#144A 4.00% 12/9/20		2,800,000	$	2,960,728
•6.50% 11/30/72		4,200,000		4,317,634
Cimarex Energy 5.875% 5/1/22		2,700,000		2,783,147
CNOOC Finance 2013 1.75% 5/9/18		2,345,000		2,338,085
CNOOC Nexen Finance 2014 1.625% 4/30/17		8,900,000		8,902,136
CNPC General Capital 2.75% 4/19/17		1,500,000		1,500,574
Energy Transfer Partners
9.00% 4/15/19		3,000,000		3,386,343
9.70% 3/15/19		851,000		968,126
Kinder Morgan
2.00% 12/1/17		1,200,000		1,201,069
7.00% 6/15/17		2,100,000		2,122,617
7.25% 6/1/18		3,000,000		3,174,864
Kinder Morgan Energy Partners
3.45% 2/15/23		1,750,000		1,729,417
5.80% 3/1/21		1,780,000		1,957,261
#Kinder Morgan Finance 144A 6.00% 1/15/18		1,800,000		1,856,588
#Korea National Oil 144A 3.125% 4/3/17		1,500,000		1,500,000
Petroleos Mexicanos
•3.044% 7/18/18		1,000,000		1,017,500
3.125% 1/23/19		4,280,000		4,307,820
3.50% 7/18/18		5,500,000		5,596,800
5.75% 3/1/18		1,000,000		1,033,000
9.25% 3/30/18		4,500,000		4,790,851
Pioneer Natural Resources
3.45% 1/15/21		1,000,000		1,024,561
6.875% 5/1/18		1,100,000		1,156,576
Regency Energy Partners 5.75% 9/1/20		500,000		540,477
Sabine Pass Liquefaction 6.25% 3/15/22		3,500,000		3,888,209
Sinopec Group Overseas Development 2014 #144A 1.75% 4/10/17		3,000,000		3,000,126
1.75% 4/10/17		2,000,000		2,000,084
Statoil 1.25% 11/9/17		1,711,000		1,709,073
Western Gas Partners 2.60% 8/15/18		1,100,000		1,106,547
Woodside Finance
#144A 3.65% 3/5/25		800,000		789,101
#144A 3.70% 9/15/26		2,500,000		2,447,043
#144A 4.60% 5/10/21		2,900,000		3,043,753
#144A 8.75% 3/1/19		3,000,000		3,357,435

				81,507,545


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Paper & Forest Products–0.97%
Georgia-Pacific
#144A 2.539% 11/15/19		4,400,000	$	4,437,915
#144A 3.734% 7/15/23		3,400,000		3,542,331
#144A 5.40% 11/1/20		3,100,000		3,409,033

				11,389,279

Pharmaceuticals–2.45%
AbbVie
2.30% 5/14/21		5,000,000		4,942,025
2.85% 5/14/23		800,000		785,969
3.20% 11/6/22		1,600,000		1,620,003
Actavis 1.875% 10/1/17		3,290,000		3,293,491
•Actavis Funding 2.375% 3/12/20		2,300,000		2,352,044
Forest Laboratories
#144A 4.375% 2/1/19		1,400,000		1,450,067
#144A 5.00% 12/15/21		5,400,000		5,857,466
Shire Acquisitions Investments Ireland
2.40% 9/23/21		1,000,000		978,941
2.875% 9/23/23		4,300,000		4,178,482
Teva Pharmaceutical Finance Netherlands III 2.80% 7/21/23		2,200,000		2,092,559
Zoetis 3.45% 11/13/20		1,300,000		1,332,613

				28,883,660

Road & Rail–0.81%
#Asciano Finance 144A 5.00% 4/7/18		3,000,000		3,072,285
Central Nippon Expressway 2.369% 9/10/18		5,000,000		5,015,435
Kansas City Southern 2.35% 5/15/20		1,500,000		1,487,235

				9,574,955

Semiconductors & Semiconductor Equipment–0.47%
KLA-Tencor
2.375% 11/1/17		2,060,000		2,065,090
3.375% 11/1/19		1,000,000		1,027,348
NVIDIA 2.20% 9/16/21		2,500,000		2,451,217

				5,543,655

Software–0.44%
Symantec
2.75% 6/15/17		3,100,000		3,102,406
4.20% 9/15/20		2,000,000		2,063,814

				5,166,220

Technology Hardware, Storage & Peripherals–0.40%
#Diamond 1 Finance 144A 3.48% 6/1/19		1,000,000		1,025,243


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Technology Hardware, Storage & Peripherals (continued)
Hewlett Packard Enterprise
2.45% 10/5/17		1,800,000	$	1,805,476
2.85% 10/5/18		1,800,000		1,822,356

				4,653,075

Tobacco–1.68%
BAT International Finance
#•144A 1.641% 6/15/18		2,000,000		2,005,342
#144A 3.50% 6/15/22		300,000		306,367
Imperial Tobacco Finance 2.05% 2/11/18		1,500,000		1,501,931
#144A 2.05% 2/11/18		1,800,000		1,802,317
#144A 2.05% 7/20/18		6,079,000		6,085,067
#144A 2.95% 7/21/20		2,000,000		2,027,078
Reynolds American 4.00% 6/12/22		5,700,000		5,989,543

				19,717,645

Wireless Telecommunication Services–1.67%
#Crown Castle Towers 144A 3.222% 5/15/22		4,500,000		4,568,580
SingTel Group Treasury 2.375% 9/8/17		9,000,000		9,029,214
Sprint Communications 8.375% 8/15/17		4,800,000		4,911,600
•Wind Acquisition Finance 3.673% 7/15/20	EUR	1,100,000		1,179,347

				19,688,741

Total Corporate Bonds (Cost $667,847,283)				670,702,435


MUNICIPAL BONDS–0.54%
Educational Enhancement Funding Series A 1.906% 6/1/17		3,300,000		3,302,343
•State of Texas Series C-2 1.383% 6/1/19		3,000,000		3,001,800

Total Municipal Bonds (Cost $6,301,074)				6,304,143


NON-AGENCY ASSET-BACKED SECURITIES–7.81%
•Accredited Mortgage Loan Trust Series 2004-3 2A2 2.182% 10/25/34		23,149		23,014
•Amortizing Residential Collateral Trust Series 2004-1 A5 1.982% 10/25/34		87,818		84,333
#•Ares XXV CLO Series 2012-3A AR 144A 2.243% 1/17/24		6,500,000		6,503,179


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
#•Atlas Senior Loan Fund II Series 2012-2A AR 144A 2.269% 1/30/24		5,670,644	$	5,667,769
#•Babson CLO Series 2012-2A A1R 144A 2.279% 5/15/23		862,753		863,718
#•Ballyrock CLO Series 2013-1A A 144A 2.232% 5/20/25		900,000		900,016
•Bear Stearns Asset-Backed Securities I Trust Series 2004-BO1 M4 2.182% 10/25/34		1,046,000		1,050,142
•Bear Stearns Asset-Backed Securities Trust Series 2003-2 A3 2.482% 3/25/43		89,285		87,279
#•BlueMountain CLO Series 2015-1A AIR 144A 2.352% 4/13/27		700,000		700,197
#•Cadogan Square CLO IV Series 4A C 144A 0.409% 7/24/23	EUR	700,000		726,733
#•Carlyle Global Market Strategies CLO Series 2014-5A A1R 144A 1.576% 10/16/25		5,800,000		5,797,100
#•CELF Low Levered Partners Series 2006-1A A3 144A 0.177% 3/4/24	EUR	779,001		826,472
#•CIFC Funding Series 2012-2A A1R 144A 2.45% 12/5/24		2,064,733		2,064,555
#•COA Summit CLO Series 2014-1A A1 144A 2.38% 4/20/23		745,869		746,409
#•Colony Starwood Homes Trust Series 2016-1A A 144A 2.443% 7/17/33		3,091,271		3,133,839
•CWABS Asset-Backed Certificates Trust Series 2004-6 1A1 1.522% 12/25/34		3,304,180		3,135,214
#•Drug Royalty II Series 2014-1 A1 144A 3.873% 7/15/23		162,233		163,261
#Eagle I Series 2014-1A A1 144A 2.57% 12/15/39		437,500		434,281
#Finn Square CLO Series 2012-1A A1R 144A 2.00% 12/24/23		3,889,603		3,885,437
GCAT
#fSeries 2015-2 A1 144A 3.75% 7/25/20		622,142		622,536
#fSeries 2016-1 A1 144A 4.50% 3/25/21		769,603		772,834
#•Grosvenor Place CLO III Series III-A B 144A 0.508% 10/28/23	EUR	114,639		121,948


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
•GSAA Home Equity Trust Series 2004-11 2A2 1.622% 12/25/34		77,214	$	77,175
#•Halcyon Loan Advisors Funding Series 2012-1A A1 144A 2.539% 8/15/23		3,096,861		3,096,248
#•LCM XII Series 12A AR 144A 2.285% 10/19/22		6,931,438		6,936,040
#•Malin CLO BV Series 2007-1A A1 144A 0.00% 5/7/23	EUR	2,216,512		2,361,728
Navient Private Education Loan Trust
#•Series 2014-CTA A 144A 1.612% 9/16/24		421,744		422,449
#•Series 2015-AA A2B 144A 2.112% 12/15/28		2,500,000		2,535,730
#fNYMT Residential Series 2016-RP1A A 144A 4.00% 3/25/21		1,431,928		1,423,760
#•Ocean Trails CLO II Series 2007-2A A1V2 144A 1.257% 6/27/22		271,061		270,839
#OneMain Financial Issuance Trust Series 2015-2A A 144A 2.57% 7/18/25		4,000,000		4,008,095
•Option One Mortgage Loan Trust Asset-Backed Certificates Series 2005-5 A3 1.192% 12/25/35		562,298		559,568
Securitized Asset-Backed Receivables Trust Series 2006-OP1 0.525% 10/25/35		3,989,816		3,910,824
#•Shackleton II CLO Series 2012-2A AIR 144A 2.24% 10/20/23		4,177,051		4,174,027
•SLM Private Credit Student Loan Trust Series 2005-A A3 1.331% 6/15/23		3,044,155		3,014,425
#Sofi Professional Loan Program Series 2016-F A2 144A 3.02% 2/25/40		4,793,927		4,803,755
•Specialty Underwriting & Residential Finance Trust Series 2005-AB1 M1 1.627% 3/25/36		79,570		79,460
#•Symphony CLO VIII Series 2012-8AR AR 144A 2.11% 1/9/23		4,702,212		4,703,119
#•Venture X CLO Series 2012-10A AR 144A 2.08% 7/20/22		3,743,013		3,740,906


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
#•Venture XI CLO Series 2012-11AR AR 144A 2.336% 11/14/22		3,016,838	$	3,021,363
#fVOLT XL Series 2015-NP14 A1 144A 4.375% 11/27/45		1,137,013		1,148,130
Voya CLO
#•Series 2012-2R AR 144A 2.32% 10/15/22		1,915,819		1,918,490
#•Series 2012-2R AR 144A 2.343% 10/15/22		585,918		586,700
•Wood Street CLO 1 Series I B 0.163% 11/22/21	EUR	821,902		873,021

Total Non-Agency Asset-Backed Securities (Cost $91,881,385)				91,976,118


NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.28%
Bear Stearns ARM Trust
•Series 2003-1 5A1 3.047% 4/25/33		78,162		78,553
•Series 2005-5 A1 2.58% 8/25/35		682,118		689,912
•Credit Suisse First Boston Mortgage Securities Series 2003-AR18 2A3 2.809% 7/25/33		9,998		9,868
•Eurosail-U.K. Series 2007-4X A2A 0.644% 6/13/45	GBP	218,446		274,035
•GSR Mortgage Loan Trust Series 2005-5F 8A1 1.482% 6/25/35		565,336		536,762
Merrill Lynch Mortgage Investors Trust
•Series 2003-A3 1A 3.051% 5/25/33		15,598		15,282
•Series 2005-2 1A 2.543% 10/25/35		42,980		42,813
•New York Mortgage Trust Series 2005-3 A1 1.462% 2/25/36		1,150,642		1,075,067
•Sequoia Mortgage Trust Series 2004-6 A1 2.737% 7/20/34		13,224		13,014
•Structured ARM Loan Trust Series 2004-6 3A2 3.162% 6/25/34		167,722		173,459
•Structured Asset Mortgage Investments II Trust Series 2005-AR5 A3 1.228% 7/19/35		418,662		405,371

Total Non-Agency Collateralized Mortgage Obligations (Cost $3,359,961)				3,314,136


	Principal Amount°		Value (U.S. $)

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–2.01%
#•Series 2014-FL1 A 144A 2.312% 12/15/31		2,000,000	$	2,009,312
#•Series 2015-ASHF A 144A 2.132% 1/15/28		850,000		852,596
#•BBCMS Trust Series 2015-RRI A 144A 2.062% 5/15/32		6,407,511		6,415,477
•COBALT Commercial Mortgage Trust Series 2007-C3 A1A 5.88% 5/15/46		675,102		677,754
#•Countrywide Commercial Mortgage Trust Series 2007-MF1 A 144A 6.208% 11/12/43		827,995		832,500
#•Credit Suisse First Boston Mortgage Securities Series 2004-C2 J 144A 5.362% 5/15/36		500,000		520,633
•JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-CB20 AIA 5.746% 2/12/51		1,013,864		1,024,372
•LB Commercial Mortgage Trust Series 2007-C3 A1A 6.007% 7/15/44		2,005,122		2,012,480
•ML-CFC Commercial Mortgage Trust Series 2007-6 A4 5.485% 3/12/51		186,050		185,820
Morgan Stanley Capital I Trust Series 2007-IQ16 A4 5.809% 12/12/49		2,382,843		2,396,919
#•Wachovia Bank Commercial Mortgage Trust Series 2007-C32 A4FL 144A 1.118% 6/15/49		6,600,000		6,586,541
Wells Fargo Commercial Mortgage Trust Series 2012-LC5 A1 0.687% 10/15/45		68,252		68,195
WF-RBS Commercial Mortgage Trust Series 2012-C9 A1 0.673% 11/15/45		58,223		58,177

Total Non-Agency Commercial Mortgage-Backed Securities (Cost $23,769,093)				23,640,776


«LOAN AGREEMENTS–0.40%
Energy Future Intermediate Holding 4.304% 6/30/17		3,000,000		3,001,245
Las Vegas Sands Tranche B 1st Lien 3.04% 12/19/20		1,683,161		1,686,317

Total Loan Agreements (Cost $4,678,643)				4,687,562


	Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS–4.42%
Czech Republic–1.85%
^Czech Republic Ministry of Finance Bill 0.00% 8/25/17	CZK	550,000,000	$	21,791,052

				21,791,052

Mexico–1.79%
^Mexico Cetes 0.00% 6/8/17	MXN	4,000,000,000		21,097,678

				21,097,678

Republic of Korea–0.55%
Export-Import Bank of Korea
•1.452% 5/21/18		4,000,000		4,005,680
•1.501% 10/21/19		2,500,000		2,499,750

				6,505,430

Saudi Arabia–0.23%
#Saudi Government International Bond 144A 2.375% 10/26/21		2,700,000		2,654,465

				2,654,465

Total Sovereign Bonds (Cost $50,864,390)				52,048,625


U.S. TREASURY OBLIGATIONS–35.63%
U.S. Treasury Notes
×1.125% 1/31/19		212,200,000		211,802,125
¥1.25% 12/31/18		147,900,000		147,992,437
×2.25% 2/15/27		60,400,000		59,636,725

Total U.S. Treasury Obligations (Cost $418,162,352)				419,431,287


	Number of Contracts		Value (U.S. $)

OPTIONS PURCHASED–0.01%
Call Swaptions–0.01%
2 yr IRS pay a fixed rate 1.67% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 9/8/17 (MSC)		118,500,000	$	162,227

Total Options Purchased (Cost $169,225)				162,227


	Number of Shares

MONEY MARKET FUND–0.10%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		1,224,957		1,224,957

Total Money Market Fund (Cost $1,224,957)				1,224,957

The following foreign currency exchange contracts, futures contracts, reverse repurchase agreements and swap contracts were outstanding at March 31, 2017:

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 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.

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

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP PIMCO Low Duration Bond Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Other debt securities, credit default swap contracts and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Select Core Equity Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in other open-end investment companies, primarily the Fidelity^® - VIP Contrafund^® Portfolio and VIP Equity-Income Portfolio (collectively, the “Underlying Funds”). The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Financial statements for the Underlying Funds can be found at www.sec.gov. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–86.05%
Equity Funds–21.83%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Mid-Cap Index Fund		245,803	$	2,932,677
LVIP SSGA S&P 500 Index Fund		1,001,496		16,522,679
LVIP SSGA Small-Cap Index Fund		67,028		1,973,719

				21,429,075

Fixed Income Fund–49.94%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		4,361,514		49,014,698

				49,014,698

International Equity Fund–14.28%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA International Index Fund		1,600,651		14,015,297

				14,015,297

Total Affiliated Investments (Cost $74,208,917)				84,459,070


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENTS–14.15%
Fixed Income Fund–10.04%
SPDR^® Bloomberg Barclays TIPS ETF		173,006	$	9,856,152

				9,856,152

International Equity Fund–4.11%
iShares Core MSCI Emerging Markets ETF		84,305		4,028,936

				4,028,936

Total Unaffiliated Investments (Cost $13,304,888)				13,885,088

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP SSGA Conservative Index Allocation Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in investment companies, including exchange-traded funds (“ETFs”), and mutual funds that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or unaffiliated managers (collectively, the “Underlying Funds”). ETFs, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (“NYSE”) on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Financial statements for the Underlying Funds can be found at www.sec.gov. Investments in government money market funds have a stable NAV.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds or ETFs). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017 were as follows:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–89.90%
Equity Funds–21.82%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		1,136,993	$	16,521,643
LVIP SSGA Mid-Cap Index Fund		348,932		4,163,103
LVIP SSGA S&P 500 Index Fund		1,003,599		16,557,370
LVIP SSGA Small-Cap Index Fund		142,727		4,202,730
LVIP SSGA Small-Mid Cap 200 Fund		295,776		4,192,336

				45,637,182

Fixed Income Fund–49.92%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		9,288,835		104,387,932

				104,387,932

International Equity Funds–18.16%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Developed International 150 Fund		1,759,699		14,774,435
LVIP SSGA Emerging Markets 100 Fund		904,735		8,279,230
LVIP SSGA International Index Fund		1,704,986		14,928,855

				37,982,520

Total Affiliated Investments (Cost $167,547,729)				188,007,634


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENTS–10.05%
Fixed Income Fund–10.03%
SPDR^® Bloomberg Barclays TIPS ETF		368,452	$	20,990,710

				20,990,710

Money Market Fund–0.02%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		41,421		41,421

				41,421

Total Unaffiliated Investments (Cost $20,336,403)				21,032,131

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP SSGA Conservative Structured Allocation Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Level 1–inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds or ETFs). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017 were as follows:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–84.78%
Equity Funds–37.58%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Mid-Cap Index Fund		1,697,301	$	20,250,494
LVIP SSGA S&P 500 Index Fund		4,532,641		74,779,504
LVIP SSGA Small-Cap Index Fund		495,894		14,602,092

				109,632,090

Fixed Income Fund–24.86%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		6,454,214		72,532,462

				72,532,462

International Equity Fund–22.34%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA International Index Fund		7,444,334		65,182,592

				65,182,592

Total Affiliated Investments (Cost $203,347,273)				247,347,144


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENTS–15.22%
Fixed Income Fund–5.00%
SPDR^® Bloomberg Barclays TIPS ETF		255,972	$	14,582,725

				14,582,725

International Equity Fund–10.22%
iShares Core MSCI Emerging Markets ETF		623,878		29,815,130

				29,815,130

Total Unaffiliated Investments (Cost $43,102,847)				44,397,855

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP SSGA Moderately Aggressive Index Allocation Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Level 1–inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds or ETFs). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017 were as follows:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–95.03%
Equity Funds–37.77%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		4,544,986	$	66,043,188
LVIP SSGA Mid-Cap Index Fund		1,716,687		20,481,787
LVIP SSGA S&P 500 Index Fund		4,011,400		66,180,077
LVIP SSGA Small-Cap Index Fund		702,178		20,676,321
LVIP SSGA Small-Mid Cap 200 Fund		1,455,295		20,627,346

				194,008,719

Fixed Income Fund–25.00%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		11,423,979		128,382,680

				128,382,680

International Equity Funds–32.26%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Developed International 150 Fund		6,800,336		57,095,625
LVIP SSGA Emerging Markets 100 Fund		5,563,989		50,916,067
LVIP SSGA International Index Fund		6,588,227		57,686,515

				165,698,207

Total Affiliated Investments (Cost $414,070,776)				488,089,606

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP SSGA Moderately Aggressive Structured Allocation Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests a substantially all of its assets in investment companies, including exchange-traded funds (“ETFs”), and mutual funds that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or unaffiliated managers (collectively, the “Underlying Funds”). ETFs, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (“NYSE”) on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Financial statements for the Underlying Funds can be found at www.sec.gov. Investments in government money market funds have a stable NAV.

Level 1–inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds or ETFs). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017 were as follows:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–83.86%
Equity Funds–33.65%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Mid-Cap Index Fund		1,613,045	$	19,245,239
LVIP SSGA S&P 500 Index Fund		4,639,132		76,536,402
LVIP SSGA Small-Cap Index Fund		439,857		12,952,042

				108,733,683

Fixed Income Fund–29.87%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		8,587,367		96,504,825

				96,504,825

International Equity Fund–20.34%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA International Index Fund		7,503,677		65,702,200

				65,702,200

Total Affiliated Investments (Cost $227,873,601)				270,940,708


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENTS–16.15%
Fixed Income Fund–10.01%
SPDR^® Bloomberg Barclays TIPS ETF		567,640	$	32,338,451

				32,338,451

International Equity Fund–6.14%
iShares Core MSCI Emerging Markets ETF		415,029		19,834,236

				19,834,236

Total Unaffiliated Investments (Cost $50,990,260)				52,172,687

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP SSGA Moderate Index Allocation Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Level 1–inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds or ETFs). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017 were as follows:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–100.08%
Equity Funds–33.78%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		7,410,281	$	107,678,789
LVIP SSGA Mid-Cap Index Fund		3,032,162		36,176,721
LVIP SSGA S&P 500 Index Fund		6,540,573		107,906,367
LVIP SSGA Small-Cap Index Fund		930,187		27,390,273
LVIP SSGA Small-Mid Cap 200 Fund		1,927,739		27,323,770

				306,475,920


Fixed Income Funds–40.04%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		24,214,138		272,118,484
SPDR^® Bloomberg Barclays TIPS ETF		1,600,681		91,190,797

				363,309,281


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS (continued)
International Equity Funds–26.26%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Developed International 150 Fund		10,920,843	$	91,691,400
LVIP SSGA Emerging Markets 100 Fund		5,896,519		53,959,049
LVIP SSGA International Index Fund		10,580,672		92,644,362

				238,294,811

Total Affiliated Investments (Cost $794,410,766)				908,080,012

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP SSGA Moderate Structured Allocation Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Level 1–inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds or ETFs). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017 were as follows:


	Principal Amount°		Value (U.S. $)

AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–0.70%
Fannie Mae-Aces
•Series 2013-M12 APT 2.399% 3/25/23		545,600	$	544,712
•Series 2014-M1 ASQ2 2.323% 11/25/18		2,101,879		2,119,208
•Series 2014-M2 A2 3.513% 12/25/23		1,285,000		1,355,603
•Series 2014-M4 A2 3.346% 3/25/24		1,000,000		1,036,941
Series 2015-M1 A2 2.532% 9/25/24		500,000		494,233
•Series 2016-M13 A2 2.477% 9/25/26		1,600,000		1,538,037
Freddie Mac Multifamily Structured Pass Through Certificates
◆ Series K006 A1 3.398% 7/25/19		597,922		611,508
◆ Series K025 A1 1.875% 4/25/22		1,193,160		1,187,866
◆ Series K026 A2 2.51% 11/25/22		1,000,000		1,004,198
◆ Series K030 A1 2.779% 9/25/22		1,121,372		1,144,467
• ◆ Series K030 A2 3.25% 4/25/23		6,000,000		6,240,739
• ◆ Series K050 A2 3.334% 8/25/25		900,000		933,709
◆ Series K060 A2 3.30% 10/25/26		1,000,000		1,029,279
◆ Series K710 A2 1.883% 5/25/19		1,500,000		1,502,738


Total Agency Commercial Mortgage-Backed Securities (Cost $20,663,654)				20,743,238


AGENCY MORTGAGE-BACKED SECURITIES–28.26%
Fannie Mae S.F. 10 yr
4.00% 8/1/19		24,861		25,699
4.00% 6/1/20		145,808		150,727
4.00% 5/1/23		85,196		88,070
6.00% 12/1/17		374		375
6.00% 9/1/18		3,195		3,265
Fannie Mae S.F. 15 yr
2.50% 10/1/27		1,189,576		1,203,914
2.50% 3/1/28		2,591,353		2,621,816
2.50% 4/1/28		3,013,550		3,048,751
2.50% 7/1/28		628,096		635,373
2.50% 9/1/28		1,213,632		1,227,716
2.50% 10/1/28		3,991,760		4,038,070
2.50% 3/1/29		3,175,992		3,212,897
2.50% 2/1/30		2,213,158		2,225,247
2.50% 5/1/30		787,142		791,436
2.50% 2/1/31		4,742,462		4,747,852
2.50% 7/1/31		1,885,716		1,887,871
2.50% 10/1/31		1,927,381		1,929,589
3.00% 11/1/26		2,208,070		2,271,944
3.00% 6/1/27		558,255		574,398
3.00% 8/1/27		1,026,870		1,056,520
3.00% 9/1/27		4,203,930		4,325,556
3.00% 10/1/27		644,796		663,464
3.00% 12/1/27		183,993		189,328
3.00% 8/1/29		2,740,600		2,812,556
3.00% 4/1/30		1,536,448		1,576,788
3.00% 5/1/30		4,084,511		4,202,641
3.00% 6/1/30		2,985,300		3,063,681
3.00% 12/1/30		1,273,199		1,306,628


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 15 yr (continued)
3.50% 11/1/25		545,685	$	568,570
3.50% 12/1/25		1,331,951		1,391,902
3.50% 12/1/26		714,326		744,238
3.50% 1/1/27		1,903,093		1,982,421
3.50% 10/1/29		2,176,329		2,267,090
4.00% 4/1/24		95,392		100,375
4.00% 5/1/24		164,985		173,395
4.00% 6/1/24		232,433		244,377
4.00% 7/1/24		97,092		102,217
4.00% 10/1/24		6,783		7,139
4.00% 12/1/24		224,986		236,821
4.00% 1/1/25		407,354		433,517
4.00% 3/1/25		457,594		486,960
4.00% 5/1/25		158,967		167,317
4.00% 7/1/25		2,507		2,639
4.00% 8/1/25		13,048		13,738
4.00% 9/1/25		183,493		193,244
4.00% 10/1/25		185,459		195,393
4.00% 1/1/26		6,954		7,326
4.00% 3/1/26		481,727		507,463
4.00% 5/1/26		4,691		4,937
4.00% 7/1/26		401,952		423,189
4.50% 2/1/23		68,991		71,412
4.50% 4/1/23		6,372		6,582
4.50% 5/1/23		6,692		6,956
4.50% 6/1/23		219,694		231,801
4.50% 11/1/23		11,393		12,032
4.50% 1/1/24		1,781		1,827
4.50% 2/1/24		1,923		2,032
4.50% 3/1/24		3,571		3,761
4.50% 4/1/24		95,027		100,427
4.50% 5/1/24		186,168		196,673
4.50% 7/1/24		165,705		174,817
4.50% 8/1/24		241,630		255,095
4.50% 11/1/24		101,440		106,798
4.50% 4/1/25		174,482		180,440
4.50% 5/1/25		17,892		18,746
4.50% 6/1/25		4,399		4,512
5.00% 6/1/19		413		424
5.00% 4/1/23		18,155		19,364
5.00% 6/1/23		355,868		380,361
5.00% 9/1/23		162,878		173,384
5.00% 11/1/23		80,984		83,928
5.00% 12/1/23		83,569		88,984
5.00% 3/1/25		40,858		43,711
5.00% 6/1/25		1,902		2,032
5.50% 12/1/18		10,619		10,730
5.50% 3/1/20		28,506		28,842
5.50% 4/1/22		37,647		39,711
5.50% 7/1/22		27,761		28,952
6.00% 6/1/20		5,988		6,201
6.00% 8/1/22		8,304		8,733


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 15 yr (continued)
6.00% 9/1/22		27,889	$	29,803
Fannie Mae S.F. 15 yr TBA
3.00% 4/1/32		3,300,000		3,383,581
3.50% 4/1/32		1,000,000		1,040,555
Fannie Mae S.F. 20 yr
3.00% 11/1/34		1,466,526		1,487,383
3.00% 12/1/34		1,127,194		1,143,223
3.00% 2/1/35		2,007,197		2,035,746
3.00% 3/1/36		842,839		854,848
3.00% 11/1/36		3,428,599		3,467,896
3.50% 6/1/34		4,645,776		4,830,003
3.50% 7/1/34		5,452,343		5,668,500
3.50% 2/1/37		2,185,904		2,265,628
4.00% 9/1/35		437,432		463,766
4.00% 10/1/35		797,614		845,632
4.00% 1/1/37		974,189		1,033,045
Fannie Mae S.F. 30 yr
3.00% 9/1/42		1,682,160		1,676,785
3.00% 10/1/42		3,012,233		3,002,911
3.00% 11/1/42		2,006,981		2,000,771
3.00% 12/1/42		1,899,663		1,893,779
3.00% 1/1/43		4,064,948		4,052,366
3.00% 3/1/43		8,514,902		8,488,035
3.00% 4/1/43		2,173,721		2,166,873
3.00% 5/1/43		1,391,392		1,387,011
3.00% 6/1/43		5,894,571		5,875,141
3.00% 7/1/43		3,503,049		3,491,303
3.00% 8/1/43		4,910,272		4,893,789
3.00% 9/1/45		2,956,730		2,935,577
3.00% 11/1/45		5,532,653		5,491,058
3.00% 9/1/46		6,858,346		6,803,050
3.00% 10/1/46		4,185,997		4,152,247
3.00% 12/1/46		10,331,094		10,247,798
3.00% 1/1/47		7,931,252		7,867,306
3.50% 10/1/40		793,578		816,565
3.50% 12/1/40		489,818		504,027
3.50% 2/1/41		762,705		784,788
3.50% 8/1/42		650,317		668,351
3.50% 9/1/42		6,569,152		6,756,079
3.50% 10/1/42		4,032,252		4,144,257
3.50% 11/1/42		1,383,876		1,422,344
3.50% 1/1/43		2,618,855		2,691,651
3.50% 2/1/43		499,367		513,212
3.50% 7/1/43		5,269,884		5,413,013
3.50% 10/1/44		2,773,740		2,842,853
3.50% 1/1/45		2,141,427		2,191,729
3.50% 4/1/45		4,209,797		4,308,686
3.50% 5/1/45		3,723,263		3,810,723
3.50% 8/1/45		9,390,912		9,618,380
3.50% 11/1/45		6,166,232		6,311,078
3.50% 12/1/45		5,753,512		5,888,663
3.50% 2/1/46		18,154,627		18,581,081


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
3.50% 5/1/46		2,680,217	$	2,743,176
3.50% 6/1/46		1,200,545		1,228,746
3.50% 2/1/47		2,834,090		2,900,674
3.50% 3/1/47		1,993,790		2,040,633
4.00% 1/1/39		37,519		39,680
4.00% 2/1/39		52,618		55,285
4.00% 3/1/39		2,347		2,474
4.00% 4/1/39		208,624		219,095
4.00% 6/1/39		128,442		134,739
4.00% 8/1/39		463,605		490,612
4.00% 9/1/39		612,024		649,061
4.00% 11/1/39		34,218		35,919
4.00% 12/1/39		866,852		909,259
4.00% 1/1/40		353,230		370,944
4.00% 5/1/40		227,584		239,262
4.00% 8/1/40		93,098		97,971
4.00% 9/1/40		158,855		167,195
4.00% 10/1/40		689,536		725,670
4.00% 11/1/40		1,008,798		1,061,594
4.00% 12/1/40		1,623,941		1,714,431
4.00% 1/1/41		3,609,096		3,798,022
4.00% 2/1/41		985,275		1,037,142
4.00% 3/1/41		15,481		16,242
4.00% 4/1/41		363,064		382,127
4.00% 5/1/41		1,698,037		1,787,849
4.00% 6/1/41		17,310		18,225
4.00% 9/1/41		340,182		358,142
4.00% 10/1/41		184,034		194,094
4.00% 11/1/41		376,882		396,850
4.00% 12/1/41		15,934		16,779
4.00% 1/1/42		12,846		13,526
4.00% 3/1/42		199,863		209,696
4.00% 10/1/43		5,031,660		5,282,495
4.00% 12/1/43		1,271,061		1,333,745
4.00% 7/1/44		2,549,115		2,674,407
4.00% 9/1/44		2,711,829		2,845,179
4.00% 10/1/44		3,986,108		4,181,917
4.00% 3/1/45		3,688,967		3,870,177
4.00% 7/1/45		3,618,549		3,796,556
4.00% 9/1/45		10,227,673		10,733,487
4.00% 4/1/46		2,823,713		2,963,074
4.00% 7/1/46		935,435		981,605
4.00% 11/1/46		3,854,451		4,045,892
4.50% 8/1/33		23,670		25,490
4.50% 1/1/34		14,728		15,839
4.50% 9/1/35		69,867		75,134
4.50% 2/1/38		23,334		25,098
4.50% 4/1/38		22,498		24,109
4.50% 7/1/38		64,368		69,141
4.50% 11/1/38		124,288		133,419
4.50% 2/1/39		309,024		331,660
4.50% 3/1/39		235,264		252,584


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
4.50% 4/1/39		940,501	$	1,014,059
4.50% 5/1/39		326,518		352,400
4.50% 6/1/39		109,797		117,942
4.50% 7/1/39		409,370		439,810
4.50% 9/1/39		259,681		281,201
4.50% 1/1/40		843,012		914,744
4.50% 2/1/40		1,522,624		1,647,285
4.50% 5/1/40		883,488		953,364
4.50% 6/1/40		428,002		460,788
4.50% 8/1/40		161,207		173,146
4.50% 9/1/40		444,368		478,235
4.50% 10/1/40		2,797,175		3,012,014
4.50% 11/1/40		424,786		456,146
4.50% 2/1/41		1,749,026		1,882,610
4.50% 4/1/41		21,063		22,584
4.50% 5/1/41		2,211,447		2,380,284
4.50% 6/1/41		251,980		270,459
4.50% 1/1/42		2,349,381		2,528,078
4.50% 9/1/43		1,127,993		1,211,426
4.50% 12/1/43		3,215,831		3,451,678
4.50% 10/1/44		407,847		437,159
5.00% 9/1/33		142,114		155,822
5.00% 4/1/34		482,259		527,081
5.00% 7/1/34		332,907		364,353
5.00% 11/1/34		159,175		174,309
5.00% 4/1/35		103,093		112,807
5.00% 6/1/35		168,997		184,627
5.00% 7/1/35		1,956,607		2,140,915
5.00% 9/1/35		27,232		29,785
5.00% 10/1/35		127,884		139,897
5.00% 12/1/35		595,143		651,368
5.00% 2/1/36		1,357,655		1,485,431
5.00% 3/1/36		76,301		83,484
5.00% 11/1/36		25,375		27,745
5.00% 8/1/37		4,848		5,292
5.00% 4/1/38		174,294		190,253
5.00% 7/1/38		27,177		29,665
5.00% 11/1/38		13,686		14,939
5.00% 8/1/39		798,891		873,000
5.00% 12/1/39		174,247		190,479
5.00% 1/1/40		381,781		420,224
5.00% 7/1/40		1,648,893		1,807,260
5.00% 9/1/40		462,230		505,238
5.00% 6/1/41		1,493,699		1,636,941
5.50% 11/1/33		56,114		62,811
5.50% 1/1/34		66,579		74,610
5.50% 5/1/34		96,971		108,424
5.50% 7/1/34		84,147		93,505
5.50% 10/1/34		166,285		186,798
5.50% 9/1/35		76,705		85,804
5.50% 10/1/35		71,613		79,696
5.50% 12/1/35		384,574		427,532


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
5.50% 1/1/36		400,189	$	447,010
5.50% 4/1/36		1,075,910		1,201,843
5.50% 8/1/36		283,442		316,487
5.50% 1/1/37		311,888		348,207
5.50% 3/1/37		108,835		121,045
5.50% 5/1/37		125,259		140,409
5.50% 6/1/37		106,757		119,633
5.50% 8/1/37		40,179		44,675
5.50% 11/1/37		1,367		1,522
5.50% 12/1/37		200		223
5.50% 1/1/38		2,385,107		2,661,239
5.50% 2/1/38		42,870		47,587
5.50% 5/1/38		166,673		185,610
5.50% 6/1/38		11,029		12,284
5.50% 7/1/38		89,597		99,720
5.50% 10/1/38		38,829		43,292
5.50% 1/1/39		162,315		180,919
5.50% 5/1/39		368,420		410,507
5.50% 6/1/39		376,594		419,563
5.50% 10/1/39		159,205		177,442
5.50% 7/1/41		300,179		334,140
6.00% 12/1/35		125,539		144,455
6.00% 2/1/36		50,526		57,047
6.00% 6/1/36		31,519		35,616
6.00% 7/1/36		144,679		163,453
6.00% 8/1/36		56,800		64,131
6.00% 9/1/36		76,064		85,931
6.00% 10/1/36		87,879		99,414
6.00% 11/1/36		7,488		8,461
6.00% 1/1/37		81,133		91,805
6.00% 2/1/37		349,467		394,890
6.00% 3/1/37		38,472		43,447
6.00% 4/1/37		3,791		4,280
6.00% 5/1/37		100,243		113,294
6.00% 6/1/37		54,067		61,045
6.00% 8/1/37		124,010		140,105
6.00% 9/1/37		177,634		200,559
6.00% 10/1/37		243,713		275,167
6.00% 11/1/37		58,415		65,954
6.00% 1/1/38		32,698		36,921
6.00% 2/1/38		19,343		21,839
6.00% 4/1/38		4,522		5,135
6.00% 5/1/38		146,737		165,726
6.00% 6/1/38		57,588		65,019
6.00% 8/1/38		66,325		74,884
6.00% 9/1/38		24,232		27,359
6.00% 10/1/38		29,122		32,881
6.00% 11/1/38		18,531		20,923
6.00% 12/1/38		460,985		521,848
6.00% 4/1/40		421,090		476,220
6.00% 6/1/40		735,961		830,944
6.50% 3/1/32		1,167		1,305


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
6.50% 7/1/36		70,137	$	80,119
6.50% 9/1/36		70,344		79,829
6.50% 11/1/36		113,433		132,839
6.50% 9/1/37		13,676		15,398
6.50% 10/1/37		150,060		169,322
6.50% 2/1/38		122,511		141,927
6.50% 3/1/38		337,051		395,772
6.50% 5/1/38		49,449		57,655
6.50% 7/1/38		122,321		139,733
6.50% 10/1/38		84,027		93,426
7.00% 8/1/39		223,967		250,468
Fannie Mae S.F. 30 yr TBA
3.00% 4/1/47		7,000,000		6,938,750
3.50% 4/1/47		4,000,000		4,091,562
4.00% 4/1/47		1,000,000		1,048,906
4.50% 4/1/47		500,000		536,094
Freddie Mac S.F. 15 yr
2.50% 4/1/28		139,895		141,572
2.50% 7/1/28		414,230		419,179
2.50% 8/1/28		3,095,721		3,132,747
2.50% 9/1/28		2,344,601		2,372,639
2.50% 10/1/28		3,180,591		3,218,596
2.50% 10/1/29		1,968,136		1,971,052
2.50% 1/1/31		2,310,988		2,314,429
2.50% 5/1/31		900,351		901,695
2.50% 6/1/31		3,210,371		3,215,164
2.50% 12/1/31		2,842,429		2,847,564
3.00% 11/1/26		2,713,912		2,786,026
3.00% 2/1/27		255,508		262,298
3.00% 3/1/27		699,863		718,672
3.00% 4/1/27		888,364		911,969
3.00% 11/1/27		451,848		463,855
3.00% 2/1/29		1,347,793		1,383,679
3.00% 4/1/30		3,669,880		3,767,396
3.00% 12/1/30		3,927,816		4,032,185
3.00% 5/1/31		2,021,854		2,075,579
3.50% 12/1/25		1,389,799		1,456,903
3.50% 3/1/26		960,087		1,001,465
3.50% 2/1/30		359,767		375,620
4.00% 2/1/24		54,226		56,109
4.00% 8/1/24		93,382		98,339
4.00% 2/1/25		137,697		145,005
4.00% 7/1/25		382,243		402,179
4.00% 4/1/26		831,306		875,450
4.50% 3/1/18		16,385		16,777
4.50% 4/1/18		19,005		19,460
4.50% 10/1/18		9,181		9,401
4.50% 11/1/18		43,845		44,895
4.50% 12/1/18		21,110		21,615
4.50% 1/1/19		21,682		22,233
4.50% 2/1/19		27,606		28,304
4.50% 7/1/19		48,335		49,553


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 15 yr (continued)
4.50% 12/1/19		15,458	$	15,828
4.50% 4/1/21		11,731		12,012
4.50% 6/1/24		4,546		4,844
4.50% 7/1/24		157,020		167,088
4.50% 8/1/24		71,034		75,483
4.50% 11/1/24		148,689		157,967
4.50% 5/1/25		52,730		56,190
5.00% 10/1/17		730		751
5.00% 4/1/18		34,645		35,652
5.00% 4/1/23		91,307		97,889
5.00% 1/1/25		10,188		10,484
5.00% 3/1/25		49,937		53,440
5.50% 4/1/18		14,912		15,110
6.00% 11/1/23		64,960		70,722
Freddie Mac S.F. 15 yr TBA
2.50% 4/1/32		1,075,000		1,075,882
3.00% 4/1/32		2,500,000		2,564,063
3.50% 4/1/32		1,000,000		1,041,523
Freddie Mac S.F. 20 yr
3.00% 5/1/35		2,391,936		2,426,371
3.00% 4/1/36		2,163,542		2,194,710
3.00% 2/1/37		1,290,416		1,304,623
Freddie Mac S.F. 30 yr
3.00% 10/1/42		2,193,913		2,187,462
3.00% 1/1/43		4,451,492		4,438,402
3.00% 3/1/43		5,222,013		5,206,658
3.00% 4/1/43		3,383,311		3,373,378
3.00% 7/1/43		1,406,671		1,399,961
3.00% 8/1/43		580,836		577,927
3.00% 10/1/43		1,671,151		1,663,778
3.00% 8/1/45		9,691,335		9,608,754
3.00% 4/1/46		1,811,106		1,795,667
3.00% 10/1/46		6,968,096		6,908,691
3.00% 11/1/46		4,227,705		4,191,663
3.00% 12/1/46		2,543,448		2,521,765
3.00% 1/1/47		3,964,997		3,931,195
3.00% 2/1/47		5,471,604		5,424,922
3.50% 2/1/42		2,494,833		2,562,832
3.50% 5/1/42		2,330,123		2,393,148
3.50% 10/1/42		2,287,938		2,350,283
3.50% 2/1/43		1,401,094		1,440,572
3.50% 5/1/43		1,726,423		1,773,482
3.50% 8/1/43		3,465,389		3,559,848
3.50% 2/1/44		1,116,727		1,147,151
3.50% 3/1/44		80,331		82,518
3.50% 6/1/44		1,339,140		1,373,792
3.50% 8/1/44		1,495,589		1,532,823
3.50% 11/1/44		2,708,359		2,773,027
3.50% 1/1/45		3,279,658		3,356,457
3.50% 7/1/45		7,918,088		8,113,509
3.50% 10/1/45		3,338,255		3,416,426
3.50% 12/1/45		1,757,509		1,802,454


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 30 yr (continued)
3.50% 1/1/46		4,460,670	$	4,566,518
3.50% 3/1/46		2,312,240		2,366,384
3.50% 5/1/46		1,817,266		1,859,820
3.50% 6/1/46		3,919,332		4,011,110
3.50% 12/1/46		4,434,315		4,538,152
3.50% 2/1/47		3,457,865		3,538,836
3.50% 3/1/47		1,996,055		2,042,796
4.00% 5/1/39		267,931		281,810
4.00% 2/1/40		97,416		102,605
4.00% 5/1/40		161,127		169,719
4.00% 8/1/40		45,256		47,663
4.00% 9/1/40		372,052		391,884
4.00% 10/1/40		1,348,489		1,420,236
4.00% 11/1/40		3,344,634		3,533,129
4.00% 12/1/40		1,598,935		1,684,111
4.00% 2/1/41		1,358,455		1,433,433
4.00% 12/1/41		1,975,771		2,081,202
4.00% 1/1/42		630,307		662,923
4.00% 3/1/42		111,249		117,115
4.00% 4/1/42		2,953,233		3,120,734
4.00% 6/1/42		10,643		11,194
4.00% 5/1/44		3,456,038		3,628,715
4.00% 9/1/44		1,075,718		1,129,209
4.00% 4/1/45		4,011,969		4,211,466
4.00% 10/1/45		1,849,175		1,941,127
4.00% 11/1/45		692,727		727,173
4.00% 1/1/46		2,131,072		2,237,041
4.00% 2/1/46		1,632,955		1,714,155
4.00% 2/1/47		991,307		1,040,600
4.50% 2/1/39		69,892		75,018
4.50% 4/1/39		27,334		29,377
4.50% 5/1/39		98,204		106,184
4.50% 6/1/39		744,627		803,758
4.50% 7/1/39		154,227		165,393
4.50% 9/1/39		666,082		719,652
4.50% 10/1/39		604,209		650,061
4.50% 1/1/40		1,642,849		1,776,136
4.50% 2/1/40		979,549		1,059,516
4.50% 7/1/40		149,737		160,944
4.50% 8/1/40		103,288		111,086
4.50% 9/1/40		927,564		1,004,760
4.50% 2/1/41		3,426,950		3,690,485
4.50% 3/1/41		466,499		505,320
4.50% 9/1/41		937,594		1,007,580
4.50% 3/1/44		457,207		489,977
4.50% 5/1/44		21,794		23,342
5.00% 10/1/34		180,600		197,549
5.00% 2/1/35		45,428		49,557
5.00% 8/1/35		78,201		85,349
5.00% 10/1/35		35,827		39,118
5.00% 11/1/35		15,868		17,297
5.00% 12/1/35		125,174		136,616


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 30 yr (continued)
5.00% 2/1/37		87,951	$	96,074
5.00% 5/1/37		93,335		101,678
5.00% 12/1/37		377,235		412,018
5.00% 1/1/38		4,874		5,303
5.00% 4/1/38		3,959		4,311
5.00% 6/1/38		169,424		184,357
5.00% 7/1/38		22,523		24,519
5.00% 9/1/38		9,030		9,824
5.00% 10/1/38		178,228		193,985
5.00% 12/1/38		514,756		560,788
5.00% 1/1/39		43,830		47,698
5.00% 2/1/39		806,023		876,973
5.00% 3/1/39		1,912,160		2,083,829
5.00% 8/1/39		102,860		112,851
5.00% 9/1/39		560,011		612,620
5.00% 1/1/40		491,512		536,686
5.00% 5/1/40		164,604		179,881
5.00% 6/1/40		1,187,972		1,305,276
5.00% 9/1/40		118,010		128,399
5.00% 3/1/41		184,125		200,667
5.50% 8/1/33		41,113		46,461
5.50% 6/1/34		107,016		120,277
5.50% 6/1/35		71,679		80,677
5.50% 11/1/35		126,402		140,791
5.50% 1/1/37		54,158		60,130
5.50% 5/1/37		74,891		83,063
5.50% 7/1/37		33,243		37,383
5.50% 1/1/38		307,789		341,209
5.50% 2/1/38		71,676		79,469
5.50% 5/1/38		577,375		647,297
5.50% 6/1/38		18,938		21,007
5.50% 8/1/38		72,307		81,341
5.50% 12/1/38		85,288		95,679
5.50% 8/1/39		125,095		140,446
5.50% 12/1/39		642,251		713,348
5.50% 3/1/40		379,420		420,938
5.50% 4/1/40		960,709		1,065,086
5.50% 5/1/40		272,340		302,107
5.50% 6/1/41		69,806		77,444
6.00% 11/1/28		14,516		16,566
6.00% 7/1/33		13,301		15,096
6.00% 8/1/36		18,712		21,296
6.00% 11/1/36		43,085		48,652
6.00% 4/1/37		783		891
6.00% 5/1/37		109,732		124,465
6.00% 8/1/37		247,009		280,018
6.00% 9/1/37		124,248		141,257
6.00% 10/1/37		17,185		19,400
6.00% 11/1/37		177,364		200,828
6.00% 12/1/37		13,708		15,474
6.00% 1/1/38		153,468		173,608
6.00% 4/1/38		12,898		14,584


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 30 yr (continued)
6.00% 6/1/38		22,394	$	25,280
6.00% 7/1/38		33,881		38,273
6.00% 8/1/38		58,454		66,055
6.00% 9/1/38		23,422		26,476
6.00% 10/1/38		75,703		85,460
6.00% 11/1/38		20,732		23,404
6.00% 3/1/39		33,832		38,238
6.00% 5/1/40		894,685		1,012,354
6.00% 7/1/40		1,165,180		1,317,695
6.50% 11/1/36		165,341		185,531
6.50% 8/1/37		90,687		101,348
6.50% 10/1/37		23,025		25,922
6.50% 6/1/38		42,691		47,492
6.50% 4/1/39		98,110		109,333
Freddie Mac S.F. 30 yr TBA
3.00% 4/1/47		3,000,000		2,972,344
4.00% 4/1/47		1,700,000		1,783,141
4.50% 4/1/47		1,500,000		1,607,256
GNMA I S.F. 30 yr
3.00% 9/15/42		1,456,091		1,474,199
3.00% 11/15/42		1,395,123		1,412,473
3.00% 12/15/42		401,760		406,756
3.00% 2/15/45		869,835		879,009
3.50% 10/15/40		250,322		259,647
3.50% 1/15/41		87,248		90,527
3.50% 7/15/41		75,836		78,904
3.50% 10/15/41		622,087		646,594
3.50% 3/15/42		43,335		44,964
3.50% 6/15/42		2,515,701		2,614,404
3.50% 10/15/42		243,973		253,403
4.00% 6/15/39		88,858		93,841
4.00% 4/15/40		2,096,503		2,214,071
4.00% 8/15/40		518,320		548,049
4.00% 10/15/40		623,146		662,233
4.00% 12/15/40		945,004		1,008,488
4.00% 1/15/41		923,396		985,593
4.00% 9/15/41		362,618		383,919
4.50% 2/15/39		165,440		176,750
4.50% 3/15/39		1,002,509		1,071,874
4.50% 4/15/39		106,425		113,871
4.50% 5/15/39		89,893		97,148
4.50% 6/15/39		210,897		225,347
4.50% 7/15/39		374,927		401,686
4.50% 8/15/39		58,323		62,408
4.50% 9/15/39		296,317		316,774
4.50% 10/15/39		999,138		1,086,014
4.50% 11/15/39		458,371		492,630
4.50% 12/15/39		249,118		266,815
4.50% 1/15/40		982,656		1,056,646
4.50% 4/15/40		186,392		199,313
4.50% 5/15/40		268,894		290,515
4.50% 6/15/40		719,674		775,515


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
GNMA I S.F. 30 yr (continued)
4.50% 8/15/40		282,762	$	302,641
4.50% 9/15/40		154,350		166,059
4.50% 1/15/41		469,798		510,959
4.50% 2/15/41		1,989,422		2,141,430
4.50% 3/15/41		236,450		252,894
4.50% 6/15/41		219,951		235,595
4.50% 7/15/41		27,349		29,292
5.00% 3/15/35		66,367		73,247
5.00% 3/15/38		21,592		23,819
5.00% 4/15/38		20,593		22,726
5.00% 5/15/38		3,068		3,366
5.00% 8/15/38		2,694		2,947
5.00% 1/15/39		191,118		210,826
5.00% 4/15/39		228,479		251,375
5.00% 5/15/39		914,252		1,010,914
5.00% 6/15/39		819,316		903,370
5.00% 9/15/39		1,766,062		1,938,448
5.00% 10/15/39		153,103		169,430
5.00% 11/15/39		433,003		481,634
5.00% 1/15/40		1,054,192		1,170,088
5.00% 2/15/40		553,185		615,317
5.00% 4/15/40		406,202		445,912
5.00% 7/15/40		404,069		445,845
5.50% 10/15/33		221,279		251,290
5.50% 4/15/37		51,040		57,459
5.50% 7/15/37		22,952		25,657
5.50% 1/15/38		273,980		305,248
5.50% 2/15/38		233,034		261,795
5.50% 7/15/38		96,598		108,567
5.50% 8/15/38		29,628		33,070
5.50% 9/15/38		464,848		523,416
5.50% 12/15/38		308,363		344,162
5.50% 1/15/39		183,240		204,394
5.50% 5/15/39		236,055		263,483
5.50% 7/15/39		5,851		6,553
5.50% 10/15/39		244,563		272,979
5.50% 12/15/39		72,084		80,460
5.50% 4/15/40		467,064		522,843
5.50% 2/15/41		62,835		70,139
6.00% 5/15/37		1,615		1,828
6.00% 1/15/38		98,293		111,289
6.00% 3/15/38		3,644		4,148
6.00% 5/15/38		193,504		221,613
6.00% 7/15/38		115,083		130,282
6.00% 8/15/38		79,767		90,404
6.00% 10/15/38		46,297		52,480
6.00% 11/15/38		89,621		101,459
6.00% 12/15/38		136,742		155,050
6.00% 1/15/39		40,145		45,546
6.00% 5/15/39		7,328		8,305
6.00% 6/15/39		6,066		6,867
6.00% 8/15/39		7,958		9,011


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
GNMA I S.F. 30 yr (continued)
6.00% 10/15/39		9,396	$	10,764
6.00% 6/15/40		7,314		8,290
6.00% 12/15/40		628,779		711,758
6.50% 3/15/38		2,197		2,492
6.50% 5/15/38		24,039		27,265
6.50% 7/15/38		70,098		79,503
6.50% 9/15/38		5,511		6,250
6.50% 10/15/38		19,611		22,616
6.50% 2/15/39		148,480		168,596
6.50% 8/15/39		16,740		18,986
GNMA II S.F. 30 yr
3.00% 9/20/42		2,204,240		2,232,319
3.00% 11/20/42		1,114,420		1,128,616
3.00% 12/20/42		1,753,164		1,775,497
3.00% 1/20/43		1,718,021		1,739,907
3.00% 2/20/43		2,429,822		2,456,448
3.00% 3/20/43		3,919,636		3,965,836
3.00% 6/20/43		1,542,716		1,562,369
3.00% 9/20/43		2,680,934		2,715,090
3.00% 12/20/44		2,302,707		2,325,636
3.00% 3/20/45		2,419,466		2,443,530
3.00% 4/20/45		1,990,628		2,010,427
3.00% 6/20/45		3,191,378		3,223,119
3.00% 8/20/45		3,574,030		3,609,577
3.00% 12/20/45		830,202		838,459
3.00% 5/20/46		3,606,911		3,642,784
3.00% 9/20/46		4,093,236		4,133,946
3.00% 10/20/46		4,155,389		4,196,718
3.00% 11/20/46		3,361,865		3,395,302
3.00% 12/20/46		7,891,457		7,969,943
3.00% 1/20/47		7,191,523		7,263,049
3.00% 2/20/47		1,995,402		2,015,248
3.50% 4/20/42		800,937		834,037
3.50% 6/20/42		2,405,113		2,506,718
3.50% 10/20/42		955,046		994,517
3.50% 12/20/42		1,964,180		2,045,358
3.50% 2/20/43		3,271,019		3,406,212
3.50% 3/20/43		2,464,312		2,571,020
3.50% 5/20/43		2,397,044		2,496,118
3.50% 9/20/43		2,942,538		3,064,168
3.50% 1/20/44		3,297,457		3,433,763
3.50% 10/20/44		2,722,237		2,827,218
3.50% 12/20/44		1,976,179		2,052,390
3.50% 3/20/45		1,818,328		1,887,509
3.50% 4/20/45		9,115,246		9,467,748
3.50% 6/20/45		3,564,688		3,700,312
3.50% 10/20/45		3,546,674		3,681,612
3.50% 11/20/45		2,272,366		2,358,821
3.50% 12/20/45		775,019		804,505
3.50% 3/20/46		3,195,988		3,317,584
3.50% 5/20/46		6,063,262		6,293,947
3.50% 6/20/46		7,608,641		7,898,123


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
GNMA II S.F. 30 yr (continued)
3.50% 7/20/46		3,818,416	$	3,963,693
3.50% 10/20/46		6,842,351		7,102,678
3.50% 1/20/47		2,689,186		2,791,500
4.00% 8/20/40		546,765		586,839
4.00% 10/20/41		102,596		109,004
4.00% 11/20/41		1,758,113		1,867,455
4.00% 12/20/41		698,383		741,779
4.00% 5/20/42		1,595,597		1,693,329
4.00% 7/20/42		1,008,621		1,070,526
4.00% 8/20/42		753,531		799,619
4.00% 8/20/43		1,315,197		1,391,909
4.00% 3/20/44		1,918,096		2,027,333
4.00% 8/20/44		2,560,284		2,706,095
4.00% 10/20/44		747,297		789,856
4.00% 12/20/44		2,611,687		2,760,425
4.00% 1/20/45		540,339		571,112
4.00% 2/20/45		1,391,111		1,470,336
4.00% 8/20/45		1,196,929		1,265,498
4.00% 9/20/45		1,716,978		1,814,762
4.00% 10/20/45		2,504,466		2,649,048
4.00% 11/20/45		1,583,706		1,673,899
4.00% 1/20/46		343,765		363,343
4.00% 6/20/46		1,630,207		1,723,048
4.00% 1/20/47		1,492,967		1,578,335
4.50% 7/20/41		2,498,067		2,696,948
4.50% 12/20/43		1,623,886		1,735,490
4.50% 1/20/44		1,390,442		1,486,002
4.50% 3/20/44		1,053,838		1,138,214
4.50% 4/20/45		910,477		973,051
5.00% 4/20/43		1,197,155		1,289,837
GNMA II S.F. 30 yr TBA
3.00% 4/1/47		4,000,000		4,035,000
3.50% 4/1/47		4,500,000		4,665,937
4.00% 4/1/47		4,000,000		4,224,688


Total Agency Mortgage-Backed Securities (Cost $840,014,735)				841,155,703


AGENCY OBLIGATIONS–2.07%
Federal Farm Credit Banks 1.10% 6/1/18		1,000,000		1,000,615
Federal Home Loan Banks
0.875% 8/5/19		2,000,000		1,974,870
1.125% 7/14/21		2,000,000		1,938,672
1.25% 1/16/19		7,000,000		6,994,540
1.375% 3/18/19		2,000,000		2,000,958
1.83% 7/29/20		1,000,000		1,005,823
4.125% 3/13/20		400,000		429,251
5.375% 5/15/19		1,000,000		1,082,681
5.50% 7/15/36		300,000		398,209
Federal Home Loan Mortgage
1.25% 8/1/19		500,000		498,332


	Principal Amount°		Value (U.S. $)

AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage (continued)
1.25% 10/2/19		1,000,000	$	994,788
1.30% 8/28/19		2,000,000		1,983,750
1.33% 12/30/20		1,000,000		974,258
1.375% 5/1/20		2,600,000		2,580,565
1.75% 5/30/19		500,000		504,077
2.00% 7/30/19		100,000		101,321
2.375% 1/13/22		4,500,000		4,584,456
3.75% 3/27/19		700,000		733,090
4.875% 6/13/18		1,150,000		1,199,499
6.25% 7/15/32		750,000		1,046,184
6.75% 9/15/29		100,000		139,924
6.75% 3/15/31		300,000		429,321
Federal National Mortgage Association
0.875% 5/21/18		1,750,000		1,744,225
1.00% 8/28/19		7,000,000		6,928,089
1.00% 10/24/19		1,000,000		988,190
1.125% 7/20/18		4,000,000		3,997,996
1.25% 2/26/19		2,000,000		1,993,544
1.75% 9/12/19		1,000,000		1,006,662
1.875% 9/18/18		1,000,000		1,009,880
2.125% 4/24/26		3,265,000		3,123,818
2.625% 9/6/24		2,085,000		2,118,985
5.625% 7/15/37		100,000		134,658
6.25% 5/15/29		500,000		670,117
6.625% 11/15/30		300,000		423,733
7.125% 1/15/30		500,000		722,169
7.25% 5/15/30		500,000		734,114
Tennessee Valley Authority
3.875% 2/15/21		400,000		430,218
4.625% 9/15/60		150,000		171,702
4.65% 6/15/35		500,000		581,938
4.70% 7/15/33		200,000		235,398
5.25% 9/15/39		1,025,000		1,296,181
5.375% 4/1/56		200,000		255,831
5.88% 4/1/36		75,000		100,202
6.15% 1/15/38		100,000		138,288
7.125% 5/1/30		100,000		143,518


Total Agency Obligations (Cost $60,495,782)				61,544,640


CORPORATE BONDS–26.54%
Aerospace & Defense–0.41%
Boeing
1.65% 10/30/20		100,000		98,851
1.875% 6/15/23		250,000		238,229
2.60% 10/30/25		100,000		97,504
4.875% 2/15/20		200,000		217,590
6.00% 3/15/19		100,000		108,001
6.125% 2/15/33		50,000		64,010
6.875% 3/15/39		100,000		141,461
Boeing Capital 4.70% 10/27/19		300,000		322,983


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Aerospace & Defense (continued)
Embraer Netherlands Finance 5.40% 2/1/27		330,000	$	340,801
General Dynamics
1.875% 8/15/23		150,000		142,873
2.125% 8/15/26		150,000		138,935
2.25% 11/15/22		250,000		246,297
Honeywell International
1.40% 10/30/19		200,000		198,557
1.85% 11/1/21		200,000		196,224
2.50% 11/1/26		200,000		189,475
3.35% 12/1/23		200,000		206,928
4.25% 3/1/21		50,000		53,829
5.375% 3/1/41		65,000		78,304
5.70% 3/15/36		150,000		186,541
5.70% 3/15/37		100,000		124,829
L3 Technologies
3.85% 12/15/26		75,000		76,193
3.95% 5/28/24		154,000		158,885
4.75% 7/15/20		100,000		106,987
4.95% 2/15/21		100,000		107,539
Lockheed Martin
1.85% 11/23/18		90,000		90,286
2.50% 11/23/20		150,000		151,164
2.90% 3/1/25		300,000		293,322
3.10% 1/15/23		50,000		50,749
3.35% 9/15/21		100,000		103,704
3.55% 1/15/26		250,000		254,551
3.60% 3/1/35		150,000		143,463
3.80% 3/1/45		500,000		471,527
4.07% 12/15/42		279,000		274,965
4.25% 11/15/19		200,000		212,331
4.50% 5/15/36		40,000		42,617
4.70% 5/15/46		109,000		118,543
4.85% 9/15/41		100,000		109,079
Northrop Grumman
1.75% 6/1/18		150,000		150,291
3.20% 2/1/27		100,000		99,263
3.25% 8/1/23		350,000		358,420
3.50% 3/15/21		100,000		104,323
5.05% 11/15/40		100,000		111,435
Northrop Grumman Systems 7.75% 2/15/31		150,000		212,242
Precision Castparts
2.50% 1/15/23		200,000		197,526
3.25% 6/15/25		100,000		101,095
3.90% 1/15/43		50,000		49,177
4.375% 6/15/45		100,000		105,160
Raytheon
2.50% 12/15/22		125,000		124,595
3.125% 10/15/20		200,000		206,783
4.40% 2/15/20		100,000		107,003


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Aerospace & Defense (continued)
Raytheon (continued)
4.70% 12/15/41		200,000	$	222,112
6.40% 12/15/18		50,000		54,012
7.20% 8/15/27		100,000		133,737
Rockwell Collins
1.95% 7/15/19		40,000		40,044
2.80% 3/15/22		150,000		150,373
3.20% 3/15/24		150,000		150,060
3.50% 3/15/27		107,000		107,254
3.70% 12/15/23		150,000		154,933
4.35% 4/15/47		70,000		70,199
4.80% 12/15/43		100,000		107,444
5.25% 7/15/19		50,000		53,576
Spirit AeroSystems 3.85% 6/15/26		75,000		74,980
United Technologies
1.50% 11/1/19		150,000		149,020
f1.778% 5/4/18		250,000		249,996
1.95% 11/1/21		150,000		147,137
2.65% 11/1/26		85,000		82,039
3.10% 6/1/22		409,000		421,243
3.75% 11/1/46		100,000		94,132
4.15% 5/15/45		250,000		251,187
4.50% 4/15/20		210,000		226,218
4.50% 6/1/42		400,000		424,318
5.40% 5/1/35		200,000		234,003
6.05% 6/1/36		150,000		187,222
6.125% 7/15/38		200,000		254,369

				12,125,048

Air Freight & Logistics–0.11%
FedEx
2.625% 8/1/22		55,000		54,875
3.20% 2/1/25		200,000		200,479
3.25% 4/1/26		150,000		148,948
3.30% 3/15/27		100,000		98,324
3.875% 8/1/42		100,000		91,647
4.00% 1/15/24		120,000		127,199
4.10% 4/15/43		100,000		92,876
4.10% 2/1/45		200,000		185,978
4.40% 1/15/47		100,000		97,620
4.55% 4/1/46		150,000		150,489
4.75% 11/15/45		350,000		359,856
4.90% 1/15/34		60,000		64,484
8.00% 1/15/19		100,000		110,276
United Parcel Service
2.40% 11/15/26		150,000		143,467
2.45% 10/1/22		125,000		125,396
3.125% 1/15/21		350,000		362,962
3.40% 11/15/46		150,000		136,869
3.625% 10/1/42		75,000		70,829
4.875% 11/15/40		55,000		62,294
5.125% 4/1/19		200,000		213,779


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Air Freight & Logistics (continued)
United Parcel Service (continued)
6.20% 1/15/38		255,000	$	333,791

				3,232,438

Airlines–0.08%
American Airlines Pass Through Trust
◆ Series 2013-2 Class A 4.95% 1/15/23		304,470		324,225
◆ Series 2015-1 Class A 3.375% 5/1/27		92,923		91,180
◆ Series 2016-2 Class AA 3.20% 6/15/28		500,000		489,715
◆ Series 2016-3 Class AA 3.00% 10/15/28		60,000		57,525
◆ Series 2017-1 Class AA 3.65% 2/15/29		100,000		100,530
◆ Continental Airlines Pass Through Trust Series 2012-1 Class A 4.15% 4/11/24		206,934		216,643
Delta Air Lines
2.875% 3/13/20		65,000		65,572
3.625% 3/15/22		100,000		102,194
Southwest Airlines
2.65% 11/5/20		100,000		101,214
2.75% 11/6/19		50,000		50,858
3.00% 11/15/26		100,000		94,600
◆ Spirit Airlines Pass Through Trust Series 2015-1 Class A 4.10% 4/1/28		24,151		24,665
United Airlines Pass Through Trust
◆ Series 2014-2 Class A 3.75% 9/3/26		182,757		185,742
◆ Series 2015-1 Class AA 3.45% 12/1/27		170,769		169,916
◆ Series 2016-1 Class A 3.45% 7/7/28		95,000		93,219
◆ Series 2016-1 Class AA 3.10% 7/7/28		100,000		98,500
US Airways Pass Through Trust
◆ Series 2012-2 Class A 4.625% 6/3/25		76,457		80,376
◆ Series 2013-1 Class A 3.95% 11/15/25		83,907		85,852

				2,432,526


Auto Components–0.02%
Delphi Automotive
3.15% 11/19/20		50,000		51,052
4.25% 1/15/26		100,000		104,579
Lear 5.25% 1/15/25		225,000		237,403
Magna International 3.625% 6/15/24		200,000		204,241

				597,275


Automobiles–0.12%
Daimler Finance North America 8.50% 1/18/31		200,000		302,394
Ford Motor
4.346% 12/8/26		500,000		510,843
4.75% 1/15/43		400,000		377,148
5.291% 12/8/46		300,000		300,426
7.45% 7/16/31		650,000		821,790
General Motors
6.25% 10/2/43		600,000		663,039


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Automobiles (continued)
General Motors (continued)
6.60% 4/1/36		305,000	$	351,645
6.75% 4/1/46		75,000		88,224
Harley-Davidson
3.50% 7/28/25		50,000		50,836
4.625% 7/28/45		50,000		50,664

				3,517,009

Banks–2.81%
Australia & New Zealand Banking Group
1.45% 5/15/18		250,000		249,549
1.60% 7/15/19		250,000		247,984
2.05% 9/23/19		250,000		250,031
2.30% 6/1/21		250,000		247,197
2.55% 11/23/21		250,000		249,105
2.70% 11/16/20		250,000		252,583
3.70% 11/16/25		250,000		260,638
Banco Bilbao Vizcaya Argentaria 3.00% 10/20/20		200,000		202,727
Bancolombia 5.95% 6/3/21		200,000		219,750
Bank of America North America
1.75% 6/5/18		500,000		501,362
2.05% 12/7/18		750,000		754,263
6.00% 10/15/36		400,000		493,232
Bank of Montreal
1.35% 8/28/18		100,000		99,554
1.45% 4/9/18		500,000		499,910
1.50% 7/18/19		190,000		188,081
1.80% 7/31/18		200,000		200,432
1.90% 8/27/21		250,000		243,668
2.10% 12/12/19		100,000		100,401
2.55% 11/6/22		300,000		297,978
Bank of Nova Scotia
1.45% 4/25/18		250,000		249,624
1.65% 6/14/19		500,000		496,988
1.85% 4/14/20		500,000		495,299
1.875% 4/26/21		300,000		294,276
1.95% 1/15/19		350,000		351,268
2.35% 10/21/20		150,000		150,431
2.45% 3/22/21		150,000		150,037
2.80% 7/21/21		550,000		556,981
4.50% 12/16/25		150,000		156,992
Bank One 8.00% 4/29/27		100,000		130,897
Barclays Bank 5.14% 10/14/20		200,000		214,136
BB&T
2.05% 6/19/18		350,000		351,678
2.05% 5/10/21		250,000		246,292
2.45% 1/15/20		700,000		707,421
BNP Paribas
2.70% 8/20/18		300,000		303,199
3.25% 3/3/23		500,000		504,060
4.25% 10/15/24		200,000		202,765


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Banks (continued)
BNP Paribas (continued)
5.00% 1/15/21		300,000	$	324,927
BPCE
2.25% 1/27/20		550,000		546,818
2.50% 12/10/18		250,000		251,752
2.50% 7/15/19		250,000		251,227
3.375% 12/2/26		250,000		246,556
Branch Banking & Trust
2.10% 1/15/20		250,000		250,418
2.30% 10/15/18		250,000		251,795
2.625% 1/15/22		250,000		250,845
3.625% 9/16/25		250,000		256,384
Canadian Imperial Bank of Commerce 1.60% 9/6/19		200,000		198,292
Capital One
2.35% 1/31/20		350,000		350,310
2.40% 9/5/19		300,000		301,113
Capital One Financial
2.45% 4/24/19		350,000		352,184
3.20% 2/5/25		150,000		145,493
3.50% 6/15/23		600,000		605,528
3.75% 3/9/27		250,000		249,002
4.20% 10/29/25		200,000		201,153
4.75% 7/15/21		100,000		107,654
Citizens Bank 2.55% 5/13/21		250,000		248,822
Citizens Financial Group
2.375% 7/28/21		30,000		29,613
4.30% 12/3/25		150,000		154,877
Comerica 2.125% 5/23/19		50,000		49,966
Comerica Bank 4.00% 7/27/25		250,000		253,151
Commonwealth Bank of Australia
1.75% 11/2/18		250,000		249,675
2.05% 3/15/19		250,000		250,884
2.25% 3/13/19		250,000		251,679
2.30% 9/6/19		250,000		251,703
2.50% 9/20/18		800,000		808,608
2.55% 3/15/21		250,000		250,036
Compass Bank 3.875% 4/10/25		250,000		245,828
Cooperatieve Rabobank
1.375% 8/9/19		400,000		394,616
2.25% 1/14/19		300,000		301,958
2.50% 1/19/21		250,000		250,385
3.375% 5/21/25		500,000		505,749
3.75% 7/21/26		250,000		244,296
3.875% 2/8/22		250,000		263,345
3.95% 11/9/22		250,000		256,879
4.50% 1/11/21		550,000		590,158
4.625% 12/1/23		350,000		369,487
5.25% 5/24/41		150,000		175,044
5.25% 8/4/45		250,000		270,769
Credit Suisse New York
1.70% 4/27/18		250,000		249,709


