This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

Stocks may decline in value. Various factors, including costs, cash flows and security selection, may cause the Fund’s performance to differ from that of the index. Smaller company stocks tend to be more volatile than medium-sized or large company stocks. The Fund may lend securities to approved institutions. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. See the prospectus for details.

Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.

Deutsche AM Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Fund performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund’s most recent month-end performance. Performance figures for Classes A and B differ because each class maintains a distinct expense structure. Performance doesn’t reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2017 are 0.53% and 0.78% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC’s Web site at sec.gov, and it also may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling (800) SEC-0330. The Fund’s portfolio holdings are also posted on deutschefunds.com from time to time. Please see the Fund’s current prospectus for more information.

Senior Vice President, Northern Trust Investments, Inc., Subadvisor to the Fund Portfolio Manager


	Shares		Value ($)
Common Stocks 99.0%
Consumer Discretionary 12.3%
Auto Components 1.2%
American Axle & Manufacturing Holdings, Inc.*		16,445		256,542
Cooper Tire & Rubber Co.		10,314		372,335
Cooper-Standard Holdings, Inc.*		3,399		342,857
Dana, Inc.		28,190		629,483
Dorman Products, Inc.*		5,264		435,701
Fox Factory Holding Corp.*		6,787		241,617
Gentherm, Inc.*		7,166		278,041
Horizon Global Corp.*		4,951		71,096
LCI Industries		4,691		480,359
Modine Manufacturing Co.*		9,874		163,415
Motorcar Parts of America, Inc.*		3,759		106,154
Shiloh Industries, Inc.*		1,681		19,735
Standard Motor Products, Inc.		4,268		222,875
Stoneridge, Inc.*		5,309		81,812
Superior Industries International, Inc.		5,023		103,223
Tenneco, Inc.		10,345		598,251
Tower International, Inc.		3,896		87,465
VOXX International Corp.*		3,887		31,873

				4,522,834

Automobiles 0.1%
Winnebago Industries, Inc.		6,120		214,200

Distributors 0.1%
Core-Mark Holding Co., Inc.		8,880		293,573
Weyco Group, Inc.		1,254		34,961

				328,534

Diversified Consumer Services 0.9%
Adtalem Global Education, Inc.		12,177		462,117
American Public Education, Inc.*		3,258		77,052
Ascent Capital Group, Inc. “A”*		1,939		29,783
Bridgepoint Education, Inc.*		3,864		57,033
Cambium Learning Group, Inc.*		2,305		11,686
Capella Education Co.		2,291		196,109
Career Education Corp.*		12,781		122,698
Carriage Services, Inc.		2,890		77,914
Chegg, Inc.* (a)		16,241		199,602
Collectors Universe, Inc.		1,342		33,349
Grand Canyon Education, Inc.*		9,110		714,315
Houghton Mifflin Harcourt Co.*		20,111		247,365
K12, Inc.*		6,857		122,877
Laureate Education, Inc. “A”*		6,973		122,237
Liberty Tax, Inc.		1,055		13,662
Regis Corp.*		7,073		72,640
Sotheby’s*		7,404		397,373
Strayer Education, Inc.		2,095		195,296
Weight Watchers International, Inc.* (a)		5,445		181,972

				3,335,080

Hotels, Restaurants & Leisure 3.2%
Belmond Ltd. “A”*		17,436		231,899
Biglari Holdings, Inc.*		196		78,349
BJ’s Restaurants, Inc.*		4,164		155,109
Bloomin’ Brands, Inc.		19,371		411,246
Bob Evans Farms, Inc.		3,794		272,523


	Shares		Value ($)
Bojangles’, Inc.*		3,374		54,828
Boyd Gaming Corp.		16,114		399,788
Brinker International, Inc.		9,585		365,189
Buffalo Wild Wings, Inc.*		3,125		395,938
Caesars Acquisition Co. “A”*		9,693		184,652
Caesars Entertainment Corp.* (a)		10,770		129,240
Carrols Restaurant Group, Inc.*		6,649		81,450
Century Casinos, Inc.*		4,055		29,885
Churchill Downs, Inc.		2,630		482,079
Chuy’s Holdings, Inc.*		3,400		79,560
ClubCorp Holdings, Inc.		12,716		166,580
Cracker Barrel Old Country Store, Inc. (a)		3,726		623,173
Dave & Buster’s Entertainment, Inc.*		8,190		544,717
Del Frisco’s Restaurant Group, Inc.*		4,025		64,803
Del Taco Restaurants, Inc.*		6,424		88,330
Denny’s Corp.*		13,746		161,790
DineEquity, Inc.		3,333		146,819
Drive Shack, Inc.		12,229		38,521
El Pollo Loco Holdings, Inc.* (a)		3,848		53,295
Eldorado Resorts, Inc.*		9,028		180,560
Empire Resorts, Inc.* (a)		587		14,029
Fiesta Restaurant Group, Inc.*		4,820		99,533
Fogo De Chao, Inc.*		1,840		25,576
Golden Entertainment, Inc.*		1,959		40,571
ILG, Inc.		20,698		568,988
Inspired Entertainment, Inc.*		790		10,270
International Speedway Corp. “A”		4,867		182,756
Intrawest Resorts Holdings, Inc.*		2,488		59,065
J. Alexander’s Holdings, Inc.*		2,340		28,665
Jack in the Box, Inc.		6,164		607,154
La Quinta Holdings, Inc.*		15,873		234,444
Lindblad Expeditions Holdings, Inc.*		3,938		41,349
Marcus Corp.		3,511		106,032
Marriott Vacations Worldwide Corp.		4,267		502,439
Monarch Casino & Resort, Inc.*		2,125		64,281
Nathan’s Famous, Inc.*		579		36,477
Noodles & Co.*		2,106		8,213
Papa John’s International, Inc.		5,278		378,749
Penn National Gaming, Inc.*		16,356		350,018
Pinnacle Entertainment, Inc.*		10,183		201,216
Planet Fitness, Inc. “A”		16,400		382,776
Potbelly Corp.*		4,513		51,900
RCI Hospitality Holdings, Inc.		1,779		42,411
Red Lion Hotels Corp.*		2,685		19,735
Red Robin Gourmet Burgers, Inc.*		2,488		162,342
Red Rock Resorts, Inc. “A”		13,232		311,614
Ruby Tuesday, Inc.*		11,518		23,151
Ruth’s Hospitality Group, Inc.		6,029		131,131
Scientific Games Corp. “A”*		10,420		271,962
SeaWorld Entertainment, Inc.		13,243		215,464
Shake Shack, Inc. “A”* (a)		4,271		148,972
Sonic Corp.		8,099		214,543
Speedway Motorsports, Inc.		2,192		40,048
Texas Roadhouse, Inc.		13,099		667,394
The Cheesecake Factory, Inc.		8,736		439,421
The Habit Restaurants, Inc. “A”* (a)		3,936		62,189


	Shares		Value ($)
Wingstop, Inc. (a)		5,653		174,678
Zoe’s Kitchen, Inc.* (a)		3,851		45,865

				12,385,744

Household Durables 1.4%
AV Homes, Inc.*		2,197		44,050
Bassett Furniture Industries, Inc.		1,910		72,484
Beazer Homes U.S.A., Inc.*		5,966		81,853
Cavco Industries, Inc.*		1,684		218,331
Century Communities, Inc.*		3,507		86,974
CSS Industries, Inc.		1,699		44,446
Ethan Allen Interiors, Inc.		4,910		158,593
Flexsteel Industries, Inc.		1,486		80,407
GoPro, Inc. “A”* (a)		20,910		169,998
Green Brick Partners, Inc.* (a)		4,496		51,479
Helen of Troy Ltd.*		5,310		499,671
Hooker Furniture Corp.		2,186		89,954
Hovnanian Enterprises, Inc. “A”*		22,782		63,790
Installed Building Products, Inc.*		4,217		223,290
iRobot Corp.*		5,149		433,237
KB HOME		16,287		390,399
La-Z-Boy, Inc.		9,414		305,955
LGI Homes, Inc.* (a)		3,369		135,366
Libbey, Inc.		4,384		35,335
Lifetime Brands, Inc.		2,058		37,353
M.D.C. Holdings, Inc.		8,132		287,304
M/I Homes, Inc.*		4,533		129,417
Meritage Homes Corp.*		7,451		314,432
NACCO Industries, Inc. “A”		833		59,018
New Home Co., Inc.*		2,265		25,980
PICO Holdings, Inc.*		4,104		71,820
Taylor Morrison Home Corp. “A”*		11,906		285,863
TopBuild Corp.*		7,186		381,361
TRI Pointe Group, Inc.*		30,704		404,986
UCP, Inc. “A”*		1,541		16,874
Universal Electronics, Inc.*		2,767		184,974
William Lyon Homes “A”*		4,529		109,330
ZAGG, Inc.*		5,246		45,378

				5,539,702

Internet & Direct Marketing Retail 0.5%
1-800 FLOWERS.COM, Inc. “A”*		5,129		50,008
Duluth Holdings, Inc. “B”*		1,818		33,106
Etsy, Inc.*		22,518		337,770
FTD Companies, Inc.*		3,052		61,040
Gaia, Inc.*		2,021		22,635
Groupon, Inc.*		66,106		253,847
HSN, Inc.		6,370		203,203
Lands’ End, Inc.* (a)		2,586		38,531
Liberty TripAdvisor Holdings, Inc. “A”*		14,079		163,316
NutriSystem, Inc.		5,769		300,277
Overstock.com, Inc.*		3,279		53,448
PetMed Express, Inc. (a)		3,744		152,006
Shutterfly, Inc.*		6,692		317,870

				1,987,057

Leisure Products 0.4%
Acushnet Holdings Corp.		4,717		93,585
American Outdoor Brands Corp.* (a)		11,087		245,688
Black Diamond, Inc.*		3,982		26,480
Callaway Golf Co.		17,820		227,740
Escalade, Inc.		1,919		25,139
Johnson Outdoors, Inc. “A”		976		47,053


	Shares		Value ($)
Malibu Boats, Inc. “A”*		3,364		87,027
Marine Products Corp.		1,235		19,278
MCBC Holdings, Inc.*		3,545		69,305
Nautilus, Inc.*		6,120		117,198
Sturm, Ruger & Co., Inc. (a)		3,404		211,559
Vista Outdoor, Inc.*		11,124		250,401

				1,420,453

Media 1.3%
AMC Entertainment Holdings, Inc. “A”		10,666		242,651
Beasley Broadcast Group, Inc. “A”		957		9,379
Central European Media Enterprises Ltd. “A”* (a)		16,109		64,436
Clear Channel Outdoor Holdings, Inc. “A”		7,029		34,091
Daily Journal Corp.*		204		42,081
Emerald Expositions Events, Inc.		3,057		66,948
Entercom Communications Corp. “A”		5,378		55,662
Entravision Communications Corp. “A”		12,382		81,721
Eros International PLC*		5,608		64,212
Gannett Co., Inc.		21,793		190,035
Global Eagle Entertainment, Inc.*		9,108		32,424
Gray Television, Inc.*		12,814		175,552
Hemisphere Media Group, Inc.*		3,161		37,458
IMAX Corp.*		11,242		247,324
Liberty Media Corp.-Liberty Braves “A”*		2,145		51,244
Liberty Media Corp.-Liberty Braves “C”*		6,819		163,451
Loral Space & Communications, Inc.*		2,415		100,343
MDC Partners, Inc. “A”		10,840		107,316
Meredith Corp.		7,709		458,300
MSG Networks, Inc. “A”*		11,709		262,867
National CineMedia, Inc.		12,070		89,559
New Media Investment Group, Inc.		10,004		134,854
New York Times Co. “A”		24,204		428,411
Nexstar Media Group, Inc. “A”		8,855		529,529
Reading International, Inc. “A”*		3,089		49,826
Saga Communications, Inc. “A”		704		32,208
Salem Media Group, Inc.		2,108		14,967
Scholastic Corp.		5,537		241,358
Sinclair Broadcast Group, Inc. “A”		14,063		462,673
The E.W. Scripps Co. “A”*		11,084		197,406
Time, Inc.		19,505		279,897
Townsquare Media, Inc. “A”*		1,342		13,742
tronc, Inc.*		3,837		49,459
World Wrestling Entertainment, Inc. “A” (a)		7,312		148,945

				5,160,329

Multiline Retail 0.4%
Big Lots, Inc.		8,840		426,972
Dillard’s, Inc. “A” (a)		2,944		169,839
Fred’s, Inc. “A” (a)		7,046		65,035
J.C. Penney Co., Inc.* (a)		60,348		280,618
Ollie’s Bargain Outlet Holdings, Inc.*		9,242		393,709
Sears Holdings Corp.* (a)		2,132		18,890

				1,355,063


	Shares		Value ($)
Specialty Retail 2.1%
Aaron’s, Inc.		12,327		479,520
Abercrombie & Fitch Co. “A”		13,369		166,310
America’s Car-Mart, Inc.*		1,543		60,023
American Eagle Outfitters, Inc.		31,533		379,973
Asbury Automotive Group, Inc.*		3,642		205,955
Ascena Retail Group, Inc.* (a)		35,040		75,336
At Home Group, Inc.* (a)		981		22,847
Barnes & Noble Education, Inc.*		7,595		80,735
Barnes & Noble, Inc.		11,455		87,058
Big 5 Sporting Goods Corp. (a)		4,080		53,244
Boot Barn Holdings, Inc.* (a)		2,366		16,751
Build-A-Bear Workshop, Inc.*		2,399		25,070
Caleres, Inc.		8,356		232,130
Camping World Holdings, Inc. “A”		2,280		70,338
Carvana Co.* (a)		2,949		60,366
Cato Corp. “A”		4,480		78,803
Chico’s FAS, Inc.		24,920		234,746
Citi Trends, Inc.		2,773		58,843
Conn’s, Inc.* (a)		3,657		69,849
DSW, Inc. “A”		12,529		221,763
Express, Inc.*		14,962		100,993
Five Below, Inc.*		10,464		516,608
Francesca’s Holdings Corp.*		7,330		80,190
Genesco, Inc.*		3,794		128,617
GNC Holdings, Inc. “A” (a)		13,339		112,448
Group 1 Automotive, Inc.		3,942		249,607
Guess?, Inc.		11,908		152,184
Haverty Furniture Companies, Inc.		3,810		95,631
Hibbett Sports, Inc.*		4,121		85,511
J. Jill, Inc.*		2,284		28,070
Kirkland’s, Inc.*		2,658		27,324
Lithia Motors, Inc. “A”		4,530		426,862
Lumber Liquidators Holdings, Inc.* (a)		5,650		141,589
MarineMax, Inc.*		5,083		99,373
Monro Muffler Brake, Inc.		6,272		261,856
Office Depot, Inc.		99,586		561,665
Party City Holdco, Inc.* (a)		5,105		79,893
Pier 1 Imports, Inc.		16,417		85,204
Rent-A-Center, Inc. (a)		8,328		97,604
RH* (a)		6,562		423,380
Select Comfort Corp.*		7,989		283,530
Shoe Carnival, Inc.		2,252		47,022
Sonic Automotive, Inc. “A”		5,024		97,717
Sportsman’s Warehouse Holdings, Inc.* (a)		7,052		38,081
Tailored Brands, Inc. (a)		9,696		108,207
The Buckle, Inc. (a)		5,631		100,232
The Children’s Place, Inc.		3,335		340,503
The Container Store Group, Inc.* (a)		2,885		17,079
The Finish Line, Inc. “A”		7,460		105,708
Tile Shop Holdings, Inc.		6,620		136,703
Tilly’s, Inc. “A”		2,933		29,770
Vitamin Shoppe, Inc.*		3,930		45,785
West Marine, Inc.		3,410		43,819
Winmark Corp.		449		57,899
Zumiez, Inc.*		3,648		45,053

				7,931,377

Textiles, Apparel & Luxury Goods 0.7%
Columbia Sportswear Co.		5,695		330,652
Crocs, Inc.*		14,789		114,023


	Shares		Value ($)
Culp, Inc.		2,036		66,170
Deckers Outdoor Corp.*		6,154		420,072
Delta Apparel, Inc.*		1,344		29,810
Fossil Group, Inc.*		8,412		87,064
G-III Apparel Group Ltd.*		8,356		208,482
Iconix Brand Group, Inc.*		9,847		68,043
Movado Group, Inc.		2,815		71,079
Oxford Industries, Inc.		3,208		200,468
Perry Ellis International, Inc.*		2,456		47,794
Sequential Brands Group, Inc.* (a)		7,443		29,698
Steven Madden Ltd.*		11,517		460,104
Superior Uniform Group, Inc.		1,638		36,609
Unifi, Inc.*		2,970		91,476
Vera Bradley, Inc.*		4,130		40,391
Wolverine World Wide, Inc.		18,377		514,740

				2,816,675

Consumer Staples 2.7%
Beverages 0.2%
Boston Beer Co., Inc. “A”*		1,715		226,637
Castle Brands, Inc.* (a)		16,961		29,173
Coca-Cola Bottling Co. Consolidated		902		206,441
Craft Brew Alliance, Inc.*		2,560		43,136
MGP Ingredients, Inc.		2,569		131,456
National Beverage Corp.		2,262		211,633
Primo Water Corp.*		4,652		59,080