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Banks (continued)
Credit Suisse New York (continued)
2.30% 5/28/19		250,000	$	251,026
3.625% 9/9/24		700,000		711,269
4.375% 8/5/20		200,000		211,855
5.30% 8/13/19		100,000		107,265
Discover Bank
2.60% 11/13/18		455,000		459,412
4.20% 8/8/23		250,000		260,715
Fifth Third Bancorp
2.875% 7/27/20		500,000		509,205
3.50% 3/15/22		200,000		205,636
4.30% 1/16/24		250,000		261,755
8.25% 3/1/38		100,000		143,289
Fifth Third Bank
2.25% 6/14/21		500,000		494,621
2.30% 3/15/19		200,000		201,407
First Republic Bank 4.625% 2/13/47		250,000		250,745
HSBC Bank USA
5.625% 8/15/35		500,000		584,031
5.875% 11/1/34		100,000		119,622
7.00% 1/15/39		100,000		134,928
HSBC Holdings
2.65% 1/5/22		250,000		246,980
2.95% 5/25/21		500,000		502,748
•3.262% 3/13/23		200,000		201,250
3.40% 3/8/21		250,000		255,821
3.60% 5/25/23		500,000		508,489
3.90% 5/25/26		1,095,000		1,110,888
4.00% 3/30/22		500,000		524,019
•4.041% 3/13/28		200,000		202,411
4.25% 3/14/24		300,000		304,855
4.30% 3/8/26		250,000		260,886
4.375% 11/23/26		375,000		378,649
5.10% 4/5/21		300,000		325,884
6.10% 1/14/42		200,000		250,505
6.50% 5/2/36		200,000		245,600
6.50% 9/15/37		200,000		247,069
6.80% 6/1/38		200,000		257,001
HSBC USA
2.00% 8/7/18		150,000		150,264
2.25% 6/23/19		300,000		301,387
2.75% 8/7/20		100,000		101,175
3.50% 6/23/24		800,000		815,830
5.00% 9/27/20		300,000		323,405
Huntington Bancshares
2.30% 1/14/22		100,000		97,568
2.60% 8/2/18		250,000		252,303
Huntington National Bank
2.20% 11/6/18		250,000		251,153
2.40% 4/1/20		250,000		250,587
2.875% 8/20/20		250,000		253,977


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Banks (continued)
Industrial & Commercial Bank of China 3.231% 11/13/19		500,000	$	510,205
Intesa Sanpaolo 3.875% 1/15/19		600,000		614,495
JPMorgan Chase Bank 1.65% 9/23/19		250,000		248,792
KeyBank
1.60% 8/22/19		250,000		247,405
2.35% 3/8/19		250,000		252,034
2.50% 11/22/21		250,000		248,672
3.18% 5/22/22		300,000		303,039
KeyCorp
2.90% 9/15/20		195,000		198,311
5.10% 3/24/21		300,000		327,683
Manufacturers & Traders Trust
2.25% 7/25/19		350,000		352,627
2.30% 1/30/19		250,000		252,199
MUFG Americas Holdings
2.25% 2/10/20		100,000		99,953
3.00% 2/10/25		150,000		145,252
MUFG Union Bank 2.625% 9/26/18		250,000		252,657
National Australia Bank
1.375% 7/12/19		250,000		246,472
1.875% 7/12/21		250,000		242,937
2.25% 1/10/20		250,000		250,410
2.50% 7/12/26		250,000		234,265
2.625% 7/23/20		250,000		252,606
2.80% 1/10/22		250,000		251,726
3.00% 1/20/23		500,000		502,435
National Bank of Canada 2.10% 12/14/18		250,000		250,980
National City 6.875% 5/15/19		100,000		109,882
People’s United Financial 3.65% 12/6/22		150,000		152,891
PNC Bank
1.45% 7/29/19		250,000		247,202
1.70% 12/7/18		250,000		250,011
1.80% 11/5/18		250,000		250,311
1.95% 3/4/19		250,000		250,575
2.15% 4/29/21		250,000		247,688
2.30% 6/1/20		250,000		250,825
2.45% 11/5/20		250,000		251,209
2.60% 7/21/20		250,000		252,515
2.625% 2/17/22		250,000		250,376
2.70% 11/1/22		250,000		248,071
3.25% 6/1/25		250,000		251,584
4.20% 11/1/25		500,000		534,476
6.875% 4/1/18		150,000		157,275
PNC Financial Services Group
3.30% 3/8/22		300,000		309,151
5.125% 2/8/20		100,000		108,108
6.70% 6/10/19		150,000		165,078
Regions Bank 2.25% 9/14/18		250,000		250,854
Regions Financial 3.20% 2/8/21		100,000		101,782


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Banks (continued)
Royal Bank of Canada
1.50% 7/29/19		650,000	$	643,559
1.625% 4/15/19		500,000		497,402
1.80% 7/30/18		150,000		150,244
2.00% 12/10/18		500,000		501,859
2.15% 3/15/19		200,000		201,304
2.15% 3/6/20		250,000		250,081
2.20% 7/27/18		150,000		151,074
2.20% 9/23/19		550,000		553,079
2.30% 3/22/21		900,000		901,373
2.35% 10/30/20		1,000,000		1,002,456
Royal Bank of Scotland Group 4.80% 4/5/26		700,000		717,629
Santander Holdings USA
2.65% 4/17/20		300,000		298,821
2.70% 5/24/19		200,000		201,046
#144A 3.70% 3/28/22		90,000		90,411
4.50% 7/17/25		250,000		255,050
Santander Issuances 5.179% 11/19/25		200,000		207,874
Santander UK
2.00% 8/24/18		533,000		534,228
2.35% 9/10/19		335,000		336,931
2.50% 3/14/19		150,000		151,273
3.05% 8/23/18		250,000		254,057
Santander UK Group Holdings
2.875% 10/16/20		100,000		100,304
2.875% 8/5/21		250,000		246,971
Skandinaviska Enskilda Banken
2.30% 3/11/20		250,000		250,741
2.625% 3/15/21		250,000		250,642
2.80% 3/11/22		250,000		250,789
Sumitomo Mitsui Banking
1.966% 1/11/19		250,000		250,129
2.05% 1/18/19		250,000		250,076
2.45% 1/10/19		300,000		302,339
2.45% 1/16/20		600,000		602,645
2.50% 7/19/18		250,000		252,209
2.65% 7/23/20		400,000		402,726
3.20% 7/18/22		250,000		254,240
Sumitomo Mitsui Financial Group
2.442% 10/19/21		500,000		494,431
2.846% 1/11/22		250,000		250,584
2.934% 3/9/21		200,000		201,789
3.01% 10/19/26		500,000		479,057
3.446% 1/11/27		250,000		248,544
3.784% 3/9/26		200,000		204,632
SunTrust Bank/Atlanta 3.30% 5/15/26		200,000		194,572
SunTrust Banks
2.50% 5/1/19		450,000		454,897
2.70% 1/27/22		150,000		149,585
2.90% 3/3/21		100,000		101,290
SVB Financial Group 5.375% 9/15/20		150,000		162,469


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Banks (continued)
Svenska Handelsbanken
1.50% 9/6/19		250,000	$	246,883
1.875% 9/7/21		250,000		242,514
2.40% 10/1/20		400,000		400,201
2.45% 3/30/21		250,000		249,497
2.50% 1/25/19		250,000		252,700
Toronto-Dominion Bank
1.40% 4/30/18		650,000		649,163
1.45% 9/6/18		300,000		299,393
1.45% 8/13/19		150,000		148,394
1.80% 7/13/21		150,000		146,250
1.95% 1/22/19		550,000		552,645
2.125% 7/2/19		200,000		200,994
2.125% 4/7/21		150,000		148,756
2.25% 11/5/19		250,000		251,757
2.50% 12/14/20		200,000		201,928
2.625% 9/10/18		100,000		101,404
U.S. Bancorp
1.95% 11/15/18		600,000		603,730
2.35% 1/29/21		150,000		150,573
2.375% 7/22/26		150,000		140,329
2.95% 7/15/22		200,000		202,056
3.00% 3/15/22		150,000		152,918
3.10% 4/27/26		65,000		63,980
3.60% 9/11/24		250,000		257,698
3.70% 1/30/24		250,000		262,623
U.S. Bank 1.40% 4/26/19		700,000		695,099
Wachovia 5.50% 8/1/35		150,000		169,517
Wells Fargo & Co
2.10% 7/26/21		400,000		392,009
2.15% 1/15/19		1,187,000		1,193,496
2.50% 3/4/21		350,000		349,192
2.55% 12/7/20		300,000		301,679
2.60% 7/22/20		1,050,000		1,060,882
3.00% 4/22/26		150,000		144,127
3.00% 10/23/26		300,000		287,589
3.30% 9/9/24		250,000		250,630
3.45% 2/13/23		250,000		252,482
3.50% 3/8/22		600,000		621,952
3.90% 5/1/45		510,000		489,526
4.10% 6/3/26		740,000		756,394
4.125% 8/15/23		300,000		314,502
4.30% 7/22/27		750,000		780,331
4.40% 6/14/46		250,000		242,706
4.60% 4/1/21		350,000		376,481
4.65% 11/4/44		225,000		226,348
4.75% 12/7/46		350,000		358,425
5.375% 11/2/43		775,000		864,960
Wells Fargo Bank
1.75% 5/24/19		250,000		249,289
1.80% 11/28/18		350,000		350,536
2.15% 12/6/19		350,000		351,315


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Banks (continued)
Wells Fargo Bank (continued)
5.85% 2/1/37		450,000	$	542,731
6.60% 1/15/38		450,000		591,889
Wells Fargo Capital X 5.95% 12/15/36		100,000		107,625
Westpac Banking
1.55% 5/25/18		100,000		99,926
1.60% 8/19/19		200,000		197,934
1.65% 5/13/19		150,000		148,950
1.95% 11/23/18		500,000		501,013
2.00% 8/19/21		200,000		195,377
2.10% 5/13/21		150,000		147,394
2.15% 3/6/20		250,000		250,255
2.25% 7/30/18		100,000		100,708
2.25% 1/17/19		150,000		150,943
2.30% 5/26/20		100,000		100,105
2.60% 11/23/20		150,000		151,198
2.70% 8/19/26		200,000		190,492
2.80% 1/11/22		300,000		302,003
2.85% 5/13/26		150,000		144,950
3.35% 3/8/27		250,000		248,979
•4.322% 11/23/31		250,000		253,122
4.875% 11/19/19		250,000		267,319

				83,586,159

Beverages–0.76%
Anheuser-Busch 6.45% 9/1/37		100,000		132,222
Anheuser-Busch InBev Finance
1.90% 2/1/19		825,000		826,565
2.625% 1/17/23		450,000		444,447
2.65% 2/1/21		1,340,000		1,351,272
3.30% 2/1/23		860,000		876,442
3.65% 2/1/26		1,600,000		1,620,882
4.00% 1/17/43		100,000		95,028
4.625% 2/1/44		850,000		887,420
4.70% 2/1/36		950,000		1,008,184
4.90% 2/1/46		1,230,000		1,334,540
Anheuser-Busch InBev Worldwide
2.50% 7/15/22		450,000		445,294
3.75% 1/15/22		400,000		419,676
3.75% 7/15/42		136,000		125,043
4.375% 2/15/21		30,000		32,158
4.95% 1/15/42		300,000		323,644
5.375% 1/15/20		400,000		435,528
6.375% 1/15/40		200,000		263,640
7.75% 1/15/19		500,000		550,311
8.20% 1/15/39		200,000		304,902
Coca-Cola
1.375% 5/30/19		150,000		149,377
1.55% 9/1/21		150,000		146,395
1.65% 11/1/18		500,000		502,417
2.25% 9/1/26		200,000		187,864
2.45% 11/1/20		500,000		509,261


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Beverages (continued)
Coca-Cola (continued)
2.50% 4/1/23		250,000	$	249,409
2.55% 6/1/26		100,000		96,438
2.875% 10/27/25		100,000		99,143
3.15% 11/15/20		170,000		177,690
3.30% 9/1/21		250,000		261,631
Coca-Cola Bottling Consolidated 3.80% 11/25/25		50,000		51,118
Coca-Cola European Partners US
3.50% 9/15/20		100,000		104,006
4.50% 9/1/21		200,000		214,196
Coca-Cola Femsa
2.375% 11/26/18		200,000		201,315
3.875% 11/26/23		200,000		206,309
Constellation Brands
3.70% 12/6/26		100,000		100,100
3.75% 5/1/21		75,000		77,932
3.875% 11/15/19		60,000		62,536
4.25% 5/1/23		280,000		295,678
6.00% 5/1/22		90,000		102,415
Diageo Capital
2.625% 4/29/23		350,000		347,586
3.875% 4/29/43		30,000		29,147
4.828% 7/15/20		100,000		108,314
5.875% 9/30/36		100,000		122,704
Diageo Investment
2.875% 5/11/22		400,000		407,529
8.00% 9/15/22		100,000		124,878
Dr Pepper Snapple Group
3.13% 12/15/23		100,000		100,525
3.40% 11/15/25		150,000		149,508
3.43% 6/15/27		70,000		69,956
4.42% 12/15/46		50,000		50,382
6.82% 5/1/18		50,000		52,762
Fomento Economico Mexicano
2.875% 5/10/23		150,000		146,141
4.375% 5/10/43		200,000		194,749
Molson Coors Brewing
1.45% 7/15/19		80,000		79,009
2.10% 7/15/21		100,000		97,749
3.00% 7/15/26		110,000		104,812
4.20% 7/15/46		595,000		559,444
5.00% 5/1/42		250,000		264,685
PepsiCo
1.25% 4/30/18		500,000		499,805
1.35% 10/4/19		65,000		64,535
1.50% 2/22/19		85,000		85,032
1.70% 10/6/21		150,000		146,358
2.15% 10/14/20		150,000		150,932
2.375% 10/6/26		80,000		75,880
2.75% 3/1/23		550,000		552,199


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Beverages (continued)
PepsiCo (continued)
2.85% 2/24/26		90,000	$	88,685
3.00% 8/25/21		100,000		102,809
3.125% 11/1/20		250,000		259,344
3.45% 10/6/46		590,000		535,241
3.60% 3/1/24		779,000		818,586
3.60% 8/13/42		250,000		234,032
4.00% 3/5/42		100,000		99,665
4.45% 4/14/46		120,000		127,995
4.50% 1/15/20		100,000		107,477
4.875% 11/1/40		100,000		112,833
5.00% 6/1/18		150,000		156,351
5.50% 1/15/40		150,000		182,714

				22,682,781

Biotechnology–0.39%
Amgen
1.85% 8/19/21		100,000		97,285
2.125% 5/1/20		200,000		200,152
2.20% 5/22/19		650,000		654,621
2.25% 8/19/23		200,000		191,276
2.60% 8/19/26		200,000		185,772
2.70% 5/1/22		100,000		100,266
3.125% 5/1/25		200,000		196,986
3.625% 5/15/22		100,000		104,055
3.625% 5/22/24		150,000		153,956
3.875% 11/15/21		200,000		210,707
4.10% 6/15/21		100,000		105,831
4.40% 5/1/45		300,000		292,349
4.50% 3/15/20		150,000		159,955
5.15% 11/15/41		250,000		268,560
5.65% 6/15/42		200,000		227,809
5.75% 3/15/40		200,000		226,897
6.15% 6/1/18		250,000		262,710
6.375% 6/1/37		100,000		122,379
6.40% 2/1/39		50,000		61,734
Baxalta
2.00% 6/22/18		50,000		50,099
2.875% 6/23/20		400,000		405,923
3.60% 6/23/22		100,000		102,341
4.00% 6/23/25		150,000		153,095
5.25% 6/23/45		45,000		49,260
Biogen
2.90% 9/15/20		250,000		254,673
3.625% 9/15/22		145,000		149,736
4.05% 9/15/25		145,000		150,516
5.20% 9/15/45		255,000		276,730
Celgene
2.125% 8/15/18		110,000		110,480
2.30% 8/15/18		143,000		144,106
2.875% 8/15/20		200,000		203,221


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Biotechnology (continued)
Celgene (continued)
3.25% 8/15/22		250,000	$	254,482
3.55% 8/15/22		300,000		309,410
3.625% 5/15/24		200,000		202,749
3.875% 8/15/25		200,000		204,775
3.95% 10/15/20		100,000		104,781
4.00% 8/15/23		100,000		104,668
4.625% 5/15/44		300,000		298,679
5.00% 8/15/45		110,000		115,579
Genzyme 5.00% 6/15/20		100,000		108,834
Gilead Sciences
1.85% 9/4/18		115,000		115,378
1.95% 3/1/22		85,000		82,347
2.55% 9/1/20		500,000		505,631
2.95% 3/1/27		300,000		284,884
3.25% 9/1/22		125,000		127,781
3.50% 2/1/25		670,000		675,387
3.65% 3/1/26		300,000		303,058
4.15% 3/1/47		380,000		355,259
4.40% 12/1/21		200,000		214,847
4.50% 4/1/21		100,000		107,504
4.50% 2/1/45		80,000		79,108
4.60% 9/1/35		200,000		206,422
4.75% 3/1/46		250,000		255,597
4.80% 4/1/44		400,000		414,112
5.65% 12/1/41		250,000		287,745

				11,592,497

Building Products–0.06%
CRH America 8.125% 7/15/18		125,000		134,856
Fortune Brands Home & Security
3.00% 6/15/20		50,000		50,645
4.00% 6/15/25		50,000		51,780
Johnson Controls International
f3.625% 7/2/24		107,000		109,417
3.90% 2/14/26		75,000		78,001
4.25% 3/1/21		60,000		63,447
4.50% 2/15/47		145,000		147,771
f4.95% 7/2/64		94,000		96,246
5.00% 3/30/20		100,000		107,434
5.125% 9/14/45		75,000		83,255
Lennox International 3.00% 11/15/23		25,000		24,607
Martin Marietta Materials 4.25% 7/2/24		55,000		56,879
Masco
3.50% 4/1/21		210,000		214,748
4.375% 4/1/26		160,000		167,074
Owens Corning
4.20% 12/15/22		212,000		222,019
7.00% 12/1/36		100,000		122,670

				1,730,849


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Capital Markets–2.43%
Affiliated Managers Group 4.25% 2/15/24		100,000	$	104,406
Ameriprise Financial
2.875% 9/15/26		100,000		96,196
5.30% 3/15/20		200,000		217,373
7.30% 6/28/19		200,000		222,454
Apollo Investment 5.25% 3/3/25		50,000		49,745
Ares Capital
3.625% 1/19/22		150,000		148,881
3.875% 1/15/20		30,000		30,619
4.875% 11/30/18		100,000		103,795
Bank of New York Mellon
2.10% 8/1/18		500,000		503,376
2.10% 1/15/19		200,000		201,532
2.15% 2/24/20		150,000		150,676
2.20% 8/16/23		100,000		96,090
2.30% 9/11/19		500,000		504,913
2.45% 11/27/20		150,000		150,918
2.45% 8/17/26		250,000		234,429
2.60% 8/17/20		100,000		101,174
2.60% 2/7/22		300,000		300,338
3.00% 2/24/25		100,000		99,021
3.00% 10/30/28		55,000		52,407
•3.442% 2/7/28		180,000		181,595
3.55% 9/23/21		200,000		208,451
3.95% 11/18/25		100,000		105,470
4.15% 2/1/21		100,000		106,300
5.45% 5/15/19		100,000		107,352
Barclays
2.75% 11/8/19		1,000,000		1,008,383
2.875% 6/8/20		500,000		503,611
3.20% 8/10/21		250,000		250,360
3.25% 1/12/21		200,000		201,672
3.684% 1/10/23		200,000		201,166
4.337% 1/10/28		200,000		200,031
4.375% 1/12/26		200,000		203,060
4.95% 1/10/47		200,000		200,558
5.20% 5/12/26		500,000		513,533
5.25% 8/17/45		200,000		210,193
Bear Stearns 4.65% 7/2/18		500,000		517,263
BlackRock
3.20% 3/15/27		167,000		167,285
3.375% 6/1/22		150,000		156,056
5.00% 12/10/19		100,000		108,486
Brookfield Asset Management 4.00% 1/15/25		150,000		151,252
Brookfield Finance 4.00% 4/1/24		100,000		100,741
Charles Schwab
3.00% 3/10/25		100,000		98,961
3.20% 3/2/27		100,000		99,580
3.45% 2/13/26		70,000		71,567
4.45% 7/22/20		100,000		107,165


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Capital Markets (continued)
Deutsche Bank
2.85% 5/10/19		300,000	$	302,196
2.95% 8/20/20		150,000		150,490
3.125% 1/13/21		200,000		200,595
3.375% 5/12/21		300,000		302,108
3.70% 5/30/24		490,000		482,384
4.10% 1/13/26		200,000		201,155
Export-Import Bank of Korea
1.75% 5/26/19		300,000		298,490
2.125% 1/25/20		200,000		199,520
2.375% 8/12/19		800,000		805,934
2.625% 5/26/26		300,000		288,055
2.75% 1/25/22		200,000		199,486
2.875% 1/21/25		500,000		491,107
3.25% 11/10/25		200,000		201,377
4.00% 1/29/21		100,000		104,738
5.00% 4/11/22		250,000		275,277
5.125% 6/29/20		100,000		108,330
Franklin Resources
2.85% 3/30/25		100,000		97,337
4.625% 5/20/20		100,000		107,017
FS Investment 4.00% 7/15/19		100,000		100,927
Goldman Sachs Group
2.00% 4/25/19		50,000		49,933
2.30% 12/13/19		1,030,000		1,031,276
2.35% 11/15/21		225,000		220,600
2.55% 10/23/19		750,000		757,280
2.60% 12/27/20		750,000		750,607
2.625% 4/25/21		75,000		74,866
2.75% 9/15/20		625,000		630,681
2.875% 2/25/21		250,000		251,845
2.90% 7/19/18		500,000		506,635
3.00% 4/26/22		330,000		331,122
3.50% 11/16/26		500,000		489,797
3.625% 1/22/23		450,000		461,913
3.75% 5/22/25		750,000		760,535
3.85% 7/8/24		400,000		410,359
3.85% 1/26/27		300,000		302,023
4.75% 10/21/45		150,000		158,656
5.15% 5/22/45		360,000		379,697
5.25% 7/27/21		400,000		439,192
5.375% 3/15/20		200,000		216,964
5.75% 1/24/22		750,000		844,555
5.95% 1/15/27		700,000		800,316
6.00% 6/15/20		500,000		553,875
6.125% 2/15/33		250,000		302,632
6.15% 4/1/18		500,000		521,016
6.25% 2/1/41		255,000		321,328
6.45% 5/1/36		600,000		717,692
6.75% 10/1/37		800,000		990,122
7.50% 2/15/19		825,000		905,802


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Capital Markets (continued)
Invesco Finance
3.75% 1/15/26		100,000	$	102,953
4.00% 1/30/24		500,000		524,919
Janus Capital Group 4.875% 8/1/25		150,000		159,553
Jefferies Group
4.85% 1/15/27		310,000		317,057
5.125% 1/20/23		150,000		161,393
6.25% 1/15/36		100,000		105,391
8.50% 7/15/19		200,000		226,684
KFW
0.875% 4/19/18		700,000		697,335
1.00% 6/11/18		1,000,000		996,571
1.00% 7/15/19		1,000,000		987,698
1.25% 9/30/19		1,000,000		990,736
1.50% 6/15/21		700,000		686,187
1.625% 3/15/21		1,000,000		988,070
1.75% 3/31/20		2,000,000		2,002,686
1.875% 11/30/20		500,000		499,051
2.00% 11/30/21		500,000		498,143
2.00% 10/4/22		700,000		690,523
2.00% 5/2/25		1,200,000		1,161,346
2.125% 1/17/23		1,000,000		991,450
2.50% 11/20/24		1,000,000		1,008,014
2.625% 1/25/22		400,000		409,114
2.75% 9/8/20		2,500,000		2,574,381
4.00% 1/27/20		750,000		797,547
^4.188% 4/18/36		200,000		110,908
^4.297% 6/29/37		500,000		267,176
4.50% 7/16/18		800,000		832,126
4.875% 6/17/19		500,000		535,431
Korea Development Bank
1.375% 9/12/19		500,000		492,793
2.625% 2/27/22		300,000		298,984
3.00% 3/17/19		500,000		509,826
Landwirtschaftliche Rentenbank
1.00% 4/4/18		500,000		498,824
1.375% 10/23/19		300,000		298,102
1.75% 4/15/19		1,125,000		1,129,656
Lazard Group
3.625% 3/1/27		100,000		97,714
3.75% 2/13/25		100,000		99,575
4.25% 11/14/20		106,000		111,579
Legg Mason
4.75% 3/15/26		150,000		157,657
5.625% 1/15/44		100,000		102,403
Lloyds Bank
2.70% 8/17/20		200,000		202,326
6.375% 1/21/21		300,000		340,531
Lloyds Banking Group
3.00% 1/11/22		200,000		199,076
3.10% 7/6/21		200,000		201,843
3.75% 1/11/27		235,000		231,490


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Capital Markets (continued)
Lloyds Banking Group (continued)
4.582% 12/10/25		300,000	$	305,245
4.65% 3/24/26		200,000		204,155
Mizuho Financial Group
2.273% 9/13/21		300,000		293,355
2.953% 2/28/22		200,000		200,208
3.663% 2/28/27		200,000		201,563
Moody’s
2.75% 12/15/21		125,000		124,943
4.50% 9/1/22		250,000		267,921
Morgan Stanley
2.125% 4/25/18		700,000		702,857
2.45% 2/1/19		170,000		171,604
2.50% 1/24/19		250,000		252,577
2.50% 4/21/21		425,000		423,109
2.625% 11/17/21		400,000		397,793
2.65% 1/27/20		500,000		505,111
3.125% 7/27/26		235,000		224,749
3.625% 1/20/27		350,000		348,154
3.70% 10/23/24		1,125,000		1,143,039
3.75% 2/25/23		500,000		517,033
3.875% 1/27/26		265,000		269,023
3.95% 4/23/27		300,000		297,728
4.00% 7/23/25		200,000		206,593
4.10% 5/22/23		1,050,000		1,085,896
4.30% 1/27/45		500,000		496,551
4.35% 9/8/26		300,000		307,874
4.375% 1/22/47		1,150,000		1,155,614
4.875% 11/1/22		250,000		270,642
5.00% 11/24/25		175,000		188,243
5.50% 1/26/20		200,000		217,135
5.50% 7/28/21		300,000		333,007
5.625% 9/23/19		350,000		378,146
5.75% 1/25/21		650,000		722,158
6.25% 8/9/26		100,000		119,192
6.375% 7/24/42		850,000		1,095,099
6.625% 4/1/18		500,000		523,467
7.25% 4/1/32		100,000		136,070
7.30% 5/13/19		300,000		331,789
Nasdaq
3.85% 6/30/26		45,000		44,845
5.55% 1/15/20		100,000		108,403
Nomura Holdings
2.75% 3/19/19		350,000		353,844
6.70% 3/4/20		83,000		92,352
Northern Trust
3.45% 11/4/20		100,000		104,158
3.95% 10/30/25		250,000		263,999
6.50% 8/15/18		850,000		905,635
Oesterreichische Kontrollbank
1.125% 5/29/18		350,000		349,048


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Capital Markets (continued)
Oesterreichische Kontrollbank (continued)
1.375% 2/10/20		300,000	$	296,370
1.875% 1/20/21		900,000		893,797
Prospect Capital 5.00% 7/15/19		200,000		205,308
Raymond James Financial 8.60% 8/15/19		200,000		228,783
S&P Global
#144A 2.95% 1/22/27		150,000		141,809
6.55% 11/15/37		400,000		481,919
TD Ameritrade Holding 2.95% 4/1/22		250,000		253,255
UBS 2.35% 3/26/20		700,000		701,779

				72,384,045

Chemicals–0.42%
Agrium
3.15% 10/1/22		100,000		100,391
4.125% 3/15/35		500,000		480,601
6.125% 1/15/41		245,000		288,228
6.75% 1/15/19		100,000		107,696
Air Products & Chemicals
3.35% 7/31/24		250,000		257,451
4.375% 8/21/19		50,000		53,018
Airgas 3.05% 8/1/20		100,000		102,780
Albemarle 5.45% 12/1/44		500,000		555,673
Celanese US Holdings
4.625% 11/15/22		90,000		95,492
5.875% 6/15/21		70,000		77,307
Dow Chemical
4.25% 11/15/20		700,000		743,084
4.375% 11/15/42		400,000		394,670
5.25% 11/15/41		100,000		109,903
7.375% 11/1/29		125,000		169,774
8.55% 5/15/19		355,000		402,629
9.40% 5/15/39		100,000		158,141
Eastman Chemical
3.60% 8/15/22		225,000		232,574
3.80% 3/15/25		100,000		102,308
4.65% 10/15/44		70,000		70,720
4.80% 9/1/42		250,000		257,284
Ecolab
2.00% 1/14/19		100,000		100,713
2.25% 1/12/20		200,000		201,117
2.70% 11/1/26		45,000		42,862
3.25% 1/14/23		100,000		101,820
4.35% 12/8/21		200,000		216,190
EI du Pont de Nemours & Co.
3.625% 1/15/21		100,000		103,824
4.15% 2/15/43		100,000		97,781
4.25% 4/1/21		150,000		160,200
5.75% 3/15/19		100,000		107,279
6.00% 7/15/18		400,000		423,207
6.50% 1/15/28		150,000		186,271


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Chemicals (continued)
FMC
3.95% 2/1/22		100,000	$	102,846
4.10% 2/1/24		100,000		101,899
HB Fuller 4.00% 2/15/27		100,000		100,722
International Flavors & Fragrances 3.20% 5/1/23		50,000		50,106
Lubrizol 8.875% 2/1/19		150,000		168,898
LYB International Finance 4.00% 7/15/23		200,000		208,738
LYB International Finance II 3.50% 3/2/27		159,000		156,360
LyondellBasell Industries
5.00% 4/15/19		300,000		316,100
6.00% 11/15/21		350,000		396,631
Methanex 5.65% 12/1/44		200,000		191,904
Monsanto
2.125% 7/15/19		400,000		400,465
4.70% 7/15/64		250,000		234,953
5.125% 4/15/18		25,000		25,837
Mosaic
4.25% 11/15/23		125,000		129,694
5.45% 11/15/33		104,000		109,392
5.625% 11/15/43		200,000		206,639
NewMarket 4.10% 12/15/22		50,000		51,022
Potash of Saskatchewan
3.00% 4/1/25		300,000		286,013
4.00% 12/15/26		200,000		205,154
4.875% 3/30/20		10,000		10,604
6.50% 5/15/19		145,000		157,219
PPG Industries
2.30% 11/15/19		100,000		100,923
3.60% 11/15/20		100,000		104,738
Praxair
1.25% 11/7/18		100,000		99,623
2.20% 8/15/22		100,000		98,342
2.25% 9/24/20		250,000		251,587
2.70% 2/21/23		100,000		99,535
4.05% 3/15/21		100,000		106,170
4.50% 8/15/19		100,000		106,092
Rohm & Haas 7.85% 7/15/29		150,000		209,072
RPM International
3.75% 3/15/27		100,000		100,156
5.25% 6/1/45		100,000		108,712
6.125% 10/15/19		100,000		109,159
Syngenta Finance 3.125% 3/28/22		100,000		100,455
Valspar
3.95% 1/15/26		250,000		253,752
7.25% 6/15/19		50,000		55,128
Westlake Chemical
#144A 3.60% 8/15/26		150,000		147,186


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Chemicals (continued)
Westlake Chemical (continued)
#144A 4.625% 2/15/21		150,000	$	155,807
#144A 5.00% 8/15/46		100,000		103,078

				12,421,699

Commercial Services & Supplies–0.10%
Cintas No. 2
2.90% 4/1/22		100,000		101,281
3.70% 4/1/27		100,000		102,390
Pitney Bowes
4.625% 3/15/24		200,000		197,794
4.75% 5/15/18		200,000		205,600
Republic Services
2.90% 7/1/26		110,000		106,484
3.20% 3/15/25		250,000		249,497
3.80% 5/15/18		100,000		102,211
4.75% 5/15/23		100,000		110,122
5.25% 11/15/21		100,000		111,523
5.50% 9/15/19		299,000		323,688
Verisk Analytics
4.00% 6/15/25		100,000		101,812
4.125% 9/12/22		100,000		104,361
Waste Management
2.40% 5/15/23		100,000		98,345
3.125% 3/1/25		100,000		100,679
3.50% 5/15/24		250,000		258,731
3.90% 3/1/35		550,000		547,982
4.10% 3/1/45		55,000		55,274

				2,877,774

Communications Equipment–0.24%
Cisco Systems
1.60% 2/28/19		275,000		275,460
1.65% 6/15/18		100,000		100,338
1.85% 9/20/21		600,000		588,794
2.20% 2/28/21		150,000		150,149
2.45% 6/15/20		100,000		101,512
2.50% 9/20/26		300,000		285,196
2.60% 2/28/23		150,000		149,574
2.90% 3/4/21		615,000		631,783
2.95% 2/28/26		150,000		148,862
3.00% 6/15/22		60,000		61,395
3.50% 6/15/25		45,000		46,753
3.625% 3/4/24		100,000		105,250
4.45% 1/15/20		300,000		321,493
4.95% 2/15/19		450,000		477,844
5.50% 1/15/40		200,000		244,540
5.90% 2/15/39		300,000		383,954
Harris
2.70% 4/27/20		30,000		30,297
3.832% 4/27/25		450,000		458,868
4.854% 4/27/35		70,000		75,001


	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Communications Equipment (continued)
Harris (continued)
5.054% 4/27/45		70,000	$	76,885
Juniper Networks
3.125% 2/26/19		50,000		50,963
4.60% 3/15/21		100,000		106,716
5.95% 3/15/41		100,000		107,395
Motorola Solutions
3.50% 3/1/23		100,000		98,543
4.00% 9/1/24		250,000		250,840
QUALCOMM
1.40% 5/18/18		196,000		196,064
2.25% 5/20/20		300,000		300,800
3.00% 5/20/22		300,000		303,810
3.45% 5/20/25		300,000		304,673
4.65% 5/20/35		200,000		208,585
4.80% 5/20/45		200,000		208,123
Telefonaktiebolaget LM Ericsson 4.125% 5/15/22		250,000		255,991

				7,106,451

Computers & Peripherals–0.03%
Cadence Design Systems 4.375% 10/15/24		75,000		75,342
NetApp 3.375% 6/15/21		150,000		153,200
Seagate HDD Cayman
3.75% 11/15/18		600,000		615,375
#144A 4.25% 3/1/22		100,000		99,149
#144A 4.875% 3/1/24		100,000		98,397

				1,041,463

Construction & Engineering–0.03%
ABB Finance USA
2.875% 5/8/22		250,000		253,009
4.375% 5/8/42		187,000		196,736
Fluor 3.50% 12/15/24		100,000		102,654
Leucadia National 5.50% 10/18/23		200,000		213,259

				765,658

Construction Materials–0.01%
Vulcan Materials 7.50% 6/15/21		250,000		292,931

				292,931

Consumer Finance–0.75%
American Express
1.55% 5/22/18		250,000		249,745
2.65% 12/2/22		115,000		114,069
4.05% 12/3/42		135,000		132,893
8.125% 5/20/19		100,000		112,631
American Express Credit
1.70% 10/30/19		115,000		114,342
1.80% 7/31/18		150,000		150,238
1.875% 11/5/18		265,000		265,512


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Consumer Finance (continued)
American Express Credit (continued)
2.125% 7/27/18		500,000	$	502,781
2.20% 3/3/20		100,000		100,192
2.25% 8/15/19		200,000		201,646
2.25% 5/5/21		700,000		694,140
2.60% 9/14/20		200,000		202,215
2.70% 3/3/22		100,000		99,949
American Honda Finance
1.20% 7/12/19		150,000		148,031
1.50% 11/19/18		250,000		249,314
1.60% 7/13/18		200,000		200,391
1.65% 7/12/21		200,000		193,934
1.70% 2/22/19		50,000		49,959
1.70% 9/9/21		300,000		290,854
2.00% 2/14/20		150,000		150,431
2.125% 10/10/18		200,000		201,577
2.45% 9/24/20		150,000		151,514
2.90% 2/16/24		100,000		99,910
Capital One Bank USA
2.15% 11/21/18		400,000		400,884
2.25% 2/13/19		500,000		500,975
Caterpillar Financial Services
1.70% 6/16/18		700,000		700,393
1.70% 8/9/21		250,000		241,276
1.90% 3/22/19		150,000		150,030
2.10% 1/10/20		100,000		100,181
2.40% 8/9/26		100,000		94,740
2.45% 9/6/18		250,000		252,791
7.15% 2/15/19		200,000		219,046
Discover Financial Services
3.75% 3/4/25		100,000		98,268
3.95% 11/6/24		100,000		100,311
4.10% 2/9/27		115,000		115,270
5.20% 4/27/22		100,000		108,007
Ford Motor Credit
2.021% 5/3/19		200,000		199,142
2.24% 6/15/18		245,000		245,909
2.375% 3/12/19		200,000		200,793
2.459% 3/27/20		200,000		199,601
2.551% 10/5/18		200,000		201,662
3.096% 5/4/23		200,000		195,398
3.157% 8/4/20		300,000		305,135
3.20% 1/15/21		300,000		303,481
3.336% 3/18/21		200,000		202,534
3.664% 9/8/24		250,000		246,261
3.81% 1/9/24		200,000		200,928
4.134% 8/4/25		300,000		301,991
5.00% 5/15/18		500,000		516,727
5.75% 2/1/21		200,000		220,485
5.875% 8/2/21		750,000		836,318
General Motors Financial
2.35% 10/4/19		250,000		250,468


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Consumer Finance (continued)
General Motors Financial (continued)
2.40% 5/9/19		125,000	$	125,333
3.10% 1/15/19		200,000		203,314
3.15% 1/15/20		800,000		814,224
3.20% 7/13/20		200,000		203,598
3.20% 7/6/21		200,000		200,954
3.45% 1/14/22		250,000		252,341
3.70% 11/24/20		250,000		257,615
3.70% 5/9/23		140,000		140,714
4.00% 1/15/25		600,000		603,982
4.00% 10/6/26		250,000		246,863
4.20% 3/1/21		250,000		261,189
4.30% 7/13/25		100,000		101,728
4.35% 1/17/27		180,000		181,919
5.25% 3/1/26		200,000		215,258
HSBC Finance 6.676% 1/15/21		323,000		365,431
John Deere Capital
1.60% 7/13/18		50,000		50,068
1.65% 10/15/18		155,000		155,144
1.70% 1/15/20		350,000		347,622
2.25% 4/17/19		200,000		201,994
2.30% 9/16/19		500,000		505,549
2.65% 1/6/22		250,000		251,071
2.65% 6/10/26		300,000		289,679
2.80% 3/6/23		200,000		200,639
PACCAR Financial
1.30% 5/10/19		130,000		128,949
1.40% 5/18/18		125,000		124,927
1.95% 2/27/20		60,000		60,106
Toyota Motor Credit
1.20% 4/6/18		150,000		149,616
1.40% 5/20/19		500,000		496,163
1.55% 10/18/19		150,000		148,834
1.70% 1/9/19		150,000		150,320
1.70% 2/19/19		150,000		150,294
1.90% 4/8/21		150,000		147,843
2.10% 1/17/19		350,000		353,074
2.125% 7/18/19		200,000		201,655
2.25% 10/18/23		150,000		145,077
2.60% 1/11/22		150,000		150,835
2.75% 5/17/21		250,000		254,285
3.20% 1/11/27		100,000		100,432
3.30% 1/12/22		400,000		414,046
3.40% 9/15/21		600,000		625,256

				22,363,214

Containers & Packaging–0.03%
Bemis
4.50% 10/15/21		300,000		319,989
6.80% 8/1/19		10,000		11,055
Packaging Corporation of America
3.90% 6/15/22		50,000		52,303


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Containers & Packaging (continued)
Packaging Corporation of America (continued)
4.50% 11/1/23		150,000	$	160,511
Sonoco Products 5.75% 11/1/40		100,000		115,863
WestRock RKT 4.90% 3/1/22		200,000		216,808

				876,529

Diversified Consumer Services–0.06%
Block Financial 4.125% 10/1/20		250,000		256,111
Board of Trustees of the Leland Stanford Junior University 4.75% 5/1/19		250,000		266,649
California Institute of Technology 4.321% 8/1/45		60,000		64,388
George Washington University 4.30% 9/15/44		100,000		99,643
Massachusetts Institute of Technology
3.885% 7/1/16		55,000		47,935
5.60% 7/1/11		200,000		247,790
Northwestern University 3.868% 12/1/48		100,000		102,809
President & Fellows of Harvard College
3.15% 7/15/46		100,000		92,576
3.30% 7/15/56		100,000		92,720
Princeton University
4.95% 3/1/19		100,000		106,157
5.70% 3/1/39		50,000		66,918
University of Southern California 3.028% 10/1/39		200,000		180,881
William Marsh Rice University 3.574% 5/15/45		100,000		96,571

				1,721,148

Diversified Financial Services–2.02%
AerCap Ireland Capital
3.50% 5/26/22		150,000		151,318
3.75% 5/15/19		475,000		487,978
3.95% 2/1/22		600,000		616,855
4.50% 5/15/21		450,000		472,157
4.625% 10/30/20		500,000		528,841
Air Lease
2.625% 9/4/18		100,000		100,873
3.375% 1/15/19		250,000		255,901
3.375% 6/1/21		100,000		102,038
3.875% 4/1/21		125,000		129,699
4.25% 9/15/24		300,000		311,044
Bank of America
2.25% 4/21/20		250,000		249,520
2.503% 10/21/22		500,000		488,023
2.60% 1/15/19		543,000		548,892
2.625% 10/19/20		200,000		201,241
2.625% 4/19/21		350,000		349,473


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Financial Services (continued)
Bank of America (continued)
•3.124% 1/20/23		250,000	$	251,563
3.248% 10/21/27		500,000		476,967
3.30% 1/11/23		1,000,000		1,007,520
3.50% 4/19/26		350,000		345,809
•3.824% 1/20/28		250,000		250,927
3.875% 8/1/25		400,000		407,812
3.95% 4/21/25		250,000		249,342
4.00% 4/1/24		475,000		493,229
4.10% 7/24/23		1,350,000		1,416,047
4.183% 11/25/27		250,000		251,403
4.25% 10/22/26		1,133,000		1,152,719
•4.443% 1/20/48		200,000		202,125
4.45% 3/3/26		430,000		441,793
5.00% 5/13/21		350,000		380,375
5.00% 1/21/44		650,000		711,074
5.625% 7/1/20		250,000		274,390
5.65% 5/1/18		500,000		520,345
5.875% 1/5/21		250,000		279,390
5.875% 2/7/42		218,000		263,102
6.11% 1/29/37		200,000		234,362
6.875% 4/25/18		800,000		842,002
6.875% 11/15/18		300,000		323,168
7.625% 6/1/19		300,000		334,606
7.75% 5/14/38		200,000		275,977
BP Capital Markets
1.375% 5/10/18		150,000		149,613
1.676% 5/3/19		60,000		59,722
2.112% 9/16/21		250,000		245,669
2.237% 5/10/19		400,000		402,608
2.241% 9/26/18		400,000		402,906
2.315% 2/13/20		650,000		655,700
2.75% 5/10/23		250,000		247,078
3.017% 1/16/27		250,000		240,257
3.119% 5/4/26		75,000		73,482
3.216% 11/28/23		150,000		150,900
3.245% 5/6/22		200,000		204,440
3.535% 11/4/24		100,000		101,297
3.723% 11/28/28		90,000		91,203
3.994% 9/26/23		250,000		262,723
4.742% 3/11/21		500,000		543,191
4.75% 3/10/19		300,000		316,274
CBOE Holdings 3.65% 1/12/27		100,000		100,736
Citigroup
1.70% 4/27/18		700,000		700,480
1.75% 5/1/18		500,000		499,991
2.05% 12/7/18		1,150,000		1,152,570
2.05% 6/7/19		250,000		249,918
2.35% 8/2/21		350,000		344,923
2.40% 2/18/20		750,000		753,143
2.50% 7/29/19		500,000		504,795


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Financial Services (continued)
Citigroup (continued)
2.65% 10/26/20		350,000	$	352,564
2.70% 3/30/21		300,000		300,640
2.90% 12/8/21		700,000		703,421
3.20% 10/21/26		300,000		287,551
3.40% 5/1/26		550,000		536,933
3.70% 1/12/26		400,000		401,116
3.75% 6/16/24		400,000		408,099
3.875% 10/25/23		350,000		362,692
4.05% 7/30/22		107,000		111,562
4.125% 7/25/28		200,000		197,110
4.30% 11/20/26		400,000		404,626
4.45% 9/29/27		600,000		608,492
4.50% 1/14/22		730,000		782,066
4.60% 3/9/26		105,000		108,024
4.65% 7/30/45		250,000		261,507
4.75% 5/18/46		150,000		148,761
5.30% 5/6/44		167,000		179,497
5.50% 9/13/25		200,000		219,024
5.875% 2/22/33		200,000		225,295
5.875% 1/30/42		150,000		182,501
6.00% 10/31/33		100,000		114,997
6.625% 6/15/32		100,000		122,131
6.675% 9/13/43		150,000		191,643
8.125% 7/15/39		350,000		515,266
CME Group
3.00% 9/15/22		300,000		306,482
5.30% 9/15/43		100,000		119,704
Credit Suisse Group Funding Guernsey
2.75% 3/26/20		600,000		601,336
3.45% 4/16/21		300,000		304,613
3.80% 9/15/22		400,000		405,939
3.80% 6/9/23		1,000,000		1,005,467
4.55% 4/17/26		350,000		362,412
4.875% 5/15/45		400,000		408,578
GE Capital International Funding Unlimited
2.342% 11/15/20		2,000,000		2,009,690
4.418% 11/15/35		1,354,000		1,432,509
#Genpact Luxembourg 144A 3.70% 4/1/22		50,000		50,346
Intercontinental Exchange
2.75% 12/1/20		85,000		86,421
3.75% 12/1/25		85,000		87,913
4.00% 10/15/23		200,000		212,140
JPMorgan Chase & Co.
1.625% 5/15/18		250,000		249,965
1.85% 3/22/19		500,000		500,273
2.40% 6/7/21		350,000		348,402
2.55% 10/29/20		275,000		276,363
2.55% 3/1/21		500,000		500,937
2.70% 5/18/23		250,000		245,209
2.75% 6/23/20		800,000		810,797


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Financial Services (continued)
JPMorgan Chase & Co. (continued)
2.95% 10/1/26		500,000	$	475,965
2.972% 1/15/23		650,000		649,998
3.20% 1/25/23		1,000,000		1,010,983
3.20% 6/15/26		450,000		437,447
3.25% 9/23/22		550,000		560,457
3.30% 4/1/26		500,000		489,797
3.375% 5/1/23		200,000		200,601
3.625% 5/13/24		250,000		255,913
3.625% 12/1/27		260,000		252,796
3.875% 2/1/24		750,000		780,301
4.125% 12/15/26		1,000,000		1,020,933
4.25% 10/15/20		750,000		795,759
•4.26% 2/22/48		1,000,000		999,636
4.35% 8/15/21		600,000		642,511
4.40% 7/22/20		700,000		746,394
4.95% 6/1/45		500,000		528,004
5.40% 1/6/42		200,000		233,609
5.50% 10/15/40		100,000		117,606
5.60% 7/15/41		500,000		597,593
6.30% 4/23/19		200,000		217,314
6.40% 5/15/38		450,000		582,338
Mastercard
2.00% 11/21/21		100,000		99,189
2.95% 11/21/26		150,000		149,500
3.375% 4/1/24		500,000		517,519
3.80% 11/21/46		100,000		98,749
Mitsubishi UFJ Financial Group
2.527% 9/13/23		200,000		193,371
2.95% 3/1/21		400,000		403,827
2.998% 2/22/22		350,000		352,525
3.677% 2/22/27		350,000		354,562
3.85% 3/1/26		400,000		411,157
National Rural Utilities Cooperative Finance
1.50% 11/1/19		115,000		114,030
1.65% 2/8/19		15,000		14,997
2.30% 11/1/20		100,000		100,197
2.35% 6/15/20		300,000		300,916
2.70% 2/15/23		50,000		49,576
2.95% 2/7/24		60,000		60,179
3.25% 11/1/25		100,000		101,184
4.023% 11/1/32		100,000		103,702
•4.75% 4/30/43		100,000		102,500
8.00% 3/1/32		150,000		216,002
10.375% 11/1/18		100,000		113,271
Private Export Funding
1.875% 7/15/18		250,000		251,741
2.45% 7/15/24		250,000		244,845
4.30% 12/15/21		100,000		109,395
Synchrony Financial
2.60% 1/15/19		150,000		151,234


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Financial Services (continued)
Synchrony Financial (continued)
2.70% 2/3/20		500,000	$	502,335
3.70% 8/4/26		200,000		194,280
4.25% 8/15/24		150,000		153,873
4.50% 7/23/25		100,000		102,797

				60,047,941

Diversified Telecommunication Services–1.10%
AT&T
2.375% 11/27/18		600,000		604,401
2.45% 6/30/20		550,000		550,386
2.625% 12/1/22		500,000		489,197
2.80% 2/17/21		250,000		250,967
3.00% 2/15/22		400,000		399,525
3.00% 6/30/22		640,000		637,435
3.20% 3/1/22		100,000		101,055
3.40% 5/15/25		550,000		532,190
3.60% 2/17/23		250,000		253,525
3.80% 3/15/22		200,000		207,106
3.80% 3/1/24		150,000		152,531
3.875% 8/15/21		30,000		31,244
3.95% 1/15/25		225,000		227,265
4.125% 2/17/26		550,000		558,760
4.25% 3/1/27		500,000		506,535
4.35% 6/15/45		532,000		470,054
4.45% 5/15/21		100,000		106,612
4.45% 4/1/24		300,000		314,861
4.50% 5/15/35		220,000		208,315
4.50% 3/9/48		693,000		618,673
4.60% 2/15/21		300,000		319,423
4.75% 5/15/46		665,000		622,868
4.80% 6/15/44		987,000		928,630
5.00% 3/1/21		200,000		215,970
5.15% 3/15/42		150,000		149,343
5.20% 3/15/20		565,000		610,797
5.25% 3/1/37		150,000		153,384
5.35% 9/1/40		638,000		657,738
5.45% 3/1/47		300,000		307,809
5.55% 8/15/41		40,000		42,408
5.70% 3/1/57		150,000		155,583
5.80% 2/15/19		150,000		160,248
5.875% 10/1/19		40,000		43,573
6.00% 8/15/40		200,000		219,964
6.30% 1/15/38		200,000		230,516
6.35% 3/15/40		50,000		56,974
6.50% 9/1/37		150,000		176,646
6.55% 2/15/39		550,000		650,869
8.25% 11/15/31		360,000		493,021
British Telecommunications
2.35% 2/14/19		300,000		301,791
9.125% 12/15/30		350,000		524,742


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Diversified Telecommunication Services (continued)
Deutsche Telekom International Finance
6.00% 7/8/19		250,000	$	271,299
8.75% 6/15/30		460,000		672,000
Koninklijke KPN 8.375% 10/1/30		100,000		134,329
Orange
1.625% 11/3/19		150,000		147,974
4.125% 9/14/21		100,000		105,561
5.375% 1/13/42		100,000		111,295
9.00% 3/1/31		800,000		1,180,552
Qwest
6.75% 12/1/21		250,000		274,687
6.875% 9/15/33		213,000		212,629
Telefonica Emisiones
3.192% 4/27/18		250,000		253,315
5.134% 4/27/20		690,000		743,755
5.213% 3/8/47		150,000		152,417
5.462% 2/16/21		140,000		153,816
5.877% 7/15/19		100,000		108,077
7.045% 6/20/36		175,000		217,030
Telefonica Europe 8.25% 9/15/30		200,000		272,504
Telefonos de Mexico 5.50% 11/15/19		100,000		108,392
TELUS
2.80% 2/16/27		100,000		94,034
3.70% 9/15/27		100,000		100,261
Verizon Communications
1.75% 8/15/21		150,000		143,748
2.625% 8/15/26		230,000		210,451
#144A 2.946% 3/15/22		99,000		98,719
3.125% 3/16/22		150,000		150,979
3.45% 3/15/21		800,000		822,446
3.50% 11/1/24		1,200,000		1,191,880
3.65% 9/14/18		1,150,000		1,181,579
3.85% 11/1/42		650,000		546,291
4.125% 3/16/27		200,000		203,802
4.125% 8/15/46		35,000		30,321
4.272% 1/15/36		904,000		839,740
4.40% 11/1/34		600,000		569,476
4.50% 9/15/20		686,000		730,750
4.522% 9/15/48		1,324,000		1,204,297
4.60% 4/1/21		250,000		267,381
4.672% 3/15/55		1,182,000		1,059,921
#144A 5.012% 4/15/49		1,293,000		1,260,616
5.012% 8/21/54		500,000		477,842
5.05% 3/15/34		800,000		815,804
5.15% 9/15/23		950,000		1,047,012
5.25% 3/16/37		100,000		103,709
5.50% 3/16/47		150,000		157,811

				32,671,436

Electric Utilities–1.33%
Alabama Power
2.45% 3/30/22		100,000		99,039


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Alabama Power (continued)
3.75% 3/1/45		150,000	$	141,017
4.30% 1/2/46		150,000		154,153
6.125% 5/15/38		100,000		122,573
Ameren
2.70% 11/15/20		50,000		50,494
3.65% 2/15/26		50,000		50,615
American Electric Power 2.95% 12/15/22		125,000		125,793
Appalachian Power 4.60% 3/30/21		150,000		160,758
Arizona Public Service
3.15% 5/15/25		100,000		100,370
4.35% 11/15/45		100,000		103,618
4.50% 4/1/42		100,000		106,151
5.05% 9/1/41		100,000		113,378
Baltimore Gas & Electric
3.35% 7/1/23		100,000		102,541
3.50% 8/15/46		200,000		181,795
6.35% 10/1/36		100,000		129,470
Berkshire Hathaway Energy
3.75% 11/15/23		400,000		418,633
5.15% 11/15/43		200,000		227,302
5.75% 4/1/18		100,000		103,956
5.95% 5/15/37		125,000		154,437
6.125% 4/1/36		250,000		313,050
6.50% 9/15/37		100,000		130,493
Black Hills
3.15% 1/15/27		100,000		95,452
3.95% 1/15/26		50,000		51,202
4.20% 9/15/46		100,000		94,322
4.25% 11/30/23		100,000		105,472
CenterPoint Energy Houston Electric
2.25% 8/1/22		250,000		245,723
2.40% 9/1/26		350,000		329,653
3.00% 2/1/27		100,000		98,789
Cleco Corporate Holdings
#144A 3.743% 5/1/26		100,000		99,058
#144A 4.973% 5/1/46		70,000		72,392
Cleveland Electric Illuminating 5.95% 12/15/36		100,000		114,456
CMS Energy
3.00% 5/15/26		40,000		38,446
3.45% 8/15/27		100,000		99,730
4.875% 3/1/44		100,000		106,880
Commonwealth Edison
2.55% 6/15/26		100,000		95,181
3.40% 9/1/21		100,000		103,843
3.65% 6/15/46		100,000		93,903
4.00% 8/1/20		300,000		315,905
6.45% 1/15/38		100,000		131,430
Connecticut Light & Power
4.15% 6/1/45		75,000		76,571


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Connecticut Light & Power (continued)
5.65% 5/1/18		100,000	$	104,323
Consumers Energy
2.85% 5/15/22		100,000		101,198
3.25% 8/15/46		100,000		89,350
3.375% 8/15/23		200,000		207,463
3.95% 5/15/43		150,000		151,095
5.65% 4/15/20		100,000		110,758
Delmarva Power & Light
3.50% 11/15/23		150,000		155,364
4.15% 5/15/45		50,000		51,439
Dominion Gas Holdings
2.50% 12/15/19		50,000		50,592
3.60% 12/15/24		25,000		25,352
4.60% 12/15/44		850,000		855,622
4.80% 11/1/43		94,000		99,170
DTE Electric
3.65% 3/15/24		250,000		263,656
3.70% 6/1/46		50,000		48,209
Duke Energy
1.80% 9/1/21		150,000		145,043
2.10% 6/15/18		650,000		652,703
2.65% 9/1/26		165,000		154,048
3.75% 9/1/46		190,000		171,303
4.80% 12/15/45		100,000		106,010
5.05% 9/15/19		100,000		106,973
Duke Energy Carolinas
2.95% 12/1/26		350,000		344,743
3.90% 6/15/21		100,000		105,849
4.00% 9/30/42		150,000		149,691
4.30% 6/15/20		100,000		106,870
5.30% 2/15/40		100,000		118,513
6.10% 6/1/37		170,000		211,239
7.00% 11/15/18		100,000		108,465
Duke Energy Florida
3.20% 1/15/27		150,000		151,143
3.85% 11/15/42		100,000		97,629
5.65% 6/15/18		150,000		157,131
6.40% 6/15/38		300,000		398,564
Duke Energy Florida Project Finance 2.538% 9/1/29		100,000		96,236
Duke Energy Indiana
3.75% 5/15/46		150,000		142,143
6.12% 10/15/35		100,000		122,473
6.45% 4/1/39		130,000		172,926
Duke Energy Ohio
3.70% 6/15/46		68,000		63,771
3.80% 9/1/23		500,000		527,381
5.45% 4/1/19		50,000		53,472
Duke Energy Progress
4.10% 3/15/43		100,000		100,429


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Duke Energy Progress (continued)
5.30% 1/15/19		100,000	$	106,309
6.30% 4/1/38		250,000		324,573
Edison International 2.95% 3/15/23		250,000		250,031
El Paso Electric 5.00% 12/1/44		150,000		159,746
Emera U.S. Finance
2.15% 6/15/19		65,000		65,015
2.70% 6/15/21		100,000		99,531
3.55% 6/15/26		100,000		98,494
4.75% 6/15/46		105,000		106,367
Enel Americas 4.00% 10/25/26		35,000		34,640
Enel Generacion Chile 4.25% 4/15/24		100,000		103,059
Entergy
2.95% 9/1/26		90,000		85,502
5.125% 9/15/20		100,000		108,111
Entergy Arkansas
3.50% 4/1/26		60,000		61,496
3.70% 6/1/24		200,000		208,904
Entergy Louisiana
2.40% 10/1/26		100,000		93,872
3.25% 4/1/28		150,000		148,435
4.05% 9/1/23		150,000		158,396
4.95% 1/15/45		110,000		112,918
Entergy Mississippi 2.85% 6/1/28		50,000		47,625
Entergy Texas 7.125% 2/1/19		200,000		217,456
Eversource Energy
1.45% 5/1/18		250,000		249,146
3.15% 1/15/25		100,000		99,664
4.50% 11/15/19		110,000		116,837
Exelon
2.45% 4/15/21		65,000		64,283
2.85% 6/15/20		150,000		152,079
3.40% 4/15/26		100,000		98,542
3.497% 6/1/22		200,000		202,079
4.45% 4/15/46		100,000		99,477
4.95% 6/15/35		105,000		111,474
5.10% 6/15/45		105,000		113,960
FirstEnergy
4.25% 3/15/23		130,000		134,505
7.375% 11/15/31		230,000		300,496
Florida Power & Light
3.125% 12/1/25		250,000		253,525
3.80% 12/15/42		100,000		99,275
4.05% 6/1/42		150,000		152,846
5.69% 3/1/40		50,000		62,059
5.95% 2/1/38		200,000		255,984
5.96% 4/1/39		100,000		128,269
Fortis
#144A 2.10% 10/4/21		125,000		121,246
#144A 3.055% 10/4/26		200,000		187,467
Georgia Power
1.95% 12/1/18		100,000		100,201


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Georgia Power (continued)
2.40% 4/1/21		50,000	$	49,860
3.25% 4/1/26		50,000		48,932
4.25% 12/1/19		80,000		84,354
4.30% 3/15/42		200,000		192,684
4.30% 3/15/43		100,000		96,720
4.75% 9/1/40		100,000		105,635
5.95% 2/1/39		100,000		116,720
Great Plains Energy
2.50% 3/9/20		125,000		125,615
3.15% 4/1/22		150,000		151,628
3.90% 4/1/27		200,000		202,354
4.85% 6/1/21		50,000		53,399
4.85% 4/1/47		88,000		90,572
Hydro-Quebec
8.05% 7/7/24		250,000		327,553
8.50% 12/1/29		115,000		169,102
Iberdrola International 6.75% 7/15/36		100,000		125,757
Indiana Michigan Power 7.00% 3/15/19		100,000		109,487
Interstate Power & Light 6.25% 7/15/39		130,000		165,816
ITC Holdings
3.25% 6/30/26		90,000		87,602
3.65% 6/15/24		75,000		75,682
Jersey Central Power & Light 7.35% 2/1/19		100,000		108,932
Kansas City Power & Light 3.65% 8/15/25		250,000		251,421
Kentucky Utilities
3.25% 11/1/20		100,000		103,171
5.125% 11/1/40		100,000		116,247
MidAmerican Energy
2.40% 3/15/19		250,000		253,081
3.10% 5/1/27		100,000		99,874
3.50% 10/15/24		100,000		103,794
3.95% 8/1/47		100,000		100,133
4.40% 10/15/44		100,000		106,476
4.80% 9/15/43		250,000		281,179
5.75% 11/1/35		25,000		30,504
Nevada Power
6.50% 8/1/18		50,000		53,168
6.75% 7/1/37		100,000		133,658
7.125% 3/15/19		100,000		110,265
NextEra Energy Capital Holdings
1.649% 9/1/18		45,000		44,882
2.30% 4/1/19		35,000		35,230
2.40% 9/15/19		500,000		504,245
4.50% 6/1/21		100,000		106,767
6.00% 3/1/19		200,000		214,394
Northern States Power
2.20% 8/15/20		100,000		100,363
2.60% 5/15/23		100,000		99,530
3.60% 5/15/46		50,000		47,093


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Northern States Power (continued)
4.00% 8/15/45		100,000	$	100,609
5.35% 11/1/39		40,000		48,261
6.20% 7/1/37		100,000		129,621
NorthWestern 4.176% 11/15/44		150,000		148,621
Ohio Edison 6.875% 7/15/36		100,000		130,076
Oklahoma Gas & Electric 4.15% 4/1/47		50,000		50,003
Oncor Electric Delivery
2.95% 4/1/25		100,000		99,230
3.75% 4/1/45		100,000		95,284
4.10% 6/1/22		100,000		106,667
4.55% 12/1/41		150,000		161,500
5.30% 6/1/42		200,000		238,860
6.80% 9/1/18		100,000		106,959
7.00% 9/1/22		100,000		120,775
7.00% 5/1/32		50,000		68,483
Pacific Gas & Electric
2.95% 3/1/26		100,000		97,691
3.25% 6/15/23		250,000		254,863
3.40% 8/15/24		150,000		152,964
3.50% 6/15/25		350,000		358,341
4.00% 12/1/46		100,000		98,647
4.30% 3/15/45		210,000		217,085
5.125% 11/15/43		200,000		230,330
6.05% 3/1/34		500,000		627,727
6.25% 3/1/39		300,000		391,738
8.25% 10/15/18		200,000		219,044
PacifiCorp
2.95% 6/1/23		100,000		100,586
4.10% 2/1/42		100,000		100,540
5.75% 4/1/37		100,000		122,444
6.00% 1/15/39		100,000		127,111
6.35% 7/15/38		25,000		32,870
7.70% 11/15/31		100,000		145,081
PECO Energy
3.15% 10/15/25		500,000		503,615
5.95% 10/1/36		100,000		124,111
Portland General Electric 6.10% 4/15/19		100,000		107,882
PPL Capital Funding
3.40% 6/1/23		200,000		202,236
3.50% 12/1/22		100,000		102,398
3.95% 3/15/24		200,000		206,246
4.20% 6/15/22		150,000		158,031
PPL Electric Utilities
3.00% 9/15/21		100,000		102,472
4.125% 6/15/44		100,000		101,467
4.15% 10/1/45		250,000		256,241
6.25% 5/15/39		30,000		38,769
Progress Energy
6.00% 12/1/39		50,000		60,218


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Progress Energy (continued)
7.05% 3/15/19		100,000	$	109,293
7.75% 3/1/31		150,000		209,378
Public Service Co of Colorado
3.20% 11/15/20		100,000		103,399
5.125% 6/1/19		135,000		144,095
6.25% 9/1/37		100,000		128,752
Public Service Electric & Gas
1.90% 3/15/21		50,000		49,367
2.375% 5/15/23		200,000		196,918
3.00% 5/15/25		100,000		100,380
3.80% 3/1/46		100,000		99,059
5.30% 5/1/18		50,000		52,045
5.50% 3/1/40		100,000		120,706
Sierra Pacific Power 2.60% 5/1/26		400,000		383,794
South Carolina Electric & Gas
4.50% 6/1/64		35,000		33,961
6.05% 1/15/38		225,000		263,874
Southern
1.55% 7/1/18		95,000		94,665
1.85% 7/1/19		105,000		104,486
2.15% 9/1/19		300,000		300,126
2.35% 7/1/21		250,000		245,715
2.45% 9/1/18		90,000		90,786
2.75% 6/15/20		100,000		100,925
2.95% 7/1/23		75,000		73,108
3.25% 7/1/26		250,000		238,967
4.25% 7/1/36		85,000		82,819
4.40% 7/1/46		250,000		239,910
Southern California Edison
3.50% 10/1/23		150,000		156,330
3.875% 6/1/21		70,000		74,038
3.90% 3/15/43		100,000		99,589
4.05% 3/15/42		300,000		304,582
4.50% 9/1/40		100,000		107,323
4.65% 10/1/43		100,000		110,628
5.95% 2/1/38		25,000		31,717
6.00% 1/15/34		200,000		250,173
6.05% 3/15/39		170,000		217,690
6.65% 4/1/29		100,000		125,785
Southwestern Electric Power
2.75% 10/1/26		150,000		142,162
3.90% 4/1/45		300,000		284,406
6.20% 3/15/40		200,000		249,573
Tampa Electric
4.10% 6/15/42		100,000		98,108
4.35% 5/15/44		50,000		49,761
Union Electric
3.50% 4/15/24		100,000		103,290
3.65% 4/15/45		100,000		95,093
3.90% 9/15/42		250,000		249,941
8.45% 3/15/39		80,000		125,162


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities (continued)
Virginia Electric & Power
2.75% 3/15/23		100,000	$	99,495
2.95% 11/15/26		100,000		97,809
3.15% 1/15/26		70,000		69,744
3.50% 3/15/27		150,000		153,398
4.00% 11/15/46		45,000		44,627
4.45% 2/15/44		325,000		344,244
4.65% 8/15/43		150,000		163,671
5.00% 6/30/19		200,000		213,660
6.00% 5/15/37		25,000		31,135
6.35% 11/30/37		100,000		128,956
8.875% 11/15/38		100,000		162,360
Westar Energy
2.55% 7/1/26		50,000		47,586
4.10% 4/1/43		300,000		301,639
4.25% 12/1/45		50,000		50,140
Wisconsin Electric Power 2.95% 9/15/21		100,000		102,188
Wisconsin Public Service 4.752% 11/1/44		200,000		222,631
Xcel Energy
2.40% 3/15/21		100,000		99,749
2.60% 3/15/22		100,000		99,646
3.30% 6/1/25		100,000		100,321
3.35% 12/1/26		100,000		100,191
4.70% 5/15/20		100,000		106,295
6.50% 7/1/36		100,000		126,605

				39,567,822

Electrical Equipment–0.03%
Emerson Electric
2.625% 12/1/21		100,000		101,175
3.15% 6/1/25		150,000		153,155
4.25% 11/15/20		50,000		53,757
5.25% 10/15/18		225,000		237,597
5.25% 11/15/39		50,000		57,751
Hubbell 3.35% 3/1/26		150,000		149,288

				752,723

Electronic Equipment, Instruments & Components–0.07%
Amphenol
2.20% 4/1/20		50,000		50,005
2.55% 1/30/19		150,000		151,990
3.20% 4/1/24		100,000		100,289
Arrow Electronics
3.50% 4/1/22		100,000		100,905
6.00% 4/1/20		50,000		54,445
Avnet
3.75% 12/1/21		50,000		50,620
4.625% 4/15/26		50,000		50,729
4.875% 12/1/22		100,000		105,171


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electronic Equipment, Instruments & Components (continued)
Corning
2.90% 5/15/22		150,000	$	150,716
4.25% 8/15/20		65,000		68,805
4.75% 3/15/42		250,000		252,420
5.75% 8/15/40		25,000		28,604
Flex 4.75% 6/15/25		125,000		131,479
FLIR Systems 3.125% 6/15/21		50,000		50,325
Fortive
#144A 2.35% 6/15/21		100,000		98,873
#144A 3.15% 6/15/26		150,000		148,542
#144A 4.30% 6/15/46		50,000		49,880
Keysight Technologies
4.55% 10/30/24		250,000		255,961
4.60% 4/6/27		60,000		60,553
Tech Data
3.70% 2/15/22		100,000		100,456
4.95% 2/15/27		100,000		101,137

				2,161,905

Energy Equipment & Services–0.13%
Baker Hughes
5.125% 9/15/40		200,000		220,419
6.875% 1/15/29		100,000		123,373
Halliburton
2.00% 8/1/18		250,000		250,359
3.25% 11/15/21		200,000		204,980
3.80% 11/15/25		290,000		294,176
4.75% 8/1/43		200,000		203,502
4.85% 11/15/35		100,000		105,910
5.00% 11/15/45		283,000		299,315
7.45% 9/15/39		200,000		269,746
Nabors Industries
4.625% 9/15/21		150,000		152,063
5.10% 9/15/23		500,000		506,250
#144A 5.50% 1/15/23		25,000		25,641
9.25% 1/15/19		150,000		167,250
National Oilwell Varco
2.60% 12/1/22		200,000		191,665
3.95% 12/1/42		150,000		121,631
Oceaneering International 4.65% 11/15/24		100,000		100,825
Schlumberger Investment 3.65% 12/1/23		504,000		526,153
#TechnipFMC 144A 3.45% 10/1/22		100,000		99,279

				3,862,537

Equity Real Estate Investment Trusts–0.71%
Alexandria Real Estate Equities
3.95% 1/15/27		25,000		25,042
3.95% 1/15/28		100,000		99,940
4.30% 1/15/26		250,000		256,974
4.50% 7/30/29		110,000		113,753


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Equity Real Estate Investment Trusts (continued)
American Tower
2.25% 1/15/22		200,000	$	193,225
2.80% 6/1/20		100,000		100,794
3.125% 1/15/27		200,000		187,589
3.375% 10/15/26		200,000		191,071
3.45% 9/15/21		250,000		254,770
3.50% 1/31/23		250,000		251,807
4.00% 6/1/25		100,000		101,350
4.70% 3/15/22		225,000		241,231
5.00% 2/15/24		100,000		108,151
5.05% 9/1/20		100,000		107,692
5.90% 11/1/21		65,000		72,801
AvalonBay Communities
2.90% 10/15/26		50,000		47,633
3.45% 6/1/25		100,000		100,551
3.50% 11/15/24		200,000		202,556
3.50% 11/15/25		50,000		50,249
3.625% 10/1/20		200,000		207,438
3.90% 10/15/46		50,000		46,823
Boston Properties
2.75% 10/1/26		300,000		276,696
3.65% 2/1/26		100,000		99,796
3.70% 11/15/18		100,000		102,524
3.85% 2/1/23		125,000		129,714
4.125% 5/15/21		250,000		263,131
5.625% 11/15/20		150,000		165,457
5.875% 10/15/19		100,000		108,281
Brandywine Operating Partnership 4.95% 4/15/18		100,000		102,757
Brandywine Operating Partnership 4.95% 4/15/18		100,000		102,757
Brixmor Operating Partnership
3.25% 9/15/23		150,000		146,736
3.85% 2/1/25		70,000		69,200
3.875% 8/15/22		95,000		97,387
3.90% 3/15/27		100,000		98,313
4.125% 6/15/26		50,000		50,409
CBL & Associates
5.25% 12/1/23		67,000		65,407
5.95% 12/15/26		85,000		82,160
CC Holdings GS V 3.849% 4/15/23		150,000		153,846
Columbia Property Trust Operating Partnership 3.65% 8/15/26		100,000		96,193
Corporate Office Properties 3.70% 6/15/21		350,000		357,014
Crown Castle International
3.40% 2/15/21		140,000		142,535
3.70% 6/15/26		365,000		358,883
4.00% 3/1/27		40,000		40,331
4.45% 2/15/26		365,000		380,384
CubeSmart
3.125% 9/1/26		50,000		47,059
4.375% 12/15/23		65,000		67,914


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Equity Real Estate Investment Trusts (continued)
DDR
3.50% 1/15/21		150,000	$	151,799
4.25% 2/1/26		100,000		99,566
Digital Realty Trust
3.40% 10/1/20		100,000		102,642
3.95% 7/1/22		150,000		156,399
4.75% 10/1/25		100,000		105,721
5.25% 3/15/21		100,000		108,593
Duke Realty
3.75% 12/1/24		250,000		254,890
4.375% 6/15/22		100,000		106,413
EPR Properties
4.75% 12/15/26		100,000		100,780
5.75% 8/15/22		100,000		108,566
ERP Operating
2.375% 7/1/19		150,000		151,052
2.85% 11/1/26		140,000		132,272
3.375% 6/1/25		100,000		99,225
4.50% 7/1/44		150,000		153,719
4.50% 6/1/45		50,000		51,241
4.625% 12/15/21		90,000		97,121
4.75% 7/15/20		100,000		107,060
Essex Portfolio
3.25% 5/1/23		100,000		99,747
3.375% 4/15/26		50,000		48,675
Federal Realty Investment Trust 4.50% 12/1/44		50,000		51,084
Government Properties Income Trust 3.75% 8/15/19		100,000		100,890
HCP
2.625% 2/1/20		200,000		201,340
3.75% 2/1/19		100,000		102,561
3.875% 8/15/24		200,000		201,427
4.00% 12/1/22		150,000		154,917
4.00% 6/1/25		250,000		251,164
4.25% 11/15/23		186,000		192,476
5.375% 2/1/21		200,000		218,022
Healthcare Realty Trust 5.75% 1/15/21		200,000		219,376
Healthcare Trust of America Holdings
3.375% 7/15/21		100,000		101,515
3.50% 8/1/26		35,000		33,725
Highwoods Realty
3.20% 6/15/21		200,000		201,385
3.875% 3/1/27		60,000		59,526
Hospitality Properties Trust
4.25% 2/15/21		50,000		51,995
4.50% 6/15/23		100,000		103,558
4.95% 2/15/27		70,000		72,011
5.00% 8/15/22		300,000		319,892
5.25% 2/15/26		50,000		52,483
Host Hotels & Resorts
4.75% 3/1/23		150,000		158,922


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Equity Real Estate Investment Trusts (continued)
Host Hotels & Resorts (continued)
5.25% 3/15/22		400,000	$	434,156
Kilroy Realty
4.25% 8/15/29		150,000		152,357
4.80% 7/15/18		100,000		102,960
Kimco Realty
2.70% 3/1/24		100,000		94,945
2.80% 10/1/26		100,000		92,082
3.20% 5/1/21		150,000		151,818
3.40% 11/1/22		50,000		50,526
3.80% 4/1/27		100,000		99,773
4.125% 12/1/46		100,000		92,730
6.875% 10/1/19		150,000		167,155
Kite Realty Group 4.00% 10/1/26		50,000		48,008
Liberty Property
4.125% 6/15/22		50,000		52,408
4.40% 2/15/24		100,000		105,489
LifeStorage 3.50% 7/1/26		100,000		95,868
Mid-America Apartments
3.75% 6/15/24		100,000		101,921
4.00% 11/15/25		50,000		51,393
4.30% 10/15/23		50,000		52,840
National Retail Properties
3.30% 4/15/23		100,000		100,130
3.60% 12/15/26		100,000		98,861
4.00% 11/15/25		65,000		66,403
5.50% 7/15/21		100,000		110,112
Omega Healthcare Investors
4.375% 8/1/23		50,000		50,741
4.50% 4/1/27		200,000		196,550
4.95% 4/1/24		57,000		58,754
5.25% 1/15/26		100,000		104,582
Physicians Realty 4.30% 3/15/27		50,000		50,168
Prologis
3.75% 11/1/25		45,000		46,068
4.25% 8/15/23		150,000		159,642
Realty Income
3.875% 7/15/24		65,000		66,875
4.65% 8/1/23		400,000		431,546
Regency Centers
3.60% 2/1/27		60,000		59,653
4.40% 2/1/47		65,000		64,328
Simon Property Group
2.35% 1/30/22		100,000		98,396
2.50% 9/1/20		100,000		100,957
3.25% 11/30/26		100,000		98,177
3.375% 10/1/24		450,000		454,033
4.125% 12/1/21		300,000		317,983
4.25% 11/30/46		100,000		96,997
5.65% 2/1/20		200,000		217,505
6.75% 2/1/40		300,000		391,666
Tanger Properties 3.125% 9/1/26		50,000		46,602


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Equity Real Estate Investment Trusts (continued)
UDR
2.95% 9/1/26		50,000	$	46,777
4.00% 10/1/25		50,000		51,091
4.25% 6/1/18		100,000		102,764
4.625% 1/10/22		100,000		106,612
Ventas Realty
2.70% 4/1/20		100,000		100,899
3.125% 6/15/23		30,000		29,654
3.75% 5/1/24		150,000		150,892
3.85% 4/1/27		100,000		99,421
4.00% 4/30/19		200,000		206,948
4.125% 1/15/26		156,000		158,609
4.25% 3/1/22		200,000		210,844
4.75% 6/1/21		100,000		107,146
VEREIT Operating Partnership
3.00% 2/6/19		115,000		115,512
4.125% 6/1/21		60,000		61,714
4.60% 2/6/24		75,000		77,625
4.875% 6/1/26		95,000		99,275
Vornado Realty 2.50% 6/30/19		100,000		100,618
Washington Real Estate Investment Trust 3.95% 10/15/22		100,000		100,591
Weingarten Realty Investors 3.375% 10/15/22		150,000		151,439
Welltower
4.25% 4/1/26		200,000		206,276
4.50% 1/15/24		250,000		263,416
5.25% 1/15/22		100,000		109,735
6.125% 4/15/20		135,000		149,424
6.50% 3/15/41		250,000		307,225
Weyerhaeuser
4.625% 9/15/23		250,000		270,324
4.70% 3/15/21		100,000		106,305
7.375% 3/15/32		250,000		329,542
WP Carey
4.25% 10/1/26		100,000		99,156
4.60% 4/1/24		100,000		103,644

				21,003,953

Food & Staples Retailing–0.51%
Costco Wholesale 2.25% 2/15/22		300,000		299,249
CVS Health
2.125% 6/1/21		550,000		540,016
2.25% 8/12/19		250,000		251,825
2.75% 12/1/22		200,000		198,123
2.80% 7/20/20		600,000		610,521
2.875% 6/1/26		250,000		238,895
3.50% 7/20/22		600,000		618,252
3.875% 7/20/25		400,000		412,849
4.00% 12/5/23		600,000		631,004
4.125% 5/15/21		100,000		105,888


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Food & Staples Retailing (continued)
CVS Health (continued)
4.875% 7/20/35		725,000	$	782,943
5.125% 7/20/45		215,000		238,123
Koninklijke Ahold Delhaize 5.70% 10/1/40		500,000		571,933
Koninklijke Ahold Delhaize 5.70% 10/1/40		500,000		571,933
Kroger
2.00% 1/15/19		25,000		25,059
2.30% 1/15/19		250,000		251,648
2.60% 2/1/21		50,000		50,021
3.30% 1/15/21		250,000		256,255
3.40% 4/15/22		50,000		51,145
3.50% 2/1/26		100,000		100,437
4.45% 2/1/47		500,000		492,353
5.00% 4/15/42		100,000		105,121
6.90% 4/15/38		100,000		130,729
7.50% 4/1/31		250,000		334,984
Sysco
1.90% 4/1/19		60,000		60,098
2.50% 7/15/21		105,000		104,755
2.60% 10/1/20		250,000		252,290
3.30% 7/15/26		100,000		98,116
3.75% 10/1/25		125,000		127,789
4.50% 4/1/46		75,000		75,261
4.85% 10/1/45		85,000		90,212
Walgreen 3.10% 9/15/22		150,000		151,157
Walgreens Boots Alliance
1.75% 5/30/18		105,000		105,158
2.60% 6/1/21		125,000		125,271
3.10% 6/1/23		85,000		85,001
3.45% 6/1/26		45,000		44,085
3.80% 11/18/24		700,000		714,056
4.65% 6/1/46		40,000		39,953
4.80% 11/18/44		500,000		511,965
Wal-Mart Stores
1.125% 4/11/18		700,000		698,879
2.55% 4/11/23		300,000		300,295
3.25% 10/25/20		300,000		313,381
3.625% 7/8/20		100,000		105,609
4.00% 4/11/43		325,000		325,779
4.125% 2/1/19		100,000		104,743
4.875% 7/8/40		300,000		338,172
5.00% 10/25/40		200,000		227,929
5.25% 9/1/35		300,000		354,958
5.625% 4/15/41		250,000		309,190
5.875% 4/5/27		100,000		123,501
6.20% 4/15/38		300,000		390,753
6.50% 8/15/37		350,000		470,055
7.55% 2/15/30		700,000		1,013,381
Whole Foods Market 5.20% 12/3/25		100,000		106,458

				15,065,623


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Food Products–0.35%
Archer-Daniels-Midland
2.50% 8/11/26		250,000	$	237,744
4.016% 4/16/43		100,000		99,265
4.479% 3/1/21		235,000		254,607
Bunge Limited Finance
3.25% 8/15/26		45,000		43,579
3.50% 11/24/20		75,000		77,021
8.50% 6/15/19		135,000		153,213
Campbell Soup
2.50% 8/2/22		61,000		60,132
4.25% 4/15/21		250,000		266,478
4.50% 2/15/19		35,000		36,622
Conagra Foods
3.20% 1/25/23		196,000		197,078
8.25% 9/15/30		100,000		135,981
Flowers Foods 3.50% 10/1/26		105,000		102,557
General Mills
2.20% 10/21/19		300,000		302,041
3.15% 12/15/21		200,000		204,955
3.20% 2/10/27		150,000		147,253
3.65% 2/15/24		111,000		114,878
5.40% 6/15/40		45,000		51,407
5.65% 2/15/19		100,000		106,922
Hershey
2.30% 8/15/26		100,000		94,078
4.125% 12/1/20		200,000		214,505
Ingredion 3.20% 10/1/26		100,000		97,973
JM Smucker
2.50% 3/15/20		100,000		101,078
3.00% 3/15/22		150,000		152,248
3.50% 3/15/25		150,000		152,285
4.25% 3/15/35		100,000		100,763
4.375% 3/15/45		50,000		50,084
Kellogg
2.65% 12/1/23		200,000		195,645
3.125% 5/17/22		150,000		152,568
3.25% 5/21/18		135,000		137,573
3.25% 4/1/26		95,000		93,042
4.00% 12/15/20		64,000		67,651
4.50% 4/1/46		100,000		98,381
Kraft Heinz Foods
2.00% 7/2/18		95,000		95,265
2.80% 7/2/20		550,000		557,910
3.00% 6/1/26		575,000		541,418
3.50% 6/6/22		150,000		153,620
3.50% 7/15/22		200,000		204,590
3.95% 7/15/25		150,000		152,538
4.375% 6/1/46		790,000		744,303
5.00% 7/15/35		105,000		109,374
5.00% 6/4/42		250,000		255,417
5.20% 7/15/45		85,000		89,050
5.375% 2/10/20		250,000		271,794


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Food Products (continued)
Kraft Heinz Foods (continued)
6.125% 8/23/18		650,000	$	687,531
6.50% 2/9/40		150,000		180,724
Mead Johnson Nutrition
3.00% 11/15/20		95,000		96,919
4.125% 11/15/25		95,000		99,710
4.90% 11/1/19		100,000		106,918
5.90% 11/1/39		50,000		59,666
Tyson Foods
2.65% 8/15/19		400,000		404,625
3.95% 8/15/24		240,000		245,122
Unilever Capital
1.375% 7/28/21		120,000		115,474
2.00% 7/28/26		100,000		91,123
2.20% 3/6/19		250,000		252,325
4.25% 2/10/21		200,000		214,617
4.80% 2/15/19		100,000		105,648
5.90% 11/15/32		133,000		170,810

				10,306,098

Gas Utilities–0.08%
Atmos Energy
4.125% 10/15/44		150,000		150,838
8.50% 3/15/19		100,000		112,362
CenterPoint Energy Resources
4.50% 1/15/21		65,000		68,465
5.85% 1/15/41		115,000		136,458
6.00% 5/15/18		100,000		104,024
National Fuel Gas 3.75% 3/1/23		156,000		154,701
ONE Gas
3.61% 2/1/24		100,000		103,257
4.658% 2/1/44		50,000		53,025
Panhandle Eastern Pipe Line 7.00% 6/15/18		300,000		315,140
Panhandle Eastern Pipe Line 7.00% 6/15/18		300,000		315,140
Piedmont Natural Gas
3.64% 11/1/46		50,000		44,825
4.65% 8/1/43		50,000		52,322
Southern California Gas
2.60% 6/15/26		100,000		96,680
3.15% 9/15/24		100,000		101,877
Southern Gas Capital
3.95% 10/1/46		200,000		182,243
4.40% 6/1/43		100,000		98,730
5.25% 8/15/19		100,000		106,595
5.875% 3/15/41		70,000		82,211
Southern Natural Gas 4.40% 6/15/21		300,000		316,853

				2,280,606

Health Care Equipment & Supplies–0.45%
Abbott Laboratories
2.00% 9/15/18		100,000		100,149


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Health Care Equipment & Supplies (continued)
Abbott Laboratories (continued)
2.35% 11/22/19		355,000	$	356,698
2.80% 9/15/20		100,000		100,951
2.90% 11/30/21		500,000		502,722
3.25% 4/15/23		200,000		199,778
3.40% 11/30/23		300,000		303,539
3.75% 11/30/26		600,000		600,450
3.875% 9/15/25		120,000		122,139
4.75% 11/30/36		350,000		361,974
4.90% 11/30/46		400,000		415,977
5.125% 4/1/19		478,000		506,307
5.30% 5/27/40		250,000		269,540
6.00% 4/1/39		50,000		58,153
6.15% 11/30/37		50,000		59,149
Ascension Health 3.945% 11/15/46		135,000		131,789
Baxter International
1.70% 8/15/21		100,000		96,573
2.60% 8/15/26		150,000		140,841
3.50% 8/15/46		100,000		86,035
Baylor Scott & White Holdings
3.967% 11/15/46		50,000		47,688
4.185% 11/15/45		95,000		94,673
Becton Dickinson and Co.
2.675% 12/15/19		127,000		128,892
3.125% 11/8/21		700,000		714,737
3.25% 11/12/20		100,000		103,158
3.734% 12/15/24		350,000		360,865
5.00% 11/12/40		35,000		38,184
Boston Scientific
2.65% 10/1/18		125,000		126,279
2.85% 5/15/20		100,000		101,463
3.85% 5/15/25		100,000		101,705
6.00% 1/15/20		100,000		109,632
7.375% 1/15/40		201,000		252,458
Covidien International Finance
3.20% 6/15/22		150,000		153,439
4.20% 6/15/20		100,000		106,403
6.55% 10/15/37		100,000		128,909
CR Bard
3.00% 5/15/26		150,000		144,752
4.40% 1/15/21		65,000		69,712
Edwards Lifesciences 2.875% 10/15/18		150,000		152,050
Medtronic
1.375% 4/1/18		125,000		124,812
2.75% 4/1/23		1,125,000		1,120,231
3.125% 3/15/22		150,000		153,535
3.50% 3/15/25		575,000		588,977
3.625% 3/15/24		500,000		519,212
4.375% 3/15/35		150,000		157,543
4.50% 3/15/42		100,000		104,942
4.625% 3/15/45		590,000		635,017
5.55% 3/15/40		100,000		116,624


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Health Care Equipment & Supplies (continued)
Medtronic (continued)
5.60% 3/15/19		200,000	$	215,078
Medtronic Global Holdings
1.70% 3/28/19		150,000		150,004
3.35% 4/1/27		150,000		151,254
Stryker
1.30% 4/1/18		100,000		99,578
2.00% 3/8/19		90,000		90,282
2.625% 3/15/21		150,000		151,007
3.375% 5/15/24		150,000		152,300
3.375% 11/1/25		100,000		100,595
3.50% 3/15/26		75,000		75,885
4.375% 1/15/20		100,000		106,075
4.375% 5/15/44		100,000		98,335
4.625% 3/15/46		95,000		98,081
Zimmer Biomet Holdings
2.70% 4/1/20		750,000		755,829
3.15% 4/1/22		250,000		251,193
3.55% 4/1/25		180,000		178,293

				13,542,445

Health Care Providers & Services–0.53%
Aetna
1.70% 6/7/18		140,000		140,043
2.75% 11/15/22		550,000		550,300
2.80% 6/15/23		135,000		134,086
6.625% 6/15/36		100,000		130,162
6.75% 12/15/37		100,000		134,265
AmerisourceBergen
3.40% 5/15/24		250,000		253,592
4.875% 11/15/19		200,000		213,630
Anthem
2.30% 7/15/18		250,000		251,191
3.125% 5/15/22		250,000		251,577
3.50% 8/15/24		250,000		251,959
4.35% 8/15/20		100,000		106,131
4.625% 5/15/42		100,000		101,970
4.65% 1/15/43		125,000		127,818
4.65% 8/15/44		100,000		101,903
5.85% 1/15/36		125,000		145,243
6.375% 6/15/37		100,000		123,268
7.00% 2/15/19		400,000		435,319
Cardinal Health
1.95% 6/15/18		100,000		100,336
3.20% 3/15/23		100,000		101,301
3.50% 11/15/24		300,000		305,359
3.75% 9/15/25		100,000		103,231
4.625% 12/15/20		100,000		107,801
4.90% 9/15/45		100,000		104,304
Children’s Hospital 4.115% 1/1/47		65,000		65,954
Children’s Hospital Medical Center 4.268% 5/15/44		50,000		51,694


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Health Care Providers & Services (continued)
Cigna
5.375% 2/15/42		400,000	$	465,637
5.875% 3/15/41		200,000		243,501
7.875% 5/15/27		25,000		33,518
Coventry Health Care 5.45% 6/15/21		80,000		88,637
Express Scripts Holding
3.00% 7/15/23		150,000		145,196
3.30% 2/25/21		40,000		40,728
3.40% 3/1/27		105,000		99,092
3.90% 2/15/22		450,000		467,221
4.50% 2/25/26		150,000		154,138
4.75% 11/15/21		200,000		214,994
4.80% 7/15/46		485,000		466,461
6.125% 11/15/41		300,000		342,743
Howard Hughes Medical Institute
3.50% 9/1/23		150,000		157,267
Humana
3.15% 12/1/22		100,000		100,564
4.625% 12/1/42		175,000		177,896
4.95% 10/1/44		300,000		315,863
7.20% 6/15/18		100,000		106,273
Johns Hopkins Health System 3.837% 5/15/46		70,000		68,666
Kaiser Foundation Hospitals 3.50% 4/1/22		50,000		51,730
Laboratory Corporation of America Holdings
4.625% 11/15/20		150,000		159,980
4.70% 2/1/45		500,000		484,475
Mayo Clinic 4.128% 11/15/52		100,000		99,296
McKesson
2.284% 3/15/19		250,000		251,921
2.70% 12/15/22		400,000		392,928
3.796% 3/15/24		200,000		207,884
4.75% 3/1/21		300,000		322,420
4.883% 3/15/44		125,000		129,523
Memorial Sloan-Kettering Cancer Center 4.20% 7/1/55		127,000		126,194
New York and Presbyterian Hospital
4.024% 8/1/45		75,000		73,842
4.063% 8/1/56		50,000		47,022
Northwell Healthcare 3.979% 11/1/46		250,000		230,237
Providence St Joseph Health Obligated Group
2.746% 10/1/26		100,000		95,397
3.744% 10/1/47		100,000		93,120
Quest Diagnostics
2.70% 4/1/19		150,000		152,154
3.45% 6/1/26		55,000		54,279
3.50% 3/30/25		300,000		297,558
4.75% 1/30/20		60,000		64,210
Rwj Barnabas Health 3.949% 7/1/46		50,000		47,241
Texas Health Resources 4.33% 11/15/55		30,000		30,611


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Health Care Providers & Services (continued)
UnitedHealth Group
1.70% 2/15/19		200,000	$	200,069
1.90% 7/16/18		590,000		592,684
2.125% 3/15/21		200,000		198,618
2.70% 7/15/20		145,000		147,984
2.75% 2/15/23		107,000		106,817
2.875% 12/15/21		400,000		408,012
2.875% 3/15/23		250,000		250,940
3.375% 4/15/27		150,000		151,175
3.45% 1/15/27		100,000		101,550
3.75% 7/15/25		500,000		522,715
4.20% 1/15/47		55,000		55,991
4.25% 3/15/43		100,000		102,158
4.375% 3/15/42		100,000		103,899
4.625% 11/15/41		200,000		212,774
4.70% 2/15/21		100,000		108,395
4.75% 7/15/45		600,000		659,119
6.50% 6/15/37		150,000		196,846
6.625% 11/15/37		100,000		133,335
6.875% 2/15/38		100,000		136,178

				15,882,113

Hotels, Restaurants & Leisure–0.15%
Carnival 3.95% 10/15/20		133,000		140,004
Darden Restaurants 6.80% 10/15/37		84,000		101,163
Hyatt Hotels 4.85% 3/15/26		50,000		53,608
Marriott International
2.30% 1/15/22		100,000		97,859
2.875% 3/1/21		100,000		101,197
3.125% 6/15/26		100,000		96,547
3.375% 10/15/20		208,000		214,705
3.75% 10/1/25		50,000		50,932
McDonald’s
1.875% 5/29/19		250,000		251,015
2.10% 12/7/18		60,000		60,391
2.20% 5/26/20		150,000		150,329
2.625% 1/15/22		100,000		100,023
2.75% 12/9/20		265,000		268,791
3.25% 6/10/24		300,000		308,049
3.375% 5/26/25		150,000		151,496
3.50% 3/1/27		150,000		150,631
3.625% 5/20/21		100,000		104,533
3.625% 5/1/43		100,000		88,103
3.70% 1/30/26		285,000		292,031
4.45% 3/1/47		150,000		151,116
4.60% 5/26/45		94,000		95,920
4.70% 12/9/35		270,000		283,792
4.875% 12/9/45		275,000		293,638
6.30% 3/1/38		50,000		62,716
Starbucks
2.10% 2/4/21		60,000		60,210


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Hotels, Restaurants & Leisure (continued)
Starbucks (continued)
2.45% 6/15/26		100,000	$	95,931
2.70% 6/15/22		100,000		101,710
3.85% 10/1/23		100,000		107,427
4.30% 6/15/45		105,000		111,624
Wyndham Worldwide
4.25% 3/1/22		300,000		312,662
4.50% 4/1/27		70,000		70,657
5.10% 10/1/25		60,000		63,955

				4,592,765

Household Durables–0.10%
Church & Dwight 2.45% 12/15/19		100,000		100,992
Clorox 3.50% 12/15/24		150,000		155,096
DR Horton
3.75% 3/1/19		135,000		138,406
4.00% 2/15/20		175,000		182,196
Harman International Industries
4.15% 5/15/25		100,000		102,021
Kimberly-Clark
1.90% 5/22/19		250,000		251,173
3.05% 8/15/25		50,000		50,186
3.20% 7/30/46		50,000		43,973
5.30% 3/1/41		200,000		240,289
6.625% 8/1/37		100,000		137,249
7.50% 11/1/18		100,000		109,105
Leggett & Platt 3.40% 8/15/22		50,000		49,935
Newell Brands
2.15% 10/15/18		125,000		125,575
2.60% 3/29/19		18,000		18,231
3.15% 4/1/21		100,000		102,248
3.85% 4/1/23		115,000		119,016
3.90% 11/1/25		250,000		256,810
4.20% 4/1/26		120,000		125,026
5.375% 4/1/36		60,000		67,487
5.50% 4/1/46		380,000		432,251
Tupperware Brands 4.75% 6/1/21		100,000		106,673
Whirlpool
4.50% 6/1/46		70,000		69,984
4.70% 6/1/22		100,000		108,706

				3,092,628

Household Products–0.05%
Procter & Gamble
1.70% 11/3/21		150,000		147,284
1.85% 2/2/21		300,000		298,882
1.90% 11/1/19		200,000		201,748
2.30% 2/6/22		250,000		251,693
2.45% 11/3/26		150,000		143,671
2.70% 2/2/26		100,000		97,941
3.10% 8/15/23		200,000		206,444


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Household Products (continued)
Procter & Gamble (continued)
5.55% 3/5/37		200,000	$	261,737

				1,609,400

Independent Power Producers & Energy Traders–0.07%
Constellation Energy Group
5.15% 12/1/20		200,000		217,328
Exelon Generation
4.25% 6/15/22		250,000		261,962
5.60% 6/15/42		292,000		279,408
6.25% 10/1/39		100,000		104,016
Oglethorpe Power
4.25% 4/1/46		75,000		71,048
4.55% 6/1/44		100,000		99,068
5.95% 11/1/39		100,000		119,301
PSEG Power 5.125% 4/15/20		60,000		64,642
Southern Power
1.95% 12/15/19		100,000		99,329
2.375% 6/1/20		100,000		100,067
2.50% 12/15/21		100,000		97,843
4.15% 12/1/25		200,000		207,052
4.95% 12/15/46		100,000		99,260
5.25% 7/15/43		120,000		123,735
TransAlta 6.50% 3/15/40		250,000		226,889

				2,170,948

Industrial Conglomerates–0.30%
3M
1.375% 8/7/18		100,000		100,091
2.00% 8/7/20		100,000		100,710
2.00% 6/26/22		500,000		493,439
3.00% 8/7/25		100,000		101,394
3.875% 6/15/44		150,000		150,051
5.70% 3/15/37		100,000		124,348
6.375% 2/15/28		25,000		32,293
Danaher
1.65% 9/15/18		95,000		95,047
3.35% 9/15/25		125,000		128,979
4.375% 9/15/45		115,000		121,405
General Electric
2.70% 10/9/22		1,150,000		1,159,496
3.45% 5/15/24		800,000		832,146
4.125% 10/9/42		311,000		317,536
4.50% 3/11/44		1,500,000		1,617,570
5.30% 2/11/21		900,000		997,124
5.50% 1/8/20		100,000		109,641
5.875% 1/14/38		272,000		343,974
6.00% 8/7/19		100,000		109,880
6.75% 3/15/32		224,000		302,501
6.875% 1/10/39		201,000		285,980
Hexcel
3.95% 2/15/27		50,000		50,711


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Industrial Conglomerates (continued)
Hexcel (continued)
4.70% 8/15/25		50,000	$	53,216
Koninklijke Philips
3.75% 3/15/22		100,000		104,073
5.00% 3/15/42		100,000		105,288
6.875% 3/11/38		50,000		63,954
Roper Technologies
2.80% 12/15/21		50,000		50,110
3.00% 12/15/20		200,000		203,933
3.80% 12/15/26		55,000		55,350
3.85% 12/15/25		100,000		101,653
6.25% 9/1/19		100,000		109,435
Textron
3.65% 3/15/27		50,000		49,758
3.875% 3/1/25		170,000		173,190
Tyco Electronics Group
2.375% 12/17/18		60,000		60,558
3.50% 2/3/22		150,000		154,716
3.70% 2/15/26		100,000		102,370

				8,961,920

Insurance–0.80%
Aflac 4.00% 10/15/46		300,000		284,395
Alleghany
4.90% 9/15/44		95,000		97,124
4.95% 6/27/22		100,000		109,789
Allied World Assurance Holdings
4.35% 10/29/25		100,000		100,293
Allstate
3.28% 12/15/26		150,000		150,908
4.20% 12/15/46		150,000		152,322
4.50% 6/15/43		100,000		106,644
5.55% 5/9/35		150,000		180,323
•5.75% 8/15/53		225,000		241,869
7.45% 5/16/19		100,000		110,738
American Financial Group
9.875% 6/15/19		100,000		116,241
American International Group
2.30% 7/16/19		350,000		351,480
3.30% 3/1/21		85,000		86,643
3.75% 7/10/25		70,000		69,732
3.90% 4/1/26		600,000		603,142
4.50% 7/16/44		500,000		478,972
4.70% 7/10/35		100,000		101,509
4.80% 7/10/45		100,000		100,127
4.875% 6/1/22		500,000		541,824
6.40% 12/15/20		200,000		226,559
Aon
2.80% 3/15/21		150,000		150,719
3.50% 6/14/24		100,000		100,000
3.875% 12/15/25		100,000		101,908


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Insurance (continued)
Aon (continued)
4.00% 11/27/23		150,000	$	157,457
4.75% 5/15/45		100,000		100,274
5.00% 9/30/20		100,000		108,238
Arch Capital Finance
4.011% 12/15/26		100,000		102,740
5.031% 12/15/46		100,000		107,377
Arch Capital Group US 5.144% 11/1/43		105,000		112,788
Aspen Insurance Holdings
4.65% 11/15/23		100,000		106,909
Assured Guaranty US Holdings
5.00% 7/1/24		100,000		107,776
AXA 8.60% 12/15/30		200,000		278,300
AXIS Specialty Finance 5.875% 6/1/20		100,000		110,158
Berkshire Hathaway
1.15% 8/15/18		105,000		104,493
2.10% 8/14/19		200,000		202,027
2.20% 3/15/21		145,000		145,188
3.00% 2/11/23		100,000		101,897
3.125% 3/15/26		515,000		515,106
3.40% 1/31/22		300,000		314,017
3.75% 8/15/21		300,000		318,666
4.50% 2/11/43		250,000		268,491
Berkshire Hathaway Finance
1.30% 5/15/18		150,000		149,974
1.30% 8/15/19		140,000		138,708
1.70% 3/15/19		240,000		240,484
3.00% 5/15/22		100,000		102,638
4.25% 1/15/21		100,000		107,544
4.30% 5/15/43		100,000		102,921
4.40% 5/15/42		100,000		105,284
5.40% 5/15/18		50,000		52,223
5.75% 1/15/40		100,000		124,741
Chubb
5.75% 5/15/18		100,000		104,649
6.00% 5/11/37		100,000		126,915
6.50% 5/15/38		200,000		269,211
Chubb INA Holdings
2.30% 11/3/20		655,000		657,682
2.70% 3/13/23		100,000		99,315
3.35% 5/15/24		300,000		306,607
3.35% 5/3/26		95,000		96,246
4.15% 3/13/43		100,000		102,250
5.90% 6/15/19		125,000		135,929
Cincinnati Financial 6.92% 5/15/28		100,000		127,396
CNA Financial
3.95% 5/15/24		125,000		128,475
4.50% 3/1/26		100,000		105,878
5.75% 8/15/21		30,000		33,418
7.35% 11/15/19		120,000		135,512
Enstar Group 4.50% 3/10/22		50,000		50,684


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Insurance (continued)
Everest Reinsurance Holdings
4.868% 6/1/44		100,000	$	100,450
First American Financial
4.60% 11/15/24		100,000		101,173
Hanover Insurance Group
4.50% 4/15/26		100,000		104,016
Hartford Financial Services Group
4.30% 4/15/43		43,000		41,612
5.125% 4/15/22		100,000		110,531
5.50% 3/30/20		100,000		108,897
5.95% 10/15/36		250,000		294,872
6.10% 10/1/41		50,000		60,494
*Lincoln National 4.00% 9/1/23		500,000		523,075
Loews
4.125% 5/15/43		500,000		480,839
6.00% 2/1/35		100,000		121,039
Manulife Financial
•4.061% 2/24/32		250,000		250,971
4.15% 3/4/26		100,000		105,424
5.375% 3/4/46		100,000		116,155
Markel 5.00% 4/5/46		250,000		258,877
Marsh & McLennan
2.35% 3/6/20		150,000		150,754
2.75% 1/30/22		60,000		60,405
3.30% 3/14/23		100,000		101,993
3.50% 3/10/25		150,000		152,319
3.75% 3/14/26		75,000		77,295
4.35% 1/30/47		45,000		45,764
4.80% 7/15/21		100,000		108,298
Mercury General 4.40% 3/15/27		50,000		50,051
MetLife
3.00% 3/1/25		150,000		147,976
4.05% 3/1/45		150,000		145,816
4.368% 9/15/23		367,000		395,458
4.60% 5/13/46		200,000		211,174
4.75% 2/8/21		200,000		216,792
4.875% 11/13/43		200,000		218,560
5.70% 6/15/35		50,000		60,111
5.875% 2/6/41		100,000		122,150
6.375% 6/15/34		100,000		127,977
6.40% 12/15/36		100,000		110,000
6.50% 12/15/32		100,000		128,806
6.817% 8/15/18		400,000		426,522
7.717% 2/15/19		200,000		221,024
10.75% 8/1/39		150,000		232,125
Montpelier Re Holdings 4.70% 10/15/22		100,000		107,324
Old Republic International
4.875% 10/1/24		100,000		106,579
PartnerRe Finance B 5.50% 6/1/20		100,000		109,431
Primerica 4.75% 7/15/22		100,000		106,737
Principal Financial Group
3.10% 11/15/26		300,000		292,711


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Insurance (continued)
Principal Financial Group (continued)
3.40% 5/15/25		100,000	$	99,888
•4.70% 5/15/55		50,000		50,875
Progressive
3.75% 8/23/21		100,000		105,655
4.35% 4/25/44		250,000		262,637
Protective Life 7.375% 10/15/19		50,000		56,221
Prudential Financial
2.30% 8/15/18		250,000		251,787
5.10% 8/15/43		250,000		278,714
•5.20% 3/15/44		100,000		102,800
5.70% 12/14/36		350,000		412,427
•5.875% 9/15/42		250,000		272,000
6.625% 12/1/37		400,000		519,752
6.625% 6/21/40		200,000		262,624
Reinsurance Group of America
3.95% 9/15/26		30,000		30,313
4.70% 9/15/23		150,000		161,702
6.45% 11/15/19		90,000		99,385
Swiss Re Solutions Holding
7.00% 2/15/26		100,000		124,339
Transatlantic Holdings 8.00% 11/30/39		100,000		132,727
Travelers
3.75% 5/15/46		50,000		47,504
3.90% 11/1/20		100,000		105,940
4.60% 8/1/43		250,000		272,436
5.80% 5/15/18		250,000		261,635
5.90% 6/2/19		100,000		108,571
6.25% 6/15/37		100,000		130,255
6.75% 6/20/36		100,000		136,449
Trinity Acquisition 4.40% 3/15/26		100,000		102,687
Unum Group
3.00% 5/15/21		30,000		30,062
5.75% 8/15/42		50,000		56,100
Voya Financial
3.65% 6/15/26		100,000		98,708
4.80% 6/15/46		60,000		59,534
5.70% 7/15/43		100,000		111,208
WR Berkley 7.375% 9/15/19		100,000		111,752
XLIT
2.30% 12/15/18		100,000		100,675
5.25% 12/15/43		200,000		215,831
5.75% 10/1/21		100,000		111,287

				23,726,904

Internet & Direct Marketing Retail–0.04%
Amazon.com 3.80% 12/5/24		500,000		530,275
Expedia
4.50% 8/15/24		200,000		209,673
5.95% 8/15/20		100,000		109,567
JD.com 3.875% 4/29/26		200,000		196,025


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Internet & Direct Marketing Retail (continued)
Priceline Group 3.60% 6/1/26		200,000	$	199,076

				1,244,616

Internet Software & Services–0.11%
Alibaba Group Holding
2.50% 11/28/19		500,000		502,735
3.60% 11/28/24		633,000		638,615
Alphabet
1.998% 8/15/26		250,000		231,066
3.375% 2/25/24		200,000		208,958
3.625% 5/19/21		100,000		106,240
Baidu
3.00% 6/30/20		200,000		202,958
3.25% 8/6/18		200,000		203,085
3.50% 11/28/22		200,000		204,673
4.125% 6/30/25		200,000		208,711
eBay
2.60% 7/15/22		250,000		246,806
2.875% 8/1/21		350,000		354,040
3.25% 10/15/20		100,000		103,138
3.80% 3/9/22		150,000		156,273

				3,367,298

IT Services–0.20%
Automatic Data Processing
2.25% 9/15/20		250,000		252,993
3.375% 9/15/25		125,000		129,127
Broadridge Financial Solutions
3.95% 9/1/20		100,000		104,788
Fidelity National Information Services
2.85% 10/15/18		105,000		106,490
3.50% 4/15/23		311,000		315,967
3.625% 10/15/20		420,000		436,804
3.875% 6/5/24		100,000		102,908
4.50% 10/15/22		80,000		85,454
4.50% 8/15/46		50,000		48,449
5.00% 10/15/25		200,000		217,895
Fiserv
2.70% 6/1/20		150,000		151,809
3.50% 10/1/22		150,000		154,005
3.85% 6/1/25		150,000		154,265
4.625% 10/1/20		100,000		107,262
Total System Services
3.75% 6/1/23		125,000		125,613
3.80% 4/1/21		50,000		51,773
4.80% 4/1/26		100,000		107,836
Visa
2.20% 12/14/20		500,000		501,725
2.80% 12/14/22		300,000		302,839
3.15% 12/14/25		750,000		753,425
4.15% 12/14/35		115,000		120,542
4.30% 12/14/45		530,000		557,587


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
IT Services (continued)
Western Union
3.65% 8/22/18		100,000	$	102,384
5.253% 4/1/20		107,000		114,861
Xerox
2.80% 5/15/20		250,000		248,376
3.50% 8/20/20		100,000		101,802
4.50% 5/15/21		345,000		360,080
6.35% 5/15/18		250,000		262,249

				6,079,308

Leisure Equipment & Products–0.01%
Hasbro
3.15% 5/15/21		75,000		76,440
5.10% 5/15/44		65,000		66,405
6.35% 3/15/40		65,000		76,376
Mattel 2.35% 5/6/19		200,000		200,501

				419,722

Life Sciences Tools & Services–0.08%
Agilent Technologies
3.875% 7/15/23		150,000		155,974
5.00% 7/15/20		100,000		108,059
Life Technologies 6.00% 3/1/20		150,000		164,444
Thermo Fisher Scientific
3.00% 4/15/23		105,000		104,190
3.30% 2/15/22		650,000		663,509
3.60% 8/15/21		100,000		103,889
4.15% 2/1/24		500,000		525,486
4.50% 3/1/21		240,000		256,863
4.70% 5/1/20		100,000		106,389
Trimble 4.75% 12/1/24		100,000		103,656

				2,292,459

Machinery–0.22%
Caterpillar
2.60% 6/26/22		50,000		50,119
3.803% 8/15/42		168,000		159,834
3.90% 5/27/21		150,000		158,801
4.75% 5/15/64		250,000		266,372
6.05% 8/15/36		200,000		250,016
7.90% 12/15/18		100,000		110,077
Crane 4.45% 12/15/23		100,000		105,076
Cummins
3.65% 10/1/23		139,000		145,575
4.875% 10/1/43		64,000		71,349
Deere
2.60% 6/8/22		100,000		100,195
3.90% 6/9/42		150,000		150,159
4.375% 10/16/19		350,000		371,640
5.375% 10/16/29		100,000		120,003
Dover
4.30% 3/1/21		100,000		106,401
5.375% 3/1/41		100,000		118,075


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Machinery (continued)
Eaton
2.75% 11/2/22		250,000	$	248,577
4.15% 11/2/42		150,000		148,417
6.95% 3/20/19		50,000		54,709
Flowserve 4.00% 11/15/23		64,000		66,138
Illinois Tool Works
1.95% 3/1/19		300,000		302,188
2.65% 11/15/26		150,000		144,599
3.375% 9/15/21		60,000		62,801
3.90% 9/1/42		150,000		150,442
4.875% 9/15/41		100,000		113,150
6.25% 4/1/19		100,000		109,107
Ingersoll-Rand Global Holding
4.25% 6/15/23		250,000		266,613
5.75% 6/15/43		100,000		119,102
6.875% 8/15/18		250,000		267,113
Kennametal 2.65% 11/1/19		150,000		150,101
Parker-Hannifin
3.30% 11/21/24		60,000		61,111
4.20% 11/21/34		140,000		144,454
6.25% 5/15/38		550,000		706,224
Pentair Finance
2.90% 9/15/18		150,000		151,569
5.00% 5/15/21		200,000		214,106
Stanley Black & Decker
2.451% 11/17/18		100,000		101,082
2.90% 11/1/22		150,000		151,727
5.20% 9/1/40		100,000		111,885
•5.75% 12/15/53		100,000		105,630
Timken 3.875% 9/1/24		70,000		68,939
Xylem
3.25% 11/1/26		55,000		54,421
4.375% 11/1/46		50,000		49,727

				6,407,624

Media–1.02%
21st Century Fox America
3.00% 9/15/22		600,000		600,245
#144A 3.375% 11/15/26		60,000		58,885
3.70% 10/15/25		40,000		40,625
4.50% 2/15/21		150,000		160,153
4.75% 9/15/44		60,000		60,828
#144A 4.75% 11/15/46		50,000		50,314
4.95% 10/15/45		30,000		31,169
5.65% 8/15/20		300,000		330,394
6.15% 3/1/37		30,000		35,583
6.15% 2/15/41		450,000		539,147
6.40% 12/15/35		300,000		364,956
6.65% 11/15/37		175,000		219,740
6.90% 8/15/39		100,000		128,065
8.15% 10/17/36		100,000		139,771


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Media (continued)
CBS
2.30% 8/15/19		200,000	$	200,882
2.90% 1/15/27		100,000		93,182
3.375% 3/1/22		100,000		102,146
4.00% 1/15/26		355,000		364,144
4.85% 7/1/42		150,000		151,429
4.90% 8/15/44		125,000		127,219
7.875% 7/30/30		200,000		271,851
Charter Communications Operating
3.579% 7/23/20		305,000		313,972
4.464% 7/23/22		500,000		527,871
4.908% 7/23/25		850,000		899,663
#144A 5.375% 5/1/47		200,000		201,655
6.384% 10/23/35		190,000		216,586
6.484% 10/23/45		565,000		652,761
Comcast
1.625% 1/15/22		150,000		143,940
2.35% 1/15/27		105,000		96,333
2.75% 3/1/23		300,000		299,151
3.00% 2/1/24		250,000		250,121
3.125% 7/15/22		100,000		102,476
3.15% 3/1/26		350,000		344,759
3.20% 7/15/36		150,000		133,399
3.30% 2/1/27		250,000		248,449
3.375% 2/15/25		425,000		430,834
3.375% 8/15/25		65,000		65,653
3.40% 7/15/46		110,000		94,367
4.20% 8/15/34		83,000		84,784
4.25% 1/15/33		200,000		206,270
4.40% 8/15/35		192,000		199,383
4.60% 8/15/45		77,000		79,806
4.65% 7/15/42		24,000		25,102
4.75% 3/1/44		350,000		370,107
5.70% 5/15/18		200,000		209,391
5.70% 7/1/19		200,000		216,822
6.40% 5/15/38		250,000		319,477
6.45% 3/15/37		200,000		255,196
6.50% 11/15/35		200,000		255,579
6.95% 8/15/37		250,000		336,013
7.05% 3/15/33		500,000		665,569
Discovery Communications
3.30% 5/15/22		150,000		149,579
3.80% 3/13/24		100,000		99,299
4.375% 6/15/21		100,000		105,461
4.875% 4/1/43		100,000		90,904
4.90% 3/11/26		100,000		104,193
5.625% 8/15/19		123,000		132,789
6.35% 6/1/40		150,000		158,987
Grupo Televisa
4.625% 1/30/26		400,000		412,292
6.625% 1/15/40		100,000		109,572
8.50% 3/11/32		200,000		255,178


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Media (continued)
Historic TW
6.625% 5/15/29		300,000	$	366,754
6.875% 6/15/18		400,000		424,423
NBCUniversal Media
2.875% 1/15/23		575,000		577,046
4.375% 4/1/21		200,000		214,917
4.45% 1/15/43		675,000		681,039
5.15% 4/30/20		670,000		731,596
5.95% 4/1/41		200,000		244,494
Omnicom Group
3.60% 4/15/26		200,000		200,281
3.625% 5/1/22		200,000		207,131
4.45% 8/15/20		35,000		37,329
6.25% 7/15/19		250,000		272,958
RELX Capital 8.625% 1/15/19		100,000		111,091
Scripps Networks Interactive
2.75% 11/15/19		50,000		50,628
2.80% 6/15/20		100,000		101,121
3.50% 6/15/22		100,000		101,993
3.90% 11/15/24		150,000		152,502
3.95% 6/15/25		100,000		101,838
Thomson Reuters
3.35% 5/15/26		55,000		53,672
4.30% 11/23/23		200,000		211,573
4.70% 10/15/19		400,000		424,318
6.50% 7/15/18		150,000		158,757
Time Warner
2.95% 7/15/26		125,000		116,629
3.55% 6/1/24		200,000		200,626
3.80% 2/15/27		105,000		104,067
3.875% 1/15/26		150,000		150,610
4.70% 1/15/21		100,000		107,299
4.75% 3/29/21		150,000		161,169
4.875% 3/15/20		200,000		214,702
4.90% 6/15/42		200,000		196,117
6.10% 7/15/40		100,000		113,019
6.25% 3/29/41		800,000		921,712
6.50% 11/15/36		100,000		119,215
7.625% 4/15/31		325,000		437,121
7.70% 5/1/32		330,000		451,739
Time Warner Cable
4.00% 9/1/21		500,000		518,799
5.00% 2/1/20		145,000		154,320
5.50% 9/1/41		100,000		102,898
5.875% 11/15/40		100,000		106,499
6.55% 5/1/37		200,000		230,012
6.75% 7/1/18		300,000		317,325
6.75% 6/15/39		450,000		521,383
7.30% 7/1/38		150,000		186,425
8.25% 4/1/19		250,000		278,845
8.75% 2/14/19		200,000		223,660


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Media (continued)
Time Warner Entertainment
8.375% 3/15/23		250,000	$	312,766
8.375% 7/15/33		200,000		267,525
Viacom
3.125% 6/15/22		550,000		544,942
3.25% 3/15/23		250,000		244,124
3.875% 4/1/24		200,000		200,750
4.375% 3/15/43		477,000		414,960
5.625% 9/15/19		200,000		215,228
5.85% 9/1/43		150,000		158,522
6.875% 4/30/36		125,000		143,790
Walt Disney
0.875% 7/12/19		60,000		58,973
1.50% 9/17/18		70,000		70,161
1.85% 7/30/26		95,000		86,210
1.95% 3/4/20		60,000		60,160
2.15% 9/17/20		100,000		100,545
2.30% 2/12/21		500,000		504,178
2.35% 12/1/22		300,000		298,327
2.45% 3/4/22		70,000		70,210
3.00% 2/13/26		300,000		300,430
3.00% 7/30/46		50,000		42,225
3.15% 9/17/25		100,000		102,131
3.70% 12/1/42		150,000		144,148
3.75% 6/1/21		200,000		211,966
4.125% 12/1/41		100,000		102,370
4.125% 6/1/44		83,000		85,683
WPP Finance 2010
4.75% 11/21/21		100,000		107,748
5.625% 11/15/43		250,000		267,387

				30,409,582

Metals & Mining–0.29%
Barrick Gold
4.10% 5/1/23		63,000		67,641
5.25% 4/1/42		300,000		327,354
Barrick North America Finance
4.40% 5/30/21		49,000		52,575
5.70% 5/30/41		500,000		567,642
5.75% 5/1/43		150,000		174,708
Barrick PD Australia Finance
5.95% 10/15/39		100,000		115,046
BHP Billiton Finance USA
3.85% 9/30/23		200,000		212,571
4.125% 2/24/42		125,000		125,471
5.00% 9/30/43		500,000		561,208
Goldcorp 3.70% 3/15/23		200,000		204,222
Newmont Mining
3.50% 3/15/22		150,000		154,406
4.875% 3/15/42		650,000		651,947
6.25% 10/1/39		100,000		116,398


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Metals & Mining (continued)
Nucor
4.00% 8/1/23		139,000	$	147,139
4.125% 9/15/22		100,000		107,398
5.20% 8/1/43		100,000		114,077
5.85% 6/1/18		100,000		104,699
Reliance Steel & Aluminum
4.50% 4/15/23		150,000		156,734
Rio Tinto Alcan 6.125% 12/15/33		150,000		170,552
Rio Tinto Finance USA
2.875% 8/21/22		32,000		32,256
3.75% 9/20/21		60,000		62,975
3.75% 6/15/25		700,000		728,445
4.125% 5/20/21		80,000		85,145
4.125% 8/21/42		150,000		149,464
5.20% 11/2/40		100,000		114,710
7.125% 7/15/28		75,000		98,425
9.00% 5/1/19		100,000		114,114
Southern Copper
3.50% 11/8/22		89,000		90,148
5.25% 11/8/42		150,000		147,857
5.375% 4/16/20		125,000		135,511
5.875% 4/23/45		69,000		71,894
6.75% 4/16/40		110,000		124,664
7.50% 7/27/35		200,000		244,828
Vale 5.625% 9/11/42		150,000		142,470
Vale Overseas
4.375% 1/11/22		250,000		254,775
4.625% 9/15/20		100,000		104,125
5.625% 9/15/19		300,000		319,125
5.875% 6/10/21		500,000		537,060
6.25% 8/10/26		300,000		326,625
6.875% 11/21/36		350,000		378,035
6.875% 11/10/39		170,000		182,648
Yamana Gold 4.95% 7/15/24		50,000		50,324

				8,627,411

Multiline Retail–0.12%
Dollar General
3.25% 4/15/23		200,000		200,233
3.875% 4/15/27		100,000		100,283
4.15% 11/1/25		75,000		77,607
Kohl’s
4.00% 11/1/21		200,000		204,050
4.25% 7/17/25		50,000		48,086
4.75% 12/15/23		150,000		154,001
5.55% 7/17/45		50,000		45,381
Macy’s Retail Holdings
2.875% 2/15/23		100,000		93,413
3.45% 1/15/21		100,000		100,526
3.625% 6/1/24		150,000		143,423
4.375% 9/1/23		90,000		89,486
6.70% 7/15/34		150,000		155,399


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Multiline Retail (continued)
Macy’s Retail Holdings (continued)
6.90% 4/1/29		150,000	$	160,846
Nordstrom
4.00% 3/15/27		60,000		59,916
4.75% 5/1/20		100,000		106,461
5.00% 1/15/44		281,000		266,863
Target
2.30% 6/26/19		200,000		202,616
2.50% 4/15/26		100,000		93,518
2.90% 1/15/22		300,000		305,705
3.625% 4/15/46		490,000		443,395
3.875% 7/15/20		100,000		105,521
4.00% 7/1/42		150,000		145,119
6.35% 11/1/32		100,000		127,165
7.00% 1/15/38		200,000		276,563

				3,705,576

Multi-Utilities–0.23%
Consolidated Edison Co. of New York
3.95% 3/1/43		150,000		146,971
4.30% 12/1/56		100,000		100,695
4.45% 3/15/44		200,000		211,482
4.50% 12/1/45		100,000		106,586
4.625% 12/1/54		500,000		533,467
5.50% 12/1/39		250,000		297,347
5.85% 3/15/36		100,000		122,367
6.30% 8/15/37		20,000		25,747
6.65% 4/1/19		200,000		218,607
6.75% 4/1/38		25,000		33,897
7.125% 12/1/18		200,000		217,488
Dominion Resources
1.60% 8/15/19		100,000		98,805
1.875% 1/15/19		150,000		149,897
2.00% 8/15/21		40,000		38,849
2.50% 12/1/19		400,000		404,794
2.75% 1/15/22		150,000		149,390
2.75% 9/15/22		250,000		245,904
2.85% 8/15/26		60,000		56,139
4.45% 3/15/21		100,000		106,719
4.90% 8/1/41		60,000		63,622
5.20% 8/15/19		80,000		85,528
5.95% 6/15/35		25,000		29,323
6.40% 6/15/18		76,000		80,027
DTE Energy
2.40% 12/1/19		150,000		151,012
2.85% 10/1/26		200,000		187,518
3.30% 6/15/22		200,000		203,303
3.50% 6/1/24		100,000		100,365
NiSource Finance
4.80% 2/15/44		100,000		105,519
5.25% 2/15/43		59,000		65,399
5.45% 9/15/20		125,000		136,988


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Multi-Utilities (continued)
NiSource Finance (continued)
6.125% 3/1/22		100,000	$	114,665
Public Service Enterprise Group
2.00% 11/15/21		200,000		193,924
Puget Energy
3.65% 5/15/25		200,000		198,593
6.00% 9/1/21		200,000		223,043
Puget Sound Energy
5.638% 4/15/41		80,000		98,648
5.795% 3/15/40		100,000		123,127
San Diego Gas & Electric
3.00% 8/15/21		175,000		179,215
3.60% 9/1/23		200,000		209,016
6.00% 6/1/39		110,000		141,071
Sempra Energy
1.625% 10/7/19		70,000		69,344
2.40% 3/15/20		250,000		251,078
2.85% 11/15/20		100,000		101,239
2.875% 10/1/22		150,000		149,604
3.75% 11/15/25		100,000		102,004
6.00% 10/15/39		125,000		149,385
6.15% 6/15/18		25,000		26,332
WEC Energy Group
1.65% 6/15/18		35,000		34,995
2.45% 6/15/20		50,000		50,336
3.55% 6/15/25		50,000		51,021

				6,940,395

Oil, Gas & Consumable Fuels–2.52%
Anadarko Finance 7.50% 5/1/31		250,000		318,239
Anadarko Petroleum
5.55% 3/15/26		400,000		444,687
6.45% 9/15/36		250,000		295,939
7.95% 6/15/39		200,000		258,427
8.70% 3/15/19		200,000		224,451
Apache
3.25% 4/15/22		473,000		475,950
4.25% 1/15/44		100,000		94,165
4.75% 4/15/43		200,000		200,389
5.10% 9/1/40		350,000		361,368
5.25% 2/1/42		100,000		104,881
6.00% 1/15/37		50,000		56,735
Boardwalk Pipelines
3.375% 2/1/23		100,000		97,575
4.45% 7/15/27		70,000		70,868
4.95% 12/15/24		50,000		52,737
5.75% 9/15/19		100,000		107,388
5.95% 6/1/26		50,000		55,467
Buckeye Partners
3.95% 12/1/26		35,000		34,347
4.875% 2/1/21		260,000		276,060
5.85% 11/15/43		500,000		520,573


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Burlington Resources Finance
7.20% 8/15/31		100,000	$	131,991
Canadian Natural Resources
3.80% 4/15/24		43,000		43,354
3.90% 2/1/25		200,000		201,954
5.85% 2/1/35		200,000		216,120
6.25% 3/15/38		150,000		172,225
Cenovus Energy
3.00% 8/15/22		150,000		148,078
4.45% 9/15/42		320,000		284,405
5.70% 10/15/19		205,000		221,531
Chevron
1.561% 5/16/19		200,000		199,403
1.686% 2/28/19		150,000		150,200
1.718% 6/24/18		500,000		501,690
1.79% 11/16/18		150,000		150,456
1.991% 3/3/20		94,000		94,159
2.10% 5/16/21		200,000		198,358
2.193% 11/15/19		500,000		504,593
2.355% 12/5/22		500,000		494,869
2.498% 3/3/22		200,000		200,534
2.566% 5/16/23		200,000		198,488
2.895% 3/3/24		150,000		150,505
2.954% 5/16/26		200,000		197,842
3.191% 6/24/23		550,000		563,635
3.326% 11/17/25		150,000		153,199
4.95% 3/3/19		100,000		106,099
CNOOC Finance 2013
3.00% 5/9/23		250,000		244,290
4.25% 5/9/43		1,000,000		984,756
CNOOC Finance 2015 Australia
2.625% 5/5/20		200,000		199,486
4.20% 5/5/45		200,000		194,500
CNOOC Finance 2015 USA 3.50% 5/5/25		200,000		198,282
Columbia Pipeline Group
2.45% 6/1/18		50,000		50,253
4.50% 6/1/25		250,000		262,359
5.80% 6/1/45		100,000		117,193
ConocoPhillips
2.40% 12/15/22		450,000		440,125
3.35% 5/15/25		180,000		180,980
4.15% 11/15/34		90,000		90,242
4.20% 3/15/21		200,000		213,449
4.30% 11/15/44		150,000		149,931
4.95% 3/15/26		250,000		277,977
5.75% 2/1/19		425,000		455,095
5.90% 5/15/38		450,000		545,621
5.95% 3/15/46		100,000		125,457
6.00% 1/15/20		200,000		220,997
6.50% 2/1/39		380,000		485,535
ConocoPhillips Holding 6.95% 4/15/29		200,000		258,989


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Devon Energy
3.25% 5/15/22		250,000	$	247,948
4.00% 7/15/21		100,000		103,293
4.75% 5/15/42		100,000		96,664
5.00% 6/15/45		70,000		70,496
5.60% 7/15/41		300,000		318,327
5.85% 12/15/25		150,000		172,344
7.95% 4/15/32		100,000		130,022
Devon Financing 7.875% 9/30/31		200,000		258,921
Ecopetrol
4.125% 1/16/25		500,000		485,500
5.375% 6/26/26		210,000		215,313
5.875% 9/18/23		200,000		217,250
5.875% 5/28/45		155,000		141,825
7.625% 7/23/19		200,000		222,500
Enable Midstream Partners
3.90% 5/15/24		200,000		195,484
4.40% 3/15/27		100,000		99,452
5.00% 5/15/44		70,000		64,157
Enbridge
3.50% 6/10/24		100,000		98,325
4.00% 10/1/23		150,000		154,373
4.25% 12/1/26		100,000		102,280
4.50% 6/10/44		100,000		92,850
5.50% 12/1/46		100,000		106,716
Enbridge Energy Partners
5.20% 3/15/20		100,000		107,044
6.50% 4/15/18		50,000		52,272
7.50% 4/15/38		300,000		356,478
9.875% 3/1/19		50,000		56,898
Encana 3.90% 11/15/21		600,000		613,588
Energy Transfer Partners
2.50% 6/15/18		215,000		216,110
3.60% 2/1/23		100,000		99,525
4.05% 3/15/25		100,000		99,045
4.15% 10/1/20		150,000		155,881
4.20% 4/15/27		150,000		148,499
4.75% 1/15/26		400,000		412,764
5.15% 3/15/45		150,000		142,491
5.20% 2/1/22		250,000		268,145
5.30% 4/15/47		150,000		144,066
5.95% 10/1/43		125,000		129,856
6.125% 12/15/45		400,000		429,440
6.50% 2/1/42		150,000		162,443
7.50% 7/1/38		200,000		237,005
EnLink Midstream Partners
4.85% 7/15/26		120,000		124,052
Enterprise Products Operating
1.65% 5/7/18		100,000		99,914
2.85% 4/15/21		355,000		356,871
3.35% 3/15/23		350,000		353,386


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Enterprise Products Operating (continued)
3.70% 2/15/26		150,000	$	150,322
3.75% 2/15/25		640,000		644,709
3.90% 2/15/24		200,000		204,993
3.95% 2/15/27		245,000		250,315
4.05% 2/15/22		100,000		105,290
4.45% 2/15/43		125,000		119,389
4.85% 8/15/42		200,000		203,287
4.85% 3/15/44		125,000		126,895
4.90% 5/15/46		100,000		102,754
5.20% 9/1/20		100,000		109,007
5.25% 1/31/20		100,000		107,952
5.70% 2/15/42		150,000		168,132
5.95% 2/1/41		100,000		114,701
6.125% 10/15/39		50,000		58,280
6.50% 1/31/19		100,000		108,158
7.55% 4/15/38		100,000		132,967
EOG Resources
2.625% 3/15/23		150,000		146,601
3.15% 4/1/25		250,000		244,443
3.90% 4/1/35		350,000		336,107
4.15% 1/15/26		100,000		104,657
4.40% 6/1/20		150,000		159,179
6.875% 10/1/18		25,000		26,808
EQT
4.875% 11/15/21		100,000		107,593
8.125% 6/1/19		75,000		83,778
EQT Midstream Partners
4.00% 8/1/24		55,000		54,887
4.125% 12/1/26		65,000		64,498
Exxon Mobil
1.708% 3/1/19		250,000		250,500
1.819% 3/15/19		500,000		502,039
2.222% 3/1/21		105,000		105,261
2.726% 3/1/23		170,000		170,666
3.043% 3/1/26		750,000		750,787
3.567% 3/6/45		800,000		754,247
4.114% 3/1/46		165,000		170,056
Hess
4.30% 4/1/27		150,000		147,628
5.60% 2/15/41		200,000		200,966
5.80% 4/1/47		150,000		155,575
7.125% 3/15/33		100,000		114,990
7.30% 8/15/31		250,000		295,235
Husky Energy
3.95% 4/15/22		150,000		155,555
4.00% 4/15/24		50,000		50,838
7.25% 12/15/19		125,000		140,733
Kerr-McGee 6.95% 7/1/24		100,000		118,230
Kinder Morgan
4.30% 6/1/25		200,000		204,662
5.55% 6/1/45		700,000		717,770


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Kinder Morgan Energy Partners
2.65% 2/1/19		300,000	$	302,974
3.50% 3/1/21		520,000		528,917
3.50% 9/1/23		500,000		493,507
3.95% 9/1/22		100,000		102,282
5.00% 8/15/42		500,000		473,508
5.00% 3/1/43		250,000		238,139
5.30% 9/15/20		250,000		270,570
5.80% 3/15/35		150,000		157,524
6.50% 9/1/39		100,000		111,229
6.55% 9/15/40		200,000		220,928
7.75% 3/15/32		200,000		249,373
Magellan Midstream Partners
4.25% 2/1/21		150,000		158,408
4.25% 9/15/46		180,000		169,290
5.00% 3/1/26		100,000		110,276
6.55% 7/15/19		50,000		54,787
Marathon Oil
2.80% 11/1/22		125,000		120,255
6.60% 10/1/37		100,000		113,804
Marathon Petroleum
3.625% 9/15/24		250,000		246,529
5.00% 9/15/54		500,000		437,578
5.125% 3/1/21		135,000		146,171
6.50% 3/1/41		145,000		160,992
MPLX
4.125% 3/1/27		165,000		164,616
4.875% 12/1/24		500,000		526,786
5.20% 3/1/47		165,000		166,660
Nexen Energy
6.20% 7/30/19		130,000		141,134
6.40% 5/15/37		150,000		187,108
7.50% 7/30/39		200,000		280,255
Noble Energy
4.15% 12/15/21		100,000		105,032
5.05% 11/15/44		800,000		821,107
6.00% 3/1/41		135,000		150,444
8.25% 3/1/19		100,000		111,289
Occidental Petroleum
2.60% 4/15/22		250,000		249,368
2.70% 2/15/23		200,000		197,806
3.00% 2/15/27		250,000		240,808
3.125% 2/15/22		150,000		153,202
3.40% 4/15/26		180,000		179,861
3.50% 6/15/25		450,000		454,900
4.10% 2/15/47		250,000		241,885
4.40% 4/15/46		250,000		254,153
ONEOK Partners
3.20% 9/15/18		100,000		101,429
3.375% 10/1/22		150,000		150,317
3.80% 3/15/20		100,000		103,407


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
ONEOK Partners (continued)
4.90% 3/15/25		100,000	$	106,025
6.125% 2/1/41		100,000		110,927
6.20% 9/15/43		178,000		199,970
6.65% 10/1/36		100,000		116,727
8.625% 3/1/19		100,000		111,437
Petro-Canada
5.95% 5/15/35		200,000		235,029
6.80% 5/15/38		100,000		128,929
9.25% 10/15/21		50,000		63,051
Petroleos Mexicanos
2.378% 4/15/25		161,500		161,377
3.125% 1/23/19		80,000		80,520
3.50% 7/18/18		200,000		203,520
3.50% 1/30/23		800,000		764,320
4.50% 1/23/26		250,000		240,250
4.625% 9/21/23		300,000		302,475
4.875% 1/24/22		1,250,000		1,289,000
4.875% 1/18/24		500,000		505,750
#144A 5.375% 3/13/22		700,000		734,125
5.50% 1/21/21		400,000		423,900
5.625% 1/23/46		500,000		448,925
6.00% 3/5/20		260,000		279,630
6.375% 1/23/45		609,000		596,954
#144A 6.50% 3/13/27		700,000		753,900
6.50% 6/2/41		800,000		800,800
6.625% 6/15/35		250,000		258,775
6.75% 9/21/47		300,000		305,070
8.00% 5/3/19		550,000		608,135
Phillips 66
4.65% 11/15/34		350,000		355,419
5.875% 5/1/42		250,000		287,117
Phillips 66 Partners
3.55% 10/1/26		100,000		95,705
4.90% 10/1/46		100,000		95,573
Pioneer Natural Resources
3.45% 1/15/21		100,000		102,456
3.95% 7/15/22		100,000		104,214
4.45% 1/15/26		100,000		105,625
6.875% 5/1/18		400,000		420,573
Plains All American Pipeline
4.30% 1/31/43		100,000		85,480
4.50% 12/15/26		100,000		102,171
4.65% 10/15/25		200,000		206,372
4.70% 6/15/44		600,000		544,991
5.15% 6/1/42		200,000		190,440
5.75% 1/15/20		100,000		108,183
6.65% 1/15/37		125,000		140,519
8.75% 5/1/19		150,000		169,263
Sabine Pass Liquefaction
#144A 4.20% 3/15/28		70,000		69,297


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Sabine Pass Liquefaction (continued)
5.625% 2/1/21		700,000	$	754,834
5.625% 3/1/25		545,000		591,783
5.75% 5/15/24		545,000		594,788
Shell International Finance
1.375% 5/10/19		400,000		396,575
1.375% 9/12/19		150,000		148,260
1.625% 11/10/18		150,000		149,869
1.75% 9/12/21		150,000		145,899
1.875% 5/10/21		200,000		195,989
2.00% 11/15/18		300,000		301,368
2.125% 5/11/20		350,000		350,164
2.25% 11/10/20		150,000		150,617
2.375% 8/21/22		250,000		245,951
2.50% 9/12/26		150,000		141,683
2.875% 5/10/26		400,000		389,415
3.25% 5/11/25		650,000		657,007
3.40% 8/12/23		650,000		669,176
3.75% 9/12/46		150,000		138,297
4.00% 5/10/46		600,000		575,782
4.125% 5/11/35		156,000		157,488
4.30% 9/22/19		200,000		211,542
4.375% 3/25/20		75,000		79,950
4.375% 5/11/45		167,000		169,767
4.55% 8/12/43		600,000		624,362
5.50% 3/25/40		100,000		117,038
6.375% 12/15/38		300,000		387,315
Spectra Energy Capital 5.65% 3/1/20		100,000		107,102
Spectra Energy Partners
2.95% 9/25/18		350,000		354,747
3.375% 10/15/26		145,000		138,305
4.50% 3/15/45		50,000		46,892
Statoil
1.15% 5/15/18		250,000		248,871
2.45% 1/17/23		200,000		196,814
2.65% 1/15/24		100,000		98,292
3.15% 1/23/22		200,000		204,875
3.70% 3/1/24		600,000		624,893
3.95% 5/15/43		250,000		242,373
4.80% 11/8/43		150,000		165,995
5.10% 8/17/40		200,000		227,599
5.25% 4/15/19		250,000		266,559
Suncor Energy
3.60% 12/1/24		250,000		253,889
6.10% 6/1/18		150,000		157,927
6.50% 6/15/38		250,000		315,331
6.85% 6/1/39		100,000		131,121
7.15% 2/1/32		25,000		32,386
Sunoco Logistics Partners Operations
3.45% 1/15/23		200,000		197,454
3.90% 7/15/26		100,000		96,805
4.40% 4/1/21		100,000		105,329


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Sunoco Logistics Partners Operations (continued)
5.30% 4/1/44		200,000	$	194,824
5.95% 12/1/25		100,000		111,528
TC PipeLines 4.375% 3/13/25		150,000		152,196
Tennessee Gas Pipeline 7.625% 4/1/37		150,000		182,497
Tosco 8.125% 2/15/30		100,000		138,714
Total Capital
4.125% 1/28/21		100,000		106,226
4.45% 6/24/20		100,000		107,195
Total Capital Canada 2.75% 7/15/23		300,000		297,042
Total Capital International
2.10% 6/19/19		300,000		302,155
2.70% 1/25/23		200,000		198,489
2.875% 2/17/22		200,000		202,079
3.70% 1/15/24		100,000		104,018
TransCanada PipeLines
2.50% 8/1/22		150,000		147,826
3.125% 1/15/19		25,000		25,497
3.75% 10/16/23		150,000		155,987
3.80% 10/1/20		100,000		104,751
4.625% 3/1/34		200,000		209,800
4.875% 1/15/26		100,000		110,986
6.10% 6/1/40		100,000		122,982
6.50% 8/15/18		200,000		212,402
7.25% 8/15/38		100,000		135,583
7.625% 1/15/39		250,000		351,447
Transcontinental Gas Pipe Line
4.45% 8/1/42		100,000		94,883
Valero Energy
3.65% 3/15/25		100,000		99,406
4.90% 3/15/45		150,000		150,444
6.125% 2/1/20		65,000		71,613
6.625% 6/15/37		300,000		356,140
7.50% 4/15/32		100,000		127,412
9.375% 3/15/19		200,000		227,505
Valero Energy Partners
4.375% 12/15/26		85,000		85,943
Western Gas Partners
3.95% 6/1/25		150,000		148,745
4.00% 7/1/22		150,000		154,214
5.45% 4/1/44		100,000		103,089
Williams Partners
3.90% 1/15/25		725,000		725,239
4.00% 11/15/21		100,000		103,581
4.30% 3/4/24		195,000		200,938
5.25% 3/15/20		200,000		215,335
6.30% 4/15/40		470,000		528,406
XTO Energy 6.50% 12/15/18		100,000		107,858

				75,025,684


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Paper & Forest Products–0.08%
Celulosa Arauco y Constitucion
4.50% 8/1/24		200,000	$	205,746
5.00% 1/21/21		100,000		105,976
Domtar 4.40% 4/1/22		100,000		104,704
Fibria Overseas Finance 5.50% 1/17/27		100,000		100,340
Georgia-Pacific 8.00% 1/15/24		250,000		320,710
International Paper
3.00% 2/15/27		150,000		140,529
4.75% 2/15/22		200,000		217,465
4.80% 6/15/44		200,000		199,896
5.00% 9/15/35		100,000		106,472
5.15% 5/15/46		200,000		209,380
6.00% 11/15/41		135,000		156,815
7.30% 11/15/39		100,000		129,490
7.50% 8/15/21		80,000		95,528
7.95% 6/15/18		178,000		190,760
WestRock MWV 8.20% 1/15/30		150,000		203,476

				2,487,287

Personal Products–0.04%
Colgate-Palmolive
0.90% 5/1/18		100,000		99,611
1.75% 3/15/19		344,000		345,440
2.30% 5/3/22		100,000		99,972
4.00% 8/15/45		100,000		102,913
Estee Lauder
1.80% 2/7/20		70,000		70,093
3.15% 3/15/27		100,000		99,995
4.15% 3/15/47		65,000		65,314
4.375% 6/15/45		250,000		259,612

				1,142,950

Pharmaceuticals–1.19%
AbbVie
1.80% 5/14/18		625,000		625,874
2.30% 5/14/21		200,000		197,681
2.50% 5/14/20		500,000		503,774
2.85% 5/14/23		150,000		147,369
2.90% 11/6/22		500,000		498,763
3.20% 11/6/22		225,000		227,813
3.20% 5/14/26		200,000		192,631
3.60% 5/14/25		600,000		601,162
4.30% 5/14/36		150,000		145,838
4.40% 11/6/42		300,000		286,998
4.45% 5/14/46		200,000		191,608
4.50% 5/14/35		600,000		597,695
4.70% 5/14/45		665,000		665,814
Actavis
3.25% 10/1/22		250,000		251,789
4.625% 10/1/42		125,000		122,883
6.125% 8/15/19		45,000		48,990


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Pharmaceuticals (continued)
Actavis Funding
2.45% 6/15/19		210,000	$	211,336
3.45% 3/15/22		500,000		511,099
3.80% 3/15/25		1,500,000		1,516,194
4.55% 3/15/35		1,000,000		1,005,722
4.85% 6/15/44		650,000		661,348
AstraZeneca
1.75% 11/16/18		150,000		150,087
2.375% 11/16/20		250,000		250,484
3.375% 11/16/25		650,000		655,179
4.00% 9/18/42		150,000		145,529
4.375% 11/16/45		95,000		97,094
6.45% 9/15/37		450,000		588,666
Bristol-Myers Squibb
1.75% 3/1/19		200,000		200,300
2.00% 8/1/22		100,000		96,953
3.25% 8/1/42		100,000		87,638
4.50% 3/1/44		500,000		532,271
5.875% 11/15/36		195,000		242,646
Eli Lilly & Co
1.95% 3/15/19		250,000		251,817
5.50% 3/15/27		100,000		119,834
GlaxoSmithKline Capital
2.85% 5/8/22		750,000		757,065
5.375% 4/15/34		100,000		116,806
5.65% 5/15/18		450,000		470,868
6.375% 5/15/38		450,000		590,414
Johnson & Johnson
1.125% 3/1/19		95,000		94,601
1.65% 12/5/18		800,000		804,262
1.65% 3/1/21		150,000		148,125
2.05% 3/1/23		150,000		146,675
2.25% 3/3/22		200,000		200,397
2.45% 12/5/21		150,000		152,716
2.45% 3/1/26		150,000		144,146
2.95% 9/1/20		100,000		103,780
2.95% 3/3/27		200,000		200,020
3.55% 5/15/21		100,000		105,714
3.55% 3/1/36		70,000		69,596
3.625% 3/3/37		127,000		126,209
3.70% 3/1/46		80,000		78,451
3.75% 3/3/47		200,000		197,886
4.375% 12/5/33		183,000		202,062
4.85% 5/15/41		100,000		115,984
5.15% 7/15/18		250,000		261,851
5.85% 7/15/38		100,000		130,895
Merck & Co
1.30% 5/18/18		100,000		99,990
1.85% 2/10/20		400,000		400,987
2.40% 9/15/22		150,000		149,055
2.75% 2/10/25		900,000		889,403
2.80% 5/18/23		250,000		251,232


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Pharmaceuticals (continued)
Merck & Co (continued)
3.60% 9/15/42		100,000	$	93,913
3.875% 1/15/21		400,000		424,592
4.15% 5/18/43		242,000		248,836
6.50% 12/1/33		100,000		129,970
6.55% 9/15/37		100,000		134,285
Merck Sharp & Dohme
5.00% 6/30/19		100,000		107,312
5.85% 6/30/39		50,000		62,824
Mylan
2.50% 6/7/19		145,000		145,740
2.55% 3/28/19		75,000		75,323
2.60% 6/24/18		200,000		201,579
3.00% 12/15/18		65,000		65,781
3.15% 6/15/21		250,000		251,160
3.75% 12/15/20		100,000		102,666
3.95% 6/15/26		250,000		245,173
5.25% 6/15/46		160,000		164,460
5.40% 11/29/43		133,000		138,681
Novartis Capital
1.80% 2/14/20		110,000		110,153
2.40% 5/17/22		200,000		199,069
2.40% 9/21/22		250,000		248,862
3.00% 11/20/25		250,000		250,080
3.10% 5/17/27		125,000		124,476
3.40% 5/6/24		250,000		258,262
3.70% 9/21/42		150,000		144,125
4.00% 11/20/45		250,000		251,798
4.40% 4/24/20		100,000		107,357
4.40% 5/6/44		250,000		266,283
Novartis Securities Investment
5.125% 2/10/19		400,000		425,100
Perrigo 4.00% 11/15/23		250,000		254,905
Perrigo Finance Unlimited
3.50% 3/15/21		200,000		204,086
4.375% 3/15/26		200,000		203,791
Pfizer
1.20% 6/1/18		150,000		149,836
1.45% 6/3/19		150,000		149,327
1.70% 12/15/19		150,000		149,930
1.95% 6/3/21		150,000		149,188
2.10% 5/15/19		300,000		302,682
2.20% 12/15/21		150,000		149,912
2.75% 6/3/26		150,000		146,177
3.00% 6/15/23		200,000		204,135
3.00% 12/15/26		850,000		842,676
3.40% 5/15/24		400,000		415,866
4.00% 12/15/36		100,000		101,168
4.125% 12/15/46		455,000		455,873
4.40% 5/15/44		400,000		419,334
7.20% 3/15/39		300,000		429,686