				907,556

Food & Staples Retailing 0.5%
Ingles Markets, Inc. “A”		2,813		93,673
Natural Grocers by Vitamin Cottage, Inc.*		1,700		14,059
Performance Food Group Co.*		13,822		378,723
PriceSmart, Inc.		4,292		375,979
Smart & Final Stores, Inc.*		4,309		39,212
SpartanNash Co.		7,252		188,262
SUPERVALU, Inc.*		51,705		170,109
The Andersons, Inc.		5,292		180,722
The Chefs’ Warehouse, Inc.*		3,784		49,192
United Natural Foods, Inc.*		9,858		361,789
Village Super Market, Inc. “A”		1,478		38,310
Weis Markets, Inc.		1,959		95,442

				1,985,472

Food Products 1.3%
Alico, Inc.		689		21,566
Amplify Snack Brands, Inc.* (a)		6,587		63,499
B&G Foods, Inc.		12,735		453,366
Cal-Maine Foods, Inc.* (a)		6,046		239,421
Calavo Growers, Inc.		3,057		211,086
Darling Ingredients, Inc.*		31,950		502,893
Dean Foods Co.		17,703		300,951
Farmer Brothers Co.*		1,669		50,487
Fresh Del Monte Produce, Inc.		6,428		327,249
Freshpet, Inc.* (a)		4,957		82,286
Hostess Brands, Inc.*		15,571		250,693
J & J Snack Foods Corp.		2,895		382,343
John B. Sanfilippo & Son, Inc.		1,695		106,971
Lancaster Colony Corp.		3,636		445,846
Landec Corp.*		5,479		81,363
Lifeway Foods, Inc.*		911		8,509
Limoneira Co.		2,309		54,562
Omega Protein Corp.		4,212		75,395


	Shares		Value ($)
Sanderson Farms, Inc.		3,908		451,960
Seneca Foods Corp. “A”*		1,500		46,575
Snyder’s-Lance, Inc.		16,745		579,712
Tootsie Roll Industries, Inc. (a)		3,296		114,866

				4,851,599

Household Products 0.3%
Central Garden & Pet Co.*		1,917		60,941
Central Garden & Pet Co. “A”*		6,919		207,708
HRG Group, Inc.*		23,066		408,499
Oil-Dri Corp. of America		930		39,069
Orchids Paper Products Co. (a)		1,743		22,572
WD-40 Co.		2,694		297,283

				1,036,072

Personal Products 0.2%
elf Beauty, Inc.*		4,040		109,929
Inter Parfums, Inc.		3,248		119,039
Medifast, Inc.		2,092		86,755
Natural Health Trends Corp.		1,400		38,990
Nature’s Sunshine Products, Inc.		2,168		28,726
Nutraceutical International Corp.		1,508		62,808
Revlon, Inc. “A”*		2,276		53,941
USANA Health Sciences, Inc.*		2,266		145,251

				645,439

Tobacco 0.2%
Turning Point Brands, Inc.*		1,127		17,288
Universal Corp.		4,859		314,377
Vector Group Ltd.		18,345		391,116

				722,781

Energy 3.6%
Energy Equipment & Services 1.5%
Archrock, Inc.		13,986		159,440
Atwood Oceanics, Inc.* (a)		14,618		119,137
Basic Energy Services, Inc.*		3,385		84,287
Bristow Group, Inc. (a)		6,436		49,235
C&J Energy Services, Inc.*		9,024		309,253
CARBO Ceramics, Inc.* (a)		4,518		30,948
Diamond Offshore Drilling, Inc.*		12,577		136,209
Dril-Quip, Inc.*		7,364		359,363
Ensco PLC “A”		59,290		305,937
Era Group, Inc.*		4,220		39,921
Exterran Corp.*		6,355		169,679
Fairmount Santrol Holdings, Inc.* (a)		30,171		117,667
Forum Energy Technologies, Inc.*		13,419		209,337
Frank’s International NV (a)		9,679		80,239
Geospace Technologies Corp.*		2,477		34,257
Gulf Island Fabrication, Inc.		2,658		30,833
Helix Energy Solutions Group, Inc.*		27,902		157,367
Independence Contract Drilling, Inc.*		5,722		22,259
Keane Group, Inc.*		6,131		98,096
Key Energy Services, Inc.*		2,009		38,653
Mammoth Energy Services, Inc.* (a)		1,403		26,096
Matrix Service Co.*		5,300		49,555
McDermott International, Inc.*		55,031		394,572
Natural Gas Services Group*		2,293		56,981
NCS Multistage Holdings, Inc.*		2,143		53,961
Newpark Resources, Inc.*		16,624		122,186


	Shares		Value ($)
Noble Corp. PLC		47,526		172,044
Oil States International, Inc.*		9,981		270,984
Parker Drilling Co.*		29,278		39,525
PHI, Inc. (Non Voting)*		2,151		20,994
Pioneer Energy Services Corp.*		14,307		29,329
ProPetro Holding Corp.*		4,911		68,558
RigNet, Inc.*		2,305		36,995
Rowan Companies PLC “A”*		22,694		232,387
SEACOR Holdings, Inc.*		3,203		109,863
SEACOR Marine Holdings, Inc.*		3,220		65,559
Select Energy Services, Inc. “A”*		735		8,930
Smart Sand, Inc.* (a)		4,246		37,832
Solaris Oilfield Infrastructure, Inc. “A”*		1,955		22,541
Superior Energy Services, Inc.*		29,625		308,989
Tesco Corp.*		9,763		43,445
TETRA Technologies, Inc.*		21,947		61,232
U.S. Silica Holdings, Inc.		15,888		563,865
Unit Corp.*		9,984		187,000
Willbros Group, Inc.*		8,232		20,333

				5,555,873

Oil, Gas & Consumable Fuels 2.1%
Abraxas Petroleum Corp.*		28,269		45,796
Adams Resources & Energy, Inc.		426		17,500
Alon U.S.A. Energy, Inc.		6,593		87,819
Approach Resources, Inc.* (a)		8,431		28,412
Arch Coal, Inc. “A”		4,269		291,573
Ardmore Shipping Corp.		5,580		45,477
Bill Barrett Corp.*		14,782		45,381
Bonanza Creek Energy, Inc.*		3,955		125,413
California Resources Corp.* (a)		8,305		71,008
Callon Petroleum Co.*		39,240		416,336
Carrizo Oil & Gas, Inc.*		12,259		213,552
Clean Energy Fuels Corp.*		26,630		67,640
Cloud Peak Energy, Inc.*		14,448		51,001
Contango Oil & Gas Co.*		4,447		29,528
CVR Energy, Inc. (a)		3,024		65,802
Delek U.S. Holdings, Inc.		11,870		313,843
Denbury Resources, Inc.* (a)		77,491		118,561
DHT Holdings, Inc.		15,093		62,636
Dorian LPG Ltd.*		3,204		26,209
Earthstone Energy, Inc. “A”*		1,936		19,379
Eclipse Resources Corp.*		17,048		48,757
Energy XXI Gulf Coast, Inc.*		5,756		106,889
EP Energy Corp. “A”* (a)		7,346		26,886
Evolution Petroleum Corp.		4,661		37,754
Frontline Ltd. (a)		14,270		81,767
GasLog Ltd. (a)		8,272		126,148
Gastar Exploration, Inc.*		34,037		31,518
Gener8 Maritime, Inc.*		9,209		52,399
Golar LNG Ltd.		18,524		412,159
Green Plains, Inc.		7,287		149,748
Halcon Resources Corp.*		11,912		54,080
Hallador Energy Co.		3,139		24,390
International Seaways, Inc.*		5,735		124,277
Isramco, Inc.*		166		18,990
Jagged Peak Energy, Inc.* (a)		6,295		84,038
Jones Energy, Inc. “A”* (a)		6,383		10,213
Lilis Energy, Inc.*		8,332		40,827
Matador Resources Co.*		17,546		374,958
Midstates Petroleum Co., Inc.*		2,225		28,191
Navios Maritime Acquisition Corp.		15,053		22,128
Nordic American Tankers Ltd. (a)		19,172		121,551


	Shares		Value ($)
Oasis Petroleum, Inc.*		45,996		370,268
Overseas Shipholding Group, Inc. “A”*		7,618		20,264
Pacific Ethanol, Inc.*		8,033		50,206
Panhandle Oil & Gas, Inc. “A”		3,085		71,264
Par Pacific Holdings, Inc.*		6,389		115,258
PDC Energy, Inc.*		12,872		554,912
Peabody Energy Corp.*		9,562		233,791
Penn Virginia Corp.*		2,781		102,202
Renewable Energy Group, Inc.*		7,073		91,595
Resolute Energy Corp.* (a)		4,222		125,689
REX American Resources Corp.*		1,155		111,527
Ring Energy, Inc.*		8,836		114,868
Sanchez Energy Corp.* (a)		14,281		102,538
SandRidge Energy, Inc.*		6,814		117,269
Scorpio Tankers, Inc.		33,364		132,455
SemGroup Corp. “A”		12,731		343,737
Ship Finance International Ltd. (a)		11,752		159,827
SilverBow Resources, Inc.*		1,365		35,708
SRC Energy, Inc.*		39,150		263,480
Stone Energy Corp.*		3,798		69,807
Teekay Corp. (a)		11,261		75,111
Teekay Tankers Ltd. “A”		22,175		41,689
Tellurian, Inc.*		10,789		108,214
Ultra Petroleum Corp.* (a)		37,974		412,018
Uranium Energy Corp.* (a)		26,552		42,218
W&T Offshore, Inc.* (a)		18,318		35,903
Westmoreland Coal Co.*		3,686		17,951
WildHorse Resource Development Corp.* (a)		3,944		48,787

				8,089,090

Financials 18.0%
Banks 10.4%
1st Source Corp.		3,151		151,059
Access National Corp.		2,773		73,540
ACNB Corp.		1,136		34,648
Allegiance Bancshares, Inc.*		2,318		88,779
American National Bankshares, Inc.		1,484		54,834
Ameris Bancorp.		7,145		344,389
Ames National Corp. (a)		1,604		49,082
Arrow Financial Corp.		2,222		70,326
Atlantic Capital Bancshares, Inc.*		4,060		77,140
Banc of California, Inc. (a)		8,465		181,998
BancFirst Corp.		1,681		162,385
Banco Latinoamericano de Comercio Exterior SA “E”		5,734		156,997
BancorpSouth, Inc.		16,696		509,228
Bank of Commerce Holdings		3,002		33,172
Bank of Marin Bancorp.		1,221		75,153
Bank of NT Butterfield & Son Ltd.		10,453		356,447
Bankwell Financial Group, Inc.		1,086		33,916
Banner Corp.		6,380		360,534
Bar Harbor Bankshares		2,790		85,988
BCB Bancorp., Inc.		1,855		28,382
Berkshire Hills Bancorp., Inc.		6,908		242,816
Blue Hills Bancorp., Inc.		4,571		81,821
Boston Private Financial Holdings, Inc.		16,064		246,582
Bridge Bancorp., Inc.		3,764		125,341
Brookline Bancorp., Inc.		14,607		213,262
Bryn Mawr Bank Corp.		3,166		134,555
C&F Financial Corp.		613		28,750


	Shares		Value ($)
Cadence BanCorp.*		1,690		36,977
California First National Bancorp.		451		8,501
Camden National Corp.		2,890		124,010
Canadian Imperial Bank of Commerce		1		58
Capital Bank Financial Corp. “A”		5,655		215,456
Capital City Bank Group, Inc.		2,067		42,208
Capstar Financial Holdings, Inc.*		1,690		29,981
Carolina Financial Corp.		2,787		90,076
Cathay General Bancorp.		14,671		556,764
Centerstate Banks, Inc.		10,451		259,812
Central Pacific Financial Corp.		5,767		181,487
Central Valley Community Bancorp.		2,078		46,048
Century Bancorp., Inc. “A”		543		34,535
Chemical Financial Corp.		13,782		667,187
Chemung Financial Corp.		597		24,405
Citizens & Northern Corp.		2,448		56,940
City Holding Co.		2,918		192,209
Civista Bancshares, Inc.		1,923		40,152
CNB Financial Corp.		3,033		72,701
CoBiz Financial, Inc.		7,673		133,510
Codorus Valley Bancorp., Inc.		1,539		43,708
Columbia Banking System, Inc.		11,289		449,867
Commerce Union Bancshares, Inc. (a)		1,358		32,415
Community Bank System, Inc.		9,517		530,763
Community Bankers Trust Corp.*		4,167		34,378
Community Financial Corp.		774		29,799
Community Trust Bancorp., Inc.		2,932		128,275
ConnectOne Bancorp., Inc.		5,996		135,210
County Bancorp., Inc.		914		21,936
CU Bancorp.*		3,300		119,295
Customers Bancorp., Inc.*		5,603		158,453
CVB Financial Corp.		20,120		451,292
DNB Financial Corp.		610		20,923
Eagle Bancorp., Inc.*		6,127		387,839
Enterprise Bancorp., Inc.		1,828		64,967
Enterprise Financial Services Corp.		4,294		175,195
Equity Bancshares, Inc. “A”*		2,074		63,547
Evans Bancorp., Inc.		898		35,875
Farmers & Merchants Bancorp., Inc. (a)		863		53,506
Farmers Capital Bank Corp.		1,329		51,233
Farmers National Banc Corp.		4,719		68,426
FB Financial Corp.*		1,337		48,386
FCB Financial Holdings, Inc. “A”*		6,834		326,323
Fidelity Southern Corp.		4,172		95,372
Financial Institutions, Inc.		2,744		81,771
First BanCorp.*		31,871		184,533
First BanCorp. — North Carolina		4,852		151,674
First Bancorp., Inc.		1,889		51,116
First Bancshares, Inc.		1,655		45,678
First Busey Corp.		6,236		182,840
First Business Financial Services, Inc.		1,532		35,359
First Citizens BancShares, Inc. “A”		1,440		536,688
First Commonwealth Financial Corp.		18,795		238,321
First Community Bancshares, Inc.		3,399		92,963
First Community Financial Partners, Inc.*		2,567		33,114
First Connecticut Bancorp, Inc.		2,610		66,947


	Shares		Value ($)
First Financial Bancorp.		12,098		335,115
First Financial Bankshares, Inc.		12,281		542,820
First Financial Corp. — Indiana		2,068		97,816
First Financial Northwest, Inc.		1,664		26,840
First Foundation, Inc.*		5,595		91,926
First Guaranty Bancshares, Inc.		768		20,920
First Internet Bancorp.		1,355		38,008
First Interstate BancSystem, Inc. “A”		5,085		189,162
First Merchants Corp.		7,988		320,638
First Mid-Illinois Bancshares, Inc.		1,960		67,110
First Midwest Bancorp., Inc.		19,836		462,377
First Northwest Bancorp.*		2,109		33,259
First of Long Island Corp.		4,539		129,815
Flushing Financial Corp.		5,374		151,493
FNB Bancorp.		1,037		28,476
Franklin Financial Network, Inc.*		2,199		90,709
Fulton Financial Corp.		33,287		632,453
German American Bancorp., Inc.		4,058		138,337
Glacier Bancorp., Inc.		14,934		546,734
Great Southern Bancorp., Inc.		2,035		108,873
Great Western Bancorp., Inc.		11,479		468,458
Green Bancorp., Inc.*		3,938		76,397
Guaranty Bancorp.		4,563		124,114
Guaranty Bancshares, Inc.		390		12,461
Hancock Holding Co.		16,436		805,364
Hanmi Financial Corp.		6,174		175,650
HarborOne Bancorp., Inc.*		2,370		47,305
Heartland Financial U.S.A., Inc.		4,802		226,174
Heritage Commerce Corp.		6,994		96,377
Heritage Financial Corp.		5,613		148,745
Hilltop Holdings, Inc.		14,633		383,531
Home Bancshares, Inc.		25,137		625,911
HomeTrust Bancshares, Inc.*		3,166		77,250
Hope Bancorp., Inc.		25,304		471,920
Horizon Bancorp.		4,307		113,489
Howard Bancorp., Inc.*		1,718		33,072
IBERIABANK Corp.		9,826		800,819
Independent Bank Corp.		5,253		350,112
Independent Bank Corp.		3,798		82,607
Independent Bank Group, Inc.		3,430		204,085
International Bancshares Corp.		10,629		372,546
Investar Holding Corp.		1,595		36,526
Investors Bancorp., Inc.		50,466		674,226
Lakeland Bancorp., Inc.		8,700		163,995
Lakeland Financial Corp.		4,809		220,637
LCNB Corp.		1,677		33,540
LegacyTexas Financial Group, Inc.		9,191		350,453
Live Oak Bancshares, Inc. (a)		3,705		89,661
Macatawa Bank Corp.		4,982		47,528
MainSource Financial Group, Inc.		4,783		160,278
MB Financial, Inc.		15,732		692,837
MBT Financial Corp.		3,340		32,398
Mercantile Bank Corp.		3,280		103,254
Middlefield Banc Corp.		510		25,704
Midland States Bancorp., Inc.		2,972		99,621
MidSouth Bancorp., Inc.		1,741		20,457
MidWestOne Financial Group, Inc.		2,171		73,575
MutualFirst Financial, Inc.		1,296		46,267
National Bank Holdings Corp. “A”		4,836		160,120
National Bankshares, Inc. (a)		1,314		53,611
National Commerce Corp.*		2,034		80,445
NBT Bancorp., Inc.		8,215		303,544
Nicolet Bankshares, Inc.*		1,737		95,031