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Pharmaceuticals (continued)
Sanofi
1.25% 4/10/18		91,000	$	90,900
4.00% 3/29/21		325,000		344,735
Shire Acquisitions Investments Ireland
1.90% 9/23/19		500,000		496,694
2.40% 9/23/21		500,000		489,471
2.875% 9/23/23		300,000		291,522
3.20% 9/23/26		300,000		286,243
Teva Pharmaceutical Finance
2.95% 12/18/22		175,000		171,110
6.15% 2/1/36		100,000		111,077
Teva Pharmaceutical Finance IV
2.25% 3/18/20		250,000		248,259
3.65% 11/10/21		250,000		254,295
Teva Pharmaceutical Finance Netherlands III
1.40% 7/20/18		200,000		198,887
1.70% 7/19/19		415,000		410,498
2.20% 7/21/21		250,000		241,510
2.80% 7/21/23		310,000		294,861
3.15% 10/1/26		480,000		443,217
4.10% 10/1/46		385,000		332,966
Wyeth
5.95% 4/1/37		350,000		432,970
6.00% 2/15/36		100,000		124,497
6.50% 2/1/34		100,000		129,129
Zoetis
3.25% 2/1/23		163,000		164,817
3.45% 11/13/20		75,000		76,882
4.50% 11/13/25		200,000		215,807
4.70% 2/1/43		150,000		153,414

				35,350,262

Professional Services–0.01%
Dun & Bradstreet 4.25% 6/15/20		150,000		155,915
Equifax 2.30% 6/1/21		125,000		123,206

				279,121

Real Estate Management & Development–0.02%
American Campus Communities Operating Partnership
3.35% 10/1/20		100,000		101,695
4.125% 7/1/24		100,000		103,087
CBRE Services 4.875% 3/1/26		300,000		312,719

				517,501

Road & Rail–0.35%
Burlington Northern Santa Fe
3.00% 3/15/23		500,000		507,049
3.00% 4/1/25		250,000		249,137
3.05% 3/15/22		150,000		153,754
3.25% 6/15/27		100,000		100,874
3.45% 9/15/21		200,000		208,267


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Road & Rail (continued)
Burlington Northern Santa Fe (continued)
3.65% 9/1/25		100,000	$	104,276
3.85% 9/1/23		100,000		105,989
3.90% 8/1/46		105,000		101,040
4.125% 6/15/47		100,000		99,975
4.15% 4/1/45		114,000		114,131
4.40% 3/15/42		100,000		103,251
4.45% 3/15/43		100,000		103,973
4.70% 9/1/45		100,000		108,904
4.95% 9/15/41		100,000		111,645
5.05% 3/1/41		100,000		112,070
5.15% 9/1/43		150,000		171,534
5.75% 5/1/40		200,000		243,199
6.15% 5/1/37		100,000		127,975
Canadian National Railway
2.75% 3/1/26		50,000		49,223
2.95% 11/21/24		100,000		100,984
3.20% 8/2/46		100,000		87,807
5.55% 3/1/19		200,000		213,883
6.20% 6/1/36		100,000		129,601
6.25% 8/1/34		100,000		127,734
Canadian Pacific Railway
2.90% 2/1/25		150,000		147,338
4.45% 3/15/23		100,000		107,617
4.80% 9/15/35		65,000		70,794
4.80% 8/1/45		100,000		108,485
6.125% 9/15/15		65,000		78,839
7.125% 10/15/31		150,000		202,978
7.25% 5/15/19		65,000		71,895
CSX
3.35% 11/1/25		250,000		251,017
3.70% 10/30/20		275,000		286,826
3.70% 11/1/23		94,000		98,126
3.80% 11/1/46		150,000		137,423
3.95% 5/1/50		90,000		82,554
4.10% 3/15/44		100,000		96,359
4.25% 11/1/66		100,000		91,185
4.40% 3/1/43		200,000		200,259
5.50% 4/15/41		200,000		229,833
6.15% 5/1/37		120,000		147,921
6.22% 4/30/40		100,000		123,143
Kansas City Southern
4.30% 5/15/43		100,000		92,561
4.95% 8/15/45		100,000		100,991
Norfolk Southern
2.90% 6/15/26		165,000		159,631
2.903% 2/15/23		121,000		120,545
3.00% 4/1/22		118,000		119,707
3.25% 12/1/21		100,000		102,819
3.85% 1/15/24		150,000		157,280
4.45% 6/15/45		100,000		104,445
4.65% 1/15/46		100,000		107,354


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Road & Rail (continued)
Norfolk Southern (continued)
4.80% 8/15/43		125,000	$	136,357
4.837% 10/1/41		111,000		121,355
5.75% 4/1/18		100,000		104,085
5.90% 6/15/19		100,000		108,481
6.00% 5/23/11		100,000		116,476
Ryder System
2.25% 9/1/21		120,000		117,643
2.45% 9/3/19		250,000		251,451
2.80% 3/1/22		60,000		60,146
2.875% 9/1/20		50,000		50,645
3.45% 11/15/21		25,000		25,741
Union Pacific
2.75% 3/1/26		250,000		243,975
3.25% 1/15/25		495,000		504,385
3.25% 8/15/25		50,000		50,786
3.35% 8/15/46		150,000		136,681
3.375% 2/1/35		200,000		193,249
3.646% 2/15/24		185,000		194,005
3.799% 10/1/51		332,000		310,668
3.875% 2/1/55		94,000		87,856
4.00% 2/1/21		65,000		68,861
4.00% 4/15/47		100,000		98,941
4.05% 11/15/45		50,000		50,083
4.163% 7/15/22		190,000		205,289
4.375% 11/15/65		30,000		30,257

				10,401,616

Semiconductors & Semiconductor Equipment–0.26%
Altera 2.50% 11/15/18		250,000		253,734
Analog Devices
2.50% 12/5/21		60,000		59,490
3.125% 12/5/23		150,000		149,498
3.50% 12/5/26		150,000		148,859
3.90% 12/15/25		60,000		61,570
5.30% 12/15/45		100,000		111,121
Applied Materials
2.625% 10/1/20		100,000		101,606
3.30% 4/1/27		80,000		80,417
3.90% 10/1/25		70,000		73,926
4.35% 4/1/47		70,000		71,043
5.10% 10/1/35		70,000		78,461
5.85% 6/15/41		350,000		427,540
Broadcom
#144A 2.375% 1/15/20		350,000		350,191
#144A 3.00% 1/15/22		350,000		349,941
#144A 3.625% 1/15/24		350,000		353,095
#144A 3.875% 1/15/27		350,000		352,542
Intel
1.70% 5/19/21		100,000		97,956
2.45% 7/29/20		480,000		487,951
2.60% 5/19/26		150,000		144,065


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Semiconductors & Semiconductor Equipment (continued)
Intel (continued)
2.70% 12/15/22		150,000	$	150,683
3.30% 10/1/21		254,000		264,230
3.70% 7/29/25		365,000		381,999
4.00% 12/15/32		250,000		262,669
4.10% 5/19/46		150,000		149,967
4.25% 12/15/42		250,000		255,415
4.80% 10/1/41		172,000		190,939
4.90% 7/29/45		520,000		584,458
KLA-Tencor 4.65% 11/1/24		300,000		319,921
Lam Research
2.75% 3/15/20		100,000		101,231
2.80% 6/15/21		150,000		150,692
Maxim Integrated Products
2.50% 11/15/18		200,000		201,714
3.375% 3/15/23		100,000		100,536
NVIDIA
2.20% 9/16/21		120,000		117,658
3.20% 9/16/26		200,000		194,383
Texas Instruments
1.65% 8/3/19		100,000		99,854
2.25% 5/1/23		250,000		242,924
Xilinx 3.00% 3/15/21		200,000		203,358

				7,725,637

Software–0.70%
Activision Blizzard
#144A 2.30% 9/15/21		95,000		93,112
#144A 3.40% 9/15/26		100,000		97,847
Adobe Systems
3.25% 2/1/25		95,000		96,069
4.75% 2/1/20		85,000		91,518
Autodesk
3.125% 6/15/20		100,000		102,005
4.375% 6/15/25		100,000		103,220
CA
3.60% 8/1/20		50,000		51,575
4.70% 3/15/27		100,000		103,977
5.375% 12/1/19		100,000		108,109
Electronic Arts
3.70% 3/1/21		100,000		103,889
4.80% 3/1/26		100,000		108,338
Microsoft
1.10% 8/8/19		325,000		321,562
1.30% 11/3/18		115,000		115,001
1.55% 8/8/21		500,000		487,519
1.85% 2/6/20		200,000		200,703
1.85% 2/12/20		500,000		501,567
2.00% 11/3/20		700,000		702,652
2.00% 8/8/23		250,000		240,591
2.375% 5/1/23		150,000		147,900
2.40% 2/6/22		200,000		201,337


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Software (continued)
Microsoft (continued)
2.40% 8/8/26		850,000	$	805,242
2.65% 11/3/22		200,000		201,913
2.875% 2/6/24		65,000		65,477
3.00% 10/1/20		300,000		311,216
3.125% 11/3/25		200,000		202,104
3.30% 2/6/27		2,115,000		2,150,096
3.45% 8/8/36		250,000		237,336
3.50% 11/15/42		150,000		136,638
3.625% 12/15/23		300,000		316,336
3.70% 8/8/46		850,000		799,989
3.75% 2/12/45		500,000		475,521
3.95% 8/8/56		200,000		187,453
4.10% 2/6/37		200,000		206,825
4.20% 6/1/19		200,000		211,643
4.20% 11/3/35		200,000		210,085
4.25% 2/6/47		200,000		205,529
4.45% 11/3/45		200,000		211,597
4.50% 10/1/40		100,000		107,854
4.50% 2/6/57		200,000		206,474
4.75% 11/3/55		200,000		214,983
4.875% 12/15/43		800,000		898,034
5.20% 6/1/39		200,000		235,512
5.30% 2/8/41		400,000		475,705
Oracle
1.90% 9/15/21		455,000		447,376
2.25% 10/8/19		300,000		303,784
2.375% 1/15/19		200,000		202,804
2.40% 9/15/23		150,000		146,141
2.50% 5/15/22		1,000,000		997,942
2.50% 10/15/22		550,000		547,643
2.65% 7/15/26		460,000		438,550
2.95% 5/15/25		500,000		494,063
3.85% 7/15/36		150,000		146,858
3.875% 7/15/20		100,000		105,908
3.90% 5/15/35		355,000		351,243
4.00% 7/15/46		150,000		143,465
4.30% 7/8/34		700,000		727,885
4.375% 5/15/55		800,000		783,460
4.50% 7/8/44		500,000		516,270
5.00% 7/8/19		250,000		268,159
5.375% 7/15/40		400,000		465,234
5.75% 4/15/18		375,000		391,543
6.125% 7/8/39		150,000		190,259
6.50% 4/15/38		200,000		263,612

				20,984,252

Specialty Retail–0.26%
Advance Auto Parts
4.50% 1/15/22		100,000		105,155
4.50% 12/1/23		100,000		105,418


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Specialty Retail (continued)
AutoNation
3.35% 1/15/21		50,000	$	50,635
4.50% 10/1/25		45,000		46,578
AutoZone
2.875% 1/15/23		100,000		98,788
3.125% 4/21/26		75,000		71,657
4.00% 11/15/20		75,000		78,928
Bed Bath & Beyond
3.749% 8/1/24		50,000		50,254
4.915% 8/1/34		530,000		500,934
Home Depot
2.00% 6/15/19		900,000		907,263
2.00% 4/1/21		250,000		249,005
2.125% 9/15/26		155,000		144,011
2.25% 9/10/18		143,000		144,604
2.70% 4/1/23		150,000		151,525
3.00% 4/1/26		125,000		124,928
3.35% 9/15/25		265,000		272,828
3.50% 9/15/56		135,000		118,209
3.75% 2/15/24		200,000		212,085
4.20% 4/1/43		150,000		154,927
4.25% 4/1/46		100,000		104,387
4.40% 4/1/21		100,000		108,436
4.875% 2/15/44		96,000		109,006
5.40% 9/15/40		100,000		120,347
5.875% 12/16/36		350,000		443,634
5.95% 4/1/41		100,000		128,208
Lowe’s
3.12% 4/15/22		100,000		103,253
3.375% 9/15/25		120,000		122,692
3.70% 4/15/46		200,000		186,345
3.875% 9/15/23		200,000		212,903
4.25% 9/15/44		250,000		253,529
4.375% 9/15/45		45,000		46,742
4.625% 4/15/20		150,000		160,099
4.65% 4/15/42		100,000		106,944
5.00% 9/15/43		300,000		341,063
5.80% 10/15/36		200,000		244,070
5.80% 4/15/40		20,000		24,420
6.65% 9/15/37		100,000		134,501
O’Reilly Automotive
3.55% 3/15/26		150,000		149,759
3.80% 9/1/22		100,000		103,928
4.875% 1/14/21		45,000		48,176
QVC 4.375% 3/15/23		600,000		602,509
Signet UK Finance 4.70% 6/15/24		50,000		48,474
TJX
2.25% 9/15/26		250,000		229,870
2.50% 5/15/23		100,000		98,547

				7,819,574


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Technology Hardware, Storage & Peripherals–0.66%
Apple
1.00% 5/3/18		750,000	$	747,851
1.10% 8/2/19		250,000		247,115
1.55% 2/7/20		950,000		944,709
1.55% 8/4/21		250,000		242,695
1.70% 2/22/19		85,000		85,360
1.90% 2/7/20		150,000		150,499
2.00% 5/6/20		100,000		100,617
2.10% 5/6/19		250,000		252,791
2.15% 2/9/22		250,000		247,628
2.25% 2/23/21		500,000		501,789
2.40% 5/3/23		822,000		808,938
2.45% 8/4/26		250,000		236,779
2.50% 2/9/22		150,000		150,766
2.50% 2/9/25		250,000		242,116
2.70% 5/13/22		100,000		101,315
2.85% 2/23/23		450,000		454,616
3.20% 5/13/25		150,000		151,700
3.25% 2/23/26		415,000		419,701
3.35% 2/9/27		200,000		202,641
3.45% 5/6/24		350,000		362,080
3.45% 2/9/45		125,000		111,705
3.85% 5/4/43		350,000		336,129
3.85% 8/4/46		635,000		607,313
4.25% 2/9/47		25,000		25,465
4.375% 5/13/45		100,000		102,701
4.45% 5/6/44		600,000		621,943
4.50% 2/23/36		250,000		270,613
4.65% 2/23/46		530,000		570,070
Diamond 1 Finance
#144A 3.48% 6/1/19		765,000		784,311
#144A 4.42% 6/15/21		900,000		942,053
#144A 5.45% 6/15/23		905,000		977,766
#144A 6.02% 6/15/26		250,000		273,021
#144A 8.10% 7/15/36		135,000		169,990
#144A 8.35% 7/15/46		130,000		168,429
Hewlett Packard Enterprise
2.85% 10/5/18		650,000		658,073
3.60% 10/15/20		550,000		566,065
4.90% 10/15/25		450,000		468,224
6.20% 10/15/35		250,000		262,821
6.35% 10/15/45		250,000		258,293
HP
4.30% 6/1/21		200,000		210,744
4.375% 9/15/21		150,000		158,791
4.65% 12/9/21		350,000		375,385
6.00% 9/15/41		305,000		311,164
HP Enterprise Services 7.45% 10/15/29		25,000		30,150
International Business Machines
1.625% 5/15/20		550,000		546,028
1.80% 5/17/19		500,000		502,358
1.875% 8/1/22		600,000		580,873


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Technology Hardware, Storage & Peripherals (continued)
International Business Machines (continued)
1.90% 1/27/20		150,000	$	150,562
1.95% 2/12/19		200,000		201,531
2.50% 1/27/22		150,000		151,196
2.875% 11/9/22		150,000		151,863
2.90% 11/1/21		150,000		153,910
3.30% 1/27/27		100,000		100,826
3.45% 2/19/26		150,000		153,773
4.00% 6/20/42		200,000		200,583
5.60% 11/30/39		210,000		259,226
5.875% 11/29/32		120,000		151,859
7.625% 10/15/18		300,000		326,985

				19,544,498

Textiles, Apparel & Luxury Goods–0.02%
NIKE
2.25% 5/1/23		100,000		98,515
2.375% 11/1/26		150,000		140,568
3.375% 11/1/46		100,000		88,721
3.625% 5/1/43		100,000		92,849
3.875% 11/1/45		100,000		96,698
Ralph Lauren 2.125% 9/26/18		50,000		50,368

				567,719

Tobacco–0.26%
Altria Group
2.625% 1/14/20		1,000,000		1,013,401
2.625% 9/16/26		145,000		137,388
2.85% 8/9/22		200,000		200,653
3.875% 9/16/46		200,000		186,187
4.00% 1/31/24		89,000		93,729
4.50% 5/2/43		100,000		101,812
4.75% 5/5/21		200,000		216,856
5.375% 1/31/44		63,000		72,125
9.70% 11/10/18		119,000		133,478
Philip Morris International
1.375% 2/25/19		65,000		64,501
1.625% 2/21/19		100,000		99,673
1.875% 1/15/19		500,000		501,125
1.875% 2/25/21		100,000		98,143
2.00% 2/21/20		100,000		99,792
2.125% 5/10/23		50,000		47,724
2.625% 2/18/22		75,000		75,000
2.75% 2/25/26		100,000		96,236
2.90% 11/15/21		250,000		253,178
3.375% 8/11/25		100,000		101,062
3.60% 11/15/23		600,000		621,532
4.125% 3/4/43		150,000		145,068
4.25% 11/10/44		85,000		84,290
4.375% 11/15/41		200,000		201,314
4.50% 3/26/20		100,000		106,873


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Tobacco (continued)
Philip Morris International (continued)
4.50% 3/20/42		100,000	$	102,058
5.65% 5/16/18		300,000		313,729
6.375% 5/16/38		150,000		190,921
Reynolds American
2.30% 6/12/18		460,000		462,898
3.25% 6/12/20		49,000		50,315
4.00% 6/12/22		490,000		514,891
4.45% 6/12/25		105,000		110,709
4.85% 9/15/23		225,000		244,474
5.70% 8/15/35		50,000		57,331
5.85% 8/15/45		480,000		565,800
6.15% 9/15/43		125,000		151,194
8.125% 6/23/19		100,000		112,799

				7,628,259

Trading Companies & Distributors–0.02%
GATX
2.50% 3/15/19		167,000		168,511
2.60% 3/30/20		100,000		101,389
3.25% 9/15/26		50,000		47,717
3.85% 3/30/27		50,000		49,704
5.20% 3/15/44		50,000		51,215
WW Grainger
3.75% 5/15/46		150,000		142,765
4.60% 6/15/45		55,000		59,499

				620,800

Water Utilities–0.02%
American Water Capital
3.85% 3/1/24		250,000		262,803
4.00% 12/1/46		50,000		50,871
4.30% 12/1/42		100,000		104,734
United Utilities 5.375% 2/1/19		100,000		104,769

				523,177

Wireless Telecommunication Services–0.17%
America Movil
3.125% 7/16/22		200,000		201,998
4.375% 7/16/42		200,000		191,355
5.00% 10/16/19		500,000		535,225
5.00% 3/30/20		200,000		214,673
6.125% 11/15/37		150,000		173,501
6.125% 3/30/40		250,000		293,197
6.375% 3/1/35		25,000		29,468
Rogers Communications
2.90% 11/15/26		200,000		188,758
3.00% 3/15/23		125,000		124,966
3.625% 12/15/25		65,000		65,703
4.10% 10/1/23		300,000		316,139
4.50% 3/15/43		100,000		99,683
5.00% 3/15/44		100,000		107,924
6.80% 8/15/18		150,000		160,151


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Wireless Telecommunication Services (continued)
Rogers Communications (continued)
7.50% 8/15/38		25,000	$	33,378
Vodafone Group
2.50% 9/26/22		300,000		293,161
2.95% 2/19/23		225,000		221,384
4.375% 2/19/43		150,000		137,659
5.45% 6/10/19		600,000		642,793
6.15% 2/27/37		700,000		807,134
7.875% 2/15/30		100,000		133,026

				4,971,276

Total Corporate Bonds (Cost $770,464,966)				789,730,865


MUNICIPAL BONDS–0.60%
American Municipal Power, Ohio Taxable Build America Bonds Series B
6.449% 2/15/44		50,000		63,443
7.834% 2/15/41		55,000		79,016
8.084% 2/15/50		800,000		1,234,192
Bay Area Toll Authority, California Toll Bridge Revenue Taxable Build America Bonds
Series F-2 6.263% 4/1/49		200,000		273,176
Series S1 6.918% 4/1/40		100,000		136,068
Series S1 7.043% 4/1/50		100,000		144,578
California State Department of Water Resources Power Supply Revenue Series P 2.00% 5/1/22		100,000		98,045
California State Taxable Build America Bonds
7.30% 10/1/39		1,100,000		1,555,466
7.60% 11/1/40		80,000		119,328
7.625% 3/1/40		85,000		124,562
7.95% 3/1/36		100,000		115,449
California State University Systemwide-Taxable Series B 3.899% 11/1/47		50,000		49,573
California State Various Purposes
6.20% 10/1/19		100,000		111,073
7.50% 4/1/34		325,000		460,779
7.55% 4/1/39		600,000		880,554
Central Puget Sound, Washington Regional Transportation Authority Sales & Use Tax Revenue Taxable Build America Bonds 5.491% 11/1/39		50,000		62,567
Chicago, Illinios Taxable
Series B 7.375% 1/1/33		100,000		101,079
Series B 7.75% 1/1/42		100,000		102,942
Chicago, Illinois Transit Authority Transfer Tax Receipts Revenue
Series A 6.899% 12/1/40		100,000		124,710
Series B 6.899% 12/1/40		40,000		49,884


	Principal Amount°		Value (U.S. $)

MUNICIPAL BONDS (continued)
Clark County, Nevada Airport Revenue Taxable Build America Bonds
6.881% 7/1/42		50,000	$	55,179
Series C 6.82% 7/1/45		75,000		106,709
Commonwealth of Massachusetts Consolidated Loan Taxable Build America Bonds 5.456% 12/1/39		100,000		124,463
Commonwealth of Massachusetts Taxable Build America Bonds
4.91% 5/1/29		100,000		115,739
Series E 4.20% 12/1/21		100,000		106,697
Connecticut State Taxable Build America Bonds
Series A 5.85% 3/15/32		100,000		120,306
Series D 5.09% 10/1/30		200,000		225,070
Dallas Area, Texas Rapid Transit 5.999% 12/1/44		200,000		257,466
Dallas, Texas Independent School District Taxable Build America Bonds Series C 6.45% 2/15/35 (PSF-GTD)		100,000		114,654
East Bay, California Municipal Utility District Taxable Build America Bonds 5.874% 6/1/40		100,000		124,892
Greater Chicago Metropolitan Water Reclamation District Taxable Build America Bonds 5.72% 12/1/38		150,000		180,738
Illinois State Taxable Pension
4.95% 6/1/23		100,000		102,064
5.10% 6/1/33		800,000		730,736
Kansas Development Finance Authority Series H 4.927% 4/15/45		100,000		107,510
Los Angeles, California Community College District 6.75% 8/1/49		100,000		145,551
Los Angeles, California County Public Works Financing Authority 7.618% 8/1/40		100,000		144,672
Los Angeles, California Unified School District Taxable Build America Bonds 6.758% 7/1/34		315,000		422,985
Metropolitan Government of Nashville & Davidson County, Tennessee Convention Center Authority Taxable Build America Bonds
Series B 4.053% 7/1/26		10,000		10,369
Series B 6.731% 7/1/43		50,000		66,181
Metropolitan Transportation Authority, New York Revenue Taxable Build America Bonds
5.871% 11/15/39		100,000		121,899
6.668% 11/15/39		130,000		173,586
Series E 6.814% 11/15/40		500,000		673,280
Mississippi State Taxable Build America Bonds Series F 5.245% 11/1/34		100,000		119,521


	Principal Amount°		Value (U.S. $)

MUNICIPAL BONDS (continued)
Municipal Electric Authority, Georgia Build America Bonds (PLT Vogtle Units 3 & 4 Project)
6.655% 4/1/57		125,000	$	140,593
Taxable 6.637% 4/1/57		150,000		168,534
Taxable 7.055% 4/1/57		100,000		109,921
New Jersey Economic Development Authority
Series A 7.425% 2/15/29 (NATL)		225,000		270,909
^Series B 0.623% 2/15/22 (AGM)		200,000		166,756
New Jersey State Transportation Trust Fund Authority Taxable Build America Bonds
6.561% 12/15/40		100,000		108,849
Series C 5.754% 12/15/28		100,000		104,003
Series C 6.104% 12/15/28		200,000		208,238
New Jersey State Turnpike Authority Revenue Taxable Build America Bonds
Series A 7.102% 1/1/41		350,000		488,810
Series F 7.414% 1/1/40		90,000		129,564
New York City, New York 5.517% 10/1/37		85,000		103,087
New York City, New York Municipal Water Finance Authority Taxable Build America Bonds
5.724% 6/15/42		65,000		83,090
5.75% 6/15/41		100,000		128,642
5.952% 6/15/42		100,000		131,770
6.011% 6/15/42		35,000		46,199
New York City, New York Taxable Build America Bonds
Series A2 5.206% 10/1/31		100,000		116,004
Series F-1 6.271% 12/1/37		100,000		131,045
New York City, New York Transitional Finance Authority 5.508% 8/1/37		200,000		242,670
New York City, New York Transitional Finance Authority Taxable Build America Bonds 5.572% 11/1/38		65,000		79,050
New York State Dormitory Authority Taxable Build America Bonds 5.60% 3/15/40		100,000		123,109
New York State Urban Development Taxable Build America Bonds 5.77% 3/15/39		50,000		60,817
Ohio State University Taxable Series A 3.798% 12/1/46		100,000		98,254
Ohio State University Taxable Build America Bonds Series C 4.91% 6/1/40		100,000		116,163
Oregon School Boards Association Taxable Pension Series B 5.55% 6/30/28 (NATL)		250,000		293,427
Oregon State Department of Transportation Taxable Series A Sub-Lien 5.834% 11/15/34		75,000		94,963


	Principal Amount°		Value (U.S. $)
MUNICIPAL BONDS (continued)
Pennsylvania State Public School Building Authority Revenue Qualified School Construction Bond Taxable (Direct Subsidiary) Series A 5.00% 9/15/27		100,000	$	106,755
Pennsylvania State Turnpike Commission Revenue Taxable Build America Bonds Series B 5.511% 12/1/45		150,000		182,136
Port Authority of New York & New Jersey Consolidated
Series 165th 5.647% 11/1/40		250,000		309,725
Series 168th 4.926% 10/1/51		350,000		399,745
Series 174th 4.458% 10/1/62		250,000		263,697
Series 181st 4.96% 8/1/46		155,000		175,913
Series 192nd 4.81% 10/15/65		250,000		273,830
Rutgers State University of New Jersey/New Brunswick Taxable Build America Bonds 5.665% 5/1/40		155,000		184,625
Salt River, Arizona Project Agricultural Improvement & Power District 4.839% 1/1/41		60,000		69,233
San Antonio, Texas Electric & Gas Taxable Build America Bonds
4.427% 2/1/42		250,000		268,927
5.985% 2/1/39		50,000		64,358
San Diego County, California Regional Transportation Commission 5.911% 4/1/48		100,000		127,784
San Diego County, California Water Authority Financing Agency Revenue Taxable Build America Bonds Series B 6.138% 5/1/49		100,000		130,674
South Carolina State Public Service Authority Taxable Obligations Series D 2.388% 12/1/23		150,000		137,789
Texas State Taxable Build America Bonds 5.517% 4/1/39		100,000		126,062
Texas State Transportation Commission 1st Tier 5.178% 4/1/30		200,000		234,898
University of California Build America Bonds Series H 6.548% 5/15/48		100,000		131,061
University of California Taxable
Series AD 4.858% 5/15/12		250,000		245,995
Series AQ 4.767% 5/15/15		250,000		239,973
University of Texas System Revenue Taxable Build America Bonds Series C 4.794% 8/15/46		90,000		103,932
Utah State Taxable Build America Bonds Series B 3.539% 7/1/25		100,000		104,958


	Principal Amount°		Value (U.S. $)
MUNICIPAL BONDS (continued)
Utah State Taxable Build America Bonds (continued)
Series D 4.554% 7/1/24		60,000	$	66,197

Total Municipal Bonds (Cost $15,588,666)				17,929,485


NON-AGENCY ASSET-BACKED SECURITIES–0.43%
Ally Master Owner Trust Series 2015-2 A2 1.83% 1/15/21		700,000		700,596
American Express Credit Account Master Trust Series 2017-1 A 1.93% 9/15/22		1,000,000		1,002,024
BMW Vehicle Lease Trust Series 2017-1 A3 1.98% 5/20/20		750,000		752,798
Capital One Multi-Asset Execution Trust Series 2015-A2 A2 2.08% 3/15/23		1,600,000		1,604,793
CarMax Auto Owner Trust Series 2015-3 A3 1.63% 5/15/20		1,500,000		1,501,217
Chase Issuance Trust Series 2014-A2 A2 2.77% 3/15/23		1,100,000		1,123,158
Citibank Credit Card Issuance Trust
Series 2007-A3 A3 6.15% 6/15/39		750,000		978,756
Series 2014-A5 A5 2.68% 6/7/23		1,000,000		1,018,600
Discover Card Execution Note Trust Series 2014-A4 A4 2.12% 12/15/21		1,000,000		1,008,488
Honda Auto Receivables Owner Trust Series 2016-1 A4 1.38% 4/18/22		1,285,000		1,275,509
Santander Drive Auto Receivables Trust
Series 2014-3 D 2.65% 8/17/20		860,000		866,621
Series 2015-2 C 2.44% 4/15/21		1,000,000		1,005,613

Total Non-Agency Asset-Backed Securities (Cost $12,786,679)				12,838,173


NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–1.03%
Citigroup Commercial Mortgage Trust
Series 2012-GC8 A4 3.024% 9/10/45		1,250,000		1,275,126
Series 2013-GC11 AS 3.422% 4/10/46		770,000		782,968
Series 2013-GC15 A3 4.095% 9/10/46		800,000		851,116
•Series 2015-GC33 B 4.571% 9/10/58		500,000		528,801
COMM Mortgage Trust
Series 2013-LC6 AM 3.282% 1/10/46		1,000,000		1,009,951
Series 2014-CR17 A5 3.977% 5/10/47		1,365,000		1,440,256
Series 2014-UBS3 A4 3.819% 6/10/47		1,500,000		1,558,376
Series 2015-CR26 A3 3.359% 10/10/48		1,000,000		1,008,026
Series 2015-LC21 A4 3.708% 7/10/48		1,000,000		1,032,278
◆Commercial Mortgage Pass Through Certificates Series 2014-CR14 A3 3.955% 2/10/47		545,000		573,902
GS Mortgage Securities Trust
Series 2013-GC12 A3 2.86% 6/10/46		1,500,000		1,505,848
Series 2015-GC28 A5 3.396% 2/10/48		1,500,000		1,519,719
JPMBB Commercial Mortgage Securities Trust
•Series 2013-C14 AS 4.409% 8/15/46		1,475,000		1,567,923


	Principal Amount°		Value (U.S. $)

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMBB Commercial Mortgage Securities Trust (continued)
Series 2016-C1 A5 3.576% 3/15/49		2,000,000	$	2,047,289
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2013-C10 ASB 2.702% 12/15/47		1,000,000		1,014,037
Series 2016-JP2 B 3.46% 8/15/49		1,163,000		1,142,297
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C9 A4 3.102% 5/15/46		725,000		733,638
Series 2013-C11 A2 3.085% 8/15/46		621,495		630,903
Series 2014-C17 A2 3.119% 8/15/47		1,000,000		1,022,922
Series 2015-C24 A4 3.732% 5/15/48		1,250,000		1,295,431
Series 2015-C25 ASB 3.383% 10/15/48		800,000		824,426
Morgan Stanley Capital I Trust Series 2015-MS1 A3 3.51% 5/15/48		500,000		512,511
UBS-Barclays Commercial Mortgage Trust Series 2012-C2 A4 3.525% 5/10/63		1,000,000		1,041,695
Wells Fargo Commercial Mortgage Trust
•Series 2013-LC12 B 4.296% 7/15/46		400,000		417,500
Series 2015-C30 A3 3.411% 9/15/58		500,000		505,252
Series 2015-C30 A4 3.664% 9/15/58		1,000,000		1,027,785
Series 2015-P2 A4 3.809% 12/15/48		665,000		692,453
WFRBS Commercial Mortgage Trust
Series 2012-C9 A3 2.87% 11/15/45		940,000		950,268
•Series 2013-C15 C 4.48% 8/15/46		1,000,000		1,022,708
Series 2014-C22 A5 3.752% 9/15/57		1,000,000		1,038,239

Total Non-Agency Commercial Mortgage-Backed Securities (Cost $30,709,697)				30,573,644


DREGIONAL BONDS–0.23%
Canada–0.23%
Province of British Columbia Canada
2.00% 10/23/22		150,000		147,311
6.50% 1/15/26		100,000		126,575
7.25% 9/1/36		100,000		150,931
Province of Manitoba Canada 2.10% 9/6/22		63,000		62,112
Province of New Brunswick Canada 2.75% 6/15/18		200,000		203,082
Province of Ontario Canada
1.625% 1/18/19		900,000		900,131
1.65% 9/27/19		100,000		99,672
1.875% 5/21/20		500,000		498,682
2.00% 9/27/18		300,000		301,611
2.40% 2/8/22		750,000		753,340
2.45% 6/29/22		150,000		150,559
3.00% 7/16/18		200,000		203,955
4.00% 10/7/19		200,000		210,704
4.40% 4/14/20		400,000		428,714


	Principal Amount°		Value (U.S. $)

DREGIONAL BONDS (continued)
Canada (continued)
Province of Quebec Canada
2.50% 4/20/26		1,000,000	$	978,536
2.625% 2/13/23		350,000		353,249
3.50% 7/29/20		300,000		314,707
4.625% 5/14/18		200,000		207,083
7.50% 7/15/23		200,000		251,087
7.50% 9/15/29		175,000		248,838
Province of Saskatchewan Canada 8.50% 7/15/22		100,000		126,631

				6,717,510

Japan–0.00%
Japan Finance Organization for Municipalities 4.00% 1/13/21		100,000		105,249

				105,249

Total Regional Bonds (Cost $6,685,232)				6,822,759


DSOVEREIGN BONDS–1.36%
Canada–0.08%
Canada Government International Bond 1.625% 2/27/19		1,000,000		1,005,631
Export Development Canada
1.25% 12/10/18		80,000		80,217
1.50% 5/26/21		200,000		196,095
1.75% 7/21/20		1,000,000		999,742

				2,281,685

Chile–0.03%
Chile Government International Bonds
2.25% 10/30/22		100,000		98,240
3.125% 1/21/26		826,000		840,868

				939,108

Colombia–0.12%
Colombia Government International Bonds
2.625% 3/15/23		700,000		674,625
4.00% 2/26/24		250,000		257,875
5.00% 6/15/45		500,000		504,000
6.125% 1/18/41		200,000		229,000
7.375% 3/18/19		700,000		773,150
7.375% 9/18/37		500,000		640,500
8.125% 5/21/24		250,000		319,313

				3,398,463

Hungary–0.10%
Hungary Government International Bonds
5.375% 3/25/24		700,000		780,279
6.375% 3/29/21		1,150,000		1,297,332
7.625% 3/29/41		700,000		1,018,461

				3,096,072


	Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Iraq–0.02%
Iraq Government Aid Bond 2.149% 1/18/22		695,000	$	695,359

				695,359

Israel–0.04%
Israel Government AID Bond 5.50% 4/26/24		200,000		238,262
Israel Government International Bonds
2.875% 3/16/26		200,000		196,305
3.15% 6/30/23		200,000		203,100
4.00% 6/30/22		150,000		159,432
4.50% 1/30/43		200,000		206,265
5.125% 3/26/19		175,000		186,621

				1,189,985

Italy–0.04%
Italy Government International Bonds
5.375% 6/15/33		800,000		878,124
6.875% 9/27/23		350,000		409,432

				1,287,556

Japan–0.11%
Japan Bank for International Cooperation
1.75% 7/31/18		500,000		500,299
1.75% 11/13/18		500,000		499,137
1.75% 5/29/19		200,000		198,828
1.875% 4/20/21		300,000		293,863
2.00% 11/4/21		200,000		195,324
2.25% 11/4/26		200,000		189,015
2.375% 4/20/26		300,000		288,022
2.50% 5/28/25		700,000		684,519
3.375% 7/31/23		200,000		208,578
Japan International Cooperation Agency 2.125% 10/20/26		200,000		187,006

				3,244,591

Mexico–0.24%
Mexico Government International Bonds
3.50% 1/21/21		420,000		436,590
3.60% 1/30/25		1,400,000		1,400,000
3.625% 3/15/22		868,000		894,908
4.00% 10/2/23		550,000		567,875
4.125% 1/21/26		285,000		293,693
4.15% 3/28/27		370,000		376,753
4.35% 1/15/47		200,000		184,500
4.75% 3/8/44		1,000,000		975,000
5.75% 10/12/10		800,000		800,000
6.05% 1/11/40		475,000		544,469
6.75% 9/27/34		500,000		627,160

				7,100,948


	Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
Panama–0.06%
Panama Government International Bonds
3.875% 3/17/28		300,000	$	306,000
5.20% 1/30/20		800,000		866,000
6.70% 1/26/36		200,000		253,000
7.125% 1/29/26		100,000		126,625
8.875% 9/30/27		100,000		141,375
9.375% 4/1/29		100,000		147,000

				1,840,000

Peru–0.06%
Peruvian Government International Bonds
4.125% 8/25/27		350,000		378,000
5.625% 11/18/50		100,000		119,375
6.55% 3/14/37		500,000		648,125
7.125% 3/30/19		225,000		247,500
7.35% 7/21/25		100,000		129,750
8.75% 11/21/33		200,000		303,000

				1,825,750

Philippines–0.15%
Philippine Government International Bonds
3.70% 2/2/42		200,000		198,043
3.95% 1/20/40		500,000		515,924
5.00% 1/13/37		500,000		584,812
7.75% 1/14/31		1,000,000		1,429,921
8.375% 6/17/19		1,000,000		1,143,286
9.50% 2/2/30		300,000		475,147

				4,347,133

Poland–0.08%
Poland Government International Bonds
3.00% 3/17/23		250,000		249,919
3.25% 4/6/26		400,000		397,422
5.00% 3/23/22		500,000		549,685
5.125% 4/21/21		700,000		767,676
6.375% 7/15/19		380,000		417,288

				2,381,990

Republic of Korea–0.03%
Korea International Bonds
2.75% 1/19/27		500,000		492,237
3.875% 9/11/23		200,000		214,530
7.125% 4/16/19		200,000		221,560

				928,327

South Africa–0.07%
South Africa Government International Bonds
4.30% 10/12/28		200,000		188,205
4.665% 1/17/24		250,000		253,657
5.00% 10/12/46		200,000		186,121
5.375% 7/24/44		500,000		491,967
5.875% 5/30/22		100,000		109,353


	Principal Amount°		Value (U.S. $)

DSOVEREIGN BONDS (continued)
South Africa (continued)
South Africa Government International Bonds (continued)
5.875% 9/16/25		200,000	$	215,708
6.25% 3/8/41		100,000		109,626
6.875% 5/27/19		500,000		544,200

				2,098,837

Sweden–0.04%
Svensk Exportkredit
1.125% 4/5/18		300,000		299,337
1.25% 4/12/19		600,000		595,118
1.875% 6/23/20		400,000		399,144

				1,293,599

Ukraine–0.03%
Ukraine Government AID Bond
1.847% 5/29/20		753,000		756,896

				756,896

Uruguay–0.06%
Uruguay Government International Bonds
4.375% 10/27/27		300,000		314,700
5.10% 6/18/50		1,000,000		963,750
7.625% 3/21/36		250,000		325,587
8.00% 11/18/22		200,000		244,250

				1,848,287

Total Sovereign Bonds (Cost $39,979,377)				40,554,586


SUPRANATIONAL BANKS–1.79%
African Development Bank
1.00% 5/15/19		400,000		395,366
1.125% 3/4/19		600,000		596,538
1.125% 9/20/19		400,000		395,180
1.375% 12/17/18		129,000		128,919
1.875% 3/16/20		500,000		502,381
Asian Development Bank
1.00% 8/16/19		100,000		98,750
1.375% 1/15/19		800,000		799,634
1.375% 3/23/20		200,000		198,206
1.50% 9/28/18		400,000		400,848
1.625% 3/16/21		400,000		395,169
1.75% 9/11/18		500,000		502,951
1.75% 3/21/19		350,000		352,031
1.75% 1/10/20		2,000,000		2,009,470
1.75% 8/14/26		100,000		93,301
1.875% 4/12/19		300,000		302,414
1.875% 2/18/22		600,000		593,954
2.00% 4/24/26		600,000		573,679
2.625% 1/12/27		1,000,000		1,008,904
5.593% 7/16/18		700,000		734,388


	Principal Amount°		Value (U.S. $)

SUPRANATIONAL BANKS (continued)
Corp Andina de Fomento
2.00% 5/10/19		300,000	$	299,624
4.375% 6/15/22		250,000		267,067
8.125% 6/4/19		140,000		156,727
Council of Europe Development Bank
1.125% 5/31/18		300,000		299,288
1.75% 11/14/19		400,000		400,498
1.875% 1/27/20		450,000		452,916
European Bank for Reconstruction & Development
0.875% 7/22/19		100,000		98,314
1.00% 6/15/18		250,000		249,110
1.00% 9/17/18		150,000		149,119
1.50% 3/16/20		250,000		248,120
1.625% 11/15/18		500,000		501,681
1.875% 2/23/22		400,000		394,900
European Investment Bank
1.00% 6/15/18		1,000,000		996,121
1.125% 8/15/19		200,000		197,717
1.25% 5/15/19		500,000		496,885
1.25% 12/16/19		1,000,000		988,161
1.625% 3/16/20		1,500,000		1,492,025
1.625% 6/15/21		600,000		589,618
1.75% 6/17/19		1,500,000		1,504,557
1.875% 3/15/19		500,000		503,129
2.00% 3/15/21		800,000		800,389
2.25% 8/15/22		1,000,000		998,911
2.375% 6/15/22		1,000,000		1,009,639
2.50% 4/15/21		1,500,000		1,526,448
2.875% 9/15/20		350,000		360,944
3.25% 1/29/24		1,400,000		1,467,876
4.00% 2/16/21		400,000		429,721
4.875% 2/15/36		700,000		872,073
FMS Wertmanagement
1.375% 6/8/21		500,000		485,520
1.625% 11/20/18		500,000		501,633
Inter-American Development Bank
1.00% 5/13/19		300,000		297,112
1.25% 9/14/21		700,000		677,361
1.375% 7/15/20		1,250,000		1,233,787
1.75% 8/24/18		500,000		502,899
1.875% 3/15/21		500,000		498,800
2.00% 6/2/26		250,000		238,744
2.125% 11/9/20		400,000		403,610
3.00% 10/4/23		500,000		520,607
3.00% 2/21/24		400,000		415,097
3.20% 8/7/42		100,000		96,403
3.875% 2/14/20		200,000		211,952
3.875% 10/28/41		100,000		109,127
4.375% 1/24/44		56,000		65,640
International Bank for Reconstruction & Development
0.875% 7/19/18		2,000,000		1,989,536


	Principal Amount°		Value (U.S. $)

SUPRANATIONAL BANKS (continued)
International Bank for Reconstruction & Development (continued)
0.875% 8/15/19		1,000,000	$	984,523
1.00% 10/5/18		1,400,000		1,393,105
1.125% 11/27/19		1,000,000		987,182
1.25% 7/26/19		500,000		496,588
1.375% 5/24/21		300,000		292,723
1.375% 9/20/21		300,000		291,664
1.625% 3/9/21		1,000,000		987,538
1.625% 2/10/22		600,000		587,392
1.875% 3/15/19		1,000,000		1,008,125
1.875% 10/7/19		700,000		704,417
1.875% 4/21/20		1,000,000		1,005,557
2.125% 11/1/20		1,000,000		1,008,497
2.125% 2/13/23		100,000		99,019
2.50% 11/25/24		900,000		902,537
2.50% 7/29/25		1,200,000		1,196,796
4.75% 2/15/35		50,000		60,915
7.625% 1/19/23		100,000		128,786
International Finance
0.875% 6/15/18		1,000,000		995,151
1.125% 7/20/21		200,000		192,779
1.25% 11/27/18		156,000		155,781
1.625% 7/16/20		700,000		697,555
1.75% 9/16/19		400,000		401,879
1.75% 3/30/20		1,500,000		1,500,231
Nordic Investment Bank
0.875% 9/27/18		300,000		297,922
1.125% 2/25/19		600,000		595,983
2.25% 9/30/21		200,000		201,461

Total Supranational Banks (Cost $53,193,071)				53,255,595


U.S. TREASURY OBLIGATIONS–36.53%
U.S. Treasury Bonds
2.25% 8/15/46		8,000,000		6,770,944
2.50% 2/15/45		12,900,000		11,594,378
2.50% 2/15/46		6,950,000		6,230,432
2.50% 5/15/46		7,200,000		6,448,500
2.75% 8/15/42		2,600,000		2,479,495
2.75% 11/15/42		3,500,000		3,333,543
2.875% 5/15/43		13,500,000		13,147,475
2.875% 8/15/45		1,200,000		1,164,047
3.00% 5/15/42		2,850,000		2,849,721
3.00% 11/15/45		8,100,000		8,051,902
3.00% 2/15/47		8,700,000		8,670,603
3.125% 11/15/41		4,000,000		4,094,452
3.125% 2/15/42		3,050,000		3,121,306
3.125% 2/15/43		9,000,000		9,181,053
3.125% 8/15/44		21,000,000		21,413,847
3.50% 2/15/39		2,650,000		2,917,433
3.625% 8/15/43		5,000,000		5,568,555


	Principal Amount°		Value (U.S. $)

U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Bonds (continued)
3.625% 2/15/44		3,000,000	$	3,343,419
3.75% 8/15/41		3,850,000		4,366,816
3.875% 8/15/40		3,750,000		4,336,597
4.25% 11/15/40		4,000,000		4,883,592
4.375% 5/15/40		2,500,000		3,104,835
4.375% 5/15/41		2,750,000		3,424,393
4.50% 8/15/39		3,350,000		4,232,189
4.625% 2/15/40		4,100,000		5,267,778
4.75% 2/15/41		3,750,000		4,910,524
5.00% 5/15/37		3,000,000		4,035,702
5.25% 11/15/28		500,000		639,121
5.375% 2/15/31		500,000		667,842
5.50% 8/15/28		500,000		649,424
6.125% 11/15/27		800,000		1,076,656
6.125% 8/15/29		300,000		415,623
U.S. Treasury Notes
0.625% 4/30/18		500,000		497,451
0.625% 6/30/18		2,000,000		1,987,578
0.75% 4/30/18		10,000,000		9,962,300
0.75% 10/31/18		23,900,000		23,734,755
0.75% 8/15/19		14,000,000		13,804,224
0.875% 7/31/19		6,000,000		5,937,186
1.00% 5/31/18		2,300,000		2,297,035
1.00% 11/30/18		35,000,000		34,884,465
1.00% 11/30/19		28,500,000		28,192,741
1.125% 1/31/19		13,000,000		12,975,625
1.125% 2/28/19		5,000,000		4,989,260
1.125% 5/31/19		2,000,000		1,992,890
1.125% 4/30/20		17,000,000		16,787,500
1.125% 6/30/21		7,000,000		6,798,337
1.125% 8/31/21		12,000,000		11,627,112
1.25% 11/30/18		3,000,000		3,002,344
1.25% 3/31/19		15,000,000		14,998,530
1.25% 3/31/21		10,000,000		9,795,120
1.375% 6/30/18		3,000,000		3,009,024
1.375% 7/31/18		32,000,000		32,096,864
1.375% 9/30/18		2,000,000		2,006,132
1.375% 11/30/18		3,000,000		3,008,790
1.375% 12/31/18		3,500,000		3,509,503
1.375% 1/31/20		23,000,000		22,941,603
1.375% 2/29/20		10,000,000		9,963,480
1.375% 3/31/20		18,000,000		17,924,760
1.375% 8/31/20		15,000,000		14,863,185
1.375% 1/31/21		14,000,000		13,805,582
1.375% 6/30/23		9,400,000		8,982,508
1.50% 8/31/18		6,000,000		6,027,774
1.50% 12/31/18		18,300,000		18,388,645
1.50% 5/31/20		7,000,000		6,983,459
1.50% 2/28/23		12,000,000		11,602,500
1.50% 3/31/23		4,500,000		4,345,403
1.50% 8/15/26		11,000,000		10,178,872


	Principal Amount°		Value (U.S. $)
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Notes (continued)
1.625% 6/30/19		16,000,000	$	16,106,560
1.625% 8/31/19		11,000,000		11,067,034
1.625% 11/30/20		11,000,000		10,969,277
1.625% 11/15/22		16,750,000		16,367,229
1.625% 5/31/23		16,000,000		15,533,440
1.625% 10/31/23		18,000,000		17,397,774
1.625% 2/15/26		11,000,000		10,344,081
1.625% 5/15/26		6,500,000		6,098,196
1.75% 10/31/18		2,000,000		2,017,734
1.75% 12/31/20		8,000,000		8,007,032
1.75% 5/15/22		9,000,000		8,905,959
1.75% 5/15/23		25,000,000		24,462,400
1.875% 2/28/22		4,000,000		3,991,876
1.875% 3/31/22		15,000,000		14,962,800
2.00% 9/30/20		14,000,000		14,164,066
2.00% 8/31/21		5,000,000		5,028,320
2.00% 11/15/21		4,700,000		4,722,306
2.00% 2/15/22		8,000,000		8,034,840
2.00% 2/15/23		14,150,000		14,079,533
2.00% 2/15/25		11,000,000		10,759,155
2.00% 11/15/26		5,000,000		4,830,860
2.125% 8/31/20		19,000,000		19,302,062
2.125% 8/15/21		7,500,000		7,589,647
2.125% 12/31/22		3,000,000		3,007,734
2.125% 11/30/23		22,000,000		21,927,818
2.125% 2/29/24		12,000,000		11,936,952
2.25% 7/31/18		3,000,000		3,043,770
2.25% 3/31/21		7,700,000		7,837,761
2.25% 4/30/21		10,000,000		10,177,340
2.25% 11/15/25		15,000,000		14,873,145
2.25% 2/15/27		10,000,000		9,873,630
2.375% 5/31/18		4,000,000		4,057,032
2.375% 6/30/18		3,000,000		3,045,702
2.375% 8/15/24		35,000,000		35,286,440
2.50% 8/15/23		18,250,000		18,622,483
2.625% 4/30/18		3,000,000		3,048,867
2.625% 8/15/20		6,000,000		6,193,944
2.625% 11/15/20		6,500,000		6,712,771
2.75% 2/15/19		5,000,000		5,140,820
2.75% 11/15/23		5,000,000		5,177,635
2.75% 2/15/24		31,000,000		32,083,791
3.125% 5/15/19		4,000,000		4,152,812
3.125% 5/15/21		3,500,000		3,682,725
3.375% 11/15/19		6,500,000		6,830,460


	Principal Amount°		Value (U.S. $)
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Notes (continued)
3.50% 5/15/20		4,000,000	$	4,236,248
3.625% 8/15/19		5,500,000		5,793,155
3.625% 2/15/20		6,000,000		6,363,984
3.625% 2/15/21		9,000,000		9,637,209
3.75% 11/15/18		3,630,000		3,778,674
3.875% 5/15/18		4,850,000		4,999,855
4.00% 8/15/18		5,550,000		5,767,338
6.00% 2/15/26		750,000		969,668
6.25% 8/15/23		1,600,000		1,994,374
6.625% 2/15/27		750,000		1,029,521
6.75% 8/15/26		500,000		684,531
6.875% 8/15/25		1,000,000		1,349,160
7.125% 2/15/23		1,000,000		1,280,117
7.25% 8/15/22		500,000		633,135
7.50% 11/15/24		500,000		685,097
7.625% 11/15/22		500,000		648,057
7.625% 2/15/25		500,000		693,945
7.875% 2/15/21		750,000		921,445
8.00% 11/15/21		1,700,000		2,158,536
8.125% 8/15/19		750,000		868,183
8.125% 5/15/21		500,000		625,019
8.125% 8/15/21		700,000		883,723
8.50% 2/15/20		150,000		179,748
8.75% 5/15/20		900,000		1,096,752
8.75% 8/15/20		800,000		986,625
8.875% 2/15/19		750,000		857,681
9.125% 5/15/18		250,000		272,412

Total U.S. Treasury Obligations (Cost $1,079,420,925)				1,087,144,739


	Number of Shares

MONEY MARKET FUND–2.42%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		72,031,652		72,031,652

Total Money Market Fund (Cost $72,031,652)				72,031,652

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP SSGA Bond Index Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Other debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value (’’NAV’’). Investments in government money market funds have a stable NAV. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under the policies adopted by the Fund’s Board of Trustees.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investment companies, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, Lincoln Investment Advisors Corporation. Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017, were as follows:


	Number of Shares		Value (U.S. $)

DCOMMON STOCK–99.03%
Australia–7.24%
Bendigo & Adelaide Bank		727,604	$	6,748,498
Boral		1,140,530		5,088,771
Coca-Cola Amatil		785,010		6,489,269
Fortescue Metals Group		1,319,219		6,279,113
GPT Group		1,628,858		6,408,905
Mirvac Group REIT		3,808,918		6,372,929
Scentre Group		1,961,593		6,429,239
Sonic Healthcare		381,905		6,454,072
Telstra		1,799,196		6,405,570
Vicinity Centres		2,981,339		6,446,013
Wesfarmers		188,202		6,480,450

				69,602,829

Austria–1.29%
OMV		161,886		6,370,039
voestalpine		153,640		6,048,026

				12,418,065

Belgium–0.66%
Solvay Class A		52,163		6,374,420

				6,374,420

Canada–0.66%
Magna International		147,500		6,365,398

				6,365,398

Finland–1.93%
Fortum		404,829		6,404,656
Stora Enso Class R		525,400		6,210,303
UPM-Kymmene		253,768		5,961,248

				18,576,207

France–9.25%
AXA		247,195		6,396,228
BNP Paribas		96,286		6,412,679
Carrefour		268,145		6,321,862
Credit Agricole		474,058		6,422,708
Engie		462,753		6,555,870
Fonciere Des Regions		75,751		6,328,322
Gecina		48,071		6,523,089
Orange		397,368		6,174,281
Renault		72,003		6,254,866
Sanofi		70,029		6,321,701
SCOR		166,422		6,290,206
Societe Generale		123,036		6,241,166
TOTAL		125,978		6,372,260
Vinci		78,287		6,205,281

				88,820,519

Germany–3.94%
Allianz		34,335		6,360,552
Bayer		54,406		6,271,257
Bayerische Motoren Werke		69,568		6,346,137
Daimler		82,503		6,090,583


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Germany (continued)
K+S		274,790	$	6,387,651
Muenchener Rueckversicherungs- Gesellschaft in Muenchen Class R		32,577		6,373,726

				37,829,906

∎Hong Kong–4.72%
CK Hutchison Holdings		499,515		6,144,710
Hang Lung Properties		1,175,000		3,054,108
Hongkong Land Holdings		869,000		6,682,610
Jardine Matheson Holdings		94,800		6,090,900
Link REIT		922,587		6,463,985
New World Development		5,000,690		6,151,528
Sino Land		2,368,324		4,150,624
Swire Pacific Class A		131,376		1,311,816
#WH Group 144A		6,135,721		5,289,755

				45,340,036

Ireland–0.68%
†AerCap Holdings		141,100		6,486,367

				6,486,367

Israel–0.78%
Bezeq The Israeli Telecommunication		2,362,555		4,245,751
Teva Pharmaceutical Industries		97,742		3,213,548

				7,459,299

Italy–3.26%
Assicurazioni Generali		399,002		6,342,264
Atlantia		238,096		6,146,820
Intesa Sanpaolo		2,293,710		6,229,883
Snam		1,468,576		6,351,308
UniCredit		404,547		6,236,197

				31,306,472

Japan–33.73%
Amada Holdings		544,900		6,220,856
Aozora Bank		1,663,000		6,124,405
Asahi Glass		767,000		6,214,264
Astellas Pharma		459,600		6,052,040
Bridgestone		153,788		6,220,312
Brother Industries		296,200		6,185,799
Canon		199,844		6,230,652
Chubu Electric Power		467,278		6,258,075
Dai Nippon Printing		571,000		6,154,675
Daicel		513,600		6,186,451
Daiichi Sankyo		270,463		6,090,459
Denso		137,100		6,030,528
Electric Power Development		265,400		6,210,069
FUJIFILM Holdings		156,100		6,096,495
Hitachi		1,133,631		6,135,028
Honda Motor		203,100		6,113,250
ITOCHU		430,717		6,112,754
Japan Tobacco		184,546		5,997,372


	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
JXTG Holdings		1,302,300	$	6,395,108
Kajima		928,000		6,051,630
Kirin Holdings		332,600		6,275,275
Konica Minolta		676,200		6,049,539
Kuraray		409,900		6,214,957
Kyocera		111,000		6,183,616
Marubeni		1,000,016		6,157,470
Mazda Motor		436,900		6,290,764
Mebuki Financial		1,411,000		5,639,944
Mitsubishi Chemical Holdings		813,900		6,297,435
Mitsubishi Gas Chemical		304,100		6,315,272
Mitsubishi Materials		201,300		6,093,425
Mitsubishi Tanabe Pharma		299,821		6,242,568
Mizuho Financial Group		3,331,200		6,104,058
NEC		2,522,000		6,071,104
Nippon Express		954,000		4,901,536
Nippon Telegraph & Telephone		139,900		5,971,479
Nissan Motor		620,362		5,981,843
Nomura Research Institute		166,700		6,139,136
Obayashi		654,700		6,121,824
Oji Holdings		1,272,000		5,952,681
Resona Holdings		1,138,834		6,116,131
Sekisui House		371,155		6,104,238
Subaru		167,100		6,128,351
Sumitomo		459,600		6,182,080
Sumitomo Electric Industries		376,100		6,236,240
Sumitomo Heavy Industries		870,000		6,064,134
Sumitomo Mitsui Financial Group		166,200		6,038,615
Sumitomo Mitsui Trust Holdings		177,600		6,157,693
Taisei		843,000		6,140,959
TDK		97,200		6,155,214
Tohoku Electric Power		462,300		6,262,000
Toppan Printing		600,000		6,116,950
Toyota Industries		125,400		6,228,887
Toyota Motor		112,182		6,088,239

				324,103,879

Netherlands–3.88%
Aegon		1,196,104		6,087,814
ING Groep		422,916		6,393,033
Koninklijke Ahold Delhaize		294,012		6,291,859
NN Group		192,127		6,248,239
Randstad Holding		103,235		5,958,092
Royal Dutch Shell Class B		231,014		6,322,761

				37,301,798

New Zealand–0.68%
Fletcher Building		1,124,424		6,558,001

				6,558,001

Norway–2.59%
†Marine Harvest		397,857		6,065,487
Norsk Hydro		1,049,747		6,095,873


	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Norway (continued)
Orkla		698,916	$	6,259,654
Yara International		166,455		6,409,124

				24,830,138

Portugal–0.70%
EDP - Energias de Portugal		1,993,643		6,752,648

				6,752,648

Singapore–1.98%
Keppel		1,294,378		6,421,692
Singapore Telecommunications		2,251,100		6,308,262
Wilmar International		2,486,458		6,274,580

				19,004,534

Spain–3.30%
Abertis Infraestructuras		390,177		6,285,236
ACS Actividades de Construccion y Servicios		189,008		6,431,108
Banco Bilbao Vizcaya Argentaria		809,770		6,280,281
Banco Santander		1		5
Enagas		242,965		6,311,400
Gas Natural SDG		293,641		6,434,283

				31,742,313

Sweden–2.63%
Investor Class B		152,336		6,412,608
Nordea Bank		551,991		6,301,851
Skanska Class B		264,913		6,238,012
Telefonaktiebolaget LM Ericsson Class B		951,415		6,349,385

				25,301,856

Switzerland–1.96%
Adecco		88,691		6,299,970
Novartis		84,542		6,275,343
Swiss Re		70,017		6,287,655

				18,862,968

United Kingdom–13.17%
3i Group		709,311		6,660,775
AstraZeneca		102,183		6,289,232
Babcock International Group		549,494		6,072,226
Barratt Developments		928,315		6,356,264
Berkeley Group Holdings		156,790		6,299,901
BP		1,114,554		6,389,341
Capita		875,084		6,189,137
Cobham		1		1
Direct Line Insurance Group		1,491,739		6,492,905
HSBC Holdings		754,152		6,150,205
J Sainsbury		1,889,014		6,255,309
Kingfisher		1,555,315		6,354,561
Marks & Spencer Group		1,517,358		6,406,700
Meggitt		1,142,752		6,375,600
Pearson		782,612		6,692,148


	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
Persimmon		241,772	$	6,343,064
Royal Mail		1,198,788		6,383,336
Smith & Nephew		405,158		6,172,689
Tate & Lyle		646,484		6,192,296
Travis Perkins		329,804		6,256,021
Vodafone Group		2,380,014		6,205,375

				126,537,086

Total Common Stock (Cost $927,676,435)				951,574,739

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2017:

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP SSGA Developed International 150 Fund (the “Fund”) is an investment company in conformity with U.S generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under the direction of the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

Level 1–inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

During the period ended March 31, 2017, 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 that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. International fair value pricing was not utilized at March 31, 2017. 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–97.89%
Brazil–2.00%
Banco do Brasil		385,026	$	4,145,923
BRF		249,500		3,077,108
Cosan Industria e Comercio		97,000		1,204,057
Fibria Celulose		186,900		1,723,568
JBS		1,037,700		3,400,882

				13,551,538

Chile–1.01%
Cencosud		2,216,605		6,811,641

				6,811,641

Czech Republic–1.00%
CEZ		391,727		6,742,728

				6,742,728

Greece–0.18%
OPAP		132,231		1,232,900

				1,232,900

∎Hong Kong–29.30%
Agricultural Bank of China		15,732,000		7,247,064
Bank of China		13,869,100		6,888,596
Bank of Communications		5,655,000		4,395,059
Beijing Enterprises Holdings		1,291,000		6,678,016
Belle International Holdings		9,458,000		6,145,905
Brilliance China Automotive Holdings		2,154,000		3,603,166
China Cinda Asset Management		16,420,809		6,381,116
China CITIC Bank		10,187,000		6,750,698
China Communications Construction		4,667,000		6,581,782
China Construction Bank		8,967,000		7,211,446
China Everbright Bank		12,371,000		6,049,000
China Galaxy Securities		7,164,500		6,609,981
China Merchants Port Holdings		2,420,983		7,087,096
China Minsheng Banking		6,065,000		6,477,450
China Mobile		617,500		6,757,817
China Overseas Land & Investment		2,248,000		6,421,617
China Railway Construction		598,500		848,674
China Resources Power Holdings		3,722,238		6,715,020
China Telecom		14,272,000		6,960,159
CITIC		4,818,000		6,869,129
COSCO SHIPPING Ports		6,114,673		6,750,807
Country Garden Holdings		6,995,733		6,292,244
Dongfeng Motor Group		5,912,000		6,641,158
Great Wall Motor		5,856,500		6,669,243
Guangzhou Automobile Group		4,204,000		6,729,429
Huaneng Power International		10,014,000		6,687,597
Industrial & Commercial Bank of China		10,290,000		6,726,269
Lenovo Group		10,872,000		7,162,664
Longfor Properties		4,145,500		6,817,151
Shimao Property Holdings		896,500		1,423,510
Sinopharm Group		1,406,000		6,522,074


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
∎Hong Kong (continued)
Want Want China Holdings		10,345,000	$	7,161,565

				198,262,502

Hungary–1.00%
Richter Gedeon		297,519		6,756,878

				6,756,878

India–0.30%
Oil & Natural Gas		701,764		1,999,328

				1,999,328

Indonesia–0.94%
Indofood Sukses Makmur		10,654,000		6,396,158

				6,396,158

Malaysia–1.02%
Kuala Lumpur Kepong		1,242,400		6,928,580

				6,928,580

Mexico–1.84%
†Fibra Uno Administracion		4,070,711		6,959,818
Wal-Mart de Mexico		2,371,800		5,472,727

				12,432,545

Poland–1.18%
KGHM Polska Miedz		156,824		4,579,321
PGE Polska Grupa Energetyczna		1,177,132		3,383,843

				7,963,164

Qatar–0.55%
Ooredoo		141,000		3,740,793

				3,740,793

Republic of Korea–23.86%
BNK Financial Group		725,730		5,957,437
Dongbu Insurance		122,460		7,008,352
E-MART		8,027		1,475,050
GS Holdings		135,586		7,165,459
Hanwha Chemical		245,716		5,800,682
Hyosung		39,753		4,816,714
Hyundai Glovis		50,260		6,606,653
Hyundai Mobis		31,171		6,703,591
Hyundai Motor		42,514		5,987,620
Hyundai Steel		118,456		6,196,616
Industrial Bank of Korea		564,920		6,162,947
Kangwon Land		207,670		7,093,798
KB Financial Group		153,682		6,733,808
KCC		17,963		5,686,222
Kia Motors		207,110		6,861,688
Korea Electric Power		162,590		6,753,381
KT		213		6,076
†KT ADR		163,286		2,748,104
KT&G		80,363		7,006,521
LG		98,943		6,211,033


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Republic of Korea (continued)
LG Uplus		514,320	$	6,576,747
POSCO		27,701		7,208,254
Shinhan Financial Group		157,450		6,561,003
SK Holdings		33,254		7,240,766
SK Innovation		47,186		7,025,368
SK Telecom		31,508		7,100,077
Woori Bank ADR		580,064		6,743,121

				161,437,088

Russia–3.00%
Gazprom ADR		1,329,700		5,943,759
LUKOIL ADR		129,905		6,879,769
RusHydro		49,889,898		843,838
Severstal		45,000		653,595
Surgutneftegas ADR		1,174,647		6,014,193

				20,335,154

South Africa–5.39%
Barclays Africa Group		539,107		5,605,949
Imperial Holdings		478,998		5,890,966
Nedbank Group		181,954		3,275,274
Netcare		2,834,112		5,407,865
Redefine Properties		5,120,558		4,202,169
Sasol		239,351		6,968,274
SPAR Group		394,880		5,128,988

				36,479,485

Taiwan–17.21%
Asustek Computer		719,000		7,108,841
AU Optronics		1,311,000		512,000
Catcher Technology		734,000		7,257,148
Cheng Shin Rubber Industry		2,995,000		6,188,893
Compal Electronics		10,526,000		6,868,742
Far Eastern New Century		1,605,000		1,391,167
Formosa Chemicals & Fibre		2,228,000		6,931,637
Foxconn Technology		2,229,240		6,795,903
Hon Hai Precision Industry		2,312,000		6,933,905
Inventec		1,085,000		813,504
Lite-On Technology		3,132,000		5,398,487
MediaTek		939,000		6,653,539
Mega Financial Holding		8,692,000		7,018,341
Nan Ya Plastics		1,205,000		2,855,384
Pegatron		2,430,000		7,191,695
Pou Chen		5,109,000		7,071,863
SinoPac Financial Holdings		19,900,637		6,211,058
Taishin Financial Holding		16,961,000		7,071,159


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Taiwan (continued)
Taiwan Cement		2,050,000	$	2,452,501
Uni-President Enterprises		2,111,000		3,958,668
United Microelectronics		17,099,000		6,875,103
WPG Holdings		1,191,000		1,495,496
Yuanta Financial Holding		3,342,000		1,409,825

				116,464,859

Thailand–2.82%
Charoen Pokphand Foods-Foreign		8,418,391		6,798,410
Krung Thai Bank-Foreign		8,786,500		5,216,285
PTT Global Chemical-Foreign		3,318,500		7,073,994

				19,088,689

Turkey–3.31%
Eregli Demir ve Celik Fabrikalari		4,046,653		6,569,151
†Turkcell Iletisim Hizmetleri		992,531		3,268,884
Turkiye Halk Bankasi		2,184,043		6,231,624
Turkiye Is Bankasi Class C		3,454,232		6,301,244

				22,370,903

United Arab Emirates–1.98%
Aldar Properties		10,473,559		6,444,565
Dubai Islamic Bank		4,572,695		6,971,900

				13,416,465

Total Common Stock (Cost $634,759,546)				662,411,398


DPREFERRED STOCK–2.33%
Brazil–2.33%
Cia Brasileira de Distribuicao 0.03%		337,200		6,492,818
Suzano Papel e Celulose 2.13%		277,800		1,175,765
Telefonica Brasil 4.64%		324,700		4,829,117
Vale 0.60%		361,000		3,265,674

Total Preferred Stock (Cost $11,927,976)				15,763,374


MONEY MARKET FUND–1.52%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		10,276,519		10,276,519

Total Money Market Fund (Cost $10,276,519)				10,276,519

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2017:

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 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.

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP SSGA Emerging Markets 100 Fund (the “Fund”) is an investment company in conformity with U.S generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

COMMON STOCK–99.38%
Aerospace & Defense–2.67%
L3 Technologies		75,955	$	12,554,602
Textron		274,800		13,077,732
United Technologies		133,400		14,968,814

				40,601,148

Airlines–0.98%
Delta Air Lines		324,200		14,900,232

				14,900,232

Auto Components–1.99%
BorgWarner		53,400		2,231,586
Goodyear Tire & Rubber		352,800		12,700,800
Lear		108,111		15,306,355

				30,238,741

Automobiles–2.10%
Ford Motor		1,283,603		14,941,139
General Motors		431,548		15,259,537
Harley-Davidson		28,300		1,712,150

				31,912,826

Banks–3.96%
CIT Group		306,600		13,162,338
Fifth Third Bancorp		599,295		15,222,093
Huntington Bancshares		141,600		1,896,024
JPMorgan Chase & Co.		170,849		15,007,376
Wells Fargo & Co.		267,200		14,872,352

				60,160,183

Beverages–0.99%
Coca-Cola		354,100		15,028,004

				15,028,004

Biotechnology–1.96%
Amgen		90,027		14,770,730
Gilead Sciences		220,900		15,003,528

				29,774,258

Capital Markets–1.00%
Invesco		495,511		15,177,502

				15,177,502

Chemicals–4.87%
Air Products & Chemicals		110,500		14,949,545
Dow Chemical		236,486		15,026,321
Eastman Chemical		164,400		13,283,520
LyondellBasell Industries Class A		170,300		15,529,657
Mosaic		518,790		15,138,292

				73,927,335

Communications Equipment–2.65%
Cisco Systems		437,609		14,791,184
Harris		114,400		12,729,288


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Communications Equipment (continued)
Juniper Networks		455,700	$	12,682,131

				40,202,603

Construction & Engineering–0.13%
Fluor		36,600		1,925,892

				1,925,892

Consumer Finance–1.12%
Ally Financial		74,400		1,512,552
Capital One Financial		177,942		15,420,454

				16,933,006

Containers & Packaging–0.39%
International Paper		33,200		1,685,896
WestRock		80,100		4,167,603

				5,853,499

Diversified Telecommunication Services–1.02%
CenturyLink		655,297		15,445,350

				15,445,350

Electric Utilities–2.94%
Duke Energy		179,723		14,739,083
Entergy		194,211		14,752,268
FirstEnergy		475,900		15,143,138

				44,634,489

Electrical Equipment–1.00%
Eaton		204,767		15,183,473

				15,183,473

Electronic Equipment, Instruments & Components–0.97%
Corning		544,105		14,690,835

				14,690,835

Energy Equipment & Services–0.12%
National Oilwell Varco		43,600		1,747,924

				1,747,924

Equity Real Estate Investment Trusts–5.83%
Equity Residential		213,300		13,271,526
Host Hotels & Resorts		826,300		15,418,758
Kimco Realty		594,500		13,132,505
Macerich		17,300		1,114,120
Prologis		292,283		15,163,642
Ventas		233,700		15,199,848
Welltower		214,084		15,161,429

				88,461,828

Food & Staples Retailing–2.00%
CVS Health		189,999		14,914,922
Wal-Mart Stores		214,291		15,446,095

				30,361,017


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Food Products–4.19%
Archer-Daniels-Midland		327,213	$	15,064,886
Bunge		186,087		14,749,256
General Mills		252,100		14,876,421
Ingredion		35,500		4,275,265
JM Smucker		112,100		14,694,068

				63,659,896

Health Care Equipment & Supplies–1.96%
Baxter International		286,700		14,868,262
Medtronic		184,138		14,834,157

				29,702,419

Health Care Providers & Services–6.86%
Aetna		117,607		15,000,773
Anthem		91,645		15,156,250
Cardinal Health		183,647		14,976,413
†Express Scripts Holding		232,650		15,333,961
McKesson		102,400		15,181,824
Quest Diagnostics		151,077		14,834,251
Universal Health Services Class B		110,200		13,714,390

				104,197,862

Hotels, Restaurants & Leisure–1.87%
Carnival		254,505		14,992,890
Royal Caribbean Cruises		136,200		13,362,582

				28,355,472

Household Durables–2.96%
DR Horton		449,032		14,957,256
Lennar		292,267		14,961,148
Whirlpool		87,762		15,036,263

				44,954,667

Household Products–0.98%
Procter & Gamble		164,660		14,794,701

				14,794,701

Independent Power & Renewable Electricity Producers–0.13%
AES		171,500		1,917,370

				1,917,370

Insurance–8.61%
Aflac		207,200		15,005,424
Everest Re Group		63,924		14,946,071
Hartford Financial Services Group		283,600		13,632,652
MetLife		286,801		15,148,829
Principal Financial Group		239,940		15,142,613
Prudential Financial		141,440		15,088,819
Reinsurance Group of America		89,200		11,326,616
Travelers		123,500		14,886,690
Unum Group		260,600		12,219,534
XL Group		84,700		3,376,142

				130,773,390


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Internet Software & Services–0.99%
†eBay		446,600	$	14,992,362

				14,992,362

IT Services–1.87%
International Business Machines		85,800		14,941,212
Western Union		663,000		13,492,050

				28,433,262

Machinery–4.89%
Cummins		98,913		14,955,645
Dover		30,700		2,466,745
Ingersoll-Rand		169,600		13,791,872
PACCAR		220,529		14,819,549
Pentair		37,500		2,354,250
Snap-on		72,100		12,161,107
Stanley Black & Decker		102,600		13,632,462

				74,181,630

Media–1.06%
Viacom Class B		346,397		16,149,028

				16,149,028

Multiline Retail–2.05%
Macy’s		529,443		15,692,690
Target		280,778		15,496,138

				31,188,828

Multi-Utilities–2.08%
Ameren		40,300		2,199,977
Consolidated Edison		190,224		14,772,796
Public Service Enterprise Group		330,373		14,652,043

				31,624,816

Oil, Gas & Consumable Fuels–6.01%
Chevron		138,096		14,827,368
Kinder Morgan		705,211		15,331,287
Phillips 66		193,027		15,291,599
Targa Resources		236,801		14,184,380
Tesoro		185,800		15,060,948
Valero Energy		226,697		15,027,744
Williams		53,100		1,571,229

				91,294,555

Pharmaceuticals–1.96%
Johnson & Johnson		118,901		14,809,120
Pfizer		438,654		15,006,353

				29,815,473

Road & Rail–1.91%
Kansas City Southern		162,500		13,936,000
Norfolk Southern		134,818		15,095,571

				29,031,571

Semiconductors & Semiconductor Equipment–3.77%
Intel		424,177		15,300,064


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
Lam Research		117,044	$	15,023,768
Maxim Integrated Products		263,900		11,864,944
QUALCOMM		262,015		15,023,940

				57,212,716

Software–2.11%
CA		468,157		14,849,940
Oracle		334,000		14,899,740
Symantec		72,600		2,227,368

				31,977,048

Specialty Retail–1.08%
Best Buy		332,514		16,343,063

				16,343,063

Technology Hardware, Storage & Peripherals–2.23%
Apple		106,100		15,242,326
Hewlett Packard Enterprise		655,038		15,524,401
NetApp		51,500		2,155,275
Xerox		128,300		941,722

				33,863,724

Textiles, Apparel & Luxury Goods–1.00%
VF		275,900		15,166,223

				15,166,223

Thrifts & Mortgage Finance–0.12%
New York Community Bancorp		126,600		1,768,602

				1,768,602

Total Common Stock (Cost $1,369,620,614)				1,508,558,823


	Number of Shares		Value (U.S. $)

MONEY MARKET FUND–0.42%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		6,361,403	$	6,361,403

Total Money Market Fund (Cost $6,361,403)				6,361,403


	Principal Amount°

SHORT-TERM INVESTMENT–0.08%
≠U.S. Treasury Obligations–0.08%
U.S. Treasury Bill
¥ 0.685% 8/3/17		1,270,000		1,266,621

Total Short-Term Investment (Cost $1,267,004)				1,266,621

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP SSGA Large Cap 100 Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their published net asset value (“NAV”). U.S. government securities and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. This was priced using the mean price from IDC on March 31, 2017. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices. Other securities and assets for which market quotations are reliable or not readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

Level 1–inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

COMMON STOCK–99.03%
Aerospace & Defense–1.26%
†KeyW Holding		115,609	$	1,091,349
National Presto Industries		14,309		1,462,380
†Wesco Aircraft Holdings		99,224		1,131,154

				3,684,883

Air Freight & Logistics–0.03%
†Atlas Air Worldwide Holdings		1,700		94,265

				94,265

Airlines–0.46%
SkyWest		39,600		1,356,300

				1,356,300

Auto Components–0.50%
Metaldyne Performance Group		15,800		361,030
Superior Industries International		43,700		1,107,795

				1,468,825

Banks–2.02%
Berkshire Hills Bancorp		34,100		1,229,305
OFG Bancorp		89,951		1,061,422
Old National Bancorp		5,900		102,365
Opus Bank		63,320		1,275,898
Trustmark		3,100		98,549
Umpqua Holdings		81,402		1,444,071
Univest Corp. of Pennsylvania		15,300		396,270
WesBanco		8,200		312,502

				5,920,382

Biotechnology–2.62%
†Concert Pharmaceuticals		5,400		92,124
†Emergent BioSolutions		48,789		1,416,833
†Enanta Pharmaceuticals		45,667		1,406,544
†Five Prime Therapeutics		39,092		1,413,176
†Myriad Genetics		72,600		1,393,920
†NewLink Genetics		4,000		96,400
PDL BioPharma		677,170		1,537,176
†Vanda Pharmaceuticals		23,700		331,800

				7,687,973

Building Products–0.48%
Owens Corning		23,000		1,411,510

				1,411,510

Capital Markets–1.03%
Arlington Asset Investment Class A		82,806		1,170,049
GAIN Capital Holdings		46,800		389,844
Janus Capital Group		110,500		1,458,600

				3,018,493

Chemicals–1.07%
FutureFuel		104,111		1,476,294
Innophos Holdings		8,100		437,157


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Chemicals (continued)
Rayonier Advanced Materials		90,475	$	1,216,889

				3,130,340

Commercial Services & Supplies–3.84%
†ARC Document Solutions		19,800		68,310
Ennis		77,900		1,324,300
Essendant		93,302		1,413,525
LSC Communications		58,728		1,477,596
McGrath RentCorp		43,098		1,446,800
Mobile Mini		38,200		1,165,100
Quad/Graphics		59,929		1,512,608
RR Donnelley & Sons		120,012		1,453,345
Steelcase Class A		83,000		1,390,250

				11,251,834

Communications Equipment–2.36%
Bel Fuse Class B		56,300		1,438,465
Brocade Communications Systems		112,356		1,402,203
Comtech Telecommunications		3,000		44,220
†Digi International		120,500		1,433,950
†EchoStar Class A		25,500		1,452,225
†NetScout Systems		3,200		121,440
Silicom.		20,931		1,039,643

				6,932,146

Construction & Engineering–1.18%
Chicago Bridge & Iron		48,800		1,500,600
†Great Lakes Dredge & Dock		66,400		265,600
KBR		102,300		1,537,569
†Tutor Perini		4,600		146,280

				3,450,049

Consumer Finance–0.51%
Navient		100,539		1,483,956

				1,483,956

Containers & Packaging–0.04%
Greif Class A		2,200		121,198

				121,198

Diversified Consumer Services–0.05%
DeVry Education Group		3,800		134,710

				134,710

Diversified Telecommunication Services–0.03%
†Iridium Communications		9,900		95,535

				95,535

Electric Utilities–0.58%
Hawaiian Electric Industries		41,800		1,392,358
Otter Tail		8,300		314,570

				1,706,928

Electrical Equipment–1.40%
Powell Industries		38,900		1,339,716


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Electrical Equipment (continued)
Regal Beloit		19,300	$	1,460,045
†Sunrun		243,565		1,315,251

				4,115,012

Electronic Equipment, Instruments & Components–5.74%
†Anixter International		1,300		103,090
†Arrow Electronics		19,277		1,415,125
Avnet		31,709		1,451,004
AVX		87,436		1,432,202
†Benchmark Electronics		43,991		1,398,914
CTS		15,500		330,150
†Fitbit Class A		260,471		1,541,988
†Insight Enterprises		6,300		258,867
Jabil Circuit		48,893		1,413,986
†Kimball Electronics		69,235		1,173,533
Methode Electronics		6,500		296,400
Park Electrochemical		9,300		166,098
PC Connection		49,111		1,463,017
†Plexus		1,800		104,040
†Sanmina		35,429		1,438,417
†ScanSource		35,637		1,398,752
†Tech Data		15,390		1,445,121

				16,830,704

Energy Equipment & Services–3.18%
Archrock		26,300		326,120
†Atwood Oceanics		154,070		1,468,287
Bristow Group		95,700		1,455,597
Ensco Class A		167,048		1,495,080
Noble		244,191		1,511,542
†PHI		9,400		112,612
†Rowan		96,803		1,508,191
†Tidewater		10,700		12,305
†Transocean		114,726		1,428,339

				9,318,073

Equity Real Estate Investment Trusts–7.14%
Ashford Hospitality Prime		117,467		1,246,325
Ashford Hospitality Trust		12,300		78,351
Care Capital Properties		55,419		1,489,108
CBL & Associates Properties		148,800		1,419,552
Chatham Lodging Trust		58,543		1,156,224
Chesapeake Lodging Trust		60,000		1,437,600
CorEnergy Infrastructure Trust		44,309		1,496,758
Hersha Hospitality Trust		74,896		1,407,296
Independence Realty Trust		35,400		331,698
InfraREIT		59,701		1,074,618
Medical Properties Trust		110,300		1,421,767
One Liberty Properties		53,980		1,260,973
RAIT Financial Trust		418,592		1,339,494
RLJ Lodging Trust		62,904		1,478,873
Select Income REIT		55,245		1,424,769
Summit Hotel Properties		6,200		99,076


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Equity Real Estate Investment Trusts (continued)
Sunstone Hotel Investors		95,400	$	1,462,482
Xenia Hotels & Resorts		76,382		1,303,841

				20,928,805

Food & Staples Retailing–1.11%
Andersons		7,900		299,410
Ingles Markets Class A		8,300		358,145
SpartanNash		37,563		1,314,329
Village Super Market Class A		48,100		1,274,650

				3,246,534

Food Products–1.39%
Omega Protein		58,467		1,172,263
Sanderson Farms		14,000		1,453,760
†Seneca Foods Class A		40,257		1,453,278

				4,079,301

Health Care Equipment & Supplies–0.72%
Analogic		900		68,310
†AngioDynamics		29,800		517,030
†Exactech		5,700		143,640
†Integer Holdings		2,000		80,400
Meridian Bioscience		86,000		1,186,800
†Merit Medical Systems		4,000		115,600

				2,111,780

Health Care Providers & Services–7.74%
†Acadia Healthcare		33,545		1,462,562
Aceto		90,952		1,437,951
†Almost Family		29,400		1,428,840
†Diplomat Pharmacy		95,101		1,516,861
Ensign Group		61,200		1,150,560
†Envision Healthcare		21,892		1,342,417
†LHC Group		27,271		1,469,907
†LifePoint Health		22,715		1,487,833
†Magellan Health		21,400		1,477,670
†MEDNAX		20,261		1,405,708
†Molina Healthcare		31,500		1,436,400
National HealthCare		19,560		1,394,628
Owens & Minor		41,300		1,428,980
†PharMerica		59,692		1,396,793
†Select Medical Holdings		112,517		1,502,102
†Triple-S Management Class B		76,892		1,350,992

				22,690,204

Hotels, Restaurants & Leisure–1.07%
†Caesars Acquisition Class A		77,370		1,191,498
†Caesars Entertainment		29,200		278,860
ILG		72,614		1,521,989
Speedway Motorsports		7,600		143,184

				3,135,531

Household Durables–4.05%
†Beazer Homes USA		22,000		266,860


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Household Durables (continued)
CalAtlantic Group		38,273	$	1,433,324
†Century Communities		56,601		1,437,665
CSS Industries		53,153		1,377,726
Libbey		79,926		1,165,321
†M/I Homes		13,100		320,950
MDC Holdings		47,434		1,425,392
†Meritage Homes		38,700		1,424,160
NACCO Industries Class A		3,100		216,380
†TRI Pointe Group		111,719		1,400,956
†William Lyon Homes Class A		68,712		1,416,841

				11,885,575

Household Products–0.34%
Orchids Paper Products		41,415		993,960

				993,960

Independent Power & Renewable Electricity Producers–0.38%
NRG Yield Class A		63,376		1,102,109

				1,102,109

Insurance–4.76%
Allied World Assurance Co. Holdings		26,500		1,407,150
American Equity Investment Life Holding		4,500		106,335
American National Insurance		12,207		1,440,792
AmTrust Financial Services		76,700		1,415,882
Assured Guaranty		38,130		1,415,004
Baldwin & Lyons Class B		47,200		1,154,040
First American Financial		36,500		1,433,720
Maiden Holdings		103,002		1,442,028
Old Republic International		70,288		1,439,498
OneBeacon Insurance Group Class A		80,600		1,289,600
Validus Holdings		25,059		1,413,077

				13,957,126

Internet Software & Services–0.62%
†Blucora		14,500		250,850
†MeetMe		267,913		1,578,008

				1,828,858

IT Services–2.31%
Convergys		68,700		1,453,005
Leidos Holdings		26,730		1,366,972
ManTech International Class A		40,323		1,396,385
†NeuStar Class A		42,400		1,405,560
†Sykes Enterprises		38,900		1,143,660

				6,765,582

Leisure Products–0.49%
†Vista Outdoor		69,254		1,425,940

				1,425,940

Life Sciences Tools & Services–0.88%
Luminex		62,000		1,138,940


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Life Sciences Tools & Services (continued)
†VWR		51,503	$	1,452,385

				2,591,325

Machinery–3.19%
American Railcar Industries		35,333		1,452,186
Briggs & Stratton		51,700		1,160,665
†Chart Industries		3,300		115,302
Douglas Dynamics		13,000		398,450
Federal Signal		22,800		314,868
FreightCar America		4,600		57,638
Greenbrier		33,643		1,450,013
Hyster-Yale Materials Handling		17,411		981,806
LB Foster Class A		8,400		105,000
Miller Industries		56,915		1,499,710
NN		5,500		138,600
†SPX FLOW		6,900		239,499
Trinity Industries		54,406		1,444,479

				9,358,216

Media–1.45%
Gannett		171,949		1,440,933
New Media Investment Group		98,222		1,395,735
Time		72,689		1,406,532

				4,243,200

Metals & Mining–1.92%
Commercial Metals		77,701		1,486,420
Kaiser Aluminum		17,600		1,406,240
Reliance Steel & Aluminum		17,845		1,427,957
Schnitzer Steel Industries		64,100		1,323,665

				5,644,282

Mortgage Real Estate Investment Trusts–7.79%
AG Mortgage Investment Trust		80,697		1,456,581
Altisource Residential		6,200		94,550
Anworth Mortgage Asset		204,600		1,135,530
Apollo Commercial Real Estate Finance		75,656		1,423,089
Ares Commercial Real Estate		106,880		1,430,054
Capstead Mortgage		134,981		1,422,700
Chimera Investment		70,082		1,414,255
CYS Investments		183,143		1,455,987
Invesco Mortgage Capital		94,431		1,456,126
Ladder Capital Class A		6,000		86,640
MFA Financial		174,286		1,408,231
MTGE Investment		71,877		1,203,940
New Residential Investment		84,731		1,438,732
New York Mortgage Trust		229,827		1,418,033
PennyMac Mortgage Investment Trust		83,111		1,475,220
Redwood Trust		86,373		1,434,656
Resource Capital		6,100		59,597
Starwood Property Trust		61,946		1,398,741
Two Harbors Investment		145,346		1,393,868


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Mortgage Real Estate Investment Trusts (continued)
Western Asset Mortgage Capital		23,600	$	230,572

				22,837,102

Multiline Retail–1.04%
Dillard’s Class A		29,600		1,546,304
Kohl’s		37,600		1,496,856

				3,043,160

Multi-Utilities–0.95%
Avista		35,500		1,386,275
NorthWestern		23,900		1,402,930

				2,789,205

Oil, Gas & Consumable Fuels–2.05%
†Gener8 Maritime		264,387		1,499,074
HollyFrontier		52,778		1,495,728
Murphy Oil		54,600		1,561,014
†Pacific Ethanol		51,400		352,090
†Renewable Energy Group		106,061		1,108,337

				6,016,243

Paper & Forest Products–1.32%
Domtar		37,626		1,374,102
PH Glatfelter		49,200		1,069,608
Schweitzer-Mauduit International		34,369		1,423,564

				3,867,274

Pharmaceuticals–2.61%
†ANI Pharmaceuticals		2,100		103,971
†Endo International		141,077		1,574,419
†Impax Laboratories		152,100		1,924,065
†Lannett		65,573		1,465,557
†Mallinckrodt		32,642		1,454,854
†SciClone Pharmaceuticals		115,461		1,131,518

				7,654,384

Professional Services–0.40%
Kelly Services Class A		53,300		1,165,138

				1,165,138

Road & Rail–1.09%
ArcBest		10,300		267,800
Celadon Group		16,500		108,075
†Roadrunner Transportation Systems		197,692		1,358,144
Ryder System		19,437		1,466,327

				3,200,346

Semiconductors & Semiconductor Equipment–1.97%
†Amkor Technology		12,500		144,875
†First Solar		49,716		1,347,304
IXYS		68,900		1,002,495
Marvell Technology Group		88,479		1,350,190
†Photronics		129,649		1,387,244


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
†Xcerra		59,900	$	532,511

				5,764,619

Software–0.95%
†Rubicon Project		226,868		1,336,252
TiVo		77,925		1,461,094

				2,797,346

Specialty Retail–4.95%
Barnes & Noble		147,300		1,362,525
Big 5 Sporting Goods		6,500		98,150
Buckle		80,400		1,495,440
Cato Class A		55,800		1,225,368
Finish Line Class A		108,800		1,548,224
GameStop Class A		67,924		1,531,686
GNC Holdings		200,934		1,478,874
Guess		128,925		1,437,514
Office Depot		310,500		1,448,483
Rent-A-Center		158,407		1,405,070
Stage Stores		9,100		23,569
Staples		166,052		1,456,276

				14,511,179

Technology Hardware, Storage & Peripherals–0.92%
†Super Micro Computer		49,700		1,259,895
Xerox		195,600		1,435,704

				2,695,599

Textiles, Apparel & Luxury Goods–1.43%
†Fossil Group		85,869		1,498,414
†Iconix Brand Group		199,524		1,500,420
Movado Group		48,100		1,200,095

				4,198,929

Thrifts & Mortgage Finance–0.36%
Oritani Financial		63,000		1,071,000

				1,071,000

Tobacco–0.49%
Universal		20,343		1,439,267

				1,439,267

Trading Companies & Distributors–1.72%
Air Lease		37,250		1,443,437
Aircastle		60,090		1,449,972
GATX		24,220		1,476,451
†Rush Enterprises Class A		10,300		340,724
Triton International		13,500		348,165

				5,058,749

Wireless Telecommunication Services–1.05%
Spok Holdings		77,071		1,464,349
Telephone & Data Systems		55,507		1,471,491


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Wireless Telecommunication Services (continued)
†United States Cellular		4,200	$	156,786

				3,092,626


Total Common Stock (Cost $279,050,940)				290,403,610

MONEY MARKET FUND–1.20%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		3,515,396		3,515,396


Total Money Market Fund (Cost $3,515,396)				3,515,396

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP SSGA Small-Mid Cap 200 Fund (the “Fund”) is an investment company in conformity with U.S generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their published net asset value (“NAV”). U.S. government securities and agency securities are valued at the mean between their bid and ask prices. This was priced using the mean price from IDC on March 31, 2017. Short-term debt securities utilize matrix system, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

Level 1–inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–69.96%
Equity Funds–19.19%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		8,938,309	$	129,882,573
LVIP SSGA S&P 500 Index Fund		845,183		13,943,837
LVIP SSGA Small-Cap Index Fund		158,354		4,662,888
LVIP SSGA Small-Mid Cap 200 Fund		2,637,096		37,378,199

				185,867,497

Fixed Income Funds–28.31%
*Lincoln Variable Insurance Products Trust– LVIP SSGA Bond Index Fund		11,891,384		133,635,378
SPDR^® Bloomberg Barclays Aggregate Bond ETF		819,821		46,828,176
SPDR^® Bloomberg Barclays TIPS ETF		1,646,255		93,787,147

				274,250,701

International Equity Funds–22.46%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Developed International 150 Fund		13,429,632		112,755,194
LVIP SSGA Emerging Markets 100 Fund		3,054,637		27,952,986
LVIP SSGA International Index Fund		5,468,266		47,880,133
SPDR^® S&P Emerging Markets ETF		451,268		28,953,355

				217,541,668

Total Affiliated Investments (Cost $618,886,070)				677,659,866

UNAFFILIATED INVESTMENTS–29.91%
Equity Funds–15.92%
Financial Select Sector SPDR^® Fund		751,477		17,832,549
Industrial Select Sector SPDR^® Fund		282,581		18,384,720
SPDR^® Dow Jones REIT ETF		101,586		9,374,356


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENTS (continued)
Equity Funds (continued)
SPDR^® S&P 500 ETF Trust		281,926	$	66,461,235
SPDR^® S&P 600 Small Cap ETF		193,318		23,449,473
Technology Select Sector SPDR^® Fund		351,649		18,746,408

				154,248,741

Fixed Income Funds–4.86%
SPDR^® Bloomberg Barclays High Yield Bond ETF		508,747		18,788,027
SPDR^® Bloomberg Barclays Intermediate Term Corporate Bond ETF		272,127		9,287,694
Vanguard Long-Term Bond ETF		210,703		18,971,698

				47,047,419

International Equity Funds–4.97%
SPDR^® S&P World ex-US ETF		1,043,459		28,935,118
WisdomTree Europe Hedged Equity Fund		160,998		10,112,284
WisdomTree Japan Hedged Equity Fund		180,436		9,133,670

				48,181,072

Money Market Fund–4.16%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		40,300,810		40,300,810

				40,300,810

Total Unaffiliated Investments (Cost $266,685,505)				289,778,042

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP SSGA Global Tactical Allocation Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies, including Exchange-Traded Funds (“ETFs”), that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or other unaffiliated managers (collectively, the “Underlying Funds”). ETFs, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (“NYSE”) on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Investments in government money market funds have a stable NAV. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Futures contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Affiliated investments, for purposes of the Investment Company Act of 1940, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds or ETFs). Affiliated investments of the Fund and the corresponding investment activity for the period ended March 31, 2017 were as follows:


	Number of Shares		Value (U.S. $)

DCOMMON STOCK–97.97%
Australia–7.53%
AGL Energy		116,818	$	2,353,495
Alumina		468,716		640,997
Amcor		222,486		2,559,888
AMP		572,061		2,263,943
APA Group		189,016		1,293,898
Aristocrat Leisure		93,145		1,278,795
ASX		33,852		1,305,561
Aurizon Holdings		350,006		1,403,874
AusNet Services		275,084		354,127
Australia & New Zealand Banking Group		520,806		12,661,044
Bank of Queensland		66,561		618,368
Bendigo & Adelaide Bank		80,833		749,723
†=BGP Holdings		160,069		0
BHP Billiton		570,985		10,487,030
Boral		194,881		869,512
Brambles		303,298		2,166,579
Caltex Australia		53,909		1,214,589
Challenger		96,172		922,116
CIMIC Group		17,957		492,929
Coca-Cola Amatil		104,489		863,756
Cochlear		9,787		1,011,151
Commonwealth Bank of Australia		307,167		20,160,980
Computershare		76,199		818,517
Crown Resorts		59,112		533,358
CSL		80,823		7,738,974
Dexus Property Group		168,996		1,261,433
Domino’s Pizza Enterprises		10,560		468,903
DUET Group		423,637		903,008
Flight Centre Travel Group		8,399		185,318
Fortescue Metals Group		306,866		1,460,596
Goodman Group		348,940		2,063,408
GPT Group		311,611		1,226,065
Harvey Norman Holdings		93,657		324,139
Healthscope		274,698		476,403
Incitec Pivot		288,379		828,409
Insurance Australia Group		408,923		1,890,124
James Hardie Industries CDI		90,439		1,421,292
LendLease Group		95,238		1,133,629
Macquarie Group		53,764		3,705,028
Medibank Pvt		570,717		1,229,598
Mirvac Group		765,686		1,281,115
National Australia Bank		472,534		12,036,273
Newcrest Mining		147,848		2,515,527
Oil Search		277,781		1,532,262
Orica		62,872		845,402
†Origin Energy		344,015		1,852,934
Qantas Airways		88,434		262,823
QBE Insurance Group		238,431		2,348,059
Ramsay Health Care		27,817		1,485,315
REA Group		8,246		373,776
Rio Tinto		74,422		3,437,659


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Australia (continued)
†Santos		277,924	$	806,869
Scentre Group		931,905		3,054,375
SEEK		55,169		671,014
Sonic Healthcare		80,824		1,365,900
South32		552,218		1,164,429
South32 (London Stock Exchange)		368,248		769,348
Stockland		411,305		1,458,060
Suncorp Group		247,469		2,497,566
Sydney Airport		229,862		1,188,911
Tabcorp Holdings		139,988		508,016
Tatts Group		245,023		829,285
Telstra		728,402		2,593,286
TPG Telecom		57,141		304,280
Transurban Group		357,328		3,185,894
Treasury Wine Estates		124,458		1,162,901
Vicinity Centres		681,165		1,472,760
Vocus Group		86,410		285,194
Wesfarmers		200,228		6,894,547
Westfield		378,281		2,566,379
Westpac Banking		595,956		15,963,182
Woodside Petroleum		132,737		3,253,267
Woolworths		226,986		4,595,559

				177,902,724

Austria–0.20%
ANDRITZ		12,257		613,057
Erste Group Bank		58,865		1,916,884
=IMMOEAST		13,053		0
OMV		24,795		975,656
†Raiffeisen Bank International		19,247		434,369
voestalpine		18,936		745,414

				4,685,380

Belgium–1.14%
Ageas		36,403		1,422,904
Anheuser-Busch Inbev		135,664		14,892,342
Colruyt		11,289		554,224
Groupe Bruxelles Lambert		13,583		1,233,128
KBC Group		43,799		2,905,814
Proximus SADP		25,610		803,640
Solvay Class A		14,504		1,772,417
†Telenet Group Holding		8,879		528,071
UCB		24,735		1,918,620
Umicore		16,260		926,285

				26,957,445

☐China–0.01%
Yangzijiang Shipbuilding Holdings		294,000		237,495

				237,495

Denmark–1.64%
AP Moller - Maersk Class A		642		1,035,692
AP Moller - Maersk Class B		1,277		2,118,689


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Denmark (continued)
Carlsberg Class B		20,838	$	1,924,354
Chr Hansen Holding		16,649		1,068,615
Coloplast Class B		23,358		1,823,797
Danske Bank		121,181		4,127,063
#DONG Energy 144A		27,472		1,059,312
DSV		37,137		1,922,459
†Genmab		11,082		2,134,210
ISS		29,033		1,097,855
Novo Nordisk Class B		339,967		11,675,762
Novozymes Class B		45,249		1,793,453
Pandora		21,324		2,360,636
TDC		136,700		704,906
Tryg		16,350		296,586
Vestas Wind Systems		38,718		3,148,031
†William Demant Holding		19,495		407,311

				38,698,731

Finland–0.93%
Elisa		25,308		895,003
Fortum		74,784		1,183,131
Kone Class B		64,421		2,828,693
Metso		17,066		516,687
Neste		21,585		841,863
Nokia		157,345		844,985
Nokia (London Stock Exchange)		873,420		4,686,775
Nokian Renkaat		19,229		802,898
Orion Class B		16,843		878,102
Sampo Class A		78,469		3,721,779
Stora Enso Class R		92,752		1,096,342
UPM-Kymmene		102,656		2,411,486
Wartsila		24,906		1,332,471

				22,040,215

France–9.87%
Accor		31,877		1,327,949
Aeroports de Paris		4,998		617,697
Air Liquide		68,921		7,874,519
Airbus		102,766		7,819,963
†Alstom		25,825		771,816
Arkema		12,675		1,250,486
Atos		17,330		2,143,642
AXA		344,223		8,906,851
BNP Paribas		188,426		12,549,233
Bollore		146,359		567,397
†Bollore Class		1,002		3,805
Bouygues		38,680		1,574,421
Bureau Veritas		44,650		941,935
Capgemini		28,384		2,621,041
Carrefour		108,707		2,562,907
Casino Guichard Perrachon		8,803		492,372
Christian Dior		10,552		2,451,747
Cie de Saint-Gobain		87,941		4,515,807


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
France (continued)
Cie Generale des Etablissements Michelin		32,140	$	3,903,569
CNP Assurances		27,678		563,373
Credit Agricole		195,665		2,650,940
Danone		104,551		7,111,472
Dassault Aviation		383		486,992
Dassault Systemes		24,953		2,159,935
Edenred		39,259		927,675
Eiffage		10,346		810,345
Electricite de France		56,621		476,703
Engie		277,605		3,932,859
Essilor International		36,465		4,430,808
Eurazeo		6,240		410,926
Eurofins Scientific		1,839		800,139
Eutelsat Communications		29,393		656,291
Fonciere Des Regions		5,702		476,351
Gecina		7,061		958,156
Groupe Eurotunnel		78,710		791,985
Hermes International		5,103		2,417,627
ICADE		6,915		506,647
Iliad		4,448		994,816
Imerys		5,370		455,834
Ingenico Group		9,830		927,649
JCDecaux		12,510		440,274
Kering		13,276		3,433,780
Klepierre		43,066		1,675,075
Lagardere		19,870		585,258
Legrand		46,556		2,807,119
L’Oreal		44,693		8,589,280
LVMH Moet Hennessy Louis Vuitton		49,551		10,881,438
Natixis		158,047		973,860
Orange		352,377		5,475,213
Pernod Ricard		37,383		4,422,712
†Peugeot		90,539		1,823,080
Publicis Groupe		36,882		2,577,538
Remy Cointreau		3,883		380,147
Renault		33,638		2,922,117
Rexel		50,882		923,861
Safran		55,011		4,109,762
Sanofi		206,800		18,668,377
Schneider Electric		99,567		7,289,747
SCOR		27,474		1,038,427
SEB		3,788		528,972
SES FDR		71,465		1,662,388
†SFR Group		18,446		580,310
Societe BIC		4,842		603,324
Societe Generale		135,821		6,889,702
Sodexo		17,896		2,104,833
STMicroelectronics		118,946		1,818,357
Suez		54,994		868,574
Thales		20,491		1,981,809
TOTAL		405,710		20,521,754


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
France (continued)
Unibail-Rodamco		17,471	$	4,083,600
Valeo		41,688		2,776,434
Veolia Environnement		93,677		1,754,852
Vinci		89,884		7,124,497
Vivendi		180,266		3,504,809
Wendel		4,961		628,737
Zodiac Aerospace		35,069		877,302

				233,171,999

Germany–8.63%
adidas		33,279		6,330,013
Allianz		81,365		15,072,852
Axel Springer		6,481		357,934
BASF		163,585		16,215,699
Bayer		147,323		16,981,589
Bayerische Motoren Werke		58,480		5,334,667
Beiersdorf		19,727		1,867,302
Brenntag		28,832		1,616,332
Commerzbank		198,650		1,796,656
Continental		19,344		4,240,735
#Covestro 144A		11,960		920,684
Daimler		171,315		12,646,912
†Deutsche Bank		243,000		4,186,603
†Deutsche Boerse		33,704		3,088,931
Deutsche Lufthansa		39,241		636,307
Deutsche Post		171,546		5,875,384
Deutsche Telekom		581,604		10,190,976
Deutsche Wohnen		65,291		2,149,823
E.ON		349,195		2,775,656
Evonik Industries		33,374		1,088,217
Fraport Frankfurt Airport Services Worldwide		6,547		463,271
Fresenius		72,514		5,827,373
Fresenius Medical Care		37,648		3,174,876
GEA Group		34,126		1,450,400
Hannover Rueck		11,252		1,298,193
HeidelbergCement		25,902		2,425,007
Henkel		20,115		2,234,922
HOCHTIEF		3,454		570,948
HUGO BOSS		11,260		821,752
Infineon Technologies		198,815		4,060,575
#†Innogy 144A		23,368		882,112
K+S		32,225		749,089
LANXESS		17,079		1,145,848
Linde		32,798		5,461,768
MAN		6,236		642,837
Merck		22,494		2,562,837
METRO		31,210		998,179
Muenchener Rueckversicherungs-Gesellschaft in Muenchen Class R		28,453		5,566,861
OSRAM Licht		14,982		938,989
ProSiebenSat.1 Media		45,717		2,024,236


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Germany (continued)
RTL Group		6,515	$	524,740
†RWE		91,325		1,513,505
SAP		175,081		17,179,694
Siemens		136,324		18,673,269
Symrise		24,275		1,614,392
Telefonica Deutschland Holding		131,416		651,905
thyssenkrupp		72,025		1,764,161
United Internet		20,709		916,391
Volkswagen		5,465		814,168
Vonovia		81,381		2,867,574
#†Zalando 144A		14,559		589,034

				203,782,178

∎Hong Kong–3.42%
AIA Group		2,145,800		13,529,460
ASM Pacific Technology		34,000		462,433
Bank of East Asia		216,220		894,483
BOC Hong Kong Holdings		645,000		2,635,109
Cathay Pacific Airways		188,000		272,874
Cheung Kong Infrastructure Holdings		112,000		879,110
Cheung Kong Property Holdings		470,924		3,172,215
CK Hutchison Holdings		477,660		5,875,866
CLP Holdings		287,000		3,000,547
First Pacific		369,750		268,338
Galaxy Entertainment Group		452,000		2,474,760
Hang Lung Group		148,000		631,307
Hang Lung Properties		388,000		1,008,505
Hang Seng Bank		133,400		2,705,249
Henderson Land Development		186,574		1,155,959
#HK Electric Investments 144A		446,308		411,190
HKT Trust		706,592		911,028
Hong Kong & China Gas		1,329,471		2,658,428
Hong Kong Exchanges & Clearing		205,325		5,167,802
Hongkong Land Holdings		231,000		1,776,390
Hysan Development		105,850		480,115
Jardine Matheson Holdings		43,600		2,801,300
Jardine Strategic Holdings		41,500		1,743,000
Kerry Properties		101,531		352,089
Li & Fung		992,000		430,167
Link REIT		388,715		2,723,481
Melco Crown Entertainment ADR		35,846		664,585
MGM China Holdings		135,995		283,487
MTR		290,487		1,631,571
New World Development		988,366		1,215,824
NWS Holdings		264,725		483,021
PCCW		636,596		375,167
Power Assets Holdings		266,000		2,293,251
Sands China		465,868		2,158,045
Shangri-La Asia		254,166		370,219
Sino Land		519,996		911,323
SJM Holdings		287,591		233,877
Sun Hung Kai Properties		254,005		3,732,532


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
∎Hong Kong (continued)
Swire Pacific Class A		91,500	$	913,646
Swire Properties		196,961		631,066
Techtronic Industries		231,500		936,843
#WH Group 144A		1,351,793		1,165,414
Wharf Holdings		265,000		2,274,400
Wheelock & Co.		137,000		1,083,272
Wynn Macau		271,153		551,971
Yue Yuen Industrial Holdings		118,500		465,827

				80,796,546

Ireland–0.72%
†AerCap Holdings		27,988		1,286,608
†=Anglo Irish Bank		3,965		0
†Bank of Ireland		4,631,473		1,161,101
CRH		146,979		5,185,283
Kerry Group Class A		30,564		2,403,038
Paddy Power Betfair		15,571		1,669,420
†Ryanair Holdings ADR		5,317		441,205
WPP		225,573		4,951,510

				17,098,165

Israel–0.67%
Azrieli Group		6,290		333,730
Bank Hapoalim		182,788		1,114,136
†Bank Leumi Le-Israel		243,592		1,075,907
Bezeq The Israeli Telecommunication		354,913		637,815
†Check Point Software Technologies		24,864		2,552,538
Elbit Systems		3,945		451,511
Frutarom Industries		6,428		359,329
Israel Chemicals		85,880		365,094
Mizrahi Tefahot Bank		17,430		295,624
†Mobileye		29,528		1,813,019
NICE Systems		10,087		677,757
†Taro Pharmaceutical Industries		3,595		419,249
Teva Pharmaceutical Industries		153,703		5,053,424
Teva Pharmaceutical Industries ADR		17,569		563,789

				15,712,922

Italy–2.00%
Assicurazioni Generali		204,573		3,251,753
Atlantia		80,622		2,081,383
Enel		1,348,384		6,349,345
Eni		450,773		7,381,579
Ferrari		21,087		1,569,069
†Fiat Chrysler Automobiles		151,914		1,661,134
Intesa Sanpaolo		2,241,895		6,089,150
Intesa Sanpaolo RSP		156,997		399,283
†Leonardo		68,138		966,045
Luxottica Group		33,063		1,825,306
Mediobanca		95,321		859,267
#Poste Italiane 144A		93,206		621,451
Prysmian		33,255		879,106
†Saipem		895,467		406,473


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Italy (continued)
Snam		477,651	$	2,065,748
†Telecom Italia		1,994,847		1,793,991
Telecom Italia RSP		1,014,860		740,534
Tenaris		88,192		1,511,917
Terna Rete Elettrica Nazionale		253,807		1,259,040
UniCredit		333,463		5,140,419
UnipolSai Assicurazioni		165,713		365,586

				47,217,579

Japan–23.12%
ABC-Mart		4,800		280,679
†Acom		67,200		268,607
Aeon		127,200		1,856,642
AEON Financial Service		19,500		367,300
Aeon Mall		16,390		257,929
Air Water		24,000		442,361
Aisin Seiki		37,500		1,842,495
Ajinomoto		105,000		2,071,611
Alfresa Holdings		29,600		512,875
Alps Electric		31,400		889,850
Amada Holdings		57,300		654,166
ANA Holdings		199,000		607,385
Aozora Bank		252,000		928,052
Asahi Glass		172,000		1,393,551
Asahi Group Holdings		67,300		2,543,774
Asahi Kasei		243,000		2,357,316
Asics		29,200		468,963
Astellas Pharma		380,200		5,006,496
Bandai Namco Holdings		41,400		1,238,319
Bank of Kyoto		51,000		371,517
Benesse Holdings		10,300		321,962
Bridgestone		114,600		4,635,263
Brother Industries		39,700		829,089
Calbee		12,400		422,689
Canon		188,600		5,880,092
Casio Computer		39,300		546,804
Central Japan Railway		25,400		4,138,651
Chiba Bank		128,000		822,061
Chubu Electric Power		125,300		1,678,095
Chugai Pharmaceutical		38,000		1,305,578
Chugoku Bank		25,500		371,059
Chugoku Electric Power		46,900		519,005
Concordia Financial Group		241,900		1,119,871
Credit Saison		24,400		435,268
†CYBERDYNE		16,000		229,660
Dai Nippon Printing		94,000		1,013,204
Daicel		47,100		567,332
Dai-ichi Life Insurance		189,400		3,396,543
Daiichi Sankyo		104,900		2,362,205
Daikin Industries		41,200		4,139,244
Daito Trust Construction		13,600		1,868,427
Daiwa House Industry		98,800		2,836,296


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Daiwa House REIT Investment		230	$	597,880
Daiwa Securities Group		322,000		1,960,692
DeNA		17,700		359,151
Denso		83,700		3,681,657
Dentsu		41,900		2,273,206
Don Quijote Holdings		21,600		748,909
East Japan Railway		58,400		5,085,149
Eisai		48,100		2,490,330
Electric Power Development		24,700		577,953
FamilyMart		13,900		829,031
FANUC		34,300		7,030,684
Fast Retailing		9,300		2,917,057
Fuji Electric		127,000		754,038
FUJIFILM Holdings		76,500		2,987,712
Fujitsu		360,000		2,201,779
Fukuoka Financial Group		136,000		588,808
Hachijuni Bank		96,200		543,517
Hakuhodo DY Holdings		32,700		387,712
Hamamatsu Photonics		25,800		742,738
Hankyu Hanshin Holdings		47,500		1,544,507
Hikari Tsushin		5,000		488,637
Hino Motors		47,200		571,081
Hirose Electric		6,940		959,993
Hiroshima Bank		75,000		318,647
Hisamitsu Pharmaceutical		13,200		754,082
Hitachi		852,000		4,610,887
Hitachi Chemical		17,500		484,146
Hitachi Construction Machinery		25,300		630,625
Hitachi High-Technologies		14,900		606,948
Hitachi Metals		34,000		477,032
Hokuriku Electric Power		28,300		274,535
Honda Motor		289,400		8,710,854
Hoshizaki		10,400		818,324
Hoya		68,200		3,281,049
Hulic		50,200		472,105
Idemitsu Kosan		14,400		500,566
†IHI		260,000		819,725
Iida Group Holdings		25,000		383,544
Inpex		185,000		1,818,760
Isetan Mitsukoshi Holdings		56,500		620,165
Isuzu Motors		101,400		1,341,161
ITOCHU		263,000		3,732,507
J Front Retailing		43,000		637,295
Japan Airlines		20,200		639,766
Japan Airport Terminal		7,300		253,431
Japan Exchange Group		102,300		1,456,440
Japan Post Bank		68,200		845,991
Japan Post Holdings		92,800		1,164,480
Japan Prime Realty Investment		140		541,992
Japan Real Estate Investment		258		1,367,286
Japan Retail Fund Investment		430		843,546
Japan Tobacco		194,700		6,327,356


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
JFE Holdings		91,900	$	1,575,417
JGC		34,900		606,589
JSR		31,300		527,711
JTEKT		37,600		583,943
JXTG Holdings		539,660		2,650,068
Kajima		184,000		1,199,892
Kakaku.com		22,800		310,267
Kamigumi		41,000		354,280
Kaneka		43,000		319,806
Kansai Electric Power		119,800		1,471,002
Kansai Paint		36,800		781,087
Kao		88,900		4,874,208
Kawasaki Heavy Industries		244,000		740,789
KDDI		325,500		8,543,169
Keihan Holdings		86,000		526,058
Keikyu		79,000		867,134
Keio		97,000		768,472
Keisei Electric Railway		23,000		533,630
Keyence		17,188		6,882,611
Kikkoman		25,000		746,654
Kintetsu Group Holdings		369,000		1,329,103
Kirin Holdings		143,300		2,703,689
†Kobe Steel		52,100		475,466
Koito Manufacturing		23,200		1,206,575
Komatsu		162,400		4,232,494
Konami Holdings		15,200		645,109
Konica Minolta		76,200		681,714
Kose		5,400		488,440
Kubota		185,000		2,776,745
Kuraray		73,900		1,120,481
Kurita Water Industries		16,000		387,030
Kyocera		56,200		3,130,804
Kyowa Hakko Kirin		43,700		691,632
Kyushu Electric Power		71,900		765,952
Kyushu Financial Group		68,000		415,953
Lawson		9,400		637,474
†Line		7,000		268,795
Lion		40,000		719,303
LIXIL Group		54,700		1,388,013
M3		32,700		811,552
Mabuchi Motor		8,200		461,816
Makita		44,000		1,541,364
Marubeni		321,000		1,976,516
Marui Group		39,100		531,378
Maruichi Steel Tube		14,100		400,849
Mazda Motor		110,800		1,595,369
McDonald’s Holdings		13,100		382,422
Mebuki Financial		198,510		793,469
Medipal Holdings		37,600		589,685
MEIJI Holdings		22,268		1,854,167
MINEBEA MITSUMI		60,000		800,323
Miraca Holdings		13,300		611,659


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
MISUMI Group		46,100	$	833,138
Mitsubishi		267,100		5,771,212
Mitsubishi Chemical Holdings		264,600		2,047,305
Mitsubishi Electric		341,000		4,891,557
Mitsubishi Estate		220,000		4,011,497
Mitsubishi Gas Chemical		30,500		633,396
Mitsubishi Heavy Industries		613,000		2,459,048
Mitsubishi Logistics		19,000		261,798
Mitsubishi Materials		18,800		569,083
Mitsubishi Motors		121,700		731,315
Mitsubishi Tanabe Pharma		39,700		826,593
Mitsubishi UFJ Financial Group		2,270,800		14,271,793
Mitsubishi UFJ Lease & Finance		106,000		528,429
Mitsui & Co.		300,800		4,356,777
Mitsui Chemicals		190,000		938,651
Mitsui Fudosan		157,000		3,347,867
Mitsui OSK Lines		193,000		606,755
Mixi		8,300		399,605
Mizuho Financial Group		4,277,220		7,837,536
MS&AD Insurance Group Holdings		88,554		2,815,783
Murata Manufacturing		33,800		4,807,536
Nabtesco		19,000		503,458
Nagoya Railroad		155,000		697,521
NEC		528,000		1,271,032
Nexon		30,200		479,869
NGK Insulators		54,500		1,233,630
NGK Spark Plug		30,000		685,530
NH Foods		29,000		778,595
Nidec		41,900		3,987,519
Nikon		57,400		832,153
Nintendo		20,000		4,641,157
Nippon Building Fund		277		1,515,252
Nippon Electric Glass		99,000		598,464
Nippon Express		140,000		719,303
Nippon Paint Holdings		27,400		953,696
Nippon Prologis REIT		264		572,202
Nippon Steel & Sumitomo Metal		141,822		3,267,524
Nippon Telegraph & Telephone		122,200		5,215,974
†Nippon Yusen		272,000		574,149
Nissan Chemical Industries		20,700		602,425
Nissan Motor		414,600		3,997,782
Nisshin Seifun Group		31,765		473,921
Nissin Foods Holdings		9,900		548,666
Nitori Holdings		15,600		1,971,544
Nitto Denko		28,700		2,217,528
NOK		14,100		327,265
Nomura Holdings		639,100		3,971,915
Nomura Real Estate Holdings		21,000		334,627
Nomura Real Estate Master Fund		690		1,070,978
Nomura Research Institute		22,869		842,207
NSK		74,300		1,062,477
NTT Data		25,900		1,228,348


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
NTT DOCOMO		244,900	$	5,702,895
Obayashi		113,700		1,063,161
Obic		10,900		518,908
Odakyu Electric Railway		51,500		1,001,967
Oji Holdings		137,000		641,130
Olympus		56,300		2,164,412
Omron		32,900		1,443,605
Ono Pharmaceutical		80,100		1,658,048
Oracle Corp. Japan		5,900		337,052
Oriental Land		42,000		2,408,030
ORIX		232,400		3,439,136
Osaka Gas		380,000		1,443,816
Otsuka		8,800		477,427
Otsuka Holdings		68,300		3,080,954
Panasonic		388,700		4,392,209
Park24		17,800		465,905
Pola Orbis Holdings		14,000		337,896
Rakuten		180,700		1,809,759
Recruit Holdings		64,300		3,280,553
Resona Holdings		383,000		2,056,909
Ricoh		138,600		1,140,372
Rinnai		5,400		429,749
Rohm		15,000		997,036
Ryohin Keikaku		4,100		898,221
Sankyo		7,600		253,948
Santen Pharmaceutical		62,800		909,311
SBI Holdings		35,870		500,047
Secom		36,600		2,619,828
Sega Sammy Holdings		31,700		424,831
Seibu Holdings		30,000		495,015
Seiko Epson		57,900		1,219,057
Sekisui Chemical		83,500		1,403,292
Sekisui House		116,900		1,922,608
Seven & i Holdings		133,000		5,211,048
Seven Bank		91,400		298,838
†Sharp		281,000		1,186,293
Shimadzu		39,000		619,698
Shimamura		3,500		462,454
Shimano		14,300		2,087,263
Shimizu		93,000		833,684
Shin-Etsu Chemical		68,800		5,959,824
Shinsei Bank		301,000		554,253
Shionogi & Co.		52,000		2,684,775
Shiseido		73,700		1,939,648
Shizuoka Bank		90,000		732,417
Showa Shell Sekiyu		36,300		367,467
SMC		10,000		2,956,975
SoftBank Group		146,700		10,359,790
Sohgo Security Services		11,900		444,126
Sompo Holdings		61,375		2,248,708
Sony		223,800		7,570,563
Sony Financial Holdings		29,300		470,832


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Stanley Electric		25,300	$	721,526
Start Today		29,400		650,428
Subaru		108,300		3,971,876
Sumitomo		207,400		2,789,738
Sumitomo Chemical		278,000		1,553,184
Sumitomo Dainippon Pharma		36,600		604,247
Sumitomo Electric Industries		145,600		2,414,242
Sumitomo Heavy Industries		93,000		648,235
Sumitomo Metal Mining		100,000		1,422,348
Sumitomo Mitsui Financial Group		238,500		8,665,521
Sumitomo Mitsui Trust Holdings		63,746		2,210,182
Sumitomo Realty & Development		69,000		1,788,682
Sumitomo Rubber Industries		28,800		490,736
Sundrug		12,600		422,716
Suntory Beverage & Food		28,700		1,209,045
Suruga Bank		29,100		612,687
Suzuken Aichi		13,050		427,850
Suzuki Motor		59,800		2,482,670
Sysmex		30,300		1,837,106
T&D Holdings		114,000		1,654,756
Taiheiyo Cement		198,000		661,601
Taisei		207,000		1,507,922
Taisho Pharmaceutical Holdings		7,700		625,240
Taiyo Nippon Sanso		21,900		256,120
Takashimaya		70,000		612,414
Takeda Pharmaceutical		125,800		5,908,634
TDK		24,100		1,526,138
Teijin		31,600		595,782
Terumo		65,600		2,277,409
THK		20,300		511,101
Tobu Railway		167,000		846,025
Toho		25,100		665,320
Toho Gas		60,000		424,144
Tohoku Electric Power		93,900		1,271,905
Tokio Marine Holdings		120,400		5,078,581
†Tokyo Electric Power Holdings		243,500		953,615
Tokyo Electron		27,400		2,991,530
Tokyo Gas		343,000		1,560,799
Tokyo Tatemono		32,000		421,953
Tokyu		208,000		1,472,236
Tokyu Fudosan Holdings		86,300		468,204
Toppan Printing		89,000		907,348
Toray Industries		282,000		2,500,081
†Toshiba		769,000		1,667,445
TOTO		29,400		1,110,455
Toyo Seikan Group Holdings		27,500		446,600
Toyo Suisan Kaisha		13,900		517,520
Toyoda Gosei		10,900		277,175
Toyota Industries		28,600		1,420,623
Toyota Motor		465,700		25,274,045
Toyota Tsusho		36,000		1,089,733
Trend Micro		18,500		822,555


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Japan (continued)
Tsuruha Holdings		6,500	$	601,365
Unicharm		78,800		1,888,071
United Urban Investment		495		760,307
USS		37,900		631,837
West Japan Railway		31,900		2,074,804
Yahoo Japan		239,700		1,106,672
Yakult Honsha		14,800		821,558
Yamada Denki		105,800		527,432
Yamaguchi Financial Group		32,000		346,933
Yamaha		28,600		787,380
Yamaha Motor		57,000		1,372,649
Yamato Holdings		59,400		1,244,503
Yamazaki Baking		28,900		594,458
Yaskawa Electric		42,700		856,838
Yokogawa Electric		50,700		797,866
Yokohama Rubber		16,000		313,159

				546,154,868

Netherlands–4.36%
#ABN AMRO Group CVA 144A		56,426		1,369,442
Aegon		303,278		1,543,595
Akzo Nobel		47,252		3,918,248
†Altice Class A		62,218		1,407,464
†Altice Class B-W/I		16,305		368,756
†ArcelorMittal		321,137		2,701,656
†ASML Holding		66,213		8,787,122
Boskalis Westminster		15,767		543,714
CNH Industrial		199,381		1,922,805
EXOR		18,655		964,808
Gemalto		13,504		754,590
Heineken		40,383		3,437,831
Heineken Holding		16,973		1,350,224
ING Groep		689,080		10,416,516
Koninklijke Ahold Delhaize		226,025		4,836,937
Koninklijke DSM		35,020		2,368,955
Koninklijke KPN		663,161		1,997,160
Koninklijke Philips		167,429		5,381,617
Koninklijke Vopak		11,600		505,823
NN Group		61,092		1,986,797
†NXP Semiconductors		55,320		5,725,620
†QIAGEN		39,947		1,159,567
Randstad Holding		20,765		1,198,429
RELX		174,050		3,223,345
Royal Dutch Shell Class B		667,510		18,269,482
Unilever CVA		289,958		14,405,367
Wolters Kluwer		58,315		2,424,030

				102,969,900

New Zealand–0.16%
Auckland International Airport		168,953		800,628
Contact Energy		130,095		461,455
Fletcher Building		113,652		662,855


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
New Zealand (continued)
Mercury		115,924	$	255,978
Meridian Energy		215,758		423,490
Ryman Healthcare		58,695		346,031
Spark New Zealand		302,819		742,966

				3,693,403

Norway–0.61%
DNB		170,641		2,704,833
Gjensidige Forsikring		32,572		496,194
†Marine Harvest		64,411		981,971
Norsk Hydro		226,423		1,314,837
Orkla		137,241		1,229,162
Schibsted		14,689		378,080
Schibsted Class B		15,002		343,329
Statoil		198,140		3,385,332
Telenor		144,856		2,410,836
Yara International		31,230		1,202,469

				14,447,043

Portugal–0.15%
Energias de Portugal		389,897		1,320,616
Galp Energia		99,416		1,508,661
Jeronimo Martins		41,950		750,495

				3,579,772

Singapore–1.33%
Ascendas Real Estate Investment Trust		514,387		926,658
CapitaLand		432,300		1,121,814
CapitaLand Commercial Trust		490,700		541,968
CapitaLand Mall Trust		545,400		768,087
City Developments		95,300		694,899
ComfortDelGro		363,000		664,317
DBS Group Holdings		314,173		4,357,119
Genting Singapore		1,017,800		742,150
Global Logistic Properties		449,000		892,319
Golden Agri-Resources		1,199,480		330,128
Hutchison Port Holdings Trust		909,400		377,401
Jardine Cycle & Carriage		22,288		698,825
Keppel		246,515		1,223,015
Oversea-Chinese Banking		552,455		3,838,769
SATS		113,200		394,907
Sembcorp Industries		151,000		343,268
Singapore Airlines		91,000		655,088
Singapore Exchange		135,000		743,110
Singapore Press Holdings		341,200		865,897
Singapore Technologies Engineering		338,800		903,402
Singapore Telecommunications		1,508,700		4,227,833
StarHub		118,000		242,942
Suntec Real Estate Investment Trust		451,000		577,110
United Overseas Bank		246,067		3,889,296
UOL Group		75,308		375,234


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Singapore (continued)
Wilmar International		402,300	$	1,015,205

				31,410,761

South Africa–0.02%
Mediclinic International		62,675		559,102

				559,102

Spain–3.25%
Abertis Infraestructuras		125,795		2,026,391
ACS Actividades de Construccion y Servicios		33,102		1,126,315
#Aena 144A		13,133		2,077,725
Amadeus IT Group		77,050		3,909,286
Banco Bilbao Vizcaya Argentaria		1,164,853		9,034,176
Banco de Sabadell		890,297		1,631,703
†Banco Popular Espanol		565,278		548,765
Banco Santander		2,596,292		15,912,065
Bankia		835,065		949,643
Bankinter		120,397		1,010,947
CaixaBank		640,406		2,752,553
Distribuidora Internacional de Alimentacion		104,799		606,065
Enagas		38,184		991,890
Endesa		53,477		1,256,795
Ferrovial		95,960		1,920,464
Gas Natural SDG		61,664		1,351,186
Grifols		50,221		1,231,707
Iberdrola		978,775		7,001,074
Industria de Diseno Textil		193,013		6,803,143
Mapfre		181,469		622,395
Red Electrica		84,952		1,631,282
Repsol		197,306		3,046,785
Telefonica		804,686		9,000,733
Zardoya Otis		26,746		247,093

				76,690,181

Sweden–2.81%
Alfa Laval		49,739		938,644
Assa Abloy Class B		175,735		3,614,466
Atlas Copco Class A		118,102		4,168,856
Atlas Copco Class B		75,438		2,397,677
Boliden		53,867		1,605,072
Electrolux Class B		40,505		1,126,012
Getinge Class B		35,029		614,527
Hennes & Mauritz Class B		167,276		4,274,936
Hexagon Class B		50,429		2,026,018
Husqvarna Class B		76,246		669,231
ICA Gruppen		14,943		509,960
Industrivarden Class C		25,640		555,398
Investor Class B		79,770		3,357,931
Kinnevik Class B		39,633		1,057,098
L E Lundbergforetagen Class B		6,376		432,270
†Lundin Petroleum		31,520		639,500


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Sweden (continued)
Millicom International Cellular SDR		11,134	$	620,899
Nordea Bank		537,580		6,137,326
Sandvik		185,841		2,777,043
Securitas Class B		53,264		832,190
Skandinaviska Enskilda Banken Class A		265,782		2,957,203
Skanska Class B		66,792		1,572,778
SKF Class B		67,025		1,326,191
Svenska Cellulosa Class B		106,614		3,438,528
Svenska Handelsbanken Class A		268,275		3,679,532
Swedbank Class A		159,200		3,688,340
Swedish Match		31,779		1,033,807
Tele2 Class B		56,196		536,520
Telefonaktiebolaget LM Ericsson Class B		538,519		3,593,873
Telia		504,173		2,115,010
Volvo Class B		272,230		4,019,355

				66,316,191

Switzerland–8.97%
†ABB		333,719		7,806,156
Actelion		17,096		4,825,078
Adecco		31,527		2,239,451
†Aryzta		14,685		471,345
Baloise Holding		8,418		1,157,249
†Barry Callebaut		344		449,554
†Chocoladefabriken Lindt & Spruengli Class R		17		1,129,062
Chocoladefabriken Lindt & Spruengli PC		169		958,339
Cie Financiere Richemont Class A		92,461		7,310,848
†Credit Suisse Group		350,602		5,215,364
†Dufry		7,710		1,174,608
†EMS-Chemie Holding		1,378		802,738
Galenica		657		692,649
Geberit		6,468		2,788,282
Givaudan		1,614		2,906,860
†Glencore		2,171,205		8,518,628
†Julius Baer Group		43,410		2,166,925
Kuehne + Nagel International Class R		9,092		1,284,399
†LafargeHolcim		80,244		4,742,619
†Lonza Group		10,289		1,945,526
Nestle		555,787		42,641,872
Novartis		398,526		29,581,598
Pargesa Holding Bearer Shares		4,834		341,683
Partners Group Holding		3,389		1,821,970
Roche Holding		125,407		32,026,267
Schindler Holding		3,438		651,801
Schindler Holding PC		7,448		1,441,045
SGS		1,058		2,257,222
Sika Bearer Shares		416		2,496,042
Sonova Holding		8,974		1,244,435


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
Switzerland (continued)
Swatch Group		6,016	$	2,154,384
Swatch Group Bearer Shares		8,354		582,149
†Swiss Life Holding		6,262		2,020,545
Swiss Prime Site		12,045		1,060,018
Swiss Re		57,200		5,136,665
Swisscom		4,999		2,306,233
Syngenta		18,014		7,950,870
UBS Group		649,977		10,401,968
Zurich Insurance Group		26,680		7,122,480

				211,824,927

United Kingdom–16.43%
3i Group		190,478		1,788,681
Aberdeen Asset Management		155,322		515,114
Admiral Group		35,605		887,283
†Anglo American		246,272		3,762,818
Antofagasta		66,393		694,169
Ashtead Group		97,536		2,020,013
Associated British Foods		68,680		2,242,441
AstraZeneca		225,104		13,854,861
#Auto Trader Group 144A		168,540		828,395
Aviva		715,041		4,766,054
Babcock International Group		41,546		459,107
BAE Systems		559,385		4,502,984
Barclays		3,006,493		8,479,146
Barratt Developments		206,243		1,412,166
Berkeley Group Holdings		22,114		888,552
BHP Billiton		373,639		5,776,753
BP		3,435,303		19,693,369
British American Tobacco		332,403		22,072,789
British Land		192,836		1,473,786
BT Group		1,497,236		5,969,072
Bunzl		65,517		1,904,401
Burberry Group		87,110		1,881,576
Capita		112,215		793,654
Carnival		36,968		2,120,402
Centrica		1,045,627		2,842,843
Cobham		287,542		479,148
Coca-Cola European Partners		42,766		1,599,078
†Coca-Cola HBC		29,789		769,220
Compass Group		290,058		5,473,010
Croda International		22,097		986,705
DCC		15,080		1,327,285
Diageo		447,607		12,806,024
Direct Line Insurance Group		242,254		1,054,429
Dixons Carphone		164,784		655,710
easyJet		26,750		343,865
Experian		166,439		3,394,892
Fresnillo		36,441		710,422
G4S		261,232		995,966
GKN		301,284		1,371,380
GlaxoSmithKline		868,905		18,066,165


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United Kingdom (continued)
Hammerson		133,317	$	953,758
Hargreaves Lansdown		43,922		715,939
Hikma Pharmaceuticals		26,275		652,144
HSBC Holdings		3,532,890		28,811,163
IMI		45,784		684,338
Imperial Brands		170,033		8,238,038
Inmarsat		75,942		809,231
InterContinental Hotels Group		36,864		1,804,984
International Consolidated Airlines Group		34,180		226,072
International Consolidated Airlines Group (London Stock Exchange)		102,223		677,518
Intertek Group		27,383		1,349,683
Intu Properties		158,853		555,683
Investec		139,504		950,828
ITV		712,834		1,955,017
J Sainsbury		333,823		1,105,426
Johnson Matthey		38,061		1,468,748
Kingfisher		436,260		1,782,430
Land Securities Group		153,602		2,038,024
Legal & General Group		1,043,054		3,231,821
Lloyds Banking Group		11,407,702		9,478,925
London Stock Exchange Group		60,883		2,418,849
Marks & Spencer Group		330,298		1,394,608
Meggitt		130,524		728,215
#Merlin Entertainments 144A		119,494		718,029
Mondi		72,291		1,745,349
National Grid		667,505		8,476,073
Next		27,365		1,481,138
Old Mutual		857,223		2,154,473
Pearson		161,264		1,378,975
Persimmon		52,523		1,377,979
Petrofac		43,679		502,927
Provident Financial		24,853		933,216
Prudential		457,941		9,673,497
Randgold Resources		15,997		1,395,970
Reckitt Benckiser Group		111,985		10,222,696
RELX		190,443		3,731,798
Rio Tinto		219,631		8,831,763
†Rolls-Royce Holdings		321,530		3,037,451
†Royal Bank of Scotland Group		688,673		2,088,932
Royal Dutch Shell Class A		779,090		20,459,514
Royal Mail		151,527		806,855
RSA Insurance Group		206,709		1,518,951
Sage Group		210,171		1,660,253
Schroders		23,299		884,497
Segro		167,392		956,765
Severn Trent		48,292		1,441,230
Shire		160,477		9,371,483
Sky		178,892		2,187,546
Smith & Nephew		152,808		2,328,070
Smiths Group		80,108		1,624,947


	Number of Shares		Value (U.S. $)

DCOMMON STOCK (continued)
United Kingdom (continued)
SSE		177,774	$	3,287,540
St James’s Place		92,031		1,224,546
†Standard Chartered		579,894		5,543,570
Standard Life		386,152		1,716,074
Tate & Lyle		78,530		752,193
Taylor Wimpey		554,176		1,340,746
†Tesco		1,432,622		3,331,394
Travis Perkins		42,088		798,363
TUI		101,666		1,408,793
Unilever		228,156		11,261,323
United Utilities Group		133,977		1,667,687
Vodafone Group		4,733,307		12,341,080
Weir Group		36,368		873,490
Whitbread		35,922		1,781,364
William Hill		146,218		532,736
Wm Morrison Supermarkets		455,030		1,368,257
Wolseley		44,117		2,774,764
#Worldpay Group 144A		370,433		1,370,997

				388,060,464

Total Common Stock (Cost $1,975,711,868)				2,314,007,991


DPREFERRED STOCK–0.52%
Germany–0.52%
Bayerische Motoren Werke 4.89%		10,228		805,467
FUCHS PETROLUB 1.93%		12,670		618,103
Henkel 1.33%		31,330		4,014,084
Porsche Automobil Holding 2.03%		30,053		1,639,576
Schaeffler 3.21%		27,682		486,673
Volkswagen 1.55%		32,752		4,772,781

Total Preferred Stock (Cost $11,124,627)				12,336,684


DRIGHT–0.03%
Germany–0.03%
†Deutsche Bank exercise price EUR 11.65, expiration date 4/6/17		243,000		580,681

				580,681

Total Right (Cost $0)				580,681

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP SSGA International Index Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP SSGA International Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies, primarily the LVIP SSGA International Index Fund (collectively, the “Underlying Funds”). The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of open-end Underlying Funds are valued under the valuation policy of the Underlying Funds. For information regarding the determination of each Underlying Fund’s NAV, see the Underlying Fund’s prospectus and statement of additional information. Investments in government money market funds have a stable NAV. Financial statements for the Underlying Funds can be found at www.sec.gov. Futures contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP SSGA Large Cap Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in other open-end investment companies, primarily the LVIP SSGA S&P 500 Index Fund (collectively, “the Underlying Funds”). The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Financial Statements for the Underlying Funds can be found at www.sec.gov. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

COMMON STOCK–97.45%
Aerospace & Defense–2.03%
B/E Aerospace		61,282	$	3,928,789
Curtiss-Wright		26,726		2,439,015
†Esterline Technologies		17,950		1,544,597
Huntington Ingalls Industries		28,011		5,608,923
†KLX		32,184		1,438,625
Orbital ATK		35,276		3,457,048
†Teledyne Technologies		21,154		2,675,135

				21,092,132

Airlines–0.41%
†JetBlue Airways		206,850		4,263,178

				4,263,178

Auto Components–0.66%
Cooper Tire & Rubber		32,200		1,428,070
Dana		87,584		1,691,247
Gentex		176,352		3,761,588

				6,880,905

Automobiles–0.27%
Thor Industries		29,400		2,826,222

				2,826,222

Banks–7.38%
Associated Banc-Corp		93,345		2,277,618
BancorpSouth		51,248		1,550,252
Bank of Hawaii		25,654		2,112,863
Bank of the Ozarks		54,729		2,846,455
Cathay General Bancorp		45,266		1,705,623
Chemical Financial		42,624		2,180,218
Commerce Bancshares		52,534		2,950,309
Cullen/Frost Bankers		34,849		3,100,516
East West Bancorp		88,449		4,564,853
First Horizon National		141,260		2,613,310
FNB		192,805		2,867,010
Fulton Financial		107,129		1,912,253
Hancock Holding		51,800		2,359,490
International Bancshares		35,437		1,254,470
MB Financial		42,626		1,825,245
PacWest Bancorp		72,826		3,878,713
PrivateBancorp		48,542		2,881,939
Prosperity Bancshares		41,856		2,917,782
†Signature Bank		32,931		4,886,631
†SVB Financial Group		32,078		5,969,395
Synovus Financial		73,965		3,034,044
TCF Financial		101,844		1,733,385
†Texas Capital Bancshares		30,200		2,520,190
Trustmark		41,293		1,312,704
UMB Financial		26,967		2,030,885
Umpqua Holdings		134,757		2,390,589
Valley National Bancorp		162,360		1,915,848
Webster Financial		56,237		2,814,099


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Banks (continued)
Wintrust Financial		31,900	$	2,204,928

				76,611,617

Beverages–0.08%
†Boston Beer Class A		5,530		799,914

				799,914

Biotechnology–0.70%
†Bioverativ		66,100		3,599,806
†United Therapeutics		27,096		3,668,256

				7,268,062

Building Products–0.82%
AO Smith		89,636		4,585,778
Lennox International		23,491		3,930,044

				8,515,822

Capital Markets–2.75%
Eaton Vance		70,483		3,168,916
FactSet Research Systems		24,099		3,974,166
Federated Investors Class B		55,897		1,472,327
Janus Capital Group		87,421		1,153,957
Legg Mason		54,317		1,961,387
MarketAxess Holdings		23,089		4,328,957
MSCI		55,538		5,397,738
SEI Investments		81,648		4,118,325
†Stifel Financial		41,910		2,103,463
Waddell & Reed Financial Class A		50,585		859,945

				28,539,181

Chemicals–3.31%
Ashland Global Holdings		37,720		4,670,113
Cabot		37,190		2,228,053
Chemours		110,500		4,254,250
Minerals Technologies		21,272		1,629,435
NewMarket		5,543		2,512,254
Olin		100,553		3,305,177
PolyOne		49,835		1,698,875
RPM International		80,994		4,457,100
Scotts Miracle-Gro Class A		26,966		2,518,355
Sensient Technologies		26,844		2,127,656
Valspar		44,332		4,918,192

				34,319,460

Commercial Services & Supplies–1.46%
†Clean Harbors		31,948		1,776,948
†Copart		62,744		3,885,736
Deluxe		29,192		2,106,787
Herman Miller		36,544		1,152,963
HNI		27,145		1,251,113
MSA Safety		19,017		1,344,312
Pitney Bowes		111,700		1,464,387


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Commercial Services & Supplies (continued)
Rollins		57,549	$	2,136,794

				15,119,040

Communications Equipment–1.47%
†ARRIS International		114,916		3,039,528
Brocade Communications Systems		250,424		3,125,291
†Ciena		86,437		2,040,778
InterDigital		20,415		1,761,815
†NetScout Systems		54,924		2,084,366
Plantronics		20,264		1,096,485
†ViaSat		32,593		2,080,085

				15,228,348

Construction & Engineering–1.17%
†AECOM		95,370		3,394,218
†Dycom Industries		19,189		1,783,618
EMCOR Group		36,486		2,296,794
Granite Construction		24,180		1,213,594
KBR		86,999		1,307,595
Valmont Industries		13,523		2,102,826

				12,098,645

Construction Materials–0.28%
Eagle Materials		29,547		2,870,196

				2,870,196

Consumer Finance–0.30%
†SLM		257,997		3,121,764

				3,121,764

Containers & Packaging–1.78%
AptarGroup		37,930		2,920,231
Bemis		56,775		2,774,026
Greif Class A		15,743		867,282
†Owens-Illinois		99,271		2,023,143
Packaging Corp. of America		57,785		5,294,262
Silgan Holdings		22,907		1,359,760
Sonoco Products		60,407		3,196,738

				18,435,442

Distributors–0.29%
Pool		25,075		2,992,200

				2,992,200

Diversified Consumer Services–0.75%
DeVry Education Group		34,648		1,228,272
Graham Holdings		2,841		1,703,321
Service Corp. International		115,735		3,573,897
†Sotheby’s		27,690		1,259,341

				7,764,831

Diversified Telecommunication Services–0.15%
Frontier Communications		722,249		1,545,613

				1,545,613


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Electric Utilities–1.86%
Great Plains Energy		129,818	$	3,793,282
Hawaiian Electric Industries		66,567		2,217,347
IDACORP		30,677		2,544,964
OGE Energy		122,541		4,286,484
PNM Resources		47,439		1,755,243
Westar Energy		86,047		4,669,771

				19,267,091

Electrical Equipment–0.76%
EnerSys		25,918		2,045,967
Hubbell		31,653		3,799,943
Regal Beloit		26,727		2,021,897

				7,867,807

Electronic Equipment, Instruments & Components–4.49%
†Arrow Electronics		54,048		3,967,664
Avnet		79,133		3,621,126
Belden		25,119		1,737,984
Cognex		51,970		4,362,882
†Coherent		15,085		3,102,079
†IPG Photonics		23,020		2,778,514
Jabil Circuit		112,882		3,264,547
†Keysight Technologies		111,183		4,018,154
†Knowles		54,157		1,026,275
Littelfuse		13,710		2,192,366
National Instruments		64,395		2,096,701
SYNNEX		17,928		2,006,860
†Tech Data		21,003		1,972,182
†Trimble		154,774		4,954,316
†VeriFone Systems		67,763		1,269,201
Vishay Intertechnology		79,956		1,315,276
†Zebra Technologies		32,121		2,931,041

				46,617,168

Energy Equipment & Services–1.39%
†Diamond Offshore Drilling		39,367		657,823
†Dril-Quip		22,942		1,251,486
Ensco Class A		184,042		1,647,176
Nabors Industries		174,526		2,281,055
Noble		148,515		919,308
Oceaneering International		59,878		1,621,496
†Oil States International		31,351		1,039,286
Patterson-UTI Energy		102,226		2,481,025
†Rowan Class A		76,585		1,193,194
†Superior Energy Services		92,632		1,320,932

				14,412,781

Equity Real Estate Investment Trusts–9.02%
American Campus Communities		81,820		3,893,814
Camden Property Trust		53,076		4,270,495
Care Capital Properties		51,258		1,377,303
CoreCivic		72,351		2,273,268
Corporate Office Properties Trust		60,713		2,009,600