	Shares		Value ($)
Northeast Bancorp.		1,409		28,673
Northrim BanCorp., Inc.		1,276		38,790
Norwood Financial Corp.		745		31,476
OFG Bancorp.		8,803		88,030
Ohio Valley Banc Corp.		794		28,624
Old Line Bancshares, Inc.		1,592		44,863
Old National Bancorp.		26,084		449,949
Old Point Financial Corp.		706		23,213
Old Second Bancorp., Inc.		5,341		61,689
Opus Bank		4,030		97,526
Orrstown Financial Services, Inc.		1,404		32,081
Pacific Continental Corp.		4,378		111,858
Pacific Mercantile Bancorp.*		2,922		25,714
Pacific Premier Bancorp., Inc.*		7,603		280,551
Paragon Commercial Corp.* (a)		820		43,025
Park National Corp.		2,610		270,709
Park Sterling Corp.		10,435		123,968
Parke Bancorp., Inc.		1,109		24,842
Peapack-Gladstone Financial Corp.		3,291		102,975
Penns Woods Bancorp., Inc.		859		35,374
People’s Utah Bancorp.		2,817		75,496
Peoples Bancorp. of North Carolina, Inc.		825		26,070
Peoples Bancorp., Inc.		3,275		105,226
Peoples Financial Services Corp. (a)		1,347		58,904
Preferred Bank		2,442		130,574
Premier Financial Bancorp., Inc.		1,768		36,438
QCR Holdings, Inc.		2,317		109,826
Renasant Corp.		8,373		366,235
Republic Bancorp., Inc. “A”		1,886		67,330
Republic First Bancorp., Inc.*		9,781		90,474
S&T Bancorp., Inc.		6,807		244,099
Sandy Spring Bancorp., Inc.		4,705		191,305
Seacoast Banking Corp. of Florida*		7,753		186,847
ServisFirst Bancshares, Inc.		9,013		332,490
Shore Bancshares, Inc.		2,371		39,003
Sierra Bancorp.		2,278		55,925
Simmons First National Corp. “A”		5,931		313,750
SmartFinancial, Inc.*		1,390		33,193
South State Corp.		5,610		480,777
Southern First Bancshares, Inc.*		1,346		49,869
Southern National Bancorp. of Virginia, Inc.		3,599		63,342
Southside Bancshares, Inc.		5,287		184,726
Southwest Bancorp., Inc.		3,379		86,333
State Bank Financial Corp.		7,389		200,390
Sterling Bancorp.		25,620		595,665
Stock Yards Bancorp., Inc.		4,292		166,959
Stonegate Bank		2,719		125,563
Summit Financial Group, Inc.		2,119		46,618
Sun Bancorp, Inc.		2,044		50,385
Sunshine Bancorp., Inc.*		1,440		30,686
Texas Capital Bancshares, Inc.*		9,717		752,096
The Bancorp., Inc.*		9,761		73,988
Tompkins Financial Corp.		2,891		227,580
TowneBank		10,926		336,521
TriCo Bancshares		4,099		144,080
TriState Capital Holdings, Inc.*		4,308		108,562
Triumph Bancorp., Inc.*		3,020		74,141
Trustmark Corp.		13,074		420,460
Two River Bancorp.		1,405		26,119
UMB Financial Corp.		8,823		660,490


	Shares		Value ($)
Umpqua Holdings Corp.		42,973		788,984
Union Bankshares Corp.		8,500		288,150
Union Bankshares, Inc.		740		35,150
United Bankshares, Inc.		19,443		762,166
United Community Banks, Inc.		13,711		381,166
United Securities Bancshares		2,548		23,569
Unity Bancorp., Inc.		1,507		25,920
Univest Corp. of Pennsylvania		4,961		148,582
Valley National Bancorp.		50,218		593,075
Veritex Holdings, Inc.*		2,777		73,118
Washington Trust Bancorp., Inc.		3,012		155,269
WashingtonFirst Bankshares, Inc.		1,895		65,434
WesBanco, Inc.		8,177		323,319
West Bancorp.		3,159		74,710
Westamerica Bancorp. (a)		5,007		280,592
Wintrust Financial Corp.		10,779		823,947
Xenith Bankshares, Inc.*		982		30,501

				39,541,221

Capital Markets 1.3%
Arlington Asset Investment Corp. “A” (a)		4,775		65,274
Artisan Partners Asset Management, Inc. “A”		8,674		266,292
Associated Capital Group, Inc. “A”		852		28,968
B. Riley Financial, Inc.		2,556		47,414
Cohen & Steers, Inc.		4,156		168,484
Cowen, Inc.*		4,963		80,649
Diamond Hill Investment Group		623		124,226
Donnelley Financial Solution, Inc.*		5,142		118,060
Evercore Partners, Inc. “A”		7,952		560,616
Fifth Street Asset Management, Inc.		1,129		5,476
Financial Engines, Inc.		11,383		416,618
Gain Capital Holdings, Inc.		7,086		44,146
GAMCO Investors, Inc. “A”		830		24,568
Greenhill & Co., Inc.		5,339		107,314
Hamilton Lane, Inc. “A”		2,687		59,087
Houlihan Lokey, Inc.		4,407		153,804
INTL. FCStone, Inc.*		2,959		111,732
Investment Technology Group, Inc.		6,321		134,258
KCG Holdings, Inc. “A”*		8,701		173,498
Ladenburg Thalmann Financial Services, Inc.*		18,811		45,899
Medley Management, Inc. “A”		1,036		6,734
Moelis & Co. “A”		4,880		189,588
OM Asset Management PLC		10,748		159,715
Oppenheimer Holdings, Inc. “A”		1,955		32,062
Piper Jaffray Companies, Inc.		2,747		164,683
PJT Partners, Inc. “A”		3,610		145,194
Pzena Investment Management, Inc. “A”		2,886		29,322
Safeguard Scientifics, Inc.*		3,689		43,899
Silvercrest Asset Management Group, Inc. “A”		1,334		17,942
Stifel Financial Corp.*		12,968		596,269
Value Line, Inc.		416		7,613
Virtu Financial, Inc. “A” (a)		4,784		84,438
Virtus Investment Partners, Inc.		1,308		145,123
Waddell & Reed Financial, Inc. “A”		16,015		302,363
Westwood Holdings Group, Inc.		1,511		85,658
Wins Finance Holdings, Inc.* (a)		145		30,450


	Shares		Value ($)
WisdomTree Investments, Inc. (a)		22,343		227,228

				5,004,664

Consumer Finance 0.6%
Elevate Credit, Inc.*		2,807		22,231
Encore Capital Group, Inc.*		4,780		191,917
Enova International, Inc.*		6,398		95,010
EZCORP, Inc. “A”*		10,100		77,770
FirstCash, Inc.		9,226		537,876
Green Dot Corp. “A”*		8,881		342,185
LendingClub Corp.*		61,854		340,815
Nelnet, Inc. “A”		3,882		182,493
PRA Group, Inc.*		8,983		340,456
Regional Management Corp.*		1,955		46,197
World Acceptance Corp.* (a)		1,120		83,899

				2,260,849

Diversified Financial Services 0.1%
FNFV Group*		12,253		193,597
Marlin Business Services Corp.		1,665		41,875
NewStar Financial, Inc.		6,022		63,231
On Deck Capital, Inc.* (a)		9,094		42,378
Tiptree, Inc.		5,308		37,421

				378,502

Insurance 2.4%
Ambac Financial Group, Inc.*		9,046		156,948
American Equity Investment Life Holding Co.		16,999		446,734
AMERISAFE, Inc.		3,735		212,708
AmTrust Financial Services, Inc. (a)		16,593		251,218
Argo Group International Holdings Ltd.		5,717		346,450
Atlas Financial Holdings, Inc.*		1,891		28,176
Baldwin & Lyons, Inc. “B”		1,960		48,020
Blue Capital Reinsurance Holdings Ltd.		1,162		21,265
Citizens, Inc.* (a)		8,810		65,018
CNO Financial Group, Inc.		33,303		695,367
Crawford & Co. “B”		2,268		21,092
Donegal Group, Inc. “A”		1,585		25,201
eHealth, Inc.*		2,860		53,768
EMC Insurance Group, Inc.		1,813		50,365
Employers Holdings, Inc.		6,252		264,459
Enstar Group Ltd.*		2,183		433,653
FBL Financial Group, Inc. “A”		1,965		120,847
Federated National Holding Co.		2,309		36,944
Fidelity & Guaranty Life		2,307		71,632
Genworth Financial, Inc. “A”*		97,588		367,907
Global Indemnity Ltd.*		1,546		59,938
Greenlight Capital Re Ltd. “A”*		5,993		125,254
Hallmark Financial Services, Inc.*		2,633		29,674
HCI Group, Inc. (a)		1,541		72,396
Health Insurance Innovations, Inc. “A”*		2,178		51,183
Heritage Insurance Holdings, Inc.		5,048		65,725
Horace Mann Educators Corp.		7,833		296,087
Independence Holding Co.		1,493		30,532
Infinity Property & Casualty Corp.		2,123		199,562
Investors Title Co.		271		52,422
James River Group Holdings Ltd.		3,501		139,095
Kemper Corp.		7,743		298,880
Kingstone Companies, Inc.		1,772		27,112
Kinsale Capital Group, Inc.		2,812		104,916


	Shares		Value ($)
Maiden Holdings Ltd.		13,660		151,626
MBIA, Inc.*		24,418		230,262
National General Holdings Corp.		9,567		201,864
National Western Life Group, Inc. “A”		445		142,231
Navigators Group, Inc.		4,007		219,984
NI Holdings, Inc.*		2,000		35,760
OneBeacon Insurance Group Ltd. “A”		4,117		75,053
Primerica, Inc.		8,864		671,448
RLI Corp.		7,498		409,541
Safety Insurance Group, Inc.		2,790		190,557
Selective Insurance Group, Inc.		11,224		561,761
State Auto Financial Corp.		2,960		76,161
State National Companies, Inc.		5,728		105,281
Stewart Information Services Corp.		4,105		186,285
Third Point Reinsurance Ltd.*		14,929		207,513
Trupanion, Inc.* (a)		4,364		97,666
United Fire Group, Inc.		4,079		179,721
United Insurance Holdings Corp.		3,186		50,116
Universal Insurance Holdings, Inc.		6,130		154,476
WMIH Corp.*		38,548		48,185

				9,266,039

Mortgage Real Estate Investment Trusts (REITs) 0.9%
AG Mortgage Investment Trust, Inc.		5,132		93,916
Anworth Mortgage Asset Corp.		18,565		111,576
Apollo Commercial Real Estate Finance, Inc.		17,896		331,971
Ares Commercial Real Estate Corp.		5,435		71,144
ARMOUR Residential REIT, Inc.		7,053		176,325
Capstead Mortgage Corp.		18,230		190,139
Cherry Hill Mortgage Investment Corp.		2,299		42,463
CYS Investments, Inc.		29,319		246,573
Dynex Capital, Inc.		8,496		60,322
Ellington Residential Mortgage REIT		1,635		23,969
Great Ajax Corp.		3,063		42,821
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		9,489		217,013
Invesco Mortgage Capital, Inc.		21,910		366,116
KKR Real Estate Finance Trust, Inc.		2,024		43,516
Ladder Capital Corp.		13,772		184,683
MTGE Investment Corp.		9,114		171,343
New York Mortgage Trust, Inc.		22,314		138,793
Orchid Island Capital, Inc. (a)		6,911		68,142
Owens Realty Mortgage, Inc.		1,889		32,037
PennyMac Mortgage Investment Trust		12,865		235,301
Redwood Trust, Inc.		14,827		252,652
Resource Capital Corp.		5,725		58,223
Sutherland Asset Management Corp.		3,370		50,044
Western Asset Mortgage Capital Corp.		8,323		85,727

				3,294,809

Thrifts & Mortgage Finance 2.3%
ASB Bancorp., Inc.*		542		23,821
Astoria Financial Corp.		17,936		361,410


	Shares		Value ($)
Bank Mutual Corp.		8,460		77,409
BankFinancial Corp.		2,859		42,656
Bear State Financial, Inc.		4,379		41,425
Beneficial Bancorp., Inc.		13,213		198,195
BofI Holding, Inc.* (a)		11,668		276,765
BSB Bancorp., Inc.*		1,757		51,392
Capitol Federal Financial, Inc.		24,851		353,133
Charter Financial Corp.		2,568		46,224
Clifton Bancorp., Inc.		4,139		68,418
Dime Community Bancshares		6,376		124,970
Entegra Financial Corp.*		1,222		27,800
ESSA Bancorp., Inc.		1,563		23,007
Essent Group Ltd.*		15,061		559,366
Federal Agricultural Mortgage Corp. “C”		1,768		114,390
First Defiance Financial Corp.		1,899		100,039
Flagstar Bancorp., Inc.*		4,138		127,533
Greene County Bancorp., Inc. (a)		571		15,531
Hingham Institution for Savings		235		42,754
Home Bancorp., Inc.		1,083		46,049
HomeStreet, Inc.*		5,635		155,949
Impac Mortgage Holdings, Inc.*		2,173		32,877
Kearny Financial Corp.		16,489		244,862
LendingTree, Inc.*		1,262		217,316
Malvern Bancorp., Inc.*		1,245		29,818
Meridian Bancorp., Inc.		9,052		152,979
Meta Financial Group, Inc.		1,773		157,797
MGIC Investment Corp.*		72,000		806,400
Nationstar Mortgage Holdings, Inc.*		5,687		101,740
NMI Holdings, Inc. “A”*		11,065		126,694
Northfield Bancorp., Inc.		8,445		144,832
Northwest Bancshares, Inc.		18,112		282,728
OceanFirst Financial Corp.		6,084		164,998
Oconee Federal Financial Corp.		333		9,254
Ocwen Financial Corp.* (a)		19,223		51,710
Oritani Financial Corp.		7,856		133,945
PCSB Financial Corp.* (a)		3,499		59,693
PennyMac Financial Services, Inc. “A”*		3,097		51,720
PHH Corp.*		10,046		138,333
Provident Bancorp., Inc.*		835		18,788
Provident Financial Holdings, Inc.		1,251		24,082
Provident Financial Services, Inc.		12,012		304,865
Prudential Bancorp., Inc.		1,575		28,602
Radian Group, Inc.		42,267		691,065
Riverview Bancorp., Inc.		3,700		24,568
SI Financial Group, Inc.		2,097		33,762
Southern Missouri Bancorp., Inc.		1,091		35,196
Territorial Bancorp., Inc.		1,640		51,152
Timberland Bancorp., Inc.		1,211		30,602
TrustCo Bank Corp.		18,381		142,453
United Community Financial Corp.		9,151		76,045
United Financial Bancorp., Inc.		10,034		167,467
Walker & Dunlop, Inc.*		5,486		267,881
Washington Federal, Inc.		17,326		575,223
Waterstone Financial, Inc.		4,904		92,440
Western New England Bancorp, Inc.		5,756		58,423
WSFS Financial Corp.		5,854		265,479

				8,674,025


	Shares		Value ($)
Health Care 14.9%
Biotechnology 5.4%
Abeona Therapeutics, Inc.*		4,688		30,003
Acceleron Pharma, Inc.*		6,229		189,299
Achaogen, Inc.* (a)		5,637		122,492
Achillion Pharmaceuticals, Inc.*		22,969		105,428
Acorda Therapeutics, Inc.*		8,459		166,642
Adamas Pharmaceuticals, Inc.* (a)		2,624		45,894
Aduro Biotech, Inc.* (a)		7,911		90,185
Advaxis, Inc.* (a)		7,096		46,053
Agenus, Inc.*		14,043		54,908
Aimmune Therapeutics, Inc.*		6,845		140,733
Akebia Therapeutics, Inc.*		7,414		106,539
Alder Biopharmaceuticals, Inc.*		9,131		104,550
AMAG Pharmaceuticals, Inc.*		6,842		125,893
Amicus Therapeutics, Inc.* (a)		27,813		280,077
AnaptysBio, Inc.*		996		23,834
Anavex Life Sciences Corp.* (a)		7,918		42,124
Ardelyx, Inc.*		6,542		33,364
Arena Pharmaceuticals, Inc.*		6,113		103,121
Array BioPharma, Inc.*		33,410		279,642
Asterias Biotherapeutics, Inc.* (a)		4,293		15,240
Atara Biotherapeutics, Inc.*		5,093		71,302
Athersys, Inc.* (a)		20,627		31,147
Audentes Therapeutics, Inc.*		2,971		56,835
Avexis, Inc.* (a)		4,779		392,643
Axovant Sciences Ltd.* (a)		5,815		134,850
Bellicum Pharmaceuticals, Inc.*		5,032		58,774
BioCryst Pharmaceuticals, Inc.*		14,928		83,000
Biohaven Pharmaceutical Holding Co., Ltd.*		1,944		48,600
BioSpecifics Technologies Corp.*		1,041		51,540
BioTime, Inc.* (a)		16,005		50,416
Bluebird Bio, Inc.*		8,726		916,666
Blueprint Medicines Corp.*		7,555		382,812
Calithera Biosciences, Inc.*		5,955		88,432
Cara Therapeutics, Inc.* (a)		5,198		79,997
Cascadian Therapeutics, Inc.*		6,670		24,779
Catalyst Pharmaceuticals, Inc.*		13,943		38,483
Celldex Therapeutics, Inc.* (a)		23,501		58,047
ChemoCentryx, Inc.*		5,074		47,493
Chimerix, Inc.*		8,328		45,388
Clovis Oncology, Inc.*		8,425		788,833
Coherus Biosciences, Inc.* (a)		7,464		107,108
Conatus Pharmaceuticals, Inc.* (a)		4,984		28,708
Concert Pharmaceuticals, Inc.*		3,312		46,202
Corbus Pharmaceuticals Holdings, Inc.* (a)		8,605		54,211
Corvus Pharmaceuticals, Inc.*		1,640		19,844
Curis, Inc.*		23,326		44,086
Cytokinetics, Inc.*		8,075		97,707
CytomX Therapeutics, Inc.*		5,648		87,544
Dynavax Technologies Corp.* (a)		9,554		92,196
Eagle Pharmaceuticals, Inc.* (a)		1,572		124,015
Edge Therapeutics, Inc.* (a)		3,996		40,999
Editas Medicine, Inc.* (a)		6,573		110,295
Emergent Biosolutions, Inc.*		6,548		222,043
Enanta Pharmaceuticals, Inc.*		2,961		106,537
Epizyme, Inc.*		8,125		122,687
Esperion Therapeutics, Inc.* (a)		2,985		138,146
Exact Sciences Corp.*		21,358		755,432
Fate Therapeutics, Inc.* (a)		7,391		23,947
FibroGen, Inc.*		11,499		371,418
Five Prime Therapeutics, Inc.*		5,271		158,710


	Shares		Value ($)
Flexion Therapeutics, Inc.* (a)		5,532		111,857
Fortress Biotech, Inc.* (a)		6,467		30,718
Foundation Medicine, Inc.* (a)		2,787		110,783
Genocea Biosciences, Inc.* (a)		5,562		29,034
Genomic Health, Inc.*		3,837		124,894
Geron Corp.* (a)		28,914		80,092
Global Blood Therapeutics, Inc.* (a)		7,179		196,346
Halozyme Therapeutics, Inc.*		21,320		273,322
Heron Therapeutics, Inc.* (a)		8,834		122,351
Idera Pharmaceuticals, Inc.* (a)		23,817		40,965
Ignyta, Inc.*		9,721		100,612
Immune Design Corp.*		3,312		32,292
ImmunoGen, Inc.* (a)		16,609		118,090
Immunomedics, Inc.* (a)		19,584		172,927
Inovio Pharmaceuticals, Inc.* (a)		13,057		102,367
Insmed, Inc.*		12,171		208,854
Insys Therapeutics, Inc.* (a)		4,843		61,264
Intellia Therapeutics, Inc.* (a)		2,752		44,032
Invitae Corp.* (a)		7,558		72,254
Iovance Biotherapeutics, Inc.* (a)		10,962		80,571
Ironwood Pharmaceuticals, Inc.*		26,183		494,335
Jounce Therapeutics, Inc.*		1,268		17,790
Karyopharm Therapeutics, Inc.*		6,576		59,513
Keryx Biopharmaceuticals, Inc.* (a)		16,484		119,179
Kindred Biosciences, Inc.*		4,092		35,191
Kite Pharma, Inc.* (a)		9,510		985,902
Kura Oncology, Inc.*		2,771		25,770
La Jolla Pharmaceutical Co.* (a)		3,302		98,300
Lexicon Pharmaceuticals, Inc.* (a)		8,404		138,246
Ligand Pharmaceuticals, Inc.* (a)		3,983		483,536
Loxo Oncology, Inc.*		3,895		312,340
MacroGenics, Inc.*		6,309		110,471
Madrigal Pharmaceuticals, Inc.* (a)		770		12,520
Matinas BioPharma Holdings, Inc.* (a)		10,282		17,377
MediciNova, Inc.* (a)		5,623		29,577
Merrimack Pharmaceuticals, Inc. (a)		23,120		28,669
MiMedx Group, Inc.* (a)		20,280		303,592
Minerva Neurosciences, Inc.*		4,891		43,285
Miragen Therapeutics, Inc.*		2,455		31,743
Momenta Pharmaceuticals, Inc.*		14,287		241,450
Myriad Genetics, Inc.*		12,492		322,793
NantKwest, Inc.* (a)		5,947		45,138
Natera, Inc.*		6,099		66,235
NewLink Genetics Corp.* (a)		4,301		31,612
Novavax, Inc.* (a)		54,701		62,906
Novelion Therapeutics, Inc.*		2,962		27,339
Nymox Pharmaceutical Corp.* (a)		5,543		24,389
Organovo Holdings, Inc.* (a)		19,047		50,094
Otonomy, Inc.*		5,481		103,317
Ovid therapeutics, Inc.*		982		10,301
PDL BioPharma, Inc.		31,644		78,161
Pieris Pharmaceuticals, Inc.* (a)		6,678		33,791
Portola Pharmaceuticals, Inc.*		9,604		539,457
Progenics Pharmaceuticals, Inc.*		13,781		93,573
Protagonist Therapeutics, Inc.*		1,475		16,682
Prothena Corp. PLC* (a)		7,554		408,822
PTC Therapeutics, Inc.*		6,296		115,406
Puma Biotechnology, Inc.*		5,588		488,391
Ra Pharmaceuticals, Inc.*		2,282		42,765
Radius Health, Inc.* (a)		7,239		327,420


	Shares		Value ($)
Recro Pharma, Inc.*		2,658		18,686
REGENXBIO, Inc.*		5,354		105,741
Repligen Corp.*		6,609		273,877
Retrophin, Inc.*		7,613		147,616
Rigel Pharmaceuticals, Inc.*		23,816		65,018
Sage Therapeutics, Inc.*		6,722		535,340
Sangamo Therapeutics, Inc.*		14,381		126,553
Sarepta Therapeutics, Inc.*		10,038		338,381
Selecta Biosciences, Inc.*		2,284		45,360
Seres Therapeutics, Inc.* (a)		4,209		47,562
Spark Therapeutics, Inc.*		4,519		269,965
Spectrum Pharmaceuticals, Inc.*		14,768		110,022
Stemline Therapeutics, Inc.*		4,743		43,636
Strongbridge Biopharma PLC* (a)		4,273		30,552
Syndax Pharmaceuticals, Inc.*		1,714		23,945
Synergy Pharmaceuticals, Inc.* (a)		44,112		196,298
Syros Pharmaceuticals, Inc.*		2,432		39,131
TG Therapeutics, Inc.* (a)		9,434		94,812
Tocagen, Inc.*		1,622		19,513
Trevena, Inc.*		12,210		28,083
Ultragenyx Pharmaceutical, Inc.*		7,665		476,073
Vanda Pharmaceuticals, Inc.*		8,567		139,642
VBI Vaccines, Inc.* (a)		4,213		18,327
Veracyte, Inc.*		4,832		40,251
Versartis, Inc.*		6,089		106,253
Voyager Therapeutics, Inc.* (a)		3,156		28,278
vTv Therapeutics, Inc. “A”*		1,054		5,238
XBiotech, Inc.* (a)		3,315		15,580
Xencor, Inc.*		7,342		154,990
ZIOPHARM Oncology, Inc.* (a)		26,305		163,617

				20,607,236

Health Care Equipment & Supplies 3.8%
Abaxis, Inc.		4,287		227,297
Accuray, Inc.*		15,816		75,126
Analogic Corp.		2,472		179,591
AngioDynamics, Inc.*		7,126		115,512
Anika Therapeutics, Inc.*		2,873		141,754
Antares Pharma, Inc.*		27,940		89,967
AtriCure, Inc.*		6,090		147,683
Atrion Corp.		278		178,837
AxoGen, Inc.*		5,035		84,336
Cantel Medical Corp.		7,047		549,032
Cardiovascular Systems, Inc.*		6,212		200,213
Cerus Corp.* (a)		21,425		53,777
ConforMIS, Inc.* (a)		6,779		29,082
CONMED Corp.		5,380		274,057
Corindus Vascular Robotics, Inc.* (a)		16,327		30,368
CryoLife, Inc.*		6,024		120,179
Cutera, Inc.*		2,544		65,890
Endologix, Inc.* (a)		16,005		77,784
Entellus Medical, Inc.* (a)		2,366		39,181
Exactech, Inc.*		2,223		66,245
FONAR Corp.*		1,191		33,050
GenMark Diagnostics, Inc.*		8,251		97,609
Glaukos Corp.*		5,571		231,029
Globus Medical, Inc. “A”*		13,633		451,934
Haemonetics Corp.*		10,210		403,193
Halyard Health, Inc.*		9,095		357,252
ICU Medical, Inc.*		2,924		504,390
Inogen, Inc.*		3,308		315,649
Insulet Corp.*		11,229		576,160
Integer Holdings Corp.*		6,078		262,873


	Shares		Value ($)
Integra LifeSciences Holdings Corp.*		11,905		648,942
Invacare Corp.		5,966		78,751
iRhythm Technologies, Inc.*		2,685		114,086
K2M Group Holdings, Inc.*		7,888		192,152
Lantheus Holdings, Inc.*		5,066		89,415
LeMaitre Vascular, Inc.		2,888		90,163
LivaNova PLC*		9,446		578,190
Masimo Corp.*		8,723		795,363
Meridian Bioscience, Inc.		8,321		131,056
Merit Medical Systems, Inc.*		9,534		363,722
Natus Medical, Inc.*		6,330		236,109
Neogen Corp.*		7,246		500,771
Nevro Corp.*		5,393		401,401
Novocure Ltd.* (a)		11,234		194,348
NuVasive, Inc.*		9,877		759,739
NxStage Medical, Inc.*		12,810		321,147
Obalon Therapeutics, Inc.* (a)		1,799		17,828
OraSure Technologies, Inc.*		10,901		188,151
Orthofix International NV*		3,309		153,802
Oxford Immunotec Global PLC*		4,283		72,040
Penumbra, Inc.*		5,700		500,175
Pulse Biosciences, Inc.*		1,774		61,256
Quidel Corp.*		5,513		149,623
Quotient Ltd.*		5,212		38,360
Rockwell Medical, Inc.* (a)		8,999		71,362
RTI Surgical, Inc.*		10,252		59,974
Sientra, Inc.*		2,801		27,226
Spectranetics Corp.*		8,440		324,096
STAAR Surgical Co.*		7,958		85,946
SurModics, Inc.*		2,464		69,362
Tactile Systems Technology, Inc.*		1,781		50,901
Utah Medical Products, Inc.		607		43,947
Varex Imaging Corp.*		7,334		247,889
ViewRay, Inc.* (a)		5,695		36,847
Viveve Medical, Inc.*		2,913		20,915
Wright Medical Group NV*		20,404		560,906

				14,255,011

Health Care Providers & Services 2.1%
AAC Holdings, Inc.* (a)		1,879		13,021
Aceto Corp.		5,536		85,531
Addus HomeCare Corp.*		1,583		58,888
Almost Family, Inc.*		2,481		152,954
Amedisys, Inc.*		5,598		351,610
American Renal Associates Holdings, Inc.* (a)		1,653		30,663
AMN Healthcare Services, Inc.*		9,210		359,650
BioScrip, Inc.* (a)		21,040		57,124
BioTelemetry, Inc.*		5,389		180,262
Capital Senior Living Corp.*		4,738		72,065
Chemed Corp.		3,056		625,044
Civitas Solutions, Inc.*		3,399		59,482
Community Health Systems, Inc.*		18,512		184,379
CorVel Corp.*		1,868		88,637
Cross Country Healthcare, Inc.*		6,553		84,599
Diplomat Pharmacy, Inc.*		9,417		139,372
Genesis Healthcare, Inc.*		6,503		11,315
Healthequity, Inc.*		9,692		482,952
HealthSouth Corp.		17,439		844,048
Kindred Healthcare, Inc.		15,921		185,480
Landauer, Inc.		1,851		96,807
LHC Group, Inc.*		3,030		205,707
Magellan Health, Inc.*		4,617		336,579


	Shares		Value ($)
Molina Healthcare, Inc.*		8,599		594,879
National Healthcare Corp.		2,166		151,923
National Research Corp. “A”		1,834		49,335
Owens & Minor, Inc.		11,806		380,035
PharMerica Corp.*		5,903		154,954
Providence Service Corp.*		2,316		117,213
R1 RCM, Inc.*		19,496		73,110
RadNet, Inc.*		7,589		58,815
Select Medical Holdings Corp.*		20,798		319,249
Surgery Partners, Inc.*		3,532		80,353
Teladoc, Inc.* (a)		10,466		363,170
Tenet Healthcare Corp.*		15,820		305,959
The Ensign Group, Inc.		9,310		202,679
Tivity Health, Inc.*		7,098		282,855
Triple-S Management Corp. “B”*		4,446		75,182
U.S. Physical Therapy, Inc.		2,407		145,383

				8,061,263

Health Care Technology 0.8%
Allscripts Healthcare Solutions, Inc.*		35,378		451,423
Castlight Health, Inc. “B”* (a)		12,472		51,759
Computer Programs & Systems, Inc. (a)		2,091		68,585
Cotiviti Holdings, Inc.*		5,180		192,385
Evolent Health, Inc. “A”*		7,509		190,353
HealthStream, Inc.*		4,905		129,100
HMS Holdings Corp.*		16,391		303,234
Inovalon Holdings, Inc. “A”* (a)		12,215		160,627
Medidata Solutions, Inc.*		10,979		858,558
NantHealth, Inc.* (a)		3,483		14,733
Omnicell, Inc.*		7,155		308,380
Quality Systems, Inc.*		10,258		176,540
Simulations Plus, Inc.		2,158		26,651
Tabula Rasa HealthCare, Inc.*		1,826		27,481
Vocera Communications, Inc.*		5,447		143,910

				3,103,719

Life Sciences Tools & Services 0.8%
Accelerate Diagnostics, Inc.* (a)		5,060		138,391
Albany Molecular Research, Inc.* (a)		4,940		107,198
Cambrex Corp.*		6,357		379,831
Enzo Biochem, Inc.*		8,359		92,283
Fluidigm Corp.*		6,205		25,068
INC Research Holdings, Inc. “A”*		10,620		621,270
Luminex Corp.		7,905		166,954
Medpace Holdings, Inc.*		1,583		45,907
NanoString Technologies, Inc.*		3,440		56,898
NeoGenomics, Inc.*		10,907		97,727
Pacific Biosciences of California, Inc.*		15,627		55,632
PAREXEL International Corp.*		9,779		849,893
PRA Health Sciences, Inc.*		7,528		564,675

				3,201,727

Pharmaceuticals 2.0%
Aclaris Therapeutics, Inc.* (a)		3,915		106,175
Aerie Pharmaceuticals, Inc.*		5,910		310,570
Amphastar Pharmaceuticals, Inc.*		7,299		130,360
ANI Pharmaceuticals, Inc.*		1,612		75,442
Aratana Therapeutics, Inc.*		7,820		56,539
Assembly Biosciences, Inc.*		2,721		56,189
Catalent, Inc.*		24,449		858,160


	Shares		Value ($)
Cempra, Inc.* (a)		8,694		39,992
Clearside Biomedical, Inc.* (a)		3,996		36,404
Collegium Pharmaceutical, Inc.* (a)		4,406		55,119
Corcept Therapeutics, Inc.*		17,711		208,990
Corium International, Inc.*		3,868		28,855
DepoMed, Inc.*		10,937		117,463
Dermira, Inc.*		7,406		215,811
Durect Corp.*		25,179		39,279
Heska Corp.*		1,294		132,079
Horizon Pharma PLC*		31,910		378,772
Impax Laboratories, Inc.*		14,245		229,344
Innoviva, Inc.*		14,736		188,621
Intersect ENT, Inc.*		5,192		145,116
Intra-Cellular Therapies, Inc.*		6,685		83,028
Lannett Co., Inc.* (a)		5,521		112,628
Medicines Co.* (a)		13,302		505,609
MyoKardia, Inc.*		3,488		45,693
Nektar Therapeutics*		28,822		563,470
Neos Therapeutics, Inc.* (a)		4,195		30,623
Ocular Therapeutix, Inc.* (a)		4,708		43,643
Omeros Corp.*		7,923		157,707
Pacira Pharmaceuticals, Inc.*		7,638		364,333
Paratek Pharmaceuticals, Inc.*		4,576		110,282
Phibro Animal Health Corp. “A”		3,714		137,604
Prestige Brands Holdings, Inc.*		10,349		546,531
Reata Pharmaceuticals, Inc. “A”* (a)		1,778		56,256
Revance Therapeutics, Inc.* (a)		4,351		114,866
Sciclone Pharmaceuticals, Inc.*		10,378		114,158
Sucampo Pharmaceuticals, Inc. “A”*		4,384		46,032
Supernus Pharmaceuticals, Inc.*		9,214		397,123
Teligent, Inc.* (a)		8,427		77,107
Tetraphase Pharmaceuticals, Inc.*		6,769		48,263
TherapeuticsMD, Inc.* (a)		31,056		163,665
Theravance Biopharma, Inc.* (a)		8,214		327,246
WaVe Life Sciences Ltd.* (a)		2,300		42,780
Zogenix, Inc.*		4,591		66,569
Zynerba Pharmaceuticals, Inc.* (a)		2,210		37,504