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Equity Real Estate Investment Trusts (continued)
Cousins Properties		251,934	$	2,083,494
CyrusOne		44,700		2,300,709
DCT Industrial Trust		55,123		2,652,519
Douglas Emmett		87,502		3,360,077
Duke Realty		218,080		5,728,962
Education Realty Trust		43,505		1,777,179
EPR Properties		39,388		2,900,138
First Industrial Realty Trust		71,759		1,910,942
GEO Group		49,900		2,313,863
Healthcare Realty Trust		71,616		2,327,520
Highwoods Properties		62,449		3,068,119
Hospitality Properties Trust		98,962		3,120,272
Kilroy Realty		60,001		4,324,872
Lamar Advertising		50,089		3,743,652
LaSalle Hotel Properties		67,440		1,952,388
Liberty Property Trust		89,402		3,446,447
Life Storage		28,582		2,347,154
Mack-Cali Realty		54,743		1,474,776
Medical Properties Trust		197,304		2,543,249
National Retail Properties		88,750		3,871,275
Omega Healthcare Investors		118,521		3,910,005
Potlatch		24,742		1,130,709
†Quality Care Properties		57,104		1,076,981
Rayonier		73,578		2,085,200
Senior Housing Properties Trust		142,986		2,895,467
Tanger Factory Outlet Centers		58,953		1,931,890
Taubman Centers		36,978		2,441,288
†Uniti Group		84,788		2,191,770
Urban Edge Properties		55,856		1,469,013
Washington Prime Group		113,177		983,508
Weingarten Realty Investors		72,113		2,407,853

				93,595,771

Food & Staples Retailing–0.56%
Casey’s General Stores		23,583		2,647,192
†Sprouts Farmers Market		80,994		1,872,581
†United Natural Foods		30,764		1,329,928

				5,849,701

Food Products–2.97%
Dean Foods		55,214		1,085,507
Flowers Foods		111,161		2,157,635
†Hain Celestial Group		61,868		2,301,490
Ingredion		43,745		5,268,210
Lamb Weston Holdings		83,566		3,514,786
Lancaster Colony		11,889		1,531,779
†Post Holdings		38,877		3,402,515
Snyder’s-Lance		52,411		2,112,687
Tootsie Roll Industries		11,061		413,135
†TreeHouse Foods		34,533		2,923,564
†WhiteWave Foods		108,687		6,102,775

				30,814,083


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Gas Utilities–2.18%
Atmos Energy		64,519	$	5,096,356
National Fuel Gas		52,409		3,124,625
New Jersey Resources		52,805		2,091,078
ONE Gas		31,200		2,109,120
Southwest Gas Holdings		29,094		2,412,183
UGI		104,988		5,186,407
WGL Holdings		31,178		2,573,120

				22,592,889

Health Care Equipment & Supplies–3.69%
†ABIOMED		24,434		3,059,137
†Align Technology		46,290		5,309,926
†Globus Medical		43,826		1,298,126
†Halyard Health		28,498		1,085,489
Hill-Rom Holdings		36,377		2,568,216
†LivaNova		26,114		1,279,847
†Masimo		27,583		2,572,391
†NuVasive		31,115		2,323,668
ResMed		86,868		6,251,890
STERIS		51,905		3,605,321
Teleflex		27,544		5,336,099
West Pharmaceutical Services		44,139		3,602,184

				38,292,294

Health Care Providers & Services–1.88%
HealthSouth		53,616		2,295,301
†LifePoint Health		24,520		1,606,060
†MEDNAX		57,569		3,994,137
†Molina Healthcare		26,013		1,186,193
Owens & Minor		36,907		1,276,982
†Tenet Healthcare		48,614		860,954
†VCA		49,279		4,509,028
†WellCare Health Plans		26,718		3,746,131

				19,474,786

Health Care Technology–0.13%
†Allscripts Healthcare Solutions		110,522		1,401,419

				1,401,419

Hotels, Restaurants & Leisure–2.63%
Brinker International		30,321		1,332,911
†Buffalo Wild Wings		10,904		1,665,586
Cheesecake Factory		26,504		1,679,293
Churchill Downs		7,597		1,206,784
Cracker Barrel Old Country Store		14,620		2,328,235
Domino’s Pizza		29,168		5,375,662
Dunkin’ Brands Group		56,135		3,069,462
International Speedway Class A		15,896		587,357
Jack in the Box		19,555		1,989,135
†Panera Bread Class A		13,096		3,429,450
Papa John’s International		16,260		1,301,450
Texas Roadhouse		38,241		1,702,872


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
Wendy’s		120,732	$	1,643,162

				27,311,359

Household Durables–1.59%
CalAtlantic Group		44,004		1,647,950
†Helen of Troy		16,997		1,601,117
KB Home		50,515		1,004,238
†NVR		2,126		4,479,227
†Tempur Sealy International		30,332		1,409,225
†Toll Brothers		90,399		3,264,308
†TRI Pointe Group		89,264		1,119,371
Tupperware Brands		31,059		1,948,020

				16,473,456

Household Products–0.20%
Energizer Holdings		37,038		2,064,868

				2,064,868

Industrial Conglomerates–0.40%
Carlisle		39,059		4,156,268

				4,156,268

Insurance–4.78%
†Alleghany		9,468		5,819,601
American Financial Group		44,854		4,279,969
Aspen Insurance Holdings		36,763		1,913,514
Brown & Brown		69,705		2,908,093
CNO Financial Group		104,644		2,145,202
Everest Re Group		25,075		5,862,786
First American Financial		66,896		2,627,675
†Genworth Financial		304,296		1,253,699
Hanover Insurance Group		25,558		2,301,753
Kemper		29,662		1,183,514
Mercury General		22,268		1,358,125
Old Republic International		147,120		3,013,018
Primerica		27,668		2,274,310
Reinsurance Group of America		38,920		4,942,062
RenaissanceRe Holdings		24,808		3,588,477
WR Berkley		58,966		4,164,768

				49,636,566

Internet & Direct Marketing Retail–0.07%
HSN		19,467		722,226

				722,226

Internet Software & Services–0.65%
j2 Global		29,607		2,484,323
LogMeIn		31,700		3,090,750
†WebMD Health		23,185		1,221,386

				6,796,459

IT Services–3.88%
†Acxiom		47,268		1,345,720
Broadridge Financial Solutions		72,223		4,907,553


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
IT Services (continued)
Computer Sciences		86,605	$	5,976,611
Convergys		56,664		1,198,444
†CoreLogic		52,316		2,130,307
DST Systems		19,417		2,378,583
†Gartner		50,693		5,474,337
Jack Henry & Associates		47,456		4,418,154
Leidos Holdings		86,700		4,433,838
MAXIMUS		38,916		2,420,575
†NeuStar Class A		33,286		1,103,431
Science Applications International		26,771		1,991,762
†WEX		23,477		2,429,869

				40,209,184

Leisure Products–0.61%
Brunswick		54,291		3,322,609
Polaris Industries		35,890		3,007,582

				6,330,191

Life Sciences Tools & Services–0.91%
†Bio-Rad Laboratories Class A		12,613		2,514,276
Bio-Techne		22,774		2,314,977
†Charles River Laboratories International		28,778		2,588,581
†PAREXEL International		32,209		2,032,710

				9,450,544

Machinery–4.73%
AGCO		40,806		2,455,705
Crane		30,311		2,268,172
Donaldson		80,089		3,645,651
Graco		34,394		3,237,851
IDEX		46,287		4,328,297
ITT		53,412		2,190,960
Joy Global		59,941		1,693,333
Kennametal		48,667		1,909,207
Lincoln Electric Holdings		37,209		3,231,974
Nordson		32,845		4,034,680
Oshkosh		45,172		3,098,348
Terex		64,214		2,016,320
Timken		42,015		1,899,078
Toro		65,943		4,118,800
Trinity Industries		91,595		2,431,847
Wabtec		53,779		4,194,762
Woodward		33,788		2,294,881

				49,049,866

Marine–0.22%
†Kirby		32,186		2,270,722

				2,270,722

Media–1.38%
†AMC Networks Class A		35,608		2,089,477
Cable One		2,864		1,788,482


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Media (continued)
Cinemark Holdings		63,646	$	2,822,064
John Wiley & Sons Class A		27,320		1,469,816
†Live Nation Entertainment		80,906		2,457,115
Meredith		22,310		1,441,226
New York Times Class A		74,346		1,070,582
Time		59,027		1,142,173

				14,280,935

Metals & Mining–2.05%
Allegheny Technologies		66,554		1,195,310
Carpenter Technology		28,463		1,061,670
Commercial Metals		69,995		1,339,004
Compass Minerals International		20,633		1,399,949
Reliance Steel & Aluminum		44,728		3,579,135
Royal Gold		39,955		2,798,848
Steel Dynamics		147,249		5,118,375
United States Steel		106,978		3,616,926
Worthington Industries		26,015		1,173,016

				21,282,233

Multiline Retail–0.32%
Big Lots		27,096		1,319,033
Dillard’s Class A		15,600		814,944
†JC Penney		187,907		1,157,507

				3,291,484

Multi-Utilities–0.97%
Black Hills		32,102		2,133,820
MDU Resources Group		117,741		3,222,571
NorthWestern		29,500		1,731,650
Vectren		50,946		2,985,945

				10,073,986

Oil, Gas & Consumable Fuels–1.87%
†CONSOL Energy		105,176		1,764,853
†Energen		58,489		3,184,141
†Gulfport Energy		97,846		1,681,973
HollyFrontier		108,941		3,087,388
†QEP Resources		143,212		1,820,225
SM Energy		58,844		1,413,433
Western Refining		48,631		1,705,489
World Fuel Services		42,016		1,523,080
†WPX Energy		243,456		3,259,876

				19,440,458

Paper & Forest Products–0.35%
Domtar		38,216		1,395,648
†Louisiana-Pacific		88,767		2,203,197

				3,598,845

Personal Products–0.53%
†Avon Products		266,854		1,174,158
†Edgewell Personal Care		35,297		2,581,622


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Personal Products (continued)
Nu Skin Enterprises Class A		30,700	$	1,705,078

				5,460,858

Pharmaceuticals–0.63%
†Akorn		53,870		1,297,189
†Catalent		76,372		2,162,855
†Endo International		119,000		1,328,040
†Prestige Brands Holdings		31,512		1,750,807

				6,538,891

Professional Services–0.66%
CEB		19,665		1,545,669
†FTI Consulting		25,756		1,060,375
ManpowerGroup		41,511		4,257,783

				6,863,827

Real Estate Management & Development–0.42%
Alexander & Baldwin		28,125		1,252,125
Jones Lang LaSalle		27,793		3,097,530

				4,349,655

Road & Rail–1.01%
†Avis Budget Group		52,368		1,549,046
†Genesee & Wyoming		36,904		2,504,305
Landstar System		25,212		2,159,408
Old Dominion Freight Line		42,097		3,602,240
Werner Enterprises		27,281		714,762

				10,529,761

Semiconductors & Semiconductor Equipment–2.35%
†Cirrus Logic		38,528		2,338,264
†Cree		59,981		1,603,292
Cypress Semiconductor		201,477		2,772,324
†First Solar		48,083		1,303,049
†Integrated Device Technology		80,481		1,904,985
†Microsemi		69,715		3,592,414
Monolithic Power Systems		22,747		2,094,999
†Silicon Laboratories		25,400		1,868,170
†Synaptics		21,256		1,052,385
Teradyne		121,748		3,786,363
†Versum Materials		66,115		2,023,119

				24,339,364

Software–4.02%
†ACI Worldwide		71,548		1,530,412
†ANSYS		52,457		5,606,079
†Cadence Design Systems		169,585		5,324,969
CDK Global		88,929		5,781,274
†CommVault Systems		25,327		1,286,612
Fair Isaac		18,841		2,429,547
†Fortinet		91,508		3,509,332
†Manhattan Associates		42,924		2,234,194
†PTC		70,195		3,688,747
†Take-Two Interactive Software		62,260		3,690,150


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Software (continued)
†Tyler Technologies		20,193	$	3,121,030
†Ultimate Software Group		18,213		3,555,360

				41,757,706

Specialty Retail–2.10%
Aaron’s		38,149		1,134,551
American Eagle Outfitters		104,330		1,463,750
†Cabela’s		31,355		1,665,264
Chico’s FAS		77,223		1,096,567
CST Brands		45,216		2,174,438
Dick’s Sporting Goods		52,935		2,575,817
GameStop Class A		61,320		1,382,766
†Michaels		64,400		1,441,916
†Murphy USA		21,779		1,599,014
Office Depot		319,137		1,488,774
†Sally Beauty Holdings		87,423		1,786,926
†Urban Outfitters		54,508		1,295,110
Williams-Sonoma		49,185		2,637,300

				21,742,193

Technology Hardware, Storage & Peripherals–0.56%
†3D Systems		65,091		973,761
Diebold Nixdorf		45,869		1,408,178
†NCR		75,395		3,444,044

				5,825,983

Textiles, Apparel & Luxury Goods–0.76%
Carter’s		29,868		2,682,146
†Deckers Outdoor		19,564		1,168,558
†Kate Spade & Co.		78,176		1,816,028
†Skechers U.S.A. Class A		82,266		2,258,202

				7,924,934


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Thrifts & Mortgage Finance–0.57%
New York Community Bancorp		299,757	$	4,187,605
Washington Federal		53,751		1,779,158

				5,966,763

Trading Companies & Distributors–0.77%
GATX		23,969		1,461,150
MSC Industrial Direct		27,158		2,790,756
†NOW		65,626		1,113,017
Watsco		18,249		2,612,892

				7,977,815

Water Utilities–0.33%
Aqua America		106,884		3,436,321

				3,436,321

Wireless Telecommunication Services–0.14%
Telephone & Data Systems		56,807		1,505,954

				1,505,954

Total Common Stock (Cost $851,884,906)				1,011,138,037


MONEY MARKET FUND–2.37%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		24,546,001		24,546,001

Total Money Market Fund (Cost $24,546,001)				24,546,001

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP SSGA Mid-Cap Index Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closure or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

COMMON STOCK–98.53%
Aerospace & Defense–2.20%
Arconic		150,360	$	3,960,482
Boeing		199,789		35,334,683
General Dynamics		99,480		18,622,656
L3 Technologies		27,176		4,491,921
Lockheed Martin		87,602		23,442,295
Northrop Grumman		61,233		14,563,657
Raytheon		102,001		15,555,153
Rockwell Collins		47,305		4,596,154
Textron		97,822		4,655,349
TransDigm Group		17,700		3,896,832
United Technologies		266,459		29,899,364

				159,018,546

Air Freight & Logistics–0.69%
CH Robinson Worldwide		51,527		3,982,522
Expeditors International of Washington		63,176		3,568,812
FedEx		84,903		16,568,820
United Parcel Service Class B		239,824		25,733,115

				49,853,269

Airlines–0.59%
Alaska Air Group		44,700		4,122,234
American Airlines Group		183,700		7,770,510
Delta Air Lines		255,400		11,738,184
Southwest Airlines		213,481		11,476,739
†United Continental Holdings		101,900		7,198,216

				42,305,883

Auto Components–0.19%
BorgWarner		70,798		2,958,648
Delphi Automotive		93,524		7,527,747
Goodyear Tire & Rubber		96,337		3,468,132

				13,954,527

Automobiles–0.51%
Ford Motor		1,355,602		15,779,207
General Motors		482,006		17,043,732
Harley-Davidson		63,693		3,853,427

				36,676,366

Banks–6.35%
Bank of America		3,521,801		83,079,286
BB&T		281,526		12,584,212
Citigroup		970,162		58,035,091
Citizens Financial Group		180,600		6,239,730
Comerica		63,052		4,324,106
Fifth Third Bancorp		261,012		6,629,705
Huntington Bancshares		391,420		5,241,114
JPMorgan Chase & Co.		1,247,360		109,568,102
KeyCorp		373,194		6,635,389
M&T Bank		53,685		8,306,680
People’s United Financial		108,817		1,980,469


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Banks (continued)
PNC Financial Services Group		169,146	$	20,338,115
Regions Financial		424,714		6,171,094
SunTrust Banks		169,964		9,399,009
U.S. Bancorp		555,956		28,631,734
Wells Fargo & Co.		1,575,382		87,685,762
Zions Bancorporation		71,242		2,992,164

				457,841,762

Beverages–2.02%
Brown-Forman Class B		64,040		2,957,367
Coca-Cola		1,352,197		57,387,241
Constellation Brands Class A		61,535		9,972,977
Dr Pepper Snapple Group		65,858		6,448,815
Molson Coors Brewing Class B		64,517		6,174,922
†Monster Beverage		144,251		6,660,069
PepsiCo		499,575		55,882,459

				145,483,850

Biotechnology–2.80%
AbbVie		558,310		36,379,480
†Alexion Pharmaceuticals		77,705		9,420,954
Amgen		259,057		42,503,482
†Biogen		75,649		20,683,950
†Celgene		269,840		33,576,191
Gilead Sciences		458,549		31,144,648
†Incyte		62,500		8,354,375
†Regeneron Pharmaceuticals		26,162		10,138,037
†Vertex Pharmaceuticals		87,300		9,546,255

				201,747,372

Building Products–0.33%
Allegion		33,625		2,545,413
Fortune Brands Home & Security		55,400		3,371,090
Johnson Controls International		331,989		13,983,377
Masco		115,021		3,909,564

				23,809,444

Capital Markets–2.80%
Affiliated Managers Group		19,500		3,196,830
Ameriprise Financial		54,582		7,078,194
Bank of New York Mellon		367,303		17,347,721
BlackRock		42,191		16,180,670
CBOE Holdings		32,600		2,642,882
Charles Schwab		419,125		17,104,491
CME Group		119,753		14,226,656
†E*TRADE Financial		101,343		3,535,857
Franklin Resources		124,656		5,253,004
Goldman Sachs Group		128,686		29,561,748
Intercontinental Exchange		210,630		12,610,418
Invesco		143,439		4,393,537
Moody’s		59,642		6,682,290
Morgan Stanley		501,420		21,480,833
Nasdaq		41,177		2,859,743


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Capital Markets (continued)
Northern Trust		74,984	$	6,492,115
Raymond James Financial		44,800		3,416,448
S&P Global		89,779		11,737,706
State Street		128,390		10,221,128
T. Rowe Price Group		87,735		5,979,140

				202,001,411

Chemicals–2.08%
Air Products & Chemicals		75,299		10,187,202
Albemarle		40,600		4,288,984
CF Industries Holdings		80,590		2,365,317
Dow Chemical		389,757		24,765,160
Eastman Chemical		52,227		4,219,942
Ecolab		90,959		11,400,801
EI du Pont de Nemours & Co.		302,360		24,288,579
FMC		46,801		3,256,882
International Flavors & Fragrances		28,420		3,766,503
LyondellBasell Industries Class A		115,760		10,556,154
Monsanto		152,152		17,223,606
Mosaic		123,247		3,596,347
PPG Industries		93,656		9,841,372
Praxair		98,984		11,739,502
Sherwin-Williams		28,016		8,690,283

				150,186,634

Commercial Services & Supplies–0.31%
Cintas		31,808		4,024,984
Republic Services		81,337		5,108,777
†Stericycle		29,701		2,461,916
Waste Management		144,471		10,534,825

				22,130,502

Communications Equipment–1.05%
Cisco Systems		1,748,824		59,110,251
†F5 Networks		23,296		3,321,311
Harris		43,458		4,835,572
Juniper Networks		127,104		3,537,304
Motorola Solutions		57,102		4,923,334

				75,727,772

Construction & Engineering–0.10%
Fluor		51,837		2,727,663
Jacobs Engineering Group		45,834		2,533,704
†Quanta Services		51,987		1,929,238

				7,190,605

Construction Materials–0.15%
Martin Marietta Materials		22,900		4,997,925
Vulcan Materials		46,963		5,658,102

				10,656,027

Consumer Finance–0.78%
American Express		267,250		21,142,147
Capital One Financial		167,430		14,509,484


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Consumer Finance (continued)
Discover Financial Services		136,511	$	9,335,987
Navient		109,964		1,623,069
Synchrony Financial		271,568		9,314,782

				55,925,469

Containers & Packaging–0.30%
Avery Dennison		31,943		2,574,606
Ball		62,278		4,624,764
International Paper		142,101		7,215,889
Sealed Air		69,297		3,019,963
WestRock		86,218		4,485,923

				21,921,145

Distributors–0.11%
Genuine Parts		53,641		4,956,965
†LKQ		109,600		3,207,992

				8,164,957

Diversified Consumer Services–0.02%
H&R Block		74,314		1,727,801

				1,727,801

Diversified Financial Services–1.58%
†Berkshire Hathaway Class B		664,969		110,837,033
Leucadia National		111,225		2,891,850

				113,728,883

Diversified Telecommunication Services–2.34%
AT&T		2,151,335		89,387,969
CenturyLink		187,603		4,421,803
†Level 3 Communications		104,700		5,990,934
Verizon Communications		1,420,558		69,252,203

				169,052,909

Electric Utilities–1.96%
Alliant Energy		82,000		3,248,020
American Electric Power		174,578		11,719,421
Duke Energy		239,448		19,637,130
Edison International		114,304		9,099,741
Entergy		63,372		4,813,737
Eversource Energy		111,174		6,534,808
Exelon		327,956		11,799,857
FirstEnergy		147,706		4,700,005
NextEra Energy		162,458		20,854,733
PG&E		174,473		11,578,028
Pinnacle West Capital		39,983		3,333,783
PPL		240,298		8,984,742
Southern		340,426		16,946,406
Xcel Energy		177,477		7,888,853

				141,139,264

Electrical Equipment–0.55%
Acuity Brands		15,700		3,202,800
AMETEK		83,000		4,488,640


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Electrical Equipment (continued)
Eaton		156,517	$	11,605,736
Emerson Electric		223,030		13,350,576
Rockwell Automation		44,290		6,896,396

				39,544,148

Electronic Equipment, Instruments & Components–0.38%
Amphenol Class A		109,832		7,816,743
Corning		329,260		8,890,020
FLIR Systems		49,450		1,794,046
TE Connectivity		123,011		9,170,470

				27,671,279

Energy Equipment & Services–1.06%
Baker Hughes		149,997		8,972,821
Halliburton		304,837		15,001,029
Helmerich & Payne		38,008		2,530,193
National Oilwell Varco		135,690		5,439,812
Schlumberger		484,373		37,829,531
†TechnipFMC		169,316		5,502,770
†Transocean		119,500		1,487,775

				76,763,931

Equity Real Estate Investment Trusts–2.83%
Alexandria Real Estate Equities		31,100		3,437,172
American Tower		147,903		17,976,131
Apartment Investment & Management		56,213		2,493,047
AvalonBay Communities		48,548		8,913,413
Boston Properties		55,212		7,310,621
Crown Castle International		127,865		12,076,849
Digital Realty Trust		52,400		5,574,836
Equinix		24,342		9,745,807
Equity Residential		128,742		8,010,327
Essex Property Trust		23,600		5,464,108
Extra Space Storage		43,800		3,258,282
Federal Realty Investment Trust		24,600		3,284,100
Four Corners Property Trust		1		23
GGP		208,500		4,833,030
HCP		166,323		5,202,583
Host Hotels & Resorts		265,751		4,958,914
Iron Mountain		89,100		3,178,197
Kimco Realty		143,945		3,179,745
Macerich		42,410		2,731,204
Mid-America Apartment Communities		41,100		4,181,514
Prologis		185,389		9,617,981
Public Storage		51,751		11,328,811
Realty Income		91,000		5,417,230
Regency Centers		52,100		3,458,919
Simon Property Group		112,048		19,275,617
SL Green Realty		34,900		3,721,038
UDR		93,300		3,383,058
Ventas		119,495		7,771,955
Vornado Realty Trust		60,774		6,096,240
Welltower		126,101		8,930,473


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Equity Real Estate Investment Trusts (continued)
Weyerhaeuser		266,507	$	9,055,908

				203,867,133

Food & Staples Retailing–1.92%
Costco Wholesale		152,048		25,496,929
CVS Health		359,121		28,190,999
Kroger		326,946		9,641,638
Sysco		174,118		9,040,207
Walgreens Boots Alliance		297,662		24,720,829
Wal-Mart Stores		524,195		37,783,976
Whole Foods Market		116,000		3,447,520

				138,322,098

Food Products–1.52%
Archer-Daniels-Midland		199,123		9,167,623
Campbell Soup		62,850		3,597,534
Conagra Brands		149,152		6,016,792
General Mills		205,112		12,103,659
Hershey		50,030		5,465,777
Hormel Foods		94,272		3,264,639
JM Smucker		40,147		5,262,469
Kellogg		89,577		6,504,186
Kraft Heinz		207,224		18,818,011
McCormick & Co.		41,319		4,030,668
Mead Johnson Nutrition		66,259		5,902,352
Mondelez International		537,108		23,138,613
Tyson Foods Class A		102,550		6,328,361

				109,600,684

Health Care Equipment & Supplies–2.56%
Abbott Laboratories		598,780		26,591,820
Baxter International		169,322		8,781,039
Becton Dickinson & Co.		73,701		13,519,711
†Boston Scientific		479,187		11,917,381
Cooper		17,600		3,518,064
CR Bard		26,337		6,545,798
Danaher		211,501		18,089,680
DENTSPLY SIRONA		82,775		5,168,471
†Edwards Lifesciences		76,616		7,207,267
†Hologic		88,400		3,761,420
†IDEXX Laboratories		32,300		4,993,903
†Intuitive Surgical		13,223		10,135,033
Medtronic		478,096		38,515,414
Stryker		107,812		14,193,450
†Varian Medical Systems		32,432		2,955,528
Zimmer Biomet Holdings		69,290		8,461,002

				184,354,981

Health Care Providers & Services–2.61%
Aetna		121,844		15,541,202
AmerisourceBergen		59,278		5,246,103
Anthem		91,488		15,130,285
Cardinal Health		113,561		9,260,900


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Providers & Services (continued)
†Centene		60,800	$	4,332,608
Cigna		89,056		13,045,813
†DaVita		56,628		3,849,005
†Envision Healthcare		42,500		2,606,100
†Express Scripts Holding		214,032		14,106,849
†HCA Holdings		101,100		8,996,889
†Henry Schein		27,700		4,708,169
Humana		52,332		10,787,718
†Laboratory Corp. of America Holdings		34,947		5,013,846
McKesson		73,487		10,895,183
Patterson		30,024		1,357,986
Quest Diagnostics		47,611		4,674,924
UnitedHealth Group		331,546		54,376,859
Universal Health Services Class B		32,000		3,982,400

				187,912,839

Health Care Technology–0.08%
†Cerner		104,129		6,127,992

				6,127,992

Hotels, Restaurants & Leisure–1.58%
Carnival		144,991		8,541,420
†Chipotle Mexican Grill		10,422		4,643,209
Darden Restaurants		40,630		3,399,512
Marriott International Class A		110,827		10,437,687
McDonald’s		289,118		37,472,584
Royal Caribbean Cruises		57,600		5,651,136
Starbucks		506,406		29,569,046
Wyndham Worldwide		38,873		3,276,605
Wynn Resorts		28,350		3,249,193
Yum Brands		124,324		7,944,304

				114,184,696

Household Durables–0.44%
DR Horton		116,474		3,879,749
Garmin		42,324		2,163,180
Leggett & Platt		48,336		2,432,268
Lennar		62,643		3,206,695
†Mohawk Industries		21,700		4,979,933
Newell Brands		166,803		7,868,097
PulteGroup		106,741		2,513,751
Whirlpool		27,308		4,678,680

				31,722,353

Household Products–1.81%
Church & Dwight		93,000		4,637,910
Clorox		45,885		6,186,675
Colgate-Palmolive		309,052		22,619,516
Kimberly-Clark		124,431		16,378,853
Procter & Gamble		895,131		80,427,520

				130,250,474


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Independent Power & Renewable Electricity Producers–0.07%
AES		228,515	$	2,554,798
NRG Energy		118,655		2,218,849

				4,773,647

Industrial Conglomerates–2.38%
3M		209,371		40,058,953
General Electric		3,054,883		91,035,513
Honeywell International		265,272		33,124,515
Roper Technologies		35,164		7,261,014

				171,479,995

Insurance–2.66%
Aflac		141,311		10,233,743
Allstate		127,572		10,395,842
American International Group		325,844		20,342,441
Aon		93,396		11,085,171
Arthur J. Gallagher & Co.		63,400		3,584,636
Assurant		19,716		1,886,230
Chubb		161,746		22,037,893
Cincinnati Financial		52,875		3,821,276
Hartford Financial Services Group		130,289		6,262,992
ÞLincoln National		82,636		5,408,526
Loews		96,708		4,523,033
Marsh & McLennan		178,869		13,216,630
MetLife		382,015		20,178,032
Principal Financial Group		95,833		6,048,021
Progressive		207,718		8,138,391
Prudential Financial		149,325		15,929,991
Torchmark		38,379		2,956,718
Travelers		98,506		11,873,913
Unum Group		80,911		3,793,917
Willis Towers Watson		46,073		6,030,495
XL Group		96,942		3,864,108

				191,611,999

Internet & Direct Marketing Retail–2.53%
†Amazon.com		138,658		122,925,863
Expedia		41,749		5,267,471
†Netflix		149,200		22,053,252
†Priceline Group		17,175		30,570,985
†TripAdvisor		39,134		1,689,023

				182,506,594

Internet Software & Services–4.49%
†Akamai Technologies		62,403		3,725,459
†Alphabet Class A		104,020		88,188,156
†Alphabet Class C		103,398		85,774,845
†eBay		360,544		12,103,462
†Facebook Class A		824,600		117,134,430
†VeriSign		31,387		2,734,122
†Yahoo		309,223		14,351,039

				324,011,513


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
IT Services–3.64%
Accenture Class A		215,767	$	25,866,148
Alliance Data Systems		20,800		5,179,200
Automatic Data Processing		156,668		16,041,235
†Cognizant Technology Solutions Class A		210,416		12,523,960
CSRA		49,285		1,443,558
Fidelity National Information Services		113,589		9,043,956
†Fiserv		75,112		8,661,165
Global Payments		55,226		4,455,634
International Business Machines		301,463		52,496,767
Mastercard Class A		331,320		37,263,560
Paychex		114,576		6,748,526
†PayPal Holdings		389,744		16,766,787
†Teradata		47,428		1,475,959
Total System Services		58,068		3,104,315
Visa Class A		650,628		57,821,310
Western Union		173,887		3,538,600

				262,430,680

Leisure Products–0.10%
Hasbro		39,684		3,961,257
Mattel		118,368		3,031,404

				6,992,661

Life Sciences Tools & Services–0.66%
Agilent Technologies		117,037		6,187,746
†Illumina		51,400		8,770,896
†Mettler-Toledo International		9,600		4,597,536
PerkinElmer		39,675		2,303,531
Thermo Fisher Scientific		137,353		21,097,421
†Waters		29,216		4,566,753

				47,523,883

Machinery–1.48%
Caterpillar		203,281		18,856,346
Cummins		54,529		8,244,785
Deere & Co.		102,500		11,158,150
Dover		55,851		4,487,628
Flowserve		47,884		2,318,543
Fortive		108,600		6,539,892
Illinois Tool Works		109,619		14,521,229
Ingersoll-Rand		89,175		7,251,711
PACCAR		123,955		8,329,776
Parker-Hannifin		47,582		7,628,346
Pentair		58,794		3,691,087
Snap-on		20,375		3,436,651
Stanley Black & Decker		52,040		6,914,555
Xylem		63,873		3,207,702

				106,586,401

Media–3.19%
CBS Class B		131,403		9,114,112
†Charter Communications Class A		75,300		24,647,196


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Media (continued)
Comcast Class A		1,660,744	$	62,427,367
†Discovery Communications Class A		52,143		1,516,840
†Discovery Communications Class C		78,143		2,212,228
†DISH Network Class A		79,100		5,022,059
Interpublic Group		135,580		3,331,201
News Class A		135,890		1,766,570
News Class B		38,200		515,700
Omnicom Group		84,597		7,293,107
Scripps Networks Interactive Class A		33,553		2,629,549
TEGNA		79,305		2,031,794
Time Warner		268,233		26,209,046
Twenty-First Century Fox Class A		366,957		11,885,737
Twenty-First Century Fox Class B		176,200		5,599,636
Viacom Class B		123,923		5,777,290
Walt Disney		510,090		57,839,105

				229,818,537

Metals & Mining–0.26%
†Freeport-McMoRan		434,961		5,811,079
Newmont Mining		186,932		6,161,279
Nucor		111,943		6,685,236

				18,657,594

Multiline Retail–0.43%
Dollar General		89,729		6,256,803
†Dollar Tree		83,683		6,565,768
Kohl’s		63,403		2,524,073
Macy’s		112,117		3,323,148
Nordstrom		40,611		1,891,254
Target		194,638		10,742,071

				31,303,117

Multi-Utilities–1.03%
Ameren		85,201		4,651,123
CenterPoint Energy		150,835		4,158,521
CMS Energy		96,538		4,319,110
Consolidated Edison		105,312		8,178,530
Dominion Resources		217,710		16,887,765
DTE Energy		62,092		6,340,214
NiSource		110,795		2,635,813
Public Service Enterprise Group		174,889		7,756,327
SCANA		49,706		3,248,287
Sempra Energy		86,588		9,567,974
WEC Energy Group		110,658		6,709,195

				74,452,859

Oil, Gas & Consumable Fuels–5.42%
Anadarko Petroleum		197,727		12,259,074
Apache		135,726		6,974,959
Cabot Oil & Gas		168,696		4,033,521
†Chesapeake Energy		270,105		1,604,424
Chevron		662,834		71,168,487
Cimarex Energy		33,700		4,026,813


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
†Concho Resources		51,000	$	6,545,340
ConocoPhillips		430,710		21,479,508
Devon Energy		186,614		7,785,536
EOG Resources		200,402		19,549,215
EQT		62,607		3,825,288
Exxon Mobil		1,451,810		119,062,938
Hess		96,620		4,658,050
Kinder Morgan		666,381		14,487,123
Marathon Oil		302,129		4,773,638
Marathon Petroleum		182,720		9,234,669
Murphy Oil		58,565		1,674,373
†Newfield Exploration		73,397		2,709,083
Noble Energy		151,585		5,205,429
Occidental Petroleum		265,498		16,821,953
ONEOK		73,077		4,051,389
Phillips 66		156,971		12,435,243
Pioneer Natural Resources		59,514		11,083,292
Range Resources		59,106		1,719,985
†Southwestern Energy		174,150		1,422,805
Tesoro		40,961		3,320,299
Valero Energy		156,845		10,397,255
Williams		282,218		8,350,831

				390,660,520

Personal Products–0.14%
Coty Class A		173,568		3,146,782
Estee Lauder Class A		78,567		6,661,696

				9,808,478

Pharmaceuticals–4.98%
Allergan		117,203		28,002,141
Bristol-Myers Squibb		581,726		31,634,260
Eli Lilly & Co.		337,952		28,425,143
Johnson & Johnson		948,381		118,120,854
†Mallinckrodt		36,300		1,617,891
Merck & Co.		960,581		61,035,317
†Mylan		164,905		6,429,646
Perrigo		52,151		3,462,305
Pfizer		2,083,948		71,291,861
Zoetis		170,921		9,122,054

				359,141,472

Professional Services–0.26%
Dun & Bradstreet		13,178		1,422,433
Equifax		42,618		5,827,585
Nielsen Holdings		120,300		4,969,593
Robert Half International		47,717		2,330,021
†Verisk Analytics Class A		55,000		4,462,700

				19,012,332

Real Estate Management & Development–0.05%
†CBRE Group Class A		98,176		3,415,543

				3,415,543


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Road & Rail–0.89%
CSX		325,304	$	15,142,901
JB Hunt Transport Services		32,400		2,972,376
Kansas City Southern		38,738		3,322,171
Norfolk Southern		101,232		11,334,947
Ryder System		18,586		1,402,128
Union Pacific		286,802		30,378,068

				64,552,591

Semiconductors & Semiconductor Equipment–3.37%
†Advanced Micro Devices		270,100		3,929,955
Analog Devices		128,456		10,526,969
Applied Materials		375,053		14,589,562
Broadcom		140,485		30,760,596
Intel		1,650,928		59,548,973
KLA-Tencor		56,221		5,344,930
Lam Research		56,750		7,284,430
Microchip Technology		77,303		5,703,415
†Micron Technology		365,859		10,573,325
NVIDIA		206,210		22,462,455
†Qorvo		46,100		3,160,616
QUALCOMM		513,924		29,468,402
Skyworks Solutions		66,900		6,554,862
Texas Instruments		347,724		28,012,645
Xilinx		88,755		5,138,027

				243,059,162

Software–4.55%
Activision Blizzard		237,000		11,816,820
†Adobe Systems		172,800		22,486,464
†Autodesk		69,703		6,027,218
CA		112,419		3,565,931
†Citrix Systems		56,456		4,707,866
†Electronic Arts		104,479		9,352,960
Intuit		86,240		10,002,978
Microsoft		2,710,988		178,545,670
Oracle		1,043,678		46,558,476
†Red Hat		61,803		5,345,959
†salesforce.com		229,336		18,917,927
Symantec		215,525		6,612,307
†Synopsys		52,800		3,808,464

				327,749,040

Specialty Retail–2.39%
Advance Auto Parts		25,800		3,825,108
†AutoNation		26,206		1,108,252
†AutoZone		9,927		7,177,717
Bed Bath & Beyond		52,026		2,052,946
Best Buy		97,877		4,810,655
†CarMax		67,709		4,009,727
Foot Locker		49,100		3,673,171
Gap		75,150		1,825,393
Home Depot		424,385		62,312,450
L Brands		85,443		4,024,365


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Specialty Retail (continued)
Lowe’s		302,497	$	24,868,278
†O’Reilly Automotive		32,657		8,812,165
Ross Stores		137,226		9,039,077
Signet Jewelers		25,100		1,738,677
Staples		224,535		1,969,172
Tiffany & Co.		39,515		3,765,779
TJX		226,446		17,907,350
Tractor Supply		47,700		3,289,869
†Ulta Beauty		20,800		5,932,784

				172,142,935

Technology Hardware, Storage & Peripherals–4.26%
Apple		1,836,989		263,901,840
Hewlett Packard Enterprise		577,976		13,698,031
HP		592,676		10,597,047
NetApp		99,243		4,153,320
Seagate Technology		103,772		4,766,248
Western Digital		99,034		8,173,276
Xerox		298,785		2,193,082

				307,482,844

Textiles, Apparel & Luxury Goods–0.67%
Coach		96,734		3,998,016
Hanesbrands		141,900		2,945,844
†Michael Kors Holdings		59,400		2,263,734
NIKE Class B		464,768		25,901,521
PVH		28,933		2,993,697
Ralph Lauren		21,272		1,736,221
†Under Armour Class A		63,800		1,261,964
†Under Armour Class C		64,252		1,175,812
VF		116,652		6,412,360

				48,689,169


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Tobacco–1.77%
Altria Group		679,301	$	48,515,677
Philip Morris International		540,416		61,012,966
Reynolds American		287,302		18,105,772

				127,634,415

Trading Companies & Distributors–0.19%
Fastenal		99,403		5,119,255
†United Rentals		30,300		3,789,015
WW Grainger		19,653		4,574,432

				13,482,702

Water Utilities–0.07%
American Water Works		63,900		4,969,503

				4,969,503

Total Common Stock (Cost $4,199,932,448)				7,104,517,192


MONEY MARKET FUND–1.23%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		88,759,832		88,759,832

Total Money Market Fund (Cost $88,759,832)				88,759,832


	Principal Amount°

SHORT-TERM INVESTMENT–0.16%
≠U.S. Treasury Obligations–0.16%
U.S. Treasury Bill 0.685% 8/3/17		11,395,000		11,364,678

Total Short-Term Investment (Cost $11,368,114)				11,364,678

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP SSGA S&P 500 Index Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

The Fund has investments in Lincoln National Corporation, the parent company of Lincoln Investment Advisors Corporation. Investments in companies considered to be affiliates of the Fund and the corresponding investment activity for the period ended March 31, 2017 were as follows:


	Number of Shares		Value (U.S. $)

COMMON STOCK–96.37%
Aerospace & Defense–1.50%
AAR		24,598	$	827,231
†Aerojet Rocketdyne Holdings		44,468		964,956
†Aerovironment		14,981		419,917
†Astronics		13,622		432,226
Cubic		18,817		993,538
Curtiss-Wright		32,644		2,979,091
†DigitalGlobe		47,366		1,551,236
†Ducommun		7,300		210,167
†Engility Holdings		13,300		384,902
†Esterline Technologies		22,222		1,912,203
†KeyW Holding		26,008		245,516
†KLX		39,700		1,774,590
†Kratos Defense & Security Solutions		39,750		309,255
†Mercury Systems		34,651		1,353,122
†Moog Class A		23,981		1,615,120
National Presto Industries		3,372		344,618
†Sparton		6,583		138,177
†TASER International		39,145		892,115
†Teledyne Technologies		25,164		3,182,239
Triumph Group		36,900		950,175
†Vectrus		9,000		201,150
†Wesco Aircraft Holdings		39,520		450,528

				22,132,072

Air Freight & Logistics–0.55%
†Air Transport Services Group		35,876		575,810
†Atlas Air Worldwide Holdings		18,220		1,010,299
†Echo Global Logistics		21,191		452,428
Forward Air		22,339		1,062,666
†Hub Group Class A		25,144		1,166,682
Park-Ohio Holdings		5,616		201,895
†Radiant Logistics		22,700		113,500
†XPO Logistics		72,218		3,458,520

				8,041,800

Airlines–0.32%
Allegiant Travel		9,884		1,583,911
†Hawaiian Holdings		39,725		1,845,226
SkyWest		37,592		1,287,526

				4,716,663

Auto Components–1.19%
†American Axle & Manufacturing Holdings		57,381		1,077,615
Cooper Tire & Rubber		41,617		1,845,714
†Cooper-Standard Holdings		11,100		1,231,323
Dana		112,272		2,167,972
†Dorman Products		19,873		1,632,170
†Fox Factory Holding		15,500		444,850
†Gentherm		27,206		1,067,836
†Horizon Global		13,070		181,412
LCI Industries		17,904		1,786,819
Metaldyne Performance Group		10,000		228,500


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Auto Components (continued)
†Modine Manufacturing		35,764	$	436,321
†Motorcar Parts of America		13,400		411,782
Spartan Motors		26,916		215,328
Standard Motor Products		16,051		788,746
†Stoneridge		20,431		370,618
Strattec Security		2,500		69,500
Superior Industries International		18,607		471,687
Tenneco		40,977		2,557,784
Tower International		15,020		407,042
Unique Fabricating		5,700		68,571
†Workhorse Group		5,600		14,728

				17,476,318

Automobiles–0.04%
Winnebago Industries		18,873		552,035

				552,035

Banks–10.92%
1st Source		12,434		583,776
Access National		6,200		186,124
ACNB		5,200		150,020
†Allegiance Bancshares		7,200		267,840
American National Bankshares		5,995		223,314
Ameris Bancorp		25,479		1,174,582
Ames National		6,665		203,949
Arrow Financial		9,236		313,100
†Atlantic Capital Bancshares		11,100		210,345
Banc of California		36,338		752,197
BancFirst		5,793		520,791
Banco Latinoamericano de Exportacions		22,458		622,985
†Bancorp		38,247		195,060
BancorpSouth		65,131		1,970,213
Bank of Marin Bancorp		4,349		279,858
Bank of NT Butterfield & Son		8,100		258,471
Bank of the Ozarks		65,462		3,404,679
Bankwell Financial Group		5,000		171,950
Banner		22,519		1,252,957
Bar Harbor Bankshares		8,669		286,754
Berkshire Hills Bancorp		22,865		824,283
Blue Hills Bancorp		17,853		318,676
BNC Bancorp		29,400		1,030,470
Boston Private Financial Holdings		61,038		1,001,023
Bridge Bancorp		11,592		405,720
Brookline Bancorp		51,419		804,707
Bryn Mawr Bank		11,564		456,778
C&F Financial		2,800		129,640
Camden National		11,156		491,288
Capital Bank Financial		17,400		755,160
Capital City Bank Group		9,284		198,585
Cardinal Financial		22,621		677,273
Carolina Financial		9,800		294,000


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Banks (continued)
†Cascade Bancorp		24,543	$	189,227
Cathay General Bancorp		55,903		2,106,425
CenterState Banks of Florida		34,405		891,090
Central Pacific Financial		22,430		685,012
Central Valley Community Bancorp		7,600		155,800
Century Bancorp Class A		2,361		143,608
Chemical Financial		49,715		2,542,922
Chemung Financial		2,700		106,650
Citizens & Northern		8,361		194,644
City Holding		10,397		670,399
CNB Financial		11,591		276,909
CoBiz Financial		23,753		399,050
Codorus Valley Bancorp		7,035		182,277
Columbia Banking System		43,683		1,703,200
Community Bank System		32,346		1,778,383
Community Trust Bancorp		11,230		513,773
ConnectOne Bancorp		19,869		481,823
County Bancorp		4,200		122,052
†CU Bancorp		10,160		402,844
†Customers Bancorp		17,980		566,909
CVB Financial		75,959		1,677,934
†Eagle Bancorp		22,909		1,367,667
Enterprise Bancorp		7,060		245,406
Enterprise Financial Services		15,038		637,611
†Equity Bancshares Class A		4,400		139,788
Farmers Capital Bank		6,300		254,520
Farmers National Banc		16,200		232,470
†FB Financial		5,000		176,800
†FCB Financial Holdings Class A		22,400		1,109,920
Fidelity Southern		14,015		313,656
Financial Institutions		9,388		309,335
First Bancorp (Maine)		8,211		223,750
First Bancorp (North Carolina)		14,885		435,982
†First Bancorp (Puerto Rico)		87,535		494,573
First Busey		22,963		675,112
First Business Financial Services		5,800		150,568
First Citizens BancShares Class A		5,700		1,911,609
First Commonwealth Financial		63,939		847,831
First Community Bancshares		12,463		311,201
†First Community Financial Partners		11,800		150,450
First Connecticut Bancorp		8,828		218,934
First Financial		6,759		321,053
First Financial Bancorp		45,873		1,259,214
First Financial Bankshares		48,014		1,925,361
First Financial Northwest		3,600		63,612
†First Foundation		17,400		269,874
First Internet Bancorp		4,500		132,750
First Interstate BancSystem Class A		14,498		574,846
First Merchants		30,383		1,194,660
First Mid-Illinois Bancshares		5,000		169,200
First Midwest Bancorp		60,355		1,429,206
†First NBC Bank Holding		14,200		56,800


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Banks (continued)
†First Northwest Bancorp		9,600	$	148,800
First of Long Island		15,654		423,441
Flushing Financial		19,530		524,771
FNB		239,169		3,556,439
†Franklin Financial Network		8,100		313,875
Fulton Financial		129,600		2,313,360
German American Bancorp		10,385		491,626
Glacier Bancorp		57,374		1,946,700
Great Southern Bancorp		7,870		397,435
Great Western Bancorp		44,400		1,883,004
†Green Bancorp		16,664		296,619
Guaranty Bancorp		12,968		315,771
Hancock Holding		62,464		2,845,235
Hanmi Financial		22,520		692,490
†HarborOne Bancorp		10,300		195,597
Heartland Financial USA		16,338		816,083
Heritage Commerce		16,938		238,826
Heritage Financial		23,355		578,036
Heritage Oaks Bancorp		19,116		255,199
Hilltop Holdings		56,349		1,547,907
Home BancShares		91,228		2,469,542
†HomeTrust Bancshares		10,977		257,959
Hope Bancorp		96,558		1,851,017
Horizon Bancorp		14,155		371,144
IBERIABANK		37,504		2,966,566
Independent Bank		13,509		279,636
Independent Bank (Massachusetts)		19,384		1,259,960
Independent Bank Group		8,800		565,840
International Bancshares		41,064		1,453,666
Investors Bancorp		219,186		3,151,895
Lakeland Bancorp		28,478		558,169
Lakeland Financial		17,917		772,581
LCNB		7,700		183,645
LegacyTexas Financial Group		33,227		1,325,757
Live Oak Bancshares		12,700		274,955
Macatawa Bank		23,000		227,240
MainSource Financial Group		17,020		560,469
MB Financial		55,726		2,386,187
MBT Financial		15,500		175,925
Mercantile Bank		10,833		372,655
Merchants Bancshares		3,925		191,147
Middleburg Financial		4,100		164,164
Midland States Bancorp		1,800		61,902
MidWestOne Financial Group		6,142		210,609
MutualFirst Financial		4,700		148,285
National Bank Holdings Class A		17,652		573,690
National Bankshares		5,608		210,580
†National Commerce		5,800		212,280
NBT Bancorp		31,739		1,176,565
†Nicolet Bankshares		5,100		241,434
Northrim BanCorp		5,900		177,295
OFG Bancorp		31,588		372,738


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Banks (continued)
Old Line Bancshares		7,300	$	207,904
Old National Bancorp		99,817		1,731,825
Old Second Bancorp		14,900		167,625
Opus Bank		12,600		253,890
Orrstown Financial Services		6,400		143,040
Pacific Continental		15,880		389,060
†Pacific Mercantile Bancorp		13,300		100,415
†Pacific Premier Bancorp		26,367		1,016,448
Park National		9,976		1,049,475
Park Sterling		38,052		468,420
Peapack Gladstone Financial		11,291		334,101
Penns Woods Bancorp		3,876		168,412
Peoples Bancorp		12,640		400,182
Peoples Financial Services		5,300		221,540
People’s Utah Bancorp		8,400		222,180
Pinnacle Financial Partners		34,696		2,305,549
Preferred Bank		8,429		452,300
Premier Financial Bancorp		8,140		171,184
PrivateBancorp		57,905		3,437,820
Prosperity Bancshares		49,351		3,440,258
QCR Holdings		8,100		343,035
Renasant		30,608		1,214,832
Republic Bancorp Class A		7,530		258,957
†Republic First Bancorp		29,200		242,360
S&T Bancorp		25,456		880,778
Sandy Spring Bancorp		16,813		689,165
†Seacoast Banking Corp. of Florida		21,644		519,023
ServisFirst Bancshares		34,400		1,251,472
Shore Bancshares		10,900		182,139
Sierra Bancorp		8,220		225,475
Simmons First National Class A		21,941		1,210,046
South State		19,391		1,732,586
†Southern First Bancshares		5,000		163,250
Southern National Bancorp of Virginia		9,700		164,221
Southside Bancshares		18,150		609,296
Southwest Bancorp		13,798		360,818
State Bank Financial		24,728		645,895
Sterling Bancorp		95,461		2,262,426
Stock Yards Bancorp		15,682		637,473
Stonegate Bank		9,581		451,169
Summit Financial Group		7,200		155,088
Sun Bancorp		6,881		167,896
†Texas Capital Bancshares		36,815		3,072,212
Tompkins Financial		10,797		869,698
Towne Bank		41,890		1,357,236
TriCo Bancshares		14,853		527,727
†TriState Capital Holdings		14,700		343,245
†Triumph Bancorp		10,800		278,640
Trustmark		50,679		1,611,085
UMB Financial		33,882		2,551,653
Umpqua Holdings		162,781		2,887,735
Union Bankshares Corp.		32,431		1,140,923


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Banks (continued)
Union Bankshares Inc.		3,400	$	146,030
United Bankshares		52,335		2,211,154
United Community Banks		52,556		1,455,276
Univest Corp. of Pennsylvania		17,420		451,178
Valley National Bancorp		186,599		2,201,868
†Veritex Holdings		7,200		202,464
Washington Trust Bancorp		10,975		541,068
WashingtonFirst Bankshares		7,350		205,800
Webster Financial		67,753		3,390,360
WesBanco		29,355		1,118,719
West Bancorporation		12,373		283,960
Westamerica Bancorporation		18,481		1,031,794
Wintrust Financial		38,807		2,682,340
†Xenith Bankshares		5,205		132,051

				160,541,213

Beverages–0.23%
†Boston Beer Class A		6,616		957,004
Coca-Cola Bottling Consolidated		3,513		723,748
†Craft Brewers Alliance		8,950		119,483
MGP Ingredients		9,200		498,916
National Beverage		9,067		766,434
†Primo Water		18,400		249,872

				3,315,457

Biotechnology–4.71%
†Acceleron Pharma		20,400		539,988
†Achillion Pharmaceuticals		87,272		367,415
†Acorda Therapeutics		32,171		675,591
†Adamas Pharmaceuticals		11,600		203,000
†Aduro Biotech		26,000		279,500
†Advaxis		27,200		222,224
†Adverum Biotechnologies		22,100		59,670
†Aevi Genomic Medicine		16,305		30,327
†Agenus		58,000		218,660
†Aimmune Therapeutics		18,200		395,486
†Akebia Therapeutics		24,700		227,240
†Alder Biopharmaceuticals		35,200		732,160
†AMAG Pharmaceuticals		25,129		566,659
†Amicus Therapeutics		106,400		758,632
†Anavex Life Sciences		15,700		90,118
†Anthera Pharmaceuticals		31,200		13,276
†Applied Genetic Technologies		11,000		75,900
†Aptevo Therapeutics		14,124		29,095
†Ardelyx		21,800		275,770
†Arena Pharmaceuticals		178,443		260,527
†Argos Therapeutics		14,550		6,575
†Array BioPharma		127,433		1,139,251
†Arrowhead Pharmaceuticals		52,400		96,940
†Asterias Biotherapeutics		12,000		40,800
†Atara Biotherapeutics		15,400		316,470
†Athersys		66,200		113,202


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Biotechnology (continued)
†Audentes Therapeutics		6,300	$	107,352
†AveXis		4,200		319,326
†Axovant Sciences		15,500		231,570
†Bellicum Pharmaceuticals		18,200		224,588
†BioCryst Pharmaceuticals		48,800		409,920
†BioSpecifics Technologies		3,700		202,760
†Biotime		49,144		169,547
†Bluebird Bio		30,000		2,727,000
†Blueprint Medicines		18,600		743,814
†Cara Therapeutics		12,600		231,714
†Celldex Therapeutics		79,540		287,139
†Cellular Biomedicine Group		8,600		101,480
†ChemoCentryx		12,745		92,784
†Chimerix		37,300		237,974
†Cidara Therapeutics		8,503		66,323
†Clovis Oncology		27,235		1,734,052
†Coherus Biosciences		22,000		465,300
†Concert Pharmaceuticals		13,100		223,486
†Corvus Pharmaceuticals		4,600		95,542
†Curis		71,200		197,936
†Cytokinetics		24,166		310,533
†CytomX Therapeutics		17,700		305,679
†CytRx		72,400		32,160
†Dimension Therapeutics		7,500		13,125
†Dynavax Technologies		31,857		189,549
†Eagle Pharmaceuticals		6,500		539,110
†Edge Therapeutics		9,800		89,278
†Editas Medicine		6,838		152,624
†Eiger BioPharmaceuticals		2,389		27,354
†Emergent BioSolutions		24,148		701,258
†Enanta Pharmaceuticals		11,400		351,120
†Epizyme		29,200		500,780
†Esperion Therapeutics		11,900		420,189
†Exact Sciences		79,550		1,878,971
†Exelixis		167,468		3,629,032
†FibroGen		39,100		963,815
†Five Prime Therapeutics		20,200		730,230
†Flexion Therapeutics		21,500		578,565
†Fortress Biotech		29,600		109,520
†Foundation Medicine		9,685		312,341
†Galena Biopharma		7,810		4,764
†Genomic Health		12,877		405,497
†Geron		96,444		218,928
†Global Blood Therapeutics		12,200		449,570
†GlycoMimetics		10,000		54,300
†Halozyme Therapeutic		81,643		1,058,093
†Heron Therapeutics		32,600		489,000
†Idera Pharmaceuticals		82,800		204,516
†Ignyta		27,600		237,360
†Immune Design		11,600		78,880
†ImmunoGen		69,093		267,390
†Immunomedics		63,226		409,072


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Biotechnology (continued)
†Infinity Pharmaceuticals		45,524	$	147,043
†Inotek Pharmaceuticals		15,200		30,400
†Inovio Pharmaceuticals		49,000		324,380
†Insmed		43,600		763,436
†Insys Therapeutics		20,900		219,659
†Intellia Therapeutics		6,100		85,949
†Invitae		19,800		218,988
†Ironwood Pharmaceuticals		97,272		1,659,460
†Kadmon Holdings		11,800		42,716
†Karyopharm Therapeutics		20,700		265,788
†Keryx Biopharmaceuticals		53,487		329,480
†Kite Pharma		32,300		2,535,227
†La Jolla Pharmaceutical		9,900		295,515
†Lexicon Pharmaceuticals		31,416		450,505
†Ligand Pharmaceuticals Class B		14,365		1,520,392
†Lion Biotechnologies		39,800		296,510
†Loxo Oncology		12,500		526,000
†MacroGenics		23,800		442,680
†MannKind		56,367		83,423
†MediciNova		25,800		154,542
†Merrimack Pharmaceuticals		85,270		262,632
†MiMedx Group		76,100		725,233
†Minerva Neurosciences		13,900		112,590
†Mirati Therapeutics		10,900		56,680
†Momenta Pharmaceuticals		48,182		643,230
†Myovant Sciences		8,800		103,312
†Myriad Genetics		50,600		971,520
†Nantkwest		17,100		60,705
†Natera		22,700		201,349
†NewLink Genetics		18,347		442,163
†Novavax		176,736		226,222
†OncoMed Pharmaceuticals		17,100		157,491
†Ophthotech		22,900		83,814
†Organovo Holdings		62,000		197,160
†Otonomy		15,900		194,775
†OvaScience		21,200		39,644
PDL BioPharma		129,781		294,603
†Pfenex		14,100		81,921
PharmAthene		54,100		43,902
†Portola Pharmaceuticals		36,800		1,442,192
†Progenics Pharmaceuticals		50,698		478,589
†Protagonist Therapeutics		7,200		92,232
†Proteostasis Therapeutics		5,500		43,010
†Prothena		26,100		1,456,119
†PTC Therapeutics		22,500		221,400
†Puma Biotechnology		21,300		792,360
†Ra Pharmaceuticals		7,100		151,159
†Radius Health		23,700		916,005
†REGENXBIO		13,500		260,550
†Regulus Therapeutics		29,027		47,895
†Repligen		25,225		887,920
†Retrophin		26,900		496,574


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Biotechnology (continued)
†Rigel Pharmaceuticals		105,574	$	349,450
†Sage Therapeutics		22,900		1,627,503
†Sangamo Biosciences		43,689		227,183
†Sarepta Therapeutics		38,100		1,127,760
†Selecta Biosciences		3,900		55,848
†Seres Therapeutics		15,500		174,685
†Sorrento Therapeutics		25,200		99,540
†Spark Therapeutics		14,300		762,762
†Spectrum Pharmaceuticals		63,225		410,962
†Stemline Therapeutics		14,700		125,685
†Syndax Pharmaceuticals		4,000		54,880
†Synergy Pharmaceuticals		135,318		630,582
†Synthetic Biologics		65,800		41,500
†Syros Pharmaceuticals		2,100		33,453
†T2 Biosystems		11,700		61,542
†TESARO		21,304		3,278,046
†TG Therapeutics		34,700		404,255
†Tokai Pharmaceuticals		10,900		9,107
†Trevena		22,600		82,942
†Trovagene		20,900		24,035
†Ultragenyx Pharmaceutical		28,900		1,958,842
†Vanda Pharmaceuticals		26,981		377,734
†Veracyte		12,100		111,078
†Versartis		23,900		510,265
†Vital Therapies		14,700		58,800
†Voyager Therapeutics		9,100		120,484
†vTv Therapeutics Class A		11,300		74,015
†XBiotech		15,200		250,648
†Xencor		28,700		686,504
†Zafgen		14,800		68,968
†ZIOPHARM Oncology		89,984		570,499

				69,263,287

Building Products–1.21%
AAON		30,217		1,068,171
Advanced Drainage Systems		25,800		565,020
†American Woodmark		10,375		952,425
Apogee Enterprises		21,247		1,266,534
†Armstrong Flooring		15,700		289,194
†Builders FirstSource		62,466		930,743
†Caesarstone		17,700		641,625
†Continental Building Products		26,100		639,450
†CSW Industrials		9,900		363,330
†Gibraltar Industries		23,561		970,713
Griffon		22,164		546,343
Insteel Industries		12,939		467,615
†Jeld-Wen Holding		18,800		617,580
†Masonite International		22,800		1,806,900
†NCI Building Systems		19,391		332,556
†Patrick Industries		10,814		766,712
†PGT		35,095		377,271
†Ply Gem Holdings		14,200		279,740


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Building Products (continued)
Quanex Building Products		26,152	$	529,578
Simpson Manufacturing		31,189		1,343,934
†Trex		22,194		1,540,042
Universal Forest Products		14,870		1,465,290

				17,760,766

Capital Markets–1.41%
Arlington Asset Investment Class A		16,285		230,107
Associated Capital Group Class A		4,296		155,300
B. Riley Financial		8,100		121,500
BGC Partners Class A		163,709		1,859,734
Cohen & Steers		15,569		622,293
†Cowen Group Class A		21,208		317,060
Diamond Hill Investment Group		2,332		453,691
Evercore Partners Class A		29,392		2,289,637
FBR & Co.		5,400		97,470
Fifth Street Asset Management		5,200		23,920
Financial Engines		40,122		1,747,313
GAIN Capital Holdings		27,653		230,349
GAMCO Investors Class A		3,696		109,365
Greenhill & Co.		19,590		573,987
Hennessy Advisors		3,750		63,037
Houlihan Lokey		15,600		537,420
†INTL. FCStone		11,124		422,267
Investment Technology Group		24,142		488,876
Janus Capital Group		108,700		1,434,840
†KCG Holdings Class A		29,956		534,115
†Ladenburg Thalmann Financial Services		83,408		206,852
Manning & Napier		13,000		74,100
Medley Management Class A		4,197		34,835
Moelis & Co. Class A		17,500		673,750
OM Asset Management		29,500		446,040
Oppenheimer Holdings Class A		9,302		159,064
Piper Jaffray		10,468		668,382
PJT Partners Class A		12,200		428,098
Pzena Investment Management Class A		10,210		100,466
†Safeguard Scientifics		17,820		226,314
Silvercrest Asset Management Group Class A		6,100		81,130
†Stifel Financial		48,347		2,426,536
†=Teton Advisors Class B		19		0
Virtu Financial Class A		16,500		280,500
Virtus Investment Partners		4,232		448,169
Waddell & Reed Financial Class A		59,500		1,011,500
Westwood Holdings Group		5,814		310,526
†Wins Finance Holdings		800		115,992
WisdomTree Investments		86,008		780,953

				20,785,488


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Chemicals–2.67%
A Schulman		20,631	$	648,845
†AgroFresh Solutions		19,100		83,467
American Vanguard		22,295		370,097
Balchem		23,707		1,953,931
Calgon Carbon		35,940		524,724
Chase		4,839		461,641
Chemours		135,100		5,201,350
†Chemtura		47,820		1,597,188
†Codexis		29,100		139,680
†Ferro		62,087		943,102
†Flotek Industries		42,686		545,954
FutureFuel		17,708		251,099
†GCP Applied Technologies		53,300		1,740,245
Hawkins		6,959		340,991
HB Fuller		37,809		1,949,432
†Ingevity		32,000		1,947,200
Innophos Holdings		13,864		748,240
Innospec		17,704		1,146,334
KMG Chemicals		6,372		293,558
†Koppers Holdings		14,360		608,146
†Kraton		22,041		681,508
Kronos Worldwide		15,200		249,736
†LSB Industries		17,761		166,598
Minerals Technologies		26,064		1,996,502
Olin		122,117		4,013,986
†OMNOVA Solutions		30,940		306,306
PolyOne		63,264		2,156,670
Quaker Chemical		9,713		1,278,814
Rayonier Advanced Materials		29,900		402,155
Sensient Technologies		33,595		2,662,740
Stepan		14,670		1,156,143
†TerraVia Holdings		55,040		39,876
†Trecora Resources		17,392		193,051
Tredegar		18,530		325,201
Trinseo		19,800		1,328,580
Tronox		47,300		872,685

				39,325,775

Commercial Services & Supplies–2.23%
ABM Industries		41,923		1,827,843
†ACCO Brands		79,324		1,043,111
†Advanced Disposal Services		14,900		336,740
†Aqua Metals		9,300		181,722
†ARC Document Solutions		31,770		109,606
Brady Class A		34,337		1,327,125
Brink’s		33,857		1,809,657
†Casella Waste Systems		27,834		392,738
CECO Environmental		20,364		214,026
Deluxe		35,440		2,557,705
Ennis		18,660		317,220
Essendant		27,619		418,428
Healthcare Services Group		53,081		2,287,260


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Commercial Services & Supplies (continued)
†Heritage-Crystal Clean		9,954	$	136,370
Herman Miller		44,987		1,419,340
HNI		34,075		1,570,517
†InnerWorkings		28,357		282,436
Interface Class A		48,321		920,515
Kimball International Class B		25,702		424,083
Knoll		35,882		854,350
Matthews International Class A		24,010		1,624,276
McGrath RentCorp		17,440		585,461
Mobile Mini		33,166		1,011,563
MSA Safety		23,318		1,648,349
Multi-Color		9,792		695,232
†NL Industries		4,936		31,837
Quad/Graphics		20,423		515,476
†SP Plus		12,897		435,274
Steelcase Class A		64,334		1,077,594
†Team		20,697		559,854
Tetra Tech		43,491		1,776,607
†TRC		17,000		296,650
U.S. Ecology		16,219		759,860
UniFirst		11,367		1,607,862
Viad		14,913		674,068
VSE		5,566		227,093
West		32,200		786,324

				32,744,172

Communications Equipment–1.86%
ADTRAN		36,548		758,371
†Aerohive Networks		11,800		49,678
†Applied Optoelectronics		12,400		696,260
Bel Fuse Class B		6,838		174,711
Black Box		12,650		113,217
†CalAmp		26,272		441,107
†Calix		31,731		230,050
†Ciena		103,596		2,445,902
†Clearfield		8,300		136,535
Comtech Telecommunications		16,175		238,419
†Digi International		21,371		254,315
EMCORE		23,100		207,900
†Extreme Networks		75,445		566,592
†Finisar		81,167		2,219,106
†Harmonic		50,688		301,594
†Infinera		105,041		1,074,569
InterDigital		26,088		2,251,394
†Ixia		47,591		935,163
†KVH Industries		12,175		102,270
†Lumentum Holdings		38,000		2,027,300
†NETGEAR		24,334		1,205,750
†NetScout Systems		67,556		2,563,750
†Oclaro		85,200		836,664
Plantronics		24,951		1,350,099
†Quantenna Communications		6,000		124,980


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Communications Equipment (continued)
†ShoreTel		52,268	$	321,448
Silicom		4,900		243,383
†Sonus Networks		35,602		234,617
†Ubiquiti Networks		19,429		976,501
†ViaSat		38,246		2,440,860
†Viavi Solutions		176,200		1,888,864

				27,411,369

Construction & Engineering–0.93%
†Aegion		25,828		591,719
†Ameresco Class A		19,021		124,588
Argan		9,951		658,259
Comfort Systems USA		27,736		1,016,524
†Dycom Industries		23,029		2,140,546
EMCOR Group		44,577		2,806,122
Granite Construction		29,740		1,492,651
†Great Lakes Dredge & Dock		36,197		144,788
†Hc2 Holdings		25,030		155,186
†IES Holdings		6,800		123,080
†Layne Christensen		15,700		138,788
†MasTec		49,778		1,993,609
†MYR Group		10,894		446,654
†NV5 Holdings		5,900		221,840
†Orion Holdings Group		16,895		126,206
Primoris Services		29,838		692,838
†Tutor Perini		27,083		861,239

				13,734,637

Construction Materials–0.29%
†Forterra		12,100		235,950
†Headwaters		54,423		1,277,852
†Summit Materials Class A		79,429		1,962,691
United States Lime & Minerals		1,487		117,443
†US Concrete		10,600		684,230

				4,278,166

Consumer Finance–0.50%
†Encore Capital Group		17,463		537,860
†Enova International		17,123		254,277
†EZCORP Class A		35,119		286,220
FirstCash		35,824		1,760,752
†Green Dot Class A		30,641		1,022,184
†LendingClub		247,400		1,358,226
Nelnet Class A		15,038		659,567
†PRA Group		34,623		1,147,752
†Regional Management		6,543		127,130
†World Acceptance		4,001		207,172

				7,361,140

Containers & Packaging–0.14%
Greif Class A		19,100		1,052,219
Greif Class B		4,500		293,850


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Containers & Packaging (continued)
†Multi Packaging Solutions International		15,800	$	283,610
Myers Industries		13,797		218,682
†UFP Technologies		5,600		145,040

				1,993,401

Distributors–0.08%
Core-Mark Holding		34,260		1,068,569
Weyco Group		4,458		125,181

				1,193,750

Diversified Consumer Services–0.95%
†American Public Education		12,460		285,334
†Ascent Capital Group Class A		8,777		124,019
†Bridgepoint Education		15,373		164,030
†Bright Horizons Family Solutions		33,163		2,403,986
†Cambium Learning Group		7,100		34,790
Capella Education		8,380		712,509
†Career Education		48,768		424,282
Carriage Services		10,635		288,421
†Chegg		59,300		500,492
Collectors Universe		7,100		185,310
DeVry Education Group		46,900		1,662,605
†Grand Canyon Education		33,808		2,420,991
†Houghton Mifflin Harcourt		93,200		945,980
†K12		24,700		473,005
†Laureate Education Class A		26,300		375,301
Liberty Tax		6,600		94,050
†Regis		27,846		326,355
†Sotheby’s		36,975		1,681,623
Strayer Education		7,765		625,005
†Weight Watchers International		17,800		277,146

				14,005,234

Diversified Financial Services–0.10%
†FNFV Group		48,900		647,925
Marlin Business Services		5,686		146,414
NewStar Financial		13,298		140,693
†On Deck Capital		41,700		210,168
†PICO Holdings		15,971		223,594
Tiptree Financial Class A		21,700		158,410

				1,527,204

Diversified Telecommunication Services–0.55%
ATN International		7,792		548,713
†Cincinnati Bell		31,265		553,390
Cogent Communications Holdings		31,204		1,343,332
Consolidated Communications Holdings		37,135		869,702
†FairPoint Communications		14,137		234,674
†General Communication Class A		21,019		437,195
†Globalstar		273,000		436,800
†Hawaiian Telcom Holdco		5,771		132,214


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Diversified Telecommunication Services (continued)
IDT Class B		11,115	$	141,383
†Intelsat		19,600		81,340
†Iridium Communications		60,850		587,202
†Lumos Networks		13,357		236,419
†ORBCOMM		43,994		420,143
†pdvWireless		6,800		148,580
†Straight Path Communications Class B		6,300		226,611
†Vonage Holdings		142,953		903,463
Windstream Holdings		133,992		730,256

				8,031,417

Electric Utilities–1.04%
ALLETE		37,483		2,537,974
El Paso Electric		30,341		1,532,220
Genie Energy Class B		9,300		67,332
IDACORP		37,176		3,084,121
MGE Energy		26,326		1,711,190
Otter Tail		28,481		1,079,430
PNM Resources		60,336		2,232,432
Portland General Electric		65,914		2,927,900
Spark Energy Class A		4,200		134,190

				15,306,789

Electrical Equipment–0.65%
Allied Motion Technologies		3,700		74,370
†American Superconductor		10,200		69,972
†Atkore International Group		9,200		241,776
AZZ		19,427		1,155,906
†Babcock & Wilcox Enterprises		33,900		316,626
Encore Wire		14,426		663,596
†Energous		12,900		201,240
EnerSys		32,906		2,597,600
†Fuelcell Energy		16,086		22,118
†Generac Holdings		49,182		1,833,505
General Cable		35,800		642,610
LSI Industries		20,862		210,498
†Plug Power		159,000		219,420
Powell Industries		6,308		217,248
†Power Solutions International		3,200		32,288
Preformed Line Products		1,686		87,925
†Sunrun		41,500		224,100
†Thermon Group Holdings		23,603		491,886
†TPI Composites		4,600		87,446
†Vicor		11,771		189,513

				9,579,643

Electronic Equipment, Instruments & Components–2.96%
†Agilysys		10,614		100,302
†Anixter International		21,801		1,728,819
AVX		34,300		561,834
Badger Meter		20,922		768,884
Belden		31,642		2,189,310
†Benchmark Electronics		36,966		1,175,519


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Electronic Equipment, Instruments & Components (continued)
†Coherent		18,232	$	3,749,228
†Control4		14,400		227,376
CTS		22,011		468,834
Daktronics		26,561		251,001
†Electro Scientific Industries		23,900		166,583
†ePlus		4,979		672,414
†Fabrinet		26,141		1,098,706
†FARO Technologies		12,199		436,114
†=Gerber Scientific		6,600		0
†II-VI		44,551		1,606,064
†Insight Enterprises		27,403		1,125,989
†InvenSense		60,952		769,824
†Itron		25,100		1,523,570
†Kimball Electronics		20,326		344,526
†Knowles		66,106		1,252,709
Littelfuse		16,706		2,671,456
†Maxwell Technologies		27,400		159,194
Mesa Laboratories		2,530		310,431
Methode Electronics		27,266		1,243,330
MTS Systems		11,957		658,233
†Novanta		25,063		665,423
†OSI Systems		13,068		953,833
Park Electrochemical		15,188		271,258
PC Connection		8,824		262,867
†Plexus		25,063		1,448,641
†Radisys		31,000		124,000
†Rogers		13,452		1,155,123
†Sanmina		55,295		2,244,977
†ScanSource		18,737		735,427
SYNNEX		22,023		2,465,255
Systemax		5,558		61,638
†Tech Data		26,400		2,478,960
†TTM Technologies		56,150		905,700
Universal Display		31,241		2,689,850
Vishay Intertechnology		102,600		1,687,770
†Vishay Precision Group		10,872		171,778