				7,602,000

Industrials 14.4%
Aerospace & Defense 1.4%
AAR Corp.		6,238		216,833
Aerojet Rocketdyne Holdings, Inc.*		13,427		279,282
Aerovironment, Inc.*		4,120		157,384
Astronics Corp.*		4,157		126,664
Axon Enterprise, Inc.* (a)		10,128		254,618
Cubic Corp.		4,949		229,139
Curtiss-Wright Corp.		8,553		784,994
DigitalGlobe, Inc.*		12,020		400,266
Ducommun, Inc.*		2,027		64,013
Engility Holdings, Inc.*		3,485		98,974
Esterline Technologies Corp.*		5,086		482,153
KLX, Inc.*		10,057		502,850
Kratos Defense & Security Solutions, Inc.*		14,050		166,773
Mercury Systems, Inc.*		9,033		380,199
Moog, Inc. “A”*		6,212		445,525
National Presto Industries, Inc.		1,003		110,831
Sparton Corp.*		1,968		43,276
The Keyw Holding Corp.*		9,651		90,237


	Shares		Value ($)
Triumph Group, Inc.		9,584		302,854
Vectrus, Inc.*		2,198		71,039
Wesco Aircraft Holdings, Inc.*		10,381		112,634

				5,320,538

Air Freight & Logistics 0.3%
Air Transport Services Group, Inc.*		10,131		220,653
Atlas Air Worldwide Holdings, Inc.*		4,539		236,709
Echo Global Logistics, Inc.*		5,205		103,579
Forward Air Corp.		5,777		307,799
Hub Group, Inc. “A”*		6,232		238,997
Radiant Logistics, Inc.*		7,884		42,416

				1,150,153

Airlines 0.3%
Allegiant Travel Co.		2,546		345,238
Hawaiian Holdings, Inc.*		10,412		488,843
SkyWest, Inc.		9,813		344,436

				1,178,517

Building Products 1.2%
AAON, Inc.		8,100		298,485
Advanced Drainage Systems, Inc.		6,936		139,414
American Woodmark Corp.*		2,719		259,800
Apogee Enterprises, Inc.		5,549		315,405
Armstrong Flooring, Inc.*		4,428		79,571
Builders FirstSource, Inc.*		18,820		288,322
Caesarstone Ltd.*		4,414		154,711
Continental Building Products, Inc.*		7,701		179,433
CSW Industrials, Inc.*		2,729		105,476
Gibraltar Industries, Inc.*		6,127		218,428
Griffon Corp.		5,688		124,852
Insteel Industries, Inc.		3,479		114,703
JELD-WEN Holding, Inc.*		4,390		142,499
Masonite International Corp.*		5,794		437,447
NCI Building Systems, Inc.*		7,802		130,293
Patrick Industries, Inc.*		3,133		228,239
PGT Innovations, Inc.*		9,587		122,714
Ply Gem Holdings, Inc.*		4,258		76,431
Quanex Building Products Corp.		6,520		137,898
Simpson Manufacturing Co., Inc.		7,972		348,456
Trex Co., Inc.*		5,730		387,692
Universal Forest Products, Inc.		3,943		344,263

				4,634,532

Commercial Services & Supplies 2.4%
ABM Industries, Inc.		10,823		449,371
Acco Brands Corp.*		20,956		244,137
Advanced Disposal Services, Inc.*		4,853		110,309
Aqua Metals, Inc.* (a)		3,351		42,055
ARC Document Solutions, Inc.*		8,849		36,812
Brady Corp. “A”		9,118		309,100
Casella Waste Systems, Inc. “A”*		7,335		120,367
CECO Environmental Corp.		5,717		52,482
CompX International, Inc.		545		8,311
Covanta Holding Corp.		22,817		301,184
Deluxe Corp.		9,401		650,737
Ennis, Inc.		5,144		98,250
Essendant, Inc.		7,441		110,350
Healthcare Services Group, Inc.		13,894		650,656
Heritage-Crystal Clean, Inc.*		2,902		46,142


	Shares		Value ($)
Herman Miller, Inc.		11,606		352,822
HNI Corp.		8,583		342,204
Hudson Technologies, Inc.*		7,121		60,172
Innerworkings, Inc.*		8,785		101,906
Interface, Inc.		12,087		237,510
Kimball International, Inc. “B”		6,993		116,713
Knoll, Inc.		9,349		187,448
LSC Communications, Inc.		6,509		139,293
Matthews International Corp. “A”		6,076		372,155
McGrath RentCorp.		4,585		158,779
Mobile Mini, Inc.		8,624		257,426
MSA Safety, Inc.		6,477		525,738
Multi-Color Corp.		2,709		221,054
NL Industries, Inc.*		1,487		10,483
Quad Graphics, Inc.		6,139		140,706
R.R. Donnelley & Sons Co.		13,648		171,146
SP Plus Corp.*		3,274		100,021
Steelcase, Inc. “A”		16,487		230,818
Team, Inc.*		5,782		135,588
Tetra Tech, Inc.		11,112		508,374
The Brink’s Co.		8,942		599,114
U.S. Ecology, Inc.		4,329		218,615
UniFirst Corp.		2,991		420,834
Viad Corp.		3,852		182,007
VSE Corp.		1,662		74,757
West Corp.		8,605		200,669

				9,296,615

Construction & Engineering 1.2%
Aegion Corp.*		6,484		141,870
Ameresco, Inc. “A”*		3,540		27,258
Argan, Inc.		2,856		171,360
Chicago Bridge & Iron Co. NV		19,617		387,043
Comfort Systems U.S.A., Inc.		7,307		271,090
Dycom Industries, Inc.*		5,935		531,301
EMCOR Group, Inc.		11,473		750,105
Granite Construction, Inc.		7,710		371,930
Great Lakes Dredge & Dock Co.*		10,104		43,447
HC2 Holdings, Inc.*		7,419		43,624
IES Holdings, Inc.*		1,464		26,572
KBR, Inc.		28,024		426,525
Layne Christensen Co.*		3,399		29,877
MasTec, Inc.*		12,907		582,751
MYR Group, Inc.*		3,042		94,363
Northwest Pipe Co.*		1,860		30,244
NV5 Holdings, Inc.*		1,607		68,297
Orion Group Holdings, Inc.*		4,962		37,066
Primoris Services Corp.		7,657		190,966
Sterling Construction Co., Inc.*		5,036		65,821
Tutor Perini Corp.*		7,480		215,050

				4,506,560

Electrical Equipment 0.7%
Allied Motion Technologies, Inc.		1,450		39,469
Atkore International Group, Inc.*		6,381		143,891
AZZ, Inc.		5,002		279,112
Babcock & Wilcox Enterprises, Inc.*		9,216		108,380
Encore Wire Corp.		4,006		171,056
Energous Corp.* (a)		3,661		59,528
EnerSys		8,453		612,420
Generac Holdings, Inc.*		11,871		428,899
General Cable Corp.		9,556		156,241
LSI Industries, Inc.		4,485		40,589


	Shares		Value ($)
Plug Power, Inc.* (a)		43,489		88,718
Powell Industries, Inc.		1,624		51,952
Preformed Line Products Co.		538		24,974
Revolution Lighting Technologies, Inc.* (a)		2,397		15,796
Sunrun, Inc.* (a)		16,558		117,893
Thermon Group Holdings, Inc.*		6,398		122,650
TPI Composites, Inc.*		2,077		38,383
Vicor Corp.*		3,238		57,960
Vivint Solar, Inc.* (a)		5,500		32,175

				2,590,086

Industrial Conglomerates 0.1%
Raven Industries, Inc.		7,056		234,965

Machinery 3.5%
Actuant Corp. “A”		11,746		288,952
Alamo Group, Inc.		1,890		171,631
Albany International Corp. “A”		5,617		299,948
Altra Industrial Motion Corp.		5,564		221,447
American Railcar Industries, Inc. (a)		1,462		55,995
Astec Industries, Inc.		4,137		229,645
Barnes Group, Inc.		9,741		570,141
Blue Bird Corp.* (a)		1,454		24,718
Briggs & Stratton Corp.		8,089		194,945
Chart Industries, Inc.*		6,072		210,881
CIRCOR International, Inc.		3,284		195,004
Columbus McKinnon Corp.		3,684		93,647
Commercial Vehicle Group, Inc.*		4,896		41,371
DMC Global, Inc.		2,645		34,650
Douglas Dynamics, Inc.		4,349		143,082
Energy Recovery, Inc.*		6,508		53,951
EnPro Industries, Inc.		4,077		290,975
ESCO Technologies, Inc.		4,888		291,569
Federal Signal Corp.		11,651		202,261
Franklin Electric Co., Inc.		8,932		369,785
FreightCar America, Inc.		2,340		40,693
Gencor Industries, Inc.*		1,422		23,036
Global Brass & Copper Holdings, Inc.		4,294		131,182
Gorman-Rupp Co.		3,509		89,374
Graham Corp.		1,917		37,688
Greenbrier Companies, Inc. (a)		5,266		243,552
Hardinge, Inc.		2,186		27,150
Harsco Corp.*		15,677		252,400
Hillenbrand, Inc.		12,268		442,875
Hurco Companies, Inc.		1,216		42,256
Hyster-Yale Materials Handling, Inc.		2,004		140,781
John Bean Technologies Corp.		6,073		595,154
Kadant, Inc.		2,123		159,650
Kennametal, Inc.		15,579		582,966
L.B. Foster Co. “A”		1,614		34,620
Lindsay Corp. (a)		2,024		180,642
Lydall, Inc.*		3,326		171,954
Manitowoc Co., Inc.*		25,599		153,850
Meritor, Inc.*		16,168		268,550
Milacron Holdings Corp.*		8,706		153,139
Miller Industries, Inc.		2,077		51,613
Mueller Industries, Inc.		11,208		341,284
Mueller Water Products, Inc. “A”		29,953		349,851
Navistar International Corp.*		9,827		257,762
NN, Inc.		5,345		146,720
Omega Flex, Inc.		642		41,345


	Shares		Value ($)
Park-Ohio Holdings Corp.		1,770		67,437
Proto Labs, Inc.*		4,818		324,010
RBC Bearings, Inc.*		4,488		456,699
REV Group, Inc.		2,490		68,923
Rexnord Corp.*		20,204		469,743
Spartan Motors, Inc.		6,267		55,463
SPX Corp.*		8,254		207,671
SPX FLOW, Inc.*		8,050		296,884
Standex International Corp.		2,461		223,213
Sun Hydraulics Corp.		4,657		198,714
Supreme Industries, Inc. “A”		2,455		40,385
Tennant Co.		3,399		250,846
The Eastern Co.		1,084		32,574
The ExOne Co.* (a)		1,931		22,110
Titan International, Inc.		9,873		118,575
TriMas Corp.*		8,969		187,004
Twin Disc, Inc.*		1,651		26,647
Wabash National Corp.		11,749		258,243
Watts Water Technologies, Inc. “A”		5,356		338,499
Woodward, Inc.		10,366		700,534

				13,288,859

Marine 0.1%
Costamare, Inc.		6,515		47,625
Eagle Bulk Shipping, Inc.*		7,624		36,061
Genco Shipping & Trading Ltd.*		1,540		14,584
Matson, Inc.		8,403		252,426
Navios Maritime Holdings, Inc.* (a)		17,827		24,423
Safe Bulkers, Inc.*		9,520		21,801
Scorpio Bulkers, Inc.* (a)		10,931		77,610

				474,530

Professional Services 1.2%
Acacia Research Corp.*		9,463		38,798
Barrett Business Services, Inc.		1,303		74,649
BG Staffing, Inc.		1,358		23,602
CBIZ, Inc.*		10,164		152,460
Cogint, Inc.* (a)		4,905		24,770
CRA International, Inc.		1,670		60,654
Exponent, Inc.		4,959		289,110
Franklin Covey Co.*		1,857		35,840
FTI Consulting, Inc.*		8,019		280,344
GP Strategies Corp.*		2,455		64,812
Heidrick & Struggles International, Inc.		3,698		80,431
Hill International, Inc.*		6,498		33,790
Huron Consulting Group, Inc.*		4,193		181,138
ICF International, Inc.*		3,418		160,988
Insperity, Inc.		3,565		253,115
Kelly Services, Inc. “A”		5,793		130,053
Kforce, Inc.		4,396		86,162
Korn/Ferry International		9,958		343,850
Mistras Group, Inc.*		3,298		72,457
Navigant Consulting, Inc.*		9,228		182,345
On Assignment, Inc.*		9,887		535,381
Pendrell Corp.*		2,388		17,265
Resources Connection, Inc.		5,568		76,282
RPX Corp.*		8,804		122,816
The Advisory Board Co.*		7,865		405,047
TriNet Group, Inc.*		7,950		260,283
TrueBlue, Inc.*		8,205		217,432
WageWorks, Inc.*		7,198		483,706


	Shares		Value ($)
Willdan Group, Inc.*		1,465		44,756

				4,732,336

Road & Rail 0.7%
ArcBest Corp.		4,978		102,547
Avis Budget Group, Inc.*		14,570		397,324
Covenant Transportation Group, Inc. “A”*		2,368		41,511
Daseke, Inc.*		4,009		44,620
Heartland Express, Inc.		9,131		190,108
Hertz Global Holdings, Inc.* (a)		10,650		122,475
Knight Transportation, Inc.		14,224		526,999
Marten Transport Ltd.		4,701		128,807
Roadrunner Transportation Systems, Inc.*		5,795		42,130
Saia, Inc.*		4,994		256,192
Schneider National, Inc. “B”		6,330		141,602
Swift Transportation Co.*		14,120		374,180
Universal Logistics Holdings, Inc.		1,559		23,385
Werner Enterprises, Inc.		9,259		271,752
YRC Worldwide, Inc.*		6,093		67,754

				2,731,386

Trading Companies & Distributors 1.3%
Aircastle Ltd.		9,443		205,385
Applied Industrial Technologies, Inc.		7,419		438,092
Beacon Roofing Supply, Inc.*		11,814		578,886
BMC Stock Holdings, Inc.*		12,718		277,888
CAI International, Inc.*		3,112		73,443
DXP Enterprises, Inc.*		2,977		102,707
EnviroStar, Inc.		681		18,421
Foundation Building Materials, Inc.*		2,550		32,793
GATX Corp.		7,584		487,424
GMS, Inc.*		4,553		127,939
H&E Equipment Services, Inc.		6,037		123,215
Herc Holdings, Inc.*		4,708		185,119
Huttig Building Products, Inc.*		4,628		32,442
Kaman Corp.		5,306		264,610
Lawson Products, Inc.*		1,323		29,304
MRC Global, Inc.*		17,361		286,804
Neff Corp. “A”*		1,498		28,462
Nexeo Solutions, Inc.* (a)		5,361		44,496
NOW, Inc.*		20,745		333,580
Rush Enterprises, Inc. “A”*		5,887		218,879
Rush Enterprises, Inc. “B”*		961		34,990
SiteOne Landscape Supply, Inc.*		6,591		343,128
Textainer Group Holdings Ltd.		5,284		76,618
Titan Machinery, Inc.*		3,745		67,335
Triton International Ltd.		8,446		282,434
Veritiv Corp.*		2,232		100,440
Willis Lease Finance Corp.*		789		21,090

				4,815,924
Information Technology 16.9%
Communications Equipment 1.9%
Acacia Communications, Inc.* (a)		3,598		149,209
ADTRAN, Inc.		9,245		190,909
Aerohive Networks, Inc.*		6,216		31,080
Applied Optoelectronics, Inc.* (a)		3,551		219,416
CalAmp Corp.*		6,614		134,463
Calix, Inc.*		8,087		55,396
Ciena Corp.*		27,457		686,974