				43,582,750

Energy Equipment & Services–1.06%
Archrock		49,800		617,520
†Atwood Oceanics		56,200		535,586
Bristow Group		23,391		355,777
†CARBO Ceramics		18,200		237,328
†Dawson Geophysical		17,500		97,300
†Era Group		12,400		164,424
†Exterran		23,100		726,495
†Fairmount Santrol Holdings		57,400		420,742
†Forum Energy Technologies		44,846		928,312
†Geospace Technologies		9,153		148,553
†Helix Energy Solutions Group		102,856		799,191
†Hornbeck Offshore Services		24,559		108,797
†Independence Contract Drilling		26,100		143,811


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Energy Equipment & Services (continued)
†Keane Group		23,100	$	330,330
†Mammoth Energy Services		7,000		150,570
†Matrix Service		20,507		338,366
†McDermott International		180,700		1,219,725
†Natural Gas Services Group		9,185		239,269
†Newpark Resources		60,941		493,622
†Oil States International		38,400		1,272,960
†Parker Drilling		76,145		133,254
†PHI		8,782		105,209
†Pioneer Energy Services		41,683		166,732
†RigNet		8,774		188,202
†SEACOR Holdings		11,900		823,361
†Seadrill		280,500		462,825
†Smart Sand		8,800		143,000
†Tesco		30,746		247,505
†TETRA Technologies		69,142		281,408
†Tidewater		42,700		49,105
†Unit		37,500		906,000
US Silica Holdings		55,083		2,643,433
†Willbros Group		37,600		103,024

				15,581,736

Equity Real Estate Investment Trusts–7.06%
Acadia Realty Trust		60,315		1,813,069
Agree Realty		19,666		943,181
Alexander’s		1,476		637,425
American Assets Trust		29,373		1,228,966
Armada Hoffler Properties		24,300		337,527
Ashford Hospitality Prime		14,654		155,479
Ashford Hospitality Trust		57,198		364,351
Bluerock Residential Growth REIT		16,000		196,960
CareTrust REIT		50,381		847,408
CatchMark Timber Trust Class A		28,300		326,016
CBL & Associates Properties		127,000		1,211,580
Cedar Realty Trust		60,761		305,020
Chatham Lodging Trust		27,831		549,662
Chesapeake Lodging Trust		44,515		1,066,579
City Office REIT		16,300		198,045
Colony Starwood Homes		53,800		1,826,510
Community Healthcare Trust		11,000		262,900
CorEnergy Infrastructure Trust		7,920		267,538
Coresite Realty		25,268		2,275,383
Cousins Properties		254,425		2,104,097
DiamondRock Hospitality		150,974		1,683,360
DuPont Fabros Technology		56,345		2,794,149
Easterly Government Properties		24,000		474,960
EastGroup Properties		23,769		1,747,735
Education Realty Trust		55,486		2,266,603
Farmland Partners		23,400		261,378
FelCor Lodging Trust		101,366		761,259
First Industrial Realty Trust		87,706		2,335,611
First Potomac Realty Trust		45,418		466,897


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Equity Real Estate Investment Trusts (continued)
Four Corners Property Trust		45,200	$	1,031,916
Franklin Street Properties		78,204		949,397
GEO Group		60,284		2,795,369
Getty Realty		18,117		457,817
Gladstone Commercial		14,905		308,086
Global Medical REIT		11,600		105,328
Global Net Lease		49,800		1,199,184
Government Properties Income Trust		52,603		1,100,981
Gramercy Property Trust		103,605		2,724,812
Healthcare Realty Trust		86,492		2,810,990
Hersha Hospitality Trust		30,741		577,623
Hudson Pacific Properties		90,851		3,147,079
Independence Realty Trust		42,256		395,939
InfraREIT		29,500		531,000
Investors Real Estate Trust		89,662		531,696
†iStar		50,770		599,086
Kite Realty Group Trust		62,254		1,338,461
LaSalle Hotel Properties		80,411		2,327,898
Lexington Realty Trust		173,186		1,728,396
LTC Properties		28,373		1,359,067
Mack-Cali Realty		67,300		1,813,062
MedEquities Realty Trust		15,400		172,634
Medical Properties Trust		216,672		2,792,902
Monmouth Real Estate Investment		46,889		669,106
Monogram Residential Trust		126,500		1,261,205
National Health Investors		28,134		2,043,372
National Storage Affiliates Trust		32,100		767,190
New Senior Investment Group		56,800		579,360
Nexpoint Residential Trust		11,800		285,088
NorthStar Realty Europe		35,200		407,968
One Liberty Properties		10,738		250,840
Parkway		31,803		632,562
Pebblebrook Hotel Trust		53,810		1,571,790
Pennsylvania Real Estate Investment Trust		51,299		776,667
Physicians Realty Trust		114,800		2,281,076
Potlatch		30,492		1,393,484
Preferred Apartment Communities Class A		18,800		248,348
PS Business Parks		14,862		1,705,563
QTS Realty Trust Class A		35,300		1,720,875
RAIT Financial Trust		70,832		226,662
Ramco-Gershenson Properties Trust		59,105		828,652
Retail Opportunity Investments		81,067		1,704,839
Rexford Industrial Realty		49,200		1,107,984
RLJ Lodging Trust		91,961		2,162,003
Ryman Hospitality Properties		32,703		2,022,026
Sabra Health Care REIT		48,455		1,353,348
Saul Centers		7,066		435,407
Select Income REIT		47,663		1,229,229
Seritage Growth Properties Class A		18,700		806,905
Silver Bay Realty Trust		24,552		527,131


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Equity Real Estate Investment Trusts (continued)
STAG Industrial		61,334	$	1,534,577
Summit Hotel Properties		64,673		1,033,475
Sunstone Hotel Investors		163,892		2,512,464
Terreno Realty		33,814		946,792
TIER REIT		35,400		614,544
UMH Properties		17,967		273,278
Universal Health Realty Income Trust		9,173		591,659
Urban Edge Properties		67,600		1,777,880
Urstadt Biddle Properties Class A		21,617		444,446
Washington Prime Group		139,900		1,215,731
Washington Real Estate Investment Trust		55,275		1,729,002
Whitestone REIT		21,971		304,079
Xenia Hotels & Resorts		77,700		1,326,339

				103,811,317

Food & Staples Retailing–0.52%
Andersons		19,963		756,598
†Chefs’ Warehouse		15,895		220,940
Ingles Markets Class A		10,331		445,783
†Natural Grocers by Vitamin Cottage		7,253		75,359
†Performance Food Group		27,900		664,020
PriceSmart		15,032		1,385,950
†Smart & Final Stores		14,800		179,080
SpartanNash		27,558		964,254
†SUPERVALU		198,947		767,935
†United Natural Foods		37,299		1,612,436
Village Super Market Class A		6,613		175,245
Weis Markets		7,000		417,550

				7,665,150

Food Products–1.32%
Advancepierre Foods Holdings		16,400		511,188
Alico		2,463		65,023
†Amplify Snack Brands		21,400		179,760
B&G Foods Class A		49,614		1,996,964
Calavo Growers		11,554		700,173
Cal-Maine Foods		23,130		851,184
†Darling Ingredients		123,659		1,795,529
Dean Foods		68,700		1,350,642
†Farmer Brothers		5,001		176,785
Fresh Del Monte Produce		24,356		1,442,606
†Freshpet		18,400		202,400
†Inventure Foods		13,960		61,703
J&J Snack Foods		11,287		1,530,066
John B Sanfilippo & Son		5,902		431,967
Lancaster Colony		14,154		1,823,601
†Landec		20,933		251,196
†Lifeway Foods		4,131		44,326
Limoneira		9,287		194,191
Omega Protein		16,668		334,193
Sanderson Farms		14,990		1,556,562


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Food Products (continued)
Seaboard		191	$	796,367
†Seneca Foods Class A		4,510		162,811
Snyder’s-Lance		60,685		2,446,212
Tootsie Roll Industries		13,048		487,344

				19,392,793

Gas Utilities–1.21%
Chesapeake Utilities		11,865		821,058
Delta Natural Gas		5,900		179,065
New Jersey Resources		64,782		2,565,367
Northwest Natural Gas		20,419		1,206,763
ONE Gas		39,300		2,656,680
South Jersey Industries		60,204		2,146,273
Southwest Gas		34,795		2,884,853
Spire		33,767		2,279,272
WGL Holdings		37,224		3,072,097

				17,811,428

Health Care Equipment & Supplies–3.12%
Abaxis		16,413		796,030
†Accuray		60,218		286,035
Analogic		9,337		708,678
†AngioDynamics		21,092		365,946
†Anika Therapeutics		10,395		451,559
†AtriCure		23,003		440,507
Atrion		967		452,749
†Avinger		9,500		18,050
†AxoGen		21,000		219,450
Cantel Medical		27,050		2,166,705
†Cardiovascular Systems		24,882		703,539
†Cerus		74,683		332,339
†ConforMIS		18,300		95,526
CONMED		20,622		915,823
†Corindus Vascular Robotics		14,000		18,340
†CryoLife		23,210		386,447
†Cutera		9,700		200,790
†Endologix		60,532		438,252
†Entellus Medical		6,100		84,180
†Exactech		8,883		223,852
†GenMark Diagnostics		29,300		375,626
†Glaukos		12,300		630,990
†Globus Medical		52,574		1,557,242
†Haemonetics		38,434		1,559,267
†Halyard Health		35,100		1,336,959
†ICU Medical		11,067		1,689,931
†Inogen		12,200		946,232
†Insulet		43,485		1,873,769
†Integer Holdings		22,625		909,525
†Integra LifeSciences Holdings		45,550		1,919,021
Invacare		22,839		271,784
†Invivo Therapeutics Holdings		23,500		95,175
†Iradimed		2,500		22,250


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Equipment & Supplies (continued)
†iRhythm Technologies		5,300	$	199,280
†IRIDEX		6,600		78,342
†K2M Group Holdings		17,700		363,027
LeMaitre Vascular		9,600		236,448
†Masimo		30,758		2,868,491
Meridian Bioscience		30,975		427,455
†Merit Medical Systems		32,074		926,939
†Natus Medical		24,363		956,248
†Neogen		27,412		1,796,857
†Nevro		18,100		1,695,970
†Novocure		33,800		273,780
†NuVasive		37,537		2,803,263
†NxStage Medical		47,754		1,281,240
†OraSure Technologies		36,706		474,609
†Orthofix International		13,003		496,064
†Oxford Immunotec Global		17,300		267,977
†Penumbra		19,100		1,593,895
†Quidel		20,825		471,478
†Rockwell Medical Technologies		38,835		243,107
†RTI Surgical		51,400		205,600
†Second Sight Medical Products		15,156		18,339
†Senseonics Holdings		24,200		43,318
†Spectranetics		31,869		928,185
†Staar Surgical		28,999		284,190
†Surmodics		10,565		254,088
†Tactile Systems Technology		3,200		60,640
†Tandem Diabetes Care		11,800		14,160
†TransEnterix		58,158		70,371
Utah Medical Products		2,915		181,605
†Wright Medical Group		77,703		2,418,117
†Zeltiq Aesthetics		26,556		1,476,779

				45,902,430

Health Care Providers & Services–1.80%
†AAC Holdings		8,600		73,358
Aceto		21,357		337,654
†Addus HomeCare		4,700		150,400
†Adeptus Health Class A		10,700		19,260
†Air Methods		24,196		1,040,428
†Almost Family		8,176		397,354
†Amedisys		20,916		1,068,598
†American Renal Associates Holdings		7,600		128,288
†AMN Healthcare Services		35,574		1,444,304
†BioScrip		80,831		137,413
†BioTelemetry		20,300		587,685
†Capital Senior Living		20,531		288,666
Chemed		12,198		2,228,453
†Civitas Solutions		7,600		139,460
†Community Health Systems		82,500		731,775
†CorVel		8,012		348,522
†Cross Country Healthcare		21,717		311,856
†Diplomat Pharmacy		34,200		545,490


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Providers & Services (continued)
Ensign Group		35,590	$	669,092
†Genesis Healthcare		25,278		66,734
†HealthEquity		32,400		1,375,380
HealthSouth		66,967		2,866,857
Kindred Healthcare		67,651		564,886
Landauer		6,971		339,836
†LHC Group		11,806		636,343
†Magellan Health		16,995		1,173,505
†Molina Healthcare		32,581		1,485,694
National HealthCare		8,275		590,007
National Research Class A		7,337		144,539
†Nobilis Health		51,900		88,230
Owens & Minor		46,954		1,624,608
†PharMerica		20,749		485,527
†Providence Service		10,033		445,866
†Quorum Health		25,800		140,352
†RadNet		23,700		139,830
†Select Medical Holdings		79,967		1,067,559
†Surgery Partners		13,200		257,400
†Teladoc		19,600		490,000
†Tivity Health		23,636		687,808
†Triple-S Management Class B		17,638		309,900
U.S. Physical Therapy		8,549		558,250
†Universal American		33,011		329,133

				26,516,300

Health Care Technology–0.49%
†Castlight Health Class B		29,100		106,215
Computer Programs & Systems		7,049		197,372
†Cotiviti Holdings		8,500		353,855
†Evolent Health Class A		13,000		289,900
†HealthStream		19,045		461,460
†HMS Holdings		63,320		1,287,296
†Medidata Solutions		41,434		2,390,328
†NantHealth		5,000		24,800
†Omnicell		26,625		1,082,306
†Quality Systems		37,628		573,451
†Vocera Communications		20,240		502,559

				7,269,542

Hotels, Restaurants & Leisure–2.90%
†Belmond Class A		62,422		755,306
†Biglari Holdings		695		300,226
†BJ’s Restaurants		17,374		701,910
Bloomin’ Brands		76,052		1,500,506
Bob Evans Farms		14,732		955,665
†Bojangles’		5,500		112,750
†Boyd Gaming		61,883		1,362,045
†Buffalo Wild Wings		12,968		1,980,862
†Caesars Acquisition Class A		35,042		539,647
†Caesars Entertainment		42,400		404,920
†Carrols Restaurant Group		26,365		373,065


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
†Century Casinos		18,500	$	139,860
Cheesecake Factory		34,186		2,166,025
Churchill Downs		10,121		1,607,721
†Chuy’s Holdings		12,532		373,454
ClubCorp Holdings		48,000		770,400
Cracker Barrel Old Country Store		14,494		2,308,169
†Dave & Buster’s Entertainment		28,400		1,734,956
†Del Frisco’s Restaurant Group		16,987		306,615
†Del Taco Restaurants		14,700		194,922
†Denny’s		56,256		695,887
DineEquity		13,132		714,643
†El Pollo Loco Holdings		15,200		181,640
†Eldorado Resorts		23,700		448,522
†Fiesta Restaurant Group		18,857		456,348
Golden Entertainment		9,000		119,070
†Habit Restaurants Class A		10,100		178,770
ILG		85,036		1,782,355
International Speedway Class A		19,618		724,885
†Intrawest Resorts Holdings		12,700		317,627
†Isle of Capri Casinos		18,373		484,312
†J Alexander’s Holdings		11,071		111,264
Jack in the Box		24,615		2,503,838
†Jamba		8,591		77,749
†Kona Grill		7,900		49,770
†La Quinta Holdings		63,100		853,112
†Lindblad Expeditions Holdings		12,800		114,688
†Luby’s		16,900		52,559
Marcus		13,534		434,441
Marriott Vacations Worldwide		16,872		1,686,019
†Monarch Casino & Resort		6,484		191,537
†Nathan’s Famous		2,600		162,890
†Noodles & Co.		7,800		44,850
Papa John’s International		20,422		1,634,577
†Penn National Gaming		55,500		1,022,865
†Pinnacle Entertainment		40,185		784,411
Planet Fitness Class A		16,300		314,101
†Potbelly		16,600		230,740
†Red Lion Hotels		12,300		86,715
†Red Robin Gourmet Burgers		9,622		562,406
Red Rock Resorts Class A		22,200		492,396
†Ruby Tuesday		53,395		150,040
Ruth’s Hospitality Group		22,008		441,260
†Scientific Games Class A		38,152		902,295
SeaWorld Entertainment		49,700		908,019
†Shake Shack Class A		11,500		384,100
Sonic		31,875		808,350
Speedway Motorsports		9,461		178,245
Texas Roadhouse		49,940		2,223,828
Wingstop		10,700		302,596
†Zoe’s Kitchen		13,900		257,150

				42,659,894


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Household Durables–1.24%
Bassett Furniture Industries		8,100	$	217,890
†Beazer Homes USA		25,566		310,116
†Cavco Industries		6,326		736,346
†Century Communities		9,700		246,380
CSS Industries		5,055		131,026
Ethan Allen Interiors		18,332		561,876
Flexsteel Industries		4,166		209,966
†GoPro		75,700		658,590
†Green Brick Partners		13,800		137,310
†Helen of Troy		21,147		1,992,047
Hooker Furniture		9,300		288,765
†Hovnanian Enterprises Class A		101,192		229,706
†Installed Building Products		14,918		786,924
†iRobot		20,032		1,324,916
KB Home		62,436		1,241,228
La-Z-Boy		36,733		991,791
†LGI Homes		10,500		356,055
Libbey		15,888		231,647
Lifetime Brands		8,078		162,368
†M/I Homes		17,374		425,663
MDC Holdings		31,010		931,850
†Meritage Homes		28,584		1,051,891
NACCO Industries Class A		2,792		194,882
†New Home		10,900		114,014
†Taylor Morrison Home Class A		29,700		633,204
†TopBuild		28,800		1,353,600
†TRI Pointe Group		111,952		1,403,878
†UCP		3,200		32,480
†Universal Electronics		10,611		726,854
†William Lyon Homes Class A		16,800		346,416
†ZAGG		25,300		182,160

				18,211,839

Household Products–0.29%
†Central Garden & Pet		6,400		237,248
†Central Garden & Pet Class A		24,822		861,820
†HRG Group		89,156		1,722,494
Oil-Dri Corp. of America		3,441		128,246
Orchids Paper Products		5,392		129,408
WD-40		10,539		1,148,224

				4,227,440

Independent Power & Renewable Electricity Producers–0.47%
†Atlantic Power		87,433		231,697
Atlantica Yield		43,929		920,752
†Dynegy		87,700		689,322
NRG Yield Class A		25,700		446,923
NRG Yield Class C		47,400		838,980
Ormat Technologies		29,256		1,669,933
Pattern Energy Group		49,800		1,002,474
TerraForm Global Class A		59,600		286,080
†TerraForm Power Class A		65,400		808,998


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Independent Power & Renewable Electricity Producers (continued)
†Vivint Solar		15,700	$	43,960

				6,939,119

Industrial Conglomerates–0.05%
Raven Industries		26,951		782,927

				782,927

Insurance–2.32%
†Ambac Financial Group		32,000		603,520
American Equity Investment Life Holding		64,255		1,518,346
AMERISAFE		14,099		915,025
Argo Group International Holdings		21,589		1,463,734
†Atlas Financial Holdings		8,300		113,295
Baldwin & Lyons Class B		7,143		174,646
Blue Capital Reinsurance Holdings		5,100		98,430
†Citizens		31,491		233,978
CNO Financial Group		135,112		2,769,796
Crawford & Co. Class B		10,379		104,101
Donegal Group Class A		5,144		90,637
†eHealth		14,419		173,605
EMC Insurance Group		5,953		167,041
Employers Holdings		23,927		908,030
†Enstar Group		8,511		1,628,154
FBL Financial Group Class A		7,274		476,083
Federated National Holding		7,500		130,725
Fidelity & Guaranty Life		8,000		222,400
†Genworth Financial		379,200		1,562,304
†Global Indemnity		6,337		243,911
†Greenlight Capital Re Class A		21,657		478,620
†Hallmark Financial Services		8,751		96,699
HCI Group		6,107		278,357
Heritage Insurance Holdings		22,000		280,940
Horace Mann Educators		30,431		1,249,193
Independence Holding		6,117		113,776
Infinity Property & Casualty		7,989		762,949
Investors Title		1,200		189,780
James River Holdings L		10,400		445,744
Kemper		29,700		1,185,030
Kinsale Capital Group		5,100		163,404
Maiden Holdings		52,595		736,330
†MBIA		98,100		830,907
National General Holdings		36,100		857,736
National Western Life Group Class A		1,716		521,939
Navigators Group		16,832		913,978
OneBeacon Insurance Group Class A		14,187		226,992
†Patriot National		10,200		28,764
Primerica		35,422		2,911,688
RLI		28,634		1,718,613
Safety Insurance Group		10,699		750,000
Selective Insurance Group		42,807		2,018,350
State Auto Financial		12,495		342,988


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Insurance (continued)
State National		24,100	$	347,040
Stewart Information Services		16,239		717,439
†Third Point Reinsurance		49,100		594,110
†Trupanion		9,182		130,568
United Fire Group		16,121		689,495
United Insurance Holdings		12,200		194,590
Universal Insurance Holdings		24,303		595,424
†WMIH		148,500		215,325

				34,184,529

Internet & Direct Marketing Retail–0.50%
†1-800-FLOWERS.com Class A		19,282		196,676
†Duluth Holdings Class B		8,300		176,707
†Etsy		78,700		836,581
†FTD		13,837		278,677
†Gaia		5,850		58,208
HSN		23,412		868,585
†Lands End		10,600		227,370
†Liberty TripAdvisor Holdings Class A		54,500		768,450
Nutrisystem		20,726		1,150,293
†Overstock.com		11,597		199,469
PetMed Express		15,272		307,578
†Shutterfly		26,172		1,263,846
†Wayfair Class A		23,600		955,564

				7,288,004

Internet Software & Services–2.12%
†2U		27,500		1,090,650
†Actua		26,759		375,964
†Alarm.com Holdings		9,000		276,660
†Amber Road		11,100		85,692
†Angie’s List		34,117		194,467
†Appfolio Class A		6,700		182,240
†Autobytel		7,600		95,228
†Bankrate		34,282		330,821
†Bazaarvoice		54,380		233,834
†Benefitfocus		9,400		262,730
†Blucora		31,068		537,477
†Box Class A		36,100		588,791
†Brightcove		21,686		193,005
†Carbonite		15,170		307,951
†Care.com		12,300		153,873
†ChannelAdvisor		15,100		168,365
†Cimpress		18,934		1,631,922
†Cornerstone OnDemand		37,910		1,474,320
†Coupa Software		6,400		162,560
†DHI Group		40,816		161,223
†Endurance International Group Holdings		46,000		361,100
†Envestnet		31,063		1,003,335
†Five9		22,200		365,412
†Global Sources		9,042		74,597


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Internet Software & Services (continued)
†Gogo		44,500	$	489,500
†GrubHub		61,000		2,006,290
†GTT Communications		19,400		472,390
†Hortonworks		35,100		344,331
†Instructure		7,400		173,160
j2 Global		35,487		2,977,714
†Limelight Networks		67,249		173,502
†Liquidity Services		17,626		141,008
†LivePerson		38,818		265,903
LogMeIn		38,571		3,760,673
†Marchex Class B		24,554		66,787
†MeetMe		35,900		211,451
†Mindbody Class A		9,300		255,285
†New Relic		16,300		604,241
NIC		47,647		962,470
†Numerex Class A		12,000		57,240
†Q2 Holdings		18,900		658,665
†QuinStreet		29,711		115,873
†Quotient Technology		47,700		455,535
†RealNetworks		13,048		63,152
Reis		8,300		148,570
†RetailMeNot		28,100		227,610
†Rightside Group		10,100		100,192
†Shutterstock		14,152		585,185
†SPS Commerce		11,901		696,090
†Stamps.com		12,138		1,436,532
†TechTarget		10,997		99,303
†Trade Desk Class A		4,500		167,625
†TrueCar		37,800		584,766
†Web.com Group		31,551		608,934
†WebMD Health		26,946		1,419,515
†Xactly		19,800		235,620
†XO Group		18,601		320,123

				31,197,452

IT Services–1.89%
†Acxiom		58,372		1,661,851
†ALJ Regional Holdings		16,100		59,892
†Blackhawk Network Holdings Class A		41,200		1,672,720
†CACI International Class A		18,361		2,153,745
†Cardtronics Class A		33,940		1,586,695
Cass Information Systems		7,694		508,573
Convergys		67,022		1,417,515
CSG Systems International		23,988		906,986
†EPAM Systems		36,345		2,744,774
EVERTEC		47,400		753,660
†ExlService Holdings		24,448		1,157,857
Forrester Research		7,133		283,537
Hackett Group		16,191		315,563
†Information Services Group		27,000		85,050
ManTech International Class A		18,417		637,781
MAXIMUS		48,464		3,014,461


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
IT Services (continued)
†MoneyGram International		24,587	$	413,308
†NCI Class A		2,622		39,461
†NeuStar Class A		40,600		1,345,890
†Perficient		26,125		453,530
†PFSweb		11,200		73,136
†Planet Payment		36,800		146,464
Science Applications International		31,900		2,373,360
†ServiceSource International		39,060		151,553
†Sykes Enterprises		28,877		848,984
Syntel		24,228		407,757
TeleTech Holdings		12,260		362,896
Travelport Worldwide		86,800		1,021,636
†Unisys		36,654		511,323
†Virtusa		20,436		617,576

				27,727,534

Leisure Products–0.26%
†Acushnet Holdings		15,100		260,928
†American Outdoor Brands		41,132		814,825
Callaway Golf		70,427		779,627
Escalade		7,200		92,880
†JAKKS Pacific		12,037		66,203
Johnson Outdoors Class A		3,886		141,839
†Malibu Boats Class A		13,200		296,340
Marine Products		3,156		34,306
MCBC Holdings		8,400		135,828
†Nautilus		22,700		414,275
Sturm Ruger & Co.		13,814		739,740

				3,776,791

Life Sciences Tools & Services–0.62%
†Accelerate Diagnostics		17,021		411,908
†Albany Molecular Research		19,000		266,570
†Cambrex		23,846		1,312,722
†ChromaDex		24,900		66,981
†Enzo Biochem		34,500		288,765
†Fluidigm		25,845		147,058
†INC Research Holdings Class A		31,100		1,425,935
Luminex		29,507		542,044
†Medpace Holdings		6,200		185,070
†NanoString Technologies		12,600		250,362
†NeoGenomics		36,000		284,040
†Pacific Biosciences of California		64,198		331,904
†PAREXEL International		38,059		2,401,903
†PRA Health Sciences		18,100		1,180,663

				9,095,925

Machinery–3.31%
Actuant Class A		44,014		1,159,769
Alamo Group		6,935		528,378
Albany International		21,383		984,687
Altra Industrial Motion		18,678		727,508
American Railcar Industries		5,046		207,391


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Machinery (continued)
Astec Industries		14,447	$	888,418
Barnes Group		37,839		1,942,654
Briggs & Stratton		31,514		707,489
†Chart Industries		22,774		795,724
CIRCOR International		12,327		732,717
Columbus McKinnon		14,708		365,053
DMC Global		12,200		151,280
Douglas Dynamics		16,949		519,487
†Energy Recovery		25,200		209,664
EnPro Industries		16,109		1,146,316
ESCO Technologies		19,038		1,106,108
†ExOne		9,291		94,675
Federal Signal		44,507		614,642
Franklin Electric		34,640		1,491,252
FreightCar America		10,041		125,814
†Gencor Industries		5,500		82,225
Global Brass & Copper Holdings		14,600		502,240
Gorman-Rupp		11,982		376,235
Graham		7,462		171,626
Greenbrier Companies		20,147		868,336
Hardinge		10,200		114,648
†Harsco		58,200		742,050
Hillenbrand		44,336		1,589,446
Hurco		5,769		179,416
Hyster-Yale Materials Handling		7,266		409,730
John Bean Technologies		21,892		1,925,401
Joy Global		74,300		2,098,975
Kadant		8,297		492,427
Kennametal		59,500		2,334,185
Lindsay		7,907		696,765
†Lydall		12,302		659,387
†Manitowoc		93,500		532,950
†Meritor		61,212		1,048,561
†Milacron Holdings		9,000		167,490
Miller Industries		5,629		148,324
Mueller Industries		42,540		1,456,144
Mueller Water Products Class A		117,227		1,385,623
†Navistar International		36,900		908,478
NN		20,456		515,491
Omega Flex		1,789		85,496
†Proto Labs		18,443		942,437
†RBC Bearings		17,018		1,652,278
†REV Group		9,400		259,158
†Rexnord		62,264		1,437,053
†SPX		30,900		749,325
†SPX FLOW		26,300		912,873
Standex International		9,454		946,818
Sun Hydraulics		17,228		622,103
Supreme Industries Class A		11,300		228,938
Tennant		13,081		950,335
Titan International		30,310		313,405
†TriMas		32,125		666,594


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Machinery (continued)
Wabash National		48,040	$	993,948
Watts Water Technologies Class A		20,928		1,304,861
Woodward		39,958		2,713,947

				48,684,748

Marine–0.11%
Costamare		23,000		153,180
Matson		32,500		1,032,200
†Scorpio Bulkers		38,891		357,797

				1,543,177

Media–1.58%
AMC Entertainment Holdings		39,790		1,251,396
†Central European Media Enterprises Class A		49,011		151,934
†Daily Journal		950		203,575
Entercom Communications Class A		18,821		269,140
Entravision Communications Class A		47,530		294,686
†Eros International		22,400		230,720
Gannett		88,000		737,440
†Global Eagle Entertainment		35,400		112,926
†Gray Television		47,400		687,300
†Hemisphere Media Group		6,200		72,850
†IMAX		44,200		1,502,800
†Liberty Braves Group Class A		8,000		191,520
†Liberty Braves Group Class C		23,100		546,315
†Liberty Media Group Class A		16,900		552,630
†Liberty Media Group Class C		34,600		1,181,590
†Loral Space & Communications		9,461		372,763
MDC Partners Class A		37,735		354,709
Meredith		28,234		1,823,916
†MSG Networks		44,400		1,036,740
National CineMedia		45,829		578,820
New Media Investment Group		30,900		439,089
New York Times Class A		93,411		1,345,118
Nexstar Media Group Class A		32,597		2,286,680
†Radio One Class D		30,792		101,614
†Reading International Class A		13,940		216,628
Saga Communications Class A		2,612		133,343
Scholastic		20,191		859,531
†Scripps (E.W.) Class A		44,266		1,037,595
Sinclair Broadcast Group Class A		54,632		2,212,596
Time		77,100		1,491,885
†Townsquare Media Class A		9,400		114,492
†Tronc		17,300		240,816
World Wrestling Entertainment Class A		26,707		593,430

				23,226,587

Metals & Mining–1.26%
†AK Steel Holding		229,956		1,653,384
Allegheny Technologies		81,600		1,465,536
Ampco-Pittsburgh		7,400		103,970
Carpenter Technology		34,700		1,294,310


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Metals & Mining (continued)
†Century Aluminum		35,687	$	452,868
†Cliffs Natural Resources		208,800		1,714,248
†Coeur Mining		139,486		1,127,047
Commercial Metals		86,300		1,650,919
Ferroglobe		51,633		533,369
Gold Resource		43,500		196,620
†Handy & Harman		2,948		80,185
Haynes International		9,081		346,168
Hecla Mining		287,300		1,519,817
Kaiser Aluminum		13,322		1,064,428
Materion		15,484		519,488
Olympic Steel		5,606		104,047
†Real Industry		21,300		60,705
†Ryerson Holding		7,325		92,295
Schnitzer Steel Industries Class A		19,101		394,436
†Stillwater Mining		91,715		1,583,918
†SunCoke Energy		50,547		452,901
†TimkenSteel		28,400		537,044
Worthington Industries		33,908		1,528,912

				18,476,615

Mortgage Real Estate Investment Trusts–1.04%
AG Mortgage Investment Trust		20,484		369,736
Altisource Residential		38,500		587,125
Anworth Mortgage Asset		70,031		388,672
Apollo Commercial Real Estate Finance		61,881		1,163,986
Ares Commercial Real Estate		19,289		258,087
Armour Residential REIT		25,753		584,851
Capstead Mortgage		71,108		749,478
CYS Investments		113,467		902,063
Dynex Capital		32,230		228,511
Great Ajax		11,300		147,465
Hannon Armstrong Sustainable Infrastructure Capital		30,300		612,060
Invesco Mortgage Capital		84,561		1,303,930
Ladder Capital Class A		28,305		408,724
MTGE Investment		34,111		571,359
New Residential Investment		221,100		3,754,278
New York Mortgage Trust		81,332		501,818
Orchid Island Capital		27,200		271,728
Owens Realty Mortgage		8,700		154,860
PennyMac Mortgage Investment Trust		50,821		902,073
Redwood Trust		56,946		945,873
Resource Capital		21,982		214,764
Western Asset Mortgage Capital		29,784		290,990

				15,312,431

Multiline Retail–0.18%
Big Lots		33,500		1,630,780
Fred’s Class A		25,477		333,749
†Ollie’s Bargain Outlet Holdings		14,800		495,800


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Multiline Retail (continued)
†Sears Holdings		9,800	$	112,602
†Tuesday Morning		31,883		119,561

				2,692,492

Multi-Utilities–0.48%
Avista		47,726		1,863,701
Black Hills		38,943		2,588,541
NorthWestern		36,706		2,154,642
Unitil		10,641		479,164

				7,086,048

Oil, Gas & Consumable Fuels–2.20%
†Abraxas Petroleum		79,312		160,210
Adams Resources & Energy		1,206		45,044
Alon USA Energy		23,992		292,462
Ardmore Shipping		19,500		156,975
†Bill Barrett		31,990		145,554
†California Resources		21,900		329,376
†Callon Petroleum		137,916		1,814,975
†Carrizo Oil & Gas		45,989		1,318,045
†Clayton Williams Energy		4,148		547,868
†Clean Energy Fuels		67,995		173,387
†Cobalt International Energy		273,100		145,672
†Contango Oil & Gas		14,481		106,001
CVR Energy		10,200		204,816
Delek U.S. Holdings		45,988		1,116,129
†Denbury Resources		261,900		675,702
DHT Holdings		59,200		264,624
†Dorian LPG		11,700		123,201
†Eclipse Resources		51,400		130,556
†EP Energy Class A		33,600		159,600
†Erin Energy		13,300		31,920
Evolution Petroleum		10,647		85,176
†EXCO Resources		109,950		68,158
Frontline		44,036		296,803
GasLog		30,007		460,607
†Gener8 Maritime		34,100		193,347
Golar LNG		72,300		2,019,339
Green Plains		26,943		666,839
†International Seaways		10,465		200,091
†Isramco		651		76,265
†Jagged Peak Energy		23,700		309,048
†Jones Energy Class A		47,194		120,345
†Matador Resources		67,995		1,617,601
Navios Maritime Acquisition		43,100		74,132
Nordic American Tankers		75,098		614,302
†Northern Oil & Gas		30,937		80,436
†Oasis Petroleum		171,300		2,442,738
Overseas Shipholding Group Class A		31,400		121,204
†Pacific Ethanol		25,000		171,250
Panhandle Oil & Gas Class A		12,494		239,885
†Par Pacific Holdings		20,805		343,074


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
†PDC Energy		41,450	$	2,584,407
†Renewable Energy Group		25,364		265,054
†Rex American Resources		3,950		357,435
†Ring Energy		23,787		257,375
†RSP Permian		72,400		2,999,532
†Sanchez Energy		52,338		499,305
Scorpio Tankers		121,209		538,168
SemGroup Class A		50,105		1,803,780
Ship Finance International		44,542		654,767
†SRC Energy		138,813		1,171,582
Teekay		38,200		349,530
Teekay Tankers Class A		101,241		207,544
†W&T Offshore		25,736		71,289
Western Refining		60,741		2,130,187
†Westmoreland Coal		14,557		211,368
†WildHorse Resource Development		14,900		185,356

				32,429,436

Paper & Forest Products–0.60%
†Boise Cascade		27,846		743,488
†Clearwater Paper		12,651		708,456
Deltic Timber		7,455		582,385
KapStone Paper and Packaging		64,764		1,496,048
†Louisiana-Pacific		108,778		2,699,870
Neenah Paper		12,395		925,906
PH Glatfelter		32,417		704,746
Schweitzer-Mauduit International		22,667		938,867

				8,799,766

Personal Products–0.26%
†Avon Products		331,900		1,460,360
†elf Beauty		6,000		172,800
Inter Parfums		13,193		482,204
†LifeVantage		11,900		63,903
Medifast		7,587		336,635
Natural Health Trends		6,900		199,410
Nature’s Sunshine Products		8,440		84,400
Nutraceutical International		6,886		214,499
†Revlon Class A		7,654		213,164
†Synutra International		13,658		81,265
†USANA Health Sciences		7,678		442,253

				3,750,893

Pharmaceuticals–1.83%
†AcelRx Pharmaceuticals		30,800		97,020
†Aclaris Therapeutics		9,800		292,236
†Aerie Pharmaceuticals		21,900		993,165
†Agile Therapeutics		12,200		39,101
†Amphastar Pharmaceuticals		28,400		411,800
†Ampio Pharmaceuticals		38,200		30,560
†ANI Pharmaceuticals		5,400		267,354
†Aratana Therapeutics		24,400		129,320
†Axsome Therapeutics		8,485		33,091


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Pharmaceuticals (continued)
†Bio-Path Holdings		72,200	$	59,717
†Catalent		75,100		2,126,832
†Cempra		33,296		124,860
†Clearside BioMedical		6,300		50,022
†Collegium Pharmaceutical		12,400		124,744
†Corcept Therapeutics		53,911		590,865
†Depomed		45,757		574,250
†Dermira		18,300		624,213
†Durect		96,800		101,640
†Egalet		19,200		97,920
†Endocyte		37,299		95,858
†Flex Pharma		6,800		29,920
†Heska		4,100		430,418
†Horizon Pharma		121,700		1,798,726
†Impax Laboratories		55,102		697,040
†Innoviva		60,200		832,566
†Intersect ENT		16,400		281,260
†Intra-Cellular Therapies		25,700		417,625
†Lannett		20,580		459,963
†Lipocine		14,400		56,160
†Medicines		50,733		2,480,844
†Myokardia		11,800		155,170
†Nektar Therapeutics		108,088		2,536,825
†Neos Therapeutics		14,600		105,120
†Ocular Therapeutix		13,100		121,568
†Omeros		33,866		512,054
†Pacira Pharmaceuticals		27,275		1,243,740
†Paratek Pharmaceuticals		11,400		219,450
Phibro Animal Health Class A		13,500		379,350
†Prestige Brands Holdings		40,055		2,225,456
†Reata Pharmaceuticals Class A		4,900		110,985
†Revance Therapeutics		16,300		339,040
†SciClone Pharmaceuticals		39,574		387,825
†Sucampo Pharmaceuticals Class A		19,310		212,410
†Supernus Pharmaceuticals		35,085		1,098,161
†Teligent		32,500		253,825
†Tetraphase Pharmaceuticals		34,800		319,812
†TherapeuticsMD		111,900		805,680
†Theravance Biopharma		31,200		1,148,784
†Titan Pharmaceuticals		16,300		53,790
†WAVE Life Sciences		6,400		176,000
†Zogenix		17,946		194,714

				26,948,849

Professional Services–1.35%
†Acacia Research		35,876		206,287
†Advisory Board		30,824		1,442,563
Barrett Business Services		5,032		274,848
†CBIZ		36,246		491,133
CEB		24,102		1,894,417
†Cogint		11,600		53,940
CRA International		6,651		234,980


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Professional Services (continued)
Exponent		19,130	$	1,139,192
†Franklin Covey		9,480		191,496
†FTI Consulting		31,206		1,284,751
†GP Strategies		10,500		265,650
Heidrick & Struggles International		13,164		346,871
†Hill International		25,600		106,240
†Huron Consulting Group		16,178		681,094
†ICF International		13,351		551,396
Insperity		11,701		1,037,294
Kelly Services Class A		21,577		471,673
Kforce		17,938		426,028
Korn/Ferry International		42,845		1,349,189
†Mistras Group		14,147		302,463
†Navigant Consulting		34,436		787,207
†On Assignment		38,282		1,857,825
Resources Connection		17,309		289,926
†RPX		36,374		436,488
†TriNet Group		31,300		904,570
†TrueBlue		31,387		858,434
†WageWorks		27,530		1,990,419

				19,876,374

Real Estate Management & Development–0.50%
Alexander & Baldwin		35,000		1,558,200
†Altisource Portfolio Solutions		8,400		309,120
†AV Homes		8,780		144,431
Consolidated-Tomoka Land		3,399		181,982
†Forestar Group		24,777		338,206
†FRP Holdings		5,272		210,880
HFF Class A		26,781		741,030
Kennedy-Wilson Holdings		61,953		1,375,357
†Marcus & Millichap		12,200		299,876
RE/MAX Holdings		13,200		784,740
RMR Group Class A		4,995		247,253
†St. Joe		37,568		640,534
Stratus Properties		5,400		147,960
†Tejon Ranch		9,765		213,756
†Trinity Place Holdings		16,800		122,808

				7,316,133

Road & Rail–0.47%
ArcBest		17,942		466,492
Celadon Group		20,646		135,231
†Covenant Transportation Group Class A		10,200		191,760
Heartland Express		34,309		687,895
Knight Transportation		50,382		1,579,476
Marten Transport		17,978		421,584
†PAM Transportation Services		2,100		34,209
†Roadrunner Transportation Systems		25,803		177,267
†Saia		18,163		804,621
†Swift Transportation		56,068		1,151,637


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Road & Rail (continued)
Universal Logistics Holdings		6,097	$	87,492
†USA Truck		5,700		41,895
Werner Enterprises		33,356		873,927
†YRC Worldwide		25,000		275,250

				6,928,736

Semiconductors & Semiconductor Equipment–3.96%
†Acacia Communications		3,900		228,618
†Advanced Energy Industries		29,679		2,034,792
†Advanced Micro Devices		559,800		8,145,090
†Alpha & Omega Semiconductor		13,171		226,410
†Ambarella		24,092		1,318,073
†Amkor Technology		74,465		863,049
†Axcelis Technologies		23,333		438,661
Brooks Automation		50,590		1,133,216
Cabot Microelectronics		17,571		1,346,114
†Cavium		47,521		3,405,355
†CEVA		14,523		515,567
†Cirrus Logic		47,488		2,882,047
Cohu		21,843		403,222
†Diodes		28,265		679,773
†DSP Group		17,252		207,024
†Entegris		106,550		2,493,270
†Exar		28,984		377,082
†FormFactor		45,625		540,656
†GigPeak		40,400		124,432
†Impinj		4,200		127,134
†Inphi		30,194		1,474,071
†Integrated Device Technology		101,619		2,405,322
IXYS		20,122		292,775
†Kopin		50,542		207,222
†Lattice Semiconductor		88,926		615,368
†MACOM Technology Solutions Holdings		23,372		1,128,850
†MaxLinear Class A		41,672		1,168,900
†Microsemi		85,055		4,382,884
MKS Instruments		40,124		2,758,525
Monolithic Power Systems		29,353		2,703,411
†Nanometrics		17,322		527,628
†NeoPhotonics		24,000		216,240
NVE		3,518		291,255
†PDF Solutions		19,778		447,378
†Photronics		48,160		515,312
Power Integrations		20,556		1,351,557
†Rambus		81,486		1,070,726
†Rudolph Technologies		21,938		491,411
†Semtech		48,584		1,642,139
†Sigma Designs		31,300		195,625
†Silicon Laboratories		31,100		2,287,405
†Synaptics		25,752		1,274,982
†Ultra Clean Holdings		20,666		348,636
†Ultratech		15,855		469,625


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
†Veeco Instruments		28,607	$	853,919
†Xcerra		43,741		388,858
Xperi		37,035		1,257,338

				58,256,947

Software–3.55%
†8x8		66,040		1,007,110
†A10 Networks		28,900		264,435
†ACI Worldwide		86,851		1,857,743
American Software Class A		19,961		205,199
†Aspen Technology		57,775		3,404,103
†Barracuda Networks		16,100		372,071
Blackbaud		35,633		2,731,982
†BlackLine		6,000		178,560
†Bottomline Technologies		29,871		706,449
†BroadSoft		22,014		884,963
†Callidus Software		46,457		991,857
†CommVault Systems		29,102		1,478,382
†Digimarc		6,958		187,866
Ebix		18,878		1,156,277
†Ellie Mae		24,692		2,475,867
†EnerNOC		20,785		124,710
†Everbridge		7,700		158,081
†Exa		12,100		153,670
Fair Isaac		22,839		2,945,089
†Gigamon		24,400		867,420
†Globant		19,200		698,880
†Glu Mobile		91,532		207,778
†Guidance Software		20,549		121,239
†HubSpot		21,700		1,313,935
†Imperva		21,461		880,974
†Jive Software		42,555		182,986
†MicroStrategy		7,084		1,330,375
†Mitek Systems		25,600		170,240
†MobileIron		26,000		113,100
†Model N		19,300		201,685
Monotype Imaging Holdings		30,131		605,633
†Park City Group		11,000		135,850
†Paycom Software		33,100		1,903,581
†Paylocity Holding		16,000		618,080
Pegasystems		26,902		1,179,653
Progress Software		37,500		1,089,375
†Proofpoint		30,820		2,291,775
†PROS Holdings		18,437		445,991
QAD Class A		7,073		196,983
†Qualys		20,325		770,317
†Rapid7		17,300		259,154
†RealPage		40,511		1,413,834
†RingCentral Class A		43,900		1,242,370
†Rosetta Stone		16,800		163,800
†Rubicon Project		23,600		139,004
Sapiens International		17,090		220,119


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Software (continued)
†SecureWorks Class A		5,300	$	50,350
†Silver Spring Networks		27,800		313,862
†Synchronoss Technologies		31,044		757,474
†Take-Two Interactive Software		72,341		4,287,651
†Telenav		25,300		218,845
TiVo		88,261		1,654,894
†Varonis Systems		6,800		216,240
†VASCO Data Security International		22,159		299,146
†Verint Systems		46,770		2,028,649
†VirnetX Holding		29,605		68,092
†Workiva		19,100		298,915
†Zendesk		61,200		1,716,048
†Zix		44,174		212,477

				52,171,188

Specialty Retail–2.16%
Aaron’s		49,400		1,469,156
Abercrombie & Fitch		50,900		607,237
American Eagle Outfitters		125,700		1,763,571
†America’s Car-Mart		5,585		203,573
†Asbury Automotive Group		14,944		898,134
†Ascena Retail Group		128,949		549,323
†At Home Group		6,300		95,508
Barnes & Noble		46,772		432,641
†Barnes & Noble Education		29,243		280,440
Big 5 Sporting Goods		14,893		224,884
†Boot Barn Holdings		11,100		109,779
Buckle		22,708		422,369
†Build-A-Bear Workshop		10,800		95,580
Caleres		32,025		846,100
Camping World Holdings Class A		7,900		254,696
Cato Class A		18,982		416,845
Chico’s FAS		97,900		1,390,180
Children’s Place		14,101		1,692,825
Citi Trends		8,976		152,592
†Conn’s		14,102		123,393
†Container Store Group		15,800		66,834
†Destination XL Group		25,722		73,308
DSW Class A		50,400		1,042,272
†Express		55,275		503,555
Finish Line Class A		31,208		444,090
†Five Below		40,318		1,746,173
†Francesca’s Holdings		30,562		469,127
†Genesco		15,332		850,159
GNC Holdings		51,400		378,304
Group 1 Automotive		15,535		1,150,833
Guess		45,500		507,325
Haverty Furniture		15,414		375,331
†Hibbett Sports		16,983		500,999
†Kirkland’s		12,675		157,170
Lithia Motors Class A		17,837		1,527,739
†Lumber Liquidators Holdings		19,116		401,245


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Specialty Retail (continued)
†MarineMax		18,140	$	392,731
Monro Muffler Brake		23,649		1,232,113
Office Depot		384,500		1,793,692
†Party City Holdco		22,400		314,720
Pier 1 Imports		55,425		396,843
Rent-A-Center		35,910		318,522
†RH		28,967		1,340,013
†Sears Hometown and Outlet Stores		9,000		35,100
†Select Comfort		34,611		858,007
Shoe Carnival		9,521		233,931
Sonic Automotive Class A		19,531		391,597
†Sportsman’s Warehouse Holdings		22,400		107,072
Stage Stores		16,995		44,017
Stein Mart		24,246		72,980
Tailored Brands		36,242		541,455
Tile Shop Holdings		23,900		460,075
Tilly’s Class A		6,263		56,492
†Vitamin Shoppe		19,407		391,051
†West Marine		15,708		149,854
Winmark		1,509		170,517
†Zumiez		12,123		221,851

				31,745,923

Technology Hardware, Storage & Peripherals–0.57%
†3D Systems		80,600		1,205,776
†Avid Technology		28,700		133,742
CPI Card Group		14,400		60,480
†Cray		29,969		656,321
Diebold Nixdorf		51,400		1,577,980
†Eastman Kodak		12,000		138,000
†Electronics For Imaging		35,367		1,726,971
†Immersion		20,327		176,032
†Nimble Storage		43,100		538,750
†Pure Storage Class A		53,100		521,973
†Stratasys		36,600		749,934
†Super Micro Computer		28,715		727,925
†USA Technologies		31,200		132,600

				8,346,484

Textiles, Apparel & Luxury Goods–0.70%
Columbia Sportswear		20,220		1,187,925
†Crocs		50,800		359,156
Culp		7,541		235,279
†Deckers Outdoor		24,400		1,457,412
†Delta Apparel		6,200		109,306
†Fossil Group		31,400		547,930
†G-III Apparel Group		32,196		704,770
†Iconix Brand Group		28,351		213,200
Movado Group		11,080		276,446
Oxford Industries		11,376		651,390
†Perry Ellis International		10,714		230,137
†Sequential Brands Group		33,810		131,521


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Textiles, Apparel & Luxury Goods (continued)
†Steven Madden		46,334	$	1,786,176
Superior Uniform Group		4,900		91,140
†Unifi		12,374		351,298
†Vera Bradley		16,479		153,419
†Vince Holding		14,180		21,978
Wolverine World Wide		72,908		1,820,513

				10,328,996

Thrifts & Mortgage Finance–2.24%
Astoria Financial		68,953		1,414,226
Bank Mutual		26,825		252,155
BankFinancial		13,649		198,184
Bear State Financial		15,440		145,136
Beneficial Bancorp		52,356		837,697
†BofI Holding		44,860		1,172,192
†BSB Bancorp		5,900		166,675
Capitol Federal Financial		95,800		1,401,554
Charter Financial		7,993		157,222
Clifton Bancorp		17,062		276,234
Dime Community Bancshares		23,751		482,145
ESSA Bancorp		7,100		103,518
†Essent Group		56,200		2,032,754
EverBank Financial		77,465		1,509,018
Federal Agricultural Mortgage Class C		6,174		355,437
First Defiance Financial		6,643		328,895
†Flagstar Bancorp		15,400		434,126
Greene County Bancorp		1,752		40,909
Hingham Institution for Savings		900		159,165
Home Bancorp		5,000		168,750
†HomeStreet		17,429		487,141
†Impac Mortgage Holdings		8,000		99,680
Kearny Financial		63,017		948,406
†LendingTree		4,705		589,772
Meridian Bancorp		35,754		654,298
Meta Financial Group		6,000		531,000
†MGIC Investment		257,350		2,606,956
†Nationstar Mortgage Holdings		23,700		373,512
†NMI Holdings Class A		35,800		408,120
Northfield Bancorp		31,156		561,431
Northwest Bancshares		72,066		1,213,591
OceanFirst Financial		17,776		500,839
†Ocwen Financial		69,500		380,165
Oritani Financial		28,411		482,987
†PennyMac Financial Services Class A		9,600		163,680
†PHH		39,252		499,678
†Provident Bancorp		1,200		25,140
Provident Financial Holdings		5,700		106,305
Provident Financial Services		45,731		1,182,146
Radian Group		156,554		2,811,710
SI Financial Group		9,700		136,285
Southern Missouri Bancorp		5,100		181,152
Territorial Bancorp		3,542		110,404


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Thrifts & Mortgage Finance (continued)
TrustCo Bank		71,303	$	559,729
United Community Financial		35,500		296,070
United Financial Bancorp		38,254		650,701
†Walker & Dunlop		20,363		848,933
†Walter Investment Management		14,818		16,003
Washington Federal		68,500		2,267,350
Waterstone Financial		19,664		358,868
Western New England Bancorp		19,100		200,550
WSFS Financial		21,391		982,916

				32,871,510

Tobacco–0.19%
†Alliance One International		7,200		92,520
†Turning Point Brands		6,900		107,640
Universal		16,642		1,177,421
Vector Group		69,806		1,451,965

				2,829,546

Trading Companies & Distributors–1.13%
Aircastle		35,544		857,677
Applied Industrial Technologies		27,230		1,684,175
†Beacon Roofing Supply		45,090		2,216,624
†BMC Stock Holdings		41,100		928,860
†CAI International		13,507		212,600
†DXP Enterprises		12,812		485,190
†Foundation Building Materials		9,600		153,312
GATX		30,700		1,871,472
†GMS		6,200		217,248
H&E Equipment Services		23,081		565,946
Kaman Class A		20,052		965,103
†Lawson Products		3,800		85,310
†MRC Global		70,200		1,286,766
†Neff Class A		6,900		134,205
†NOW		80,500		1,365,280
†Rush Enterprises Class A		21,819		721,773
†Rush Enterprises Class B		2,300		71,714
†SiteOne Landscape Supply		7,700		372,757
Textainer Group Holdings		12,020		183,906
†Titan Machinery		14,270		218,902
Triton International		29,386		757,865
†Univar		31,000		950,460
†Veritiv		5,500		284,900
†Willis Lease Finance		3,700		82,695

				16,674,740

Water Utilities–0.32%
American States Water		27,354		1,211,782
†AquaVenture Holdings		7,800		133,146
Artesian Resources Class A		5,819		189,467
California Water Service Group		36,042		1,292,106
Connecticut Water Service		7,525		399,954
Consolidated Water		11,200		130,480
Global Water Resources		6,283		54,662


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Water Utilities (continued)
Middlesex Water		11,631	$	429,765
SJW Group		12,115		584,185
York Water		9,537		334,272

				4,759,819

Wireless Telecommunication Services–0.11%
†Boingo Wireless		25,597		332,505
†NII Holdings		46,500		60,450
Shenandoah Telecommunications		34,650		971,933
Spok Holdings		14,777		280,763

				1,645,651

Total Common Stock (Cost $991,566,751)				1,417,405,785


	Principal Amount°

CORPORATE BOND–0.01%
Machinery–0.01%
Mueller Industries 6.00% 3/1/27		212,000		211,470

Total Corporate Bond (Cost $212,000)				211,470


	Number of Shares

RIGHTS–0.03%
†=Durata Therapeutics		14,227		0
†=Dyax		122,431		135,898
†=Media General		82,000		155,800
†=Tobira Therapeutics		7,700		105,798
†Trinity Place Holdings		2,118		0

Total Rights (Cost $135,898)				397,496


WARRANTS–0.00%
†Asterias Biotherapeutics, exercise price $5.00, expiration date 9/29/17		2,400		1,032
†Greenhunter Energy, exercise price $27.50, expiration date 12/31/17		90		0

Total Warrants (Cost $1,800)				1,032

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)-LVIP SSGA Small-Cap Index Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S.GAAP”). Therefore the fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S.GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. U.S. government and agency securities are valued at the mean between the bid and the ask prices, which approximate fair value. Futures contracts are valued at the daily quoted settlement prices. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP SSGA SMID Cap Managed Volatility Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in other open-end investment companies, primarily the LVIP SSGA Small-Cap Index Fund and LVIP SSGA Mid-Cap Index Fund (collectively, the “Underlying Funds”). The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Financial statements for the Underlying Funds can be found at www.sec.gov. Futures contracts are valued at the daily quoted settlement prices.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

COMMON STOCK–98.22%
Aerospace & Defense–1.45%
Boeing		92,700	$	16,394,922

				16,394,922

Airlines–0.72%
American Airlines Group		192,400		8,138,520

				8,138,520

Auto Components–0.76%
Delphi Automotive		106,900		8,604,381

				8,604,381

Automobiles–2.38%
Ferrari		127,465		9,478,297
†Tesla		62,423		17,372,321

				26,850,618

Banks–1.36%
First Republic Bank		67,839		6,363,977
JPMorgan Chase & Co.		103,000		9,047,520

				15,411,497

Biotechnology–3.67%
†Alexion Pharmaceuticals		103,752		12,578,893
†Biogen		39,469		10,791,614
†Celgene		53,800		6,694,334
†Vertex Pharmaceuticals		104,617		11,439,869

				41,504,710

Building Products–0.06%
Fortune Brands Home & Security		11,062		673,123

				673,123

Capital Markets–4.37%
Charles Schwab		218,400		8,912,904
Intercontinental Exchange		207,600		12,429,012
Morgan Stanley		320,700		13,738,788
State Street		97,600		7,769,936
TD Ameritrade Holding		169,112		6,571,692

				49,422,332

Chemicals–0.27%
Ashland Global Holdings		24,400		3,020,964

				3,020,964

Electric Utilities–0.83%
NextEra Energy		72,900		9,358,173

				9,358,173

Electrical Equipment–0.48%
Acuity Brands		26,817		5,470,668

				5,470,668

Equity Real Estate Investment Trusts–3.13%
American Tower		143,700		17,465,298
Crown Castle International		96,300		9,095,535


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Equity Real Estate Investment Trusts (continued)
Equinix		21,912	$	8,772,907

				35,333,740

Food & Staples Retailing–1.06%
Costco Wholesale		8,800		1,475,672
Walgreens Boots Alliance		126,449		10,501,590

				11,977,262

Food Products–0.57%
Mondelez International		148,300		6,388,764

				6,388,764

Health Care Equipment & Supplies–4.13%
Danaher		183,440		15,689,623
†Intuitive Surgical		23,200		17,782,104
Stryker		100,100		13,178,165

				46,649,892

Health Care Providers & Services–5.42%
Aetna		53,365		6,806,706
Anthem		27,900		4,614,102
†Centene		38,544		2,746,646
Cigna		61,610		9,025,249
†HCA Holdings		84,828		7,548,844
Humana		61,969		12,774,290
UnitedHealth Group		108,000		17,713,080

				61,228,917

Hotels, Restaurants & Leisure–2.70%
†Hilton Grand Vacations		20,820		596,701
Hilton Worldwide Holdings		44,600		2,607,316
Marriott International Class A		82,356		7,756,288
MGM Resorts International		184,710		5,061,054
Starbucks		147,100		8,589,169
Yum Brands		91,900		5,872,410

				30,482,938

Industrial Conglomerates–1.85%
Honeywell International		80,200		10,014,574
Roper Technologies		52,821		10,907,008

				20,921,582

Internet & Direct Marketing Retail–12.61%
†Amazon.com		93,700		83,068,798
†Ctrip.com International ADR		116,500		5,725,975
†=Flipkart Limited		4,035		375,860
†=Flipkart Limited Ordinary Shares		800		74,520
†Netflix		10,948		1,618,224
†Priceline Group		29,000		51,619,130

				142,482,507

Internet Software & Services–14.67%
†Alibaba Group Holding ADR		153,600		16,562,688
†Alphabet Class A		46,600		39,507,480


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Internet Software & Services (continued)
†Alphabet Class C		40,883	$	33,914,902
†=Dropbox Class A		34,588		281,892
†Facebook Class A		349,793		49,688,096
MercadoLibre		25,300		5,350,191
Tencent Holdings		501,800		14,386,031
†VeriSign		68,729		5,986,983

				165,678,263

IT Services–8.69%
Fidelity National Information Services		85,100		6,775,662
†Fiserv		79,867		9,209,464
Mastercard Class A		210,600		23,686,182
†PayPal Holdings		507,200		21,819,744
Visa Class A		413,300		36,729,971

				98,221,023

Life Sciences Tools & Services–0.50%
†Illumina		32,870		5,608,937

				5,608,937

Machinery–1.06%
Fortive		71,370		4,297,901
Illinois Tool Works		44,900		5,947,903
Wabtec		21,516		1,678,248

				11,924,052

Multiline Retail–0.66%
Dollar General		106,400		7,419,272

				7,419,272

Pharmaceuticals–2.07%
Allergan		22,011		5,258,868
Bristol-Myers Squibb		48,754		2,651,243
Merck & Co.		113,200		7,192,728
Zoetis		155,000		8,272,350

				23,375,189

Professional Services–1.04%
Equifax		54,383		7,436,331
†IHS Markit		99,860		4,189,127
†=WeWork Companies		1,912		99,061

				11,724,519

Semiconductors & Semiconductor Equipment–1.02%
†ASML Holding (New York Shares)		43,200		5,736,960
†NXP Semiconductors		55,872		5,782,752

				11,519,712

Software–8.08%
†Electronic Arts		75,200		6,731,904
Intuit		53,200		6,170,668
Microsoft		636,200		41,900,132
†salesforce.com		229,800		18,956,202
†ServiceNow		68,786		6,016,711


	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Software (continued)
†Snap Class A		124,366	$	2,801,966
†=Snap Class A		43,793		986,656
†=Snap Class B		43,793		986,656
†Workday Class A		80,800		6,729,024

				91,279,919

Specialty Retail–4.68%
†AutoZone		15,630		11,301,272
Home Depot		73,600		10,806,688
Lowe’s		134,200		11,032,582
†O’Reilly Automotive		26,600		7,177,744
Ross Stores		108,200		7,127,134
Tractor Supply		77,978		5,378,143

				52,823,563

Technology Hardware, Storage & Peripherals–5.66%
Apple		444,800		63,899,968

				63,899,968

Tobacco–1.60%
Philip Morris International		160,500		18,120,450

				18,120,450

Wireless Telecommunication Services–0.67%
†T-Mobile US		117,600		7,595,784

				7,595,784

Total Common Stock (Cost $788,731,802)				1,109,506,161


CONVERTIBLE PREFERRED STOCK–0.74%
†=Airbnb Series D		14,304		1,501,920
†=Airbnb Series E		14,245		1,495,725
†=Flipkart Limited Series A		274		25,523
†=Flipkart Limited Series C		482		44,898
†=Flipkart Limited Series E		894		83,276
†=Flipkart Limited Series H		5,220		486,243
†=Magic Leap Series C		47,862		1,102,405
†=Uber Technologies Series G		34,107		1,663,473
†=WeWork Companies Series E		17,187		890,458
†=Xiaoju Kuaizhi (Didi)		26,379		1,008,393

Total Convertible Preferred Stock (Cost $6,893,710)				8,302,314


MONEY MARKET FUND–1.30%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		14,709,889		14,709,889

Total Money Market Fund (Cost $14,709,889)				14,709,889

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)-LVIP T. Rowe Price Growth Stock Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market Funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

During the period ended March 31, 2017, 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 that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. International fair value pricing was not utilized on March 31, 2017. 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–98.78%
Aerospace & Defense–1.36%
Rockwell Collins		45,100	$	4,381,916
Textron		41,000		1,951,190
TransDigm Group		15,200		3,346,432

				9,679,538

Air Freight & Logistics–0.44%
CH Robinson Worldwide		17,200		1,329,388
Expeditors International of Washington		32,100		1,813,329

				3,142,717

Airlines–1.53%
Alaska Air Group		32,200		2,969,484
Allegiant Travel		7,500		1,201,875
Copa Holdings Class A		15,200		1,706,200
Southwest Airlines		23,400		1,257,984
†Spirit Airlines		16,900		896,883
†United Continental Holdings		40,900		2,889,176

				10,921,602

Auto Components–0.58%
BorgWarner		39,500		1,650,705
Delphi Automotive		30,900		2,487,141

				4,137,846

Automobiles–0.62%
Ferrari		24,980		1,857,513
Harley-Davidson		18,900		1,143,450
†Tesla Motors		5,200		1,447,160

				4,448,123

Banks–2.35%
BankUnited		51,100		1,906,541
Citizens Financial Group		67,600		2,335,580
Fifth Third Bancorp		51,900		1,318,260
First Republic Bank		41,000		3,846,210
†Signature Bank		9,100		1,350,349
†SVB Financial Group		20,200		3,759,018
Webster Financial		45,812		2,292,432

				16,808,390

Beverages–1.24%
Brown-Forman Class B		65,324		3,016,662
Constellation Brands Class A		8,200		1,328,974
Dr Pepper Snapple Group		39,500		3,867,840
†Monster Beverage		13,200		609,444

				8,822,920

Biotechnology–4.08%
†ACADIA Pharmaceuticals		36,300		1,247,994
†Agios Pharmaceuticals		14,500		846,800
†Alexion Pharmaceuticals		10,600		1,285,144
†Alkermes		36,100		2,111,850
†Alnylam Pharmaceuticals		15,400		789,250


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Biotechnology (continued)
†BioMarin Pharmaceutical		38,300	$	3,361,974
†Bluebird Bio		11,600		1,054,440
†Incyte		39,900		5,333,433
†Intercept Pharmaceuticals		4,000		452,400
†Ironwood Pharmaceuticals		102,500		1,748,650
†Neurocrine Biosciences		39,917		1,728,406
†Seattle Genetics		23,500		1,477,210
†TESARO		25,297		3,892,449
†Ultragenyx Pharmaceutical		7,300		494,794
†United Therapeutics		10,100		1,367,338
†Vertex Pharmaceuticals		18,000		1,968,300

				29,160,432

Building Products–0.95%
Allegion		51,600		3,906,120
Fortune Brands Home & Security		47,849		2,911,612

				6,817,732

Capital Markets–3.87%
CBOE Holdings		64,600		5,237,122
†E*TRADE Financial		57,100		1,992,219
FactSet Research Systems		6,750		1,113,143
Financial Engines		23,000		1,001,650
Intercontinental Exchange		16,800		1,005,816
Invesco		28,200		863,766
Lazard Class A		61,400		2,823,786
Moody’s		34,300		3,842,972
MSCI Class A		24,700		2,400,593
Northern Trust		17,000		1,471,860
State Street		28,200		2,245,002
TD Ameritrade Holding		79,800		3,101,028
WisdomTree Investments		58,700		532,996

				27,631,953

Chemicals–2.83%
Air Products & Chemicals		15,400		2,083,466
Ashland Global Holdings		24,800		3,070,488
Celanese Class A		23,900		2,147,415
CF Industries Holdings		48,500		1,423,475
NewMarket		3,200		1,450,336
PolyOne		25,100		855,659
RPM International		69,500		3,824,585
Sherwin-Williams		12,700		3,939,413
Valvoline		57,200		1,404,260

				20,199,097

Commercial Services & Supplies–1.87%
†Copart		32,900		2,037,497
KAR Auction Services		62,400		2,725,008
Ritchie Bros Auctioneers		39,800		1,309,420
Rollins		75,200		2,792,176
†Stericycle		15,300		1,268,217


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Commercial Services & Supplies (continued)
Waste Connections		36,950	$	3,259,729

				13,392,047

Communications Equipment–1.47%
†F5 Networks		11,200		1,596,784
Harris		46,900		5,218,563
Motorola Solutions		16,400		1,414,008
†Palo Alto Networks		19,900		2,242,332

				10,471,687

Construction & Engineering–0.20%
Valmont Industries		9,300		1,446,150

				1,446,150

Construction Materials–1.18%
Eagle Materials		18,500		1,797,090
Vulcan Materials		55,000		6,626,400

				8,423,490

Containers & Packaging–1.04%
Ball		67,700		5,027,402
Sealed Air		55,500		2,418,690

				7,446,092

Diversified Consumer Services–0.59%
Service Corp. International		105,500		3,257,840
†Sotheby’s		21,200		964,176

				4,222,016

Electrical Equipment–1.24%
Acuity Brands		6,800		1,387,200
AMETEK		34,525		1,867,112
†Generac Holdings		38,800		1,446,464
Hubbell		12,100		1,452,605
†Sensata Technologies Holding		62,700		2,738,109

				8,891,490

Electronic Equipment, Instruments & Components–1.70%
Amphenol Class A		83,800		5,964,046
Cognex		23,300		1,956,035
†IPG Photonics		13,900		1,677,730
†Keysight Technologies		26,462		956,337
†Trimble		48,600		1,555,686

				12,109,834

Energy Equipment & Services–0.18%
Oceaneering International		46,600		1,261,928

				1,261,928

Equity Real Estate Investment Trusts–4.19%
American Campus Communities		28,700		1,365,833
Crown Castle International		44,000		4,155,800
CubeSmart		44,800		1,163,008
Equinix		16,188		6,481,190
Federal Realty Investment Trust		11,900		1,588,650


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Equity Real Estate Investment Trusts (continued)
Iron Mountain		43,100	$	1,537,377
MGM Growth Properties		63,400		1,714,970
†SBA Communications		58,400		7,029,608
SL Green Realty		16,700		1,780,554
Taubman Centers		22,300		1,472,246
VEREIT		189,050		1,605,035

				29,894,271

Food & Staples Retailing–0.63%
Casey’s General Stores		11,600		1,302,100
PriceSmart		10,700		986,540
†Sprouts Farmers Market		47,100		1,088,952
Whole Foods Market		38,000		1,129,360

				4,506,952

Food Products–3.09%
†Blue Buffalo Pet Products		65,600		1,508,800
Conagra Brands		55,300		2,230,802
Flowers Foods		86,050		1,670,231
†Hain Celestial Group		35,700		1,328,040
Hershey		38,700		4,227,975
JM Smucker		13,300		1,743,364
McCormick & Co.		39,500		3,853,225
Pinnacle Foods		30,000		1,736,100
Snyder’s-Lance		33,100		1,334,261
Tyson Foods Class A		39,400		2,431,374

				22,064,172

Gas Utilities–0.27%
Atmos Energy		24,818		1,960,374

				1,960,374

Health Care Equipment & Supplies–4.90%
†Align Technology		17,600		2,018,896
Cooper		22,700		4,537,503
CR Bard		14,800		3,678,392
DENTSPLY SIRONA		53,014		3,310,194
†Hologic		112,800		4,799,640
†IDEXX Laboratories		27,200		4,205,392
†Intuitive Surgical		9,100		6,974,877
STERIS		18,700		1,298,902
Teleflex		14,600		2,828,458
West Pharmaceutical Services		16,600		1,354,726

				35,006,980

Health Care Providers & Services–3.12%
†Acadia Healthcare		67,188		2,929,397
AmerisourceBergen		37,600		3,327,600
†Centene		38,600		2,750,636
†DaVita		25,000		1,699,250
†Envision Healthcare		19,238		1,179,674
†Henry Schein		19,800		3,365,406
Humana		7,400		1,525,436


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Providers & Services (continued)
†MEDNAX		18,200	$	1,262,716
Universal Health Services Class B		16,800		2,090,760
†WellCare Health Plans		15,200		2,131,192

				22,262,067

Health Care Technology–0.91%
†athenahealth		7,500		845,175
†Cerner		37,600		2,212,760
†Medidata Solutions		17,600		1,015,344
†Veeva Systems Class A		47,200		2,420,416

				6,493,695

Hotels, Restaurants & Leisure–3.81%
Aramark		48,200		1,777,134
Bloomin’ Brands		48,800		962,824
Brinker International		29,100		1,279,236
†Chipotle Mexican Grill		3,600		1,603,872
Choice Hotels International		31,300		1,959,380
Dunkin’ Brands Group		39,100		2,137,988
Extended Stay America		94,600		1,507,924
†Hilton Grand Vacations		7,180		205,779
Hilton Worldwide Holdings		23,933		1,399,123
Marriott International Class A		40,257		3,791,404
MGM Resorts International		102,900		2,819,460
†Norwegian Cruise Line Holdings		28,900		1,466,097
†Panera Bread Class A		5,900		1,545,033
Papa John’s International		20,500		1,640,820
Royal Caribbean Cruises		16,900		1,658,059
Wynn Resorts		12,700		1,455,547

				27,209,680

Household Durables–2.18%
†Mohawk Industries		12,900		2,960,421
Newell Brands		81,200		3,830,204
†NVR		1,290		2,717,875
PulteGroup		65,200		1,535,460
†Tempur Sealy International		26,400		1,226,544
†Toll Brothers		43,300		1,563,563
Whirlpool		10,100		1,730,433

				15,564,500

Household Products–0.63%
Church & Dwight		65,000		3,241,550
Clorox		9,200		1,240,436

				4,481,986

Industrial Conglomerates–0.41%
Roper Technologies		14,200		2,932,158

				2,932,158

Insurance–1.12%
FNF Group		100,100		3,897,894
Progressive		46,000		1,802,280


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Insurance (continued)
Willis Towers Watson		17,500	$	2,290,575

				7,990,749

Internet & Direct Marketing Retail–0.69%
†Ctrip.com International ADR		46,900		2,305,135
†TripAdvisor		15,600		673,296
†Vipshop Holdings ADR		65,300		871,102
†Wayfair Class A		26,330		1,066,102

				4,915,635

Internet Software & Services–1.69%
†CoStar Group		12,000		2,486,640
†=Dropbox		7,607		61,997
†=Dropbox Class A		27,601		224,948
†Match Group		105,000		1,714,650
MercadoLibre		8,900		1,882,083
†VeriSign		49,800		4,338,078
†Zillow Group		40,000		1,352,400

				12,060,796

IT Services–6.59%
Alliance Data Systems		13,800		3,436,200
†Black Knight Financial Services Class A		72,500		2,776,750
Booz Allen Hamilton Holding		59,700		2,112,783
†CoreLogic		67,600		2,752,672
CSRA		77,700		2,275,833
†EPAM Systems		15,800		1,193,216
Fidelity National Information Services		56,200		4,474,644
†Fiserv		59,400		6,849,414
†FleetCor Technologies		14,800		2,241,164
†=Flipkart Limited		5,529		515,026
†Gartner		29,300		3,164,107
Genpact		47,000		1,163,720
Global Payments		38,600		3,114,248
Paychex		29,000		1,708,100
Sabre		142,800		3,025,932
†Vantiv Class A		71,600		4,590,992
†WEX		16,000		1,656,000

				47,050,801

Leisure Products–0.35%
Mattel		62,100		1,590,381
Polaris Industries		11,100		930,180

				2,520,561

Life Sciences Tools & Services–1.83%
Agilent Technologies		50,200		2,654,074
Bruker		51,800		1,208,494
†Illumina		21,400		3,651,696
†Mettler-Toledo International		7,600		3,639,716
†Quintiles IMS Holdings		24,000		1,932,720

				13,086,700


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Machinery–3.61%
†Colfax		33,200	$	1,303,432
Donaldson		37,000		1,684,240
Flowserve		25,900		1,254,078
Fortive		33,200		1,999,304
Graco		28,700		2,701,818
IDEX		22,225		2,078,260
†Middleby		15,300		2,087,685
Nordson		13,000		1,596,920
PACCAR		23,500		1,579,200
Snap-on		14,900		2,513,183
Toro		35,800		2,236,068
†WABCO Holdings		12,100		1,420,782
Wabtec		25,600		1,996,800
Xylem		26,500		1,330,830

				25,782,600

Marine–0.18%
†Kirby		17,800		1,255,790

				1,255,790

Media–0.74%
Interpublic Group		107,000		2,628,990
Omnicom Group		31,100		2,681,131

				5,310,121

Metals & Mining–0.38%
Carpenter Technology		16,800		626,640
Compass Minerals International		12,000		814,200
Silver Wheaton (New York Shares)		59,900		1,248,316

				2,689,156

Multiline Retail–1.41%
Dollar General		83,500		5,822,455
†Dollar Tree		54,100		4,244,686

				10,067,141

Multi-Utilities–0.21%
NiSource		64,000		1,522,560

				1,522,560

Oil, Gas & Consumable Fuels–1.65%
Cabot Oil & Gas		28,300		676,653
†=Centennial Resource		31,400		543,801
†Centennial Resource Development Class A		44,000		802,120
Cimarex Energy		8,300		991,767
†Concho Resources		10,700		1,373,238
†Diamondback Energy		12,700		1,317,180
EQT		20,600		1,258,660
†Jagged Peak Energy		70,000		912,800
†Parsley Energy Class A		18,800		611,188
Pioneer Natural Resources		7,800		1,452,594
Range Resources		20,500		596,550


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
Tesoro		15,100	$	1,224,006

				11,760,557

Pharmaceuticals–1.66%
†Akorn		30,800		741,664
†Catalent		55,762		1,579,180
†Endo International		37,800		421,848
†Horizon Pharma		30,900		456,702
†Jazz Pharmaceuticals		13,100		1,901,203
†Mallinckrodt		13,500		601,695
†Pacira Pharmaceuticals		13,000		592,800
Zoetis		104,200		5,561,154

				11,856,246

Professional Services–3.22%
Equifax		37,900		5,182,446
†IHS Markit		81,725		3,428,364
ManpowerGroup		18,300		1,877,031
Nielsen Holdings		70,200		2,899,962
Robert Half International		30,300		1,479,549
†TransUnion		62,000		2,377,700
†Verisk Analytics Class A		60,200		4,884,628
†=WeWork Companies		17,146		888,334

				23,018,014

Real Estate Management & Development–0.32%
Jones Lang LaSalle		20,500		2,284,725

				2,284,725

Road & Rail–1.27%
†Avis Budget Group		29,500		872,610
†Genesee & Wyoming		22,000		1,492,920
JB Hunt Transport Services		19,900		1,825,626
Kansas City Southern		20,500		1,758,080
Landstar System		14,200		1,216,230
Old Dominion Freight Line		22,100		1,891,097

				9,056,563

Semiconductors & Semiconductor Equipment–2.17%
†Integrated Device Technology		45,600		1,079,352
KLA-Tencor		23,500		2,234,145
Microchip Technology		50,800		3,748,024
†Microsemi		45,400		2,339,462
Skyworks Solutions		38,000		3,723,240
Xilinx		41,200		2,385,068

				15,509,291

Software–6.91%
†ANSYS		10,600		1,132,822
†Atlassian		125,231		3,750,668
†Autodesk		20,600		1,781,282
†Electronic Arts		63,900		5,720,328
†Ellie Mae		15,700		1,574,239
†Fortinet		37,000		1,418,950


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Software (continued)
†Guidewire Software		45,900	$	2,585,547
Intuit		34,400		3,990,056
†Proofpoint		15,500		1,152,580
†Red Hat		58,100		5,025,650
†ServiceNow		55,800		4,880,826
†Snap Class A		31,400		707,442
†Splunk		35,200		2,192,608
SS&C Technologies Holdings		75,200		2,662,080
†Synopsys		23,600		1,702,268
†Tableau Software Class A		44,527		2,206,313
†Tyler Technologies		7,600		1,174,656
†Ultimate Software Group		10,400		2,030,184
†Workday Class A		35,905		2,990,168
†Zendesk		25,100		703,804

				49,382,471

Specialty Retail–7.15%
†AutoZone		8,900		6,435,145
†Burlington Stores		48,000		4,669,920
†CarMax		61,500		3,642,030
Dick’s Sporting Goods		60,300		2,934,198
†Five Below		28,700		1,242,997
L Brands		59,200		2,788,320
†Michaels		102,100		2,286,019
†O’Reilly Automotive		23,300		6,287,272
Ross Stores		98,700		6,501,369
Signet Jewelers		29,000		2,008,830
Tiffany & Co.		27,698		2,639,619
Tractor Supply		58,000		4,000,260
†Ulta Beauty		13,100		3,736,513
Williams-Sonoma		35,800		1,919,596

				51,092,088

Textiles, Apparel & Luxury Goods–1.86%
Carter’s		29,700		2,667,060
Coach		69,600		2,876,568


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Textiles, Apparel & Luxury Goods (continued)
Hanesbrands		110,100	$	2,285,676
†Kate Spade & Co.		51,800		1,203,314
†Lululemon athletica		15,700		814,359
PVH		24,500		2,535,015
Wolverine World Wide		37,100		926,387

				13,308,379

Trading Companies & Distributors–0.31%
Fastenal		19,600		1,009,400
WW Grainger		5,100		1,187,076

				2,196,476

Total Common Stock (Cost $475,518,349)				705,529,339

CONVERTIBLE PREFERRED STOCK–1.02%
†=Airbnb Series D		18,795		1,973,475
†=Airbnb Series E		2,425		254,625
†=Dropbox Series A		9,449		77,009
†=Dropbox Series A-1		46,402		378,176
†=Tanium		234,645		1,164,848
†=WeWork Companies Series D1		27,915		1,446,276
†=WeWork Companies Series D2		21,933		1,136,349
†=WeWork Companies Series E		16,055		831,810

Total Convertible Preferred Stock (Cost $4,019,276)				7,262,568


MONEY MARKET FUND–0.20%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		1,474,158		1,474,158

Total Money Market Fund (Cost $1,474,158)				1,474,158

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP T. Rowe Price Structured Mid-Cap Growth Fund (the “Fund”) is an investment company in conformity with U.S generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on the Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (’’NAV’’). Investments in government money market funds have a stable NAV. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees (the “Board”). In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

Valuation: U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund fair values its financial instruments at fair value using independent pricing sources under the policies approved by the Board. The Pricing Committee is the committee formed by the advisor to develop pricing policies and procedures and to provide oversight of the pricing function for the Fund.

When market quotations are not readily available for one or more portfolio securities, the Fund’s NAV shall be calculated by using the “fair value” of the securities as determined by the Pricing Committee. Such “fair value” is the amount that a Fund might reasonably expect to receive for the security (or asset) upon its current sale. Each determination should be based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the size of the holding, (iii) the initial cost of the security, (iv) the existence of any contractual restrictions of the security’s disposition, (v) the price and extent of public trading in similar securities of the issuer or of comparable companies, (vi) quotations or evaluated prices from broker-dealers and/or pricing services, (vii) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), (viii) an analysis of the company’s financial statements, and (ix) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The Pricing Committee, or its delegate, employs various methods for calibrating these valuation approaches, including due diligence of the Fund’s pricing vendors and periodic back-testing of the prices that are fair valued under these procedures and reviews of any market related activity. The pricing of all securities fair valued by the Pricing Committee is subsequently reported to and approved by the Board on a quarterly basis.

We did not present a table including the quantitative information about significant unobservable inputs used in Level 3 fair value measurements as all unobservable Level 3 measurements were provided by third parties without adjustments as of March 31, 2017.

During the period ended March 31, 2017, 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 that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

the Fund for periods ending after August 1, 2017. At this time, management is evaluating the implications of adopting these amendments and their impact on the Schedule of Investments and accompanying notes.


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–87.81%
Equity Funds–58.91%
*Lincoln Variable Insurance Products Trust–
LVIP Baron Growth Opportunities Fund		154,591	$	7,024,936
LVIP MFS Value Fund		2,564,562		101,928,502
LVIP SSGA S&P 500 Index Fund		6,407,473		105,710,481
LVIP SSGA Small-Mid Cap 200 Fund		528,454		7,490,310
LVIP T. Rowe Price Growth Stock Fund		2,627,077		96,962,767
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		2,093,212		48,344,833
LVIP Wellington Mid-Cap Value Fund		2,099,575		54,824,099

				422,285,928

Fixed Income Funds–28.90%
*Lincoln Variable Insurance Products Trust–
LVIP Delaware Bond Fund		3,948,150		53,481,638
LVIP SSGA Bond Index Fund		9,217,414		103,585,298
LVIP Western Asset Core Bond Fund		5,166,869		50,134,132

				207,201,068

Total Affiliated Investments (Cost $590,602,117)				629,486,996


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENTS–12.28%
Equity Funds–8.15%
Franklin Templeton Variable Insurance Products Trust–
✢Franklin Rising Dividends VIP Fund		529,672	$	14,184,616
**Invesco V.I. Diversified Dividend Fund		634,095		17,139,599
Oppenheimer Main Street Small Cap Fund VA Non-Service Shares		1,082,103		27,095,854

				58,420,069

Money Market Fund–4.13%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		29,626,833		29,626,833

				29,626,833

Total Unaffiliated Investments (Cost $81,605,344)				88,046,902

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP U.S. Growth Allocation Managed Risk Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets other in open-end investment companies that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or other unaffiliated managers (collectively, the “Underlying Funds”). The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. Investments in government money market funds have a stable NAV. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

COMMON STOCK–99.78%
Aerospace & Defense–2.26%
Lockheed Martin		22,815	$	6,105,294
Northrop Grumman		17,990		4,278,742

				10,384,036

Banks–0.50%
Bank of America		97,983		2,311,419

				2,311,419

Beverages–3.69%
Constellation Brands Class A		38,149		6,182,808
†Monster Beverage		158,841		7,333,689
PepsiCo		30,815		3,446,966

				16,963,463

Biotechnology–2.09%
†Celgene		26,775		3,331,613
†Regeneron Pharmaceuticals		9,126		3,536,416
†Vertex Pharmaceuticals		25,310		2,767,649

				9,635,678

Building Products–0.95%
Fortune Brands Home & Security		71,650		4,359,904

				4,359,904

Capital Markets–3.80%
Intercontinental Exchange		100,281		6,003,823
MarketAxess Holdings		22,535		4,225,087
MSCI		46,547		4,523,903
TD Ameritrade Holding		70,305		2,732,052

				17,484,865

Chemicals–1.10%
Sherwin-Williams		16,252		5,041,208

				5,041,208

Electrical Equipment–1.52%
AMETEK		129,151		6,984,486

				6,984,486

Electronic Equipment, Instruments & Components–1.45%
CDW		115,770		6,681,087

				6,681,087

Equity Real Estate Investment Trusts–2.85%
American Tower		68,487		8,323,910
Park Hotels & Resorts		2,572		66,023
Public Storage		21,507		4,708,097

				13,098,030

Health Care Equipment & Supplies–2.50%
†ABIOMED		23,850		2,986,020
†Edwards Lifesciences		77,173		7,259,664
Medtronic		15,656		1,261,247

				11,506,931


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Health Care Providers & Services–1.36%
UnitedHealth Group		38,192	$	6,263,870

				6,263,870

Hotels, Restaurants & Leisure–2.22%
Hilton Worldwide Holdings		73,966		4,324,052
Las Vegas Sands		64,515		3,681,871
Starbucks		38,136		2,226,761

				10,232,684

Household Durables–0.62%
Lennar Class A		55,883		2,860,651

				2,860,651

Insurance–2.70%
†Markel		6,560		6,401,642
Marsh & McLennan		81,824		6,045,975

				12,447,617

Internet & Direct Marketing Retail–6.56%
†Amazon.com		15,488		13,730,732
†Netflix		65,250		9,644,603
†Priceline Group		3,832		6,820,845

				30,196,180

Internet Software & Services–11.83%
†Alibaba Group Holding ADR		50,387		5,433,230
†Alphabet Class C		26,920		22,331,755
†eBay		159,699		5,361,095
†Facebook Class A		127,154		18,062,226
†Zillow Group Class C		96,536		3,250,367

				54,438,673

IT Services–10.64%
Alliance Data Systems		27,198		6,772,302
†FleetCor Technologies		40,567		6,143,061
Global Payments		76,356		6,160,402
Mastercard Class A		109,152		12,276,325
†PayPal Holdings		160,204		6,891,976
Visa Class A		120,461		10,705,369

				48,949,435

Life Sciences Tools & Services–1.22%
†Illumina		6,485		1,106,600
Thermo Fisher Scientific		29,237		4,490,803

				5,597,403

Machinery–0.63%
Snap-on		17,106		2,885,269

				2,885,269

Personal Products–1.30%
Estee Lauder Class A		70,848		6,007,202

				6,007,202


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Pharmaceuticals–4.12%
Allergan		33,249	$	7,943,851
Bristol-Myers Squibb		202,316		11,001,944

				18,945,795

Professional Services–5.82%
Equifax		50,643		6,924,924
†IHS Markit		159,563		6,693,668
Nielsen Holdings		46,197		1,908,398
†TransUnion		170,893		6,553,747
†Verisk Analytics Class A		58,225		4,724,377

				26,805,114

Road & Rail–0.85%
JB Hunt Transport Services		42,508		3,899,684

				3,899,684

Semiconductors & Semiconductor Equipment–1.52%
Microchip Technology		50,555		3,729,948
NVIDIA		29,835		3,249,927

				6,979,875

Software–9.12%
†Adobe Systems		59,796		7,781,253
†Autodesk		78,655		6,801,298
Microsoft		119,007		7,837,801
†salesforce.com		82,790		6,829,347
†ServiceNow		86,987		7,608,753
†Workday Class A		61,625		5,132,130

				41,990,582


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Specialty Retail–6.77%
†AutoZone		5,449	$	3,939,899
Home Depot		107,223		15,743,553
†O’Reilly Automotive		24,273		6,549,826
Ross Stores		74,647		4,916,998

				31,150,276

Technology Hardware, Storage & Peripherals–6.42%
Apple		205,765		29,560,200

				29,560,200

Textiles, Apparel & Luxury Goods–2.07%
NIKE Class B		119,408		6,654,608
†Under Armour Class C		158,109		2,893,395

				9,548,003

Trading Companies & Distributors–1.30%
Fastenal		115,970		5,972,455

				5,972,455

Total Common Stock (Cost $321,271,139)				459,182,075


MONEY MARKET FUND–0.76%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		3,487,804		3,487,804

Total Money Market Fund (Cost $3,487,804)				3,487,804

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Wellington Capital Growth Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

On October 13, 2016, the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. The amendments are effective for the fund for periods ending after August 1, 2017. At this time, management is evaluating the implications of adopting these amendments and their impact on the Schedule of Investments and accompanying notes.


	Number of Shares		Value (U.S. $)

COMMON STOCK–98.17%
Aerospace & Defense–1.53%
†Moog Class A		45,318	$	3,052,167

				3,052,167

Auto Components–1.78%
Goodyear Tire & Rubber		99,150		3,569,400

				3,569,400

Banks–12.54%
Bank of the Ozarks		45,328		2,357,509
BankUnited		43,998		1,641,565
Comerica		90,433		6,201,895
IBERIABANK		33,657		2,662,269
MB Financial		50,816		2,175,941
South State		25,596		2,287,003
Sterling Bancorp		58,798		1,393,513
†Western Alliance Bancorp		20,330		998,000
Zions Bancorporation		128,276		5,387,592

				25,105,287

Building Products–1.28%
Sanwa Holdings		273,009		2,555,245

				2,555,245

Capital Markets–0.75%
Raymond James Financial		19,618		1,496,069

				1,496,069

Chemicals–5.35%
Cabot		32,821		1,966,306
Celanese Class A		41,719		3,748,452
Methanex		46,147		2,164,294
Westlake Chemical		42,712		2,821,128

				10,700,180

Commercial Services & Supplies–1.11%
†Clean Harbors		39,787		2,212,953

				2,212,953

Communications Equipment–3.16%
†CommScope Holding		77,672		3,239,699
Harris		27,785		3,091,637

				6,331,336

Containers & Packaging–1.79%
Bemis		48,412		2,365,410
†Crown Holdings		23,152		1,225,898

				3,591,308

Electric Utilities–2.68%
Alliant Energy		86,424		3,423,255
Great Plains Energy		66,467		1,942,166

				5,365,421

Electrical Equipment–2.96%
†Generac Holdings		38,205		1,424,282


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Electrical Equipment (continued)
Hubbell		20,703	$	2,485,395
†Sensata Technologies Holding		46,120		2,014,060

				5,923,737

Electronic Equipment, Instruments & Components–3.99%
†Arrow Electronics		72,103		5,293,081
†Keysight Technologies		74,585		2,695,502

				7,988,583

Energy Equipment & Services–0.21%
†Trican Well Service		138,334		421,290

				421,290

Equity Real Estate Investment Trusts–7.50%
American Assets Trust		25,523		1,067,882
Equity LifeStyle Properties		34,162		2,632,524
Extra Space Storage		18,494		1,375,769
Forest City Realty Trust		34,028		741,130
LaSalle Hotel Properties		31,469		911,028
Life Storage		18,795		1,543,445
PS Business Parks		28,577		3,279,497
STORE Capital		145,135		3,465,824

				15,017,099

Food Products–2.30%
Ingredion		13,288		1,600,274
†Post Holdings		34,294		3,001,411

				4,601,685

Gas Utilities–2.61%
UGI		105,893		5,231,114

				5,231,114

Health Care Equipment & Supplies–1.39%
STERIS		40,013		2,779,303

				2,779,303

Health Care Providers & Services–3.63%
†Acadia Healthcare		64,909		2,830,032
†Brookdale Senior Living		124,426		1,671,041
†Envision Healthcare		44,919		2,754,433

				7,255,506

Hotels, Restaurants & Leisure–1.59%
†Norwegian Cruise Line Holdings		62,731		3,182,344

				3,182,344

Household Durables–3.36%
DR Horton		57,189		1,904,966
Lennar		65,210		3,338,100
†Toll Brothers		40,909		1,477,224

				6,720,290

Insurance–8.95%
Assurant		18,684		1,787,498


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Insurance (continued)
CNO Financial Group		113,152	$	2,319,616
Hanover Insurance Group		19,766		1,780,126
Reinsurance Group of America		37,444		4,754,639
Unum Group		68,738		3,223,125
XL Group		101,547		4,047,663

				17,912,667

Internet Software & Services–0.05%
†VeriSign		1,200		104,532

				104,532

IT Services–1.40%
Booz Allen Hamilton Holding		79,420		2,810,674

				2,810,674

Machinery–0.54%
†Milacron Holdings		58,343		1,085,763

				1,085,763

Media–1.63%
Interpublic Group		23,311		572,751
John Wiley & Sons Class A		43,738		2,353,104
Quebecor Class B		10,962		338,047

				3,263,902

Metals & Mining–0.87%
Reliance Steel & Aluminum		21,818		1,745,876

				1,745,876

Oil, Gas & Consumable Fuels–7.16%
†Cobalt International Energy		146,063		77,910
Delek U.S. Holdings		53,028		1,286,990
†Diamondback Energy		56,090		5,817,374
†Energen		24,135		1,313,909
HollyFrontier		17,843		505,671
†Newfield Exploration		94,144		3,474,855
†QEP Resources		146,142		1,857,465

				14,334,174

Paper & Forest Products–0.88%
†Louisiana-Pacific		71,105		1,764,826

				1,764,826

Professional Services–0.40%
†IHS Markit		19,111		801,707

				801,707

Road & Rail–3.22%
†Genesee & Wyoming		49,072		3,330,026
Knight Transportation		99,034		3,104,716

				6,434,742

Semiconductors & Semiconductor Equipment–6.38%
†Acacia Communications		15,700		920,334
†Microsemi		98,654		5,083,641


	Number of Shares		Value (U.S. $)

COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
†Qorvo		47,150	$	3,232,604
Silicon Motion Technology ADR		75,732		3,540,471

				12,777,050

Software–1.44%
SS&C Technologies Holdings		81,591		2,888,321

				2,888,321

Textiles, Apparel & Luxury Goods–1.04%
†Global Brands Group Holding		19,454,378		2,077,737

				2,077,737

Thrifts & Mortgage Finance–0.64%
Provident Financial Services		49,655		1,283,582

				1,283,582

Trading Companies & Distributors–1.14%
†WESCO International		32,724		2,275,954

				2,275,954

Wireless Telecommunication Services–0.92%
Millicom International Cellular SDR		32,827		1,830,632

				1,830,632

Total Common Stock (Cost $151,815,895)				196,492,456


MONEY MARKET FUND–1.89%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		3,788,010		3,788,010

Total Money Market Fund (Cost $3,788,010)				3,788,010

The following foreign currency exchange contracts were outstanding at March 31, 2017:

The use of foreign currency exchange 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.

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Wellington Mid-Cap Value Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other securities and assets for which market quotations are not readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

During the period ended March 31, 2017, 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 that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

On October. 13, 2016, the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. The amendments are effective for the Fund for the periods ending after August 1, 2017. At this time, management is evaluating the implications of adopting these amendments and their impact on the Schedule of Investments and accompanying notes.


	Principal Amount°		Value (U.S. $)

AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–3.46%
•Fannie Mae Connecticut Avenue Securities Series 2015-C04 2M1 2.682% 4/25/28		504,508	$	505,964
Fannie Mae REMICs
•*Series 2010-100 SV 5.648% 9/25/40		3,566,214		652,034
•*Series 2016-60 QS 5.118% 9/25/46		2,774,087		482,246
•*Series 2016-61 BS 5.118% 9/25/46		5,358,639		875,352
•*Freddie Mac Strips Series 334 S7 5.188% 8/15/44		3,229,065		689,121
Freddie Mac Structured Agency Credit Risk Debt Notes
•Series 2014-DN1 M2 3.182% 2/25/24		3,910,000		4,021,428
•Series 2014-DN4 M2 3.382% 10/25/24		36,151		36,242
•Series 2015-DNA3 M2 3.832% 4/25/28		5,508,063		5,714,358
•Series 2015-HQ2 M2 2.932% 5/25/25		534,000		545,208
•Series 2015-HQA2 M2 3.782% 5/25/28		638,898		658,693
•Series 2016-DNA1 M2 3.882% 7/25/28		467,000		486,565
•Series 2016-DNA3 M2 2.982% 12/25/28		280,000		285,794
•Series 2016-HQA1 M2 3.732% 9/25/28		6,910,000		7,189,094
•Series 2016-HQA2 M2 3.232% 11/25/28		323,000		333,133
•Series 2016-HQA3 M1 1.782% 3/25/29		8,671,191		8,685,544
•Series 2016-HQA3 M2 2.332% 3/25/29		9,000,000		9,061,429
GNMA
Series 2010-42 PC 5.00% 7/20/39		185,000		202,996
•Series 2013-74 IO 0.77% 12/16/53		63,236,363		3,145,838
•Series 2016-128 IO 1.002% 9/16/56		22,594,436		1,802,530
•*Series 2016-135 SB 5.172% 10/16/46		564,317		124,452
•*Series 2016-21 ST 5.172% 2/20/46		3,766,359		768,247
*Series 2016-84 IG 4.50% 11/16/45		6,777,134		1,396,192

Total Agency Collateralized Mortgage Obligations (Cost $48,871,251)				47,662,460


	Principal Amount°		Value (U.S. $)

AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–0.55%
Fannie Mae-Aces Series 2016-M11 AL 2.944% 7/25/39		2,504,736	$	2,432,194
Freddie Mac Multifamily Structured Pass-Through Certificates
•◆Series K058 X1 0.931% 8/25/26		55,600,222		3,914,673
◆Series KJ11 A2 2.932% 1/25/23		1,153,000		1,179,652

Total Agency Commercial Mortgage-Backed Securities (Cost $7,438,459)				7,526,519


AGENCY MORTGAGE-BACKED SECURITIES–25.78%
Fannie Mae
2.91% 6/1/25		1,078,823		1,095,039
3.08% 1/1/27		2,080,000		2,091,869
Fannie Mae S.F. 15 yr 4.00% 1/1/27		1,847,708		1,946,840
Fannie Mae S.F. 15 yr TBA
2.50% 4/1/32		15,700,000		15,707,360
3.00% 4/1/32		10,700,000		10,971,004
3.50% 4/1/32		5,500,000		5,723,055
Fannie Mae S.F. 30 yr
3.00% 11/1/46		3,549,449		3,520,830
3.00% 12/1/46		1,384,684		1,377,707
3.00% 1/1/47		3,475,698		3,454,671
3.00% 2/1/47		2,987,548		2,972,485
4.00% 11/1/42		2,071,102		2,187,952
4.50% 6/1/38		2,792,545		3,007,486
4.50% 6/1/39		2,371,623		2,560,187
4.50% 10/1/41		1,540,996		1,659,336
4.50% 1/1/42		5,882,524		6,329,956
4.50% 10/1/43		3,047,580		3,295,369
4.50% 8/1/44		5,349,306		5,751,671
4.50% 3/1/46		4,761,644		5,131,022
5.00% 4/1/37		72,626		79,543
5.50% 5/1/34		955,928		1,070,363
5.50% 9/1/36		1,295,915		1,450,814
5.50% 1/1/38		3,898,902		4,363,851
5.50% 1/1/39		1,497,413		1,674,626
5.50% 3/1/40		2,585,176		2,894,123
5.50% 3/1/41		1,282,401		1,435,654
5.50% 6/1/41		885,682		992,174
5.50% 7/1/41		2,782,199		3,111,247
6.00% 1/1/39		115,048		129,896
6.00% 10/1/39		1,582,929		1,812,363
6.00% 4/1/40		125,126		141,367
6.00% 10/1/40		570,347		644,416
6.00% 7/1/41		1,644,210		1,856,695
Fannie Mae S.F. 30 yr TBA
3.00% 4/1/47		35,500,000		35,189,375
3.50% 4/1/47		25,800,000		26,390,577
4.00% 4/1/47		33,200,000		34,823,686


	Principal Amount°		Value (U.S. $)

AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr TBA (continued)
4.50% 4/1/47		6,800,000	$	7,290,875
Freddie Mac S.F. 20 yr 3.00% 6/1/36		321,260		324,794
Freddie Mac S.F. 30 yr
3.00% 1/1/47		5,957,605		5,920,458
4.00% 4/1/47		14,200,000		14,906,104
4.50% 10/1/35		669,615		720,115
Freddie Mac S.F. 30 yr TBA
3.00% 4/1/47		20,800,000		20,608,249
3.50% 4/1/47		34,600,000		35,383,905
4.00% 4/1/47		6,200,000		6,503,218
GNMA II S.F. 30 yr
3.50% 3/20/47		2,200,000		2,283,702
4.00% 3/20/47		4,300,000		4,545,878
GNMA II S.F. 30 yr TBA
3.00% 4/1/47		36,400,000		36,718,500
3.50% 4/1/47		22,200,000		23,018,625

Total Agency Mortgage-Backed Securities (Cost $353,627,265)				355,069,032


CORPORATE BONDS–26.17%
Aerospace & Defense–0.21%
Boeing 4.875% 2/15/20		890,000		968,275
Lockheed Martin
3.55% 1/15/26		1,676,000		1,706,513
4.50% 5/15/36		240,000		255,701

				2,930,489

Air Freight & Logistics–0.10%
#Aviation Capital Group 144A 6.75% 4/6/21		606,000		696,146
United Parcel Service 3.125% 1/15/21		660,000		684,442

				1,380,588

Airlines–0.08%
◆American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26		277,128		278,514
◆American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27		771,258		756,797

				1,035,311

Automobiles–0.18%
#BMW U.S. Capital 144A 2.80% 4/11/26		2,144,000		2,060,804
Ford Motor 4.75% 1/15/43		180,000		169,716
General Motors 6.75% 4/1/46		191,000		224,677

				2,455,197


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Banks–6.29%
#Bank Nederlandse Gemeenten 144A 1.625% 4/19/21		1,294,000	$	1,266,867
Bank of America
3.30% 1/11/23		4,140,000		4,171,133
4.25% 10/22/26		3,250,000		3,306,563
4.45% 3/3/26		8,611,000		8,847,165
5.00% 1/21/44		2,180,000		2,384,833
#BNP Paribas 144A 4.625% 3/13/27		1,390,000		1,392,387
#BPCE 144A 5.15% 7/21/24		780,000		802,316
Citigroup
3.30% 4/27/25		4,070,000		3,993,423
4.45% 9/29/27		9,000,000		9,127,377
4.75% 5/18/46		620,000		614,881
Compass Bank 3.875% 4/10/25		892,000		877,113
Cooperatieve Rabobank
2.50% 1/19/21		648,000		648,997
4.375% 8/4/25		3,250,000		3,339,336
5.25% 8/4/45		780,000		844,799
#•144A 11.00% 12/29/49		1,520,000		1,780,300
Credit Suisse Group Funding Guernsey
3.125% 12/10/20		1,139,000		1,146,308
4.55% 4/17/26		2,881,000		2,983,172
HSBC Holdings
3.40% 3/8/21		1,340,000		1,371,201
•4.041% 3/13/28		3,410,000		3,451,111
4.30% 3/8/26		1,270,000		1,325,302
•6.875% 12/29/49		566,000		604,205
JPMorgan Chase & Co.
3.625% 12/1/27		1,570,000		1,526,498
4.125% 12/15/26		2,000,000		2,041,866
4.25% 10/1/27		7,738,000		7,944,481
KFW 1.50% 6/15/21		1,006,000		986,149
Lloyds Banking Group 3.10% 7/6/21		233,000		235,147
Santander UK Group Holdings
2.875% 10/16/20		635,000		636,932
3.125% 1/8/21		1,210,000		1,217,457
U.S. Bancorp 2.35% 1/29/21		713,000		715,726
•Wachovia Capital Trust III 5.57% 3/29/49		1,850,000		1,853,423
Wells Fargo & Co.
3.00% 10/23/26		1,480,000		1,418,774
4.125% 8/15/23		2,460,000		2,578,919
4.30% 7/22/27		1,004,000		1,044,603
4.40% 6/14/46		2,750,000		2,669,763
4.60% 4/1/21		2,410,000		2,592,343
4.65% 11/4/44		30,000		30,180
4.75% 12/7/46		3,140,000		3,215,586
4.90% 11/17/45		1,630,000		1,703,461

				86,690,097


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Beverages–1.02%
Anheuser-Busch InBev Finance
3.30% 2/1/23		1,350,000	$	1,375,811
3.65% 2/1/26		5,139,000		5,206,069
4.90% 2/1/46		3,540,000		3,840,872
Diageo Investment 2.875% 5/11/22		900,000		916,940
PepsiCo 4.45% 4/14/46		769,000		820,235
#Pernod Ricard 144A 3.25% 6/8/26		1,923,000		1,910,372

				14,070,299

Biotechnology–0.37%
Amgen 3.875% 11/15/21		570,000		600,516
Celgene 3.25% 8/15/22		2,818,000		2,868,521
Gilead Sciences
3.65% 3/1/26		90,000		90,917
4.75% 3/1/46		1,460,000		1,492,688

				5,052,642

Capital Markets–1.52%
Goldman Sachs Group
3.50% 11/16/26		4,000,000		3,918,372
4.25% 10/21/25		1,340,000		1,368,310
4.75% 10/21/45		3,090,000		3,268,312
5.15% 5/22/45		800,000		843,772
5.25% 7/27/21		2,380,000		2,613,195
6.25% 2/1/41		1,660,000		2,091,783
6.45% 5/1/36		60,000		71,769
6.75% 10/1/37		750,000		928,240
State Street 3.10% 5/15/23		730,000		735,901
#UBS Group Funding Jersey 144A 4.125% 4/15/26		1,176,000		1,197,717
UBS Group Funding Switzerland
#144A 3.491% 5/23/23		1,820,000		1,833,885
#144A 4.253% 3/23/28		2,080,000		2,114,068

				20,985,324

Chemicals–0.25%
#Equate Petrochemical 144A 4.25% 11/3/26		2,150,000		2,155,418
#OCP 144A 4.50% 10/22/25		1,257,000		1,243,016

				3,398,434

Commercial Services & Supplies–0.16%
Cintas No. 2
2.90% 4/1/22		520,000		526,664
3.70% 4/1/27		690,000		706,493
Waste Management 2.40% 5/15/23		960,000		944,108

				2,177,265


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Communications Equipment–0.05%
Harris
4.854% 4/27/35		580,000	$	621,435
5.054% 4/27/45		80,000		87,869

				709,304

Construction & Engineering–0.30%
#Mexico City Airport Trust 144A 5.50% 10/31/46		4,190,000		4,136,368

				4,136,368

Consumer Finance–0.62%
Ford Motor Credit
3.096% 5/4/23		1,366,000		1,334,571
3.336% 3/18/21		1,939,000		1,963,571
General Motors Financial
3.45% 4/10/22		1,140,000		1,149,994
3.70% 5/9/23		2,090,000		2,100,653
4.375% 9/25/21		643,000		676,846
Toyota Motor Credit 2.80% 7/13/22		1,225,000		1,234,516

				8,460,151

Diversified Financial Services–0.57%
AerCap Ireland Capital 4.50% 5/15/21		1,590,000		1,668,287
BP Capital Markets
3.119% 5/4/26		2,820,000		2,762,906
3.216% 11/28/23		1,520,000		1,529,123
3.245% 5/6/22		800,000		817,760
International Lease Finance 8.625% 1/15/22		590,000		724,145
#Temasek Financial I 144A 2.375% 1/23/23		368,000		362,918

				7,865,139

Diversified Telecommunication Services–1.05%
AT&T
3.60% 2/17/23		1,321,000		1,339,623
4.125% 2/17/26		2,601,000		2,642,429
4.25% 3/1/27		470,000		476,143
4.35% 6/15/45		240,000		212,054
5.65% 2/15/47		919,000		970,981
#Bharti Airtel 144A 4.375% 6/10/25		1,660,000		1,661,635
Verizon Communications
2.625% 8/15/26		50,000		45,750
3.50% 11/1/24		1,240,000		1,231,609
4.125% 3/16/27		4,840,000		4,931,999
5.25% 3/16/37		290,000		300,755
5.50% 3/16/47		630,000		662,807

				14,475,785


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Electric Utilities–0.82%
DTE Energy 3.30% 6/15/22		1,263,000	$	1,283,857
FirstEnergy 7.375% 11/15/31		1,450,000		1,894,434
Majapahit Holding 7.75% 1/20/20		1,420,000		1,605,594
Pacific Gas & Electric
5.80% 3/1/37		892,000		1,104,849
6.05% 3/1/34		3,330,000		4,180,665
Southern 3.25% 7/1/26		1,200,000		1,147,042

				11,216,441

Energy Equipment & Services–0.11%
Halliburton
3.80% 11/15/25		1,120,000		1,136,127
5.00% 11/15/45		290,000		306,719

				1,442,846

Food & Staples Retailing–0.72%
CVS Health
3.875% 7/20/25		2,380,000		2,456,453
5.125% 7/20/45		1,170,000		1,295,835
Walgreens Boots Alliance
3.10% 6/1/23		2,941,000		2,941,026
3.45% 6/1/26		1,391,000		1,362,707
4.80% 11/18/44		386,000		395,237
Wal-Mart Stores 4.75% 10/2/43		1,290,000		1,437,802

				9,889,060

Food Products–0.71%
Danone
#144A 2.077% 11/2/21		1,040,000		1,013,187
#144A 2.589% 11/2/23		2,160,000		2,093,310
#144A 2.947% 11/2/26		1,490,000		1,427,314
Kraft Heinz Foods 3.00% 6/1/26		2,992,000		2,817,258
#Smithfield Foods 144A 2.70% 1/31/20		2,320,000		2,321,276
Tyson Foods 5.15% 8/15/44		150,000		157,807

				9,830,152

Health Care Equipment & Supplies–0.37%
Abbott Laboratories
3.75% 11/30/26		40,000		40,030
4.75% 11/30/36		650,000		672,238
4.90% 11/30/46		1,220,000		1,268,730
Becton Dickinson and Co.
3.734% 12/15/24		313,000		322,716
4.685% 12/15/44		660,000		691,629
Medtronic
3.50% 3/15/25		1,050,000		1,075,522
4.625% 3/15/45		940,000		1,011,722

				5,082,587

Health Care Providers & Services–0.24%
Anthem 3.125% 5/15/22		320,000		322,018


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Health Care Providers & Services (continued)
Humana
3.95% 3/15/27		1,220,000	$	1,249,936
4.80% 3/15/47		50,000		52,479
4.95% 10/1/44		220,000		231,633
UnitedHealth Group
3.75% 7/15/25		810,000		846,798
3.875% 10/15/20		610,000		643,748

				3,346,612

Hotels, Restaurants & Leisure–0.09%
McDonald’s
3.50% 3/1/27		290,000		291,219
3.70% 1/30/26		890,000		911,956

				1,203,175

Household Durables–0.13%
Newell Brands
3.15% 4/1/21		330,000		337,417
3.85% 4/1/23		390,000		403,618
4.20% 4/1/26		1,000,000		1,041,884

				1,782,919

Industrial Conglomerates–0.78%
General Electric
4.50% 3/11/44		450,000		485,271
5.55% 5/4/20		362,000		400,643
5.875% 1/14/38		650,000		821,997
6.00% 8/7/19		1,016,000		1,116,377
6.875% 1/10/39		5,560,000		7,910,690

				10,734,978

Insurance–0.29%
American International Group 3.75% 7/10/25		450,000		448,279
Chubb INA Holdings 3.35% 5/3/26		820,000		830,754
MetLife 6.40% 12/15/36		1,600,000		1,760,000
#TIAA Asset Management Finance 144A 2.95% 11/1/19		919,000		934,702

				3,973,735

Internet & Direct Marketing Retail–0.05%
Amazon.com 4.95% 12/5/44		630,000		714,471

				714,471

IT Services–0.35%
Visa
3.15% 12/14/25		2,120,000		2,129,680
4.30% 12/14/45		2,560,000		2,693,248

				4,822,928

Machinery–0.20%
Eaton
2.75% 11/2/22		1,660,000		1,650,551


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Machinery (continued)
Eaton (continued)
4.15% 11/2/42		1,170,000	$	1,157,649

				2,808,200

Media–0.61%
Charter Communications Operating 4.908% 7/23/25		2,401,000		2,541,283
Comcast
3.15% 3/1/26		2,166,000		2,133,568
3.375% 8/15/25		1,000,000		1,010,051
7.05% 3/15/33		190,000		252,916
Time Warner 3.80% 2/15/27		2,130,000		2,111,071
WPP Finance 2010 5.625% 11/15/43		343,000		366,855

				8,415,744

Metals & Mining–1.65%
Barrick Gold
4.10% 5/1/23		2,424,000		2,602,581
5.25% 4/1/42		10,000		10,912
Barrick North America Finance 5.70% 5/30/41		20,000		22,706
BHP Billiton Finance USA
2.875% 2/24/22		793,000		805,787
5.00% 9/30/43		480,000		538,760
#•144A 6.25% 10/19/75		1,150,000		1,248,037
#•144A 6.75% 10/19/75		920,000		1,042,820
Glencore Finance Canada
#144A 2.70% 10/25/17		610,000		612,530
#144A 4.25% 10/25/22		350,000		364,285
Glencore Funding
#144A 4.00% 3/27/27		490,000		484,735
#144A 4.125% 5/30/23		110,000		112,273
#144A 4.625% 4/29/24		1,380,000		1,438,195
Southern Copper 5.25% 11/8/42		3,960,000		3,903,425
Vale Overseas 5.875% 6/10/21		8,929,000		9,590,817

				22,777,863

Oil, Gas & Consumable Fuels–3.91%
Anadarko Petroleum
4.50% 7/15/44		2,850,000		2,698,668
6.60% 3/15/46		2,500,000		3,035,020
Apache
4.75% 4/15/43		3,700,000		3,707,189
5.10% 9/1/40		400,000		412,992
Chevron 2.954% 5/16/26		1,667,000		1,649,013
CNOOC Finance 2015 Australia 2.625% 5/5/20		488,000		486,746
CNOOC Finance 2015 USA 3.50% 5/5/25		3,000,000		2,974,227
ConocoPhillips 4.30% 11/15/44		1,050,000		1,049,516
Devon Energy 3.25% 5/15/22		370,000		366,963


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Devon Energy (continued)
5.00% 6/15/45		2,025,000	$	2,039,355
5.85% 12/15/25		2,260,000		2,596,645
Ecopetrol 5.875% 5/28/45		6,240,000		5,709,600
Enterprise Products Operating
3.95% 2/15/27		1,783,000		1,821,677
•7.034% 1/15/68		205,000		213,385
Exxon Mobil
3.043% 3/1/26		1,250,000		1,251,313
4.114% 3/1/46		1,460,000		1,504,737
Kinder Morgan Energy Partners 4.25% 9/1/24		1,080,000		1,095,247
Noble Energy 5.05% 11/15/44		1,200,000		1,231,661
Occidental Petroleum
3.00% 2/15/27		820,000		789,850
3.125% 2/15/22		370,000		377,898
4.10% 2/15/47		1,090,000		1,054,616
4.40% 4/15/46		380,000		386,313
4.625% 6/15/45		1,170,000		1,225,975
Petroleos Mexicanos
5.50% 6/27/44		790,000		701,165
6.375% 1/23/45		900,000		882,198
6.625% 6/15/35		546,000		565,165
6.875% 8/4/26		365,000		406,063
Regency Energy Partners 5.875% 3/1/22		1,308,000		1,439,077
Schlumberger Holdings
#144A 3.00% 12/21/20		660,000		675,214
#144A 4.00% 12/21/25		1,270,000		1,324,988
Shell International Finance
1.875% 5/10/21		850,000		832,952
2.875% 5/10/26		804,000		782,724
4.00% 5/10/46		2,690,000		2,581,424
#Sinopec Group Overseas Development 2014 144A 4.375% 4/10/24		830,000		877,882
Transcontinental Gas Pipe Line 7.85% 2/1/26		4,000,000		5,144,604

				53,892,062

Paper & Forest Products–0.06%
Celulosa Arauco y Constitucion 4.75% 1/11/22		740,000		776,817

				776,817

Pharmaceuticals–0.23%
AbbVie 3.60% 5/14/25		610,000		611,181
Actavis Funding
3.80% 3/15/25		790,000		798,529
4.55% 3/15/35		230,000		231,316
4.75% 3/15/45		520,000		524,226


	Principal Amount°		Value (U.S. $)

CORPORATE BONDS (continued)
Pharmaceuticals (continued)
Johnson & Johnson 3.70% 3/1/46		1,040,000	$	1,019,857

				3,185,109

Software–0.74%
Microsoft
2.40% 8/8/26		4,900,000		4,641,986
2.70% 2/12/25		310,000		304,951
2.875% 2/6/24		1,780,000		1,793,060
3.30% 2/6/27		1,040,000		1,057,258
3.45% 8/8/36		40,000		37,974
3.70% 8/8/46		280,000		263,526
4.10% 2/6/37		1,240,000		1,282,315
4.50% 2/6/57		820,000		846,545

				10,227,615

Specialty Retail–0.04%
TJX 2.25% 9/15/26		560,000		514,908

				514,908

Technology Hardware, Storage & Peripherals–0.64%
Apple 2.45% 8/4/26		3,950,000		3,741,108
Diamond 1 Finance
#144A 3.48% 6/1/19		1,690,000		1,732,661
#144A 4.42% 6/15/21		3,230,000		3,380,925

				8,854,694

Tobacco–0.39%
Altria Group 5.375% 1/31/44		1,030,000		1,179,185
Philip Morris International
2.50% 8/22/22		800,000		791,016
4.50% 3/20/42		340,000		346,997
Reynolds American
4.00% 6/12/22		1,757,000		1,846,250
5.85% 8/15/45		1,010,000		1,190,538

				5,353,986

Wireless Telecommunication Services–0.27%
America Movil
3.125% 7/16/22		950,000		959,489
5.00% 3/30/20		664,000		712,716
#Sprint Spectrum 144A 3.36% 9/20/21		2,100,000		2,100,000

				3,772,205

Total Corporate Bonds (Cost $366,002,496)				360,441,500


NON-AGENCY ASSET-BACKED SECURITIES–5.20%
#•AMMC CLO 16 Series 2015-16A A1 144A 2.523% 4/14/27		2,500,000		2,498,750


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
#•Apidos CLO XVIII Series 2014-18A A1 144A 2.453% 7/22/26		3,165,000	$	3,163,769
#•Apidos CLO XXII Series 2015-22A A1 144A 2.53% 10/20/27		3,500,000		3,514,329
#Applebee’s Funding Series 2014-1 A2 144A 4.277% 9/5/44		2,460,000		2,409,658
#•Ares XXXIII CLO Series 2015-1A A1R 144A 2.45% 12/5/25		1,750,000		1,755,385
#•Avery Point IV CLO Series 2014-1A CR 144A 0.00% 4/25/26		2,000,000		1,995,000
#Avis Budget Rental Car Funding AESOP Series 2014-1A A 144A 2.46% 7/20/20		1,001,000		1,005,842
#•BlueMountain CLO Series 2015-1A A1R 144A 2.352% 4/13/27		2,250,000		2,250,632
#•GT Loan Financing I Series 2013-1A A 144A 2.309% 10/28/24		2,850,000		2,848,886
#•Madison Park Funding XI Series 2013-11A C 144A 3.791% 10/23/25		1,100,000		1,097,555
#•Magnetite IX Series 2014-9A A1 144A 2.458% 7/25/26		495,000		495,495
#•Magnetite XVIII Series 2016-18A A 144A 2.253% 11/15/28		4,040,000		4,051,441
#•Neuberger Berman CLO XV Series 2013-15A A1 144A 2.423% 10/15/25		2,250,000		2,249,001
#•Neuberger Berman Loan Advisers CLO 24 Series 2017-24A C 144A 0.00% 4/16/30		1,000,000		1,000,000
•RAMP Trust Series 2005-RS3 M1 1.402% 3/25/35		123,293		123,229
#•Regatta VII Funding Series 2016-1A B2 144A 2.952% 12/20/28		2,750,000		2,752,313
#•Seneca Park CLO Series 2014-1A AR 144A 0.00% 7/17/26		1,500,000		1,499,250
#•SHACKLETON 2013-IV CLO Series 2013-4A B1R 144A 0.00% 1/13/25		2,250,000		2,247,750
SLM Private Credit Student Loan Trust •Series 2005-B A4 1.461% 6/15/39		7,920,000		7,380,883


	Principal Amount°		Value (U.S. $)

NON-AGENCY ASSET-BACKED SECURITIES (continued)
SLM Private Credit Student Loan Trust (continued)
•Series 2006-A A5 1.421% 6/15/39		3,870,000	$	3,635,477
#•SMB Private Education Loan Trust Series 2016-C A2B 144A 2.012% 9/15/34		3,400,000		3,444,970
#•Structured Asset Securities Mortgage Loan Trust Series 2006-GEL3 A3 144A 1.282% 7/25/36		4,900,000		4,760,458
#•TCI-Symphony CLO Series 2016-1A B1 144A 2.718% 10/13/29		2,500,000		2,506,918
Towd Point Mortgage Trust
#•Series 2015-6 A1B 144A 2.75% 4/25/55		586,928		586,425
#•Series 2016-1 A1B 144A 2.75% 2/25/55		436,417		436,704
#•Series 2016-2 A1 144A 3.00% 8/25/55		383,437		384,685
#•Venture VII CDO Series 2006-7A A2 144A 1.27% 1/20/22		3,302,119		3,261,291
#•Venture XXIV CLO Series 2016-24A A1D 144A 2.419% 10/20/28		1,750,000		1,752,321
Voya CLO
#•Series 2013-3A A1 144A 2.474% 1/18/26		1,000,000		999,495
#•Series 2013-3A A1R 144A 0.00% 1/18/26		2,000,000		2,000,000
#•Series 2014-2A A1 144A 2.473% 7/17/26		525,000		524,777
#•Series 2014-2A A1R 144A 0.00% 4/17/30		3,000,000		3,000,000

Total Non-Agency Asset-Backed Securities (Cost $71,200,184)				71,632,689


NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–3.18%
Agate Bay Mortgage Trust
#•Series 2015-1 B1 144A 3.825% 1/25/45		464,633		465,131
#•Series 2015-1 B2 144A 3.825% 1/25/45		262,369		258,744
•Bear Stearns ALT-A Trust Series 2004-7 2A1 3.196% 8/25/34		2,414,900		2,456,359
#Galton Funding Mortgage Trust Series 2017-1 A22 144A 3.00% 7/25/56		2,640,277		2,591,184
•Homestar Mortgage Acceptance Series 2004-3 M1 1.612% 7/25/34		1,367,760		1,294,887


	Principal Amount°		Value (U.S. $)

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
JPMorgan Mortgage Trust
#•Series 2014-2 B1 144A 3.423% 6/25/29		318,727	$	315,565
#•Series 2014-2 B2 144A 3.423% 6/25/29		118,135		115,733
#•Series 2014-IVR6 2A4 144A 2.50% 7/25/44		419,000		414,130
#•Series 2015-4 B1 144A 3.628% 6/25/45		437,169		426,109
#•Series 2015-4 B2 144A 3.628% 6/25/45		312,951		299,846
JPMorgan Trust
#•Series 2015-1 B1 144A 2.623% 12/25/44		581,054		575,854
#•Series 2015-1 B2 144A 2.623% 12/25/44		488,636		478,066
#•Series 2015-5 B2 144A 2.874% 5/25/45		481,931		455,282
#•Series 2015-6 B1 144A 3.623% 10/25/45		314,823		308,977
#•Series 2015-6 B2 144A 3.623% 10/25/45		306,158		296,146
•Merrill Lynch Mortgage Investors Trust Series 2005-A8 A3A3 1.352% 8/25/36		2,873,170		2,754,229
#•Mill City Mortgage Loan Trust Series 2017-1 M3 144A 3.25% 11/25/58		5,633,000		5,008,300
#•Mortgage Repurchase Agreement Financing Trust Series 2016-4 A1 144A 1.972% 5/10/19		2,740,000		2,728,377
New Residential Mortgage Loan Trust
#•Series 2014-2A A3 144A 3.75% 5/25/54		3,627,845		3,709,397
#•Series 2015-1A A3 144A 3.75% 5/28/52		1,901,747		1,947,883
#•Series 2015-2A A1 144A 3.75% 8/25/55		588,226		600,779
#•Series 2016-3A A1B 144A 3.25% 9/25/56		3,777,985		3,787,515
#•Series 2016-3A B1 144A 4.00% 9/25/56		5,271,549		5,588,586
#•Series 2016-4A B2 144A 4.75% 11/25/56		2,498,778		2,549,153
•◆Opteum Mortgage Acceptance Asset-Backed Pass-Through Certificates Series 2005-1 M5 2.182% 2/25/35		1,921,000		1,886,432
Sequoia Mortgage Trust
•Series 2013-4 B2 3.492% 4/25/43		284,461		281,362


	Principal Amount°		Value (U.S. $)

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Sequoia Mortgage Trust (continued)
#•Series 2014-2 A4 144A 3.50% 7/25/44		355,446	$	353,975
#•Series 2015-1 B2 144A 3.876% 1/25/45		331,663		326,518
•◆Structured Asset Securities Mortgage Pass-Through Certificates Series 2004-S3 M1 1.957% 11/25/34		1,040,113		1,012,058
#•WinWater Mortgage Loan Trust Series 2015-3 B1 144A 3.914% 3/20/45		471,247		466,774

Total Non-Agency Collateralized Mortgage Obligations (Cost $44,066,856)				43,753,351


NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–5.20%
CD Mortgage Trust Series 2016-CD1 A4 2.724% 8/10/49		2,560,000		2,448,748
#•CG-BAM Commercial Mortgage Trust Series 2016-IMC D 144A 6.343% 11/15/21		1,130,000		1,158,679
Chicago Skyscraper Trust
#•Series 2017-SKY B 144A 2.013% 4/15/30		1,380,000		1,380,000
#•Series 2017-SKY C 144A 2.163% 4/15/30		1,380,000		1,382,553
Citigroup Commercial Mortgage Trust
•Series 2013-GC11 XA 1.807% 4/10/46		18,380,952		964,945
Series 2014-GC25 A4 3.635% 10/10/47		889,000		917,215
Series 2016-P3 A4 3.329% 4/15/49		758,000		762,131
COMM Mortgage Trust
#Series 2013-CR6 AM 144A 3.147% 3/10/46		775,000		776,043
Series 2014-CR16 A4 4.051% 4/10/47		774,000		820,063
Series 2014-CR19 A5 3.796% 8/10/47		1,143,000		1,195,821
Series 2014-CR20 A4 3.59% 11/10/47		402,000		413,563
Series 2014-CR20 AM 3.938% 11/10/47		1,580,000		1,638,589
Series 2015-CR23 A4 3.497% 5/10/48		418,000		425,326
•Series 2015-LC19 B 3.829% 2/10/48		870,000		879,336


	Principal Amount°		Value (U.S. $)

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
CSMC Trust
#•Series 2016-BDWN A 144A 3.812% 2/15/29		4,150,000	$	4,220,347
#•Series 2016-BDWN B 144A 5.412% 2/15/29		2,850,000		2,896,780
DB-JPM Mortgage Trust Series 2016-C1 A4 3.276% 5/10/49		925,000		928,817
#•DB-UBS Mortgage Trust Series 2011-LC1A C 144A 5.686% 11/10/46		948,000		1,040,445
#GRACE Mortgage Trust Series 2014-GRCE A 144A 3.369% 6/10/28		1,986,000		2,056,923
GS Mortgage Securities Trust
#•Series 2010-C1 C 144A 5.635% 8/10/43		437,000		463,064
Series 2014-GC24 A5 3.931% 9/10/47		1,448,000		1,522,968
Series 2015-GC32 A4 3.764% 7/10/48		512,000		533,177
#Hudson Yards Mortgage Trust Series 2016-10HY A 144A 2.835% 8/10/38		4,350,000		4,191,866
JPM-BB Commercial Mortgage Securities Trust Series 2015-C33 A4 3.77% 12/15/48		1,795,000		1,861,121
JPM-DB Commercial Mortgage Securities Trust
Series 2016-C2 A4 3.144% 6/15/49		1,704,000		1,689,731
•Series 2017-C5 B 4.009% 3/15/50		4,180,000		4,295,870
•Series 2017-C5 C 4.512% 3/15/50		5,211,000		5,343,151
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2013-LC11 B 3.499% 4/15/46		686,000		682,909
#•Series 2015-FL7 C 144A 3.762% 5/15/28		1,100,000		1,100,148
Series 2015-JP1 A5 3.914% 1/15/49		1,248,000		1,311,239
•Series 2016-JP3 C 3.483% 8/15/49		1,140,000		1,072,048
•LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ 5.452% 9/15/39		751,168		663,838
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47		717,000		746,587


	Principal Amount°		Value (U.S. $)

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Bank of America Merrill Lynch Trust (continued)
Series 2015-C23 A4 3.719% 7/15/50		1,618,000	$	1,676,463
Series 2015-C26 A5 3.531% 10/15/48		1,271,800		1,299,271
Series 2016-C29 A4 3.325% 5/15/49		710,000		713,593
•Morgan Stanley Capital I Trust Series 2015-MS1 A4 3.779% 5/15/48		1,750,000		1,825,687
#MSCG Trust Series 2016-SNR C 144A 5.205% 11/15/34		1,050,000		1,051,641
#VNDO Trust Series 2016-350P A 144A 3.805% 1/10/35		1,080,000		1,115,587
Wells Fargo Commercial Mortgage Trust
Series 2012-LC5 B 4.142% 10/15/45		474,000		490,779
Series 2015-NXS3 A4 3.617% 9/15/57		645,000		660,628
Series 2016-BNK1 A3 2.652% 8/15/49		3,750,000		3,574,378
•Series 2016-BNK1 XA 1.806% 8/15/49		18,030,268		2,286,182
•Series 2016-C36 XA 1.378% 11/15/59		43,070,624		3,940,260
•Series 2016-C37 C 4.495% 12/15/49		1,220,000		1,222,665

Total Non-Agency Commercial Mortgage-Backed Securities (Cost $74,229,106)				71,641,175


DREGIONAL BONDS–0.33%
Canada–0.23%
Province of British Columbia Canada 2.25% 6/2/26		1,445,000		1,390,271
Province of Manitoba Canada 2.125% 6/22/26		872,000		818,031
Province of Quebec Canada 2.50% 4/20/26		959,000		938,416

				3,146,718


	Principal Amount°		Value (U.S. $)

DREGIONAL BONDS (continued)
Japan–0.10%
Japan Finance Organization For Municipalities #144A 2.125% 4/13/21		1,468,000	$	1,445,664

				1,445,664

Total Regional Bonds (Cost $4,840,545)				4,592,382


DSOVEREIGN BONDS–2.81%
Colombia–0.26%
Colombia Government International Bond 5.625% 2/26/44		3,350,000		3,659,875

				3,659,875

Indonesia–0.31%
Indonesia Government International Bond
4.625% 4/15/43		950,000		959,216
#144A 4.875% 5/5/21		290,000		310,614
5.125% 1/15/45		2,790,000		2,963,594

				4,233,424

Kuwait–0.14%
#Kuwait International Government Bond 144A 3.50% 3/20/27		1,930,000		1,953,112

				1,953,112

Mexico–1.23%
Mexico Government International Bond
4.00% 10/2/23		8,000,000		8,260,000
4.75% 3/8/44		1,400,000		1,365,000
5.55% 1/21/45		6,710,000		7,271,963

				16,896,963

Peru–0.29%
Peruvian Government International Bond 6.55% 3/14/37		3,080,000		3,992,450

				3,992,450

Poland–0.58%
Poland Government International Bond 4.00% 1/22/24		7,560,000		7,949,816

				7,949,816

Total Sovereign Bonds (Cost $40,146,383)				38,685,640


	Principal Amount°		Value (U.S. $)

SUPRANATIONAL BANK–0.03%
FMS Wertmanagement 1.375% 6/8/21		476,000	$	462,215

Total Supranational Bank (Cost $478,212)				462,215


U.S. TREASURY OBLIGATIONS–26.81%
U.S. Treasury Bonds
2.50% 2/15/46		2,860,000		2,563,890
2.875% 11/15/46		3,390,000		3,289,890
3.00% 5/15/45		38,230,000		38,016,447
3.00% 2/15/47		2,170,000		2,162,668
3.375% 5/15/44		6,640,000		7,087,549
3.75% 11/15/43		56,470,000		64,269,919
U.S. Treasury Inflation Index Bonds
0.125% 4/15/21		29,201,385		29,521,637
0.125% 7/15/26		13,433,573		13,113,720
0.625% 1/15/26		4,854,500		4,945,279
1.00% 2/15/46		11,673,383		11,863,239
U.S. Treasury Notes
1.125% 6/30/21		116,261,000		112,911,637
1.125% 7/31/21		3,090,000		2,997,238
1.625% 11/30/20		13,740,000		13,701,624


	Principal Amount°		Value (U.S. $)

U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Notes (continued)
1.875% 1/31/22		1,110,000	$	1,107,723
1.875% 2/28/22		39,040,000		38,960,710
2.00% 12/31/21		860,000		863,410
2.125% 2/29/24		16,090,000		16,005,463
2.25% 11/15/25		6,030,000		5,979,004

Total U.S. Treasury Obligations (Cost $373,496,647)				369,361,047


	Number of Shares

MONEY MARKET FUND–20.86%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		287,379,395		287,379,395

Total Money Market Fund (Cost $287,379,395)				287,379,395

The following futures contracts and swap contracts were outstanding at March 31, 2017:

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

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Western Asset Core Bond Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Other debt securities and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask price, which approximates fair value. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) Lincoln iShares^® Fixed Income Allocation Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in Exchange-Traded Funds (“Underlying ETFs”) or financial instruments that provide exposure to such underlying ETFs, which in turn invest in fixed income securities. ETFs, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (“NYSE”) on the valuation date. ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities of each Underlying ETF are valued under the valuation policy of such Underlying ETF. For information regarding the determination of the Underlying ETFs’ NAVs, see the Underlying ETFs’ prospectuses and statements of additional information. Financial statements for the Underlying ETFs can be found at www.sec.gov.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) Lincoln iShares^® U.S. Moderate Allocation Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in Exchange-Traded Funds (“Underlying ETFs”) or financial instruments that provide exposure to such underlying ETFs, which in turn invest in equity and fixed income securities. ETFs, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (“NYSE”) on the valuation date. ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities of each Underlying ETF are valued under the valuation policy of such Underlying ETF. For information regarding the determination of the Underlying ETFs’ NAVs, see the Underlying ETFs’ prospectuses and statements of additional information. Financial statements for the Underlying ETFs can be found at www.sec.gov.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANIES–104.49%
Equity Funds–53.82%
iShares Core S&P 500 ETF		116	$	27,523
iShares Core S&P Mid-Cap ETF		102		17,464
iShares Core S&P Small-Cap ETF		68		4,703
iShares Edge MSCI Min Vol USA ETF		109		5,202
iShares Edge MSCI USA Momentum Factor ETF		6		496

				55,388

Fixed Income Funds–28.53%
iShares Core U.S. Aggregate Bond ETF		150		16,274
iShares Core U.S. Credit Bond ETF		56		6,155
iShares Core U.S. Treasury Bond ETF		80		2,004
iShares iBoxx $ High Yield Corporate Bond ETF		21		1,843
iShares iBoxx $ Investment Grade Corporate Bond ETF		9		1,061


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANIES (continued)
Fixed Income Funds (continued)
iShares MBS ETF		19	$	2,025

				29,362

International Equity Funds–22.14%
iShares Core MSCI EAFE ETF		351		20,340
iShares Core MSCI Emerging Markets ETF		51		2,437

				22,777

Total Investment Companies (Cost $104,860)				107,527

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) Lincoln iShares^® Global Growth Allocation Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund operates under a fund of funds structure and invests substantially all of its assets in Exchange-Traded Funds (“Underlying ETFs”) or financial instruments that provide exposure to such underlying ETFs, which in turn invest in equity and fixed income securities. ETFs, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (“NYSE”) on the valuation date. ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities of each Underlying ETF are valued under the valuation policy of such Underlying ETF. For information regarding the determination of the Underlying ETFs’ NAVs, see the Underlying ETFs’ prospectuses and statements of additional information. Financial statements for the Underlying ETFs can be found at www.sec.gov.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

During the period ended March 31, 2017, 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.

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.


		Investment Company Act file number 811-08090

		Lincoln Variable Insurance Products Trust
		(Exact name of registrant as specified in charter)

		1300 South Clinton Street
		Fort Wayne, Indiana 46802
		(Address of principal executive offices) (Zip code)

		Ronald A. Holinsky, Esq.
		Lincoln Financial Group
		150 North Radnor Chester Road
		Radnor, Pennsylvania 19087
		(Name and address of agent for service)


TOTAL VALUE OF SECURITIES–100.06% (Cost $771,209,016)		852,960,468
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)		(469,350	)

NET ASSETS APPLICABLE TO 68,807,558 SHARES OUTSTANDING–100.00%	$	852,491,118


Cost of investments	$	771,209,016

Aggregate unrealized appreciation	$	83,251,191
Aggregate unrealized depreciation		(1,499,739	)

Net unrealized appreciation	$	81,751,452


	Level 1
Investments:

Assets:
Affiliated Investment	$	25,531,983
Unaffiliated Investments		827,428,485

Total Investments	$	852,960,468


	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 3/31/17			Dividends		Capital Gain Distributions
American Funds Insurance Series^® - Mortgage Bond Fund		$	24,794,514		$	1,257,750		$	741,279		$	(12,436	)		$	233,434		$	25,531,983		$—		$	—


Level 1–		inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)
Level 2–		other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)
Level 3–		inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)


TOTAL VALUE OF SECURITIES–100.09% (Cost $188,289,481)		200,504,154
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.09%)		(189,478	)

NET ASSETS APPLICABLE TO 17,506,502 SHARES OUTSTANDING–100.00%	$	200,314,676


Cost of investments	$	188,289,481

Aggregate unrealized appreciation	$	12,641,762
Aggregate unrealized depreciation		(427,089	)

Net unrealized appreciation	$	12,214,673


TOTAL VALUE OF SECURITIES–100.10% (Cost $756,489,096)		849,422,875
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.10%)		(807,340	)

NET ASSETS APPLICABLE TO 66,086,994 SHARES OUTSTANDING–100.00%	$	848,615,535


Cost of investments	$	756,489,096

Aggregate unrealized appreciation	$	93,576,263
Aggregate unrealized depreciation		(642,484	)

Net unrealized appreciation	$	92,933,779


	Number of Shares		Value (U.S. $)

AFFILIATED INVESTMENTS–92.89%
Equity Funds–92.89%
*American Century VP–
Capital Appreciation Fund		4,235,519	$	60,356,149
Mid Cap Value Fund		11,325,292		241,002,207

Total Affiliated Investments (Cost $276,763,741)				301,358,356


	Number of Shares		Value (U.S. $)

UNAFFILIATED INVESTMENT–6.76%
Money Market Fund–6.76%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.58%)		21,909,425	$	21,909,425

Total Unaffiliated Investment (Cost $21,909,425)				21,909,425


TOTAL VALUE OF SECURITIES–99.65% (Cost $298,673,166)		323,267,781
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.35%		1,147,747

NET ASSETS APPLICABLE TO 25,120,251 SHARES OUTSTANDING–100.00%	$	324,415,528


Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation (Depreciation)
Currency Contracts:
3	British Pound	$	228,711	$	235,425		6/20/17	$	6,714
3	Euro		397,303		402,075		6/20/17		4,772
3	Japanese Yen		328,752		337,931		6/20/17		9,179

									20,665

Equity Contracts:
20	E-mini Russell 2000 Index		1,367,289		1,384,400		6/19/17		17,111
78	E-mini S&P 500 Index		9,226,081		9,200,880		6/17/17		(25,201	)
48	E-mini S&P MidCap 400 Index		8,217,714		8,247,360		6/19/17		29,646
12	Euro STOXX 50 Index		427,228		438,582		6/19/17		11,354
3	FTSE 100 Index		273,083		273,464		6/19/17		381
2	Nikkei 225 Index (OSE)		346,966		339,711		6/9/17		(7,255	)

									26,036

Total								$	46,701


Cost of investments	$	298,673,166

Aggregate unrealized appreciation	$	24,594,615
Aggregate unrealized depreciation		—

Net unrealized appreciation	$	24,594,615


	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 3/31/17			Dividends			Capital Gain Distributions
American Century VP Capital Appreciation Fund		$	47,857,957		$	12,567,184		$	762,403		$	(5,808	)		$	699,219		$	60,356,149		$	—		$	2,913,464
American Century VP Mid Cap Value			193,306,676			46,905,764			111,728			(3,422	)			904,917			241,002,207			1,110,180			4,783,586

Total		$	241,164,633		$	59,472,948		$	874,131		$	(9,230	)		$	1,604,136		$	301,358,356		$	1,110,180		$	7,697,050


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANY–100.06%
International Equity Fund–100.06%
American Funds Insurance Series^®– Global Growth Fund Class 1		5,259,406	$	138,795,686

Total Investment Company (Cost $124,149,020)				138,795,686


TOTAL VALUE OF SECURITIES–100.06% (Cost $124,149,020)				138,795,686
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)				(78,989	)

NET ASSETS APPLICABLE TO 8,058,090 SHARES OUTSTANDING–100.00%			$	138,716,697


Cost of investments	$	124,149,020

Aggregate unrealized appreciation		14,646,666
Aggregate unrealized depreciation		—

Net unrealized appreciation	$	14,646,666


	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		3,181,016	$	69,505,205

Total Investment Company (Cost $61,551,527)				69,505,205


TOTAL VALUE OF SECURITIES–100.07% (Cost $61,551,527)				69,505,205
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.07%)				(47,063	)

NET ASSETS APPLICABLE TO 4,431,999 SHARES OUTSTANDING–100.00%			$	69,458,142


Cost of investments	$	61,551,527

Aggregate unrealized appreciation	$	7,953,678
Aggregate unrealized depreciation		—

Net unrealized appreciation	$	7,953,678


	Number of Shares		Value (U.S. $)

INVESTMENT COMPANY–100.05%
Equity Fund–100.05%
American Funds Insurance Series^®– Growth Fund Class 1		5,611,694	$	412,514,492

Total Investment Company (Cost $333,902,750)				412,514,492


TOTAL VALUE OF SECURITIES–100.05% (Cost $333,902,750)				412,514,492
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.05%)				(225,483	)

NET ASSETS APPLICABLE TO 21,838,185 SHARES OUTSTANDING–100.00%			$	412,289,009


Cost of investments	$	333,902,750

Aggregate unrealized appreciation	$	78,611,742
Aggregate unrealized depreciation		—

Net unrealized appreciation	$	78,611,742


Cost of investments	$	287,083,304

Aggregate unrealized appreciation	$	63,489,660
Aggregate unrealized depreciation		—

Net unrealized appreciation	$	63,489,660


Cost of investments	$	140,523,859

Aggregate unrealized appreciation	$	14,644,383
Aggregate unrealized depreciation		—

Net unrealized appreciation	$	14,644,383


TOTAL VALUE OF SECURITIES–100.08% (Cost $1,837,283,252)		1,945,392,431
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.08%)		(1,533,074	)

NET ASSETS APPLICABLE TO 174,317,563 SHARES OUTSTANDING–100.00%	$	1,943,859,357


Cost of investments	$	1,837,283,252

Aggregate unrealized appreciation	$	115,307,609
Aggregate unrealized depreciation		(7,198,430	)

Net unrealized appreciation	$	108,109,179


TOTAL VALUE OF SECURITIES–100.05% (Cost $3,383,619,516)		3,643,196,005
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.05%)		(1,708,750	)

NET ASSETS APPLICABLE TO 316,502,342 SHARES OUTSTANDING–100.00%	$	3,641,487,255


Cost of investments	$	3,383,619,516

Aggregate unrealized appreciation	$	263,886,476
Aggregate unrealized depreciation		(4,309,987	)

Net unrealized appreciation	$	259,576,489


TOTAL VALUE OF SECURITIES–100.16% (Cost $634,706,512)		633,356,226
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.16%)		(1,035,421	)

NET ASSETS APPLICABLE TO 64,162,518 SHARES OUTSTANDING–100.00%	$	632,320,805


Cost of investments	$	634,706,512

Aggregate unrealized appreciation	$	1,653,100
Aggregate unrealized depreciation		(3,003,386	)

Net unrealized depreciation	$	(1,350,286	)


TOTAL VALUE OF SECURITIES–99.78% (Cost $234,045,071)		534,814,830
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.22%		1,157,804

NET ASSETS APPLICABLE TO 12,057,806 SHARES OUTSTANDING–100.00%	$	535,972,634


Cost of investments	$	234,045,071

Aggregate unrealized appreciation	$	311,378,800
Aggregate unrealized depreciation		(10,609,041	)

Net unrealized appreciation	$	300,769,759


TOTAL VALUE OF SECURITIES–99.77% (Cost $974,960,498)	$	1,180,669,345
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.23%		2,741,256

NET ASSETS APPLICABLE TO 62,669,177 SHARES OUTSTANDING–100.00%	$	1,183,410,601


Counterparty	Contracts to Receive (Deliver)		In Exchange For			Settlement Date		Unrealized Appreciation (Depreciation)
BAML	EUR	117,769	USD	(125,834	)		4/4/17	$	(177	)
CITI	CAD	80,000	USD	(60,175	)		4/4/17		(15	)
GSC	CAD	90,000	USD	(67,672	)		4/3/17		7
RBC	EUR	269,095	USD	(287,504	)		4/3/17		(396	)

Total								$	(581	)


Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation (Depreciation)
Currency Contracts:
20	British Pound	$	1,524,743	$	1,569,500		6/20/17	$	44,757
19	Euro		2,516,251		2,546,475		6/20/17		30,224
16	Japanese Yen		1,753,348		1,802,300		6/20/17		48,952

									123,933

Equity Contracts:
3	Dow Jones U.S. Real Estate Index		92,117		93,180		6/19/17		1,063
501	E-mini S&P 500 Index		59,259,055		59,097,960		6/17/17		(161,095	)
38	E-mini S&P MidCap 400 Index		6,504,222		6,529,160		6/19/17		24,938
80	Euro STOXX 50 Index		2,837,632		2,923,885		6/19/17		86,253
18	FTSE 100 Index		1,639,626		1,640,785		6/19/17		1,159
11	Nikkei 225 Index (OSE)		1,900,728		1,868,409		6/9/17		(32,319	)

									(80,001	)

Total								$	43,932