	Shares		Value ($)
Clearfield, Inc.* (a)		2,150		28,380
Comtech Telecommunications Corp.		4,718		89,500
Digi International, Inc.*		5,456		55,378
EMCORE Corp.		4,947		52,686
Extreme Networks, Inc.*		21,246		195,888
Finisar Corp.*		21,709		564,000
Harmonic, Inc.*		15,538		81,575
Infinera Corp.*		28,189		300,777
InterDigital, Inc.		6,699		517,833
KVH Industries, Inc.*		3,080		29,260
Lumentum Holdings, Inc.*		11,862		676,727
NETGEAR, Inc.*		6,231		268,556
NetScout Systems, Inc.*		17,303		595,223
Oclaro, Inc.* (a)		32,228		301,010
Plantronics, Inc.		6,443		337,033
Quantenna Communications, Inc.*		4,111		78,109
ShoreTel, Inc.*		12,733		73,851
Sonus Networks, Inc.*		8,661		64,438
Ubiquiti Networks, Inc.* (a)		4,505		234,125
ViaSat, Inc.*		10,372		686,626
Viavi Solutions, Inc.*		44,559		469,206

				7,167,628

Electronic Equipment, Instruments & Components 2.8%
Akoustis Technologies, Inc.* (a)		1,695		14,814
Anixter International, Inc.*		5,630		440,266
AVX Corp.		8,829		144,266
Badger Meter, Inc.		5,562		221,646
Bel Fuse, Inc. “B”		1,956		48,313
Belden, Inc.		8,246		621,996
Benchmark Electronics, Inc.*		9,603		310,177
Control4 Corp.*		4,744		93,030
CTS Corp.		6,328		136,685
Daktronics, Inc.		7,095		68,325
Electro Scientific Industries, Inc.*		6,288		51,813
ePlus, Inc.*		2,540		188,214
Fabrinet*		7,060		301,179
FARO Technologies, Inc.*		3,137		118,579
Fitbit, Inc. “A”* (a)		33,959		180,322
II-VI, Inc.*		11,904		408,307
Insight Enterprises, Inc.*		6,918		276,651
Iteris, Inc.*		4,585		28,519
Itron, Inc.*		6,633		449,386
KEMET Corp.*		8,886		113,741
Kimball Electronics, Inc.*		5,138		92,741
Knowles Corp.*		17,328		293,190
Littelfuse, Inc.		4,355		718,575
Maxwell Technologies, Inc.* (a)		7,604		45,548
Mesa Laboratories, Inc.		609		87,276
Methode Electronics, Inc.		7,087		291,984
MicroVision, Inc.* (a)		13,268		28,128
MTS Systems Corp.		3,317		171,821
Napco Security Technologies, Inc.*		2,326		21,864
Novanta, Inc.*		6,208		223,488
OSI Systems, Inc.*		3,444		258,816
Park Electrochemical Corp.		3,659		67,399
PC Connection, Inc.		2,233		60,425
PCM, Inc.*		1,948		36,525
Plexus Corp.*		6,475		340,391
Radisys Corp.*		6,733		25,316


	Shares		Value ($)
Rogers Corp.*		3,502		380,387
Sanmina Corp.*		14,490		552,069
ScanSource, Inc.*		4,736		190,861
SYNNEX Corp.		5,642		676,814
Systemax, Inc.		2,113		39,724
Tech Data Corp.*		6,808		687,608
TTM Technologies, Inc.*		17,967		311,907
VeriFone Systems, Inc.*		21,648		391,829
Vishay Intertechnology, Inc.		26,168		434,389
Vishay Precision Group, Inc.*		1,847		31,953

				10,677,257

Internet Software & Services 2.9%
2U, Inc.*		8,519		399,712
Actua Corp.*		6,112		85,874
Alarm.com Holdings, Inc.*		3,961		149,052
Alteryx, Inc. “A”*		1,729		33,750
Amber Road, Inc.*		4,270		36,594
Angie’s List, Inc.* (a)		8,152		104,264
Appfolio, Inc. “A”*		1,444		47,074
Apptio, Inc. “A”* (a)		3,456		59,962
Bankrate, Inc.*		9,005		115,714
Bazaarvoice, Inc.*		15,611		77,274
Benefitfocus, Inc.* (a)		3,093		112,431
Blucora, Inc.*		7,841		166,229
Box, Inc. “A”*		15,281		278,725
Brightcove, Inc.*		6,173		38,273
Carbonite, Inc.*		4,813		104,923
Care.com, Inc.*		2,705		40,846
Cars.com, Inc.*		14,008		373,033
ChannelAdvisor Corp.*		5,242		60,545
Cimpress NV* (a)		4,863		459,699
Cloudera, Inc.* (a)		2,706		43,350
CommerceHub, Inc. “A”*		2,668		46,477
CommerceHub, Inc. “C”*		5,653		98,588
Cornerstone OnDemand, Inc.*		10,274		367,296
Coupa Software, Inc.*		5,801		168,113
DHI Group, Inc.*		9,532		27,166
Endurance International Group Holdings, Inc.*		11,030		92,101
Envestnet, Inc.*		8,386		332,086
Five9, Inc.*		10,147		218,363
Global Sources Ltd.*		1,557		31,140
Gogo, Inc.* (a)		11,008		126,922
GrubHub, Inc.*		16,721		729,036
GTT Communications, Inc.*		6,028		190,786
Hortonworks, Inc.*		9,411		121,214
Instructure, Inc.*		4,143		122,219
Internap Corp.*		15,557		57,094
j2 Global, Inc.		9,044		769,554
Leaf Group Ltd.*		2,316		18,065
Limelight Networks, Inc.*		15,935		46,052
Liquidity Services, Inc.*		4,921		31,248
LivePerson, Inc.*		10,747		118,217
Meet Group, Inc.*		13,023		65,766
MINDBODY, Inc. “A”*		7,168		194,970
MuleSoft, Inc. “A”* (a)		2,940		73,324
New Relic, Inc.*		5,702		245,243
NIC, Inc.		12,313		233,331
Nutanix, Inc. “A”*		6,769		136,395
Okta, Inc.*		2,163		49,316
Ominto, Inc.*		2,766		42,182
Q2 Holdings, Inc.*		6,100		225,395
QuinStreet, Inc.*		6,773		28,243


	Shares		Value ($)
Quotient Technology, Inc.*		14,349		165,014
Reis, Inc.		1,694		35,998
Rightside Group Ltd.*		2,204		23,406
Rocket Fuel, Inc.* (a)		6,900		18,975
Shutterstock, Inc.*		3,704		163,272
SPS Commerce, Inc.*		3,258		207,730
Stamps.com, Inc.* (a)		3,082		477,325
TechTarget, Inc.*		3,863		40,059
Trade Desk, Inc. “A”*		3,372		168,971
TrueCar, Inc.*		12,167		242,488
Tucows, Inc. “A”* (a)		1,751		93,679
Twilio, Inc. “A”* (a)		12,098		352,173
Veritone, Inc.*		724		8,478
Web.com Group, Inc.*		7,464		188,839
WebMD Health Corp.*		7,251		425,271
Xactly Corp.*		5,039		78,860
XO Group, Inc.*		4,621		81,422
Yelp, Inc.*		15,115		453,752
Yext, Inc.*		2,363		31,499

				11,050,437

IT Services 2.0%
Acxiom Corp.*		15,373		399,391
Blackhawk Network Holdings, Inc.*		10,648		464,253
CACI International, Inc. “A”*		4,720		590,236
CardConnect Corp.*		3,003		45,195
Cardtronics PLC “A”*		8,955		294,261
Cass Information Systems, Inc.		2,092		137,319
Convergys Corp.		18,298		435,126
CSG Systems International, Inc.		6,490		263,364
EPAM Systems, Inc.*		9,584		805,919
Everi Holdings, Inc.*		12,404		90,301
EVERTEC, Inc.		11,788		203,932
Exlservice Holdings, Inc.*		6,346		352,711
Forrester Research, Inc.		2,014		78,848
Information Services Group, Inc.*		5,870		24,126
ManTech International Corp. “A”		4,913		203,300
MAXIMUS, Inc.		12,470		780,996
MoneyGram International, Inc.*		5,584		96,324
NCI, Inc. “A”*		1,135		23,949
NeuStar, Inc. “A”*		10,789		359,813
Perficient, Inc.*		6,907		128,747
Planet Payment, Inc.*		8,000		26,400
Presidio, Inc.*		3,704		53,004
Science Applications International Corp.		8,522		591,597
ServiceSource International, Inc.*		14,748		57,222
StarTek, Inc.*		1,982		24,260
Sykes Enterprises, Inc.*		7,527		252,380
Syntel, Inc.		6,278		106,475
TeleTech Holdings, Inc.		2,708		110,486
The Hackett Group, Inc.		4,896		75,888
Travelport Worldwide Ltd.		24,201		333,006
Unisys Corp.* (a)		9,908		126,822
Virtusa Corp.*		5,250		154,350

				7,690,001

Semiconductors & Semiconductor Equipment 3.1%
Advanced Energy Industries, Inc.*		7,675		496,496
Alpha & Omega Semiconductor Ltd.*		3,700		61,679
Ambarella, Inc.* (a)		6,383		309,895


	Shares		Value ($)
Amkor Technology, Inc.*		19,496		190,476
Axcelis Technologies, Inc.*		6,032		126,370
AXT, Inc.*		7,231		45,917
Brooks Automation, Inc.		13,562		294,160
Cabot Microelectronics Corp.		4,828		356,451
CEVA, Inc.*		4,205		191,117
Cirrus Logic, Inc.*		12,550		787,136
Cohu, Inc.		5,440		85,626
Cree, Inc.*		18,999		468,325
CyberOptics Corp.*		1,334		27,547
Diodes, Inc.*		7,473		179,576
DSP Group, Inc.*		4,147		48,105
Entegris, Inc.*		27,558		604,898
FormFactor, Inc.*		13,938		172,831
GSI Technology, Inc.*		2,768		21,756
Ichor Holdings Ltd.*		2,272		45,804
Impinj, Inc.* (a)		3,504		170,470
Inphi Corp.*		8,247		282,872
Integrated Device Technology, Inc.*		26,052		671,881
IXYS Corp.		4,649		76,476
Kopin Corp.*		12,506		46,397
Lattice Semiconductor Corp.*		24,062		160,253
MACOM Technology Solutions Holdings, Inc.*		7,889		439,970
MaxLinear, Inc.*		11,693		326,118
MKS Instruments, Inc.		10,431		702,006
Monolithic Power Systems, Inc.		7,768		748,835
Nanometrics, Inc.*		4,781		120,911
NeoPhotonics Corp.*		6,046		46,675
NVE Corp.		923		71,071
PDF Solutions, Inc.*		5,232		86,066
Photronics, Inc.*		12,730		119,662
Pixelworks, Inc.*		5,522		25,346
Power Integrations, Inc.		5,625		410,062
Rambus, Inc.*		22,028		251,780
Rudolph Technologies, Inc.*		6,066		138,608
Semtech Corp.*		12,576		449,592
Sigma Designs, Inc.*		7,394		43,255
Silicon Laboratories, Inc.*		8,146		556,779
SunPower Corp.* (a)		11,628		108,606
Synaptics, Inc.*		6,701		346,509
Ultra Clean Holdings, Inc.*		6,213		116,494
Veeco Instruments, Inc.*		9,295		258,866
Xcerra Corp.*		10,789		105,409
Xperi Corp.		9,502		283,160

				11,678,294

Software 3.6%
8x8, Inc.*		17,182		249,998
A10 Networks, Inc.*		9,545		80,560
ACI Worldwide, Inc.*		22,870		511,602
Agilysys, Inc.*		2,773		28,063
American Software, Inc. “A”		5,360		55,154
Aspen Technology, Inc.*		14,614		807,570
Barracuda Networks, Inc.*		4,980		114,839
Blackbaud, Inc.		9,300		797,475
Blackline, Inc.*		2,105		75,233
Bottomline Technologies de, Inc.*		7,811		200,664
BroadSoft, Inc.*		5,987		257,740
Callidus Software*		12,558		303,904
CommVault Systems, Inc.*		7,533		425,238
Digimarc Corp.* (a)		1,901		76,325
Ebix, Inc. (a)		4,685		252,521


	Shares		Value ($)
Ellie Mae, Inc.*		6,591		724,417
EnerNOC, Inc.*		4,775		37,006
Everbridge, Inc.*		3,299		80,364
Exa Corp.*		2,626		36,239
Fair Isaac Corp.		6,023		839,666
Gigamon, Inc.*		7,033		276,748
Glu Mobile, Inc.*		19,020		47,550
Guidance Software, Inc.*		4,370		28,886
HubSpot, Inc.*		6,550		430,662
Imperva, Inc.*		6,522		312,078
Majesco*		1,211		5,970
MicroStrategy, Inc. “A”*		1,838		352,289
Mitek Systems, Inc.*		5,567		46,763
MobileIron, Inc.*		10,687		64,656
Model N, Inc.*		4,214		56,046
Monotype Imaging Holdings, Inc.		7,900		144,570
Park City Group, Inc.* (a)		2,531		30,752
Paycom Software, Inc.*		9,592		656,189
Paylocity Holding Corp.*		5,063		228,746
Pegasystems, Inc.		7,176		418,720
Progress Software Corp.		9,287		286,875
Proofpoint, Inc.*		8,359		725,812
PROS Holdings, Inc.*		5,165		141,469
QAD, Inc. “A”		1,815		58,171
Qualys, Inc.*		6,117		249,574
Rapid7, Inc.*		4,316		72,638
RealNetworks, Inc.*		4,458		19,303
RealPage, Inc.*		11,424		410,693
RingCentral, Inc. “A”*		12,152		444,156
Rosetta Stone, Inc.*		3,654		39,390
Rubicon Project, Inc.*		8,717		44,805
SecureWorks Corp. “A”* (a)		1,142		10,609
Silver Spring Networks, Inc.*		8,149		91,921
Synchronoss Technologies, Inc.*		8,024		131,995
TeleNav, Inc.*		5,529		44,785
TiVo Corp.		22,738		424,064
Upland Software, Inc.*		1,418		31,182
Varonis Systems, Inc.*		3,734		138,905
VASCO Data Security International, Inc.*		5,717		82,039
Verint Systems, Inc.*		12,078		491,575
Virnetx Holding Corp.* (a)		9,773		44,467
Workiva, Inc.*		4,850		92,392
Zendesk, Inc.*		18,920		525,598
Zix Corp.*		10,252		58,334

				13,715,955

Technology Hardware, Storage & Peripherals 0.6%
3D Systems Corp.* (a)		21,405		400,274
Avid Technology, Inc.*		6,823		35,889
CPI Card Group, Inc. (a)		4,412		12,574
Cray, Inc.*		7,978		146,795
Diebold Nixdorf, Inc.		14,696		411,488
Eastman Kodak Co.*		3,132		28,501
Electronics for Imaging, Inc.*		9,003		426,562
Immersion Corp.*		6,073		55,143
Intevac, Inc.*		3,771		41,858
Pure Storage, Inc. “A”*		18,108		231,963
Quantum Corp.*		5,416		42,299
Stratasys Ltd.*		9,673		225,478
Super Micro Computer, Inc.*		7,655		188,696
U.S.A. Technologies, Inc.* (a)		6,764		35,173

				2,282,693


	Shares		Value ($)
Materials 4.3%
Chemicals 2.1%
A. Schulman, Inc.		5,699		182,368
Advanced Emissions Solutions, Inc. (a)		4,093		37,492
AdvanSix, Inc.*		5,824		181,942
AgroFresh Solutions, Inc.* (a)		4,179		30,005
American Vanguard Corp.		5,713		98,549
Balchem Corp.		6,222		483,512
Calgon Carbon Corp.		9,541		144,069
Chase Corp.		1,427		152,261
Codexis, Inc.*		8,274		45,093
Core Molding Technologies, Inc.*		1,409		30,448
Ferro Corp.*		16,489		301,584
Flotek Industries, Inc.*		10,660		95,300
FutureFuel Corp.		4,616		69,655
GCP Applied Technologies, Inc.*		13,829		421,785
H.B. Fuller Co.		9,852		503,536
Hawkins, Inc.		1,964		91,031
Ingevity Corp.*		8,269		474,641
Innophos Holdings, Inc.		3,870		169,661
Innospec, Inc.		4,607		301,989
Intrepid Potash, Inc.*		18,417		41,622
KMG Chemicals, Inc.		1,890		91,986
Koppers Holdings, Inc.*		4,082		147,564
Kraton Corp.*		5,834		200,923
Kronos Worldwide, Inc.		4,615		84,085
LSB Industries, Inc.* (a)		3,974		41,051
Minerals Technologies, Inc.		6,852		501,566
Omnova Solutions, Inc.*		8,561		83,470
PolyOne Corp.		15,813		612,596
Quaker Chemical Corp.		2,530		367,432
Rayonier Advanced Materials, Inc. (a)		8,276		130,099
Sensient Technologies Corp.		8,632		695,135
Stepan Co.		3,918		341,415
Trecora Resources*		3,644		40,995
Tredegar Corp.		4,853		74,008
Trinseo SA		8,625		592,538
Tronox Ltd. “A”		12,746		192,720
Valhi, Inc.		3,555		10,594

				8,064,720

Construction Materials 0.2%
Forterra, Inc.* (a)		3,874		31,883
Summit Materials, Inc. “A”*		20,754		599,168
U.S. Concrete, Inc.*		2,957		232,273
United States Lime & Minerals, Inc.		377		29,583

				892,907

Containers & Packaging 0.1%
Greif, Inc. “A”		5,018		279,904
Greif, Inc. “B”		1,083		65,413
Myers Industries, Inc.		4,549		81,655
UFP Technologies, Inc.*		1,205		34,101

				461,073

Metals & Mining 1.3%
AK Steel Holding Corp.* (a)		61,268		402,531
Allegheny Technologies, Inc. (a)		20,995		357,125
Ampco-Pittsburgh Corp.		1,572		23,187
Carpenter Technology Corp.		8,942		334,699
Century Aluminum Co.*		9,708		151,251


	Shares		Value ($)
Cliffs Natural Resources, Inc.*		57,949		401,007
Coeur Mining, Inc.*		35,717		306,452
Commercial Metals Co.		22,666		440,400
Compass Minerals International, Inc.		6,589		430,262
Ferroglobe Representation & Warranty Insurance Trust		12,466		0
Gold Resource Corp. (a)		9,413		38,405
Handy & Harman Ltd.*		541		16,987
Haynes International, Inc.		2,517		91,392
Hecla Mining Co.		77,603		395,775
Kaiser Aluminum Corp.		3,262		288,752
Klondex Mines Ltd.*		34,234		115,369
Materion Corp.		3,824		143,018
Olympic Steel, Inc.		1,750		34,090
Ramaco Resources, Inc.*		1,195		7,230
Ryerson Holding Corp.*		2,757		27,294
Schnitzer Steel Industries, Inc. “A”		5,281		133,081
SunCoke Energy, Inc.*		12,267		133,710
TimkenSteel Corp.*		7,938		122,007
Warrior Met Coal, Inc.		3,256		55,775
Worthington Industries, Inc.		8,702		437,015

				4,886,814

Paper & Forest Products 0.6%
Boise Cascade Co.*		7,618		231,587
Clearwater Paper Corp.*		3,133		146,468
Deltic Timber Corp.		2,183		162,983
KapStone Paper & Packaging Corp.		16,737		345,284
Louisiana-Pacific Corp.*		28,337		683,205
Neenah Paper, Inc.		3,292		264,183
P.H. Glatfelter Co.		8,500		166,090
Schweitzer-Mauduit International, Inc.		5,921		220,439
Verso Corp. “A”*		6,548		30,710

				2,250,949

Real Estate 7.4%
Equity Real Estate Investment Trusts (REITs) 6.9%
Acadia Realty Trust		16,368		455,030
Agree Realty Corp.		5,011		229,855
Alexander’s, Inc.		425		179,121
Altisource Residential Corp.		9,654		124,923
American Assets Trust, Inc.		7,799		307,203
Armada Hoffler Properties, Inc.		8,708		112,769
Ashford Hospitality Prime, Inc.		4,728		48,651
Ashford Hospitality Trust		14,326		87,102
Bluerock Residential Growth REIT, Inc.		4,369		56,316
Care Capital Properties, Inc.		16,401		437,907
CareTrust REIT, Inc.		14,017		259,875
CatchMark Timber Trust, Inc. “A”,		7,447		84,672
CBL & Associates Properties, Inc. (a)		32,649		275,231
Cedar Realty Trust, Inc.		15,577		75,548
Chatham Lodging Trust		7,404		148,746
Chesapeake Lodging Trust		11,548		282,580
City Office REIT, Inc.		5,901		74,943
Clipper Realty, Inc. (a)		2,936		36,230
Colony Starwood Homes		19,667		674,775
Community Healthcare Trust, Inc.		2,390		61,160
CorEnergy Infrastructure Trust, Inc.		2,302		77,324


	Shares		Value ($)
Cousins Properties, Inc.		81,334		714,926
DiamondRock Hospitality Co.		38,903		425,988
Easterly Government Properties, Inc.		7,256		152,013
EastGroup Properties, Inc.		6,459		541,264
Education Realty Trust, Inc.		14,207		550,521
Farmland Partners, Inc. (a)		6,229		55,687
FelCor Lodging Trust, Inc.		25,077		180,805
First Industrial Realty Trust, Inc.		22,516		644,408
First Potomac Realty Trust		11,435		127,043
Four Corners Property Trust, Inc.		11,830		297,051
Franklin Street Properties Corp.		20,390		225,921
Getty Realty Corp.		5,319		133,507
Gladstone Commercial Corp.		4,741		103,306
Global Medical REIT, Inc. (a)		2,950		26,373
Global Net Lease, Inc.		12,907		287,052
Government Properties Income Trust		13,649		249,913
Gramercy Property Trust		29,436		874,544
Healthcare Realty Trust, Inc.		22,335		762,740
Hersha Hospitality Trust		7,733		143,138
Independence Realty Trust, Inc.		13,534		133,581
InfraREIT, Inc.*		8,149		156,053
Investors Real Estate Trust		23,966		148,829
iStar, Inc.*		13,687		164,792
Jernigan Capital, Inc. (a)		1,802		39,644
Kite Realty Group Trust		15,993		302,748
LaSalle Hotel Properties		22,143		659,861
Lexington Realty Trust		42,210		418,301
LTC Properties, Inc.		7,707		396,063
Mack-Cali Realty Corp.		17,657		479,211
MedEquities Realty Trust, Inc.		5,591		70,558
Monmouth Real Estate Investment Corp.		13,807		207,795
Monogram Residential Trust, Inc.		32,562		316,177
National Health Investors, Inc.		7,730		612,216
National Storage Affiliates Trust		8,631		199,462
New Senior Investment Group, Inc.		16,146		162,267
NexPoint Residential Trust, Inc.		3,367		83,805
NorthStar Realty Europe Corp.		10,565		133,964
One Liberty Properties, Inc.		2,990		70,056
Parkway, Inc.		8,206		187,835
Pebblebrook Hotel Trust (a)		13,393		431,790
Pennsylvania Real Estate Investment Trust		13,272		150,239
Physicians Realty Trust		30,008		604,361
Potlatch Corp.		7,908		361,396
Preferred Apartment Communities, Inc. “A”,		5,974		94,091
PS Business Parks, Inc.		3,839		508,245
QTS Realty Trust, Inc. “A”,		9,088		475,575
Quality Care Properties, Inc.*		18,416		337,197
RAIT Financial Trust		18,928		41,452
Ramco-Gershenson Properties Trust		15,061		194,287
Retail Opportunity Investments Corp.		21,194		406,713
Rexford Industrial Realty, Inc.		12,782		350,738
RLJ Lodging Trust		23,965		476,185
Ryman Hospitality Properties, Inc.		8,646		553,431
Sabra Health Care REIT, Inc.		12,582		303,226
Saul Centers, Inc.		2,170		125,817
Select Income REIT		12,369		297,227


	Shares		Value ($)
Seritage Growth Properties “A”, (a)		4,901		205,597
STAG Industrial, Inc.		17,360		479,136
Summit Hotel Properties, Inc.		19,896		371,060
Sunstone Hotel Investors, Inc.		42,741		688,985
Terreno Realty Corp.		9,510		320,107
The Geo Group, Inc.		23,688		700,454
Tier REIT, Inc.		9,536		176,225
UMH Properties, Inc.		5,556		94,730
Universal Health Realty Income Trust		2,465		196,066
Urban Edge Properties		19,015		451,226
Urstadt Biddle Properties “A”,		5,850		115,830
Washington Prime Group, Inc.		35,942		300,835
Washington Real Estate Investment Trust		15,007		478,723
Whitestone REIT (a)		7,184		88,004
Xenia Hotels & Resorts, Inc.		20,995		406,673

				26,315,000

Real Estate Management & Development 0.5%
Alexander & Baldwin, Inc.		9,172		379,537
Altisource Portfolio Solutions SA* (a)		2,152		46,957
Consolidated-Tomoka Land Co.		799		45,503
Forestar Group, Inc.*		8,275		141,916
FRP Holdings, Inc.*		1,245		57,457
Griffin Land & Nurseries, Inc.		211		6,619
HFF, Inc. “A”		7,017		243,981
Kennedy-Wilson Holdings, Inc.		15,963		304,095
Marcus & Millichap, Inc.*		3,117		82,164
Maui Land & Pineapple Co., Inc.*		1,307		26,532
RE/MAX Holdings, Inc. “A”		3,524		197,520
Stratus Properties, Inc.		1,172		34,457
Tejon Ranch Co.*		2,693		55,584
The RMR Group, Inc. “A”		1,444		70,251
The St. Joe Co.*		9,367		175,631
Transcontinental Realty Investors, Inc.*		357		9,600
Trinity Place Holdings, Inc.* (a)		3,657		26,001

				1,903,805

Telecommunication Services 0.9%
Diversified Telecommunication Services 0.8%
ATN International, Inc.		2,001		136,948
Cincinnati Bell, Inc.*		8,238		161,053
Cogent Communications Holdings, Inc.		8,086		324,249
Consolidated Communications Holdings, Inc. (a)		9,708		208,431
FairPoint Communications, Inc.*		4,125		64,556
Frontier Communications Corp. (a)		229,599		266,335
General Communication, Inc. “A”*		5,174		189,575
Globalstar, Inc.* (a)		86,434		184,104
Hawaiian Telcom Holdco, Inc.*		1,137		28,414
IDT Corp. “B”		3,639		52,292
Intelsat SA* (a)		7,092		21,702
Iridium Communications, Inc.* (a)		16,239		179,441
Lumos Networks Corp.*		4,261		76,144
Ooma, Inc.*		3,293		26,344
Orbcomm, Inc.*		13,103		148,064
pdvWireless, Inc.*		1,849		43,082
Straight Path Communications, Inc. “B”*		1,671		300,195


	Shares		Value ($)
Vonage Holdings Corp.*		38,861		254,151
Windstream Holdings, Inc. (a)		36,381		141,158

				2,806,238

Wireless Telecommunication Services 0.1%
Boingo Wireless, Inc.*		7,189		107,548
Shenandoah Telecommunications Co.		9,007		276,515
Spok Holdings, Inc.		4,176		73,915

				457,978

Utilities 3.6%
Electric Utilities 1.1%
ALLETE, Inc.		9,965		714,291
El Paso Electric Co.		7,893		408,068
Genie Energy Ltd. “B”		2,225		16,955
IDACORP, Inc.		9,850		840,697
MGE Energy, Inc.		6,769		435,585
Otter Tail Corp.		7,674		303,890
PNM Resources, Inc.		15,588		596,241
Portland General Electric Co.		17,342		792,356
Spark Energy, Inc. “A” (a)		2,257		42,432

				4,150,515

Gas Utilities 1.2%
Chesapeake Utilities Corp.		3,034		227,398
Delta Natural Gas Co., Inc.		1,291		39,337
New Jersey Resources Corp.		16,705		663,188
Northwest Natural Gas Co.		5,534		331,210
ONE Gas, Inc.		10,169		709,898
RGC Resources, Inc. (a)		1,301		36,857
South Jersey Industries, Inc.		15,530		530,660
Southwest Gas Holdings, Inc.		9,266		676,974
Spire, Inc.		9,210		642,398
WGL Holdings, Inc.		9,941		829,378

				4,687,298

Independent Power & Renewable Electricity Producers 0.4%
Atlantic Power Corp.*		21,382		51,317
Dynegy, Inc.*		21,542		178,152
NRG Yield, Inc. “A”		6,653		113,500
NRG Yield, Inc. “C”		12,548		220,845
Ormat Technologies, Inc.		7,692		451,367
Pattern Energy Group, Inc.		13,785		328,634
TerraForm Global, Inc. “A”*		17,330		87,517
TerraForm Power, Inc. “A”*		15,789		189,468

				1,620,800

Multi-Utilities 0.5%
Avista Corp.		12,475		529,688
Black Hills Corp.		10,421		703,105
NorthWestern Corp.		9,448		576,517
Unitil Corp.		2,796		135,075

				1,944,385

Water Utilities 0.4%
American States Water Co.		7,034		333,482
AquaVenture Holdings Ltd.* (a)		2,261		34,435
Artesian Resources Corp. “A”		1,483		55,820
Cadiz, Inc.* (a)		4,049		54,662
California Water Service Group		9,398		345,846
Connecticut Water Service, Inc.		2,181		121,067
Consolidated Water Co., Ltd.		2,624		32,538
Global Water Resources, Inc. (a)		1,555		15,395
Middlesex Water Co.		3,202		126,799


	Shares			Value ($)
Pure Cycle Corp.*		3,322			25,746
SJW Group		3,190			156,884
York Water Co.		2,631			91,690

					1,394,364
Total Common Stocks (Cost $285,036,071)					377,096,107

Rights 0.0%
Health Care 0.0%
Dyax Corp.*		26,416			105,664
Omthera Pharmaceutical, Inc.*		1,167			700
Tobira Therapeutics, Inc.*		1,687			23,180

					129,544

Industrials 0.0%
Gerber Scientific, Inc.*		6,939			0
Total Rights (Cost $52,501)					129,544

Warrant 0.0%
Health Care
Asterias Biotherapeutics, Expiration Date 9/29/2017* (Cost $212)		372			186

	Principal Amount ($)			Value ($)
Government & Agency Obligation 0.4%
U.S. Treasury Obligation
U.S. Treasury Bill, 0.73%**, 8/17/2017 (b) (Cost $1,518,551)		1,520,000			1,518,282

	Shares			Value ($)
Securities Lending Collateral 7.3%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.87% (c) (d) (Cost $27,581,515)		27,581,515			27,581,515

Cash Equivalents 0.8%
Deutsche Central Cash Management Government Fund, 1.03% (c) (Cost $3,106,521)		3,106,521			3,106,521

	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $317,295,371)^†		107.5			409,432,155
Other Assets and Liabilities, Net		(7.5	)		(28,469,270	)
Net Assets		100.0			380,962,885

For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note B in the accompanying Notes to Financial Statements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

There have been no transfers between fair value measurement levels during the period ended June 30, 2017.

Statement of Assets and Liabilities


as of June 30, 2017 (Unaudited)

Assets
Investments:
Investments in non-affiliated securities, at value (cost $286,607,335) — including $26,428,823 of securities loaned	$	378,744,119
Investment in Deutsche Government & Agency Securities Portfolio (cost $27,581,515)*		27,581,515
Investment in Deutsche Central Cash Management Government Fund (cost $3,106,521)		3,106,521
Total investments in securities, at value (cost $317,295,371)		409,432,155
Receivable for investments sold		330,458
Receivable for Fund shares sold		82,476
Dividends receivable		419,262
Interest receivable		48,001
Other assets		2,733
Total assets		410,315,085

Liabilities
Cash overdraft		291,704
Payable upon return of securities loaned		27,581,515
Payable for investments purchased		218,075
Payable for Fund shares redeemed		994,674
Payable for variation margin on futures contracts		16,030
Accrued management fee		90,274
Accrued Trustees fees		614
Other accrued expenses and payables		159,314
Total liabilities		29,352,200
Net assets, at value	$	380,962,885

Net Assets Consist of
Undistributed net investment income		2,166,348
Net unrealized appreciation (depreciation) on:
Investments		92,136,784
Futures		(26,133	)
Foreign currency		106
Accumulated net realized gain (loss)		12,305,797
Paid-in capital		274,379,983
Net assets, at value	$	380,962,885

Net Asset Value
Class A
Net Asset Value and redemption price per share ($349,861,037 ÷ 20,865,364 shares of capital stock outstanding, $.001 par value, unlimited number of shares authorized)	$	16.77
Class B
Net Asset Value offering and redemption price per share ($31,101,848 ÷ 1,853,195 shares of capital stock outstanding, $.001 par value, unlimited number of shares authorized)	$	16.78

*	Represents collateral on securities loaned.

Statement of Operations


for the six months ended June 30, 2017 (Unaudited)

Investment Income
Income:
Dividends (net of foreign taxes withheld of $1,244)	$	2,453,110
Interest		4,027
Income distributions — Deutsche Central Cash Management Government Fund		15,929
Securities lending income, net of borrower rebates		287,460
Other income		35,831
Total income		2,796,357
Expenses:
Management fee		654,166
Administration fee		186,905
Services to Shareholders		2,000
Distribution service fee (Class B)		38,159
Record keeping fee (Class B)		2,210
Custodian fee		15,557
Professional fees		35,840
Reports to shareholders		29,726
Trustees fees and expenses		11,851
Other		31,803
Total expenses before expense reductions		1,008,217
Expense reductions		(121,455	)
Total expenses after expense reductions		886,762
Net investment income		1,909,595

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		15,510,759
Futures		41,400
		15,552,159
Change in net unrealized appreciation (depreciation) on:
Investments		150,310
Futures		97,961
Foreign currency		106
		248,377
Net gain (loss)		15,800,536
Net increase (decrease) in net assets resulting from operations	$	17,710,131

Deutsche Investments VIT Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. Deutsche Small Cap Index VIP (the “Fund”) is a diversified series of the Trust offered to investors. The Fund is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies (“Participating Insurance Companies”).

Multiple Classes of Shares of Beneficial Interest. The Fund offers two classes of shares to investors: Class A shares and Class B shares. Class B shares are subject to Rule 12b-1 distribution fees under the 1940 Act and record keeping fees equal to an annual rate of 0.25% and up to 0.15%, respectively, of the Class B shares average daily net assets. Class A shares are not subject to such fees.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class (including the applicable Rule 12b-1 distribution fees). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.

Debt securities are valued at prices supplied by independent pricing services approved by the Fund’s Board. If the pricing services are unable to provide valuations, securities are valued at the most recent bid quotation or evaluated price, as applicable, obtained from one or more broker-dealers. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. These securities are generally categorized as Level 2.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts,

and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.

Securities Lending. Brown Brothers Harriman & Co. serves as securities lending agent for the Fund, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. As of period end, any securities on loan were collateralized by cash. During the six months ended June 30, 2017, the Fund invested the cash collateral into a joint trading account in affiliated money market funds managed by Deutsche Investment Management Americas Inc. As of June 30, 2017, the Fund invested the cash collateral in Deutsche Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.13% annualized effective rate as of June 30, 2017) on the cash collateral invested in Deutsche Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of June 30, 2017, the Fund had securities on loan, which were classified as common stock in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

Federal Income Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2016 and has determined that no provision for income tax and/or uncertain tax provisions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Net investment income of the Fund, if any, is distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in futures contracts and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

Real Estate Investment Trusts. The Fund at its fiscal year end recharacterizes distributions received from a Real Estate Investment Trust (“REIT”) investment based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available timely from a REIT, the recharacterization will be estimated for financial statement purposes and a recharacterization will be made within the accounting records in the following year when such information becomes available. Distributions received from REITs in excess of income are recorded as either a reduction of cost of investments or realized gains.

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset valuation calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the six months ended June 30, 2017, the Fund invested in futures to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the stock market.

Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities (“initial margin”) in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments (“variation margin”) are made or received by the Fund dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange’s clearinghouse acts as the counterparty, and guarantees the futures against default.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund’s ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency to which it relates. Risk of loss may exceed amounts disclosed in the Statement of Assets and Liabilities.

A summary of the open futures contracts as of June 30, 2017 is included in a table following the Fund’s Investment Portfolio. For the six months ended June 30, 2017, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $4,809,000 to $9,566,000.

The following tables summarize the value of the Fund’s derivative instruments held as of June 30, 2017 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

The above derivative is located in the following Statement of Assets and Liabilities account:

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the six months ended June 30, 2017 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

The above derivative is located in the following Statement of Operations account:

During the six months ended June 30, 2017, purchases and sales of investment securities (excluding short-term investments) aggregated $46,736,030 and $47,966,054, respectively.

Investment Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold, or entered into by the Fund or delegates such responsibility to the Fund’s subadvisor. Northern Trust Investments, Inc. (“NTI”) serves as subadvisor. As a subadvisor to the Fund, NTI makes investment decisions and buys and sells securities for the Fund. NTI is paid by the Advisor for the services NTI provides to the Fund.

Pursuant to the Investment Management Agreement with the Advisor, the Fund pays the Advisor an annual fee based on its average daily net assets, computed and accrued daily and payable monthly at the annual rate (exclusive of any applicable waivers/reimbursements) of 0.35%.

For the period from January 1, 2017 through April 30, 2018 (through April 30, 2017 for Class A shares), the Advisor has contractually agreed to waive all or a portion of its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:

Effective May 1, 2017 through April 30, 2018, the Advisor has contractually agreed to waive all or a portion of its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of class A for .46%.

For the six months ended June 30, 2017, fees waived and/or expenses reimbursed for each class are as follows:

Administration Fee. Pursuant to the Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays DIMA an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2017, the Administration Fee was $186,905, of which $31,372 is unpaid.

Distribution Service Agreement. Deutsche AM Distributors, Inc. (“DDI”), an affiliate of the Advisor, is the Fund’s distributor. In accordance with the Distribution Plan, DDI receives 12b-1 fees of 0.25% of average daily net assets of Class B shares. For the six months ended June 30, 2017, the Distribution Service Fee was as follows:

Service Provider Fees. Deutsche AM Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement among DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee they receive from the Fund. For the six months ended June 30, 2017, the amounts charged to the Fund by DSC were as follows:

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended June 30, 2017, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $11,222, of which $10,487 is unpaid.

Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in Deutsche Central Cash Management Government Fund and Deutsche Variable NAV Money Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. Deutsche Central Cash Management Government Fund seeks to maintain a stable net asset value, and Deutsche Variable NAV Money Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. Deutsche Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that Deutsche Variable NAV Money Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in Deutsche Variable NAV Money Fund.

The Fund and other affiliated funds (the “Participants”) share in a $400 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30, 2017.

At June 30, 2017, three participating insurance companies were beneficial owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 39%, 17% and 14%, respectively. At June 30, 2017, two participating insurance companies were beneficial owners of record of 10% or more of the outstanding Class B shares of the Fund, each owning 43% and 15%, respectively.

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2017 to June 30, 2017).

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

These tables do not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

For an analysis of the fees associated with an investment in the fund or similar funds, please refer to the current and hypothetical expense calculators for Variable Insurance Products which can be found at deutschefunds.com/EN/resources/calculators.jsp.

The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — deutschefunds.com (click on “proxy voting” at the bottom of the page) — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337.

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of Deutsche Small Cap Index VIP’s (the “Fund”) investment management agreement (the “Agreement”) with Deutsche Investment Management Americas Inc. (“DIMA”) and sub-advisory agreement (the “Sub-Advisory Agreement” and together with the Agreement, the “Agreements”) between DIMA and Northern Trust Investments, Inc. (“NTI”) in September 2016.

In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund, and that the Agreement was approved by the Fund’s shareholders. DIMA is part of Deutsche Bank AG’s (“Deutsche Bank”) Asset Management (“Deutsche AM”) division. Deutsche AM is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. Deutsche Bank has advised the Board that the U.S. asset management business continues to be a critical and integral part of Deutsche Bank, and that Deutsche Bank will continue to invest in Deutsche AM and seek to enhance Deutsche AM’s investment platform. Deutsche Bank also has confirmed its commitment to maintaining strong legal and compliance groups within the Deutsche AM division.

As part of the contract review process, the Board carefully considered the fees and expenses of each Deutsche fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s and NTI’s personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA and NTI provide portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. Throughout the course of the year, the Board also received information

regarding DIMA’s oversight of sub-advisers, including NTI. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar”), an independent fund data service. The Board also noted that it has put into place a process of identifying “Focus Funds” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one-, three- and five-year periods ended December 31, 2015, the Fund’s performance (Class A shares) was in the 2nd quartile, 3rd quartile and 3rd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, sub-advisory fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were higher than the median (3rd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2015). With respect to the sub-advisory fee paid to NTI, the Board noted that the fee is paid by DIMA out of its fee and not directly by the Fund. The Board noted that the Fund’s Class A shares total (net) operating expenses were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2015, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) (“Broadridge Universe Expenses”). The Board also reviewed data comparing each share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable Deutsche U.S. registered funds (“Deutsche Funds”) and considered differences between the Fund and the comparable Deutsche Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors (“Deutsche Europe funds”) managed by Deutsche AM. The Board noted that DIMA indicated that Deutsche AM does not manage any institutional accounts or Deutsche Europe funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA and NTI.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DIMA from advising the Deutsche Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the Deutsche Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available. The Board did not consider the profitability of NTI with respect to the Fund. The Board noted that DIMA pays NTI’s fee out of its management fee, and its understanding that the Fund’s sub-advisory fee schedule was the product of an arm’s length negotiation with DIMA.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. In this regard, the Board observed that while the Fund’s current investment management fee schedule does not include breakpoints, the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and NTI and Their Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and NTI and their affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA and NTI related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA and NTI related to Deutsche Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters. The Board also considered the attention and resources dedicated by DIMA to the oversight of the investment sub-advisor’s compliance program and compliance with the applicable fund policies and procedures.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreements is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.

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.

Date of fiscal year end:	12/31

Date of reporting period:	6/30/2017


Comparative Results (as of June 30, 2017)

Deutsche Small Cap Index VIP		6-Month^‡	1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$10,483	$12,431	$12,296	$18,841	$19,007
	Average annual total return	4.83%	24.31%	7.13%	13.51%	6.63%
Russell 2000 Index	Growth of $10,000	$10,499	$12,460	$12,375	$19,005	$19,522
	Average annual total return	4.99%	24.60%	7.36%	13.70%	6.92%

Deutsche Small Cap Index VIP		6-Month^‡	1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$10,467	$12,388	$12,198	$18,592	$18,524
	Average annual total return	4.67%	23.88%	6.85%	13.20%	6.36%
Russell 2000 Index	Growth of $10,000	$10,499	$12,460	$12,375	$19,005	$19,522
Russell 2000 Index	Average annual total return	4.99%	24.60%	7.36%	13.70%	6.92%


Ten Largest Equity Holdings (2.3% of Net Assets)
	1	Kite Pharma, Inc.	0.3%
		Develops and manufacturers pharmaceuticals
	2	Bluebird Bio, Inc.	0.3%
		Provides biotechnological products and services
	3	Gramercy Property Trust	0.3%
		Operates as an Investor and Asset Manager of Commercial Real Estate
	4	Medidata Solutions, Inc.	0.2%
		Provides hosted clinical development solutions
	5	Catalent, Inc.	0.2%
		Provides delivery technologies and development solutions for drugs, biologics and consumer health products
	6	PAREXEL International Corp.	0.2%
		Provider of outsourcing services to pharmaceutical and biotechnology firms
	7	HealthSouth Corp.	0.2%
		Provides outpatient surgery
	8	IDACORP, Inc.	0.2%
		Provider of electricity
	9	Fair Isaac Corp.	0.2%
		Provides analytics and consulting services
	10	WGL Holdings, Inc.	0.2%
		Sells and delivers natural gas and other energy-related products and services


Increase (Decrease) in Net Assets	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations:
Net investment income (loss)	$	1,909,595		$	3,921,951
Net realized gain (loss)		15,552,159			14,594,947
Change in net unrealized appreciation (depreciation)		248,377			46,268,492
Net increase (decrease) in net assets resulting from operations		17,710,131			64,785,390
Distributions to shareholders from:
Net investment income:
Class A		(3,372,021	)		(3,184,888	)
Class B		(217,424	)		(208,194	)
Net realized gains:
Class A		(13,057,012	)		(22,112,655	)
Class B		(1,154,253	)		(1,895,800	)
Total distributions		(17,800,710	)		(27,401,537	)
Fund share transactions:
Class A
Proceeds from shares sold		25,708,427			47,794,033
Reinvestment of distributions		16,429,033			25,297,543
Payments for shares redeemed		(34,730,582	)		(49,254,329	)
Net increase (decrease) in net assets from Class A share transactions		7,406,878			23,837,247
Class B
Proceeds from shares sold		3,416,302			3,224,964
Reinvestment of distributions		1,371,677			2,103,994
Payments for shares redeemed		(3,592,834	)		(2,951,322	)
Net increase (decrease) in net assets from Class B share transactions		1,195,145			2,377,636
Increase (decrease) in net assets		8,511,444			63,598,736
Net assets at beginning of period		372,451,441			308,852,705
Net assets at end of period (including undistributed net investment income of $2,166,348 and $3,846,198, respectively)	$	380,962,885		$	372,451,441

Other Information
Class A
Shares outstanding at beginning of period		20,420,238			18,731,185
Shares sold		1,514,490			3,193,947
Shares issued to shareholders in reinvestment of distributions		984,954			1,794,152
Shares redeemed		(2,054,318	)		(3,299,046	)
Net increase (decrease) in Class A shares		445,126			1,689,053
Shares outstanding at end of period		20,865,364			20,420,238
Class B
Shares outstanding at beginning of period		1,782,927			1,622,428
Shares sold		201,086			208,959
Shares issued to shareholders in reinvestment of distributions		82,136			149,008
Shares redeemed		(212,954	)		(197,468	)
Net increase (decrease) in Class B shares		70,268			160,499
Shares outstanding at end of period		1,853,195			1,782,927


	Six Months Ended 6/30/17			Years Ended December 31,
Class A	(Unaudited)			2016			2015			2014			2013			2012

Selected Per Share Data
Net asset value, beginning of period	$	16.78		$	15.18		$	17.33		$	17.69		$	13.56		$	11.77
Income (loss) from investment operations:
Net investment income (loss)^a		.09			.18			.19			.17			.18			.23
Net realized and unrealized gain (loss)		.72			2.76			(.87	)		.59			4.84			1.67
Total from investment operations		.81			2.94			(.68	)		.76			5.02			1.90
Less distributions from:
Net investment income		(.17	)		(.17	)		(.18	)		(.17	)		(.26	)		(.11	)
Net realized gains		(.65	)		(1.17	)		(1.29	)		(.95	)		(.63	)		(.00	)^***
Total distributions		(.82	)		(1.34	)		(1.47	)		(1.12	)		(.89	)		(.11	)
Net asset value, end of period	$	16.77		$	16.78		$	15.18		$	17.33		$	17.69		$	13.56
Total Return (%)^b		4.83	**		21.03			(4.60	)		4.74			38.64			16.25

Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		350			343			284			313			310			280
Ratio of expenses before expense reductions (%)^d		.52	*		.53			.54			.53			.54			.55
Ratio of expenses after expense reductions (%)^d		.45	*		.45			.45			.47			.46			.49
Ratio of net investment income (loss) (%)		1.04	*		1.25			1.14			1.04			1.14			1.81
Portfolio turnover rate (%)		13	**		18			21			21			13	^c		20

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	3			Performance Summary
	4			Portfolio Summary
	4			Portfolio Manager
	5			Investment Portfolio
	25			Statement of Assets and Liabilities
	25			Statement of Operations
	26			Statements of Changes in Net Assets
	27			Financial Highlights
	28			Notes to Financial Statements
	33			Information About Your Fund’s Expenses
	34			Proxy Voting
	35			Advisory Agreement Board Considerations and Fee Evaluation


Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	6/30/17		12/31/16
Common Stocks		99%		98%
Cash Equivalents		1%		2%
Government & Agency Obligations		0%		0%
		100%		100%

Sector Diversification (As a % of Common Stocks, Rights and Warrants)	6/30/17		12/31/16
Financials		18%		20%
Information Technology		17%		17%
Health Care		15%		12%
Industrials		15%		14%
Consumer Discretionary		12%		12%
Real Estate		7%		8%
Materials		4%		5%
Utilities		4%		4%
Energy		4%		4%
Consumer Staples		3%		3%
Telecommunication Services		1%		1%
		100%		100%


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (e)	$	377,096,107		$	—	$	—	$	377,096,107
Rights (e)		—			—		129,544		129,544
Warrants		186			—		—		186
Government & Agency Obligation		—			1,518,282		—		1,518,282
Short-Term Investments (e)		30,688,036			—		—		30,688,036
Total	$	407,784,329		$	1,518,282	$	129,544	$	409,432,155

Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (f)
Futures Contracts	$	(26,133	)	$	—	$	—	$	(26,133	)
Total	$	(26,133	)	$	—	$	—	$	(26,133	)


Liability Derivative	Futures Contracts
Equity Contracts (a)	$	(26,133	)


Distribution Service Fee	Total Aggregated		Unpaid at June 30, 2017
Class B	$	38,159	$	6,343


Services to Shareholders	Total Aggregated		Unpaid at June 30, 2017
Class A	$	501	$	247
Class B		161		80
	$	662	$	327


Expenses and Value of a $1,000 Investment for the six months ended June 30, 2017

Actual Fund Return		Class A		Class B
Beginning Account Value 1/1/17	$	1,000.00	$	1,000.00
Ending Account Value 6/30/17	$	1,048.30	$	1,046.70
Expenses Paid per $1,000*	$	2.29	$	3.60

Hypothetical 5% Fund Return		Class A		Class B
Beginning Account Value 1/1/17	$	1,000.00	$	1,000.00
Ending Account Value 6/30/17	$	1,022.56	$	1,021.27
Expenses Paid per $1,000*	$	2.26	$	3.56


Annualized Expense Ratios	Class A			Class B
Deutsche Small Cap Index VIP		.45	%		.71	%


ITEM 2.	CODE OF ETHICS

	Not applicable.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT

	Not applicable

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

	Not applicable

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS

	Not applicable

ITEM 6.	SCHEDULE OF INVESTMENTS

	Not applicable

ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

	Not applicable

ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, Deutsche Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.

ITEM 11.	CONTROLS AND PROCEDURES

	(a)	The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

	(b)	There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 12.	EXHIBITS

	(a)(1)	Not applicable

	(a)(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

Registrant:	Deutsche Small Cap Index VIP, a series of Deutsche Investments VIT Funds


By:	/s/Brian E. Binder Brian E. Binder President

Date:	8/22/2017

ITEM 1.	REPORT TO STOCKHOLDERS


Performance Summary		June 30, 2017 (Unaudited)


Portfolio Summary		(Unaudited)